Full text of Federal Reserve Bulletin : June 1952
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F E D E R A L
R E S E R V E
ULLETIN
JUNE 1952
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
WINFIELD W. RIEFLER
SUSAN S. BURR
RALPH A. YOUNG
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for interpretations and opinions expressed, except
in official statements and signed articles.
CONTENTS
PAGE
Recent Output and Price Developments.
593-601
Excess Profits Taxes of Commercial Banks.
602-619
Real Estate Loans of Registrants under Regulation X.
620-637
Financing of Large Corporations in 1951.
638-643
Retail Credit Survey—1951.
644-649
Law Department
650-652
Current Events and Announcements.
652
National Summary of Business Conditions.
653-654
Financial, Industrial, Commercial Statistics, U. S. (See p. 655 for list of tables).
655-704
International Financial Statistics (See p. 705 for list of tables) .
705-723
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council
724
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
Federal Reserve Board Publications
726-729
Map of Federal Reserve Districts.
725
730
Subscription Price of Bulletin
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FEDERAL
VOLUME 38
RESERVE
BULLETIN
June 1952
NUMBER 6
RECENT OUTPUT AND PRICE DEVELOPMENTS
Since last autumn over-all output of goods tively restrained demands for many types of
and services has risen somewhat further as goods. Demand for new and used cars has
defense activities have increased substan- been more active than for other consumer
tially and as productive capacity has con- durable goods, and production of new pastinued to expand. Civilian and defense senger automobiles has risen since last winter
demands for goods, nevertheless, have been in line with the increased supply of metals
below, and available civilian supplies have available for civilian goods. Continued
been considerably above, previous expecta- strong demands and high prices for foods
tions, and important shifts have occurred in have remained a feature of the markets for
civilian markets and among various types of nondurable goods.
private activity. Readjustments in current
SELECTED BUSINESS INDEXES
1947-49=100
and prospective demand, supply, and cost
conditions have been reflected in some further decline in wholesale prices. Changes in
prices reported for consumer goods and services have been largely offsetting since last
autumn, the average remaining relatively
stable.
Distributors' stocks have been cut back
from the high levels reached a year ago, but
manufacturers' stocks have increased further
and this spring industrial production, shown
together with other selected business indexes
in the chart, has been curtailed somewhat
below last autumn's level. Work stoppages in some major industries have contributed to the recent production decline, but
reductions in output of consumer goods
NOTE.—Monthly series, seasonally adjusted except for prices.
and some slackening of activity in producers Indexes for inventories, retail sales, and disposable personal
income based on Department of Commerce data. Price series
Bureau of Labor Statistics. Latest figures are for April
equipment industries have also been im- from
1952, except for industrial production and prices, which are estimates for May.
portant factors.
A leveling off in disposable personal inTotal construction activity has reached a
comes since last autumn has been an im- new high this spring. Public construction
portant influence in the selective and rela- for military purposes has advanced substan-
i r r
JUNE
1952
593
RECENT OUTPUT AND PRICE DEVELOPMENTS
tially further. New housing starts have been
about as high as in the spring of last year
but substantially below 1950. Effective June
11, maximum down payments on new
houses required by Regulation X were reduced. Contract awards for private nonresidential construction have increased considerably as Federal curbs on the use of
building materials have been relaxed.
Total employment in early May was close
to earlier record levels, and unemployment
since last autumn has remained at about the
lowest level of the postwar period. Hourly
earnings at factories have shown only a
moderate further rise this year and average
working hours have been reduced. New
wage contracts in some leading industries
were still unsettled at the beginning of June,
and in some others large increases had been
granted.
In contrast to the increased supplies of
nonfood consumer goods, total production of
livestock products and food crops has shown
relatively little expansion during the past
two seasons. Cattle slaughter has remained
low relative to the number on farms. Hog
marketings, although in exceptionally large
volume in February and March, have fallen
off considerably since that time. Production
of crops is likely to increase further this year
if average weather conditions prevail, and
domestic supplies of crops are expected to
be augmented by a decline in exports from
the record shipments of the current season.
Prices received by farmers in mid-May
were slightly below last autumn's average
level and about 20 per cent higher than
two years ago. Farm incomes have been
largely maintained close to earlier peak
levels, and agricultural land values have increased further to a level which in March
was 9 per cent above a year earlier.
These diverging developments in industry
594
and agriculture have taken place concurrently with a steadily rising volume of Federal defense expenditures. Total security
outlays, including substantial amounts for
military pay, foreign military and economic
aid, and atomic energy, were at an annual
rate of 47 billion dollars in the first quarter
of 1952 and are estimated to be about 53
billion in the second quarter.
Production of goods for the military and
atomic energy programs and of materials
and equipment used in their manufacture is
estimated to have accounted for about onesixth of the Board's index of industrial production in the last quarter of 1951. The
portion of durable manufactures was close to
one-fourth and that of nondurables about
one-twelfth. During the second quarter of
this year the defense share of industrial production has apparently increased to nearly
one-fifth of the total.
SHIFTS IN INDUSTRIAL OUTPUT
Total production at factories and mines
increased early this year to the advanced
rate prevailing during the first half of 1951,
and then declined moderately as supplies of
goods proved to be larger than had generally
been anticipated. The Board's index of industrial production in May is estimated to be
214 per cent of the 1935-39 average, 4 per
cent below the 222 level of last February and
of May 1951. This decline reflects only in
part work stoppages in steel and petroleum
refining. At the end of May petroleum refineries were being reopened and steel mills
were back to capacity levels. In early June
work was again stopped at most steel mills,
and consequently industrial production has
apparently declined further.
Output and deliveries of military hard
goods have risen further in recent months,
and total order backlogs of metalworking
FEDERAL RESERVE BULLETIN
RECENT OUTPUT AND PRICE DEVELOPMENTS
industries have remained at advanced levels.
Nevertheless, the diversion of resources to
the defense program has been less rapid than
projected under earlier schedules, and industrial materials capacity has continued to increase markedly in line with expansion
programs established earlier. Thus, declining tendencies this year in activity in various
industries turning out goods for consumer
and private business use have been influenced
mainly by current and prospective demand
considerations rather than by material or
labor supply limitations.
Consumer durable goods. Total output
of major consumer durable goods has been
relatively stable since mid-1951 at levels far
below 1950 and early 1951, but at about the
average for the years 1947-49. During this
period production of household goods and
automobiles have shown roughly offsetting
movements, as indicated in the chart.
OUTPUT OF MAJOR CONSUMER DURABLE GOODS
Per
Cent
SEASONALLY
ADJUSTED
INDEXES,
949
1950
1 9 4 7 - 4 9 = 100
Per
Cent
NOTE.—May 1952 estimated.
Assembly of passenger automobiles increased substantially from the model changeover low point reached in January and since
late March has been at an annual rate of 4.8
JUNE 1952
million units, as compared with 5.3 in 1951
and an exceptional 6.7 million in 1950. The
4.8 million rate is in marked contrast to the
rate of about 3.7 million units originally set
by Federal authorities for the second quarter of 1952 in anticipation of severe metal
shortages during this period.
Production of household goods recovered
moderately during the second half of last
year as consumer demands for television sets
and some major appliances strengthened
temporarily. Early this year manufacturers'
stocks again began to accumulate. In view
of the considerable easing in the materials
outlook that became apparent in the first
quarter of this year, the slack in consumer
buying, and the 1951 experience with large
inventories, neither producers nor distributors were inclined to hold larger stocks. Consequently, output of television sets and household appliances was curtailed sharply in
April and May.
Value of sales of these and other major
household goods decreased this year until
the latter part of April and then increased
more than seasonally. The rising volume of
new housing and the easier credit terms accompanying suspension of instalment credit
controls on May 7 appear to have been
strengthening influences in the demand for
these goods. In automobile markets there
was a considerable expansion in sales of new
and used cars following suspension of Regulation W. Preliminary registration reports
indicate a level of new car sales in May in
excess of the volume of output and a sizable
reduction in dealers' stocks after a rise from
February through April.
Nondurable goods. Production of nondurable goods was relatively stable last autumn and winter, at a level about 6 per cent
below the early 1951 peak, but this spring
output of these goods has again declined.
595
RECENT OUTPUT AND PRICE DEVELOPMENTS
In April total output of nondurable manufactures was 8 per cent below earlier records,
and in May, with petroleum refining activity
temporarily curtailed sharply, output decreased somewhat further. Declines this
year, as in 1951, have been concentrated
largely in textile, leather, paper, and rubber
products, where exceptionally high levels of
output in late 1950 and early 1951 had led
to excessive accumulation of inventories. Inventory fluctuations are much less pronounced in manufactured foods and other
nondurable goods industries, and output in
this sector has changed little during the past
year, as shown in the chart. The decrease
indicated in the latest month reflects mainly
the work stoppages at petroleum refineries.
OUTPUT OF NONDURABLE GOODS
1947-49-100
Per Cent
140
NOTE.—Component indexes of the Federal Reserve industrial
production index converted to a 1947-49 base, adjusted to levels
of tentative new annual indexes, and calculated with preliminary revised seasonal adjustment factors. May 1952 figures
estimated.
Textile output, which had been substantially curtailed in 1951, was reduced again in
March and April this year. As a result of
these curtailments, excessive business inventories of textile products were apparently
596
substantially liquidated, and in May activity
recovered somewhat. May output was about
one-fifth below a year ago, even though the
military take remained relatively large.
Reductions in activity in the paper industry during the past year, stemming mainly
from inventory considerations, have been
less marked. Output curtailment in the
rubber industry has been relatively moderate,
in part because Federal controls on rubber
consumption imposed late in 1950 had limited expansion. This spring factory stocks
of tires have shown a greater than seasonal
rise, in spite of the increased rate of automobile production and a record number of
vehicles on the roads. Output of leather
products has recently been above earlier reduced levels.
Production in the chemical industries has
shown only a slight decrease from the high
levels reached last autumn. Although output of rayon and other chemical products
used in the textile and paper industries has
been reduced considerably, production of
many other chemicals has continued to expand, owing partly to the Federal atomic
energy program and other military requirements and partly to sustained or rising consumer demands for numerous chemical
products. Generally sustained consumer demands have also been a factor in maintaining
activity in industries producing manufactured foods and tobacco products, and in the
printing and publishing industries.
Business and military equipment. While
business demands for inventories have been
greatly curtailed during the past year, investment in plant and equipment has increased to new record levels. This capital
expansion has been stimulated by the requirements of the defense program and the
advantages of rapid amortization of facilities
for tax purposes. Since the beginning of the
FEDERAL RESERVE BULLETIN
RECENT OUTPUT AND PRICE DEVELOPMENTS
year the rise in business expenditures on
capital equipment has apparently tapered off,
and activity in industries making this equipment, mainly in the electrical and nonelectrical machinery groups, has apparently decreased somewhat.
The shifting of an important part of the
nation's resources to defense production has
been a gradual process, and the impact of the
expansion of military output has been considerably less than anticipated earlier. In
many lines, tooling up has now been accomplished on a large scale, pipelines have been
filled, and emphasis has shifted from large
gains in work in process to gains in finished
output. In the first quarter of this year deliveries of aircraft and other military hard
goods expanded more than one-third from
the previous quarter to an annual rate of
about 20 billion dollars, according to the
Defense Production Administration. Total
deliveries for military use, including also the
value of camp, airfield, and other types of
construction as well as of food, petroleum
products, and other nondurable goods, were
at an annual rate close to 28 billion dollars.
It was also estimated that this rate is about
two-thirds of the peak rate envisioned in
current plans for early 1953.
MATERIAL
SUPPLIES
The large expansion in output of metals
since mid-1950, accomplished in part through
increases in capacity, has brought demandsupply relationships for most major metals
into close balance. For some items such as
aluminum, requirements of the Federal
strategic stockpile have been important influences in maintaining over-all demands
above actual consumption levels.
Output of some other industrial materials,
used mainly in the production of nondurable
goods, has been cut considerably over the
JUNE
1952
past year as market supplies became excessive
in the light of reductions in consumer and
business demands. Rayon production has
been curtailed as sharply as in 1949, as
shown in the chart, and paper and paperboard output is below current capacity levels.
OUTPUT OF SELECTED MATERIALS
NOTE.—Quarterly data at annual rates compiled from the
following sources: rayon, Textile Economics Bureau, Inc.;
synthetic rubber (expressed in long tons), National Production
Authority; paper and paperboard (excluding newsprint), Bureau
of the Census; cement and aluminum, Bureau of Mines; and
steel ingots, American Iron and Steel Institute. Cement and
steel series seasonally adjusted by Federal Reserve. Second
quarter 1952 data estimated. Capacity data for year-end periods
from various sources.
Steel output in March was at a record
annual rate of 111 million ingot tons, 2 per
cent in excess of rated January 1 capacity
and 12 per cent larger than output in mid1950. Capacity is scheduled to reach about
118 million tons by the end of 1952 and further additions are planned for 1953. Severe
shortages of most steel products began to disappear gradually in the first quarter of this
year, and output of some types of steel began
to exceed demands. Previously nondefense
597
RECENT OUTPUT AND PRICE DEVELOPMENTS
use of steel in the first quarter had been cut
below earlier reduced amounts, and further
cuts had been scheduled for the second quarter, then viewed as the most critical period
for consumer metal products. Partly because
of the stretch-out in the defense program announced early this year, second quarter authorized use of steel for consumer durable
goods and less essential construction was
raised.
The work stoppages at steel mills in
early April and early May, which curtailed
output for these two months about 10 per
cent from the record March rate, did not
result in modification of increased nondefense use for the second quarter, and in
late May substantially larger allotments for
civilian goods were announced for the third
quarter. With work halted at steel mills
again in early June, however, the possibility
arises of renewed pressure on steel supplies.
Steel requirements for the military and
atomic energy programs are now close to
their programmed peak, which, according
to the Defense Production Administration,
will represent almost one-fifth of current
capacity levels.
Aluminum output has expanded rapidly
to an annual rate of 940,000 tons in April,
which was close to the highest levels reached
in World War II, when the aircraft program
was considerably greater than that contemplated under present defense plans. Federal
defense authorities anticipate that perhaps as
much as 40 per cent of the total supply of
aluminum this year, including reclaimed
metal and prospective imports, will be absorbed by the defense program. Defense requirements for copper are also large, and
copper demands were further stimulated by
prospects of higher prices and a temporary
cutting off of supplies from Chile, which accounted for about 20 per cent of total new
598
supply in the United States. Among other
nonferrous metals there have been sharp
drops in demands.
As balance between requirements and supplies has developed, important relaxations
have been made in production controls. All
restrictions on use of lead and a few other
nonferrous metals have been eliminated and
the major curbs on zinc have been removed.
Moreover, the Defense Production Administration announced in May that plans were
under way for the selective decontrol of other
metals, including steel and aluminum.
Among nondurable materials, practically all
remaining controls on the use of natural and
synthetic rubber were lifted in April. Synthetic rubber production is currently about
one-seventh below capacity rates, owing
mainly to a temporary shortage of ingredients as a result of the work stoppages at
petroleum refineries.
RECENT PRICE DEVELOPMENTS
Prices in both wholesale and consumer
markets have continued to show divergent
tendencies this year. Supplies of goods have
expanded unevenly, and there have been
important shifts in private and public demands. Upward pressures of wage and distribution costs—including the recent 7 per
cent advance in railroad freight rates—have
been offset in varying degrees by large reductions in costs of materials. While Federal
price ceilings on some materials have been
suspended as prices have declined, many
other commodities continue at ceiling levels,
which in certain cases have been raised since
last autumn.
Wholesale price trends have generally
been downward this year, and the general
level has declined 2 per cent to a point 4
per cent below the February 1951 peak.
Basic commodities have declined steadily
FEDERAL RESERVE BULLETIN
RECENT OUTPUT AND PRICE DEVELOPMENTS
except in mid-March and again in May when
less favorable reports were received from
Korea, work stoppages threatened to cut
supplies, some Government restraints were
modified, and seasonal buying strengthened.
Wholesale and retail prices of many finished
goods—mainly consumer goods other than
foods—have also declined this year, in contrast to the period early last year when decreases in prices were limited to those basic
commodities that had risen most sharply
after the Korean outbreak. Rents and prices
of other consumer and business services,
meanwhile, have continued to advance.
WHOLESALE MARKETS
Further decline in basic commodity prices
this year has brought the average to a level
10 per cent above June 1950, about the same
percentage change as for the general wholesale and consumer price averages. Meanwhile, however, changes among groups of
basic commodities became more divergent
during the first four months of the year.
Domestic prices of metals were maintained
PRICES OF BASIC COMMODITIES
1947-49=100
NOTE.—Based on Bureau of Labor Statistics' indexes. Midmonth figures, except for latest shown, which are estimates for
June 5, 1952.
JUNE 1952
until the end of April, while prices of other
basic commodities declined considerably, as
shown in the chart. About half of these
other commodities were then back to or
below the price levels of two years earlier.
The largest decreases, both this year and
last, were among such industrial materials
as wool, rubber, hides, and tallow. In part
this was a reaction from the very high levels
reached in the earlier period of world-wide
speculative bidding for commodities and accumulation of inventories by manufacturers
and distributors. But other influences, such
as the rapid expansion in rubber supplies, reduced over-all demand for textiles and
leather goods, and competition from alternative materials, were important in the decline.
In May prices of wool and hides recovered
moderately from their sharply reduced levels.
Agricultural products. Prices of major
crops have declined moderately this year and
in some cases are at Federal support levels,
which are generally 15 per cent higher than
at the time of the Korean outbreak. While
use of feed grains has been large and supplies
are considerably smaller than last year, prospects of a wheat crop one-third larger than
last year have exerted downward pressures
on grain prices. Foreign, as well as domestic,
textile mill activity has been curtailed this
spring and prices of foreign cotton, previously considerably above the price for domestic cotton, have declined to levels more
competitive with United States exports. Domestic spot cotton prices on June 5 were still
one-fifth above the pre-Korean level and onefourth above the support level.
Wholesale food prices this year have generally continued close to earlier peak levels,
except for seasonal fluctuations. Major exceptions have been eggs and edible fats and
oils, which have decreased largely in response
to significant increases in supplies. Hog
599
RECENT OUTPUT AND PRICE DEVELOPMENTS
prices, which had declined further in the
first quarter of this year when marketings
were exceptionally large, rose sharply in
early May as marketings declined below
those of a year ago. Prices of dairy products, despite a larger seasonal decline this
spring than last, are about 5 per cent above
a year ago with supplies showing little
change. Average prices of fresh vegetables
are 25 per cent higher, with supplies of
potatoes and some other foods considerably
below those of a year ago.
Metals. Until the end of April prices of
metals in domestic markets remained at
Federal ceilings. Ceilings for lead and zinc
were raised upwards of 10 per cent last
autumn, and in January tin prices were raised
18 per cent, following several reductions in
the spring of 1951 after the Reconstruction
Finance Corporation became the sole importer. By January, however, foreign prices
of other nonferrous metals had begun
to decline sharply from levels far above
domestic ceilings, as requirements to meet
defense programs were below earlier expectations and there was no further deterioration in the international situation. Foreign
prices of lead fell below the domestic ceiling,
and since April 29 domestic prices have been
reduced three times for a total reduction
of 4 cents per pound or 20 per cent. By the
end of April copper prices abroad had declined two-fifths to a level about one-third
above the domestic ceiling. The effect of this
decline on Chile's prospective earnings was
in large part responsible for her actions to
secure higher prices for copper shipped to the
United States and the recent revision in domestic ceilings on imported copper. In early
June domestic zinc prices were reduced 18
per cent.
Pressures for higher ceiling prices on iron
and steel mill products continue strong, al600
though ferrous as well as nonferrous scrap
prices have fallen below ceiling levels. Prices
of most finished metal products and industrial machinery have continued at ceilings,
which for some products, notably automobiles and machine tools, have been raised
substantially since the initial price freeze.
CONSUMER MARKETS
In retail markets, the average level of prices
advanced further last autumn but has
changed little since then, although components moved diversely. Rents and prices
of other services, as shown in the chart, have
been rising gradually to new postwar highs—
about 17 per cent above the 1947-49 average.
Retail foods have shown mainly seasonal
changes at a high level—14 per cent above
the 1947-49 average. Ceiling prices of automobiles have been raised three times since
January 1951 and Federal excise taxes once,
for a total increase of 13 per cent. Prices of
CONSUMER
PRICES
1 9 3 5 - 3 9 • 100
NOTE.—Bureau of Labor Statistics monthly indexes for foods
and rent. Other series are based on Bureau of Labor Statistics
data and are partly estimated by Federal Reserve. All figures
for May 1952 are estimates.
FEDERAL RESERVE BULLETIN
RECENT OUTPUT AND PRICE DEVELOPMENTS
used cars have continued to advance some- services reaching new peaks, the relative imwhat this spring, in contrast to declines in portance of service items in consumer
April and May of last year, and are now budgets has undoubtedly increased from unusually low postwar levels. These developup about 12 per cent from a year ago.
Prices of other goods, chiefly apparel, tex- ments, together with the fact that increasing
tile housefurnishings, furniture, appliances, numbers of families are living in their own
and television sets, have been declining since homes and making monthly payments on
last autumn. In addition, large concessions mortgages, have tended to limit consumer
from list prices in the form of special dis- demands for apparel and durable goods.
counts and increased allowances on trade-ins In the aggregate, however, consumers have
have been made by retailers to stimu- increased further their holdings of liquid
late sales of appliances, television sets, and assets since last autumn, probably reflecting
their attitudes regarding prices as well as
tires.
the
earlier expansion in their stocks of many
With gradual relaxation of controls over
rents in recent years and with prices of other types of goods.
JUNE 1952
601
EXCESS PROFITS TAXES OF COMMERCIAL BANKS
In December 1951, the Federal Reserve Banks
transmitted a confidential tax questionnaire to
a selected sample of insured commercial banks.2
One of the purposes of the questionnaire, which
was prepared by the Board of Governors of the
Federal Reserve System with the cooperation of
other Federal agencies, State bank supervisory
agencies, and bankers' associations, was to collect
factual data bearing on the effect of taxation on
the ability of banks to improve their capital positions out of earnings and to attract new capital.
The cooperation of the selected banks in responding to the questionnaire was generous, particularly in view of the complexity of the subject matter and the fact that the work had to be done
about the time that banks were preparing their
regular year-end reports.
The phase of the problem that was of immediate
interest—and for which data were not then available—was the effect of the newly reinstituted excess
profits tax. This article presents data, derived from
the replies to the questionnaire, relative to the
amounts of excess profits taxes on bank earnings
and the extent to which they affect the ability of
banks to strengthen their capital positions. Such
an approach requires primarily relating excess profits taxes to capital. The impact of other Federal
corporate taxes is covered incidentally and in less
detail.
The statistics presented show the impact of excess
profits taxes on the commercial banking system
as a whole, with subgroupings of banks by size and
capital ratios. Effects on policies and operations
x
The study of excess profits taxes of commercial banks
here reported was under the direction of a Federal Reserve
System advisory subcommittee representing the Board and
' the Reserve Banks. The present article was prepared by
Raymond C. Kolb of the Board's Division of Bank Operations.
2
See Appendix for brief discussion of sample technique,
accuracy of results obtained from sample, etc. Data in this
article are estimates based on the sample; they differ somewhat from other published data on bank earnings, but not
enough to affect the discussion materially. In particular,
data on taxes used herein, although comparable to tax items
normally reported in official earnings and dividend reports,
are the amounts applicable to income for 1950 and 1951; tax
data normally reported to and published by the supervisory
authorities, on the other hand, apply to the current year for
banks operating under a tax accrual accounting system but
to the preceding year for banks operating on a cash basis.
602
of individual banks (or other corporate taxpayers)
subject to the tax, whose additional income may
thereby be subject to a normal and surtax rate of
52 per cent and an excess profits tax rate of 30 per
cent, cannot of course be measured on the basis
of these statistics alone.3
Sources of bank capital. Although for many years
retained earnings have been the principal source
of additions to bank capital accounts, in 1950 and
1951 sales of new stock provided a substantial proportion of additional capital. Taxes, like other
factors that decrease net profits, reduce the amount
available for dividends or retention in capital accounts. As background for a general measure of
the effect of taxes on retained earnings and bank
capital, Table 1 compares aggregate member bank
dividends, changes in capital accounts, and Federal income and excess profits taxes for the period
1948-51.
TABLE 1
DIVIDENDS, INCREASES IN CAPITAL ACCOUNTS, AND FEDERAL
INCOME AND EXCESS PROFITS TAXES OF A L L M E M B E R
BANKS, 1948-51
[In millions of dollars]
Year
1948
1949
1950
1951
Cash
dividends
on
common
stock
290
309
343
368
Changes in total capital accounts
Net
change
+337
+373
+521
+524
Re- Sales of
tained com- Other*
earnmon
ings
+327
+373
+435
+385
stock !
+44
+37
+ 130
+ 186
-34
-37
-44
-47
Federa
taxes
NorExmal
cess
and
profits
surtax *
tax
219
257
335
<445
4
M2
*20
1
Not available for nonmember banks, or for member banks
prior to 1948. Available data for national banks indicate that
retained earnings accounted for the great bulk of increases in
capital
accounts for many years before 1948.
2
Net decreases resulting from miscellaneous factors affecting
capital accounts of member banks, such as consolidations and
mergers, retirements of preferred stock, and changes in Federal
Reserve
membership.
3
On the basis of data reported to bank supervisory agencies in
official
reports
of earnings and dividends.
4
Estimate. For all insured commercial banks estimated excess
profits taxes were 15 million dollars in 1950 and 24 million in 1951.
8
Current law limits the excess profits tax to 18 per cent
of excess profits net income before deduction of excess profits
credit; the 30 per cent rate is applied to adjusted excess profits
net income, which is excess profits net income less excess
profits credit. For discussion of the principal methods for
determining excess profits credit, see pp. 608-09 of this
article. See also Annual Report of the Secretary of the
Treasury on the State of the Finances, fiscal year ended June
30, 1951, pp. 47-51.
FEDERAL RESERVE BULLETIN
EXCESS PROFITS TAXES OF COMMERCIAL BANKS
The two principal sources of bank capital are
closely related. Retained earnings are affected directly by net profits and dividends; and the willingness of investors to subscribe to new stock issues
is affected by dividend payments and retained
earnings. In a given profits situation, bank management interested in improving its capital position has to weigh the relative improvement that
might be attained by plowing back earnings as
against a dividend policy which would tend to
make a favorable market for new stock issues.
The determinants in arriving at such decisions
vary from bank to bank. As Table 1 shows,
the aggregate effect of individual bank policies
during the past two years has been for sales of
common stock to account for a substantial proportion of capital additions. Nevertheless, retention of
earnings has been, and still is, the principal source
of additions to bank capital.
Capital ratios. Despite substantial increases in
bank capital accounts, for years capital ratios have
declined almost steadily because of the much faster
growth of bank assets. As shown in Table 2,
although total capital accounts of insured commercial banks increased from 6.2 billion dollars
in December 1935 to 11.9 billion in 1951, the
ratio of capital accounts to total assets declined
from 12.2 to 6.7 per cent, and the ratio of total capital accounts to so-called "risk assets" (total assets
less cash assets and United States Government securities) declined from 26.1 to 16.4 per cent.
TABLE 2
CAPITAL
RATIOS OF A L L INSURED COMMERCIAL
BANKS
DECEMBER 3 1 , 1935 AND 1948-51
[Dollar amounts in millions]
Year
1935
1948
1949
1950
1951
1
Total
capital
accounts
Total
assets
$6,210
10,160
10,649
11,281
11,923
$50,918
152,163
155,319
166,792
177,449
"Risk
assets" 1
$23,792
52,659
54,250
65,881
72,608
Percentage ratio
of total capital
accounts to:
Total
assets
"Risk
assets"
12.2
6.7
6.9
6.8
6.7
26.1
19.3
19.6
17.1
16.4
Total assets less cash assets and U. S. Government securities.
Concepts of capital. Banking institutions are inclined to be conservative in stating the book value
of capital accounts in their published statements.
In official condition reports submitted to banking
authorities, likewise, bank assets are reported net
JUNE
1952
of reserves for bad debts, other valuation reserves,
and charge-offs; these charges, of course, are made
against capital accounts. It is this book-value measure of capital that has been used in the foregoing
discussions of bank capital and capital ratios.
Data reported in the confidential tax questionnaire permit statistical treatment of capital according to a somewhat different concept—that of equity
invested capital. Equity invested capital is the concept of capital used for excess profits tax purposes.
It differs from book capital primarily because the
latter excludes (1) valuation reserves for possible
losses on loans and securities, and (2) write-downs
of loans, securities, and real estate not recognized
by the Bureau of Internal Revenue as deductible
expenses for excess profits tax purposes.
For the commercial banking system as a whole,
equity invested capital is about 10 per cent higher
than book capital.4 As shown in Supplementary
Table 1 on page 611, the reported difference between book and equity capital varies among size
groups of banks; it varies much more among individual banks. Presumably the variation reflects for the most part widely different amounts of
nonbook capital. To some extent, however, it reflects differences in accounting methods (cash versus
accrual) for tax and book purposes; the fact that
book capital in the table is as of the year-end
whereas equity invested capital is as of the beginning of the year plus the daily average of new
capital during the year; and possibly the failure of
some banks to report all nonbook capital in their
tax questionnaires.
Both of the concepts described above are used in
the remainder of the article. The book value of
capital accounts (referred to as "total capital accounts") is used for classifying banks by the dollar
size of capital and for computing relationships
of capital to assets for the banking system. However, because of the variation among individual
banks in the differences between book capital accounts and equity invested capital, the equity invested capital concept (referred to as "equity capital") has been used for the purpose of grouping individual banks by ratios of capital to assets and for
4
It is estimated that about one-fourth of this difference is
attributable to the use of the "historical" invested capital
credit method (see text and footnote 11, p. 609) by a relatively few large banks. Under this method, the amount of
capital historically contributed to the business may exceed
the net book value of assets principally by reason of assigning
zero values to accumulated deficits, including those of transferor corporations.
603
EXCESS PROFITS TAXES OF COMMERCIAL BANKS
computing rates of earnings, taxes, and dividends
on capital in Supplementary Table 2 on page 612.
Excess profits taxes on taxable income. About 25
per cent of the insured commercial banks incurred
total excess profits taxes of about 15 million dollars
on 1950 income, and about 21 per cent of the banks
incurred about 24 million of such taxes on 1951 income, as shown in Table 3.5 Other Federal corporate income taxes on banks aggregated 408 million dollars on 1950 income and 542 million on
1951 income, as shown in Supplementary Table 1
on page 611.
By comparing reported data on excess profits net
income with available excess profits tax credits, it is
estimated that, as a maximum, an additional 13 per
cent of insured commercial banks would become
subject to excess profits taxes in some amount if taxable income were to increase by 10 per cent. This
maximum would not be reached because of increases in capital or borrowings and consequent
increases in banks' excess profits credits.
Excess profits taxes were incurred in varying degrees by banks in the four selected size groups
shown in Table 3. However, a somewhat larger
proportion of banks in the two intermediate-size
groups combined than in either the group of small
or large banks was in the excess profits tax bracket;
this was true also with respect to capital accounts.
So far as the largest banks as a group are concerned, somewhat larger equity capital in relation to total assets provided a more advantageous
base for computing the excess profits credit under
5
For most banks as well as other taxpayers (those with
fiscal years corresponding with calendar years), excess profits
taxes were applicable to only one-half of 1950 income due to
the July 1, 1950 effective date of the legislation.
the invested capital method; and there is evidence
of more extensive use of some of the tax-saving
provisions of the law, especially in 1951, to minimize the tax burden.6 The minimum credit of
$25,000 permitted by law obviated payment of
excess profits taxes by most of the small banks.
For all insured commercial banks, as shown in
Supplementary Table 1, excess profits taxes incurred on 1951 income were 0.2 per cent of end-ofyear total capital accounts. In comparison, other
Federal corporate income taxes were 4.6 per cent
and earnings retained were 3.9 per cent of yearend total capital accounts.
If all of the 1951 excess profits taxes could have
been retained in total capital accounts, the yearend ratio of total capital accounts to total assets
for all insured commercial banks could have been
increased from about 6.81 to 6.83 per cent. Earnings retained by insured commercial banks during 1951 served to raise the capital-to-assets ratio
to 6.81 per cent; without such retained earnings
the ratio would have been 6.55 per cent.
For the banks that incurred excess profits taxes
on 1951 taxable income, the addition to total capital accounts of an amount equal to their excess
profits taxes would have increased the year-end
ratio of total capital accounts to total assets from
6.04 to 6.08 per cent. Similar computations for
individual banks would, of course, show considerable variation in results, as indicated on pages
607-08. These data provide quantitative indications
of the effect of excess profits taxation in 1951
on the ability of the commercial banking system as
a whole and of the banks that incurred excess
6
Most large banks used the invested capital method.
pp. 608-09.
See
TABLE 3
EXCESS PROFITS TAXES INCURRED BY INSURED COMMERCIAL BANKS ON TAXABLE INCOME, BY SIZE OF BANK, 1950 AND 1951
All insured
commercial banks
Size of bank
(Total capital accounts,
June 30, 1951)
Number
$4,000,000 and over
$750,000-$3,999.999
$250,000-$749,999
Under $250,000
Total
2
Total
capital
accounts
(In thousands
of dollars) *
Banks incurring excess profits taxes
Number as
percentage of all
banks in group
Total capital accounts
as percentage of
group total
Amount of
excess profits
taxes
(In thousands
of dollars)
1950
1951
1950
1951
1950
1951
2
284
1,384
3,877
7,868
6,800,000
2,200,000
1,700,000
1,000,000
35
33
41
16
33
30
37
12
25
33
41
23
30
30
37
17
7,600
3,200
3,200
900
9,400
6,200
6,000
1,900
13,413
11,700,000
25
21
28
30
14,900
23,500
1
As of Dec. 31, 1951.
» See footnote 1 to Supplementary Table 1, p. 611.
604
FEDERAL RESERVE BULLETIN
EXCESS PROFITS TAXES OF COMMERCIAL BANKS
profits taxes to improve capital positions out of
retained earnings and profits.7
Taxes allocated to current earnings. The foregoing
discussion has been concerned with taxes incurred
on taxable income, that is, on net current earnings,
capital gains, recoveries, etc., less bad debts, losses
incurred on sales of bonds, etc. Essentially, bank
income can be considered as falling into two categories. First, there are the net current operating
earnings, representing income derived and expenses
incurred in the normal course of banking business,
such as extension of bank credit through loans and
investments, receipt of deposits, cashing and collection of checks, trust operations, etc. Second, in the
performance of these functions, bad debts are written off, recoveries are made, profits or losses are
realized on securities bought and sold, and so on.
These transactions take place every year; however,
the dollar amounts fluctuate widely, sometimes
adding to net current earnings and sometimes reducing them. In the eyes of many investors, the
appropriate measure of a bank's income is its net
current operating earnings position after applicable
taxes.8
Data in the confidential tax questionnaire make
available for the first time an allocation of taxes
as between those applicable to current operations
and those applicable to noncurrent transactions.
The accompanying tabulation reconciles the estimated amounts of Federal taxes incurred by insured commercial banks on 1951 taxable income,
as discussed above, with the amounts allocated to
current operations:
Normal
Excess
and
profits
surtax
tax
(In millions of dollars)
Taxes allocated to net current earnings. 639
44
Less tax reduction resulting from
noncurrent losses, etc..
...
97
20
7
The effect of excess profits taxes on the ability of individual banks to improve their capital positions by selling
new stock cannot, of course, be measured on the basis of
over-all statistics, since many factors other than excess profits
taxes may affect the market for a new stock issue.
8
In 1951, deductions from net current earnings on account
of noncurrent transactions amounted to approximately 200
million dollars, compared with 120 million for 1950; a substantial portion of the 1951 deduction was due to the establishment of losses, deductible for tax purposes, on sales of
securities. Some banks make a practice of trading in securities as a part of their normal current operations. Bank earnings report forms do not, however, require that a distinction
be made between current and noncurrent gains and losses
on purchases and sales of securities.
TABLE
COMPARISON OF EXCESS PROFITS TAXES ON 1951
Taxes incurred on taxable income.
It will be noted that taxes allocated to current
earnings were considerably higher than the amounts
actually incurred on taxable income. In the case
of excess profits taxes, the amount allocated to
current earnings was 44 million dollars for 1951,
compared with 24 million actually incurred. The
44 million dollar figure was equal to 0.37 per cent
of year-end total capital accounts.
If taxes had been based only on current earnings,
all size groups of banks except the smallest would
have shown an increased proportion of both banks
and capital accounts in the excess profits tax bracket.
This is indicated by the comparative data for 1951
shown in Table 4.
It will be noted that about 8 per cent more of
the largest banks and 7 per cent more of the intermediate-size banks would have paid excess profits
taxes if there had been no noncurrent offsets to cur4
C U R R E N T EARNINGS, BY SIZE OF BANK
Banks incurring excess profits
taxes on taxable income
$4 000 000 and over
$750,000-$3,999,999
$250,000-$749,999
Under $250,000
Total
JUNE
1952
24
TAXABLE INCOME OF INSURED COMMERCIAL BANKS WITH EXCESS PROFITS TAXES
ALLOCATED TO 1951
Size of bank
(Total capital accounts, June 30, 1951)
542
Banks reporting excess profits taxes
allocated to current earnings
Excess
Excess
Total
Total
profits
profits
Number as
Number as
capital
capital
taxes allotaxes
percentage
percentage
accounts
accounts
cated to
incurred
of all banks
of all banks
as
as
current
in group percentage of (In thousands in group
percentage of
earnings
of dollars)
group total
group total (In thousands
of dollars)
30
37
17
9,400
6,200
6,000
1,900
41
30
37
12
43
38
43
12
36
42
17
23,000
10,000
8,500
2,500
21
30
23,500
24
39
44,000
33
30
605
EXCESS PROFITS TAXES OF COMMERCIAL BANKS
TABLE 5
ESTIMATED AMOUNTS OF EXCESS PROFITS TAXES INCURRED BY INSURED COMMERCIAL
BANKS ON 1951
TAXABLE
INCOME
BY SIZE OF BANK AND BY " L O W - C A P I T A L " AND " O T H E R " GROUPS X
Number of banks
Total capital accounts
Excess
profits
taxes on
taxable
income
(In thousands
of dollars)
Percentage
reporting
excess profits
taxes on
taxable
income
All
insured
commercial
banks
(In thousands
of dollars)
Percentage
held by banks
reporting
excess profits
taxes on
taxable
income
3,414
9,999
28
19
3,300,000
8,400,000
50
22
12,500
11,000
73
211
55
25
2,100,000
4,700,000
54
19
6,000
3,400
Banks with capital accounts of $750,000 to $3,999,999:
"Low-capital" banks
Other banks
358
1,026
44
25
600,000
1,600,000
48
23
3,200
Banks with capital accounts of $250,000 to $749,999:
"Low-capital" banks
Other banks
1,009
2,868
49
33
400,000
1,300,000
49
33
,700
,300
Banks with capital accounts of less than $250,000:
"Low-capital" banks
Other banks
1,974
5,894
13
11
200,000
800,000
19
16
800
1,100
Size of bank
(Total capital accounts, June 30, 1951)
and capital position
Banks in all size groups: »
"Low-capital" banks
Other banks
Banks with capital accounts of $4,000,000 and over: 2
"Low-capital" banks
Other banks
All
insured
commercial
banks
1
"Low-capital" banks are the one-fourth of the banks with the lowest ratios when arrayed in the order of their ratios of equity capital
to total assets. In order to gain representativeness over the wide range of bank sizes comprehended in the group of banks with total
capital accounts of 4 million dollars or more—up to total capital accounts in excess of 400 million—this group of banks was divided into
four subgroups (total capital accounts 4-8 million dollars, 8-25 million, 25-100 million, and more than 100 million) and the lowest onefourth of the banks in each subgroup was combined as the lowest one-fourth for the group as a whole. When more than one bank fell
at the quartile ratio, all banks with this ratio were included as below the quartile point; this accounts for the fact that the number of
"low-capital"
banks is not exactly one-fourth of all banks in each group.
1
See footnote 1 to Supplementary Table 1 on p. 611.
rent earnings. Noncurrent transactions did not
affect to any appreciable extent the number of the
small banks that incurred excess profits taxes. So
far as amounts are concerned, noncurrent transactions reduced the excess profits tax liability (on
current earnings) of large banks more than onehalf, of intermediate-size banks about one-third,
and of small banks about one-fourth.
Capital ratios and excess profits taxes. A bank's
earnings come for the most part from the investment of its deposits and only to a small extent from
the investment of its capital. Consequently, a bank
with relatively low capital will ordinarily have
relatively high earnings in relation to such capital.
As might be expected, therefore, it was generally
true for all sizes of banks that, the lower the equitycapital-to-total-assets ratio, the more frequently
were excess profits taxes incurred and the higher
was the tax in relation to equity capital. This is
true whether measured by excess profits taxes actually incurred on taxable income or excess profits
taxes allocated to current earnings. Supplementary
Table 2 on page 612 shows in some detail the average ratios to equity capital of excess profits taxes,
606
profits and earnings after taxes, dividends, and retained profits and earnings, arranged by size of
bank and equity capital ratios.
Since a major purpose of the study is to examine
the effect of excess profits taxes on the ability of
banks to strengthen their capital positions, an
analysis has been made of banks with relatively low
capital ratios. In Table 5, "low-capital" banks
are the one-fourth of the banks with the lowest
ratios when arrayed in the order of equity-capitalto-total-assets ratios. As is shown in the table,
or as may be computed therefrom:
(1) The one-fourth of the banks with the lowest
capital ratios accounted for somewhat more than
one-half of the excess profits taxes on 1951 taxable
income.
(2) For all "low-capital" banks (those incurring
as well as those not incurring excess profits taxes),
excess profits taxes on taxable income were about
0.38 per cent of year-end total capital accounts, as
compared with 0.13 per cent for all other banks.
(3) For the "low-capital" banks incurring excess
profits taxes on taxable income, the amounts of
such taxes were 0.76 per cent of year-end total
FEDERAL RESERVE BULLETIN
EXCESS PROFITS TAXES OF COMMERCIAL BANKS
TABLE 6
ESTIMATED AMOUNTS OF EXCESS PROFITS TAXES ALLOCATED TO 1951
CURRENT EARNINGS OF INSURED COMMERCIAL BANKS
BY SIZE OF BANK AND BY " L O W - C A P I T A L " AND " O T H E R "
Total capital accounts
Number of banks
Size of bank
(Total capital accounts, June 30, 1951)
and capital position
Excess
profits taxes
allocated to
current
earnings
(In thousands
of dollars)
Percentage reporting excess
profits taxes
allocated to
current
earnings
insured
commercial
banks
(In thousands
of dollars)
Percentage
held by banks
reporting
excess profits
taxes allocated to
current
earnings
3,414
9,999
32
22
3,300,000
8,400,000
71
26
23,800
20,200
73
211
71
31
2,100,000
4', 700 \ 000
83
24
14,000
9^000
All
insured
commercial
banks
Banks in all size groups: J
"Low-capital" banks
Other banks
GROUPS1
Banks with capital accounts of $4,000,000 and over: 2
"Low-capital" banks
Other banks
.
..
. . .
All
Banks with capital accounts of $750,000 to $3,999,999:
"Low-capital" banks
Other banks
1,026
358
57
31
600,000
1,600,000
60
28
5,000
5,000
Banks with capital accounts of $250,000 to $749,999:
"Low-capital" banks
Other banks
1,009
2,868
55
38
400,000
1,300,000
56
37
3,600
4,900
Banks with capital accounts of less than $250,000:
"Low-capital" banks
Other banks
1,974
5,894
14
11
200,000
800,000
22
16
1,200
1,300
i See footnote 1 to Table 5.
See footnote 1 to Supplementary Table 1 on p. 611.
J
capital accounts, as compared with 0.60 per cent
for all other banks that incurred the tax.
(4) Of the 3,400 "low-capital" banks, about
28 per cent incurred excess profits taxes on taxable income; about 19 per cent of all other banks
incurred such taxes.
(5) The "low-capital" banks that incurred excess
profits taxes on taxable income held about 50 per
cent of the total capital accounts of all "low-
capital" banks; the comparable percentage for
other banks was about 22.
Similar comparisons of "low-capital" with other
banks on the basis of excess profits taxes allocated
to current earnings are shown or may be computed
from the data in Table 6.
To point up further such differences in the impact of excess profits taxes on taxable income, a
comparison has been made in Table 7 between
TABLE 7
ESTIMATED N U M B E R OF "LOWEST-CAPITAL" AND " H I G H E S T - C A P I T A L " X INSURED COMMERCIAL BANKS GROUPED BY PERCENTAGE
POINT IMPROVEMENTS IN 1951 TOTAL-CAPITAL-ACCOUNTS-TO-TOTAL-ASSETS RATIOS IF 1951 EXCESS
PROFITS TAXES ON TAXABLE INCOME H A D B E E N ADDED TO CAPITAL
Number of banks with total capital accounts on June 30, 1951 of:
Approximate
improvement in 1951
capital-to-assets ratio
(Percentage points)
No improvement *
001- 010
011- 050
051- 100
101- 200
Over .200
Total
. .
$4,000,000 and over
$750,000-$3,999,999
"Lowestcapital"
banks
"Highestcapital '
banks
"Lowestcapital"
banks
"Highestcapital"
banks
16
3
4
4
28
74
13
20
20
7
3
127
1
. . . .
28
28
137
*10
137
$250,000-$749,999
"Lowestcapital"
banks
209
123
25
25
12
394
Under $250,000
"Highestcapital"
banks
"Lowestcapital"
banks
370
733
761
*24
*56
*28
394
789
789
"Highestcapital"
banks
1
"Lowest-capital" banks are defined as the one-tenth of all insured commercial banks in each size group with the lowest ratios of
equity capital to total assets. "Highest-capital" banks are defined as the one-tenth with the highest such ratios. In order to gain representativeness over the wide range of bank sizes comprehended in the group of banks with total capital accounts of 4 million dollars or
more—up to total capital accounts in excess of 400 million dollars—this group of banks was divided into four subgroups (total capital
accounts 4-8 million dollars, 8-25 million, 25-100 million, and more than 100 million) and the lowest and highest one-tenth of the banks
in each
subgroup were combined as the lowest and highest one-tenth for the group as a whole.
2
That is, no excess profits taxes on taxable income.
* Insufficient observations to provide significant distribution.
JUNE 1952
607"
EXCESS PROFITS TAXES OF COMMERCIAL BANKS
the one-tenth o£ the banks with the lowest ratios
and the one-tenth with the highest ratios, when
banks are arrayed by equity-capital-to-total-assets
ratios.9 The banks shown in the table as having
possible improvements in 1951 capital-to-assets ratios
are those that incurred excess profits taxes on 1951
taxable income.
(1) About 23 per cent of the "lowest-capital"
banks incurred excess profits taxes on 1951 taxable
income, and about 5 per cent of the "highestcapital" banks; the amounts of excess profits taxes
involved were about 4.5 million dollars and onethird of a million for the two groups, respectively.
(2) Addition to capital of the amount of excess
profits taxes incurred on taxable income would
have raised the aggregate year-end total-capital-accounts-to-total-assets ratio for the 316 "lowest-capital" banks that incurred the tax from 4.18 to 4.23
per cent. A distribution of the number of banks
incurring excess profits taxes by possible improvements in capital ratios as thus computed is shown
in the table.
(3) By size of bank, the percentages of "lowest9
These two groups of banks will be referred to as "lowestcapital," defined as the one-tenth of all insured commercial
banks in each size group with the lowest ratios of equity
capital to total assets; and "highest-capital," defined as the
one-tenth of the banks with the highest such ratios. The
median capital ratio for the first group is around 4.5 per
cent, and for the other group around 12 per cent.
capital" banks incurring excess profits taxes on
taxable income were about 43 for the large banks,
47 for intermediate-size banks, and 7 for the
smallest banks. On the other hand, none of the
large "highest-capital" banks incurred the tax and
only relatively few of the intermediate and small
sizes.
Comparison of "lowest-capital" and "highestcapital" banks on the basis of excess profits taxes
allocated to current earnings shows similar results,
as may be seen from Table 8.
Method for determining excess profits credit. For
banks, as for most other corporations, there are
two principal methods of determining the amount
of excess profits credit. These are the "income"
and "invested capital" credit methods. The
credit computed under the selected method, together with any available unused credits from other
years, is deducted from excess profits net income
in arriving at the amount subject to tax. There is
also a provision that each corporate taxpayer shall
be permitted an excess profits credit of not less
than $25,000.
Without considering the more complicated details, the "income" method provides a credit equal
to a percentage.(84 per cent in 1951 and 83 per
cent beginning with 1952) of average earnings,
before normal tax and surtax, in the best three of
the four base period years 1946-49, plus credit for in-
TABLE 8
ESTIMATED
NUMBER
POINT
AND "HIGHEST-CAPITAL" 1
OF "LOWEST-CAPITAL"
IMPROVEMENTS
IN
1951
INSURED
COMMERCIAL
TOTAL-CAPITAL-ACCOUNTS-TO-TOTAL-ASSETS
TAXES ALLOCATED
TO CURRENT
EARNINGS
HAD BEEN
RATIOS
ADDED TO
BANKS GROUPED
BY
IF
PROFITS
1951
EXCESS
PERCENTAGE
CAPITAL
Number of banks with total capital accounts on June 30, 1951 of:
Approximate
improvement in 1951
capital-to-assets ratio
(Percentage points)
No improvement 2
$4,000,000 and over
$750,000-$3,999,999
"Lowest- "Highestcapital" • capital"
banks
banks
"Lowestcapital"
banks
"Highestcapital"
banks
"Lowestcapital"
banks
27
54
127
184
1
23
34
13
3
*10
111
62
25
12
8
$250,000-$749,999
"Highestcapital"
banks
Under $250,000
"Lowestcapital"
banks
"Highestcapital"
banks
357
733
761
*37
*56
*28
Oil- 050
.051-.100
.101-.200
Over . 200
10
6
3
Total
28
28
137
137
394
394
789
789
4.7
13.1
4.0
13.4
4.2
13.3
4.5
11.2
Median equity-capital-to-total-assets
ratio of banks in group (per c e n t ) . . . .
|
J
1
2
See footnote 1 to Table 7.
That is, no excess profits taxes allocated to current earnings.
* Insufficient observations to provide significant distribution.
608
FEDERAL RESERVE BULLETIN
EXCESS PROFITS TAXES OF COMMERCIAL BANKS
TABLE
9
PERCENTAGE OF INSURED COMMERCIAL BANKS UTILIZING SPECIFIED METHODS FOR D E T E R M I N I N G
1951
EXCESS PROFITS TAX
CREDIT, BY SIZE OF BANK
Banks with total capital accounts on
June 30, 1951 of:
Excess profits credit method
Banks paying excess profits tax on 1951 taxable income:
Minimum
Income 2
Invested capital 3
Banks not paying excess profits tax on 1951 taxable income:
Minimum
Income 2
Invested capital 3
$4,000,000
and over
$750,000
to
$3,999,999
$250,000
to
$749,999
20
80
50
50
100
100
50
45
100
100
8
92
1
13
86
18
25
57
92
6
2
100
100
100
100
5
Under
$250,000
(i)
0)
1
2
The number of banks in this category is too small for computing a reliable percentage.
Includes the alternative "growth" and "industry rate of return" methods
unimportant except in special cases.
sthods which are relatively
relai
ng equity
Comprises both the "asset" and "historical" methods for determining
' invested" capital.
- - The
— "historical" method is relatively
unimportant except in special cases.
3
creases in capital during the base period and the
taxable years.10
The "invested capital" method provides for a
credit equal to a percentage, before normal and
surtax, of invested capital (including three-fourths
of borrowed capital) at the end of the base period
(12 per cent on the first 5 million dollars of capital, 10 per cent on the next 5 million, and 8 per
cent on capital over 10 million).11
Under both the "income" and "invested capital"
methods, credit at 12 per cent is in general also
given for new capital contributed and three-fourths
of the average daily increase in borrowings during the taxable years.
The largest banks almost universally used the
invested capital method, as indicated in Table 9.
The medium-size banks that had to pay the tax
were fairly evenly divided between the income
method and the invested capital method, while
most of those not paying the tax used the invested capital method. The smallest banks used
the minimum credit method.
Preliminary data tabulated by the Treasury Department from 1950 tax returns show that, in general, banks and other financial industry groups used
primarily the invested capital method for determin10
The "growth" and "industry rate of return" methods
are alternative "income" methods, and are relatively unimportant except in special cases.
11
There are two methods—"asset" and "historical"—for
determining the amount of equity invested capital. The
"historical" method is relatively unimportant except in special cases.
JUNE
1952
ing excess profits tax credits. In contrast, most
large nonfinancial industry groups utilized primarily the income method.
Inadmissible assets. Under the excess profits tax
law, assets are termed "inadmissible assets" if income derived from them is exempted from the tax.
For practical purposes, they consist of the following
three principal categories of bank assets: United
States Government obligations fully or partially
tax-exempt; obligations of States and political subdivisions; and corporate stocks (with some exceptions).
Since banks are large holders of such assets, the
provisions of the excess profits tax law regarding
this type of asset are of particular interest. Without
going into details, income from inadmissible assets
is excluded from income, both in determining excess profits credit under the "income" method and
in determining excess profits net income for the taxable year. Under the "invested capital" method,
the computed credit is reduced by the proportion
that inadmissible assets are of total assets.12
Under the "income" method, then, declines in
income from inadmissible assets during the base
12
So far as taxable year capital additions are concerned, a
provision regarding "inadmissible assets" contained in the
Revenue Act of 1951 provides that if the increase in the total
assets of a bank is greater than the increase in its capital
during the taxable year, the net capital addition is reduced
only by a percentage based on the ratio of additional "inadmissible assets" to additional total assets acquired since the
beginning of its first excess profits tax year. A similar ratio
principle applies in the case of the "inadmissible asset" adjustment in determining base period capital additions.
609
EXCESS PROFITS TAXES OF COMMERCIAL BANKS
TABLE
10
ESTIMATED HOLDINGS OF AND INCOME FROM INADMISSIBLE ASSETS, A L L INSURED COMMERCIAL BANKS,
1946-511
[In millions of dollars]
Holdings of inadmissible assets
Total
assets
1946
1947
1948
1949
1950
1951
1
2
. .
144,700
150,000
149,400
154,000
165,200
172,400
Total
U. S. Gov't
wholly and
partially
tax-exempt
obligations
Obligations
of States
and
political
subdivisions
Corporate
stocks
17,800
18,000
16,600
16,500
17,500
16,000
13,300
12,600
10,900
9,900
9,200
6,700
4,200
5,100
5,400
6,300
7,900
8,900
300
300
300
330
340
350
Net
current
operating
earnings
(Before
income
taxes)
Income
from
inadmissible
assets
1,070
1,090
1,210
1,310
1,470
1,650
320
330
310
320
320
300
See footnote 1 to Supplementary Table 1 on p. 611.
Total assets and holdings of inadmissible assets are as of the year end; income is for the calendar year.
period tend to increase the excess profits credit; and
declines since the base period tend to increase taxable income (assuming income from inadmissible
assets was replaced by income from other assets).
Under the "invested capital" method, declines in
holdings of inadmissible assets as a proportion of
total assets during recent taxable years would increase the excess profits credit but (assuming inadmissible assets were replaced by other earning
assets) taxable income would also be increased.
The changes that have taken place in aggregate insured commercial bank holdings of, and
income from, inadmissible assets since 1946, the
first base period year, are shown in Table 10. Such
changes for individual banks show wide variations around the trends indicated by the aggregate
data. The several provisions of the excess profits
tax law regarding inadmissible assets are such
that the matter of appropriate inadmissible assets
policy is an individual bank problem.
610
As a result principally of the maturity or retirement of wholly and partially tax-exempt United
States Government securities, bank holdings of
such securities declined by about 6.5 billion dollars from 1946 to 1951. Of this decline, however,
about 4.5 billion was offset by increased holdings
of obligations of States and political subdivisions.
The ratio of inadmissible asset holdings to total
assets, accompanying substantial increases in total
assets over the period, declined from about 12.3 to
9.3 per cent.
Aggregate income from inadmissible assets has
not changed significantly over the period but, as
a result of a 54 per cent increase in net current
operating earnings before income taxes since 1946,
the proportion accounted for by income from inadmissible assets declined from about 30 to about
18 per cent in 1951.
FEDERAL RESERVE BULLETIN
EXCESS PROFITS TAXES OF COMMERCIAL BANKS
SUPPLEMENTARY TABLE I
DISTRIBUTION
OF
ESTIMATED
PROFITS
AND
CURRENT
EARNINGS
OF
CAPITAL ACCOUNTS, 1950
INSURED
COMMERCIAL
BANKS
BY
SIZE
OF
TOTAL
AND 1951 *
[Based on data from confidential tax questionnaires of sample banks]
Banks with total capital accounts on June 30, 1951 oi
All groups l
$750,000$3,999,999
$4,000,000
and over x
1950
1950
1950
1951
DISTRIBUTION OF NET PROFITS
Dollar amounts (in millions): 2
Net profits less State taxes
Federal normal and surtax on taxable income
Excess profits taxes on taxable income
Net profits after all taxes
Cash dividends on common stock
Retained net profits . .
1,323
408
15
900
1,432
542
24
866
739
818
242
240
8
491
330
10
478
79
3
160
387
413
251
271
513
453
240
207
Percentages of total capital accounts:
Net profits less State taxes 2 .
Federal normal and surtax on taxable income
Excess profits taxes on taxable income
Net profits after all taxes
Cash dividends on common stock
Retained net profits
12.0
3.7
.13
8.1
12.2
4.6
.20
7.4
11.4
3.7
.12
7.6
12.0
4.8
.14
7.0
12.1
4.0
.16
8.0
3.5
3.5
3.9
4.0
4.6
3.9
3.7
3.0
Percentages of equity invested2 capital:
Net profits less State taxes
Federal normal and surtax on taxable income
Excess profits taxes on taxable income
Net profits after all taxes
Cash dividends on common stock
Retained net profits
10.8
3.3
.12
7.4
3.2
4.2
11.0
4.2
.18
6.7
3.2
3.5
9.8
3.2
.10
6.5
3.3
3.2
DISTRIBUTION OF NET CURRENT EARNINGS
Dollar amounts (in millions):
Net current earnings less State taxes 3
Allocated Federal normal and
surtax
Allocated excess profits tax 3
Net current earnings after allocated taxes.. . .
Cash dividends on common stock
Net current earnings less dividends and
allocated taxes
1,442
471
20
952
387
1,618
639
44
935
413
565
Percentages of total capital accounts:
Net current earnings less State taxes 3
Allocated Federal normal and
surtax
Allocated excess profits tax 3
Net current earnings after allocated t a x e s . . . .
Cash dividends on common stock
Net current earnings less dividends and
allocated taxes
Percentages of equity invested cap'tal:
Net current earnings less State taxes 3
Allocated Federal normal and
surtax
Allocated excess profits tax 3
Net current earnings after allocated t a x e s . . . .
Cash dividends on common stock
Net current earnings less dividends and
allocated taxes
CAPITAL AND ASSETS (in millions of dollars)
Total assets 4
Total assets less cash4 assets and U. S. Government securities
Total capital accounts 4 . . .
Equity invested capital ^
CAPITAL RATIOS (in per cent)
Total capital accounts to total assets
Total capital accounts to total assets less cash
and U. S. Government securities
Equity 6invested capital to adjusted total
assets
NUMBER OF BANKS
1951
$250,000$749,999
1951
258
1950
Less than
$250,000
1951
201
211
1950
1951
141
14S
102
6
150
57
3
141
58
61
44
47
34
102
89
97
86
74
71
11.9
4.7
.28
6.9
12.7
3.6
.20
8.9
12.6
4.3
.36
8.0
14.3
3.2
.09
11.0
2.9
2.8
2.8
2.8
3.4
5.0
4.1
6.1
5.2
7.6
13 6
3.5
.18
9 9
3 1
6.7
10.2
4.1
.12
6.0
3.4
2.6
11.5
3.8
.15
7.5
2.8
4.8
11.3
4.5
.27
6.6
2.7
3.9
12.6
3.6
.20
8.8
2.8
6.0
12.4
4.2
.35
7.8
2.7
5.1
14 8
3.3
.09
11 4
3.5
7.9
13 9
3.6
.19
10 2
3.2
6.9
775
274
10
491
251
912
391
23
498
271
278
94
4
180
58
304
123
10
171
61
231
67
5
160
44
242
84
9
150
47
158
36
1
121
34
160
41
2
116
34
522
240
227
122
110
116
103
87
82
13.0
4.2
.18
8.6
3.5
5.1
13.8
5.4
.37
8.0
3.5
11.9
4.2
.15
7.6
3.9
13.4
5.7
.34
7.3
4.0
13.9
4.7
.23
9.0
2.9
14.0
5.7
.46
7.9
2.8
14.7
4.2
.29
10.1
2.8
15.9
3.6
.10
12.2
3.4
14.9
3.9
?3
10.8
3.1
4.4
3.7
3.3
6.1
5.1
7.3
14.5
5.0
.50
9.0
2.8
6.2
8.8
7 7
11.8
3.8
.16
7.8
3.2
12.4
4.9
.34
7.2
3.2
10.2
3.6
.13
6.5
3.3
11.4
4.9
.29
6.2
3.4
13.4
5.4
.44
7.5
2.7
14.5
4.2
29
10.0
2.8
15.3
4.0
.24
11 .1
3.2
4.0
3.2
2.8
4.8
7.2
14.2
4.9
.49
8.8
2.7
6.0
16.5
3.7
.11
12.7
3.5
4.6
13.2
4.4
.22
8.6
2.8
5.8
9.2
7 9
72
6
133
32
1
108
38
2
105
34
165,249 172,369 96,068 99,373 31,508 33,148 23,496 24,795 14,177 15,053
64,625 70,932 39,094 42,921 11,570 12,767
11,064 11,744
6,495 6,828 1 ,998 2,171
12,233 13,021
7,576 7,994 2,107 2,272
8,912
1,576
1,594
9,715
1,674
1,712
5,049
995
956
5,529
1,071
1,043
6.7
6.8
6.8
6.9
6.3
6.5
6.7
6.8
7.0
7.1
17.1
16.6
16.6
15.9
17.3
17.0
17.7
17.2
19.7
19.4
7.5
7.8
7.9
6.6
6.8
6.8
6.9
6.7
6 9
7.3
13
,413
>84
1 384
3 877
7 868
1
Data for banks with total capital accounts of 4 million dollars and over do not include estimates for 5 nonrespondent banks. 16 banks
with preferred stock or capital notes or debentures, and one atypical bank. These exclusions are reflected in the "All groups" data. Data
for the other size groups are estimates for all insured commercial banks in these size groups.
2 Comprises net current earnings less the net of capital losses and gains, charge-offs and recoveries, transfers to and from bad debt
and 3other valuation reserves, etc.
This is the estimated hypothetical amount which would have been incurred on net currrent eanings; it is the amount incurred on
net profits, adjusted for estimated tax reductions resulting from bond losses, additions to bad debt reserves, etc., but not wholly adjusted
for recoveries
and other noncurrent income.
4
End of year.
6
Excess profits tax basis; see footnote 1 to Supplementary Table 2 on p. 612.
JUNE 1952
611
EXCESS PROFITS TAXES OF COMMERCIAL BANKS
SUPPLEMENTARY
TABLE
2
SELECTED RATIOS OF INSURED COMMERCIAL BANKS GROUPED BY SIZE OF BANK AND BY RATIO OF EQUITY INVESTED
To
Number of banks
reporting excess
profits taxes
Capital size
and
equity-to-total-assets ratio
(Per cent)
Incurred
on
taxable
income
Allocated
to
current
earnings
As percentage of all
banks in group
Banks with total capital
accounts of $4,000,000 and
over and capital ratios of:
5.0 and under
5.1-6 0
6 . 1- 7.0
7. 1- 8.0
8 . 1-9 0
9. 1-10.0
10. 1 and over
All groups
Banks with total capital
accounts
of
$750,000$3,999,999
and
capital
ratios of:
5 .0 and under
.. .
5. I- 6.0
6. 1-7 0
7. I- 8.0
8 I- 9 0
9.1-10.0
10.1 and over
All groups
Banks with total capital
accounts
of
$250,000$749,999 and capital ratios
of:
5 .0 and under
I- 6.0
6. L- 7 0
7. L- 8.0
8. L- 9.0
9 L-10 0
10. I and over
All groups
Banks with total capital
accouni.s of under $250,000
and cai)ital ratios of:
5.() and under
5. L- 6.0
6. I- 7.0
7. L- 8.0
8. L- 9.0
9. 1-10.0
10. I and over
i \11
grou ps
CAPITAL
ADJUSTED TOTAL ASSETS, 1951 *
Excess profits taxes
Incurred
on
taxable
income
Allocated
to
current
earnings
Profits and earnings
after all taxes but
before dividends
Net
profits
after
taxes
Net
current
earnings
after
allocated
taxes
Profits and earnings
retained in
capital accounts
Cash
dividends
on
common
stock
Retained
net profits
Retained
net
current
earnings 2
As percentage of equity invested capital of all banks in group J
48
50
32
26
12
11
67
60
48
36
24
22
.52
.32
.14
.12
.09
.05
.84
.54
.37
.25
.17
.18
7.1
7 4
7 2
6.0
5 3
5.8
4.4
8.3
7 9
7.3
6.6
6 1
5.7
4.3
2.6
3.1
3.1
3.1
2.7
2.9
3.0
4.1
4 0
3.6
2.8
2.6
2.5
1.2
5.1
4.9
4.1
3.5
3.5
2.3
1.6
33
41
.19
.36
6.4
6.9
3.0
3.2
3.8
40
49
33
28
14
22
7
58
53
45
35
18
32
15
.51
.45
.29
.23
10
.13
.07
.90
.68
.52
.40
.16
.23
.10
8 2
7.7
7 4
5.9
5 6
5.8
5.3
9.7
8.6
8 2
7.1
6 7
6.4
5.9
2.8
2.5
2.7
2.6
2 6
2.6
2.5
5.5
5.2
4.6
3.7
3 3
3.1
2.9
7.0
5.8
5.2
4.9
4 0
3.6
3.1
30
38
.27
.46
6.7
7.6
2.6
4.0
4.9
46
52
33
36
37
16
11
56
57
41
47
45
26
14
.67
.53
.28
.32
.31
OS
.09
.84
.75
.41
.45
.45
14
.10
8.7
8.6
8.2
8.2
7.2
6 8
5.9
9,9
9.5
9.2
9.0
8.7
7 6
6.0
2.4
3.2
2.6
2.6
2.8
2 8
2.4
6.1
5.4
5.4
5.5
4.4
3 2
3.2
7.8
6.8
6.4
5.7
6.1
3 9
3.6
37
43
.34
.48
7.9
8.9
2.6
5.1
6.0
7
19
10
15
8
5
6
7
21
10
15
11
5
9
.23
.19
.13
.12
.10
.01
.04
.33
.25
.14
.15
.13
.01
.04
12.5
11.1
11.3
9.0
10.3
9.6
8.3
13.1
12.0
12.1
10.2
10.8
9.7
8.4
3.5
2.6
3.4
3.0
3.1
2.8
2.6
9.3
8.0
7.8
5.7
7.3
6.3
5.0
9.7
8.4
8.3
7.3
7.5
6.6
5.7
12
12
.12
.16
10.3
10.9
3.0
7.0
7.5
1
Equity invested capital is as defined for excess profits tax purposes. It consists of published total capital accounts at the beginning
of the taxable year, plus adjustments to put capital on a tax basis, plus the average daily amount of new capital issued during the year.
Adjusted total assets are published total assets plus adjustments to put assets on a tax basis. The principal adjustments to published
capital and assets are reserves for bad debts and other valuation reserves, and write-offs not allowable for tax purposes. "Equity" and
"Total assets" in this table are as thus defined.
2
Net current earnings less allocated normal tax, surtax, and excess profits tax, and dividends.
3
The excess profits tax percentages are arithmetic averages of individual bank ratios, because of the number of banks not paying
such taxes (which were counted as having zero ratios); the other percentages are medians of individual bank ratios.
612
FEDERAL RESERVE BULLETIN
EXCESS PROFITS TAXES OF COMMERCIAL
BANKS
APPENDIX
The following pages present reproductions of the
Board's press release of December 10, 1951 announcing the study of the effect of taxation on the
ability of banks to improve their capital positions,
the letter suggested by the Board to be sent by the
Federal Reserve Banks to the selected sample banks,
and the form of questionnaire and accompanying
instructions.
The universe from which the sample was selected
consisted of all insured commercial banks. This
universe was stratified into four groups based on
the following total-capital-account sizes as of June
30, 1951: $4,000,000 and over, $750,000 to $3,999,999, $250,000 to $749,999, and under $250,000.
The banks were arrayed by size of total capital accounts within these strata and a systematic sample
was selected from a random starting point within
each stratum. For the four size groups respectively,
the sample was 100 per cent, 33% per cent, 10 per
cent, and 5 per cent.1 This is indicated in the
Total capital
accounts 1
$4,000,000 and over . . .
$750,000-$3,999,999. . .
$250,000-$749,999
Under $250,000
Number of
insured
commercial
banks 1
308
1,384
3,877
7,868
Percentage
of banks
included
in sample 2
100.0
33.3
10.0
5.0
Percentage
of sample
banks
responding
(3)
94
88
76
1 As of June 30, 1951.
2
The sample proportions were reduced slightly by elimination,
for technical reasons, of selected banks that had preferred stock,
or capital notes, or debentures. Only about 2 per cent of all
insured commercial banks held such stock, notes, or debentures
on June 30, 1951.
8
Of the 308 banks in this size group, 5 did not respond, 2 disappeared through consolidation or absorption between June 30, 1951
and the time of submitting questionnaires (figures for these banks
were, however, included in the surviving banks' data), 1 bank was
excluded because of special circumstances, and 16 banks were
excluded because their capital accounts included preferred stock,
or capital notes, or debentures. All tabulations for this group
are based on the remaining 284 banks.
1
All banks with total capital accounts of 4 million dollars
and over were selected for several reasons: the lack of homogeneity among these very large banks makes estimating
hazardous; the 308 banks of this size account for more than
50 per cent of the country's banking business; the size-ofbank range within the group is very wide; and it was understood that large banks utilized primarily the invested capital
method for determining excess profits credits. In connection
with this last point, it was felt that setting the limit at 4
million dollars total capital accounts would comprehend all
banks with equity invested capital of 5 million dollars or
more and thus bring into the sample the group subject to the
variable percentage credits permitted under excess profits
tax law if the invested capital method is utilized. Under
this method excess profits credits (before normal and surtax)
are permitted at the rates of 12 per cent for the first 5 million dollars, 10 per cent for the second 5 million, and 8 per
cent for the remainder.
JUNE 1952
accompanying table which also shows the response
to the questionnaire by size groups.
As can be seen from the table, the degree of nonresponse was not serious, particularly for the larger
banks. Tests utilizing known earnings and balance-sheet information indicated that nonrespondent banks were not significantly different from
respondent banks.
Except in the largest size group, where adjusted
data for the 284 banks described in footnote 3 to
the accompanying table were used, data reported
by the sample banks were inflated by the relationship of the number of respondent banks to all insured commercial banks in each size group in order
to obtain estimates for the size group universe.
Spot checks of estimated universe data thus obtained against known data as reported in official
condition and earnings reports indicate that the
estimates are substantially accurate. For example,
1951 net current operating earnings less State taxes
for insured commercial banks (excluding the 24
large banks described above) as estimated from the
sample data were 1,618 million dollars; the official
tabulated figure, for all insured commercial banks
{including the 24 large banks described above)
released by the Federal Deposit Insurance Corporation, was 1,665 million.
PRESS RELEASE OF BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
December 7, 1951
(For Release in Morning Papers, December 10,
1951)
The Board of Governors of the Federal Reserve
System has transmitted to the Federal Reserve
Banks a form of "Confidential Tax Questionnaire"
to be distributed by them to a selected sample
(approximately 1,500) of insured commercial
banks. The purpose of the questionnaire is to
obtain factual data for studying the effect of taxation on the ability of banks to improve their capital
positions out of earnings and to attract new capital.
The questionnaire was prepared with the cooperation of representatives of other Federal and State
agencies and bankers' associations. The collection
and tabulation of the data and preparation and
analysis of the resulting statistics and estimates
will be made by the Federal Reserve Board. The
613
EXCESS PROFITS TAXES OF COMMERCIAL BANKS
tabulations and analyses, by groups of banks, will
be made available to the Treasury, all interested
Federal and State banking agencies, and bankers'
associations.
SUGGESTED LETTER TO B E SENT BY FEDERAL RESERVE
BANKS TO SELECTED SAMPLES OF MEMBER AND NONMEMBER BANKS TRANSMITTING "CONFIDENTIAL TAX
QUESTIONNAIRE"
To the President of the Ban\ addressed
Dear Sir:
Enclosed are three copies of a "Confidential Tax
Questionnaire" and a copy of related instructions,
for your use in reporting certain factual data needed
for studying the effect of taxation on the ability of
banks to improve their capital positions out of earnings and to attract new capital.
You have no doubt received, or will presently
receive, a letter from the American Bankers Association informing you that that Association, the
Independent Bankers Association, and the National
Association of Bank Auditors and Comptrollers
have joined together in sponsoring the study; that
the questionnaire has been prepared by the staff
of the Board of Governors of the Federal Reserve
System with the cooperation of representatives of
the Treasury, the Comptroller of the Currency, the
Federal Deposit Insurance Corporation, the National Association of Supervisors of State Banks,
the American Bankers Association, and the National Association of Bank Auditors and Comptrollers; and that the collection and tabulation of
the data and preparation and analysis of the resulting statistics and estimates will be lodged in
the Federal Reserve System. The data supplied to
the Federal Reserve System for the purpose of
the study will, of course, be kept strictly confidential; only the resulting statistics and analyses,
which will not reveal the data for individual banks,
will be made available to various interested groups
and agencies.
To reduce the work load on reporting banks and
on the System, it was decided to obtain the data
614
from a selected sample of member and nonmember
insured commercial banks rather than from all
such banks. The sample was selected in such a
manner that reliable estimates for all commercial
banks can be made on the basis of data supplied
by relatively few banks. Your bank was selected
as one of the sample banks.
In work involving samples of this type, it is
essential that the data be obtained from all banks
to which the inquiry is sent, since they have been
selected in a prescribed technical manner. Failure
to collect the data from even a few of the sample
banks might affect the usefulness of the estimates
for all banks. It is, therefore, highly desirable that
you supply all the information called for by the
enclosed form, even if your bank was not subject
to excess profits taxes for the year 1950 and does
not appear to be subject to such taxes for the
year 1951.
The National Association of Bank Auditors and
Comptrollers has offered to provide assistance free
of charge for such banks as may require it. There
is enclosed a list of representatives of the Association in your area who stand ready to assist if requested. Your correspondents doubtless also will
help if you should so desire. These aids and the
enclosed instructions should resolve any difficulties
you might experience. You will observe, however,
that most of the items can be transcribed directly
from condition reports, earnings and dividends reports, and tax returns, or are to be based on 1951
estimates of items in such reports.
It will be greatly appreciated by all sponsoring
groups if you will complete the enclosed form and
return two copies of it to this Federal Reserve
Bank within ten days, if at all practicable, of its
receipt by you.
Very truly yours,
[Signature of officer of appropriate
Federal Reserve Bank]
Enclosures.
FEDERAL RESERVE BULLETIN
EXCESS PROFITS TAXES OF COMMERCIAL BANKS
Page 1
Budget Bureau
No. 55.5102
FEDERAL RESERVE BANK OF
Confidential Tax Questionnaire
NAME OF BANK_
_CITY AND STATE_
Related item in
earnings and
dividends report
or 1950 tax return
1950
1951
(Estimated)
Tab.
codes
(In dollars; omit cents)
1. Net current operating earnings
2. Profits before income taxes
3. Income and excess profits taxes (on earnings and dividends report basis):
a. Write "accrued" or "paid" to show on which basis taxes
are reported in E&D report
b. State income tax
c. Federal normal and surtax
d. On capital gains, included in item 3c.
e. Federal excess profits tax
4. Cash dividends on common stock
5. Net income before net operating loss deduction
6. Excess profits net income
7. Excess profits credit
8. Unused excess profits credit adjustment
9. Federal income
and excess profits tax liabilities (as shown in tax
returns): 2
a. Normal and surtax
b. Tax on capital gains included in item 9a above
c. Excess profits tax
E&D, item 3
E&D, item 6
01
(See important footnote 1 below)
02
E&D, item 7
E&D, item 7
(Special instrs.)
E&D, item 7
E&D, item 13-f,
national banks;
item 9-b, State
1120, line 32 or
EP-1, line 1
EP-1, line 23 or
Schedule N
EP-1, line 24
EP-1, line 25
03
04
05
1120, p. 1, item 35
(Special instrs.)
EP-1, line 38
1
Enter E&D tax figures applicable to 1950 and 1951 income. If your bank is on a cash basis, these are the figures which will be
reported
on 1951 and 1952 E&D reports, respectively.
2
There can be justifiable differences between items 9 and 3; see instructions.
Page 2
NAME OF BANK_
_CITY AND STATE_
Related schedule
in 1950 tax return
10.
1951
(Estimated)
Tab.
codes
Check one for each year
Excess profits tax credit method used
a. Minimum $25,000 credit used in lieu of b or c below
b. Income method
(1) General average
(2) Growth credit
(3) Industry rate of return
c. Invested capital method
(1) "Asset" method
(2) "Historical" method
1950
EP-1 or Schedule N
EP-2
EP-2
EP-5 (A, B, C, D)
EP-4
EP-4
In dollars; omit cents
FP 2. line 26 or 31
11. Average base period excess profits net income
12. Effect of certain items on Federal income taxes as shown in item 3 of this report:
a. Reduction in income subject to Federal income taxes resulting from—
(1) Additions to bad debt reserves
(2) Bond losses net
(3) Other losses and charge-offs
(4) Substantial nonrecurring expenses
b. Additional Federal income tax liabilities which would have been incurred if the
amounts shown in item 12a had been included in income subject to tax—
(1) Normal and surtax
(2) Excess profits tax
06
07
08
09
13. Cash, bank balances, etc. at end of year
14. Total U. S. Govt. obligations at end of year
JUNE 1952
Cond. Report, item 1
Cond. Report, item 2
615
EXCESS PROFITS TAXES OF COMMERCIAL BANKS
Page 3
NAME OF BANK
CITY AND STATE
Related item in
condition report,
earnings report,
or 1950 tax return
1951
(Estimated)
1950
Tab/11
codes
(In dollars; omit cents)
15. Total capital accounts at beginning of year
10
and
11
C.R., item 29
16. Adjustments of capital accounts to excess profits tax basis
a. Reserve for bad debts
b. Other valuation reserves on loans and securities
c. Other adjustments to tax basis (do not include borrowings)
17. Adjusted capital accounts (before new capital)
18. Equity invested capital for excess profits tax purposes (including
new capital)
19. 75% of average borrowed capital as defined for excess profits
tax purposes
E&D, Sched. D
E&D, Sched. D
(Special instrs.)
(15 plus 16, this form)
(Same as EP-4,
line 1)
EP-4, lines 1 plus 2, or
line 53
EP-4, line 3 (b) or
line 54
20. Net current operating earnings, applicable taxes, and capital accounts:
Net current
operating
earnings
(same
basis as
item 1 of
this report)
Approx. State
and Federal
income taxes
(excl. excess
profits taxes)
applicable to
Column (1)
Adjusted
capital
accounts
(same
basis as
item 17 above)
Total
capital
accounts
(C.R. item 29)
Dates
12
13
14
and
15
(In dollars; omit cents)
(1)
(2)
(4)
(3)
12-31-45
12-31-46
12-31-47
12-31-48
12-31-49
12-31-50
12-31-51
(Est.)
1946
1947
1948
1949
1950
1951
(Est.)
Page 4
NAME OF BANK
CITY AND STATE_
21. Total assets and inadmissible assets:
Report
of
condition
Total
assets
(C.R. item 12)
U. S. Govt.
wholly and
partially
tax-exempt
obligations
(part of
C.R. item 2)
Obligations
of States &
Pol. subdivs.
(C.R. item 3)
Income
from
inadmissible
assets (part
of item 1-a
in E&D report)
Corporate
stocks
(C.R.
item 5)
Tab.
codes
(In dollars; omit cents)
6-30-46
12-31-46
12-31-47
12-31-48
12-31-49
12-31-50
12-31-51
(Est.)
1946
1Q47
1948
1949
1050
1951
(Est.)
22. Issues of new corrimon capital stock, e:ccluding stock dividends, during 1946-195 . (if none, so indicate
a. Year issued
Amount iss ued (at issue price)
$
b. Amount pur chased by then existi ng shareholders (at issue price)
c. Price per sh are at which issued
d. Market pric e per share before issilance (if available)
e. Book value per share before issua nee, based on adjusted capital accounts (& ame basis as item 17
23. Data concerning common shares (if av ailable):
a. Number of c:ommon shares which will be outstanding on December 31, 195 L
b. Number out standing on date of q uotation below
c. Latest mark et price $
, or bid price $
Date .
d. Source of m arket or bid price quc)tation (check one):
Stock excha nge .
. Establish^;d over-the-counter market
Private sales?
e. Latest repor tec\ sale prire
Date
f. Estimated n umber of common sh ares traded during 1951
g. Number of c:ommon shareholders on latest available date
(Name and title)
616
16
17
18
19
and
20
21
22
(Signature)
FEDERAL RESERVE BULLETIN
EXCESS PROFITS TAXES OF COMMERCIAL BANKS
FEDERAL RESERVE BANK OF
December 1951.
Instructions—Confidential Tax Questionnaire
The importance of completing all items on the
questionnaire has been stressed in the letters you
have received on the subject. This applies regardless of whether or not your bank paid excess profits
taxes on 1950 income and whether or not you
expect to pay such taxes on 1951 income.
Most of the information requested can be obtained from Reports of Condition, Earnings and
Dividends Reports, or corporate tax returns. Whereever possible, references to the sources of information are made in the second column of the questionnaire; in other cases, the questions are selfexplanatory; and in still others, special instructions
are given below. The abbreviation "E&D" on the
questionnaire refers to earnings and dividends report; "C.R." refers to condition report; "1120"
refers to U. S. Treasury Department Internal Revenue Service Form 1120 (Corporation Income Tax
Return); "EP" refers to Schedule EP of Form
1120 (Computation of Corporation Excess Profits
Tax); the number following "EP" refers to the
appropriate schedule of the EP form; Schedule N
is a separate mimeographed schedule to Form 1120
which may be used in lieu of the EP schedule if
the total excess profits net income is $25,000 or
less; and "Special instrs." indicates that the instructions below contain some details relative to completing the items so indicated.
General
All items should be completed; and in instances
where the figures to be reported are zero, the word
"none" should be inserted. The report should be
signed by the officer or employee of your bank to
whom inquiries may be addressed if that should
be necessary. Normally, this would be the person
within your bank who is most familiar with your
reply to the questionnaire.
If the bank has filed an amended tax return in
any year, it is necessary that the amended figures
be reported. In connection with both 1950 and
1951 figures it should be noted that the Revenue
Act was recently amended retroactively; and figures
should be reported in accordance with the amended
law. For figures which must be estimated, your
best estimate, based on available information, is required. If you should so desire, the completed
questionnaire may be accompanied by a statement
JUNE
1952
or supplement showing how you arrived at some or
all of the estimated figures.
