Full text of Federal Reserve Bulletin : March 1952
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FEDERAL
ESERVE
BULLETIN
MARCH 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
International Flow of Gold and Dollars, 1951.
227-236
Recent Changes in Germany's Foreign Trade Balance
237-243
Recommendations with Respect to Extension of Defense Production Act of 1950
244-250
Voluntary Credit Restraint Releases.
251-253
Law Department
254-255
Current Events and Announcements.
255-257
National Summary of Business Conditions.
258-259
Financial, Industrial, Commercial Statistics, U. S. (See p. 261 for list of tables) .
261-315
International Financial Statistics (See p. 317 for list of tables)
317-335
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council
336
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
Federal Reserve Board Publications
337
338-339
Map of Federal Reserve Districts.
340
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FEDERAL
VOLUME 38
RESERVE
March 1952
BULLETIN
NUMBER 3
INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951
The movement of gold between the United
States and the rest of the world was reversed
during 1951. The outflow from the United
States, which began with the devaluations
of 1949 and increased sharply after the outbreak of the Korean conflict, came to an
end in the first half of the year. In the
second half, gold began to flow back into
the United States, whose gold stock was at
approximately the same level at the end of
December as a year earlier.
Total foreign dollar holdings fluctuated
only moderately during the year. While
they were drawn down to some extent for
conversion into gold during the latter part
of 1950 and the first quarter of 1951, they
showed little over-all change in the following months. A modest increase toward
the end of the year brought the total to
the same level as a year earlier. The arrest
in the conversion of dollar balances into gold
early in the year reflected in part a strengthening of foreign confidence in the stability of
the dollar following the adoption in the
United States of monetary and other measures to curb inflationary pressures.
The combined gold and dollar holdings of
foreign countries increased by almost a billion dollars in the first half of the year, and
decreased by about the same amount in the
second half. This reversal was mainly associated with a sharp increase in the United
States export surplus of goods and services.
MARCH
1952
Transactions of the United Kingdom dominated changes in monetary reserves throughout the year, and the large gold inflow to
the United States in the second half reflected a sharp deterioration in the external
position of the sterling area. By the end of
the year, this area had lost about half of the
gold added to its reserves in the period from
the devaluations of 1949 to the spring of
1951. These losses by the sterling area, as
well as a decline in gold and dollar holdings
by Latin America, were offset by increases
in the case of Continental Western Europe,
Canada, and Asia.
Changes in the distribution of foreign gold
and dollar holdings among individual countries during 1951 reflected divergent inflationary pressures and other factors exerting influence over the movement of goods,
services, and capital. Wide shifts in international trade, despite import restrictions and
exchange controls, induced governments and
international agencies to give renewed attention to domestic fiscal and monetary policies.
The monetary authorities in many countries
made greater use of general credit measures
to restrain the supply and to increase the cost
of credit and money. These policies reflected
a growing recognition of the need to reconcile with the requirements of defense the
objectives of internal and external balance
and the maintenance of social and political
stability.
227
INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951
UNITED STATES EXPORT SURPLUS AND
FOREIGN A I D
The most significant influence on the overall changes in foreign gold and dollar holdings in 1951 was the sharp increase in the
United States export surplus of goods and
services. A contributing cause was a moderate contraction of United States foreign
economic assistance from the first to the
second half of the year.
The export surplus (including services,
but excluding shipments and transfers under
military aid), which had averaged nearly
500 million dollars a quarter during 1950,
was only 150 million in the first quarter
of 1951. It then rose to about 900 million
in both the second and the third quarter and
to 1.5 billion in the last quarter of the year.
On the other hand, United States net grants
and loans to foreign countries (exclusive of
military assistance), which had averaged
about 900 million dollars a quarter in 1950
and were still running at more than 800 million a quarter in the first half of 1951, declined to a quarterly rate of around 700 million in the second half of the year.
As a result United States financial assistance exceeded the export surplus throughout
1950 and in the first quarter of 1951, the
two figures were nearly in balance in the
second quarter of 1951, and the export surplus greatly exceeded foreign aid in the
second half of the year, as shown in the
chart. The rise in the export surplus and
the decline in foreign aid, to the extent
that they were not offset by an outflow of
private capital and donations, were closely
reflected in the movement of foreign gold
and dollar holdings, as the lower section of
the chart shows.
The virtual balance achieved on current
account between the United States and the
rest of the world in the second half of 1950
228
BALANCE
OF PAYMENTS
BILLIONS OF DOLLARS
OF THE
UNITED STATES
BILLIONS OF DOLL,
NET TRANSFERS OF
GOLD A ND DOLLAR
BALANCES TO
FOREIGN COUNTRIES
NOTE.—Net transfers of gold and dollar balances include
net foreign purchases of gold from United States plus net increase in foreign dollar balances; Federal Reserve data. Other
data from Department of Commerce. Exports of goods and
services are net after deduction of military aid. U. S. Government economic grants and loans exclude miscellaneous unilateral transfers and short-term capital.
and the first quarter of 1951 was in part the
result of the currency devaluations of 1949
and in part the short-run effect of the Korean
conflict. After the first quarter of 1951,
prices in the United States showed a tendency
to level off. While economic activity in this
country remained at a high level for the rest
of the year, prices of many imported raw
materials declined, leading to a moderate
fall in the value of imports from the alltime peak reached in March. Imports of
goods and services were at a quarterly rate of
3.6 billion dollars in the third and fourth
quarters of 1951, as compared with a rate
of nearly 4 billion in the first two quarters.
Notwithstanding this decline, imports of
goods and services for the year as a whole
were at a record level—15.1 billion dollars
as compared with 12.1 billion in 1950.
Contrary to widespread expectations of a
decline, United States exports of goods and
FEDERAL RESERVE BULLETIN
INTERNATIONAL FLOW OF GOLD AND DOLLARS,
services (excluding military aid) amounted
to 18.6 billion dollars in 1951 as compared
with 13.9 billion for the preceding year.
Rising defense outlays and inflationary pressures in many countries sustained an active
demand for American goods which, except
in a few lines, continued in plentiful supply,
partly because of some contraction of civilian
demand in the United States. Nonmilitary
exports of goods and services rose from a
quarterly rate of about 4 billion dollars in
the last quarter of 1950 and first quarter of
1951 to more than 5 billion in the last quarter of 1951.
1951
ber 31, 1951. This amount represented almost two-thirds of the world's gold reserves,
excluding those of the U.S.S.R., as may be
seen in the chart.
WORLD GOLD RESERVES
EXCLUDING U. S. ,S. R.
END OF YEAR
Billions of Dollars
40
CANADA AND
LATIN AMERICA
i
I
OTHER
E R P COUNTRIES
UNITED KINGDOM
AND OTHER
STERLING AREA
MOVEMENTS OF GOLD
Changes in the export surplus and foreign aid of the United States during 1951
were reflected in the movement of gold.
The heavy outflow of late 1950 carried over
to early 1951, climaxing in record net sales
by the United States Treasury to foreign
monetary authorities of 880 million dollars
of gold in the first three months of the year,
as shown in the table on page 230. Before the end of the first quarter, however,
the peak had been reached.
Following announcement early in March
of more restrictive monetary and debt management policies, the rate of outflow began
to decline, and by the end of March had almost ceased. Net weekly sales of gold averaged 83 million dollars in the 10 weeks ending March 7 but only 34 million in the following three weeks. Net sales by the United
States Treasury of only 57 million dollars
in the second quarter of the year were followed by net purchases of 290 million in the
third quarter and 715 million in the final
quarter.
The net effect of these changes over the
year was a slight increase in the United States
gold stock to 22.9 billion dollars as of DecemMARCH
1952
UNITED STATES
Foreign transactions with United States.
Of the total sales of gold by the United States
in the first quarter, about half was acquired
by the United Kingdom; the remainder was
divided almost equally between Continental
Western European countries (including the
Bank for International Settlements) and
Latin America. When the movement reversed in the second half of the year, British
sales of gold represented nearly the entire
amount of United States net purchases, as
transactions by other countries tended to offset one another.
The United Kingdom sold much more
gold to the United States in the second
half than it acquired in the first half, its
net sales to this country over the year
amounting to nearly half a billion dollars.
In addition, South Africa sold a portion of
229
INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1 9 5 1
N E T FOREIGN PURCHASES OF GOLD FROM THE UNITED
STATES, 1951 a
[In millions of dollars]
Area and country
ERP countries (other than
United Kingdom):
Belgium and Belgian
Congo
France
Portugal
Sweden
Other ERP countries
Bank for International
Settlements
Total
Jan.- Apr.- JulyMar. June Sept.
20
92
-2
2
5
17
5
25
9
—4
201
24
23
10
15
39
15
Other Continental Europe. .
United Kingdom
Union of South Africa......
Canada
Latin America:
Argentina
Colombia
Cuba
Mexico
Other Latin America
Total
Asia:
Indonesia
Other Asia
Total
Egypt
Grand total
1
3
400
Oct.Dec.
80 - 3 2 0
-13
-20
-72
5
18
20
35
4
32
50
-63
185
30
-3
-630
-19
10
50
-14
Year
-470
-52
10
50
-18
—4
20
124
51
26
—64
-15
6
-28
-30
4
20
60
-22
36
237
-73
-12
-26
126
5
25
1
45
4
22
4
5
26
57
20
25
31
-715
-68
20
2
880
57 - 2 9 0
12
76
Minus sign indicates net sale to the United States.
its newly mined gold to the United States.
On the other hand, Continental Western
European countries purchased almost 200
million dollars of gold from this country
over the year, and Latin America and Asia
also added to their gold reserves through net
purchases from the United States.
Other changes in foreign gold reserves.
The gold position of individual countries
was also affected by accruals from new production, by sales from reserves for industrial or other private uses, and by transactions among foreign monetary authorities.
For example, the United Kingdom, which
made net sales of gold of less than 500 million dollars to the United States in 1951,
ended the year with an estimated 700 million
dollars less in gold reserves than it had at
the beginning of the year, as is shown in the
230
table on page 232. This reflects gold transfers to third countries (partly through the
European Payments Union) in excess of
the gold acquired from sterling area production. Among other countries, Mexico, which
bought 60 million dollars of gold from the
United States during 1951, showed no increase in its gold reserves for the year.
Canada, a gold-producing country, showed
a net increase in its gold reserves over the
year of 260 million dollars, almost half representing purchases from countries other
than the United States. Nonproducing
countries which added more to their gold
reserves than can be accounted for by their
transactions with the United States include
net creditors over the year of the European
Payments Union (Italy, Belgium, Portugal,
Germany, and Sweden), as well as Cuba
and Indonesia. Finally, there were unpublished transactions in the gold holdings of
certain Western European countries and
the Bank for International Settlements;
these are included in "other ERP countries
and accounts" in the table on page 232.
Foreign countries as a whole sold about
70 million dollars net in gold to the United
States during 1951, transferred another 35
million to the International Monetary Fund,
and showed a small increase of 35 million
in gold reserves. Foreign gold production
(exclusive of the U.S.S.R.) may be estimated
at around 760 million dollars for the year.
It would thus appear that about 600 million
dollars of gold either went into industrial
uses or private holdings, or was otherwise
unaccounted for. This unexplained residual
has been increasing in recent years, the estimated figure for 1950 having been 335 million dollars. It may reflect in part transactions on free and black markets, in which
gold is traded privately at premium prices.
On the other hand, part of the residual may
FEDERAL RESERVE BULLETIN
INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1 9 5 1
be explained in other ways as information
on undisclosed foreign holdings and transactions becomes available.
CHANGES IN FOREIGN DOLLAR HOLDINGS
Dollar holdings of foreign countries, which
are held as deposits in Federal Reserve and
commercial banks or in United States Government short- or medium-term securities,
were about the same at the end of 1951 as at
the beginning. There were significant
fluctuations, however, from quarter to quarter, from country to country, and as between
types of holders.
In the first three months of the year, a
number of foreign countries drew down their
dollar balances to some extent for conversion
into gold. Mexico and, to a lesser degree, a
few European countries participated in these
operations, which came to an end toward the
close of the first quarter. In the second quarter, foreign dollar holdings showed no significant changes. After midyear, as the
over-all position of certain foreign countries
weakened, a net decline of 70 million in
their dollar holdings accompanied the larger
foreign losses of gold of the third quarter.
In the last three months of the year, a number of countries experienced some recovery,
leading to an over-all rise in foreign dollar
holdings of 165 million dollars for the
quarter.
While these changes tended to offset one
another over the year, individual countries
and areas showed diverging movements. The
dollar holdings of Continental European
countries as a group rose somewhat during
1951 as a result of an increase of 185 million
dollars by Germany, partly offset by declines
in the case of other countries. Holdings by
Latin American countries and by Canada
declined over the year, while those of Asiatic
countries increased.
MARCH 1952
Analysis of dollar movements by type of
holder reveals that the absence of net change
in the aggregate amount over the year was
the result of a decline in official balances—
that is, those held by foreign central banks
and governments—offset by an equal rise in
private foreign balances held by banks, businesses, and individuals. This offsetting movement was in the neighborhood of 600 million
dollars. If reported private dollar balances
are adjusted to exclude Japanese holdings
(which are technically reported as private,
though in reality of an official character), the
shift becomes smaller, but is still considerable.
The movement in private balances in 1951
was larger than in any other postwar year,
as shown in the chart. It was partly the
result of the heavy movement of investment capital to Canada throughout the year.
Speculation against the pound sterling and
the French franc in the summer and autumn
probably contributed to the accumulation of
dollar balances in private foreign accounts.
FOREIGN GOLD RESERVES AND DOLLAR BALANCES
Billions of Dollars
END OF QUARTER
Billions of Dollars
-
\
-
-
X
*-
TAL
-
^<+
^ f
y-"
PRIVATE
OF FICIAL
-
-
1946
1947
1948
1949
1950
1951
231
INTERNATIONAL FLOW OF GOLD AND DOLLARS,
1951
ESTIMATED CHANGES IN FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS DURING
1951
x
[In millions of dollars]
Increase or decrease (—), 1951
Holdings at
end of 1950
Jan.-Mar.
Holdings at
end of 1 9 5 1 P
July-Sept.
Apr.-June
Year-195lP
Oct.-Dec.P
Area and country
Gold
reserves
Dollar
holdings
Gold
reserves
650
2 543
198
291
222
315
47
DoUar
holdings
Gold
reserves
DoUar
holdings
-16
-8
21
-8
-44
25
8
27
115
-30
Gold Dollar
holdreserves ings
Gold
reserves
Dollar
holdings
Gold
reserves
6
77
-97
IS
46
25
28
77
18
—19
10
5
72
62
-18
-45
-32
-4
-76
-S3
DoUar
holdings
Gold
reserves
DoUar
holdings
ERP countries (other than United
Kingdom):
Belgium-Luxembourg (and Belgian Congo)
France (and dependencies)
Germany (Federal Republic of).
Italy
Netherlands (and Netherlands
West Indies and S u r i n a m ) . . .
Portugal (and dependencies).. .
Sweden
.
. . .
Switzerland .
Other ERP
countries and accounts4
Total
Other Continental Europe *
Sterling area:
United Kingdom
U. K. dependencies
Union of South Africa
..
Other sterling area 7
Total
Canada
3 258
335
207
90
1,470
224
50
115
553
10
24
-22
6
7
—10
—48
15
15
-70
-7
—6
3
-2
387
41
-29
2,355
100
-85
12
12
475
97
-20
-13
6
4
62,900
657
120
475
197
406
44
97
8
6
3,503
918
590
1,398
489
-49
164
28
-70
34
72
14
4S
34
17
-98
7
5
25
5
9
-16
""24"
28
53
2
5
30
24
6
29
SO
-144
123
134
-14
"17'
-1
-5
723
150
4
-57
145
12
4
4,276
-18
-21
—23
13
59
-29
-19
2
221
1
-900
8
-107
-2
-5
-15
47
*—7
30
-417
-129
-913
174
39
-87
159
61
-32
-72
-16
20
5
1
-52
-8
-62
-41
-61
14
5
-425
19
-10
-4
-4
-4
-8
6
2
-20
7
S
39
184
-14
-40
696
568
28
335
£01
SSI
406
300
340
279
152
1,452
621
2
3
647
60
1
S54
4,497
2M6
462
88
64*
97
7
-1
-13
-14
129
3
—5
-700
-15
-23
-37
63
62,200
-677
-11
2,826
907
260
-94
850
1,304
52
-52
-126
-7
-49
10
—13
268
317
311
208
221
373
257
190
436
m
Latin America:
Argentina
Brazil
Cuba
. .
Mexico
Uruguay
Venezuela
Other Latin America
Total
216
317
271
208
236
373
249
302
226
259
207
75
85
431
59
1,870
1,585
241
S3
208
128
3
356
115
459
374
226
20
1
1
28
—52
21
54
695
1,174
22
""'io*
-76
-15
-2
-47
52
15
-7
—14
-12
""36
-37
-28
-14
24
24
-95
21
-23
-146
"•'17'
-31
-16
-38
—4
44
"40
-15
8
85
-105
40
-198
1,955
250
100
252
158
85
72
470
1,387
Asia:
Indonesia
Japan
Philippine Republic.
Other Asia
Total
All other countries
Grand total
101
100
20
11,510
7,627
880
1
50
-87
104
71
1
1
27
150
-34
2
1
2
-1
4
7
26
137
-45
93
279
128
7
363
141
696
S30
318
2
145
53
28
82
211
777
1,885
5
31
19
-1
9
77
50
178
150
28
-245
-753
166
35
4
11,545
7,631
1
3
13
—64
9
34
46
5
-8
16
27
153
-122
-68
P1 Preliminary.
Dollar holdings represent official and private balances reported by banks in the United States and include holdings of U. S. Government2 securities with original maturities of up to 20 months.
Represents
gold reserves of Bank of France and French dependencies only.
3
Represents gold reserves of Bank of Italy ($222 million) plus gold earmarked for special purposes.
* Includes holdings of Bank for International Settlements (both for its own and European Payments Union account), gold to be
distributed
by the Tripartite Commission for Restitution of Monetary Gold, and unpublished gold reserves of ERP countries.
6
Excludes gold reserves of, but includes dollar balances held by, the U.S.S.R.
6
Estimated gold holdings of British Exchange Equalization Account, based on holdings of gold, U. S. and Canadian dollars as
reported
by British Government.
7
Excludes Eire and Iceland, which are included under "Other ERP countries and accounts."
The decline in official balances in 1951 was
partly reflected in the withdrawal of 370 million dollars from foreign deposits held with
Federal Reserve Banks, but in addition there
was some sale by foreign monetary authori232
ties of United States Government securities.
Net additions to private dollar balances were
in large part held in deposits with commercial banks, but to some extent were invested
in United States Government securities.
FEDERAL RESERVE
BULLETIN
INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1 9 5 1
RESERVE POSITIONS OF FOREIGN COUNTRIES
FOREIGN
Billions of Dollars
The combined gold reserves and dollar
holdings of foreign countries showed a net
increase in the first half of the year of 939
million dollars (heavily concentrated in the
first quarter), which was followed by a net
decline in the second half of 901 million, as
shown in the table on page 232. Total holdings at the end of the year stood at an estimated 19.2 billion dollars, a little higher than
at the beginning of the year.
The United Kingdom, which holds the
central monetary reserves of the sterling area,
accounted for the greater part of the movement of gold and dollars during 1951. Part
of the reversal for the sterling area shown on
the chart was the result of an adverse trade
balance with Canada, Latin America, and
Continental Western Europe, and part was
the result of capital movements. In considerable measure, also, the changes in sterling
area reserves were accounted for by a marked
shift in the trade balance with the United
States. As exports from this country to the
sterling area increased, and imports declined,
the United States trade balance with that area
changed from a 350 million dollar import
surplus in the first half of 1951 to an export
surplus of 440 million in the latter half of the
year. Coinciding with this adverse shift in
the trade balance was a contraction of disbursements by the Economic Cooperation
Administration to the United Kingdom and
other sterling area countries from about 270
million dollars in the second half of 1950 to
150 million in the first half of 1951 and 100
million in the second half.
Continental Western Europe increased its
reserves during the year by about 280 million dollars; the aggregate dollar deficit of
this area continued to be more than offset by financial assistance from the United
MARCH 1952
GOLD RESERVES A N D DOLLAR
SELECTED COUNTRIES AND AREAS
END OF QUARTER
BALANCES
Billions of Dolla
States. Gold and dollar movements among
Western European countries were mainly
determined by their transactions through the
European Payments Union. This institution, established in 1950, provides for the
clearing of intra-European payments and for
fractional settlement each month in gold or
dollars of the net deficits and surpluses of
member countries with the Union. Over
the year 1951, Belgium, Germany, and Italy
received the largest sums of gold and dollars
from EPU, in the net amounts of 229 million,
132 million, and 93 million dollars, respectively. The United Kingdom, on behalf of
the entire sterling area, made the largest net
payments to EPU over the year, amounting
to 110 million dollars, while France paid 42
million. There was a shift from the first
to the second half, however; in the first six
months the United Kingdom, Belgium, and
Switzerland were the largest gold and dollar
recipients, mainly at the expense of the
Netherlands and Austria. In the second half,
233
INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951
the position of the United Kingdom and
France deteriorated seriously, and they made
the largest payments to the Union. The largest recipients of gold and dollars in this
period were Belgium, Germany, and Italy.
Latin American gold and dollar holdings,
which had risen in the first quarter of 1951
when wool and coffee sales were seasonally
high, declined in each succeeding quarter,
mainly because of a shift in the trade balance
with the United States, and ended the year
with a net loss of 113 million dollars. Exports from this country to Latin America
were substantially larger in the second half
of the year than in the first, whereas imports
remained somewhat low until the end of the
year. These trends were particularly noticeable in the case of Brazil, whose imports from
the United States increased sharply from the
1950 level while its exports tended to decline.
Although Canada had a large import
surplus with the United States in 1951, it
was more than offset for the year as a whole
by the combination of an export surplus with
other countries, a capital inflow from the
United States, and domestic gold production.
The current-account deficit with the United
States outweighed the favorable balance-ofpayments factors in the first and third quarters, leading to reserve losses, while gains in
the other quarters, particularly the fourth,
resulted in a substantial increase in reserves
for the year.
Asiatic countries as a group (excluding
members of the sterling area) added to
their reserves steadily over the year, except
in the second quarter; the over-all increase amounted to about 300 million dollars. Japan's dollar holdings fell in the
first half of the year, but more than recovered in the second half, with a net increase of 140 million for the year as a whole.
Indonesia's acquisition of gold and dollars
234
accounted for most of the remainder. Procurement of goods and services for United
Nations forces in Korea and expansion of
commercial exports were mainly responsible
for the rise in Japan's reserves, while Indonesian increases were largely attributable to
increased exports of strategic raw materials
and to restrictive import policies.
SITUATION IN THE UNITED STATES AND
MOVEMENTS OF GOLD
Foreign countries normally maintain a substantial portion of their reserves in gold.
After the great depletion of foreign gold reserves during and following the war, it was
to be expected that foreign countries would
convert part of any net accruals of dollars
into gold. This is what occurred during the
year following the currency devaluations of
September 1949. Foreign reserves, both of
gold and of dollars, rose each successive
quarter beginning with the final quarter
of 1949. However, in the last part of 1950
and the early part of 1951 an increasing
number of countries chose to add to their
gold holdings rather than to their dollar
balances and in certain cases actually drew
down their dollar balances to purchase gold.
This growing preference for holding gold
rather than dollars was an unusual development which largely reflected uneasiness
abroad over inflationary tendencies in the
United States and their possible future impact on the dollar. After the outbreak of
the Korean conflict, prices in the United
States advanced sharply and by the first
quarter of 1951 the wholesale price level was
20 per cent higher than in the corresponding
quarter of 1950. This price advance preceded rises in many other countries. Foreign
monetary authorities, on the basis of past
experience with inflation in their own countries and in view of international political
FEDERAL RESERVE BULLETIN
INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951
conditions, became more cautious about holding their reserves in the form of dollar balances and increased the proportion held
in the form of gold. In the atmosphere
then prevailing, emphasis was placed on
short-run factors and less consideration
was given to such basic facts as the productive capacity of the American economy, the
very large gold stock of the United States,
and the readiness of the United States Treasury to convert dollars into gold at the established price to meet any monetary and other
legitimate requirements of foreign governments and central banks.
Such tendencies changed sharply early in
1951. Foreign dollar holdings stopped declining in the second quarter, and during the
latter part of the year private dollar holdings
increased. Official holdings of dollars, as
well as of gold, declined because of the growing trade deficit with the United States. The
most important immediate factor accounting
for the cessation in the conversion of foreign
dollar holdings into gold appears to have
been a marked change in foreign expectations relating to inflationary prospects in the
United States.
The rise in the wholesale price level in
the United States ceased early in 1951, and
prices remained fairly stable during the remainder of the year. Among the factors
bringing about this change were the introduction of wage and price controls late in
January 1951; an unexpectedly high level of
civilian output; a reduction in the rate of
consumer purchases following the wave of
scare buying in anticipation of shortages and
rising prices; and some reduction in international tension. In addition, there was the
adoption of monetary and debt-management
policies designed to minimize further monetization of United States Government securities through Federal Reserve purchases. This
MARCH 1952
action in particular assured foreign monetary
authorities that the United States was determined to take adequate steps to maintain
the stability of its currency, and thereby
largely removed the main motive to maintain a greater than normal portion of their
reserves in the form of gold.
Foreign sales of gold to the United States
and the accompanying decline in foreign
official deposits at the Federal Reserve Banks
in the second half of 1951 had a direct effect
on the monetary situation in the United
States. The inflow of gold in this period was
equal to the net addition of 1.0 billion dollars to member bank reserves; the effects of
other relevant factors on such reserves
tended to be offsetting. The inflow of gold
was the most persistent element adding to
bank reserves in these months, and permitted
further growth of bank credit and expansion
of the privately held money supply.
INTERNATIONAL RESERVES AND MONETARY
POLICIES
Events during 1951 provided ample illustration of the close connection between internal financial policies and the balance of
payments. Countries in which inflationary
pressures were unabated or growing, such as
Austria, France, the United Kingdom, and
Brazil, were faced with a sharp deterioration
in their external positions. This situation led
the United Kingdom late in 1951 and in March
1952 to adopt restrictive fiscal and monetary
measures, accompanied by a planned curtailment of imports. Countries such as Belgium,
Italy, and Portugal, which continued to rely
on general measures of restraint over the
supply of money and credit, succeeded in
maintaining or improving their external balance. Germany, which in the latter part of
1950 had suffered a rapid deterioration in its
balance of payments, was able in 1951 to re235
INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951
verse its position by internal credit measures,
supported by temporary trade controls which
were abandoned as the situation stabilized.
Increased awareness of the importance of
budgetary restraint and monetary stability
led to greater use of anti-inflationary fiscal
and central banking measures. There was
renewed emphasis on the traditional tools of
monetary policy, including use of the discount rate. Cheap-money policies, which
had been favored on various grounds during
the early postwar years, were looked upon
with increasing misgiving, and there was a
growing reluctance to freeze interest rates at
levels which could be maintained only by
inflationary expansion of the supply of
money and credit. The need for strong internal financial policies was increasingly felt
as the defense efforts of many countries added
to inflationary pressure.
The weakening in the external position
of countries experiencing inflationary pressures occurred in spite of the widespread
use of direct restrictions on trade and payments. Postwar experience indicates that
such measures have serious shortcomings
for the purpose of eliminating or reducing
fluctuations or swings in the balance of payments. Such swings have continued to
occur in recent years and, in some degree,
restrictions have actually shown a tendency
to intensify or prolong them. Short of direct
interference with transactions in process,
the full effectiveness of trade restrictions
is felt only after an interval of weeks or
months, and restrictions adopted to meet a
particular situation may prove inappropriate
to meet the situation prevailing at the time
they become effective. Moreover, when the
external position of a country appears to be
236
deteriorating, the threat of new restrictions
tends to stimulate the demand for imports,
thereby placing the control mechanism under
increased pressure and frequently leading to
anticipatory imports. Under such conditions
the restrictions adopted may be more severe
than the longer run situation requires.
Exchange restrictions also tend to eliminate equilibrating movements of short-term
capital and to impair the flow of long-term
investment capital, and at the same time they
have often proved inadequate to deal with
speculative movements of funds. It appears,
for instance, that in 1951 expectations of
changes in exchange rates induced substantial speculative movements of short-term
funds, effected largely by anticipating or delaying settlement of trade transactions.
The reversal in international payments of
certain countries in 1951, notwithstanding
trade and payment restrictions, has given rise
to a new concern with respect to the adequacy of monetary reserves. Since fiscal and
monetary measures require time to take full
effect, reserves of gold and convertible currencies have again emerged as essential instruments to cushion temporary difficulties
and to facilitate longer run readjustments.
Recent events have dimmed the hope, which
had arisen from the devaluations of 1949,
that foreign countries would be able, in a
comparatively short time, to build their reserves to a level regarded as adequate to
meet possible swings in international payments. On the other hand, the same events
have deepened the conviction that there are
no easy alternatives to positive fiscal and
monetary measures if countries are to meet
the requirements of defense while maintaining internal and external stability.
FEDERAL RESERVE BULLETIN
RECENT CHANGES IN GERMANY'S FOREIGN TRADE BALANCE
In the spring of 1951 an export surplus in the
foreign trade of the Federal Republic of Germany
replaced the excess of imports which had persisted
since the end of the war and grown particularly
large in the months following the outbreak of hostilities in Korea. Most of the change was in Germany's trade balance with other Western European
countries. It was connected with changes in prices
on world markets, in domestic consumer demand,
and in the attitude of German producers and
merchants towards the accumulation of inventories.
The domestic factors were influenced by monetary
and commercial measures taken by the Central
Bank Board and the Federal Government.
The postwar recovery of western Germany's
foreign trade did not get under way until the middle
of 1948. In the three preceding years, German exports included only small shipments of coal and
timber, and imports consisted mainly of the most
urgently needed foodstuffs, financed by the United
States and the United Kingdom in order to prevent
the spread of disease and unrest. Recovery was
hampered by the division of the country into four
zones of occupation, and by the repressed inflation
which impaired the working of the monetary
mechanism and made it necessary to retain the
direct economic controls established under the Nazi
regime.
In 1948 the authorities succeeded in establishing
a new currency system. In the western zones of
occupation, many economic controls were abolished
and others relaxed. The reunification of western
Germany, which had been started in December 1946
by the economic merger of the American and British zones, made greater progress. Under the European Recovery Program the emphasis of foreign
assistance was changed from relief to reconstruction.
Western Germany became a member of the Organization for European Economic Cooperation, and
later of the European Payments Union. Supervision of foreign trade was gradually entrusted to
the German authorities, and in the fall of 1949 the
Government of the newly established Federal Re1
This article was prepared by Gordon B. Grim wood under
the supervision of J. Herbert Furth, Chief of the Central and
Eastern European Section of the Board's Division of International Finance.
MARCH
1952
public of Germany assumed almost full economic
responsibility.
The economy of the Federal Republic, like that
of the former German Reich, depends upon imported raw materials and foodstuffs. In fact, foreign
trade is even more important to the Federal Republic than it was to the former Reich. In 1936 the
area now within the Federal Republic sold 30 per
cent more goods to the eastern parts of the former
Reich (including Berlin) than it exported to foreign
countries, and imported 50 per cent more from
eastern Germany than from foreign countries.
After the Soviet occupation of eastern Germany
in 1945, this trade between western and eastern
Germany dwindled until in 1950 it was less than
5 per cent of the prewar volume.
It was possible for the Federal Republic to establish new plants and to replace a portion of the
manufactured products formerly obtained from the
eastern part of the Reich, but domestic substitutes
for most raw materials and foodstuffs were unavailable. These essential commodities represented about
half of the prewar purchases of the western part of
the Reich from the eastern part. The Federal Republic also had to readjust and to expand its exports,
since western German industries that formerly sold
a large part of their output in eastern Germany
had to find new markets.
The foreign trade of the Federal Republic also
was affected by postwar changes in Eastern Europe,
which accounted in 1936 for approximately 20 per
cent of western Germany's foreign trade. This
area was the source of numerous raw materials and
foodstuffs imported by Germany and the market
for many types of industrial products exported by
Germany. The postwar policy of regional selfsufficiency in Soviet Europe cut that trade until in
1950 it amounted to only 5 per cent of the foreign
trade of the Federal Republic.
To the middle of 1950, increased trade with the
rest of the world had not fully compensated for this
sharp decline in the Federal Republic's trade with
Eastern Europe (even excluding prewar trade with
the eastern area of the former Reich). This was
particularly true of exports, which in the second
quarter of 1950 were still 25 per cent below the 1936
237
RECENT CHANGES IN GERMANY S FOREIGN TRADE BALANCE
value of western German exports to foreign countries (at 1950 prices). Imports were within about
10 per cent of the 1936 figure and exceeded exports
by 105 million dollars, exactly the amount of foreign
aid received under the European Recovery Program
and the United States Army program of relief in
occupied areas.
ply of raw materials could not be rapidly increased,
and their prices rose faster than the prices of finished products.
During 1950 the German Central Statistical Office
completed a new index of the physical volume of
foreign trade derived by expressing all value figures
in 1950 prices. According to this index, as shown
in the table on page 241, exports rose by 257 milINCREASE IN TRADE DEFICIT IN LAST HALF OF 1950
lion dollars and imports by 312 million between the
The immediate effect of the outbreak of hostili- second and the fourth quarter of 1950, accounting
ties in Korea on western Germany's international for approximately 55 million dollars of a total inposition was a 120 million dollar increase in the crease in deficit that amounted to 120 million.
trade deficit between the second and the fourth About 65 million dollars of the increase was thus
quarter of 1950, as shown in the chart. Four fac- due to the changed relation between import and
export prices.
FOREIGN TRADE
Accumulation of inventories. Prospects of rapid
Million! of Dolla
rearmament of the free world after the outbreak
of the Korean war gave rise to a 33 per cent expansion in the output of finished producers' goods in
Germany between the second and the fourth quarter
of 1950. Increased employment in heavy industry,
accompanied by a rise in consumer demand brought
on by the general feeling of uncertainty, stimulated
a rise in the output of consumers' goods by 26 per
cent. The over-all index of industrial production
(excluding construction and food processing) rose
by 23 per cent, as shown in the table below, and this
increase in production brought about an increase
in the volume of producers' imports.
The import volume of raw materials and semifinished goods increased far more rapidly than industrial production in the second half of 1950, as
INDUSTRIAL
1950
Source.—Der Aussenhandel
December 1951.
der Bundesrepublik
GERMANY
[1950 = 100]
Deutschland,
tors largely explain this increase: changes in the
relation of import and export prices, accumulation
of inventories, increased importation of manufactured consumers' goods, and—on the financial side
—expansion of credit.
Changes in import and export prices. Germany,
along with other industrial nations that export
mainly manufactured products and import mainly
foodstuffs and industrial raw materials, was affected
by price changes on world markets after the outbreak of hostilities in Korea. Manufacturers and
dealers were anxious to accumulate inventories, and
world demand became more urgent for industrial
raw materials than for finished products. The sup238
PRODUCTION AND
V O L U M E OF IMPORTS IN
1951
Period
Industrial
production l
Producers'
imports 2
Percentage
ratio of
producers'
imports to
production
Consumers'
imports 3
1949_4th Q
86
80
93
113
1950—1st Q
2ndQ
3rd Q
4th Q
87
94
103
116
85
86
99
129
98
92
96
111
97
74
105
124
1951—1st Q
2ndQ
3rd Q
4th Q
117
122
118
116
83
96
105
99
68
81
83
110
91
111
105
P126
^Preliminary.
Excluding building and food processing.
Raw materials and semifinished products at 1950 prices.
3
Foodstuffs and finished manufactured products at 1950 prices .
Source.—Production: Monthly Report of the Bank deutscher
Laender, December 1951. Imports: Der Aussenhandel der Bundesrepublik Deutschland, December 1951.
1
2
FEDERAL RESERVE BULLETIN
RECENT CHANGES IN GERMANY S FOREIGN TRADE BALANCE
shown in the table. This would seem to indicate
that some industrial imports were being accumulated in inventories. Data on raw material stocks
are fragmentary and inconclusive on this point, but
it is known that producers in Germany, as in most
other industrial countries, were at that time expecting shortages, or at least a further rise in raw material prices, and were therefore anxious to purchase
large quantities of materials regardless of immediate needs.
Rise in consumers' imports. Although the volume
of purchasing power in the hands of the public
increased greatly during the period under review,
increased imports offinishedconsumers' goods were
not a major factor in the rising trade deficit. Industrial payrolls, as shown in the chart below,
increased by 21 per cent between the second
and the fourth quarter of 1950, and consumers
spent a larger proportion of their increased money
incomes. Increased consumer demand was largely
met by a rapid increase in the domestic production
of consumers' goods, which in turn was reflected
in the rise of producers' imports. Increased imports
of finished manufactured products were only a
SELECTED
BUSINESS
FEDERAL REPUBLIC
Per Cent
OF
INDEXES
GERMANY
Q uarterly 1950 - 100
PerCenf
small fraction of the rise in total imports. Imports
of foodstuffs changed only seasonally.
Expansion of credit. The persistent weakness of
the capital market in western Germany, together
with a chronic shortage of working capital, caused
German industry to depend greatly on short-term
GERMAN MONETARY STATISTICS
{In billions of Deutsche marks]1
Money supply
Savings
End of
period
de-
Total
posits 4
CurDerency 2 posits 3
Shortterm
credit 5
Medium
and
longterm 6
credit
1949—4th Q..
14.7
7.1
7.6
3.0
9.1
1.8
1950—1st
2nd
3rd
4th
Q..
Q..
Q..
Q..
14.5
15.8
17.3
17.9
7.1
7.4
7.6
7.7
7.4
8.4
9.7
10.2
3.4
3.7
3.8
3.9
10.1
10.5
11.6
13.0
2.5
3.3
4.3
5.3
1951—1st
2nd
3rd
4th
Q..
Q..
Q..
Q..
17.8
18.8
20.3
21.6
7.3
7.8
8.7
8.8
10.5
11.0
11.6
12.8
3.9
4.1
4.3
4.8
12.9
12.8
13.9
15.0
6.2
7.0
7.7
8.5
1
Deutsche mark = $0,238. Figures rounded to nearest 0.1
billion.
2
Notes
and currency in circulation outside banks.
3
Sight and time deposits of business firms and individuals in
commercial
banks.
4
In commercial banks only.
5
Credits of six months or less by commercial banks to business
firms
and individuals.
6
Credits longer than six months by commercial banks to businesses and individuals.
Source.—Monthly Report of the Bank deutscher Laender, January
1952.
credit. Between June and December 1950, shortterm bank loans to business firms and individuals
rose by 2.4 billion marks or about 570 million dollars; according to the estimate of the Bank deutscher
Laender more than one-fifth of this amount was
used directly for financing the increased volume of
imports. This credit expansion was partly offset
by a reduction of 0.3 billion marks in short-term
credits to public authorities. As shown in the
table, the money supply (currency outside banks
plus private sight and time deposits) increased by
2.1 billion marks or about 500 million dollars during the same period.
PAYMENTS CRISIS AND CORRECTIVE ACTION
1950
1951
1950
1951
NOTE.—Indexes represent quarterly averages; the production
index for fourth quarter 1951 is preliminary. Sales of investment goods are represented by sales of products of the metal
and machine industries; sales of consumers' goods by sales
of the textile and clothing industries. Prices of primary products are prices paid in Germany for products of the basic
industries. Payroll data for fourth quarter are estimated.
Sources.—Production
and prices: Monthly Report of the Bank
deutscher Laender, December 1951. Wages and sales: IVirtschaft und Statistik, August 1951 and subsequent issues.
MARCH 1952
The inauguration of the European Payments
Union on July 1, 1950 resulted in a shift in imports
from the dollar area to Western Europe. Germany,
like other participating countries, received a substantial line of credit for imports from other Western European nations. Moreover, in accordance
with the program of intra-European trade liberalization, 60 per cent of Germany's imports from the
239
RECENT CHANGES IN GERMANY'S FOREIGN TRADE BALANCE
Union had been freed from quota restrictions. The
rise in Germany's trade deficit with other members
of the Union was therefore particularly sharp.
The balance of current payments with the Union
area showed an even larger deficit than did the balance of trade, as shown in the chart. This movement was largely the result of speculative activities.
Pessimism as to the future of the German mark
developed, and its influence was aggravated by
rumors of an impending appreciation of sterling.
In consequence, German importers tended to prepay shipments and German exporters to extend
credit beyond the usual periods.
GERMANY'S
Millio ns of Dollars
E. P. U.
POSITION
Quar erly
Millions of D
300
BALANCE OF
•.PAYMENTS
200
100
100
200
300
400
500
A
BALANCf
I
(
/
/
s.
\
/ r i l M U l ATIVE
POSITION
/
\
>/
V
I
I
I
*
NOTE.—Balances of trade and payments are quarterly totals.
Cumulative figures are as of end of quarter and exclude capital
movements and bank balances not cleared through EPU, both
of which are included in the balance-of-payments figures.
Source.—Monthly Report of the Bank deutscher Laender,
December 1951.
By November 1950, only four months after the
start of the European Payments Union, the Federal
Republic had approached the limits of its credit
quota and had seriously depleted its dollar exchange
holdings in order to meet the increasing payments
required under the Union schedule. To assist in
the maintenance of the German program of trade
liberalization, the Union on December 13, 1950
granted Germany a special additional line of credit
up to 120 million dollars, which was to be repaid
over a period of six months beginning in May 1951.
As this payments crisis developed, the Central
Bank Board moved to dampen the demand for im240
ports by tightening the general supply of credit. In
October 1950 reserve requirements and the rediscount rate were raised, and the Land Central Banks
were directed to hold the volume of acceptance
credits in their portfolios within the amounts outstanding on October 12, 1950. At the same time
the German Government required importers seeking licenses to deposit in cash 50 per cent of the
value of the imports.
These measures did not stop the expansion of
short-term credit, as shown in the table on page
239. The continued expansion of short-term loans
was made possible largely by central bank credits
to commercial banks, which in February 1951
reached a record level 47 per cent higher than in
June and 11 per cent higher than in October 1950.
The money supply, under pressure of seasonal tax
payments and continued heavy purchases of foreign exchange from the central banking system,
contracted slightly during the first two months of
1951. Nevertheless, wholesale prices rose as much
in these two months as in the preceding six months
and the cost of living, which until that time had
remained stable, started to move upward (see chart
on page 239).
Germany's international trade and payments position did not significantly improve in the first two
months of 1951. The over-all trade deficit and the
EPU payments deficit were only slightly below the
monthly average of the fourth quarter of 1950.
The German authorities took two drastic steps
at the end of February: the Central Bank Board
ordered the commercial banks to reduce the volume
of short-term credit outstanding by 1 billion marks,
and the German Government temporarily suspended the program of trade liberalization. On
February 22, 1951, with the consent of the European Payments Union, Germany reapplied the system of licensing all imports from the other Union
members. At the same time all licenses that were
outstanding but not supported by contracts were
canceled, and holders of licenses supported by contracts payable before May 1, 1951 were required
to obtain special licenses. In this way the authorities regained control over the entire volume of imports.
EMERGENCE OF EXPORT SURPLUS AFTER MID-1951
Following the imposition of import restrictions
and the tightening of credit, Germany's balance of
trade changed sharply. Total exports continued
FEDERAL RESERVE BULLETIN
RECENT CHANGES IN GERMANY S FOREIGN TRADE BALANCE
to increase until June 1951, after which they remained nearly twice as large as the quarterly average for 1950. Total imports, on the other hand,
dropped by about 15 per cent between the first and
the second quarter of 1951. Their rise after June
1951 to a level slightly higher than in the winter
of 1950-51 was not sufficient to prevent an export
surplus, as shown in the table below and the chart
on page 238.
