Full text of Federal Reserve Bulletin : July 1953
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F E D E R A L R E S E R V E JULY 1953 ^>«s^>~ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL VOLUME 39 RESERVE BULLETIN July 1953 NUMBER 7 RECENT CREDIT AND MONETARY DEVELOPMENTS The Board of Governors, on June 24, announced a reduction in the reserve requirements on net demand deposits of all member banks. In taking this action the Board made the following statement: At that time there were indications that Federal Reserve monetary measures were beginning to have a more restrictive effect than was appropriate for carrying out the general objectives of economic stability. These indications began to appear in the capital market toward the end of April when the new 3*4 per cent Treasury bonds broke par and seasoned issues, both public and private, reacted sharply in price. The sudden hardening of "This step was taken in pursuance of Federal Reserve policy, designed to make available the reserve funds necessary to meet the essential needs of the economy and to help maintain stability of the dollar. The reduction, releasing an estimated DEMAND DEPOSITS $1,156,000,000 of reserves, was made in AND OTHER ECONOMIC INDICATORS 120 1935-39-100 anticipation of the exceptionally heavy deDEMAND DEPOSITS mands on bank reserves which will develop ADJUSTED: INDUSTRIAL ys. PRODUCTION / in the near future when seasonal requireADJUSTED FOR — SEASONAL / V - ~ 100 ~ VARIATION / V - 5 * ^ * ments of the economy will expand and Treasury financing in large volume is inA X T WITHOUT j SEASONAL escapable. The action is intended to pro- iJLf t s ^ V ADJUSTMENT _ 80 vide assurance that these needs will be Y I I ! ^ met without undue strain on the economy >v. I «, 1 1 ! 1 . . 140 1947-49 - 100 and is in conformity with System policy PRICES: of contributing to the objective of sustaining economic equilibrium at high levels of "" WHOLESALE ~ 120 /GROSS production and employment." Billions of Dollars B i l l i o n s of D o l l a r s A n n u a l Rares The reduction in reserve requirements was preceded and accompanied by open market purchases of Treasury bills by the Federal Reserve, totaling more than 1 billion dollars. The combined effect of these operations was to supply more than 2 billion dollars of reserves to banks in the two-month period beginning in early May. JULY 1953 / VivS^ONSUMER - . 1949 I I I 1951 ! -- 200 150 400 340 /NATIONAL PRODUCT 100 1953 250 280 1 80 1949 1 1951 1 1 220 1953 NOTE.—Demand deposits and industrial production, Federal Reserve; prices, Bureau of Labor Statistics; gross national product, Department of Commerce estimates. Production and gross national product are adjusted for seasonal variation. Latest figures shown are Federal Reserve estimates (June for all series except gross national product, which is second quarter). 689 RECENT CREDIT AND MONETARY DEVELOPMENTS and most of the first half of 1953. A record total of security issues for new capital by corporations and State and local governments and a sustained large volume of new home mortgages placed a heavy financing burden on the capital markets. Rapid expansion of consumer instalment borrowing throughout the period also added greatly to total credit demand, and in the second quarter of 1953 the Treasury re-entered the credit market as a borrower. Business borrowing at banks showed somewhat less than the usual seasonal decline in the first five months of the year. New securities issued by corporations and State and local governments aggregated about 7.5 billion dollars during the first half of the year, as is shown in the chart. This was 600 million more than in the corresponding period of last year and 2 billion more than for the first half of 1951. Corporation financing reflected continued heavy outlays for plant and equipment and a sharp expansion of credit extended by business concerns to consumers. State and local governments borrowed to finance construction of community facilities, roads, and bridges. As pressures developed in the securities markets during May and June, a considerable volume of contemplated security issues by businesses and State and local governments was canceled or postponed awaiting a more favorable financing period. Demand for mortgage credit at banks, savings and loan associations, insurance companies, and other mortgage lenders was also maintained at a high level. In the first half of 1953 the volume of mortgage loans extended on small nonfarm properties was one-eighth larger than in the same period last ACTIVE DEMAND FOR CREDIT AND CAPITAL year and about equal to the record volume Demand for credit and capital was excep- of the second half of that year. Demand for tionally strong in the late months of 1952 mortgage credit for commercial and multi- money rates, of which this was one expression, was further stimulated by an increasing reluctance of lenders to commit themselves and by the entry into the market of borrowers seeking to cover future requirements before money rates rose further. At the same time it appeared that the Federal cash deficit would be much larger than had earlier been expected and that the Treasury would be a heavy borrower during the remainder of the year. These developments found little reflection in general economic indicators outside the area of finance. Prices were generally stable. Indexes of production, employment, and distribution remained high throughout the period, but the privately held money supply, which earlier had paralleled movements in 1952, began to contract in May as compared with the same period last year. During 1952 and most of the first half of 1953, with resources of production virtually fully utilized, there was limited capacity for further growth in total capital and consumption expenditures. The advanced levels of economic activity during the period were accompanied by large demands for credit, which if fully met would have created demands for goods in excess of the resources of the economy. The supply of savings available in the credit market, although very great, was not sufficient to meet all credit demands, and Federal Reserve policy was largely directed toward limiting additional bank credit expansion to amounts consistent with normal monetary growth over the year. Reflecting the pressures of a large current and prospective demand for credit on the supply of funds in the credit market, interest rates rose. 690 FEDERAL RESERVE BULLETIN RECENT CREDIT AND MONETARY DEVELOPMENTS the past twelve months such credit increased nearly 5 billion dollars, or 31 per cent. Ex16 J a n u a r y -June pansion of consumer disposable income in Bi 1 ion s of Dollars 1 the same period was at a rate of 8 per cent. Accordingly, the ratio of consumer instalCONSUMER INSTALMENT ment credit outstanding to disposable income CREDIT 12 climbed from about 6.6 to 8.1 per cent and NEW SECURITY is now at the highest level in this country's ISSUESSTATE AND LOCAL financial history. A special factor in the rise GOVT in instalment credit over the past year was a sharp relaxation by lenders of down-payment and maturity terms following suspension of consumer credit regulation in May CORPORATE BUSINESS 1952. Demand for short-term credit by other private borrowers remained strong in the first half of 1953. Business demand for such credit remained at a high level, followREAL ESTATE ing a substantial expansion in the fourth MORTGAGES quarter of 1952. There was some increase in borrowing for purchasing and carrying stocks following a reduction in margin 1951 1952 1953 requirements to 50 per cent early in 1953. NOTE.—Federal Reserve estimates based on data from the Securities and Exchange Commission, Bond Buyer, Census These requirements had been established at Bureau, Home Loan Bank Board, and Department of Agriculture. Security issues are those for new capital; corporate issues a high level of 75 per cent in January 1951, include long-term debt and equity financing. during the inflationary period after the unit residential construction was also heavy. Korean outbreak. Rapid expansion of consumer borrowing The Federal Government reduced its net continued in the first half of 1953 to be a debt outstanding (excluding that held by key factor contributing to the exceptionally Government agencies) by about 3 billion large credit demand. Consumers increased dollars in the first quarter of 1953. This rethe amount of their instalment obligations duction was accomplished by use of a seanearly 2 billion dollars, as is shown in the sonal excess of receipts over expenditures chart. About half of this additional credit and was accompanied by some increase was extended directly to consumers by banks. in the Treasury's cash balance. Debt reThe remainder reflected additional credit ex- tirements included principally the maturtended to consumers by retail businesses and ing of tax anticipation bills and net redempother consumer financing institutions, espe- tions of savings notes. In the second quarcially sales finance companies, which in turn ter the volume of Government securities obtained new funds from banks or from the held by the public showed little change, as retirements of securities were offset by sales capital market. Growth of consumer instalment credit has of over 1 billion dollars of a long-term bond been at a record pace since April 1952. Over issue, the issuance of 0.8 billion of tax anticiGROWTH IN CREDIT AND CAPITAL SELECTED TYPES JULY 1953 691 RECENT CREDIT AND MONETARY DEVELOPMENTS pation bills maturing in September, and increases in the regular weekly bill issues totaling 1.7 billion. Although the Treasury was not a net borrower in the first half of the year, there was growing recognition during the period that Treasury receipts were lagging behind Budget estimates while expenditures were continuing to rise and that the Federal fiscal outlook was more unfavorable than it had appeared to be early in the year. These developments made it inevitable that Federal borrowing would be substantial in the second half of the year. As awareness of the size of this potential borrowing spread, it became an increasingly important factor in credit developments. Early in July the Treasury announced the offering of about 5.5 billion dollars of tax anticipation certificates maturing in March 1954 to meet the large cash deficit anticipated for the July-September period. CONTINUED LARGE SAVINGS Financing of the heavy credit demands in the first half of 1953 was facilitated by a large and expanding volume of individual savings. These funds became available for investment through such financial intermediaries as pension and trust funds, life insurance companies, and savings institutions. The amount of savings flowing to savings and loan associations and insurance companies and into time deposits at mutual savings banks and commercial banks increased substantially, as is shown in the chart. In the January-June period the total was about 20 per cent larger than in the corresponding period a year ago and double that in the first half of 1951. Additional funds were made available in the short-term credit market by foreign governments, State and local governments, and 692 GROWTH IN SAVINGS SELECTED FORMS 12 January - June - Billions of Dollars TIME DEPOSITS: COMMERCIAL BANKS MUTUAL SAVINGS BANKS SAVINGS SHARES LIFE INSURANCE 1951 1952 1953 NOTE.—Data from Institute of Life Insurance, Home Loan Bank Board, and Federal Reserve. Figures for first half 1953 partly estimated by Federal Reserve. Savings shares and life insurance represent increases in total assets of the respective institutions. by nonfinancial corporations in advance of quarterly taxpayment dates. Most of these funds were invested in short-term United States Government securities. BANK CREDIT DEVELOPMENTS During the first four months of 1953 commercial banks were under pressure to . maintain their reserve positions and in general this pressure seemed to be reflected in some curtailment in the total volume of bank credit. Bank holdings of Government securities declined sharply as banks disposed of large amounts of short-term securities, which in part were retired by the Treasury and in part were purchased in the market by corporations and other buyers. Bank loans for purchasing or carrying Government securities declined somewhat. Despite the unusually heavy demand for credit from private borrowers, other bank loans and investments expanded only moderately, as is shown in the chart. FEDERAL RESERVE BULLETIN RECENT CREDIT AND MONETARY DEVELOPMENTS BANK LOANS AND INVESTMENTS 80 75 70 OTHER LOANS AND INVESTMENTS 45 EXCLUDING INTERBANK 40 35 i GOV'T SECURITIES AND LOANS ON GOV'TS 1951 1952 30 1953 NOTE.—Wednesday figures for weekly reporting member banks in leading cities. Series beginning 1952 includes eight additional banks. Latest figures shown are for July 8. Bank loans to businesses declined somewhat in the first half of the year, but until June the decline was less than in the corresponding period a year ago. Retail and wholesale trade concerns and textile, apparel, and leather manufacturers increased their bank indebtedness significantly in the first six months of this year, whereas they decreased it during the same period a year ago. Sales finance company indebtedness to banks, which decreased sharply last year, declined only slightly this year. Borrowing by metal and metal products manufacturers and petroleum, coal, chemical, and rubber companies, on the other hand, was considerably smaller this year than last. Bank loans to individuals, largely consumer loans, increased much more rapidly in the January-June 1953 period than a year ago. Real estate loans of banks expanded slightly JULY 1953 more this year than last, while bank portfolios of corporate and of State and local government securities increased much less this year than they did a year ago. Outstanding bank loans for agricultural purposes and also for purchasing and carrying securities declined this year, compared with a substantial increase in the same period of 1952. The marked decline in bank holdings of United States Government securities in the first half of this year was in striking contrast to the small decline a year ago. As a consequence, total loans and investments of commercial banks declined in the first half of 1953 compared with a small increase in the same period last year. The decline in holdings of Government securities this year was widespread among all classes and sizes of banks, but it was greatest at the large city banks, which were under special pressure to meet deposit losses. In the first half of last year the small decline in Government security portfolios occurred largely at country banks, and portfolios at banks in New York and Chicago rose slightly. RISE IN INTEREST RATES The large and growing demand for credit in the first half of 1953 tended to outstrip the substantial and increasing volume of funds available for lending and investing. The pressure of credit demand resulted in a mild but general firming of interest rates until mid-April. Thereafter rates advanced sharply. In the latter part of June interest rates on most types of credit leveled off somewhat and in some cases receded from highs reached earlier in the month. Over the six-month period, yields on outstanding high-grade, long-term bonds rose about l/2 of 1 per cent, as is shown in the chart on the following page. The increase in yields on new offerings was somewhat 693 RECENT CREDIT AND MONETARY DEVELOPMENTS greater, and the spread between yields on outstanding issues and on new security issues widened. Intermediate-term yields also increased about Y2 of 1 per cent. Rates charged by banks on loans to businesses also rose and short-term market paper at midyear sold at yields ranging from about l/+ to l/2 of 1 per cent higher than early in the year. The advance in interest rates thus was a factor in maintaining balance between the demand for funds and the supply of savings. To the extent that it helped to limit the bulge in demand for durable goods of all kinds, it tended to spread the flow of expenditures more evenly over time. CHANGES IN DEPOSITS AND CURRENCY MONEY RATES PER CENT PER ANNUM ' ^ ' H I G H - GRADE /V MUNICIPAL/1. f J TREASURY BILLS 1950 1951 1952 1953 NOTE.—Treasury bill rates are market rates on longest bills. Yields on long-term U. S. Governments exclude 3lA per cent bonds of 1978-83, issued May 1, 1953. Corporate Aaa, Moody's Investors Service; high-grade municipals, Standard and Poor's Corporation. Latest figures shown are for week ending July 11. The general rise in the interest rate structure in the first part of 1953 exerted a restraining influence on capital and consumption expenditures at a time when productive resources were virtually fully employed. This result was brought about through the operation of several forces. Rising interest rates encouraged saving. They also curbed credit demand, dampened somewhat the strength of the capital goods boom, and led to a postponement of some capital projects awaiting more favorable financing terms. 694 Credit expansion, though restrained, has nevertheless been adequate to permit growth in the deposit and currency supply needed to support an expanding economy with stable prices. For the 12-month period ending April 29, 1953, demand deposits and currency held by individuals and businesses increased 4.0 billion dollars, or about il/s per cent. In the following two months, however, there was a contraction in privately held demand deposits and currency, compared with a small increase in the same period of 1952. For the 12-month period ending June 30,1953, consequently, demand deposits and currency held by individuals and businesses showed an estimated increase of about 3 billion dollars, or 2Y2 per cent. In addition, holdings of time deposits rose 4.5 billion dollars, or about 7 per cent. There was a decline of 2.5 billion dollars in Treasury deposits. Growth in demand deposits and currency in the 12-month period ending June 30, 1953, was about half that of the preceding 12 months, while the increase in time deposits was larger, as is shown in the table. The smaller monetary growth in the 12 months just past, and particularly in recent months, reflects largely the effects of a reduction in bank holdings of Government securities. In the preceding year these holdings increased and tended to expand the volume of deposits. Over the past year there has also been a monetary drain due to changes in FEDERAL RESERVE BULLETIN RECENT CREDIT AND MONETARY DEVELOPMENTS the gold stock and other foreign transactions whereas in the preceding year these factors operated in the opposite direction. Bank loans and other investments showed about the same growth in both 12-month periods. use or turnover of demand deposits to increase over the past year. In the first six months of 1953 demand deposits at banks outside the leading financial centers turned over at the rate of 19.0 times per year as compared with 18.3 in the same period last year. CHANGES IN DEPOSITS AND CURRENCY RECENT FEDERAL RESERVE CREDIT ACTIONS [In billions of dollars] 12 months ending June 30 Item 1953 1 Deposits and currency: Demand deposits, adjusted Currency outside banks Time deposits U. S. Government deposits Factors affecting deposits and currency: Bank holdings of U. S. Gov't. securities Bank loans and other investments.. Gold stock and foreign deposits at F. R. Banks Other factors 1952 +2.1 + 1.0 +4.6 +5.8 +0.7 +3.7 -2.4 -0.2 (Sign indicates effect on deposits and currency) -0.5 +7.9 -0.9 -1.1 +1.8 +7.7 + 1.9 -1.4 1 Partly estimated. NOTE.—Figures include changes in holdings of commerical banks, mutual savings banks, the Postal Savings System, and the Federal Reserve Banks. Privately held demand deposits and currency typically decline in the first half of a calendar year and subsequently increase by a larger amount in the second half, reflecting the combined seasonal and growth needs of the economy. The amount of privately held demand deposits, after allowance for such seasonal changes, expanded moderately during 1952 and through April 1953 and then contracted somewhat in May and leveled off in June, as is shown in the chart on page 689. Prices of consumer goods have been stable for the last year and a half. Wholesale prices, which declined through 1952 from the peak reached in the first quarter of 1951, have also been stable thus far in 1953. Industrial production has been at an advanced level throughout the first half of the year, following a rapid rise after the settlement of the steel strike last year, and gross national product has continued to expand. There has been some tendency for the JULY 1953 Federal Reserve credit actions during the past year have been directed toward the general objective of keeping the supply of credit and money adjusted to the needs of a growing economy. This policy has called for some expansion in the supply of bank reserves, although in view of the large demand for credit in excess of the supply of savings, it has resulted in some restraint on credit demand. Keeping within the framework of this broad policy objective, the Federal Reserve began in early May to take measures that would help provide for the normal large seasonal requirements for credit and money during the remainder of the year. The Federal Reserve first increased the reserve funds available to banks by repeated open-market purchases of Treasury bills. These were begun on a modest scale in the second week of May and were accelerated in subsequent weeks. From May 7 through July 8 the Federal Reserve supplied about 1.2 billion dollars of reserves to banks by these operations. Banks were also supplied with a large volume of reserves during most of June as a result of a sharp reduction in Treasury balances at the Federal Reserve and heavy Treasury borrowing on special certificates from the Federal Reserve. By the third week of June member banks had repaid most of their borrowings at the Federal Reserve Banks and there was a substantial increase in the volume of excess reserves. Reserves 695 RECENT CREDIT AND MONETARY DEVELOPMENTS supplied by Treasury operations over the June tax period were only temporary, however, and they were largely withdrawn by the first week of July. In order to prevent an undue tightening of bank reserve positions and of the credit market from developing as a result of seasonally expanding demands for credit, a massive drain on bank reserves in late June and early July, and the immediate need of the Treasury for substantial financing, the Board of Governors announced on June 24th the reduction in reserve requirements on demand deposits of 1 percentage point at reserve city and country banks and 2 percentage points at central reserve city banks. The reduction, which became effective on July 1 for country banks and on July 9 for central reserve and reserve city banks, freed an estimated 1.2 billion dollars of reserve funds. 696 Reserve funds supplied by open market operations in May and June, together with those freed by the reduction in reserve requirements, are part of what will be needed to meet the usual seasonal demands for reserves in the last half of the year. Initially the reserves will be more or less fully absorbed by Treasury borrowing from banks. Later, however, as the Treasury pays out the funds borrowed and as corporations and others continue to accumulate funds for tax reserves and other reasons, the financial resources available to businesses and individuals will be augmented. These resources may be used in part to meet their financing or cash needs and in part to purchase Government securities from banks, thus releasing funds for bank lending to other borrowers as seasonal and growth needs of the economy develop. FEDERAL RESERVE BULLETIN 1953 SURVEY OF CONSUMER FINANCES PART II. Purchases of Durable Goods in 1952 and Buying Plans for 1953 1 More than one in every five consumers purchased a new or a used automobile last year and nearly two in five bought at least one major household durable good. These proportions were not much different from those in 1951 although the proportion buying new cars declined somewhat while that purchasing used cars increased moderately. The proportion of consumers buying household durable goods declined slightly, reflecting declines in purchases of refrigerators and radios and little change in purchases of other household appliances. For new and used automobiles, as well as for most classes of household durable goods, the median amount spent was larger last year than the year before. Total expenditures for automobiles rose while those for household durable goods remained about the same. The number of consumers utilizing credit to facilitate their purchases of automobiles was substantially greater last year than in 1 This is the second of a series of articles presenting the results of the 1953 Survey of Consumer Finances conducted by the Board of Governors of the Federal Reserve System in cooperation with the Survey Research Center of the University of Michigan. The first article in the series, covering the general financial position and economic outlook of consumers, appeared in the June BULLETIN. Subsequent issues of the BULLETIN will contain articles analyzing consumer purchases and ownership of houses and ownership of selected major assets and liabilities. Discussion of the sampling procedure and limitations of the Survey is given in the technical appendix to the first article. The present article was prepared by John Frechtling and Tynan Smith of the Consumer Credit and Finances Section of the Board's Division of Research and Statistics. A close working relationship is maintained with the staff of the Survey Research Center at all stages of the work and this analysis has had the benefit of suggestions from the Center's staff, particularly Peter E. de Janosi and Stanley W. Steinkamp. JULY 1953 1951 when consumer credit regulation was in effect all year. The greater use of credit last year did not result from a less favorable financial position of consumers as both median income and median liquid asset holdings increased significantly. Moreover, credit was used more extensively by all income groups. For the second successive year the proportion of spending units owning automobiles did not increase. It had risen steadily in previous postwar years as consumers built up their depleted stocks. During the last two years, with backlog demand largely satisfied, the rate of scrappage of older cars has risen relative to production so that car ownership has increased at about the same rate as the number of spending units. Early in 1953 consumers were more inclined to undertake purchases of new automobiles and household durable goods during the year than they had been early in either of the two preceding years. The results of the Survey of Consumer Finances indicate that the optimistic attitudes of consumers this year seem to have been reinforced rather than weakened by widespread expectations of a decline in prices. Substantially fewer consumers cited "high prices" as a deterrent to buying and the majority of consumers expressing an opinion expected prices to remain stable or to decline. A significantly larger number than a year ago looked for declines in prices. At the same time those indicating intentions to buy durable goods this year expected to pay more than consumers interviewed a year ago expected to pay in 1952. 697 1953 SURVEY OF CONSUMER FINANCES While some market observers have been searching for signs of a let-down in consumer buying of automobiles and other durable goods, actual expenditures through the first half of 1953 were maintained at advanced levels. These levels appear to be broadly consistent with the optimistic buying intentions reported early in the year. AUTOMOBILES New automobiles were purchased by about 3.6 million spending units in 1952, 0.7 million less than in 1951 (see Table 1). The decline was general, occurring among all income groups and most occupational groups. Spending units purchasing used automobiles increased to 7.9 million in 1952 from the 1951 total of 7.2 million. This increase was largely among spending units with incomes of $2,000-$4,999 and reflected more numerous purchases by the wage earning groups (spending units headed by clerical and sales TABLE $2,500 from $2,200, reflecting a higher level of prices and excise taxes and some upgrading as consumers bought more expensive models and more extra equipment, such as automatic transmissions. For used cars, the increase in gross selling price to $850 from $600 reflected mainly the increased importance and somewhat higher prices of postwar models in last year's market. About twothirds of the used cars bought were postwar models as compared with one-half in 1951. Although the median gross amount rose considerably, the net amount consumers paid for new cars increased only slightly because of the larger allowances for late model tradeins last year. For used cars, however, the net as well as the gross amount rose substantially, in part because there was no increase in the trade-in value of prewar models. Credit purchases. Credit helped to finance a larger proportion of automobile purchases last year than in any other postwar year, as TABLE 1 2 METHOD OF FINANCING AUTOMOBILES CONSUMER PURCHASES OF AUTOMOBILES [Percentage distribution of purchasers] Type of purchase Estimated number of spending units purchasing (In millions) Median expenditure 1 Median net outlay 2 New automobile: 1952 . . . . 1951 1950 3 6 4 3 5.2 $2,500 ••2,200 2,110 $1,430 1,400 1,590 Used automobile: 1952 1951 1950 7.9 7 2 850 600 600 450 550 490 7.5 ' Revised. Before deduction for trade-in or sale of automobile. After deduction for trade-in or sale of automobile. 1 2 Method of financing Automobile: 1 Full cash (including trade-in allowance).. Instalment credit and/or other borrowing Method not ascertained New automobile: Full cash (including trade-in allowance).. Instalment credit and/or other borrowing Method not ascertained All cases 698 44 63 55 47 r 52 2 1 1 100 100 635 859 41 52 54 57 2 47 1 46 (2) 100 100 100 245 Used automobile: Full cash (including trade-in allowance).. Instalment credit and/or other borrowing Method not ascertained All cases 35 1950 650 Number of cases Number of cases 1951 100 All cases Number of cases personnel and by skilled, semiskilled, and unskilled workers). These groups had larger than average increases in income last year. Expenditures. Median amounts spent by consumers increased considerably for both new and used cars last year. For new cars the median gross selling price was up to 1952 295 400 33 39 41 65 2 60 1 57 2 100 100 100 405 338 458 r 1 2 Revised. Includes both new and used automobiles. No cases reported or less than one-half of 1 per cent. FEDERAL RESERVE BULLETIN 1953 SURVEY OF CONSUMER FINANCES 57 per cent of the consumers buying new cars and 65 per cent of those buying used cars borrowed part of the purchase price (see Table 2). Every year since 1946, automobile purchasers in all income groups have participated in an increased use of credit. The rise last year was unusually sharp, reflecting in part the suspension of consumer credit regulation in early May. FINANCING OF AUTOMOBILES Millions of Purchasers - 5 4 1950 1951 1952 1950 1951 1952 Borrowing to purchase automobiles was influenced by several interrelated factors, of which the income of the buyer and his net outlay for the car were probably the most important. In 1952 about two in three purchasers with incomes of less than $5,000 used credit as compared with one in two purchasers with higher incomes. The effect of income on use of credit is apparent in the greater proportion of used than of new car buyers financing through credit. While two in three buyers of new cars had incomes of $5,000 or more, only one in five buyers of used cars was in this income bracket. Also, the frequency of the use of credit generally increased as average net outlay rose. Consumers making a net outlay of $1,300 or more for a new car used credit in about 56 per JULY 1953 cent of the purchases as compared with about 51 per cent for consumers making a smaller net outlay. Similarly, a net outlay of $500 or more for a used car was accompanied by borrowing 75 per cent of the time as compared with 50 per cent of the time when the net outlay was smaller. Automobile ownership. About 700,000 more spending units owned automobiles in early 1953 than in early 1952. The rate of growth paralleled growth in the number of spending units, and the proportion owning automobiles remained at approximately 60 per cent, the same as at the beginning of the two preceding years. In any one year there is considerable turnover within the car-owning group. Some consumers acquire cars for the first time while others dispose of cars because of deaths, changes in family composition, changes of residence, and other reasons. In 1952 about one-third of the automobile buyers did not trade in or sell another automobile and nearly as many consumers disposed of a car without replacing it. Cars owned in early 1953 were in general newer than those owned in 1952 (see Table 3). A high rate of scrappage of prewar models reduced the proportion of such modTABLE 3 AGE OF AUTOMOBILES OWNED [Percentage distribution of automobiles] Age of automobile 1 1953 1952 3 years or less 1 year or less 2 to 3 years 42 11 31 44 14 30 39 17 22 28 12 16 More than 3 years... 4 to 7 years More than 7 years.. 58 30 28 56 20 36 61 14 47 n 100 100 100 100 All cases. 1951 1949 72 1 Automobiles owned at time of interview in January-March 1953 were classified for age as follows: 1 year or less—1952 and 1953 models; 2 to 3 years—1950 and 1951 models; 4 to 7 years— 1946, 1947, 1948, and 1949 models; more than 7 years—1945 models and earlier. Ages of automobiles at time of previous surveys were similarly computed. 2 No cases because of cessation of production in war period. 699 195 3 SURVEY OF CONSUMER FINANCES els to 28 per cent of all cars in early 1953 as compared with 36 per cent in early 1952 and 47 per cent in early 1951. A smaller proportion was a year or less in age than at the beginning of 1952, however, because of the smaller volume of production and purchases in 1952 as compared with 1951. Frequency of automobile ownership increased steadily with income, ranging from 23 per cent of the spending units with 1952 incomes of less than $1,000 to 92 per cent of those with incomes of $7,500 or more, as shown in the accompanying chart. The effect of income was even more marked on the frequency of multiple ownership: 25 per cent of the spending units in the highest income group had two or more cars as compared with 5 per cent for all income groups. one-half of those living in larger cities. Varying degrees of urbanization were also reflected to some extent in regional variations in car ownership. Ownership was least frequent at all income levels in the highly urbanized North East and most frequent in the less densely populated West. Because of the lower level of income in the South, automobile ownership was less frequent on the whole than in any other region, notwithstanding the large rural population (see Table 4). AUTOMOBILE OWNERS WITHIN INCOME GROUPS, EARLY 1953 All regions North East North Central South West Percentage of Group TABLE 4 AUTOMOBILE O W N E R S H I P W I T H I N REGIONS [Percentage distribution of spending units] Owns Region All cases 1 automobile 2 or more Does not own 100 100 100 100 55 53 60 49 5 2 7 5 40 45 33 46 100 61 10 29 100 2 OR MORE AUTOMOBILES I 1 AUTOMOBILE The much greater frequency of purchasers of new cars among higher than among lower income groups was reflected in the age distribution of cars owned by various income 60 groups. About two-thirds of the automobiles owned by spending units with incomes of 40 $7,500 or more and one-half of those owned by the $5,000-$7,499 group were 1950 or later models. While the frequency of ownership of these newer models was less among the lower income groups, it amounted to ALL UNDER $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 more than one-fifth for spending units with INCOME $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 AND GROUPS OVER incomes of less than $2,000. Prospective car purchasers. Plans to purThe special dependence of residents of rural areas, towns, and smaller cities on pri- chase new automobiles were more frequent vate automobiles for transportation was re- in early 1953 than in early 1952. This change flected in the Survey findings. About two- is consistent with the larger volume of autothirds of the spending units living in the mobile sales thus far this year. Plans to buy country or in towns and cities under 50,000 used cars in early 1953, however, were no owned cars in 1952 as compared with about more numerous than those reported in early 80 700 FEDERAL RESERVE BULLETIN 1953 SURVEY OF CONSUMER FINANCES 1952 although used cars have been selling in larger volume this year than last. Increases in plans to buy new automobiles occurred in most income groups, while plans to buy used cars were apparently stable in each group (see Table 5). Associated with the increase in plans to buy automobiles was the increase in the proportion of the popula- or a used automobile, expected to pay more for their purchases this year than last. The median expected gross price indicated for this year was $2,500 for new cars and $900 for used cars (see Table 6). These amounts, although substantially larger than expected a year earlier, are quite close to actual expenditures last year. TABLE 5 TABLE 6 PROSPECTIVE PURCHASERS OF AUTOMOBILES WITHIN CONSUMER PLANS TO PURCHASE AUTOMOBILES INCOME GROUPS Percentage of spending units with plans to buy [Prospective purchasers as percentage of spending units in groups] New automobile Money income before taxes 1 All spending units Under $1,000 $l,000-$l,999 $2,000-$2,999 $3,000-$3,999 $4,000-44,999 $5,000-$7,499 $7,500 and over Used automobile 1953 1952 1953 4 4 4 1 1 2 4 4 8 14 1 4 4 6 5 5 3 2 3 5 4 5 5 1 1 1 4 4 5 10 17 'Income in preceding year. tion viewing the current year as a favorable time to buy durable goods. In 1953 almost a third of the population considered the market situation favorable as compared with onefifth in 1952. In early 1953, as a year ago, about 85 per cent of the prospective buyers of new cars and 70 per cent of the prospective buyers of used cars already owned cars. Of those who expected to buy new cars, about 40 per cent owned cars that were two years old or less in early 1953. This was a somewhat smaller proportion than in early 1952. Consequently, trade-ins this year may be a little older on the average. A more marked shift was evident in the age of cars owned by prospective buyers of used cars. About 55 per cent of the cars they owned were prewar models as compared with 80 per cent in the previous year. Prospective purchasers, whether of a new JULY 1953 Median anticipated expenditure Definite, probable Uncertain New automobile: 1953 1952 1951 5.8 4.3 4.0 3.3 2.5 2.6 $2,500 2,300 1,970 Used automobile: 1953 1952 1951 4.2 4.2 3.1 1.9 1.8 2.3 900 600 590 1952 6 Type of purchase When asked about their longer range plans, about 18 per cent of all spending units reported tentative plans to purchase a car in 1954. This is a slightly higher percentage than planned in early 1952 to buy in 1953. FURNITURE AND MAJOR HOUSEHOLD APPLIANCES The number of consumers purchasing furniture and major household appliances in 1952 dropped somewhat from the 1951 level but the average amount spent rose moderately (see Table 7). Consequently, TABLE 7 CONSUMER PURCHASES OF FURNITURE AND M A J O R HOUSEHOLD A P P L I A N C E S 1 Item 1952 1951 1950 Percentage of spending units purchasing. . . 39.3 Estimated number of spending units (in millions) 21.3 Median expenditure 11 $300 Average expenditure 400 42.1 41.8 22.3 $280 380 21.8 $280 350 before deduction for trade-in. 701 1953 SURVEY OF CONSUMER FINANCES total expenditures for these items were about as large in 1952 as in the previous year. About the same number of consumers bought television sets and washing machines in 1952 as in 1951, but the number purchasing refrigerators and radios declined and the number purchasing furniture increased. Almost all income groups reported fewer purchases of household durable goods in 1952 than in 1951. The decline was especially marked in the group having incomes of $7,500 or more. Slightly more than onehalf of this group purchased furniture or major appliances in 1952 as compared with two-thirds in 1951. Expenditures and income. Although the average amount spent on furniture and major household durables was larger for higher income groups than for lower income consumers, the percentage of income used for such purchases was substantially smaller for the higher income groups. Because of the greater frequency of purchases in the higher income EXPENDITURES ON HOUSEHOLD EQUIPMENT IN RELATION TO INCOME, 1952 Per Cent j!::i SPENDING UNITS groups, however, their share of total net expenditures on household equipment was almost equal to their share of disposable income, as shown in the accompanying chart. Television. Television purchases are of particular interest because of rapid growth in ownership in the past few years. Although the estimated proportion of all spending units buying television sets changed little from 1951 to 1952, various groups of the population exhibited divergent movements. Spending units with incomes of $5,000 or more purchased television sets much less frequently in 1952 than in 1951 while spending units with lower incomes bought at about the same or a slightly higher rate (see Table 8). This difference in buying patterns probably reflects the acquisition of sets by higher income groups in previous years. In early 1952, the Survey showed that more than onehalf of the spending units with incomes of $5,000 or more owned television sets as compared with much smaller proportions among the lower income groups. The geographic spread of television is evident in the increased purchases in the South and the West, where transmitting facilities JPZ^X DISPOSABLE INCOME 50 E55| NET EXPENDITURES ON " ^ HOUSEHOLD EQUIPMENT 40 TABLE 8 PURCHASES OF TELEVISION SETS WITHIN INCOME AND REGIONS GROUPS [Purchasers as a percentage of spending units within groups] Purchasers in 30 1952 I 1$ UNDER $3,000 20 m 10 8 m $3,000-54,999 m m $5,000 AND OVER 1952 MONEY INCOME BEFORE TAXES NOTE.—This chart indicates the proportions of spending units, aggregate disposable income, and aggregate net expenditures on housenold equipment accounted for by each income group. Household equipment includes furniture and major household appliances. Net expenditure equals total price less trade-in allowance. 702 Income and region 1951 All spending units Money income before taxes:1 Under $1,000 $l,00O-$l,999 $2,000-$2,999 $3,000-$3,999 $4,000-$4,999 $5,000-$7,499 $7,500 and over 2 3 11 13 17 16 16 2 4 8 14 14 24 26 Region: North East North Central South West 13 12 9 12 17 14 7 9 1 12 Income in year of purchase. FEDERAL RESERVE BULLETIN 1953 SURVEY OF CONSUMER FINANCES TABLE 9 have been installed more recently, and a falling off of purchases in the North East and CONSUMER PLANS TO PURCHASE HOUSEHOLD DURABLE GOODS North Central areas, where facilities have Percentage of spending units with plans to buy been in operation for some time. Nearly oneMedian anticipated Type of purchase expenditure1 half of the spending units in the North East Definite, Uncertain probable owned sets in early 1952, in contrast to about three-tenths in the West arid one-eighth in Furniture and major household appliances: 5.5 $300 1953 26.4 the South. Purchases continued to be more 3.5 290 1952 19.6 5.7 300 1951 21.7 frequent in the North East than in the West and South in 1952, but the difference was Furniture: 310 1953 11.5 1.7 260 1952 0.9 8.7 narrowed. 290 1951 8.2 2.2 Prospective purchases. The proportion Television set: 1953 320 2.7 8.1 of spending units planning in early 1953 to 1952 300 5.6 1.2 1951 250 5.1 1.3 buy furniture and major appliances within Refrigerator:2 1953 330 5.5 1.5 the year increased substantially over the pro1952 280 4.6 0.9 1951 290 5.1 1.5 portion having such plans in early 1952. The Washing machine: more optimistic buying plans expressed this 1953 3.2 0.5 210 1952 1.8 0.1 190 year appear to be broadly consistent with the 1951 0.8 200 2.7 higher level of sales of furniture and house1 Based on planned expenditures of spending units definitely or hold appliances in the first half of 1953 than probably going to buy. 2 Includes home freezers. In early 1953, an estimated 5.4 per cent of the population had plans to buy refrigerators and 1.6 per a year ago. cent had plans to buy home freezers. The median price for planned refrigerator purchases was $300, for home freezers, $400. Plans to purchase each item individually tabulated for the Survey (television sets, furniture, washing machines, refrigerators, were general throughout the income scale and radios) were more frequent in early 1953 above $1,000. The largest relative increases than in early 1952. The largest increases in occurred within groups having 1952 incomes plans to purchase were reported for television of $3,000-$3,999 and $5,000 or more. As a result of the increase in the frequency of sets and furniture (see Table 9). planned purchases and the upward moveAlthough the proportion of respondents expecting prices in general to be stable or to ment of incomes, plans reported by consumdecline in the coming year was much larger ers with incomes of $5,000 or more accounted in early 1953 than a year earlier, the amount for 40 per cent of all buying plans in early to be spent on specific items was expected 1953 as compared with 30 per cent of the to be greater. The rise in expected average plans reported in early 1952. Consumers expenditure may represent, in part, plans to with incomes of less than $3,000 accounted for only one-fourth of all prospective purpurchase goods of better quality. Increases over 1952 in the frequency of chasers this year as compared to about oneplans to purchase at least one durable good third last year. Reprints of this article, including additional tabular material, may be obtained upon request to the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. JULY 1953 703 WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS ] Over the war and postwar years 1939-52, the varying credit requirements of business have reflected marked changes in the character and levels of demand for goods and services on the part of the Federal Government and the private sector of the economy. At times business concerns have obtained substantial amounts of funds from the credit and capital market, while at other times they have on balance supplied funds to the market. Because of the magnitude and diversity of their operations, the large corporations for which the Board of Governors regularly compiles financial data from published sources have as a group been an important element in this market.2 For purposes of analyzing the financing activities of large companies, the past 14 years may be divided into three periods. The seven-year period to 1945 involved a shift to wartime production and was marked his article was prepared by Paul S. Anderson of the Board's Division of Research and Statistics. 2 This group of large corporations includes 300 companies —202 in ten manufacturing industries, 42 in retail trade, 20 railroads, 35 electric utilities, and one communications company. The industries covered are in general those in which large corporations are particularly important. To the extent possible, all companies with total assets of 100 million dollars or more were included, together with a random selection of companies in the 10 to 100 million dollar asset range. The manufacturing corporations included account for more than 50 per cent of their respective industry assets and sales, with the exception of the food, chemical, and machinery groups where the coverage varies from one-third for food to almost one-half for chemicals. The retail trade concerns account for about 20 per cent of the assets and sales of all retail trade corporations, while the coverage for the communications industry is about 90 per cent, and for railroads and electric utilities about 60 per cent. Previous articles discussing financial developments for this group of corporations have appeared in the June 1949, June 1950, August 1951, and June 1952 issues of the Federal Reserve BULLETIN. 704 by materials and price controls. Business needs for outside funds were moderate during these years, since much of the expansion in productive facilities was financed by the Federal Government. The large corporations were on balance suppliers of money market funds through their purchases of substantial amounts of United States Government securities and, in addition, retirement of their own securities. During the next four and one-half years ending in the middle of 1950, businesses undertook a huge program of conversion to civilian production and expansion of basic capacity. The high level of demand and production during this period led to substantial profits which supplied a large proportion of the needed funds. Additional funds were required, however, and large corporations obtained them through liquidation of United States Government security holdings, through borrowing at banks, and through sales of bonds and capital stocks. By 1949, the approaching completion of postwar expansion programs and a reduction in inventory holdings lessened the need for long-term external financing and permitted repayment of short-term debt. With the outbreak of the conflict in Korea, another period of expansion began as defense needs were superimposed on expanded civilian demands. In contrast to the World War II period, the Federal Government did not directly finance expansion of productive capacity and businesses were obliged to rely on external sources for a large part of the necessary funds. Security offerings reached record levels, and in addition a number of FEDERAL RESERVE BULLETIN WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS companies obtained substantial amounts of short- and long-term credit from banks. IMPORTANCE OF LARGE CORPORATIONS AS USERS AND SUPPLIERS OF FUNDS Although this group of large companies includes no representation in a number of industries and accounts for less than onefourth of total corporate revenues, it plays an important role in the capital market. As shown in the chart, security issues of these companies amounted to nearly one-half of those for all corporations during the period 1939-52. As suppliers of funds, these corporations accounted for two-fifths of the net corporate purchases of United States Government securities after 1938 and, as of the end of 1952, they supplied about one-half of the outstanding net trade credit extended by all corporations. The industrial representation of the large company group is heavily weighted by those utilities and manufacturing industries in SELECTED USES AND SOURCES OF FUNDS LARGE CORPORATIONS COMPARED WITH ALL CORPORATIONS, 1939-52 Per cent PLANT AND EQUIPMENT EXPENDITURES ADDITIONS TO LIQUID ASSET HOLDINGS NET CORPORATE SECURITY ISSUES 10 20 30 40 50 NOTE-—Basic data for all corporations were obtained from following sources: plant and equipment expenditures, Department of Commerce and Federal Reserve; liquid asset holdings and corporate security issues. Securities and Exchange Commission. Liquid asset holdings include cash as well as United States Government securities. JULY 1953 which fixed plant is large, and inventories small, relative to total assets. Consequently, while plant and equipment expenditures of the group during the period 1939-52 amounted to more than two-fifths those of all corporations, its additions to inventories accounted for less than one-third of the corporate total. WARTIME GROWTH IN LIQUIDITY For large corporations, as for business in general, the World War II period was one of unusually profitable operations. At the same time, demands for funds were relatively modest. The major part of defense facility expansion was financed and owned by the Government, and materials and construction controls restricted inventory accumulation and less essential expansion or replacement of productive facilities. As a result, demands for external funds were small and additions to liquid assets substantial. Government-financed plant expansion. During the period 1940-45, the Government authorized expenditures of 23 billion dollars to expand manufacturing plant and equipment. Roughly three-fourths of the funds for this expansion was provided by the Government while private businesses supplied the remainder. Public financing was most important among industries which had little prospect for peacetime use of the additional facilities, such as explosives and weapons manufacturing. Many of the publicly financed facilities were leased to large manufacturing corporations or operated by them on a management-fee basis. In manufacturing areas where profitable peacetime use of the facilities seemed probable, such as petroleum refining, food processing, and chemicals manufacturing, the privately financed portion of the expansion was much greater. Even in thesefields,how705 WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS ever, significant amounts of capital expenditures were Government financed. As a result, privately financed plant and equipment expenditures by the large manufacturing corporations averaged about 1.5 billion dollars a year during the period 1942-44, or only slightly more than in 1939. Wartime capital expenditures by electric utility, railroad, and communication companies represented facilities having definite peacetime uses and were almost entirely privately financed. At their peaks, which were reached in 1941 in the electric power and communications groups and a year later in railroad transportation, such expenditures were substantially above the 1939 level. Inventory growth. Inventories rose profits increased from a prewar annual level of 800 million dollars in 1939-40 to an average of 1,600 million in 1941-44. Depreciation and depletion accruals also increased sharply during the war period, thereby providing additional business funds. Part of this increase represented accelerated amortization of privately owned defense facilities and part the more intensive use of fixed plant and exploitation of mineral resources. With the ending of hostilities, many companies which had defense facilities wrote off their remaining value, with the result that depreciation charges in 1945 exceeded the wartime average by nearly one-half. Other financing developments. Over the period 1939-44, the large corporations as a group added 9.5 billion dollars to their cash and temporary investments, more than tripling their holdings of these liquid assets. The greater part of this increase was ac- sharply in 1941—increasing nearly one-third —but thereafter the rate of accumulation slowed down, reflecting materials controls and increased deliveries of finished goods. The largest increases during the early war years took place among the machinery, auto- SUPPLY AND USE OF CREDIT MARKET FUNDS LARGE CORPORATIONS mobile, and other transportation equipment Billions of Dollars manufacturing groups, which were the ones FUNDS SUPPLIED most heavily engaged in the production of military end-products. Even in these industries, however, demands on the credit market were moderate, since the Government provided substantial financing in the form of progress payments and contract advances. Toward the end of the war, a moderate decline in the inventories of large corporations provided funds for other uses. Large wartime earnings. At the same time that Government policies were moderating corporate needs for funds for plant and inventory outlays, retained earnings of the FUNDS OBTAINED large corporations were doubling. Profits I I I I I 1 I after taxes increased about 50 per cent be1940 1945 1950 tween 1939 and 1941 and remained at the NOTE.—Chart shows net amounts supplied or obtained by higher level through 1944, while dividends the large corporations. Amounts are based on changes in Government holdings, accounts rose more moderately; as a result, retained payable, banksecurity long-term debt, and receivable, accounts loans, capital stock. 706 FEDERAL RESERVE BULLETIN WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS counted for by purchases of United States Government securities, including tax savings notes acquired in connection with the rise in their Federal income tax liabilities. (Additions to Government securities and the growth in accrued income tax liability each exceeded 5 billion dollars during the period 1941-43.) Large corporations supplied funds to the credit market during the war years, as is shown by the chart on the preceding page. Purchases of United States Government securities, together with extension of credit to customers, exceeded the increase in outstanding indebtedness of these companies by 7.6 billion dollars in the four-year period 1941-44. Following the end of the European war in May 1945, the operations and financial positions of large corporations began to reflect adjustments to a reduced demand for military end-products and, with the conclusion of war with Japan in August, to reconversion from military to civilian goods production. The general termination of war contracts and declines in sales and profits resulted in marked reductions in inventories, receivables, accrued tax liabilities, and other forms of both short- and long-term indebtedness. Despite large-scale debt repayment, large corporations reduced their liquid asset holdings only moderately; at the end of the year such holdings were still about three times their prewar level. Large corporations, to an even greater degree than corporations in the aggregate, were in an extremely liquid position at the end of 1945. The ratio of their liquid asset holdings to total short-term indebtedness was 120 per cent as compared with 93 per cent for all corporations. Moreover, the ratio of equity to long-term debt was considerably more favorable at the end of 1945 than before the war. JULY 1953 FINANCING OF LARGE-SCALE POSTWAR INVESTMENT The postwar years 1946-48 were marked by large business expenditures for plant and equipment and additions to inventories and other working assets. These outlays were made to reconvert plants to civilian production as well as to expand productive capacity. The marked advance in the general level of prices that began in mid-1946 contributed materially to the magnitude of these business expenditures, and to the need for larger working fund balances. Major financing requirements substantially exceeded funds supplied by operations, despite the fact that the average annual amount retained from operations was 50 per cent larger than during the war years. Plant and equipment. During the period 1946-50, the large corporations invested a total of 34 billion dollars in new plant and equipment. This represented an annual expenditure rate almost three times as high as that of the preceding seven years, as may be determined from the chart. While some of this increased expenditure reflected higher PLANT AND EQUIPMENT EXPENDITURES Billions of Dollars, Annual Averages MANUFACTURING PUBLIC UTILITIES INCL. RAILROADS m m 1939 - 45 1946 - 50 1951 - 52 707 WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS construction and equipment costs, much of earnings in the postwar years varied greatly, it represented larger physical additions to however, among the industries represented productive facilities. by the large corporations. Manufacturing While all of the industries represented by and retail trade, which as a group retained the Board's group of large corporations more than half of their profits after taxes, participated in the postwar expansion of financed more than 30 per cent of their plant and equipment, increases were rela- postwar requirements from this source. The tively greater for some than for others. The railroads also secured a substantial volume communications and electric power indus- of funds from profits in this period, having tries had the largest increases, their average retained more than one-third of their earnexpenditures for new plant and equipment ings. The communications company, on the during the period 1946-50 amounting to other hand, retained almost none of its four times those of the 1939-45 period. Rail- earnings and the electric utilities compararoad concerns and manufacturers of non- tively small amounts. Depreciation charges automotive transportation equipment in- showed similar movements in all the induscreased their expenditures least, although tries, dropping somewhat in 1946 from the even in these groups the 1946-50 average wras wartime levels and then rising in each year well above—90 and 70 per cent, respec- thereafter. tively—that of 1939-45. Liquid asset accumulation. Throughout Inventory accumulation. Restocking of the defense and war years, as noted precivilian goods and of materials intended for viously, these large corporations made subcivilian goods production, together with the stantial additions to their liquid assets. marked postwar rise in prices, resulted in a Between the end of 1938 and the end of 1945, substantial increase in the value of business holdings of cash and United States Governinventories during the early postwar period. ment securities increased more than 9 billion Between the end of 1945 and the end of 1948 dollars. the aggregate book value of large manuMany companies expected to draw down facturing and retail trade corporation in- their large war-accumulated balances in ventories nearly doubled. Inventory growth financing reconversion and postwar expanwas general among all manufacturing and sion programs. Instead, however, the unretail trade lines, but the largest percentage usually high levels of activity and employincreases occurred in the petroleum refining ment and the rise in prices appear to have and automobile manufacturing groups. necessitated the maintenance of a large volWhile inventories were reduced moder- ume of working assets. As shown in the ately in 1949, they were built up again chart on the following page, liquid assets during 1950 as advances were resumed in have been lower relative to sales in almost both business activity and prices. every postwar year than in the 1939-41 peFunds from operations. Nearly three- riod. Consequently, except for a 2.5 billion fifths of the funds used by large corporations dollar reduction in 1946, large corporations as during the postwar period were obtained a group continued to add to their liquid asfrom operations in the form of retained earn- sets throughout the postwar period and relied ings and depreciation accruals. The pro- heavily on external sources for financing portion of funds supplied by retained their investment programs. 