Mergers, consolidations, and absorptions
In the event your bank was involved in a merger,
absorption or consolidation in 1950 or 1951, the
figures reported for these two years should be on
a basis comparable to the present organization of
the reporting bank. By way of example, if your
bank absorbed another bank on December 31, 1950,
it would be necessary to combine 1950 net current
operating earnings for both original banks in order
to arrive at a 1950 figure comparable to the 1951
figure for the present bank. Similar reasoning
should be used in arriving at figures comparable to
those of the present bank for the other items on
the questionnaire and for different dates of merger,
consolidation, or absorption. In all such cases, your
completed questionnaire should be accompanied
by a supplement indicating how the comparable
figures were arrived at.
For items 20 and 21 on the questionnaire, which
require data back to 1946, the same reasoning as
above should be applied in the event your bank
was involved in one or more mergers, consolidations, or absorptions in the years 1946-1949. If
applicable, a supplement showing the composition
of the figures in these two questions should also be
attached to your completed questionnaire.
Item 3
As indicated in footnote 1, page 1, it is important
that the taxes applicable to 1950 and 1951 income
be reported. This requires some special consideration by banks on a "paid" or "cash" basis rather
than an accrual basis. For these banks, taxes reported in the earnings and dividends report for
any year will be taxes paid on the previous year's
income. In the questionnaire, therefore, the earnings and dividend basis taxes for banks on a "cash"
rather than an accrual tax reporting system will
be the figures expected to be reported in the 1951
and 1952 earnings and dividends reports, respectively.
For banks on an accrual tax reporting system,
the figures required by the questionnaire are those
reported or expected to be reported in 1950 and
1951 earnings and dividends reports.
Question 3d
The figures reported should be those portions of
the amounts reported or to be reported in earnings
617
EXCESS PROFITS TAXES OF COMMERCIAL BANKS
and dividends reports item 7 which are applicable
to capital gains rather than to current operating
income. See instruction below under question 9b.
Question 8
An unused credit in any one year may be carried
forward or backward. Note that no adjustment
may be made for an unused minimum credit of
$25,000.
Item 9
The amounts reported under item 9 are the actual
figures from your tax return, rather than the
amounts from earnings and dividends reports which
were reported under item 3 above. Figures reported under this heading (tax return basis) may
differ from those reported under item 3 (earnings
and dividends report basis), because of provision
in earnings reports for amounts to cover possible
tax payments for items still under consideration,
adjustments in earnings reports for over-accruals in
past years, adjustments for refunds, or because of
the fact that earnings reports are normally prepared
well in advance of tax returns.
Question 9 b
Capital gains, both short- and long-term, are
shown in the corporation income tax return (Form
1120) as items 12(a) and 12(b), respectively. Both
are included in the computation of normal tax and
surtax, unless the alternative tax on long-term
capital gains (per Schedule C of Form 1120) produces a lesser tax. The tax to be shown on the
questionnaire should be either:
1. If alternative tax on net long-term capital
gains was not computed on Schedule C of
Form 1120, enter tax computed at the applicable normal and surtax rates on total net
short-term and long-term capital gains (items
12(a) and 12(b) of Form 1120).
or
2. If alternative tax on net long-term capital
gains was computed on Schedule C of Form
1120, enter tax reported at item 19 of this
Schedule plus tax computed at the applicable
normal and surtax rates on net short-term
capital gains (item 12(a) of Form 1120).
Item 12
These questions are being asked to determine
the effect of certain extraordinary deductions on
618
income taxes in order that conclusions can be
drawn as to the effect of taxes on normal operating income. There should be entered, under 12(a),
reductions in income due to special items and, under
12(b), the amounts of additional Federal income
tax liabilities which would have been incurred if
these reductions had been included in income subject to tax.
Question 15
Note that total capital accounts at the beginning
of 1950 and 1951 are required—i.e., as of December 31, 1949 and 1950, respectively.
Item 16
The purpose of item 16 is to adjust beginning-ofyear capital accounts from a Condition Report basis
to a tax return basis and, therefore, adjustments
should also be beginning-of-year figures. Important items involved are the reserves appearing
in Section D of the Earnings and Dividends report; these are covered by questions 16a and b.
Figures reported in question 16c, "other adjustments," should include differences (due to chargeoff s, write-downs, etc.) between the value of assets
as shown on the Condition Report and their value
for income tax purposes. For example, a building
carried on the books at $1 would require the difference between the $1 and the tax depreciated
value of the building to be added back to capital
accounts as shown in condition reports. Also under
item 16c there should be reported amounts necessary to reflect other adjustments of assets or liabilities in order to put them on a tax basis.
Question 17
The amount reported under question 17 will be
the amount which, under excess profits tax law,
represents the true equity of stockholders in your
bank at the beginning of the taxable year (before
any adjustments for new capital paid in during the
year in question). The amount will be the same
as that reported or to be reported in Schedule EP-4,
line 1; it will equal the total of amounts entered
under questions 15 and 16.
Question 18
The equity invested capital reported under question 18 is the amount reported under item 17 plus
adjustments for new capital paid in during the
year. These adjustments should be on the basis of
FEDERAL RESERVE BULLETIN
EXCESS PROFITS TAXES OF COMMERCIAL BANKS
the average for the year as called for by the EP-4
Schedule.
Question 20, column (2)
The purpose of this column is to determine the
total State and Federal income tax (i.e., excluding
taxes on excess profits and capital gains) applicable
to net current operating earnings only. For 1950
and 1951, the figures will be the same as the totals
of items 3b plus 3c plus 12b(l) less 3d.
Question 20, column (4)
The adjusted capital accounts (same basis as
item 17 of the questionnaire) should, for the years
1945-1949, be your best estimate taking into account the adjustments mentioned under item 16
which apply in each of the years.
JUNE
1952
Question 21
Report in column 5, "Income from inadmissible
assets," the total amount of income derived from
the assets included in columns 2, 3, and 4 of this
question.
NOTE
If copies of the 1950 EP Schedule (for taxable years ending after June 30, 1950 and
before December 31, 1951) and/or related
Internal Revenue instructions are not available in the bank's files and are needed as aids
in completing the questionnaire, they should
be requested from the nearest Collector of
Internal Revenue or the Federal Reserve
Bank.
619
REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X 1
Under the provisions of Regulation X of the
Board of Governors of the Federal Reserve System,
all persons engaged in the business of extending
or arranging real estate credit were required to
register with the Federal Reserve Banks not later
than June 30, 1951 or within 30 days after becoming so engaged. By the end of May 1952, some
50,000 individuals, firms, and financial institutions had filed registration statements pursuant
to this requirement.2
Almost 44,000 of the registrants filed sufficiently
complete and accurate information about their businesses in time for inclusion in the analysis reported
in the present article. The data thus obtained
provide considerable detail about the size, activities,
and location of the individuals and organizations
that make real estate credit available in the United
States.
The figures presented here do not represent all
real estate lenders or all real estate credit outstanding in the United States. Comparison of the totals
derived from the registration statements with estimates from other sources indicates that the 57 billion dollars of real estate loans held by registrants
on May 31, 1951 represents about three-fourths of
the comparable total of all loans outstanding in the
country. The registrants grouped here as "institutional"—commercial banks, mutual savings banks,
savings and loan associations, and insurance companies—account for more than three-fourths of the
number and almost the total amount of the estimated mortgage holdings of all such institutions.
Reference to the condition reports of commercial
banks indicates that the banks not registering had
little or no funds invested in real estate loans. It
seems clear that in general the amount of credit
1
This article was prepared by Doris P. Warner of the
Board's Division of Research and Statistics, under the supervision of Ramsay Wood. The Federal Reserve Banks edited
and coded the registration statements and prepared the data
for tabulation. Some of the Reserve Banks published statements covering their own districts in their Monthly Reviews.
2
The form of registration statement executed by registrants, with definitions and illustrative examples indicating
who is required to register, is shown on pp. 636-37. This
form was adopted after extensive consultation with persons
in the business of extending or arranging real estate credit.
It was designed to obtain information that would be useful
for administrative purposes without placing a heavy reporting burden on registrants.
620
they extended was too small to require their registration. Other institutions that did not register
were probably in a similar position.
The "noninstitutional" registrants are less representative of the hundreds of thousands of diverse
noninstitutional mortgage holders, who include
many individuals and fiduciaries as well as mortgage companies, mortgage brokers, real estate
brokers, builders and developers, and educational
institutions. The great majority of such holders
did not extend credit frequently enough or in large
enough amounts to be required to register under
Regulation X. As a group, the noninstitutional
registrants account for one-sixth of the real estate
debt estimated to have been owned by all such
nongovernmental holders. These registrants, however, undoubtedly account for a substantially larger
proportion of the real estate debt owned by the
firms and individuals that extend significant
amounts of credit; this is particularly true of
registrants in businesses closely associated with real
estate, such as mortgage companies, mortgage brokers, and real estate brokers.
The proportion of the national total of different
kinds of real estate loans reported by the registrants
also varied markedly. Registrants reported threefourths of the debt on residential properties, reflecting their holdings of about 90 per cent of the
Federally insured and guaranteed debt, and almost
70 per cent of the "conventional" residential debt.
They reported only about half of the privately
held real estate debt on farms, however, and twothirds of the debt on nonfarm nonresidential
properties.
Registrants reported that they were servicing 16
billion dollars of real estate loans for others. Available data do not permit an estimate of the proportion of all servicing of loans that is represented by
this amount, or what part of this amount may be
included in the 57 billion dollars of loans reported
as held by registrants. Servicing loans for others
is a function performed by agents for mortgage investors. It includes collection of principal and interest payments and periodic checking to assure
compliance with the terms of the loan contract with
respect to payment of taxes, insurance premiums,
and similar charges. Serviced loans are sometimes
FEDERAL RESERVE BULLETIN
REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X
first made by the agent for his own account and then
sold, sometimes made by the agent directly for the
account of an investor, and sometimes assigned by
the holder to the agent for servicing.
Loans serviced for others cannot be added to
loans held for own account without a substantial
amount of duplication. Some of the loans reported
as serviced by registrants, however, were probably
held by nonregistrants and therefore are not included in the total of loan holdings reported in this
article.
The properties that secure the bulk of the loans
serviced for others are usually located fairly close
to the offices of the servicing agents but may be a
considerable distance from the home offices of the
holders. Thus the information about servicing provides a rough measure of the dependence of some
areas on the financial centers for funds to finance
real estate. Data from the registration statements
suggest that an appreciable part of the funds for
financing real estate in the South and Southwest
comes from the financial centers in the East and
from the North and West.
The movement of funds from one part of the
country to another has been encouraged by investors seeking outlets for large amounts of funds,
and has been made possible because many types
of investors are permitted to hold loans secured
by distant properties. Substantial standardization
of many mortgage contracts over a long period of
time has also been an important factor. In recent
years, the underwriting of residential loans by the
Federal Government has further facilitated the interregional movement of funds.
Both institutional and noninstitutional registrants participate in this movement of funds. Insurance companies and other institutional lenders
hold large amounts of loans on real estate located
at a distance and in many instances have them serviced by noninstitutional servicers close to the properties. At the end of May 1951 the noninstitutional
registrants held a relatively small amount of loans
for own account but handled 85 per cent of all loans
serviced for others.
REGISTRANTS AND THEIR ACTIVITIES
The real estate mortgage market represented by
registrants comprises a diverse group of individuals,
firms, and institutions engaged in a wide range
of real estate and other activities. Of the 44,000
analyzed in this article, about a fourth neither held
nor serviced loans on May 31, 1951, although their
recent activities had led them to register under
Regulation X. Two-thirds held loans for their
own account and less than a fourth serviced loans
for others. These last two groups overlapped, as
is shown in Table 1; about one in seven both held
loans for own account and serviced loans for others.
TABLE 1
PRINCIPAL BUSINESS OF HOLDERS AND SERVICERS OF REAL ESTATE LOANS, WITH A M O U N T OF LOANS H E L D AND SERVICED
MAY 31, 1951
Amount of loans
(In billions of dollars)
Number of registrants
Principal business
of registrant
Total
AH
businesses...
!"
Institutional
Commercial bank
Mutual savings bank
Savings and loan association
Insurance company
Noninstitutional
Corporate fiduciary 6
Mortgage company
Mortgage broker
Real estate broker
Other
Neither
holder nor Holders
only
servicer
Servicers Servicers
holding
only
loans
Holders,
totali
Servicers, forHeld
own
total 2
account
Serviced
for
others
43,771
9,836
24,059
4,109
5,767
29,826
9,876
3 56.6
17,037
10,885
525
4,984
643
132
78
0
22
32
14,559
9,013
498
4,496
552
17
8
0
0
9
2,329
1,786
27
466
16,888
10,799
525
4,962
602
2,346
1,794
27
466
59
53.3
13.2
9.1
13.6
17.3
2.4
1.8
(5)
.5
.2
26,734
1,017
779
1,860
11,817
11,261
9,704
139
37
729
5,459
3,340
9,500
878
177
229
2,431
5,785
4,092
0
115
523
2,010
1,444
3,438
0
450
379
1,917
692
12,938
878
627
608
4,348
6,477
7,530
0
565
902
3,927
2,136
3.3
.9
.5
.1
.2
1.5
13.4
0
6.1
3.3
1.8
2.3
50
4 15.8
1
2
3
4
5
6
Registrants that hold and service loans as well as holders only.
Registrants that hold and service loans as well as servicers only.
Servicers holding loans accounted for 11.3 billion dollars of this total.
Servicers holding loans accounted for 10.7 billion dollars of this total.
Less than 50 million dollars.
Includes trust departments of commercial banks and trust companies doing a trust business only. These registrants were instructed
to report all loans serviced for others as loans held for own account in order to avoid duplication in reporting.
NOTE.—In this and other tables in the text, parts may not add to totals because of rounding. For comparison of these figures with
national totals, see Appendix Table 1, p. 629.
JUNE 1952
621
REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X
By and large, the institutional registrants held
loans for own account and the noninstitutional
serviced loans for others. The former reported
nearly 95 per cent of total holdings, and the latter 85 per cent of all loans serviced for others.
Almost all the 17,000 institutional registrants held
loans for their own account while few, other than
the commercial banks, serviced loans for others.
In contrast, more than one-third of the 27,000 noninstitutional registrants neither held nor serviced
loans. Only one-half held loans while more than
one-fourth serviced them, including some who also
held loans for their own account.
Holders for own account. A large majority of
those engaged in real estate lending activities invest relatively small amounts in mortgages. In
the aggregate, registrants holding less than $500,000 each accounted for less than 5 per cent of the
56.6 billion dollars of reported holdings. The relatively small number of registrants with portfolios
of 50 million dollars or more, on the other hand,
accounted for 45 per cent of this total.
The holdings of institutional registrants were
evenly divided between the many commercial banks
and savings and loan associations—typically small
in size and widely distributed throughout the
country—and the relatively small number of insurance companies and mutual savings banks.
Individual holdings of less than $500,000 were
reported by half of the institutional registrants, in-
cluding three-fifths of the commercial banks, more
than two-fifths of the insurance companies, onethird of the savings and loan associations, and only
3 per cent of the mutual savings banks. This large
group of small holders had little more than 3 per
cent of the institutional holdings, as is indicated
in Table 2. At the other extreme, less than one
per cent of the institutional registrants had portfolios of 50 million dollars or more but held 45
per cent of the group total of loans. Holdings were
more evenly distributed among businesses of different sizes in the case of commercial banks and
savings and loan associations than of the insurance
companies and mutual savings banks.
Among the 13,000 noninstitutional registrants
holding loans, corporate fiduciaries (trust companies
doing a trust business only and trust departments
of commercial banks) held the largest amount of
loans—0.9 billion dollars. This is probably an overstatement of the amount held in trust inasmuch as
it may duplicate to some extent the amount reported
by commercial banks and other registrants as held
for own account. Fiduciaries act in a great many
capacities with respect to real estate loans and, in
view of the difficulty of distinguishing between
their holding and servicing functions, they were
asked to report as held for own account all real
estate loans held or serviced for others.
Mortgage companies were the second largest
noninstitutional group of holders. The other non-
TABLE 2
HOLDERS OF REAL ESTATE LOANS AND THEIR HOLDINGS, MAY 3 1 ,
1951
CLASSIFIED BY PRINCIPAL BUSINESS AND SIZE OF PORTFOLIO OF HOLDER
[Amount of loans held in billions]
Size of portfolio
Principal business
of holder
Number
of registrants
holding
loans
Amount
of
loans
held
$500,000$4,999,000
Under
$500,000
Number
of
holders
Amount
of loans
held
$5,000,000$49,999,000
$50,000,000
and over
Number
of
holders
Amount
of loans
held
Number
of
holders
Amount
of loans
held
Number
of
holders
Amount
of loans
held
All businesses
29,826
$56.6
20,648
$2.4
7,630
$12.1
1,421
$17.4
127
$24.7
Institutional
Commercial bank
Mutual savings b a n k . . . .
Savings and loan association
Insurance company
16,888
10,799
525
53.3
13.2
9.1
8,648
6,731
17
1.7
1.2
6,777
3,737
243
10.9
5.0
.6
1,340
308
222
16.5
3.5
3.3
123
23
43
24.2
3.5
5.2
4,962
602
13.6
17.3
1,644
256
2,614
183
4.9
.3
693
117
7.6
2.1
11
46
.7
14.9
Noninstitutional
12,938
3.3
12,000
853
1.2
81
.9
4
.5
0)
.4
0)
.8
1
Less than 50 million dollars.
NOTE.—For further detail, see Appendix Table 2, p. 630.
622
FEDERAL RESERVE BULLETIN
REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X
institutional registrants were typically small holders
but together accounted for 1.8 billion dollars of the
loans. These registrants included mortgage and
real estate brokers, builders and developers, contractors and dealers, sales finance and small loan
companies, lawyers, production credit associations,
National Farm Loan Associations, credit unions,
title and guarantee companies, schools and universities, and individuals.
Servicers for others. Some 10,000 registrants reported that they were servicing real estate loans
for others in the aggregate amount of 16 billion
dollars. Three types of noninstitutional registrants
associated closely with real estate transactions—
mortgage companies, mortgage brokers, and real
estate brokers—serviced more than 11 billion
dollars of this amount, as may be seen from
Table 3.
The difference between a mortgage company, a
mortgage broker, and a real estate broker is not
always clear. Generally, the main activity of real
estate brokers is bringing buyers and sellers of real
estate together; that of mortgage brokers is bringing borrowers and lenders together; and that of
mortgage companies is investing funds for their
own account or for the account of others. These
activities are closely related in the real estate market,
and at times become so merged that one enterprise
engages to some extent in all three activities. How
a registrant doing a mixed business classified itself
was probably strongly influenced by the relative importance of each activity, but may also have been
affected by the history of the concern and by local
practice. Consequently registrants engaged in
similar activities may have registered in different
groups under Regulation X.
Three-fourths of the registrants classifying themselves as mortgage companies serviced loans for
others in contrast with less than one-half of the
mortgage brokers and one-third of the real estate
brokers (see Table 1). The mortgage companies,
though considerably less numerous than either of
the other two groups, were typically larger firms
and serviced a larger amount of loans in the aggregate. As few as 565 mortgage companies serviced
6 billion dollars of the 16 billion total, whereas 4,800
mortgage brokers and real estate brokers together
serviced 5 billion. The bulk of these loans was
probably serviced for large institutional investors—
particularly life insurance companies—and for the
Federal National Mortgage Association.
Except for mortgage companies, registrants typically serviced small amounts of loans. Altogether,
the many registrants with servicing accounts of
less than $500,000 apiece accounted for less than 5
per cent of the total amount of loans serviced for
others, as may be seen from Table 3. At the other
extreme, a small number with servicing accounts of
TABLE
3
SERVICERS OF REAL ESTATE LOANS AND A M O U N T SERVICED, MAY 3 1 , 1951
CLASSIFIED BY PRINCIPAL BUSINESS OF SERVICER AND SIZE OF SERVICING ACCOUNT
[Amount of loans serviced in billions]
Size of servicing account
Principal business
of servicer
Number
of registrants
servicing
loans
Amount
of loans
serviced
Number
of
servicers
$5,000,000$24,999,000
$500,000$4,999,000
Under
$500,000
Amount
of loans
serviced
Number
of
servicers
Amount
of loans
serviced
Number
of
servicers
$25,000,000
and over
Amount
of loans
serviced
Number
of
servicers
Amount
of loans
serviced
19,876
$15.8
6,954
$.7
2,279
$3.5
492
$5.4
131
$6.2
Institutional
Commercial bank
Other
2,346
1,794
552
2.4
1.8
.7
1,773
1,397
376
.2
.1
(2)
462
326
136
.8
.6
.2
91
58
33
.9
.6
.4
11
9
2
.6
.5
.1
Noninstitutional
Mortgage company
Mortgage broker
Real estate broker
Other
7,530
565
902
3,927
2,136
13.4
6.1
3.3
1.8
2.3
5,181
114
410
3,483
1,174
.6
(2)
(2)
1,817
179
337
369
932
2.7
.4
.7
.5
1.1
401
189
133
59
20
4.5
2.1
1.5
.6
.2
120
83
21
9
7
5.7
3.5
1.1
.3
.8
All businesses
'.2
1
Includes 20 registrants not reporting amount of loans serviced.
Less than 50 million dollars.
NOTE.—For further detail, see Appendix Table 3, p. 631.
2
JUNE 1952
623
REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X
by registrants, and serviced 10.7 billion dollars or
two-thirds of all loans serviced. In this group, also,
loans were held principally by institutional registrants and serviced principally by noninstitutional
registrants.
Generally, those with large servicing accounts
had a relatively small proportion of the loans held
by servicers holding loans, and those holding large
portfolios serviced a relatively small proportion of
the loans serviced. This was less true of the commercial banks that both held and serviced loans.
The group included a larger proportion of the
banks with large holdings than of the banks with
small holdings, and the banks with the largest
holdings tended to have the largest servicing accounts.
Most of the servicers holding loans, however, engaged in small-scale operations, neither holding nor
servicing as much as $500,000 of loans, as is shown
in Table 4. In the aggregate, this group held only
about 0.3 billion dollars of loans and serviced a
similar amount. The few registrants that had both
a loan portfolio and a servicing account in the
25 million dollars or more reported 40 per cent
of all loans serviced.
The relatively small number of mortgage companies accounted for nearly 40 per cent of all
servicing reported, and those with servicing accounts of 25 million dollars or more together
accounted for nearly three-fifths of the loans serviced by their group. In no group of registrants
other than the mortgage companies did the very
large operators do such a large proportion of all
servicing for others.
The 2,300 institutional registrants typically did
only a small servicing business and as a group
handled only 2.4 billion dollars of loans. Commercial banks accounted for the bulk of this total.
The great majority of institutional registrants
serviced less than $500,000 of loans apiece, but 11
with 25 million dollars or more serviced one-fourth
of their group total.
Servicers holding loans. Nearly 6,000 registrants
that serviced real estate loans for others also held
loans for their own account. They reported 11.3
billion dollars or about one-fifth of all loans held
TABLE 4
SERVICERS HOLDING REAL ESTATE LOANS, MAY 31,
1951
CLASSIFIED BY SIZE OF PORTFOLIO AND SIZE OF SERVICING ACCOUNT
Size of portfolio
Number
of
servicers
holding
loans
Size of servicing account
Under
$500,000
$500,000$4,999,000
$5,000,000$24,999,000
$25,000,000
and over
All Servicers Holding Loans
All portfolios
!5,767
4,319
990
342
100
3,920
1,448
369
30
3,197
954
161
7
519
311
147
13
165
126
48
3
28
52
13
7
Under $500,000
$500,000-$4,999,000
$5,000,000-$49,999,000
$50,000,000 and over
Commercial BanksAll portfolios
Under $500,000
$500,000~$4 999 000
$5,000,000-$49,999,000
$50,000,000 and over
1,786
1,391
325
58
9
678
940
154
14
638
694
56
3
38
213
68
6
1
29
27
1
0
2
3
4
Mortgage Companies, Mortgage Brokers and Real Estate Brokers
All portfolios
2,746
1,944
472
242
83
Under $500,000
$500,000-$4,999,000
$5,000,000 and over
2,526
203
17
1,920
23
1
423
47
2
153
86
3
25
47
11
1
Includes 16 registrants not reporting amount of loans serviced.
NOTE.—For further detail, see Appendix Table 4, p. 632.
624
FEDERAL RESERVE BULLETIN
REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X
amount of 10 million dollars or more held in the
aggregate 1.9 billion dollars of loans and serviced
1.0 billion.
Some 3,400 of the servicers holding loans were
noninstitutional registrants, for the most part mortgage companies, mortgage brokers, and real estate
brokers. The majority of these groups serviced a
larger volume of loans than they held. There was
considerable variation in the amount of loans held
by agents servicing the same volume of loans, however, reflecting in part differences in major activities and perhaps different stages of the same type
of activities. On May 31, 1951, some agents may
have been in the process of disposing of loans, for
instance, while other agents may have completed
the sale of large blocks of loans a short time earlier.
COMPOSITION OF PORTFOLIOS OF REGISTRANTS
Of the 56.6 billion dollars of loans held for own
account by registrants, 82 per cent was secured by
residential properties, 14 per cent by commercial
and other nonfarm nonresidential properties, and
the remainder by farms. Conventional loans—
that is, loans not insured or guaranteed by the
Federal Government—made up more than half of
the residential total and loans insured by the Federal Housing Administration about one-fourth.
Residential loans. Residential loans made up the
largest part of the portfolios of all groups of registrants, but their relative importance in different
groups varied substantially, reflecting differences
in type of business, location, and size. Practically
all real estate loans held by savings and loan associations were on residential properties as compared
with 70 per cent of the loans held by insurance
companies.
The proportion of the residential loans underwritten by the Federal Government also varied
among registrants. It was smallest at savings and
loan associations and largest at insurance companies. Ordinarily, more than half of the Government-underwritten loans were insured by the
Federal Housing Administration, but the bulk of
these loans held by saving and loan associations
were guaranteed by the Veterans Administration.
The types of residential loans held by institutional registrants appear to have been related to
JUNE
1952
the size of portfolio, as is indicated in Table. 5
on the following page. With few exceptions, the
larger the real estate loan portfolio, the larger the
proportion of Government insured or guaranteed
loans. In any particular size group, however, savings and loan associations tended to have a smaller
proportion of their residential loans insured than
did the other institutions, and commercial banks a
larger proportion.
The commercial and mutual savings banks with
the smaller portfolios, and all savings and loan
associations except those with very small holdings,
tended to hold more VA-guaranteed than FHAinsured loans, while insurance companies as a
whole, and the commercial and mutual savings
banks with large portfolios, held more FHA than
VA. In fact, insurance companies generally held two
to three times as much in FHA as in VA loans.
The types of loans held by noninstitutional registrants also appear to have been related somewhat to the size of portfolio, although generally the
type of business of the registrant was probably more
important. Residential loans made up almost all
the portfolios of mortgage companies, mortgage
brokers, and real estate brokers, and, except in the
very small portfolios, holdings of Government insured and guaranteed loans were particularly important. This probably reflected in large part the
preferences of the institutional investors to which
these registrants expected to sell the bulk of their
loans.
Nonresidential loans. Among institutional registrants the relative importance of loans on farms
and on other nonresidential properties appears to
have been related more to the type of business and
location of the registrant than to the size of real
estate loan portfolio. For example, such loans
accounted for no more than 2 or 3 per cent of the
holdings of savings and loan associations, regardless
of size.
Farm real estate loans at commercial banks and
mutual savings banks generally declined in importance as total holdings of real estate loans increased, probably reflecting in large part the importance of farm real estate loans in the portfolios
of the many small institutions located in agricul-
625
REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X
TABLE 5
RELATIVE IMPORTANCE OF DIFFERENT TYPES OF REAL ESTATE LOANS HELD IN PORTFOLIOS OF SPECIFIED SIZES
CLASSIFIED BY PRINCIPAL BUSINESS OF HOLDER
MAY
3 1 , 1951
[Percentage distribution of loans within portfolio groups]
Number of
registrants
holding
loans
Amount of
loans held
(In millions
of dollars)
All
types
of
loans
Total
FHA
VA
Conventional
29,826
56,604
100
82
21
n
44
16,888
53,256
100
82
21
18
43
10,799
602
1,840
4,289
1,832
1,905
199
84
25
23
13,240
8
111
1,111
1,286
3,760
1,348
1,262
890
3,463
100
100
100
100
100
100
100
100
100
100
77
49
48
59
69
75
78
79
82
24
2
4
7
9
14
23
34
43
40
18
5
6
13
17
20
20
17
18
19
35
42
38
39
43
41
35
28
21
29
6
34
37
25
14
5
2
2
1
2
17
17
15
16
17
20
20
19
17
10
525
0
2
15
22
221
106
81
35
43
100
100
100
100
100
100
100
100
100
100
86
0
100
86
81
87
89
88
86
84
24
0
0
10
6
4
7
11
23
31
17
0
0
16
13
21
24
25
16
13
45
0
100
60
62
62
58
52
47
40
C1)
0
0
4
5
3
1
(0
14
0
0
10
14
10
10
12
14
16
4,962
41
290
1,313
809
1,805
433
220
40
11
9,100
0
(2)
5
17
596
722
1,257
1,287
5,215
13,609
1
20
363
591
4,322
2,958
3,359
1,320
677
100
100
100
100
100
100
100
100
100
100
98
98
97
97
97
97
97
98
97
98
6
5
71
90
95
91
84
75
72
66
62
60
1
2
3
5
8
9
11
21
3
2
5
11
19
20
24
26
27
602
30
69
157
72
111
42
43
32
46
17,308
(2)
4
40
50
257
294
671
1,116
14,876
100
100
100
100
100
100
100
100
100
100
70
78
79
76
74
76
68
74
80
69
28
7
10
13
9
21
25
28
28
28
15
3
2
4
5
9
11
9
14
16
27
68
67
59
60
46
32
37
38
25
12,938
3,346
100
79
19
12
48
18
878
576
290
12
949
82
541
324
100
100
100
100
75
72
69
86
12
2
5
27
7
2
2
16
56
68
62
43
23
21
28
14
Under $500,000
$500,000-$9,999,000
$10,000,000 and over
5,583
5,276
304
3
866
248
526
93
100
100
100
100
89
85
90
99
25
10
30
43
24
10
27
40
40
65
33
16
10
School or university
301
211
229
31
198
100
100
100
100
52
75
65
28
4
2
7
0
0)
0
48
73
58
28
44
20
29
72
6,176
5,937
229
10
1,303
404
339
560
100
100
100
100
81
78
67
90
22
4
11
41
12
3
7
21
47
71
49
28
16
14
30
10
Principal business of holder
and size of portfolio
All businesses,
total. .
Institutional,
total....
Commercial bank
Under $25,000
$25,000-$99,000
$100,000-$499,000
$500,000-$999,000
$l,000,000-$4,999,000
$5,000,000-$9,999,000
$10,000,000-$24,999,000
$25,000,000-$49,999,000
$50,000,000 and over
Mutual savings bank
Under $25,000
$25,000-$99,000
$100,000-$499,000
$500,000-$999,000
$l,000,000-$4,999,000
$5,000,000-$9,999,000
$10,000,000-$24,999,000
$25,000,000-$49,999,000
$50,000,000 and over
Savings a n dloan
association....
Under $25,000
$25,000-$99,000
$100,000-$499,000
$500,000-$999,000
$l,000,000-$4,999,000
$5,000,000-$9,999,000
$10,000,000-$24,999,000
$25,000,000-$49,999,000
$50,000,000 and over
Insurance company
Under $25,000
$25,000-$99,000
$100,000-$499,000
$500,000-$999,000
$l,000,000-$4,999,000
$5,000,000-$9,999,000
$10,000,000-$24,999,000
$25,000,000-$49,999,000
$50,000,000 and over
Noninstitutional, total
Corporate fiduciary
Under $500,000
$500,000-$9,999,000
$10,000,000 and over
Mortgage company, mortgage
broker, or real estate broker
Under $500,000
$500,000-$4,999,000
$5,000,O0O-$25,0OO,OO0
Miscellaneous
Under $500,000
$500,000-49,999,000
$10,000,000 and over
Loans on residential properties
0)
o
o
Loans
on farm
properties
Loans
on other
properties
14
14
8C)
0
2
1
2
2
2
2
3
2
2
2
8
17
8
5
6
9
8
4
5
9
22
5
13
19
20
15
24
22
15
22
0)
0)
1
2
Less than one-half of 1 per cent.
Less than $500,000.
NoTE.-For detail regarding dollar amount of loans, see Appendix Table 5, p. 633.
626
FEDERAL RESERVE BULLETIN
REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X
tural areas. At insurance companies, however,
where investments are made through widely distributed agencies, holdings of farm real estate
loans appear to have been little affected by size of
portfolio. The importance of nonfarm nonresidential loans varied somewhat among types of institutions, but not much among size groups.
LOCATION OF REGISTRANTS AND LOANS
Regional differences in number and type of registrants and in amount and kind of loans they hold
for own account and service for others reflect many
factors, including differences in the economic characteristics and financial structure of regions. The
tendency for holding to be concentrated in some
Federal Reserve districts and servicing in others,
shown in Table 6, provides a rough indication
of the movement of mortgage funds from one area
to another.
It should be noted that the data on holdings for
own account and servicing for others permit broad,
rather than precise, geographic comparison. The
data nevertheless suggest that an appreciable part
of the funds for financing real estate in the Richmond, Atlanta, St. Louis, Kansas City, and Dallas Districts comes from the financial districts such
as Boston and New York, and from Chicago and
San Francisco. Registrants in the first five districts
serviced 42 per cent of the loans serviced for others
by all registrants, and those in the latter four held
69 per cent of the loans held.
For the country as a whole, the amount of loans
serviced by registrants for others was about onefourth as large as the amount held for own account. In the Boston and New York Districts
this proportion was only about one-tenth to onethirtieth. In contrast, in the Richmond, Atlanta,
St. Louis, and Kansas City Districts, the amount of
loans serviced was from one-half to three-fourths as
large as the amount of loans held, and in the Dallas
District the amount of loans reported as serviced
exceeded by more than one-fourth the amount of
loans held for own account.
Similar evidence on this point is presented by information on FHA-insured loans which, because
they are highly standardized and also insured, are
important in the portfolios of large institutional
investors. Registrants in the New York District
held 5 billion dollars of FHA-insured loans, nearly
twice the amount of such loans made on properties
located in this district between 1934 and 1950 and
a still large proportion of the amount outstanding
in 1951. In contrast, all registrants in the Dallas
District held only 133 million dollars of FHA
loans, although more than seven times that amount
of these loans had been made in Texas alone in the
17 years.
Federal Reserve Districts. Registrants in the Boston, New York, Chicago, and San Francisco Districts, numbering about two-fifths of all registrants,
TABLE 6
REGISTRANTS, LOANS H E L D , AND LOANS SERVICED IN METROPOLITAN AND NON-METROPOLITAN AREAS, MAY 3 1 ,
1951 1
CLASSIFIED BY FEDERAL RESERVE DISTRICT
[Dollar amounts in millions]
Number of registrants
Federal Reserve
district
All districts
Boston
New York.. ..
Philadelphia. .
Cleveland....
Richmond....
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City. .
Dallas
San Francisco.
Amount of loans held
All
areas
Metropolitan
areas
Nonmetropolitan
areas
All
areas
43,771
26,029
17,742
$56,604
2,287
4,566
3,435
3,564
3,164
3,357
6,347
3,181
1,915
3,695
3,856
4,404
1,517
3,818
2,882
2,299
1,743
1,478
3,570
1,498
486
1,321
1,991
3,426
770
748
553
1,265
1,421
1,879
2,777
1,683
1,429
2,374
1,865
978
7,175
19,082
2,188
4,211
3,077
2,276
6,421
1,409
1,618
1,574
1,325
6,247
Amount of loans serviced
Metropolitan
areas
Nonmetropolitan
areas
All
areas
Metropolitan
areas
Nonmetropolitan
areas
$48,485
$8,119
$15,835
$13,715
$2,121
1,384
650
270
788
706
793
1,264
449
484
492
302
537
231
1,790
663
784
1,620
1,756
2,412
857
720
1,112
1,662
2,228
183
1,755
651
744
1,474
1,289
2,084
732
538
815
1,447
2,002
48
34
13
41
146
467
328
125
182
297
215
226
5,790
18,433
1,917
3,424
2,371
1,483
5,157
960
1,134
1,082
1,023
5,710
1
Standard metropolitan areas were defined for use in the 1950 Censuses of Population and Housing. Each standard metropolitan
area contains at least one city with a population of 50,000 or more and generally comprises an entire county or group of two or more
contiguous counties that are economically and socially integrated.
JUNE
1952
627
REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X
accounted for more than two-thirds of all loans held
by registrants. This reflects, in major part, the
concentration of home offices of large institutional
registrants in these districts. The Boston and New
York Districts contain the major insurance companies and mutual savings banks, and these two
groups together accounted for about three-fourths
of the loans held by the registrants in these districts. In the San Francisco District, commercial
banks accounted for more than half of the loans
held by registrants, and savings and loan associations for most of the remainder. In the Chicago
District, holdings were about evenly divided
among savings and loan associations, commercial
banks, and insurance companies, as is shown in
Table 7.
In the remaining eight districts, institutional
registrants also held the bulk of the loans. Savings and loan associations and commercial banks
were ordinarily large holders, and in the Richmond,
Atlanta, Kansas City, and Dallas Districts, insurance companies were also relatively important. In
only three districts did noninstitutional registrants
account for 10 per cent or more of the district total.
In the Philadelphia District, corporate fiduciaries
were particularly important, and in the Dallas District, mortgage companies accounted for nearly onethird of the holdings of noninstitutional holders.
In all districts except Minneapolis mortgage companies, mortgage brokers, and real estate brokers
handled the bulk of the servicing. They accounted
for more than half of the loans serviced, as is shown
in Table 8. Commercial banks were also important servicers in all districts.
Metropolitan and non-metropolitan areas. Throughout the country, the persons and firms engaged in
real estate financing are located predominantly in
urban areas, and tend to be concentrated in and
around the largest cities. About three-fifths of all
registrants were in standard metropolitan areas.3
As can be seen from Tables 7 and 8, 85 per cent of
the loans held for own account and serviced for
others were in these areas. Of the registrants outside metropolitan areas, almost 45 per cent were
commercial banks, 11 per cent savings and loan associations, and 16 per cent real estate brokers.
Commercial banks and savings and loan associations together accounted for four-fifths of the loans
held for own account in non-metropolitan areas, but
only two-fifths in metropolitan areas, as can be
3
Standard metropolitan areas were defined for use in the
1950 Censuses of Population and Housing. Each standard
metropolitan area contains at least one city with a population of 50,000 or more and generally comprises an entire
county or group of two or more contiguous counties that are
economically and socially integrated.
TABLE 7
REAL ESTATE LOANS H E L D IN EACH FEDERAL RESERVE DISTRICT, M A Y 3 1 , 1951
CLASSIFIED BY PRINCIPAL BUSINESS OF HOLDER
[Percentage distribution of loans held within districts]
Federal Reserve
district
All districts...
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Metropolitan areas
Non-metropolitan areas
Number of
registrants
holding
loans
Amount
of loans
held (In
millions
of
dollars)
Institutional
All loans
held
Commercial
bank
Mutual
savings
bank
Savings
and loan
association
Insurance
company
Noninstitutional
29,826
56,604
100
23
16
24
31
6
1,654
2,944
2,190
2,647
2,344
2,383
4,215
2,285
1,426
2,534
2,490
2,714
7,175
19,082
2,188
4,211
3,077
2,276
6,421
1,409
1,618
1,574
1,325
6,247
100
100
100
100
100
100
100
100
100
100
100
100
10
11
34
31
26
25
31
42
27
23
22
55
31
33
9
3
2
0
C1)
l
5
0
0
1
16
9
32
48
38
41
33
38
22
45
30
28
42
44
13
14
26
27
28
12
13'
23
33
10
1
3
12
4
8
33
9
15
6
16,244
13,582
48,485
8,119
100
100
20
43
17
10
22
36
35
7
6
4
7
8
7
1
Less than one-half of 1 per cent.
NOTE.—For further detail by Federal Reserve district, see Appendix Table 6, pp. 634-35.
628
FEDERAL RESERVE BULLETIN
REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X
and 39 per cent, respectively, of the loans serviced
for others, as is shown in Table 8. Commercial
banks were about equally important in both areas.
Noninstitutional servicers other than mortgage
companies, mortgage brokers, and real estate brokers
serviced as much as 45 per cent of the loans in nonmetropolitan areas.
seen from Table 7. Insurance companies were
most important in metropolitan areas, accounting
for over one-third of the loans held in such areas.
Mortgage companies, mortgage brokers, and real
estate brokers as a group were the most important
servicers of loans in both metropolitan and nonmetropolitan areas and accounted for 75 per cent
TABLE 8
REAL ESTATE LOANS SERVICED IN EACH FEDERAL RESERVE DISTRICT, MAY 3 1 ,
1951
CLASSIFIED BY PRINCIPAL BUSINESS OF SERVICER
[Percentage distribution of loans serviced within districts]
Federal Reserve
district
All districts
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Number of
registrants
servicing
loans
(In
Institutional
All loans
serviced
Commercial
bank
millions
of dollars)
Noninstitutional
Other
Mortgage company,
mortgage broker, or
real estate broker
Other
9,876
15,835
100
11
4
70
15
262
744
710
496
746
761
231
1,210
8
22
8
9
17
8
10
5
4
6
7
15
11
1,112
1,662
2,228
100
100
100
100
100
100
100
100
100
100
100
100
1
10
57
55
88
82
74
79
77
79
33
70
69
67
24
23
4
6
3
6
11
9
62
19
23
8
6,134
3,742
13,715
2,121
100
100
11
13
4
3
75
39
10
45
1,513
915
468
1,199
852
Metropolitan a r e a s . . . .
Non-metropolitan areas
Amount
of loans
serviced
1,790
663
784
1,620
1,756
2,412
857
720
0)1
C)
3
6
7
2
7
1
5
1
Less than one-half of 1 per cent.
NOTE.—For further detail by Federal Reserve district, see Appendix Table 6, pp. 634-35.
APPENDIX TABLE 1
COMPARISON OF TOTALS DERIVED FROM REGISTRATION STATEMENTS W I T H ESTIMATES OF CORRESPONDING NATIONAL TOTALS
1
[Dollar amounts in billions]
Amount of real estate loans held
Number of businesses
Business
National
total
All businesses
Institutional
Commercial bank 3
Mutual savings bank
Savings and loan association
Insurance company
Life
Other
Registrants
Registrants
as a percentage
of national
total
43,771
,088
,048
529
,980
,531
609
922
17,037
10,885
525
4,984
643
77
77
99
83
42
Registrants'
total as a
percentage of
national
total
National
totali
Registrants'
total
$76.8
$56.6
74
56.1
14.3
9.1
14.6
18.1
18.0
.1
53.3
13.2
9.1
13.6
17.3
95
92
100
93
96
Noninstitutional
Data from registration statement are as of May 31, 1951 and estimated national totals as of June 30, 1951.
2
Data not available.
3
Excludes trust companies doing a trust business only which, although generally classified as commercial banks, are included with
noninstitutional holders in this study.
NOTE.—Parts may not add to totals because of rounding.
JUNE 1952
629
REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X
APPENDIX TABLE 2
REGISTRANTS HOLDING REAL ESTATE LOANS AND TOTAL A M O U N T H E L D , M A Y 3 1 ,
1951
CLASSIFIED BY PRINCIPAL BUSINESS AND SIZE OF PORTFOLIO OF HOLDER
All
registrants
Principal business of holder
Registrants
holding
no
loans
Size of portfolio
All
sizes
Under $25,000- $100,000- $500,000- $1,000,000- $5,000,000- $10,000,000- $25,000,000- $50,000,000
$25,000 $99,000 $499,000 $999,000 $4,999,000 $9,999,000 $24,999,000 $49,999,000 and over
Number of Registrants
All businesses
43,771
13,945
29,826
6,311
6 ,165
8 ,172
3,178
4,452
838
444
139
127
Institutional
Commercial bank
Mutual savings bank
Savings and loan association
Insurance company
17,037
10,885
525
149
86
0
16,888
10,799
525
673
602
0
2 ,201
1 ,840
2
5 ,774
4 ,289
15
2,735
1,832
22
4,042
1,905
221
780
199
106
428
84
81
132
25
35
123
23
43
4,984
643
22
41
4,962
602
41
30
290
69
1 ,313
157
809
72
1,805
111
433
42
220
43
40
32
11
46
Noninstitutional
Corporate fiduciary1. . .
Mortgage company
Mortgage broker
Real estate broker
Builder or developer....
Dealer or c o n t r a c t o r . . . .
Sales finance company...
Small loan company
School, university
Investor
Individual trustee
Other
26,734
1,017
779
1,860
11,817
1,946
236
174
1,251
309
2,547
232
4,566
13,796
139
152
1,252
7,469
818
158
94
1,038
8
111
13
2,544
12,938
878
627
608
4,348
1,128
78
80
213
301
2,436
219
2,022
5,638
117
113
265
2,693
402
57
40
154
27
821
58
891
3 ,964
173
142
158
1 ,192
394
14
27
42
69
1 ,045
94
614
2 ,398
286
192
120
401
280
443
137
71
31
37
30
0
2
1
43
32
5
54
410
128
92
31
25
21
0
1
0
37
14
4
57
16
8
2
0
0
0
0
0
0
2
0
0
4
7
3
0
0
0
0
0
0
0
0
0
0
4
4
1
1
0
0
0
0
0
0
0
0
0
2
7
10
16
115
523
58
390
58
25
14
3
0
1
0
0
0
8
1
0
Amount of Real Estate Loans Held
(In millions of dollars]
Institutional
Commercial bank
Mutual savings bank
Savings and loan association
Insurance company
Noninstitutional
Corporate fiduciary1
Mortgage company
Mortgage broker
Real estate broker
Builder or developer
Dealer or contractor
Sales finance company
Small loan company
School, university
Investor
Individual trustee
Other
56,604
60
342
2,028
2,257
9,801
5,714
6,799
4,857
24,745
53,256
13,240
9,100
13,609
17,308
9
8
0
1
(2)
135
111
(2)
20
4
1,519
1,111
5
363
40
1,944
1,286
17
591
50
8,935
3,760
596
4,322
257
5,322
1,348
722
2,958
294
6,549
1,262
1,257
3,359
671
4,613
890
1,287
1,320
1,116
24,231
3,463
5,215
677
14,876
3,346
949
492
149
225
159
3
6
7
229
219
30
879
50
1
1
2
22
4
(22)
()
1
(2)
10
1
8
205
10
8
8
59
21
1
1
2
4
55
5
31
510
71
46
26
76
63
2
2
3
27
101
11
82
315
98
49
22
25
21
0
(*)
1
(*)
21
3
40
267
200
74
44
(*)
0
(*)
0
79
(*)
9
120
392
176
95
17
0
(*)
0
0
0
55
(*)
0
38
250
127
(*)
0
0
0
0
0
0
"o
0
54
244
0
0
0
0
0
0
0
0
0
(*)
514
(*)
(*)
0
0
0
0
0
0
0
0
0
* Data not shown to avoid disclosure of information regarding individual registrants.
1
Includes trust departments of commercial banks and trust companies doing a trust business only. These registrants were instructed to report the loans they were
servicing for others as loans held for own account in order to avoid duplication in reporting.
2 Less than $500,000.
NOTE.—Parts may not add to totals because of rounding and because of omission of data to avoid disclosure of information regarding individual registrants.
630
FEDERAL RESERVE BULLETIN
REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X
APPENDIX TABLE 3
REGISTRANTS SERVICING REAL ESTATE LOANS AND TOTAL A M O U N T SERVICED, MAY 3 1 , 1951
CLASSIFIED BY PRINCIPAL BUSINESS AND SIZE OF SERVICING ACCOUNT
All
registrants
Principal business of servicer
Registrants
servicing no
loans
Size of servicing account
All
sizes
Under $25,000- $100,000- $500,000- $1,000,000- $5,000,000- $10,000,000- $25,000,000
$25,000 $99,000 $499,000 $999,000 $4,999,000 $9,999,000 $24,999,000 and over
Number of Registrants
All b u s i n e s s e s . . .
43,771
33,895
19,876
2,272
2,242
2,440
985
1,294
248
244
131
Institutional
Commercial bank
Mutual savings bank
Savings and loan association.
Insurance company
17,037
10,885
525
4,984
643
14,691
9,091
498
4,518
584
2,346
1,794
27
466
59
633
526
3
97
7
542
430
6
95
11
598
441
10
133
14
186
125
5
51
5
276
201
3
63
9
53
34
0
15
4
38
24
0
11
9
0
1
1
Noninstitutional
Corporate fiduciary2
Mortgage company
Mortgage broker
Real estate broker
Builder or developer
Dealer or contractor
Sales finance company
Small loan company
School, university
Investor
Individual trustee
Other
26,734
1,017
779
1,860
11,817
1,946
236
174
1,251
309
2,547
232
4,566
19,204
1,017
214
958
7,890
1,799
229
156
1,224
306
2,348
218
2,845
7,530
0
565
902
3,927
147
7
18
27
3
199
14
1,721
1,639
0
14
78
1,252
43
5
7
19
1
75
2
143
1,700
0
24
102
1,234
61
2
3
5
1
72
5
191
1,842
0
76
230
997
35
0
5
1
1
38
5
454
799
0
30
91
191
3
0
1
1
0
7
1
474
1,018
0
149
246
178
4
0
2
1
0
4
1
433
195
0
94
63
27
1
0
0
0
0
0
0
10
206
0
95
70
32
0
0
0
0
0
0
0
9
120
0
83
21
9
0
0
0
0
0
0
0
7
,
Amount of Real Estate Loans Serviced
[In millions of dollars]
All businesses...
Institutional
Commercial bank
Mutual savings bank
Savings and loan association
Insurance company
Noninstitutional
Corporate fiduciary2
Mortgage company
Mortgage broker
Real estate broker
Builder or developer
Dealer or contractor
Sales finance company
Small loan company
School, university
Investor
Individual trustee
Other
120
581
711
2,749
2,442
1,754
13
451
224
7
6
(3)
1
(3)
30
24
(3)
5
1
139
100
3
32
4
136
92
4
37
3
641
458
13,394
0
6,054
3,307
1,751
26
C1)
4
2
1
26
5
2,218
19
0
(3)
1
14
1
89
0
1
6
66
3
(3)
443
0
19
59
216
7
0
1
577
0
21
66
131
2
0
(*)
(*)
0
5
(*)
349
15,835
25
(3)
(3)
(3)
(3)
(3)
1
3
(3)
(3)
2
10
(')
7
1
132
6,244
* Data not shown to avoid disclosure of information regarding individual registrants.
Includes 20 registrants not reporting amount of loans serviced.
Includes trust departments of commercial banks and trust companies doing a trust business only. These registrants were instructed to report the loans
they were servicing for others as loans held for own account in order to avoid duplication in reporting.
a Less than $500,000.
NOTE.—Parts may not add to totals because of rounding and because of omission cf data to avoid disclosure of information regarding individual registrants.
1
2
JUNE 1952
631
REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X
APPENDIX TABLE 4
REGISTRANTS BOTH HOLDING AND SERVICING REAL ESTATE LOANS AND AMOUNTS H E L D AND SERVICED, MAY 31, 1951
CLASSIFIED BY SIZE OF PORTFOLIO AND SIZE OF SERVICING ACCOUNT
All
registrants
Size of portfolio
Registrants
servicing no
loans
Size of servicing account
All
Under $25,000- $100,000- $500,000- $1,000,000- $5,000,000- $10,000,000- $25,000,000
$25,000 $99,000 $499,000 $999,000 $4,999,000 $9,999,000 $24,999,000
and over
Number of Registrants
All portfolios
No loans held
—
Some loans held
Under $25,000
$25,000-$99,000
$100,000-$499,000
$500,000-$999,000
$l,000,000-$4,999,000
$5,000,000-$9,999,000
$10,000,000-$24,999,000
$25,000,000-$49,999,000
$50,000,000 and over
43,771
33,895
876
2,272
2,242
2,440
985
13,945
9,836
4,109
768
853
1,014
599
29,826
6,311
6,165
,172
3,178
4,452
838
444
139
127
24,059
4,631
5,066
7,031
2,635
3,547
631
315
106
97
5,767
1,680
1,099
1,141
543
905
207
129
33
30
1,504
597
315
296
119
139
24
10
3
1
1,389
482
309
257
130
165
25
17
3
1
1,426
397
268
276
134
267
47
26
6
5
386
66
74
69
46
76
30
17
4
4
1,294
604
81
91
138
54
135
50
37
9
248
244
75
75
173
21
15
54
17
35
14
131
25
14
36
33
41
6
11
2
1
100
7
10
11
7
45
11
2
0
7
570
1,638
1
9
24
81
38
(*)
(*)
1
3
5
118
68
(*)
0
(*)
Amount of Real Estate Loans Held
[In millions of dollars]
All portfolios
Under $25,000
$25,000-$99,000
$100,000-$499,000
$500,000-$999,000
$1,000,000-$4,999,000
$5,000,000-$9,999,000
$10,000,000-$24,999,000....
$25,000,000-$49,999,000....
$50,000,000 and over
56,604
45,283
342
2,028
2,257
9,801
5,714
6,799
4,857
24,745
46
284
1,747
1,873
7,763
4,284
4,754
3,717
20,814
11,321
14
58
281
384
2,038
1,430
2,045
1,140
3,931
955
5
16
72
83
281
170
161
113
53
1,145
4
16
66
91
360
171
260
126
51
2,208
3
14
67
97
592
326
404
204
500
1,625
1
4
16
36
195
200
252
113
808
2,311
1
5
35
36
320
348
570
288
708
()
13
12
89
109
167
(*)
(*)
Amount of Real Estate Loans Serviced
[In millions of dollars]
All portfolios....
No loans held
Some loans held
Under $25,000
$25,000-$99,000
$100,000-1499.000
$500,000-$999.000
$l,000,000-$4,999,000. .
$5,000,000-$9,999,000..
$10,000,000-$24,999,000
$25,000,000-$49,999,000
$50,000,000 and over. . .
15,835
25
120
581
711
2,749
5,086
8
46
258
435
1,298
10,748
1,121
1,082
1,801
1,091
3,393
967
425
118
746
16
6
3
3
1
2
(2)
(2)
(2)
(2)
74
25
16
14
7
10
1
1
(2)
(2)
323
86
62
59
31
63
11
7
2
1
277
45
52
51
34
55
22
12
3
3
(*)
* Data not shown to avoid disclosure of information regarding individual registrants.
Includes 20 registrants not reporting amount of loans serviced.
Less than $500,000.
NOTE.—Parts may not add to totals because of rounding and because of omission of data to avoid disclosure of information regarding individual registrants.
1
2
632
FEDERAL RESERVE BULLETIN
REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X
APPENDIX TABLE 5
R E A L ESTATE LOANS H E L D BY REGISTRANTS, MAY 3 1 , 1951
CLASSIFIED BY PRINCIPAL BUSINESS AND SIZE OF PORTFOLIO OF REGISTRANT AND BY T Y P E OF LOAN
[In millions of dollars]
Classification
Loans on residential properties
All types
of loans
Total
FHA
VA
Conventional
Loans
on
farm
properties
Loans
on other
properties
Principal business of holder:
All businesses
56,604
46,007
11,605
9,789
24,612
2,450
8,145
Institutional
53,256
13,240
9,100
13,609
17,308
43,352
10,243
7,800
13,259
12,051
10,974
3,221
2,145
769
4,839
9,364
2,425
1,509
2,827
2,603
23,013
4,597
4,146
9,662
4,608
2,353
817
48
57
1,431
7,549
2,178
1,250
293
3,827
3,346
949
492
149
225
159
3
6
7
229
219
30
879
2,653
712
466
126
185
140
2
5
6
120
160
18
713
631
118
163
37
21
34
(2)
426
63
148
40
18
16
97
23
5
8
10
1
595
214
21
15
30
18
(2)
(2)
247
(2)
136
1,598
532
155
49
146
90
2
4
6
111
155
18
330
56,604
60
342
2,028
2,257
9,801
5,714
6,799
4,857
24,745
46,007
47
241
1,447
1,753
8,390
5,055
6,063
4,242
18,770
11,605
2
9,789
2
14
192
317
1,828
1,109
1,438
883
4,006
24,612
43
214
1,130
1,267
5,695
3,277
3,571
2,124
7,291
2,450
7
60
311
197
291
76
57
75
1,375
Commercial bank
Mutual savings bank
Savings and loan association
Insurance company
Noninstitutional
Corporate fiduciary l
Mortgage company
Mortgage broker
Real estate broker
Builder or developer
Dealer or contractor
Sales finance company
Small loan company
School, university
Investor
Individual trustee
Other
Size of
0
8
2
()
(2
\
4
11
1
30
1
101
48
10
136
portfolio:
All sizes
Under $25,000
$25,000-$99,000
$100,000-$499,000
$500,000-$999,000
$l,000,000-$4,999,000
$5,000,000-$9,999,000
$10,000,000-$24,999,000. . . .
$25,000,000-$49,999,000
$50,000,000 and over
13
124
169
867
669
1,053
1,234
7,473
8,145
6
40
270
306
1,119
583
679
540
4,600
1
Includes trust departments of commercial banks and trust companies doing a trust business only."'These registrants were i n structed to report the loans they were servicing for others as loans held for own account in order to avoid duplication in reporting.
2 Less than $500,000.
NOTE.—Parts may not add to totals because of rounding.
JUNE 1952
633
REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X
APPENDIX TABLE
6
REGISTRANTS, LOANS H E L D , AND LOANS SERVICED IN EACH FEDERAL RESERVE DISTRICT, MAY 3 1 ,
CLASSIFIED BY T Y P E OF REGISTRANT AND T Y P E OF LOAN
Classification
All
districts
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
1951
Minneapolis
Kansas
City
San
Dallas Francisco
Number of Registrants
Principal business of registrant:
43,771
2,287
4,566
3,435
3,564
3,164
3,357
6 ,347
3,181
1,915
3,695
3 ,856
4,404
17,037
Institutional
10,885
Commercial bank
525
Mutual savings bank
Savings and loan association 4,984
643
Insurance company
1,127
459
326
315
27
1,538
833
165
510
30
1,337
637
9
667
24
1,880
1,027
4
807
42
1,388
774
8
551
55
1,440
1,100
0
259
81
2,855
2 ,013
5
712
125
1,253
867
1
340
45
1,056
913
2
122
19
1,389
1,082
0
265
42
1,040
779
0
152
109
734
401
5
284
44
26,734
1,017
779
1,860
11,817
1,946
236
174
1, 251
309
2,547
232
4,566
1,160
46
36
63
490
95
8
11
95
21
93
12
190
3,028
228
51
203
1,284
323
6
22
42
105
377
57
330
2 ,098
147
30
43
1,220
140
3
20
149
48
87
13
198
1,684
153
45
103
502
92
63
8
226
13
108
8
363
1,776
74
52
212
654
171
6
15
82
12
155
27
316
1,917
89
77
231
644
55
3
9
115
10
261
16
407
3 ,492
131
114
200
1,386
276
109
32
270
31
163
29
751
1,928
28
55
104
1,041
76
8
24
95
8
207
5
277
859
15
20
51
263
42
4
4
52
7
42
4
355
2,306 2 ,816
38
23
89
106
151
222
1,177 1,244
50
248
4 .
10
14
7
73
22
14
17
272
354
20
20
404
543
3,670
45
104
277
1,912
378
12
8
30
23
428
21
432
All r e g i s t r a n t s . . .
Noninstitutional
Corporate fiduciary2
Mortgage company
Mortgage broker
Real estate broker
Builder or developer
Dealer or contractor
Sales finance company
Small loan company
School, university
Investor
Individual trustee
Other
Amount of Real Estate Loans Held
[In millions of dollars]
All registrants
56 ,604
7,175 19,082
2,188
4 ,211
3,077
2,276
6 ,421
1,409
1,618
1,574
1,325
6,247
Institutional
Commercial bank
Mutual savings bank
Savings and loan association
Insurance company
53,256
13,240
9 ,100
13,609
17,308
7,077 18,472
677 2 ,031
2 ,229 6 ,276
1,158 1,750
3 ,013 8 ,415
1,937
750
206
695
286
4 ,060
1,315
107
2 ,030
608
2,829
800
76
1,154
799
2,123
575
0
934
614
5 ,915
1,978
12
2 ,146
1,779
1,308
593
(*)
(*)
168
1,079
433
(*)
(*)
206
1,434
356
0
709
369
1,130
289
0
402
439
5,895
3,445
102
1,736
612
610
200
14
10
25
14
1
251
143
26
1
18
8
0
1
2
28
5
5
14
152
78
24
6
12
5
248
113
22
20
26
8
0
154
38
46
16
14
5
1
505
88
161
21
25
22
1
102
19
21
10
23
4
1
539
138
4
2
5
1
1
141
22
39
15
18
4
195
21
60
8
17
23
1
352
66
69
33
38
64
7
4
Noninstitutional
Corporate fiduciary 2
Mortgage company
Mortgage broker
Real estate broker
Builder or developer
Dealer or contractor
Sales finance company
Small loan company
School, university
Investor
Individual trustee
Other
3 ,346
949
492
149
225
159
3
6
7
229
219
30
879
99
23
7
8
4
2
1
C1)1
10
10
2
32
I)
2
C1)
113
63
11
158
0)
0
1
4
9
1
12
C11)
C)
7
13
2
37
C)
0)
0)
6
16
2
11
C)
1
0)
22
16
2
147
C1)2
C)
C1)
0)
9
378
(x)
1
6
14
3
19
3
11
C1)
C1)
C)
0)
0)
19
23
1
23
0)
36
1
39
Amount of Real Estate Loans Serviced
[In millions of dollars]
All registrants
Institutional
Commercial bank
Mutual savings bank
Savings and loan association
Insurance company
Noninstitutional
Corporate fiduciary2
Mortgage company
Mortgage broker
Real estate broker.
Builder or developer
Dealer or contractor
Sales finance company
Small loan company
School, university
Investor
Individual trustee
Other
15,835
231
1,790
663
784
1,620
1,756
2,412
857
720
1,112
1,662
2,228
2,442
1,754
13
451
224
45
19
5
13
7
401
390
6
5
0
56
53
0
2
96
74
0
22
0
368
268
0
62
38
252
136
0
19
97
282
232
0
47
3
103
41
0
21
41
34
28
0
5
0)
128
110
0
14
5
560
I1)
118
68
0
50
13,394
0
6,054
3,307
1,751
26
186
0
7
68
55
1,388
0
366
450
162
1
0
0
0
1
9
1
400
688
0
298
298
45
1,253
0
553
345
299
1
0
0
0
0
1
1,504
0
544
627
223
2,130
0
1,276
341
250
12
753
0
355
140
179
687
0
137
70
29
1,534
0
872
235
37
1
1,668
0
715
516
0
1
0
1
0
0
994
0
489
162
132
1
0
1
1
0
3
1
C)4
2
1
26
5
2,218
C1)
0
C1)
0
0
0)
0)55
0)
608
0
442
55
83
2
0
0
C1)
0
1
3
20
C1)
0
0
0)
0
I1)
0
47
C1)
55
C1)
0
0
1
0
6
1
C103
)
1
C)
0)
0
0
2
1
C249
)
C1)
C1)
0
1
0
78
C1)
0)
0
448
1
C206
)
0)
C1)
0)
0
1
0
388
335
1
190
34
256
7
0
2
0)
0)
0
3
170
* Data not shown to avoid disclosure of information regarding individual registrants.
12 Less than $500,000.
Includes trust departments of commercial banks and trust companies doing a trust business only. These registrants were instructed to
report the loans they were servicing for others as loans held for own account in order to avoid duplication in reporting.
For additional footnotes see opposite page.
634
FEDERAL RESERVE
BULLETIN
REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X
APPENDIX TABLE
6—Continued
REGISTRANTS, LOANS H E L D , AND LOANS SERVICED IN EACH FEDERAL RESERVE DISTRICT, MAY 3 1 , 1951
CLASSIFIED BY T Y P E OF REGISTRANT AND T Y P E OF LOAN
Classification
All
districts
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Number of Registrants
Size of loan portfolio:
All portfolios
No loans held
Some loans held
Under $25,000
$25,000-$99,000
$100,000-$499,000
$500,000-$999,000
$1,000,000-14,999,000
$5,000,000-$9,999,000
$10,000,000-$24,999,000. . .
$25,000,000-$49,999,000. . .
$50,000,000 and over
43,771
13,945
29,826
2,287
633
1,654
4,566
1,622
2,944
3 ,435
1,245
2 ,190
3,564
917
2,647
3,164
820
2,344
3,357
974
2,383
6,347
2, 132
4, 215
3,181
896
2,285
1,915
489
1,426
3,695
1,161
2 ,534
3,856
1,366
2,490
4,404
1,690
2,714
6,311
6,165
8,172
3,178
4,452
838
444
139
127
231
217
309
170
510
118
68
15
16
406
515
782
357
564
133
90
46
51
391
326
709
317
382
43
15
3
4
357
345
745
430
612
99
42
11
6
426
392
727
307
379
57
37
16
3
494
526
793
246
249
36
27
9
3
636
811
1,271
538
735
143
54
12
15
518
579
704
202
235
34
10
2
1
270
343
482
150
142
16
13
3
7
849
723
531
160
214
34
17
4
2
789
769
607
126
143
39
12
1
4
944
619
512
175
287
86
59
17
15
Amount of Real Estate Loans Held
[In millions of dollars]
Some loans held. .
Under $25,000
$25,000-$99,000
$100,000-$499,000
$500,000-$999,000
$l,000,000-$4,999,000. .
$5,000,000-$9,999,000. .
$10,000,000-$24,999,000
$25,000,000-$49,999,000
$50,000,000 and over. . .
56,604
7,175 19,082
2,188
4,211
3,077
2,276
6,421
1,409
1,618
1,574
1,325
6,247
60
342
2,028
2,257
9,801
5,714
6,799
4,857
24,745
4
2
12
30
78
195
124
258
1,208 1,297
798
910
1,034 1,368
521 1,632
3,397 13,388
3
18
185
229
792
284
234
102
340
3
20
202
307
1,299
701
629
406
643
4
22
183
218
819
386
540
534
371
5
30
195
173
565
245
437
302
325
6
46
318
383
1,652
969
819
394
1,834
5
31
173
141
480
237
173
(*)
(*)
3
20
120
103
259
99
187
117
711
8
38
124
110
462
241
265
(*)
(*)
8
42
132
87
302
272
178
(*)
(*)
33
122
123
665
575
936
610
3,176
Number of Registrants
Size of servicing account:
All sizes
No servicing
Some servicing
Under $25,000
$25,000-$99,000
$100,000-$499,000
$500,000-$999,000
$l,000,000-$4,999,000. .
$5,000,000-$9,999,000. .
$10,000,000-$24,999,000
$25,000,000 and over. . .
43,771
33,895
3 9,876
2,287
2,025
262
4,566
3,822
744
3,435
2,725
710
3,564
3,068
496
3,164
2,418
746
3,357
2,596
761
6,347
4,834
1,513
3,181
2,266
915
1,915
1,447
468
3,695
2,496
1,199
3,856
3,004
852
4,404
3,194
1,210
2,272
2,242
2,440
985
1,294
248
244
131
70
64
67
24
28
5
2
2
151
193
167
54
107
28
21
20
285
207
130
30
32
9
8
7
123
115
122
35
57
19
21
4
147
150
190
76
109
26
28
16
128
146
187
90
142
17
36
14
290
318
411
155
250
36
29
24
214
211
249
119
81
22
17
2
92
92
125
70
73
5
10
1
308
292
310
112
123
24
20
7
172
188
202
118
119
21
15
14
292
266
280
102
173
36
37
20
Amount of Real Estate Loans Serviced
[In millions of dollars]
Some servicing.. .
Under $25,000
$25,000-$99,000
$100,000-$499,000
$500,000-$999,000
$l,000,000-$4,999,000. . .
$5,000,000-$9,999,000
$10,000,000-$24,999,000.
$25,000,000 and over. . . .
15,835
231
1,790
663
784
1,620
1,756
2,412
857
720
1,112
1,662
2,228
25
120
581
711
749
735
,670
6,244
1
3
17
17
61
33
(*)
(*)
2
10
37
40
229
198
336
936
3
11
25
20
67
58
103
376
1
6
28
26
118
131
317
156
2
8
45
55
255
185
408
662
1
8
46
63
321
116
541
659
3
17
95
111
535
257
410
983
2
12
64
83
178
152
(*)
(*)
1
5
32
50
144
36
(*)
(*)
3
16
73
82
238
167
297
236
2
10
52
88
243
147
243
879
3
14
66
75
359
255
578
877
Amount of Real Estate Loans Held
[In millions of dollars]
Type of loan held:
All types
On residential properties
56,604
46,007
11,605
Insured by FHA
Insured or guaranteed by VA 9,789
24,612
Conventional
2,450
On farms
8,145
On other properties
19,082
2, 188
4 ,211
3,077
2 ,276
6,421
1,409
1,618
1,574
1,325
6,247
5,290 15,394
1,017
5 ,012
1,256
3 ,411
3,017
6 ,971
342
780
1,541 2 ,909
1,854
215
442
1,196
46
287
3 ,592
396
694
2 ,502
172
448
2,501
328
465
1,708
97
479
1,870
468
294
1,108
88
317
5,332
1,247
1,183
2, 901
367
721
1,170
311
202
657
91
148
1,395
458
364
574
79
143
1,246
359
238
650
144
184
903
133
141
629
97
324
5,460
1,661
1,099
2,699
144
643
7,175
3
Includes 20 registrants not reporting amount of loans serviced.
NOTE.—-Parts may not add to totals because of rounding and because of omission of data to avoid disclosure of information regarding individual registrants.
JUNE 1952
635
REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X
Form FR 269
Form Approved
Budget Bureau No. 55-R-184
REAL ESTATE CREDIT REGULATION
REGISTRATION STATEMENT UNDER REGULATION X
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
INSTRUCTIONS
All those subject to Regulation X, the Real Estate Credit Regulation of the Board of Governors of the Federal Reserve
System, are to register in accordance with Section 3 (6) of the regulation.
How and where to register—Those subject to Regulation X should register by filling out this form and returning it to the
nearest Federal Reserve Bank or Federal Reserve branch.
When to register—Those subject to Regulation X as of May 31, 1951, should return this form properly filled out not later
than June 30, 1951. Those who become subject to the regulation after May 31, 1951, should return this form within 30 days after
they become subject.
Who is to register—A Registrant is defined in the regulation as a person who either (1) extends or has extended real estate
credit more than three different times during the current calendar year or during the preceding calendar year, or (2) extends or
has extended real estate credit in an amount or amounts aggregating more than $50,000 during the current calendar year or the
preceding calendar year. In other words, you should register if you extended real estate credit four times or more in either 1950
or so far in 1951, or if you extended more than $50,000 of such credit in either of these years. Extension of real estate credit
includes not only credit secured by real estate, but also credit for the purpose of purchasing, financing, or carrying real estate.
The number and amount of credit extensions includes transactions as a fiduciary or as agent, as well as for your own account.
Examples of those who should register are given below. If after studying these instructions and examples you are still
uncertain whether or not to register, you may consult the nearest Federal Reserve Bank or branch.
(a) Organizations and individuals lending on mortgages, deeds of trust, land contracts, or the like, whether first
or junior liens, or purchasing or discounting such instruments.
(b) Builders or other sellers of real estate selling subject to, or with assumption of, previously existing mortgages
on which they were the obligors.
(c) Mortgage or real estate brokers, or others who arrange for extensions of credit in connection with real estate
as agents for the lender.
(d) Loan and finance companies, commercial banks and trust companies, credit unions, and similar organizations
or individuals lending to others for the purchasing, carrying, or financing of real estate, regardless of the nature of the
security.
Subsidiaries, affiliates, and branches—Subsidiaries and affiliates which are subject to the regulation should register whether
or not the parent organization registers. Organizations or other persons maintaining branch offices should register for the
head office and all branch offices, show combined figures" in Items III and IV for all offices, and attach a list of branch offices
unless Registrant is a bank.
FILL OUT THE STATEMENT ON THE REVERSE OF THIS FORM AND RETURN TO THE NEAREST FEDERAL
RESERVE BANK OR BRANCH. YOU MUST RETURN THIS FORM BY JUNE 30, 1951, OR WITHIN 30 DAYS AFTER YOU
BECOME SUBJECT TO THE REGULATION, WHICHEVER IS LATER.
636
FEDERAL RESERVE BULLETIN
REAL ESTATE L O A N S OF REGISTRANTS U N D E R REGULATION X
REAL ESTATE CREDIT REGULATION
REGISTRATION STATEMENT UNDER REGULATION X
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
For instructions refer to reverse of this form
Legal name of Registrant (print or type)
Street address
State also trade name if different from legal name
City
Zone No.
County
I. Indicate by check mark whether Registrant is in business as (1) individual
tion
State
, (2) partnership
, (3) corpora-
, or (4) other form (specify)
II. Principal business of Registrant.
•
(Check only one.)
(1) Commercial bank or trust com-
•
•
Pany
D
(2>
•
(3) Savings bank
•
•
•
•
•
Tl U t
c ia l bank11"1'111 ° f
C
°mmer"
(10) Real estate broker or agent
(11) Builder or developer
(4) Savings and loan association
(5) Insurance company
* J
(6) Sales finance company
(7) State-licensed small loan comPany
or
contractor in heating, plumbing, air conditioning equipment, etc., or renovation and repairs
D ( 1 3 ) S c h o o l > u n i v e r s i t y ? c h a r i t able
foundation church or simiIar educational, charitable,
or nonprofit organization
14
Inves
° < >
tor
• (15) Individual trustee or executor
w
!
«
g
^
J
H
(8) Mortgage company
•
.S
°
<12>
Dealer
(16) Other (specify)
D (9) Mortgage broker or agent
as
III. Outstanding amount of loans secured by real estate, held by Registrant for own account as of May 31, 1951. (Please estimate any figures which are not readily available and mark them "est.")
A. On residences, residential properties, or multi-unit residential properties:
Amount outstanding
(1) Insured by the Federal Housing Administration
(2) Guaranteed or insured by the Veterans Administration
$
H
$
12
(including the VA guaranteed
second mortgage part of "combination" loans) .
...
(3) Not insured or guaranteed.
$
13
(4) Total, residential properties.
$
24
(1) Farm.
$
25
(2) Other .
$
26
$
27
$
38
$
:.. 49
B. On all other properties:
(3) Total, all other properties.
C. Total, loans secured by real estate
(Sum of A(4) and B(3) above)..
IV. Outstanding amount of loans secured by real estate which were being serviced by Registrant for
others as of May 31, 1951.
*
*
*
*
*
I certify under the penalties of Regulation X of the Board of Governors of the Federal Reserve System that to the best of
my knowledge and belief the foregoing facts are correct (except as to any items marked "est." whjch are estimated in good faith).
Date
Signature of Registrant or of officer
authorized to sign for Registrant
Title
JUNE 1952
637
FINANCING OF LARGE CORPORATIONS IN 1951
Among large corporations in practically all of
the 14 industry groups for which the Board of
Governors regularly compiles financial data, higher
levels of expenditures for plant and equipment and
for inventories in 1951 were associated with lower
levels of retained earnings.2 As a result, almost
every industry relied more heavily on external financing than in preceding postwar years.
This group of 300 large manufacturing, trade,
and utility corporations used bank credit to an unusual extent in 1951. In dollar terms, an even
larger volume of borrowing was done by public
issues of bonds or by private placements with insurance companies. A sizable amount of funds
was raised by capital stock issues, mainly in those
industries which are somewhat protected, by
various features of the tax laws, from the full
impact of Federal income and excess profits taxes.
In some industries funds were also provided
through the liquidation of United States Government security holdings; most industries, however,
added moderately to their holdings of such securities. Trade payables and receivables, the remaining important components in the sources and uses
of funds statement, both increased in rough proportion to the increase in the volume of operations.
The liquidity position of these large corporations,
as measured by the ratio of cash and marketable
security holdings to current liabilities, declined further in 1951, in a few industries very sharply. Their
situation is not in any sense critical, however, as
earnings continue at a high rate, interest and amortization charges on debt are low relative to current
earnings, and many large corporations are expected
to improve their liquidity positions by the end of
this year.
INVESTMENT
Reflecting increased expenditures for plant and
inventories, aggregate funds used by the 300 corporations in 1951 were the largest since the war,
amounting to 15 billion dollars as compared to 13
billion in 1950 and 11.6 billion in 1948.
1
This article was prepared by Paul S. Anderson of the
Board's Division of Research and Statistics.
2
For description of the large corporation sample and
analysis of its financial experience in previous years, see
"Industrial Differences in Large Corporation Financing in
1948," Federal Reserve BULLETIN, June 1949, pp. 626-33;
"Industrial Differences in Large Corporation Financing in
1949," Federal Reserve BULLETIN, June 1950, pp. 636-42;
and "Financing of Large Corporations in 1950," Federal Reserve BULLETIN, August 1951, pp. 913-19.
638
Plant and equipment outlays of these large corporations reached a record high of 9 billion dollars
in 1951. These expenditures had declined in 1949
and again in 1950 from the 1948 high of 8.2 billion
dollars as initial capital investment programs begun
after the war approached completion. In 1951,
however, new expansion programs were getting under way throughout industry, and capital expenditures increased in all industry groups except tobacco.
Industries which are closely associated with defense
production, including chemicals, iron and steel, nonferrous metals, machinery, and transportation equipment other than automotive, doubled or almost
doubled their plant and equipment outlays. A
moderate increase in capital expenditures occurred
even among trade corporations, despite declining
profits and building and credit restrictions.
Inventory expansion by these large corporations
also reached a record high in 1951, totaling nearly
4 billion dollars. This represented a 27 per cent
increase in book value, which substantially exceeded
the 18 per cent increase for all corporations and
contrasted with the 1950 experience when the rate
of increase for all corporations was double that of
the large corporations. Inventory accumulation,
which took place in 1951 among all industries represented in the sample, was most pronounced in
the machinery, automotive, and other transportation groups which produce military equipment.
FUNDS RETAINED FROM OPERATIONS
For the large corporations as a group, funds retained from operations (profits after taxes and dividends plus depreciation allowances) were about 5
per cent smaller in 1951 than in 1950. This decline was accounted for by a moderate narrowing
of profit margins and a substantial increase in Federal income and excess profits tax rates which more
than offset the effects of larger sales, smaller dividend disbursements, and increased depreciation
allowances.
Declines from 1950 to 1951 in the volume of
funds retained from operations occurred in 11 of the
14 industry groups included in the sample. In four
of these groups—retail trade and manufacturers
of food, tobacco, and transportation equipment
other than automotive—the decline amounted to at
least 25 per cent. Of the three industries which
showed an increased amount of funds from operations, the petroleum group reported by far thelargest rise—15 per cent.
FEDERAL RESERVE BULLETIN;
FINANCING OF LARGE CORPORATIONS IN 1951
FUNDS FROM OPERATIONS AS A PERCENTAGE OF
LARGE CORPORATION OUTLAYS FOR
INVENTORIES AND FIXED ASSETS
Even in the petroleum group, however, the increase in retained earnings plus depreciation did
not keep pace with the rise in plant and equipment
outlays and inventory expansion. In this group,
and in every other industry in the sample with the
exception of retail trade, funds retained from operations were smaller relative to these two major
types of expenditures in 1951 than in 1950, as is
shown in the chart. This decline in the relative
importance of earnings and depreciation allowances
was especially pronounced in the nonferrous metals,
machinery, and other transportation equipment
manufacturing groups.
EXTERNAL SOURCES OF FUNDS
With operations supplying a smaller share of
total funds in 1951, large corporations relied on
external sources for a larger volume of financing
than in other recent years. In 6 of the 14 industries, such external financing supplied more than
three-fifths of total funds in 1951. Borrowing from
banks, insurance companies, and in the securities
markets increased sharply in practically every industry included in the Board's tabulations. In
some industries, a significant volume of funds was
supplied by the Government through advances and
progress payments on defense contracts.
Bank loans. One of the most striking features
about the external financing by these corporations
was the large amount of bank credit obtained in
1951. At the beginning of the year, their total
JUNE
1952
bank debt amounted to 1.4 billion dollars—about
6 per cent of the business loans of all banks.
During the year they obtained an additional billion
dollars of bank credit, which was more than onefourth of the total increase in business loans at all
banks. In dollar terms, most of this borrowing
represented short-term credit to the food, tobacco,
machinery, and other transportation industries.
Several additional industries—including rubber,
chemical, and iron and steel manufacturing—which
in recent years have on balance repaid short-term
bank debt or borrowed very moderate amounts,
obtained relatively large amounts of such credit
in 1951.
Borrowing by the food and tobacco firms was
primarily the result of higher levels of agricultural
commodity prices while, among the other industries
mentioned, increased use of bank credit was largely
attributable to inventory and general working capital requirements associated with a high level of
business activity, heavy plant and equipment expenditures, and smaller retained earnings. This
demand for bank credit by the large corporations
was accompanied by a substantial rise in the interest rate on large business loans, as reported by
banks in leading cities, which contrasted with little
change in the rate on smaller loans.
While most of the bank borrowing was shortterm, 300 million dollars represented intermediateterm credit. Retail trade firms obtained about 230
million in term loans while iron and steel manufacturers borrowed 70 million. Most of the retail
trade term credit went to one firm which changed
its method of financing instalment receivables.
Other long-term borrowing. Long-term borrowed
funds obtained by the 300 corporations from nonbank sources totaled 1,700 million dollars in 1951
compared with only 275 million in 1950. Railroads,
electric and gas utilities, and communications accounted for nearly half of the 1951 total; together
these industries borrowed about twice as much as
in 1950. Among manufacturing industries, an even
more pronounced shift toward the use of such credit
was evident—from a net reduction of outstanding
debt in 1950 to substantial borrowing in 1951.
The sample companies in six manufacturing industries—foods, rubber, chemicals, iron and steel,
nonferrous metals, and machinery—obtained, on
balance, nearly 800 million dollars in long-term
funds from nonbank sources in 1951; in 1950 these
same companies had retired nearly 200 million dollars of previously borrowed funds.
Stock issues. In addition to the substantial volume of debt securities privately placed or publicly
offered by these large corporations in 1951, a larger
639
FINANCING OF LARGE CORPORATIONS IN 1951
EXTERNAL SOURCES OF FUNDS, 1951
LARGE
CORPORATIONS
IN SELECTED
PERCENTAGE
INDUSTRIES
DISTRIBUTION
nificant volume of short-term funds. In the automobile manufacturing, retail trade, and railroad
groups, however, accrued tax liabilities remained
virtually unchanged or even declined in 1951.
LIQUIDITY
Net liquid asset accumulation by the 300 large
corporations as a group totaled 500 million dollars
in 1951, a much smaller amount than the 2,700
million accumulation of such assets in 1950. The
1951 increase consisted almost entirely of additions
to marketable United States Government security
holdings, since there was virtually no change in
cash balances either for the sample as a whole or
for any industry. By contrast, the remainder of the
corporate universe accumulated liquid assets almost
entirely in the form of cash.