Correction for price changes alter the foreign
trade picture only slightly. Exports rose less rapidly
in physical volume than in value at current prices.
Imports fluctuated more extensively in volume than
in value, but their volume remained below the
peak reached during the last quarter of 1950.
VOLUME AND VALUE OF GERMANY'S FOREIGN TRADE
[In millions of dollars]
Exports
Imports
Period
Volume *
Value 2
Volume l
Value 2
1949—4th Q
272
284
654
635
1950—1st
2nd
3rd
4th
Q
Q
Q
Q
361
424
524
681
365
422
514
688
618
544
690
856
594
527
670
913
1951—1st
2nd
3rd
4th
Q
Q
Q
Q
648
709
755
739
711
844
961
958
766
589
699
712
885
761
946
911
1
Deutsche mark figures at 1950 prices converted into dollars at
official
exchange rate.
2
At current prices.
Source.—Der Aussenhandel der Bundesrepublik Deutschland,
December 1951.
Reversal of the trends in prices and in inventory
accumulation, which had been major factors in the
large excess of imports in the winter of 1950-51,
helped to bring about the subsequent reversal of
Germany's international trade position. The effects
of these factors were augmented by the monetary
policies of the central banking system and the direct
import controls imposed by the German Government.
Reversal of price trends. After the second quarter
of 1951 the ratio of export prices to import prices
moved slowly in favor of Germany: prices of most
industrial raw materials dropped on international
markets while prices of manufactured products remained stable or continued to rise. Comparison of
the balance of trade which would have been
achieved had prices remained at the first-quarter
level with the actual trade position indicates that
MARCH
1952
price changes had little effect during the second and
third quarters, but accounted for almost all of Germany's export surplus in the fourth quarter of
1951.
Decline in inventory accumulation. Industrial production stopped rising in April 1951, declined from
May until August, and advanced during the remainder of year. It was not until the last quarter,
however, that production surpassed the spring level.
The largest drop in production and the slowest
recovery occurred in consumers' goods.
The ratio of imports of producers' goods to industrial production declined considerably from the high
level of the fourth quarter of 1950, as shown by
the table on page 238. This fact indicates that inventories accumulated during the winter of 1950-51
were being used during the last nine months of 1951.
The change in producers' attitudes toward the
accumulation of inventories may be explained, apart
from the credit restrictions discussed below, by the
greater uncertainty as to future increases in output
and sales and by the decline in raw material prices
on world markets.
Decline in consumers' imports. Changes in consumers' goods imports, which had played only a
minor role in the increased trade deficit in the
winter of 1950-51, played an equally small part in
the subsequent elimination of the deficit. They
declined only slightly from the record level reached
in the fourth quarter of 1950, and the greater part
of the change was attributable to seasonal variations in food shipments.
Restrictive credit policies. After the Central Bank
Board issued its credit directives in February, the
commercial banks curtailed the volume of shortterm credit to business and individual borrowers
from 13.5 billion marks on February 28 to 12.5
billion on May 31, 1951. After May the volume
of credit expanded again, but at a somewhat slower
rate than in 1950 (see table on page 239).
The money supply, after leveling in the first
quarter, resumed expansion in the second quarter
of 1951. In contrast to previous periods, however,
this expansion was largely based on net sales of
foreign exchange to the central banking system
rather than exclusively on the extension of shortterm credit by the commercial banks.
The contraction of credit in March and April
1951 probably strengthened the tendency of manufacturers and wholesalers to reduce inventories.
241
RECENT CHANGES IN GERMANY S FOREIGN TRADE BALANCE
At the same time the restrictive credit policies,
together with achievement of equilibrium in the
Government budget, helped to maintain public confidence in the currency and thus to prevent a resurgence of the buying wave which had occurred in
the winter of 1950-51. Credit restrictions thus
helped to prevent a rapid rise in domestic prices
once the prices of imported raw materials stopped
rising, and so to maintain the competitive position
of German producers in foreign as well as domestic
markets. In the eight months following April 1951
wholesale prices and the cost of living rose by only
2 and 4 per cent, respectively, as shown in the chart
on page 239.
Credit expansion in the winter of 1950-51 and
net purchases of foreign exchange from the central
banking system to finance the excess of imports
reduced the liquidity of the commercial banks and
increased the effectiveness of the credit controls
applied in February 1951. In contrast, net sales
of foreign exchange to the central banking system
after March 1951, when export surpluses prevailed,
gradually increased the liquidity of the banks and
enabled them to expand credit to finance imports
without recourse to borrowing from the central
banking system. In October 1951 the central banking system curbed the increase in liquidity by selling
commercial banks a substantial portion of its portfolio of short-term Treasury paper. This was the
first attempt by the central banking authorities to
reduce commercial bank liquidity by the sale of
securities. The weakness of the German capital
market has thus far precluded the issue of longterm Government bonds which might have been
used for open market operations.
Import restrictions. The direct controls imposed
in February 1951 on German imports from Western
Europe probably were responsible for the speed with
which Germany's international trade and payments
position changed after March, but it may be questioned whether they did more than accentuate a
development that had its main roots in other economic changes.
Germany's export surplus was due more to increased exports than to reduced imports, as shown
in the table on page 241 and chart on page 238.
The fact that exports were 75 per cent larger in
1951 than in 1950 cannot be attributed to import
restrictions. Moreover, the reduction in imports
was not much greater than the reduction in domestic sales of German industrial products, except
242
in the second quarter of 1951. In the two largest
consumers' goods industries, textiles and clothing,
the value of domestic sales, adjusted for price
changes, declined by 7 per cent between the first
and the third quarter of 1951. In the same period
total imports, similarly adjusted, declined by 9
per cent.
Only in the second quarter of 1951 were imports
appreciably below a level that could be satisfactorily
explained by domestic developments. Neither this
fact nor the sudden change from a deficit to a surplus in trade with many members of the European
Payments Union could be explained by market factors alone. Import controls thus appear to have
influenced the improvement in Germany's foreign
trade position primarily by their immediate impact
in the second quarter of 1951.
Improvement in EPU position. The combination
of expanded exports and contracted imports changed
Germany's position with the European Payments
Union, as shown by the chart on page 240. An
export surplus was achieved in March and increased
during the remainder of the year; the balance of
payments, partly because of a reversal of the speculative factors which had worked against Germany
during the winter of 1950-51, showed a larger surplus than the balance of trade by the third quarter
of 1951. The special credit granted by EPU, upon
which payments were scheduled to begin in May
1951, was completely repaid in that same month.
By November, for the first time since the establishment of the EPU, Germany had a credit balance
on its cumulative account. As a result of these
developments the German Government decided to
abolish, as of January 1, 1952, most of the quotas
imposed in February 1951 on imports from the
other Union members.
OUTLOOK
Despite the improvement in Germany's balance
of trade, the German monetary authorities have
decided to continue a cautious monetary policy
largely in order to protect the economy against
possible repercussions of international economic and
financial developments.
First, the foreign aid program of the United
States, which provided Germany with 428 million
dollars of free imports in 1951, was substantially
curtailed for the fiscal year 1951-52. Second, the
reliberalization of Germany's intra-European imFEDERAL RESERVE BULLETIN
RECENT CHANGES IN GERMANY S FOREIGN TRADE BALANCE
ports, which went into force on January 1, 1952,
might again increase imports, temporarily at least,
more rapidly than exports increase. This danger
has become more imminent since balance-of-payments difficulties have recently led the United
Kingdom and France to impose import restrictions
which may make it difficult for Germany to increase or even to maintain its present level of exports
to those countries. Third, participation by Germany in the defense effort of the free world might
increase Germany's import requirements and divert
potential exports to domestic defense needs. Finally,
increasing international tensions might again result in an increase in consumer demand which
would put pressure upon producers' imports for
increased domestic production. In the present
liquid position of German commercial banks, such
MARCH
1952
a demand could be made immediately effective by
a rapid expansion of credit.
On the other hand, Germany's foreign exchange
position has been strengthened by developments
since March 1951. Between February and December 1951 Germany not only repaid its EPU debt of
283 million dollars, but also increased its foreign
exchange holdings by the equivalent of 263 million.
On December 31, Germany's gold and foreign exchange reserves slightly exceeded the equivalent of
500 million dollars, and its EPU credit balance
and credit quota totaling 343 million were available for covering future intra-European trade
deficits. Germany is therefore better prepared today
to meet a temporary deficit in its balance of payments than it has been at any other time since the
end of the war.
243
RECOMMENDATIONS WITH RESPECT TO EXTENSION OF
DEFENSE PRODUCTION ACT OF 1950
STATEMENT BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM1
The primary concern of the Board of Governors
of the Federal Reserve System is to contribute
through credit and monetary policy to the maintenance of sound financial conditions and an economic environment favorable to the highest possible
degree of sustained production and employment.
It is essential to the attainment of these objectives
that confidence be maintained in the purchasing
power of the country's currency. Probably the most
important single factor contributing to economic
stability or instability in our country today is the
fiscal position of the Federal Government. A cash
surplus on the part of the Federal Government produces powerful anti-inflationary effects which can
operate to balance in whole or in part a high level
of private spending. A Federal deficit carries with
it a strong inflationary impact on the economy
which tends to result in bank credit expansion and
an upward spiral of prices unless it is balanced by
reductions in private spending.
In periods when there is generally a high level
of economic activity and inflationary forces predominate, or threaten to predominate, a balanced
budget, or preferably a surplus, is certainly the
greatest contribution which the Government can
make to economic stability, but the budget estimates which have been submitted to Congress indicate a cash deficit of 10 billion dollars—or more—
in the year ahead. This may be reduced either by
increasing taxes or reducing expenditures. The
members of your Committee are in a better position
to evaluate the likelihood and extent of such changes
than we are. However, it must be borne in mind
that a large part of the cash disbursements of the
Government in the remainder of 1952 will be pursuant to appropriations already on the books. In
the event we are not faced with a deficit, the problem of inflation would certainly be substantially
diminished. On the other hand, if the Government
will be spending 10 billion more than it takes in
during the last six months of 1952, the inflationary
potential in this period will be serious.
As Chairman Martin pointed out in his statement
1
Submitted by the Board of Governors to the Senate Committee on Banking and Currency on Mar. 4, 1952.
244
to your Committee, the thing we must attempt to
do, if we cannot avoid a deficit, is to finance the
necessary borrowing from real savings, rather than
by borrowing from the banking system. The efforts
of the Board of Governors of the Federal Reserve
System to this end will be exerted primarily through
other instruments than those authorized by the
Defense Production Act. Our main reliance must
be on discount and open market operations. The
roles of Regulation W, Regulation X, and the Voluntary Credit Restraint Program are supplementary
and would not be sufficiently effective without appropriate measures of general credit regulation.
We believe that regulation of instalment and real
estate credit and voluntary restraint by credit granting institutions of loans which are not vital to the
defense effort are effective and necessary parts of an
anti-inflationary program.
There are four sections of the Defense Production
Act under which the Federal Reserve System has a
responsibility, either directly or by delegation from
the President.
1. The Board has issued and administered Regulation W which prescribes maximum maturities and
minimum down payments for certain instalment
credit transactions.
2. Jointly with the Housing and Home Finance
Administrator the Board is responsible for the regulation of real estate construction credit.
3. A program of voluntary credit restraint on the
part of private lenders directed to the discouragement of nonessential loans during the present
emergency is sponsored by the Board.
4. The Federal Reserve Banks act as fiscal agents
in connection with loans to defense contractors,
guaranteed by procurement agencies, and the Board
is responsible for the establishment of rates and fees
in connection with such loans. This is the program
which is popularly referred to as the V-loan program.
Consumer credit. While there are difficult and
onerous problems associated with Regulation W,
the regulation of instalment credit has proven a
useful supplement to general measures directed
toward the stabilization of our economy. ConFEDERAL RESERVE BULLETIN
RECOMMENDATIONS REGARDING EXTENSION OF DEFENSE PRODUCTION ACT
sumer credit is relatively unresponsive to the effects
of general credit instruments; the expansion of such
credit adds to general inflationary pressures and,
in the absence of selective regulation, might require a more aggressive use of general credit instruments than would otherwise be necessary or desirable. It was the dramatic experience with stock
market credit in the 1920's, along just these lines,
that led Congress to provide permanent authority
to regulate that type of credit selectively.
The use of consumer credit, particularly instalment credit, is closely related to the level of current income and anticipated future income; in
inflationary periods when incomes are rising, consumer willingness to incur debt is strong. While
the total volume of consumer instalment credit
outstanding has not risen sharply in recent months,
instalment credit is being extended at a very high
rate, and an increase in consumer demand might
well call for more restrictive terms than the Board
now has authority to establish.
Accordingly, we recommend that the basic authority contained in the Defense Production Act
of 1950 be extended and that the limitations placed
on the Board's authority to fix appropriate terms
imposed by the Defense Production Act amendments of 1951 be deleted.
It is sometimes argued that if a serious situation
should develop Congress might pass appropriate
legislation at that time. In evaluating this possibility we must consider the period with which we
are most concerned at the moment—the last half of
1952. It is unlikely that Congress will be in session
in that period, and, if it were, it would be because
it was faced with a host of other vital matters calling
for its immediate attention. Yet, if there is a resurgence of inflationary forces, prompt action would
be most important. Consumer instalment credit is
a highly volatile segment of the credit picture, as
indicated by the substantial increase—2.3 billion
dollars in the four months, June to September—
that occurred in the summer of 1950 when the
reestablishment of authority for Regulation W was
under consideration by the Congress.
In addition to the restoration of more flexible authority over down payments and maturities, we
would also recommend the removal of the present
trade-in requirement, primarily on administrative
grounds and as a matter of equity among competitors. In the event this restriction is removed the
Board will retain the present provision in its reguMARCH
1952
lation pending consultation with the trade for the
purpose of drafting a workable and equitable
trade-in provision which would be in line with the
objective Congress intended to accomplish by the
existing requirement.
Real estate credit. We are advised that because
of material limitations the officials of the Government primarily concerned with the production of
housing are agreed that new starts in 1952 will
have to be cut back considerably from the 1,100,000
units started in 1951. From the point of view of
financing the defense program and maintaining
a reasonable balance between real savings and investment expenditures in the economy, it is likely
that this is also necessary if the program is to be
financed without contributing dangerously to inflationary pressures through credit expansion.
In our opinion the most effective way of limiting
credit extensions in the real estate field, and at the
same time holding new construction activity to
levels which would be generally consistent with
the availability of materials, is through the prescription of appropriate down payment and repayment
terms with respect to real estate financing. Regulation X, like Regulation W, can supplement effectively both general credit policy and the program
for material conservation and allocation.
Generally in 1952 demands for housing and
mortgage credit are likely to continue strong if the
expanding defense program maintains or increases
incomes and economic activity generally. Under
existing credit regulations, demand for old houses
will probably continue not far below recent nearrecord levels and demand for new houses may well
exceed the supply that can be built with the available materials. Mortgage money, though not as
easy as in late 1949 and most of 1950, could be large
enough to support these demands. This level of
real estate activity would create further upward
pressure on real estate prices and building costs.
Under the circumstances, it seems to us that it
would be taking a dangerous and unnecessary risk
to move into the period ahead without more flexible
authority to regulate down payments and maturities
in both the Government-aided and conventional
mortgage lending fields. Therefore, we recommend that both Section 602 and Section 605 be
extended without the limitations placed on them
in the Defense Housing and Community Facilities
and Services Act of 1951.
Voluntary credit restraint. The program of vol245
RECOMMENDATIONS REGARDING EXTENSION OF DEFENSE PRODUCTION ACT
untary credit restraint has made a substantial contribution to the control of inflation during the last
year. While it is impossible to measure statistically
the nonessential loans which have been eliminated
through this mechanism, our practical experience
with the program leaves little doubt that they are
numerous and amount to many millions of dollars.
Further, the National Voluntary Credit Restraint
Committee and its regional committees have made
an invaluable contribution in bringing home to
the cooperating lending institutions the importance
of the effect of their combined lending activity and
the vital necessity of directing our financial resources to the most essential uses in the present
period. Authorization for this program should be
continued.
A more detailed evaluation of the role of selective credit regulation is contained in the Board's
replies to Questions 38 to 42 in the series of questions asked by the Subcommittee on General Credit
Control and Debt Management of the Joint Committee on the Economic Report. These are found
on pp. 402-460 of Part 1 of the Joint Committee
Print.
V-loan program. This program is successfully
discharging the function for which it was intended.
It is very helpful to smaller contractors, and may
be needed to an increasing extent as defense production moves forward. The continuation of this
program throughout the period of intensive defense
production activity seems to us to be highly desirable.
STATEMENT BY THE CHAIRMAN OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM2
You have asked me to testify this afternoon on will rise to its peak, with major impact on the
the over-all state of the economy rather than on economy. I will not attempt to forecast what the
those sections of the Defense Production Act with consequences of that impact will be. It is clear,
which the Federal Reserve System is directly con- however, that the present is not a time to dispense
cerned. The views of the Board of Governors with with the tools that are necessary for the restraint
respect to the Act will be submitted to the Com- of inflation.
mittee in a separate memorandum. Accordingly,
I do not think anyone can confidently forecast
I shall undertake to present my personal views on the period ahead or the repercussions on the econthe economic and financial problems facing the omy of the defense program on which we have
country. I shall leave with you a memorandum embarked. The forces involved are complex.
on the economic situation prepared by the Board's Who at this time last year thought that inflationary
staff.
pressures were at a peak, at least temporarily, and
For a full year there has been abatement of the that the year ahead would be characterized by the
surging inflationary pressures that developed after relative stability that was, in fact, achieved? This
the outbreak of hostilities in Korea. During that experience well illustrates the hazards of forecastyear the annual rate of expenditures on this pro- ing. The most we can do in surveying the future
gram has risen by about 20 billion dollars. The is to lay out the nature of the problems that may
expansion of outlays on private accounts to enlarge be presented and prepare ourselves to deal with
our defense-supporting industrial base is also well them as competently as we can.
advanced. This record is impressive.
Large as it is, our defense program is within our
The abatement of inflationary forces has re- physical capacity as a nation. We have available
flected a variety of developments in the economy the manpower, the equipment, the raw materials
generally, including the application of restraints. and the know-how, to carry the program and to
They are dealt with in more detail in the memor- maintain a high standard of living. Such misandum prepared by the Board's staff. We feel that givings as I have relate more to the financial than to
the Federal Reserve has played a part in the salu- the physical problem. Our taxes are already heavy,
tary result, not the principal part, but an indispen- yet they are not sufficient to cover total Federal
sable part. In the period ahead defense spending expenditures. During the last half of this calendar
2
Personal views regarding the over-all state of the economy year we will face the problem of financing a large
presented at the request of the Senate Committee on Banking and growing Federal deficit. We all know that if
and Currency by Wm. McC. Martin, Jr., Chairman of the the deficit is financed by borrowing from the bankBoard of Governors of the Federal Reserve System, Mar. 4,
ing system such borrowing will increase the volume
2952.
246
FEDERAL RESERVE BULLETIN
RECOMMENDATIONS REGARDING EXTENSION OF DEFENSE PRODUCTION ACT
is true that there are soft spots in the economy
and that some prices are weak. These reflect situations such as Detroit where cutbacks in the use of
essential materials have resulted in cutbacks in employment. Soft spots of this type do not mean that
inflationary pressures are over. The defense agencies are moving rapidly to place contracts in these
areas, and there will be a gradual lifting of restrictions on civilian output as supplies of materials
become available.
Some soft spots in the economy today, such as
in the textile industry, reflect excessive buying in
the period immediately following Korea rather
than the effect of cutbacks in the use of essential
materials. For about eight months following
Korea, consumers and businessmen were on a
buying spree. They thought that a full war economy was in the making and that all sorts of commodities would be scarce. They thought that
prices could only go up. It was a period of reckless spending and borrowing. It has left a lot of
o
headaches, especially among businesses that borsage. That was prepared some time ago and it
may be that the deficit will turn out to be materially rowed too much to acquire inventories at prices
lower than the official forecast, due to a slower rate that are now demonstrated to have been too high;
of spending by the defense agencies. On the other headaches in expansion plans that proved too large
hand, the outlays for military equipment may to carry out efficiently; headaches in the form of
mount rapidly as bottlenecks are cleared away, suf- large holdings of receivables and of inventories of
ficiently rapidly to catch up with the rate of spend- finished products when customer markets turned
ing assumed in the budget estimates. I think the sluggish.
It is fortunate that this situation was not even
essential nature of the problem at hand remains
the same regardless of which view may turn out worse. You cannot have a period of reckless prito be more nearly right. The blunt fact is that vate spending such as occurred in this country
even if the more moderate estimates should be immediately after Korea without an aftermath.
Now I don't know how long it will take to get
realized and expenditures are less than the estimates,
we still face a deficit financing problem that can over these headaches. I do feel, however, that it
create serious inflationary pressures if the deficit would be a great mistake to think that because of
were financed through the banking system. The them we should be complacent about the deficit
most optimistic estimates of our budgetary position on the theory that just a little touch of further instill leave the Government with a financing prob- flation would do no harm. The prospective deficit
lem of large magnitude. Every increase in the and the continued "take" required for defense are
deficit increases that problem. Moreover, we do too large to take that risk. Furthermore, the innot know what will happen internationally. There ternational situation is too tense. This program is
is a tendency just now to think that the immediate going to cost a lot of money for a long time. We
danger abroad is less. While we all hope that the must carry it out without further inflation. Neither
danger is in fact less, we cannot run the risk of this country nor the world can afford to lose confidence in the dollar.
relying on that hope.
I wonder if we fully appreciate the significance
You will probably hear from some observers who
feel that the danger of a further resurgence of in- of the dollar and what it stands for in the world
flation is past or nearly past They are impressed today. For several years I was immersed in our
by the many soft spots in the economy and by the foreign financial dealings at the Treasury and I
slide of sensitive prices during recent weeks. It learned at first hand, day by day, what the dollar
of bank deposits and thus inflate further the money
supply. Our major problem will be to find ways
and means of financing the deficit by borrowing
individual, institutional and corporate savings. The
savings are there. If saving continues in its present
volume, this can be done. The program will be
within our financial as well as our physical capacity.
During the past year the American people have
saved at unusually high rates. Otherwise, inflationary pressures would have been great. The task
ahead is to do everything possible to encourage
continued high savings and their investment in
Government securities. In this way the deficit that
looms can be financed without resort to the inflationary process of creating additional supplies of
bank credit. This view of the problem is fully
shared by the Treasury. We see eye to eye on this
problem and are cooperating together to develop
an effective program to deal with it.
You have before you the official forecasts of the
deficit as contained in the President's budget mes-
MARCH
1952
247
RECOMMENDATIONS REGARDING EXTENSION OF DEFENSE PRODUCTION ACT
really means in a world of currencies that are in
many cases all too weak. The dollar holds a pivotal
position in the financial reconstruction of the free
world today. It signifies far more than the mate-
rial and military might of the United States. It
symbolizes the moral strength of the American
people and their determination to preserve its
integrity.
RECENT ECONOMIC DEVELOPMENTS AND PROSPECTS3
A year ago economic conditions in the United
States were reflecting the effects of more than half
a year of hectic competitive bidding for commodities, rapid credit expansion, and sharply rising
prices. With production for defense purposes increasing rapidly and with total production in the
economy already close to then existing capacity, the
danger that inflationary forces would develop further was great. At the same time, there was basis for
hoping that the fiscal, monetary, and direct control
measures already adopted or then being taken would
be effective in checking the inflationary spiral.
Now the situation seems much calmer. Instead
of more than a half year of inflation just behind
us we have nearly a whole year of fairly stable conditions at very high levels of output and employment. Prices of basic commodities, such as rubber,
wool, tin, and hides, which advanced rapidly in the
initial rush of buying, declined considerably from
early last year until midsummer, then fluctuated
within a narrow range, and this year have declined
again. These prices are now one-fifth below the
peak levels of a year ago but still are about onesixth above the mid-1950 level. All commodity
prices at wholesale declined moderately and since
last summer have been at a level of 4 to 5 per cent
below the high reached a year ago. Consumer
prices after rising at an exceptionally rapid rate
following the Korean outbreak, leveled off for a
time last year, but rose again later in the year. In
January, however, they were unchanged from December and may have slightly declined in February
in view of the easier situation in markets for food
and apparel. Real property values have shown
little further change since a year ago, except for
some rise in farm land values.
The value of total output has continued to expand
under the stimulus of increasing defense expenditures and in the fourth quarter of last year gross
national product was at an annual rate about 30
billion dollars or 10 per cent larger than a year
earlier. In contrast to the previous year when pri8
Memorandum prepared by the Board's Division of Research and Statistics, referred to in the opening paragraph of
Chairman Martin's statement.
248
vate expenditures increased very sharply, however,
most of the increase in national product over the
past year resulted from larger purchases by the
Federal Government. Federal expenditures for
security purposes increased 20 billion dollars.
The shift in the composition of expenditures last
year was reflected in changes in industrial production—output at factories and mines. Industries associated with the defense program expanded considerably while output of many other industries,
especially those in the consumer goods field, declined. The declines were due to reduced demands
of consumers in some instances and to restrictions
on the use of metals in others.
Changes in the business inventory situation have
played an important role in checking inflationary
forces over the past year. Nonfarm inventory accumulation, which had been large in late 1950 and
early 1951, reached an unprecedented annual rate
of 14 billion dollars in the second quarter of last
year. The large inventories provided assurance for
a time against shortages and higher prices in most
lines and meant that resources then being used to
produce for stock could be freed for production of
goods for delivery to customers. Since then, inventory accumulation has declined to a rate of about 3
billion dollars annually.
Another major influence in curbing inflation has
been the restraint exercised by consumers after the
first quarter of last year, in contrast to earlier hectic
buying. Although incomes have continued to rise,
consumer spending is less than a year ago and consumers are saving an unusually high proportion of
their incomes after taxes. This restraint in buying
reflects a number of factors. The military situation
in Korea has improved and supplies of practically
all consumer goods have continued to be adequate.
The imposition of curbs on the use of instalment
credit, as authorized by the Defense Production
Act, also contributed to less urgent consumer demands. Underlying the greatly reduced urgency of
consumer demands—and also demands of many
businesses—was a growing confidence in the ability
of responsible authorities to preserve the value of
the dollar.
FEDERAL RESERVE BULLETIN
RECOMMENDATIONS REGARDING EXTENSION OF DEFENSE PRODUCTION ACT
Construction activity was fairly stable throughout
1951, with substantial advances in many types of
public construction and in private industrial construction offsetting reduced residential and commercial construction. Housing starts, which had
reached the record total of 1.4 million units in 1950,
were reduced last year to 1.1 million. The decline
reflected mainly some tightening of earlier very easy
financing arrangements. This was due to general
measures of credit restraint affecting the availability of mortgage funds as well as to selective restraints exerted by Regulation X and companion
regulations of the Federal Housing Administration
and Veterans Administration.
Business investment in plant and equipment has
continued very high despite heavy investment since
the war, and activity presumably would be greater
if some construction, especially of a commercial
nature, had not been stopped by Federal action designed to conserve structural steel. In some industries, however, declines in output and in corporate
liquidity during 1951 have dampened incentive for
further expansion of capacity. In general, however,
expansion, coupled with modernization, has continued at a rapid rate. Expansion in defense and
defense-related industries has been stimulated by
armament contracts and by accelerated tax amortization. Stability in the economy during the past
year in the face of expanding defense outlays cannot be attributed to a slowing down in the use of
resources for plant expansion. As plants started
earlier have come into operation, however, they have
helped to meet demands for goods, tending to check
price advances or to bring about price declines.
Shifts in consumer and business demand, as well
as the impact of general monetary, credit and fiscal
measures, are reflected in credit expansion during
1951. Bank credit in the aggregate continued to
expand substantially, but the amount of credit extended to private borrowers since last March was
considerably less than in the latter half of 1950
and early 1951. An increase in business loans accounted for the bulk of the increase in all commercial bank loans, and during the second half
of the year they expanded by only the usual seasonal amount, or less than half as much as in the
second half of 1950. Defense and defense-related
businesses like metal and metal product manufacturers and public utilities, were an important
factor in business credit demand at banks in the
last half of 1951, taking up about half of the busiMARCH
1952
ness loan expansion. A year earlier borrowing for
nondefense purposes—especially for large-scale
accumulation of inventories of various kinds—was
a dominant element in the increase in bank loans.
Real estate and business financing activities of life
insurance companies and real estate financing by
mutual savings banks and savings and loan associations, which were very large a year ago, slackened
off somewhat last year, but the volume of new
lending remained high. There was less liquidation
of Government securities by these institutions in
the second half of the year than previously, and
new private financing by these institutions was
more in line with the amount of investment funds
available to them from new savings and loan repayments.
As a result of over-all bank credit expansion—
including increased holdings of Government securities and reversal in the gold outflow at midyear—
the privately held money supply consisting of demand and time deposits and currency increased by
a larger amount in 1951 than in 1950. Increased
holdings of money by businesses and individuals
reflected need for larger working balances to finance
current transactions and increased savings funds
temporarily awaiting investment. Turnover of demand deposits, on the other hand, slowed down
moderately over the last three quarters of 1951 after
rising sharply from early 1950 to the spring of 1951.
The continuing active demand for credit, and
the reduction in the availability of funds as a result
of the more restrictive monetary and credit policies
pursued during the year caused money rates to rise
moderately in 1951. Yields on the longest term
Government bonds and on high-grade corporate
bonds rose about one-third of a point to approximately the levels of 1939. Rates charged by larger
banks on prime loans to business customers which
began to rise in the latter part of 1950 continued
to increase in 1951.
Over the next few months, the outlook is for little
change in general business activity. Total inventories are at a high level and capacity to produce is
greater than ever before. In some lines efforts are
being made to reduce stocks further and plant expansion is being curtailed. On the other hand, Federal outlays for security are continuing to expand
and total expenditures for plant and equipment are
expected to remain close to present peak levels.
What the course of consumer buying may be is one
of the important uncertainties for the immediate
249
RECOMMENDATIONS REGARDING EXTENSION OF DEFENSE PRODUCTION ACT
future, but some shift upward seems more likely
than a shift downward in view of the record levels
of consumer incomes, the low level of consumer
outlays in relation to income, and the recent accumulations of savings in liquid forms.
Looking further ahead, over the next year or
more, international tension seems likely to be a continuing powerful influence in the economic situation, even though settlement in Korea could lead
to further uncertainty in sensitive markets. In any
event, large increases in outlays for national security
are in prospect. The defense program has recently
been revised and outlays under the program are
now scheduled to rise less sharply than planned
earlier but are expected to be maintained on a high
plateau for an indefinite period.
The defense program is well within the physical
capacity of the country and should permit a continued very high level of production of goods and
services for nondefense purposes. In view of the
generally ample supplies available for civilian purposes, further expansion of capacity in basic industries, and the likelihood of continued increases in
productivity, inflationary developments can be contained if appropriate policies are followed to channel resources into essential uses and to encourage a
continued large volume of savings.
Scheduled defense expenditures will result in a
substantial addition to personal incomes after taxes.
Even if mobilization authorities were to choose to
build up our military strength somewhat more
slowly than now contemplated, the volume of expenditures would still be large and would pose
serious problems for those concerned with debt
management, monetary and credit and other stabilization policies. Moreover, factors which helped
to prevent inflation last year cannot be counted
upon in the same degree this year. For example,
the rate of business inventory accumulation has
already been greatly reduced and further reductions to offset expansion elsewhere in the economy
may be moderate. Continuation of restraint in consumer spending would contribute substantially to
the maintenance of stability over the year ahead.
So far as business demands for credit are concerned, present indications are that corporations will
again be seeking relatively large amounts of funds
from external sources. In contrast to the situation
from mid-1950 to mid-1951 when rapid expansion
of inventories and customer receivables required
substantial amounts of short-term credit from com-
250
mercial banks and trade suppliers, credit demand
this year will probably be more largely confined to
longer term funds to finance plant and equipment
expenditures and to refund previously incurred
short-term debt. Thus, despite the possibility of
some decline in inventory holdings which would
release funds for other purposes, business enterprises may seek to finance a larger proportion of
their requirements from external sources.
Substantial declines in demands for mortgage
credit are likely if the number of new housing
units started are reduced below the relatively large
number of starts last year, as now appears essential
in order to maintain over-all stability and to limit
total construction activity to the supply of scarce
materials expected to be available. The large volume of savings which may be expected to flow
into savings banks, insurance companies, and savings and loan associations should provide these
institutions, which are usually large purchasers of
mortgages, with funds that might be attracted into
Government securities.
With the build-up of security expenditures, the
Federal fiscal position has been gradually shifting
from a cash surplus to a substantial cash deficit.
The shift in the Government's financial position
from surplus to deficit emphasizes the need for continued use of credit restraint measures for helping
to maintain stability. For the calendar year 1952,
a large Federal cash deficit is in prospect. In the
second half of the year, a period of seasonally low
tax receipts and growing expenditures, the Government may need to borrow heavily in the market—
possibly more than 10 billion dollars.
If confidence in the dollar is to be maintained
here and abroad, debt management and monetary
policies such as will keep to a minimum any inflationary consequences of Federal borrowing will
be essential. Every effort will need to be made to
finance the deficit out of savings. Monetary and
credit policies should be flexible and capable of
being directed promptly and effectively to the restraint of inflationary tendencies.
In conclusion, if appropriate policies are followed,
the outlook is that requirements of the defense program can be met without further inflation, while
permitting a large volume of goods and services
for consumer and business use. Debt management,
credit and monetary policies will be especially important tools for maintaining economic stability
and encouraging orderly growth in the period
ahead.
FEDERAL RESERVE BULLETIN
VOLUNTARY CREDIT RESTRAINT RELEASES
THE ROAD AHEAD 1
It has now been a full year since the nation's
financing institutions, under the authority granted
by the Defense Production Act, entered into a
Voluntary Credit Restraint Program designed to
assure adequate financing for defense and defenserelated activities and to curtail credit for nonessential or deferrable purposes.
At the outset of the Program, which was without
precedent in the country's financial history, there
was widespread skepticism as to what might be
accomplished by a self-regulation effort in the
highly competitive field of lending. This has been
supplanted by a recognition that the Program has
proved practicable, workable, and effective as a
supplement to fiscal, credit, and other anti-inflationary weapons. The national and regional committees, consisting of representatives of financial
institutions which extend to all parts of the country,
have provided lenders with criteria which have
assisted them in differentiating between those
credits which are essential and those which are not.
As a result, the need for credit restraint in the
interest of a sound dollar has become more widely
understood than probably could have been accomplished by any other means.
The year has witnessed a decided change in
public psychology and a great strengthening of
confidence everywhere in the nation's ability to
preserve the value of the dollar. There has been a
marked and healthy increase in the volume of
savings and recently these have been increasing at
the highest rate since the end of the war.
The contribution which the Voluntary Credit
Restraint Program has made to stabilization is not
measurable in dollars, but the cumulative effect of
the restriction of credit to essential purposes is
clearly evident from reports received from lenders
1
Statement released by National Voluntary Credit Restraint Committee, Mar. 10, 1952.
MARCH
1952
in all sections of the country. The Program has
been an important factor in holding prices level
during the first year of its operation. There is
need, however, for a new determination to preserve
the progress that has been made in containing inflationary forces.
The Congress has authorized huge expenditures
to assure the nation's security and in coming
months outlays of funds for defense purposes
will reach new high levels. For the first time since
the outbreak of hostilities in Korea there is the
prospect of a sustained period when cash income
of the Government will be less than its current expenditures. In the second half of this year we face
the task of raising substantial amounts of new
money to cover the deficit.
The full impact of this factor on the equilibrium
of the economy cannot be measured at the present
time. To the extent, however, that it is possible
through the voluntary efforts of financial institutions and borrowers to postpone or curtail less important and less urgent private and municipal
financing more savings will be available to meet
this additional demand for funds. Economy at
national, State and local levels of government, fiscal
measures to cover outlays so far as possible, and
measures of credit restraint are all essential safeguards against a resurgence of inflationary pressures.
Appropriate measures taken now will make it
possible to finance Government requirements out
of private savings, instead of by resort to the highly
inflationary process of borrowing from the banking
system. Moreover, postponement of less essential
projects now will build up a backlog which will be
most welcome when the defense program tapers off.
To this added objective the Voluntary Credit
Restraint Program can make a contribution as important as it has to the goal of stabilization achieved
during its first year of operation.
251
VOLUNTARY CREDIT RESTRAINT RELEASES
RECOMMENDATIONS TO REGIONAL VOLUNTARY CREDIT RESTRAINT COMMITTEES2
The following recommendations were voted at
a recent meeting of the National Voluntary Credit
Restraint Committee. Will you kindly give the
subject matter such distribution as seems appropriate ?
1. Interim and permanent financing. In certain
financing programs in which the interim financing
is being handled by one group and the permanent
financing by a different group of financial institutions, some question has arisen as to the appropriate
procedure to insure that the financing is screened
under the Program.
It is the view of the National Committee that
the institution making the first commitment should
either screen the financing under the Program or,
if it so elects, submit same to the appropriate
regional committee for screening. The responsibility under the Program of financing institutions
making the second commitment for financing involving substantially the same amount may be discharged by either ascertaining that the proposed
financing has been approved by the appropriate
regional committees in the first instance, or lacking
such approval, by themselves screening in the usual
manner. Should the amount sought substantially
exceed that previously approved, then such excess
should be screened under the Program.
Banks financing underwriters temporarily pending distribution of securities should insure that the
financing has been screened by the underwriter.
2. Direct or private placements. Problems have
also arisen in the case of direct or private placements in which a number of investing institutions
may be interested. The problem here is to avoid
multiple requests to regional committees but at the
same time to insure that such issues are properly
screened.
The views of the National Committee are as
follows: (1) In cases where an investment banker,
security dealer or other financing institution is
acting as intermediary between the borrower and
the lenders, the intermediary should either screen
the proposed financing under the Program, or if it
so elects, submit same to the appropriate regional
committee for screening. The lending financing
institutions should, if the proposed financing has
2
Memorandum from Governor Oliver S. Powell, Chairman, National Voluntary Credit Restraint Committee, to
Regional Voluntary Credit Restraint Committees, Feb. 5,
1952.
252
not already been favorably screened by a regional
committee, either screen the proposed financing,
or, if they so elect, submit same to an appropriate
regional committee. (2) In cases where there is
no intermediary, it is the responsibility of the investing institutions or agent-lender to screen the
issue themselves, or if they so elect, submit same
to the appropriate regional committee for screening.
(3) In each instance where the first financing institution participating in the negotiations, either as
intermediary or, in the absence of an intermediary,
as ultimate investor or lender has submitted the
proposed financing to the appropriate regional committee for screening and a favorable opinion has
been accorded, the responsibility under the Program
of subsequent financing institutions entering the
negotiations does not extend beyond ascertaining
that the proposed financing has been approved by
the appropriate regional committee.
3. Loans to retire stock. The National Committee reaffirmed its position that loans to retire equity
securities (including preferred stock) are contrary
to the Statement of Principles of the Program in
the absence of unusual extenuating circumstances.
4. Screening foreign borrowing. Since foreign
borrowing in the financial markets of the United
States involves a negotiated sale to a group of investment bankers (either on an agency or firm commitment basis), the investment bankers have access
to all pertinent financial information regarding the
borrower. Consequently, the appropriate regional
committee to consider such foreign borrowing
should be the committee serving in the city in
which the agent or principal underwriter is domiciled.
5. State and local interim financing. Certain municipalities have been arranging interim financing.
At a later date they have requested clearance of
permanent financing on the grounds that inability
to fund outstanding obligations would create undue hardship and embarrassment.
Bulletin Number 3 specifically recommends that
"temporary borrowing for capital purposes, unless
anticipating current revenues, should be judged by
the standards specified . . . for long-term capital
loans." The Bulletin also urges local governments
to balance operating budgets and to hold borrowing
in anticipation of taxes or other revenues to a minimum. Consequently, financing institutions are
urged to assure themselves that interim financing
FEDERAL RESERVE BULLETIN
VOLUNTARY CREDIT RESTRAINT RELEASES
by State and local governments is evaluated under
the Program in the same manner and by the same
standards as would be applicable in the case of
long-term financing.
6. Transportation equipment. The question has
been raised with the National Committee as to
whether loans for the purchase of transportation
equipment already in use, i.e., ships, trucks, etc.,
were contrary to the principles of the Voluntary
Credit Restraint Program.
The National Committee expressed the opinion
that such loans are ordinarily not in conformance
with the principles of the Voluntary Credit Restraint Program except in the event that denial of
credit for such a purchase would result in the withdrawal of the equipment from active use for defense or essential civilian purposes.
7. Temporary real estate financing. The question was raised with the National Committee as to
whether the Committee should amend its Bulletin
Number 4 as Regulation X has recently been
amended to permit temporary financing in excess
of permanent financing connected with the purchase of a home when the prospective buyer is
selling his present home to finance the down payment required for the purchase of the other and
where the two transactions cannot be perfectly
synchronized.
The view of the Committee is that there are
undoubtedly some cases where the timing of the two
transactions cannot be perfectly synchronized despite the best efforts of all parties concerned and
that to deny temporary credit in these circumstances for this reason alone would be unrealistic
and would work an undue hardship. However,
lending institutions should make every effort to
ascertain that the delay in sale of the present property is, in fact, unavoidable and provide for a
maturity date or provisions to pay off in terms that
would reflect the "temporary" nature of the credit
required in such cases.
CHANGES IN REGIONAL VOLUNTARY CREDIT RESTRAINT COMMITTEES
STATEMENT OF THE NATIONAL VOLUNTARY CREDIT
RESTRAINT COMMITTEE, JANUARY 30, 1952
souri, Kansas, Nebraska, the Dakotas, Minnesota,
Iowa, and Colorado.
Richard W. Simmons, of the firm of Blunt, Ellis
& Simmons, 208 South LaSalle Street, Chicago,
Illinois, formerly Vice Chairman, has been appointed Chairman of the Mid-Western Investment
Banking Voluntary Credit Restraint Committee.
Mr. Simmons, a member of the Committee since
its formation, succeeds D. Dean McCormick, of
McCormick & Co., who found it necessary to relinquish the chairmanship after nearly a full year of
service in that capacity.
Robert E. Simond, of Halsey, Stuart & Company,
Inc., has been appointed Vice Chairman of the
Committee and John T. Stentz, of the staff of the
Federal Reserve Bank of Chicago, has been named
Secretary. Inquiries may be addressed to the Committee in care of Mr. Stentz at 230 South LaSalle
Street, Chicago 90, Illinois.
The territory served by the Mid-Western Committee includes the States of Illinois, Michigan,
Wisconsin, Indiana, Kentucky, Mississippi, Mis-
STATEMENT OF THE NATIONAL VOLUNTARY CREDIT
RESTRAINT COMMITTEE, FEBRUARY 7, 1952
MARCH
1952
Fred B. Dickey, Vice President of The Farmers
and Merchants National Bank of Los Angeles, Los
Angeles, California, has been appointed a member
of the Los Angeles Regional Commercial Banking
Voluntary Credit Restraint Committee. Mr.
Dickey, who had been serving as an alternate member of the Committee, succeeds H. M. Craft of the
same institution. M. F. Bowler, Jr., also a Vice
President of The Farmers and Merchants National
Bank, has been appointed an alternate member of
the Los Angeles Committee.
Lewis D. Fox, President of the Tarrant County
Building and Loan Association of Fort Worth,
Fort Worth, Texas, has been appointed a member
of the Eleventh District Savings and Loan Voluntary Credit Restraint Committee. His appointment
fills the vacancy on the Committee which was
occasioned by the death of Peyton L. Townsend.
253
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
Consumer Credit
Court Proceedings and Suspensions of Licenses
The United States District Court in Baltimore,
Maryland, on February 15, 1952 fined Rosen's
Incorporated of Baltimore, Maryland, $500 and
costs and fined Leonard Rosen $500 and costs for
violating Regulation W, Consumer Credit. The
violations consisted in not obtaining the down payment required by Regulation W in connection with
instalment sales of television sets. Thefinesfollowed pleas of guilty by the defendants.