708 FEDERAL RESERVE BULLETIN WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS Sales of capital stock supplied about 20 per cent of the financial requirements of the 25 telephone and electric power companies during this period. This source was of negligible importance for most other industries, however, although in the first postwar years 20 large companies in a number of manufacturing industries obtained as much as 10 per cent of their funds from stock sales. Taking debt and external equity fi15 nancing together, it appears that large corporations obtained somewhat more from security issues, relative to their total outlays for plant, equipment, and inventory, than did all corporations. 10 1945 1950 1940 Ban\ credit. Large corporations, partly NOTE.—Chart shows average holdings of cash and Governbecause of the activities in which they are ment securities by the large corporations at the beginning and end of the year, expressed as a percentage of the year's sales. engaged and partly because of their readier access to alternative sources of funds, custoExternal sources of funds. More than marily rely less heavily on bank credit than one-fourth of the 45 billion dollars of funds do smaller companies. In the first three used by the large corporations in the five postwar years, only about 3 per cent of the years 1946-50 was supplied by external funds used by the group as a whole came sources. The largest amount was obtained from bank loans, about half being shortfrom bond issues while smaller amounts were term and the remainder intermediate-term provided through sales of capital stock, by credit. Thus, while the outstanding indebtborrowing from commercial banks, and edness of all business concerns to commerfrom trade suppliers. cial banks increased 9 billion dollars in these Security issues. Historically low interest years, that of the large corporations—exclurates, the relatively high cost of stock sive of railroads, for which no separate bank financing, and the growing availability of loan figures are available—increased 0.9 funds from institutional sources induced cor- billion. porations to rely heavily on debt financing. During 1949-50, a substantial proportion Large corporations in all industries obtained of the bank credit obtained by large comfunds from bond issues, with public utilities panies in the earlier postwar years was resecuring the largest volume. More than paid. The 1949 reduction was associated two-fifths of the funds used by the communi- with liquidation of inventories and tapercations industry, as represented by the Bell ing off of capital expenditures, and was Telephone System, came from the sale of typical of business in general. During 1950, debt obligations; this same source supplied however, the experience of the large corponearly one-third of the funds used by electric rations contrasted strikingly with that of all power companies, and less than one-tenth of businesses; the former continued to repay those by manufacturing and trade concerns. their bank loans, while business as a whole RELATION OF LIQUID ASSETS TO SALES Per Cent JULY 1953 709 WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS obtained a record volume of this type of specialized weapons. This new capacity, credit. This divergence is accounted for in practically all of which would have definite part by the much lower rate of inventory nonmilitary uses, was privately rather than accumulation by large corporations than by Government financed and owned. In addibusiness as a whole. Also, large corpora- tion, a substantial increase in tax rates was tion outlays for plant and equipment con- required in order to finance defense expenditinued to decline slightly in 1950 and did tures as much as possible on a pay-as-you-go not reflect the post-Korean wave of expan- basis. sion until the following year, while total A majority of the 300 large companies plant and equipment expenditures increased are in industries where additional capacity in 1950. was sought, that is, petroleum refining, Other financing developments. On bal- chemicals and rubber production, major duance during 1947-48, and again in 1950, rable goods manufacturing, and public utililarge corporations supplied their customers ties. Emphasis on private financing and the with somewhat more credit on open account impact of higher taxes meant that as a group than they themselves obtained from trade these companies were obliged to draw heavsuppliers. This net extension of credit was ily upon external sources of funds. Thus, more than offset, however, by growth in corporate financing in the present defense their accrued Federal income tax liability. period more nearly resembles an intensificaThe latter, representing a deferral of tax tion of the earlier postwar experience than payments, constitutes a source of funds which a repetition of the World War II experience. may be employed temporarily to meet workRequirements for funds. In order to ening capital and other short-term require- courage essential business investment and to ments. In 1950, when profits before taxes limit less essential and purely speculative and tax rates both rose sharply, the excess capital expenditures and inventory accumuof current income tax provisions over cur- lation, the Government provided tax incenrent payments amounted to 3 billion dol- tives in the form of accelerated amortizalars, or almost one-fourth of total funds tion and placed restraints on construction used. and the use of credit and some materials. As a result, the greatest increases in plant and PRIVATE FINANCING OF POST-KOREAN equipment expenditures and in inventories INVESTMENT occurred in defense and defense-connected The recovery in business activity which industries, especially those producing metals began in the latter part of 1949 accelerated and metal products. For the large comwith the outbreak of the Korean war and panies as a group the average yearly expendithe adoption of the Government's defense ture for these purposes exceeded 12 billion program. Large corporations were, as sub- dollars in 1951-52, and was more than half sequent events proved, particularly affected again as large as during the period 1946-50. by certain basic decisions with respect to deInternal sources of funds. Despite a 20 fense preparations. In contrast to World per cent increase in sales volume, funds reWar II, the present defense program has tained from operations in 1951 and 1952 emphasized expansion of capacity to pro- were below the 1950 peak, and provided a duce basic industrial products rather than smaller proportion of large corporation fi710 FEDERAL RESERVE BULLETIN WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS nancing requirements than at any time since the early postwar years. This decline reflects two developments: (1) higher Federal income tax provisions and dividend payments more than offset an increase in profits before taxes, and (2) the increase in funds available from depreciation charges was relatively small. Although many companies have taken advantage of the accelerated amortization, its full effect was not shown by 1952 because all authorized expansions had not been completed. Despite the growth in financing requirements and decline in funds from operations, large corporations did not draw extensively on the liquid asset holdings which had been accumulated during the war and postwar years. On the contrary, in response to their increased needs for funds to cover current payroll and other operating requirements and to meet substantially larger tax payments, they continued to add to their liquid asset holdings in 1951, though at a much more moderate rate than formerly. By 1952, more of the large companies were obliged to draw on liquid asset holdings, with the result that 7 of the 14 industry groups showed declines in these assets. By and large, however, additional needs were met from external sources. External financing. As in the early postwar expansion period, security issues—consisting largely of debt obligations that were publicly offered or privately placed—were the principal external source of funds for large companies in the post-Korean period. Despite some narrowing of the differential costs of debt and equity financing, debt was the more attractive in terms of the tax advantages resulting from a rise in normal corporate income tax rates and reimposition of an excess profits tax and also in view of the increased supply of funds available from JULY 1953 institutional investors. While stock sales of the large companies reached record levels in 1951 and 1952, half represented conversions of telephone company debentures. For most of the industries covered, stock sales were a negligible source of funds. Commercial bank loans, which supplied a relatively minor proportion of funds used by large corporations in the earlier postwar period, were a more important source in the defense expansion period. While large corporation borrowing from banks was highly selective, reflecting specific requirements of individual concerns rather than general reliance on this type of financing, 12 out of 13 industry groups reported increases in either short- or intermediate-term bank loans in 1951. New short-term borrowing at banks declined appreciably in 1952, but use of intermediate-term bank credit continued to increase, largely reflecting borrowing by a few companies in the iron and steel, nonferrous metal, and machinery industries. For the period 1951-52, bank loans provided about 6 per cent of the funds used by large companies, as compared with an average of about 2 per cent in the earlier (1946-48) postwar expansion period. LONGER-RUN DEVELOPMENTS IN LARGE CORPORATION FINANCING With the exception of a brief period of transition from military to civilian goods production at the end of World War II and of moderate inventory adjustment in 1949, the period 1939-52 has been one of almost continuous growth in the volume of large company funds from operations. During this period, as the chart on the following page shows, outlays for plant and equipment and inventories fluctuated sharply, averaging about 30 per cent less than funds from operations during the war years, and nearly 55 711 WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS CAPITAL OUTLAYS AND FUNDS FROM OPERATIONS Billions of Dollars OUTLAYS FOR PLANT AND INVENTORY 12 -I -i i \ y J /FUNDS FROM OPERATIONS 8 -1 4 L 1940 1945 1950 per cent more for the postwar period. The wartime excess of funds from operations permitted both some repayment of outstanding indebtedness and substantial additions to large company liquid asset holdings, while the postwar deficiency of funds from operations necessitated heavy reliance upon such external sources of funds as bank loans and the proceeds of security issues. This marked postwar reliance on external sources of funds, principally in the form of debt, is reflected in a decline in equity per dollar of debt from $1.80 in 1938-39 to $1.43 at the end of 1952. At the same time the liquidity position of the large corporations, as measured by the ratio of liquid asset holdings to total short-term indebtedness, declined from an average of $1.12 in 1938-39 to $0.68 at the end of 1952. More efficient utilization of working capital. This decline in liquidity, which contrasts with a rise in liquidity for all corporations, reflects the more active participation of the large companies in the postwar, and particularly the post-Korean, expansion of capacity. Despite the decline registered by the large companies over the period 1938-52, 712 their liquidity position was still somewhat more favorable than that of all corporations. For the large corporations as a group, moreover, there is evidence of both a more efficient utilization of liquid assets and a trend toward keeping excess working funds more fully invested in United States Government securities. The ratio of cash holdings to sales has declined steadily, from 13 per cent in 1938 to 6 per cent in 1952, and the proportion of total liquid assets held in cash from 80 per cent to 45 per cent. The increased importance of Government securities reflects in part acquisition of tax notes in connection with the growth in Federal income tax liability. Nevertheless, the fact that Government security holdings have exceeded the total accrued tax liability of the large corporations every year but one since 1943 strongly suggests that Governments are also purchased and held for other reasons. From the standpoint of credit market analysis, this policy with respect to Government securities is significant, considering the large volume of these securities held by large companies—8.4 billion dollars at the end of 1952. Inventory holdings, although substantially larger in dollar amount now than before the war, have been smaller in relation to sales in each of the past few years than in the immediate prewar period. In part this reflects the adoption by many companies of the lastin-first-out (LIFO) method of accounting for inventories. Other causal factors, however, include more conservative buying practices and improved methods of inventory control. These in turn have helped to limit large company requirements for additional working capital, and to that extent have lessened their demands on the credit market. Increased requirements for funds. Developments over the past 15 years that have tended to reduce large company requireFEDERAL RESERVE BULLETIN WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS ments for funds have been far outweighed by the wartime and postwar rise in prices. Unit costs of inventories and new productive capacity have risen substantially, depreciation accruals based on prewrar costs have not provided sufficient funds to cover current replacements, and the record postwar expansion of productive capacity has required an enormous outlay of funds. Moreover, the Mills Amendment to the Revenue Act of 1950, by requiring that progressively larger amounts of a corporation's Federal income tax liability be paid in the first half of the succeeding calendar year, has had the effect of increasing working capital requirements. While some individual corporations already had liquid assets sufficiently large to absorb the marked first-half reduction occasioned by tax payments, others have had to build up working fund balances. Composite Sources and Uses of Funds data for the group of large corporations discussed in this article are shown in the following tables. Balance Sheet and Selected Income Statement data are available upon request to the Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington 25, D. C. COMPOSITE SOURCES AND USES OF FUNDS STATEMENT, 300 1939-52 LARGE CORPORATIONS IN SELECTED INDUSTRIES X [Dollar amounts in millions] 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Account All selected industries Number of companies 293 296 297 298 298 299 300 300 300 300 300 300 300 300 Sources of funds—total $2,860 $4,259 $7,122 $7,989 $6,507 $2 ,861 $725 $4,196 $10,483 $11 ,726 $6,776 $13,065 $15,306 $12,751 Net from operations 3 2,289 2,692 3,456 4,057 4,1863,997 4,387 3,195 5,212 6,894 6.338 7,554 7,272 7,415 541 698 368 -519 1,231 Trade payables 76 -281 394 639 190 175 450 395 818 40 839 173 -42 Bank loans, short-term 163 -153 -45 -45 3 236 67 5 238 -168 482 72 -175 341 -138 Bank loans, long-term. 56 114 165 60 1 -120 121 198 308 840 -478 2,932 2,227 -1,017 Accrued Fed. income taxes. 165 587 1,745 1,759 1,781-426 -2,533 -962 1,033 314 1,130 478 1,055 Other current liabilities 181 487 606 1,349 42 -283 -297 393 -463 76 Mortgages, bonds, other 287 1,698 2,485 -944 425 liabilities 194 947 2,047 2,250 -2 833 135 -361 -715 715 1 ,229 1,499 187 724 18 Capital stock 3 792 35 168 521 575 26 75 20 104 47 404 91 22 Other sources 5 4 92 0 0 244 38 0 77 Uses of funds—total $2,860 $4,259 $7,122 $7,989 $6,507 $2,861 $725 $4,196 $10,483 $11,726 $6,776 $13,065 $15,306$12,751 Plant and equipment expenditures 1,739 2,363 3,152 ,620 2,038 2,298 2,782 4,828 7,035 8,376 7,268 6,710 9,119 10,413 3,822 1,420 558 1,729 889 409 -390 -530 2,547 1,920 1,641 -1,106 1,211 Inventories 184 334 1,171 505 -188 -457 2,248 1,382 -944 Receivables 238 -945 869 631 969 ,745 466 928 110 -13 Cash 733 1,010 -204 -87 406 150 360 -274 188 -55 -26 1,224 ,868 2,328 1,279 -615 556 Government securities \33 808 2,213 -483 -2,229 -35 603 102 253 440 218 Other assets 121 114 134 70 -50 -13 334 287 270 102 0 0 0 0 Other uses 6 0 0 147 117 0 0 0 38 0 0 Manufacturing—Total Number of companies 196 199 200 201 201 201 202 202 202 202 202 202 202 202 $2,997 $5,064 $5,740 $4,400 $1,888 $-148 $2,683 $7,185 $7,675 $3,990 $8,976 $10,948 $8,649 Sources of funds—total. . . $1, Net from operations 3 1,550 1,859 2,408 2,560 2,674 2,682 2,834 2,093 3,819 5,190 4,759 5,556 5,473 5,388 626 Trade payables 162 964 532 346 390 610 54 -443 280 434 390 -388 171 107 Bank loans, short-term.... -61 7 723 225 86 10 173 -152 -84 160 104 -223 6 525 Bank loans, long-term 37 -122 76 148 47 19 -108 97 176 270 75 -130 117 126 Accrued Fed. income taxes -582 966 691 -355 2,349 1,962 -1,191 494 1,429 1,059 1,115 -545 -1,737 169 Other current liabilities 93 311 998 1,053 523 1,300 -22 -296 -665 -215 314 296 472 Mortgages, bonds, other 871 1.788 18 196 -30 -140 -66 -317 87 -138 liabilities -39 635 855 710 303 Capital stock -26 116 20 279 -57 -33 33 24 68 47 336 334 181 51 Other sources 5 0 30 29 34 0 0 70 0 0 188 45 33 37 Uses of funds—total Plant and equipment expenditures Inventories Receivables Cash Government securities Other assets Other uses 6 $2,997 $5,064 $5,740 $4,400 $1,888 $-148 $2,683 $7,185 $7,675 $3,990 $8,976 $10,948 $8,649 1,067 1 ,414 1,903 1,473 1,413 1,570 109 486 1,360 861 405 -342 164 294 944 1,588 399 -205 337 691 -147 652 709 -24 86 780 23 944 1,109 1,374 135 -34 68 52 57 -69 21 143 22 9 0 168 1,873 3,264 -636 1,879 -970 -930 -174 -148 -311 -1,490 69 108 0 0 4,301 1,632 661 304 139 148 0 4,792 1,530 528 -43 598 270 0 3,921 -851 -523 211 1,129 103 0 3,738 544 1,824 319 2,037 215 0 5,656 3,561 1,179 2 216 335 0 6,725 1,412 1,006 123 -887 269 0 See page 718 for footnotes. JULY 1953 713 WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS COMPOSITE SOURCES AND USES OF FUNDS S T A T E M E N T , 300 LARGE CORPORATIONS IN SELECTED 1939-52—Cont. INDUSTRIES [Dollar amounts in millions] 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Account Manufacturing—Food Number of companies Sources of funds—total 3 Net from operations Trade payables Bank loans, short-term Bank loans, long-term Accrued Federal income t a x e s . . . . Other current liabilities Mortgages, bonds, other liabilities Capital stock Other sources 5 Uses of funds—total Plant and equipment expenditures Inventories Receivables Cash Government securities Other assets Other uses 6 28 28 28 28 28 28 28 28 28 28 28 28 (2)28 $94 108 1 -16 -3 8 3 -4 -3 0 $100 107 -4 -3 -1 16 -2 -3 -10 0 $319 139 43 68 10 52 11 16 -20 0 $258 142 —7 -2 -3 113 4 —2 4 9 $215 147 24 -43 -3 76 19 40 -48 3 $55 $143 126 131 13 2 —21 -6 10 22 37 -63 13 2 -38 -8 (4) -25 0 $275 38 14 6 -19 15 -9 -6 9 $410 236 21 53 1 7 5 63 23 1 $438 220 1 87 -2 —7 7 116 4 12 $142 221 -9 -90 -3 — 13 8 21 8 1 $375 260 51 33 -4 64 11 -34 -14 9 $436 206 -12 117 5 30 8 83 -1 0 $223 198 6 -4 1 8 -2 6 9 0 $100 $319 67 87 -6 205 11 93 20 -57 9 (4) -20 6 2 $258 60 -21 46 60 111 3 0 $215 52 82 -17 -24 113 10 0 $143 59 -26 -2 59 51 3 0 $55 $275 147 78 223 -40 41 -56 -8 1 77 -134 6 -7 0 2 $410 226 169 86 10 -88 8 0 $438 $142 247 235 110 -105 29 -81 51 3 —7 108 8 -19 0 0 $375 192 126 118 -7 -68 13 0 $436 215 216 3 13 -40 8 21 $223 187 -5 17 — 12 19 12 6 4 4 $94 63 11 3 13 -5 28 in Manufacturing—Tobacco Number of companies Sources of funds—total 3 Net from operations Trade payables Bank loans, short-term Bank loans, long-term Accrued Federal income t a x e s . . . . Other current liabilities Mortgages, bonds, other liabilities. Capital stock Other sources 5 Uses of funds—total Plant and equipment expenditures Inventories Receivables Cash Government securities Other assets Other uses 6 4 4 4 4 4 4 4 4 $26 17 3 7 12 10 -1 -20 -1 (4) $88 10 -1 63 -6 28 -1 -1 -4 0 $96 13 3 -23 -14 29 -2 87 0 3 $55 $124 11 15 4 (4) 39 20 -2 -2 4 -15 6 1 80 12 0 5 1 0 $130 12 -2 62 -2 -16 -6 34 48 0 $187 30 7 7 -2 8 8 128 0 1 $195 40 -2 74 -2 10 1 23 50 0 $180 54 j -34 -2 10 4 125 25 0 $24 61 2 -64 0 -1 6 -15 39 0 $83 $170 53 30 6 2 16 120 0 0 22 35 (4) -21 -15 -1 0 5 2 0 $26 7 3 1 11 2 2 0 $88 6 83 7 1 -9 -6 5 $96 2 96 16 — 13 4 -8 0 $55 $124 $130 2 193 -25 -32 -6 -3 1 $187 $195 28 16 156 176 13 4 -2 -4 0 -5 (4) -1 1 0 $180 29 144 2 1 0 3 1 $24 17 2 -1 3 0 1 1 $83 $170 12 12 56 140 11 4 3 10 0 0 2 (4) 0 2 4 4 $13 11 (4) -17 20 2 5 -8 -1 1 $13 8 3 (4) -1 4 1 32 9 13 (4) T4) 1 67 7 44 3 1 0 $105 26 (4) -9 0 1 1 33 54 0 $105 12 79 7 3 0 4 1 Manufacturing—Rubber Number of companies Sources of funds—total 3 Net from operations Trade payables Bank loans, short-term Bank loans, long-term Accrued Federal income taxes. . . Other current liabilities Mortgages, bonds, other liabilities. Capital stock Other sources 5 Uses of funds—total Plant and equipment expenditures Inventories Receivables Cash Government securities Other assets Other uses 6 4 $50 43 10 3 16 6 4 -37 5 (4) $50 30 13 14 -1 (4) -6 0 4 4 4 4 4 4 4 $82 $160 59 79 10 14 8 2 -1 -6 8 58 8 5 -7 9 -3 -1 0 (4) $206 $217 $100 91 89 95 15 -3 -2 39 6 -18 -5 27 -4 155 14 -2 -1 30 69 -19 -42 -3 (4) -6 0 (4) (4) $23 154 -3 -36 -3 -83 14 -23 -1 4 $126 151 16 -3 -24 -43 23 8 -2 0 $230 124 13 9 18 -37 -6 137 -28 0 $124 $28 132 107 -7 -19 3 (4) -3 6 -30 (4) -20 -1 -9 -3 -2 0 0 $350 180 53 -1 -12 108 41 -1 -17 0 $527 185 63 18 0 124 41 97 (4) 0 $82 33 39 9 1 -1 2 0 $206 38 38 35 48 23 25 0 $100 $23 99 71 -11 -6 17 -48 -26 18 17 1 4 -14 () 5 0 $126 116 76 38 -33 -75 2 2 $230 113 102 15 48 -51 2 0 $124 76 57 -5 -49 42 2 1 $350 $527 $172 144 86 121 61 56 226 53 139 34 1 28 10 38 133 -99 4 12 3 () 0 2 (4) 4 4 $160 39 38 39 9 32 1 3 4 4 $217 37 6 37 35 114 -11 0 $28 67 -87 -5 23 25 -2 7 $172 172 -21 -19 0 -61 1 122 -21 0 See page 718 for footnotes. 714 FEDERAL RESERVE BULLETIN WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS COMPOSITE SOURCES AND USES OF FUNDS STATEMENT, 1939-52—Com. 300 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions] 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Account M anufacturing—Petroleu m Number of companies. 24 24 24 24 $610 $890 $854 528 577 14 -2 -5 6 -4 76 26 (4) 2 6 49 -66 -3 -13 0 0 723 60 6 23 92 50 -9 -55 0 $1 ,108 $1 ,068 $1,046 $1 ,368 $2,382 $3,135 $1,527 $2,295 $2,962 J2,837 692 798 1,008 1,170 1,071 1,506 2 ,187 1,824 1,967 2 ,255 2,274 95 31 149 63 -68 77 236 147 -99 134 131 53 -3 -2 15 15 -1 -28 40 -2 -26 -2 34 -3 10 -1 122 29 116 176 42 -118 21 -301 40 118 11 -139 70 153 261 279 391 - 1 9 0 35 8 34 10 -17 8 45 59 5 6 62 375 63 -30 -52 -112 95 157 136 53 61 -13 127 -20 28 4 -18 1 192 111 -3 -13 87 34 47 3 10 92 18 6 18 8 5 30 Uses of funds—total Plant and equipment expenditures 7 . Inventories Receivables Cash Government securities Other assets Other uses 6 $581 $610 $890 $854 523 -61 -15 74 -1 50 11 545 16 -9 -5 13 44 6 650 102 95 -11 72 -22 4 572 -14 171 -16 112 28 0 24 24 24 24 $581 24 24 24 24 Sources of funds—total Net from operations 3 Trade payables Bank loans, short-term Bank loans, long-term Accrued Federal income taxes Other current liabilities Mortgages, bonds, other liabilities. . Capital stock Other sources 6 24 24 $1,108 $1,068 $1,046 $1 ,368 $2,382 $3,135 $1 ,527 $2,295 $2,962 12,837 789 898 932 1,131 1,736 2 ,166 1,781 1,538 2 ,069 2,489 154 -11 38 25 194 220 428 -27 -39 266 73 93 50 -168 53 277 229 -185 356 253 49 154 -33 85 -16 135 104 -54 93 -5 44 119 121 57 -77 -25 50 -48 289 389 28 -37 -7 116 82 39 158 61 58 -10 0 0 0 0 0 0 0 0 0 0 Manufacturing—Chemicals Number of companies 33 33 30 31 32 32 33 33 33 33 33 Sources of funds—total Net from operations 3 Trade payables Bank loans, short-term Bank loans, long-term Accrued Federal income t a x e s . . . . Other current liabilities Mortgages, bonds, other liabilities. Capital stock Other sources 5 $169 $262 $464 $358 $339 $240 $140 $433 $835 $545 $406 $1,063 $1,129 153 12 -3 -2 73 39 -4 -6 0 206 25 10 1 181 16 1 25 0 185 4 -8 23 85 43 11 10 5 280 229 202 6 29 -1 -5 -1 3 16 -10 -6 98 -6 -158 -7 -4 -37 -21 61 -52 31 19 21 28 3 (4) 274 47 -9 59 -23 18 15 43 8 368 20 25 20 50 21 179 143 9 437 1 -11 13 35 17 32 7 14 409 -17 7 -52 -9 6 18 45 0 Uses of funds—total Plant and equipment expenditures Inventories Receivables Cash Government securities Other assets Other uses 6 $169 $262 $464 $358 $339 $240 $140 $433 $835 $545 $406 $1,063 $1,129 81 -1 30 64 -14 -1 9 140 28 19 64 5 4 3 212 85 55 -67 152 24 2 129 46 53 50 90 -10 0 81 23 22 133 83 -2 0 107 12 11 50 66 -6 0 373 154 165 46 32 -55 22 -24 -21 -124 11 -5 0 0 513 137 66 2 102 15 0 507 86 28 -66 -15 5 0 340 -86 -28 82 77 17 4 383 86 194 30 389 -19 0 18 18 136 13 4 (4) () 19 13 -8 -4 0 33 532 72 -4 -6 337 23 6 99 5 33 501 23 17 3 362 7 91 95 30 33 $710 480 22 1 30 -214 8 308 68 7 $710 711 618 36 288 73 27 -9 5 153 - 1 3 4 33 38 0 0 Manufacturing—Iron and steel Number of companies 18 18 18 18 18 18 18 18 18 18 Sources of funds—total Net from operations 3 Trade payables Bank loans, short-term Bank loans, long-term Accrued Federal income t a x e s . . . . Other current liabilities Mortgages, bonds, other liabilities Capital stock Other sources 6 $387 $511 $855 $674 $340 $270 $28 476 -36 4 6 $407 $848 $948 415 438 438 469 25 39 32 64 1 -1 -7 6 23 -5 -6 1 275 -90 -109 -306 318 15 -21 -8 66 37 -36 -96 -126 -27 -125 -8 -12 (4) -3 (4) 2 0 39 1 0 278 74 -7 -16 35 -1 68 -25 0 506 82 1 -6 170 21 61 10 2 664 110 9 -3 109 4 42 14 0 Uses of funds—total Plant and equipment expenditures Inventories Receivables Cash Government securities Other assets Other uses 6 $387 $511 128 40 84 90 207 98 60 162 -19 1 2 $28 159 -56 371 269 35 58 1 (4) 8 9 71 33 17 42 50 -17 -42 -12 5 0 1 45 0 606 -93 -4 -4 -40 3 49 19 3 791 169 1 (4) 408 32 -12 i 4 743 96 51 71 450 28 228 70 0 18 $521 614 85 20 147 -647 46 230 25 0 $521 1,179 115 260 106 7 -53 -45 425 - 8 6 6 35 60 5 6 $539 $1,393 $1,738 549 1,026 499 $674 $340 $270 $407 $848 $948 255 299 72 8 72 145 117 -99 357 281 17 5 0 (4) 200 -8 -16 58 97 10 0 449 129 80 -52 -92 -13 -118 88 55 -39 153 88 -124 -4 -8 -6 11 6 0 613 120 117 -15 -11 24 0 659 228 -46 119 -104 42 -13 126 -74 22 24 0 4 $855 18 $539 $1,393 $1,738 138 251 109 305 42 0 See page 718 for footnotes. JULY 1953 715 WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS COMPOSITE SOURCES AND USES OF FUNDS S T A T E M E N T , 1939-52—Com. 300 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions] 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Account Manufacturing—Nonferrous metals 14 14 Sources of funds—total Net from operations 3 Trade payables Bank loans, short-term Bank loans, long-term Accrued Federal income taxes. . . . Other current liabilities Mortgages, bonds, other liabilities. Capital stock Other sources 5 $112 111 13 $381 -8 0 $202 143 9 -3 24 59 10 -33 -6 0 Uses of funds—total Plant and equipment expenditures Inventories Receivables Cash Government securities Other assets Other uses 6 $112 39 3 26 66 -6 -11 1 $202 84 21 29 35 20 9 2 $381 211 31 42 6 83 8 0 Number of companies -17 -9 18 9 -5 14 178 15 15 42 95 13 19 1 4 14 14 14 14 14 14 14 14 14 14 $385 187 30 -2 $217 193 12 -15 -40 58 $57 190 -13 1 $15 $82 $497 93 $570 279 39 17 $337 235 14 2 $109 149 -8 -10 (4) $360 221 6 34 80 1 36 -34 0 -24 27 15 59 5 4 $360 164 61 -2 -17 37 97 -77 45 87 (4) - 1 0 8 -15 -65 -1 -41 -1 $385 146 34 59 16 124 6 0 $57 53 -70 -43 4 $217 84 61 22 41 16 -8 2 1 127 -14 0 25 7 -119 9 11 -9 -5 -51 -71 14 0 I 64 $15 54 j (4) -29 -3 $82 98 88 -26 2 -82 -5 e 0 10 Manufacturing—Machinery, Number of companies 44 45 Sources of funds—total Net from operations 3 Trade payables Bank loans, short-term Bank loans, long-term Accrued Federal income taxes. . . . Other current liabilities Mortgages, bonds, other liabilities. Capital stock Other sources 5 $138 118 15 -10 $287 Uses of funds—total Plant and equipment expenditures Inventories Receivables Cash Government securities Other assets Other uses 6 $138 62 -8 -9 -15 60 45 3 5 6 14 2 -12 0 144 27 -11 1 67 57 1 1 0 $287 95 105 72 37 -9 -15 2 46 46 $748 $1,039 248 211 80 51 1 7 100 9 259 202 210 360 21 -10 $750 45 37 (4) 1 0 $748 $1,039 155 128 249 299 148 131 44 169 89 379 -18 13 2 0 46 80 -2 143 -210 -55 -87 167 396 (4) 46 -11 21 -4 30 -96 -204 44 5 -14 12 169 -3 1 (4) 0 $337 $109 $497 207 72 48 74 11 4 -15 49 4 0 259 4 33 -39 66 -2 0 -53 -30 -81 3 6 146 -37 142 71 46 46 46 $832 $298 361 45 492 18 8 69 104 -8 11 14 -82 93 130 160 6 0 $-3 $939 $832 366 321 -180 -59 -461 10 0 407 374 398 46 $-3 $59 $-404 278 55 5 26 -74 $939 46 $59 $-404 67 21 53 137 143 30 2 $554 484 96 11 -4 -101 68 71 0 0 $570 307 80 -6 (4) 118 incl. electrical 204 224 -39 251 44 -89 13 68 32 8 -60 33 123 11 - 3 9 -84 319 -210 -249 -301 - 2 -289 79 -97 60 214 -12 -12 99 16 42 1 0 0 45 0 $750 -23 14 $554 251 26 0 5 156 -21 155 - 1 1 6 11 20 213 98 2 1 2 2 197 151 98 64 -38 35 0 197 121 33 55 28 1 479 -62 -41 -96 -28 -17 26 19 18 $298 290 -264 46 46 46 $858 $1,714 $1,537 548 516 568 103 97 110 1 164 3 3 143 -6 402 -110 288 299 268 49 491 207 -147 -5 57 0 0 55 4 $858 $1,714 $1,537 461 291 494 170 877 245 243 -13 137 30 (4) 412 11 -92 42 2 285 50 495 -31 0 12 12 12 $872 $1,853 836 828 -33 255 13 7 -2 -11 $611 678 -19 -2 -2 -63 -71 8 311 25 0 Manufacturing—Automobile Number of companies 12 Sources of funds—total Net from operations 3 Trade payables Bank loans, short-term Bank loans, long-term Accrued Federal income t a x e s . . . . Other current liabilities Mortgages, bonds, other liabilities. Capital stock Other sources 5 $260 191 17 (4) 3 Uses of funds—total Plant and equipment expenditures Inventories Receivables Cash Government securities Other assets Other uses 6 $260 107 65 14 2 68 4 0 27 21 -3 4 (4) 12 12 12 12 12 $529 255 -10 25 3 $562 314 109 -89 3 $149 250 -2 $-558 0 228 18 5 5 0 $768 299 92 94 -2 -106 366 16 3 6 $487 $529 $768 $562 66 80 31 12 $487 221 55 (4) -1 112 100 -7 7 165 175 100 55 149 192 47 121 593 206 -131 141 15 178 -246 -1 36 -11 1 1 0 216 3 1 5 0 117 238 -27 57 73 -158 54 -70 -2 22 -3 -330 -154 -94 7 -17 1 (4) 0 17 $-558 114 247 $149 -112 -231 - 2 0 -284 -139 -10 243 -255 4 -26 () 62 0 12 12 12 $279 $1,008 $1,032 64 493 680 116 48 91 1 -12 3 6 0 -17 329 -110 144 84 -122 75 186 33 57 3 -3 152 0 9 9 488 152 55 617 156 -143 -3 12 3 -22 4 $1,217 685 250 30 -2 38 205 5 20 16 — 11 — 14 5 9 $872 $1,853 369 474 243 -131 21 242 28 86 806 526 1 61 0 0 $1,217 885 248 204 165 23 -26 — 741 - 2 4 8 105 116 0 0 FEDERAL RESERVE BULLETIN $279 $1,008 $1,032 327 -349 91 -268 -10 0 12 406 218 27 15 326 424 184 -58 -11 455 11 5 39 0 $611 688 410 See page 718 for footnotes. 716 WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS COMPOSITE SOURCES AND USES OF FUNDS STATEMENT, 1939-52- -Com. 300 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions] 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Account Manufacturing—Other transportation equipment 18 19 Sources of funds—total Net from operations 3 Trade payables Bank loans, short-term Bank loans, long-term Accrued Federal income t a x e s . . . . Other current liabilities Mortgages, bonds, other liabilities. Capital stock Other sources 5 $120 $426 Uses of funds—total Plant and equipment expenditures Inventories Receivables Cash Government securities Other assets Other uses 6 $120 Number of companies 36 22 1 -1 6 57 -9 8 0 26 49 16 43 -15 (4) 2 66 27 4 2 51 237 23 16 (4) $426 71 127 54 159 -4 20 0 19 19 19 19 19 19 19 19 19 $-570 $-425 187 164 -58 -75 -86 -133 11 -116 -33 -102 -2 9 -182 -274 -209 -145 -236 -61 y -24 1 10 4 59 0 0 0 $-8 -37 -34 13 14 9 -8 38 -16 13 $122 $66 80 -30 -45 -28 $209 $1,124 n 77 588 61 -25 0 $785 141 61 32 16 99 439 -6 -2 5 19 $641 $1,110 139 84 23 73 175 165 -15 -8 5 198 166 126 59 161 -67 -53 14 0 19 $604 $-304 261 128 30 -27 312 326 43 36 0 $641 $1,110 70 359 199 -58 57 14 0 43 170 411 298 155 26 7 88 18 -5 3 13 -16 8 14 0 62 38 -10 8 $-304 $-570 $-425 $-8 $122 $66 37 32 33 80 97 79 64 120 -187 -356 229 74 24 -112 164 -158 -128 -451 -35 30 -15 16 -27 -95 -183 49 (4) -55 198 -22 -47 -139 -149 26 86 4 -3 16 5 5 -6 ( ) -24 72 58 47 23 0 13 0 $604 19 100 59 -12 14 56 -4 1 -7 2 79 113 236 c $209 $1,124 67 138 45 799 127 281 -23 28 -4 -130 -3 7 0 (4) $785 142 383 177 76 3 4 0 Retail trade 41 41 41 41 41 42 42 42 42 42 42 42 42 42 Sources of funds—total Net from operations 3 Trade payables Bank loans, short-term Bank loans, long-term Accrued Federal income t a x e s . . . . Other current liabilities Mortgages, bonds, other liabilities. Capital stock 5 Other sources $178 $185 $374 $239 $143 $226 $195 $482 $404 $467 $235 $738 $580 107 14 -6 4 26 11 14 11 5 127 38 21 9 107 30 13 13 15 122 1 -23 10 95 24 -2 3 9 107 11 -10 i 95 27 -6 -1 5 130 47 6 11 -29 22 -26 1 33 320 61 34 8 -50 43 -32 75 23 303 28 -15 9 3 34 41 1 1 364 -13 8 -6 23 54 7 21 287 -9 4 -7 -57 -8 17 -3 12 339 101 17 -16 184 80 19 5 9 241 -19 54 259 10 -11 15 20 12 $354 235 24 -16 -24 6 26 36 48 19 Uses of funds—total Plant and equipment expenditures Inventories Receivables Cash Government securities Other assets Other uses 6 $178 $185 $374 $239 $143 $226 $195 $482 $404 $467 $235 $738 $580 86 64 48 -21 -6 7 0 91 50 30 24 -4 -7 0 99 217 -47 25 71 9 0 47 6 -83 107 168 -6 0 27 29 -27 -3 116 1 0 39 -95 16 116 148 1 0 207 141 41 72 534 107 115 111 -27 112 15 -70 51 -256 -133 31 23 7 0 0 0 225 -20 77 116 52 18 0 234 -71 54 -4 16 5 0 228 286 103 60 50 11 0 255 36 170 60 33 26 0 20 20 Number of companies 122 15 11 13 9 17 -3 -6 (4) 118 8 1 -9 11 5 -7 (4) 16 y $354 143 49 160 -59 33 27 0 Railroads 20 20 Sources of funds—total Net from operations 3 Trade payables Bank loans, short-term Bank loans, long-term Accrued Federal income taxes Other current liabilities Mortgages, bonds, other liabilities Capital stock Other sources 5 $277 $376 183 1 245 -24 Uses of funds—total Plant and equipment expenditures Inventories Receivables Cash Government securities Other assets $277 $376 156 7 23 75 —5 13 8 269 3 -3 85 -14 35 0 Number of companies Other uses6 9 -1 85 (4) 0 6 11 115 (4) 24 20 20 20 20 20 $732 $1,278 $1,452 $329 $121 443 29 902 43 891 181 721 -32 20 20 $574 $848 $332 $1,133 450 53 619 -14 473 -85 696 100 583 1 101 25 -62 (4) '7 76 -125 -14 -42 180 100 0 (4) 1 11 195 66 48 15 13 21 9 243 12 22 $574 $848 509 72 22 1 -94 64 0 749 808 66 -91 -15 -36 76 -94 17 -186 -46 -70 0 0 94 572 -11 -740 -174 436 39 17 50 -7 117 -96 115 -129 -247 -361 -374 -135 1 16 7 0 (4) (4) 12 9 4 2 150 152 $329 $121 $-146 298 383 374 346 9 50 -11 45 139 -12 28 -133 210 -233 61 -79 638 143 -231 -393 — 1 -100 157 67 0 0 0 0 $732 $1,278 $1,452 355 94 45 136 69 32 0 452 26 216 37 484 63 0 20 20 $-146 892 150 69 -43 $332 $1,133 667 6 223 134 134 -31 0 $891 $891 897 136 -59 -81 -48 16 0 20 $874 745 -33 () 25 13 115 9 0 $874 522 -62 -43 3 157 -56 54 See page 718 for footnotes. JULY 1953 717 WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS COMPOSITE SOURCES AND USES OF FUNDS S T A T E M E N T , 1939-52—Com. 300 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions] 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Account Electric utilities Number of companies 35 35 35 35 35 $328 $430 $434 $250 35 35 35 $166 $277 $462 248 249 4 12 3 -11 -7 8 34 73 -8 -1 37 (4) 54 56 6 (4) 261 -14 5 4 78 8 49 37 6 274 282 300 2 11 4 -6 0 -7 -10 -12 13 42 -17 -1 -1 -7 28 -51 -113 -121 -5 2 23 4 20 38 373 30 5 14 -3 -6 -6 45 8 Sources of funds—total Net from operations 3 Trade payables Bank loans, short-term Bank loans, long-term Accrued Federal income taxes 9 . . . Other current liabilities Mortgages, bonds, other liabilities. Capital stock , Other sources 5 $241 Uses of funds—total Plant and equipment expenditures Inventories Receivables Cash Government securities Other assets Other uses 6 $241 $328 $430 $434 $250 $166 $277 $462 200 5 -4 39 22 -27 6 300 13 3 10 6 -4 0 375 44 6 9 -9 5 0 304 3 -14 -12 138 15 0 146 -24 -9 73 77 -13 0 136 3 -3 -47 96 -19 0 238 2 16 12 -1 10 0 387 47 -6 25 4 6 0 229 8 5 6 9 -6 -69 58 0 35 35 35 35 35 35 $1,464 497 464 34 -5 10 19 -19 6 83 115 23 23 464 494 365 319 6 45 $799 $1,314 $1,178 $1,199 $1,480 384 47 53 29 -17 2 201 99 0 370 20 24 2 15 8 648 196 31 417 -6 15 -37 30 18 381 339 21 465 17 -7 (4) 72 1 376 275 0 $799 $1,314 $1,178 $1,199 $1,480 834 1,151 1,224 1,186 1,254 101 31 -73 -99 3 2 77 21 31 20 15 0 -69 14 33 -23 -1 0 64 41 -53 -50 4 7 80 16 10 96 24 0 1 1 1 1 $1,464 1,459 11 16 31 -60 8 0 1 Communications Number of companies 1 1 1 1 1 1 1 1 $714 $1 ,523 $1 ,422 $1 ,040 $1 ,024 $1 ,417 Sources of funds—total Net from operations 3 Trade payables Bank loans, short-term Bank loans, long-term Accrued Federal income taxes Other current liabilities Mortgages, bonds, other liabilities. Capital stock Other sources 5 $244 $398 $533 $300 204 3 0 0 11 24 0 0 233 10 0 0 28 2 130 -5 0 228 25 0 0 42 15 242 -19 0 230 212 17 -26 0 0 0 0 41 92 10 (4) 20 -26 15 2 0 0 257 351 232 258 205 76 -15 43 67 33 40 37 0 0 0 0 0 0 0 0 -20 34 52 -26 -153 18 15 35 -23 1 658 485 1,012 -94 -106 140 340 109 64 83 1 0 16 0 (4) Uses of funds—total Plant and equipment expenditures. Inventories Receivables Cash Government securities Other assets Other uses 6 $244 $398 $533 $300 $288 $279 230 i 290 6 9 118 -38 10 3 420 14 21 -77 149 3 3 345 -7 38 -52 -31 5 2 154 -10 4 20 123 -7 4 170 -5 16 -17 111 3 (4) 6 -23 37 y 2 $288 $279 $288 402 -31 36 0 28 16 248 340 2 499 49 -59 0 131 20 -20 400 4 512 32 43 0 119 36 75 600 0 549 47 -60 0 61 15 83 774 0 $714 $1 ,523 $1 ,422 $1 ,040 $1 ,024 $1 ,417 51,470 690 1,185 1,460 1,080 255 891 1,059 1,265 10 43 42 -12 8 -25 10 9 33 12 40 20 10 36 58 47 12 -3 16 9 1 3 5 -4 142 153 -84 -130 9 -94 42 259 5 66 87 30 19 76 40 (4) 3 0 0 0 5 0 0 7 $288 1 Figures were derived from income and balance sheet data shown in corporations' annual reports and Moody's Manual of Investments. Insofar as possible, prior years' figures reported by the companies have been revised to take account of later acquisitions and inclusion or exclusion of subsidiaries; reflecting a number of such shifts in 1952, figures for other recent years may differ from those published previously. Asset writeups and write-downs, stock dividends, and other nonfund bookkeeping transfers have been eliminated from the incom e data and balance sheet changes in deriving sources and uses of funds. Negative figures in the sources of funds sections represent uses of fund s, while negative figures in the uses of funds sections represent sources of funds. Details may not add to totals because of rounding. 2 Data for one company estimated. 3 Net profit after taxes plus current depreciation accruals minus cash dividends paid; nonfund and nonrecurring charges and credits to income have been eliminated from net profit. *Less than 0.5 million dollars. 5 Proceeds from sale of fixed assets and investments, tax refunds, and extraordinary sources of funds. 6 Prior years' tax payments and extraordinary uses of funds. 7 Company figures which in some cases include, and in others exclude, dry hole costs. 8 Included with other short- and long-term liabilities. 9 Includes state income and property taxes. 718 FEDERAL RESERVE BULLETIN ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES put into liquid forms in 1952. Accumulation of liquid assets by individuals, including trust accounts, increased from 4.6 billion dollars in 1951 to 8.3 billion in 1952 with almost all of the 1952 additions in the form of cash holdings. Additions to liquid asset holdings by nonfinancial corporations in 1952 were the smallest since 1947, partly because investment of funds in plant and equipment continued large. Financial corporations (other than banks and life insurance companies) added substantially to liquid asset holdings in 1952, CHANCES IN ESTIMATED LIQUID ASSET HOLDINGS reflecting in part a growth in total assets, especially OF INDIVIDUALS AND BUSINESSES by open-end investment companies, and in part a shift to a more liquid position. Increase, Percentage in billions Estimates of liquid asset holdings of individuals of dollars increase Type of asset or holder and businesses as of December 31, 1952, and for 1952 1951 1952 1951 end-of-year and selected midyear dates beginning December 1939, are presented in the accompanying 4 4 10.6 Total 8.9 table. These estimates cover the principal assets Type of asset: which are most readily available for use in current 5 4 0.9 1.2 Currency 7 4 2.6 4^6 Demand deposits transactions. Currency and demand deposits are 7 4 4.2 22 Time deposits 14 18 2^0 2.8 Savings and loan shares basic forms of cash; and time deposits, shares in 1 -1 () -0.2 -0.8 U. S. Gov't. securities savings and loan associations, and short-term GovType of holder: 3 6 2.3 4.3 Business holdings—total ernment securities are generally more readily con6 9 0.5 0.3 Financial corporations, total vertible into cash than are other types of assets. 4 7 0.1 Currency, deposits, and shares 3 0 . 2 7 10 0.3 0.2 U. S. Gov't. securities1 Government securities of longer maturity fluctuate 7 2 2.8 Nonfinancial corporations, total. . 3 0.9 . 10 6 1.5 2.2 Currency, deposits, and shares in market value with the result that their con3 -3 0.6 U. S. Gov't. securities1 -0.6 5 4 0.9 1.2 Unincorporated business, total version runs a risk of capital loss or gain. How8 5 1.5 Currency, deposits, and shares 3 0 . 9 -5 ever, they are free of credit risk and are readily U. S. Gov't. securities1 -0.3 5 3 8.3 4.6 Personal holdings—total saleable, and hence are generally regarded as more 7 7 1.8 2.1 Personal trust funds—total 10 3 0.3 Currency, deposits, and shares 3 0 . 1 liquid than other securities of the same maturity. 1 6 8 2.0 1.5 U. S. Gov't. securities 2 4 6.2 2.8 The estimates include liquid assets held by inOther personal—total 5 7 5.6 Currency, deposits, and shares 3 8 . 1 dividuals (including farmers), unincorporated busi-7 -5 U. S. Gov't. securities1 -1.9 -2.8 nesses, and corporations other than banks and in1 Securities valued at issue price, except savings bonds, which are valued at issue price plus accrued interest. Under flexible market surance companies (see footnote 1 of table for conditions, the selling price of marketable issues fluctuates daily and groups excluded). The figures, which are derived may at times be below the issue price. 2 Less than one-half of 1 per cent. primarily from bank and Treasury reports, are 3 Includes shares of savings and loan associations. approximations of amounts shown or implied in Changes in liquid asset holdings of individuals accounting records of the holders rather than and businesses in 1952 reflected additional liquidity amounts reported from bank and Treasury records. needs and desires. Not only were additions to The deposit estimates therefore differ somewhat liquid assets larger in 1952 than in 1951 but the from figures reported by banks and published increases were wholly in the form of cash while among banking statistics. holdings of Government securities were reduced. The basic classifications used and method of esThe principal source of increased liquid assets in timating are the same as those employed previously. 1952, as in 1951, was expansion of bank credit to Some estimates for 1951 have been revised.1 private borrowers. 1 See Federal 1945, February Total personal saving during 1952 as measured 1946, NovemberReserve BULLETINS for JuneJune 1948, July 1946, September 1947, by the Department of Commerce continued at the 1949, August 1950, July 1951, and July 1952 for previously same high rate as in -1951 but more of saving was published estimates. Total liquid assets—defined to include currency, bank deposits, savings and loan shares, and United States Government securities—held by individuals and businesses increased 10.6 billion dollars in 1952 following the previous postwar record increase of 8.9 billion in 1951. In percentage terms, the increase was larger for individuals than for busnesses. Unincorporated businesses added to their liquid assets in 1952 as in 1951 following five years of successive declines from 1945 to 1950. 2 JULY 1953 719 ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES [In billions of dollars] 1939 1940 1941 1942 1943 1947 1948 1949 1950 1951 1952 Dec. June Dec. June Dec. Dec. Dec. Dec. Dec. Dec. Dec. /' 1944 1945 1946 Type of holder Dec. Dec. Dec. Dec. Dec. June 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 '259.1 269.7 Totali 25 7 64.6 53.0 8.4 79.8 25 4 66.2 55.2 9.6 80.8 25 0 64.5 56.1 10.8 82.4 24.3 63.8 57.0 12.2 85.7 24.3 65.8 57.5 13.8 88.8 25.2 '70.4 '59.7 15.8 '88.0 26.4 73.0 63.9 18.6 87.8 19.4 22.3 25.9 39.4 55.9 62.9 67.5 72.3 73.0 69.6 66.3 64.6 64.5 66.7 70.5 r74.8 77.1 1.6 1.7 2.1 2.8 3.6 3.9 4.3 4.5 4.7 4.8 4.9 12.5 15.5 16.6 21.7 28.9 29.4 31.3 33.7 33.7 34.7 33.5 2 0 2 0 2 0 2 1 2 3 2 5 2 7 2 9 3 1 3 2 3 4 0.2 0.2 0.2 0.2 0.3 0.3 0.1 0.1 0.1 0.1 0.2 3.2 3.0 5.1 12.7 20.9 26.9 29.0 31.0 31.3 26.6 24.2 13.0 15.0 17.4 27.1 38.6 43.1 44.7 47.2 45.1 41.9 38.9 4.8 33.9 3 5 0.3 22.1 38.1 4.7 33.7 3 5 0.3 22.3 39.3 4.6 34.2 3 S 0.3 24.1 41.9 4.8 4.6 34.6 r38.1 3 6 3 7 0.4 0.4 27.3 r27.8 46.3 r49.4 5.1 40.0 3.9 0.6 27.5 50.8 2.1 0.8 0.9 0.9 0.9 0.9 0.9 1.0 1.0 16.0 20.9 21.4 22.1 24.0 22.1 22.9 21.8 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.1 0.1 0.1 0.1 0.1 0.1 0.1 16.0 20.0 20.9 21.5 21 .3 17.2 15.3 i. 9 " 3'. 5 y.6 1.0 22.2 0.7 0.1 14.1 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 .6 1.1 27.5 0.7 0.2 21.3 1.7 1.1 0.1 0.5 1.8 1.2 0.1 0.5 5.2 5.4 5.7 6.2 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 2.8 0.1 3.3 Nonfinancial corporations —total 11.3 33.8 34.8 36.7 40.9 '43.7 44.6 Currency. . Demand deposits. . . Time deposits Savings & loan shares. U. S. Govt. securities.... 13.2 15.2 24.6 35.5 39.7 40.9 43.1 40.3 37.2 34.5 0.7 0.7 0.8 0.8 0.9 0.9 0.9 0.9 0.9 1.0 1.0 8.4 10.5 11.1 14.8 19.6 20.1 20.6 22.4 20.1 20.8 19.7 0 6 0 6 0.6 0 6 0 6 0 6 0 6 0 6 0 6 0 6 0 6 1.0 20.5 0 6 1 .0 20.8 0 6 1.0 21.2 0.6 1.0 23.4 0.6 1.1 24.7 0 1 0 1 14.7 13.1 1.0 20.0 0 6 0 1 12.1 12.6 14.2 18.0 '18.6 18.0 27.7 27.4 26.5 25.2 24.8 24.2 r25 .4 26.3 3.6 3.8 3.8 3.9 9.7 11.6 11.8 11.7 2.2 2.4 2.5 2.7 0.1 0.1 0.2 0.2 9.5 10.0 9.4 8.9 3.8 11.7 2.8 0.2 8.0 3.7 11.0 2.8 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 '12.1 3.0 0.3 6.2 4.0 12.5 3.2 0.4 6.2 Currency Demand deposits2 .. T i m e deposits Savings & loan s h a r e s 3 . . . . L\ S. G o v ' t . s e c u r i t i e s 4 . . . . Business holdings—total. . Currency Demand deposits Time deposits Savings & loan shares U. S. Govt. securities Corporations—total Currency Demand deposits Time deposits Savings & loan shares. . . . I'. S. Govt. securities.. . . Financial 5 corporations— total Demand deposits Time deposits U. S. Govt. securities . . Unincorporated business— total Currency Demand deposits Time deposits Savings & loan s h a r e s . . . . U. S. Govt. securities.. . . 5 8 6 6 8 9 13 1 20.9 24.6 27.9 36.8 26.3 26.9 26.9 27.7 4.0 4.2 4.5 4.8 12.0 12.4 17.2 33.8 0.7 0.7 9.5 11.7 0.7 0.7 20 0 47.9 35.0 5.8 66.8 22 6 53.1 39.0 6.2 75.0 24 2 56.0 43.5 6.7 82.5 25 5 60.2 47.7 7.2 86.9 25 5 62.5 50.9 7.8 81 .8 0.8 12.4 0.7 2.2 1.3 0.1 0.8 2.5 1.2 0.1 1 .2 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 0.1 0.1 0 1 0 1 0.1 8.4 14.3 18.0 18.7 19.1 18.6 1.6 1.4 2.7 6.4 7.3 1.0 3.8 1 .3 0.1 1.1 8.5 12.3 1.3 4.2 1.3 0.1 1.6 2.0 5.7 1.4 0.1 3.1 0.9 3.0 1.3 0.1 1.1 18 0 47.1 32.0 5.4 53.9 17.3 19.8 2.7 3.0 8.0 8.0 1.6 1 .8 0.1 0.1 4.9 6.9 22.8 3.4 9.2 2.0 0.1 8.1 25.1 27.9 2.1 0.1 2.5 0.1 0.1 Personal holdings—total. . . 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 Currency Demand deposits Time deposits Savings & loan shares U. S. Govt. securities Trust funds—total* Demand deposits Time deposits Savings & loan s h a r e s . . . . U. S. Govt. securities.... Other personal—total7 Currency Demand deposits. . Time deposits Savings & loan s h a r e s . . . . U. S. Govt. s e c u r i t i e s . . . . 4.2 4.9 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 0.1 0.1 179.7 '184.3 10.3 15 1 25.6 4.7 12.1 14.4 18 2 29.7 5.2 33.0 16.1 18 5 32.5 5.6 39.9 18.3 21 8 36.3 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 8 52.6 10.5 60.1 19.7 29.6 53.5 11.9 61.6 19.7 20.4 31 .2 '32.3 53.9 '56.0 15.4 13.4 61.5 '60.2 11.7 13.4 14.7 15.9 17.8 19.4 21.6 22.9 24.0 26.5 4.5 4.7 5.6 6.9 10.0 1.2 0 2 1.3 0 3 1.4 0 3 '28.3 0.6 0.2 192.6 21 .3 33.0 60.0 18.0 60.3 30.4 1 .5 1 .0 0.6 27.3 3.1 3.1 3.9 1.2 0 2 0.1 5.4 45.1 47.7 53.9 69.9 '1.5 1.6 1.5 1 .3 1 .3 1.4 1.5 1 .6 1.8 1.7 1.6 1.6 1.0 0 2 0 2 0 2 0 2 0 2 0 3 0 3 0 3 0 5 0.8 0 5 0.5 0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.2 10.1 11.7 12.9 14.0 15.6 17.2 19.5 20.6 21.7 23.8 '25.3 8.4 T 90.5 100.9 115.0 125.9 138.6 141.1 145.8 151.0 151.4 152.3 153.2 156.0 162.2 10.3 13 9 25.4 4.6 15.7 14.4 16 9 29.5 5.1 24.6 4.2 4.9 6.8 72 7 8 9 9 24.1 24.6 24.6 3.9 4.1 4.4 5.7 6.3 8.2 16.1 17 2 32.3 5.5 29.8 18.3 20 4 36.1 5.9 34.3 19.7 20 8 40.4 6.4 38.6 20.8 24 9 44.4 6.9 41.6 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 39.2 20.3 29 2 52.1 10.3 39.5 19.7 28.1 53.C 11.f 39.9 19.7 29.6 53.1 13.1 37.7 20.4 '30.8 '55.0 14.9 '34.9 21.3 31.5 59.0 17.4 33.0 ' Revised. P Preliminary. 1 Holdings of 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, 1952, on a holder-record basis (see table) amounted to 73.0 billion dollars while on a bank-record basis these deposits amount to 92.9 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. ^Securities valued at issue price, except savings bonds, which are valued at issue price plus accrued interest. Under flexible market conditions, the selling price of marketable issues fluctuates daily and may at times be below the issue price. 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. 720 FEDERAL RESERVE BULLETIN LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Reserves Amendment to Regulation D Supplement The Board of Governors on June 24, 1953, amended the supplement to Regulation D, relating to reserves required to he maintained hy member hanks with Federal Reserve Banks so as to decrease the reserve requirements of member hanks, effective as to banks not in reserve and central reserve cities at the opening of business on July 1, 1953, and as to banks in reserve and central reserve cities at the opening of business on July 9, 1953. There is set forth below the text of the amended supplement: mitted to maintain 13 per cent reserves against its net demand deposits; 22 per cent of its net demand deposits /'/ in a central reserve city, except as to any bank located in an outlying district of a central reserve city or in territory added to such city by the extension of the city's corporate limits, which, by the affirmative vote of five members of the Board of Governors of the Federal Reserve System is permitted to maintain 13 per cent or 19 per cent reserves against its net demand deposits. Interest On Deposits SUPPLEMENT TO REGULATION I) Issued by the Board of Governors of the Fedenil Reserve System Time Certificate with Alternate Maturities Questions have recently been raised as to whether certain forms of time certificates of deposit providEffective as to member banks not in reserve and ing for alternate maturities and increasing rates of central reserve cities at opening of business on July interest comply with the requirements of the Board's 1, 1953, and as to member banks in reserve and Regulation Q relating to payment of interest on central reserve cities at opening of business on deposits by member banks. July 9, 1953. Under the Supplement to Regulation Q member banks may not pay interest at a rate in excess of Reserves Required To Be Maintained By 2l/z per cent per annum on any time deposit havMember Banks With Federal ing a maturity date 6 months or more after the Reserve Banks date of deposit or payable upon written notice of Pursuant to the provisions of section 19 of the 6 months or more; in excess of 2 per cent on any Federal Reserve Act and section 2(a) of its Regula- time deposit having a maturity date less than 6 tion D, the Board of Governors of the Federal Re- months and not less than 90 days after the date of serve System hereby prescribes the following reserve deposit or payable upon written notice of less than balances which each member bank of the. Federal 6 months and not less than 90 days; or in excess of Reserve System is required to maintain on deposit one per cent on any time deposit having a maturity with the Federal Reserve Bank of its district: date less than 90 days after the date of deposit or payable upon written notice of less than 90 days. 6 per cent of its time deposits plus— In applying these provisions, it is the Board's 13 per cent of its net demand deposits // not position that if a time certificate permits withdrawal in a reserve or central reserve city; at a stated maturity, the maximum rate of interest 19 per cent of its net demand deposits // in payable is to be determined by the length of time a reserve city, except as to any bank located between the date of issue and the maturity, or if the in an outlying district of a reserve city or in certificate does not specify a maturity but permits territory added to such city by the extension of withdrawal after a prescribed period of written the city's corporate limits, which, by the affirma- notice, the maximum rate of interest is determined tive vote of five members of the Board of Gov- by the length of such period of notice. If a cerernors of the Federal Reserve System, is per- tificate permits withdrawal either at a specified JULY 1953 721 LAW DEPARTMENT maturity or prior to such time after a specified period of written notice, the maximum rate of interest will depend upon which of such withdrawal privileges is elected by the depositor and the rate applicable under the Regulation in the circumstances of the withdrawal privilege so elected. For example, if a certificate provides for payment 5 years after date of issue with interest at a rate of 2x/i per cent, but also provides for earlier payment after 90 days' written notice with interest at a rate of 2 per cent, such a certificate complies with the requirements of Regulation Q. Similarly, such afive-yearcertificate providing for earlier withdrawal after 30 days' written notice with interest at a rate of one per cent would meet the requirements of the Regulation. CURRENT EVENTS AND ANNOUNCEMENTS Tables Published Annually and Semiannually, with Latest BULLETIN Reference » Semiannually Banking offices: Analysis of changes in number of. . . On, and not on, Federal Reserve Par List, number of Annually Bank suspensions Earnings and expenses: Federal Reserve Banks Member banks: Calendar year First half of year Insured commercial banks Banks and branches, number of, by class and State Operating ratios, member banks 722 Issue Admission of State Bank to Membership in the Federal Reserve System Page The following State bank was admitted to mem- Feb. 1953 181 Feb. 1953 184 bership in the Federal Reserve System during the Feb. 1952 135 period May 16, 1953 to June 15, 1953: Feb. 1953 182-183 May 1953 Oct. 1952 May 1953 536-546 1159 547 May 1953 Aug. 1952 548-549 937-939 California Whittier—Bank of Whittier. FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled June 24 and released for publication ]une 26] Industrial production continued in May and June at a level slightly below the March high. Construction activity remained close to earlier record levels, with private nonresidential building activity showing further gains. Sales at department stores and other retail outlets were maintained at advanced levels. Consumer prices rose slightly in May. In June prices of steel and petroleum were raised, while prices of farm products declined. INDUSTRIAL PRODUCTION The Board's industrial production index in May was 241 per cent of the 1935-39 average, unchanged from April and 2 points below March. The index is also estimated at 241 in June. A slight decline in durable goods production in May reflected mainly some further curtailment in household goods production, a substantial reduction in truck output and a temporary sharp cut in passenger auto assembly in the last half of the month. There was also some further decline in production of building materials. Activity in most industrial equipment and military equipment lines was maintained at the advanced first quarter level. Aluminum production continued in record volume. Steel production in May was at rated capacity but in June has declined somewhat. Auto assemblies have recovered in June to about earlier high levels, while truck production has continued at reduced rates. Television output has been further curtailed as stocks have continued to rise. Output of nondurable goods was again in record volume in May. Textile production expanded, with output of wool cloth showing a substantial gain, and chemicals production increased further. Activity in paper and rubber products industries was maintained at advanced rates. Meat production in June has continued substantially above a year ago. Mineral fuels production rose in May and early June as crude petroleum output turned up and coal mining increased further from earlier reduced levels. Iron ore mining continued at advanced levels. CONSTRUCTION Value of construction contract awards declined somewhat in May, but continued larger than a year earlier for the fifth consecutive month. The number of housing units started declined contraseasonally to 107,000. This compares with 110,000 both in the preceding month and in the corresponding month a year ago. Value of nonresidential construction put in place increased somewhat in May, after allowance for seasonal factors, reflecting further gains in construction for private business purposes. INDUSTRIAL PRODUCTION EMPLOYMENT Seasonally adjusted employment in nonagricultural establishments was at a new record of 49.2 million in May, slightly above the high levels of other recent months. At factories, the average workweek was reduced slightly further to 40.6 hours, and average hourly earnings continued unchanged at $1.75. Unemployment declined further in May and at 1.3 million was a postwar low for the month. DISTRIBUTION Federal Reserve indexes. Monthly figures, latest shown are for June. JULY 1953 Seasonally adjusted sales at department stores 723 NATIONAL SUMMARY OF BUSINESS CONDITIONS in the first three weeks of June continued near the advanced May level. Automotive sales in May were little changed from the high levels of other recent months, and apparel sales strengthened again following some slackening in April. Stocks at department stores are estimated to have increased slightly further in May after allowance for seasonal variation. COMMODITY PRICKS Steel prices were raised about 4 per cent in June following conclusion of a wage agreement; prices of steel scrap firmed somewhat; and lead increased further. Crude petroleum prices were advanced about 10 per cent and gasoline and fuel oil were raised, while prices of most other finished products continued to show little change. Average prices of farm products declined in June as feeder cattle decreased sharply and wheat dropped reflecting in part larger crop prospects. The consumer price index rose .3 per cent from April to May, reflecting chiefly a small increase in food prices and a continuing advance in rents and services. bills, including the new tax anticipation issue. There was also some expansion in business borrowing associated in part with quarterly income tax payments. Real estate and other loans (largely consumer) increased further. Bank reserve positions were relatively easy in the first three weeks of June. Prior to the midJune inflow of tax receipts, the Treasury drew down its balance at the Federal Reserve Banks and sold special certificates to the Federal Reserve. Substantial additional reserves were also supplied by Federal Reserve purchases of Treasury bills. In anticipation of heavy demands on bank reserves in the near future from the seasonal requirements of the economy and large Treasury financing, the Board announced on June 24 a reduction in reserve requirements on demand deposits of 1 percentage point at reserve city and country banks and 2 percentage points at central reserve city banks. The action becomes effective July 1 for country banks and July 9 for central reserve and reserve city banks. SECURITY MARKETS BANK CREDIT and RESERVES Yields on most Treasury securities reached new highs on June 1 but moved lower during the first Loans, investments, and deposits at banks in leading cities, which had declined earlier in the three weeks of the month. Market rates on threeyear, rose somewhat in the first three weeks of month Treasury bills declined sharply to the lowest June. Banks increased their holdings of Treasury point this year. Yields on high-grade corporate bonds rose somewhat further. Common stock prices declined to mid-June and subsequently advanced moderately. MONEY RATES LOANS AND INVESTMENTS MEMBER BANKS IN LEADING CITIES V" 9 " / v^ I DISCOUNT RATE /y— /-~, Figures except for Federal Reserve discount rate are monthly average market yields. Corporate Aaa bonds, Moody's Investors Service; U. S. Government long-term (excludes 3% per cent bonds issued May 1, 1953), U. S. Treasury Department and Federal Reserve; municipal high-grade bonds, Standard and Poor's Corporation; treasury bills', Federal Reserve. Latest Federal Reserve data. Weekly figures, latest shown are for figures shown are for May. June 10. 