Full text of Federal Reserve Bulletin : July 1952
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FEDERAL
ESERV
BULLETIN
JULY 1952
i-»^*
,-vra / ? * / ^ n _
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
WINFIELD W. RIEFLER
SUSAN S. BURR
RALPH A. YOUNG
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for interpretations and opinions expressed, except
in official statements and signed articles.
CONTENTS
PAGE
The Monetary and Credit Situation.
Letter on Savings Bonds Program.
731-737
738
1952 Survey of Consumer Finances:
Part I. Consumer Expectations as to Economic Trends
and Consumer Investment Preferences.
739-755
Estimated Liquid Asset Holdings of Individuals and Businesses
756-757
The Balance Sheet of Agriculture, 1952. .
758-771
Law Department
772-774
Current Events and Announcements.
775-776
National Summary of Business Conditions.
777-778
Financial, Industrial, Commercial Statistics, U. S. (See p. 779 for list of tables) .
779-828
International Financial Statistics (See p. 829 for list of tables) .
829-847
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council .
848
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
Federal Reserve Board Publications .
Map of Federal Reserve Districts. .
849
850-851
852
Subscription Price of Bulletin
FEDERAL
VOLUME 38
RESERVE
BULLETIN
July 1952
NUMBER 7
THE MONETARY AND CREDIT SITUATION
Credit and monetary developments re- Congress a year ago for houses in lower price
flected as well as influenced the over-all eco- brackets.
The Defense Production Act Amendments
nomic stability that prevailed in the first half
of the year. Altogether, expansion of bank of 1952, which became effective July 1, 1952,
credit to private borrowers was smaller in discontinued authority for the regulation
this period than in the same period of 1951. of consumer instalment credit and for the
Nevertheless, the privately held money sup- Voluntary Credit Restraint Program. Auply declined less this year than it did last thority to control real estate construction
year, partly because of a gold inflow rather credit was continued, but for residential
than an outflow and a smaller decline in credit was made contingent upon the rate at
bank holdings of Government securities. which new houses are started. The effect of
The active money supply—demand deposits these amendments is to withdraw two supand currency—contracted moderately, while plementary instruments of selective credit
the less active time deposits increased sub- restraint and to limit greatly the flexibility
stantially. Seasonal factors, which usually with which a third can be administered in
operate to hold down bank credit and mone- the event of a resurgence of inflationary prestary expansion in the first half of the year, sures. The Federal Reserve still has availincluded a drain on the private money sup- able, of course, its traditional instruments of
ply from Federal income tax payments general credit policy, which influence priduring the first quarter and some run-off of marily the availability of bank reserves and
business loans at banks, especially in the thereby the supply of credit and money.
Recently, developments have pointed
second quarter.
With less strong private demands for bank toward some additional expansion in bank
credit and a somewhat better balance be- credit and a resumption of growth in the
tween output and final takings of products, money supply. The decline in business loans
both Regulation W—governing consumer in- has stopped and the usual seasonal instalment credit—and the Voluntary Credit crease may soon begin. Consumer instalRestraint Program were suspended. With ment credit has been rising again, reflectthe concurrence of the Housing and Home ing a pickup in consumer durable goods
Finance Administrator, Regulation X was sales and a moderate increase in the proalso amended, primarily in order to apply portion of such sales financed by instalment
to houses in all price ranges relaxation in credit. These changes may be attributed
terms comparable to those prescribed by the in part to suspension of Regulation W. DeJULY
1952
731
THE MONETARY AND CREDIT SITUATION
mand for mortgage money has also been
strong, and offerings of corporate and State
and local government securities large.
The Federal Government, which retired
debt on balance during the first half of the
year, has in recent weeks borrowed substantial amounts through sales of Treasury
bills and bonds, including 4*4 billion dollars
of intermediate-term bonds for which payment was received on July 1. This financing
entailed a substantial increase in commercial
bank credit—both in holdings of Government securities and in loans on such securities. Federal Reserve holdings of Government securities and advances to member
banks also increased in connection with this
financing as well as to meet special seasonal
demands around the midyear period.
During the remainder of the year the
Federal Government will need to borrow
additional funds. At the same time, credit
demands on the part of businesses, consumers, and State and local governments are
likely to increase, in part seasonally. The
extent to which these credit demands can be
met outside the banking system will depend
largely upon a continuing supply of savings
and the availability of these savings for such
investment.
oped in consequence of seasonal or other
temporary pressures.
During the first quarter of this year the
legally required reserves of banks declined
somewhat as a result of deposit contraction.
During the same period banks obtained a
substantial volume of new reserves from a
continuation of the gold inflow and a return
flow of currency from circulation, as the
chart shows. A large part of the reserves
thus made available was absorbed by a reduction in Federal Reserve holdings of
Government securities. When the Federal
Reserve sells Government securities, a corresponding amount of commercial bank reserve balances with the Reserve Banks is
extinguished.
MEMBER BANK RESERVES AND RELATED ITEMS
Billions
of Dollar*
MONTHLY AVERAGES OF DAILY FIGURES
Billion*
of DolTon
MONEY MARKET CONDITIONS AND BANK
RESERVE POSITIONS
Money market conditions have continued
tight and bank reserve positions have remained under pressure thus far in 1952,
particularly during the second quarter. There
was some tendency toward ease in the first
quarter as a result of seasonal and other
forces. Money market developments have
mirrored mainly the interplay of supply and
demand forces in the market. On occasion,
the Federal Reserve System has tempered excess ease or stringency of funds that devel732
NOTE.—Latest data are for June.
In the second quarter of the year, the
gold inflow ceased and currency in circulation again increased. These and other
factors exerted a drain on bank reserves.
Some banks replenished their reserves by
borrowing the excess reserves of other banks
FEDERAL RESERVE BULLETIN
THE MONETARY AND CREDIT SITUATION
through the so-called Federal funds markets.
Additions to the over-all supply of reserves
were obtained through borrowing from Federal Reserve Banks.
In the past year and a half member
banks resorted to Federal Reserve discount
facilities to a greater extent than they had
for many years. During the first five months
of this year, the daily average of outstanding
Federal Reserve discounts and advances to
member banks was 362 million dollars, V/z
times the average amount in the same period
last year and almost four times that in the
same period of 1950. Such borrowing, as can
be seen from the preceding chart, fluctuated
widely and at times exceeded a billion dollars. Another indication of the increased
importance of resort to borrowing at the
Reserve Banks is the number of individual
banks that have borrowed. In the first half
of both 1952 and 1951, over 900 different
banks utilized Federal Reserve discount
facilities as compared with about 600 in the
first half of 1950.
The necessity for member banks to bor-
row from Federal Reserve Banks to adjust
their reserve positions has functioned as a
restrictive force on credit and monetary expansion. Banks, as a matter of prudent management, are reluctant to rely on borrowed
funds for any extended period of time. During periods of indebtedness, consequently,
banks are under pressure to adjust their
lending and investing activities to repay
such debt and to bring these operations in
line with reserve funds otherwise available.
Early this year some easing in money market conditions and bank reserve positions as
a result of seasonal and other factors resulted
in a general downward drift in interest
rates, as can be seen from the chart. During
the second quarter short-term interest rates
firmed again as bank reserve positions tightened and credit and deposit expansion resumed. These rates are directly affected by
money market conditions. Tightening in
long-term rates was moderated, in part by
the continuing large volume of savings seeking investment.
SELECTED INTEREST RATES
CREDIT EXPANSION
MONTHLY
. CORPORATE Aaa
F.R DISCOUNT RATE | N.YC
_.
*
TREASURY
BILLS
NOTE.—Data are from Treasury Department, Moody's Investors Service, and the Federal Reserve. Latest data are for
June.
JULY 1952
Total outstanding debt increased further
in the first half of 1952 despite some seasonal contraction in United States Government debt and business debt at banks. The
expansion was due mainly to continuing
large demands for long-term funds to finance
private and State and local government construction and business equipment expenditures.
Growth in private debt thus far this year
has been largely in long-term form. Partly
because of this, short-term credit demand has
been less strong than in either of the preceding two years. Also, some long-term credit
has been used, as it was earlier, to fund outstanding short-term debt and so has resulted
in a pay-off of bank loans.
733
THE MONETARY AND CREDIT SITUATION
Business capital and credit. Business corporations issued a record volume of securities to obtain new capital in the first half
of the year. Bond issues continued to exceed stock issues by a substantial amount,
but the relative importance of stock financing continued the steady increase of the
past two years. Business also continued
to obtain a large volume of long-term debt
funds by private placement of security issues with institutional investors, particularly
life insurance companies. The greater business demand for long-term funds has been
due in part to the continuation of large expenditures for relatively fixed purposes, for
example, new plant and equipment. A more
detailed analysis of recent business financial
developments appeared in the May issue of
the BULLETIN.
Although business demands for long-term
financing have continued large thus far in
1952, their needs for short-term funds have
BUSINESS LOANS
CUMULATIVE CHANGES SINCE JULY 3, 1951
MILLIONS OF DOLLARS
2000
WEEKLY
MILLIONS OF DOLLARS
2000
NOTE.—Data reported by over 200 of the largest weekly reporting member banks. Metals includes metal products, machinery,
and transportation equipment. Foods, etc., includes liquor and
tobacco. Petroleum, etc., includes coal, chemicals, and rubber.
Latest data are for June 25.
734
dropped of? somewhat. This has been due
in part to the leveling off of working capital
requirements for the carrying of inventories,
accounts receivable, and the like.
The decline in the business loans of banks
in the first half of 1952 occurred mainly in
the second quarter and was due in large
part to repayments by commodity dealers
and by food, liquor, and tobacco processors,
as is shown on the accompanying chart. Such
concerns customarily pay off in the spring
of the year the bank debt incurred the previous fall to finance the movement and processing of harvests. In addition, the bank
indebtedness of metal manufacturers and
petroleum and chemical concerns, which
had risen steadily and rapidly since early
1951, leveled off in the second quarter.
About mid-June, however, there was a sharp
increase in borrowing by businesses in most
lines to meet quarterly income tax payments.
Mortgage credit. The demand for mortgage credit has continued very large so far
this year compared with most prior years.
The volume of new lending has continued
to exceed the record repayments of old debt,
and outstanding debt has risen further,
though somewhat less rapidly than in 1951.
An important element in the strong demand for mortgage money has been continuation of active markets for residential properties. New housing starts, which have risen
sharply since last winter, are now exceeding last year's high level, and sales and
refinancing of old houses are close to the recent peak.
The total volume of new mortgage lending this year has been much more in line
with the volume of funds available from new
savings and from repayments on existing
loans than was the case early last year and in
1950. Consequently there has been a smaller
volume of sales of Government securities by
FEDERAL RESERVE BULLETIN
THE MONETARY AND CREDIT SITUATION
financial institutions in order to obtain funds
for additional private lending.
Savings and loan associations and life insurance companies continue to be the largest
holders of mortgage debt. Mortgage lending by savings and loan associations has been
rising sharply in recent months, while lending by commercial banks has been relatively
stable for over a year. In recent years commercial banks have provided a declining
proportion of the new mortgage funds made
available by financial institutions.
Consumer credit. Total consumer credit
outstanding declined seasonally in the first
quarter of the year. Since then, the outstanding volume of consumer credit has
risen quite rapidly. Consumer instalment
credit has been mainly responsible for the
recent increase, due in part to increased durable goods sales based to some extent on
the easing of instalment credit terms that
followed the suspension of Regulation W
on May 7. In May, consumer instalment
credit rose almost 450 million dollars, as compared with little change in the same month
last year. Commercial banks were directly
responsible for almost one-half of this increase, and they financed indirectly a substantial part of the remainder through loans
to finance companies and retailers. To some
extent, this replaced bank financing of inventories by distributors and manufacturers.
State and local government credit. State
and local government financing has been in
particularly large volume in recent months
due mainly to the continuation of capital
expansion programs. Sizable expenditures
on schools and public utilities have continued
and, in addition, outlays for new highways
and veterans' bonuses have picked up noticeably since construction curbs were eased beginning in March and the Voluntary Credit
Restraint Program ceased to apply to State
JULY
1952
and local financing in early April. Commercial banks have continued to absorb State and
local government security issues in substantial volume, a trend resulting in part from
the attractiveness of the tax exemption feature of their income.
Other types of credit. Among the other
types of credit outstanding, security loans
increased significantly in recent months.
This increase occurred mainly in the second
quarter and was due in part to an increased
volume of transactions in Government securities and in part to a large volume of new
corporate and municipal security financing.
Agricultural borrowing—both production
and mortgage credit—has increased somewhat further this year but at a slower rate
than last year. The rise has been somewhat
less both at commercial banks and at Federal
credit agencies.
TREASURY FINANCE
During the first quarter of 1952 the Federal
Government was able, as a result of large
seasonal income tax receipts, to reduce its
outstanding debt somewhat and also to
strengthen its cash position. In March and
June about 1.2 billion dollars of tax anticipation bills were redeemed either in cash or
in payment of taxes by business corporations
and others. In addition, some of the Treasury securities that matured during the period
were redeemed for cash. Most of the maturing issues, however, were refunded with
new short-term securities.
In the second quarter the Treasury obtained 1.6 billion dollars of new funds by
increasing a number of its weeky bill offerings by 200 million each. In addition, the
Treasury obtained a little over 300 million
dollars from a new issue of 2% per cent nonmarketable bonds. On July 1 it received payment for 4!/4 billion dollars of 2% per cent
735
THE MONETARY AND CREDIT SITUATION
6-year marketable bonds. More than 80
per cent of the allotments on subscriptions
for the latter bonds were to nonbank investors. A considerable portion, however, was
financed through bank loans or the bonds
were sold to banks by the subscribers.
Over the half year redemptions of savings notes exceeded sales plus interest accruals. The volume of savings bonds showed
little change over this period. Following the
May announcement of a revision in savings
bond terms enhancing their attractiveness to
investors, sales of these bonds increased somewhat. A joint statement made by the three
Federal bank supervisory agencies, the Supervisors of State banks, and the American
Bankers Association urging banks to use their
facilities for informing the public about the
investment opportunities of the new bonds
appears on page 738 of this BULLETIN.
The Federal Reserve System reduced its
holdings of Government securities significantly during most of the first half of the
year in order to absorb reserves which otherwise would have become available to commercial banks through gold and currency
inflows and the reduction in required reserves resulting from deposit contractions.
Commercial bank holdings of Government
securities were little changed over the half
year. In late June and early July, banks increased their holdings substantially by purchases of Treasury bills and other securities
in the market, and by subscription to the
new issue of intermediate-term Treasury
bonds. Federal Reserve holdings also increased during this period.
CHANGES IN THE SUPPLY AND USE OF MONEY
As a result of restraints on the availability
of bank reserves and some seasonal slackening in credit demand, both total bank credit
and total bank deposits rose only moderately
736
over the first half of 1952. The privately held
money supply declined somewhat, as the
table shows. It dropped considerably early
in the year, largely for seasonal reasons, and
subsequently rose slowly but steadily.
Two factors that have tended to increase
the privately held money supply thus far this
year have been the rise in bank credit and
some inflow of gold. Such factors, however,
have been more than offset by others that
tended to decrease it. These included a decrease in Federal Reserve Bank holdings of
Government securities and an increase in
commercial bank capital. In addition, there
was the usual seasonal shift in the ownerCHANGES IN THE MONEY SUPPLY, WITH RELEVANT FACTORS
[In billions of dollars]
1951
1952
Item
1st
half
2nd
half
1st
half
Changes in the Money Supply
-0.7
+ 11.3
-2.2
Demand deposits adjusted
Time deposits adjusted
Currency outside banks
-2.4
+1.9
-0.2
+9.3
+ 1.5
+0.5
-3.3
+0.7
+0.4
U. S. Government deposits...
+2.1
-2.7
+3.0
Total *...
+ 1.5
+8.5
+0.8
Privately held, total
Factors Affecting Money Supply
(Sign in dicates e ffect on
mo ney supp ly)
Bank loans and investments other than
U. S. Government securities
Bank holdings of Government securities,
total
+2.7
+4.5
- 1 .4
+3.4
-2.1
Federal Reserve Banks
Commercial banks
Mutual savings banks and postal
savings system
-1.2
(3)
-0.2
+0.8
+3.0
+2.2
-3.5
-0.5
-0.8
+0.6
-0.4
+ 1.3
-0.7
— 1.0
(3)
Gold stock and foreign accounts
Other factors 2
+3.9
1
Excludes interbank deposits, items in process of collection, and
bank
vault cash.
2
Includes bank capital, miscellaneous bank assets and liabilities,
and
differences between deposits due to and from banks.
3
Less than 50 million dollars.
NOTE.—Based on changes in assets and liabilities of all commercial and savings banks, Federal Reserve Banks, the Postal Savings
System, and Treasury currency funds. Details may not add to
totals because of rounding. Data for the first half of 1952 are
preliminary estimates.
ship of deposits, with those of the Federal
Government rising and those of private
holders declining. This shift was due in
FEDERAL RESERVE BULLETIN
THE MONETARY AND CREDIT SITUATION
part to the concentration of personal and
corporate Federal income tax payments in
the early months of the year, and in part
to the sale of new Government securities.
As the Government spends its deposits
during the coming months, these funds will
become available for private spending or
saving, and their inflationary effects will depend, to a considerable extent, upon whether
they are extinguished in repayment of bank
debt or whether they continue as part of the
private money supply. If the deposits are
extinguished and the bank reserves thereby
freed are absorbed, the effect will be restrictive. If the funds remain in the money supply, their inflationary effect will depend to a
major degree on the form in which they are
held, whether as inactive time deposits or
active demand deposits, and, if the latter, on
the rate of their use. In case they remain
in the form of demand deposits, banks will
continue to need a considerable volume of
reserves in order to meet the requirements
against such deposits, and such reserves will
not be available as the basis for further credit
expansion.
This year's decline in the private money
supply has been concentrated in demand
deposits at commercial banks. Currency in
circulation has shown little change. Time
deposits, mainly savings deposits at commercial and mutual savings banks, have risen
sharply as they had during the last three
quarters of last year.
Currency in circulation declined about
the usual seasonal percentage early in 1952,
but in recent months has had a more than
seasonal rise. This rise probably reflects
growth in individual saving as well as larger
currency needs resulting from shifts in manpower associated with the development of
the country's defense efforts.
JULY 1952
The sharp rise in time deposits at banks
was indicative of continuing large individual
saving, particularly in liquid forms. Shareholdings in savings and loan associations
have also increased sharply this year.
DEPOSIT TURNOVER
OUTSIDE NEW YORK CITY
MONTHLY
Annual Rate
of Turnover
26
-v/Y,
NOTE.—Seasonally adjusted rates, compiled by the Federal
Reserve Bank of New York. Deposits used are averages of
demand deposits, except U. S. Government and interbank
deposits, as reported weekly by member banks in leading cities.
Latest data are for June and are partly estimated by the
Federal Reserve.
The rate of use, or turnover, of demand deposits—the principal component of the
money supply—has tended to rise somewhat over the first half of the year, as shown
in the chart. This rise probably reflects continuing moderate growth in spending accompanied by little change in the money
supply. In 1951 the turnover of demand
deposits had declined fairly steadily after
reaching a peak in the first quarter. The
current level of turnover is higher than in
the forties, comparable to that in the midthirties, but still much lower than in the
twenties.
737
LETTER ON SAVINGS BONDS PROGRAM
Following is the text of a letter sent to all commercial ban\s in the United States.
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COMPTROLLER OF THE CURRENCY
FEDERAL DEPOSIT INSURANCE
CORPORATION
NATIONAL ASSOCIATION OF SUPERVISORS OF STATE BANKS
AMERICAN BANKERS ASSOCIATION
Washington, D. C.
June 18, 1952.
To THE CHIEF EXECUTIVE OFFICER:
Your business, and ours, is to help people face financial problems squarely and solve
them realistically. This has led to a pay-as-you-go and save as-much-as-you-can policy
during the defense emergency. This policy has paid dividends—more than 15 months of
relatively stable prices in the face of rising defense expenditures.
As essential spending for our defense continues to rise, maintaining a pay-as-you-go
program becomes increasingly difficult. We must therefore continue to encourage the
upward trend in savings. This is the people s method of minimizing the effects of inflation.
United States Savings Bonds play an important part in the public's savings program.
Savings Bonds can be sold and are being sold. Bankers have played an indispensable role
in this great thrift program. More than 57 billion dollars are now outstanding—substantially more than at the end of 1945. About 2 million more payroll savers were signed up in
1951 by concerted efforts in business and industry. Sales of small denomination E bonds
were up almost 25 per cent in the first four months of 1952.
In order to show needed improvement in sales of the larger denominations, we solicit
the same effective support by bankers to inform their customers as to the features of the
improved Savings Bonds Series E, H , J, and K. T h e public should be informed that these
series now carry improved investment yields which make them more attractive to larger
as well as smaller denomination buyers.
W e endorse the Treasury's new Savings Bonds Program and we urge every banker to
enlist personally in an intensified effort to promote the sale of these new and improved bonds.
/ S / W M . MCCHESNEY MARTIN, JR.
Chairman, Board of Governors of the
Federal Reserve System
/ S / MAPLE T . HARL
Chairman, Federal Deposit Insurance
Corporation
/ S / PRESTON DELANO
/ S / ALEX. CHMIELEWSKI
Comptroller of the Currency
President, National Association of
Supervisors of State Banks
/S/
C. FRANCIS COCKE
President, American Bankers Association
738
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
PART I. Consumer Expectations as to Economic Trends and Consumer Investment Preferences x
The substantial increase in aggregate consumer
income in 1951 was widely although unevenly distributed, according to the 1952 Survey of Consumer
Finances. The findings suggest that nearly half
of the approximately 53 million spending units in
the population were making more money at the end
of 1951 than at the beginning. Fewer than one-fifth
were making less than a year earlier, which was
as low a proportion as has been reported in any
survey. Consumers, however, were considerably
affected by increases in retail prices, income taxes,
and the contractual payments involved in expanded
indebtedness. Together, these absorbed much of
the increase in money income before taxes. About
as many people in early 1952 thought they were
worse off financially than a year earlier as felt they
were better off. Substantial maintenance, on balance, of consumer financial positions in 1951 was
noteworthy in view of the marked expansion of the
defense program.
Consumer spending, although at a very high level
1
This is the first in a series of articles presenting the results of the Board of Governors' Survey of Consumer Finances in 1952. Other articles will appear in succeeding
issues of the BULLETIN.
The present article was prepared by Irving Schweiger of
the Consumer Credit and Finances Section of the Board's
Division of Research and Statistics.
From the Board of Governors, general supervision of the
survey has been under the direction of Ralph A. Young, Director of the Division of Research and Statistics, and of
Homer Jones, Chief of the Consumer Credit and Finances
Section of the Division. The Division of Research and
Statistics has responsibility for planning the over-all content of
the survey, analyzing survey results, and preparing the
special articles reporting survey findings that appear in the
BULLETIN.
From the University of Michigan, Rensis Likert, Director
of the Institute for Social Research, and Angus Campbell,
Director of the Survey Research Center, were in general
charge of the survey. The Survey Research Center is a division of the Institute for Social Research of the University of
Michigan. Responsibility for detailed planning and supervision of the survey, including interviewing, editing, tabulation of survey results, and preparation of Survey Research
Center studies was carried by George Katona in collaboration
with John B. Lansing of the Survey Research Center staff.
Charles F. Cannell served as head of the field staff and
Leslie Kish as acting head of the sampling section of the
Center. A close working relationship is maintained with the
staff of the Survey Research Center at all stages of the work,
and this analysis of the survey tabulations has had the benefit
of suggestions from the Center's staff.
JULY 1952
during 1951, was somewhat lower in relation to income than in other postwar years. Contributing to
the moderation of spending in 1951 were the record
stocks of durable goods in the hands of consumers
and the feeling of a major part of the population
that conditions were not favorable for purchases of
large durable goods, primarily because prices were
too high to provide good values.
Consumers expected, on balance, little improvement in their financial positions or in market conditions in 1952. Increases in income were anticipated
more frequently than decreases, but the proportion
of consumers expecting prices to rise further was
larger than the proportion expecting increases in
income.
Prospects for 1952 indicated by survey findings
were that consumer spending would continue at a
moderate level in relation to income as long as the
attitude prevails that prices are too high. Since the
survey was conducted, declines in prices of many
consumer durable goods have taken place, partly as
a reaction to the curtailment of consumer demand.
It is possible that these declines may change or may
have changed people's views concerning the wisdom
of purchases in 1952. If this occurs or if incomes
rise more than was anticipated, purchases of major
durable goods in the remainder of 1952 may be
greater than was indicated by consumers earlier in
the year. At the same time other prices and costs
have risen and the volume of individual indebtedness has increased, exerting greater demands upon
incomes.
Of particular interest during the current period
of latent danger of inflation are the survey findings
on consumer preferences in choosing investment
outlets for their saving. Most consumers continued
in 1952 to prefer to put their funds into savings
accounts and savings bonds; that Is,, in types of assets whose value is relatively fixed. This preference
was based mainly on considerations of safety and
liquidity. At the same time, the proportion of
consumers who favor the type of investment that
involves risk of fluctuating value of principal, such
as common stock and real estate, increased somewhat, especially among people with large financial
739
1952 SURVEY OF CONSUMER FINANCES
resources. The growing preference for such assets
was mainly because they were believed to yield a
higher return, while the extent to which they were
preferred as a hedge against inflation continued to
be limited.
This article, the first in a BULLETIN series, presents part of the findings of the seventh annual
Survey of Consumer Finances sponsored by the
Board of Governors of the Federal Reserve System
and conducted for the Board by the Survey Research Center of the University of Michigan. A
preliminary report was published in the April 1952
BULLETIN. The current article is devoted to the
general economic outlook of consumers, to changes
in consumer attitudes on economic matters during
the past year, and to preferences for various forms
of investment. Subsequent issues of the BULLETIN
will contain articles analyzing consumer expenditures during 1951 and plans for 1952 and 1953 purchases of major durable goods and houses, changes
in the distribution of income since the 1951 Survey,
and ownership of liquid and nonliquid assets
and consumer debt.2
GENERAL COMMENT ON SURVEY METHODS
The general methods employed in this seventh
Survey of Consumer Finances were similar in every
major respect to those applied in previous surveys.
Field work was carried out largely in the first two
months of the year. Accordingly, the survey findings must be interpreted with special reference to
that period. This year approximately 2,800 interviews were taken in 60 sampling areas distributed
throughout the country, compared with about 3,400
interviews in 66 areas last year. The effect of this
decrease in sample size on the sampling errors
of the survey is indicated in tables in the technical
note at the end of this article.
As in previous surveys, the interview unit was the
2
Previous surveys were conducted for the Board of Governors early in each of the years 1947-51 by the Survey
Research Center and the results of those surveys were reported beginning with the June issue of the BULLETIN for
those years. A preliminary report on certain key points in
each of the last three surveys, 1950-52, was published in
the April BULLETIN. The first survey was made for the
Board of Governors early in 1946 by the Division of Program
Surveys, Bureau of Agricultural Economics, United States
Department of Agriculture. The Survey Research Center
staff currently in charge of the survey work was associated
with the Division of Program Surveys at the time of the
first survey. Results of that survey were reported in the
June, July, and August 1946 issues of the BULLETIN under
the general title "National Survey of Liquid Assets."
740
consumer spending unit, defined as all persons living in the same dwelling and related by blood,
marriage, or adoption, who pooled their incomes
for their major items of expense.3 Survey methods also permit tabulation of many survey results
on a family basis, and some of the results will be
presented on this basis.4
This series of annual surveys has provided many
new insights into consumer financial patterns, but
it continues to be desirable to emphasize that the
survey method of obtaining consumer information
is still experimental. The techniques employed
are believed to give results that fall within a margin
of sampling variation determinable in advance.
Considerable further experience, however, derived
from surveys repeated under varying economic conditions, together with further careful statistical and
analytical testing of results, will be needed to establish fully the utility of the sample survey approach.
Survey findings represent only one body of data
indicative of current tendencies in the economy and
should always be viewed along with the wealth
of other statistics reported currently through various
governmental and private organizations.
For a discussion of the sampling limitations of
the survey, see the technical note at the end of this
article.
CONSUMER EXPECTATIONS AS TO ECONOMIC TRENDS
Financial position of consumers. Increases in
money income before taxes during 1951 were about
as numerous as in any postwar year, while decreases
were at a postwar low. Nearly half of all nonfarm
spending units reported making more money in
early 1952 than a year earlier. The proportion making less money was only one-third as large (see
Table 1).
The rising level of consumer income was reflected
in the increase from $3,000 in 1950 to $3,200 in
1951 of the median (middlemost) income before
taxes, a gain of about 7 per cent (see Table 2).
The arithmetic average of income rose about 9 per
cent, from $3,520 to $3,840. These compare with
8
If people contributed more than one-half of their income
to the family, it was considered that they pooled their
income. In addition, the wife of the head of the family,
or a family member under 18 years of age or earning
less than $10 a week, was always considered a member
of the main spending unit.
* Families are defined as all persons living in the same
dwelling unit who are related by blood, marriage, or adoption.
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
TABLE
CHANGE
IN
FINANCIAL
TABLE
1
SITUATION
OF
INCOME
CONSUMERS
GROUPING
OF
2
SPENDING
UNITS1
[Percentage distribution]
Percentage distribution of spending units
Change from year
earlier
Money income
before taxes
Early Early Early July Early July Early
1952 1951 1950 1949 1949 1948 1948
Current income: 1
More than a year
ago
About the same.. . .
Less than a year
ago
Not ascertained
All cases
46
33
47
33
30
41
24
39
42
35
41
34
43
33
17
4
18
2
27
2
36
1
21
2
22
3
21
3
100
100
100
100
100
100
100
Under $1 000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999. . .
$5,000-$7,499
$7,500 and over
All cases
Median income
Opinion of own financial situation: 2
Better off
Same
Worse off
Uncertain
Not ascertained....
33
29
35
1
2
32
29
37
1
1
32
32
34
1
1
24
36
39
(3)
33
35
30
1
1
25
30
42
1
2
29
28
39
2
2
100
100
100
100
100
100
100
1951
1950
1949
1948
1947
1946
13
15
18
18
15
14
7
13
17
19
19
12
14
6
14
19
21
19
11
11
5
12
18
23
20
12
10
5
14
22
23
17
10
9
5
17
23
25
17
8
6
4
100
100
100
100
100
100
$3,200 $3,000 $2,700 $2,840 $2,530 $2,300
1
Income data for each year are based on interviews during
January, February, and early March of the following year.
they were no better off financially while others
indicated improvement.
About as many people reported that their fiData refer to nonfarm spending units only, except for early
nancial situation was worse in early 1952 com1951 and July 1949 when all units are included. The question
was: "Are you making as much money now as you were a year
pared with a year before as said it was better (see
ago, more or less?"
The question was: "Would you say that you people are better
Table 1). Many people believed that they were
off or worse off financially than you were a year ago?"
No cases reported or less than one-half of 1 per cent.
no better off with higher money incomes, primarily because prices and taxes had also :-;s;:n.
an increase in the annual average of consumer Only half of the people who had income ::v rcas^s
prices of about 9 per cent from 1950 to 1951, as during 1951 felt that their financial situation was
measured by the Department of Labor. Since per- improved (see Table 3). The proportion of farmsonal income taxes also rose substantially during ers feeling that they were better off increased con1951, it is apparent that prices rose somewhat more siderably as compared with the previous two years.
than the average disposable income. Most of the (For additional details, see Tables 14 and 15 at
rise in prices occurred in the latter part of 1950 and the end of this article.)
early in 1951, while incomes continued to increase
Expectations of income and price changes. Many
throughout 1951. These developments accounted more people expected increases in income during
for the feeling, expressed by many consumers, that 1952 than expected decreases (nearly 4 in 10 comAll cases
1
2
3
TABLE
RELATION
BETWEEN
CHANGE
IN INCOME
3
AND C H A N G E
IN FINANCIAL
SITUATION *
[Percentage distribution of spending units having specified change in income]
]Early
Opinion of change in own situation
from year earlier
Better off
Same
Worse off
Uncertain
Not ascertained
All cases
Number of cases
Making
more
now
. ...
52
25
20
1
2
1952
About
the
same
15
47
35
(2)
Early 195
Making
less
now
9
15
73
1
2
Making
more
now
53
25
21
(2)
1
About
the
same
15
42
41
(2)
]Early
Making
less
now
10
17
71
1
1
Making
more
now
70
18
10
1
1
1950
About
the
same
22
56
21
1
(2)
Making
less
now
10
15
74
1
(2)
100
100
100
100
100
100
100
100
100
1,244
851
428
1,607
1,138
602
973
1,269
789
1
Comparison of change from a year earlier in a spending unit's current level of income and in its opinion of its own financial situation.
Excludes spending units t h a t did not indicate whether their r a t e of income was higher or lower t h a n a year earlier, and in 1950 also excludes
all farmers. For questions asked, see footnotes 1 and 2, Table 1.
2
N o cases reported or less t h a n one-half of 1 per cent.
JULY 1952
741
1952 SURVEY OF CONSUMER FINANCES
pared with less than 1 in 10), as is shown in Table
4. This was true at all income levels although the
proportion expecting improvement in income
tended to increase as the level of income increased
(see Table 16 at the end of this article).
TABLE
4
EXPECTED CHANGE IN I N C O M E 1
[Percentage distribution of spending units]
Expected change
Increase
None
Decrease . . .
Uncertain
Not ascertained
...
All cases
Early
1952
Early
1951
Early
1950
36
30
8
20
6
39
35
13
12
1
28
32
10
27
3
100
100
100
1
Data for 1952 and 1950 are based on the question: "How about
a year from now, do you think you people will be making more
money or less money than you are now, or what do you expect?"
Data for 1951 are based on the question: "Now for the current
year, 1951, do you think your income will be larger, the same, or
smaller than in 1950?"
About half of all consumer spending units expected prices of the things they buy to continue
rising during the coming year, but substantially
fewer held this view than did a year ago (see
Table 5). There was little change in the very
small number of consumers that believed prices
would fall but rather a substantial increase in the
number expecting price stability (from less than
2 in 10 in early 1951 to 3 in 10 in early 1952).
The fact that more people expected prices to rise
than expected an increase in income indicated that
consumers, on balance, were not expecting any improvement in financial position during 1952.
TABLE
mobiles and washing machines continued to be
widely held by consumers. The 6 in 10 who
expressed this view were a slightly larger proportion of the total group than they had been at the
beginning of 1951. The chief reason for this view
continued to be the feeling that prices were "too
high"; that good values would not be obtained.
Reports of poor personal finances or expectations
of bad times were given more frequently in early
1952 than a year earlier as a reason for not buying.
Less than 3 in 10 consumers stated that this was
a good time to buy, a decline of one-fourth since
early 1951. The most frequent explanations for
this belief were the expectation of rising prices or
of shortages, but the number with these expectations
was substantially less than in early 1951.
Relation between consumer views and buying plans.
Survey data for the current and previous years
tend to support the belief that consumer spending
behavior is influenced by factors other than current
income. Important among them are attitudes which
appear to be related consistently to plans to purchase
major consumer durable goods. These include:
First, a consumer's appraisal of recent changes
in his personal finances; second, and perhaps
most important, what a consumer expects to
happen to his income in the immediate future;
and finally, his own idea of whether a particular
period is a good time to buy. Price expectations,
on the other hand, appeared to have only a small
influence on consumer spending plans, as compared
with the important effects of past price changes.
Anticipations of income change in 1952 were
TABLE
5
6
EXPECTED CHANGE IN CONSUMER PRICES
CONSUMERS PLANNING PURCHASES OF M A J O R DURABLE GOODS
[Percentage distribution of spending units]
AS A PERCENTAGE OF A L L SPENDING U N I T S H A V I N G
SPECIFIED P R I C E AND INCOME
Expected change
1952
1951
1950
Increase
Increase or no change 1
No change 2
Decrease or no change 3
Decrease
Uncertain
Not ascertained
49
4
30
2
5
7
3
67
9
16
1
3
3
1
12
3
36
6
35
6
2
100
100
100
All cases
1
2
3
} •
} »
15
2
100
Attitude regarding major purchases. The attitude
that the current year would be a bad time to make
purchases of major durable goods such as auto-
Expected income change 2
All
cases
Increase
No change
Decrease
All cases
Expected price change 3
Rise
No rise
43
25
24
42
27
26
45
23
23
32
32
31
20
Includes "some prices will stay the same, others will rise."
Includes "some prices will rise, others will fall."
Includes "some prices will fall, others will stay the same."
742
EXPECTATIONS1
1949
1
Plans to purchase an automobile (new or used) and/or one or
more major household durable goods. Data refer to nonfarm
spending
units.
2
The question was "How about a year from now, do you think
you people will be making more money or less money than you are
now,
or what do you expect?"
3
The question was "What do you think will happen to the
prices of the things you buy during the year—do you think they
will go up, or down, or stay about where they are now?"
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
closely related to plans for buying but there was
little evidence of any relationship between expected
price changes and buying plans. As shown in
Table 6, more than 4 in every 10 consumers expecting an increase in income planned to make at least
one major purchase, regardless of whether they
expected prices to go up or not. People who did
not expect their incomes to rise (no change or a
decrease) planned to buy with considerably lesser
frequency (less than 3 in 10). For these people,
also, it appeared to make little difference whether
prices were expected to rise or not. It is also significant that, in answering the question as to the
wisdom of buying at this time, less than 1 in 5 of
the consumers who expected prices to rise during
1952 was influenced by this to consider the present
a good time to buy. These general relationships
also appear to have prevailed in preceding postwar
years.
INVESTMENT PREFERENCES
The survey this year explored in some detail the
nature of consumer preferences for selected important types of assets in which saving may be invested. This extended the scope of survey findings
in an area in which limited inquiries were made
in both 1949 and 1951. As in the earlier surveys
the queries in 1952 were made only of consumer
spending units with income before taxes in the
preceding year of $3,000 and over. This, however,
focuses the exploration on that part of the population which accounts for the greater proportion
of both the current and the accumulated saving.
The queries related to the consumer's opinion of
the wisest use of funds among four representative
outlets: savings accounts, savings bonds, real estate,
and common stock.5
Extension of the survey findings on investment
preferences sheds additional light on an important
aspect of consumer financial behavior during a
5
In the 1952 Survey, the following questions were asked:
"Suppose a man has money over and above what he needs for
his expenses. What do you think would be the wisest thing
for him to do with it nowadays: put it in a savings account,
buy Government savings bonds with it, invest it in real estate,
or buy common stock? Why do you make that choice?"
Answers referring to "savings account" were interpreted to
mean savings accounts in banks, savings and loan shares,
postal savings, and credit union shares. Investment in "real
estate" refers primarily to real estate for other than owneroccupancy.
TABLE 7
INVESTMENT PREFERENCES WITHIN INCOME GROUPS
[Percentage distribution of spending units]
Money income before taxes 2
$4,000-$4 999
$3,000-$3,999
$3,000 and over
Preferred investment*
$5,OO0-$7 499
19513 1949 1952 19513 1949 1952 19513 1949 1952 19513 1949
1952
$7,500 and over
1952 19513 1949
65
69
79
73
80
86
69
70
80
61
65
74
44
46
64
16
43
6
13
49
7
18
54
7
18
50
5
16
54
10
20
59
7
16
46
7
14
48
8
17
56
7
16
38
7
9
51
5
17
49
8
14
26
4
6
37
3
16
43
5
Assets of fluctuating money value
26
23
11
17
14
8
23
23
12
30
26
14
45
45
22
Common stock
Real estate
. . .
Common stock or real estate
8
17
1
6
16
1
2
9
4
13
2
12
1
7
7
16
6
17
3
9
8
20
2
6
19
1
3
10
1
19
20
6
16
23
6
7
14
1
6
3
5
3
8
2
4
6
3
3
4
2
5
3
2
4
7
1
8
1
7
2
10
2
9
2
8
1
10
4
100
100
Assets of fixed money value
Savings accounts
Savings bonds
Accounts or bonds
. . .
Other 4
Not ascertained
All cases .
Number of cases
...
100 100
5 1,729 1,000 1,751 5 482
100
100
100
100
100
100
100
100
100
100
100
300
671
5 424
220
414
5 490
270
407
5333
150
259
1
In 1952 the question asked of spending units with incomes of $3,000 or more was: "Suppose a man has some money over and above
what he needs for his expenses. What do you think would be the wisest thing for him to do with it nowadays: Put it in a savings account,
buy Government savings bonds with it, invest it in real estate or buy common stock?" In 1949 and 1951 the question was: "Now I
have one last question about how people save. Suppose a man has some money over and above what he needs for his expenses. What
do you think would be the wisest thing for him to do with it nowadays: Put it in the bank, buy Government savings bonds with it, invest
it in 2real estate, or buy common stock?"
3 Income groups relate to income in year prior to year specified.
Because in 1951 this information was requested on all farm schedules and on only one-half of the nonfarm schedules, the farmers
were4entered at one-half their normal weight.
Includes
combinations of assets of fixed and fluctuating value and assets other than those listed above.
s
Approximate number of cases.
JULY 1952
743
1952 SURVEY OF CONSUMER FINANCES
period when inflationary dangers, actual or potential, may exert an important influence on the proportion of current income that is saved or the form
that saving takes. Changes in consumer investment preferences may affect not only the form in
which the current income is saved but also the
shifting of consumer assets from one form to another.
Many consumers maintain savings in several
forms, such as savings bonds, insurance, bank
accounts, and securities. Changes in attitude
regarding investments occur, and over a period
of time these changes may be reflected in the
pattern of investment, with greater investment in
the more favored forms of saving and less investment, or even disinvestment, in assets that have declined in favor.
Changes in investment preferences, 1949-52. Since
early 1949 there has been a marked shift in investment preferences of consumers from assets whose
value is fixed toward assets whose value fluctuates.
This shift has not been consistent among various
consumer groups in the population, and there have
even been reversals of attitude toward specific forms
of assets. The general drift, however, has continued (see Table 7). By early 1952 approximately
1 in every 4 consumers with incomes of $3,000 and
over preferred to invest in a type of asset whose
value fluctuated, such as real estate or common
stock; in early 1949, the proportion had been
1 in 9.
Change in 1949-50. During the two years from
early 1949 to early 1951 there was a substantial
increase among nearly all groups queried in their
preference for each of the two types of fluctuating
value assets covered by the survey—real estate and
common stock. This change in attitude possibly
occurred largely in 1950, reflecting the international
situation starting .with the Korean outbreak in mid1950 and the change in the economic climate that
stemmed from it.
Savings accounts experienced the largest decrease
in investment preference and this also possibly occurred after mid-1950. There was also some decline, but not as great, in the frequency with which
all people with incomes of $3,000 and over rated
savings bonds as their first investment choice.
Savings bonds did fall out of favor, however, with
the small number of people who held large amounts
($2,000 and over) of such bonds. In early 1949
about 6 in 10 of such large holders with incomes
744
of $3,000 and over gave bonds as their first investment preference. By early 1951 the proportion
had declined to 4 in 10 (see Table 8). This shift
in preference is significant since holders of $2,000
or more of "A-F" savings bonds, although few in
number (6 per cent of all spending units), owned
roughly two-thirds of the total in early 1951.
TABLE 8
INVESTMENT PREFERENCES OF SPENDING UNITS WITH INCOMES
OF $3,000 AND OVER AND A-F SAVINGS BOND
HOLDINGS OF $2,000 AND O V E R 1
[Percentage distribution of spending units]
Preferred investment2
1952
1951
1949
Assets of fixed money value. .
Savings accounts
Savings bonds
Accounts or bonds
56
11
39
6
57
9
42
6
72
6
59
7
Assets of fluctuating money value
Common stock
Real estate
Common stock or real estate
29
13
10
6
29
8
19
2
14
7
7
Other *
Preference not ascertained.
All cases.
14
1
11
3
11
3
100
100
100
Number of cases
Proportion of all spending units (per cent).
207
4
«226
217
6
« Estimated.
1
Money income in year prior to year indicated; A-F savings
bond
holdings early in year indicated.
2
For questions asked, see footnote 1, Table 7.
3
No
cases reported or less than one-half of 1 per cent.
4
Includes combinations of assets of fixed and fluctuating money
value and assets other than those listed above.
Change in 1951. From early 1951 to early 1952
the selected assets whose value may fluctuate continued to gain in favor with consumers but the gain
was much smaller than in the previous two-year
period.
In 1951, however, there were substantial differences in the change of attitudes with regard to specific assets (see Table 7). Common stock continued
to gain adherents among consumer investors in
1951, while little further change in attitude toward
real estate was noted. Savings accounts regained
much of the popularity that had been lost in the
preceding two-year period, but this was more than
offset by a lessened preference for savings bonds
during 1951. The increase in interest rates at some
savings institutions during 1951 and the promotional campaigns accompanying these changes may
explain, in part, the reversal in attitude toward savings accounts. The decline in the proportion of
people favoring savings bonds was somewhat greater
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
TABLE 9
INVESTMENT PREFERENCES WITHIN INCOME AND OCCUPATIONAL GROUPS
[Percentage distribution of spending units]
Income $5,000 and over 2
Income $3,000-$4,999 2
Preferred investment l
Professional, managerial,
nonfarm self-employed, All other occup.ations 3
and clerical and sales
Professional, managerial,
nonfarm self-employed, All other occupations»
and clerical and sales
1952
1951
1949
1952
1951
1949
1952
1951
1949
1952
1951
1949
Assets of fixed money value
62
73
82
75
76
83
47
57
69
63
62
73
Savings accounts
Savings bonds
Accounts or bonds
14
39
9
17
48
8
17
59
6
18
52
5
14
53
9
20
56
7
16
25
6
9
45
3
17
44
8
14
43
6
8
48
6
16
51
6
Assets of fluctuating money value.
27
22
9
16
17
10
42
37
18
29
25
15
Common stock
Real estate
Common stock or real estate.
9
18
4
()
4
17
1
4
12
(4)
4
13
4
()
1
9
4
()
16
21
5
11
22
4
6
11
1
8
19
2
6
18
1
6
2
3
6
4
()
7
6
9
5
7
11
2
4
1
10
3
4
5
3
5
2
1
3
1
2
2
13
4
()
9
3
All cases
100
100
100
100
100
100
100
100
100
100
100
100
Number of cases
311
356
406
595
686
638
483
515
441
340
318
175
Other5
Preference not ascertained
1
For questions asked, see footnote 1, Table 7.
*s Income groups relate to income in year prior to year specified.
Includes skilled, semiskilled, and unskilled workers, farm operators and laborers, unemployed and retired persons, students, housewives, persons engaged in police, fire, and other protective services, and spending units for which occupation of head was not ascertained.
< No cases reported or less than one-half of 1 per cent.
& Includes combinations of assets of fixed and fluctuating money value and assets other than those listed above.
during 1951 than in the preceding two-year period,
and again the decline appeared to be greatest among
people with substantial financial resources. As
shown in Tables 7 and 9, consumer spending units
with incomes of $5,000 and over showed the most
marked decline in preference for this asset, especially those in certain occupational groups (professional, managerial, nonfarm self-employed, and
clerical and sales). It should be pointed out that
the survey in early 1952 preceded the recent upward revision in the yield of savings bonds. The
effect of this change on consumer investment preferences is not known.
Reasons for investment preferences. The reasons
given in early 1952 for preferring specific assets
were broadly similar to those expressed in the
two earlier years, even though there had been substantial changes since 1949 in the proportion of
people preferring each kind of asset. Savings bonds
were preferred chiefly for their safety, the rate of
return, and for patriotic reasons. Savings accounts
were chosen for their liquidity and convenience and
also for their safety and interest yield. Both real
estate and common stock were selected because
of their rate of return and, to a lesser extent, because
JULY
1952
of the protection they offered against inflation.
Frequently mentioned in the case of real estate
was the related point that it is tangible property.
(For details, see Table 10.)
It is noteworthy that the predominant reason
given in early 1952 for preferring assets of fluctuating value was their higher rate of return. Some
further gain in popularity of such assets took place
in the belief that they would furnish protection
against inflationary price rises but the gain was not
large. The greater emphasis on rate of return indicates either that more attention was being paid to
this factor than heretofore or that people believed
the differences in return of various types of investment had been increasing. It is possible that a
desire to maintain purchasing power of investment
income in the face of rising prices may have caused
some investors to revise their previous scale of investment objectives.
A further attempt was made to gain insight into
the reasons for people's investment preferences by
asking consumers to choose between two assets of
fixed value and also between an asset of fixed
value and one of fluctuating value. Specifically,
consumers with incomes of $3,000 and over were
745
1952 SURVEY OF CONSUMER FINANCES
TABLE 10
REASONS
FOR
INVESTMENT
PREFERENCE
WITHIN
INCOME
GROUPS *
[Percentage distribution of spending units] 2
Preferred investment and reason
for preference
Savings bonds:
Safety
High yield
Liquidity
Lack of liquidity
Patriotism
Saving by payroll deduction
Other
1951 money income
before taxes
$3,000 $3,000and over $4,999
28
14
2
2
9
1
4
30
16
3
1
10
1
4
$5,000
and over
25
12
2
2
8
1
3
Savings account:
Safety
High yield
Liquidity
Other
Common stock:
High yield
Hedge against inflation,
gain
Other
capital
Real estate:
Safety
High yield
Hedge against inflation,
gain
Tangible investment
Other
capital
Preference or reasons for preference
not ascertained
Number of cases
10
12
1,729
906
823
1
In the 1952 Survey, the following questions were asked of all
spending units having incomes of $3,000 or more: "Suppose a
man has money over and above what he needs for his expenses.
What do you think would be the wisest thing for him to do with
it nowadays: put it in a savings account, buy Government savings
bonds with it, invest it in real estate, or buy common stock?"
"Why do you make that choice?" These data are not precisely
comparable with somewhat similar data obtained from the 1951
and 1949 Surveys because in those years respondents were asked
to 2evaluate each type of investment.
Because some spending units gave more than one reason for
their preferences, the sum of entries relating to various preferences
will exceed 100 per cent.
asked to make a choice between savings bonds and
savings accounts and also between savings bonds
and common stock, and to give reasons for their
choices. Responses to these arbitrary sets of choices
appear to shed further light on investment objectives.
Consumers whose first choice among the four
investment outlets had been a fluctuating value
asset generally preferred savings bonds to savings
accounts, largely because of the rate of return.
Thus, people who had preferred fluctuating value
assets, primarily for their higher return, gave
weight to this factor even when the alternatives
were two fixed value assets. Those who chose
savings accounts in the paired comparison with
savings bonds did so mainly because they felt
746
savings accounts to be more liquid.
Consumers were also asked how their choice
between bonds and savings accounts would be affected if the money might be needed within two
or three years. Approximately 4 in every 10 spending units said that this would affect their decision,
and almost all of this group indicated preference
for a savings account in these circumstances. The
most frequent reasons were that savings accounts
were more liquid and would pay more interest than
bonds in a two-to-three-year period. The recent
revision of savings bonds terms which increased
substantially the interest return for short-term holdings might well change the attitude of some consumers (1 in 10) whose view was that savings
accounts pay higher interest rates than bonds for
short-term holdings. The importance to consumers of the liquidity of their savings is also
indicated by the response of the 6 in 10 spending
units who said that their choice would not be affected if they knew they might need the funds
within two or three years. Their chief reason was
the belief that savings bonds and savings accounts
were equally liquid. (For additional details, including those on the choice between savings bonds
and common stock, see Tables 17 and 18 at the end
of this article.)
Investment in 1951. It should be noted that the
survey findings related to the consumer's preference, not his plans for investment. For some individuals, a shift in portfolio may not occur because
of a change in investment preferences. To the
extent that change does occur, it probably takes
place over a period of time. New investment from
current saving probably reflects changes in preferences relatively quickly while shifts in previous
investment come more slowly, if at all.
Survey data indicate that the income groups queried generally followed an investment policy that
was related to their investment preferences. Net investment in common stock was both more frequent and in considerably larger amounts, on the
average, among people in high income groups
($5,000 and over) than among people in medium
income groups. The bulk of direct investment
in common stock in 1951 appears to have been
made by the $5,000 and over group. A small net
investment was also made by people with incomes
of $3,000 to $4,999. Investment in real estate, by
acquiring or making additions to properties other
than owner-occupied dwellings, also tended to
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
be more frequent and in larger amounts among the
higher income groups.
The large increase during 1951 in liquid asset
holdings of consumers—savings bonds, savings and
checking accounts, postal savings, and shares in savings and loan associations and credit unions—
indicated by other financial data, was reflected in
an appreciably greater number of increases than
decreases in holdings at all income levels except
those under f 1,000 (see Table 19 at the end of
this article). Thus, the general conclusion to be
drawn from survey results is that the over-all increase in such holdings was widely distributed.
The greater loss in popularity of fixed value
assets in 1951 among high income ($5,000 and
over) than among medium income spending units
appeared to be reflected in the divergent changes
in large liquid asset holdings of these groups.
During 1951, the frequency with which large
amounts of liquid assets ($2,000 and over) were
held declined among the groups with incomes of
$5,000 and over, and appeared to increase among
lower income groups (see Table II). 6
Maturing savings bonds. To throw further light
on consumer attitudes toward savings bonds, the
survey obtained some information from consumers
at all income levels concerning their plans for savings bonds maturing in 1952 and 1953.
Although the survey obtained reports representing approximately 70 per cent of all savings bonds
estimated to be owned by consumers, maturing
6
A more complete discussion of the survey findings on
ownership of liquid assets will be presented in the third
article of this series.
TABLE 11
T Y P E AND SIZE OF LIQUID ASSET HOLDINGS WITHIN INCOME GROUPS *
[Percentage distribution of spending units]
Type and size of
holding
All cases
Savings accounts: 4
Zero .
$l-$499
$500-$l,999 . . . .
$2,000 and over... .
All cases
Checking accounts:
Zero
$l-$499
$500-$l,999
$2,000 and over... .
All cases . . .
Number of cases
..
$5,000 and Dver
1952
1951
1949
1952
1951
1949
1952
1951
1949
1952
1951
1949
1952
1951
1949
31
30
19
12
8
28
30
23
11
8
29
28
22
12
9
60
17
11
6
6
53
24
13
6
4
56
24
12
5
3
44
28
16
8
4
39
31
19
7
4
38
29
21
8
4
21
38
22
14
5
19
37
27
12
5
19
35
25
14
7
8
26
26
20
20
4
22
29
22
23
5
17
23
25
30
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
62
23
10
5
59
24
11
6
56
25
13
6
79
13
4
4
81
13
4
2
80
11
6
3
73
18
7
2
69
22
7
2
63
25
9
3
56
29
11
4
53
29
14
4
49
29
16
6
44
25
18
13
34
30
34
25
21
20
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
57
21
55
20
56
19
80
9
73
15
75
12
68
16
67
16
62
19
49
28
36
20
39
14
11
6
12
12
10
14
11
14
11
5
6
6
6
9
4
10
6
48
26
49
24
39
24
7
13
10
16
10
15
12
16
21
to to
to to
All cases
U. S. savings bonds
(Series A-F):«
Zero
$l-$499
$500-$l,999
$2,000 and over
$3,000-$4,999
$1,(300-$2,999
Under $1,000
00 00
All types: 2
Zero
$l-$499
$500-$l 999
$2,000-$4,999
$5,000 and over
Money income before taxes
All spending units
22
25
100
100
100
100
100
61
59
28
22
100
100
100
100
100
100
100
100
100
100
60
59
61
77
75
81
74
68
72
11
7
1
16
8
2
58
23
12
5
27
10
4
23
11
5
11
9
3
16
8
1
23
7
2
19
7
2
27
11
4
29
7
3
100
100
100
100
100
100
100
100
100
100
2,820 3,415
3,510
278
418
416
814
1,081
1,294
906
1,042
100
28
10
3
31
34
21
14
36
23
13
36
25
17
100
100
100
100
1,101
822
832
670
1
Liquid asset data are based on interviews in January, February, and early March oi year indicated. In 1952 respondents were
asked for their balances on Jan. 1, 1952; in earlier surveys for balances at the date of interview. Income groups are based on annual
money
income before taxes in year prior to year indicated.
2
Includes all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in savings
and loan
associations and credit unions. Excludes currency.
3
Amounts for 1952, 1951, and 1949 are shown at 86 per cent, 83 per cent, and 80 per cent, respectively, of maturity value, except
for recent purchases, which are shown at purchase price.
* Includes savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions.
JULY 1952
747
1952 SURVEY OF CONSUMER FINANCES
bonds were reported amounting to somewhat less
than 50 per cent of the amount estimated to mature
in 1952-53 according to Treasury figures. This
may indicate that many people are not familiar
with the maturity dates of their savings bonds.
Some of the difference is no doubt due, however,
to the omission from the survey of estates and trusts
as well as of some individuals such as transients and
servicemen who own maturing bonds.
The large discrepancy between survey and
Treasury data indicates the need for caution in
drawing conclusions from survey data on maturing bonds. The validity of the following interpretation of the data depends largely on whether people's plans for bonds identified as maturing bonds
apply also to bonds not identified.
Consumers' plans in early 1952 for their maturing
savings bonds appeared to be similar to those expressed a year earlier. There were indications of
some decline in the proportion of the funds planned
to be retained in savings bonds but the change was
very slight, as is shown in Table 12. Holders of
more than one-third of the maturing bonds had
definite plans not to cash their bonds while plans
to cash their bonds at maturity were expressed
with regard to one-fourth of the total. Owners of
the balance (more than one-third) had no definite
plans. Holders of less than $500 of maturing
bonds showed less tendency to cash them than a
year ago, while the opposite was true for people
with larger amounts maturing.
Of the maturing bonds involved in definite plans
TABLE 12
PLANNED U S E OF MONEY RECEIVED FROM MATURING
SAVING BONDS 1
[Distribution of total amount of maturing savings bonds]
Bonds maturing:
Planned use
1952-53
Retain savings bonds or reinvest in
Government bonds
Save or repay 2debts
Other outlays
Combination of above plans
No plans
Plans not ascertained
37
7
16
4
32
4
1951-52
41
5
16
7
29
2
All cases
100
100
Number of cases
636
623
1
Data for 1952-53 based on following questions asked in early
1952: "Do you have any war or savings bonds whose 10 years
will be up in 1952 or 1953?" "How much will these bonds amount
to?" "Have you made any plans about what you'll do when they
mature?" "What are they?" Data for 1951-52 based on similar
questions
asked in early 1951.
3
Includes plans to purchase homes, farms, other real estate,
businesses securities, automobiles, and other durable goods, and
plans for general expenditures.
748
to redeem, approximately one-third of the funds
was slated to be put in the bank or to pay off debt.
Last year, the proportion was about one-fourth.
Plans indicate that the balance would be used to buy
homes, cars, and other durable goods, for general
living expenses, for investment in business, real
estate, or securities, and for other expenditures.
(For additional details on maturing savings bonds,
see Table 20 at the end of this article.)
Patterns of investment preference. The 1952 Survey permits more detailed analysis than has been
possible heretofore of the relation of investment
preferences to such factors as income, wealth (as
measured by major assets held), occupation, and
size of community.
In general, the larger the income or the accumulated savings, the greater the preference for assets
of fluctuating value (see Tables 7 and 13 and also
Tables 21 and 22 at the end of the article). In early
1952, for example, the proportions of spending units
preferring common stock or real estate in the $7,500
and over income group was nearly three times
that of the $3,000 to $3,999 income group (45 to 17
per cent).
Attitudes toward specific types of fluctuating
value assets did not vary in the same manner.
Preference for common stock was very infrequent
in the income groups close to $3,000 and increased
fairly sharply and continuously at successively
higher income and wealth groups in the range
shown by survey data. On the other hand, preference for real estate was relatively great in the
lower income and wealth groups and, after increasing moderately, leveled of! at higher groupings.
Although the proportion of consumers favoring
savings bonds as an investment tended to be smaller
as earnings or wealth increased, this investment outlet, rather than real estate or common stock, was
preferred more frequently in every income group
covered and in all but the largest wealth group
($25,000 and over). Many consumers with very
small asset holdings do not believe that they can
conveniently purchase common stock or real estate
other than their dwelling. In general, these findings
on investment preferences by income and wealth
groups confirms the usual view that consumers,
through their investment programs, first try generally to meet the need for security and after that
need has been met try to increase their return by
investing in assets of normally higher yield bearing
a risk of fluctuating money value as to principal.
People's attitudes toward investment outlets also
appeared to be influenced by the size of community
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
TABLE 13
INVESTMENT PREFERENCES IN RELATION TO INCOME AND MAJOR ASSETS
[Percentage distribution of spending units]
Preferred investment
1951 income before taxes
and major assets in early 1952 l
Number of
cases
All
cases
Assets of
Assets of
fluctuating
fixed money
money value5
value 3
$3,000 and over:
All asset groups..
Under $1,000... .
$l,000-$9,999....
$10,000 and over.
6 1729
802
518
254
100
100
100
100
26
20
26
47
65
71
65
41
$3,000-$4,999:
All asset groups..
Under $1,000. . . .
$l,000-$9,999
$10,000 and over,
5 906
543
258
e 50
100
100
100
100
20
16
20
48
71
75
71
45
$5,000-$7,499:
All asset groups..
Under $ 1 , 0 0 0 . . . .
$l,000-$9,999....
$10,000 and over
5490
211
169
6 62
100
100
100
100
31
28
28
44
61
62
63
49
$7,500 and over:
All asset groups..
Under $ 1 , 0 0 0 . . . .
$1,000-9,999
$10,000 and over
333
6 48
91
142
100
100
100
100
45
30
47
49
44
65
45
34
Other *
Not
ascertained
9
5
5
16
1
2
Major assets include liquid assets, stock in publicly held corporations, and real estate other than owner-occupied homes and farms.
Includes common stock and real estate.
* Includes savings accounts and savings bonds.
4
Includes combinations of fixed and fluctuating value assets and assets other than those mentioned in notes 2 and 3.
6
Total includes units for which value of assets was not ascertained and thus exceeds sum of asset groups.
6
Because of small number of cases, these distributions should be used with care.
7
No cases reported or less than one-half of 1 per cent.
in which they lived. The smaller the community,
the greater, in general, was the popularity of investment in real estate and the lesser the preference for
common stock. This pattern doubtless reflects the
greater familiarity, and possible opportunity, that
people in smaller cities and the open country have
to invest in real estate. Working in favor of stock
investment in the larger cities, on the other hand,
is the greater familiarity of people in these centers
with such investment and the greater ease of investing in the larger cities (see Table 23 at the end
of this article).
Variation in investment attitudes among people
in different occupations at the same income level
was more marked than the differences shown by
size of community. Savings accounts were preferred most frequently by skilled and unskilled
workers while the lowest rating given this form
of investment was that among farm operators.
Savings bonds, on the other hand, were rated
highly by both farm operators and employed persons at both medium- and high-income levels. The
preference of farm operators for savings bonds
and their low rating of savings accounts is probably explained in part by the low return obtained
from savings accounts in country areas and in part
by historical factors. The lowest preference for
savings bonds at all income levels was found among
professional and self-employed persons.
Although popularity of common stock and real
estate rose sharply in the past three years, and
probably for similar reasons, each type of investment appealed to quite different groups. The occupational groups most in favor of common stock at
all income levels were the retired, professional, and
clerical and sales groups. The chief proponents of
real estate investment were farm operators.
TECHNICAL NOTE ON THE SAMPLING LIMITATIONS OF THE SURVEY
Changes from year to year in survey findings
may result from many factors. Among the most
important of these are (1) actual changes in the
basic situation which it is the main objective of the
survey to measure; and (2) random shifts due principally to the particular samples of persons interJULY 1952
viewed (sampling variation). Other factors which
affect findings, though important, would be as
prevalent in a complete census of the entire population as in a carefully selected sample. These include such factors as reporting errors made by those
being interviewed, differences in the questionnaire
749
1952 SURVEY OF CONSUMER FINANCES
from year to year, differences in interpretation given
either by the respondent to the question asked or
by the interviewer to the answer given, and differences in processing the data.
In appraising changes in survey findings, it
must be kept in mind that the value of change
determined from the survey represents the best
available (i.e., most probable) estimate of the true
value. If differences are greater than may be
attributed to chance variation in the selection of
the particular samples (see the accompanying table
of sampling errors of differences), one often assumes that a real change has taken place.
SAMPLING ERRORS OF DIFFERENCES1
Differences required for significance (95 per cent probability) in comparisons of percentages derived from successive
Surveys of Consumer Finances and from two different subgroups of the same survey.
Size of sample or group
Size of sample
or group
200
300
500
700
1,000
3,5002
For percentages from about 30 per cent
to 70 per cent
200
300
500
700....
1,000. .
2,800 3.
3,500. .
11
11
10
10
9
3.0
2.9
A problem of interpretation arises when the difference between data from any two surveys is
smaller than might be due to sampling variation
alone. In some cases in the 1952 Survey the proportion early this year of those intending to buy a
certain commodity was slightly smaller than the
proportion having similar intentions early in 1951.
The difference was not statistically significant (less
than might result from sampling variation), but it
does not follow that there was no difference between
the two proportions. Nor does it follow necessarily
that the proportion was smaller in 1952 than in
1951. What can be said is that the order of magnitude of the two proportions remained the same,
but the chances of a decrease from 1951 to 1952
are somewhat greater than of an increase.
Sample surveys yield information which approximates the true order of magnitude of data but do
not produce exact values. Expressing the results
in terms of an estimated number of spending units
or of aggregate dollar amounts may imply an unwarranted degree of certainty and is justified only
because in this form the results are more easily
interpreted and understood and, therefore, more
useful. It must be remembered, however, that
such magnitudes fall within a relatively large margin of error, and that the width of the margin
may have a bearing on the interpretation of the
data.
For percentages around 20 per cent and
80 per cent
APPROXIMATE
SAMPLING
ERRORS
OF
SURVEY
FINDINGS
[Expressed in percentages]
200
300
500
700
1,000. .
2,800 3.
3.500. .
(The chances are 95 in 100 that the central value lies within a
range equal to the reported percentage plus or minus the number
of percentage points shown below.)
2.4
2.2
Number of interviews
Reported
percentage
For percentages around 10 per cent and
90 per cent
200
300
500
700
1,000. .
2,800 3.
3,500. .
1.8
1.6
50
35
20
10
5
1
2
For percentages around 5 per cent and
95 per cent
200
300
500
700
1,000. .
2,800 3.
3,500. .
1.3
1.2
1
The sampling error does not measure the actual error that is
involved in specific survey measurements. It shows that—excep t
for nonsampling errors, errors in reporting, in interpretation, etc.—
differences larger than those found in the table will arise by chance
in only 5 cases in 100.
2
Approximate size of entire sample of surveys prior to 1952.
3
Approximate size of entire sample of the 1952 Survey.
750
or
or
or
or
65
80
90
95
Entire
sample
of 3,500 J
2.6
2.4
2.1
1.6
1.1
Entire
sample 1,000 700 500 300 200
of 2,800 2
2.9
2.7
2.3
1.7
1.2
Approximate size of entire sample of surveys prior to 1952.
Approximate size of entire sample of the 1952 Survey.
These qualifications, both as to the significance
of the changes from one survey to the next and
as to the aggregate estimates presented, are important to keep in mind in using the data shown
in the various tables and in appraising the results
presented throughout the series of articles.
For a fuller discussion of the methods of the
survey and of the sampling and other limitations
of the data, see "Methods of the Survey of Consumer Finances" in the July 1950 BULLETIN.
FEDERAL RESERVE BULLETIN.
1952 SURVEY OF CONSUMER FINANCES
TABLE
14
CHANGE IN FINANCIAL SITUATION WITHIN INCOME GROUPS
[Percentage distribution of spending units]
Money ncome before taxes
2
All
spending
units
Opinion of change in own
situation from year earlier *
$1,000$1,999
Under
$1,000
$2,000$2,999
$3,000$3,999
$5,000$7,499
$4,000$4,999
$7,500
and over
1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951
Better off
Same
Worse off
Uncertain
Not ascertained
All cases
33
29
32
29
23
27
35
1
37
1
47
1
29
27
40
17
31
50
1
32
28
38
31
29
31
30
38
38
1
32
35
35
27
34
31
29
38
30
1
38
29
40
29
30
1
28
1
43
32
23
38
29
30
1
49
22
28
3
1
2
1
4
1
1
2
2
2
4
2
2
2
2
1
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
1
2
Change reported in interviews during January, February, and early March of year indicated.
Income groups relate to income in year prior to year specified.
* No cases reported or less than one-half of 1 per cent.
TABLE 15
CHANGE IN FINANCIAL SITUATION WITHIN OCCUPATIONAL GROUPS
[Percentage distribution of spending units]
Opinion of change
in own situation
from year earlier l
Better off
Same
Worse off
Uncertain
Not ascertained
Professional and
semiprofessional
Managerial and
self-employed
Skilled and
semiskilled
Clerical and
sales
Uns killed and
Farm operator
service
1952 1951 1950 1952 1951 1950 1952 1951 1950 1952 1951 1950 1952 1951 1950 1952 1951 1950
40
46
47
37
37
35
25
30
1
4
23
29
1
1
29
22
1
1
34
27
30
32
31
32
1
2
2
42
41
47
24
30
1
3
26
32
29
22
1
1
1
35
34
32
29
1
3
29
34
1
2
38
33
27
1
1
27
32
27
30
40
1
2
27
39
33
38
1
1
2
43
34
20
22
33
35
29
1
1
30
50
(
2
(2)
All cases
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
Number of cases
261
269
287
378
485
466
430
477
486
776
902
895
281
289
344
216
388
409
1
2
Change reported in interviews during January, February, and early March of year indicated.
No cases reported or less than one-half of 1 per cent.
TABLE 16
EXPECTED CHANGE IN INCOME WITHIN INCOME AND OCCUPATIONAL GROUPS
[Percentage distribution of spending units]
All nonfarm spending units
Money income before taxes: 3
Under $1 000
$l,000-$l,999
$2,000-$2,999
$3,000-$3 999
$4,000-$4,999
$5,000-$7,499 .
$7,500 and over.
Occupation:
Professional and semiprofessional.
Self-employed
Managerial .
Clerical and sales
Skilled and semiskilled
Unskilled and service .
. .
Retired
2
1952 1950
Increase
None
Decrease
Uncertain
1952 1950 1952 1950 1952 1950 1952 1950
1952
1950
2,611
23,102
100
100
36
28
30
32
8
10
20
225
314
424
446
407
474
321
333
513
608
584
379
412
240
100
100
100
100
100
100
100
100
100
100
100
100
100
100
23
29
35
39
44
41
43
19
29
29
27
31
33
29
34
32
34
29
27
26
28
32
27
32
34
35
32
35
9
8
8
8
6
11
11
10
7
10
12
10
12
261
224
154
430
776
281
287
100
100
100
100
100
100
51
31
49
55
37
31
42
26
20
25
24
32
24
29
27
31
486
895
344
100
100
100
100
100
100
176
180
100
100
5
4
59
Not ascertained
1952
1950
27
6
3
18
25
21
20
19
18
18
15
35
33
25
26
23
22
17
9
10
3
5
5
4
3
4
4
4
1
1
1
1
7
9
11
12
23
12
11
23
26
19
31
37
29
11
13
4
6
7
10
20
26
37
55
10
11
19
23
1
9
3
4
4
6
7
\
3
i
to
Group characteristic 1
Expected change in income
All
cases
»to
Number
of cases
7
1
Determined only for nonfarm spending units. The question asked was: "How about a year from now—do you think that you will
be making
more money or less money than you are now, or what do you expect?"
2
Total number of cases exceeds sum of cases for each income group because it includes spending units for which incomes were not
ascertained. Total number of cases exceeds sum of occupational grouping because of inclusion of spending units headed by unemployed,
housewives,
students, and persons for whom occupation was not ascertained.
8
Income groups relate to income in year prior to year specified.
JULY 1952
751
1952 SURVEY OF CONSUMER FINANCES
TABLE
17
A T T I T U D E TOWARD ALTERNATIVE INVESTMENTS WITHIN INCOME GROUPS
[Percentage distribution of spending units]
1951 money income before taxes
Alternative investment
and preference 1
Preference between savings
bonds or savings accounts:
Savings bonds
Savings accounts
None
Conditional
Uncertain or not ascertained .
All cases
1951 money income before taxes
Alternative investment
and preference *
$3,000 $3,000- $5,000- $7,500
and
and
$4,999 $7,499
over
over
63
24
6
2
62
24
6
1
61
26
7
4
67
22
7
1
5
6
2
3
100
100
100
100
$3,000 $3,000- $5,000- $7,500
and
and
$4,999 $7,499
over
over
Preference between savings
bonds or common stock:
Savings bonds
Common stock
None
. .
Conditional
Uncertain or not ascertained
All cases
Number of cases
72
14
1
3
76
10
10
11
9
5
100
100
100
100
1,729
906
490
333
3
had
say that?" "What it ape:
"Why
is that?"
2
No cases reported or less than one-half of 1 per cent.
68
17
2
4
58
30
3
4
your opu
TABLE 18
REASONS FOR P R E F E R E N C E BETWEEN
ALTERNATIVE INVESTMENTS
WITHIN
INCOME
GROUPS
[Percentage distribution of of spending units] 1
1951 money income before taxes
Alternative investment and
reason for preference2
$3,000 $3,000- $5,000- $7,500
and
and
$4,999 $7,499
over
over
stock
accounts
22
29
4
5
16
23
27
5
4
16
1
3
1
3
20
28
4
7
16
24
37
3
5
16
1
4
Reasons for not preferring
savings bonds:
Low yield
Lack of liquidity
Disapproval of use of funds
by Government
Other
Reasons for preferring savings
accounts:
Safety
High yield
Liquidity
Other
Reasons for not preferring savings accounts:
Lack of safety
Low yield
Excessive liquidity
,
Other
Reasons for preferring both. . .
Reasons for preferring neither.
Not ascertained
$3,000 $3,000- $5,000- $7,500
and
and
$4,999 $7,499
over
over
Savings bonds or common
Savings bonds or savings
Reasons for preferring savings
bonds:
Safety
High yield
Liquidity
Lack of liquidity
Patriotism
Saving by payroll deduction
Other
1951 money income before taxes
Alternative investment and
reason for preference2
3
4
15
3
2
4
16
3
2
4
5
16
3
3
4
12
3
Reasons for preferring savings
bonds:
Safety
High yield
Liquidity
Lack of liquidity
Patrotism
Other
34
2
2
(3)
4
35
3
2
(3)
4
4
35
2
1
(3)
3
4
32
11
2
17
7
19
24
13
17
1
3
()
3
3
Some reasons for not preferring
savings bonds:
Reasons for preferring common
stock:
High yield
Hedge against inflation
Makes more (not ascertained if yields or capital
gains involved)
Safety
Other
Reasons for not preferring common stock:
Lack of safety
Unfamiliarity with stock .
Requirement of large resources
Other
2
Preference or reason not ascertained
3
Number of cases....
19
24
21
25
13
15
12
11
1,729
906
409
333
11
1
Because some respondents advanced several reasons for their choices, the sum of the entries relating to their reasons will exceed
100 per
cent.
2
For
questions asked, see footnote 1, Table 17.
8
No cases reported or less than one-half of 1 per cent.
752
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
TABLE 19
CHANGE IN LIQUID ASSET HOLDINGS OF SPENDING UNITS WITHIN INCOME GROUPS
[Percentage distribution of spending units]
Money ncome before taxes
2
All
Change in holdings J
Increase
Decrease
None **
Some liquid assets
No liquid assets 4
Not ascertained
All cases
Number of cases '
spending
units
Under
$1,000
$1,000$1,999
$2,000$2,999
$4,000$4,999
$3,000$3,999
$5,000$7,499
$7, 500
and over
1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950
1951
1950
34
25
38
10
28
3
29
31
39
15
24
1
14
20
64
6
58
2
12
28
59
11
48
1
25
21
52
8
44
2
21
24
54
14
40
1
29
19
50
12
38
2
24
32
43
15
28
1
39
25
34
12
22
3
32
33
33
14
19
2
40
33
24
10
14
3
35
33
30
19
11
2
42
33
20
11
9
5
43
35
20
16
4
2
58
21
15
13
2
6
54
28
16
16
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
2,820 3,415
278
418
359
514
455
567
482
601
424
441
490
538
332
294
2
1
Change during 1951 is based on holdings of liquid assets in early 1952 and a year earlier as reported by spending units during JanuaryMarch
1952; change for other years is similarly computed.