The United States District Court in Missoula,
Montana, on February 26, 1952 fined W. H.
Brandbo of Hamilton, Montana, $300 for failing
to obtain the down payment required by Regulation W and for conspiring to violate the regulation
and the Defense Production Act in instalment sales
of automobiles. The sentence followed a plea
of guilty.
The United States District Court in New Orleans,
Louisiana, imposed a fine of $500 on the Jet Appliance Company, 1724-26 Tulane Avenue, New
Orleans, for violating Regulation W, Consumer
Credit. The Court's action followed a plea of
nolo contendere. The Company is engaged in the
business of selling home furnishings, including electrical appliances, radios, and television sets.
The United States District Court in Philadelphia
issued an injunction against Jacob Kirschner, Benjamin Kirschner, and Isadore Kirschner, partners,
doing business as Kirschner Brothers, engaged in
selling television sets, electric refrigerators, and
other articles listed in Regulation W, Consumer
Credit, enjoining them from further violations of
the regulation, and the Board of Governors of the
Federal Reserve System suspended for a period of
fifteen days, from February 25 to March 10, 1952,
inclusive, their license under Regulation W to
make instalment sales of such articles. The issuance of the injunction and the entry of the order
by the Board were consented to by the partners.
The Board of Governors of the Federal Reserve
System, after notice and hearing, suspended for a
254
period of thirty days from March 24 through April
22, 1952, the license of H. Bands, Inc., Philadelphia, Pennsylvania, to make instalment sales of
articles listed in Regulation W. The Company
is engaged in the business of selling television sets
and household appliances, and was charged with
failing to obtain the down payment required by
Regulation W, and with maintaining improper
records, in a large number of sales.
Performance of Contract Secured or Guaranteed
A question was presented recently concerning
the application of Regulation W to a proposed
arrangement of a Registrant to lease automobiles to
the salesmen of a corporate employer engaged in
a commercial enterprise.
Under the above arrangement a separate, individual lease of an automobile would be entered
into with each of the several salesmen of the corporate employer. Each such lease would be for
an initial term of one year, and the rental payments would be made in monthly instalments. In
addition, under a separate agreement between the
Registrant-lessor and the employer, the latter would
guarantee both payment and performance of the
individual leases executed by the salesmen.
On the basis of these facts, it was the Board's
view that each of the individual leases in question
would be subject to the regulation. The fact that
some third party, such as the employer in the case
presented, undertakes to guarantee payment and
performance in the manner described would not
change that result. The essential nature of each
of the transactions between the Registrant and the
individual salesmen would remain unaffected for
the purposes of the regulation. The performance
of contracts, of course, may be secured in various
ways, including, for example, conveyances of property for security purposes or various types of surety
undertakings. However, whether or not an instalment contract is secured or unsecured does not
of itself relieve the transaction from the provisions
of the regulation.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
"Vent-A-Hood" as Home Improvement or Accessory
A question has been presented concerning the
application of Regulation W to instalment credit
for the purchase or installation of a home kitchen
ventilating device known as the "Vent-A-Hood."
Briefly, the "Vent-A-Hood" is constructed for attachment to the wall to the rear and directly above
a cooking stove, and is designed to catch cooking
heat, steam, and vapor which are ejected from the
house by means of an exhaust unit and duct leading
to a flue or to an opening in an outside wall.
The Board is of the view that the "Vent-AHood," if sold or delivered by the Registrant to
the customer at or about the time of the sale or
delivery of a cooking stove, should be regarded as
"an accessory" under section 8(/)(7) of the regulation. Consequently, the "cash price" of the stove,
a Group B article, would include the price of the
"Vent-A-Hood." On the other hand, a "Vent-AHood" sold separately and not in connection with
the sale or delivery of a cooking stove should be
regarded as a Group D article in view of the nature
of its installation.
CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Meetings
The Federal Advisory Council met in Washington on February 17-19, 1952. The annual organization meeting of the Council was held on
February 17, at which Edward E. Brown, Chairman of the First National Bank of Chicago, was
re-elected President; Robert V. Fleming, President
and Chairman of The Riggs National Bank, was
re-elected Vice President; and Herbert V. Prochnow
was reappointed Secretary. The Council met with
the Board of Governors of the Federal Reserve
System on February 19.
A meeting of the Presidents of the Federal Reserve Banks was held in Washington on February
27 and 28, and on February 29 the Presidents met
with the Board of Governors of the Federal Reserve
System.
On February 29 and March 1 meetings of the
Federal Open Market Committee were held. At
the meeting on March 1, William McC. Martin,
Jr., was re-elected Chairman of the Committee and
Allan Sproul, Vice Chairman. The representative
members of the Committee elected by the Federal
Reserve Banks for the period of one year beginning
March 1, 1952, are Allan Sproul, Hugh Leach,
Malcolm Bryan, C. S. Young, and C. E. Earhart,
Presidents of the Federal Reserve Banks of New
York, Richmond, Atlanta, Chicago, and San Francisco, respectively.
Resignation of Mr. Norton as a Member of the Board
of Governors
Mr. Edward L. Norton resigned as a member of
the Board of Governors effective February 1, 1952.
He had served as a member of the Board of Governors since September 1, 1950.
MARCH
1952
At the time of Mr. Norton's appointment to the
Board of Governors, he was President of the Coosa
River Newsprint Company, Coosa Pines, Alabama;
Chairman of the Board of the Florida Broadcasting Company, Jacksonville, Florida; and Chairman
of the Board of the Voice of Alabama, Inc., Birmingham, Alabama. He was also a director of the First
National Bank of Birmingham, the Nehi Corporation, and the Avondale Mills.
Mr. Norton's letter of resignation and the President's letter of acceptance follow:
January 21, 1952.
My dear Mr. President:
Certain personal business obligations make it
necessary for me to submit to you my resignation
as a member of the Board of Governors of the Federal Reserve System, effective February 1, 1952.
This matter has been discussed with Chairman
Martin.
Since you are the inspiration or source of my
appointment to the Board of Governors, I feel deeply
indebted to you, and I covet the opportunity to
reciprocate.
Yours respectfully,
(Signed) ED NORTON
The President,
The White House.
The White House,
Washington,
January 22, 1952.
Dear Mr. Norton:
I am certainly sorry that it is necessary for you
to leave the Federal Reserve Board.
It was a great pleasure to me when you accepted
255
CURRENT EVENTS AND ANNOUNCEMENTS
the appointment and you have done a wonderful
job since you have been over there. I talked with
Chairman Martin yesterday and I am accepting your
resignation effective February first as you suggest.
I hope everything will go well with you and that
sometime or other you will be in a position to render
further public service.
Sincerely yours,
(Signed) HARRY S. TRUMAN
Honorable Edward L. Norton,
Member of the Board of Governors
of the Federal Reserve System,
Washington, D. C.
Appointments of Mr. Mills and Mr. Robertson as
Members of the Board of Governors
The President, on January 23, 1952, sent to the
Senate the nominations of Mr. Abbot L. Mills, Jr.,
of Oregon, and Mr. J. L. Robertson, of Nebraska,
as Members of the Board of Governors. The nominations of Mr. Mills and Mr. Robertson were confirmed by the Senate without objection on February
6, 1952, and they took the oath of office on February 18.
Mr. Mills was appointed for the unexpired portion of the term of fourteen years from February
1, 1944, to fill the vacancy occasioned by the resignation of Mr. Marriner S. Eccles.
Mr. Mills was born in Portland, Oregon, on September 26, 1898, the son of Abbot Low Mills and
Evelyn Lewis Mills. He married Miss Katherine
Ainsworth on August 4, 1924, and they have four
children, two sons and two daughters. He attended
grammar school in Portland, Oregon; preparatory
school in Concord, Massachusetts; and in 1921, he
graduated from Harvard University with an A.B.
degree. On September 18, 1918, he was commissioned a Second Lieutenant in the Infantry, United
States Army, and attached to the Georgia School of
Technology.
On October 1, 1920, Mr. Mills was employed by
the First National Bank of Portland, Oregon, and
was serving as Vice President on December 31, 1932,
when he became associated with The United States
National Bank of Portland as Assistant Vice President. He later became Vice President and was serving as First Vice President at the time of his appointment as a member of the Board of Governors. He
was also a director of The United States National
Bank of Portland, and of the United States National
256
Corporation. He had been a member of the Association of Reserve City Bankers since 1938, and
served on the Association's Committee on Federal
Relationships and as a Trustee of the Banking Research Fund. He was also a member of the Oregon
Bankers Association Committee on Legislation and
Taxation, and previously had been on various other
standing committees of the Association.
For many years, Mr. Mills has been actively engaged in public and civic affairs, as President of the
Portland 4-H Club Advisory Council, a director of
the Oregon Tuberculosis and Health Association,
Overseer of Whitman College, and a member of the
Governor's Committee on Small Business, American
Academy of Political Science, National Committee
on Boys and Girls Club Work, Inc., Oregon Finance
Officers' Association, and the American Economic
Association.
Mr. Robertson was appointed for the unexpired
portion of the term of fourteen years from February
1, 1950, to fill the vacancy resulting from the resignation of Mr. Edward L. Norton.
Mr. Robertson was born in Broken Bow, Nebraska, on October 31, 1907, the son of Andrew J.
Robertson and Dora Reese Robertson. He married
Miss Julia Jensen on July 24, 1928, and they have
three sons. After attending Grinnell College in
1925-27, Mr. Robertson received A.B. and LL.B.
degrees from George Washington University in
1931, and an LL.M. degree from Harvard Law
School in 1932. He was admitted to the Bar of the
Court of Appeals for the District of Columbia in
1931, and to the Supreme Court of the United States
in 1935. He is a member of the American Bar
Association and of the Federal Bar Association.
Mr. Robertson is a career employee with twentyfour years of service, having entered the Government service in 1927 as a Clerk in the United States
Senate Post Office. In 1932-33, he served as a
Special Agent of the Federal Bureau of Investigation. He became Assistant Counsel to the Comptroller of the Currency in 1933, and in 1942, was
appointed Assistant Chief Counsel. Following his
service as a Lieutenant (jg) in the United States
Naval Reserve in 1943-44, he was appointed Third
Deputy Comptroller of the Currency, and in 1949,
he was designated First Deputy Comptroller, the
office he was holding at the time of his appointment
as a member of the Board of Governors.
FEDERAL RESERVE BULLETIN
CURRENT EVENTS AND ANNOUNCEMENTS
Retirement of Mr. Rounds as First Vice President of
the Federal Reserve Bank of New York and
Appointment of Mr. Treiber as His Successor
Mr. L. R. Rounds retired as First Vice President
of the Federal Reserve Bank of New York effective
February 29, 1952. Mr. Rounds became associated
with the Federal Reserve Bank of New York on
August 1, 1917, and had served as an officer of the
Bank since January 1, 1918. He served as the principal operating officer for a number of years and had
served as First Vice President since January 1, 1941.
Mr. William F. Treiber was appointed First Vice
President of the Federal Reserve Bank of New York,
effective March 1, 1952, to succeed Mr. Rounds.
He is a graduate of Columbia University with B.A.
and LL.B. degrees. He is also a graduate of the
Graduate School of Banking, Rutgers University.
Following several years in the general practice of
law, Mr. Treiber joined the staff of the Federal
Reserve Bank of New York as an Assistant Counsel on September 28, 1934. In 1940, he was appointed Assistant Secretary as well as Assistant
Counsel, and in 1942, he was appointed Secretary
as well as Assistant Counsel. On July 1, 1945, he
was appointed Assistant Vice President and continued to serve as Secretary until October 1, 1949.
MARCH
1952
Mr. Treiber was appointed Vice President on May
1, 1950, and since that time, with the exception of a
few months, his assignment has been in the field of
general administration.
Deaths of Directors
Mr. Russell H. Britton, Executive Vice President
and Cashier, First National Bank of Rochester,
Rochester, New Hampshire, who had served as a
Class A director of the Federal Reserve Bank of
Boston since January 1, 1949, died on February 25,
1952.
Mr. Ramon B. Handy, Executive Vice President,
The First National Bank of Greeley, Greeley, Colorado, who had served as a director of the Denver
Branch of the Federal Reserve Bank of Kansas City
since January 18, 1951, died on February 26, 1952.
Admission of State Bank to Membership in the
Federal Reserve System
The following State bank was admitted to
membership in the Federal Reserve System during
the period January 16, 1952 to February 15, 1952:
Alabama
Alabaster—The First Bank of Alabaster.
257
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled February 27, and released for publication February 29]
Industrial and construction activity and retail
sales continued to change little in January and February. The average level of wholesale prices decreased reflecting marked declines in basic commodities. Bank loans were reduced owing mainly
to decreases in loans for nondefense business purposes.
INDUSTRIAL PRODUCTION
Output at factories and mines in January, as
measured by the Board's seasonally adjusted index,
was 219 per cent of the 1935-39 average—little
changed from the level of recent months and
slightly below a year ago. Durable goods production was maintained at a level 5 per cent higher
than a year ago, while output of nondurable goods
continued about 6 per cent below the early 1951
record rate.
Activity in most munitions and producers equipment lines showed little change in January after increasing steadily in other recent months. Passenger
auto assembly was curtailed further owing in large
part to additional model changeovers, but showed
a substantial rise in February. Production of
household durable goods rose somewhat in January
reflecting increased television output. Nonferrous
metals production rose further to a new postwar
high owing mainly to expansion of aluminum capacity and output. Steel production changed little
from December to January and in February was
scheduled at a new record rate.
Nondurable goods output in January was at about
the October-November rate after a slight dip in
December. Changes in the index of nondurable
goods production over this period reflected mainly
fluctuations in the textile, leather, and paper industries. Petroleum refining and output of chemicals
and rubber products were maintained in large volume. Meat production in January was close to yearago levels. During the first three weeks of February output of pork showed much less than the
usual seasonal decline and was substantially larger
than a year earlier.
EMPLOYMENT
Employment in nonagricultural industries, after
adjustment for seasonal variation, continued in
January at 46.5 million. Average weekly hours of
work at factories, which rose considerably in December, declined again to a level only slightly above
other recent months, while average hourly earnings changed little. Unemployment was reported
at 2.1 million in early January, up 400,000 from
the preceding month, owing mainly to seasonal
curtailment of construction and other outdoor activities, but 450,000 below a year ago.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS
INDUSTRIAL PRODUCTION
PHYSICAL
PER CENT
VOLUME,
SEASONAL
LY AOJUSTEO,
1935
3NS OF PERSONS
SEASONALLY
ADJUSTED
PEF
- 39 • IOC
260
_-r>—y "^^—s
MANUFA CTURING
AND
MINING
TOTA
\
Jfr
220
/
J
\
\
200
/J
/
/
\
IJV
160
140
\
Y
y
..
:
V
,
.
180
1
—
-—
*^
-—
-
FINANCE
GOVERNMENT
-
UNO SERV
L.---~ ""
160
PORTATIO
•
AND
CON
UTILITIES
STRUCTIOh
120
100
100
1942
1943
1944
1945
Federal Reserve index.
for January.
258
1946
1947
1948
1949
I95O
1951
Monthly figures, latest shown are
1947
1948
1949
1950
1951
1947
1948
1949
1950 1951
Bureau of Labor Statistics' data adjusted for seasonal variation by Federal Reserve. Proprietors and domestic servants
are not included. Midmonth figures, latest shown are for
January.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
January as further declines in prices of apparel and
CONSTRUCTION
Value of construction contract awards in Janu- housefurnishings were offset by increases in rents
ary was somewhat smaller than in other recent and miscellaneous services. Since mid-January remonths, despite a slight increase in public works tail prices of foods have shown some declines, while
and utilities and a sustained volume of industrial prices of passenger automobiles have been raised.
awards, and was substantially below the year-ago
MONEY AND BANK CREDIT
total. January housing starts totaled 68,000 as
Total loans at banks declined in January and
compared with 62,000 in December and with
early
February owing largely to a decrease in loans
86,000 a year ago.
to business. Loans for commodity transactions and
DISTRIBUTION
most other nondefense business purposes were
sharply
reduced while loans for defense and deSeasonally adjusted sales at department stores in
fense-supporting
activities continued to increase
January and the first half of February remained
close to the December level. Retail sales of dura- substantially.
Member bank reserve positions were easy during
ble goods, seasonally adjusted, in January were
most
of January but tightened somewhat near
generally above the reduced December level. Stocks
month-end
and in the first three weeks of Febheld by department stores at the end of January
were estimated to be little changed from Decem- ruary. A post-Christmas return flow of currency
ber. Stocks of men's clothing and of some con- and a further gold inflow supplied reserves to memsumer durables remained somewhat high in rela- ber banks, while an increase in Treasury deposits
at the Reserve Banks and a substantial reduction in
tion to sales of these items.
Federal Reserve holdings of Government securiCOMMODITY PRICES
ties absorbed reserves.
The general level of wholesale prices declined
SECURITY MARKETS
moderately in February reflecting continued weakCommon stock prices declined moderately durness in the markets for basic commodities. The
most marked declines were in prices of textiles and ing the first two weeks of February and dropped
other materials used by the nondurable goods in- more sharply during the third week.
Yields on short-term Government securities dedustries, but prices of scrap metals also eased.
Livestock prices weakened further and were con- clined slightly during the first three weeks of Febsiderably below the peak year-ago levels as market- ruary while yields on intermediate-term issues rose
ings, particularly of hogs, showed a much less than somewhat in anticipation of an increase in the
seasonal decrease. Wholesale prices of most metal supply of securities to be made available to this
products, on the other hand, continued at ceilings. sector of the market through the Treasury offerThe consumers' price index was unchanged in ing of new issues announced on February 13.
PERSONAL INCOME
CONSUMERS' PRICES
PERCENT
BILLIONS OF DOLLARS
SEASONALLY
ADJUSTED , ANNUAL RATES
BILLIONS OF DOLLAF
1935- 3 9 - 1 0 0
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
Bureau of Labor Statistics' indexes. "All items" includes
fuel and housefurnishings groups not shown separately. Midmonth figures, latest shown are for January.
MARCH
1952
Department of Commerce estimates. Wage and salary data
shown are disbursements and include employee contributions
for social insurance which are excluded from the total. Monthly
figures, latest shown are for December.
259
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 under Regulation V; terms under Regulations X and W
Federal Reserve Bank statistics
Guaranteed Regulation V loans
Deposits and reserves of member banks
Bank debits an 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
Revised Indexes of wholesale prices
Earnings and expenses of Federal Reserve Banks during 1950.
263-264
264-266
267-269
269
269-270
270
271
272
273-275
276-277
278-280
280
281
282
283-284
284-286
287-289
290
291-300
301-304
304
305
306-307
308-310
311-313
314-315
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.
MARCH
1952
261
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Billions of Dollars
Wednesday Figures
Billions of Dollars
MONEY IN CIRCULATION
RESERVE BANK
I
CREDIT
MEMBER BANK
RESERVE BALANCES
TREASURY CASH AND DEPOSITS
NONMEMBER DEPOSITS
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
TOTAL RESERVE BANK HOLDINGS
OF U- S GOVERNMENT SECURITIES
15
15
10
10
NOTES AND
CERTIFICATES
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
Wednesday figures, latest shown are for March 5. See page 263.
262
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Date or period
Discounts
and
Total
All
Bills,
Total
certifi- other*
Bonds cates,
and
notes
Gold
stock
Treasury
currency
outstanding
Money
in circulation
Member bank
reserve balances
TreasOther
deFedTreas- ury
posits Noneral
ury
memwith
cash
Reber
deFederal
holdserve
posits
ReReExings
acTotal quired2
serve
counts
Banks
Wednesday
figures:
3.
10.
17.
24.
31.
28 20,571 4,624 15,947 1,281 21,879 22,706
73 20,461 4,674 15,787 700 21,235 22,546
101 20,798 4,747 16,051 1,024 21,923 22,494
273 20,545 4,747 15,798 790 21,608 22,443
798 21,484 4,965 16,519
769 23,051 22,392
4,634
4,635
4,635
4,635
4,638
27,685
27,415
27,200
27,028
27,048
1,299
1,308
1,303
1,303
1,297
546
273
105
256
807
1,250
1,173
1,113
1,095
1,206
747
745
743
743
737
17,691
17,502
18,587
18,260
18,984
16,500 1,191
16,391 1,111
17,618
969
17,610
650
18,047
937
Feb. 7.
Feb. 14.
Feb. 21.
Feb. 28.
643 21,641 5,080 16,561
976 23,260 22,341
294 21,808 5,202 16,606 1,229 23,330 22,260
196 21,854 5,320 16,534 1,233 23,283 22,207
397 21,881 5,393 16,488 909 23,188 22,086
4,638
4,637
4,637
4,640
27,125
27,159
27,164
27,188
1,307
1,292
1,277
1,293
795
864
796
465
1,200
1,226
1,223
1,172
736
734
733
729
19,075
18,952
18,934
19,066
18,249
18,211
18,357
18,366
Mar. 7.
Mar. 14.
Mar. 21.
Mar. 28.
207
132
151
471
16,587 840 23,226 21,951
16,567 1,093 23,652 21,900
16,457 1,109 23,607 21,856
16,574 775 23,852 21,855
4,639 27,219
4,639 27,167
4,638 27,121
4,637 27,038
1,308
1,283
1,295
1,299
495
420
608
1,052
1,065
1,102
1,042
1,197
724
721
734
736
19,004
19,498
19,301
19,023
18,288
716
18,456 1,042
18,724
577
18,535
488
Apr. 4.
Apr. 11.
Apr. 18.
Apr. 25.
126 22,914 6,288
92 23,086 6,498
114 23,086 6,544
149 22,940 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
27,138
27,166
27,157
27,122
1,304
1,287
1,293
1,296
711
411
621
678
1,213
1,190
1,184
1,212
753
753
752
753
19,141
19,533
19,674
19,176
18,495
646
18,546
987
18,558 1,116
18,482
694
May 2.
May 9.
May 16.
May 23.
May 30.
264 22,716
422 22,544
542 22,397
226 22,413
540 22,293
6,570
6,618
6,644
6,713
6,719
16,146
15,926
15,753
15,700
15,574
23,724 21,755
23,706 21,755
23,913 21,755
23,411 21,755
23,396 21,755
4,643
4,643
4,643
4,642
4,642
27,255
27,315
27,287
27,251
27,461
1,294
1,298
1,297
1,290
1,294
707
767
745
765
620
1,226
1,195
1,214
1,201
1,217
697
696
695
696
693
18,942
18,833
19,072
18,606
18,508
18,486
18,270
18,306
18,315
18,202
June 6.
June 13.
June 20.
June 27.
128 22,653
179 22,758
165 22,806
220 22,843
6,869
6,936
6,736
6,809
15,784 765 23,546 21,756
15,82:
846 23,783 21,756
16,070 1,178 24,150 21,755
16,034 852 23,916 21,755
4,644
4,647
4,648
4,650
27,520
27,499
27,479
27,601
1,303
1,289
1,285
1,286
139 1,102
129 1,095
433 1,099
1,139
684
686
774
775
19,198
19,487
19,482
19,102
18,335
863
18,417 1,070
18,642
840
18,564
538
July 3.
July 11.
July 18.
July 25.
181 22,977
236 23,092
300 23,081
78 23,057
6,822
5,822
5,822
5,822
16,155 812 23,970 21,756
17,270 938 24,267 21,757
17,259 1,223 24,605 21,758
17,235 928 24,063 21,759
4,654 27,948
4,656 27,893
4,656 27,781
4,658 27,706
1,287
1,296
1,296
1,305
179
253
612
424
1,014
1,107
1,183
1,191
19,189
768 19,364
766 19,380
767 19,088
18,556
18,459
18,465
18,440
633
905
915
648
Aug. 1.
Aug. 8.
Aug. 15.
Aug. 22.
Aug. 29.
408 23,081
200 23,118
242 23,151
214 23,084
278 23,066
5,822
5,822
5,822
5,822
5,822
17,259
17,296
17,329
17,262
17,244
24,282 21,759
24,046 21,759
24,360 21,800
24,175 21,800
24,001 21,800
4,663
4,665
4,666
4,667
4,668
27,842
27,904
27,925
27,932
28,034
1,308
1,298
1,288
1,292
1,291
557
203
495
434
557
1,175
1,016
1,113
1,096
999
722 19,099
720 19,328
19,285
718 19,172
717 18,871
18,430
18,441
18,468
18,517
18,485
669
887
817
655
386
Sept.
Sept.
Sept.
Sept.
5.
12.
19.
26.
243 23,079
325 23,108
359 23,135
216 23,474
5,822
5,822
5,822
5,822
17,25
684 24,006 21,854
17,286 951 24,384 21,853
17,313 1,289 24,783 21,934
17,652 988 24,677 22,013
4,672
4,673
4,674
4,676
28,262
28,216
28,140
28,137
1,299
1,294
1,285
1,288
408 1,022
474 1,047
923
477
816 1,024
714 18,82:
713 19,167
730 19,835
731 19,369
18,406
18,555
18,864
18,837
419
612
971
532
Oct.
Oct.
Oct.
Oct.
Oct.
3.
10.
17.
24.
31.
69 24,039
79 24,072
69 23,848
152 23,666
186 23,552
5,825
5,825
5,325
5,325
5,325
18,214 922 25,030 22,015
18,24
875 25,025 22,055
18,523 1,200 25,117 22,105
18,341 1,024 24,841 22,144
18,227 690 24,427 22,234
4,680
4,680
4,681
4,683
4,686
28,320
28,448
28,385
28,301
28,410
1,284
1,286
1,296
1,291
1,288
397
966
335 1,002
326
975
509
886
493
818
20,004
19,939
851 20,068
850 19,833
780 19,557
18,843 1 ,161
18,868 1,071
18,950 1,118
689
19,144
497
19,060
Nov.
Nov.
Nov.
Nov.
7.
14.
21.
28.
243 23,507
274 23,397
227 23,275
483 23,239
5,325
5,325
5,334
5,334
18,182 845 24,595 22,284
18,07:
930 24,602 22,283
17,941 1,243 24,745 22,333
17,905 95 24,679 22,332
4,686
4,688
4,689
4,693
28,534
28,601
28,701
28,742
1,291
1,284
1,285
1,288
452
245
364
548
843
815
800
750
778
776
774
774
18,988
18,976
19,211
19,229
Dec.
Dec.
Dec.
Dec.
5.
12.
19.
26.
959 23,239
710 23,239
449 23,239
797 23,503
5,357
5,376
5,334
5,342
17, J
17,863 1,031
17,905 2,05
18,161 1,276
25,081 22,381
24,980 22,382
25,745 22,491
25,576 22,621
4,699
4,700
4,703
4,704
28,891
29,037
29,263
29,403
1,292
1,284
1,269
1,289
501
266
6
289
787
740
776
880
770 19,919
770 19,964
827 20,798
832 20,208
725
19,196
647
19,317
19,767 1,031
571
19,637
1952—Jan.
Jan.
Jan.
Jan.
Jan.
2..
9..
16..
23..
30..
105 23,658
198 23,452
135 23,119
112 22,993
210 22,785
5,344
5,344
5,344
5,344
5,344
18,314 1,062 24,825 22,697
18,108 904 24, 554 22 ,772
17,775 1,118 24,372 22,822
17,649 1,010 24,116 22,872
17,441
711 23,707 22,931
4,706
4,707
4,710
4,711
4,716
29,143
28,800
28,526
28,342
28,347
1,275
1,280
1,291
1,280
1,302
69
138
11
221
694
771
719
663
729
745 20,364
743 20,369
744 20,488
743 20,660
742 20,013
19,685
679
19,551
818
898
19,590
19,573 1,087
558
19,455
Feb.
Feb.
Feb.
Feb.
6.
13.
20.
27.
283 22,614
619 22,499
454 22,400
422 22,555
5,344
5,344
5,471
5,636
17,270 759
17,155 634
16,929 1,03
16,919
773
4,717 28,378
4,717 28,425
4,721 28,387
4,722 28,390
1,317
1,276
1,308
1,308
52
261
491
712
728
685
749
730
741 20,148 19,415
741 20,094 19,304
738 20,007 P19.311
735 19,710 P19.252
1951—Jan.
Jan.
Jan.
Jan.
Jan.
22,179
22,426
22,348
22,606
5,592
5,859
5,891
6,032
744
740
974
772
564
794
727
967
877
657
23,656 22,990
23, 753 23 ,011
23,887 23,071
23,750 23,110
19,66'
19,850
19,843
19,603
826
741
577
700
456
563
766
291
306
679
874
632
374
733
790
P696
P458
p Preliminary.
Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables.
Wednesday figures and end-of-month figures (shown on next page) are estimates.
Backfigures.—SeeBanking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
1
2
MARCH
1952
263
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Member bank
reserve balances
Reserve Bank credit outstanding
U. S. Government
securities
Date or p<;riod
End of period:
1929—June 2 9 . .
1933—June 30..
1939—Dec. 3 0 . . .
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1946—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1948—June 3 0 . . .
Dec. 3 1 . . .
1949—June 3 0 . . .
Dec. 3 1 . . .
1950—June 3 0 . . .
Dec. 3 0 . . .
1951—Feb.
Mar.
Apr..
May
June
July.
Aug.
Sept.
Oct.
Nov.
Dec
1952—Jan..
Feb..
Averages of
daily figures:
1950—Dec.
1951—Jan
Feb..
Dec.
1952—Tan..
Feb..
Discounts
and
advances Total
1,037
An 1 Total
Bills,
certifi- other
cates,
Bonds
and
notes
164
7
3
249
163
85
265
223
103
78
43
67
216
71
145
441 1,557
1 ,998
2 ,484 1 ,35J 1,133
787
2 ,254 1 ,467
24 ,262
947 23,315
753 22.597
23 .350
22 ,559 2 ,853 19,706
21 ,366 6 ,206 15,160
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
397
275
283
529
53
277
552
190
186
624
19
328
598
21
22
22
22
22
23
23
23
23
23
23
22
22
,881
,910
,742
,509
,982
,078
,127
,734
,552
,239
,801
,729
,528
5 ,393
6 ,187
6 ,570
6 ,803
6 ,822
5 ,822
5 ,822
5 ,822
5 ,325
5 ,334
5 ,344
5 ,344
5 ,636
142
213
330
657
200
365
20
20
21
23
23
22
,345
4 ,590 15,755
4 ,736 15,963
5 ,197 16,536
5 ,352 18,057
5 ,344 17,862
5 ,432 17,120
699
,733
,409
,206
,552
147
58
102
104
580
581
536
268
542
250
536
329
1 371
1,400
2,220
2,593
2,361
25,091
24,093
23,181
21,900
24,097
19,696
19,499
18,703
22,216
Gold
stock
TreasTreasdeury
Treas- ury
posits Noncur- Money
ury
with
memin
cirrency culacash Federal ber
deoutholdRetion
posits
standings
serve
ing
Banks
4 ,037
4 ,031
17 ,644
22 ,737
20 ,065
20 ,529
22 ,754
23 ,532
24 ,244
24 ,466
24 ,427
24 ,231
22 ,706
2,019
2,286
2,963
3,247
4,339
4,562
4,562
4,565
4,589
4,597
4,598
4,607
4,636
,086
,806
,805
,755
,756
,759
,854
,013
,233
,382
,695
,951
,190
4,640
4,640
4,643
4,646
4,655
4,666
4,673
4,681
4,688
4,700
4,709
4,717
P4,725
,879
,523
,249
,483
,824
,039
4,629
4,635
4,637
4,701
4,709
4,719
16,488
909 23,188 22
16,723
964 24,150 21
16,172
535 23,560 21
15,706
443 23,481 21
16,160 1 007 24,043 21
17,256
679 24,033 21
630 24,309 21
17,305
17,912 1 134 25,058 22
690 24,427 22
18,227
871 24,734 22
17,905
18,457 1 189 25,009 22
726 23,783 22
17,385
778 23,904 P 2 3
16,892
1 119
927
1 ,222
1 ,380
1 ,038
909
22
22
22
22
22
23
21,606
21,839
23,286
25,446
24,444
23,826
For footnotes see preceding page.
MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]
4 ,459
5 ,434
7 ,598
11 ,160
28 ,515
28 ,952
28 ,868
27 ,903
28 ,224
27 ,493
27 ,600
27 ,156
27 ,741
204
264
2 ,409
2 ,215
2 ,287
2 ,272
1 ,336
1 ,327
1 ,325
1 ,307
1 ,312
1 ,298
1 ,293
,188
,119
,278
,519
,809
,851
,155
,288
,417
,809
,206
,386
,464
1 ,293
1 ,293
1 ,284
1 ,293
1 ,281
1 ,302
1 ,287
1 ,285
1 ,283
1 ,288
1 ,270
1 ,319
27
27
27
27
27
27
28
28
28
28
29
28
P28
27 ,806
27 ,304
27 ,145
29 ,139
28 ,637
28 ,406
1
Feb. 1, Mar. 30, Effec19491947tive
Mar. 29, Jan. 16, Jan. 17,
1951
1951
1949
50
50
75
50
75
75
"margin requirements" shown in this table are the diffe
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.
264
438
821
950
668
465 1 ,172
1,114 1 ,322
611 1 ,236
666 1 ,179
317 1 ,262
584 1 ,159
459 1 ,038
936 1 ,127
19,066 18,366 700
19,014 18,367 647
18,901 18,449 452
18,536 18,206 330
19,020 18,604 416
18,863 18,396 467
19,181 18,464 717
19,391 18,822 569
19,557 19,060 497
19,670 19,180 490
20,056 19,667 389
20,077 19,443 634
19,982 P19,280 P7O2
17,391
18,088
18,907
20,310
20,470
19,995
,286
818
794
889
766
796
1 ,290
1 ,297
1 ,290
1 ,280
1 ,281
1 ,294
615
368
842
271
109
352
1 ,273
1 ,199
1 ,255
835
737
799
739
742
734
796
744
738
Pi
2,333
1,817
6,444
9,365
14,457
15.577
16,400
16,647
19,277
16,919
15,550
15,498
16,509
16,364
17,263
18,279
19,484
19,536
Net demand deposits l
2H
75
75
1,928
1,123
2,356
2,292
11,653
12,450
15,915
16,139
17,899
17,389
20,479
17,867
16,568
15,934
17,681
493
481
247
162
558
Effective date
of change
MARGIN REQUIREMENTS3
[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 ,360
1 ,308
822
961
859
1 ,189
941
1 ,517
1 ,431
1 ,460
374
346
251
291
495
607
563
592
590
713
706
771
714
23
475
5 ,209
3 ,085
1 ,458
562
1 ,499
742
1 ,202
948
1 ,018
436
1 ,172
1 ,027
825
627
826
933
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
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
infwhich the member bank is located. Maximum rates that may be
paid by insured nonmember banks as established by the F.D.I.C.,
effective Feb. 1, 1936, are the same as those in effect for member banks.
Prescribed in accordance with
Securities Exchange Act of 1934
28
166
653
36
35
634
867
977
393
870
729
734
698
690
765
700
716
727
780
772
746
741
733
Nov. 1, 1933- Feb. 1, 1935- Effective
Jan. 31, 1935Dec. 31, 1935 Jan. 1, 1936
Savings deposits
Postal savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months. . .
In less than 90 days
Other
Federal
Reserve
ReExac- Total quired2 (:ess'
counts
1938—Apr.
1941—Nov.
1942—Aug.
Sept
Oct.
1948—Feb.
June
Sept
Sept.
16
1
20
14
3
27
11
16
24
1949—May
1
May
June
July
Aug
Aug.
Aug.
Aug.
Aug.
Sept.
1951—Jan.
Jan
5
30
1
1
11
16
18
25
1
11
16
Jan. 25
Feb. 1
In effect Mar. 1, 1952 4 . . .
Central
reserve
city
banks
Reserve
city
banks
22M
26
24
20
2
Time
deposits
Country
banks
(all
member
banks)
12
14
5
6
16
2
71/
3
73^
22
20
22
24
26
22
24
21
20
2 7
3
14
13
193^
"*23""
23
18
19
24
20
24
20
" "\2
7
36
2
6
35
2
5
2
. . . _
14
14
3
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.
Backfigures.—SeeBanking 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
Feb. 29
Boston
New York
Philadelphia. .
Cleveland
Richmond
Atlanta
Chicago
,
St. Louis
Minneapolis. .
Kansas City.,
Dallas
San Francisco
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Previous
rate
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advances
[Sec. 10(b)]
Rate on
Feb. 29
21,1950
21,1950
25,1950
25,1950
25,1950
24,1950
25,1950
23,1950
22,1950
25,1950
25,1950
24,1950
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Previous
rate
Rate on
Feb. 29
In effect
beginning—
Jan.
'Oct.
Aug.
Aug.
2
Oct.
Aug.
Aug.
Jan.
Aug.
Jan.
Feb.
2
Oct.
21,1950
21,1950
25,1950
25,1950
25,1950
24,1950
25,1950
23,1950
22,1950
25,1950
25,1950
24,1950
14,
30,
23,
25,
28,
24,
13,
12,
23,
19,
14,
28,
Previous
rate
:
1948
1942
1948
1950
1942
1950
1948
1948
1948
1948
1948
1942
2
3^
2
2J^
4
2J^
2J^
2
2)4
2
2
4
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
Certain special rates to nonmember banks were in effect during the wartime period.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal
Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made 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 4 months for advances under Section 10(b). The maximum maturity for advances to individuals
partnerships, or corporations made under the last paragraph of Section 13 is 90 days.
Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
2
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum]
Maturity
1- 90 days
91-120 days
121-180 days
Rate on
Feb. 29
w%
2
2H
AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT
In effect beginning—
Previous
rate
Dec. 18, 1951
Dec. 18, 1951
Dec. 18, 1951
IK
[In effect February 29.
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.
FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950 AND EXECUTIVE
ORDER NO. 10161
[In effect February 29]
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
Percentage of
loan guaranteed
70 or less
75
80
85
90
95
Over 95
Maturities not exceeding five years
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
any commitment
fee charged
borrower
10
15
20
25
10
15
20
25
30
30
35
40-50
35
40-50
Maximum Rates Financing Institutions May Charge Borrowers
[Per cent per annum]
Per cent per annum]
To industrial or
commercial
businesses
To financing institutions
On discounts or
purchases
Federal
Reserve
Bank
On
loans 1
On
commitments
Portion
for which
institution is
obligated
Remaining
portion
On
commitments
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y . . . .
Dallas
San Francisco...
1
Including loans made in participation with financing institutions.
2
Rate charged borrower less commitment rate.
»
Rate
charged borrower.
4
Rate charged borrower but not to exceed 1 per cent above the discount
rate.
6
Charge of 34 per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118,
pp. 446-447.
Interest rate
Commitment rate.
MARCH
1952
265
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
Multi-unit
residences
(Reg. X and FHA)
Value per family unit
Regulation X and FHA
VA
Nonresidential
properties *
(Regulation X)
Maximum loan per family unit 2
(in per cent of value unless otherwise specified)
Not more than $7,000
90
96 per cent of price
$7,001-$10,000
85
94 per cent of price
$10,001-$12,000
80
$12,001-$15,000
$9,600 plus 40 per cent
of excess over $12,000
(80-72)
$11,040 plus 17 per cent
of price over $12,000
(92-77 per cent of price)
$15,001-$20,000....
$10,800 plus 20 per cent
of excess over $15,000
(72-59)
$11,550 plus 25 per cent
of price over $15,000
(77-64 per cent of price)
$11,800 plus 10 per cent
of excess over $20,000
(59-50)
$12,800 plus 15 per cent
of price over $20,000
(64-55 per cent of price)
$20,001-$23,500....
$23,501-$24,500
83
92 per cent of price
50
Over $24,500
55 per cent of price
Maximum loan
per property
$5,810 plus 53 per cent
of excess over $7,000
(83-67)
50 per cent of value
$10,050 plus 20 per cent
of excess over $15,000
(67-50)
1 -
Maximum maturity (years)
25
20
Not more than $12,000
Over $12,000
3 25
*20
J
}
None specified
Amortization requirements
All values . . .
Effective date
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
September 1, 1951 *
September 1, 1951 <
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
January 12, 1951
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.
8
Under special circumstances and with the approval of the Veterans Administrator, the maximum maturity on a loan may be 30 years.
4
For terms effective before Sept. 1, 1951, see BULLETIN for October 1950, p. 1321, and January 1951, pp. 31-32.
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.
MINIMUM DOWN PAYMENTS AND MAXIMUM MATURITIES UNDER REGULATION W
Prescribed by Board of Governors of the Federal Reserve System under authority of the Defense Production Act of 1950,
approved September 8, 1950, and as amended July 31, 1951
Minimum down payment x
(per cent)
Maximum maturity
(months)
Listed articles and loans
Sept. 18Oct. 15, 1950
Oct. 16, 1950July 30, 1951
July 31, 1951
Sept. 1 8 Oct. 15, 1950
Oct. 16, 1950July 30, 1951
July 31, 1951
Listed articles:
2
Passenger automobiles
Major appliances 5
Furniture and floor coverings
Home improvement materials, articles,
and services
10
25
15
15
21
18
18
15
15
15
18
18
18
10
10
10
30
30
36
Loans:
To purchase listed articles
Unclassified
(5)
(6)
(6)
(6)
18
(5)
15
(5)
18
33 H
1
For automobiles, payable in cash, trade-in, or both; for other listed articles, payable in cash from Sept. 18, 1950, to July 30, 1951, and in
cash, trade-in, or both from July 31, 1951. Exempted from down payment requirements: Sept. 18-Oct. 15, 1950, listed articles costing less than
$100; beginning Oct. 16, 1950, those costing less than $50.
2
Effective J a n . 2, 1952, includes only automobiles of model years later than 1942.
3
Includes radio or television receiving sets, phonographs, refrigerators, food freezers, cooking stoves, ranges, dishwashers, ironers, washing
machines, clothes driers, sewing machines, suction cleaners, room-unit air conditioners, and dehumidifiers.
4
6
Includes heating, plumbing, and other household
fixtures.
Requirements same as on instalment sales of respective articles.
266
FEDERAL RESERVE
BULLETIN
STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
1952
Feb.
Assets
Gold certificates
Redemption fund for F. R. notes...
27
Feb. 20
1952
Feb. 13
Feb. 6
Jan. 30
21,186,251 1,146,254 1,119,252 1,074,252 1,012,254
708,102
706,355
706,125
708,102
719,231
Total gold certificate reserves..
1951
Jan.
Feb.
Feb.
1,286,251 1,012,251 20,257,403
706,081
594,817
719,231
1,892,376 1,852,609 1,827,354 1,782,354 1,731,485 1,992,332 1,731,482 !0,852,220
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc.
Industrial loans
U. S. Government securities:
Bills
Certificates:
Special
Other
Notes
Bonds
419,320
424,547
431,623
422,722
431,378
413,805
430,172
359,038
422,486
454,287
619,339
282,833
210,145
598,175
328,485
397,557
4,977
""i',466
630 " "4',529
" "4",4i6
""4",
'4',883 " " 4 ' , 5 7 O
3,606
1,526,606
,860,447 12,087,148 12,202,148 12,372,998 11,824,306 12,316,398
,068,073 5,068,073 5,068,073 5,068,073 5,068,073 5,068,073 14,960,983
,471,177 5,344,127 5,344,127 5,344,127 5,635,823 5,344,127 5,393,375
11,851
5,068
5,635
Total U. S. Government securities.
22,554,952 22,399,697 22,499,348 22,614,348 22,785,198 22,528,202 22,728,598 21,880,964
Total loans and securities.
22,982,415 22,858,450 23,123,317 22,901,710 22,999,753 23,131,260 23,061,653 22,282,127
Due from foreign banks
F. R. notes of other Banks.
Uncollected cash items
Bank premises
Other assets
28
180 ,801
3,761 ,184
44 ,095
201 ,894
Total assets.