724 FEDERAL RESERVE BULLETIN FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Member bank reserves, Reserve Bank credit, and related items Federal Reserve Bank rates; margin requirements; reserve requirements Reserves and deposits of member banks Federal Reserve Bank statistics Regulation V: guaranteed loans, fees, and rates Bank debits and deposit turnover; Postal Savings System Money in circulation Consolidated statement of the monetary system; deposits and currency . All banks in the United States, by classes All commercial banks in the United States, by classes Weekly reporting member banks Commercial paper and bankers' acceptances Life insurance companies; savings and loan associations Government corporations and credit agencies Security prices and brokers' balances Money rates; bank rates on business loans; bond and stock yields 727-728 728-729 730 731-733 733-734 734 735 736 737-739 740-741 742-743 744 745 746-747 748 749 Treasury finance New security issues 750-755 756 Business finance Real estate credit statistics Statistics on short- and intermediate-term consumer credit Business indexes 757-758 759-761 762-764 765-774 Merchandise exports and imports Department store statistics Consumers' and wholesale prices Gross national product, national income, and personal income List of tables published in BULLETIN annually or semiannually, with references for latest data 774 775-779 780-781 782-783 722 Tables on the following pages include the principal statistics of current significance relating to financial and business developments in the United States. The data relating to Federal Reserve Banks, member banks of the Federal Reserve System, and department store trade, and the consumer credit estimates are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained from statements of the Treasury; the remaining financial data and other series on business activity are obtained largely from other sources. Back figures through 1941 for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for many other tables may be obtained from earlier BULLETINS. JULY 1953 725 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Billions of Dollars 35 Wednesday Figures Billions of Dollars 10 TREASURY CASH AND DEPOSITS! 0 1944 1945 1946 1947 1948 1949 1950 1951 1952 30 I I I FEDERAL RESERVE CREDIT HOLDINGS OF U. $ GOVERNMENT SECURITIES • TOTAL 10 I 1944 1945 1946 ] 1947 MDERAl RESIRVI flOAT 1948 1949 1950 Wednesday figures, latest shown are for June 24. 726 L. . u \ 1951 . 1952 J 1953 See page 727. FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding U.S. Govt. securities Date Bought Total outright Wednesday 1952 22,329 May 7 May 14. . . . 22,315 22,283 May 21 22,273 May 28 June 4 . . . . 22,378 22,492 June 11 June 18. . . . 22,997 Jane 2 5 . . . . 22,564 July 2 . . . . 22,869 22,860 July 9 22,723 July 16 July 2 3 . . . . 22,726 22,844 July 30 Aug. 6 . . . . 22,977 23,051 Aug. 13 23,032 Aug. 20 23,092 Aug. 27 Sept. 3 . . . . 23,182 23,229 Sept. 10 23,740 Sept. 17 23,715 Sept. 24 23,694 Oct 1 23,663 Oct 8 23,663 Oct 15. 23,663 Oct 22 Oct. 23,624 Oct. 29 23,520 Nov. 5 23,567 Nov. 12 Nov. 19. . . 23,563 23,761 Nov. 26 23,968 Dec. 3 24,239 Dec. 10 Dec. 17... 24,469 Dec. 24. . . 24,613 24,697 Dec. 31 1953 Jan. 7... 24,391 24,205 Jan. 14 24,034 Jan. 21 23,970 Jan. 28 23,989 Feb. 4 23,929 Feb. 11 23,890 Feb. 18 23,853 Feb. 25 Mar. 4... 23,853 23,853 Mar. 11 23,963 Mar. 18 23,869 Mar. 25 23,806 Apr. 1 Apr. 8... 23,806 23,821 Apr. 15 23,806 Apr. 22 Apr. 29... 23,806 23,860 May 6 23,879 M a y 13 M a y 20. . . 23,922 24,088 M a y 27 24,121 June 3 . . . June 10... 24,637 June 1 7 . . 25,154 June 24... 24,837 End of month 1952 22,906 June 22,853 July 23,146 Aug 23,694 Sept 23,575 Oct 23,821 Nov 24,697 Dec 1953 23,944 Jan.. 23,875 Feb.. 23,806 Mar.. 23,880 Apr.. 24,246 May. 24,746 June. Held under repurchase agreement DisAll counts and Float oth- Total er i advances Deposits, other than member bank Other Member bank Treasreserve balances, reserve balances Fedury Money Treas- with F. R. Banks eral in curury Gold Recircash stock rency cula- hold- Treas- For- Oth- serve outer Re- 2 Extion standacings ury eign deing dede- pos- counts Total quired posits posits its 1,043 671 499 816 926 834 541 307 480 683 974 1,073 1,403 843 770 979 897 968 880 313 400 544 1,019 772 1,130 1,171 1,663 1,583 1,486 1,615 1,591 1,752 1,022 1,728 156 690 774 1,008 648 770 798 1,284 877 801 918 969 871 655 616 727 795 610 661 759 1,191 738 721 698 887 1,070 706 528 542 1,140 921 1,188 866 1,543 1,515 967 24,067 23,764 23,794 23,742 24,079 24,128 24,828 23,753 24,155 24,465 24,671 24,674 24,907 24,440 24,553 24,810 24,603 24,816 24,872 25,249 24,857 24,963 25,384 25,325 25,867 25,505 25,714 25,696 26,193 26,301 26,751 26,860 27,039 27,860 25,825 23,297 23,297 23,298 23,296 23,296 23,297 23,297 23,346 23,346 23,347 23,348 23,350 23,350 23,350 23,344 23,344 23,344 23,344 23,344 23,344 23,343 23,342 23,341 23,341 23,340 23,340 23,339 23,338 23,337 23,338 23,337 23,337 23,277 23,186 23,187 4,739 4,739 4,739 4,741 4,747 4,750 4,751 4,752 4,755 4,754 4,756 4,756 4,761 4,763 4,764 4,766 4,768 4,774 4,776 4,780 4,781 787 787 4,787 4,790 4,790 4,794 4,794 4,797 4,797 4,803 4,804 4,806 4,809 4,812 28,523 28,497 28,483 28,710 28,842 28,830 28,787 28,814 29,180 29,148 28,988 28,884 28,952 29,041 29,051 29,068 29,129 29,391 29,364 29,292 29,247 29,417 29,545 29,617 29,511 29,540 29,748 29,905 29,842 30,152 30,274 30,370 30,487 30,732 30,433 1,286 1,293 1,279 1,286 1,282 1,284 1,286 1,290 1,277 1,264 1,271 1,275 1,286 1,279 1,277 1,281 1,276 1,285 1,279 1,281 1,274 1,287 1,280 1,276 1,281 1,289 1,278 1,282 1,292 1,267 1,278 1,280 1,269 1,266 1,270 749 516 384 558 527 507 9 134 90 38 307 482 605 270 422 526 707 715 347 6 264 523 596 212 618 588 789 505 703 317 719 645 371 665 389 497 539 572 597 608 623 600 595 576 638 700 766 785 727 864 839 849 815 789 821 728 722 723 675 684 655 643 639 691 711 734 720 729 729 550 265 257 241 216 216 211 168 218 184 268 288 250 257 255 193 218 235 251 159 177 161 162 249 179 245 236 250 244 258 270 147 316 208 201 455 747 20,034 745 19,953 745 20,127 745 19,667 742 19,906 742 19,978 794 21,232 793 20,006 798 20,153 799 20,413 797 20,422 797 20,326 724 20,409 722 20,260 718 20,136 721 20,267 721 19,797 717 19,760 715 20,340 729 21,067 726 20,581 882 20,098 880 20,239 881 20,613 878 20,779 877 20,449 20,334 805 20,447 803 20,738 801 20,917 800 20,939 802 20,868 860 21,198 863 21,400 777 19,950 19,071 963 19,092 861 19,181 946 19,217 450 19,207 699 19,226 752 19,736 1,496 19,621 385 20,104 49 20,008 405 19,973 449 19,875 451 19,829 580 19,675 585 19,692 444 19,652 615 19,643 154 19,511 249 19,549 791 19,957 1,110 19,901 680 19,762 336 19,567 672 20,089 524 20,128 651 19,975 474 19,884 450 19,906 541 20,073 665 20,409 508 20,371 568 20,288 580 20,582 616 20,531 869 20,520 -570 24,034 24,034 24,034 23,970 23,888 23,888 23,888 23,853 23,853 23,853 23,963 23,869 23,806 23,806 23,806 23,806 23,806 23,806 23,851 23,891 23,963 24,071 24,632 25,154 24,837 357 1,336 171 1,076 862 1,307 101 1,385 41 1,329 2 732 806 824 1,315 1,009 705 465 908 868 15 842 837 54 933 28 1,264 31 530 125 571 50 507 454 5 286 317 965 881 1,005 728 770 649 1,023 743 1,062 770 1,202 810 748 709 856 743 581 647 684 832 645 785 646 1,213 619 26,695 26,166 25,904 26,009 26,148 25,912 25,648 25,406 25,742 25,941 26,178 25,387 25,023 25,427 25,549 25,395 25,227 25,443 25,831 25,288 25,308 25,418 25,741 26,656 25,776 23,137 23,137 23,088 23,036 22,935 22,832 22,722 22,662 22,662 22,611 22,612 22,562 22,563 22,562 22,562 22,562 22,562 22,561 22,561 22,562 22,536 22,536 22,537 22,513 22,487 4,814 4,81*1 4,814 4,815 4,820 4,820 4,821 4,821 4,824 4,824 4,826 4,826 4,827 4,828 4,833 4,834 4,836 4,840 4,841 4,844 4,845 4,849 4,850 4,851 4,851 30,153 29,884 29,687 29,592 29,657 29,776 29,654 29,735 29,772 29,780 29,708 29,600 29,754 29,780 29,753 29,722 29,787 29,863 29,845 29,795 29,825 29,980 30,003 29,970 29,929 1,280 1,280 1,291 1,298 1,331 1,312 1,288 1,291 1,295 1,299 1,305 1,306 1,304 1,300 1,278 1,279 1,278 1,285 1,285 1,282 1,284 1,282 1,289 1,276 1,272 622 455 343 745 672 431 395 389 488 331 8 7 286 329 341 509 367 214 428 145 355 137 6 8 8 570 699 622 612 562 558 458 454 512 581 496 511 550 568 574 585 518 517 618 584 504 520 587 598 615 343 364 348 337 326 340 244 211 240 345 381 351 344 343 200 356 401 374 366 286 238 253 173 252 158 776 20,902 776 20,660 774 20,741 775 20,502 770 20,584 770 20,376 835 20,318 834 19,975 830 20,090 829 20,212 852 20,865 852 20,148 869 19,305 868 19,629 865 19,932 864 19,476 784 19.489 780 19,811 780 19,912 777 19,824 777 19,706 19,729 902 20,168 958 20,958 960 20,173 20,309 593 20,274 386 20,255 486 20,095 407 19,956 628 19,894 482 19,979 339 19,791 184 19,840 250 19,821 391 20,002 863 19,854 294 19,518 —213 19,472 157 19,560 372 19,481 -5 19,395 94 19,386 425 19,282 630 19,312 512 19,298 408 520 19,209 719 19,449 19,712 Pl.246 19,561 *»612 22,764 22,602 23,092 23,694 23,495 23,612 24,034 59 581 142 694 251 1,270 747 1,318 54 572 477 685 80 1,591 209 1,895 1,020 967 156 663 23,551 24,821 25,216 24,747 25,855 26,740 25,825 23,346 23,350 23,344 23,342 23,339 23,338 23,187 4,754 4,762 4,776 4,786 4,795 4,802 4,812 29,026 28,978 29,293 29,419 29,644 30,236 30.433 ,283 ,281 ,269 ,278 ,268 ,261 ,270 333 638 488 508 770 378 389 548 724 812 707 642 758 550 298 267 345 174 245 298 455 783 19,381 723 20,323 718 20,411 723 20,066 805 20,616 801 21,149 777 19,950 19,573 19,828 19,576 19,747 19,996 20,354 20,520 -192 495 835 319 620 795 -570 23,888 23,853 23,806 23,806 24,031 24,718 796 56 1,735 23 1,309 1,006 632 485 649 74 1,014 607 731 215 601 64 28 26,478 26,194 24,927 25,546 25,589 25,414 22,986 22,662 22,563 22,562 22,537 P22.463 4,820 29,691 4,824 29,793 4,829 29,754 4,841 29,842 4,849 29,951 P4.854 P30.116 ,308 ,284 ,293 ,269 ,272 ,267 809 336 222 393 221 132 586 511 536 506 515 527 508 412 342 416 171 176 770 20,611 833 20,511 850 19,322 783 19,740 775 20,069 951 19,561 19,997 19,796 19,607 19,389 19,263 19,521 614 715 -285 351 806 22,329 22,315 22,283 22,273 22,273 22,273 22,913 22,564 22,764 22,645 22,605 22,576 22,602 22,891 23,032 23,032 23,055 23,116 23,116 23,740 23,715 23,694 23,663 23,663 23,663 23,624 23,495 23,492 23,502 23,612 23,712 23,787 23,914 23,997 24,034 105 219 84 105 215 118 150 242 86 19 37 66 113 25 75 61 149 256 452 555 616 663 P40 P Preliminary. For footnotes see following page. JULY 1953 727 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding U. S. Govt. securities Date or period Dis- All Held counts Bought under and Float oth- Total repur- adTotal out- chase vances right agreement Deposits, other Member bank than member bank reserve balances reserve balances, Other Treasury Money Treas- with F. R. Banks Federal in ury Gold curRecircash stock rency cula- holdoutOth- serve stand- tion er ings Treas- ForacExReury eign de- counts Total ing quired 2 dedeposits posits End of month: 1929—June. 1933—June. 1939—Dec. 1941—Dec. 1945—Dec. 1947—Dec. 1948 - D e c . 1949—Dec. 1950—June. Dec. 1951—June. Dec. 1952—June. Dec. 216 1,998 2,484 2,254 24,262 22,559 1,037 52 164 4 91 7 94 3 249 578 85 535 223 541 78 534 43 326 67 1,368 53 1,002 19 1,184 59 581 156 967 ,400 4,037 ,220 4,031 ,593 17,644 ,361 22,737 2 25,091 20,065 ' 23 "M81 22,754 24 ,097 24,244 23,333 18,885 18,331 20,778 22,982 23,801 22,906 24,697 148 1,998 2,484 2,254 19,410 4,852 22,559 23,333 18,885 18,331 53 20,725 50 22,932 196 23,605 142 22,764 663 24,034 22,617 22,798 23,027 23,471 23,657 23,638 24,400 24,202 23,918 23,892 23,861 23,973 24,748 22,505 22,617 22,983 23,433 23,644 23,527 23,876 24,011 23,875 23,878 23,806 23,881 24,729 23,813 Apr. 1 Apr. 8. . . 23,878 . 23,879 Apr. 15. .. . 23,852 Apr. 22 Apr. 29.... 23,841 23,813 23,806 23,806 23,806 23,806 72 73 46 35 23,871 May 6 May 13. .. 23,855 . 23,925 M a y 20. .. . 24,075 M a y 27 23,806 23,820 23,873 23,934 65 35 52 141 1,140 1,323 855 627 701 689 936 730 4 25,715 22,562 4 !25,871 22,562 4l 125,720 22 ,561 4i 125,435 22,554 June 3.... 24,191 June 10.... 24,446 June 17.... 24,961 June 24 25,188 24,035 24,431 24,933 25,188 156 15 28 634 553 403 291 658 639 842 986 4' 125,486 |25,641 26,209 |26,469 19 ,499 24,427 18 ,703 24,231 22 ,216 22,706 24,043 21,756 25,009 22,695 23,551 23,346 25,825 23,187 2,019 4,459 2,286 5,434 2,963 7,598 3,247 11,160 4,339 28,515 4,562 28,868 ,224 4,589 4,598 27,600 4,607 27,156 4,636 27,741 4,655 27,809 4,709 29,206 4,754 29,026 4,812 30,433 204 36 264 35 2,409 634 2,215 867 2,287 977 1,336 870 1,325 1,123 1,312 821 1,298 950 1,293 668 1,281 317 1,270 247 1,283 333 1,270 389 21 6 15 151 397 256 774 586 862 446 392 569 642 547 767 750 1,158 273 895 565 870 392 526 363 548 298 550 374 2,356 2,333 346 2,292 1,817 251 11,653 6,444 291 12,450 9,365 495 15,915 14,457 563 17,899 16,400 550 20,479 19,277 706 16,568 15,550 771 15,934 15,498 714 17,681 16,509 765 19,020 18,604 746 20,056 19,667 783 19,381 19,573 777 19,950 20,520 23 475 5,209 3,085 1,458 1,499 1,202 1,018 436 1,172 416 389 -192 -570 Averages of daily figures Monthly: 1952—June. July. Aug.. Sept. Oct.. Nov. Dec. 1953—Jan.. Feb.. Mar. Apr.. May. June. 585 936 890 181 1,092 734 44 1,059 856 723 38 927 ,093 13 954 ,577 111 ,633 1,262 524 ,372 1,008 191 822 ,336 43 909 ,220 14 843 ,184 55 750 955 92 776 433 19 Weekending: 747 1,158 936 1,366 792 1,254 1,057 1,006 681 1,186 24,144 23,308 4,751 28,843 1,282 24,786 23,348 4,756 29,028 1,270 24,824 23,346 4,765 29,088 1,276 25,055 23,343 4,778 29,343 1,275 25,681 23,340 4,788 29,555 1,276 26,172 23,338 4,796 29,904 1,277 27,299 23,276 4 806 30,494 1,271 586 23,101 4,814 29,920 1,280 080 22,797 4,821 29,718 1,299 025 22,606 4,825 29,752 1,296 25,892 22,562 4,832 29,782 1,281 ,682 22,557 843 29,869 1,279 25 ,960 22,514 4,851 30,011 1,273 328 306 501 326 550 591 569 552 500 244 395 356 52 601 681 785 766 688 689 745 611 526 530 563 552 566 242 279 259 231 253 297 290 405 336 378 397 350 203 767 20,140 19,431 791 20,535 19,926 720 20,306 19,657 721 20,514 19,736 876 20,611 19,963 803 20,744 20,087 832 21,180 20,457 775 20,958 20,251 800 20,520 19,882 841 20,416 19,828 861 20,007 19,472 19,897 19,306 933 20,287 709 609 649 778 648 657 723 707 638 588 535 591 ,826 29,712 25,721 22,562 ,828 29,826 26,184 22,562 ,830 29,787 25,929 ,562 25,919 22,562 4,834 29,766 25,711 22,562 4,835 29,744 1,296 1,297 1,280 1,273 1,274 156 410 358 396 432 520 568 551 583 559 371 532 357 295 410 854 868 867 865 854 20,201 20,072 20,121 20,136 19,837 19,688 19,505 19,500 19,525 19,369 513 567 621 611 468 4,840 29,856 4,841 29,904 4,844 29,856 4,845 29,818 1,278 1,279 1,279 1,278 436 416 289 337 515 550 636 522 426 404 384 781 780 779 777 19,825 19,940 19,904 19,814 19,369 19,309 19,284 19,275 456 631 620 539 4,849 29,952 ,037 4,850 30 4,851 30,018 4,851 29,966 1,282 1,280 1,275 1,268 205 25 14 14 519 549 599 577 li 22,536 22,537 22,512 22,508 830> 19,891 19,280 611 902I 20,034 19,350 684 9255 20,523 '19,557 P966 960 20,843 '19,656 Pl.187 P Preliminary. Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. These figures are estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 1 2 MARGIN REQUIREMENTS * [Per cent of market value] MAXIMUM RATES ON TIME DEPOSITS [Per cent per annum] Nov. 1, 1933- Feb. 1, 1935- Effective Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Savings deposits Postal Savings deposits Other deposits payable: In 6 months or more In 90 days to 6 months. . . In less than 90 days NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits under the laws of the St^ate in which the member bank is located. Maximum rates that may be paid by insured nonmember banks as established by the F.D.I.C., effective Feb. 1, 1936, are the same as those in effect for member banks. Prescribed in accordance with Securities Exchange Act of 1934 Regulation T : For extensions of credit by brokers and dealers on listed securities For short sales Regulation U: For loans by banks on stocks Mar. 30, Jan. 17, Effec19491951tive Jan. 16, Feb. 19, Feb. 20, 1951 1953 1953 50 50 75 75 50 50 50 75 50 1 Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference between the market value (100%) and the maximum loan value. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and BULLETIN for March 1946, p. 295, February 1947, p. 162, and February 1953, p. 130. 728 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Federal Reserve Bank Advances secured by Government obligations and discounts of and advances secured by eligible paper (Sees. 13 and 13a)1 Rate on June 30 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco In effect beginning— Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. 20, 16, 16, 16, 23, 16, 16, 16, 16, 16, 23, 20, Previous rate Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U. S, (last par. Sec. 13) Other secured advances [Sec. 10(b)] Rate on June 30 In effect beginning— Jan. Jan. Jan. Jan. Jan. Jan. Jan, Jan. Jan. Jan. Jan. Jan. 1953 1953 1953 1953 1953 1953 1953 1953 1953 1953 1953 1953 20, 16, 16, 16, 23, 16, 16, 16, 16, 16, 23, 20, Rate on June 30 Previous rate 1953 1953 1953 1953 1953 1953 1953 1953 1953 1953 1953 1953 3 3 In effect beginning— Previous rate Jan. 20, 1953 Jan. 16, 1953 Jan. 16, 1953 Aug. 25, 1950 Jan. 23, 1953 Jan. 16, 1953 Aug. 13,1948 M a y 18, 1953 Jan. 26, 1953 Jan. 16, 1953 Jan. 23, 1953 Jan. 20, 1953 2% 2% 3 3 I* 3 2H 3 3 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES [Per cent per annum] Rate on June 30 Maturity 1- 90 days 91-120 days 121-180 days 2V8 2H 2H In effect beginning— Jan. 16, 1953 Jan. 16, 1953 Tan. 16, 1953 MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] 1^ FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13B OF THE FEDERAL RESERVE ACT Maturities not exceeding five years [In effect June 30. Per cent per annum] To financing institutions On discounts or purchases Federal Reserve Bank On loans * Boston New York Philadelphia.... Cleveland Richmond Atlanta Chicago St. Louis Minneapolis. . . . Kansas City Dallas San Francisco... 1 2 8 On commitments Portion for which institution is obligated Remaining portion On commitments 1917—June 2 1 . . 1936—Aug. 16 . . 1937—Mar. 1 . . May 1.. () 2^-5 2-2 X (a) (•) (2) Central reserve city banks Reserve city banks 13 26 Time deposits (all member banks) 10 15 17 20 Country banks 12* 14 1938—Apr. 16. . 22K 17 12 1941—Nov. 1942—Aug. Sept. Oct. 1. 20. 14. 3. . . . . 26 24 22 20 20 14 1948—Feb. June Sept. Sept. 27. . 11.. 16. . 24. . 22 24 1949—May May June July Aug. Aug. Aug. Aug. Aug. Sept. 1. . 5, . 30. . 1. . 1. . 11.. 16. . 18. . 25. . 1. . 1951—Jan. 1 1 . . Jan. 1 6 . . Jan. 25. . Feb. 1. . 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 JHJ per cent per annum is made on undisbursed portion of 6 loan. Charge of M, per cent per annum is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. JULY 1953 Effective date of change 2H NOTE.—Effective minimum buying rates on prime bankers' acceptances payable in dollars. Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. To industrial or commercial businesses Net demand deposits * Previous rate 1953—July 1 July 9 In effect July 9, 1953*.... 26 22 24 21 20 16 15 12 23 22^ 22 23 26 22 19 22 19 13 36 26 19 18* 18 19 24 36 2 6 35 2 5 14 13 ii' 13 13 1 Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947). 2 Requirement became effective at country banks. 3 Requirement became effective at central reserve and reserve city banks. * Present legal minimum and maximum requirements on net demand deposits—central reserve cities, 13 and 26 per cent; reserve cities, 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time deposits at all member banks, 3 and 6 per cent, respectively. 729 MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Month, or week ending Wednesday All member l banks Central reserve city banks Reserve city banks Country banks* New York Chicago 20,207 19,777 19,767 20,416 20,007 19,897 5,358 5,146 5,163 5,089 4,947 4,922 1,321 1,259 1,281 1,366 1,291 1,297 7,817 7,702 7,674 8,014 7,872 7,824 5,711 5,670 5,649 5,947 5,896 5,853 19,903 19,814 19,891 20,034 20,523 20,843 4,902 4,896 4,965 4,970 5,225 5,442 1,290 1,297 1,306 1,304 1,341 1,335 7,837 7,800 7,806 7,850 8,022 8,049 Month, or week ending Wednesday 5,874 5,821 5,815 5,910 5,935 6,017 Total reserves held: 1952—March April May 1953—March April May May May June June June June 20 27 3 10 17 24 Central reserve city banks New York Reserve city banks Country banks 1 10 -8 -5 3 -6 3 209 122 123 87 70 108 574 535 511 482 471 466 6 2 483 433 439 521 P545 P606 Chi- Excess reserves: 1952—March April May 1953—March April May 885 650 628 588 535 591 June June June June 23 9 33 29 140 333 12 4 110 97 133 132 202 210 307 367 563 1,202 1,166 944 19 60 105 211 278 72 82 12 26 277 113 54 149 219 321 559 584 569 57 76 111 154 190 249 845 617 624 543 393 281 3 10 17 24 92 2 -1 16 619 539 611 684 P899 Pl,153 May 20 May 27 37 26 29 14 26 31 19 31 20 14 13 545 327 317 258 158 93 232 245 247 251 195 175 15 Borrowings at Federal Reserve Banks: Required reserves: 1952—March April May 1953—March April May May May June June June June All member banksi 5,137 5,135 5,138 5,466 5,425 5,387 19,323 19,127 19,140 19,828 19,472 19,306 1,311 1,267 1,286 1,362 1,297 1,295 7,608 7,581 7,551 7,926 7,802 7,716 19,284 19,275 19,280 19,350 20 27 3 10 17 24 5,266 5,144 5,164 5,073 4,947 4,908 4,879 4,887 4,932 4,941 5,085 5,108 1,287 1,296 1,300 1,302 1,329 1.331 1952—March. . April. . . May 1953—March. . April. . . May.... 5,391 727 5,388 704 7,672 5,376 7,718 5,389 7,820 P 5 , 3 9 0 7,840 P 5 , 4 1 1 P19,624 P19.690 May May June June June June 20. 27. 3. 10. 17. 24. P Preliminary. 1 Weekly hgures 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. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Item All member banks Central reserve city banks New York Chicago Reserve city banks Country banks All member banks Central reserve city banks New York May 1953 Gross demand deposits: Total Interbank Other Net demand deposits 2 Time deoosits Demand balances due from domestic banks... Reserves with Federal Reserve Banks: Total ReQuired Borrowings at Federal Reserve Banks Chicago Reserve city banks Country banks May 1952 103,667 11,560 92,106 90,618 34,242 21.881 3,798 18,084 19,861 2,347 5,726 1,132 4,594 5,099 1,187 39,972 5,608 34,364 34,484 13,662 5,745 40 116 1,822 3,767 19,897 19,306 591 4,922 4,908 15 1,297 1,295 3 7,824 7,716 108 944 72 54 569 22,978 3,825 19,153 21,005 2,048 5,658 1,115 4,544 5,071 1,147 39,170 5,534 33,635 33,961 12,655 34,766 1 032 33,734 29,878 15,921 5,787 38 118 1,812 3,819 5,853 5,387 466 19,767 19,140 628 5,163 5,164 -1 1,281 1,286 -5 7,674 7,551 123 5,649 5,138 511 249 563 105 26 321 111 36,088 102,572 1,023 11,506 35,065 91,066 31,174 89,915 17,046 31,770 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 8 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. 730 FEDERAL RESERVE BULLETIN STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures Item End of month 1953 June 24 June 17 June 10 1953 June 3 May 27 June 1952 May June Assets Gold certificates Redemption fund for F. R. notes. . 20,522,103 20,545,601 20,575,603 20,607,601 20,607,602 20,496,102 20,607,602 21,452,251 790,629 778,683 790,826 744,303 748,472 790,179 748,473 691,036 Total gold certificate reserves. 21,312,732 21,336,427 21,354,286 21,351,904 21,356,074 21,286,281 21,356,075 22,143,287 Other cash Discounts and advances: For member banks For nonmember banks, etc.. Industrial loans U. S. Government securities: Bought outright: Bills Certificates: Special Other Notes Bonds 325,994 317,361 306,910 312,812 327,666 320,222 326,847 317,079 307,054 9,500 3,029 276,575 9,500 3,204 444,599 9,500 3,441 497,941 9,500 3,523 561,387 9,500 3,342 54,314 9,500 3,192 722,122 9,500 3,674 44,047 15,000 5,068 1,249,754 1,039,754 889,754 779,754 671,754 1,426,804 739,754 281,800 296,000 823,000 451,000 4,995,716 4,995,716 4,995,716 4,995,716 13,773,671 13,773,671 13,773,671 13,773,671 4,521,975 4,521,975 4,521,975 4,521,975 Total bought outright Held under repurchase agreement. Total U. S. Government securities. Total loans and securities ,995,716 4,995,716 4,995,716 11,778,216 ,773,671 13,773,671 13,773,671 5,568,073 ,521,975 4,521,975 4,521,975 5,135,823 24,837,116 25,154,116 24,632,116 24,071,116 23,963,116 24 ,718,166 24,Q31,116 22 ,763,912 28,000 5,000 215,260 141,800 50,250 124,900 24,837,116 25,154,116 24,637,116 24,121,366 24,088,016 24,746,166 24,246,376 22,905,712 25,156,699 25,443,395 25,094,656 24,632 ,330 24,662 ,245 24,813,172 24,981,672 22,969,827 Due from foreign banks F. R. notes of other Banks. Uncollected cash i t e m s . . . . Bank premises Other assets 23 23 23 144 342 151,179 139,361 4,380,867 5,406 171 3,442,852 49,919 49 946 49,834 89,712 81 117 130,456 23 23 23 23 28 148,995 157,228 149,945 131,268 157,716 ,604,907 3,538,330 3,518,618 3,278,976 3,117,886 49,808 49,816 49,763 49,746 44,931 245,450 240,621 97,158 121,266 188,567 51,467,125 52,778,782 50,518,378 50,204,256 50,323,762 50,242,518 50,388,751 48,939,321 Total assets. Liabilities Federal Reserve notes Deposits: Member bank—reserve accounts.. U. S. Treasurer—general account. Foreign Other Total deposits. 25,652,222 25,680,149 25,705,372 25,672,421 25,560,093 25,830,644 25,670,567 24,826,402 20,172,542 20,958,086 20,168,225 19,729,372 19 ,706,410 19,561 236 20,068,897 19 ,380,649 221 332,951 8,309 7,929 137,354 354,578 132 350 6,008 548,153 514. 614,786 598,406 520,119 504,197 526 690 587,311 297,394 170 251,879 252,861 238,248 175 521 157,525 173,018 20,953,162 21,816,300 20,934,562 20,639,706 20,803,433 20,395,797 20,975,858 20,559,147 Deferred availability cash items , Other liabilities and accrued dividends. Total liabilities. Capital Accounts Capital paid in Surplus (Section 7) Surplus (Section 13b) Other capital accounts 3,761,894 4,193,492 2,796,472 2,819,614 21,909 22,433 24,409 20,692 Total liabilities and capital accounts 2,671 21 ,536,747 12,034 50,391,687 51,711,850 49,458,839 49,152,433 49,278,933 49,160,774 49,339,761 47,934,330 259,417 584,676 27,543 203,802 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per c e n t ) . . . . Contingent liability on acceptances purchased for foreign correspondents Industrial loan commitments ,892,874 2,917, 22,533 16, 258,241 584,676 27,543 196,472 257,983 584,676 27,543 189,337 257,917 584,676 27,543 181,687 257,767 584,676 27,543 174,843 259,536 584,676 27,543 209,989 257,777 584,676 27,543 178,994 245,187 538,342 27,543 193,919 51,467,125 52,778,782 50,518,378 50,204,256 50,323,762 50,242,518 50,388,751 48,939,321 45.7 44.9 28,542 3,199 29,561 2,851 46.0 45.8 48.8 29,653 3,142 29,231 2,670 8,069 5,946 63,814 45,879 14,008 927 192 984 782 301 125 24,746,166 161,500 2,319,529 13,023,616 6,452,264 1,374,400 1,414,857 731,622 660,498 70,948 176 3,674 442 1,260 1,823 149 24,246,376 1,368,026 895,154 12,279,775 6,914,164 1 ,374,400 1 ,414,857 59,047 37,191 15,408 6,448 5,068 789 345 2,962 972 ,905,712 ,273,266 123,000 ,425,775 ,941,352 ,070,224 ,072,095 45.8 28,388 3,385 28,539 2,815 31,173 3,013 Maturity Distribution of Loans and U. S. G o v e r n m e n t Securities * Discounts and advances—total Within 15 days 16 days to 90 days , 91 days to 1 year Industrial loans—total Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years U. S. Government securities—total Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 316,554 295,970 20,405 179 3,029 948 742 1,198 141 ,837,116 429,500 ,142,479 ,023,616 ,452,264 374,400 ,414,857 454 ,099 411 ,840 42 ,077 179 182 ,441 3. 204 1 094 400 707 ,370 260 ,528 143 143 25,154,116 24,637,116 ,000 5 000 2,045,,979 1,511 154 13,023, 13,417,541 6,452, 264 6,914, 1,374, 400 1,374 1,414, 857 1,414 286, 075 261. 659 24 237 507,441 449,038 58,228 175 3,523 443 1,437 1,500 143 24,121,366 65,250 935,154 13,417,541 6,914,164 1 1,374,400 1 1,414,857 570,887 510,163 60,546 178 3,342 896 550 1,747 149 24,088,016 1,298,166 806,654 12,279,775 6,914,164 ,374,400 ,414,857 1 Beginning Apr. 15, 1953, U. S. Government securities classified according to maturity date. During the period Jan. 3, 1951-Apr. 8, 1953, callable issues classified according to nearest call date. Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements. JULY 1953 731 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 30, 1953 [In thousands of dollars] Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago San Francisco St. Louis Minneapolis Kansas City Dallas 521,545 290,382 884,620 525,757 2,500,887 50,683 26,044 40,360 316,42c 5,259 924,980 11,374 1,150 238 113 5,005 386 Assets Gold certificates. 20,496,102 Redemption func 790,179 for F. R. notes. 676,555 6,826,743 1,142,718 1,437,784 64,822 109,247 58,668 85,252 713,998 594,688 4,380,425 80,848 61,599 125,539 Total gold certificate reserves.. 21.286,281 741,377 6,935,990 1,201,386 1,523,036 794,846 656,287 4,505,964 572,228 62,269 16,889 19,037 26,561 22,664 320.222 17.724 27.325 66,905 Other cash Discounts and advances: Secured by U. S. Govt. 2,050 20,666 14,480 2,946 3.750 54,092 500 1,170 1,975 securities. . . 601 2,803 713 874 475 9,722 409 1,301 361 Other 2,634 19 3,192 426 Industrial loans.. U. S. Government securities: Bought out24,718,166 1,734,972 5,424,819 1,548,321 2,400,950 1,767,003 1.533,858 3.658,421 1,313,319 right Held under repurchase 28,000 28,000 agreement... Total loans and 24.813,172 1,737,623 5,476,288 1,56"), 148 2,404,770 1,771,247 1.535,863 3,661.697 1,314.180 securities Due from foreign i 7 2 2 1 23 1 1 1 3 banks F. R. notes of 24,514 10,088 3,723 9,891 17,800 157,228 9,314 18,380 20,129 other Banks... Uncollected cash 731,221 222,040 342,803 291,326 238,872 544,552 134,887 3,518,618 291,161 items 7,146 4,239 5,021 4,579 49,816 4,857 3,657 2,930 6,759 Bank premises... 20,493 7,261 5,841 9,573 6,851 97,158 6,744 4,754 13,799 Other assets 30,399 56,718 556,156 2,557,605 12.664 31,551 30( 601 100 960 758,121 981,558 1,193,418 2,403,406 759,622 986,949 1,194,319 2,404,466 1 1 1 2 7,315 8,193 7,537 20,344 90,257 1,037 2,947 160,472 2,191 4,527 137,424 611 5,017 333,603 6,789 9,351 Total assets . . . . 50,242,518 2.808,831 13,257,928 3,028,781 4,321,215 2,903,817 2,487,129 8,819,808 2,056,018 1,182,864 2,098,687 1,913,729 5,363,711 Liabilities 25,830,644 1,610,269 5,685,097 1,836,404 2,389,991 1,778,833 1,376,455 4,975,814 1,179,412 F. R. notes Deposits: Member bk.— reserve accts. 19,561,236 817,492 6,290,223 883,118 1,505,733 785,591 833,896 3,198,718 685,530 U. S. Treas.— 132,350 311 561 124,896 528 557 536 567 503 gen. acct.. . . 41,573 526,690 33,812 2 135,890 50,996 27,715 23,835 21,063 75,939 Foreign 119,847 1,236 4,575 3,166 2,027 880 175,521 7,134 871 Other Total deposits. . . 20,395,797j Deferred availability cash 2,917,696 items Other liabilities and accrued 16,637 dividends 856,440 6,670,856 272,770 595,770 638,742 1,012,313 733,660 2,613,654 421,623 888,610 976,649 2,274,053 528 13,858 2,128 547 21,063 1,232 926,238 1,560,423 815,890 859,147 V2 76,095 714,230 438,137 268,975 249,812 200,286 117,073 75,976 184,781 416,694 569 24.944 890 2,247 56,002 31,535 911,452 1,003,052 2,363,837 131,994 126,426 277,139 1,834 892 4,899 888 1,213 491 845 586 2,511 748 555 1,175 Total liabilities.. 49,160,774 2,740,654 12,956,622 2,948,315 4,221,223 2,845,423 2,436,733 8,671,114 2,011,463 1,153,346 2,056,314 1,863,724 5,255.843 Capital Accounts Capital paid in. . Surplus (Sec. 7).. Surplus (Sec. 13b) Other capital accounts 259,536 584,676 27,543 13,805 36,462 3,011 81,360 157,503 7,319 17,802 43,578 4,489 24,709 54,064 1,006 11,246 29,248 3,349 10,926 25,803 762 33,209 84,628 1,429 8,942 23,628 521 5,807 15,131 1,073 9,922 21,925 1,137 13,042 25,381 1,307 28,766 57,325 2,140 209,989 14,899 45,124 14,597 20,213 14,551 12,905 29,428 11,464 7,507 9,389 10,275 19,637 Total liabilities and capital 50,242,518 2,808,831 13,257,928 3,028,781 4,321,215 2,903,817 2,487,129 8,819,808 2,056,018 1,182,864 2,098,687 1,913,720 5,363,711 accounts Reserve ratio.... 46.0% 30.1% 56.1% 43.5%; 38.6% 30.6% 29.4% 54.6% 30.2% 29.4% 48.1% 32.0% 51.4% Contingent liability on acceptances purchased for foreign correspondents 29.653 1,734 3.9,608 2,132 2,616 1,422 1,223 3,895 1,080 711 1,080 1,280 2,872 Industrial loan commitments.. 3,142 1,567 749 52 43 731 1 After 2 After 3 deducting $16,000 participations of other Federal Reserve Banks. deducting $390,781,000 participations of other Federal Reserve Banks. After deducting $20,045,000 participations of other Federal Reserve Banks. 732 FEDERAL RESERVE BULLETIN FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands of dollars! Wednesday figures End of month 1953 Item June 24 F. R. notes outstanding (issued to Bank) Collateral held against notes outstanding: Gold certificates Eligible paper U. S. Government securities June 17 1953 June 10 June 3 26,629,016 26,601,283 26,588,713 26,533,136 June May June May 27 1952 26,529,637 26,698,399 26,575,818 25,753,569 12,464,000 13 3,149,000 416,256 20,684 14,800,000 13 3,375,000 11,874,000 11 ,874,000 12,174,000 12,464,000 12,464,000 219,087 146.495 123,220 230,079 302,046 15,400,000 15,400,000 15,100,000 14,800,000 14,800,000 2 7,420,495 27,397,220 27.493,087 27,494,079 27,566,046 27,419,422 27,680,256 26.544.684 Total collateral EACH FEDERAL RESERVE BANK ON JUNE 30, 1953 [In thousands of dollars] Total Item Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minne- Kansas apolis City F. R. notes outstanding (issued 26,698,399 1,667,256 5,882,84^ 1,899,808 2,455,117 1,849,300 f ,443,984 to Bank) 1,222,371 Collateral held: 745,000 770,000 450,000 310,000 2,800,000 280,000 Gold certificates 11,974,000 390,000 500 45,422 14,480 3,750 2,071 Eligible paper.. U. S. Govt. se1,200,000 1,700,000 1,450,000 1,200,000 15,400,000 1,300,000 curities 1,025,000 1,959,480 2,470,000 Total collateral.. 27,419,422 1,692,071 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Date (last Wednesday or last day of period) Applications approved to Amount 3,511 3,542 3,574 3.607 3 ,649 3,698 3. 736 1945 1946 1947 1948 1949 1950 1951 Number 544,961 565,913 586,726 615,653 629.326 651,389 710.931 Approved Loans Commitbut not outcom- standing2 pleted ! (amount) standing (amount) (amount) 320 4,577 945 335 539 4,819 3,513 1 ,995 554 1,387 995 2.178 2,632 4,687 1,644 8,309 7 ,434 1,643 2,288 3 .754 6,036 Participations of financing institutions outstanding 3 (amount) 1 ,086 2.670 4,869 1 ,990 2,947 3,745 11,985 31 . . . 30. . . 31. .. 31 . . . 30. . . 31 . . . 30. . . 31 . . . 3,743 3 ,745 3 ,746 3,750 3,750 3 , 751 3,752 3. 753 734,049 738,721 743,629 748,451 752,042 757.277 762,620 766,492 ,083 L ,589 2.142 1,370 ,601 ,351 .638 5,211 5,101 4,624 4,690 4,496 4,311 3,868 3,921 6,083 5,947 6,184 6,152 6,327 3.720 4,044 3,210 10,262 10,105 9,814 10,128 9,978 7,174 7,010 3,289 3,754 3 ,755 3,756 3,757 3,758 770,541 773,013 776,461 780,468 784,246 2,513 1 ,185 1 ,188 1,751 1,698 3,895 4,054 3,678 3,485 3,706 3. 1 76 2,816 2 , 756 2 ,866 2,671 3,236 3,234 3,193 3,131 3,141 235 1953 [an. Feb. Mar. Am-. Mav 31 . . . 28. . . 31 . . . 30. . . 31. .. 280,000 184,000 1,700,000 5.030 100 800,000 600,000 ,100,000 1,085,030 784,000 2,800,100 LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 AND EXECUTIVE ORDER NO. 10161 [Amounts in thousands of dollars] Guaranteed loans authorized to date Guaranteed loans outstanding Date Number Amount Total amount Portion guaranteed Additional amount available to borrowers under guarantee agreements outstanding 1950 Dec. 3 1 . . . 62 31,326 8,017 6,265 8,299 254 484 729 854 300,955 654,893 1,154,942 1,395,444 68,833 252,100 492,167 675,459 56,973 209,465 400,652 546,597 47,822 276,702 450,013 472,827 971 998 1,023 1,050 1,066 1,092 1,113 1,130 1,143 1,159 1,677,786 1,727,729 1,787,755 1,867,643 1,922,388 2,023,403 2.052,327 2,069,697 2,081,888 2,124,123 836,739 838,073 870,174 883,262 909,688 907,899 922,129 993,856 989,678 979,428 672,974 672,678 695,814 703,774 726,452 725,943 736,833 811,132 811,117 803,132 467,392 595,098 601,752 615,139 648,065 692,067 656,995 591,762 600.304 586.303 984,295 2,147,953 999,794 2,170,443 2,190,643 1,023,666 972,193 2,211,201 957,541 2,258,011 808,986 822,257 838,704 801,945 792,015 578,061 548,916 520,517 469,324 469,048 1951 1952 Mav Tune Tulv Aug. Sept. Oct. Nov. Dec. San Francisco 1,036,968 767,549 2,746,061 1,305,500 6 1,903,750 1,510,000 Dallas 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. JULY 1953 Mar. Tune Sept. Dec. 31.. . 30... 30. . . 31.. . 1952 Mar. 31. . . Apr. 3 0 . . . May 3 1 . . . Tune 30. . . julv 3 1 . . . Aug. 3 1 . . . Sept. 30.. . Oct. 31. . . Nov. 30. . Dec. 3 1 . . . 1953 Jan. Feb. Mar. Apr. May 31... ,173 28. . . ,188 31.. . ,204 30. . . 1 ,212 3 1 . . . 1 ,221 NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to borrowers under guarantee agreement outstanding represents amounts repaid, guarantees authorized but not completed, and authorizations expired or withdrawn. 733 POSTAL SAVINGS SYSTEM FEES AND RATES ESTABLISHED UNDER REGULATION V ON LOANS GUARANTEED PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 AND EXECUTIVE ORDER NO. 10161 [In effect June 30] Fees Payable to Guaranteeing Agency by Financing Institution on Guaranteed Portion of Loan 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 Percentage of loan guaranteed 10 15 20 25 30 35 40-50 Maximum Rates Financing Institutions May Charge Borrowers [Per cent per annum] [In millions of dollars] Assets End of month 1945—December.... 1946—December 1947—December 1948—December 1949—December 1950—December 1951—December.... 1952—May June July August September. . . October.. . . November.... December 1953—January February March April May Interest rate Commitment rate. Depositors' balances * Total 2,933 3,284 3,417 3,330 3,188 2,924 2,705 2,633 2,617 2,601 2 586 2,572 2,561 2,555 2,547 2,536 2,523 2,510 P2.496 P2.477 Cash in depository banks U. S. Government securities 3,022 3,387 3,525 3,449 3,312 3,045 2,835 2,761 2,746 2,751 2,758 2,766 2,760 2,749 2,736 6 6 6 7 7 11 28 33 33 33 34 33 33 33 33 2,837 3,182 3,308 3,244 3,118 2,868 2,644 2,574 2,557 2,554 2,554 2,554 2,553 2,553 2,551 179 200 212 198 187 166 162 153 156 164 170 179 174 162 151 2,724 2,715 2,708 33 33 33 2,538 2,524 2,520 152 158 155 Cash funds, etc.8 P Preliminary. Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of total deposits except interbank deposits (old series) Debits to total demand and time deposit accounts, except interbank accounts (old series) Year or month Total, all reporting centers 1947. 1948. 1949. 1950. 1951. 1952. New York City 1 140 other centers 1 Other reporting centers New York City Other reporting centers 1,125,074 1,249,630 1,231,053 1,403,752 1,577,857 1,692,136 405,929 449,002 452,897 513,970 551,889 615,670 599,639 667,934 648,976 742,458 854,050 895,906 119,506 132,695 129,179 147,324 171,917 180,560 21.0 23.6 24.1 26.6 26.9 28.7 11.9 12.9 12.4 13.4 14.5 14.4 Debits to demand deposit accounts, except interbank and U. S. Government accounts (new series) Total, all reporting centers 1952 New York City 6 other centers 2 Other reporting centers 3 Annual rate of turnover of demand deposits except interbank and U. S. Government deposits (new series) New York City 6 other centers 2 Other reporting centers 3 1,643,130 597,815 349,904 695,411 34.4 24.1 18.4 1952—May June July August September October... November December. 133,032 139,759 137,334 122,200 136,067 150,486 127,665 165,140 48,830 53,385 50,472 42,778 49,131 54,893 44,209 63,091 27,974 29,305 29,483 25,550 28,611 32,322 27,064 35,179 56,229 57,068 57,379 53,873 58,325 63,271 56,392 66,871 32.8 37.4 34.4 29.6 35.4 36.4 34.1 41.8 22.8 24.9 24.0 20.8 24.3 25.0 24.1 26.9 17.8 18.7 18.1 16.9 18.9 18.6 19.2 19.8 1953—January.. February. March April May 145,988 129,319 153,511 145,740 142,175 52,048 45,749 53,898 52,038 50,255 31,660 28,126 35,339 32,742 32,283 62,281 55,443 64,274 60,961 59,637 34.3 35.1 37.1 35.4 35.6 23.9 24.4 28.3 26.0 25.5 18.4 '18.9 19.4 '18.5 18.8 ••Revised. 1 National series, now discontinued, for which debit figures are available 1919-52. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. 3 In the new series there are 338 "other" reporting centers. (Old series included 193 centers, 1942-November 1947; 192, December 19471950; and 201 beginning January 1951.) NOTE.—As described in the article on pp. 355-357 of the BULLETIN for April 1953 the monthly series of bank debits was revised beginning with figures for March 1953. Data for 1943-51 on the revised basis are being compiled and will be published later. ' 734 FEDERAL RESERVE BULLETIN UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Coin and small denomination currency 2 Total in circulation 1 Total Coin 7,598 8,732 11,160 15,410 20,449 25,307 28,515 28,952 28,868 28,224 27,600 27,741 29,206 5,553 6,247 8,120 11,576 14,871 17,580 20,683 20,437 20,020 19,529 19,025 19,305 20,530 590 648 751 880 1,019 1,156 1,274 1,361 1,404 1,464 1,484 1,554 1,654 July August . . . September... October November... December. . . 28,767 29,026 28,978 29 293 29,419 29 644 30,236 30,433 20,231 20,449 20,398 20,659 20,739 20,897 21,392 21,450 1953—January February.... March April May 29 691 29,793 29,754 29,843 29,951 20,799 20,918 20,896 20,979 21,085 End of year or month 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 ... . ... . . . ... 1952—May June Large denomination currency 2 $2 $5 $10 $20 Total $50 $100 559 610 695 801 909 36 39 44 55 70 2,048 2,489 3,044 3,837 5,580 7,730 7,834 8,518 8,850 8,698 8,578 8,438 8,678 460 538 724 1,019 1,481 1,996 2,327 2,492 2,548 2,494 2,435 2,422 2,544 919 1,112 1,433 1,910 2,912 4,153 4,220 4,771 5,070 5,074 5,056 5,043 5,207 20 30 24 9 9 32 60 46 25 22 81 73 67 65 64 62 64 67 1,576 1,800 2,545 4,096 5,705 7,224 9,201 9,310 9,119 8,846 8,512 8,529 9,177 425 523 556 586 749 987 1,772 2,021 2,731 4,051 5,194 5,983 6,782 6,497 6,275 6,060 5,897 5,998 6,329 191 227 261 287 407 1,039 1,029 1,048 1,049 1,066 1,113 1,182 1,019 1,129 1,355 1,693 1,973 2,150 2,313 2,173 2,110 2,047 2,004 2,049 2,120 555 454 438 428 400 382 368 355 990 801 783 782 707 689 588 556 10 7 8 5 5 4 4 4 24 24 26 17 17 11 12 12 3 2 3 3 3 3 2 2 1,665 1,678 1,686 1,695 1,705 1,722 1,739 1,750 t,132 1,140 1,129 1,140 1,164 1,175 1,199 1,228 67 68 67 67 68 68 69 71 2,040 2,054 2,034 2,062 2,070 2,074 2,123 2,143 6,261 6,323 6,291 6,376 6,368 6,405 6,600 6,561 9,066 9,187 9,190 9,319 9,365 9,453 9,661 9,696 8,537 2,508 5,142 8,578 2,531 5,166 8,582 2,531 5,172 8,635 2,551 5,211 8,682 2,559 5,252 8,749 2,577 5,304 8,846 2,612 5,367 8,985 2,669 5,447 346 344 344 342 342 342 342 343 530 525 522 519 517 514 513 512 4 4 4 4 4 4 4 4 8 8 8 8 8 8 8 10 1 1 2 2 2 2 2 2 1,721 1,725 1,737 1,747 1,755 1,157 1,158 1,165 1,163 1,172 69 68 67 68 2,051 2,052 2,048 2,056 2,065 6,359 6,432 6,418 6,448 6,482 9,442 9,483 9,462 9,497 9,542 8,894 2,634 5,399 8,877 2,629 5,390 8,859 2,621 5,383 8,865 2,623 5,388 8,867 2,627 5,388 341 340 339 339 508 507 505 503 4 4 3 4 8 8 8 8 2 2 1 1 338 502 4 8 1 69 $500 $1,000 $5,000 $10,000 Unassorted 3$1 2 4 4 3 2 1 Total 2 of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Total outstanding, As security against May 31, Treasury gold and 1953 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 1953 Apr. 30, 1953 May 31 1952 22,537 21,393 26,576 4.849 21.393 -1.144 3 2,376 70 59 492 2,124 *2,376 1,190 418 347 204 75 252 2.124 Money held by For Federal Federal Reserve Reserve Banks and Banks and agents agents 35 (4) (4) (4) ' 18^541 ' May 31, 1953 Apr. 30, 1953 Mav 31, 1952 37 25,451 4,463 37 25,376 4.429 38 24.356 4,373 3 (r>) 1,272 1,269 1 ,274 l 18,541 18,568 19,288 201 200 190 259 29 5 27 2 1 18' ' 2 3 23,769 23,796 24,496 2.816 1 ,055 327 Money in circulation 2,117 1.144 410 316 202 74 2,090 1,138 409 314 204 74 2,091 1.083 392 318 222 78 4,198 4,256 4,126 29,951 29,843 28.767 J 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, totals by weeks in table on p. 727. includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not 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. Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a redemption fund, are counted as reserve. "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 1953 735 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 Assets Liabilities and Capital Total assets, Bank credit E ate Gold 1929—June 1933—j une 1939—Dec. 1941—Dec. 1945—Dec 1947—Dec. 194g—Dec 1949—Dec. 1950—June Dec. 1951—June Dec 29 30.. 30 31 31 31 31 31 30 30 30 31 1952—May 28 June 30 July 30 Aug. 27 Sept. 24 Oct. 29 N o v 26 D e c 31 Treasury currency U. S. Government obligations Total Loans, net ,082 Commercial and savings banks 5,499 8,199 19,417 25,511 101,288 81,199 74,097 78,433 77,320 72,894 68,726 71,343 1 7 2 74 77 73 18 18 70 7? 73 216 998 484 754 262 559 333 885 331 778 982 801 1,204 1,284 2,867 3,328 3,264 3,138 3,058 2,888 2,742 2,664 11,819 64 9,863 48 75 9,302 8,999 9 0 8,577 191 10,723 188 11,422 189 12,621 191 13,640 193 14,741 190 15,176 100 15,918 708 Other 4 ,037 4 ,031 17 ,644 7? ,737 7 0 065 ? 7 ,754 7 4 244 7 4 ,427 74 ,231 7 9 ,706 71 756 7 7 ,695 2,019 2,286 2,963 3,247 4,339 4,562 4,589 4,598 4,607 4,636 4,655 4,706 58,642 42,148 54,564 64,653 167,381 160,832 160,457 162,681 164,348 171,667 173,447 181,323 957 7? ,157 76 605 30 ,387 43 ,023 48 ,341 49 ,604 51 ,999 60 ,366 ,821 ,597 5 ,741 10 ,328 73 ,105 79 ,049 178 ,417 107 ,086 100 ,694 100 ,456 98 ,709 96 ,560 94 ,450 97 ,808 73 ,300 7 3 ,346 7 3 400 73 ,300 73 ,300 7 3 ,300 7 3 300 7 3 187 4,700 4,754 4,800 4,800 4,800 4,800 4.800 4,812 180,600 182,980 185,300 185,300 186,500 188,900 191,500 192,866 68 500 69 ,712 70 ,000 70 ,500 71 ,600 7? ,900 74 ,300 75 ,484 95 ,300 96 ,266 08 ,100 07 ,300 97 ,600 98 ,600 99 ,900 100 ,008 70,500 70,783 72,700 71,700 71,300 72,400 73,600 72,740 77 7? 77 73 23 73 73 74 300 906 800 100 700 600 800 697 2,600 2,577 2,600 2,600 2,600 2,600 2,600 2,571 ,000 4,800 4,800 4,800 4.800 4,800 191,200 190,300 190,200 188,900 188,800 74 ,900 75 ,000 76 ,100 76 ,500 76 ,600 08 ,800 07 ,800 06 ,400 04 ,600 94 ,300 72,300 71,400 70,000 68,300 67,700 74 000 900 7.3 900 7 3 800 24 100 2,600 2,500 2,500 2 ,500 2,500 1953—Jan. 2 8 P 73 Feb M a r 25P Apr M a y 27P 99 700 ,600 99 600 22 ,500 41 67 Other securities Total Federal Reserve Banks 26 131 Capital and Total deposits misc. acand currency counts, net Total liabilities and capital, net 698 465 171 637 785 148 290 706 186 009 858 724 55,776 42,029 68,359 82,811 180,806 175,348 176,121 177,313 178,568 184,385 185 038 193,404 8,922 6,436 6,812 7,826 10,979 12,800 13,168 14,392 14,618 14,624 14,820 15.320 16,800 17,002 17,200 17,500 17,400 17,300 17,300 17,374 708 700 080 713 400 713 400 714 600 717 000 9 1 0 600 7 7 0 865 192,900 194,960 197 200 197,000 197,900 199 900 202 700 204 220 15,800 16,120 16,100 16,400 16,700 17,100 16,900 16,647 17,500 17 500 17,800 17,800 17,800 710 917 917 716 216 202,100 201 000 200 600 199 100 199,100 16,900 16 800 17,000 17 200 17,100 000 800 600 300 200 Deposits and Currency U. S. Government b a h inces I Date Total 1929—June 1933—June 1939—Dec. 1941—Dec. 1945—Dec 1947—Dec. 1948—Dec. 1949—Dec 1950—June Dec. 1951—June Dec. 29 30 30 31 31 31 31 31 30 30 30 31 1952—May 28 June 30 July 30 A U K 27 Sept. 24 Oct. 29 Nov. 26 Dec. 31 1953—j an# 2 8 P F e b 25 P Mar. 25P Apr 29P M a y 27P 55 ,776 47 029 68 ,359 87 ,811 180 806 175 ,348 176 ,121 177 313 178 ,568 184 ,385 185 ,038 Foreign bank deposits, Treasnet ury cash 365 50 204 264 At comAt mercial Federal and Reserve savings Banks banks 381 852 846 36 35 634 867 977 870 Deposits adjusted and currency Time deposits3 Total Demand deposits2 54,790 40,828 63,253 76,336 150,793 170,008 169,119 169,781 169,964 176,917 174,684 185,984 Currency outside banks Total Commercial banks Mutual savings banks* Postal Savings System 7? 540 14 ,411 79 793 38 992 75 ,851 87 ,121 85 ,520 85 ,750 85 ,040 97 ,272 88 ,960 98 ,234 28,611 21,656 27,059 27,729 48,452 56,411 57,520 58,616 59,739 59,247 59,948 61,447 19,557 10,849 15,258 15,884 30,135 35,249 35,804 36,146 36,719 36,314 36,781 37,859 8 905 0 ,621 10 523 10 537 15 ,385 17 746 18 387 19 273 19 973 70 ,009 70 ,387 70 ,887 1,186 1,278 1,313 2,932 3,416 3,329 3,197 3,097 2,923 2,785 2,701 3 639 4 761 6,401 9,615 26 490 26,476 26 079 25 415 25 185 25 398 25,776 26 303 149 ,404 1,217 1,498 2,141 1,682 2,103 2,150 2,555 2,518 2,424 2,279 2,409 2,215 2,287 1,336 1,325 1,312 1,298 1,293 1,281 1,279 192 ,900 194 ,960 197 ,200 197 ,000 197 ,900 199 ,900 7 0 7 ,700 7 0 4 ,220 2,300 2,319 2,600 2,600 2,500 2,500 2,500 2,501 1,300 1,283 1,300 1,300 1,300 1,300 1,300 1,270 4 ,400 6 ,121 7 ,000 6 ,200 6 ,500 5 ,300 7 ,000 5 ,259 600 184,400 95 ,300 333 184,904 94 ,754 95 ,700 600 185.800 95 ,800 700 186,200 96 ,400 300 187,400 600 190,200 9 8 ,600 99 ,400 300 191,600 389 194,801 101 ,508 63,000 63,676 63,800 64,100 64,500 64,900 64,800 65,799 38,900 39,302 39,400 39,600 39,800 40,100 40,000 40,666 21 ,600 71 ,755 71 900 7? ,000 7? ,200 77 ,700 7? ,300 7? ,586 2,600 2,619 2,600 2,600 2,600 2,600 2,600 2,547 26,000 26 474 26 200 26 300 26 600 26 700 27 400 27 494 ,100 2,500 2,300 2,400 2,400 2,400 1,300 1,300 1,300 1,300 1,300 4 ,200 5 ,400 5 ,800 7 ,900 2 ,900 700 400 193,300 100 ,500 191,600 08 ,300 191,000 07 ,400 400 192,200 08 000 400 192,100 97 ,500 66,100 66,400 66,800 67,200 67,600 40,700 41,000 41,200 41,500 41,700 77 800 7 7 ,900 73 ,100 7 3 ,300 23 ,400 2,500 2,500 2,500 2,500 2,500 26 800 26 900 26 900 27 000 27,000 701 ,000 7 0 0 ,600 1 0 0 100 199 ,100 1 ,895 74 ,608 1 ,452 ,451 3 ,249 3 ,801 ,989 6 ,332 3 ,615 1 ,123 821 950 668 317 247 (5) p Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3 Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4 6 Prior to June 30, 1947, includes a relatively small amount of demand deposits. Less than 50 million dollars. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 736 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 411 banks: 1939—Dec. 1941—Dec. 1945—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1952—May June Nov. Dec. 1953—Tan. Feb. Mar. Apr. May 30 31 31 312 31 31 30 31 28 30 26 31 28P Other Cash assetsl Interbank! Total Number capital of accounts banks U. S. Government obligations Other securities 19,417 25,511 101,288 81,199 74,097 78,433 72,894 71,343 70.450 70.783 73,560 72,740 72,250 71,410 69,990 68,280 67,730 9,302 8,999 8,577 10,723 11,422 12,621 14,741 15,918 16,780 17,002 17,330 17,374 17,450 17,540 17,750 17,800 17,840 23,292 27,344 35,415 38,388 39,474 36,522 41,086 45,531 39,350 41,667 42,620 45,584 40,800 41.350 40,300 39,480 39,300 68,242 81,816 165,612 161,865 161,248 164,467 175,296 185,756 179,310 184.130 190,620 195,552 188,590 188,760 187,660 185,460 185,030 9,874 10,982 14,065 13,033 12,269 12,710 14,039 15,087 12,200 13.513 13,880 15,321 13,520 13,260 12,900 12,690 12,650 32,516 44,355 105,935 95,727 94,671 96,156 104,744 111,644 105,400 109,247 114,190 116,633 111,210 111,280 110,110 107,740 106,960 25,852 26,479 45,613 53,105 54,308 55,601 56,513 59,025 60,710 61,369 62,550 63,598 63,860 64,220 64.650 65,030 65,420 8,194 8,414 10.542 11,948 12,479 13,088 13,837 14,623 14,940 15,039 15,280 15,367 15,370 15,440 15,490 15,570 15,680 15,035 14,826 14,553 14,714 14,703 14,687 14,650 14,618 14,608 14,599 14,586 14,575 14,571 14,563 14,556 14,546 14,546 Total» De- mand Time 50,884 61,126 140,227 134,924 133,693 140,598 148,021 154,869 156,150 157.528 165;490 165,626 165,030 164.580 164,610 163,240 163,040 22,165 28,719 26,615 34,511 30.362 109,865 43,002 91,923 48,174 85,519 49,544 91,054 60,386 87,635 67,608 87,261 68,920 87,230 69.742 87,786 74,600 90,890 75,512 90,114 75,330 89,700 75,630 88,950 76,870 87,740 77,160 86,080 77,470 85,570 All commercial banks: 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 2. 1947—Dec. 31 1948—Dec. 31 1949—Dec. 31 1950—Dec. 30. , , 1951—Dec. 31 1952—May 28 June 30 Nov. 26 Dec. 31 1953—Tan. 28P Feb. 25 P Mar. 25P Apr. 20v May 27P 40,668 50,746 124,019 116,284 114,298 120,197 126,675 132.610 133,060 134,437 141,660 141,624 140,780 140,100 140,000 138,450 138.040 17,238 21,714 26,083 38,057 42,488 42,965 52,249 57.746 58,520 59,233 63,400 64,163 63,860 64,070 65,220 65,330 65,490 23,430 29,032 97,936 78,226 71,811 77,232 74,426 74,863 74,540 75,204 78,260 77,461 76,920 76,030 74,780 73,120 72,550 16,316 21,808 90,606 69,221 62,622 67,005 62,027 61,524 60,700 61.178 64,090 63,318 62,760 61,900 60,470 58,770 58,200 7,114 7,225 7,331 9,006 9,189 10,227 12,399 13,339 13,840 14.026 14,170 14,143 14.160 14,130 14,310 14,350 14,350 22,474 26,551 34,806 37,502 38,596 35,650 40,289 44.645 38,530 40,702 41,820 44,666 39,920 40,500 39,420 38.630 38,510 57,718 71,283 150,227 144,103 142,843 145,174 155,265 164,840 157,720 162.348 168,340 172,931 165,780 165,830 164.530 162,180 161,630 9,874 10,982 14,065 13,032 12,269 12,709 14,039 15.086 12,200 13,512 13,880 15,319 13,520 13,260 12,900 12,690 12,650 32,513 44,349 105,921 95,711 94,654 96.136 104,723 111.618 106,370 109,222 114,160 116.600 111,180 111 ,250 110,080 107,710 106,930 15,331 15,952 30,241 35,360 35,921 36,328 36,503 38,137 39,150 39,614 40,300 41,012 41,080 41,320 41,550 41,780 42,050 6,885 7,173 8,950 10,059 10,480 10,967 11,590 12.216 12,500 12.601 12,820 12,888 12,890 12,950 12,980 13,070 13,180 14,484 14,278 14.011 14,181 14,171 14,156 14,121 14,089 14,079 14,070 14,057 14,046 14,042 14,035 14,028 14,018 14,018 All member banks: 1939—Dec. 30 1941—Dec 31 1945—Dec. 31 1947—Dec. 31 1948—Dec. 31 1949_Dec. 31 1950—Dec. 30 1951— Dec. 31 1952—May 28 Time 30 Nov. 26 Dec. 31 1953—Tan. 28 P Feb. 25v Mar. 25P Apr. 29v Ma: 27P 33,941 43,521 107.183 97,846 95,616 101,528 107,424 112.247 112,379 113.502 119,564 119,547 118,625 117,975 117,894 116,377 115,922 13,962 18,021 22,775 32,628 36,060 36,230 44,705 49,561 50,026 50.526 54,283 55,034 54,698 54,868 55,864 55,868 56,006 19,979 25,500 84,408 65,218 59,556 65,297 62,719 62,687 62,353 62,976 65,281 64,514 63,927 63,107 62,030 60,509 59,916 14,328 19,539 78,338 57,914 52,154 56,883 52,365 51,621 50,826 51 .261 53,486 52,763 52,137 51,348 50,117 48,549 47.982 5,651 5,961 6,070 7,304 7,402 8,414 10,355 11.065 11,527 11,715 11,795 11,751 11,790 11,759 11,913 11,960 11,934 19,782 23,123 29-845 32,845 34,203 31,317 35,524 39,252 33.982 36,046 36,896 39,255 35,053 35,614 34,704 34,017 33,936 49,340 61,717 129,670 122,528 121,362 123,885 133,089 141,015 134,519 138,769 143,478 147,527 140,913 140,949 139,911 137,738 137,209 9,410 28,231 10,525 38,846 13,640 91,820 12,403 81,785 11,641 80,881 12,097 82,628 13,447 90,306 14,425 95,968 11,665 91,418 12,812 94,169 13,120 98,006 14,617 100,020 12,876 95,116 12,645 95,186 12,308 94,320 12,116 92,148 12,083 91,459 11,699 12,347 24,210 28,340 28,840 29,160 29,336 30.623 31,436 31.788 32,352 32,890 32,921 33,118 33,283 33,474 33,667 5,522 5,886 7,589 8,464 8,801 9,174 9,695 10,218 10.453 10,526 10,700 10,761 10,763 10,812 10,839 10,906 11,000 6,362 6,619 6.884 6,923 6,918 6,892 6,873 6,840 6,821 6,815 6,801 6,798 6,791 6,785 6,776 6,769 6,771 10,216 10,379 16,208 18,641 19,395 20,400 21,346 22,259 23,090 23.091 23,830 24,003 24,250 24,480 24,610 24,790 25,000 4,927 4,901 4,279 4,944 5,686 6,578 8,137 9,862 10,400 10,509 11,200 11,349 11,470 11,560 11,650 11,830 11,980 5,289 5,478 11,928 13,696 13,709 13,822 13,209 12.398 12.690 12,582 12,630 12,654 12,780 12,920 12,960 12,960 13,020 3,101 3,704 10,682 11,978 11,476 11,428 10,868 9.819 9,750 9,606 9,470 9,422 9,490 9,510 9,520 9,510 9,530 2,188 1,774 1,246 1,718 2,233 2,394 2,342 2.579 2,940 2,976 3,160 3,231 3,290 3,410 3,440 3,450 3,490 818 793 609 886 878 873 797 886 820 966 800 918 880 850 880 850 790 10,524 10,533 15.385 17,763 18,405 19,293 20,031 20,915 21,590 21,782 22,280 22,621 22,810 22,930 23,130 23,280 23,400 3 6 14 17 17 20 22 26 30 26 30 33 30 30 30 30 30 10,521 10,527 15,371 17,745 18,387 19,273 20,009 20,888 21,560 21,755 22,250 22,586 22,780 22,900 23,100 23,250 23,370 1,309 1,241 1,592 1,889 1,999 2,122 2,247 2.407 2,440 2,438 2,460 2,479 2,480 2,490 2,510 2,500 2,500 551 548 542 533 532 531 529 529 529 529 529 529 529 528 528 528 528 25P 25P 29P 27P All mutual savings banks: 1939—Dec. 30 1941—Dec. 31. 1945—Dec. 31 2 1947—Dec. 31 1948—Dec. 31. . 1949—Dec 3i 1950—Dec 30 . . 1951—Dec. 31 1952—May 28 June 30 Nov. 26 Dec. 31 1953—Jan. 28P Feb 25P Mar. 25P Anr 29P May 27P i l 2 2 2 2 2 2 2 2 2 2 p Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondf posit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. JULY 1953 737 ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Deposits Loans and investments Investments Class of bank and date Other Cash assets 1 Total Total U.S. Government obligations Other securities Loans Central reserve city member banks: New York City: 1939—Dec. 30 1941—D ec . 3i 1945—Dec. 3i 1947—Dec. 3i 1948—Dec. 31 1949—Dec. 31 . . . . 1950—Dec. 30 1951—Dec. 31 1952—May 28 June 30 Nov. 26 Dec 31 1953—Jan. 28P Feb. 25* Mar. 2 5 P Apr. 29P May 27* 9,339 12,896 26,143 20,393 18,759 19,583 20,612 21,379 21,346 21,710 21,696 22,130 21,233 21,049 21,185 20,637 20,542 3,296 4,072 7,334 7,179 8,048 7,550 9,729 11.146 11,168 11,268 11,973 12,376 12,127 12,112 12,335 12,305 12,377 6,043 8,823 18,809 13,214 10,712 12,033 10,883 10,233 10,178 10,442 9,723 9,754 9,106 8,937 8,850 8.332 8,165 4,772 7,265 17,574 11,972 9,649 10,746 8,993 8,129 8,008 8,212 7,695 7,678 7,012 6,840 6,717 6,229 6,164 1.272 1,559 1,235 1,242 1,063 1,287 1.890 2,104 2,170 2.231 2,028 2,076 2,094 2,097 2,133 2,103 2,001 Chicago: 1939—Dec. 30 1941—Dec. 31 . . . . 1945—Dec. 31 1947—Dec. 31 . . . . 1948—Dec. 31 1949_Dec. 31 1950—Dec. 30 1951—Dec 31 1952—May 28 June 30 Nov 26 Dec. 31 1953—Jan. 2 8 P . . Feb. 25P. Mar. 25P. . Apr. 29*. . May 27*. . 2,105 2,760 5,931 5,088 4,799 5,424 5,569 5,731 5,458 5,664 6,112 6,240 6,037 5,910 6,033 5,588 5,560 569 954 1,333 1,801 1,783 1,618 2,083 2,468 2,402 2,380 2,592 2,748 2,594 2,569 2,604 2,547 2,595 1,536 1,806 4,598 3,287 3,016 3,806 3,487 3,264 3,056 3,284 3,520 3,493 3,443 3,341 3,429 3,041 2,965 1,203 1.430 4.213 2,890 2,633 3,324 2,911 2,711 2,511 2,721 2,933 2,912 2,862 2,779 2,864 2,455 2,426 333 376 385 397 383 12,272 15,347 40,108 36,040 35,332 38,301 40,685 42,694 42,559 43.091 46,104 45,583 45,533 45,271 45,085 44,591 44,304 5,329 7,105 8,514 13,449 14,285 14,370 17,906 19.651 19,563 19.745 21,627 21,697 21,680 21,801 22,274 22,162 22,138 6,944 8,243 31,594 22,591 21,047 23,931 22,779 23,043 22,996 23.346 24,477 23,886 23,853 23,470 22,811 22,429 22,166 5,194 6,467 29,552 20,196 18,594 20,951 19,084 19.194 18,829 19,123 20,127 19,624 19,543 19,161 18,439 18,006 17,657 1,749 1,776 2,042 2,396 2,453 2,980 3,695 3.849 4,167 4.223 4,350 4,262 4,310 4,309 4,372 4.423 4,509 10,224 12,518 35,002 36,324 36,726 38,219 40,558 42,444 43,016 43.037 45,652 45,594 45,822 45,745 45,591 45,561 45,516 4,768 5,890 5,596 10,199 11,945 12,692 14,988 16.296 16,893 17,133 18,091 18,213 18,297 18,386 18,651 18.854 18,896 5,456 6,628 29,407 26,125 24,782 25,527 25,570 26,148 26,123 25.904 27,561 27,381 27,525 27,359 26,940 26,707 26,620 3,159 4,377 26,999 22,857 21,278 21,862 21,377 21.587 21,478 21.206 22,731 22,549 22,720 22,568 22,097 21,859 21,735 2,297 2,250 2,408 3,268 3,504 3,665 4,193 4.561 4,645 4.698 4,830 4,832 4,805 4,791 4,843 4,848 4,885 Reserve city membeir banks: 1939—Dec. 30. . . 1941—Dec. 31 1945—Dec- 31 1947—Dec. 31 1948—Dec. 31 1949—Dec. 31 1950—Dec 30 1951—Dec. 31 1952—May 28. June 30 Nov. 26 Dec 31 1953—Jan. 2 8 P . . Feb. 25P. . Mar. 2 5 P . . Apr. 2 9 P . . May 2 7 P . 482 576 552 545 563 587 581 581 562 565 586 539 Total 1 Interbank i Total Number capital of accounts banks Demand Time 1,236 :1,445 1,680 L.651 1,722 1,679 1,772 1,795 L.784 1,840 1,779 1,813 1,877 1,853 1,850 14,509 17,932 30,121 25,216 24,024 23,983 25,646 26,859 25,548 26,745 26,108 27,309 24,817 24,769 24,942 24,286 24,093 4,238 4,207 4,657 4,464 4,213 4,192 4,638 4,832 4,171 4,639 4,440 4,965 4,437 4,367 4,292 4,345 4,356 9,533 12,917 24,227 19,307 18,131 18,139 19,287 20,348 19,605 20,311 19,884 20,504 18,601 18,589 18,773 18,088 17,887 1.446 3,330 4,057 1,566 1,489 7,046 1,739 6,402 1,932 6,293 1,850 6,810 2,034 7,109 2,196 7,402 1,992 6,913 1 .899 7,027 2,120 7,368 2,010 7,686 2,083 7,186 2,098 . 7,222 1,922 7,122 2,051 7,006 2,014 6,947 888 1,035 1,312 1,217 1 L.064 1,191 1,228 1,307 1,085 L.182 1,221 1,350 1,171 1,182 L, 133 1,144 1,137 1,947 2,546 5,015 4,273 4,227 4,535 4,778 4,952 4,689 4,681 4,981 5,132 4,843 4,872 4,835 4,688 4,625 1,001 1,083 1,103 1,143 1,139 1,164 1,166 1,205 1,172 1,168 1,154 1,174 1,185 6,785 8,518 11,286 13,066 13,317 12,168 13,998 15,199 13,147 13.925 14,585 15,544 13,898 14,152 13,848 13.447 13,525 17,741 22,313 49,085 46,467 45,943 47,559 51,437 54,466 51,593 53,425 55,923 57,357 54,893 54,912 54,527 53.419 53,279 5.686 4,460 6,448 5,649 5,400 5,713 6,448 6,976 5,421 5.908 6,278 7,001 6,104 5,991 5,831 5,613 5,593 9,439 13,047 32,877 29,395 29,153 30,182 33,342 35.218 33.586 34,764 36,604 37,095 35,499 35.551 35,298 34,334 34,113 i t.616 4,806 9,760 11,423 11,391 11,664 11,647 12,272 12,586 12,754 13,041 13,261 13,290 13.370 13,398 13,472 13,573 1,828 1,967 2,566 2,844 2,928 3 087 3,322 3,521 3,625 3,663 3 720 3,745 3,742 3.762 3,780 3.803 3,844 336 321 320 319 319 319 320 322 322 321 321 4,848 6,402 10,632 10,778 11,196 10,314 11,571 13,292 11,159 12.087 12,373 13,281 12,078 12,140 11,707 11,511 11,477 13,762 17,415 43,418 44,443 45,102 45,534 48,897 52,288 50,465 51.571 54,079 55,175 54,017 54,046 53,320 53,027 52,890 598 1.223 1,073 964 1,001 1,133 1,309 988 1.083 1,181 1,301 1,164 1,105 1,052 1,014 997 7,312 10,335 29,700 28,810 29,370 29,771 32,899 35.449 33,538 34.414 36,537 37,289 36,173 36,174 35,414 35,038 34,834 5,852 6,258 12,494 14,560 14,768 14,762 14,865 15,530 15,939 16,075 16,361 16,585 16,680 16,767 16,854 16,975 17,059 1,851 1,982 2 525 2,934 3,123 3 305 3,532 3,760 3,850 3,873 3,967 3 970 3,976 3,988 4,000 4,034 4,074 5,966 6,219 6 476 6,519 6,535 6 513 6,501 6,484 6,466 6,461 6,447 6 444 6,436 6,428 6,419 6,413 6,415 6,703 6,637 6,439 7,261 7,758 6,985 7,922 8,564 7,684 8,135 7,818 8,419 6,994 7,224 7,227 7,008 6,920 736 807 495 476 719 013 1,592 1,648 2,120 2,259 2,306 2,312 2,351 2,425 2,454 2,460 2 476 2,505 2,508 2,525 2,520 2,528 2,537 250 288 377 426 444 470 490 513 524 530 537 541 537 537 539 541 545 36 36 37 37 35 25 23 22 22 22 22 22 22 22 22 22 22 14 13 12 14 13 13 13 13 13 13 13 13 13 13 13 .13 13 346 351 359 353 335 341 Country member banks: 1939—Dec. 30. . . 1941—Dec. 31 1945—Dec 31 1947—Dec. 31 1948—Dec. 31 1949_Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—May 28 June 30 Nov. 26 Dec. 31 1953—Jan. 28 P Feb. 25P Mar. 25P Apr. 29P May 27P 822 2 Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite pages. 738 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Deposits Loans and investments Inves tments Class of bank and date Total Loans Total AH insured commercial banks: 49 ,290 1941—Dec. 31 1945—Dec 31 ,809 114 ,274 1947—Dec. 31 1950—Dec. 30 ,822 130 ,820 1951—Dec. 31 13? ,557 1952—June 30 139 ,770 Dec. 31 ?S ,765 37 ,583 SI ,723 57 ,256 S8 ,730 78 96 76 73 73 73 63 ,632 ,031 ,043 ,691 ,099 ,564 ,827 76 ,138 ,259 Other Cash assets > U.S. Government obligations Other securities ,046 ,912 ,941 ,986 ,533 .117 62 ,308 5,984 7,131 8.750 12,113 13,031 13.710 13,831 ?1 88 67 60 60 60 ,788 69 ,411 ,292 147 775 ,926 141 ,851 ,821 153 ,288 ,176 162 ,908 ,258 160 3S5 44 ,222 170 ,971 75 34 36 39 44 40 National member banks: 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1950—Dec. 3 0 . 1951—Dec. 31 1952—June 30 Dec. 31 . 69 6S 7? 