2
Income
groups relate to income in year prior to year specified.
3
Includes
change in assets due to accrual of interest on U. S. savings bonds (Series A-F).
4
No
liquid
assets at beginning or end of period.
6
No
cases
reported or less than one-half of 1 per cent.
6
Total includes units for which income was not ascertained and thus exceeds sum of income groups.
TABLE 20
MATURING SAVINGS BONDS HELD WITHIN INCOME GROUPS 1
[Percentage distribution of spending unitsj
Money income before taxes
Amount of savings bonds maturing
1951
None
Some
$l-$99
$100-$199
$200-$499
$500-$999
$1 000 and over
. . .
Undetermined amount
Not ascertained
All cases
Number of cases
1950
1951
$5,000
and over
$2,000$4,999
Under
$2,000
All spending
units
1950
1951
1950
1951
1950
81
17
83
16
85
14
89
10
82
17
85
14
72
26
68
30
4
3
5
2
2
1
4
4
3
2
2
1
4
3
4
2
1
3
3
1
1
1
1
5
4
4
2
1
1
4
3
3
2
1
1
5
3
7
4
5
2
5
5
9
4
4
3
2
1
1
1
1
1
2
2
100
100
100
1,609
823
832
(2)
100
100
100
100
100
2,820
33,415
637
932
1,360
1
Savings bonds maturing
2
No cases reported or less
3
within the two years following the year for which income is given.
than one-half of 1 per cent.
Total includes units for which income was not ascertained and thus exceeds sum of income groups.
JULY
1952
753
1952 SURVEY OF CONSUMER FINANCES
TABLE
21
INVESTMENT PREFERENCES W I T H I N M A J O R ASSET GROUPS
[Percentage distribution of spending units]
Value of major assets owned 2
All units with incomes
$3,000 and over
Preferred investment 1
None
Under
$1,000
$1,000$4,999
$5,000$9,999
$10,000$24,999
$25,000
and over
Assets of fixed money value
65
79
69
68
55
48
34
Savings accounts
Savings bonds
Accounts or bonds
16
43
6
19
53
7
18
46
5
16
44
8
12
35
8
11
32
5
9
23
2
Assets of fluctuating money value
26
13
22
24
32
45
49
Common stock
Real estate
Common stock or real estate
8
17
1
6
15
1
9
14
1
13
18
1
12
27
6
18
23
8
6
3
2
11
(3)
2
6
5
4
6
2
7
6
6
1
13
4
100
100
100
100
100
100
100
1,729
184
618
403
115
114
140
Other 4
Preference not ascertained
All cases
Number of cases
12 For questions asked of consumers with incomes of $3,000 or more in 1951, see footenote 1, Table 7.
Includes value of liquid assets, stock in publicly held corporations, and real estate other than owner-occupied housing and farms,
a4 No cases reported or less than one-half of 1 per cent.
Includes combinations of assets of fixed and fluctuating money value and assets other than those listed above.
TABLE
22
INVESTMENT PREFERENCES WITHIN S P E C I F I C ASSET GROUPS
[Percentage distribution of spending units within specified asset group]
Preferred investment 2
Value of major assets
and of specific assets owned 1
Number of
All
Assets of fixec money value
Total
Assets of fluctuating money value
AcSavSavcounts Total
ings ac- ings
counts bonds orbonds
Com-
Real
mon
es-
stock
tate
Not
ascerStock Other 3 tained
or real
estate
Major assets under $1,000:
Liquid assets, under $1,000.
802
100
71
18
47
6
20
5
14
1
5
Major assets $l,000-$4,999:
Liquid assets:
Under $1,000
$l,000-$l,999
$2,000-$4,999
50
159
194
100
100
100
57
66
72
19
15
17
31
45
46
7
6
9
38
27
18
16
7
9
21
19
8
1
1
1
5
6
6
Major assets $5,000 and over:
Liquid assets:
Under $1,000
$l,000-$4,999
$5,000-$9,999
$10,000 and over
60
97
118
94
100
100
100
100
47
42
51
45
14
10
14
5
29
27
29
37
4
5
8
3
42
47
38
39
9
21
13
12
31
24
21
15
2
2
4
12
3
8
9
13
1,150
55
100
100
71
46
18
10
47
27
6
9
21
33
5
23
15
9
1
1
5
16
260
55
55
100
100
100
54
46
15
11
13
6
37
26
5
6
7
4
36
39
65
6
21
42
28
10
11
2
8
12
5
14
18
1,140
65
100
100
70
67
17
19
46
48
7
21
29
6
9
14
20
1
5
W
1
145
90
135
100
100
100
51
52
38
6
17
12
37
29
23
8
6
3
38
38
47
22
7
11
13
28
28
Major assets under $5,000:
Common stock:
None
Under $5,000
Major assets $5,000 and over:
Common stock:
None
Under $5,000
$5,000 and over
Major assets under
$5,000:
Real estate: 5
None
Under $5,000
Major assets $5,000 and over:
Real estate:«
None
Under $10,000
$10,000 and over
3
3
8
8
4
12
* Major assets include liquid assets, stock in publicly held corporations, and real estate other than owner-occupied homes and farms.
For questions asked of spending units with incomes of $3,000 or more in 1951, see footnote 1, Table 7.
Includes combinations of assets of fixed and fluctuating money value and assets other than those listed above.
No cases reported or less than one-half of 1 per cent.
Includes commercial property, nonfarm homes and farms not occupied by owners, apartment houses, etc.
2
3
4
5
754
FEDERAL RESERVE
BULLETIN
1952 SURVEY OF CONSUMER FINANCES
TABLE
23
INVESTMENT PREFERENCES IN RELATION TO INCOME WITHIN OCCUPATIONAL AND PLACE OF RESIDENCE GROUPS
[Percentage distribution of spending units within specified groups]
Preferred investment l
Group characteristic
Number of
cases
All
cases
Assets of fixec money value
Total
Assets of fluctuating money value
SavAcSavings ac- ings counts Total
counts bonds or bonds
Com-
mon
stock
Real
estate
Not
ascerStock Other 2 tained
or real
estate
Occupation
Income $3,000 and over:
1,729
All occupations 3
Professional and semipro215
f essional
Self-employed
151
Managerial
136
Clerical and sales
292
Skilled and semiskilled.... 598
Unskilled and service
91
Farm operator
85
Retired
43
100
65
16
43
6
26
8
17
1
6
100
100
100
100
100
100
100
100
46
49
54
63
77
68
61
47
16
13
12
16
19
18
6
7
25
31
35
35
53
45
51
33
5
5
7
12
5
5
4
7
42
39
33
30
16
19
29
43
18
8
10
13
5
3
2
21
21
28
16
17
11
16
27
15
3
3
7
(44)
(4)
(4)
()
7
11
2
11
6
4
3
6
9
906
100
71
17
48
6
19
5
14
(4)
5
64
55
63
65
79
68
16
34
5
33
9
23
1
11
166
378
75
100
| 100
100
100
100
823
100
151
102
104
126
220
100
100
100
100
100
Income $3,000 and over:
Metropolitan area 5
City, 50,000-600,000
Town, 2,500-50,000
Town, under 2,500
Open country
729
303
314
247
136
100
100
100
100
100
Income $3,000-$4,999: 5
Metropolitan area
City, 50,000-600,000
Town, 2,500-50,000
Town, under 2,500
Open country
335
159
166
151
95
6
Income $5,000 and over:
Metropolitan area 5
City, 50,000-600,000
Town, 2,500-50,000
Town, under 2,500
394
144
148
96
Income $3,000-$4,999:
All occupations 3
Professional and semiprof essional
Self-employed
Managerial
Clerical and sales
Skilled and semiskilled
Unskilled and service
Income $5,000 and over:
All occupations 3
Professional and semiprof essional
Self-employed
Managerial
Clerical and sales
Skilled and semiskilled....
I 81
}
1
14
}S 44
20
20
38
55
42
55
15
40
44
44
60
73
17
12
12
21
17
63
68
66
68
59
100
100
100
100
100
100
100
100
100
14
}
1
5
13
)
j
20
29
6
u
} io } 19 } w4 }
5
9
((44))
3
17
()
J
3
5
4
1
4
6
14
20
34
6
35
12
20
3
9
19
27
25
30
50
4
5
7
9
6
47
49
40
32
22
23
7
14
19
5
20
37
16
13
16
4
5
10
4
()
1
12
3
14
8
5
17
15
14
23
10
40
45
44
42
46
6
8
8
3
3
26
25
25
25
30
10
9
5
7
4
14
15
17
17
26
2
1
3
1
(4)
7
4
7
4
6
69
73
74
74
67
17
17
14
24
11
46
47
51
48
53
6
9
9
2
3
20
18
17
19
24
7
7
2
5
2
13
11
14
14
22
(44)
()
(44)
()
5
4
6
3
3
57
59
55
53
17
12
13
22
34
40
34
28
6
7
8
3
33
34
37
39
14
13
10
11
16
19
21
25
3
2
6
3
9
5
7
7
1
10
2
1
3
10
4
1
1
14
1
3
11
Place of Residence
1
2
3
4
5
6
For questions asked of consumers with incomes of $3,000 or more in 1951, see footnote 1, Table 7.
Includes combinations of assets of fixed and fluctuating money value and assets other than those listed above.
Total for all occupations includes units in occupations not shown separately and therefore exceeds sum of cases for occupations shown.
No cases reported or less than one-half of 1 per cent.
The 12 largest cities in the U. S. and their surrounding suburban and rural areas.
Distribution not shown for open country because of limited number of cases.
JULY
1952
755
ESTIMATED LIQUID ASSET HOLDINGS OF
Total liquid assets—defined to include currency,
bank deposits, savings and loan shares, and United
States Government securities—held by individuals
and businesses increased 10.3 billion dollars in 1951
following the previous postwar record increase of
7.2 billion in 1950. In percentage terms, the 1951
increase was larger for businesses, especially for
corporations, than for individuals. Unincorporated
businesses reversed a five-year trend by adding to
their liquid assets in 1951 for the first time since
1945. Changes by type of asset and type of holder
are shown in the following table.
tions in 1951 was large despite heavy investment
in plant, equipment, and inventories, and reflected
mainly greater working capital needs. The bulk
of the added holdings was in the form of demand
deposits. Incomplete data indicate that the increase in liquid assets of unincorporated businesses
stemmed in part from larger income accompanied
by decreased investment.
Total personal saving during 1951 as measured
by the Department of Commerce rose to a postwar
high. An increased rate of accumulation of liquid
assets by individuals—6.3 billion dollars in 1951
compared with 3.4 billion in 1950, including trust
ESTIMATED CHANGES IN LIQUID ASSET HOLDINGS
funds—accompanied this expansion in saving. The
OF INDIVIDUALS AND BUSINESSES
additions in 1951 were mainly in the form of time
deposits, savings and loan shares, and demand deIncrease,
Percentage
posits. Personal holdings of Government securities,
in billions
increase
of dollars
Type of asset or holder
other than in trust accounts, declined in 1951 as
they did in 1950.
1951 1950 1951 1950
Estimates of liquid asset holdings of individuals
and businesses as of December 31, 1951, and for
7.2
10.3
Total
end-of-year and selected midyear dates beginning
Type of asset
December 1939, are presented in the accompanyCurrency
0.9
ing table. These estimates cover the principal assets
3
2.0
4.9
Demand deposits
1
0.5
2.1
Time deposits
which are most readily available for use in current
13
1.6
2.0
Savings and loan shares
4
3.1
0.4
U. S. Gov't. securities
transactions. Currency and demand deposits are
basic forms of cash, and time deposits, shares in
Type of holder
savings and loan associations, and Government
0.2
0.3
Financial corporations, total
0.2
0.1
Currency and deposits x
securities are generally more readily convertible
0.2
U. S. Gov't. securities
into cash than are other types of assets, although
11
4.2
Nonfinancial corporations,
total. . . 2.6
their conversion involves foregoing an interest
2
0.4
2.2
Currency and deposits l
27
3.8
0.4
U. S. Gov't. securities
return and, in the case of securities, may sometimes
involve a capital loss.
1.1 -0.6
Unincorporated business,l total
1.4
Currency and deposits
The estimates include liquid assets held by indi-5
U. S. Gov't. securities
-0.3 -0.6
viduals
(including farmers), unincorporated busi10
10
2.7
2.5
Personal trust funds, total.
17
15
0.4
0.4
Currency and deposits *
nesses,
and
corporations other than insurance com10
10
U. S. Gov't. securities..
2.3
2.1
panies (see footnote 1 of table for groups excluded).
1
2
3.6
0.9
Other personal, total
The figures, which are derived primarily from
3
5
5.8
3.1
Currency and deposits x
6
-6
-2.2 -2.2
U. S. Gov't. securities
bank and Treasury reports, are approximations of
amounts shown or implied in accounting records
1
Includes savings and loan shares.
of the holders rather than amounts reported from
2
Less than one-half of 1 per cent.
bank and Treasury records. The deposit estimates
Larger additions to liquid asset holdings of indi- therefore differ somewhat from figures reported by
viduals and businesses in 1951 than in 1950 re- banks and published among banking statistics.
flected both increased saving and additional liquidThe basic classifications used and method of estiity needs and desires. The latter factors were par- mating are the same as those employed previously.
ticularly responsible for the greater increase in Some revisions have been made in the estimates of
cash holdings and the smaller additions to holdings Government security holdings from 1947 to 1950.1
of Government securities. The principal source of
1
See Federal Reserve BULLETINS for June 1945, February
increased liquid assets in 1951, as in 1950, was 1946,
November 1946, September 1947, June 1948, July
expansion of bank credit to private borrowers.
1949, August 1950, and July 1951 for previously published
Expansion of liquid asset holdings by corpora- estimates.
756
FEDERAL RESERVE BULLETIN
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES
[In billions of dollars]
1939 1940 1941 1942 1943
1945
1946
1947
1949
1950
1951
Dec.
Dec.
Dec.p
Type of holder
Dec. Dec. Dec. Dec. Dec.
Total i
Currency
Demand deposits 2
Time deposits
Savings & loan shares 43
U. S. Govt. securities
June
Dec,
June
Dec
June
Dec,
Dec.
Dec.
69.0 74.7 85.4 116.2 156.4 175.5 195.9 212.9 227.5 228.5 231.5 237.2 238.8 243.0 250.2 260.5
5.
6.6 8.9 13.1 18.0 20.0 22.6 24.2 25.5 25.5 25.7 25.4 25.0 24.3 24.3 25.2
20.9 24.6 27.9 36.8 47.1 47.9 53.1 56.0 60.2 62.5 64.6 66.2 64.5 63.8 65.8 70.7
26.3 26.9 26.9 27.7 32.0 35.0 39.0 43.5 47.7 50.9 53.0 55.2 56.1 57.0 57.5 59.6
4.0 4.2 4.5 4.8 5.4
8.4
6.2
6.7
7.2
9.6 10.8 12.2 13.8 15.8
5.8
7.
89.2
'82.4 '85.7
12.0 12.4 17.2 33.8 53.9 66.8 75.0 82.5 86.9 81.
79.8 '80.
Business holdings—total... 19.4 22.3 25.9 39.4 55.9
'66.7 '70.5
74.5
'22.3
4.6
34.2
3.5
'0.3
'24.1
'27.3
4.8
38.0
3.7
0.4
27.6
'39.3
'41.9
'46.3
49.2
1.0
22.7
0.7
0.1
'14.8
1.0
23.1
0.7
0.1
'17.0
1.0
23.7
0.7
0.1
'20.8
1.0
26.0
0.7
0.1
21.4
62.9
67.5
72.3
73.0
69.6
66.3 '64.6
Currency
Demand deposits
Time deposits
Savings & loan shares
U. S. Govt. securities
1.6
1.7 2.1 2.8 3.6
12.5 15.5 16.6 21.7 28.9
2.0 2.0 2.0 2.1 2.3
0.1 0.1 0.1 0.1 0.2
3.2 3.0 5.1 12.7 20.9
3.9
29.4
2.5
0.2
26.9
4.3
31.3
2.7
0.2
29.0
4.5
33.7
2.9
0.2
31.0
4.7
33.7
3.1
0.2
31.3
4.8
34.7
3.2
0.3
26.6
4.9
33.5
3.4
0.3
24.2
4
33.9
3.5
0.3
'22.1
Corporations—total
13.0 15.0 17 A 27.1 38.6
43.1
44.7
47.2
45.1
41.9
38.9
'38.1
Currency
Demand deposits
Time deposits
Savings & loan shares..
U. S. Govt. securities. .
0.7 0.7 0.
0.8 0.9
9.5 11.7 12.4 16.0 20.9
0.7 0.7 0.7 0.7 0.7
0.1
9 . 6 16.0
2.1
1.9
3.5
0.9
21.4
0.7
0.1
20.0
0.9
22.1
0.7
0.1
20.9
0.9
24.0
0.7
0.1
21.5
0.9
22.1
0.7
0.1
21.3
1.0
22.9
0.7
0.1
17.2
1.0
1.0
21.8 22.2
0.7
0.7
0.1
0.1
15.3 '14.1
Financial 5corporations—
total
1.7
3.1
4.1
4.8
4.7
4.3
4.5
'5.4
5.7
2.1
0.1
2.5
2.1
0.1
2.2
2.2
0.1
2.0
2.2
0.1
2.2
2.3
0.1
2.8
2.5
0.1
'2.8
2.6
0.1
3.0
Demand deposits
Time deposits
U. S. Govt. securities. .
1.8
2.5
1.2
0.1
0.5
1.2
0.1
1.2
3.1
'64.5
4.7
33.7
3.5
0.3
4.6
34.6
3.6
0.4
1.3
0.1
1.7
1.3
0.1
2.0
1.5
0.1
2.2
1.6
0.1
2.4
2.0
0.1
2.7
Nonfinancial corporations
—total
13.2 15.2 24.6 35.5
39.7
40.9
43.1
40.3
37.2
34.5
'33.1
'34.8
'36.7
'40.9
43.5
Currency
Demand deposits
Time deposits
Savings & loan shares.. .
U. S. Govt. securities. . .
0.7 0.7 0.8 0.8 0.9
8.4 10.5 11.1 14.8 19.6
0.6 0.6 0.6 0.6 0.6
0.1
1.4
8.4 14.3
1.6
2.7
0.9
20.1
0.6
0.1
18.0
0.9
20.6
0.6
0.1
18.7
0.9
22.4
0.6
0.1
19.1
0.9
20.1
0.6
0.1
18.6
1.0
20.8
1.0
20.0
0.6
0.1
14.7
0.1
'12.1
1.0
20.5
0.6
0.1
'12.6
1.0
20.8
0.6
0.1
'14.2
1.0
'21.2
0.6
1.0
19.7
0.6
0.1
13.1
0.1
'18.0
1.0
23.4
0.6
0.1
18.4
12.3 17.3
19.8
22.8
25.1
27.9
27.7
27.4
26.5
25.2
24.8
24.2
25.3
3.4
9.2
2.0
0.1
8.1
3.6
9.7
2.2
0.1
9.5
3.8
11.6
2.4
0.1
10.0
3.8
11.8
2.
0.2
9.4
3.9
11.7
2.7
0.2
8.9
3
11.7
2.8
0.2
8.0
3.7
11.0
2.
0.2
7.5
3.6
11.1
2.8
0.2
7.1
3.6
10.9
2.9
0.3
6.5
3.8
12.0
3.0
0.3
6.2
Unincorporated business—
total
Currency
Demand deposits
Time deposits
Savings & loan shares..
U. S. Govt. securities. .
Personal holdings—total.
Currency
Demand deposits
Time deposits
Savings & loan shares.. . .
U. S. Govt. securities....
1.1
0.1
0.5
6.4
7.3
0.9
3.0
1.3
0.1
1.1
1.0
3.8
0.1
1.1
1.3
0.1
0.8
1.3
4.2
1.3
0.1
1.6
2.0
5.7
1.4
0.1
3.1
2.7
8.0
1.6
0.1
4.9
3.0
8.0
1 .8
0.1
6.9
49.6 52.4 59.5 76.8 100.5 112.6 128.4 140.6 154.5 158.9 165.2 '172.6 174.3 176.3 179.7 186.0
4.2 4
6.8
8.4 9.1 11.3
24.3 24.9 24.9
3.9 4.1 4.4
8.8 9.4 12.1
10.3
15.1
25.6
4.7
21.1
14.4
18.2
29.7
5.2
33.0
16.1
18.5
32.5
5.6
39.9
18.3
21.8
36.
6.0
46.0
19.7
22.3
40.6
6.5
51.5
20.8
26.5
44.6
7.0
55.6
20.7
27.8
47.7
7.5
55.2
20.8
31.1
49.6
8.1
55.6
20.6
32.3
51.7
9.3
'58.7
'20.3
30.
52.6
10.5
'60.1
19.7
29.6
53.5
11.9
'61.6
19.7
31.2
53.9
13.4
'61.5
20.4
32.7
55.9
15.4
61.6
15.9
17.8
19.'
21.6
22.9
24.0
26.5
29.2
1.8
0.3
0.1
15.6
1.7
0.3
0.2
17.2
1.6
0.3
0.2
19.5
1.6
0.5
0.2
20.6
1.5
0.5
0.
21.7
1.6
0.8
0.3
23.8
1.6
1.0
0.5
26.1
Trust funds—total <*
4.5
4.7
5.6
6.9
10.0
11.7
13.4
14,7
Demand deposits
Time deposits
Savings & loan shares.
U. S. Govt. securities.
1.2
0.2
1.3
0.3
1.4
0.3
3.1
3.1
1.2
0.2
0.1
5.4
1.3
0.2
0.1
8.4
1.3
0.2
0.1
10.1
1.4
0.2
0.1
11.7
1.5
0.2
0.1
12.9
Other Personal—total 7 . . .
Currency
Demand deposits
Time deposits
Savings & loan shares.
U. S. Govt. securities.
0.6
45.1
3.9
53.9 69.9 90.5
4.2 4
6.8 10
7.8 9.9 13.9
7.
24.1 24
24.6 25.4
4.1 4.4 4.6
3.
5.
15.
14.4
16.9
29.5
5.1
24.6
100.9 115.0 125.9 138.6 141.1 145.8 '151.0 '151.4 '152..
16.1
17.2
32.3
5.5
29.8
18.3
20.4
36.1
5.9
34.3
19
20.8
40.4
6.4
38.6
20.7
26.0
47.4
7.4
39.6
20.8
29.4
49.3
7.9
38.4
20.6
30.7
51.4
9.1
'39
'20.3
29.2
52.1
10
'39.5
19.7
28.1
53.0
11.6
'39.9
'153.,
19.7
29.6
53.1
13.1
'37.7
156.8
20.4
31.1
54.9
14.9
35.5
' Revised.
P Preliminary.
1
Figures for banks, insurance companies, savings and loan associations, nonprofit associations, foreigners, and governmental bodies and
agencies
are
not
included
in the totals shown.
2
These figures are estimates of demand deposit balances as they would appear on the records of depositors. They differ from figures based
on bank records such as given in regular banking statistics. Depositor-record estimates are lower than bank-record estimates; for example, total
demand deposits as of Dec. 31, 1951 on a holder-record basis (see table) amounted to 70.7 billion dollars while on a bank-record basis these deposits
amount to 90.9 billion. This is because checks are constantly in the mail, i. e., deducted on a payor's records and not yet added on payee's records,
and because checks are constantly in the process of collection, i. e., added to payee's deposits as per bank records and not yet deducted from
payor's
deposits as per bank records.
3
Private share capital in all operating savings and loan associations including private repurchasable shares, deposits, and investment certificates.
*
* Includes outstanding amounts of excess profits tax refund bonds beginning December 1945, and armed forces leave bonds beginning December 1947.
5
Includes real estate companies, finance and credit companies, insurance agencies (not carriers), investment trusts, security brokers and
dealers,
holding companies not otherwise classified, etc.
6
Includes
only amounts administered by corporate trustees.
7
Includes holdings of farmers and professional persons.
JULY
1952
757
THE BALANCE SHEET OF AGRICULTURE, 1952 *
The major factual portion of the eighth in a
series of annual reports on the financial condition
of agriculture, issued by the United States Department of Agriculture, is given below.2 The full
report will be published as an Agriculture Information Bulletin of the Department of Agriculture.
The study was prepared under the direction of
Norman J. Wall, Head of Division of Agricultural
Finance, Bureau of Agricultural Economics, by
F. L. Garloc\, A. S. Tostlebe, L. A. Jones, and
R. W. Bierman.
Data relating to the inventories of real estate,
livestock, crops, machinery, and household equipment were prepared under the direction of the
following persons: Real estate—W. H. Scofield;
livestock—A. V. Nordquist; crops—C. E. Bur\head, T. J. Kuzel\a, J. J. Morgan, John A. Hic\s;
machinery—E. W. Grove, Margaret F. Cannon;
household equipment—Barbara B. Reagan.
Data relating to farm income and expenditures
were compiled under the direction of E. W. Grove.
THE BALANCE SHEET IN GENERAL
During 1951, agricultural assets valued at current
prices rose to a new record. This was mainly
because of higher prices. The value of the physical
assets of agriculture increased about 10 per cent
during the year. Omitting price increases, the
value of the physical assets increased only slightly
—perhaps 2 or 3 per cent—during 1951.
Bank deposits, currency, and United States savings bonds owned by farmers increased about 4
per cent during 1951. Since the prices of commodities that farmers buy increased relatively more during the year, the amount of these assets owned by
farmers on January 1, 1952 had slightly less purchasing power—about 1 per cent—than the smaller
amount owned a year earlier.
1
The balance sheet views agriculture as though it were
one large enterprise. It is an aggregate of individual series
concerning farm assets and the claims to those assets. In
effect it is comparable to a consolidated balance sheet of
farm firms. It is not, however, a balance sheet of farm
operators, nor of people living on farms, nor of landlords.
Rather it covers all the interests of all groups in farming,
as well as financial assets of people living on farms.
In a country so vast and diversified, financial changes are
never entirely uniform, either for geographic areas or for
individuals, so that even when the balance sheet accurately
reflects the aggregate, it does not reveal the differences in
circumstances that are found in different States and regions
or among individual farmers.
Revisions have been made in the data in this year's report
on the basis of the 1950 Census of Agriculture. Net effect
of the revisions is to increase substantially the total physical
valuation of agriculture, particularly for recent years.
2
For earlier reports in this series, see the Federal Reserve
BULLETIN for September 1946, pp. 974-94; November 1947,
pp. 1357-72; September 1948, pp. 1067-82; September 1949,
pp. 1053-63; September 1950, pp. 1118-31; and September
1951, pp. 1090-1103.
758
Farm debts (excluding price-support loans by the
Commodity Credit Corporation) increased 13 per
cent during 1951—more than in any other recent
year. The dollar increase of farm assets exceeded
the increase in farm debts, however, and equities
of farmers and other owners of farm property also
rose to a new high. Farm debts have increased
about 80 per cent since January 1, 1946. These
relationships do not necessarily reflect the situation of individual farmers.
Gross income from farm marketings and Government payments made a new record in 1951, but
farm costs also were higher than ever before. As
a result, net agricultural income, including the
value of inventory gains, was a half billion dollars,
or 2 per cent, below the record level of 1948.
THE BALANCE SHEET
OF AGRICULTURE
ASSETS
^Financial
Eg] Other physical
jfifl Farm real estate
CLAIMS
~$BIL.
wners' equities
Eg]Other debt
• | R e a l estate debt ,
Total
1940
FEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1952
ASSETS
Total assets of American agriculture, including
financial assets owned by farmers, reached a new
high of 169 billion dollars on January 1, 1952.
This was about 9 per cent above the valuation for
January 1, 1951.3 Each of the main types of physical farm assets increased in value (Table 1). Higher
prices were the main cause of the increases in farm
real estate, livestock, machinery and motor vehicles,
and the sole cause of the increase in crops. Prices
of farm real estate and of machinery increased
throughout the year. Prices of crops and livestock
declined from February to late summer, but increased during the fall months sufficiently to restore
3
As a result of the 1950 Census of Agriculture, substantial
changes have been made in the Balance Sheet valuations of
farm real estate, livestock, and machinery and motor vehicles.
For farm real estate and for machinery and motor vehicles,
the revisions cover the years 1941-51; for livestock they
cover the years 1945-51.
them to a higher level than had prevailed at the
beginning of 1951.
In part, however, the increased value of farm
assets resulted from larger physical inventories. As
reflected by valuations based on 1940 prices, the
inventory of livestock was 4 per cent higher on
January 1, 1952 than a year earlier, and the inventory of machinery and motor vehicles was 6 per
cent higher (Table 2). Improvements and additions were made to farm real estate and to household furnishings and equipment. The crop inventory, however, appears to have declined about
2 per cent. As a result of changes in prices and/or
quantities, each of the types of physical farm assets
on January 1, 1952 reached the highest value ever
recorded.
The amount of financial assets owned by farmers
increased about 992 million dollars, or 4.5 per cent,
during 1951. Farmers' holdings of deposits and
currency increased about 800 million dollars and
TABLE 1
COMPARATIVE BALANCE S H E E T OF AGRICULTURE, U N I T E D STATES, JANUARY 1, SELECTED YEARS, 1940-52
x
[Dollar amounts in millions]
Item
1940
1946
1945
1952
1951
1950
Net change
(per cent)
1940-52 1951-52
ASSETS
Physical assets:
Real estate
Non-real-estate:
Livestock
Machinery and motor vehicles3
Crops stored on and off farms
Household furnishings and equipment 4 ..
Financial assets:
Deposits and currency
United States savings bonds
Investments in cooperatives
Total
$33,642
5,133
3,118
2,645
4,275
3,900
249
826
2
2$61,842
$54,939
$168,964
+ 181
+282
+391
+236
+79
+290
+2,029
+ 193
+214
$5,828
$6,300
-4
+8
2,838
3,372
4,071
806
2,800
578
3,200
+ 171
+30
+ 113
+21
1,719
2,400
$12,364
$12,806
2$75,830
2
9 Oil
26,288
6,396
4,232
2
9
2
717
6,295
6,030
4,415
212 892
213,016
7,837
6,500
10,800
3,714
1,188
13,500
4 498
2 1,333
14,300
5,250
2 2,037
2
2
$107,630 2$137,662
$53,788
2$96,568
$6,586
$4,933
$4,682
$5,407
1,504
1,622
1,671
445
1,500
683
1,100
277
1,200
$7,830
$94,586
2$86,528
2
17 127
213,728
27,857
7,175
19 600
15,308
8,884
7,668
14,400
5 300
22,226
615,200
5,300
« 2,418
2
2
$154,341
5
+9
+ 14
+ 12
+ 13
+7
+6
0
+9
+9
CLAIMS
Liabilities:
Real estate debt
....
Non-real-estate debt:
To principal institutions:
Excluding loans held or guaranteed
by Commodity Credit Corporation.
Loans held or guaranteed by Commodity Credit Corporation
To others 6
Total liabilities
Proprietors' equities
Total
$10,035
$8,338
$43,753
2$88,230
$53,788
2$96,568
2
-28
+ 14
$14,149
+41
+10
2$99,800 2$125,298 2$141,535 5$154,815
+254
+9
$107,630 2$137,662 2$154,341 5$168,964
+214
+9
1
2
3
The margin of error of the estimates varies with the items.
Revised. See footnote 3 above.
Includes all crops held on farms for whatever purpose and crops held in bonded warehouses as security for Commodity Credit Corporation loans. The latter on Jan. 1, 1952, totaled 365 million dollars. Estimates for 1950 and earlier years of crops stored on farms have
not been
revised in line with the adjusted crop-production estimates that were based on the 1950 Census of Agriculture.
4
Estimated valuation for 1940 plus purchases minus depreciation since then.
5
Preliminary.
6
Tentative. Includes individuals, merchants, dealers, and other miscellaneous lenders.
JULY
1952
759
THE BALANCE SHEET OF AGRICULTURE, 1952
TABLE 2
BALANCE SHEET OF AGRICULTURE WITH PHYSICAL ASSETS VALUED AT 1940 PRICES, JANUARY 1, SELECTED YEARS, 1940-52
[Dollar amount s in millions
Item
1940
1945
1950
1946
1951
Net change
(per cent)
1952
1940-52
1951-52
ASSETS
Physical assets (1940 prices):
Real estate
Non-real-estate:
Livestock
Machinery and motor vehicles 4
Crops stored on and off farms
Household furnishings and equipment 5 ..
Financial assets (actual value):
Deposits and currency
United States savings bonds
Investments in cooperatives
Total
$33,642
5,133
3,118
2,645
4,275
3,900
249
826
i$33,642
J$33,642
1
$33,642
i $33,642
5,606
2 4,140
3,144
4,232
25,392
2 4,263
2,910
4,415
2 4,786
2 6,086
3,340
6,500
24,918
2 6,502
2 3,004
7,175
10,800
3,714
1,188
13,500
4,498
2 1,333
14,300
5,250
2 2,037
14,400
2 5,300
22,226
2
$53,788
2$66,466
$6,586
2
$69,953
2$75,941
$4,933
$4,682
$5,407
1,504
1,622
1,671
445
1,500
43,753
683
1,100
258,128
$53,788
2$66,466
2
1
$33,642
5,120
6,891
2,936
7,668
0
(3)
+ 121
+ 11
+79
e 15,200
+290
5,300 +2,029
6
2,418
+ 193
6
0
+4
+6
-2
+7
+6
0
+9
$79,175
+47
+3
$5,828
$6,300
-4
H
+ 171
+30
+ 113
+21
+47
+3
$77,167
CLAIMS
Liabilities (outstanding amount):
Real estate debt
Non-real-estate debt:
To principal institutions:
Excluding loans held or guaranteed
by Commodity Credit Corporation.
Loans held or guaranteed by Commodity Credit Corporation
To others
Equities (residual balance)
Total
2
2,838
3,372
4,071
277
1 ,200
2 62,123
1,719
2,400
263,577
806
2,800
2
64,361
578
3,200
6 65,026
$69,953
2$75,941
2$77,167
6
$79,175
+49
-28
+ 14
+1
1
1940 valuation of farm land and buildings. This figure does not reflect net physical improvements in farm buildings, or net depletion
of productivity
of agricultural lands.
2
Revised. See footnote 3, p. 759.
1
Decrease of less than one-half of 1 per cent.
4
Estimates for 1950 and earlier years of crops stored on farms have not been revised in line with the adjusted crop-production estimates that were based on the 1950 Census of Agriculture.
s6 Not deflated. Estimated valuation for 1940 plus purchases minus depreciation.
Preliminary.
the value of their equities in cooperative associations rose about 200 million dollars. The redemption value of United States savings bonds owned by
farmers was about the same on January 1, 1952 as
a year earlier.
CLAIMS
A further increase in agricultural debt occurred
during 1951. Farm-mortgage debt rose from about
5.8 billion dollars on January 1, 1951 to about 6.3
billion on January 1, 1952; non-real-estate farm
debt (excluding CCC loans) rose from about 6.2
billion to about 7.3 billion. Since January 1, 1946,
farm-mortgage debt has increased about 35 per cent
and non-real-estate farm debt (excluding CCC
loans) about 153 per cent. During 1951, pricesupport loans of the Commodity Credit Corporation to farmers dropped from 806 to 578 million
dollars, because of the smaller quantity of crops
placed under loan. The expansion of farm debt
in 1951, as in other postwar years, resulted mainly
760
from the rising costs of farming and from large
expenditures by farmers and others for the purchase
and improvement of farms and for livestock and
equipment.
Notwithstanding the increase in farm debts, the
combined equities of farm operators and nonoperating owners of farms have increased each year
of the postwar period except 1949, when declining
prices caused values of assets to fall. On January
1, 1952, these equities amounted to 155 billion
dollars, or 91.6 per cent of the value of all farm
assets.
AGRICULTURAL INCOME
Net agricultural income, including Government
payments to owners and operators of farms, increased from 17.8 billion dollars in 1950 to about
21.2 billion in 1951 according to preliminary estimates (Table 3). Higher net income from agriculture in 1951 resulted both from greater production and from higher prices, but mainly from
the latter. Total production of agricultural prodFEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1952
TABLE 3
COMPARATIVE INCOME STATEMENT FOR AGRICULTURE, U N I T E D STATES,
1940-511
[Amounts in millions of dollars]
Item
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
HOW NET INCOME WAS OBTAINED
Gross income from agriculture:
Cash receipts from farm marketings
Value of products retained on farms for
home consumption
Rental value of farm homes
Total
Minus nonlabor production costs:
Feed bought
Livestock bought, except horses and mules
Fertilizer and lime bought
Vehicle operation
Depreciation and maintenance
Taxes on real estate and tangible personalty
Seed bought
Miscellaneous
8,332 11,075 15,486 19,358 20,377 21,420 24,554 29,754 30,223 28,012 28,773 32,792
1,239 1,442 1,772 2,140 2,169 2,256 2,620 3,096 2,931 2,510 2,344 2,738
865
625
646
684
791
975 1,179 1,277 1,294 1,332 1,588
727
10,196 13,163 17,942 2 2 , 2 2 5 23,33:
28,149 34,029 34,431 31,816 32,449 37,118
998 1,089 1,625 2,135 2,42 7
650
530
900
948
839
292
261
352
423
476
645
584
812
932 1 ,068
1,085 1,246 1,460 1,640 1,828
2,704
1,057
510
1,115
1,928
3,022
1,217
620
1,310
2,106
3,692
1,416
685
1,572
2,607
3,865
1 ,646
717
1,799
3,201
3,080
1,607
782
1,884
3,691
3,226
2,088
821
2,073
4,229
3,774
2,864
924
1.964
4,514
705
765
900
461
472
495
554
617
823
865
550
612
585
301
440
467
564
683
406
466
1.680
1,839
975 1,041 1,070 1,093 1,258 1,537
2,186
1,783
4,867 5,440 6,886 7,997 8,643 9,428 10,616 12,764 14,285 14,214 15,726 17,809
270
452 1,159 -176 -445 -391 -239 -2,185 1,318 - 6 5 4
1,645
446
197
766
457
203
858
Total
Plus increases or minus decreases in inventory 3 .
Total net income from agriculture.... 5,599 8,175 12,215 14,052 14,249 14,722 17,294 19,080 21,464 16.948 17,473 20,954
314
544
Plus Government payments
650
185
283
724
776
772
257
Total net income from agriculture
and Government payments
15,025 15,464 18,066 19,394
17,133 17,756 21,240
6,323 8,719 12,865
HOW NET INCOME WTAS DISTRIBUTED
Wages to hired labor (cash and perquisites) . . . 1,031 1,254 1,642 2,039 2,213 2,31 2,563 2,846 3,082 2,949 2,858 3,095
Net rent and Government 4payments to land677
1,073 1,394 1,438 1,354 1,094 1,178 1,286
943 1,048 1,05
431
lords not living on farms
230
222
229
284
242
262
285
220
216
272
293
246
Interest to holders of farm mortgages
4,568 6,504 10,008 11,364 11,525 11,854 13,893 14, J 17,056 12,848 13,458 16,574
Returns to operators
Total net income from agriculture
and Government payments
6,323
12,865. 14,697
15,464 18.066 19,394 21,721 17,133 17,756 21,240
RELATION OF TOTAL RETURNS TO
REALIZED NET INCOME OF
OPERATORS
Total returns to operators
4,568 6,504 10,008 11,364 11,525 11,854 13,893 14,888 17,056 12,848 13,458 16,574
270
452 1,159 - 1 7 6 -445 - 3 9 1 -239 -2,185 1,318 - 6 5 4
750 1,645
Minus increases or plus decreases in inventory. .
Realized net income of farm operators
1,298 6,052 8,849 11,540 11,970 12,245 14,132 17,073 15,738 13,502 12,708 14,929
1
2
Revised series.
Preliminary estimates.
''• Market value, in terms of prices at end of year, of increase or decrease in physical quantities of crops and livestock.
After deduction of estimates for taxes, mortgage interest, and other expenses paid by such landlords.
4
ucts for sale and for consumption in farm homes
increased about 4 per cent, whereas the prices received for farm products increased nearly 18 per
cent. Production of crops increased 3 per cent
compared with 4 per cent for livestock and livestock
products. Prices for crops increased 14 per cent
compared with 20 per cent for livestock and livestock products.
INFLUENCE OF THE GENERAL ECONOMIC SITUATION
Higher prices were the dominant influence that
increased farm income in 1951 and raised the valuations of farm assets and equities to record levels on
January 1, 1952. Prices had been raised sharply
JULY
1952
in 1950 and early 1951 by forces set in motion or
magnified by the invasion of South Korea and by
the subsequent acceleration and expansion of defense activities. Despite some softening in the
second and third quarters, prices in December as
well as the annual average for 1951 remained above
1950. Thus the changes that occurred in the
Balance Sheet of Agriculture during 1951 were in
most instances similar in type and in origin to those
that had occurred in the previous year. The parity
ratio for 1951 was 107 compared with 100 the year
before.
The higher prices received by farmers in 1951
resulted from changes in demand to which both
761
THE BALANCE SHEET OF AGRICULTURE, 1952
domestic and foreign buyers contributed. The
aggregate supply of farm products in 1951 did not
differ greatly from that of the year before. The
index of the volume of farm marketings actually
rose a little—from 145 (1935-39=100) in 1950 to
147 in 1951. But this modest increase in supply
was more than offset by the increase in demand.
Domestic consumers apparently bought about the
same volume of farm products, raw and processed,
in 1951 as in 1950, though at higher prices. They
bought somewhat more food and tobacco. An increase in population estimated at about 1 per cent
was accompanied by a per capita increase in food
consumption, also estimated at 1 per cent. Per
capita consumption of tobacco was about 2 per cent
higher in 1951. Goods made from other farm
products may have been purchased in slightly
smaller quantities.
This strength in consumer demand for farm
products and for products manufactured from farmproduced raw materials was based on the recordbreaking amount of personal income available to
consumers after payment of personal taxes. In
1951, disposable personal income amounted to
225.0 billion dollars, about 10 per cent more than
in 1950.
Export demand for farm products also was substantially higher in 1951 than the year before. The
monthly average of the index which measures the
quantity of agricultural products exported (192429=100) rose from 90 in 1950 to 107 in 1951, or
19 per cent. This increase in the physical volume
of agricultural exports, despite higher prices, reflected the desire of foreign governments and businessmen to expand stocks of food and raw materials
in view of growing international tensions. It
probably also reflected the increase in dollar earnings by foreign countries.
THE BALANCE SHEET IN DETAIL
The foregoing has provided a summary analysis
of the balance sheet in general terms, an account
of the income position of agriculture, and an
analysis of the influence of the general economic
situation on the financial status of farmers. In
what follows, each item of the balance sheet is
treated in detail.
ASSETS
The assets fall into two general classes: (1)
Physical assets, both real estate and tangible personalty, and (2) financial assets, which include
cash, bank deposits, United States savings bonds,
and farmers' investments in cooperative associations.
Farm real estate. The total value of farm real
estate in the United States at the beginning of 1952
was estimated at 95 billion dollars.4 This is the
largest value on record and accounts for 56 per
cent of all the assets included in the balance sheet
of agriculture. The increase in value during 1951
was about 8 billion dollars, or approximately 9.3
per cent.
Changes in the value of farm real estate are
4
As a result of data obtained from the 1950 Census of
Agriculture, substantial revisions have been made in previous
estimates for the years 1941-51. These revisions have raised
the estimates of farm real estate values for recent years considerably above the earlier estimates.
762
commonly measured by the change in the average
value per acre. The United States index of average
value on March 1, 1952 was 211 (1912-14=100)
compared with 193 a year earlier. The TexasOklahoma region showed the largest increase
—13 per cent—between March 1951 and March
CHANGES IN DOLLAR VALUE
OF FARM LAND*
1952. In the Lake, Mountain, and Pacific regions
the increase for each was only 7 per cent. By
States, the largest increases during the year ended
March 1952—14 per cent or more—occurred in
Maryland, North Dakota, Texas, and Delaware,
as shown in the map.
FEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1952
For the country as a whole, the sharp increase in
land values stemmed in large part from higher
prices for farm products. Other important factors
were the demand for small farms for homes, the
development of new oil fields in some areas, and
the pressure of funds seeking investment. In some
instances, these latter factors have tended to increase the prices of farms beyond those justified
by farm income alone. The increase in land values
during the year ended March 1952 was due primarily to a rise in prices, but improvement of the
physical condition of farm real estate has also been
a factor. Buildings have been painted and remodeled, many new buildings have been built,
fences have been repaired, and land has been limed
and fertilized.
In the Great Plains, where the rise in land values
between March 1951 and March 1952 was relatively
large, incomes from wheat and livestock have been
favorable. The increase in land values in western
North Dakota, where oil was recently discovered,
was especially large. The strength of land prices
in the Southern Plains, including parts of Oklahoma and Texas, is based on prospects for the 1952
crops and favorable prices. Throughout most of
the Southern States the interest in livestock production has resulted in a very strong demand for
pasture land. In some sections, such as near the
new atomic energy plant in South Carolina, industrial expansion has created booming demand
for homesites. The smaller than average increases
in farm real estate values in the Pacific region reflect
the weakening of prices for commodities produced
in that area, such as poultry and some classes of
fruits.
Notwithstanding the rise in land values during
the year ended March 1952, the number of farms
that changed hands by voluntary sale was nearly
5 per cent less than during the previous year.
Activity increased, however, in the Northeast and
Pacific regions, where many farms, or parts of
farms, were sold for residential purposes. In some
areas in which transfer activity was reduced, the
chief factor was a lack of farms for sale. In other
areas, the high prices of land and the uncertainties
as to future incomes produced a "wait and see"
attitude.
Land values in March 1952, as compared with
those of the prewar period (1935-39 average), were
more than 200 per cent higher in nine States—
Ohio, Indiana, Illinois, Kentucky, Tennessee, North
Carolina, Arkansas, Mississippi, and Wyoming. Increases of less than 100 per cent occurred in all of
the New England States, California, Nevada, and
Utah. In North Dakota, notwithstanding recent
sharp increases, values on March 1, 1952 were only
120 per cent above those of the prewar years.
Livestock on farms.5 A substantial increase in the
number of beef cattle and higher values per head
for all cattle were the chief factors in raising the
value of all livestock and poultry on farms to 19.6
billion dollars on January 1, 1952 (Table 4). This
represented an increase of 14 per cent in total value
during 1951.
5
As a result of data obtained in the 1950 Census of Agriculture, substantial revisions were made in the previous
estimates for 1945-51.
TABLE
4
LIVESTOCK ON FARMS: N U M B E R AND VALUE BY CLASSES, U N I T E D STATES, JANUARY 1, SELECTED YEARS, 1940-52
[Number in thousands and value in millions of dollars]
1940
1945 i
1946 i
1950 1
1951 i
1952
Class
Cattle
Milk cows
Hogs
Horses
Mules
All sheep 2
Stock sheep
Chickens
Turkeys
Number
Value
68,309
24,940
61,165
10,444
4,034
52,107
46,266
438,288
8,569
2,770 85,573
1,428 27,770
476 59,373
808
8,715
467
3,235
329 46,520
294 39,609
265 516,497
18
7,082
5,722 82,235
2,761 26,521
1,224 61,306
565
8,081
434
3,027
399 42,362
335 35,525
626 523,227
41
7,862
6,263 77,963
2,977 23,853
1,468 58.852
464
5,548
403
2,233
411 29,826
340 26,182
663 456,549
45
5,124
5,133
9,011
9,717
Total
1
2
Number
Value
Number
Value
Number
Value
Number'
9,630 82,025
4,219 23,722
1,598 62,852
255
4,993
221
2,074
532 30,635
466 27,253
623 442,657
33
5,091
12,892
Value
Number
Value
13,161 88,062
5,183 23,407
2,094 63,903
4,370
217
1,923
169
808 31,725
721 27,841
645 453,498
5,835
33
15,733
5,855
1,910
200
139
883
779
694
41
17,127
19,600
Revised series. See footnote 5 above.
Includes sheep and lambs on feed for market.
JULY
1952
763
THE BALANCE SHEET OF AGRICULTURE, 1952
Numbers of each class of livestock, except horses
and mules, were larger at the beginning of 1952
than a year earlier. Values per head were higher
for cattle, horses, sheep, chickens, and turkeys, but
lower for hogs and mules. During 1951 the value
of each class of livestock, except hogs, horses, and
mules, increased.
Cattle on farms numbered 88 million head on
January 1, 1952—6 million more than a year earlier
and a new high for cattle numbers. The average
value of cattle at the beginning of 1952 was $179,
a gain of $19 during 1951. Dairy cattle numbered
35.9 million head on January 1, 1952, or .3 million
more than a year before. Milk cows decreased in
number in 1951 for the seventh consecutive year,
but numbers of young dairy stock on farms increased. About 52.2 million head of beef cattle were
on farms on January 1, 1952. The increase of 5.8
million head during 1951 was one of the largest
ever made in one year. Substantially larger numbers of cattle on feed during the 1951-52 season
were responsible for part of the increase, but beef
cows totaled 20.6 million head—an increase of 12
per cent in the last year. Numbers of beef cattle
have increased regularly since 1948, when 41 million were on farms.
On January 1, 1952 the total number of hogs on
farms was 63.9 million. Despite four consecutive
years of increase this was still about 20 million below the record high reached on January 1, 1944.
The number of sheep at the beginning of 1952—31.7
million head—was slightly above the numbers in
each of the previous three years but well below the
TABLE
5
FARM MACHINERY AND MOTOR V E H I C L E S : VALUE BY CLASSES,
U N I T E D STATES, JANUARY 1, 1940-52
[In millions of dollars]
Year
Total »
2
Tractors
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
3,118
3,575
4,386
5,290
5,763
6,288
6,295
6,611
8,397
10,908
1,014
1,069
1,233
1,729
2,346
1950
1951
1952
13,016
13,728
15,308
2,929
3,164
3,670
1
501
557
720
880
871
Automobiles 1
Motortrucks i
Other farm
machinery
935
771
798
935
1,212
1,358
1,650
2,062
2,621
2,984
3,432
3,562
3,831
4,838
6,334
1,031
1,079
1,176
1,407
1,401
1,475
7,577
8,016
8,922
900
970
1,117
1,139
1,161
1,061
301
340
426
581
672
701
650
698
950
Revised. See footnote 6. Data for automobiles and motortrucks include preliminary adjustments to the 1950 Census of
Agriculture.
2
Also includes harness and saddlery.
764
peak of 56.2 million in 1942. At the beginning of
1952, the value of chickens on farms was 694 million
dollars—8 per cent more than a year before.
Machinery and motor vehicles on farms.6 Preliminary estimates of the value of machinery and motor
vehicles on farms totaled 15.3 billion dollars on
January 1, 1952—an increase of 12 per cent over
that of 1951 (Table 5).
The 1951 purchases of machinery and motor
vehicles by farmers are tentatively estimated at a
record high of 3.6 billion dollars, exceeding those
in 1950 by about 10 per cent. A large part of the
increase in 1951 reflected higher prices, but the
physical volume of purchases was probably up about
3 per cent. The 3.6 billion dollars spent by farmers
for machinery and motor vehicles last year included
approximately 1,163 million spent for tractors, 304
million for automobiles, 313 million for motortrucks, and 1,851 million for other farm machinery.
These expenditures accounted for about 11 per
cent of farmers' gross cash income from marketings
and Government payments in 1951.
At the beginning of 1952, farmers owned 4,250,000 tractors, or about 300,000 more than a year
before; 2,350,000 trucks, or an increase of 70,000;
and 4,370,000 automobiles, a gain of 80,000. The
quantity of other machinery on farms increased
about 6 per cent during 1951.
The 15.3 billion dollars farmers had invested in
machinery and motor vehicles at the beginning of
1952 was nearly five times the 3.1 billion dollars so
invested in 1940. Since 1940 average prices of
farm machinery and motor vehicles have almost
doubled, but the figures indicate that farmers in
1952 have about two and a fifth times as much of
this equipment as in 1940. This increase of 121
per cent in the quantity of machinery and motor
vehicles on farms reflects the continuing trend
toward increased farm mechanization.
Crops stored on farms. Production of crops in
1951 was exceeded only in 1948 and 1949. Notwithstanding severe crop losses in some areas, yield
per acre for the country as a whole was second
highest in history. Records or near records were
made in production of such crops as rice, hay, soybeans, and tobacco. Above-average crops of cotton,
cottonseed, sorghum grain, and oats were produced.
6
Preliminary adjustments to the 1950 Census of Agriculture have been made in expenditures and value of automobiles and motortrucks. The revisions for automobiles
were substantial for some years.
FEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE,
Although the 1951 production of corn and wheat
was below that of 1950, it was only slightly below
the 1940-49 average. Crops for which production
in 1951 was well below average included barley,
rye, peanuts, and potatoes.
Much of the 1951 production moved ofl farms
relatively fast and the physical quantity remaining
on farms at the beginning of 1952 was 2 per cent
less than a year earlier. Because of higher prices,
however, the value of farm inventories, including
crops sealed under Commodity Credit Corporation
loans, totaled 8/4 billion dollars. This was about a
billion dollars more than the value of crops on
farms a year earlier.
The value of food grains—wheat, rye, buckwheat,
rice—stored on farms on January 1, 1952 was 767
million dollars compared with 694 million at the
beginning of 1951. The number of bushels of
these grains in 1952 was 350 million and in 1951,
346 million. The prices at which these crops were
valued were higher on January 1, 1952 than a year
earlier except for rice.
Total stocks of the food grains—stored both on
and off farms—were smaller at the beginning of
1952 than at the beginning of 1951. Stocks of
wheat in all storage positions were about 14 per
cent smaller than a year earlier. Total disappearance of wheat during the 1951-52 year is expected
to be the largest since 1948. As a result, the carryover on July 1, 1952 will be about 250 million
bushels compared with 396 million on July 1, 1951
and 334 million bushels for the 1941-50 average.
Domestic stocks of rye and buckwheat also are
smaller than those of last year. Total stocks of
rice, however, were at record levels at the beginning
of 1952.
Of the crops remaining on farms at the beginning of the year, most important were the various
grains and roughages used for feeding livestock.
On January 1, 1952 they accounted for 75 per cent
of the value of all crops stored on farms.
The total value of feed grains held on farms at
the beginning of 1952 was 4,268 million dollars
compared with 4,037 million a year earlier. This
increase, however, was the result of price alone.
Farm stocks of each of the major feed grains—
corn, oats, barley, and grain sorghums—were below
last year's level. As farmers have more livestock
and poultry in the first half of 1952 than they had
in any of the last three years, stocks of feed grains
per grain-consuming animal unit are 10 per cent
JULY
1952
1952
smaller than in 1951 and 15 per cent smaller than
in 1949 and 1950. The reduction in stocks of corn,
the principal feed grain, was mainly the result of
the smaller 1951 crop in the West North Central
region. Farm stocks of corn on January 1, 1952
in that region were 19 per cent smaller than a year
earlier. Heavy feeding, due partly to the low feed
value of soft corn, also contributed to reduced stocks
in that area.
Stocks of hay remaining on farms on January 1
were valued at 1,738 million dollars, about 16 per
cent more than at the beginning of 1951. Prices
of hay were up 10 per cent and physical stocks
about 5 per cent. Stocks on January 1, 1952 were
only slightly below the record for that date in
1943.
Farm stocks of the various oil crops were valued
at 436 million dollars at the beginning of 1952, or
about 7 per cent higher than a year earlier. About
two-thirds of the value of these crops consisted of
soybeans. Stocks of soybeans on farms (103 million bushels) were of record size.
The value of potatoes stored on farms increased
from 115 million dollars on January 1, 1951 to 171
million on January 1, 1952. This increase in value
occurred despite a drop from 161 million to 97 million in the number of bushels stored on farms.
At the beginning of 1952 the price of potatoes wras
$1.76 a bushel compared with $0.71 a year earlier.
In 1950 potatoes were in surplus production, but
in 1951 the supply was relatively short.
An important change during 1951 was the increase in value of cotton on farms, from 176 to 478
million dollars, or 172 per cent. Physical quantities
on farms increased by about the same percentage.
The 1951 cotton crop was estimated at more than
15 million bales, compared with the 1950 crop of
10 million bales. The price of cotton was about
the same on January 1, 1952 as on January 1, 1951.
Crops owned by farmers stored off farms under
CCC loans. Farmers own a considerable volume of
crops in off-farm storage but estimates are available
only for what was pledged to the Commodity Credit
Corporation as security for loans under the pricesupport program. On January 1, 1952 the value
of crops stored oft farms under CCC loans was 365
million dollars. This was about 60 million more
than the amount on January 1, 1951 but not much
more than a third of the value of crops under CCC
loan on January 1, 1950.
765
THE BALANCE SHEET OF AGRICULTURE, 1952
Household furnishings and equipment. During
1951 the value of household furnishings and equipment on farms is estimated to have increased 7 per
cent to about 7.7 billion dollars. Since 1945, with
continuing large incomes and increased supplies,
the value of these goods has been increasing by
more than half a billion dollars a year.
In areas studied by the Bureau of Human Nutrition and Home Economics, more than half of
the expenditures by farm families for household
goods in recent years has been for equipment, including such major items as stoves, refrigerators,
and washing machines. The spread of electrification in agricultural areas has been a vital factor in
this development.
Bank deposits, currency, and United States savings
bonds. The liquid financial reserves of farmers are
estimated to have increased about 800 million
dollars, or 4 per cent, during 1951 (Table 6).
Farmers increased their holdings of both demand
deposits and time deposits, as well as of currency,
but the redemption value of the United States
savings bonds owned by farmers was about the
same on January 1, 1952 as a year earlier.
TABLE
7
PERCENTAGE INCREASE IN DEMAND DEPOSITS OF INDIVIDUALS
AND
NONFINANCIAL
DISTRICTS,
BUSINESSES,
YEAR
ENDED
BY
FEDERAL
JANUARY
31,
RESERVE
1952
*
[Per cent]
Indiv duals
Nonfmancial
businesses
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Citv
Dallas
San Francisco.
All districts.
..
Farmers
Others
18.0
11.2
8.6
8.9
22.7
7.2
2.6
6.9
6.3
2.3
4.1
17.6
3.7
8.4
2.4
8.3
7.8
7.0
5.6
3.8
5.0
6.9
4.1
4.4
7.1
8.2
5.2
12.4
10.4
10.7
4.6
7.3
3.7
7.9
11.7
9.9
7.3
6.0
8.1
1
Estimates based on Federal Reserve surveys of deposit ownership.
cent in the demand deposits of nonflnancial businesses. The largest percentage increases in farmerowned demand deposits occurred in the Richmond,
Boston, and San Francisco Federal Reserve Districts; the smallest increases were in the Chicago
TABLE 6
and Kansas City Districts.
The currency and time deposits owned by
LIQUID FINANCIAL ASSETS OWNED BY FARMERS,
UNITED STATES, JANUARY 1, 1940-52
farmers are estimated to have increased 3 per cent
and 2 per cent, respectively, during 1951.
In billions of dollars]
Farmer-owned deposits and currency rose in
United
Deposits
each year of the war period and in early postwar
CurStates
Year
Total
savings
rency
years to a record high of 15.3 billion dollars on
Demand
Time
bonds
January 1, 1948. From this point the amount of
1940
4.1
1.5
1.4
0.2
1.0
these assets declined to 14.3 billion on January 1,
1.7
.4
1941
4.7
1.5
1.1
1942
.5
2.2
1.5
5.8
1.6
1950. The next two years again brought increases,
3.2
1.8
1.1
2.0
1943
8.1
largely because of the higher prices which accom2.7
1944
11.0
4.0
2.0
2.3
5.0
2.5
3.7
3.3
1945
14.5
panied the Korean outbreak and the acceleration
6.2
4.5
4.0
1946
18.0
3.3
1947
19.4
4.5
4.0
7.3
3.6
of the defense program, so that the amount reached
7.6
3.8
4.8
3.9
1948
20.1
5.0
3.8
1949
19.8
7.2
3.8
15.2 billion on January 1, 1952.
1950
5.2
3.7
19.5
6.8
3.8
Savings bonds. Farmers bought and cashed
1951
7.0
5 3
3.6
19.7
3.8
33.9
5.3
3.7
1952
20.5
7.6
smaller amounts of savings bonds in 1951 than in
any other recent year. The amount purchased was
Federal Reserve estimates, adjusted to a January 1 basis, are
the smallest since 1941, and the amount cashed the
used for 1944-52.
Redemption value.
smallest
since 1944. For the series A through E,
Preliminary.
redemptions exceeded purchases in every region of
Deposits and currency. Farmer-owned demand the country. Despite the excess of redemptions,
deposits increased about 7 per cent during the year bonds held by farmers on January 1, 1952 had
ended January 31, 1952 according to data compiled about the same redemption value as those held a
by the Federal Reserve Banks (Table 7). This year earlier because of interest accruals.
compares with increases of about 6 per cent in the
Farmers' purchases of savings bonds dropped
demand deposits of other individuals and 8 per sharply during both 1950 and 1951. This doubt1
2
3
1
2
3
766
FEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1952
sold and inventories held. The combined net
worth of the production credit and Federal land
bank systems totaled nearly half a billion dollars
on January 1, 1952. Increased loan volume and
favorable loan experience have improved the net
worth of these systems throughout the last decade.
The continued expansion of surplus and reserves
of farmers' mutual fire insurance companies results
mainly from increased insurance carried on higher
building valuations and from relatively low fire
losses. The comparatively young rural electrification cooperatives have increased their net worths
largely through reduction of debt.
less may be explained by the increase in their
operating expenses and in their expenditures for
farm real estate, livestock, machinery, and motor
vehicles. Increased income taxes were probably a
contributing factor with many farmers. The
greater cash outlays required to acquire and operate
farms since the Korean outbreak have not only
caused farmers to reduce their purchases of savings
bonds but have also led them to increase their
borrowings and to carry larger working balances
at banks.
Net worth of farmers' cooperatives. Included with
the financial assets in the Balance Sheet of Agriculture are the equities that farmers and others own
in cooperative associations. These equities are not
liquid financial assets, but they represent an important investment in businesses which directly
facilitate the production and marketing of agricultural products and the maintenance of the farm
plant. As of January 1, 1952, the net worth of
these associations has been estimated at 2.4 billion
dollars, or 9 per cent greater than a year earlier
(Table 8).
More than half the net worth of all farm cooperatives is in marketing and purchasing associations. The increase in the net worth of these associations, 10 per cent during 1951 and 309 per cent
between 1940 and 1952, is related to increased
farm output and higher prices for both products
CLAIMS
Claims on agricultural assets are of two general
classes: (1) Liabilities, which are divided into real
estate and non-real-estate debt; and (2) equities,
which represent the value of the residual rights in
agricultural assets belonging to the proprietors—
owner-operators, tenants, and landlords. Included
among these proprietors are individuals; financial
institutions and other corporations; and Federal,
State, and local government agencies.
Farm real estate debt. Farm-mortgage debt
totaled an estimated 6.3 billion dollars on January
1, 1952. Although this was still 4 per cent below
the 1940 figure and 42 per cent below the all-time
high of 1923, it was the largest amount outstanding
TABLE
8
FARMERS' FINANCIAL INTEREST IN SELECTED T Y P E S OF COOPERATIVES, U N I T E D STATES, SELECTED YEARS, JANUARY 1, 1940-52
[In millions of dollars]
Type
Marketing associations 1
Purchasing associations *
Farmers' mutual telephone companies 3
Farmers' mutual irrigation companies 4
Farmers' mutual fire insurance
companies
Rural electric cooperatives 7
Production credit system 910. .
Federal land bank system
Total .
.
. . . .
1940
256
6
74
23
197
42
(8)
31
203
826
1945
393
194
23
s 230
63
(8)
61
224
s 1,188
1946
1950
1951
464
744
229
23
5
237
71
(8)
68
241
372
23
s 264
122
92
122
s 298
2 820
2 412
23
5 271
139
110
135
5 316
s 1,333
s 2,037
5 2,226
1952
2 900
2 450
23
277
147
2 131
155
335
22,418
1
Net worth excluding intercooperative investments. Based on data collected by the Farm Credit Administration. Estimates for
19502were made by Farm Credit Administration; estimates for other years by Bureau of Agricultural Economics.
Preliminary.
3
Investment in plant and equipment less borrowed money. Figure used for each date is that for Jan. 1, 1938. United States Bureau
of the
Census, Census of Electrical Industries, 1937.
4
Net worth. Figure for 1940, from United States Bureau of the Census, Census of Irrigation of Agricultural Lands, 1940; estimate
for 1950
based on preliminary data from the 1950 Census of Irrigation; estimates for other years made by Bureau of Agricultural Economics.
5
Revised.
6
Surplus
and reserves. Data for 1940 from Farm Credit Administration; data for later years from Bureau of Agricultural Economics.
7
Data supplied by Rural Electrification Administration.
8
Not
available.
9
Net worth excluding capital owned by production credit corporations. Data from Farm Credit Administration.
10
Net worth excluding capital and surplus paid into the Federal land banks by the Federal Government. There has been no Government capital or paid-in surplus in the Federal land banks since July 1, 1947. Data are taken from, or based on, reports of Farm Credit
Administration.
JULY
1952
767
THE BALANCE SHEET OF AGRICULTURE, 1952
TABLE 9
FARM-MORTGAGE DEBT: AMOUNT OUTSTANDING, JANUARY 1, 1940-52, AND PERCENTAGE CHANGE, 1940-52
AND 1951-52, BY LENDERS, UNITED STATES
Year
Federal
land
banks*
Total debt
Federal Farm
Mortgage
Corporation 12
Farmers
Home Administration 3
Life
insurance
companies 1
Insured
commercial
banks
miscellaneous
984,290
1,016,479
1,063,166
1,042,939
986,661
933,723
884,312
890,161
936,730
1,035,719
1,172,157
1,340,705
1 ,525,411
534,170
543,408
535,212
476,676
448,433
449,582
507,298
683,229
793,476
847,841
879,416
943,387
980,436
2,312,902
2,223,921
2,143,697
2,011,762
1,899,586
1,799,277
1,789,932
1,891,296
1 ,960,470
2,089,654
2,202,155
2,338,008
2,533,449
55.0
13.8
83.5
Individuals
and
Amount Outstanding
fin thousands of dollars]
1940..
1941...
1942 . . .
1943...
1944...
1945...
1946...
1947....
1948...,
1949...
1950...
1951...
1952..
6,586,399
6,491,435
6,372,277
5,950,975
5,389,080
4,932,942
4.681 ,720
4,777,355
4,881,744
5,108,183
5,407,310
5,827,586
6,299,576
2,009,820
1,957,184
1,880,784
1,718,240
1,452,886
1,209,676
1,078,952
976,748
888,933
868,156
906,077
947,431
994,128
713,290
685,149
634,885
543,895
429,751
347,307
239,365
146,621
107,066
77,920
58,650
44,008
32,778
31,927
65,294
114,533
157,463
171,763
193,377
181,861
189,300
195,069
188,893
188,855
214,047
233,374
Percentage Change
1940-52.
1951-52.^
-4.4
8.1
,
— 50 5
<:,
-95.4
-25.5
631.0
9.0
3.9
9.5
8.4
1
2
3
Includes purchase-money mortgages and sales contracts.
Loans were made for the Corporation by Land Bank Commissioner. Authority to make new loans expired July 1, 1947.
For 1940-41, tenant-purchase loans only. Beginning 1942, also includes farm-development (special real estate) loans; beginning
1944, farm-enlargement loans; beginning 1945, project-liquidation loans; and beginning 1951, farm-housing loans. Also includes similar
loans from State Corporation trust funds.
since 1942 (Table 9). During 1951 the increase
amounted to 470 million dollars, or 8 per cent.
This sixth consecutive annual increase was the
largest, percentagewise, since 1920.
Higher sale values for farm real estate are apparently associated with the increase in mortgage debt.
In March 1952 average value per acre was 9 per
cent above that of a year before. Farmers' expenditures for buildings, motor vehicles, and farm machinery continued at record levels in 1951, and
part of these may have been financed by increases
in farm-mortgage debt.
In the last half of 1951 there were some indications that the sharp rise in farm-mortgage debt was
slowing down. Both the number and dollar
amount of new mortgages recorded were less in
the third and fourth quarters of 1951 than in the
same quarters of 1950.
A substantial increase in the average size of new
borrowings was the chief factor responsible for the
rise in farm-mortgage debt. The dollar amount of
farm mortgages recorded during 1951 was up 7
per cent from 1950, although the number recorded
was down 6 per cent. The average size of recording
increased 14 per cent from $4,700 in 1950 to $5,350
in 1951.
768
The average size of mortgages recorded in 1951
varied considerably among lenders. The largest
average recording—$11,260—was made by insurance companies; for other lenders, the average
varied from $4,100 to $5,350. All lenders showed
an increase in average size. The larger average
size reflected in part a substantial increase in average value per acre of farm real estate. The decline
in number of mortgages recorded was associated
with a 5 per cent decline in the number of voluntary sales of farm real estate in 1951.
At the beginning of 1952, life insurance companies held about 1,525 million dollars of farm
mortgages. The rise in their holdings during 1951
was 14 per cent, and this was the largest percentage
increase for any lender in this field. For other
lenders, the increases were: Farmers Home Administration, 9 per cent; individuals and miscellaneous lenders, 8 per cent; Federal land banks,
5 per cent; and insured commercial banks, 4 per
cent. The increase for the Farmers Home Administration was caused by an expansion of its farmhousing loans as the total of its farm-owTnership
loans showed a small decline. All lenders except
Federal land banks and individuals and miscellaneous lenders increased their farm-mortgage holdFEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1952
This was about 18 per cent higher than on January
1, 1951, and is believed to be a record high for this
time of year. This debt was 2^2 times that at the
beginning of 1946, the first postwar year.
Expansion in non-real-estate credit during 1951
resulted from further increases in prices, continued
high level of production, and heavy purchases of
goods, especially farm and home equipment. In
some areas the high level of debt on January 1,
1952 may have resulted partly from a larger-thanusual carry-over of 1951 loans caused by unfavorable production or price conditions. Data from
Production Credit Associations indicate that the
rise in non-real-estate farm debt in 1951 resulted
mainly from an increase in the average size of
loan made. New loans made by PCA's averaged
ings by a smaller percentage in 1951 than in 1950.
Changes in 1951 in the distribution of farmmortgage debt among the principal lenders continued a trend which has been in evidence for
more than a decade. The share of the debt held
by Federal land banks has declined, whereas the
proportions held by the Farmers Home Administration and life insurance companies have gradually
increased. The proportions of the total held by
insured commercial banks and by individuals and
miscellaneous lenders have been fairly constant for
five years but are higher than they were in 1940.
The rate of increase in farm-mortgage debt in
1951 varied considerably by regions. The Southeastern, Mountain, and Pacific States showed the
highest rate—12 per cent. In the Northeastern
States the increase was only 3 per cent, and in the
Lake States 5 per cent. New Hampshire had a
1 per cent increase, the smallest of any State, and
the 24 per cent increase in Florida was the largest.
Increases of 10 per cent or more occurred in 12
States.
Of the total increase of 470 million dollars in
farm-mortgage debt in 1951, about 18 per cent was
in the Corn Belt, 27 per cent was in the Mountain
and Pacific States, and only 3 per cent was in the
Northeastern States.
Non-real-estate debt. On January 1, 1952 the nonreal-estate debt of farmers, excluding loans made
or guaranteed by the Commodity Credit Corporation, totaled about 7.3 billion dollars (Table 10).
NON-REAL-ESTATE FARM LOANS
Held by Banks and Federally Sponsored Agencies *
Prod, credit ass'ns t
All operating banks
1910
TABLE
1920
1930
1940
1950
10
FARMERS' NON-REAL-ESTATE D E B T , U N I T E D STATES, JANUARY 1,
1940-52
[In billions of dollars]
Total
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
Other loans
by
banks and
Federally
sponsored
agencies
Loans and
book creditsby
miscellaneous
lenders x
3.0
3.3
3 5
3.2
2 9
2.7
2.9
3.5
4.1
4.9
0.4
0.6
0.6
0.8
0 6
0.7
0.3
0.1
0.1
1.2
1.5
1.6
1 8
1.7
1 7
1.6
1.7
2 0
2.3
2.7
1.5
1.7
1 7
1.5
1 2
1.1
1.2
1 5
1.8
2.2
5.2
6.2
7.3
1.7
0.8
0.6
2.8
3 4
4.1
2.4
2 8
3.2
Excluding
Commodity
Credit
Corporation
loans
3.4
3.9
4.1
4.0
3 5
3.4
3.2
3.6
4.2
6.1
6.9
7 0
7.9
....
1950
1951
1952
1
Price-support
loans made or
guaranteed by
Commodity
Credit
Corporation
Including
CommodityCredit
Corporation
loans
Tentative estimates based on fragmentary data.
JULY 1952
769
THE BALANCE SHEET OF AGRICULTURE, 1952
NON-REAL-ESTATE FARM LOANS
(HELD BY INSURED BANKS AND FEDERALLY SPONSORED AGENCIES)
P e r c e n t a g e Change, 1 9 5 1 - 5 2 *
24 per cent larger in 1951 than in 1950. The number of loans closed by PCA's decreased about 1 per
cent.
That part of farmers' non-real-estate debt (excluding CCC loans) owed to banks and the Federally sponsored lenders was 4.1 billion dollars.
Changes in this debt since 1910 are shown in the
chart. For the United States during 1951, the
increase in the non-real-estate debt held by these
principal institutions was about 21 per cent. All
States except Maine, New Jersey, and South Carolina experienced increases as shown on the map.
The principal cause of the large decrease (19 per
cent) in Maine was the sharp reduction in acreage
of potatoes which resulted from the elimination of
price supports for this commodity. In South Carolina the lower level of debt at the beginning of
1952 probably reflects the liquidation of much debt
that was still unpaid on January 1, 1951 because of
the poor cotton crop of 1950. In New Jersey the
non-real-estate debt at the beginning of 1952 was
only 15*4 P e r c e n t less than that of a year earlier.
States showing the largest increases in non-realestate debt between January 1, 1951 and January
1, 1952, were California, Arizona, and Nevada—
43.1, 46.1, and 51.6 per cent, respectively. Both
California and Arizona showed substantial increases
between 1950 and 1951 in acreage of cotton grown
under irrigation. These States also are important
producers of livestock, as are Nevada, Utah, and
Colorado, which experienced more than average
increases in non-real-estate debt. In Iowa, Illinois,
and Nebraska, where cattle feeding expanded during the last several years, increases of 29.0, 31.1,
and 33.4 per cent occurred in non-real-estate debt
during 1951.
770
More than three-fourths of the non-real-estate
debt of farmers to the principal institutional lenders
was owed to banks. About 14 per cent was owed
to Production Credit Associations, 2 per cent to the
other financing institutions discounting with the
Federal intermediate credit banks, and 8 per cent
to the Farmers Home Administration. During 1951
the outstanding loans of banks and of PCA's and
other institutions discounting with the Federal intermediate credit banks each expanded by about
one-fourth. Debt owed to the Farmers Home Administration, however, decreased about 7 per cent.
Part of this decrease resulted from a decline in outstanding balances of emergency crop and feed
loans, rural rehabilitation loans, and loans of the
Regional Agricultural Credit Corporation which
have been under liquidation by the FHA for the
last several years. But even the outstanding production and subsistence loans—the type now being
made by FHA—showed a small decline during
1951. Repayments on these production and subsistence loans continue heavy. In many areas they
have ofTset the new loans authorized by Congress.
For the postwar period as a whole, January 1946
to January 1952, the non-real-estate debt owed to
insured commercial banks and the Federally sponsored lenders increased 143 per cent. All States
NON-REAL-ESTATE FARM LOANS
HELD BY B A N K S A N D FEDERALLY SPONSORED A G E N C I E S , BY R E G I O N S *
MIDWE STERN
t —
—
m
•• = 1
NOTE.—All major regions have shown increases during recent years in non-real-estate farm loans held by banks and
Federally sponsored lenders. Between Jan. 1, 1951 and Jan.
1, 1952, the loans of these lenders increased 5.5 per cent in the
Northeast, 15.3 per cent in the South, 21.4 per cent in the Midwest, and 32.2 per cent in the West.