28
28
28
28
28
28
182,127
179,434
205,928
195,903
210,345
176,885
,001,662 3,757,090 3,357,931 3,424,083 3,355,342 3,299,047
44,137
43,898
44,059
43,902
43,91
44,170
204,086
168,360
167,280
182,136
174,748
191,675
49,482,113 49,550,026 49,545,041 48,879,298 49,008,269 49,323,117 48,940,568 47,368,309
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve accounts..
U. S. Treasurer—general account.
Foreign
Other
24,357,763 24,356,630 24,410,969 24,388,353 24,374,926 24,422,570 24,404,664 23,109,851
19,709,596 20,007,144 20,093,579 20,147 ,740 20,012,918 19,982,428 20,076
557,799
161
491,078
711,519
261,208
51 ,629
220,880
577,359
522,78
427,871
462 ,192
456,995
445
475,700
218,159
206,650
257,179
265 ,752
271,746
320
272,622
Total deposits.
19,066,165
465,141
838,880
333,326
21,150,552 21,246,544 21,039,837 20,927,313 20,962,539 21,335,745 21,004,476 20,703,512
2,993,176 2,973,005 3,127,422 2,603 947 2,717,158 2,582,699 2,578.
14,412
14,264
13,
13,533
14,865
13,979
13,
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities.
48,068,156 48,355,426 48,000,323 46,461,344
48,516,356 48,590,443 48,592,207 47,932,
Capital Accounts
Capital paid in
Surplus (section 7)
Surplus (section 13b)
Other capital accounts
241,128
538,342
27,543
158,74.
240,843
538,342
27,543
152,855
240,271
538,342
27,543
146,678
2,636,996
10,985
240,094
538,342
27,543
140,430
239,766
538,34:
27,543
134,462
241,431
538,342
27,543
160,375
239,802
538,342
27,543
134,558
227,916
510,022
27,543
141,484
49,482,113 49,550,026 49,545,041 48,879,298 49,008,269 49,323,11 48,940,568 47,368,309
Total liabilities and capital accounts
Ratio of gold certificate reserves to deposits and
F. R. note liabilities combined (per cent)
Contingent liability on acceptances purchased
for foreign correspondents
Industrial loan commitments
48.1
47.9
48.0
48.1
47.9
48.1
47.9
47.6
10,108
6,821
11,102
7,30
11,672
7,071
12,310
7,162
12,826
6,589
9,852
6,844
12,826
7,124
31,516
2,937
328,485
303,441
25,044
4,570
397,557
387,868
9,668
676
923
48
269
Maturity Distribution of Loans and U. S. G o v e r n m e n t Securities *
Discounts and advances—total
Within 15 days . . .
16 days to 90 days
91 davs to 1 vear
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 davs
16 to 90 days .
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
422,486
398,979
23,507
454,287
433,309
20,978
619,339
595,886
23,453
282,833
253,654
29,179
210,145
184,301
25,844
598,175
562,843
35,332
4,977
4,466
4,630
4,529
4,410
4,883
937
815
908
646
781
881
747
790
687
868
778
21
3,606
1,088
1,912
1,916
1,527
2,073
1,863
2,019
1,948
2,160
964
1,080
1,052
1,108
1,164
1,108
1,206
1,129
. . . ? ? ,554,952 7.2 ,399,697 22 ,499,348 22 ,614,348 22 ,785,198 22 ,528,202 22 ,728,598 21 ,880,964
164,650
4 ,156,646 3 ,798,791 3 ,207,242 3 ,207,242 3 ,207,242 4 ,156,646 3 ,207,242 1 ,361,956
9 ,653,731 9 ,856,331 10 ,547,531 10 ,662,531 10 ,833,381 9 ,626,981 10 ,776,781 12 ,231,185
S ,102,256 5 ,102,256 5 ,102,256 5 ,102,256 5 ,102,256 5 ,102,256 5 ,102,256 4 ,308,973
1 ,013,614 1 ,013,614 1 ,013,614 1 ,013,614 1 ,013,614 1 ,013,614 1 ,013,614
986,700
2 ,628,705 2 ,628,705 2 ,628,705 2 ,628,705 2 ,628,705 2 ,628,705 2 ,628,705 2 ,827,500
...
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
25,426,417 25,455,954 25,477,051 25,543,103 25,632,082 24,422,570 25,630,522 23,957,688
12,624,000 12,584,000 12,684,000 12,684,000 12,684,000 12,624,000 12,684,000 12,769,000
379,235
218,910
110,770
283,391
381,164
125,358
293,852
271,721
13,575,000 13,675,000 13,675,000 13,775,000 13,775,000 13,575,000 13,775,000 12 ,040,000
26,470,721 26,552,852 26,740,164 26,584,358 26,569,770 26,578,235 26,677,91025,092,391
Callable U. S. Government securities classified according to nearest call date.
MARCH
1952
267
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 29? 1952
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
San
Francisco
Dallas
Assets
Gold certificates. 21,286,251
Redemption fund
forF. R. notes.
706,081
755,597 7,127,451 1,256,516 1,436,848
62,118
75,496
55,066
80,598
965,967
65,208
833,922 4,040,857
591,763
374,422
805,879
116,721
49,033
24,901
36,912
399,323
8,529
842,791
17,017
1,425
41,485
250
49,225
Total gold certificate reserves.. 21,992,332 817,715 7,202,947 1,311,582 1,517,446 1,031,175 883,147 4,157,578 640,796
29,089
77,652
36,366
21,324
80,156
29,917
29,631
413,805
Other cash
26,782
Discounts and
advances:
Secured by
U. S. Govt.
24,000
5,490
6,385
7,025
23,425 169,750
10,650
securities. . .
597,315
31,130
325
200
85
860
Other
80
3,874
4,883
782
Industrial loans..
U. S. Govt.
securities
22,528,202 1,527,254 4,849,669 1,383,367 2,246,017 1,505,537 1,324,456 3,479,931 1,236,933
Total loans and
securities.... 23,131,260! 1,534,364 4,880,799 1,393,626 2,251,707 1,529,942 1,348,663 3,649,681
Due from foreign
3
1
4
1
banks
28
2
2
F. R. notes of
9,235
25,712
14,055
49,441
other Banks
182,127
20,309
9,071
5,990
Uncqllected cash
611,799 207,949 307,172 266,305 244,625 558,971
items
3,355,342 294,898
7,542
Bank premises...
4,795
3,111
6,515
4,172
44,137
2,843
1,008
43,209
Other assets
21,006
12,128
30,886
Total assets
1,247,583
129
663,979 2,433,050
27,966
62,837
691,945 2,495,887
42,016
15,326
8,200
268,350
' ' 'l8
716,419 1,083,449 1,064,615 2,110,555
717,973 1,125,184 1,072,833 2,378,905
1
1
1
1
3
7,481
6,047
6,141
11,560
17,085
130,363
3,230
10,975
84,576
1,078
6,314
185,878
2,442
9,930
148,192
650
9,571
314,614
6,751
18,914
13,810
204,090
12,425
14,922
49,323,121! 2,698,530 12,846,769 2,967,415 4,147,730 2,921,628 2,546,476 8,495,342 2,061,753 1,223,841 2,189,384 1,950,078 5,274,175
Liabilities
F. R. notes
24,422,570 1,492,866 5,405,088 1,730,673 2,224,340 1,726,910 1,332,911 4,664,424 1,137,8
622,792 963,395 686,123 2,435,180
Deposits:
Member bk.—
456,277 968,794 1,005,448 2,364,891
reserve accts. 9,982,428 858,473 6,318,257 908,183 1,492,610 843,873 907,391 3,143,087
U. S. Treas.—
45,424
35,550
55,072
44,062
63,387
50,981
34,771
31,574
51,164
63,175
32,906
49,733
gen. acct.. . . 557,799
29,187
24,609
52,652
44,639
79,550
14,880
53,239
35,483 2 177,879
21,747
21,747
577,359
21,747
Foreign
1,622
4,101
2,778
1,377
31,155
163,131
878
1,803
7,136
168
218,159
3,066
944
Other
Total deposits... 21,335,745i
Deferred avail.
cash i t e m s . . . . 2,582,699
Other liab. and
accrued div....
14,412
997,762 1,600,344
920,106
970,328 3'.,287,827, 778,798 504,108 1,040,442 1,079,303 2,512,460
213,497
446,663
164,060
231,427
222,061
198,297
405,739
104,756
69,807
146,144
145,076
235,172
880
3,600
816
1,767
699
809
2,297
607
640
598
521
1,178
929,928 6,714,339
Total liabilities. . 48,355,426 2,637,171 12,569,690 2,893,311 4,057,878 2,869,776 2,502,345 8,360,287 2,022,029 1,197,347 2,150,579 1,911,023 5,183,990
Capital Accts.
Capital paid in. .
Surplus (Sec. 7)..
Surplus (Sec. 13b)
Other cap. accts..
241,431
538,342
27,543
160,379
13,076
34,192
3,011
11,080
76,338
159,743
7,319
33,679
16,926
41,493
4,489
11,196
22,972
50,648
1,006
15,226
10,529
27,025
3,349
10,949
9,970
23,871
762
9,528
31,250
79,601
1,429
22,775
8,456
21,788
521
8,959
Total liabilities
and cap. accts.. 49,323,121 2,698,530 12,846,769 2,967,415 4,147,730 2,921,628 2,546,476 8,495,342 2,061,753
Reserve r a t i o . . . .
Cont. liab. on accept, purch.—
foreign corresp.
Industrial loan
commitments..
48.1%
9,852
6,844
33.8%
627
59.4%
3 2,793
48.1
39.7%
39.0%
789
930
516
2,174
916
67
38.3
435
52.3%
33.4%
1,406
2,433
5,444
14,063
1,073
5,914
9,127
20,367
1,137
8,174
11,558
18,210
1,307
7,980
25,785
47,341
2,140
14,919
223,841 2,189,384 1,950,078 5,274,175
35.4%
263
42.1%
384
825
39.2%
384
50.4
941
429
Federal Reserve Notes—Federal Reserve Agents' Accounts
F. R. notes outstanding (issued
to Bank)
25,424,432 1,563,501 5,649,301 1,793,548 2,326,569 1,807,797 1,398,633 4,767,130 1,181,077 632,961 989,039 729,852 2,585,024
Collateral held:
Gold certificates 12,624,000 350,000 4,470,000 750,000 760,000 580,000 485,000 2,610,000 270,000 150,000 280,000 219,000 1,700,000
7,110
379,235
28,730
6,385
18,950
Eligible paper..
10,650
41,635
1,425
264,350
U. S. Govt. sec. 13,575,000 1,300,000 1,300,000 1,100,000 1,62*5", 000 1,300,000 950,000 2,200,666 1,000,000 505,000 750,000 545,000 1,000,000
Total collateral.. 26,578,235 1,657,110 5,798,730 1,856,385 2,385,000 1,898,950 1,435,000 4,810,000 1,280,650 656,425 1,071,635
764,000 2,964,350
1
After
2
After
3
deducting $20,000 participations of other Federal Reserve Banks.
deducting $399,465,000 participations of other Federal Reserve Banks.
After deducting $7,059,000 participations of other Federal Reserve Banks.
268
FEDERAL RESERVE BULLETIN
LOANS
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
GUARANTEED
THROUGH
FEDERAL
RESERVB
BANKS UNDER REGULATION V, PURSUANT
[Amounts in thousands of dollars]
TO
DEFENSE PRODUCTION ACT OF 1950 AND
D a t e (last
Wednesday
or last day
of period)
Number
3,489
3,511
3,542
3,574
. . . . 3,607
3 649
3,698
1944
1945
1946
1947
1948
1949
1950
Participations
proved
Loans Commit- of financbut not
outments ing insticom- standing 2
outtutions
pleted i (amount) standing
out(amount) standing 8
Amount (amount)
(amount)
Applications
approved
UcllC
to
525,532
544,961
565,913
586,726
615,653
629,326
651,389
320
3,894
1,995
4,577
1,295
554
945
335
539
1,387
4,819
995
2,178
2,632
4,165
1,644
8,309
7,434
1,643
2,288
3,754
EXECUTIVE ORDER NO. 10161
[Amounts in thousands of dollars]
Date
2,705
1,086
2,670
4,869
1,990
2,947
3,745
Number
3,707
3,706
3,710
3,717
3,721
3,724
3,727
3,731
3,732
3,734
N o v . 3 0 . . . 3,736
Dec. 3 1 . . . 3,736
654,199
655,702
660,525
664,473
667,988
671,432
678,477
691,536
695,178
700,040
706,215
710,931
1,862
1,523
3,980
4,925
3,578
3,221
6,730
12,197
4,394
2,943
3,073
3,513
3,520
3,681
3,988
4,845
5,255
5,762
5,801
5,750
5,062
4,447
4,505
4,687
3,325
2,937
2,824
2,595
3,643
3,740
3.767
6,050
6,478
7,151
6,361
6,036
5,402
5,358
5,262
5,331
5,999
6,199
6,115
7,860
11,420
11,990
12,064
11,985
1952
Jan. 3 1 . . .
716,210
832
4,621
7,125
12,018
31. ..
28...
31...
30. . .
31...
30...
31...
31...
30...
31...
3,738
Amount
Total
amount
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
1950
Oct. 3 1 . . .
Nov. 3 0 . . .
Dec. 3 1 . . .
1951
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Guaranteed
loans
outstanding
Guaranteed loans
authorized
to date
3
23
62
1,000
13,585
31,326
2,340
8,017
2,232
6,265
3,335
8,299
119
161
254
328
402
484
568
658
729
776
815
854
109,433
122,541
300,955
421,267
514,626
654,893
828,584
1,052,337
1,154,942
1,218,988
1,302,342
1,395,444
23,778
44,250
68,833
126,080
183,610
252,100
325,299
405,043
492,167
556,839
615,812
675,459
19,837
36,537
56,973
106,053
151,858
209,465
267,715
332,618
400,652
454,789
502,524
546,597
13,748
33,840
47,822
185,001
205,629
276,702
349,905
384,852
450,013
495,512
476,699
472,827
901
1,463,443 715,928
580,381
525,129
1951
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
31...
28...
31...
30...
31...
30...
31...
31...
30...
31...
Nov. 3 0 . . .
Dec. 31. . .
1952
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.
Jan.
31...
NOTE.—The difference between guaranteed loans authorized and
sum of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts
repaid, guarantees authorized but not completed, and authorizations
expired or withdrawn.
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1
All
member
banks
Central reserve
city banks
New
York
Chicago
In millions of dollars]
Reserve
city
banks
Country
banks
All
member
banks
Demand balances due from domestic banks...
Reserves with Federal Reserve Banks:
Total
Required
Excess
Borrowings at Federal Reserve Banks
106,502
13,472
93,030
92,198
31,052
23 ,492
4 ,236
19 ,256 .
21 ,370
1 ,957
6,001
1,279
4,722
5,382
1,140
40,943
6,666
34,277
35,135
12,375
Chicago
New
York
Reserve
city
banks
Country
banks
Second half of January 1952
First half of January 1952
Gross demand deposits:
Total
Interbank
Other
2
Net demand deposits
Time deposits 3
Central reserve
city banks
36,066 105,218
1,291
12,859
34,775 92,359
30,310 92,023
15,580 31,082
23,216
4,107
19,109
21,371
1,920
,857
,204
,653
,284
,139
40,508
6,326
34,181
35,104
12,400
35,638
1,221
34,417
30,264
15,622
6,829
48
129
2,079
4,573
6,451
41
117
1,983
4,310
20,490
19,554
936
5 ,330
5 ,246
84
1,356
1,360
-4
7,956
7,770
187
5,849
5,178
670
20,450
19,520
930
5,341
5,244
96
1,339
1,336
3
7,978
7,765
213
5,792
5,174
617
213
3
32
137
41
207
1
35
123
48
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are
based2 on deposits at opening of business.
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand balances due from domestic banks.
» Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
MARCH
1952
269
POSTAL SAVINGS SYSTEM
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
All
member
banks i
Month, or
week ending Wednesday
T o t a l reserves h e l d :
1951—January
December
1952—January
Jan. 16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Excess reserves:
1951—January
December
1952—January
Jan. 16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Borrowings a t Federal
Reserve B a n k s :
1951—January
December
1952—January
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
16
23
30
6
13
20
Central reserve
city banks
Reserve
city
banks
[In millions of dollars]
New
York
Chicago
18,088
20,310
20,469
4,751
5,275
5,335
1,256
1,356
1,347
7,084
7,922
7,967
4,997
5,756
5,819
20,331
20,716
20,232
20,061
20,077
19,979
5,217
5,363
5,336
5,248
5,194
5,197
1,347
1,342
1,330
1,312
1,313
1,297
7,979
8,079
7,894
7,790
7,783
7,750
5,788
5,932
5,672
5,711
5,787
5,736
825
826
933
9
44
90
-4
3
-1
182
184
200
638
596
643
852
1,162
745
659
743
P687
26
140
74
2
1
2
1
2
-3
-8
3
-7
205
281
162
117
132
128
620
739
512
548
607
P564
212
657
210
73
151
2
15
64
34
95
354
130
29
89
45
217
145
221
276
373
414
2
40
39
29
76
83
65
119
73
135
159
241
101
56
33
57
41
17
212
32
36
Assets
Country
banks l
P1 Preliminary.
Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.
Back figures.—See Banking and Monetary Statistics, pp. 396-399.
Depositors'
balances *
Total
1943—December
1944—December
1945—December
1946—December
1947—December
1948—December
1949—December
1,788
2,342
2,933
3,284
3,417
3,330
3,188
1950—September. . .
October
November. . .
December
1951—January
February
March
April
May
June
July
August
September....
October
November
December
P2,701
1952—January
J>2,698
End of month
Cash
in
depository
banks
U. S.
Government
securities
Cash
reserve
funds,
etc.*
1,843
2,411
3,022
3,387
3,525
3,449
3,312
10
8
6
6
6
7
7
1,716
2,252
2,837
3,182
3,308
3,244
3,118
na
152
179
200
212
198
187
2,991
2,967
2,947
2,924
3,111
3,088
3,069
3,045
10
10
10
11
2,923
2,903
2,888
2,868
177
175
171
166
2,901
2,877
2,852
2,831
2,808
2,788
2,772
2,754
2,738
2,724
P2,71O
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
v Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes reserve and miscellaneous working funds with Treasurer
of United States, working cash with postmasters, accrued interest on
bond investments, and miscellaneous receivables.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
1
2
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts, except
interbank accounts
Year or month
Annual rate of
turnover of demand
deposits, except interbank and Government
Annual rate of
turnover of total
deposits, except
interbank
Debits to demand
deposit accounts,
except interbank
and Government
New
York
City 2
Other
leading2
cities
New
York
City*
Other
leading
cities *
Total, all
reporting
centers
New
York
City 1
140
other
centers 1
Other
reporting
centers
New
York
City
1946—old series »
1946—new series*
1947 . .
1948
1949
19S0
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
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
1951—January
February
March
April
May
June
July
August
September
October
November
December
138,406
114,064
144,015
128,450
130,704
135,031
124,425
125,291
121,205
139,308
132,158
144,800
48,207
39,067
53,171
45,477
45,375
48,588
43,224
41,363
41,145
47,971
44,802
53,500
75,017
62,370
75,941
69,421
71,197
72,110
67,532
69,827
66,359
75,799
72,428
76,049
15,181
12,627
14,904
13,553
14,132
14,332
13,669
14,101
13,700
15,539
14,928
15,251
27.9
26.1
29.0
26.5
26.2
27.9
26.0
23.8
26.0
26.4
27.8
30.7
15.2
14.3
14.9
14.6
14.3
14.5
14.1
13.5
14.4
14.4
15.4
15.1
47,561
38,916
53,142
44,312
42,272
49,398
41,673
39,007
41,688
45,334
42,503
55,184
73,226
62,239
75,897
68,157
68,378
72,179
64,826
67,441
66,941
72,515
69,685
76,007
32.9
30.7
35.5
32.5
30.0
34.4
31.1
27.0
31.7
30.4
31.4
37.9
22.0
21.5
22.5
22.3
21.a
22.2
20.9
20.0
21.8
20.9
22.0
22.6
1952—January
138,520
48,106
74,953
15,462
26.4
14.4
45,425
71,986
30.1
20.6
1
National series for which bank debit figures
2
Weekly reporting member bank series.
8
Other
reporting
centers
are available beginning with 1919.
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.
270
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks.
Total
in circulation *
End ©f year or
month
1933.
1934.
1935.
1936.
1937.
1938.
1939.
1940.
1941.
1942.
1943.
1944.
1945.
1946.
1947.
1948.
1949.
In millions of dollars]
Coin and small denomination currency *
Total
Coin
4,167
5,519
4,292
5,536
4,518
5,882
5,021
6,543
5,015
6,550
5,147
6,856
5,553
7,598
6,247
8,732
8,120
11,160
15,410 11,576
20,449 14,871
25,307 17,580
28,515 20,683
28,952 20,437
28,868 20,020
28,224 19,529
27.600 19,025
442
452
478
517
537
550
590
648
751
880
1,019
1,156
1,274
1,361
1,404
1,464
1,484
$2
$5
402
423
460
499
505
524
559
610
695
801
909
987
1,039
1,029
1,048
1,049
1,066
33
32
33
35
33
34
36
39
44
55
70
81
73
67
65
64
62
719
771
815
906
905
946
1,019
1,129
1,355
1,693
1,973
150
2,313
2,173
2,110
2,047
2,004
Large denomination currency *
Unassorted
$10
$20
Total
$50
$100
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
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
,360
,254
,369
,530
,542
,714
,048
,489
,044
,837
,580
7,730
7,834
8,518
8,850
8,698
8.578
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
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
125
112
122
135
139
160
191
227
261
287
407
555
454
438
428
400
382
237
216
239
265
288
327
425
523
556
586
749
990
801
783
782
707
689
8
5
7
7
6
17
20
30
24
9
9
10
7
8
5
5
4
10
7
16
18
12
32
32
60
46
25
22
24
24
26
17
17
11
8
10
5
8
7
5
2
4
4
3
2
3
2
3
3
3
3
2,384 4,994
2,422 5,043
365
368
589
588
4
4
9
12
2
2
2,393
2,385
2,369
2,371
2,382
2,405
2,409
2,428
2,437
2,452
2,482
2,544
5,002
4,986
4,955
4,941
4,938
4,947
4,952
4,989
5,034
5,092
5,133
5,207
366
365
362
360
357
356
354
353
353
353
352
355
583
581
576
573
570
570
565
562
557
554
549
556
4
4
4
4
4
4
4
4
4
4
4
4
9
9
8
8
8
8
8
8
8
8
8
12
3
2
1
1
1
2
2
2
2
2
2
2
2,508 5,161
352
550
1950—November... 27,595
December... 27,741
19,252
19,305
1,547 1,089
1,554 1,113
62
64
2,021 6,021 8,511 8,345
2,049 5,998 8,529 8,438
1951—January
February
March
April
May
June
July
August
September...
October
November...
December. . .
27,048
27,188
27,119
27,278
27,519
27,809
27,851
28,155
28,288
28,417
28,809
29,206
18,694
18,861
18,845
19,023
19,260
19,521
19,560
19,813
19,896
19,955
20,283
20,530
1,530
1,535
1,542
1,551
1,568
1,578
1,590
1,602
1,616
1,631
1,642
1,654
1,056
1,057
1,059
1,073
1,087
1,092
1,092
1,103
1,124
1,132
1,144
1,182
61
61
61
62
63
64
64
64
64
65
65
67
1,943
1,959
1,953
1,973
1,995
2,011
2,008
2,031
2,038
2,041
2,075
2,120
1952—January
28,386
19,807 1,631 1,115
65
2,009 6,088 8,898 8,582
5,791
5,880
5,881
5,943
6,024
6,113
6,088
6,176
6,181
6,160
6,291
6,329
8,313
8,369
8,348
8,422
8,523
8,663
8,718
8,837
8,874
8,927
9,067
9,177
8,356
8,329
8,275
8,257
8,259
8,289
292
8,344
8,393
8,463
8,528
8,678
$500 $1,000 $5,000 $10,000
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]
Meney in circulation
Money held in the Treasury
Total outstanding, As security
against
Dec. 31,
Treasury
gold and
1951
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—Jan 31 1952
Dec 31 1951
Jan 31 1951
22 951
21,770
25 631
4,717
3
492
2,076
2 316
1 091
21,770
* 1,181
s2,316
64
74
240
2,076
61
(5)
80
(5)
24,086
23 860
23,513
1,319
1,270
1,297
2,816
1,432
430
3
347
232
(4)
18,916
7
2
398
(4)
(4)
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents
18,916
18,653
18,345
Jan. 31,
1952
Dec. 31,
1951
l
Jan. 31,
1951
38
38
40
24,135
4,213
24,807
4,360
22,811
4,197
4
188
189
177
349
29
1,967
1,055
2,080
1,073
2,027
982
9
388
392
371
36
3
308
229
316
232
303
254
1
79
4,678
4,406
4,367
28,386
79
83
29,206
27,048
1
Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals
for other
end-of-month dates are shown in table above and totals by weeks in the table on p. 263.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
8
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
* Because some of the types of money shown are held as collateral or reserves against
other types, a grand total of all types has no special
6
significance and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of Guch 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.
MARCH 1952
271
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS 1
[Figures partly estimated except on call dates. In millions of dollars]
Assets
Liabilities
a n d Capital
Total
assets,
Bank credit
Date
Gold
1929—June
1933—June
1939—Dec
1941—Dec
1945—Dec.
1946—Dec
1947—Tnne
Dec.
194g—Tune
Dec
29
30
30
31
31
31
30
31
30
31
30
31
30
170
17?
177
171
173
61
6?
67
67
63
22 600
,700
,100
,100
,300
,447
,300
174 ,300
176 ,400
178 ,300
179 ,400
181 ,300
22 900
4,700 179 ,900
71 266
22, 754
73, 532
74 244
1951—Feb. 28
Mar. 28
7? 100
71 900
800
21 800
71 756
71 800
?1 800
7? 000
7? 200
7? 300
29P
Oct
74, 231
706
31P
Sept.
Nov.
Dec. 26P
1952—Jan.
Total
4,600
4,600
4,600
4,600
4,655
4,700
4,700
4,700
4,700
4,700
4,700
529
24, 466
74, 427
Aug
Commercial
and
savings
banks
5 741
41 , 082
5,499
8,199
21, 957 10 328
105 19,417
77. 157
79 049
25,511
76, 605
3 0 , 387 128 417 101,288
110 86,558
765
82,679
38 373 107 873
81,199
4 3 , 023 107 086
299 101 451 76,774
74,097
48, 341 100 694
47, 148 97 428 74,877
49, 604 100 456 78,433
51 , 999 98 709
77,320
72,894
6 0 , 366
96 560
1949—June
Dec
1950—June
Dec 30
July
Lo<ans,
et
58 ,642
42 ,148
54 ,564
64 ,653
167 ,381
158 ,366
156 ,297
160 ,832
157 ,958
160 ,457
156 ,491
16? ,681
164 ,348
171 ,667
7? 737
2 0 , 065
June 30
Total
2,019
2,286
2,963
3,247
4,339
4,562
4,552
4,562
4,565
4,589
4,597
4,598
4,607
4,636
4 037
4, 031
17, 644
A p r 25
]Vtay 30
currency
Total
liabil-
U.S. Government obligations
Treas-
64
6S
65
66
500
500
600
900
821
400
000
000
800
500
67 700
66 700
Federal
Reserve
Banks
216
1, 998
Other
26
131
204
484
24, 262
73, 350
1,
1,
2,
3,
71 872
2 2 , 559
3 322
3 , 328
73 333
3 264
3 , 208
2 254
366
19, 343
18, 885
284
867
202
311
138
Other
securities
and
capital,
net
058
2 888
71 900
7? 600
900
22 300
7? 982
100
23 100
73 500
600
23 200
?
97 900
69,800
69,300
68,900
68,400
68,726
68,900
69,200
69,700
70,800
71,500
71,700
900
7 800
800
? 800
7 742
7 700
700
7 700
7 700
7 700
2, 700
14,800
14,900
15,000
14,900
15,176
15,300
15,300
15,400
15,500
15,500
15,800
97 300
71,900
22 800
2 700
15,900 207 600
500
700
600
500
450
600
000
900
000
400
23, 500
net
11,819 6 4 , 698
9,863 48, 465
9,302
75, 171
8,999 90, 637
8,577 191, 785
9,491 183, 457
10,051 187, 115
10,723 188, 148
11,208 186 055
11,422 189 290
11,915 185, 554
12,621 191 , 706
13,640
186
14,741 199, 009
18, 331
778
94
94
94
9}
94
94
95
95
97
97
Capital
Total
and
deposits misc.
and
accurrency counts,
107 500
198 600
198, 600
197 700
199 858
199 700
700 700
70^ 000
70S 200
706 400
55 776
42 029
68 359
8? 811
i
8 922
6, 436
6 812
7 826
180 806
171 657
10, 979
11 800
169 234
1? 882
175
17?
176
171
177
12 800
H 200
348
857
121
602
313
n
168
13 952
14 392
178 568
184 385
14 618
14 624
18? 600
700
183 600
18? 900
185 038
184 500
185 200
187 300
189 200
190 500
14
14
15
14
14
15
15
15
16
1S
191 400
16 200
208 600 192 900
800
900
000
800
820
200
500
700
000
900
15 700
Deposits a n d Currency
U. S. Government balances
D ate
Total
1929—June
1933—June
1939—Dec.
1941—Dec
1945—Dec.
1946—Dec
1947—June
Dec
1948—June
Dec.
1949:—June
Dec.
1950—June
Dec
29
30
30
31
31
31
30
31
30
31
30
31
30
30
1951—Feb 28
M a r 28
Apr. 25
May 30
June 30
July 25P
Aug
29P
Nov
28P
26P
Sept. 26P
Oct. 3 1 P
Dec.
1952—Jan.
. .
...
S5
42
68
82
180
171
L69
776
029
359
811
806
657
177
176
171
177
178
184
857
121
602
313
568
385
234
348
Foreign
bank
deposits,
net
365
50
1,217
1,498
2,141
1,885
1,657
1,682
1,727
2,103
1,927
2,150
2,555
2,518
Treasury
cash
204
264
2 ,409
7 ,215
7 ,287
7 ,272
,314
,336
,327
,325
,307
,312
,298
,293
At comAt
mercial Federal
and
Reserve
savings Banks
banks
381
852
846
1 895
74 608
103
1 367
1 452
7 180
451
2 ,304
3
,249
,801
,989
36
35
634
867
977
393
756
870
1 ,978
1 ,123
438
821
950
668
Deposits adjusted and currency
Time deposits 8
Total
54,790
40,828
63,253
76,336
150,793
164,004
164,140
170,008
165,695
169,119
165,626
169,781
169.964
176,917
2,400
,600
183 ,700 I 2,400
2,500
,600
187 ,900
2,500
,038
2,424
2,400
184 ,500
185 ,200
2,300
2,200
187 ,300
189 ,200
2,100
190 ,500
2,100
192 ,900
2,300
L.300
1,300
1,300
1,300
1,281
1,300
1,300
1,300
1,300
1,300
1,300
4 700
6 400
5 ,800
4 ,800
6 ,332
4 ,600
4 ,100
5 100
3 ,700
3 ,800
3 ,400
300
191 ,400
1,300
2 ,800
200 185,100
2,000
500
1 ,100
700
600
317
400
600
800
500
500
Demand
deposits2
7?
14
79
38
75
83
540
411
793
992
851
314
82 186
87 121
87
85
81
85
85
9?
697
520
877
750
040
,272
174,200 90 600
172,500 I 89 ,000
173,300 89 ,500
173,700 89 ,500
174,684 88 960
175,800 90 ,700
177,000 91 400
177,900 97 ,000
181,600 95 ,000
182,700 96 ,300
185,700 98 ,100
97 ,800
Commercial
banks
Mutual
savings
banks *
19,557
10,849
15,258
15,884
30,135
33,808
34,835
35,249
35,788
35,804
36,292
36,146
36,719
36,314
8
9
10
10
15
16
17 ,428
17 ,746
18 ,194
18 ,387
18 ,932
19 ,273
19 ,973
70 ,009
3 392
3 416
59 000
59 ,100
59 ,700
59 ,300
59 948
60 ,000
60 300
60 ,500
60 ,900
60 ,600
70 000
70 ,100
20 ,700
20 ,200
70 387
20 ,400
70 SOO
70 600
70 ,700
20 ,600
?
61 ,200
36,100
36,200
36,300
36,300
36,781
36,800
37,100
37,200
37,500
37,300
37,600
61 ,700
38,000
21 ,000
Total
78
71
?7
77
48
53
611
656
059
729
452
960
55 655
56 411
57 360
57 520
58 ,483
58 ,616
59 739
59 ,247
905
621
523
532
,385
Postal
Savings
System
1
1
1
7
869
20 ,900
149
186
278
313
932
283
3 378
3 ,329
,259
3 ,197
3 097
,923
900
2 ,800
2 ,800
2 ,800
7 785
7 ,800
,800
,700
,700
,700
2 ,700
2 ,700
7
7
2
Currency
outside
banks
4
6
9
?6
?6
639
761
401
615
490
730
26 ,299
76 476
?5 ,638
76 ,079
75 ,266
?5 ,415
75 ,185
75 ,398
?4 600
74 400
74 600
74 ,900
75 ,776
75 ,100
?5 ,300
,400
75 700
75 ,800
26 ,300
25 ,600
1
2
8
4
Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks.
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"
and in "Capital and miscellaneous accounts, net," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown
in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100
million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency.
272
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.
1949—Dec.
1950—Dec.
1951—June
Aug.
Sept.
Oct.
Nov.
Dec.
1952—Jan.
Other
Cash
assets 1
U. S.
Government
obligations
Other
securities
19,417
25,511
101,288
86,558
81,199
74,097
78.433
72,894
68,726
69,230
69,730
70,780
71,450
71,700
71,900
9,302
8,999
8,577
9,491
10,723
11,422
12,621
14,741
15,176
15,250
15,440
15,450
15,540
15,760
15,870
23,292
27,344
35,415
35,041
38,388
39,474
36,522
41,086
38,235
37,090
38,980
40,450
39,920
42,140
39,910
68,242
81,816
165,612
155,902
161,865
161,248
164,467
175,296
171,860
171,100
174,480
177,730
178,200
181,690
179,450
Total
Interbank »
Total
capital
account;
Number
of
banks
Demand
Time
9,874
10,982
14,065
12,656
13,033
12,269
12,710
14,039
11,947
12,200
12,810
13,490
13,330
14,060
13,420
32,516
44,355
105,935
92,462
95,727
94,671
96,156
104,744
102,527
101,110
103,670
105,820
106,690
108,860
106,770
25,852
26 ,479
45 ,613
50,784
53 ,105
54,308
55 ,601
56 ,513
57,386
57 ,790
58 ,000
58 ,420
58 ,180
58 ,770
59 ,260
8,194
8,414
10,542
11,360
11,948
12,479
13,088
13,837
14,236
14,360
14,410
14,530
14,540
14,620
14.650
15,035
14,826
14,553
14,585
14,714
14,703
14,687
14,650
14,636
14,634
14,634
14,631
14,625
14,622
14.615
30
31
31
31
31 2
31
31
30
30
29P. . .
26P. . .
31P. . .
28P. . .
26P. . .
30P.. .
50,884
61,126
140,227
131,698
134,924
133,693
140,598
148,021
147.742
148,950
150,550
152,550
153,980
155,630
155,200
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
63,840 83,901
64,470 84,480
65,380 85,170
66,320 86,230
66,990 86,990
68,170 87,460
67,430 87,770
All c o m m e r c i a l b a n k s
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 3 1 * . . .
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—June 30
Aug. 2 9 P . . .
Sept. 2 6 P . . .
Oct. 3 1 P . . .
Nov. 2 8 P . . .
Dec. 2 6 P . . .
1952—Jan. 3 0 P . . .
40,668
50,746
124,019
113,993
116,284
114,298
120,197
126,675
126,045
127,030
128,550
130,480
131,860
133,370
132,770
17,238
21,714
26,083
31,122
38,057
42,488
42,965
52,249
54,821
55,160
55,960
56,750
57,270
58,300
57,480
23,430
29,032
97,936
82,871
78,226
71,811
77,232
74,426
71,224
71,870
72,590
73,730
74,590
75,070
75,290
16,316
21,808
90,606
74,780
69,221
62,622
67,005
62.027
58,521
59,140
59,690
60,850
61,630
61,910
62,090
7,114
7,225
7,331
8,091
9,006
9,189
10,227
12,399
12,703
12,730
12,900
12,880
12,960
13,160
13,200
22,474
26,551
34,806
34,223
37,502
38,596
35,650
40,289
37,384
36,300
38,170
39,650
39,160
41,240
39,060
57,718
71,283
150,227
139,033
144,103
142,843
145,174
155.265
151,457
150,570
153,870
157,060
157,540
160,780
158,410
9,874
10,982
14,065
12,656
13,032
12,269
12,709
14,039
11,946
12,200
12,810
13,490
13,330
14,060
13,420
32,513
44,349
105,921
92,446
95,711
94,654
96,136
104.72.1
102,507
101,090
103,650
105,800
106,670
108,840
106,750
15 ,331
15,952
30,241
33 ,930
35 ,360
35 ,921
36 ,328
36 .503
37 ,004
37 ,280
37 ,410
37 ,770
37 ,540
37 ,880
38 .240
6,885
7,173
8,950
9,577
10,059
10,480
10,967
11,590
11,951
12,060
12,090
12,200
12,200
12.210
12.240
14,484
14,278
14,011
14,044
14,181
14,171
14,156
14.121
14,107
14,105
14,105
14,102
14,096
14,093
14,086
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—June 30
Aug. 2 9 P . . .
Sept. 2 6 P . . .
Oct. 3 1 P . . .
Nov. 2 8 P . . .
Dec. 2 6 P . . .
1952—Jan. 30P . . .
33,941
43,521
107,183
96,362
97,846
95,616
101,528
107,424
106,563
107,276
108,559
110,332
111,428
112,964
112,298
13,962
18,021
22,775
26,696
32,628
36,060
36,230
44,705
46,866
47,169
47,875
48,635
49,104
50,114
49,327
19,979
25,500
84,408
69,666
65,218
59,556
65,297
62,719
59,698
60,107
60,684
61,697
62,324
62,850
62,971
14,328
19,539
78,338
63,042
57,914
52,154
56,883
52,365
49,108
49,492
49,940
50,972
51,527
51,871
51,965
5,651
5,961
6,070
6,625
7,304
7,402
8,414
10,355
10,590
10,615
10,744
10,725
10,797
10,979
11,006
19,782
23,123
29,845
29,587
32,845
34,203
31,317
35,524
33,244
32,076
33,763
34,814
34,315
36,190
34,266
49,340
61,717
129,670
118,170
122,528
121,362
123,885
133,089
129,737
128,523
131,452
134,027
134,245
137,301
135,103
9,410
10,525
13,640
12,060
12,403
11,641
12,097
13,447
11.347
11,578
12,153
12,829
12,651
13,357
12,742
28,231
38,846
91,820
78,920
81,785
80,881
82,628
90,306
88,678
87,04a
89,312
90,920
91,480
93,545
91,687
11,699
12,347
24,210
27,190
28,340
28,840
29,160
29,336
29,712
29,900
29,987
30,278
30.114
30,399
30,674
5,522
5,886
7,589
8,095
8,464
8,801
9,174
9,695
9,987
10,067
10,084
10,200
10,205
10,210
10.238
6,362
6,619
6,884
6,900
6,923
6,918
6,892
6,873
6.859
6,852
6,848
6,845
6,843
6,842
6,838
All m u t u a l savings
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31 V . .
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30. . . .
1951—June 30
Aug. 2 9 P . . .
Sept. 2 6 P . . .
Oct. 3 1 P . . .
Nov. 2 8 P . . .
Dec. 2 6 P . . .
1952—Jan. 3 0 P . .
10,216
10,379
16,208
17,704
18,641
19,395
20,400
21,346
21,697
21,920
22,000
22,070
22,120
22,260
22,430
4,927
4,901
4,279
4,526
4,944
5,686
6,578
8,137
9,020
9,310
9,420
9,570
9,720
9,870
9,950
5,289
5,478
11,928
13,179
13,696
13,709
13,822
13,209
12,677
12,610
12,580
12,500
12,400
12,390
12,480
3,101
3,704
10,682
11,778
11,978
11,476
11,428
10,868
10,205
10,090
10.040
9,930
9,820
9,790
9,810
2,188
1,774
1,246
1,400
1,718
2,233
2,394
2,342
2,472
2,520
2,540
2,570
2,580
2,600
2,670
818
793
609
818
886
878
873
797
851
790
810
800
760
900
850
10,524
10,533
15,385
16,869
17,763
18,405
19,293
20,031
20,404
20,530
20,610
20,670
20,660
20,910
21,040
1,309
1,241
1,592
1,784
889
999
122
247
285
300
320
330
551
548
542
541
533
532
531
529
529
529
529
529
529
529
529
10,521
10,527
15,371
16,853
17,745
18,387
19,273
20,009
20,382
20,510
20,590
20,650
20,640
20,890
21 ,020
2,410
P Preliminary.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and
nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership,
insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million at all insured commercial banks.
For other footnotes see following two pages.
MARCH
1952
273
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. Amount* in millions of dollars]
Deposit!
Loans a n d investments
Other
Investments
Class of baak
and date
Total
Loans
Total
Central reserve city
member banks:
New York City:
I939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31 .
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—June 30 . . . .
Aug. 2 9 P
Sept 26P
Oct 31 P
Nov. 2 8 P . .
Dec. 26?
1952—Jan. 30?
9 ,339
1? ,896
?6 ,143
?0 ,834
20 ,393
18 .759
19.583
20 ,612
?0 ,604
? 0 ,048
20 ,475
?0 791
? 0 ,798
?1 ,528
21 ,203
3,296
1,072
7,334
5,368
7,179
B.048
7.550
9,729
10,234
10,179
10,468
10 846
10.931
1 1,418
1 1,210
6 ,043
8 ,823
18 ,809
14 ,465
U. S.
Government
obligations
Other
securities
4 ,772
7 ,265
17 ,574
,972
n ,649
1 ,536
1 ,806
4 598
3 266
3 ,287
3 016
3 806
3 487
3 305
1 ,203
1 ,430
4 ,213
? ,912
? ,890
2 633
3 324
2 ,911
? 742
? 610
2 611
? 640
14 ,509
17 ,93?