75 76 80 ?7 ,571 .312 ,280 ,090 ,255 ,036 ,180 11 ,725 13 ,925 ,428 ?Q ,184 3? ,317 33 .054 ,004 55 387 43 ,852 4? ,906 47 ,938 4? 982 44 176 SI 38 35 35 34 3S 1? ,039 ,250 ,674 ,587 ,063 .604 ,835 3.806 1,137 5,178 7,320 7,875 $.378 5,341 70 27 73 75 73 76 State member banks: 1941—Dec 31 194 S—Dec. 31 1947—Dec 31 1950—Dec. 30 1951—Dec. 31 1952—June 30 Dec. 31 ,950 ,871 32 ,566 3S ,334 36 ,992 37 .466 39 ,367 6 8 11 IS 17 17 19 ,295 .850 ,200 ,521 ,243 ,472 .030 9 654 79 021 365 19 813 19 748 19 994 70 337 7 ,500 77 ,089 19 ,240 16 ,778 16 ,558 16 ,657 16 ,928 2,155 1.933 2,125 3,035 3,191 3.337 3.409 8 9 10 11 13 i? 17 Insured nonmember commercial banks: 1941—Dec 31 1945—Dec. 31 1947—Dec 31 1950—Dec. 30 1951—Dec 31 1952—Tune 30 Dec. 31 ,639 ,444 ,414 .591 19.073 20 ,242 2 ,992 4 ,958 7 ,023 7 ,701 8 ,210 8 ,605 535 647 486 391 890 863 1 ,509 10 .584 10 ,039 8 ,632 8 ,923 8 ,867 9 ,556 1 ,457 ,211 455 318 1 002 893 474 527 490 503 535 327 299 377 761 ,693 ,280 ,040 1 ,854 531 322 ,061 ,010 AH nonmember commercial banks: 1941—Dec. 31 . 7 ,233 16 ,849 1945—Dec. 31 18 ,454 1947—Dec. 31 2 1950—Dec. 30 . . . . 19 ,267 20 ,380 1951—Dec. 31 ?0 ,954 1952—Tune 30 22 ,096 Dec. 31 3 ,696 3 .310 5 ,432 7 ,550 8 ,192 8 ,714 9 ,136 t 13 13 11 12 1? 12 536 539 021 718 189 240 960 Insured mutual savings banks: 1941 Dec *1 1945—Dec. 31 1947—Dec; 31 1950—Dec 30 1951—Dec. 31 1952—Tune 30 Dec. 1 693 10 846 12 ,683 is ,101 16 ,190 16 ,857 1 7 9 9 8 8 050 765 123 015 668 814 17 621 642 3 ,081 3 ,560 ,086 7 ,523 8 .043 8 ,691 8 687 361 4 259 1 198 5 ,957 6 245 069 1 ,384 2 ,050 9 339 Noninsured nonmember commercial banks: 1941—Dec. 31 1945—Dec 31 1947—Dec. 3 1 2 1950—Dec. 30 1951—Dec. 31 1952—Tune 30 Dec. 31 Noninsured mutual savings banks: 1941 Dec ** 1945 Dec 31 1947—Dec. 31* 1950—Dec. 30 1951 Dec 31 1952 Tune 30 Dec. 31 IS s ,776 14 16 17 18 2 ,009 1 ,853 1 ,789 1 .880 s f- 234 6 382 15 ,845 39 458 14 ,977 ,114 ,024 ,763 ,951 ,928 ,333 84 82 89 94 97 98 ,145 ,731 ,822 ,762 ,301 .119 ,922 1,025 1,063 1,448 L,759 1,967 .996 2,081 ? ,668 4 ,448 4 ,083 4 ,299 4 ,926 4 .215 4 ,970 241 200 255 286 308 317 Interbank^ Demand 10,654 43 059 13,883 104 015 12,670 94 ,300 13,744 103 ,499 14,777 110 ,382 13.100 108 ,036 14,990 115 ,371 24 350 Total Number capital of accounts banks Time 15 ,699 ?9 ,876 34 ,887 36 ,045 37 ,749 39 ,219 40 ,610 8 372 ,224 6 ,844 8 ,671 9 ,734 11 ,263 11 ,902 1? ,282 13,426 13.297 13,398 13 432 13,439 13 434 13,422 4 ,644 5 ,409 6 ,313 6 ,653 6 ,879 3 ,640 7 ,042 5 117 5 017 5 005 4 958 4,939 4 925 4 909 12 ,563 173 770 974 6,786 9,229 8,410 9,133 9,788 8,584 9,918 59 54 60 63 6? 66 486 335 25i 477 75S 362 16 19 19 70 ?1 ?? 7? 44 40 43 46 46 48 759 730 505 808 843 049 553 3,739 4,411 3,993 4,315 4,637 4.227 4,699 14 32 77 30 37 31 33 495 334 449 055 491 914 658 4 7 9 9 9 9 10 025 986 062 438 715 908 196 ? ,246 7 ,945 3 ,055 3 ,381 3 ,565 3 ,647 3 ,719 1 1 1 1 1 1 1 7 18 19 20 71 71 707 119 340 216 91? 606 129 244 266 297 353 289 213 196 515 194 415 867 3 5 6 6 7 7 360 680 558 776 144 450 23 464 373 4 17 1? 13 14 13 15 351 7 740 959 1 ,083 1 ,271 1 ,570 1 ,686 1 ,757 1 ,804 6 810 6 416 6 478 6*562 6 602 6 622 6.627 763 514 1 872 7 457 329 181 291 905 253 365 329 279 576 468 469 443 2 1 1 1 251 976 932 993 363 294 308 412 411 224 735 186 478 458 388 396 852 714 325 327 314 320 312 444 1 960 329 229 402 326 783 689 650 636 I ,270 12 ,277 11 ,318 9 ,672 9 ,914 9 ,928 10 ,567 1 .266 1,262 1,703 2,040 2,275 2.312 ,393 3 ,431 4 .962 4 ,659 4 ,767 5 ,395 4 .658 5 ,414 457 425 629 591 661 700 > 504 14 101 13 926 14 417 15 650 15 05? 3 702 16 580 6 7 7 7 7 8 613 045 036 184 533 846 142 ,288 ,362 ,596 ,897 ,999 ? ,077 2 ,129 7 662 7,130 7,261 7 251 7,252 7 258 7,251 421 606 958 1 ,528 1 ,746 .084 ,337 151 429 675 617 695 756 1 789 10, 363 12, 207 14 370 15, 368 16 081 2 2 789 351 192 301 343 056 732 16 785 2 12 14 19 23 73 10 12 14 15 16 52 192 194 194 202 205 8 930 629 7 ,160 8 ,165 7 ,487 6 ,921 6 ,730 6 ,593 4 428 4 163 075 1 ,353 641 642 180 4 573 4, 194 730 3 ,522 3 ,813 3 ,380 ? 897 760 814 833 3 768 ? 876 2 829 892 895 ,241 9 466 2 ,658 Total i 11 11 10 10 10 11 638 3, 724 991 9 20 21 22 23 23 25 939 ,023 ,281 574 571 591 19* 843 598 424 278 ,897 908 880 694 30 16 753 164 ,034 ,252 ,513 ,678 ,700 1 ,730 8, 744 S 022 6 2 8 738 020 211 180 191 5, 556 5, 711 5 547 3 3 3 5, 553 5, 708 5, 544 1 077 558 209 187 5 70? 5 , 836 3 3 5, 833 1 s S 699 502 867 918 915 901 890 889 624 206 496 350 637 734 729 339 335 327 738 749 324 323 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, a • 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 1953 739 ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans l Class of bank and call date Loans for Compurchasing meror carrying Total cial, Other securities loans and Real elud- Agrito invest- Total i ing culesin- Other Total To ments tate open- tur- brokdi- loans al loans vidmarTo ers othket uals and ers padealper ers All commercial banks: 2 1947—Dec. 3 1 . . . 1950—Dec. 30. . . 1951—Dec. 3 1 . . . 1952—Dec. 31. .. 116,284 126,675 132,610 141,624 38,057 52,249 57,746 64,163 18,167 21,927 25,879 27,871 1,660 830 1,220 2,905 1,802 1,057 3,408 1.581 980 3,919 2,060 1,103 All insured commercial b a n k s : 1941—Dec. 31. .. 1945—Dec. 3 1 . . . 1947—Dec. 3 1 . . . 1950—Dec. 3 0 . . . 1951—Dec. 31. .. 1952—Dec. 3 1 . . . 49,290 121,809 114,274 124,822 130,820 139,770 21,259 25,765 37,583 51,723 57,256 63,632 9,214 9,461 18,012 21,776 25,744 27,739 1,450 1,314 1,610 2,823 3,321 3,805 Member banks, total: 1941—Dec. 3 1 . . . 1945—Dec. 3 1 . . . 1947—Dec. 3 1 . . . 1950—Dec. 3 0 . . . 1951—Dec. 3 1 . . . 1952—Dec. 3 1 . . . 1953—Apr. 20. .. 43,521 107,183 97,846 107,424 112,247 119,547 116,489 18,021 22,775 32,628 44,705 49,561 55,034 55,646 8,671 8,949 16,962 20,521 24,347 26,232 26,118 1,046 1,808 2,140 2,416 2,355 New York City:* 1941—i3 ec , 3i m 1945—Dec. 3 1 . . . 1947—Dec. 31. . . 1950—Dec. 3 0 . . . 1951—Dec. 3 1 . . . 1952—Dec. 3 1 . . . 1953—Apr. 20.. . 12,896 26,143 20,393 20,612 21,379 22,130 20,579 4,072 7,334 7,179 9,729 11,146 12,376 12,169 2,807 3,044 5,361 6,328 7,852 8,680 8,581 3 1 . .. 31... 31... 30... 31. .. 31.. . 20. .. 2,760 5,931 5,088 5,569 5,731 6,240 5,635 1,333 1,801 2,083 2,468 2,748 2,591 Reserve city banks: 1941—Dec. 3 1 . . . 1945—Dec. 3 1 . . . 1947—Dec. 3 1 . . . 1950—Dec. 3 0 . . . 1951—Dec. 3 1 . . . 1952—Dec. 3 1 . . . 1953—Apr. 20.. . 15,347 40,108 36,040 40,685 42,694 45,583 44,666 Country banks: 1941—Dec. 3 1 . . . 1945—Dec. 3 1 . . . 1947—Dec. 3 1 . . . 1950—Dec. 3 0 . . . 1951—Dec. 3 1 . . . 1952—Dec. 3 1 . . . 1953—Apr. 2 0 . . . 12,518 35,002 36,324 40,558 42,444 45,594 45,610 Chicago:* 1941—Dec. 1945—Dec. 1947—Dec. 1950—Dec. 1951—Dec. 1952—Dec. 1953—Apr. All nonmember banks: 2 1947—Dec. 1950—Dec. 1951—Dec. 1952—Dec. 31... 30... 31... 31... Investments 5,723 10,120 10,451 12,684 1,063 1,573 1,681 1,718 78,226 74,426 74,863 77,461 69,221 62,027 61,524 63,318 2,193 4,236 7,337 7,761 3,164 3,606 823 1,190 1,789 1,036 1,571 960 2,050 1,082 4,773 4,677 9,266 13,389 14,450 15,572 4 5 45 2,361 1,181 5,654 1,028 10,049 1,534 10,378 1,645 12,603 1,683 28,031 96,043 76,691 73,099 73,564 76,138 21,046 88,912 67,941 60,986 60,533 62,308 2,455 2,124 4,118 7,219 7,622 598 594 972 855 3,133 3,378 811 1,065 1,770 927 1,551 851 2,032 966 1,719 970 3,494 3,455 7,130 10,522 11,334 12,214 12,416 3,692 1,900 1,104 4,662 952 8,314 1,438 8,524 1,535 10,396 1,577 11,104 1,778 25,500 84,408 65,218 62,719 62,687 64,514 60,843 19,539 78,338 57,914 52,365 51,621 52,763 48,798 2,275 1,987 3,665 6,399 6,565 3,599 298 330 460 551 539 592 8,823 18,809 13,214 10,883 10,233 9,754 8,409 7,265 311 1,623 17,574 477 3,433 3,325 640 558 11,972 1,002 250 1,711 8,993 824 616 1,428 8,129 1,122 233 1,170 7,678 1,079 201 1,082 6,266 204 96 40 51 26 149 87 207 109 180 120 211 105 227 1,806 4,598 3,287 3,487 3,264 3,493 3.044 662 169 1 1,421 1,219 1,531 1,276 267 285 262 286 270 123 80 111 442 514 386 392 1,418 1,567 1,977 2,080 1,988 6 2 3 9 16 14 11 48 211 73 110 94 239 181 52 233 87 69 63 66 67 22 36 46 65 70 67 67 7,105 8,514 13,449 17,906 19,651 21,697 22,094 3,456 3,661 7,088 8,646 10,140 10,842 10,768 300 205 225 392 513 501 459 5,890 5,596 10,199 14,988 16,296 18,213 18,792 1,676 1,484 3,096 3,980 4,377 4,630 4,781 659 648 818 18,454 5,432 19,267 7,550 20,380 8,192 22,096 9,136 8 614 545 732 760 Total Obligations Direct of States Other and secuCertifiGuar- polit- rities cates an- ical of in- Notes Bonds teed subBills debtdiviedsions ness 9,393 13,541 14,580 15,712 412 954 U. S. Government obligations ' 2,453 1,172 5! 4 287 564 930 920 1,136 1,240 1,430 4,213 2,890 2,911 2,711 2,912 2,461 6,034 17,033 11,408 11,878 53,191 38,778 35,101 38,077 19,071 7^552 1,932 7,526 5,494 3,159 16,045 5,918 16,756 11,256 11,714 12,797 4,102 3,651 3,333 22 3,873 3,258 51,321 14 5,129 3,621 52,334 11 7,933 4,179 38,168 21 8,989 4,042 34,511 22 9,977 3,854 37,456 16,985 5,816 1,468 6,010 4,255 3,725 3,007 14,271 4,815 14,054 9,596 9,835 9,581 11,729 3,832 3,090 2,871 44,792 16 3,254 2,815 10 4,199 3,105 45,286 8 6,640 3,714 33,170 15 7,528 3,538 29,601 19 8,409 3,342 32,087 26 8,860 3,185 31,868 988 971 256 133 132 232 334 407 56 8,243 6,467 114 194 1,527 295 1 , ' 12 404 31,594 29,552 1,034 855 427 1,503 1,459 366 22,591 20,196 170 484 3,147 1,969 373 603 22,779 19,084 1,218 207 386 4,423 3,498 572 23,043 19,194 2,524 347 4,651 3,518 203 595 23.886 19,624 2,387 218 422 5,099 4,347 730 22,572 18,144 1,273 211 440 5,181 4,638 14 11 21 22 7,789 1,969 7,657 5,580 i',467 235 131 332 224 198 153 749 248 700 520 607 607 5,276 3,729 8,118 4,281 9,198 4,141 10,188 3,955 729 3,652 1,679 10,337 1 606 638 9,771 2 1,123 6,206 2 1,385 4,960 1 1,453 5,195 2 1,506 4.777 903 119 1,864 2,274 1,847 1,526 1,674 1,600 182 181 213 335 351 384 409 830 629 604 767 719 623 638 193 204 185 242 201 197 173 751 4,248 1,173 820 956 6,982 5,653 15,878 916 5 1,126 3 1,342 1,053 2,358 1,901 15,560 499 5,536 11,830 1 2,184 1,511 8 2,458 1,390 2,493 3,640 10,528 14 2,934 1,328 1,774 3,854 11,594 21 3,188 1,240 1,475 3,688 11,687 1,407 1,610 1,901 1,885 20 42 23 33 35 43 51 183 471 227 187 178 191 193 1,979 3,679 3,906 4,702 4,999 363 229 288 303 322 351 6,628 29,407 26,125 25,570 26,148 27,381 26,818 4,377 26,999 22,857 21,377 21.587 22,549 21,927 481 2,926 5,102 4,544 16,713 2,583 2,108 17,681 588 6,107 13,287 2,568 4,008 12,587 2,024 4,204 13.625 1,851 4,204 13,803 861 9 6 5 5 4 3 1,222 1,342 2,006 2,998 3,334 3,639 3,756 1,028 1,067 1,262 1,194 1,227 1,194 1,134 1,205 614 1,405 1,096 1,533 1,268 1,639 1,503 20 31 30 29 156 2,266 1,061 130 3,024 1,807 130 3,252 1,927 137 3,505 2,288 111 134 146 141 13,021 11,718 12,189 12,960 11,318 206 1,973 1,219 7,916 571 501 2,979 5,618 9,672 939 1,647 1,812 5,510 9,914 10,567 1,196 1,325 2,043 6,000 4 3 6 3 1,078 1,478 1,671 1,781 625 567 604 613 1,823 1,881 3,827 5,591 6,099 6,662 6,777 1,530 707 110 630 480 1,390 2,418 2,692 2,065 * 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" or "all 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. beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 740 FEDERAL RESERVE BULLETIN ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Re- serves with Federal Class of bank and call date Cash in Re- vault serve Banks All commercial banks: 2 Balances with mestic banks* j u s t e d 5 ! 1,430 1,343 1,476 2,806! 1,413 3,359 1,465 4,941 37,845 74,722 85,751 91,099 9.823 12,566 11,236 11,955 97^048 12^969 93,652 11,286 . 883 6,246 7,117 6,270 6,868 7,463 7,378 5,961 33,754 64,184 73,528 78,370 83,100 85.543 82,665 93 111 151 118 159 148 143! 141 78 70 78 79 84 42 10,761 15,065 16,653 15,898 16,439 16,288 15,572 3,595 3,535 3,236 3,207 3,385 3,346 2,898 607| 866 1,105 6,940 1,217 267 1,162 451 1,128 858 1,154 1,143 1,077 469 298 200 175 133 165 169 128 2,215 3,153 3,737 3,954 4,121 4,126 3.968 1,027 1,292 1,196 1,177 1,269 1,308 1,133 81 127 20 1,552 72 174 242 343 187 233 237 285 284 240 242 299 2,590 2,174 2,125 2,206 2,356 2,419 1,918 11,117 22,372 25,714 27,938 29,489 30,609 29,906 4,302 6,307 5,497 6,174 6,695 6,662 5,525 54 491 110 8,221 131 405 217 976 192 1,124 230 1,814 144 ,763 ,282 2,575 2,550 2,693 2,678 286 611 705 852 822 791 738 11,127 22,281 26,003 28,938 30,722 31,798 30,416 1,370 2,004 2,647 3,282 3,554 3.772 3,922 239 435 528 715 783 777 763 8,500 21,797 25,203 27,980 30,234 31,473 29,802 1,295 1,612 1,761 1,881 180 195 205 212 12,284 12,326 13,426 14,113 2,216i 10,216 87,123 2 , 1 7 4 1 0 , 8 6 3 92,282 2,697 11,969 98,243 2,753 11,875 101,506 AH insured c o m - : mercial banks: i 1941—Dec. 31. . j 1945—Dec. 31. . 1947—Dec. 31. . 1950—Dec. 30. . 1951—Dec. 31. . 1952-Tune 3 0 . . Dec. 3 1 . . 12,396| 15,810; 17.796J 17,458; 19,91lj 19,331! 1.3581 8,570 1 ,829! 11,075 2,145 9,736 2,145 10,463 2,665 11,561 2,365 9,935 2,581 84,987 8,012 2,918 90,986 8,426 3,166 96,666 8,910 2,956 99,793 240 462 550 744 866 34,383 111 189 1,384 34,930 278 1,536 36,323 346 1 ,620 39,046 65 90 34 188 10,059 11,590 12,216 12,888 1 ,761 23,740 1,325 2,788 3,344 5,797 4,912 3 ,677 5 ,098 6 ,692 7 ,892 8 ,288 8 ,682 8 ,776 36,544 72.593 83,723 89,922 95,604 90,836 98,746 158 70 54 347 427 475 605 59 103 111 189 278 312 346 15,146 29,277 33,946 34,525 35,986 37,333 38,700 215 61 82 30 85 6,844 8,671 9,734 11,263 11,902 12,282 12,563 67l| 1,709 9,714 12,333 1,243 22,179 10,978 1,375 1,176 11,669 1,437 2,523 12,634 1,369 3,101 12,594 1,431 4,567 10,593 1,350 3,044 3,066 4,240 5,504 6,400 6,666 7,029 1 ,009 450 2,401 2.724 2,961 2,744 7,234I 2,520 33,061 62,950 72,704 78,659 83,240 85,680 80,998 140 64 50 341 422 592 625 418 50 399 99 693 105 183 1,121 257 1,238 321 1 .303 311 1,337 11,878 4 23,712 208 27,542 54 28,032 79 29,128 26 31,266 165 31,783 1,213 5,886 7,589 8.464 9,695 10,218 10,761 10,958 319 450 237 1,338 290 1,105 258 1,087 321 1,289 322 1,120 336 956 11,282 15,712 17,646 17,490 17,880 17,919 16,716 6 17 12 268 318 465 483 673 1,248 1,379 1,442 1,381 1,339 19,809! 2,720! 11,489 100,329 12,948 1,437 Member banks, ; total: I 1941 —Dec. 31. .j 12,396 1945—Dec. 3^ . . I 15,811 1947—Dec. 31. J 17,797! 1950 - D e c . 30. .! 17,459| 1951—Dec. 31 . .1 19,9121 1952—Dec. 31. J 19,8101 1953 -Apr. 20..I 19.882J ,087 ,438 ,672 ,643 ,062 ,081 I New York City:* \ 1941—Dec. 31. . 5,105! • 1945—Dec. 31. . 4,0151 ' 1947—Dec. 31. .! 4,639, 1950—Dec. 30. J 4,693| 1951—Dec. 31. . j5,2461 1952—Dec. 31 . J 5.059: 1953 -Apr. 20. . ' 5,052! Chicago:* 1941—Dec. 1945—Dec. 1947—Dec. 1950—Dec. 1951—Dec. 1952-Dec. 1953 -Apr. I 1,077 2,585 2,559 2,898 3,147 2,721 2,938 i 31. . 31. J 31. . ' 30. . ' 31. . ! 31. . i 20. J 1,021i 942 1,070 1,216 1,407 1 ,144 1 ,323 Reserve city banks: | 1941— Dec. 1945—Dec. 1947—Dec. 1950—Dec. 1951—Dec. 1952—Dec. 1953 -Apr. I 6,799 11,362 12,102 13,123 13.109 17,796! 17,458' 19.911) 10.8091 31. 30. 31. 31. U. S. j Certi- IndiIndiGov- vStates viduals, Bor- CapiStates j ned viduals, tal ernand and I and partner- Inter- ment polit- partner- row- acships, bank political! offiships, ings counts and ical and corsubdiPostal subdi- and corvisions ;hecks,| poraSav- visions pora-' etc. tions tions ings ! . . . . 1947—Dec. 1950—Dec. 1951—Dec. 1952—Dec. Time deposits 31.-1 4,0601 31. . 6,326 1 31. J 7,095 30. . I 6,806 31. J 7,582 31. . i 7,788 20. . j 7.743 425 494 562 519 639 651 583 Country banks: \ 1941—Dec. 31. . j 2,210 526 1945—Dec. 31. .! 4,527 796 1947—Dec. 31..! 4,993 929 1950—Dec. 30. . 4,745 1 976 1951—Dec. 31. . 5,676 1.231 ' 1952—Dec. 31. . 5,820 1,250 i 1953—Apr. 20. . | 5,764 1,125 All nonmember banks: 2 1947—Dec. 31. 1950—Dec. 30. 1951—Dec. 31. 1952—Dec. 31..!. 1,2211 492 496 826 1,331 1,485 1,574 1,564 778 1,206 1,418 1,647 1,614 1,752 1,752 2,152 3,160 3,853 4,250 4,404 4,491 4,064 1,648 195 2,120 30 2,259 70 2,351 2,425 2,505 2,533 476 53 288 377 426 490 513 541 542 563 1,967 2,566 2,844 3,322 3,521 3,745 3 ,806 719 902 1,089 1,128 1,190 1,162 104 30 22 57 90 109 121 4,542 9,563 11,045 10,956 11,473 12,417 12,592 20 38 45 60 85 105 104 243 160 332 631 714 739 768 31 52 45 82 125 152 151 146 6,082 219 12,224 337 14,177 443 14,339 491 14,914 525 15,908 528 16,277 j 3,216 4,665 3,900 4,450 4,862 4,706 3,874 9,661 23,595 27,424 30,581 33,051 34,519 33,220 790 1,199 1,049 1,111 1,285 1,278 1,03 3,947 3,996 4,507 4,498 13,595 13,912 15,144 15,964 385 432 489 516 2 225 8 5 ,465 7 432 10 922 876 11 11 1 ,267 11 1 ,168 4 11 23 9 16 25 1,982 2,525 2,934 3,532 3,760 3,970 206 4,078 j 544 532 635 672 55| 38 44 34 167 283 258 374 190 120 128 152 172 263 298 317 6,858 6,915 7,213 7,800 1,596 1,897 1,999 2,129 -'Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 3 Central reserve city banks. 4 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. 5 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 1953 741 WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans l Date or month Total loans and invest- Total 1 ments Investments For purchasing or carrying securities CommerTo brokers cial, indus- and dealers To others Real Loans Other estate trial, to Total loans banks loans and agri- U. S. Other U.S. Other culGovt. se- Govt. seobtural obliga- curi- liga- curitions ties tions ties U. S. Government obligations Total Bills CerOther tifisecucates rities, of in- Notes Bonds2 debtedness Total— Leading Cities 1952—June 75,452 35,414 20,795 1,848 662 5,785 515 6,368 40,038 32,662 3,957 3,752 5,998 18,955 7,376 1953—April May June 76,669 75,985 76,288 39,512 39,499 39,550 23,229 23,006 22,801 1,634 1,599 1,648 799 793 765 6,197 6,237 6,282 554 7,708 37,157 29,508 1,726 669 7,805 36,486 28,955 1,479 781 7,888 36,738 29,317 2,313 1953—Apr. 1 . . 76,827 39,647 23,269 Apr. 8. . 76,882 39,508 23,297 Apr. 1 5 . . 76,925 39,594 23,287 Apr. 22. . 76,412 39,377 23,156 Apr. 29. . 76,301 39,437 23,133 1,561 1,703 1,756 1,612 1,540 808 797 807 796 789 6,176 6,180 6,210 6,206 6,214 777 459 432 493 611 7,665 37,180 29,547 7,681137,374 29,736 7,711I 37,331 29,622 7,7 37,035 29,384 ,723 7,7760 36,86429,249 , 7,784 36,730 7,812 36,546 7,789 36,332 7,838 36,338 3. . 10.. 17. . 24.. 2,115 2,158 2,115 2,062 2,038 29,185 ,539 2,011 29,040 ,510 1,961 28,822 ,422 1,970 28,775 1,443 1,971 5,850 19 ,881 7,633 5,849 19,877 7,638 5,793 19,882 7,709 5,778 19,885 7,651 5,771 19,857 7,615 39,508 39,263 39,685 39,541 23,139 23,083 22,965 22,836 1,633 1,574 1,625 1,564 796 802 789 784 6,214 6,227 6,246 6,260 553 374 881 870 5,731 5,700 5,673 5,665 19,904 19,869 19,757 19,696 7,545 7,5067,510 7,563 75,981 39,439 76,466 39,666 76,640 39,654 76,065 39,443 22,690 22,732 22,985 22,797 1,547 1,762 1,716 1,567 779 767 769 746 6,257 6,274 6,293 6,304 930 7,847 36,542 29,144 2,043 1,850 5,652 869 872 36,800 29,383 2,276 1,843 5,629 617 893 36,986 29,528 2,604 2,044 5,545 710 7,938 36,622 29,211 2,327 2,040 5,545 19,599 19,635 19,335 19,299 7,3987,417 7,458" 7,411 May 6. . 76,238 May 13. . 75,809 May 20. . 76,017 May 27. . 75,879 Tune June June June ,701 ,852 ,832 ,659 ,583 2,098 5,808 19,876 7 ,649 1,978 5,692 19,806 7 ,531 1,944 5,593 19,467 7,421 New York City 1952—June 21,403 11,212 7,630 455 1,005 20 209 429 278 1,363 10,191 1953—April May June 1953—Apr. Apr. Apr. Apr. Apr. 20,824 20,454 20,764 12,380 12,331 12,383 8,653 8,507 8,456 154 1,090 127 1,107 108 1,163 37 43 35 227 217 210 384 388 399 348 1,672 466 1,661 517 1,680 21,105 20,897 20,862 20,647 20,613 12,490 12,322 12,418 12,338 12,332 8,647 8,698 8,679 8,625 8,617 162 172 189 131 115 ,046 1,062 1,136 1,117 1,086 30 33 45 42 35 235 231 227 222 221 379 381 388 389 385 519 245 251 330 393 ,657 ,685 ,688 ,667 ,665 May 6. . 20,504 May 13. . 20,230 May 20. . 20,570 May 27. . 20,515 12,345 12,085 12,495 12,401 8,617 8,524 8,474 8,412 147 1,113 125 1,082 127 1,126 1,107 SO 44 42 37 218 218 217 216 382 387 390 393 347 217 651 650 June 3. . 20,572 12,354 June 10.. 20,952 12,527 June 17. . 20,922 12,423 June 24. . 20,612 12,229 8,383 8,448 8,570 8,424 95 1,107 152 1,223 114 1,203 1,120 36 37 36 31 213 213 213 201 389 398 403 405 635 563 391 477 1. . 8. . 15. . 22. . 29. . 8,042 1,087 651 1,377 4,927 2,1 8,444 6,282 8,123 6,103 8,381 6,426 247 237 665 199 170 154 ,050 4, 786 2,162 ,041 4,655 2,020> ,035 4,572 1,955 8,615 8,575 8,444 8,309 8,281 6,437 6,391 6,244 6,164 6,174 298 284 230 189 235 208 208 215 194 168 ,071 ,068 ,039 ,034 ,040 4,860 4,831 4,760 4,747 4,731 ,656 ,673 ,653 ,664 8,159 8,145 8,075 8,114 6,118 6,120 6,067 6,108 204 244 214 286 163 167 160 189 ,035 ,033 ,045 ,052 4,716 2,041 4,676 2 ,025 4,648 2,0084,581 2,006 ,681 ,678 ,678 ,684 8,218 8,425 8,499 8,383 6,264 6,467 6,530 6,444 513 681 791 674 150 139 161 167 ,045 ,047 ,019 ,029 4,556 4,600 4,559 4,574 2,178-. 2,184 2,200* 2,145 2,107 1,954 1,958 1,969 1,939- Outside New York City 4,621 14,028 5,227" 1952—June 54,049 24,202 13,165 388 433 5,356 237 5,005 29,847 24,620 2,870 3,101 1953—April May June 55,845 55,531 55,524 27,132 27,168 27,167 14,576 14,499 14,345 390 365 377 535 533 520 5,813 206 6,036 28,713 23,226 1,479 203 6,144 28,363 22,852 1,242 264 6,208 28,357 22,891 1,648 1953—Apr. 1 . . Apr. 8. . Apr. 1 5 . . Apr. 22. . Apr. 29. . 55,722 55,985 56,063 55,765 55,688 27,157 27,186 27,176 27,039 27,105 14,622 14,599 14,608 14,531 14,516 353 469 431 364 339 543 533 535 532 533 5,797 5,799 5,822 5,817 5,829 258 214 181 163 218 23,110 23,345 23,378 23,220 23.075 1,403 1,568 1,602 1,470 1,348 ,907 ,950 ,900 ,868 ,870 4,779 15 ,021 5,455 4,781 15,046 5,454 4,754 15,122 5,509' 4,744 15,138j 5,506 4,731 15,126i 5,508 May 6. . 55,734 May 13. . 55,579 May 20. . 55,447 May 27. . 55,364 27,163 27,178 27,190 27,140 14,522 14,559 14,491 14,424 373 367 372 350 528 540 530 531 5,832 5,840 5,856 5,867 206 6,128 28,571 23,067 157 6,139 28,401 22,920 230 6,136 28,257 22,755 6,174 28,224 22,667 1,335 1,266 1,208 1,157 ,848 ,794 ,810 ,782 4,696 4,667 4,628 4,613 15,188 5,504 15,193 5,481 15,109 5,502 ^,557 15,115 5 55,409 27,085 55,514 27,139 55,718 27,231 55,453 27,214 14,307 14,284 14,415 14,373 345 387 399 375 530 517 520 514 5,868 5,876 5,890 5,899 6,166 28,324 22,880 306 6,194 28,375 22,916 226 6,215 28,487 22,998 233 6,254 28,239 22,767 1,530 1,595 1,813 1,653 ,700 ,704 ,883 ,873 4,607 4,582 4,526 4,516 15,043 15,035 14,776 14,725 June June Tune June 3. . 10.. 17.. 24.. 6,008 28,565 28,799 6,023 28,887 6,056 28,726 6,095 28,583 1,899 4,758 15,090 5,487 ,808 4,651 15,151 5.511 ,790 4,558 14,895 5,466 5,444 5,459 5,489 5,472 1 Figures 2 for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. Includes guaranteed obligations. For other footnotes see opposite page. 742 FEDERAL RESERVE BULLETIN . WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. Demand deposits, except interbank Date or month ReDe- Indiserves Bal with Cash ances mand vid- States CertiFedwith uals, de and fied in eral vault do- posits part- polit- and Remestl adnerical offiserve banks justed ships, sub- cers' Banks and divicor- sions checks, etc. porations In millions of dollars] Time deposits, except interbank IndividU. S. uals, States Govand U. S. part- polit- ernGov- nerical ment ern- ships, suband ment and divi- Postal cor- sions Savporaings tions Demand Domestic Time Foreign Bor- Capital rowacings counts TotalLeading Cities 1952—June. 15,151 982 2,42 53,833 54,749 3,742 1,750 3,178 15,885 774 175 9,865 1,274 983 7,090 1953—April May June......... 14,289 14,506 14,943 925 2,426 53,228 54,325 942 2,345 53,417 54,117 936 2,606 54,260 55,106 3,946 1,762 2,505 16,774 4,164 1,470 1,73 16,839 3,988 1,61 1,755 16,962 790 828 82 192 9,847 189 9,702 188 10,024 ,319 ,318 ,296 611 1,065 637 1,111 665 793 7,349 7,400 7,408 1953—Apr. 1. . Apr. 8. . Apr. 15.. Apr. 22. . Apr. 29. . 14.038 14,320 14,574 14,266 14,247 883 924 916 931 973 2,635 51,802 2,291 52,723 2,508 53,542 2,37: 53,89" 2,324 54,176 52,785 53,751 55,71 54,765 54,608 3,828 3,703 3,948 4,010 4,241 1,878 2,189 1,720 1,461 1,559 16,726 16,785 16,766 16,794 16,799 777 793 786 793 803 195 193 191 191 190 10,092 9,878 10,194 9,636 9,436 ,310 ,328 ,335 ,310 ,315 581 608 616 617 631 1,009 1,077 1,062 1,074 1,107 7,345 7,348 7,341 7,349 7,360 May 6. May 13. May 20. May 27. 14,480 14,578 14,471 14,496 892 977 924 973 2,308 2,365 2,379 2,328 53,352 53,346 53,084 53,889 53,503 54,761 53,873 54,332 4,243 4,114 4,118 4,181 1,489 1,878 16,835 1,500 1,532 16,812 1,565 2,028 16,832 1,327 1,509 16,876 825 832 829 825 191 189 188 189 9,826 9,852 9,766 9,364 ,289 ,276 ,364 ,344 625 633 641 650 1,122 1,258 1,048 1,016 7,396 7,397 7,393 7,413 June June Tune June 14,537 14,860 15,505 14,87 893 955 931 965 2,347 2,604 2,822 2,65: 53,708 54,185 54,900 55,417 54,981 56,69 53,454 54,124 829 827 826 826 187 187 189 187 9,758 10,033 10,472 9,831 ,320 ,296 1,294 1,275 656 1,026 668 906 664 536 671 705 7,415 7,410 7,400 7,407 2,864 3. 10........ 17 24., 3,934 3,056 2,437 1,672 1,426 458 4,041 ,520 4,174 ,688 3,82 ,707 3,911 1,556 1,356 1,119 1,979 2,566 16,901 16,932 16,975 17,041 909 1,006 1,631 1,055 346 475 2,424 875 648 738 637 554 503 ,716 ,702 ,730 2,800 1,061 2,771 1,078 2,940 1,063 474 498 522 306 259 219 2,500 2,511 2,504 ,718 ,731 ,702 ,710 ,717 2,795 2,772 2,876 2,782 2,776 1,043 1,069 1,073 1,057 1,063 447 471 478 481 493 274 400 394 202 260 2,503 2,500 2,500 2,501 2,497 New York City 1952—June.. 5,520 1953—April., May.. June. . 4,801 4.909 5,214 139 143 140 Apr. 1 , Apr. 8. Apr. 15. Apr. 22. Apr. 29, 4,699 4,799 4,901 4,778 4,826 132 139 136 140 150 May May May May 6 13 20 27 4,912 4.950 4,820 4,954 June 3 Iiine 10 Tune 17 June 24 Outside New York City 1952—June 16,68' 17,502 80 15,697 16,656 39 15.544 16,360 44 16,062 16,886 328 370 324 15,624 15,482 15,695 15,834 15,853 16,612 16,448 16,803 16,666 16,749 930 1,117 248 249 1,388 796 410 800 576 355 563 371 379 696 323 139 148 13 148 31 15,524 40 15,456 46 15,425 15,772 16,218 16,357 16,274 6,589 360 379 367 374 644 656 732 561 ,720 693 518 ,688 594 ,688 413 1,713 2,785 2,752 2,820 2,727 1,044 1 ,040 1 119 1 109 489 496 499 508 203 279 284 269 2.512 2,513 2,511 2,507 4.975 5.157 5,434 5,290 137 144 139 140 15,762 16,274 6,494 5 ,720 16,547 6,956 7,487 6,554 307 414 279 295 647 851 768 688 408 304 463 838 1,709 1,715 1,734 1,761 2,854 2,917 3,056 2,933 1,088 1,065 1,054 1,043 513 524 523 530 255 372 119 2,508 2,505 2,501 2,501 2,172 4,254 751 124 7,001 219 112 508 4,666 1,868 1,183 1,252 5,058 5,137 5,232 757 785 784 137 137 138 7,047 6,931 7,084 258 240 233 137 139 143 759 852 574 4,849 4,889 4,904 242 36 43 40 37 37,247 3,481 9.631 782 2,388 37,146 1953—April May June. . 9,488 9,597 9,729 786 2,346 799 2,306 796 2,562 57,531 57,669 3,618 57,873 57,757 3,794 58,198 58,220 3,664 1953- -Apr. 1 Apr. 8 Apr. 15 Apr. 22 Apr. 29 9,339 9,521 9,673 9,488 9,421 751 785 780 791 823 2,393 2,255 2,465 2,332 2,287 16,178 57,241 57,847 18,063 58,323 56,173 57,303 58,914 58,099 57,859 3,580 3,454 3,538 3,655 3,862 948 2,817 801 2,260 920 ,861 898 ,301 863 ,103 5,008 5,054 5,064 5,084 5,082 745 762 755 757 765 138 135 138 138 137 7,297 7,106 7,318 6,854 6,660 267 259 262 253 252 134 137 138 136 138 735 677 668 872 847 4,842 4,848 4,841 4,848 4,863 May 6. May 13. May 20. May 27. 9,568 9,628 9,651 9,542 753 829 787 825 2,277 2,325 2,333 2,291 (7,828 !7,890 17,659 18,117 17,285 S8.404 17,599 17,743 3,883 3,735 3,751 3,807 845 ,185 ,014 844 833 1,434 766 1,096 5,115 5,124 5,144 5,163 783 789 786 783 138 137 137 138 7,041 7,100 6,946 6,637 245 236 245 235 136 137 142 142 919 979 764 747 4.884 4,884 4,882 4,906 June June lune June 9,562 9,703 0.071 9.582 756 811 792 825 2,308 2,569 2,765 2,607 17,946 18,626 8,487 7,734 17,638 18,461 19,210 7,570 3,734 3,760 3,546 3,616 873 837 939 868 5,192 5,217 5,241 5,280 786 785 783 783 136 137 139 137 6,904 7,116 7,416 6,898 232 231 240 232 143 144 141 141 771 534 417 573 4,907 4,905 4,899 4,906 3 10 17 24 887 822 879 948 815 1,516 1,728 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357 and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised figures July 1946-June 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics, pp. 127-227. JULY 1953 743 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY^ [Net declines, (—). In millions of dollars] business of borrower Manufacturing anc m i n i n g Periods Metals and Petrometal Food, Textiles, products leum, liquor, apparel, coal, (incl. chemical, Other and and tobacco leather machinand ery and rubber trans. equip.) 1951—April-June. . - 2 4 3 932 July-Dec.. . . Trade (wholesale and retail) Commodity dealers Public utilities (incl. transportation) Sales finance companies Construction All other types of business Comm'I. ind'l, and Net agr'l. changes change— classitotal 3 fied 275 873 116 -361 48 125 60 141 62 16 -421 722 63 30 175 351 44 -98 8 37 186 2,769 18 2,372 -73 -40 1,111 76 36 -634 -217 1 176 250 -105 754 141 662 544 —2 -57 18 13 -28 191 -546 2,494 -637 2,435 1953—Jan.-June. . . - 6 2 1 151 446 -10 95 208 -632 -90 84 18 -8 -360 -593 1952—Jan.-June... July-Dec -868 Monthly: 1953—Apr May -216 -104 -65 -25 -19 41 19 34 72 13 6 -66 30 40 65 23 2 -117 -124 June -91 105 -96 8 66 -21 5 — 12 3 10 -18 -4 26 -119 -271 -18 -204 -297 -39 -26 -39 -33 -72 -46 -6 9 -17 -3 -8 — 12 -4 19 8 8 -6 15 9 -9 4 -6 -4 6 1 4 12 16 18 6 12 -23 -27 -28 -23 -15 29 57 -1 11 9 -2 5 16 15 32 -10 -2 -2 -1 3 -8 11 6 -15 -13 -58 37 -8 -81 -9 -68 28 -10 -131 -23 May 6 May 13. . . . May 20. , . . May 27 -34 -31 -15 -24 2 -2 -13 -5 10 27 4 -7 13 -1 -2 -4 6 26 -3 1 16 12 -11 6 -35 -29 -27 -33 9 -69 -8 -28 15 -1 -16 -19 4 2 -6 2 7 2 -6 -7 12 -66 — 100 -117 6 -56 -118 -129 June June June June -50 4 -I -17 7 12 71 -18 3 -36 -57 24 6 17 12 5 -3 4 4 -2 -38 -19 -14 -19 -6 18 118 -36 16 60 -35 -5 10 12 -7 2 29 2 -129 47 245 -181 -146 42 253 -188 Week ending: 1953—Apr. 1 Apr. 8 . . . . Apr. 15. . . . Apr. 22 Apr. 29 3.... 10 17.... 24 20' ' 11 9 -122 1 Sample includes about 215 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks. 2 Figures tor other than weekly periods are based on weeklv changes during Deriod. 3 Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of revisions in the weekly reporting series see BULLETIN for April 1953, p. 357. C O M M E R C I A L PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding End of month Based on Held by Commercial paper Total out- 1 outstanding standing Accepting banks Total Own bills Bills bought Others Imports into United States Exports from United States Dollar exchange 3 Goods stored in or shipped between points in United States Foreign countries 11 12 9 32 44 1947—December 1948—December 1949—December 1950—December 1951—December 287 269 257 333 434 261 259 272 394 490 197 146 128 192 197 88 71 58 114 119 109 76 70 78 79 64 112 144 202 293 159 164 184 245 235 63 57 49 87 133 2§ 25 25 30 28 55 1952—May 510 495 539 550 565 591 575 539 430 416 450 454 454 449 478 492 155 148 171 169 166 155 172 183 121 108 122 113 106 103 114 126 34 40 49 56 61 52 58 57 275 268 279 285 288 294 306 309 197 195 200 212 232 237 233 232 136 126 126 119 108 114 123 125 37 45 73 74 60 30 29 39 17 15 17 20 24 40 62 64 43 36 34 30 31 28 31 32 504 511 507 464 441 487 490 468 455 417 159 158 149 115 111 111 110 105 78 85 48 48 44 36 26 328 331 319 340 306 225 234 237 229 198 120 114 110 115 111 43 57 39 43 37 65 53 49 37 39 34 32 32 31 32 June July August September October November December 1953—Tanuary February March April May 1 As reported by dealers; includes some finance company paper sold in open market. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. 744 FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Business securities Government securities Total assets Date End of year: 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 United State and Foreign' States local 1 Total Total Bonds 3 Stocks Mortgages Real estate Policy loans Other assets 5,669 5,958 6,442 6,726 3,248 3,091 2,919 2,683 2,373 2,134 1,962 1,894 1,937 2,057 2,240 2,413 2,587 2,030 2,156 ,840 ,693 ,839 ,704 ,738 ,808 2,124 2,160 2,245 2,591 2,874 4 29,243 30,802 32,731 34,931 37,766 41,054 44,797 48,191 51,743 55,512 59,630 64,020 68,292 7,697 8,359 9,478 11,851 14,994 18,752 22,545 23,575 22,003 19,085 17,813 16,066 13,670 5,373 5,857 6,796 9,295 12,537 16,531 20,583 21,629 20,021 16,746 15,290 13,459 11,011 2,253 2,387 2,286 2,045 1,773 1,429 1,047 936 945 1,199 1,393 1,547 1,737 71 115 396 511 684 792 915 1,010 1,037 1,140 1,130 1,060 922 8,465 9,178 10,174 10,315 10,494 10,715 11,059 13,024 16,144 20,322 23,179 25,403 28,214 7,929 8,624 9,573 9,707 9,842 9,959 10,060 11,775 14,754 18,894 21,461 23,300 25,988 536 554 601 608 652 756 999 1,249 1,390 1,428 1,718 2,103 2,226 6,686 6,63<5 7,155 8,675 10,833 12,906 16,102 19,314 2,134 2,060 ,878 ,663 ,352 ,063 857 735 860 ,055 ,247 ,445 ,633 63,687 67,983 15,933 13,579 13,361 10,958 1,520 1,702 1,052 919 25,209 28,042 23,231 25,975 1,978 2,067 16,101 19,291 ,428 ,617 2,397 2,575 2,619 2,879 69,959 70,334 70,774 71,123 71,578 72,034 72,415 73,034 13,020 12,853 12,894 12,898 12,929 12,731 12,780 12,683 10,463 10,309 10,324 10,347 10,399 10,244 10,297 10,195 1,697 1,706 1,748 1,752 1,736 1,728 1,728 1,733 860 838 822 799 794 759 755 755 29,594 29,895 30,191 30,314 30,475 30,973 31,143 31,404 27,456 27,745 28,039 28,165 28,315 28,819 28,986 29,226 2,138 July August.... September. October. . . November. December . ,150 2,152 2,149 2,160 2,154 2,157 2,178 20,175 20,335 20,505 20,643 20,801 20,961 21,087 21,245 ,674 ,693 ,706 ,722 ,736 ,751 .766 ,868 2,633 2,646 2,656 2,667 2,683 2,692 2,698 2,699 2,863 2,912 2,822 2,879 2,954 2,926 2,941 3,135 1953—January... February. . March.... April.. May 73,621 73,943 74,295 74,686 75.063 12,862 12,844 12,630 12,666 12,543 10,329 10,287 10,063 10,089 10,082 1,774 1,800 1,820 1,837 n.a. 759 757 747 740 31,690 31,878 32,243 32,472 32,732 29,471 29,644 30,005 30,218 30,463 2,219 2,234 2,238 2,254 2,269 21,396 21,547 21,725 21,897 22,055 ,880 ,887 ,897 1,918 1,924 2,718 2,727 2,742 2,756 2,770 3,075 3,060 3,058 2,977 3,039 End of month: 6 1950—December. 1951—December. 1952—May June 6,714 n.a. Not available. 1 Includes United States and foreign. 2 Central government only. 3 Includes International Bank for Reconstruction and Development. 4 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. 5 These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values are not made on each item separately, but are included in total in "Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN T H E UNITED STATES [In millions of dollars] Assets Assets 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952P Total 1 Mortgages 2 U. S. Government obligations Cash 5,597 5,733 6,049 6,150 6,604 7,458 8,747 10,202 11,687 13,028 14,622 16,846 19,164 22,700 End of year 3,806 4,125 4,578 4,583 4,584 4,800 5,376 7,141 8,856 10,305 11,616 13,622 15,520 18,444 73 71 107 318 853 1,671 2,420 2,009 1,740 1,455 1,462 1,489 1,606 1,791 274 307 344 410 465 413 450 536 560 663 880 951 1,082 1,293 Other 3 1,124 940 775 612 493 391 356 381 416 501 566 692 866 1,083 Savings capital End of quarter 4,118 4,322 4,682 4,941 5,494 6,305 7,365 8,548 9,753 10,964 12,471 13,978 16,073 19,211 1950—2.... 3 4 1951—1... . 2 3.... 4. . . . 1952—1.... 2 3 4... . 1953—1 Total 1 Mortgages 2 U. S. Government obligations Cash Other 3 15,880 16,291 16,846 17,232 17,977 18,429 19,164 19,848 20,853 21,656 22,700 23,506 12,695 13,294 13,622 13,999 14,539 15,058 15,520 16,073 16,891 17,740 18,444 19,105 1,506 1,489 1,489 1,547 1,558 1,577 1,606 1,718 1,702 1,782 1,791 1,931 913 727 951 844 940 852 1,082 1,100 1,212 1,046 1,293 1,263 671 688 692 751 849 852 866 867 959 999 1,083 1,121 Savings capital 13,422 13,418 13,978 14,286 14,910 15,317 16,073 16,801 17,661 18,210 19,211 20,105 P Preliminary. 1 Includes gross mortgages with no deduction for mortgage pledged shares. 2 Net of mortgage pledged shares. 3 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. JULY 1953 745 GOVERNMENT CORPORATIONS AND CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY * [Based on compilation by United States Treasury Department. In millions of dollars] ind of quarter End of year 1953 1952 Asset or liability, and agency 1944 1945 1946 1947 1949 1948 1950 1951 3 2 Loans, by purpose and agency: 1 4 3,385 To aid agriculture, total Banks for cooperatives ... . Federal land banks * . . Farmers Home Administration • Rural Electrification Administration Commodity Credit Corporation 2,878 2,884 2,299 3,632 4,362 3,884 4,161 4,058 197 231 4,563 189 257 232 273 986 149 590 528 120 276 336 305 426 302 437 345 510 425 633 343 866 370 822 424 673 367 728 109 558 734 280 80 525 999 60 523 45 535 34 539 29 594 27 606 25 596 23 653 556 768 1,251 1,220 1,088 351 643 361 353 242 604 407 99 10 To aid home owners, total Federal National Mortgage Assn. RFC Mortgage Corporation* Home Owners' Loan Corporation 2 Reconstruction Finance Corporation Other agencies .. . 9 6 1,237 896 659 52 81 1,091 12 1 7 24 852 12 1 6 6 636 10 1 5 070 1,671 1,301 1,543 1,742 1,831 1,873 1 920 1,966 898 1,293 1,729 782 390 859 1,426 1,927 5 9 7 6 6 7 5 5 6 4 199 828 486 369 231 « 1 65 177 22 1,528 2,142 2,387 2,437 2 603 2,777 1,347 1,850 2,068 2 097 2 242 2,394 10 168 24 137 35 123 169 119 201 117 223 115 246 113 270 To railroads, total Reconstruction Finance Corporation Other agencies 343 321 21 223 205 18 171 153 18 147 145 3 140 138 3 114 112 3 110 108 2 101 99 2 85 83 2 84 82 2 82 80 2 79 77 2 To other industry, total Reconstruction Finance Corporation* Other agencies 191 118 73 232 149 83 192 151 41 272 241 31 310 272 38 462 423 38 458 400 58 488 415 74 480 412 67 516 457 58 468 59 To financing institutions, total Reconstruction Finance Corporation Federal home loan banks Other agencies 216 267 314 447 525 445 824 814 464 393 72 653 66 131 60 195 14 293 7 6 515 8 433 12 7 436 8 816 8 806 653 Foreign, total Export-Import Bank Reconstruction Finance Corporation • Other agencies • 20 . . 225 225 8 584 484 531 779 190 294 88 297 59 366 801 61 609 113 96 100 99 105 109 61 624 478 395 368 476 185 173 623 309 286 232 278 « 106 112 448 Less: Reserve for losses Investments: 438 1,630 1,683 1,873 43 39 U. S. Government securities, total Federal intermediate credit banks Production credit corporations Federal land banks * . . . . 43 43 43 47 60 220 714 *340 611 611 116 153 933 1,095 87Z 61 750 50 919 51 688 123 126 133" 150 140 159 67 145 70 136 1,685 1,854 2,047 2,075 2,226 2,364 2 371 2 421 2.645 43 43 48 43 43 43 43 43 43 48 72 44 66 74 39 46 42 51 43 49 43 61 43 60 43 53 44 199 193 249 200 311 209 298 203 311 208 460 212 244 285 286 299 316 330 1 1 151 15 161 15 118 145 139 274 275 87 7 75 760 28 106 8 49 897 30 122 8 48 132 144 8 188 3,385 3,385 3,385 424 289 63 325 244 55 230 159 46 154 108 35 133 98 29 107 83 22 88 71 16 78 71 26 24 11 6 2 1 1 2,942 2,288 1,265 1,450 1,034 463 1,053 1,131 667 122 134 438 822 448 235 138 144 Federal Savings and Loan Insurance Corp . . . . . Home Owners' Loan Corporation 2 . . Federal Housing Administration Public Housing Administration 10 Reconstruction Finance Corporation • Federal Deposit Insurance Corporation Other agencies . . 172 17 184 12 Commodities, supplies, and materials, total Reconstruction Finance Corporation • Other agencies 199 12 214 8 7 () 1,045 1,020 1,064 1,205 1,307 1,353 1,421 1,423 1,437 1,500 1 1 1 1 20 21 1 1 1 318 3,385 Other securities, total Reconstruction Finance Corporation Production credit corporations Other agencies 3,385 66 11 3,385 <7) 3 385 3 38") 3 385 53 43 9 51 42 8 44 36 8 42 35 6 (0 627 1,549 1,774 1,461 1,350 1,377 1,280 1,259 437 1,376 1,638 1,174 1,023 1,034 978 1,013 142 108 129 157 119 186 172 194 30 32 28 159 128 142 149 131 16,237 21,017 16,924 12,600 3,060 2,962 2,945 3,358 3,186 3,212 3,213 3,240 Land, structures, and equipment, total 200 222 227 6,526 6,919 2,861 Reconstruction Finance Corporation * 710 721 727 204 35 754 3,113 3,395 3,301 3,305 5,427 7,813 7,764 6,507 262 1,948 2,044 1,793 U. S. Maritime Commission * War Shipping Administration * Other agencies u Bonds, notes, and debentures payable (not guaranteed), total . 864 6,387 5,290 6,649 9,714 11,692 12,733 13,228 14,422 15,913 16,890 17,826 18,089 Total loans receivable (net) Banks for cooperatives Federal intermediate credit banks Federal land banks * Commodity Credit Corporation 4 278 707 1,237 «827 4 864 (7) 715 526 2,284 5,673 6,102 6,090 6,078 6,110 7,617 7 826 7 736 7,713' 252 1,249 1,978 2,145 2,187 2,226 2,296 2,389 2 546 2 496 2,466 154 101 235 246 206 55 64 274 58 58 58 800 3,450 3,750 3,750 3,750 3,750 •5,170 5,222 5,182 5,191 305 AU other purposes, total Reconstruction Finance Corporation* Public Housing Administration 10 Other agencies . 4 716 (T) 526 .... 1,395 1,113 1,252 24 274 818 212 67 1,149 1,448 1,352 1,248 1,251 630 793 611 830 605 886 1,048 1,170 1,209 1,251 1,299 189 168 206 465 581 586 590 595 594 1,232 202 1,216 202 1,173 199 197 689 965 1,330 1,107 33 293 756 69 358 772 1,190 1,369 1,228 1,301 8 245 792 70 480 78 490 110 520 170 674 112 857 120 864 181 704 145 710 69 169 262 415 204 560 525 258 317 445 252 For footnotes see following page. 746 FEDERAL RESERVE BULLETIN GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued PRINCIPAL ASSETS AND LIABILITIES [Based on compilation by United States Treasury Department. In millions of dollars] Assets, other than interagency items x D a t e , and corporation or agency Total All agencies: 1944—Dec. 1945—Dec. 1945—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 31 31 31 . . . 31 « 31 2 31 31 . 31« . u. s. Govt. securities . Other securities Bonds, notes, U.S. Priand debenGov- vately tures payable Land, ernstruc- Other Other ment owned tures, asliabil- inter- interand est Fully eat ities equip- sets guarment anteed Other by U.S. 1 63? 4?4 16,237 3,111 1 683 3?S 21,017 2,317 1 ,873 547 16,924 1,753 1 68 S 3 S39 12,600 1,125 1 ,854 3 518 3,060 337 ? 047 3 49? 2,962 509 2 .075 3 473 2,945 499 ? ??6 3 463 3,358 882 756 925 1,398 1,481 630 441 642 931 6 ,387 s ?90 6 ,649 9 ,714 11 ,692 f? ,733 13 ,228 14 ,4?? 2,942 2,288 1,265 822 627 1,549 1,774 1,461 ?7 ,933 28 ,922 79 ,945 . 30 ,S64 808 932 944 936 i s ,913 16 .890 17 8?6 18 089 1,350 ? 364 1,377 2 ,371 .280 ? 4?1 1,259 ? 64 S 437 808 52 1 25 1 093 3 ,506 636 31 24 19 1 36 S 728 43 S3 44 1 ,101 219 1 983 516 26 2 89 51 2 ,404 106 2 ,394 48 26 343 831 487 1 ,515 1 ,673 9 ,796 1 3 34 721 3 ? ,467 1 344 161 5 J564 . . Classification by agency. Mar. 31, 1953 Department of Agriculture: Farm Credit Administration: Banks for cooperatives Federal intermediate credit banks . . . Production credit corporations Agricultural Marketing Act Federal Farm Mortgage Corp Rural Electrification Administration Commodity Credit Corporation Farmers Home Administration 8 Federal Crop Insurance Corp Housing and Home Finance Agency: Home Loan Bank Board: Federal Savings and Loan Insurance Corp.. Federal Housing Administration Office of the Administrator: Federal National Mortgage Association... Other Reconstruction Finance Corporation: Assetsuheld for U. S Treasury 12 Other Export-Import Bank Federal Deposit Insurance Corp Tennessee Valley Authority All other Investments 31 ,488 33 ,844 . . . . 30 ,409 30 ,966 . . . . 21 ,718 ?3 ,733 24 ,635 ?6 ,744 . 1952—June 3 0 2 Sept. 3 0 D e c . 31 1953—Mar. 31 Cash CommodiLoans ties, supreceiv- plies, and able materials ? 1 1 ?3 50 1 ,964 9 1 ,924 549 62 30 3 3 3 3 438 436 4?9 4?7 3,186 3,212 3,213 3,240 44 39 53 48 874 704 832 968 5 9 (7) 1 39 S 1 113 1 252 689 965 77? 1 190 1 369 4,196 4,212 3,588 2.037 1,663 7?0 L.193 1 1,161 23,857 27,492 24.810 28,015 18,886 21,030 21,995 23,842 504 472 498 143 166 183 234 329 1 1 1 1 ??8 301 330 107 1,200 .434 1,728 2,069 25,104 25.780 26.456 26,938 357 367 378 401 14S 710 1,537 555 261 82 38 28 23 43 2 8 265 91 51 1 24 2,093 2,527 631 27 26 (7) 474 213 7 39 1,944 231 236 375 6 8(7) (7) 1,013 1 98 1 (7) C O 460 212 611 69 S 35 Liabilities, other than interagency items 1 78 462 23 2 1,149 1 (7} 330 104 15 7 ) 2 34 (7) 4 6 50 98 28 (7) 10 4 197 1 (7) 1 500 106 ( 7) 3 , 385 1,299 467 37 26 17 14 8 114 (7) 1 979 4 4 ?S? 48 (7) 6 2,398 106 343 791 40 37 2,450 128 1,387 42 1,631 65 9,731 I Loans b y purpose a n d agency are shown o n a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for losses. * Several changes in coverage have been made over the period for which data are shown. T h e more important are: exclusion of the following agencies following repayment of t h e U . S. Government interest—Federal land banks after 1946 and the H o m e Owners* Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, w h e n this agency ceased t o report to t h e U . S. Treasury; and inclusion of t h e M u t u a l Security Agency beginning June 1952. 8 This agency, successor t o the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures have been adjusted to include the F S A . Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred t o the F S A in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered b y t h e Farmers H o m e Administration since dissolution of the R A C C in 1949. These activities are reported currently on t h e Treasury Statement as "Disaster Loans, etc., Revolving F u n d . " 4 Assets and liabilities transferred to t h e Reconstruction Finance Corporation on June 30, 1947. 6 Reconstruction Finance Corporation loans t o aid home owners, which increased steadily through the first three quarters of 1947 and during 1948, appear t o have been included with "other" loans in the statement for D e c . 31, 1947. 6 Figures h a v e been adjusted t o include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective July 1, 1945. M o s t of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." 7 Less than $500,000. 8 Foreign loans, except for the Export-Import Bank, are included with "other agencies" until 1945. 9 Treasury loan to the United Kingdom (total authorized amount of which w a s 3,750 million dollars) and, beginning w i t h t h e balance sheet for June 3 0 , 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million o n that date). « Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown o n the Treasury S t a t e m e n t with "other agencies" through 1947—were n o t transferred t o the P H A until 1948. II Beginning 1951, includes figures for P a n a m a Canal Company, a n e w corporation combining the Panama Railroad Company (included in earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 10. 12 Assets representing unrecovered costs t o the Corporation in its national defense, war, and reconversion activities, which are held for t h e Treasury for liquidation purposes in accordance with provisions of Public L a w 860, 80th Congress. 13 Includes figures for Smaller War Plants Corporation, which is being liquidated b y the Reconstruction Finance Corporation. N O T E . — S t a t e m e n t includes certain business-type activities of the United States Government. Figures for some agencies—usually small o n e s — m a y be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected b y (1) t h e adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2 ) . For back figures see Banking and Monetary Statistics, Table 152, p. 517. JULY 1953 747 SECURITY MARKETS * Bond prices Stock prices Common U. S. Govt. (long-term) Year, month, or week Old series2 Number of issues. Standard and Poor's series (index, 1935-39=100) CorMuponicipal rate Pre(high- (high- ferred5 New grade)' grade)' seTories 3 tal Public utility Total 20 40 265 170 98 72 21 28 32 117 149 169 107 112 118 154 185 195 166 207 220 150 178 189 180 233 249 160 199 221 107 113 118 184 208 206 144 205 275 2,012 1,684 1,313 Industrial Railroad 133.4 122.0 181.8 146 133.0 117.7 170.4 177 129.3 115.8 169.7 188 3-7 156 192 204 15 480 17 Volume of trading 6 (in Manufacturing Trade, thousands Pub- finTrans- lic of Non- porta- util- ance, Min- shares) ing and tion To- Du- duraity servratal ble ice ble Securities and Exchange Commission series (index, 1939=100) 1950 average 1951 average 1952 average 102.53 98.85 97.27 1952—June. . July... Aug.. . Sept.. . Oct.... Nov.. . Dec.. . 98.32 98.40 97.09 96.86 96.44 96.96 96.32 130.9 130.4 128.6 126.6 125.0 125.4 125.3 116.2 116.0 115.8 115.7 114.7 115.2 115.3 173.3 171.1 169.9 170.2 168.3 169.8 170.3 188 192 191 188 183 190 197 204 210 208 204 198 206 214 174 175 175 171 167 172 185 116 117 119 119 117 121 123 196 199 199 194 191 197 204 222 225 225 219 215 223 231 187 192 194 191 188 196 205 253 256 254 246 239 247 255 225 226 228 221 218 225 238 117 117 120 118 118 121 123 204 208 210 206 202 205 212 291 289 278 275 265 260 267 1,215 1,096 995 1.149 1,181 1,779 1,842 1953—Jan Feb Mar Apr May. . . . June 124.0 95.68 122.7 95.28 94.31 121.6 121.3 93.25 91 .59 99.75 110.4 91.56 99.16 115.2 114.5 114.0 113.4 111.7 109.8 108.8 168.4 166 3 165.7 161.7 160.0 156.7 198 196 198 190 214 212 215 206 205 198 185 181 185 173 174 169 124 124 125 122 121 117 205 202 204 194 194 187 232 229 232 220 221 213 208 204 207 194 196 187 255 252 256 245 244 236 239 235 238 223 226 219 124 124 124 120 120 117 212 210 212 207 209 204 261 256 263 252 247 237 1,623 1,678 1,931 1,637 1,227 1,185 Week ending: May 30. June 6. June 13. June 20. June 27. 91.16 90.74 91.48 91.49 92.12 99.62 98.97 99.08 98.93 99.44 109.6 109.0 108.8 108.5 108.9 159.8 157.7 156.2 156.4 156.7 189 185 180 182 184 204 200 194 197 199 175 170 166 169 172 121 119 116 117 117 192 188 186 186 189 218 213 211 212 215 193 188 185 186 188 240 236 235 236 240 225 220 217 218 222 120 118 116 115 117 208 205 204 203 204 242 239 236 237 239 1,169 1,307 1,457 1,102 1,024 118.8 116.8 116.3 114.8 112.7 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 Fully taxable, marketable 2K per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest-term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The 3% per cent bonds of 1978-83, issued May 1, 1953. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 5 Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual 6 dividend. Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGB FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances End of month Credit balances Customers' credit balances * Debit Debit Customers' balances in balances in partners' firm debit balances investment investment and trading and trading (net)* accounts accounts Cash on hand and in banks Money borrowed 2 Other credit balances In firm In partners' investment investment In capital and trading and trading accounts accounts accounts (net) Free 1950—June December... 1951—June December... 1,256 1,356 1.275 1,292 12 9 10 12 386 399 375 392 314 397 364 378 827 745 680 695 1952—June July August September.. October November. . December... 1,327 31,387 31,338 31,333 31,316 31,347 1,362 9 427 365 8 406 343 912 31,126 3926 3891 3 860 3 878 920 1953—January.... February.. . March April May 31,345 31,350 31,513 31,594 31,675 3908 3 871 3 966 31,068 31,193 Other (net) 673 890 834 816 166 230 225 259 25 36 26 42 11 12 13 11 312 317 319 314 708 219 23 16 324 692 3706 724 200 35 9 315 3 692 3 675 3 692 3 3732 3 730 3 744 3738 3671 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balance! secured by U. S. Government securities was (in millions of dollars): March, 28; April, 25; May, 40. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Tables 143 and 144, pp. 501-503. 748 FEDERAL RESERVE BULLETIN BANK RATES ON BUSINESS LOANS OPEN-MARKET MONEY RATES IN NEW YORK CITY [Per cent per annum) AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESS BY BANKS IN SELECTED CITIES 1 S. Government J. (taxable) Year, month, or week securities Prime Prime bankcomers' 3-month bills mercial acceptpaper, ances, 4- to 690 Rate months 1 d a y s 1 Market on new yield issues [Per cent per annum] Size of loan All loans Area and period 9-to 12- 3- to 5month year issues 2 issues 3 1950 average 1951 average 1952 average 1.45 2.17 2.33 L.15 1.60 L.75 1.20 1.52 1.72 1.218 1.552 1.766 1.26 1.73 1.81 1.50 1.93 2.13 1952—June July August.... September. October. . . November. December.. 2.31 2 31 2.31 2.31 2.31 2.31 2.31 L 75 1.75 L.75 1.75 L.75 L.75 L.75 1 70 1.81 1.83 1.71 1.74 1.85 2.09 J .700 1 824 1.876 1.786 1.783 1.862 2.126 1.74 1.89 1.94 1.95 1.84 1.89 2.03 2.04 2.14 2.29 2.28 2.26 2.25 2.30 1953—January... February. . March April May June 2.31 2.31 2.36 2.44 2.68 2.75 1.82 L .88 L .88 88 .88 .88 1.96 1.97 2.01 2 19 2.16 2.11 2.042 2.018 2.082 2 177 2.200 2.231 1.97 1.97 2.04 2.27 2.41 2.46 2.39 2.42 2.46 2.61 2^86 2.92 Week ending: May 30. . . June 6 . . . June 13. . . June 20. . . June 2 7 . . . 2.69 2.75 2.75 2.75 2.75 .88 .88 .88 .88 1.88 2.14 2.27 2.27 2.04 1.89 2.084 2.416 2.324 2.229 1.954 2.55 2.59 2.50 2.43 2.36 Annual averages: 19 cities: 1944 1945 1946 1947 1948.. . . 1949 1950 1951 1952 Quarterly: 19 cities: 1952—Sept Dec 1953—Mar June 2.96 3.09 2.95 2.88 2.81 Monthly figures are averages of weekly prevailing rates. Series includes certificates of indebtedness and selected note and bond issues. 8 Series includes selected note and bond issues. Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and B U 3. 448459, BULLETIN for May 1945, pp. 483-490, and October IA1 1947, n n 1251-1253. pp. 1 O C 1 _ 1 O C 1 3 3 3.2 3 1 3.1 3 5 3.7 3 6 4.0 4.2 2 6 2.3 2.2 2.5 2 8 3.0 3 0 3.4 3.7 2 2 2.0 1.7 1.8 2 2 2.4 2 4 2.9 3.3 4.91 4.88 4.89 4.98 4.22 4.21 4.25 4.38 3.74 3.77 3.75 3.91 3 27 3.29 3.32 3.53 3 29 3.33 3 31 3.52 June 4 3 4.3 4 2 4.2 4 4 4.6 4 5 4.7 4.9 3.49 3.51 3.54 3.73 7 Northern and Eastern cities: 1952—Sept Dec 1953—Mar June 11 Southern and Western cities: 1952—Sept Dec 1953—Mar June 1 $10,000- $100,000- $200,000 $100,000 $200,000 and over 2 4 2.2 2 1 2.1 2 5 2.7 2 7 3.1 3.5 New York City: 1952—Sept. . Dec 1953—Mar. 2 $1,000$10,000 4 66 4.51 4 55 4.63 4 06 4.06 4 13 4.25 3.60 3.63 3 55 3.79 3 15 3.19 3 17 3.39 3.44 3 49 3.50 3.71 4.85 4 85 4.95 5.07 4.20 4 21 4.24 4.38 3.72 3.74 3.74 3.87 3.24 3.29 3.30 3.54 3.84 3.84 3.90 4.05 5.04 5.06 5.02 5.09 4.31 4.30 4.31 4.46 3 82 3.91 3.91 4.02 3.56 3.51 3.62 3.79 NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS * [Per cent per annum] Industrial stocks EarnDividends/ ings/ price price ratio ratio -ionds U. S. Govt. (long-term) Year, month, or week Old series2 New series3 Corporate (Moody* *)5 Municipal (highgrade) 4 By groups By ratings Total Aaa Aa A Baa Industrial Railroad Public utility Preferred e Common 7 Common 7 15 120 30 30 30 30 40 40 40 15 125 125 1950 average 1951 average 1952 average 2.32 2.57 2.68 1.98 2.00 2.19 2.86 3.08 3.19 2.62 2.86 2.96 2.69 2.91 3.04 2.89 3.13 3.23 3.24 3.41 3.52 2.67 2.89 3.00 3.10 3.26 3.36 2.82 3.09 3.20 3.85 4.11 4.13 6.51 6.29 5.55 14.61 10.42 9.49 1952—June July August . . September... October November.. . December. . . 2 61 2 61 2 70 2.71 2 74 2.71 2.75 2 10 2.12 2.22 2.33 2.42 2.40 2.40 3 17 3.17 3 18 3.19 3.22 3.20 3.19 2 94 2.95 2 94 2.95 3.01 2.98 2.97 3 03 3.04 3 06 3.07 3.08 3.06 3.05 3 20 3.19 3 21 3.22 3.24 3.24 3.22 3 50 3.50 3 51 3.52 3.54 3.53 3.51 2 98 2.99 3.00 3.02 3.05 3.05 3.04 3 32 3.33 3.34 3.36 3.39 3.37 3.34 3 20 3.20 3.20 3.20 3.22 3.19 3.19 4 04 4.09 4 12 4.12 4.16 4.12 4.11 5 48 5.41 5.51 5.63 5.62 5.33 5.14 8 58 1953—January February.... March April May June 2.80 2.83 2 89 2.97 3 09 3.09 3.26 3.29 2.47 2.54 2 61 2.63* 2.73 2.99 3.22 3.26 3 31 3.40 3.53 3.61 3.02 3.07 3 12 3.23 3.34 3.40 3.09 3.14 3 18 3.29 3.41 3.49 3.25 3.30 3 36 3.44 3.58 3.67 3.51 3.53 3 57 3.65 3.78 3.86 3.07 3.11 3.16 3.27 3.39 3.48 3.36 3.39 3.43 3.51 3.63 3.73 3.23 3.29 3.33 3.44 3.57 3 .62 4.16 4.21 4 23 4.33 4.38 4.47 5.18 5.26 5.36 5.52 5.53 5.60 Week ending: May 30 June 6 June 13 June 20 June 27 3.12 3.15 3.10 3.10 3.05 3.27 3.30 3.30 3.31 3.28 2.77 2.89 2.92 3.01 3.14 3.55 3.58 3.61 3.63 3.62 3.35 3.39 3.41 3.42 3.41 3.43 3.45 3.50 3.52 3.51 3.62 3.65 3.68 3.68 3.68 3.80 3.82 3.85 3.88 3.89 3.41 3.45 3.48 3.50 3.49 3.66 3.68 3.73 3.75 3.75 3.59 3.60 3.62 3.63 3.63 4.38 4.44 4.48 4.48 4.47 5.53 5.64 5.67 5.68 5.59 Number of issues.. . 3-7 1 9.06 10.56 9 47 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for Wednesday. Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings /price ratio). 2 Fully taxable, marketable 2Ji per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 4 3The 33^ per cent bonds of 1978-83, issued May 1, 1953. Standard and Poor's Corporation. 6 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. 6 Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, including 12 industrial and 3 public 7 utility. Moody's Investors Service. Back figures.—See Banking and Monetary Statistics. Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. JULY 1953 749 TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury unless otherwise noted. In millions of dollars] Summary Budget receipts and expenditures Period Expenditures Surplus or deficit Sales and Trust redemptions Clearand in market ing other of Govt. acacagency counts obligations count 38,122 41,714 37,834 !38,255 53,488 56,846 65,523 71.366 —3,592 1-422 —3,358 -5,842 -362 1-38 759 49 —140 349 56 -90 87 — 106 -319 37,045 40,167 48,143 144,633 62,129 66,145 65,218 74,607 -3,122 13,510 -4,017 -9,389 121 1295 219 462 —22 384 -72 -25 19,370 19,192 18,464 119,063 29,679 25,570 23,809 31,276 38,320 34.869 27,204 36.497 38,014 38,110 135 178 1-599 1-173 468 4,109 291 -7,467 -72 3,451 121 -9,293 341 -96 -43 392 -8 64 -136 46 -71 9,796 3,316 4,050 6,585 3,099 4,151 6,003 5,061 5,479 10,502 2,849 4.380 9.744 2,865 —3,426 -968 515 -3,283 — 1,009 — 1,121 —676 — 116 4,315 -3,513 — 1,862 1,756 -293 101 —43 26 Net receipts Calendar year: 1949 1950 1951 1952 Fiscal year: 1950 1951 1952 1953 Semiannual totals: 1950—Jan.-June. July-Dec.. 1951—Jan.-June. July-Dec.. 1952—Jan.-June. July-Dec.. 1953—Jan.-June. Monthly: 1952—June . . . July Aug. Sept Oct Nov Dec 1953—Jan Feb Mar. Apr...... May June Increase or decrease (—) during period Excess of receipts or expenditures ( —) 6,930 6,742 5,018 6,070 6,383 5,161 7,124 5,737 5,595 6,187 6,362 6,241 7,988 377 65 Special Avail- In proc- deposess of itaries able funds collection Other net assets 1.187 1,069 134 L,132 4,679 4,232 4,295 6,064 841 94 690 321 389 129 146 176 2,557 2,344 2,693 4,368 483 -214 —401 -312 4,587 -2,135 3,883 6,966 2,047 1,839 —388 -2,299 5,517 7,357 6.969 4,670 950 338 333 132 143 250 355 210 3,268 5,680 5,106 3,071 341 -254 40 -146 -255 -64 -248 227 -650 -1,486 4,197 -313 8,286 -1,320 838 -1,285 3,124 -3,062 2,674 -904 -1,394 5,517 4,232 7.357 4.295 6,969 6,064 4,670 950 690 338 321 333 389 132 143 129 250 146 355 176 210 3,268 2,344 5,680 2,693 5,106 4.368 3,071 1,156 1,069 1,089 1,134 1,175 1,132 1,256 -326 -800 3,968 113 —504 2,238 2,513 1,548 6,969 7,925 6.952 7,156 6,175 7,636 6,064 5,689 6,024 6.908 3,582 3,639 4,670 333 355 638 184 5,106 6,027 5,190 5,217 4,145 5,984 4,368 3,318 4,376 4,983 1,859 2,109 3,071 L.175 1,076 1,161 1,270 1 087 1,152 1,132 1,209 1,123 1,255 L ,151 1,201 1,256 432 -195 —229 —243 — 145 316 — 133 12 -50 404 -209 -157 General fund balance F. R. Banks -447 62 1,770 -45 74 -46 29 127 -218 -140 Deposits in Balance in general fund 4,331 -423 2,711 7,973 234 71 -34 6 456 -207 Gross direct public debt General fund of the Treasury (end of period) 38 32 401 —2 -135 289 -428 -373 -41 11 182 -3,099 105 1,930 -449 471 957 -973 204 -981 1,461 — 1,572 —376 335 884 -3,326 57 1,032 496 508 106 161 770 396 389 811 351 174 103 176 350 174 222 393 448 180 221 132 108 210 1,156 1,089 1 1,175 1,256 Budget expenditures Major national security programs Period Total TotaP Calendar year: 1949... 1950 1951 1952 . Fiscal year: 1950 1951 1952 1953 Semiannual totals: 1950—Jan.-June.. July-Dec.. 1951—Jan.-June.. July-Dec.. 1952—Jan.-June.. July-Dec.. 1953—Jan.-June.. Monthly: 1952—June . . . . July Aue. . . Sept Oct Nov. Dec. 1953—Jan Feb. Mar Apr. May June National defense Military assistance abroad Vet- Agri- Social Housculing Inter- Atomic Inter- erans ture seest Adminand naon De- curity home Energy tional Comprodebt istra- part- 5 grams4 fiecotion* ment misnance nomic sion aid 3 3,104 1 .226 1,499 1,351 1,010 1,463 1,564 1,508 6,005 4,012 3,560 2,652 560 611 1,278 1,813 5,482 5,580 5,983 6,065 6,364 5,714 5.088 4,433 40,167 44,633 66.145 74,607 17,950 12,346 44 4,941 25.891 19.955 884 3,863 46,319 39,033 2.228 2.904 P52.841 P44.583 3,760 P2.266 524 908 1.648 1,802 5,750 5.613 5,859 6,508 6,043 2.986 5,288 635 4.748 1,219 4,250 P3.066 19,192 19,063 25,570 31,276 34,869 36,497 38,110 8,659 5,970 44 2,320 9,850 7,505 247 1,692 16,041 12,450 637 2.170 21,113 17,825 921 1,389 1.514 25,206 21,208 1,306 1.137 25.915 21.968 1.669 P26.927 P 2 2 , 6 1 5 2,092 Pl.129 270 341 567 711 937 876 926 3,190 2,390 3,223 2,761 3,099 2.966 3,542 3,036 1,335 2.678 164 2.610 470 2.479 540 2,269 679 2.164 885 2,086 P2.181. 41,714 38,255 56,846 71,366 6,930 6,742 5,018 6,070 6,383 5,161 7 124 5,737 5,595 6.187 6,362 6,241 7,988 19,452 12,849 18,509 13,476 291 37,154 30.275 1,559 51,121 43,176 2,975 4,357 4,695 3,814 4,518 4,373 3,876 4,640 4,216 4,168 4,670 4,582 4,481 M.810 3,683 3,884 2,971 4,008 3,723 3,302 4,081 3,632 3,501 3.789 3,891 3,746 P4.054 Post Public office works deficit 1,551 1,438 1,573 1.375 1,415 1,424 p -123 — 17 694 646 -270 460 614 382 ,575 1,458 ,515 681 670 745 718 706 802 673 878 580 858 657 916 P743 597 pi P795 -175 158 302 392 222 424 -42 231 352 192 1,518 343 187 148 —42 162 293 351 140 320 391 352 184 298 266 275 266 133 142 128 117 144 183 155 559 160 572 150 185 127 1,146 354 343 354 345 378 117 126 49 192 112 289 158 41 157 109 116 191 124 104 21 71 79 101 112 148 158 174 140 138 277 316 523 138 171 181 158 151 157 235 311 563 372 179 1,882 357 285 281 180 109 10 —80 19 —3 167 153 348 339 358 89 70 88 366 285 325 120 278 P240 140 350 348 343 293 581 P385 239 125 P132 -35 66 -10 193 155 P148 Transfers to trust C>ther accounts 536 1,425 643 961 684 1,016 775 1,193 593 1,383 972 624 740 1,305 660 Pl.079 1,673 5,464 J.315 !,487 5,781 J.276 * 402 5,565 383 260 364 320 420 355 305 157 804 168 848 457 737 P342 175 80 178 397 292 iso 160 —30 125 50 94 64 23 93 67 20 101 58 13 92 P59 ,254 1,210 1,066 .249 1,153 .333 P 1,232 169 191 245 184 252 213 192 193 232 213 P190 P Preliminary. 1 Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from Budget expenditures, and included with other such investments under "Trust and other accounts." Adjustments for July-October 1950 investments were 2 made by the Treasury in the November 1950 and January 1951 figures. Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration. 3 Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other nonrnilitary foreign aid programs, as well as State Department expenditures. * Excludes transfers to trust accounts, which are shown separately. 3 Excludes expenditures for forest development of roads and trails, which are included with public works. 750 FEDERAL RESERVE BULLETIN TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued On basis ( f daily statements of United States Treasury 7, un ess otherwise noted. Treasury receipts Budget receipts , by principal sources Income and old-age insurance taxes Period Withheld by employers Calendar year: 1949 . . 