RUBBER
COMMUNITOBACCO
OTHER
MACHINERY ELECTRIC
CATIONS
TRANS
A N D GAS
Although large corporations as a group increased
EQUIP
UTILITIES
their holdings of marketable securities in 1951,
V77L BANK CREDIT
•
MORTGAGES AND BONDS
OTHER
OCK ISSUES
Rve of the industries reduced their holdings. The
largest liquidation occurred in the machinery, autoere selected that had obtained
funds used durinsr 1951 from
motive, and other transportation equipment manufacturing industries. This liquidation enabled
automobile manufacturers to finance their expendivolume of funds was provided by capital stock issues ture programs without borrowing from external
than in any of the preceding four years. Such ex- sources, although only one-half of their total funds
ternal equity financing amounted to about 1.2 bil- was supplied by operations. Among the industries
lion dollars but was largely concentrated in the which added to their security holdings, the largest
electric and gas utility and communications groups. dollar increases were in the petroleum, iron and
More than 40 per cent of the total amount repre- steel, and communications industries.
sented conversions of debt securities into stock of
As noted earlier, all classes of current liabilities
the communications company. Among large man- increased for the group as a whole as well as for
ufacturing companies as a group, stock financing almost all the individual industries. As a result,
was relatively unimportant, in part at least because liquidity positions, as measured by the ratio of
of the greater advantages of debt financing for com- cash and marketable securities to current liabilities,
panies in excess profits tax brackets. Corporations declined from 1950 to 1951 for the group as a whole
in utility industries, on the other hand, are some- and in all the manufacturing industries. The greatwhat protected from the excess profits tax.
est declines were experienced by the machinery,
Other sources of funds. Funds provided by trade automotive, and other transportation equipment
suppliers, as evidenced by the increase in accounts manufacturers which, as noted earlier, showed
payable, amounted to 600 million dollars in 1951, the largest liquidations of marketable securities.
as compared with 1,200 million the previous year. Declines in the other manufacturing industries were
The Government also supplied funds, especially to relatively small. The liquidity ratio remained about
manufacturers of machinery and transportation unchanged for the retail and utility groups.
equipment other than automobiles, in the form of
Many of these corporations indicated in their
contract advances and progress payments for de- reports to stockholders that they expect to secure
fense work in process. These funds, here classi- additional long-term funds in 1952, especially in
fied as "other current liabilities," accounted for most the form of term loans from banks and private
of the 1,100 million dollar increase in this account. placements of securities with insurance companies.
As in all years since 1947 with the exception of This, combined with an expected decline in in1949, accrued income tax liabilities increased for ventory accumulation, should improve the shortthese corporations as a group, and provided a sig- term financial position of most of these firms.
NOTE.—Composite Balance Sheet, Selected Income Statement, and Sources and Uses of Funds data for
the sample of large corporations discussed in this article are shown on the following pages.
640
FEDERAL RESERVE BULLETIN
FINANCING OF LARGE CORPORATIONS IN 1951
COMPOSITE SOURCES AND USES OF FUNDS STATEMENT,
1951 AND 1950
300 LARGE CORPORATIONS IN SELECTED INDUSTRIES
[Dollar amounts in millions]
Manufacturing
Account
Food
1951
Number of companies
Sources of funds—total
Net from operations 1
Cash
Marketable securities
Trade payables
Bank loans, short-term
Bank loans, long-term
Accrued income taxes
Other current liabilities
Mortgages, bonds, other liabilities.
Capital stock
Other sources 3
Uses of funds—total
Plant and equipment expenditures
Inventories
Receivables
Other assets5
Other uses
Tobacco
1950
28
28
$478
192
(2)
57
12
102
-18
40
11
83
j
0
$478
204
235
9
8
22
$446
1951
Rubber
1950
1951
1950
1951
1950
24
259
7
68
50
30
-4
64
11
-34
-14
9
$160
30
-10
0
2
120
0
35
-21
-1
5
0
$446
191
125
117
13
0
$160
12
140
4
2
2
$80
53
-3
0
6
16
0
22
(2)
-15
0
2
$80
12
56
11
Chemicals
Petroleum
1951
1950
33
24
33
$285 $2,548 $1,890
180 2,226 1,945
5
-93
-28
-389 - 2 8 9
-38
124
134
53
-2
-26
-1
22 - 1 1 8
-12
391
279
108
6
70
41
61
-13
-1
-13
87
-17
5
28
0
$958
496
-6
-152
24
17
-7
364
5
91
96
31
$622 $1,350
524
736
-25
45
- 3 8 7 -425
71
103
51
-3
71
-6
449
332
22
22
6
228
84
70
5
0
$383
121
226
34
-1
2
$285 $2,548 $1,890
86 42,038 n,5i5
266
56
-39
253
139
356
-10
3
58
0
0
$958
609
287
24
38
0
$622 $1,350
373 1,023
79
260
191
7
-21
60
0
1
Automobile
Other transportation
equipment
1951
1951
1951
1950
1950
Retail
trade
1951
19
19
42
$1,784 $728 $1,365 $1,019 $1,210
512
563
665
828
72
-9
13
26
-28
-30
90 - 1 3 9
741 -806
130
117
110
255
-20
114
164
4
13
-2
235
9
—2
-6
-2
9
402
617
288
-63
80
248
47
156
6
553
192 - 1 4 7
3
20
60
57
-5
-22
-13
-11
0
1
4
5
$225
100
24
4
57
-4
(2)
52
-5
1
-7
2
$490
Uses of funds—total
Plant and equipment expenditures
Inventories
Receivables
Other assets
Other uses 5
$1,784
460
877
410
38
0
$225
66
45
116
—3
0
46
46
12
12
1950
18
1951
1950
18
14
$979 $44^
791
272
-109
(2)
-305 -118
169
39
1
5
(2)
-21
408
150
32
18
-12
98
-1
2
4,
2
$979
549
138
251
42
0
$728 $1,365 $1,019 $1,210
285
675
474 135
170
410
243 777
242
165
242 291
30
116
61
7
0
0
0
Electric
and gas
Railroads
Sources of funds—total
Net from operations x
Cash
Marketable securities
Trade payables
Bank loans, short-term
Bank loans, long-term
Accrued income taxes
Other current liabilities
Mortgages, bonds, other liabilities.
Capital stock
Other sources 3
Number of companies
Nonferrous
metals
$446
342
80
-6
30
0
$280
275
-71
-143
55
-14
12
168
-2
$280
145
-37
142
28
2
Utilities
Machinery,
incl.
electrical
1950
1951
$383
186
-10
-133
44
18
0
121
61
97
Manufacturing, cont.
Account
Iron and
steel
241
—60
—33
—19
—3
234
11
46
39
20
15
$490
258
36
170
26
0
1950
42
1951
1950
1951
35
Communications
1950
35
1951
1950
1
1
$628 $1,020 $865 $1,372 $1,302 $1 ,162
339
462
465
512
696
583
—60
-10
4
53
81 - 1 3 4
-96
—50
50 - 2 5 9
48 - 1 3 4
32
17
101
100
1
c
43
-7
17
16
0
—16 ()
7
(2)
()
119
184
195 M 1 5
21
7 72
36
23
81
9
66
1
75
496
243
48
18
376
12
319
600
15
5
275
22
45
0
13
9
0
$977
499
-5
-42
49
-59
0
131
20
-20
400
4
$865 $1,372 $1,302 $1,162
667 1,253 1,186 1,059
9
6
80
64
47
223
16
41
40
24
4
-31
7
0
7
0
$977
891
10
58
19
0
20
$628 $1,020
897
228
136
286
-29
103
16
11
0
0
20
1
Net profit after taxes plus current depreciation accruals and minus cash dividends paid; nonfund and nonrecurring charges and credits to
income
have been eliminated from net profit.
2
Less than 0.5 million dollars.
3
Proceeds
from sale of fixed assets and investments, tax refunds, and extraordinary sources of funds.
4
Company figures which in some cases include, and in others exclude, dry hole costs.
6
Prior
year
tax payments, charges resulting from devaluation of foreign currencies, and extraordinary uses of funds.
6
Included with other short- and long-term liabilities.
7
Includes State income and property taxes.
NOTE.—Figures were derived from income data and year-to-year changes in balance sheet accounts, as shown in the Composite Balance
Sheet and Income Statement. Asset write-ups and write-downs, stock dividends, and other nonfund bookkeeping transfers are not shown separately, but are eliminated from the income data and changes in balance sheet accounts in the Sources and Uses of Funds Statement. Negative
figures in the Sources of Funds section represent uses of funds, while negative figures in the Uses of Funds section represent sources of funds.
Details may not add to totals because of rounding.
JUNE 1952
641
COMPOSITE BALANCE SHEET AND INCOME STATEMENT, 1951, 1950, AND 1949 1
300 LARGE CORPORATIONS IN SELECTED INDUSTRIES
[Dollar amounts in millions]
Manufacturing
Food
Tobacco
2 1951
1950
1950
28
28
Account
Number of companies
Total assets (end of year)..
Cash
Marketable securities
Receivables (net)
Inventories
Plant and equipment (net
of depreciation)
Other assets 3
Total liabilities and equity
Notes payable to banks
(short-term)
Trade notes and accounts
payable
Accrued income taxes 4
Other current liabilities . . .
Notes payable to banks
(long-term)
Mortgages, bonds,
and
other liabilities 5
w
o
w
Surplus reserves 6
Capital stock
Surplus
Income statement:
Sales
Depreciation, depletion, and
amortization
Profit before
income taxes 7 .
Net profit 7
Dividends
E
Rubber
1949
1951
1950
Chemicals
Petroleum
1949
28
1951
1950
24
24
1949
24
Iron and steel
1951
1950
1949
33
33
33
Nonferrous metals
1951
1950
1949
18
18
18
1949
14
14
14
$3,987 $3,707 $3,463 $1,928 $1,769 $1,750 $2,117 $1,659 $1,382 $16,298 $14,514 $13,338 $6,719 $5,802 $4,930 $9,814 $8,464 $7,407 $4,213 $3,711 $3,312
167
139 1,009
591
177
1,011
919
812
56
857
359
359
366
69
748
618
626
350
350
279
60
167
129 1,171
516 1,631
300
779
490 1,058
0
1,206
221
289
0
900
905
164
667
548
415
0
393
254
424
427
1,588
1,334
978
849
82
842
410
97
615
537
527
593
323
646
329
189
93
498
452 1,948
877 1,728
724
1,682 1,719 1,235
1,462
987 1,614
954
1,418
1,337
1,104
1,324
676
594
632
1,474
409
4,419 3,781 3,574 1,945
9,566 8,670 8,238 2,390 2,036
1,892
110
464
385
1,267
113
1,427
1,342
116
1,668
1,609
1,016
1,037
764
631
84
994
674
23
376
315
144
162
31
268
253
153
223
187
25
24
28
$1,750
$3,987 $3,707 $3,463 $1,928
$1,382 $16,298 $14,514 $13,338 $6,719 $5,802 $4,930 $9,814 $8,464 $7,407 $4,213 $3,711 $3,312
$2,117 $1,659
$1,769
27
46
24
171
59
5
49
7
222
307
118
21
16
30
39
15
14
32
187
11
978
844
286
189
74 1,101
765
662
212
261
127
254
242
191
19
493
119
171
17
173
697
419 1,079
384 1,378
89
69 1,093
931
227
463
716
177
316
286
523
293
166
111
313
146
172
390
388
242
215
73
415
135
239
114
209
196
375
26
174
46
110
105
459
432
25
482
0
53
0
12
603
65
71
0
0
38
7
39
6
15
34
59
47
508
76
0
1,265
290
505
403
387
291
460
717
1,205
415
488
524
696
507
300
424
202
201
1,252
922
487
132
134
71
144
117
112
152
144
75
133
3
3
158
124
47
129
44
85
1,509
1,356
282
299
1,046
1,470
508
508
281
1,103
1,102
56 3,979 3,911
2,795 1,198
1,178
1,124
102 2,812
0
512
432 4,744 6,624 5,844 2,868 2,480 2,152 2,824 2,823 2,348 1,798
1,088
407
417
621
1,239
1,176
1,610
1,434
511
7,046
3,256
432
$12,392 $10,914 $10,613 $2,485 $2,330 $2,317 $3,552 $2,776 $2,119 $14,826 $12,721 $11,405 $6,763 $5,747 $4,732 $11,775 $9,935 $7,914 $3,869 $3,393 $2,404
114
462
221
151
106
501
282
162
96
406
248
145
222
94
73
215
118
73
7
198
124
72
65
436
173
57
59
296
158
48
58
127
2,733
1,811
775
772
2,086
1,519
654
711
1,584
1,279
561
251
1,619
645
408
223
1,418
783
498
203
865
556
363
369
1,855
661
314
332
1,555
772
326
286
939
552
241
92
810
413
245
85
642
390
208
71
326
227
168
Manufacturing, cont.
Account
Machinery, incl.
electrical
1951
1950
Other transportation equipment
Automobiles
1951
1950
Utilities
Retail trade
1949
1950
1949
1951
1950
1949
1951
1950
42
Number of companies
42
42
20
20
46
46
46
12
12
12
19
19
19
Total assets (end of year).. $7,934 $6,457 $5,793 $6,842 $6,673 $5,188 $3,013 $1,938 $1,798 $5,266 $4,749 $4,108 $18 ,696 $18,187
Cash
699
618
605
618
764
752
242
696
670
640
667
671
236
212
Marketable securities
306
728
817
339
608
67
678 1,445 2,186 1,379
256
201
561
197
639
Receivables (net)
1,490
1,076
808
647
830
646
680
811
544
404
618
272
388
1,695
Inventories
2,689
1,826
495
1,650
1,827
1,418
1,407
1,403
631
1,175
585 1,759
625
Plant and equipment (net
1,196
of depreciation)
1,841
1,071 13,100 12,583
1,609
1,524
1,592
1,344
552
1,239
441 1,390
459
3
205
Other assets
568
492
497
385
206
194 3,116 3,102
65
59
324
63
524
Total liabilities and equity $7,934
$5,793 $6,842 $6,673 $5,188 $3,013 $1,938 $1,798 $5,266 $4,740 $4,108 $18,696 $18,187
$6,457
Notes payable to banks
(10)
(10)
(short-term)
179
62
11
25
27
49
45
237
14
2
6
15
Trade notes and accounts
491
payable
394
262
698
718
379
373
536
278
293
462
163
537
106
Accrued income taxes 4
1,055
461
396 1,244
469
683
404
212
697
133
390
2
86
Other current liabilities .. .
377
1,101
460
843
802
575 1,309
452
864
409
313
461
Notes payable to banks
296
569
319
(10)
(10)
(long-term)
30
20
29
3
26
7
263
9
Mortgages, bonds,5 and
45
5
0
other liabilities
647
465
194
644
211
6,413
179
188
263
6,646
117
•
177
192
111
Surplus reserves 6
59
99
42
184
178
101
1,349
18
21
1,393
43
128
Capital stock
1,597
1,121
431
1,117
428
1,065
1,761
1,724
45 5,074 5,063
1,046
31
1,131 2,193
Surplus
1,870
2,786
3,971
786
760
4,197
2,275
2,609 2,235
2,135 1,043
2,595
395
1,886
745
Income statement:
Sales
$10,062 $8,010 $7,192 $12,967 $12,591 $10,382 $3,581 $2,491 $2,356 $12
$11,927 $11,035 $6,968 $6,373
Depreciation, depletion, and
amortization
213
184
162
416
355
114
90
298
43
44
84
309
367
36
Profit before income taxes 7 .
1,548
1,307
903 1,885 2,351 1,550
775
896
909
285
233
638
767
158
Net profit 7
582
677
559
717 1,135
352
474
522
101
121
397
415
930
100
Dividends
308
308
494
701
229
236
202
211
252
74
201
473
75
61
Communications
Electric and gas
Railroads
1949
20
1951
1950
35
35
1949
1951
35
1
1
1
$17,428 $12,751 $11,704 $10,803 $9,733 $8,750 $8,126
90
95
618
292
331
281
92
247
289
475
294
246
196
548
326
383
423
297
241
281
430
99
109
489
446
300
365
118
9
9
9,457
228
7,911
634
7,279
594
$17,428 $12,751 $11,704 $10 ,803
$9,733
$8,750
12.290 11,179
3,134
242
(10)
436
212
387
10,347
233
123
106
110
97
54
175
"513
244
180
161
H339
205
332
448
223
300
336
187
220
6,789
575
$8,126
113
251
207
167
49
0
0
0
6,359
5,733
5,269
4,888
3,746
3,671
3,691
1,312
5,049
3,674
11
4,688
1,211
14
4,340
1,129
17
4,039
996
12
3,544
1,330
19
3,113
1,069
19
2,815
863
(10)
54
4
$5,741 $3,504 $3,199 $2,921 $3,639 $3,262 $2,893
285
448
287
170
328
840
456
364
305
749
463
337
278'
633
415
308
353
704
365
279
334
588
347
248
321
354
233
216
_i Data for 1949 and 1950 may differ from that published previously, reflecting revisions made to take account of consolidations and mergers with other corporations, inclusions or exclusions of domestic and
oreign
subsidiaries, and changes in the classification of accounts of the individual corporations.
2
Data for one company estimated.
9
10
n
Includes intangibles.
Included with other short- and long-term liabilities.
Includes State income and property taxes.
Si
RETAIL CREDIT SURVEY—1951:
Instalment sales at retail stores as a whole declined slightly in 1951 for the first time since 1945.
Increases in cash and charge-account sales, however,
were more than enough to offset this decline. The
expansion in cash and charge sales amounted to an
estimated 6 billion and 2 billion dollars, respectively,
while instalment sales declined by about 600 million. These estimates of total retail sales by type
of transaction, shown in Table 1 and the accompanying chart, are based in part on findings of
the 1951 Retail Credit Survey.
Price changes played an important role in retail
sales movements from 1950 to 1951. Price increases were prevalent in retail trade during the
first half of 1951 and occurred even later for automobiles and apparel. Despite declines in list
prices of many commodities in the latter part of
the year and some further reductions through promotional activity and special discounts, prices for
the year as a whole were considerably higher than
in 1950. After allowances for price changes, the
physical volume of sales was lower in 1951 than in
1950.
The distribution of sales by type of transaction
TABLE 1
RETAIL SALES BY TYPE OF TRANSACTION
Annual estimates for total retail trade
Sales (in billions of dollars)
Percentage of total sales
Year
Charge Instalaccount ment Cash
Charge Instalaccount ment
Total
Cash
1939..
1940..
1941..
42.0
46.4
55.3
27.2
29.6
35.2
9.9
10.9
12.8
4.9
5.9
7.3
65
64
64
23
23
23
12
13
13
1942..
1943..
1944..
57.2
63.2
70.2
41.0
47.9
54.4
12.6
12.1
12.7
3.6
3.2
3.1
72
76
78
22
19
18
6
5
4
1945..
1946..
1947..
78.0
102.5
119.6
61.2
78.6
87.6
13.8
18.7
22.8
3.0
5.2
9.2
78
77
73
18
18
19
4
5
8
1948..
1949..
1950..
130.5
130.7
143.7
93.2
91.6
98.0
25.7
24.8
27.4
11.6
14.3
18.3
71
70
68
20
19
19
9
11
13
1951..
150.6
103.7
29.2
17.7
69
19
12
NOTE.—The estimates of total retail sales were compiled by the
Bureau of Foreign and Domestic Commerce, United States Department of Commerce. Sales by type of transaction are based on
data from the Census of Business for 1939 and 1948, and on Retail
Credit Survey findings and other related data for intercensal and
later years.
644
remained practically unchanged in 1951. The proportion of instalment sales declined slightly but
was still at about the prewar level. Sales of this type
had expanded rapidly after the war and by 1950
RETAIL SALES
Billions of Dolla
—t*«*| INSTALMENT
^ C H A R G E ACCOUNT
SSCASH
1945
1946
1947
1948
1949
1950
1951
accounted for 13 cents of the retail dollar, more than
three times the wartime low. Charge-account business tapered off relatively during the war, but since
then has been the most stable segment of retail
sales. During the past three years charge-account
sales have represented 19 cents of each dollar spent.
Cash sales, following five years of decline, increased
slightly in relative importance in 1951. Sales of this
type represented 69 cents of each dollar spent in
retail establishments during the year, as compared
with 68 cents in 1950 and 78 cents at the end of
the war.
^^The Retail Credit Survey for 1951 is the ninth annual
study of credit-granting retail stores conducted by the Federal Reserve System. The Survey covers nine trade lines and
is based on data from about 16,000 stores, all of which transacted a part of their business on credit. Information was
obtained on sales by type of transaction, down payments,
and instalment paper sold in 1950 and 1951 and on accounts receivable by type and value of inventories at the end
of these years. Totals include concerns submitting consolidated reports for multiple units, which in some cases
could not be tabulated by Federal Reserve districts.
This article was prepared by Katharyne P. Reil of the
Board's Division of Research and Statistics.
FEDERAL RESERVE BULLETIN
RETAIL CREDIT SURVEY
Sales experience of retail stores in 1951 reflected
a number of changes in the retail market that followed the mid-1950 buying upsurge stimulated by
the Korean outbreak. The year began with a high
level of sales as consumers—anticipating shortages
—stepped up their buying again, following the
Chinese intervention in the Korean conflict. Price
increases that began in 1950 continued into the
early months of 1951. Incomes continued large.
Record production of both durable and nondurable
goods permitted retailers to build up their inventories to meet an accelerated rate of demand. By
the second quarter of 1951, however, consumer
demand for major durables began to weaken as
shortages failed to develop, and sales in some lines
began to lag. Retail inventories began to appear
large relative to the reduced sales volume. During
the remainder of the year retailers attempted
through shorter commitments, greater promotional
activity, and price reductions to lower stocks on
hand. Instalment sales of major durable goods
had been subject to Government regulation of minimum down payments and maximum maturities
since September 1950. These requirements were
eased after July, in accordance with amendments to
the Defense Production Act of 1950.
SALES IN SELECTED TRADES
Sales at the nine kinds of credit-granting stores
covered by the 1951 Retail Credit Survey generally
1951
showed moderate changes from the 1950 volume.
Sales of durable and nondurable goods during these
two years set the general pattern for the differences
reported by the groups surveyed. Stores selling
primarily major durable goods had experienced a
rapid sales growth during 1950. In 1951 such stores
reported sales declines as large as 9 per cent. Stores
selling nondurables and smaller durable items, on
the other hand, had shown less marked increases in
1950 and continued to expand sales during 1951.
For such stores the 1950-to-1951 sales comparisons
were generally favorable.
The high level of sales that prevailed during
1950 at stores selling primarily major consumer
durable goods was supplemented by a wave of
scare buying during the summer months. A second
buying wave early in 1951 was followed by a rather
sharp decline in the demand for such goods that
brought total sales for 1951 below the level of the
previous year. The decline, as shown in Table 2,
was most pronounced at household appliance stores,
where all types of sales were down. Declines in
sales of appliances also accounted in large part for
the slight reduction in total sales of furniture stores.
Because used car sales remained strong in 1951,
automobile dealers' sales for the year as a whole
were only 4 per cent below the record 1950 total.
Hardware, jewelry, and automobile tire and accessory stores, which sell primarily smaller durable
goods items, reported larger sales in 1951 than in
TABLE 2
RETAIL SALES, BY T Y P E OF TRANSACTION AND BY KIND OF BUSINESS
Stores Reporting in 1951 Retail Credit Survey
Percentage of total sales 2
Percentage change, 1950-51
Kind of business
Number
of stores
reporting
Total
3
Department stores
Men's clothing stores
Women's apparel stores
2,619
463
681
+4
+2
+5
Furniture stores
Household appliance stores
Jewelry stores
2,182
2,493
478
-1
-9
Hardware stores
Automobile dealers
Automobile tire and accessory stores
887
3,632
2,174
Cash
sales
+6
+ 5
+ 3
_(*)
+ 1
+ 4
+1
+5
+3
- 8
Chargeaccount
sales
Charge
account
Cash
Instalment
sales
1951
1950
1951
1950
Instalment
1951
1950
+5
+4
+7
+12
+11
53
43
50
53
45
51
29
49
46
28
48
45
+2
-4
+2
- 3
-11
18
27
31
18
26
31
19
24
17
19
23
17
63
49
52
63
51
52
44
48
35
45
51
34
49
14
35
48
12
33
7
38
30
7
37
33
+9
+5
+5
i
+4
+3
- 1
- 6
19
7
4
1
The extent of coverage in the various trade groups is indicated by the following comparisons of sales volume of the reporting creditgranting stores with the estimated total sales volume of all stores for each trade: department stores, 84 per cent; men's clothing stores,
12 per cent; women's apparel stores, 14 per cent; furniture stores, 16 per cent; household appliance stores, 11 per cent; jewelry stores,
8 per2 cent; hardware stores, 5 per cent; automobile dealers, 12 per cent; and automobile tire and accessory stores, 25 per cent.
Since the Survey is composed of credit-granting stores only, the proportion of total sales transacted on credit is larger than it would
be if 3all stores were included.
Includes mail-order houses.
4
Less than one-half of 1 per cent.
JUNE 1952
645
RETAIL CREDIT SURVEY
the preceding year. The increase of 6 per cent at
hardware stores was the largest reported in the
1951 Survey and resulted from gains in all three
types of sales. Purchases of garden equipment,
tools, and items for home repair and improvement
were important in this expansion. Tire and accessory stores were able to offset their declining sales
of major household appliances with increased volume of business in other lines. Business at jewelry
stores, in large part because of the character and
diversity of products handled, continued to run
counter to the trend at most durable goods outlets.
During the war, when other durable goods were
scarce, jewelry store trade increased steadily. As
supplies of other durables expanded after the war,
jewelry sales declined moderately. Throughout
most of 1951, however, these outlets were able to
maintain sales at comparatively high levels.
Department stores are classified as nondurable
goods outlets because of the importance of their soft
goods departments, but hard goods constituted an
increasing proportion of their total sales in postwar
years prior to 1951. Sales of major household
appliances and television sets declined both in dollar volume and as a percentage of the total in 1951,
but total sales at these stores were 4 per cent larger
than a year earlier. The major portion of this sales
gain occurred in women's apparel and accessories
and in men's wear. The upward trend for these
departments was consistent with the sales increases
reported by apparel stores.
Transactions by type varied considerably from
one trade to another. Although charge-account
sales on a national basis showed no increase in relative importance from 1950 to 1951, such sales expanded in dollar volume at eight of the nine trade
lines surveyed and as a percentage of total sales
at seven of the nine groups. Since expansion in
charge-account sales occurred so much more frequently than in the case of either cash or instalment sales, it would appear that charge-account
sales had an expansionary influence on total sales of
most trade lines in 1951. Cash sales increased at
only five of the nine groups.
Instalment sales were down in Rve trade lines.
The largest decline, 11 per cent, occurred at household appliance stores. At furniture stores and automobile dealers, where instalment sales also account
for large proportions of total business, sales of
this type declined more moderately. These developments emphasize the fact that shifts in demand
646
1951
for major durable consumer commodities usually
have a greater effect on instalment sales than on
either cash or charge-account sales, since a large
proportion of articles of high unit value are purchased on instalment. Shifts in demand for such
durables were substantial in 1951.
At stores handling primarily commodities not
covered by Regulation W, instalment sales increased
—by 3 per cent and 4 per cent, respectively, at hardware and jewelry stores, and by more than 10 per
cent at both men's clothing and women's apparel
stores. The gains at apparel stores were accomplished partially through the increased use of threepayment plans for purchase of suits and coats. Instalment sales of these outlets continued to be a
relatively small part of their total business.
INSTALMENT ACCOUNTS RECEIVABLE
Year-end instalment accounts receivable declined
at six of the nine trade lines reporting in the 1951
Survey. A number of factors contributed to these
declines. Changes in demand for some items that
are usually sold on instalment and Government
regulation of instalment contracts tended to reduce
instalment sales. The regulation also operated to
reduce accounts receivable by increasing the proportion paid down on instalment purchases and
shortening the average repayment period. Changes
in sale of instalment paper were generally small
and were not an important factor in the 1950-51
changes in year-end accounts receivable.
Household appliance stores, which showed the
largest decline in instalment sales of any line covered, also had the greatest reduction in end-of-year
indebtedness. Automobile tire and accessory stores
reported a decline in instalment accounts receivable
more than proportionate to the decline in annual
instalment sales. As shown in Table 3, these stores
reported larger down payments in 1951 than in
1950, an increase in the proportion of instalment
paper sold to outside agencies, and faster repayments on paper retained.
Instalment accounts receivable held by automobile dealers declined 8 per cent from the end of
1950 to December 31 of the following year. However, this is not necessarily indicative of the change
in total outstanding indebtedness arising from
their instalment sales since automobile dealers sell
nearly all of their instalment paper to banks, finance
companies, and others.
FEDERAL RESERVE BULLETIN?
RETAIL CREDIT SURVEY
1951
TABLE 3
RETAIL ACCOUNTS RECEIVABLE AND RELATED ITEMS, BY KIND OF BUSINESS
Stores Reporting in 1951 Retail Credit Survey
Kind of business
Number
of stores
reporting
Percentage
change in
accounts
receivable
during 1951
Average collection period
for accounts receivable 1
Charge accounts
(in days)
Instalment
(in months)
Down payments
as percentage
of instalment
sales
Instalment
paper sold as
percentage of
instalment sales
Charge
accounts
Instalment
1951
1950
1951
1950
1951
1950
1951
1950
Department stores 2
Men's clothing stores
Women's apparel s t o r e s . . . .
2,562
450
573
+ 6
+ 2
+ 7
- 6
+ 9
+11
64
61
69
62
59
67
13
8
7
15
7
7
17
11
12
13
11
12
35
(3)
3
35
(3)
3
Furniture stores
Household appliance stores.
Jewelry stores
1,716
2,079
455
—2
- 4
- 2
+ 3
- 4
-14
64
56
63
69
56
63
13
14
14
15
16
13
19
21
13
18
20
13
8
35
3
7
35
(3)
Hardware stores
Automobile dealers
Automobile tire and accessory stores
822
3,308
-
-
o
52
50
55
47
11
(4)
12
(4)
26
49
25
48
28
47
28
47
-13
37
49
13
15
16
12
17
15
2,120
3
+ 3
-19
4
1
Estimated in part from reported d a t a .
Includes mail-order houses.
Less t h a n one-half of 1 per cent.
4
N o t computed because the small proportion of instalment paper retained by automobile dealers gives a collection period not typical
of their entire instalment business.
2
3
Instalment accounts receivable of hardware stores
on December 31, 1951, were somewhat below those
of a year earlier in spite of an increase in instalment sales during the year. A similar decline in
instalment indebtedness occurred at furniture stores.
These declines reflected changes in the sales pattern,
larger down payments, and faster repayment during
1951 than prevailed during most of 1950.
At jewelry stores end-of-year instalment accounts
receivable showed a small increase from 1950 to
1951. These were the only outlets selling durable
goods for which the average repayment period
lengthened in 1951.
Down payments on instalment sales, which vary
considerably from trade to trade, were somewhat
larger in 1951 than in the preceding year at all
retail outlets handling primarily commodities subject to Regulation W. This reflects in part the fact
that regulation of credit terms was in effect throughout all of 1951 but only a part of 1950. The 1951
average down payment as a proportion of instalment sales amounted to nearly one-half at automobile dealers, more than one-fourth at hardware
stores, and approximately one-fifth at furniture and
household appliance stores.
The most marked increases in down payments—
4 percentage points—occurred at automobile tire
and accessory stores and at department stores, both
of which handle a great variety of merchandise and,
consequently, are subject to fluctuations resulting
JUNE 1952
from shifts in the relative importance of different
types of commodities. These stores have smaller
average down payments relative to instalment sales
than those transacting nearly all of their deferred
credit business in hard goods of high unit value.
At jewelry and apparel stores, where little or none
of the merchandise sold was subject to regulation,
down payments remained virtually unchanged as a
proportion of the sales price.
Sales of instalment paper vary widely from one
kind of business to another. Automobile dealers
customarily sell most of their instalment paper
regardless of size or type of operation. Household
appliance stores sold more of their instalment paper
—about one-third—in the past two years than in
other recent years. Jewelry and apparel stores continued to hold virtually all of their instalment
contracts in 1951.
Practices in financing customer instalment accounts may also differ greatly within a given kind of
business. Some companies prefer to finance receivables through direct sale of customer paper, while
others obtain bank loans or make other financial
arrangements and service their own paper. Small
and medium-sized household appliance stores sell
a larger proportion of their instalment paper than
large stores or multiple-unit operations. On the
other hand, large and multiple-unit firms account
for most of the paper sold by department stores
and mail-order houses. In those trade lines that
647
RETAIL CREDIT SURVEY
customarily hold most of their paper or transact
little instalment business, sale of paper by multipleunit outlets is less usual than at other outlets.
CHARGE ACCOUNTS RECEIVABLE
Total consumer charge accounts outstanding, estimated from monthly data, were above year-ago
levels throughout most of 1951 and on December
31 amounted to nearly 4.6 billion dollars, more than
0.2 billion above the amount outstanding a year
earlier. Among the trade lines covered by the Survey, increases in such credit outstanding at the end
of the year were reported by department stores,
men's clothing stores, women's apparel stores, and
automobile dealers, as shown in Table 3. These
four groups transact a substantial proportion of all
retail charge-account business.
Year-end charge accounts receivable of automobile tire and accessory stores declined substantially
despite an increase in annual charge-account sales.
Sales at these outlets were large in December 1950,
and the amount of credit outstanding reached an
unusually high level at the year-end. In the fourth
quarter of 1951, particularly in December, sales
were below those of a year earlier, and end-of-year
accounts receivable fell considerably below the large
amount outstanding at the end of the preceding
year. At the other four durable goods outlets,
1951
charge accounts receivable at the end of 1951 were
only slightly below those at the close of 1950.
The average collection period for charge accounts
in 1951 was between 50 and 70 days for most
groups. These accounts were repaid more slowly
at four of the nine trade lines, and at about the
same rate as in 1950 at two others. At furniture
stores, however, where the repayment period had
been somewhat longer than at other outlets in 1950,
charge-account credit was paid off more rapidly in
1951. This change may have been due, at least in
part, to some reclassification of 90- and 120-day accounts, which had been carried on a charge-account
basis during the period when instalment credit was
unregulated but which under regulation were defined as instalment credit. Charge accounts of automobile tire and accessory stores customarily have
been collected more rapidly than at most other retail outlets. In 1951 the collection period was reduced about one-fourth, averaging only 37 days.
INVENTORIES
Retail inventories expanded considerably during most of 1950, despite record sales, and this accumulation continued in the early part of 1951. According to Department of Commerce estimates,
retail inventories reached a seasonally adjusted high
of 20.6 billion dollars on May 31. As the market
TABLE 4
INVENTORIES, BY KIND OF BUSINESS AND BY SIZE OF STORE
Stores Reporting in 1951 Retail Credit Survey
Inventory turnover by size of store *
Percentage
change, end
of 1950 to
end of 1951
Kind of business
2
Department stores
Men's clothing stores
Women's apparel stores
,
Total
Small
Medium
Large
Not
classified
by size
1951
1950
1951
1950
1951
1950
1951
1950
1951
1950
+ 4
+ 37
()
4.3
2.7
4.9
4.3
2.8
4.7
3.3
'2.1
3.7
3.2
2.1
3.6
4.6
2.6
4.4
4.2
2.7
4.1
4.8
3.0
4.7
4.5
3.1
4.4
4.0
2.6
5.8
4.2
2.9
5.7
-
Furniture stores
Household appliance stores
Jewelry stores
+ 2
()
4
2.7
3.3
1.6
2.7
3.7
1.6
2.4
3.1
1.2
2.4
3.7
1.3
2.6
3.8
1.6
2.6
4.2
1.6
2.8
3.7
1.3
2.7
4.0
1.3
2.9
2.9
2.4
2.8
3.3
2.1
Hardware stores
Automobile dealers
Automobile tire and accessory stores
+8
+16
2.7
8.6
4.2
2.7
10.3
4.0
2.0
5.4
2.3
2.0
6.4
2.3
2.5
6.7
2.9
2.6
8.2
3.0
3.0
9.3
5.8
3.1
11.1
5.2
3.6
8.9
3.9
3.4
10.4
3.9
1
Turnover is the ratio of sales to year-end inventories. Reporting firms were classified as small, medium, and large on the basis of
1951 annual sales volume. Different trade lines were classified into size groupings appropriate for the particular line. The range of the
medium-sized group for each trade line, in thousands of dollars, is as follows: Department stores, 1,000 to 10,000; men's clothing and
women's apparel stores, 250 to 1,000; furniture stores, 200 to 500; household appliance and jewelry stores, 100 to 250; hardware stores,
100 to 500; automobile dealers, 250 to 500; automobile tire and accessory stores, 50 to 100. Within trade lines, stores with sales volume
below the lower limit for the medium-sized group were classified as small; those with sales above the upper limit for that group were
classified
as large.
2
Includes mail-order houses.
3
Less than one-half of 1 per cent.
FEDERAL RESERVE BULLETIN
RETAIL CREDIT SURVEY
softened, inventories began to appear large in relation to current sales volume. With orders for most
items being filled promptly, merchants found it
desirable to buy more cautiously. At the same time
they attempted to expand sales and reduce large
stocks of many items through special features, tie-in
sales, mark-downs, and occasionally through somewhat lower mark-ups. By December 31 retail inventories had been reduced to 18.3 billion dollars,
only 0.5 billion over the total at the end of 1950.
At the end of 1951, retailers' merchandise orders
for future delivery were substantially below those
of a year earlier.
Inventory changes by trade lines varied sharply
from the 3 per cent increase shown by total retail
inventories during the year 1951. Increases for
automobile dealers, hardware, men's clothing, and
department stores ranged from 16 to 4 per cent, as
shown in Table 4. In the two lines reporting decreases in stocks—furniture stores and automobile
tire and accessory stores—the changes were small
and did not alter the relationship with sales.
Automobile dealer stocks, although drawn down
in the third quarter of 1951 and held at the lower
level in the final three months, were 16 per cent
larger at the end of 1951 than a year earlier. A part
of this change was due to increases in ceiling prices
JUNE
1952
1951
granted during the year. With sales down for the
year, the turnover ratio (annual sales divided by
year-end inventory) for automobile dealers dropped
to 8.6 times from 10.3 times in 1950. The rate of
turnover was reduced at dealers of all sizes, but continued to be somewhat more rapid at large and
multiple-unit outlets than among the small and
medium-sized dealers. Inventories of household
appliance stores at the end of 1951 were slightly
larger than at the end of the preceding year, and,
when related to the reduced annual sales volume,
indicated a stock turnover of 3.3 times in 1951 as
compared with 3.7 times in 1950. The rate of turnover was slower in 1951 at stores in each size group.
At hardware stores and men's clothing stores,
where inventories were up 8 per cent and 7 per
cent, respectively, over the year-period, the turnover
rate continued to be about the same as in 1950—
slightly less than three times a year. Women's apparel stores, which normally carry smaller inventories relative to the dollar volume of sales than
men's clothing stores, reported no change in yearend inventories although sales volume expanded.
Inventory turnover, therefore, was somewhat faster
in 1951 than a year earlier. As in other recent
years, the small stores generally reported a slower
rate of turnover than the larger outlets.
649
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
Interest on Deposits
Amendment to Regulation Q
The Board of Governors of the Federal Reserve
System, effective July 1, 1952, has amended Regulation Q, relating to interest on deposits, so as to
change the provision with respect to the allowance
of days of grace in the computation by member
banks of interest on savings deposits.
Under this amendment, a member bank will be
permitted to allow a grace period of 10 business
days at the beginning of any calendar month commencing a regular quarterly or semiannual interest
period, a grace period of 5 business days at the beginning of any other calendar month, and a grace
period of 3 business days at the end of any calendar
month ending a quarterly or semiannual interest
period. The Federal Deposit Insurance Corporation
has adopted an identical amendment, also effective
July 1, 1952, to its regulations relating to payment
of interest on deposits by insured nonmember
banks.
The text of the amendment is as follows:
AMENDMENT TO REGULATION Q
Issued by the Board of Governors of the Federal Reserve
System.
Regulation Q is hereby amended, effective July
1, 1952, by changing subsection (d) of section 3
thereof to read as follows:
(d^) Grace periods in computing interest on savings deposits.—A member bank may pay interest
on a savings deposit received during its first 10
business days of any calendar month commencing
a regular quarterly or semiannual interest period
and during its first 5 business days of any other
calendar month at the applicable maximum rate
prescribed pursuant to subsection {a) of this section calculated from the first day of such calendar
month until such deposit is withdrawn or ceases
to constitute a savings deposit under the provisions of this regulation, whichever shall first
occur; and a member bank may pay interest on a
savings deposit withdrawn during its last 3 busi650
ness days of any calendar month ending a regular quarterly or semiannual interest period at the
applicable maximum rate prescribed pursuant to
subsection (a) calculated to the end of such
calendar month.
Real Estate Credit
Amendment to Regulation X
The Board of Governors of the Federal Reserve
System, with the concurrence of the Housing and
Home Finance Administrator, effective June 11,
1952, issued Amendment No. 10 to Regulation X
relating to real estate credit.
The amendment permits more liberal credit terms
for conventionally financed 1- to 4-family housing
built after August 3, 1950, and the minimum down
payment requirements for multi-unit housing (residential structures containing more than 4-family
units) have been revised downward.
At the same time the Federal Housing Administration and the Veterans Administration were
authorized by the Housing and Home Finance
Administrator to change their related regulations
covering FHA-insured mortgages and VA-guaranteed loans to bring them generally in line with
the revised Regulation X. FHA and VA regulations apply to both old and new housing. A similar
revision was authorized by the Housing and Home
Finance Administrator in the terms applicable to
farm housing loans made by the Farmers Home
Administration. The schedule of down payments
for VA-guaranteed mortgages was proportionately
adjusted to maintain a preference for veterans as
required by the Defense Production Act.
The Board of Governors also announced two
technical amendments to Regulation X. The first
of these provides special assistance for tenants
and home owners whose homes have been destroyed
or damaged in areas where major disasters have occurred, and the second provides for longer term
sale agreements where properties being purchased
will not be occupied or used by prospective owners
until the financing terms comply with Regulation X.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
The text of the amendment to Regulation X
is as follows:
AMENDMENT . No. 10 TO REGULATION X
Issued by the Board of Governors of the Federal Reserve
System with the concurrence of the Housing and Home
Finance Administrator.
Regulation X is hereby amended in the following
respects, effective June 11, 1952:
1. In paragraph (e) of section 5 strike out the
words "real estate construction credit as to
which" and insert therefor the following:
real estate construction credit (1) which is extended pursuant to a program established by
the Housing and Home Finance Administrator to relieve distress caused by flood, fire
or other similar disaster, or (2) as to which.
2. Add the following sentence at the end of
paragraph (f) of section 5:
None of the provisions of this regulation shall
apply to any contract to sell real property under
which the purchaser is not to receive title, and
not to have any occupancy or other use of the
property, until the terms of the credit conform
to the applicable provisions of this regulation
and the Supplement thereto in effect on the
date the contract was entered into.
3. In the Maximum Loan Value provision of
Schedule I of the Supplement delete the table
and insert therefor the following:
If the "value per family unit" is
The "maximum loan
value per family unit" is
Not more than $7,000
95% of "value per family unit"
$6,300 (i.e., 90% of
$7,000) plus 75% of excess of "value per family
unit" over $7,000
$8,550 plus 55% of excess of "value per family
unit" over $10,000
$11,300 plus 45% of excess of "value per family
unit" over $15,000
$14,000 plus 25% of excess of "value per family
unit" over $21,000
60% of "value per family unit"
More than $7,000 but
not more than $10,000
More than $10,000 but
not more than $15,000
More than $15,000 but
not more than $21,000
More than $21,000 but
not more than $25,000
Over $25,000
JUNE 1952
4. In the Maximum Loan Value provision of
Schedule II of the Supplement delete the table
and insert therefor the following:
If the "value per fam- The "maximum loan
ily unit" is
value per family unit" is
Not more than $7,000 90% of "value per family unit"
More than $7,000 but $6,300 plus 5 5 % of
not more than $10,000 "value per family unit"
in excess of $7,000
More than $10,000 but $7,950 plus 54% of
not more than $15,000 "value per family unit"
in excess of $10,000
More than $15,000 but $10,650 plus 50% of
not more than $20,000 "value per family unit"
in excess of $15,000
More than $20,000 but $13,150 plus 3 7 % of
not more than $25,000 "value per family unit"
in excess of $20,000
Over $25,000
60% of "value per family unit"
Trust Powers of National Banks
More Than One Trust Investment Committee
The Board recently considered an inquiry from
a national bank exercising trust powers relative to
the propriety, under the provisions of section 6 of
Regulation F, of a proposal to create two or more
trust investment committees to share the work involved in discharging the investment administrative
functions required by subsection (c). The inquiring bank stated that the volume of its trust business
is so great that those administrative functions required to be based upon collective judgment cannot be efficiently or effectively discharged by one
committee, and that committee activities relating to
distinct types of trust business, such as pension and
profit sharing trusts, might be separated with increased administrative effectiveness.
The Board expressed the opinion that an allocation of administrative functions among two or
more trust investment committees is not inconsistent with the requirements, the intent or the
spirit of the applicable provisions of Regulation F
provided (1) the scope of responsibilities and functions of such trust investment committees does not
extend beyond that outlined in subsection (c), section 6 of Regulation F and does not impinge upon
the primary, directive responsibilities of the board
of directors; (2) all such trust investment commit651
LAW DEPARTMENT
tees operate under clear policy directives from the
board of directors; (3) effective measures are
adopted to promote coordination of activities of
such committees through liaison membership or
otherwise; and (4) the actions of such trust investment committees are subject to review and control
by the board of directors.
In commenting on the considerations underlying
its views on this question, the Board noted that
subsection (£), section 6 of Regulation F centers
in the board of directors responsibility for the investment of trust funds, the disposition of trust
investments, the supervision of the trust department and the determination of the policies of such
department. Subsection (r), section 6 of Regulation F sets forth the administrative functions of the
trust investment committee, and also provides that
this committee may have such additional duties
relating to the trust department as may be prescribed by the board of directors. The practices of
national banks have not been uniform with respect
to the creation of committees for discharge of the
responsibilities and functions outlined in subsections (b) and (c), section 6 of Regulation F. Such
committees vary considerably in name, in composition and in the scope and nature of their assigned
functions. For example, it is not unusual for the
board of directors of a national bank to delegate
to the trust investment committee, subject to review
by the board, authority for general supervision of
fiduciary activities (subsection (b) provisions) in
addition to the administrative functions described in
subsection (c). Under arrangements of this kind,
of course, the creation of two or more trust investment committees would run counter both to the
purposes underlying the provisions of the regulation
and to accepted organization practice which are
directed toward a centralization and continuity of
authority for policy determination and general supervision of administrative activities.
On the other hand, considerations relating to the
volume or character of the trust business of a national bank, or the widely separated location of the
banking offices at which such business is conducted,
frequently provide reason for creating more than
one trust investment committee, each of which
would be limited in the scope of its activities to
those administrative functions outlined in subsection (c), section 6 of Regulation F. It is in such
cases, and where a distinct separation is maintained
between directive and administrative responsibilities, that this ruling is applicable.
CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Meetings
The Federal Advisory Council held a meeting
in Washington on May 18-20, 1952, and met with
the Board of Governors of the Federal Reserve System on May 20, 1952.
Election of Class A Director
The Federal Reserve Bank of Boston on May
28, 1952, announced the election of Mr. Harold I.
Chandler, Vice President and Cashier, The Keene
National Bank, Keene, New Hampshire, as a
Class A director of the Bank for the unexpired
portion of the three-year term ending December
31, 1954, to succeed Mr. Russell H. Britton, deceased. Mr. Britton was Executive Vice President
652
and Cashier, First National Bank of Rochester,
Rochester, New Hampshire.
Change in Board's Staff
Mr. G. R. Murff, who had been serving as an
Assistant Secretary of the Board of Governors since
February 21, 1951, resigned effective May 31, 1952,
to accept the position of General Auditor of the
Federal Reserve Bank of Dallas. Mr. Murff has
been associated with the Federal Reserve System
for 33 years, having joined the staff of the El Paso
Branch of the Federal Reserve Bank of Dallas on
June 1, 1919. He was appointed an Assistant
Examiner with the Field Staff of Examiners of the
Board of Governors on January 6, 1934, and became Chief Field Examiner on November 8, 1949.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled May 28 and released for publication May 30]
Industrial production declined in April and May,
owing in part to labor disputes. Construction
activity was maintained at record levels. Following
some further decline in April, average prices of
basic commodities have changed little. Consumer
prices increased in April as food prices advanced.
Seasonal influences led to further declines in bank
loans to business in April and early May.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted production index was 216 per cent of the 1935-39 average in
April, as compared with 220 in March and 223 in
April 1951. Some further decline is indicated in
May. Output of both durable and nondurable
goods has decreased since March, owing in part to
temporary work stoppages in the steel and petroleum refining industries and in part to continued
slackened demands by business and consumers.
Government defense expenditures have continued
to expand.
Durable goods production declined 2.5 per cent
in April, as steel output decreased 10 per cent and
activity in the machinery industries was reduced
about 2 per cent. Steel production was again curtailed in early May but subsequently increased to
102 per cent of rated capacity, and output for the
month will probably be up somewhat from April.
Primary aluminum production rose further in April
and output of other nonferrous metals was generally maintained. Reduced activity in the machinery industries reflected in part curtailments in output of television and appliances and also small
declines in various industrial machinery lines. Passenger auto assembly in April and May has been
at an annual rate of 4.8 million units, moderately
above the level prevailing in the second half of
last year.
A further decrease in output of nondurable goods
in April reflected largely additional curtailments
in cotton and wool textile industries. Production
and deliveries of rayon showed little change, however, following earlier sharp declines. Paper production declined somewhat as producers cut back
output of kraft papers, while paperboard output
held fairly steady at a level about one-fifth below
the early 1951 peak. Petroleum refining was reduced somewhat in April and in May was curtailed
sharply further by work stoppages affecting a large
part of the industry.
CONSTRUCTION
Value of construction contracts awarded in April
increased substantially further to 1.6 billion dollars, one-fifth more than in March and one-sixth
greater than in April 1951. Value of new work put
in place was larger than during any other April,
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS
INDUSTRIAL
LIONS OF PERSONS
PRODUCTION
SEASONALLY ADJUSTED
PHYSICAL VOLUME, SEASONALLY ADJUSTED, 1935-39 • 100
1949
1948
1949 1950 1951
1952
1948 1949
1950 1951 1952
Federal Reserve indexes. Monthly figures, latest shown are
for April.
JUNE 1952
1950
1951 1952
Bureau of Labor Statistics data adjusted for seasonal variation by Federal Reserve. Proprietors, self-employed persons
and domestic servants are not included. Midmonth figures,
latest shown are for April.
653
NATIONAL SUMMARY OF BUSINESS CONDITIONS
partly reflecting increased construction costs. Nonfarm housing units started in April totaled 108,000
compared with 98,000 in March and 96,000 in
April 1951.
Employment in nonagricultural establishments
in April, seasonally adjusted, continued at 46.5
million. The average workweek at factories was
reduced to 40 hours, down about half an hour from
March and below any month since May 1950.
Average hourly earnings were little changed at
fl.66. Unemployment declined about 200,000 to
1.6 million in early April, a level close to the postwar low and about 100,000 below a year ago.
prices of wool and hides recovered moderately from
their sharply reduced levels. An increase in Canadian newsprint was announced, effective June 15.
Meanwhile, prices of burlap, cotton, and alcohol
declined, and lead and antimony were reduced 20
per cent. Rubber prices abroad dropped further
and the RFC announced a 20 per cent reduction in
its resale price.
The consumers' price index advanced .4 per cent
in April to within .2 per cent of the January 1952
peak. Foods—chiefly fresh fruits and vegetables—
rose, and rents and other services continued to increase, while apparel, housefurnishings, television
sets, and soap were reduced further.
DISTRIBUTION
MONEY AND CREDIT
Seasonally adjusted total retail sales rose slightly
in April as sales at automotive stores recovered to
about the advanced February rate. Department
store sales decreased somewhat owing in part to
fairly marked further declines for household durable goods. In the first half of May, sales of these
goods at department stores increased, reflecting in
part easing of credit terms after suspension of Regulation W on May 7. Value of department store
stocks is estimated to have increased in April, but
at the end of the month stocks were 16 per cent
below a year ago.
The volume of bank credit outstanding showed
little change in April and the first half of May.
Business loans declined fairly substantially reflecting
further repayment of seasonal borrowing and some
leveling-off of defense borrowing. The decline in
business loans was about offset by a sharp rise in
security loans, particularly to dealers in Government securities. Bankholdings of United States
Government securities, which had declined in the
first quarter of the year, subsequently changed only
slightly.
The total money supply showed little further
change in April and early May. Deposits of businesses and individuals increased somewhat while
United States Government deposits declined. The
turnover of demand deposits outside New York
City declined in April after having risen somewhat
in both February and March.
Bank reserve positions were moderately tight in
April and the first part of May. Federal Reserve
holdings of Government securities were reduced
slightly, and since mid-April member bank borrowing has fluctuated around a fairly high level.
EMPLOYMENT
COMMODITY PRICES
Average prices of basic commodities changed
little in May, following some further decline in
April. Hog and pork prices rose sharply early in
the month as marketings fell below a year ago, and
PRICES AND TRADE
1947-49 = 100
SECURITY MARKETS
100
1948
1949
1950
1951
1952
1948
1949
f950
1951
1952
Seasonally adjusted series except for prices. Wholesale
prices, Bureau of Labor Statistics indexes. Consumer prices,
total retail sales, and disposable personal income. Federal
Reserve indexes based, on Bureau of Labor Statistics and Department of Commerce data. Department store trade, Federal Reserve indexes. Monthly figures, latest shown are for
April.
654
Common stock prices rose moderately during the
first three weeks. of May. Yields on high-grade
corporate bonds increased slightly. Yields on shortterm Government securities increased somewhat,
while yields on longer term Government bonds declined earlier in the period and subsequently increased. Near the beginning of the period the
Treasury announced the offering of additional
amounts of nonmarketable 2% per cent Treasury
bonds of 1975-80 and revised the terms on savings
bonds to make them more attractive to investors.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items.
Federal Reserve Bank rates, reserve requirements; margin requirements; fees and rates tinder Regulation V; terms under Regulation X
Federal Reserve Bank statistics
Guaranteed Regulation V loans
Deposits and reserves of member banks
Bank debits and deposit turnover; Postal Savings System
Money in circulation
Consolidated statement of the monetary system, deposits and currency
All banks in the United States, by classes
All insured commercial banks in the United States, by classes.
Weekly reporting member banks
Life insurance company commitments
Commercial paper, bankers' acceptances, and brokers' balances
Money rates; bank rates on business loans; bond yields
Security prices and new issues
Corporate sales, profits, and dividends
Treasury finance
Government corporations and credit agencies
Business indexes
Department store statistics
Consumers' prices
Wholesale prices
Gross national product, national income, and personal income.
Consumer credit statistics
657-658
658-660
661-663
663
663-664
664
665
666
667-669
670-671
672-674
674
675
676
677-678
678-680
681-683
534
685-694
695-698
698
699
700-701
702-704
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System are derived from regular reports made to
the Board; index numbers of production are compiled by the Board on the basis of material collected
by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of
Government credit agencies are obtained principally from statements of the Treasury, or of the agencies
concerned; data on money and security markets and commodity prices and other series on business
activity are obtained largely from other sources. Back figures for banking and monetary tables, together
with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics;
back figures for most other tables may be obtained from earlier BULLETINS.
JUNE
1952
655
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Billions of Dollars
1943
Wednesday Figures
1944
1945
1946
1947
1948
Billions of Dollars
1949
1950
1951
1952
FEDERAL RESERVE CREDIT
HOLDINGS OF U
S GOVERNMENT SECURITIES - TOTAL
RESERVE FLOAT
1943
656
1944
1945
1946
1947
1948
1949
1950
Wednesday figures, latest shown are for May 28. See page 657.
IT.
7T7.ll .
1951
1952
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
Treasury
U. S. Government
securities
Discounts
and
advances Total
Date or period
Gold
All 1 Total stock
Bills, other
certifiBonds cates,
and
notes
rency
outstanding
Treasury deMoney Treas- posits
ury
with
in circash Federal
culaholdRetion
ings
serve
Banks
Nonmember deposits
Member bank
reserve balances
Other
Federal
Reserve
Re- 2 IZxacTotal quired
c ;ss2
counts
Wednesday
figures:
1951—Apr. 4 . .
Apr. 11. .
Apr. 18..
Apr. 2 5 . .
126
92
114
149
22,914
23,086
23,086
22,940
6,288
6,498
6,544
6,570
16,626 773 23,813
16,588 717 23,895
16,542 1,034 24,234
16,370 700 23,789
21,806
21,806
21,807
21,807
4,640
4,640
4,640
4,641
27
27
27
27
,138
,166
,157
,122
1,304
1,287
1,293
1,296
711
411
621
678
L.213
,190
L.184
,212
753
753
752
753
19,141
19,533
19,674
19,176
18
18
18
18
,495
646
,546
987
,558 1 ,116
,482
694
May 2 . .
May 9 . .
May 16..
May 2 3 . .
May 3 0 . .
264
422
542
226
540
22,716
22,544
22,397
22,413
22,293
6,570
6,618
6,644
6,713
6,719
16,146
15,926
15,753
15,700
15,574
23,724
23,706
23,913
23,411
23,396
21,755
21,755
21,755
21,755
21,755
4,643
4,643
4,643
4,642
4,642
27
27
27
27
27
,255
,315
,287
,251
,461
1,294
1,298
1,297
1,290
1,294
707
767
745
765
620
,226
,195
,214
,201
,217
697
696
695
696
693
18,942
18,833
19,072
18,606
18,508
18
18
18
18
18
,486
,270
,306
,315
,202
June 6 . .
June 1 3 . .
June 2 0 . .
June 2 7 . .
128
179
165
220
22,653 6,869 15,784 765 23,546
22,758 6,936 15,822 846 23,783
22,806 6,736 16,070 1,178 24,150
22,843 6,809 16,034 852 23,916
21,756
21,756
21,755
21,755
4,644
4,647
4,648
4,650
27
27
27
27
,520
,499
,479
,601
1,303
1,289
1,285
1,286
139
129
433
418
1,102
L.095
1,099
1,139
684 19,198
686 19,487
774 19,482
775 19,102
18
18
18
18
,335
863
,417 1 ,070
,642
840
,564
538
July 3 . .
July 1 1 . .
July 18..
July 2 5 . .
181
236
300
78
22,977 6,822 16,155 812 23,970
23,092 5,822 17,270 938 24,267
23,081 5,822 17,259 1,223 24,605
23,057 5,822 17,235 928 24,063
21,756
21,757
21,758
21,759
4,654
4,656
4,656
4,658
27
27
27
27
,948
,893
,781
,706
1,287
1,296
1,296
1,305
179
253
612
424
1,014
1,107
L ,183
L ,191
764
768
766
767
19,189
19,364
19,380
19,088
18
18
18
18
,556
,459
,465
,440
633
905
915
648
Aug. 1 . .
Aug. 8 . .
Aug. 15..
Aug. 2 2 . .
Aug. 2 9 . .
408
200
242
214
278
23,081
23,118
23,151
23,084
23,066
5,822
5,822
5,822
5,822
5,822
17,259
17,296
17,329
17,262
17,244
24,282
24,046
24,360
24,175
24,001
21,759
21,759
21,800
21,800
21,800
4,663
4,665
4,666
4,667
4,668
27
27
27
27
28
,842
,904
,925
,932
,034
1,308
1,298
1,288
1,292
1,291
557
203
495
434
557
L ,175
L.016
L ,113
1,096
722
720
719
718
717
19,099
19,328
19,285
19,172
18,871
18
18
18
18
18
,430
,441
,468
,517
,485
669
887
817
655
386
Sept. 5 . .
Sept. 12..
Sept. 19..
Sept. 2 6 . .
243
325
359
216
23,079
23,108
23,135
23,474
5,822
5,822
5,822
5,822
17,257 684 24,006
17,286 951 24,384
17,313 1,289 24,783
17,652 988 24,677
21,854
21,853
21,934
22,013
4,672
4,673
4,674
4,676
28
28
28
28
,262
,216
,140
,137
1,299
1,294
1,285
1,288
408
474
477
816
1,022
1,047
714
713
730
731
18,825
19,167
19,835
19,369
18
18
18
18
,406
,555
,864
,837
419
612
971
Oct.
Oct.
Oct.
Oct.
Oct.
10..
17..
24..
31..
69
79
69
152
186
24,039
24,072
23,848
23,666
23,552
5,825
5,825
5,325
5,325
5,325
18,214 922 25,030 22,015
18,247 875 25,025 22,055
18,523 1,200 25,117 22,105
18,341 1,024 24,841 22,144
18,227 690 24,427 22,234
4,680
4,680
4,681
4,683
4,686
28
28
28
28
28
,320
,448
,385
,301
,410
1,284
1,286
1,296
1,291
1,288
397
335
326
509
493
975
886
818
753
750
851
850
780
20,004
19,939
20,068
19,833
19,557
18
18
18
19
19
,843 1 ,161
,868 1 ,071
,950 1 ,118
689
,144
,060
497
Nov. 7 . .
Nov. 14. .
Nov. 2 1 . .
Nov. 28. .
243
274
227
483
23,507 5,325 18,182 845 24,595
23,397 5,325 18,072 930 24,602
23,275 5,334 17,941 1,243 24,745
23,239 5,334 17,905 957 24,679
22,284
22,283
22,333
22,332
4,686
4,688
4,689
4,693
28
28
28
28
,534
,601
,701
,742
1,291
1,284
1,285
1,288
452
245
364
548
843
815
800
750
778
776
774
774
19,667
19,850
19,843
19,603
18
18
19
19
,988
,976
,211
,229
23,239 5,357 17,882 883 25,081
23,239 5,376 17,863 1,031 24,980
23,239 5,334 17,905 2,057 25,745
797 23,503 5,342 18,161 1,276 25,576
22,381
22,382
22,491
22,621
4,699
4,700
4,703
4,704
28
29
29
29
,891
,037
,263
,403
1,292
1,284
1,269
1,289
501
266
6
289
787
740
776
880
770
770
827
832
19,919
19,964
20,798
20,208
19
19
19
19
,196
725
647
,317
,767 1 ,031
571
,637
Dec.
Dec.
Dec.
Dec.
3..
5.
12.
19.
26.
.
.
.
.
744
740
974
772
564
794
727
967
877
657
959
710
449
999
923
1,024
966
1,002
456
563
766
291
306
532
679
874
632
374
105 23,658
23,452
23,119
22,993
22,785
5,344
5,344
5,344
5,344
5,344
18,314 1,062 24,825 22,697
18,108 904 24,554 22,772
17,775 1,118 24,372 22,822
17,649 1,010 24,116 22,872
17,441 711 23,707 22,931
4,706
4,707
4,710
4,711
4,716
29
28
.28
28
28
,143
,800
,526
,342
,347
1,275
1,280
1,291
1,280
1,302
8
69
138
11
221
694
771
719
663
729
745
743
744
743
742
20,364
20,369
20,488
20,660
20,013
19
19
19
19
19
,685
679
818
,551
898
,590
,573 1 ,087
558
,455
283
619
454
422
22,614
22,499
22,400
22,555
5,344
5,344
5,471
5,636
17,270 759 23,656
17,155 634 23,753
16,929 1,033 23,887
16,919 773 23,750
22,990
23,011
23,071
23,110
4,717
4,717
4,721
4,722
28
28
28
28
,378
,425
,387
,390
1,317
1,276
1,308
1,308
52
261
491
712
728
685
749
730
741
741
738
735
20,148
20,094
20,007
19,710
19
19
19
19
,415
,304
,293
,224
Mar. 5 . .
Mar. 12. .
Mar. 19. .
Mar, 26. .
384
357
126
170
22,514
22,530
22,825
22,528
5,636
5,636
5,636
5,636
16,878 986 23,883
16,894 891 23,778
17,189 1,265 24,216
16,892 715 23,413
23,290
23,291
23,292
23,291
4,726
4,726
4,729
4,731
28
28
28
28
,464
,452
,361
,329
1,296
1,296
1,285
1,282
670
639
6
7
895
841
742
736
787
785
803
804
19,787
19,781
21,038
20,276
19
19
19
19
,166
621
599
,182
,627 1 ,411
776
,500
Apr. 2. .
Apr. 9. .
Apr. 16. .
Apr. 23. .
Apr. 30. .
130
167
622
830
676
22,514
22,494
22,467
22,372
22,363
5,636
5,636
5,136
5,136
5,136
16,878 766 23,409 23,291
16,858 731 23,393 23,293
17,331 1,020 24,109 23,293
17,236 771 23,973 23,295
17,227 593 23,632 23,297
4,736
4,736
4,737
4,738
4,739
28
28
28
28
28
,445
,526
,436
,333
,460
1,281
1,273
1,288
1,287
1,284
295
381
520
877
450
776
763
853
809
784
827
827
825
824
749
19,812
19,652
20,218
19,875
19,940
19
19
19
19
19
,166
,076
,225
,087
,143
1,043 22,329
671 22,315
499 22,283
816 22,273
5,136
5,136
5,136
5,136
17,193 695 24,067
17,179 779 23,764
17,147 1,013 23,794
17,137 653 23,742
4,739
4,739
4,739
4,741
28
28
28
28
,523
,497
,483
,710
1,286
1,293
1,279
1,286
749
516
384
558
762
796
813
813
747
745
745
745
20,034
19,953
20,127
19,667
19
19
P19
P19
,071
,092
,186
,228
1952—Jan. 2 . .
Jan. 9 . .
Jan. 16..
Jan. 2 3 . .
Jan. 30..
198
135
112
210
Feb. 6. .
Feb. 1 3 . .
Feb. 2 0 . .
Feb. 2 7 . .
May
May
May
May
7. .
14. .
21..
28. .
23,297
23,297
23,298
23,296
733
790
714
486
646
576
993
788
797
963
861
P941
P439
P1 Preliminary.
Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables.
2
Wednesday figures and end-of-month figures (shown on next page) are estimates.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
JUNE
1952
657
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In
millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Date or period
End of period:
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1946—Dec.
! 947—Dec.
t948—Dec.
1949—Tune
Dec.
1950— June
Dec.
29..
30.
30...
31...
31. ..
31. .
31 .
31 .
30...
31...
30...
30...
1951—May
June
July
Aug.
Seot.
Oct..
Nov.
Dec.
1952—Jan
Feb.
Mar.
Apr..
May
Averages of
daily figures:
1951—Mar.
Apr..
May
1952—Mar.
Apr..
May
Discounts
and
advances
1,037
Total
All 1 Total
Bills,
certifi- other
Bonds cates,
and
notes
1 ,400
4 ,037
2 ,220
4 ,031
2 ,593 17 ,644
2 ,361 22 ,737
25 ,091 20 ,065
24 ,093 20 .529
23 ,181 22 ,754
24 ,097 24 ,244
19 ,696 24 ,466
19 ,49Q 24 ,427
18 ,703 24 ,231
22 ,216 22 ,706
2 ,019
2 ,286
2 ,963
3 ,247
4 ,339
4 .562
4 ,562
4 ,589
4 ,597
4 .598
4 ,607
4 ,636
4,459
5,434
7,598
11,160
28 t 515
28,952
28,868
28,224
27,493
27.60C
27,156
27,741
21 ,755
21 ,756
21 ,759
21 ,854
22 ,013
22 ,233
22 ,382
22 ,695
22 ,951
23 ,191
23 ,291
23 ,298
4 ,646
4 ,655
4 ,666
4 ,673
4 ,681
4 ,688
4 .700
4 ,709
4 ,717
4 ,727
4 ,736
4 ,739
27,519
27,809
27.851
28,155
28,288
28,417
28,809
29,206
28,386
28,465
28,473
28,464
164
7
3
249
163
85
223
103
78
43
67
216
71
145
1 ,998
441 1 557
2 ,484 1 351 1, 133
2 ,254 1 467
787
947 23 315
24 ,262
753 22 597
23 .350
22 ,559 2 853 19 70f
23 ,333 10 977 12 356
19 ,343 7 780 11 563
18 ,885 7 218 11 667
18 ,331 5 618 12 713
20 ,778 4 620 16 158
1,371
529
53
277
552
190
186
624
19
328
598
133
676
952
22 ,509
22 ,982
23 ,078
23 ,127
23 ,734
23 ,552
23 ,239
23 ,801
22 ,729
22 ,528
22 ,514
22 ,363
22 ,273
6 803
6 822
5 822
5 822
5 822
5 325
5 334
5 344
5 344
5 636
5 ,636
5 ,136
5 ,136
15
16
17
17
17
18
17
18
17
16
16
17
17
706
160
256
305
912
227
905
457
385
892
878
227
137
443 23 ,481
1,007 24 ,043
679 24 ,033
630 24 ,309
1,134 25 ,058
690 24 ,427
871 24 ,734
1,189 25 ,009
726 23 ,783
778 23 ,904
623 23 ,270
593 23 ,632
927 24 ,152
242
162
438
314
365
573
22
22
22
22
22
22
5 ,784
6 ,488
6 ,654
5 ,636
5 ,354
5 ,136
16
16
15
16
17
17
549
487
784
998
094
172
1,088 23 ,663
847 23 ,983
811 23 ,686
9 4 2 23 ,890
913 23 ,726
823 23 ,704
,333
,975
,438
,634
,448
,308
147
58
102
104
580
581
536
542
250
536
329
Gold
stock
Member bank
reserve balances
TreasTreasOther
deury Money Treas- ury
posits Non- Fedin
cirwith
mem- eral
rency culacash Federal ber
de- ReoutholdReposits serve
Re- 2 Ex-2
stand- tion
acings
Total quired
serve
c ess
ing
counts
Banks
P23
21
21
21
23
23
23
,296
P4
,909
,806
,757
,278
,293
,297
4
4
4
4
4
4
204
264
1.123
1,293
1,281
1,302
1,287
1,285
1,283
1,288
1,270
1,319
1,287
1,277
1,281
,746 P 2 8 , 7 6 0 V 1,280
666
317
584
459
936
493
481
247
162
558
169
450
541
,639
,640
,643
,728
,737
,740
603
632
640
333
549
553
For footnotes see preceding page.
MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]
27,171
27,179
27,324
28,437
28,459
28,557
1,289
1,292
1,291
1,283
1,278
1,281
Savings deposits
Postal Savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months. . .
In less than 90 days
NOTE.—Maximum rates that may be paid by member banks as
established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank
may not in any event exceed the maximum rate payable by State
banks or trust companies on like deposits under the laws of the State
in which the member bank is located. Maximum rates that may be
paid by insured nonmember banks as established by the F.D.I.C,
effective Feb. 1, 1936, are the same as those in effect for member banks.
MARGIN REQUIREMENTS *
[Per cent of market value]
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
1
Feb. 1, Mar. 30 Effec19471949tive
Mar. 29, Jan. 16, Jan. 17,
1949
1951
1951
75
75
50
50
75
75
50
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,
and BULLETIN for March 1946, p. 295, and February 1947, p. 162.
658
28
166
653
360
308
822
961
189
941
517
431
460
374
346
251
291
495
607
563
59C
713
706
771
714
2,356
2,292
11,653
12,450
15,915
16,139
17,899
20,479
17,867
16.568
15,934
17,681
2,333
1,817
6,444
9.365
14,457
15.577
16,400
19,277
16,919
15,550
15,498
16,509
23
475
5 209
3 085
1 458
562
1 499
1 202
948
1 018
436
1 172
1
1
1
1
1
179
262
159
038
127
818
794
889
766
796
845
784
1 094
69C
765
700
716
727
780
772
746
741
733
801
749
743
18,536 18,206
19,020 18,604
18,863 18,396
19,181 18,464
19,391 18,822
19,557 19,060
19.670 19,180
20,056 19,667
20,077 19,443
19,982 19,254
19,733 19,241
19,940 19.143
19,778 P 1 9 , 1 9 1
330
416
467
717
569
497
490
380
634
728
492
797
P587
1 ,212
1 ,252
1 ,243
845
875
838
730
750
696
790
818
745
19,207
19,324
18,892
20,207
19,777
19,767
1
1
1
438
821
950
668
1
1
1
713
833
590
885
650
18,494
18,491
18,302
19,322
19,127
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Nov. 1, 1933- Feb. 1, 1935- Effective
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936
Prescribed in accordance with
Securities Exchange Act of 1934
36
35
634
867
977
393
870
2,409
2,215
2,287
2,272
1,336
1,325
1,307
1,312
1,298
L,293
Net demand deposits
Effective date
of change
Central
reserve
city
banks
1938—Apr. 16
1941—Nov. 1
1942—Aug. 20
Sept. 14
Oct. 3
1948—Feb. 27
June 11
Sept. 16
Sept. 24
1949—May 1
May 5
June 30
July 1.
Aug. 1
Aug. 11
Aug. 16
Aug. 18
Aug. 25
Sept. 1
1951—Jan. 11
Jan. 16
Jan. 25
Feb. 1
In effect June 1, 1952". . .
22M
26
24
22
20
22
24
Reserve
city
banks
20
26
22
24
21
20
2
l
Country
banks
Time
deposits
(all
member
banks)
12
14
5
6
16
2 71/
15
2 7
8 7
3
13
23y2
19H
23
19
22
23
18
19
24
20
24
20
6
35
5
2
2
'"l3
14
14
'2 6
6
6
1
Demand deposits subject to reserve requirements, which beginning
Aug. 23, 1935, have been total demand deposits minus cash items
in process of collection and demand balances due from domestic banks
(also minus war loan and series E bond accounts during the period
Apr.
13, 1943-June 30, 1947).
2
Requirement became effective at country banks. 3 Requirement
became
effective at central reserve and reserve city banks.
4
Present legal minimum and maximum requirements on net demand
deposits—central reserve cities, 13 and 26 per cent; reserve cities,
10 and 20 per cent; country, 7 and 14 per cent, respectively; on time
deposits at all member banks, 3 and 6 per cent, respectively.
Back figures.—See Banking and Monetary Statistics, Table 107, p. 400.
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
May 31
Boston
New York....
Philadelphia. .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas.
San Francisco
In effect
beginning—
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)]
Previous
rate
Rate on
May 31
Aug. 21, 1950
Aug. 21, 1950
Aug. 25, 1950
Aug. 25, 1950
Aug. 25, 1950
Aug. 24, 1950
Aug. 25, 1950
Aug. 23, 1950
Aug. 22, 1950
Aug. 25, 1950
Aug. 25, 1950
Aug. 24, 1950
In effect
beginning—
Previous
rate
Aug. 21, 1950
Aug. 21, 1950
Aug. 25, 1950
Aug. 25. 1950
Aug. 25, 1950
Aug. 24, 1950
Aug. 25, 1950
Aug. 23, 1950
Aug. 22. 1950
Aug. 25, 1950
Aug. 25, 1950
Aug. 24, 1950
Rate on
May 31
In effect
beginning—
Previous
rate
Jan. 14, 1948
Oct. 30, 1942
Aug. 23, 1948
Aug. 25, 1950
Oct. 28, 1942
Aug. 24, 1950
Aug. 13, 1948
Jan. 12, 1948
Aug. 23, 1948
Jan. 19, 1948
Feb. 14, 1948
2
Oct. 28, 1942
2
fi
2j|
2%
2
h
2
2H
2
4
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
* Certain special rates to nonmember banks were in effect during the wartime period.
NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a
of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding
6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days.
Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum]
Maturity
Rate on
May 31
In effect beginning—
2
2ys
Dec. 18. 1951
Dec. 18. 1951
Dec. 18. 1951
AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT
Previous
rate
Maturities not exceeding five years
[In effect May 31.
1- 90 days
91-120 days
121-180 days
To industrial or
commercial
businesses
NOTE.—Effective minimum buying rates at the Federal Reserve
Bank of New York on prime bankers' acceptances payable in dollars.
The same rates generally apply to any purchases made by the other
Federal Reserve Banks.
Back figures.—See Banking and Monetary Statistics, Table 117, pp.
443-445.
?EES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950 AND EXECUTIVE
ORDER NO. 10161
[In effect May 31]
Fees Payable to Guaranteeing Agent y by Financing Institution on
Guaranteed Portion of Loan
Percentage of
loan guaranteed
70 or less
75
80
85
90
95
Over 95
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
any commitment
fee charged
borrower
10
15
10
15
20
20
25
30
35
40-50
25
30
JUNE 1952
On discounts or
purchases
Federal
Reserve
Bank
On
loans J
Boston.. .
New York.
Philadelphia
Cleveland
Richmond
Atlanta.
Chicago.
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco.
To financing institutions
On
commitments
Portion
for which
institution is
obligated
Remaining
portion
On
commit
menta
X-IX
234-5
2^-5
1
2
3
4
35
40-50
Maximum Rates Financing Institutions Ma y Charge Borrowers
[Per cent per annum]
Interest rate,
Commitment rate.
Per cent per annum]
1M
IK
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 M P e r c e n t per annum is made on undisbursed portion
of loan.
Back figures.—See Banking and Monetary Statistics, Table 118,
pp. 446-447.
5
X
659
REAL ESTATE CREDIT TERMS UNDER REGULATION X AND ASSOCIATED REGULATIONS OF FHA AND VA
Regulation X terms as prescribed by the Board of Governors of the Federal Reserve System with the concurrence of the Housing and Home
Finance Administrator and terms on loans insured or guaranteed by the Federal Housing Administration and the Veterans Administration as
issued under the authority of the Housing and Home Finance Administrator under the provisions of the Defense Production Act of 1950, as
amended, and Executive Order 10161
1- to 4-family units and farm residences
Value or sales price
per family unit
Regulation X and FHA
VA
Multi-unit
residences
(Reg. X and FHA)
Nonresidential
properties 1
(Regulation X)
Maximum loan per family unit 2
(in per cent of value unless otherwise specified)
Not more than $7,000
$7,001-$10,000. .
95
$6,300 plus 75 per cent
of excess over $7,000
(95-86)
$10,001-$12,000...
$8,550 plus 55 per cent
of excess over $10,000
(86-75)
$12,OO1-$15,OOO. ..
100 per cent
of sales price
(closing costs
to be paid in cash)
$6,720 plus 90 per cent
of sales price over $7,000,
plus total amount
of closing costs
(96-94 per cent
of sales price3)
$9,420 plus 84 per cent
of sales price over $10,000,
plus total amount
of closing costs
(94-93 per cent
of sales price3)
$6,300 plus 55 per cent
of excess over $7,000
(90-80)
$7,950 plus 54 per cent
of excess over $10,000
(80-71)
50 per cent of value
$10,650 plus 50 per cent
of excess over $15,000
(71-66)
$16,001-$20,000...
$11,300 plus 45 per cent
of excess over $15,000
(75-67)
1
$2O,OOl-$21,000...
Over $25,000. .
90
$11,100 plus 45 per cent
of (1) sales price over
$12,000 and (2) closing costs
(93-81 per cent of sales price
plus closing costs)
|
$15,001-$16,000. .
$21,OO1-$25,OOO. . .
Maximum loan
per property
$14,000 plus 25 per cent
of excess over $21,000
(67-60)
60
$12,900 plus 43 per cent
of (1) sales price over
$16,000 and (2) closing
costs
(81-72 per cent of sales
price plus closing costs)
$15,050 plus 30 per cent
of (1) sales price over
$21,000 and (2) closing
costs
(72-65 per cent of sales
price plus closing costs)
$13,150 plus 37 per cent
of excess over $20,000
(66-60)
60
65
Maximum maturity (years)
Not more than $12,000
Over $12,000
25
20
4 25
4 20
None specified
}
Amortization requirements
All values
Minimum annual reduction of 5 per cent of original loan
until amount outstanding is 50 per cent or less of property value at time the loan was made or liquidation of
loan by maturity through substantially equal periodic
payments or payments of principal
Effective date
June 11, 1952 &
June 11, 1952 s
None specified under Regulation X; periodic payments satisfactory to Commissioner on FHA loans
Liquidation of loan by
maturity through substantially equal periodic
payments or payments
of principal
June 11, 1952 s
February 15, 1951
1
2
Properties generally described as commercial and recreational.
Maximum amount of loan insured by FHA may not exceed $14,000 on 1-family, $16,000 on 2-family, $20,500 on 3-family, $25,000 on 4-family
residences,
or $8,100 per unit on multi-unit projects. On existing 1- to 4-family units the loan amount may not exceed 80 per cent of value.
3
These percentages should be increased by the percentage that closing costs are of sales price.
4
Under special circumstances and with the approval of the Veterans Administrator, the maximum maturity may be 30 years.
s For terms effective before June 11, 1952, see BULLETIN for October 1950, p. 1321, January 1951, pp. 31-32, and May 1952, p. 510.
NOTE.—These regulations limit the amount of credit that may be extended in connection with certain types of real estate. Real estate
credit terms on dwelling units programmed by the Housing and Home Finance Administrator in critical defense housing areas have been suspended
or relaxed as provided by the Defense Housing and Community Facilities and Services Act of 1951 and as prescribed by the Administrator.
For full explanation of the scope and provisions of Regulation X, see the Regulation, copies of which may be obtained from Federal Reserve
Banks or branches. For similar information on regulations of the FHA and VA, consult the FHA or VA offices.
660
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
End of month
1952
May 28
Assets
Gold certificates
Redemption fund for F. R. notes.
May 21
21,426,254 21,418,250
688,411
677,135
Total gold certificate reserves...
May 14
1952
May 7
Apr. 30
May
1951
April
May
1,410,254 21,412,249 21,412,253 21,426,252 21,412,253 19,878,903
689,550
688,836
693,428
677,137
693,428
628,764
22,103,389 22,106,661 22,099,090 22,101,799 22,105,681 22,103,389 22 ,105,681 20,507,667
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc
Industrial loans
U. S. Government securities:
Bills
Certificates:
Special
Other
Notes
Bonds
314,165
337,453
339,101
348,735
363,292
324,123
363,292
298,842
815,306
1,000
5,069
497,606
1,000
5,276
669,620 1,019,885
1,000
23,000
5,210
5,114
653,260
23,000
5,158
951,116
1,000
5,176
653,260
23,000
5,158
528,754
82,000
50,000
82,000
11,486 ,806 11,528,806 11,611 306 11,625,306 11,659
5,568 ,073 5,568, 073 5,568 073 5,568,073 5,568.
5,135 ,823 5,135 823 5,135 823 5,135,823 5,135,
654,820
11,486,806 11,659,306
5,568,073 5,568,073 15 051,113
5,135,823 5,135,823
803,479
Total U. S. Government securities.
22,272,702 22,282,702 22,315,202 22,329,202 22,363,202 22,272,702 22,363,202 22,509,412
Total loans and securities
23,094,077 22,786,584 22,991,032 23,377,201 23,044,620 23,229,994 23,044,620 23,043,354
Due from foreign banks
F. R. notes of other Banks.
Uncollected cash items
Bank premises
Other assets
28
28
28
28
28
28
28
155 ,227
138 ,929
146 ,072
140,189
155 ,067
142,456
155,067
3,292 ,582 3,958 ,153 3,985 ,952 3,265,986 3,326 ,466 3,497,186 3,326,466
44 ,740
44 ,832
44 ,829
44,639
44 ,649
44,745
44,649
203 ,681
189 ,326
207,011
195 ,835
180,773
173 ,052
173,052
Total assets
38
114,847
,959,221
41,047
208,952
49,191,591 49,584,773 49,795,430 49,459,350 49,212,855 49,548,932 49,212,855 47,173,968
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve accounts
U. S. Treasurer—general account. . .
Foreign
Other
24,515,784 24,324,333 24,338,101 24,364,034 24,332,276 24,567,302 24,332,276 23,331,677
19,667,155 20,126,522 19,952,861 20,034.
384,313
749,
558,130
515,862
572,247
497,
597,032
539,480
241,181
265,
215,857
257,016
Total deposits.
19,940,266 19,777,679 19,940,266 18,535,791
450,418
518,184
266,349
540,536
598,771
494,738
450,418
518,184
266,349
665,888
874,339
305,239
21,038,174 21,324,263 21,265,219 21,546,315 21,175,217 21,411,724 21,175,217 20,381,257
Deferred availability cash items
Other liabilities and accrued dividends
Total liabilities.
Capital Accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
2,644,226 2,950,478 3,212,550 2,576
18,969
17,540
17
17,730
,738,727 2,574,929 2,738,727 2,521,370
17,330
15,973
17,330
17,699
48,217,153 48,616,614 48,833,600 48,503,842 48,263,550 48,571,654 48,263,550 46,250,277
243,541
538,342
27,543
165,012
Total liabilities and capital accounts.