30 ,121
?4 7?3
6,703
6,637
5,439
6,238
7,261
7,758
5,985
7,922
7,393
5,682
7,128
7,325
7,076
7,714
7,320
333
376
385
355
397
383
482
576
564
537
531
526
530
556
528
1,446
1,566
1,489
1,545
1,739
1,932
1,850
5,034
11,898
1L.906
11,962
1 ,970
1 ,978
5,119
: ,923
1 ,749
1 ,776
2 ,042
? ,276
? ,396
? ,453
? ,980
3 .695
i>,774
,733
3 ,764
-\ ,788
3 ,821
3 ,844
3 ,867
( >,785
f$,518
11 ,286
11 ,654
13 ,329
1^ ,692
13 ,528
14t,078
13 ,347
50
S1
51
53
52
? ,297
2 ,250
? ,408
? ,836
3 ,268
3 ,504
3 ,665
4 ,193
4 ,343
4 ,353
4 ,416
4 ,477
4 ,488
4 ,518
4 ,545
,848
,402
in ,632
1C ,151
in ,778
i i ,196
in ,314
n ,571
m ,779
1C,987
ii ,344
n ,827
n ,733
12 ,279
11 ,676
13 762
17, 415
43 418
10
9 ,746
8 ,993
8 ,460
7 ,877
7 ,974
8 ,011
7 ,909
8 049
Total i
1,272
1,559
1,235
1,158
1,242
1,063
1,287
1,890
1,910
1,992
5,033
,934
L ,958
5,061
,066
n ,308
13 ,214
10 ,712
1? ,033
10 ,883
10 ,370
9 ,869
10 ,007
0 ,945
9 ,867
10 ,110
9 ,993
Cash
assets 1
>•
7 ,927
25 ,216
?4 ,024
7* ,983
25 ,646
75 ,064
?3 ,482
24 ,420
^4 ,871
?4 ,561
?•> ,676
25 ,179
Interbank i
4,238
4,207
4,657
4,246
4,464
4,213
4,192
4,638
4,107
3,975
4,154
4,359
4,214
4,441
4,378
Demand
Total
N umber
capital
of
accounts b anks
Time
9 ,533
1?, ,917
?4 ,227
19 ,028
19 ,307
18 ,131
18 ,139
19 ,287
19 ,291
17 ,899
18 ,641
18 ,914
18 ,738
19 571
19 ,195
736
807
1,236
1,449
1,445
1,680
1,651
1,722
1,666
1,608
1,625
1,598
1,609
1,664
1,606
1 ,592
1 ,648
? 120
? ,205
2 ,259
? ,306
? ,312
2 ,351
? ,398
? ,407
2 ,399
? 424
? ,415
? ,415
2 ,427
36
36
37
37
37
35
25
23
22
22
22
22
22
22
22
1
Chicago:
1939—Dec. 30 . . . .
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 3 1 . . . . . .
1950—Dec. 30
1951—June 30
Aug. 2 9 P
Sept 26P
Oct. 31 P
Nov. 2 8 P . . .
Dec. 2 6 P
1952—Jan. 30?
Reserve city member
banks:
1939—Dec. 30 . .
1941—Dec. 31
1945—Dec 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—June 30
Aug. 2 9 P
Sept. 26P
Oct. 31 P .
Nov. 2 8 P
Dec. 2 6 P . . .
1952—-Jan. 3 0 P
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—June 30
Aug. 29*
Sept. 26P
Oct. 3 1 P
Nov. 2 8 P
Dec. 2 6 P
1952—Jan. 3 0 P
? ,105
? ,760
5 ,931
4 ,765
S ,088
4 ,799
,424
5s .569
s ,520
s
427
5 ,539
s 523
5 554
5 769
5 680
12
15
40
35
36
35
38
40
39
40
41
41
42
4^
42
272
347
108
351
040
332
301
685
991
796
162
987
475
142
738
10 224
12, 518
35 002
35
36
36
38,
412
324
726
219
40, 558
40, 448
41, 005
41, 383
42, 031
42, 601
42, 525
42, 677
569
954
1,333
L.499
1,801
1,783
1,618
5,083
5,215
r
5,280
5,397
\
5 357
r
5,403
,520
,375
>,329
r,105
5,514
If ),825
I 1 ,449
14t,285
14t,370
19 ,906
1? ,558
1?5,792
16 ,956
11 ,191
IS ,459
1<; ,831
19 ,465
1
4 ,768
5 ,890
,596
fl ,004
in ,199
i i ,945
i ? ,692
14 ,988
,858
is
15 ,918
16 ,054
16 ,241
16 ,311
16 ,345
16 ,277
3 147
3 142
3 166
3 151
3 249
3 305
6
8
31
?4
??
?1
?3
??
71
944
243
594
527
591
047
931
779
432
? ? 004
22 206
9? 796
23 016
?3 311
23 273
? 621
2 693
2 777
5
6
29
??
194
467
552
250
?0
18
?0
19
17
18
196
594
951
084
659
271
18
19
19
19
19
442
008
195
467
406
S 456
6, 628
?9 407
3 159
4, 377
?6 999
?7,
?6
?4,
?S
?4
??
?1
?1
408
125
782
527
25, 570
?4, 590
25, 087
25, 329
25, 790
26, 290
26, 180
26, 400
572
857
278
862
21, 377
70 247
20, 734
20, 913
21, 313
21, 802
21. 662
21, 855
1 15,066
V ,317
17 ,168
I 1 ,998
1" .175
17 ,501
4
6
3 ,330
4 057
7 ,046
5 ,905
6 ,402
6 293
6 810
7 ,109
6 921
6 783
6 982
6 919
6 986
7 181
6 952
17
??
49
44
46
45
47
51
741
313
085
477
467
943
559
437
4Q 874
49 723
43
44
45
45
813
875
950
216
159
066
443
102
534
48 897
47 877
48 535
49 237
50 362
50 748
51 228
50, 813
888
1,035
1,312
1,153
1,217
1,064
1,191
1,228
L.040
1,120
1,170
1,145
L ,143
1,217
1,155
$,686
L460
6,448
5.570
t
5,649
c5,400
e5,713
(>,448
c
>,264
c5,509
c
5,782
f>,178
(>,127
f>,476
t),051
L
598
822
1 ,223
1 ,091
1 ,073
964
1 ,001
1 ,133
936
974
1 ,047
1 ,147
1 ,167
1 ,223
1 ,158
1 947
?, 546
495
4 ?,73
4
4
4
4
4
9
13
32
?8
913
?9
?9
30
33
3?
3?
33
33
33
34
33
1,001
1,083
1,103
1,126
L ,114
1,109
1,126
L ,119
L,130
1,142
778
756
549
703
648
724
834
655
439
047
877
049
395
153
182
342
791
304
065
634
769
570
804
7 312
10, 335
?9 700
?7 921
?8 810
?Q, 370
?9 771
32, 899
31 840
32, 293
32, 903
33, 724
34, 249
34, 570
34, 033
288
719
829
4 227
4 535
4
4
250
476
5 015
3 922
1,616
t,806
L
i
c),760
If ),858
11L,423
11 ,391
11 ,664
11 ,647
11 .819
11 ,910
11 ,966
r
,063
12 ,054
1" ,170
12 ,304
q
,852
t ,258
1? ,494
14 ,053
14 ,560
14 ,768
14 ,762
U ,865
\S ,101
15 ,268
15 ,287
15 ,491
15 ,332
15 ,435
15 ,622
12
14
426
14
444
470
490
501
502
504
507
509
1
1
2
?
?
?
3
3
3
3
3
3
3
3
3
14
13
377
404
13
13
13
13
13
13
13
13
512
510
13
13
828
967
566
728
346
351
359
355
844
928
087
322
431
441
353
335
341
336
324
322
458
495
512
511
535
321
320
321
321
321
1 851
1, 982
?,
525
?,
s ,966
6 ,219
6 ,476
6 ,494
6 ,519
6 ,535
6 ,513
6 ,501
6 ,500
6 ,495
6 ,492
6 ,490
6 ,487
6 ,486
6 ,482
757
? 934
3 , 123
3, 305
3 , 532
3, 658
3, 717
3, 723
3, 774
3, 769
3, 772
3 , 766
2
December 31, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947
by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; 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.
I* or other footnotes see preceding and opposite page.
274
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and date
Total
Loans
Total
All insured commercial
banks:
49, 290
1941—Dec. 31
1945—DeCt 31
?1 809
1947—Dec. 31
14, 274
1948—Dec. 31
17, 286
1949—Dec> 31
18 278
1?4 822
1950—Dec 30
124, 132
1951—June 30
National mem 1 der
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31 . .
1948—Dec. 31
..
1949—Dec. 31
1950—Dec. 30
1951—June 3 0
State m e m b e r
1941—Dec.
1945—Dec.
1947—Dec.
1948—Dec.
1949—Dec
1950—Dec.
1951—June
banks:
31
31
31 . .
31
31
30
30
Insured n o n m e m b e r
commercial b a n k s :
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec 30
1951—June 30
?1 ,259
?S 765
3 7 , 583
41 ,968
4? 485
S1 723
?8,
96
76,
70,
7S
73
54, 306
69 825
031
043
691
318
793
099
?7 571
11 77S
1S 845
69 312
6S 280
63 845
13 925
?1 428
73 752
55 387
43 852
40 093
67 943
7? 090
23 853
?Q 184
44 090
4? 906
71 014
30 479
40 534
1S 950
37 871
3 ? 566
31 771
33 585
6
8
11
1?
1?
35 334
35 550
5
14
16
16
16
776
639
444
685
766
17 ,414
17 ,585
?95
850
200
308
378
9
79
?1
19
654
071
365
463
?1 207
Other
Cash
assets x
U. S.
Government
obligations
Other
securities
?1 ,046
88 ,912
67 ,941
61 ,388
65 ,820
6(1 ,986
57 ,427
,984
7 ,131
8 ,750
8 ,929
9 ,974
1? ,113
12 ,398
1? ,039
51 ,250
,1 ,806
4 ,137
•i ,178
5 ,241
5 ,930
7 ,320
1 ,569
3?
34
38
35
37
,674
,852
,161
,587
,965
1 ,500
2*t .089
7 ,155
1 ,933
7 ,125
7 ,161
19 813
19 163
19.240
l i r .301
18,722
16,778
16,143
3 241
2 992
4 ,958
5 911
6 258
7 ,023
7 ,446
2 ,535
11 ,647
11 ,486
10 ,774
10 ,508
10 ,391
10 ,139
1,509
10,584
10,039
9,246
8,947
8,632
8,330
455
1 007
1 ,893
1 ,535
1 ,493
1 ,438
1 ,327
1 ,399
761
1,693
1,280
1,234
1,185
1,040
1,094
2.270
12,277
11,318
10,479
10.132
5,672
3,423
1,266
1,262
1,703
1,788
1,814
2,046
2,115
1 050
421
606
958
8 ,839
629
7,160
8,165
7,795
7,832
7,487
7,169
1,407
1,562
1,528
1,670
4 ,428
4 ,163
4 ,573
4 ,506
4 ,428
4 ,194
3 ,838
3,075
3,522
3,813
3,680
3,596
3,380
3,036
1,353
641
760
826
832
814
802
15 521
16 386
.,484
5,035
1,020
1,025
1,063
1,448
1,528
L ,561
1,759
,810
Total »
?5,
34
36
38,
3S
39
788
292
926
087
707
821
69,
47,
41
40
43
S3
411
775
851
642
138
288
36 960 149, 461
14 977
39 458
70 114
77 024
77 974
84 939
8? 023
81 407
20 995
73 763
7? 198
8
9
10
11
10
145
731
822
778
322
11 762
11 046
Inter-,
bank*
10 ,654
13 ,883
17 ,670
11 ,900
17 ,368
13 ,744
Demand
Time
43
04
94,
93
94
0^
11 ,582
059
01 S
300
300
914
499
01, 328
6 ,786
74 3 SO
8 377
16, 774
19 278
19 545
9 ,229
8 ,410
7 ,842
8 ,278
86 589
7 ,625
59 486
54 335
54 020
55 034
60 251
58 71 S
759
730
505
955
777
3 ,739
4 ,411
3 ,993
3 ,799
3 ,819
14
37
77
76
77
83, 113
89 281
77
44
40
39
40
43 808
43 149
2 ,668
4 ,448
4 ,083
3 ,887
3 892
7
18
19
19
19
4 799
3 ,718
70 716
702
119
340
296
269
Total
Number
capital
of
accounts banks
,133
4 ,315
3 ,722
129
244
266
259
272
297
19 741
235
329
30
29
495
334
449
862
594
055
963
IV 699
79
34,
35
35
36
876
882
441
856
045
36, 551
19, 801
19 897
6 ,844
8 ,671
,734
10 ,158
10 ,645
11 ,263
11 ,622
9
4
,640
,644
s ,409
s ,657
13
13,
13
13,
13
13
426
297
398
413
429
432
13 437
s 117
s
s
017
005
4 991
70 748
5 ,920
,313
fj ,504
4 975
4 958
4 075
7, 986
? ,246
7 ,945
1
1
\
1
1
9 062
9 795
9 359
9 438
9 464
4
12
12
12
17
3
5
6
6
6
n
360
680
558
618
712
,055
,144
,254
a ,381
3 ,483
4 946
502
867
918
927
917
1 915
1 913
6 776
6 857
959
,083
,271
,358
,473
,570
,637
6 ,810
6 ,416
6 ,478
6 ,498
6 ,540
1 ,291
1 ,905
1 ,411
1 ,353
1 773
1 ,274
1 ,178
253
329
365
852
279
5 ,504
213
196
515
419
785
194
12 ,650
562
6
,581
Nonlnsured no nmem-
ber commen:ial
banks:
1941—Dec. 31
1945—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—June
31 . . . .
31 2
31 . .
31
30
30
All nonmember commercial banks:
1941—Dec. 31
1945—Dec 31 2
1947—Dec. 31
1948—Dec 31
1949—Dec. 31
1950—Dec 30
1951—June 30 . . .
Insured m u t u a l savings
banks:
1941 Dec ' l 1
1945—De^ 31
1947—Dec. 31 . . . .
1948—Dec. 31
1949 Dec 31
19 SO—Dec 3 0
1951—June 30
Noninsured m u t u a l
savings b a n k s :
1941—Dec. 31
1945—Dec. 31 2
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—June 30
1 ,457
,211
2 ,009
? ,013
1 ,919
1 ,853
1 ,913
?
318
474
520
481
577
514
7 ,233
16 ,849
18 ,454
18 ,698
18 ,686
19 ,267
19 ,499
3 ,696
3 ,310
5 ,432
6 ,431
7 ,960
3 ,536
13 ,539
13 ,021
1? ,267
11 ,947
11 ,718
11 ,538
1 693
10 .846
1? ,683
13 ,312
14 209
i s 101
642
3 ,081
3 ,560
4 ,109
4 ,814
6 ,086
9 ,123
9 ,202
Q 394
9 ,015
6 739
7 .550
15 ,668
6 ,829
8 ,687
5 ,361
5 ,957
6 ,083
6 ,192
6 ,245
6 ,029
4 ,259
1 ,198
1 ,384
1 ,577
1 ,764
2 ,050
2 ,191
7 [765
241
763
1 872
200
514
?. 457
181
576
509
363
368
447
468
423
2 ,251
7 ,201
7 036
1 ,976
1 ,996
,431
4 ,962
4 ,659
4 396
4 ,334
4 ,767
4 ,141
9 ,574
20 ,571
21 ,591
71 ,497
21 ,305
77 ,193
21 ,737
457
151
429
675
684
682
617
1 ,789
10 ,363
12 ,207
12 ,772
13 ,592
14 ,320
255
259
253
286
305
3
688
642
180
211
194
191
180
163
14 ,924
8 ,744
5 ,022
5 ,556
5 ,633
5 ,702
5 ,711
5 ,479
341
294
364
425
629
628
14 ,101
13 ,926
13 ,777
613
591
599
13 ,508
14 ,417
13 ,878
1
1
1
12
14
14
16
19
18
6
2
3
3
3
3
2
714
478
479
325
322
477
458
453
321
327
329
3 613
1,288
1,362
L.596
1,680
1,794
1,897
1,966
7 ,662
164
52
192
194
193
192
194
6 ,045
7 ,036
7 097
7 ,184
7 ,184
7 ,310
1 789
10 ,351
12 ,192
12 ,757
13 ,575
14 301
785
75*
72?
689
670
7 ,130
7 ,261
7 ,25<fc
7 ,267
7 ,251
7 ,251
14 ,905
1,034
1,252
1,334
1,420
1,513
1,582
201
8 ,738
5 ,020
5 ,553
5 ,631
5 ,699
5 ,708
5 ,477
1,077
558
637
665
702
734
702
496
350
33*
339
339
335
328
For footnotes see preceding two pages.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions
in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.
MARCH
1952
275
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans 1
Loans for
purchasing
or carrying
securities
Commercial,
Total
loans
and
investments
Total1
All insured
commercial
banks:
1941—Dec. 3 1 .
1945—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.
1950—Dec. 30
1951—June 30.
49,290
121,809
112,286
118.278
124,822
124,132
21,259
25,765
41,968
42,485
51,723
54,306
9,214
9,461
18,761
16,935
21,776
23,507
1,450
1,314
2,775
2,963
2,823
3,044
Member b a n k s ,
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
594
598
972
855 3,133 3,378
834
1,800 1,324
1,945 1,737 758
1,808 1,770 927
1,919 1,601 882
2,140 1,551 851
New York City:*
1941—Dec. 3 1 .
1945—Dec. 31.
1948—Dec. 31.
1949—Dec. 3 1 .
1950—Dec. 30.
1951—June 30.
Dec. 31.
12,896
26,143
18,759
19,583
20,612
20,604
21,379
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
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
1,412
1,211
1,567
1,717
1,977
6
2
4
7
9
7
16
Class of bank
and
call date
Chicago:s
1941—Dec. 31.
1945—Dec, 31.
1948—Dec. 31.
1949—Dec. 31.
1950—Dec. 30.
1951—June 30.
Dec. 31.
elud- Agriculing
To
open- tural brok- To
ers oth'ket"
and
padeal- ers
per
ers
732
760
8
Investments
U. S. Government obligations
Real ConOther Total
estate sumer
loans
loans
loans
662 4,773
614
4,545
28,031
3,164 3,606 4,677 1,351 2,191 96,043
1,336 939 10,666 4,907 2,992 70,318
1.749 855 11,405 6,002 3,124 75,793
1,789 1,036 13,389 7.628 3,955 73,099
1,616 1,000 13,988 7,697 4,166 69,825
412
169
3,494
3,455
8,244
8,834
10.522
10,975
11,334
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
3,t 92
1,027
3,933
4,776
6,167
6.174
6,195
1,977
2.658
2.809
3.585
3.783
3,863
Total
988
21,046
88,912
61,388
65,820
60,986
57,427
2,455
2,821
3,692
4,118
3,819
19,539
78,338
52,154
56,883
52,365
49,108
51,621
2,275
2,588
3,389
3,665
3,485
6,399
19,071
10,065
12,479
1.932
3,111
3,159
16,045
3,394
5,810
16,756
14,762
12,797 4,102 3 651 3 333
51,321
22 3,873 3,258
8 5,509 3,420
45,100
6 6.400 3,574
43.833
11 7.933 4,179
38,168
11 8,319 4,079
35,724
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
33,170
6,640 3,714
7 6.978 3,611
30,778
15 7,528 3,538
29,601
971
5 54
8,823 7,265 311
1,623 3,652 1,679 729
76
509 18,809 17,574
477 3,433 3,325 10.337
1
606
313
636 10,712 9,649
589 1,183
365 7,512
563
377
621 12.033 10,746
720 1,785
835 7.405
752
540
850 10,883 8,993
824
250 1,711 6,206
' 2 1 123
539
930 10,370 8,460 1 ,034
354 1.565 5.506
2 1 ,176
520
950 10,233 8,129 1,122
616 1,428 4,960
2 1,385
830
629
500
535
767
733
719
96
26
65
115
88
115
91
147
147
150
131
117
172
193
204
174
192
242
216
201
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
194 1,527
114
8,243
l , i 12
433
826 31,594
427 1,503 1,459
130
360 3,503 1.600 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
347 4,651 2,512 1,578 23,043
203
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
Reserve city
banks:
1941—Dec. 3 1 .
1945—Dec. 3 1 .
1948—Dec. 31
1949—Dec. 3 1 .
1950—Dec. 30.
1951—June 30.
Dec. 31.
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. 3 1 .
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
1,356
1,480
1,407
1,487
1,610
20
42
21
36
33
37
35
183
471
187
173
187
183
178
1,823
1,881
4,467
4.784
5,591
5,846
6,099
543
478
5,776 3,241
14,639 2,992
512
459
16,685 5,911 1,131 975
16,766 6,258 1,078 1,018
17,414 7,023 1,255 1,015
17,585 7,446 1,346 1,124
20
31
12
12
18
16
64
228
105
97
109
118
854
1,282
1,224 323
2,426 975
2,575 1,225
2,872 1.461
3,018 1,524
659
648
25,500
84,408
59,556
65,297
62,719
59.698
62,687
Obligations
of
States LJtner
and
CertifiGuar- polit- secucates
an- ical rities
of
inBills
Notes Bonds teed subdebtdiviedsions
ness
Direct
6,628 4,377
I , i 30
492
578 29,407 26,999
1,895 817 24,781 21,278
2,320 884 25,527 21,862
2.913 1,054 25,570 21,377
3.010 1.145 24,590 20,247
3,046 1,163 26,148 21,587
295
1,467
275
690
131
150
332
153
749
217
358
700
653
520
903
119
1.864
1.958
1 945
1,847
1.729
1,526
182
181
210
290
335
347
351
751 4,248 1,173
820
956
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
481 2,926
5,iO2 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
2,087 1,774 6,538
594 6,349
2,066
725 5,846
2 071
465 2,702 5,008
587 2,449 4,956
271
6
3
2
3
4
563
619
1,030
1,127
1,294
1,342
462
443
498
434
465
468
110
630
760
Insured nonmember commercial banks:
1941—Dec 31
1945—Dec. 3 1 .
1948—Dec. 3 1 .
1949—Dec. 3 1 .
1950—Dec. 30.
1951—June 30.
214
334
315
370
383
2,535
11,647
10,774
10,508
10,391
10,139
1,509
10,584
9,246
8,947
8.632
8,330
17
180
234
303
453
334
* 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." Comoarability 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.
276
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Class of bank
and
call date
Reserves
with
Cash
Federal
in
Revault
serve
Banks
BalDeances mand
with
dedoposits
mestic
adbanks 8 justed 4
Interbank
deposits
Time deposits
Certified
U. S. States
and
and
Gov- political offiern- subdi- cers'
ment visions checks,
etc.
ForDomestic8 eign
All insured commercial banks:
1941—Dec. 31. .
1945—Dec. 3 1 . .
1948—Dec. 31. .
1949—Dec. 3 1 . .
1950—Dec. 30.
1951—June 30..
12,396
15,810
20.404
16,428
17,458
18,945
1,358 8,570 37,845 9,823
673 1,761
1,829 11,075 74,722 12,566 1,248 23,740
1,939 8,947 84,211 10,344 1,488 2,323
1,984 9,466 84,576 10,885 1,315 3,050
2,145 10,463 91,099 11,955 1,442 2,788
1,847 8,657 87,832 9,881 1,335 6,105
Member banks,
total:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 31. .
1950—Dec. 30..
1951—June 30..
Dec. 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
>,062
New York City: *
1941—Dec. 31. .
1945—Dec. 31. .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 30,
1951—June 30. .
Dec. 31. .
5,105
4,015
5,643
4,462
4,693
5,053
5,246
1,021
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
11V669
9.659
12,634
671 1,709
1,243 22,179
1,480 2,122
1,310 2,838
1,437 2,523
1 .327 5,811
1,369 3,101
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
1,105 6,940
445
1,278
640
1,084
451
1,162
1,104 1,808
858
1,128
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
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
Country banks:
1941—Dec. 31. .
1945—Dec. 31 .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 3 0 . .
1951—June 30. .
Dec. 31. .
526
2,210
796
4,527
858
5,736
901
4,371
976
4,745
834
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
Insured n o n m e m b e r commercial b a n k s :
1941—Dec. 31
1945—Dec 31
194g—Dec. 31 .
1949—Dec 31
1950—Dec. 30
1951—June 30
271
391
453
463
503
445
2,325
3,959
3,273
3,273
3,596
3,090
4,092
10,537
12,059
11,918
12,729
12,175
607
866
U. S.
IndiGov- States
viduals
and
ernpartner- Inter- ment
politships,
ical
and cor- bank and
Postal subdiporaSavvisions
tions
ings
3,677
5,098
7,182
7,419
7,892
8,290
1,077
2,585
2,113
2,338
2,898
2,251
36,544
72,593
81,682
82,106
89,922
84,682
158
70
69
169
347
366
59
103
117
182
189
223
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
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
319
237
241
196
258
280
321
450
1,338
750
895
IndiCapividuals, Bortal
partner- rowacings
ships.
counts
and corporations
15,146
29,277
34,244
34,442
34,525
34,855
10
215
54
14
82
67
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
1,069
1.089
1,112
1,128
492
496
1,080
1,232
1,331
1,473
418
399
927
778
6,844
8,671
10,158
10,645
11,263
11,622
1,648
2,120
2,306
2,312
70 2 8 351
1 2,398
5 2,425
195
25
Chicago:2
1941—Dec.
1945—Dec.
1948—Dec.
1949—Dec.
1950— Dec.
1951—June
Dec.
31. .
31
31 .
31. .
30
30
31'.'.
Reserve city banks:
1941—Dec. 31 .
1945—Dec. 31 .
1948—Dec. 3 1 . .
1949—Dec. 31. .
1950—Dec. 30. .
1951—June 30. .
Dec. 31 . .
942
108
233
246
261
286
222
127
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
2,272
1,124
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
9,563
10,798
10,987
10,956
11,020
11,473
2
225
8 5,465
8
688
9
797
10
922
11 1,248
11
876
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
611
858
68
135
151
153
174
159
3,483
9,643
10,736
10,517
11,262
10,621
18
6
6
5
6
4
8
4
6
6
6
17
74
97
153
182
210
230
3,276
5,579
6,459
6,524
6,510
6,609
2
5
8
6
5
8
1 552
188
258
174
484
242
491
8.221
801
1,142
976
53
1,560
201
213
265
293
1,332
1,402
1,492
1,577
3
476
719
989
io
288
377
444
470
490
501
513
1,967
2,566
2,928
3,087
3,322
*8 3,431
4 3,521
"2
8
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
959
1,083
1,358
1,473
1,570
1,637
2
8
Central reserve city banks.
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million
at all insured commercial banks.
4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113
MARCH
1952
277
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures.
In millions of dollars]
Loans »
Date or month
Total
loans
and
invest- Total i
ments
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
To others
U.S. Other
U. S.
Govt. Other
se- Govt.
seobob- curiliga- ties liga- curities
tions
tions
U. S. Government obligations
Real Loans Other
to
estate
Total
loans banks loans
Bills
Total
CerOther
tifisecucates
2 rities
of in- Notes Bonds
debtedness
TotalLeading Cities
17,990
489 1,026
165
581
November. 72,695 34,404 20,813
December.. 74,141 35,118 21,315
173 935
405 1,008
122
117
556 5,668
568 5,668
1951—January... 70,479
31,398
5,292
405
5,894 39,081 32,584 2,149
9,033 21,402 6,497
1952—January... 73,952
34,889
21,315
163
946
110
564
5,666
670 5,947 38,291 31,665 3,521 2,994 5,952 19,198 6,626
530 5,991 39,023 32,268 4,257 3,302 5,934 18,775 6,755
654 6,009 39,063 32,233 4,167 3,622 5,961 18,483 6,830
1951—Dec. 5 . . .
Dec. 1 2 . . .
Dec. 19. . .
Dec. 2 6 . . .
73,072
73,771
74,842
74,878
34,518
34,937
35,512
35,503
21,006
21,219
21,442
21,592
370 950
421 970
440 1,080
388 1,031
119
117
116
118
558
563
579
573
5,661
5,669
5,673
5,668
360
485
676
598
5,974
5,974
5,987
6,030
38,554
38,834
39,330
39,375
31,856
32,115
32,577
32,522
3,837
4,048
4,525
4,512
2,960
2,995
3,611
3,583
5,962
5,938
5,941
5,954
19,097
19,134
18,500
18,473
6,698
6,719
6,753
6,853
1952—Jan. 2 . . .
Jan. 9 . . .
Jan. 16. . .
Jan. 2 3 . . .
Jan. 30. . .
74,217
73,729
74,217
73,583
74,017
35,161
34,825
35,136
34,567
34,757
21,419
21,267
21,441
21,286
21,160
313 1,027
177 944
129 1,024
86 877
109 860
118
111
111
106
106
569
565
564
561
561
5,658
5,663
5,668
5,673
5,669
564
634
729
519
822
6,028
6,001
6,007
5,999
6,011
39,056
38,904
39,081
39,016
39,260
32,224
32,074
32,283
32,166
32,419
4,129
4,076
4,221
4,092
4,319
3,596
3,558
3,605
3,652
3,698
5,968
5,967
5,965
5,961
5,946
18,531
18,473
18,492
18,461
18,456
6,832
6,830
6,798
6,850
6,841
Feb. 6 . . .
Feb. 13. . .
Feb. 20. . .
Feb. 27. . .
73,751
73,678
73,504
73,526
34,505
34,559
34,633
34,693
21,110
21,144
21,148
21,157
107
139
258
178
977
909
890
899
104
105
101
102
558
559
561
558
5,659
5,671
5,659
5,652
537
579
555
691
5,996
5,996
6,005
5,999
39,246
39,119
38,871
38,833
32,356
32,185
31,973
31,892
4,232
4,051
3,853
3,855
3,739
3,784
3,830
3,798
5,948
5,950
5,948
5,953
18,437
18,400
18,342
18,286
6,890
6,934
6,898
6,941
1,322 10,378 8,507
630
New York City
1951—January.
1,836 6,041 1,871
20,146
9,768
6,381
427
786
30
250
433
278
November. 20,309
December.. 20,969
10,812
11,174
7,550
7,797
139
336
716
787
28
29
213
221
519
516
490 1,301 9,497
333 1,304 9,795
7,594
7,836
780
1,012
1952—January. .. 20,911
11,159
7,833
140
736
27
217
511
535
1,333 9,752
7,700
934
596
1,378 4,792 2,052
1951—Dec. 5 . . .
Dec. 1 2 . . .
Dec. 19. . .
Dec. 2 6 . . .
20,419
20,807
21,358
21,291
10,805
11,030
11,502
11,359
7,651
7,757
7,847
7,933
310
328
381
325
730
750
858
811
28
28
30
30
210
220
231
223
511
517
518
516
201
280
487
364
1,308
1,295
1,295
1,317
9,614
9,777
9,856
9,932
7,705
7,841
7,916
7,881
893
978
1,101
1,076
404
428
604
605
1,376
1,384
1,385
1,377
5,032
5,051
4,826
4,823
1,909
1,936
1,940
2,051
1952—Jan. 2 . . .
Jan. 9 . . .
Jan. 16. . .
Jan. 2 3 . . .
Jan. 30. . .
21,236
20,732
21,026
20,578
20,987
11,298
11,116
11,288
10,934
11,161
7,856
7,785
7,881
7,850
7,791
285
153
107
66
89
802
733
801
682
664
28
27
29
25
25
220
218
217
217
216
507
514
513
513
508
446
532
580
420
697
1,326
1,326
1,333
1,334
1,345
9,938
9,616
9,738
9,644
9,826
7,878
7,565
7,698
7,585
7,775
1,043
815
914
841
1,056
585
573
624
598
600
1,383
1,379
1,370
1,381
1,376
4,867
4,798
4,790
4,765
4,743
2,060
2,051
2,040
2,0592,051
Feb. 6 . . .
Feb. 1 3 . . .
Feb. 20. . .
Feb. 27. . .
20,743
20,682
20,795
20,884
10,918
10,934
11,079
11,149
7,802
7,842
7,865
7,890
85
107
225
149
765
690
691
698
24
24
23
23
215
215
217
217
502
505
497
482
367
390
402
531
1,332
1,335
1,333
1,333
9,825
9,748
9,716
9,735
7,753
7,675
7,667
7,659
1,036
921
834
903
635
656
730
695
1,379
1,384
1,379
1,375
4,703
4,714
4,724
4,686
2,072
2,073
2.0491
2,076
1951—January... 50,333 21,630
11,609
62
240
135
331
4,859
127
4,572 28,703 24,077
1,519
November. 52,386
December.. 53,172
23,592
23,944
13,263
13,518
34
69
219
221
94
88
343 5,149
347 5,152
1952—January... 53,041
23,730
13,482
23
210
83
347
5,155
119 4,676 29,311 24,533
52,653
52,964
53,484
53,587
23,713
23,907
24,010
24,144
13,355
13,462
13,595
13,659
60
93
59
63
220
220
222
220
91
89
86
88
348
343
348
350
5,150
5,152
5,155
5,152
159
205
189
234
4,666
4,679
4,692
4,713
28,940
29,057
29,474
29,443
24,151
24,274
24,661
24,641
2,944
3,070
3,424
3,436
2,556
2,567
3,007
2,978
4,586
4,554
4,556
4,577
14,065
14,083
13,674
13,650
4,789
4,783
4,815
4,802
2 . . . 52,981
52,997
53,191
53,005
53,030
23,863
23,709
23,848
23,633
23,596
13,563
13,482
13,560
13,436
13,369
28
24
22
20
20
225
211
223
195
196
90
84
82
81
81
349
347
347
344
345
5,151
5,149
5,155
5,160
5,161
118
102
149
99
125
4,702
4,675
4,674
4,665
4,666
29,118
29,288
29,343
29,372
29,434
24,346
24,509
24,585
24,581
24,644
3,086
3,261
3,307
3,251
3,263
3,011
2,985
2,981
3,054
3,098
4,585
4,588
4,595
4,580
4,570
13,664
13,675
13,702
13,696
13,713
4,772
4,779"
4,758
4,791
4,790
53,008
52,996
52,709
52,642
23,587
23,625
23,554
23,544
13,308
13,302
13,283
13,267
22
32
33
29
212
219
199
201
80
81
78
79
343
344
344
341
5,157
5,166
5,162
5,170
170
189
153
160
4,664
4,661
4,672
4,666
29,421
29,371
29,155
29,098
24,603
24,510
24,306
24,233
3,196
3,130
3,019
2,952
3,104
3,128
3,100
3,103
4,569
4,566
4,569
4,578
13,734
13,686
13,618
13,600
4,818
4,861
4,849
4,865
421 1,363 5,030 1,903
510 1,381 4,933 1.9591
Outside
New York City
1951—Dec. 5 . . .
Dec. 1 2 . . .
Dec. 19. . .
Dec. 2 6 . . .
1952—Jan.
Jan.
Jan.
Jan.
Jan.
9...
16...
23...
30...
Feb. 6 . . .
Feb. 1 3 . . .
Feb. 20. . .
Feb. 27. . .
1
2
7,197 15,361 4,626
180 4,646 28,794 24,071 2,741 2,573 4,589 14,168 4,723
197 4,687 29,228 24,432 3,245 2,792 4,553 13,842 4,796
3,233 3,026 4,583 13,691 4,778
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.
278
FEDERAL RESERVE
BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Date or month
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault
doposits
Remestic ad- 3
serve
banks justed
Banks
IndividCertiuals, States
and
fied
part- politand
nerical
Offiships, subcers'
and
divi- checks,
coretc.
pora- sions
tions
Interbank
deposits
Time deposits,
except interbank
U. S.
Government
Individuals,
partner-
States
and
political
suband
divicorpora- sions
tions
U. S.
Demand
Government
and
Postal DoForSavmeseign
ings
tic
Time
Bor- CapBank
ital
debrowacits *
ings counts
TotalLeading Cities
1951—January...
13,500
854 2,462 51,443 52,436 3,501
1,583 1,313 14,579
668
127 10,153 1,371
362
550 6,529 120,787
November. 14,493 934 2,458 52,455 54,061 3,413
December. 14,919 1,004 2,457 54,082 55,436 3,386
1,422 1,999 14,942
1,686 1,740 15,013
716
717
157 10,557 1,234
163 10,652 1,274
435
752 6,828 112,188
1,050 6,834 131,191
410
621 6,856 117,411
1952—January
14,975
1,539 1,617 15,173
720
162 11,082 1,275
1951—Dec. 5 . . .
Dec. 1 2 . . .
Dec. 1 9 . . .
Dec. 2 6 . . .
14,722 902 2,292 53,204 54,047 3,378
14,688 1,033 2,462 54,243 56 ,209 3,363
15,334 1,005 2,593
822 55,996 3,391
14,930 1,077 2,482
059 55,493 3,410
1,568
1,636
1,890
1,650
1,427
1,200
2,016
2,319
14,939
14,986
15,022
15,104
716
724
714
715
161
163
163
163
10,406 1,239
10,610 1 ,252
10,920 1,286
10,672 1,319
1952—Jan. 2 . . .
Jan. 9 . . .
Jan. 1 6 . . .
Jan. 2 3 . . .
Jan. 3 0 . . .
14,868
14,922
15,019
15,277
14,788
979
969
903
898
907
2,914
2, 630
2, 749
2,657
2,373
53,370
53,706
54,544
54,586
54,
55,554
54,374
56,292
55,240
,798
3,582
3,449
3,494
3,541
3,694
2,097
1,372
1,504
1,368
1,354
2,225
1,612
1,252
1,353
1,644
15,152
15,200
15,161
15,175
15,176
712
720
720
722
728
162
164
156
163
166
11,783
11,165
11,347
10,936
10,178
1,326
1,276
1,274
1,255
1,242
410
409
411
408
414
494
649
702
446
816
6,849
6,858
6,849
6,853
6,871
32,894
26,517
27,296
26,549
25,602
Feb. 6 . . . 14,794
Feb. 1 3 . . . 14,809
Feb. 2 0 . . . 14,751
14,504
Feb. 2 7 . . .
848
943
890
924
2,289
2,478
2,363
2,351
53,503 53 ,672
53 090 55,277
52,557 53,467
52, 683 53,646
3,727
3,658
3,535
3,599
1,350
1,553
1,570
1,370
2,115 15,213
2,316 15,234
2,860 15,233
740
741
758
761
165
166
168
169
10,284
10,245
9,984
9,858
1,222
1,198
1,221
1,212
413
643
412 1,079
413
904
411
948
6,885
6,893
6,876
6,896
29,208
22,818
30,962
24,342
42 15,830 16,735
231
752
345
1,530
2,969 1,113
293 2,319
47,561
15,919 16,831
16,611 17,498
354
270
618
847
581
507
1,467
1,514
2,936 1,014
2,947 1,049
340
327
293 2,375
405 2,371
42,503
55,184
931 2,665 54,107 55,252 3,552
2,545 15,275
427 1,093 6,838 28,964
419
974 6,832 27,096
417
957 6,827 33,789
418 1,177 6,837 24,682
New York City
1951—January...,
November.
December.
4,769
5,064
5,258
131
157
173
1952—January...
5,288
16,540 17,463
291
722
549
1,483
3,177 1,051
313
193 2,384
45,425
1951—Dec. 5 . . .
Dec. 1 2 . . .
Dec. 1 9 . . .
Dec. 2 6 . . .
5,265
5,159
156
183
173
180
16,329
16,645
16,916
16,555
17,016
17,662
17,779
17,535
278
278
250
275
752
820
991
823
377
305
580
767
1,484
1,515
1,520
1,536
2,830 1 ,020
2,904 ,027
3,064 ,061
2,988 1,088
333
327
324
323
457
392
308
462
2,376
2,369
2,368
2,371
11,624
11,238
14,701
10,116
1952—Jan. 2 . . .
Jan. 9 . . .
Jan. 1 6 . . .
Jan. 2 3 . . .
Jan. 3 0 . . .
5,238
5,258
5,073
5,558
5,310
154
148
136
133
139
16,265
16,348
16,538
16,790
16,760
17,606
17,025
17,590
17,532
17,563
324
250
277
289
315
1,134
607
678
573
619
833
577
376
403
555
1,510
1,503
1,465
1,468
1,468
3,379
3,138
3,218
3,144
3,007
1,099
1,056
1,040
1,036
1,024
313
314
314
311
312
202
188
265
68
243
2,381
2,383
2,385
2,386
2,382
14,225
10,531
10,277
9,866
9,875
Feb. 6 . . .
Feb. 1 3 . . .
Feb. 2 0 . . .
Feb. 2 7 . . .
5,245
5,241
5,307
5,231
132
152
142
142
16,419
16,123
16,089
16,338
17,008
17,383
16,939
17,176
293
344
268
284
749
602
791
854
800 1,042
588
902
1,476
1,483
1,477
1,485
2,928 ,005
2,937 994
2,902 1,014
2,848 1,009
312
312
312
311
146
271
318
270
2,397
2,393
2,393
2,393
12,183
8,363
12,736
9,487
2,420 35,613 35,701
3,270
4,210
73,226
Outside
New York City
1951—January...
7,184
8,731
9,429
9,661
968 13,049
632
90
November.
December.
2,425 36,536 37,230 3,059
831 2,421 37,471 37,938 3,116
804 1,418 13,475
839 1,233 13,499
692
695
114
120
7,621
7,705
1952—January...
9,687
789 2,623 37,567 37,789 3,261
817 1,068 13,690
697
117
7,905
831
225
4,472 71,986
4,462
4,463
4,459
4,466
17,340
15,858
19,088
14,566
8,404
8,027
8,129
7,792
7,171
219
225
225
231
227
220
234
219
218
636
582
649
715
97
95
97
97
102
292
461
437
378
573
4,468
4,475
4,464
4,467
4,489
18,669
15.986
17.01M
16,683
15,727
7,356
7,308
7,082
7,010
217
204
207
203
101
100
101
100
497
808
586
678
4,488
4,500
4,483
4,503
17,025
14,455
18,226
14,855
2,257
2,427
2,551
2,448
37,031
38,547
38,217
37,958
3,100
3,085
3,141
3,135
816 1,050 13,455
816
895 13,471
899 1,436 13,502
827 1,552 13,568
694
701
692
692
118
120
120
120
7,576
7,706
7,856
7,684
1952—Jan. 2 . . . ,
Jan. 9 . . . ,
Jan. 16...,
Jan. 2 3 . . .
Jan. 3 0 . . .
9,630
9,664
9,946
9,719
9,478
825
821
767
765
768
2,870 37 105 37,948
358 37,349
2,1
2,710 38,006 38 ,702
2,612 37,796 37,708
2,339 37,568 37,235
3,258
3,199
3,217
3,252
3,379
963 1,392 13,642
765 1,035 13,697
826
876 13,696
795
950 13,707
735 1,089 13,708
689
699
697
699
702
119
119
111
118
119
Feb. 6 . . .
Feb. 1 3 . . .
Feb. 2 0 . . .
Feb. 2 7 . . .
9,549
9,568
9,444
9,273
716
791
748
782
2,261 37,084 36,664
2,447 36 ,967 37,894
,468 36 ,528
2,329 36,468
2,320 36,345 36,470
3,434
3,314
3,267
3,315
748
762
770
782
713
714
731
734
118
119
121
121
13,737
13,751
13,756
13,790
4,453 69,685
4,463 76,007
428
746
850
832
897
1,366
1,462
1,818
1,643
459
645
94
92
93
95
1951—Dec. 5 . . . 9,457
Dec. 1 2 . . . 9,529
Dec. 1 9 . . . 10,028
Dec. 2 6 . . . 9,628
36,875
37,598
37,906
37,504
220
224
3
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised
basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.
4
MARCH
1952
279
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY AND PURPOSE *
[Net declines, (—).
In millions of dollars]
Business of borrower
Purpose of loan
Manufacturing and mining
Period 2
Metals
and
Petrometal
Food, Textiles, products leum,
coal,
liquor, apparel
(incl.
and
and
machin- chemical
and
tobacco leather ery and
rubber
trans.
equip.)
Other
Trade
(wholesale
and
retail)
Commodity
dealers
Sales
finance
companies
Public
utilities
(incl.
transportation)
Construction
and
other
Defense
Net
dechanges and
fenseclassisupfied
porting
Comm'l,
ind'l,
and
Net
agr'l
Nonchanges
change—
defense i classitotal 3
fied
1
1951—April-June..
July-Sept...
-243
231
116
-78
275
452
48
42
60
70
62
23
-421
164
63
-100
175
218
52
-59
186
963
399
614
-56
353
343
967
18
858
October....
November..
December...