1950 1951 . 1952 Fiscal year: 1950 1951 . 1952 1953 Semiannual totals: 1950—Jan.-June... July-Dec.. . 1951—Jan.-June... July-Dec. . . 1952—Jan.-June... July-Dec.. . 1953—Jan.-June. Monthly: 1952—June July cellainternal revenue Other 11 428 19 R94 8 13,775 17, 361 8 9 R76 19 392 23,658 34, 174 10 12,180 18, 189 16 654 14 21,889 f)26 P25 058 3 3 101 6,566 7,209 9,445 9,947 11,942 11,716 P13 342 1,983 1,007 2 995 1,751 997 3,085 1,882 989 3,544 2,102 1,170 3,399 v2 ,139 Aug Sept Oct Nov.. Dec 1953—Jan Feb Mar.. Apr May June 794 770 944 2,123 1 ,980 2,337 2 ,639 42,565 42,657 58,941 71,788 1 ,666 2,667 3,355 2,814 2,777 2,156 2,098 2,451 38,122 37,834 53,488 65,523 1 ,862 2,263 2,364 2,525 41,311 53,369 67,999 72,455 2,106 3,120 3,569 4,086 2,160 2,107 2,302 3,151 37,045 11,762 7,264 10,854 48,143 15,901 9,908 14 388 62,129 21,313 11,545 21,467 65,218 941 1 ,039 1,223 1,114 1,251 1,388 1,137 22,472 20,185 33,184 25,757 42,242 29,546 42,910 1.256 1,411 1, 709 1,646 1,922 1,891 2,195 1,846 311 1 ,796 302 2.000 451 2,700 19,370 6,105 18,464 6,858 29,679 9,043 23,809 9,798 38,320 11,515 27,204 11,574 38,014 5,503 4,965 1,881 4,971 8,027 9,416 2.335 7,149 9.210 14,318 2,770 7,821 142 182 283 151 102 9,796 3,316 4.050 6,585 3,099 4,151 6,003 5,061 5,479 10,502 2,849 4,380 9,744 1,478 393 434 93 326 771 392 416 902 776 811 992 779 644 748 978 438 432 453 317 494 449 545 357 845 949 59 22 54 17 104 54 30 271 66 14 109 454 445 4, 329 1, 214 436 3, 188 3, 111 1, 479 8, 551 1, 337 490 6 , 586 Indivi dual income and old- Corpoage insurance ration intaxes come and With- Other profits taxes held Total budget receipts 994 P902 7, 106 1 ,435 Deduct Other receipts 8 303 q 423 3 4 4 4 4 5 5 nternal revenue collections (on basis of collectors' reports) Taxes on carriers and on employers of 8 or more 9 726 10 870 10, 520 6, S41 17, 376 9, 499 23, 526 10, 547 In millions of dollars] 106 862 877 923 888 939 842 856 993 880 922 939 228 10,220 236 3,649 177 4,585 164 6,875 204 3,335 219 4,731 387 6,350 260 5,232 150 6,300 158 11,870 144 4,044 220 5,140 206 10,323 AppropriaRetions funds to ok of age retrust ceipts fund 235 204 533 303 117 486 425 232 516 55 51 47 45 54 336 944 963 244 420 159 Net budget receipts 11,591 7,828 12,006 12,963 7,384 9,937 18,840 10,362 16 565 23,090 11,980 22,140 707 1,539 4,012 232 1,634 3,968 190 1,144 4,990 328 1,667 4,520 1,653 164 109 358 2,855 839 2,698 855 151 754 658 801 849 706 730 Dec. 1953—Tan. . . . Feb. Mar. Apr May June 7 529 8 150 8 68? 9,558 356 303 427 374 459 390 3,688 4,462 4,241 4,440 4,531 5,027 5,659 958 48 84 804 8>3 357 70 2,4 42 927 352 2, 785 501 404 6,171 654 359 59 57 51 70 77 65 154 84 62 Social security, retirement, and 111S1lranee accounts 780 808 911 795 870 760 782 825 848 851 Trust and other accounts Excise and miscellaneous taxes Total i Total Nov laneous taxes 7,599 8 704 8 971 Treasury receipts—Continued Calendar year: 1949 1950 1951 1952 Fiscal year: 1950 1951 1952 1953 Semiannual totals: 1950—Jan.-June. . July-Dec.. . 1951—Jan.-June. . July-Dec.. . 1952—Jan.-June. . Julv-Dec . . 1953—Jan.-June. . Monthly: 1952—June July Aug. Sept. . .. Oct Excise miscel- 833 Internal revenue collections—cont. (on basis of collectors' reports) Period Es- tate and gift taxes Liquor Tobacco Manufactures' and retailers' excise 7,529 8,150 8,682 9,558 2,204 2,419 2,460 2.727 L.320 L.348 1,446 1,662 2,221 2,519 2,790 3,054 1 784 1 864 1 987 115 -362 7,599 8,704 8,971 2.219 2.547 2.549 L,328 1,380 1,565 2,245 2,841 2,824 3,688 4,462 4,241 4,440 4,531 5,027 1,028 1,391 1,156 1,304 1,245 1,482 665 683 697 748 817 845 804 863 780 220 246 205 808 911 795 870 760 782 825 84S 851 258 285 269 220 188 186 229 230 229 Other accounts 2 Investments 3 Other 1 Receipts Investments Expenditures 5.512 6 543 7,906 8,315 1,965 —38 759 49 3,155 3,504 3,584 6 214 4 507 4 942 —22 271 329 786 508 1 806 1 936 032 121 295 219 462 6,266 7,251 8 210 8,531 -402 3,360 3 361 3,059 6,484 3 752 4 885 5 257 196 275 242 — 62 353 530 489 1,125 1.394 1,446 1,343 1,481 1,573 870 994 942 1 045 988 1 127 135 -173 468 291 -72 121 341 3,231 3,312 3,939 3,967 4,242 4,073 4,458 -1,501 1,557 1,803 1,352 2,009 1,495 1,564 4,570 1,644 2,108 2,398 2,486 2,456 2,802 -22' 219 52 223 106 136 -26 -307 660 126 404 105 385 148 140 149 273 268 253 163 210 173 -293 -43 6 997 707 930 702 307 361 412 410 403 147 157 127 125 136 133 144 133 129 223 248 268 313 283 308 276 292 320 180 221 131 212 154 155 176 193 173 456 399 361 958 718 248 869 596 405 53 22 388 363 399 399 383 462 447 449 488 478 — 52 1 36 —9 —1 93 — 14 23.3 —54 38 -17 42 -107 -32 — 124 500 — 148 34 — 125 188 154 —217 27 274 -42 Other -207 127 -218 -140 404 -209 -157 377 65 1,020 1,319 56 -103 223 61 123 412 843 463 476 ^^ 2 p Preliminary. Excess of receipts, or expenditures ( —). 2 Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of par tially owned Government corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investments of wholly owned Government corporations are included as specified in footnote 3, but their operating transactions are included in Budget expenditures. 3 Consists of net investments in public debt securities of partially owned Government corporations and agencies and other trust funds beginning with July 1950, which prior to that date are not separable from the next column; and, in addition, of net investments of wholly owned Government corporations and agencies beginning with November 1950, which prior to that date are included with Budget expenditures (for exceptions see footnote 1 on previous page). JULY 1953 751 TREASURY CASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars] Cash operating income, other than debt Net Budget receipts Period Plus: Trust acct. receipts Equals: Cash operating income Cash operating outgo, other than debt Budget expenditures Less: Noncash Accru- Intraals to Govt. public 3 trans. 4 Total net receipts Less: Noncash l Total Less: Noncash 2 38,122 37,834 53.488 65,523 37,045 48,143 62,129 65,218 99 171 222 184 120 256 138 5,956 7,001 8,582 8,707 6,669 7,796 8,807 8,932 2,603 2,211 2,508 2,649 2,623 2,244 2,705 41,374 42.451 59,338 71,396 40,970 53,439 68,093 41,714 38,255 56,846 71,366 40,167 44,633 66,145 74,607 403 503 567 734 436 477 710 19,370 18,464 29,679 23,809 38,320 27,204 38,014 80 91 164 58 77 107 3,438 3,562 4,234 4,349 4,458 4,248 4,683 ,178 21,551 1,033 20,900 L ,210 32,537 1,298 26,799 ,406 41,293 1,243 30,104 19,192 19,063 25,570 31,276 34,869 36,497 38,110 9,796 3,316 4,050 6,585 3,099 4,151 6,003 5,061 5,479 10,502 2,849 4,380 9,744 32 24 2 3 4 3 71 43 3 2 3 4 1,026 738 959 427 401 975 747 286 920 649 443 1,047 1,338 6,930 6,742 5,018 6,070 6,383 5,161 7,124 5,737 5,595 6,187 6,362 6,241 7 988 Cal. vr.—1949. 1950 1951 1951 Fiscal yr.—1950.... 1951.... 1952.... 1953.... Semiannual totals: 1950—Jan.-June. . July-Dec.. . 1951—Jan.-June. . July-Dec.. . 1952—Tan.-June. . July-Dec.. . 1953—Jan.-June. . Monthly: 1952—June July Aug Sept Oct Nov Dec.. 1953—Tan Feb Mar Apr May June 801 438 128 111 79 127 360 65 128 106 75 129 9,988 3,593 4,878 6,898 3,418 4,997 6,320 5,239 6,267 11,042 3,214 5,294 Total Plus: Tr. acct. expenditures Plus: Exch. Stabi- Clearliza- ing action count Fund 6 Equals: Cash operating outgo Net cash operating income or outgo (-) Total Less: Noncash 5 2,588 2,307 2,625 2,807 2,754 2,360 2,837 4,210 6,923 4,397 4,825 6,881 3,945 4,952 5,169 164 65 90 28 13 138 4 102 -262 -26 38 -207 -13 9 -28 -234 -87 106 319 -483 214 401 312 42,642 41,969 58,034 72,980 43,155 45,804 67,956 -1,267 482 1,304 -1,583 -2,185 7,635 137 222 281 196 371 338 396 1,213 1,075 1,279 1,346 1,488 1,319 4,722 2,201 1,744 2,653 2,298 2,527 2,642 10 55 82 8 -4 32 -262 -341 254 -40 146 255 64 248 21,865 20,105 25,700 32,334 35,622 37,357 -315 796 6,839 -5,534 5,671 -7,254 93 74 42 46 56 83 95 82 38 21 40 35 844 457 127 112 86 128 409 100 129 107 82 131 669 473 556 -11 5 2 1 -2 3 23 8 2 1 -21 -14 25 326 -432 195 229 -316 243 145 -401 2 135 -289 428 373 6,978 6,233 5,622 6,066 6,514 5,558 7,364 5,442 5,754 6,970 6,443 6,673 3,010 -2,640 -744 832 -3,097 -561 -1,044 -203 513 4,072 -3,229 -1,380 587 367 617 296 346 758 488 217 537 -2 1 -13 -13 22 16 -44 5* 19 -44' 1 Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in surplus by partially owned Government corporations. 2 Represents principally interest on investments in U. S. Government securities, payroll deductions for Government employees' retirement accounts, and transfers shown as Budget expenditures. 3 Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption. Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5). 5 Represents principally repayments of capital stock and paid-in surplus by partially owned Government corporations, as well as interest receipts by such corporations on their investments in the public debt (negative entry). 6 Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3.) DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC Equals: Plus: Cash In Less: Noncash debt transactions Details of net cash borrowing from or Net cash repayment ( —) of borrowing to the public2 issuance of crease. 1 borrowsecurities of or deNet inv. Accruals 1 0 public ing, or Federal agencies crease in Fed. Direct Savings Postal ( - ) . in sec. by Non- Govt. agen. Int. on sav. Payts. in repavt. mktable. bonds Savings Sav. Sys. Other* gross (-)"of & conv. (issue Guarspecial notes guarbonds and form of dir. pub. anteed borrow- issues3 price) issues anteed & tr. funds Treas. bills Fed. sec. debt ing -25 1,739 -285 585 -115 -2,275 1,125 2,156 4,331 3,020 15 -146 -250 751 163 94 602 -6 355 198 1,021 -2,649 -929 -423 718 18 37 -997 46 1,999 - 1 , 1 9 1 -1,099 -1,242 -125 3,418 2,711 -113 -74 770 12 -122 -406 - 1 , 7 8 4 5,778 3,353 -102 3,833 7,973 211 68 574 -8 -14 4,587 -308 3,601 728 4,231 -150 -158 638 10 374 365 -657 - 1 , 0 9 3 -467 -3,943 -5,795 -149 3,557 -2,135 -79 779 16 -88 -155 -82 1,639 5 -717 -1,209 -525 3,636 3,883 5 — 100 7 —32 5,295 —103 —2,164 3,301 6,966 Period Cal. yr.—1949 1950 1951 1952 Fiscal yr.—1950 1951 1952 1953 Semiannual totals: 1950—Tan.-June. julv-Dec. 1951—Jan.-June. July-Dec.. 1952—Tan.-June. July-Dec.. 1953—Jan.-June. Monthly: 1952—June July Aug Sept Oct Nov Dec 1953—Jan Feb Mar Apr M ay June r 227 . . . • -650 . . -1,486 . . 4,197 . . -313 . . 8,286 . . — 1,320 .. -800 3,968 113 —504 2,238 2,513 -41 11 182 -3,099 105 1,930 -449 -10 4 5 13 3 8 _2 _ir 5 1 5 6 3 -6 2 1 1 -33 388 -13 51 -139 37 —69 101 37 66 -34 -50 68 -50 35 -134 11 —51 38 33 -1,450 1,544 2,014 1,404 2,232 1,601 1,700 265 337 301 417 361 409 219 -56 -92 -33 -45 -29 1,152 -2,081 -3,714 2,472 -2,998 6,351 650 308 397 44 21 481 349 130 170 100 112 453 735 96 77 44 49 58 84 97 84 40 23 42 36 18 11 -27 -3 -2 j -1,463 3,597 -229 -628 2,116 2,022 -527 -173 -178 -3,188 -7 -2 17 -21 -2 43 -97 1,436 112 462 292 834 187 -2,761 -1,184 3,183 -1,544 7,322 5 —2,027 -758 -432 -285 -121 5 -845 -255 -955 -829 — 1,335 -663 3,830 -28 -54 -859 -173 — 111 — 192 -259 2,200 1,915 -172 -199 r-81 '•-2,503 5 47 18 —46 -7 -8 -5 112 93 58 1 1,571 5-147 -98 -862 —292 -13 62 -302 -99 -38 -768 —83 -6 -341 -80 -170 -923 -74 -81 -32 —68 -176 371 -5 51 -134 11 -17 -30 104 24 74 —31 -64 53 -46 21 '•-139 '29 —62 50 2 -8 -13 -4 -32 -11 Revised. 752 FEDERAL RESERVE BULLETIN TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash operating income Period Total Cal. yr.—1949 1950 1951 1952 Fiscal yr.—1950 1951 1952 1953 Semiannual totals: 1950—Jan.-June July-Dec 1951—Jan.-June July-Dec 1952—Jan.-June July-Dec 1953—Jan.-June Monthly: 1952—June July Aug Sept Oct Nov Dec 1953—Jan Feb Mar Apr May June Direct Direct taxes on taxes on individ- corporuals 1 ations Cash operating outgo Excise and misc. taxes Social ins. receipts 2 Other cash income 8 Deduct: Refunds of receipts Total Major VetSocial Internatl. sec. est on erans security Other proproprodebt* grams e grams 7 grams * 41,374 42,451 59,338 71,396 970 439 093 18,403 19,191 27,149 32,728 18,115 24,095 30,713 12,006 9,937 16,565 22,140 10,854 14,388 21,467 7,572 8,113 8,591 9,567 7,597 8,693 8,893 3,864 5,121 6,362 6,589 4,438 5,839 6,521 2,306 2,245 2,769 2,823 2,126 2,531 2,801 2,777 2,156 2,098 2,451 2,160 2,107 2,302 3,151 42,642 41,969 58,034 72,980 43,155 45,804 67,956 19,738 18,347 37,279 51,195 17,879 26,038 46,396 P52.837 4,186 4,072 4,137 4,230 4,264 4,052 4,059 6,819 8,864 6,121 5,209 9,146 5,980 5,826 4,920 4,333 4,400 4,915 5,617 4,740 4,458 5,206 P6.128 7,566 6,286 5,582 6,729 7,126 5.276 6,469 551 900 537 799 293 104 11,220 7,971 16,124 11,025 19,687 13,041 4,965 4,971 9,416 7,149 14,318 7,821 3,637 4,476 4,217 4,374 4,519 5,048 2,510 2,611 3,228 3,135 3,386 3,202 P3,656 ,065 ,182 ,348 ,418 ,383 ,443 1,846 311 1,796 302 2,000 451 2,700 21,865 20,105 25,700 32,334 35,622 37,357 8,441 9,905 16,133 21,146 25,250 25,944 P26.893 2,075 1,997 2,058 2,079 1,984 2,246 5,887 2,977 3,003 3,117 2.709 2,500 2,420 2,392 2,007 2,450 2,465 2,741 2,876 P3.251 3,070 3,219 2,056 3,527 2,938 3,791 988 593 878 898 418 997 320 ,239 267 042 ,214 294 3,335 1,386 2,719 3,162 1,135 2,686 1,952 3,558 4,198 4,211 2,204 3,076 5,659 958 357 2,442 927 352 2,785 501 404 6,171 654 359 797 865 792 818 866 838 868 765 791 840 795 860 257 302 908 344 298 934 415 214 1,013 557 344 1,000 223 233 204 187 243 234 345 255 197 207 180 243 283 151 102 55 51 47 45 54 336 944 963 244 159 6,978 6,233 5,622 6,066 6,514 5,558 7,364 5,442 5,754 6,970 6,443 6,673 4,339 4,684 3,841 4,520 4,375 3,877 4,646 4,218 4,151 4,691 4,583 4,438 724 243 139 497 485 100 781 149 269 526 297 139 424 464 408 398 409 391 431 397 390 418 408 406 401 477 492 456 459 532 459 478 576 506 436 658 529 *>547 1,014 350 778 192 713 731 1,028 102 438 899 497 1,161 P4,811 P Preliminary. 1 Includes current and back income taxes, estate and gift taxes, and adjustment to Treasury daily statement. 3 Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 4 'Represents mostly nontax receipts. Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds and special International Bank and Monetary Fund notes. ^Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest paid by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned. ^Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds. 7 Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance, and Government employees and Railroad retirement funds. UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] Savings bonds All series Year or month Sales 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 3,036 9,157 13,729 . . . . 16,044 12,937 7,427 6,694 7,295 . . . 5,833 6,074 3,961 4,161 1952—May. . June.. July... Aug... Sept... Oct.... Nov.. . Dec... 1953—Jan. . . Feb... Mar... Apr... May.. 292 364 367 356 330 348 303 375 504 414 440 383 371 Series A-E and H Redemp- Outstandtions and ing (end of maturities period) 162 343 1,576 3,321 5,503 6,278 4,915 4,858 4,751 5,343 5,093 4,530 380 390 418 355 374 353 310 379 390 319 380 380 !906 Sales 6,140 15,050 27,363 40,361 48,183 49,776 52,053 55,051 56,707 58,019 57,587 57,940 1,643 5,989 10,344 12,380 9,822 4,466 4,085 4,224 4,208 3,668 3,190 3,575 57,614 57,685 57,709 57,753 57,758 57,794 57,850 57,940 58,134 58,268 58,371 58,413 57,920 250 293 316 309 290 310 271 334 441 362 397 351 340 Redemp- Outstandtions and ing (end of maturities period) 160 307 1,452 3,063 5,135 5,667 4,207 4,029 3,948 4,455 4,022 3,622 303 313 334 279 299 284 239 299 320 251 ?308 P319 P294 Series F, G, J and K Sales Redemp- Outstandtions and ing (end of period) maturities 4,750 10,526 19,573 29,153 34,204 33,410 33,739 34,438 35,206 34,930 34,728 35,324 1,393 3,168 3,385 3,664 3,115 2,962 2,609 3,071 1,626 2,406 770 586 1,071 34,843 34,905 34,950 35,019 35,055 35,116 35,206 35,324 35,511 35,657 35,784 35,852 35,939 42 71 52 47 39 38 32 42 64 52 43 31 31 76 76 85 75 75 69 70 80 70 68 2 36 124 258 368 611 708 829 803 888 908 P72 *62 p!612 Tax and savings notes Sales 1,390 4,523 7,790 11,208 13,979 16,366 18,314 20,613 21,501 23,089 22,859 22,616 2,479 6,479 8,055 8,533 5,504 2,789 2,925 3,032 5,971 3 613 5,823 3,726 22,772 22,780 22,759 22,734 22,704 22,678 22,645 22,616 22,623 22,611 22,587 22,561 21,981 636 198 279 176 114 176 173 168 107 80 63 109 1,714 Redemp- Outstandtions and ing (end of maturities period) 8 2,471 6,384 8,586 9,843 8,235 5,725 5,384 4,572 7,610 8,640 7,534 5,770 223 7,470 6,612 6,440 6,330 6,039 6,026 6,089 5,770 5,676 5,642 4,879 4,798 4,793 2,565 5,853 7 276 7,111 5,300 3,266 3,843 2,934 2,583 6,929 5,491 1,056 451 286 405 189 110 488 200 114 826 190 1,719 J Preliminary. > 1 Includes 390 million dollars of reported exchanges of F and G bonds maturing in 1953, for marketable bonds of June 1978-83. An additional 8 million dollars of exchanges represented accrued discount of F bonds and is not included above. NOTE.—Sales, redemptions, and maturities of bonds are shown at issue price; amount outstanding at current redemption value. Maturities of notes and Series A-D bonds are included as of maturity date, and only interest-bearing debt is included in amount outstanding. JULY 1953 753 UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issues Total gross debt1 End of month 1940—Dec 1941—Dec. 1942—Dec 1943—Dec 1944—Dec. 1945—Dec. 1945—June Dec 1947—June . . . . Dec 1948—June Dec 1949—June Dec. 1950—June Dec. 1951—June Dec . . 1952—June July Aug. Sept Oct Nov. . Dec 1953—Jan. Feb Mar 5 0 , 94? June 45 0?S Total 19 ,089 50 ,469 98 ,276 1 SI ,80S 212 ,565 7SS ,693 245 ,779 233 ,064 ,747 225 ,250 219 ,852 218 ,865 217 ,986 221 222 ,853 220 ,575 64, 262 112, 471 170, 108 232, 144 278, 68? 269, 898 259, 487 258, 176 256, 981 252, 366 252, 854 252, 798 257, 160 257, 377 256, 711 255, 259, 461 57 ,938 108 ,170 16S 877 230 ,630 778 IIS 269 ,422 259 ,149 758 256 ,900 252 ,292 252 ,800 252 ,770 757 ,110 257 ,357 256 ,708 259, 1S1 263, 107 263 225 262 77? 264, 964 267, 481 267 44 S 267 450 267 614 259 ,10S 219 ,124 761 071 ,961 263 ,186 222 ,753 ,68? 222 ,216 264 ,919 224 ,430 ?67 ,41? 226 ,557 ,141 767 267 ,402 226 ,226 767 ,584 ,187 264 48 S 223 025 264 ,590 223 ,077 266 ,520 224 ,735 266 ,071 223 ,408 264 S16 264 642 266 572 266 123 Apr May Total gross direct debt 2 7SS i Marketable 198 259 ,419 221 .168 Total Bills Certificates of Notes indebtedness IS 64 S 41 ,562 76 ,488 11S 161 ,648 198 ,778 189 ,606 176 ,613 168 70? 165 ,758 160 .346 157 ,482 155 ,147 1SS 155 ,310 152 ,450 117 917 142 ,685 1 ,110 2 ,002 6 ,627 11 ,07? 16 ,428 17 ,017 17 ,039 17 ,033 1S ,77S 15 ,136 13 ,757 12 ,224 11 ,536 1? ,119 13 ,533 11 ,627 11 614 18 ,102 140 ,407 17 ,219 ?8 144 140 17 144 ,148 141 ,89S 146 ,775 148 ,772 148 S81 148 ,574 148 ,445 145 988 146 ,133 148 ,324 147 ,335 Bank eligible* Bank re- Convertible bonds Total 841 30 ,401 18 1SS 34 ,804 29 ,987 75 ?96 21 ,220 22 ,588 26 ,525 29 ,427 616 18 ,418 ,171 5 9 S09 29 ,078 78 170 5 Tax and savings notes Savings bonds stricted Special issues 78 1S6 33 ,563 44 ,519 4 ,945 SS S91 1? , SSO 66 ,931 24 ,850 68 ,401 S? ,216 66 ,043 53 ,459 69 ,866 49 ,636 69 ,8S? 49 ,636 68 ,391 49 ,636 62 ,990 49 ,636 61 ,966 49 ,636 60 ,951 49 ,636 49 ,636 SS 53 ,319 49 ,636 49 ,636 44 IS 806 4? 9?8 16 061 11 S71 18, 409 41 ,049 36 ,048 12 ,060 3,444 8,907 21,788 36,574 50,917 56,915 56,173 56,451 59,045 59,492 59,506 61,383 62,839 66,000 67,544 68,125 66,708 66,423 3,195 6,140 15,050 27,363 40,361 48,183 49,035 49,776 51,367 52,053 53,274 55,051 56,260 56,707 57,536 58,019 57,572 57,587 2,471 6,384 8,586 9,843 8,235 6,711 5,725 5,560 5,384 4,394 4,572 4,860 7,610 8,472 8,640 7,818 7,534 5,370 6,982 9,032 12,703 16,326 20,000 22,332 24,585 27,366 28,955 30,211 31,714 32,776 33,896 32,356 33,707 34,653 35,902 18, 961 48 141 77 ,460 65,622 65,478 65,419 65,139 65,164 65,285 65,062 65,161 65,258 64 599 64,553 64,056 63,733 57,685 57,709 57,753 57,758 57,794 57,850 57,940 58,134 58,268 58,371 58,413 57,920 57,886 6,612 6,440 6,330 6,039 6,026 6,089 5,770 5,676 5,642 4 879 4,798 4,793 4,453 37,739 37,945 38,307 38,360 38,390 38,788 39,150 39,097 39,302 39 354 39,474 39,710 40,538 6 , 178 10 ,534 5, 997 9, 863 11 ,17S 23, 039 22, 967 18, 261 10, 090 8, 14? 11, 375 11, 375 7, 131 3, 596 8, ?49 20, 404 19, 18 971 17 ,206 17 ?07 19 ,712 71 S 28 ,019 77 761 16 ,902 16 ,90? 21 711 21 ,709 16 71? 10 ?66 16 ,712 15 9S8 1S ,959 15 ,959 15 ,959 15 ,854 30 275 10 ?8? 710 19 ,211 19 ,312 19 ,913 19 ,707 N o n m a r k e t a ble Bonds 18, 974 18 98? 30, 246 10 30 30 375 30 411 30 425 s? S79 52 ,579 S? S79 52 ,578 S? ,S78 58 874 58 ,864 59 481 SQ 482 63 ,238 64 ,795 64 ,104 77 27 77 27 77 407 ,369 16S ,338 016 21 ,013 ,01? 21 009 17 ,249 17 ,248 17 ,245 11 ,09S 11 14S 13 ,186 11 18? 12 ,491 ,499 1? SOO 12 ,491 1? 484 ,438 12 ,391 12 ,355 12 ,340 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 7,057 million dollars on May 31, 1953. * Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] End of month 1940— Dec. . . 1941—Dec 1942—Dec. 1943—Dec 1944—Dec 1945—Dec 1946—June.... Dec 1947—June Dec 1948—June Dec 1949—June Dec 1950—June Dec 1951—June Dec 1952—Apr. . . May June July Aug Sept Oct. Nov Dec 1953—Jan Feb Mar Apr Held by Total U. S. Government gross debt agencies and (includtrust funds1 ing guaranteed Special Public securiissues issues ties) Held b y the public Total Federal Reserve Banks Commercial banks2 Mutual savings banks Insurance companies Other corporations State and local governments Individuals Miscellaneous inves3 Savings Other bonds securities tors 50,942 64,262 112,471 170,108 232,144 278,682 269,898 259,487 258,376 256,981 252,366 252,854 252,798 257,160 257,377 256,731 255,251 259,461 5,370 6,982 9,032 12,703 16,326 20,000 22,332 24,585 27,366 28,955 30,211 31,714 32,776 33,896 32,356 33,707 34,653 35,902 2,260 2,558 3,218 4,242 5,348 7,048 6,798 6,338 5,445 5,404 5,549 5,614 5,512 5,464 5,474 5,490 6,305 6,379 43,312 54,722 100,221 153,163 210,470 251,634 240,768 228,564 225,565 222,622 216,606 215,526 214,510 217,800 219,547 217,533 214,293 217,180 2 ,184 2 ,254 6 ,189 11 ,543 18 ,846 24 ,262 23 ,783 23 ,350 21 ,872 22 ,559 21 ,366 23 ,333 19 ,343 18 ,885 18 ,331 20 ,778 22 ,982 23 ,801 17,300 21,400 41,100 59,900 77,700 90,800 84,400 74,500 70,000 68,700 64,600 62,500 63,000 66,800 65,600 61,800 58,400 61,600 3 ,200 3 ,700 4 ,500 6 ,100 8 ,300 10 ,700 11 ,500 11 ,800 12 ,100 12 ,000 12 ,000 11 ,500 11 ,600 11 ,400 11 ,600 10 ,900 10 ,200 9 ,800 6 , 900 8 , 200 1 1 , 300 1 5 , 100 19, 600 2 4 , 000 2 4 , 900 2 4 , 900 2 4 , 600 2 3 , 900 2 2 , 800 2 1 , 200 2 0 , 500 2 0 , 100 19, 800 1 8 , 700 1 7 , 100 16, 400 2 ,000 4 ,000 10 ,100 16 ,400 21 ,400 22 ,000 17 ,700 15 ,300 13 ,900 14 ,100' 13 ,600 14 ,800 15 ,600 16 800 18 ,800 20 ,500 20 ,800 21 ,300 500 700 1 ,000 2 ,100 4 ,300 6 ,500 6 ,500 6 ,300 7 ,100 7 ,300 7 ,800 7 ,900 8 ,000 8 ,100 8 ,700 8 ,800 9 ,400 9 ,600 2 ,800 5 ,400 13 ,400 24 ,700 36 ,200 42 ,900 43 ,500 44 ,200 45 ,500 46 ,200 47 ,100 47 ,800 48 ,800 49 ,300 49 ,900 49 ,600 49 ,100 49 ,100 7 ,800 8 ,200 10 ,300 12 ,900 17 ,100 21 ,400 20 ,000 20 ,100 20 ,900 19 ,400 18 ,600 17 ,600 18 ,000 17 ,000 17 ,200 15 ,900 15 ,600 15 ,000 9 ,100 8 ,600 8 ,100 9 ,600 8 ,400 8 ,700 8 ,900 9 ,600 9 400 9 ,700 10 ,500 10 ,700 10 ,600 258,337 259,951 259,151 263,107 263,225 262,722 264,964 267,483 267,445 267,450 267,634 264,536 264,642 36,746 37,198 37,739 37,945 38,307 38,360 38,390 38,788 39,150 39,097 39,302 39,354 39,474 6,500 6,524 6,596 6,689 6,712 6,692 6,681 6,757 6,743 6,895 6,869 6,908 6,866 215,091 216,229 214,816 218,473 218,206 217,670 219,893 221,938 221,552 221,458 221,463 218,274 218,302 22 ,363 22 ,273 22 ,906 22 ,853 23 ,146 23 ,694 23 ,575 23 ,821 24 ,697 23 ,944 23 ,875 23 ,806 23 ,880 60,500 61,000 61,100 62,700 61,800 61,600 63,100 64,200 63,400 62,800 61,900 59,500 59,000 9 ,800 9 ,800 9 ,600 9 ,800 9 ,700 9 ,700 9 ,600 9 ,500 9 ,500 9 ,500 9 ,600 9 ,600 9 ,500 16, 200 16, 000 1 5 , 700 16, 000 16, 100 16, 100 16 000 16 100 16 000 16 200 16 100 16 000 16 000 20 ,200 21 ,200 19 ,700 20 ,300 20 ,700 20 ,200 20 ,500 21 ,000 21 ,000 21 ,500 22 ,100 21 ,200 21 ,100 10 ,200 10 ,200 10 ,400 10 ,700 10 ,800 10 ,900 10 ,900 10 ,900 11 ,000 11 ,100 11 ,100 11 ,300 11 ,300 49 ,000 49 ,000 49 ,000 49 ,000 49 ,000 49 ,000 49 ,000 49 ,100 49 ,200 49 ,300 49 ,400 49 ,500 49 ,600 15 ,600 15 ,300 14 ,900 15 ,600 15 ,400 15 ,200 15 200 15 ,100 15 ,000 15 ,000 15 ,100 15 ,200 15 ,100 11 ,300 11 ,500 11 ,600 11 ,500 11 ,500 11 ,300 12 ,000 12 ,200 11 ,700 12 .100 12 ,300 12 ,300 12 ,800 700 900 2 ,300 4 ,400 7 ,000 1 Includes 2 the Postal Savings System. Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1952. 'Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. 754 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES Direct Public Issues Outstanding June 30, 1953 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Treasury bills 1 July 2, 1953 July 9, 1953 Tuly 16, 1953 July 23, 1953 July 30, 1953 Aug. Aug. Aug. Aug. 6, 13, 20, 27, Sept. 3, Sept. 10, Sept. 17, Sept. 18, Sept. 24, Amount 1,201 1,401 1,401 1,501 1,500 1953 1953 1953 1953 1,500 1,501 1,501 1,501 1953 1953 1953 19532 1953 1,500 1,400 1,501 800 1,500 Issue and coupon rate Amount Certificates Aug. 15, 1953 Feb. 15, 1954 June 1, 1954 2 2\i 2% Treasury notes Dec. 1, 1953 Mar. 15, 1954 Mar. 15, 1955 Dec. 15, 1955 Apr. 1, 1956 Oct. 1, 1956 Apr. 1, 1957 Oct. 1,1957 Apr. 1,1958 Issue and coupon rate 2% 10,542 \% 4,675 \% 5,365 \% 6,854 \y2 1,007 \y2 550 \y2 531 W2 824 77 \y2 Issue and coupon rate Amount Amount Treasury bonds—Cont. 7,986 Dec. 15, 1963-68. . . 2 ^ 510 June 15, 1964-69 . .2y2 5,825 Dec. 15, 1964-69 «.. 2 y2 1,501 Mar. 15, 1965-706..2 y2 8,662 Mar. 15, 1966-71 6. .2 y2 681 June 15, 1967-72 6.. 2 H 2,611 Sept. 15, 1967-72. . . 2 ^ 1,449 Dec. 15, 1967-72 6.. 2% 982 June 15, 1978-83... 3M 3,822 927 Postal Savings 4,245 bonds 2y2 919 Panama Canal Loan. .3 620 5,279 3,467 1,485 Convertible bonds 2,117 Investment Series B Apr. 1, 1975-80. ..2% 2,882 8,114 4,858 ^old on discount basis. See table on Open-Market Money Rates, p. 749. 4 5 Maturity June 15, 1954. Maturity June 15, 1955. Partially tax exempt. 3 2,828 3,756 3,833 4,723 2,963 1,894 2,716 3,832 1,592 74 50 12,340 2 6 Tax anticipation series. Restricted. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES • Marketable and Convertible Direct Public Securities [Par values in millions of dollars] End of month U.S. Total Govt. Fed- Com- Muagen- eral mer- tual outRecies cial savstand- and serve banksi ings ing banks trust Banks funds Insurance companies Other Life Other Type of security: Total marketable and convertible: 1950—Dec 1951—j une Dec 1952—June Dec. . . . 1953—Mar Apr Treasury bills: 1950—Dec 1951—June Dec 1952—June Dec 1953—Mar Apr Certificates: 1950—Dec 1951—June Dec 1952—June Dec 1953—Mar Apr Treasury notes: 1950—Dec 1951—June Dec 1952—June Dec 1953-Mar Apr Marketable bonds:8 1950—Dec 1951—June Dec 1952—June Dec 1953—Mar Apr End of month Total outstanding U.S. Insurance Govt. Fed- Com- Mucompanies agen- eral mer- tual Recies savOther and serve cial 1 ings trust Banks banks banks Life Other funds 13,573 12,060 13,095 12,500 2,905 2,905 3,437 3,438 Type of security: 152,450 151,490 154,745 153,502 161,081 5,364 6 177 6,251 6,447 6,613 20,778 54,884 22,982 51,671 23,801 54,302 22,906 54,038 24,697 55,828 10,143 9 504 9,123 8,843 8,740 12,737 11,138 10,289 9,613 9,514 4,116 4,161 4,301 4,246 4,711 44,428 45 855 46,679 47,411 50,979 158,476 6,780 23,806 52,068 8,858 9,380 4,786 52,798 158,524 6,735 23,880 51,630 8,819 9,376 4,767 53,316 Convertible bonds (Investment Series B): 1950—Dec 1951—June Dec 1952—June Dec 266 14,967 27,540 209 15,041 27,043 675 670 450 1,424 30,347 485 1,410 30,913 33,378 31,022 28,678 29,434 30,196 189 139 155 130 123 1,285 24,534 3,878 20,853 5,102 18,600 5,941 18,352 6,655 17,822 568 227 142 138 133 398 113 119 123 120 744 643 566 567 653 5,661 5,168 3,993 4,183 4,690 25,582 25,629 78 78 6,411 14,870 6,411 14,839 123 125 126 120 503 505 3,472 3,552 17,411 16,012 11,206 13,321 17,564 412 376 309 524 629 1,032 1,014 1,070 1,070 906 1,042 842 1,017 2,010 712 945 1,925 2,092 1,090 1,089 2,052 1,127 1,342 4,615 4,460 3,859 4,183 4,918 18,183 18,183 673 674 1,070 6,936 1,999 1,120 1,348 1,070 7,015 1,992 1,113 1,345 5,037 4,974 43,648 30,023 30,012 26,707 26,560 4,682 2,629 2,726 2,211 2,259 19,211 19,312 187 130 515 4,048 589 3,805 165 158 351 377 121 13,824 121 14,133 2,334 1,544 7 37 41 120 37 1 113 217 76 56 52 174 445 378 317 95 87 26 31 325 319 39,258 35,806 18,409 18,963 30,266 10 12,527 15,833 14 12,439 13,704 3 5,068 10,465 2 5,568 10,431 16 13,774 10,955 136 120 67 42 49 165 208 1 5 8 542 478 315 327 486 30,327 30,375 18 13,774 10,759 18 13,774 10,644 57 64 10 527 522 9,967 7,974 7,697 7,221 7,165 12,180 7,139 6,720 5,855 5,807 3,438 3,125 3,120 3,087 3,429 94,193 78,989 77,097 75,802 79,890 5,319 3,215 3,243 2,908 3,046 80,491 3,108 80,487 3,123 4,620 33,620 4,108 31,298 4,130 30,119 4,422 30,710 4,522 32,849 4,522 32,806 7,196 5,827 3,457 4,522 32,760 7,189 5,811 3,452 3,967 3,942 75.670 75,771 Apr 83 7,901 Marketable secu72 8,360 rities, due or 104 10,080 callable: 92 10,268 Within 1 year: 119 12,518 1950—Dec 4,996 4,250 4,996 4,238 356 354 81 129 155 146 163 391 756 428 504 464 26 26 3,304 3,281 3,864 3,987 58,013 60,860 72,790 70,944 74,261 33 122 71 103 137 15,959 15,959 1,252 1,246 1,356 1,352 1951—June Dec 1952—June Dec 1,296 3,888 527 3,750 596 6,773 381 5,828 1,341 7,047 17 3,194 2,753 49 12,793 6,773 60 11,821 6,877 27 5,061 4,791 312 318 362 360 166 172 191 185 12,438 3,439 12,391 3,439 35 26 50 41 86 (2) 2,921 2,923 3,172 3,179 183 1,336 3,156 183 1,320 3,153 714 1953—Mar 13,627 13,614 18,102 17,219 21,713 5,373 9,509 29,078 28,423 16,712 2,7U 1,214 1,434 3,221 1953—Mar Apr 8,761 9,092 1-5 years: 6,424 1950—Dec 1951—June Dec 6,239 6,262 1952—June Dec 10,044 8,841 1953—Mar 2,489 Apr 2,587 5-10 years: 4,978 1950—Dec 1951—June 5,182 Dec 5,348 1952—June Dec 25,049 22,129 1953—Mar 22,068 Apr 21,600 After 10 years: 23,072 1950—Dec 1951—June 23,576 Dec 23,631 1952—June Dec 1953-Mar Apr 26,553 2,321 26,550 2,335 16,003 20,088 13,962 21,596 15,057 30,348 13,822 29,540 15,613 28,853 270 655 799 20,117 626 1,206 954 22,389 532 778 1,203 24,718 550 638 1,106 25.143 490 577 1,204 27,361 982 7,329 2,125 2,508 1,397 1,415 1,358 1,358 6,275 2,442 3,274 6,426 2,934 2,781 2,740 2,681 2,543 7,180 5,389 5,276 4,707 4,713 10,778 6,056 5,758 4,589 4,510 1,531 1,236 1,269 1,122 1,152 14,035 10,534 10,828 10,038 10,024 1,358 2,518 4,717 4,519 1,155 1,358 2,551 4,712 4,506 1,154 9,966 9,935 * Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other" 2 are residuals. includes stock savings banks. Less than $500,000. 3 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. JULY 1953 755 NEW SECURITY ISSUES 1 [Estimates; in millions of dollars] Proposed uses of net proceeds, all corporate issuers6 Gross proceeds, all issuers 2 Noncorporate Year or month Total State and FedU.S. mu- Other Govern- eral ment8 igency nicipal 1938 1939 1940 5,926 5,687 6,564 2,480 2,332 2,517 1941 1942 1943 1944 1945 15,157 35,438 44,518 56,310 54,712 1946 1947 1948 1949 1950 New capital Corporate Bonds Total PrePri- ferred Publicly vately stock Total offered placed ComNew mon Total money7 stock ReRetiretire- ment ment of securof bank ities debt, etc. 8 Miscellaneous purposes 115 1,108 13 1,128 109 1,238 69 50 24 2,155 2,044 2,164 1,979 2,677 2,386 691 703 758 86 98 183 25 87 108 681 325 569 7 26 19 215 1,206 69 1,695 174 1,854 11,466 33,846 42,815 52,424 47,353 38 1 2 1 506 956 524 435 661 795 30 5 97 22 47 2,667 2,389 1,578 811 1,062 917 506 411 1,170 990 369 621 3,202 2,670 1,892 778 6,011 4,855 3,851 1,004 167 112 124 369 758 868 110 1,040 647 474 34 408 308 56 753 657 163 397 1,347 1,080 28 35 27 47 133 144 1,583 138 396 73 789 49 2,389 134 4,555 18,685 19,941 20,250 21,110 19,893 10,217 10,589 10,327 11,804 9,687 357 1,157 2,324 2,690 216 2,907 30 3,532 56 451 156 132 282 6,900 6,577 7,078 6,052 6,361 3,279 4,591 5,929 4,606 4,006 231 168 234 315 364 379 2,868 356 1,352 307 488 401 637 620 1,271 1951 1952 1952—May June July. Aug. Sept. Oct.. Nov. Dec. 21,265 26,961 9.778 12,577 110 3.189 459 4,105 7,741 5,691 2,364 3,326 9,582 7,649 3,645 4,005 363 371 486 660 928 978 4,898 544 444 531 480 547 396 624 226 201 428 294 219 389 1,212 7,120 6,531 1,369 8,769 8,223 990 947 166 769 735 112 158 1,237 1,218 291 276 49 390 367 46 893 170 1,052 293 49 340 780 119 851 226 174 2,527 2,436 6,436 1,168 1,331 2,047 1,108 2,079 446 237 54 3 8 2 4 66 25 4 3 4 10 9 12 11 34 43 40 30 10 5 11 148 13 28 139 49 48 123 57 89 38 46 1953—Jan.. Feb.. Mar. Apr.. May 1,783 1,592 1,604 1,639 4,619 611 494 503 491 3,244 17 19 35 25 23 24 30 50 21 28 12 21 27 231 30 392 390 405 320 635 86 2 4,881 5,035 5,973 4,890 4,920 1,149 898 831 635 1,304 1,113 421 342 455 372 980 1,157 314 384 731 908 664 706 696 828 738 497 536 517 665 488 1,353 1,276 1,628 3,019 2,888 2,963 2,435 2,360 1,862 1,126 2,147 761 3,010 492 2,455 424 2,560 631 838 564 544 211 786 125 159 400 126 140 354 425 327 217 213 581 188 591 85 84 33 29 37 6 20 58 186 307 153 375 287 310 229 364 289 201 891 778 614 736 811 51 47 62 37 82 903 420 762 3,889 5,115 6,651 5,558 4,990 634 666 672 794 695 116 123 116 126 167 603 635 630 745 610 Proposed uses of net proceeds, by major groups of corporate issuers Commercial and miscellaneous Manufacturing Year or Transportation Public utility Communication Real estate and financial month Total net proceeds New Retire- Total net cap- ments 10 proital » 2,180 1,391 1,175 3,066 4,022 2,126 1,347 1,026 2,846 3,765 54 44 149 221 257 403 338 538 518 536 382 310 474 462 512 748 795 806 490 1952—April May June July August September. October... November. December. 283 631 271 354 127 183 645 164 327 581 264 336 93 136 630 147 309 16 50 7 18 34 47 15 18 18 74 23 44 51 35 16 30 21 149 71 22 44 49 33 14 29 21 148 167 167 58 82 112 39 30 45 115 1953—January... February.. March.... April May 283 148 203 347 162 276 144 194 338 139 7 3 24 92 31 41 76 24 89 30 38 73 51 51 81 44 36 1948 1949 1950 1951 1952 23 New Retire- Total net cap- ments10 proital' ceeds New Retire- Total net ie proitaf» ments New Retire- Total net cap- ments 10 proital' ceeds 2,150 2,276 2,608 2.412 2; 626 2,005 2,043 1,927 2.326 2,539 167 99 23 82 27 38 29 32 93 259 238 345 233 107 165 347 43 216 259 228 343 231 106 165 280 43 213 38 33 81 4*4 245 257 212 210 387 245 254 210 202 387 784 609 437 758 56 11 196 53 225 144 233 85 67 New Retire- Total net 10 capproital » ments ceeds New Retirecap- ments 10 ital* 891 567 395 605 753 890 517 314 600 747 587 593 739 515 508 557 558 639 449 448 30 35 100 66 49 26 29 493 21 16 27 48 34 47 26 28 493 21 16 26 47 33 59 45 72 72 12 27 61 56 56 58 35 68 47 11 20 58 50 55 1 10 4 25 1 7 3 7 1 4 7 15 12 7 4 7 15 12 7 47 140 142 161 54 47 140 141 160 53 1 2 3 8 8 Estimates of new issues sold for cash in the United States. Gross proceeds are derived by multiplying principal amounts or number of units by offering price. Includes issues guaranteed. * Issues not guaranteed. Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant and 1 equipment and working capital. 8 Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debt are included under the uses for which the bank debt was incurred. 9 Includes all issues other than those for retirement of securities. 10 Retirement of securities only. Source.—Securities and Exchange Commission. 756 FEDERAL RESERVE BULLETIN SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dc liars] Annual Quarterly Industry 1951 1947 1948 1949 1950 1951 1952 1953 1952 3 4 1 2 3 4 1 Manufacturing Total (200 corps.) : Sales Profits before taxes Profits after taxes . . . . Dividends Nondurable goods industries (94 corps.): 2 Sales Profits before taxes Profits after taxes . . . . Dividends Durable goods industries (106 corps.): 3 Sales Profits before taxes Profits after taxes . . Dividends 30 869 37 008 36 738 44 118 51 ,067 57 536 1? ?97 13 ,013 1? ,760 1? 606 12.213 14.956 1S ,45? 4 ,104 137 1 ,940 1 ,618 1 493 1 ,988 9 ?30 317 5 038 7 ,893 8 557 7 041 1 964 815 93? 76? 574 3 31? 3 101 4 055 3 411 3 044 678 9?8 8S7 674 549 1 170 1 404 1 660 7 ?40 1 ,986 1 980 475 567 48? 47S 476 486 11 313 13 407 17 853 14 777 17 ,371 17 546 1 ,787 1 847 606 70? 3 184 1 167 1 475 1 1 513 1 411 1 ?56 889 710 845 863 551 657 4 , 335 4 716 S99 705 314 787 710 706 4 363 642 308 70S 19 SO? ?3 566 73 885 79 341 33 ,696 34 ,991 7 ,31? 3 ,105 3 191 5 19? 5 ,374 4 ,435 1 35S 1 835 1 887 S4? ,000 1 789 615 950 1 351 1 ,141 1 ,118 746 Selected industries: Foods and kindred products (28 corps.): Sales Profits before taxes Profits after taxes Dividends Chemicals and allied products (26 corps.): Sales Profits before taxes Profits after taxes Dividends Petroleum refining (14 corps.): Sales Profits before taxes Profits after taxes Dividends Primary metals and products (39 corps.): Sales .. . Profits before taxes . . Profits after taxes Dividends Machinery (27 corps.): Sales Profits before taxes Profits after taxes Dividends Automobiles and equipment (15 corps.): Sales Profits before taxes Profits after taxes . . . . Dividends 4 ,794 4 ,441 773 741 368 334 74? 703 8 ,003 8 ,57? 1 ,191 1 ,396 565 4?8 375 773 8 ,475 8 390 1 ,734 1 019 501 338 773 770 7 SS1 10.329 10 814 85? 1 3? 8 1 501 4 6?7 660 347 ?44 4 637 7?9 330 370 ?70 581 30S ?76 3 503 3 373 379 411 ?35 ?S8 136 135 3 49? 469 757 143 3 ,873 3 911 377 407 199 175 140 135 94? 93 46 3? 1 ,004 104 5? 47 959 86 40 37 94? 93 4? 33 984 104 48 3? 1 0?7 94 45 38 1 01 S 86 41 30 3 108 547 337 3 549 656 409 754 3 557 675 404 317 4 447 1 110 560 438 5 ,433 5 553 1 ,384 1 184 449 484 355 373 1 ,351 347 111 87 1 ,367 317 175 100 1 373 318 108 87 1 337 781 105 87 1 367 1 476 ?99 128 11? 1 S11 349 ? 906 456 350 1?7 3 945 3 865 575 406 17? 4 734 650 44? 705 4 999 861 516 731 5 370 690 488 753 1 ,746 718 1 ,345 222 148 64 1 318 704 1 775 147 111 60 1 3? 5 1 40? 165 174 133 115 69 60 1 381 191 7 545 891 545 ?47 9 066 1 174 770 ?70 8 187 10 446 1? 501 11 557 993 1 700 2 097 1 161 565 578 854 775 380 78S 367 377 3 034 497 176 86 ? ? 3 418 4S7 188 88 3 634 443 ?70 113 4 5?9 567 333 175 4 353 519 3?0 138 977 379 199 710 73 48 6 69? 809 445 195 8 093 1 ,131 639 9 577 11 805 17 438 1? 877 1 473 2, 305 1 915 1 950 861 1, 087 704 695 451 479 461 671 8 685 9 677 3 421 759 548 17? 55 64 3 ,776 3 073 519 475 217 270 170 88 385 98 79 87 108 88 60S ?08 99 06 3 494 430 718 106 5 0S8 6 167 7 078 1 ,434 1 ,690 1 590 1 776 1 697 ? 066 847 4?4 708 998 367 191 301 173 73? 81 49 738 80 48 7 ,899 405 147 119 7 ,939 3 035 488 503 185 170 119 116 3 477 596 191 114 54 89 6S ? 047 ?13 90 49 ? 790 128 53 101 SO 681 347 143 114 3 684 504 191 117 4 308 657 197 117 Public Utility Railroad: Operating revenue ... Profits before taxes Profits after taxes. . . . Dividends Electric power: Operating revenue ; Profits before taxes Profits after taxes Dividends Telephone: Operating revenue Profits before taxes Profits after taxes Dividends . 479 736 777 1 148 699 789 8 580 700 438 75? 9 473 10 391 10 580 1, 384 1 260 1 436 693 816 783 378 336 31? 7 583 250 174 53 2 772 505 370 111 7 587 295 141 80 7 537 261 149 74 633 368 ?08 6o 8?8 51? 318 116 S96 336 186 97 9S4 643 494 . . . 4 830 983 657 493 5 055 1 757 553 5, 431 1 303 874 619 5 867 1 480 818 661 6 774 1 718 977 709 1 473 370 168 167 1 521 403 226 181 1 603 498 257 177 1 491 400 214 173 1 513 38? 707 177 1 618 439 ?44 186 1 710 545 788 18? ? 7 967 333 ?07 213 3 , 347 580 331 276 3 729 691 341 318 4 136 787 384 355 931 160 7? 81 976 187 86 81 993 194 93 85 1 023 705 98 1 037 18? 88 91 1 084 ?06 104 93 1 09? 4 ? . . ?83 715 138 131 694 186 178 87 109 100 1 For manufacturing, certain tax accruals for the first six months of 1951, required by subsequent increases in Federal income tax rates and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. For public utility corporations, 1951 quarterly profits after taxes are as reported. 2 Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). 1 Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are from reports of the Securities and Exchange Commission. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). JULY 1953 757 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * [Estimates, in millions of dollars) PROFITS, TAXES, AND DIVIDENDS OF UNITED STATES CORPORATIONS [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] Profits before taxes Income taxes 6 5 Year or quarter 1 5 1939 Profits Cash Undisdivi- tributed after taxes dends profits 3 8 5.0 Stocks Bonds and notes All types Year or quarter Net New RetireNet New RetireNew Retire- Net issues ments change issues ments change issues ments change 1939 1941 1942 1943 1944 1945 17 2 21.1 25.1 24.3 19 7 7 8 11.7 14.4 13.5 11 2 9 4 9.4 10.6 10.8 8 5 4 5 4.3 4.5 4.7 4 7 1946 1947 1948 . . 1949 1950' 23.5 30.5 33.8 27.1 41.0 9.6 11.9 13.0 10.8 18 2 13.9 18.5 20.7 16.3 22 7 5.8 6.6 7.3 7.5 9 1 1951' 1952' 43.7 39 2 23.6 20 6 20.1 18 6 9.2 9 1 10.9 9 5 1951—3'-. . . 4'. . . 39.4 40.6 21.2 21.8 18.2 18.8 9.3 9.5 8.9 9.3 1952—1'. 2'. 3'. 4'. .. . . .. . . 41.5 38.2 37.0 40.3 21.8 20.1 19.4 21.2 19.7 18.0 17.5 19.1 9.1 9.1 9.1 9.1 10.6 8.9 8.4 10.0 1953—1'... 44.4 24.1 20.3 9.2 11.1 -539 2,817 1,464 2,129 3,899 6 846 2,391 929 -313 996 -796 -475 2,693 —389 4 924 7,180 6,882 7,570 6,732 7,224 4,798 1,684 1,875 3,500 2,382 4,359 5,886 4,856 3,724 4,721 5,015 5,938 4,867 4,806 3,625 2,011 1,284 1,583 2,802 1,096 3,004 4,654 3,284 2,004 9,048 10,727 2,772 2,653 6,277 5,683 8,074 7,392 533 2,339 3,035 2,433 2,920 559 603 717 774 1953—1.... 2,321 8.1 12.0 13.5 8.8 13.6 2,721 2,793 1,151 1,333 3,424 6 457 1951—4.... 2,486 4 9 5.1 6.2 6.1 3 8 2,182 1941 1942 1943 1944 1945 1.2 612 .. . 1946 1947 1948 1949 . 1950 . 1951 1952 1952—1.... 2.... 3... . 4.... 1,939 2,550 —611 243 171 72 402 — 125 2,516 222 1,327 -398 337 1,800 -804 731 3,391 -698 5 995 — 1,071 1,533 301 137 329 508 851 101 85 8 223 682 2,459 1,867 1,632 1,865 2,418 1,173 512 400 292 698 1,286 1,355 1,232 1,572 1,720 2,107 2,300 3,577 3,365 5,092 3,335 665 353 2,701 2,982 1,951 1,449 405 1,045 1,037 128 908 1,780 2,432 1,716 2,146 1,544 2,127 1,793 1,928 490 514 612 684 1,054 1,613 1,181 1,244 795 908 640 992 69 89 105 90 726 819 535 902 1,710 1,492 481 1,012 829 131 698 -24 1 Reflects cash transactions only. As compared with data shown on p. 756, new issues exclude foreign and include investment company offerings, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 756. Source.—Securities and Exchange Commission. r Revised. Source.—Department of Commerce. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS i [Estimates, in billions of dollars] Current assets End of year or quarter 1939 1941 . . 1942 1943 1944 1945 . 1946 1947 1948 . 1949 1950 1951 1952—1 2 3 4 1953—1 Net working capital 24.5 32.3 36.3 42.1 45.6 51.6 56.2 62.1 68.6 72.4 78.4 82.5 83.2 84.5 '85.4 '85.6 86.9 Total 54.5 72.9 83.6 93.8 97.2 97.4 108.1 123.6 133.0 133.1 156.1 174.4 173.9 '172.0 '178.0 '181.1 181.2 Cash 10.8 13.9 17.6 21.6 21.6 21.7 22.8 25.0 25.3 26.5 27.4 29.6 28.2 29.5 '30.0 '29.5 28.1 U. S. Government securities Current liabilities Notes and accts. receivable U. S. Govt. 2.2 4.0 10.1 16.4 20.9 21.1 15.3 14.1 14.8 16.8 20.5 21.3 20.7 19.7 20.2 21.0 20.1 .0 .6 4.0 5.0 4.7 2.7 7 1.1 2.7 2.5 2.4 2.5 2.9 3.0 2 Inventories Notes and accts. payable Other Total U. S. Govt. 2 Other 22.1 27.4 23.3 21.9 21.8 23.2 30 0 38.3 42.4 43.0 18.0 25.6 27.3 27.6 26.8 26.3 37.6 44.6 48.9 45.3 52.6 62.6 63.5 '61.6 '62.0 '63.6 65.4 52.8 56.1 56.8 56.7 61.0 61.7 62.2 1.4 1.4 1.3 1.3 1.4 2.4 1.7 1.6 1.6 1.4 1.7 2.1 2.2 2.1 2.3 '2.4 2.5 Other .0 .8 2.0 2.2 1.8 .9 1 21.9 25.6 24.0 24.1 25.0 24.8 30.0 40.7 47.3 51.6 51.7 45.8 51.9 61.5 64.4 60.7 77.7 91.9 90.7 '87.5 '92.6 '95.5 94.3 3 1 «? 37.6 39.3 37.5 .4 1.3 1.6 1.9 2.0 ' 2.1 2.3 46.8 54.2 53.8 52.0 55.5 58.6 57.9 Federal income tax liabilities Other 1.2 7.1 12.6 16.6 15.5 10.4 8.5 10.7 11.5 9.3 14.8 19.7 17.9 15.8 16.2 '16.4 15.2 6.9 7.2 8.7 8.7 9.4 9.7 11.8 13.2 13.5 14.0 15.7 16.7 17.4 17.8 18.9 '18.4 18.9 r 2 Revised. Excludes banks and insurance companies. Receivables from and payables to U. S. Government do not include amounts offset against each other on corporations' books. Source.—Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT 1 [Estimates, in millions of dollars] Transportation other than rail Public Comutili- muni- Other 2 cations ties 1939 1945 1946 1947 1948 1949 1950 1951 1952 1953* Total Mining Railroads 5,512 8,692 14,848 20,612 22,059 19,285 20,605 25,644 26,455 Year Manufacturing 1,943 3,983 6,790 8,703 9,134 7,149 7,491 10,852 11,994 326 383 427 691 882 792 707 929 880 280 548 583 889 1,319 1,352 1,111 1,474 1,391 365 574 923 1,298 1,285 887 1,212 1,490 L ,363 520 505 792 1,539 2,543 3,125 3,309 3,664 3,838 26,991 12,039 910 1,294 L,380 4,368 1 Corporate 3 302 321 817 1,399 1,742 1,320 1,104 1,319 1,598 1,776 2,378 4,516 6,093 5,154 4,660 5,671 5,916 5.391 7,000 Total Manu- Transfactur- portation ing incl. and railminroads ing Public All utili- other 3 ties 1951—4 7,173 3,466 778 1,055 1,874 1952—1 2 3 4 6,141 6,808 6,244 7,265 2,867 3,384 3,026 3,596 716 758 591 *692 821 928 947 1,142 1,737 1,738 1,680 1,835 1953—1. 24 34 6,147 7,244 7,088 2,946 3,464 3,465 621 755 682 904 1,216 1.205 1,675 1,810 1,736 Quarter 2 and noncorporate business, excluding agriculture. Includes trade, service, finance, and construction. Includes communications, trade, and other. Anticipated by business. Figures for the second and third quarters of 1953 are based on more recent reports than those for the year as a whole. Source.—Department of Commerce and Securities and Exchange Commission. 758 FEDERAL RESERVE BULLETIN REAL ESTATE CREDIT STATISTICS MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] Nonfarm All properties End of year or quarter 1939 1940 1941 1942 . . 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952? 1951—June September.... December. . . . 1952—March P Junep September?. . . December?. . . 1953—March? All holders 35 5 36.5 37.6 36.7 35.3 34.7 35.5 41.6 48.7 56.0 62 5 72.5 81.9 90.6 77.8 79.9 81.9 83.7 85.9 88.3 90.6 92.8 Other holders Financial insti- Selected Inditutions Federal viduals and agenothers cies 18.6 19.5 20.7 20.7 20.2 20.2 21.0 26.0 31.8 37.8 42.9 51.6 59.5 66.9 56.0 57.8 59.5 61.0 63.0 65.1 66.9 68.6 2.2 2.1 2.0 1.8 1.4 1.1 .9 .6 .5 .6 1.1 1.4 2.0 2.4 1.7 1.8 2.0 2.2 2.2 2.3 2.4 2.6 Farm 1- to 4-family houses All holders 14.7 14.8 14.9 14.2 13.6 13.3 13.6 15.0 16.4 17.6 18.6 19.5 20.4 21.2 20.2 20.3 20.4 20.5 20.8 20.9 21.2 21.5 Multi-family and commercial properties * Financial institutions Other holders Total Financial institutions Other holders 9.3 10.2 11.2 11.5 11.5 11.7 12.2 16.0 20.5 25.0 28.4 35.3 41.2 46.8 38.4 39.9 41.2 42.3 43.8 45.4 46.8 48.0 7.0 7.1 7.2 6.7 6.3 6.2 6.4 7.0 7.6 8.3 9.1 9.8 10.7 11.3 10.3 10.5 10.7 10.9 11.0 11.1 11.3 11.6 12.5 12.6 12.9 12.5 12.1 11.8 12.2 13.8 15.7 17.6 19.6 21.6 23.7 25.6 23.0 23.3 23.7 24.1 24.6 25.1 25.6 26.2 7.8 7.8 8.0 7.8 7.4 7.2 7.5 8.4 9.6 10.9 12.4 14.0 15.7 17.3 15.1 15.4 15.7 16.0 16.4 16.9 17.3 17.7 4.8 4.8 4.8 4.7 4.6 4.6 4.7 5.4 6.1 6.7 7.2 7.6 8.0 8.3 7.9 7.9 8.0 8.1 8.1 8.2 8.3 8.5 Total 16.3 17.3 18.4 18.2 17.8 17.9 18.5 23.1 28.2 33.3 37.5 45.1 51 .9 58.2 48.6 50.3 51.9 53.2 54.8 56.5 58.2 59.6 28.9 30.0 31.2 30.8 29.9 29.7 30.8 36.9 43.9 50.9 57.1 66.7 75.6 83.8 71.6 73.6 75.6 77.3 79.3 81.6 83.8 85.8 All holders Financial Other insti- holders2 tutions 6.6 6.5 6.4 6.0 5.4 4.9 4.7 4.8 4.9 5.1 5.4 5.8 6.3 6.8 6.2 6.3 6.3 6.4 6.6 6.7 6.8 6.9 1.5 1.5 L.5 1.4 L.3 1.3 1.3 1.5 L.7 Q 2.1 2.3 2.6 2.8 2.5 2.6 2.6 2.6 2.7 2.8 2.8 2.9 5.1 5.0 4.9 4.5 4.1 3.6 3.4 3.3 3.1 3.2 3.3 3.5 3.7 4.0 3.7 3.7 3.7 3.8 3.9 3.9 4.0 4.1 P Preliminary. 1 2 Derived figures, which include negligible amount of farm loans held by savings and loan associations. Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year, and all figures for December 1952 except those on 1- to 4-family houses and total farm (preliminary estimates from HLBB and Dept. of Agriculture, respectively), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies, and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS * [In millions of dollars] Commercial bank holdings 2 Mutual savings bank holdings 4 Nonfarm End of year or quarter Nonfarm Residential' Farm Total Total Total 4,266 4,578 4,906 4,746 4,521 4,430 4,772 7,234 9,446 10,897 11,644 13,664 14,732 15,867 3,697 4,003 4,340 4,256 4,058 3,967 4,251 6,533 8,623 10,023 10,736 12,695 13,728 14,809 2,671 2,963 3,292 3,332 3,256 3,218 3,395 5,146 6,933 8,066 8,676 10,431 11,270 12,188 Residential 3 Total FHA- VA- Con- Other inguar- vensured anteed tional Total Total 1,026 1,040 1,048 924 569 575 566 491 802 463 4,836 4,859 4,812 4,627 4,420 4,305 4,208 4,441 4,856 5,806 6,705 8,261 9,916 11,379 4,807 4,829 4,784 4,601 4,395 4,281 4,184 4,415 4,828 5,773 6,668 8,218 9,869 11,306 1951—j u n e September December 2,351 1,031 9,137 14,286 13,255 10,904 2,400 1,040 9,515 14,540 13,500 11,100 14,732 13,728 11,270 '3,421 2,921 4,929 2,458 1,004 9,916 1952—March June September December 14,860 15,176 15,590 15,867 1953— March P 16,090 15,015 12,335 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 . . 1 13,830 14,113 14,530 14,809 749 463 856 521 1,387 702 1,690 823 874 1,957 2,060 909 2,264 968 3,421 2,921 4,929 2,458 1,004 3,675 3.012 5.501 2,621 1,058 11,350 3,432 2,928 4,990 11,602 3,441 2,952 5,209 11,970 3,580 3,000 5,390 12,188 3,675 3,012 5,501 3,725 3,084 2,480 2,512 2,560 2,621 1,030 1,063 1,060 1,058 10,203 10,554 10,940 11,379 Farm FHA- VA- Con- Other inguar- vensured anteed tional 3,875 3,914 3,884 3,725 3 558 3,476 3,387 3 588 3,937 4,758 5,569 7,054 8,595 2,567 1,726 4,303 9 875 3,168 2 237 4 470 L 015 1,099 1,164 1,274 I 431 9,091 9,468 9,869 7,833 8,200 8,595 1,726 '4,303 I 258 1,268 1,274 46 2,567 10,156 10,506 10,880 11,306 8,843 9,145 9,485 9,875 2,720 2,898 3,025 3,168 1,815 1,917 2,069 2,237 4,308 4,330 4,392 4,470 1,313 1,361 1,394 1,431 47 48 60 73 3,270 2,352 4,518 1,480 60 5,526 2,680 1,075 11,680 11,620 10,140 932 915 900 876 837 29 30 28 26 25 805 797 24 24 827 891 26 28 34 37 44 47 73 47 47 2 Includes all banks in the United States and possessions. Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. For 1940, figures except for the grand total are Federal Reserve estimates based on data for insured commercial banks. 3 Data not available for all classifications prior to December 1951. 4 Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies; Comptroller of the Currency; and Federal Reserve. JULY 1953 759 REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Nonfarm Year or month Total Total 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952* Loans outstanding (end of period) FHAinsured Nonfarm VAguaranteed Farm Total Other .... 1952—May June J U ly August September October November December . .. 1953—January February .. March April . MayP ... ... 1 661 2,786 3,407 3,430 4,980 5,111 3,975 1,483 2,520 3,114 3,123 4,621 4,704 3,600 451 1,202 1,350 1,572 1,051 1,268 850 301 344 353 307 303 364 288 390 270 316 325 285 280 337 260 352 63 80 69 66 347 309 80 327 403 364 344 289 353 321 308 69 88 77 62 79 79 65 86 600 366 Farm VAguaranteed Other 5,669 5,958 6,442 6,726 6 714 6,686 6,636 7,155 8,675 10,833 12,906 16,102 19,314 21,275 898 855 935 976 FHAinsured Total 178 1,096 1 286 1,408 1,394 1,228 1,398 2,381 3,454 4,573 5,257 5,700 256 844 1,106 1,224 2,026 3,131 3,350 4 876 5,538 6,356 7,090 8,176 9,399 10,550 895 990 ,138 ,327 ,527 L ,675 887 897 913 668 815 896 841 800 776 795 450 1,469 1,546 1,642 2,119 2,385 2,300 307 359 407 375 34 32 34 29 173 204 222 190 31 28 28 22 20,175 20,335 20,505 20,643 20,801 20,961 21,087 21,245 18,574 18,716 18,870 18,998 19,147 19,298 19,411 19,560 5,429 5,476 5,517 5,542 5,592 5,626 5,648 5,690 3,290 3,304 3,321 3,334 3,326 3,333 3,340 3,349 9,855 9,936 10,032 10,122 10,229 10,339 10,423 10,521 ,601 ,619 ,635 ,645 ,654 ,663 ,676 1,685 25 204 38 25 29 27 30 195 236 217 216 38 50 43 36 21,396 21,547 21,725 21,897 22,055 19,701 19,834 19,992 20,139 20,277 5,725 5,751 5,804 5,820 5,854 3,358 3,367 3 370 3,388 3,390 10,618 10,716 10,818 10,931 11,033 ,695 1,713 1,733 1,758 1,778 131 930 12 30 22 31 266 293 4 782 5,061 5,529 5,830 5 873 5 886 5,860 6 360 7,780 9,843 11,768 14,775 17,787 19,600 189 228 173 235 23 27 28 38 p Preliminary. NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown. Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN ASSOCIATIONS [In millions of dollars] Total New construction 301 399 437 190 106 95 181 Home purchase Other purposes x Total3 345 375 361 287 276 295 374 611 789 851 994 1,224 1,236 1,557 3,806 4,125 4,578 4,583 4,584 4,800 5,376 7,141 8,856 10,305 11,616 13,622 15,520 18,444 FHAinsured 986 1,200 1,379 1,051 1,184 1,454 1,913 3,584 3,811 3,607 3,636 5,237 5,250 6,617 616 894 1,046 1,083 1,767 1,657 2,105 340 426 581 574 802 1,064 1,358 2,357 2,128 1,710 1,559 2,246 2,357 2,955 1952-May... June... July... Aug.... Sept... Oct.... Nov... Dec... 586 587 596 617 616 659 523 541 198 192 190 200 193 208 163 161 252 257 265 279 285 303 243 248 136 138 141 138 138 148 117 132 18,444 497 523 639 678 690 147 164 206 226 232 222 222 266 288 295 128 137 167 ' 19405 164 163 ' 924 VAguaranteed "906 1953-Jan.... Feb.... Mar... 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 May/.; 1 2 563 717 841 864 906 2,397 2,586 2,969 3,125 3,398 i6^891 " ' 8 8 7 ' 3^228 i7^740 " ' 8 9 8 ' 3]34i ' 3,492' Amount, by type of lender Year or month Number Average amoun recorded Other (dollars) Total Savings & loan assns. Insurance companies Com- Mutual savmerings cial banks banks 1,288 1,456 1,628 ,351 ,274 ,446 .639 2,497 2,567 2,535 2,488 3,032 2,878 3,028 3,507 4,031 4,732 3,943 3,861 4,606 5,650 10,589 11,729 11,882 11,828 16,179 16,405 18,018 1,058 1,283 1,490 1,170 1,237 1,560 2,017 3,483 3,650 3,629 3,646 5,060 5,295 6,452 287 334 404 362 280 257 250 503 847 1,016 1,046 1,618 1,615 1,420 891 1,006 1,166 886 753 878 1,097 2,712 3,004 2,664 2,446 3,365 3,370 3,600 143 170 218 166 152 165 217 548 597 745 750 1,064 1,013 1,137 1,128 1,238 1,454 1,359 1,439 1,746 2,069 3,343 3,631 3,828 3,940 5,072 5,112 5,409 2,722 2,769 2,906 2,918 3,031 3,186 3,448 4,241 4,570 4,688 4,755 5,335 5,701 5,950 1952-May... June... July... Aug... Sept... 13^501 Oct.... Nov... Dec... 14,140 256 256 268 270 267 285 245 252 1,511 1,513 1,590 1,598 1,588 1,727 1,492 1,553 557 564 586 592 593 627 526 540 114 108 113 119 118 135 116 126 303 305 317 313 316 342 298 305 90 96 105 108 103 117 104 112 447 440 469 466 458 506 448 470 5,907 5,909 5,937 5,916 5,943 6,051 6,085 6,171 1953-Jan.... Feb.... Mar... Apr.... May... 228 229 264 275 273 1,401 1,391 1,627 1,709 1,699 477 503 605 642 641 111 110 126 127 133 278 269 316 325 317 93 84 92 102 111 442 425 488 513 497 6,136 6,068 6,153 6,206 6,221 Conventional 3 7,345 8,313 9,812 11,530 14,140 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 12^776 14^689 Includes loans for repair, additions and alterations, refinancing, etc. Prior to 1948, data are not available for classifications shown. * Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 760 [Number in thousands; amounts (except averages) in millions of dollars] Loans outstanding (end of period)2 Loans made, by purpose Year or month NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS Source.—Home L o a n B a n k Board. FEDERAL RESERVE BULLETIN REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE DEBT OUTSTANDING O N NONFARM 1- TO 4-FAMILY PROPERTIES [In billions of dollars] GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE [In millions of dollars] VA-guaranteed loans 3 FHA-insured loans Year or month Home mortgages Total Total 925 991 New properties Projecttype Ex- mortisting gages1 properties 584 322 74 76 85 82 91 103 87 98 39 27 31 32 13 26 17 23 71 102 73 66 69 69 59 63 203 196 189 203 217 220 243 227 128 124 126 134 142 141 157 155 74 70 63 68 75 78 85 71 .4 .5 .4 .5 .4 .7 .6 .5 103 86 89 92 90 18 15 20 22 25 67 61 64 119 102 243 274 228 235 216 161 184 152 157 149 82 90 75 78 66 .6 .6 .5 .4 .5 1,434 1,319 1,637 1,216 969 1952—May... June... July. . . Aug.... Sept... Oct.. . . Nov. . . Dec... 452 469 458 463 484 526 503 519 249 273 269 260 267 306 259 293 65 68 80 81 94 108 97 108 1953—Jan Feb.. . . Mar. . . Apr... May. . . 539 539 504 577 530 296 265 276 342 314 108 103 103 109 97 52 13 14 21 85 56 20 13 360 609 New properties Alteration and Existing repair2 properties 2,302 3,286 1,881 1,424 3,073 3,614 2,721 1,788 3,341 3,826 4,343 3,220 3,113 208 175 183 208 210 224 217 302 418 684 892 856 713 974 486 588 728 766 553 484 257 120 477 Home mortgages 179 216 228 126 86 114 171 321 534 614 594 694 707 848 925 1939 1940 991 1941 1,152 1942. . '. . . . . . 1,121 . 934 1943 877 1944 1945 . . . 857 3,058 1946 5,074 1947 1948 5,222 1949 5,250 7,416 1950 6,834 1951 1952 . . . . 5,830 1,152 1,121 Property im- Total provement" loans2 Governmentunderwritten End of year or quarter Total 1,021 1,157 192 793 629 1,865 1,202 942 2,667 1,824 890 3 5 6 6 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952P 16.3 17^3 18.4 18 2 17 8 17.9 18.5 23.1 28.2 33.3 37 5 45.1 51.9 58.2 9 3 12.5 15.0 18.9 22.9 25.4 1951—June... Sept... Dec... 48.7 50.4 51.9 1952—Mar. P.. JuneP. . Sept. P . . Dec.P. . 1953—Mar.p.. 934 877 665 756 Conventional Total FHA VA-in- guarsured anteed 10.8 10.3 13.2 14.6 14.5 15 !o 15.4 14 5 13.7 13.7 14^2 17.0 18^9 20.8 22.5 26.2 29.0 32.8 21.0 22.0 22.9 9.2 9.5 9.7 11.8 12.5 13.2 27.7 28.4 29.0 53.2 54.8 56.5 58.2 23.5 24.0 24.7 25.4 9.9 10.1 10.4 10.8 13.6 13.9 14.3 14.6 29.7 30.8 31.7 32.8 59.6 26.1 11.1 15.0 33.5 1.8 2^3 3.0 3^7 1.8 2.3 3.0 3.7 4 1 4 1 4.2 4.3 6.1 4.2 4.1 3.7 3.8 5.3 6 9 8.6 9.7 .2 2 .4 5 5 7.2 8.1 1 Monthly figures do not reflect mortgage amendments included in annual totals. 2 FHA-insured property improvement loans are not ordinarily secured by mortgagess; VAguaranteed alteration and repair loans of $1,000 or less need not be secured, whereas those For3 more than that amount must be. Prior to 1949, data are not available for classifications shown. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans dosed, Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loan 3, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY [In millions of dollars] End of year or month Author- Comized mitfunds ments ununcomdismitted bursed Total FHAinsured VAguaranteed 198 672 " " ' 2 6 ' 469 1,044 111 677 56 538 528 848 918 661 1,085 227 824 485 239 323 199 828 1,347 1,850 2,242 188 403 169 204 320 11 425 1,178 1,646 1,922 1952—June U16 July 21,311 August 1,283 September.. . 1,238 October 1,170 November. . . 1,129 December.... 1,085 266 275 299 315 326 322 323 2,068 2,064 2,068 2,097 2,154 2,199 2,242 236 237 245 257 272 297 320 1,832 1,827 1,823 1,840 1,882 1,902 1,922 7 6 13 40 72 56 65 1,043 1,008 934 876 816 321 313 322 326 357 2,286 2,329 2,394 2,448 2,477 338 358 395 429 457 1,948 1,971 1,999 2,019 2,020 61 53 81 68 40 1948 1949 1950 1951 1952 1953—January February.... March April May FEDERAL HOME LOAN BANK LENDING [In millions of dollars] Mort- Mortgage gage pursales chases (during (during period) period) Mortgage holdings Year or month Advances Repayments Advances outstanding (end of period) Total 1941 1942 1943 1944. . 1945 1946 1947 1948 1949 . . 1950 1951 1952 5 3 3 4 6 3 14 1952—June July 10 August 3 September.. 7 October 3 November.. 3 December. . 1 During the period from late March through early July, the bulk of these funds was available only for the purchase of mortgages on defense, disaster, and military housing. 2 Public Law 531, enacted July 14, 1952, authorized an additional 900 million dollars for advance commitments to purchase mortgages on defense, disaster, and military housing. Funds remaining from those set aside earlier for this purpose then became available for over-the-counter purchases of other mortgages. Source.—Federal National Mortgage Association. JULY 1953 P Preliminary. NOTE.—For total debt outstanding, figures for first three quarters are Federal Reserve estimates. For conventional, figures are derivecI. Sources.—Home Loan Bank Board, Federal Housing Administration, Veterans Administration, and Federal Reserve. 1953—January... . February... March April May June Shortterm 1 Longterm 2 158 99 157 239 278 329 351 360 256 675 423 586 140 190 176 219 213 231 209 280 337 292 433 528 219 129 110 131 195 293 436 515 433 816 806 864 105 54 69 106 176 184 218 257 231 547 508 565 115 76 41 25 19 109 217 258 202 269 298 299 83 58 56 56 63 59 106 21 54 25 28 26 20 33 653 656 687 715 752 791 864 409 416 436 460 491 520 565 244 240 251 255 261 271 300 16 14 30 47 44 97 197 71 46 32 26 23 683 627 610 626 645 718 439 401 391 406 416 471 245 226 219 220 229 248 Secured or unsecured loans maturing in one year or less. 2 Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. 761 STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit End of year or month Total Other Automobile consumer goods paper 1 paperi Total Noninstalment credit Repair and modernization loans 2 Personal loans Total Singlepayment loans Charge accounts Service credit 1939 1940 1941. 1942 7,222 8,338 9,172 5,983 4,503 5,514 6,085 3,166 1,497 2,071 2,458 742 1,620 1,827 1,929 1,195 298 371 376 255 1,088 1,245 1,322 974 2,719 2,824 3,087 2,817 787 800 845 713 1,414 1,471 1,645 1,444 518 553 597 660 1945 1946 1947 1948 1949 1950 1951 1952 5,665 8,384 11,570 14,411 17,104 20,813 21,468 25,705 2,462 4,172 6,695 8,968 11,516 14,490 14,837 18,639 455 981 1,924 3,054 4,699 6,342 6,242 8,110 816 1,290 2,143 2,842 3,486 4,337 4,270 5,301 182 405 718 843 887 1,006 1,090 1,386 1,009 1,496 1,910 2,229 2,444 2,805 3,235 3,842 3,203 4,212 4,875 5,443 5,588 6,323 6,631 7,066 746 1,122 1,356 1,445 1,532 1,821 1,934 2,108 1,612 2,076 2,353 2,713 2,680 3,006 3,096 3,313 845 1,014 L.166 1,285 1,376 1,496 1,601 1,645 1952—April May June July August September October November December 20,940 21,705 22,446 22,751 23,030 23,414 24,050 24,525 25,705 14,731 15,308 16,032 16,465 16,728 17,047 17,572 17,927 18,639 6,186 6,539 6,974 7,200 7,272 7,388 7,639 7,866 8,110 4,053 4,169 4,324 4,433 4,539 4,669 4,871 4,943 5,301 1,098 1,138 1,178 1,221 1,258 1,300 1,347 1,376 1,386 3,394 3,462 3,556 3,611 3,659 3,690 3,715 3,742 3,842 6,209 6,397 6,414 6,286 6,302 6,367 6,478 6,598 7,066 2,007 2,055 2,054 2,023 2,026 2,033 2,033 2,109 2,108 2,535 2,659 2,661 2,573 2,579 2,642 2,776 2,826 3,313 1,667 1,683 1,699 1,690 1,697 1,692 1,669 1,663 1,645 1953—January February March April? May? 25.508 25,262 25,676 26,172 26,716 18,785 18,860 19,267 19,656 20,085 8,273 8,470 8,778 9,074 9,380 5,256 5,131 5,154 5,185 5,235 1,378 1,377 1,383 1,401 1,428 3,878 3,882 3,952 3,996 4,042 6,723 6,402 6,409 6,516 6,631 2,129 2,079 2,142 2,147 2,162 2,956 2,662 2,602 2,677 2,758 1,638 1,661 1,665 1.692 1,711 . . . . . P Preliminary. 