Ratio of gold certificate reserves to deposit and
F. R. note liabilities combined (per cent)
Contingent liability on acceptances purchased
for foreign correspondents
Industrial loan commitments
243,372
538,342
27,543
158,902
243,034
538,342
27,543
152,911
242,995
538,342
27,543
146,628
242,928
538,342
27,543
140,492
243,549
538,342
27,543
167,844
242,928
538,342
27,543
140,492
228,984
510,022
27,543
157,142
49,191,591 49,584,773 49,795,430 49,459,350 49,212,855 49,548,932 49,212,855 47,173,968
48.5
48.4
48.5
48.1
48.6
48.1
48.6
8,045
6,150
8,091
6,206
8,104
6,379
8,120
6,473
8,118
6,536
8,085
6,082
8,118
6,536
30,344
3,643
952,116
897,618
54,498
676,260
608,874
67,386
528,754
507,140
21,452
162
5,188
190
551
3,085
1,362
,509,412
226,626
,298,040
,532,919
,436,766
,031,904
,983,157
Maturity Distribution of Loans and U. S. Government Securities *
Discounts and advances—total
Within 15 days
16 days to 90 days
91 days to 1 year
Industrial loans—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
U. S. Government securities—total..
Within 15 days
16 to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
816,306
763,058
53,248
498,606
449,628
48,978
670,620
629,457
41,163
,042,885
977,109
65,776
676,260
608,874
67,386
5,114
5,210
5,176
5,158
5,069
5,276
5,158
868
876
882
865
865
1,008
847
870
870
666
786
643
786
649
2,123
2,259
2,358
2,277
2,351
2,301
2,277
1,253
1,205
1,270
1,230
1,274
1,230
1,272
22,272,702 22,282,702 22,315,202 22,329,202 22 ,363,202 22,272,702 22 ,363,202
466,856
416,856
416,856
498,856
,690,175 12,732,175 12,814,675 12,828,675
,941,352
,941,352 5,941,352
,941,352
,013,614
,013,614 1,013,614
,013,614
,128,705
,128,705 2,128,705
,128,705
441,856
,837,675
,941,352
,013,614
,128,705
498,856
12,690,175
5,941,352
1,013,614
2,128,705
441,856
,837,675
,941,352
,013,614
,128,705
Federal Reserve Notes—Federal Reserve Agents' Accounts
F, R. notes outstanding (issued to Bank)..
Collateral held against notes outstanding:
Gold certificates
Eligible paper
U. S. Government securities
Total collateral.
1
25,383,960 25,271,117 25,286,786 25,214,293 25,259,528 25,411,508 25,259,528 24,225,793
13,099,000 12,999,000 13 ,049,000 13 ,049,000 12,749,000 13,099,000 12,749,000 12,244,000
435,767
505,472
441,456
717,251
505,472
736,257
596,322
377,607
13,175,000 13,275,000 13,275,000 13,275,000 13,625,000 13,175,000 13,625,000 12,680,000
26,870,322 26,651,607 26,765,456 27,041,251 26,879,472 27,010,257 26,879,472 25,359,767
Callable U. S. Government securities classified according to nearest call date.
JUNE
1952
661
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 1952
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Kansas
City
Minneapolis
San
Francisco
Dallas
Assets
856,154 4,485,308
600,959
366,627
860,490
104,512
48,413
24,653
36,411
903,982 4,589,820
33,383
59,986
649,372
17,271
391,280
5,988
896,901
12,397
58,374
325,852
19,371
22,648
68,742
47,711
48,243
26,248
952,116
advances:
Secured by
U. S. Govt.
securities. . .
950,812
26,150
325,550
22,570
68,650
47,660
48,200
58,235
19,333
98
302
78
92
51
43
139
38
Other
1,304
104
838
Industrial loans..
5,176
4,107
U. S. Govt.
securities
22,272,702 1,580,271 5,143,101 1,399,884 2,223,350 1,505,367 1,289,122 3,185,241 1,207,158
11,816
97,680
16,738
208,693
11,790
97,374
16,700
208,600
Gold certificates. 21,426,252
for F. R. notes.
677,137
Total gold certificate reserves. . 22,103,389
Other cash
324,123
707,523 6,663,030 1,226,429 1,444,228
920,899
78,746
63,204
768,116 6,732,390 1,280,569 1,522,974
23,512
57,042
20,344
27,944
984,103
21,527
60,593
69,360
54,140
47,828
Total loans and
23 229,994 1,606,519 5,468,953 1,426,639 2,292,092 1,553,182 1,338,203 3,243,615 1,226,529
securities
Due from foreign
28
2
*8
2
3
1
1
4
1
banks
F. R. notes of
other Banks.
142,456
3,118
17,966
8,918
6,964
30,779
21,373
14,221
6,739
Uncollected cash
items
3,497,186 275,610
601,121 204,283 303,840 358,826 268,264 578,262 159,220
994
Bank premises...
44,745
7,673
2,826
4,759
4,476
3,425
6,527
3,169
Other assets
207,011
16,260
46,731
12,883
20,858
14,094
12,201
29,113
10,955
Total assets
26
123
708,962
306
680,724 2,613,831
27,496
61,781
708,220 2,675,662
10,973
33,756
38
4
93
975,010 1,020,892 2,034,344
720,901 1,072,690 1,037,634 2,243,037
1
1
1
3
4,668
5,383
6,051
16,276
97,179
1,070
6,437
186,046
2,394
9,207
176,962
287,573
6,789
18,797
643
9,475
49,548,932 2,694,131 12,931,884 2,956,464 4,179,434 2,966,988 2,580,832 8,521,548 2,073,256 1,227,524 2,185,019 1,949,959 5,281,893
Liabilities
24,567,302 1,507,154 5,473,539 1,733,786 2,243,470 1,695,827 1,334,314 4,676,377 1,130,497
F. R. notes
Deposits:
Member bk.—
reserve accts. 19,777,679 832,015 6,296,283 905,107 1,500,068 838,081 874,198 3,121,894 692,439
U. S. Treas.—
43,332
84,352
55,050
34,745
83,462
28,791
37,288
39,989
540,536
gen. acct.. . .
Foreign
598,771
36,592 2 186,795
46,036
54,298
30,100
25,379
82,038
22,428
Other..
494,738
5,113
154,232
1,410
4,081
65,153
92,545
4,110
38,815
Total deposits.. . 21,411,724
Deferred avail.
cash i t e m s . . . . 2,574,929
Other liab. and
accrued div
17,699
Total liabilities
624,431
969,244
694,990 2,483,673
450,635
944,476
975,338 2,347,145
28,723
15,345
5,778
47,975
22,428
21,271
28,174
22,428
58,227
902,511 6,721,662
989,841 1,613,497
973,323 1,026,867 3,291,504
797,014
221,185
452,026
157,182
229,289
244,527
174,225
415,392
104,801
75,329
139,786
130,477
1,140
4,798
1,029
2,148
885
842
2,533
780
523
701
723
13,146
34,192
3,011
11,792
7:,C15
159,743
7,319
35,982
16,978
41,493
4,489
11,666
23,343
50,648
1,006
16,033
10,617
27,025
3,349
11,435
10,017
23,871
31,423
79,601
1,429
23,289
8,508
21,788
5,458
14,063
1,073
6,166
9,228
20,367
1,137
8,406
11,835
18,210
1,307
8,250
28,655
54,904
44,003
500,481 1,036,150 1,084,167 2,474,707
230,710
1,597
48 571 654 2,631,990 12,652,025 2,881,838 4,088,404 2,914,562 2,536,248 8,385,806 2,033,092 1,200,764 2,145,881 1,910,357 5,190,687
Capital Accts.
Capital paid in. .
Surplus (Sec. 7 ) . .
Surplus (Sec. 13b)
Other cap. accts..
243,549
538,342
27,543
167,844
762
9,934
521
9,347
26,181
47,341
2,140
15,544
Total liabilities
and cap. accts. 49,548,932 2,694,131 12,931,884 2,956,464 4,179,434 2,966,988 2,580,832 8,521,548 2,073,256 1,227,524 2,185,019 1,949,959 5,281,893
55.2%
33.7%
44.7%
39.8%
54.0%
31.9%
39.5%
47.0%
36.9%
38.3%
57.6%
34.8%
48.1%
Reserve r a t i o . . . .
Cont. liab. on accept, purch.—
foreign corresp.
499
740
628
410
346
306
209
306
306
748
8,085
3 2,469
1,118
Industrial loan
6,082
915
1,516
2,372
810
408
61
commitments..
Federal Reserve Notes—Federal Reserve Agents* Accounts
F. R. notes outstanding (issued
to Bank)
25,411,508 1,559,775 5,679,824 1,777,655 2,313,627 1,783,624 1,391,352 4,752,977 1,170,499
Collateral held:
Gold certificates 13,099,000 400,000 4,470,000 750,000 810,000 580,000 485,000 2,870,000 270,000
736,257
26,186
304,275
22,570
Eligible paper..
45,960
19,333
U. S. Govt. sec. 13,175,000 1,300,000 1,300,000 1,100,000 1,'5*75,000 1,300,000 ' 950,000 1,900,000 950,000
Total collateral.. 27,010,257 1,726,186 6,074,275 1,872,570 2,385,000 1,925,960 1,435,000 4,770,000 1,239,333
1
2
3
636,174
994,288
726,243 2,625,470
165,000
11,790
505,000
280,000
97,543
750,000
219,000 1,800,000
208,600
545,000 1,000,000
681,790 1,127,543
764,000 3,008,600
After deducting $20,000 participations of other Federal Reserve Banks.
After deducting $411,960,000 participations of other Federal Reserve Banks.
After deducting $5,616,000 participations of other Federal Reserve Banks.
662
FEDERAL RESERVE BULLETIN
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
LOANS GUARANTEED THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V, PURSUANT TO
DEFENSE PRODUCTION ACT OF 1950 AND
EXECUTIVE ORDER NO. 10161
[Amounts in thousands of dollars]
Applications
approved
Date (last
Wednesday
or last day
of period)
to
UctLC
Number
Amount
3,489
3,511
3,542
3,574
3,607
3,649
3,698
525,532
544,961
565,913
586,726
615,653
629,326
651,389
3,717
3,721
3,724
3,727
3,731
3,732
3,734
3,736
3,736
3,738
3,741
3,741
3,743
Approved
Loans Commitbut not
outments
com- standing2
outpleted i (amount) standing
(amount)
(amount)
Participations
of financing institutions
outstanding 3
(amount)
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Date
1944
1945.
1946
1947
1948
1949.
1950
320
3,894
1,995
4,577
554
1,295
4,819
2,178
2,632
4,165
1,644
8,309
7,434
1,643
2,288
3,754
2,705
1,086
2 670
4,'869
1,990
2,947
3,745
664,473
667,988
671,432
678,477
691,536
695,178
700,040
706,215
710,931
4,925
3,578
3,221
6,730
12,197
4,394
2,943
3,073
3,513
4,845
5,255
5,762
5,801
5,750
5,062
4,447
4,505
4,687
2,595
3,643
3,740
3,767
6,050
6,478
7,151
6,361
6,036
5,331
5,999
6,199
6,115
7,860
11,420
11,990
12,064
11,985
716,210
721,144
725,787
730,482
832
772
108
571
4,621
4,957
5,296
5,207
7,125
6,845
6,467
6,536
12,018
10,307
10,474
10,339
945
335
539
1,387
995
Number
30...
31. . .
30...
31 . . .
31 . . .
30. . .
31 . . .
30. . .
31. ..
31 . . .
29. . .
31 . . .
30. . .
Portion
guaranteed
3
23
62
1,000
13,585
31,326
2,340
8,017
2,232
6,265
3,335
8,299
119
161
254
328
402
484
568
658
729
776
815
854
109,433
122,541
300,955
421,267
514,626
654,893
828,584
1,052,337
1,154,942
1,218,988
1,302,342
1,395,444
23,778
44,250
68,833
126,080
183,610
252,100
325,299
405,043
492,167
556,839
615,812
675,459
19,837
36,537
56,973
106,053
151,858
209,465
267,715
332,618
400,652
454,789
502,524
546,597
13,748
33,840
47,822
185,001
205,629
276,702
349,905
384,852
450,013
495,512
476,699
472,827
901
934
971
998
1,463,443
1,530,388
1,677,786
1,727,729
715,928
763,838
836,739
838,073
580,381
617,674
672,974
672,678
525,129
511,786
467,392
595,098
1951
Jan. 31. . .
Feb. 2 8 . . .
Mar. 31. . .
Apr. 30. . .
May 31. . .
June 30. . .
July 3 1 . . .
Aug. 31. . .
Sept. 3 0 . . .
Oct. 3 1 . . .
Nov. 30. . .
Dec. 3 1 . . .
1952
Jan.
Feb.
Mar.
Apr.
Total
amount
1950
Oct. 31.
Nov. 30. . .
Dec. 31. . .
1951
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Amount
1952
Jan.
Feb.
Mar.
Apr.
1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition
of Federal Reserve Banks.
3
Not covered by Federal Reserve Bank commitment to purchase or
discount.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or
expired
31...
29...
31. . .
30.. .
NOTE.—The difference between guaranteed loans authorized and
sum of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts
repaid, guarantees authorized but not completed, and authorizations
expired or withdrawn.
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1
II
All
member
banks
In millions of dollars]
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
All
member
banks
Demand balances due from domestic banks...
Reserves with Federal Reserve Banks:
Total
Required
Excess
Borrowings at Federal Reserve Banks
,584
,042
,542
,944
,601
22,805
3,922
18,883
20,967
2,045
5,459
1,205
4,253
4,923
1,140
39,412
5,817
33,595
34,211
12,583
6 ,048
72
97
1,899
3,980
19 ,822
19 ,130
692
5,137
5,155
1,234
1,250
7,749
7,597
152
253
44
9
139
102
12
90
89
31
-17
-16
New
York
Chicago
Reserve
city
banks
Country
banks
Second half of April 1952
First half of April 1952
Gross demand deposits:
Total
Interbank
Other
2
Net demand deposits
Time deposits 8
Central reserve
city banks
,945
,573
,372
,884
,015
5,659
1,103
4,557
5,065
1,144
39,349
5,568
33,781
34,040
12,608
34,793
1,056
33,737
29,930
15,866
5,802
39
116
1,850
3,797
5,702
5,128
574
19,732
19,124
608
5 ,154
5 ,133
21
1,284
1,284
7,656
7,564
91
5,638
5,142
496
61
481
76
14
300
91
34,909 102,746
1,098
12,300
33,810 90,446
29,844 89,918
15,833 31,634
22
4
18
20
2
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are
based1 on deposits at opening of business.
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand balances due from domestic banks.
3 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report,
JUNE 1952
663
POSTAL SAVINGS SYSTEM
MEMBER BANK RESERVES A N D BORROWINGS
[Averages of daily figures. In millions of dollars]
All
Month, or
week ending Wednesday
Total reserves held:
1951—April
1952—March
April
Apr.
Apr.
Apr.
May
May
May
16
23
30
7
14
21...
Excess reserves:
1951—April
1952—March
April
Apr.
Apr.
Apr.
May
May
May
16
23
30
7
14
21
member
banks *
Centra I reserve
city banks
[In millions of dollars]
Assets
Re-
serve
city
banks
banks 1
New
York
Chicago
19 324
20 207
19 777
5 328
5 ,358
5 ,146
1,274
1,321
1,259
7,347
7,817
7,702
5 ,374
5 ,711
5 ,670
19 902
663
750
762
865
5 ,185
5 ,124
5 ,145
5 ,119
5 ,130
5 ,204
1,271
1,271
1,291
1,281
1,286
1,277
7,744
7,662
7,644
7,665
7,661
7,681
5 ,702
5 ,674
5 ,583
5 ,685
5 ,684
5 ,703
833
885
650
158
92
2
-1
10
-8
167
209
122
509
574
535
766
603
560
633
700
48
P7O7
4
-27
22
20
1
-12
5
-13
6
-2
145
86
101
120
121
122
572
523
450
553
551
p
567
161
307
367
23
19
60
6
82
12
69
149
219
64
57
76
353
390
555
624
593
357
116
47
79
163
122
20
12
13
14
48
60
2
145
265
338
316
296
250
80
65
124
97
115
85
i%
19
19
19
19
7
Borrowings at Federal
Reserve Banks:
1951—April
1952—March
April
Apr. 1 6 . . .
Apr. 23
Apr. 30
May 7
May 14
May 21
Depositors'
balances *
uiy
*1 Preliminary.
Weekly figures of excess reserve* 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.—Set Banking and Monetary Statistics, pp. 396-399.
End of month
Total
Cash
in
depository
banks
U. S.
Government
securities
Cash
reserve
funds,
etc. 2
1943—December
1944—December
1945—December
1946—December
1947—December
1948—December
1949—December
1950—December
1,788
2,342
2,933
3,284
3,417
3,330
3,188
2.924
1,843
2,411
3,022
3,387
3,525
3,449
3,312
3,045
10
8
6
6
6
7
7
11
1,716
2,252
2,837
3,182
3,308
3,244
3,118
2,868
118
152
179
200
212
198
187
166
1951—-January
February
March
April
May
June
July
August
September
October
November
December
2,901
2,877
2,852
2,831
2,808
2,788
2,772
2,754
2,738
2,724
P2.71O
*>2 701
3,022
2,998
2,974
2,954
2,933
2,909
2,893
2,877
2,861
2,851
11
11
11
17
21
23
22
23
23
25
2,858
2,835
2,793
2,765
2,748
2,722
2,704
2,680
2,680
2,670
153
152
169
172
164
165
166
173
158
156
1952—January
February
March
April
P2.698
P2.685
P2.670
P2.656
* Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes reserve and miscellaneous working funds with Treasurer
of United States, working cash with postmasters, accrued interest on
bond investments, and miscellaneous receivables.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p . 508 in the same publication.
1
2
BANK DEBITS A N D DEPOSIT T U R N O V E R
[Debits in millions of dollars]
Debits to total deposit accounts, except
interbank accounts
Year or month
Annual rate of
turnover of total
deposits, except
interbank
Total, all
reporting
centers
New
York
City 1
140
other
centers *
Other
reporting
centers
New
York
City
Other
reporting
centers
1946—old series »3
1946—new series
1947
1948
1949
1950
1951
Jl,050,021
1,125,074
1,249,630
1,231,053
1,403,752
1,577,857
417,475
405,929
449,002
452,897
513,970
551,889
527,336
599,639
667,934
648,976
742,458
854,050
105,210
119,506
132,695
129,179
147,324
171,917
18.9
21.0
23.6
24.1
26.6
26.9
10.0
11.9
12.9
12.4
13.4
14.5
1951—April
May
June
July
August
September
October
November
December
128,450
130,704
135,031
124,425
125,291
121,205
139,308
132,158
144.800
45,477
45,375
48,588
43,224
41,363
41,145
47,971
44,802
53,500
69,421
71,197
72,110
67,532
69,827
66,359
75,799
72,428
76,049
13,553
14,132
14,332
13,669
14,101
13,700
15,539
14,928
15,251
26.5
26.2
27.9
26.0
23.8
26.0
26.4
27.8
30.7
1952—January
February
March
April
138,520
128,022
'139,977
139,141
48,106
45,375
50,180
52,057
74,953
68,738
75,089
72,607
15,462
13,908
'14,708
14,476
26.4
27.8
27.9
28.8
Debits to demand
deposit accounts,
except interbank
and Government
Annual rate of
turnover of demand
deposits, except interbank and Government
New
York
City 2
Other
leading
cities 2
New
York
City 2
Other
leading
cities 2
374,365
407,946
400,468
445,221
447,150
508,166
540,990
449,414
522,944
598,445
660,155
639,772
731,511
837,491
25.5
25.2
24.1
27.2
28.2
31.4
32.2
16.9
16.5
18.0
19.2
18.7
20.3
21.7
14.6
14.3
14.5
14.1
13.5
14.4
14.4
15.4
15.1
44,312
42,272
49,398
41,673
39,007
41,688
45,334
42,503
55,184
68,157
68,378
72,179
64,826
67,441
66,941
72,515
69,685
76,007
32.5
30.0
34.4
31.1
27.0
31.7
30.4
31.4
37.9
22.3
21.3
22.2
20.9
20.0
21.8
20.9
22.0
22.6
14.4
14.5
14.6
14.1
45,425
44,419
50,213
49,745
71,986
67,466
74,545
70,189
30.1
32.5
34.0
20.6
21.4
|
34.4
22.0
21.1
r
1
2
3
Revised.
National series for which bank debit figures are available beginning with 1919.
Weekly reporting member bank series.
Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June
1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947,
333 centers from December 1947 through December 1950, and for 342 centers beginning January 1951; the deposits from which rates of turnover
have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except
interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in
leading cities since 1935.
664
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
.
1951—March
April
May
June
July
August
September...
October . . . .
November...
December. . .
1952—Tanuary
February....
March
April
Large denomination currency 2
Coin and small denomination currency'
Total
in circulation *
Total
Coin
3$1
$2
$5
$10
$20
Total
$50
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224
27.600
27.741
4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576
14,871
17,580
20,683
20,437
20,020
19,529
19,025
19.305
442
452
478
517
537
550
590
648
751
880
1,019
1,156
1,274
1,361
1,404
1,464
1 ,484
1,554
402
423
460
499
505
524
559
610
695
801
909
987
1,039
1,029
1,048
1,049
1,066
1 .113
33
32
33
35
33
34
36
39
44
55
70
81
73
67
65
64
62
64
719
771
815
906
905
946
1,019
1,129
1,355
1.693
1,973
2,150
2,313
2,173
2,110
2,047
2,004
2.049
1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
5,194
5.983
6,782
6,497
6,275
6.060
5.897
5.998
1,342
1,326
1.359
1,501
1,475
1.481
1,576
1,800
2.545
4,096
5,705
7,224
9 201
9,310
9,119
8,846
8.512
8.529
1,360
1 254
1.369
1,530
1,542
1,714
2.048
2 489
3.044
3,837
5 580
7.730
7 834
8,518
8.850
8,698
8.578
8.438
364
337
358
399
387
409
460
538
724
1,019
1,481
1,996
2,327
2,492
2.548
2,494
2.435
2 ,422
618
577
627
707
710
770
919
1,112
1,433
1,910
2,912
4,153
4,220
4,771
5,070
5,074
5,056
5 043
125
112
122
135
139
160
191
227
261
287
407
555
454
438
428
400
382
368
237
216
239
265
288
327
425
523
556
586
749
990
801
783
782
707
689
588
8
5
7
7
6
17
20
30
24
9
9
10
7
8
5
5
4
4
10
7
16
18
12
32
32
60
46
25
22
24
24
26
17
17
11
12
8
10
5
8
7
5
2
4
4
3
2
3
2
3
3
3
3
2
27,119 18,845
27,278 19,023
27,519 19,260
27,809 19,521
27,851 19,560
28,155 19,813
28,288 19.896
28,417 19,955
28,809 20,283
29,206 20,530
1,542
1,551
1,568
1,578
1,590
1,602
1,616
1,631
1,642
1,654
1,059
1,073
1,087
1,092
1,092
1,103
1,124
1,132
1,144
1,182
61
62
63
64
64
64
64
65
65
67
1,953
1,973
1,995
2,011
2,008
2,031
2,038
2,041
2,075
2,120
5,881
5,943
6,024
6,113
6,088
6,176
6,181
6,160
6,291
6,329
8,348
8,422
8,523
8,663
8,718
8,837
8.874
8,927
9,067
9.177
8,275
8,257
8 259
8,289
8 292
8,344
8 393
8 463
8,528
8,678
2,369
2,371
2,382
2,405
2,409
2,428
2,437
2,452
2,482
2,544
4.955
4,941
4 938
4,947
4 9S2
4,989
5,034
5,092
5,133
5,207
8
8
8
8
8
8
8
8
8
12
1
1
1
2
2
2
2
2
2
2
1,631
1,630
1 ,637
1,651
1,115
1,110
1,113
1,114
65
66
65
66
2,009
2,013
2,016
2,004
6,088
6,152
6,165
6,141
8,898
8,934
8,940
8,960
8,582
8.563
8.537
8,529
2,508
2,503
2,496
2,498
5,161
5,152
5,140
5,137
576
573
570
570
565
562
557
554
549
556
550
545
540
535
4
4
4
4
4
4
4
4
4
4
28,386
28.465
28.473
28,464
362
360
357
356
354
353
353
353
352
355
352
351
349
347
4
4
4
4
8
8
8
9
2
2
1
1
End of year or
month
19,807
19.904
19,937
19,936
$100
$500 $1,000 $5,000 $10,000
Unassorted
1
2
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
as destroyed.
* 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
Apr. 30,
against
Treasury
1952
gold and
cash
silver
certificates
Gold
.
Gold certificates
Federal Reserve notes
Treasury currency—total
. . .
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890. .
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—Apr 30 1952
Mar 31 1952
Apr 30, 1951
23,297
22,144
25,260
4,739
22,144
2,340
61
66
492
2,085
*2,340
1,108
402
347
226
79
255
2,085
45
s
2 1,153
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents
19,290
12
4
3
1
24,484
24,484
22,943
1,281
1,277
1,284
19,290
19,300
17,751
2,816
1,082
363
Money in circulation x
Apr. 30,
1952
Mar. 31,
1952
Apr. 30,
1951
38
24,116
4,310
38
24,147
4,288
39
22,966
4,272
3
189
188
178
298
23
8
29
2
1
2,043
1,073
389
315
223
78
2,031
1,062
387
315
226
78
2,078
1,000
374
314
247
82
4,261
4,259
4,121
28,464
28,473
27,278
1
Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals
or other
end-of-month dates are shown in table above and totals by weeks in the table on p. 657.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
8
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
s not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves against
other types, a grand total of all types has no specia
5
significance and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.
Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, with the Treasurer of the
United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and
national bank notes are in process of retirement.
JUNE 1952
665
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS J
(Figures partly estimated except on call dates. In miliions of dollars]
Liabilities
and Capital
Assets
1
Total
assets,
Bank credit
Gold
Dec. 30
June
July
Aug
Sept
Oct.
Nov.
Dec.
30...... ...
25
29
26
31
......
28
,
31
Federal
Reserve
Banks
5 ,741
10 ,328
73 ,105
79 ,049
178 ,417
113 ,110
107 ,086
100 ,694
97 ,428
100 ,456
98 ,709
96 ,560
5,499
8,199
19,417
25,511
101,288
86,558
81,199
74,097
74,877
78,433
77,320
72,894
216
1, 998
484
? 254
74 262
350
7 ? 559
73 33.3
19 343
18, 885
18, 331
70 778
Other
securitiet
and
capital,
net
26
131
204
1 284
867
3 202
3 328
.3, 264
3 208
3 , 138
3 . 058
888
11,819
9,863
9,302
8,999
8,577
9,491
10,723
11,422
11,915
12.621
13,640
14,741
64 698
48, 465
75, 171
90 637
191 785
183 457
188 148
189 290
185 554
191, 706
193, 186
199 009
55,776
42,029
68,359
82,811
180.806
171,657
175,348
176,121
171,602
177,313
178,568
184,385
8,922
6,436
6,812
7,826
10,979
11,800
12,800
13,168
13,952
14,392
14,618
14,624
198 600
197 700
Other
21 800
800
71 756
7 1 800
71 800
7 ? 000
22, 200
11 300
22, 695
4,600
4,600
4,655
4.700
4,700
4,700
4,700
4,700
4,706
172,100
171,300
173,447
173,300
174,300
i 76,400
178,300
179,400
181,323
62 600
67 900
821
400
000
000
65 800
66 500
67 597
94 ,600
03 ,500
94 ,450
9 4 ,600
0 5 ,000
OS ,900
97 ,000
97 ,400
97 ,808
68,900
68,400
68,726
68,900
69,200
69,700
70,800
71,500
71,343
22, 900
7? 300
77 98?
7 3 100
73 100
7 S 500
23, 600
73 700
23, 801
2 800
800
7 742
7 700
700
7 700
2 700
7 700
2 664
15,000
14,900
15,176
15,300
15,300
15,400
15,500
15,500
15,918
858
700
700
000
205, 200
706 400
208 724
183,600
182,900
185,038
184,500
185,200
187,300
189,200
190,500
193,404
15,000
14,800
14,820
15,200
15,500
15,700
16,000
15,900
15,320
900
100
300
300
4,700
4,700
4,700
4,700
179,900
179,300
180,100
179,900
66
67
67
68
97 ,300
96 ,200
96 ,100
95 ,200
71,800
71,100
70,900
70,200
22
22
22
22
2
2
2
2
700
600
600
600
15,900
16,100
16,400
16,600
207
207
208
207
191,600
191,500
192,300
192,200
15,900
15,700
15,900
15,700
22
23
23
23
1952—Tan. 30?
Feb. 2 7 P
Mar. 26P
Apr. 3 0 P
Total
Commercial
and
savings
banks
74 244
? 4 466
24, 427
24 231
•7? 706
31.......
30
31
...
30.....
1951—Apr. 25.
May 30.
Loans,
net
41 082
21. 957
194Q
1Q4Q
...
Total
Capital
Total
and
deposits misc.
and
accurrency counts,
net
58,642
42,148
54,564
64,653
167,381
158,366
160,832
160,457
156,491
162,681
164,348
171,667
4 037
29....
3 0 . . . . . . . . . . 4, 031
17 644
30
737
31
31.
. . . 70 065
529
31
31 . . . . . . . . . 72 754
.
currency
Total
liabil-
U. S. Government obligations
2,019
2,286
2 963
3,247
4,339
4,562
4,562
4,589
4.597
4,598
4.607
4,636
1929—June
1933—June
1939___Dec
1941—Dec
1945—Dec
1946 Dec
1947—Dec
Dec
Tune
Dec.
1950—-Tune
i
!
Treas-
Date
157
605
30 387
765
43 023
48 341
47 148
49, 604
51, 999
60 366
99 ,
63
63
64
65
700
000
700
100
1
800
600
500
400
199
199
700
703
600
200
200
900
Deposits and Currency
U. S. Government balances
Date
Total
Foreign
bank
deposits,
net
Treasury
cash
At comAt
mercial Federal
and
Reserve
savings Banks
banks
Deposits adjusted and currency
Time depo sits*
Total
Commercial
banks
Mutual Postal
savings Savings
banks * System
Currency
outside
banks
22 540
14 411
79 793
38 992
75 851
83 314
87 121
85 520
81 877
85 ,750
85 ,040
92 ,272
28 ,611
21 656
77 059
27 ,729
48 .452
5.3 ,960
56 ,411
57 520
58 ,483
58 ,616
59 ,739
59 ,247
19,557
10,849
15,258
15,884
30.135
33,808
35,249
35,804
36,292
36,146
36,719
36,314
8 905
9 621
10 573
10 532
15 385
16 869
17 746
18 387
18 ,932
19 ,773
19 ,923
20 ,009
1,186
1,278
1,313
2,932
3,283
3,416
3,329
3,259
3,197
3,097
2,923
3,639
4,761
6,401
9,615
26,490
26,730
26,476
26,079
25,266
25,415
25,185
25,398
Total
Demand
deposits2
54,790
40,828
63,253
76,336
150,793
164,004
170,008
169,119
165,626
169,781
169.964
176,917
1929—June 29
1933—June 30.
1939 Dec 30
1941—Dec 31
1945—Dec 31
1946—Dec 31
1947—Dec 31
1048 Dec 31
1 odo Tune 30
55 776
029
359
811
...
180 806
171 657
,348
176 121
171 602
177.313
178 ,568
184 ,385
365
50
204
264
1,217
1,498
2,141
1,885
1,682
2,103
1,927
2,150
2,555
2,518
2,409
2,215
2,287
2,272
1,336
1,325
1,307
1,312
1,298
1,293
381
852
846
1 ,895
74 ,608
3 103
1 ,452
2 ,451
2 ,304
3 ,249
3 ,801
2 ,989
1951—Apr 25
Mav 30
June 30.
183 ,600
18? ,900
185 ,038
184 .500
,200
187 ,300
189 ,200
190 ,500
193 ,404
2,500
2,500
2,424
2,400
2,300
2,200
2,100
2,100
2,279
1,300
1,300
1,281
1,300
1,300
1,300
1,300
1,300
1,279
5 ,800
4 ,800
6 ,3.32
4 ,600
4 ,100
5 ,100
3 ,700
3 ,800
3 ,615
700
600
317
400
600
800
500
500
173,300
173,700
174,684
175,800
177,000
177,900
181,600
182,700
247 185,984
89 ,500
89 ,500
88 ,960
90 ,700
91 ,400
92 ,000
95 ,000
96 ,300
98 ,234
59 ,200
59 ,300
59 ,948
60 ,000
60 ,300
60 ,500
60 ,900
60 ,600
61 ,447
36,300
36,300
36,781
36,800
37,100
37,200
37,500
37,300
37,859
20 ,200
20 ,200
20 ,382
20 ,400
20 ,500
20 ,600
20 ,700
20 ,600
20 ,887
2,800
2,800
2,785
2,800
2,800
2,700
2,700
2,700
2,701
24,600
24,900
25,776
25.100
25,300
25,400
25,700
25,800
26,303
101 600
191 ,500
192 ,300
192 ,200
2,100
2 ,200
2,200
2,200
1 ,300
1,300
1,300
1,300
2 ,800
3 ,900
5 ,800
4 ,500
200 185,200
700 183,400
182,900
500 183,800
97 ,900
95 ,700
94 ,800
95 ,100
61 ,700
62 ,000
62 ,400
62 ,700
38,000
38,200
38,500
38,600
21 ,000
21 ,100
21 ,300
21 ,400
2,700
2,700
2,700
2,700
25,600
25,600
25,700
25,900
47
68
87
Dec 31 .
1950—June 30
Dec. 30
July
Aug
Sept
Oct
Nov.
Dec.
25
29
26
31
28
31
1952—Tan. 3 0 P
Feb. 2 7 P
Mar. 2 6 P
Apr. 3 0 P
666
. . .
36
35
634
867
977
393
870
1 .123
438
821
950
668
149
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]
Deposits
Loans and investments
Investments
Class of bank
and date
Total
Loans
Total
All b a n k s :
1939—Dec.
1941—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1(HQ_Dec.
1950—Dec.
1951—Apr.
June
Dec.
1952—Jan.
Feb.
Mar.
Apr.
Other
Cash
assets a
U. S.
Government
obligations
Other
securities
Total
Interbank*
Demand
Time
Number
Total
of
capital
accounts banks
50,884
61,126
140,227
131,698
134,924
133,693
140,598
148,021
146,880
147.742
154,869
155,200
154,790
155,280
155,250
22,165 28,719
26,615 34,511
30,362 109,865
35,648 96,050
43,002 91,923
48,174 85,519
49,544 91,054
60,386 87.635
63,040 83,840
63,840 33,901
67,608 87,261
67,460 87,740
67,630 87,160
67,990 87,290
68,490 86,760
19,417
25,511
01,288
86,558
81,199
74,097
78-433
72,894
68,850
68.726
71,343
71,820
71,060
70,920
70,210
9,302
8,999
8,577
9,491
10,723
11,422
12,621
14,741
14,990
15,176
15,918
15,920
16,100
16,370
16,550
23,292
27,344
35,415
35,041
38,388
39,474
36,522
41,086
37,510
38,235
45,531
39,900
39,820
40,230
40,050
68,242
81,816
165,612
155,902
161,865
161,248
164,467
175,296
169,770
171,860
185,756
179,460
178,770
180,140
179,360
9,874
10,982
14,065
12,656
13,033
12,269
12,710
14,039
11,740
11,947
15,087
13,320
12,900
13,200
12,340
32,516
44,355
105,935
92,462
95,727
94,671
96,156
104,744
101,440
102,527
111,644
106,860
106,240
106,890
106,670
25,852
26,479
45,613
50,784
53,105
54,308
55,601
56,513
56,590
57,386
59,025
59,280
59,630
60.050
60,350
8 ,194
8 ,414
10 ,542
11 ,360
11 ,948
12 ,479
13 ,088
13 ,837
14 ,000
14 .236
14 ,623
14 ,640
14 ,690
14 ,770
14 ,890
15,035
14,826
14,553
14,585
14,714
14,703
14,687
14,650
14,647
14,636
14,618
14,615
14,615
14,606
14,602
All commercial b a n k s :
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
.
1946—Dec. 31
1947—Dec. 31 2
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Apr. 25
June 30
Dec. 31
1952—Tan. 30?
Feb. 27?
Mar. 2 6 P . . . .
Apr. 30?. . . .
40,668
50,746
124,019
113,993
116,284
114,298
120,197
126,675
125,390
126,045
132,610
132,770
132,240
132,530
132,340
17,238
21,714
26,083
31,122
38,057
42,488
42,965
52.249
54,350
54,821
57,746
57,510
57,590
57,840
58,220
23,430
29,032
97,936
82,871
78,226
71,811
77,232
74,426
71,040
71,224
74,863
75,260
74,650
74,690
74,120
16,316
21,808
90,606
74,780
69,221
62,622
67,005
62.027
58,470
58S521
61,524
61,990
61,260
61,120
60,450
7,114
7,225
7,331
8,091
9,006
9,189
10,227
12,399
12,570
12 703
13,339
13,270
13,390
13,570
13,670
22,474
26,551
34,806
34,223
37,502
38,596
35,650
40,289
36,660
37,384
44,645
39,070
38,970
39,380
39,220
57,718
71,283
150,227
139,033
144,103
142,843
145,174
155.265
149,600
151.457
164,840
158,410
157,620
158,810
157,910
9,874
10,982
14,065
12,656
13,032
12,269
12,709
14.039
11,740
11,946
15,086
13,320
12,900
13,200
12,340
32,513
44,349
105,921
92,446
95,711
94,654
96,136
104 72?
101,420
102,507
111,618
106,830
106,210
106,860
106,640
15,331
15,952
30,241
33,930
35,360
35,921
36,328
36 503
36,440
37.004
38,137
38,260
38,510
38.750
38,930
6 ,885
7 ,173
8 ,950
9 ,577
1C ,059
10 ,480
10 ,967
t l ,590
11 ,730
11 ,951
12 ,216
12 ,240
12 ,280
12 ,340
12 ,460
14,484
14,278
14,011
14,044
14,181
14,171
14,156
14,121
14,117
14,107
14,089
14,086
14,086
14,077
14,073
All m e m b e r b a n k s :
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950-Dec. 30
1951—Apr. 25
June 30
Dec. 31
1952—Tan. 30?
Feb. 21 P
Mar. 2 6 P . . . .
Apr. 30?. . . .
33,941
43,521
107,183
96,362
97,846
95,616
101,528
107,424
106,000
106,563
112,247
112,298
111,771
112,030
111,753
13,962
18,021
22,775
26,696
32,628
36,060
36,230
44,705
46,481
46,866
49,561
49,327
49,364
49,524
49,806
19,979
25,500
84,408
69,666
65,218
59,556
65,297
62,719
59,519
59,698
62,687
62,971
62,407
62,506
61,947
14,328
19,539
78,338
63,042
57,914
52,154
56,883
52,365
49,038
49,108
51,621
51,965
51,294
51,227
50,590
5,651
5,961
6,070
6,625
7,304
7,402
8,414
10,355
10,481
10,590
11,065
11,006
11,113
11,279
11,357
19,782
23,123
29,845
29,587
32,845
34,203
31,317
35,524
32,396
33,244
39,252
34,266
34,216
34,631
34,528
49,340
61,717
129,670
118,170
122,528
121,362
123,885
133,089
127,988
129,737
141,015
135,103
134,370
135,587
134,650
9,410
10,525
13,640
12,060
12,403
11,641
12,097
13.447
11,240
11.347
14,425
12,726
12,325
12,623
11,796
28,231
38,846
91,820
78,920
81,785
80,881
82,628
90.306
87,487
88,678
95,968
91,687
91,141
91,852
91,607
11,699
12,347
24,210
27,190
28,340
28,840
29,160
29.336
29,261
29,712
30,623
30,690
30,904
31,112
31,247
,522
,886
,589
5,095
?$.464
8,801
9,174
9,695
9,809
9,987
10,218
10,238
10,271
10,319
10,419
6,362
6,619
6,884
6,900
6,923
6,918
6,892
6,873
6,868
6.859
6,840
6,838
6,834
6,829
6,824
All m u t u a l savings
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31 2
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Apr. 25
June 30
Dec. 31
1952—Jan. 3 0 ? . . . .
Feb. 27?. . . .
Mar. 26?. . . .
Apr. 30?
10,216
10,379
16,208
17,704
18,641
19,395
20,400
21,346
21,490
21,697
22,259
22,430
22,550
22,750
22,910
4,927
4,901
4,279
4,526
4,944
5,686
6,578
8,137
8,690
9,020
9,862
9,950
10,040
10,150
10,270
5,289
5,478
11,928
13,179
13,696
13,709
13,822
13,209
12,800
12,677
12,398
12,480
12,510
12,600
12,640
3,101
3,704
10,682
11,778
11,978
11,476
11,428
10.868
10,380
10,205
9,819
9,830
9,800
9,800
9,760
2,188
1,774
1,246
1,400
1,718
2,233
2,394
2,342
2,420
2,472
2,579
2,650
2,710
2,800
818
793
609
818
886
878
873
797
850
851
886
830
850
850
830
10,524
10,533
15,385
16,869
17,763
18,405
19,293
20 031
20,170
20,404
20,915
21,050
21,150
21,330
21,450
30
31
31
31
31 2
31
31
30
25
30
31
30?
27?
26?
30?....
10,521
10,527
15,371
16,853
17,745
18,387
19,273
20 009
20,150
20.382
20,888
21,020
21,120
21,300
21,420
G
1
;
L.309
1,241
1,592
L.784
1,889
1,999
2,122
2.247
1,270
2.285
> 407
2,400
>,410
1,430
2,430
551
548
542
541
533
532
531
529
530
529
529
529
529
529
529
? Preliminary.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and
nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership,
insurance
status, and the reserve classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million at all insured commercial banks.
For other footnotes see following two pages.
JUNE 1952
667
ALL BANKS IN THE UNITED STATES, BY CLASSES *— Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Deposits
Other
Investments
Class of bank
and date
Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947_Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Apr. 25
June 30.
Dec 31
1952—Jan. 30P
Feb. 2 7 P
Mar. 26P
Apr. 30P
Total
Cash
assets 1
Total
U.S.
Government
obligations
Other
securities
Loans
1,272
Total 1
Interbank 1
Total Number
capital
of
accounts banks
Demand
Time
9,339
12,896
26,143
20,834
20,393
18,759
19.583
20,612
20,451
20,604
21,379
21,203
21,115
21,134
20,990
3,296
4,072
7,334
6,368
7,179
8,048
7,550
9,729
10,025
10,234
11,146
11,210
11,216
11,068
11,113
6,043
8,823
18,809
14,465
13,214
10,712
12,033
10,883
10,426
10,370
10,233
9,993
9,899
10,066
9,877
4,772
7,265
17,574
13,308
11,972
9,649
10,746
8,993
8,517
8,460
8,129
7,927
7,808
7,905
7,775
1.559
1,235
1,158
1,242
,063
1,287
1,890
1,909
L.910
> 104
2] 066
2,091
2,161
2,102
6,703
6,637
6,439
6,238
7,261
7,758
6,985
7,922
7,292
7,393
8,564
7,320
7,211
7,601
7,682
14,509
17,932
30,121
24,723
25,216
24,024
23,983
25,646
24,749
25,064
26,859
25,179
24,935
25,590
25,266
4,238
4.207
1,657
11,246
i1,464
i1,213
1
1,192
t.638
4,178
4,107
4,832
4,368
4,190
4,379
4,175
9,533
12,917
24,227
19,028
19,307
18,131
18,139
19,287
18,899
19,291
20,348
19,195
19,110
19,465
19,374
736
807
J. 236
[,449
1,445
1,680
L.651
1,722
1,672
L.666
1,679
1,616
L.635
1,746
1,717
2,105
2,760
5,931
4,765
5,088
4,799
5,424
5,569
5,386
5,520
5,731
5,680
5,626
5,747
5,456
569
954
1,333
1,499
1,801
1,783
1,618
2,083
2,125
2,215
2,468
2,375
2,366
2,409
2,370
1,536
1,806
4,598
3,266
3,287
3,016
3,806
3,487
3,261
3,305
3,264
3,305
3,260
3,338
3,086
1,203
1,430
4,213
2,912
2,890
2,633
3,324
2,911
2,692
2,742
2,711
2,777
2,733
2,798
2,545
333
376
385
355
397
383
482
576
569
564
552
528
527
540
541
1,446
1,566
1,489
1,545
1,739
1,932
1,850
2,034
1,929
1,898
2,196
1,923
2,029
1,884
1,994
3,330
4,057
7,046
5,905
6,402
6,293
6,810
7,109
6,814
6,921
7,402
6,952
6,944
7,058
6,877
fiftft
1,035
1,312
1,153
1,217
1,064
L,191
,228
1,051
1,040
L.307
,155
L ,162
1,275
L.091
1,947
2,546
5,015
3,922
4,273
4,227
4,535
4,778
4,668
4,756
4,952
4,655
4,644
4,651
4,645
495
829
913
1,001
1,083
1,103
1,095
1,126
1,143
1,142
1,138
1,132
1,141
492
501
513
510
510
513
520
Reserve city member
banks:
1939—Dec. 30
1941—Dec. 31 . . .
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948_Dec. 31
1949—Dec. 31
1950—Dec. 30
195 I—Apr. 25
June 30
Dec 31
1952—Jan. 30P
Feb. 27P
Mar. 26P
Apr. 30P
12,272
15,347
40,108
35,351
36,040
35,332
38,301
40,685
39,630
39,991
42,694
42,738
42,355
42,435
42,463
5,329
7,105
8,514
10,825
13,449
14,285
14,370
17,906
18,614
18,558
19,651
19,465
19,402
19,511
19,577
6,944
8,243
31,594
24,527
22,591
21,047
23,931
22,779
21,016
21.432
23,043
23,273
22,953
22,924
22,886
5,194
6,467
29,552
22,250
20,196
18,594
20,951
19,084
17,287
17.659
19,194
19,406
19,015
18,934
18,807
1,749
1,776
2,042
2,276
2,396
2,453
2,980
3,695
3,729
3,774
3,849
3,867
3,938
3,990
4,079
6,785
8,518
11,286
11,654
13,066
13,317
12,168
13,998
12,606
13.175
15,199
13,347
13,437
J.686
4,460
6,448
5,570
5,649
5,400
5,713
6,448
5,079
5,264
6,976
6,044
5,866
5,875
5,502
9,439
13,047
32,877
28,049
29,395
29,153
30,182
33,342
32,165
32,791
35,218
33,804
33,519
33,998
33,879
4,616
4,806
9,760
10,858
11,423
11,391
11,664
11,647
11,541
11.819
12,272
12,311
12,433
12,455
12,519
1,828
1,967
2,566
2,728
2,844
2,928
3,087
3,322
3,339
3,431
3,521
3,535
3,546
3,565
3,606
346
351
359
13,611
13,454
17,741
22,313
49,085
44,477
46,467
45,943
47,559
51,437
48,785
49.874
54,466
52,159
51,818
52,328
51,900
Country member
banks:
1939—Dec. 30
1941—Dec 31
1945—Dec. 31
1946—Dec 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Apr. 25
June 30
Dec. 31 . . . .
1952—Jan. 30P
Feb. 27P
Mar. 26P
Apr. 30P
10,224
12,518
35,002
35,412
36,324
36,726
38,219
40,558
40,533
40,448
42,444
42,677
42,675
42,714
42,844
4,768
5,890
5,596
8,004
10,199
11,945
12,692
14,988
15,717
15,858
16,296
16,277
16,380
16,536
16,746
5,456
6,628
29,407
27,408
26,125
24,782
25,527
25,570
24,816
24,590
26,148
26,400
26,295
26,178
26,098
3,159
4,377
26,999
24,572
22,857
21,278
21,862
21,377
20,542
20,247
21,587
21,855
21,738
21,590
21,463
2,297
2,250
2,408
2,836
3,268
3,504
3,665
4,193
4,274
4,343
4,561
4,545
4,557
4,588
4,635
4,848
6,402
10,632
10,151
10,778
11,196
10,314
11,571
10,569
10,779
13,292
11,676
11,539
11,535
11,398
13,762
17,415
43,418
43,066
44,443
45,102
45,534
48,897
47,640
47.877
52,288
50,813
50,673
50,611
50,607
598
822
1,223
1,091
1,073
7,312
10,335
29,700
27,921
28,810
29,370
29,771
32,899
31,755
31,840
35,449
34,033
33,868
33,738
33,709
5,852
6,258
12,494
14,053
14,560
14,768
14,762
14,865
14,953
15,101
15,530
15,621
15,698
15,779
15,870
1,851
1,982
2,525
2,757
2,934
3,123
3,305
3,532
3,602
3,658
3,760
3,766
3,777
3,803
3,835
5,966
6,219
6,476
6,494
6,519
6,535
6,513
6,501
6,507
6.500
6,484
6,481
6,479
6,474
6,469
Chicago:
1939—Dec 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Apr. 25.
June 30 . . . .
Dec. 31
1952—Jan. 30P
Feb. 27P
Mar. 26P
Apr. 3 0 P
964
1,001
1,133
932
936
1,309
1,159
1,107
1,094
1,028
476
719
1,592
1,648
2,120
2,205
2,259
2,306
2,312
2,351
2,376
2,398
2,425
2,427
2,438
2,438
2,458
36
36
37
37
250
288
14
13
377
37
35
25
23
23
22
22
22
22
22
22
12
404
426
14
14
444
470
490
13
13
13
13
13
13
13
13
13
13
355
353
335
341
336
325
324
321
322
320
320
320
1
Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was
added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial
banks.
For other footnotes see preceding and opposite page.
668
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and date
All insured commercial
banks:
1941—DeCt 3i
1945—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—June 30
Dec. 31
Total
Total
U.S.
Government
obligations
Other
securities
Loans
Other
Cash
assets 1
Total 1
Interbank 1
Total Number
capital
of
accounts banks
Demand
Time
49,290
121,809
112,286
118,278
124,822
124,132
130,820
21,259
25,765
41,968
42,485
51,723
54,306
57,256
28,031
96,043
70,318
75,793
73,099
69,825
73,564
21,046
88,912
61,388
65,820
60,986
57,427
60,533
6,984
7,131
8,929
9,974
12,113
12,398
13,031
25,788
34,292
38,087
35,207
39,821
36,960
44,176
69,411
147,775
140,642
143,138
153,288
149,461
162,908
10,654
13,883
11,900
12,368
13,744
11,582
14,777
43,059
104,015
93,300
94,914
103,499
101,328
110,382
15,699
29,876
35,441
35,856
36,045
36,551
37,749
),844
f$.671
1C),158
If),645
1L .263
11,622
11,902
13,426
13,297
13,413
13,429
13,432
13,437
13,439
National member
banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—j une 30
Dec. 31
27,571
69,312
63,845
67,943
72,090
71,014
75,255
11,725
13,925
23,752
23,853
29,184
30,479
32,317
15,845
55.387
40,093
44,090
42,906
40,534
42,938
12,039
51,250
34,852
38,161
35,587
32,965
35,063
3,806
4,137
5,241
5,930
7,320
7,569
7,875
14,977
20,114
22,974
20,995
23,763
22,198
25,951
39,458
84,939
81,407
83,113
89,281
86,589
94,173
6,786
9,229
7,842
8,278
9,133
7,625
9,788
24,350
59,486
54,020
55,034
60,251
58,715
63,477
8,322
16,224
19,545
19,801
19,897
20,248
20,908
3,640
4 644
i
5,657
c5.920
5,117
5 017
4,991
4,975
4,958
4,946
4 939
State member banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Tune 30
Dec 31
15,950
37,871
31,771
33,585
35,334
35,550
36,992
6,295
8,850
12,308
12,378
15,521
16,386
17,243
9,654
29,021
19,463
21,207
19,813
19,163
19,748
7,500
27,089
17,301
18,722
16,778
16,143
16,558
2,155
1,933
2,161
2,484
3,035
3,020
3,191
8,145
9,731
11,228
10,322
11,762
11,046
13,301
22,259
44,730
39,955
40,772
43,808
43,149
46,843
3,739
4,411
3,799
3,819
4,315
3,722
4,637
14,495
32,334
26,862
27,594
30,055
29,963
32,491
4,025
7,986
9,295
9,359
9,438
9,464
9,715
Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—j une 30
Dec 31
5,776
14,639
16,685
16,766
17,414
17,585
18,591
3,241
2,992
5,911
6,258
7,023
7,446
7,701
2,535
11,647
10,774
10,508
10,391
10,139
10,890
1,509
10,584
9,246
8,947
8,632
8,330
8,923
1,025
1,063
1,528
1,561
1,759
1,810
1,967
2,668
4,448
3,887
3,892
4,299
3,718
4,926
7,702
18,119
19,296
19,269
20,216
19,741
21,912
129
4,213
12,196
12,419
12,285
13,194
12,650
14,415
3,360
5,680
6,618
6,712
6,726
6,857
7,144
959
1,083
1,358
1,473
1,570
1,637
1,686
6,810
6,416
6,498
6 540
6,562
6,581
6.602
Noninsured nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31 »
1949—Dec. 31
1950—Dec. 30
1951—June 30
Dec. 31
1,457
2,211
2,013
1,919
1,853
1,913
1,789
455
761
1,693
1,234
1,185
1,040
1.094
1,291
1,905
1,353
1,223
1,224
1,178
1,235
253
365
479
472
458
453
388
329
852
279
714
322
321
758
727
527
514
490
1,002
1,893
1,493
1,438
1,327
1,399
1,299
327
329
314
689
670
650
All nonmember c o m mercial banks:
1941—Dec. 31
1945—Dec 31 2
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Tune 30.
Dec. 31
7,233
16,849
18,698
18,686
19,267
19,499
20,380
3,696
3,310
6,431
6,739
7,550
7,960
8,192
5,504
14,101
13,772
13,508
14,417
13,828
15,650
3,613
6,045
7,097
7,184
7,184
7,310
7,533
1,288
1,362
1,680
L.794
1,897
1,966
1,999
7,662
7,130
7,256
7,267
7,251
7,251
7,252
Insured mutual savings
banks:
1941—Dec 31
1945—Der 31
1948—Dec. 31
1949—Dec 31
1950—Dec 30
1951—June 30
Dec. 31
1 693
10 846
13,312
14 209
15,101
15,668
16,190
642
1,789
10,351
12,757
13,575
14,301
14,905
15,343
164
3 081
4,109
4 814
6,086
6,829
7,523
L 034
L.334
L 420
1,513
1,582
1,678
52
192
202
L 077
496
Noninsured mutual
savings banks:
1041—Dec 31
I945—Dec 31
1948—Dec. 31 »
I949—Dec 31
1950—Dec 30
1951—j une 30
Dec. 31
8 687
5 361
6,083
6 192
6 245
6 029
6,069
318
520
481
4 259
1 198
1,577
1 764
2 050
2 191
2,339
241
763
200
514
259
253
509
442
991
286
305
308
468
423
469
1,872
2,452
2,201
2,036
1,976
1,996
1,932
3,536
13,539
12,267
11,947
11,718
11,538
12,189
2,270
12,277
10,479
10,132
9,672
9,423
9,914
1,266
1,262
1,788
1,814
2,046
2,115
2,275
3,431
4,962
4,396
4,334
4,767
4,141
5,395
9,574
20,571
21,497
21,305
22,193
21,737
23,843
1 050
7 765
9,202
9 394
9 015
8,839
8.668
7 160
7,795
7 832
7,487
7,169
6,921
421
606
151
429
1,789
10 363
12,772
13,592
14,320
14,924
15,368
4 428
4 163
4,506
4 428
4 194
3 838
3,730
3 075
3 522
3,680
3 596
3 380
3 036
2,897
629
1,407
1 562
1,528
1,670
1,746
684
682
617
688
695
1 353
642
641
180
826
832
194
191
814
802
833
180
163
191
8 744
5,022
5,633
5 702
5,711
5,479
5,547
244
259
272
297
235
353
329
181
368
341
294
364
308
457
425
628
613
591
599
661
12
1
1
2
14
16
19
18
23
6
2
3
3
3
2
3
8,738
5,020
5,631
5,699
5,708
5,477
5,544
6,313
6 - 504
f5 653
I 246
J.945
\5,144
1,254
5,381
•$,483
5,565
558
1,867
1,927
1,917
1,915
1,913
001
193
192
194
201
350
665
702
339
339
734
702
729
335
328
327
For footnotes see preceding two pages.
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions
in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.
JUNE 1952
669
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans l
Loans for
Compurchasing
meror
carrying
cial,
securities
in- AgriReal Conelud- culOther Total
esing
tur- To
tate sumer
oans loans
open- al brokloans
To
marers othket
and ers
padealper
ers
Total
loans
and
investments
Total 1
All insured
commercial
banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31
1949—Dec. 31.
1950—Dec. 30.
1951—June 30.
Dec. 31.
49,290
121,809
112,286
118,278
124,822
124.132
130,820
21,259
25,765
41,968
42,485
51,723
54,306
57,256
9,214
9,461
18,761
16,935
21,776
23,507
25,744
1,450
1,314
2,775
2,963
2,823
3,044
3,321
Member banks,
total:
1941—Dec. 31.
1945—Dec. 31
1948—Dec. 31.
1949—Dec. 31.
1950—Dec. 30
1951—June 30.
Dec. 31.
43,521
107,183
95,616
101,528
107,424
106,563
112,247
18,021
22,775
36,060
36,230
44,705
46,866
49,561
8,671
8,949
17,631
15,857
20,521
22,161
24,347
1,800
1,945
1,808
1,919
2,140
4,072
7,334
8,048
7,550
9,729
10,234
11,146
2,807
3,044
5,642
4,792
6,328
6,845
7,852
8
954
2,760
5,931 1,333
4,799 1,783
5,424 1,618
5,569 2,083
5,520 2,215
5,731 2,468
732
760
1,412
1,211
1,567
1,717
1,977
6
2
4
7
9
7
16
Class of bank
and
call date
New York City:*
1941—Dec. 31.
1945—Dec. 31.
1948—Dec. 31.
1949—Dec. 3 1 .
1950—Dec. 30.
1951—June 30.
Dec. 31.
Chicago:2
1941—DeCt 3i
1945—Dec. 31
1948—DeCt 3i
1949—Dec. 31.
1950—Dec. 30.
1951—June 30.
Dec. 31.
12,896
26,143
18,759
19,583
20,612
20,604
21,379
Investments
412
169
1,410
1,421
1.287
1,219
225
219
285
273
262
123
80
224
256
442
502
514
48
211
71
109
110
113
94
52
233
63
56
69
64
63
22
36
51
51
65
70
70
2,453 1,172
3 1,102
15,347
40.108
35,332
38,301
40,685
39,991
42,694
7,105
8,514
14,285
14,370
17,906
18,558
19,651
3,456
3,661
7,282
6,704
8,646
9,254
10,140
300
205
437
457
392
425
513
Country banks:
1941—Dec. 31.
1945—Dec. 31
1948—Dec. 31.
1949—Dec. 31.
1950—Dec. 30.
1951—June 30.
Dec. 31.
12,518
35,002
36,726
38,219
40,558
40,448
42,444
5,890
5,596
11,945
12,692
14,988
15,858
16,296
1,676
1,484
3,296
3,150
3,980
4,345
4,377
659
648
Insured n o n m e m b e r commercial b a n k s :
1941—Dec. 31.
1945—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.
1950—Dec. 30.
1951—June 30.
Dec. 31.
5,776
14,639
16,685
16,766
17,414
17,585
18,591
3,494
3,455
8,244
8,834
10,522
10,975
11,334
3,e 92
1,027 1,977
3,933 2,658
4,776 2.809
6,167 3,585
6.174 3,783
6,195 3,863
25,500
84,408
59,556
65,297
62,719
59,698
62,687
Obligations
of
States Other
and
secuCertifiGuar- polit- rities
cates
an- ical
Bills of in- Notes Bonds teed subdebtdiviedsions
ness
Direct
Total
614
662 4,773
4,545
28,031 21,046
3,164 3,606 4,677 1,351 2,191 96,043 88,912
1,336 939 10,666 4,907 2,992 70,318 61,388
1.749 855 11,405 6,002 3,124 75,793 65,820
1,789 1,036 13,389 7.628 3.955 73,099 60,986
1,616 1,000 13.988 7,697 4.166 69,825 57,427
1,571 960 14,450 7,742 4,282 73,564 60,533
598
972
594
855 3,133 3,378
1,324 834
1,737 758
1,770 927
1,601 882
1,551 851
Reserve city
banks:
1941—Dec. 31.
1945—Dec. 31.
1948—Dec. 31
1949—Dec. 3 1 .
1950—Dec. 30.
1951—June 30.
Dec. 3 1 .
U. S. Government obligations
19,539
78,338
52,154
56,883
52,365
49,108
51,621
988
2,455
2,821
3.692
4.118
3.819
7,219
3,159
16,045
3,394
5,810
16,756
14.762
11,256
12,797 4.102 3 651 3.333
22 3 873 3.258
51.321
8 5,509 3.420
45,100
6 6,400 3.574
43 833
11 7 933 4 179
38 168
11 8.319 4 07Q
35.724
21 8,989 4,042
34,511
16,985
7,999
10,409
1,468
2,524
6,010
3,007
14,271
2,800
5,085
14,054
12.313
9,596
11,729 3,832 3,090 2.871
16 3.254 2 815
44.792
5 4,480 2.922
38.761
4 5,274 3 140
37.996
8 6.640 3 714
33.170
7 6.978 3 611
30.778
15 7,528 3,538
29,601
971
2,275
2,588
3,389
3.665
3,485
6,399
5 54
8,823 7,265 311
76
509 18,809 17.574
477
313
636 10,712 9,649
589
377
621 12,033 10,746
720
540
850 10,883 8,993
824
539
930 10,370 8,460 1.034
520
950 10,233 8,129 1,122
96
26
65
115
88
115
91
147
147
131
150
117
172
19,071
10,065
12,479
1,932
3,111
7,526
1,623 3,652 1,679 729
1
606
3,433 3,325 10.337
365 7,512
563
1,183
835 7.405
752
1,785
250 1,711 6.206
"2 1 123
354 1.565 5.506
2 1 176
616 1,428 4,960
2 1,385
830
629
500
535
767
733
719
1,806
4,598
3,016
3,806
3,487
3,305
3,264
1,430
4,213
2,633
3,324
2.911
2,742
2,711
256
133
183
331
232
209
334
114
194 1,527
1,5 12
8,243
433
826 31,594
427 1,503 1,459
130
360 3,503 1,609 1,118 21,047
309 3,742 1,965 1,212 23,931
183
207
386 4,423 2,567 1,534 22,779
164
362 4,558 2,493 1,559 21,432
203
347 4,651 2,512 1,578 23,043
6,467
29,552
18,594
20,951
19,084
17,659
19,194
1,034
1,056
1,189
1,218
1,177
2,524
4,377
26,999
21,278
21,862
21,377
20,247
21,587
481 2,926
5,102 4,544 16,713
3,340 1,128 16,046
1,148 3,753 1,768 15,189
588 6,107 13,287
1,390
951 5,430 12,797
1,065
2,418 2,568 4,008 12,587
861
9
4
4
5
4
5
1,222
1,342
2,286
2,505
2,998
3,137
3,334
1 028
1 067
1,217
1,160
1,194
1.206
1,227
152 1,069
1,774 6,538
594 6,349
725 5,846
2,702 5,008
2,449 4,956
1,660 4,921
271
6
3
2
3
4
6
563
619
1,030
1,127
1,294
1,342
1,462
462
443
498
434
465
468
505
1,356
1,480
1,407
1,487
1,610
20
42
21
36
33
37
35
183 1,823
471 1,881
187 4,467
173
,784
187 5,591
183 5,846
178 6,099
6,628
29,407
24,781
25,527
2,913 1,054 25,570
3,010 1,145 24,590
3,046 1,163 26,148
543
478
3,241
512
459
2,992
5,911 1,131 975
6,258 1,078 1,018
7,023 1,255 1,015
7,446 1,346 1,124
7,701 1,397 1,181
20
31
12
12
18
16
20
64
228
105
97
109
118
109
8 54
2,535 1,509
323
214 11,647 10,584
975
334 10,774 9,246
1,225 315 10,508 8,947
1,461 370 10,391 8,632
1,524 383 10,139 8,330
1,546 419 10,890 8,923
1,282
1,224
2,426
2,575
2,872
3,018
3,121
1,« 30
578
492
1,895 817
2,320 884
295
1,467
275
690
131
150
332
153
749
217
358
700
653
520
903
1,864
1,958
1,945
1,847
1,729
1,526
119
182
181
210
290
335
347
351
193
204
174
192
242
216
201
751 4,248 1,173
956
820
5 1,126
916
6 ',982 5,653 15,878
1 1,421 1,032
3,201 1,090 13,247
4 ,180 2,124 13,457
1,727 1,254
499 5,536 11,830
' 1 2,184 1.511
1 2,318 1.456
1,069 4,665 10,746
8 2,458 1,390
2,493 3,640 10,528
110
630
760
17
180 "l ',087
234 2,066
303 2,071
465
453
334
587
820 1,516
* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications
of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to
the total and are not entirely comparable with prior figures. Total loans continue to be shown net.
For other footnotes see opposite page.
670
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Class of bank
and
call date
All insured c o m mercial b a n k s :
1941—Dec. 31. .
1945—Dec. 31. .
1948—Dec 31. .
1949—Dec. 3 1 . .
1950—Dec. 30. .
1951—June 30. .
Dec. 31. •
Reserves
with
Federal
Reserve
Banks
Cash
in
vault
BalDeances mand
with
dedoposits
mestic 3 ad- 4
banks justed
Interbank
deposits
DoFormestic8 eign
Time deposits
Certified
U. S. States
and
and
Gov- political offiern- subdi
cers'
ment visions
checks,
etc.
U. S.
IndiGov- States
vidual?
and
ernpartner- Inter- ment
politships,
ical
and
and cor bank Postal
subdi
poraSav- vision?
tions
ings
12,396
15,810
20,404
16,428
17,458
18,945
19,911
673 1,761
1,358 8,570 37,845 9,823
1.829 11.075 74,722 12,566 1,248 23,740
1,939 8,947 84,211 10,344 1,488 2,323
1,984
9.466 84,576 10.885 L .315 3.050
2.145 10.463 91,090 11,955 I .442 2.788
1.847 8.657 87,832 9.881 1,335 6,105
2,665 11,561 97,048 12,969 1,381 3,344
3,677
5,098
7,182
7.410
7 892
8.290
8,288
1,077
2,585
2,113
2,338
2.898
2.251
3,147
36,544
72,593
81,682
82,106
89,922
84,682
95,604
158
70
69
169
347
366
427
59
103
117
182
189
223
278
31.
31.
31..
31..
30. .
30..
31.
12,396
15,811
20,406
16,429
17,459
18,946
19,912
1,087
1,438
1,486
1,521
1,643
1,403
2,062
6,246
7,117
5,674
6,194
6,868
5,567
7,463
33,754
64,184
72,152
72,658
78,370
75,657
83,100
9,714
12,333
10,098
10,623
11,669
9.659
12,634
671 1,709
1,243 22,179
L, 480 2.122
1,310 2,838
1,437 2.523
1,327 5.811
L,369 3,101
3,066
4,240
5,850
6,017
6,400
6,713
6,666
1,009
2,450
1 962
2,185
2,724
2.093
2,961
33,061
62,950
70,947
71,589
78,659
74.061
83,240
140
64
63
164
341
361
422
50
99
111
175
183
206
257
New York City: 2
1941—Dec. 31
1945—Dec. 31
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 30.
1951—June 30.
Dec. 3 1 . .
5,105
4,015
5,643
4,462
4,693
5,053
5,246
93
111
117
112
118
96
159
141
78
67
68
78
48
79
10,761
15,065
15,773
15,182
15,898
15,368
16,439
3.595
3,535
2,904
2,996
3.207
2,744
3,385
I, 105 6,940
445
1,278
640
1,084
451
1,162
1,104 1,808
L ,128 858
11,282
15,712
16,695
16,408
1 087 17,490
823 16,381
1,289 17,880
6
17
31
113
268
259
318
1,021
Member banks,
total:
1941—Dec.
1945—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—June
Dec.
Chicago: 2
1941—Dec.
1945_D e c <
1948—Dec.
1949—Dec.
1950—Dec.
1951—j u n e
Dec.
607
31
3i
31
31.
30
30.
31. .
1,325
1,183
1,216
1,282
1,407
43
36
28
27
30
27
32
298
200
143
159
133
130
165
2,215
3,153
3,604
3,797
3,954
3,818
4,121
1,027
1,292
1,038
1,151
1,177
1,006
1,269
8
20
26
40
48
34
38
Reserve city banks:
1941—Dec. 31
1945—Dec. 31.
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 30.
1951—June 30. .
Dec. 3 1 . .
4,060
6,326
7,701
6,413
6,806
7,438
7,582
425
494
483
482
519
446
639
2,590
2,174
1,845
1,965
2,206
1,808
2,356
11,117
22,372
25,072
25,744
27,938
27,067
29,489
4,302
6,307
5,213
5,498
6,174
4,996
6,695
54
110
168
176
217
178
192
2,210
4,527
526
796
858
901
976
834
4,371
4,745
5,172
5,676 1,231
3,216
4,665
3,619
4,002
4,450
3,581
4,862
790
9,661
23,595 1,199
943
27,703
979
27,935
30,581 1,111
913
29,404
33,051 1,285
2
8
8
9
10
11
11
271
391
453
463
503
445
603
2,325
3,959
3,273
3,273
3,596
3,090
4,099
4,092
10,537
12,059
11,918
12,729
12,175
13,948
108
233
246
261
286
222
335
2
5
8
6
5
8
12
Country banks:
1941- Dec. 31.
1945—Dec. 31
1948—Dec. 3 1 . .
1949—Dec. 31. .
1950—Dec. 30..
1951—June 3 0 . .
Dec. 3 1 . .
[nsured nonmember commercial banks:
1941—£)ec
1945—Dec.
194g—Dec_
1949—Dec#
1950—Dec
1951—j u n e
Dec
3i
31..
3i
3i
30
30
31
942
5,736
866
319
237
241
196
258
280
321
450
1,338
750
895
492
496
IndiCapividuals Bortal
partner- rowacings
ships,
counts
and corporations
15,146
29.277
34,244
34,442
34.525
34.855
35,986
10
215
54
14
82
67
30
1,051
1.121
1,243
1,238
11,878
23.712
27.801
27,934
28.032
28,263
29,128
4 5.886
208 7.589
45 8 801
11 9,174
79 9,695
55 9,987
26 10,218
10
14
38
37
39
43
29
20
20
24
37
22
22
1,206
1,646
1,590
1,647
1,605
1,614
1
1
4
3
3
5
11
10
10
10
11
1,080
1,232
1,331
1,473
1,485
418
399
927
778
6,844
8.671
10,158
10,645
11,263
11.622
11,902
1,648
2,120
2,306
2,312
70 2.351
1 2,398
5 2,425
195
25
233
237
284
286
284
316
240
34
66
53
60
70
51
66
2,152
3,160
3,702
3,932
4,250
3,905
4,404
1,144
1,763
2,401
2,478
2,575
2,713
2,550
286
611
649
650
852
592
822
11,127
22,281
25,302
25,912
28,938
27,214
30,722
104
30
19
38
57
90
90
20
38
46
60
60
68
85
243
160
547
617
631
731
714
4,542
1,967
9,563 "2 2,566
8 2,928
10,798
10,987
3,087
10,956
3,322
11,020 " * 8 3,431
4 3,521
11,473
1,370
2,004
2,925
3,058
3,282
3,404
3,554
239
435
510
579
715
626
783
8,500
21,797
25,248
25,337
27,980
26,562
30,234
30
17
13
13
12
12
13
31
52
49
73
82
96
125
146
219
350
400
443
480
491
6,082
12,224
14,369
14,289
14.339
14,526
14,914
1,560
53
611
858
201
213
265
293
243
1,332
1,402
1,492
1,577
1,622
68
135
151
153
174
159
186
3,483
9,643
10,736
10,517
11,262
10,621
12,364
18
6
6
8
4
6
6
6
17
22
74
97
153
182
210
230
247
3,276
5,579
6,459
6,524
6,510
6,609
6,876
127
1,552
188
258
174
484
242
491
8,221
801
1,142
976
2,272
1,124
225
5,465
688
797
922
1,248
876
3
5
6
4
5
476
719
989
1,069
1,089
1,112
1,128
io
288
377
444
470
490
501
513
4 1,982
11 2,525
12 3,123
11 3,305
9 3,532
36 3,658
16 3,760
6
7
8
3
3
12
4
959
1,083
1,358
1,473
1,570
1,637
1,686
2
3
Central reserve city banks.
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million
at all insured commercial banks.
4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back Mures— See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
JUNE
1952
671
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Investments
Loans »
For purchasing
or carrying securities
ComTotal
merloans
cial,
and
indusnvestTotal i trial,
ments
and
agricultural
mth
Date or m <
T o brokers
and dealers
T o others
U. S. Government obligations
Real Loans Other
to
estate
loans Total
loans banks
U. S. Other U.S. Other
Govt. se- Govt. seobobcuricuriliga- ties liga- ties
tions
tions
Bills
Total
CerOt her
tifise;cucates
rities
of in- Notes Bonds1
debtedness
TotalLeading Cities
1951—April
69,862 32,521 19,196
175 1,122
133
593 5 393
446 5,918 37,341 30 736 1 857
34, 598
34, 807
34, 743
21, 140
21, 305
20, 988
170 919
207 940
358 1,111
103
102
104
559 5 660
559 5 646
565 5 669
591 5,999 39, 017 32 102
582 6,013 38, 871 31 873
466 6 031 38, 366 31 217
21, 155
21, 233
21, 469
21, 364
184
241
238
165
898
933
965
963
102
102
102
100
557
560
559
560
5
5
5
5
642
643
646
653
770
644
517
397
5
6
6
6
984
011
016
043
38
38
38
39
677
821
955
032
31
31
31
31
718
854
959
961
3
3
4
4
767 3, 692
959 3, 674
134 3, 707
092 3, 711
1952—February. .73, 615
March. . . .
73, 678
73, 109
April
5. . 73,
. 423
12. ..73, 641
19. ..73, 919
3 998
3 988
3 457
8 ,155 20,724 6 605
3, 788
3, 696
3, 623
5 ,950 18, 366 6,915
5 ,939 18, 250 998
5 ,899 18, 238
149
5 ,954
5 ,954
5 ,924
5 ,922
18, 305 6,959
18, 267 967
18 194 996
18, 236
071
Mar. 26.
.. 73, 728
34, 746
34, 820
34, 964
34, 696
Apr.
Apr.
Apr.
Apr.
Apr.
2.
9.
16.
23.
30.
. .73, 111
. .72, 917
. .73, 108
.. 73 076
.. 73, 333
34, 795
34, 724
34, 679
34, 746
34, 770
21
21
21
20
20
172
049
051
872
796
206
264
312
474
537
1,072
1,062
1,104
1,160
1,158
116
103
103
102
93
561
560
567
568
567
5
5
5
5
5
657
658
677
679
674
540
550
399
404
438
6
6
6
6
6
021
027
015
036
056
38
38
38
38
38
316
193
429
330
563
31
31
31
31
31
163
006
244
216
456
3
3
3
3
3
415
289
523
435
624
3
3
3
3
3
611 5 ,917 18 220
567 5 ,910 18 240
611 5 ,896 18 214
640 K ,900 18 241
684 5 ,874 18 274
May
May
May
May
7.
14.
21.
28.
.. 73
. .73
.. 73
.. 73
34, 659
34, 745
34 696
34 863
20
20
20
20
723
707
636
530
597
559
455
654
1,110
1,128
1,176
1,231
91
93
94
93
568
568
568
566
5
5
5
5
675
684
678
690
380
480
504
463
6
6
6
6
064 38
075 38
135 38
187 38
509
485
669
983
31
31
31
31
389
397
577
719
3
3
3
3
416
385
473
544
3
3
3
3
733
711
725
728
Mar.
Mar.
Mar.
168
230
365
846
c
c
c
c
,904
,912
,927
,923
18
18
18
18
336
389
452
524
153
187
7,185
114
107
7
120
088
092
264
New York City
6 775
143
851
26
241
458
355 1 339 10 190 8 260
609
1952—February. .20
March.... 20
April
20
776
986
644
11 020
11 137
11 028
7 850
7 932
7 709
141
174
289
711
739
888
23
23
23
216
215
215
497
470
464
423 1 333 9 756
428 1 329 9 849
294 1 319 9 616
7 689
7 752
7 468
1
924
077
867
679
646
630
Mar. 5... 20
Mar. 12... 20
Mar. 19...21
Mar. 26... 20
955
975
099
913
11
11
11
11
185
144
208
Oil
7 929
7 902
7 967
7 ,928
151
200
210
137
700
736
767
754
23
23
23
23
215
215
214
215
470
470
470
471
536
441
405
329
1
1
1
1
334
330
325
327
9
9
9
9
770
831
891
902
7 692
760
7 799
7 756
982
1 068
1 ,150
1 108
653
643
637
651
,373
,370
,358
[,356
4
4
4
4
684
679
654
641
2
2
2
2
078
071
092
146
Apr.
Apr.
Apr.
Apr.
Apr.
2.
9.
16.
23.
30.
805
635
49Q
522
761
11
10
10
11
11
127
996
933
039
046
7 815
7 744
7 ,745
7 ,631
7 ,612
181
204
249
370
443
861
856
888
924
912
24
25
24
23
18
214
215
216
215
213
469
470
465
462
453
419
343
197
267
243
1
1
1
1
1
317
312
322
320
325
9
9
9
9
9
678
639
566
483
715
7
7
7
7
7
493
454
380
389
626
884
842
803
796
1 ,010
633
634
632
620
631
,356
,368
[,367
[,374
[,363
4
4
4
4
4
620
610
578
599
622
2
2
2
2
2
185
185
186
094
089
May
May
May
May
7... 20 ,623
14. . .20 ,642
21. .. 20 678
28. .. 21 ,119
10
11
10
11
981
017
977
106
7 ,593
7 ,571
7 ,544
7 ,508
429
404
351
529
890
910
939
979
16
18
18
17
213
214
213
209
450
449
441
440
238
301
300
250
1 325
1 ,323
1 ,344
1 ,348
7 ,571
7 ,576
7 ,660
7 ,856
862
887
950
1 ,083
688
660
648
629
1,368
1,371
L.37O
1,374
4 653
4 ,658
4 692
4 770
2
2
2
2
071
049
041
157
49 ,624 22 ,473 12 ,421
32
271
107
352 4 ,935
91 4 ,579 27 ,151 22 ,476
1 ,248
23 ,578
23 ,670
23 ,715
13 ,290
13 ,373
13 ,279
29
33
69
208
201
223
80
79
81
343 5 ,163
344 5 ,176
350 5 ,205
168 4 ,666 29 ,261 24 ,413
154 4 ,684 29 ,022 24 ,121
172 4 ,712 28 ,750 23 ,749
3 ,074
2 ,911
2 ,590
3 109 4,571 13 ,659 4 ,848
3 050 4,575 13 ,585 4 ,901
2 ,993 4,534 13 ,632 5 ,001
Mar. 5. . 52 ,468 23 ,561
Mar. 12. .. 52 ,666 23 ,676
Mar. 19. . 52 ,820 23 ,756
Mar. 26. . 52 ,815 23 ,685
13 ,226
13 ,331
13 ,502
13 ,436
33
41
28
28
198
197
198
209
79
79
79
77
342
345
345
345
5 ,172
5 ,173
5 ,176
5 ,182
234
203
112
68
4 ,650 28 ,907
4 ,681 28 ,990
4 ,691 29 ,064
4 ,716 29 ,130
24 ,026
24 ,094
24 ,160
24 ,205
2 ,785
2 ,891
2 ,984
2 ,984
3 ,039
3 ,031
3 ,070
3 ,060
4,581
4,584
4,566
4,566
13 ,621 4 ,881
13 ,588 4 ,896
13 ,540 4 ,904
13 ,595 4 ,925
Apr. 2. . 52 ,306
Apr. 9. . 52 ,282
Apr. 16. . 52 ,609
Apr. 23. . 52 ,554
Apr. 30. . 52 ,572
23 ,668
23 ,728
23 ,746
23 ,707
23 ,724
13 ,357
13 ,305
13 ,306
13 ,241
13 ,184
25
60
63
104
94
211
206
216
236
246
92
78
79
79
75
347
345
351
353
354
5 ,188
5 ,188
5 ,212
5 ,217
5 ,221
121
207
202
137
195
4 ,704 28 ,638
4 ,715 28 ,554
4 ,693 28 ,863
4 ,716 28 ,847
4 ,731 28 ,848
23 ,670
23 ,552
23 ,864
23 ,827
23 ,830
2 ,531
2 ,447
2 ,720
2 ,639
2 ,614
2 ,978
2 ,933
2 ,979
3 ,020
3 ,053
1,561
1,542
1,529
1,526
1,511
13 ,600 4 ,968
13 ,630 5 ,002
13 ,636 4 ,999
13 ,642 5 ,020
13 ,652 5 ,018
May
May
May
May
23 ,678
23 ,728
23 ,719
23 ,757
13 ,130
13 ,136
13 ,092
13 ,022
168
155
104
125
220
218
237
252
75
75
76
76
355
354
355
357
5 ,225
5 ,235
5 ,237
5 ,250
142
179
204
213
4 ,739
4 ,752
4 ,791
4 ,839
23 ,818
23 ,82
23 ,917
23 ,863
2 ,554
2 ,498
2 ,523
2 ,461
3 ,045
3 ,051
3 ,077
3 ,099
1,536
4,541
4,557
4,549
13 ,683 5 ,049
13 ,73 5 ,039
13 ,760 5 ,051
13 ,754 5 ,107
20 238 10 048
1951—April
New
. .20
. .20
. .20
.. 20
. .20
1952—February. .52 ,839
March. . . 52
. ,692
April
52 ,465
1
930
,379 4 707 2 067
,364 4 665 2 097
,365 4 606 2 148
Outside
York City
1951—April
2
9 642
9 ,625
9 701
10 013
1,688 5 963
7.
14.
21.
28.
.
.
.
.
52 ,545
52 ,588
52 ,687
52 ,727
28 ,867
28 ,860
28 ,968
28 ,970
6,467
14 ,761 4 ,675
Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net.
Includes guaranteed obligations.
672
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE— Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures.
Time deposits,
except interbank
Demand deposits,
except interbank
Date or month
ReDeserves
Balwith Cash ances mand
deFedwith
in
posits
eral vault
doRemestic ad- 1
serve
banks justed
Banks
IndividCertiuals, States
fied
and
part- politand
nerOffiical
ships, subcers'
and
divi- checks,
coretc.
pora- sions
tions
In millions of dollars]
Interbank
deposits
IndiU. S.
vidDemand
Govuals, States
and
ernU. S. part- politnerGovical ment
and
ships, subernment and
Dodivi- Postal
ForSavcormeseign
pora- sions ings
tic
tions
Bank
Bor- Capital
debrowacits *
ings counts
Time
TotalLeading Cities
14,422
829 2,341 49,583 50,385
3,515
1,402 4,475 14,539
727
127 9,090
1,392
353
358 6,582 112,469
1952—February... 14,714
March
14,899
April
14,646
1951—April
901 2,370 52,958 54 ,015
873 2,557 52,733 53,695
855 2,409 51 ,723 52,494
3,630
3,452
3,761
1,461 2,459 15,239
1,506 2,921 15,385
1,596 3,245 15,414
750
757
765
167 10,093
170 10,274
170 9,838
1,213
1,229
1,246
412
415
423
894
681
762
6,887 111,885
6,908 124,758
6,948 119,934
Mar. 5 . . .