290
162
249
-139
-93
-51
85
117
220
26
21
36
6
28
37
18
30
-55
230
169
159
-4
-4
138
100
3
30
-8
-30
36
603
403
801
162
135
221
441
267
580
603
403
801
493
294
727
-39
48
520
141
39
104
4
19
-155
-5
-93
-121
-320
-59
-53
-10
-78
11
-293
14
262
131
-555
-116
-293
-432
-3
' " - 3 "
-12
-40
66
46
37
10
11
9
52
66
21
-12
-7
28
2
10
17
7
183
204
253
161
46
60
61
54
137
144
192
106
1 183
204
253
161
141
213
223
150
-69
-18
-33
-21
-14
-15
-18
-10
-35
-16
57
-80
-58
-52
-187
-77
-7
-11
-18
-18
-25
-122
-112
182
-126
-115
-28
31
226
-6
39
-95
-142
-44
-121
-153
-122
-112
182
-126
; -115
-173
-152
174
-155
-126
-30
15
1
9
-25
32
-24
-41
-29
-12
-10
-8
-25
-3
-5
22
17
-41
32
16
7
15
44
49
22
-56
-12
-33
-15
1952—January
February.. .
-118
-113
Week ending:
1951—Dec. 5 . . . .
Dec. 12
Dec. 1 9 . . . .
Dec. 2 6 . . . .
75
61
83
30
-23
-20
4
-11
22
90
69
40
3
11
5
17
7
'13
4
13
1952—Jan. 2 . . . .
Jan. 9
Jan. 1 6 . . . .
Jan. 2 3 . . . .
Jan. 30
-71
— 17
5
-9
-26
-29
—1
-6
-11
8
54
40
259
22
145
31
-10
6
9
4
4
Feb. 6 . . . .
Feb. 13
Feb. 2 0 . . . .
Feb. 2 7 . . . .
-24
-31
-16
-41
21
15
2
10
29
48
39
25
20
31
37
17
4
-1
-2
5
4
9
3
34
-11
-2
"-if6
!
-41
32
16
7
-50
34
4
9
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 75 per cent of those of all commercial banks. During April and May the coverage was smaller, and some banks were classifying only the new loans, and not repayments, as to
purpose.
2
Quarterly and monthly figures are based on weekly changes during period.
8
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
To
business
and
industry
Farm
Total
1951—April !
May»
June 1
July 1 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
1952—January
4,144
1,983
302
450
446
450
409
407
395
353
310
State,
county,
and municipal
Nonfarm residentia
VA
guaranteed
FHA
insured
Conventional
298
309
297
286
236
204
192
170
1,005
928
1,005
1,011
947
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
937
831
752
744
918
945
955
1,007
1,648
1,539
1,447
1 390
1,229
1,162
1,078
1,186
997
650
649
349
88
83
80
80
83
96
98
107
577
531
484
402
365
316
276
270
619
594
566
509
490
452
437
417
343
322
340
317
307
310
473
311
137
1,544
2,114
1,053
99
962
257
409
295
300
963
99
108
91
76
77
54
59
51
44
44
46
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 are compiled
by the Life Insurance Association of America in accordance with the Program for Voluntary Credit Restraint.
280
FEDERAL RESERVE
BULLETIN
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Based on
Held by
Commercial
paper
Total
out- 1
outstanding standing
End of month
Accepting banks
Total
Own
bills
Others 2
Bills
bought
Imports
into
United
Exports
from
United
States
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1950—December
333
394
192
114
78
202
245
87
2
28
32
1951—January
February
March
April
May
June
July
August
September
October
November
December
356
369
381
387
364
331
336
368
377
410
435
434
453
470
479
456
417
425
380
384
375
398
437
490
202
201
198
170
143
162
135
122
118
131
154
197
126
121
122
119
108
120
103
94
85
87
96
119
76
79
76
52
35
42
33
28
33
44
58
79
251
270
279
285
274
263
245
262
256
267
283
293
286
304
314
288
259
267
225
218
210
226
227
235
100
99
106
111
102
104
104
109
104
106
116
133
2
2
2
2
1
(»)
(»)
6
3
4
5
23
36
36
30
24
22
22
24
25
27
27
46
55
29
29
26
31
33
31
27
26
31
35
43
44
1952—January
480
492
193
127
66
300
235
135
23
52
48
1
As reported by dealers; includes some finance company paper sold in open market.
' N o n e held by3 Federal Reserve Banks except on Mar. 31, 1951, and on Apr. 30, 1951, when their holdings were $1,996,000 and $178,000,
respectively.
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger balances i n millions of dollars]
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
partners'
firm
debit
balances investment investment
and trading and trading
(net)i
accounts
accounts
1943—June
December...
1944—June
December...
1945—June
December...
1946—June
December...
1947—June
December...
1948—June
December...
1949—June
December...
1950—June
December...
761
789
887
1,041
1,223
1,138
809
540
552
578
619
550
681
881
1,256
1,356
1951—February. . .
March
April
May
June
July
August
September. .
October
November. .
December...
» 1,367
1,304
» 1,286
» 1,287
1,275
• 1,266
1,260
»1,290
»1,291
1,279
1,292
1952—Januarv . . . .
3
1,289
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
Credit balances
Cash on
hand
and in
banks
Customers'
credit balances
Money
borrowed 2
10
375
364
12
392
378
Other
(net)
334
354
424
472
549
654
651
694
650
612
576
586
528
633
673
890
66
65
95
96
121
112
120
120
162
176
145
112
129
159
166
230
15
14
15
18
14
29
24
30
24
23
20
28
20
26
25
36
7
5
11
8
13
13
17
10
9
15
11
5
9
15
11
12
212
198
216
227
264
299
314
290
271
273
291
278
260
271
312
317
225
26
13
319
259
42
11
314
»642
•715
*661
•681
680
«672
»624
»640
«653
3 649
695
8
8
8
8
3
3 809
633
In partners' In firm
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
Free
529
557
619
726
853
795
498
218
223
240
283
257
493
523
827
745
167
181
196
209
220
313
370
456
395
393
332
349
280
306
314
397
Other credit balances
1
953
918
879
855
834
8 825
8816
8 843
»853
3 805
816
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).
1
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): November, 41; December, 40; January, 39.
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.
MARCH
1952
281
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
u. s Government
Prime Stock
exPrime
securities (taxable)
comchange
ers'
mercial acceptcall
paper, ances,
loan
39-to 12- 3- to 5re4- to 6-1 90
month month4 year 6
newmonths days l
bills 3 issues issues
als 2
1949 average
1950 average
1951 average
1.48
1.45
2.17
1.12
1.15
1.60
1.63
1.63
2.17
1.102
1.218
1.552
1.14
1.26
1.73
1.43
1.50
1.93
1951—February. .
March
April
May
July...
August....
September.
October. . .
November.
December..
1.96
2.06
2.13
2.17
2.31
2!31
2.26
2.19
2.21
2.25
2.31
1.50
1.63
1.63
1.63
1.63
1 63
l!63
1.63
1.63
1.63
1.69
2.00
2.00
2.00
2.15
2.25
2!25
2.25
2.25
2.25
2.25
2.38
1.391
1.422
1.520
1.578
1.499
l!593
1.644
1.646
1.608
1.608
1.731
1.60
1.79
1.89
1.85
1.79
1 74
1.70
1.71
1.74
1.68
1.77
1.67
1.86
2.03
2.04
2.00
1^94
1.89
1.93
2.00
2.01
2.09
1952—January. . .
February ..
2.38
2.38
1.75
1.75
2.45
2.38
1.688
1.574
1.75
1.70
2.08
2.07
2%
2%
1M
2M-2H 1.589
2H-2V2 1.584
1M 2M-2Y2 1.643
l M 2y±-iy2 1.507
1.563
1M
1.71
1.71
1.71
1.70
1.69
2.05
2.06
2.08
2.08
2.08
June
Week ending:
Feb.
2...
Feb.
9...
Feb. 1 6 . . .
Feb. 2 3 . . .
Mar. 1 . . .
2%
2Vs
1%
BANK RATES ON BUSINESS LOANS
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESSES BY BANKS IN SELECTED CITIES
[Per cent per annum]
Size of loan
All
loans
Area and period
Annual averages:
19 cities:
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1
2
Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day Stock Exchange time loans was 1.63
per cent, Aug. 17, 1948-Jan. 1, 1951. In 1951 changes were made
on the following dates: Jan. 2, 2.13; May 16, 2.38; Dec. 18, 2.56 per
cent.
3
Rate on new issues within period.
4
Series includes certificates of indebtedness and selected note and
bond
issues.
6
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—Mar
June
Sept
Dec
New York City:
1951—Mar
June
Sept
Dec
7 Northern and Eastern cities:
1951—Mar
June
Sept
Dec
11 Southern and
Western cities:
1951—Mar
June
Sept
Dec
$1,000- $10,000- $100,000- $200,000
$10,000 $100,000 $200,000 and over
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
4.68
4.73
4.74
4.78
3.27
3.32
3.36
3.49
2.76
2.81
2.78
3.03
2.74
2.78
2.79
3.01
4.20
4.37
4.35
4.37
3.91
3.06
3.06
3.18
3.34
2.59
2.64
2.64
2.87
3.02
3.04
3.06
3.23
4.74
4.68
4.81
4.81
3.86
3.90
3.97
4.04
3.23
3.28
3.24
3.46
2.81
2.83
2.82
3.03
3.42
3.52
3.47
3.67
4.87
4.90
4.89
4.95
4.01
4.10
4.17
4.15
3.41
3.52
3.55
3.62
3.06
3.14
3.04
3.35
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
3.02
3.07
3.06
3.27
3.2
3.4
3.3
3.2
3.1
3.1
3.5
3.7
3.6
4.0
NOTE.—For description of series see BULLETIN for March 1949,
pp. 228-237.
BOND YIELDS *
[Per cent per annum]
Corporate Moody's)*
Year, month, or week
dumber of issues . .
U. S.
Govern- Municment
ipal
15 years3 (high-2
or more grade)
(taxable)
1-8
15
Corporate
(highgrade)3
By ratings
Total
Aaa
9
By groups
Aa
A
Baa
Industrial
Railroad
Public
utility
120
30
30
30
30
40
40
40
2.75
2.69
2.91
3.00
2.89
3.13
3.42
3.24
3.41
2.74
2.67
2.89
3.24
3.10
3.26
2.90
2.82
3.09
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
2.86
3.08
2.66
2.62
2.86
1951—February
March
April
May
June
July...
August
September
October..
November
December
2.40
2.47
2 56
2.63
2.65
2 63
2.57
2.56
2 61
2.66
2.70
1.61
1 87
2 05
2 09
2.22
2 18
2.04
2.05
2 08
2.07
2.10
2.66
2.78
2 88
2.89
2.95
2 93
2.86
2.85
2 92
2.98
3.03
2.85
2.95
3.07
3.09
3.16
3.17
3.12
3.08
3.13
3.20
3.25
2.66
2.78
2.87
2.88
2.94
2.94
2.88
2.84
2.89
2.96
3.01
2.71
2.81
2.93
2.93
2.99
2.99
2.92
2.88
2.93
3.02
3.06
2.88
2.98
3.12
3.14
3.21
3.23
3.18
3.15
3.18
3.26
3.31
3.16
3.22
3.34
3.40
3.49
3.53
3.51
3.46
3.50
3.56
3.61
2.69
2.79
2.89
2.90
2.96
2.97
2.92
2.89
2.93
2.97
3.00
3.01
3.09
3.24
3.28
3.33
3.36
3.31
3.27
3.31
3.42
3.50
2.86
2.95
3.07
3.10
3.18
3.19
3.13
3.09
3.14
3.21
3.24
1952—January
February....
2.74
2.71
2.10
2.04
2.96
2.89
3.24
3.18
2.98
2.93
3.05
3.01
3.32
3.25
3.59
3.53
3.00
2.97
3.48
3.38
3.23
3.19
Week ending:
Feb. 2 .
Feb. 9
Feb. 16
Feb. 23
Mar. 1
2 71
2.71
2 71
2 70
2.70
2 08
2.04
2 04
2 04
2.04
2.90
2.87
3.20
3.18
3.17
3.18
3.18
2.95
2.93
2.91
2.93
2.95
3.01
3.00
3.00
3.02
3.02
3.29
3.26
3.24
3.24
3.24
3.55
3.54
3.52
3.52
3.53
2.97
2.97
2.97
2.97
2.98
3.43
3.39
3.37
3.37
3.38
3.20
3.18
3.18
3.19
3.20
2.89
2.93
1
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
3
Standard and Poor's Corporation.
U. S. Treasury Department.
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.
2
4
282
FEDERAL RESERVE BULLETIN
SECURITY MARKETS 1
Stock prices
Bond prices
Common
Year, month,
or week
U. S.
Government2
Standard and Poor's series
(index, 1935-39=100)
Mun- Corpoicipal rate
Pre(high- (high- ferred*
8
grade)8 grade)
Volume
of
Securities and Exchange Commission series
trad(index, 1939=100)
ing*
(in
thouManufacturing
sands
Trade,
of
finTrans- Pubance, Min- shares)
lic
porta- utiland
Noning
tion
servdurTotal Durity
able
ice
able
Total
Industrial
Railroad
416
365
20
31
265
170
98
72
21
28
32
14
121
146
177
128
156
192
97
117
149
98
107
112
128
154
185
132
166
207
116
150
178
147
180
233
139
160
199
98
107
113
161
184
208
129
144
205
1,037
2,012
1,684
180.9
174.9
170.4
168.9
167.9
166.7
169.4
168.5
167.0
165.4
163.7
175
170
172
174
172
173
182
187
185
178
183
190
184
187
189
187
188
198
205
202
193
199
159
149
149
148
142
139
147
153
155
144
151
111
111
110
111
110
112
114
116
115
115
116
184
180
183
182
179
182
190
195
191
185
190
203
198
204
203
200
204
215
220
216
208
215
182
178
181
175
169
170
179
185
185
178
182
223
217
225
228
229
236
249
253
244
235
245
213
200
202
197
188
188
196
204
203
194
204
112
113
111
111
110
111
114
115
114
114
115
213
210
208
206
201
202
206
215
214
208
209
184
177
183
188
186
195
219
231
244
239
238
2,104
1,549
1,517
1,630
1,305
1,333
1,463
1.916
1,802
1,246
1,367
1952—Jan
Feb
96.27 130.8 115.5 164.1
132.1 116.5 165.9
187
183
204
199
155
155
117
118
195
193
222
218
185
183
255
251
211
209
116
117
209
206
246
258
1,574
1,320
Week ending:
Feb. 2..
Feb. 9..
Feb. 16..
Feb. 23..
Mar. 1..
96.64
96.71
96.72
96.83
166.2
165.7
166.1
165.9
166.0
189
187
186
180
180
205
204
202
195
196
158
156
156
152
155
118
118
118
117
117
196
195
192
188
188
223
221
217
212
211
186
185
182
178
177
258
255
249
243
243
211
210
207
206
204
117
117
118
116
116
208
209
206
201
199
254
258
264
257
277
1,662
1,395
1,220
1,508
1,140
Number of issues
1-8
15
15
17
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
1951—Feb
Mar
Apr
May. . . .
June....
July
Aug
Sept
Oct
Nov
Dec
101.44
100.28
98.93
97.90
97.62
97.93
98.90
99.10
98.22
97.52
96.85
140.8
135.5
131.9
131.1
128.6
129.4
132.1
132.0
131.3
131.6
130.9
131.3
132.1
132.1
132.1
132.1
121.3
119.4
117.8
117.4
116.6
116.2
117.1
118.0
116.9
115.3
114.8
116.4
116.8
116.7
116.4
116.1
Public Total
utility
1
Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks
(Standard
and Poor's series), which are based on figures for Wednesday.
2
Average
of taxable bonds due or callable in 15 years or more.
8
Prices
derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
4
Standard and
Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
5
dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
NEW SECURITY ISSUES
[In millions of dollars]
For new capital
Year or month
1942
1943
1944
1945
1946
1947
1948 .
1949
1950
Total
(new Total
and
(dorefund- mestic
and
ing)
foreign)
Domestic
Total
1 075 1,075
State
and
municipal
Domestic
Total
(doCorporate
Formestic
Fedeign2 and
eral
forTota
agen-1
Bonds
eign)
and Stocks
cies
Total
notes
State
and
municipal
1,039
1,442
3,288
6,173
3,895
1,948
1,135
1,492
2,441
181
259
404
324
208
44
82
104
112
440
497
418
912
734
422
768
943
992
14
240
210
240
210
14
28
5'
17
2
80
20
8
77
184
211
144
215
197
124
77
184
180
144
215
197
124
19
3
10
4
4
3
2
1,772
4,645
8
7,566
9,085
8 160
8,271
1,761
4,635
7,255
9,076
8,131
8,160
2,228
2,604
2,803
3,370
853
840
613
630
599
630
356
138
98
244
394
201
319
436
514 8 436
8
594
834
649
1,229 1,019 1,001
918
1,064
920
866
1,162
947
1,291 1,095 1,075
802
934
810
154
181
158
228
407
280
319
41
48
48
29
60
89
8
242
365
795
660
399
706
476
192
332
641
433
314
562
329
43
75
50
33
154
227
85
144
147
240
139
101
34
192
192
1
40
107
337
463
531
281
265
321
56
198
210
50
26
194
322
140
194
322
140
4
18
4
8
617
986
1,285
969
642
913
640
896
342
176
235
471
952
424
390
150
«792
963
829
642
937
829
265
368
297
624
506
108
90
374
282
422
15
646
607
26 1,264
127 3,556 2,084
239 4,787 3,567
4
4
294 6,177 5,269
233 5,095 4,125
394 4,395 3,199
118
92
224
657
1,472
1,219
908
971
1,197
Federal
agencies * Total
1,039
1,527
3,303
6,234
4,000
2,125
1,135
1,593
8
2,665
2 114
2,169
4 216
8,006
8,645
8
9,691
10,220
9,753
'10,935
1950—November
December.
1951—January..
February.
March....
April
May
June
July
August
September
October. .
November
For refunding
2
17
12
10
68
10
29
111
Corporate
Foreign5
Bonds
and Stocks
notes
1,338
1,280
11
82
288
656
601
283
28
52
58
150
79
75
103
67
91
8
12
45
154
88
61
198
137
93
13
27
82
80
13
57
29
11
25
52
24
8
49
29
2
2
30
55
6
7
172
20
20
20
16
47
14
14
23
170
288
89
418
685
407
603
2,466 2,178
4,937 4,281
2,953 2,352
1,482 1,199
284
445
257
393
86
15
61
105
177
101
31
6
2
24
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.
a These figures for 1947, 1950, February 1951 and September 1951 include 244 million dollars, 100 million, 50 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.
MARCH
1952
283
NEW CORPORATE SECURITY ISSUES »
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
1938
1939
1940
1941 .
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
...
Estimated Estimated
gross
net
proceeds 2 proceeds *
New money
Retirement of securities
Working
capital
Total
Plant and
equipment
681
325
504
170
177
155
569
424
145
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
7,766
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
7,634
657
1,080
3,279
4,591
5,929
4,606
4,006
6,541
252
638
2,115
3,409
4,221
3,724
2,966
5,100
405
442
1,164
1,182
1,708
383
383
1,009
359
377
994
301
314
845
824
810
505
195i—January
February
March
April
748
825
May
June
July
1952—January
207
187
661
287
141
308
167
1,206
1,695
1,854
1,583
396
1,119
1,637
1,726
1,483
366
739
424
240
17
28
68
3
2
29
26
53
8
6
28
13
52
64
55
77
71
146
20
30
68
626
504
122
487
431
189
253
65
676
685
452
336
116
20
530
27
73
231
168
234
315
364
224
243
699
555
28
35
379
356
488
637
620
1,149
351
565
19
144
138
476
196
67
41
122
1,271
429
474
334
541
567
725
100
30
7
26
47
133
1,041
1,441
537
371
640
666
826
174
49
134
240
360
545
378
655
679
840
215
69
72
307
401
352
281
420
480
640
121
53
121
88
85
23
17
6
52
45
14
54
20
22
17
5
51
42
470
60
2
2
20
63
87
59
128
Other
purposes
351
438
2,038
4,117
2,392
1,155
882
Repayment
of
other debt
Preferred
stock
667
2,389
4,555
2,868
1,352
739
812
515
August .
September
October
November
December....
868
474
Total
Bonds and
notes
78
6
9
18
15
26
49
6
26
1
2
1
2
21
15
65
28
23
20
4
11
1
27
19
32
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS*
[In millions of dollars]
Commercial and
miscellaneous 8
Manufacturing •
Year or
month
1938
1939...
1940
1941
1942 . . .
1943
1944 . . .
1945
1946
1947
1948 . . . .
1949
1950
1951
Railroad
Communication
Public utility'
Real estate
and financial
8
Total
Total
Total
Total
Total
Total
net
net
New Retire- net
New RetireNew Retire- net
New RetireNew Retire- net
New Retire- net
pro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 1 0
ceeds 9
ceeds9
ceeds9
ceeds9
ceeds9
ceeds9
831
584
961
828
527
497
1,033
1,969
3,601
2,686
2,180
1,391
1,175
3,069
469
188
167
244
293
228
454
811
2,201
1,974
1,726
851
68S
2,559
226
353
738
463
89
199
504
1,010
981
353
54
44
149
185
403
338
538
515
304
229
262
340
1951—January
February
March
April
....
May
June
July
August
September
October
November
December
65
63
298
405
384
361
141
250
165
308
213
416
47
53
219
301
353
314
115
218
146
254
181
357
7
2
28
55
1
18
8
9
11
3
19
23
74
27
52
48
71
42
31
22
29
37
46
37
46
20
44
23
57
28
17
16
19
25
21
26
1952—January
304
294
23
14
21
28
63
53
54
182
319
361
47
160
602
1,436
704
283
617
456
548
324
24
85
115
253
32
46
102
115
129
240
546
441
301
289
G
5
2
4
12
4
10
2
4
1
1
2
44
26
30
20
14
26
18
9
23
18
76
22
44
8
30
20
14
26
18
9
23
16
61
22
17
17
30
97
186
108
15
114
500
1,320
571
35
56
11
193
34
18
i
15
1,208
1,246
1,180
1,340
464
469
1,400
2,291
2,129
3,212
2,281
2,615
2,866
2,583
180
43
245
317
145
22
40
69
785
2,188
1,998
2.140
1,971
2,337
943
1,157
922
993
292
423
1,343
2,159
1 252
939
145
234
685
114
185
220
172
278
217
25S
191
225
131
197
279
c
280
127
200
115
199
"89i" '870
567
395
628
505
304
624
9
2
423
24
4
3
51
3
8
15
37
48
9
2
421
24
242
181
213
126
181
256
257
7
4
37
6
3
6
3
12
2
1
16
19
195
1
1
1
23~0
211
2
49
81
3
16
102
155
94
4
21
107
206
323
286
587
593
739
515
8
9
42
55
4
13
61
85
164
189
485
440
480
391
1
31
39
20
35
50
123
74
28
15
63
15
22
28
33
16
30
37
73
71
14
12
50
12
16
11
9
4
2
51
3
8
15
37
48
7
88
0
18
4
42
65
64
24
30
35
100
41
1
3
36
1
c
Corrected.
1
Estimates of
1
new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
• Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and
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.
8
*7 Prior to 1948 this group corresponds to that designated "Industrial" in the old classification.
Included in "Manufacturing" prior to 1948.
Includes "Other transportation" for which separate figures are available beginning in 1948. 108 Included 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.
284
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
Sales
Profits
before
taxes
Profits
after
taxes
Dividends
10,591
13,006
18,291
21,771
28,240
30,348
26,531
21,316
30,797
36,930
36,675
44,056
1,209
1,844
3,156
3,395
3,683
3,531
2,421
2,033
4,099
5,312
5,034
7,891
997
1,273
1,519
1,220
1,260
1,255
1,129
1,203
2,521
3,309
3,098
4,061
722
856
947
760
777
848
861
944
1,168
1,402
1,658
2,237
9,406
8,545
1,312
1,200
799
332
766
630
1950—1 i
2'
3
4
9,256
10,678
11,830
12,292
1,400
1,821
2,185
2,485
812
387
394
1951—1
12,685
13,019
12,282
2,232
2,214
1,962
1939
1940
1941 .
1942
1943
1944
1945.
1946
1947
1948
1949
1950 . .
1949—3
4
Annual
Quarterly
m
2
3
1,047
1,244
958
876
837
761
Assets of 50 million dollars and over
(82 corporations)
Sales
Profits
before
taxes
9,008
11,138
15,691
18.544
24,160
25,851
22,278
17,416
25,686
31,238
31,578
37,828
1,071
1,638
2,778
2,876
3,111
2,982
1,976
1,573
3,423
4,593
4,506
6,995
8,148
7,259
1 183
1,058
583
874
7,935
9,213
10,156
10,525
1,254
1,631
1,925
2,185
467
474
477
10,811
11,079
10,454
1,951
1,928
1,720
Profits
after
taxes
Dividends
883
656
772
854
672
688
755
764
1,127
1,329
1,056
1,097
1,091
964
932
2,105
2,860
2,768
3,571
804
1,000
1,210
1,474
2,013
717
292
675
567
725
935
347
347
1,092
820
765
724
661
Assets of 10-50 million dollars
(118 corporations)
Sales
1,583
1,869
2 600
3,227
4,080
4 497
4,253
3,900
5,111
5,692
5,097
6,228
1 258
1,286
Profits
before
taxes
Profits
after
taxes
Dividends
139
206
378
519
571
549
445
114
146
190
164
164
164
165
460
676
719
67
83
93
88
88
93
98
271
416
489
528
330
184
896
489
224
129
82
39
142
91
63
140
168
192
146
190
87
112
40
47
534
785
1,322
1,465
1,674
1,767
260
300
152
138
49
88
420
421
425
1,874
1,940
1,828
?81
286
242
110
113
100
47
52
52
Profits
after
taxes
Dividends
PUBLIC UTILITY CORPORATIONS
[In millions of dollarsl
Railroad
Year or quarter
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1949—3
Quarterly
4
1950—i
2
3
4
1951—l
2
3
Electric power
Telephone
Operating
revenue
Profits
before
taxes
Profits
after
taxes
Dividends
Operating
revenue
Profits
before
taxes
Profits
after
taxes
Dividends
Operating
revenue
Profits
before
taxes
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,628
8,685
9,672
8,580
9 473
126
249
674
1,658
2,211
1,972
756
93
189
500
902
873
667
450
126
159
186
202
217
246
246
629
692
774
847
913
902
905
535
548
527
490
502
507
534
444
447
437
408
410
398
407
231
257
297
364
420
451
433
189
193
187
168
176
168
174
164
167
162
151
156
155
162
287
235
638
458
313
209
168
954
983
1,129
1,303
643
657
757
824
494
493
1,137
1,206
1,334
1,508
1,691
L ,815
.979
2,148
2,283
2,694
2,967
3,342
215
292
138
186
131
178
333
207
213
580
331
2 76
2,140
2,066
174
224
1,985
2,238
2,534
2,716
109
248
454
574
2,440
2,596
2,583
271
777
1,148
700
1,385
229
275
250
783
312
2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,815
4,291
4,830
5.055
5,431
104
161
50
78
1,224
1,288
260
281
175
140
156
748
779
84
111
52
68
53
60
2 52
61
53
55
142
1,378
1,322
1,317
1,415
351
321
2
230
2
212
2
171
2211
146
153
787
821
116
137
62
67
152
853
158
168
881
271
2
84
2 84
2
92
479
699
236
289
438
252
2
157
2
257
2318
2
103
2
144
2
122
100
62
56
1,504
1,419
1,421
964
293
339
413
344
320
106
2
2
2
229
195
168
553
619
169
157
904
175
160
162
918
931
174
160
2
2
2
90
92
72
70
76
77
79
81
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).
MARCH 1952
285
SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[In millions of dollars]
Annual
Quarterly
Industry
1948
1949
1949
1950
1950
1951
21
41
Nondurable goods industries
Total (94 corps.):'
Sales
Profits before taxes
Profits after taxes
Dividends
13,364 12,790 14,710 3,163 3,333 3,251 3,453 3,939 4,066 4,323 4,260 4,279
446
503
809
2,208 1,843 2,701
504
581
782
833
850
769
292
342
307
382
367
340
332
1,474 1,211 1,510
353
468
147
166
333
198
202
708
887
249
201
656
175
213
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
3,447
410
257
135
3,254
377
233
134
3,416
463
253
141
822
101
63
29
835
102
64
44
757
83
47
31
Chemicals and allied products (26 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
3,563
655
408
254
3,562
673
403
311
4,456
1,114
560
438
896
174
105
68
910
189
115
113
205
117
72
1,049 1,192 1,263 1,345 1,381 1,351
311
367
351
247
366
344
176
121
127
141
129
112
112
174
85
79
83
87
Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
3,945
721
548
172
3,865
525
406
172
4,234
652
443
205
942
114
86
31
996
131
109
63
960
121
87
42
989 1,113 1,172 1,204 1,204 1,246
203
188
133
209
217
216
131
118
123
127
95
130
44
55
42
57
77
55
811
100
58
33
957
157
88
34
892 1,000
124
120
59
58
44
31
878
83
39
33
935
89
45
32
Durable goods industries
Total (106 corps.): 3
Sales
Profits before taxes
Profits after taxes
Dividends
23,567 23,886 29,346 6,307 5,279 6,004 7,225 7,891 8,226 8,362 8,759 8,003
5,190
866
697
896 1,240 1,403 1,652 1,382 1,405 1,193
3,105
3,191
2,549
508
424
503
1,835
1,887
497
694
776
510
576
429
1,351
185
381
221
950
746
370
273
219
541
270
275
Selected industries:
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
9,066
1,174
720
270
,197 10,446 2,050 1,542 2,200 2,562 2,719 2,965 3,044 3,198 3,034
993
1,698
160
228
400
455
544
557
791
299
525
578
853
130
100
255
206
193
167
225
188
176
377
157
285
61
89
85
66
80
87
73
88
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
4,529
567
333
125
4,353
519
320
138
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
8,093
1,131
639
282
9,577 11,805 2,707 2,118 2,283 2,975 3,355 3,192 3,268 3,331 2,900
337
508
1,473
2,306
462
656
656
514
407
398
596
200
183
861
1,089
194
143
267
358
186
215
330
216
119
451
671
123
121
80
232
90
91
258
5,056 1,115 1,163 1,099 1,195 1,271 1,491 1,480 1,563 1,433
845
119
147
193
237
144
167
340
250
211
421
91
75
107
82
81
93
140
90
73
208
31
42
38
84
47
47
49
37
43
(15);3 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]
Year
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
,
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
9.3
17.2
21.1
25.1
24.3
19.7
23.5
30.5
33.8
28.3
41.4
44.5
2.9
7.8
11.7
14.4
13.5
11.2
9.6
11.9
13.0
11.0
18.6
26.6
6.4
9.4
9.4
10.6
10.8
8.5
13.9
18.5
20.7
17.3
22.8
18.0
4.0
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
8.6
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
1949—4
27.0
10.5
16.5
8.0
8.5
1950—1
2
3
4
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
9.7
12.2
15.8
16.7
2
3
4
51.8
45.4
39.8
41.1
31.1
27.0
23.7
24.5
20.7
18.4
16.1
16.7
8.8
9.6
9.6
9.8
11.9
8.8
6.5
6 9
Quarter
Undistributed
profits
Source.—Same as for national income series.
286
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]
Nonmarketable public issues
Marketable public issues *
End of month
Total
gross
debt*
Total
gross
direct
debt
1945—June
Dec
1946—June
Dec.
1947—June
Dec
1948—June
Dec
1949—June
Dec
1950—June. . . .
Dec
1951—Feb
Mar
Apr
May
June....
July
Aug.....
Sept
Oct.
Nov
Dec
1952—Tan
Feb
259,115
278,682
269,898
259,487
258,376
256,981
252,366
252,854
252,798
257,160
257,377
256,731
255,958
255,018
254,748
255,122
255,251
255,685
256,677
257,386
258,336
259,647
259,461
259,813
260,399
258,682
278,115
269,422
259,149
258,286
256,900
252,292
252,800
252,770
257,130
257,357
256,708
255,941
254,997
254,727
255,093
255,222
255,657
256,644
257,353
258,298
259,604
259,419
259,775
260,362
3
CertifiTreasury cates of Treasury Treasury Total 3
indebtnotes
bonds
bills
edness
Total
181,319 17,041
198,778 17,037
189,606 17,039
176,613 17,033
168,702 15,775
165,758 15,136
160,346 13,757
157,482 12,224
155,147 11,536
155,123 12,319
155,310 13,533
152,450 13,627
151,625 13,632
151,623 13,630
138,075 13,627
138,041 13,614
137,917 13,614
139,279 14,413
139,741 15,012
140,169 15,617
141,753 16,849
142,741 18,100
142,685 18,102
142,690 18,104
142,701 18,104
34,136
38,155
34,804
29,987
25,296
21,220
22,588
26,525
29,427
29,636
18,418
5,373
9,509
9,524
14,740
15,317
28,016
28,017
29,078
29,079
29,079
23,497
22,967
18,261
10,090
8,142
11,375
11,375
7,131
3,596
8,249
20,404
39,258
43,802
43,802
43,802
43,802
35,806
36,360
31,010
31,013
18,669
18,406
18,409
18,421
18,434
106,448
120,423
119,323
119,323
119,323
117,863
112,462
111,440
110,426
104,758
102,795
94,035
94,035
94,035
80,490
80,469
78,832
78,830
78,827
78,070
78,068
78,066
76,945
76,943
76,942
56,226
56,915
56,173
56,451
59,045
59,492
59,506
61,383
62,839
66,000
67,544
68,125
67,824
67,405
80,615
80,639
80,281
79,339
79,434
79,152
78,571
78,650
78,483
78,559
79,075
Treasury Special
U. S. Treasury
and bonds—
issues
savings tax
investsavings
bonds
ment
notes
series
45,586
48,183
49,035
49,776
51,367
52,053
53,274
55,051
56,260
56,707
57,536
58,019
57,769
57,764
57,652
57,607
57,572
57,538
57,509
57,488
57,501
57,552
57,587
57,664
57,682
10,136
8,235
6,711
5,725
5,560
5,384
4,394
4,572
4,860
7,610
8,472
8,640
8,730
8,296
8,109
8,158
7,818
7,926
8,041
7,775
7,705
7,737
7,534
7,539
8,044
970
959
955
954
954
954
953
953
953
14,498
14,518
14,526
13,524
13,522
13,519
13,017
13,014
13,011
12,998
12,986
Noninterestbearing
debt
18,812
20,000
22,332
24,585
27,366
28,955
30,211
31,714
32,776
33,896
32,356
33,707
33,933
33,525
33,590
34,049
34,653
34,707
35,146
35,637
35,615
35,862
35,902
36,233
36,360
2,326
2,421
1,311
1,500
3,173
2,695
2,229
2,220
2,009
2,111
2,148
2,425
2,559
2,444
2,447
2,364
2,370
2,332
2,323
2,395
2,359
2,351
2,348
2,294
2,226
1
2
1
Includes fully guaranteed securities, not shown separately.
Includes amounts held by Government agencies and trust funds, which aggregated 3,421 million dollars on Jan, 31, 1952.
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes depositary bonds
and Armed Forces Leave bonds, not shown separately.
Back figures—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512,
UNITED STATES SAVINGS BONDS
[In millions of dollars]
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING FEBRUARY 29, 1952
[On basis of daily statements of United States Treasury.
of dollars]
In millions
Month
Issue and coupon rate
Treasury notes
Mar. 15, 1954
Mar. 15, 1955
Dec. 15, 1955
Apr. 1, 1956
Oct. 1, 1956
Amount
7,986
5,825
8,662
1,501
510
725
681
2,611
1,449
982
3,822
919
5,283
3,469
1,485
2,118
2,830
3.760
3,836
5,195
3.480
2,000
2,716
4,073
1,104
1,200
1,234
1,201
1,204
1,201
1,201
1,202
1,201
1,301
1,302
1,302
1,100
1,101
1,249
1% 9,524
IH 5,216
\yt
583
\% 1,832
\% 10,861
\% 1,063
1«
1}
If
\\
1)
Treasury bonds
Mar. 15, 1952-54*.. 2)i
1
Issue and coupon rate
Treasury bonds—Cont.
Treasury bills *
Mar. 6, 1952
Mar. 13, 1952
Mar. 15, 1952 *
Mar. 20, 1952
Mar. 27, 1952
Apr. 3, 1952
Apr. 10, 1952
Apr. 17, 1952
Apr. 24, 1952
May 1, 1952
May 8, 1952
May 15, 1952
May 22, 1952
May 29, 1952
June 15, 1952 2
Certificates
Apr. 1, 1952
July 1, 1952
Aug. 15, 1952
Sept. 1, 1952
Oct. 1, 1952
Dec. 1,1952
Amount
4,675
5,365
6,854
1,007
533
Postal Savings
bonds
92
P a n a m a Canal Loan. 3
50
Total direct issues
Guaranteed securities
Federal Housing Admin.
1,024
Various
,
142,701
33
Sold on discount basis. See table on Open-Market Money Rates,
p. 2282.
Tax Anticipation Series.
3
Called for redemption on Mar. 15, 1952.
* Maturity June 15, 1954.
«6 Maturity June 15, 1955.
Partially tax exempt.
7
Restricted.
MARCH
1952
Fiscal year
ending:
June—1945..
1946..
1947..
1948..
1949..
1950..
1951..
RedempAmount Funds received from sales during tions
and
outperiod
maturities
standing
at end of
All
All
Series Series Series
month
E
series
F
G
series
57,769
57,764
57,652
57,607
57,572
57,538
57,509
57,488
57,501
57,552
57,587
1952—Jan. . . . 57,664
Feb.. . . 57,682
1951—Feb....
Mar....
Apr.. . .
May...
June...
July...
Aug
Sept...
Oct
Nov....
Dec...
11,553
6,739
4,287
4,026
4,278
3,993
3,272
679
407
360
301
473
231
347
2 ,658
2 ,465
2 ,561
1 ,907
2 ,390
1 ,449
1 ,523
4,298
6,717
5,545
5,113
5,067
5,422
6,137
386
359
310
296
290
311
314
273
334
316
297
272
280
254
247
244
258
267
230
274
268
254
17
12
9
8
8
8
8
10
9
9
97
67
47
41
38
45
38
36
50
39
34
528
560
472
478
476
482
437
390
410
364
401
441
339
364
288
16
10
61
42
493
411
45,586 14 ,891
49,035 9 ,612
51,367 7 ,208
53,274 6 ,235
56,260 7 ,141
57,536 5 ,673
57,572 5 ,143
7
Maturities and amounts outstanding February 29, 1952
All
series
Series
Series
F
1952
1953
1954
1955
1956
1957
1958
1959
1960.
1961
1962
1963
1964
Unclassified
3,664
6,323
8,037
6,838
5,051
4,830
4,928
4,730
5,218
1
4,791
2,489
753
91
-61
3,664
5,160
5,717
4,450
2,260
2,350
2,564
2,633
2,483
1
3,309
191
477
498
581
463
241
258
441
Total
57,682
34,903
Year of
maturity
E
314
Series
G
370
123
973
1 843
1 890
2,210
2 017
2,123
1,839
2 294
1 280
1,805
630
19
73
3,864
18,976
202
1
Includes bonds with extended maturities totaling 745 million
dollars.
287
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY
[Par value in millions of dollars]
End of month
1940—June
1941—June
1942—June
1943—June
1944—June
1945—June
1946—June
1947—June
1948—June
Dec
1949—June
Dec.
1950—June
Dec
1951—June
Oct
Nov
Dec
Held by
Total
gross
U. S. Government
debt
agencies andx
(includtrust funds
ing guaranteed
securiSpecial Public
ties)
issues
issues
Held by the public
Total
Federal
Reserve
Banks
Commercial2
banks
Mutual
savings
banks
Insurance
companies
Other
corporations
2,100
2,000
4,900
12,900
20,000
22,900
17,700
13,900
13,500
14,300
15,100
16,300
18,300
19,900
20,200
'21,200
21,400
20,800
4,775
6,120
7,885
10,871
14,287
18,812
22,332
27,366
30,211
31,714
32,776
33,896
32,356
33,707
34,653
2,305
2,375
2,737
3,451
4,810
6,128
6,798
5,445
5,549
5,614
5,512
5,464
5,474
5,490
6,305
41,416
46,837
66,369
126,474
183,529
234,175
240,768
225,565
216,606
215,526
214,510
217,800
219,547
217,533
214,293
2,466
2,184
2,645
7,202
14,901
21,792
23,783
21,872
21,366
23,333
19,343
18,885
18,331
20,778
22,982
16,100
19,700
26,000
52,200
68,400
84,200
84,400
70,000
64,600
62,500
63,000
66,800
65,600
61,800
58,400
3,100
3,400
3,900
5,300
7,300
9,600
11,500
12,100
12,000
11,500
11,600
11,400
11,600
10,900
10,200
6,500
7,100
9,200
13,100
17,300
22,700
24,900
24,600
22,800
21,200
20,500
20,100
19,800
18,600
17,000
258,336 35,615
259,647 35,862
259,461 35,902
6,367
6,354
6,379
216,353 23,552
217,431 23,239
217,180 23,801
60,600
61,200
61,400
10,000
9,900
9,800
16,600
16,500
16,300
48,496
55,332
76,991
140,796
202,626
259,115
269,898
258,376
252,366
252,854
252,798
257,160
257,377
256,731
255,251
GUARANTEED
State
and
local
governments
Miscellaneous
Savings Other
invesbonds securities tors *
1,500
3,200
5,300
6,500
7,100
7,800
7,900
8,000
8,100
8,700
8,800
9,400
2,600
3,600
9,100
19,200
31,200
40,700
43,500
45,500
47,100
47,800
48,800
49,300
49,900
49,600
49,000
7,500
7,600
8,700
11,700
14,800
18,300
19,800
20,700
18,400
17,800
18,100
17,100
17,400
16,400
16,200
1,100
3,400
6,400
8,900
8,800
9,800
9,100
9,300
10,000
9,800
10,000
10,700
10,900
9,500
9,500
9,500
48,900 '15,600
49,000 15,600
49,000 15,600
10,500
11,100
11,000
400
600
900
r
Individuals
700
700
r
Revised
* Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1951.
Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Interest-bearing public marketable securities. In millions of dollars]
2
3
End of month
Total
outstanding
U. S.
Govt. Fed- Com- Mu- Insuragen- eral
tual
mer- savance Other
cies
Recial 1 ings comand serve banks
panies
trust Banks
banks
funds
Type of
security:
2
Total:
1949—June.... 155,160 5,374 19,343 56,237
Dec
155,138 5,327 18,885 59,856
1950—June.... 155,325 5,350 18,331 58,972
152,471 5,365 20,778 54,893
1951—June'.'..'. 137.944 3,272 20.268 51.515
N o v . . . . 142,778 3,320 22,025 53,911
Dec
142.724 3,345 22,588 54,148
Treasury bills:
63 4,346 2,817
1949—June.... 11,536
11 4,829 3,514
Dec
12,319
3 3,856 3.703
1950—June.... 13,533
35 1,296 3,888
Dec
13,627
527 3.750
26
1951—June.... 13,614
117 6,446
18,100
54
Nov
Dec
18,102
50
596 6,773
Certificates:
1949—June.... 29,427
26 6,857 9,561
29,636
Dec
48 6,275 11,520
7 5,357 5,354
1950—June.... 18,418
2,334 1,544
Dec
5,373
(3)
9,509
17 3,194 2,753
1951—June....
49
28,017
12,720 5,952
Nov
49 12,793 6,773
29,078
Dec
Treasury notes:
47
359 1,801
3.596
1949—June
562 5,569
15
8.249
Dec
29 3,500 11,204
1950—June.... 20,404
10 12,527 15.833
39,258
Dec
14 12,439 13.704
1951—June.... 35.806
3 5,068 10,452
Nov
18,406
Dec
18,409
3 5,068 10,465
Treasury bonds:
1949—June.... 110,426 5,201 7,780 42,042
Dec
104,758 5,217 7,218 39,235
1950—June.... 102,795 5,273 5,618 38,691
94,035 5,283 4,620 33,607
Dec
1951—June.... 78,832 3,178 4,108 31,286
N o v . . . . 78,066 3,178 4,120 31,030
76,945 3,209 4,130 30,104
Dec
11,029
10,772
10,877
10,144
8.254
7,898
7,880
19,090
18,535
18,132
16,862
12,077
44,087
41,763
43,663
44,429
42,558
11,529 44.095
11,364 43,399
End of month
Treasury bonds
and notes, due
or callable:
Within 1 year:
1949—June....