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2 Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Monthly figures for the period December 1939 through 1952 and a general description of the series are shown on pp. 336-54 of the BULLETIN for April 1953; a detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total instalment credit Total Commercial banks Sales finance companies Credit unions 1939 1940 1941 1942 4,503 5,514 6,085 3,166 3,065 3,918 4,480 2,176 1,079 1,452 1,726 1,197 1,575 1,797 862 588 132 171 198 128 657 720 759 598 1945 1946 1947 1948 1949 1950 1951 1952 2,462 4,172 6,695 8,968 11,516 14 490 14,837 18,639 1,776 3,235 5,255 7,092 9,247 11,820 12,077 15,423 745 300 102 1,567 2,625 3,529 4,439 5,798 5,771 7,576 677 1,355 1,990 2,950 3,785 3,769 4,833 151 235 629 840 1952—April 14,731 15,308 16,032 16,465 16,728 17,047 17,572 17,927 18,639 12,177 12,679 13,324 13,725 13,950 14,203 14,614 14,955 15,423 5,899 6,144 6,458 6,654 6,807 6,967 7,189 7,352 7,576 3,662 3,853 4,111 4,263 4,294 4,362 4,523 4,670 4,833 661 688 18,785 18 860 19,267 19,656 20,085 15,665 15,876 16,318 16,714 17,119 7,696 7,808 8,047 8,253 8,441 4,930 5,031 5,174 5,312 5,480 818 828 856 End of year or month May June July August September October November December 1953—January February March April? MayP 334 438 590 635 815 717 738 759 773 789 798 815 880 902 Other Total 1,438 1,596 1,605 990 686 1,040 1,239 L,420 1,647 1,902 ',199 937 1,440 1,876 2,269 2,670 2,760 3,216 1,955 L.994 2,038 2,070 2,090 2,101 2,113 2,135 2,199 2,554 2,629 2,708 2,740 2,778 2,844 2,958 2,972 3,216 2,221 2,209 2,241 2.269 2,296 3,1^0 2,984 2,949 2,942 2,966 Furniture stores Household appliance stores Automobile dealers 2 354 394 320 181 439 474 496 331 183 196 206 111 123 167 188 53 131 240 Department stores » 209 379 470 595 743 319 474 604 724 791 17 • 38 79 127 168 239 28 47 101 516 543 613 239 760 900 875 902 700 726 183 186 247 262 927 750 198 282 990 1,068 960 931 916 921 270 324 407 159 920 1,042 1,019 1,101 339 365 395 314 239 284 255 336 1,101 932 951 Other 207 618 640 766 782 821 839 206 210 292 295 549 553 551 544 540 796 218 301 539 223 225 313 324 900 239 336 640 865 855 844 232 231 231 343 352 364 612 586 579 839 842 238 242 376 390 559 565 573 571 P Preliminary. 1 Includes mail-order houses. 2 Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 762 FEDERAL RESERVE BULLETIN STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, BY TYPE OF CREDIT NONINSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] End of year or month Total noninstalment credit Financial institutions (single-payment oans) Commercial banks Other Retail outlets (charge accounts) Department stores l Service credit End of year or month Total instalment credit Automobile paper Repair and modernization loans Personal loans Purchased Direct Other consumer goods paper 178 276 338 134 166 232 309 153 135 165 161 124 363 440 471 302 Other 1939 1940 1941 1942 2 719 2.824 3,087 2,817 625 636 693 593 162 164 152 120 236 251 275 217 1,178 1,220 1,370 1,227 518 553 597 660 1945 1946 1947 1948 1949 1950 1951 1952 3,203 4,212 4,875 5 443 5,588 6,323 6,631 7,066 674 1,008 L.203 1,261 1,334 1,576 1,684 L ,852 72 114 153 184 198 245 250 256 290 452 532 575 584 641 685 709 1,322 1,624 1,821 2,138 2,096 2,365 2,411 2,604 1,014 1,166 1,285 1,376 1,496 1,601 1,645 1952—April May t. •* June July August.... September. October. . . November. December. 6,209 6.397 6,414 6,286 6,302 6,367 6,478 6,598 7,066 L,769 1,777 1,798 1,792 1,792 ,793 1,801 1,821 1,852 238 278 256 231 234 240 232 288 256 471 475 467 418 422 459 499 536 709 2,064 2,184 2,194 2,155 2,157 2,183 2,277 2,290 2,604 1,667 1,683 1,699 1,690 1,697 1,692 1,669 1,663 1,645 1953—January... February.. March.... April? Mayp 6,723 6,402 6,409 6,516 6,631 1,858 1,839 1,882 1,878 1,851 271 240 260 269 311 570 490 478 474 484 2,386 2,172 2,124 2,203 2,274 1,638 1 .661 1,665 1,692 1,711 845 P Preliminary. includes mail-order houses. 1939 1940 1941 1942 1,079 1,452 1,726 862 237 339 447 149 1945 1946 1947 1948 1949 1950 1951 1952 745 1,567 2,625 3,529 4,439 5,798 5,771 7,576 66 169 352 575 849 177 135 1,596 143 311 539 753 946 1,294 1,311 1,653 114 299 550 794 ,016 ,456 ,315 ,813 110 242 437 568 715 834 888 1,138 312 546 747 839 913 1,037 1,122 1,376 1952—April May Tune July August... September October. . November December. 5,899 6,144 6,458 6,654 6,807 6,967 7,189 7,352 7,576 1,136 1,218 1,313 1,364 1,392 1,430 1,485 1,534 1,596 1,368 1,432 1,508 1,540 1,554 1,567 1,599 1,625 1,653 ,289 ,331 ,394 ,452 ,512 1 ,564 1,647 1,709 1,813 899 931 967 1 ,004 1,036 1,070 1,110 1,131 1,138 1,207 1,232 1,276 ,294 .313 ,336 ,348 ,353 ,376 1953—January.. February. March. . . April? May*.... 7,696 7,808 8,047 8.253 8,441 1,631 1,662 1,723 1,789 1,854 1,684 1,736 1,813 1,882 1,940 1,861 1,877 1,940 1,982 2,011 1,132 1,133 1,138 1,152 1,175 ,388 ,400 ,433 ,448 ,461 Preliminary. INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THA^T COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] End of year or month 1939 1940 1941 1942 Other consumer goods paper Repair and modernization loans 878 115 136 167 148 190 201 78 117 52 300 164 24 58 54 677 377 67 141 92 185 232 242 216 303 83 126 164 139 158 275 Total instalment credit Automobile paper 1,197 1 575 1 797 588 1,187 1,363 341 1945 1946 1947 1948 1949 1950 1951 . 1952 1,355 1,990 2,950 3,785 3,769 4,833 802 1,378 2,425 3,257 3,183 4,072 1952—April May June July August September. . . October November.... December... . 3,662 3,853 4,111 4,263 4,294 4,362 4,523 4,670 4,833 3,063 3,237 3,466 3,589 3,608 3,660 3,804 3,940 4,072 232 240 260 1953—January February March AprilP . . . May? 4,930 5,031 5,174 5,312 5,480 4,159 4,260 4,402 4,536 4,694 Preliminary. JULY 1953 313 241 332 57 70 82 56 62 66 347 65 67 68 302 281 70 323 289 301 312 317 332 71 74 78 79 82 326 327 329 334 347 337 339 342 345 81 80 79 80 351 78 353 352 351 351 357 309 317 Other consumer goods paper Repair and modernization loans Total instalment credit Automobile paper 1939 1940 1941 1942 789 891 957 726 81 102 122 65 24 30 36 27 15 16 14 14 669 743 785 620 1945 1946 1947 1948 1949 1950 1951 1952 731 991 1,275 1,573 1,858 2,237 2,537 3,014 54 77 130 189 240 330 358 453 20 34 69 99 137 182 209 276 14 22 39 59 89 115 132 166 643 858 1,037 1,226 1,392 1,610 1,838 2,119 1952—April May June July August September. . . October November.... December... . 2,616 2 ,682 2,755 2,808 2,849 2,874 2,902 2,933 3,014 372 390 405 415 423 430 438 443 453 225 231 244 252 255 261 267 269 276 134 140 143 147 151 156 159 166 166 1,885 1,921 1,963 1,994 2,020 2,027 2,038 2,055 2,119 1953—January February March April P May? 3,039 3,037 3,097 3.149 3,198 456 460 476 491 502 281 283 287 292 297 165 164 166 169 175 2,137 2,130 2,168 2,197 2,224 End of year or month Personal loans Personal loans P Preliminary. NOTE.—Institutions included are consumer finance companies (operating primarily under State small-loan laws), credit unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer instalment loans. 763 STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE J FURNITURE STORE STATISTICS Percentage change from preceding month Item Percentage change from corresponding m o n t h of preceding year May 1953? Accounts receivable, end of month: Total Instalment Mar. 1953 May 1953*> +8 +8 +6 +8 Net sales: Total Cash sales Credit sales: Instalment Charge account Apr. 1953 0 -1 +9 +8 + 13 +3 -8 -5 +1 -1 -1 0 -2 -3 -1 j Collections during month: Total . Instalment -1 -2 -4 -4 +4 +9 Inventories, end of month, at retail value. -3 +4 +6 -11 -6 + 19 + 16 Apr. 1953 +8 +2 Year or month -6 + 10 +4 +24 + 19 +24 +21 +1 0 +8 + 11 +5 +6 +2 +2 0 Preliminary. Charge accounts Household ap- Department pliance stores stores Department stores Furniture stores 18 19 18 17 17 18 18 17 17 10 11 10 10 11 11 11 10 10 13 13 12 12 11 12 11 11 11 46 48 46 46 46 47 50 48 48 15 17 15 15 Mar. 1953 +5 +4 +7 Instalment accounts 10 9 10 10 10 11 10 11 10 10 47 44 49 46 46 1952 April May June July August September October November December 1953 January February March April May? T P Preliminary. Revised. 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 Charge account Instalment Charge account Collections during month Instalment Cash sales Instalment sales Charge account sales Cash Instalment 105 103 39 36 37 48 48 49 53 59 76 60 35 29 28 53 48 42 44 50 58 60 47 41 40 47 93 99 44 57 72 82 92 51 50 52 59 48 56 61 64 64 9 6 5 4 4 43 38 34 32 32 103 98 101 103 94 93 105 110 136 104 101 106 108 125 177 105 103 111 106 117 146 103 104 111 52 51 48 7 8 10 41 41 42 153 153 148 108 115 114 48 47 47 9 10 10 43 43 43 160 123 47 11 49 42 9 42 Total Averages of monthly data: 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 46 53 60 67 75 104 103 1952—April May June July August . . September October November . . . December \ 953—January February March April . Mayp Accounts receivable at end of month Sales during month Year or month Percentage of total sales . 99 100 93 95 93 90 90 84 55 45 56 85 133 142 118 137 126 84 95 111 109 107 106 99 38 67 181 189 175 176 178 177 180 190 201 73 92 124 127 121 122 120 107 108 118 128 53 78 165 158 Charge account 78 92 118 120 59 55 48 47 4 6 9 10 37 39 43 43 176 233 80 90 108 ' 124 127 200 84 78 99 76 69 88 121 119 144 87 81 106 226 224 222 147 126 123 179 162 178 47 47 46 11 11 11 131 138 103 109 220 220 42 42 43 97 101 87 90 172 132 126 122 124 165 158 118 116 47 47 10 10 43 43 78 89 101 116 71 81 89 102 120 108 190 113 136 149 178 174 211 231 138 183 144 145 151 159 167 111 100 103 119 134 48 48 46 46 11 11 11 11 41 41 43 43 p Preliminary. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 764 FEDERAL RESERVE BULLETIN BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthlyfiguresfor seasonal variation] Construction contracts awarded (value) 2 1947-49=100 Industrial production (physical volume)* 1 1935-39=100 Manufactures Year or month Total Durable Nondurable Minerals Total Unad- AdAdAdAdAdjusted justed justed justed justed justed Residential 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 26 18 30 43 27 41 1926 1927 1928 1929 1930 96 95 99 110 91 114 107 117 132 98 79 83 85 93 84 100 100 99 107 93 69 1931 1932 1933 1934 1935 75 58 69 75 87 67 41 54 65 83 79 70 79 81 90 1936 1937 1938 1939 1940 103 113 89 109 125 108 122 78 109 139 1941 1942 1943 1944 1945 162 199 239 235 203 1946 1947 1948 1949 1950 19S1 1952 69 73 All other Nonagricultural employment Freight carloadManufacturing ings* production workers 1935-39 = 100 Employment Payrolls AdAdAd- Unad- Unad- AdAdjusted justed justed justed justed justed justed 1919 1920. 1921 1922 1923 1924 1925 45 51 66 Employment and payrolls 3 1947-49=100 39 45 32 43 49 57 75 42 46 59 73 67 71 76 68 70 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 67 9 68.2 68 3 71 3 67.0 65 5 64.1 64 2 68.3 59.5 33 0 32.4 32 8 35 0 28.3 152 60.6 53 7 53 9 59.0 61 6 50.2 42 6 47.2 55.1 58 8 66.2 70.6 66 4 69.6 73.6 83 1 91.2 96 6 95.3 92.1 63 9 70.1 59 6 66.2 71.2 30 30 142 139 146 34 34 36 35 32 35 37 59 3 61.4 60 3 59.4 59.9 52 5 56.1 51 1 50.1 51.1 44 50 56 62 70 62 9 69.7 74 0 75.2 76.9 56 8 64.2 67 0 67.6 68.8 90 83 4 95 5 102.8 101 8 102.8 78 7 96 4 104.4 99 2 103.1 27 2 32.6 25 3 29.9 34.0 107 33 111 89 101 109 87 9 49 3 103.9 72.2 l^l 4 99 0 118.1 102.8 104.0 87.8 130 138 137 140 135 132 41 20 14 7 17 20 7 13 18 24 25 100 106 95 109 115 99 112 97 106 117 30 22 25 27 37 43 35 32 35 39 44 36 40 40 44 201 279 360 353 274 142 158 176 171 166 125 129 132 140 137 66 89 37 22 36 54 49 24 10 16 74 116 45 30 50 192 220 225 202 237 165 172 177 168 187 134 149 155 135 148 87 102 113 159 98 116 185 79 95 1 83 99 4 105 101.5 111 99 1 142 102.3 97 9 81 2 103 4 97 7 102.8 105.1 93 8 97 2 99.6 111.7 220 219 273 280 194 189 164 160 171 170 183 183 172 108 0 183 109 8 106 2 129 6 105 5 135 3 218 217 282 185 163 166 145 180 108.6 104.7 105.4 133.7 221 222 221 216 211 204 193 215 228 230 234 235 217 218 217 215 211 205 194 218 232 233 235 . 233 282 284 285 277 277 247 230 267 290 300 304 313 189 190 188 183 181 186 179 191 194 195 197 194 167 167 164 166 140 147 142 156 175 164 171 168 161 156 164 171 168 172 177 207 207 210 196 205 142 163 174 189 186 193 196 193 191 185 178 183 173 152 157 158 156 158 165 217 218 227 207 219 236 •340 243 241 232 236 240 240 '316 322 328 326 195 199 201 198 P201 e 201 164 163 162 164 190 173 177 179 173 182 176 179 P\67 e 168 201 167 178 179 161 164 143 74.0 85 7 76.4 71 6 72.9 73.1 75 0 47.4 42 1 42 8 48.7 52 0 32 24 22 8 Unadjusted 65.0 58 4 55 3 57.2 58 7 35 105 78 82 89 92 34 15 Unadjusted 65 0 62.0 62 9 61 9 56.1 21.5 14 8 15 9 20.4 23 5 80 67 76 80 86 WholeConsale sumer3 comprices modity 1947-49 prices3 = 100 1947-49 = 100 75 6 74.2 73 3 73 3 71.4 37 38 170 187 192 176 200 1951 December 27 32 110 121 131 70 62 86 120 129 152 52 84 Adjusted 37 37 30 82 sales* (retail value) 4 1947-49 = 100 147 148 49 63 Department 24 27 29 98 138 116 128 104 98 105 134 109 126 110 111 0 113 5 114 8 111 6 133 109 113.1 113.5 1952 Tanuarv . . . February March April . Mav June Julv August September October November December 108.7 109.2 109.1 109.0 109.1 108.6 108 3 109.9 110 8 111.3 111.8 112.0 104.7 104.9 104.9 105.2 104.6 102.0 100 6 104.7 106 8 107.8 109.2 110.0 104.2 104.7 104.7 104.1 102.9 100.9 98 9 105.7 109 0 109.6 110.2 110.8 130.9 132.0 132.5 129.1 128.9 127.3 122 2 134.2 143 3 145.7 146.3 150.9 141 136 133 126 122 108 102 125 134 128 134 131 109 106 105 103 '109 111 105 114 106 115 113 115 113.1 112.4 112.4 112.9 113.0 113.4 114 1 114.3 114 1 114.2 114.3 114.1 113.0 112.5 112.3 111.8 111.6 111.2 111 8 112.2 111 8 111.1 110.7 109.6 112.1 112.4 112.3 112 3 159 P112.6 110.6 '•111.2 '112.0 112 5 P112.7 110.1 ••111.0 '111.8 111 3 PllO.9 148.4 '149.3 '152.0 150 1 '148.8 134 130 132 129 130 128 111 111 113 107 113.9 113.4 113.6 113 7 114.0 109.9 109.6 110.0 109 4 109.8 109.4 1953 January February March April May June P241 «241 P320 *319 P115 e r Estimated; all estimates are those of the Federal Reserve. P Preliminary. Revised. *Average per working day. ! For indexes by groups or industries, see pp. 766-769. 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. 773. 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 consumer prices index is the revised series, reflecting beginning January 1953 the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49=100. 4 For indexes by Federal Reserve districts and for other department store data, see pp. 775-779. Backfiguresin BULLETIN.—For industrial production. August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for department store sales, December 1951, pp. 1490-1515. JULY 1953 765 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1935-39 average =100] 1953 1952 Industry May Industrial Production—Total. . .. June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May P241 211 204 193 215 228 230 234 235 236 240 243 241 224 214 202 225 237 242 245 247 249 254 258 255 P254 277 247 230 267 290 300 304 313 316 322 328 326 P320 Iron and Steel* 246 140 139 244 270 281 283 286 287 297 292 P291 Pig iron Steel 208 278 195 867 42 66 39 256 38 83 36 418 221 242 247 244 247 249 247 253 283 319 332 334 335 333 337 348 202 222 233 231 238 235 234 241 860 1013 1040 1064 1022 1029 1071 1113 353 352 331 336 354 363 371 385 393 398 405 402 P398 338 339 287 300 353 371 376 392 391 '403 '412 415 P403 231 229 162 175 247 265 272 282 283 '297 '308 311 216 210 201 213 225 237 240 246 '250 '259 '259 263 259 247 242 251 248 251 251 258 266 293 300 199 195 184 197 216 231 236 241 '243 '246 '243 248 P253 142 146 141 149 155 155 161 165 171 175 '172 168 P154 128 168 134 169 128 165 135 175 140 183 138 189 146 191 149 196 162 166 189 '191 Manufactures— Total Durable Manufactures Electric . . Machinery Automobiles (including parts) (Aircraft; Railroad 2 Equipment; Shipbuilding—Private and Government) . . . . 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 161 944 250 338 337 234 238 1081 1047 P264 299 P291 157 P139 190 P184 234 °226 222 214 221 222 224 221 221 223 233 238 247 243 243 245 241 232 221 '224 242 '256 249 243 230 168 Nondurable Manufactures 217 227 . . Glass products Glass containers Cement Clay products . . . Other stone and clay products2 269 222 170 266 215 158 261 231 163 261 227 161 254 231 163 242 233 162 225 254 160 232 257 168 271 273 '166 261 262 165 P158 255 279 '169 181 191 194 195 197 194 195 199 201 198 P201 147 170 177 172 176 169 169 173 '173 168 P175 138 133 312 129 343 152 143 369 158 145 377 154 142 361 158 149 356 152 141 337 151 140 350 157 149 338 157 148 352 151 141 355 143 370 117 112 103 137 140 142 130 142 137 148 149 153 137 138 120 139 134 137 71 120 123 75 125 112 108 116 113 106 124 103 97 112 120 112 131 130 121 144 126 117 140 127 120 138 '113 124 113 123 136 138 108 132 130 117 149 141 124 115 136 136 142 '134 105 103 91 116 112 112 113 107 116 119 117 113 90 105 92 106 81 91 97 110 97 107 103 115 103 117 100 112 101 115 '98 '108 103 116 69 67 79 111 60 71 66 98 79 67 89 129 90 65 88 123 87 77 93 118 84 83 86 120 103 116 67 67 72 115 88 80 76 112 87 79 80 126 82 81 80 131 83 86 77 129 87 79 81 119 160 166 162 164 168 165 161 164 165 165 168 164 P164 103 113 109 109 108 109 113 108 114 108 107 104 P106 148 73 183 147 69 180 145 70 176 148 69 178 148 71 178 146 73 176 147 73 191 152 85 209 151 89 209 156 95 211 152 84 198 163 164 152 168 166 155 152 155 142 90 205 154 94 209 149 159 158 113 123 Wool and worsted yarn Woolen yarn Worsted yarn Woolen and worsted cloth 123 Leather tanning Cattle hide leathers Calf and kip 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 2 179 154 137 135 287 Textile fabrics Cotton consumption Rayon deliveries Nylon and silk consumption 2 Wool textiles Carpet wool consumption 186 151 Textiles and Products . . 111 164 130 146 149 129 118 127 173 171 139 '138 152 126 127 117 107 131 138 147 129 r P Preliminary. Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may 2be obtained from the Division of Research and Statistics. Series included in total and group indexes but not available for publication separately. 3 Because of a reclassincation of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 766 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1935-39 average = 100] 1953 1952 Industry May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May 171 169 197 117 91 154 141 189 124 81 Manufactured Food Products—Continued Meat packing P k nd Pork and lard 146 167 140 84 76 148 170 137 99 78 147 163 144 109 68 158 180 149 121 77 170 200 151 125 87 169 194 153 131 96 170 196 155 131 89 176 202 163 124 97 169 181 175 113 100 Other manufactured foods Processed fruits and vegetables. Confectionery Other food products 169 147 130 181 175 161 121 188 171 138 117 189 171 123 134 190 175 143 136 190 172 147 131 185 167 124 134 184 169 128 150 183 171 143 145 182 171 173 '143 ••154 138 136 183 184 150 752 162 151 155 162 180 166 158 159 Beef Veal L a m b and mutton. Alcoholic Beverages. Malt liquor Whiskey Other distilled spirits. Rectified liquors Tobacco Products. Cigars Cigarettes Other tobacco products. Paper and Paper Products. Paper and pulp Pulp Groundwood pulp Soda pulp Sulphate and sulphite pulp 3 Paper Paperboard Fine paper 2 Printing paper Tissue and absorbent paper Wrapping paper Newsprint Paperboard containers (same as Paperboard). Printing and Publishing. Newsprint consumption Printing paper (same as shown under Paper). Petroleum and Coal Products. Petroleum refining s Gasoline Fuel oil Lubricating oil Kerosene Other petroleum products 2 . Coke By-product coke Beehive coke Chemical Products. Paints Rayon Industrial chemicals Other chemical products 2 Rubber Products... 179 187 193 111 100 174 181 188 109 97 170 P171 146 P155 138 181 P183 173 164 155 151 56 228 239 149 51 231 214 161 38 185 207 176 19 198 165 21 234 175 160 26 148 263 154 28 182 325 177 31 133 369 182 44 127 228 175 53 160 180 169 58 139 221 179 63 191 245 169 62 198 227 178 189 172 186 187 190 181 172 179 194 194 184 174 114 245 64 116 264 65 113 240 54 111 261 68 123 257 65 134 258 66 124 249 57 98 243 59 110 249 64 111 276 61 112 277 60 116 255 65 117 238 62 182 181 160 188 192 203 205 196 200 207 211 209 209 175 221 108 92 260 168 207 176 227 121 89 266 168 201 154 195 124 68 226 148 182 180 229 132 82 267 172 222 181 220 125 83 256 175 233 192 233 125 89 274 186 246 194 236 108 92 280 188 249 185 220 112 91 258 180 235 191 233 112 92 275 185 236 197 237 118 95 279 191 245 201 245 113 94 291 194 249 199 239 111 85 284 193 249 199 244 114 90 290 192 249 175 162 149 130 182 168 153 134 150 174 124 126 168 180 148 130 165 187 146 126 178 206 150 123 182 193 161 121 179 195 151 116 185 201 162 119 193 201 167 118 193 207 170 121 192 210 166 114 191 196 168 120 170 176 157 165 165 176 175 168 173 180 183 181 184 166 173 169 157 162 167 173 170 177 166 169 164 162 209 251 259 280 282 279 290 291 293 293 289 287 v288 157 167 124 133 216 228 185 199 225 231 174 226 231 235 181 230 234 232 179 208 225 226 182 207 233 239 171 225 229 239 164 241 230 241 160 250 231 236 148 226 225 233 161 207 225 P229 225 P 2 2 2 156 208 165 161 311 72 71 84 67 67 52 169 168 184 177 174 299 179 178 243 182 179 268 186 182 188 183 188 183 364 189 183 391 •382 292 298 299 302 302 304 308 309 310 151 270 558 151 307 563 157 325 565 154 354 568 155 370 567 358 578 159 350 595 159 351 598 162 348 595 187 181 >323 '314 160 •337 598 '161 352 607 r 189 183 393 161 374 615 •156 •367 '633 242 246 225 242 252 260 264 272 268 275 272 Minerals—Total. 140 147 142 156 175 164 171 168 164 163 162 164 167 Fuels 140 161 155 161 180 167 177 176 172 170 168 167 >170 100 107 73 96 102 74 193 84 91 57 93 102 61 194 133 144 88 93 93 95 125 135 87 115 125 71 105 116 60 99 109 60 205 96 107 52 204 99 113 201 103 113 66 159 65 190 131 203 203 202 207 204 123 '125 145 •203 71 65 188 149 145 138 117 120 175 177 211 219 212 200 166 170 Coal Bituminous coal. Anthracite , Crude petroleum Metals. Metals other than gold and silver. Iron ore (Copper; Lead; Zinc) 2 Gold Silver 143 207 71 149 '219 For other footnotes see preceding page. N O T E . — F o r description and back figures see B U L L E T I N for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JULY 1953 767 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Federal Reserve index numbers. 1935-39 average =100] 1953 1952 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. M a y Industrial Production—Total 211 205 194 218 232 233 235 233 232 236 240 240 Manufactures— Total 224 215 203 228 242 245 246 246 245 250 255 254 P254 278 Pig i r o n . . . . Steel Open hearth Electric . Machinery . Lumber and Products Lumber Furniture Stone, Clay, and Glass Products Glass products Glass containers Cement . . . . . Clav products Other stone and clay products 2 .... 319 326 325 P321 287 '290 297 292 P291 208 278 195 867 42 66 39 256 38 83 36 418 221 283 202 860 242 319 222 247 332 233 244 334 231 247 335 238 249 333 235 1029 247 337 234 1071 253 348 241 244 338 234 352 331 336 354 363 371 385 393 398 405 339 287 300 353 371 376 392 391 '403 '412 415 P403 231 229 162 175 247 265 272 282 283 '297 '308 311 M 0 0 210 201 213 225 237 241 246 '250 '259 260 246 241 251 248 251 251 259 266 199 195 184 197 216 231 236 241 7-243 155 150 160 167 164 160 151 148 169 143 165 152 175 159 183 151 189 143 191 128 196 225 216 231 232 235 226 214 209 245 266 251 272 248 267 247 262 234 245 210 210 241 167 237 169 235 255 261 169 263 167 267 173 252 167 231 165 227 209 155 236 160 1013 1040 1064 1022 250 337 238 1113 1081 1047 402 '259 263 p?64 293 301 299 P291 »"246 '243 151 '158 163 168 Pi 58 132 189 142 191 146 157 P145 190 P184 216 227 230 P233 '237 248 212 157 '256 271 249 f'257 261 224 161 248 249 160 ,*3 P.158 180 181 195 201 200 199 193 191 194 197 196 P200 154 147 170 177 172 176 169 169 173 '173 168 pJ75 137 135 287 138 133 312 111 343 143 369 145 377 142 361 149 356 158 152 141 337 151 140 350 157 149 338 157 148 352 117 Textile fabrics Cotton consumption Rayon deliveries Nvlon and silk consumption2 Wool textiles Carpet wool consumption Apparel wool consumption Woolen and worsted yarn Woolen yarn Worsted yarn Woolen and worsted cloth 187 151 Nondurable M a n u f a c t u r e s Textiles and Products 112 103 123 137 134 137 142 173 139 130 117 149 142 137 171 127 113 152 126 117 107 147 131 134 129 113 123 112 108 116 75 125 113 106 124 129 71 120 103 97 112 112 114 107 117 122 116 113 95 105 88 66 86 123 104 116 89 77 93 118 107 121 85 80 91 120 99 112 87 80 72 112 103 119 85 79 75 126 109 124 86 84 88 131 97 108 81 85 75 129 102 116 84 82 80 119 185 192 178 165 161 153 149 150 150 P157 108 118 115 114 107 114 109 105 100 P102 214 76 199 173 173 69 182 153 133 63 158 126 106 55 143 110 107 67 151 120 98 74 155 115 109 80 168 124 128 86 188 146 162 97 220 179 202 109 266 220 77 86 60 70 62 98 95 107 83 65 92 129 165 174 109 108 217 95 256 227 215 86 217 176 90 102 70 68 78 111 99 197 94 245 227 127 146 140 142 126 117 111 90 143 370 141 131 148 149 130 121 116 102 113 151 141 355 130 149 129 118 108 132 136 120 139 120 112 138 154 . . . . 154 140 90 105 64 66 77 115 Manufactured Food Products 158 136 124 105 Leather tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers Sheep and lamb leathers Shoes 152 144 123 Leather and Products Wheat flour Cane sugar meltings 2 Manufactured dairy products Butter Cheese Canned and dried milk.. . Ice cream 2 312 286 240 260 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 310 283 224 Nonferrous Metals and Products 305 281 133 168 Automobiles (including parts) (Aircraft; Railroad equipment; Shipbuilding—Private and Government)^ 301 270 145 Transportation Equipment 292 244 216 . . 269 139 338 . . . . 232 140 353 . 249 246 Durable IVfanufactures iron and Steel1 P241 123 153 137 127 120 138 138 164 130 124 115 136 r p Preliminary. Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may 2 obtained from the Division of Research and Statistics. be Series included in total and group indexes but not available for publication separately. 3 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 768 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Federal Reserve index numbers, 1935-39 average=100] 1952 1953 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactured Food Products—Continued Meat packing at packing.. Pork and lard Beef Veal Lamb and mutton. 147 167 140 88 78 147 170 134 99 73 137 144 146 109 65 138 139 150 118 75 154 158 163 138 93 169 183 167 149 100 190 230 161 141 89 208 266 163 116 95 199 237 178 105 106 166 178 173 96 98 166 174 175 104 98 159 154 185 114 89 154 141 189 129 Other manufactured foods Processed fruits and vegetables. Confectionery Other food products 154 96 100 178 166 124 89 189 179 179 96 193 195 234 144 194 207 279 175 194 191 190 171 195 174 114 158 193 167 100 151 187 157 93 149 175 155 '00 140 174 154 85 127 151 89 115 174 i 56 P179 158 176 186 159 159 173 163 142 134 144 161 165 164 170 51 139 214 203 38 115 207 220 19 115 224 188 21 126 175 161 26 202 263 143 28 472 325 136 31 280 369 145 44 140 228 144 53 104 180 152 58 83 221 167 63 124 245 177 62 119 227 173 56 137 239 178 197 179 193 198 197 184 159 178 184 183 1T4 174 114 245 64 116 278 66 113 252 54 274 66 275 69 134 268 71 124 254 59 98 224 51 110 249 63 111 260 59 112 258 60 116 237 65 117 238 63 182 182 159 188 191 203 205 195 200 207 211 210 209 175 222 117 92 260 168 207 177 227 122 89 266 169 201 153 193 110 68 226 147 182 180 227 116 82 267 172 222 181 217 112 83 256 175 233 192 232 116 89 274 186 246 194 237 114 92 280 188 249 185 220 113 91 258 179 235 191 233 117 92 275 185 236 198 238 122 95 279 192 245 201 246 121 94 291 194 249 200 241 122 85 284 193 249 199 245 123 90 290 192 249 175 162 149 131 182 171 153 135 150 167 124 124 168 180 148 129 165 187 146 126 178 208 150 123 182 193 161 123 179 189 151 114 185 199 162 119 193 209 167 118 193 207 170 121 192 212 166 116 191 196 168 121 Printing and Publishing. . . 174 175 145 157 Newsprint consumption Printing paper (same as shown under Paper) . Petroleum and Coal Products. 173 168 141 209 251 259 157 167 129 134 216 228 185 187 165 161 311 Alcoholic Beverages. Malt liquor Whiskey Other distilled spirits . . Rectified liquors , Tobacco Products. Cigars Cigarettes Other tobacco products. Paper and Paper Products. Paper and pulp Pulp Groundwood pulp Soda pulp Sulphate and sulphite pulp 3 Paper Paperboard Fine paper 2 Printing paper Tissue and absorbent paper Wrapping paper Newsprint Paperboard containers (same as Paperboard). 180 183 172 168 178 187 187 168 182 184 165 150 164 180 181 280 282 279 293 293 289 287 225 231 172 210 231 235 179 221 234 232 179 206 225 226 182 207 233 239 171 231 229 239 163 248 230 241 155 255 231 236 147 238 225 233 159 211 225 163 212 72 71 84 67 67 52 169 168 184 177 174 299 179 178 243 182 179 268 186 182 312 188 183 353 188 183 364 189 183 391 187 181 '382 291 296 295 299 305 309 313 314 311 '313 155 270 558 156 307 563 155 325 565 152 354 568 153 370 567 158 358 578 157 350 159 351 158 348 595 '158 -•337 598 •11 •6 352 607 Rubber Products 242 246 225 242 252 260 264 272 268 •270 r 275 272 Minerals— 143 149 144 161 180 166 170 163 159 158 157 163 P169 140 161 155 161 180 167 177 176 172 170 168 167 P170 100 107 73 159 96 102 74 193 84 91 57 190 93 102 61 194 133 144 93 93 95 203 125 135 87 202 115 125 71 207 105 116 60 204 99 109 60 205 96 107 52 204 90 113 103 113 201 P203 Petroleum refining 2 Gasoline Fuel oil Lubricating oil Kerosene Other petroleum products 2 . Coke By-product coke Beehive coke Chemical Products. Paints Rayon Industrial chemicals Other chemical products 2 . Total. Fuels Coal. Bituminous coal. Anthracite Crude petroleum Metals. Metals other than gold and silver. Iron ore (Copper; Lead; Zinc)2 Gold Silver 203 159 74 81 164 178 164 131 84 84 90 41 101 71 244 381 265 418 241 363 185 248 108 83 109 86 115 91 189 183 393 v323 374 615 P633 66 vl65 87 238 348 184 -•120 105 195 262 44 74 For other footnotes see preceding page. N O T E . — F o r description and back figures see B U L L E T I N for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JULY 1953 769 OUTPUT OF MAJOR CONSUMER DURABLE GOODS (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1947-49 average =100] 1953 1952 Product group May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total 105 108 71 84 121 125 134 134 141 148 148 148 144 Passenger automobiles 110 114 47 63 122 125 131 129 134 146 151 159 155 Household goods, total 99 81 109 85 101 44 110 89 98 61 113 108 76 113 94 119 81 115 89 124 99 118 91 137 98 120 114 139 94 125 115 149 103 121 123 150 104 '122 126 145 101 '123 137 135 98 126 121 131 115 136 135 141 205 214 237 236 279 273 226 201 182 Carpets Furniture Major appliances Radios and television 74 126 120 ' Revised. 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 Divsion of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] 1952 1953 Industry group or industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May ADJUSTED FOR SEASONAL VARIATION Total Durable goods Ordnance and accessories Lumber and wood products Furniture and fixtures Stone, clay, and glass products.. Primary metal industries Fabricated metal products Machinery except electrical Electrical machinery Transportation equipment Instruments and related products Misc. manufacturing industries.. Nondurable goods Food and kindred products Tobacco manufactures Textile-mill products Apparel and other finished textiles Paper and allied products Printing, publishing and allied industries Chemicals and allied products... Products of petroleum and coal. Rubber products Leather and leather products. . . 12,942 12,622 12,442 12,953 13,216 13,338 13,513 13,607 13,682j 13,757 13,857 13,913 13,940 7,372 7,616 7,463 7,096 6,871 7,726 7,862 7,944 8,009 '8,089 '8,175 8,219 8,224 144 134 143 139 '142 '144 126 127 129 132 132 137 126 706 705 690 653 718 740 736 717 708 744 723 ••694 '696 332 332 324 304 307 312 314 316 324 308 321 325 '331 464 463 456 442 447 449 453 457 453 441 459 '455 '460 684 1,116 653 1,073 1,109 1,110 1,120 1,126 l, 133; 1,136 1,139 1,145 1,152 948 957 818 862 908 843 792 834 884 899 933 944 922 1,320 1,300 1,280 1,271 1,230 1,205 1,214 1,233 1,266 1,295 1,322 1,313 '1,316 926 931 784 783 782 798 824 843 859 875 915 907 890 1,576 1,573 1,322 1,340 1,190 1,221 1,355 1,411 1,450 1,484 1,509 '1,543 '1,576 223 370 5,479 1,133 95 1,075 1,043 416 223 378 5,526 1,145 98 1,068 1,055 421 226 379 5,571 1,138 98 1,100 1,083 419 228 383 5,581 1,115 99 1,122 1,072 427 492 518 158 208 341 492 518 176 209 344 495 519 175 201 343 495 513 187 205 346 230 387 5,600 1,116 97 1,138 1,074 427 497 509 187 208 347 233 390 5,612 1,125 98 1,135 1,066 432 236 395 5,651 1,124 102 1,135 1,093 431 238 396 5,663 1,127 105 1,129 1,098 434 240 393 5,673 1,135 101 1,121 1,109 434 499 508 189 211 349 500 508 188 213 357 498 508 188 215 361 498 511 188 217 359 '240 398 243 '405 '5,668 '5,682 1,144 '1,138 '95 '97 '1,117 1,123 1,104 1,105 438 '435 '497 '511 188 218 '357 244 414 5,694 1,127 96 1,123 1,110 440 244 424 5,716 1,139 97 1,121 1,118 442 502 527 189 221 359 503 527 189 221 359 '503 '518 188 220 354 WITHOUT SEASONAL ADJUSTMENT Total Durable goods 12,726 12,476 12,229 13,069 13,477 13,560 13,634 13,699 13,619 '13,733 13,834 13,767 13,712 8,020 '8,115 '8,213 8,216 7,426 7,065 6,748 7,332 7,634 7,774 7,916 8,010 8,184 132 126 129 139 144 126 127 132 134 137 '142 '144 143 r 728 744 751 653 725 759 730 704 676 '686 695 677 705 440 439 448 396 435 433 420 '408 450 406 414 '404 322 316 324 296 296 298 329 330 '334 332 307 329 330 237 231 215 215 217 242 243 '246 '247 225 243 243 463 455 459 '453 442 447 461 458 '460 434 451 451 464 1,140 1,105 681 643 1,068 1,109 1,116 1,126 1,137 1,139 1,142 1,145 1,145 Ordnance and Accessories Lumber and Wood Products Sawmills and planing mills.. Furniture and Fixtures Household furniture Stone, Clay, and Glass Products.. Primary Metal Industries Blast furnaces, steel works 549 and rolling mills 839 Fabricated Metal Products 1,286 225 Machinery except Electrical 776 Metalworking machinery.. . Electrical Machinery 262 Electrical apparatus (gen324 erating, etc.) 1,322 Communication equipment. Transportation Equipment 660 Motor vehicles and equip454 ment 223 Aircraft and parts 359 Instruments and Related Products. Misc. Manufacturing Industries.. For footnotes see following page. 770 153 810 1,277 226 775 132 768 1,218 219 755 530 821 1,193 222 782 556 862 1,208 224 824 557 888 1,227 223 851 557 903 1,260 223 872 561 922 1,301 226 893 563 562 942 931 1,313 »1,323 '227 226 916 899 '565 953 1,335 228 924 565 953 1,327 229 926 261 327 1,340 249 324 1,190 253 346 1,221 262 367 1,355 268 381 1,411 271 398 1,450 275 410 1,484 285 277 281 '417 411 '418 1,509 '1,543 '1,576 287 414 1,576 1,573 663 466 223 36. 515 476 219 354 524 490 226 375 674 474 230 393 701 501 234 408 735 510 237 415 750 524 240 404 828 533 245 412 244 411 769 531 241 393 '798 538 '241 404 '823 542 244 '411 FEDERAL RESERVE 952 1,307 922 BULLETIN PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] 1953 1952 Industry group or industry May Nondurable goods Food and Kindred Products Meat products Canning and preserving. . . . Bakery products Tobacco Manufactures Textile-mill Products Broad-woven fabric mills.. . Knitting mills Apparel and Other Finished Textiles Men's and boys' furnishings. Women's and misses' outerwear Paper and Allied Products Pulp, paper and paperboard mills Printing, Publishing and Allied Industries Newspapers Commercial printing Chemicals and Allied Products.. . Industrial organic chemicals. Products of Petroleum and Coal. . Petroleum refining Rubber Products Leather and Leather Products Footwear (except rubber)... July June Aug. Sept. Nov. Oct. Dec. Jan. Feb. Mar. Apr. j May 5,300 1,048 239 139 173 84 1,070 483 215 5,411 1,116 238 177 180 85 1,068 486 219 5,481 1,199 244 234 188 85 1,067 489 215 5,737 1,269 242 309 186 109 1,105 498 228 5,843 1,309 247 348 186 117 1,127 501 232 5,786 1,223 244 253 187 117 1,135 503 236 5,718 1,142 254 172 187 109 1,146 506 239 5,689 1,093 256 143 184 108 1,146 508 236 5,599 -•5,618 '5,621 1,045 r1,033 rl,026 238 '241 249 '122 •"129 132 '180 '180 179 rQ4 '<?/ 101 1,134 1,132 rl,134 499j 502 502 235| '232 230 5,551; l,023\ 231 132! 178! 85\ 1,123\ 496 233 5,528 1,051 996 258 1,008 261 1,018 260 1,088 271 1,106 276 1,103 279 1,104 280 1,114 280 1,109 279 1,137 284 1,138] : '288 1,093\ 290 1,068 298 414 295 419 311 411 339 425 340 425 330 432 331 435 347 441 351 436 r 360 437 '357 440 324 440 218 221 215 222 217 219 219 224 223 '223 223: 2211 490 145 157 508 179 157 114 206 327 214 492 146 158 502 181 177 141 207 337 223 490 145 156 501 184 177 144 195 338 221 490 144 156 503 185 191 146 203 355 233 497 146 158 512 185 190 145 208 352 229 504 146 160 518 187 189 144 213 352 225 505 147 161 518 188 188 144 217 355 226 505 147 162 518 189 187 144 219 359 232 498 144 161 516 190 186 144 219 359 236 *497 144 159 '519 189 186 144 219 *364 '238 '500 I 146; '159; r526\ 191 186 '144 220 363 238 499 147 158 527 192 187 144 220 355 85 1,115 440 516 188 219 345 2321 ' 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 1953 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 1952 1953 Average hours wTorked (per week) 1952 1953 Average hourly earnings (dollars per hour) 1952 May Mar. Apr. May May Mar. Apr. 66.33 71.93 71.40 71.05 40.2 41.1 40.8 40.6 1.65 1.75 1.75 1.75 71.51 77.52 76.96 76.41 41.1 41.9 41.6 41.3 1.74 1.85 1.85 1.85 Ordnance and accessories Lumber and wood products Furniture and fixtures Stone, clay, and glass products Primary metal industries 78.22 60.68 59.16 64.94 71.94 '77.46 '64.21 '63.38 '70.38 r 83.82 77.11 65.35 63.04 70.45 82.81 76.92 66.58 62.12 69.94 82.00 43.7 41.0 40.8 41.1 39.1 '41.2 '40.9 '41.7 '41.4 '41.7 40.8 41.1 41.2 41.2 41.2 40.7 41.1 40.6 40.9 41.0 1.79 1.48 1.45 1.58 1.84 '1.88 '1.57 1.52 1.70 2.01 1.89 1.59 1.53 1.71 2.01 1.89 .62 .53 .71 .00 Fabricated metal products Machinery except electrical Electrical machinery Transportation equipment Instruments and related products Miscellaneous manufacturing industries. 70.45 78.75 67.23 79.93 70.89 60.05 77.59 84.05 '71.80 '85.49 '73.57 65.31 77.23 83.46 71.69 85.49 71.93 64.84 77.23 82.45 71.17 83.64 71.23 64.53 41.2 42.8 40.5 41.2 41.7 40.3 42.4 43.1 41.5 '41.7 '41.8 41.6 42.2 42.8 41.2 41.5 41.1 41.3 42.2 42.5 40.9 41.0 40.7 41.1 1.71 1.84 1.66 1.94 1.70 1.49 1.83 1.95 '1.73 2.05 '1.76 1.57 1.83 1.95 1.74 2.06 1.75 1.57 .83 .94 .74 2.04 1.75 1.57 1.53 Total Durable goods. May 59.52 63.60 62.81 63.20 38.9 40.0 39.5 39.5 Food and kindred products Tobacco manufactures Textile-mill products Apparel and other finished products.. . . Paper and allied products 62.78 45.60 50.90 45.74 66.46 '64.87 '47.75 54.80 49.76 '72.14 64.48 47.37 53.70 48.23 72.24 65.85 46.49 53.70 47.47 71.64 41.3 38.0 37.7 36.3 41.8 40.8 '37.9 40.0 37.7 43.2 40.3 37.3 39.2 37.1 43.0 40.9 36.9 39.2 36.8 42.9 Printing, publishing and allied products. Chemicals and allied products Products of petroleum and coal Rubber products Leather and leather products 81.27 69.53 75.35 73.31 48.86 85.02 '73.87 88.10 '80.90 '53.45 84.97 74.52 88.51 79.32 51.54 85.19 75.17 90.67 n.a. 51.61 38.7 40.9 37.3 40.5 37.3 39.0 '41.5 40.6 '41.7 '39.3 38.8 41.4 40.6 41.1 37.9 38.9 41.3 41.4 n.a. 37.4 May I Mar. j Apr. Nondurable goods.. ' Revised. n.a. Not available. NOTE.—Data are for production and related workers, of Labor Statistics. JULY 1953 Figures for May 1953 are preliminary. ! I j | May 2.10 1.70 2.02 1.81 1.31 1.59 1.59 1.60 '1.59 1.26 1.37 1.32 1.67 1.60 1.27 1.37 1.30 1.68 1.61 1.26 1.37 1.29 1.67 2.18 1.78 2.17 '1.94 '1.36 2.19 1.80 2.18 1.93 1.36 2.19 1.82 2.19 n.a. 1.38 Back data are available from the Bureau 771 EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] Transportation and public utilities Manufacturing ing 40,069 41,412 43,438 44,382 43,295 44,696 47,202 47,993 15,302 14,461 15,290 15,321 14,178 14,967 16,082 16,209 826 852 943 982 918 889 913 872 1,132 1,661 1,982 2,169 2,165 2,333 2,588 2,572 3,872 4,023 4,122 4,141 3,949 3,977 4,166 4,220 47,670 47,471 47,336 48,039 48,406 48,664 48,857 48,957 16,082 15,771 15,609 16,151 16,412 16,546 16,755 16,870 890 812 777 883 880 867 870 871 2,518 2,587 2,595 2,604 2,611 2,574 2,571 2,548 49,014 '49,113 '49,095 49,090 49,192 16,949 '17,039 '17,165 17,229 17,280 872 867 855 837 831 1952—May June July August September October November December 47,439 47,418 47,078 48,158 48,892 49,095 49,310 50,140 15,855 15,624 15,402 16,280 16,680 16.778 16.874 16,952 1953—January February March April May 48,382 '48,369 '48,631 48,796 48,948 16,884 '17,013 '17,131 17,077 17,039 Year or month Total 1945 1946 1947 1948 1949 1950 1951 1952 SEASONALLY Contract construction Trade Federal, State, and local government Finance Service 7,522 8,602 9,196 9,519 9,513 9,645 10,013 10,251 1,394 1,586 1,641 1,711 1,736 1,796 1,861 1,957 4,055 4,621 4,807 4,925 5,000 5,098 5,207 5,280 5,967 5,607 5,456 5,614 5,837 5,992 6,373 6,633 4,187 4,193 4,154 4,209 4,259 4,303 4,293 4,281 10,184 10,246 10,273 10,261 10,333 10,390 10,366 10,397 1,940 1,952 1,967 1,980 1,986 1,993 1,993 1,988 5,270 5,281 5,302 5,299 5,285 5,303 5,292 5,290 6,599 6,629 6,659 6,652 6,640 6,688 6,717 6,712 2,531 '2,562 '2,519 2,502 2,455 4,246 '4,261 '4,268 4,261 4,277 10,437 '10,445 '10,386 10,392 10,433 1,989 1 ,987 '1,994 2 ,005 2,017 5,298 5,300 5,305 5,312 5,315 6,692 6,652 6,603 6.552 6,584 887 816 784 893 886 871 871 870 2,543 2,690 2,751 2,812 2,794 2,728 2,648 2,497 4,184 4,225 4,198 4,258 4,281 4,296 4,286 4,293 10,068 10,144 10,108 10,110 10,295 10,442 10,650 11,218 1,950 1,972 1,997 2,000 1,976 1,973 1,973 1,978 5,323 5,360 5,382 5,378 5,364 5,303 5,266 5,237 6,629 6,587 6,456 6,427 6,616 6,704 6,742 7,095 866 856 846 833 829 2,303 '2,280 '2,292 2,402 2,480 4,210 '4,210 '4,231 4,239 4,2 74 10,283 '10,214 '10,280 10,304 10,315 1,969 '1,977 '1,994 2,015 2,027 5,192 5,194 5,225 5,312 5,368 6,675 6,625 6,632 6,614 6,616 ADJUSTED 1952—May June July August September October November December 1953—January February March April May r UNADJUSTED 'Revised. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. May 1953 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 noninstitutional population Year or month Total labor force Employed * Total Total 1945 1946 1947 1948 1949 1950 1951 1952 . .. . 1952—June Tuly August. September October November December 1953—January February March April Mav June In agriculture Not in the labor force 105 370 106,370 107 458 108,482 109,623 110,780 111,924 113,136 65 140 60,820 61,608 62,748 63,571 64,599 65,832 66,426 53,860 57,520 60,168 61,442 62,105 63,099 62,884 62,966 52,820 55,250 58 027 59,378 58,710 59,957 61,005 61,293 44,240 46,930 49,761 51,405 50,684 52,450 53,951 54,488 8,580 8,320 8,266 7,973 8,026 7,507 7,054 6,805 1,040 2,270 2,142 2,064 3,395 3,142 1,879 1,673 40,230 45,550 45,850 45,733 46,051 46,181 46.092 46,710 113,050 113,158 113,265 113,374 113,494 113,599 113,902 67,884 67,642 67,419 67,166 66,566 67,047 66,508 64,390 64,176 63,958 63,698 63,146 63.646 62,921 62,572 62,234 62,354 62,260 61,862 62.228 61,509 54,402 54,636 55,390 54,712 54,588 55,454 55,812 8,170 7,598 6,964 7,548 7,274 6,774 5,697 1,818 1,942 1,604 1,438 1,284 1,418 1,412 45,166 45,516 45,846 46,208 46,928 46,552 47,394 (2) (2) (2) 62,416 62,712 63,134 62,810 62,964 64,734 60,524 60,924 61,460 61,228 61,658 63,172 55,072 55,558 55,740 55,158 55,268 55,246 5,452 5,366 5,720 6,070 6,390 7,926 1,892 1,788 1,674 1,582 1,306 1,562 48,232 48,224 48,076 48,490 48,434 46,742 ... • . . In nonagricultural industries Unemployed (2) (2) (2) (2) (2) (2) (2) (2) (2) 1 Includes self-employed, unpaid family, and domestic service workers. Current data available six months later than for other series when armed forces figures, withheld for reasons of security, are released. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 2 772 FEDERAL RESERVE BULLETIN VALUE OF NEW CONSTRUCTION ACTIVITY [Adjusted for seasonal variation. In millions of dollars] Private Public Total Year or month Total 1939 1940 1941 1942 1943 1944 1945 1946 19V 1948 1949 1950 1951 1952 > • 8,198 8,682 Indus- Comtrial mercial Public utility Other nonresidential 480 3,809 508 3,628 614 5,751 413 10,660 335 6,322 382 3,073 463 2,398 2,362 1,428 2,050 3,433 2,580 4,825 6,405 2,795 3,330 7,139 3,528 9,341 3,251 10,826 Business Total Residential All other Military Total High- Conservation 125 385 1,620 5,016 2,550 837 690 188 204 158 137 177 1,019 1,388 1,381 1,302 1,066 734 446 362 398 895 1,451 1,774 2,131 2,381 2,400 2,860 570 528 500 357 285 163 130 240 394 629 793 881 860 854 1,733 1,413 2,565 4,553 3,041 1,711 1,180 1,039 1,384 2,264 3,344 3,700 062 11,957 14,075 8,301 5,259 5,633 12,000 16,689 21,678 22,789 28,749 31,025 32,638 4,389 5,054 6,206 3,415 1,979 2,186 3,235 9,638 13,256 16,853 16,384 21,610 21,684 21,812 2,680 2,985 3,510 1,715 885 815 1,100 4,015 6,310 8,580 8,267 12,600 10,973 11,101 229 561 082 287 759 989 672 195 896 693 322 680 7,183 7,460 254 442 801 346 156 208 642 1,689 1,702 1,397 972 1,062 2,117 2,320 292 348 409 155 33 56 203 1,132 856 1,253 1,027 1,288 1,371 1,137 683 771 872 786 570 725 827 1,374 2,338 3,043 3,323 3,330 3,695 4,003 1952—June'. . . . July ' August r . . September October r . . November: December 683 659 658 713 2,744 2,781 2,774 1,775 1,784 1,784 1 ,797 1,832 1,856 1,871 894 901 902 908 946 965 980 614 613 612 617 615 619 624 190 188 188 186 180 180 179 85 85 88 93 100 108 114 339 340 336 338 335 331 331 267 270 270 272 271 272 267 908 875 874 916 912 925 903 129 115 111 105 101 109 121 243 237 229 261 262 237 190 71 68 65 67 68 67 71 465 455 469 483 481 512 521 1953—January r .r February March''". . April'May Juried. . . . 2,829 2,985 3,038 2,981 2,892 2,909 1,865 1,959 2,045 2,015 1,959 1,963 949 1,011 1,080 1,038 968 982 652 683 699 706 713 710 191 204 208 210 204 196 125 134 130 124 132 137 336 345 361 372 377 377 264 265 266 271 278 271 964 1,026 993 966 933 946 135 139 137 127 126 128 240 289 264 256 243 256 74 75 78 79 75 75 515 523 514 504 489 487 5,724 r Preliminary. Revised. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of ownership r By type of construction Total Year or month Public works Nonresidential building Public Private Residential building and Factories Commercial Educational Other public utilities 1,311 1,754 2,296 3,107 3,718 4,409 6,122 6,711 1,988 5,735 5,464 6,323 6,641 10,092 9,629 10,064 3,142 3,154 3,608 4,239 6,741 6,205 6,668 1,027 1,317 346 773 785 975 885 100 221 392 725 824 1,142 2,883 2,562 1,208 915 979 1,180 1,335 1,472 1,127 1,376 1,651 1,689 1,686 1,631 1,890 2,155 2,476 2,578 2,723 3,408 1952—June July August September October November December 3,299 7,490 7,760 9,430 10,359 14,501 15,751 16,775 1,489 1,511 1,439 2,029 1,321 1,249 1,467 559 619 501 930 893 937 760 911 758 990 582 608 628 519 602 528 439 166 140 142 995 113 117 313 74 92 94 87 103 85 100 127 122 145 87 126 117 146 184 208 139 93 138 143 154 356 341 291 248 238 259 316 1953—January February March April May June 1,076 1,021 1,348 1,742 1,606 1,116 450 351 417 673 554 372 626 671 931 460 419 605 674 638 76 89 105 262 132 87 100 101 120 156 106 102 124 147 163 138 83 120 151 131 209 228 293 387 386 1945 1946 1947 1948 1949 1950 1951 1952 1,269 410 491 478 1,069 1,052 563 941 840 559 377 404 597 885 744 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] Month Total (11 districts) Federal Reserve district Boston New York 1952—March. . April. . . May.... 1,321,254 1,597,517 1,563,660 61,959 220,869 84,710 293,921 106,005 244,053 1953—February March. . April. . . May.... 1,021,310 1,347,518 1,741,542 1,606,091 51,386 181,532 71,433 246,228 91,434 253,951 102,025 302,338 JULY 1953 Philadelphia Cleveland Richmond Atlanta Chicago St. Louis 62,868 121,483 132,814 181,819 190,559 102,236 101,983 139,772 145,786 176,809 207,782 180,415 95,602 157,630 134,944 156,230 248,460 98,329 I 60,791 100,690 106,229 159,856 137,100 56,654 73,368 158,951 110,018 127,304 271,977 80,265 84,223 336,188 153,540 144,481 262,027 135,302 123,974 187,505 161,875 193,602 252,210 89,603 Minneapolis Kansas City Dallas 45 ,015 51 .174 46 ,634 60,802 140,830 74,846 140,319 98,698 177,075 18 .573 47 ,355 100 ,145 45 ,012 42.628 105,871 87,844 72,775 59,691 120,560 50,808 97,139 73 7 PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Year or month 1939 1941 1945 1946 1947 1948 1949 1950 1951 1952 Urban Total Total 1family . 2family 892 939 97 101 97 87 90 85 4 4 4 7 7 8 7 2 2 39 42 38 26 29 25 iTs 48 47 99 99 87 87 5 4 8 8 2 2 42 43 28 27 14 16 40 31 82 68 72 58 3 3 7 6 4 4 34 29 21 19 13 10 34 68 58 3 7 4 27 18 9 74 96 P107 P104 P100 64 84 3 4 7 9 5 10 27 32 10 10 n.a. n.a. j>3 36 34 38 17 22 1,352 1,020 1,069 1,151 104 103 99 56 52 51 47 50 48 101 101 53 54 86 72 46 41 72 May June 38 79 106 P110 P107 P103 43 59 n.a. n.a. n.a. VA 158 220 41 69 229 291 361 486 264 279 373 533 185 590 740 763 792 1953—January February March April FHA 158 220 47 152 440 393 466 686 413 420 458 620 208 663 846 914 989 December Total 57 87 1 8 3 18 36 44 71 58 156 272 75 267 369 407 436 568 496 517 1952—June July August September October Multifamily 66 58 15 48 72 104 162 159 88 84 359 434 134 404 480 525 589 828 595 610 515 706 209 671 849 932 . Public 20 28 9 24 34 46 35 42 40 46 1,025 1.396 1,091 1,127 . Government-underwritten Private Rural nonfarm 36 47 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. »3 6 83 211 102 105 200 149 141 13 13 12 14 23 22 24 p Preliminary. n.a. Not available. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average = 100] Monthly—seasonally adjusted Monthly—unadjusted Annual 1952 Class 1951 1952 May 1953 Dec. 1953 1952 Jan. Feb. Mar. Apr. May May Jan. Dec. Feb. Mar. Apr. May Total 134 126 122 131 134 130 132 129 130 124 120 121 119 122 127 132 Coal Coke Grain Livestock Forest products 121 109 101 111 96 178 133 66 144 ••237 148 44 106 183 141 65 137 237 146 45 101 178 116 59 131 292 138 45 111 200 123 66 135 77 135 43 92 96 106 179 92 184 130 60 142 273 154 45 97 168 97 181 114 57 146 275 149 45 108 208 108 184 128 62 154 278 151 44 193 191 186 175 119 47 142 79 146 117 58 144 231 146 182 124 58 143 315 148 45 44 45 191 143 69 150 205 147 Miscellaneous . . Merchandise 1 c. 1 132 66 126 212 137 131 69 152 248 144 48 Ore 142 69 144 181 140 46 45 45 128 59 139 70 138 42 112 46 140 69 140 43 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports J Merchandise imports 2 Excess of exports Month 1951 1951 1952 1953 974 1,254 ,344 L.447 1,352 ,474 1,167 1,027 ,086 ,227 1,215 ,189 1,383 '1,287 1,196 1,388 Pl.392 1,025 910 1,102 1,034 1,018 930 895 881 721 834 819 800 922 893 964 932 834 861 839 817 876 918 804 1,052 f-922 856 1,004 Pi,012 -51 166 193 336 337 366 292 390 510 319 569 638 4,714 January-April. 1953 1,076 1,295 1,369 1,354 1,297 1,186 1,270 1,232 1,152 1,388 1,438 January February March April May June July August September. . . . October November. . . . December.... 1952 5,397 P5.263 4,071 3,711 P3,794 644 1951 1952 332 451 483 420 640 306 188 269 351 297 385 331 1,686 1953 '365 340 384 P379 PI.468 r P Preliminary. Revised. 1 Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments under the Mutual Security Program as follows (in millions of dollars): 1951, 1,065; 1952, 1,981; January-April 1953, 1,227. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 774 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 Year or month United States Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis 98 104 98 105 109 110 99 102 99 103 105 104 99 103 98 101 105 99 96 104 100 106 109 109 97 105 98 105 111 110 97 103 100 105 113 116 96 103 101 109 115 124 98 104 97 104 108 106 97 104 98 104 105 106 98 104 99 105 104 104 '109 111 105 114 106 115 113 115 101 103 106 109 101 109 105 108 98 95 102 95 105 98 101 107 107 106 115 105 114 109 111 103 112 1C5 113 105 116 113 117 '121 122 106 127 112 120 115 121 '128 138 120 131 121 126 128 130 104 105 97 111 103 113 108 116 102 111 99 110 104 114 106 113 111 111 113 107 104 106 106 103 104 97 96 100 98 101 111 115 112 107 116 116 115 116 105 113 118 117 122 115 P129 127 121 128 116 107 109 114 108 114 Minne- Kansas City apolis Dallas Francisco 98 103 99 108 111 113 94 105 102 113 117 124 99 104 98 105 109 114 104 100 104 115 98 110 107 110 112 114 114 119 108 113 117 120 128 132 123 127 119 128 129 130 114 110 116 114 118 128 119 108 106 107 99 108 99 109 105 96 P105 114 113 114 108 P115 129 125 125 121 130 116 117 112 110 122 SALESi 1947 1948 1949 1950 1951 1952 SEASONALLY ADJUSTED 1952—May June July August September October November December 1953—January February March April May UNADJUSTED 1952—May June July August September October November December 108 105 84 98 112 119 133 195 102 103 73 83 111 111 127 193 95 95 69 76 100 110 123 175 108 102 76 86 110 120 143 195 105 105 82 99 110 119 139 194 ••120 114 87 100 121 128 142 214 '123 117 96 115 126 132 145 221 104 103 82 97 110 116 129 186 106 103 81 98 110 121 126 179 105 96 84 103 108 124 120 175 112 106 93 110 115 120 132 196 125 116 104 114 128 134 145 215 '114 108 96 112 115 117 136 207 1953—January February March April May 85 87 103 104 84 80 95 101 106 78 79 91 93 99 82 85 106 103 117 87 89 107 103 115 83 89 109 111 P128 97 102 124 117 P131 82 84 101 104 114 79 85 99 100 112 74 80 '92 97 P107 86 91 103 106 Pi 15 101 101 117 117 127 91 94 102 105 117 93 107 100 109 129 118 95 105 100 110 124 110 98 105 97 104 124 111 93 107 99 108 127 113 93 107 100 106 128 111 94 105 101 114 133 132 90 108 102 120 140 130 89 111 100 110 128 115 93 106 100 112 131 122 91 110 100 104 117 107 93 108 100 113 132 124 89 110 101 112 132 126 93 107 100 110 131 125 1952—May June July August September October November December M17 118 120 118 120 120 120 119 109 110 110 109 109 111 110 113 116 111 110 110 111 111 114 113 114 112 113 114 113 114 109 107 113 109 112 111 113 112 '129 139 140 136 132 130 132 132 126 125 129 129 130 133 136 142 114 113 118 115 118 118 118 114 124 125 120 129 132 130 130 128 106 105 108 109 113 113 111 107 124 122 128 127 129 124 124 123 123 123 130 127 131 129 130 130 128 128 125 123 126 134 127 126 1953—January February March April May 123 122 121 126 P129 113 114 114 118 P117 114 110 110 114 116 116 115 113 '116 120 114 114 113 116 117 144 135 134 139 146 140 141 138 141 P140 117 118 117 123 123 130 125 128 139 149 111 112 111 114 P118 127 128 127 133 135 133 134 138 139 132 131 131 134 142 120 112 110 114 124 134 136 108 112 102 99 103 112 123 131 104 '113 105 102 107 116 124 128 102 116 105 100 107 117 131 131 100 111 100 102 104 116 124 128 98 1-133 127 128 134 137 146 148 116 127 120 121 127 135 145 153 124 116 107 107 110 119 131 136 106 124 118 112 125 140 147 143 112 108 100 105 104 113 120 123 99 126 119 120 120 129 135 140 109 125 114 120 125 134 141 146 120 132 126 120 118 129 147 141 112 111 119 127 132 P132 103 108 118 122 P120 101 107 115 119 119 101 112 120 '126 123 104 113 119 122 119 127 131 143 151 150 126 139 145 148 P141 109 115 122 178 125 113 122 135 148 149 105 109 115 119 P120 118 127 133 140 P144 122 132 142 146 141 119 125 134 141 147 STOCKSi 1947 1948 1949 1950 1951 1952 SEASONALLY ADJUSTED 109 mi r UNADJUSTED 1952—May June July August September October November December 1953—January February March April May ' Preliminary. ' Revised. Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. 1 JULY 1953 775 DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Ratios to sales1 Amounts (In millions of dollars) Sales2 (total for month) Year or month Stocks2 (end of month) Outstanding orders2 (end of month) Receipts3 (total for month) New orders3 (total for month) Outstanding orders Stocks Stocks plus outstanding orders Receipts average average average average average average average average average 246 276 345 365 381 361 376 391 395 574 604 767 887 979 925 1,012 1,202 1,093 596 775 964 588 494 373 495 460 433 244 277 373 366 386 358 391 390 395 256 291 354 364 363 358 401 379 398 2.4 2.3 2.3 2.5 2.7 2.7 2.8 3.2 2.9 2.5 3.0 3.0 .7 .4 .1 .4 .3 .2 5.0 5.3 5.3 4.3 4.1 3.8 4.2 4.4 4.1 1.0 1.0 .1 .0 .0 .0 .1 .0 1.0 1952—May June July August September October November December '386 353 289 343 387 448 462 736 '1,105 1,017 997 1,040 1,131 1,230 J 1,275 ' 1,018 "•275 410 520 539 592 573 454 358 '350 '265 269 386 478 547 507 479 '330 '400 379 405 531 528 388 383 2.9 2.9 3.4 3.0 2.9 2.7 2.8 1.4 .7 .2 .8 .6 .5 .3 .0 .4 3.6 4.0 5.2 4.6 4.4 4.0 3.7 1.9 0.9 0.8 0.9 1.1 1.2 1.2 1.1 0.7 325 301 381 373 388 1,027 1,100 1,169 1,213 1,184 452 455 334 374 450 417 359 428 377 396 340 356 3.2 3.7 3.1 3.3 3.1 .4 .5 .1 0.9 0.8 4.6 5.2 4.1 4.1 3.9 1.0 1.2 1.2 1.1 0.9 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953—January February March April May? 401 324 321 p Preliminary. ' Revised. 1 The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. 2 These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1952, sales by these stores accounted for about 50 per cent of estimated total department store sales. 3 Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102. WEEKLY INDEX OF SALES [Weeks ending on dates shown, 1947-49 = 100] Without seasonal adjustment 1949 6 13. .. 20. .. 27. . . Aug. 1950 102 Aug. 78lAug 5 94 75 12 86 19.... 97 86 26 99 1952 1951 4 88 Aug. 87 11. . . . 93 18 97 25 1950 1951 2 87 Feb. 4 . . 9. . . .90 11 .... 18 95 16 25 100 23. . . . 110 30 78 Feb. 82 80 76 3. 10.... 17 24.... 1952 81 Feb 2 94 9 16.... 94 23 95 1953 84 Feb. 87 89 83 7 88 14 92 21. . . . 85 28 93 Sept. 3. 10. 17. 24. . 101 Sept. 2 107 Sept. 1. . . 105 Sept 6. . . 100 Mar. 4 . 11 114 100 93 8 9. ... 102 13 18 113 114 108 15 16. ... 127 20 25. ... 112 111 100 22 23 111 27 114 29 30 110 84 Mar. 87 91 96 3. ... 10 17.... 24.... 31 99 Mar. 1 85 Mar. 7. . . . 96 8 14.... 100 105 88 15.... 90 21 . . . 109 . 101 22 28 105 94 112 29.... 101 89 Oct. . 116 Apr. 1 .... 1. . . 104 Oct. 7. ... 112 Oct. 6. . . 110 Oct. 4 8 126 117 13 8. . . 102 14. ... 111 11 15 124 20.. . .116 15. . . ion! 105 21 18.. . . 22 122 113 27 22. .. 101 108 28 25 29.... 29. .. 102 104 Apr. 110 88 96 98 7. ... 14 21. ... 28 101 Apr. 100 97 101 Nov. 5. . . 12. . . 19. .. 26. .. 108 Nov. 109 . 118 113 109 Nov. 4 11 .... 118 127 18 110 25 3 10 17 24 Dec. 3. . . 154 Dec. 10. . . 186 17. . . 201 24 186 31 68 2. ... 153 Dec. 191 9 220i 16 23. ... 22l! 82 30 1. 8. 15. 22. 29 . . . . .. .. 1950 7 70!jan. 1 4 . . . . 80| 21. . . .79 28.. . . 76 Jan. 1951 6 98ijan. 13.... 105 20.... 104 27.... 96 121 Nov. 127 130 123 . . 161 Dec. . . . 191 .. 213 .. 228 92 1952 1 8 15 115 May 6 13 118 20 130 27 134 22. . . . 138 29 6 13 20 27 5 12. ... 19 26 109 Apr. 111 97 105 4 118 11. . . . 97 18 105 25 104 104 May 5 113 May 3 111 May 2 114 12 10.... 117 9. . . .128 . 106 110 19.... 99 17 16.... .105 95 99 26.... 100 24 23 .112 97 105 30 31 ..97 97 90 June 195 June 3 10 104 223 17. ... 104 237 24 86 146 2 9 16.... 23 30 95 June 7 14 108 21 106 28 92 89 111 June 6 13 116 20 98 27 91 .118 .112 .111 ..94 1953 78 Jan. 3 5 10... . 92 12. . . . 17 19.... 90 24 26.. . . 83 31 81 July 1 91 July 7. ... 8. ... 75 14.... 89 15 91 92 21. ... 22. ... 104 28.... 86 29.... 102 87 75 July 5 12.... 83 81 19 80 26. . 79 July 4. . . . .80 . 11 83 82 18 79 25 NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 776 FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] SALES BY FEDERAL RES2RVE DISTRICTS, METROPOLITAN AREAS, AND CITIES [Percentage change from corresponding period of preceding year] Federal Reserve district, area, or city United States Boston District Metropolitan Areas Portland, Maine Lowell-Lawrence, Mass.. . New Bedford, Mass Worcester, Mass. 1 Cities Downtown Boston, Mass. 1 Springfield, Mass 1 Providence, R. I. 5 Apr. mos. 1953 1953 1953 Mav p+1 -2 +5 . +2 +7 +3 0 0 0 +3 -4 +21 - New York District +1 Metropolitan Areas2 New York-Northeastern -1 New Jersey, N.Y. & N.J. -3 New York City, N. Y.1. Newark, N. J. 1 +4 -1 Buffalo, N. Y -1 Buffalo City, N. Y.» Niagara Falls, N. Y +2 0 Binghamton, N. Y Rochester, N. Y.i + 13 Syracuse, N. Y.1 +8 Cities Bridgeport, Conn. 1 (3) -4 Albany, N . Y Elmira, N. Y +6 Poughkeepsie, N. Y +6 Schenectady, N. Y -1 Utica, N . Y +6 Philadelphia District Metropolitan Areas Trenton, N. J Lancaster, Pa Philadelphia, Pa Reading, Pa Wilkes-Barre-Hazleton, Pa Wilmington, Del City York, Pa Cleveland District Metropolitan Areas Akron, Ohio l J Canton, Ohio Cincinnati, Ohio x Columbus, Ohio1 1 Springfield, Ohio Toledo, Ohio x Youngstown, Ohio x Erie, Pa. 1 Wheeling, W. Va.1 Cities Cleveland, Ohio 1 Portsmouth, Ohio 1 Pittsburgh, Pa. 1 Richmond District Metropolitan Areas2 1 Washington, D. C. Downtown Wash., D. C . Baltimore, Md. 1 Asheville, N. C.1 Raleigh, N. C.1 Winston-Salem, N. C. 1 . . . Charleston, S. C.1 Columbia, S. C.11 Greenville, S. C. +3 Richmond Dist. (Cont.) 2 +2 Metropolitan Areas ~Cont. Norfolk-Portsmouth, Va.. 0 2 +1 +0 1 -1 -1 -1 -2 0 -2 -3 -1 +7 4 -2 -3 0 -2 0 1 +3 + 10 +4 +4 +3 -5 +4 -3 -6 +23 +5 +5 -1 0 -4 -6 0 +1 -3 +1 +8 +1 -3 +1 -1 + 10 + 10 +8 +4 0 +3 +28 -6 +3 CJ +— 4 15 P+2 -2 P - 2 —7 -1 -6 -8 +0 1 -2 -4 +2 +3 +2 +4 +1 +6 +3 +2 +4 +4 +5 +6 +4 +9 +9 +4 +3 -4 -4 —4 +5 — 7, +4 +2 + 13 +1 + 17 + 10 +6 +2 +3 Federal Reserve district, area, or city +3 0 +4 +6 +1 +4 +3 Richmond, Va.1 Roanoke, Va.1 Charleston, W. Va.1 Cities Spartanburg, S. 1C Lynchburg, Va. Newport News, Va 1 Huntington, W. Va. Atlanta District Metropolitan Areas2 Birmingham, Ala.1 Mobile, Ala Montgomery, Ala Jacksonville, Fla. 1 Miami, Fla. 1 Orlando, Fla St. Ptrsbg.-Tampa, Fla.. . St. Petersburg, Fla Tampa, Fla. 1 Atlanta. Ga.1 Augusta, Ga Columbus, Ga Macon, Ga.1 Savannah, Ga Baton Rouge, La.1 New Orleans, La.1 Jackson, Miss.1 Chattanooga. Tenn. 1 Knoxville, Tenn.11 Nashville, Tenn. Cities Rome, Ga Meridian, Miss Bristol, Tenn +6 +5 +2 + 6 Chicago District 0 Metropolitan Areas Chicago, III.1 0 Peoria. 111.1 1 + 13 Fort Wayne, Ind. 1 Indianapolis, Ind. 1 Terre Haute, Ind. +4 Des Moines, Iowa Detroit, Mich.1 Flint, Mich.1 +3 Grand Rapids, 1Mich. 1 .. . . +3 Lansing, Mich. + 7 Milwaukee, Wis.1 + 7 Green Bay, Wis.1 _3 Madison, Wis +4 + 14 St. Louis District +4 —3 Metropolitan Areas Little Rock, Ark.1 Ark + 1 Fort Smith, Ind Evansville, +27 Louisville, Ky.1 + 1 St. Louis, Mo Mo +3 Springfield,Tenn.1 Memphis, City 0 Quincy, 111 —4 + 1 Minneapolis District +1 2 + 4 Metropolitan Areas 1 Mpls-St. Paul, Minn. +9 Minneapolis City,Minn. 1 +8 St. Paul City, Minn. 1 .. . +8 Sioux Falls, S. D +9 5 May Apr. mos. 1953 1953 1953 +7 +4 +1 1 +2 -4 0 -5 +7 -4 —7 +3 -11 -6 -11 p+3 0 -3 0 + 14 +6 +2 +3 -10 P + 4 '+1 +2 +2 +3 +2 +5 +5 +1 0 +4 _2 -8 —9 -3 -1 +3 P+5 +4 ++ 1 10 +3 + 1 -3 -8 + 10 _2 +9 -2 +5 +8 +4 -2 -6 -3 -4 P+4 +4 Minneapolis Dist. (Cont.) Cities Mankato, Minn Great Falls. Mont Grand Forks, N. D Duluth-Superior, Minn.