Mar. 1 2 . . .
Mar. 1 9 . . .
Mar. 2 6 . . .
14,507
14,541
15,563
14,984
832
900
876
884
2,337 52,625 53,242
2,459 53,406
,406 54 ,910
2,748 52 ,993 54,136
2,686 51,909 52 ,493
3,491
3,413
3,375
3,528
1,443
1,565
1,502
1,516
1,953
1,685
3,587
4,459
15,325
15,402
15,404
15,410
757
757
756
758
171
170
170
170
10,117
10,175
10,664
10,142
1,229
1,223
1,228
1,235
413 1,025 6,902 28,270
414
896 6,904 26,174
416
473 6,906 31,955
329 6,918 27,327
417
Apr. 2 . . .
Apr. 9 . . .
Apr. 1 6 . . .
Apr. 2 3 . . .
Apr. 3 0 . . .
14,475
14,401
14,918
14,701
14,735
819
875
866
873
845
2,652 51,162 51,729
2,356 51,176 51 ,602
2,501 51,823 53,561
2,254 52,153 52,664
2,281 52,303 52,913
3,710
3,589
3,671
3,767
4,070
1,533
1,418
1,514
1,860
1,656
3,666
3,345
3,137
2,893
3,184
15,385
15,405
15,413
15,421
15,444
764
766
765
763
767
169
170
172
171
172
10,380
10,005
10,136
9,337
9,334
1,232
1,263
1,241
1,249
1,243
430 464
425
568
420
848
417 1,059
421
869
6,935
6,942
6,939
6,947
6,975
30,682
25,747
27,364
28,325
28,271
May 7 . . .
May 1 4 . . .
May 2 1 . . .
May 2 8 . . .
14,784
14,709
14,952
14,624
850
910
864
940
2,245 51,887 51,798 4,014
2,437 51,955 53,222 3,910
2,291 52,170 52,775 3,871
2,296 ,863 53,152 4,021
1,432
1,365
1,755
1,735
2,705
2,928
3,441
2,917
15,472
15,470
15,508
15,554
763
779
777
780
173
171
175
175
9,708
9,901
9,421
9,179
1,221
1,203
1,265
1,281
421 1,210
423
949
425
792
435 1,014
6,997
6,991
6,990
7,005
28,224
26,121
29,688
27,444
New York City
1951—April
5,327
129
15,590 16,379
275
651
1,511
1,564
2,792 1,151
96
2,322 44,312
1952—February..
March....
April
5,256
5,389
5,209
142
133
131
31 16,242 17,127
48 16,286 17,119
64 15,875 16,702
297
238
323
695
887
704 1,080
796 1,018
1,480
1,556
1,556
2,904 1,006
2,996 1,023
2,880 1,030
312
315
319
251
203
315
2,394 44,419
2,394 50,213
2,403 49,745
Mar. 5 . . .
Mar. 1 2 . . .
Mar. 1 9 . . .
Mar. 2 6 . . .
5,159
5,130
5,683
5,585
128
139
129
136
33
38
47
75
16,440
16,520
16,273
15,912
17,125
17,533
17,172
16,647
250
236
208
260
679
789
639
707
664
538
1,419
1,699
1,480
1,568
1,585
1,591
2,920
2,918
3,131
3,015
1,026
1,019
1,022
1,024
313
314
314
317
296
314
139
61
2,396
2,394
2,394
2,392
11,044
10,712
13,119
10,594
Apr. 2 . . .
Apr. 9 . . .
Apr. 1 6 . . .
Apr. 2 3 . . .
Apr. 3 0 . . .
5,032
4,999
5,380
5,333
5,300
127
137
131
132
127
197
27
34
31
32
15,903
15,605
15,743
16,032
16,090
16,686
16,266
16,797
16,779
16,982
302
317
299
312
385
675 1,235
663 1,042
712
943
1,075
871
853 1,001
1,571
1,553
1,548
1,545
1,565
2,997
2,940
"2,925
2,734
2,803
1,011
1,050
1,023
1,033
1,031
326
321
317
314
316
69
241
483
434
350
2,411
12,637
10,745
11,313
11,804
11,671
May 7 . . .
May 14...
May 2 1 . . .
May 2 8 . . .
5,318
5,314
5,453
5,347
132
139
129
166
26
35
38
32
15,910
15,874
16,048
16,411
16,422
16,749
16,809
17,077
373
330
303
403
904
689
606 1,126
1,027 1,229
979 1,000
1,556
1,560
1,579
1,619
2,795 1,005
2,819
995
2,747 1,055
2,741 1,076
317
317
319
329
536
337
214
400
2,412
2,412
2,413
2,40
11,813
10,425
11,913
11,476
Outside
New York City
1951—April
9,095
700 2,298 33,993 34,006 3,240
751
2,964 12,975
695
89
6,298
241
262
4,260 68,157
1952—February..
March... .
April
9,458
9,510
9,437
759 2,339 36 716 36,888
740 2,509 36,447 36 ,576
724 2,345 35,848 35,792
3,333
3,214
3,438
766
802
800
1,572 13,759
1,841 13,829
2,227 13,858
723
730
739
120
122
121
6,958
207
206
216
100
100
104
643
478
447
4,493 67,466
4,514 74,545
4,545 70,189
Mar. 5 . . .
Mar. 1 2 . . .
Mar. 1 9 . . .
Mar. 2 6 . . .
9,348
9,411
9,880
9,399
704
761
747
748
2,304 36,185 36,117
2,421
886 37,377
2,701
720 36,964
2,611
997 35,846
3,241
3,177
3,167
3,268
764
776
863
809
1,289 13,845
1,147 13,834
2,168 13,819
2, 760 13,819
730
730
728
731
123
122
122
122
7,197
7,257
7,533
7,127
203
204
206
211
100
100
102
100
729
582
334
268
4,506
4,510
4,512
4,526
17,226
15,462
18,836
16,733
Apr. 2 . . .
Apr. 9 . . .
Apr. 1 6 . . .
Apr. 2 3 . . .
Apr. 3 0 . . .
9,443
9,402
9,538
9,368
9,435
692
738
735
741
718
2,455 35,259
:
35,043
2,329:35,571
.
35,336
,764
2,467 36,080 36,
2,223 36,121 35,885
2,249 36,213 35,931
3,408
3,272
3,372
3,455
3,685
858
755
802
785
803
2,431
2,303
2,194
2,022
2,183
13,814
13,852
13,865
13,876
13,879
737
739
737
739
743
121
121
123
122
123
7,383
7,065
7,211
6,603
6,531
221
213
218
216
212
104
104
103
103
105
395
327
365
625
519
4,535
4,541
4,537
4,545
4,564
18,045
15,002
16,051
16,521
16,600
May 7 . . .
May 14...
May 2 1 . . .
May 2 8 . . .
9,466
,395
,499
9,277
718
771
735
774
2,219 35,977 35 ,376
,081 36,473
2,
2,253 36,122 35,966
2,264 36, 452 36,075
3,641
3,580
3,568
3,618
743
759
728
756
1,801
1,802
2,212
1,917
13,916
13,910
13,929
13,935
738
754
752
755
124
122
126
126
6,913
7,082
6,674
6,438
216
208
210
20.
104
106
106
106
674
612
578
614
4,585
4,579
4,577
4,598
16,411
15,696
17,775
15,968
d
c
3
Corrected
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
4 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised
basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.
JUNE 1952
673
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY AND PURPOSE *
[Net declines, (—). In millions of dollars]
Purpose of lo£
Business of borrower
Manufacturing and mining
Comm'l,
Period *
Food,
liquor,
and
tobacco
Metals
and
PetroTextiles, metal
leum,
apparel products coal,
(incl. chemical
and
leather machinand
ery and rubber
trans.
equip.)
Other
Trade
(wholesale
and
retail)
Commodity
dealers
Sales
finance
companies
Public
utilities
(incl.
transportation)
Construction
and
other
175
351
ind'l,
Net
changes
classified
Defense
and defensesupporting
Nondefense
and
Net
agr'l
changes
classi- change—
total <
fied
52
-61
186
2,769
399
1,131
-56
1,641
343
2,773
2,372
-8
-74
-74
607
-680
-74
-228
-568
1951-April-June.. - 2 4 3
932
July-Dec
116
-361
275
873
48
125
60
141
62
16
-421
722
63
30
1952—Jan.-Mar....
-422
17
949
192
56
-124
-333
-325
Monthly:
1952—February...
March
April
May
-113
-191
-295
— 116
48
8
-35
— 57
141
288
41
29
104
49
-26
—34
19
33
5
-5
36
20
_7
-121
-119
-131
— 118
-59
54
3
35
-10
55
-70
19
11
-7
-12
26
14
205
-499
—223
131
214
18
-116
-9
-517
14
205
-499
Week ending:
Mar. 5
Mar. 12
Mar. 1 9 . . . .
Mar. 26
-47
-67
-15
-62
14
5
-4
-8
30
97
122
39
23
22
16
-11
3
7
19
4
-7
23
33
-13
-33
-29
-41
-17
40
-11
53
-27
3
-5
31
24
-6
13
4
-18
20
55
219
-89
37
56
91
30
-17
-1
128
-119
20
55
219
-89
6
-10
19
-4
-7
-6
-2
21
-1
8
-23
-29
-44
-10
-25
7
-37
21
5
6
-43
-15
-4
-15
8
2
-7
—5
-13
12
-173
-126
15
-144
-71
-18
-13
41
-29
38
-154
-113
-26
-116
-109
-173
-126
15
-144
-71
— 42
-23
-28
-26
11
-12
15
21
-23
15
10
17
4
5
4
14
-69
-20
-53
-81
Apr.
Apr.
Apr.
Apr.
Apr.
2....
9....
16....
23....
30....
-96
-23
-60
-53
-64
1
3
-4
-18
-17
5
-13
57
-4
-4
-27
7
15
-32
12
May
May
May
May
7....
14
21
28
-31
-28
-44
-13
-3
-7
-24
-23
10
10
13
-4
-4
11
6
-46
2
2
—1
-3
7
7
—4
-17
18
-3
207
-2
78
236
-105
-192
-123
r
2
r-179
-76
-73
-16
-71
-106
r
Revised
1
Sample includes about 220 weekly reporting member banks reporting changes in their larger loans as to industry and purpose; these banks
hold nearly 95 per cent of total commercial and industrial loans of all weekly reporting member banks and about 70 per cent of those of all commercial banks. During April and May 1951 the coverage was smaller, and some banks were classifying only the new loans, and not repayments, as
to purpose.
2
Monthly, quarterly, and semiannual figures are based on weekly changes during period.
3
Purpose classification of loans discontinued after April 30, 1952.
4
Net change at all banks in weekly reporting series.
OUTSTANDING COMMITMENTS OF LIFE INSURANCE COMPANIES TO ACQUIRE LOANS AND INVESTMENTS
FOR DEFENSE AND NONDEFENSE PURPOSES
[In millions of dollars]
Defense and defense-supporting
Nondefense
To others, on real estate mortgages
End of month
Total
Total
Public
utility
Railroad
Other
business
and
industry
Total
1951—April*
May »
June l . . . .
Julyi 1
August ..
September
October...
November
December.
4,504
4,331
4,197
4,055
3,749
3,928
4,037
4,394
4,175
1,687
1,677
1,760
1,757
1,642
1,706
1,867
2,112
2,019
383
450
446
450
409
407
395
353
310
300
298
309
297
286
236
204
192
170
1,005
1,063
1,268
1,567
1,539
2,709
2,564
2,362
2,221
2,053
2,163
2,119
2,238
2,111
1952—January..
February.
March. . .
April
4,144
4,101
4,090
4,158
1,983
2,111
2,211
2,181
302
419
508
512
137
158
144
158
1,544
1,534
1,559
L ,511
2,114
1,937
1,842
1,946
928
1,005
L.011
947
State,
county,
and municipal
To
business
Nonfarm residentia
and
industry
963
937
831
752
744
918
945
955
1,007
1,053
969
901
980
Farm
Total
guaranteed
sured
Conventional
99
88
83
80
80
83
96
98
107
1,648
1,539
1,447
1,390
1,229
1,162
1,078
1,186
997
650
577
531
484
402
365
316
276
270
649
619
594
566
509
490
452
437
417
349
343
322
340
317
307
310
473
311
108
91
76
77
54
59
51
44
44
99
102
88
85
962
866
852
881
257
222
205
200
409
346
332
352
295
298
315
329
46
54
37
31
VA
FHA
in-
1
Excludes business mortgage loans of less than $100,000 each and foreign investments, which were not reported until September.
NOTE.—Data for 45 companies, which account for 85 per cent of the assets of all United States life insurance companies; they were initiated
by the Life Insurance Association of America in accordance with the Program for Voluntary Credit Restraint.
674
FEDERAL RESERVE BULLETIN
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Held by
Commercial
paper
Total
out- 1
outstanding standing
End of month
1951—March
April
May
June
July
August
September
October
November
December
1952—January
February
March
April
Based on
Accepting banks
Total
Own
bills
Others 2
Bills
bought
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
2
2
381
387
364
331
336
368
377
410
435
434
479
456
417
425
380
384
375
398
437
490
198
170
143
162
135
122
118
131
154
197
122
119
108
120
103
94
85
87
96
119
76
52
35
42
33
28
33
44
58
79
279
285
274
263
245
262
256
267
283
293
314
288
259
267
225
218
210
226
227
235
106
111
102
104
104
109
104
106
116
133
480
517
534
544
492
493
458
422
193
188
177
150
127
121
120
110
66
67
57
40
300
305
282
272
235
234
228
211
135
135
138
135
Goods stored in or
shipped between
points in
United
States
i
6
3
4
5
23
23
27
6
6
Foreign
countries
30
24
22
22
24
25
27
27
46
55
26
31
33
31
27
26
31
35
43
44
52
46
36
22
48
51
51
48
1
As reported by dealers; includes some finance company paper sold in open market.
*None held by Federal Reserve Banks except on Mar. 31, 1951, and on Apr. 30, 1951, when their holdings were $1,996,000 and $178,000,
3
respectively.
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger balances in millions of dollars]
Credit balances
Debit balances
End of month
Debit
Customers' balances in
partners'
debit
investment
balances
and trading
(net)i
accounts
761
789
887
1,041
1,223
1,138
809
540
552
578
619
550
681
881
1,256
1,356
1943—June
December..
1944—June
December...
1945—June . . . .
December..
1946—June
December..,
1947—June
December..
194g—june
December...
1949—June
December...
1950—June
December...
1951—May
June
July
August
September
October
November
December...
1952—January
February
March
April
3
1,287
1,275
1 266
1,260
1 .290
1 291
1 279
1,292
1 289
1 280
1 293
1,315
Debit
balances in
firm
investment
and trading
accounts
Customers'
credit balances
Cash on
hand
and in
banks
9
11
5
7
11
12
7
5
6
7
7
10
5
5
12
9
190
188
253
260
333
413
399
312
333
315
326
312
419
400
386
399
167
181
196
209
220
313
370
456
395
393
332
349
280
306
314
397
10
375
364
12
392
378
Money
borrowed2
Free
529
557
619
726
853
795
498
218
223
240
283
257
493
523
827
745
334
354
424
472
549
654
651
694
650
612
576
586
528
633
673
890
8
681
680
672
8
624
8
640
8
653
'649
695
8
1
8
3
3
633
3 652
3
734
3818
855
834
825
8
816
»843
8
853
8
805
816
Other credit balances
1
Other
(net)
In firm
In partners'
investment investment
and trading and trading
accounts
accounts
In capital
(net)
66
65
95
96
121
112
120
120
162
176
145
112
129
159
166
230
15
14
15
18
14
29
24
30
24
23
20
28
20
26
25
36
7
5
11
8
13
13
17
10
9
15
11
5
9
15
11
12
212
198
216
227
264
299
314
290
271
273
291
278
260
271
312
317
225
26
13
319
259
42
11
314
809
3
790
3
756
3
756
1
Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
of firms' own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): February, 40; March, 39; April, 38.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data
in detail at semiannual dates prior to 1942.
JUNE 1952
675
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
Prime
commercial
paper,
4- to 6-1
months
1LJ. S. Government
securities (taxable)
Prime
bankers'
3-month bills
acceptances,
9-to 12- 3- to 5month2 year 3
90
Rate issues
issues
on
new
days x Market
yield
issues
1949 average
1950 average
1951 average
1.48
1.45
2.17
1.12
1.15
1.60
1.08
1.20
1.52
1.102
1.218
1.552
1.14
1.26
1.73
1.43
1.50
1.93
1951—May. . . .
July
August....
September.
October. . .
November.
December..
2.17
2.31
2.31
2.26
2.19
2.21
2.25
2.31
1.63
1.63
1.63
1.63
1.63
1.63
1.63
1.69
1 55
1.45
1.56
1.62
1.63
1.54
1.56
1.73
1.578
1.499
1.593
1.644
1.646
1.608
1.608
1.731
1.85
1.79
1.74
1.70
1.71
1.74
1.68
1.77
2.04
2.00
1.94
1.89
1.93
2.00
2.01
2.09
1952—January. . .
February..
March
April
M!ay
2.38
2.38
2.38
2.35
2.31
1.75
1.75
1.75
1.75
1.75
1.57
1.54
1.59
1.57
1.67
1.688
1.574
1.658
1.623
1.710
1.75
1.70
1.69
1.60
1.66
2.08
2.07
2.02
1.93
1.95
Week ending:
May 3 . . . .
May 1 0 . . . .
May 1 7 . . . .
May 2 4 . . . .
May 3 1 . . . .
2.31
2.31
2.31
2.31
2.31
1.75
1.75
1.75
1.75
1.75
1.65
1.68
1.67
1.65
1.70
1.691
1.710
1.725
1.694
1.728
1.63
1.67
1.67
1.65
1.67
1.92
1.94
1.94
1.94
1.97
June
BANK RATES ON BUSINESS LOANS
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESS BY BANKS IN SELECTED CITIES
[Per cent per annum]
Size of loan
Area and period
loans
Annual averages:
19 cities:
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1
2
Monthly figures are averages of weekly prevailing rates.
Series includes certificates of indebtedness and selected note and
bond
issues.
3
Series includes selected note and bond issues.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
Quarterly:
19 cities:
1951—Tune
Seot
Dec
1952—Mar
New York City:
1951—Tune
Sept.
Dec
1952—Mar
7 Northern and Eastern cities:
1951—June
Sept. .
Dec
1952—Mar
11 Southern and
Western cities:
1951—Tune
Sept... .
Dec
1952—Mar
$1,000- $10,000- $100,000- $200,000
$10,000 $100,000 $200,000 and over
2.2
2.6
2.4
2.2
2.1
2.1
2.5
2.7
2.7
3.1
4.4
4.4
4.3
4.3
4.2
4.2
4.4
4.6
4.5
4.7
3.2
3.4
3.3
3.2
3.1
3.1
3.5
3.7
3.6
4.0
2.2
2.5
2.6
2.3
2.2
2.5
2.8
3.0
3.0
3.4
2.0
2.4
2.2
2.0
1.7
1.8
2.2
2.4
2.4
2.9
3.07
3.06
3.27
3.45
4.73
4.74
4.78
4.85
3.93
3.99
4.05
4.16
3.32
3.36
3.49
3.66
2.81
2.78
3.03
3.24
2.78
2.79
3.01
3.23
4.37
4.35
4.37
4.43
3.66
3.72
3.91
3.97
3.06
3.18
3.34
3.48
2.64
2.64
2.87
3.11
3.04
3.06
3.23
3.47
4.68
4.81
4.81
4.91
3.90
3.97
4.04
4.16
3.28
3.24
3.46
3.67
2.83
2.82
3.03
3.29
3.52
3.47
3.67
3.79
4.90
4.89
4.95
5.01
4.10
4.17
4.15
4.28
3.52
3.55
3.62
3.79
3.14
3.04
3.35
3.46
NOTE.—For description of series see BULLETIN for March 1949,
pp. 228-237.
BOND YIELDS *
[Per cent per annum]
Corporate (Moody's)B
Year, month, or week
U. S.
Govern- Municipal
ment
(high-3
(long-2 grade)
term)
Corporate
(highgrade)4
By ratings
By groups
Total
Aaa
Aa
Baa
Industrial
Railroad
Public
utility
1-8
15
120
30
30
30
30
40
40
40
1949 average
1950 average
1951 average
2.31
2.32
2.57
2.21
1.98
2.00
2.65
2.60
2.86
2.96
2.66
2.62
2.86
2.09
2.22
2.18
2.04
2.05
2.08
2.07
2.10
2.89
2.95
2.93
2.86
2.85
2.92
2.98
3.03
3.09
3.16
3.17
3.12
3.08
3.13
3.20
3.25
2.88
2.94
2.94
2.88
2.84
2.89
2.96
3.01
2.90
2.96
2.97
2.92
2.89
2.93
2.97
3.00
3.24
3.10
3.26
3.28
3.33
3.36
3.31
3.27
3.31
3.42
3.50
3.10
3.18
3.19
3.13
3.09
3.14
3.21
3.24
1952—January
February
March
April
May
2.74
2.71
2.70
2.64
2.57
2.10
2.04
2.07
2.01
2.05
2.96
2.89
2.96
2.92
2.93
3.24
3.18
3.19
3.16
3.16
2.98
2.93
2.96
2.93
2.93
3.00
3.32
3.25
3.24
3.20
3.20
3.42
3.24
3.41
3.40
3.49
3.53
3.51
3.46
.50
3.56
3.61
3.59
3.53
3.51
3.50
3.49
2.90
2.82
3.09
2.63
2.65
2.63
2.57
2.56
2.61
2.66
2.70
3.00
2.89
3.13
3.14
3.21
3.23
3.18
3.15
3.18
3.26
3.31
2.74
2.67
2.89
1951—May
June
July
August
September
October
November
December
2.75
2.69
2.91
2.93
2.99
2.99
2.92
2.88
2.93
3.00
2.97
2.99
2.97
2.97
3.48
3.38
3.36
3.32
3.31
3.23
3.19
3.21
3.19
3.19
Week ending:
May 3
May 10
May 17
May 24
May 31
2.58
2.56
2.56
2.58
2.60
2.00
2.02
2.05
2.06
2.07
2.91
2.93
2.93
2.94
2.95
3.16
3.16
3.15
3.16
3.16
2.92
2.93
2.92
2.93
2.93
3.00
3.01
3.00
3.01
3.01
3.19
3.20
3.20
3.20
3.20
3.50
3.50
3.48
3.49
3.49
2.97
2.97
2.97
2.97
2.98
3.31
3.31
3.31
3.31
3.31
3.19
3.19
3.19
3.19
3.19
Number of issues
1
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on figures for Wednesday.
2
Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds
due or
first callable after 15 years were included.
3
4
Standard and Poor's Corporation.
U. S. Treasury Department.
5
Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have
been reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
676
FEDERAL RESERVE BULLETIN
SECURITY MARKETS *
Stock prices
Bond prices
Common
Year, month,
or week
U. S. Mun- CorpoPreGov- icipal rate
ern- 1 (high-1 (high- ferred4
ment grade) grade)8
Stand ird and Poor's series
(index, 1935-39=100)
Industrial
Railroad
416
365
20
31
265
170
98
72
21
28
32
14
121
146
177
128
156
192
97
117
149
98
107
112
128
154
185
132
166
207
116
150
178
147
180
233
139
160
199
98
107
113
161
184
208
129
144
205
1,037
2,012
1,684
Total
Number of issues
1-8
15
15
17
Volume
of
Securities and Exchange Commission series
trading*
(index, 1939=100)
(in
thouManufacturing
Trade,
sands
finof
Trans- Public
ance, Min- shares)
porta- utilNonand
ing
tion
durTotal Durservity
able
able
ice
1949 average. . . 102.73 128.9 121.0 176.4
1950 average. . . 102.53 133.4 122.0 181.8
1951 average... 98.85 133.0 117.7 170.4
Public Total
utility
1951—May. . . .
June....
July
Aug
Sept
Oct
Nov
Dec
97.90
97.62
97.93
98.90
99.10
98.22
97.52
96.85
131.1
128.6
129.4
132.1
132.0
131.3
131.6
130.9
117.4
116.6
116.2
117.1
118.0
116.9
115.3
114.8
168.9
167.9
166.7
169.4
168.5
167.0
165.4
163.7
174
172
173
182
187
185
178
183
189
187
188
198
205
202
193
199
148
142
139
147
153
155
144
151
111
110
112
114
116
115
115
116
182
179
182
190
195
191
185
190
203
200
204
215
220
216
208
215
175
169
170
179
185
185
178
182
228
229
236
249
253
244
235
245
197
188
188
196
204
203
194
204
111
110
111
114
115
114
114
115
206
201
202
206
215
214
208
209
188
186
195
219
231
244
239
238
1,630
1,305
1,333
1,463
1,916
1,802
1,246
1,367
1952—Jan
Feb
Mar
Apr
May....
96.27
96.77
96.87
97.95
98.91
130.8
132.1
131.5
132.7
131.9
115.5
116.5
115.9
116.2
116.3
164.1
165.9
168.3
172.2
173.4
187
183
185
184
184
204
199
201
199
199
155
155
161
165
167
117
118
118
117
117
195
193
193
191
190
222
218
216
215
214
185
183
182
181
182
255
251
248
245
243
211
209
214
217
216
116
117
117
116
117
209
206
203
203
201
246
258
295
298
283
1,574
1,320
1,283
1,282
1,044
Week ending:
May 3 . .
May 10. .
May 17..
May 24..
May 3 1 . .
98.82
99.08
99.11
98.82
98.55
132.8
132.4
131.9
131.7
131.5
116.4
116.2
116.3
116.4
116.1
172.9
173.2
173.4
173.6
173.5
180
184
183
184
184
195
199
198
199
200
163
168
165
166
169
116
117
117
118
117
189
190
189
192
191
212
214
212
216
215
181
183
180
183
182
241
243
242
246
246
213
216
214
219
218
116
116
117
118
117
201
202
201
202
201
285
284
279
286
283
1,171
1,037
901
1,101
1,025
1
Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks
(Standard
and Poor's series), which are based on figures for Wednesday.
2
Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds
due or first callable after 15 years were included.
* Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
4
Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
dividend.
* Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
NEW SECURITY ISSUES
[In millions of dollars]
For refunding
For new capita
Year or month
1943
1944
1945
1946
1947
1948
1949
1950
1951
.
Total
(new
and
refunding)
1952—Jan
Feb
Total
State
and
municipal
Federal
agen-1
cies
Total
(doCorporate
For-2 mestic
and
eign
forBonds
eign)
and
Stocks
Total
notes
Total
State
and
municipal
Federal
agen-l
cies
640
896
1,761
4,635
7,255
9,076
8,131
8,103
9,617
176
235
471
952
2,228
2,604
2,803
3,370
3,084
90
15
26
127
239
294
233
394
469
374
646
1,264
3,556
4,787
4
6,177
5,095
4,339
6,064
282
422
607
2,084
3,567
«5,269
4,125
3,138
4,459
92
224
657
1,472
1,219
908
971
1,200
1,605
2
17
12
10
68
10
29
111
246
1,527
3,303
6,234
4,000
2,125
1,135
1,593
32,686
2,253
1,442
3,288
6,173
3,895
1,948
1,135
1,492
2,463
2,216
1,235 1,024 1,007
919
920
1,064
871
951
1,171
1,391 1,162 1,142
812
820
946
451
485
677
731
3 1,075 3 881
945
970
1,292
866
866
1,006
838
842
1,053
158
228
407
280
319
151
265
368
297
276
48
29
60
89
8
800
661
404
774
485
300
427
470
569
562
646
433
314
627
334
199
370
272
371
361
154
227
89
146
151
101
56
198
197
201
17
2
80
20
8
34
50
26
4'
211
144
220
229
126
192
194
322
140
211
180
144
220
229
126
192
194
322
140
205
10
4
4
3
2
1
4
18
4
19
88
61
198
137
93
172
170
288
89
102
926
667
349
285
538
346
437
200
101
146
4
27
302
158
302
158
221
8
71
76
642
2,169
913
4,216
8,006 1,772
8,645 4,645
39,691 37,566
10.220 9,085
9,753 8,160
3 10,900 8,214
. . 312,267 U0.014
1951—Mar
Apr
May....
June....
July....
Aug
Sept
Oct
Nov
Dec
Domestic
Domestic
Total
(domestic
and
foreign)
1,232
852
930
694
40
107
39
37
259
497
404
418
324
912
208
734
44
422
82
768
104
943
112
992
92 1,597
Corporate
Total
Foreign'
Bonds
and Stocks
notes
603
685
2,466 2,178
4,281
4,937
2,953 2,352
1,482 1,199
257
284
393
445
1,360 1,301
394
527
82
288
656
601
283
28
52
58
133
86
15
61
105
177
82
80
18
89
31
20
20
16
47
83
52
24
12
82
31
20
14
14
23
83
30
55
6
7
31
10
74
7
73
3
1
101
123
37
6
2
24
"6
1
2
Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
s These figures for 1947, 1950, 1951, and September 1951 include 244 million dollars, 100 million, 150 million, and 100 million, respectively,
of issues
of the International Bank for Reconstruction and Development.
4
Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures
subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
JUNE 1952
677
NEW CORPORATE SECURITY ISSUES 1
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
Estimated Estimated
gross
net
proceeds 2 proceeds 3
New money
Plant and
equipment
Total
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1951—April
May
June
Tuly
August
September
October
November
December
Retirement of securities
Working
capital
Total
Bonds and
notes
Preferred
stock
Repayment
of
other debt
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
6,900
6,577
7,078
6,052
6,361
'7,741
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,757
6,466
6,959
5,959
6,261
'7,607
325
569
868
474
308
657
1,080
3,279
4,591
5,929
4,606
4,006
'6,531
170
424
661
287
141
252
638
2,115
3,409
4,221
3,724
2,966
'5,110
155
145
207
187
167
405
442
1,164
1,182
1,708
882
1,041
'1,421
1,206
1,695
1 854
1,583
396
739
2,389
4,555
2,868
1,352
307
401
1,271
'486
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,392
1,155
240
360
1,149
'391
59
128
100
30
72
351
438
476
196
67
41
122
'96
215
69
174
144
138
73
49
134
379
356
488
637
620
'363
'798
'670
'861
'531
'508
'390
655
'673
'871
'783
'661
'847
'521
'500
'381
'639
'660
'856
'619
'587
'714
'469
'436
'343
'548
'570
'771
'500
'433
'471
'350
'342
'286
'404
'488
'682
'118
'153
'242
'119
'74
'37
63
'30
'20
'28
54
'26
'54
'9
9
'3
'35
'14
'58
'18
'144
'83
'90
'94
'58
'24
'18
605
478
972
805
595
469
954
789
559
413
875
688
487
278
655
490
72
134
221
197
1952—January
February
!March
April
. . . .
504
681
177
87
Other
purposes
7
26
19
28
35
27
47
133
231
168
234
315
364
'226
'56
'24
'12
'14
'5
'21
'18
'3
'12
'43
45
'10
'42
42
2
1
2
'53
'29
'11
'26
'18
'29
8
36
15
16
8
35
15
13
1
15
13
45
64
13
7
19
22
27
15
3
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS *
[In millions of dollars]
Commercial and
miscellaneous 6
Manufacturing 5
Year or
month
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
.
. . .
1951—April
May
June
July
. .
August
September
October
November
December
1952—January
February
March
April
Public utility *
Communication
Real estate
and financial
8
Total
Total
Total
Total
Total
Total
net
New Retire- net
New Retire- net
New Retire- net
New Retire- net
New Retire- net
New Retirepro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10
ceeds9
ceeds9
ceeds9
ceeds9
ceeds9
ceeds9
831
1938
Elailroad
584
961
828
527
497
1,033
1,969
3,601
2,686
2,180
1,391
1,175
'3,066
469
226
188
353
167
738
244
463
293
89
199
228
454
504
811 1,010
2,201
981
1,974
353
54
1,726
44
851
688
149
'221
'2,617
'373
'339
'384
'154
'230
'156
'306
'214
'480
'311
'307
'336
'124
'198
'142
'263
'180
'428
349
285
366
244
331
238
336
226
54
24
182
319
361
47
160
602
1,436
704
283
617
456
548
'332
85
115
253
32
46
102
115
129
240
546
441
301
'297
30 1,208
97 1,246
186 1 180
108 1,340
464
15
114
469
500 1,400
1 320 2,291
571 2,129
35 3,212
56 2,281
11 2,615
193 2,866
34 '2,570
180
43
245
317
145
22
40
69
785
2,188
1,998
2,140
1,971
'2,317
943
1 157
922
993
292
423
1,343
2 159
1,252
939
145
234
685
'104
20
14
26
18
9
'30
16
61
22
'291
'200
'259
'188
'209
'145
197
'273
'266
'225
'194
242
'186
'198
'133
'179
'260
'251
'19
'2
'3
17
29
12
34
184
125
490
376
177
122
461
313
403
338
538
'518
304
229
262
'337
21
28
63
'56
'47
'6
'19
'17
'17
'13
'10
'21
'26
'46
'56
'52
'36
22
'28
'40
46
'39
'17
'42
'37
'21
16
19
'26
'22
'28
4
'14
'5
'12
'3
'3
2
20
14
26
18
9
'30
18
76
22
31
4
5
29
13
61
47
21
9
46
30
1
2
5
1
17
29
12
34
1
15
8
9
42
55
4
13
61
85
164
189
485
440
480
'368
'22
'27
'72
'70
'12
'11
'48
'11
'18
'4
'15
36
11
12
15
44
1
16
2
49
81
891
567
395
'605
870
505
304
'594
24
'3
2
51
'6
'14
24
'3
3
51
3
8
15
37
'25
'24
'30
'48
'124
74
'27
'14
r
62
'14
'23
6
3
6
8
2
3
6
43
2
3
6
40
14
13
20
46
r\
'4
2
3
8
15
37
'5
7
102
155
94
4
21
107
206
323
286
587
593
739
515
88
9
18
4
42
65
64
24
30
35
100
'66
'2
' Revised.
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
3 Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i. e., compensation to underwriters, agents, etc., and
expenses.
* Classifications for years 1938-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently
similar
for broad comparisons.
See also footnotes 5 through 8.
6
6
Prior to 1948 this group corresponds to that designated "industrial" in the old classification.
Included in "Manufacturing" prior to 1948.
7
Includes
"Other
transportation"
for which separate figures are available beginning in 1948. 8 10Included in "Public utility" prior to 1948.
9
Includes issues for repayment of other debt and for other purposes not shown separately.
Retirement of securities only.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a
publication of the Board of Governors.
1
2
678
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
MANUFACTURING CORPORATIONS
[In millions of dollars]
Assets o: 10 million dollars and over
(200 corporations)
Year or quarter
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
. .
Annual
...
..
..
1950—1
2
3
4
Quarterly
1951—1
2
3
4
1952—1.
Assets of 50 million dollars and over
(81 corporations)
Assets of 10-50 million dollars
(119 corporations)
Sales
Profits
before
taxes
Profits
after
taxes
Dividends
Sales
Profits
before
taxes
Profits
after
taxes
Dividends
10,621
13,041
'18,342
'21,841
'28,312
'30,421
'26,600
'21,372
'30,869
'37,008
r
36,738
'44,118
'51,067
1,212
1,848
'3,165
'3,408
'3,693
'3,538
'2,429
'2,038
'4,104
'5,317
'5,038
'7,893
'8,557
'999
'1,277
'1,523
1,224
'1,263
1,258
1,132
1,205
'2,524
'3,312
'3,101
'4,055
'3,411
'725
'859
'951
'763
'779
'851
'864
'946
1,170
1,404
1,660
2,240
1,986
9,008
11,138
15,691
18,544
24,160
25,851
22,278
17,415
25,686
31,238
31,578
37,831
43,389
1,071
1,638
2,778
2,876
3,111
2,982
1,976
1,573
3,423
4,593
4,506
6,992
7,492
883
656
1,127
1,329
1,056
1,097
1,091
964
932
2,105
2,860
2,768
3,566
2,975
772
854
672
688
755
764
804
1,000
1,210
1,474
2,013
1,754
'9,263
10,695
11,847
12,313
1,400
1,821
2,190
2,482
791
1,038
1,240
'987
387
395
583
875
7,935
9,213
10,156
10,527
1,253
1,629
1,928
2,182
705
926
1,090
846
347
347
534
785
'12,711
13,047
12,297
13,013
'2,238
2,219
1,964
'2,137
'878
839
469
475
475
567
1,951
1,928
1,716
1,897
765
724
420
421
762
932
10,811
11,079
10,443
11,055
658
827
422
490
' [,854
.957
'248
'240
103
105
12,797
1,942
756
482
10,847
1,717
668
430
1,951
225
89
Sales
Profits
before
taxes
Profits
after
taxes
Dividends
'1,613
1,903
'2 651
'3,297
'4 152
'4,550
'4,322
'3,956
'5,183
'5 770
'5,160
'6 287
'7.678
'141
'211
'387
'532
'582
'557
'453
'465
'681
'723
'531
'902
1,066
'116
149
'194
168
'167
167
168
'274
'420
'452
'332
'489
'436
'69
'86
'96
'91
'91
'96
100
'142
170
'194
186
'228
'232
147
192
262
'300
'86
112
150
141
'41
48
'50
89
'287
'113
48
54
1,328
L ,482
' 1,691
1,786
r
L 899
1,968
291
115
53
77
62
PUBLIC UTILITY CORPORATIONS
[In millions of dollarsl
Railroad
Year or quarter
Annual
1939
1940 . .
1941
1942 . .
1943
1944
1945
1946
1947
1948
1949
JQ^O
1951
1 9 50—i
Quarterly
Operating
revenue
3,995
4,297
5,347
7.466
9,055
9,437
8,902
7 628
8 685
9 672
8 580
9,473
10,391
Electric power
Profits
before
taxes
Profits
after
taxes
Dividends
Operating
revenue
Profits
before
taxes
Profits
after
taxes
Dividends
Operating
revenue
Profits
before
taxes
126
249
674
93
189
500
1,658
2,211
1,972
756
2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,815
4.291
4.830
5 055
5 431
5,867
629
692
774
902
873
6*7
450
126
159
186
535
548
527
444
447
437
490
502
507
534
231
257
297
408
410
398
407
638
458
1.137
1,206
1,334
L.508
1,691
1,815
97Q
2,148
2,283
2,694
2 967
3 342
3,729
287
271
479
699
777
1.148
700
438
783
1,384
1,260
693
202
217
246
246
235
236
289
252
312
328
847
913
902
905
964
954
983
1,129
1,303
1,480
1,985
2,238
2,534
2,715
2 56
61
243
454
574
152
2 258
2
318
53
55
142
1.378
1,322
1,317
1,415
321
293
339
1951—1
2
3
4
2,440
2,596
2,583
2,772
229
275
250
505
2
2
2
2
104
146
124
320
101
63
53
111
1,504
1,419
L.423
L .521
413
344
320
403
1952—1
2,587
296
142
79
1,612
498
2 ,
3
4
.
Telephone
114
2
351
643
657
494
493
757
824
553
619
818
661
364
420
451
433
Profits
after
taxes
189
193
187
Dividends
164
167
162
168
176
168
174
151
156
155
162
313
209
215
292
138
186
168
333
580
207
331
2
2
2
691
2
2
2
2
230
212
171
211
146
787
116
153
152
168
821
853
881
137
158
169
2
2
2
2
229
195
168
226
157
161
162
181
904
918
931
976
175
174
160
182
257
172
993
194
341
2
2
2
2
2
71
84
84
131
178
213
276
318
62
92
67
70
76
90
92
72
86
77
79
81
81
93
85
' Revised.
1
Certain tax accruals for the first six months of 1950 and 1951, required by subsequent increases in Federal income tax rates and charged by
many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit
a similar
redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes.
2
As reported.
NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from
reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets
as of the end of 1946.
Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve, to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series
and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities);
and p. 908 of the BULLETIN for September 1944 (electric power).
JUNE 1952
679
SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[In millions of dollars]
Quarterly
Annual
Industry
1950 i
1949
1950
1951 i
1952
1951
Nondurable goods industries
Total (94 corps.): a
Sales
Profits before taxes
Profits after taxes
Dividends
-12,853 '14,777 '17,371 -3,265 '3,469 '3,958 '4,085 •4,349 '4,288 '4,294 '4,441
741
'773
'3,184
'830
"•1,847 '2,702
505
582
855
814
785
'368
'395
'334
'1,213 ••1,513 '1,411
301
342
350
368
467
'242
'334
'710
845
167
202
'203
'889
175
199
213
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
'3,323
'379
'235
'135
'3,492
'469
'257
'143
'3,873
'40"
'199
'140
Chemical and allied products (26 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
3,557
675
404
312
4,447
1,110
560
438
Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
3,865
525
406
172
4,234
650
442
205
4,355
709
312
210
'1004
104
52
42
962
5,433
1,384
484
355
950 1,048 1,188 1,260 1,338 1,377 1,351 1,367
312
345
247
313
365
365
342
206
125
131
179
128
111
113
138
120
100
174
113
84
87
85
73
79
1,373
318
108
87
4,999
'861
'516
231
960
121
86
42
989 1,113 1,172 1,204 1,204 1,246 1,345
222
209
217
203
218
133
187
148
130
123
118
127
96
130
64
42
78
57
55
44
55
1,318
204
126
64
33,696 5,998 7,226 7,889 8,228 8,362 8,759 8,003 8,572
5,374
895 1,239 1,405 1,653 1,382 1,405 1,191 1,396
565
592
510
497
428
2,000
489
773
325
273
1,141
221
541
270
370
273
210
8,443
1,234
445
273
,187 10,446 12,501 2,200 2,562 2,718 2,965 3,044 3,198 3,034 3,226
519
492
993
547
525
557
1,700 2,092
400
298
455
217
214
176
578
854
188
193
223
253
775
165
120
157
285
86
377
85
380
73
80
66
3,090
425
162
4,604 1,100 1,196 1,269 1,493 1,480 1,563 1,434 1,690
301
210
341
250
168
194
237
998
144
123
145
73
93
107
90
82
367
79
54
84
47
48
191
37
38
43
49
1,590
232
81
49
9,577 11,805 12,438 2,283 2,975 3,355 3,192 3,268 3,331 2,899 2,939
405
655
513
508
488
656
1,473 2,305 1,915
595
398
142
185
189
194
183
357
861 1,087
704
328
213
119
119
258
122
119
232
451
671
479
90
91
3,035
503
170
116
'771
83
48
31
'828
101
58
'34
'980
159
89
34
'913 1,025
'126
'124
'62
61
'45
31
'901
86
40
'942
'93
46
32
41
32
Durable goods industries
Total (106 corps.): 8
Sales
Profits before taxes
Profits after taxes
Dividends
23,885 29,341
3,191
5,192
1,887 2,542
950
1,351
Selected industries:
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
4,353
519
320
138
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
5,058
847
424
208
' Revised.
1
Certain tax accruals for the first six months of 1950 and 1951, required by subsequent increases in Federal income tax rates and charged
by many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit
a similar
redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes.
2
Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products
(15);8 and miscellaneous (1).
Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment
other than automobile (6); and miscellaneous (7).
CORPORATE PROFITS, TAXES, AND DIVIDENDS
(Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates)
[In billions of dollars]
Profits
before
taxes
Year
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
9.3
. ...
17.2
21.1
25.1
24.3
19.7
23.5
30.5
33.8
28.3
41.4
44.3
Income
taxes
2.9
7.8
11.7
14.4
13.5
11.2
9.6
11.9
13.0
11.0
18.6
25.3
Profits
after
taxes
Cash
dividends
6.4
4.0
9 4
9.4
10.6
10.8
8.5
13.9
18.5
20.7
17.3
22.8
18.9
4 5
4.3
4.5
4 7
4.7
5.8
6.6
7.3
7.6
9.2
9.4
Undistributed
profits
2.4
4 9
5 1
6.2
6 1
3.8
8.1
12.0
13.6
9.8
13.6
9.5
Undistributed
profits
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
31.9
37 5
45.7
50.3
14.4
16 9
20.5
22.5
17.5
20.6
25.2
27.8
7.8
8.4
9.4
11.1
9.2
12.2
15 8
16.7
1951—1
2
3
4
51.8
45.4
39.8
40.0
29.6
25.9
22.8
22.9
22.2
19.4
17.0
17.1
8.8
9.6
9.6
9.8
13.4
9.8
7.4
7.3
1952—1 i
42.5
25.9
16.6
9.1
7.5
Quarter
1950—l
2
3 .
4
1
Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data.
Source.—Same as for national income series.
680
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Public issues 3
Marketable
Total
gross
debt l
Total
gross
direct2
debt
Total
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—June.
Dec.
1950—June.
Dec.
170,108
232,144
278,682
259,487
256,981
252,854
252,798
257,160
257,377
256,731
165,877
230,630
278,115
259,149
256,900
252,800
252,770
257,130
257,357
256,708
1951—May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec...
255,12: 255,093
255,251 255,222
255,685 255,657
256,67 256,644
257,386 257,353
258,336 I 258,298
259,64 259,604
259,461 259,419
End of
month
Nonmarketable
Bonds
Certificates of
indebt- Notes
edness
Total
Bills
151,805
212,565
255,693
233,064
225,250
218,865
217,986
221,123
222,853
220,575
115,230
161,648
198,778
176,613
165,758
157,482
155,147
155,123
155,310
152,450
13,072
16,428
17,037
17,033
15,136
12,224
11,536
12,319
13,533
13,627
22,843
30,401
38,155
29,987
21,220
26,525
29,427
29,636
18,418
5,373
218,680
218,198
218,618
219,174
219,321
220,325
221,391
221,168
138,041
137,917
139,279
139,741
140,169
141,753
142,741
142,685
13,614
13,614
14,413
15,012
15,617
16,849
18,100
18,102
9,509
9,524
14,740
15,317
28,016
28,017
29,078
Bank
eligible *
Bank
restricted
11,175
23,039
22,967
10,090
11,375
7,131
3,596
8,249
20,404
39,258
55,591
66,931
68,403
69,866
68,391
61,966
60,951
55,283
53,319
44,557
12,550
24,850
52,216
49,636
49,636
49,636
49,636
49,636
49,636
49,636
43,802
35,806
36,360
31,010
31,013
18,669
18,406
18,409
44,555
42,928
42,923
42,923
42,168
42,167
42,167
41,049
36,070
36,061
36,058
36,056
36,054
36,053
36,050
36,048
Convertible
13,565
13,573
12,571
12,570
12,567
12,065
12,062
12,060
Tax
and
savings
notes
Special
issues
Total
Savings
bonds
36,574
50,917
56,915
56,451
59,492
61,383
62,839
66,000
67,544
68,125
27,363
40,361
48,183
49,776
52,053
55,051
56,260
56,707
57,536
58,019
8,586
9,843
8,235
5,725
5,384
4,572
4,860
7,610
8,472
8,640
12,703
16,326
20,000
24,585
28,955
31,714
32,776
33,896
32,356
33,707
67,074
66,708
66,768
66,864
66,585
66,506
66,588
66,423
57,607
57,572
57,538
57,509
57,488
57,501
57,552
57,587
8,158
7,818
7,926
8,041
7,775
7,705
7,737
7,534
34,049
34,653
34,707
35,146
35,637
35,615
35,862
35,902
1952—Jan...
Feb..
Mar..
Apr..
May.
2
Includes noninterest-bearing debt, not shown sepai
ich aggregated 6,500 million dollars on Apr. 30, 1952,
avings bonds.
UNITED STATES SAVINGS BONDS
[In millions of dollars]
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING MAY 31, 1952
[On basis of daily statements of United States Treasury.
of dollars]
Issue and coupon rate
Issue and coupon rate
1,100
1,200
1,249
1,201
1,201
1,202
1,402
1,401
1,401
1,503
1,303
1,501
1,303
1,300
\V% 5,216
583
\%
1% 1,832
I K 10,861
1% 1,063
1J4 8,868
8,662
1,501
510
7,986
725
681
2,611
1,449
982
3,822
927
919
5,282
3,469
1,485
2,118
2,830
3,759
3,836
5,194
3,479
1,999
2,716
4,070
Treasury notes
Mar. 15, 1954
Mar. 15, 1 9 5 5 K
Dec. 15, 1955
1M
Apr. 1, 1 9 5 6 m
Oct. 1, 1956
Apr. 1,1957
Postal Savings
bonds
92
4,675
5,365
6,854
1,007 Panama Canal Loan. 3
550
505
Total direct issues
142,625
Treasury bonds
Dec. 15, 1952-54 a.... 2
Guaranteed securities
Federal Housing Admin.
5,825
Various
43
1
Sold on discount basis. See table on Open-Market Money Rates,
p. 2676.
Tax Anticipation Series. »5 Maturity June 15, 1954.
*6 Maturity June 15, 1955. 7 Maturity Sept. 15, 1953.
Restricted.
Partially tax exempt.
JUNE 1952
Year or
month
Amount
Treasury bonds—Cont.
Treasury bills *
June 5, 1952..
June 12, 1952..
June 15, 1952 *
June 19, 1952..
June 26, 1952..
July 3,1952.,
July 10, 1952..
July 17, 1952..
July 24, 1952..
July 31, 1952..
Aug. 7, 1952..
Aug. 14, 1952..
Aug. 21, 1952..
Aug. 28, 1952..
Certificates
July 1,1952
Aug. 15, 1952
Sept. 1, 1952
Oct. 1, 1952
Dec. 1,1952
Feb. 15, 1953
Amount
In millions
1945
1946
1947
1948
1949
1950
1951
1951—May...
June.. .
July...
Aug... .
Sept....
Oct.. . .
Nov
Dec.. . .
1952—Jan.. . .
Feb.. . .
Mar....
Apr.. . .
May.. .
RedempAmount Funds received from sale!i during tions
and
outper 10a
maturities
standing
at end of
All
All
Series Series Series
period
F andj GandK series
series
E
48,183 12,937
49,776 7,427
52,053 6,694
55,051 7,295
56,707 5,833
58,019 6,074
57,587 3,961
57,607
296
290
57,572
311
57,538
314
57,509
273
57,488
334
57,501
316
57,552
297
57,587
57,664
441
339
57,682
331
57,680
313
57,644
292
57.614
9,822
4,466
4,085
4,224
4,208
3,668
3,190
595
325
342
498
233
417
124
247
244
258
267
230
274
268
254
364
288
284
267
253
8
8
8
8
7
10
9
9
16
10
9
10
8
2,520
2,637
2,267
2,573
1,392
1,990
5,558
6,427
5,126
5,144
5,101
5,840
5,651
646
41
38
45
38
36
50
39
34
61
42
38
37
30
478
476
482
437
390
410
364
401
493
411
428
438
423
Maturities and amounts outstanding May 31, 1952
All
series
Series
E
1952
1953. ..
1954
1955.
1956
1957
1958.
1959
1960
1961
1962
1963
1964
Unclassified
3,475
6,296
7,957
6,795
5,002
4,782
4,868
4,662
5,134
14,544
3,204
744
243
-92
3,475
5,145
5,663
4,432
2,237
2,324
2,528
2,586
2,417
13,078
1,046
Total
57,614
34,839
Year of
maturity
Series
F and J
191
473
496
577
460
239
Series
G and K
961
366
121
50
1,820
1,867
2,188
1,998
2,101
1,821
2,279
1,267
1,791
623
194
3,866
18,909
256
439
199
-92
1
Includes bonds with extended maturities totaling 702 million
dollars.
681
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]
End of month
Held by
Total
gross
U. S. Government
debt
agencies and1
(includtrust funds
ing guaranteed
securiSpecial Public
ties)
issues
issues
Held by the public
Total
Federal
Reserve
Banks
ComMutual
mercial savings
banks * banks
Insur-
State
and
local
governments
Other
corporations
Individuals
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—June
Dec
1950—June
Dec
1951—June
Dec
50,942
64,262
112,471
170,108
232,144
278,682
259,487
256,981
252,854
252,798
257,160
257,377
256,731
255,251
259,461
5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
32,776
33,896
32,356
33,707
34,653
35,902
2,260
2,558
3,218
4,242
5,348
7,048
6,338
5,404
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
228,564
222,622
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
23,350
22,559
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
74,500
68,700
62,500
63,000
66,800
65,600
61,800
58,400
r
61,600
3,200
3,700
4,500
6,100
8,300
10,700
11,800
12,000
11,500
11,600
11.400
11.600
10,900
10,200
9,800
6,900
8,200
11,300
15,100
19,600
24,000
24,900
23,900
21,200
20,500
20,100
19,800
'18,700
'17.100
16,400
2,000
4,000
10,100
16,400
21,400
22,000
15,300
14,100
'14,800
'15,700
'17,000
'19,000
'20,800
'21,100
'21,400
1,000
2,100
4,300
6,500
6,300
7,300
7,900
8,000
8.100
8,700
8.800
9.400
9,500
2,800
5,400
13,400
24,700
36,200
42,900
44,200
46,200
47,800
48.800
49.300
49.900
49.600
'49 100
49,000
1952—Jan
Feb
259,813
260,399
258,124
36.233
36,360
36,493
6,454
6,500
6,503
217,126
217,538
215,128
22,729
22,528
22,514
'62,100
"•61,300
60,200
9,800
9,800
9,800
'16,400
'16,300
16,200
'22,100
'23,200
22,200
9,700
9,700
9,800
49,100
49,100
49,100
Mar
500
700
Miscel-
Savings Other
bonds securities
7,800
700
900
8,200
10,300
2,300
12,900
4,400
16,700
7,400
21,000
9,500
19,900
8,300
19,300
8,600
'17,300
9.300
'17,500 10,000
'16,400
9.800
'16,600 ••10.100
'15,400 '10.800
••14,900 '11.100
'14,500 '11,100
'14,600
'14,800
14,800
'10,600
10,800
10,500
' Revised.
Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on Dec. 31, 1951.
Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.
1
2
3
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Interest-bearing public marketable securities. In millions of dollars]
End of month
Total
outstanding
U. S.
Govt. Fed- Com- Mu- Insurtual
agen- eral
ance
mer- savcies
Recial 1 ings com- Other
and
serve banks
banks panies
trust Banks
funds
End of month
Fed- Com- Mu- Insureral
tual
merance Other
Resav- comcial
serve banks*
ings panies
Banks
banks
Govt.
agencies
and
trust
funds
Treasury bonds
Type of
security:
Total: 2
155,138
1949—Dec
155,325
1950—June
152,471
Dec
1951—June.... 137.944
142,724
Dec
142,734
1952—Feb
141,413
Mar
Treasury bills*.
12,319
1949—Dec
13.533
1950—June
13.627
Dec
1951—June.... 13.614.
18,102
Dec
18.104
1952—Feb
16,863
Mar.
Certificates:
29.636
1949—Dec
18,418
1950—June
Dec
5,373
9 509
1951—June....
29,078
Dec
1952—Feb
29,079
Mar.. . . 29,079
Treasury notes:
1949—Dec
8,249
1950—June.... 20,404
Dec
39,258
1951—June.... 35 806
Dec
18,409
18,434
1952—Feb
Mar.. . . 18,450
Treasury bonds:
1949—Dec. .. 104,758
1950—June.... 102,795
94,035
Dec
1951—June.... 78 832
76,945
Dec
76,942
1952—Feb
Mar
76,842
u. s.
Total
outstanding
5.327
5,350
5,365
3.272
3,345
3,467
3,469
18,885
18.331
20.778
20.268
22,588
21,314
21,300
59,856
58.972
54.893
51 .515
54,148
53,761
52,779
11
3
35
26
50
and notes, due
or callable:
Within
1 year:
18,535 41,763
1949—Dec
18.132 43.663
1950—June....
16.862 44.429
...
12 077 42 5.SR 1951— Dec.
Tune....
11,364 43,399
Dec
10,772
10,877
10.144
8.2*4
7,880
7,859 11,284 45,049
7,852 11,231 44,792
70
4,829 3.514
3,856 3.703
1,296 3,888
527 3.750
596 6,773
6,274
66
5,487
59
15
35
33
122
71
474
99
115
552
677
11,520
5,354
1,544
2. 7 S3
6,773
7,033
6,901
169
64
7
37
41
633
382
53
287
662
108
114
643
627
562 5,569
15
29 3,500 11.204
10 12,527 15,833
14 12 439 13 704
3 5,068 10,465
107
154
136
120
67
244
403
707
3 5,068 10,456
3 5,068 10,464
68
68
7,218 39,235
5,618 38,691
4,620 33,607
4 108 31 286
4,130 30,104
4,422 29,969
4,422 29,900
10.480
10.624
9,967
7 97}
7,697
7,581
7,551
6,275
5,357
2,334
3 194
12,793
86 11,824
88 11,810
48
7
3
()
17
49
5,217
5,273
5.283
3,1 78
3.209
3,282
3,289
90
820
532
687
316
327
329
1952—Feb
Mar.. . .
3,880
5,846 1-5 years:
7,901
lQ4Q_Dec
8 360
1950—June...
10,080
Dec
1951— Tune .
11,113
Dec
10,525
1952—Feb
10,991
Mar.. . .
7,254
1,435
3.221 5—10 years:
1Q4Q—Dec
8,760
1950- J u n e . . .
9,385
Dec...
9,539
1951—Tune...
Dec
1,752
5,114
1952—Feb
10.045
Mar.. . .
8 «42
2,490 After 10 years:
1Q4Q_Dec. . . .
2,512
1950—June . . .
2,518
Dec . . .
1951
—Tune ..
25,029
Dec
25.340
24,941
1952—Feb
22.023
Mar.. . .
21,966
17,579
17.249
15.617
10 ?(S4
9,839
9.749 21,939
9,573 22,107
14.319
10 387
38.905
37 631
25,508
878 9.014
36
70
505 7.001
9 12,373 14.645
49 10 241 IS OK^
21 1,668 16,793
25,508
24,485
21
9
35.067
51,802
33,378
31 0?2
28,678
186
327
189
28,703
29,645
150 5,102 18,615
148 5,441 19,029
142
172
706 3,988
714 4,141
18,537
15,926
17.411
15 962
11,156
568 1,388 6,995 2.640
423 1,148 5,67S 2.439
412
982 7,329 2.125
376 1.032 6 . 7 7 3 2 OOQ
309 1,014 2,436 1,925
,230 4.716
>.055 4,186
.948 4,615
8 S 8 4.414
.656 3,816
11,155
11,155
319
321
1,959 16,657
1,620 16,177
468
238
360
151
926
230
4*7 1 ,044
420
787
3,685
2.300
10.722
10 747
5,819
789
769
5,665
5,541
417
369
1,922 24,907 1.121
,641 5,290
5,116 33.127 1 .0S8 1 ,731 10,443
568 1 142 5,660
1,285 24.534
130 3 87*?o 8^}
2?7
7S6 5 169
155 5,102 18.600
142
685 3,994
•
1,014
1,014
2,434 1 .892
2,443 1,865
3,593
2,349
2.508
1 307
1,415
3,887
4,092
2.932
? 7*1
2,740
45.084
45.084
43 599
W 023
30,012
4,441
4,482
4,682
2 629
2,726
30,009
30,007
2,795 1,415
2,813 1,415
,657 3,839
,664 3,848
6,588 13,485 13,090
7 130 13,507 13,524
7 180 12.308 13 989
S *«Q 7 903 10 S34
5.276 7,027 10,828
2,719 5,198 6,923 10,959
2,714 5,213 6,757 11,095
* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings
banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other"
include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively
small1 amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above.
Includes stock savings banks.
2
Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.
* Less than $500,000.
682
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[In millions of dollars]
Cash operating
income and
On basis of daily statements of United States Treasury
Fiscal
year or
month
Fiscal year:
1949
1950 . .
1951
1951—May
June..
July..
Aug. ,
Sept..
Oct...
Nov...
Dec.
1952—Jan.. .
Feb...
Mar. .
Apr.. .
May..
Net
receipts
Budget
Budget surplus
ex(+)or
pendi- deficit
tures
38,246 40,057
37,045 40,167
48,143 44,633
3.146 4,517
7,089 5,969
2,571
4,739
3,594
5,087
6,209 5,163
2.635 5,483
3,521
5,178
5.279 5,627
4.953 5.455
5.553 5.105
9,886 5,704
4,323 6,016
3,809 5,659
General fund of the Treasury (end of period)
Increase (+)or
decrease v —j
during period
Trust Clearing
accounts, acetc.i
count 1
Assets
Balance
in
General
fund
balance
Gross
debt
Deposits in
general
fund
Total
-1,811
—3,122
- 4 9 5 +366
+478 - 1 , 4 6 2 3,470 3,862
+99 +483 +4,587 +2 047 5,517 5,927
+679 - 2 1 4 —2,135 +1,839 7,357 7,871
-1,370
+1,119
-2,168
-1,493
+1.046
-2.847
-1,658
-347
-501
+448
+4,182
-1,693
-1,850
+ 136
+284
+ 11
+3,510
+83
-304
+43
-14
+37
-103
+30
+82
+20
-55
+196
-86
+7
- 3 7 4 +103
-25
+ 186
+ 106 - 2 4 5
- 2 9 1 +329
+357
-91
+366
+ 129
+435
+988
+709
+945
+1,306
-186
+357
+587
-2,278
+209
+1,613
-1,173
+ 1,574
-1,737
-525
+1,822
- 2 ,042
-250
-329
-415
+1,196
+1,765
-1,447
+28
5,782
7,357
5 620
5.095
6,916
4.874
4,624
4.295
3.879
5 075
6,840
5,393
5,421
Federal
Re-
c?al"
deposBanks2 itaries
438
950
338
666
338
584
459
947
493
481
321
162
558
169
450
569
6,376
7.871
6,032
5.431
7,356
5,311
5,147
4,816
4.306
5.700
7,445
6,108
6,046
1,771 1L ,653
3,268 L.709
5,680 1,853
4,029 1,681
5.680 L.853
3.694 1,754
3,244 1,727
4,547 L.861
3,021 1,798
2,901 1.765
2,693 1,801
2,048 2.096
3,216 1.926
5,228 2,049
3,779 1,879
3,690 1,787
Excess
income
Cash
Total
liaOther biliassets ties
in-
come
392
410
514
594
514
412
336
439
437
523
521
427
625
605
715
624
Cash
outgo
(+)or
outgo
41,628 4.0 576 +1,051
40 970 4^ i ^ —2,185
53.439 45',804 +7,635
4,148 5.154 - 1 , 0 0 6
7 367 5.223 +2,144
2 854 4 843 - 1 , 9 8 9
4.600 5.565
-965
6 555 4 862 +1.693
2.855 5,801 - 2 946
4 293 5 642 - 1 , 3 4 8
5.642 5,621
+21
-290
5.183 5.473
6.275 5,328
+947
10,436 6,120 +4,316
4,689 5,972 - 1 , 2 8 3
DETAILS OF TREASURY RECEIPTS
On basis of daily statements of United States Treasury
Income taxes
Fiscal year
or month
Fiscal year:
1949
1950
1951
1951—May...
June...
July. . .
Aug. . . .
Sept
Oct
Nov....
Dec...
1952—Jan
Feb....
Mar...
Apr. . . .
May.. .
Withheld
by em-4 Other
ployers
9,842
10 073
13,535
2,038
1,123
726
Miscellaneous
internal
revenue
19.641
18 189
24,218
482
983
404
2,130
1,128 4,115
828
2S4
2.177
1,361 2,916
4
897 63,021
3,057 1,943
2,019 7,717
978 3,191
P3,005
Employ- Other
rement
taxes ceipts
Social
Net
Refunds Security reof
employ- ceipts
ment
receipts
taxes 5
Total
receipts
8,348 2,477 2,466 42,774
8.303 2,883 1,862 41,311
9,423 3,931 2,263 53,369
554
747
218 4,039
719
423
273 7,603
177
225 2,833
722
806
596
228 4 165
449
707
126 6.524
"•46
885
169 2,708
805
505
211 3 951
322
155 5.576
823
174
383 5,153
826
703
805
131 6.194
825
539
160 10,800
849
152 5,187
268
828
P585
197 4,688
5,065
780
On basis of reports by collectors of internal revenue
Deduct
549
2,838
2,160
2,107
359
234
88
55
57
41
30
31
52
195
455
612
403
1.690 38.246
2 106 $7,045
3,120 18,143
534 3,146
280 7,089
175 2,571
516 3,594
258 6,209
32 2 .635
400 3,521
266 5,279
147 4,953
446 5,553
460 9,886
252 4,323
476 3,809
Individual income
and old-age
insurance taxes
Withheld
Other
Corporation income and
profits
taxes
11,743
11 762
15,901
3.509
7,996
7,264
9,908
11.554
10 854
14,388
194
244
256
1,195
3,908
1,276
2,942
1,158
3,600
110
321
116
215
98
310
1,227
3,428
275
814
4,172
537
1,330
62,330
1,464
2,133
1,583
Estate
and
gift
taxes
Excise
and
other
miscel-
797
706
730
58
47
56
66
52
52
70
77
65
66
113
88
7 585
7 599
8,704
596
290
512
160
2.649
807
311
5,913
1,278
taxes
713
660
709
771
641
831
776
712
763
754
718
742
DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS
On basis of daily statements of United States Treasury
Budget expenditures
Fiscal year
or month
Fiscal year:
1949
1950
1951
1951—May
June
July
Aug
Sept.
Oct
Nov
Dec
1952—Jan
Feb
Mar.
Apr
May
Total
National
defense
40,057
40,167
44,633
4,517
5,969
4,739
5,087
5,163
5,483
5,178
5,627
5,455
5,105
5,704
6,016
5,659
12,158
12,346
19,964
2,396
2 ,496
2,930
3,040
2,628
3,166
3,015
3,070
3,414
3,155
3,425
3,775
P3,794
InterOther
military national Interest
ecosecurity
on
nomic
pro- 7
debt
aid
s
grams
647
663
1,901
256
290
210
304
262
6,278
4,941
3,854
368
642
232
252
188
Veterans
Administration
Trust and other accounts
Aid
to
agriculture
Social Security
accounts
Social TransSecur- fers
to
ity
trust Other
proReacgrams counts
ceipts
289
247
497
406
206
187
188
173
261 1,057
120
228
436
386
428
105
49
194
378
385
371
78
83
52
P85
121
88
158
214
201
277
P318
InExvest- pendi
ment? tures
Receipts
InExvest
pendi-nents 9 tures
916 4,164 3,722 1,479 2,252 1.992
5,339 6,789 2,656 1,110
832 1,646
5,750 6,043 2,984 1,375 1,383 4,682 4,293 1,028 3,114 2.376 -1,430 3,857
972 5,075 5,631 2,685 2,790 2,165
635 1,415
872
5,613 5,204
771
149
510
668
928
12"
424
1
266
91
23
163
166
105 (10)
403
570
346
261
433
383
92
1,557
317
205
480
114
117
293
264
40
67
128
232
433
-22
28
150
291
16C
104
556
919
222
41
419
526
-66
245
243
36
58
550
580
475
421
496
365
323
193
99
380
323
350
363
406
435
413
Other
142
689
350
172
P352
108
65
149
P78
87
92
64
398
669
330
78
71
78
50
99
486
595
371
556
P348
59
285
81
221
175
157
267
532
179
732
550
246
711
558
371
924
253
28?
278
326
319
320
318
305
19f
171
142
146
120
126
104
126
-58
-38
-8
189
46
14
3
-22
169
291
145
29
105
87
178
-122
1
Preliminary.
Excess of receipts ( +3) or expenditures (—).
Excludes items in process of collection.
For description, see Treasury Bulletin for September 1947 and subsequent issues.
* Prior to January 1952 represents income tax withheld, and employment taxes less amounts appropriated to Federa old-age and survivors
trust
fund;
beginning
with
January
1952,
employment
taxes withheld no longer separable.
insu ranee
5 r
hese are appropriated dire°tlv to the Federal old-age and survivors ins irance trust fund.
2
oad.
JUNE 1952
8
Includes State Department.
683
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department.
In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency i terns i
InvestComments
modiLoans ties,
supreceiv- plies, U. S.
and
Other
able
mate- Govt.
secu- 2
rials securities rities
Corporation or agency
Total
All agencies:
Mar. 31,
June 30,
Sept 30
Dec. 31,
1951
1951
1951
1951
.
.
.
Cash
. . . 25,104
25,188
25,668
26,744
Classification by agency,
Dec. 31, 1951
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Agricultural Marketing Act Revolving
Fund . . .
Federal Farm IVtortgage Corp
Rural Electrification Administration . .
Commodity Credit Corporation
Farmers' Home Administration *
Federal Croo Insurance Coro
715
649
659
931
13,496
13,504
13,906
14,422
26
423
633
500
720
56
2
36
1,815
2,350
589
35
26
1
786
838
2,324
1 360
1,296
8,397
2,162
2,185
2,236
2,226
3,467
3,474
3,472
3,463
2,951
2,999
3,025
3,358
43
7
107
(8)
1
249
200
(?)
285
(3)
1
724
2,289
4
5
19
73
32
14
4
(«)
1
14
144
225 9
276 4,036
594
1
3
63
129
(3)
(3)
(8)
1,353
(')
56
280
24
3
1,251
1
1 1,850
20
33
1
170
674
9
2
8
1
1
336
2
2
1
806
3
8
1,234 22,337
932 22,533
949 22,962
1,161 23,842
(3)
*608
29
(3)
1,247
1,378
1,399
1,369
11
1
36
3
70
46
19
29
34
43
549
659
854
882
(3)
51
43
2
34
18 1,740
10
780 1 174
436
128
31
Housing and Home Finance Agency:
Home Loan Bank Board:
1,095
Federal home loan banks
208
Federal Savings and Loan Insurance Corp..
1,948
Public Housing Administration
435
Federal Housing Administration
Office of the Administrator:
Federal National Mortgage Association... 1,865
89
Other
Reconstruction Finance Corporation:
Assets held for U. S Treasury 8
Other 7
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee Valley Authority
. .
All other 8
1,764
1,719
1,515
1,461
Bonds, notes,
U. S. Priand debenGov- vately
Land,
tures payable
ern- owned
struc- Other
Other
ment
tures,
interasliabilinterand
Fully
est
ities
est
equip- sets guarment
anteed Other
by
U. S.
1,048
323
3,385
4
301
39
27
38
55
2
35
1,814
2 010
588
32
268
5
203
13 1,935
206
190
525
268
315
322
329
302
3 1,862
88
1
57
40
35
7
9
233
68
57
78
38
72
786
770
2,267
1 282
1,259
8,325
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Dec. 31, 1951
Purpose of loan
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Foreign loans
. .
Other
Less' Reserve losses
Total loans receivable ( n e t ) . . .
Fed.
Fed. inter- Banks
Farm medi- for coMort. ate operaCorp. credit tives
banks
34
633
425
Com- Rural
Elecmodity trificaCredit
tion
Corp. Adm.
782
1,742
Fed.
Farm- Nation- Public Fed.
ers'
al
Hous- home
Home Morting
loan
Adm. gage
Adm. banks
Assn.
539
1,850
Recon- Exstruc- porttion
ImFiport
nance Bank
Corp.
123
«
99
417
(3)
All
other
Sept. 30,
1951,
All
all
agen- agencies
cies
6 4,161
169 2,142
2
72
3,896
1,981
101
488
104
494
8
814
64 2,296 »3,750 6,110
61
109
779
46
7
10
173
6,133
720
178
725 2,289 4,099 14,422
13,906
(3)
806
34
633
2
3
2
103
423
780
1,740
436
609
1
1,850
608
806
755
1
2
Assets are shown on a net basis, i. e., after reserve for losses.
Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction
and 8Development and its subscription
of 2,750 million to the International Monetary Fund.
4
Less than $500,000,
Includes Disaster Loans, etc., Revolving Fund.
8
Debit balance of less than $500,000.
6
Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the
Treasury
for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress.
7
Includes figures for Smaller War Plants Corp., which is being liquidated by the Reconstruction Finance Corp.
8
Figures for two small agencies are for dates other than Dec. 31.
» Repayment of 44 million dollars on Treasury loan of 3,750 million to United Kingdom was covered into the U. S. Treasury on Jan. 8, 1952.
NOTE.—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recent
years has been affected by (1) the adoption of a new reporting form and the substitution of quarterly for monthly reports beginning Sept. 30,
1944, and (2) the exclusion of figures for the U. S. Maritime Commission beginning June 30, 1948. For back figures see earlier issues of the
BULLETIN and Banking and Monetary Statistics, Table 152, p. 517.
684
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) 2
1947-49=100
Industrial production
(physical volume)* *
1935-39 = 100
Manufactures
Year or month
Total
Durable
Nondurable
Minerals
Total
Residential
Employment and payrolls 8
1947-49=100
All
other
Nonagricultural
employment
DepartWholeConFreight ment
sale
carload- sales sumers'3 comManufacturing
ings*
prices
modity
(val- 1935-39 prices 8
production workers 1935-39 ue)**
•=100 1947-49 = 100 1947-49
= 100
= 100
EmployPayrolls
ment
AdAd- Unad- Unad- AdAdAdAd- Unad- AdAdAdAdjusted justed justed j u s t e d justed justed justed justed justed justed justed justed justed
Adjusted
Unadjusted
Unadjusted
72
75
58
73
88
82
90
84
93
53
81
103
95
107
62
60
57
67
72
69
76
71
83
66
71
98
89
92
34
34
30
43
45
51
66
26
18
27
41
49
57
75
39
45
32
43
42
46
59
61.6
62.2
55.4
58.7
64.6
63.8
65.5
68.7
69.0
52.8
58.4
66.9
62.1
64.2
31.1
37.1
24.0
25.7
32.6
30.4
32.1
120
129
110
121
142
139
146
27
32
30
30
34
34
36
123
143
127
119
121
122
125
8
3
7
7
9
2
4
96
95
99
110
91
114
107
117
132
98
79
83
85
93
84
100
100
99
107
93
69
69
73
63
49
73
71
76
52
30
67
68
70
70
62
67.9
68.2
68.3
71.3
67.0
65.5
64.1
64.2
68.3
59.5
33.0
32.4
32.8
35.0
28.3
152
147
148
152
131
37
37
37
38
35
126
124
122
122
119
4
0
6
5
4
65
62
62
61
56
0
0
9
9
1
1931
1932
1933
1934
1935
75
58
69
75
87
67
41
54
65
83
79
70
79
81
90
80
67
76
80
86
34
15
14
17
20
22
8
13
41
20
18
24
25
60.6
53.7
53.9
59.0
61.6
50.2
42.6
47.2
55.1
58.8
21.5
14.8
15.9
20.4
23.5
105
78
82
89
92
32
24
24
27
29
108
97
92
95
98
7
6
4
7
1
47
42
42
48
52
4
1
8
7
0
1936
1937
1938
1939
1940
103
113
89
109
125
108
122
78
109
139
100
106
95
109
115
99
112
97
106
117
30
32
35
39
44
22
25
27
37
43
35
36
40
40
44
66.2
70.6
66.4
69.6
73.6
63.9
70.1
59.6
66.2
71.2
27.2
32.6
25.3
29.9
34.0
107
111
89
101
109
33
35
32
35
37
99
102
100
99
100
1
7
8
4
2
52
56
51
50
51
5
1
1
1
1
1941
1942
1943
1944
1945
162
199
239
235
203
201
279
360
353
274
142
158
176
171
166
125
129
132
140
137
66
89
37
22
36
54
49
24
10
16
74
116
45
30
50
83.1
91.2
96.6
95.3
92.1
87.9 49.3
103.9 72.2
121.4 99.0
118.1 102.8
104.0 87.8
130
138
137
140
135
44
50
56
62
70
105
116
123
125
128
2
6
7
7
6
56
64
67
67
68
8
2
0
6
8
1946 .
1947
1948
1949 . .
1950
1951
170
187
192
176
200
220
192
220
225
202
237
273
165
172
177
168
187
194
134
149
155
135
148
164
82
84
102
113
159
171
87
86
98
116
185
170
79
83
105
111
142
172
95.1
99.6
101.6
98.8
101.4
106.6
97.9 81.2
103.4 97.7
102.8 105.1
93.8 97.2
99.2 111.2
105.4 129.2
132
143
138
116
128
134
90
98
104
98
105
109
139
159
171
170
171
185
5
6
9
2
9
6
78
96
104
99
103
114
7
4
4
2
1
8
212
247
195
194
196
195
197
159
178
218
171
179
117.9
120.5
124.3
124.0
127.4
114
163
177
103.5
105.2
106.2
105.5
105.6
135
160
157
152 103.2 102.7
153 103.8 103.3
149 104.3 104.5
159 104.5 104.4
176 104.8 104.7
173 4
174.6
175 6
176.4
178 8
105 2
107.1
107 7
109.3
112 1
164
158
158
178
173
163
188
187
176
164
165
165
156
165
167
174
17C
199
193
200
162
156
147
140
156
170
166
174
179
176
168
160
146
282
201
201
199
198
198
197
187
193
192
188
188
185
166
145
171 105.2 105.8 105.2
164 105.9 106.8 106.6
154 106.3 106.9 106.6
219 106.6 107.1 106.0
211 106.8 106.8 105.0
217 107.1 106.8 105.6
150 107.1 106.0 104.2
143 107.0 104.8 105.7
133 106.8 103.9 105.8
127 106.6 103.4 105.1
162 106.8 103.3 104.3
180 107.1 103.5 104.4
181.5
183.8
184 5
184 6
185.4
185 2
185.5
185.5
186 6
187.4
188 6
189.1
115.0
116.5
116 5
116 3
115.9
115 1
114.2
113 7
113 4
113.7
113 6
113.5
282
283
283
P276
«275
189
190
188
J>184
182
167
167
163
161
156
164
142
163
174
170
186
173 106.8 1 0 3 . 6 103.2
152 107.0 103.7 103.5
157 106.9 103.5 103.4
159 P106.8 P103.7 P102.6
189 1
187.9
188.0
188.7
113 0
112.5
112.3
111.9
1919
1920
1921
1922
1923
1924
1925
. . . .
. .
1926
1927
1928 .
1929
1930
1950
August
...
September
October . . .
November
December..
1951
January
February
March
April
May
June . .
July
August
September
October
November .
December
209
.
211
216
216
220
215
218
215
216
260
268
221
221
222
216
217
219
268
271
277
223
222
221
212
217
218
218
219
222
223
223
214
220
223
222
220
••218
217
279
276
274
265
267
271
274
277
221
217
218
217
P214
«215
1952
January
February
March
April
May
222
P2\6
<214
251
261
r
163
166
163
161
172
160
7
7
200
177
134
137
108
103
136
140
103
110
126.8
128.5
130.0
129.5
128.1
129.8
126.4
128.4
130.9
129.8
129.8
132.9
146
129
139
125
115
105
136
133
131
125
133
133
135
137
104
104
105
105
109
107
108
112
130.4
130.9
131.2
*>128.4
141
136
133
126
122
108
106
105
P103
107
133
109
e
T
Estimated; all estimates are those of the Federal Reserve.
P Preliminary.
Revised.
*1 Average per working day.
For indexes by groups or industries, see pp. 686-689.
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. 693.
3 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of
the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumers' price index is the adjusted series, reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January
1950, interim revision of series and weights.
* For indexes by Federal Reserve districts and for other department store data, see pp. 696-698.
Back figures in BULLETIN.—For industrial production, August 1940, p p . 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for department store sales, December 1951, pp. 1490-1515.
JUNE
1952
685-
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1935-39 average =100]
1952
1951
Industry
Apr. M a y
June July Aug. Sept. Oct.
Nov. Dec. Jan. Feb.
Mar. Apr.
Industrial Production—Total
223
222
221
212
217
218
218
219
218
221
222
220
Manufactures—Total
234
233
231
222
226
228
226
228
228
231
232
230 P225
283
283 P276
260
262 P245
Durable Manufactures
Iron and Steel1
. .
Pig iron
Steel
Open hearth
Electric
279
276
274
265
267
271
274
277
282 ••282
264
263
261
253
254
258
261
261
263
261
231
234
235
230
230
231
235
232
227
301
301
296
293
291
298
304
307
304
219
911
229
304
218
913
359
218
891
217
897
213
884
215
850
208
881
213
902
217
921
216
954
Machinery
337
336
338
328
328
336
340
347
358
Transportation Equipment
311
310
307
293
305
311
311
313
320 '318
255
248
238
216
223
226
223
216
221
Automobiles (including parts)
(Aircraft; Railroad Equipment;
Shipbuilding—Private
and Government) 2
r
r
235
304
221
892
239
309
225
911
358
357
320
322
r
P216
205
278
196
855
P349
218
'217
P327
217 P226
211
206
205
199
197
196
201
209
207
216
217
218 P217
Smelting and refining
(Copper smelting; Lead refining; Zinc smelting;
227
227
226
226
213
214
230
235
235
243
249
252 P260
Fabricating
.
. .
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
consumption)2
. .
204
197
197
188
191
190
190
198
196
206
204
204
P200
170
163
153
141
146
146
149
157
154
159
162
158
P153
162
185
158
173
147
164
131
160
137
165
135
167
138
171
149
172
141
178
150
175
154
r
177
149
175
143
P172
247
236
239
237
228
228
219
212
219
217
224
222 P221
270
242
250
260
234
232
214
199
208
'210
257
231
184
269
235
184
285
226
177
249
222
176
246
219
173
222
217
172
204
219
173
216
242
172
223
233
182
224
239
257
r
177
224 P226
292
243
189
Nonferrous Metals and Products
Lumber and Products
Lumber
Furniture
Stone, Clay, and Glass Products
Glass products
Glass containers
Cement
Clay products
Other stone and clay products2
Nondurable Manufactures
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 2 . . .
Wool textiles
Carpet wool consumption
Apparel wool consumption
Wool and worsted yarn . . . .
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
Manufactured Food Products
Wheat flour
Cane sugar meltings 2
Manufactured dairy products
Butter
Cheese
Ice cream 2
239
244
176
242
238
P175
198
198
197
187
193
192
188
188
185
189
190
188 P184
185
190
185
160
170
163
154
157
152
157
160
152 P145
142
165
169
164
138
150
145
139
139
153
380
164
377
157
378
123
379
145
360
142
334
140
293
144
289
136
283
144
296
146
150
294
141
288
146
131
144
101
137
87
100
27
115
58
114
63
114
86
120
94
118
99
116
120
112
123
121
115
112
122
133
122
120
116
158
140
116
174
159
106
97
110
78
87
69
112
163
141
120
171
153
135
119
157
163
159
97
99
117
105
92
123
132
117
108
130
124
135
85
99
132
117
108
129
132
100
119
114
108
142
137
110 ••116
109 ' 1 1 7
108 114
109
r
110
108
103
133
131
126
120
126
114
126
91
89
88
100
107
108
123
126
119
113
88
89
75
81
84
80
78
79
86
90
86
104
56
80
109
51
73
91
42
58
99
44
65
104
51
56
96
51
53
94
51
53
91
59
60
98
64
70
101
73
72
98
68
69
55
103
50
106
168
167
108
109
147
74
177
156
148
72
174
164
54
92
56
110
165
164
166
167
163
160
103
107
108
107
109
115
150
75
183
168
150
148
77
180
169
77
173
160
143
72
165
138
140
71
163
126
137
64
158
118
64
111
67
98
69
97
130
282
74
118
72
122
160 '162
165
165 P162
109
122
113
103 P107
136
62
161
119
137
65
165
118
138
66
163
120
142
71
169
133
71
94
71
110
146
73
181
149
r
P Preliminary.
Revised.
Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods
may 2be obtained from the Division of Research and Statistics.
Series included in total and group indexes but not available for publication separately.
* Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer
available separately. Individual indexes through June 1951 are shown in preceding BULLETINS.
1
686
FEDERAL RESERVE
BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers , 1935-39 average =100]
1952
1951
Industry
Apr.
Manufactured Food
Products—Continued
.
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products .
.
Alcoholic Beverages
M a l t liquor
Whiskey
...