FEDERAL RESERVE BULLETIN
THE BALANCE SHEET OF AGRICULTURE, 1952
showed increases in debt during this period but
the range was wide. In six States—Pennsylvania,
Illinois, Iowa, Kansas, Colorado, and Arizona—
the postwar rise in non-real-estate debt was more
than 200 per cent. In North Dakota the increase
in this debt was only 3.7 per cent. However, this
small increase was the result of a sharp drop in old
outstanding loans of the Farmers Home Administration (some of which were canceled without full
payment); loans of banks and PCA's showed substantial increases here as elsewhere. The relatively
small increase in non-real-estate debt (56 per cent)
in South Dakota can also be attributed to heavy
liquidation of old FHA loans. In several Southern
States—South Carolina, Georgia, Alabama, and
Mississippi—non-real-estate farm debt rose less
than 60 per cent between the beginning of 1946
and the beginning of 1952. Some changes in types
of farming in those States may involve relatively
more long-term real estate credit than short-term
non-real-estate credit. The comparatively small
postwar increases in several New England States
probably reflect the more stable nature of agriculture in that region. Longer trend changes in non-
JULY
1952
real-estate debt to the institutional lenders are
shown in the preceding chart.
Notwithstanding the record level of non-realestate debt, no widespread repayment difficulties
by farmers have been reported. In some individual
instances, however, heavy debts have presented a
problem. During early March 1952, a survey of
farm lenders was made in two areas: The western
Corn Belt, which suffered from a soft corn crop
and lower livestock prices, and the Southwest,
which has had a prolonged drought. In these two
areas, many lenders reported that farmers were not
in so good a financial condition as a year earlier
and that a large number of operating loans were
not being paid so rapidly as originally had been
expected. There was no indication, however, that
any unusual action was necessary to protect their
investments, and most lenders planned to carry
the loans another season at least. Nevertheless, a
more cautious attitude toward extension of credit
apparently prevailed in these areas and many
lenders expected to grant less credit in 1952 than
in 1951. Curtailment of credit for such purposes
as purchases of unessential farm machinery was
mentioned by many lenders as important.
771
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
Purchase of Government Obligations by
Federal Reserve Banks
Amendment to Section 14 (b)
By Act of Congress approved June 23, 1952, the
authority of the Federal Reserve Banks under
section 14(b) of the Federal Reserve Act to purchase and sell direct or fully guaranteed obligations
of the United States directly from or to the United
States, which would otherwise have expired on
June 30, 1952, was extended until June 30, 1954.
The text of the Act is as follows:
PUBLIC LAW 405—82D CONGRESS
[CHAPTER 454—2D SESSION]
[H. R. 6909]
AN ACT
To amend section 14 (b) of the Federal Reserve Act, as
amended.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 14(b) of the Federal
Reserve Act, as amended (U.S.C., 1946 edition,
Supp. IV, title 12, sec. 355), is amended by striking
out "July 1> 1952" and inserting in lieu thereof
"July 1, 1954" and by striking out "June 30, 1952"
and inserting in lieu thereof "June 30, 1954."
Approved June 23, 1952.
Defense Production Act Amendments of
1952
Credit Controls
The Defense Production Act of 1950, which
would have expired June 30, 1952, was amended
and extended by Act of Congress approved June
30, 1952 (Public Law 429—82nd Congress).
With respect to credit controls, section 601 of the
Defense Production Act, which contained authority
for the control of consumer credit, was repealed,
and it was also provided that no voluntary program or agreement for the control of credit shall
be approved or carried out under section 708 of
the Defense Production Act. While the new law
772
provides for the continuance of real estate credit
regulations until June 30, 1953, such regulations
were made subject to certain limitations which are
contained in a new section 607 added to the Defense
Production Act. The provisions of the new law
with respect to credit controls are as follows:
SEC. 116. (a) Section 601 of the Defense Production Act of 1950, as amended, is hereby repealed. The heading of title VI of the Defense
Production Act of 1950, as amended, is amended to
read as follows: "TITLE VI—CONTROL OF
REAL ESTATE CREDIT", and the subheading of
such title is amended to read as follows: "This
title authorizes the regulation of real estate construction credit only". The table of contents in the
first section of the Defense Production Act of 1950,
as amended, is amended by striking out "consumer and".
(b) Title VI of the Defense Production Act of
1950, as amended, is amended by adding at the end
thereof the following new section:
"SEC. 607. Notwithstanding the provisions of
sections 602 and 605 of this title, the authority of
the President which is derived from said sections
to impose credit regulations relative to residential
property shall not be exercised with respect to extensions of credit made during any 'period of
residential credit control relaxation', as that term is
herein defined, in such manner as to impose any
down payment requirement in excess of 5 per
centum of the transaction price. The President
shall cause to be made estimates of the number of
permanent, nonfarm, family dwelling units, the
construction of which has been started during each
calendar month and, on the basis of such estimates,
he shall cause to be made estimates of the annual
rate of construction starts during each such month,
after making reasonable allowance for seasonal variations in the rate of construction. If for any three
consecutive months the annual rate of construction
starts so found for each of the three months falls to
a level below an annual rate of 1,200,000 starts per
year, the President shall cause to be published in
the Federal Register an announcement of the beFEDERAL RESERVE BULLETIN
LAW DEPARTMENT
ginning of a 'period of residential credit control
relaxation,' which period shall begin not later than
the first day of the second calendar month following such three consecutive months. Each such
relaxation period may be terminated by the President at any time after the annual rate of construction starts thereafter estimated for each of any
three consecutive months exceeds the level referred
to in the preceding sentence."
(c) Section 708 of the Defense Production Act of
1950, as amended, is amended by adding at the end
thereof the following new subsection:
"(f) After the date of enactment of the Defense
Production Act Amendments of 1952, no voluntary
program or agreement for the control of credit shall
be approved or carried out under this section."
The Board of Governors of the Federal Reserve
System and the Housing and Home Finance
Agency on June 30, 1952, issued the following
joint press release with respect to real estate credit
regulations:
The Board of Governors of the Federal Reserve
System and the Administrator of the Housing and
Home Finance Agency announced today that there
is no present change in Regulation X and companion real estate credit regulations resulting from
passage of the Defense Production Act Amendments of 1952.
The Board and the Administrator pointed out the
statement of the conference managers on the bill
that the amendments affecting Regulation X are
prospective and that procedures looking to the
possible subsequent relaxation of the regulations
do not begin to operate until the effective date of
the Act, July 1, 1952.
Governors in relation to its assets and to its deposit
liabilities, except that if the bank does not have
capital stock and surplus equal to that required for
the establishment of a national bank it must be
approved for deposit insurance under the Federal
Deposit Insurance Act. The new law also eliminates the requirement that in order for a national
or State member bank to have an out-of-town
branch it must have a capital stock of at least 500,000. Such a bank, however, must still have capital
equal to the total amount which would be required
for the establishment of a national bank in each
of the various places where its offices are located
and must have the capital stock and surplus required by State law in like circumstances. In addition, under the new law a State member bank may
not reduce its capital stock or establish any new
branch in the head office city without the consent
of the Board of Governors. The text of the Act
is as follows:
PUBLIC LAW 543—82D CONGRESS
[CHAPTER 753—2D SESSION]
[S. 2938]
AN ACT
To amend section 9 of the Federal Reserve Act, as amended,
and section 5155 of the Revised Statutes, as amended,
and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the eleventh paragraph of
section 9 of the Federal Reserve Act, as amended
(U.S.C., title 12, sec. 329), is amended to read as
follows:
"No applying bank shall be admitted to membership unless it possesses capital stock and surplus
Capital Requirements of Member Banks which, in the judgment of the Board of Governors
of the Federal Reserve System, are adequate in
Amendments to Section 9 and Section 5155
relation to the character and condition of its assets
On July 15, 1952, the President approved an Act and to its existing and prospective deposit liabiliof Congress amending section 9 of the Federal Re- ties and other corporate responsibilities: Provided,
serve Act and section 5155 of the Revised Statutes That no bank engaged in the business of receiving
of the United States relating to requirements for deposits other than trust funds, which does not
admission of State banks to membership in the possess capital stock and surplus in an amount equal
Federal Reserve System and to the requirements to that which would be required for the establishfor the establishment of branches by national and ment of a national banking association in the place
State member banks. The new law would permit in which it is located, shall be admitted to membera State bank to become a member of the Federal ship unless it is, or has been, approved for deposit
Reserve System when it has capital stock and sur- insurance under the Federal Deposit Insurance Act.
plus adequate in the judgment of the Board of The capital stock of a State member bank shall not
JULY
1952
773
LAW DEPARTMENT
be reduced except with the prior consent of the
Board."
SEC. 2. (a) The third paragraph of section 9 of
the Federal Reserve Act, as amended (U. S. C , title
12, sec. 321, third paragraph), is further amended
by adding at the end thereof a new sentence reading
as follows: "The approval of the Board shall likewise be obtained before any State member bank
may establish any new branch within the limits of
any such city, town, or village (except within the
District of Columbia)."
(b) Subsection (c) of section 5155 of the Revised
Statutes, as amended (U.S.C., title 12, sec. 36
(c)), is further amended by changing the last
sentence of such subsection to read as follows:
"Except as provided in the immediately preceding
sentence, no such association shall establish a branch
outside of the city, town, or village in which it is
situated unless it has a combined capital stock and
surplus equal to the combined amount of capital
stock and surplus, if any, required by the law of
the State in which such association is situated for
the establishment of such branches by State banks,
or, if the law of such State requires only a minimum capital stock for the establishment of such
branches by State banks, unless such association
has not less than an equal amount of capital stock."
Approved July 15, 1952.
Banks Dealing in Obligations of Central
Bank for Cooperatives
Amendment to Section 5136
By Act of Congress approved April 9, 1952, the
last sentence of paragraph Seventh of section 5136
of the Revised Statutes of the United States was
amended so as to permit national banks to deal in
and underwrite obligations issued by the Central
Bank for Cooperatives. Such transactions remain
subject to the limitation of 10 per cent of the national bank's capital and surplus. Subject, of
course, to any applicable provision of State law, the
permission also extends to all State member banks
774
of the Federal Reserve System, as section 9 of the
Federal Reserve Act makes section 5136 applicable
to State member banks. The text of the Act is as
follows:
PUBLIC LAW 305—82D CONGRESS
[CHAPTER 169—2D SESSION]
[S. 2085]
AN ACT
To further amend section 5136 of the Revised Statutes, as
amended, with respect to underwriting and dealing in
securities issued by the Central Bank for Cooperatives.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the last sentence of paragraph seventh of section 5136 of the Revised
Statutes, as amended (12 U.S.C., 24), is hereby
amended by inserting "or the Central Bank for
Cooperatives" after the word "Development"; by
inserting "either of said banks" in lieu of the words
"said bank"; by inserting "at any one time" after
the words "no association shall"; by deleting "at
any one time" after the word "exceeding"; and by
inserting ", with respect to each issuer," after the
word "amount"; so that said sentence shall read as
follows: "The limitations and restrictions herein
contained as to dealing in and underwriting investment securities shall not apply to obligations
issued by the International Bank for Reconstruction and Development or the Central Bank for
Cooperatives which are at the time eligible for
purchase by a national bank for its own account:
Provided, That no association shall at any one time
hold obligations issued by either of said banks as
a result of underwriting, dealing, or purchasing for
its own account (and for this purpose obligations
as to which it is under commitment shall be deemed
to be held by it) in a total amount, with respect to
each issuer, exceeding 10 per centum of its capital
stock actually paid in and unimpaired and 10 per
centum of its unimpaired surplus fund."
Approved April 9, 1952.
FEDERAL RESERVE BULLETIN
CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Meetings
A meeting of the Presidents of the Federal Reserve Banks was held in Washington on June 18,
1952, and on June 19 the Presidents met with the
Board of Governors.
On June 19 a meeting of the Federal Open
Market Committee was held.
Resignation of Mr. Powell as a Member of the Board
of Governors and Retirement of Mr. Peyton
as President of the Federal Reserve
Bank of Minneapolis
Mr. Oliver S. Powell, who had been a member
of the Board of Governors since September 1,
1950, resigned effective June 30, 1952, to become
President of the Federal Reserve Bank of Minneapolis. Prior to Mr. Powell's appointment as a
member of the Board of Governors, he had been
serving as First Vice President of the Federal Reserve Bank of Minneapolis since November 1936.
He became associated with the Reserve Bank's
Business Research Division in August 1920 and
in June 1927 he became head of the Research Department and Editor of its Monthly Business Review. In July 1936 he was appointed Vice President. For many years Mr. Powell has been active
in banking and civic affairs and has headed various
Reserve System committees on operating and related problems. He was the first educational
director of the Minneapolis Chapter of the American Institute of Banking and subsequently its
President. He also has been a lecturer at the
Graduate School of Banking, Rutgers University,
the Central States School of Banking, University
of Wisconsin, and at the University of Minnesota.
Mr. Powell's letter of resignation and the President's letter of acceptance follow:
June 26, 1952.
The President,
The White House.
Mr. President:
This letter is to tender my resignation as a
Member of the Board of Governors of the Federal
Reserve System effective at midnight June 30, 1952.
You will recall that you appointed me to serve the
remainder of the unexpired term of the late LawJULY
1952
rence Clayton, which term expired February 1,
1952. Thereafter, I have continued to serve in my
present capacity in accordance with the terms of
the Federal Reserve Act. The Federal Reserve
Bank of Minneapolis has honored me with election as its President. The Board of Directors of
that institution is anxious that I assume the office
on July 1, 1952. Having served for thirty years as
an employee and officer of that Bank, I have a
natural strong desire to serve as its President.
Throughout my service as a Member of the Board
of Governors of the Federal Reserve System I have
been mindful of the one admonition which you
gave me in appointing me to this position; namely,
that you wished the Federal Reserve System to
continue to operate in the manner contemplated by
the late Senator Carter Glass. In my work as a
Board Member and in the special assignment as
Chairman of the Voluntary Credit Restraint Committee I have attempted to use my efforts and voice
in favor of a sound and stable dollar and a vigorous
and effective system of private banking and finance.
It has been a memorable experience to participate in
the public service of the nation during the crucial
months just past, and I wish, Mr. President, to
express my appreciation of this opportunity which
you afforded me.
Respectfully,
(Signed) OLIVER S. POWELL.
The White House
Washington
June 30, 1952.
Dear Mr. Powell:
In accordance with the wishes expressed in your
letter of June twenty-sixth, I am accepting your
resignation as a member of the Board of Governors
of the Federal Reserve System, effective June 30,
1952. I am very glad to know that you will still
play an important role in the operations of the
Federal Reserve System as President of the Federal
Reserve Bank of Minneapolis.
You have served as a member of the Federal Reserve Board with distinction and may take great
personal pride in the contribution of the Voluntary
Credit Restraint Program under your leadership as
an effective measure against inflation.
775
CURRENT EVENTS AND ANNOUNCEMENTS
With every good wish for you in your new undertaking,
pointed Assistant Director. Mr. Noyes was appointed Director of the Division of Selective Credit
Regulation, effective March 1, 1951, and will conVery sincerely yours,
tinue to serve also in that capacity.
(Signed) HARRY S. TRUMAN
Mr. C. Richard Youngdahl also was appointed an
Assistant
Director of the Division of Research and
Honorable Oliver S. Powell,
Statistics,
effective July 9, 1952. He became assoBoard of Governors of the
ciated
with
that Division as an Associate Economist
Federal Reserve System,
on
April
1,
1943, and on October 20, 1948, he was
Washington, D. C.
appointed Chief of the Banking Section. Prior to
As President of the Federal Reserve Bank of his present appointment, he had been serving as.
Minneapolis, Mr. Powell succeeded Mr. John N. Chief of the Government Finance Section since
Peyton who retired effective June 30, 1952. Mr. November 22, 1949. Mr. Youngdahl recently comPeyton was appointed Chairman of the Board and pleted a temporary assignment of several months
Federal Reserve Agent at the Federal Reserve with the Federal Reserve Bank of New York where
Bank of Minneapolis effective May 15, 1933, and he served as Acting Manager of the Securities Dehad served as President of the Bank since March partment.
1, 1936. Prior to Mr. Peyton's association with the
Mr. Eliot J. Swan, Assistant Vice President of
Reserve Bank he had been engaged in commercial the Federal Reserve Bank of San Francisco, who,
banking for a number of years and had served for had been serving on a temporary assignment as
two years as Commissioner of Banks for the State Acting Assistant Director of the Division of Selecof Minnesota.
tive Credit Regulation, has reassumed his duties
at the Reserve Bank.
Changes in Board's Staff
Mr. Guy E. Noyes was appointed an Assistant
Admission of State Bank to Membership in the
Director of the Division of Research and Statistics,
Federal Reserve System
effective July 9, 1952. He joined the Board's staff
The following State bank was admitted to memon November 1, 1948, as Assistant to the Director
bership
in the Federal Reserve System during the
of the Division of Research and Statistics and subperiod
May
16, 1952 to June 15, 1952:
sequently served as an Assistant Director of that
Division. He was serving as Assistant AdminisLouisiana
trator of the Office of Real Estate Credit on December 20, 1950, when the Division of Selective Credit
Metairie—Metairie Savings Bank & Trust Comv~
Regulation was created at which time he was ap- pany.
776
FEDERAL RESERVE BULLETIN:
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled June 25 and released for publication June 27]
Industrial production continued to decline in
May and June as labor disputes cut output sharply
in steel and some other lines. Construction volume
was maintained close to record levels in May, and
retail sales, mainly of durable goods, expanded.
Consumer prices rose further and were close to the
January high. Wholesale commodity prices changed
little in May and declined somewhat in June.
INDUSTRIAL PRODUCTION
The Board's preliminary seasonally adjusted index of industrial production in May was 214 per
cent of the 1935-39 average, down 2 points from
April and 8 points from last February and May
1951. Reflecting mainly the work stoppage at steel
mills, a sharp further decline is indicated for June.
May output of durable goods was slightly lower
than in April owing largely to a labor dispute in
the lumber industry and to small further curtailments in activity in most industrial equipment
lines. Production of trucks and passenger automobiles held steady, while output of major household durable goods declined somewhat further.
As a result of the strike, steel production is estimated at about 20 per cent of rated capacity in
June, as compared with 90 per cent in April and
May—also affected by work stoppages—and with
102 per cent in March. Reflecting expanded supINDUSTRIAL PRODUCTION
PER CENT
PHYSICAL
VOLUME,
1948 1949 1950
SEASONALLY
1951
ADJUSTED,
1952
1935-39
•
1952
CONSTRUCTION
Value of construction contract awards in May
continued at the very high April level as awards for
private construction increased further, offsetting
the first decline this year in total public awards.
The number of housing units started totaled
107,000 as compared with 108,000 in April, and
101,000 in May 1951. Value of new construction
work put in place during May was a record for the
month, as was each preceding month this year.
CONSTRUCTION CONTRACTS AWARDED
100
1948 1949 '1950 1951 1952
Federal Reserve indexes. Monthly figures, latest shown are
for May.
JULY
plies of aluminum and copper, the NPA in midJune substantially increased the amounts of these
metals that small users may obtain beginning in
the third quarter, without requiring direct allocations.
A decrease of about 2 per cent in nondurable
goods production in May resulted mainly from
work stoppages at oil refineries, which were terminated by early June. Over-all activity at textile
mills showed an important gain, while output of
most other nondurable goods continued at earlier
levels.
Minerals production declined in May and June
as coal and crude petroleum output was reduced
owing partly to the steel and oil refining disputes.
Work stoppages resulted in a sharp curtailment of
iron ore mining in June.
1948 1949 1950 1951 1952
1948 1949 1950 1951 1952
F. W. Dodge Corporation data for 37 Eastern States.
Monthly figures, latest shown are for May.
777
NATIONAL SUMMARY OF BUSINESS CONDITIONS
EMPLOYMENT
Seasonally adjusted employment in nonagricultural establishments in May continued at 46.5
million, the same level as a year ago. The average
factory work week at 40 hours was slightly above
the reduced April level; average hourly earnings
showed little change. At 1.6 million in May, the
number unemployed was unchanged from a month
earlier and a year ago.
effective. Meanwhile price ceilings on imported
copper were suspended, lead prices were raised,
following reductions in April and May, and prices
of raw cotton and textile products advanced.
The consumers' price index advanced .2 per cent
in May, to about the peak level of January 1952.
Rents and prices of foods and miscellaneous services increased while apparel and housefurnishings
were reduced further.
MONEY AND CREDIT
DISTRIBUTION
The general level of wholesale commodity prices
declined somewhat in June. Wheat prices declined
as reports indicated a near record crop this year,
one-third above last year, and there were decreases
in prices of livestock. Prices of zinc were reduced
23 per cent and the previously announced reduction in the RFC resale price for rubber became
Bank credit outstanding increased somewhat
during the latter part of May and early June, reflecting mainly bank purchases of U. S. Government, corporate, and municipal securities. Seasonal repayments of loans by commodity dealers
and food, liquor, and tobacco manufacturers continued, but in smaller volume. In mid-June there
was a sharp expansion in business borrowing from
banks associated with quarterly income tax payments.
The total money supply increased in late May
and early June owing largely to the bank credit
expansion. Demand, time, and currency holdings
of businesses and individuals expanded. The
turnover of demand deposits outside New York
City rose in May.
Bank reserve positions were tight up to midJune when they eased temporarily, principally as
a result of seasonal Treasury operations and some
increase in Federal Reserve credit outstanding.
PRICES AND TRADE
SECURITY MARKETS
Seasonally adjusted sales at department stores,
which had increased moderately in May, continued
to rise during the first two weeks in June. The
rise reflected a less than seasonal decline in apparel
sales and a marked upward shift in sales of appliances and television which had reached a low
point in April. Sales by automotive dealers rose
substantially further in May. Pickup in automotive and household durable goods sales reflects in
part the May 7 suspension of credit controls under
Regulation W.
COMMODITY PRICES
1947-49" iOO
80
80
1948 1949
1950
1951 1952
1948
1949 1950
1951 1952
Seasonally adjusted series except for prices. Wholesale
prices, Bureau of Labor Statistics indexes. Consumer prices,
total retail sales, and disposable personal income. Federal
Reserve indexes based on Bureau of Labor Statistics and
Department of Commerce data. Department store trade, Federal Reserve indexes. Monthly figures, latest shown are for
May.
778
In the third week of June common stock prices
regained the high level attained in the last week
of January. Yields on Treasury bills increased
steadily in late May and early June, and following
a sharp decline in the midmonth, rose again to
near the discount rate. Yields on certificates and
notes increased while bond yields moved irregularly. On June 10 the Secretary of the Treasury
announced the offering for cash of an intermediate
bond in the amount of $3.5 billion, or thereabouts, and the offering in exchange for the certificates maturing July 1, 1952 of an 11-month 1%
per cent certificate maturing June 1, 1953. The
new bond, which was a 2% per cent issue to
mature in 1958, was heavily oversubscribed, and
allotments of $4.2 billion were made by the
Treasury.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
Member bank reserves, Reserve Bank credit, and related items.
Federal Reserve Bank rates, reserve requirements; margin requirements; fees and rates under Regulation V; terms under Regulation X
Federal Reserve Bank statistics .
Guaranteed Regulation V loans . . . .
Deposits and reserves of member banks . . . .
....
Bank debits and deposit turnover; Postal Savings System
Money in circulation . . .
....
Consolidated statement of the monetary system, deposits and currency
All banks in the United States, by classes
..
All insured commercial banks in the United States, by classes.
Weekly reporting member banks
Life insurance company commitments
.
Commercial paper, bankers' acceptances, and brokers' balances
Money rates; bank rates on business loans; bond yields
Security prices and new issues . .
.
Corporate sales, profits, and dividends
Treasury finance . . .
Government corporations and credit agencies
Business indexes . . .
.
Department store statistics
Consumers' prices
Wholesale prices
.
. . . . .
Gross national product, national income, and personal income
Consumer credit statistics
781-782
782-784
785-787
787
787-788
788
789
790
791-793
794-795
796-798
798
799
800
801-802
802-804
805-807
808
809-818
819-822
822
823
824-825
826-828
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System are derived from regular reports made to
the Board; index numbers of production are compiled by the Board on the basis of material collected
by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of
Government credit agencies are obtained principally from statements of the Treasury, or of the agencies
concerned; data on money and security markets and commodity prices and other series on business
activity are obtained largely from other sources. Back figures for banking and monetary tables, together
with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics;
back figures for most other tables may be obtained from earlier BULLETINS.
JULY
1952
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Billions of Dollars
Wednesday Figures
Billions of Dollars
30
25
20
20
15
15
10
10
I
_j
1943
1944
1945
1946
1947
I
1948
L
1949
I
1950
I
1951
1952
30
FEDERAL RESERVE CREDIT
HOLDINGS OF U- S GOVERNMENT SECURITIES • TOTAL
10
10
2
FEDERAL RESERVE FLOAT
1
»
»
£_
j
T|
>
0
2
0
-[
1
1
DISCOUNTS AND ADVANCES
-
1943
1944
780
1
1945
1946
1947
1948
1949
1950
1951
1952
Wednesday figures, latest shown are for June 25. See page 781.
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Date or period
Discounts
and
advances Total
Gold
All 1 Total stock
Bills, other
certifiBonds cates,
Treasury
currency
outstand-
Money
in circulation
ing
TreasdeTreas- ury
posits
ury
with
cash Federal
holdReings
serve
Banks
Member bank
reserve balances
Other
Non- Fedmem- eral
Reber de- serve
posits acTotal
counts
Required2
:x-
ct iSS2
notes
Wednesday
figures
264
422
542
226
540
22,716
22,544
22,397
22,413
22,293
6,570
6,618
6,644
6,713
6,719
16,146
15,926
15,753
15,700
15,574
21,755
21,755
21,755
21,755
21,755
4 ,643
4 ,643
4 ,643
4 ,642
4 ,642
27 ,255
27 ,315
27 ,287
27 ,251
27 ,461
,294
,298
,297
,290
,294
707
767
745
765
620
1 ,226
1 ,195
1 ,214
1 ,201
1 ,217
697
696
695
696
693
18,942 18,486
18,833 18,270
19,072 18,306
18,606 18,315
18,508 18,202
13..
20..
27..
128
179
165
220
22,653
22,758
22,806
22,843
6,869
6,936
6,736
6,809
15,784 765 23,546 21,756
15,822 846 23,783 21,756
16,070 1,178 24,150 21,755
16,034 852 23,916 21,755
4 ,644
4 ,647
4 ,648
4 ,650
27 ,520
27 ,499
27 ,479
27 ,601
1 ,303
1 ,289
1 ,285
1 ,286
139
129
433
418
1 ,102
1 ,095
1 ,099
1 ,139
684
686
774
775
19,198
19,487
19,482
19,102
July 3 . .
July 1 1 . .
July 18..
July 2 5 . .
181
236
300
78
22,977
23,092
23,081
23,057
6,822
5,822
5,822
5,822
16,155 812 23,970 21,756
17,270 938 24,267 21,757
17,259 1,223 24,605 21,758
17,235 928 24,063 21,759
4 ,654
4 ,656
4 ,656
4 ,658
27
27
27
27
,948
,893
,781
,706
1 ,287
J ,296
1 ,296
1 ,305
179
253
612
424
1 ,014
1 ,107
1 ,183
1 ,191
764 19,189
768 19,364
766 19,380
767 19,088
18,556
18,459
18,465
18,440
633
905
915
648
Aug.
Aug.
Aug.
Aug.
Aug.
15..
22..
29..
408
200
242
214
278
23,081
23,118
23,151
23,084
23,066
5,822
5,822
5,822
5,822
5,822
17,259
17,296
17,329
17,262
17,244
21,759
21,759
21,800
21,800
21,800
4 ,663
4 ,665
4 ,666
4 ,667
4 ,668
27 ,842
27 ,904
27 ,925
27 ,932
28 ,034
1 ,308
1 ,298
1[,288
1 ,292
\ ,291
557
203
495
434
557
1 ,175
1 ,016
1 ,113
1 ,096
999
722
720
719
718
717
19,099
19,328
19,285
19,172
18,871
18,430
18,441
18,468
18,517
18,485
669
887
817
655
386
Sept.
Sept.
Sept.
Sept.
243
325
359
216
23,079
23,108
23,135
23,474
5,822
5,822
5,822
5,822
17,257 684 24,006 21,854
17,286 951 24,384 21,853
17,313 1,289 24,783 21,934
17,652 988 24,677 22,013
4 ,672
4 ,673
4 ,674
4 ,676
28 ,262
28 ,216
28 ,140
28 ,137
11,299
12..
19..
26..
1,294
,285
1,288
408
474
477
816
1 ,022
1 ,047
923
1 ,024
714
713
730
731
18,825 18,406
19,167 18,555
19,835 18,864
19,369 18,837
419
612
971
532
Oct.
Oct.
Oct.
Oct.
Oct.
10..
17..
24..
31..
69
79
69
152
186
24,039
24.072
23,848
23,666
23,552
5,825
5,825
5,325
5,325
5,325
18,214 922 25,030 22,015
18,247 875 25,025 22,055
18,523 1,200 25,117 22,105
18,341 1,024 24,841 22,144
18,227 690 24,427 22,234
4 ,680
4 ,680
4 ,681
4 ,683
4 ,686
28 ,320
28 ,448
28 ,385
28 ,301
28 ,410
1,284
1,286
L,296
L ,291
1,288
397
335
326
509
493
966
1 ,002
975
886
818
753
750
851
850
780
20,004 18,843 1 ,161
19,939 18,868 1 ,071
20,068 18,950 1 ,118
19,833 19,144
689
19,557 19,060
497
Nov.
Nov.
Nov.
Nov.
7. .
14. .
21. .
28. .
243
274
227
483
23,507
23,397
23,275
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
1,291
1,284
1,285
L,288
452
245
364
548
843
815
800
750
778
776
774
774
19,667 18,988
19,850 18,976
19,843 19,211
19,603 19,229
Dec. 5. .
Dec. 12. .
Dec. 19. .
Dec. 26. .
959
710
449
797
23,239
23,239
23,239
23,503
5,357
5,376
5,334
5,342
17,882 883 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
1,292
1,284
1,269
1,289
501
266
6
289
787
740
776
880
770
770
827
832
19,919
19,964
20,798
20,208
19,196
'723
647
19,317
19,767 1 ,031
571
19,637
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 29 ,143
4 ,707 28 ,800
4,710 28 ,526
4 ,711 28 ,342
4 ,716 28 ,347
1,275
1,280
1,291
1,280
1,302
8
69
138
11
221
694
771
719
663
729
745
743
744
743
742
20,364
20,369
20,488
20,660
20,013
19,685
679
19,551
818
898
19,590
19,573 1 ,087
558
19,455
Feb. 6. .
Feb. 1 3 . .
Feb. 2 0 . .
Feb. 2 7 . .
283
619
454
422
5,344
5,344
5,471
5,636
17,270 759 23,656 22,990
17,155 634 23,753 23,011
16,929 1,033 23,887 23,071
16,919 773 23,750 23,110
4 ,717
4 ,717
4 ,721
4 ,722
28 ,378
28 ,425
28 ,387
28 ,390
728
685
749
730
741
741
738
735
20,148
20,094
20,007
19,710
19,415
19,304
19,293
19,224
384
357
126
170
5,636
5,636
5,636
5,636
16,878 986 23,883 23,290
16,894 891 23,778 23,291
17,189 1,265 24,216 23,292
16,892 715 23,413 23,291
4 ,726
4 ,726
4 ,729
4 ,731
28 ,464
28 ,452
28 ,361
28 ,329
1,317
1,276
1,308
L,308
1,296
1,296
1,285
1,282
52
261
491
712
Mar. 5. .
Mar. 12. .
Mar. 1 9 . .
Mar 26..
22,614
22,499
22,400
22,555
22,514
22,530
22,825
22,528
670
639
6
7
895
841
742
736
787
785
803
804
19,787 19,166
621
599
19,781 19,182
21,038 19,627 1 ,411
776
20,276 19,500
Apr. 2. .
Apr. 9. .
Apr. 16. .
Apr. 23. .
Apr. 30. .
130
167
622
830
676
22,514
22,494
22,467
22,372
22,363
5,636
5,636
5,136
5,136
5,136
16,878 766 23,409 23,291
16,858 731 23,393 23,293
17,331 1,020 24,109 23,293
17,236 771 23,973 23,295
17,227 593 23,632 23,297
4 ,736
4 ,736
4 ,737
4 ,738
4 ,739
28
28
28
28
28
,445
,526
,436
,333
,460
1,281
1,273
1,288
1,287
1,284
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
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 01 S23,794 ">-*> 2 9 8
17,137 653 23,742 23,296
4 ,739
4 ,739
4 ,739
4 ,741
28 ,523
28 ,497
28 ,483
28 ,710
1,286
1,293
1,279
1,286
749
516
384
558
762
796
813
813
747
745
745
745
20,034
19,953
20,127
19,667
19,071
19,092
19,181
19,217
963
861
946
450
22,378
22,492
22,997
22,564
5,136
5,136
5,136
5,136
17,242 775 24,079 23,296
17,356 803 24,128 23,297
17,861 1,289 24,828 23,297
17,428 882 23,753 23,346
4 ,747
4 ,750
4 ,751
4 ,752
28 ,842
28 ,830
28 ,787
28 ,814
1,282
1,284
1,286
1,290
527
507
9
134
824
834
768
813
742
742
794
793
19,906 19,207
19,978 19,226
21,232 ^19,668
20,006 P19.578
1951—May 2 . .
May 9 . .
May 16..
May 2 3 . .
May 3 0 . .
June
June
June
June
6..
1..
8..
5..
3..
1952—Jan. 2 .
Jan. 9 .
Jan. 16.
Jan. 2 3 .
Jan. 3 0 .
M a y 7.
M a y 14.
M a y 21. .
M a y 28..
June
June
June
June
4.
11..
18..
25..
926
834
541
307
744
740
974
772
564
794
727
967
877
657
23,724
23,706
23,913
23,411
23,396
24,282
24,046
24,360
24,175
24,001
456
563
766
291
306
18,335
863
18,417 1 ,070
18,642
840
18,564
538
679
874
632
374
733
790
714
486
699
p\
752
,564
M28
r
P1 Preliminary.
Revised.
Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables.
5
Wednesday figures and end-of-month figures (shown on next page) are estimates.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
JULY 1952
781
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
Gold
stock
TreasTreasdeury
Treas- ury
posits Noncur- Money
ury
in
cirwith
memrency culacash
ber deouthold- Federal
tion
Reposits
standings
serve
ing
Banks
4,037
4,031
17,644
22,737
20,065
20,529
22,754
24,244
24,466
24,427
24,231
22,706
2,019
2,286
2,963
3,247
4,339
4,562
4,562
4,589
4,597
4,598
4,607
4,636
U. S. Government
securities
D a t e or period
Discounts
and
advances Total
All 1 Total
Bills,
certifi- other
Bonds cates,
Member bank
reserve balances
Other
Federal
Reserve
Re- 2 Ex-2
acTotal quired
cess
counts
notes
E n d of p e r i o d :
1929—June 2 9 . . .
1933—June 3 0 . . .
1939—Dec. 3 0 . . .
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1946—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1948—Dec. 3 1 . . .
1949—June 3 0 . . .
Dec. 3 1 . . .
1950—June 3 0 . . .
Dec. 3 0 . . .
1951 - J u n e
July
Aus
Sept
Oct
Nov
Dec
1952-—Jan
Feb
Mar
Apr
May
t •*
June
Averages of
datly figures:
1951—Apr
May
June
1952—Apr.
May
t . •*•"•'
June
1,037
216
164
7
3
249
163
85
223
103
78
43
67
1.998
2,484
2,254
24,262
23.350
22,559
23,333
19,343
18,885
18,331
20,778
2,853
10,977
7,780
7,218
5,618
4,620
53
277
552
190
186
624
19
328
598
133
676
952
59
22.98Z
23,078
23,127
23,734
23,552
23,239
23,801
22,729
22,528
22,514
22,363
22,273
22,906
6,822
5,822
5,822
5,822
5,325
5,334
5,344
5,344
5,636
5,636
5,136
5,136
5,136
162
438
170
365
573
585
22,975 6,488 16,487
22,438 6,654 15,784
22,797 6,826 15,971
22,448 5,354 17,094
22,308 5,136 17,172
22,617 5,136 17,481
71
441
1,351
1,467
145
1,557
1,133
787
947 23,315
753 22.597
147
58
102
104
580
581
536
542
250
536
329
19,7O£
12,356
11,563
11,667
12,713
16,158 1,371
1,400
2,220
2,593
2,361
25,091
24.093
23,181
24,097
19,69e
19,499
18,703
22,216
4,459
5,434
7,598
11,160
28,515
28,952
28,868
28,224
27,493
27,600
27,156
27,741
16,160 1,007 24,043 21,756 4,655 27,809
679 24,033 21,759 4,666 27,851
17,256
630 24,309 21,854 4,673 28,155
17,305
17,912 1,134 25,058 22,013 4,681 28,288
18,227
690 24,427 22,233 4,688 28,417
17,905
871 24,734 22,382 4,700 28,809
18,457 1,189 25,009 22,695 4,709 29,206
17,385
726 23,783 22,951 4,717 28,386
16,892
778 23,904 23,191 4,727 28,465
16,878
623 23,270 23,291 4,736 28,473
17,227
593 23,632 23,298 4,739 28,464
17,137
927 24,152 23,296 4,748 28,767
17,770
586 23,551 ^23,346 P4.755 P29.018
847
811
946
913
823
941
23,983
23,686
23,913
23,726
23,704
24,144
21,806
21,757
21,755
23,293
23,297
23,308
4,640
4,643
4,647
4,737
4,740
4,751
27,179
27,324
27,548
28,459
28,557
28,843
204
264
2,409
2,215
2,287
2,272
1,336
1,325
1,307
1,312
1,298
1,293
36
35
634
867
977
393
870
28
166
653
1,360
1,308
822
961
1,123
1,189
941
438
821
950
668
1,517
1,431
1,460
1,281
1,302
1,287
1,285
L,283
1,288
1,270
1,319
1,287
1,277
L ,281
L ,274
p 1,291
317
584
459
936
493
481
247
162
558
169
450
541
333
1,262
1,159
1,038
1,127
1,292
1,291
1,286
632
640
280
549
553
328
1,252
1,243
1,162
?7K
1,281
1,282
818
794
889
766
796
845
784
1,094
846
875
838
843
374
346
251
291
495
607
563
59C
713
706
771
714
2,356
2,292
11,653
12,450
15,915
16,139
17,899
20,479
17,867
16,568
15,934
17,681
765
700
716
727
780
772
746
741
733
801
749
743
783
19,020 18,604 416
18,863 18,396 467
19,181 18,464 717
19,391 18,822 569
19,557 19,060 497
19,670 19,180 490
20,056 19,667 389
20,077 19,443 634
19,982 19,254 728
19,733 19,241 492
19,940 19,143 797
19,778 19,187 591
19,381 ^19,541 P - 1 6 0
750
696
731
818
745
767
19,324 18,491
18,892 18,302
19,309 18,475
19,777 r 19,127
19,767 19,139
20,140
2,333
1,817
6,444
9,365
14,457
15.577
16,400
19,277
16,919
15,550
15,498
16,509
23
475
5,209
3,085
1,458
562
1,499
1,202
948
1,018
436
1,172
833
590
834
650
628
For footnotes see preceding page.
MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits 1
Nov. 1, 1933- Feb. 1, 1935- Effective
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936
Savings deposits
Postal Savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months. . .
In less than 90 days
V*
1
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.
MARGIN REQUIREMENTS *
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
1
Feb. 1, Mar. 30, Effec19491947tive
Mar. 29, Jan. 16, Jan. 17,
1951
1949
1951
75
75
50
50
75
75
75
50
75
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,
and BULLETIN for March 1946, p. 295, and February 1947, p. 162.
782
Effective date
of change
Central
reserve
city
banks
1938—Apr. 16
1941—Nov. 1
1942—Aug. 20
Sept. 14
Oct. 3
1948—Feb. 27
June 11
Sept. 16
Sept. 24
1949—May 1
May 5
June 30
July 1
Aug. 1
Aug. 11
Aug. 16
Aug. 18
Aug. 25
Sept. 1
1951—Jan. 11
Jan. 16
Jan. 25
Feb. 1
In effect July 1, 1952 *. ...
22^
26
24
22
20
22
24
Reserve
city
banks
20
2
26
22
24
21
20
23^
193^
23
22^
22
23
19
24
20
24
20
Country
banks
Time
deposits
(all
member
banks)
12
14
5
6
16
2 71/
3
7X
37
3
6
'6
15
13
18
19
12
3
5
2
5
2
3
"ii
6
26
14
14
6
Demand deposits subject to reserve requirements, which beginning
Aug. 23, 1935, have been total demand deposits minus cash items
in process of collection and demand balances due from domestic banks
(also minus war loan and series E bond accounts during the period
Apr.
13, 1943-June 30. 1947).
2
Requirement became effective at country banks. 3 Requirement
became
effective at central reserve and reserve city banks.
4
Present legal minimum and maximum requirements on net demand
deposits—central reserve cities, 13 and 26 per cent; reserve cities,
10 and 20 per cent: country. 7 and 14 per cent, respectively; on time
deposits at all member banks, 3 and 6 per cent, respectively.
Back figures.—See Banking and Monetary Statistics, Table 107, p. 400.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVK BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Advances secured by Government
obligations and discounts of and
advances secured by eligible
paper
(Sees. 13 and 13a)1
Federal Reserve Bank
Rate on
June 30
Boston
New York....
Philadelphia. .
Cleveland
Richmond....
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas.......
San Francisco
H
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
21,1950
21,1950
25,1950
25,1950
25,1950
24,1950
25,1950
23,1950
22,1950
25,1950
25,1950
24,1950
Previous
rate
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
June 30
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
IK
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
2)4
2M
2U
2M
2M
2M
2M
Rate on
June 30
Previous
rate
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—
Previous
rate
Jan. 14, 1948
Oct. 30, 1942
Aug. 23, 1948
Aug. 25, 1950
2
Oct. 28, 1942
Aug. 24, 1950
Aug. 13, 1948
Jan. 12, 1948
Aug. 23, 1948
Jan. 19, 1948
Feb. 14, 1948
2
Oct. 28, 1942
K
2
2K
2
2K
2
2
4
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
Certain special rates to nonmember banks were in effect during the wartime period.
NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a
of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding
6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days.
Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
2
FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13B
[Per cent per annum]
Rate on
June 30
Maturity
OF THE FEDERAL RESERVE ACT
In effect beginning— *
Previous
rate
Maturities not exceeding five years
[In effect June 30.
1- 90 days
91-120 days
121-180 days
2
2H
Dec. 18, 1951
Dec. 18, 1951
Dec. 18, 1951
To industrial or
commercial
businesses
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.
FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950 AND EXECUTIVE
ORDER NO. 10161
[In effect June 30]
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of L o a n
Percentage of
loan guaranteed
70 or less
75
80
85
90
95
Over 95
. . .
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
any commitment
fee charged
borrower
10
15
20
25
30
35
40-50
10
15
20
25
30
35
40-50
Maximum Rates Financing Institutions May Charge Borrowers
[Per cent per annum]
Per cent per annum]
On discounts or
purchases
Federal
Reserve
Bank
Boston
N e w York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis. . . . . . .
Minneapolis....
Kansas City
Dallas
San F r a n c i s c o . . .
To financing institutions
On
loans 1
On
commitments
4-5
K-iK
K-iM
()
X-iX
2K-5
V2-U4
V2-1H
MiX
Portion
for which
institution is
obligated
Remaining
portion
On
commitments
K-iK
8
()(2)
1H-2X
()
2 K 3- 5
()
(2)
1
2
3
4
Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
Rate charged borrower.
Rate charged borrower but not to exceed 1 per cent above the discount
rate.
5
Charge of }4 P e r cent per annum is made on undisbursed portion
of loan.
Back figures.—See Banking and Monetary Statistics, Table 118,
pp. 446-447.
Interest rate
Commitment rate.
JULY
1952
783
REAL ESTATE CREDIT TERMS UNDER REGULATION X AND ASSOCIATED REGULATIONS
OF FHA AND VA
Regulation X terms as prescribed by the Board of Governors of the Federal Reserve System with the concurrence of the Housing and Home
Finance Administrator and terms on loans insured or guaranteed by the Federal Housing Administration and the Veterans Administration as
issued under the authority of the Housing and Home Finance Administrator under the provisions of the Defense Production Act of 1950, as
amended, and Executive Order 10161, as amended.
1- to 4-family units and farm residences
Regulation X and FHA
Nonresidential
properties l
(Regulation X)
Multi-unit
residences
(Reg. X and FHA)
Value or sales price
per family unit
VA
Maximum loan per family u n i t 2
(in per cent of value unless otherwise specified)
95
Not more than $7,000
$6,300 plus 75 per cent
of excess over $7,000
(95-86)
$7,001-$10,000. . .
$10,001-$12,000...
$8,550 plus 55 per cent
of excess over $10,000
(86-75)
$12,001-$15,000....
90
100 per cent of sales price
(closing costs
to be paid in cash)
$6,720 plus 90 per cent
of sales price over $7,000,
plus total amount
of closing costs
(96-94 per cent
of sales price3)
$9,420 plus 84 per cent
of sales price over $10,000,
plus total amount
of closing costs
(94-93 per cent
of sales price3)
Maximum loan
per property
$6,300 plus 55 per cent
of excess over $7,000
(90-80)
$7,950 plus 54 per cent
of excess over $10,000
(80-71)
$11,100 plus 45 per cent
of (1) sales price over
$12,000 and (2) closing costs
(93-81 per cent of sales price
plus closing costs)
$15,001-$16,000... .
50 per cent of value
$10,650 plus 50 per cent
of excess over $15,000
(71-66)
$16,001-$20,000...
$11,300 plus 45 per cent
of excess over $15,000
(75-67)
$12,900 plus 43 per cent
of (1) sales price over
[$16,000 and (2) closing costs
(81-72 percent of sales
price plus closing costs)
$20,001-$21,000...
$21,OO1-$25,OOO. . .
$14,000 plus 25 per cent
of excess over $21,000
(67-60)
60
Over $25,000. .
$15,050 plus 30 per cent
of (1) sales price over
$21,000 and (2) closing costs
(72-65 per cent of sales
price plus closing costs)
$13,150 plus 37 per cent
of excess over $20,000
(66-60)
65
60
Maximum maturity (years)
25
20
Not more than $12,000
Over $12,000
4 25
4 20
>
None specified
}
Amortization requirements
All v a l u e s . . . .
....
Minimum annual reduction of 5 per cent of original loan
until amount outstanding is 50 per cent or less of property value at time the loan was made or liquidation of
loan by maturity through substantially equal periodic
payments or payments of principal
None specified under Regulation X; periodic payments satisfactory to Commissioner on FHA loans
Liquidation of loan by
maturity through substantially equal periodic
payments or payments
of principal
Effective d a t e . . . .
....
June 11, 1952 *
June 11, 1952 «
February 15, 1951
June 11, 1952 «
1
Properties generally described as commercial and recreational.
Maximum amount of loan insured by FHA may not exceed $14,000 on 1-family, $16,000 on 2-family, $20,500 on 3-family, $25,000 on 4-family
residences, or $8,100 per unit on multi-unit projects. On existing 1- to 4-family units the loan amount may not exceed 80 per cent of value.
3 These percentages should be increased by the percentage that closing costs are of sales price.
4
Under special circumstances and with the approval of the Veterans Administrator, the maximum maturity may be 30 years.
6 For terms effective before June 11, 1952, see BULLETIN for October 1950, p. 1321, January 1951, pp. 31-32, and May 1952, p. 510.
NOTE.—These regulations limit the amount of credit that may be extended in connection with certain types of real estate. Real estate
credit terms on dwelling units programmed by the Housing and Home Finance Administrator in critical defense housing areas have been suspended
or relaxed as provided by the Defense Housing and Community Facilities and Services Act of 1951 and as prescribed by the Administrator.
For full explanation of the scope and provisions of Regulation X, see the Regulation, copies of which may be obtained from Federal Reserve
Banks or branches. For similar information on regulations of the FHA and VA, consult the FHA or VA offices.
2
784
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
Item
1952
June 25
Assets
June 18
21,454,250 21,416
681,
690,815
Gold certificates
Redemption fund for F. R. notes....
Total gold certificate reserves...
22,145,065 22,097,592
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc..
Industrial loans
U. S. Government securities:
Bills
Certificates:
Special.
Other
Notes
Bonds
June 11
June 4
May 28
June
1951
May
June
,419,252 1,426,254 21,426,254 21,452,251 21,426,252 19,859,402
677,135
679,795
691,036
654,874
677,137
675,577
,099,047 2,101,831 22,103,389 22,143,287 22,103,389 20,514,276
318,276
317,071
313,098
308,904
314,165
317,079
324,123
309,201
298,557
8,000
4,920
533 407
8 000
4 730
833,611
925,836
"A ',648
44,04
15,000
5,068
951,116
1,000
5,176
53,018
'5^037
815,306
1,000
5,069
82,000
135,000
247,700
174,500
82,000
381,100
82,000
527,050
,540,306 11,499,806 11,486,806 11,820 716 11,486,806
,568,073 5,568,073 5,568,073 5,568 073 5,568,073
,135,823 5,135,823 5,135,823 5,135
5,135,823
,193,792
,439,248
,822,102
413,C
11 ,778,216 11,745,^
5,568,073 5,568,C
5,135,823 5,135,£
5,697
Total U. S. Government securities. .
22,564,112 22,997,
22,378,202
Total loans and securities. . .
22,875,589 23,543 349
23,308,686 23,094,077 22,969,827 23,229,994 23,040,907
Due from foreign banks
F. R. notes of other Batiks. .
Uncollected_ cash item-*.
Bank premises
Other assets
28
28
152 533
157,374
4,0cH,396 5,047
45 000
44,959
174 637
183,932
Total assets
28
28
28
28
28
142,604
138,929
157 ,716
137,118
142,456
,543,039 3,517,199 3,292,582 3,117 .886 3,497,186
44,936
44 ,931
44,825
44,740
44,745
220,240
188 ,567
211,856
203,681
207,011
49,693,542 49,630,447 49,191,59 48,939,321
49,816,619
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve accounts
U. S. Treasurer—general account
Foreign
,
Other
.
22,905,712 22,272,702 22,982,192
38
127,541
,446,465
41,634
154,395
47,634,457
24,627,302 24,592,371 24,621,803 24,628,044 24,515,75 24,826,402 24,567,302 23,630,168
20,005,825 21,231,617 19,978,264 19,906,111 19,667,155 19,380,649 19,777,679 19,019,531
506,803
332,951
540,536
317,009
134,103
9,179
558,130
527,129
623,114
595,480
548,153
598,771
870,021
599,781
597,032
607,582
218,09'
210,755
297,394
494,738
391,421
168,476
215,857
215,718
Total deposits.
20,953,505 22,009,053 21,318,936 21,256,540 21,038,174 20,559,147 21,411,724 20,597,982
Deferred availability cash items
Other liabilities and accrued dividends
Total liabilities
Capital Accounts
Capital paid in
Surplus fS'M-ti^n '<"•>
Surplus (St-ciMin i »' )s
Other capital d'.'.oi.-;*
....
3,214,105 3,763,227 2,745,224 2 , 746.806 2,644,226 2,536,747 2,574,929 2,444,876
19,854
12,034
17,699
17,991
18,969
12,911
19,113
21 ,229
48,816,141 50,383,764 48,705,817 48,649,381 48,217,153 47,934,330 48,571,654 46,685,937
244,990
538,342
189,603
Total liabilities -A-A capital accounts
Ratio of gold certificate reserves to deposit and
F. R. note lMl.>!:t<>? combined (per cent). . . .
Contingent 'i^r:-'t\ -in Pfc^ptances purchased
for foreign Torre?;,on'lents?
Industrial Ivan coJ;rr.u;.'(-nt? . . . .
......
244,681
538,342
183.646
244,129
538,342
2 7,543
177,711
48.6
47.4
8,13.=
6,425
243,541
538,342
27,543
165,012
245,187
538,342
2 7,543
193,919
243,54'
538,342
27,543
167,844
231,308
510,022
27,543
179,647
49,630,447 49,191,591 48,939,321 49,548,932
49,816,61 51,377,976
8,098
6,450
243,857
538,342
27,543
171,324
48.1
48.2
48.5
48.8
48.1
46.4
8,134
6,143
8.05C
6,59C
8,045
6,150
8,06'
5,946
8,085
6,082
28,273
3,340
59,047
37,191
15,408
6.448
5 ,068
789
345
2,962
972
,905,712
,273,266
123,000
12,,425,775
_„
5,941,352
1 ,070,224
2 ,072,095
952,116
897,618
54,498
53,018
39,512
13,410
96
5,697
759
470
3,675
793
,982,192
125,213
,002,620
,833,709
,878,166
,031,904
,110,580
Maturity Distribution of Loans and U. S. Government Securities 1
Discounts and advance; -totai
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 vears
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
306 .557
279 ,037
27 ,501
19
4 ,920
1 , 345
343
2 ,100
1 ,132
22,564 ,112
991 ,666
63 ,000
12,425 ,775
5,941 ,352
1,070 ,224'
2,072 ,095
541 ,407
833,611
804,845
512 ,859
28,747
28 ,529
19
19
4 ,730
5,037
1 , 404
856
320
796
2 ,163
1 ,911
1 ,222
1 ,095
,997 ,212 22 491,902
219,200
,309 ,566
553,556
92 ,200
,511 775 12,635,475
,941 ,352:
941,352
,070 ,224
013,614
,072 ,095
128,705
925,836
876,025
49,811
816,306
763,058
53,248
5 ,069
4,648
847
886
649
811
2.301
2,015
936
1 2 72
,378,202 22 ,272 702
105,500
498,856
553,556
,690,175
,635,475
,941,352
,941,352
,013,614
,013,614
,128,705
,128,705
5,176
882
666
2 ,358
1,270
,272,702
498,856
12,690,175
5,941,352
1,013,614
2,128,705
Federal Reserve Notes—Federal Reserve Agents' Accounts
F. R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificates
Eligible paper
U. S. Government securities
Total collateral. . .
1
25,703,644 25,565,475 25,534,198 25,441,329 25,383,960 25,753,569 25,411,508 24,574,934
13 .,099,000 13,249,000 13,149,000 13,129,000 13,099,000 13,149,000 13,099,000 12,039,000
736,257
29,482
666,7521
596,322
20,684
439,693
604,587
190,874
13,375,000 13,275,000 13,275,000 13,275,000 13,175,000 13,375,000 13 ,175,000 13,175,000
26,664,874 26,963,693 27,028,587 27,070,752 26,870,322 26,544,684 27,010,257 25,243,482
Callable U. S. Government securities classified according to nearest call date.
JULY
1952
785
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 30, 1952
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
San
Francisco
St.
Louis
Minneapolis
Kansas
City
Dallas
826,763 4,413,310
544,401
342,933
819,688
678,610 2,639,931
103,785
48,221
24,575
38,269
367,508
5,976
857,957
10,886
550
390
99
2,803
5,505
Atlanta
Chicago
Assets
Gold certificates. 21,452,251
Redemption fund
691,036
for F. R. notes.
823,863 6,797,861 1,209,611 1,454,317
62,024
72,208
55,077
78,028
900,963
72,703
47,367
Total gold certificate reserves. . 22,143,287 885,887 6,870,069 1,264,688 1,532,345 973,666 874,130 4,517,095 592,622
58,487
17,187
317,079
21,234
28,555
17,385
30,571
Other cash
61,498
18,060
Discounts and
advances:
Secured by
U. S. Govt.
65
370
5,200
38,598
2,070
16,150
1,385
securities. . .
5,785
3,220
770
765
645
2,085
20,449
1,014
1,610
Other
4,530
1,170
109
739
5,068
Industrial loans.
4,121
U. S. Govt.
22,905,712 1,615,122 5,398,329 1,430,757 2,272,385 1,538,567 1,317,553 3,255,490 1,233,781
securities
Total loans and
securities. . . 22,969,827 1,618,206 5,408,644 1,439,268 2,290,145 1,540,826 1,319,307 3,257,640 1,239,751
Due from foreign
ig
2
2
4
28
3
1
1
1
banks
F. R. notes of
other Banks.
14,213
8,964
157,716
8,310
35,567
21,233
4,494
8,763
15,978
Uncollected cash
627,025 203,262 297,414 263,806 194,024 492,618 106,035
3,117,886 297,512
items
990
6,563
3,149
44,931
4,746
4,577
3,512
2,821
Bank premises...
7,695
26,192
9,966
188,567
18,911
12,868
11,143
15,187
11,683
Other assets
42,828
Total assets
724,598
27,339
61,440
705,949 2,701,371
11,495
35,745
1,000
570
1,395
996,513 1,043,407 2,079,210
725,637 1,004,821 1,044,977 2,080,605
1
1
1
3
7,556
6,489
77,858
1,067
5,865
155,577
2,378
8,468
6,511
129,122
19,638
273,633
6,793
16,836
640
8,620
48,939,321 2,843,512 13,033,745 2,948,547 4,180,429 2,848,696 2,453,921 8,372,812 1,977,675 1,191,468 2,046,577 1,907,315 5,134,624
Liabilities
24,826,402 1,541,583 5,526,305 1,751,085 2,258,037 1,721,936 1,352,279 4,710,141 1,136,867
F. R. notes
Deposits:
Member bk.—
reserve accts. 19,380,649 847,878 6,321,699 862,935 1,441,483 800,581 868,116 3,067,257 670,235
U. S. Treas.—
15,326
55,587
332,951
32,082
13,831
11,649
gen. acct.. . .
65,943
27,155
30,732
21,113
77,228
548,153
51,115
28,336
23,891
Foreign
34,447 2160,328
43,337
5,176
7,534
297,394
5,115
2,918
2,412
Other
28,525
2,178
202,626
Total deposits.. . 20,559,147
Deferred avail.
cash i t e m s . . . . 2,536,747
Other liab. and
12,034
accrued div....
625,876
978,573
711,479 2,512,241
435,694
866,882
989,154 2,208,735
26,544
14,446
2,775
20,103
21,113
1,676
22,276
21,113
953
11,723
51,686
35,506
976,793 6,715,385
935,605 1,529,795
845,666
906,068 3,207,606
711,850
479,459
260,197
502,546
184,897
297,068
226,252
148,844
313,494
86,759
58,143
117,480
121,110
219,957
920
3,269
582
1,623
582
564
1,740
566
438
449
414
887
909,774 1,033,496 2,307,650
Total liabilities. . 47,934,330 2,779,493 12,747,505 2,872,169 4,086,523 2,794,436 2,407,755 8,232,981 1,936,042 1,163,916 2,006,276 1,866,499 5,040,735
Capital Accts.
Capital paid in. .
Surplus (Sec. 7)..
Surplus (Sec. 13b)
Other cap. accts..
245,187
538,342
27,543
193,919
13,177
34,192
3,011
13,639
76,887
159,743
7,319
42,291
17,091
41,493
4,489
13,305
23,609
50,648
1,006
18,643
10,731
27,025
3,349
13,155
10,100
23,871
762
11,433
31,873
79,601
1,429
26,928
8,578
21,788
521
10,746
5,466
14,063
1,073
6,950
9,243
20,367
1,137
9,554
11,886
18,210
1,307
9,413
26,546
47,341
2,140
17,862
Total liabilities
and cap. accts. 48,939,321 2,843,512 13,033,745 2,948,547 4,180,429 2,848,696 2,453,921 8,372,812 1,977,675 1,191,468 2,046,577 1,907,315 5,134,624
47.1%
56.1%
32.1%
33.2%
45.4%
40.5%
57.1%,
56.0%
38.7%
40.5%
37.9%
48.8%
35.2%
Reserve r a t i o . . . .
Cont. liab. on ac745
632
32,417
308
308
1,125
753
348
413
8,069
502
210
308
foreign corresp.
Industrial loan
805
402
915
61
2,367
5,946
commitments..
1,396
Federal Reserve Notes—Federal Reserve Agents' Accounts
F. R. notes outstanding(issued
to Bank)
25,753,569 1,583,894 5,789,557 1,809,604 2,330,653 1,804,317 1,407,638 4 ,793,133 1,173,668
Collateral held:
Gold certificates 13,149,000 400,000 4,470,000 750,000 810,000 43O,OOoi 485,000 2,950,000 270,000
3,220
20,684
2,154
4,935
1,385
5,300
Eligible paper..
U. S. Govt. sec. 13,375,000 1,300,000 1,400,000 1,100,000 1 ,'575,660 1,400,000 ' "950,600 1,906,660 950,000
Total collateral.. 26,544,684 1,702,154 5,874,935 1,853,220 2,385,000 1,831,385 1,435,000 4,850,000 1,225,300
1
2
8
640,330 1,008,308
744,683 2,667,784
280,000
3,140
750,000
239,000 1,900,000
670,550 1,033,140
784,000 2,900,000
165,000
550
505,000
545,000 1,000,000
After deducting $20,000 participations of other Federal Reserve Banks.
After deducting $387,809,000 participations of other Federal Reserve Banks.
After deducting $5,652,000 participations of other Federal Reserve Banks.
786
FEDERAL RESERVE BULLETIN
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
LOANS GUARANTEED THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V, PURSUANT TO
DEFENSE PRODUCTION ACT OF 1950 AND
EXECUTIVE ORDER NO. 10161
[Amounts in thousands of dollars]
Date (last
Wednesday
or la st day
of p sriod)
Applications
approved
to
Number
Amount
3,489
3,511
3,542
3,574
3,607
3,649
3,698
525 ,532
544 ,961
565 ,913
586 ,726
615 ,653
629 ,326
651 ,389
Approved
Loans Commitbut not
outments
outcom- standing2
pleted 1 (amount) standing
(amount)
(amount)
Participations
of financing institutions
outstanding 3
(amount)
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
•J-v
JJaLC
1944
1945
1946
1947
1948
1949
1950
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
Number
2,705
1,086
2,670
4,869
1,990
2 947
3 ] 745
3,721
3,724
3,727
3,731
3,732
3,734
3,736
3,736
667 ,988
671 ,432
678 ,477
691 ,536
695 ,178
700 ,040
706 ,215
710 ,931
3,578
3,221
6,730
12,197
4,394
2,943
3,073
3,513
5,255
5,762
5.801
5,750
5,062
4,447
4,505
4,687
3,643
3,740
3,767
6,050
6,478
7,151
6,361
6,036
5,999
6,199
6,115
7,860
11,420
11,990
12,064
11,985
Jan. 31. . . 3,738
716 ,210
721 ,144
725 ,787
730 ,482
734 ,049
832
772
108
571
235
4,621
4,957
5,296
5,207
5,211
7,125
6,845
6,467
6,536
6,083
12,018
10,307
10,474
10,339
10,262
M a y 31. . .
30. . .
31 . . .
31 . . .
30...
31 . . .
30. . .
31. . .
3,741
3,741
3,743
3,743
Portion
guaranteed
3
23
62
1,000
13,585
31,326
2,340
8,017
2,232
6,265
3,335
8,299
119
161
254
328
402
484
568
658
729
776
815
854
109,433
122,541
300,955
421,267
514,626
654,893
828,584
1 052,337
1 ,154,942
1 ,218,988
1 302,342
1 ,395,444
23,778
44,250
68,833
126,080
183,610
252,100
325,299
405,043
492,167
556,839
615,812
675,459
19,837
36,537
56,973
106,053
151,858
209,465
267,715
332,618
400,652
454,789
502,524
546,597
13,748
33,840
47,822
185,001
205,629
276,702
349,905
384,852
450,013
495,512
476,699
472,827
901
1 ,463,443
1 530,388
1 ,677,786
1 ,727,729
1 787,755
715,928
763,838
836,739
838,073
870,174
580,381
617,674
672,974
672,678
695,814
525,129
511,786
467,392
595,098
601,752
1951
Jan. 3 1 . . .
Feb. 28. . .
Mar. 31. . .
Apr. 30. . .
May 31...
June 30. . .
July 3 1 . . .
Aug. 3 1 . . .
Sept. 30. . .
Oct. 31. . .
Nov. 30. . .
Dec. 3 1 . . .
1952
Feb. 29
Mar. 31. . .
Apr. 30. . .
M a y 31 . . .
Total
amount
1950
Oct. 31. . .
Nov. 30. . .
Dec. 31. . .
1951
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Amount
1952
Jan. 31. ..
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
Feb. 29. . . 934
971
Mar. 31. . .
998
Apr. 3 0 . . .
M a y 3 1 . . . 1,023
NOTE.—The difference between guaranteed loans authorized and
sum of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts
repaid, guarantees authorized but not completed, and authorizations
expired or withdrawn.
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1
All
member
banks
Central reserve
city banks
New
York
Chicago
In millions of dollars]
Reserve
city
banks
Country
banks
All
member
banks
First half of May 1952
Gross demand deposits:
Total
Interbank
Other... . . . 2. . .
Net demand deposits
..
Time deposits 3
Demand balances due from domestic banks...
102,309
11,616
90,694
89,716
31,704
22 ,783
3 ,836
18 ,947
7.0 ,865
2 ,024
5,643
1,124
4,518
5,074
1,146
39,060
5,604
33,457
33,932
12,633
Central reserve
city banks
Chicago
New
York
Reserve
city
banks
Country
banks
Second half of May 1952
34,824 102,819
1,051
11,404
33,772 91,415
29,846 90,102
15,902 31,831
23,161
3,815
19,346
21,136
2,070
5,673
1,106
4,567
5,069
1,147
39,272
5,469
33,803
33,989
12,675
34,712
1,013
33,699
29,909
15,938
5,858
36
118
1,803
3,900
5,721
40
118
1,820
3,743
Reserves with Federal Reserve Banks:
Total
Required
Excess
19,752
19,092
660
5 ,129
5 ,129
1,279
1,287
-8
7,657
7,544
113
5,686
5,132
554
19,782
19,184
598
5,194
5,197
1,283
1,285
-2
7,690
7,558
132
5,615
5,144
471
Borrowings at Federal Reserve Banks.
585
136
51
293
106
348
115
-j
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.
JULY 1952
787
POSTAL SAVINGS SYSTEM
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
All
member
banks *
Month, or
week ending Wednesday
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
[In millions of dollars]
Total reserves h e l d :
1951—May
1952—April
May
18,892
19,777
19,767
4,964
5,146
5,163
1,277
1,259
1,281
7,282
7,702
7,674
5,369
5,670
5,649
May
May
j une
June
June
June
21
28
4
11
18
25
19,865
19,674
19,779
19,855
20,255
20,355
5,204
5,174
5,235
5,153
5,324
5,383
1 ,277
1 ,283
1,296
1,292
1,333
1,352
7,681
7,670
7,635
7,683
7,806
7,867
5,703
5,547
5,612
5,727
5,792
5,753
Excess reserves:
1951—May
1952—April
May
590
650
628
-10
2
-1
-7
-8
—5
120
122
123
487
535
511
690
508
594
656
20
-15
23
-20
35
13
2
-2
-3
-9
5
-1
122
113
106
126
131
119
550
412
468
559
P614
70
76
111
85
128
136
141
113
88
May
May
June
June
Tune
June
21
28
4
11
18
25
P785
P704
Borrowings a t Federal
Reserve Banks:
1951—May
1952—April
May
May
May
June
June
June
June
21
28
4
11
18
25
438
367
563
193
60
105
18
12
26
157
219
321
357
516
926
846
293
189
20
44
307
265
48
5
2
1
25
250
343
458
392
119
92
48
13
4
Assets
Country
banksi
P573
P1 Preliminary.
Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.
Back figures.—See Banking and Monetary Statistics, pp. 396-399.
Depositors'
balances l
Total
1943—December
1944—December....
1945—December
1946—December... .
1947—December
1948—December
lQ4q_December
1950—December
1,788
2,342
2,933
3,284
3,417
3,330
3.188
2,924
1951—February
March
April
May
June
July
August
September....
October
November....
December. . . .
2,877
2,852
2,831
2.808
2,788
2,772
2,754
2,738
2,724
2,714
P2.7O1
1952—January
February
March
April . . .
P2,698
End of month
Mav
Cash
in
depository
banks
U. S.
Government
securities
Cash
reserve
funds,
etc.2
1,843
2,411
3,022
3,387
3,525
3,449
3.312
3,045
10
8
6
6
6
7
7
11
1,716
2,252
2,837
3,182
3,308
3,244
3.118
2,868
118
152
179
200
212
198
187
166
2,998
2,974
2,954
2,933
2,909
2,893
2,877
2,861
2,851
2,842
11
11
17
21
23
22
23
23
25
25
2,835
2,793
2,765
2,748
2,722
2,704
2,680
2,680
2,670
2,649
152
169
172
164
165
166
173
158
156
168
P2,685
v2 670
P2,656
P2 637
P Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes reserve and miscellaneous working funds with Treasurer
of United States, working cash with postmasters, accrued interest on
bond investments, and miscellaneous receivables.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
1
2
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts, except
interbank accounts
Year or month
1946—old series «3
1946—new series
1947
1948
1949
19S0
1951
Annual rate of
turnover of total
deposits, except
interbank
Total, all
reporting
centers
New
York
City i
140
other
centers x
Other
reporting
centers
New
York
City
}l,050,021
1,125,074
1,249,630
1,231,053
1,403,752
1,577,857
417,475
405,929
449,002
452,897
513,970
551,889
527,336
599,639
667,934
648,976
742,458
854,050
105,210
119,506
132,695
129,179
147,324
171,917
18.9
21.0
23.6
24.1
26.6
26.9
10.0 {
130,704
135,031
124,425
125.291
121,205
139,308
132,158
144,800
45,375
48,588
43,224
41,363
41,145
47,971
44,802
53,500
71,197
72,110
67,532
69,827
66,359
75,799
72,428
76,049
14,132
14,332
13,669
14,101
13,700
15,539
14,928
15,251
138,520
128,022
139,977
139,141
135,955
48,106
45,375
50,180
52,057
49,535
74,953
68,738
75,089
72,607
71,898
15,462
13,908
14,708
14,476
14,522
1951—May
June
July
August
September
October
November
December
1952—January
February
March
April
May
Other
reporting
centers
Debits to demand
deposit accounts,
except interbank
and Government
Annual rate of
turnover of demand
deposits, except interbank and Government
New
York
City 2
Other
leading
cities 2
New
York
City*
Other
leading
cities 2
11.9
12.9
12.4
13.4
14.5
374,365
407,946
400,468
445,221
447,150
508,166
540,990
449,414
522,944
598,445
660,155
639,772
731,511
837,491
25.5
25.2
24.1
27.2
28.2
31.4
32.2
16,. 9
16.5
18.0
19.2
18.7
20.3
21.7
26.2
27.9
26.0
23.8
26.0
26.4
27.8
30.7
14.3
14.5
14.1
13.5
14.4
14.4
15.4
15.1
42,272
49,398
41,673
39,007
41,688
45,334
42,503
55,184
68,378
72,179
64,826
67,441
66,941
72,515
69,685
76,007
30.0
34.4
31.1
27.0
31.7
30.4
31.4
37.9
21.3
22.2
20.9
20.0
21.8
20.9
22.0
22.6
26.4
27.8
27.9
28.8
27.4
14.4
14.5
14.6
14.1
13.9
45,425
44,419
50,213
49,745
49,830
71,986
67,466
74,545
70,189
71,485
30.1
32.5
34.0
34.4
34.3
20.6
21.4
22.0
21.1
21.3
1
2
National series for which bank debit figures are available beginning with 1919.
Weekly reporting member bank series.
3 Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June
1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947,
333 centers from December 1947 through December 1950, and for 342 centers beginning January 1951; the deposits from which rates of turnover
have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except
interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in
leading cities since 1935.
788
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circulation i
End of year or
month
Coin and small denomination currency
Total
Coin
1933 . . .
1934
1935
1936
1937
1938
1939 , .
1940
1941
1942
1943
1944
1945
1946. . . .
1947
1948
1949
1950
4,167
5,519
4,292
5,536
5,882
4,518
6,543
5,021
6,550
5,015
5,147
6,856
5,553
7,598
8,732
6,247
8,120
11,160
15 410 11,576
20,449 14,871
25 307 17 580
28,515 20,683
28 952 20 437
28,868 20,020
28,224 19,529
27,600 19,025
27,741 19,305
1951—April
August
September...
October . . . .
November...
December. . .
27,278
27,519
27,809
27,851
28,155
28,288
28,417
28,809
29,206
1952—January
February....
March
April . ..
May
28,386
28,465
28,473
28,464
28,767
May
June
Julv . .
Large denomination currency*
$100
$10
$20
Total
719
771
815
906
905
946
1,019
1,129
1,355
1,693
1,973
2,150
2,313
2,173
2,110
2,047
2,004
2,049
1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
6,275
6,060
5,897
5,998
1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4,096
5,705
7,224
9,201
9,310
9,119
8,846
8,512
8,529
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
5,580
7,730
7,834
8,518
8,850
8,698
8.578
8,438
364
337
358
399
387
409
460
538
724
1,019
1,481
1,996
2,327
2,492
2,548
2,494
2,435
2,422
618
577
627
707
710
770
919
1,112
1,433
1,910
2,912
4,153
4,220
4,771
5,070
5,074
5,056
5,043
63
64
64
64
64
65
65
67
1,973
1,995
2,011
2,008
2,031
2,038
2,041
2,075
2,120
5,943
6,024
6,113
6,088
6,176
6,181
6,160
6,291
6,329
8.422
8,523
8,663
8,718
8,837
8,874
8,927
9,067
9,177
8,257
8,259
8,289
8,292
8,344
8,393
8,463
8,528
8,678
2,371
2,382
2,405
2,409
2,428
2,437
2,452
2,482
2,544
4,941
4,938
4,947
4,952
4,989
5,034
5,092
5,133
5,207
65
66
65
66
2,009
2,013
2,016
2,004
2,040
6,088
6,152
6,165
6,141
6,261
8,898
8,934
8,940
8,960
9,066
8,582
8,563
8,537
8,529
8,537
2,508
2,503
2,496
2,498
2,508
5,161
5,152
5,140
5,137
5,142
3$1
$2
$5
442
452
478
517
537
550
590
648
751
880
1,019
1,156
1,274
1,361
1,404
1,464
1,484
1,554
402
423
460
499
505
524
559
610
695
801
909
987
1,039
1,029
1,048
1,049
1,066
1,113
33
32
33
35
33
34
36
39
44
55
70
81
73
67
19,023
19,260
19,521
19,560
19,813
19,896
19,955
20,283
20,530
1,551
1,568
1,578
1,590
1,602
1,616
1,631
1,642
1,654
1 ,073
1,087
1,092
1,092
1,103
1,124
1,132
1,144
1,182
62
19,807
19,904
19,937
19 936
20,231
1,631
1,630
1,637
1,651
1,665
1,115
1,110
1,113
1,114
1,132
65
64
62
64
67
$50
$500 $1,000 $5,000 $10,000
125
112
122
135
139
160
191
227
261
287
407
555
454
438
237
216
239
265
288
327
425
523
556
586
749
990
801
783
UnasBorted
10
7
16
18
12
32
32
60
46
25
22
24
24
26
8
5
7
7
6
17
20
30
24
9
9
10
7
8
8
10
5
8
7
5
2
4
4
3
2
3
2
3
782
5
707
689
17
3
400
382
5
4
17
11
3
3
368
588
4
12
2
360
573
4
8
1
357
356
354
353
353
353
352
355
570
570
565
562
557
554
549
556
4
4
4
4
4
4
4
4
8
8
8
8
8
8
8
12
1
2
2
2
2
2
2
2
352
351
349
347
550
545
540
535
4
4
4
4
8
8
8
9
2
2
1
1
346
530
4
8
1
428
1
2
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
as destroyed.
3 Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money.
In millions of dollars]
Money held in t h e T r e a s u r y
Total outstanding, As security
against
May 31,
Treasury
gold a n d
1952
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890. .
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—May 31, 1952
Apr. 30, 1952
May 31 1951
23,296
22 141
25,412
4,748
22,141
21,155
' ' *2', 354
69
51
492
2,090
264
2,090
35
3
2,354
1,113
403
347
225
78
(4)
(4)
(4)
(5)
24,496
24,484
22,880
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents
19,288
3
263"
21
7
27
3
1
9
5
2
1
1,274
1,281
1,293
2,816
987
324
19,288
19,290
17,692
4,126
4,261
4,123
Money in circulation 1
Mav 31,
1952
Apr. 30,
1952
May 31,
1951
38
24,356
4,373
38
24,116
4,310
39
23,173
4,306
190
189
2^091'" ' " 2 ', 043
1,073
1,083
389
392
315
318
223
222
78
78
28,767
28,464'
179
2 ', 096 "
1,013
376
316
245
82
27 519 *
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. 657.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
8
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves against
other types, a grand total of all types has no special
5
significance and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.
Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, with the Treasurer of the
United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and
national bank notes are in process of retirement.
JULY 1952
789
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS 1
[Figures partly estimated except on call dates. In millions of dollar s
Liabilities
Assets
and Capital
Total
assets,
Bank credit
Gold
1929—JUne
1933—T une
1939— Dec
1941—Dec.
1945—Dec
1946—Dec.
1947—D ec<
1948—Dec
104.0 Tune
Dec
1950—June
Dec.
29
30
30
3i
3i
31
31
31
30
31
30
30.
1951—May
June
July
Aug.
Sept
Oct.
Nov.
Dec.
30
30
25
29
26
31
28
31
#
currency
2,019
2,286
2,963
3,247
4,339
4,562
4,562
4,589
4,597
4,598
4,607
4,636
21,800
21,756
21,800
21,800
22,000
22,200
22,300
22,695
4,600
4,655
4,700
4,700
4,700
4,700
4,700
4,706
22,900
23,100
23,300
23,300
23,300
4,700
4,700
4,700
4,700
4,700
1952—Jan. 3 0 P
Feb. 2 7 P
Mar. 26P
Apr. 3 0 P . .
May 2 8 P .
Federal
Reserve
Banks
Other
Other
securities
ii-
4,037
4,031
17,644
22,737
20,065
20,529
22,754
24,244
, 24,466
24,427
24,231
. . . 22,706
. . .
Total
Commercial
and
savings
banks
Total
liabiland
capital,
net
U.S. Government obligations
Treas-
Date
T»tal
Loam,
net
.
Capital
Total
and
deposits misc.
and
accurrency counts,
net
58 ,642
4? ,148
54 ,564
64 ,653
167 ,381
158 ,366
160 ,832
160 ,457
156 ,491
162 ,681
164 ,348
171 ,667
41,082
21,957
22,157
26,605
30,387
35,765
43,023
48,341
47,148
49,604
51,999
60,366
5,741
10,328
23,105
29,049
128,417
113,110
107,086
100,694
97,428
100,456
98,709
96,560
5,499
8,199
19,417
25,511
101,288
86,558
81,199
74,097
74,877
78,433
77,320
72,894
216
1,998
2,484
2,254
24,262
23,350
22,559
23,333
19,343
18,885
18,331
20,778
26
131
1,204
1,284
2,867
3,202
3,328
3,264
3,208
3,138
3.058
2,888
11,819
9,863
9,302
8,999
8,577
9,491
10,723
11,422
11,915
12,621
13,640
14,741
64,698
48,465
75,171
90,637
191,785
183,457
188,148
189,290
185,554
191,706
193,186
199,009
55,776
42,029
68,359
82,811
180,806
171,657
175,348
176,121
171,602
177,313
178,568
184,385
8,922
6,436
6,812
7,826
10,979
11,800
12,800
13,168
13,952
14,392
14,618
14,624
171 ,300
62,900
63,821
63,400
64,000
65 000
65,800
66,500
67,597
93,500
94,450
94,600
95,000
95,900
97,000
97,400
97,808
68,400
68,726
68,900
69,200
69,700
70,800
71,500
71,343
22,300
22,982
23,100
23,100
23,500
23,600
23,200
23,801
2,800
2,742
2,700
2,700
2,700
2,700
2,700
2 664
14,900 197,700
15,176 199,858
15,300 199,700
15,300 200,700
15,400 203,000
15,500 205,200
15,500 206,400
15,918 208,724
182,900
185,038
184,500
185,200
187,300
189,200
190,500
193,404
66,700
67,000
67,700
68,100
68,500
97,300
96,200
96,100
95,200
95,300
71,800
71,100
70,900
70,200
70,500
22,800
22,600
22,500
22,400
22,300
2,700
2,600
2,600
2,600
2,600
15,900
16,100
16,400
16,600
16,800
191,600
191,500
192,300
192,200
192,900
14,800
14,820
15,200
15,500
15,700
16,000
15,900
15,320
15,900
15,700
15,900
15,700
15,800
\1* ,447
17^ ,300
174 ,300
176 400
178 ,300
179 ,400
181 ,323
179 ,900
179 ,300
180 ,100
179 ,900
180 ,600
207,600
207,200
208,200
207,900
208,700
Deposits and Currency
U S. Government balances
Date
Total
Treasury
cash
At comAt
mercial Federal
and
Reserve
savings Banks
banks
Deposits adjusted and currency
Time deposits 8
Total
Demand
deposits2
Currency
outside
banks
Total
Commercial
banks
Mutual
savings
banks *
Postal
Savings
System
22,540
14,411
29,793
38,992
75,851
83,314
87,121
85,520
81,877
85,750
85,040
92,272
28,611
21,656
27,059
27,729
48.452
53,960
56,411
57,520
58,483
58,616
59,739
59,247
19,557
10,849
15,258
15,884
30,135
33,808
35,249
35,804
36,292
36,146
36,719
36,314
8,905
9,621
10,523
10,532
15,385
16,869
17,746
18,387
18,932
19,273
19,923
20,009
1,186
1,278
1,313
2,932
3,283
3,416
3,329
3,259
3,197
3,097
2,923
3,639
4,761
6,401
9,615
26,490
26,730
26,476
26,079
25,266
25,415
25,185
25,398
55 776
42 029
68,359
82,811
180 806
171,657
175 348
176 121
171,602
177 313
178 568
184,385
1,217
1,498
2,141
1,885
1,682
2,103
1,927
2,150
2,555
2,518
!,409
5,215
J.287
r
J.272
,336
,325
,307
L.312
,298
,293
1,895
24,608
3,103
1,452
2,451
2,304
3,249
3,801
2,989
1,123
438
821
950
668
54,790
40,828
63,253
76,336
150,793
164,004
170,008
169,119
165,626
169,781
169,964
176,917
182,900
185,038
184,500
185,200
187,300
189,200
190,500
193 404
2,500
2,424
2,400
2,300
2,200
2,100
2,100
2,279
1,300
1,281
1,300
1,300
1,300
1,300
1,300
1,279
4,800
6,332
4,600
4,100
5,100
3,700
3,800
3,615
600
317
400
600
800
500
500
247
173,700
174,684
175,800
177,000
177,900
181,600
182,700
185,984
89,500
88,960
90,700
91,400
92,000
95,000
96,300
98,234
59,300
59,948
60,000
60,300
60,500
60,900
60,600
61,447
36,300
36,781
36,800
37,100
37,200
37,500
37,300
37,859
20,200
20,382
20,400
20,500
20,600
20,700
20,600
20,887
2,800
2,785
2,800
2,800
2,700
2,700
2,700
2,701
24,900
25,776
25,100
25,300
25,400
25,700
25,800
26,303
191 600
191,500
192,300
192 200
. . . . 192,900
2,100
2,200
2,200
2,200
2,300
L.300
1,300
1,300
1,300
1,300
2,800
3,900
5,800
4,500
4,400
200
700
(6)
500
600
185,200
183,400
182,900
183,800
184,400
97,900
95,700
9'4,800
95,100
95,300
61,700
62,000
62,400
62,700
63,000
38,000
38,200
38,500
38,600
38,900
21,000
21,100
21,300
21,400
21,600
2,700
2,700
2,700
2,700
2,600
25,600
25,600
25,700
25,900
26,000
1929—J un e 29
1933—j u n e 30
1939_Dec. 30
1941—Dec. 31
1945—Dec 31
1946—Dec. 31
1947—Dec 31
194g Dec 31
1049 June 30
Dec 31
1950—June 30
Dec. 30
1951—M a y 30
June 30.
July 2 5 . .
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 31
1952—J an 30P
Feb. 27P .
Mar. 26P
Apr 3 0 P
May 2SP
Foreign
bank
deposits,
net
365
50
204
264
381
852
846
36
35
634
867
977
393
870
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.
Prior to June 30, 1947, includes a relatively small amount of demand deposits. 6 Less than 50 million dollars.
NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"
and in "Capital and miscellaneous accounts, net," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown
in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100
million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency.
1
2
3
4
790
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
All banks:
1939—Dec.
1941—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—May
June
Dec.
1952—Feb.
Mar.
Apr.
May
Other
Cash
assets 1
U. S.
Govern
ment
obligations
Other
securities
19,417
25,511
101,288
86,558
81,199
74,097
78,433
72,894
68,410
68,726
71,343
71,060
70,920
70,210
70,450
9,302
8,999
8,577
9,491
10,723
11,422
12,621
14,741
14,930
15,176
15,918
16,100
16,370
16,550
16,780
23,292
27,344
35,415
35,041
38,388
39,474
36,522
41,086
37,020
38,235
45,531
39,820
40,230
40,050
39,350
68,242
81,816
165,612
155,902
161,865
161,248
164.467
175,296
168.810
171,860
185,756
178,770
180,140
179,360
179,310
Total i
Interbank 1
Total Number
capital
of
account: banks
Demand
Time
9,874
10,982
14,065
12,656
13,033
12,269
12,710
14,039
11,350
11,947
15,087
12,900
13,200
12,340
12,200
32,516
44,355
105,935
92,462
95,727
94,671
96,156
104,744
100,740
102,527
111,644
106,240
106,890
106,670
106,400
25,852
26,479
45,613
50,784
53,105
54,308
55,601
56,513
56,720
57,386
59,025
59,630
60,050
60,350
60,710
8,194
8,414
10,542
11,360
11,948
12,479
13,088
13,837
14,050
14,236
14,623
14,690
14,770
14,890
14,940
15,035
14,826
14,553
14,585
14,714
14,703
14,687
14,650
14,644
14,636
14,618
14,615
14,606
14,602
14,608
30
31. . . .
31
31
312. . .
31
31. . . .
30
30. . . .
30....
31. . . .
27P. . .
26P. . .
30P. . .
28?...
50,884
61,126
140,227
131,698
134,924
133,693
140,598
148,021
146,680
147,742
154,869
154,790
155,280
155,250
156,150
22,165 28,719
26,615 34,511
30,362 109,865
35,648 96,050
43,002 91,923
48,174 85,519
49,544 91,054
60,386 87,635
63,340 83,340
63,840 83,901
67,608 87,261
67,630 87,160
67,990 87,290
68,490 86,760
68,920 87,230
All commercial banks
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 3 1 . . . .
1947—Dec. 31 2. . .
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30. . . .
1951—May 30. . . .
June 3 0 . . . .
Dec. 3 1 . . . .
1952—Feb. 27*\ . .
Mar. 2 6 P . . .
Apr. 3 0 P . . .
May 2 8 P . . .
40,668
50,746
124,019
113,993
116,284
114,298
120,197
126,675
125,060
126,045
132,610
132,240
132,530
132,340
133,060
17,238
21,714
26,083
31,122
38,057
42,488
42,965
52,249
54,460
54,821
57,746
57,590
57,840
58,220
58,520
23,430
29,032
97,936
82,871
78,226
71,811
77,232
74,426
70,600
71,224
74,863
74,650
74,690
74,120
74,540
16,316
21,808
90,606
74,780
69,221
62,622
67,005
62,027
58,110
58,521
61,524
61,260
61,120
60,450
60,700
7.114
7,225
7,331
8,091
9,006
9,189
10,227
12,399
12,490
12,703
13,339
13,390
13,570
13,670
13,840
22,474
26,551
34,806
34,223
37,502
38,596
35,650
40,289
36,220
37,384
44,645
38,970
39,380
39,220
38,530
57,718
71,283
150,227
139,033
144,103
142,843
145,174
155,265
148,570
151,457
164,840
157,620
158,810
157,910
157,720
9,874
10,982
14,065
12,656
13,032
12,269
12,709
14,039
11,350
11,946
15,086
12,900
13,200
12,340
12,200
32,513
44,349
105,921
92,446
95,711
94,654
96,136
104,723
100.720
102,507
111,618
106.210
106,860
106,640
106,370
15,331
15,952
30,241
33,930
35,360
35,921
36,328
36,503
36,500
37.004
38,137
38,510
38,750
38,930
39,150
6,885
7,173
8,950
9,577
10,059
10,480
10,967
11,590
11,770
11,951
12,216
12,280
12,340
12,460
12,500
14,484
14,278
14,011
14,044
14,181
14,171
14,156
14,121
14,114
14,107
14,089
14,086
14,077
14,073
14,079
33,941
43,521
107,183
96,362
97,846
95,616
101,528
107,424
105,650
106,563
112,247
111,771
112,030
111,753
112,379
13,962
18,021
22,775
26,696
32,628
36,060
36,230
44,705
46,554
46,866
49,561
49,364
49,524
49,806
50,026
19,979
25,500
84,408
69,666
65,218
59,556
65,297
62,719
59,096
59,698
62,687
62,407
62,506
61,947
62,353
14,328
19,539
78,338
63,042
57,914
52,154
56,883
52,365
48,693
49,108
51,621
51,294
51,227
50,590
50,826
5,651
5,961
6,070
6,625
7,304
7,402
8,414
10,355
10,403
10,590
11,065
11,113
11,279
11,357
11,527
19,782
23,123
29,845
29,587
32,845
34,203
31,317
35,524
31,990
33,244
39,252
34,216
34,631
34,528
33,982
49,340
61,717
129,670
118,170
122,528
121,362
123.885
133,089
126,953
129,737
141,015
134,370
135.587
134,650
134,519
9,410
10,525
13,640
12,060
12,403
11,641
12,097
13,447
10,866
11,347
14,425
12,325
12,623
11,796
11,665
28,231
38.846
91,820
78,920
81,785
80,881
82,628
90,306
86.772
88,678
95,968
91,141
91 ,852
91,607
91,418
11,699
12,347
24,210
27,190
28,340
28.840
29.160
29,336
29,315
29,712
30,623
30,904
31.112
31,247
31,436
5,522
5,886
7,589
8,095
8,464
8,801
9,174
9,695
9,846
9,987
10,218
10,271
10,319
10,419
10,453
6,362
6,619
6,884
6,900
6,923
6,918
6,892
6,873
6,865
6,859
6,840
6,834
6,829
6,824
6,821
10,216 4,927
10,379 4,901
16,208 4,279
17,704 4,526
18,641 4,944
19,395
5,686
20,400
6,578
21,346
8,137
21,620
8,880
21,697
9,020
22,259 9,862
22,550 10,040
22,750 10,150
22,910 10,270
23,090 10,400
5,289
5,478
11,928
13,179
13,696
13,709
13,822
13,209
12,740
12,677
12,398
12,510
12,600
12,640
12,690
3,101
3,704
10,682
11,778
11,978
11,476
11,428
10,868
10,300
10,205
9,819
9,800
9,800
9,760
9,750
2,188
1,774
1,246
,400
1,718
2,233
2,394
2,342
2,440
2,472
2,579
2,710
2,800
2,880
2,940
818
793
609
818
886
878
873
797
800
851
886
850
850
830
820
10,524
10,533
15,385
16,869
17,763
18,405
19.293
20,031
20,240
20,404
20,915
21 ,150
21,330
21,4^0
21,590
3
6
14
16
17
17
20
22
20
20
26
30
30
30
30
10,521
10.527
15,371
16,853
17,745
18.387
19,273
20.009
20,220
20,382
20,888
21,120
21,300
21,420
21,560
1,309
1,241
1,592
1,784
1,889
1,999
122
247
280
285
407
410
551
548
542
541
533
532
531
529
530
529
529
529
529
529
529
All member banks:
1939—Dec.
1941—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—May
June
Dec.
1952—Feb.
30. . . .
31. ...
31
31
31. . . .
31
31....
30. . . .
30. . . .
30....
31....
27*>. . .
Mar. 26P. . .
Apr. 30P. . . ,
May 28?
All mutual savings
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31 2. . . ,
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—May 30
June 30
Dec. 31
1952—Feb. 27*>
Mar. 26P
Apr. 3QP. . . .
May 2SP
2,430
2,440
million at all insured commercial banks.
For other footnotes see following two pages.
JULY
1952
791
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Figures partly estimated except on call dates.
Amounts in millions of dollars]
Deposits
Loans and investments
Other
Investment s
Class of bank
and date
Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31 . . .
1946—Dec. 31. . . <
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950— Dec. 30.
1951—Mav 30
June 30
Dec. 31
1952—Feb. 2 7 P
Mar. 26P
Apr. 30P
May 28P
Total
Total
U. S.
Government
obligations
Loans
Cash
assets l
Other
securities
Total i
9,339
12,896
26,143
20,834
20,393
18,759
19,583
20,612
19,930
20,604
21,379
21,115
21,134
20,990
21,346
3,296
4,072
7,334
6,368
7,179
8,048
7,550
9,729
9,939
10,234
11,146
11,216
11.068
11,113
11,168
6,043
8,823
18,809
14,465
13,214
10,712
12,033
10,883
9,991
10,370
10,233
9,899
10,066
9.877
10,178
4,772
7,265
17,574
13,308
11,972
9,649
tO,746
8 993
8,144
8,460
8,129
7,808
7,905
7.775
8,008
2,105
2,760
5,931
4,765
5,088
4,799
5,424
5.569
5,368
5,520
5,731
5,626
5,747
5,456
5,458
569
954
1,333
1,499
1,801
1,783
1,618
2,083
2,206
2,215
2,468
2,366
2,409
2,370
2,402
1,536
1,806
4,598
3,266
3,287
3,016
3,806
3,487
3,162
3,305
3,264
3,260
3,338
3,086
3,056
1,203
1,430
4,213
2,912
2,890
2,633
3,324
2,911
2,617
2.742
2,711
2,733
2,798
2.545
2,511
333
376
385
355
397
383
482
576
545
564
552
527
540
541
545
i,446
1,566
1,489
1.545
1,739
1,932
1,850
2,034
1.913
1,898
2,196
2,029
1,884
1 .994
1,992
Reserve city m e m b e r
banks:
1939— Dec. 30 , ,
1941—Dec. 31 . . .
1945— Dec. 31
1946—Dec. 31
1947—Dec. 31
194g—Dec. 31. . ....
1949—Dec. 31
1950 —Dec. 30
1951—May 30
June 30. , . . . ,
Dec. 31
1952— Feb. 2 7 P
Mar. 26v
Anr. 3 0 P
May 2 8 P
12,272
15,347
40,108
35,351
36,040
35,332
38,301
40,685
39,709
39,991
42,694
42,355
42,435
42,463
42 ,559
5,329
7,105
8,514
10,825
13,449
14,285
14,370
17.906
18,599
18,558
19.651
19,402
19,511
19.577
19,563
6.944
8,243
31,594
24,527
22,591
21,047
23,931
22,779
21,110
21.432
23,043
22,953
22,924
22,886
22,996
5,194
6,467
29,552
22,250
20,196
18,594
20,951
19,084
17,385
17.659
19,194
19,015
18,934
18,807
18,829
1,749
1,776
2,042
2,276
2,396
2,453
2,980
3.695
3,725
3,774
3,849
3,938
3,990
4.079
4,167
6,785
8,518
11,286
11,654
13,066
13,317
12,168
13 .998
12,618
13.175
15,199
13,437
13,611
13,454
13,147
17,741
22,313
49,085
44,477
46,467
4S.943
47,559
51,437
48,732
49,874
54,466
51,818
52,328
51.900
51,593
Country member
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—£)ec- 3i
1947—Dec. 3 1 . . . . . .
1948—Dec. 31
1949—£)ec. 3i
1950—Dec. 30
1951—May 30
Tune 30
Dec. 3 1 . . . : . .
1952—Feb. 27?
Mar. 2 6 P
Apr. 3 0 P
May 2 8 P
10,224
12,518
35,002
35,412
36,324
36,726
38,219
40,558
40,643
40,448
42,444
42,675
42,714
42,844
43,016
4,768
5,890
5,596
8,004
10,199
11,945
12,692
14,988
15,810
15,858
16,296
16,380
16,536
16,746
16,893
5,456
6,628
29,407
27,408
26,125
24,782
25,527
25,570
24,833
24,590
26,148
26,295
26,178
26,098
26,123
3,159
4,377
26,999
24,572
22,857
21,278
21,862
21,377
20,547
20,247
21,587
21,738
21,590
21,463
21,478
2,297
2,250
2,408
2,836
3,268
3,504
3,665
4,193
4,286
4,343
4,561
4,557
4,588
4,635
4,645
4,848
6,402
10,632
10,151
10,778
11,196
10,314
11,571
10,584
10,779
13,292
11,539
11,535
11,398
11,159
13,762
17,415
43,418
43,066
44,443
45,102
45,534
48,897
47,804
47,877
52,288
50,673
50,611
50,607
50,465
Chicago:
1939—Dec.
1941- Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Mav
30
31 . . . .
31 . . . . . .
31.
3 1 . , ,.
31 ,
31 .
30
30
June 3 0 . . . . .
Deo.
1952—Feb.
Mar.
Apr.
May
31 . .
27P
26P
30P
28P
1,272
1,559
1,235
1,158
1,242
1,063
1,287
1 ,890
1,847
1.910
2,104
2,091
2,161
2,102
2,170
6,703
6,637
6,439
6,238
7,261
7,758
6,985
7,922
6,875
7,393
8,564
7.211
7,601
7,682
7,684
14,509
17,932
30,121
24,723
25,216
24,024
23,983
25,646
23,711
25,064
26,859
24,935
25,590
25.266
25,548
3 330
4,057
7.046
5,905
6,402
6,293
6,810
7.109
6,706
6,921
7,402
6.944
7,058
6.877
6,913
Interbank i
Demand
4,238
4,207
4,657
4,246
4,464
4,213
4,192
4,638
4,011
4,107
4,832
4,190
4,379
4,175
4,171
9,533
12,917
24,227
19,028
19,307
18,131
18.139
19,287
18,104
19,291
20,348
19,110
19,465
19.374
19,605
888
1,035
L ,312
1,153
1,217
1,064
1,191
1,228
1,038
1,040
1,307
1,162
1,275
.091
1,085
1,947
2.546
5^015
3,922
4,273
4,227
4,535
4,778
4,573
4,756
4,952
4,644
4,651
4.645
4,689
3,686
4,460
6,448
5,570
5,649
5,400
5,713
6.448
4,923
5,264
6,976
5.866
5,875
5,502
5,421
9,439
13,047
32,877
28,049
29,395
29,153
30,182
33,342
32,158
32,791
35,218
33,519
33,998
33.879
33,586
598
822
7,312
10,335
29,700
27,921
28,810
29,370
29,771
32,899
31,937
31.840
35.449
33,868
33,738
33,709
33,538
1,223
1,091
1 073
964
1,001
1 133
894
936
1,309
1,107
1,094
1,028
988
Total Number
capital
of
accounts banks
Time
736
807
1,592
1,648
2,120
2,205
2,259
2,306
2,312
2,351
2,357
2,398
2,425
2,438
2,438
2,458
2,454
36
36
37
37
37
35
25
23
22
22
22
22
22
22
22
250
288
377
404
426
444
470
490
495
501
513
510
513
520
524
14
13
12
14
14
13
13
13
13
13
13
13
13
13
13
4,616
4,806
9,760
10,858
11,423
11,391
11,664
11,647
11,651
11.819
12,272
12,433
12.455
12.519
12,586
1,828
1,967
2.566
2,728
2,844
2,928
3,087
3,322
3,379
3,431
3,521
3,546
3,565
3,606
3,625
346
351
359
355
353
335
341
336
325
324
321
320
320
320
320
5,852
6,258
12,494
14,053
14,560
14,768
14,762
14.865
14,973
15,101
15,530
15,698
15,779
15,870
15,939
1,851
1,982
2,525
2,757
2,934
3,123
3,305
3,532
3,615
3,658
3,760
3,777
3,803
3.835
3,850
5,966
6,219
6,476
6,494
6,519
6,535
6,513
6,501
6,505
6,500
6,484
6,479
6,474
6,469
6,466
,236
,449
,445
,680
,651
.722
,596
.666
,679
,635
,746
,717
1 ,772
495
476
719
829
913
1,001
1,083
,103
L,095
.126
L ,143
,138
1,132
.141
1,139
3
Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was
added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial
banks.
For other footnotes see preceding and opposite page.
792
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and date
Total
Loans
Total
Other
Cash
assets l
U. S.
Government
obliga-
Other
Total 1
Interbank^
Total Number
capital
of
accounts banks
Demand
Time
AH insured commercial
banks:
49,290
1941—Dec. 3 1 .
121,809
1945—Dec. 31
1948—Dec. 3 1 . . . . . . 112,286
118,278
1949—Dec. 31
124,822
1950—Dec. 30
124,132
1951—June 30.
130,820
Dec. 31
21,259
25,765
41,968
42,485
51,723
54,306
57,256
28,031
96,043
70,3IS
75,793
73,099
69,825
73,564
21,046
88,912
61,388
65,820
60,986
57,427
60,533
6,984
7,131
8,929
9,974
12,113
12,398
13,031
25,788
34,292
38,087
35,207
39,821
36,960
44,176
69,411
147,775
140,642
143,138
153,288
149,461
162,908
10,654
13,883
11,900
12,368
13,744
11,582
14,777
43,059
104,015
93,300
94,914
103,499
101,328
110,382
15,699
29,876
35,441
35,856
36,045
36,551
37,749
6,844
8,671
10,158
10,645
11,263
11,622
11,902
13,426
13,297
13,413
13,429
13,432
13,437
13,439
National m e m b e r
banks:
1941—Dec. 31
1945—Dec. 31 .
1948—Dec. 3 1 .
1949—Dec. 3 1 . .
1950—Dec. 30. .
1951—June 30. .
Dec. 31. .
27,571
69,312
63,845
67,943
72,090
71,014
75,255
11,725
13,925
23,752
23,853
29,184
30,479
32,317
15,845
55,387
40,093
44,090
42,906
40,534
42,938
12,039
51,250
34,852
38,161
35,587
32,965
35,063
3,806
4,137
5,241
5,930
7,320
7,569
7,875
14,977
20,114
22,974
20,995
23,763
22,198
25,951
39,458
84,939
81,407
83,113
89,281
86,589
94,173
6,786
9,229
7,842
8,278
9,133
7,625
9,788
24,350
59,486
54,020
55,034
60,251
58,715
63,477
8,322
16,224
19,545
19,801
19,897
20,248
20,908
3,640
4,644
5,657
5,920
6,313
6,504
6,653
5,117
5,017
4,991
4,975
4,958
4,946
4,939
State member banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—June 30
Dec. 31
15,950
37,871
31,771
33,585
35,334
35,550
36,992
6,295
8,850
12,308
12,378
15,521
16,386
17,243
9,654
29,021
19,463
21,207
19,813
19,163
19,748
7,500
27,089
17,301
18,722
16,778
16,143
16,558
2,155
1,933
2,161
2,484
3,035
3,020
3,191
8,145
9,731
11,228
10,322
11,762
11,046
13,301
22,259
44,730
39,955
40,772
43,808
43,149
46,843
3,739
4,411
3,799
3,819
4,315
3,722
4,637
14,495
32,334
26,862
27,594
30,055
29,963
32,491
4,025
7,986
9,295
9,359
9,438
9,464
9,715
2,246
2,945
3,144
3,254
3,381
3,483
3,565
1,502
1,867
1,927
1,917
1,915
1,913
1,901
Insured nonmember
commercial banks:
5,776
1941—Dec. 31
14,639
1945—Dec. 31
16,685
1948—Dec. 31
16,766
1949—Dec. 31
1950—Dec. 30. . . . . 17,414
17,585
1951—June 30
18,591
Dec. 31
3,241
2,992
5,911
6,258
7,023
7,446
7,701
2,535
11,647
10,774
10,508
10,391
10,139
10,890
1,509
10,584
9,246
8,947
8,632
8,330
8,923
1,025
1,063
1,528
1,561
1,759
1,810
1,967
2,668
4,448
3,887
3,892
4,299
3,718
4,926
7,702
18,119
19,296
19,269
20,216
19,741
21,912
129
244
259
272
297
235
353
4,213
12,196
12,419
12,285
13,194
12,650
14,415
3,360
5,680
6,618
6,712
6,726
6,857
7,144
959
1,083
1,358
1,473
1,570
1,637
1,686
6,810
6,416
6,498
6,540
6,562
6,581
6,602
Noninsured n o n m e m ber commercial
banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31 2
1949—Dec. 31
1950—Dec. 30
1951—June 30
Dec. 31
1,457
2,211
2,013
1,919
1,853
1,913
1,789
455
318
520
481
527
514
490
1,002
1,893
1,493
1,438
1,327
1,399
1,299
761
1,693
1,234
1,185
1,040
1,094
991
241
200
259
253
286
305
308
763
514
509
442
468
423
469
1,872
2,452
2,201
2,036
1,976
1,996
1,932
329
181
368
341
294
364
308
1,291
1,905
1,353
1,223
1,224
1,178
1,235
253
365
479
472
458
453
388
329
279
322
321
327
329
314
852
714
758
727
689
670
650
AU'nonmember commercial banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31 2
1949—Dec. 31
1950—Dec. 30
1951—June 30
Dec. 31
7,233
16,849
18,698
18,686
19,267
19,499
20,380
3,696
3,310
6,431
6,739
7,550
7,960
8,192
3,536
13,539
12,267
11,947
11,718
11,538
12,189
2,270
12,277
10,479
10,132
9,672
9,423
9,914
1,266
1,262
1,788
1,814
2,046
2,115
2,275
3,431
4,962
4,396
4,334
4,767
4,141
5,395
9,574
20,571
21,497
21,305
22,193
21,737
23,843
457
425
628
613
591
599
661
5,504
14,101
13,772
13,508
14,417
13,828
15,650
3,613
6,045
7,097
7,184
7,184
7,310
7,533
1,288
1,362
1,680
1,794
1,897
1,966
1,999
7,662
,130
7,256
7,267
7,251
7,251
7,252
Insured mutual savings
banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—June 30
Dec. 31
1,693
10,846
13,312
14,209
15,101
15,668
16,190
642
3,081
4,109
4,814
6,086
6,829
7,523
1,050
7,765
9,202
9,394
9,015
8,839
8,668
629
7,160
7,795
7,832
7,487
7,169
6,921
421
606
1,407
1,562
1,528
1,670
1,746
151
429
684
682
617
688
695
1,789
10,363
12,772
13,592
14,320
14,924
15,368
1,789
10,351
12,757
13,575
14,301
14,905
15,343
164
1,034
1,334
1,420
1,513
1,582
1,678
52
192
193
192
194
201
202
8,687
5,361
6,083
6,192
6,245
6,029
6,069
4,259
1,198
1,577
1,764
2,050
2,191
2,339
4,428
4,163
4,506
4,428
4,194
3,838
3,730
3,075
3,522
3,680
3,596
3,380
3,036
2,897
1,353
641
826
832
814
802
833
642
180
194
191
180
163
191
8,744
5,022
5,633
5,702
5,711
5,479
5,547
8,738
5,020
5,631
5,699
5,708
5,477
5,544
1,077
558
665
702
734
702
729
496
350
339
339
335
328
327
Noninsured mutual
savings banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31 2
1949—Dec. 31
1950—Dec. 30
1951—June 30
Dec. 31
For footnotes see preceding two pages.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions
in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.
JULY 1952
793
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Investments
Loans
Loans for
purchasing
Com-
Class of bank
and
call date
per
ers
All insured
commercial
banks:
1941—Dec. 31. 49 ,290
1945—Dec. 31 121 ,809
1948—Dec. 31 112 ,286
1949—Dec. 31. 118 ,278
1950—Dec. 30. 124 ,822
1951—Dec. 31. 130 ,820
21 ,259
25 ,765
41 ,968
42 ,485
51 ,723
57 ,256
9 , 214
9 , 461
18, 761
16, 935
21 776
2 5 , 744
1,450
1,314
2,775
2,963
2,823
3,321
Member banks,
total:
43 ,521
1941—Dec.
1945—Dec. 31
31' 107 ,183
1948—Dec. 31. 95 ,616
1949—Dec. 31. 101 ,528
1950—Dec. 30. 107 ,424
1951— Dec. 31. 112 .247
1952—Mar. 31. 110 ,997
18 021
22 ,775
36 ,060
36 ,230
44 ,705
49 ,561
49 ,429
8
8
17
15
20
24
24
671
949
631
857
521
347
276
1,800
1,945
1,808
2,140
2,155
12 ,896 4 ,072
26 ,143 7 ,334
18 ,759 8 ,048
19 583 7 ,550
20 ,612 9 ,729
21 .379 11 ,146
20 ,892 10 ,940
2
3
5
4
6
7
7
807
044
642
792
328
8S?
914
2,453 1 ,172
225
*3 1,102
1,410 219
1,421 285
1 219 262
1
1
1
1
1
732
760
412
211
567
977
927
6
2
4
7
9
16
12
New York City:*
1941—£>ec< 3i m
1945—Dec. 31.
1948—Dec. 31.
1949—£)ec# 31.
1950—Dec. 30.
1951 —Dec. 31 .
1952—Mar. 31.
L S. Government obligations
meror carrying
Total
cial,
loans
in- Agri- securities
Real Conand
culesOther Total
invest- TotaP eluding
To
tate sumer
ments
turopenoans loans
>rokloans
Total
al
marTo
ers othket
Bills
and
padeal- ers
662
594
598
972
855 3,133 3 ,378
1,324 834
758
1,737
1,770 927
1,551 851
837
1,202
8
Chicago:2
1941—Dec# 3i t
1945—Dec, 31.
1948—Dec. 31.
1949—Dec. 31.
1950—Dec. 30.
1951—Dec. 3 1 .
1952—Mar. 31.
2 ,760
5 ,931
4 ,799
5 ,424
5 ,569
5 ,731
5 ,224
Reserve city
banks:
1941—Dec. 31.
1945—Dec. 31.
1948—Dec. 31
1949—Dec. 31.
1950 —Dec. 30.
1951—Dec. 3 1 .
1952—Mar. 31.
15 ,347
40 .108
35 ,332
38 ,301
40 ,685
42 ,694
42 ,242
7 ,105 3 456
8 ,514 3 661
14 ,285 7 282
14 ,370 6 704
17 ,906 8 ,646
19 ,651 10 140
19 ,555 10 ,021
300
205
437
457
392
513
487
Country banks:
1941—Dec. 31.
1945—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.
1050—Dec. 30.
1951—Dec. 31.
1952—Mar. 31.
12 ,518
35 ,002
36 ,726
38 ,219
40 ,558
42 ,444
42 ,638
5 ,890
5 ,596
11 ,945
12 ,692
14 ,988
16 ,296
16 ,531
1 ,676
1 ,484
3 ,296
3 ,150
3 ,980
4 ,377
4 ,414
659
648
Insured n o n m e m b e r commercial b a n k s :
1941—Dec. 31.
1945—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.
1950—Dec. 30.
1951—Dec. 31.
5 ,776
14 ,639
16 ,685
16 ,766
17 ,414
18 ,591
3 ,241
2 ,992
5 ,911
6 ,258
7 .023
7 ,701
954
1 ,333
1 ,783
1 ,618
2 ,083
2 ,468
2 ,403
614
4 , 773
4 , i 45
2 , 191
2 , 992
3 , 124
2 8 , 031
96 043
7 0 , 318
7 5 , 793
3,955 73 099
4 , 282 73 564
2 1 , 046
88 912
6 1 , 388
6 5 , 820
60 986
60 533
92
1, 977
2 , 658
2 , 809
3 , 585
3 , 863
4 , 060
25,
84
59
65
62
62
61
500
408
556
297
719
687
568
19
78
52
56
52
51
50
5 54
509
76
313
636
377
621
850
540
520
950
518 1, 013
8
18
10
12
10
10
9
823 7 265
311
809 17 574
477
712 9 649
589
033 10 746
720
824
883 8 993
233 8 129 1 ,122
953 7 741
927
3,164 3 ,606 4 , 677 [ 351
1,336 939 10, 666 907
1.749 855 1 1 , 405 > 002
1,789 ,036 13 389 7 628
1,571 960 14, 450 7 742
412
3,
3
8
8
10
11
11
169
494
455
244
834
522
334
405
954
243
123
80
224
256
442
514
472
48
211
71
109
110
94
73
52
233
63
56
69
63
80
22
36
51
51
65
70
70
114
194
427 1 ,503
360
130
183
309
207
386
347
203
333
149
1
1
3
3
4
4
4
527
459
503
742
423
651
679
I
3
4
6
6
6
3,(
027
933
776
167
195
236
96
1 806
65 4 598
26
115
88 3 016
115
91 3 806
147
147 3 487
117
172 3 264
109
177 2 821
1
4
2
3
2
2
2
539
338
154
883
365
621
174
988
3 , 159
2 ,455 19 071 16, 045
2 ,821 10 065 3 , 394
3 ,692 12 479 5 , 810
4 ,118 1 932 16, 756
7 ,219 7 526 1 1 , 256
256
133
183
331
232
334
87
1 ,467
275
690
131
332
207
6 ,982
3 ,201
4 ,180
499
2 ,493
2 .550
6 467
29 ,552
18 594
20 951
19 084
19 194
18 692
295
1 ,034
1 ,056
1 ,189
1 ,218
2 ,524
\2 ,023
578
817
884
1 054
1 163
1 190
6 628
29 ,407
24 ,781
25 ,527
25 ,570
26 ,148
26 ,108
4 ,377
26 ,999
21 ,278
21 ,862
21 ,377
21 .587
21 ,465
110
630
760
1 ,148
1 ,390
2 ,418
2 ,078
1 ,282
8 54
2 ,535 1 ,509
1 ,224
323
214 11 ,647 10 ,584
2 ,426
975
334 10 ,774 9 ,246
2 ,575 1 ,225
315 10 ,508 8 ,947
2 ,872 1 ,461
370 10 ,391 8 .632
419 10 ,890 8 ,923
3 ,121 1 ,546
17
180
234
303
453
820
1,356
1,480
1,407
1,610
1,655
20
42
21
36
33
35
25
1,«
183 1 ,823
471 1 ,881
492
187 4 ,467 1 ,895
173 4 ,784 2 ,320
187 5 ,591 2 ,913
178 6 ,099 3 ,046
181 6 ,184 3 ,102
543
478
512
459
1 ,131
975
1 ,078 1,018
1 ,255 1,015
1 ,397 1,181
20
31
12
12
18
20
64
228
105
97
100
109
30
3 433
1 183
1 785
250
616
671
430
213
633
324
911
711
276
8 243
31 594
21 047
23 931
22 ,779
23 ,043
22 687
1
1
1
1
1
12, 797 4,102 3 651 3,333
22 3 873 3,258
5 1 , 321
4 5 , 100
8 5 509 3,420
4 3 . 833
6 6 400 3,574
3 8 , 168
11 7 933 4,179
3 4 , 511
21 8 989 4,042
971
3 , 007 1 1 , 729 3,832 3 090 2,871
2 ,275 16 985 14 271 4 4 , 792
16 3 254 2,815
2 ,588 7 999 2 , 800 3 8 , 761
5 4 480 2,922
3 ,389 10 409 5 , 085 3 7 , 996
4 5 274 3,140
3 ,665 1 468 14 054 3 3 , 170
8 6 640 3,714
6 ,399 6 010 9 596 2 9 , 601
15 7 528 3,538
5 ,115 6 125 9 499 2 9 , 421
14 7 960 3,434
826
118
212
534
578
680
1,512
433
1 ,609
1 ,965
2 ,567
2 ,512
2 ,507
Obligations
of
States Other
and
secuCertifiGuar- polit- rities
cates
an- ical
of in- Notes Bonds teed subdebtdiviedness
sions
Direct
1 623 3 , 652 1,679
729
1
606
3 325 10, 337
365 7 , 512
563
835 7 . 405
752
1 711 6 , 206
2 1 123
1 428 4 , 960
2 1 385
1 411 4 , 733
1 S17
153
749
217
358
700
520
497
5
1
2
5
3
3
751
653
090
124
536
640
594
903
864
11 958
945
11 847
526
485
119
182
181
210
290
335
351
356
830
629
500
535
767
719
695
193
204
174
192
242
201
189
4 , 248 1,173
956
820
c 1 ,126
1 5 , 878
916
1 3 , 247
1 1 ,421 1,032
1 3 , 457 . . . . . 1 ,727 1,254
2 ,184 1,511
11 ,830
8 2 ,458 1 ,390
10 528
10 515
10 2 ,670 1.325
481 2 , 926
5 ,102 4 ,544 16 713
3 ,340 1 128 16, 046
3 ,753 1 768 15 189
588 6 107 13 287
2 .568 4 008 12 587
2 ,697 3 997 12 688
222
861
c, 1 ,342
4 2 ,286
4 2 ,505
c 2 ,998
c 3 ,334
4 3 ,417
152
2 ,087 1 ,774
594
2 ,066
2 ,071
725
465 2 ,702
1 ,516 1 ,660
271
6
1
6
6
5
5
4
069
538
349
846
008
921
563
619
1 ,030
1 ,127
1 ,294
6 1 ,462
1 028
1,067
1,217
1,160
1,194
1,227
1,226
462
443
498
434
465
505
* 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 Ioan3 continue to be shown net.
For other footnotes see opposite page.
794
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Class of bank
and
call date
Reserves
with
Federal
Reserve
Banks
Cash
in
vault
BalDeances mand
with
dedoposits
mestic3 adbanks justed *
Inter bank
depc>sits
ForDomestic8 eign
Certified
U. S. States
and
and
Gov- political offiern- subdi- cers'
ment visions checks,
etc.
411 insured c o m mercial b a n k s :
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1948—Dec. 31. .
1949—Dec. 3 1 . .
1950—Dec. 3 0 . .
1951—Dec. 3 1 . .
12,396
15,810
20,404
16,428
17,458
19,911
673 1,761
1,358 8,570 37,845 9,823
1,829 11,075 74,722 12,566 1,248 23,740
1,939 8,947 84,211 10,344 1,488 2,323
1,984
9,466 84,576 10,885 1,315 3,050
2,145 10,463 91,099 11,955 1,442 2,788
2,665 11,561 97,048 12,969 1,381 3,344
Member banks,
total:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 30..
1951—Dec. 31. .
1952—Mar. 31. .
12,396
15,811
20,406
16,429
17,459
19,912
19,586
1.087
1,438
1,486
1,521
1,643
2,062
1,772
6,246
7,117
5,674
6,194
6,868
7,463
6,372
33,754
64,184
72,152
72,658
78,370
83,100
78,753
9,714
12,333
10,098
10,623
11,669
12,634
10,841
New York City: 2
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 30..
1951—Dec. 3 1 . .
1952—Mar. 31. .
5,105
4,015
5,643
4,462
4,693
5.246
5,349
93
111
117
112
118
159
137
141
78
67
68
78
79
264
10,761
15,065
15,773
15,182
15,898
16,439
15,931
3.595
3,535
2,904
2,996
3,207
3,385
2,943
1,021
1,325
1,183
1,216
1,407
1,153
43
36
28
27
30
32
27
298
200
143
159
133
165
22
2,215
3,153
3,604
3,797
3,954
4,121
2,757
L,027
1,292
1,038
1,151
1,177
1,269
L, 454
Reserve city banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 3 0 . .
1951—Dec. 3 1 . .
1952—Mar. 31. .
4,060
6,326
7,701
6,413
6,806
7,582
7,664
425
494
483
482
519
639
553
2,590
2,174
1,845
1,965
2,206
2,356
2,078
11,117
22,372
25,072
25,744
27,938
29,489
28,651
4,302
6,307
5,213
5,498
6,174
6,695
5,396
Country banks:
1941—Dec. 31. .
1945—Dec. 31.
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 30. .
1951—Dec. 3 1 . .
1952—Mar. 31. .
526
2,210
796
4,527
858
5,736
901
4,371
976
4,745
5,676 1,231
5,420 1,054
3,216
4,665
3,619
4,002
4,450
4,862
4,007
9,661
23,595
27,703
27,935
30,581
33,051
31,413
1.111
1,285
1,048
2
8
8
9
10
11
13
Insured n o n member commercial b a n k s :
1941—Dec. 31. .
1945—Dec. 3 1 . .
1948—Dec. 31
1949—Dec 31
1950—Dec. 30
1951—Dec 31
271
391
453
463
503
603
2,325
3,959
3,273
3,273
3,596
4,099
4,092
10,537
12,059
11,918
12,729
13,948
108
233
246
261
286
335
2
5
8
6
5
12
Chicago:1
1941—Dec.
1945—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Mar.
31 .
31.
31. .
31..
30.
31..
31. .
942
790
1,199
943
979
671
Time deposits
3,677
5,098
7,182
7,419
7,892
8,288
1,077
2,585
2,113
2,338
2,898
3,147
36,544
72,593
81,682
82,106
89,922
95,604
158
70
69
169
347
427
59
103
117
182
189
278
1,009
2,450
1,962
2,185
2,724
2,961
2,219
33,061
62,950
70,947
71,589
78,659
83,240
77,007
140
64
63
164
341
422
446
50
99
111
175
183
257
272
11,282
15,712
16,695
16,408
1,087 17,490
1,289 17,880
835 17,033
6
17
31
113
268
318
334
10
14
38
37
43
48
1,243
1,480
1,310
1,437
1,369
1,308
1,709
22,179
2,122
2,838
2,523
3,101
5,409
3,066
4,240
5,850
6,017
6,400
6,666
6,816
607
866
319
237
241
196
258
321
312
1,105 6,940
445
1,278
640
1,084
451
1,162
858
1.128
1,072 1,583
U. S.
IndiGov- States
viduals,
ernand
partner- Inter- ment
politships,
and
ical
and cor bank Postal
subdiporaSavvisions
tions
ings
450
1,338
750
895
492
496
IndiCapividuals, Bortal
partner- rowacships, ings counts
and corporations
15,146
29,277
34,244
34,442
34,525
35,986
10
215
54
14
82
30
6,844
8,671
10,158
10,645
11,263
11,902
1,051
1.121
1,238
1,291
11.878
23,712
27,801
27,934
28,032
29,128
29,556
4
208
45
11
79
26
299
5,886
7,589
8,801
9,174
9,695
10,218
10,385
29
20
20
24
37
22
26
1,206
1,646
1,590
1,647
1,614
1,666
1,080
1,232
1,331
1,485
418
399
927
778
1,648
2,120
2,306
2,312
70 2,351
5 2,425
1 2,443
195
25
188
258
174
242
455
233
237
284
286
284
240
252
34
66
53
60
70
66
89
2,152
3,160
3,702
3,932
4,250
4,404
2,779
i
3
1
5
4
3
5
4
11
10
10
11
11
54
491
110 8.221
168
801
176 1,142
217
976
192 1,124
188 2,074
1,144
1,763
2,401
2,478
2,575
2,550
2,586
286
611
649
650
852
822
646
11,127
22,281
25,302
25.912
28.938
30,722
28,834
104
30
19
38
57
90
94
20
38
46
60
60
85
86
243
160
547
617
631
714
752
4,542
9,563
10,798
10,987
10,956
11,473
11,634
1,370
2,004
2,925
3,058
3,282
3.554
3,666
239
435
510
579
715
783
650
8,500
21,797
25,248
25,337
27,980
30,234
28,360
30
17
13
13
12
13
13
31
52
49
73
82
125
134
146
219
350
400
443
491
503
6,082
12,224
14,369
14,289
14,339
14,914
15,157
4
11
12
11
9
16
61
1,982
2,525
3,123
3,305
3,532
3,760
3,836
611
858
68
135
151
153
174
186
3,483
9,643
10,736
10,517
11,262
12,364
18
6
6
5
6
5
8
4
6
6
6
22
74
97
153
182
210
247
3,276
5,579
6,459
6,524
6,510
6,876
6
7
8
3
3
4
1,083
1,358
1,473
1,570
1,686
8
20
26
40
48
38
35
127
1,552
225
5,465
688
797
922
876
1,297
53
1,560
201
213
265
243
1,332
1,402
1,492
1,622
476
719
989
1,069
1,089
1,128
1,099 ' "*79
288
377
444
470
490
513
516
1,967
2,566
2,928
3,087
3,322
4 3,521
158 3,590
2
8
959
2
3
Central reserve city banks.
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942. aggregated 513 million dollars at all member banks and
525 million
at all insured commercial banks.
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.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
JULY
1952
795
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans 1
Investments
For purchasing
or carrying securities
Date or month
Total
loans
and
investments Total
Commercial,
industrial,
and
agricultural
To brokers
and dealers
To others
U. S. Government obligations
Real Loans Other
estate
to
loans banks loans
Total
U.S.
U. S.
Govt. Other Sovt. Other
obobliga- curi- ligaties tions ties
tions
Total
Bills
Certificates
of indebtedness
8
Other
securities
Notes Bonds
TotalLeading Cities
1951—May
69,589
32,584
19,152
245 1,097
123
607 5,452
1952—March. . .
April
May
73,678
73,109
73,402
34,807
34,743
34,741
21,305
20,988
20,649
207
940
,111
1,161
102
104
93
559 5,646
565 5,669
567 5,682
582 6,013 38,871 31.873 3,988 3,696 5,939 18,250 6,998
466 6,031 38.366 31 ,217 3,457 3,623 .,899 18,238 7,149
'
457 6,115 38,661 31,520 3,454 3,724 .,900 18,442 7,141
Apr. 2. . 73,111
Apr. 9. . 72,917
Apr. 16. . 73,108
Apr. 23. . 73,076
Apr. 30. . 73,333
34,795
34,724
34,679
34,746
34,770
21,172
21,049
21,051
20,872
20,796
206 1,072
264 1,062
104
312
474 ,160
537 ,158
116
103
103
102
93
561
560
567
568
567
5,657
5,658
5,677
5,679
5,674
540
550
399
404
438
6,021 38,316
6,027 38,193
6,015 38,429
6,036 38,330
6,056 38,563
31,163
31,006
31,244
31,216
31,456
3,415
3,289
3,523
3,435
3,624
3,611
3,567
3,611
3,640
3,684
5,917
5,910
5,896
5,900
5,874
18,220 7 153
18,240 7 187
18,214
185
18,241 7,114
18,274 7,107
May 7. .
May 14. .
May 21. .
May 28. .
73,168
73,230
73,365
73,846
34,659
34,745
34,696
34,863
20,723
20,707
20,636
20,530
110
597
559
128
455 1,176
654 1,231
91
93
94
93
568
568
568
566
5,675
5,684
5,678
5,690
380
480
504
463
6,064 38,509
6,075 38,485
6,135 38,669
6,187 38,983
31,389
31,397
31,577
31,719
3,416
3,385
3,473
3,544
3,733
3,711
3,725
3,728
5,904
5,912
5,927
5,923
18,336 7 ,120
18,389 7,088
18,452 7,092
18,,524 7,264
June 4. .
June 1 1 . .
June 18. .
June 25. .
73,725 34,634
73,956 34,679
75,000 35,257
75,413 35,565
20,424
20,518
20,776
20,784
1,272
533 ,176
559 1,218
723 1,298
93
92
102
103
382 6,195 39,091 31,903
420 6,236 39,277 32,060
618 6,281 39.743 32,407
6,305 39, J 32,488
3,681
3,856
4,020
4,057
3,695
3,692
3,706
3,664
5,943
5,948
5,937
5,941
18,584
18,564
18,744
18,826
562 5,686
559 5,696
552 5,703
5,722
5,934 37,005 30,485
1,764
8,124 20,597 6,520
7,188
7,217
7,336
7,360
New York City
1951—May
19,865
9,944
6,727
185
837
1,333 9,921
8,083
493
1,682 5,908 1,838
1952—March. . .
April
May
Apr. 2. .
Apr. 9. .
Apr. 16. .
Apr. 23. .
Apr. 30. .
20,986
20,644
20,765
11,137
11,028
11,020
7,932
7,709
7,554
174
289
428
739
888
930
215
215
212
470
464
445
428
294
272
,329 9,849
.319 9.616
,335 9,745
7,752
7,468
7,665
1,077
867
945
646 1,364 4,665 2,097
630 1,365 4,606 2,148
656 1,366 4, 698 2 ,080
20,805
20,635
20,499
20,522
20,761
11,127
10,996
10,933
11,039
11,046
7,815
7,744
7,745
7,631
7,612
181
204
249
370
443
861
856
888
924
912
214
215
216
215
213
469
470
465
462
453
419
343
197
267
243
,317
,312
,322
320
,325
9,678
9,639
9,566
9,483
9,715
7,493
7,454
7,380
7,389
7,626
884
842
803
796
1,010
633
634
632
620
631
May 7 . .
May 14. .
May 2 1 . .
May 28. .
20,623
20,642
20,678
21,119
10,981
11,017
10,977
11,106
7,508
429
404
351
529
890
910
939
979
213
214
213
209
450
449
441
440
238
301
300
250
1,325 9,642
1,323 9,625
1,344 9,701
1,348 10,013
7.571
7,576
7,660
7,856
862
887
950
1,083
688 1,368 4,653 2,071
660
,371 4,658 2,049
648
,370 4,692 2,041
629
,374 4,770 2,157
June 4. .
June 1 1 . .
June 18. .
June 25. .
20,949
20,960
21,322
21,591
10,969
10,961
11,198
11,376
7,474
7,510
7,662
7,670
439 1,011
404 950
983
438
536 1,043
209
208
199
205
431
432
428
425
225 1,338 9,980
276 1,339 9,999
295 1,347 10,124
303 1,348 10,215
7,892
7,891
7,941
8,033
1,054
1,038
1,075
1,140
621
638
632
632
49,724
22,640
12,425
60
260
4,986
4,601 27,084 22,402
201
223
231
344 5,176
350 5,205
355 5,237
154 4,684 29,022 24,121
172 4,712 28,750 23,749
185 4,780 28,916 23,85=
466
1,356
1,368
1,367
1,374
1,363
4,620
4,610
4,578
4,599
4,622
2,185
2 ,185
2,186
2,094
2,089
,377
840 2,088
,371 4,844 2,108
,352 4,882 2,183
,355 4,906 2,182
Outside
New York City
1951—May
8
6,442 14,689 4,682
52,692
52,465
52,637
23,670
23.715
23,721
13,373
13,279
13,095
Apr. 2.
Apr. 9.
Apr. 16.
Apr. 23.
Apr. 30.
52,306
52,282
52,609
52,554
52,572
23,668
23,728
23,746
23,707
23,724
13,357
13,305
13,306
13,241
13,184
25
60
63
104
94
211
206
216
236
246
347
345
351
353
354
5,188
5,188
5,212
5,217
5.221
121
207
202
137
195
4,704 28,638
4,715 28,554
4,693 28,863
4,716 28,847
4,731 28,848
23,670
23,552
23,864
23,827
23,830
2,531 2,978 4,561
2,447 2,933 4,542
2,720 2,979 4,529
2,639 3,020 4,526
2,614 3,053 4,511
13,600 4,968
13,630 5,002
13,636 4,999
13,642 5,020
13,652 5,018
May 7.
May 14.
May 21.
May 28.
52,545
52,588
52,687
52,727
23,678
23,728
23,719
23,757
13,130
13,136
13,092
13,022
168
155
104
12
220
218
237
252
355
354
355
35
5,225
5,235
5,237
5,250
142
179
204
213
4,739
4,752
4,791
4,839
23,818
23,821
23,917
23,;
2,554 3,04 =
2,498 3,051
2,523 3,077
2,461 3,099
4,536
4,541
4,557
4,549
13,683
13,731
13,760
13,754
June 4.
June 11.
June 18.
June 25.
52,776
52,996
53,678
53,822
23,665
23,718
24,059
24,189
12,950
13,008
13,114
13,114
132
129
121
187
261
226
235
255
353
351
353
349
5,255
5,264
5,275
5,297
157 4,857 29,111 24,011
144 4,897 29.278 24,169
323
,619 24,466
324 4,957 29,633 24,455
2,627
2,81?
2,94.'
2,917
4,566
4,577
4,585
4,586
13,744 5,100
13,720 5,109
13,862 5,153
13,920 5,178
1952—March. . .
April
May
1
1,271
2,911 3,050 4,575 13,585 4,901
2,590 2,993 4,534 13,632 5,001
2 ,509 3,068 4,534 13,744 5,061
33
69
138
28,867
28,860
28,968
28,970
3,074
3,054
3,074
3,032
5,049
5,039
5,051
5,107
Figures for various loan items are shown gross (i. c , before deduction of valuation reserves); they do not add to the total, which is shown net.
Includes guaranteed obligations.
796
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]
Time deposits,
except interbank
Demand deposits,
except interbank
Date or mont
Reserves
BalDewith Cash ances mand
with
deFedin
posits
eral vault
domestic adRebanks justed*
serve
Banks
Individuals,
partnerships,
and
corporations
States Certiand
fied
politand
ical
Offisubcers'
divi- checks,
sions
etc.
Interbank
deposits
IndividU. S.
Demand
uals, States
Govand
ernU. S. part- politnerGovical ment
ships, suband
ernDoment and
Fordivi- Postal
corSavmeseign
pora- sions ings
tic
tions
Bor- Capital
rowacings counts
Time
Bank
deb-4
its
Total—
Leading Cities
1951—May
13,864
832 2,223 49,797 50,304 3,801
1,300
130 8,931
1,344
1952-March...
April
May. . . .
14,899
14,646
14,767
873 2,557 52,733 !3,695 3,452
855 2.409 51,723 S2.494 3,761
891 2,317 12,218 52,737 3,954
1,506 2,921 15,385
1.596 3,245 15,414
1,571 2,998 15,501
757
765
775
170 10,274
170 9.838
174 9,552
,229
,246
,242
415
423
426
14,475
14,401
14,918
14,701
14,735
819
875
866
873
845
2,652
2,356
2,501
2,254
2,281
51,162
51,176
51,823
52,153
52,303
3,710
3,589
3,671
3,767
4,070
1,533
1,418
1,514
1,860
1,656
3,666
3,345
3,137
2,893
3,184
15,385
15,405
15,413
15,421
15,444
764
766
765
763
767
169
170
172
171
172
10,380
10,005
10,136
9,337
9,334
,232
,263
,241
,249
,243
430 464 6,935
425
568 6,942
420
848 6,939
417 1,059 6,947
421
869 6,975
May 7 . . . 14,784
May 14... 14,709
May 2 1 . . . 14,952
May 2 8 . . . 14,624
850
910
864
940
2,245
2,437
2,291
2,296
51,887 51,798 4,014
51,955 53,222 3,910
52,170 52,775 3,871
52,863 53,152 4,021
1,432
1,365
1,755
1,735
2,705
2,928
3,441
2,917
15,472
15,470
15,508
15,554
763
779
777
780
173
171
175
175
9,708
9,901
9,421
9,179
1,221
1,203
1,265
1,281
423
425
June 4 . . .
June 1 1 . . .
June 1 8 . . .
June 2 5 . . .
937
990
942
977
2,304
2,363
2,532
2,350
52,516
53,202
53,924
52,870
1,516
1,372
2,044
1 ,984
2,691
2,258
3,202
4,429
15,583
15,608
15,634
15,681
774
770
770
762
174
176
175
178
9,624
9,770
10,262
9,641
1,277
1,245
1,243
1,265
1,084 7,017 24,595
454 1,051 7,015 25,693
457 1,056 7,013 33,114
454
711 7,021 29,379
Apr. 2 . . .
Apr. 9 . . .
Apr. 1 6 . . .
Apr. 2 3 . . .
Apr. 3 0 . . .
14,691
14,691
15,809
14,806
51,729
1,602
53,561
2,664
52,913
14,483
640 6,623 110,650
681 6,908 124,758
762 6,948 119,934
991 6,996 121,315
1,210
949
792
1,014
6,997
6,991
6,990
7,005
30,682
25,747
27,364
28,325
28,271
28,224
26,121
29,688
27,444
53,227
54,368
55,334
53,285
3,809
3,600
3,570
3,812
581
1,476
2,704
1,111
261
317 2,330 42,272
238
323
352
704 1,080
796 1,018
825 1,065
1,556
1,556
1,579
1,023
1,030
2,776 1,033
315
319
320
203 2,394 50.213
315 2,403 49,745
372 2,411 49,830
16,686
16,266
16,797
16,779
16,982
302
317
299
312
385
675 1,235
663 1,042
712
943
1,075
871
853 1,001
1,571
1,553
1,548
1,545
1,565
2,997
2,940
2,925
2,734
2,803
1,011
1,050
1,023
1,033
1,031
326
321
317
314
316
69
241
483
434
350
2,400
2,401
2,402
2,402
2,411
12,637
10,745
11,313
11,804
11,671
26 15,910 16,422
35 15,874 16,749
38 16,048 16,809
16,411 17,077
373
330
303
403
904
689
606 1,126
1.027 1,229
979 1,000
,556
,560
,579
,619
2,795 1,005
2,819
995
2,747 1,055
2,741 1,076
317
317
319
329
536
337
214
400
2,412
2,412
2,413
2,407
11,813
10,425
11,913
11,476
16,240
16,409
16,996
16,370
289
265
234
250
938
733
615
743
1,131
808
1,127 1,507
,604
,615
,630
,639
2,753
2,760
3,037
2,871
1,062
1,028
1,021
1,046
334
342
344
341
600 2,411
464
535
285 2,404
10,507
10,389
14,314
12,282
New York City
1951—May
4,949
127
31
1952—March
April
May
Apr.
2 ...
Apr. 9 . . .
Apr. 1 6 . . .
Apr. 2 3 . . .
Apr. 3 0 . . .
5,389
5,209
5,358
133
131
142
48 16,286 17,119
64 15,875 16,702
33 16,060 16,764
5,032
4,999
5,380
5,333
5,300
127
137
131
132
127
May 7 . . .
May 14...
May 2 1 . . .
May 2 8 . . .
5,318
5,314
5,453
5,347
132
139
129
166
June 4 . . .
Tune 1 1 . . .
June 1 8 . . .
June 2 5 . . .
5,425
5,218
5,923
5,330
193
212
184
197
197
27
34
31
32
15,903
15,605
15,743
16,032
16,090
16,974
17,268
17,937
17,071
Outside
New York City
1951—May
8,915
2,192 34,362 34,088 3,508
1952—March
April
May
9,510
9,43
9,409
740 2, 509 36,447 36,576 3,214
724 2,345 35,848 35,792 3,438
749 2,284 36,158 35,973 3,602
Apr. 2 . . .
Apr. 9 . . .
Apr. 1 6 . . .
Apr. 2 3 . . .
Apr. 3 0 . . .
9,443
9,402
9,538
9,368
9,435
692
738
735
741
718
2,455
2,329
2,467
2,223
35,
,043
35,571 35,336
36,080 36,764
36,121 35,885
2,249 36,213 35,931
3,408
3,272
3,372
3,455
3,685
858
755
802
785
803
2,431
2,303
2,194
2,022
2,183
May 7 . . .
May 14...
May 2 1 . . .
May 2 8 . . .
9,466
9,395
9,499
9,277
718
771
73 <
774
2,219
2,402
2,253
2,264
35,977
36,081
36,122
36,452
35,376
36,473
35,966
36,075
3,641
3,580
3,568
3,618
743
759
728
756
June 4 . . .
Tune 1 1 . . .
Tune 1 8 . . .
June 2 5 . . .
9,266
9,473
9,886
9,476
744
778
758
780
2,271
2,334
2,497
2,314
36,276 36,253
36,793 37,10C
36,928 37,397
36,500 36,214
3.52C
3,335
3,336
3 ,562
783
757
913
857
6,227
233
730
739
750
122
121
125
7,278
6,958
6,776
206
216
209
100
104
106
478 4,514 74,545
447 4,545 70,189
619 4,585 71,485
13,814
13,852
13,865
13,876
13,879
737
739
737
739
743
121
121
123
122
123
7,383
7,065
7,211
6,603
6,531
221
213
218
216
212
104
104
103
103
105
395
327
365
625
519
4,535
4,541
4,537
4,545
4,564
18,045
15,002
16,051
16,521
16,600
1,801
1,802
2,212
1,917
13,916
13,910
13,929
13,935
738
754
752
755
124
122
126
126
6,913
7,082
6,674
6,438
216
208
210
205
104
106
106
106
674
612
578
614
4,585
4,579
4,577
4,598
16,411
15,696
17,775
15,968
1,753
1,515
2,394
2,922
13,979
13,993
14,004
14,042
749
748
748
74C
124 7,010
123 7,225
125 6,770
6,871
215
217
222
219
108
112
113
113
484
587
521
426
4,606
4,606
4,608
4,617
14,088
15,304
18,800
17,097
2,367
13,007
802 1,841 13,829
800 2,227 13,858
746 1,933 13,922
323 4,293 68,378
3
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised
basiss, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.
4
JULY 1952
797
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY AND PURPOSE'
[Net declines, (—). In millions of dollars]
Business of borrower
3
Purpose of loan
Manufacturing and mining
Period *
Food,
liquor,
and
tobacco
Metals
and
Petrometal
Textiles, products leum,
coal,
apparel
(incl. chemical
and
machinand
leather ery and
rubber
trans.
equip.)
Other
Trade
(wholesale
and
retail)
Commodity
dealers
Comm'l,
ind'l,
and
Net
agr'l
changes
classi- changetotal <
fied
Public
utilities
(incl.
transportation)
Construction
and
other
175
351
52
-61
186
2,769
-2
-10
-546
54
3
35
70
55
-70
19
59
-7
-12
26
49
205
-499
—223
249
214
18
-9
-517
205
-499
207
-568
—266
254
-18
-13
41
-29
38
-154
-113
-26
-116
-109
-173
-126
15
-144
-71
-192
-123
2
-179
-76
Sales
finance
companies
Defense
Net
dechanges and
fenseclassisupfied
porting
Nondefense
1951—April-June..
July-Dec...
-243
932
116
-361
275
873
48
125
60
141
62
16
-421
722
63
30
1952—Jan.-June...
-868
-73
1,111
176
76
-105
-634
-217
Monthly:
1952—March
April
Jvlay
June
-191
-295
—116
-35
8
-35
— 57
2
288
41
29
93
49
-26
—34
44
33
5
""i6"
36
20
—7
5
-119
-131
— 118
-53
Week ending:
Apr. 2 . . . .
Apr. 9 . . . .
Apr. 1 6 . . . .
Apr. 2 3 . . . .
Apr. 3 0 . . . .
-96
-23
-60
-53
-64
1
3
5
-13
57
-4
-4
-27
7
15
-32
12
6
-10
19
-4
-7
-6
-2
21
-1
8
-23
-29
-44
-10
-25
7
-37
21
5
6
-43
-15
-4
-15
8
2
-7
-5
-13
12
-173
-126
15
-144
-71
May 7 . . . .
May 14
May 2 1 . . . .
May 2 8 . . . .
-31
—28
-44
-13
10
10
13
-4
-4
11
6
-46
2
2
-1
-3
7
-4
-17
-42
-23
-28
-26
11
— 12
15
21
-23
15
10
17
4
5
4
14
-69
—20
-53
-81
-73
-16
-71
-106
June 4 . . . .
June 11
June 18'.'.'.!
June 2 5 . . . .
-37
—7
24
-14
-32
62
53
10
-8
16
43
—7
-16
17
17
-1
-11
12
9
-5
-27
— 12
-12
2
15
— 19
57
17
-13
15
43
13
18
10
13
9
-108
90
251
17
-106
94
258
8
A
-18
-17
-3
—7
-24
-23
4
—3
5
o
399
1,131
-56
1,641
343
2,773
18
2,372
808
1
Sample includes about 220 weekly reporting member banks reporting changes in their larger loans as to industry and purpose; these banks
hold nearly 95 per cent of total commercial and industrial loans of all weekly reporting member banks and about 70 per cent of those of all commercial banks. During April and M a y 1951 the coverage was smaller, and some banks were classifying only the new loans, and not repayments, as
to purpose.
2
Monthly, quarterly, and semiannual figures are based on weekly changes during period.
3 Purpose classification of loans discontinued after April 30, 1952.
4
Net change at all banks in weekly reporting series.
OUTSTANDING
COMMITMENTS
OF LIFE INSURANCE COMPANIES TO ACQUIRE
FOR DEFENSE AND NONDEFENSE PURPOSES *
LOANS
AND
INVESTMENTS
[In millions of dollars]
Defense and defense-supporting
Nondefense
To others, orI real estate mortgages
End of month
Total
Total
Public
utility
Railroad
Other
business
and
industry
Total
To
business
and
industry
Farm
Total
1951—April 2
May 22
July 2 2
August . .
September
October...
November
December.
1,687
1,677
1,760
1,757
1,642
1,706
1,867
2,112
2,019
383
450
446
450
409
407
395
353
310
300
298
309
297
286
236
204
192
170
1,005
4,331
4,197
4,055
3,749
3,928
4,037
4,394
4,175
1,063
1,268
1,567
1,539
2,709
2,564
2,362
2,221
2,053
2,163
2,119
2,238
2,111
1952—January. .
February.
March. . .
April
4,144
4,101
4,090
4,158
1,983
2,111
2,211
2,181
302
419
508
512
137
158
144
158
1 ,544
1,534
1,559
1,511
2,114
1,937
1,842
1,946
June
....
4,504
928
1,005
1,011
947
963
937
831
752
744
918
945
955
1,007
1,053
969
901
980
State,
county,
and municipal
Nonfarm residential
VA
guaranteed
FHA
insured
Conventional
649
619
594
566
509
490
452
437
417
349
343
322
340
317
307
310
473
311
108
91
76
77
54
59
51
44
44
409
346
332
352
295
298
315
329
46
54
37
99
88
83
80
80
83
96
98
107
1,648
1,539
1,447
1,390
1,229
1,162
1,078
1,186
997
650
577
531
484
402
365
316
276
270
99
102
88
85
962
866
852
881
257
222
205
200
31
1
With suspension of the Voluntary Credit Restraint Program, coverage and classification of these data are being revised. Pending such
revision,
publication of the series is temporarily discontinued.
2
Excludes business mortgage loans ot less than $100,000 each and foreign investments, which were not reported until September.
NOTE.—Data for 45 companies, which account for 85 per cent of the assets of all United States life insurance companies; they were initiated
by the Life Insurance Association of America in accordance with the Program for Voluntary Credit Restraint.
798
FEDERAL RESERVE
BULLETIN
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Held by
Commercial
paper
outstanding 1
End of month
Based on
Accepting banks
Total
outstanding
Others
Total
Own
bills
2
Bills
bought
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1951—April
May
June
July
August
September
October
November
December
387
364
331
336
368
377
410
435
434
456
417
425
380
384
375
398
437
490
170
143
162
135
122
118
131
154
197
119
108
120
103
94
85
87
96
119
52
35
42
33
28
33
44
58
79
285
274
263
245
262
256
267
283
293
288
259
267
225
218
210
226
227
235
111
102
104
104
109
104
106
116
133
2
1
()
3
()
6
3
4
5
23
24
22
22
24
25
27
27
46
55
31
33
31
27
26
31
35
43
44
1952—January
February
March
April
May
480
517
534
544
510
492
493
458
422
430
193
188
177
150
155
127
121
120
110
121
66
67
57
40
34
300
305
282
272
275
235
234
228
211
197
135
135
138
135
136
23
27
6
6
37
52
46
36
22
17
48
51
51
48
43
3
1
As reported by dealers; includes some finance company paper sold in open market.
' N o n e held by8 Federal Reserve Banks except on Mar. 31, 1951, and on Apr. 30, 1951, when their holdings were $1,996,000 and $178,000,
respectively.
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger balances in millions of dollars]
Credit balances
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
firm
partners'
debit
investment investment
balances
(net)i
and trading and trading
accounts
accounts
1943—June
....
December...
1944—June
December...
1945—June
December...
1946—June
December...
1947—June
December...
1948—June
December...
1949—June
December...
1950—June
December...
1951—June
July
August .
September
October
November
December...
1952—January
February
M^arch
April
May
3
Customers'
credit balances
Cash on
hand
and in
banks
Money
borrowed2
529
557
619
726
853
795
498
218
223
240
283
257
493
523
827
745
761
789
887
1,041
1,223
1,138
809
540
552
578
619
550
681
881
1,256
1,356
9
11
5
7
11
12
7
5
6
7
7
10
5
5
12
9
190
188
253
260
333
413
399
312
333
315
326
312
419
400
386
399
167
181
196
209
220
313
370
456
395
393
332
349
280
306
314
397
1,275
1 266
10
375
364
8
1,260
3
8
3
1,290
1 291
1 279
1,292
3
1 289
3
1 280
3
1 293
3
1,315
3
1,312
12
392
378
680
672
624
8
640
8
653
8
649
695
Other
(net)
334
354
424
472
549
654
651
694
650
612
576
586
528
633
673
890
66
65
95
96
121
112
120
120
162
176
145
112
129
159
166
230
15
14
15
18
14
29
24
30
24
23
20
28
20
26
25
36
7
5
11
8
13
13
17
10
9
15
11
5
9
15
11
12
212
198
216
227
264
299
314
290
271
273
291
278
260
271
312
317
834
825
816
»843
8
853
8
805
816
225
26
13
319
259
42
11
314
8
8
8
633
3
652
3 734
3
818
3
847
In firm
In partners'
investment investment
and trading and trading
accounts
accounts
Free
1
3
Other credit balances
1
In capital
accounts
(net)
3 809
8
790
3 756
3 756
3 725
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): March, 39; April, 38; May, 33.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data
in detail at semiannual dates prior to 1942.
JULY 1952
799
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
Prime
commercial
paper,
4- to 6months 1
U. S. Government
securities (taxable)
Prime
bankers'
accept- 3-month bills
9-to 12- 3- to 5ances,
90
month2
year
3
days l Market onRate
new issues issues
yield
issues
1949 average
1950 average
1951 average
1.48
1.45
2.17
1.12
1.15
1.60
1 .08
.20
.52
1.102
1.218
1.552
1 .14
.26
.73
.43
L.50
L.93
1951—June
July
August....
September.
October. . .
November.
December..
2.31
2.31
2.26
2.19
2.21
2.25
2.31
1.63
1.63
1.63
1.63
1.63
1.63
1.69
.45
.56
1.62
L .63
L .54
L .56
L.73
1.499
1.593
1.644
1.646
1.608
1.608
1.731
.79
1L .74
L .70
.71
L.74
L .68
L.77
1.00
L .94
L .89
L.93
2.00
2.01
>.O9
1952—January...
February. .
March
April
May
June
2.38
2.38
2.38
2.35
2.31
2.31
1.75
1.75
1.75
1.75
1.75
1.75
1.57
L .54
L .59
.57
1.67
1.70
1.688
1.574
1.658
1.623
1.710
1 .700
.75
L .70
L .69
.60
.66
.74
1.08
2.07
1.02
Week ending:
May 3 1 . . . .
June 7 . . . .
Tune 1 4 . . . .
June 2 1 . . . .
June 28
2.31
2.31
2.31
2.31
2.31
1.75
1 .75
1.75
1 .75
1.75
.70
1.73
.71
L .58
L .74
1.728
1 .737
1.753
1.626
1.682
.67
L.97
.99
>.02
1.05
2.09
L.93
.95
2.04
L . 69
.72
.74
.81
BANK RATES ON BUSINESS LOANS
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESS BY BANKS IN SELECTED CITIES
[Per cent per annum]
Size of loan
Area and period
Annual averages:
19 cities:
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
Ouarterlv:
19 cities:
19=51—.sept
Dec
1952—Mar..
June
New York City:
1951—Sept
Dec
1
2
Monthly figures are averages of weekly prevailing rates.
Series includes certificates of indebtedness and selected note and
bond
issues.
3
Series includes selected note and bond issues.
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.
All
loans
$1,000- $10,000- $100,000- $200,000
$10,000 $100,000 $200,000 and over
2.2
2.6
2.4
2.2
2.1
2.1
2.5
2.7
2.7
3.1
4.4
4.4
4.3
4.3
4.2
4.2
4.4
4.6
4.5
4.7
3.2
3.4
3.3
3.2
3.1
3.1
3.5
3.7
3.6
4.0
2.2
2.5
2.6
2.3
2.2
2.5
2.8
3.0
3.0
3.4
2.0
2.4
3 06
3.27
3.45
3.51
4.74
4.78
4.85
4.90
3 .99
4.05
4.16
4.21
3.36
3.49
3.66
3.72
2 78
3.03
3.24
3.29
2.79
3.01
3.23
3.27
4.35
4.37
4.43
4.53
3.72
3.91
3.97
4.03
3.18
3.34
3.48
3.55
2.64
2.87
3.11
3.14
4.81
4.81
4.91
4.90
3.97
4.04
4.16
4.17
3.24
3 .46
3.67
3.71
2.82
3 03
3 29
3.27
4.89
4.95
5.01
5 .05
4.17
4.15
4.28
4.33
3.55
3.62
3 .79
3 .86
3.04
3.35
3.46
3 .63
1952—Mar
June
7 Northern and Eastern cities:
1951—Sept
3 .06
Dec
3 ?3
1952—Mar..