Dec
1950—June....
Dec
1951—June....
Total
outstanding
11,226
14,319
10,387
38,905
37,631
N o v . . . . 17,965
Dec
25,508
4.237 •
3,880 1-5 years:
5,846
1949—June.... 39,175
7,901
Dec
35.067
8,360
1950—June.... 51,802
Dec
33,378
64
687 10,732
532 10,080 1951—June.... 31.022
71
N o v . . . . 37,337
602 12,174
207
Dec
28,678
633 10,991
169
64
382 7,254
53 1,435 o—lu y cafS •
7
15,067
287 3,221
37
1949—June.... 18,537
Dec
37
623 8,636
1950—June.... 15,926
41
662 8,760
Dec
17,411
1951—June.... 15,962
41
104 1,244
107
244 1,752
N o v . . . . 11,156
154
403 5.114
Dec
11,156
136
707 10,045
687 8,842 After 10 years:
120
1949—June.... 48,554
69
305 2,509
Dec
45,084
67
316 2,490 1950—June....
45,084
Dec
10,768 18,315 26,320 1951—June.... 43,599
30,023
10,480 17,579 25,029
10,624 17,249 25,340
N o v . . . . 30,014
9,967 15,617 24,941
Dec
30,012
7,973 10,264 22.023
13
15
35
33
122
60
70
90
474
829
U. S.
Govt. Fed- Com- Mu- Insuragen- eral
tual
ance Other
mer- savcies
Recial 1 ings comand serve banks
panies
banks
trust Banks
funds
49
982 7,021
36
878 9,014
70
505 7,001
9 12,373 14,645
49 10,241 15,083
385
236
468
238
360
151
926
230
467 1,044
2,553
3,685
2,300
10,722
10,747
23
21
348
420
598
787
4,142
5,819
2,124
1,641
1,731
1,142
756
900
238
142
685
7,135
5,290
10,443
5,660
5,169
532
584 6,587 2.002 1,732
568 1,388 6,995 2,640 2,230
423 1,148 5,675 2,439 2,055
412
982 7,329 2,125 1,948
376 1,032 6,273 2,009 1,858
3,630
4,716
4,186
4,615
4,414
1,370 11,484
1,668 16,793
212 2,121 26,304
186 1,922 24,907
327 5,116 33,127
1,279
1,121
1,058
189 1,285 24,534
568
139 3,878 20.853
227
154 5,396 24,794
155 5,102 18,600
307
309
4,455
4,441
4,482
4,682
2,629
1,014 2,438 1,924
1,014 2,436 1,925
4,452
3,593
2,349
2,508
1,397
2,697 1,409
2,726 1,415
3,933
3,887
4,092
2,932
2,781
7,293
6,588
7,130
7,180
5,389
5,855
3,994
1,655
1,656
3,818
3,816
14,179
13,485
13,507
12,308
7,293
14,242
13,090
13,524
13,989
10,534
2,766 5,285 7,053 10,804
2,740 5,276 7,027 10,828
7,725 9,900 22,113
7,697 9,839 21,966
an1 amounts oi nonmaiKeiaDie issues; uy an DCUIK.S aim an iiisuia.uue companies lor certain uai.es are snown in tne tauie au
Includes stock savings banks.
2
Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.
3
Less than $500,000.
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[In millions of dollars]
Cash operating
On basis of daily statements of United States Treasury
Net Budget Budget
surplus
exreceipts pendi- (+)or
deficit
tures
Fiscal year:
1949
1950
1951...
1951—Feb...
Mar..
Apr...
May..
June..
July..
Aug. .
Sept..
Oct...
Nov...
Dec. .
1952—Tan.. .
Feb...
38 ?46 40 0S7
37 ,045 40 ,167
48 ,143 44 ,633
4 ,257
3 ,211
8.112 4 058
2 ,626
4 ,007
4 ,517
3 ,146
7 ,089
2 ,571
3 ,594
6 ,209
2 ,635
3 ,521
5 ,279
4 ,953
5 ,553
Trust Clearing
accounts,
acetc.1 count1
— 1 811
122
S10
047
054
- 1 381
- 1 370
+1 119
+3
+1
+4
5 ,969
4 ,739
,168
5 ,087 - 1 ,493
5 ,163 +1 ,046
5 ,483 - 2 847
5 ,178 - 1 ,658
5 ,627
-347
5 ,455
-501
5 ,105
+448
General
fund
balance
Gross
debt
-495 +366
+478
+99 +483 +4,587
+679 —214 - 2 , 1 3 5
-184
+227 - 1 6 1
-34
+111
-944
-69
+ 106
-270
+136 - 3 0 4
+366
+284 +43
+129
-14
+11
+435
+83 - 1 0 3
+988
+37
+30
+709
-86
-55
+945
+82
+20 +1,306
+196
-186
+7
- 3 7 4 + 103
+357
-25
+ 186
+587
s
Assets
during period
Fiscal
year or
>
General fund of the Treasury (end of period)
Increase (+) or
-1,462
+2,047
+ 1,839
+929
+3,187
-1,614
-1,173
+1,574
-1,737
-525
+1,822
-2,042
-250
-329
-415
+ 1,196
Balance
in
general
fund
3
5
7
5
8
6
5
7
5
5
6
4
4
4
3
5
Deposits in
Federal
cfal"
Reserve 1 depositaries
banks
Total
470
517
3S7
382
569
955
782
357
620
095
916
874
624
295
879
075
3 ,86?
5 ,927
7 871
5 ,806
8 ,991
7 ,360
6 ,376
7 ,871
6 ,032
5 ,431
7 ,356
5 ,311
5 ,147
4 ,816
4 ,306
5 ,700
Cash
inCash
come outgo
Total
liaOther biliassets ties
438
950
338
465
1 771
,653
3 ,268 1,709
5 680
,853
3 ,614 11,726
5
1,120
,900 ,971
611 5 ,030
,719
666 4 ,029
,681
338 5 ,680
,853
584 3 ,694
,754
459 3 ,244 1,727
947 4 ,547
,861
493 3 ,021
,798
481 2 ,901 1,765
321 2 ,693 1,801
162 2 ,048 2,096
558 3 ,216 1,926
392
410
514
423
422
405
594
514
412
336
439
437
523
521
427
625
41,628
40,970
53,439
4,877
8,489
2,960
4,148
7,367
2,854
4,600
6,555
'2,855
4,293
5,642
5,183
Excess
income
(+) or
outgo
051
,185
635
356
270
- 1 ,184
- 1 ,006
+2 ,144
— 1 ,989
-965
+1 ,693
- 2 ,946
- 1 ,348
40.576
43,155
45,804
3,522
4,219
4,144
5,154
5,223
4,843
5,565
4,862
^5,801
5,642
5,621
5,473
+1
-2
+7
+1
+4
+21
-290
DETAILS OF' TREASURY RECEIPTS
On basis of daily statements of United States Treasury
Fiscal year
or m o n t h
Miscella- Social
WithSecu- Other
neous
rerity
held
internal
by em-4 Other
taxes ceipts
revenue
ployers
Fiscal y e a r :
1949...
1950
1951
1951—Feb...
Mar...
Apr....
May..
June...
July. .
Aug.,.
Sept...
Oct. . .
Nov...
Dec...
1952—Tan
Feb.. ..
9,842
10,073
13,535
2,044
1,273
19,641
18,189
24,218
1,281
6,152
578 1,688
482
2,038
1,123 5,065
726
983
404
2,130
1,128 4,115
780
828
254
2,177
1,361 2,916
750 6 3,021
*>2,600 1,943
On basis of reports by collectors of internal revenue
Deduct
Income taxes
Social
Net
Total
reRefunds Security reemployceipts taxes
ceipts
ment
taxes 5
8,348 2,487 2,456 42,774
8,303 2,892 1,853 41,311
9,423 3,940 2,253 53,369
171 4,820
797
527
395
152 8,811
838
177 3,289
690
157
555
217 4,039
747
425
270 7,603
719
722
177
225 2,833
597
228 4,165
806
451
124 6,524
707
885
47
168 2,708
505
211 3,951
805
325
153 5,576
823
174
383 5,153
826
P715
131 6,194
805
2,838
2,160
2,107
189
459
513
359
234
88
55
57
41
30
31
52
195
1,690 38,246
2,106 37,045
3,120 48,143
374 4,257
239 8,112
150 2,626
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 T 553
Individual income
and old-age
insurance taxes
Withheld
11,743
11,762
15,901
3,105
409
935
3,509
256
1,158
3,600
110
1,227
3,428
275
814
Corporation income and
profits
taxes
Estate
and
•r*
gilt
taxes
Excise
and
other
miscellaneous
taxes
7,996
7,264
9,908
1,028
2,093
11,554
10,854
14,388
1,195
3,908
1,276
2,942
7,585
7,599
8,704
730
682
635
713
660
709
771
641
831
776
712
763
Other
215
98
347
2,649
797
706
730
54
129
59
58
47
56
66
52
52
70
77
2,330
807
65
989
194
321
116
151
4,316
499
244
596
290
512
160
DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS
On basis of daily statements of United States Treasury
Budget expenditures
Fiscal year
or month
Total
Fiscal year:
1949 . .
1950
1951
1951—Feb
Mar
Apr.
May
July
AUK..
Sept
Oct
Nov.
Dec
1952—j a n
Feb
Trust and other accounts
Social Security
accounts
40,057
40,167
44,633
3,211
4,058
4,007
4,517
5,969
4,739
5,087
5,163
5,483
5,178
5,627
5,455
5,105
Inter- VetOther
Aid Transnafers
Inter- tional
erans
to
National est
to
Adagrion
Other
Indefense debt finance minis- cultrust
ExExInReReand tration ture
acvest- pendi- ceipts
vest- pendiceipts ments
aid
counts
tures
ments 7 tures
12,158
'•12,346
'19,964
1,695
'2,059
r
2,161
2,396
»-2,496
2,930
3,040
2,628
3,166
3,015
3,070
3,414
2*3,150
5,339
5,750
5,613
156
580
253
163
1,557
6,016 6,791 2,656
916 6,181 3,722 1,479 2,252 1,992
832 1,646
»-4,689 rr 6,043 2,984
1,383 r 6,973 4,293 1,028 3,114 2,376 -1,430 3,857
r
972 *7,801 5,631 2,685 2,790 2,165
872
4,445 5,204
635
771
r
(8)
9
582
328
605
194
258
125
417
15
14
2
280
101
259
150
'350
454
68
'545
27
77
r
r
104
184
393
82
587
283
83
255
24
427
173
1
91
424
'953
928
510
266
487
127
166
—23
(8)
92
r649
570
»791
346
261
433
317 —205
383
r
232
222
580
497
173
318
367
301
377
367
r
228
142
291
1,057
442
P390
433
419
365
406
436
386
428
378
40
104
36
206
105
49
ci94
67
41
496
87
92
64
78
P78
P72
717
894
757
744
990
'559
822
P895
293
919
421
179
732
550
246
711
128
526
193
59
285
81
221
175
264
291
243
253
282
278
326
319
117
160
475
190
171
142
146
120
—22
-66
323
-58
—38
-8
189
46
r
c
:
P2 Preliminary.
Revised.
Corrected.
Excess of receipts ( + ) or expenditures (—).
3
Excludes items in process of collection.
For description, see Treasury Bulletin for September 1947 and subsequent issues.
4
vors insurance ttrust
Represents
income
tax
withheld,
and
employment
taxes
less
amounts
appropriated to Federal old-age and survivors
5
These are appropriated directly to the Federal old-age and survivors insurance trust fu
fund.
6 RomnninrY Tirirri Torino t-ir 1 O ^ ^ itirinrioc on^ial C£*r*iirif\r tovpc r\n QA! f_^m t~v1 r\\T(*r\ nprcnnc
6 Beginning
with
January
1952,
includes
social
security
taxes
on
self-employed
persons.
7
28
245
99
169
291
145
29
105
fund.
Includes investments of Government agencies in public debt.
s Less than $500,000.
MARCH
1952
289
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department.
In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items 1
Corporation or agency
Cash
Total
All agencies:
Dec. 31,
Mar. 31
June 30,
Sept. 30
1950
1951
1951
1951
InvestComments
modiLoans ties,
supreceiv- plies, U. S.
and
able
Other
mate- Govt.
securials securities rities *
24,635
25,104
25,188
25,668
642
715
649
659
13,228
13,496
13,504
13,906
426
848
56
1
35
1,777
2,149
595
40
23
30
1
353
742
Classification by agency,
Sept. 30, 1951
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Agricultural Marketing Act Revolving
Fund
Federal Farm Mortgage Corp
Rural Electrification Administration
Commodity Credit Corporation 4
Farmers' Home Administration
Federal Crop Insurance Corp.
2,075
2,162
2,185
2,236
3,473
3,467
3,474
3,472
43
67
41
13
1
32
2
33 1,692
10
499 1,238
70
456
30
Housing and Home Finance Agency:
Home Loan Bank Board:
1,041
Federal home loan banks
201
Federal Savings and Loan Insurance Corp..
2
Home Owners' Loan Corp 6
1,904
Public Housing Administration
412
Federal Housing Administration
Office of the Administrator:
Federal National Mortgage Association... 1,728
Other
77
Reconstruction Finance Corporation:
Assets held for U. S. Treasury 6
Other 7
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee Valley Authority
All other 8 . . .
1,774
1,764
1,719
1,515
20
1
2
69
37
2,945
2,951
2,999
3,025
1
1,254
1
3
4
21
71
1
34
12
4
271
195
(3)
277
1,715 : . " : :
29
1
2
731
12
1 2,312
1
132
173 4,011
140
3
71
583
1
3,385
998
44
1
13
124
1,338
(3)
23
19
29
34
1
52
293
67
9
109
560
24
499
549
659
854
6
9
1
747
10
784
860
2,328
1,353
1,151
7,900
Bonds, notes,
U. S. Priand debenGov- vately
Land,
tures payable
ern- owned
struc- Other
ment
Other
tures,
as- Fully
liabil- inter- interand
est
est
ities
equip- sets guarment
anteed Other
by
U. S.
1,190
1,247
1,378
1,399
1,193
1,234
932
949
21,995
22,337
22,533
22,962
234
268
315
322
117
787
1
9
285
52
55
23
1
34
1
1 1,777
163 1,985
589
6
37
2
1
495
247
4
(3)
299
197
16 1,888
197
183
31
2 1,726
1
77
55
45
16
13
8
164
69
47
90
36
57
784
791
2,282
1,263
1,115
7,843
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Sept. 30, 1951
Purpose of loan
To aid agriculture
To aid home owners
...
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Other
. .
Less: Reserve for losses
Total loans receivable (net)...
Fed.
Fed. inter- Banks
Farm medi- for coMort. ate operaCorp. credit tives
banks
37
742
356
Fed.
Recon- ExFarm- Nation- Public Fed. struc- portal
ers'
Hous- home tion
ImHome Morting
Filoan
port
Adm. gage
Adm. banks nance Bank
Assn.
Corp.
Com- Rural
Elecmodity trificaCredit
tion
Corp. Adm.
503
1,693
559
6 3,896
139 1,981
3,675
1,809
104
494
105
498
747
8
755
64 2,319 3,750 6,133
53
108
720
45
7
9
178
824
6,151
627
186
747
732 2,312 4,065 13,906
13,504
(3)
1,715
All
other
June 30,
1951,
All
all
agen- agencies
cies
124
2
102
425
(3)
2
69
(3)
5
32
742
2
4
2
102
353
499
1,692
456
559
1
1,715
560
1
Assets are shown on a net basis, i. e., after reserve for losses.
8
Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction
and 3Development and its subscription
of 2,750 million to the International Monetary Fund.
4
Less than $500,000.
Includes assets and liabilities of the Regional Agricultural Credit Corporation, which have been reported as "Disaster
Loans,
etc.,
Revolving
Fund,"
since
the
dissolution of that Corporation pursuant to Public Law 38, 81st Congress.
6
Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing
program,
and Public Housing Administration activities under the United States Housing Act, as amended.
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 one small agency are as of Aug. 31, 1951.
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.
290
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value)2
1923-25=100
Industrial production
(physical volume)* *
1935-39 = 100
Manufactures
Year or month
Total
Durable
Nondurable
Minerals
Total
Residential
Employment 3
1939 = 100
All
other
Nonagricultural
Factory
Factory
payrolls «
1939 =
100
Freight
carloadings*
1935-39
= 100
AdAdAdAd- Unad- AdAdAdAd- Unad- Unad- AdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
72
75
58
73
88
82
90
1926
1927
1928
1929
1930
96
95
99
110
91
114
75
58
69
75
87
67
41
103
108
113
89
109
125
122
78
109
139
162
199
201
279
1931. .
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
239
235
203
170
187
192
1946
1947
1948
1949
1950
1951
84
93
53
81
103
95
107
107
117
132
98
54
65
83
360
353
274
192
220
225
62
71
60
57
67
72
69
76
83
66
71
63
63
56
79
98
89
84
94
92
122
79
83
85
93
84
100
129
79
70
79
81
90
100
106
95
109
115
44
30
44
68
81
95
124
88.6
89.4
79 7
84.4
92.9
91.7
94.1
103.7
104.1
79.7
88.2
100.9
93.7
97.0
103.9
124.2
80.2
86.0
109.1
101.8
107.3
120
97.5
98.0
98.1
142 102.5
125 96.2
98.9
96.7
96.9
103.1
89.8
110.5
108.5
109.8
117.1
94.8
75.8
64.4
71.3
83.2
88.7
79
90
65
88
86
94
120
135
92
121
117
126
87
50
80
67
63
28
37
13
84
40
76
80
25
32
11
12
86
37
21
99
55
37
70
112
97
106
117
59
64
72
81
41
45
60
72
74
80
81
89
142
158
176
171
166
125
129
122
166
89
82
68
41
68
40
16
26
149
235
134
149
155
153
157
190
143
142
162
135
148
P164
211
295
319
176
200
202
237
P220
P273
165
172
177
168
187
P194
100
99
107
93
132
140
137
129
135
117
139
142
DepartWholement
Consale
store sumers'
comsales prices 3 modity
(val3
ue) ** 1935-39 prices
1947-49 = 100 1947-49
= 100
= 100
Adjusted
27
129
110
32
30
121
30
142
139
34
34
146
36
152
37
147
148
37
37
Unadjusted
123.8
143.3
127.7
119.7
121.9
122 2
125.4
126.4
124.0
122 6
122.5
119.4
65.0
62.0
62.9
61.9
56.1
108.7
97 6
92.4
95 7
98.1
47.4
42.1
42.8
48 7
52.0
99 1
102 7
100.8
99 4
100 2
52 5
56.1
51.1
50 1
51 1
105 2
116 6
123.7
125 7
128.6
56 8
64 2
67.0
67 6
68.8
78.7
96.4
104 4
99 2
103 1
152
38
131
35
71.8
49.5
53.1
68.3
78.6
105
78
32
24
82
89
24
27
92
29
96.4 91.1
105.8 108.9
90.0 84.7
100.0 100 0
107.5 113.6
107
33
111
89
101
109
35
32
35
37
119.4
131 1
92 138.8
61 137.0
102 132.3
132.8
156 9
183.3
178.3
157.0
164.9
241 5
331.1
343.7
293.5
130
138
44
50
137
140
135
56
62
70
147.8
156.2
155.2
141 6
149.7
P159.1
271.7
326.9
351.4
325 3
371.8
«432.3
132
143
138
90
98
104
192
305
282
161 136.7
169 143.2
214 145.9
226 142 0
287 145 7
349 P153.2
116
128
134
98
105
109
139.5
159.6
171 9
170 2
171 9
185 6
37
48
50
87.1
77.2
77.5
84 9
88.5
95 1
101.4
95.4
100 0
105.8
Unadjusted
1950
March
April
May.
June
July .
August
September
October
November. .
December
187
190
195
199
196
209
211
216
215
218
183
188
195
200
198
212
216
220
215
216
211
222
231
237
235
247
251
261
260
268
181
180
181
184
181
195
194
196
195
197
144
140
145
151
144
159
163
166
160
157
275
284
274
291
325
334
321
299
306
332
278
298
303
325
369
362
332
294
284
297
274
273
250
262
289
311
312
303
323
360
141.2
142.7
143.9
145.3
146.1
148 3
149.2
149.9
150.2
150.6
141.3
143.2
147.1
148.9
150.9
155.0
156.0
157.7
157.7
158.1
141.0
141.6
144.5
147.3
148.3
156 3
158.9
160.3
159.2
159.4
333.5
337.2
348.0
362.7
367.5
394 4
403.2
415.8
414.6
426.0
127
126
122
127
126
135
134
137
136
140
99
100
100
103
122
114
108
103
103
110
168.4
168.5
169.3
170 2
172.0
173 4
174.6
175 6
176.4
178.8
98.5
98.5
99.6
100 2
103.0
105 2
107.1
107.7
109.3
112.1
1951
January
February
March. . .
April
May
June
July
August
September
October
November . .
December
221
221
222
223
222
221
212
217
219
218
219
218
216
217
219
222
223
223
214
220
223
222
220
216
268
271
277
279
276
274
265
267
271
'274
277
281
201
201
199
198
198
197
187
193
193
188
188
185
164
158
158
164
165
165
156
165
167
174
170
163
333
323
304
373
361
374
303
291
275
261
291
310
312
311
292
283
276
289
298
292
279
265
243
240
350
334
314
446
430
443
306
291
271
258
331
367
151.2
152.1
152.8
153.2
153.6
153.9
153.9
153.7
153.4
'153.3
153.4
153.6
159.7
161.3
161.4
161.7
161.3
161.2
160 0
158.3
156.9
156.1
'156.0
156.3
158.9
161.0
161.0
160.0
158.6
159.5
157.3
159.5
159 8
158.7
157.6
157.5
424.0
430.0
435.0
433.2
428.4
434.3
422 8
429.4
437.8
434.2
'433.9
444.1
146
129
139
136
133
131
125
133
133
135
137
133
125
115
105
104
104
105
105
109
107
108
112
109
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
1952
January
February
"219
P215
«215
P280
«281
P187
"187
300
236
353 P153.6 P156.2 P155.6 "435.0
141
136
P108
«105
189.1
113.2
P164
e
T
*1 Average per working day.
Estimated.
P Preliminary.
Revised.
For indexes by groups or industries, see pp. 292-295.
2
Three-month moving average, based on F. W. Dodge Corporation data; for description of index, see BULLETIN for July 1931, p. 358. For
monthly
data (dollar value) by groups, see p. 299.
8
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. 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. The wholesale price index is the revised series; for figures by major
groups and subgroups, see pp. 311-313 of this BULLETIN. Nonagricultural employment covers employees only and excludes personnel in the
armed
forces.
4
For indexes by Federal Reserve districts and for other department store data, see pp. 302-304.
Backfiguresin BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for department store sales, December 1951, pp. 1490-1515.
MARCH
1952
291
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average =100]
1951
1952
Industry
Jan. Feb. Mar. Apr.
May
June July Aug. Sept. Oct.
Nov. Dec.
Jan.
Industrial Production—Total
221
221
222
223
222
221
212
217
219
218
219
218
P219
Manufactures—Total
231
232
234
234
233
231
222
226
228
226
228
228
P229
P280
Durable Manufactures
268
271
277
279
276
274
265
267
271
'274
277
281
Iron and Steel'
255
252
263
264
263
261
253
254
258
261
261
263
261
Pig iron
Steel
Open hearth
Electric
Machinery
224
288
212
827
217
281
206
815
228
298
217
879
231
301
218
891
234
301
217
897
235
296
213
884
230
293
215
850
230
291
208
881
231
298
213
902
235
304
217
921
232
307
216
954
227
304
219
911
229
304
218
913
322
328
335
337
336
338
328
328
336
'340
347
358 P356
Transportation Equipment
285
304
314
311
310
307
293
305
311
'311
'316
317 P315
246
262
265
255
248
238
216
223
226
'223
r
220
211
pin
224
217
209
211
206
205
199
197
196
201
209
208
v212
219
222
225
227
227
226
226
213
214
230
235
235
226
215
202
204
197
197
188
191
190
190
198
197
^201
171
169
169
170
163
153
141
146
146
149
157
153
P155
162
190
156
193
156
195
162
185
158
173
147
164
131
160
137
165
135
167
138
141
177
P146
'111
149
173
236
237
243
247
236
239
237
228
228
'219
212
218 P216
242
257
231
184
250
260
234
232
214
199
208 Pill
269
235
184
285
226
177
249
222
176
246
219
173
222
217
172
204
219
172
216
242
172
185 P187
Automobiles (including parts)
(Aircraft; Railroad 2Equipment; Shipbuilding—Private
and Government)
Nonferrous Metals and Products
Smelting and refining
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin) 2 . . .
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products;
Magnesium products; Tin
consumption)2
Lumber and Products
Lumber
Furniture
Stone, Clay, and Glass Products
Glass products
Glass containers
Cement
Clay products
Other stone and clay products 2
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
Canned and dried milk
Ice cream 2
P173
240
243
251
270
257
238
191
261
245
186
269
252
189
292
243
189
201
201
199
198
198
197
187
193
193
188
188
194
194
188
185
190
185
160
170
163
154
157
11?
P159
174
163
392
176
174
390
171
175
374
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
144
295
156
180
151
142
121
173
163
144
181
140
133
119
152
143
133
169
128
123
111
140
130
146
131
158
140
116
174
159
144
101
163
141
120
171
163
137
87
153
135
119
157
159
100
27
117
105
92
123
124
115
58
132
117
108
130
135
114
63
132
117
108
129
132
114
86
119
114
108
123
126
120
94
122
120
116
126
133
118
99
121
114
111
119
131
115
122
118
106
97
99
85
99
100
91
89
88
107
120
77
94
98
121
112
126
88
96
92
105
119
80
93
83
128
127
97
110
78
87
69
112
88
104
56
80
55
103
89
109
51
73
50
106
75
91
42
58
54
92
81
99
44
65
56
110
84
104
51
56
64
111
80
96
51
53
67
98
78
94
51
53
69
97
79
91
59
60
71
94
168
166
167
168
167
165
164
166
167
163
'159
161
P160
128
119
110
108
109
103
107
108
107
109
115
109
P121
142
142
71
169
135
146
72
176
152
148
72
174
164
150
75
183
168
150
77
180
169
148
143
72
165
138
140
71
163
126
137
64
158
118
136
62
161
119
*>137
65
165
118
73
170
131
147
74
177
156
77
173
160
r
222
233
P179
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 re classification 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.
292
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors. 1 935-39 average =100]
1952
1951
Industry
Manufactured
Food
Jan.
Feb.
162
188
148
171
152
93
80
141
88
66
176
161
148
185
Mar. Apr. May June July Aug. Sept. Oct.
Nov. Dec.
Jan.
Products—Continued
M e a t packing
Pork and lard
Beef
Veal . . .
L a m b and mutton
..
Other manufactured foods .
Processed fruits and vegetables . . . .
Confectionery
Other food products
. .
A Icoholic Beverages
M a l t liquor
W7hiskey
O t h e r 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)
Petroleum and Coal Products...
Petroleum refining2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products2
Coke
Bv-product coke
Beehive coke
.
152
187
162
207
168
221
157
198
168
205
163
200
157
187
110
95
66
126
107
70
128
110
65
126
99
64
124
109
74
143
106
75
141
84
69
142
78
78
176
158
177
176
177
169
176
166
175
160
173
147
174
139
176 173 166
152 163 120
169 M74
126
138
188
127
186
128
187
132
186
130
186
127
188
140
188
136
189
127
183
136
183
149
183 P\83
248
225
207
187
179
178
175
178
184
178
188
176
185
166
169
161
157
155
163
165
164
154
180
178
185
155
716
135
658
150
677
118
706
117
560
104
604
78
474
51
492
70
335
76
265
86
262
85
253
439
408
240
148
174
174
197
223
332
358
292
225
73
336
150
177
179
170
177
172
171
161
183
177
185
194
147
176
101
107
1C0
104
105
115
98
114
123
127
129
87
107
248
249
238
248
239
233
225
252
239
259
262
204
73
70
44
84
60
244
67
187
69
62
66
64
66
207
208
214
212
208
190
196
197
196
191
184
192
234
137
99
191
235
130
97
187
235
112
95
182
223
116
94
185
192
220
117
94
197
228
119
98
198
229
116
94
204
241
116
100
200
233
115
99
198
235
123
88
183
230
137
78
189
228
132
93
256
188
247
265
193
245
269
193
248
284
198
253
274
195
256
275
193
247
269
176
217
265
183
224
271
185
216
273
185
213
278
180
205
261
176
191
270
178
197
181
206
159
118
192
205
172
120
189
208
171
119
194
224
172
119
186
207
170
121
180
204
177
128
167
204
165
129
185
196
168
130
192
200
180
129
190
180
127
188
179
184
125
191
181
181
128
192
194
177
123
170
177
176
183
176
171
166
174
179
177
175
174
175
159
If 2
162
171
166
163
166
164
167
165
163
158
159
272
269
269
255
263
263
262
265
266
269
276
279
P277
202
238
198
238
199
227
193
204
207
210
212
215
211
213
713
?09
214
213
212
214
P2\2
P234
179
230
190
230
189
221
193
201
194
205
195
209
200
208
187
216
200
214
214
226
106
230
215
234
192
237
187
177
522
183
174
487
184
176
475
185
178
433
186
178
456
187
179
476
183
178
388
1F7
179
457
185
178
411
185 185
178 177
452 '46 7
185
178
456
288
292
296
298
302
305
306
304
297
298
296 P297
165
303
158
156
287
Paints
Ravon
Industrial chemicals
174
229
111
95
..
. . ..
. . . .
145
188
134
79
52
70
...
Chemical Products
149
181
134
79
59
... 204
. . . .
.
163
208
139
82
62
57
Printing and Publishing
Newsprint consumption
Printing paper (same as shown under Paper)
159
194
163
168
166
164
160
161
167
387
506
384
c
10
374
524
377
532
378
538
385
548
392
554
r
190
224
474
158
157 M 5 9
557
303 367 352
558 7-549 ••552
331
551 ^548
Rubber Products
244
235
239
238
247
251
243
243
245
244
248 P248
Minerals—Total...
164
158
158
164
165
165
156
165
167
174
170
163 P164
Fuels
169
163
163
167
168
169
160
171
172
179
178
170 P173
140
118
111
120
118
123
97
123
125
138
141
125
151
96
125
89
127
48
133
64
126
83
133
86
105
66
134
77
137
79
147
104
152
99
135
196
..
Coal
Bituminous coal
Anthracite
Crude petroleum
.
..
Metals
Metals other than gold and silver
..
184
185
189
191
192
191
192
194
195
199
130
131
127
140
151
145
132
134
137
143 '121
120 P112
180
181
176
199
216
209
187
194
200
211
174
173 P159
57
78
55
80
56
54
77
56
76
52
73
52
67
49
58
40
47
62
45
65
(Copper* Lead* Zinc) 2
Gold
Silver
136
147
91
193 P192
77
58
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.
MARCH
1952
293
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average =100]
1952
1951
Annual
Industry
Industrial
Manufactures
Durable
Production—Total.
—
Total
Manufactures...
Iron and Steell. . .
May June July Aug. Sept. Oct. Nov. Dec. Jan.
1951
1950
Feb.
Mar. Apr.
220
200
217
219
222
223
223
214
220
223
222
220
216
229
209
228
231
232
233
232
223
229
233
230
229
221
P225
273
237
268
275
278
277
276
266
269
273
'276
277
279
P277
P215
259
229
252
263
264
263
261
253
254
258
261
261
263
261
230
211
217
228
231
234
235
230
230
231
235
232
227
229
297
214
884
265
198
740
281
206
815
298
217
879
301
218
891
301
217
897
296
213
884
293
215
850
291
208
881
298
213
902
304
217
921
307
216
954
304
219
911
304
218
913
Machinery
336
270
328
335
337
336
338
328
328
336
'340
347
358
P356
Transportation Equipment
307
261
304
314
311
310
307
293
305
311
r311
'316
317
P315
237
241
262
265
255
248
238
216
223
226
'223
••220
217
P217
207
206
217
209
211
206
205
199
197
197
201
209
208
P212
225
210
222
225
227
227
225
225
213
214
230
236
235
P240
200
205
215
202
204
197
197
188
191
190
190
198
197
P201
157 160 154 160 169 168 164 151 158 158 158 155 141
P139
122
177
P121
P173
Pig iron
Steel
Open h e a r t h . . .
Electric
Automobiles (including parts)
(Aircraft; Railroad equipment; Shipbuilding—
Private and Government) ^
Nonferrous Metals and Products...
Smelting and refining
(Copper smelting; Lead refining: Zinc smelting; Aluminum* IVtagnesiunv Xin) 2
Fabricating
(Copper products; Lead shipments; Zinc
shipments; Aluminum products;2 Magnesium products; Tin consumption)
Lumber and Products
Lumber
Furniture
.
Glass products
Glass containers
Cement
Clav products
Other stone and clay products 2 . . .
Nondurable Manufactures...
Textiles and Products...
Textile fabrics
Cotton consumption. .
Rayon deliveries
Nylon and silk consumption 2
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth .
Leather and Products...
Manufactured Food Products
Wheat flour
Cane sugar meltings 2
Manufactured dairv products
Butter
Cheese
Canned and dried milk.
Ice cream
148
183
134
193
141
195
161
185
165
173
163
164
146
160
154
165
153 151
167 171
146
173
231 209 221 232 243 242 241 239 238 237 '230 r217
Stone, Clay, and Glass Products
Leather tanning
Cattle hide leathers
Calf and kip leathers ..
Goat and kid leathers
Sheep and lamb leathers
Shoes
,,
148
176
. ...
237
252
231
180
216
228
212
164
237
253
186
176
251
269
207
180
270
292
231
183
255
275
242
184
248
266
251
184
251
273
248
179
241
259
251
182
236
251
254
180
211 P204
219 '200 197 207
228 206 201 218
252 237 '220 188
182 178 176 P165
194
187
196
194
195
197
197
188
197
200
193
190
184
P183
... 174
182
194
188
185
190
185
160
170
163
154
157
152
P159
156
163
176
171
165
169
164
138
150
145
139
142
137
144
150
352
145
364
174
390
175
374
153
380
164
377
157
378
123
379
145
360
142
334
140
293
144 136
289 '283
144
295
129
160
144
133
146
144
137
100
115
114
114 120
118
106
136
125
112
204
155
143
127
181
140
133
119
169
128
123
111
131
158
140
116
101
163
141
120
87
153
135
119
27
117
105
92
58
132
117
108
63
132
117
108
86
119
114
108
94
122
120
116
99
121
114
111
143
142
167
160
152
143
140
130
174
159
171
163
157
159
123
124
130
135
129
132
123
126
126
133
119
131
101
111
125
118
106
97
98
83
98
100
91
91
88
90
105
60
102
113
80
120
136
93
104
119
79
88
104
54
80
96
47
83
102
50
100
101
128
92
80
127
89
68
112
78
59
103
86
105
52
71
86
42
74
50
106
57
50
92
63
58
110
57
62
111
80
97
52
81
98
52
79
91
57
87
88
117
97
110
75
. . . 165
164
149
149
152
159
165
176
189
192
rl77 '163
158
P150
111
109
120
107
103
104
99
106
107
117
115
116
108
P121
151
72
149
83
101
63
120
65
196
93
221
104
221
94
215
85
169
69
128
61
98
49
95
49
P86
139
121
158
149
153
75
233
228
259
232
221
196
194
164
169
127
146
102
119
85
116
92
122
95
72
69
108
172
148
176
154
184
176
53
67
98
52
73
97
60
67
94
54
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.
8
Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer
available separately. Individual indexes through June 1951 are shown in preceding BULLETINS.
1
294
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average=100]
1952
1951
Annual
Industry
1951
1950 Feb.
Mar. Apr.
May June July Aug. Sept. Oct. Nov. Dec. Jan.
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
L a m b and mutton
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
...
...
...
...
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
142
168
129
77
67
147
180
127
77
60
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
174
150
135
172
144
138
159
100
139
156
97
118
157
103
106
159
108
102
165
123
96
181
191
104
200
263
151
209
297
175
186
185
178
178
180
182
188
191
192
193
192
'210
167
'192
'173
111
161
'192
165
102
413
266
195
264
141
79
68
188
246
145
72
82
167 P 1 5 6
98
78
150
187 P176
164
114
372
294
149
135
394
408
157
150
440
240
169
118
424
148
179
117
336
174
195
104
374
174
204
78
275
197
188
51
266
223
166
70
459
332
143
76
686
358
139
86
549
292
142
85
278
225
151
73
219
150
175 168 170 161 167 172 178 167 190 188 191 198 137 176
Tobacco Products...
....
109
242
65
105
229
68
107
234
67
100
222
62
104
231
66
105
239
65
115
245
67
98
236
57
114
265
71
123
256
75
127
269
47
129
267
86
87
188
53
107
244
66
201 187 208 208 215 212 209 189 196 196 196 191 183 187
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)
185
229
116
95
193
231
179
208
198
228
198
231
205
243
201
234
199
235
182
228
189
226
191
232
191
233
187
236
181
223
122
94
270
187
110
110
238
174
124
98
265
194
124
94
269
193
128
100
284
199
124
99
274
195
124
88
275
193
122
78
269
175
116
93
265
183
122
99
271
185
121
97
273
185
119
95
278
180
117
94
261
175
230
218
245
248
253
256
247
217
224
216
213
205
191
197
186
174
192
189
194
186
180
167
185
192
190
188
191
192
202
173
124
183
160
111
214
172
120
208
171
119
226
172
122
207
170
122
208
177
129
196
165
126
196
168
128
200
180
129
212
180
127
179
184
126
'175
'181
125
192
177
123
270
178
175 170 176 179 188 179 170 155 166 180 181 183 178 170
Printing and Publishing
164
Newsprint consumption
Printing paper (same as shown under Paper)
166
159
169
181
172
161
143
147
168
173
178
267 229 269 269 255 263 263 262 265 266 269 "276
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
157
179
146
108
77
186 188 198 185 175 180 191 190 179 193 197 178 154 145
Alcoholic Beverages. .
Cigars
. . .
Cigarettes
Other tobacco products
158
195
133
95
67
....
166
148
279 P277
207
187
198
199
193
207
212
211
213
214
212
214
215 P212
220
192
219
192
162
191
238
177
241
227
188
235
204
197
226
210
201
203
215
194
193
213
193
194
209
198
199
213
187
214
214
200
214
226
196
237
234 P234
190
231
185
169
183
184
185
186
187
183
187
185
185 '185
185
177
456
164
335
174
487
176
475
178
433
178
456
179
476
178
388
179
457
178
411
178
452
'177
'467
178
456
299 264 291 296 298 298 300 301 303 306 r303 r302
301
P298
157
331
551
P548
162
376
540
156
361
455
166
384
510
165
374
524
165
377
532
165
378
538
165
385
548
165
392
554
163
393
557
157
393
558
'156
367
'549
'156
352
'552
474
P156
Rubber Products. ...
243 223 235 239 238 247 251 243 243 245 r239
Minerals—Total
164 148 153 153 162 168 169 161 170 171 176 169 158
P159
Fuels
169 152 163 163 167 168 169 160 171 172 179 178 170
P173
Coal
..
Bituminous coal
Anthracite
Crude petroleum
123
134
81
192
119
127
87
168
Metals other than gold and silver
Iron ore
(Copper: Lead; Zinc) 2
Gold
Silver
89
185
111
127
120
133
118
126
123
133
97
105
123
134
125
137
138
147
48
189
64
191
83
192
86
191
66
192
77
194
79
195
104
199
141
152
99
196
129 166 171 166 167 166 162 115
94
92
192
257
171
214
121
93
118
89
184
231
248
365
256
392
247
384
250
403
246
388
240
354
159
185
PSI
P70
60
73
50
81
49
80
48
78
49
76
48
70
50
66
54
57
56
59
55
62
50
65
134 125
Metals
118
125
244 248 P248
125
135
136
147
86
193
91
192
88
P76
115
94
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.
MARCH
1952
295
OUTPUT OF MAJOR CONSUMER DURABLE GOODS
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1947-49 average = 100]
Annual
1951
1952
Product group
1951
1950
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Total
123
153
157
160
138
129
125
100
101
107
103
104
98
Passenger automobiles. .
128
160
156
169
144
140
140
111
112
115
108
104
93
83
Household goods, total..
Carpets
Furniture
Major appliances
Radios and television. .
117
78
107
109
172
146
111
117
136
239
158
115
119
138
294
151
102
119
139
262
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
104
100
130
109
95
102
98
164
' Revised.
NOTE.'—Figures for January are preliminary. For description and back series see BULLETIN for October 1951, pp. 1935-1940. Unadjusted
indexes for these series and individual series for major appliances and radios and television may be obtained from the Division of Administrative
Services, Board of Governors of the Federal Reserve System, Washington, D. C.
FACTORY EMPLOYMENT, BY INDUSTRIES
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors.
Annual
1950
In thousands of persons]
1951
1952
Industry group or industry
1950
1951
Dec.
Jan.
Feb.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
ADJUSTED FOR SEASONAL
VARIATION
Manufacturing—Total
12,264 13,034 12,953 13,083 13,214 13,204 13,106 12,967 12,855 12,789 12,779 12,800 12,797
Durable goods
6,622 7,335 7,193 7,249 7,352 7,440 7,352 7,303 7,265 '7,248 '7,274 7,263 7,268
Primary metal industries
1,162 '1,154 '1,145
1,160
1,131
1,143
1,147
1,153
1,053
1,173
1,178
1,161
1,171
Fabricated metal products
810
831
839
839
844
795
776
834
852
793
829
800
805
Machinery except electrical
1,192
1,225
1,264
1,040
1,233
1,157
1,209
1,247
1,246
1,273
1,221
1,261
1,248
Electrical machinery
704
711
710
636
710
710
709
705
708
719
714
'706
'700
Transportation equipment
1,044
1,175
1,221
1,160
1,233
1,187
1,237
1,198 1,211 '1,205 '1,242 1,238 1,244
Lumber and wood products
730
754
730
680
702
741
758
755
748
765
736
'715
'729
Furniture and fixtures
311
316
284
288
288
301
320
318
296
295
289
287
283
Stone, clay, and glass products. .
441
478
480
456
460
478
469
475
485
485
482
470
'477
Instruments and related products
229
210
214
226
'227
229
229
186
229
226
223
209
223
Misc. manufacturing industries..
401
413
'369
421
382
'373
373
373
385
410
396
416
417
Ordnance and accessories
37
25
27
50
38
44
47
52
51
20
41
24
34
Nondurable goods
5,834 5,862
5,642 5,699 5,760
5,764 5,754 5,664 5,590 '5,541 '5,505 5,537 5,529
Textile-mill products
1,245
1,186
1,250
1,203
1,122
1,123
1,125
1,170
1,205
1,147
1,133
1,206
1,239
Apparel and other finished textiles
'994
1,070
,042
,032
1,014
1,039
1,083
1,053
1,007
985
1,015
1,048
,047
Leather and leather products. . .
355
364
336
318
325
325
342
367
341
321
317
361
351
Food and kindred products
1,211
1,170
,154
1,132
1,137
1,171
1,212
1,148 '1,158 '1,134
,168
1,173
,177
Tobacco manufactures
80
80
79
81
81
81
81
81
82
82
79
82
80
Paper and allied products
404
424
421
427
'411
'406
401
419
421
421
418
405
428
Printing, publishing and allied
510
514
'513
512
510
510
514
511
industries
503
512
515
'512
512
521
'530
542
496
535
514
524
548
540
531
527
Chemicals and allied products...