-Wise.1 0 La Crosse. Wise +6 +2 +8 +7 +5 Kansas City District +1 _2 Metropolitan Areas Denver, Colo Pueblo, Colo Topeka. Kans Wichita, Kans +3 + 17 St. Joseph. Mo Omaha, Nebr +8 0 Oklahoma City, Okla Tulsa, Okla +6 +7 +5 Cities Kansas City, Mo.. . +6 +4 Joplin, Mo Hutchinsnn. Kans... +3 0 Enid, Okla _? + 1 Dallas District +8 + 13 Metropolitan Areas + 7 Shreveport, La Tex.. . . Corpus Christi, 2 1 +9 Dallas, Tex. El Paso, Tex +9 Fort Worth, Tex +8 Houston, Tex.1 San Antonio, Tex +8 Waco. Tex +8 San Francisco District. . . 0 +5 +5 0 +3 + 1 0 +3 +7 + 15 +2 1 + 1 +2 + 1 -1 +5 -1 -2 +8 +27 + 17 ' + 17 -3 +8 tj +6 +22 + 10 +5 +3 -4 -1 -1 + 10 +29! + 12 + 15 +1 + 12 -1 +2 0 _2 +1 0 0 5 +4 +— 1 + 15 1 +4 +2 0 +5 P+7 0 +2 0 -3 +5 +4 P-3 r 2 -3 0 +2 -4 0 +1 -4 -5 -2 Federal Reserve district, area, or city +1 +1 +3 _2 May Apr. 1953 +3 +3 -8 -5 -8 -17 0 -16 —6 —5 -3 +1 +2 -4 +1 +6 +6 +4 +1 +8 +2 +6 +3 +3 +3 +1 +5 +2 +2 +3 +6 +2 -1 -4 -1 +1 +5 +3j +4 -12 Hi +6 +4 + 7 + 12 + 1 +4 -3 + 7 -1 ~W +3 +8 +1 +1 +4 +9 -6 Metropolitan Areas2 Phoenix, Ariz.1 +3 +5 Fresno, Calif.1 -11 -3 Los Angeles, Calif.1 P —7 +3 1 Downtown L. A., Calif. -8 —3 -2 Westside L. A., Calif.1.. +4 +4 Long Beach, Calif.1 0 +3 Pasadena, Calif + 1 +3 Santa Monica, Calif -21 +3 - 1 Riverside and San Bernardino, Calif 1 + 13 + 14 Sacramento, Calif. —7 0 -1 San Diego, Calif.1 -11 -6 -3 San Fran.-Oakland, Calif.1 p — 1 + 2 +4 San Francisco, Calif.1... .1 0 +3 Oakland-Berkeley, Calif. 0: +4 +4 Downtown Oakland, _2 Calif.1 +4 Vallejo, Calif -10 -8 San Jose, Calif.1 +3 +6 +2 +5 Stockton, Calif.1 p Portland, Ore.1 +5 _ 2 + 7 Salt Lake City, Utah i. . . +6 +2 Seattle, Wash. 1 1 0 +5 +5 Spokane. Wash.1 + 1 _ ? +6 +6 +2 + 5 Tacoma, Wash. Cities Tucson, Ariz P+2 +7 Bakersfield, Calif.1 -12 i - 6 (3) Boise and Nampa, Idaho. -7 -2 2 Twin Falls, Idaho -4 -1 Idaho Falls, Idaho -10 -11 +4 0 Bellingham, Wash +27 -1 + 16 Everett, Wash.1 + 13 r +5 +9 Walla Walla, Wash. 1 —9 -6 Yakima, Wash.1 2 -3 -15 -4 r P Preliminary. Revised. indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve Bank in the district in which the area or city is located. 2 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 3 Data not available. 4 Four months 1953. JULY 1953 777 DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS [Based on retail value figures] Percentage change from a year ago Department Number of stores reporting Sales during period Ratio of stocks 1to sales Stocks (end of month) Four Apr. months 1953 1953 April Index numbers without seasonal adjustment, 1941 average monthly sales =1002 Sales during period 1953 Apr. 1953 1953 Stocks at end of month 1952 1953 1952 1952 Apr. Mar. Apr. Apr. Mar. Apr. GRAND TOTAL—entire store3 369 -1 +2 +6 3.4 3.2 MAIN STORE—total 369 0 +2 +6 3.7 3.5 203 211 203 756 737 722 Piece goods and household textiles 330 +8 0 +3 4.3 4.6 168 163 155 727 709 717 Piece goods Silks, velvets, and synthetics Woolen yard goods Cotton yard goods Household textiles Linens and towels Domestics—muslins, sheetings Blankets, comforters, and spreads 309 216 183 203 -2 -7 -3 -4 -9 -4 -5 -6 +2 3.7 3.4 7.7 3.0 191 159 94 285 229 245 213 278 195 172 97 280 697 569 705 835 718 731 747 838 737 603 727 843 321 293 271 257 + 17 + 13 +23 + 15 +2 +2 +4 +1 +6 +1 +9 + 10 3.7 3.6 7.4 2.9 4.7 5.4 4.3 4.4 5.2 6.0 4.8 4.6 158 139 175 151 131 123 149 124 135 124 142 131 745 750 749 670 713 714 746 688 706 740 689 615 355 +4 +3 +5 4.3 4.2 172 167 166 740 715 708 Laces, trimmings, embroideries, and ribbons . . . Notions Toilet articles, drug sundries 210 251 338 -6 +4 +1 -3 0 +2 +4 +9 +5 3.5 3.5 4.0 3.2 3.4 3.8 262 270 148 239 215 147 278 259 146 922 955 586 892 921 577 885 884 562 Silverware and jewelry 4 Silverware and clocks Costume jewelry* Fine jewelry and watches4 332 226 296 92 +5 +4 +5 +3 +1 -2 +8 5.5 8.2 3.3 9.6 5.7 8.7 3.2 10.2 168 158 160 927 902 919 +7 0 Art needlework 246 + 15 0 -1 5.4 6.3 129 137 113 708 700 720 Books and stationery Books and magazines Stationery 292 136 253 +8 +9 +8 + 12 +4 4.3 3.6 4.6 4.1 3.7 4.4 166 134 157 187 185 180 153 123 146 713 477 728 673 537 706 647 457 651 Women's and misses' apparel and accessories. 366 Women's and misses' ready-to-wear accessories. . Neckware and scarfs Handkerchiefs Millinery Women's and children's gloves Corsets and brassieres Women's and children's hosiery 366 325 293 167 340 354 356 -5 y +9 +6 +1 1 +2 -7 -19 -19 Underwear, slips, and negligees Knit underwear Silk and muslin underwear, and slips Negligees, robes, and lounging apparel 360 262 309 281 +3 +4 +2 +4 Infants' wear Handbags, and small leather goods Women's and children's shoes Children's shoes 4 Women's shoes 4 346 349 Small wares +3 0 +3 -1 + 14 + 10 2.7 2.4 222 247 234 609 605 559 +1 1 + 19 +1 +3 +4 + 13 +8 3.4 2.3 4.7 0.9 3.6 3.1 2.7 2.8 1.9 4.3 0.7 2.8 2.9 2.3 213 324 102 212 165 305 142 233 333 106 286 173 300 144 228 321 110 263 204 287 150 714 736 478 195 597 943 379 702 726 475 249 611 911 368 652 626 467 189 574 843 355 +3 +4 +1 +3 +9 + 11 +8 +5 3.6 3.8 3.7 2.8 3.4 3.5 3.4 2.8 195 242 181 180 181 237 164 168 189 233 178 172 694 916 668 508 654 899 618 472 647 834 622 493 -10 -12 +2 +2 + 15 + 11 335 215 -10 -26 —6 + 11 + 14 + 11 244 286 302 914 894 808 529 524 479 222 270 1,221 1,191 1,113 364 355 244 235 -3 -7 -2 — 13 + 10 +4 +2 +6 2.1 1.4 1.2 1.8 1.9 1.3 1.2 1.4 233 243 262 322 240 261 498 355 506 438 459 347 Juniors' and girls' wear Juniors' coats, suits, and dresses Girls' wear 335 294 334 -12 -6 -18 +4 +2 +5 +3 +2 +2 41 +3 +3 +4 2.6 2.1 4.1 3.4 4.2 271 195 258 227 238 3.4 2.7 5.0 5.2 4.9 + 13 2.2 1.6 2.9 1.7 1.4 2.0 262 274 264 377 351 423 297 293 321 568 433 770 584 460 753 508 404 662 Women's and misses' 4 dresses Inexpensive dresses Better dresses 4 358 283 292 0 0 +1 +2 1.6 1.3 1.9 229 248 418 402 402 o 1.7 1.4 2.0 Blouses, skirts, and sportswear Aprons, housedresses. and uniforms Furs 358 307 272 +2 +6 +6 +6 +5 +6 + 11 +2 + 16 247 -j-1 -6 + 13 +3 2.9 2.2 6.4 2.6 2.1 6.6 273 234 54 266 197 81 268 222 52 799 513 351 736 477 427 695 462 351 348 -5 +2 +7 5.2 4.6 170 179 180 888 847 835 +1 +3 +3 +4 0 + 10 + 14 + 14 5.6 5.2 4.4 6.2 5.6 4.7 3.0 5.4 177 153 199 185 180 143 282 183 177 984 951 992 154 792 740 721 251 874 867 765 189 1,151 1,108 1,022 Women's and misses' ready-to-wear apparel. . . . Women's and misses' coats and suits Coats 4 Suits 4 Men's and boys' wear Men's clothing Men's furnishings and hats Boys' wear Men's and boys' shoes and slippers 284 332 322 210 +1 +6 +2 +9 0 -4 +8 -6 0 0 -21 _2 +7 + 18 For footnotes see following page. 778 FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued [Based on retail value figures] Percentage change from a year ago Department Number of stores reporting Sales during period Apr. 1953 Ratio of stocks to sales i Stocks (end of month) Four months 1953 Apr. 1953 Furniture and bedding Mattresses, springs, and studio beds 4 Upholstered and other furniture4 261 187 196 +9 + 12 + 15 + 10 Domestic floor coverings Rugs and carpets* Linoleum4 289 170 87 -12 -14 +1 +3 Draperies, curtains, and upholstery Lamps and shades China and glassware Major household applicances Housewares (including small appliances) Gift shop* 316 265 266 242 277 195 0 0 -1 +4 +4 +1 Radios, phonographs, television, records, etc. *.. Radios, phonographs, television4 Records, sheet music, and instruments 4 238 179 131 +4 +8 +5 +16 +9 + 11 +7 +2 +6 Miscellaneous merchandise d e p a r t m e n t s . . . . 336 Homefurnishings 333 Toys, games, sporting goods, cameras Toys and games Sporting goods and cameras 314 260 161 Luggage 287 194 Candy 4 BASEMENT STORE—total Domestics and blankets 4 Women's and misses' ready-to-wear 4 Intimate apparel Hosiery4 Underwear, corsets and brassieres4 Coats and suits 4 Dresses4 Blouses, skirts, and sportswear4 Girls* wear 4 4 Infants' wear Aprons, housedresses, uniforms4 Men's and boys* wear Men's wear 4 Men's clothing4 4 Men's furnishings +8 +9 1952 1953 1952 1952 Apr. Mar. Apr. Apr. Mar. Apr. +2 +2 4.6 4.9 213 208 195 980 965 968 +5 +9 +4 4.6 2.4 5.4 4.9 2.5 5.7 209 199 186 960 941 930 -2 5.2 5.4 4.6 5.7 5.8 4.2 179 169 165 922 928 4.3 4.4 8.1 3.6 3.9 6.0 4.3 4.7 8.4 4.7 4.1 6.1 211 185 155 193 305 203 170 156 226 277 874 905 942 203 811 832 802 172 147 1,257 1,238 1,248 167 698 789 690 280 1,200 1,160 1,140 4.3 4.0 5.4 4.3 3.9 5.6 0 +8 +4 +3 -3 -5 -2 -4 -10 +6 +9 +7 +6 +1 -17 +18 194 3.3 3.1 202 185 201 670 626 644 t? 5.7 5.7 5.8 5.4 4.8 6.2 162 125 166 134 117 122 158 130 153 930 712 970 841 690 815 853 629 919 5.2 1.0 5.2 0.7 179 154 169 925 880 2.4 2.1 208 222 221 507 497 3.0 3.3 217 241 240 401 393 369 213 233 229 666 652 610 + 10 0 +2 -6 143 +6 +9 + 15 +3 +5 +8 +7 +8 +9 -10 -5 +1 +2 +1 +3 +3 +3 +2 7 171 -7 +1 157 107 126 -1 -5 +3 0 -1 125 -21 +1 +4 Homefurnishings 109 +7 Shoes 124 -12 NONMERCHANDISE—total4 191 +3 82 -1 Barber and beauty shop 4 1953 1953 Stocks at end of month +5 +8 +3 -16 -9 -1 -22 -11 -3 Boys' wear 4 Sales during period April +1 +3 -4 +9 +6 204 170 126 126 181 179 160 131 127 122 Index numbers without seasonal adjustment, 1941 average monthly sales = 100 2 -4 -3 0 +3 1.9 1.5 +6 2.4 2.0 2.7 1.0 1.2 2.3 2.2 2.4 2.3 3.1 2.6 3.2 3.0 3.3 479 2.3 1.8 2.4 0.9 1.0 1.9 1.4 2.0 2.0 + 11 +6 + 16 + 12 -5 +7 891 2.9 2.7 3.0 +5 + 12 +2 +9 +20 +23 +12 +7 +12 2.6 3.0 3.4 189 180 177 569 574 596 4.0 3.3 173 190 1% 683 676 650 -1 x 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 3reversed. For movements of total department store sales and stocks, see the indexes for the United States on p. 778. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. «Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1952, 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. JULY 1953 779 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49 =100] Housing Year or month Transportation Medical care Personal care Reading and recreation Other goods and services 97.2 102.6 100.1 101.2 109.0 111.8 55 6 64.9 67 8 72.6 76 3 83.7 97.1 103.5 99.4 98.1 106.9 105.8 90.6 100.9 108.5 111.3 118.4 126.2 94.9 100.9 104.1 106.0 111.1 117.3 97.6 101.3 101.1 101.1 110.5 111.8 95.5 100.4 104.1 103.4 106.5 107.0 96.1 100.5 103.4 105.2 109.7 115.4 108.3 107.7 107.6 107.6 108.1 107.9 108.0 108.2 111.2 111.2 111.8 111.9 112.1 112.8 113.3 113.4 105.8 105.6 105.3 105.1 105.8 105.6 105.2 105.1 125.1 126.3 126.8 127.0 127.7 128.4 128.9 128.9 116.1 117.8 118.0 118.1 118.8 118.9 118.9 119.3 111.6 111.7 111.9 112.1 112.1 112.3 112.4 112.5 106.2 106.8 107.0 107.0 107.3 107.6 107.4 108.0 115 8 115.7 116.0 115 9 115 9 115.8 115.8 115.9 107.7 108.0 108.0 107.8 107.6 113.4 113.5 114.0 114.3 114.7 104.6 104.6 104.7 104.6 104.7 129 3 129.1 129.3 129.4 129.4 119.4 119.3 119.5 120.2 120.7 112.4 112.5 112.4 112.5 112.8 107.8 107.5 107.7 107.9 108.0 115 9 115.8 117.5 117.9 118.0 Apparel All items Foods 1929 73.3 65.6 117 4 60 3 1933 55.3 41.6 83 6 45 9 1941 1942 1943 1944. . 1945 1946. . 1947 1948 1949 1950 1951 1952. 62.9 69.7 74.0 75.2 76.9 83.4 95.5 102.8 101.8 102.8 111.0 113.5 52.2 61.3 68.3 67.4 68.9 79.0 95.9 104.1 100.0 101.2 112.6 114.6 95.0 101.7 103.3 106.1 112.4 114.6 88 4 90.4 90 3 90 6 90 9 91 4 94.4 100.7 105.0 108.8 113.1 117.9 97.6 100.0 102.5 102.7 103.1 104.5 88.8 104.4 106.8 110.5 116.4 118.7 97.2 103.2 99.6 100.3 111.2 108.5 1952—May... 113.0 July... Aug Sept... Oct.... Nov. . . Dec... 114.1 114.3 114.1 114.2 114.3 114.1 114.3 114.6 116.3 116.6 115.4 115.0 115.0 113.8 114.0 114.0 114.4 114.6 114.8 115.2 115.7 116.4 117.4 117.6 117.9 118.2 118.3 118.8 119.5 120.7 104.1 104.3 104.2 105.0 105.0 105.0 105.4 105.6 115.6 115.8 115.6 119.0 119.6 121.1 121.6 123.2 1953—Jan.... 113.9 F e b . . . . 113.4 Mar.... 113.6 Apr.. . . 113.7 May... 114.0 113.1 111.5 111.7 111.5 112.1 116.4 116.6 116.8 117.0 117.1 121.1 121.5 121.7 122.1 123.0 105.9 106.1 106.5 106.5 106.6 123.3 123.3 124.4 123.6 121.8 June.. . 113.4 Total Rent Solid House- HouseGas Other fuels furnhold and operashelter^ elecand ishtion tricity fuel oil ings 1 Indexes for January 1953 and subsequent months will be published later. NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used autombiles) and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100. Source.—Bureau of Labor Statistics, Department of Labor. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49=100] Other commodities Year or month All com- Farm modi- products ties TexProctile essed prodfoods Total ucts and apparel Hides, skins, and leather products Fuel, power, and lighting materials ToMa- Furnibacco chin- ture Non- manumeand tallic facery MisChem- Rub- Lum- Pulp, Metals and other icals ber paper, and min- tures cellaber and and and metal mo- house- erals— and neous hold and tive allied prod- wood allied prod- prod- dura- struc- bottled prod- ucts prod- prod- ucts bevbles tural erages ucts ucts ucts ucts 101.0 102.1 96 9 104.6 120 3 97.2 90.9 107.1 101 .9 103.0 106 7 106.6 101.4 103.8 94.8 96.3 110.0 104.5 99.0 102.1 98.9 120.5 148 0 134.0 93.7 107.2 99.2 113.9 123.9 120.3 98.6 102.9 98.5 100.9 119.6 116.5 91.3 103.9 104.8 110.3 122.8 123.0 92.5 100.9 106.6 108.6 119.0 121.5 95.6 101.4 103.1 105.3 114. 112.0 93.9 101.7 104.4 106.9 113.6 113.6 98.0 100.4 101.6 102.4 108 1 110.6 100.8 103.1 96 1 96 6 104 9 108.3 94 7 95.9 96.2 96.5 96.5 96.7 97.6 99.0 106.0 105.9 106.0 105 106.2 106.6 106.7 107.2 104.3 104.3 104.2 104.0 104.0 103.9 103.5 103.3 140.4 133.4 130.0 127.8 126.3 126.0 126.4 127.7 120 7 119.9 120.2 120.5 120.4 120.2 119.7 119.7 116.9 116.7 115.3 115.6 115.6 115.5 115.5 115.9 121.8 121.1 121.9 124.1 124.6 124.1 123.9 124.0 121.6 121.3 121.4 121.4 121.5 121.3 121.4 121 A 111.7 111.6 111.6 111.5 112.0 112.0 112.1 112.3 112.9 113.8 113.8 113.8 113.8 114.4 114.5 114.6 110.8 110.8 110.8 110.8 110.8 110.8 110.8 110.8 108 4 108 1 105 5 108 9 108 3 108 4 105 7 105 1 98.8 97.3 98.5 98.0 97.5 98.1 97.4 97.9 97.6 100.6 107.8 108.1 108.4 107.4 107.3 103.6 103.6 104.2 105.5 105.6 127.3 126.2 125.7 124.8 125.1 120.5 121. 121.7 122.2 121.7 115.8 115.3 115.1 115.3 115.4 124.0 124.6 125.5 125.0 125.4 121.5 121.6 121.8 122.0 122.3 112.7 112.9 113.1 113.9 114.1 114.6 114.6 115.1 r 116.9 117.1 112.2 103.0 111.9 101.2 114.8 101 .7 '•114.8 98.5 114.8 99.8 1947 1948 1949 1950 1951 1952 96.4 104.4 99.2 103.1 114.8 111.6 100.0 98.2 95.3 100.1 107.3 106.1 103 4 104.4 92.8 95 7 101.3 95 5 97.5 99.8 105.0 99 2 113 4 111 4 115.9 110 6 107.0 108.8 113.2 99.8 1952 May June July August . . . September . October November . December. 111.6 111.2 111.8 112.2 111.8 111.1 110.7 109.6 107.9 107.2 110.2 109.9 106.6 104.9 103.6 99.2 108.6 108.5 110.0 110.5 110.3 108.5 107.7 104.3 113.0 112.6 112.5 113.0 113.2 113.0 112.8 112.9 99 3 99 0 98 9 99 1 99.5 99.2 98 6 98.2 1953 January.. . February .. March April May 109.9 109.6 110.0 109.4 109.8 99.6 97.9 99.8 97.3 97.9 105.5 105.2 104.1 103.2 104.4 113.1 113.1 113.4 113.2 113.5 r Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 780 FEDERAL RESERVE BULLETIN PRICES—Continued WHOLESALE PRICES, BY GROUPS OF COMMODITIES— Continued [Index numbers of the Bureau of Labor Statistics, 1947-49 =100]1952 1953 1953 Subgroup Subgroup May Mar. Apr. May 114.5 115.8 111 .1 118.2 111.4 118.2 111 .6 123.0 122.8 127.0 120.5 126.9 116.0 113.7 127.7 131.5 125.3 126.2 114.3 113.9 127.7 128.2 126.5 127.9 113.8 113.8 128.5 126.6 126.6 132.8 113.8 114.4 115.4 113.6 113.6 May Mar. Apr. May 128.9 98.8 108.9 114.2 104.3 '4.3 96.0 137.1 105.8 94.7 91.7 104.6 100.5 100.6 97.5 142.5 106.9 93.8 87.5 103.4 96.7 102.5 95.3 137.1 105.5 93.4 91.7 104.3 94.2 98.7 93.7 135.1 107.0 112.1 110.6 108.9 91 109 109.2 89.2 108.5 109.0 93.8 107.9 104.2 109.2 161.9 112.8 105.1 109.6 168.9 120.9 104.4 109.7 168.1 120.5 122.2 122.3 122.4 97.2 111.7 86.8 128.8 100.8 98.6 93.1 111.9 87.9 141.4 99.6 82.8 92.9 111.3 88.0 131.6 99.9 82.5 104.3 109.6 164.6 Machinery and Motive Products: 121.5 Agricultural machinery and equipment Construction machinery and equip93.3 ment 112.1 Metal working machinery General purpose machinery and 87.5 equipment 133.0 Miscellaneous machinery 99.8 Electrical machinery and equip83.5 ment Motor vehicles 125.3 128.0 127.1 129.1 128.6 129.8 129.0 130.1 123.1 119.2 122.1 120.3 123.6 120.6 123.4 121.9 120.8 119.7 119.9 120.0 121.3 118.9 122.3 118.7 58.1 84.5 111.1 100.3 64.8 93.5 112.1 99.0 66.4 92.7 111.5 99.3 104.9 124.3 104.2 98.0 109.9 114.4 131.8 109.5 100.7 109.0 111 .2 131.8 109.5 98.0 109.3 74.8 Furniture and Other Household Durables: 97.3 111.5 Household furniture 100.8 Commercial furniture Floor covering Household appliances 110.8 Radio 131.8 Television 109.5 Other household durable goods 98.0 109.4 Nonmetallic Minerals—Structural: 113.1 123.2 120.9 107.3 91.7 75.7 119.3 113.6 123.2 124.1 107.9 95.5 74.9 121.8 113.8 123.2 124.2 108.0 94.9 74.9 125.4 114.0 124.3 124.1 108.1 94.9 74.9 125.4 Industrial chemicals 115.1 Paint and paint materials 107.3 Drugs, Pharmaceuticals, cosmetics. 92.2 Fats and oils, inedible 47.2 Mixed fertilizers 108.6 Fertilizer materials 111.5 Other chemicals and products 103.0 113.9 106.0 91.6 59.0 110.7 112.8 102.9 117.0 106.0 93.0 55.9 110.7 113.2 103.1 118.2 106 93.1 50.4 110.7 112.9 103.0 114.4 112.9 112.4 121.4 117.7 98.6 111.9 116.4 113.8 112.8 124.3 118.3 106.0 115.3 116.4 117.6 114.2 124.6 122.1 106.0 115.3 116.4 117.9 114.9 124.7 122.1 106.0 115.3 182.7 133.0 127.6 126.6 126.3 124.3 122.3 126.3 124.2 123.8 126.3 124.2 107.3 98.0 114.8 111.2 119.7 124.0 102.9 122.4 110.0 119.8 124.0 102.9 121.5 110.0 119.8 124.0 102.9 121.5 110.0 119.9 121.1 126.4 105.6 120.9 131.9 112.0 121.5 132.0 112.0 120.9 132.0 112.4 113.5 112.9 108.3 95.0 91.5 94.3 101 .0 101.8 121.0 121.0 113.7 88.7 93.2 101.8 121.1 114.3 91.1 93.2 102.1 120.2 113.3 55.1 123.5 129.8 108.8 83.8 124.9 123.4 108.8 88.3 124.9 123.1 108.8 85.0 124.9 123.1 Farm Products: Fresh and dried produce. Grains Livestock and poultry. . . Plant and animal fibers. . Fluid milk Hay and seeds Other farm products.. Processed Foods: Cereal and bakery products Meats, poultry, and fish Dairy products and ice cream Canned, frozen fruits, and vegetables Sugar and confectionery Packaged beverage materials Other processed foods Textile Products and Apparel: Cotton products Wool products Synthetic textiles Silk products Apparel Other textile products Hides, Skins, and Leather Products: Hides and skins Leather Footwear Other leather products. Fuel, Power, and Lighting Materials: Coal Coke Gas Electricity Petroleum and products Chemicals and Allied Products: Rubber and Products: Crude rubber Tires and tubes Other rubber products. Lumber and Wood Products: Lumber.., Millwork. Plywood. Converted paper and paperboard. . Building paper and board Metals and Metal Products: Iron and steel Nonferrous metals Metal containers Hardware Plumbing equipment Heating equipment Fabricated structural metal products Fabricated nonstructural metal products Flat glass Concrete ingredients Concrete products Structural clay products Gypsum products Prepared asphalt roofing Other nonmetalfic minerals 113.5 123.6 Tobacco Manufactures and Bottled Beverages: Cigarettes Cigars Other tobacco products Alcoholic beverages Nonalcoholic beverages Miscellaneous: Pulp, Paper, and Allied Products: Woodpulp... Wastepaper. Paper Paperboard. Pulp, Paper and Allied Products— Continued Toys, sporting goods, small arms. . Manufactured animal feeds Notions and accessories Jewelry, watches, photo equipment Other miscellaneous Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. JULY 1953 781 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 1953 r 1952'" 1929 1933 1941 1947 1948 1950' 1951 ' 1952' 1949 1 Gross national product 103.8 2 1 4 3 55.8 126.4 233.3 259.0 258.2 286.8 329.8 348.0 340.4 345.1 345.3 361.1 363.4 27.0 28.2 28.7 28.9 .9 1.6 29.2 .9 -2.0 Less: Capital consumption allowances.. Indirect business tax and related liabilities Business transfer payments Statistical discrepancy Plus: Subsidies less current surplus of government enterprises . 8.8 7.2 9.3 14.8 17.6 19.4 21.6 24.2 27.0 25.7 26.9 7.0 .6 — 1 7.1 .7 1 2 11.3 .5 1 6 18.7 .7 .3 20.4 .7 —3 2 21.6 .8 2 23.7 .8 4 25.7 .9 1 l 28.1 .9 5 27.0 .9 0 28.0 28.3 .9 .9 1 8 — 1.4 0) .1 — .1 0 0 4 4 1 .1 Equals: National income 87.4 39.6 103.8 198.7 223.5 216.3 240.6 278.4 291.6 286.8 287.9 290.4 301.4 306.5 10.3 .2 -2.0 .3 14.6 2.8 24.7 5.7 31.7 5.2 29.2 5.7 36.0 6.9 .0 .9 1.0 5.8 .6 0 1.5 1.2 2.1 .7 .0 2.6 1.3 4.5 .5 0 11.1 4.4 6.6 0 10.5 4.5 7.2 .7 0 11.6 4.6 7.5 .8 Less: Corporate profits and inventory Contributions for social insurance.. Excess of wage accruals over disbursements Plus: Government transfer payments... Net interest paid by government.. Dividends Business transfer payments -.1 .4 -.1 .0 -.2 42.4 8.2 40.2 8.6 41.7 8.6 39.9 8.6 37.7 8.7 41.7 8.8 43.6 9.0 o o 14.3 4.7 9.1 .8 11.6 4.8 9.2 .9 1 12.0 4.9 9.1 .9 1 11.5 4.9 9.1 .9 0 11.7 4.9 9.1 .9 -.3 12.2 4.9 9.1 .9 .0 12.4 4.9 9.1 .9 .0 12.6 4.9 9.2 .9 95.3 191.0 209.5 205.9 226.7 254.3 269.7 262.8 266.0 271.4 278.3 281.6 85.1 46.6 Less: Personal tax and related payments.. Federal State and local 2.6 1.3 1.4 1.5 Equals: Disposable personal income. 82.5 45.2 92.0 169.5 188.4 187.2 205.8 225.0 235.0 228.7 231.7 236.6 243.0 245.4 Less: Personal consumption expenditures 78.8 46.3 82.3 165.6 177.9 180.6 194.6 208.1 218.1 213.7 217.2 217.2 224.4 2 2 7 . 7 3.7 -1.2 Equals: Personal Income Equals: Personal saving 1.0 21.5 19.6 1.9 3.3 2.0 1.3 9.8 3.9 21.1 19.0 2.1 18.6 16.2 2.5 6.7 10.5 20.9 18.1 2.8 11.3 29.3 26.2 3.2 16.9 34.6 31.1 3.6 16.9 34.2 30.7 3.4 15.0 34.3 30.8 3.5 14.5 34.8 31.2 3.6 19.4 35.3 31.6 3.7 18.6 36.2 32.3 3.8 17.7 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates by quarters Annual totals 1952' 1929 1933 1941 1947 1948 1949 1950 • 1951' 1953 r 1952' 1 National income 87.4 39.6 103.8 198.7 223.5 216.3 240.6 278.4 291.6 286.8 287.9 290.4 301.4 306.5 Compensation of employees , Wages and salaries2 Private Military Government civilian Supplements to wages and salaries... 50.8 50.2 45.2 .3 4.6 29.3 28.8 23.7 .3 4.9 .5 Proprietors' and rental income 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 Corporate profits and inventory valuation adjustment Corporate Profits before tax Corporate profits tax l i a b i l i t y . . . . Corporate profits after tax Inventory valuation adjustment.... 10.3 - 2 . 0 9.8 1.4 8.4 .2 .5 -.4 -2.1 5.0 Net interest 64.3 128.0 140.2 139.9 153.4 178.9 193.2 187.9 189.5 194.1 201.3 204.5 61.7 122.1 134.4 133.4 145.6 169.8 183.6 178.6 180.1 184.4 191.3 194.5 51.5 104.8 115.7 113.0 123.4 141.2 151.1 146.9 147.7 151.5 158.3 161.3 4.1 4.0 1.9 4.2 5.0 8.6 10.4 10.1 10.4 10.6 10.4 n.a. 8.3 13.2 14.7 16.1 17.1 20.0 22.2 21.6 22.0 22.4 22.6 n.a. 2.6 5.9 5.8 6.6 9.6 9.5 9.6 10.0 10.0 7.9 9.1 9.3 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 45.4 23.6 13.3 8.5 50.7 26.1 15.5 9.1 51.2 26.3 14.8 10.0 50.5 26.1 14.7 9.6 51.5 26.3 15.3 10.0 51.5 26.1 15.2 10.2 51.1 26.7 14.0 10.3 50.8 27.0 13.4 10.4 14.6 24.7 31.7 29.2 27.1 10.8 16.3 2.1 36.0 41.0 18.2 22.7 -5.0 42.4 43.7 23.6 20.1 -1.3 40.2 39.2 20.6 18.6 1.0 41.7 41.5 21.8 19.7 .2 39.9 38.2 20.1 18.0 1.7 37.7 37.0 19.4 17.5 .7 41.7 40.3 21.2 19.1 1.4 43.6 44.4 24.1 20.3 5.0 5.7 6.4 7.0 6.7 6.9 7.1 7.4 7.6 17.2 30.5 33.8 7.8 11.9 13.0 9.4 18.5 20.7 -2.6 -5.8 -2.1 4.1 3.5 4.3 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. 782 FEDERAL RESERVE BULLETIN GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce, in billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates by quarters Annual totals 1952 r 1941 1933 1929 1947 1948 1949 1 Gross national product 2 3 78.8 9.4 37.7 31.7 46.3 3.5 22.3 20.6 Gross private domestic Investment New construction l Residential nonfarm Other Producers' durable equipment Change in business inventories Nonfarm only 15.8 7.8 3.6 4.2 6.4 1.6 1.8 1.3 1.1 .5 .7 1.8 — 1.6 -1.3 18.3 6.8 3.5 3.3 7.7 3.9 3.4 30.2 13.9 6.3 7.6 17.1 — .8 1.4 42.7 17.7 8.6 9.1 19.9 5.0 3.7 33.5 17.2 8.3 9.0 18.7 —2.5 -1.6 52.5 22.7 12.6 10.1 22.3 7.5 6.6 58.6 23 1 11.0 12.2 24.6 10.9 9.6 52.5 23.4 11.1 12.3 25.4 3.7 3.1 50.4 23.3 11.0 12.4 25.6 1.5 .6 49.6 23.4 11.0 12.4 25.6 .8 .2 1.1 8.9 1.9 .5 -2.3 .3 -.2 8.5 1.3 8.0 2.0 },.3 2.0 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 42.0 22.1 18.5 3.9 .2 19.9 62.9 41.1 37.4 4.1 .4 21.8 77.5 54.2 48.9 5.8 .5 23.4 Net foreign Investment 4 1 55.8 126.4 233.3 259.0 258.2 286.8 329.8 348.0 340.4 345.1 345.3 361.1 363.4 103.8 Personal consumption expenditures . . Durable goods Nondurable goods Services Government purchases of goods and services Federal.... National security... Other Less: Government sales 2 State and local 1953' 1950 r 1951 r 1952 r & 82.3 165.6 177.9 180.6 9.8 21.4 22.9 23.8 44.0 95.1 100.9 99.2 28.5 49.1 54.1 57.5 ft 194.6 208.1 218.1 213.7 217.2 217.2 224.4 227.7 29.2 27.3 26.7 26.0 27.4 25.1 28.2 30.2 102.6 113.4 118.8 117.2 118.0 118.7 121.1 121.2 76.3 62.7 72 7 70.5 75.1 67.4 71.8 73.3 -.1 52.3 23.1 10.8 12.3 24.9 4.2 3.6 57.9 23.9 11.6 12.3 25.5 8.5 8.1 55.4 25.2 12.0 12.8 27.5 2.9 2.6 2.1 .5 -2.0 -1.6 -2.1 74.1 51.0 46.2 5.4 .5 23.1 77.7 54.7 49.8 5.4 .5 23.0 77.8 54.6 49.2 6.0 .6 23.2 80.4 56.4 50.5 6.3 .5 24.0 82.4 57.5 51.6 6.5 .7 24^9 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Year or month Personal income Wage and salary disbursements Total receipts4 Total disbursements Commodity Distrib- Service utive produc- indus- indusing intries tries dustries Government Other labor income8 Dividends Proand prietors' perand sonal rental 6 income interest income Less personal NonTrans- contributions agriculfer for tural payincome* ments" social insurance8 1929 1933 1941 1947 1948 1949 1950r 1951 r 1952 r . . 85.1 46.6 95.3 191.0 209.5 205.9 226.7 254.3 269.7 50.0 28.7 60.9 119.9 132.1 131.2 142.6 166.4 180.1 50.2 28.8 61.7 122.0 134.3 133.4 145.5 169.8 183.7 21.5 9.8 27.5 54.3 60.2 56.9 63.5 74.9 80.6 15.5 8.8 16.3 35.1 38.8 38.9 41.3 45.9 48.7 8.2 5.1 7.8 15.3 16.6 17.2 18.6 20.3 21.8 5.0 5.2 10.2 17.2 18.7 20.4 22.1 28.7 32.5 .5 .4 .6 2.4 2.8 3.1 3.9 4.3 4.7 19.7 7.2 20.8 42.4 47.3 42.1 45.4 50.7 51.2 13.3 8.2 9.9 14.5 16.0 17.1 19.6 20.5 21.0 1.5 2.1 3.1 11.8 11.3 12.4 15.1 12.5 12.9 .1 .2 .8 2.1 2.2 2.2 2.9 3.4 3.8 76.8 43.0 86.1 170.8 187.1 188.7 209.0 234.0 249.9 1952—May June r July r August Septemberr. . . October ' r November r. . . December .... 266.2 268.1 266.3 271.3 276.4 277.3 277.2 280.6 176.4 178.0 176.7 181.9 184.8 186.6 187.8 188.7 179.9 181.6 180.3 185.4 188.4 190.2 191.4 192.5 78.0 78.2 75.8 80.6 83.8 84.7 85.6 87.0 48.0 48.5 49.5 49.5 49.4 50.0 50.0 50.1 21.6 21.8 22.2 22.2 22.3 22.4 22.5 22.6 32.3 33.1 32.8 33.1 32.9 33.1 33.3 32.8 4.6 4.7 4.7 4.7 4.9 5.0 5.1 5.1 51.8 52.2 51.5 50.6 52.5 51.4 50.0 51.8 20.9 20.9 20.9 21.0 21.2 21.3 21.4 21.5 12.7 12.6 12.7 13.4 13.3 13.3 13.1 13.6 3.7 3.9 3.8 3.8 3.9 3.9 3.8 3.9 245.6 247.4 246.0 25-1.9 255.7 258.0 259.1 261.6 1953—January r February . . . . Marchr Aprilr Mayp 280.5 281.0 283.6 282.7 283.8 188.8 190.9 192.4 192.8 193.4 192.8 194.6 196.2 196.6 197.2 86.8 88.0 88.8 88.8 89.0 50.2 50.6 50.9 51.0 51.4 22.7 22.8 23.2 23.4 23.4 33.1 33.2 33.3 33.4 33.4 5.1 5.1 5.1 5.1 5.1 51.6 50.2 50.7 49.4 49.9 21.6 21.7 21.9 22.0 22.1 13.5 13.3 13.7 13.6 13.5 4.1 3.9 4.0 4.0 4.0 261.1 263.3 265.4 265.5 266.2 r P Preliminary. Revised. 1 Includes construction expenditures tor 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.5 Such contributions are not available by industries. Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory raluation 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 1953 783 INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States 786-791 Gold production 791 Reported gold reserves of central banks and governments 792 Gold movements; gold stock of the United States 793 International Monetary Fund and Bank 794 Central Banks 794-798 Money rates in foreign countries 799 Commercial banks 800 Foreign exchange rates 801 Price movements in principal countries: Wholesale prices 802 Consumers' price indexes 803 Security prices 803 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 1953 785 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES [Net movement from United States, (-). In millions of dollars] Increase in banking funds in U. S. 1 Domestic securities: Inflow of foreign funds* Foreign securities: Return of U. S. funds4 Total Foreign official 2 Foreign other International3 Decrease in U. S. banking funds abroad1 8,569.1 8.763.5 10.521.1 10,140-7 6,963.9 6,863.9 7.890.7 8.548.1 2,126.0 2,197.8 2.715.6 2.770.2 2,993.6 3,028.2 3.472 8 4,089.6 1,844.3 1,637.8 1.702.3 L.688.3 116.8 307.6 231.4 160.9 183.3 258.5 1,202.9 618.6 1,182.1 1,209.9 1.064.5 687.5 123.1 123.7 131.7 125.6 1952—Apr. 30 May 31 June 30 July 31 Aug. 31. Sept. 30 Oct. 31 Nov. 30 Dec. 31 10,263.6 10,466.6 10,580.5 10,937.1 11,127.0 11,355.6 11,438.2 11,567.3 11,383.1 8,829.1 9.199.1 9,287.0 9,602.1 9,772.3 9,952.7 9,833.5 9,924.0 9,779.6 3,025.5 3,219.9 3,309.4 3,615.3 3,791.3 3,909.1 3,831.9 3,959.7 3,763.3 4,164.9 4.285.8 4,294.1 4,220.3 4,207.0 4,262.6 4,191.8 4,218.6 4,277.8 1,638.7 1,693.3 1,683.5 1,766.5 1,773.9 L,781.0 1,809.8 1,745.6 1,738.5 109.7 90.7 99.8 103.2 63.0 106.0 110.7 108.2 80.6 622.4 621.1 624.1 647.0 679.9 673.8 859.6 901.4 933.5 575.4 424.6 436.3 455.2 486.3 495.6 506.6 513.6 465.6 127.0 131.1 133.4 129.7 125.5 127.6 127.9 120.1 123.8 1953—Jan. 31 Feb. 28 Mar. 31P Apr. 30P 11,366.5 11,241.2 11,410.0 11,669.8 9,732.0 9,646.2 9.831.4 10,107.0 3,685.4 3,641.4 3,852.9 4,015.4 4,299.5 4,279.6 4,293.8 4,350.6 1,747.1 1,725.2 1,684.7 1,741.1 93.4 95.3 90.4 102.9 967.4 968.9 977.5 978.2 446.4 408.4 390.0 362.1 127.3 122.4 120.7 119.5 From Jan. 2, 1935, through— 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 31 31 31 31 Total Inflow in brokerage balances TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 6 [Amounts outstanding, in millions of dollars] International institutions 8 Date Total Foreign countries Official and private Official2 5,853.7 5,960.2 6,922.6 7,594.0 2,836.3 2,908.1 3,425.9 3,480.5 31... 31... 31... 31... 1.864.3 ,657.8 ,722.2 ,708.2 1952—Apr. 3 0 . . . M a y 31 . . 31... 31... 30... 31... 30... 31... 1,658.6 1,713.3 1,703.4 1,786.5 1,793.8 1,800.9 1,829.7 1,765.6 1,758.4 7,924.. 5 8,239.9 8,337.7 8,569.7 8,732.5 8.905.9 8,757.9 8,912.5 8,775.3 1953—Jan. 3 1 . . . Feb.28... Mar. 31 P.. Apr. 3 0 P . . 1,767.1 1,745.2 ,704.6 1,761.0 8,719.1 8,655.1 8,880.9 9,100.1 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. June 3 0 . . . July Aug. Sept. Oct. Nov. Dec. 7 NethUnited King- France erdom lands Switzerland « Italy Other Europe Total Europe Canada Latin America Asia All other 546.3 574.4 656.6 642.6 192.8 171.6 260.7 289.4 122.8 170.5 193.6 148.8 538.9 576.9 553.0 521.3 775.2 1,287.0 1,151.8 333.5 738.1 2,472.4 303.6 717.0 2,513.9 961.0 869.1 L.436.7 314.7 799.2 72,777.7 899.0 1,612.9 1,378.5 300.5 1,022.2 2,924.7 1,307.1 1,455.2 1,609.6 167.4 179.5 254.5 297.4 3,735.8 3,930.2 4,019.7 4,325.6 4,501.6 4,619.4 4,542.2 4,670.0 4,473.6 745.0 756.8 793 4 849.2 834.8 866.5 890.1 976.3 815.6 256.3 267.2 299.2 344.3 395.6 404.0 348.4 337.3 342.6 122.0 155.9 203.0 241.2 299.4 345.1 384.3 343.1 203.1 584.3 599.6 600.8 617.5 612.0 614.3 624.0 627.7 641.8 286.5 278.5 266.8 291.7 294.9 291.9 305.7 326.2 308.9 970.8 2,964.9 1,004.7 3,062.7 1.028.9 3,192.2 1,058.3 3,402.1 1,083.5 3,520.3 1,141.4 3,663.1 1,207.9 3,760.5 1,243.1 3,853.8 1,259.3 3,571.2 1,490.2 L,529.3 1,517.2 1,538.0 1,570.0 1,580.7 1,520.7 1,561.2 1,607.6 1,755.0 1,826.0 1,792.0 1,757.7 1,743.5 1,795.1 1,781.9 1,812.9 1,845.0 316.6 325.9 333.2 331.6 4,395.7 4,351.7 4,563.2 4,725.7 885.5 754.4 749.6 833.7 249.5 253.5 258.7 233.4 210.4 221.1 229.7 231.5 610.5 608.6 635.0 657.6 308.3 286.6 304.4 311.4 1,225.0 1,273.7 1,306.1 1,370.6 1,433.7 1,587.1 1,387.5 1,610.0 1,345.2 1,682.1 L,365.0 1,735.9 1,855.3 1,901.5 2,012.3 1,999.5 353.7 358.4 357.8 361.5 7 3,489.2 3,397.8 3,483.4 3,638.2 1,397.8 1,496.0 1,503.0 1,540.3 1,528.1 1,530.1 1,373.3 1,356.5 1,415.9 370.7 336.8 321.5 328.1 335.6 pPreliminary. 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 Includes Bank for International Settlements, International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. 4 Figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are included in foreign securities. 6 "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 individual! domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. (Footnote 1 above also applies to this table.) 6 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date. 7 Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts, but which have been excluded in the past from reported liabilities. NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951, certain changes were made in the order and selection of the material published. An explanation of the changes appears on p. 1202 of that issue. For further explanation and information on back figures see BULLETIN for August 1951, p. 1030. 786 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 AusEurope tria Date Bel- Czech- Denoslogium vakia mark Finland Ger- Greece Nor- 19.1 25.1 18.3 27.0 178.9 149.4 221 6 405.6 21.1 29.6 32.3 45.8 Poland Portugal 77.7 69.4 43.6 99.7 4.2 2.8 37.7 38.1 45.7 40.7 7.0 6.7 6.1 6.1 13.6 15.7 21.3 17.1 Rumania Spain Sweden 128.7 31. 738.1 119.9 31. 717.0 31. 799.2 41.9 128.2 31. 1,022.2 57.1 134.7 5.6 1.3 44.7 38.0 45.5 45.3 970.8 54.9 134.1 1952—Apr. 30. May 31. 1,004.7 53.1 155.0 June 30. 1,028.9 49.5 137.5 4 July 31.* ,058.3 51.9 143.5 Aug. 31. ,083.5 60.7 142.1 Sept. 30. ,141.4 74.3 136.7 Oct. 31. ,207.9 77.7 131.8 Nov. 30. ,243.1 84.9 140.2 Dec. 31. ,259.3 91.1 123.9 .7 .6 .6 .6 .6 .9 .5 .5 .6 37.6 37.0 34.2 37.5 43.8 51.0 59.6 69.9 70.4 23.8 23.9 21.3 22.7 24.4 25.9 26.7 26.7 28.5 380.2 390.5 453.1 464.3 457.5 486.2 534.3 544.7 551.1 41.9 41.1 41.7 38.7 39.4 39.8 41.2 42.8 47.3 100.5 100.9 94.6 96.1 101.0 104.1 109.6 109.4 110.3 2.1 2.4 2.6 4.7 3.1 2.2 3.6 1.8 3.4 41.6 43.1 40.6 45.9 49.3 51.0 46.7 49.9 57.4 6.1 6.1 6.0 5.7 5.7 5.7 6.0 6.1 6.1 17.7 20.2 18.5 18.0 17.6 20.4 24.4 21.4 19.2 65.3 65.8 68.4 70.6 77.0 77.6 82.8 84.5 91.0 121.3 131.2 130.6 133.8 .6 .5 .6 .6 63.7 60.7 62.3 70.0 32.9 28.6 26.1 26.9 531.5 552.2 585.7 626.8 50.7 53.8 57.1 62.0 106.8 116.9 115.9 116.6 2.3 2.3 2.4 2.1 47.8 54.6 54.9 54.8 6.1 6.1 5.8 20.2 19.0 17.6 18.2 86.6 93.0 89.2 88.7 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1953—Jan. 3 1 . . Feb. 28. Mar. 31 P. Apr. 3 0 P . ,225.0 ,273.7 ,306.1 ,370.6 94.9 96.3 102.3 108.2 Yugo- All USSR slavia other1 49.0 21.3 90.1 10.2 115.3 4.0 71.7 2.5 19.9 7.6 13.2 7.1 119.3 117.4 52.4 57.6 2.4 2.2 2.0 2.0 2.1 5.1 4.8 2.1 1.7 7.6 7.8 10.7 11.4 12.7 14.1 13.0 13.4 12.0 54.2 55.1 47.6 44.6 46.5 46.4 45.3 45.0 45.2 3.5 3.4 2.8 1.6 12.1 9.7 8.6 9.8 44.2 45.3 44.3 44.7 Table 2b.—Latin .&mericci Latin BoAmer- Argen- livia tina ica Date 1948—-Dec. 1949—Dec. 1950—Dec. 1951—Dec. Brazil Chile 121.7 184.1 143.2 207.4 js'.i' 85.2 71.3 84.7 71.9 87.8 Other Vene- Latin zuela America 2 219 164 259 263 4 2 1 6 45.8 'ii'.i' 25 A 27 . 3 146.7 214.6 207.1 158.2 24.3 25.9 30.2 34.9 52 6 52 . 8 60 .2 47 .2 71 8 74 .3 59 2 67 7 27.8 98 .5 89 . 8 80 .9 93 .2 87 .9 88 . 9 72 . 3 78 .2 72 .5 58 6 52. 0 54. 3 58 4 61. 2 58. 1 62. 4 69. 2 79. 3 91 80 73 77 85 88 87 96 118 1 307 318 316 321 341 321 285 284 301 4 1 6 2 4 4 7 2 2 53.4 51.5 50.4 51.2 49.9 46.6 43.3 43.5 44.2 40 . 0 39 .7 38 . 3 36 .4 34 .4 32 4 32 .2 33 .2 34 . 3 150.4 177.3 195.7 205.1 238.0 233.5 232.1 251.0 231.2 28.2 28.4 32.2 29.1 35.5 38.0 39.5 41.9 44.3 57.0 6 6 4 3 9 4 2 55 .9 56 .5 57 1 58 5 56 ? 62 0 67 0 .6 5 2 3 5 60.9 65 70 74 73 74 79 81 82 80 1 4 8 42.5 93.0 101.4 104.1 37.2 90.4 140.4 105.1 36.8 97.6 129.8 109.2 32.6 101.5 131.0 116.2 30.5 97.3 108.3 116.2 25.4 91.5 154 3 11S 6 21.6 94.8 141.6 113.4 19.9 92.8 126.2 112.5 25.6 94.1 145.5 112.2 71 . 9 83 .4 75 .7 81 .1 75. 7 113 4 .5 239.3 .2 213.3 .6 213.9 .1 199.3 44.5 45.4 45.3 41.2 61 61 67 63 5 9 5 9 87 90 91 90 7 4 1 4 40.1 44.2 54.8 52.2 17 .1 13 .5 20 . 4 27 . 8 123 . 7 192 . 8 226 . 0 100 . 3 1952—Apr. 3 0 . May 31. June 3 0 . July 3 1 . Aug. 3 1 . Sept. 30 Oct. 3 1 . Nov. 3 0 . Dec. 3 1 . 1,490 .2 1,529 .3 1,517 .2 1,538 .0 1,570 .0 1,580 .7 1,520 .7 1,561 .2 1,607 .6 177 4 8 7 3 8 9 2 8 21 . 7 24 . 4 24 .1 23 .2 22 .5 21 .2 18 .7 16 .6 24 .5 1953—Jan. 3 1 . Feb. 2 8 . Mar. 3 1 P Apr. 3 0 P 1,587 .1 1,610 . 0 1,682 .1 1,735 .9 131 7 18 . 9 142.6 20.2 20 .1 19 .6 Uruguay 0 9 4 4 215 . 8 201 .1 301 8 249 .7 142 5 152 4 RepubEl lic of SalPan- vador ama 54 85 53 106 1,287 . 0 1,436 .7 1,612 . 9 1,455 .2 167.8 Cuba Netherlands West Peru Indies and Surinam 6 9 5 0 31. 31. 31. 31. 146 130 128 129 131 146 138 Colombia Dominican Guate- MexReico mala public 55 60 79 54 82. 4 86. 2 88. 6 7 126 5 123 9 125 3 275.9 44.9 278 3 45.3 333 7 43.9 357 2 48.3 38 41 45 49 s io\i' 94.2 97.3 89.5 94.3 124.3 103.9 117.3 142.5 124.5 133.6 131.1 130.6 Table 2c—Asii1 and All Other Date Formosa Phil and Hong Indoippine Thai- Tur- Other All China Kong India nesia Iran I s n iel Japan land key Asia3 other Mainpublic land Asia 1948—Dec. 1949—Dec. 1950— Dec. 1951—Dec. 31. 31. 31. 31. 1,151.8 216.2 51.1 51.8 41 961.0 110.6 83.9 63 .3 15 1,378.5 81.7 86.1 55 .7 114 1,609.6 87.4 62.4 62 .1 140 1952—Apr. May June July Aug. Sept. Oct. Nov. Dec. 30. 31. 30. 31. 31. 30. 31 30. 31. 1,755.0 1,826.0 1,792.0 1,757.7 1,743.5 1,795.1 L,781.9 1,812.9 L,845.0 80.1 80.2 76.5 76.3 80.4 84.7 83.3 80.3 76.4 65.6 62.7 65.9 68.1 69.6 71.4 70.2 70.7 70.9 54 . 8 114 5 22 .6 55 .2 87 3 18 .3 54 .1 64 9 20 .1 55 . 0 60 0 18 .9 64 .6 61 0 19 .2 1953—Jan. 3 1 . 1 ,855.3 Feb. 2 8 . 1 ,901.5 Mar. 31*> ,012.3 Apr. 3 0 P : ,999.5 73.5 72.8 70.6 72.5 72.0 71.4 71.4 79.6 70 .2 75 .1 76 .3 85 .3 P Preliminary. beginning January 2 Beginning January 3 Beginning January 4 Beginning January JULY 1953 1950, excludes 1950, excludes 1950, excludes 1950, excludes 5 7 7 20 . 3 6 25 .5 81 .4 214 .6 12 .6 458 .5 26 .6 596 .0 52 .1 171 1 23 . 8 27 .6 67 . 3 190.2 23 .5 37 . 8 58 .7 176 5 21 .1 30 .5 61 .6 154 0 24 .7 26 .8 58 60 67 64 0 7 3 3 26 .5 22 .1 27 .9 19 .3 18 .8 696 .8 724 .8 730 .7 725 .6 743 .9 772 .6 767 .5 789 .1 808 .0 488 3 297. 3 374 4 "48!2 329. 7 96.7 335. 0 337. 2 333. 0 321. 8 324. 6 319. 7 321. 8 315. 1 315. 1 16 .5 26 .2 821 .6 309. 6 16 .4 22 .7 862 .8 313. 7 19.3 15 .2 897 .1 324. 8 19 .5 15 .3 886 .2 327. 9 125.8 126.5 126.8 134.9 143.8 157.9 166.6 176.5 181.0 17 .5 9 .8 14 .3 14 .1 204.0 165.7 111.9 168.4 10 . 8 166.3 14 .2 161.5 20 .6 151.7 9 .4 154.4 9 .8 153.0 8 . 8 197.2 9 .7 195.8 11 . 0 217.1 8 .4 221.5 167 179 254 297 4 5 5 4 Egypt and Union Aus- Bel- Anglo- of Other* tralia gian Egyp- South Congo tian Africa Sudan 22 .2 32 .4 19 .1 " 5 8 54 5 38 .5 27.7 61.6 75.6 110.7 44.0 79 . 5 57 . 7 7.0 86.8 90 96 105 118 4 6 2 6 123.3 118.3 117.7 116.8 104.2 91.7 72.1 62.0 59.7 13.9 12.4 10.9 11.2 14.2 11.8 13.3 23.0 23.6 80 .7 83 .1 82 . 5 81 . 5 86 . 5 88 .7 89 . 4 89 . 5 86 .5 117 119 125 124 8 5 9 9 58.4 55.1 53.4 54.0 36.3 38.1 33.2 36.1 90 .1 93 .5 90 .6 88 .5 i 331 370 336 321 328 335 6 7 8 5 I 6 36 .7 44 .7 49 .5 47 .4 81 .2 54 .1 50 .1 48 .4 47 .2 186.7 10 .2 210.7 353 190.4 8 .6 206.9 358 193.0 8 .8 268.5 357 194.8 8 .4 245.6 361 7 4 8 5 51 52 54 58 316 6 325 9 333.2 .1 .3 .8 .0 62 0 67 5 72.6 74 8 84.5 15.8 101.6 6.0 Austria, Czechoslovakia, and Poland, reported separately as of that date. Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. Iran, Israel, and Thailand, reported separately as of that date. Belgian Congo, reported separately as of that date. 787 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES. BY COUNTRIES* [Amounts outstanding, in millions of dollars] Date 1948—Dec. 1949—Dec. 1950— Dec. 1951—Dec. Total United King- France dom Netherlands Switzerland Italy Other Total Europe Europe Canada Latin America Asia All other 31 31 31 31 1,018.7 827.9 898.0 96ft X 24.5 37.2 105.7 35.0 119.0 51.8 31.4 10.1 51.4 5.2 3.4 5.0 6.9 3.8 8.7 11.2 15.8 22.6 20 7 10.3 106.3 98.5 67 1 111.2 323.8 219.2 237 0 182.8 39.8 37.6 125 8 92.0 516.6 411.1 378 8 489.3 118.8 139.7 96 3 162.4 19.7 20.4 60 0 41.9 1952—Apr. 30 May 31 1,019.7 1,038.7 1,029.6 1,026.2 L.066.3 L.023.4 1,018.7 L.021.1 1,048.7 33.5 42.0 36.2 30.9 32.2 26.8 35.8 33.8 30.3 13.8 11.6 11.7 11.6 9.2 9.3 9 4 3.4 3 3 3.1 3.8 3.3 2.6 2 7 4.4 4.4 8.6 7.3 9.8 8.0 9.8 8.4 8.0 81.1 79 1 68.8 67.2 66.5 75.1 79 0 82.7 81.9 163.9 168 2 160.2 150.0 145.7 141.8 151 4 154 8 173.4 76.4 69 5 51.4 45.1 53.3 58.3 73 7 73 8 62.3 601.1 652 2 669.6 700.1 715.2 658.3 638 6 641 8 662.0 144.8 117 4 118.0 105.2 128.4 141.6 132 8 127.9 128.6 33.5 31 5 30.4 7.1 23.5 24 9 30.4 28.6 24.6 19.6 16 4 17.2 17.8 1,036.0 1,034.1 1,039.0 1,026.4 32.5 35.4 35.8 23.4 6 4 6.2 6 9 5.8 13.5 13.2 12 9 14.5 22 9 20.2 25 3 25.6 78 4 72.9 70 9 74.8 182 4 156.7 160 2 152.9 56 3 57.8 61 3 60.7 647 5 676.9 672 5 659.0 125 9 124.0 125 5 132.0 24 1 18.7 19 6 21.9 Sweden Yugoslavia All other 2 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 19 53—Jan. 31 Feb 28 Mar. 31 P Apr. 30P 7.6 31.9 28 6 8.8 8 2 8.8 9.2 23.7 23.4 22 2 22.8 22.4 Table 3a.—Other Europe Other Europe Date 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 31 31 31 31 Austria 106.3 98.5 67.1 111.2 . . . .2 Belgium Denmark Finland Germany Greece Norway Portugal Spain 21.4 19.3 21.5 39.6 .6 .4 3.2 4.8 3.4 8.2 2.2 3.1 30.5 30.0 25.4 28.3 1.2 .7 .2 .2 8.4 7.4 1.4 2.5 .7 5 .5 .8 2.9 7 0 1.6 18.8 4.3 3.9 3.5 3.6 18 3.4 2.9 2.8 .1 .1 .1 .2 1.8 2 0 L.6 8 1 0 .8 .8 .7 2.8 3.3 2.1 3.8 4.0 5.6 27.2 26.9 23.2 23.7 25.7 27.5 28.0 25.4 26.8 .2 .2 .2 > 0 L.7 L.8 9 .5 .6 .5 12 6 14.6 14.3 14.3 12.5 13.5 12.6 11.8 11.2 3.5 4.3 5.1 3.6 5.1 4.4 5.1 4.1 24.1 27.3 27.2 30.2 .2 .1 .3 .1 L.7 L.7 S .5 .6 .5 .5 9.4 5.7 5.9 7.5 81.1 79.1 68.8 67.2 66.5 75.1 79.0 82.7 81.9 June 30 July 31 Aug. 31 Sept. 30 Oct 31 Nov. 30 Dec. 31 I9153—Tan 31 Feb 28 Mar. 31 P Apr. 30P 1.0 1.0 .8 21.3 17.6 13.9 12.9 11.5 11.8 13.2 17.7 16.2 78.4 72.9 70.9 74.8 1952—Apr. 3 0 M a y 31 .3 .2 .2 .1 16.2 15.8 14.8 14.1 .1 .1 .1 2.2 3.5 2.2 2.8 .2 .2 8 .6 .6 L.I 1.4 6.0 2.3 6.9 5.4 ***3.9 2 4 3 6 2.7 3.2 2.3 2.7 .5 3.1 29.8 22 6 4.0 4.0 1.9 2.2 3.4 7.3 4.4 8.0 7.9 8.6 37 3.8 5.8 5 4 2.6 2.2 2.4 3.2 7.8 3.9 1.5 3.5 7.0 6.6 6.5 6.7 3.3 3.0 2.5 4 9 3.8 3.6 3 6 Tab le 3b.—Latin J\merics1 Latin BoAmer- Argen- livia tina ica Date Brazil Chile Colombia Cuba NetherDolands minican Guate- Mex- West Remala ico Indies and pubSurilic Peru Republic of 1.5 .3 .3 .2 4 .4 5 .8 11 . 0 11 . 8 4.6 5.3 3.1 3.0 L.3 .1 L.2 L.2 L.I L.2 L.2 L.3 L.3 10 .3 11 .6 10 . 9 10 .9 10 .7 10 .3 11 .7 13 .2 14 .8 6.8 6.0 5.9 6.3 3.3 3.7 4.4 4.2 6.5 1.4 1.9 2.1 2.2 15 .7 17 .2 14 .7 12 .5 5.7 5.0 4.2 5.4 Panama El Salvador Uruguay 8* "V.5 9. *8 10 .5 6. 5 5. 3 5. 4 5. 3 5. 3 5. 1 7. 1 9. 0 9. 1 24 . 9 27 . 9 30 . 5 32 .1 25 .7 20 .6 8. 5 6. 8 4.9 5. 0 Other Vene- Latin zuela America « nam 31. . 31.. 31.. 31.. 516 .6 411 .1 378 .8 489 .3 1952—Apr. 3 0 . . M a y 31. . June 30.. July 3 1 . . Aug. 3 1 . . Sept. 30.. Oct. 31 . . Nov. 3 0 . . Dec. 3 1 . . 601 ! 652 .2 669 .6 700 .1 715 .2 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1953—Jan. Feb. Mar. Apr. 658.3 638 .6 641 .8 662 . 0 3 1 . . 647 5 28. . 676 .9 31P. 30P. 672 659 .0 72.4 53.6 45.9 7.6 7.8 7.4 8.2 7.2 7.6 8.6 8.1 9.3 8.2 7.4 7.2 7.1 7.7 2 2 8 7 7 3 7 5 8 6 9 7 8 4 8.7 6 8 6 2 6 2 6.0 5 8 6 10 13 14 5 7 4 6 15 .2 15 .5 6 .8 24 . 8 32.6 21.1 42.5 43.7 83.1 27.5 27.6 32.3 272 .2 320 .7 358 .3 392 .6 403 .9 374 .7 356 .2 354 .5 356 .4 29 .1 27 .5 26 .1 27 .0 23 .0 21 .6 18 .3 20 .5 26 .4 31.5 34.3 35.0 34.5 34.2 32.1 34.9 36.0 41.7 .2 .3 .4 .6 23 . 4 19 .4 19 . 0 9 .6 36.4 36.8 37.8 38.9 165 .4 136 . 9 78 . 0 185 . 0 353 383 370 378 73 8 73.0 "i!9 1.8 "2.6 3.8 70 6 90 6 54.7 55.9 51.8 52.5 51.6 33.6 36.1 30.6 32.5 2.9 2.4 2.2 1.9 1.8 1.8 1.6 1.7 1.6 4.1 3.7 4.1 3.7 3.2 2.8 3.2 3.5 4.2 94 90 78 71 91 92 88 90 88 26.5 30.7 37.8 34.9 1.8 2.3 2.9 2.8 4.4 4.9 4.4 4.5 94 .2 94 .5 96 . 1 4 8 0 2 7 0 4 3 .6 86.9 26 . 0 25 .6 49 . 4 41 .7 34 43 14 14 7 I 6 5 13 13 11 12 7 8 5 5 12 . 9 14 .3 32 .2 34 .2 32 .1 32 . 4 32 .4 31 .7 33 .1 35 .6 36 .7 12 13 13 13 4 9 2 7 14 . 0 9 .2 7 .3 7 .4 34 33 35 33 14 14 14 14 3 1 8 5 !6 14.3 .2 .0 .7 .4 13.0 P Preliminary. 1 See footnote 1, p. 786. Beginning January 1950, excludes Austria, reported separately as of that date. 3 Less than $50,000. 4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 2 788 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars! Table 3c—Asia and All Other Date Asia 1948—Dec. 31. . 1949—Dec. 3 1 . . 1950—Dec. 31. . 1951—Dec. 3 1 . . 1952—Apr. 30 . May 3 1 . . June 30. . Tuly 3 1 . . Aug. 3 1 . . Sept. 3 0 . . Oct. 3 1 . . Nov. 3 0 . . Dec. 3 1 . . 1953—Tan. 3 1 . . Feb 28 Mar. 3\P . Apr. 30^. 118.8 139.7 96.3 162.4 144.8 117.4 118.0 105.2 128.4 141.6 132.8 127.9 128.6 125.9 t?4 0 125.5 132.0 Formosa PhilIndoand Hong ippine Thai- Tur- Other All land key Asia* other China Kong India nesia Iran Israel Japan ReMainpublic land 24.2 16.6 18.2 10.1 8.6 8.1 7.3 8.1 8.3 10.1 10.1 10.1 10.1 10.4 9 8 9.4 8.8 TABLE 4.—PURCHASES 3.4 3.7 3.0 3.1 4.2 1.8 2.4 .8 1.3 1.0 .9 1.3 1.2 1.9 20.4 17.4 16.2 13.4 14.5 2 4 3 3 2.0 2.7 1.9 .2 .2 .3 .9 .6 1.4 .5 .6 .7 .9 9.4 6.5 5.5 4.2 3.7 3.5 3.7 4.3 3.6 *6!6 9.3 10.8 10.6 10.7 10.3 9.6 9.3 10.1 .7 10.2 .9 10.2 . 8 10.2 6 10 2 .6 10.9 .6 11.7 4.0 3.9 30.0 29.3 30.1 27.7 27.4 22.9 22.8 18.7 17.4 15.1 25.9 25 1 25.2 24.2 15.9 14.1 12.1 12.2 11 0 12.5 14.3 10.4 13.3 10.1 12.6 12.2 12.5 11.5 15 6 17.0 20.0 37.3 23.2 4.9 29.3 23.7 27.4 20.5 6.9 10.3 5.3 6.4 3.0 7.6 10.7 11 6 10.0 14.2 1.4 "i'.s' 2.5 2.8 3.2 2.7 2.3 3.5 3.8 3.4 4.0 3.3 2.6 3 0 6.1 4.8 14.3 .9 .6 23.6 1.6 15.4 16.7 37.0 55.7 51.0 47.4 38.8 26.7 21 2 18.6 17.4 14.3 50.3 13.9 51.6 15.3 12.1 9.0 16.3 17.4 19.2 15.3 17.7 24.6 21.6 21 3 21.6 23.8 19.7 20.4 60.0 41.9 33.5 31.5 30.4 25.8 23.7 23.4 22.2 22.8 22.4 24.1 18 7 19.6 21.9 Egypt and Union Bel- Anglo- of gian Egyp- South Othei 'Congo tian Africa Sudan 4.7 7.9 40.8 22.8 13.5 12.7 12.0 9.6 8.0 8.2 8.7 10.0 10.1 9.2 6 4 7.0 7.6 4.4 5.'7 7.6 7.8 8.7 8.2 7.9 6.9 6.7 6.5 6.0 7.0 6 6 6.5 7.1 .4 .2 .3 .2 7.9 4.5 7.3 6.7 .2 .2 .2 .2 .5 .6 5 .1 .5 1.0 8 .3 .9 4.8 4.7 3.7 3.5 3.1 2.3 2.6 2.0 2.5 2.1 2.7 2.8 7 0 6.8 7.7 7.2 6.5 5.1 6.1 4.9 4.1 3.8 4.7 4.0 3.6 3.8 4.4 2 8 3.1 3.5 AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES" (Inflow of Foreign Funds) [In millions of dollars] U. S. Government bond s and notes 4 Year or month Corporate bonds and stocks 5 Purchases 1948 1949 1950 1951 1952 1952—April May June July August September October November December 1953—Tanuary February March P April P Australia Sales Net purchases Purchases Sales Net purchases 282.4 430.0 1,236.4 673.6 533.7 13 9 31.2 39.6 39.1 37.5 34 0 188.8 49.4 45.0 42 6 27.6 26.3 12.9 330.3 333.6 294.3 1,356.6 231.4 15 8 22.2 32.0 29.2 13.3 14 2 18.8 21.1 17.0 14.9 37.5 17.6 -47.9 96.4 942.1 -683.0 302.3 -2.0 3.3 514.1 375.3 772.3 761 0 837.7 69 2 71.9 68.3 63.7 58.9 79 2 61.5 56 3 89.4 75 6 64.9 85 6 73.9 -144.3 -21.2 9.6 369.7 354.1 774.7 859 8 850.3 76 2 61.6 63.6 76.8 67.6 53 3 77.2 69 8 93.7 81 8 76.2 85 6 71.3 9.0 7.7 9.9 24.2 19.8 170.1 28.3 27.9 27.7 -9.8 8.6 2.4 98.7 12.6 7 0 -10.3 -4.7 13.1 8.7 —25 9 15.7 13.5 4.3 6.2 11.3 (6) -2.6 Total purchases Total sales 652.2 784.1 2,011.1 1,533.3 1,384.0 90 1 92.8 103.2 115.9 105.1 87.3 266.1 119.2 138.6 124.4 103.8 111 .8 84.2 Net purchases of domestic securities 844.4 708.9 1,066.6 2,117.6 1,069.0 85 0 94.1 100.3 93.0 72.2 93.4 80.3 77.5 106.5 90.5 102.3 103.2 83.5 -192.2 75 2 944.4 —584 3 314.9 5 0 — 1.3 3.0 22 9 32.9 —6 1 185.8 41 8 32.2 33 9 1 .4 8 6 .7 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 stocks Year or month Foreign bonds Purchases 1948 1949 1950 1951 1952 1952—April May June July August September... October November... December . . . 1953—January February.... MarchP April" Sales Net purchases Purchases Sales Net purchases 81.7 88.8 173.8 272.3 289.8 28.9 19.0 19.2 23.9 24.1 24.6 22.1 19.5 22.8 25.4 24.7 27.5 21.8 96.7 70.8 198.2 348.7 329.6 44.9 20.4 29.8 33.0 22.7 26.8 20.8 16.5 20.9 26.1 24.3 32.7 20.7 -15.0 18.0 -24.4 -76.4 -39.8 -16.0 -1.4 -10.6 -9.1 1.4 -2.1 1.3 3.0 1.8 -.7 .4 -5.2 1.1 211.6 321.2 589.2 500.4 495.3 47.7 40.3 52.5 52.8 57.9 38.9 87.6 18.2 25.7 33.0 29.4 29.7 29.2 291.4 311.5 710.2 801.0 677.4 93.8 189.6 30.2 24.8 28.2 27.5 77.8 14.1 75.7 51.5 67.8 42.9 58.2 -79.8 9.8 — 121.0 -300.6 -182.1 -46.1 -149.4 22.4 28.0 29.7 11.4 9.7 4.1 -49.9 -18.4 -38.4 -13.3 -29.0 Total purchases Total sales Net purchases of foreign securities 293.3 410.1 763.0 772.7 785.1 76.6 59.3 71.7 76.7 82.0 63.6 109.6 37.7 48.5 58.4 54.1 57.2 51.1 388.2 382.3 908.4 1,149.7 1,007.0 138.7 210.1 60.0 57.8 50.9 54.3 98.6 30.7 96.6 77.6 92.1 75.6 79.0 -94.8 27.8 -145.4 -377.0 -221.9 -62.1 -150.8 11.7 18.9 31.1 9.3 11.0 7.1 -48.1 -19.2 -38.0 -18.4 -27.9 bonds. JULY 1953 789 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES (Inflow of Foreign Funds) [Net sales, (—). In millions of dollars] Year or month 1948 1949 1950 1951 1952 International institutions 8 12 — 1 1 9 5 2 — A p r . . . . M a y . . . June... July... Aug.... Sept.... Oct.... Nov.... Dec... 1953—Jan Feb.. .. Mar. P.. Apr.p.. 7.6 7.0 1.2 15.9 4.7 United Kingdom Total -199.8 —11.8 823.2 —568.4 300.2 9.1 20.9 64 0 21.4 70.4 4.2 .8 .3 .6 .4 .9 .9 11.3 .9 .9 .4 1.3 2.4 7.2 7.0 -1.6 2.4 22.5 32.0 -7.0 174.5 40.9 31.3 25.5 10.5 1.0 - 1 . 2 France —82 8 -6.8 197 8 6.0 5.5 -.6 0) 1.6 .6 .7 —79 3 —25.5 —6.3 —22.2 —21.9 — 4 0 44 19 45 50 -2.6 -2.1 -3.0 -1.4 . 0 .2 0 .9 .7 -.1 - 1 . 9 -2.7 11.4 -2.2 5.8 2.1 9.5 2.5 1.3 -.4 .6 .1 -2.1 -1.3 -3.4 -5.4 13.4 6.7 4.4 2.7 1.8 8.4 -9.1 7.7 -.5 -.5 -.3 -.6 2.6 2!2 73.8 — 4 3 ! 8 6.2 -3.3 -1.9 2.0 - 7 . 7 - 1 . 4 .1 20.4 -.3 (l) -'.2 -.1 111.4 Latin America 7.5 —49 '0 458! 2 —595! 5 191.6 — 190.4 36 5 347! 5 -.6 .7 1.2 .9 .6 -.4 3.9 3.3 - 1 . 2 Canada Total Europe .1 .1 -.2 .3 .4 .1 .2 -.1 .7 .1 .5 1.2 -1.2 Other Europe 1.5 — .7 l!9 .5 13.7 6.9 8.3 5.4 5.3 4.5 -6.9 38.9 Italy 0) Nether- Switzerlands land 30 !l 13^9 3.6 .7 4.4 6.8 2.6 21.3 15.1 -.5 45.9 10.2 13.4 15.7 -2.3 126.1 27.2 16.3 -10.3 -8.8 -3.8 -1.0 -.5 9.5 0) All Asia 10.2 other 4/7 — 2 3 . 3 — 2 ! l — 15*3 4^8 — 9 . 5 4.1 0) 2^5 — 3 . 9 .2 2.7 — [7 1.9 1.5 .9 -7.3 -4.1 .2 1.2 -.1 1.0 -.2 -.2 .5 .2 .3 -.3 .1 .2 .5 .3 .1 -.5 (l) — .9 .6 .2 - 1 . 0 — .4 -4.8 .2 -.2 0) 1.1 3.4 .1 -1.1 -.4 2.3 1.4 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES ]BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia Year or month 1948 1949 1950 1951 1952 Other AusEurope tria* 2.6 2.2 73.8 - 4 3 . 8 6.2 Aug.... Sept... Oct.... N o v . .. D e c . .. 1 9 5 3 — J a n . . .. Feb.... Mar. P.. Apr.p... 2.0 - 7 . 7 - 1 . 4 .1 June July... Norway 8 0) 0) 0) 0) 0) 0)' (l) 2.6 1.6 12.6 5.7 -.5 - . 3 - . 9 36.7 3 8 . 1 6.0 - . 1 10.2 2.5 30.1 13.9 4.7 .3 1.4 6.0 .5 .3 - 1 . 3 .5 .6 1.8 .2 - . 2 9 - . 3 - . 8 .4 - . 1 — 2 .6 - 1 . 5 .9 - . 1 .2 .2 0) 8, 3. 12 3 Cuba .2 1.2 -1.2 .5 -.8 - . 8 - 1 . 0 24.6 6.1 .2 Republic U r u of 1 Pan- g u a y ama Mexico Other Latin America 2.9 .3 .5 2.5 2.6 - 4 . 7 4.2 .1 .8 - 6 . 5 .4 4.1 .8 - . 1 - . 4 -1.1 - . 4 -4.8 1.1 - . 2 1.5 .3 .9 1.3 — .1 -4.1 -1.3 - . 1 1 1 — 3 — 2 3.4 .4 0) .1 -.1 - 1 . 6 — .1 .9 - 6 . 8 - . 1 .2 Colombia All Latin other America .8 .2 .4 -11.9 .4 — .6 .7 1 2 .9 .6 — .4 3.9 3.3 - 1 . 2 1 9 5 2 — A p r . . . . M a y . . Belgium - . 8 - . 7 — .4 .8 .7 .8 1 .3 1.1 1.4 .4 — 5 . 9 - . 3 - 2 . 3 - 3 . 1 8 2.3 .4 .5 - . 2 .3 .5 1.2 - . 8 — 3 -1.3 -.3 -.1 .4 - . 2 - . 3 .3 - . 6 .3 .4 - . 3 .2 -1.1 -.4 2.3 1.4 .2 - . 6 - 1 . 5 c 0) (0 .8 - . 3 A -5.6 2.6 2.7 12.6 - 2 . 1 11.1 1.5 6.6 1.7 1.3 4 (V 5 1. 61 .4 0) 0) -.6 1.8 .2 Formosa and China Mainland Asia -23.3 -2.1 -15.3 4.8 -9.5 - 1 . 2 - 1 . 0 2.3 7.0 1.3 .2 .1 .1 .1 .7 .6 .1 .1 .2 1 C) (I) .2 1 2 — .1 1.0 .3 .1 0) ' 0) .4 .5 .9 - 2 . 1 - 1 1 . 4 0) -i!o -7.5 8 .2 5.5 - 1 5 . 6 0) .9 1.1 .2 .3 .1 - . 5 - . 2 2 0)" 0) 0) 0)' .9 .1 .1 0) 0) — A 0) 0) Other Asia *$? -22.7 -7.2 -3.0 -.2 -.3 0) — 2 -7.3 PhilipH o n g K o n g 8 0) !i .1 .2 0) TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, ( —). In millions of dollars] Year or month 1948 1949 1950 1951 1952 International institutions (i) — 16.0 -3.6 -152.7 -118.1 1 9 5 2 — A p r . . . . May... June... July... Aug.... Oct.... Nov.... Dec.... 1953—Jan... . Feb.. .. Mar. P.. Apr.p.. 0) -50.7 -.8 5.. -58.8 -.8 -.7 0) 9.5 - . 1 3.4 p Preliminary. 1 Less than $50,000. 790 Total United Kingdom France -94.9 43.8 -141.8 -224.3 -103.9 -9.9 -13.5 -6.1 -2.0 -4.4 -4.3 .4 -1.3 -4.1 4.9 -62.2 -100.1 12.5 18.9 31.7 9.3 69.8 7.9 -47.4 .1 -1.1 -1.6 -1.1 -1.0 1.3 4.0 -.7 -1.1 .5 .5 .9 -19.2 -47.5 -18.3 -31.2 -.3 .3 2.9 0) 1.0 J.2 .1 - . 1 - . 4 .3 .3 .6 1.2 Nether- Switzerlands land -5.3 -12.8 - 3 5 . 4 19.1 17.2 14.2 8.7 .6 -.2 -3.9 -6.7 -2.9 -.7 -.2 -.1 -.2 1.7 1.0 - . 2 - 1 . 6 2.1 - . 5 1.8 .4 .7 -1.5 1.4 2.1 1.1 .5 .5 -.1 -4.7 2.8 -.3 Italy .1 .4 .5 1.2 1.2 0) - . 2 .4 _ * A 1.0 0) .4 .1 .1 0) Other Europe Total Europe Canada 11.4 -43.4 30.8 13.4 28.5 15.9 — 102.2 -10.6 -190.0 —258.6 -141.0 3.3 2.3 1.2 -9.6 -1.0 2.0 10.6 .3 — .5 -71.2 -101.5 11.2 21.4 28.3 6.5 39.8 8.8 -46.0 1.7 3.8 9.4 3.1 -18.3 -47.9 -27.7 -33.8 24.6 7.8 16.4 18.2 .4 2.1 6.1 — .4 .2 .6 3.9 .7 .3 .7 .5 5.2 1.6 Latin America 40.7 20.2 29.8 33.8 25.3 1.0 1.9 2.5 0) Asia 1.6 All other —36.0 —10.0 8.4 2.6 3.9 7.9 6.0 1.1 .6 13.1 .2 2.3 -4.1 -3.0 -2.7 6.7 2.7 4 6.7 -1.6 -3.9 8.8 .1 .4 .2 .6 — 2 - . 3 .2 .7 1.1 1.9 1.4 3.2 -4.1 -2.6 -1.7 -3.8 .4 - 2 . 6 .3 .1 .8 1.0 ' 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) TABLE 9.—DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS * [In millions of dollars] Assets in custody [In millions of dollars] Total Europe Canada Latin America -19.3 .6 8.0 -6.1 -1.8 -20.8 1.0 3.0 -3.3 -1.6 .1 .9 -3.0 2.8 -1.0 1.2 -1.3 4.4 -5.0 1.0 Is 1952—April May June July August September. . . October November. . . December.... -4.8 4.1 2.3 -3.7 -4.1 2.0 .3 -7.8 3.7 -2.9 2.6 2.2 -2.1 -3.3 -1.8 .9 -3.2 1.5 1.4 -1.5 -.3 .3 .6 .6 -1.8 -1.2 -2.6 2.1 .5 -2.0 .4 1.9 .2 -2.4 2.1 -1.8 1.3 1.0 -1.0 .1 1953—January February.. . . March? April? 3.5 -4.8 -1.7 -1.2 .3 -4.7 -1.3 4.7 2.0 1.1 1.6 -4.4 .7 -1.0 -1.1 -2.2 .4 -.2 -.9 .6 1948 1949 1950 1951 1952... . 2 0) Deposits Date Asia and all other Year or month U. S. Government securities 2 Miscellaneous3 1951—Dec. 31 -.6 -.2 -.8 .8 -.1 0) P Preliminary. 1 Less than $50,000. 2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 80.3; U. S. brokerage balances abroad, 37.6. 526 1,383 80 1952—June July Aug. Sept. Oct. Nov. Dec. 30 31 31 30 31 30 31 548 724 812 707 642 758 550 1,757 1,972 2,116 2,236 2,301 2,225 2,156 51 54 55 65 80 84 86 1953—Jan. Feb. Mar. Apr. May June 31 28 31 30 31 30 586 511 536 506 515 527 2,182 2,170 2,246 2,425 2,455 2,449 85 89 90 97 95 101 1953—June 3 June 10 June 17 June 24 522 587 598 615 2,472 2,449 2,447 2,477 96 98 96 96 1 Represents dollar assets belonging to foreign monetary authorities and the Bank for International Settlements. Excludes assets held for the International Bank for Reconstruction and Development and International Monetary Fund and earmarked gold. See footnote 4, p. 793, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reported monthly Year or month Estimated world production Total outside reported USSR* monthly 1947... 1948... 1949... 1950... 1951... 1952... 1952—April May June July August... . September. October. . . November. December. 1953- -January... February.. March April 766.5 798.0 833.0 857.5 840.0 705.5 728.1 753.2 777.1 758.3 780.9 63.3 66.2 63.3 67.4 65.8 66.4 70.6 64.9 66.7 Africa South Africa Rhodesia West Belgian United Africa5 Congo2 States 3 $1 =15~a/n grains of gold 9/10 fine: i. 392.0 18.3 19.3 10.8 75.8 405.5 18.0 23.4 11.1 70.9 409.7 18.5 23.1 12.9 67.3 408.2 17.9 24.1 12.0 80.1 403.1 17.0 22.9 12.3 66.3 413.7 17.4 23.8 12.9 '67.4 Canada Mexico Colombia e., an ounce of fine 107.5 16.3 123.5 12.9 144.2 14.2 155.4 14.3 153.7 13.8 156.5 16.1 33.8 35.5 34.1 35.5 34.9 34.7 35.4 34.3 34.6 1.5 1.4 1.5 1.4 1.6 1.4 1.5 1.5 1.4 2.0 2.0 1.9 1.8 2.0 2.1 2.1 2.1 2.1 1.3 1.2 1.2 1.2 1.2 1.2 1.1 1.1 .9 5.0 5.1 5.5 6.4 6.5 6.2 6.8 6.0 5.9 12.7 12.8 12.6 13.1 13.0 13.4 14.1 13.6 13.7 34.7 32.4 34.7 34 3 1.4 2.1 2.1 2.1 2.1 1.1 4 5 1.1 1.1 1.1 4.3 5.2 5.2 13 0 12.4 13.3 12.9 1.4 1.4 Othei North and South America .9 2.1 .8 1.4 1.0 1.4 2.9 1.2 1.1 Chile Nica- Austra- India 3 ragua 4 lia gold =$35. 5.9 13.4 5.7 11.7 6.3 12.6 6.7 13.3 6.1 15.1 6.2 14.8 7.4 7.8 7.7 8.0 8.8 8.9 32.8 31.2 31.3 30.4 31.3 34.3 .4 .5 .4 .7 .6 .6 .5 .5 .4 .7 .8 .8 .7 .7 .8 .7 .8 .8 2.8 2.7 2.9 3.3 2.4 2.8 3.6 2.9 3.3 .7 7 .7 7 2.9 1.6 1.5 .9 1.3 1.1 1.0 1.1 .3 1.8 1 4 12 1.2 1 2 6.1 6.5 5.7 6.7 7.9 8.9 ••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 Reported by American Bureau of Metal Statistics. 3 Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics. 4 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; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427. JULY 1953 791 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars) End of month Estimated United States otal world (excl. USSR) i Treasury Total 2 Argentina Belgium Bolivia Brazil Canada Chile Denmark Colombia Cuba 83 51 52 74 279 289 299 271 311 32 32 32 31 31 20 21 21 19 22 Ecuador 1947—Dec 1948—Dec 1949—Dec 1950—Dec 1951—Dec. . 34,550 34,930 35,410 35.820 35,960 22,754 24,244 24,427 22,706 22,695 22,868 24,399 24,563 22.820 22,873 322 143 216 216 268 597 624 698 587 621 23 23 23 23 23 354 317 317 317 317 294 408 496 590 850 45 43 40 40 45 1952—June . . . July 36,120 Sept.. . . Oct . Nov Dec 36,210 23,346 23,350 23 344 23,342 23 339 23,337 23,186 23 533 23,536 23 5^8 23,525 23 521 23,504 23,252 268 268 268 268 268 268 669 735 735 718 713 711 706 23 23 25 22 26 23 21 317 317 317 317 317 317 317 893 887 883 892 885 887 896 42 41 41 42 42 42 42 318 304 294 280 280 254 214 31 31 31 31 31 31 31 22 22 23 23 23 23 23 22 986 22 662 22,563 22 562 22,537 23 079 22 751 22,649 22 639 22,590 317 317 317 900 904 911 924 934 42 42 42 41 214 214 196 31 31 31 31 31 23 23 23 23 23 Auc . . 36,280 1953—Jan Feb Mar. . . P36,340 Apr May 709 701 702 690 695 NetherNew lands Zealand Norway Pakistan End of month Egypt France 3 Guatemala 1947—Dec 1948—£) ec 1949—Dec 1950—Dec 1951—Dec 53 53 53 97 174 548 548 523 523 548 27 27 27 27 27 274 256 247 247 247 142 140 140 140 138 58 96 256 256 333 *180 178 209 280 100 42 52 208 208 231 166 195 311 316 23 23 27 29 32 72 52 51 50 50 14 27 27 27 20 20 28 31 46 1952—June July . . . Aug Sept Oct Nov Dec 174 174 174 174 174 174 174 548 548 558 558 558 568 573 27 27 27 27 27 27 27 247 247 247 247 247 247 247 138 138 138 ' 138 346 346 346 346 346 346 346 280 280 280 280 280 255 235 70 71 72 87 104 105 144 344 350 323 326 326 394 544 33 33 33 33 33 33 33 50 50 50 50 50 50 50 38 38 38 38 38 38 38 46 46 46 46 46 46 46 1953—Jan Feb Mar 174 174 174 174 174 573 573 573 573 573 27 27 27 27 247 247 247 247 247 138 138 137 137 137 346 346 218 208 208 208 208 149 178 567 597 605 33 33 33 33 33 55 55 55 55 55 38 38 38 38 38 46 46 46 46 Portugal El Salvador South Africa Spain Sweden Switzerland 1947—Dec 1948—Dec 1949—Dec 1950—Dec 1951—Dec... 310 236 178 192 265 15 15 17 23 26 762 183 128 197 190 111 111 85 61 51 105 81 70 90 152 1,356 ,387 ,504 ,470 ,452 1952—June... July . . . Aug.... Sept. . . Oct Nov... Dec... 274 274 274 277 282 285 286 30 30 30 29 29 29 29 148 151 159 158 159 159 170 51 51 51 51 51 51 51 213 206 202 202 190 185 184 1953—Jan Feb Mar A or May... 297 298 305 311 318 29 29 29 29 29 165 173 174 173 175 51 52 52 53 53 195 194 194 194 194 Apr May. .. End of month India Iran 138 138 138 Italy Java Mexico P605 P605 Peru Inter- Bank for national InterMone- national Settletary ments Fund Turkey United Kingdom 34 34 118 118 113 170 162 154 150 151 52,079 5 l,856 5 1,688 5 3,3OC 6 2,335 175 164 178 236 221 215 323 373 373 373 1,356 ,436 ,451 ,495 1 1,530 30 36 68 167 115 1,408 ,408 ,404 1,404 ,406 ,407 1,411 113 113 113 113 113 113 113 150 150 150 146 143 143 143 «l,685 51,716 5 1,672 6 1,685 61,767 6 1,895 fi l,846 211 211 211 211 205 205 207 373 373 373 373 373 373 373 1,537 1 154 166 181 183 187 191 196 1,417 ,417 1,418 1 418 113 113 113 143 144 144 144 144 si,978 5 2,103 S2.166 52 273 52,321 207 207 217 217 222 373 373 373 373 373 L.692 1,692 1,693 Thailand Uruguay Venezuela ,537 ,681 L,683 ,691 1,692 L.692 6Q3 215 214 233 242 211 p Preliminary. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3 Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4 Figure as of Mar. 31. 5 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 792 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 fime troy ounce) Total Belgium -.2 406.9 734.3 446.3 -1,020.0 469.9 440.0 31.1 14.2 222.8 69.8 -41.0 -55.0 -10.3 -3.8 -201.3 -30.4 -731.0 -762.4 -80.0 -580.0 -360.0 -35.0 -20.0 -876.3 -55.6 291.4 715.7 -400.0 -80.0 320.0 629.9 557.3 105.7 -1.3 -268.0 520.0 -80.0 -24.0 Netherlands 20.2 -320.0 1945 1946 1947 1948 1949 1950 1951 1952 United Kingdom -452.9 721.3 2,864.4 1,510.0 193.3 -1,725.2 75.2 393.7 Year or quarter -36.5 France 278.5 Portugal -47.9 130.8 40.7 -23.5 -79.8 -4.5 -100.0 264.6 15. S -84.8 -20.0 -10.0 116.0 63.0 14.0 -15.0 -34.9 -5.0 Sweden 80.2 238.0 3.0 -22.9 -32.0 Switzerland Other Europe 1 -7.4 -86.8 27.3 -29.9 86.6 10.0 -5.6 5.8 -40.0 2-159.9 -38.0 -68.0 -15.0 -60.1 -29.3 22.5 Canada Argentina Cuba Mexico 36.8 - 2 2 4 . 9 - 8 5 . 0 337.9 153.2 - 3 0 . 0 311.2 727.5 - 6 5 . 0 -23.8 36.9 45.4 61.6 -16.1 -118.2 -60.2 87.7 3.4 -100.0 -10.0 7.2 114.1 -49.9 -10.0 -10.0 28.2 -20.0 -20.0 1950 Jan.-Mar... Apr.-June.. July-Sept.. Oct.-Dec... -28.5 -56.3 -79.8 - 1 5 . 0 -13.0 -12.4 -11.9 -3.0 •16.0 -4.0 -25.0 3.4 -47.1 -15.0 -15.0 -44.3 -11.2 -3.5 -1.1 -15.8 8.2 20.0 -100.0 —40.5 -61.9 1951 Jan.-Mar Apr.-June.... July-Sept Oct.-Dec -12.3 -91.7 2.0 -4.5 -10.0 -15.0 -5.0 -5.0 71.7 -17.0 -10.0 -124.4 64.1 -49.9 -20.0 1952 Jan.-Mar Apr.-June July-Sept Oct.-Dec 22.5 -100.0 -10.1 11.3 101.4 6.9 .3 -19.3 -5.0 -20.0 -71.7 -54.9 -25.0 1953 Jan.-Mar -25.0 - 1 5 . 0 -10.0 -20.0 ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES [In millions of dollars] NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES— Continued [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Year or quarter Uruguay Venezuela Other Latin America Asia and Oceania Union of South Africa Golds tock at end of period All other 3.7 - 2 7 . 8 -188.3 22.9 25.0 13.7 "*94!3 1.0 79.1 256.0 11.9 6.9 13.4 - 4 . 1 498.6 —7.5 -52.1 195.7 4 — 1.6 -17.2 13.1 4 - 4 7 . 2 -35.4 - 1 7 . 2 «-50.1 52.1 - 8 4 . 0 11.5 -2.0 -25.1 -4.8 — 12 0 -2.0 —23.9 -26.9 -10.4 -.9 — .1 -5.9 1950 Jan -Mar Apr.-June July-Sept. Oct.-Dec .2 1.0 — 13.9 -22.8 3.9 9.2 -26.9 -2.8 -14.7 -2.8 1951 Jan.-Mar Apr.-June July-Sept Oct -Dec. -50.9 15.0 " " - ' . 9 28.0 30 1 -11.7 -5.0 3.5 -4.0 -18.8 -2.4 -3.9 —25.0 ""i2*!7 20.3 19.2 -28.0 -25.0 -31.0 10.0 4.8 Total» 1942 1943 1944 1945 1946 1947. 1948 1949 1950 1951 1952 22,726 21,938 20,619 20,065 20,529 22,754 24,244 24,427 22,706 22,695 23,186 22,739 —23.0 315.7 —458.4 125.4 21,981 —757.9 68.9 —803.6 48.3 20,631 — 1,349.8 —845! 4 —459! 8 35.8 20,083 —547.8 — 106.3 —356.7 32.0 623.1 311^5 20,706 465! 4 5l!2 22,868 22,162.1 1,866.3 210.0 75.8 24 399 1,530.4 1,680^4 —159!2 70! 