3.47
June
3.46
11 Soutliern and
Western cities:
1951—Sept
3.47
Dec
3.67
1952—Mar
3.79
June..
3.90
2 2
2.0
1 .7
1.8
2.2
2.4
2.4
2.9
NOTE.—For description of series see BULLETIN for March 1949,
pp. 228-237.
BOND Y I E L D S 1
[Per cent per annum]
Corporate ^Moody's) i
U. S.
Government
(longterm) 2
Year, month, or week
Municipal
(highgrade) 3
Corporate
(highgrade) 4
By ratings
Aaa
Number of issues
1949 average
1950 average
1951 average . .
1951—j u n e
July
August
September
October
November
December
1952—January
February
March
April
May
June
Week ending:
May 31
June 7
Tune 14
June 21
June 28
. . . .
. . . .
. .
3y groups
Total
Aa
A
Baa
Industrial
Railroad
Public
utility
1-8
15
9
30
30
30
30
40
40
40
2 31
2.32
2.57
2 21
1.98
2.00
2 65
2 60
2 86
2 96
2 86
3.08
2 66
2.62
2 86
2 75
2.69
2.91
3.00
2.89
3 13
3.42
3 24
3 41
2 74
2.67
2.89
3 24
3 10
3.26
2 90
2.82
3.09
2.65
2 63
2.57
2 56
2.61
2.66
2 70
2.22
2 18
2 04
2 05
2.08
2.07
2 10
2.95
2 93
2 86
2 85
2 92
2.98
3 03
3 16
3 17
3.12
3 08
3.13
3.20
3 25
2 94
2 94
2 84
2.89
2 96
3 01
2
2
2
2
2
3
3
99
99
92
88
93
02
06
3 21
3 23
3.18
3 15
3 18
3.26
3 31
3.49
3 53
3.51
3.46
3.50
3.56
3 61
2 96
2 97
2 92
2 89
2.93
2.97
3 00
3 33
3 36
3.31
3 27
3 31
3 42
3 50
3.18
3 19
3.13
3 09
3.14
3.21
3 24
2 74
2.71
2 70
2 64
2.57
2.61
2 10
2.04
2 07
2 01
2.05
2.10
2 96
2 89
2 96
2.92
2.93
2.95
3 24
3 18
3 19
3 16
3.16
3.17
2 98
2 93
2 96
2 93
2.93
2.94
3 05
3 01
3 03
3 01
3.00
3.03
3 32
3 25
3 24
3.20
3.20
3.20
3 59
3 53
3 51
3.50
3.49
3.50
3 00
2 97
2 99
2 97
2.97
2.98
3 48
3 38
3 36
3 32
3.31
2.32
3 23
3.19
3 21
3 19
3.19
3.20
2.60
2.62
2 61
2.61
2.62
2.07
2.08
2 10
2.11
2.12
2.95
2.95
2 95
2.95
2 .96
3.16
3.16
3 16
3.17
3.17
2.93
2.93
2 93
2.94
2 .93
3.01
3.02
3 02
3 .03
3 .03
3.20
3.20
3 20
3.20
3.20
3.49
3.50
3 50
3.51
3.50
2 .98
2.98
2 98
2.99
2.98
3.31
3.31
3 32
3 .33
3.33
3.19
3.19
3 19
3.19
3.19
120
Z.
OO
1
2
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on figures for Wednesday.
Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds
due or
first callable after 15 years were included.
3
4
Standard and Poor's Corporation.
U. S. Treasury Department.
5
Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have
been reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively.
Back figures.—See Bankinz and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945. pp. 483-490, and October
1947, pp. 1251-1253.
800
FEDERAL RESERVE BULLETIN
SECURITY MARKETS
Bond prices
Stock prices
Common
Year, month,
or week
Number of issues
Standard and Poor's series
(index, 1935-39=100)
U. S. Mun- CorpoPreGov- icipal rate
ern- 2 (high-1 (high- ferred*
ment grade) grade)1
1-8
15
17
Volume
of
Securities and Exchange Commission series
trad-5
(index, 1939=100)
ing
(in
thouManufacturing
Trade,
sands
finof
Trans- Pubance, Min- shares)
lic
porta- utilNonand
ing
tion
durTotal Durservity
able
able
ice
Total
Industrial
Railroad
416
365
20
31
265
170
98
72
21
28
32
14
121
146
177
128
156
192
97
117
149
98
107
112
128
154
185
132
166
207
116
150
178
147
180
233
139
160
199
98
107
113
161
184
208
129
144
205
1 ,037
»,012
: ,684
15
1949 average. .. 102.73 128.9 121.0 176.4
1950 average. . . 102.53 133.4 122.0 181.8
1951 average.. . 98.85 133.0 117.7 170.4
Public Total
utility
97.62
97.93
98.90
99.10
98.22
97.52
96.85
128.6
129.4
132.1
132.0
131.3
131.6
130.9
116.6
116.2
117.1
118.0
116.9
115.3
114.8
167.9
166.7
169.4
168.5
167.0
165.4
163.7
172
173
182
187
185
178
183
187
188
198
205
202
193
199
142
139
147
153
155
144
151
110
112
114
116
115
115
116
179
182
190
195
191
185
190
200
204
215
220
216
208
215
169
170
179
185
185
178
182
229
236
249
253
244
235
245
188
188
196
204
203
194
204
110
111
114
115
114
114
115
201
202
206
215
214
208
209
186
195
219
231
244
239
238
1,305
1,333
11,463
L916
11,802
11,246
1,367
96.27
1952—Jan
96.77
Feb
96.87
Mar
97.95
Apr
May. . . . 98.91
98.32
June
130.8
132.1
131.5
132.7
131.9
130.9
115.5
116.5
115.9
116.2
116.3
116.2
164.1
165.9
168.3
172.2
173.4
173.3
187
183
185
184
184
188
204
199
201
199
199
204
155
155
161
165
167
174
117
118
118
117
117
116
195
193
193
191
190
196
222
218
216
215
214
222
185
183
182
181
182
187
255
251
248
245
243
253
211
209
214
217
216
225
116
117
117
116
117
117
209
206
203
203
201
204
246
258
295
298
283
291
1,574
1,320
1,283
L ,282
,044
,215
Week ending:
May 31. .
June 7 . .
Tune 1 4 . .
Tune 21. .
June 28. .
131 .5
131.3
130.9
130.7
130.5
116.1
116.1
116.1
116.2
116.2
173.5
173.4
173.4
173.8
172.4
184
185
187
188
190
200
200
204
205
207
169
173
174
174
175
117
117
116
116
116
191
194
195
196
198
215
219
221
222
224
182
186
185
188
190
246
250
253
254
256
218
224
224
224
227
117
118
116
117
117
201
202
203
203
206
283
286
294
290
292
L ,025
1,253
1,235
1,134
1,205
1951—June. . . .
July
Aug
Sept
Oct
Nov
Dec
98.55
98.29
98.33
98.39
98.29
1 Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks
(Standard
and Poor's series), which are based on figures for Wednesday.
2
Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds
due or
first
callable after 15 years were included.
8
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
4
Standard and
Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
5
dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475. 479, 482, and 486. respectively, and BULLETIN
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
NEW SECURITY ISSUES
[In millions of dollars]
For new capita
Year or month
Total
(new
and
refunding)
Domestic
Total
(domestic
and
foreign)
2,169
642
913
4,216
8,006 1,772
8,645 4,645
3 9,691 3 7,566
10,220 9,085
9,753 8,160
•U0,900 8,214
a 12,267 310,014
1943
1944
1945
1946
1947
1948
1949
1950
1951
1951—May
June....
July.
Aug
Sept
Oct
J^OY
Dec
19 52—Jan
Feb
Mar
Apr
For
1,171
1,391
946
677
31,075
1,292
1,006
1,053
1,232
852
Total
640
896
1,761
4,635
7,255
9,076
8,131
8,103
9,617
951
871
1,162
1,142
820
485
3 881
970
866
842
930
694
812
451
731
945
866
838
926
667
994
1 ,090 1 ,003
1,551 1,249 1,237
State
and
miinicipal
176
235
471
952
2,228
2 ,604
2 ,803
3,370
3,084
407
280
319
151
265
368
297
276
349
285
144
452
Federal
agencies i
90
15
26
127
239
294
233
394
469
60
89
8
40
107
39
<36
38
80
Domestic
Total
(doCorporate
For-2 mestic
and
eign
forBonds
eign)
Stocks
and
Total
notes
374
646
1,264
3,556
4,787
4 6,177
5 ,095
4,339
6,064
refund ng
282
422
607
2,084
3,567
4 5,269
4,125
3,138
4,459
92
224
657
1,472
1,219
908
971
1,200
1,605
Total
Federal
agen-1
cies
259
404
324
208
44
82
104
112
92
497
418
912
734
422
768
943
992
1,597
2
17
12
10
68
10
29
111
246
1,527
3,303
6,234
4,000
2,125
1,135
1,593
32,686
2,253
220
229
126
192
194
322
140
205
4
3
2
1
4
18
4
19
302
158
81
299
221
8
4
2
404
774
485
300
427
470
569
562
314
627
334
199
370
272
371
361
89
146
151
101
56
198
197
201
80
20
8
34
50
26
4
220
229
126
192
194
322
140
211
538
346
812
704
437
200
619
535
101
146
192
170
4
27
9
12
302
158
87
303
1,442
3,288
6,173
3,895
1 ,948
1,135
1 ,492
2 ,463
2,216
Corporate
State
and
municipal
Total
Bonds
and Stocks
notes
685
603
2,466
4,937
2,953
1,482
2,178
4,281
2,352
1,199
284
445
Foreign2
257
393
1 ,360 1,301
527
394
198
137
93
172
170
288
89
102
18
89
31
20
20
16
47
83
12
82
31
20
14
14
23
83
71
76
63
257
10
74
13
40
7
73
13
36
82
288
656
601
283
28
52
58
133
86
15
61
105
177
ioi
123
37
6
7
6
2
24
6
3
1
" 6
4'
4
c
1
2
Corrected.
Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
3 These figures for 1947, 1950, 1951, and September 1951 include 244 million dollars, 100 million, 150 million, and 100 million, respectively,
of issues
of the International Bank for Reconstruction and Development.
4
Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures
subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
JULY 1952
801
NEW CORPORATE SECURITY ISSUES *
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated Estimated
net
gross
proceeds 2 proceeds 3
Year or month
New money
Total
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
Total
Bonds and
notes
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,868
1,352
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,392
1,155
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,757
6,466
6,959
5,959
6,261
7,607
1,080
3,279
4,591
5,929
4,606
4,006
6,531
2,115
3,409
4,221
3,724
2,966
5,110
1,164
1,182
1,708
1,041
1,421
1,271
486
1,149
391
670
861
661
847
587
714
433
471
37
63
531
508
521
500
469
436
350
342
153
242
30
24
58
144
83
90
18
12
43
45
18
10
42
42
....
August.
September
October
November
December
1952—January
February
March.
April . .
May
Working
capital
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
6,900
6,577
7,078
6,052
6,361
7,741
1951—May
June...
July
Plant and
equipment
Retirement of securities
..
504
170
681
325
177
155
569
868
474
308
424
661
287
141
145
207
187
167
657
252
638
405
442
882
215
69
7
26
19
28
351
438
476
196
67
41
122
49
134
379
356
488
637
620
47
133
231
168
234
315
364
363
226
28
54
9
9
24
26
21
3
3
14
58
15
53
29
11
5
26
18
29
15
13
45
64
13
7
19
22
286
404
488
682
595
469
954
789
559
413
875
688
487
278
655
490
72
134
221
197
8
36
15
16
8
35
15
13
929
755
617
139
136
136
381
639
660
856
605
478
972
805
947
Other
purposes
87
59
343
548
570
771
390
655
673
871
Repayment
of
other debt
128
100
30
72
240
360
307
401
119
94
Preferred
stock
174
144
138
73
96
35
27
12
5
14
18
27
2
1
2
1
3
3
35
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS *
[In millions of dollars]
Manufacturing
Year or
month
Railroad
Public utility
7
Communication
Real estate
and financial
8
Total
Total
Total
Total
Total
Total
net
New Retire- net
New Retire- net
New Retire- net
New Retire- net
New Retire- net
New Retirepro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10
ceeds9
ceeds9
ceeds9
ceeds9
ceeds9
ceeds9
831
584
961
828
527
497
1,033
1,969
3,601
2,686
2,180
1,391
1,175
3,066
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
Commercial and
miscellaneous 8
5
469
226
188
353
167
738
244
463
293
89
228
199
454
504
811 1,010
2,201
981
1,974
353
1,726
54
851
44
688
149
221
2,617
"403" "364"
338
229
262
538
337
518
2i
28
63
56
1951—May
June
July
August
September
October
November
December
339
384
154
230
156
306
214
480
307
336
124
198
142
263
180
428
6
19
17
17
13
10
21
26
56
52
36
22
28
40
46
39
42
37
21
16
19
26
22
28
14
5
12
3
3
1952—January
February
March
April
May
349
285
366
244
503
331 •••• —
238
4
336
5
226
448
45
29
13
61
47
13
21
9
46
30
11
1
2
5
1
2
54
182
319
361
47
160
602
1,436
704
283
617
456
548
332
24
85
115
253
32
46
102
115
129
240
546
441
301
297
14
26
18
9
30
18
76
22
14
26
18
9
30
16
61
22
17
29
12
34
123
17
29
12
34
31
30
97
186
108
15
114
500
1,320
571
35
56
11
193
34
1
15
81
1,208
1,246
1,180
1,340
464
469
1,400
2,291
2,129
3,212
2,281
2 615
2,866
2,570
180
43
245
317
145
22
40
69
785
2,188
1,998
2,140
1,971
2,317
943
1,157
922
993
292
423
1,343
2,159
1,252
939
145
234
685
104
200
259
188
209
145
197
273
266
194
242
186
198
133
179
260
251
2
3
1
4
2
184
125
490
376
243
177
122
461
313
221
2
49
81
5
16
102
155
94
4
21
107
206
323
286
587
593
739
515
8
9
42
55
4
13
61
85
164
189
485
440
480
368
7
88
9
18
4
42
65
64
24
30
35
100
66
891
567
395
605
870
505
304
594
3
2
51
3
8
15
37
24
48
124
74
27
14
62
14
23
27
72
70
12
11
48
11
18
15
36
6
14
3
3
51
3
8
15
37
25
6
3
6
8
8
2
3
6
43
22
2
3
6
40
22
14
13
20
46
25
11
12
15
44
21
1
2
3
1
2
3
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated
net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and
4
expenses.
Classifications for years 1938-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently
similar
for broad comparisons.
See also footnotes 5 through 8.
5
6
Prior to 1948 this group corresponds to that designated "industrial" in the old classification.
Included in "Manufacturing" prior to 1948.
7
8
Includes
"Other
transportation"
for
which
separate
figures
are
available
beginning
in
1948.
Included in "Public utility" prior to 1948.
9
10
Includes issues for repayment of other debt and for other purposes not shown separately.
Retirement of securities only.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a
publication of the Board of Governors.
802
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
MANUFACTURING
CORPORATIONS
[In millions of dollars]
Assets of 10 million dollars and over
(200 corporations)
Assets of 50 million dollars and over
(81 corporations)
Assets of 10-50 million dollars
(119 corporations)
Year or quarter
Profits
before
taxes
Profits
after
taxes
10,621
13,041
18,342
21,841
28,312
30,421
26,600
21,372
30,869
37,008
36,738
44,118
51,067
1,212
1,848
3,165
3,408
3,693
3,538
2,429
2,038
4,104
5,317
5,038
7,893
8,557
999
1,277
1,523
1,224
1,263
1,258
1,132
1,205
2,524
3,312
3,101
4,055
3,411
725
859
951
763
779
851
864
946
1,170
1,404
1,660
2,240
1,986
1950—1
2
3
4
9,263
10,695
11,847
12,313
1,400
1,821
2,190
2,482
791
1,038
1,240
987
1951—1
2
3
4
12,711
13,047
12,297
13,013
2,238
2,219
1 ,964
2,137
1952—1.
12,797
1 ,942
Sales
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
Profits
before
taxes
Profits
after
taxes
9,008
11,138
15,691
18,544
24,160
25,851
22,278
17,415
25,686
31,238
31,578
37,831
43,389
1,071
1,638
2,778
2,876
3,111
2,982
1,976
1,573
3,423
4,593
4,506
6,992
7,492
387
395
583
875
7,935
9,213
10,156
10,527
878
839
762
932
469
475
475
567
756
482
Dividends
Profits
before
taxes
Profits
after
taxes
1,613
1,903
2,651
3,297
4,152
4,550
4,322
3,956
5,183
5,770
5,160
6,287
7,678
141
211
387
532
582
557
453
465
681
723
531
902
1,066
116
149
194
168
167
167
168
274
420
452
332
489
436
69
86
96
91
91
96
100
142
170
194
186
228
232
347
347
534
785
1,328
1,482
1,691
1,786
147
192
262
300
86
112
150
141
41
48
50
89
1,897
765
724
658
827
420
421
422
490
1,899
1 ,968
1,854
1,957
287
291
248
240
113
115
103
105
48
54
53
77
1,717
668
430
1 ,951
225
Dividends
Sales
883
1,127
1,329
1,056
1,097
1,091
964
932
2,105
2,860
2,768
3,566
2,975
656
772
854
672
688
755
764
804
1,000
1,210
1,474
2,013
1,754
1,253
1,629
1,928
2,182
705
926
1,090
846
10,811
11,079
10,443
11,055
1,951
1,928
1,716
10,847
Sales
Dividends
Quarterly
PUBLIC UTILITY
CORPORATIONS
fin millions of dollars]
Railroad
Year or quarter
Operating
revenue
Profits
before
taxes
Electric power
Telephone
Profits
after
taxes
Dividends
Operating
revenue
Profits
before
taxes
Profits
after
taxes
Dividends
Operating
revenue
Profits
before
taxea
Profits
after
taxes
93
189
500
902
873
667
450
287
479
699
438
783
693
126
159
186
202
217
246
246
235
236
252
312
328
2,647
2,797
3,029
3,216
3,464
3,615
3.681
3,815
4/291
4,830
5.055
5 431
5,867
629
692
774
847
913
902
905
964
954
983
1,129
1,303
1 ,480
535
548
527
490
502
50?
534
638
643
657
757
824
818
444
447
437
408
410
398
407
458
494
493
553
619
661
1,137
1,206
1,334
1,508
1,691
1,815
1,979
2,148
2,283
2,694
2,967
3,342
3,729
231
257
297
364
420
451
433
313
215
2«2
333
580
691
189
193
187
168
176
168
174
209
138
186
207
331
341
164
167
162
151
15C155
162
168
131
178
213
2 76
318
62
67
70
76
Dividends
Annual
1939.
1940
1941 . .
1942
1943 ,
1944
1945
1946
1947 .
1948
1949
3,995
4,297
5,347
7,466
9,055
9,437
8 902
7,628
8 685
9,672
8 580
9,473
. . . . . 10,391
126
249
674
1,658
2,211
1,972
756
271
777
1.148
700
1,384
1,260
1,985
2,238
2,534
2,715
114
243
454
574
2 56
152
2 258
2
318
61
53
55
142
1.378
1,322
1.317
1,415
351
321
293
339
2 230
212
2
171
2
211
146
153
152
168
787
821
853
881
116
137
158
169
2 7|
1Q51—i
2
3
4
2,440
2,596
2,583
2,772
229
275
250
505
2
101
63
53
111
1,504
.419
1,423
1,521
413
344
320
403
2
229
195
168
226
157
161
162
181
904
918
931
976
175
174
160
182
2
1952—1
2,587
'295
1,603
498
257
172
993
194
1QSO
.
. .
1951
1950—i
2
3
4
.
?8Q
Quarterly
2
2
2
2
104
146
124
320
141
'•SO
2
2
2
2
2
2
84
84
2 Q2
2
2
2
90
92
72
86
7?
79
81
81
93
85
r
Revised.
1
Certain tax accruals for the first six months of 1950 and 1951, required by subsequent increases in Federal income tax rates and charged by
many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit
a similar redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes.
2
As reported.
NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from
reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets
as of the end of 1946.
Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve, to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates.
Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series
and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities);
and p. 908 of the BULLETIN for September 1944 (electric power).
JULY 1952
'803
SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[In millions of dollars]
Annual
Quarterly
Industry
1951 i
1949
1950
1952
1951
Nondurable goods industries
Total (94 corps.):*
Sales
Profits before taxes
Profits after taxes
Dividends
12,853 14,777 17,371 3,265 3,469 3,958 4,085 4,349 4,288 4,294 4,441
741
1,847 2,702 3,184
582
830
773
505
855
814
785
368
1,513
1,411
350
395
1,213
342
334
301
368
467
242
889
175
334
710
845
202
203
167
199
213
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
4,355
709
312
210
3,323
379
235
135
3,492
469
257
143
3,873
407
199
140
771
83
48
31
1004
104
52
42
962
88
41
32
Chemical and allied products (26 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
3,557
675
404
312
4,447
1,110
560
438
5,433
1,384
484
355
950 1,048 1,188 1,260 1,338 1,377 1,351 1,367
345
365
342
312
206
247
313
365
131
111
125
113
138
179
128
120
174
100
113
84
87
73
79
85
1,373
318
108
87
Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
3,865
525
406
172
4,234
650
442
205
4,999
861
516
231
960
121
86
42
989 1,113 1,172 1,204 1,204 1,246 1,345
209
217
222
133
203
218
187
130
123
96
130
118
127
148
42
44
78
57
55
64
55
1,318
204
126
64
23,885 29,341 33,696 5,998 7,226 7,889 8,228 8,362 8,759 8,003 8,572
5,192
3,191
5,374
895 1,239 1,405 1,653 1,382 1,405 1,191 1,396
2,542
1,887
2,000
489
592
510
428
565
688
773
497
1,351
950
1,141
221
541
270
273
210
370
325
273
8,443
1,234
445
273
8,187 10,446 12,501 2,200 2,562 2,718 2,965 3,044 3,198 3,034 3,226
993
1,700
492
2,092
547
525
519
298
400
455
557
854
578
214
176
217
775
165
223
188
253
193
285
157
120
377
86
380
66
73
80
85
3,090
425
162
828
101
58
34
980
159
89
34
913 1,025
126
124
62
61
45
31
901
86
40
35
942
93
46
32
Durable goods industries
Total (106 corps.):'
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
4,353
519
320
138
4,604 1,100 1,196 1,269 1,493 1,480 1,563 1,434 1,690
998
144
250
210
301
168
194
341
237
367
123
79
93
107
145
90
82
73
191
37
38
84
48
54
49
43
47
1,590
232
81
49
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
9,577 11,805 12,438 2,283 2,975 3,355 3,192 3,268 3,331 2,899 2,939
2,305
655
513
405
488
1,473
1,915
398
595
656
508
1,087
861
704
213
189
194
142
185
328
357
183
451
671
90
122
119
119
479
91
232
258
119
3,035
503
170
116
5,058
847
424
208
1
Certain tax accruals for the first six months of 1950 and 1951, required by subsequent increases in Federal income tax rates and charged
by many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit
a similar
redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes.
a
Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products
(15);8 and miscellaneous (1).
Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment
ether than automobile (6); and miscellaneous (7).
CORPORATE PROFITS, TAXES, AND DIVIDENDS
(Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates)
[In billions of dollars]
Year
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
.
r
1
..
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
9.3
17.2
21.1
25.1
24.3
19.7
23.5
30.5
33.8
••27.1
»-39.6
'42.9
2.9
7.8
11.7
14.4
13.5
11.2
9.6
11.9
13.0
'10.8
18.4
'24.2
6.4
9.4
9.4
10.6
10.8
8.5
13.9
18.5
20.7
16.3
'21.2
18.7
4.0
4.5
4.3
4.5
4.7
4.7
5.8
6.6
7.3
»7.5
'9.0
'9.0
Undistributed
profits
2.4
4.9
5.1
6.2
6.1
3.8
8.1
12.0
13.6
'8.8
12.2
'9.7
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
Undistributed
profits
1950—2
3
4
'35.5
'44.3
'48.4
16.5
'20.6
'22.5
19.0
'23.7
'26.0
'8.1
'9.3
10.7
10.9
14.4
15.3
1951—1
2
3
4
'50.1
'43.3
'38.6
'39.5
'28.4
'24.5
'21.8
'22.2
'21.7
18.8
16.9
17.3
'8.6
'9.0
'9.2
'9.3
13.1
9.8
'7.7
'8.0
1952—1 i
'42.0
40.5
'24.2
23.3
17.8
17.2
'8.9
9.6
'8.9
7.6
Quarter
2i
Revised.
Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data.
804
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Public issues
3
Marketable
End of
month
1943—Dec
1944—Dec
1945—Dec
1946—rjec
1947—Dec
1948—Dec
1949—June
Dec
1950—June
Dec
1951—June
Total
gross
direct
debt2
170 108
7M 144
278 6 8 ?
9 S 9 487
256 ,981
2S2 854
252 ,798
257 ,160
257 ,377
2S6 731
255 ,251
165
230
278
259
256
252
252
257
257
2S6
255
877
630
11S
149
900
800
770
130
357
708
222
151, 805
212, SfSS
255, 693
233, 064
225, 250
218, 86S
217, 9S6
221, 123
222, 853
220 S7S
218, 198
115 ,230
161 648
198 778
176 613
165 ,758
157 ,482
1 SS 147
155 ,123
155 ,310
152 4S0
137 ,917
13 ,072
16 47,8
17 037
17 033
15 ,136
17 ??4
11 S36
12 ,319
13 ,533
13 ,627
13 ,614
22 ,843 11 ,175 55 591 12 ,550
30 ,401 73 039 66 931 74 850
?7
38 1 SS
79 ,987
21 ,220
76 s?s
? 9 477
29 ,636
18 ,418
5 ^l^
9 ,509
60 9S1
49 636
55 ,283
53 ,319
44 ,557
35 ,806 42 ,928
49 ,636
49 ,636
49 ,636
36 ,061
139 ,279
139 741
140 169
141 ,753
14? 741
14? 68S
14 ,413
1S 01?
15 617
16 ,849
18 100
18 10?
9 ,524
14 740
15 ,317
28 ,016
78 017
?9 078
36 ,360 42 ,923 36 ,058 12, 571
31 010 4? 9?3 36 0S6 1? S70
31 013 47 168 36 054 17 567
18 ,669 42 ,167 36 .053 12, 065
18 406 47 167 36 050 17 067
409
049
18
,690
701
376
8?0
6? 5
,407
18 ,104
18 104
16 ,863
17 46?
18 ,767
17 ,219
79
79
79
?8
78
28
18 ,471
18 434
18 450
18 9 S 7
18 956
18 ,963
255
256
?S7
258
259
259
,685
,677
386
,336
,647
461
255
256
257
258
259
259
657
644
3 S3
298
604
410
218, 618
219, 174
219, 371
220, 325
2 2 1 , 391
2 2 1 , 168
1952—Jan
Feb
Mar
?S9
260
?S8
258
?S9
259
813
,399
174
,337
9S1
,151
259
260
258
258
259
259
775
36?
084
221
221
219
219
220
219
Apr.
•
May
June
Bills
Total
?9?
905
,105
?49
776
301
3S6
540
124
14?
14?
141
141
14?
140
Bonds
Certificates of Notes
indebtedness
Total
1951—July
Aug.
Sept
Oct
Nov. . . .
Dec
Nonmarketable
Total
gross
debt i
Bank
eligible*
967
10 090
11 ,375
7 ,131
3 S96
8 ,249
20 ,404
39 ,258
,079
079
,079
4? 3
,473
,423
Bank
restricted
Convertible
Total
5
36,574
50,917
56,915
56,451
59,492
61,383
62,839
66,000
67,544
68 125
13, 573 66,708
Special
issues
Tax
and
savings
notes
Savings
bonds
27,363
40,361
48,183
49,776
52,053
55 051
56,260
56,707
57,536
58 019
57,572
8,586
9,843
8,235
5,725
5,384
4 572
4,860
7,610
8,472
8 640
7,818
12,703
16,326
20,000
24,585
28,955
31 714
32,776
33,896
32,356
33 707
34,653
41
66,768
66,864
66,585
66,506
66,588
36 048 17 060 66,423
57,538
57,509
57,488
57,501
57,552
57,587
7,926
8,041
7,775
7,705
7,737
7,534
34,707
35,146
35,637
35,615
35,862
35,902
41
41
40
40
43
48
,040 36 ,046 17, 047 66,513
040 36 044 1? 034 67,041
94? 36 047 17 018 65,907
943 36 040 11 516 66,019
,061 33 918 11 ,51? 66,403
,343 27 ,460 1 3 , 095 65,622
57,664
57,682
57,680
57,644
57,614
57,685
7,539
8,044
6,911
7,057
7,470
6,612
36,233
36,360
36,493
36,746
37,198
37,739
68 403
69 866
5?
49
716
636
68 ,391 49 ,636
61 ,966 49 ,636
1
3
2
Includes fully guaranteed securities, not shown separately.
Includes noninterest-bearing debt, not shown separately.
Includes amounts held by Government agencies and trust funds, which aggregated 6,524 million dollars on May 31, 1952.
*5 Includes Treasury bonds and minor amounts of prewar and Postal Savings bonds.
Includes Series A investment bonds, depositary bonds, and Armed Forces Leave bonds, not shown separately.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING JUNE 30, 1952
[On basis of daily statements of United States Treasury.
of dollars]
Issue and coupon rate
Amount
Treasury bills»
July 3,1952
July 10, 1952
July 17, 1952
July 24, 1952
July 31, 1952
Aug. 7, 1952
Aug. 14, 1952
Aug. 21, 1952
Aug. 28, 1952
Sept. 4, 1952
Sept. 11, 1952
Sept. 18, 1952
Sept. 25, 1952
Certificates
July 1, 1952
Aug. 15, 1952
Sept. 1, 1952
Oct. 1, 1952
Dec. 1,1952
Feb. 15, 1953
In millions
Issue and coupon rate
Treasury bonds—Cont.
Dec. 15, 1952-54
2
Dec. 15, 1952-55 3..2K
Dec. 15, 1952-55
2
Mar. 15, 1953 *
2
June 15, 1953-556. . . 2
June 15, 1954-566. .2H
Mar. 15, 1955-60". .2%
Mar. 15, 1956-58... 2 ^
Sept. 15, 1956-596. .2%
Sept. 15, 1956-59... 2 M
Mar. 15, 195 7 - 5 9 . . . 2 %
June 15, 1958-636. .2%
June 15, 1959-62... 2M
Dec. 15, 1959-626. . 2 ^
Dec. 15, 1960-656. .2^1
June 15, 1962-67 6 . . 2 ^
Dec. 15, 1963-68 . . 2 ^
June 15, 1964-6966. .2}4
5,216
Dec. 15, 1964-69 . . 2 ^
583 Mar. 15, 1965-706. .2)4,
1,832
Mar. 15, 1966-716. }4
10,861 June 15, 1967-726. 22 ^
1,063
Sept. 15, 1967-72.
8,868 Dec. 15, 1967-726. .2
,202
,402
,401
,401
,503
,303
,501
,303
,300
,300
,201
,202
,200
1
1
\
\
1
8,662
1,501
510
7,986
725
681
2,611
1,449
982
3,822
927
919
5,282
3,468
1,485
2,118
2,830
3,759
3,835
4,776
3,000
1,914
2,716
3,878
Postal Savings
bonds
92
2Y2
4,675
5,365
6,854
50
1,007 Panama Canal Loan. 3
550
512
Total direct issues
140,407
Treasury bonds
Guaranteed securities
Federal Housing Admin.
Various
5,825
1
44
Sold on discount basis. See table on Open-Market Money Rates,
p. 2800.
5
Maturity June 15, 1954.
Partially tax exempt.
3
Maturity June 15, 1955.
« Restricted.
4
Maturity Sept. 15, 1953.
JULY
1952
Year or
month
Amount
Treasury notes
Mar. 15, 1954
Mar. 15, 1955
Dec. 15, 1955
Apr. 1, 1956
Oct. 1, 1956
Apr. 1,1957
D e c . 15, 1952-54 2 . . . . 2
UNITED STATES SAVINGS BONDS
[In millions of dollars]
1945
. . . .
1946
1947
1948
1949
1950
1951
1951—June...
July...
Aug
Sept....
Oct
Nov....
Dec.. . .
1952—Jan
Feb.. . .
Mar....
Apr.. . .
May.. .
June.. .
Amount Funds received from sales during Redempoutperiod
maturities
standing
at end of
Series Series Series
All
All
period
series EandH F and J GandK series
48,183 12,937
49,776 7,427
52,053 6,694
55,051 7,295
56,707 5,833
58,019 6,074
57,587 3,961
290
57,572
311
57,538
314
57,509
273
57,488
334
57,501
316
57,552
297
57,587
441
57,664
339
57,682
331
57,680
313
57,644
292
57.614
57,685
364
9,822
4,466
4,085
4,224
4,208
3,668
3,190
244
258
267
230
274
268
254
364
288
284
267
253
293
595
325
342
498
233
417
124
8
8
8
7
10
9
9
16
10
9
10
8
15
2,520
2,637
2,267
2,573
1,392
1,990
646
38
45
38
36
50
39
34
61
42
38
37
30
56
5,558
6,427
5,126
5,144
5,101
5,840
5,651
476
482
437
390
410
364
401
493
411
428
438
423
431
Maturities and amounts outstanding June 30, 1952
Year of
maturity
1952
1953
1954
1955
.
1956
1957
1958
1959
1960
1961
1962
1963
1964
Unclassified
Total
. .
All
series
Series
E and H
3,420
6,280
7,960
6,794
4,989
4,770
4,851
4,643
5,110
14,491
3,418
741
314
-95
3,420
5,133
5,674
4,439
2,231
2,317
2,520
2,573
2,398
i 3,030
1,265
57,685
34,905
"_195
Series
Fand J
Series
Gand K
191
473
494
578
462
239
255
438
198
365
120
65
956
1,814
1 860
2,181
1 991
2,092
1,814
2 274
1,263
1,787
621
249
3,877
18,902
1
Includes bonds with extended maturities totaling 696 million
dollars.
805
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 andl
(includtrust funds
ing guaranteed
securiSpecial Public
ties)
issues
issues
Held by the public
Total
Federal
Reserve
Banks
Commercial
banks *
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
governments
Individuals
Savings Other
bonds securities
Miscellaneous
investors s
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—June, ..
Dec
1951—June , ,
Dec
50,942
64,262
112,471
170,108
232,144
278,682
259,487
256,981
252.854
257,160
257,377
256,731
255,251
259,461
5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
32,356
33,707
34,653
35,902
2,260
2,558
3,218
4,242
5,348
7,048
6,338
5,404
5,614
5,464
5,474
5,490
6,305
6,379
43,312
54,722
100,221
153,163
210,470
251,634
228,564
222,622
215,526
217,800
219,547
217,533
214,293
217,180
2,184
2,254
6,189
11,543
18,846
24,262
23,350
22,559
23,333
18,885
18,331
20,778
22,982
23,801
17,300
21,400
41,100
59,900
77,700
90,800
74,500
68,700
62,500
66,800
65,600
61,800
58,400
61,600
3,200
3,700
4,500
6,100
8,300
10,700
11,800
12,000
11,500
11,400
11,600
10,900
10,200
9,800
6,900
8,200
11,300
15,100
19,600
24,000
24,900
23,900
21,200
20,100
19,800
18,700
17,100
16,400
2,000
4,000
10,100
16,400
21,400
22,000
15,300
14,100
14,800
17,000
19,000
20,800
21,100
21,400
500
700
1,000
2,100
4,300
6,500
6,300
7,300
7,900
8,100
8,700
8,800
9,400
9,500
2,800
5,400
13,400
24,700
36,200
42,900
44,200
46,200
47,800
49,300
49,900
49,600
49,100
49,000
7,800
8,200
10,300
12,900
16,700
21,000
19,900
19,300
17,300
16,400
16,600
15,400
14,900
14,500
700
900
2,300
4,400
7,400
9,500
8,300
8,600
9.300
9,800
10,100
10,800
11,100
11,100
1952—Jan
Feb
Mar
Apr
259,813
260,399
258,124
258,337
36.233
36,360
36,493
36,746
6,454
6,500
6,503
6,500
217,126
217,538
215,128
215,091
22,729
22,528
22,514
22,363
62,100
61,300
60,200
60,500
9,800
9,800
9,800
9,800
16,400
16,300
16,200
16,200
22,100
23,200
22,200
21,300
9,700
9,700
9,800
9,900
49,100
49,100
49,100
49,100
14,600
14,800
14,800
14,600
10,600
10,800
10,500
11,500
1
2
3
Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on Dec. 31, 1951.
Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Holdings of Federal Reserve Banks and U. S, Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Interest-bearing public marketable securities. In millions of dollars]
End of month
Total
outstanding
U. S.
Govt. Fed- Com- Mu- Insurtual
agen- eral
ance
mer- savRecies
com- Other
cial 1
serve banks ings panies
and
banks
trust Banks
funds
Type of
security:
Total:2
1949—Dec
1950—June....
Dec
1951—June....
Dec
1952—Mar.. . .
Apr
Treasury bills:
1949—Dec
1950—June
Dec
1951—June....
Dec
1952—Mar
Apr
Certificates:
1949—Dec
1950—June....
Dec
1951—June....
Dec
1952—Mar
Apr
Treasury notes:
1949—Dec...
1950—June....
Dec
1951—June....
Dec
1952—Mar.. . .
Apr
Treasury bonds:
1949—Dec
1950—June....
Dec
1951—June....
Dec
1952—Mar
Apr
155,138
155,325
152,471
137.944
142,724
141,413
141,862
12,319
13,533
13,627
13,614.
18,102
16,863
17,462
29,636
18,418
5,373
9.509
29,078
29,079
28,423
8,249
20,404
39,258
35,806
18,409
18,450
18,952
ing
Treasury bonds
and notes, due
or callable:
Within 1 year:
1949—Dec
1950—June....
Dec
1951—June....
Dec
59,856
58,972
54,893
51,515
54,148
52,779
53,119
10,772
10,877
10,144
8,254
7,880
7,852
7,813
11 4,829
3 3,856
35 1,296
527
26
596
50
3,514
3,703
3,888
3,750
6,773
5,487
5,846
15
35
33
122
71
70 3,880
90 5,846 1-5 years:
474 7,901
1949—Dec
829 8,360
1950—June....
532 10,080
Dec
115
107
677 10,525
840 10,609
11,520
5,354
1,544
2.753
6,773
6,901
6,863
169
64
562 5,569
15
29 3,500 11,204
10 12,527 15,833
14 12.439 13,704
3 5,068 10,465
107
154
136
120
67
5,068 10,464
5,568 10,414
68
65
59
60
6,275
5,357
2,334
3,194
12,793
88 11,810
72 11,659
48
7
()
17
49
8
41,763
43,663
44,429
42,558
43,399
44,792
44,642
End of month
18,885
18,331
20,778
20.268
22,588
21,300
21,649
5,327
5,350
5,365
3,272
3,345
3,469
3,467
3
2
104,758 5,217
102,795 5,273
94,035 5,283
78,832 3,178
76,945 3,209
76,842 3,289
76,841 3,302
7,218
5,618
4,620
4.108
4,130
4,422
4,422
39,235
38,691
33,607
31,286
30,104
29,900
29,968
7
37
41
114
107
18,535
18,132
16,862
12.077
11,364
11,221
11,172
u. s.
14,319
10,387
38,905
37,631
25,508
Govt. Fed- Com- Mu- Insuragen- eral
tual
ance
mer- savcies
Recom- Other
cial 1
and serve banks ings panies
trust Banks
banks
funds
36
878 9,014
70
505 7,001
9 12,373 14,645
49 10,241 15,083
21 1,668 16,793
468
238
360
151
926
230
467 1 ,044
420
787
3,685
2,300
10,722
10,747
5,819
1952—Mar.. . . 24,485
24,485
Apr
9
13
369
367
769
754
5,541
5,547
35,067
51,802
33.378
31.022
28,678
186
327
189
29,645
30,148
148 5,441 19,029
141 5,941 19,001
18,537
15,926
17,411
15,962
11,156
568 1,388 6,995
423 1,148 5,675
412
982 7,329
376 1,032 6,273
309 1,014 2,436
11,155
11,155
321
322
1951—June....
Dec
1952—Mar
633 10,991
Apr
382 7,254
53 1,435 5-10 years:
287 3,221
1949—Dec
662 8,760
1950—June....
627 9,539
Dec
523 9,199
1951—June...
Dec
244 1,752
403 5,114
1952—Mar
707 10,045
Apr
687 8,842
316 2,490 After 10 years:
1949—Dec
329 2,518
1950—June....
332 2,571
Dec
1951—June....
17,579 25,029
Dec
17,249 25,340
15,617 24,941
1952—Mar
10,264 22,023
Apr
9,839 21,966
10,480
10,624
9,967
7,973
7,697
7,551 9,573 22,107
7,530 9,460 22,159
Total
outstand-
1,620 16,177
1,620 16,184
1,922
5,116
1,285
139 3.878
155 5.102
,641 5,290
24,907 1,121
33,127 1,058 1L.731 10,443
568 1,142 5,660
24,534
227
20.853
756 5,169
18,600
142
685 3,994
172
171
714 4,141
712 4,182
2.640 2,230 4,716
2,439 2.055 4,186
2,125 1,948 4,615
2,009 1,858 4.414
1,925 1,656 3,816
1,014 2,443 1,865
1,014 2,448 1,848
L,664 3,848
L,668 3,855
45,084 4,441 3,593 3,887 6,588 13,485 13,090
45,084 4,482 2,349 4,092 7,130 13,507 13,524
43,599 4,682 2.508 2,932 7,180 12.308 13,989
30,023 2,629 1.397 2,781 5,389 7.293 10,534
30,012 2,726 1,415 2,740 5,276 7,027 10,828
30,007
30,005
2,813 1,415 2,714 5,213 5,757 11,095
2,826 1,415 2,750 5,208 5,658 11,148
* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings
banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other"
include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively
small1 amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above.
Includes stock savings banks.
2
Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.
3 Less than $500,000.
806
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[In millions of dollars]
Cash operating
income and outgo 3
On basis of daily statements of United States Treasury
Increase
Fiscal
year or
month
Fiscal year:
1950
1951
1952
1951—June
July
Aug
Sept
Oct.
Nov.,
Dec .
1952—Jan. .
Feb...
Mar..
Apr.. .
May..
June. .
Budget
Net Budget surplus
exreor
ceipts pendi- (+)
deficit
tures
M 045 40 167
,143 44
48
129
7 ,089
2 ,571
3 ,594
6 ,209
2 ,635
.1 ,521
5 ,279
4 ,953
5 ,553
9 ,886
4 ,323
3 ,809
9 ,796
66 14S
5 ,969
4 ,739
5 ,087
5 ,16.1
5 ,483
5 ,178
5 ,627
5 ,455
5 ,105
5 ,704
6 ,016
5 ,659
6 ,930
(+)or
General fund of the Treasury (end of period)
Assets
during period
Trust Clearing
acaccounts,
count 1
etc.1
—3,122
+3,510
—4,017
+ 1,119
-2,168
-1,493
+ 1,046
-2.847
-1,658
-347
-501
+448
+4,182
-1,693
-1,850
+2,865
+99
+679
+ 147
+284
+ 11
-\-83
+37
Gross
debt
+483 + 4 587
—214 —2,135
—401 +3 883
+ 129
+43
-14
+435
-103
+988
+30
+709
-86
+945
+20 +1,306
-186
+7
+ 103
+357
-25
+587
- 2 4 5 -2,278
+329
+209
-91
+ 1,613
-326
-800
-55
+82
+196
-374
+ 186
+106
-291
+357
-192
General
fund
balance
+2 047
+ 1,839
-388
+1.574
-1,737
-525
+1,822
-2,042
-250
-329
-415
+ 1,196
+1,765
-1,447
+28
+ 1,548
Balance
in
general
fund
s S17
7 SS7
069
7
5
5
6
4
4
4
3
5
6
5
5
6
357
620
095
916
874
624
295
879
075
840
393
421
969
Depos its in
Fed- Spe- Other
eral
Total
cial assets
Reserve 2 deposBanks itaries
s
927
7 871
7 481
7 ,871
6 ,032
5 ,431
7 ,356
5 ,311
5 ,147
4 ,816
4 ,306
5 ,700
7 ,445
6 ,108
6 ,046
7 ,481
950
338
333
338
584
459
947
493
481
321
162
558
169
450
569
333
s
1 ,709
1
?68
680
106
680
694
244
547
021
,041
1 ,853
1 ,754
1 .727
1 .861
1 .798
1 ,765
1 ,801
2 ,096
1 ,926
2 ,049
1 ,879
1 ,787
2 ,041
5
3
3
4
3
2 ,901
2 693
2 ,048
3 ,216
5 ,228
3 ,779
3 ,690
5 ,106
Cash
income
Total
liabilities
410
514
512
514
412
336
439
437
523
521
427
625
605
715
624
512
Cash
outgo
Excess
income
(+)or
outgo
40 970 43 155 —2 185
53,439 45 804 +7,635
7,367
2,854
4,600
6,555
2,855
4,293
5,642
5,183
6,275
10,436
4,689
4,722
'5,223
4.843
5.565
4.862
5,801
5,642
5,621
5,473
5,328
6,120
5,972
5,751
+2,144
-1,989
-965
+1,693
-2,946
-1,348
+21
-290
+947
+4,316
-1,283
-1,029
DETAILS OF TREASURY RECEIPTS
On basis of daily statements of United States Treasury
Deduct
Income taxes
Fiscal year
or month
MiscellaWithneous
held
by em- Other internal
revenue
ployers*
Fiscal year:
10,073 18,189
1950
13,535 24,218
1951
1952
P21.887 33,026
1,123 5,065
1951—June.. .
726
983
July. .
404
2.130
Aug.
1,128 4,115
Sept....
780
828
Oct. . .
254
2,177
Nov—
1,361 2,916
Dec...
4
897 63,021
1952—Jan
3,057 1,943
Feb....
2,019 7,717
Mar. . .
978 3,191
Apr. . . .
549
3,009
May.. .
Pl.981 7,106
June...
Employ- Other
rement ceipts
taxes
Total
receipts
8,303 2,883 1,862 41,311
9.423 3,931 2,263 53,369
9,726 *>4,565 2,364 67,999
719
423
273 7,603
225 2,833
722
177
596
228 4.165
806
707
449
126 6,524
169 2,708
885
46
805
505
211 3,951
823
322
155 5,576
174
383 5,153
826
805
703
131 6.194
825
539
160 10,800
849
268
152 5,187
828
582
197 4,688
845
228 10,220
P203
Social
Net
Refunds Security reof
employ- ceipts
ment
receipts
taxes B
2,160
2.107
2,302
234
88
55
57
41
30
31
52
195
455
612
403
283
2,106 37.045
3.120 48 143
3,569 62,129
280 7,089
175 2,571
516 3,594
258 6,209
32 2,635
400 3,521
266 5,279
147 4,953
446 5,553
460 9,886
252 4,323
476 3,809
142 9,796
On basis of reports by collectors of internal revenue
Individual income
and old-age
insurance taxes
Estate
and
gift
taxes
Excise
and
other
miscellaneous
taxes
Withheld
Other
Corporation income and
profits
taxes
11,762
15.901
7,264
9.908
10,854
14.388
706
730
7,599
8.704
i.195
J,908
321
116
596
290
1,276
2,942
47
56
66
52
52
70
77
65
66
113
88
80
660
709
771
641
831
776
712
763
754
718
742
750
256
1 158
3,600
110
215
98
310
2,649
62,330
1,464
2,133
1,583
5,913
1,278
1,227
3,428
275
814
4,172
537
1,330
3,955
221
512
160
807
311
351
DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS
On basis of daily statements of United States Treasury
Budget expenditures
Fiscal year
or month
Total
Fiscal year:
1950
1951
1952
1951—June
July
Aug
Sept
Oct
Nov
Dec
1952—Jan
Feb
Mar
Apr
May
June
National
defense
40,167 12,346
44,633 19,964
66,145 ^39,089
5,969 2,496
2,930
4,739
5,087 3,040
2,628
5,163
5,483 3,166
3,015
5,178
3,070
5,627
5,455 3,414
3,155
5,105
5,704 3,425
6,016
3,775
5,659 3,791
6,930 P 3 , 6 8 1
VetInterOther
erans
military national Interest
Adecosecurity
minon
pro- 7 nomic
istra8
debt
aid
grams
tion
Excludes items in process of collection,
Prior to January 1952 represents income ta
JULY 1952
Aid
to
agriculture
Social TransSecur- fers
to
ity
Other
pro- trust
Reacgrams counts
ceipts
Other
InExInExvest- pendi- Revest
pendiments tures ceipts ments 9 tures
4,941 5,750 6,043 '2,986 1,375 1,383 r 4,680 4,293 1,028 3,114 2,376 -1,430 3,857
3,854 5,613 5,204
972 5,075 5,631 2,685 2.790 2,165
635 1,415
872
771
5,859 4,697 P 1 , 2 2 0 Pl.424 ^1,304 ?>5,610 6,424 2,982 3,506 2,382
654 1,517
(10)
105
92
403
570
642 1,557
383
346
261
433
317 - 2 0 5
114
40
480
293
67
232
232
433
128
264
117
-22
28
150
104
556
919
41
222
419
526
252
291
160
-66
245
58
36
550
421
496
580
365
193
188
243
475
323
99
187
206
398
179
87
497
406
59
247
253
190
-58
169
121
105
669
732
92
173
436
285
282
171
188
-38
291
88
49
330
550
64
386
81
142
261 1,057
278
-8
145
158
78
486
120
194
246
228
221
428
326
146
189
29
108
71
595
214
78
711
142
175
378
319
120
46
105
65
78
371
201
83
558
689
157
385
320
126
14
87
149
50
556
277
371
350
52
267
371
318
104
3
178
76
99
315
924
172
85
355
532
352
305
126
- 2 2 -122
80 P265
P337 1,518
521
356
339
306
505
293
262
663
1,901
4,110
290
210
304
262
289
380
323
350
363
406
435
413
375
1
2
i
Trust and other accounts
Social Security
accounts
Excess
of receipts ( + ) or expenditures (—).
3
For description, see Treasury Bulletin for September 1947 and subsequent issues,
807
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department.
In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items *
InvestComments
modiLoans ties,
supreceiv- plies, U. S.
and
Other
able
mate- Govt.
secu- !
rials securities rities
Corporation or agency
Total
All "agencies:
June 30,
Sept. 30,
Dec. 31,
Mar. 31,
1951
1951
1951
1952
Cash
25,188
25,668
26.744
26,858
Classification by agency,
Mar. 31, 1952
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Agricultural Marketing Act
Federal Farm Mortgage Corp
Rural Electrification Administration
Commodity Credit Corporation 4
Farmers' Home Administration
Federal Crop Insurance Corp
649
659
931
844
1,719
1,515
1,461
1,322
13,504
13,906
14.422
14,422
449
811
55
1
34
1,884
2,212
583
31
2,185
2,236
2.226
2,422
3,474
3,472
3.463
3,451
Bonds, notes,
U. S. Priand debenGov- vately
Land,
tures payable
ern- owned
struc- Other
Other
ment
tures,
interasliabilinterand
Fully
est
ities
est
equip- sets guarment
anteed Other
by
U. S.
2,999
3,025
3.358
3,406
659
854
88?
991
1,378
1,399
1.369
1,214
371
739
10
1
32
1,782
708 1,012
491
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
2,068
89
)
Reconstruction Finance Corporation:
Assets held for U. S. Treasury 5
Others
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee Valley Authority
.AH other t
805
801
2,338
1,425
1,359
8,350
(3)
1,003
211
1,903
447
22,533
22,962
23.842
24,010
315
322
320
349
140
745
283
58
55
1
(sj
33
1 1,884
305 1,906
2
580
3
28
25
329
350 ()
6
205
12
212 1,891
198
324
()
()
106
60
374
25
2
384
204
589
557
30
1,242
1
289
932
949
1.161
1,247
37
3 2,065
1
2,053
20
35
2
7
1
705
2,322
147
1,409
()
229
229 4,008
591
1
16
148
()
3,385 1,105
329
61
35
16
14
8
251
70
43
122
43
63
805
732
2,294
1,303
1,316
8,286
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Mar. 31, 1952
Fed.
Fed. inter- Banks
Farm medi- for cooperaMort. ate
Corp. credit tives
banks
Purpose of loan
32
739
373
Com- Rural
Elecmodity trificaCredit
tion
Corp. Adm.
710
1,784
Recon- ExFed.
Farm- Nation- Public Fed. struc- porters'
al
Hous- home tion
ImFiHome Morting
loan
port
Adm. gage
Adm. banks nance Bank
Corp.
Assn.
595
To aid home owners
To aid industry:
2,053
96
402
6 4,239
189 2,363
2
70
4,161
2,142
98
473
101
488
589
8
597
61 "l ,329 '3,706 6,096
63
110
731
46
7
9
173
814
6,110
779
173
589
706 2,322 4,074 14,422
14,422
C3)
Other
To aid financial institutions:
Banks
Other
Other
T PW Reserve for losses
121
(3)
All
other
Dec. 31,
1951,
All
all
agen- agencies
cies
(3)
....
Total loans receivable (net)...
32
739
2
3
2
104
371
708
1,782
491
557
1
2,053
557
1
2
Assets are shown on a net basis, i. e., after reserve for losses.
Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction
and 3Development and its subscription of 2,750 million to the International Monetary Fund.
Less than $500,000.
* Includes Disaster Loans, etc., Revolving Fund.
6
Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the
Treasury
for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress.
6
Includes figures for Smaller War Plants Corp., which is being liquidated by the Reconstruction Finance Corp.
7
Figures for one small agency are for date other than Mar. 31.
NOTE.—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recent
years has been affected by (1) the adoption of a new reporting form and the substitution of quarterly for monthly reports beginning Sept. 30
1944, and (2) the exclusion of figures for the U. S. Maritime Commission beginning June 30, 1948. For back figures see earlier issues of the
BULLETIN and Banking and Monetary Statistics, Table 152, p. 517.
808
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted ' and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Constructi on
contract
awarded (va ue)2
1947-49=1 30
Industrial production
(physical volume)* *
1935-39=100
Year or month
Manufactures
Total
Durable
Nondurable
Minerals
Total
Residential
Employment and payrolls 3
1947-49=100
All
other
Nonagricultural
employment
DepartWholeFreight ment
Consale
carload- sales sumers'
com3
Manufacturing
ings*
prices
modity
(val-4 1935-39 prices •
production workers 1935-39 ue)*
= 100 1947-49 = 100 1947-49
= 100
= 100
EmployPayment
rolls
AdAd- Unad- Unad- AdAdAdAdAdAdAd- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed
Adjusted
Unadjusted
Unadjusted
72
75
58
73
88
82
90
84
93
53
81
103
95
107
62
60
57
67
72
69
76
71
83
66
71
98
89
92
34
34
30
43
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
143
127
119
121
122
125
96
95
114
107
79
83
100
100
69
69
73
71
85
93
84
99
107
93
73
63
49
76
52
30
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 A
32.8
35.0
28.3
37
37
117
132
98
67
68
152
147
99
110
91
148
152
131
37
38
35
126.4
124 0
122 6
122 5
119 4
65.0
62 0
62.9
61 9
56.1
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
7
7
13
41
20
18
24
25
60.6
53.7
53.9
59.0
61.6
50.2
42.6
47.2
55.1
58.8
21.5
14.8
15.9
20 4
23.5
105
78
82
89
92
32
24
24
27
29
108
97
92
95
98
7
6
4
7
1
47
42
42
48
52
103
113
89
109
125
108
122
78
109
139
100
106
95
109
115
99
112
97
106
117
30
32
35
39
44
22
25
27
37
43
35
36
40
40
44
66.2
70.6
66.4
69.6
73.6
63.9
70.1
59.6
66.2
71.2
27.2
32 6
25.3
29.9
34.0
107
111
89
101
109
33
35
32
35
37
99
102
100
99
100
1
7
8
4
2
52.5
56 1
51 1
50.1
51 1
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
135
44
50
56
62
70
105
116
123
125
128
2
6
7
7
6
56 8
64.2
67 0
67.6
68 8
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
143
138
116
128
134
90
98
104
98
105
109
139
159
171
170
171
185
5
6
9
2
9
6
78 7
96.4
104 4
99 2
103.1
114 8
216
251
194
163
172
200
153
1919
1920
1921
1922
1923
1924
1925
. .
1926
1927
1928
1929
1930
...
1931
1932 . .
1933
1934
1935
1936
1937
1938.
1939
1940
. . . . . .
1950
September
October
November
December
211
1951
January
February
March
April
May
June
July
August
September
October
November
December
.. .
....
1952
January
February
March
April
May
June
261
260
268
196
195
197
166
160
157
160
163
177
177
171
179
216
217
268
271
201
201
188
187
277
199
198
198
164
158
158
164
165
178
173
219
163
199
193
176
170
166
197
165
200
174
216
215
218
220
215
216
221
221
222
217
279
276
274
265
267
271
274
277
282
187
193
192
188
188
185
163
217
218
217
215
P214
«204
282
'284
'284
277
276
e
246
189
190
188
183
180
•184
167
167
'164
166
P161
e
145
223
222
222
223
221
223
212
217
218
218
214
220
223
222
219
220
218
221
222
216
•202
156
165
167
174
162
156
147
140
170
156
179
176
168
160
146
166
145
161
156
164
'171
142
163
174
'189
P190
8
3
7
7
9
2
4
4
1
8
7
0
103.8 103.3 105.2
149 104.3 104.5 106.2
159 104.5 104.4 105.5
176 104.8 104.7 105.6
120.5
124.3
124.0
127.4
134
137
136
140
108
103
103
'109
174 6
175.6
176 4
178.8
107 1
107.7
109.3
112.1
171 105.2 105.8
164 105.9 106 8
154 106.3 106.9
219 106.6 107.1
211 106.8 106.8
217 107.1 106.8
150 107.1 106.0
143 107.0 104.8
133 106.8 103.9
127 106.6 103.4
162 106.8 103.3
180 107.1 103.5
105.2
106.6
106.6
106.0
105.0
105.6
104.2
105.7
105.8
105.1
104.3
104.4
126.8
128.5
130.0
129.5
128.1
129.8
126.4
128.4
130.9
129.8
129.8
132.9
146
129
125
115
139
105
181.5
183 8
184 5
184.6
185 4
185 2
185.5
185 5
186.6
187 4
188 6
189.1
115.0
116 5
116 5
116.3
115 9
115 1
114.2
113 7
113.4
113.7
113 6
113.5
103.6
'103.8
'103.7
103.8
P103.2
103.2
'103.6
'103.5
102.8
P101.5
130.4
'131.0
'131.4
127.8
e
127.2
189.1
187.9
188.0
188.7
189.0
113.0
112.5
112.3
'111.8
111.6
106.8
107.0
106.9
106.8
P155 P106.8
173
152
157
'158
136
133
104
104
131
105
125
133
133
135
137
105
109
107
'109
133
109
141
136
133
126
122
108
108
106
105
103
P108
«108
e
Estimated; all estimates are those of the Federal Reserve.
P Preliminary.
' Revised.
*1 Average per working day.
For
indexes
by
groups
or
industries,
see
pp.
810-813.
2
Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division
of Research
and Statistics. For monthly data (dollar value) by groups, see p. 817.
3
The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of
the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumers' price index is the adjusted series, reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January
1950, 4 interim revision of series and weights.
For indexes by Federal Reserve districts and for other department store data, see pp. 820-822.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp 958-984;
for department store sales, December 1951, pp. 1490-1515.
JULY 1952
809
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Federal Reserve index number s, 1935-39 average = 100]
1952
1951
Industry
May
Industrial
P r o d u c t i o n — T o t a l
..
. . .
Manufactures—Total
Durable Manufactures
Iron and Steell
Pig iron
Steel
Open hearth
Electric
Machinery
Transportation Equipment
Automobiles (including parts)
(Aircraft; Railroad Equipment;
Shipbuilding — Private
and Government) 2 ..
Nonferrous Metals and Products
Smelting and refining .
...
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin) 2
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products;
Magnesium products; Tin
consumption) 2
Lumber and Products
Lumber
Furniture
June July Aug. Sept. Oct. Nov. Dec.
Jan. Feb.
222
221
212
217
218
218
219
218
221
222 '221
216 P214
233
231
222
226
228
226
228
228
231
232 '231
225 P223
276
274
265
267
271
274
277
282
282 '284 '284
277
263
261
253
254
258
261
261
263
261 '261
245 P245
234
301
217
235
296
213
230
293
215
230
291
208
231
298
213
235
304
217
232
307
216
227
304
219
229
304
218
897
884
850
336
338
328
881
902
328
336
921
340
239
309
225
205
278
196
279
196
911
913
892
911
855
870
347
358
359 '360
'359
352 P348
954
310
307
293
305
311
311
313
320
318 '322
238
216
223
226
223
216
221
218
199
197
196
201
209
207
216
217
218
219 P217
226
213
214
230
235
235
243
249
252
257 P257
197
197
188
191
190
190
198
196
206
204
204
204
P201
163
153
141
146
146
149
157
154
159
162
158
152
P141
158
147
131
137
135
149
154
149
143
167
141
150
165
138
175 176
175
170 P167
224
222
220 P218
223
224
239
244
176
226
242
238
172
P227
Pi 80
164
160
171
172
178
239
237
228
228
219
212
219
217
260
285
226
177
234
249
222
176
232
246
219
173
214
222
217
172
199
204
219
173
208
216
242
172
210
223
233
182
Nondurable Manufactures
198
197
187
193
192
188
188
185
189
190
185
160
170
163
154
157
152
157
169
164
138
150
145
139
142
142
164
377
157
378
123
379
137
145
360
142
334
140
293
144
289
136
283
144
296
144
101
137
87
100
27
115
58
114
63
114
86
120
94
118
99
116
120
122
120
121
115
110
109
108
123
126
116
126
133
112
119
131
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
Manufactured Food Products
Wheat flour
Cane sugar meltings 2
Manufactured dairy products
Butter
Cheese
Canned and
dried milk
Ice cream 2
810
229 P233
226
250
269
235
184
Textile fabrics
Cotton consumption
Rayon deliveries
Nvlon and silk consumption 2 . . . .
Wool textiles
Carpet wool consumption
Apparel wool consumption . . . .
Wool and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth
329 P334
'221
205
236
Products....
'325
219
206
242
257
231
184
and
r
227
Glass products
Glass containers
Cement
Clay products
Other stone and clay products -
Textiles
'263
235
304
221
248
173
Stone, Clay, and Glass Products
Mar. Apr. M a y
163
141
153
135
120
171
163
119
157
159
92
123
124
108
130
135
108
129
132
117
105
132
117
132
117
119
114
r
239
257
177
188
183
160
152
144 P149
139
131
150
295
141
288
'280
122
133
112
123
108
117
116
117
110
108
113
103
108
109
126
114
120
126
103
114
113
98
112
109
100
130
97
99
85
99
100
91
89
88
107
108
102
88
104
89
109
75
91
81
99
84
104
80
96
78
94
79
91
86
98
90
101
86
98
84
95
56
80
55
103
51
73
50
106
42
58
54
92
44
65
56
110
51
56
64
111
51
53
67
98
51
53
69
97
59
60
71
94
64
70
71
110
73
72
74
118
68
69
72
122
72
64
69
114
167
165
164
166
167
163
160
160
162
165
'166
163
109
103
107
108
107
109
115
109
122
113
103
108
148
72
150
75
150
77
148
77
143
72
140
71
137
64
136
62
137
65
138
66
142
71
163
126
158
118
161
119
165
118
163
120
169
133
146
73
174
164
183
168
180
169
173
160
165
138
243
230
P168
190
146
r
128
181
149
135
289
P157
148
73
185
163
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Federal Reserve index r m m b e n , 1935-39 average =100]
1952
1951
Industry
May June July Aug. Sept. Oct.
Manufactured Food
Nov. Dec.
Jan. Feb.
Mar. Apr. May
Products—Continued
M e a t packing
Pork and lard
Beef
Veal
L a m b and mutton
. ..
149
181
134
79
145
188
110
95
152
187
126
107
162
207
128
110
168
221
126
99
157 168
198
124
109
205
143
106
163
200
141
84
162
193
145
87
80
182
228
153
84
85
179
230
141
81
85
165
207
135
79
169
P164
144
P131
128
182
P179
79
146
167
140
84
76
52
66
70
65
64
74
75
69
176
175
173
174
176
173
166
168
166
160
147
139
152
163
121
123
132
186
130
186
127
188
140
188
136
189
127
183
136
183
149
183
1 7 1 ••172
128 ••133 150
143 135
145
184
185 183
..
179
178
175
178
184
178
188
176
174
171
170
157
150
Malt liquor ..
Whiskey
Other distilled spirits
Rectified liquors
157
155
163
165
164
154
180
178
185
171
154
117
560
104
604
78
474
51
492
70
335
76
265
86
262
85
253
73
336
68
292
62
298
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
Alcoholic Beverages
Tobacco Products
Cigars
.. . .
Cigarettes
Other tobacco products
Paper and Paper Products
Paper and pulp
Pulp
Groundwood pulp
Soda pulp . .
...
Sulphate and sulphite pulp 3
Paper
Paperboard
Printing paper
Wrapping paper
Newsprint
Printing and Publishing
Newsprint consumption
174
174
197
223
332
358
292
225
150
173
73
327
193
208
205
149
51
231
214
172
171
161
183
177
185
194
147
176
175
174
184
178
105
115
98
114
123
127
129
87
108
109
110
239
233
225
252
239
259
262
204
244
243
259
64
66
57
73
70
44
84
60
67
105
244
68
59
62
114
245
64
212
208
190
196
197
196
191
184
187
193
192
185
182
200
198
183
189
192
191
187
182
185
188
181
233
115
99
274
195
256
235
123
88
275
193
247
230
137
78
269
176
217
228
132
93
265
183
224
234
137
99
271
185
216
235
130
97
273
185
213
235
112
95
278
180
205
223
116
94
261
176
191
229
111
95
271
178
197
189
237
114
99
279
181
209
241
117
99
284
180
205
228
110
95
269
174
202
175
221
108
92
260
168
207
186
207
170
121
180
204
177
128
167
204
165
129
185
196
168
130
192
200
180
129
190
210
180
127
188
179
184
125
191
181
181
128
192
195
177
123
191
184
176
129
189
190
178
131
186
186
161
122
175
162
149
130
176
171
166
174
179
177
175
174
175
177
177
175
170
166
163
166
164
167
165
163
158
159
163
164
164
166
263 263 262
Petroleum and Coal Products
Gasoline
Fuel oil
Lubricating oil
Kerosene .
...
207
210
193
201
Coke
By-product coke
Beehive coke
Chemical Products
Paints
Rayon
Industrial chemicals...
212
215
194
205
211
213
195
209
265 266 269
213
209
200
208
214
213
187
216
215
234
192
224
212
242
177
208
210
227
183
223
205
218
177
211
188
179
459
204
197
420
329
329
294
293
P294
187
179
183
178
187
179
185
178
185
178
185
177
185
178
188
179
388
457
411
452
467
456
464
298
302
305
306
301
298
299
298
300
160
161
167
165
158
156
158
385
548
392
554
158
378
538
393
557
358
560
346
556
331
563
317
563
266 P203
211
238
188
243
476
159
323
r
297
r
r
562
r
155
157
299 »-269
563
562
179
175
153 p\52
267 269
561 P560
245 250 248 243 *244
237 P234
156 165 167
174 170 163
167 167 164
166 P161
169
160
171
172
179
178
170
175
174
170
171
118
123
97
123
125
138
141
125
136
123
111
110
126
83
192
133
86
191
105
66
192
134
77
194
137
79
195
147
104
199
152
99
196
135
86
193
147
91
194
135
77
199
122
68
199
119
74
201
247 251 243 243
165 165
Fuels
168
Coal
Bituminous coal
Anthracite
Crude petroleum
245 239
151 145 132 134 137
...
214
226
196
230
186
178
Minerals—Total
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc) 2,
...
Gold
Silver
212
214
200
214
276 281 281 281 r278
456
Rubber Products
Metals
169
144 122 122 125 128 125
216
209
187
194
200
212
175
174
177
182
56
76
52
73
52
67
49
58
49
58
47
62
45
65
44
70
47
72
47
76
P163
100
107
73
141 P147
176 P205
48
78
77
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.
JULY
1952
811
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Federal Reserve index numbers, 1935-39 average =100]
1951
1952
Industry
May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May
Industrial Production—Total
223
223
214
220
223
222
220
217
217
218
217
215 P214
Manufactures — Total
233
232
223
229
232
230
229
227
227
r229
r228
224 v223
277
276
266
269
273
276
277
280
-•280
'281
'283
277
263
261
253
254
258
261
261
263
261
r
r
263
245 P245
234
301
217
897
235
296
213
884
230
293
215
850
230
291
208
881
231
298
213
902
235
304
217
921
232
307
216
954
227
304
219
911
229
304
218
913
235
304
221
892
239
309
225
911
205
278
196
855
Machinery
336
338
328
328
336
340
347
358
359
'360
r
359
352 P348
Transportation
310
307
293
305
311
311
313
320
318
r
325
329 P334
248
238
216
223
226
223
216
221
218
'221
229 P233
Durable Manufactures
Iron and Steel1
Pig iron
Steel
Open hearth.
Electric
Equipment.
Automobiles (including parts)
(Aircraft; Railroad equipment; Shipbuilding—Private and
Government) 2
Nonferrous Metals and Products
Smelting and refining
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin) 2
,
Fabricating
,
(Copper products; Lead shipments; Zinc shipments;
Aluminum products;
Magnesium
products;
Tin
consumption) 2
Lumber and Products.
Lumber...
Furniture.
Stone, Clay, and Glass Products.
Glass products
Glass containers
Cement
Clay products
Other stone and clay products2.
Nondurable Manufactures.
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 2 .. .
Wool textiles
Carpet wool consumption. .
Apparel wool consumption.
Woolen and worsted yarn. .
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
Leather and Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers.
Shoes
Manufactured Food Products.
Wheat flour
Cane sugar meltings 2
Manufactured dairy products.
Butter
Cheese
Canned and dried milk...
Ice cream
261
279
196
870
206
205
199
197
197
201
209
207
216
217
218
227
225
225
213
214
230
236
235
243
249
252
257
P257
188
191
19Q
190
198
196
206
204
204
204
P201
148
197
P217
168
164
151
158
158
158
155
149
152 P145
165
173
163
164
146
160
154
165
153
167
151
171
146
172
122
178
125
175
r
133
176
135
175
133
170 P167
242
241
239
238
237
230
217
212
205
•208
'211
216 P224
255
275
242
184
248
266
251
184
251
273
248
179
241
259
251
182
236
251
254
180
219
228
252
182
200
206
237
179
197
201
220
177
207
219
188
169
218
232
196
168
224
239
200
'168
226
242 260
226 241
167 *>168
142
197
197
188
197
199
193
191
185
184
186
184
190
185
160
170
163
154
157
152
157
160
152
169
164
377
164
157
378
138
123
379
150
145
360
145
142
334
139
140
293
142
144
289
137
136
283
142
144
296
146
150
'295
139
141
288
131
130
280
144
101
163
141
120
171
163
137
87
153
135
119
157
159
100
27
117
105
92
123
124
115
58
132
117
108
130
135
114
63
132
117
108
129
132
114
86
119
114
108
123
126
120
94
122
120
116
126
133
118
99
121
115
112
119
131
116
120
110
109
108
109
126
122
133
116
117
114
120
126
112
123
110
108
103
114
113
108
117
113
103
98
112
109
97
98
83
98
100
91
91
88
100
109
108
102
88
104
54
78
59
86
105
52
74
50
71
86
42
57
50
92
80
96
47
63
58
110
83
102
50
57
62
80
97
52
53
67
98
81
98
52
52
73
97
79
91
58
61
67
94
86
100
62
70
66
96
109
77
74
81
118
86
98
67
68
70
122
84
95
69
66
68
114
176
189
177
164
158
149
148
149 P151
106
107
115
116
108
114
101
104 P100
221
94
221
196
215
85
194
164
128
61
146
102
98
49
119
85
95
49
116
92
97
58
134
108
116
64
152
131
103
106
159
165
104
196
93
233
228
99
221
104
259
232
111
192
117
169
69
169
127
110
151
122
86
54
122
95
181
P179
P!49
152
75
'188
168
135
289
197
94
248
227
1949. A description of the new methods
avail
812
5 but not available tor publication separately.
ata used to measure changes in production, the sulphate pulp and sulphite pulp ser
gh June 1951 are shown in preceding B U L L E T I N S .
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Federal Reserve index numbers, 1935-39 average = 100]
1952
1951
Industry
Manufactured
Food
May
June
July
Aug.
Sept.
Oct.
Nov. Dec.
Jan. Feb.
149
181
134
82
53
144
188
107
95
62
141
165
127
107
67
139
159
130
108
64
149
174
136
109
69
156
186
135
124
195
264
141
79
68
193
253
148
81
85
223
140
74
86
165
214
128
76
83
152
188
127
78
77
188
240
148
114
75
159
108
102
182
165
123
96
188
181
191
104
191
200
263
151
192
209
297
175
193
192
210
167
192
174
111
161
192
166
96
150
187
157
83
149
177
155
84
144
176
153
83
125
176
151
88
107
175
P175
155
155
158
170
51
139
214
Mar. Apr.
May
Products—Continued
^ l e a t packing
Pork and lard.
Beef
Veal
L a m b and mutton
. . . .
Other manufactured foods
Processed fruits and vegetables
Confectionery
. .
Other food products
. . .
....
180
Alcoholic Beverages
Malt liquor
Whiskey
.
. .
Other distilled spirits
Rectified liquors
.
....
Tobacco Products
Cigars
Cigarettes
Other tobacco products
191
190
179
103
175
197
178
U2
85
278
225
151
73
219
150
155
73
196
193
159
68
190
208
162
62
179
205
154
145
152
77
147
167
140
88
78
P150
P85
179
117
336
174
195
104
374
174
204
78
275
197
188
51
266
223
166
70
459
332
143
76
686
358
139
86
549
292
172
178
167
190
188
191
198
137
176
167
164
174
178
105
239
65
115
245
67
98
236
57
114
265
71
123
256
75
127
269
47
129
267
86
87
188
53
108
244
66
105
229
66
109
226
59
110
241
62
114
245
64
212
209
189
196
196
196
191
183
187
194
192
186
182
201
234
124
99
274
195
256
199
235
124
88
275
193
247
182
228
122
78
269
175
217
189
226
116
93
265
183
224
191
232
122
99
271
185
216
191
233
121
97
273
185
213
187
236
119
95
278
180
205
181
223
117
94
261
175
191
185
230
116
95
271
178
197
190
238
119
99
279
182
209
188
242
125
99
284
180
205
181
230
121
95
269
174
202
175
222
117
92
260
168
207
186
207
170
122
180
208
129
167
196
165
126
185
196
168
128
192
200
180
129
190
212
180
127
188
179
184
126
191
175
181
125
192
193
177
123
191
191
176
129
189
190
178
131
186
188
161
124
175
162
149
131
179
170
155
166
180
181
183
178
170
175
180
180
174
172
161
143
147
168
173
178
166
148
159
171
174
173
263
263
262
265
266
269
276
281
281
281
278
266
P203
207
210
201
203
212
215
194
193
211
213
193
194
213
209
198
199
214
213
187
214
212
214
200
214
214
226
196
237
215
234
190
231
211
238
183
248
212
242
175
218
210
227
181
227
205
218
184
215
186
178
456
187
179
476
183
178
388
187
179
457
185
178
411
185
178
452
185
177
467
185
178
456
188
179
464
188
179
459
204
197
420
179
175
329
329
298
300
301
303
303
303
304
302
302
'300
298
296
P294
165
378
538
165
385
548
165
392
554
163
393
557
157
358
560
156
346
556
157
331
563
158
317
563
156
••323
562
155
299
••562
155
269
563
154
267
561
P157
269
P560
Rubber Products
247
251
243
243
245
239
245
250
248
243
244
237
P234
Minerals—Total
168
169
161
170
171
176
169
159
162
162
158
165
P163
Fuels
168
169
160
171
172
179
178
170
175
174
170
171
P163
118
126
83
192
123
133
86
191
97
105
66
192
123
134
77
194
125
137
79
195
138
147
104
199
141
152
99
196
125
135
86
193
136
147
91
194
123
135
77
199
111
122
68
199
110
119
74
201
166
171
166
167
166
163
115
89
88
91
r
90
131
248
365
256
392
247
384
250
403
246
388
240
354
160
185
117
94
116
94
121
98
118
94
189
238
49
76
48
70
50
66
54
57
56
59
55
62
50
65
46
70
45
73
43
77
43
80
77
Paper and Paper Products
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate and sulphite pulp 3
Paper . . . .