Other distilled spirits
Rectified liquors
.
. .
Paper and Paper Products
Pettoltum and Coal Products
. •
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other Detroleum Droducts *
Coke
By-product coke
Beehive coke
...
Chemical Products
Paints
Rayon
Industrial chemicals
Rubber Products
Fuels
Coal
Bituminous coal
Anthracite
Crude petroleum .
...
Metals
Metals other than gold and silver
.
. .
...
177
185
98
114
252
123
239
127
259
176
176
166
132
186
139
140
188
152
136
189
173
163
127
187
173
147
127
188
174
169
175
160
130
186
187
179
178
175
178
161
157
118
706
148
117
560
163
78
474
197
165
51
174
155
104
604
174
172
171
64
115
233
66
225
57
212
208
190
204
200
241
233
115
183
230
137
78
248
66
105
239
168
205
143
106
75
174
171
170
157
154
180
178
185
76
265
86
262
292
85
253
73
336
171
68
292
208
62
298
205
358
256
247
224
172
119
186
207
170
121
180
204
177
128
167
204
165
129
168
130
183
176
171
166
171
166
163
255
263
263
193
204
189
207
210
191
150
194
147
175
174
184
87
204
108
105
244
60
67
244
68
109
243
59
110
259
62
184
187
193
192
185
182
223
116
94
261
185
229
189
188
237
114
241
181
228
110
95
269
174
202
187
235
112
95
216
185
192
200
180
190
210
180
129
127
184
125
174
179
177
166
164
167
262
265
212
211
215
194
213
195
213
209
200
205
209
208
187
187
221
193
201
185
178
433
186
178
456
476
183
178
388
296
298
302
164
160
377
532
378
538
161
385
548
238
247
251
179
165
278
180
111
95
271
178
197
176
205
191
188
179
191
181
181
99
279
181
209
177
177
175
163
164
164
281
280
n64
211
238
212
242
P205
P218
188
243
177
175
174
175
165
163
158
159
266
269
276
281
281
214
212
214
200
214
226
196
230
215
234
192
185
192
224
r
208
188
188
'204
179
179
464
179 M97
459 '420
329
296
294
P295
'156
r
?99
r
560
155
P154
457
185
178
452
177
467
185
178
456
305
306
301
298
299
298
r
167
392
165
393
158
358
158
331
557
560
563
158
317
563
r
554
156
346
556
l59
'32 2
r
562
243
243
245
239
245
250
r
r
156
165
167
174
170
163
300
175
270 P265
563 P567
243
245 P239
167
167
163
170 P169
199
111
122
68
199
P198
r
128
125
vl37
182
116
248
167
168
169
160
171
172
179
178
170
175
174
120
118
126
83
97
105
66
192
123
125
137
79
138
141
125
135
86
193
136
147
123
135
192
123
133
86
191
140
151
145
132
199
216
209
54
77
56
76
52
73
134
77
194
178
210
227
183
223
185
178
411
179
189
190
131
128
191
184
176
129
214
117
99
284
180
205
186
186
161
122
195
177
123
187
216
154
176
271
185
213
P181
225
265
183
224
196
183
173
73
327
193
192
234
137
176
217
P139
176
189
193
150
188
191
195
85
171 P168
135
44
198
253
85
165
207
135
79
79
134
143
185
196
99
••170
179
230
141
81
145
70
132
93
182
228
153
84
'•184
235
130
97
273
185
213
269
141
84
183
197
228
163
200
149
73
274
165
124
196
284
99
198
129
262
84
198
235
123
88
275
133
64
191
...
183
74
177
164
Minerals—Total
161
109
64
194
Newsprint consumption
492
223
164
70
335
332
99
65
116
100
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
178
110
214
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate and sulphite pulp 3
Paper
Paperboard
184
157
104
Cigars
Cigarettes
Other tobacco products
'169
'128
168
221
126
177
Tobacco Products
168
123
183
166
121
136
183
152
187
126
107
70
162
207
128
59
145
188
110
95
66
128
. .
69
162
193
145
87
80
149
181
134
79
52
163
208
134
79
M e a t packing
Pork and lard
Beef
Veal
L a m b and mutton
Gold
Silver ..
May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
147
195
104
199
152
99
196
134
137
144
122
122
187
194
200
212
175
174
rzi
mi
52
67
49
49
58
58
47
62
45
65
44
70
47
72
77
91
194
P164
110
119
74
47
76
For other footnotes see preceding page.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
JUNE
1952
687
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Federal Reserve index numbers, 1935-39 average =100]
1952
1951
Industry
Apr. M a y June July Aug. Sept. Oct.
Nov. Dec. Jan. Feb.
222
223
223
214
220
223
222
220
217
217
218
217
232
233
232
223
229
232
230
229
227
227
228
227 P223
278
277
276
266
269
273
276
277
280
279
280
281 P276
264
263
261
253
254
258
261
261
263
261
231
301
234
301
235
296
230
293
230
291
231
298
235
304
232
307
227
304
218
217
891
897
213
215
208
213
219
921
216
881
902
217
954
911
Machinery
337
336
338
328
328
336
340
347
358
Transportation Equipment
311
310
307
293
305
311
311
313
320
255
248
238
216
223
226
223
216
221 '218
Industrial
Production—Total
. .
Manufactures — Total
Durable Manufactures
Iron and Steell
Pig iron
Steel
Open hearth
Electric
Automobiles (including parts)
(Aircraft; Railroad
equipment; Shipbuilding—Private and
Government)1
.
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)8
Lumber and Products
Lumber
Furniture
Stone, Clay, and Glass Products
Glass p r o d u c t s
Glass c o n t a i n e r s
Cement
Clay products
O t h e r s t o n e a n d clay p r o d u c t s 2
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers ..
Sheep and lamb leathers
Shoes
Manufactured Food Products
Wheat flour
Cane sugar meltings 2
Manufactured dairy products
Butter
Cheese
Canned and dried milk
Ice cream
260
262 P245
229
304
235
304
239
309
218
221
913
892
225
359
358
318
r320
322 P327
mi
217 P226
r
911
205
278
196
855
357 P349
206
205
199
197
197
201
209
207
216
217
218 P217
227
227
225
225
213
214
230
236
235
243
249
252 P260
204
197
197
188
191
190
190
198
196
206
204
204
169
168
164
151
158
158
158
155
141
142
148
149 P153
161
185
165
173
163
164
146
160
154
165
153
167
151
171
146
172
122
178
125 133
175 177
135 143
175 M72
243
242
241
239
238
237
230
217
212
205
209
212 P218
270
292
255
275
242
248
266
251
273
241
259
236
251
200
206
197 '207 '218
201 219 232
224 P226
239 242
251
184
248
179
251
182
254
180
219
228
252
182
237
179
220
177
200
167
184
188
169
r
196
168
P200
226
P170
. . .
.
Textile fabrics
:.. .
Cotton consumption
Rayon deliveries
Nylon and silk consumption 2 .
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen and worsted yarn
Woolen yarn ..
Worsted yarn
Woolen and worsted cloth
Leather and Products
850
P214
211
231
183
Nondurable Manufactures
Textiles and Products
884
r
Mar. Apr.
.
.
....
195
197
197
188
197
199
193
191
185
184
186
184 P181
185
190
185
160
170
163
154
157
152
157
160
152 P145
165
153
380
169
164
377
164
157
378
138
123
379
150
145
360
145
142
334
139
140
293
142
144
289
137
136
283
142
144
296
146
150
294
139
141
288
146
144
101
163
141
137
100
115
114
114
131
158
140
112
116
120
174
159
87
153
135
119
27
117
105
92
171
163
157
159
106
97
98
123
124
83
97
110
75
89
68
112
88
104
54
78
59
103
86
105
52
74
50
106
71
86
42
57
50
92
152
159
165
176
103
104
99
106
153
75
196
93
221
104
233
228
259
232
184
176
58
132
117
63
132
117
108
108
130
135
129
132
94
122
120
99
121
115
118
116
122
108
116
112
108
109 1 2 0
126 126
114
114
113
123
126
126
133
119
131
120 133
110 116
109 117
123
110
108
103
91
91
88
100
109
108
80
83
96 102
47 «* 50
57
63
62
58
110 111
80
97
52
53
67
98
81
98
52
52
73
97
79
91
58
61
67
94
86
100
62
70
66
110
96
109
77
74
81
118
86
98
67
68
70
122
189
192
177
164
158 '151
149
148 P148
107
117
115
116
108
122
114
101 P103
221
94
215
85
169
69
128
61
98
49
95
49
221
196
194
164
169
127
146
102
119
85
116
92
86
54
97
58
98
100
120
86
119
114
130
282
122
95
134
108
116
64
1S2
131
152
75
189
168
r
P Preliminary.
Revised.
Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods
may 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 reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer
available separately. Individual indexes through June 1951 are shown in preceding BULLETINS.
1
688
FEDERAL RESERVE
BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Federal Reserve index numbers, 1935-39 average = 100]
1952
1951
Industry
Apr. M a y June July Aug. Sept. Oct.
Nov. Dec.
Jan.
Feb.
Mar. Apr.
195
264
141
79
68
193
253
148
81
85
175
223
140
74
86
165
214
128
76
83
152
188
127
78
77
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
.
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
Alcoholic Beverages
.
150
189
126
78
57
149
181
134
82
53
144
188
107
95
62
141
165
127
107
67
139
159
130
108
64
149
174
136
109
69
156
186
135
124
77
188
240
148
114
75
157
103
106
180
159
108
102
182
165
123
96
188
181
191
104
191
200
263
151
192
209
297
175
193
192
210
167
192
174
111
161
192
166
96
150
187
157
r
83
149
177
155
84
144
176
153
83
125
176
P150
175
180
191
190
179
193
197
178
154
145
152
155
155
169
179
195
204
188
166
143
139
142
151
155
159
118
424
117
336
104
374
78
275
51
266
70
459
76
686
86
549
85
278
73
219
73
196
68
190
P85
P174
148
174
174
197
223
332
358
292
225
150
193
208
162
62
179
205
167
172
178
167
190
188
191
198
137
176
167
164
174
104
105
115
98
114
123
127
129
109
231
66
239
65
245
67
236
256
75
269
47
267
86
108
105
265
71
87
188
53
244
66
229
66
226
59
241
62
215
212
209
196
196
196
191
183
187
194
192
186
205
201
199
191
191
187
181
185
190
188
243
128
100
234
124
99
235
124
88
182
228
122
78
189
226
116
93
232
122
99
233
121
97
236
119
95
230
116
95
238
119
99
242
125
99
181
230
121
95
284
199
274
195
275
193
269
175
265
183
271
185
273
185
278
180
223
117
94
261
175
271
178
279
182
284
180
269
174
253
256
247
217
224
216
213
205
191
197
209
205
202
194
226
172
122
186
207
170
122
180
208
177
129
167
196
165
126
185
196
168
128
192
200
180
129
190
212
180
127
188
179
184
126
191
175
181
125
192
193
177
123
191
191
176
129
189
190
178
131
186
188
161
124
188
179
170
155
166
180
181
183
178
170
175
180
180
181
172
161
143
147
168
173
178
166
148
159
171
174
255
263
263
262
265
266
269
276
281
281
281
280
P264
193
204
207
210
212
215
211
213
213
209
214
213
212
214
214
226
215
234
iii
238
212
242
210
227
P205
197
226
201
203
194
193
193
194
198
199
187
214
200
214
196
237
190
231
183
248
175
218
181
227
185
178
186
178
187
179
183
178
187
179
185
178
185
178
185
177
185
178
188
179
188
179
433
456
476
388
457
411
452
467
456
464
459
298
298
300
301
303
303
303
304
302
'302
165
377
532
165
378
538
165
385
548
165
392
554
163
393
557
157
358
560
156
346
556
157
331
563
158
317
563
Rubber Products
238
247
251
243
243
245
239
245
250
Minerals—Total
162
168
169
161
170
171
176
169
159
162
Fuels
167
168
169
160
171
172
179
178
170
120
133
64
191
118
126
83
192
123
133
86
191
97
105
66
192
123
134
77
194
125
137
79
195
138
147
104
199
141
152
99
196
125
135
86
193
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 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
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
(Copper: Lead; Zinc) 2
Gold
Silver
57
189
r
r
r
204
110
P218
197
179
175
420
329
r
r
299
298 P298
155
299
'560
155 P155
270 265
563
r
243
245
P239
162
158
P163
175
174
170 P169
136
147
91
194
123
135
77
199
111
122
68
199
156
322
562
r
248
129
166
171
166
167
166
163
115
89
184
231
248
365
256
392
247
384
250
403
246
388
240
354
160
185
117
94
116
94
121
98
91
48
78
49
76
48
70
50
66
54
57
56
59
55
62
50
65
46
70
45
73
43
77
119
74
89 P126
118
94
P223
For other footnotes see preceding page.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
JUNE 1952
OUTPUT OF MAJOR CONSUMER DURABLE GOODS
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1947-49 average =100]
1952
1951
Product group
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
Total
138
129
125
100
101
107
103
104
98
94
103
107
106
Passenger automobiles
144
140
140
111
112
115
108
104
93
79
98
107
113
Household goods, total
131
101
116
125
186
117
82
109
115
153
108
70
102
111
133
88
47
102
78
98
89
55
97
86
95
98
56
97
96
123
98
60
98
88
135
103
60
101
93
149
104
63
105
100
130
110
79
104
97
164
108
75
104
95
158
106
80
103
98
141
108
84
123
Carpets
Furniture
Major appliances
Radios and television
...
99
' Revised.
NOTE.—Figures for April are preliminary. For description see BULLETIN for October 1951, pp. 1235-1240. Tables of back data, including
unadjusted indexes for these series, and indexes for certain component series may be obtained from the Division of Administrative Services, Board
of Governors of the Federal Reserve System, Washington, D. C.
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
1952
1951
Industry group or industry
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Feb.
yin.
Mar.
Apr.
ADJUSTED FOR SEASONAL
VARIATION
Total
Durable goods
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery. ..
...
Transportation equipment
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products. .
Instruments and related products
Misc. manufacturing industries. .
Ordnance and accessories
Nondurable goods
Textile-mill products
. ..
Apparel and other finished textiles
Leather and leather products. . .
Food and kindred products
Tobacco manufactures.
Paper and allied products
Printing, publishing and allied
industries
Chemicals and allied products...
Products of petroleum and coal.
Rubber products
13 249 13 211 13 204 13 106 12 967 12 855 12 789 12,776 12 ,803 r\2 ,816 12 ,823 12 ,807 12 ,821
7,449 7 449 7 440 7,352 7 ,303 7 ,265 7,248 7,264 7 ,261 r7 ,256 r7 ,273 7 ,257 7 ,298
1,161 1,174 1,178 1,173 1 ,171 1 ,162 1,154 1,143 1 ,152 n ,156 1 ,154 1 ,147 1 ,152
805
801
711
1 ,211
1,248
1,261
1,205
1,234
730
284
480
729
283
477
712
287
470
794
1 ,263
712
1 ,235
699
290
460
226
382
44
5 590
1 , 147
227
373
47
229
370
50
230
374
52
5 541
1,133
5,512
1,121
5 ,542
1 , 124
r\
985
317
998
319
\ 020
r\
1,158
1,132
'325
1 ,133
512
533
197
213
514
531
196
215
512
527
197
215
855
859
852
834
1,233
1,236
1,246
1,247
1,243
1,233
1,237
1,187
763
319
483
764
309
484
765
295
485
748
296
485
220
424
30
222
422
32
223
417
34
229
410
38
5 800
1,214
5 762
1,212
5 764
1,205
5 754
1,203
1,063
'357
1,191
1,045
'345
1,184
1,047
'351
1,177
1,053
'341
1,170
\ ,032
'336
1 ,154
\ ,007
'321
1 ,148
513
538
196
219
513
539
195
223
512
544
197
223
512
548
196
224
514
542
194
220
515
540
194
218
718
82
427
714
80
426
708
80
428
705
80
427
829
1 ,221
714
1 ,198
736
289
482
226
396
41
5 664
,170
81
421
810
1 ,225
82
418
700
82
411
707
79
407
797
796
' 1 ,275
n r,276
719
718
n ,235 n ,246
'667
'682
800
1 ,268
708
1 ,274
674
295
454
292
290
••457
'450
231
'231
374
55
230
375
56
'5 ,550
1 , 104
5 ,550
1 , 100
235
381
57
5 523
095
r\
,021
'335
1 ,019
\ ,004
82
1 ,160
81
'403
'403
1 ,161
81
402
1 ,147
83
398
r
510
'508
216
'214
511
529
197
215
510
534
199
215
'374
54
'5 560
, 120
,029
'330
1 ,144
83
406
797
1 ,264
715
1 ,253
677
293
450
r
529
195
531
195
'335
'338
WITHOUT SEASONAL ADJUSTMENT
Total
Durable goods
Primary Metal Industries
Blast furnaces, steel works
and rolling mills
Fabricated Metal Products
Machinery except Electrical
Metalworking machinery...
Electrical Machinery
Electrical apparatus (generating, etc.)
Communication equipment.
Transportation
Equipment
....
13,108 12,993 13,064 12,885 13 ,069 13 ,087 12,997 12,904 12 ,911 r 12 ,766 '12 ,808 12 ,791 12 ,696
7,445 7,406 7,409 7,226 7 ,261 7 ,279 7,296 7,314 7 ,322 r7 264 r7 ,294 7 ,292 7 ,296
1,172
1,155
1 ,162
1 ,165
1 ,164 rl ,162
1 ,160
1 ,153
1 ,152
1,162
1,161
1,160
1,149
562
859
572
813
575
817
573
810
1,252
1,235
1 ,219
231
707
227
718
228
707
233
704
232
684
266
262
270
247
275
241
271
230
272
239
273
247
1 ,198
1 ,211
675
357
754
449
285
195
484
224
388
41
679
360
745
443
285
196
482
226
388
44
1,243
Stone Clay, and Glass Products..
Instruments and Related Products.
Misc. Manufacturing
Industries..
Ordnance and Accessories
572
843
1 ,209
225
696
1,239
Motor vehicles and equipment
.
Aircraft and parts
Lumber and Wood Products
Sawmills and planing mills..
Furniture and Fixtures
565
850
774
309
752
443
317
227
483
221
422
30
1,242
1,233
752
318
764
449
301
211
484
222
409
32
1,237
738
333
773
456
286
197
485
223
400
34
1,187
684
347
748
443
284
196
478
221
383
38
570
809
1,242
558
805
1,255
232
707
241
718
1 ,269
245
726
265
258
266
268
271
272
1,205
667
362
740
439
289
201
479
228
390
47
1,234
655
395
719
428
294
206
472
230
388
50
r
57O
'570
804
805
566
805
rl ,276
'247
*725
1 ,281
248
726
1 ,277
248
722
273
271
275
273
272
273
l ,246
1 ,253
'630
630
427
667
398
296
209
450
232
381
56
573
806
1 ,235
645
407
696
412
296
208
465
232
381
52
r
l ,235
r
633
r
424
415
r
654
'391
r
665
'396
296
208
296
208
*452
232
'374
54
r
448
'232
380
55
804
1 ,274
708
1 ,274
664
294
454
236
379
57
For footnotes see following page.
690
FEDERAL RESERVE BULLETIN
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
1952
1951
Industry group or industry
Nondurable goods
Textile-mill Products
Broad-woven fabric mills...
Knitting mills
Apparel and Other Finished Textiles
Men's and boys' furnishings.
Women's and misses' outerwear
Leather
and
Leather
Products....
Footwear (except rubber)...
Food and Kindred Products
Meat products
Canning and preserving... .
Bakery products
Tobacco Manufactures
Paper and Allied Products
Pulp, paper and paperboard
mills
Printing, Publishing and Allied
Industries
Newspapers
Commercial printing
Chemicals and Allied Products...
Industrial organic chemicals.
Products%of Petroleum and Coal..
Petroleum refining
Rubber Products
Aug.
Sept.
Mar.
Apr,
5,589 '5,502 '5,514
1,141 r1,131 *1,121
548
'525
'540
211
'210
••209
5,499
1,111
516
210
5,400
1,095
1,008
233
1,035 '1,029 r1,052
'232
235
'228
279
317
198
1,160
246
145
192
85
411
296
323
205
1,122
252
120
190
85
410
1,050
238
305
343
222
1,058
240
104
186
78
404
212
212
212
211
210
210
517
153
169
544
172
197
154
215
519
154
170
542
173
197
154
219
520
155
171
538
171
196
155
219
r510
151
••170
536
170
193
153
r218
152
'167
537
'169
193
153
'2/5
508
152
167
537
168
194
152
216
Apr.
May
June
July
Oct.
Nov.
5,663
1,214
567
230
5,587
1,206
574
222
5,655
1,205
588
216
5,659
1,167
574
210
5,808
1,152
561
212
5,808
1,136
551
205
5,701
1,133
546
209
5,590
1,132
544
209
1,047
261
1,000
245
990
233
1,047
238
1,037
239
267
353
225
1,085
229
128
190
76
427
998
253
249
331
210
1,099
229
137
190
74
424
255
344
222
1,146
233
154
192
76
426
271
336
215
1,225
236
226
192
75
418
295
343
221
1,307
233
305
192
84
419
284
327
208
1,330
235
330
193
89
416
1,019
238
270
320
201
1,254
236
238
195
89
413
212
213
215
214
215
214
510
151
168
538
168
194
150
219
510
152
168
531
170
194
151
220
512
152
169
528
172
198
154
220
507
151
167
526
172
198
154
217
509
151
166
531
174
198
154
218
515
153
167
543
175
197
154
218
Dec,
Jan.
Feb.
308
300
342
330
221
213
r
l, 068 ' 1,061
244
246
106
106
187
187
80
82
r
405
335
1,052
77
398
507
534
197
216
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group
Total
Durable goods.
1951
1951
1952
Average hourly earnings
(dollars per hour)
Average hours worked
(per week)
1952
Apr.
Feb.
Mar.
Apr.
Apr.
Feb.
Mar.
64.70
1951
Apr.
Apr
1952
Feb.
Mar.
Apr.
'66.91
67.19
66.24
41.0
'40.7
40.6
40.0
1.578
'1.644
1.655
1.656
69.68 '72.18
72.55
71.84
42.0
'41.7
41.6
41.1
1.659
'1.731
1.744
1.748
Primary metal industries. . .
Fabricated metal products. .
Machinery except electrical.
Electrical machinery
Transportation equipment. .
75.70
69.51
76.78
65.58
74.81
'76.40
'71.39
'79.52
'69.97
'78.77
76.51
71.69
80.08
70.00
79.68
74.01
70.73
78.40
69.32
80.02
42.1
42.0
43.9
41.3
40.9
'41.5
'41.8
43.5
'41.6
41.2
41.4
41.8
43.5
41.3
41.2
40.2
41.1
42.7
40.8
41.1
1.798
1.655
1.749
1.588
1.829
'1.841
'1.708
'1.828
'1.682
'1.912
1.848
1.715
1.841
1.695
1.934
1.841
1.721
1.836
1.699
1.947
Lumber and wood products
,
Furniture and fixtures
,
Stone, clay, and glass products
,
Instruments and related products
Miscellaneous manufacturing industries
Ordnance and accessories
58.95
56.96
65.09
68.55
58.03
70.97
'58.77
'60.51
'65.31
'71.02
'60.41
'78.50
59.27
60.67
65.72
71.09
60.32
78.99
60.17
59.98
65.57
70.38
58.88
77.00
41.4
'40.5
'41.7
41.0
'41.9
40.9
44.6
40.4
41.3
41.0
41.6
40.7
44.4
40.3
41.0
40.8
41.4
39.7
43.5
1.424
1.386
1.546
1.613
1.405
1.662
'1.451
1.451
'1.593
'1.695
'1.477
'1.760
1.467
1.469
1.603
1.709
1.482
1.779
1.493
1.463
1.607
1.700
1.483
1.770
42.5
58.16
'59.97
60.09
58.71
39.7
'39.4
39.3
38.5
1.465
1.522
1.529
1.525
Textile-mill products
Apparel and other finished products....
Leather and leather products
Food and kindred products
Tobacco manufactures
52.87
44.97
46.65
59.66
42.58
'52.30
'47.32
'50.31
'63.38
'43.64
51.32
47.09
50.50
63.30
43.88
50.00
43.37
48.60
62.92
41.57
39.9
36.5
36.5
41.2
36.8
38.1
36.7
38.7
41.0
36.6
37.4
35.0
37.1
40.7
34.9
1.325
1.232
1.278
1.448
1.157
1.348
'1.293
'1.300
'1.531
'1.186
1.347
1.283
1.305
1.544
1.199
1.337
1.239
1.310
1.546
1.191
Paper and allied products
Printing, publishing and allied products.
Chemicals and allied products
Products of petroleum and coal
Rubber products
66.38
75.78
67.84
81.33
65.96
'66.44
'77.73
'68.56
'81.69
'73.71
67.31
79.28
69.09
81.81
73.81
65.60
78.07
69.26
81.65
71.04
43.7
38.9
41.8
41.2
40.0
'38.8
'36.6
r38.7
41.4
36.8
'42.4
'38.5
41.3
'40.6
40.7
42.6
38.9
41.3
40.6
40.8
41.6
38.4
41.2
40.6
39.6
1.519
1.948
1.623
1.974
1.649
'1.567
'2.019
'1.660
'2,012
'1.811
1.580
2.038
1.673
2.015
1.809
1.577
2.033
1.681
2.011
1.794
Nondurable goods.
r
Revised.
NOTE.—Data are for production and related workers.
of Labor Statistics.
JUNE 1952
Figures for April 1952 are preliminary,
Back data are available from the Bureau
691
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve.. In thousands of persons]
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal
State, and
local
government
1,094
1,132
1,661
1,982
2,165
2,156
2,318
2,569
3,798
3,872
4,023
4,122
4,151
3,977
4,010
4,144
7,260
7,522
8,602
9,196
9,491
9,438
9,524
9,804
1,374
1,394
1,586
1,641
1,716
1,763
1,812
1,883
3,934
4,055
4,621
4,786
4,799
4,782
4,761
4,759
6,026
5,967
5,607
5,454
5,613
5,811
5,910
6,390
912
914
916
916
2,574
2,572
2,558
2,574
2,601
2,587
2,630
2,581
2,569
4,153
4,140
4,132
4,134
4,143
4,157
4,173
4,169
4,161
9,773
9,821
9,857
9,837
9,822
9,791
9,770
9,827
9,893
1,856
1,865
1,874
1,880
1,895
1,908
1,917
1,926
1,931
4,745
4,765
4,787
4,780
4,791
4.783
4,746
4,758
4,749
6,294
6,347
6,398
6,472
6,496
6,526
6,517
6,544
6,578
'15,830
15,867
15,861
15,886
916
'912
906
902
'2,545
'2,596
2,531
2,519
'4,139
'4,144
4,152
4,136
'9,852
'9,863
9,858
9,813
'1,919
1,929
1,936
1,939
'4,742
'4,737
4,729
4,750
6,528
6,538
6,543
6,554
45,998
46,226
46,567
46,432
46,724
46,956
46,902
46,852
47,663
15,955
15,853
15,956
15,813
16,008
16,039
15,965
15,890
15,913
911
915
927
906
922
917
917
917
916
2,471
2,598
2,686
2,754
2,809
2,768
2,761
2,633
2,518
4,132
4,137
4,161
4,176
4,190
4,178
4,166
4,165
4,161
9,627
9,683
9,732
9,667
9,641
9,781
9,893
10,109
10,660
1.865
1,874
1,893
1,908
1,914
1,898
1,898
1,907
1,912
4,745
4,789
4,835
4,852
4,839
4,831
4,770
4,734
4,702
6,292
6,377
6,377
6,356
6,401
6,544
6,532
6,497
6,881
'45,913
'45,891
45,964
46,246
'15,776
'15,849
15,836
15,754
909
'903
899
899
'2,316
'2,310
2,303
2,418
'4,103
'4,108
4,116
4,116
'9,720
'9,646
9,664
9,809
1,909
1,919
1,936
1 949
'4,671
'4,666
4,682
4,750
6,509
6,490
6,528
6,551
Total
Manufacturing
41,480
40,069
41,412
43,371
44,201
43,006
44,124
46,401
17,111
15,302
14,461
15,247
15,286
14,146
14,884
15,931
September
October
November
December . .
46,411
46,507
46,626
46,602
46,555
46,465
46,415
46,482
46,608
16,102
16,081
16,097
16,026
15,893
15,801
15,748
15,761
15,811
1952—Tanuary . .
February
March...
April
'46,471
'46,586
46,516
46,499
Year or month
1944
1945
1946
1947
1948
1949
1950
1951
..
Mining
883
826
852
943
981
932
904
920
SEASONALLY ADJUSTED
1951—April
May
June
July
.
.
914
916
923
899
914
UNADJUSTED
1951—April
May
. . . .
July .
August
September
October
November
December
1952—January
February
March
April
' 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. April
1952 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning
January 1939 may be obtained from the Division of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.
Thousands of persons 14 years of age and over]
Civilian labor force
Year or month
1944
1945..
1946
1947
1948
1949
1950
1951
1951—April
June. .
July
September
October
November
December
1952—January
February
March
April
. . .
Total
civilian noninstitutional
population i
Employed *
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
93,220
94,090
103,070
106,018
107,175
108,156
109,284
108,976
54,630
53,860
57,520
60,168
61,442
62,105
63,099
62,884
53,960
52,820
55,250
58,027
59,378
58,710
59,957
61,005
45,010
44,240
46,930
49,761
51,405
50,684
52,450
53,951
8,950
8,580
8,320
8,266
7,973
8,026
7,507
7,054
1,040
2,270
2,142
2,064
3,395
3,142
1,879
38,590
40,230
45,550
45,850
45,733
46,051
46,181
46,092
108,879
108,832
108,836
108,856
108,896
108,956
109,064
109,122
109,200
61,789
62,803
63,783
64,382
64,208
63,186
63,452
63,164
62,688
60,044
61,193
61,803
62,526
62,630
61,580
61,836
61,336
61,014
53,400
53,753
53,768
54,618
54,942
54,054
54,168
54,314
54,636
6,645
7,440
8,035
7,908
7,688
7,526
7,668
7,022
6,378
1,744
1,609
1,980
1,856
1,578
1,606
1,616
1,828
1,674
47,092
46,029
45,053
44,474
44,688
45,770
45,612
45,958
46,512
109,260
109,274
109,274
109,328
61,780
61,838
61,518
61,744
59,726
59,752
59,714
60,132
53,540
53,688
53,702
53,720
6,186
6,064
6 012
6,412
2,054
2,086
1 804
1,612
47,480
47,436
47 756
47,584
670
1
The number of persons in the armed forces, previously included in the total noninstitutional population and total labor force items, is no
longer
available for reasons of security.
2
Includes self-employed, unpaid family, and domestic service workers.
NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available
from the Bureau of the Census.
692
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F . W. Dodge Corporation. Value of contracts in millions of dollars]
Nonresidential building
Residential
building
Total
Month
Commercial
Educational
1952
1951
1951
110.1
61.0
120.2
121.1
101.8
78.8
106.3
60 6
65.4
75 4
65.5
80.0
68.8
48.4
43.1
Factories
1951
January
February
March
April
May
June .
July
August
September
October
November..
December
.
1952
1951
1952
420.9
531.1
574.6
590.8
661.1
545.2
548.1
567.6
479.7
496.2
443.9
346.1
337.7
396.4
592.7
1,045.2 902.1
1,140.5 885.2
1,271.0 1,321.3
1,375.0
2,573.0
1,439.4
1,422.7
1,265.8
1,096.0
1,072.0
951.1
1,099.5
15,751.1
Year
1951
6,205.4
130.4
116.2
126.2
174.3
1,274 9
242.0
206 9
161.8
122.5
116.4
96.5
115.1
2,883.3
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
1951
731
Jan
780
Feb.. . .
Mar.. . . 1,300
Apr.. . . 1,350
May. . . 1,348
June... 1,345
July.... 1,420
Aug.. . . 1,549
1,287
Sept
1,136
Oct
1,087
Nov.
Dec.. . . 1,168
Year. 14,501
1952
98.1
104.2
118.7
84.6
81.0
128.4
103.5
123 2
128.1
150 1
127.9
98.5
94.5
79.0
136.0
1952
902
1,045
885
1,141
1,271 1,321
1,375 1,598
2,573
1,439
1,423
1,266
1,096
1,072
951
1,100
1950 1951 1952
201 306
285 332
481 418
354 456
389 1,474
428 583
460 636
438 486
364 318
308 310
320 326
381
1950
297
339
554
636
1951 1952
530 739
495 808
819 852
996 919
959 1,099
917 856
960 787
1,111
779
922 778
828 762
767 625
476
4,409 6,122
15,751
787
605
547
767
961
624
10,092 9,629
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title 1 loans
1947
1948
1949
1950
1951
1951—Apr. ..
May
June..
July...
Aug...
Sept...
Oct. . .
Nov...
Dec...
1952—Jan. . .
Feb....
Mar...
Apr. . .
1
2
Total
1951
1952
126.8
132.2
139.4
133.9
175 3
148.3
146 9
123 8
116.6
159.1
123.1
163.9
93.9
74.0
153.8
161.3
178.2
223.6
266.1
278 0
310.5
295 2
219.3
198.7
137.0
160.2
295.2
206.7
187.4
265.3
Prop- Small
erty home
conimprove-1 strucment tion
1,787
3,338
3,821
4 342
3,221
534
614
594
694
708
252
271
255
274
270
239
300
248
227
43
52
54
76
66
53
74
68
65
5 274
«211
6 207
6 242
88
64
61
64
(8)
7
13
< 7
29
1952
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago .
St. Louis
^Minneapolis
Kansas City
Dallas
Rental War and
and
Vetgroup erans'
houses housing
(Title (Title housing
(Title
ID
VI) 8
ID
family
Military
housing
(Title
VIII)
808
446
880
7
21
109
2
2
2
2
3
4
4
4
3
162
165
146
146
154
131
145
141
125
16
6
17
15
7
20
4
9
4
2
2
2
159
125
124
126
1,836
1,339
1 031
278
7
18
8
7
26
1951
Apr.
Mar.
84,710
293,921
101,983
139,772
145,786
176,809
207,782
180,415
51,174
74,846
140,319
61,959
220,869
62,868
121,483
132,814
181,819
190,559
102,236
45,015
60,802
140,830
51,954
203,685
81,649
148,474
160,898
143,661
242,321
76,264
49,804
67,548
148,733
1,597,517 1, 321,254
1,374,991
Apr.
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
1- to 4-
1,855
2,466
1,894
2,723.2
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
Mortgages
20
36
31
19
18
16
15
24
10
(3)
3
5
4
12
123
203
18
16
13
14
28
41
7
15
2
10
8
18
Net proceeds to borrowers.
Includes mortgages insured in connection with sale of Government
owned war3 housing and insured loans to finance the manufacture of
housing.
Less than $500,000.
4
Includes 6 million dollars of Class 3 loans (program terminated
Feb.
28,
1950)
and 1 million of Sec. 8 loans.
6
Includes defense housing as follows (in millions of dollars): January, 1; February, 0.3; March, 0.5.; April, 2.
NOTE.—Figures represent gross insurance written during the period
and do not take account of principal repayments on previously insured
loans. Figures include some reinsured mortgages, which are shown in
the month in which they were reported by FHA. Reinsured mortgages
on rental and group housing (Title II) are not necessarily shown in the
month in which reinsurance took place,
JUNE 1952
1952
1,689.2
1,334.6
Total (11 districts)
Year or
month
1951
Public ownership Private ownership
Total
1950
55.7
62.2
70.6
915.3
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
1952
Public works
and public
utilities
Other
End of month
Total
SavCom- Mutual ings
merand
sav- loan
cial
ings associbanks banks
ations
Insur- Fed2
ance
eral
com- agen- Other
panies cies 1
1936—D ec
1937—Dec
1938—Dec
1939—Dec
1940—D ec
1941—Dec
1942—Dec
1943—Dec
1944—Dec.
1945—Dec
365
771
228
430
8
27
56
110
1,199
1,793
2,409
3,107
3,620
3,626
3,399
3,156
634
902
1,162
1,465
1,669
1,705
1,590
1,506
38
71
130
186
236
256
260
263
41
118
5
32
27
53
149
192
224
254
276
292
269
253
212
342
542
789
1,032
1,134
1,072
1,000
77
153
201
234
245
79
68
13
90
133
150
179
163
159
140
122
1946—June
Dec
3,102
2,946
1,488
1,429
260
252
247
233
974
917
11
9
122
106
1947—June
Dec
2,860
2,871
1,386
1,379
245
244
229
232
889
899
8
7
102
110
1948—June
Dec
2,988
3,237
1,402
1,429
251
265
245
973
269 1,113
7
9
110
152
1949—June
Dec
3,894
4,751
1,587
1,771
305
378
323 1,431
416 1,828
21
52
227
305
1950_Dec
6,695
2,205
693
603
2,712
60
421
1951—June
Dec
7,556
8,212
2,412
903
2,554 1,072
658 3,115
689 3,453
44
71
423
373
1
The RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United
States Housing Corporation.
2
Includes mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the
Federal Housing Administration.
693
PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units]
Private
1939
1941
1945
1946
1947
1948
1949
1950
1951
Total
.
1951—May
June
July
August
September
October
November
December
1952—January
February
M^arch
April
May
Rural
nonfarm
Total
1family
Government-underwritten
Public
2family
Multifamily
Total
FHA
VA
515
706
209
671
849
932
1,025
1,396
1,091
359
434
134
404
480
525
589
828
595
156
272
75
267
369
407
436
568
496
458
620
208
663
846
914
989
1,352
1,020
373
533
185
590
740
763
792
1,151
892
20
28
9
24
34
46
35
42
40
66
58
15
48
72
104
162
159
88
57
87
1
8
3
18
36
44
71
158
220
47
152
440
393
466
686
413
158
220
41
69
229
291
361
486
264
6
83
211
102
105
200
149
101
133
91
89
96
90
75
61
55
85
46
46
49
44
39
31
46
48
45
43
47
46
36
29
98
90
87
88
95
89
72
60
86
79
76
78
81
80
64
51
3
3
3
3
4
3
3
2
9
8
8
8
10
6
6
6
3
42
4
1
1
1
2
1
47
37
34
32
30
32
27
23
32
24
22
21
20
20
18
14
15
13
12
11
10
12
9
9
J65
36
43
n.a.
n.a.
n.a.
29
35
n.a.
n.a.
n.a.
62
74
86
54
65
n.a.
n.a.
n.a.
3
3
n.a.
n.a.
n.a.
5
6
n.a.
n.a.
n.a.
3
3
12
23
16
17
19
26
n.a.
7
9
9
12
n.a.
78
P98
. . .
Urban
P108
P99
P99
p
8
>>J tO tO
30 00 ON
Year or month
n.a.
fig
Daseu on loans ciosea miormauon. wtner ngures are esumatea Dy rsurea
reported starts of public units, and a sample of places not issuing permits.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average = 100]
Monthly—unadjusted
Monthly—seasonally adjusted
Class
Annual
1951
1952
1951
1952
1950
1951
Apr.
Dec.
Jan.
Feb.
Mar.
Apr.
Apr.
Dec.
Jan.
Feb.
Mar.
Apr.
Total
128
134
136
133
141
136
133
126
133
123
128
126
124
123
Coal
Coke
Grain
Livestock
Forest products
Ore
Miscellaneous
Merchandise 1. c 1
117
180
135
68
141
172
140
53
121
208
143
69
150
205
147
48
112
197
158
68
156
212
151
51
127
206
143
68
144
235
142
44
133
203
146
67
155
256
151
46
120
192
140
72
146
277
149
49
111
196
139
66
141
257
149
47
103
166
130
73
142
212
141
46
112
193
139
61
156
193
149
51
127
216
135
65
128
73
134
43
133
214
146
64
139
64
138
44
120
203
137
57
140
69
140
47
111
198
128
53
141
75
142
48
103
163
115
65
142
195
139
47
NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-33. Based on daily average loadings. Basic data compiled by
Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission.
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports1
Merchandise imports 2
Excess of exports
Month
1952
January
February
March
April
May
June
July
August
September
October
November
December
741
764
860
804
830
877
779
762
911
906
977
1,065
January-March
2,365
974
1,076
1,285
n,330
P1,416
PI.370
Pl,354
Pl,294
PI.190
P1,269
P1,232
P1,152
P1,386
P1,438
3,335
P3,996
1950
1951
623
600
665
585
659
687
709
820
859
923
855
867
1,024
910
1,102
Pl.033
Pl.018
P930
P894
1,889
3,035
1952
1950
P922
118
P892
P963
164
195
219
170
190
70
-59
52
-16
122
198
P881
P721
P834
P818
P800
P2,776
477
1951
-50
166
184
1952
P329
P437
P454
P337
P364
P296
P389
P511
P318
P637
301
PI.220
P Preliminary.
1
Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments
under the Mutual Security Program as follows (in millions of dollars): 1950, 282; 1951, 1,065; January-March 1952, 238.
2
General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Department of Commerce.
694
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
Minne- Kansas Dallas
City
apolis
San
Francisco
88
98
104
99
105
104
90
98
103
99
108
111
85
94
105
102
113
117
91
99
104
98
105
108
98
98
98
104
106
105
105
109
107
101
100
98
101
109
101
104
107
104
103
104
104
104
111
112
110
116
113
110
111
113
114
115
115
114
129
122
102
104
103
108
106
108
106
114
110
106
105
'103
100
111
100
99
98
97
113
94
98
115
106
105
122
115
115
114
105
103
102
106
101
103
97
89
99
116
116
138
203
99
105
99
86
94
114
111
132
175
96
102
90
85
95
111
111
130
168
100
101
94
81
97
112
118
120
166
100
104
97
85
102
119
117
131
185
'105
109
100
96
104
124
119
144
203
95
98
97
93
101
108
107
125
189
80
83
96
Pill
89
93
108
116
81
81
89
99
81
80
89
101
72
83
80
101
86
85
93
P104
95
93
105
114
83
86
90
103
75
77
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
90
98
104
98
105
109
92
99
102
99
103
105
91
99
103
98
101
105
87
96
104
100
106
109
88
97
105
98
105
111
92
97
103
100
105
112
90
96
103
101
109
114
89
98
104
97
104
108
90
97
104
98
104
105
104
104
105
105
109
107
108
112
109
98
100
98
106
108
100
103
106
106
102
100
108
103
106
101
103
104
103
105
104
103
105
111
107
108
109
105
108
104
106
107
108
108
112
114
109
111
110
110
105
121
109
114
118
109
105
107
114
111
110
111
111
121
121
104
105
101
101
107
106
109
110
109
108
106
105
102
100
104
P99
110
110
109
102
115
108
106
104
114
109
114
P103
100
100
98
97
118
111
113
114
'98
103
99
84
93
112
112
134
184
95
101
98
73
82
110
105
129
188
'95
98
105
74
80
106
108
131
179
»"98
105
99
76
83
112
114
144
185
103
106
100
84
94
114
115
140
181
100
109
103
86
95
118
121
145
192
83
83
92
81
75
87
80
82
86
95
81
82
97
103
87
83
95
104
SALESi
1946.
1947
1948
1949
1950
1951
SEASONALLY ADJUSTED
1951—April
M a v . ..
June
July
August
October
November
1952—January
February
March
April
PIO9
P104
r
UNADJUSTED
1951—April
M a y . ..
June
July
August
September
October
November. . .
December
1952—January
February
March
April
STOCKSi
1946
1947
1948
1949
1950
1951
P103
77
P103
93
107
100
110
129
85
95
105
100
110
124
85
98
105
97
104
124
81
93
107
99
108
127
78
93
107
100
111
134
80
94
105
101
114
134
90
108
102
120
140
73
89
111
100
110
128
93
106
100
112
131
74
91
110
100
104
117
74
93
108
100
113
132
69
89
110
101
112
132
73
93
107
100
110
131
138
136
136
138
134
128
121
117
119
132
129
131
130
127
120
115
112
115
131
128
131
133
129
122
115
115
115
133
132
132
134
130
126
117
115
120
148
145
146
144
136
132
122
114
116
'137
137
145
146
140
135
127
125
130
150
146
141
140
144
132
130
130
133
136
134
133
139
131
124
121
115
117
142
140
143
139
139
127
119
114
119
123
123
122
124
123
116
113
107
106
142
141
141
141
143
133
123
117
121
138
140
138
141
140
135
125
120
125
140
137
136
139
138
132
124
119
119
118
116
115
P116
115
112
109
111
114
107
108
111
115
113
'113
112
114
110
110
111
133
127
127
P127
133
129
'126
125
114
113
113
114
106
112
111
114
106
102
103
104
122
122
120
P122
124
122
124
122
121
123
119
123
145
139
129
127
129
132
135
133
107
136
132
122
117
120
124
130
132
108
137
131
122
117
125
129
130
132
106
144
136
123
116
123
131
135
133
105
155
148
137
129
131
137
137
128
102
'148
142
133
134
138
139
143
139
114
158
148
135
132
141
137
142
145
116
141
136
125
125
124
127
134
133
109
151
140
136
129
135
135
134
125
105
129
126
117
120
117
117
120
119
97
149
144
137
133
134
133
134
133
108
146
141
128
129
137
138
136
135
115
147
142
133
134
132
135
136
132
106
106
113
120
P122
105
107
112
114
101
104
113
116
100
111
'119
121
104
109
116
117
117
123
'136
P137
119
128
'132
132
106
111
118
118
92
109
118
122
100
99
107
109
114
121
126
P128
112
120
131
129
109
117
122
129
SEASONALLY ADJUSTED
1951—April
May
June
July
September
October
November
December
1952—January
February
March..
April
UNADJUSTED
1951—April
May
June
July
August
September
October
November
December
1952— January
February
March
April
r
P Preliminary.
Revised.
1
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515.
JUNE 1952
695
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Percentage
change from a
year ago (value)
Department
Number of
stores
reporting
Stocks
(end of
month)
Sales
during
period
Three
months
1952
Mar.
1952
Ratio of
stocks to
sales i
Mar.
1952
Index numbers
without seasonal adjustment,
1941 average monthly sales =100 5
1952
1952
Stocks at end
of month
Sales during
period
March
1951
1951
1952
1951
Mar.
Feb.
Mar.
Mar.
Feb.
Mar.
GRAND TOTAL—entire store 3
357
-9
-10
-16
3.4
3.7
MAIN STORE—total
356
-10
-10
-16
3.7
4.0
194
166
215
714
667
851
Piece goods and household textiles
Piece goods
Silks, velvets, and synthetics
Woolen yard goods
Cotton yard goods
Household textiles
Linens and towels
Domestics—muslins, sheetings
Blankets, comforters, and spreads
319
297
199
177
191
311
278
256
243
-4
-16
-5
-3
-19
-23
-18
-16
-16
-21
-26
-18
-26
-34
4.2
3.2
2.9
3.7
3.0
5.1
5.9
4.5
4.9
5.3
3.9
3.6
4.4
4.0
6.3
6.4
5.4
7.3
165
231
257
205
268
133
123
153
127
152
198
176
178
218
129
124
144
122
171
227
251
210
261
145
136
173
130
697
736
752
768
819
682
721
694
626
684
744
616
810
754
649
709
613
607
901
894
905
912
,046
921
886
944
947
Small wares
Laces, trimmings, embroideries, and ribbons...
Notions
Toilet articles, drug sundries
Silverware and jewelry 4
Silverware and clocks
Costume jewelry *
Fine jewelry and watches 4
Art needlework
Books and stationery
Books and magazines
Stationery
-9
-6
-9
-8
-12
-15
-9
-9
-16
-5
4.3
3.7
4.2
3.8
6.0
8.4
3.6
10.7
4.9
3.7
2.7
4.3
4.6
3.4
4.5
4.1
6.2
8.2
3.7
10.5
5.8
3.7
2.6
4.3
159
234
210
144
149
156
172
181
139
147
166
264
212
145
165
687
856
872
551
902
644
712
777
528
846
760
912
954
600
,028
142
164
178
149
151
177
168
169
141
174
181
162
689
612
489
644
632
557
414
602
822
643
479
704
-10
-10
2.6
3.2
2.4
5.0
1.1
4.0
3.1
2.4
3.6
3.6
2.6
3.1
2.1
4.5
0.8
3.0
3.4
2.8
4.1
4.0
4.5
3.3
3.0
2.3
4.1
3.3
4.4
2.2
.7
.7
220
205
278
94
243
150
265
143
170
218
156
161
287
184
238
167
160
226
110
146
109
224
126
152
190
134
151
214
133
170
239
235
314
124
308
214
275
165
176
233
161
157
305
230
281
571
656
669
476
272
602
810
339
609
794
597
446
822
498
1,119
534
599
591
440
220
559
760
316
538
655
522
383
766
426
1,065
632
730
653
568
256
641
948
457
729
936
732
516
924
525
1,156
235
293
175
202
244
298
483
437
463
467
527
516
7
5
1.8
1.9
1.6
2.2
3.0
2.9
5.2
321
312
345
210
187
191
192
168
350
334
384
217
558
442
713
399
543
435
698
376
581
501
706
420
236
181
84
201
164
92
246
174
79
656
430
422
600
380
398
728
502
420
925
1,016
826
932
1,173
+2
+2
+3
+2
-9
-10
-12
-2
-21
-19
-28
-11
346
204
239
330
317
217
282
76
235
276
129
243
-4
-11
-1
<
-10
-17
-6
-11
2
-4
-1
-2
-6
-17
+47
-2
Women's and misses' apparel and accessories
Women's and misses' ready-to-wear accessories.
Neckwear and scarf3
Handkerchiefs
Millinery
Women's and children's gloves
Corsets and brassieres
Women's and children's hosiery
Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips
Negligees, robes, and lounging apparel
Infants' wear
Handbags and small leather goods
Women's and children's shoes
Children's shoes *
Women's shoes 4
Women's and misses' ready-to-wear apparel.. .
Women's4 and misses' coats and suits
Coats
Suits*
Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
Women's and misses' dresses
Inexpensive dresses 4
Better dresses *
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Furs
353
353
311
286
162
327
339
345
345
254
292
259
330
338
244
211
222
352
340
223
222
315
276
318
342
257
268
343
294
262
-8
-13
-11
-24
-21
-30
Men's and boys' wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers
334
261
315
307
195
Homef urnishings
Furniture and bedding
Mattresses, springs, and studio beds 4
Upholstered and other furniture 4
Domestic floor coverings
Rugs and carpets 4
Linoleum 4
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares (including small appliances)
Gift shop*
Radios, phonographs, television, records,
etc. 4 .
Radios, phonographs, television 4
4
Records, sheet music, and instruments . . . .
323
249
176
177
277
162
97
300
252
254
237
265
184
229
164
122
Miscellaneous merchandise departments
Toys, games, sporting goods, cameras
Toys and games
Sporting goods and cameras
Luggage
Candy 4
318
295
243
149
270
188
+1
-2
-8
A
-14
-4
-6
-3
+2
-6
-20
-15
-27
-12
-4
-2
+2
+5
+1
-5
-8
-2
-12
-11
-17
-6
-12
-5
-10
-5
+6
+2
+4
+2
-15
+6
-6
-15
-26
-17
-15
-18
-14
-11
-5
-4
-5
-4
-8
-15
-16
-19
-5
-12
-12
+3
2.9
2.7
4.7
4.3
4.8
2.0
4
4
6
7
4
1
9
5
2.3
2.8
2.4
5.0
-12
-13
-11
-9
-18
-11
-5
-16
-14
-13
5.1
5.7
5.3
3.6
6.1
5.0
5.3
5.5
3.4
5.7
160
171
131
220
167
127
135
122
125
130
186
819
193
972
150
698
269
798
207 1,020
750
908
627
713
915
-13
-9
-2
— 12
-25
-29
-7
-5
-19
-10
y
-11
-29
-31
230
210
956
905
902 1,248
843 1,081
171
176
227
943
934 1,331
-4
-6
-41
-14
-5
-34
-35
-9
-38
-25
-6
-53
-61
-10
5.4
5.1
3.5
5.6
5.9
5.9
4.7
5.0
5.1
7.1
4.8
5.6
6.1
5.6
5.5
5.2
198
230
-10
-26
-3
-11
-23
-23
—7
4.7
4.7
2.4
5.4
5.5
5.6
3.9
4.4
4.4
8.0
4.0
4.3
6.4
3.4
2.8
5.0
201
191
3
-23
-16
-32
-14
-29
-33
-22
-16
-16
201
171
151
207
259
166
172
158
166
217
211
896
176
758
167 1,215
278
826
267 1,123
836 1,061
900
698
1,177 1,181
797 1,349
1,024 1,489
-14
-11
-17
-6
-1
-42
-8
-7
-8
-7
0
-17
-19
-24
-29
-20
-15
+33
3.7
6.9
6.4
7.2
5.4
1.6
3.8
8.0
7.5
8.4
6.4
0.7
171
115
96
110
152
153
83
65
86
146
199
130
116
117
154
+6
-10
Q
-7
-10
-4
-4
-3
-4
+4
+8
-14
-11
-13
-18
-19
-9
-13
-16
-12
-3
-6
+1
-19
-5
-5
-4
+1
+1
+1
+2
+4
+1
-11
-2
-10
-15
+3
623
787
616
790
835
563
764
712 1,035
545
870
717
990
787
988
For footnotes see following page.
696
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
Percentage
change from a
year ago (value)
Number of
stores
reporting
Department
Sales
during
period
Mar.
1952
BASEMENT STORE—total
D o m e s t i c s a n d blankets
..
4
W o m e n ' s a n d m i s s e s ' ready-to-wear
Intimate apparel *
Coats and suits 4
Dresses 4
Blouses, skirts,
and sportswear 4
Girls' wear 4 4 . . .
. . .
Infants' wear
Stocks
(end of
month)
Three
months
1952
Index numbers
without seasonal adjustment,
1941 average monthly sales =100 2
Ratio of
stocks xto
sales
Mar.
1952
Sales during
period
March
1952
1952
1952
1951
Mar.
Feb.
Mar.
Mar.
Feb.
Mar.
202
153
216
481
452
592
216
157
234
381
353
439
3.4
3.9
3.6
4.2
2.3
206
150
224
602
572
782
196
-7
-6
-18
2.4
2.7
+8
-11
-31
3.1
189
167
174
173
157
123
125
-7
-7
-4
-8
-2
-15
-6
-4
-7
-5
0
+1
-14
-16
-15
-11
-16
-11
-16
1.8
2.5
1.0
1.4
2.1
1.6
4.8
1.9
2.8
1.1
1.4
2.5
1.5
2.6
161
146
100
120
123
-8
-2
-6
-5
0
-9
-11
-22
-24
-21
-28
-15
-8
1951
1951
135
+1
Stocks at end
of month
Homef u r n i s h i n g s
104
+2
-7
-25
2.3
2.9
3.0
2.8
3.3
2.4
3.3
4.4
183
165
179
594
582
796
Shoes
119
-18
-13
-4
4.1
3.4
162
115
198
656
596
680
177
-8
-3
(5)
(5)
(6)
-2
+7
5
(5)
(5)
Men's a n d boys'
wear
Men's wear 4
Men's clothing 4
Men's furnishings
Boys' wear 4
... .
4
NONMERCHANDISE—total 4
Barber and beauty shop
4
75
+4
-8
-22
()
1
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months'
supply on hand at the end of the month in terms of sales for that month.
2
The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. T h e stocks
index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of
sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858
were reversed.
* For movements of total department store sales and stocks see the indexes for the United States on p. 695.
4
Index numbers of sales and stocks
for this department are not available for publication separately; the department, however, is included
6
in group and total indexes.
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1951, sales and stocks
at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
SALES, STOCKS, ORDERS, A N D RECEIPTS
A T 296 DEPARTMENT STORES *
WEEKLY INDEX OF SALES
[Weeks ending on dates shown.
[In millions of dollars]
Derived data *
Reported data
Year or month
Sales
(total
for
month)
1943 average...
1944 average...
1945 average...
1946 average...
1947 average...
1948 average...
1949 a v e r a g e . . .
1950 average...
1951 average...
1951—Apr
May....
June....
July....
Aug
Sept
Oct
Nov
Dec
1952—Jan
Feb
Mar
Apr
204
227
255
318
337
352
333
347
358
312
339
326
257
309
343
388
442
608
291
271
317
P340
Stocks
(end of
month)
509
535
563
715
826
912
862
942
,114
1,239
1,193
1,112
1,069
1,106
L ,117
L,152
1,147
929
910
956
1L ,027
P L,039
Outstanding
orders
(end of
month)
Receipts
(total
for
month)
New
orders
(total
for
month)
530
560
729
909
552
465
350
466
425
••337
295
386
434
395
404
408
373
292
379
386
332
203
226
256
344
338
••356
331
361
355
335
••293
245
214
346
354
423
437
390
272
317
388
P352
223
236
269
327
336
••335
331
370
345
••205
••251
336
262
307
363
427
402
309
359
324
334
P297
P277
r
P Preliminary.
Revised.
1
These figures are not estimates for all department stores in the
United States. Figures for sales, stocks, and outstanding orders are
based on actual reports from the 296 stores. Receipts of goods are
derived from the reported figures on sales and stocks. New orders
are derived from estimates of receipts and reported figures on outstanding orders.
Back figures.—Division of Research and Statistics.
JUNE 1952
1947-49 average = 100]
Without seasonal adjustment
1950
July
Aug.
Sept.
Oct.
Nov.
Dec.
1. . . . . 91 June
. 75 July
8
. 91
15
22.
.104
.102
29
.102 Aug.
5
. 94
12
. 97
19
26
. 99
2
.107 Sept.
9.'.'.'. .102
16
.127
23
.111
30
.110
7
.112 Oct.
14! '. '. ..111
21
.105
28
.108
4 . . . . .109 Nov.
11
.118
1 8 . . . . .127
25
.110
2
.153 Dec.
9. '. '. '.191
1 6 . . . . .220
23
.221
30
. 82
1951
1951
3 0 . . . . . 89
7. . . . . 75
14. . . . . 83
2 1 . . . . . 81
28. . . . . 80
4. . . . . 88
11. . . . . 87
1 8 . . . . . 93
2 5 . . . . . 97
1. . . . .105
8. . . . .100
1 5 . . . ..114
2 2 . . . ..111
29. . . . .114
6. . . . .110
13. . . . .117
20. . . . .116
27. . . ..113
3 . . . . .121
10
Jan.
Feb.
Mar.
Apr.
May
127
1 7 . . . . .130
2 4 . . . ..123 June
1. . . . .161
8. . . . .191
1 5 . . . ..213
22. . . ..228
2 9 . . . . . 92
1952
. 78
6 . . . . . 98 Jan. 5
. 92
12
13. . . . .105
. 90
19
20. . . . .104
. 83
26
2 7 . . . . . 96
. 84
3 . . . . . 81 Feb. 2
9'. '.'.'.. 87
1 0 . . . . . 94
. 89
16
17. . . . . 94
. 83
23
24. . . . . 95
. 85
3 . . . . . 99 Mar. 1
8
. 88
1 0 . . . . .105
15
. 90
17. . . . .101
22
. 94
24. . . . .105
29
.101
31. . . . . 89
.109
7. . . ..101 Apr. 5
1 2 . . . . .111
1 4 . . . . .100
19. . . ..97
21. . . . . 97
26. . . .105
2 8 . . . . .101
5. . . . .113 M a y 3 . . . .111
10
.117
1 2 . . . ..110
99
17
19 . . . 99
24
.105
2 6 . . . . .100
'31
. .97
2. . . . . 95
9. . . . .108 June 7.. . . .110
14. .
16. . . . .106
21
2 3 . . . . . 92
NOTE.—Revised series; for description and weekly indexes for back
years, see BULLETIN for April 1952, pp. 359-362.
697
DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Apr. Mar. 4
1952 1952 mos.
1952
4
Apr. Mar.
1952 1952 mos.
1952
United States.
Boston
New H a v e n . . .
Portland
Boston Area...
Downtown
Boston
LowellLawrence
New Bedford..
Springfield
Worcester
Providence
New York
Bridgeport*.. .
Newark l
Albany
Binghamton...
Buffalo i
Elmira
Niagara Falls..
New York City
Poughkeepsie..
Rochester 1
Schenectady...
Syracuse 1
Utica
Philadelphia
.
l
P+9
+13
+18
+5
+10
+9
+8
+5
+26
+9
+14
+3
+21
+9
-5
+8
+9
+23
+20
-2
+18
+ 12
+23
+4
+9
+9
+6
Trenton
Lancaster 1
Philadelphia K.
Reading x
Wilkes-Barre l .
York i
+16
+8
+2
+5
+15
Cleveland
l
P+5
Akron
Canton i
Cincinnati*. . .
Cleveland i
Columbus x
Springfield 1. . .
Toledo i
Youngstown 1..
Erie i
Pittsburgh i. . .
Wheeling i
+6
0
+4
+4
+9
+8
+4
+13
+3
+12
-10
-10
-9
-7
-7
-6
-11
-15
-13
-8
-12
-12
-13
-11
-7
-13
-9
-12
-6
-13
-12
-16
—7
-8
2
-11
-16
-14
-9
-15
-11
-15
-7
-13
-3
-9
-2
-6
-12
-1
-9
-10
+15
- 5 Richmond
x
+7
.. .
- 5 Washington
+ 19
Baltimore
+6 Hagerstown. . . . +26
- 8 Asheville, N. C.
+9
- 6 Raleigh
+ 17
Winston-Salem. +20
- 6 Anderson, S. C.. + 15
+25
- 4 Charleston
+20
Columbia
- 1 1 Greenville, S. C. +10
+2 Lynchburg
+20
- 1 Norfolk
+24
T 6
+18
Richmond
+ 12
Roanoke
-8
0 Ch'ls'ton.W.Va. +30
+26
Huntington.
.
.
.
-7
-10
P+20
- 4 Atlanta
- 1 Birmingham a .. . +20
+36
0 Mobile
. . +20
+1 JMontgomery.
l
+26
acksonville
...
-10
+5
- 4 Miami*•
+20
Orlando
-6
Petersburg.. + 15
+6 St.
+22
- 7 Tampa x
1
+ 19
+2 Atlanta
+62
Augusta
- 5 Columbus
+37
- 6 Macon 1
+31
- 7 Rome
+43
- 5 Savannah
P+43
—7
Baton Rouge *.. +20
- 8 New Orleans *. . + 10
- 4 Jackson :
+21
+28
- 6 Meridian
3 Bristol
+7
l
- 8 Chattanooga . . + 17
+ 19
- 5 Knoxville x
Cj
+27
Nashville *
3
b Chicago
^
l
-8
+1
-9
-4
p+5
Chicago
Peoria l
Fort Wayne 1...
Indianapolis l.. .
Terre Haute x . . .
P+4
+20
+ 12
+ 13
-11
-7
-10
-7
-16
-4
-11
-17
-11
-6
-4
-12
+2
0
-9
r-3
-1
-8
-8
-7
'-6
-1
_2
—22
-8
-23
-22
-33
-9
-14
-8
-18
-14
-14
-16
-5
-11
-11
Q
-17
-12
-7
Apr. Mar. 4
1952 1952 1952
-1 Chicago-cont.
- 4 Des Moines. . . .
+6
0 Detroit *
P+9
-1
+1 Flint i
- 4 Grand Rapids l.
0
:
- 2 Lansing
+9
l
Milwaukee
.
.
.
.
+1
+1
Green Bay x . . . . P + 4
+8 Madison
+6
+3
-7
0
St. Louis
Dallas-cont.
-12
-9
-19
-18
-13
-10
-10
-12
Minneapolis l..
Paul i
+7 St.
Great Falls
+7 Grand
Forks. .
Falls
+ 18 Sioux
DuluthSuperior l . . . .
2
- 5 La Crosse
i
+ 10
- 2 Kansas City. .
+4 Denver
+2 Pueblo
_ 2 Hutchinson. . .
- 8 Topeka
- 1 Wichita
- 4 Kansas City...
+7 Joplin
St. Joseph. . . .
- 6 Omaha
- 6 Oklahoma City
- 6 Tulsa
-6
- 3 Dallas
-1 Shreveport....
-7
-6
-14
-9
-7
-6
-8
-6
Corpus Christi..
Dallas i
El Paso
Fort W o r t h . . . .
Houston 1
San Antonio....
Waco
Phoenix *
Tucson
Bakersfield 1
Fresno 1
Long Beach x . . .
Los Angeles
Area *
Downtown Los
Angeles l
+3 Westside
Los
-1
Angeles :
Oakland
and
+5 -8
-5
Berkeley 1
0
+ 18 - 1
-8
0 Riverside and
+8
San Bernardino
-8
-7
+3
- 2 Sacramento *. . .
+23 - 1 1
San Diego *. . . .
+23 - 1 0
+- 51 San Francisco 1.
+ 3 +11
San Jose l
!
+7 - 6 - 2 Stockton
and
+9 - 1 3 - 7 Vallejo
Napa
Boise and
-11
-5
P+9
Nampa
+6 - 1 4 - 1 0 Portland 1
1
9
1
4
+4
Salt Lake City i.
+ 11 - 1 4 - 9 Bellingham
0 -15
- 5 Everett l
+9 - 1 5 - 6 Seattle x
1
5
3 Spokane l
+( 213
)
- 1 1 4 - 1 1 Tacoma x
1
7
1
1 Yakima *
+2
+2 - 4 - 2
6
6
+5
+ 16
+35
+11
+ 14
+15
+17
+4
+35
San Francisco . P+13
P+9
-9
Fort Smith
-10
+8 Little Rock 1. . . +22
-6
+
17
0 Evansville. . . .
+4 - 1 1
— 5 Louisville 1.. . . , P + 1 4
-8
+7 Quincy
+5 - 2 0
+7 St. Louis i
+ 10 - 5
St. Louis Area.
+9 - 6
+1 Springfield
-8
+2 Memphis : . . . . P ++ 116
0
-6
+9
+3 Minneapolis ..
+ 1 Mankato
Apr. Mar.
1952 1952 1952
r
+13
+ 18
+2
-6
-1
-4
0
-1
-3
-1
-11
-3
-3
+ 14
+25
P+22
+ 12
P+11
+6 +17
-11
-5
-9
-3
-3
+ 21
+5
+1
+7 +15
-8
-10
-7
-9
-14
-12
-4
-3
+6
-1
-7
-5
P+12
-10
P+11
-14
-10
P+13
-9
-4
+6
-18
-9
+22
+9
P+11
+ 17
P+21
(2)
-9
-1
-1
-10
-3
-3
-1
-6
-4
-17
- 1 5 4-10
+4
-26
-11
P+7
'-3
-8
-13
2
-9
-9
-6
- 12
-4
-6
-8
-6
+2
P+9
+5
-2
+7
P+13
+1
+ 10
-6
-4
-10
+2
+1
+7
r
P Preliminary.
Revised.
Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.
3
4
Data not available.
January 1952.
Three months 1952.
1
2
CONSUMERS' PRICES 1
[Bureau of Labor Statistics index for moderate income families in large cities.
Year or month
1929
1933
1941
1942
1943...
.
1944
1945...
.
1946
1947
1948
1949
1950
1951
1951—April.
May
June
July
August
September
October . .
November
December
1952—January
February
March
April
1935-39 average =100]
All items
Food
Apparel
Rent
Fuel, electricity,
and refrigeration
House
furnishings
Miscellaneous
122 5
92.4
105.2
116 6
123.7
125 7
128 6
139.5
159 6
171.9
170.2
171 9
185.6
184.6
185 4
185.2
185 5
185.5
186.6
187.4
188.6
189.1
189.1
187 9
188.0
188.7
132 5
84.1
105 5
123 9
138 0
136 1
139 1
159.6
193 8
210 2
201.9
204 5
227.4
225.7
227 4
226.9
227 7
227.0
227.3
229 2
231.4
232 2
232.4
227 5
227.6
230.0
115.3
87.9
106.3
124 2
129.7
138 8
145.9
160.2
185 8
198.0
190.1
187 7
204.5
203.6
204 0
204.0
203 3
203.6
209.0
208.9
207.6
206.8
204.6
204 3
203.5
202.7
141.4
100.7
106.4
108.8
108.7
109.1
109.5
110.1
113.6
121.2
126.4
131.0
136.2
135.1
135.4
135.7
136.2
136.8
137.5
138.2
138.9
139.2
139.7
140.2
140.5
140.8
112.5
100.0
102.2
105.4
107.7
109 8
110.3
112.4
121.2
133.9
137.5
140.6
144.1
144.0
143.6
143.6
144.0
144.2
144.4
144.6
144.8
144.9
145.0
145.3
145.3
145.3
111.7
84.2
107.3
122.2
125.6
136.4
145.8
159.2
184.4
195.8
189.0
190.2
210.9
211.8
212.6
212.5
212.4
210.8
211.1
210.4
210.8
210.2
209.1
208.6
207.6
206.2
104.6
98.4
104.0
110.9
115.8
121 3
124.1
128.8
139.9
149.9
154.7
156.5
165.4
164.6
165.0
164.8
165.0
165.4
166.0
166.6
168.4
169.1
169.6
170 2
170.7
171.1
1
Series is the adjusted one reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim
revision of series and weights. Back figures.—Bureau of Labor Statistics, Department of Labor.
698
FEDERAL RESERVE
BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics, 1947-49 =100]
Other commodities
All
commodities
Year or
month
Farm
products
Processed
foods Total
ToMa- Furnibacco
chin- ture Nonmemanuand
Tex- Hides, Fuel, Chemery
facPulp,
Mistile
and other tallic
power, icals Rub- Lummin- tures cellaber paper, Metals
prod- skins,
mo- house- erals—
and
ber
and
and
and
and
and
and
hold struc- bottled
ucts leather light- allied and wood allied metal tive
and prodprod- dur- tural beving
prodprod- prodapucts ables
ma- prod- ucts products
ucts
erages
ucts
parel ucts terials ucts
1947
1948
1949
1950
1951
96.4
104.4
99.2
103.1
114.8
100.0 98.2 95.3
107.3 106.1 103.4
92.8 95.7 101.3
97.5 99.8 105.0
113.4 111.4 115.9
100.1
104.4
95.5
99.2
110.6
101.0
102.1
96.9
104.6
120.3
90.9 101.4 99.0 93.7 98.6
107.1 103.8 102.1 107.2 102.9
101.9 94.8 98.9 99.2 98.5
103.0 96.3 120.5 113.9 100.9
106.7 110.0 148.0 123.9 119.6
1951
March....
April
May
June
July
August. . .
September.
October...
November.
December.
116.5
116.3
115.9
115.1
114.2
113.7
113.4
113.7
113.6
113.5
117.6
117.5
115.7
113.9
111.1
110.4
109.9
111.5
112.0
111.3
112.0
111.8
112.3
111.3
110.7
111.2
110.9
111.6
111.0
110.7
117.3
117.1
116.8
116.2
115.7
114.9
114.8
114.6
114.5
114.6
115.9
115.5
114.8
112.9
111.6
108
105.9
103.9
103.9
104.0
126.9
126.5
126.2
124.7
122.3
118.0
118.0
113.6
107.0
105.1
107.3
106.5
106.2
106.3
106.5
106.3
.106.7
106.8
106.9
107.4
152.3
151.5
151.3
148.3
144.3
144.3
144.7
144.7
144.6
144.3
126.6
126.6
126.1
124.6
123.5
122.3
121.6
121.7
121.1
120.3
1952
January...
February..
March . . .
April
113.0 110.0
107.8
112.
112.3 "108.
111.9 108.
110.1
109.5
109.2
108.0
114.3
114.2
'113.8
113.4
103.3 102.2 107.4 106.7 144.1
102.1 99.5 107.2 105.9 143.1
100.6 '98.0 •107.4 105.4 142.0
99.9 94.3 106.3 104.8 140.7
120.1
120.3
120.5
120.7
111.8
111.5
111.3
110.2
108.8
108.5
108.7
108.8
108.6
108.4
91.3
103.9
104.8
110.3
122.8
92.5
100.9
106.6
108.6
119.0
95.6
101.4
103.1
105.3
114.1
«93.9
101.7
104.4
106.9
113.6
98.0 100.8
100.4 103.1
101.6 96.1
102.4 96.6
108.1 104.9
120.3
119.7
119.8
120.2
120.2
119.5
119.4
118.8
118.4
118.4
123.2
123.3
123.2
122.7
122.3
122.2
122.1
122.4
122.5
122.5
118.6
118.6
118.6
118.6
118.8
118.9
119.4
120.2
120.5
120.7
115.1
115.4
115.3
115.0
114.4
113.5
113.1
112.8
112.7
112.7
113.7
113.7
113.6
113.6
113.6
113.6
113.6
113.6
113.6
112.8
108.4
108.4
108.4
108.4
107.9
107.8
107.8
107.5
107.5
108.1
104.2
105.7
103.0
102.8
103.7
102.6
105.1
106.9
108.9
109.8
118.2
118.3
117.7
117.4
122.4
122.6
122.6
122.5
120.8
122.0
'121.8
121.8
112.3
112.4
r i l l .9
112.0
112.9
112.9
112.9
112.8
108.1
110.8
110.8
110.8
111.1
111.4
109.2
109.5
1951
Subgroup
Subgroup
Farm Products:
Fresh and dried produce
Grains.
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products
Processed Foods:
Cereal and bakery products
Meats, poultry and fish
Dairy products and ice cream
Canned, frozen, fruits & vegetables.
Sugar and confectionery
Packaged beverage materials
Other processed foods
Textile Products and ApparelCotton products
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas
Electricity
Petroleum and products
Chemicals and Allied Products:
Industrial chemicals
Paint and paint materials
Drugs, Pharmaceuticals, cosmetics .
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Rubber and Products:
Crude rubber
Tires and tubes
Other rubber products
Lumber and Wood Products:
Lumber
Millwork
Plywood
Apr.
Feb.
Mar.
98.3
100.2
123.2
166.2
103.2
96.7
110.6
140.0
112.6
101.7
106.2
120.5
110.9
74.3
100.9
138.6
123.9
102.0
105.2
118.9
110.3
76.6
97.1
138.6
107.0
117.1
106.0
106.7
103.9
161.1
123.0
107.4
110.8
115.1
104.8
106.1
163.1
115.4
107.5
111.0
113.3
"104.9
107.2
163.1
116.0
118.8
164.5
99.7
138.3
104.1
147.9
101.0
114.4
89.9
130.2
101.7
126.4
99.6
111.8
87.3
129.1
101.6
107.0
130.7
137.8
123.1
116.2
63.7
89.5
116.1
103.3
59.6
'87.6
115.9
'101.9
108.2
124.2
101.5
97.4
110.4
108.8
124.3
107.0
98.0
110.4
108.7
124.3
'105.7
r
99.1
110.6
120.9
109.9
95.8
107.6
106.2
105.4
109.9
117.5
108.7
93.4
51.2
108.6
109.6
1C4.2
117.0
107.9
93.1
'47.3
108.6
109.6
104.1
233.8
133.9
131.0
193.3
133.4
129.1
187.9
133.4
128.8
126.7
131.1
117.7
120.6
126.3
104.8
'120.7
126.8
105.6
Apr.
Pulp, Paper, and Allied Products:
127.3
Woodpulp
100.9
Wastepaper
Paper
106.6
119.6
Paperboard
108.1
Converted paper and paperboard. .
81.7
Building paper and board
95.5 Metals and Metal Products:
136.7
Iron and steel
Nonferrous metals
107.4
Metal containers
109.4
Hardware
112.2
Plumbing equipment
104.6
Heating equipment
109.4
Fabricated struc. metal products. .
161.9
Fabricated nonstructural metal
107.8
products
Machinery and Motive Products:
98.6
Agri. mach. and equipment
109.2
Cons. mach. and equipment
86.8
Metal working machinery
128.4
General purpose mach., etc
101.2
Miscellaneous machinery
110.0
Elec. mach. and equipment
Motor vehicles
49.7 Furniture; Other Household Durables:
84.4
Household furniture
113.6
Commercial furniture
99.7
Floor covering
Household appliances
104.8
Radio, TV, and phonographs
124.3
Other household durable goods....
105.7 Nonmetallic Minerals—Structural:
99.1
Flat glass
109.7
Concrete ingredients
Concrete products
116.8
Structural clay products
108.0
Gypsum products
92.7
Prepared asphalt roofing
42.6
Other nonmetallic minerals
108.6 Tobacco Mfrs. and Bottled Beverages:
109.8
Cigarettes
103.0
Cigars
Other tobacco products
182.7
Alcoholic beverages
133.2
Nonalcoholic beverages
128.2 Miscellaneous:
Toys, sporting goods, small arms. .
121.1
Manufactured animal feeds
126.4
Notions and accessories
105.6
Jewelry, watches, photo equipment.
Other miscellaneous
Apr.
Feb.
Mar.
Apr.
114.3
220.9
117.1
132.0
117.1
113.4
114.5
87.3
123.7
130.3
115.8
113.4
114.5
70.0
123.8
130.3
115.0
113.4
113.3
70.0
123.5
130.3
115.0
113.8
122.9
125.7
121.1
125.8
123.2
114.8
118.8
123.2
115.0
120.6
125.9
116.7
114.0
115.5
123.2
124.9
120.5
126.8
116.7
114.0
115.5
123.0
124.9
120.5
126.8
116.3
113.9
115.4
126.0
124.4
124.4
124.4
120.3
123.6
125.3
123.4
119.2
121.8
112.1
121.8
125.2
128.1
123.3
120.2
121.6
120.0
121.8
124.9
127.9
123.0
119.4
121.6
124.9
127.9
123.0
119.4
121.3
120.0
117.5
124.9
149.3
107.9
92.6
117.2
113.5
122.8
126.5
108.0
93.1
117.6
113.4
123.0
126.1
107.8
90.7
117.7
114.0
113.2
112.4
121.4
117.4
105.4
110.9
114.0
113.2
112.4
121.4
117.7
98.6
111.2
113.4
123.0
126.1
107.4
'90.7
117.6
114.0
113.2
112.4
121.4
117.7
98.6
111.2
105.7
101.5
107.6
107.0
119.7
107.3
98.0
114.8
111.2
119.7
107.3
98.0
114.8
111.2
119.7
107.3
98.0
114.8
111.2
119.7
116.8
101.7
101.4
100.9
120.7
114.5
113.5
100.2
100.9
121.0
'113.7
109.5
r
98.5
100.9
'120.9
113.6
110.2
96.1
101.0
121.0
•121.5
120.0
114.0
112.9
112.4
121.3
117.7
98.6
111.4
r
Revised.
Source: Bureau of Labor Statistics.
JUNE 1952
For back figures, see BULLETIN for March 1952, pp. 311-313.
699
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce.
In billions of dollars]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates
by quarters
Annual totals
1951
1933
Gross national product
Less: Capital consumption allowances..
Indirect business tax and related
liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises
Equals: National income
Less: Corporate profits and inventory
valuation adjustment
Contributions tor social insurance..
Excess of wage accruals over
disbursements
Plus: Government transfer payments...
Net interest paid by government...
Dividends.
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments.
Federal
State and local
Equals: Disposable personal income.
Less:Personal consumption expenditures
1939
1941
1947
1948
1949
1950
1952
1951
103.8
55.8
8.8
7.2
8.1
9.3
14.8
17.6
19.1
21.2
23.5
22.6
23.1
23.7
24.5
25.1
7.0
.6
7.1
.7
1.2
C1)
9.4
.5
11.3
.5
18.7
.7
.3
20.4
.7
21.7
.7
-.8
23.8
.8
25.4
.8
25.9
.8
24.9
.8
25.1
.8
25.8
.8
26.3
.8
n.a.
1.4
1.6
-1.8
3.2
1.6
5.9
2.3
3.5
.5
.1
.3
.5
.8
.8
.4
.1
-.1
-.1
87.4
39.6
91.3 126.4 233.3 259.0 257.3 282.6 327.8 319.5 328.2 329.5 334.6 339.7
72.5 103.8
5.8 14.6
2.1
2.8
10.3
.2
-2.0
.3
.0
.9
1.0
5.8
.6
.0
1.5
1.2
2.1
.7
.0
2.5
1.2
3.8
.5
85.1
46.6
72.6
2.6
1.3
1.4
1.5
.5
1.0
2.4
1.2
1.2
.0
2.6
1.3
4.5
.5
-.1
-3.2
.0
198.7
223.5
.0
216.7
24.7
5.7
31.7
5.2
239.0 275.5 269.4 274.3 278.0 280.1
30.5 36.2 42.8 42.9 43.0 42.6 42.5
5.7
7.0
8.5
8.4
8.3
8.5
8.6
.0
11.1
4.4
6.6
.7
.0
10.5
4.5
7.2
.7
.0
11.6
4.6
7.6
.7
.0
14.3
4.7
9.2
.8
.0
11.7
4.9
9.4
.8
.0
11.5
4.8
8.8
.8
.0
11.8
4.8
9.6
.8
.7
11.8
4.8
9.6
.8
-.7
11.8
4.9
9.8
.8
n.a.
9.1
.0
11.9
4.9
9.1
.8
95.3 191.0 209.5 205.1 224.7 251.1 244.1 249.9 253.2 257.0 257.9
3.3
2.0
1.3
82.5
45.2
70.2
92.0
78.8
46.3
67.5
82.3
3.7
-1.2
2.7
9.8
21.5
19.6
1.9
169.5
165.6
21.1
19.0
2.1
18.6
16.2
2.5
20.5
17.8
2.7
28.4
25.5
3.0
188.4 186.4 204.3 222.6
177.9 180.2 193.6 205.5
10.5
6.3
10.7
17.2
28.1
25.1
28.4
25.4
2.9
3.0
3.0
216.5 221.8 224.9
208.8 202.4 204.0
7.8
3.9
Equals: Personal saving
27.6
24.7
19.4
29.7
26.7
3.1
31.6
28.4
3.2
227.2 226.3
206.7 209.6
20.5
16.7
20.8
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1951
1929
1933
1939
1941
1947
1948
1949
1950
1952
1951
1
2
3
4
1
n.a.
87.4
39.6
72.5 103.8 198.7 223.5 216.7 239.0 275.5 269.4 274.3 278.0 280.1
Compensation of employees
Wages and salaries J
Private
Military
Government civilian
Supplements to wages and •alaries..
50.8
50.2
45.2
.3
4.6
.6
29.3
28.8
23.7
.3
4.9
.5
47.8
45.7
37.5
.4
7.8
2.1
64.3 128.0 140.2 139.9 153.3 178.1 172.1 '177.5 180.6 182.0 185.8
61.7 122.1 134.4 133.4 145.8 169.4 163.6 168.9 171.7 173.1 176.8
51.5 104.8 115.7 113.0 123.6 140.3 137.1 140.6 141.3 142.0 144.9
5.1 n.a.
4.2
7.8
4.0
8.9
9.6 n.a.
4.1
n.a.
1.9
18.8 19.4 20.9 n.a.
n.a.
8.3 13.2 14.7 16.1 17.2 n.a.
6.5
7.5
8.7
8.5
8.7
8.9
9.0
5.8
8.9
2.6
5.9
Proprietors' a n d r e n t a l income •..
19.7
8.3
5.7
14.7
6.8
5.8
7.2
2.9
2 3
2.0
20.8
9.6
6.9
4.3
42.4
19.8
15.6
7.1
47.3
22.1
17.7
7.5
41.4
20.9
13.0
7.5
44.0
22.3
13.7
8.0
48.9
23.7
16.9
8.3
48.8
24.1
16.4
8.3
48.1
23.6
16.3
8.2
49.1
23.4
17.3
8.4
49.8
23.6
17.6
8.5
10.3
9.8
1.4
8.4
.5
-2.0
.2
.5
-.4
-2.1
5.8
6.5
1.5
5.0
14.6
17.2
7.8
9.4
-2.6
24.7
30.5
11.9
18.5
-5.8
31.7
33.8
13.0
20.7
-2.1
30.5
28.3
11.0
17.3
2.1
36.2
41.4
18.6
22.8
-5.1
42.8
44.3
25.3
18.9
-1.5
42.9
29.6
22.2
-8.9
43.0
45.4
25.9
19.4
-2.3
42.6
39.8
22.8
17.0
2.8
42.5 n.a.