9 24,563 164.6 686.5 - 4 9 5 . 7 67.3 22,820 — 1,743.3 —371.3 -1,352.4 80.1 22,873 52.7 —549! 0 617^6 r 66! 3 23,252 378.9 684.3 —304.8 67 .4 1952—June. . July... Aug.. . Sept... Oct.... Nov... Dec... 23,346 23,350 23,344 23,342 23,339 23,337 23,186 23,533 23,536 23,528 23,525 23,521 23,504 23,252 22,986 22,662 22,563 22,562 22,537 June. . ^22,463 23,079 22,751 22,649 22,639 22,590 P22.521 1953—Jan. . . Feb... Mar.. . Apr. . . May.. 1952 Jan.-Mar Anr -Tune Tuly-Sept. Oct.-Dec Treasury (-) 3 -37.9 -73.1 —9.2 -4.9 25.1 -3.7 10.7 - 1 0 8 . 0 - 1 4 . 4 —50.0 -64.8 22.2 — .9 14.9 1945 1946 1947 1948 1949 1950 1951 1952 Period Earmarked Net Increase gold im- gold: de- Domesin total port or crease tic gold gold producexport or instock tion crease -17.6 —7.4 -2.0 2.0 -3.2 —2.4 .4 .3 4.3 7.2 — .1 -1.9 30.5 3.8 -8.0 -2.8 -4.4 -16.9 -252.6 -172.8 -327.5 -102.5 -10.0 -48.7 P-69.6 36.6 24.5 3.1 33.3 83.5 .3 8.1 -2.2 -2.0 3.5 7.0 .1 (3) 19.3 -31.4 -32.6 -13.8 -92.4 -29.0 -263.2 5.5 6.4 6.5 6.2 6.8 6.0 5.9 -171.7 -324.1 -106.5 -16.8 -48.9 4 -68.5 4.5 4.3 5.2 5.2 6.1 (3) r 1953 -10.0 Jan.-Mar 1 Includes 2 Includes 3 Includes 4 -3.6 -4.3 Bank for International Settlements. sale of 114.3 million dollars of gold to Italy. sales of 185.3 million dollars of gold to China. Includes sales of gold to Egypt as follows: 1950, 44.8 million dollars; and 1951, 76.0 million. s Includes sales of 45.0 million dollars of gold to Indonesia. JULY 1953 P Preliminary. Revised. *See footnote 2 on opposite page. 2 Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund. 3 Not yet available. 4 Gold held under earmark at the Federal Reserve Banks for foreign account, including gold held for the account of international institutions, amounted to 6,049.6 million dollars on June 30, 1953. Gold under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. 793 INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [End-of-month figures. In millions of dollars] 1953 1952 1953 International Fund 1952 International Bank Jan. Gold Currencies (balances with depositories and securities payable on demand): United States Other Unpaid balance of member subscriptions, Other assets Member subscriptions Accumulated net income Oct. Jan. July 1,692 1,691 1,537 1,531 1,288 4,395 1,354 1 8,737 1,319 1,322 4,420 4,408 869 883 1 1 1 8,737 8,154 8,152 -7 -7 -7 1,293 4,390 1,354 1953 Net currency purchased1 (Cumulative—-millions of dollars) May Apr. 1952 Mar. May 50.0 50.0 50.0 11.4 11.4 11.4 2.5 37.5 37.5 37.5 -1 -1.8 - 1 . 6.0 6.0 6.0 10.2 10.2 10.2 - 5 . 5 - 5 . 5 -5.5 4.5 4.5 4.5 125.0 125.0 125.0 100.0 100.0 100.0 8.8 8.8 Australian pounds Belgian francs Bolivian bolivianos Brazilian cruzeiros Chilean pesos Czechoslovakian koruny. Danish kroner Egyptian pounds Finnish markkaa French francs Indian rupees Iranian rials Netherlands guilders. . . . Turkish liras Pounds sterling Yugoslav dinars All other 20.0 11.4 103.0 3.6 6.0 10.2 -5.5 48.1 125.0 100.0 8.8 75.2 665.9 663.4 711.4 Gold Currencies (balances with depositories and securities payable on demand): United States Other Investment securities (U. S. Govt. obligations) . Calls on subscriptions to capital stock 2 . :alls Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) Other assets ; Bonds outstanding Liability on obligations sold under guarantee Loans—undisbursed Other liabilities General reserve Special 2reserve Capital Sept. Mar 10 13 1,033 1,040 1,035 446 3 495 4 472 4 5 940 490 4 1,445 1,409 1,330 1,186 17 13 15 14 556 568 496 450 66 59 41 423 407 372 9 9 7 5 71 66 63 55 35 32 30 26 1,807 1,807 1,807 1,691 66 404 iAs of May 31, 1953, the Fund had sold 872.2 million U. S. dollars; in addition, the Fund sold to the Netherlands 1.5 million pounds sterling in May 1947 and 30.0 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 252.2 million dollars. Currencies the net transactions in which amount to less than one million are reported under "All other." 2 Excludes uncalled portions of capital subscriptions, amounting to 7.229 million dollars as of Mar. 31, 1953, of which 2,540 million represents the subscription of the United States. 764.9 10.0 10.0 10.0 300.0 300.0 300.0 3oo!6 9.0 9.0 9.0 9.0 -1.6 -1.6 -1 -1.7 Total... Dec. Mar. CENTRAL BANKS Bank of England (Figures in millions of pounds sterling) Assets of issue department Other assets 2 Gold* Assets of banking department Notes and coin Discounts and advances .2 .2 .2 .2 .2 .2 .4 .4 .4 1.100.0 ,250.0 ,400.0 ,450.0 ,450 0 ,325.0 ,350.0 ,375.0 ,450.0 12.5 13.5 20.7 23.4 100.8 36.1 33.7 19.2 14.1 1952—June 25 July 30 Aug 27 Sept. 24 Oct 29 Nov 26 Dec. 31 .4 .4 .4 .4 ,500.0 ,550.0 L,500.0 L,500.0 1,500.0 1,500.0 1,575.0 59.8 36.8 43.0 57.8 57.7 40.5 51.3 21.2 21.6 1953—Jan. Feb Mar Apr May .4 ,500.0 1,500.0 1,550.0 1,550.0 1,550.0 52.9 37.3 63.3 38.2 19.8 6.5 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec 1948—Dec. 1949—Dec 1950—Dec. 1951—Dec. 29 27 26 25 31 29 28 27 26 .... 28 25 25 29 27 .4 .4 .4 .4 .4 .4 .4 4 4 2.5 5.1 8.4 13.6 15.2 16.7 14.8 29.2 18.2 7.2 5.2 9.3 9.9 11.2 7.1 6.2 13.8 6.0 Securities Liabilities of banking department Note circulation 3 Other Deposits Bankers' Public 307.9 317.4 327.0 327.6 331.3 401.1 489.6 384.0 389.2 1.088.7 ,238.6 ,379.9 ,428.2 ,349.7 ,293.1 ,321.9 ,357.7 ,437.9 234.3 260.7 274.5 278.9 315.1 314.5 299.2 313.5 299.8 1,442.1 L,515.1 L,459.0 1,444.1 1,444.2 L.461.4 1,525.5 275.7 262.0 252.4 275.7 271.6 275.4 302.8 10.6 10.4 16.0 11.1 13.5 15.4 10.0 1,448.9 274.5 292.6 288.3 261.8 260.3 11.5 9.8 14.6 13.8 15.7 ECA 10.3 309.6 319.7 324.4 333.5 324.8 357.6 371.2 liabili- 343.2 389.9 359.0 354.8 384.9 1,464.7 1 L,488.8 I,514.0 L.532.4 5.2 5.3 10.3 18.6 11.7 11.6 15.4 13.4 17.4 97.9 .4 .6 13.6 18.2 23.0 24.2 22.2 26.6 24.3 32.2 44.6 32.0 39.5 45.7 Other 60.4 52.3 58.5 57.3 95.5 92.1 111.2 85.0 89.8 72.5 69.2 64.8 67.0 66.7 72.6 78.5 66.1 68.8 75.0 73.9 71.0 ties and capital 17.9 17.8 17.8 18.1 18.1 18.1 18.1 18.1 18.1 18.1 18.3 18.4 18.5 17.8 18.0 18.1 18.3 18.4 18.5 17.8 18.0 *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. 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. 7 and 25 million on Jan. 14, and increased by 50 million on Mar. 25. For details on previous changes, see BULLETIN for February 1953, p. 194. 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. 794 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Liabilities Assets Bank of Canada (Figures in millions of Canadian dollars) Gold Sterling and United States dollars Dominion and provincial government securities Deposits Other assets Chartered banks Dominion government Other 359.9 496.0 693.6 874.4 1,036.0 1,129.1 1,186.2 1,211.4 1,289.1 1,307.4 1,367.4 1,464.2 217.7 232.0 259.9 340.2 401.7 521.2 565.5 536.2 547.3 541.7 578.6 619.0 10.9 73.8 51.6 20.5 12.9 153.3 60.5 68.8 98.1 30.7 24.7 94.9 9.5 6.0 19.1 17.8 27.7 29.8 93.8 67.5 81.0 126.9 207.1 66.1 28.5 35.1 24.0 55.4 209.1 198.5 42.7 42.4 43.1 119.2 172.6 200.0 76.1 71.2 69.7 70.8 103.4 72.3 77.3 1,441.8 1,458.3 1,464.4 1,476.5 1,485.6 1,498.8 1,561.2 578.0 595.5 614.7 588.2 668.8 607.3 626.6 26.8 51.6 52.0 30.7 18.8 15.0 16.2 48.5 41.6 47.4 49.4 56.0 65.1 44.5 93.9 111.2 122.1 134.0 99.8 125.2 132.9 82.3 88.8 79.4 86.5 99.9 1,479.6 1,472.8 1,493.4 1,504.8 1,517.9 603.1 668.0 601.1 646.7 594.9 40.5 88.6 60.6 48.3 45.6 47.6 51.4 66.5 76.8 72.1 130.1 109.3 105.1 110.6 114.8 Shortterm1 Other 38.4 200.9 .5 .6 172.3 156.8 1.0 2.0 .4 74.1 111.4 117.8 448.4 391.8 807.2 787.6 906.9 1,157.3 1,197.4 ,022.0 ,233.7 ,781.4 ,229.3 ,141.8 127.3 216.7 209.2 472.8 573.9 688.3 708.2 858.5 779.1 227.8 712.5 1,049.3 12.4 33.5 31.3 47.3 34.3 29.5 42.1 43.7 45.4 42.5 297.1 135.2 30 •June 30 . 1952—. July 31 Aug. 29. Sept. 30. Oct. 31. Nov. 29. Dec. 31. 43.8 63.0 74.9 73.5 42.8 67.6 77.1 ,251.3 ,280.0 ,303.2 ,263.7 ,286.7 ,214.3 ,459.8 817.8 843.9 852.9 870.9 896.1 957.3 767.2 1953—Jan. 31. FeU 28. Mar. 31. Apr. 30. May 30 . 64.3 72.0 65.5 68.0 59.3 ,351.2 ,411.9 ,371.0 1,436.6 1,364.8 803.0 817.5 810.9 796.0 821.4 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 31. 31. 31. 31. 30. 31. 31. 31. 31. 31. 30. 31. Assets Bank of France (Figures in millions of francs) 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. Gold* Foreign exchange Other liabilities and capital3 Note circulation2 Liabilities Advances to Government6 Domestic bills Other assets 6 Open market6 Special Other Current Other 42 7,802 26. 84,616 38 6,812 31. 84,598 37 8,420 31. 84,598 37 9,518 30. 84,598 42 12,170 28. 75,151 68 17,980 27. 129,817 7 37,618 26. 94,817 12 67,395 31. 65,225 30 97,447 30. 65,225 29. 62,274 61,943 137,689 28. 182,785 162,017 136,947 27. 191,447 28,320 234,923 661 12 169 29 48 303 3,135 64 8,577 28,548 34,081 31,956 3,646 4,517 5,368 7,543 18,592 25,548 76,254 117,826 238,576 335,727 393,054 741,267 63,900 69,500 68,250 64,400 15,850 67,900 147,400 150,900 157,900 158,900 160,000 112,317 182,507 250,965 366,973 475,447 445,447 480,447 558,039 558,039 560,990 481,039 481,039 18,571 17,424 16,990 16,601 20,892 24,734 33,133 59,024 57,622 112,658 212,822 190,830 Note circulation Deposits7 Government 984 218,383 1,517 270,144 382,774 770 500,386 578 572,510 748 570,006 12,048 721,865 765 920,831 733 987,621 806 ,278,211 1,168 ,560,561 70 ,841,608 29 ECA Other 27,202 25,272 29,935 33,137 37,855 57,755 63,468 82,479 171,783 158,973 15,058 161,720 10,587 166,226 Other liabilities and capital 8 44,986 868,474 821,318 815,596 7,078 4,087 7,213 10,942 16,206 19,377 24,234 41,332 1952—June 26. July 31. Aug. 28. Sept. 25. Oct. 30. Nov. 27. Dec. 31. 191,447 191,447 194,943 194,943 194,943 198,439 200,187 16,991 20,077 23,435 27,613 28,815 30,413 31,068 254,301 258,560 257,589 270,264 283,717 274,454 274,003 21,871 11,779 14,404 31,784 48,089 52,225 57,042 831,044 835,599 854,081 812,416 872,793 851,545 937,459 168,000 167,800 168,600 166,300 171,100 172,000 172,000 479,982 479,982 479,982 479,982 479,982 479,982 479,982 110,501 ,885,929 184,957 ,984,549 169,852 ,969,553 171,274 ,962,270 161,989 2 ,024,943 154,146 2 ,006,873 159,727 2 ,123,514 36 55 13 83 25 10 27 730 816 9,039 539 8,392 10,887 897 143,900 121,411 137,403 129,755 158,275 139,480 137,727 43,541 43,369 46,878 61,930 49,792 55,954 49,305 1953—Jan. 29. Feb. 26. Mar. 26. Apr. 30. May 28. 200,187 200,187 200,187 200,187 200,187 16,040 16,502 16,734 14,700 14,896 262,363 263,286 252,386 281,119 291,555 55,681 48,658 41,544 32,627 28,494 915,903 929,291 911,458 923,968 926,296 175,000 185,300 199,400 199,400 199,600 501,982 504,982 504,982 546,482 534,982 124, ,578 2 ,065,210 121,445 2,067,257 122,995 2 ,051,991 153,101 2,127,140 129,412 2,065,483 56 55 10 60 64 730 3,479 498 312 18,525 128,731 146,509 128,788 165,572 182,849 57,008 52,350 68,399 58,500 58,501 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an 3 Beginning November 1944, includes a certain amount of sterling 4 important part of their reserves. and United States dollars. On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 51940, pp. 677-678). For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 6 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8 Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941, 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. JULY 1953 795 CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) 1952 May Apr. Mar. Central Bank of the Argentine Republic (millions of pesos) : 1,358 1,358 Gold reported separately 634 402 Other gold and foreign exchange. Government securities 2,850 2,753 Rediscounts and loans to banks. . 52,227 51,223 Other assets 268 250 Currency circulation 21,683 21,449 Deposits—Nationalized 31,676 30,621 593 626 Other sight obligations 3,385 3,289 Other liabilities and capital C o m m o n w e a l t h Bank of Australia (thousands of pounds): 463,424 445,413 421,838 Gold and foreign exchange Checks and bills of other banks. . 7,950 6,406 6,893 Securities (incl. Government and 424,931 441,850 377,285 Treasury bills) 87,472 98,531 116,142 Other assets Note circulation 326,168 327,418 322,918 Deposits of Trading Hanks: 301,865 301,870 239,095 Special 33,051 34,105 54,439 Other 322,693 328,808 305,706 Other liabilities and capital Austrian National Bank (millions of schillings): 100 100 100 Gold 2,965 2,450 2,489 Foreign exchange 6,424 6,424 6,302 Loans and discounts 2,167 2,492 2,512 Claim against Government 39 43 42 Other assets 8,889 8,859 8,770 Note circulation 305 350 488 Deposits—Banks 402 346 342 Other 1,972 1,943 1,984 Blocked National Bank of Belgium (millions of francs): 34,767 34,492 35,078 Gold' Foreign claims and balances (net). 14,588 14,488 15,238 6,057 5,618 5,606 Loans and discounts Consolidated Government debt. . 34,660 34,660 34,660 8,587 9,272 7,837 Government securities 4,165 3,939 3,997 Other assets 96,594 97,242 95,843 Note circulation 2,650 1,532 2,799 Deposits—Demand 289 221 220 EC A 3,291 3,475 3,553 Other liabilities and capital Central Bank of Bolivia—Mone(Feb.) tary dept. (millions of bolivianos): 1,396 Gold at home and abroad 2 32,652 Foreign exchange (net) 1,886 Loans and discounts 2,196 Government securities 618 Other assets 6,750 Note circulation 1,204 Deposits 794 Other liabilities and capital Central Bank of Ceylon (thousands of rupees): 308,919 341,690 360 699 Foreign exchange 91,000 86, 400 91,100 Advances to Government 153,691 124, 087 107,486 Government securities 4,430 2, 523 2,508 Other assets 394,518 391,282 393 Currency in circulation 3,033 3,694 2, Deposits—Government 127,120 123,921 120 Banks 37,122 39,143 38. Other liabilities and capital Central Bank of Chile (millions of pesos) : 1 ,326 1, 352 Gold 198 356 Foreign exchange (net) 4 387 387 Net claim on Int'l. Fund 1 ,889 1,849 Discounts for member b a n k s . . . . 4,059 4,059 Loans to Government 9,880 9,622 Other loans and discounts 2,766 3,004 Other assets 13,951 13,447 Note circulation 3,172 3,457 Deposits—Bank 376 435 Other 3,033 3,264 Other liabilities and capital Bank of the Republic of Colombia (thousands of pesos) : 534,457 325,196 338, Gold and foreign exchange 24,373 24,373 24,373 Net claim on Int'l. Fund 4 1 ,434 1,436 1,443 Paid-in capital—Int'l. Bank May Central Bank (Figures as of last report date of month) May Apr. 337,119 184,677 83,128 520,724 361,437 73,775 330,884 181,388 84,006 521,011 365,877 73,303 11,511 11 511 Mar. May Bank of t h e Republic of Colombia—Cont. 814 Loans and discounts 463 Government loans and securities. ,119 Other assets ,149 Note circulation 332 Deposits ,434 Other liabilities and capital 683 Central B a n k of Costa Rica 807 (thousands of colones) : 2 ,952 Gold 369,627 323,077 175,566 156,840 82,795 108,557 533,702 473,363 382,066 310,705 65,207 72,484 11,511 109,586 116 271 111,153 Foreign exchange 7,031 7, 031 7,031 Net claim on Int'l. Fund 4 305 877 74,549 63 100 68,848 Loans and discounts 825 4,819 Securities 3 760 1,666 25,072 25, 017 24,403 Other assets 514 173 139,574 139 074 141,683 Note circulation 129 220 67,585 66 002 64,730 Demand deposits 300, 471 22,256 21 614 21,352 Other liabilities and capital National Bank of Cuba 370, 670 (thousands of pesos): 21, 433 195,748 Gold 265! 521 74,686 Foreign exchange (net) Foreign exchange (Stabilization 183,698 Fund) 98 30,668 Silver 642 12,511 Net claim on Int'l. Fund 4 6,745 45,299 Loans and discounts 3,491 39,930 Credits to Government 42 48,062 Other assets 8,348 440,430 Note circulation 233 Deposits 178,056 370 Other liabilities and capital 12,116 2,067 National Bank of Czechoslovakia 5 National Bank of Denmark (millions of kroner): 32,485 69 69 Gold 69 24,298 Foreign exchange 775 784 758 6,131 Contributions to Int'l. Bank. . . . 34,763 118 114 Loans and discounts 85 9,345 446 450 455 Securities 3,639 3,310 3,310 ,307 Govt. compensation account. . . . 94,401 185 174 196 Other assets 1,285 1,889 1,887 ,846 Note circulation 1,308 1,443 1,451 1,417 Deposits—Government 13,667 1,401 1,389 Other 1 171 175 Other liabilities and capital Central Bank of the Dominican 1,370 Republic (thousands of dollars): 956 12,076 12,076 12,076 Gold 1,464 16,662 17,010 16,604 Foreign exchange (net) 4 1,838 1,250 1,250 1 ,250 Net claim on Int'l. Fund 287 43 43 43 Paid-in capital—Int'l. Bank 4,355 798 639 328 Loans and discounts 892 8,689 9,950 8,940 Government securities 669 2,657 1,765 1,023 Other assets 32,754 32,429 32,587 Note circulation 8,036 7,779 7,031 . Demand deposits 571,383 1,494 1,515 1,547 Other liabilities and capital 24,000 Central Bank of Ecuador 27,513 (thousands of sucres): 3,437 338,966 339,110 339, Gold o 402,925 220,560 191,857 220, Foreign exchange (net) 6 6,897 18,757 18,757 18, Net claim on Int'l. Fund 4 183,25011 275,635 303,602 294, Credits—Government 162,940 33,261'! 171,923 161, Other 162,471 168,254 168, Other assets 550,747 568,608 562, Note circulation 178,559 1 ,096 Demand deposits—Private banks 175,391 181, 225,636 218 233,295 229, Other 224,387 221 216,209 Other liabilities and capital 1 ,961 National Bank of Egypt (thou670 sands of pounds) : 7 ,392 Gold 7 60,553 60,553 60,553 3,069 Foreign exchange 23,076 23,348 20,087 9,310 Foreign and Egyptian 2,212 300,105 307,015 310,756 Government securities 604 Loans and discounts 9,989 10,935 10,040 2,501 Advances to Government 1,971 2,966 Other assets 2,499 Note circulation 184,493 186,876 191,349 235 ,027 73,838 77,931 76,429 Deposits—Government 24 ,371j 129,214 128,426 128,889 Other 1 404 9,642 8,163 Other liabilities and capital 9,194 11,511 91,822 7,031 57,025 7,577 24,162 117,550 62,090 19,488 320,564 72,067 147,325 34,988 12,511 16,156 12,887 33,849 427,053 214,918 8,378 69 439 11 83 431 3,870 195 1,702 1,791 1,442 163 .12,066 20,855 1,250 42 545 6,895 632 29,794 10,685 1,807 336,245 110,658 18,758 234,940 169,473 196,380 499,243 165,318 141,686 260,205 60,553 19,216 296,539 26,729 ' 3,325 182,422 84,833 117,624 21,482 * Latest month available. *On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc. 2 It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar. 3 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 4 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 5 For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 6 In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. 7 Beginning April 1951, gold previously held in Issue Department revalued from 7.4375 grams of fine gold to 2.55187 grams of fine gold per Egyptian pound. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1953, p. 78; January 1952, p. 102; January 1951, p. 112; and January 1950, p. 118. 796 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continue** I Central Bank (Figures as of last report date of month) C e n t r a l Reserve Bank of El Salvador (thousands of colones): Gold Foreign exchange (net) l Net claim on Int'l. Fund Loans and discounts Government debt and securities . Other assets Note circulation Deposits Other liabilities and capital Bank of Finland (millions of markkaa): Gold Foreign assets (net) Clearings (net) Loans and discounts Securities Other assets Note circulation Deposits Other liabilities and capital Bank of G e r m a n States (millions of German marks): Gold Foreign exchange Loans and discounts Loans to Government Other assets Note circulation Deposits—Government.......... Banks Other Other liabilities and capital Bank of Greece (billions of drachmae): Gold and foreign exchange (net) Loans and discounts Advances—Government Other Other assets Note circulation Deposits—Government Reconstruction and relief accts Other Other liabilities and c a p i t a l . . . . Bank of G u a t e m a l a (thousands of quetzales): Gold Foreign exchange (net) Gold contribution to Int'l. Fund Rediscounts and a d v a n c e s . . . . Other assets Circulation—Notes Coin Deposits—Government Banks Other liabilities and c a p i t a l . . . . National Bank of Hungary 3 Reserve Bank of India (millions of rupees): Issue department: Gold at home and a b r o a d . . . . Foreign securities Indian Govt. securities Rupee coin Note circulation Banking department: Notes of issue department. . . . Balances abroad Bills discounted Loans to Government Other assets Deposits Other liabilities and capital... Central Bank of Ireland (thousands of pounds): Gold Sterling funds Note circulation 1953 May Apr. 1952 Mar. May I 73,125 75,501 1,566 10,100 4,162 1 ,696 88,679 69,487 7,985 5,862 8,391 5,300 42,234 1 ,604 2,152 45,962 1 ,402 18.179 73,193 80,016 1,566 7,230 4,355 1,385 91,041 68,775 7,929 73,243 78,672 1,566 9,121 5,299 1,545 97,047 64,637 7,762 5,862 5,862 8 552 8,972 6,473 6,154 37,214 36,108 1,643 1,652 2,169 2,310 43,804 44,078 872 535 17,236 16,445 775 880 4,931 5,072 2 ,068 2,226 7,499 7,471 994 961 10,757 10,773 1,484 1 ,473 2,142 ,355 284 271 1,709 ,628 2 775 4,583 2,681 7,069 1,118 10,611 1,526 2,106 249 1 ,733 Bank of Italy (billions of lire): Gold Foreign exchange Advances to Treasury , Loans and discounts Government securities , Other assets , Note circulation , Deposits—Government Demand , Other Other liabilities and capital B a n k of J a p a n (millions of y e n ) : 865 Bullion 0221 Advances to Government , 269J Loans and discounts , 877 Government securities 960 Other assets , 892 Note circulation , 5791 Deposits—Government 454] Other 85 lj Other liabilities T h e J a v a B a n k (millions of rupiah) : Gold 2591 Foreign exchange (net) ,713 Loans and discounts , , 12<, Advances to Government ,963 Other assets. 610 N o t e circulation ,748 Deposits—ECA 120 Other ,739 Other liabilities and capital. 264 , 803 Bank of M e x i c o (millions of pesos): Monetary reserve 5 "Authorized" holdings of securities, etc ,454 Bills and discounts , 140 Other assets. ,160 Note circulation ,370 Demand liabilities ,827 Other liabilities and capital , 985 (millions of 89<J N e t h e r l a n d s B a n k guilders): ,619 Gldc _ ; 2 ,060 Silver (including subsidiary coin). 3,387 4,144 129 8,745 3,424 1.973 2,476 847 7,661 2,000 5,432 1 ,949 3,026 27,228 27,453 1,250 6,772 18,357 44,361 3,530 4,721 13,472 14,974 27,228 25,055 1,250 7,587 22,051 45,476 3 ,534 3,513 12,882 17,766 27,228 17,495 1,250 5,095 19,020 41,154 3,359 3,690 6,094 15,790 400 5,982 4,499 876 11,596 400 5,782 4,499 821 11,331 400 6,032 4,646 749 11,366 170 1,455 88 33 1,310 2,650 407 460 845 48 8 1,384 2,341 405 2,646 2,646 2,646 61,232 61,500 61,788 63,878 64,146 64,434 2,646 55,552 58,199 159 1,183 127 40 1 ,146 2,218 436 1953 May 4 50 570 281 262 698 1,257 81 54 369 103 946 076 566 248 375 334 150| 3891 006 1,903 142 8,940 3,426 1,463 2,414 823 7,663 2 Central Bank (Figures as of last report date of month) 448 37,424 382,347 180,520 108,361 501,136 106,047 63,609 38,307 4 2,365 476 586 5.292 145 4,767 496 2 ,983 Apr. 4 49 571 312 262 705 1,263 131 57 350 101 1952 Mai'. May 4 47 572 313 267 715 1 ,277 121 59 359 101 4 36 590 226 211 786 1,204 152 55 368 73 448 448 ,424 38,424 ,171 387,695 ,200 193,635 , 756 132,653 710 515,977 934 129,894 626 54,478 728 52,506 '501 38,390 279,940 153,650 114,666 444,003 61,405 41,202 40,540 788 312 604 5,264 227 4,506 496 1 ,579 614 788 189 545 5,618 269 4,480 496 t , 862 571 1,063 1,209 237 2,177 850 3 ,462 496 1,223 355 1 ,186 1,199 1 ,229 1,042 3,031 635 382 3,207 1 ,536 490 3,120 598 362 3,235 1 ,559 484 3,198 602 366 3,333 1 .583 479 2,521 634 447 3,034 1,134 475 2,290 17 1,598 36 1,300 529 33 3,049 974 1,196 318 200 2,291 16 1,700 36 2,291 16 1 ,541 57 1 .451 536 35 3,085 1 ,149 1,174 248 201 1,303 15 1,184 38 Foreign assets (net) Loans and discounts Govt. debt and securities Other assets Note circulation—Old New Deposits—Government ECA Other Other liabilities and capital Reserve Bank of New Zealand (thousands of pounds): 6,020 Gold 66,511 Foreign exchange reserve 6,019 Loans and discounts Advances to State or State un- 57,786 dertakings 34,950 Investments 1,689 Other assets 62,656 Note circulation 101,535 Demand deposits 8,785 Other liabilities and capital Bank of Norway (millions of kroner): 280 Gold 177 Foreign assets (net) 13 Clearing accounts (net) 65 Loans and discounts 44 Securities 5,546 Occupation account (net) 57 Other assets 2,745 Note circulation 2,092 Deposits—Government 562 Banks 322 ECA—MSA 460 Other liabilities and capital 1.300 525 34 3,051 1,125 1,177 276 205 2,100 499 43 2,870 624 1,027 367 207 6,017 6,015 59,446 53,883 6,019 6,019 5,873 25,464 6,019 57,753 34,882 2,861 62,886 95,579 8,512 58,074 32,132 1,449 62,469 86,725 8,377 54,701 32,182 2,636 61,876 57,020 7,980 280 221 19 61 44 280 261 30 60 44 5 ,546 53 2,775 2,174 552 302 472 242 473 33 62 46 6,202 59 2,573 1,999 1,012 966 568 5,546 57 2,756 2,080 608 311 473 r Revised. 1 This figure represents the a m o u n t of the bank's subscription to the F u n d less the b a n k ' s local currency liability to the F u n d . Until such time as the F u n d engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 Figure reflects the adjustment in the official exchange rate from 15,000 to 30,000 drachmae per dollar, effective Apr. 9, 1953. 3 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 4 Gold revalued in M a y 1953 from 4,265.35 rupiah to 12,796.05 rupiah per kilogram of fine gold. 5 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. eGold revalued on Sept. 19, 1949. from .334987 to .233861 grams of fine gold per guilder. N O T E . — F o r details relating to individual items in certain bank statements, see BULLETIN for J a n u a r y 1953, p . 79; J a n u a r y 1952, p. 103; and J a n u a r y 1951, p . 113. JULY 1953 797 CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) State Bank of Pakistan (millions of rupees): Issue department: Gold at home and abroad. . . Sterling securities Pakistan Goyt. securities. . . Govt. of India securities India currency Rupee coin Notes in circulation Banking department: Notes of issue department. . Bills discounted Loans to Government Other assets Deposits Other liabilities and capital.. Central Bank of Paraguay (thousands of guaranies): Gold Foreign exchange (net) 1 Net claim on Int'l. Fund Paid-in capital—Int'l. Bank Loans and discounts Government loans and securities. Other assets Note and coin issue Deposits—Government Other Other liabilities and capital Central Reserve Bank of Peru (millions of soles): Gold and foreign exchange 2 Net claim on Int'l. Fund 1 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 1 Loans Domestic securities Other assets Note circulation Demand deposits Other liabilities and capital Bank of Portugal (millions of escudos): Gold Foreign exchange (net) Loans and discounts Advances to Government Other assets Note circulation Demand deposits—Government.. ECA Other Other liabilities and capital South African Reserve Bank (thousands of pounds): Gold* Foreign bills Other bills and loans Other assets Note circulation Deposits Other liabilities and capital Bank of Spain (millions of pesetas): Gold Silver Government loans and securities. Other loans and discounts 1952 May Apr. 81 Mar. Central Bank (Figures as of last report date of month) May 81 409 1,183 126 300 66 2,100 81 418 1,144 126 300 66 2,087 81 916 665 126 300 69 2,092 113 65 9 104 " " 80 413 440 509 468 130 117 48 6 43 519 501 115 65 96 421 1,191 126 300 67 2,073 679 730 111 (Feb.)* 1,138 61,580 11 -1,032 90,176 349,643 159,348 346,757 63,686 114,294 136,128 620 67 2 364 829 182 1,416 379 269 644 21 2 212 842 210 1,267 370 294 18,813 18,552 460,228 458 ,355 29,504 29,504 44,380 48,140 234,515 234 ,826 153,653 149,783 579,629 576 ,465 221,649 223 ,939 139,816 138,754 16,461 470,908 29,504 24,365 234,716 153,593 545,411 249,026 135,110 4,696 4,646 4,616 11,978 11,899 11,770 840 737 708 1,423 1,427 1,427 555 596 607 8,732 8,853 8,869 1,569 1,865 1,868 543 67 2 414 853 202 1,440 354 288 6,771 2,040 6 6,544 2,038 9 6,726 2,032 4,415 11,598 657 1,417 599 8,876 1,540 29 6,142 2,099 61,968 47,802 16,713 39,057 91,500 55,718 18,323 61,241 49,298 13,951! 43,538 90,252 57,584 20,192 61,573 56,350 16,931 46,047 89,144 70,143 21,614 57,215 70,780 16,497 30,071 85,129 68,254 21,180 581 581 344 355 15,985 16,020 21,175 22,116 570 359 15,801 22,423 555 377 15,948 19,868 6 1952 1953 May Apr. Ma Bank of Spain—Cont. Other assets ,813 30,629 29,890 Note circulation ,416 36,704 37,303 Deposits—Government ,604 2,243 1,814 Other ,504 3,962 4,128 ,386 26,780 25,798 Other liabilities and capital Bank of Sweden (millions of kronor) : 427 429 Gold 427 1,152 1,241 Foreign assets (net) ,189 129 129 Net claim on Int'l. Fund 1 129 13 Paid-in capital—Int'l. Bank 13 13 Swedish Govt. securities and ad- 4 2,605 2,404 vances to National Debt Office ,334 295 322 Other domestic bills and advances 362 728 734 718 Other assets 4,365 Note circulation ,223 4,311 300 Demand deposits—Government.. 132 343 69 202 53 Other 615 614 563 Other liabilities and capital Swiss National Bank (millions of francs): ,909 ,970 5,911 Gold 554 518 467 Foreign exchange 217 217 225 Loans and discounts 80 80 76 Other assets ,796 ,791 Note circulation 4,806 ,763 ,794 Other sight liabilities 1,677 200 200 Other liabilities and capital 196 Central Bank of the Republic of Turkey (millions of pounds): 402 402 Gold 402 Foreign exchange and foreign 213 clearings 215 206 1,656 ,640 1,691 Loans and discounts 26 26 26 Securities 114 112 112 Other assets 1,229 ,239 1,239 Note circulation 153 153 Deposits—Gold 153 712 754 Other 765 290 275 280 Other liabilities and capital Bank of the Republic of Uruguay (Jan.) (thousands of pesos): 313,786 Gold 9,273 Silver 309 Paid-in capital—Int'l. Bank Advances to State and Govern132,328 ment bodies 350,236 ' Other loans and discounts 510,549 Other assets 390,148 Note circulation 100^675 Deposits—Government 339,560 Other 486,098 Other liabilities and capital Central Bank of Venezuela (millions of bolivares): 1,141 1,141 ,141 Gold 173 71 279 Foreign exchange (net) 92 90 98 Other assets 938 925 955 Note circulation 272 276 266 Deposits 196 309 88 Other liabilities and capital Bank of International Settlements (thousands of Swiss gold francs) : 647 ,149 742,019 712,617 Gold in bars Cash on hand and with banks. . . 46 ,372 42,094 50,748 5,079 4 ,176 7,571 Sight funds at interest Rediscountable bills and accept257,055 239,319 216 ,548 ances (at cost) 28 ,429 40,882 45,557 Time funds at interest Sundry bills and investments. . . . 187 ,773 166,466 227,165 297 ,201 297,201 297,201 Funds invested in Germany 1,468 1,316 ,433 Other assets 455i 066 482^616 476 ,315 Demand deposits (gold) Short-term deposits: Central banks—Own account.. 454,029 490 ,635 518,401 57,512 60,783 56 Other 228,909 228,909 228 ,909 Long-term deposits: Special 275,468 274,855 274 ,314 Other liabilities and capital May 27,730 35,299 1,934 2,706 24,540 463 1,346 88 11 2,729 276 786 3,962 1,018 96 621 5,822 289 232 78 4,574 1,649 197 429 126 1,426 27 105 1,112 153 593 256 321,119 9,545 314 164,057 356,140 413,456 358,750 83,053 297,966 524,863 1,141 211 72 863 238 322 471,683 100,082 17,987 188,798 25,704 281,621 297,201 1,665 334,632 471,371 79,535 228,909 270,293 * Latest month available. iThia figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 3 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 4 Includes small amount of non-Government bonds. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1953, p. 80; and January 1950, p. 120. 798 FEDERAL RESERVE BULLETIN MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central b a n k of— Date effective Ineff ect Dec. 31, 19^L7 June 28, 1948. . Sept. 6 Oct. 1 May 27, 1949. . Tuly 14 6 Oct Tune 8 1950 Sept. 11 Sep* 26 Oct. 27 Dec. 1 Apr. 17, 1951 . . Julv 2 Nov Dec. Jan. 2)4 &3 7 Apr In effect M a v 31, 1953 Central bank of—- Rate May 31 Date effective Italy Japan Java Mexico Apr. 4 5.84 Oct. Apr. 3 1950 1951 1946 1942 June 13, 1935 July 18, 1933 Feb. 1, 1950 Netherlands . New Zealand. Norway Pakistan.... 2)4 Apr. July Jan. July 7, 1953 26, 1941 9, 1946 1, 1948 5 Nov. 2, 1950 May 13, 1948 3)4 July 1, 1952 3 Mar. 22, 1950 Peru Portugal. . . . South Africa Spain Dec. 16, 1951 Nov. 9, 1951 Jan. 8, 1953 Sweden Switzerland.. Turkey United Kingdom USSR Argentina Austria Belgium Bolivia 5 3 6 4 4 Mar. Mar. Dec. Sept. 1, 1936 26, 1953 18, 1952 30, 1950 6, 1, 1, June 4, 141^ 14 .21A. 3 4 Denmark Ecuador Egypt. El Salvador . . 3)4 3/4: 3 2 V 10 4 4 : : * Finland France Germany Greece India Ireland 15 3 3 14 2K 4 4 14 Oct. 17, 1950 2 ._ . . >6 5 8 9 22, 1952 12 29 1 21 . . . 18 8, 1953 ..!«. Date effective Rate May 31 Canada . Chile Colombia Costa Rica... . 2V2 . . * 3H&4 Sept. 13 Oct 11 Nov. Jan. Mar. May Aug. Aug. Central bank of— NethUnited Switzer- SweKing- France Ger- Belerdom many gium lands den land 3 3 4 14 12 July 12, 1948 Nov. 15, 1951 Mar. 25,1952 3 6 I* 4 3 1* 4 4 Nov. 13, 1947 Jan. 12, 1944 Mar. 27, 1952 Mar. 18, 1949 Dec. 1, 1950 Nov. 26, 1936 Feb. 26, 1951 Mar. 12,1952 July 1, 1936 1 Rate establu3hed for the Land Centr al banks. NOTE.—Chan ges since May 31: Germ any—June 11,f rom 4 to 3 )4 I>er cent. OPEN-MARKET RATES [Per cent per annum] Month France United Kingdom Canada Netherlands Sweden Switzerland Loans up to 3 months Private discount rate Treasury bills 3 months Bankers' acceptances 3 months Treasury bills 3 months Day-today money Bankers' allowance on deposits Day-today money 1943—April 1944—April 1945—April 1946—April 1947—April 1948—April 1949—April 1950—April 1951—April 1952—April .50 .39 .37 .37 .41 .41 .49 .51 .76 .98 1.03 1.03 1.03 .53 .53 .56 .58 .69 .69 3.00 1.01 1.01 1.01 .51 .51 .51 .51 .51 .51 2.35 1.03 1.13 1.00 .63 .63 .63 .63 .63 .63 2.25 .50 .50 .50 .50 .50 .50 .50 .50 .50 2.00 1.66 1.73 1.47 1.25 1.41 2.00 2.12 2.64 2.60 3.65 1952—May 1.02 1.08 1.11 1.10 1.14 1.19 1.21 1.35 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 2.37 2.43 2.46 2.46 2.49 2.43 2.38 2.41 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 3.77 3.66 3.84 3.77 4.00 3.98 3.98 3.93 1.25 1.20 1.05 .85 .85 .84 .87 .92 .90 .75 .75 .58 .62 .50 .54 .58 2H-4M 3-5 3-5 3-5 3-5 3-5 3-5 3-5 3-5 3-5 3-5 1.35 1.47 1.50 1.53 3.00 3.00 3.00 3.00 2.39 2.42 2.40 2.41 2.25 2.25 2.25 2.25 2.00 2.00 2.00 2.00 3.97 4.10 3.93 4.05 .83 .81 .90 .93 .54 .50 .51 .71 3-5 3-5 3-5 3-5 June July August September.... October November.... December 1953—January February March April Day-today money Treasury bills 3 months 3-5H .. . . . _ 1.59 1.38 1.29 1.44 1.55 1.40 . . "!50" ' 1.11 .93 1.24 1.25 1.24 1.00 2H-4M 2 V*>—4 V*» .25 L .25 L.25 L .25 L.25 1.50 L.63 L50 L.50 .50 .50 .50 .50 .50 1.50 .50 .50 .50 .50 L.50 .50 .50 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172 pp. 656-661, and for description of statistics see pp. 571-572 in same publication. JULY 1953 799 COMMERCIAL BANKS Assets United K i n g d o m 1 (11 London clearing banks. Figures in millions of pounds sterling) Cash reserves Money at call and Bills dis- Treasury deposit short counted receipts 2 notice 1047—December. 1948—December. 1949—December. 1950—December. 1951—December 502 502 532 540 531 480 485 571 592 598 793 741 1,109 1,408 972 1952— Mine July August.... September. October November. December. 504 501 510 503 498 503 549 537 535 516 530 500 516 529 498 491 515 456 472 454 464 Loans to Securities customers 1 ,204 1 .046 1,024 1 ,010 1 ,080 497 498 498 Deposits Other assets Total 1,064 139 239 295 122 142 1,248 1953—Tanuary... February.. March.... April May Liabilities Demand Time 1,219 1 ,396 1 ,534 1,660 1,950 567 621 579 735 867 5,935 6,200 6,202 6,368 6,333 3,962 4,159 4,161 4,262 4,290 1 ,972 2,041 2,041 2 .106 2.042 1,917 1.917 1,918 1,921 2,142 2,138 2,148 ,875 .834 , 765 ,758 ,759 , 755 ,764 726 696 638 662 676 655 748 6.064 6,063 6,048 6,126 6,167 6,183 6,460 3,909 3,903 3,878 3,910 3,948 3,949 4,232 2,155 2,159 2,170 2,216 2,219 2,234 2,228 2,148 2,130 2,122 2,119 2,123 1,288 1 ,397 793 456 102 ,764 ,783 1,811 1,825 1 ,784 659 649 641 664 654 6,259 6,029 6,053 6,060 6,083 4,025 3,836 3,873 3,860 3.896 2.234 2,192 2,179 2,200 2,187 1,483 1 ,478 1,512 1,528 1,965 Assets Canada (10 chartered banks. End of month figures in millions of Canadian dollars) Liabilities Security loans abroad and net Other Security loans and due from foreign Joans discounts banks Deposits payable in Canada excluding interbank deposits Entirely in Canada Cash reserves Securities Other asseta Notes 3 Other liabilities and capital Total Demand Time 6,412 7,027 7,227 7,828 7,896 2,671 2,970 2,794 3,270 3,284 3,740 4,057 4,433 4,558 4,612 ,544 ,537 ,477 ,667 ,714 1947- -December. 1948- -December. 1949- -December. 1950- -December. 1951- -December. 731 749 765 824 907 105 101 133 134 107 1 ,999 2,148 2,271 2,776 3,028 106 144 146 171 227 3,874 4,268 4.345 4,286 3.876 ,159 .169 ,058 ,304 .464 1952—May June July August. . . . September. October November. December.. 785 813 847 828 843 879 827 916 132 138 145 147 135 130 121 155 3,012 3,048 3,053 3,048 3,093 3,212 3,350 3,289 255 328 279 260 250 278 308 326 4,100 4,067 4,134 4,139 4,202 4,147 4,006 3,955 ,350 ,453 ,278 ,306 ,383 ,396 ,424 ,516 7,979 8,120 8,079 8,075 8,191 8.319 8,291 8,421 3,210 3,328 3,243 3,205 3,290 3,418 3,376 3,497 4,769 4,792 4,836 4,870 4,901 4,901 4,916 4,924 ,655 ,727 ,658 ,652 ,716 ,722 ,746 ,736 1953—January.. February. March April 835 877 851 897 135 141 140 152 3,293 3,301 3,394 3,508 308 330 322 345 3,981 4,042 4,082 4,135 ,321 ,342 , 394 ,380 8,188 8,310 8,458 8,642 3,244 3,301 3,391 3,535 4,945 5,008 5,067 5,107 ,684 ,724 1,724 1,774 18 16 14 Liabilities Assets France (4 large banks. End of month figures in millions of francs) Deposits Other liabilities and capital Total Demand Time Own acceptances 27,409 34,030 29,843 31,614 38,114 341,547 552,221 627,266 749,928 906,911 338,090 545,538 619,204 731,310 879,767 3,457 6,683 8,062 18,618 27,145 25,175 30,638 26,355 28,248 33,774 8,916 12,691 15,662 17,316 23,547 180,550 172,693 193,942 196,665 177,289 183,491 185,930 163,992 169,508 41,474 43,093 44,463 45,990 43,318 44,415 47,721 51,882 61,909 831,729 891,422 848,354 846,689 890,582 855,024 863,250 914,021 896,076 800,944 861,703 819,030 817,569 860,668 824,874 831,713 882,233 864,033 30,786 29,719 29,324 29,120 29,915 30,150 31,536 31,789 32,043 28,482 27,025 25,529 23,811 19,221 17,810 18,292 20,222 24,957 36,556 39,893 42,738 49,121 51,525 55,794 60,713 64,388 66,225 174,912 174,329 175,934 33,586 34,793 37,896 907,691 900,626 900,928 873,232 864,734 864,528 34,459 35,892 36,400 27,216 27,960 27,291 32,932 34,321 38,019 Cash reserves Due from banks Bills discounted Loans 1947—December. 1948—December. 1949—December. 1950—December. 1951—December. 22,590 45,397 40,937 48,131 60,215 19,378 35,633 42,311 52,933 72,559 219,386 354,245 426,690 527,525 627,648 86,875 126,246 129,501 135,289 165,696 1952-April May Tune July August September. October... November. December P 45,646 48,832 50,436 45,999 46,383 48,279 45,375 47,709 51,147 72,947 75,533 72,818 70,090 69,715 67,886 67,846 68,646 68,269 556,151 618,190 554,963 560,877 624,623 584,558 595,383 666,402 636,427 53—January... February. . March.... 47,150 46,436 46,064 69,200 68,971 75,743 642,991 638,377 630,601 Other assets p Preliminary. !This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of % per cent after October 1945. 3 In January 1950, the Bank of Canada assumed responsibility for these notes. NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 800 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. Belgium Argentina (peso) Year or month Basic "Bank notes" account 8.289 7.067 7.163 2.2817 2.2816 2.2009 1.9908 1.9859 1.9878 13.333 13.333 13.333 13.333 13.333 13.333 7.196 7.194 7.195 7.196 7.198 7.198 222.17 222.19 221.73 222.55 223.12 223.58 20.000 20.000 20 000 20 000 20.000 20.000 1952—J u ly . August September October November December . . . .. 1953—January February March April May June Year or month . Free 321.00 321.22 293.80 223.15 223.07 222.63 13.333 13.333 13 333 13.333 13.333 13.333 7.198 7.198 7 198 7.198 7.198 7.198 224.13 224.62 224 35 224.43 224.25 224.19 Ceylon (rupee) Denmark (krone) 29 773 29.773 29 774 26.571 20.000 20 000 1947 1948 1949 1950 1951 1952 1947 1948 1949 1950 1951 1952 Preferential (franc) Australia (pound) . . . 1952—July September October November . December 1953—January February March April Mav June Year or month 13.333 13.333 13.333 20.000 20.000 20 000 20.000 20 000 20.000 20 864 20 857 19 117 14 494 14.491 214.492 Finland (markka) In cents per unit of foreign currency] Brazil (cruzeiro) Official Free British Malaysia (dollar) Canada (dollar) Official Free 100.000 100.000 97 491 90.909 91.999 91 691 92 881 91 474 94.939 102 149 L4O3 5 4 5.4406 5.4406 5.4406 5.4406 5.4406 42 973 32.788 32.849 32.601 1.9842 1.9879 1.9920 1.9965 1.9979 1.9941 5.4406 5.4406 5.4406 5.4406 5.4406 5.4406 32.509 32.445 32.418 32.499 32 489 32.523 103 120 103.984 104 171 103.681 102 289 103 002 1.9934 1.9966 1.9976 1.9971 2.0019 2.0007 5.4406 5.4406 12.5173 5.4406 2 3024 5.4406 2.2113 5.4406 2.2508 5.4406 2.0794 32.560 32.612 32 586 32.589 32.585 32.579 103 014 102.302 101 666 101 655 100.559 100.546 France (franc) Free Official 2.1407 1.9722 1.9622 Germany (deutsche mark) India (rupee) 23.838 23.838 323.838 84 07 Ireland (pound) Mexico (peso) Netherlands (guilder) New Zealand (pound) 30 164 30.169 27 706 20.870 20.869 20.922 280.38 279.68 20 577 18.860 12 620 11 570 11.564 11.588 37 760 37 668 34 528 26 252 26.264 26.315 3?2 29 350 48 365 07 277 28 277 19 276.49 .4354 .4354 .3240 3017 .2858 .2856 .2856 .4354 4354 .4354 .4354 .4354 .4354 .2856 2856 .2856 .2856 .2856 .2856 20.892 20 893 20.866 20.921 20.976 21.025 278.82 278 85 278.26 279.30 280.01 280.59 11.574 11 623 11.623 11.611 11.622 11.623 26.324 26 317 26^291 26.312 26.289 26.277 276.06 276 09 275.51 276.53 277.24 277.81 21.068 21.088 21.061 21.067 21.046 21.041 .4354 .4354 .4354 .4354 .4354 .4354 2856 .2856 .2856 .2856 .2856 .2856 21.074 21.089 21.061 21.069 21.049 21.044 281.28 281.90 281.56 281.66 281.43 281.35 11.625 11.620 11.614 11.608 11.564 11.561 26.281 26.269 26.321 26.335 26.340 26.334 278.50 279.11 278.78 278.87 278.65 278.57 Norway (krone) PhilipPortupine gal Republic (escudo) (peso) South Africa (pound) Sweden (krona) 27 839 20 850 20.849 20.903 20.871 20 875 20.854 20.903 20.984 21.024 2 14.492 14 492 .4929 4671 Switzerland (franc) United Kingdom (pound) Uruguay4 (peso) 1947 1948 1949 1950 1951 1952 20 160 20 159 18.481 14 015 14 015 14.015 49.723 49.621 49 639 49.675 4.0273 4.0183 3.8800 3.4704 3.4739 3.4853 400.74 400.75 366.62 278.38 278.33 278.20 27.824 27.824 25.480 19.332 19.327 19.326 23.363 23.363 23.314 23.136 23 060 23.148 402.86 403 13 368.72 280.07 279 96 279.26 65.830 65 830 65.830 65.833 65 833 65.833 56.239 56 182 56.180 56.180 56 180 56.180 42.553 42 553 42 553 42.553 1952—Julv August September October November December 14.015 14.015 14.015 14.015 14.015 14.015 49.677 49.677 49.677 49.677 49.677 49.677 3.4793 3.4848 3.4878 3.4825 3.4818 3.4839 277.78 277.81 277.23 278.25 278.96 279.54 19.327 19.327 19.327 19.325 19.323 19.323 23.240 23.288 23.320 23.329 23.330 23.332 278.82 278.85 278.27 279.30 280.01 280.59 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 1953—Januarv February March April May June 14.015 14.015 14.015 14.015 14.015 14.015 49.677 49.677 49.677 49.677 49.677 49.676 3.4872 3.4856 3.4842 3.4882 3.4903 3.4897 280.23 280.84 280.51 280.61 280.38 280.30 19.323 19.323 19.323 19.323 19.323 19.323 23.311 23.318 23.317 23.329 23.329 23.331 281.28 281.90 281.56 281.66 281.43 281.35 565.833 6 65.833 65.833 65.833 65.833 65.833 556.180 556.180 56.180 56.180 56.180 56.180 542.553 542.553 42.553 42.553 42.553 42.553 636.025 35.547 34.205 33.633 33.270 1 Based 2 Based 3 Based 4 on quotations beginning Feb. 25, 1953. on quotations through Aug. 14, 1952. on quotations through May 8, 1952. Rate applied (except free rate) depends upon type of merchandise. In addition to the rates shown, a fifth rate is being certified; the June average for this rate was 53.1914. 5 Quotations not available Jan. 28 through Feb. 9. 1953. «Free rate, based on quotations beginning Feb. 10, 1953. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1952, p. 1355. JULY 1953 801 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers) United States (1947-49 100) Year or month 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Mexico (1939 = 100) Canada (1935-39 -100) United Kingdom (1930* 100) France (1949 100) 67 68 69 79 1953—January February March April May 163 193 198 242 260 285 262 320 52 89 100 211 240 311 386 192 219 230 108 138 226 400 328 112 111 112 112 112 111 111 110 225 226 225 224 222 220 222 221 406 405 400 400 393 397 395 393 110 110 110 109 110 August September October November December.. . . 12 14 20 34 112 . . 163 166 169 175 103 115 July 146 179 199 229 96 104 99 1952—May 128 131 132 139 222 221 222 220 220 387 384 386 387 393 Italy (1938 = 100) Japan (1934-36 average = 100) Netherlands (1948 = 100) 2 2 4 16 Sweden (1935 = 100) Switzerland (Aug. 1939 = 100) 203 207 205 200 48 128 209 100 104 145 5,159 5,443 5,169 4,897 5,581 5,270 349 140 196 196 194 186 199 214 216 227 299 317 328 328 327 325 323 326 324 328 145 143 144 144 143 141 140 141 5,179 5,133 5.200 5,234 5,265 5,272 5.292 5,287 348 348 351 348 348 347 343 342 140 139 136 137 138 138 138 139 321 322 320 319 316 314 304 305 220 220 220 220 220 218 218 217 328 324 328 P331 P329 141 139 140 P139 P139 5,264 5.243 5,260 ••349 351 351 137 136 136 303 302 301 *>300 215 214 214 212 214 246 343 117 143 134 208 217 206 203 227 220 T p Preliminary. Revised. NOTE.—For sources and references concerning changes in tne structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. WHOLESALE PRICES—GROUPS OP COMMODITIES [Indexes for groups included in total index above] Canada (1935-39=100) United States (1947-49=100) Year or month Farm products 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 69 69 72 83 100 107 93 n.a. n.a. n.a. n.a. 98 106 96 69 70 71 78 95 103 101 100 111 109 105 116 113 108 107 110 110 107 105 104 109 109 110 111 110 109 108 99 100 98 100 97 98 98 113 107 1952—May June July August September October November December 1953—January . February March April Other Farm Processed commodproducts foods ities . . . .. May 145 155 165 177 190 230 226 United Kingdom (1930=100) Raw and Fully and partly chiefly manumanufactured factured goods goods 131 134 136 140 164 196 197 127 129 130 138 162 192 199 237 269 247 213 238 219 211 242 231 113 113 113 113 113 113 113 253 258 254 243 232 228 229 220 220 218 216 212 210 211 228 230 230 229 228 227 228 104 113 229 210 228 106 105 104 103 104 113 113 113 113 114 226 223 221 215 217 209 208 210 206 206 229 229 229 228 228 Foods 160 158 158 158 165 181 197 221 247 284 Industrial products 164 170 175 184 207 242 249 Netherlands (1948=100) Foods IndusIndustrial trial raw finished products products 286 »364 »352 112 122 129 100 101 100 108 100 104 280 283 289 287 284 293 293 297 »355 »352 »348 »345 »343 P343 9340 128 127 122 124 129 129 131 165 163 162 164 163 164 163 136 134 133 133 133 132 132 *>344 132 162 132 »-297 '300 302 P318 P341 P337 P337 128 127 124 160 159 159 132 132 132 122 157 131 128 171 166 116 143 135 P317 r n.a. Not available. P Preliminary Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 802 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued CONSUMERS' PRICE INDEXES All items Year or month Food United King- France Netherlands dom (1949 (1949 (Jan. = 100) 15, 1952 = 100) = 100) United States (1947-49 = 100)1 Canada (1949 = 100) 77 83 96 103 102 103 111 114 75 78 85 97 100 103 114 116 77 82 84 86 95 103 22 35 57 90 100 111 130 145 1952—May June July August... September October.. November December. 113 113 114 114 114 114 114 114 116 116 116 116 116 116 116 116 102 104 104 103 103 104 104 105 1953—January.. February.. March. . . April May 114 113 114 114 114 116 116 115 115 114 104 105 105 106 106 1945 1946 1947 1948 1949 1950 1951 1952 , Switzerland (Aug. 1939 = 100) United States (1947-49 = 100)i 100 109 119 120 153 152 158 163 162 159 167 171 69 79 96 104 100 101 113 115 145 143 143 145 146 145 144 145 119 119 120 119 120 120 119 120 171 171 171 171 172 171 171 171 146 146 145 145 P146 120 120 120 120 121 170 170 169 169 170 Canada (1949 = 100) United Kingdom (Jan. 15, 1952 =-100) France Netherlands (1949 (1949 = 100) = 100) Switzerland (Aug. 1939 = 100) 100 103 117 117 67 72 76 82 91 105 21 36 57 92 100 111 128 141 100 111 121 123 164 160 170 176 174 176 181 184 114 115 116 117 115 115 115 114 116 116 116 116 116 115 116 114 104 109 108 107 106 108 108 109 139 137 136 140 142 141 140 141 124 124 123 120 123 123 122 122 183 184 185 185 186 186 186 186 113 112 112 112 112 114 113 112 111 110 109 110 111 113 113 141 142 141 140 P141 123 124 123 124 P125 184 183 183 182 183 p Preliminary. 1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see BULLETIN for December 1952, p. 1357. SECURITY PRICES [Index numbers except as otherwise specified] Common stocks Bonds Year or month United States (high grade) dumber of issues. . . Canada (1935-39 = 100) United Kingdom (December 1921=100) France (1949 = 100) Netherlands United States (1935-39 = 100) Canada (1935-39 = 100) United France Kingdom (1926=100) (1949=100) Netherlands 27 480 103 278 1946 1947 1948 1949 1950 1951 1952 123.4 122.1 118.3 121.0 122.0 117.7 115.8 117.2 118.5 105.0 107.6 109.6 95.7 86.1 132.1 130.8 129.9 126.5 121.2 117.6 108.3 131.5 120.0 106.4 100.0 99.8 101.4 111.1 109.0 105.6 107.1 106.8 106.7 87.0 85.6 139.9 123.0 124.4 121.4 146.4 176.5 187.7 115.7 106.0 112.5 109.4 131.6 168.3 173.1 96.2 94.6 92.0 87.6 90.0 97.1 91.1 100 90 112 143 195 233 240 219 217 215 192 1952—June July August September . . . October November... December 116.2 116.0 115.8 115.7 114.7 115.2 115.3 87.7 85.3 84.0 83.6 84.3 84.9 84.7 105.8 105.8 106.3 110.0 109.0 108.3 109.0 113.9 114.4 114.8 116.9 115.5 115.0 114.6 85.2 85.4 87.6 87.1 87.6 89.9 91.6 187.6 192.1 191.1 188.2 183.4 189.8 197.0 171.6 174.9 176.0 171.6 163.6 167.3 168.4 89.6 89.9 89.9 91.2 90.3 89.9 91.0 142 145 146 147 142 141 141 184 190 190 192 191 194 196 1953—January February March April May 114.5 114.0 113.4 111.7 109.8 84.5 84.2 84.1 84.1 83.6 109.1 109.7 110.5 111.3 111.4 114.3 112.7 111.9 112.6 93.6 96.3 95.8 98.0 99.7 197.6 195.9 198.0 190.0 189.6 172.3 169.0 170.0 160.8 159.8 92.0 92.0 93.2 92.3 91.1 151 153 150 150 201 207 206 203 206 17 87 60 14 295 NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1357. JULY 1953 803 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM M. S. SZYMCZAK R. M. EVANS ELLIOTT THURSTON, W M . MCC. MARTIN, JR., Chairman JAMES K. VARDAMAN, JR. A. L. MILLS, JR. J. L. ROBERTSON Assistant to the Board WINFIELD W. RIEFLER, WOODLIEF THOMAS, Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel Assistant to the Chairman DIVISION OF EXAMINATIONS OFFICE OF THE SECRETARY S. R. CARPENTER, Secretary MERRITT SHERMAN, Assistant Secretary KENNETH A. KENYON, Assistant Secretary LEGAL DIVISION GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel HOWARD H. HACKLEY, Assistant General Counsel DAVID B. HEXTER, Assistant General Counsel G. HOWLAND CHASE, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS RALPH A. YOUNG, Director FRANK R. GARFIELD, Adviser on Economic Research KENNETH B. WILLIAMS, Assistant Director SUSAN S. BURR, Assistant Director GUY E. NOYES, Assistant Director C. RICHARD YOUNGDAHL, Assistant Director DIVISION OF INTERNATIONAL FINANCE ARTHUR W. MARGET, Director LEWIS N. DEMBITZ, Assistant Director FEDERAL OPEN MARKET COMMITTEE Chairman GEORGE S. SLOAN, Director C. C. HOSTRUP, Assistant Director FRED A. NELSON, Assistant Director ARTHUR H. LANG, Chief Federal Reserve ROBERT C. MASTERS, Assistant Director GLENN M. GOODMAN, Assistant Director HENRY BENNER, Assistant Director Examiner DIVISION OF BANK OPERATIONS ROBERT F. LEONARD, Director J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION DWIGHT L. ALLEN, Director H. FRANKLIN SPRECHER, JR., Assistant Director DIVISION OF ADMINISTRATIVE SERVICES LISTON P. BETHEA, Director JOSEPH E. KELLEHER, Assistant Director EDWIN J. JOHNSON, Assistant Director OFFICE OF DEFENSE LOANS GARDNER L. BOOTHE, II, Administrator FEDERAL ADVISORY COUNCIL ERNEST CLAYTON, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman J. A. ERICKSON A. L. MILLS, JR. R. M. EVANS O. S. POWELL W. D. FULTON J. L. ROBERTSON DELOS C. JOHNS M. S. SZYMCZAK JAMES K. VARDAMAN, JR. HENRY C. ALEXANDER, N E W YORK DISTRICT GEOFFREY S. SMITH, PHILADELPHIA DISTRICT GEORGE GUND, CLEVELAND DISTRICT ROBERT V. FLEMING, RICHMOND DISTRICT WINFIELD W. RIEFLER, Secretary ELLIOTT THURSTON, Assistant Secretary GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel WOODLIEF THOMAS, Economist WM. }. ABBOTT, JR., Associate Economist PAUL M. DAVIS, ATLANTA DISTRICT EDWARD E. BROWN, CHICAGO DISTRICT W M . M C C . MARTIN, JR., Vice President President V. J. ALEXANDER, ST. LOUIS DISTRICT L. MERLE HOSTETLER, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT J. MARVIN PETERSON, Associate Economist H. V. ROELSE, Associate Economist PARKER B. WILLIS, Associate Economist CHARLES J. CHANDLER, KANSAS CITY DISTRICT D E W I T T T. RAY, DALLAS DISTRICT JOHN M. WALLACE, SAN FRANCISCO DISTRICT RALPH A. YOUNG, Associate Economist G. ROUSE, Manager of System Open Market Account ROBERT 804 HERBERT V. PROCHNOW, Secretary FEDERAL RESERVE BULLETIN CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Vice Presidents Federal Reserve Chairman * Bank of Deputy Chairman President First Vice President Boston Harold D. Hodgkinson Ames Stevens J. A. Erickson Alfred C. Neal John J. Fogg Carl B. Pitman Robert B. Harvey s O. A. Schlaikjer E. O. Latham R. F. Van Amringe New York. Jay E. Crane William I. Myers Allan Sproul William F. Treiber H. A. Bilby H. H. Kimball L. W. Knoke Walter S. Logan A. Phelan Philadelphia. .. William J. Meinel C. Canby Balderston Alfred H. Williams W. J. Davis P. M. Poorman Karl R. Bopp Robert N. Hilkert J. V. Vergari4 Richard G. Wilgus 2 E. C. Hill Wm. G. McCreedy Cleveland. John C. Virden Leo L. Rummell Roger R. Clouse W. D. Fulton 3 Donald S. Thompson A. H. Laning Martin Morrison Richmond. Charles P. McCormick John B. Woodward, Jr. Hugh Leach Edw. A. Wayne N. L. Armistead Aubrey N. Heflin Upton S. Martin R. W. Mercer 3 Atlanta. Frank H. Neely Rufus C. Harris Malcolm Bryan Lewis M. Clark V. K. Bowman E. C. Rainey 2 J. E. Denmark L. B. Raisty Harold T. Patterson Earle L. Rauber S. P. Schuessler Chicago. John S. Coleman Bert R. Prall C. S. Young E. C. Harris Neil B. Dawes W. R. Diercks W. A. Hopkins L. H. Jones * L. G. Meyer George W. Mitchell A. L. Olson Alfred T. Sihler W. W. Turner St. Louis Russell L. Dearmont Wm. H. Bryce Dale M. Lewis Wm. E. Peterson H. H. Weigel J. C. Wotawa Minneapolis. . . Roger B. Shepard Paul E. Miller Delos C. Johns Frederick L. Deming O. S. Powell A. W. Mills H. C. Core E. B. Larson H. G. McConnell J. Marvin Peterson Otis R. Preston M. H. Strothman, Jr. Sigurd Ueland Kansas City. .. Raymond W. Hall Cecil Puckett H. G. Leedy Henry O. Koppang John T. Boysen M. W. E. Park Clarence W. Tow E. D. Vanderhoof D. W. Woolley Dallas J. R. Parten Robert J. Smith R. R. Gilbert W. D. Gentry E. B. Austin R. B. Coleman J. L. Cook 3 Watrous H. Irons L. G. Pondrom Harry A. Shuford Mac C. Smyth C. E. Earhart H. N. Mangels E. R. Millard H. F. Slade Ronald T. Symms 3 O. P. Wheeler San Francisco.., Brayton Wilbur William R. Wallace, Jr. (Vice Presidents in charge of branches are listed in lower section of this page) H. V. Roelse Robert G. Rouse V. Willis R. B. Wiltse J. H. Wurts H. E. J. Smith Paul C. Stetzelberger C. B. Strathy K. Brantley Watson Chas. W. Williams VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of New York Cleveland Richmond Atlanta Chicago St. Louis 1 JULY Branch I. B. Smith R. G. Johnson J. W. Kossin D. F. Hagner R. L. Cherry John L. Liles, Jr. T. A. Lanford R. E. Moody, Jr. E. P. Paris R. A. Swaney C. M. Stewart C. A. Schacht Paul E. Schroeder Buffalo Cincinnati Pittsburgh Baltimore Charlotte Birmingham Jacksonville Nashville New Orleans Detroit Little Rock Louisville Memphis Also Federal Reserve Agent. 1953 Vice Presidents 2 Cashier. 3 Federal Reserve Bank of Branch Vice Presidents Minneapolis.... Helena C. W. Groth Kansas City.... Denver Oklahoma City Omaha G. A. Gregory R. L. Mathes L. H. Earhart Dallas C. M. Rowland W. H. Holloway W. E. Eagle El Paso Houston San Antonio San Francisco... Los Angeles Portland Salt Lake City Seattle Also Cashier. 4 W. F. Volberg J. A. Randall W. L. Partner J. M. Leisner Counsel. 805 FEDERAL RESERVE BOARD PUBLICATIONS1 The material listed below may be obtained from THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND FUNCTIONS. November 1947; reprinted June the Division of Administrative Services, Board of 1953. 125 pages. 75 cents per cloth-bound copy; Governors of the Federal Reserve System, Washin quantities of 10 or more copies for single ington 25, D. C. Where a charge is indicated, shipment, 50 cents each. Paper-bound copies remittance should be made payable to the order available without charge. of the Board of Governors of the Federal Reserve System. BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the ANNUAL REPORT of the Board of Governors of the Board's staff. August 1941; reprinted October Federal Reserve System. Issued each year. 1952. 496 pages. Paper cover. $1.00 per copy; Available without charge upon request. in quantities of 10 or more copies for single shipment, 75 cents each. FEDERAL RESERVE BULLETIN. Issued monthly. Subscription price in the United States and its pos- BANKING AND MONETARY STATISTICS. Statistics of banking, monetary, and other financial developsessions, Bolivia, Canada, Chile, Colombia, Costa ments. November 1943. 979 pages. $1.50 per Rica, Cuba, Dominican Republic, Ecuador, copy. No charge for individual sections (unGuatemala, Haiti, Republic of Honduras, Mexico, bound). Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or A STATISTICAL STUDY OF REGULATION V LOANS. 20 cents per copy; elsewhere $2.60 per annum or September 1950. 74 pages. 25 cents per copy; 25 cents per copy. Group subscriptions in the in quantities of 10 or more copies for single United States for 10 or more copies to one adshipment, 15 cents each. dress, 15 cents per copy per month, or $1.50 THE DEVELOPMENT OF BANK DEBITS AND CLEARfor 12 months. INGS AND THEIR USE IN ECONOMIC ANALYSIS. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued monthly. $6.00 per annum including edition of historical supplement (listed below) available when subscription is entered or renewed. 60 cents per copy; in quantities of 10 or more copies of a particular issue for single shipment, 50 cents each. (Domestic rates) HISTORICAL SUPPLEMENT TO FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued semiannually, usually April and September. Annual subscription to monthly chart book includes one issue of supplement. Single copies, 60 cents each; in quantities of 10 or more copies for single shipment, 50 cents each. (Domestic rates) 1 A more complete list, including periodic releases and reprints, appeared on pp. 684-687 of the June 1953 BULLETIN. 806 January 1952. 175 pages. 25 cents per copy; in quantities of 10 or more copies for single shipment, 15 cents each. as amended to November 1, 1946, with an Appendix containing provisions of certain other statutes affecting the Federal Reserve System. 372 pages. 50 cents per paper-bound copy; $1.00 per cloth-bound copy. THE FEDERAL RESERVE ACT, COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING WITHIN THE UNITED STATES. (July 1, 1951.) December 1951. 33 pages. RULES OF ORGANIZATION AND RULES OF PROCEDURE —Board of Governors of the Federal Reserve System (with Amendments). September 1946. 31 pages. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Individual regulations with amendments. FEDERAL RESERVE BULLETIN" FEDERAL RESERVE BOARD REPRINTS CREDIT AND MONETARY REVIEW FOR 1952. (From Federal Reserve Bulletin unless preceded by an asterisk) VOLUNTARY PUBLICATIONS ACTION TO HELP CURB February 1953. 7 pages. INFLATION. November 1951. 9 pages. THE MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS. December 1951. 53 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 pages. ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- January 1952. 11 pages. BILITY. THE SECOND ARMAMENT BUDGET. May 1953. 7 pages. February 1952. INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952. 9 pages. MONEY AND CREDIT IN 1951. February 1952. 9 pages. RECENT CHANGES IN GERMANY'S FOREIGN TRADE BALANCE. March 1952. 7 pages. BANKING IN THE SOVIET UNION. April 1952. 8 March 1953. 8 pages. (Also similar article from March 1952 BULLETIN.) REVISION OF CONSUMER CREDIT STATISTICS. 1953. April 19 pages. ^DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE- pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES. April 1952. 4 pages. TERM CONSUMER CREDIT STATISTICS (supplemen- tary details for item listed above), April 1953. 25 pages. STATEMENT BY CHAIRMAN OF THE BOARD OF GOVERNORS BEFORE SUBCOMMITTEE ON GENERAL CREDIT CONTROL AND DEBT MANAGEMENT, MARCH 11, 1952. April 1952. 4 pages. THE TRANSITION TO FREE MARKETS. FEDERAL CHANGES IN INSTALMENT CREDIT TERMS. May 1952. 6 pages. BANKS. RESERVE BANK RESPONSIBILITIES. May 1953. 5 pages. UNITED EXCESS PROFITS TAXES OF COMMERCIAL April 1953. 6 pages. STATES POSTWAR INVESTMENT IN LATIN AMERICA. May 1953. 6 pages. June 1952. 18 pages. REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- LATION X. June 1952. 18 pages. RETAIL CREDIT SURVEY—1951. OUTLOOK OF CONSUMERS. From June 1952 BULLETIN with supplementary information for 9 separate trades. (Also, Retail Credit Surveys— 1943, 1944, 1945, 1946, 1947, 1948, and 1949 from the June 1944, May 1945, June 1946, July 1947, July 1948, June 1949, and June 1950 BULLETINS with supplementary information.) PROBLEMS OF TRADE EQUILIBRIUM. October 1952. 9 pages. REVISED SERIES ON DEPARTMENT STORE SALES, October 1952. 5 pages. RECENT CREDIT EXPANSION. December 1952. 7 pages. CENTRAL SOUTHEAST ASIA. JULY 1953 PART II. June 1953. 16 pages. PURCHASES OF DURABLE GOODS IN 1952 AND BUYING PLANS FOR 1953. July 1953. 12 pages. SELECTED PRELIMINARY FINDINGS OF THE 1953 SURVEY OF CONSUMER FINANCES. March 1953. 2 pages. (Other articles on the 1953 Survey will appear in later issues of the BULLETIN. Also, similar surveys for earlier years from 1946, 1947, 1948, 1949, 1950, 1951, and 1952 BULLETINS.) WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE STOCKS, AND ORDERS. RECENT 1953 SURVEY OF CONSUMER FINANCES—PART I. T H E GENERAL FINANCIAL POSITION AND ECONOMIC BANKING DEVELOPMENTS IN December 1952. 9 pages. CORPORATIONS. July 1953. 12 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. July 1953. 2 pages. (Also similar article from July 1952 BULLETIN.) RECENT CREDIT AND MONETARY DEVELOPMENTS. July 1953. 8 pages. 807 FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES I ==== B w BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES 3 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK CITIES • s ^ ® 7* FEDERAL RESERVE BRANCH CITIES
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