Paperboard
Fine paper 2
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Printing
. . ..
and Publishing
Newsprint consumption
. . .
Petroleum and Coal Products
Petroleum refining'
Gasoline
Fiiel oil
Lubricating o i l . . . .
Kerosene
Other petroleum products
Coke
By-product coke
Beehive coke
Chemical
. . . .
. .
2
Products
Paints
Rayon
Industrial chemicals
Other chemical p r o d u c t s 2
. .
. .
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
(Copper: Lead; Zinc) 2
Gold
177
r
r
. .
r
100
107
73
P161
For other footnotes see preceding page.
N O T E . — F o r 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.
JULY 1952
813
OUTPUT OF MAJOR CONSUMER DURABLE GOODS
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1947-49 average =100]
1952
1951
Product group
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
Total1
129
125
100
101
107
103
104
98
noo
'102
'104
103
103
Passenger automobiles *
140
140
111
112
115
108
104
93
'91
-96
'103
109
109
Household goods, total
Carpets
Furniture
Major appliances
Radios and television
117
82
109
115
153
108
70
102
111
133
88
47
102
78
98
89
55
97
86
95
98
56
97
96
123
98
60
98
88
135
103
60
101
93
149
104
63
105
100
130
110
79
104
97
164
108
75
103
95
158
106
80
'102
98
141
98
83
105
83
119
105
81
118
..
97
' Revised.
Seasonal adjustment factors for passenger automobiles revised beginning January 1952.
NOTE.—Figures for May are preliminary. For description see BULLETIN for October 1951, pp. 1235-1240. Tables of back data, including
unadjusted indexes for these series, and indexes for certain component series may be obtained from the Division of Administrative Services, Board
of Governors of the Federal Reserve System, Washington, D. C.
1
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
1951
Industry group or industry
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec,
Jan.
Feb.
Mar.
Apr.
May
ADJUSTED FOR SEASONAL
VARIATION
Total
13,211 13,204 13,106 12,967 12,855 12,789 12,776 12,803 12,816 12,835
Durable goods
7,449 7,440 7,352 7,303 7,265 7,248 7,264 7,261 7,256 '7,285
Primary metal industries
1,154
1,152
1,156
1,171
1,174
1,154 1,143
1,178 1,173
1,162
Fabricated metal products
794
796
801
829
859
805
852
834
810
r799
Machinery except electrical
1,263
1,276
1,261
1,221
1,236
1,246
1,247
1,248
1,225
1,275
Electrical machinery
712
718
707
714
714
708
705
700
711
'720
Transportation equipment
1,235
1,235 ••1,251
1,234
1,237
1,233
1,187
1,205
1,198 1,211
Lumber and wood products
699
667
712
765
764
748
729
736
730
'685
Furniture and fixtures
290
292
287
295
309
296
283
289
284
290
Stone, clay, and glass products. .
460
457
470
485
484
485
477
482
480
'449
Instruments and related products
230
'232
231
229
222
223
229
227
226
226
Misc. manufacturing industries. .
417
374
'375
374
370
422
410
373
396
382
Ordnance and accessories
34
52
55
32
54
50
38
47
41
44
Nondurable goods
5,764
5,762
5,754 5,664 5,590 5,541 5,512 5,542 5,560 5,550
Textile-mill products
1,205
1,124 1,120 '1,106
1,212
1,203
1,133
1,121
1,170 1,147
Apparel and other finished textiles
1,020 1,029
1,021
1,045
1,032
1,047
998
985
,053
1,007
Leather and leather products. . .
325
330
345
336
351
335
319
341
321
317
Food and kindred products
1,184 1,177
1,144 '1,159
1,132
1,133
1,154
,170
1,148
1,158
Tobacco manufactures
82
79
81
83
80
80
80
81
82
82
Paper and allied products
403
407
'402
428
426
406
421
427
418
411
Printing, publishing and allied
industries
510
512
512
513
'507
514
514
512
512
515
Chemicals and allied products...
531
527
539
'530
531
542
544
533
548
540
Products of petroleum and coal.
195
197
195
195
196
194
197
197
196
194
216
215
Rubber products
223
214
215
220
213
224
218
223
12,823 12,840 12,759
'7,275 7,316 7,291
1,154
'1,148 1,146
802
803
'799
1,251
1,268
1,264
712
714
'716
1,306
'1,263 1,283
648
686
'680
292
292
293
452
451
'449
'232
375
56
5,548
'1,101
'1,018
335
'1,159
81
'401
234
382
57
5,524
1,091
1,008
338
1,154
83
399
231
385
58
5,468
1,083
995
339
1,132
82
398
511
'530
197
215
509
530
199
213
509
526
187
217
WITHOUT SEASONAL ADJUSTMENT
Total
12,993 13,064 12,885 13,069 13,087 12,997 12,904 12,911 12,766 12,820 12,807 12,712 12,559
Durable goods
7,406 7,409 7,226 7,261 7,279 7,296 7,314 7,322 7,264 '7,306 '7,310 7,314 7,251
Primary Metal Industries
1,162 1,172 1,155 1,165 1,162 1,160 1,149 1,164 1,162 1,160 '1,154 1,146 1,142
Blast furnaces, steel works
565
572
572
570
575
570
570
573
573
'567
558
and rolling mills
r
850
817
843
813
804
810
807
805
806
809
'807
807
794
Fabricated Metal Products
1,242 1,252 1,235 1,209 1,219 1,242 1,255 1,269 1,276 1,281 1,277 1,274
1,257
Machinery except Electrical
225
231
228
248
241
233
232
247
'249
245
232
'249
Metalworking machinery...
696
707
718
707
704
684
725
'727
707
726
'723
714
705
Electrical Machinery
270
272
Electrical apparatus (gen271
275
266
271
273
265
272
270
273
275
erating, etc.)
268
247
239
230
241
247
268
272
258
273
273
271
Communication equipment. 1,233 1,237 1,187 1,198 1,211 1,205 1,234 1,235 1,235 '1,251 '1,263 1,283
1,306
Transportation Equipment
752
684
675
679
738
'634
655
633
645
667
'639
662
Motor vehicles and equip429
318
347
357
360
333
395
415
424
362
407
427
ment
r
Aircraft and parts
764
748
676
754
648
745
773
654
668
719
740
696
'670
406
Lumber and Wood Products
449
443
449
443
456
396
391
428
412
439
398
291
285
301
284
285
285
286
296
294
296
296
289
296
Sawmills and planing mills..
205
211
196
195
196
197
206
208
'207
201
208
'208
Furniture and Fixtures
,
451
452
484
478
484
482
485
452
'447
472
479
465
'449
Household furniture
235
231
222
221
224
226
223
'233
232
230
232
228
'234
Stone, Clay, and Glass Products..
409
383
388
380
388
400
'381
388
374
381
390
381
373
Instruments and Related Products.
32
38
41
44
34
50
54
55
47
52
56
57
58
Misc. Manufacturing Industries..
Ordnance and Accessories
For footnotes see following page.
814
FEDERAL RESERVE BULLETIN
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
1951
1952
Industry group or industry
May
Nondurable goods
Textile-mill Products
Broad-woven fabric mills...
Knitting mills
Apparel and Other Finished Textiles
Men's and boys' furnishings.
Women's and misses' outerwear
Leather and Leather Products....
Footwear (except rubber)...
Food and Kindred Products
Meat products
Canning and preserving....
Bakery products
Tobacco Manufactures
Paper and Allied Products
Pulp, paper and paperboard
mills
Printing, Publishing and Allied
Industries
Newspapers
Commercial printing
Chemicals and A Hied Products...
Industrial organic chemicals
Products'of Petroleum and Coal..
Petroleum refining
Rubber Products
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
5,398
1,091
507
209
5,308
1,078
993
239
950
5,587
1,206
574
222
5,655
1,205
588
216
5,659
1,167
574
210
5,808
1,152
561
212
5,808
1,136
551
205
5,701
1,133
546
209
5,590
1,132
544
209
5,589
1,141
548
211
5,502 5,514 '5,497
1,131 '1,123 r1,112
'527
'518
540
210
210
209
998
253
1,000
245
990
233
1,047
238
1,037
239
1,019
238
1,008
233
1,035
235
1,029
228
1,052
249
331
210
1,099
229
137
190
74
424
255
344
222
1,146
233
154
192
76
426
271
336
215
1,225
236
226
192
75
418
295
343
221
1,307
233
305
192
84
419
284
327
208
1,330
235
330
193
89
416
270
320
201
1,254
236
238
195
89
413
279
317
198
1,160
246
145
192
85
411
296
323
205
1,122
252
120
190
£5
410
300
330
213
1,068
106
187
82
405
••309
342
221
r1,060
244
••105
187
80
'404
343
222
'1,056
240
104
'187
78
274
335
217
1,057
235
113
184
77
399
213
215
214
215
214
212
212
212
211
210
210
206
510
152
168
531
170
194
151
220
512
152
169
528
172
198
154
220
507
151
167
526
172
198
154
217
509
151
166
531
174
198
154
218
515
153
167
543
175
197
154
218
517
153
169
544
172
197
154
215
519
154
170
542
173
197
154
219
520
155
171
538
171
196
155
219
510
151
170
536
170
193
153
218
'507
152
'166
'538
168
193
153
215
508
152
167
'538
168
194
152
216
506
152
166
530
163
197
155
213
246
••233
r
1,049
238
'306
325
1,059
76
396
506
518
186
214
' Revised.
NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked
during, or received pay for, the pay period ending nearest the 15th of the month.
Figures for May 1952 are preliminary.
Back data and
data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data
beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group
Average hours worked
(per week)
1951
1952
May
Mar.
Apr.
May
1952
May
Mar.
Average hourly earning
(dollars per hour)
1951
1952
Apr.
May
May
Mar.
Apr.
May
64.55
67.19
65.83
66.32
40.7
40.6
39.8
40.0
1.586
1.655
1.654
1.658
69.60
72.55
71.03
71.11
41.8
41.6
40.8
40.8
1.665
1.744
1.741
1.743
Primary metal industries. . .
Fabricated metal products. .
Machinery except electrical.
Electrical machinery
Transportation equipment. .
75.02
69.18
76.30
66.57
74.97
70.64
69.73
78.58
68.82
78.74
70.29
70.48
78.57
68.65
78.11
41.7
41.8
43.6
41.5
40.9
'41.1
41.8
43.5
41.3
'41.3
38.6
40.8
42.8
40.6
40.8
38.2
41.0
42.7
40.5
40.6
1.799
1.655
1.750
1.604
1.833
'1.847
'1.711
1.841
'1.694
'1.937
1.830
1.709
1.836
1.695
1.930
1.840
1.719
.840
.695
.924
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Instruments and related products
Miscellaneous manufacturing industries.
Ordnance and accessories
59.72
56.28
65.11
68.78
57.39
72.45
•75.91
'71.52
80.08
'69.96
'80.00
'59.70
'60.71
'65.64
-71.04
"60.34
"79.08
61.28
59.67
65.04
70.20
59.00
77.17
60.65
60.19
65.76
71.15
60.74
77.96
41.5
40.4
41.9
42.3
40.7
43.2
'40.5
41.3
41.0
"41.4
'40.8
44.4
40.8
40.7
40.6
41.1
40.0
43.4
41.4
41.0
41.0
41.2
40.6
43.6
1.439
1.393
1.554
1.626
1.410
1.677
'1.474
'1.470
'1.601
'1.716
'1.479
'1.781
1.502
1.466
1.602
1.708
1.475
1.778
.465
.468
1.604
1.727
1.496
1.788
Total
Durable goods.
57.93
60.09
58.91
59.60
39.3
39.3
38.5
38.8
1.474
1.529
1.530
1.536
Textile-mill products
Apparel and other finished products... .
Leather and leather products
Food and kindred products
Tobacco manufactures
51.37
43.56
45.38
60.40
42.49
51.32
"47.36
"50.39
"63.42
"43.85
49.89
43.61
48.32
63.23
41.23
50.65
45.05
48.41
65.18
42.18
38.8
35.3
35.4
41.6
36.6
38.1
r
36.8
38.7
'41.1
36.6
37.2
35.0
37.0
40.9
34.5
37.6
35.3
1.324
1.234
1.282
1.452
1.161
1.347
'1.287
'1.302
'1.543
'1.198
1.341
1.246
1.306
1.546
1.195
1.347
1.241
1.319
1.563
1.195
Paper and allied products
Printing, publishing and allied products.
Chemicals and allied products
Products of petroleum and coal
Rubber products
65.92
75.66
68.14
81.31
68.56
"67.35
"79.19
"69.01
-81.77
73.40
65.21
78.32
69.25
81.93
71.68
65.86
79.85
70.11
72.42
69.74
43.4
38.7
41.7
40.9
41.3
42.6
'38.8
'41.2
40.6
'40.6
41.3
38.3
41.1
40.4
39.8
41.5
38.8
41.0
35.8
39.2
1.519
1.955
1.634
1.988
1.660
'1.581
'2.041
'1.675
'2.014
'1.808
1.579
2.045
1.685
2.028
1.801
1.587
2.058
1.710
2.023
1.779
Nondurable goods.
r
Revised.
NOTE.—Data are for production and related workers.
of Labor Statistics.
JULY 1952
Figures for May 1952 are preliminary.
Back data are available from the Bureau
815
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
Year or month
1944
1945
1946
1947
1948
1949
1950
1951
.
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal
State, and
local
government
1,094
1,132
1,661
1,982
2,165
2,156
2,318
2,569
3,798
3,872
4,023
4,122
4,151
3,977
4,010
4,144
7,260
7,522
8,602
9,196
9,491
9,438
9,524
9,804
1,374
1,394
1,586
1,641
1,716
1,763
1,812
1,883
3,934
4,055
4,621
4,786
4,799
4,782
4,761
4,759
6,026
5,967
5,607
5,454
5,613
5,811
5,910
6,390
914
912
914
916
916
2,572
2,558
2,574
2,601
2,587
2,630
2,581
2,569
4,140
4,132
4,134
4,143
4,157
4,173
4,169
4,161
9,821
9,857
9,837
9,822
9,791
9,770
9,827
9,893
1,865
1,874
1,880
1,895
1,908
1,917
1,926
1,931
4,765
4,787
4,780
4,791
4,783
4,746
4,758
4,749
6,347
6,398
6,472
6,496
6,526
6,517
6,544
6,578
15,830
15,877
15,883
15,905
15,819
916
912
906
901
892
2,545
'2,593
'2,527
2,517
2,473
4 139
'4,147
'4,155
4,126
4,139
9,852
'9,860
'9,854
9,815
9,893
1,919
1,929
1,936
1,941
1,947
4,742
'4,738
'4,730
4,748
4,763
6,528
6,538
6,543
6,554
6,572
46,226
46,567
46,432
46,724
46,956
46,902
46,852
47,663
15,853
15,956
15,813
16,008
16,039
15,965
15,890
15,913
915
927
906
922
2,598
2,686
2,754
2,809
2,768
2,761
2,633
2,518
4,137
4,161
4,176
4,190
4,178
4,166
4,165
4,161
9,683
9,732
9,667
9,641
9,781
9,893
10,109
10,660
1,874
1,893
1,908
1,914
1,898
1,898
1 ,907
1,912
4,789
4,835
4,852
4,839
4,831
4,770
4,734
4,702
6,377
6,377
6,356
6,401
6,544
6,532
6,497
6,881
45,913
'45,899
'45,983
46,249
46,234
15,776
15,859
15,858
15,769
15,609
909
'902
899
897
891
2,316
'2,308
'2,300
2,416
2,498
4,103
'4,111
'4,119
4,106
4,136
9,720
'9,643
'9,660
9,811
9,754
1,909
1,919
1,936
1,951
1,957
4,671
'4,667
'4,683
4,748
4,787
6,509
6,490
6,528
6,551
6,602
Total
Manufacturing
41,480
40,069
41,412
43,371
44,201
43,006
44,124
46,401
17,111
15,302
14,461
15,247
15,286
14,146
14,884
15,931
46,507
46,626
46,602
46,555
46,465
46,415
46,482
46,608
16,081
16,097
16,026
15,893
15,801
15,748
15,761
15,811
46,471
'•46,594
'46,534
46,507
46,498
Mining
883
826
852
943
981
932
904
920
SEASONALLY ADJUSTED
1951—May
June
July.
.. . .
August
September
October
November
December
1952—Tanuary
February
March
April
May
916
923
899
UNADJUSTED
1951—May .
June... „
July .
August
September
October
November
December
1952—January
February
March
April
May
917
917
917
916
r
Revised.
NoffE.—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. May
1952 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning
January 1939 may be obtained from the Division of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.
Thousands of persons 14 years of age and over]
Civilian labor force
Total
civilian noninstitutional
population *
Year or month
1944
1945
1946
1947
1948..
1949
1950
1951
1951—May
June. . .
July
August
September
October
November
December
. .
. .
1952—January
February
March
May
...
Employed *
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
93,220
94,090
103,070
106,018
107,175
108,156
109,284
108,976
54,630
53,860
57,520
60,168
61,442
62,105
63,099
62,884
53,960
52,820
55,250
58,027
59,378
58,710
59,957
61,005
45.010
44,240
46,930
49,761
51,405
50,684
52,450
53,951
8,950
8,580
8,320
8,266
7,973
8,026
7,507
7,054
1,040
2,270
2,142
2,064
3,395
3,142
1 879
670
38,590
40,230
45,550
45 850
45,733
46,051
46,181
46 092
108,832
108,836
108,856
108,896
108,956
109,064
109,122
109,200
62,803
63,783
64,382
64,208
63,186
63,452
63,164
62,688
61,193
61,803
62,526
62,630
61,580
61,836
61,336
61,014
53,753
53,768
54,618
54,942
54,054
54,168
54,314
54,636
7,440
8,035
7,908
7,688
7,526
7,668
7,022
6,378
1,609
1,980
1 856
1,578
1,606
1,616
1,828
1,674
46,029
45,053
44 474
44,688
45,770
45,612
45,958
46,512
109,260
109,274
109,274
109,328
109,426
61,780
61,838
61,518
61,744
62,778
59,726
59,752
59,714
60,132
61,176
53,540
53,688
53,702
53,720
54,216
6,186
6,064
6 012
6,412
6,960
2,054
2,086
1 804
1 612
1,602
47,480
47 436
47 756
47 584
46,648
1
The number of persons in the armed forces, previously included in the total noninstitutional population and total labor force items, is no
longer1 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.
816
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky ]Mountains, as reported by the K. W. Dodge Corporation.
Nonresidential building
Residential
building
Total
Month
Commercial
Educational
1952
1951
1951
1952
1951
110 .1
61 0
120 2
204
121 1
101 8
78 8
106
98.1
104.2
118.7
134 4
145.7
68 8
48 4
43 1
84.6
81 0
128.4
103 5
123.2
128 1
150.1
127.9
98 5
94.5
79 0
136.0
126.8
132 2
139.4
133 9
175 3
148 3
146 9
123.8
116 6
159.1
123 1
163.9
915 3
1 ,334.6
Factories
1952
1951
1951
1952
420.9
531 1
574.6
590 8
661 1
545 2
548.1
567 6
479.7
496.2
443 9
346.1
337
396
592
681
. 1,045.2 902.1
1,140.5 885.2
1,271.0 1 321.3
. . 1,375 0 1 597.5
2,573.0 1 563.7
1,439 4
1,422.7
1,265.8
. . . 1,096.0
1,072.0
951.1
1,099.5
January .
February
March
April
May
June
July
August
September.,.
October
November..
December
1951
7
4
7
6
130.4
116 2
126.2
174 3
753 8 1,274.9
242 0
206.9
161.8
122 5
116.4
96 5
115.1
6 ,205.4
15,751.1
Year
78 9
2,883.3
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
55 7
62 9
70 6
75
79 9
1952
1950
1951
731
780
1,300
1,350
1,348
L,345
1,420
1,549
1,287
1,136
1,087
L.168
902
1,045
885
1,141
1,271 1,321
1,375 1,598
2,573
1,439
1,423
1,266
1,096
1,072
951
1,100
1950 1951 1952
201 306
285 332
481 418
354 456
389 1,474
428 583
460 636
438 486
364 318
308 310
320 326
381 476
4,409 6,122
Year. 14,501 15,751
1950
297
339
554
636
1951 1952
530 739
495 808
819 852
996 919
959 1,099
917 856
960 787
1,111 779
922 778
828 762
767 625
787 624
605
547
767
961
10,092 9,629
Title 1 loans
Year or
month
1947
1948
1949
1950 . .
1951
1951—May.
June..
July...
Aug...
Sept...
Oct. . .
Nov...
Dec...
1952—Tan. . .
Feb....
Mar...
Apr. . .
May. .
Total
Property
improve-1
ment
1,787
3,338
3,821
4,342
3,221
534
614
594
694
708
271
52
165
1,836
1,339
1,031
278
12
123
203
16
36
6
17
31
19
"l6
13
66
53
74
68
65
154
131
145
141
125
15
7
20
4
9
18
16
15
24
10
14
28
41
7
15
88
64
61
64
71
4
2
2
2
2
159
125
124
126
128
18
8
3
2
10
8
18
18
270
239
300
248
249
808
7
21
109
146
146
54
76
227
446
880
1,855
2,466
1,894
7
26
15
3
()
5
4
7
Net proceeds to borrowers.
'Includes mortgages insured in connection with sale of Government
owned war housing and insured loans to finance the manufacture of
housing. 3 Less than $500,000.
* Includes 6 million dollars of Class 3 loans (program terminated
Feb. 28, 1950) and 1 million of Sec. 8 loans.
* Includes defense housing as follows (in millions of dollars): January, 1; February, 0.3; March, 0.5; April, 2; May, 7.
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
JULY 1952
9
0
8
7
158 4
1,689.2
1951
1952
161.3
178 2
223.6
266 1
278 0
310 5
295 2
219.3
198 7
137.0
160 2
295.2
206.7
187 4
265.3
353 6
347 0
2 ,723.2
1952
Apr.
May
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
1951
106,005
244,053
95,602
157,630
134,944
156,230
248,460
98,329
46,634
98,698
177,075
84,710
293,921
101,983
139,772
145,786
176,809
207,782
180,415
51,174
74,846
140,319
May
105,330
287,641
105,236
206,337
743,910
163,735
210,405
471,601
55,751
62,630
160,385
1,563,660 1,597,517 2,572,961
INSURED FHA HOMB MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
2
2
2
3
4
4
4
3
255
274
5 274
« 211
«2O7
«242
7
13
* 7
29
93
74
153
147
Federal Reserve district
Mortgsiges
War and MiliSmall 1- to 4- Rental
tary
and
Vethome family group
erans' houscon- houses housing housing
ing
struc- (Title
(Title (Title (Title
tion
ID
II)
VI)2 VIII)
(3)
1952
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
Total (11 districts)
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Public works
and public
utilities
Other
Public ownership Private ownership
Total
Jan
Feb.. . .
Mar.. . .
Apr.. . .
May. . .
June.. .
July....
Aug.. . .
Sept
Oct
Nov....
Dec.. . .
60 6
65
75 4
1952
65 5
80 0
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
Value cf contracts in millions of dollars]
Total
SavCom- Mutual ings
merand
savcial
loan
ings associbanks banks
ations
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
365
771
1,199
1,793
2,409
3,107
3,620
3,626
3,399
3,156
228
430
634
902
1,162
1,465
1,669
1,705
1,590
1,506
8
27
38
71
130
186
236
256
260
263
56
110
149
192
224
254
276
292
269
253
41
118
212
342
542
789
1,032
1,134
1,072
1,000
5
32
77
153
201
234
245
79
68
13
27
53
90
133
150
179
163
159
140
122
1946—June
Dec
3,102
2,946
1,488
1,429
260
252
247
233
974
917
11
9
122
106
1947—June
Dec
2,860
2,871
1,386
1,379
245
244
229
232
889
899
8
7
102
110
1948—June
Dec
2,988
3,237
1,402
1,429
251
265
245
973
269 1,113
7
9
110
152
1949—June
Dec
3,894
4,751
1,587
1,771
305
378
323 1,431
416 1S828
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
End of month
Insur- Fedance
eral
2
com- agen- Other
panies cies 1
1
The RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United
States Housing Corporation.
2
Includes mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the
Federal Housing Administration.
817
PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units]
Private
Year or month
1939
1941
1945
1946
1947
1948
1949
1950
1951
Total
. .
1951—July
August
September
October
November
December
1952—Tanuary
February
March
April
May
Urban
UiL
lVdlliS
L1U5CU
l i i l Ul l i l c l L l U l l .
WLilCI
llglUCS
Government-underwritten
Public
Total
1family
2family
Multifamily
Total
FHA
VA
515
706
209
671
849
932
1,025
1,396
1,091
359
434
134
404
480
525
589
828
595
156
272
75
267
369
407
436
568
496
458
620
208
663
846
914
989
1,352
1,020
373
533
185
590
740
763
792
1,151
892
20
28
9
24
34
46
35
42
40
66
58
15
48
72
104
162
159
88
57
87
1
8
3
18
36
44
71
158
220
47
152
440
393
466
686
413
158
220
41
69
229
291
361
486
264
6
83
211
102
105
200
149
91
89
96
90
75
61
46
46
49
44
39
31
45
43
47
46
36
29
87
88
95
89
72
60
76
78
81
80
64
51
3
3
4
3
3
2
8
8
10
6
6
6
4
1
1
1
2
1
34
32
30
32
27
23
22
21
20
20
18
14
12
11
10
12
9
9
65
78
104
P108
P107
36
43
59
n.a.
n.a.
n.a.
29
35
45
n.a.
n.a.
n.a.
62
74
91
Pgg
P99
Pgg
54
65
79
n.a.
n.a.
3
3
4
n.a.
n.a.
n.a.
5
6
8
n.a.
n.a.
n.a.
3
3
13
10
23
26
28
38
38
16
17
19
26
26
7
9
9
12
12
n.a.
June
UclSCU
Rural
nonfarm
U
X
. C CBLUHclLCU
Uy
n.a.
P7
n.a.
n.a.
JJUlCoL
reported starts of public units, and a sample of places not issuing permits.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average =100]
Monthly—seasonally adjustec
Monthly—unadj usted
Annual
1951
v^iass
1952
1950
1951
May
Jan.
Total
128
134
133
141
Coal
Coke
Grain
Livestock
Forest products
Ore
Miscellaneous
Merchandise, 1 c. 1.
117
180
135
68
141
172
140
53
121
208
143
69
150
205
147
48
111
210
141
64
154
212
148
48
133
203
146
67
155
256
151
46
. .
1951
1952
Mar.
Apr.
May
May
Jan.
136
133
126
122
135
128
120
192
140
72
146
277
149
49
111
196
139
66
141
257
149
47
103
166
130
73
142
212
141
46
101
179
132
66
126
212
137
45
111
208
124
57
160
296
149
48
133
214
146
64
139
64
138
44
Feb.
Mar.
Apr.
May
126
124
123
124
120
203
137
57
140
69
140
47
111
198
128
53
141
75
142
48
103
163
115
65
142
195
139
47
101
178
116
59
131
292
138
45
Feb.
N O T E . — F o r description and back data, see BULLETIN for June 1941, pp. 529-33. Based on daily average loadings. Basic data compiled by
Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission.
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports *
Merchandise imports 2
Excess of exports
Month
fanuary
February
March
April
M^ay
June
July
August
September
October
November
December
.
January-April
.
1950
1951
1952
741
764
860
804
830
877
779
762
911
906
977
1,065
974
1,076
1,295
1,370
Pl,251
3,169
P1,331
Pl.418
PI,331
P1,354
Pl.297
Pi,186
Pi,269
Pi,232
Pl,152
Pi,386
Pl,438
4,715
P5,330
1950
623
600
665
585
659
687
709
820
859
923
855
867
2,474
1951
1952
1,024
910
1,102
1,033
P922
P892
P963
P932
P1,018
P930
P894
P881
P721
P834
P818
P800
4,068
P3.709
1950
1951
-50
166
194
337
118
164
195
219
170
190
70
—59
52
— 16
122
198
P337
P367
P292
P 3 89
P511
P318
P568
P637
695
647
1952
P329
P438
P454
P399
P1,620
P Preliminary.
1
Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments;
under the Mutual Security Program as follows (in millions of dollars): 1950, 282; 1951, 1,065; January-April 1952, 392.
2
General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Department
of Commerce.
818
FEDERAL RESERVE BULLETIN:
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1947-49 average = 100]
Federal Reserve district
United
States
Year or month
Minne- Kansas Dallas
apolis
City
San
Francisco
88
98
104
99
105
104
90
98
103
99
108
111
85
94
105
102
113
117
91
99
104
98
105
108
98
98
104
106
105
105
109
107
100
98
101
109
101
104
107
tO4
104
104
104
111
112
110
116
113
111
113
114
115
115
114
129
122
'102
103
'107
'105
'107
'109
'118
'1C8
106
105
103
100
104
111
100
99
98
102
97
113
94
98
104
115
106
105
104
pin
122
115
115
114
128
'106
108
102
'105
118
'104
'98
'90
'100
'117
'117
'140
'204
'106
99
86
94
114
111
132
175
102
90
85
95
111
111
130
168
101
94
81
97
112
118
120
166
104
97
85
102
119
117
131
185
109
100
96
104
124
119
144
203
98
97
93
101
108
107
125
189
'90
'94
P123
81
81
89
99
104
81
80
89
101
106
72
83
80
'100
105
86
85
93
104
P112
95
93
105
114
125
83
86
90
103
113
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
145
146
144
136
132
122
114
116
137
145
146
140
135
127
125
130
146
141
140
144
132
130
130
133
134
133
139
131
124
121
115
117
140
143
139
139
127
119
114
119
123
122
124
123
116
113
107
106
141
141
141
143
133
123
117
121
140
138
141
140
135
125
120
125
137
136
139
138
132
124
119
119
115
113
113
112
114
114
110
110
111
109
133
127
127
126
131
133
129
126
125
126
114
113
113
114
114
106
112
111
114
124
106
102
103
104
106
122
122
120
121
P124
124
122
124
122
124
121
123
119
123
128
••132
122
117
125
129
130
132
106
136
123
116
123
131
135
133
105
148
137
129
131
137
137
128
102
142
133
134
138
139
143
139
114
148
135
132
141
137
142
145
116
136
125
125
124
127
134
133
109
140
136
129
135
135
134
125
105
126
117
120
117
117
120
119
97
144
137
133
134
133
134
133
108
141
128
129
137
138
136
135
115
142
133
134
132
135
136
132
106
101
104
113
116
115
100
111
119
121
116
104
109
116
117
111
117
123
136
136
135
119
128
132
132
127
106
111
118
118
116
92
109
118
122
124
100
99
107
109
108
114
121
126
127
P126
112
120
131
129
125
109
117
122
129
132
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
104
105
105
109
107
109
113
109
100
98
106
108
100
103
106
106
100
108
103
106
101
103
104
103
104
103
105
111
107
108
109
105
104
106
107
108
108
112
114
109
'111
110
105
121
109
114
118
109
'108
'115
'113
'113
'112
'112
'122
'120
'106
101
101
107
106
109
110
109
108
106
105
103
P108
102
100
104
99
P102
100
100
98
'96
96
110
110
109
102
107
115
108
106
104
103
114
109
114
108
P116
'119
'112
'114
'115
*>128
1951—May
June
July
August
September
October
November
December
103
99
84
93
113
112
134
184
101
98
73
82
110
105
129
188
98
105
74
80
106
108
131
179
105
99
76
83
112
114
144
185
106
100
84
94
114
115
140
181
109
103
86
95
118
121
145
192
1952—January
February
M[arch
April
May
83
83
92
103
P107
81
75
87
103
no3
80
82
86
'94
95
81
82
97
103
108
87
83
95
104
105
80
83
96
110
P115
77
93
107
100
110
129
85
95
105
100
110
124
85
98
105
97
104
124
81
93
107
99
108
127
78
93
107
100
111
134
136
136
138
134
128
121
117
119
129
131
130
127
120
115
112
115
128
131
133
129
122
115
115
115
'133
132
134
130
126
117
115
120
118
116
115
116
P118
115
112
109
111
109
114
107
108
111
112
139
129
127
129
132
135
133
107
132
122
117
120
124
130
132
108
106
113
120
122
P120
105
107
112
114
112
SALES»
1946
1947
1948
1949
1950
1951
SEASONALLY ADJUSTED
1951—Mav
June
July
September
October
November
December
1952—January
February
March
April
IVIay
UNADJUSTED
'110
'118
STOCKSi
1946
1947
1948 .
1949
1950
1951
. .
SEASONALLY ADJUSTED
1951—May
June
Tulv
September
October
December
1952—Tanuary
....
February
March
April
May
.
UNADJUSTED
1951—May
June
July
..
September
October
December
1952—January
February
March
April
May
. .
... .
v Preliminary.
' Revised.
1
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515.
JULY 1952
819
D E P A R T M E N T STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Rat io of
stoc ks 1to
sa es
Percentage
change from a
year ago (value)
Number of
stores
report-
Department
Sales
during
period
Apr.
1952
GRAND TOTAL—entire store
3
358
MAIN STORE—total
358
Piece goods and household textiles . .
Piece goods
Silks velvets and synthetics
Woolen yard goods
Cotton yard goods
Household textiles
Linens and towels
Domestics—muslins sheetings
Blankets, comforters, and spreads
321
299
200
179
193
312
279
254
244
Small wares
Laces, trimmings, embroideries, and ribbons....
Notions
Toilet articles drug sundries
Silverware and jewelry 4
Silverware and clocks
Costume jewelry 4
Fine jewelry and watches 4
Art needlework . . .
Books and stationery
Books and magazines
Stationery
349
205
241
330
319
216
286
77
237
277
Women's and misses' apparel and accessories.
355
355
314
287
162
330
341
348
346
257
294
261
332
Women's and misses' ready-to-wear accessories..
Neckwear and scarfs . . .
Handkerchiefs
Millinery
Women's and children's gloves
Corsets and brassieres
Women's and children's hosiery
Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips
Negligees, robes, and lounging apparel
Infants' wear
Handbags and small leather goods
Women's and children's
shoes
Children's shoes 4
Women's shoes *
Women's and misses' ready-to-wear apparel.. . .
Women's4 and misses' coats and suits
Coats
Suits 4
Juniors' and girls' wear
Juniors' coats, suits, and dresses. . . .
Girls' wear
. .
Women's and misses' 4dresses
Inexpensive dresses
Better dresses 4
Blouses, skirts, and sportswear
Aprons housedresses and uniforms
Men's and boys' wear
....
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers
Homef urnishings
Furniture and bedding
.. .
4
Mattresses, springs, and studio beds
. . .
Upholstered and other furniture 4
Domestic floor coverings
Rugs and carpets 4
Linoleum 4
. .
Draperies, curtains, and upholstery.
....
Lamps and shades
China and glassware
Major household appliances
Housewares
(including small appliances)
Gift shop 4
Radios, phonographs, television, records,
etc. 4 . .
Radios, phonographs television 4
4
Records, sheet music, and instruments
Miscellaneous merchandise departments
Toys, games, sporting goods, cameras
Toys and games
Sporting goods and cameras
Luggage
Candy 4
132
245
338
248
214
225
355
343
229
222
321
263
320
345
261
272
344
296
258
336
263
319
307
196
325
250
176
184
279
163
100
302
255
258
240
266
185
229
164
128
+7
+6
-9
-4
-6
-i
— 13
-11
-17
-9
+8
+9
+5
+ 12
+7
— 13
+24
+1
-10
+ 12
+2
+ 17
+ 19
+23
+32
+23
+43
+54
+ 13
+7
+7
+7
+8
+5
+29
+38
+28
+74
+20
Stocks
(end of
month)
Four
months
1952
1952
Apr.
1952
1952
Stocks at end
of month
period
1951
1952
1951
1951
Apr.
Mar.
Apr.
Apr.
Mar.
Apr.
-6
-17
3.3
4.2
-17
3.5
4.5
203
194
190
722
714
861
-14
-5
-3
-17
0
-20
-17
-26
-10
-23
-14
-10
-22
-15
—27
-20
-31
-34
4.6
3.8
3.5
7.4
3.0
5.2
6.0
4.8
4.7
5.4
4.2
3.8
9.0
3.4
6.3
6.6
5.8
6.4
155
195
172
97
280
135
124
142
131
165
231
257
205
268
133
123
153
127
171
203
176
103
289
155
139
171
145
717
737
603
727
843
706
740
689
615
697
736
752
768
819
682
721
694
626
930
854
667
956
988
975
916
996
932
+1
0
+1
+1
-9
-3
-7
-7
-13
— 17
-10
-8
-15
-3
4.3
3.2
3.4
3.8
5.8
8.8
3.2
9.8
6.4
4.2
5.1
3.6
3.9
4.6
7.0
9 3
4.4
10.8
6.8
4.9
166
278
259
146
160
159
234
210
144
149
154
254
246
131
150
708
885
884
562
919
687
775
856
918
872
951
551
607
902 1,053
+9
113
153
142
164
125
137
3.7
3.4
837
665
121
4.4
5.6
178
146
149
125
720
647
457
651
689
612
123
489
419
644
702
-10
-12
-2
-19
-4
-10
-12
-19
-17
-15
-20
-10
-13
-10
-6
-9
-6
-8
-12
—8
—20
-10
-10
-9
-4
-10
2.4
2.9
1.9
4.2
0.7
2.8
2.9
2.4
3.4
3.6
3.4
2.9
2.7
3.2
4.0
2.6
6.4
1.1
4.8
3.8
3.1
4.4
4.5
4.7
3.3
4.0
234
228
321
110
263
204
287
150
189
233
178
172
302
220
205
278
94
243
150
265
143
170
218
156
161
287
559
652
626
467
189
574
843
355
647
834
622
493
808
571
656
669
476
272
602
810
339
609
794
597
446
822
2.2
4.1
197
185
243
90
183
133
253
141
176
219
164
164
234
3.3
5.6
623
736
633
587
196
639
948
437
773
982
768
540
930
222
270
184
238
161
210
479
498
534
1,113
1,119
1,187
240
261
235
293
210
243
459
347
483
437
502
392
-3
— 16
+9
+4
+4
+4
+1
0
+6
-5
+3
0
i
-7
-2
-6
-1
+6
+9
+3
-3
+3
—4
+2
+5
+6
+33
+ 18
+55
+ 10
+ 12
+8
+ 16
+9
+9
+18
+3
+15
+56
+21
+2
-13
+5
+1
+9
+4
+4
+3
+6
+5
-15
-30
-28
-6
Sa es during
April
-6
-3
-16
— 12
-18
— 26
—29
— 14
— 10
-14
—9
— 17
-5
c
Index numbers
without seasonal adjustment,
1941 average monthly sales = 100 2
-9
-5
-10
+1
-10
-14
+4
-13
-8
3.4
4.3
1.9
1.3
1.2
1.4
6.6
5.4
2.4
1.6
1.4
1.9
1.7
1.4
2.1
1.6
1.3
2.0
2.6
2.1
6.8
2.5
1.8
3.5
1.9
1.6
2.1
3.3
2.6
7.1
297
293
321
321
312
345
223
247
207
508
404
662
558
442
713
248
210
561
450
734
225
402
399
419
268
236
231
695
4.7
5.6
6.3
6.3
180
177
6.5
5.7
7.6
154
251
189
131
220
167
992
972 1,083
134
721
698
883
161
765
798
913
156 1,022 1,020 1,173
195
201
230
968
186
191
222
930
956 1,264
950 1,112
165
171
224
950
943
203
172
147
167
280
201
171
151
207
259
225
199
161
201
296
874
811
896
758
1,248
1,215
222
52
181
84
160
171
203
47
152
535
347
835
819
972
172
4.7
3.0
5.4
-18
-11
-8
-13
-29
—31
— 10
-8
-23
-16
-31
-14
-28
5.0
5.0
2.6
5.7
5.8
5.4
5.0
3.3
5.4
5.9
-32
-17
-12
-14
—6
-37
-12
+1
5.9
4.3
4.3
4.7
8.5
4.7
6.1
4.4
4.4
4.7
7.7
7.0
-24
—7
-54
-60
-11
4.1
6.2
4.4
3.9
5.7
5.1
6.4
6.6
7.1
6.1
+1
+5
-2
-22
-28
-36
-19
3.2
5.4
4.9
6.0
4.7
9.0
10.2
8.1
201
158
130
153
171
115
96
110
176
132
97
140
644
853
629
919
-13
-9
5.3
0.8
6.1
1.6
169
152
169
891
+7
-9
-33
-34
-8
321
298
244
152
+14
+20
+34
+9
271
189
0
0
+96
+4
-44
767
430
422
-17
-16
-13
-5
656
462
351
789
1,140
826
1,123
1 318
998
940
1 240
1,394
1,502
623
821
787 1,188
616
992
790 1,147
835 1,020
For footnotes see following page.
820
FEDERAL RESERVE
BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES A N D STOCKS BY MAJOR DEPARTMENTS—Continued
Percentage
change from a
year ago (value)
Number of
stores
reporting
Department
Sales
during
period
Apr.
1952
Ratio of
stocks to
sales »
Stocks
(end of
month)
Four
months
1952
Apr.
1952
1952
1952
201
+13
-1
-17
2.2
Domestics and blankets 4
135
-9
-10
-29
3.3
Women's and misses' ready-to-wear
Intimate apparel * .
Coats and suits 4
Dresses «
Blouses, skirts, and sportswear 4
Girls' wear 4 4
Infants' wear
..
.
188
166
174
172
156
124
123
+20
+6
+21
+ 15
+ 16
+61
+32
+3
-4
+2
+5
+5
+8
+9
-13
-15
-7
y
-17
-16
-19
1.5
2.3
0.9
1.1
1.9
1.4
2.0
Men's and boys' wear
Men's wear *
iMen's c l o t h i n g 4 4
Men's furnishings
Boys' wear *
160
145
100
118
121
+15
+4
+7
+1
+60
+2
-6
+6
0
-2
-22
-22
-20
-24
-19
2.7
2.9
2.8
3.0
1.9
...
Sales during
period
April
BASEMENT STORE—total
. . .
Index numbers
without seasonal adjustment,
1941 average monthly sales =100
l
Stocks at end
of month
1952
1951
1951
1951
Apr.
Mar.
Apr.
Apr.
Mar.
Apr.
3.0
4.3
2.0
221
202
196
479
481
580
240
216
200
369
381
426
3.9
3.9
3.7
4.0
3.7
229
206
199
610
602
779
2.9
1.2
1.4
2.6
2.7
3.2
Homefurnishings. .
105
-15
-9
-21
3.4
3.6
177
183
208
596
594
742
Shoes
119
+24
-4
-8
3.3
4.4
196
162
158
650
656
692
180
+5
-1
(B)
(B)
(5)
+ 11
+8
5
5
(5)
NONMERCHANDISE—total *.. .
Barber and beauty shop
4
75
()
()
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 8 reversed.
For movements of total department store sales a n d stocks see the indexes for the United States on p. 819.
4
Index numbers of sales and stocks
for this department are not available for publication separately; the department, however, is included
6
n group and total indexes.
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1951, sales and stocks
at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of^the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
SALES, STOCKS, ORDERS, AND RECEIPTS
AT 296 DEPARTMENT STORES »
WEEKLY INDEX OF SALES
[Weeks ending on dates shown.
[In millions of dollars]
Derived data 1
Reported data
Year or month
Sales
(total
for
month)
1943 average...
1944 average...
1945 average...
1946 average. .
1947 average...
1948 average...
1949 average...
1950 average...
1951 average...
1951—May
June
July
Aug.....
Sept
Oct
Nov
Dec
1952—Jan
Feb
Mar
Apr
May
204
227
255
318
337
352
333
347
358
339
326
257
309
343
388
442
608
291
271
317
340
P345
Stocks
(end of
month)
509
535
563
715
826
912
862
942
1,114
'1,192
1,112
1,069
1,106
1,117
1,152
1,147
929
910
956
1,027
1,036
Pi,007
Outstanding
orders
(end of
month)
Receipts
(total
for
month)
New
orders
(total
for
month)
530
560
729
909
552
465
350
466
425
'293
386
434
395
404
408
373
292
379
386
332
274
P251
203
226
256
344
338
356
331
361
355
••292
'246
214
346
354
423
437
390
272
317
388
349
P316
223
236
269
327
336
335
331
370
345
'248
'339
262
307
363
427
402
309
359
324
334
291
P293
r
P Preliminary.
Revised.
These figures are not estimates for all department stores in the
United States. Figures for sales, stocks, and outstanding orders are
based on actual reports from the 296 stores. Receipts of goods are
derived from the reported figures on sales and stocks. New orders
are derived from estimates of receipts and reported figures on outstanding orders.
Back figures.—Division of Research and Statistics.
1
JULY 1952
1947-49 average = 100]
Without seasonal adjustment
1950
1951
1951
.102 Aug. 4 . . . . . 88
11. . . . . 87
. 94
1 8 . . . . . 93
. 97
2 5 . . . . . 97
. 99
.107 Sept 1. . . . .105
8 . . . . .100
.102
1 5 . . . . .114
.127
22. . . . .111
.111
2 9 . . . ..114
.110
110
112 Oct
6
13. . . . .117
.111
20. . . . .116
.105
.108
2 7 . . . . .113
.109 Nov. 3 . . . ..121
1 0 . . . ..127
.118
127
18
17. . . . 130
2 4 . . . ..123
2 5 . . . . .110
. .161
Dec. 2. . . . .153 Dec. 1
8 . . . . .191
.191
9
1 5 . . . ..213
.220
16
22. . . . .228
23. . . . .221
29. . .
92
82
30.
Aug. 5
12
19
26
Sept 2
9
16
23
30
Oct. 7
14
21
28
Nov. 4
11
1951
Jan.
6
13
20
27
1952
. 98 Jan. 5. . . . .
12... ..
.105
19... . .
.104
2 6 . . . ..
. 96
78
92
90
83
Feb.
Mar.
Apr
May
June
July
3. . . . . 81 Feb.
10. . . . . 94
1 7 . . . . . 94
2 4 . . . . . 95
3 . . . . . 99 Mar.
10. . . . .105
17. . . . .101
24. . . . .105
3 1 . . . . . 89
101 Apr.
7
14. . . . .100
21. . . . . 97
28. . . . .101
5 . . . ..113 M a y
1 2 . . . ..110
19 . . . . 99
2 6 . . . . .100
95
2. . .
9. . . ..108 June
1 6 . . . ..106
23. . . . . 92
3 0 . . . . 89
7. . . . . 75 July
14. . . . . 83
21. . . . . 81
2 8 . . . . . 80
1952
2
9
16
23
1
8
15
22
29
5
. 84
. 87
. 89
. 83
. 85
. 88
. 90
. 94
.101
109
12.'.'.'. ! 111
19
97
26
3
10
.105
.111
.117
24
.105
31
97
17
99
7 . . . . '111
1 4 . . . . .116
21
28
5
12
19
26
98
91
79
r
Revised.
NOTE.—Revised series; for description and weekly indexes for back
years, see BULLETIN for April 1952, pp. 359-362.
821
DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
5
1952 1952 1952
May Apr.
1952 1952
M a y Apr.
»+s
+9
-3
+3
+5
+4
+ 18
+5
+3 + 10
+2 +9
+ 1 +8
-1
+5
+2 +26
0
+9
+4 + 14
—4 +3
+7 +21
—4
C/l
United States.
Boston
New H a v e n . . . .
Portland..
Boston Area....
Downtown
Boston
LowellLawrence
New Bedford...
Springfield
Worcester
Providence
New York
Bridgeport*
Newark *
Albany
Binghamton....
Buffalo i
Elmira
Niagara Falls.. 1.
New York City
Poughkeepsie..
.
Rochester 1
Schenectady....
Syracuse *
Utica
Philadelphia
..
Trenton l
Lancaster 1
Philadelphia »...
Reading i
Wilkes-Barre x . .
Yorki
Cleveland
Akron *
Canton i
Cincinnati*.
.. .
Cleveland J
Columbus x
Springfield *. . . .
Toledo i
l
Youngstown
...
Erie l
l
Pittsburgh . . . .
Wheeling i
c
+9
r
+2
+4
+8
+2
+9
+2 +23
+ 6 +20
-6
-2
+6 +18
-9
-1
+12
+23
+2
+4
-2
+9
+3 +9
+ 1 +6
+ 6 +16
— 1 +8
+7 +2
+8 +5
+9 + 15
P-1
+5
+6 +6
-3
0
-4
+8
+3
-2
+8
0
+4
+4
+9
+8
+4
+ 13
-2
+3
+5 + 12
c
—4
—3
—9
+2
-1
-4
-7
+1
-7
Richmond
....
Washington 1.. .
Baltimore
Hagerstown....
Asheville, N. C.
Raleigh
Winston-Salem.
Anderson, S. C..
Charleston
Columbia
Greenville, S. C,
Lynchburg
Norfolk
Richmond
Roanoke
Ch'ls'ton.W.Va,
Huntington....
—7
- 2 Atlanta
l
0 Birmingham .
0 Mobile
+3 Montgomery.l
-10
-2
-7
+4
—5
+1
-3
-4
-4
—4
-4
-5
-2
-5
—1
-7
-4
-5
Jacksonville
.
Miami J
Orlando
St. Petersburg
Tampa i
Atlanta l
Augusta
Columbus....
Macon *
Rome
Savannah....l
Baton Rouge
New Orleans 1
Jackson 1 . . . .
Meridian. . . .
Bristol
Chattanooga l
Knoxville *.. .
Nashville *
+2
ChicagoJ
Chicago1 . . . .
Peoria
1
+ 3 Fort Wayne l .
- 8 Indianapolis .,
- 2 Terre Haute i.
-3
-6
+8
+4
+1
+ 12
+ 14
+ 17
+1
+36
+8
+4
+8
+ 17
+ 10
+ 16
+9
p+18
+9
+23
+ 14
+ 15
+ 11
+17
+ 12
+ 15
+29
+57
+27
+25
+ 15
'+33
+ 12
+ 18
+6
+6
+3
+ 10
+4
+5
P - 1
-2
P+4
+7
P+5
May Apr.
1952
1952
+15 +1 Chicago- cont.
Des Moines
+ 19 + 1 Detroiti
+26 + 4 Flint i
+9
Grand Rapids x
+ 17 + Lansing * 1
+20 +5 Milwaukee x ...
+ 15
Green Bay .. .
+25 + 15 Madison
+20 +4
+ 10 —4 St. Louis
+20
Fort Smith
+24 + 11 Little Rock 1. .
+ 18 +2 Evansville
—2 Louisville l
+30 +9 Quincy
+26
St. Louis !
St. Louis Area.
+20 +6 Springfield
+20 +4 Memphis l
+36 + 12
+20 +6 Minneapolis..
+26 +4 Mankato
l
+5 - 1
..
+20 +2 Minneapolis
Paul i
+ 15 +7 St.
Great
Falls
+22
Grand Forks. .
+ 19
Falls
+62 +26 Sioux
Duluth+37 +5 Superior »
+31 +3 La Crosse
+43 - 1
+46 + 16
+20 + 1 Kansas City. . .
+ 10 +7 Denver
+21 +3 Pueblo
+28
0 Hutchinson. . . .
+7 - 5 Topeka
+17 + 1 Wichita
Kansas City
+ 19
+27 +6 Joplin
St. Joseph
+5 - 5 Omaha
0 - 5 Oklahoma City.
+4 - 3 Tulsa
+20 - 7
+ 12 - 1 Dallas
0 Shreveport....
+ 13
+1
+ 12
P+9
-1
+1
—1
0
+
+9
+ 11 +2:
P+1
P + 2 0 + 17
+9 +4
P + 1 +14
P + 5 ++•
10
P 5
+ 17 ++9
16
+7 + 12
+4 r+4
+3 +18
+ 1 +8
+4 +3
+9 +23
+3 +23
+5 +3
+4
+8
Dallas-cont.
Corpus Christi.
Dallas i
El Ps
Fort Worth.
. .
Houston l
San Antonio...
Waco
+6
+9
+1
+4
+6
+7
+9
+9 +9
+3 +6
+1 +4
+9 + 11
0
+ 15
+12 +9
+ 12 + 13
+ 11 +22
+2
-1
+7 +2
+ 10 +5
+ 17 '+17
M a y Apr.
1952 1952
1952
San Francisco .
Phoenix *
Tucson
Bakersfield i
Fresno l
Long Beach x . . .
- 9 Los Angeles
Area *
-1
Downtown Los
+7 Angeles x
Los
+ 1 Westside
Angeles x
Oakland
and
-3
Berkeley i
+ 1 Riverside
and
-2
San Bernardino
-5
l
Sacramento
+1 San Diego l. .. .. ..
+2 San Francisco *.
San Jose 1
Stockton *
- 3 Vallejo and
Napa
2 Boise and
Nampa
- 7 Portland
i
- 1 1 Salt
Lake City *.
- 5 Bellingham
0 Everett l
- 2 Seattle
0 Spokanei x
x
0
J
- 9 Tacoma
0 Yakima
+2
+1
+2
+1
+23
+9
+ 10
+ 10
+ 19
+20
+39
1952
+35 + 19
+ 11 - 1
+ 1/ +3
+ 15 + 1
+ 17 +8
+4 +5
+35 +21
+13
+1
+25
+ 15 +21
P +5 + 12
P + 2 7 + 10
+6
+2
-5
+1
P+18
P+8
P+24
+ 12
P+5
+ 12
P+21
+ 13
+3
+6
+ 16 +22
+ 12 + 9
+ 13
+ 12 + 17
+212 +22
( ) + 13
P+27
-1
+1
-6
+3
+2
+3
+2
+1
+1 +4
P+4
P+4
+9
+1 +9
+7 +5
P - 1
-2
+4 +7
+5 + 14
+1
+8
P+9
+ 10
-4
-6
-4
-4
-9
-4
-2
-7
+1
-2
+6
+14 +13 +4
+26 + 18 + 12
r
P Preliminary.
Revised.
Indexes for these cities may
be obtained on4 request from the Federal Reserve Bank in the district in which the city is located.
3
Data not available.
January 1952.
Four months 1952.
1
2
CONSUMERS' PRICES 1
[Bureau of Labor Statistics index for moderate income families in large cities.
Year or month
1929
1933
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1951—May
June
July
August
September
October
November .
December
1952—January
February
IMarch
April
May
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
185.4
185.2
185.5
185.5
186.6
187.4
188.6
189.1
189.1
187.9
188.0
188.7
189.0
132.5
84.1
105.5
123.9
138 0
136.1
139.1
159.6
193.8
210 2
201.9
204 5
227.4
227.4
226 9
227.7
227.0
227.3
229.2
231 4
232.2
232.4
227.5
227.6
230.0
230.8
115.3
87.9
106.3
124.2
129.7
138.8
145.9
160.2
185.8
198 0
190.1
187 7
204.5
204.0
204 0
203.3
203.6
209.0
208.9
207.6
206.8
204.6
204.3
203.5
202.7
202.3
141.4
100.7
106.4
108.8
108.7
109.1
109.5
110.1
113.6
121.2
126.4
131 0
136.2
135.4
135.7
136.2
136.8
137.5
138.2
138.9
139.2
139.7
140.2
140.5
140.8
141.3
112.5
100.0
102.2
105.4
107.7
109.8
110.3
112.4
121.2
133.9
137.5
140.6
144.1
143.6
143.6
144.0
144.2
144.4
144.6
144.8
144.9
145.0
145.3
145.3
145.3
144.6
111.7
84.2
107.3
122.2
125 6
136.4
145.8
159.2
184.4
195.8
189.0
190 2
210.9
212.6
212 5
212.4
210.8
211.1
210.4
210 8
210.2
209.1
208.6
207.6
206.2
205.4
104.6
98.4
104.0
110.9
115 8
121.3
124.1
128.8
139.9
149 9
154.7
156 5
165.4
165.0
164 8
165.0
165.4
166 0
166.6
168 4
169.1
169.6
170.2
170.7
171.1
171.4
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.
822
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
Textile
products
and
apparel
All
com- Farm Processed
modi- products foods Total
ties
Hides,
skins,
and
leather
products
ToMa- Furnichin- ture Non- bacco
manumeFuel,
ery
and
Lum- Pulp, Metals and
Mispower, Chemother tallic facicals Rubber paper, and
cellaand
ber
mo- house- min- tures neous
and
and
and
light- allied and wood allied metal tive
hold erals— and
ing
prod- prod- prod- prod- prod- dur- struc- bottled
tural bevma- products
ucts
ucts
ables
ucts ucts
erages
terials ucts
1947
1948
1949
1950
1951
96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6
104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9
99.2
92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5
103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9
114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6
1951
April
May
June
July
August. . . .
September.
October....
November.
December.,
116.3
115.9
115.1
114.2
113.7
113.4
113.7
113.6
113.5
126.6
126.1
124.6
123.5
122.3
121.6
121.7
121.1
120.3
1952
January...
February. .
March
April
May
113.0 110.0 110.1 114.3 103.3 102.2 107.4 106.7 144.1 120.1
112.5 107.8 109.5 114.2 102.1 99.5 107.2 105.9 143.1 120.3
112.3 108.2 109.2 113.8 100.6 98.0 107.4 105.4 142.0 120.5
'111.8 108.7 108.0 113.3
99.9 '94.1 106.3 104.8 140.6 '120.9
111.6 108.1 108.6 113.0 99.4 94.5 106.5 104.0 140.4 120.6
117.5
115.7
113.9
111.1
110.4
109.9
111.5
112.0
111.3
111.8
112.3
111.3
110.7
111.2
110.9
111.6
111.0
110.7
117.1
116.8
116.2
115.7
114.9
114.8
114.6
114.5
114.6
115.5
114.8
112.9
111.6
108.5
105.9
103.9
103.9
104.0
126.5
126.2
124.7
122.3
118.0
118.0
113.6
107.0
105.1
106.5
106.2
106.3
106.5
106.3
106.7
106.8
106.9
107.4
111.5
111.3
110.2
108.8
108.5
108.7
108.8
108.6
108.4
151.5
151.3
148.3
144.3
144.3
144.7
144.7
144.6
144.3
91.3
103.9
104.8
110.3
122.8
92.5
100.9
106.6
108.6
119.0
95.6
101.4
103.1
105.3
114.1
93.9
101.7
104.4
106.9
113.6
98.0 100.8
100.4 103.1
101.6 96.1
102.4 96.6
108.1 104.9
119.7
119.8
120.2
120.2
119.5
119.4
118.8
118.4
118.4
123.3
123.2
122.7
122.3
122.2
122.1
122.4
122.5
122.5
118.6
118.6
118.6
118.8
118.9
119.4
120.2
120.5
120.7
115.4
115.3
115.0
114.4
113.5
113.1
112.8
112.7
112.7
113.7
113.6
113.6
113.6
113.6
113.6
113.6
113.6
112.8
108.4
108.4
108.4
107.9
107.8
107.8
107.5
107.5
108.1
105.7
103.0
102.8
103.7
102.6
105.1
106.9
108.9
109.8
118.2
118.3
117.7
117.4
117.1
122.4
122.6
122.6
122.5
121.8
120.8
122.0
121.8
121.6
121.6
112.3
112.4
111.9
'112.1
111.4
112.9
112.9
112.9
112.8
112.8
108.1
110.8
110.8
110.8
110.8
111.1
111.4
109.2
109.5
108.5
1952
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 c r e a m . . . .
Canned, frozen, fruits & vegetable!
Sugar and confectionery
Packaged beverage m a t e r i a l s . . . .
Other processed foods
Textile Products and Apparel:
Cotton products
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas
Electricity
Petroleum and products
Chemicals and Allied Products:
Industrial chemicals
Paint and paint materials
Drugs, Pharmaceuticals, cosmetics
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Rubber and Products:
Crude rubber
Tires and tubes
Other rubber products
Lumber and Wood Products:
Lumber
Millwork
Plywood
1952
Subgroup
Subgroup
May
Mar.
Apr.
103.8
98.3
119.8
159.9
100.7
100.5
108.5
139.8
123.9
102.0
105.2
118.9
110.3
76.6
97.1
138.6
127.3
100.9
106.6
119.6
108.1
81.7
95.5
136.7
106.8
118.1
106.5
105.8
108.2
161.1
123.4
107.5
111.0
113.3
104.9
107.2
163.1
116.0
107.4
109.4
112.2
104.6
109.4
161.9
107.8
117.8
161.8
98.7
124.9
104.1
147.3
99.6
111.8
87.3
129.1
101.6
107.0
98.6
109.2
'86.7
128.4
101.2
110.0
130.3
137.4
122.9
115.8
59.6
49.7
84.4
87.6
115.9 '112.9
101.9 100.2
107.8
124.3
98.2
98.0
110.2
108.7 '104.9
124.3 124.3
105.7 '106.6
99.1
99.1
110.6 '109.5
121.2
109.5
95.6
103.6
106.2
105.3
109.9
117.0
107.9
93.1
47.3
108.6
109.6
104.1
116.8
108.0
92.7
42.6
108.6
109.8
103.0
232.5
133.9
131.0
187.9
133.4
128.8
182.7
'133.0
128.2
126.0
131.1
117.7
120.7
126.8
105.6
121.3
126.4
105.6
May
Pulp, Paper, and Allied Products:
128.9
Woodpulp
98.8
Wastepaper
108.9
Paper
114.2
Paperboard
105.6
Converted paper and paperboard.
74.3
Building paper and board
96.0 Metals and Metal Products:
136.9
Iron and steel
Nonferrous metals
107.0
Metal containers
112.1
Hardware
110.6
Plumbing equipment
104.5
Heating equipment
109.2
Fabricated struc. metal products.
161.9
Fabricated nonstructural metal
112.9
products
Machinery and Motive Products:
97.2
Agri. mach. and equipment
112.1
Cons. mach. and equipment
86.7
Metal working machinery
128.8
General purpose mach., etc
100.8
Miscellaneous machinery
98.6
Elec. mach. and equipment
Motor vehicles
58.2 Furniture; Other Household Durables:
83.4
Household furniture
111.2
Commercial furniture
100.4
Floor covering
Household appliances
104.8
Radio, TV, and phonographs....
124.3
Other household durable goods...
106.6 Nonmetallic Minerals—Structural:
99.1
Flat glass
109.9
Concrete ingredients
Concrete products
,
114.6
Structural clay products
107.3
Gypsum products
,
92.5
Prepared asphalt roofing
,
46.0
Other nonmetallic minerals
,
108.6 Tobacco Mfrs. and Bottled Beverages:
111.5
Cigarettes
103.0
Cigars
Other tobacco products
182.7
Alcoholic beverages
133.0
Nonalcoholic beverages
127.6 Miscellaneous:
Toys, sporting goods, small arms. .
121.0
Manufactured animal feeds
126.4
Notions and accessories
105.6
Jewelry, watches, photo equipment
Other miscellaneous
May
Mar.
Apr.
May
115.5
197.7
117.1
132.0
117.7
113.4
114.5
70.0
123.8
130.3
115.0
113.4
113.3
70.0
123.5
130.3
115.0
113.8
113.3
55.1
123.5
130.0
115.0
114.7
122.9
125.4
121.1
125.8
123.2
114.8
118.7
123.2
124.9
120.5
126.8
116.7
114.0
115.5
123.0
'124.8
120.5
'126.9
116.3
113.9
115.4
122.8
122.0
120.5
126.9
116.0
113.8
115.4
126.0
124.4
124.4
124.4
120.3
123.6
125.2
123.4
119.2
121.8
112.1
121.8
124.9
127.9
123.0
119.4
121.5
120.0
121.6
124.9
127.9
123.1
119.3
120.9
119.7
121.5
124.9
127.9
123.1
119.3
120.9
119.7
117.4
124.9
149.3
107.9
92.6
117.2
113.4
123.0
126.1
107.4
90.7
117.6
113.4
123.0
126.8
107.8
90.7
117.7
113.1
123.2
120.8
107.1
90.7
118.4
114.0
112.9
112.4
121.4
117 A
105.4
110.9
114.0 114.4
113.2 112.9
112 A 112 A
121 A 121.3
117.7 117.7
98.6
98.6
111.2 111.9
114.4
112.9
112.4
121.4
117.7
98.6
111.9
105.7
101.5
107.6
107.0
119.7
107.3
98.0
114.8
111.2
119.7
107.3
98.0
114.8
111.2
119.7
107.3
98.0
114.8
111.2
119.7
116.8
96.7
101.4
100.9
120.7
113.7
109.5
98.5
100.9
120.9
113.5
110.2
96.1
101.0
121.0
113.5
108.3
94.4
101.0
121.0
p
Revised.
Source.—Bureau of Labor Statistics.
Backfigures.—SeeBULLETIN for March 1952, pp. 311-313.
JULY 1952
823
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce.
In billions of dollars]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME. PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates
by quarters
Annual totals
1951'
1933
Gross n a t i o n a l product
Less: Capital consumption allowances. .
Indirect business tax and related
liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises
Equals: National i n c o m e . .
Less: Corporate profits and inventory
valuation adjustment
Contributions for social insurance. .
Excess of wage accruals over
disbursements
Plus: Government transfer payments. . .
Net interest paid by government. .
Dividends
Business transfer payments
Equals: Personal i n c o m e .
Less: Personal tax and related payments. .
Federal
1947
1948
1949'
1950'
1951'
91.3 126.4 233.3 259.0 258.2 284.2 329.2 319.6 329.3 330.9 337.1 339.4
103.8
55.8
8.8
7.2
8.1
9.3
14.8
17.6
19.4
21.5
24.6
23.4
24.3
25.0
25.8
26.7
7.0
.6
7.1
.7
1.2
9.4
.5
11.3
.5
18.7
.7
.3
20.4
.7
-3.2
21.6
.8
23.8
.8
-.7
25.3
.9
25.7
.9
.7
24.7
.9
5.7
25.0
.9
.0
25.8
.9
26.3
.9
n. a.
-.1
.0
.7
1.1
.1
.2
— .1
0)
1.4
.5
1 .6
.1
.5
69.6 274.8 280.2 285.6
24.7
5.7
31.7
5.2
29.2
5/7
34.8
6.9
41.6
8.2
40.7
8.1
41.2
8.2
41.9
8.1
8.5
.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
.0
11.6
4.6
7.5
.8
.0
14.3
4.7
9.0
.0
11.5
4.9
9.0
.9
.1
11.3
4.8
_ 2
11 ^6
4.9
9.0
.9
11.6
4.9
9.2
.9
.1
11.7
5.0
8.9
.9
46.6
72.6
95.3
191.0
1.5
.5
2.4
1.2
1.2
3.3
2.0
1.3
21.5
19.6
70.2
92.0
-2.0
.3
5.8
2.1
.0
.9
1.0
5.8
.6
.0
1.5
1.2
2.1
85.1
2.6
1.3
1.4
72.5 103.8
67.5
82.3
2.7
9.8
-1.2
8.6
.9
209.5 205.9 226.3 254.1 246.2 251.9 256.1 262.0 263.0
21.1
19.0
2.1
18.6
16.2
2.5
20.8
18.1
2.7
29.1
26.1
3.0
188.4
187.2
205.5
225.0
177.9
180.6
194.3
208.0
10.5
6.7
11.2
17.0
165.6
46.3
3.7
277.6
169.5
45.2
78.8
216.3
1.9
1.0
82.5
Less: Personal consumption expenditures
239.2
1.4
14.6
2.8
10.3
.2
Equals: Personal saving
.4
223.5
39.6
State and local
.0
198.7
87.4
E q u a l s : Disposable personal i n c o m e .
.2
3.9
28.2
25.3
28.7
25.8
29.0
26.0
2.9
3.0
3.0
218.0 223.2 227.1
210.5
204.5
206.4
7.5
18.7
20.7
32.5
29.3
3.2
231.5
230.5
210.5
213.2
21.1
17.3
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1952 r
1951 *
1929
1933
1939
1941
1947
1948
1949 '
1950'
1951 r
1
2
3
4
1
National i n c o m e . .
87.4
39.6
72.5
103.8
198.7
223.5
216.3
239.2
277.6
269.6
274.8
280.2
285.6
n.a.
C o m p e n s a t i o n of e m p l o y e e s
Wages and salaries 2
Private
Military
Government civilian
Supplements to wages and s a l a r i e s . . . .
50.8
50.2
45.2
.3
4.6
.6
29.3
28 8
23.7
.3
4.9
.5
47.8
45 .7
37.5
.4
7.8
2.1
64.3
61.7
51.5
1.9
8.3
2.6
128.0
122.1
104.8
4.1
13.2
5.9
140.2
134.4
115.7
4.0
14.7
5.8
139.9
133.4
113.0
4.2
16.1
6.6
153.4
145 .6
123.4
5.0
17.2
7.8
178.9
169.9
141 .2
8.6
20.1
9.0
172.9
163.9
137.6
7.4
18.9
8.9
178.2
169.3
141.2
8.5
19.6
9.0
181.0
172.1
142.0
9.1
21.0
8.9
183.4
174.3
143.8
9.6
20.9
9.1
186.5
177.4
145.8
n.a.
n.a.
9.0
Proprietors' a n d rental i n c o m e 3 . . . .
Business and professional
Farm
Rental income of persons
19.7
8.3
5 7
5.8
7.2
2.9
2 3
2.0
14.7
6.8
4 5
3.5
20.8
9.6
6 9
4.3
42.4
19.8
15 6
7.1
47.3
22.1
17 7
7.5
42.1
21.6
12 8
7.7
45.2
23.7
13 3
8.2
50.6
26.2
15 6
8.9
49.7
26.2
15 1
8.5
49.0
26.0
14.4
8.5
50.8
26. C
15.8
9.1
53.1
26.6
17.0
9.4
52.1
27.3
15.4
9.4
Corporate profits a n d inventory
valuation adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
10.3
9.8
1.4
8.4
-2.0
.2
5
- A
-2.1
5.8
6.5
1.5
5.0
—. 7
14.6
17 .2
7.8
9.4
-2.6
24.7
30.5
11.9
18.5
-5.8
31.7
33.8
13.0
20.7
-2.1
29.2
27.1
10.8
16.3
2.1
34.8
39.6
18.4
21.2
-4.8
41.6
42.9
24.2
18.7
-1.3
40.7
50.1
28.4
21.7
-9.4
41.2
43.3
24.5
18.8
-2.1
41.9
38.6
21.8
16.9
3.2
42.5
39.5
22.2
17.3
3.0
n.a.
n.a.
n.a.
n.a.
-.1
6.5
5.0
4.2
4.1
3.5
4.3
5.0
5.8
6.4
6.3
6.4
6.5
6.6
6.7
Net interest
r
n.a. Not available.
Revised.
1
Less than 50 million dollars.
2
Includes employee contributions to social insurance funds.
3
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
824
FEDERAL RESERVE
BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[Estimates of the Department of Commerce. In billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates
by quarters
Annual totals
1951 r
1929
1939
1933
1941
1947
1948
1
Gross national product
Personal consumption
expenditures
Durable goods
Nondurable goods
, .
Cross private domestic
investment
New construction l
Residential, nonfarm
Other
. . .
Producers' durable equipment . . . .
Change in business inventories. . . .
Nonfarm only
\
. ..
2
3
1
4
103.8
55.8
91.3 126.4 233.3 259.0 258.2 284.2 329.2 319.6 329.3 330.9 337.1 339.4
78.8
46.3
67.5
9.4
3.5
6.7
37.7
31.7
22.3
20.6
35.3
25.5
15 8
1 3
82.3 165.6 177.9 180.6 194.3 208.0 210.5 204 5 206 4 210 5 213 2
9.8
21 A 22.9 23.8 29.2 27.1 31.3 26.3 25.5 25.3 25.2
44.0 95.1 100.9 99.2 102.8 113.5 113 3 111 3 113 2 116 2 118 0
28.5 49.1 54.1 57.5 62.4 67.3 65.9 66.9 67.6 69.0
70.0
1.1
9.9
4.9
18.3
7.8
3.6
4.2
6.4
1.6
1.8
.5
.7
1.8
-1.6
-1.3
2.7
2.2
4.6
.4
.3
3.5
3.3
7.7
3.9
3.4
30.2
13.9
6.3
7.6
17.1
-.8
1.4
42.7
17.7
8.6
9.1
19.9
5,0
3.7
33.5
17.2
8.3
9.0
18.7
-2.5
-1.6
50.3
22.9
12.6
10.3
22.0
5.5
4.6
58.5
23.3
11.0
12.3
24.9
10.3
9.4
59 8
24.7
12.8
11.9
24.8
10.3
9.0
65 2
23.5
10.9
12 6
25.4
16.3
15.2
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
.8
.2
.9
1.1
8.9
1.9
.5
-2.3
.2
-2.7
-.2
1.1
2.6
1.9
8.5
1 3
8.0
13.1
5 2
24.7
16 9
13.8
3.2
28.6
15 8
13.3
3.8
1.3
12.8
36.6
21.0
16.1
5.6
.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
51.9
30 8
27.6
3.5
.3
21.1
59.8
38 3
34.9
3.7
.3
21.6
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
Net foreign investment
Government purchases of
goods and services
Federal
National security
Other
Less: Government sales 2
State and local
1952 r
1949 r 1950 r 1951 r
1
2 0
1.3
i
1.3
(3)
7.2
2.0
(8)
5.9
3.9
(3)
7.9
6.8
(3)
7.8
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages anc1 salaries
Wage and salary disbursements
Year or month
Personal
income
Total
receipts4
Total
disbursements
Commodity
producing industries
1929
1933
1939
1941.
1947
1948
1949 r
1950'r
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
21.5
9 8
17.4
27 5
54.3
60 2
56.9
63.5
74.9
1951—April'May rr
Tune
July r
August
r
September
. ..
Octoberr r
November r . . .
December .., .
250.0
251.4
254.3
254.5
256.7
257.3
261 .7
260 9
263.4
164.4
165.3
168.2
167.3
167.9
168.8
170.5
171 .3
172.6
167.7
168.9
171.6
170.7
171.2
172.1
174.0
174.8
176.0
74.9
75.1
75.4
75.0
74.8
1952—January
r
February
. . ..
March r
April
263.4
263.5
261 .9
262 .5
173.1
174.5
173 .9
1 73.4
176.7
178.0
177.3
176.7
Distrib- Service
utive
indus- industries
tries
15.5
8.8
8.2
5.1
6,9
Government
19.7
Transfer
payments7
Less
personal
contributions
for
social
insurance 8
.1
2
6
Nonagricultural
income9
3.1
3.8
4.2
14.7
20 8
42.4
47.3
42 1
45.2
50.6
13.3
» I
9 2
9 9
14 5
16 0
17 1
19.5
20.4
3 0
3 1
11.8
It .3
12 4
15.1
12.4
2.9
3.4
76.8
43.0
66.3
86 1
170.8
187.1
188 7
208.5
233.6
27.4
28.0
28.8
29.0
29.5
29.7
30 9
31.7
31.0
4.2
4.2
4.2
4.2
4.2
4.2
4.3
4.2
4.3
49.1
49.0
48.8
50.1
51.5
50.9
53.4
52.5
53.3
20.3
20.3
20.4
20.4
20.5
21.0
20.8
20.5
21.1
12.0
12.6
12.7
12.5
12.6
12.4
12.7
12.4
12.1
3.3
3.6
3.4
3.4
3.3
3.3
3.5
3.5
3.4
230.5
232.5
235.4
234.0
235.5
236.4
239.1
239.5
240.7
31 .5
4.3
4.3
4.3
4.4
53.4
52.1
50.7
51.2
20.1
20.5
21.0
21.5
12.8
12.4
12.4
12.3
3.9
3.8
3.8
3.6
241.7
243 .4
242.7
242.9
5.0
5.2
8,2
13.3
16 3
35.1
38.8
38 9
41.3
45.9
7 S
15.3
16 6
17.2
18.6
20.3
10 2
17 2
18 7
20.4
22 2
28.7
75.9
75.8
77.5
45.3
45.5
47.0
46.3
46.5
46.3
46.5
46.5
46.7
20.1
20.3
20.4
20.4
20.4
20.4
20.7
20.8
20.8
77.3
78.2
77.7
76.9
47.1
47.1
47.0
47.0
20.8
20.9
20.8
21.0
31.8
31.8
75.7
Other
labor
income 5
Dividends
Proand
prietors'
perand
sonal
rental 6
income interest
income
31.8
.5
A
5
6
2 4
2 8
7.2
1.5
2.1
s
2.1
2 2
2 2
r
Revised.