40.0 n.a.
22.9 n.a.
17.1 n.a.
-.1
2.5
6.5
5.0
4.2
4.1
3.5
4.3
4.9
5.4
5.7
5.6
5.7
5.8
Farm
Rental income of persons
Corporate profits and inventory
valuation a d j u s t m e n t
Corporate profits before tax
Corporate profits tax liability. . .
Corporate profits after tax
Inventory valuation adjustment...
Net interest
4.5
3.5
51.8
5.S
48.6
24.2
15.9
8.5
5.9
c
n.a. Not available.
Corrected.
1
Less than 50 million dollars.
2
Includes employee contributions to social insurance funds.
1
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—National Income Supplement (July 1951 edition) to the Survey of Current Business, Department of Commerce.
700
FEDERAL RESERVE BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Con tinned
[Estimates of the Department of Commerce. In billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates
by quarters
Annual totals
1951
1929
1939
1933
1941
1947
1948
1950
1949
1
Gross national product
Personal consumption
expenditures
Durable goods
Services
Gross private domestic
New construction *
Residential, nonfarm
Other
Producers' durable equipment .
Change in business inventories....
Nonfarm only
Net foreign investment
Government purchases of
&oods and services
Federal
National security
Other
Less: Government sales 2
State and local .
1952
1951
2
4
3
1
103.8
55.8
91.3 126.4 233.3 259.0 257.3 282.6 327.8 319.5 328.2 329.5 334.6 339.7
9 4
37.7
31.7
78.8
46.3
35
22.3
20.6
67.5
15.8
7.8
3 6
1.1
5
1.3
9.9
4.9
2.7
18.3
6.8
3 5
.7
2.2
4.6
4.2
6.7
35.3
25.5
65.6
22.7
10.9
11.7
27.2
15.8
14.1
56.6
21.6
9.8
11.8
27.0
8.0
6.2
54.6
20.7
10.1
10.6
29.0
4.9
3.3
53.4
22.7
10.9
11.9
30.4
.2
-1.2
3.3
7.6
9.1
9.0
9.5
.4
.3
7 7
3.9
3.4
17.1
-.8
1.4
19.9
5.0
3.7
19.0
-3.2
-2.5
22.5
4.3
3.6
2
.9
1 1
8 9
1.9
.5
—2.3
.2
—2.7
— .1
1.2
2.5
2 0
8.0
2 0
13.1
5.2
2.0
3.9
24.7
16 9
13.8
3.2
(8)
(8)
5.9
7.9
7.8
28.6
15 8
13.3
3.8
1.3
12.8
36.6
21.0
16.1
5.6
.6
15.6
43.6
25.5
19.3
6.6
.4
18.1
42.5
22.8
19.1
3.9
.2
19.7
63.0
41.6
37.5
4.2
.2
21.4
53.2
32.2
28.9
3.5
.2
21.0
60.3
38.9
35.3
3.7
.2
21.3
67.7
46.2
41.8
4.6
.2
21.4
70.7
49.0
44.1
5.1
.2
21.7
74.7
52.3
47.2
5.2
.2
22.4
Transfer
payments7
Less
personal
contributions
for
social
insur-8
ance
1 8
-1.6
-1.3
8
8.5
1 3
1.3
(3)
30.2
13.9
6.3
42.7
17.7
8.6
48.9
22.1
12.6
60.2
23.8
12.9
10.9
25.9
10.6
9.1
59.1
22.2
10.9
11.3
27.3
9.7
8.0
6 4
1.6
1.8
7.2
82.3 165.6 177.9 180.2 193.6 205.5 208.8 202.4 204.0 206.7 209.6
9 8 21.4 22.9 23.9 29.2 26.8 31.3 25.9 25.2 25.0 25 0
44.0 95.1 100.9 98.7 102.3 111.8 112.1 110.1 111.5 113.6 115.6
28.5 49.1 54.1 57.6 62.1 66.8 65.4 66.5 67.3 68.1
69.0
33.0
17.2
8.3
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Wage and salary disbursements
Year or month
Personal
income
Total
receipts4
Total
disbursements
Commodity Distributive Service
produc- indusindusing intries
tries
dustries
21.5
Government
1929
1933
1939
1941
1947
1948
1949
1950
1951
85.1
46.6
72.6
95.3
191.0
209 5
205.1
224.7
251 1
50.0
28.7
45.1
60.9
119.9
132.1
131.2
142.9
165 9
50.2
28.8
45.7
61.7
122.0
134.3
133.5
145.8
169.4
9.8
8.8
17.4
27.5
54.3
60.2
56.9
63 5
74.5
13.3
16.3
35.1
38.8
39.0
41.4
45.6
15.3
16.6
17.2
18 7
20.2
10.2
17.2
18 7
20.4
22.3
29 1
1951—March
April
May
245.5
249.0
249.8
251 0
252.4
253.7
253.6
257.5
256.5
258.6
162.2
164.8
165.1
166 4
167.1
167.4
168.3
169.5
170.7
171.9
165.9
168.2
168.8
169.9
170.6
170.8
171.7
173.1
174.3
175.4
73.7
75.0
74.6
75.2
74.8
74.5
75.0
75.1
75.1
76.8
44.9
45.3
45.6
45.6
46.0
46.2
46.4
46.1
46.1
46.5
20.0
20.1
20.2
20.3
20.3
20.3
20.3
20.4
20.5
20.7
27.3
27.8
28.4
28 8
29.5
29.8
30.0
31.5
32.6
31.4
257.7
258.3
258.2
172.1
173.7
174.0
175.8
177.3
177.6
76.7
77.4
77.1
46.8
47.0
47.5
20.7
20.9
20.8
31.6
32.0
32.2
June.
July
August
September....
October
November....
December
1952—January
February
March
15.5
8.2
5.1
6.9
7.8
5.0
5.2
8.2
Dividends
ProOther
and
prietors'
labor
perand
sonal
income* rental 6
income interest
income
.5
.4
5
.6
2.4
2.8
3.0
3.5
19.7
13.3
7.2
14.7
20.8
42.4
47.3
41.4
44.0
48.9
8.2
9.2
9.9
1.5
2.1
3.0
3.1
14.5
16.0
17.1
19.3
20.0
11.8
11.3
12.4
15.1
12.5
3.8
3.8
3.9
3.9
47.7
48.1
48.0
48.0
49.2
49.7
48.3
50.5
49.1
49.8
19.7
20.2
20.2
20.0
19.7
20.1
20.7
20.8
20.2
20.7
12.1
12.1
12.7
12.8
12.6
12.7
12.5
12.9
12.6
12.3
3.9
3.9
4.0
49.9
48.6
47.5
19.3
19.9
20.5
12.9
12.6
12.6
3.8
3.8
3.8
3.8
3.8
3.8
3.8
Nonagricultural
income*
.1
.2
.6
.8
2.1
2.2
2.2
2.9
3.5
76.8
43.0
66.3
86.1
170.8
187.1
187.6
206.6
229.4
3.7
3.4
3.7
3.5
3.5
3.4
3.4
3.6
3.6
3.5
225.2
227.8
229.0
230.1
230.1
231.3
232.1
234.5
234.8
235.9
4.1
4.0
4.0
235.8
238.0
238.4
1
Includes construction expenditures for crude petroleum and natural gas drilling.
2
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
3
Less
than 50 million dollars.
4
Total wage and salary receipts, as included in "Personal income" is equal to total disbursements less employee contributions to social insurance.8 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well 8as consumer bad debts and other business transfers.
Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are
not included in personal income.
• Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Same as preceding page.
JUNE 1952
701
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
End of year
or month
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
. . .
. .
. .
1951—March
April
May
June
July
August
September
October
November
December
1952—Tanuary
February
March P
April?
Total
consumer
credit
Total
instalment
credit
Noninstalment credit
Sale credit
Total
Automobile
Other
1,267
1,729
1,942
482
175
200
1,525
1,721
1,802
1,135
707
691
Loans J
Total
noninstalment
credit
2,607
2,746
2,939
2,644
2,599
2,915
3,263
4,677
5,428
5,766
5,919
6,638
7,134
949
1,018
1,332
1,436
Singlepayment
loans 2
4,424
5,417
5,887
3,048
2,001
2,061
2,364
4,000
6,434
8,600
10,890
13,459
13,510
2,792
3,450
3,744
1,617
882
891
1,648
3,086
4,528
6,240
7,904
7,546
1,151
1,961
3,144
4,126
4,039
1,104
1,935
2,567
3,096
3,778
3,507
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348
4,072
4,650
5,555
5,964
19,379
19,126
19 207
19,256
19,132
19,262
19,362
19,585
19,989
20,644
12,976
12,904
12,920
12,955
12,903
13,045
13,167
13,196
13,271
13,510
7,368
7,270
7,248
7,234
7,173
7,247
7,327
7,355
7,400
7,546
3,946
3,934
3,980
4,041
4,061
4,138
4,175
4,134
4,100
4,039
3,422
3,336
3,268
3,193
3,112
3,109
3,152
3,221
3,300
3,507
5,608
5,634
5,672
5,721
5,730
5,798
5,840
5,841
5,871
5,964
6,403
6,222
6,287
6,301
6,229
6,217
6,195
6,389
6,718
7,134
1,381
1,392
1,398
1,399
1,393
1,398
1,401
1 ,413
1,422
1,436
20,126
19,717
19,558
19,771
13,314
13,185
13,155
13,302
7,322
7,158
7,C47
7,1C6
3,962
3,927
3,891
3,957
3,360
3,231
3,156
3,149
5,992
6,027
6.1C8
6,196
6,812
6,532
6,403
6,469
1,445
1,448
1 ,444
1,450
227
544
715
Service
credit
1 .544
1,650
1,764
,513
,498
L ,758
.981
3,054
3,612
3,854
3,909
4,239
4,587
7,031
8,163
8,826
5,692
4,600
4,976
5,627
8 677
11,862
14,366
16,809
20,097
20,644
942
Charge
accounts
530
536
565
483
414
428
510
749
896
533
560
610
648
687
729
772
874
920
963
992
1,067
1,111
1,084
1,086
1,096
1,098
1,093
1,095
1,098
1,108
1,106
1.111
3,938
3,744
3,793
3,804
3,743
3,724
3,696
3,868
4,190
4,587
4.253
3,967
3,855
3,913
1,114
1,117
1 ,104
1,106
v Preliminary.
Includes repair and modernization loans insured by Federal Housing Administration.
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics
1
2
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
(end of period)
Year or month
Loans made by principal lending institutions
(during period)
Insured
repair
Comand
mercial
modern- banks
*
ization
loans s
Total
Commercial
banks l
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
Credit
unions
Miscellaneous
lenders
1,632
1,967
>,143
1,431
1,119
,170
.422
2,352
3,348
4,072
4,650
5,555
5,964
523
692
784
426
316
357
477
956
1,435
1.709
1,951
2,431
2,510
448
498
531
417
364
384
439
597
701
817
929
1,084
1.268
131
132
134
89
67
68
76
117
166
204
250
291
301
99
104
107
72
59
60
70
98
134
160
175
203
229
135
174
200
130
104
100
103
153
225
312
402
525
542
96
99
102
91
86
88
93
109
119
131
142
157
176
200
268
285
206
123
113
164
322
568
739
801
864
938
5,608
5,634
5,672
June
. . . 5,721
July
5,730
5,798
August
September. . 5,840
5,841
October
November . . 5,871
December... 5,964
2,476
2,497
2,506
2,515
2,492
2,521
2,524
2,522
2,509
2,510
1,112
1,119
1,131
1,151
1,167
1,181
1,203
1,191
1,211
1,268
286
286
204
205
517
514
160
161
288
288
207
209
518
522
162
164
5,992
6,027
6,108
6,196
2,521
2,542
2,593
2,640
1,273
1,275
1,285
1,295
300
301
303
307
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1951—March..
April
May
1952—January. . . .
February. . .
March?
April?
288
293
296
299
299
301
211
217
221
222
225
229
230
232
235
239
524
531
533
535
535
542
541
545
553
566
166
167
169
168
170
176
176
176
177
178
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
Credit
unions
680
1,017
1,198
792
639
749
942
1,793
2,636
3,069
3,282
3,875
4,198
827
912
975
784
800
869
956
1,231
1,432
1.534
1,737
1,946
2,437
261
255
255
182
151
155
166
231
310
375
418
481
528
194
198
203
146
128
139
151
210
282
318
334
358
417
237
297
344
236
201
198
199
286
428
577
712
894
947
853
852
368
340
207
184
43
41
33
31
79
72
860
872
359
356
198
204
44
44
33
35
82
86
882
888
894
904
922
938
951
956
962
971
339
389
351
373
347
354
206
210
183
205
228
292
44
49
42
52
45
50
393
373
429
431
184
181
216
210
46
46
52
50
35
40
35
40
38
42
38
37
41
39
76
90
78
86
83
84
85
91
95
102
p Preliminary.
1
Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount
of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of April amounted to 114 million dollars, and
other2 loans made during April were 18 million.
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans3 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans.
702
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
End of
year or
month
1939
1940.
1941
1942
1943
1944
1945
1946 .
1947
1948
1949
1950
1951
1951
March....
April. . .
May
June
July
August....
September.
October. . .
November.
December .
1952
January. ..
February. .
March?. . .
April P
Department
Total,
stores
excludand
ing auto- mailmobile
order
houses
1,525
1,721
1,802
1,135
707
691
715
Furniture
stores
924
905
890
874
854
859
870
890
908
971
655
636
616
602
590
590
600
607
608
613
710
692
678
662
646
645
654
668
685
737
1,129
,082
1,060
1,063
933
909
893
891
592
567
548
542
706
673
655
653
3,422
3,336
3,268
3,193
3,112
3,109
3,152
3,221
3,300
3,507
3,360
3,231
3,156
3,149
1,029
All
other
retail
stores
246
271
284
179
111
109
113
174
305
404
488
93
110
120
76
57
56
57
89
144
152
163
1,133
1,103
1,084
1,055
1,022
1,015
1,028
1,056
1,099
L ,186
1,010
1,245
1,186
874
536
599
619
440
289
293
296
386
587
750
935
Jewelry
stores
971
1,104
1,935
2,567
3,096
3,778
3,507
794
737
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instal-2
ment ]Daper
Year or month
Total
Repair Personal
instaland
modern- ment
cash
ization2
loans
loans *
Automobile
Other
343.2
391.0
404.1
93.6
118.5
118.9
63.1
79.7
81.2
55.4
54.9
56.5
131.1
137.9
147.5
382.5
382.7
384.4
June
, 385.0
July
385.1
August
391.7
September
396.3
October.... 401.8
November . 402.4
December.. 404.1
116.4
116.5
118.0
119.6
120.2
123.1
123.9
123.9
121.9
118.9
76.4
75.3
74.2
72.9
70.7
71.6
73.6
75,8
77.7
81.2
52.0
51.8
52.3
52.6
52.9
53.7
54.8
56.1
56.5
56.5
137.7
139.1
139.9
139.9
141.3
143.3
144.0
146.0
146.3
147.5
Outstanding at end
of period:
1949
1950
1951
1951—March
April
May
Total
Other
retail,
purPur- Direct chased
and
chased loans direct
4,416
5,645
5,434
854
915
922
,143 1,223 1,267
,061 1,192 1,031
944
781
905 1,107
937 1,213
July
August
September...
October
November...
December. . .
5,516
5,490
5,489
5,481
5,430
5,472
5,440
5,442
5,436
5,434
,079
,072
,083
,090
,086
,097
,105
,090
,079
,061
1,232
1,242
1,248
1,246
1,230
1,240
1,239
1,226
1,209
1,192
1,190
1,153
1,123
1,098
1,068
1,059
1,004
,010
1,017
1,031
874
875
882
883
886
899
911
925
937
937
1,141
1,148
1,153
1,164
1,160
1,177
1,181
1,191
1,194
1,213
1952—January
February....
March?
April?
5,418
5,412
5,446
5,525
,042
,038
,035
,057
1,184
1,186
1,197
1,218
1,034
1,016
1,008
1,003
928
924
922
939
1,230
1,248
1,284
1,308
Volume extended during month:
1951—March
April
May
June
July
August
September...
October
November..,
December.. .
638
625
683
666
642
738
682
744
689
686
109
118
140
143
137
162
150
150
136
117
160
153
166
160
150
187
166
168
152
149
123
125
132
115
115
131
126
153
147
157
51
56
65
64
62
70
67
82
72
70
195
173
180
184
178
188
173
191
182
193
714
679
758
131
135
144
162
170
167
185
192
146
130
138
154
57
55
62
79
210
192
229
221
Automobile
retail
Household
appliance
stores
273
302
313
188
78
50
51
118
249
387
500
710
613
377
439
466
252
172
183
198
337
650
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Outstanding at end of
period:
1949
1950
1951
1951—March
April
May
June
1952—January
February....
March?
April?
Repair
and
moderniza
tion
loans 12
Personal
instalment
cash
loans
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Total
Retail instal-2
ment paper
Automobile
Outstanding at end
of period:
1949
1950
1951
Repair Personal
and
instalmodernment
ru-u**
ization
cash
utner
loans i 2
loans
194.7
226.9
255.3
43.5
57.9
63.2
31.4
41.1
47.3
6.5
7.3
7.2
113.3
120.6
137.6
1951—March
April
May
June
July
August
September.
October
November.
December..
226.9
228.1
230.6
232.6
235.4
241.3
245.5
247.4
250.3
255.3
57.1
57.8
59.2
59.8
60.5
63.2
63.5
63.7
63.4
63.2
40.5
40.0
39.6
39.8
40.8
42.4
44.5
45.6
46.1
47.3
7.0
6.9
7.0
7.1
7.1
7.2
7.3
7.4
7.6
7.2
122.3
123.4
124.8
125.9
127.0
128.5
130.2
130.7
133.2
137.6
1952—January . . .
February..
March?... .
April?
402.6
403.9
405.8
410.7
116.5
116.3
116.6
119.2
81.4
81.4
81.2
81.1
56.1
56.3
55.4
55.8
148.6
149.9
152.6
154.6
1952—January . . .
February...
March?....
April?
256.2
257.7
260.9
265.5
62.5
62.4
62.6
64.0
47.0
47.4
48.8
50.0
7.2
7.1
7.0
7.0
139.5
140.8
142.5
144.5
Volume extended
during month:
1951—March
April
May
June
July
August
September ,
October....
November .
December.,
46.8
44.9
49.3
48.8
48.5
58.4
51.2
60.0
52.3
53.6
12.4
13.1
15.2
15.6
14.9
19.4
16.2
17.3
14.6
13.1
8.5
7.8
8.3
7.8
7.6
10.4
10.4
12.2
11.8
12.8
3.0
3.3
3.8
3.9
3.8
4.5
4.1
5.2
4.1
3.4
22 9
20.7
22.0
21.5
22.2
24.1
20.5
25.3
21.8
24.3
Volume extended
during month:
1951—March
April
May
June
July
August
September.
October....
November.
December..
34.3
32.4
34.8
36.1
35.9
42.6
37.8
41.3
39.5
43.6
7.4
7.4
8.8
9.0
8.9
11.5
9.4
9.6
9.0
9.3
4.9
4.4
4.2
4.9
5.2
7.0
6.9
7.7
6.2
6.6
0.4
0.4
0.5
0.5
0.5
0.6
0.6
0.7
0.7
0.5
21.6
20.2
21.3
21.7
21.3
23.5
20.9
23.3
23.6
27.2
1952—January . . .
February...
Marchp
April?
52.5
51.8
57.5
58.8
14.3
15.2
16.8
18.1
11.8
10.1
10.6
10.3
3.5
3.7
4.1
5.4
22.9
22.8
26.0
25.0
1952—January . . .
February...
MarchP....
April?
39.4
38.3
42.2
41.5
9.2
8.9
9.1
10.1
5.7
5.7
7.1
6.8
0.5
0.5
0.6
0.7
24.0
23.2
25.4
23.9
9 Preliminary. > Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
2
JUNE
1952
703
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Item
Percentage change
from preceding
month
Apr. Mar.
1952? 1952
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Accounts receivable, end
of month:
Total
Instalment
Feb.
1952
Percentage change
from corresponding
month of preceding
year
Apr.
1952P
Mar.
1952
Feb.
1952
-6
-8
-4
-10
+5
+3
+1
+2
-3
-9
-8
+2
+6
+9
+1
+6
+9
0
0
—2
—1
—2
2
+3
-7
+2
+4
-8
-22
+1
—2
—4
—2
—2
-8
-5
-6
-3
-16
-13
Collections during
month:
Total
Instalment
-6
-7
+4
+7
-8
-8
-6
Inventories, end of
month, at retail value.
+2
+4
+2
-15
Q
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE'
-19
—3
P Preliminary.
Instalment accounts
Year or month
Household ap- Department
pliance
stores
stores
Department
stores
Furniture
stores
19
18
18
19
18
19
19
21
21
19
11
11
11
11
11
12
11
12
11
11
12
11
11
12
12
12
12
12
12
12
50
47
49
49
46
48
47
50
50
45
19
18
20
18
10
10
11
11
13
13
13
13
47
45
48
46
March
April
May
June
July
August
September
October
November
December
1952
January
February
March
April?1
Charge
accounts
P Preliminary.
1
Collections during month as percentage of accounts outstanding at
beginning of month.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1947-49 average = 100
Accounts receivable
at end of month
Sales during month
Year oi month
Percentage of total sales
Collections during
month
Cash
sales
Instalment
sales
Charge
account
sales
Total
Cash
Instal-
Charge
account
Instalment
Charge
Instalment
Charge
account
Averages of monthly
data:
1941
1942
1943
1944
1945
1946
1947
1948
1949
,
1950
1951
46
53
60
67
75
93
99
103
98
101
104
44
57
72
82
92
105
103
103
94
93
95
55
45
39
36
37
56
85
105
110
136
133
48
48
49
53
59
84
95
104
101
106
111
76
60
35
29
28
38
67
108
125
177
181
53
48
42
44
50
73
92
105
103
111
124
58
60
47
41
40
53
78
106
117
146
165
47
51
50
52
59
78
92
103
104
111
118
48
56
61
64
64
59
55
52
51
48
48
9
6
5
4
4
4
6
7
8
10
9
43
38
34
32
32
37
39
41
41
42
43
1951—March
April
May
June
July
August
September. . .
October
November. . .
December
101
91
100
95
75
90
101
113
129
177
91
83
91
91
71
83
90
101
115
167
129
109
113
103
90
127
138
164
171
205
109
98
109
100
76
93
107
121
138
185
194
186
178
171
163
162
166
172
182
197
120
116
118
115
103
103
113
122
136
177
186
167
163
161
148
151
151
163
169
168
125
113
114
114
106
99
97
114
121
122
48
48
48
50
50
48
47
46
47
49
9
9
8
8
9
11
10
11
10
9
43
43
44
42
41
41
43
43
43
42
1952—January
February....
March
April?
84
79
91
99
77
72
83
90
110
106
121
118
89
83
96
107
190
182
178
176
142
124
117
121
180
162
170
153
165
129
118
108
48
48
48
48
10
10
10
9
42
42
42
43
P Preliminary.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 695.
704
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTICS
PAGE
International capital transactions of the United States
706-711
Gold production .
711
Reported gold reserves of central banks and governments
712
Gold movements; gold stock of the United States
713
International Monetary Fund and Bank
714
Central Banks
714-718
Money rates in foreign countries
719
Commercial banks
720
Foreign exchange rates
721
Price movements:
Wholesale prices
722
Retail food prices and cost of living
723
Security prices
723
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 mGst 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.
JUNE 1952
705
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES
[Net movement from United States, (-).
In millions of dollars]
Increase in banking funds in U. S. l
From Jan. 2, 1935,
through—
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950— Dec.
Total
Foreign
official2
Foreign
other
International
Decrease
in U. S.
banking
funds
abroad 1
Total
Domestic
securities:
Inflow of
foreign3
funds
Foreign
securities:
Return
of U. S.
funds 3
Inflow in
brokerage
balances
31
31
31
31
31
8,009.5
8,343.7
8,569.1
8,763.5
10,521.1
5,726.1
6,362.3
6.963.9
6.863.9
7,890.7
2,333.6
1,121.8
2,126.0
2,197.8
2,715.6
2,938.7
2,998.5
2,993.6
3.028.2
3,472.8
453.8
5,242.0
L.844.3
11,637.8
1,702.3
427.2
186.5
116.8
307.6
231.4
464.5
375.5
183.3
258.5
1,202.9
1,237.9
1,276.9
1,182.1
1,209.9
1,064.5
153.7
142.4
123.1
123.7
131.7
1951—Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
10,372.9
10,271.6
10,235.6
10,100.9
10,119.4
10,171.3
10,115.1
10,130.6
10,122.9
7,647.1
7,604.3
7,901.1
7,797.0
8,017.4
8,038.1
8,422.3
8,448.2
8,529.7
'•2,582.2
'2,589.5
2 , 746.4
'2,598.1
'•2,734.8
'2,723.6
'2,769.8
'2 ,734. 7
'2,751.9
'3,459.3
'3,453.4
'3,526.3
'3,541.6
'3,639.7
'3,697.4
'3 ,909.1
'3,972.5
'4,089.6
L.605 6
1,561.4
1,628.3
L.657.3
1,642.9
,617.2
,743.4
,741.0
,688.3
240.3
215.4
190.3
189 4
181.9
231.9
211.3
186.3
160.9
1,386.4
1,401.2
1,115.9
1,070.8
877.4
856.8
612.9
617.0
618.6
973.1
929.2
895.6
911.2
912.1
912.7
744.3
755.0
688.1
126.1
121.6
132.7
132.6
130.6
131.8
124.3
124.1
125.6
1952—Jan. 31
Feb. 29P
Mar. 31P
10,043.6
10,203.4
10,274.6
8,464.4
8,634.3
8,711.4
2,644.9
2,809.6
2,910.1
4,138.7
4,197.7
4,144.2
,680.9
,627.0
: ,657.1
133.4
164.9
145.6
631.3
617.6
618.0
689.2
659.7
658.8
125.4
126.9
131.8
r
TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES.
BY COUNTRIES *
[Amounts outstanding, in millions of dollars]
International
institutions
Date
Total i'oreign
countries
Official
and
2
United
NethKing- France
erdom
lands
Switzerland «
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia
All
other
1,316.4
1,057.9
1,151.8
961.0
1,378.5
232.8
193.7
167.4
179.5
254.5
Official
private
31...
31...
31...
31...
31...
473.7
2,262.0
1,864.3
1.657.8
1,722.2
6,006.5
4,854.4
5,853.7
5.960.2
6
6,922.6
3,043.9
1,832.1
2,836.3
2.908.1
3,425.9
458.9
326.2
546.3
574.4
6
656.6
245.9
167.7
192.8
171.6
260.7
224.9
143.3
122.8
170.5
193.6
372.6
446.4
538.9
576.9
553.0
267.9
153.1
333.5
303.6
314.7
850.5
739.8
738.1
717.0
799.2
2,420.7
1,976.7
2,472.4
2,513.9
8
2,777.7
931.8
409.6
775.2
869.1
899.0
1,104.8
1,216.6
1,287.0
1,436.7
1,612.9
1951—Apr. 30...
May 3 1 . . .
June 30...
July 3 1 . . .
Aug. 3 1 . . .
Sept. 30 . .
Oct. 31 . .
Nov. 30. .
Dec. 31. .
1,625.6
1,581.4
1,648.3
1,677.3
1,662.8
1,637.1
1,763 3
1,760.9
1,708.2
6,775.6
6,777.0
7,006.9
6.873.9
7,108.7
7,155.1
7,413.1
7,441.4
7,575.6
'3,292.5
'3,299.8
'3,456.7
'3,308.4
'3,445.1
'3,433.9
'3,480 1
'3,445.0
'3,462.2
666.6
622.5
620.1
545.6
522.6
513.0
543.2
591.2
642.6
193.0
191.9
246.3
218.3
221.2
222.7
270.1
254.4
289 A
131.4
133.4
134.8
132.0
131.7
135.4
132.4
154.5
148.8
502.5
498.2
509.3
499.9
506.8
511.5
493 3
506.8
521.3
299.1
289.8
276.0
289.4
283.4
287.8
288 ?
2931
300.5
827.8
863.4
930.7
972.6
1,097.4
1,131.3
1,116.5
1,086.1
1,021.2
2,620.3
2,599.3
2,717.3
2,657.9
2,763 .1
2,801.9
2,843.7
2,886.1
2,923.7
811.6
818.1
964.4
931.8
1,011.1
1,022.8
1,257.8
1,250.1
1,307.1
,705.8
1,714.0
1,672.9
1,614.3
1,578.3
,532.0
1,502.2
1,461.6
L437.8
644.6 252.8 153.7
796.9 253.4 155 9
785.3 251.3 149.8
521.6
544.1
543.9
290.2
293.9
292.1
997.8
956.7
956.1
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1952—Jan. 3 1 . . . 1,700.9
Feb. 2QP. . 1,646.9
Mar. 31 P. . 1,677.0
7,517.7 3,355.2
7,741.4 3,519.9
7,788.5 3,620.4
2,860.7 1,316.5
3 ,000.9 1,335.4
2,978.5 1,335.7
251.9
258.5
253.3
259.4
261.0
257.6
274.3
287.8
297.4
L.400.7 1,635.7 304.1
1,414.1 1,661 .0 329.1
,459.6 1,688.8 325.9
1,386.0
1,387.2
1,399.1
1.410.3
1,495.1
1,540.8
1,535 0
1,555.8
1,609.6
r
P Preliminary.
Revised.
Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN
for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding
amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement
of funds
shown in Table 1.
2
Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their
agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). and also funds held in
accounts
with the U. S. Treasury.
3
Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities
of such
institutions are included in foreign securities.
4
"Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in
not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate
foreign governments, central banks, and other official institutions (see footnote 2 above) as well as other banks, organizations, and individuals
domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial 5firms. (Footnote 1 above also applies to this table.)
Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date.
6
Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts,
but which have been excluded in the past from reported liabilities.
NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951,
certain changes were made in the order and selection of the material published. An explanation of the changes appears on page 1202 of that issue.
For further explanation and information on back figures see BULLETIN for August 1951, p. 1030
1
706
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
1946—Dec.
1947—Dec.
1948—Dec.
1949—DeC1950— Dec.
Bel- CzechDenoslo- mark
gium vakia
Finland
GerNormany Greece way
850.5
739 8
738.1
717.0
799.2 41.9
159.5
124 9
128.7
119 9
128.2
5.6
66.5
52.8
44.7
38.0
45.5
22.2
30.5
19.1
25.1
18.3
89.5
178.9
149 4
221.6
42.4
41.2
43.9
44.9
54.6
57.4
61.1
62 9
57.1
122.3
121.6
124.2
129.6
138.4
132.9
143.6
145.1
134.7
3.2
2.9
3.1
3.4
2.1
2.0
1.5
1.5
1.3
47.8
48.0
44.7
41.5
39.9
44.6
47.2
46.7
45.3
22.1
22.2
22.5
26.3
27.5
23.1
24.0
27.9
27.0
266.4
303.6
357.5
403.6
481.4
502.5
488.3
455.9
405 :6
997.8 57.0 132.8
956.7 55.4 136.6
956.1 54.0 129.9
.7
.8
44.0
38.7
38.9
30.0
30.7
26.9
Other AusEurope tria
Date
3i _
3i
31.
31
31
1951 —Apr. 30.
May 31
June 30
July 31
Aug. 3 1 . .
Sept. 30. .
Oct. 31. .
Nov. 30. .
Dec. 31. .
1952—Jan. 3 1 . .
Feb. 2 9 P .
Mar. 3 1 P .
827.8
863.4
930.7
972.6
1,097.4
1,131.3
1,116.5
1.086.1
1,021.2
.7
Poland
Portugal
49.3 123.5
34.7 56.2
21.1 77.7
29.6 69 4
32.3 43.6
4.2
39.0
47 1
37.7
38.1
45.7
35.8 57.8
38.0 62.2
38.6 60.5
38.2 65.5
40.4 99.9
41.1 103.0
39.1 106.3
41.5 98.6
45.8 99.7
4.0
3.8
3.3
3.6
2.1
2.3
2.4
2.6
2.8
46.8
44.0
45.6
42.9
41.5
47.9
36.4
35.4
40.7
395.1 38.9 97.7
353.0 38.4 96.7
361.8 41.0 104.4
2.4
5.8
2.5
40.7
40.3
41.8
7.1
Rumania Spain
Sweden
Yugo- All
USSR slavia
other*
6 1
16.4
12 8
13.6
15 7
21 3
172.6
58.6
49.0
90 1
115.3
60.5
73 7
21 3
10 2
4 0
12.4
12 1
19^9
7 6
13.2
112.5
138.2
119!3
117 4
52^4
6.2
6.1
5.9
6.0
5.7
6.0
6.0
6.0
6.1
19.2
16.3
18.3
15.8
14.0
14.4
16.8
18.4
17.1
92.8
92.8
99.4
94.5
88.8
89.3
83.7
80.3
70.7
2 3
3.5
4.1
2.5
2.3
2.5
6.4
9.2
6.5
4.2
4.2
5.3
4.0
8.2
7.1
52.4
48.8
51.8
48.0
53.4
55.6
53.6
52.7
57.6
6.0
6.1
6.2
16.6
17.4
17.9
64.3
64.4
62.5
4.2
4.9
2.7
7.7
8.7
7.1
59.5
58.8
57.9
Netherlands
West Peru
Indies
and
Surinam
Republic of
Panama
8.9
8 7
7.0
6.7
2.9
5.0
4 7
Table 2b.—Latin America
Latin
BoAmer- Argentina
livia
ica
Date
Brazil Chile
Colombia
Cuba
Dominican Guate- MexReico
mala
public
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
31. 1,104.8
31. 1,216.6
31. 1,287.0
31 . 1,436.7
31. 1,612.9
1951—Apr. 30.
May 31.
June 30.
July 31.
Aug. 31 .
Sept. 30.
Oct. 31
Nov. 30.
Dec. 31.
1,705.8
1,714.0
1,672.9
1,614.3
1,578 3
1,532.0
1,502 2
1,461.6
1,437.8
112.6
236.2
215.8
201.1
301.8
14.0
17.8
17.1
13.5
20.4
174.0
104.7
123.7
192.8
226.0
50.7
46.3
55.6
60 9
79.5
57.8
46.1
54.0
85.9
53.4
153.5
234.7
219.4
164.2
259.1
347.5
353.2
343.7
330.9
320.3
312.1
299 5
277.1
249.7
19.3
19.7
24.7
22.2
21.6
26.2
24 1
25.0
27.8
248.1
241.7
212.4
171.5
151.4
140.4
132 8
110.1
100.3
79.9 66.6
76.6 66.2
69.9 58.1
57.8 50.9
56.2 52.1
55.5 46.2
52.5 61.0
47.6 79.7
54.0 106.4
309.8
327.9
327.9
354.3
336.7
312.3
305.2
284.7
251.7
97.6 253.1
96.3 264.9
95.9 287.3
1952—Jan. 31. 1,400.7 225.9
Feb. 29P 1,414.1 212.9
Mar. 31 P 1,459.6 188.5
23.6 98.5
25.6 116.2
21.4 98.5
56.5
59.5
57.2
El
Salvador
42.7
152.2
139.2
146.7
214.6
25.4 207.1
16.1
14.9
24.3
25.9
30.2
40.9
41.8
52.6
52.8
60.2
77.2
70.3
71.8
74.3
59.2
\6.'\
46.3
48.7
51.3
53.2
53.0
50.7
44.2
43.6
45.8
30.8
29.2
29.5
28.5
26.0
23.4
21.9
22.8
24.4
115.8
109.9
123.8
111.2
128.2
143.9
150.4
159.3
158.2
28.8
25.6
25.0
28.2
27.7
30.4
30 2
31.2
34.9
58.2
57.9
54.3
52.8
*>4 5
52.9
51.2
48.6
47.2
51.9
53.9
58.1
62.0
66.3
58.7
64 6
65.6
67.7
46.3
46.8
50.6
46.1
41.7
37.7
32 2
28.5
27.8
46.1
48.9
50.5
32.1 147.0
35.9 134.0
39.5 170.4
31.5
31 .3
28.8
49.5
48.8
56.3
63.1
65.7
67.9
36.5
39.0
43.7
Uruguay
Other
Vene- Latin
zuela America 2
75.1
74.0
78.0
121.7
143.2
85.2
181.8
186.5
184.1
207.4
71.3
82 1
74.4
74.6
83 2
80.6
79 7
79 1
83.0
84.7
80.8
87.2
75.6
74.6
74 7
76.3
68 0
68.1
71.9
93.5
95.2
93.2
86.9
87 5
85.5
8S 4
86.6
85.1
75.2
76.8
83.4
67.4 97.1
62.3 95 9
66.5 103.7
Table 2c—Asia and All Other
Date
Asia
ForPhilmosa
ippine Thai- Tur- Other All
Indoand Hong
land key Asia 3 other
China Kong India nesia Iran fsrael Japan Republic
Mainland
1946—Dec.
1947—Dec.
1948—Dec.
1Q49—Dec
1950— Dec.
31. 1,316.4 431.9 44.9 43.5 127.1
3 1 . 1,057.9 229.9 39.8 62.4 69.3
31. L,151.8 216.2 51.1 51 8 41.5
31
961 0 110 6 83.9 63.3 15.7
31. L,378!5 8l!7 86.1 55.7 114 7 20.3 12.6
1951—Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
31 .
30.
31.
31.
30.
31.
30.
31.
1,386.0
1,387.2
,399.1
1,410.3
,495.1
,540.8
,535.0
,555.8
,609.6
1952—Tan. 31.
Feb. 29 P
Mar. 31P
,635.7
!688!8
79.3
78.6
79.2
84.3
89.7
93.7
90.0
88.4
87.4
64.8
61.1
61.9
61.4
62.3
60 0
60.1
62 0
62.4
59 0
73.0
80.2
75.1
64.3
68.9
59.8
57.7
62.1
126.7
124.2
135.8
152.9
157.4
172.7
128.0
129 1
140.6
27.4
25.8
26.6
26.5
25.8
25.3
21.0
21.8
25.5
17 2
22.7
19.7
16.2
16.7
12.0
13.5
14 4
26.6
Egypt
and Union
Aus- Bel- Angloof Other *
tra- gian Egyp- South
lia Congo tian Africa
Sudan
16.6
31.3
81.4
214.6
458.5
446.6
54.7 151.0 232.8
488.6
37.6 99.0 193.7
488.3
17.5 204 0 167.4
297 3
9 . 8 165 7 179.5
374.4 "48!2 14.3 111 9 254.5
45.5
30.6
22.2
32.4
19.1
58*1
20.8
25.0
27.7
61 6
75 6
376 6
348.8
342.8
356.9
440.6
492.4
538.7
568.7
596.0
404.5
414.5
403.7
396.1
382.2
369.4
355.6
342.2
329.7
18.3
19.9
26.2
23.6
22.3
22.4
32.4
36.8
38.5
51.4
51.6
55.0
55.4
53.1
50.3
52.2
52.6
54.5
105.6
105.1
89.4
98.9
98.7
104.8
101.7
101.2
110.7
9 5
16.2
16.8
17.3
21.8
11.6
16.0
13.6
67.1
65.6
65.9
64.2
65.2
68.5
72.0
83.7
86.8
54.3 121.0
58.8 126.4
57.8 127.3
9.1
87.3
95.7
93.3
57.7
63.8
65.9
67.8
73.1
80.0
84.9
90.9
96.7
20.6
18.2
12.3
14.3
12.9
12.0
12.2
11.4
14.1
152.2
156.6
171.2
158.6
170.1
154 5
171.3
169.1
168.4
251.9
258.5
253.3
259.4
261.0
257.6
274.3
287.8
297.4
81.9 64.2 58.6 131.8 26.8 20.7 636.2 328.2 108.8 13.6 164.8 304.1 32.3
81.6 64.4 59.4 127.4 26.9 19.3 655.7 331 .1 115.0 14.9 166.1 329.1 36.5
78.6 67.8 47.4 141.0 25.7 19.8 682.4 332.2 121.0 10.6 162.4 325.9 38.4
47.2 119.3
46.4 91.8
15.8 101.6
6.0
79.5
44 0
7.0
11.8
9.0
as of that date.
:y 1950, excludes Iran,
?l, and l nailand, reported separately as or tnat date.
4
Beginning January 1950, excludes Belgian Congo, reported separately as of that date,
JUNE 1952
707
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATBS,
BY COUNTRIES *
[Amounts outstanding, in millions of dollars]
Other Total
Europe Europe
Canada
Latin
America
Asia
All
other
82.8
118.9
106.3
98.5
67.1
312.9
248.6
323.8
219.2
237.0
52.2
27.5
39.8
37.6
125.8
226.8
514.3
516.6
411.1
378.8
99.2
127.0
118.8
139 7
96.3
17.2
31.5
19.7
20 4
60.0
9.6
8.8
11.2
35.2
55.1
52.9
29.3
18 0
13.2
11.2
7.5
10.3
75.5
82.7
87.9
89.8
88.8
86.3
92.1
97.7
111.2
242.6
258.5
272.4
245.2
219.2
174.7
160.1
163.6
182.8
117.6
116.7
117.3
119.3
101.9
101.0
102.5
118.3
92.0
374.0
371.5
386.6
401.3
429.5
437.2
463.8
465.5
489.3
95.1
104.5
102.9
117.6
141 0
128.7
146.9
153 0
162.4
59.7
62.7
59.9
56.6
55 9
55.9
44.7
42 6
41.9
11.2
10 3
11.0
12.6
14 4
21.5
114.6
103 0
89.6
186.8
180 2
176.3
89.3
72 4
72.1
520.3
520 6
550.2
161.9
154 6
149.5
37.6
36 7
35.7
Total
United
NethKing- France
erdom
lands
Switzerland
Italy
708.3
948.9
1,018.7
827.9
898.0
47.7
29.2
24.5
37.2
105 7
5.7
23.4
119.0
51.8
31.4
151.0
49.1
51.4
5.2
9.8
7.0
6.9
3.8
3.4
8.7
16.0
21.1
15.8
22.6
20.7
1951—Apr. 30
May 3 1 .
June 30
July 31
Aug. 31
Sept. 30
Oct. 31.
Nov. 30
Dec. 31
889.1
913.9
939.0
939.9
947 5
897.4
918.1
943.1
968.4
110.7
98.8
110.2
103.7
87 0
52.0
33.0
34 7
35 0
6.3
7.0
7.4
8.2
13 3
11.0
11.3
11.0
10.1
4.2
3.9
3.5
3.4
3.8
10.8
11.0
10.5
10.7
8 3
2.9
9.2
1952— Jan. 31
Feb 29P
Mar. 31 P
996.0
964 4
983.8
28.5
32 8
14.1
14 1
13.2
Date
1946—Dec.
1947—D e c
194g—D eCi
1949—Dec.
1950—Dec.
31
31
31... .
31
31
35.4
2.9
3.9
5.0
5.8
5 6
5.7
Table 3a.—Other Europe
Other AusEurope tria
Date
DenBel- Czechoslo- mark
gium vakia
Finland
Ger- Greece Nor-
Poland
PorRutugal mania Spain
Swe- USSR YugoAll
den
slavia other 1
.5
2.2
.2
7.5
15.0
21.4
19.3
21.5
.6
.4
3.2
6.2
8.0
3.4
8.2
2.2
30.4
30.5
30.5
30.0
25.4
12.4
10.6
1.2
.7
.2
3.3
9.2
8.4
7.4
1.4
1.0
1.1
.7
.5
.5
7.2
.9
2.9
7.0
1.6
4.9
5.4
1.4
2.3
6.9
1951—Apr. 30. 75.5
May 3 1 . . 82.7
June 30.. 87.9
July 3 1 . . 89.8
Aug. 31 . 88.8
Sept. 30.. 86.3
Oct. 31. . 92.1
Nov. 30. . 97.7
Dec. 31. . 111.2
(8)
(»)
(8)
(8)
.2
.2
(3)
.1
(3)
21.9
19.7
18.8
18.7
15.2
21.5
23.6
27.1
39.6
6.7
7.3
6.2
4.1
4.1
5.2
5.7
5.9
4.8
3.3
6.3
6.2
5.1
5.0
2.5
2.7
3.2
3.1
25.9
25.9
25.4
25.9
26.4
28.8
30.9
28.6
28.3
.1
.1
.1
.1
.2
.2
.1
.5
.2
1.8
2.3
2.3
2.1
2.0
1.8
1.7
1.1
2.5
.7
1.3
1.3
1.0
1.0
.8
.6
.7
.8
2.0
7.0
13.6
20.2
23.5
14.2
17.1
16.8
18.8
8.6
8.2
7.4
6.2
4.9
4.1
4.3
6.2
5.4
1952—Jan. 3 1 . . 114.6
Feb. 29P. 103.0
Mar. 31 P. 89.6
(3)
(3)
42.9
33.7
28.7
4.0
4.6
4.6
3.6
4.1
2.7
30.1
27.9
27.7
.2
.1
.1
2.0
1.6
1.5
1.0
.9
1.2
19.0
19.8
13.5
5.2
4.3
4.2
Republic of
Panama
El
Salvador
1946—Dec. 3 1 . . 82.8
1947—Dec. 3 1 . . 118.9
1948—Dec. 3 1 . . 106.3
1949—Dec. 3 1 . . 98.5
1950—Dec. 3 1 . . 67.1
()
f3)
8
()
(8)
8
<*)
8
6.0
9.5
35.9
29.8
15.6
3.9
.2
1.7
1.7
1.5
1.9
1.1
3.5
3.9
4.2
4.3
4.7
4.7
4.9
5.1
4.3
4.1
4.0
2.4
1.3
.7
4.1
4.5
4.4
Table 3b.—Latin America
Neth-
Latin
BoAmer- Argentina
livia
ica
Date
*94€—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
31..
Colombia
Cuba
26
32
32
21
42
.4
6
6
.1
25 .7
108 6
83 1
27 .5
27 .6
1.9
6
0
0
.9
7
1
0
7
1.8
2.1
2.0
2.0
1.8
1.5
1.7
1.7
1.8
2.2
2.1
2.1
49 .8
165 8
165 4
136 .9
78 . 0
14.6
27.8
15.2
15.5
10 9
9 9
9 5
10 0
8.9
8 3
9 3
7 9
7 6
80 .5
6 .3
6 7
85 .3
95 .2
8 1
7 1 104 .5
8 2 112 .4
7 8 135 . 0
7 2 155 .6
7 2 164 .3
7 5 185 .0
9.6
10.0
12.9
12.3
15.5
19.5
20.6
22.7
24.8
51
55
48
45
42
42
43
39
43
7
44 .2
40 .3
38 .8
50 .6
42 .0
34 .0
30 .1
29 .4
32 .3
7 9
7 8
8 6
7 1 207 .3
9 9 217 . 0
8 1 234 9
26.2
23.6
29.3
39 3
36 1
33 8
29 .6
31 .0
36 .6
.8
31..
31..
226
514
516
411
378
6
1
8
41
65
72
53
45
11951—Apr. 30..
May 3 1 . .
June 3 0 . .
July 3 1 . .
Aug. 3 1 . .
Sept. 30..
Oct. 31. .
Nov. 3 0 . .
Dec. 31. .
374
371
386
401
429
437
463
465
489
0
5
6
3
5
2
8
5
3
1952—Jan. 31. . 520 3
Feb. 2 9 P . 520 6
Mar. 3 1 P . 550 2
31
31
Brazil Chile
.8
2
4
6
9
2.3
2 0
2 7
2 .3
8 .7
6.8
erDolands
minican Guate- Mex- West
Re- mala
ico Indies
and
pubSurilic
nam
5
*2 .6
25 .5
52 2
73 8
73 . 0
70 .6
.8
1
5
1.3
L.3
2 .7
2 .8
2 .6
2 .7
3 .0
2 .8
3 .4
3 .2
3 .8
58 .5
56 . 4
58 .6
60 . 4
68 .6
69 .1
74 .1
87 .4
90 .6
L.4
L.6
.4
.4
.2
.4
.1
.4
.2
4 .0
4 .2
4 .2
109 .1
103 . 0
101 .1
.2
.2
1.2
Peru
3.7
4.3
4.4
5.8
3
11.0
1
4
4
5
3
13.8
13.5
12.6
11.1
12.2
12.7
13.9
12.7
11.8
2
2
2
2
2
3
3
3
3
8
7
5
6
6
2
1
3
0
3.4
3.3
3.0
3.8
4.1
5.5
7.5
8.4
9.5
12.0
11.8
11.5
4 2
4
3 9
9.9
8.4
7.5
7
6
3
1
6.8
Uruguay
8.6
7.8
11.0
10.4
9.9
11.3
12.9
13.4
9.3
10.5
11.8
7.9
19.1
Other
Vene- Latin
zuela America*
87
15 3
26 0
25.6
49.4
26.2
34.5
34 7
43.1
14.6
65.9
56.9
67.1
62.6
80.5
67.7
66.9
54.6
41.7
13.0
14.1
13.9
14.4
14 7
13.7
13.1
12.3
14.5
34.9
38.7
33.1
13.7
13.8
15.1
p Preliminary.
See footnote 1, p. 706.
Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date.
» Less than $50,000.
Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.
1
2
708
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS I N T H E UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 3c—Asia and All Other
Pate
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 3 1 . .
1951—Apr. 30.
May 3 1 . .
June 30. .
July 3 1 . .
Aug. 31
Sept. 30..
Oct. 3 1 . .
Nov. 30..
Dec. 31.
1952—Tan. 3 1 . .
Feb. 2 9 P .
Mar. 31 P.
Asia
Formosa
Philippine Thai- Tui- Other All
and Hong
IndoChina Kong India nesia Iran Israel Japan Reland
kry Asia 1 other
Mainpublic
land
99 2
127.0
118 8
139.7
96.3
95.;
104.5
102.9
117.6
141 0
128.7
146.9
153.0
162.4
161.9
154.6
149.5
53.9
40.8
24.2
16 6
18.2
8.4
8.4
8.3
8.3
10.2
10.2
10.3
10.1
10.1
10.1
9.6
9.1
12.0
29.6
20.4
17.4
16.2
18.4
17.5
15.7
13.3
3 0 14 6
3 . 2 12.1
5.9
2.6
3.4
3.7
3.0
4.2
4.4
3.1
4.3
3.6
3.3
.2
.9
1.0
.5
1.9
.2
.2
.2
.3
.2
.3
.2
.4
.4
.4
.3
.4
.5
15.9
14.1
6 . 6 18.9 12.1
7 . 9 25.7
6.8
7 . 9 30.0
8.2
7 . 4 22.2
9.9
7 . 1 21.6 11.1
6 . 6 24.0
7.9
7 . 5 25.7
8.5
8 . 1 27.0
8.5
8 . 6 27.8 10.7
9 . 3 30.0 12.2
8 . 9 35.9
8.6
9 . 0 32.4
8.8
. 7 10.1 30.3 9 . 1
9.7
13.3
3 1 13 4
1.4 14.8
1.6 16.8
2 . 8 20.4
20.2
27.4
37 3
23.2
4.9
6.5
6.7
9.5
14.0
22 7
19.0
23.0
22.6
29.3
29 A
27.2
22.6
1.4
17.7
1.4
14.3
Y.'s
4.0
3.8
3.1
3.7
4.4
3.9
2.8
2.4
2.5
2.1
2.9
3.7
.9
1.5
.8
.6
.8
.8
.8
10.6
.8
.6
.5
.6
13.8
4.6
7.5
14 3
50.3
13.9
11.6
16.6
22.8
33.1
46.3
37.3
42.9
52.9
51.6
50.0
45.1
26.9
17 2
31 5
19 7
20 4
60.0
59.7
62.7
59.9
56.6
55.9
55.9
44.7
42.6
41.9
37.6
36.7
35.7
Egypt
and
Union
Bel- Angloof Other*
Ausgian Egyp- South
tralia Congo
tian Africa
Sudan
3.4
9.0
4.7
7.9
40 8
41.5
41.8
36.4
32.4
30.9
27.9
25.3
23.4
22.8
21.1
17.5
17.7
•
4.4'
5.2
5.8
7.0
7.3
7.7
7.7
6.9
6.7
5.7
5.3
6.0
7.2
.4
.1
.4
.2
.3
.3
.3
.4
.8
.5
3.9
.3
.2
.2
.1
.1
.1
10.1
14 4
7.9
4.5
7.3
6.1
8.6
9.4
9.4
9.3
8.5
7.6
6.8
6.7
6.3
6.0
5.7
TABLE 4.—PURCHASES AND SALES BY FOREIGNERS O F LONG-TERM DOMESTIC SECURITIES, BY TYPES
(Inflow of Foreign Funds)
[In millions of dollars]
U. S. Government bond s and notes4
Year or month
1946
1947
1948
1949
1Q50
1951
1951—April
May
Tune
July
August
September
October
November
December
1952—January
February?
]VIarchr>
. . . .
Purchases
Sales
414.5
344.8
282.4
430.0
1,236.4
673.6
88.5
46.7
210 2
30.0
25.7
11.1
20.7
20.7
27.2
20 2
15.5
19.2
684.2
283.3
330.3
333.6
294.3
1,356.6
23.7
42.3
492.4
79.3
226.7
56.1
282.5
17.4
36.0
12.7
18.2
16.3
Net
purchases
—269.7
61.5
-47.9
96.4
942.1
6
-683.0
64 9
4.4
—282.2
—49.4
-201.1
-45.0
-261.8
3.4
-8.8
76
-2.7
2.9
Corporate bonds and stocks «
Purchases
Sales
Net
purchases
367.6
226.1
369.7
354.1
774.7
859.8
69.9
82.2
55.4
51.6
68.0
76.7
94.0
62.6
64.1
76.6
68.3
65.7
432.1
376.7
514.1
375.3
772.3
761.0
53.9
71.9
58.5
47.3
60.3
52.4
76.1
61.8
53.7
71 5
79.3
68.1
-64.5
-150.6
-144.3
-21.2
2.4
98.7
16 0
10.4
—3 1
4.2
7.7
24 3
17.9
.8
10.4
5 1
-11.0
-2.5
Total
purchases
Total
sales
782.1
570.9
652.2
784.1
2,011.1
1,533.3
158 4
128.9
265 6
81.5
93.7
87.8
114.6
83 4
91.3
96 9
83.8
84.9
1,116.3
659.9
844.4
708.9
1,066.6
2,117.6
77 5
114.1
550 9
126.7
287.0
108.5
358.5
79 2
89.7
84 2
97.5
84.4
3.3
8.0
6.8
7.7
7.2
6.6
6.2
6.6
6.8
7.4
7.9
4.7
5.6
6. 5
4.7
7.0
5.0
8
Net
purchases
of
domestic
securities
-334.2
-89.1
— 192 2
75.2
944 4
-584.3
80 9
14.8
—285 2
-45.1
-193.3
-20 7
-243.9
4 2
1.6
12 7
-13.7
.4
TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED
IN T H E UNITED STATES. BY TYPES •
(Return of U. S. Funds)
[In millions of dollars]
Foreign stocks
Year or month
1946
1947
1948
1949
1950
1951
1951—April
May
June
July
August
September
October
November...
December
1952—Tanuary
FebruaryP
March?
• . .
.
...
Foreign bonds
Purchases
Sales
Net
purchases
Purchases
Sales
Net
purchases
65.2
57.1
81.7
88.8
173.8
272.3
20.8
24.6
17.7
16.4
19.6
26.6
25.2
24.2
24.4
34.4
29.1
18.8
65.6
42.6
96.7
70.8
198.2
348.7
16.2
17.7
16.4
18.1
19.6
26.6
21.4
47.6
82.6
29.9
27.5
30.3
— .4
14.6
— 15.0
18.0
—24.4
-76.4
755.9
658.7
211.6
321.2
589.2
500.4
31.1
24.5
39.1
45.4
21.1
73.6
53.9
73.7
38.1
33.1
19.6
29.4
490.4
634.3
291.4
311.5
710.2
800.4
67.6
75.3
73.9
28.2
20.1
73.0
226.1
39.6
46.8
36.5
50.7
18.9
265.5
24.5
—79.8
4.6
6.9
1.2
— 1.7
— .1
3.8
-23.5
-58.2
4.6
1.6
-11.4
9.8
121.0
-300.0
—36.5
—50.9
-34.8
17.3
1.0
.6
-172.2
34 2
-8.7
-3.5
-31.1
10.5
Total
purchases
821.2
715.9
293.3
410.1
763.0
772.7
51.9
49.1
56.8
61.8
40.7
100.2
79.1
97 9
62.5
67.5
48.7
48.3
Total
sales
556.1
676.8
388 2
382.3
908.4
1,149.1
83 8
93 0
90.4
46 2
39.7
99 6
247 5
87 2
129.4
66.4
78.2
49.2
Net
purchases
of
foreign
securities
265 1
39 0
—94 8
27 8
— 145 4
—376 4
—31 9
—44 O
-33.6
15 6
.9
— 168 4
10 7
-66.9
1.1
-29.5
-.9
p1 Preliminary.
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran,
Israel,
and Thailand, reported separately as of that date.
J
Beginning January 1950, excludes Belgian Congo, reported
separately as of that date.
1
4
Includes transactions of international institutions.
Through 1949 includes transactions in corporate bonds.
*6 Through 1949 represents transactions in corporate stocks only.
7
Includes net sales of 554 million dollars by Canada.
Less than $50,000.
JUNE 1952
709
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES.
BY COUNTRIES
(Inflow of Foreign Funds)
[Net sales, (—). In millions of dollars]
Year or
month
1946...
1947...
1948...
1949...
1950...
1951...
International
institutions
74.5
7.6
87.0
121.2
-15.9
Total
United
Kingdom
France
-334.2
-163.6
-199.8
-11.8
823.2
-568.4
-36.9
-8.9
9.1
20.9
64.0
21.4
-6.8
-50.2
-82.8
-6.8
197.8
6.0
-26.5
-98.2
-79.3
-25.5
-6.3
-22.2
Nether- Switzerlands
land
Italy
-.1
-17.1
-17.5
13.0
-40.0
44.2
19.0
45.9
0)
1951—Apr.. .
May..
June..
July..
Aug...
Sept..
Oct.. .
Nov...
Dec...
4.7
2.3
-61.9
-11.2
-18.6
.3
-14.5
1.0
76.2
12.5
-223.4
-34.0
-174.8
-20.9
-229.4
3.1
.7
1.0
-2.9
-13.0
1.6
8.6
-2.5
-3.6
3.1
5.6
50.6
1.3
-35.8
-13.9
.4
-20.0
.4
.6
.7
-5^3
-6.0
-2.7
-1.4
-2.2
-4.6
-1.0
6.7
4.6
2.7
5.8
5.4
11.0
11.2
2.6
-4.3
1.5
- 7
1.9
.3
.3
.1
.6
2
.'5
-.1
.2
.3
1952—Jan.. .
Feb. P.
Mar. P.
.3
-3.3
12.4
-10.4
-.4
5.4
-.7
2.3
1.5
.7
.4
-1.7
-2.7
-2.3
10.4
-4.1
2.4
-.1
.2
-.2
TABLE 6a.—DOMESTIC SECURITIES
Year or
month
1946
1947 ..
1948
1949
1950
1951
1951—Apr... .
May.. .
June.. .
July...
Aug.. .
Sept...
Oct.. . .
Nov.. .
Dec...
1952—Jan.. ..
Feb. P . .
Mar.p..
Other Aus Europe tria 2
Belgium
-10.8
— 14 1
2 6
2 2
73.8
18 .4
—43.8 — 11.9
-8.2
-4.6
-5.4
.6
-42.6
1.0
1.9
.8
3.8
.5
- 1 .9
- 7 .3
.1
- 4 .7
0)
.4
1
C)
0)
-1.3
-.1
-1.2
2
.6
.9
Sweden
2. 2
—4. 1
3 4 -10.2
6.3
2 5 —6.6 - 3 . 5
10 2
4
1 1
2.5
30.1
7.1
-1 1
(i)
.5
13.9
.9
.5
.6
.5
— .1
All Latin Brazil
other America
Norway
-8. 7
-2. 7
.9
1. 8
.2
0)
- 3 .6 - 2 9 . 2
1 .2
0)
2 .0
0)
2
.7
3 .4
0)'
.2
0)
Total
Europe
Canada
-10.8
-14.1
2.6
2.2
73.8
-43.8
-98.6
-175.5
-190.4
36.5
347.5
9.2
-16.4
3.2
7.5
-49.0
458.2
-595.5
6.3
-3.5
10.2
2.5
30.1
13.9
-224.5
10.0
-23.3
-2.1
-15.3
4.8
-1.0
2.2
-3.9
.2
2.7
-.7
-8.2
-4.6
-5.4
.6
-42.6
1.0
1.9
.8
3.8
50.3
-1.4
-56.7
-11.3
-31.0
-11.6
7.5
2.6
5.0
16.1
-3.6
-156.4
-25.3
-142.2
-3.1
-235.9
-1.7
-7.6
8.9
3.1
-10.7
1.7
-1.3
3.8
3.9
1.2
3.1
.8
14.7
.5
.9
-.1
-10.1
-5.0
.9
.2
-.4
-1.3
-.1
-1.2
14.1
-6.7
1.4
-3.1
-.4
-2.9
2.3
-2.3
-1.3
-1.1
-2.1
All
other
Asia
.1
.1
'.3
0)
A
.3
NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES
Other Europe; Latin America; and Asia
9
.6
12 .6
36. 7
5 .7 —38. 1
0)1
C)
0)
Latin
America
Other
Europe
1
1
0)
—
0)
\
1
\
-5.0
3
-1.3
3.8
3.9
1.2
3.1
.1
-.5
.3
.4
0)
0)
0)
0)
.1
8.9
.5
3.1
- . 6 -10.7
1.7
.1
4
— 1.4
-2.3
2.9
-1.4
1.7
-.9
6.8
2.5
6.1
.5
2.5
.1
10 9
.8 - 1 0 9
-.1
-.3
.8
.2
-.3
.6
.2
0)
.4
0)
-.2 -10 9
6
.2
_ 1
1 6
- 8
-1.0
24.6
1
1 0
6.4
-.9
0)
0)
0)
0)
.3
"2
1
-.2
5
1
0)
1
2.3
-.9
-.5
1
Cuba
0)
0)
ReOther
public El
Latin
Salv a- Amerof
Pan- dor 2
ica
ama
Mexico
A
.2
A
A
.3
.5
4.5
-6.9
2 9 -4.7
47
.3
-1.6
.6
3.1
-.3
0)
.1
1.6
-1.5
.2
1.0
1.1
2
-3.2
0)'
2.0
0)
0)
0)
0)1
C)
0)
0)
0)
Formosa
and
China
Mainland
Asia
Japan Other
Asia
- 6 . 2 -224.5 -200.5 0)
3.2
8
-3.2
10.0
12 2 —23.3 - 2 2 . 7
-7.2
5
-2.1
-.7
-3.0 - 1 3
-5.9 -15.3
4.8
2
13.9
2.4
2.9
-.4
2.7
-1.3
.2
3.4
2.2
1.2
0)
.9
A
.8
14.7
0)
1
1
.3
.5
.9
-.1
—. i
(i)
— ,2
-10.1
-5.0
.1
.1
0)1
C)
.9
0)
-1.3
-1.1
-2.1
-24.0
5
1
0
7
1
.2
4.7
— .7
.1
1.3
4.8
.6
14.4
.6
.7
.1
0)
0)
0)
0)
0)
0)
0)
.1
-.2
0)
-10.1
-5.0
.9
-.1
1
-1.4
— 1.1
-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
1946
1947
1948
1949
1950.. . .
1951
1951—Apr.. ..
May.. .
June.. .
July
Aug
Sept...
Oct....
Nov
Dec
1952—Jan....
Feb. P . .
Mar. P..
International
institutions
-249.3
0)
— 16 0
-3.6
-152.7
-3.0
-.1
.1
-1.0
-99.4
-1.4
.1
.1
P Preliminary.
Less than $50,000.
1
.710
Total
United
Kingdom
France
265.1
288.3
-94.9
43 8
-141.8
-223.7
-20.9
-2.0
-9.9
-13.5
-6.1
-2.0
-1.0
-3.1
-4.3
.4
-1.3
-4.1
-7.0
-29.9
-5.3
2.8
-13.9
-14.9
-35.4
19.1
17.2
14.2
0)
-.4
.2
.2
-.4
.2
.8
.8
.8
.2
.2
-.6
.2
-.7
.1
.7
.4
.2
2.1
1.8
1.8
.3
1.0
1.2
.2
1.4
.9
1.0
.4
.2
.7
.3
.5
2.3
.7
.4
-28.9
-43.9
-33.6
15 6
.8
1.6
-69.0
10.7
—66 9
-2.1
2
A
.3
-.6
.2
.3
— .1
2.5
-29.6
-1.0
.2
-3.0
— .5
2
0)
Nether- Switzerlands
land
-4.7
Other
Europe
Total
Europe
Canada
Latin
America
-.3
.1
.4
10.9
15.6
11.4
24.6
.5
1.2
16.4
-32.6
-34.4
-43.4
30.8
13.4
28.5
187.6
205.2
-102.2
-10.6
-190.0
-258.0
131.3
89.2
40.7
20.2
29.8
33.8
.1
1.2
7.5
1.4
.7
-1.1
1.4
.3
2.9
2.0
1.5
8.8
1.7
1.5
.4
3.4
2.5
4.6
-34.5
-40.4
-37.6
16.4
-1.0
-2.2
-76.5
9.2
-68 0
1.3
3.9
3.9
42
.6
.8
7.6
4.9
-.8
7.9
2.8
-29.8
-5.5
Italy
-.8
-.1
.1
0)
0)
0)
0)
0)
.1
0)
7.8
All
other
Asia
.3
-21 A
27.8
8.4
2 6
1.0
3.9
7.9
0)
.1
-8.9
-9.1
—6 9
C1)
— 1.7
-2.0
-3.9
—6 8
2.2
.1
.4
2
.4
1.3
.6
.3
9
-1.1
2.3
1.5
-4.4
-1.8
-5.0
.3
.6
.1
3.8
5.4
2.6
2 3
.5
1.6
.8
-36.0
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)
[In millions of dollars]
Year or month
1946
1947
1948
1949
1950
1951
United
Kingdom France
Total
9.7
-.6
-11.3
-19.3
-1.0
-1.2
.6
8.0
.1
-.1
.9
-6.1
1951—April
May
June
July
August
September
October
November
December
-4.8
-4.5
11.1
1952—January
FebruaryP
March?
2
-.5
— .1
.4
-.3
-.5
.2
.5
-.8
-.3
.2
.6
-.3
-.6
2.5
-.5
.1
-.2
-.7
1.2
.7
-.1
1.2
-7.5
2
l!5
2
-2.9
-1.4
-2.5
-1.5
-2.0
-.8
1.1
.2
1.5
4.9
Nether- Switzerland
lands
-1.1
.9
.2
Italy
-8.5
-4.8
-3.4
.2
2.5
.3
9.3
-1.5
-10.7
.9
.7
-4.8
()
.3
-.6
3.2
.8
-2.7
.6
-1.9
.3
.7
-1.7
1.0
1.9
-4.2
1.2
2.5
-.7
-.3
.3
-1.0
.1
1.1
— .4
.1
.1
— .2
.2
-.1
!i
.2
.4
.2
0)
-.5
1.3
.9
0)
.1
All
Other
Other
Europe
Total
Europe
1.1
-.5
-3.2
.1
-.2
-.3
-1.6
-9.3
-20.8
1.0
3.0
-3.3
2.0
-2.0
.1
.9
-3.0
2.8
7.5
-.6
1.2
-1.3
4.4
-5.0
1.0
1.8
.4
-.2
3.0
-.5
.7
-1.4
— .1
.2
.6
-.6
.7
-.1
-1.0
.4
.2
.2
-.2
3.1
2.4
9.2
.2
4.9
1.0
3.4
2.3
.2
-2.5
-.5
.3
2.1
.2
-4.5
-3.1
1.3
-.9
.2
-.4
-.2
.7
-.1
.5
-.1
-.6
.4
.3
-.4
-.2
2.8
-1.0
-.2
.1
.4
.1
.3
.4
2
'.2
-3.7
4.6
3.4
1.1
-2.4
2.1
2.2
-1.5
.1
.2
.5
-.2
Latin
Canada America
Asia
.6
__ <
0)
.6
.3
J?
!5
-.4
0)
p Preliminary.
> Less than $50,000.
Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., <S.7; U. S. brokerage balances abroad, 33.7.
2
GOLD PRODUCTION
OUTSIDE USSR
[In millions of dollars]
Production reported monthly
Year or
month
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
.
.. .
1951—March
April
May
June
July
August
September .
October
November .
December
1952—Tanuarv .. .
February
March
Estimated
world
production
Total
outside
reported
USSR*
monthly
1,265.6
1,125 7
871.5
777.0
738 5
756.0
766.5
798.0
833 0
861.0
1,110.4
982 1
774.1
701.5
683 0
697.0
705.5
728.1
753.2
••776.2
63 5
63 . 0
r64
0
r
63 0
r
North and South America
Africa
South
Africa
Rhodesia
West Belgian United
Africa2 Congo3 States4
Canada
Mexico
Colombia
|
of gold 9/10fine: i. t ., an ownce of fine gold =$.
$1 = 15/21 'rains
32.4
28.0
23.0
504.3
27.8
19.6 209.2 187.1
20 9
494 4
29 2
18 0 131.0 169 4
28 0
26 6
23.0
48.8 127.8
448.2
22.1
19.7
15.8
19.8
35.8 102.3
429.8
20.7
17.8
18.4
12.7
19.4
32.5
427.9
94.4
17.5
19.9
18.9
12.1
17 7
51.2
19.1
99.1
417.6
20.5
11.6
14.7
15.3
392.0
75.8 107.5
18.3
10 8
16 3
13 4
19.3
18.0
70.9 123.5
405.5
23.4
12.9
11.7
11.1
12.9
67.3 144.2
12 6
18.5
14.2
409.7
23.1
17.9
12.0
80.1 155.4
408.2
23.2
14.3
13.3
69.9
152
7
15 1
403 1
23
7
17 0
12 7
9
1 1
1 5
5 8
13 0
1 5
33 4
2 0
5.5
12.7
10
1.5
33.2
4
2.0
1.0
4
34 6
1
l
5 5
12 9
1 0
1 4
1 9
4
5.9
1.0
12.7
1 3
33 9
1.9
1.1
5.5
34.4
.4
12.1
1.3
1.9
1.2
1.3
6.6
1.4
34.6
1.9
12.1
1.5
1 l
6.4
4
2.0
33 3
12.6
1.3
6.6
13.2
1.2
34.1
L.5
2.0
1.1
.9
4
33.8
2.0
13.0
1.2
5.7
S
9
5.1
13.2
33.2
2.1
1.0
34.2
32 2
34 4
2.0
1.9
1 2
1.2
1.2
5.0
4.8
4.6
12.4
12 3
12.8
Other
Chile
9.3
6 4
6.1
7.1
6 3
8.1
5 9
5.7
6 3
Nica- Austra- India3
ragua 5
lia
7.5
8 6
7.7
7.9
7.0
6.4
7 4
7.8
7.7
8.0
8.8
52.4
40 4
26.3
23.0
23.0
28.9
32.8
31.2
31.3
r
30.4
30.5
10.0
9 1
8.8
6.6
5 9
4.6
6 1
6.5
5 7
6.7
7 6
7
.8
7
6
2.4
*-2.6
*2 5
••2 3
6
.7
6
6
.9
.8
.8
.7
.7
.8
'2.0
2.6
r
2.8
'2.7
r
2.7
2.6
.7
.7
7
.7
.7
.7
1.6
.7
1 4
.7
7
2.4
2 6
.6
6.7
6
.6
5
5
.5
.5
.4
.5
.5
7
.7
r
Revised.
Gold production in USSR: No regular government statistics en gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million.
1
Estimates of United States Bureau of Mines.
2
Beginning
1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only.
3
Reported by American Bureau of Metal Statistics.
4
Includes Philippine production received in United States through 1945. Yearly figures through 1950 are estimates of United States Mint.
Figures for 1951 and 1952 are estimates of American Bureau of Metal Statistics.
5
Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production.
NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual
estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp.
542-543.
JUNE 1952
711
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
United States
Estimated
total world
(excl. 1
Treasury Total *
USSR)
1945—Dec
1946—Dec
1947—Dec
1948—Dec.. . .
1949—Dec
1950—Dec
33,770
34,120
34,550
34,930
35,410
35,820
1951—May
June...
July
35,930
Aug
Sept... .
Oct
Nov.. .
Dec
35,990
35,950
1952—Tan
Feb
Mar
Apr
P36,000
Argentina
Belgium
Bolivia
Brazil
Canada
Colombia
Cuba
Denmark
Ecuador
20,065
20,529
22,754
24,244
24,427
22,706
20,083
20,706
22,868
24,399
24,563
22,820
1,197
1,072
322
143
216
216
716
735
597
624
698
587
22
22
23
23
23
23
354
354
354
317
317
317
361
543
294
408
496
590
82
65
45
43
40
40
127
145
83
51
52
74
191
226
279
289
299
271
38
38
32
32
32
31
21
21
20
21
21
19
21,756
21,756
21,759
21,854
22,013
22,233
22,382
22,695
21,861
21,872
21,852
21,986
22,164
22,394
22,579
22,873
288
288
288
288
276
273
268
268
589
586
595
608
638
621
619
621
23
23
23
23
23
23
23
23
317
317
317
317
317
317
317
317
643
652
671
681
691
736
805
850
45
45
45
45
45
45
45
45
66
271
281
281
291
311
311
311
311
31
31
31
31
31
31
31
31
22
22
22
22
22
22
22
22
22,951
23,190
23,290
23,297
23,055
23,373
23,428
23,450
268
268
268
268
631
610
624
638
23
317
317
317
317
860
868
874
45
45
45
45
311
311
321
31
31
31
31
22
22
22
22
End of
month
Egypt
France 3
Guatemala
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—Dec
52
53
53
53
53
97
1,090
796
548
548
523
523
28
28
27
27
27
27
274
274
274
256
247
247
131
127
142
140
140
140
••256
1951—May....
June....
July....
Aug
Sept
Oct
Nov.. . .
Dec
124
143
174
174
174
174
174
174
548
548
548
548
548
548
548
548
27
27
27
27
27
27
27
27
247
247
247
247
247
247
247
247
138
138
138
138
138
138
138
138
1952—Jan
Feb
Mar....
Apr
174
174
174
174
548
548
548
548
27
27
27
27
247
247
247
138
138
138
End of
month
Portugal
El Salvador
South
Africa
Spain
Sweden
Switzerland
1945—Dec.
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—Dec
433
310
236
178
192
13
12
15
15
17
23
914
939
762
183
128
197
110
111
111
111
85
61
482
381
105
81
70
90
1 .342
1,430
1,356
1,387
1,504
1,470
1951—May....
June
July....
Aug
Sept
Oct
Nov.. . .
Dec
217
217
217
224
234
250
255
265
23
26
26
26
26
26
26
26
210
210
210
210
210
209
208
190
61
60
61
61
50
50
50
51
129
129
129
129
128
134
136
152
P265
P27O
P274
26
26
26
190
193
169
51
51
51
179
211
214
214
1952—Jan
Feb
Mar
Apr
Chile
India
Iran
Italy
Java
Mexico
NetherNew
lands Zealand
Norway
Pakistan
Peru
178
208
294
181
100
42
52
208
270
265
231
166
195
311
23
23
23
23
27
29
80
91
72
52
51
50
14
27
27
28
24
20
20
28
31
'256
'256
'256
'256
'281
'292
'323
^333
229
229
229
229
229
279
279
279
261
228
195
193
191
190
191
208
311
311
311
311
311
312
312
316
30
31
31
31
31
31
31
32
50
50
50
50
50
50
50
50
27
27
27
27
27
27
27
27
46
46
46
46
46
46
46
46
'339
279
279
279
280
207
316
P317
P340
P342
32
32
32
32
50
50
27
46
46
46
46
24
28
58
96
'256
<201
*180
Inter- Bank for
national InterMone- national
tary
SettleFund
ments
Turkey
United
Kingdom
43
34
34
34
118
118
241
237
170
162
154
150
«2,476
«2,696
* 2,079
« 1,856
* 1,688
6 3,300
195
200
175
164
178
236
202
215
215
323
373
373
15
1,356
L.436
1,451
1,495
39
32
30
36
68
167
1,458
1,451
1,454
1,447
1,446
L.448
1,454
1,452
115
115
113
113
113
113
113
113
150
150 '«*3,867'
150
150
150 '"3,269'
150
150
151 «2,335
293
279
269
257
252
242
232
*221
373
373
373
373
373
373
373
373
1,495
1,518
1,519
1,529
1,529
1,529
L,530
1,530
153
151
155
143
144
132
127
115
1,438
1,426
1,432
113
113
113
150
150
150
150
P221
373
373
373
1,531
1,532
1,532
116
126
143
151
Thailand
6 2,036
6 1,770
5 1,700
Uruguay
Venezuela
P Preliminary.
' Revised.
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.
1
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."
1
Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
4
Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31.
5
Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank
of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and
Monetary Statistics, pp. 524-535; for back figures through 1941 see Table 160, p. 526 and pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina
and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively.
712
FEDERAL RESERVE BULLETIN
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
[Negative figures indicate net sales by the United States]
(In millions of dollars at $35 per fine troy ounce)
Year or quarter
1945
1946
1947
1948
1949
1950
1951
United
Kingdom
Belgium
France
31.1
— .2
14 2
406.9 222.8
734.3
69.8
446.3 - 4 1 . 0
-1.020.0 - 5 5 0
469.9 - 1 0 . 3
278.5
Total
—452.9
721 3
2,864.4
1,510.0
193.3
••-1,725.2
264.6
15.8
-84 8
-20.0
Netherlands
Portugal
130.8
40.7
-23.5
-79.8
-4.5
—47.9
—10 0
116.0
63.0
14.0
-15 0
-34.9
10.4
10.5
Sweden
80 2
238.0
3.0
-22 9
-32.0
Switzerland
Other
Europe *
Canada
Argentina
-86.8
—29 9
10.0
-5.6
-40.0
-38 0
-15.0
-7.4
36.8
27 3
337 9
86.6
311.2
5.8
2—159.9
3.4
r-68.0 -100 0
-60.1
-10.0
-224.9
153 2
727.5
114.1
-49.9
-49.9
Cuba
Mexico
-85.0
-23.8
—30 0
36 9
-65.0
45.4
— 10.0
61.6
-10.0
-16.1
28.2 -118.7
-20.0
-60.2
1949
68.8
173.9
101.5
-151.0
Apr.-June
July-Sept
Oct.-Dec
— 12.5
—31.0
162.4
283.9
-33.9
2.5
—5.0
— 10 0
—20.0
—5.0
3.5
-13.7
— 11 2
3.4
2.3
7.9
—10.0
—15.9
—49.9
—11.3
-15.0
1950
'•-201.3
'•-30.4
»•-731.0
r
-762.4
Apr .-June
July-Sept
Oct.-Dec
-80.0
-35.0
—20.0
-580.0
-360.0
—28.5
-56.3
-79.8
-91.7
-4.5
-15.0
—13.0
—3 0
— 16.0 —25.0
-4.0
—12.4
-11.9
3.4
r-47.1 -100.0
—15.8
8.2
20.0
—40.5
-61.9
1951
Jan.-Mar
r -876.3
Tuly-Sept
Oct -Dec
'291'. 4
-400.0
-80.0
320.0
629.9
-12.3
2.0
520.0
20.2
71 7
-10.0 -15.0
-15.0
—5.0 - 1 7 . 0
-5 0
-15.0
-44.3
-11.2
—3.5
—1 1
-io'.o'
-49.9
-20.0
-124.4
64.1
1952
557.4
Jan.-Mar.P
22.5
NET GOLD PURCHASES BY THE UNITED STATES,
BY COUNTRIES—Continued
[Negative figures indicate net sales by the United States]
-10.1
11.3
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
(In millions of dollars at $35 per fine troy ounce)
Year or
quarter
1945
1946
1947
1948
1949
1050
1951
Uruguay
Venezuela
Other
Latin
America
Asia
and
Oceania
Gold stock at
end of period
Union
of
South
Africa
- 3 7 . 9 —73.1 —27.8 8-188.3
25.0
13.7
—9.2
-4.9
1.0
—3.7
79.1
25.1
13.4
—4.1
10.7 - 1 0 8 . 0
— 14.4 - 5 0 . 0
- 7 5 r-52.1
-35.4
'•-17.2
—64.8
22 2
— 9 - 1 7 . 2 r5 —50 1
94.3
256.0
498.6
195.7
13.1
52.1
3.7
-2.9
-11.9
-2.3
-6.6
-2.2
-41.0
72.0
55.6
48.1
19.9
'•-10.4
r_.9
-.1
n.o
All
other
3.6
3.6
-16.5
-1.0
—50.0
6.9
— 1.6
4
-84 0
.1
.1
—2.0
.2
1950
Jan.-Mar
Apr.-June
July-Sept
Oct.-Dec
-12.0
—2.0
-23.9
-26.9
r
.2
3.9 '•-26.9
9.2 ' • - 2 . 8
r
'•-2.8
~22.8
1951
Jan -Mar
Aor -Tune
Tuly-Sept . .
Oct.-Dec
-50.9
15.0
28.0
30.1
-.9
-11.7
-5.0
3.5
-4.0
-3.9
>"-25.0
12.7
20 3
19.2
-17.5
-3.2
4.3
r
-28.0
-25.0
-31.0
1952
Jan -Mar P
10.0
r
v1 Preliminary.
Revised.
Includes Bank for International Settlements.
2
Includes sale of 114.3 million dollars of gold to Italy.
3
Includes sales of 185.3 million dollars of gold to China.
4
Includes sales of gold to Egypt as follows: 1950, 44.8 million
dollars; and 1951, 76.0 million.
6
Includes sales of 45.0 million dollars of gold to Indonesia.
NOTE.—This series replaces the series on "Net Gold Imports to
United States, by Countries," published previously.
JUNE 1952
Treasury
Total»
22,726
21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
22,695
21,756
21,756
21,759
21,854
22,013
22,233
22,382
22,695
22,951
23,190
23,290
23,297
23,296
22,739
—23.0 315.7 - 4 5 8 . 4 125.4
68.9 - 8 0 3 . 6
21,981
-757.9
48.3
20,631 — 1,349.8 - 8 4 5 . 4 - 4 5 9 . 8
35.8
20,083
32.0
—547.8 - 1 0 6 . 3 - 3 5 6 . 7
465.4 51.2
20,706
623.1 311.5
210.0 75.8
22,868 »2,162.1 1,866.3
24,399
1,530.4 1,680.4 —159.2 70.9
24,563
164.6 686.5 - 4 9 5 . 7
67.3
22,820 - 1 . 7 4 3 . 3 - 3 7 1 . 3 -1.352.4
80.1
617.6 69.9
22,873
52.7 - 5 4 9 . 0
-12.9
5.5
21,861
-38.5 -41.0
5.9
21,872
10.4 - 3 7 . 6
46.3
5.5
21,852
-19.2 -16.2
-8.8
6.6
21,986
133.1
-3.7
137.0
6.4
22,164
178.0
10.9
176.7
6.6
22,394
229.9 - 1 8 . 4
243.4
5.7
22,579
185.0
-2.1
188.4
6
.