1
Includes construction expenditures for crude petroleum and natural gas drilling.
2
Consists
of sales abroad and domestic sales of surplus consumption goods and materials.
3
Less than 50 million dollars.
4
Total wage and salary receipts, as included in "Personal income" is equal to total disbursements less employee contributions to social insurance.6 Such 5contributions are not available by industries.
Include, ? 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.
JULY
1952
825
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
End of year
or month
Total
consumer
credit
Total
instalment
credit
Noninstalment credit
Sale credit
Total
Automobile
Loans *
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
Singlepayment
loans 2
J .544
1,650
L,764
1,513
1,498
1,758
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
942
1,648
3,086
4,528
6,240
7,904
7,546
227
544
1,151
1,961
3,144
4,126
4,039
715
1,104
1,935
2,567
3,096
3,778
3,507
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348
4,072
4,650
5,555
5,964
1951—April
May
June
July
August
September
October
November
December
19,126
19,207
19,256
19,132
19,262
19,362
19,585
19,989
20,644
12,904
12,920
12,955
12,903
13,045
13,167
13,196
13,271
13,510
7,270
7,248
7,234
7,173
7,247
7,327
7,355
7,400
7,546
3,934
3,980
4,041
4,061
4,138
4,175
4,134
4,100
4,039
3,336
3,268
3,193
3,112
3,109
3,152
3,221
3,300
3,507
5,634
5,672
5,721
5,730
5,798
5,840
5,841
5,871
5,964
6 222
6,287
6,301
6,229
6,217
6,195
6,389
6,718
7,134
11,392
1,398
L.399
1,393
1.398
1,401
1,413
1,422
1,436
3,054
3,612
3,854
3,909
4,239
4,587
3,744
3,793
3,804
3,743
3,724
3,696
3,868
4,190
4,587
1952—January
February
March
April?
May?
20,126
19,717
19,560
19,784
20,258
13,314
13,185
13,156
13,320
13,767
7,322
7,158
7,047
7,109
7,393
3,962
3,927
3,891
3,954
4,147
3,360
3,231
3,156
3,155
3,246
5,992
6,027
6,109
6,211
6,374
6,812
6,532
6,404
6,464
6,491
1,445
1,448
1,443
1,438
1,441
4,253
3,967
3,855
3,913
3,925
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951.
. .
. .
2,792
3,450
3,744
1,617
1,267
1,729
1,942
1,525
1,721
1,802
1,135
482
175
200
882
891
707
691
Service
credit
Charge
accounts
530
536
565
483
414
428
510
749
533
560
610
648
687
729
772
874
9R1
896
949
1,018
L.332
L.436
920
963
992
1,067
L ,111
1,086
L.096
1,098
1,093
1,095
1,098
1,108
1,106
1,111
1,114
L .117
1,106
1,113
1,125
p 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
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949.
1950
1951
Loans made by principal lending institutions
(during period)
Insured
repair
Comand
merciall
modern- banks
ization
loans 3
Commercial
banks l
Small
loan
companies
Industrial
banks2
Industrial
loan
com- 2
panies
Credit
unions
Miscellaneous
lenders
523
692
784
426
316
357
477
956
448
498
531
417
364
384
439
597
701
817
929
99
104
107
72
59
60
70
98
134
160
175
203
229
135
174
200
130
104
100
103
153
225
312
402
525
542
96
99
102
91
86
88
93
109
119
131
142
157
176
200
268
285
206
123
113
164
322
568
739
801
864
938
Industrial
banks 2
Industrial
loan
com- 2
panies
Credit
unions
1,793
2,636
3,069
3,282
3,875
4,198
827
912
975
784
800
869
956
1,231
1,432
1.534
1,737
1.946
2,437
261
255
255
182
151
155
166
231
310
375
418
481
528
194
198
203
146
128
139
151
210
282
318
334
358
417
237
297
344
236
201
198
199
286
428
577
712
894
947
Small
loan
companies
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3.348
4,072
4,650
5,555
5,964
1,435
1,709
1.951
2,431
2,510
1,084
L.268
131
132
134
89
67
68
76
117
166
204
250
291
301
5,634
5,672
5,721
5,730
5,798
August
September. . 5,840
October
5,841
November .. 5,871
December... 5.964
2,497
2,506
2,515
2,492
2,521
2,524
2,522
2.509
2,510
L,119
1,131
1,151
L,167
1,181
1,203
1,191
1,211
1,268
286
288
288
288
293
296
299
299
301
205
207
209
211
217
221
222
225
229
514
518
522
524
531
533
535
535
542
161
162
164
166
167
169
168
170
176
852
860
872
882
888
894
904
922
938
340
359
356
339
389
351
373
347
354
184
198
204
206
210
183
205
228
292
41
44
44
44
49
42
52
45
50
31
33
35
35
40
35
40
38
42
72
82
86
76
90
78
86
83
84
5,992
6,027
6,109
6,211
6,374
2,521
2,542
2,593
2,642
2,722
1,273
1,275
1,285
1,302
1,327
300
301
303
307
319
230
232
235
239
245
541
545
553
568
589
176
176
177
179
182
951
956
963
974
990
393
373
429
429
473
184
181
216
211
235
46
46
52
50
52
38
37
41
39
44
85
91
95
103
117
...
.
. .
1951—April
May
June
July
1952—January. . . .
February. . .
March
April?
May?
680
1,017
1.198
792
639
749
942
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 May amounted to 117 million dollars, and
other2 loans made during May were 16 million.
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans3 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.
826
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
Department
Total,
stores
excludi n g a u t o - m a a ni dl mobile
order
houses
1939
1940
1941
1942
1 9 4 3 ..
1944
1945
1946
1947
1948
1949.
1950
1951
1951
April
M a y
June.
July
August... .
September.
October. . .
NTovember.
December .
1952
January...
February..
M a r c h . . . .
Aprils
M a y p
1,525
1,721
1,802
1,135
707
691
715
377
439
466
252
172
183
198
337
650
874
Furniture
stores
246
271
284
179
111
109
113
174
305
404
488
93
110
120
76
57
56
57
89
144
152
163
1,103
1,084
1,055
1,022
1,015
1,028
1,056
1,099
1,186
905
890
874
854
859
870
890
908
971
636
616
602
590
590
600
607
608
613
692
678
662
646
645
654
668
685
737
L ,129
1,082
1,060
1,064
,094
933
909
893
894
924
592
567
548
542
554
706
673
655
655
674
3
3
3
3
3
3
3
3
3
,
,
,
,
,
,
,
,
,
336
268
193
112
109
152
221
300
507
3
3
3
3
3
,360
,231
,156
,155
,246
536
599
619
440
289
293
296
386
587
750
935
All
other
retail
stores
Jewelry
stores
971
L.010
1,245
1,186
1,029
794
737
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
R e t a i l i n s t a l -2
m e n tp a p e r
Year
or
month
Total
Automobile
Outstanding at
of period:
1949
1950
1951
Other
R e p a i r Personal
and
instalmodern- ment
ization
cash
loans 1 2
loans
end
343.2
391.0
404.1
1951—April
382 7
384 4
M a y
385
0
June
385 1
July
391
7
A u g u s t . ..
396 3
September
401 8
October...
402 4
November
404 1
December.
1 9 5 2 — J a n u a r y . 4. 0 2 . 6
February..
403.9
405.8
March
April? . . . . 4 1 0 . 7
M a y P . . .. 4 2 6 . 2
Volume extended
during month:
1951—April
44 9
49 3
M a y
48 8
June
48.5
July
A u g u s t . . . . 58 4
5
September, 1 2
60 0
October....
N o v e m b e r . 52 3
53.6
December.,
1 9 5 2 — J a n u a r y . . 5. 2 . 5
51.8
February...
57.5
March
58.8
April?
69.2
M
Total
O t h e r Repair P e r retail,
and s o n a l
purmod- i n s t a l ment
c
h
a
s
e
d
ernizaPur- Direct
tion12 c a s h
c h a s e d l o a n s d ia rn e dc t loans
loans
4,416
5,645
5,434
854
1,143
1,061
915
,223
,192
922
,267
,031
944
781
905 1 , 1 0 7
937 1 , 2 1 3
1
1
1
1
1
1
,153
,123
,098
,068
,059
,004
,010
,017
,031
875
882
883
886
899
911
925
937
937
1,148
1,155
1,164
1,160
1,177
1,181
1,191
1,194
1,213
1
1
1
1
1
,
,
,
,
,
034
016
008
005
034
928
924
922
940
969
1,230
1,248
1,284
1,309
1,339
Automobile
retail
Household
appliance
stores
273
302
313
188
78
50
51
118
249
387
500
710
613
1,104
1,935
2,567
3,096
3,778
3,507
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
131.1
137.9
147.5
139.1
139.9
93.6
118 5
118 9
63.1
79.7
81.2
55.4
54 9
56.5
116 5
118 0
119.6
120 2
123 1
123.9
123 9
121 9
118 9
75.3
74 2
72.9
70 7
71 6
73 6
75 8
77.7
81.2
51 8
52.3
52.6
52 9
53.7
54 8
56.1
56 5
56 5
1
1
1
1
1
1
1
3
4
4
4
4
4
4
9.9
1.3
3.3
4.0
6.0
6.3
7.5
116 5
116.3
116.6
119.2
128.2
8
8
8
8
8
5
5
5
5
5
1
1
1
1
1
4
4
5
5
5
8.6
9.9
2.6
4.6
8.3
13
15
15
14
19
16
17
14
13
.1
2
6
.9
4
2
.3
6
1
14.3
15.2
16.8
18.1
25.8
1
1
1
1
2
7
8
7
7
10
10
12
11
12
.4
.4
.2
.1
.5
.8
3
8
6
.4
4
2
8
8
11.8
10.1
10.6
10.3
11.2
6
6
5
5
7
.
.
.
.
.
1
3
4
8
2
3.3
3.8
3.9
3 8
4 5
4 1
5 2
4.1
3 4
20
22
21
22
24
20
25
21
24
.7
.0
.5
2
1
.5
.3
.8
.3
3.5
3.7
4.1
5.4
6.3
2
2
2
2
2
.
.
.
.
.
2
2
6
5
5
9
8
0
0
9
Year or month
Outstanding at end of
period:
1949
1950
1951
1951—April
May
June
July
August
September...
October
November...
December. . .
5
5
5
5
5
5
5
5
5
,
,
,
,
.
,
,
,
,
490
489
481
430
472
440
442
436
434
,072
,083
,090
,086
,097
,105
,090
,079
,061
,242
,248
,246
,230
,240
,239
,226
,209
,192
1952—January
February
March
April?
Mayp
5
5
5
5
5
,
,
,
,
,
418
412
446
528
730
,042
,038
,035
,055
,122
,184
,186
,197
,219
Volume extended during month:
1951—April
May
June
July
August
September...
October
November...
December...
625
683
666
642
738
682
744
689
686
118
140
143
137
162
150
150
136
117
153
166
160
150
187
166
168
152
149
125
132
115
115
131
126
153
147
157
56
65
64
62
70
67
82
72
70
173
180
184
178
188
173
191
182
193
1952—January
February....
March
April P
Mayp
714
679
758
807
92 7
131
135
144
162
218
170
167
185
191
230
146
130
138
153
155
57
55
62
79
92
210
192
229
222
227
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or
month
Outstanding at
of period:
1949
1950
1951
Automobile
Other
Repair
and
modernization 2
loans *
43 5
57 9
63.2
31.4
41.1
47.3
6.5
7.3
7.2
57
59
59
60
63
63
63
63
63
8
2
8
.5
2
.5
7
.4
.2
4
3
3
4
4
4
4
4
4
6
7
7
7
6
6
6
6
.
.
.
.
47.0
47.4
48.8
50.0
52.1
R e t a i l i n s t a l -2
m e n tp a p e r
Total
Personal
instalment
cash
loans
end
1951—April
M a y . . . .
June
July
A u g u s t . ..
September
October...
November
December.
1952—January .
February..
March....
Aprilp. .. .
Mayp.
194.7
226.9
255.3
228 1
230.6
232.6
235.4
241.3
245.5
247.4
250.3
255.3
6
7
0
5
2
.
.
.
.
.
Volume extended
during month:
1951—April
3
3
M a y
3
June....
3
July
4
August
3
September
4
October...
November ,3
4
December..
2
4
6
5
2
7
1
9
3
.4
.8
.1
.9
.6
.8
.3
.5
.6
7.4
8.8
9.0
8 9
11 5
9 4
9 6
9.0
9.3
44
4.2
4.9
5.2
7.0
6.9
7 7
6.2
6.6
.
.
.
.
.
9.2
8.9
9.1
10.1
13.0
5.7
5.7
7.1
6.8
7.7
1 9 5 2 — J a n u a r y
February..
March
April?
M a y p
. .3 .9
,3 8
42
41
47
4
3
2
6
7
5
4
6
0
.0
.6
.8
.8
.4
.5
.6
.1
.3
.2 5
25
26
26
27
2
7
9
5
8
2
2
2
4
0
9
9
0
2
4
5
6
7
67.7
7.2
7.3
7.4
7 6
7.2
113.3
120.6
137.6
123.4
124.8
125.9
127.0
128.5
130.2
130.7
133.2
137.6
7.2
7.1
7.0
7.0
7.0
139.5
140.8
142.5
144.5
146.0
0.4
05
05
0.5
0.6
06
0.7
0.
0.5
0.5
0.5
0.6
0.7
0.8
20.2
21.3
21.7
21.3
23.5
20.9
23.3
23.6
27.2
.9
.0
.1
.1
24.0
23.2
25.4
24.0
26.2
P Preliminary. l Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
2
JULY 1952
827
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
Mar.
1952
May
1952?
Apr.
1952
Mar.
1952
+23
+ 17
+3
-3
+5
+3
+ 14
-5
+1
-8
-6
-8
+27
+ 11
+2
+6
+9
+1
+26
+9
-9
+2
-22
+4
+3
0
0
_2
+4
+5
-2
0
-4
-2
1952P
Accounts receivable, end
of month:
Total
Instalment
Percentage change
from corresponding
month of preceding
year
Apr.
1952
May
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE »
Collections during
month:
Total
Instalment..
+5
+8
-6
-7
+4
+7
Inventories, end of
month, at retail value.
-3
+2
+4
-3
+1
-16
-8
-7
-8
-5
-16
-16
Preliminary.
Instalment accounts
Year or month
April
May
June
July
August
September
October
November
December
Household ap- Department
pliance
stores
stores
Department
stores
Furniture
stores
18
18
19
18
19
19
21
21
19
11
11
11
11
12
11
12
11
11
11
11
12
12
12
12
12
12
12
47
49
49
46
48
47
50
50
45
19
18
20
18
19
10
10
11
10
11
13
13
13
13
13
47
45
48
46
47
,
1952
January
February
March
April
May P
Charge
accounts
P Preliminary.
1
Collections during month as percentage of accounts outstanding at
beginning of month.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1947-49 average =100
Accounts receivable
at end of month
Sales during month
Year or month
Percentage of total sales
Collections during
month
Charge
account
Instalment
Charge
account
Instalment
Charge
account
Cash
sales
Instalment
sales
Charge
account
sales
Total
Cash
Instalment
Averages of monthly
data:
1941
1942 . . .
1943
1944
1945
1946
1947
1948
1949 .
1950
1951..
46
53
60
67
75
93
99
103
98
101
104
44
57
72
82
92
105
103
103
94
93
95
55
45
39
36
37
56
85
105
110
136
133
48
48
49
53
59
84
95
104
101
106
111
76
60
35
29
28
38
67
108
125
177
181
53
48
42
44
50
73
92
105
103
111
124
58
60
47
41
40
53
78
106
117
146
165
47
51
50
52
59
78
92
103
104
111
118
48
56
61
64
64
59
55
52
51
48
48
9
6
5
4
4
4
6
7
8
10
9
43
38
34
32
32
37
39
41
41
42
43
1951—April
May
June
July
August
September
October
November
December
91
100
95
75
90
101
113
129
177
83
91
91
71
83
90
101
115
167
109
98
109
100
76
93
107
121
138
185
186
178
171
163
162
166
172
182
197
116
118
115
103
103
113
122
136
177
167
163
161
148
151
151
163
169
168
113
114
114
106
99
97
114
121
122
48
48
50
50
48
47
46
47
49
9
8
8
9
11
10
11
10
9
43
44
42
41
41
43
43
43
42
1952—January
February
March
April
May?
84
79
91
99
100
77
72
83
90
91
89
83
96
107
106
190
182
178
175
176
142
124
117
121
122
180
162
170
153
153
165
129
118
108
115
48
48
48
48
47
10
10
10
9
10
42
42
42
43
43
nn
103
90
127
138
164
171
205
110
106
122
118
13 7
P Preliminar y.
r Revised.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 819.
828
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTICS
PAGE
International capital transactions of the United States
830-835
Gold production
835
Reported gold reserves of central banks and governments
836
Gold movements; gold stock of the United States
837
International Monetary Fund and Bank
838
Central Banks
838-842
Money rates in foreign countries
843
Commercial banks
844
Foreign exchange rates
845
Price movements:
Wholesale prices
846
Retail food prices and cost of living
847
Security prices
847
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.
JULY 1952
829
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 . i
From Jan. 2, 1935,
through—
Total
Foreign
official2
Foreign
other
International
Decrease
in U. S.
banking
funds
abroad *
Total
Domestic
securities:
Inflow of
foreign3
funds
Foreign
securities:
Return
of U. S.
funds 3
Inflow in
brokerage
balances
31
31
31
31
31
8,009.5
8,343.7
8,569.1
8,763.5
10,521.1
5,726.1
6,362.3
6,963.9
6,863.9
7,890.7
2,333.6
1,121.8
2,126.0
2,197.8
2,715.6
2,938.7
2,998.5
2,993.6
3,028.2
3,472.8
453.8
2.242 0
1,844.3
1,637.8
1,702.3
427.2
186.5
116.8
307.6
231.4
464.5
375.5
183.3
258.5
1,202.9
1,237.9
1,276.9
1,182.1
1,209.9
1,064.5
153.7
142.4
123.1
123.7
131.7
t951—May 31
June 30
July 31
Aug 31
Sept. 30
Oct 31
Nov. 30
Dec. 31
10,271 6
10,235.6
10,100.9
10,119 4
10,171.3
10 115 1
10,130 6
10,122.9
7,604 3
7,901.1
7,797.0
8,017.4
8,038.1
8,422 3
8,448.2
8,529.7
2,589.5
2,746.4
2,598.1
2,734.8
2,723.6
2,769 8
2,734.7
2,751.9
3,453 4
3,526.3
3,541.6
3,639 7
3,697.4
3,909 1
3,972.5
4,089.6
1,561 4
1,628.3
1,657.3
1,642 9
1,617.2
L,743 4
1,741.0
.688.3
215 4
190.3
189.4
181.9
231.9
211 3
186.3
160.9
1,401.2
1,115.9
1,070.8
877.4
856.8
612 9
617.0
618.6
929.2
895.6
911.2
912.1
912.7
744.3
755.0
688.1
121.6
132.7
132.6
130.6
131.8
124.3
124.1
125.6
1952—Jan.
Feb.
Mar.
Apr.
10,043.6
10,209.4
10,264.0
10,288.8
8,464.4
8,638.2
8,711.4
8,827.8
2,644.9
2,811.5
2,910.1
3,025.1
4,138.7
4,200.2
4,144.2
4,164.0
1,680.9
1,626.5
1,657.1
1,638.7
133.4
164.9
145.6
101.7
631.3
616.8
617.2
624.4
689.2
658.9
658.0
606.9
125.4
130.7
131.8
128.0
1946— Dec.
1947—Dec
1948—Dec.
1949—Dec.
1950—Dec
31
29
31P
30P
TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES *
[Amounts outstanding, in millions of dollars]
In-
ternational
institutions
Date
Total foreign
countries
Official
and
United
NethKing- France
erdom
lands
Switzerland*
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia
All
other
Official 2
private
31...
31...
31...
31...
31...
473.7
2,262.0
1,864.3
1,657.8
:1,722.2
6,006.5
4,854.4
5,853.7
5,960.2
6
6,922.6
3,043.9
1,832.1
2,836.3
2,908.1
3,425.9
458.9
326.2
546.3
574.4
6
656.6
245.9
167.7
192.8
171.6
260.7
224.9
143.3
122.8
170.5
193.6
372.6
446.4
538.9
576.9
553.0
267.9
153.1
333.5
303.6
314.7
850.5
739.8
738.1
717.0
799.2
2,420.7
1,976.7
2,472.4
2,513.9
6
2,777.7
1951—May 3 1 . . .
June 30...
July 3 1 . . .
Aug. 3 1 . . .
Sept. 30 . .
Oct. 31 . .
Nov. 30. .
Dec. 3 1 . .
L.581.4
1,648.3
1,677.3
1,662.8
,637.1
,763.3
1,760.9
1,708.2
6,777.0
7,006.9
6,873.9
7,108.7
7.155.1
7,413.1
7,441.4
7,575.6
3,299.8
3,456.7
3,308.4
3,445.1
3,433.9
3,480.1
3,445.0
3,462.2
622.5
620.1
545.6
522.6
513.0
543.2
591.2
642.6
191.9
246.3
218.3
221.2
222.7
270.1
254.4
289.4
133.4
134.8
132.0
131.7
135.4
132.4
154.5
148.8
498.2
509.3
499.9
506.8
511.5
493.3
506.8
521.3
289.8
276.0
289.4
283.4
287.8
288.2
293.1
300.5
863.4
930.7
972.6
1,097.4
1,131.3
1,116.5
1,086.1
1,021.2
2,599.3
2,717.3
2,657.9
2,763.1
2,801.9
2,843.7
2,886.1
2,923.7
818.1
964.4
931.8
1,011.1
1,022.8
1,257.8
1,250.1
1,307.1
L,714.0
1,672.9
L.614.3
1,578.3
1,532.0
1,502.2
L.461.6
1,437.8
1,387.2 258.5
1,399.1 253.3
1,410.3 259.4
1,495.1 261.0
1,540.8 257.6
1,535.0 274.3
1,555.8 287.8
1,609.6 297.4
1952—Jan. 3 1 . . .
Feb. 29...
Mar. 31*..
Apr. 30P. .
1,700.9
1,646.4
1,677.0
1,658.6
7,517.7
7,745.8
7,788.5
7,923.3
3,355.2
3,521.8
3,620.4
3,735.4
644.6
796.9
785.3
744.3
252.8
253.4
251.3
256.2
153.7
155.9
149.8
122.7
521.6
542.9
543.9
583.4
290.2
293.9
292.1
286.5
997.8
959.2
956.1
969.6
2,860.7
3,002.2
2,978.5
2,962.7
1,316.5
1,336.3
1,335.7
1,397.8
1,400.7
1,416.3
1,459.6
1,489.6
1,635.7
1,661.9
1,688.8
1,756.5
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
931.8 1,104.8 1,316.4 232.8
409.6 1,216.6 1,057.9 193.7
775.2 1,287.0 1,151.8 167.4
869.1 1,436.7 961.0 179.5
899.0 1,612.9 1,378.5 254.5
304.1
329.1
325.9
316.6
P Preliminary.
1
Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN
for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding
amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement
of funds
shown in Table 1.
2
Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their
agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in
accounts
with the U. S. Treasury.
3
Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities
of such
institutions
are included in foreign securities.
4
"Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in
not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate
foreign governments, central banks, and other official institutions (see footnote 2 above) as well as other banks, organizations, and individuals
domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial 5firms. (Footnote 1 above also applies to this table.)
Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date.
6
Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts,
but which have been excluded in the past from reported liabilities.
NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951,
certain changes were made in the order and selection of the material published. An explanation of the changes appears on page 1202 of that issue.
Far further explanation and information on back figures see BULLETIN for August 1951, p. 1030
830
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 2a.—Other Europe
Other Aus- Bel- CzechDenoslo- mark
Europe tria gium vakia
Date
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
31. .
31. .
31. .
31 . .
31. .
1951—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
1952—Jan.
Feb.
Mar.
Apr.
30 .
31 .
31. .
30..
31. .
30..
31..
31..
29. .
31P.
30?.
850
739
738
717
799
5
8
1
0
2 'H'.9
41.2
43 9
972.6 44.9
I ,097 4 54.6
I ,131 3 57.4
1 ,116 5 61.1
1 .086 1 62 9
1 ,021 2 57.1
863 4
930 7
997
959
956
969
GerNormany Greece way
Sweden
Yugo- All 1
USSR slavia
other
4
8
6
7
3
172.6
58.6
49.0
90.1
115.3
60.5
73.7
21.3
10.2
4.0
13.2
3
3
8
0
4
8
4
1
92.8
99.4
94.5
88 8
89 3
83.7
80.3
70.7
29
92
5.0
2.5
2.3
2.5
6.5
4.2
4,2
5.3
4.0
8.2
7.1
48.8
51.8
48.0
53.4
55.6
53.6
52.7
57.6
16.6
64.3
64.4
62.5
65.5
4.2
4.9
2.7
2.4
7.7
8.7
7.1
7.6
59.5
58.8
57.9
54.2
Poland
Portugal
Rumania Spain
8.9
8.7
7.0
6.7
6.1
16
12
13
15
21
159.5
124.9
128.7
119.9
128.2 ' '5 6
66.5
52.8
44.7
38.0
45 .5
22
30
19
25
18
.2
.5
.1
.1
.3
89.5
178.9
149.4
221.6
49.3 123.5
34.7 56.2
21.1 77.7
29.6 69.4
32.3 43.6
' 'i'.i'
39.0
47.1
37.7
38.1
45.7
121 6
124.2
129.6
138.4
132.9
143.6
145.1
134.7
9
\
4
1
0
5
5
3
48.0
44.7
41.5
39.9
44.6
47.2
46.7
45.3
22
22
26
27
23
24
27
27
.2
5
.3
.5
.1
.0
.9
.0
303.6
357.5
403.6
481.4
502.5
488.3
455.9
405.6
38.0 62.2
38.6 60.5
38.2 65.5
40.4 99.9
41 1 103.0
39.1 106.3
41.5 98.6
45.8 99.7
3.8
3.3
3.6
2.1
2.3
2.4
2.6
2.8
44.0
45.6
42 9
41.5
47.9
36.4
35.4
40.7
6 1
6.0
6.0
6.1
16
18
15
14
14
16
18
17
7
8
7
7
44.0
38.7
38.9
37.6
30
30
26
23
.0
.7
.9
.8
395.1
353.0
361.8
380.2
38.9 97.7
38.4 96.7
41.0 104.4
41.9 100.7
2.4
5.8
2.5
2.1
40.7
42.8
41.8
40.0
6.0
6.1
6.2
6.1
17 4
17 9
17 .7
57.0 132.8
55.4 136.6
54.0 129.9
54.9 134.1
8
2
1
6
Finland
2
3
3
2
2
1
1
1
7.1
5.9
6.0
5.7
6 0
47
3 5
41
12.4
12.1
19.9
7.6
112.5
138.2
119.3
117.4
52.£
Table 2b.—Latin America
Latin
America
Date
Argen- Bolivia
tina
Brazil Chile
Colombia
Cuba
Dominican Guate- MexRemala
ico
public
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
31 . 1,104.8
3 1 . 1,216.6
31 . 1,287.0
3 1 . 1,436.7
3 1 . 1,612.9
112.6
236.2
215.8
201.1
301.8
14
17
17
13
20
0 174.0
8 104.7
1 123.7
5 192.8
4 226.0
1951—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31.
30.
31.
31.
30.
31.
30.
31.
1,714.0
1,672.9
1,614.3
1,578.3
1,532.0
1,502 ?
1,461 6
1,437.8
353.2
343.7
330.9
320.3
312.1
299 5
277.1
249.7
19
24
22
21
26
24
25
27
7
7
2
6
2
1
0
8
241.7
212.4
171.5
151.4
140.4
132.8
110.1
100.3
55
52
47
54
23 6
98.5
118.2
98.5
98.5
56
59
57
58
1952—Jan 31 1,400 7 225 9
Feb. 2 9 . 1,416.3 212.9
Mar. 3 1 P 1,459.6 188.5
1,489.6 177.4
Apr.
23.6
21 4
21 7
Uruguay
ama
Other
Vene- Latin
zuela America 2
16.1
14.9
24.3
25.9
30.2
40.9
41.8
52.6
52.8
60.2
77.2
70.3
71.8
74.3
59.2
16 1
74 .0
78 .0
121 .7
143 .2
75 . 1 85 .2
48.7
51.3
53.2
53.0
50.7
44.2
43.6
45.8
29.2
29.5
28.5
26.0
23.4
21.9
22.8
24.4
109.9
123.8
111.2
128.2
143.9
150 4
159.3
158.2
25.6
25.0
28.2
27.7
30.4
30.2
31 2
34.9
57.9
54.3
52.8
54.5
52.9
51 2
48.6
47.2
53.9
58.1
62.0
66.3
58.7
64.6
65.6
67.7
46
50
46
41
37
32
28
27
8
6
1
7
7
5
8
74 .4
74 .6
83 .2
80 .6
79 .7
79 1
83 .0
84 .7
46.1
48.9
50.5
53.4
32.1
35.9
39.5
40.0
147 0
134.0
170.4
150.4
31 5
31.3
28.8
28.2
49 5
48.8
56.3
57.0
63.1
65.7
67.9
65.6
36
39
43
42
5
0
7
5
75 .2
76 .8
83 .4
93 .0
57.8
46.1
54.0
85.9
53.4
153.5
234.7
219.4
164.2
259.1
' 42". 7
76 6
69 9
57 8
5
5
6
0
66.2
58.1
50.9
52.1
46.2
61 0
79.7
106.4
327.9
327.9
354.3
336.7
312.3
305.2
284.7
251.7
^
5
2
6
97.6
96.3
95.9
91.1
253.1
265.5
287.3
307.0
56.2
ReEl
public of SalPan- vador
152.2
139.2
146.7
214.6
2 5 . 4 ' 207.1
7
3
6
9
5
50
46
55
60
79
Netherlands
West Peru
Indies
and
Surinam
9
181
186
184
207
71
8
5
1
4
3
87 .2
75 . 6
74 . 6
74 .7
76 . 3
68 .0
68 1
71 .9
95
93
86
87
85
85
86
85
2
2
9.
5
5
4
6
1
67 .4
64 .5
66 .5
101 .3
97
95
103
104
1
4
7
1
TabU 2c—Asia and All Other
Asia
Date
Formosa
Philand Hong
Indoippine Thai- Tur- Other All
China Kong India nesia Iran Israel Japan Reland key Asia 8 other
Mainpublic
land
1,316.4
1 057 9
1,151.8
961 .0
1,378.5
431.9
229 9
216.2
110.6
81.7
44.9
39.8
51.1
83.9
86.1
43.5
62.4
51.8
63.3
55.7
127.1
69 3
41.5
15.7
114.7 20.3 12.6
1,387.2
1,399.1
1,410.3
1,495.1
1,540.8
1,535.0
1,555.8
1,609.6
78.6
79.2
84.3
89.7
93.7
90.0
88.4
87.4
61.1
61.9
61.4
62.3
60.0
60.1
62.0
62.4
73.0
80.2
75.1
64.3
68.9
59.8
57.7
62.1
124.2
135.8
152.9
157.4
172.7
128.0
129 1
140.6
1952—Jan. 31. 1,635.7
Feb. 29. 1,661.9
Mar. 31 v 1,688.8
Apr. 3 0 P 1,756.5
81.9
81.6
78.6
80.1
64.2
64.4
67.8
65.6
58.6
59.4
47.4
52.1
131.8
127.4
141.0
170.4
1946—Dec.
!947—Y)ec
1948—Dec.
I949—i)ec#
1950—Dec.
31 .
31
31 .
31 .
31.
1951—May 31 .
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 3 1 .
Egypt
and Union
Aus- Bel- Angloof Other4
tra- gian Egyp- South
lia Congo tian Africa
Sudan
16.6
31 3
81.4
214.6
458.5
446.6
488 6
488.3
297 3
374.4
54.7
37 6
17.5
9 8
48.2 14.3
151.0
99.0
2C4.0
165 7
111.9
232 .8
193.7
167.4
179 5
254.5
45.5
30 6
22.2
32 4
19.1 " 's8*!i
25.8
26.6
26.5
25.8
25.3
21.0
21.8
25.5
22.7 348.8
19.7 342.8
16.2 356.9
16.7 440.6
12.0 492.4
13.5 538.7
14.4 568.7
26.6 596.0
414.5
403.7
396.1
382.2
369.4
355.6
342.2
329.7
63.8
65.9
67.8
73.1
80.0
84.9
90.9
96.7
18.2
12.3
14.3
12.9
12.0
12.2
11.4
14.1
156.6
171.2
158.6
170.1
154.5
171.3
169.1
168.4
258.5
253.3
259.4
261.0
257.6
274.3
287.8
297.4
19.9
26.2
23.6
22.3
22.4
32.4
36.8
38.5
51.6
55.0
55.4
53.1
50.3
52.2
52.6
54.5
105 1
89 4
98 9
98.7
104.8
101.7
101.2
110.7
16.2
16.8
17.3
21.8
11.6
16.0
13.6
26.8
26.9
25.7
23.8
20.7 636.2
19.3 655.7
19.8 682.4
29.9 696.8
328.2
331.1
332.2
335.0
108.8
115.0
121.0
125.8
13.6
14.9
10.6
10.8
164.8
166.1
162 .4
166.2
304.1
329.1
325.9
316.6
32.3
36.5
38.4
36.7
54.3
58.8
57.8
62.0
121.0
126.4
127.3
123.4
9.1
20.8
25 .0
n'.i
61 6
75.6
47.2 119.3
46 4 91 8>
15^8 101^6
6 0 79 5
44.0 si'.i;
7.0
11.8
9.0
13.9
65.6
65.964.2
65.2
68.5
72.0
83.7
86.8
87.3
95.7
93.3
80.6
P 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
JULY 1952
831
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 3.—SHORT-TERM CLAIMS ON F O R E I G N E R S REPORTED BY BANKS IN T H E U N I T E D
BY C O U N T R I E S 1
STATES,
[Amounts outstanding, in millions of dollars]
Date
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
31...
31. ..
31. ...
31...
31.
....
....
....
1951—May 31 . .
J u n e 30...
July 3 1 . . . .
Aug. 31. . . .
Sept. 3 0 . . .
Oct. 3 1 . . .
Nov. 30. ..
Dec. 31
United
King- France
dom
Netherlands
Switzerland
Italy
708.3
948.9
1,018.7
82 7.9
898.0
47.7
29.2
24.5
37.2
105.7
151.0
49.1
51.4
9.8
7.0
6.9
3.8
8.7
16.0
21.1
15.8
22.6
20.7
11.0
10.5
10.7
55 .1
52.9
29.3
18.0
13.2
11.2
11 .2
11.2
10.3
11.0
30P...
5.7
23.4
119.0
51 .8
31.4
5.2
3.4
913.9
98.8
939.0 110.2
939.9 103.7
947.5
87.0
897.4
52.0
918.1
33.0
943 .1 34.7
968.4 35.0
13.3
11.0
11.3
11.0
10.1
3.9
3.5
3.4
3.8
2.9
2.9
3.9
5.0
28.5
32.8
35.4
35.9
14.1
14.1
13.2
13.8
5.8
5.6
5.7
3.4
996.0
964.4
983.8
1,027.7
1952—Tan. 3 1 . .
Feb. 2 9 . . . .
Mar. 3 1 P . . .
Apr.
Total
7.0
7.4
8.2
8.3
9 .2
9.6
8.8
8.6
Other
Total
Europe Europe
Canada
Latin
America
Asia
All
other
82.8
118.9
106.3
98.5
67.1
312.9
248.6
323.8
219 .2
237 !o
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
10.3
82.7
87.9
89.8
88.8
86.3
92 .1
97.7
111.2
258.5
2 72.4
245.2
219.2
174.7
160.1
163.6
182.8
116.7
117.3
119.3
101 .9
101.0
102.5
118.3
92.0
371.5
386.6
401.3
429.5
437.2
463 .8
465 .5
489.3
104.5
102.9
117.6
141.0
128.7
146.9
153.0
162.4
62.7
59.9
56.6
55.9
55.9
44.7
42.6
41.9
12.6
14.4
21 .5
23.5
114.6
103.0
89.6
81.2
186.8
180.2
176.3
166.3
89.3
72.4
72.1
82.0
520.3
520.6
550.2
601 .1
161.9
154.6
149.5
144.8
37.6
36.7
35.7
33.5
Poland
PorRutugal mania
7.5
Table 3a.—Other Europe
Other
Europe
Date
1946—Dec. 31 . . 82.8
1947—Dec. 3 1 . . 118.9
1948—Dec. 31 . . 106.3
1949—Dec. 31 . . 98.5
1950—Dec. 3 1 . . 67.1
1951—May 3 1 . . 82.7
June 30. . 87.9
Julv 3 1 . . 89.8
Aug. 31. . 88.8
Sept. 30. . 86.3
Oct. 3 1 . . 92.1
Nov. 30. . 97.7
Dec. 3 1 . . 111.2
3 1 . . 114.6
29. . 103.0
31 P . 89.6
3 0 P . 81.2
1952 —Tan.
Feb.
Mar.
Apr.
Austria
DenBel- Czechoslo- mark
gium vakia
Finland
5
2.2
.6
30.4
30.5
30.5
30.0
25.4
12.4
10.6
3.2
6.2
8.0
3.4
8.2
2.2
6.3
6.2
5.1
5.0
2.5
2.7
3.2
3.1
25.9
25.4
25.9
26 A
28.8
30.9
28.6
28.3
.1
.1
.1
2
.2
.1
.5
2
2.3
2.3
2.1
2.0
3.6
4.1
2.7
1.8
30.1
27.9
27.7
27.2
.2
.1
.1
.1
2.0
7.5
"".2
15.0
21.4
19.3
21.5
"(3)"
'
.4
2
'.2
(3)
.1
(3)
19.7
18.8
18.7
15 2
21.5
23.6
27.1
39.6
()
.2
(3)
(3)
(3)
(3)
(3)
(3)
7.3
6.2
4.1
4.1
5.2
5.7
5.9
4.8
(3)
(3)
.2
(3)
42.9
33.7
28.7
21.4
(3)
(3)
(3)
(3)
4.0
4.6
4.6
4.3
3
()
(3)
(3)
3
GerNormany Greece way
1.2
.7
.2
1 .0
3.3
9.2
8.4
7.4
1 .4 " ( 3 ) "
1 .8
1.7
1.1
2.5
1 .6
1.5
1.8
3
1.1
.7
.5
.5
.1
(3)
8
()
7.0
(3)
3
()
(3)
.1
(3)
.1
(3)
3
()
(3)
1.3
1.3
1.0
1.0
.8
.6
.7
.8
()
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
1.0
.9
1.2
1.0
(3)
(3)
(3)
3
( )
(3)
(3)
Spain
7.2
.9
2.9
7.0
1.6
7.0
Swe- USSR Yugo- All 2
den
slavia other
4.9
5.4
1 .4
2.3
6.9
13.6
20.2
23.5
14.2
17.1
16.8
18.8
8.2
7.4
6.2
4.9
4.1
4.3
6.2
5.4
19.0
19.8
13.5
12.6
5.2
4.3
4.2
3.6
(3)
.1
(3)
(3)
(3)
(3)
(3)
6.0
(3)
' " (3) " '
C33)
()
' ('»)
"oo"
"(*)"
9.5
35.9
29.8
15.6
3.9
1 .5
1 .9
1.1
3.5
3.9
4.3
4.7
4.7
4.9
5.)
4.3
4.1
4.0
2.4
1.3
.7
2.4
4.1
4.5
4.4
4.9
.2
1.7
1.7
Table 3b.-—Latin America
NethDo-
Latin
BoAmer- Argenlivia
tina
ica
te
Brazil Chile
Colombia
Cuba
er-
minlands
ican Guate- Mex- West
Remala
ico Indies
puband
lic
Suri-
Peru
RepubEl
lic of SalPan- vador
Uruguay
Other
Vene- Latin
zuela Amer
ica 4
ama
nam
1946—Dec. 3 1 . .
1947—Dec. 31 . .
1948—Dec. 31 . .
1949—Dec. 31
1950—Dec. 31 . '.
226.8
514.3
516.6
411 .1
378.8
1951—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
371.5
9.9
9.5
386.6
401.3 10.0
8.9
429.5
8.3
437.2
9.3
463.8
465 .5 7 9
7.6
489.3
520.3
520.6
550.2
601.1
31. .
30..
31 ..
31. .
30. .
31 . .
30. .
31. .
1952—Jan. 3 1 . .
Feb. 29. .
Mar. 31 P .
Apr. 30P.
41.8
65.2
72.4
53.6
45.9
7.9
7.8
8.6
7.8
49.8
165.8
2 7 165.4
2^3 136.9
78.0
8.7
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
6.7
8.1
7.1
8.2
7.8
7.2
7.2
7.5
85.3
95.2
104.5
112.4
135.0
155.6
164.3
185.0
10.0
12.9
12.3
15.5
19.5
20.6
22.7
24.8
55.0
48.0
45.9
42.7
42.1
43.0
39.7
43.7
7.1
9.9
8.1
8.6
207.3
217.0
234.9
272.2
26.2
23.6
29.3
29.1
39.3
36.1
33.8
31.5
2.3
2.0
6.8
1.9
2.6
25.5
52.2
73.8
73 0
70.6
40.3
38.8
50.6
42.0
34.0
30.1
29.4
32.3
2.1
2.0
2.0
1.8
1.5
1.7
56.4
58.6
60.4
68.6
69.1
74.1
87.4
90.6
1.6
1.4
1.4
1 .7
1 .8
2.8
2.6
2.7
3.0
2.8
3.4
3.2
3.8
1 .2
13.5
12.6
11 .1
12.2
12.7
13.9
12.7
11 .8
29.6
31.0
36.6
54.7
2.2
2.1
2.1
2.9
4.0
4.2
4.2
4.1
109.1
103.0
101.1
94 .4
1.2
1.2
1.2
1.3
12.0
11 .8
11.5
10.3
1 .3
1 .1
3.7
4.3
4.4
4.7
4.6
1 3
5 8
11.0
3.1
6^8
s'.o'
2.7
2.5
2.6
2.6
3.2
3.1
3.3
3.0
3.3
3.0
3.8
4.1
5.5
7.5
8.4
9.5
11.0
10.4
4.2
4.1
3.9
6.8
9.9
8.4
7.5
6.5
.8
1.5
1.3
1 .2
1.4
1 .1
1.4
5 3
15.3
26.0
25 6
49! 4
26.2
34.5
34.7
43 1
14.6
56 9
67.1
62.6
80.5
67.7
66.9
54.6
41.7
14.1
13.9
14.4
14.7
13.7
13.1
12.3
14.5
34.9
38.7
33.1
32.2
13.7
13.8
15.1
13.7
8.7
9.9
11.3
12.9
13.4
9.3
10.5
11.8
7.9
19.1
24.9
P Preliminary.
1
See footnote 1, p. 830.
t date,
2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that
34 Less than $50,000.
Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, repor
ported separately as of that date.
:832
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—p e c
1947—Dec.
1948—Dec.
1049—i) ec
1950— Dec.
1951—May
Asia
31.
31
31..
31..
31..
31. .
Ijvne 3 0 .
July
Aug.
Sept.
Oct.
Nov.
Dec.
1952—Tan.
Feb.
Mar.
Apr.
31..
31..
30..
31..
30..
31..
31..
29. .
31P.
30P.
Formosa
Philand Hong
ippine Thai- Tur- Other All
IndoChina Kong India nesia Iran Israel Japan Reland key Asia 1 other
Mainpublic
land
99 2
127 0
118 g
139. 7
96'. 3
104. 5
102 9
117. 6
141. 0
128. 7
146. 9
153. 0
162. 4
161. 9
154. 6
149. 5
144. 8
53 9
40 8
24. 2
16. 6
18. 2
8. 4
8
8. 3
10. 2
10. 2
•^
10.3
10. 1
10. 1
10. 1
9. 6
9. 1
7. 9
5.9
?
1 .0
12. 0
5
2 6 29. 6
.9
1.9
20.
17. 4
16. 2
17. 5
3 1 15 7
4 . 3 13. 3
3 . 0 14. 6
3 . 2 12. 1
3.6
9. 7
3.3
13. 3
3.1 13. 4
1.4 14. 8
1.6 16. 8
2.8 20. 4
5.0 14. 5
3.4
3.7
3.0
4.4
.2
.2 ' 6 !6
7 .9 30 0
.3
2
7 4 22
7 . 1 21 6
.3
.2
6 .6 24 0
.4
7 .5 25 7
8 .1 27.0
.4
8 .6 27 8
.4
.3
9 .3 30 0
.4
8 .9 35 9
9 .0 32 4
.5
.7 10 .1 30 3
.9 10 .8 29.3
15.9
14.1
12.1
8.2
9 9
11.1
7.9
8.5
8.5
10.7
12.2
8.6
8.8
9.1
11.0
20 2
27.4
37 3
23 2
i!s*
4.9
6.7
3.8
9 5
14.0
22.7
19.0
23.0
22.6
29.3
29.1
27.2
22.6
23.7
3.7
4.4
3.9
2.8
2.4
2.5
2.1
2.9
3.7
2.8
3 1
1.4
17.7
1.4
14.3
.9
.8
6
.8
.8
.8
10.6
.8
.6
.5
.6
13.8
23.6
4 6
7.5
14 3
50 3
13.9
16.6
22 8
33.1
46.3
37.3
42.9
52 9
51.6
50.0
45.1
26.9
15.3
17 2
31. 5
19 7
20 4
60. 0
62. 7
59 9
56. 6
55. 9
55. 9
44. 7
42. 6
41. 9
37. 6
3 6 . 7i
35. V
33. 5
Egypt
and
Union
Bel- AngloAus- gian
of
tralia Congo Egyp- South Other'
tian Africa
Sudan
3.4
9.0
4.7
7.9
40.8
41.8
36 4
32.4
30.9
27.9
25.3
23.4
22.8
21.1
17.5
17.7
13.5
4.4
5.8
7 0
7.3
7.7
7.7
6.9
6.7
5.7
5.3
6.0
7.2
7.6
.4
.1
,4
.2
.3
.3
4
.8
.5
3.9
.3
.2
.2
.1
.1
.1
.2
10.1
14.4
7.9
4 5
7.3
8.6
9 4
9.4
9.3
8.5
7.6
6.8
6.7
6.3
6.0
5.7
7.0
3 .3
8 .0
6 .8
7 [7
7 .2
6 .2
6 6
6 .8
7 .4
7.9
4 .7
5 .6
6 .5
4 .7
7 .0
5 .0
5 .1
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—May
Tune
July
August
September .
October
November
December
1952—Tanuary
February.
Mi a r c h p
April P .
.
. . .
Corporate bonds anc stocks *
Purchases
Sales
Net
purchases
Purchases
Sales
Net
purchases
414.5
344.8
282.4
430 0
1,236.4
673.6
46 7
210 2
30 0
25.7
11 1
20 7
20.7
27 2
20.2
15.5
19 2
13.9
684.2
283.3
330.3
333 6
294.3
1,356.6
42 3
492 4
79 3
226.7
56 1
282 5
17.4
36 0
12.7
18.7
16 3
13.7
-269.7
61 5
-47.9
96 4
942.1
6
-683.0
4 4
—282 2
—49 4
-201.1
—45 0
—261 8
3.4
—8 8
7.6
-3.2
2 9
367.6
226.1
369.7
354.1
774.7
859.8
82.2
55 4
51.6
68.0
76 7
94.0
62.6
64.1
76.6
68.3
65 7
75.2
432.1
376.7
514.1
375.3
772.3
761.0
71 9
58 5
47.3
60.3
52.4
76.1
61.8
53.7
71.5
79.6
68 1
68.1
-64.5
-150.6
-144.3
-21.2
.1
2.4
98.7
10 4
—3 1
4.2
7.7
24.3
17.9
.8
10.4
5.1
-11.3
—2 5
7.1
Total
purchases
782.1
570.9
652.2
784.1
2,011.1
1,533.3
128.9
265.6
81.5
93.7
87.8
114.6
83.4
91.3
96.9
83.8
84 9
89.1
Total
sales
1,116.3
659.9
844.4
708.9
1.066.6
2,117.6
114.1
550 9
126 7
287.0
108.5
358.5
79.2
89.7
84.2
98.3
84 4
81.9
Net
purchases
of
domestic
securities
-334.2
—89 1
-192.2
75 2
944.4
-584.3
14 8
—285 2
—45 1
-193.3
—20 7
-243.9
4.2
1 6
12.7
-14.5
4
7.2
TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED
IN THE UNITED STATES, BY TYPES •
(Return of U. S. Funds)
[In millions of dollars]
Foreign bonds
Foreign stocks
Year or month
1946
1947
1948
1949
10.50
1951
1951 — \f av
June . .
July
August
September
October
November
"Dprpmber
1952—Tsmnnrv
February
March?
Aprils
Purchases
Sales
65.2
57.1
81 7
88.8
173.8
272.3
24 6
17.7
16.4
19 6
26.6
25.2
24 2
24.4
34 4
29.4
18.8
28.9
65.6
42.6
96 7
70.8
198.2
348.7
17 7
16.4
18.1
19 6
26.6
21.4
47 6
82.6
29 9
28.1
30.3
44.9
Net
purchases
— .4
14 6
— 15 0
18.0
—24.4
-76.4
6 9
1 2
— 1.7
— 1
(7)
3.8
-23 5
-58 2
4 6
1 4
-11.4
-16.0
Purchases
Sales
Net
purchases
755.9
658.7
211 6
321.2
589.2
500.4
24 5
39.1
45.4
21 1
73.6
53.9
73.7
38.1
33 1
19.0
29.4
43.7
490.4
634.3
291,4
311.5
710.2
800.4
75 3
73.9
28.2
20 1
73.0
226.1
39.6
46.8
36.5
50.7
18.9
78.8
265.5
24.5
—79.8
9.8
-121.0
-300.0
-50 9
-34.8
17 3
1.0
.6
-172.2
34.2
-8.7
-3.5
-31.7
10.5
-35.0
Total
purchases
821.2
715.9
293.3
410.1
763.0
772.7
49.1
56.8
61.8
40.7
100.2
79.1
97.9
62.5
67.5
48.4
48.3
72.6
Total
sales
556.1
676.8
388.2
382.3
908.4
1,149.1
93.0
90.4
46,2
39.7
99.6
247.5
87.2
129.4
66.4
78.7
49.2
123.7
Net
purchases
of
foreign
securities
265 1
39 0
—94 8
27 8
— 145 4
-376 4
—44 0
—33 6
15 6
9
6
-168.4
10 7
— 66.9
1 1
—30 3
-.9
-51.1
P1 Preliminary.
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.
4
»
Includes
transactions of international institutions.
Through 1949 includes transactions in corporate bonds
6
Through 1949 represents transactions in corporate stocks only.
7
• Includes net sales of 554 million dollars by Canada.
Less than $50,000.
JULY
1952
833
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]
International
institutions
Total
United
Kingdom
France
1946
1947
1948
1949
1950
1951
74.5
7 6
87.0
121 2
-15.9
-334 2
-163.6
— 199 8
-11.8
823 2
-568.4
-36.9
-8.9
9.1
20.9
64.0
21.4
-6.8
-50.2
-82.8
-6.8
197 8
1951—May.. .
June.. .
July...
Aug... .
Sept...
Oct.. . .
Nov....
Dec.. . .
2.3
-61.9
-11.2
-18.6
.3
-14.5
1.0
.8
12.5
-223.4
-34.0
-174.8
-20.9
-229.4
3.1
.7
1952—Jan.. ..
Feb.. . .
Mar. P..
Apr.P. .
.3
-3.3
.8
.8
12.4
-11.2
-.4
6.4
Year or
month
Nether- Switzerlands
land
Italy
j
Other
Europe
Total
Europe
Canada
Latin
America
-98.6
-175.5
-190.4
36.5
347.5
9.2
-16.4
3.2
7.5
-49.0
458.2
-595.5
-3.5
10.2
2.5
30 1
13.9
-1.4
-56.7
-11.3
-31.0
-11.6
7.5
2.6
5.0
-3.6
-156.4
-25.3
-142.2
-3.1
-235.9
-1.7
-7.6
3.1
-10.7
1.7
-1.3
3.8
3.9
1.2
3.1
-3.1
- 9
-2.9
3.4
2.3
-2.3
2.9
4.1
6.0
-26.5
-98.2
-79 3
-25.5
—6 3
-22.2
-17 5
13.0
-40 0
44.2
19 0
45.9
1.9
-10.8
-14.1
2.6
2.2
73.8
-43.8
-2.9
-13.0
1.6
8.6
-2.5
-3.6
3.1
5.6
1.3
-35.8
-13.9
.4
-20.0
.4
.6
.7
-.1
-5.3
-6.0
-2.7
-1.4
-2.2
-4.6
-1.0
4.6
2.7
5.8
5.4
11.0
11.2
2.6
-4.3
.3
.1
.6
-.2
.5
-.1
.2
.3
-4.6
-5.4
.6
-42.6
1.0
1.9
.8
3.8
5.4
-.7
2.3
.6
1.5
.7
.4
-.6
-1.7
-2.7
-2.3
-2.6
10.4
-4.8
2.4
2.7
-.1
.2
-.2
.1
-1.3
.3
-1.2
-1.1
-17.1
(i)
1.5
-.7
14.1
-7.0
1.4
— .9
All
other
Asia
—224 5
10.0
—23 3
-2.1
— 15 3
6.3
-1 0
2.2
—3 9
.2
2 7
-.7
4.8
-.4
14.7
.5
.9
i
.1
-.1
.1
.1
.1
.3
.4
.1
.3
-.2
-10^1
-5.0
.9
0)
-1.3
-1.1
-2.1
0)
TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES
Other Europe; Latin America; and Asia
Year or
month
1946
1947
1948
1949 ..
1950
1951
Other AusEurope tria 2
— 10 8
— 14 1
6
Norway
2.2
__ .9 - 4 . 1-2
2.6
2.6
2 2
18.4
73.8
-43.8 -11.9
1 6
12.6
-1.9
-7.3
-.5
.9
.2
1951—May... - 4 . 6
June.. . - 5 . 4
July...
.6
Aug.. . -42.6
1.0
Sept...
1.9
Oct.. . .
.8
Nov. . .
3.8
Dec. . .
1952—Jan
Feb.. ..
Mar. P..
Apr.P. .
Belgium
.1
-4.7
0)
.3
-1.2
-1.1
-2.7
1.8
1
—3.4 - 1 0 . 2
-2.5 -6.6
.4
.2
(x)
0)
(0
1.2
2.0
.7
3.4
-.6
.5
-.1
.8
30.1
13.9
7.1
.5
0)
.1
—.1
.1
.5
3.1
- . 6 -10.7
.1
1.7
-5.0
-1.3
.1
-.5
.3
.4
3.8
3.9
1.2
3.1
Q
.6
2
-.1
1.6
1.0
0)
0)
-2.3
2.9
4.1
-1.4
-1.9
Cuba
1.7
Q
-.'8
-1.0
24.6
6.1
-.9
.1
.3
-.3
.5
.1
'.4
.2
.1
0)
.1
0)
0)
Mexico
0)
C1)
2.3
- A
.1
— .4
-1.4
2.5
1.1
-1.1
C)
0)
-.3
C)
0)
0)
— 2 0)1
C)
0)'
(0
0)
-.1
0) .1
.1
-.1
6.3
-3.5
10.2
.1
.2
.4
- 3 . 6 - 2 91. 2
0)
0)
-1.3
-.9
36.7
5.7 - 3 8 . 1
Latin
All
Brazil
other America
Sweden
.1
2
.1
.3
.5
.8
6.8
2.5
2.9
.3
.5
2.5
-.3
.8
.2
-.3
.6
0)
.1
1.6
1.0
-.2
0)
ReOther
public El
Latin
Salva- Amerof
Pan- dor 2
ica
ama
4.5
-6.9
-4.7
4.2
.1
10.9
.8 - 1 0 . 9
.4
0)
- . 2 -10.9
-1.6
.6
3.1
-.3
-1.5
.2
1.1
-3.2
2.0
1.4
-.8
0)1
C)
0)
0)
0)
0)
0)
0)
0)
0)
Formosa
and
China
Mainland
Asia
Japan Other
Asia
—6 2 —224.5 —200.5 ( i )
—24.0
3.2
8.5
4.7
—3 2
10.0
12.2 - 2 3 . 3 - 2 2 . 7
.1
-.7
.1
—7 2
5 0
- 7
—2.1
-3.0 -13.7
-5.9 -15.3
1.3
.
2
4
.
8
.1
4.8
13.9
2.9
-.4
2.7
-1.3
.2
3.4
2.2
1.2
0)
.9
.4
2.6
14.7
.3
.5
.9
-.1
.1
14.4
.6
.7
.1
— . 1 0)
2
0)
0)
0)
0)1
C)
0)
0)
-.2
.1
.1
-10.1
-5.0
.9
0)
0)
C1)
0)
-1.3
-1.1
-2.1
.1
-.2
2
0)
-.1
0)
.1
-10.1
-5.0
.9
-.1
-1.4
-1.1
-2.0
-.2
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
1951—May...
June.. .
July
Aug
Sept...
Oct....
Nov....
International
institutions
Total
United
Kingdom
265 1
288.3
-94.9
43.8
-141.8
-223.7
-20.9
-2.0
-9.9
-13.5
-6.1
-2.0
-1.0
-3.1
-4.3
.4
-.1
-1.3
-4.1
.1
-1.0
-99.4
-43.9
-33.6
15 6
.8
1.6
-69.0
10.7
-66.9
-2.1
-.2
.1
.3
-.6
.2
.3
-.1
.2
.2
-.4
.2
.8
.8
-1.4
.1
.1
2.5
-30.4
-1.0
-51.1
.2
-3.0
-.5
.1
-249.3
0)
— 16 0
-3.6
-152.7
-.1
Dec
1Q.S2—Jan....
Feb.. . .
Mar. P..
Apr. P . .
0)
P Preliminary.
» Less than $50,000.
834
2
France
Nether- Switzerlands
land
-7.0
-29.9
-5.3
Italy
Other
Europe
Total
Europe
Canada
Latin
America
187.6
205.2
-102.2
-10.6
-190.0
-258.0
131.3
89.2
40.7
20.2
29.8
33.8
-36.0
3.9
3.9
4 2
-8.9
-9.1
—6 9
Asia
All
other
-4.7
2.8
-13.9
-14.9
-35.4
19.1
17.2
14.2
-.8
-.3
.1
.4
.5
10.9
15.6
11.4
24.6
1.2
16.4
-32.6
-34.4
-43.4
30.8
13.4
28.5
1.8
1.8
.3
1.0
1.2
.2
1.4
.9
.1
0)
0)
0)
0)
0)
1.2
7.5
1.4
.7
-1.1
1.4
.3
2.9
1.5
8.8
1.7
1.5
.4
3.4
2.5
4.6
-40.4
-37.6
16.4
-1.0
-2.2
-76.5
9.2
-68.0
0)
3.8
5.4
2.6
2.3
0)
.8
.2
-.6
.2
-.7
.1
.7
.4
.2
-1.7
-2.0
-3.9
-6.8
.1
.4
2
.4
1.3
.6
3
.9
1.0
.4
.2
.5
.7
.3
.5
.6
2.3
.7
.4
1.7
0)
.6
.8
7.6
4.9
-.8
7.9
2.9
2.8
-30.6
-5.5
-59.8
-1.1
2.3
1.5
1.0
-4.4
-1.8
-5.0
-4.1
.3
.6
.1
8.8
0)
.1
.1
C1)'
7.8
0)
3
.5
1.6
.8
1.0
—21 4
27 8
8 4
2 6
3 9
7.9
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]
Year or month
Total
1946
1947
1948
1949
1950
1951
1951—May
June
July
August
<
September
October
November
December
1952—January
February
MarchP
April?
Nether- Switzerland
lands
United
Kingdom France
9.7
-11 3
-19.3
6
8.0
—6.1
-.6
— 1.0
-1.2
.1
-.1
.9
-2.9
— 1.4
-2.5
-.5
— .1
4
-8.5
-4.8
-3.4
.2
2.5
.3
9.3
— 1.5
-10.7
.9
.7
-4.8
-4.5
11.1
-.1
-2.0
1.2
-7.5
-.2
1 5
-1.5
2.5
-.5
.1
-.2
-.7
1.2
.7
-.5
.2
.5
-.8
-.3
.2
.6
— .3
-.6
3.2
.8
-2.7
.6
-1.9
.3
1.2
2.5
— .7
-.3
.3
-1.0
.1
-.2
5.3
1 2
2
-3.8
-.8
1.1
.2
-1.3
-1.1
.8
.3
-1.7
1.0
1.9
-1.9
.7
Q
(i)
-.5
4.8
-2.7
Italy
«
.1
.2
.4
.2
-.4
.1
.1
-.2
.2
K
0)
.2
.1
2
1.7
Other
Europe
Total
Europe
1.1
-.5
-3.2
.1
-.2
-.3
-1.6
-9.3
-20.8
1.0
3.0
-3.3
2.0
—2 0
.1
.9
-3.0
2 8
— .6
.7
— .1
-1.0
.4
.2
.2
-.2
-2.4
9.2
.2
-4.9
1.0
-3.4
2.3
.3
.4
.2
.2
-3.7
8.1
-.3
(i)
-2.9
Latin
Canada America
Asia
All
Other
7.5
— 6
1.2
— 1.3
4.4
-5.0
1.0
1.8
.4
— .2
3.0
-.5
.7
—1 4
— .1
2
.6
— .1
-.2
2.8
-1.0
-.2
.1
.4
.1
.3
-2.5
-.5
.3
2.1
.2
-4.5
-3.1
1 3
.2
-.4
-.2
.7
-.1
.5
-.1
1.1
-2.1
1 8
2.2
-1.5
1
-2.6
.2
.5
— 2
-.8
2.4
.4
0)
.6
.3
.5
— 4
(i)
0)
.4
— 6
0)
P1 Preliminary.
Less than $50,000.
2
Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 87.1; U. S. brokerage balances abroad, 36.0.
GOLD PRODUCTION
OUTSIDE USSR
[In millions of dollars]
Production reported monthly
Year or
month
Estimated
world
production
Total
outside
reported
USSR*
monthly
1,265 6
1,125.7
871 5
777.0
738 5
756.0
766 5
798 0
833 0
861.0
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1951—April
May
June
July
. .
August
September..
October
November
December .
1952—January .
February
March
April
1,110.4
982.1
774 1
701.5
683 0
697.0
705 5
728.1
753 2
776.2
'62
7
r
63.7
r
62.1
North and South America
Africa
South
Africa
Rhodesia
West
Africa2
Belgian3 United4
Congo States
Canada
Mexico
Colombia
$1 = 15/21 grains of gold 9/10fine: i. e., an ounce of fine gold =$.
28.0
23 0
19.6 209.2 187.1
504.3
32 A
27.8
28.0
18.0 131.0 169.4
29.2
20.9
26.6
494.4
22.1
19 8
48.8 127.8
15.8
19.7
23 0
448.2
18.4
17.8
19.4
35.8 102.3
12.7
20.7
429.8
17.5
17 7
32.5
94.4
12.1
18.9
19 9
427 9
99.1
51.2
14.7
11.6
20.5
19.1
15.3
417.6
16 3
75.8 107.5
10.8
19.3
18 3
392 0
13 4
70.9 123.5
23.4
12.9
18.0
11.7
11.1
405.5
14.2
12 6
67.3 144.2
12.9
23.1
18 5
409 7
80.1 155.4
17.9
12.0
23.2
408.2
14.3
13.3
'•66.3 152.7
12.7
23.7
17 0
403 1
15 1
33 2
34.6
33.9
34.4
34.6
33.3
34 1
33 8
33.2
34 2
32.2
34.4
33 8
2.0
1.9
1.9
1.9
1.0
1.1
1.1
1.2
'5.2
r
5.2
'5.6
1.9
2.0
1.3
1.1
'6.4
1.5
2.0
1 4
2 0
1.5
2.1
1.1
9
1.0
1 4
2.0
1 4
1.4
1.4
1.4
1.4
1.4
1.4
r
'6.3
'5 4
1.9
1.9
l.l
1.2
1.2
4.8
4.6
2.0
1.3
5.0
5.0
12.7
12.9
12.7
12.1
12.1
12.6
13.2
13.0
13.2
12.4
12.3
12.8
12.7
1.0
1.0
1.0
1 5
Other
Chile
Nica- Austra- India 3
ragua5
lia
9 3
7 5
6.4
8.6
6 1
7 7
7.1
7.9
6 3
7 0
8.1
6.4
5 9
7 4
5.7
7.8
6 3
77
6.7
8.0
6 1
8 8
.6
1.3
.5
8
.7
6
.9
1.5
1.3
.5
.4
.8
.8
1.2
.5
5
.4
.7
7
.8
1.4
1 3
1 2
.9
1 6
1 4
1.2
.5
5
7
.7
.7
7
52.4
40.4
26 3
23.0
23 0
28.9
32 8
31.2
31 3
30.4
30 5
10 0
2 6
7
.6
6
7
2.5
2.3
2 0
2.6
2.8
2 7
2 7
2.6
2 4
2.6
9.1
8 8
6.6
5 9
4.6
6 1
6.5
5 7
6 7
7 6
.7
.7
7
7
.7
.7
.7
.7
r
Revised.
Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million.
1
Estimates of United States Bureau of Mines.
2
Beginning
1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only.
3
Reported by American Bureau of Metal Statistics.
4
Includes Philippine production received in United States through 1945. Yearly figures reported by United States Mint. Monthly figures
reported by American Bureau of Metal Statistics, those for 1951 having been adjusted by subtracting from each monthly figure $297,000 so that
the aggregate for the year is equal to the yearly estimate compiled by the United States Mint.
5
Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production.
NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual
estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp.
542-543.
JULY
1952
835
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
Estimated
United States
otal world
(excl.
USSR)* Treasury Total«
Argentina
Belgium
Bolivia
Brazil
Canada
Chile
1945—Dec
1946—Dec
1947—Dec.. . .
1948—Dec
1949—Dec.. . .
1950—Dec
33,770
34,120
34,550
34,930
35,410
35,820
20,065
20,529
22,754
24,244
24,427
22,706
20,083
20,706
22,868
24,399
24,563
22,820
1,197
1,072
322
143
216
216
716
735
597
624
698
587
22
22
23
23
23
23
354
354
354
317
317
317
361
543
294
408
496
590
82
65
45
43
40
40
1951—June. . .
July
Aug.. . .
Sept
Oct
35,930
21,756
21,759
21,854
22,013
22,233
22,382
22,695
21,872
21,852
21,986
22.164
22,394
22,579
22,873
288
288
288
276
273
268
268
586
595
608
638
621
619
621
23
23
23
23
23
23
23
317
317
317
317
317
317
317
652
671
681
691
736
805
850
P36.000
22,951
23,190
23,290
23,297
23,296
23,055
23,373
23,428
23,450
23,502
268
268
268
268
631
610
624
638
650
23
23
317
317
317
317
317
860
868
874
End of
month
Egypt
France 3
Guatemala
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—Dec
52
53
53
53
53
97
1,090
796
548
548
523
523
28
28
27
27
27
27
274
274
274
256
247
247
131
127
142
140
140
140
24
28
58
96
256
256
1951—June
July....
Aug
Sept.. . .
Oct
Nov.. . .
Dec
143
174
174
174
174
174
174
548
548
548
548
548
548
548
27
27
27
27
27
27
27
247
247
247
247
247
247
247
138
138
138
138
138
138
138
1952—Jan
Feb
Mar....
Apr.. ..
Alay
174
174
174
174
548
548
548
548
548
27
27
27
27
21
247
247
247
247
247
138
138
138
138
138
End of
month
Portugal
El Salvador
1945—£) ec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—Dec
433
310
236
178
192
13
12
15
15
17
23
914
939
762
183
128
197
1951—June
July....
Aug
Sept.. . .
Oct
Nov
Dec
217
217
224
234
250
255
265
26
26
26
26
26
26
26
1952—Jan
Feb
Mar....
Apr
May.. . .
265
270
274
274
274
26
26
26
26
30
Nov
Dec.. . .
35,990
35,950
1952—Tan
Feb
Mar
Apr
May
India
Iran
Italy
Java
Mexico
Colombia
Cuba
Denmark
Ecuador
191
226
279
289
299
271
38
38
32
32
32
31
21
21
20
21
21
19
45
45
45
45
45
45
45
281
281
291
311
311
311
311
31
31
31
31
31
31
31
22
22
22
22
22
22
22
45
45
45
45
42
311
311
321
31
31
31
31
31
22
22
22
22
22
127
145
83
51
52
74
NetherNew
lands Zealand
Norway
Pakistan
Peru
178
208
294
181
100
42
52
208
270
265
231
166
195
311
23
23
23
23
27
29
80
91
72
52
51
50
14
27
27
28
24
20
20
28
31
256
256
256
281
292
323
333
229
229
229
229
279
279
279
228
195
193
191
190
191
208
311
311
311
311
312
312
316
31
31
31
31
31
31
32
50
50
50
50
50
50
50
27
27
27
27
27
27
27
46
46
46
46
46
46
46
339
346
279
279
279
280
280
207
206
316
317
340
342
344
32
32
32
32
33
50
50
50
50
27
46
46
46
46
*201
<180
United
Kingdom
Inter- Bank for
national InterMone- national
tary
SettleFund
ments
Sweden
Switzerland
110
111
111
111
85
61
482
381
105
81
70
90
1,342
1,430
1,356
1,387
1,504
1,470
43
34
34
34
118
118
241
237
170
162
154
150
5
2,476
6
2,696
5
195
200
175
164
178
236
202
215
215
323
373
373
15
1,356
1,436
1,451
1,495
39
32
30
36
68
167
210
210
210
210
209
208
190
60
61
61
50
50
50
51
129
129
129
128
134
136
152
1,451
1,454
1,447
1,446
1,448
1,454
1,452
115
113
113
113
113
113
113
150
150
150
150
150
150
151
5
279
269
257
252
242
232
221
373
373
373
373
373
373
373
1,518
1,519
1,529
1,529
1,529
1,530
1,530
151
155
143
144
132
127
115
190
193
169
164
51
51
51
51
51
179
211
214
214
210
1,438
1,426
1,432
1,413
1 410
113
113
113
113
150
150
150
150
153
221
211
211
211
373
373
373
373
373
1,531
1,532
1,532
1,532
116
126
143
151
154
South
Africa
Spain
Thailand
Turkey
2,079
«5 1,856
1,688
5 3,300
3,867
5 3,269
5 2,335
5
2,036
5
1,770
5
1,700
Uruguay
Venezuela
P1 Preliminary.
Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated
official holdings of countries from which no reports are received.
2
Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement
"United
States Money, Outstanding and in Circulation, by Kinds."
3
Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
4
Figures
are for following dates: 1946—Mar. 31, and 1947—Mar. 31.
5
Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank
of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and
Monetary Statistics, pp. 524-535; for back figures through 1941 see Table 160, p. 526 and pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina
and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively.
836
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)
United
Kingdom
Belgium
France
31.1
-452.9
—; 2
14.2
721.3
2,864.4
406.9 222.8
1,510 0
734.3
69.8
446.3 - 4 1 . 0
193.3
— 1,725 2 - 1 , 0 2 0 . 0 - 5 5 . 0
75.2
469.9 - 1 0 . 3
278.5
Total
Year or quarter
1945
1946 . .
1947
1948
1949
1950
1951 .
264.6
15.8
-84.8
-20.0
Netherlands
Portugal
—47 9
-10.0
130.8 116.0
40.7
63.0
14.0
-23.5
- 7 9 8 — 15,0
—4.5 —34.9
Sweden
SwitzOther
erland Europe
l
Canada
Argentina
-86.8
-7.4
80.2 - 2 9 . 9
27.3
238.0
10.0
86.6
3.0
-5.6
5.8
- 4 0 . 0 2-159.9
-22.9
- 38.0
—68 0
-32.0
-15.0
—60.1
36.8
337.9
311.2
-224.9
153 2
727.5
114 1
-49.9
3.4
— 100 0
-10.0
-49.9
Cuba
Mexico
-85.0 - 2 3 . 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
Anr -Tune
July-Sept
Oct.-Dec
-12.5
—31 0
162 4
283.9
10.4
—5.0
-13.7
— 10 0
— 11 2
- 2 0 . 0 2-119.1
-5.0
10.5
3.5
2.5
-33 9
1950
3 4
-49.9
-10.0
2 3
7 9
-11.3
-15.0
-15.9
}an.-Mar.
Apr.-June......
July-Sept
Oct.-Dec
...
-80.0
-35.0
-20.0
-201.3
-30.4
— 731 0
-762.4
-580.0
-360.0
—28 5
-56.3
-79 8
—876.3
—55 6
291 4
715 7
-400.0
—80 0
320 0
629 9
- 1 2 . 3 —91.7
2 0
—4.5
557.3
520.0
-15.0
-3.0
-16.0
-4.0
— 13.0
-25.0
— 11.9
3 4
— 12.4
-47.1 -100.0
-15.0
—44.3
— 15.8
8 2
20.0
—40 5
-61.9
1951
Jan.-Mar..
Apr - June
Tuly-Sept
Oct -Dec
71 7
- 1 0 . 0 -15.0
— 15 0
- 5 0 -17.0
—5 0
— 11 2
-3 5
—1 1
— 10 0
-49.9
-20 0
— 124.4
64 1
1952
Jan -Mar
20.2
22.5
11.3
-10.1
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)
Uruguay
Year or
quarter
1945
1946
1947
1948
1949
1950
1951
Venezuela
Other
Latin
America
Asia
and
Oceania
Union
of
South
Africa
8
- 3 7 . 9 —73.1
—4 9
—9.2
-3.7
25.1
10.7 -108.0
-14.4 -50.0
—64 8
22.2
-.9
-27.8 -188.3
25.0
13.7
1.0
79.1
13.4
-4.1
-7 5
-52.1
-17 2
-35.4
-17.2 « -50.1
3.0
-16.5
-1.0
3.7
-2.9
-11 9
Gold stock at
end of period
All
other
-2.3
-6 6
- 2.2
- 41 0
72.0
55.6
48.1
19 9
-.9
1.0
3.9
9.2
-.1
-5.9
-13.9
-22.8
-11.7
-5.0
3.5
-4.0
-18.8
-2.4
-3.9
-25.0
12.7
20.3
19.2
-17.6
-3.2
4.3
3.6
Apr.-June
July-Sept
Oct.-Dec.
-50 0
.1
.1
-2.0
.2
1950
— 10.4
— 12 0
-2.0
-23.9
—26 9
Jan.-Mar
July-Sept
Oct -Dec
-26.9
-2.8
-14.7
-2.8
1951
-50.9
15.0
28.0
30.1
Jan.-Mar
Apr.-June
Tuly-Sept
Oct -Dec
-.9
-28.0
-25.0
-31.0
1952
10.0
Jan -Mar
1
2
8
Includes
Includes
Includes
* Includes
dollars;
and
8
Includes
JULY
Bank for International Settlements.
sale of 114.3 million dollars of gold to Italy.
sales of 185.3 million dollars of gold to China.
sales of gold to Egypt as follows: 1950, 44.8 million
1951, 76.0 million.
sales of 45.0 million dollars of gold to Indonesia.
1952
Treasury
Total i
22,726
21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
22,695
21,756
21,759
21,854
22,013
22,233
22,382
22,695
22,951
23,190
23,290
23,297
23,296
23,346
22 ,739
-23.0
315.7 —458.4 125.4
21 ,981
—757.9
68.9 —803.6 48.3
35*8
20 ,631 — 1,349.8 —845.4 —459.8
20 ,083
-547.8 -106.3 -356.7
32.0
20 ,706
465.4 51.2
623.1 311.5
210.0 75*8
22 ,868 t 2,162.1 1,866.3
24 ,399
1,530.4 1,680.4 — 159.2 70^9
24 ,563
164.6 686.5 —495.7 67.3
22 ,820 — 1,743.3 —371,3 -1.352.4
80 1
22 ,873
52.7 - 5 4 9 . 0
617.6 r 66.3
10.4 - 3 7 . 6
21 ,872
46.3
'5.6
r
21 ,852
-8.8
5.2
-19.2 -16.2
21 ,986
-3.7
137.0
'6.4
133.1
r
22 ,164
6.\
10.9
176.7
178.0
22 ,394
••6.3
243.4
229.9 - 1 8 . 4
22 ,579
-2.1
188.4
185.0
r
6.5
4!o
22 ,873
289.9
294.1
63.6
182.4
23 ,055
137.5
5.0
23 ,373
4.8
150.3
152.2
317.5
23 ,428
4.6
157.1 - 1 0 3 . 1
55.6
23 ,450
5.0
96.6
-75.4
22.0
23 ,502
5.1
27.2
27.1
51.9
5
23 ,533
19.3
30.5
(4)
(4)
3.7
94.3
22 9
256.0
11.9
6.9
498.6
195.7 4 - 1 . 6
13.1 —47 2
52.1 4-84.0
1949
Jan -Mar
:riod
P<
Earmarked
Net
Increase gold
gold:
de- Domesimin total port or crease
tic gold
gold
producor inexport
stock
tion 2
crease
1942.
1943
1944.
1945.
1946
1947
1948.
1949.
1950.
1951.
1951—June..
July...
Aug. . .
Sept...
Oct....
Nov...
Dec.. .
1952—Jan. . .
Feb.. .
Mar.. .
Apr. . .
May. .
June..
r
1
2
Revised.
See footnote 2 on opposite page.
Yearly figures are estimates of United States Mint. For explanation
of monthly figures see p. 835, footnote 4.
8
Change includes transfer of 687.5 million dollars gold subscription
to International Monetary Fund.
4
Not yet available.
5
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 4,850.6 million dollars on June 30, 1952. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.
837
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[End-of-month figures. In millions of dollars]
1952
1951
1952
International Fund
1951
International Bank
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Unpaid balance of member subscriptions.
Other assets
Member subscriptions
Accumulated net income
Jan.
Oct.
July
Jan
1,531
1,529
1,519
1,495
1,322 1,322 1,316 1,304
4,408 4,409 4,327 4,229
869
883
869 1,003
1
1
1
1
8,1521 8,137 8,037 8,037
-7
-6
-6
-5
1952
Net currency purchased 1
(Cumulative—millions of dollars)
May
Apr.
1951
Mar.
May
20.0 20.0 20.0 20.0
11.4 11.4 11.4 11.4
103.0 103.0 103.0 65.5
5.4
3.6
5.4
8.8
6.0
6.0
6.0
6.0
10.2 10.2 10.2
10.2
- 5 . 5 - 5 . 5 -5.5 - 5 . 5
125.0 125.0 125.0 125.0
100.0 100.0 100.0 100.0
Australian pounds
Belgian francs
Brazilian cruzeiros
Chilean pesos
Czechoslovakian koruny.
Danish kroner
Egyptian pounds
French francs
Indian rupees
Iranian rials
Mexican pesos
Netherlands guilders
Norwegian kroner
Turkish liras
Pounds sterling
Yugoslav dinars
All other
22^5
75.4
9.6
5.0
5.0
5.0
300.0 300.0 300.0 300.0
9.0
9.0
9.0
9.0
-1.7 -1.7 -1.7
-.9
75.2
75.2
75.2
Mar.
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Investment securities (U. S. Govt. obligations)
Calls on subscriptions to capital stock 3 . .
Loans (incl. undisbursed portions and
incl. obligations sold under Bank's
guarantee)
Other assets
Bonds outstanding
Liability on obligations sold under guarantee
Loans—undisbursed
Other liabilities
General reserve
Special 3reserve
Capital
,
Dec.
Sept.
Mar
5
940
8
945
11
944
6
920
490
4
510
4
441
4
466
4
1,186 1,113 1,085
14
10
13
450
436
336
938
12
311
41
372
5
55
30
33
33
350
279
368
10
4
3
50
46
38
26
24
22
18
1,691 1,688 1,688 1,668
1 As of May 31, 1952, the Fund had sold 806.1 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 86.7 million dollars. Currencies the net transactions in
which amount to less than one million are reported under "All other."
2 Less than $500,000.
3
Excludes uncalled portions of capital subscriptions, amounting to
6,763 million dollars as of Mar. 31, 1952, of which 2,540 million represents the subscription of the United States.
771.7 771.7 762.0
Total.
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Gold*
Assets of banking
department
Other
assets 2
Notes
and
coin
Discounts
and advances
30
29
27
26
25
31
29
28
27
2
.2
2
.2
.2
.2
.2
4
.4
950 0
1,100.0
J.250.0
1,400.0
L,450.0
1,450.0
1,325.0
1,350.0
L,375.0
27 7
12.5
13.5
20.7
23.4
100.8
36.1
33.7
19.2
1951—June 27
July 25
Aug 29
Sept. 26
Oct. 31
Nov 28
Dec. 26
.4
.4
.4
.4
.4
.4
.4
1,400 0
1,400.0
1,400 0
1,400.0
1,400.0
1,400.0
1,450.0
51.8
20.1
42.9
52.4
49.7
38.2
14.1
29.7
19.0
20.8
16.8
18.2
1952—Jan.
Feb.
Mar
Apr.
May
.4
.4
.4
.4
.4
1,400.0
1,400.0
1,400 0
4 .450.0
1,450.0
48.1
34.9
17.4
41.9
39.7
17.7
23.6
27.4
11.9
1942—Dec
1943—Dec
1944—Dec
1945—Dec.
1946—Dec
1947—Dec.
1948—Dec.
1949—Dec
1950—Dec.
30
27
26
30
28
4
3 5
2.5
5.1
8.4
13.6
15.2
16.7
14.8
29.2
Securities
267.9
307.9
317.4
327.0
327.6
331.3
401.1
489.6
384.0
7.9
7.7
360 0
390.8
337.7
345.7
356.0
364.0
389.2
7.9
343.7
344.2
351.8
306.1
319.6
Liabilities oi banking department
Note
circulation 3
Deposits
Bankers'
923.4
1,088.7
L.238.6
L379.9
1,428.2
1,349.7
L,293.1
L.321.9
1,357.7
1,349.3
1,380.9
1,358.0
1,348.9
1,351.8
1,363.7
1,437.9
1,353.8
1,367.0
L.384.6
1,410.0
1,412.2
223.4
234.3
260.7
274.5
278.9
315.1
314.5
299.2
313.5
290.1
294.4
273.6
289.9
303.9
294.7
299.8
277.8
283.0
280.3
273.0
270.0
Public
ECA
9.0
10.3
5.2
5.3
10.3
18.6
11.7
11.6
15.4
20.4
14.8
18.5
16.6
14.5
16.4
13.4
15.5
11.8
12.1
10.7
10.1
17.4
97.9
.4
4.4
2.3
.9
1.1
7.2
.6
.6
.5
.4
.5
.5
.5
Other
48.8
60.4
52.3
58.5
57.3
95.5
92.1
111.2
85.0
86.6
88.9
98.9
91.2
93.1
89.4
89.8
87.5
83.1
81 3
73.4
72.6
Other
liabilities and
capital
17.9
17,9
17.8
17.8
18.1
18.1
18.1
18.1
18.1
18.1
18.3
18.5
18.5
17.8
18.0
18.1
18.3
18.5
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.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes
issued less amounts held in banking department.
4
Fiduciary issue decreased by 50 million pounds on Jan. 16 and increased by 50 million on Apr. 1. 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.
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
I945—Dec.
1946—Dec
1947—Dec.
1948—Dec
1949—Dec.
1950—Dec.
30
31
31
31
31
30
31
31
31
31
31
30
1951—j u n e 30
July 31
Aug 31
Sept. 29
Oct 31
Nov 30
Dec 31
1952—Jan.
Feb
Mar
Apr.
May
Sterling
and United
States
dollars
Gold
. .
225.7
(4)
. .
.
. . . .
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Shortterm 1
Chartered
banks
Other
Dominion
government
181.9
448.4
391.8
807.2
787.6
906 9
1,157.3
1,197.4
L,022.0
1,233.7
1,781.4
1,229.3
49.9
127.3
216.7
209 2
472.8
573.9
688.3
708.2
858.5
779.1
227.8
712.5
5.5
12 A
33.5
31 3
47.3
34.3
29.5
42.1
43 7
45.4
42.5
297.1
232.8
359.9
496.0
693 6
874.4
1,036.0
1,129.1
1,186.2
1,211 4
1,289.1
1,307 4
1,367.4
217.0
217.7
232.0
259.9
340.2
401.7
521.2
565.5
536.2
547.3
541.7
578.6
46.3
10.9
73.8
51.6
20.5
12.9
153.3
60.5
68.8
98.1
30.7
24.7
17.9
9.5
6.0
19 1
17.8
27.7
29 8
93.8
67 5
81.0
126 9
207.1
13.3
28 5
35.1
24 0
55 4
209.1
198 5
42.7
42 4
43.1
119 2
172.6
116.8
116.8
100.0
87.0
96 5
128.8
117.8
1,335.2
1,327.4
1,349.6
1,297.6
1,317.5
1,137.8
1,141.8
846.3
872.5
888.1
896.1
956.4
1,043.1
1,049.3
104.1
118.6
119 8
87.1
83 1
79.2
135.2
1,351.3
1.370.5
1,370.7
1,388.0
1,406 5
1,407.2
1,464.2
590.7
558.2
580.4
579.4
588.3
633.8
619.0
75.3
91.1
115 0
105.6
210 3
66.0
94.9
220 1
212.6
185 7
140.0
83 3
92.5
66.1
165 0
202.9
205 8
154.8
165 0
189.5
200.0
85.4
70.3
60 1
72.3
78.3
1,095.4
1,058.1
I,179.9
1.191.5
1,203.6
1,042.6
1,027.7
882 2
874.7
824.6
82 7
88.2
106 8
84.0
73.8
1,375.6
1,374.4
1,393 2
1,411.8
1,417.4
629.2
616.7
656 5
645.7
579.4
92.8
88.5
14 6
14.3
21.9
54 9
52.1
66 1
41.7
44.6
153.4
112.5
98 6
109.0
117.1
Assets
Bank of France
Gold s
Liabilities
Advances to
Government 8
Domestic bills
Foreign
exchange
Other
64.3
38.4
200.9
.5
.6
172.3
156.8
1.0
2.0
.4
74 1
111.4
31
29
31
30
31
(Figures in
millions of francs)
Other
liabilities
and
capital 3
Note
circulation2
Deposits 7
Other
assets 6
Open
market
6
Special
Other
Current
Note
circulation
Other
ECA
Other
Other
liabilities
and
capital
1,914
984
1,517
770
578
748
12,048
765
733
806
1,168
70
2,925
44,986
68,474
8
21,318
8
15,596
7,078
4,087
7,213
10,942
16,206
19,377
24,234
Government
1939—Dec. 2 8 . . . 97,267
1940—Dec. 2 6 . . . 84,616
1941—Dec. 3 1 . . . 84,598
1942—Dec. 3 1 . . . 84,598
1943—Dec. 3 0 . . . 84,598
1944—Dec. 2 8 . . . 75,151
1945—Dec. 2 7 . . . 129,817
1946—Dec. 2 6 . . . 94,817
1947—Dec. 3 1 . . . 65,225
1948—Dec. 3 0 . . . 65,225
1949—Dec. 2 9 . . . 62,274
1950—Dec. 2 8 . . . 182,785
112
5,818
42
7,802
38
6,812
37
8,420
37
9,518
42
12,170
68
17,980
7 37,618
12
67,395
30
97,447
61,943 137,689
162,017 136,947
2,345
5,149
661
3,646
12
4,517
169
5,368
29
7,543
48
18,592
303
25,548
3,135
76,254
64 117,826
8,577 238,576
28,548 335,727
34,081 393,054
14,200
30,473
63,900 112,317
69,500 182,507
68,250 250,965
64,400 366,973
15,850 475,447
445,447
67,900 480,447
147,400 558,039
150,900 558,039
157,900 560,990
158,900 481,039
151,322
15,549
218,383
18,571
270,144
17,424
382,774
16,990
500,386
16,601
572,510
20,892
570,006
24,734
721,865
33,133
920,831
59,024
987,621
57,622
112,658 1,278,211
212,822 1,560,561
15,058
14,751
27,202
25,272
29,935
33,137
37,855
57,755
63,468
82,479
171,783
158,973
161,720
1951—June 2 8 . . . 191,447
July 2 6 . . . 191,447
Aug. 3 0 . . . 191,447
Sept. 2 7 . . . 191,447
Oct. 3 1 . . . 191,447
Nov. 2 9 . . . 191,447
Dec. 2 7 . . . 191,447
161,802
154,610
145,195
131,284
82,087
31,888
28,320
196,435
232,873
236,169
225,418
168,822
153,650
234,923
12,164 458,572
5,967 454,608
1,256 472,894
9,231 540,751
23,855 670,689
32,015 716,710
31,956 741,267
157,600
145,800
160,600
160,400
166,200
160,300
160,000
481,039
481,039
481,039
481,039
481,039
481,039
481,039
235,037
250,441
245,129
235,289
252,303
199,545
190,830
1,660,842
1,699,190
1,754,151
1,779,360
1,827,781
1,779,556
1,841,608
66
74
96
60
62
19
29
16,432
19,703
6,980
13,367
16,240
1,869
10,587
190,056
166,020
146,012
154,895
166,453
157,228
166,226
26,701
31,798
26,490
27,177
25,905
27,922
41,332
1952—Jan. 31 . . . 191,447
Feb. 2 8 . . . 191,447
Mar. 2 7 . . . 191,447
Apr. 3 0 . . . 191,447
May 2 9 . . . 191,447
20,857
15,607
11,336
13,634
15,808
233,879
245,014
272,294
273,149
274,111
31,456 757,085
29,280 850,733
29,239 841,006
22,984 799,004
26,128 841,897
166,500
174,400
169,300
171,100
169,000
481,039
481,039
479,982
500,982
479,982
184,064
126,412
113,099
139,747
118,726
1,866,693
1,880,832
1,861,681
1,925,615
1,900,526
57
96
22
84
39
7,157 156,405
3,699 198,702
15,783 188,767
341 156,326
6,645 171,350
36,015
30,601
41,448
29,679
38,539
8
8
1
Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves.
Beginning November 1944, includes a certain amount of sterling and United States dollars.
4
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).
6
For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853;
and November 1936, pp. 878-880.
6
For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6.
7
Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are
not strictly comparable with those shown for earlier dates.
8
Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400;
1941, 64,580; 1942, 16,857; 1943, 10,724.
NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645
and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank
(February 1945), see BULLETIN for December 1946, p. 1424.
2
3
JULY 1952
839
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1952
May
A pr.
1951
Mar.
814
80f
2 ,108
43 ,441
3?7
17 ,184
26 ,564
89f
2 851
tralia (thousands of p o u n d s ) :
Gold and foreign exchange
Checks and bills of other b a n k s . .
Securities (incl. G o v e r n m e n t and
Treasury bills)
Other assets
Note circulation
Deposits of T r a d i n g B a n k s :
Special
Other
Other liabilities a n d c a p i t a l . . . .
313 3 6 4
9 ,492
47S
6 ,513
573 ,630 598 ,898
140 ,085 111 ,271
303 ,971 297 ,471
432 ,170 434 ,170
30 47S 30 ? 1 Q
769 956 ?76 797
Austrian National Bank (millions
98
98
98
642
6,745
3,491
42
8.348
665
6 ,541
3 ,393
42
8 ?91
235
774
1 ,937
667
6 ,424
3 ,335
41
8 77?
314
?Q3
1 ,736
233
370
2 ,067
National Bank of Belgium
(millions of francs):
Gold 1
Foreign claims a n d balances (net)
Loans and discounts
Consolidated G o v e r n m e n t debt.
Government securities
Other assets
N o t e circulation
Deposits—Demand
ECA
Other liabilities and c a p i t a l . . . .
3? ,485
24 ,298
6 ,131
34 763
9 34 S
3 ,639
94 401
1
1 308
1 3 667
31 886
24 ,316
7 ,780
34 763
10
3
95
1
1
13
31 187
24 ,785
5 ,795
34 763
15?
8 007
370
3 ,663
773 93 138
573
1 5 S3
70S
1 ?41
67 7 12 ? 6 7
Central Bank of Bolivia—Mone(Feb.)*
tary dept. (millions of bolivianos):
1,370
Gold at home and abroad 2
693
Foreign exchange (net)
1
Loans and discounts
1 845
Government securities
255
Other assets
4 115
Note circulation
606
Deposits
665
Other liabilities and capital
Central Bank of Ceylon (thousands
of rupees):
571 383 566 051 600 692
Foreign exchange
24 000 28 964 22 964
Advances to Government 3
27 513 12 827
3 526
Government securities
4 086
3 809
3 437
Other assets
402 925 409 133 402 514
Currency in circulation
6 828 23 197
6 897
Deposits—Government
83 ?S0 51 069 61 641
Banks
33 761 4 4 8 9 8 4 3 6 3 8
Other liabilities and capital .
Central Bank of Chile (millions
of pesos):
1, 210
1 096
1 215
Gold
265
270
218
Foreign exchange (net) 4
107
107
221
Net claim on Int'l. Fund
935
830
961
1,
1
1
Discounts for member b a n k s . . . .
670
670
670
Loans to Government
7 044
6 719
7 39?
Other loans and discounts
3 089
3 140
3 069
Other assets
9 056
9 310
8 861
Note circulation
2 212
Deposits—Bank
2 , 435
2 j 420
790
604
3?0
Other
2 451
2
7 440
Other liabilities and capital
Bank of the Republic of Colombia
(thousands of pesos):
3S 07 7 46 0 8 0 7 4 3 8 8 S
Gold and foreign exchange
24 371 2 4 , 371 24, 371
Net claim on Int'l. Fund 4
1, 402
Paid-in capital—Int'l. Bank
1 404
7, 132
874
Loans and discounts
2 ,467
Government loans and securities.
Other assets
1 ,974
Note circulation
36 ,893
?73
Deposits
14 ,264
Other liabilities and capital
24 ,954 Central Bank of Costa Rica
766
(thousands of colones):
2 497
Gold
Foreign exchange
Net claim on Int'l. Fund 4
707 7 8 3
Loans and discounts
Securities . .
11 ,091
Other assets
Note circulation
361 ,301
Demand deposits
98 ,992
Other liabilities and capital
270 ,270
National Bank of Cuba
(thousands of pesos):
586 ,420
Gold
34 03S
288 4 4 ?
Foreign exchange (net)
Foreign exchange (Stabilization
Fund)
Silver
288
Net claim on Int'l. Fund 4
4 ,348
Loans and discounts
4 ,445
Credits to Government
39
Other assets
6 406
Note circulation
150
Deposits
Other liabilities and capital
551
5
2 ,064 National Bank of Czechoslovakia
National Bank of Denmark
(millions of kroner):
Gold
29 433
8 ,318
Foreign exchange . . .
11 151
Contributions to Int'l. Bank. . . .
34 860
Loans and discounts
Securities
3 603
3 869
Govt. compensation account. . . .
86 781
Other assets
2 00 S
Note circulation
14.0
Deposits—Government
2 307
Other
Other liabilities and capital
Central Bank of the Dominican
1 370
Republic (thousands of dollars):
'4-5?
Gold
Foreign exchange (net) 4
1 941
725
Net claim on Int'l. Fund
148
Paid-in capital—Int'l. Bank
Loans and discounts
3 776
266
Government securities
r
Other assets
594
Note circulation
Demand deposits
679 132
Other liabilities and capital
"•13 972 Central Bank of Ecuador
(thousands of sucres):
8S?
Gold «
400 308
Foreign exchange (net) 6 4
62 015
Net claim on Int'l. Fund
187 8?4
Credits—Government
808
Other
Other assets
Note circulation
1 475
Demand deposits—Private banks
349
Other. .
1
Other liabilities and capital
1, 013 National Bank of Egypt (thou680
sands of7 pounds):
5 , 4S7
Gold
2,43?
Foreign exchange
7,359
Foreign and Egyptian
1 ,693
Government securities
410
Loans and discounts
1 ,94 S
Other assets
... .
Note circulation
Deposits—Government
209, 9 6 0
Other
24, 369
Other liabilities and capital
1, 381
1951
Mar.
May
265 ,349
155 ,495
119 ,421
457 ,435
797 39?
60 ,827
227 ,835
134 ,775
S3 ,256
392 ,815
232 46S
56 ,296
11 511 11 511 11 511
91 ,822 92 ,464 86 ,188
7 ,031
7 ,031
7 ,031
57 025 S7 841 61 913
7 ,619
7 ,577
7 ,577
24 ,162 24 ,276 24 ,409
117 ,550 116 ,765 115 ,844
62 ,090 64 ,931 64 ,186
19 ,488 19 ,004 18 ,641
11 511
12 8 6 6
7 ,029
89 839
10 ,621
16 ,673
103 777
32 9 0 9
11 ,853
May
Bank of the Republic of Colombia—Cont,
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 Aus-
of schillings) *
Gold
Foreign exchange
Loans and discounts
Claim against G o v e r n m e n t
Other assets
Note circulation . . . .
Deposits—Banks
Other
Blocked
May
1952
Central Bank
(Figures as of last report
date of month)
Apr.
323 ,077
156 ,840
108 ,557
473 ,363
288 ,080
156 ,100
118 ,430
454 ,588
310 705 316 77S
65 ,207 63 ,100
3?0 564 270 5 6 ?
6 5 299
96 033
40
948
351
12
16
12
27
409
198
7
511
379
277
294
770
026
8?6
96 684
40 9 8 8
12 ,507
1 ,879
11 ,845
30 ,971
374 674
180 ,152
6 643
69
69
69
69
439
11
83
431
3 870
19S
1 702
791
1 442
163
408
11
110
435
3 872
700
1 693
1 840
1 405
163
412
11
100
378
3 872
719
1 688
1
1 357
146
17 066 17 066
20 855 20 610
1 250
1 250
41
42
390
545
6 895
6 895
666
632
29 794 29 992
10 685 10 137
1 790
1 807
12 066
20
1 250
41
770
6 895
720
29 912
9 736
1 771
431
6
94
148
3 966
461
1 593
1 769
1 632
184
6 056
18 4 8 7
1 250
40
6
1
25
7
78
217
081
290
173
747
?4S 336 173 335 , 965 334 511
658 76, 159 5 3 , 758 143 577
18 757
758 18, 758 18, 758
940 40 0S7 ?,36 060 214 156
81
6
0
9
530
123
719
6 9 473 6 ?
9 6 3 8 0 8 9 0 3 0 78, 327 174 547
9 9 243 470 3 3 ? 477 7 1 9 480, 678
6 5 , 318 4 8 , 953 4 5 , 923 140, 231
4 1 , 686 3 8 , 455 3 9 , 047 128, 305
60, 205 64, 991 4 7 , 392 259, 864
36
10
18
34
60 553
18, 456
43 371
51, 926
0 8 , 826 3 1 1 , 802
75 875 27, 274
7 873
107
87, 398 9 0 , 044
00 740 97, 443
07 9 1 0 17 478
2 1 , 129 2 0 , 943
3 2 8 , 748
12, 426
2 094
173, 464
112 506
131 1 9 9
2 1 , 347
60, 553
19, 365
of fine gold per franc.
led at a rate of 60 bolivianos per dollar.
to the Fund.
Until such time
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.
840
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
I
1952
May
Apr.
1951
Mar.
May
Central Bank
(Figures as of last report
date of month)
Central Reserve Bank of El Salvador (thousands of colones):
Bank of Italy (billions of lire):
73,946 64,013 64 ,075
57
Gold
Gold
91 7 8 9
50,076 63,087 62 ,658
Foreign exchange (net)
Foreign exchange
1 ,566
1 ,565
1 ,566 1,566
Net claim on Int'l. Fund *
Advances to Treasury
918
Loans and discounts
.,
9,248 10,488 1C ,474
Loans and discounts
4 ,906
Government debt and securities.. 6,375 6,369 6 ,111
Government securities
I 783
1 ,350
1,334
1,531
Other assets
Other assets
82,150 84,895 88 ,380
78
Note circulation
Note circulation
53,389 55,050 SO 7S7
72 761
7 ,096
6 ,496
7,006
7,109
Other liabilities and capital
Deposits—Government
State Bank of Ethiopia J
Demand
Bank of Finland (millions of markOther
kaa):
Other liabilities and capital
5 86S
4 47S Bank of Japan (millions of yen):
5,865 5,865
Gold
890
19,022 18,628 20 ,375
Foreign assets (net)
Cash and bullion
-347
6,269 6,930 6 ,427
Clearings (net)
Advances to Government
26,877 23,296 71 305 40 78S
Loans and discounts
Loans and discounts
967
960
990
1 ,017
Securities
Government securities
6 SS1
1,892
1 ,919 2 708
Other assets
Other assets
39 ,055
46,579 44,338 44 ,044
Note circulation
Note circulation
1 ,706
1 ,648
1,547
1,125
Deposits—Government
12 ,114
12,759 12,164 11 ,446
Other liabilities and capital
Other .
Bank of German States
Other liabilities
(millions of German marks):
The Java 4Bank (millions of rupiah):
116
190
259
Gold
. . . .
Gold
1 ,678
2,713 2,498 2 ,230
Foreign exchange
Foreign exchange (net)
4 ,370
3,129 3,440 4 ,118
Loans and discounts
Loans and discounts
9 ,324
8,963 9,361 9 ,228
Loans to Government
Advances to Government
1 ,421
610
640
577
Other assets
Other assets . . .
7 ,867
9
,544
Note circulation
9,748 9,644
Note circulation
2 ,430
2,120 2,113 2 ,436
Deposits—Government
Deposits—ECA
1 ,813
2,143 2 ,082
1,739
Banks
Other
250
280
1 ,315
264
Other
Other liabilities and capital
1 ,957
3 ,368 Bank of Mexico (millions of pesos):
1,949
1,803
Other liabilities and capital
Bank of Greece (billions of drachMonetary reserve 5
mae):
"Authorized" holdings of secu1 ,325
492
1,372
Gold and foreign exchange (net) .
rities, etc. . . .
195
167
190
Loans and discounts
Bills and discounts
5 903
8,069 7 ,978
Advances—Government
Other assets
3 233
3,353 3 ,453
Other
Note circulation
1 479
1 ,90(1
Other assets
1,877
Demand liabilities
1
,901
1 701
2,021
Note circulation
Other liabilities and capital
962
974 Netherlands Bank (millions of
907
Deposits—Government
Reconstruction and
guilders):
4 104
6,373 6 ,7.17
Gold 6
1 904
2,098 2 ,209
Other
Silver (including subsidiary coin)
2 620
3,439 3 ,557
Other liabilities and capital
Foreign assets (net) . .
Sank of Guatemala (thousands of
Loans and discounts
quetzales):
Govt debt and securities
27,228 27,228 27 ,228 r 27 7.29
Gold
Other assets
1 4 250
17,495 22,445 22 ,749
Foreign exchange (net)
Note circulation—Old
1 250
1,250
1 ,250
1,250
Gold contribution to Int'l. Fund .
New
4 982
5,095 4,815
5 ,210
Rediscounts and advances
Deposits—Government
19 525
ECA
19,020 18,678 18 ,280
Other assets
36 9 1 2
41,154 39,212 40 ,075
Circulation—Notes
Other
3 795
3,359 3,399 3 ,393
Coin
Other liabilities and capital
2 179 Reserve Bank of New Zealand
3,690 4,984 4 ,702
Deposits—Government
10 596
6,094 11,425 12 ,469
Banks
(thousands of pounds) *
Other liabilities and c a p i t8 a l . . . . 15,790 15,398 14 ,078 r] 4 254
Gold
National Bank of Hungary
Foreign exchange reserve
Reserve Bank of India (millions of
Loans and discounts
rupees):
Advances to State or State unIssue department:
dertakings
400
400
400
Gold at home and abroad
Investments
6 987
6,032 6 032
Foreign securities
Other assets
5 166
4,646 4 646
Indian Govt. securities
Note circulation
691
572
752
Rupee coin
...
411
11
12
863
11,458
Note circulation
Other liabilities and capital
Banking department:
Bank of Norway (millions of kroner):
358
372
257
Notes of issue d e p a r t m e n t . . . .
Gold
969 1 199
1 764
Balances abroad
Foreign assets (net)
37
110
36
Bills discounted
9
11
77
Loans to Government
Loans and discounts
1 936
1 161
Other assets
1,506
Securities
2 947
2,607 3 181
Deposits
Occupation account (net)
359
362
343
Other liabilities and capital. . .
Other assets
dentral Bank of Ireland (thousands
Note circulation
of pounds):
Deposits—Government
2 646
Gold
2,646 2,646 2 646
Banks
55,552 56,205 56 458 4 9 , 3S1
Sterling funds
FCA MSA
58,199 58,851 59 104 5 1 , 997
Note circulation
Other liabilities and capital
1951
1952
May
Apr.
Mar.
May
36
590
226
211
786
1 ,204
4
35
590
761
200
797
1 ,196
4
37
590
257
200
799
1 ,204
152
55
368
73
193
93
331
73
186
71
352
74
252
60
1 ,139
088
3 9 0 39 ,670
S89 374 865
8 6 8 9 9 .677
892 1 6 0 174
487 457 ,576
4 7 9 97 ,197
676 25 ,683
791 45 ,015
1 ,034
47 ,645
384 730
127 , 736
37 9 9 7
399 ,332
155 ,774
23 ,389
16 .148
1 ,060
1 ,052
677
2 ,248
1 ,031
3 ,165
496
1 ,034
1 ,372
871
621
426
1 ,077
38 , 390
9 7 9 940
153 ,650
114 0 9 1
444 ,003
61 ,405
41 ,202
40 ,540
1 , 063
1 ,209
237
2 ,177
850
3 ,462
496
1 ,223
355
1
38
987
150
97
467
47
74
41
1 063
1 134
716
1 977
936
3 377
496
1 166
287
4
79
590
773
7.15
513
1 ,066
2
176
67
1 ,999
529
2 ,770
978
696
1 ,042
1 080
1 ,110
1 ,093
2 ,521
634
447
3 ,034
1 134
475
7 651 •
2 ,783
485
577
3 ,126
314
465
2 ,935
356
490
2 ,732
1 639
507.
1^97
16
1 059
45
7 100
467
44
2 ,932
379
1 07 7
376
1 788
16
1 ,027
109
2 ,850
446
44
2 ,951
369
1 804
343
777
1 177
17
154
170
3 ,178
591
50
2 ,709
5 749
23 ,424
6 ,019
5 ,714
22 ,266
6 ,019
1 303
15
1 ,184
38
2 ,100
499
43
,870
2
624
1 ,027
367
207
5 ,873
25 ,464
6 ,019
523
3 ,081
1 ,238
469
54 ,701 55 ,985
37 187 32 1 8 ?
2 , 636
3 001
61 876 6 7 6 0 0
57 0 7 0
,974
7 ,980
7 ,786
242
473
33
62
46
6 707
59
2 ,573
1 ,999
1 ,012
966
568
56
34
3
67
S8
,321
18?
,789
,705
8S7
7 ,233
438
18
57
242
433
16
49
46
6 90?
56
2 ,589
1 ,913
1 0?4
9S4
578
46
6 707
61
2 ,558
1 ,946
1 078
949
569
747
1 ,470
6S6
401
5 ,071
73 ,971
6 ,832
56 ,537
10 974
4 , 653
58 ,413
97 403
7 ,222
243
?84
-12
58
46
6 70?
142
2 ,293
2 ,073
976
706
91 5
r
1
Revised.
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
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.
*8 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.
8
Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder.
NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1952, p. 103; January 1951, p. 113
JULY
1952
841
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of P a k i s t a n (millions of
rupees):
Issue department:
Gold at home and abroad...
Sterling securities
Pakistan Govt. securities. . .
Govt. of India securities
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department. .
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital..
Bank of Paraguay—Monetary dept.
(thousands of guaranies):
Gold*
Foreign exchange (net) 2
Net claim on Int'l. Fund
Paid-in capital—Int'l. Bank
Loans and discounts
Government loans and securities.
Other assets
Note and coin issue
Demand deposits
Other liabilities and capital
Central Reserve Bank of Peru
(millions of soles):
Gold and foreign exchange 3
Net claim on Int'l. Fund 2
Contribution to Int'l. Bank
Loans and discounts to banks. . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund 2
Loans
Domestic securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
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
Other assets
1952
May
Apr.
81
,016
665
126
300
66
,182
1,195
95,642
5,261
-1,042
307,349
63,748
23,777
311,103
126,293
58,534
644
21
2
212
842
210
1,267
370
294
1
102
5
-1
269
63
20
277
129
54
1951
Mar.
81
,017
715
126
300
66
,214
72
91
700
779
92
103
1
763
865
92
546
748
525
563
864
087
1,188
93,854
5,261
-1,044
236,874
63,736
14,147
240,763
117,428
55,825
665
21
2
215
833
258
1,230
428
335
647
21
2
214
788,
263
1,206
383
345
15,811 14,980
476,892 471,864
29,504 29,504
29,364 41,473
234,730 239,681
152,866 148,306
556,115 568,727
251,180 243 ,327
131,871 133,753
4,420 4,448
11,644 11,748
643
646
1,418
1,421
587
579
8,982 8,938
1,563
1,543
52
52
6,030 6,207
2,085 2,103
58,236
65,801
17,324
30,017
83,806
66,316
21,256
59,778
69,751
18,153
33,602
82,676
76,317
22,292
555
553
553
377
377
378
15,948 15,733 15,767
19,868 20,226 20,202
27,730 26,024 26,475
May
Central Bank
(Figures as of last report
date of month)
1951
May
Apr.
Bank of Spain—Cont.
,299 35,533 35,599
Note circulation
,934 2,312 2,454
Deposits—Government
44
,706 2,530 2 ,346
Other
852
,540 22,538 22,976
Other liabilities and capital
653
Bank
of
Sweden
(millions
of
kronor):
138
472
472
463
Gold
300
1,328
1,246
,346
Foreign assets (net)
43
88
88
88
Net claim on Int'l. Fund *
1,975
11
11
11
Paid-in capital—Int'l. Bank
Swedish Govt. securities and ad- 8
53
2,439
,729
2,690
vances
to
National
Debt
Office
641
279
276
256
Other domestic bills and advances
99
851
786
853
Other assets
1
3,919
,962
4,021
Note circulation
326
,018
866
866
Demand
deposits—Government..
1 ,025
96
110
84
Other
95
621
618
598
Other liabilities and capital
Swiss National Bank (millions of
1 ,165 francs):
Gold
5,822 5,836 5,920
82,300
246
307
Foreign exchange
-2,377
234
232
236
Loans and discounts
-1,001
76
79
Other
assets
139,873
,574 4,582 4,591
Note circulation
24,256
1,692
,649
1,679
Other
sight
liabilities
20,259
193
197
197
Other liabilities and capital
173,823
Bank of the Republic of
58.168 Central
Turkey (millions of pounds):
32,484
Gold
419
429
419
Foreign exchange and foreign
134-1
109
126
clearings
699
1,464)
,426 1,437
Loans and discounts
20
27!l
27
27
Securities
2
93
93
105
Other assets
207
1,136
1,121
,112
Note
circulation
666
153
153
153
Deposits—Gold
126
657
633
593
Other
1,159
191
178
256
Other liabilities and capital
371
Bank
of
the
Republic
of
Uruguay
190
(Jan.)*
(thousands of pesos):
336,354
Gold
9,660
Silver
9,787
313
Paid-in
capital—Int'l.
Bank
551,540
Advances to State and Govern29,504
131,632
ment
bodies
18,645
340,244
Other loans and discounts
234,959
391,143
Other assets
174,400
359,356
Note circulation
656,523
88,067
Deposits—Government
203,478
309,127
Other
158,833
452,795
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
3,823
1,141
,141 1,141
Gold
10,654
-22
93
211
Foreign exchange (net)
574
90
83
72
Other assets
1,247
866
871
863
Note
circulation
560
264
238
259
Deposits
8,256
79
322
186
Other liabilities and capital
810
264 Bank for International Settlements
(thousands
of
Swiss
gold
5,263
francs):
2,264
471,683 461 ,427 438,453
Gold in bars
Cash on hand and with banks. . . 100',082 79,193 91,161
17 ,987 17,998 3,857
Sight
funds
at
interest
74,371
Rediscountable bills and accept93,283
188,
242,568 155,461
ances
(at
cost)
5,423
25,
21,256 17,864
Time funds at interest
25,366
282,
224,713 233,434
Sundry
bills
and
i
n
v
e
s
t
m
e
n
t
s
.
.
.
.
77,561
297,201
297,
297,201
Funds irvested in Germany
103,062
1,628
1,
1,877
Other assets
17,821
305,025
334!
632
336,023
Demand deposits (gold)
Short-term
deposits:
664
59,268
Central banks—Own account.. 471 ,371 435,
378
79 ,535 75,176 76,357
Other
15,750
228,909
28,909
228,909
2
Long-term deposits: Special
15,127
270
270,132 269,500
Other liabilities and capital
21,898
*1 Latest month available.
As of Mar. 5, 1951, gold revalued from .287595 to .148112 grams of fine gold per guarani.
2
This figure represents the amount of the bank's subscription to the Fund less the bank's local cuirency liability to the Fund,
as the
Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
3
In November 1949, part of the gold and foreign exchange holdings of the bank were revalued.
4
On
Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce.
5
Includes small amount of non-Government bonds.
NOTE.—For details relating to individual items iu certain bank statements, see BULLETIN for January 1950. p 120,
842
Mar.
May
30,711
864
3,772
18,471
285
279
3,778
241
514
3,407
688
422
580
6,031
230
194
78
4,398
1,937
198
419
149
1,173
15
84
962
153
568
158
444,338
10,648
318
147,526
276,223
322,694
364,304
103,879
317,395
416,169
1,141
-47
117
744
170
296
468,492
36,432
4,405
114,991
35,254
265,084
297,201
9,666
98,123
619,981
18,874
228,909
265,639
Until such time
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
United
King- France Gerdom
Bel-
Central
bank of—
Neth- Swe- Switzererlands den land
In effect Dec. 31,
1945
Nov. 7, 1946. .
Dec. 19
Jan. 10, 1947.
Rate
May
31
Mar. 1,
Dec. 6,
Sept.
13,
3M
Sept. 30,
6
Argentina
Austria
Belgium
Bolivia
2V2
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
2H
Nov. 9
Jan. 22, 1952..
•4"
Mar. 12
May 29
In effectMay 31
1952
Date
effective
Canada
Chilee
Colombia. .
Costa Rica.
Denmark. . .
Ecuador....
El Salvador.
Finland
5
10
3
France
Germany. . .
Greece
India
Ireland
Italy
Central
bank of—
Rate
May
31
Date
effective
1936 Japan
1951 Java
1951 Mexico
1950 Netherlands..
Oct.
Apr.
June
Jan.
1,
1,
4,
22,
1951
1946
1942
1952
Oct.
June
July
Feb.
17,
13,
18,
1,
1950
1935
1933
1950
New Zealand.
Norway
Pakistan
Peru
July 26,
Jan. 9,
July 1,
Nov. 13,
1941
1946
1948
1947
Nov.
May
Mar.
Dec.
2,
13,
22,
16,
1950
1948
1950
1951
Portugal....
South Africa.
Spain
Sweden
Jan. 12,
Mar. 27,
Mar. 18,
Dec. 1,
1944
1952
1949
1950
Nov.
May
July
Nov.
Mar.
Apr.
9, 1951
29, 1952
12, 1948
15, 1951
25, 1952
6, 1950
Switzerland..
Turkey
United Kingdom
USSR
Nov. 26, 1936
Feb. 26, 1951
Mar. 12, 1952
July 1, 1936
1
Rate established for the Land Central banks.
NOTE.—Changes since May 31: Austria—'July 3, from 5 to 6 per cent.
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
France
Netherlands
Treasury
bills
3 months
Sweden
Switzerland
Loans
up to
3 months
Private
discount
rate
1.25
1L50
1L .50
1L50
1L.50
Treasury
bills
3 months
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
Bankers'
allowance
on deposits
1942—April
1943—April
1944—April
1945—April
1946—April
1947—April
1948—April
1949—April
1950—April
1951—April
.54
.50
.39
.37
.37
.41
.41
.49
.51
.76
1.03
1.03
1.03
1 03
.53
.53
.56
.58
.69
.69
1.01
1.01
1.01
1.01
.51
.51
.51
.51
.51
.51
1.00
1.03
1.13
1.00
.63
.63
.63
.63
.63
.63
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
L74
L66
L73
L47
L25
1.41
1.00
1.12
1.64:
1.60
.90
1.59
1.38
1.29
1.44
1.55
.50
1.11
.93
1.24
L25
L24
1951—May
June
.76
.75
.77
.79
.88
.93
.92
.89
.69
.69
.93
L.00
LOO
LOO
L38
L50
.51
.51
.51
.51
.51
.51
.84
.98
.63
63
63
.63
.63
.63
.92
1.00
.50
.50
.50
.50
.50
.50
.69
.75
! .61
I 52
>.57
>.64
> 56
>.7S
5.27
5.50
1.50
1.39
1.39
1.38
1 24
1 16
1 17
1.21
L.07
1.00
.91
LOO
LOO
LOO
LOO
LOO
3-5^
3-sy2
3-5 y2
2y2s
2y2~\y2
2y2-±y2
2y2-^y2
iy2-4.y2
2^-4^
3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5
.89
.91
.94
.98
L50
1L50
'.48
5.00
.97
.99
2.01
2.35
1.00
1.00
1.82
.75
.75
1.57
2.00
5.50
1.18
1.17
1.38
1.40
LOO
LOO
LOO
LOO
3-5
3-5
3-5
3-5
July
August
September....
October
November....
December
1952—January
February
March
April
2.25
Day-today
money
5.93
5.95
5.88
Day-today
money
1 ?5
1.25
1.25
L25
1.25
L50
1.63
L50
L50
150
I 50
1.50
1 50
L50
1.50
L50
L50
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941 see Banking and Monetary Statistics. Table 17?,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.
JULY
1952
843
COMMERCIAL BANKS
Assets
United Kingdom *
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
Liabilities
Money at
call and Bills dis- Treasury
Loans to
deposit 2 Securities customers
short
counted receipts
notice
Deposits
Other
assets
Total
Demand
Time
Other
liabilities
and
capital
1946—December.
1947—December.
1948—December.
1949—December.
1950—December.
499
502
502
532
540
432
480
485
571
592
610
793
741
1,109
1,408
1,560
1,288
1,397
793
456
1,427
1,483
1,478
1,512
1,528
994
,219
,396
,534
,660
505
567
621
579
735
5,685
5,935
6,200
6,202
6,368
3,823
3,962
4,159
4,161
4,262
1,862
1,972
2,041
2,041
2,106
342
396
420
427
550
1951 —June
July
August....
September ,
October
November .
December .
501
514
515
503
514
517
531
594
583
573
582
579
562
598
,172
,250
,185
,276
,330
901
972
290
290
306
216
177
108
102
1,550
1,552
1,549
1,553
1,555
2,033
1,965
,895
,861
,863
,888
,910
,935
,950
797
756
755
741
778
787
867
6.167
6,174
6,133
6,135
6,204
6,189
6,333
4,099
4,086
4,061
4,068
4,140
4,118
4,290
2,068
2,088
2,072
2,067
2,063
2,071
2,042
633
631
612
624
638
654
651
1952—January..
February..
March....
April
May
521
492
492
501
491
605
526
526
512
518
965
856
854
883
936
66
15
1,954
1 ,944
1 ,935
1,934
1,932
,928
,945
,959
,967
,901
824
804
789
821
713
6,204
5,893
5,887
5,994
5,903
4,173
3,923
3,914
3,952
3,840
2,031
1,971
1,974
2,042
2,063
659
689
667
623
587
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Liabilities
Security
loans
abroad
and net
Other
due from
loans and foreign
discounts
banks
Entirely in Canada
Cash
reserves
Security
loans
Securities
Other
assets
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Other
liabilities
and
capital
Total
Demand
Time
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
,525
,544
,537
477
,667
1946—December.
1947—December.
1948—December.
1949—December.
1950—December.
753
731
749
765
824
136
105
101
133
134
1,507
1,999
2,148
2,271
2,776
132
106
144
146
171
4,232
3,874
4,268
4,345
4,286
,039
,159
,169
,058
,304
1951—May
June
July
August . . .
September
October...
November
December .
760
781
798
784
788
835
843
907
92
82
84
90
107
111
96
107
066
061
043
073
3,045
3,034
3,123
3,028
188
206
209
260
217
182
166
227
3,886
3,838
3,840
3,832
3,876
3,876
3,894
3,876
,379
,288
,349
,339
,242
,403
,423
,464
7,686
7,591
7,658
7,667
7,637
7,752
7,829
7,896
3,097
3,032
3,078
3,084
3,042
3,177
3,213
3,284
4,589
4,559
4,580
4,583
4,595
4,575
4,616
4,612
,684
,664
,665
,710
,639
,688
,715
,714
1952—January . .
February.
March... .
April
869
809
880
897
107
95
97
140
2,955
2,918
2,949
2,960
183
231
202
236
3,927
4,003
4,095
4,068
,303
,353
,390
,370
7,705
7,761
7,979
7,987
3,066
3,076
3,231
3,230
4,639
4,685
4,748
4,757
,637
,648
,634
,685
Assets
France
(4 large banks. End
of month figures in
millions of francs)
(
21
18
16
14
Cash
reserves
Due from
banks
1946—December..
1947—December..
1948—December..
1949—December..
1950—December..
18,007
22,590
45,397
40,937
48,131
1951 —April
May......
June
July
August... .
September.
October. ..
November.
December. .
1952—January..
February.
March. . .
Liabilities
Deposits
Other
liabilities
and
capital
Total
Demand
Time
Own
acceptances
17,445
27,409
34,030
29,843
31,614
291,945
341,547
552,221
627,266
749,928
290,055
338,090
545,538
619,204
731,310
1,890
3,457
6,683
8,062
18,618
15,694
25,175
30,638
26,355
28,248
7,145
8,916
12,691
15,662
17,316
160,293
166,984
159,958
174,625
171,380
167,362
173,530
179,933
165,696
41,237
46,169
47,815
50,030
49,582
52,138
59,099
61,658
38,114
748,810
739,071
777,219
753,628
753,627
805,610
799,918
793,078
906,911
728,559
719,405
756,997
733,546
732,964
783,881
777,973
768,657
879,767
20,252
19,666
20,222
20,082
20,663
21,729
21,946
24,422
27,145
30,678
33,354
32,544
32,933
30,611
30,952
35,382
35,372
33,774
25,702
28,033
30,828
35,141
37,573
40,353
46,120
48,641
23,547
189,098
183,504
174,048
36,548
38,310
40,219
831,691
827,946
834,482
801,854
796,396
802,482
29,837
31,551
32,002
30,433
30,414
28,953
26,854
26,227
30,531
Bills discounted
Loans
18,940
19,378
35,633
42,311
52,933
195,223
219,386
354,245
426,690
527,525
65,170
86,875
126,246
129,501
135,289
47,539
48,809
47,856
52,131
49,453
52,015
48,996
47,980
60,215
65,445
63,440
62,305
66,660
65,572
64,414
79,337
81,460
72,559
490,676
475,054
522,657
478,256
485,824
540,986
520,457
506,061
627,648
53,133
50,662
48,669
75,407
73,868
75,148
534,792
538,245
555,883
Other
assets
1
This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, ex cept
in June
and December when the statements give end-of-month data.
2
Represent six-month loans to the Treasury with a yield of % per cent after October 1945.
3 Less than $500,000.
NOTE.—For details concerning data in earlier years, see BULLETIN for February 1952, p. 466; and for back figures and figures on German
commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same
publication.
844
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or month
Basic
Preferential
8.289
7.067
13.333
13.333
13.333
13.333
13.333
13.333
7.159
7.103
6.952
6.974
6 937
6.986
223.13
223.01
223.01
223.06
223.15
222.61
1.9864
1.9890
1.9866
1.9838
1.9838
1.9838
20.000
20 000
20.000
20 000
20.000
20.000
13.333
13 333
13.333
13 333
13.333
13.333
6.979
7 115
7.172
7 164
7.169
7.183
221.92
222 00
223.03
224 10
223.24
221.88
1.9838
1 9838
1.9838
1 9838
1.9838
1.9838
Ceylon
(rupee)
Czechoslovakia
(koruna)
Denmark
(krone)
2.0060
2.0060
2.0060
2.0060
2 0060
8
2.0060
20.876
20.864
20 857
19.117
14 494
14.491
2
2
2
*2
1951_J U ly
August
September
October
November
December
20.000
20.000
20.000
20.000
20 000
20.000
1952—January
February
March
April
May
.
...
June
Y e a r or m o n t h
. . .
1946
1947
1948
1949
19S0
1951
27 839
20 850
20.849
1951—j u iy
August
Seotember
October
November
December
"Bank
notes"
account
2.2829
2,2817
2 2816
2.2009
1.9908
1.9859
13.333
13.333
20 850
20 850
20 850
20 850
20.850
20.840
. .
20
20
20
21
20
20
1952—January
February
March
April
May
June
0060
0060
0060
0060
799
818
916
003
961
834
Finland
(markka)
Brazil
(cruzeiro)
Belgium
(franc)
321.34
321.00
321 22
293.80
223.15
223.07
29.773
29.773
29 773
29.774
26.571
20 000
1946
1947...
1948
1949 .
1950
1951
Free
Australia
(pound)
In cents per unit of foreign currency]
5
1
2.1407
1.9722
1.9622
1.9788
1.9876
1.9876
France
(franc)
Official
Free
8
Official
Free
Free
95.198
100.000
100 000
97.491
90.909
93.288
91.999
91 691
92.881
91.474
94.939
5.4406
5.4406
5.4406
5.4406
5 4406
5.4406
32.850
32.850
32.850
32.850
32 850
32.830
94.252
94.700
94.706
95.112
95.820
97.410
5.4406
5 4406
5.4406
5 4406
5.4406
5.4406
32.691
32 662
32.783
32 921
32.752
32.505
99.490
99 869
100.375
101 891
101.615
102.086
Germany
(deutsche
mark)
409
India
(rupee)
.4354
23 838
23.838
30.155
30.164
30 169
27.706
20 870
20.869
14 484
14 492
14 492
14 492
14.492
14.492
* .4354
.4354
.4354
2856
.2856
2856
.2855
.2856
.2856
23 838
23 838
23 838
23 838
23.838
23.838
20 870
20 870
20 870
20.870
20.870
20.861
14 492
14 492
14.492
14 492
14 492
14.492
.4354
.4354
.4354
.4354
4354
.4354
.2856
.2854
.2856
.2856
2856
2856
23 838
23 838
23.838
23 838
23 838
20 819
20 839
20.949
21 031
20 988
20.870
6
Official
42,973
32.788
32.849
.3240
.3017
2858
.2856
4
Canada
(dollar)
6.0602
5.4403
5 4406
5.4406
5.4406
5.4406
8407
.4929
.4671
British
Malaysia i
(dollar)
Mexico
(peso)
Netherlands
(guilder)
280.38
20.581
20 577
18.860
12 620
11 570
11.564
37.813
37.760
37.668
34.528
26 252
26.264
280 38
280.38
280.38
11 561
11 568
11 571
11 563
11.569
11.567
26 286
26 280
26 278
26.267
26.270
26.287
280 38
280 38
280.38
280 77
280 07
278.46
11 562
11 561
11.564
11 569
11 566
11.561
26.320
26 329
26.319
26 340
?6 337
26.317
Ireland
(pound)
4
4
New
Zealand
(pound)
Norway
(krone)
PhilipPortupine
gal
Republic (escudo)
(peso)
South
Africa
(pound)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
1946
1947 .
1948
1949 .
1950 ,
1951
322.63
322 29
350.48
365 07
277.28
277.19
20.176
20 160
20.159
18 481
14.015
14.015
49 723
49.621
49.639
4.0501
4 0273
4.0183
3.8800
3.4704
3.4739
400.50
400 74
400.75
366.62
278.38
278.33
25.859
27 824
27.824
25 480
19.332
19.327
23.363
23 363
23.363
23 314
23.136
23.060
403.28
402 86
403.13
368 72
280.07
279.96
65.830
65 830
65.830
65 830
65.833
65.833
56.280
56.239
56.182
56 180
56.180
56.180
42 553
42,553
42.553
1951—j u iy
August
September
October
November
December
277.25
277 11
277.10
277.17
277.27
276.72
14.015
14 015
14.015
14 015
14.015
14 015
49 643
49 643
49.643
49 643
49.643
49.643
3.4827
3 4727
3.4644
3.4598
3.4605
3.4726
278.38
278 38
278 38
278.38
278.38
277.79
19.327
19 327
19.327
19 327
19.327
19.327
23.038
23 015
22.963
22 916
22 882
22.900
280.02
279 88
279.88
279.94
280.05
279.49
65.833
65 833
65.833
65.833
65.833
65.833
56.180
56 180
56.180
56 180
56.180
56.180
42.553
42 553
42.553
42.553
42.553
42.553
275.39
275.36
276.91
277.96
277.29
275.71
14.015
14.015
14.015
14.015
14 015
14.015
49.655
49.677
49 677
49.677
49 677
49.677
3.4874
3.4863
3 4888
3.4906
3 4898
3.4801
276.95
277.01
278.55
279.80
279 03
277.42
19.327
19.327
19.327
19.327
19 327
19.327
22.880
22.881
22 947
23.013
23 078
23.138
278.15
278.12
279.67
280.79
280 07
278.46
65.833
65.833
65.833
65.833
65 833
65.833
56.180
56.180
56.180
56.180
56.180
56.180
42.553
42.553
42.553
42.553
42 553
42.553
Year or month
1952—Tanuary
February
March .
April
...
May
Tune
...
Uruguay
(peso)
1
Beginning Aug. 27, 1951, quotations on Straits Settlements dollar were discontinued and quotations on Malayan dollar substituted. The
two rates
had been identical for a considerable period.
2
Based on quotations through Sept. 19, 1951.
8
Based on quotations through Oct. 26, 1951.
4
Based on quotations beginning Oct. 29, 1951.
• Based on quotations through May 8, 1952.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1951, p. 1601; October 1950,
p. 1419; January 1950, p. 123; October 1949, p. 1291; January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209.
JULY
1952
845
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
United
States
(1947-49 =
100)
Canada
(1935-39
= 100)
Mexico
(1939 =
100)
United
Kingdom
(1930 =
100)
France
(1949 =
100)
Italy
(1938 =
100)
Japan
(1934-36
average
110
121
146
179
199
229
242
260
285
311
386
153
159
163
166
169
175
192
119
230
262
320
9
10
12
14
20
34
52
89
100
«08
138
136
153
Netherlands
(1948 =
100)
Sweden
(1935 =
100)
5,159
5 443
5.170
4 905
5,581
2
2
2
2
4
16
48
128
209
246
342
100
104
117
143
172
189
196
196
194
186
199
214
216
227
299
171
195
203
207
205
200
208
217
206
203
227
D
Switzerland
(Aug. 1939
= 100)
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951.
68
69
79
96
104
99
103
115
116
123
128
131
132
139
163
193
198
211
240
1951—May. .
June
July
August
September.
October.. .
November.
December.
116
115
114
114
113
114
114
114
242
243
244
242
240
240
239
238
394
400
396
388
393
395
403
402
320
321
320
324
325
329
329
330
141
138
135
134
138
146
151
152
5.677
5,595
5.557
5,526
5,438
5,451
5,462
5,454
349
344
340
348
353
359
359
356
146
145
142
142
142
143
144
145
302
305
305
304
304
306
317
318
231
228
224
222
223
227
226
228
1952—January
Februaa ry
March
April
May
113
113
112
112
112
237
233
231
227
225
402
400
404
407
335
329
333
153
152
149
147
5,415
5,380
5,320
358
357
P353
145
145
143
142
320
320
322
P321
P321
227
224
222
221
220
57
64
67
P330
P328
P Preliminary.
Sources.—See B U L L E T I N for January 1952, p. 108; August 1951, p. 1046; January 1950, p. 124; June 1949, p. 754; June 1948. p. 746; July
1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Canada
(1935-39=100)
United States
(1947-49=100)
Year or month
Other
Farm
Farm
Processed commodproducts
foods
products
ities
United Kingdom
(1930=100)
R a w and Fully and
partly
chiefly
manumanufactured factured
goods
goods
Foods
46
59
69
69
72
83
100
107
93
98
113
n.a.
na
n.a.
n.a.
na
n.a.
98
106
96
100
111
64
68
69
70
71
78
95
103
101
105
116
107
127
145
155
165
177
190
230
226
237
265
114
123
131
134
136
140
164
196
197
213
238
119
124
127
129
130
138
162
192
199
211
242
1951—May
June
July
August
September
October
November
116
114
111
110
110
112
112
111
112
111
111
111
111
112
111
111
117
116
116
115
115
115
115
115
265
273
277
263
261
259
265
267
239
244
243
237
236
236
237
236
244
244
246
245
244
243
242
240
146
158
160
158
158
158
165
181
197
221
247
242
247
252
258
261
263
263
266
1952—January
February
March
April
May
110
108
108
109
108
110
110
109
108
109
114
114
114
113
113
263
251
248
245
244
233
228
226
221
220
240
236
235
231
228
277
271
'276
280
P280
1941
1942 ,
1943
t944.
1945 . .
1946
1947
1948
1949
1950
1951
.
Industrial
products
156
160
164
170
175
184
207
242
249
P364
P368
P367
P361
P363
P363
P36S
P368
P366
P358
P355
Netherlands
(1948=100)
Foods
IndusIndustrial
trial raw finished
products products
100
101
112
122
100
108
128
171
100
104
116
143
123
123
118
119
121
122
124
129
176
173
170
172
171
174
177
174
147
145
144
143
142
142
142
141 '
130
133
130
131
176
172
169
166
141
141
139
138
r
n.a. Not available.
P Preliminary.
Revised.
Sources.—See BULLETIN for January 1952, p. 108; August 1951, p. 1046; July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March
1931, p. 159.
846
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRI CES
[Index numbers'
Year or
month
COST OF LIVIN G
[Index numbers
United
CanKing-2 France
United
ada
dom
Statesi
(1949
(1935-39 (1935-39 (Jan.
= 100) 15,1952 = 100)
= 100)
= 100)
1943
1944
1945
1946
1947 .
1948
1949
1950
1951
SwitzNether- erland
lands
(1949 (Aug.
= 100) 1939 =
100)
138
136
131
131
12
15
139
160
133
140
21
36
194
210
160
196
202
205
227
203
211
241
76
82
91
100
111
128
121
1943
1944
164 1945
160 1946
170 1947
176 1948
174 1949
176 1050
181 1951
1951-May
June
July
August
September.
October...
November.
December.
227
227
228
227
227
229
231
232
235
240
250
251
251
250
250
249
90
91
93
93
94
95
96
97
129
127
127
127
129
132
137
139
124
123
127
124
124
125
123
122
1952-January...
February..
March....
April
M.ay
232
228
228
230
250
248
242
240
100
100
101
104
142
145
144
142
123
124
124
231
235
104
P139
67
72
57
92
SwitzUnited
King-2 France Nether- erCanUnited
land
dom
lands
ada
Statesi
(1949
(1949
(Aug.
(1935-39 (1935-39 (Jan.
= 100) 1939 =
= 100) 15,1952 = 100)
= 100)
= 100)
100)
Year or
month
161
164
ioo
in
12
148
151
124
126
118
119
129
140
119
124
160
172
136
155
82
57
90
170
172
186
161
167
185
84
86
95
100
111
130
100
109
119
162
159
167
179 1951-May
180
June
181
July
182
August....
183
September.
184
October. . .
184
November.
184
December.
185
185
186
186
187
187
189
189
182
184
188
189
190
190
191
191
94
95
95
96
97
98
98
98
129
129
130
131
133
136
140
143
122
121
122
121
121
121
120
119
166
166
167
168
169
170
171
171
183 1952-January...
February..
182
March....
182
April..
182
May
183
189
188
188
189
192
191
189
189
100
100
101
102
146
149
148
147
120
120
120
120
171
171
171
170
189
187
102
...
lt>
22
35
77
153
152
158
163
171
r
P Preliminary.
Revised.
Adjusted series reflecting allowances for rents of new housing units and, beginning January 1950, interim revision of series and weights.
These new indexes, which have replaced the former "interim" indexes, are weighted indexes made up of 51 commodity categories, including
19 food groups. Figures from June 1947 through December 1951 are derived from the former "interim" series. A detailed description of the
new index is given in the Ministry of Labour Gazette, March 1952, pp. 113-114.
Sources—See BULLETIN for January 1952, p. 109; August 1951, p. 1047; October 1950, p. 1421; January 1950, p. 125; July 1947, p. 935;
May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
1
2
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
Number of issues. . .
United
States
(high
grade) 1
Canada
(1935-39
= 100)
United
Kingdom
(December
1921=100)
87
17
France
(1949 =
100)
Netherlands
60
14
United
States
(1935-39
= 100)
Canada
(1935-39
= 100)
United
France
Kingdom (December
(1926=100) 1938=100)
Netherlands
27
416
105
278
109 0
105 6
107.1
106.8
106 7
87.0
99.8
121.5
139.9
123.0
124.4
121.4
146.4
176.5
83.8
99.6
115.7
106.0
112.5
109.4
131 6
168.3
88.6
92.4
96.2
94.6
92.0
87.6
90.0
97.1
875
L ,149
1,262
1,129
1,030
1,259
195
233
240
219
217
215
100 6
101 2
102.0
103 8
103.5
103.1
103.7
87.6
84.1
80 3
78.1
81 3
80.3
78.3
171.7
172.8
181.5
187.3
185 0
177.7
182.5
160.7
162 0
169.7
179,8
183.3
174.0
177.3
99.4
97.6
96.5
97 4
99.0
97.3
94.9
1,188
1,185
1,300
1,413
1.479
1,406
1,465
212
208
207
212
215
207
206
103.7
104.1
104.5
105.4
P112.2
80.0
81.5
83.3
83.9
84.5
187.1
183.2
185.2
183.6
183.7
181.7
179.5
177.6
175.8
169.0
95.0
92.8
90.5
91.6
92.0
,624
L.694
1,597
L ,567
204
198
191
185
185
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—June
July
August......
September.
October. . . .
November.. .
December. . .
116.6
116.2
117.1
118.0
116.9
115.3
114.8
95 0
95 5
95.3
95.2
94 6
92.8
89.3
117 5
116 9
116 6
116.5
116.3
115.0
110.9
1952—January
February....
March
April
May
115.5
116.5
115.9
116.2
116.3
88.2
87.8
86.9
86.7
88.8
110.4
110.5
107.3
108.5
108.6
295
265
P Preliminary.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
NOTE.—For sources and description of statistics, see BULLETIN for September 1951, p. 1219; March 1951, p. 357; June 1948, p. 747; March
1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
1
JULY
1952
847
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
W M . MCC. MARTIN, JR., Chairman
JAMES K. VARDAMAN, JR.
A. L. MILLS, JR.
M. S. SZYMCZAK
R. M. EVANS
J. L. ROBERTSON
ELLIOTT THURSTON,
Assistant to the Board
WOODLIEF THOMAS,
WINFIELD W. RIEFLER, Assistant to the Chairman
Economic Adviser to the Board
OFFICE OF THE SECRETARY
DIVISION OF EXAMINATIONS
S. R. CARPENTER, Secretary
GEORGE S. SLOAN, Director
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KEN YON, Assistant Secretary
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H. LANG, Chief Federal Reserve Examiner
ROBERT C. MASTERS, Assistant Director
LEGAL DIVISION
GEORGE B. VEST, General Counsel
DIVISION OF BANK OPERATIONS
FREDERIC SOLOMON, Assistant General Counsel
ROBERT F. LEONARD, Director
HOWARD H. HACKLEY, Assistant General Counsel
J. E. HORBETT, Assistant Director
OFFICE OF THE SOLICITOR
LOWELL MYRICK, Assistant Director
J. LEONARD TOWNSEND, Solicitor
DIVISION OF PERSONNEL ADMINISTRATION
G. HOWLAND CHASE, Assistant Solicitor
DWIGHT L. ALLEN, Director
DIVISION OF RESEARCH AND STATISTICS
H. FRANKLIN SPRECHER, JR., Assistant Director
RALPH A. YOUNG, Director
FRANK R. GARFIELD, Adviser on Economic Research
KENNETH B. WILLIAMS, Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
SUSAN S. BURR, Assistant Director
GUY E. NOYES, Assistant Director
C. RICHARD YOUNGDAHL, Assistant Director
JOSEPH
EDWIN
DIVISION OF SELECTIVE CREDIT REGULATION
DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
LEWIS
N. DEMBITZ, Assistant Director
FEDERAL OPEN
MARKET COMMITTEE
WM. MCC. MARTIN, JR., Chairman
ALLAN SPROUL,
Vice
Chairman
MALCOLM BRYAN
A. L. MILLS, JR.
C. E. EARHART
J. L. ROBERTSON
R. M. EVANS
M. S. SZYMCZAK
H U G H LEACH
JAMES K. VARDAMAN, JR.
C. S. YOUNG
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
WOODLIEF THOMAS, Economist
GEORGE W. MITCHELL, Associate Economist
EARLE L. RAUBER, Associate Economist
O. P. WHEELER, Associate Economist
CHAS. W. WILLIAMS, Associate Economist
JOHN H. WILLIAMS, Associate Economist
RALPH A. YOUNG, Associate Economist
G. ROUSE, Manager of System Open
Market Account
ROBERT
848
E. KELLEHER, Assistant Director
J. JOHNSON, Assistant Director
GUY E. NOYES, Director
GARDNER L. BOOTHE, II, Assistant Director
HENRY BENNER, Assistant Director
FEDERAL
ADVISORY COUNCIL
WALTER S. BUCKLIN,
BOSTON DISTRICT
N. BAXTER JACKSON,
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
DEWITT T. RAY,
DALLAS DISTRICT
JAMES K. LOCHEAD,
SAN FRANCISCO DISTRICT
HERBERT
V. PROCHNOW, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Vice Presidents
Federal Reserve Chairman 1
President
(Vice Presidents in charge of branches are listed in
Bank of
lower section of this page)
Deputy Chairman
First Vice President
Boston.
Harold D. Hodgkinson
Ames Stevens
J. A. Erickson
Alfred C. Neal
John
J.
J
J Foogg
Carl B. Pitman
R
b
B
Robert
B. Harvey 3 O. A. Schlaikjer
R
F Van
V Amringe
A i
E. O. Latham
R. F.
New York.
Robert T. Stevens
William I. Myers
Allan Sproul
William F. Treiber
H. A. Bilby
H. H. Kimball
L. W. Knoke
Walter S. Logan
A. Phelan
Philadelphia...
Warren F. Whittier
C. Canby Balderston
Alfred H. Williams
W. J. Davis
Karl R. Bopp
P. M. Poorman
Robert N. Hilkert J. V. Vergari4
E. C. Hill
Richard G. Wilgus 2
Wm. G. McCreedy
Cleveland.
George C. Brainard
John C. Virden
Ray M. Gidney
Wm. H. Fletcher
Wilbur T. Blair
Roger R. Clouse
A. H. Laning 3
Martin Morrison
Paul C. Stetzelberger
Donald S. Thompson
Richmond.
Charles P. McCormick
John B. Woodward, Jr.
Hugh Leach
J. S. Walden, Jr.
N. L. Armistead
R. W. Mercer 3
C. B. Strathy
K. Brantley Watson
Edw. A. Wayne
Chas. W. Williams
Atlanta.
Frank H. Neely
Rufus C. Harris
Malcolm Bryan
L. M. Clark
V. K. Bowman
E. C. Rainey2
J. E. Denmark
L. B. Raisty
Harold T. Patterson Earle L. Rauber
S. P. Schuessler
Chicago.
Franklin J. Lunding
John S. Coleman
C. S. Young
E. C. Harris
Allan M. Black
Neil B. Dawes
W. R. Diercks
W. A. Hopkins
L. H. Jones 2
St. Louis.
Russell L. Dearmont
Wm. H. Bryce
Delos C. Johns
O. M. Attebery
FrederickL.Deming H. H. Weigel
Dale M. Lewis
J. C. Wotawa
Wm. E. Peterson
Minneapolis. . ,
Roger B. Shepard
Paul E. Miller
O. S. Powell
A. W. Mills
H. C. Core
E. B. Larson
H. G. McConnell
Otis R. Preston
M. H. Strothman, Jr.
Sigurd Ueland
Kansas City
Robert B. Caldwell
Cecil Puckett
H. G. Leedy
Henry O. Koppang
P. A. Debus 2
M. W. E. Park
John Phillips. Jr.
Clarence W. Tow
D. W. Woolley
Dallas.
J. R. Part en
R. B. Anderson
R. R. Gilbert
W. D. Gentry
E. B. Austin
R. B. Coleman
J. L. Cook 3
Watrous H. Irons
L. G. Pondrom
Harry A. Shuford
Mac C. Smyth
C. E. Earhart
H. N. Mangels
E. R. Millard
H. F. Slade
Ronald T. Symms ;
O. P. Wheeler
San Francisco... Brayton Wilbur
William R. Wallace, Jr.
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
J. H. Wurts
L. G. Meyer
George W. Mitchell
A. L. Olson
Alfred T. Sihler
W. W. Turner
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Federal Reserve
Vice Presidents
Branch
Branch
Vice Presidents
Bank of
Bank of
New York
Cleveland
Richmond
Atlanta
Chicago
St. Louis
1
JULY
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
Also Federal Reserve Agent.
1952
I. B. Smith
W. D. Fulton
J. W. Kossin
D. F. Hagner
R. L. Cherry
John L. Liles, Jr.
T. A. Lanford
R. E. Moody, Jr.
E. P. Paris
H. J. Chalfont
C M . Stewart
C A. Schacht
Paul E. Schroeder
2
Cashier.
Minneapolis.... Helena
C W. Groth
Kansas City.... Denver
Oklahoma City
Omaha
G. A. Gregory
R. L. Mathes
L. H. Earhart
Dallas
C M. Rowland
W. H. Holloway
W. E. Eagle
El Paso
Houston
San Antonio
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
^Also Cashier.
W. F. Volberg
S. A. MacEachron
W. L. Partner
J. M. Leisner
* Counsel.
849
FEDERAL RESERVE BOARD PUBLICATIONS1
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Remittance should be made
payable to the order of the Board of Governors
of the Federal Reserve System.
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
Issued monthly. $6.00
per annum including historical supplement
listed below, or 60 cents per copy. In quantities
of 10 or more copies of a particular issue for
single shipment, 50 cents each. (Domestic rates)
RATES, AND BUSINESS.
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
CHARTS ON BANK CREDIT, MONEY RATES, AND
BUSINESS. 113 charts. April 1952 edition. An-
nual subscription to monthly chart book includes
supplement; single copies, 60 cents each. In
quantities of 10 or more copies for single shipment, 50 cents each. (Domestic rates)
Comprising 17 papers on banking and monetary subjects by members of the
Board's staff. August 1941; reprinted March
1949. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single shipment, 75 cents each.
BANKING STUDIES.
1
A more complete list, including periodical releases and
reprints, appeared on pp. 726-29 of the June 1952 BULLETIN.
850
BANKING AND MONETARY STATISTICS.
Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for available individual sections
(unbound).
RULES OF ORGANIZATION AND RULES OF PROCEDURE—
Board of Governors of the Federal Reserve System (with amendments). September 1946. 31
pages.
T H E FEDERAL RESERVE ACT, as amended to Novem-
ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.
T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
FUNCTIONS. November 1947; reprinted April
1951. 125 pages. 75 cents per cloth-bound copy;
in quantities of 10 or more copies for single shipment, 50 cents each. Paper-bound copies available without charge.
DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND
STANDARD METROPOLITAN AREAS, as of Decem-
ber 30, 1950. July 1951. 125 pages.
A STATISTICAL STUDY OF REGULATION V LOANS.
September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single shipment, 15 cents each.
COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING IN THE UNITED STATES.
(July 1, 1951.)
December 1951. 33 pages.
T H E DEVELOPMENT OF BANK DEBITS AND CLEARINGS
AND THEIR U S E IN ECONOMIC ANALYSIS. Janu-
ary 1952. 175 pages. 25 cents per copy; in
quantities of 10 or more copies for single shipment, 15 cents each.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BOARD
REPRINTS
(From Federal Reserve Bulletin unless preceded by an asterisk)
T H E INTERNATIONAL MOVEMENT OF GOLD AND DOL-
LARS IN 1950. March 1951. 10 pages.
* T H E TREASURY—CENTRAL BANK RELATIONSHIP IN
FOREIGN
COUNTRIES—PROCEDURES
AND TECH-
NIQUES. November 1950. April 1951. 19 pages.
TRENDS IN INTERNATIONAL TRADE AND PAYMENTS.
April 1951. 14 pages.
HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING
THE INTRODUCTION OF REAL ESTATE CREDIT REGU-
LATION. July 1951. 23 pages.
SAVING IN THE DEFENSE ECONOMY.
1951.
NEW
September
5 pages.
INDEX
OF MAJOR
CONSUMER
October 1951. 6 pages.
CREDIT AND SALES REPORTED BY REGULATION
W
REGISTRANTS. October 1951. 12 pages.
PREFERENCES. July 1952. 17 pages. (Other
articles on the 1952 Survey will appear in subsequent issues of the BULLETIN. Also, similar
survey for 1946 from June-September 1946
BULLETINS, 28 pages; for 1947 from June-August
and October 1947 BULLETINS, 48 pages; for 1948
from June-September and November 1948 BULLETINS, 70 pages; for 1949 from June-November
1949 and January 1950 BULLETINS, 124 pages; for
1950 from April and June-December 1950 BULLETINS, 106 pages, which includes T H E METHODS
from June-September and December 1951 BULLETINS, 86 pages.
STATEMENT BY CHAIRMAN OF THE BOARD OF GOVERNORS
REVISED INDEXES OF DEPARTMENT STORE SALES AND
STOCKS BY DISTRICTS. December 1951. 53 pages.
ECONOMIC PROBLEMS FACING POST-TREATY JAPAN.
BEFORE
SUBCOMMITTEE
ON GENERAL
CREDIT CONTROL AND DEBT MANAGEMENT, MARCH
11, 1952. April 1952. 4 pages.
CHANGES IN INSTALMENT CREDIT TERMS. May 1952.
6 pages.
January 1952. 11 pages.
T H E SECOND ARMAMENT BUDGET.
February 1952.
9 pages.
EXCESS
PROFITS
TAXES
OF COMMERCIAL
BANKS.
June 1952. 18 pages.
MONEY AND CREDIT IN 1951.
February 1952.
9
REAL ESTATE LOANS OF REGISTRANTS UNDER REGU-
pages.
INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951.
March 1952. 10 pages.
LATION X. June 1952. 18 pages.
FINANCING OF LARGE CORPORATIONS IN 1951.
RECENT CHANGES IN GERMANY'S FOREIGN TRADE
BALANCE.
1952 SURVEY OF CONSUMER FINANCES—CONSUMER
PLANS FOR SPENDING AND SAVING. April 1952. 6
pages. PART I. CONSUMER EXPECTATIONS AS TO
ECONOMIC TRENDS AND CONSUMER INVESTMENT
OF THE SURVEY OF CONSUMER FINANCES; for 1951
OF OUTPUT
DURABLE GOODS.
PUBLICATIONS
June
1952. 6 pages.
March 1952. 7 pages.
BANKING IN THE SOVIET UNION.
April 1952.
8
pages.
REVISED WEEKLY INDEX OF DEPARTMENT
SALES. April 1952. 4 pages.
JULY 1952
STORE
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
AND BUSINESSES. July 1952. 2 pages.
BALANCE SHEET OF AGRICULTURE, 1952.
July 1952.
14 pages.
851
oo
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
I
;
T==
r
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
1
5w
^
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
W
<S>
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
i
OCTOBER I, 1945
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