5
5
.1
22,873
294.1
289.9
137.5
63.6
182.4
5.0
23,055
4.8
23,373
150.3
317.5
152.2
4.6
23,428
55.6 157.1 -103.1
5.0
23,450
96.6
22.0
-75.4
5
4
(4)
23,502
51.9
27.1
()
3.7
22.9
11.9
1949
Apr.-June
July-Sept
Oct.-Dec
Period
Earmarked
Net
Increase gold
gold: de- Domesimin total port or crease tic gold
producgold
or inexport
tion 2
stock
crease
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1951—May..
June..
July...
Aug. .
Sept...
Oct....
Nov...
Dec...
1952—Jan. . .
Feb.. .
Mar.. .
Apr. . .
May. .
1
2
See footnote 2 on opposite page.
Yearly figures through 1950 are estimates of United States Mint.
Figures for 1951 and 1952 are estimates of American Bureau of Metal
Statistics.
J
Change includes transfer of 687.5 million dollars gold subscription
to International Monetary Fund.
4
Not
yet available.
5
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 4,869.9 million dollars on May 31, 1952. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.
713
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[End-of-month figures. In millions of dollars]
1952
1951
1952
1951
I n t e r n a t i o n a l Bank
International Fund
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
Other
.••;••
Unpaid balance of member subscriptions.
Other assets
Member subscriptions
Accumulated net income
Jan.
Oct.
July
Jan.
1,531
1,529
1,519
1,495
1,322 1,322 1,316 1,304
4,408 4,409 4,327 4,229
869
869 1,003
883
1
1
1
1
8,152 8,137 8,037 8,037
-5
-7
-6
-6
1951
1952
Net currency purchased l
(Cumulative—millions of dollars)
Apr.
Mar.
20.0 20.0
11.4 11 .4
103.0 103.0
5.4
5.4
6.0
6.0
10.2 10.2
-5.5 - 5 . 5
125.0 125.0
100.0 100.0
Australian pounds
Belgian francs
Brazilian cruzeiros
Chilean pesos
Czechoslovakian koruny.
Danish kroner
Egyptian pounds
French francs
Indian rupees
Iranian rials
Mexican pesos
Netherlands guilders
Norwegian kroner
Turkish liras
Pounds sterling
Yugoslav dinars
All other
8.8
'75^2
75.2
5.0
5.0
300.0 300.0
9.0
9.0
-1.7 -1.7
Feb.
Apr.
20.0 20.0
11 .4 11.4
103.0 65.5
8.8
5 4
6.0
6 0
10.2 10.2
-5.5 -5.5
125.0 125.0
100.0 100.0
88
22.5
'75 .2 75.4
9.6
5.0
5.0
300.0 300.0
9.0
9.0
-1.7
-.9
771.7 771.7 771.7
Total
Mar.
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Investment securities (U. S. Govt. obligations)
Calls on subscriptions to capital stock 8 . .
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 8reserve
Capital
Dec.
Sept.
Mar
5
940
8
945
11
944
6
920
490
4
510
4
441
4
466
4
1,186 1,113 1,085
14
13
10
450
336
436
938
12
311
41
372
5
55
30
33
33
279
350
368
10
4
3
50
46
38
26
24
22
18
1,691 1,688 1,688 1,668
1 As of Apr. 30, 1952, the Fund had sold 806.1 million U. S. dollars;
in addition, the Fund sold to the Netherlands 1.5 million pounds
sterling in May 1947 and 300 million Belgian francs in May 1948, sold
to Norway 200 million Belgian francs in June and July 1948, and sold
to Brazil 10 million pounds sterling in January 1951. Repurchases
amounted to 79.9 million dollars. Currencies the net transactions in
which
amount to less than one million are reported under "All other."
2
Less than $500,000.
3
Excludes uncalled portions of capital subscriptions, amounting to
6,763 million dollars as of Mar. 31, 1952, of which 2,540 million represents the subscription of the United States.
762.0
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
1942—Dec.
1943—Dec
1944—Dec
1945—Dec
1946—Dec.
1947—Dec
194g—Dec.
1949—Dec
1950—Dec.
30
29
27
26
25
31
29
28
27
. . .
Assets of issue
department
.2
.2
2
.2
.2
2
.2
.4
.4
1951—Mav 30
June 27
July 25
Aug 29
Sept. 26
Oct 31
Nov 28
Dec. 26
.4
.4
1952—Tan.
Feb.
Mar
Apr.
.4
.4
.4
.4
30
27
26
30
Other
assets 2
Gold*
4
.4
.4
.4
.4
.4
4
4
Assets of banking
department
Notes
and
coin
Discounts
and advances
950.0
1,100.0
1,250 0
1,400.0
1,450.0
1,450 0
L,325.0
1,350.0
1,375.0
27.7
12.5
13.5
20.7
23.4
100.8
36.1
33.7
19.2
1,350.0
1,400.0
1,400 0
1,400.0
1,400.0
1,400.0
1,400.0
1,450.0
19.2
51.8
20.1
42.9
52.4
49.7
38.2
14.1
29.7
19.0
20.8
16.8
18.2
1,400.0
1,400.0
1,400.0
1,450.0
48.1
34.9
17.4
41.9
17.7
23.6
27.4
3.5
2.5
5.1
8.4
13.6
15.2
16.7
14.8
29.2
2.8
7.9
7.7
7.9
Securities
Liabilities of banking department
Note
circulation 3
Deposits
Bankers'
Public
ECA
Other
Other
liabilities and
capital
48.8
60.4
52 3
58.5
57.3
95 5
92.1
111 2
85.0
17.9
17.9
17 8
17.8
18.1
18 1
18.1
18 1
18.1
267.9
307.9
317.4
327.0
327.6
331.3
401.1
489.6
384.0
923.4
1,088.7
1,238.6
L.379.9
L.428.2
1,349.7
L,293.1
L.321.9
1,357.7
223.4
234.3
260.7
274.5
278.9
315.1
314.5
299.2
313.5
5.3
10.3
18.6
11.7
11.6
15.4
405.0
360.0
390.8
337.7
345.7
356.0
364.0
389.2
1,331.6
1,349.3
L.380.9
1,358.0
L.348.9
L ,351.8
,363.7
L.437.9
296.4
290.1
294.4
273.6
289.9
303.9
294.7
299.8
14.4
20.4
14.8
18.5
16.6
14.5
16.4
13.4
13.4
4.4
2.3
.9
1.1
7.2
.6
.6
84.8
86.6
88 9
98.9
91.2
93 1
89.4
89.8
18.0
18.1
18 3
18 5
18.5
17 8
18.0
18.1
343.7
344.2
351.8
306.1
1,353.8
1,367.0
1,384.6
1,410.0
277.8
283.0
280.3
273.0
15.5
11 .8
12.1
10.7
.5
.4
.5
.5
87.5
83.1
81 3
73.4
18.3
18.5
18 5
17.8
9.0
10.3
5.2
17.4
97.9
.4
1
On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence
per fine ounce, and on Sept. 19. 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for
internal
gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
84 Notes issued less amounts held in banking department.
Fiduciary issue decreased by 50 million pounds on Jan. 16 and increased by 50 million on Apr. 1. For details on previous changes, see
BULLETIN for February 1952, p. 212; February 1951, p. 238; February 1950, p. 254; April 1949, p. 450; and February 1948, p. 254.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication.
714
FEDERAL RESERVE
BULLETIN
CENTRAL BANKS—Continued
Liabilities
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
Gold
225.7
)
30.
31.
31.
31.
31.
30.
31.
31.
31.
31.
31.
30.
1951—May 3 1 .
June 30.
July 3 1 .
Aug. 3 1 .
Sept. 29.
Oct. 3 1 .
Nov. 30.
Dec. 3 1 .
1952—Jan.
Feb.
Mar.
Apr.
Sterling
and United
States
dollars
Dominion and provincial government
securities
Deposits
Other
assets
Short-1
term
181.9
448.4
391.8
807.2
787.6
906.9
Note
circulation2
Other
Chartered
banks
Dominion
government
Other
,022.0
,233.7
,781.4
,229.3
49.9
127.3
216.7
209.2
472.8
573.9
688.3
708.2
858.5
779.1
227.8
712.5
5.5
12.4
33.5
31.3
47.3
34.3
29.5
42.1
43.7
45.4
42.5
297.1
232.8
359.9
496.0
693.6
874.4
,036.0
,129.1
,186.2
,211.4
,289.1
,307.4
,367.4
217.0
217.7
232.0
259.9
340.2
401.7
521.2
565.5
536.2
54T.3
541.7
578.6
46.3
10.9
73.8
51.6
20.5
12.9
153.3
60.5
68.8
98.1
30.7
24.7
17.9
9.5
6.0
19.1
17.8
27.7
29.8
93.8
67.5
81.0
126.9
207.1
13.3
28.5
35.1
24.0
55.4
209.1
198.5
42.7
42.4
43.1
119.2
172.6
125.2
116.8
116.8
100.0
87.0
96.5
128.8
117.8
,313.7
,335.2
,327.4
,349.6
,297.6
,317.5
,137.8
,141.8
777.3
846.3
872.5
888.1
896.1
956.4
1,043.1
1,049.3
117.9
104.1
118.6
119.8
87.1
83.1
79.2
135.2
,337.5
,351.3
,370.5
,370.7
,388.0
,406.5
,407.2
,464.2
530.1
590.7
558.2
580.4
579.4
588.3
633.8
619.0
76.2
75.3
91.1
115.0
105.6
210.3
66.0
94.9
221.5
220.1
212.6
185.7
140.0
83.3
92.5
66.1
168.7
165.0
202.9
205.8
154.8
165.0
189.5
200.0
85.4
70.3
60.1
72.3
,095.4
,058.1
,179.9
,191.5
1,042.6
1,027.7
882.2
874.7
82.7
88.2
106.8
84.0
,375.6
,374.4
,393.2
,411.8
629.2
616.7
656.5
645.7
92.8
88.5
14.6
14.3
54.9
52.1
66.1
41.7
153.4
112.5
98.6
109.0
64.3
38.4
200.9
.5
.6
172.3
156.8
1.0
2.0
.4
74.1
111.4
31.
29.
31.
30.
,157.3
,197.4
Assets
Bank of France
(Figures in
millions of francs)
Foreign
Gold &
exchange
Other
liabilities
and
capital 3
Advances to
Government 6
Domestic bills
Open
market 6
Liabilities
Other
assets 6
Note
circulation
Deposits 7
Government
Special
Other
Current
Other
14,200
63,900
69,500
68,250
64,400
15,850
15,549 151,322 1,914
984
18,571 218,383
17,424 270,144 1,517
770
16,990 382,774
578
16,601 500,386
748
20,892 572,510
24,734 570,006 12,048
765
33,133 721,865
733
59,024 920,831
806
57,622 987,621
112,658 1,278,211 1,168
70
212,822 1,560,561
14,751
27,202
25,272
29,935
33,137
37.855
57.755
63,468
82,479
171,783
158,973
15,058 161,720
ECA
Other
Other
liabilities
and
capital
1939—Dec. 2 8 . . .
1940—Dec. 2 6 . . .
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . .
1943—Dec. 3 0 . . .
1944—Dec. 2 8 . . .
1945—Dec. 2 7 . . .
1946—Dec. 2 6 . . .
1947—Dec. 3 1 . . .
1948—Dec. 3 0 . . .
1Q49—Dec. 2 9 . . .
1950—Dec. 2 8 . . .
112
97,267
5,818
84,616
42
7,802
84.598
38
6,812
84,598
37
8,420
84,598
37
9,518
75,151
42 12,170
129,817
68 17,980
94,817
7 37,618
65,225
12 67,395
65,225
30 97,447
62,274 61,943 137,689
182.785 162,017 136,947
2,345
661
12
169
29
48
303
3,135
64
8,577
28,548
34,081
5,149
3,646
4,517
5,368
7,543
18,592
25,548
76,254
117,826
238,576
335,727
393,054
67,900'
147,400
150,900
157,900
158,900
30,473
112,317
182,507
250,965
366,973
475,447
445,447
480,447
558,039
558,039
560,990
481,039
1951—Mav 31 . . .
June 2 8 . . .
July 2 6 . . .
Aug, 3 0 . . .
Sept. 2 7 . . .
Oct. 31 . . .
Nov. 2 9 . . .
Dec. 2 7 . . .
191,447
191,447
191,447
191,447
191,447
191,447
191,447
191,447
169,035
161,802
154,610
145,195
131,284
82,087
31,888
28,320
215.539
196,435
232,873
236,169
225,418
168,822
153,650
234,923
17,539
12,164
5,967
1,256
9,231
23,855
32,015
31,956
341,766
458,572
454.608
472,894
540,751
670,689
716,710
741,267
158,700
157,600
145,800
160,600
160,400
166,200
160,300
160,000
481,039
481,039
481,039
481,039
481,039
481,039
481,039
481,039
259,474
235,037
250,441
245,129
235,289
252,303
199,545
190,830
1,632,018
1,660,842
1,699,190
1,754,151
1,779,360
1,827,781
1,779,556
1,841,608
83
66
74
96
60
62
19
29
17,636
16,432
19,703
6,980
13,367
16,240
1,869
10,587
160,143
190,056
166,020
146,012
154,895
166,453
157,228
166,226
24,658
26,701
31,798
26,490
27.177
25,905
27,922
41,332
1952—Jan. 31 . . .
Feb. 2 8 . . .
Mar. 2 7 . . .
Apr. 3 0 . . .
191,447
191,447
191,447
191,447
20,857
15,607
11 ,336
13,634
233,879
245,014
272,294
273,149
31,456
29,280
29,239
22,984
757,085
850,733
841,006
799,004
166,500
174,400
169,300
171,100
481,039
481,039
479,982
500,982
184,064
126,412
113,099
139,747
1,866,693
1,880,832
1.861,681
1,925,615
57
96
22
84
7,157
3,699
15,783
341
156,405
198,702
188,767
156,326
36,015
30,601
41,448
29,679
2,925
8
44,986
8
68,474
8
21,318
8
15,596
7,078
4,087
7,213
10,942
16,206
19,377
24,234
1
2
3
4
Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves.
Beginning November 1944, includes a certain amount of sterling and United States dollars.
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 5 1940, 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.
JUNE 1952
715
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of t h e Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks. .
Other assets
Currency circulation
Deposits—Nationalized
Other sight obligations
Other liabilities and capital
Commonwealth Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks. .
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
Austrian National Bank (millions
of schillings):
Gold
Foreign exchange
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked
National Bank of Belgium
(millions of francs):
Gold*
Foreign claims and balances (net)
Loans and discounts
Consolidated Government debt..
Government securities
Other assets
Note circulation
Deposits—Demand
ECA
Other liabilities and capital
Central Bank of Bolivia—Monetary dept. (millions of bolivianos):
Gold at home and abroad 2
Foreign exchange (net)
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Ceylon (thousands
of rupees):
Foreign exchange
Advances to Government 3
Government securities
Other assets
Currency in circulation
Deposits—Government
Banks
Other liabilities and capital
Central Bank of Chile (millions
of pesos):
Gold
Foreign exchange (net) 4
Net claim on Int'l. Fund
Discounts for member b a n k s . . . .
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of the Republic of Colombia
(thousands of pesos):
Gold and foreign exchange
Net claim on Int'l. Fund 4
Paid-in capital—Int'l. Bank
1952
Apr.
Mar.
1951
Feb.
814
814
806
902
2,108 2,094
43,441 42,628
327
302
17,184 17,298
26,564 25,728
896
879
2,851 2,834
321,475 320 ,930
6,513 5,884
598,898 629 ,357
111,271 102,833
297,471 294,971
434,1
55,270
30,219 41,079
276,297 267,685
98
665
6,541
3,393
42
8,291
235
274
1,937
98
667
6,424
3,335
41
8,222
314
293
1,736
51
565
6,367
3,408
39
8,177
346
406
1,501
31,886 31,187 30,483
24,316 24,785 22,949
7,780 5,795 8,064
34,763 34,763 34,823
10,152 8,007 8,409
3,370
3,272
3,663
95,773 93,138 93,638
1,573
2,354
1,553
1,140
1,295
1,241
13,627 12,267 10,869
(Jan.)*
1,370
785
1,204
1,850
248
4,092
672
695
566,051 600,692 636,621
28,964 22,964 11,964
3,356
12,827
3,526
3,129
4,086
3,809
409,133 402,514 404 ,847
6,828 23,197 36,115
151,069 161,641 171,200
44,898 43,638 42,907
1,210
265
107
1,830
670
7,044
3,089
9,056
2,420
290
2,451
1,215
270
107
1,935
670
6,719
3,140
8,861
2,435
320
2,440
1,214
189
107
1,835
670
6,270
3,087
8,545
2,127
317
2,382
246,080 243,885 254,335
24,371 24,371 24,371
1,402
7,132
7,126
Apr.
1952
Central Bank
(Figures as of last report
date of month)
Bank of t h e Republic of Colombia—Cont.
Loans and discounts
Government loans and securities.
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Costa Rica
(thousands of colones):
Gold
Foreign exchange
Net claim on Int'l. Fund 4
688,612
Loans and discounts
6,923
Securities
Other assets
389,391
Note circulation
79,161
Demand deposits
266,770
Other liabilities and capital
National Bank of Cuba
558,920
(thousands of pesos):
45,805
Gold
292,592
Foreign exchange (net)
Foreign exchange (Stabilization
Fund)
51
Silver
255
Net claim on Int'l. Fund 4
3,957
Loans and discounts
4,426
Credits to Government
39
Other assets
6,254
Note circulation
165
Deposits
469
Other liabilities and capital
1,840 National Bank of Czechoslovakia 5
National Bank of Denmark
(millions of kroner):
30,462
Gold
7,566
Foreign exchange
10,673
Contributions to Int'l. Bank. . . .
34,860
Loans and discounts
2,553
Securities
3,729
Govt. compensation account. . . .
85,138
Other assets
1,853
Note circulation
46
Deposits—Government
2,807
Other
Other liabilities and capital
Central Bank of the Dominican
1,370
Republic (thousands of dollars):
'334
Gold
1,951
Foreign exchange (net) 4
727
Net claim on Int'l. Fund
143
Paid-in capital—Int'l. Bank
3,664
Loans and discounts
261
Government securities
'599
Other assets
Note circulation
Demand deposits
650,436
Other liabilities and capital
13,972 Central Bank of Ecuador
(thousands of sucres):
705
Gold •
394,197
Foreign exchange (net) 8 4
33,498
Net claim on Int'l. Fund
194,131
Credits—Government
'43,287
Other
Other assets
Note circulation
1,430
Demand deposits—Private banks
310
Other
1
Other liabilities and capital
1,042 National Bank of Egypt (thou680
sands of7 pounds):
5,461
Gold
:
2,429
Foreign exchange
7,374
Foreign and Egyptian
1,737
Government securities
425
Loans and discounts
1,818
Other assets
Note circulation
Deposits—Government
220,389
Other
24,369
Other liabilities and capital
874
2,408
1,861
36,129
261
13,814
24,706
628
2,386
1951
Apr.
Mar.
Feb.
288, 080
156 100
118 ,430
454 588
316
63,
265,349
155,495
119,421
457,435
297,392
60,827
241,347
148,352
127,810
455,831
281,317
66,194
11 511
92, 464
7, 031
57, 841
7, 577
24 276
116. 765
64 931
19
,511
,188
,031
,913
,619
,409
,844
,186
,641
Apr.
207,292
135,981
69,785
385,186
220,390
53,621
11,511
11,511
76,144
10,776
7,029
7,031
67,872
88,911
7,593
11,321
23,519
17,227
116,292 102,586
59,097
32,858
18,281
11,331
320,564 310,564 270,562
90,215
65,299 55,734
76,613
120,948 105,220
43,188
40,351 41,228
12,507
12,511 12,511
2,282
16,379 15,965
12,277 10,542
17,228
27,294 27,270
30,903
409,770 392 935 364,849
198,026 178,508 172,039
7,826
7,592
6,612
69
520
11
96
140
3,872
533
1,703
1,883
1,475
180
69
389
6
85
116
3,969
490
1,600
1,727
1,612
186
066 12,066 12,066
610 20,227 18,967
250
1,250
1,250
41
41
41
390
220
331
895
6,962
6,895
666
713
720
992 29,912 29,553
137
9,027
9,736
790
1,750
1,771
6,045
17,560
1,250
40
156
6,217
1,105
24,552
7,090
732
123
159
758
052
609
030
332
953
455
991
335
335,822
53!
44,732
18,758
18
236,060 220,599
719 197,676
178 ,322 184,754
472 ,219 463,424
,923 157,342
,047 144,730
,392 236,845
334,416
144,957
18,757
209,948
98,749
176,452
475,181
145,563
105,675
256,860
60. 553
19, 365
60,553 60,553
18,456 24,942
69
408
11
110
431
,872
200
,693
,840
,405
163
336
76
18
240
162
189
470
148
138
264
69
412
11
100
328
3,872
219
1,688
1,821
1,357
146
308. 826 311,802 329,470
25, 825 27,224 28,326
1,712
2,873
2, 107
187, 398 190,044 192,274
00, 240 97,443 115,306
107, 910 112,478 115,669
21, 129 20,943 21,754
1,381
r
*1 Latest month available.
Revised.
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
Includes special loan under Bretton Woods Agreements Act.
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.
8
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 1952. p. 102; January 1951. p. 112; and
January 1950, p. 118.
716
FEDERAL RESERVE
BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange (net) x
Net claim on Int'l. Fund
Loans and discounts
Government debt and securities..
Other assets
Note circulation
Deposits
Other liabilities and capital
State Bank of Ethiopia 2
Bank of Finland (millions of markkaa):
Gold
Foreign assets (net)
Clearings (net)
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of German States
(millions of German marks):
Gold
Foreign exchange
Loans and discounts
Loans to Government
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital
Bank of Greece (billions of drachmae):
Gold and foreign exchange (net) .
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange (net)
Gold contribution to Int'l. Fund
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and capital
National Bank of Hungary 8
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Foreign securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue d e p a r t m e n t . . . .
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital. . .
Central Bank of Ireland (thousands
of pounds):
Gold
Sterling funds
Note circulation
1951
1952
Apr.
Mar.
Feb.
Apr.
7,096
64,144
57,850
1,566
16,448
5,435
1,445
90,458
49,464
6,966
57,319
87,949
1,565
2,290
5,231
1,228
81,392
67 ,722
6,468
5,865
18,628
6,930
23,296
990
1,919
44,338
1,125
12,164
5,865
20,375
6,427
21,305
1,017
2,208
44,044
1,706
11,446
5,865
22,330
4,545
20,239
1,030
2,479
43,428
1,988
11,072
3,35,
-1,929
893
39,452
961
7,142
38,329
74;
10,799
190
2,498
3,440
9,361
640
9,644
2,113
2,143
280
1,949
116
2,230
4,118
9,228
577
9,544
2,436
2,082
250
1,957
116
2,094
4,328
9,009
633
9,416
2,469
1,943
270
2,081
1,367
4,195
9,325
1,387
7,960
2,392
1,588
790
3,545
1,275
188
8,016
3,557
1,911
1,961
1,048
523
199
5,856
2,996
1,466
1,900
924
6,254
2,214
3,470
3,970
1,746
2,500
27,228
22,749
1,250
5,210
18,280
40,075
3,393
4,702
12,469
14,078
27,228
18,671
1,250
5,614
17,525
39,739
3,392
4,511
11,022
11,624
27,229
14,875
1,250
4,974
19,387
36,596
3,296
3,065
10,700
14,060
400
6,032
4,646
691
11,411
400
6,032
4,681
683
11,396
400
6,882
5,016
584
12,809
358
1,199
37
9
1,936
3,181
359
400
1,415
25
68
1,664
3,252
319
72
1,922
123
67
1,213
3,056
341
2,646
2,646
2,646
56,205 56,458 55,241
58,851 59,104 57,887
2,646
49,993
52,639
64,013
63,087
1,566
10,488
6,369
1,531
84,895
55,050
7,109
64,07
62,658
1,566
10,474
6,111
1,350
88,380
50,757
27,228
22,445
1,250
4,815
18,678
39,212
3,399
4,984
11,425
15,398
r
Central Bank
(Figures as of last report
date of month)
Bank of Italy (billions of lire):
Gold
Foreign exchange
Advances to Treasury
Loans and discounts
Government securities
Other assets
Note circulation
Allied military notes
Deposits—Government
Demand
Other
Other liabilities and c a p i t a l . . . .
Bank of Japan (millions of yen):
Cash and bullion
Advances to Government
Loans and discounts
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
The Java Bank (millions of rupiah):
Gold*
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Deposits—ECA
Other
Other liabilities and capital.
Bank of Mexico (millions
of pesos):
Monetary reserve 5
,
"Authorized" holdings of securities, etc
,
Bills and discounts
Other assets
,
Note circulation
Demand liabilities
Other liabilities and canital
Netherlands Bank (millions of
guilders):
Gold e
Silver (including subsidiary coin).
Foreign assets (net)
,
Loans and discounts
Govt. debt and securities
Other assets
Note circulation—Old
New
Deposits—Government
ECA
Other
Other liabilities and capital
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Foreign exchange reserve
Loans and discounts
Advances to State or State undertakings
Investments
Other assets. ;
Note circulation
Demand deposits
Other liabilities and capital
Bank of Norway (millions of kroner):
Gold
Foreign assets (net)
Clearing accounts (net)
Loans and discounts
Securities
Occupation account (net)
Other assets
Note circulation
Deposits—Government
Banks
ECA
Other liabilities and capital
1952
Apr.
Mar.
590
261
200
79
1,196
4
37
590
25
200
799
1,204
193
93
331
73
186
71
352
74
1
1,088
38,390 39
287,589 324
150,868 99
97,892 160
462,482 457
47,429 97
24,626 25
41,291 45
1,063
1,134
216
1,927
936
3,327
496
1,166
287
1951
Feb.
4
38
590
260
18.
832
1,193
' "210
69
365
74
139
1,178
670 39,368
865 345,273
92,845
102,516
576 457,277
197 71,480
683 25,216
015 27,207
1,060
1,052
677
2,248
1,031
3,165
496
1,034
1,372
Apr.
4
29
590
286
205
509
1,073
3
166
69
251
61
1,010
42,645
386,259
125,003
37,771
410,015
138,672
21,958
22,043
1,060
996
605
1,841
1,067
3,137
871
409
244
2,275
360
2,691
861
1,572
" "823
644
1,080
1,110
1,143
1 ,113
,651
535
523
,081
,238
469
2,783
485
527
3,126
1,314
465
2,952
448
492
3,163
1,411
462
3,088
279
479
2,753
1,699
507
1,297
16
1,059
45
2,100
467
44
2,932
379
1,027
376
225
1,288
16
1,027
109
2,850
446
44
2,951
369
1,804
343
227
1,201
18
967
113
2,850
633
45
2,866
240
1,778
439
413
1,175
17
259
97
3,000
628
51
2,682
20
1,428
594
401
5,714
5,749
5,638
23,424 22,266 21,352
6,019
6,019
6,019
4,959
65,459
7,270
56,321
34,182
3,789
62,205
58,852
7,233
54,817
54,182
4,601
62,217
77,231
7,161
59,607
15,974
4,487
58,675
92,013
7,069
242
433
16
49
46
6,202
61
2,558
1,946
1,028
949
569
242
416
15
44
46
6,202
50
2,517
1,829
1,165
926
579
243
198
-25
50
46
6,202
110
2,314
2,039
979
667
825
55,985
32,182
3,001
62,600
55,974
7,786
1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time Jas the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
For last available report (July 1950), see BULLETIN for December 1950, p. 1699.
» For last available report (February 1950), see BULLETIN for September 1950, p. 1263.
* Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per rupiah.
1
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
6
Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder.
NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1952, p. 103; January 1951, p. 113
JUNE 1952
717
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 Govt. securities. . .
Goyt. of India securities
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department. .
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital..
Bank of Paraguay—Monetary dept.
(thousands of guaranies):
Gold*
Foreign exchange (net)
Net claim on Int'l. Fund 2
Paid-in capital—Int'l. Bank
Loans and discounts
Government loans and securities.
Other assets
Note and coin issue
Demand deposits
Other liabilities and capital
Central Reserve Bank of Peru
(millions of soles):
Gold and foreign exchange 3
Net claim on Int'l. Fund 2
Contribution to Int'l. Bank
Loans and discounts to banks. . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of t h e Philippines
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund 2
Loans
Domestic securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
ECA
Other
Other liabilities and c a p i t a l . . . .
South African Reserve Bank
(thousands of pounds):
Gold *
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and c a p i t a l . . . .
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities
Other loans and discounts
Other assets
1952
Apr.
81
1,016
665
126
300
66
2,182
Mar.
81
1,117
715
126
300
16
2,295
60
379
99
1
399
841
96
72
91
103
700
779
92
763
865
92
665
21
2
215
833
258
1,230
428
335
Feb.
81
1,017
715
126
300
66
2,214
99
1,195
102,295
5,261
-1,056
269,546
63,748
20,525
277,563
129,864
54,087
1951
1
93
5
-1
236
63
14
240
117
55
188 1,188
854 97,022
261 5,261
044 - 1 , 0 4 2
874 219,039
63,712
10,224
763 234,223
113,084
48,098
647
21
2
214
788
263
1,206
383
345
15,811 14
476,892 471
29,504 29
29,364 41
234,730 239
152,866
556,115
251,180 243
131,871 133
980
864
504
473
681
306
727
327
753
626
21
2
217
778
249
1,199
363
331
14,355
466,127
29,504
55,433
240,586
149,352
573,332
247,176
134,848
4,479
11,881
685
1,417
635
9,003
1,512
53
6,352
2,175
59,778
69,751
18,153
33,602
82,676
76,317
22,292
68,397
66,204
18,177
33,991
81,595
83,215
21,959
553
553
378
378
15,767 16,284
20,202 16,791
26,475 23,178
Apr.
Central Bank
(Figures as of last report
date of month)
1952
Apr.
Mar.
Feb.
Bank of Spain—Cont.
35,599 35,458
Note circulation
2,454
1
Deposits—Government
44
2,346
2,153
Other
852
22,976
19,573
Other liabilities and capital
753
138 Bank of Sweden (millions of kronor):
472
472
465
Gold
300
1,328
1,246
1,383
Foreign assets (net)
42
2
88
88
88
Net claim on Int'l. Fund
2,047
11
11
10
Paid-in capital—Int'l. Bank
Swedish Govt. securities and ad-5
82
2,690 2,439
2,559
vances
to
National
Debt
Office
655
256
279
237
Other domestic bills and advances
52
853
851
875
Other assets
2
4,021
3,919
3,895
Note circulation
313
866
866
769
Demand
deposits—Government..
1,015
110
84
349
Other
618
605
598
Other liabilities and capital
Swiss National Bank (millions of
francs):
1,165
5,836
5,920
5,894
Gold
69,542
307
246
270
Foreign exchange
-2,377
236
234
233
Loans and discounts
-1,001
79
76
73
Other
assets
134,929
4,582
4,591
4,569
Note circulation
24,257
1,679
1,692
1,704
Other
sight
liabilities
15,578
197
193
198
Other liabilities and capital
165,493
51,752 Central Bank of t h e Republic of
Turkey (millions of pounds):
24,849
419
419
419
Gold
Foreign exchange and foreign
134
109
124
clearings
762
1,464
1,437
1,436
Loans and discounts
20
27
27
27
Securities
2
93
93
102
Other assets.
219
1,121
1,121
1,136
Note
circulation
671
153
153
153
Deposits—Gold
90
633
657
663
Other
1,141
178
191
171
Other liabilities and capital
470
(Dec.
154 Bank of the Republic of Uruguay
1951)*
(thousands of pesos):
336,354
Gold
9,324
Silver
9,030
313
Paid-in
capital—Int'l.
Bank
574,068
Advances to State and Govern29,501
122,083
ment
bodies
47,338
330,530
Other loans and discounts
163,197
357,209
Other assets
175,626
373,252
Note circulation
671,052
79,339
Deposits—Government
173,224
292,707
Other
154,483
410,515
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
3,796
1,141
1,141
,141
Gold
10,656
-37
-22
93
Foreign exchange (net)
562
100
90
83
Other assets
1,246
858
871
866
Note
circulation
554
266
259
264
Deposits.
8,147
78
186
79
Other liabilities and capital
735
299 Bank for International Settlem
e
n
t
s
(thousands
of
Swiss
gold
5,33
francs):
2,295
461,427 438,453 386 ,887
Gold in bars
Cash on hand and with banks. . . 79,193 91,161 52,781
2,104
17,998 3,857
Sight
funds
at
interest
74,470
Rediscountable bills and accept91,426
242,568 155,461 112,518
ances
(at
cost)
7,040
21,256 17,864 22,251
Time funds at interest
24,462
224,713 233,434 248,616
Sundry bills and investments
76,283
297,201
297,201 297,201
Funds ir vested in Germany
107,976
1,916
1,877
1,628
Other assets
13,138
336,023
305,025
218 ,132
Demand deposits (gold)
Short-term
deposits:
669
Central banks—Own account.. 435,993 359,268 333 ,028
378
75,176 76,357 75,773
Other
15,813
228,909 228 ,909 228,909
Long-term deposits: Special
15,374
270,132 269,500 268 ,430
Other
liabilities
and
capital
22,979
*1 Latest month available.
As of Mar. 5, 1951, gold revalued from .287595 to .148112 grams of fine gold per guarani.
2
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund,
as the
Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
3
In November 1949, part of the gold and foreign exchange holdings of the bank were revalued.
4
On
Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce.
6
Includes small amount of non-Government bonds.
NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120.
718
1951
Apr.
30,926
1,220
3,837
19,230
273
350
3,596
201
493
3,458
456
405
593
5,968
244
196
76
4,424
1,862
198
419
169
,144
17
82
971
153
543
163
447,376
10,713
318
149,417
268,401
329,874
368,122
101,301
329,163
407,513
1,141
-116
117
745
206
190
491,935
73,104
4,419
145,143
32,327
274,139
297,201
6,812
59,010
746,325
25,771
228,909
265,064
Until such time
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
In effect Dec. 31,
1941
Jan. 16, 1945 . .
Jan. 20
Feb. 9
Nov. 7, 1946
Dec. 19
Jan. 10, 1947
Aug. 27
Oct. 9
June 28, 1948. .
Sept. 6
Oct 1
May 27, 1949. .
July 14
Oct. 6
June 8, 1950
Sept. 11
Sept. 26
Oct. 27
Dec. 1
Apr 17 1951
July 5
Sept. 13
Oct. 11
Nov. 8
Nov. 9
Jan. 22, 1952. .
Mar. 12
In effect Apr. 30,
1952
Central
bank of—
SwitzUnited
Ger- Bel- NetherKing- France many
er- Swegium lands
den land
dom
2
3
2
IK
2i/
214
3
mi
2H&3
Rate
Apr.
30
Date
effective
Central
bank of—
Argentina
Austria
Belgium
Bolivia
Mar. 1, 1936
5
Dec. 6, 1951
3M Sept. 13, 1951
6
Sept. 30, 1950
Canada
Chile
Colombia
Costa Rica
2
Japan
Java
Mexico
Netherlands..
Rate
Apr.
30
Date
effective
5.84 Oct. 1, 1951
Apr. 1, 1946
3
June 4, 1942
Jan. 22, 1952
July
Jan.
July
Nov.
26, 1941
9, 1946
1, 1948
13, 1947
4
3
Jan.
Mar.
Mar.
Dec.
12,
27,
18,
1,
I*
Nov. 26, 1936
Feb. 26, 1951
4
4
Mar. 12, 1952
July 1, 1936
4
4
Oct.
June
July
Feb.
17, 1950
New Zealand.
13, 1935 Norway
18, 1933 Pakistan
1, 1950
Peru
3
6
Denmark
Ecuador
El Salvador...
Finland
5
10
3
5X
Nov.
May
Mar.
Dec.
2,
13,
22,
16,
France
Germany
Greece
India
4
16
12
Nov.
Oct.
July
Nov.
Nov.
Apr.
9, 1951
27, 1950
12, 1948
15, 1951
23, 1943
6, 1950
3
3
3\i.
2H
1950
1948
1950
1951
Portugal....
South Africa.
Spain
Sweden
1944
1952
1949
1950
3
i6
3
4
3\i.
3
Italy
4
Switzerland..
Turkey
United Kingdom
USSR
4
3y2
4
4
4
•6
3X
3H
1
Rate established fo r the Land Central banks,
NOTE.—Changes sine e Apr. 30: Germany-May 29, from 6 to 5 per cent.
3
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
1942—March
1943—March
1944—March . . .
1945—March
1946—March
1947—March . . . .
1948—March
1949—March
1950—March
1951—March
1951—April
France
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
Bankers'
allowance
on deposits
Day-today
money
1.00
1.00
1.00
1.00
.51
.51
1.03
.90
1.13
1.00
.63
.63
.50
.50
.37
.36
.40
1.03
1 03
1.03
1.03
.53
.53
.41
.56
.51
.63
.50
.42
.51
.76
.56
.69
.69
.52
.52
.51
.63
.63
.63
.50
.50
.50
1.59
1 58
1.65
1.60
1.34
1.41
2.09
Treasury
bills
3 months
.55
50
.39
.50
.50
.50
.50
Day-today
money
1.00
1.19
2.70
2.45
1.55
L.50
L.39
L.39
.38
L.24
L.16
L.17
L.21
1.24
1.07
1.00
1.00
1.00
1.00
1.00
1.00
L.18
L.17
1L . 3 8
1.00
1.00
1.00
2.10
.76
.69
.51
.63
.50
.76
.75
.77
.79
.69
.69
.93
.63
.63
.63
.63
.50
.50
.50
.50
September....
October
November. . . .
December
.88
.93
.92
.89
L.00
1.00
L.00
L.38
L.50
.51
.51
.51
.51
.51
.51
.84
.98
.63
.63
.92
1.00
.50
.50
.69
.75
2.60
2 61
2.52
2.57
2.64
2.56
2.78
3.27
3.50
.89
.91
.94
1.50
L.50
IAS
.97
.99
2.01
1.00
1.00
1.82
.75
.75
1.57
3.50
3.93
3.95
1952—January
February
March
Treasury
bills
3 months
1.05
1.65
1.45
.38
.45
.46
June
July
May
Netherlands
Sweden
Switzerland
Loans
up to
3 months
Private
discount
rate
3-5 y2
3-5 H
3-5 y2
2*4-5
L.25
L 25
L 25
L.25
L.25
L.25
L.50
L.63
L.50
L.50
23^-4)|
.99
1.01
1.13
1.23
.91
3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5
2
L.50
L 50
L.50
L 50
L.50
L.50
L.50
L.50
L.50
L.50
L.50
L.50
NOTE.—For monthly figure* 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.
JUNE
1952
719
COMMERCIAL BANKS
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
Money at
call and Bills dis- Treasury
deposit
short
counted receipts J
notice
1946—December.......
1947—December
1948—December
1949—December
1950—December . . . .
499
502
502
532
540
432
480
485
571
592
1951—May
504
501
514
515
571
594
583
573
503
514
517
582
579
562
598
972
521
492
492
501
605
526
526
512
965
856
854
883
June
July
September
October
November
December
531
1952—Tanuary
Februarv
March
April
Liabilities
Assets
United Kingdom »
610
793
741
1,109
L.408
Loans to
customers
Deposits
Other
assets
Tota I
Demand
Time
1,560
1,288
1,397
793
456
,427
,483
,478
,512
,528
994
219
1,396
1,534
1,660
505
567
621
579
735
5,685
5,935
6,200
6,202
6,368
3,823
3,962
4,159
4,161
4,262
1,862
1,972
2,041
2,041
2,106
342
396
420
427
550
269
290
290
306
,556
,550
,552
,549
,553
,555
,033
,965
1,806
1,895
1,861
1,863
1,888
1,910
1,935
1,950
854
797
756
755
4,063
4,099
4,086
4,061
4,068
4,140
4,118
4,290
2,086
2,068
2,088
2,072
2,067
2,063
2,071
2,042
636
633
631
612
867
6,149
6,167
6,174
6,133
6,135
6,204
6,189
6,333
,954
,944
,935
,934
L.928
1,945
1,959
1,967
824
804
789
821
6,204
5,893
5,887
5,994
4,173
3,923
3,914
3,952
2,031
1,971
1,974
2,042
659
689
667
623
1,226
1,172
1,250
1,185
1,276
. 330
901
216
177
108
102
66
15
741
778
787
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
1946—December
1947—December
1948—December ..
1949—December
1950—December
June
July .
August
September
October
November
December
..
1952—Tanuary
February
March
136
105
101
1,507
1,999
2,148
2,271
2,776
774
87
760
92
133
134
843
907
96
107
3,046
3,066
3,061
3,043
3,073
3,045
3,034
3,123
3,028
869
809
880
107
95
97
2,955
2,918
2,949
781
798
784
788
82
84
90
107
835
111
(4 large banks. End
of month figures in
millions of francs)
1951—March
April
May
June.
July
September
October
November
December*
1952—January
February
132
106
144
146
171
160
188
206
209
260
217
182
166
227
183
231
202
Other
assets
4 ,232
3 ,874
4 ,268
4 ,345
4 ,286
1,039
1,159
1,169
1,058
1,304
,924
,886
,838
,840
,832
,876
,876
^ ,894
,876
1,413
1,379
1,288
1,349
1,339
1,242
1,403
1,423
1,464
3 ,927
4 ,003
4 ,095
1,303
1,353
1,390
Note
circulation
21
18
16
14
/|\
(?
(«)
/ j \
(*)
i
Deposits payable in Canada
excluding interbank deposits
...
651
Other
liabilities
and
capital
Tota
Demand
Time
6,252
6,412
7,027
7,227
7,828
2,783
2,671
2,970
2,794
3,270
3,469
3,740
4,057
4,433
4,558
7,684
7,686
7,591
7,658
7,667
7,637
7,752
7,829
7,896
3,086
3,097
3,032
3,078
3,084
3,042
3,177
3,213
3,284
4,598
4,589
4,559
4,580
4,583
4,595
4,575
4,616
4,612
1.525
1,544
1,537
1,477
1,667
1,720
1,684
1,664
1,665
1,710
1,639
1,688
1,715
t ,714
7,705
7.761
7,979
3,066
3,076
3,231
4,639
4,685
4,748
L,637
1,648
1,634
Assets
France
1946—December
1947—December
1948—December
1949—December
1950—December
Security
loans
abroad
and net Securities
due from
Other
loans and foreign
discounts banks
753
731
749
765
824
1951—April
May
Security
loans
624
638
654
Liabilities
Entirely in Canada
Cash
reserves
Other
liabilities
and
capital
Liabilities
Deposits
Total
Demand
Time
ances
Other
liabilities
and
capital
17,445
27,409
34,030
29,843
31,614
291, 945
341, 547
552, 221
627, 266
749, 928
290,055
338,090
545,538
619.204
731 ,310
1,890
3,457
6,683
8,062
18,618
15,694
25,175
30,638
26,355
28,248
7,145
8,916
12,691
15,662
17,316
150,919
160,293
166,984
159,958
174,625
171,380
167,362
173,530
179,933
163,834
38,351
41,237
46,169
47,815
50,030
49,582
52,138
59,099
61,658
65,747
741, 484
748, 810
739, 071
777, 219
753, 628
753, 627
805, 610
799, 918
793, 078
900, 904
721 .791
728,559
719,405
756,997
733,546
732,964
783,881
777,973
768,657
873,760
19,693
20,252
19,666
20,222
20,082
20,663
21,729
21,946
24,422
27,145
29,739
30,678
33,354
32,544
32,933
30,611
30,952
35,382
35 372
33,774
22,676
25,702
28,033
30 828
35,141
37,573
40 353
46,120
48 641
55,027
189,098
183,504
36,548
38,310
831, 691
827, 946
801,854
796,396
29,837
31,551
30,433
30,414
26,854
26,227
Cash
reserves
Due from
banks
Bills discounted
Loans
18,007
22,590
45,397
40,937
48,131
18,940
19,378
35,633
42,311
52,933
195,223
219,386
354,245
426,690
527,525
65,170
86,875
126,246
129,501
135,289
42,469
47,539
48,809
47,856
52,131
49,453
52,015
48,996
47,980
60,009
62,610
65,445
63,440
62,305
66,660
65,572
64,414
79,337
81,460
72,653
499,550
490,676
475,054
522,657
478,256
485,824
540,986
520,457
506,061
627,462
53,133
50,662
75,407
73,868
534,792
538,245
Other
assets
Own
v Preliminary.
1
This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except
in June
and December when the statements give end-of-month data.
2
Represent six-month loans to the Treasury with a yield of % per cent after October 1945.
a Less than $500,000.
NOTE.—For details concerning data in earlier years, see BULLETIN for February 1952, p. 466; and for back figures and figures on German
commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same
publication.
720
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or month
Basic
1946
1947
1948
1949
1950
1951
.
...
1951—June
July
August
September..
October
November
December .
...
1952—Tanuarv
February
March
April
May
Year or month
29 773
29.773
29 773
29.774
26.571
20.000
13.333
13.333
20.000
20 000
20.000
20.000
20.000
20 000
20.000
"Bank
notes"
account
8.289
7.067
2.2829
2.2817
2 2816
2.2009
1.9908
1.9859
13.333
13.333
13.333
13.333
13.333
13 333
13.333
7.071
7 159
7.103
6.952
6.974
6 937
6.986
223.16
223 13
223.01
223.01
223.06
223 15
222.61
1.9845
1 9864
1.9890
1.9866
1.9838
1 9838
1.9838
20 000
20.000
20 000
20.000
20.000
13.333
13.333
13 333
13.333
13.333
6.979
7.115
7 172
7.164
7.169
221 92
222.00
223 03
224.10
223.24
1.9838
1.9838
1 9838
1.9838
1.9838
Ceylon
(rupee)
Czechoslovakia
(koruna)
Denmark
(krone)
2.0060
2 0060
2.0060
2.0060
2 0060
'2.0060
20.876
20 864
20.857
19.117
14 494
14.491
2.0060
2.0060
2 0060
2.0060
•2.0060
27 839
20 850
20.849
1951—June
July
August
September
October
November
December
20.850
20.850
20 850
20.850
20.850
20 850
20.840
20.799
20 818
20.916
21 003
20.961
1952—January
February
March
April
May
Free
Australia
(pound)
321 34
321.00
321 22
293.80
223.15
223.07
1946
1947
1948 . . .
1949
1050 .
1951
.
Preferential
Belgium
(franc)
Finland
(markka)
2
J
2.1407
1.9722
1.9622
1.9568
1.9788
1.9876
1.9876
France
(franc)
Official
In cents per unit of foreign currency]
Brazil
(cruzeiro)
Official
Free
British
Malaysia^
(dollar)
Canada
(dollar)
Official
Free
95 198
100.000
100 000
97.491
90.909
93.288
91.999
91 691
92.881
91.474
94 939
6 0602
5.4403
5 4406
5.4406
5.4406
5.4406
42.973
32 788
32.849
5.4406
5.4406
5.4406
5.4406
5.4406
5 4406
5.4406
32.850
32 850
32.850
32.850
32.850
32 850
32.830
93.484
94 252
94.700
94.706
95.112
95 820
97.410
5.4406
5.4406
5 4406
5.4406
5.4406
32.691
32.662
32 783
32.921
32.752
99 490
99.869
100 375
101.891
101.615
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Mexico
(peso)
Netherlands
(guilder)
37 813
37 760
37.668
34.528
26 252
26.264
Free
«.4354
.3240
.3017
2858
.2856
23 838
23.838
30.155
30 164
30.169
27.706
20 870
20.869
280.38
20.581
20 577
18.860
12 620
11 570
11.564
14.484
14.484
14 492
14.492
14.492
14.492
14.492
• .4354
.4354
.4354
.2855
.2856
.2856
.2856
.2855
.2856
.2856
23.838
23.838
23 838
23.838
23.838
23.838
23.838
20.870
20.870
20.870
20.870
20.870
20.870
20.861
* 280.38
280 38
280.38
11.561
11.561
11 568
11.571
11.563
11 569
11.567
26.279
26 286
26 280
26.278
26.267
26 270
26.287
14.492
14 492
14.492
14 492
14.492
.4354
4354
.4354
4354
.4354
.2856
.2854
.2856
2856
.2856
23.838
23 838
23.838
23 838
s 23.838
20.819
20 839
20.949
21 031
20.988
280.38
280 38
280.38
280 77
280.07
11.562
11 561
11.564
11 569
11.566
26.320
26 329
26.319
26 340
26.337
. 8 409
84n7
.4929
.4671
4
New
Zealand
(pound)
Norway
(krone)
PhilipPortupine
gal
Republic (escudo)
(peso)
South
Africa
(pound)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
322.63
322 29
350.48
365 07
277.28
277.19
20.176
20.160
20.159
18.481
14.015
14.015
49.723
49.621
49.639
4.0501
4.0273
4.0183
3.8800
3.4704
3.4739
400.50
400 74
400.75
366.62
278.38
278.33
25.859
27.824
27.824
25.480
19.332
19.327
23.363
23.363
23.363
23.314
23.136
23.060
403.28
402.86
403.13
368 72
280.07
279.96
65.830
65.830
65.830
65.830
65.833
65.833
56.280
56.239
56.182
56 180
56.180
56.180
42 553
42 553
42.553
1951—June
July
August
September..
October
November. . . .
December
277.29
277.25
277.11
277.10
277.17
277.27
276.72
14.015
14.015
14.015
14.015
14.015
14.015
14.015
49.644
49 643
49.643
49.643
49.643
49.643
49.643
3.4880
3 4827
3.4727
3.4644
3.4598
3.4605
3.4726
278.38
278.38
278.38
278 38
278.38
278.38
277.79
19.327
19.327
19.327
19.327
19.327
19.327
19.327
23.018
23.038
23.015
22.963
22.916
22.882
22.900
280.07
280 02
279.88
279.88
279.94
280.05
279.49
65.833
65.833
65.833
65.833
65.833
65.833
65.833
56.180
56.180
56.180
56.180
56.180
56.180
56.180
42.553
42 553
42.553
42 553
42.553
42.553
42.553
1952—Tanuary
February
March
April
Mav
275 39
275.36
276.91
277.96
277.29
14 015
14.015
14.015
14.015
14.015
49.655
49.677
49.677
49.677
49.677
3 4874
3.4863
3.4888
3.4906
3.4898
276.95
277.01
278.55
279.80
279.03
19.327
19.327
19.327
19.327
19.327
22.880
22.881
22.947
23.013
23.078
278.15
278.12
279.67
280.79
280.07
65.833
65.833
65.833
65.833
65.833
56.180
56.180
56.180
56.180
56.180
42 553
42.553
42.553
42.553
42.553
Year or month
1946
1947 . . . .
1948
1949 . .
1950
1951
.
.
Uruguay
(peso)
1
Beginning Aug. 27, 1951, quotations on Straits Settlements dollar were discontinued and quotations on Malayan dollar substituted. The
two rates
had been identical for a considerable period.
2
Based on quotations through Sept. 19, 1951.
3
Based on quotations through Oct. 26, 1951.
* Based on quotations beginning Oct. 29, 1951.
5
Based on quotations through May 8, 1952.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662- 682. For description of statistics, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1951, p. 1601; October 1950,
p. 1419; January 1950, p. 123; October 1949, p. 1291; January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209.
JUNE 1952
721
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
1941
1942
1943
1944
1945
1946
1947
1948
1949
t950
1951
1951—\pril
May
July
United
States
(1947-49 =
100)
Canada
(1935-39
= 100)
Mexico
(1939 =
100)
United
Kingdom
(1930 =
100)
57
64
67
68
69
79
96
104
110
121
146
179
199
229
242
260
99
103
115
116
123
128
131
132
139
163
193
198
211
240
285
311
386
153
159
163
166
169
175
192
219
230
262
320
100
108
138
116
116
115
242
242
243
385
394
400
319
320
321
140
141
138
114
244
135
114
113
114
114
114
August
October
. ..
November
December
113
113
112
112
1952—Tanuary
February
March
April
Italy
(1938 =
100)
France
(1949 =
100)
9
10
12
14
20
34
52
89
396
320
242
240
240
239
238
388
393
395
403
402
324
325
329
329
330
237
233
231
227
402
400
404
407
335
329
333
153
152
149
P330
P147
Japan
(1934-36
average
= 1)
134
138
146
151
152
5,415
P5.373
Switzerland
(Aug. 1939
= 100)
100
104
117
143
216
227
299
206
203
227
350
349
344
145
146
145
297
302
305
231
231
228
340
142
305
224
209
246
342
5,69?
5,677
5,595
5,557
5,526
5,438
5,451
5,462
5,454
Sweden
(1935 =
100)
2
2
2
2
4
16
48
128
136
153
5,159
5,443
5,170
4 905
5,581
Netherlands
(1948 =
100)
172
189
196
196
194
186
199
214
348
353
359
359
356
142
142
143
144
145
304
304
306
317
318
'358
145
145
P320
P357
P353
320
143
171
195
203
207
205
200
208
217
222
223
227
226
228
227
224
222
P221
r
vised.
P Preliminary.
Revised.
Sources.—See BULLETINi for January
Januar 1952, p. 108; August 1951, p. 1046; January 1950, p. 124; June 1949, p. 754; June 1948, p. 746; July
1947, p. 934; January 1941, p.
p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Canada
(1935-39=100)
United States
(1947-49=100)
Year or month
Farm
products
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
....
1951—April
May
June
July
.
August
September
October
November
December
1952—January
February
March
April
..
Foods
Industrial
products
n.a.
n.a.
n a.
n.a.
n.a.
n.a.
64
71
78
165
177
136
140
130
138
158
158
175
184
100
107
93
98
106
96
95
103
101
190
230
226
164
196
197
162
192
199
165
181
197
207
242
249
286
68
69
70
107
127
145
155
100
111
105
116
237
265
112
112
111
111
117
117
116
116
111
115
110
112
111
112
115
115
265
265
273
277
263
261
259
112
111
115
265
111
111
115
267
110
108
108
109
110
110
109
108
114
114
114
113
263
251
248
245
118
116
114
111
110
. ..
Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
n.a.
n.a.
na
n.a.
n.a.
n.a.
98
113
. .
Other
Farm
Processed commodproducts
foods
ities
114
123
131
134
213
238
239
239
244
243
119
124
127
129
146
158
160
158
236
236
244
243
221
247
236
242
247
252
258
261
263
237
242
263
237
Netherland s
(1948=100)
United Kingdom
(1930=100)
211
242
245
244
244
246
245
236
240
233
228
226
221
240
236
235
231
266
277
271
277
P280
Foods
Industrial raw
products
Industrial
finished
products
100
101
100
108
100
104
156
160
164
170
370
P368
P367
P361
P363
P363
P367
112
122
128
171
116
143
120
123
123
118
174
176
173
170
146
147
145
144
119
172
143
121
122
124
129
171
174
177
174
142
142
130
133
130
176
172
169
141
141
139
142
141
n.a. Not available.
P Preliminary.
Sources.—See BULLETIN for January 1952, p. 108; August 1951, p. 1046; July 1947, p. 934; May 1942 p. 451; March 1935, p. 180; and March
1931, p. 159.
722
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
COST OF LIVIN G
[Index numbers
RETAIL FOOD PRI CES
[Index numbers
Year or
month
1943
1944
1945
1946
1947
1948
1949
1950
1951
SwitzUnited
CanKing-2 France Nether- erUnited
ada
dom
lands
land
Statesi
(1949
(1949 (Aug.
(1935-39 (1935-39 (Jan.
= 100) 15,1952 = 100)
= 100) 1939 =
= 100)
= 100)
100)
12
15
21
36
124
126
129
140
118
119
119
124
J60
172
170
136
155
161
77
82
84
111
121
172
186
167
185
125
129
127
127
127
129
132
137
139
122
124
123
127
124
124
125
123
122
178 1951-April
179
May
180
June
July
181
182
August
183
September.
184
October. . .
184
November.
184
December.
185
185
185
186
186
187
187
189
189
142
145
144
^142
123
183 1952-January...
182
February..
March....
182
P182
April
189
188
188
189
131
131
133
140
194
210
202
160
196
203
67
72
76
57
92
100
100
205
227
211
241
82
91
111
128
1951-April
May
June .
July
August
September.
October...
November.
December.
226
227
227
228
227
227
229
231
232
238
235
240
250
251
251
250
250
249
87
90
91
93
93
94
95
96
97
1952-January...
February..
March....
April
232
228
228
230
250
248
242
240
100
100
101
. .
12
16
22
35
1943
1944
1945
1946
170 1947
176 1948
174 1949
176 1950
181 1951
161
164
164
160
138
136
139
160
. .
SwitzUnited
King-2 France Nether- erCanUnited
dom
lands
land
States i ada
(1949
(1949
(Aug.
(1935-39 (1935-39 (Jan.
= 100) 1939 =
= 100) 15,1952 = 100)
= 100)
= 100)
100)
Year or
month
148
151
153
152
57
90
100
100
158
163
162
86
95
ttl
130
109
119
159
167
182
182
184
188
189
190
190
191
191
92
94
95
95
96
97
98
98
98
126
129
129
130
131
133
136
140
143
122
122
121
122
121
121
121
120
119
165
166
166
167
168
169
170
171
171
192
191
189
189
100
100
101
146
149
148
P147
119
120
171
171
171
P170
r
P Preliminary.
Revised.
Adjusted series reflecting allowances for rents of new housing units and, beginning January 1950, interim revision of series and weights.
These new indexes, which have replaced the former "interim" indexes, are weighted indexes made up of 51 commodity categories, including
19 food groups. Figures from June 1947 through December 1951 are derived from the former "interim" series. A detailed description of the
new index is given in the Ministry of Labour Gazette, March 1952, pp. 113-114.
Sources.—See BULLETIN for Ianuary 1952, pp. 109; August 1951, p. 1047; October 1950, p. 1421; January 1950, p. 125; July 1947, p. 935; May
1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
1
2
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Common stocks
Canada
(1935-39
= 100)
United
Kingdom
(December
1921 =100)
118.7
121.6
123.4
122.1
118.3
121.0
122.0
117.7
103.0
105.2
117.2
118.5
105.0
107.6
109,6
95.7
127.5
128.3
132.1
130.8
129.9
126.5
121.2
117.6
136.8
138.3
131.5
120.0
106.4
100.0
99.8
101.4
1951—May
June
July
August
September...
October
November...
December. . .
117.4
116.6
116.2
117.1
118.0
116.9
115.3
114.8
95.3
95.0
95 5
95.3
95.2
94.6
92.8
89.3
118.3
117.5
116.9
116.6
116.5
116.3
115.0
110.9
1952—January
February....
March
April
115.5
116.5
115.9
116.2
88.2
87.8
86.9
86.7
110.4
110.5
107.3
108.5
Year or month
Number of issues...
1944
1945
1946
1947
1948
1949
1950...
1951
.
...
United
States
(high
grade) *
87
17
France
(1949 =
100)
Netherlands
60
14
United
States
(1935-39
= 100)
Canada
(1935-39
= 100)
United
France
Kingdom (December
(1926=100) 1938=100)
Netherlands
27
416
105
278
109.0
105.6
107.1
106.8
106.7
87.0
99.8
121.5
139.9
123.0
124.4
121.4
146.4
176.5
83.8
99.6
115.7
106.0
112.5
109.4
131.6
168.3
88.6
92.4
96.2
94.6
92.0
87.6
90.0
97.1
,149
,262
1,129
.030
1,259
195
233
240
219
217
215
100.4
100.6
101.2
102.0
103.8
103.5
103.1
103.7
86.9
87.6
84.1
80.3
78.1
81.3
80.3
78.3
173.9
171.7
172.8
181.5
187.3
185.0
177.7
182.5
164.2
160.7
162.0
169.7
179.8
183.3
174.0
177.3
99.7
99.4
97.6
96.5
97.4
99.0
97.3
94.9
1,172
1,188
1,185
1,300
1,413
1,479
1,406
1,465
215
212
208
207
212
215
207
206
103.7
104.1
104.5
P105.4
80.0
81.5
83.3
83.9
187.1
183.2
185.2
183.6
181.7
179.5
177.6
175.8
95.0
92.8
90.5
91.6
1,624
1,694
1,597
V 1,567
204
198
191
185
295
265
875
P Preliminary.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
NOTE.—For sources and description of statistics, see BULLETIN for September 1951, p. 1219; March 1951, p. 357; June 1948, p. 747; March
1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
1
JUNE 1952
723
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
W M . M C C . MARTIN, JR., Chairman
M. S. SZYMCZAK
R. M. EVANS
JAMES K. VARDAMAN, JR.
OLIVER S. POWELL
A. L. MILLS, JR.
J. L. ROBERTSON
ELLIOTT THURSTON, Assistant to the Board
WINFIELD W. RIEFLER, Assistant to the Chairman
WOODLIEF THOMAS, Economic
Adviser
to the Board
DIVISION OF EXAMINATIONS
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
GEORGE S. SLOAN, Director
C. C. HOSTRUP, Assistant
Director
FRED A. NELSON, Assistant Director
ARTHUR H . LANG, Chief Federal Reserve
ROBERT C. MASTERS, Assistant
LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
HOWARD H . HACKLEY, Assistant General Counsel
DIVISION OF BANK
OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant
Director
LOWELL MYRICK, Assistant
OFFICE OF T H E SOLICITOR
G. HOWLAND CHASE, Assistant
Director
DIVISION OF PERSONNEL
J. LEONARD TOWNSEND, Solicitor
Solicitor
ADMINISTRATION
DWIGHT L. ALLEN, Director
H . FRANKLIN SPRECHER, JR., Assistant
DIVISION OF RESEARCH AND STATISTICS DIVISION OF ADMINISTRATIVE
Director
SERVICES
RALPH A. YOUNG, Director
LISTON P. BETHEA, Director
FRANK R. GARFIELD, Adviser on Economic Research
JOSEPH E. KELLEHER, Assistant Director
EDWIN J. JOHNSON, Assistant Director
KENNETH B. WILLIAMS, Assistant Director
SUSAN S. BURR, Assistant Director
Examiner
Director
DIVISION OF SELECTIVE CREDIT
REGULATION
ARTHUR W. MARGET, Director
GUY E. NOYES, Director
GARDNER L. BOOTHE, II, Assistant Director
HENRY BENNER, Assistant Director
LEWIS N . DEMBITZ, Assistant Director
ELIOT J. SWAN, Acting Assistant
DIVISION OF INTERNATIONAL
FINANCE
FEDERAL OPEN
MARKET COMMITTEE
W M . M C C . MARTIN, JR., Chairman
ALLAN SPROUL, Vice Chairman
MALCOLM BRYAN
OLIVER S. POWELL
C. E. EARHART
J. L. ROBERTSON
R. M. EVANS
H U G H LEACH
A. L. MILLS, JR.
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
WOODLIEF THOMAS, Economist
Economist
CHAS. W. WILLIAMS, Associate Economist
JOHN H . WILLIAMS, Associate Economist
RALPH A. YOUNG, Associate Economist
724
WALTER S. BUCKLIN,
BOSTON DISTRICT
N . BAXTER JACKSON,
NEW
GEOFFREY S. S M I T H ,
PHILADELPHIA DISTRICT
GEORGE
CLEVELAND DISTRICT
GUND,
ROBERT V. FLEMING,
YORK
RICHMOND
DISTRICT
DISTRICT
PAUL M. DAVIS,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
GEORGE W. MITCHELL, Associate Economist
EARLE L. RAUBER, Associate Economist
ROBERT G. ROUSE, Manager of System
Market Account
FEDERAL
ADVISORY COUNCIL
Vice President
C. S. YOUNG
WINFIELD W. RIEFLER, Secretary
O. P. WHEELER, Associate
Director
Open
V. J. ALEXANDER,
ST. LOUIS DISTRICT
JOSEPH F . RINGLAND,
MINNEAPOLIS DISTRICT
DAVID T . BEALS,
KANSAS CITY DISTRICT
D E W I T T T . RAY,
DALLAS DISTRICT
JAMES K. LOCHEAD,
SAN FRANCISCO DISTRICT
HERBERT V. PROCHNOW,
Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Vice Presidents
President
Federal Reserve Chairman 1
(Vice Presidents in charge of branches are listed
Bank of
Deputy Chairman
First Vice President
lower section of this page)
in
Boston.
Harold D. Hodgkinson
Ames Stevens
J. A. Erickson
Alfred C. Neal
John J. Fogg
Carl B. Pitman
Robert B. Harvey 3 O. A. Schlaikjer
E. G. Hult
R. F. Van Amringe
E. O. Latham
New York.
Robert T. Stevens
William I. Myers
Allan Sproul
William F. Treiber
H. A. Bilby
H. H. Kimball
L. W. Knoke
Walter S. Logan
A. Phelan
Philadelphia...
Warren F. Whittier
C. Canby Balderston
Alfred H. Williams
W. J. Davis
Karl R. Bopp
P. M. Poorman
Robert N. Hilkert J. V. Vergari4
E. C. Hill
Richard G. Wilgus 2
Wm. G. McCreedy
Cleveland.
George C. Brainard
John C. Virden
Ray M. Gidney
Wm. H. Fletcher
Wilbur T. Blair
Roger R. Clouse
A. H. Laning 3
Martin Morrison
Paul C. Stetzelberger
Donald S. Thompson
Richmond.
Charles P. McCormick
John B. Woodward, Jr.
Hugh Leach
J. S. Walden, Jr.
N. L. Armistead
R. W. Mercer 3
C. B. Strathy
K. Brantley Watson
Edw. A. Wayne
Chas. W. Williams
Atlanta.
Frank H. Neely
Rufus C. Harris
Malcolm Bryan
L. M. Clark
V. K. Bowman
J. E. Denmark
John L. Liles, Jr.
Harold T. Patterson
E. C. Rainey 2
L. B. Raisty
Earle L. Rauber
S. P. Schuessler
Chicago..
Franklin J. Lunding
John S. Coleman
C. S. Young
E. C. Harris
Allan M. Black
Neil B. Dawes
W. R. Diercks
W. A. Hopkins
L. H.Jones 2
L. G. Meyer
George W. Mitchell
A. L. Olson
Alfred T. Sihler
W. W. Turner
St. Louis.
Russell L. Dearmont
Wm. H. Bryce
Delos C. Johns
O. M. Attebery
FrederickL.Deming H. H. Weigel
Dale M. Lewis
J. C. Wotawa
Wm. E. Peterson
Minneapolis. . .
Roger B. Shepard
Paul E. Miller
J. N. Peyton
A. W. Mills
H. C. Core
E. B. Larson
H. G. McConnell
Otis R. Preston
M. H. Strothman, Jr.
Sigurd Ueland
Kansas City
Robert B. Caldwell
Cecil Puckett
H. G. Leedy
Henry O. Koppang
P. A. Debus 2
G. A. Gregory
M. W. E. Park
John Phillips. Jr.
Clarence W. Tow
D. W. Woolley
Dallas.
J. R. Part en
R. B. Anderson
R. R. Gilbert
W. D. Gentry
E. B. Austin
R. B. Coleman
J. L. Cook 3
Watrous H. Irons
L. G. Pondrom
Harry A. Shuford
Mac C. Smyth
C. E. Earhart
H. N. Mangels
E. R. Millard
H. F. Slade
Ronald T. Symms "c
O. P. Wheeler
San Francisco . Brayton Wilbur
William R. Wallace, Jr.
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
J. H. Wurts
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Federal Reserve
Vice Presidents
Branch
Branch
Vice Presidents
Bank of
Bank of
C. W. Groth
Minneapolis.... Helena
Buffalo
I. B. Smith
New York
Cincinnati
W. D. Fulton
Cleveland
G. H. Pipkin
Kansas City.... Denver
Pittsburgh
J. W. Kossin
R. L. Mathes
Oklahoma City
Baltimore
D. F. Hagner
Richmond
L. H. Earhart
Omaha
Charlotte
R. L. Cherry
Atlanta
Birmingham
P. L. T. Beavers
C. M. Rowland
Dallas
El Paso
Jacksonville
T. A. Lanford
Houston
W. H. Holloway
W. E. Eagle
Nashville
R. E. Moody, Jr.
San Antonio
New Orleans
E. P. Paris
San Francisco... Los Angeles
W. F. Volberg
Chicago
Detroit
H. J. Chalfont
Portland
S. A. MacEachron
St. Louis
Little Rock
C. M. Stewart
Salt Lake City
W. L. Partner
Louisville
C. A. Schacht
J. M. Leisner
Seattle
Memphis
Paul E. Schroeder
1
JUNE
Also Federal Reserve Agent.
1952
2
Cashier.
3
Also Cashier.
4
Counsel.
725
FEDERAL RESERVE BOARD PUBLICATIONS
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should be made payable to the order
of the Board of Governors of the Federal Reserve
System.
BOOKS
BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the
Board's staff. August 1941; reprinted March
1949. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single shipment, 75 cents each.
BANKING AND MONETARY STATISTICS.
Statistics of
in quantities of 10 or more copies for single shipment, 50 cents each. Paper-bound copies available without charge.
DISTRIBUTION
OF BANK
DEPOSITS BY COUNTIES,
As of December 31, 1947. July 1948. 122 pages.
As of June 30, 1949. December 1949. 122 pages.
DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND
STANDARD METROPOLITAN AREAS, as of Decem-
ber 30, 1950. July 1951. 125 pages.
A STATISTICAL STUDY OF REGULATION V LOANS.
September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single shipment, 15 cents each.
COMPILATION OF FEDERAL AND STATE LAWS RELAT-
ING TO BRANCH BANKING IN THE UNITED STATES.
banking, monetary, and other financial develop(July 1, 1951.) December 1951. 33 pages.
ments. November 1943. 979 pages. $1.50 per
copy. No charge for available individual sections T H E DEVELOPMENT OF BANK DEBITS AND CLEARINGS
(unbound).
AND THEIR USE IN ECONOMIC ANALYSIS. January 1952. 175 pages. 25 cents per copy; in
RULES OF ORGANIZATION AND RULES OF PROCEDURE
quantities of 10 or more copies for single ship(Board of Governors of the Federal Reserve Sysment, 15 cents each.
tem). September 1946. 31 pages.
T H E FEDERAL RESERVE ACT, as amended to Novem-
ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.
POSTWAR ECONOMIC STUDIES.
(8 pamphlets)
No.
No.
No.
No.
No.
No.
1. Jobs, Production, and Living Standards.
2. Agricultural Adjustment and Income.
3. Public Finance and Full Employment.
4. Prices, Wages, and Employment.
5. Private Capital Requirements.
6. Housing, Social Security, and Public
Works.
No. 7. International Monetary Policies.
No. 8. Federal Reserve Policy.
The price for the set of eight pamphlets is $1.25;
25 cents per pamphlet, or, in quantities of 10 or
more for single shipment, 15 cents per pamphlet.
T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
FUNCTIONS. November 1947; reprinted April
1951. 125 pages. 75 cents per cloth-bound copy;
726
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
CHARTS ON BANK CREDIT, MONEY RATES, AND
BUSINESS. 113 charts. April 1952 edition. Annual subscription to monthly chart book includes
supplement; single copies, 60 cents each. In
quantities of 10 or more copies for single shipment, 50 cents each. (Domestic rates)
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments.
PERIODICAL RELEASES
WEEKLY
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS,
BY INDUSTRY
CONDITION OF THE FEDERAL RESERVE BANKS
CONDITION OF WEEKLY REPORTING MEMBER BANKS
IN LEADING CITIES
CONDITION OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BOARD
DEPARTMENT STORE SALES, BY CITIES
PUBLICATIONS
WEEKLY DEPARTMENT STORE SALES
DEPARTMENT STORE SALES AND STOCKS, BY MAJOR
DEPARTMENTS
WEEKLY FOREIGN EXCHANGE RATES
DEPARTMENT STORE STOCKS
WEEKLY REVIEW OF PERIODICALS
FOREIGN EXCHANGE RATES
INTERDISTRICT SETTLEMENT FUND
SEMIMONTHLY
NATIONAL SUMMARY OF BUSINESS CONDITIONS
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER
BANKS
OPEN-MARKET MONEY RATES IN N E W YORK CITY
RETAIL FURNITURE REPORT
MONTHLY
RETAIL
FEDERAL RESERVE BULLETIN.
Subscription price in
the United States and its possessions, Bolivia,
Canada, Chile, Colombia, Costa Rica, Cuba,
Dominican Republic, Ecuador, Guatemala, Haiti,
Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and
Venezuela is $2.00 per annum or 20 cents per
copy; elsewhere, $2.60 per annum or 25 cents per
copy. Group subscriptions in the United States
for 10 or more copies to one address, 15 cents per
copy per month, or $1.50 for 12 months.
INSTALMENT
CREDIT
AT FURNITURE AND
HOUSEHOLD APPLIANCE STORES
SALES FINANCE COMPANIES
STATE MEMBER BANKS OF THE FEDERAL RESERVE
SYSTEM AND NONMEMBER BANKS THAT MAINTAIN
CLEARING
ACCOUNTS
WITH
FEDERAL
RESERVE
BANKS (Also annual list)
SEMIANNUAL—QUARTERLY
A L L BANKS IN THE UNITED STATES AND POSSESSIONS
—PRINCIPAL ASSETS AND LIABILITIES
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
RATES, AND BUSINESS. $6.00 per annum in-
cluding historical supplement, or 60 cents per
copy. In quantities of 10 or more copies of a
particular issue for single shipment, 50 cents
each. (Domestic rates)
ASSETS AND LIABILITIES
OF A L L BANKS IN THE
PRELIMINARY EARNINGS OF MEMBER BANKS
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
ANNUAL
ANNUAL REPORT OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM
UNITED STATES
BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EXASSETS AND LIABILITIES OF A L L MEMBER BANKS,
BY DISTRICTS
CEPT INTERBANK ACCOUNTS
IRREGULAR
BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS E X CEPT INTERBANK ACCOUNTS
MEMBER BANK CALL REPORT
BUSINESS INDEXES
MEMBER BANK LOANS
CONSUMER CREDIT
SELECTED LIST OF ADDITIONS
CONSUMER
BANKS
INSTALMENT
CREDITS OF COMMERCIAL
CONSUMER
BANKS
INSTALMENT
CREDITS
OF INDUSTRIAL
CONSUMER INSTALMENT
LOAN COMPANIES
CREDITS
OF INDUSTRIAL
TO THE RESEARCH
LIBRARY
SURVEYS OF CONSUMER FINANCES
REPRINTS
(From Federal Reserve Bulletin unless preceded by an asterisk)
T H E HISTORY OF RESERVE REQUIREMENTS FOR BANKS
IN THE UNITED STATES.
CONSUMER INSTALMENT LOANS OF THE PRINCIPAL
November
1938.
20
pages.
TYPES OF FINANCIAL INSTITUTIONS
* PROBLEMS OF BANKING AND BANK
DEPARTMENT STORE CREDIT
DEPARTMENT STORE SALES
JUNE 1952
SUPERVISION.
Excerpts from the Board's 1938 Annual Report.
33 pages.
727
FEDERAL RESERVE BOARD PUBLICATIONS
MONETARY MEASURES AND OBJECTIVES.
September
1937, April 1939, and May 1939. 8 pages.
T H E GOLD PROBLEM TODAY, by E. A. Goldenweiser.
January 1940. 4 pages.
OF WEEKLY
STATISTICS
BANKS IN LEADING CITIES.
FOR MEMBER
June-July 1947.
9
pages.
REVISION OF NATIONAL INCOME AND PRODUCT STA-
T H E PAR COLLECTION SYSTEM OF THE FEDERAL R E -
SERVE BANKS, by George B. Vest. February 1940.
8 pages.
HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL R E -
SERVE POLICY, by Arthur Hersey.
11 pages.
April 1940.
TISTICS. September 1947. 12 pages.
STERLING IN MULTILATERAL
TRADE, by J. Burke
Knapp and F. M. Tamagna.
8 pages.
September 1947.
BANK LOANS TO FARMERS—
COMMERCIAL BANK LOANS TO FARMERS, by Tynan
CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM,
by E. A. Goldenweiser.
REVISION
May 1940. 5 pages.
Smith and Philip T. Allen; FARM MORTGAGE
LOANS AT COMMERCIAL
BANKS, by
Philip
T.
Allen; FARM PRODUCTION LOANS AT COMMERCIAL
GENERAL INDEXES OF BUSINESS ACTIVITY, by Frank
R. Garfield.
June 1940. 7 pages.
FEDERAL RESERVE BANK LENDING POWER NOT D E PENDENT ON MEMBER BANK RESERVE BALANCES.
February 1941. 2 pages.
ADJUSTMENT FOR SEASONAL VARIATION, by H . C.
Barton, Jr. Description of method used by Board
in adjusting economic data for seasonal variation.
June 1941. 11 pages.
COMMERCIAL AND INDUSTRIAL LOANS AT MEMBER
BANKS, April 16-May 15, 1942. August, September, and November 1942. 32 pages.
FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION.
From August 1940, September 1941, and October
1943 issues of BULLETIN with supplementary data.
October 1943. 120 pages.
ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28,
by Mary S. Painter.
September 1945. 2 pages.
SURVEYS OF LIQUID ASSET HOLDINGS.
September
INDEX OF DEPARTMENT STORE SALES AND STOCKS, BY
MAJOR DEPARTMENTS.
August 1946. 4 pages.
BUSINESS LOANS OF MEMBER BANKS.
March, May,
COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL-
MENT FINANCING, by Frieda Baird. March 1947.
6 pages.
VALUES AND LIMITATIONS OF CONSUMER FINANCIAL
SURVEYS FOR ECONOMIC RESEARCH, by Ralph A.
Young and Duncan McC. Holthausen.
1947. 9 pages.
March
METHODS OF RESTRICTING MONETIZATION OF PUBLIC
April 1947. 4 pages.
OF INTEREST RATES ON COM-
Youngdahl.
pages.
October and December 1947. 36
BANKING ASSETS AND THE MONEY SUPPLY
SINCE
1929, by Morris A. Copeland and Daniel H .
Brill. January 1948. 9 pages.
N E W COMMERCIAL BANKING OFFICERS, 1936-1947,
by Caroline H . Cagle and Raymond C. Kolb.
May 1948. 12 pages.
SALES FINANCE COMPANY OPERATIONS IN 1947, by
Milton Moss. July 1948. 6 pages.
T H E PHILIPPINE CENTRAL BANK ACT and Text of
the Act, by David Grove and John Exter. In
part a reprint from the August 1948 BULLETIN.
36 pages.
LATIN AMERICA'S POSTWAR INFLATION AND BALANCE
OF PAYMENTS PROBLEMS, by David L. Grove and
November 1948. 11 pages.
N E W STATISTICS OF INTEREST RATES ON BUSINESS
LOANS, by Richard Youngdahl.
pages.
March 1949. 10
MEASUREMENTS OF SAVINGS, by Daniel H . Brill.
June, July, and August 1947. 80 pages.
728
STRUCTURE
MERCIAL BANK LOANS TO FARMERS, by Richard
Gerald M. Alter.
1945. 7 pages.
DEBT BY BANKS.
BANKS, by Herman Koenig and Tynan Smith;
THE
November 1949. 8 pages.
NOTES ON FOREIGN CURRENCY ADJUSTMENTS.
No-
vember 1949. 14 pages.
A STUDY OF INSTALMENT CREDIT TERMS, by Milton
Moss. December 1949. 8 pages.
FRENCH EXCHANGE STABILIZATION FUND, by Robert
Solomon.
January 1950. 5 pages.
RETAIL CREDIT SURVEY—1951.
From June 1952
BULLETIN with supplementary information for
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BOARD PUBLICATIONS
9 separate trades. (Also, Retail Credit Survey— VOLUNTARY ACTION TO H E L P CURB INFLATION.
1943, 1944, 1945, 1946, 1947, 1948, and 1949
November 1951. 9 pages.
from the June 1944, May 1945, June 1946, July REVISED INDEXES OF DEPARTMENT STORE SALES AND
1947, July 1948, June 1949, and June 1950
STOCKS. December 1951. 53 pages.
BULLETINS with supplementary information.)
ECONOMIC PROBLEMS FACING POST-TREATY JAPAN.
STATEMENT ON PROPOSED SMALL BUSINESS LEGISLA-
TION. Presented by Thomas B. McCabe, Chairman, Board of Governors of the Federal Reserve
System, before the Senate Committee on Banking and Currency, June 27, 1950. July 1950. 8
pages.
BRANCH BANKING IN THE UNITED STATES, 1939 and
1949.
July 1950. 16 pages.
January 1952. 11 pages.
T H E SECOND ARMAMENT BUDGET.
February 1952.
9 pages.
MONEY AND CREDIT IN 1951.
February 1952.
9
pages.
INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951.
March 1952. 10 pages.
DEFENSE LOAN POLICY. An announcement adopted
RECENT CHANGES IN GERMANY'S FOREIGN TRADE
jointly by National and State Supervisors of banks
BALANCE. March 1952. 7 pages.
and other lending institutions. August 4, 1950.
1952 SURVEY OF CONSUMER FINANCES—CONSUMER
August 1950. 1 page.
PLANS FOR SPENDING AND SAVING.
REVISED ESTIMATES OF CONSUMER CREDIT.
Novem-
ber 1950. 2 pages.
MEASUREMENT OF CONSUMER CREDIT.
Address by
Ralph A. Young and Homer Jones before the
University of Illinois Consumer Credit Conference, Chicago, Illinois, October 5, 1950. November 1950. 9 pages.
T H E INTERNATIONAL MOVEMENT OF GOLD AND DOL-
LARS IN 1950. March 1951. 10 pages.
STATEMENT BY CHAIRMAN MARTIN ON H I S TAKING
OATH OF OFFICE, APRIL 2, 1951.
April 1951.
* T H E TREASURY—CENTRAL BANK RELATIONSHIP IN
FOREIGN
COUNTRIES—PROCEDURES
AND TECH-
NIQUES. November 1950. April 1951. 19 pages.
TRENDS IN INTERNATIONAL TRADE AND PAYMENTS.
April 1951. 14 pages.
July 1951. 2 pages.
THE INTRODUCTION OF REAL ESTATE CREDIT REGU-
LATION. July 1951. 23 pages.
IN THE DEFENSE
1951.
NEW
INDEX
ECONOMY.
September
OF OUTPUT
OF MAJOR
October 1951.
CONSUMER
REVISED
WEEKLY
INDEX OF DEPARTMENT
STORE
SALES. April 1952. 4 pages.
ERNORS
BEFORE
SUBCOMMITTEE
ON GENERAL
11, 1952. April 1952. 4 pages.
CHANGES IN INSTALMENT CREDIT TERMS.
May 1952.
EXCESS
PROFITS
TAXES
OF COMMERCIAL
BANKS.
REAL ESTATE LOANS OF REGISTRANTS UNDER REGU-
LATION X. June 1952. 18 pages.
6 pages.
REGISTRANTS. October 1951. 12 pages.
8
June 1952. 18 pages.
CREDIT AND SALES REPORTED BY REGULATION
JUNE 1952
April 1952.
pages.
6 pages.
5 pages.
DURABLE GOODS.
BANKING IN THE SOVIET UNION.
86 pages.)
CREDIT CONTROL AND DEBT MANAGEMENT, MARCH
HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING
SAVING
SUMER FINANCES; for 1951 from June-September
STATEMENT BY CHAIRMAN OF THE BOARD OF GOV-
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
AND BUSINESSES.
6
includes T H E METHODS OF THE SURVEY OF CON-
and December 1951 BULLETINS.
1 page.
April 1952.
pages. (Other articles on the 1952 Survey will
appear in subsequent issues of the BULLETIN.
Also, similar survey for 1946 from June-September 1946 BULLETINS, 28 pages; for 1947 from
June-August and October 1947 BULLETINS, 48
pages; for 1948 from June-September and November 1948 BULLETINS, 70 pages; for 1949 from
June-November 1949 and January 1950 BULLETINS, 124 pages; for 1950 from April and JuneDecember 1950 BULLETINS, 106 pages, which
W
FINANCING OF LARGE CORPORATIONS IN 1951.
1952.
June
6 pages.
729
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
S
I
5
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BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
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