'533
544
192
197
185
196
194
194
195
192
193
196
198
Products of petroleum and coal.
'197
197
220
'212
203
224
218
220
219
218
221
213
213
Rubber products
213
223
WITHOUT SEASONAL ADJUSTMENT
Manufacturing—Total
12,264 13,034 13,056 13,018 13,186 13,064 12,885 13,069 13,087 12,997 12,907 12,906 12,750
Durable goods
6,622 7,335 7,254 7,256
7,261
7,279 '7,296 '7,324 7,323 7,275
7,371
7,409 7,226
"Primary Metal Industries
1,053 1,160 1,142 1,149 1,153 1,172 1,155 1,165 1,162 '1,160 '1,151 1,165 1,167
Blast furnaces, steel works
559
572
570
'559
573
536
556
572
575
573
566
559
and rolling mills
847
813
852
843
817
810
831
852
804
776
809
807
801
Fabricated Metal Products
1,040 1,233 1,163 1,192 1,215 1,252 1,235 1,209 1,219 1,242 1,255 1,27C 1,273
Machinery except Electrical
232
204
233
225
231
229
211
218
'232
245
'241
169
Metalworking machinery...
684
724
704
696
707
'717
636
710
716
711
r707
724
726
Electrical Machinery
Electrical apparatus (gen'267
230
256
273
257
271
272
'265
267
275
271
258
erating, etc.)
230
241
'267
237
268
247
278
239
'258
256
270
270
Communication equipment. 1,044 1,221 1,160 1,175 1,233 1,237 1,187 1,198 1,211 '1,205 '1,242 1,238 1,244
Transportation Equipment
714
161
684
679
'667
'663
650
720
767
675
791
738
Motor vehicles and equip264
357
'362
202
337
252
347
360
'395
406
ment
333
288
Aircraft and parts
'740
739
754
666
741
754
730
773
748
745
'722
698
736
'439
Lumber and Wood Products
429
449
437
440
456
431
443
443
429
412
428
289
292
Sawmills and planing mills..
321
285
301
326
286
311
284
285
294
294
324
201
234
195
212
238
197
Furniture and Fixtures
228
196
196
206
206
235
T47Q
451
478
474
473
484
485
441
478
482
472
465
Household furniture
473
230
'228
223
211
211
223
224
186
221
226
230
231
Stone, Clay, and Glass Products..
215
r
401
424
400
373
413
388
390
385
383
388
'387
380
427
Instruments and Related Products.
37
24
34
25
41
20
38
44
47
50
51
52
27
Misc. Manufacturing Industries..
Ordnance and Accessories
For footnotes see following page.
296
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT, BY INDUSTRIES—Continued
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors.
1950
Annual
In thousands of persons]
1951
1952
Industry group or industry
1950
Nondurable goods. . . . .
Textile-will 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
1951
Dec.
Jan.
Feb.
June
July
Aug.
Sept.
Dec
Jan.
5,583
1,142
547
5,475
1,134
l, 004
232
1,029
236
1,015
'274
316
320
201
197
r
1,254 rl, 162
236
247
238
144
195
193
89
85
r
410
r413
289
323
205
1,125
252
122
191
Oct.
Nov.
5,642
1,206
586
224
5,699
1,186
569
219
5,802
1,258
604
234
5,762
1,257
602
232
5,815
1,269
604
236
5,655
1,205
588
216
5,659
1,167
574
210
5,808
1,152
561
212
5,808 '5,701
1,136 1,133
551
546
205
209
1,042
245
1,039
246
1,064
251
1,070
251
1,115
259
1,000
245
990
233
1,047
238
1,037
239
287
355
229
1,168
177
192
81
404
282
342
218
1,171
238
181
191
81
419
296
359
229
1,155
254
143
190
83
428
303
364
234
1,120
251
132
188
80
423
317
374
239
1,099
238
127
188
80
423
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
205
212
212
209
209
215
214
215
214
212
212
212
503
149
16
496
152
185
143
203
512
152
169
535
170
195
152
219
518
152
171
524
162
191
147
222
510
149
170
526
163
190
147
222
510
150
170
532
163
191
148
222
512
152
169
528
172
198
154
220
507
151
167
526
172
198
154
217
509
151
166
531
174
198
154
218
515
153
167
543
175
197
154
218
'517
153
169
'544
nil
rl97
154
215
'518
154
170
'541
173
198
154
'216
519
155
170
538
171
197
155
217
236
1,019
r238
1,133
544
r
209
r
••270
84
325
1,060
79
403
\
514
536
194
215
r
l
Revised.
Annual figures for 1951 were computed by Board of Governors and are preliminary.
NOTE.—Factory employment covers production and related workers only; data shown include all full- and part-time production and related
workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for January 1952 are preliminary.
Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally
adjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics
HOURS AND EARNINGS OF FACTORY EMPLOYEES
[Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group
1952
1951
Jan.
Average hours worked
(per week)
Average hourly earnings
(dollars per hour)
1952
Nov.
Dec.
Jan.
Jan.
1951
1952
Nov.
Dec.
Jan.
Jan.
Nov.
Dec.
Jan.
Manufacturing—Total
63.76
65.81
67.36
66.79
41.0
40.5
41.2
40.7
1.555
1.625
1.635
1.641
Durable goods
67.65
'70.84
72.63
71.93
41.5
'41.4
42.2
41.7
1.630
1.711
1.721
1.725
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
74.42
67.80
74.47
64.42
72.06
'74.94
'69.92
'77.45
68.76
'77.19
77.30
72.08
79.95
69.84
79.16
78.23
71.14
79.39
69.14
n.a.
41.6
41.8
43.4
41.4
39.9
'41.2
'41.4
43.1
'41.7
'40.8
42.1
42.4
44.0
42.2
41.6
42.4
41.8
43.5
41.4
n.a.
1.789
1.622
1.716
1.556
1.806
'1.819
'1.689
1.797
1.649
'1.892
1.836
1.700
1.817
1.655
1.903
1.845
1.702
1.825
1.670
n.a.
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Instruments and related products
Miscellaneous manufacturing industries
Ordnance and accessories
55.73
56.93
63.48
65. 79
57.37
69.55
'60.79
'59.12
'65.03
'70.56
'58.71
'75.25
59.37
61.02
65.47
70.98
60.61
76.80
54.90
59.82
64.52
70.47
60.00
75.97
40.5
41.8
41.6
41.8
41.3
42.0
'40.5
41.2
40.9
'42.3
'40.6
'•43.6
40.5
42.2
41.2
42.3
41.4
44.6
1.376
1.362
1.526
1.574
1.389
1.656
1.501
'1.435
'1.590
1.726
1.466
1.446
1.589
1.678
1.464
1.722
1.404
1.445
1.593
1.690
1.467
1.711
58.53
59.04
60.45
60.16
40.2
39.2
39.9
39.5
1.456
1.506
1.515
1.523
Textile-mill products
Apparel and other finished products... .
Leather and leather products...Food and kindred products
Tobacco manufactures
53.59
47.42
48.30
60.11
44.12
'50.50
'45.05
'46.04
'63.17
'46.22
52.70
46.30
48.78
64.07
46.65
52.09
46.53
49.16
63.62
44.74
40.6
36.9
37.9
41 .8
38.7
37.8
'35.5
'35.8
42.0
'39.4
39.3
36.2
37.9
42.4
39.6
38.7
36.1
38.2
41.8
38.4
1.320
1.285
1.248
1.438
1.140
'1,336
'1,269
'1,286
'1.504
1.173
1.341
1.279
1,287
1.511
1.178
1.346
1.289
1,287
1.522
1.165
Paper and allied products
Printing, publishing and allied products
Chemicals and allied products
Products of petroleum and coal
Rubber products
65.96
74.22
66.99
79.58
66.78
'65.55
'76.97
68.80
'81.00
'70.05
66.88
79.67
69.39
82.41
74.01
66.30
78.15
68.60
83.27
76.61
43.8
38.9
42.0
41.0
40.4
'42.4
'38.7
41.8
'40.6
'40.8
42.9
39.5
41.9
41.1
41.3
42.5
38.9
41.3
40.8
41.5
1.506
1.908
1.595
1.941
1.653
1.546
1.989
1.646
1.995
1.717
1.559
2.017
1.656
2.005
1.792
1.560
2.009
1.661
1.941
1.846
Nondurable goods
" Revised.
n.a. Not available.
NOTE.—Data are for production and related workers,
of Labor Statistics.
MARCH
1952
Figures for January 1952 are preliminary.
40.9
1.668
1.446
Back data are available from the Bureau
297
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors.
Year or month
Manufacturing
Total
1944
1945
1946
1947
1948
1949
1950
1951
,
Mining
Transporta'
tion and
public
utilities
Contract
construction
In thousands of persons]
Trade
Finance
Service
Federal
State, and
local
government
41,480
40,069
41,412
43,371
44,201
43,006
44,124
46,392
17,111
15,302
14,461
15,247
15,286
14,146
14,884
15,932
883
826
852
943
981
932
904
920
1,094
1,132
1,661
1,982
2,165
2,156
2,318
2,569
3,798
3,872
4,023
4,122
4,151
3,977
4,010
4,143
7,260
7,522
8,602
9,196
9,491
9,438
9,524
9,801
1,374
1,394
1,586
1,641
1,716
1,763
1,812
1,882
3,934
4,055
4,621
4,786
4,799
4,782
4,761
4,758
6,026
5,967
5,607
5,454
5,613
5,811
5,910
6,386
45,804
46,078
46,266
46,411
46,507
46,626
46,602
46,555
46,465
r46,415
"•46,473
46,525
15,852
16,009
16,058
16,102
16,081
16,097
16,026
15,893
15,801
15,748
'15,773
15,808
939
939
930
914
916
923
899
914
912
'914
'919
917
2,507
2,503
2,556
2,574
2,572
2,558
2,574
2,601
2,587
'2,630
'2,575
2,570
4,107
4,117
4,147
4,153
4,140
4,132
4,134
4,143
4,157
173
167
4,152
9,722
9,769
9,762
9,773
9,821
9,857
9,837
9,822
9,791
'9,770
'9,814
9,866
1,840
1,848
1,854
1,856
1,865
1,874
,880
,895
,908
,917
,924
,929
4,737
4,728
4,729
4,745
4,765
4,787
4,780
4,791
4,783
4,746
'4,757
4,749
6,100
6,165
6,230
6,294
6,347
6,398
6,472
6,496
6,526
6,517
6,544
6,534
46,510
15,806
918
2,548
4,122
9,925
,922
4,741
6,528
45,246
45,390
45,850
45,998
46,226
46,567
46,432
46,724
46,956
»-46,902
'46,843
47,569
15,784
15,978
16,022
15,955
15,853
15,956
15,813
16,008
16,039
15,965
15,902
15,908
932
930
924
911
915
927
906
922
917
2,281
2,228
2,326
2,471
2,598
2,686
2,754
2,809
2,768
'2,761
'2,627
2,519
4,072
4,082
4,112
4,132
4,137
161
4,176
190
178
166
163
4,152
9,592
9,554
9,713
9,627
9,683
9,732
9,667
9,641
9,781
'9,893
10,096
10,630
,831
,839
,854
,865
,874
,893
,908
,914
,898
,898
1,905
1,910
4,666
4,657
4,682
4,745
4,789
4,835
,852
4,839
4,831
4,770
'4,733
4,702
6,088
6,122
6i217
6,292
6,377
6,377
6,356
6,401
6,544
6,532
6,497
6,831
45,955
15,755
2,319
4,087
9,792
1,912
4,670
6,509
SEASONALLY ADJUSTED
1951—January
February
March
April
May
June
July
August
September
October
November
December
,
,
1952—January
UNADJUSTED
1951—January
February
March
April
May
June
July
August
September
October
November
December
1952—January
'917
'920
917
r
Revised.
NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of
the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. January 1952 figures and 1951 annual averages are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally
adjusted figures beginning January 1939 may be obtained from the Divis ion of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.
Thousands of persons 14 years of age and over]
Civilian labor force
Total
civilian noninstitutional
population *
Year or month
1944
1945
1946 .
1947
1948
1949
1950
1951
1951—Tanuary
February
April
May
June
July
August .
September
October
November
December
1952—January
. ...
.
Employed 2
Total
Not in the
labor force
Total
In nonagricultural industries
In
agriculture
ployed
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
109,170
108,933
108,964
108,879
108,832
108,836
108,856
108,896
108,956
109,064
109,122
109,200
61,514
61,313
62,325
61,789
62,803
63,783
64,382
64,208
63,186
63,452
63,164
62,688
59,010
58,905
60,179
60,044
61,193
61,803
62,526
62,630
61,580
61,836
61,336
61,014
52,993
52,976
53,785
53,400
53,753
53,768
54,618
54,942
54,054
54,168
54,314
54,636
6,018
5,930
6,393
6,645
7,440
8,035
7,908
7,688
7,526
7,668
7,022
6,378
2,503
2,407
2,147
1,744
1,609
1,980
1,856
1,578
1,606
1 616
1,828
1,674
47 658
47,619
46,638
47 092
46 029
45,053
44 474
44 688
45,770
45 612
45 958
46,512
109,260
61,780
59,726
53,540
6,186
2,054
47,480
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.
* 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.
298
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
Factories
Month
1951
January
February..
March
April
May
June
July
August
September
October
November..
December
1952
1951
1952
902.1
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
1,043.2
1 140 5
1,267.5
1,375 0
2,573.0
1 408 9
1,379.8
1,262.8
1 082 9
1,051.4
931.8
1,234.3
Year...
6,205.4
15,751.1
1951
1952
1949
Jan
483
568
Feb
748
Mar....
846
Apr.. . .
885
May...
950
June...
July....
948
911
Aug....
1,072
Sept
1,062
Oct
958
Nov....
929
Dec...
Public ownership Private ownership
1950
1949 1950 1951 1949
731
780
,043
1,141
,268
,375
>,573
L.409
,380
,263
1,083
,051
1,300
L.350
1,348
,345
1,420
1,549
,287
1,136
932
,087
1,168 1,234
160
252
282
319
369
375
410
316
289
332
316
299
201
306
332
285
481
418
354
456
389 1,474
583
428
460
615
438
486
318
364
307
308
324
320
502
381
1950
323
317
466
527
517
574
537
595
783
730
642
630
Year. 10,359 14,501 15,751 3,718 4,409 6,122 6,641 10,092 9,629
Year or
month
Total
1947
1948
1949
1950
1951
534
614
594
694
708
Aug...
Sept...
Oct. . .
Nov...
Dec...
330
261
294
252
271
255
274
270
239
300
248
227
1952—Jan. . .
274
Feb....
Mar...
Apr. . .
M^ay
June. .
July...
(*)
446
880
7
13
*7
29
1,855
2,466
1,894
63
44
50
43
52
54
76
66
53
74
68
65
1
1
2
2
2
2
2
3
4
4
4
3
225
176
180
162
165
146
146
154
131
145
141
125
88
4
159
Military
housing
(Title
VIII)3
1952
55.7
84.6
81.0
128.4
103 5
123.2
128 1
150.1
127.9
98 5
94.5
79 0
136.0
98.1
1,334.6
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
1,689.2
1951
1952
161.3
178.2
223.6
266.1
278.0
310 5
295.2
219.3
198 7
137.0
160 2
295.2
206.7
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]
1952
Federal Reserve district
Jan.
Dec.
Jan.
126,458
129,179
79,820
113,748
172,982
139,308
219,131
81,836
28,658
54,145
89,074
42,118
180,807
84,852
94,146
114,752
122,414
156,509
51,723
23,024
69,749
103,154
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
38,402
133,898
54,388
69,220
82,234
180,381
114,783
64,179
28,944
59,472
76,190
Total (11 districts)
902,091 1,234,339 1,043,248
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
808
7
21
109
4
1,836
1,339
1,031
278
12
123
203
4
3
7
16
6
17
15
7
20
4
9
28
27
32
20
36
31
19
18
16
15
24
10
13
10
28
18
18
3
2
()
16
13
14
28
41
7
15
1
Net proceeds to borrowers. 2 Mortgages insured under War
Housing Title VI through April 1946; figures thereafter represent
mainly mortgages insured under the Veterans Housing Title VI
(approved May 22, 1946) but include a few refinanced mortgages
originally written under the War Housing Title VI. Beginning with
December 1947, figures include mortgages insured in connection with
sale of Government owned war housing, and beginning with February
1948 include insured loans to finance the manufacture of housing.
3
Mortgages insured on new rental housing at or near military
installations
under Title VIII, approved Aug. 8, 1949.
4
Less
than $500,000.
6
Includes about 3 million dollars of Class 3 loans insured before
expiration of this program Feb. 28, 1950, but tabulated after that date
and not shown separately. Includes almost one million dollars of
mortgages insured since August under new Sec. 8 small homes program.
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.
MARCH
1952
1951
Mortgages
War and
Prop- Small 1- to 4- Rental
Vetand
erty home family group
con- houses housing erans'
imhousing
prove-J struc- (Title
(Title
(Title
tion
ment
ID
II)
VI) 2
1,787
3 338
3,821
4,342
3,221
1951—Jan....
loans
1952
1951
530
737
495
808
819
849
996
919
95£ 1,099
826
917
764
960
1,111 776
922
765
745
828
767
608
787
732
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title
121.1
101.8
78.8
106.3
60.6
65.4
75.4
65.5
80.0
68.8
48 4
43.1
Other
Educational
915.3
2,888.3
Total
1951
1951
110.1
128.4
116.2
122.7
174 3
1,274.9
211 5
164.1
158.8
109 4
95.8
77.2
250.0
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. VV. Dodge Corporation. Value of contracts in millions of dollars]
Month
Commercial
Public works
and public
utilities
Savings
Com- Mutual
and
mersavloan
cial
ings associbanks banks
ations
Insur- Federal
ance
2
com- agen- Other
panies cies l
End of month
Total
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec.......
1944—Dec
1945—Dec
365
771
1,199
1,793
2,409
3,107
3,620
3,626
3,399
3,156
228
430
634
902
1,162
1,465
1,669
1,705
1,590
1,506
8
27
38
71
130
186
236
256
260
263
56
110
149
192
224
254
276
292
269
253
41
118
212
342
542
789
1,032
1,134
1,072
1,000
5
32
77
153
201
234
245
79
68
13
27
53
90
133
150
179
163
159
140
122
1946—June
Dec
3,102
2,946
1,488
1,429
260
252
247
233
974
917
11
9
122
106
1947—June
Dec
2,860
2,871
1,386
1,379
245
244
229
232
889
899
8
7
102
110
1 9 4 8 — J u n e . . . . . 2,988
Dec
3,237
1,402
1 ,429
251
265
245
973
269 1,113
7
9
110
152
1 9 4 9 — J u n e . . . . . 3,894
Dec
4,751
1,587
1,771
305
378
323 1,431
416 1,828
21
52
227
305
6,695 2,205
693
603 2,712
60
421
1950—Dec
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.
299
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports l
Merchandise imports 2
Excess of exports
Month
1951
1952
741
764
860
P974
'1,076
'1,285
n.a.
1,173
1,095
1 108
804
'1,370
'1,354
'1,294
July
1,019
August
992
September. . . .
926
900
3779
762
911
'1,190
564
456
709
885
910
i"1,267
"1,232
606
560
491
530
820
859
October
November
December
856
842
945
906
977
1,065
"1,155
"1,388
'1 .43<S
600
554
720
557
593
605
923
855
867
12,051 10,275 P15.O22
7,124
6,622
1948
1949
January
February
March
1,092
1,085
1,139
1,105
1,043
1,189
April
May
1,121
1,103
1,014
1,023
823
1,318
Jan.-Dec
12,653
1950
830
877
1948
1950
1949
1951
1952
1948
1949
623
600
665
P1,024
n.a.
545
496
464
515
477
557
118
164
195
Pi,033
Pl.018
*>929
590
639
219
549
389
554
582
170
190
P364
*>895
P88C
P721
456
444
70
P295
386
365
394
380
-59
52
P387
P511
P833
J>818
P801
423
269
598
299
249
340
— 16
122
198
P636
8,852 PlO,962
5,529
5,429
547
589
675
590
567
633
532
534
585
554
625
541
526
659
687
P910
Pi,100
1950
1951
1952
P-50
P166
P185
n.a.
P338
P337
P321
P57O
1,423 P 4 , 0 6 0
P1 Preliminary.
n.a. not available
Includes both domestic and foreign merchandise. Recorded exports include shipments under the Army Civilian Supply Program for occupied 2areas.
General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
3
Includes 47.0 million dollars of Mutual Defense Assistance Program shipments which were excluded from the export statistics for April,
May, and June.
Source.—Department of Commerce.
Backfigures.—SeeBULLETIN for February 1952. p. 190; February 1951. p. 210; March 1947, p. 318; March 1943, p. 261; February 1940,
p. 153; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average = 100]
Year or month
ForLive- est
Total Coal Coke Grain stock prod- Ore
ucts
Miscellaneous
[In millions of dollars]
Merchandise
I.C.I.
Year or month
1939
1940
1941
101
109
130
98
111
123
102
137
168
107
101
112
96
96
91
100
114
139
110
147
183
101
110
136
1946
1947
1948
1949
1950
1951
132
143
138
116
128
134
130
147
141
100
117
121
146
182
184
145
180
208
138
150
136
142
135
143
129
107
88
77
68
69
143
153
149
123
141
150
136
181
184
151
172
205
139
148
146
127
140
147
97
96
100
78
75
68
57
53
48
SEASONALLY
ADJUSTED
3,995
4,297
5,347
3,406
3,614
4,348
1946
1947
1948
1949
1950
1951
7,628
8,685
9,672
8,580
9,473
7,009
7,904
8,670
7,893
8,434
P10,391
P9,448
863
783
854
873
855
871
818
854
873
897
907
925
766
742
783
800
794
795
775
806
794
818
818
779
98
41
71
73
62
76
44
48
79
79
89
147
66
11
39
41
30
44
13
16
50
47
56
849
716
875
851
889
856
817
910
856
966
904
903
771
697
797
781
814
792
775
829
780
844
809
768
78
19
78
71
75
64
42
81
76
122
95
135
55
-4
51
45
49
50
16
55
50
98
68
133
114
112
112
111
199
186
202
197
210
153
134
150
158
141
69
55
62
68
64
170
143
147
156
154
243
241
241
212
212
158
141
157
151
148
131
125
133
120
97
122
217
215
215
123
130
140
61
61
67
152
143
148
207
203
209
144
142
144
133
135
137
133
130
134
140
127
211
206
218
206
132
154
159
143
81
83
70
68
142
144
152
144
205
180
180
235
143
144
144
142
48
53
51
48
47
45
47
46
46
46
44
1952—January
141
133
203
146
67
155
256
151
46
1951—January..,
February.,
March
April
May
June
July
August
September
October. .,
November
December.
1951—January
February....
March
April .
May
June
July
August
September.. .
October
November. . .
December. . .
133
119
130
133
133
114
112
112
209
197
204
193
153
131
138
139
66
44
49
61
153
137
147
156
61
60
70
193
145
133
149
149
135
111
208
124
57
160
296
149
137
130
137
144
146
140
123
120
97
122
130
134
140
127
212
209
206
209
202
218
216
125
156
151
148
154
156
135
49
50
64
107
128
88
65
158
143
155
153
152
149
128
321
325
313
308
267
174
73
148
143
145
154
157
149
134
50
46
54
51
48
47
44
47
48
48
47
43
1951—January. .
February.
March
April
May
June
July
,
August
September
October. .,
November
December
1952—January
128
133
214
146
64
139
64
138
44
620
781
1,002
687
J ,040
P943
93
189
500
287
479
699
438
78.1
P693
UNADJUSTED
NOTE.—For description and back data, see BULLETIN for June 1941, pp.
529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for
classes with weights derived from revenue data of the Interstate Commerce
Commission.
300
589
682
998
SEASONALLY
ADJUSTED
146
129
139
136
133
UNADJUSTED
Net
income
1939
1940
1941
1951—January
February....
March
April
May
June
July
August
September.. .
October
November. . .
December. . .
52
Net
Total
Total operating
operating expenses
revenues
income
P Preliminary.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1947-49 average = 100]
Federal Reserve district
Year or month
United
States
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
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
88
98
104
99
105
104
90
98
103
99
108
111
85
94
105
102
113
117
121
128
108
99
98
98
98
104
106
105
105
109
107
117
117
93
101
100
98
101
109
101
104
107
104
132
129
125
116
107
104
105
101
101
107
106
109
110
109
116
110
103
104
104
104
111
112
110
116
113
118
112
112
111
113
114
115
115
114
129
122
112
102
102
103
108
106
108
106
114
110
122
105
Minne- Kansas Dallas
apolis City
San
Francisco
SALES 1
1946
1947
1948
1949
1950
1951
90
98
104
98
105
109
99
102
99
103
105
91
99
103
98
101
105
87
96
104
100
106
109
125
115
105
104
104
105
105
109
107
108
112
109
123
111
102
98
100
98
106
108
100
103
106
106
120
110
103
102
100
108
103
106
101
103
104
103
126
136
124
123
120
109
105
104
103
105
111
107
108
109
105
120
104
108
104
106
107
108
108
112
114
109
115
105
111
110
110
105
121
109
114
118
109
114
113
105
107
114
111
110
111
111
121
121
P108
P102
100
111
115
113
P118
106
111
P96
1951—January
February
March
April
May
June
July
August
September
October
November
December
96
90
98
99
103
99
84
93
112
112
134
183
99
96
90
95
96
98
105
74
80
106
108
131
179
93
102
'87
94
88
100
100
109
103
86
95
118
121
145
192
96
115
101
103
97
89
99
116
116
138
203
88
86
84
100
101
94
81
97
112
118
120
166
99
93
99
103
106
100
84
94
114
115
140
181
93
86
94
96
102
90
85
95
111
111
130
168
100
89
105
99
105
99
76
83
112
114
144
185
194
89
96
99
105
99
86
94
114
111
132
175
99
83
93
95
101
98
73
82
110
105
129
188
93
101
100
104
97
85
102
119
117
131
185
95
108
106
109
100
96
104
124
119
144
203
93
94
95
98
97
93
101
108
107
125
189
1952—January
*>83
P81
80
82
87
80
P90
81
81
P72
P86
95
83
92
91
99
104
98
105
108
SEASONALLY ADJUSTED
1951—January
February
March
April
May. ..
June
July
August
September
October
November
December
.
1952—January
P115
104*
UNADJUSTED
STOCKSi
1946
1947
1948
1949
1950
1951
77
85
78
80
75
94
105
101
114
134
90
108
102
120
140
74
91
110
100
104
117
73
93
107
100
111
134
77
93
106
100
112
131
69
93
107
99
108
127
73
89
111
100
110
128
74
95
105
100
110
124
85
98
105
97
104
124
81
93
107
100
110
129
93
108
100
113
132
89
110
101
112
132
93
107
100
110
131
127
129
133
138
136
136
138
134
128
121
117
119
123
129
132
132
129
131
130
127
120
115
112
115
120
124
129
131
128
131
133
129
122
115
115
115
124
127
132
133
132
132
134
130
126
117
115
120
133
133
143
148
145
146
144
136
132
122
114
116
129
131
124
138
137
145
146
140
135
127
125
129
146
145
144
150
146
141
140
144
132
130
130
133
125
127
132
136
134
133
139
131
124
121
115
117
127
131
135
142
140
143
139
139
127
119
114
119
113
114
119
123
123
122
124
123
116
113
107
106
129
128
132
142
141
141
141
143
133
123
117
121
129
126
134
138
140
138
141
140
135
125
120
1?5
126
128
132
140
137
136
139
138
132
124
119
119
114
116
P115
132
133
114
106
P108
P112
121
SEASONALLY ADJUSTED
March
April
May
July
September
October
November
December
1952—January
.
...
P118
P115
P123
UNADJUSTED
March
April
May
Tune
July
September
October
1952—January
114
125
139
145
139
129
127
129
132
135
133
107
112
123
136
136
132
122
117
120
124
130
132
108
'106
120
134
137
131
122
117
125
129
130
132
106
108
124
140
144
136
123
116
123
131
135
133
105
121
132
151
155
148
137
129
131
137
137
128
102
114
128
132
149
142
133
134
138
139
143
139
113
132
144
151
158
148
135
132
141
137
142
145
116
115
124
138
141
136
125
125
124
127
134
133
109
110
128
143
151
140
136
129
135
135
134
125
105
106
110
124
129
126
117
120
117
117
120
119
97
120
127
139
149
144
137
133
134
133
134
133
108
116
124
142
146
141
128
129
137
138
136
135
115
114
122
135
147
142
133
134
132
135
136
132
106
P106
*>104
101
101
P104
117
119
106
92
P102
P114
P101
109
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.
MARCH
1952
301
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Percentage change
from a year ago
(value)
Number of
stores
report-
Department
Sales during
period
Dec.
1951
Year
1951
Stocks
(end of
month)
Dec.
1951
Ratio of
stocks to
sales 1
December
Index numbers
without seasonal adjustment
1941 average monthly sales =100 2
Sales during
period
1951
1951
Stocks at end
of month
1950
1951
1950
1950
Dec.
Nov.
Dec.
Dec.
Nov.
Dec.
GRAND TOTAL—entire store «
352
-2
+3
-3
1.6
1.7
MAIN STORE—total
352
-2
+2
-3
1.7
1.7
385
271
391
662
802
673
312
291
193
169
183
304
273
248
237
-8
-5
-4
-20
+1
+1
-7
-5
-6
-5
-3
-8
-5
-6
-16
3.2
4.2
3.6
5.2
4.4
2.8
2.4
4.2
2.4
3.1
4.2
3.7
4.4
4.8
2.8
2.4
3.4
2.8
244
160
155
173
142
278
320
197
289
266
169
161
215
136
307
338
255
297
778
666
563
904
640
792
787
831
697
770
669
571
845
570
800
831
757
765
832
694
596
927
656
858
825
878
828
-1
-3
1.5
455
2.4
319
2.3
371
1.4
394
1.5
533
2.3
0.9
1.9
3.3 " 2 4 2 ' ''224'
624
367
1.0
494
284
1.0
639
379
1.0
451
309
348
392
551
674
858
740
854
799
903
571
760
857 1,052
672
767
804
556
837
-4
-1
-6
1.4
2.3
2.1
1.4
1.6
2.6
0.9
2.3
3.1
0.9
0.9
0.9
213
207
196
248
165
214
216
169
257
257
264
265
184
284
244
596
464
615
754
568
465
569
754
877
639
909
784
591
450
602
-4
-3
-5
-6
-12
1.4
1.3
0.7
0.7
1.4
1.4
0.8
0.8
358
418
653
571
259
266
378
224
0
+4
357
422
610
606
483
556
444
428
616
737
723
755
492
578
470
485
0.8
1.1
2.8
0.9
0.9
1.0
0.9
0.8
1.1
2.9
1.0
0.9
1.1
1.0
167
459
285
319
607
660
570
188
279
240
195
314
384
270
159
478
288
347
616
655
596
132
514
800
300
522
693
524
169
792
817
427
811
127
516
830
354
567
721
578
396
958
1,100
396
931
Piece goods
Silks velvets, and synthetics
Woolen yard goods
Cotton yard goods
Household textiles
Linens and towels
Domestics—muslins sheetings
Blankets comforters, and spreads
...
Small wares
343
203
237
327
313
211
280
78
234
271
132
240
Laces, trimmings, embroideries, and ribbons
Notions
Toilet articles, drug sundries
Silverware and jewelry 4
Silverware and clocks
Costume jewelry4
Fine jewelry and watches 4
Art needlework
Books and stationery
Books and magazines
Stationery
•
Women's and misses' apparel and accessories.
Women's and misses' ready-to-wear accessories.
Neckwear and scarfs
Handkerchiefs
..
]VIillinery
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
^Tomen's and children's
shoes
Children's shoes 4
Women's shoes 4
Women's and misses' ready-to-wear apparel....
Women's4 and misses' coats and suits
Coats
Suits 4
Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
Women's and misses' 4dresses
Tnpxnensive dresses
Better dresses 4
Blouses skirts, and sportswear
Aprons, housedresses, and uniforms
Furs
349
349
310
279
166
322
337
341
341
252
283
251
324
330
243
212
223
349
338
213
205
+5
-9
-5
-23
-2
+1
+3
+7
+1
-3
y
+3
-10
0
+5
+7
+4
0
—1
+7
-6
+5
tl
+5
0
+5
+4
+6
+6
+5
+1
tj
+5
+7
+4
+4
+3
+ 10
4
1
8
1
+2
+5
+
1
-4
+3
+6
+1
+4
-
-4
-3
-4
+2
-6
-3
— 16
-2
+4
+1
+ 10
+7
+4
+4
+4
+4
+5
+4
+6
0
+5
+2
+7
340
256
269
339
+7
+2
+4
+2
+9
+4
+5
+4
+8
289
267
-13
Men's and boys' wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers
331
255
-4
311
299
195
0
0
-4
Homefurnishinf*s
Furniture and bedding
311
-10
241
163
Domestic floor coverings
Rues and carDets 4
Linoleum 4
Draperies curtains and upholstery
Lamps and shades
China and glassware
Major household appliances . .
Housewares (including small appliances)
Radios, phonographs, television, records, etc. 4 . .
Records, sheet music, and instruments
4
Miscellaneous merchandise departments....
Toys games sporting goods cameras
Toys and games
..
Candy
4
283
271
315
•
+4
• *
-8
—9
177
275
156
-8
-20
-21
95
294
248
250
242
258
173
+ 10
-4
-4
0
-38
-6
228
175
123
+4
-11
-9
-3
317
300
246
+3
+4
+5
144
266
188
+4
+3
0
+5
+9
+4
+3
+4
+4
+3
+5
+5
-2
+1
+1
+3
-3
+4
-1
-5
-16
-8
-5
— 11
-7
-5
0.5
1.4
0.6
1.5
-1
0
—3
0.8
3.4
0.9
3.3
+1
3.7
3.5
0
-1
+9
—21
—1
-5
+
1
-1
-4
+1
-1
—4
+ 12
+7
+23
695
533
339
404
294
213
252
292
287
225
406
412
491
465
402
408
1.0
1.2
0.9
1.1
1.2
1.0
414
320
541
218
330
267
416
187
394
313
505
213
423
369
509
306
575
425
765
342
429
385
495
305
1.3
2.7
1.4
2.1
480
270
187
304
171
197
441
258
216
499
356
513
665
400
598
499
370
442
298
271
517
322
759
943
1,007
1,154
626
930
665
923
927 1,068
703
769
623
687
915
1.4
1.9
1.8
25
1.4
1.0
1.8
1.0
1.4
3.1
25
1.4
1.1
1.8
1.1
1.4
513
2.4
308
313
336
237
3.1
-1
-6
-4
— 16
-2
-9
-11
-12
-4
-3
+4
+9
-20
+4
+5
-15
-15
+3
+6
+7
+8
+5
+7
+4
378
755
1.4
1.8
1.6
27
25
666
500
429
+4
740
716
925
472
289
0.9
1.4
2.1
-1
1,003
244
232
0.9
1.3
2.2
+2
+1
+2
354
725
477
278
0
-4
0
+2
+3
675
503
663
498
448
605
3.0
287
275
318
897
991
952
4.4
4.3
192
227
210
862
3 6
4.6
5.3
5.4
3 9
4.4
4.7 " 1 8 7 ' ' 246'
4.8
865
890
233
997
1,010
1,102
4.2
3.4
2.0
3.0
4.6
2.3
1.5
255
389
378
321
461
825
753
882
825
857
778
1,159
1,291
1,051
906
994
1,148
-30
—39
0
1.4
1 3
1.6
5.2
3.4
2.0
2.8
3.1
2.3
1.4
-4
-6
-9
-6
-4
-17
0.7
0.6
0.4
0.8
599
0.7 1,034
0.4 1,393
1.5
1.4
0.3
1.6
1.6
0.4
-8
-7
+4
245
375
380
199
434
285
301
259
222
311
894
969
1,055
1.9
20
1.6
752
548
340
583
556
994
756 1,331
427
261
437
769
455
652 1,330
696
557 1,466
586
752 1,143 1,799 1,204
524
800
991
818
For footnotes see following page.
302
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
Stocks
(end of
month)
Ratio of
stocks to
sales *
Index numbers
without seasonal adjustment
1941 average monthly sales = 100 2
December
Sales during
period
1951
Dec.
1951
+1
BASEMENT STORE—total
195
Domestics and b l a n k e t s 4
136
0
Women's and misses' ready-to-wear
Intimate apparel 4
Coats and suits 4
Dresses 4
Blouses, skirts,
and sportswear 4 .
Girls' wear 4 4
Infants' wear
189
164
173
173
156
122
120
+2
Men's and boys'
wear
Men's wear 4
Men's clothing 4 4
Men's furnishings
Boys' wear 4
159
140
97
117
119
+3
+5
+5
+7
+3
+3
+4
+4
+2
Homef urnishings
102
-2
Shoes
118
0
....
.
NONMERCHANDISE—total 4 ..
Year
1951
0
-4
176
Barber and beautv shop 4
75
+7
Dec.
1951
1951
+5
+5
+5
+5
+2
+3
+5
+8
+ 11
+7
+7
+8
+6
+7
+2
+7
+4
+2
Stocks at end
of month
1950
1951
1950
1950
Dec.
Nov.
338
266
Dec.
Dec.
Nov.
Dec.
333
429
529
450
-5
1.3
1.4
-11
2.3
2.6
4
-5
1.0
1.1
1.6
0.9
0.8
0.8
1.0
1.1
1.1
1.6
0.9
0.9
0.8
1.2
326
254
320
323
422
336
1.1
1.1
1.9
0.8
1.0
529
352
513
524
729
534
-6
-3
1.0
1.0
1.8
0.7
1.0
-7
2.5
2.7
227
270
232
574
632
620
+3
2.1
2.1
245
197
246
518
628
499
(6)
(5)
(5)
(5)
(5)
(5)
+2
-4
-3
-7
5
-5
i
1
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months'
supply on hand at the end of the month in terms of sales for that month.
2
The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks
index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of
Bales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858
were 3 reversed.
For movements of total department store sales and stocks see the indexes for the United States on p. 301.
4
Index numbers of sales and stocks
for this department are not available for publication separately; the department, however, is included
5
in group and total indexes.
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1950, sales and stocks
at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]
SALES, STOCKS, ORDERS, AND RECEIPTS
AT 296 D E P A R T M E N T STORES 1
[In millions of dollars]
Year or month
Sales
(total
for
month)
1943 average..
1944 average...
1945 average,..
1946 average...
1947 average...
1948 average...
1949 average...
1950 average...
1951 average...
1951—Jan
Feb
Mar
Apr
May....
June
July....
Aug
Sept
Oct
Nov
Dec
952—Jan
204
227
255
318
337
352
333
347
358
337
284
347
312
339
326
257
309
343
388
442
608
P293
Stocks
(end of
month)
509
535
563
715
826
912
862
942
1,114
rQQ4
1,089
1,217
1,240
1,193
1,112
1,069
1,106
1,117
1,152
1,147
929
P917
Outstanding
orders
(end of
month)
Receipts
(total
for
month)
New
orders
(total
for
month)
530
560
729
909
552
465
350
466
425
657
652
467
338
295
386
434
395
404
408
373
292
P379
203
226
256
344
338
366
331
361
355
'374
••379
475
335
292
245
214
346
354
423
437
390
P281
223
236
269
327
336
345
331
370
345
'619
'374
290
206
249
336
262
307
363
427
402
309
P368
r
* 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.
MARCH 1952
Without s easonal adjustment
Derived data 1
Reported data
1950
1950
1951
.258
1 . . . ..301 Mar. 31
8 . . . ..320 Apr
7 . . . . .292
1 5 . . . ..254
1 4 . . . . .288
2 2 . . . ..279
21
.281
2 9 . . . ..285
2 8 . . . . .293
May 6 . . . ..301 May 5 . . . . .326
1 3 . . . ..308
12
.318
2 0 . . . ..275
1 9 . . . . .285
2 7 . . . ..282
2 6 . . . . .290
June 3 . . . ..261 June 2 . . . . .273
1 0 . . . ..302
9
.311
1 7 . . . ..302
1 6 . . . . .305
2 4 . . . ..250
2 3 . . . . .265
30. . . .258
July 1 . . . ..263
8 . . . ..218 July 7 . . . .218
1 5 . . . ..265
14. . . .238
2 2 . . . ..303
2 1 . . . .234
2 9 . . . ..295
2 8 . . . 232
Aug. 5. . . . .296 Aug. 4 . . . . .254
1 2 . . . ..273
11
.252
19. . . .281
1 8 . . . . .268
26. . . ..288
25
.280
Sept. 2 . . . ..310 Sept. 1 . . . . .303
9 . . . ..295
8
.289
1 6 . . . . .368
15
.329
.321
22
2 3 . . . . .322
.328
29.'.'..'
'.'.320
30.7
Apr.
7 . . . ..325 Oct,
1 4 . . . ,.322
2 1 . . . ..304
2 8 . . . ..313
Nov. 4. . . ..315 Nov.
11. . . ..342
18. . . . .368
2 5 . . . ..319
Dec. 2 . . . ..444 Dec.
9 . . . ..554
1 6 . . . ..638
2 3 . . . ..640
3 0 . . . ..237
1951
Jan. 6 . . . ..285 Jan.
1 3 . . . ..305
2 0 . . . ..301
2 7 . . . ..278
Feb. 3 . . . ..234 Feb.
1 0 . . . ..273
1 7 . . . . .272
2 4 . . . ..274
Mar 3 . . . ..288 Mar.
1 0 . . . ..303
1 7 . . . . .292
2 4 . . . ..304
Oct.
1951
6
.318
13
.338
20
.334
27
.327
3
.349
1 0 . . . . .366
17
.374
2 4 . . . . .354
1
. 464
8 . . . . .550
1 5 . . . . . 613
22
.657
2 9 . . . . . 265
1952
5 . . . . '224
r
12
265
19
.259
2 6 . . . . .240
2
>"242
9 . . . . .251
16. . . . . 2 5 7
2 3 . . . . .240
1
.245
8
15
22
r Revised.
NOTE.—For description of series and for back figures, see BULLETIN
for September 1944, pp. 874-875.
303
DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Tan. Dec. Year
1952 1951 1951
Jan. Dec. Year
1952 1951 1951
+4
0
United States. P-13
P-17
Boston
+2
+/
A
-6
New Haven...
+3
-21
-1
Portland
+3
-19
Boston Area
+2 +3
Downtown
-19
+2 +3
Boston
Lowell-12
+2 - 1
Lawrence
-20
-6
0
New Bedford..
-8
Springfield
+1 +4
0
Worcester
-7
+5
-16
-2
0
Providence
-16
-3
New York 1
+5
-6
-1
Bridgeport
+6
-17
-6
Newark*
+4
-19
-8
Albany
+5
-11
Binghamton...
+3
+5
o
-2
Buffalo i
+5
-1
-12
Elmira
+7
—7
Niagara Falls..
+ 1 +6
-5
-18
New York City
+4
-4
-15
0
Poughkeepsie..
-15
Rochester i
+2 +6
Schenectady..
+ 1 +1 +6
Syracuse 1
-20
+6 +8
-8
-1
Utica
+3
-4
-11
Philadelphia..
+3
1
i
-9
Trenton J
+5
-14
-7
Lancaster
+2
-11
-6
Philadelphia^.
+2
-9
-1
Reading*
+2
-16
-3
-1
Wilkes-Barre1.
-13
York »
+3 +81
-15
-3
+6
Cleveland
-13
-3
Akron *
+8
Canton»
-16
-7
+6
-2
-17
Cincinnati *
+1
-12 -10
Cleveland*l
+6
Columbus
-5
0
+6
-4
-2
Springfield»
+3
-14 r - l
Toledo i
+5
Youngstown *.
-11
- 9 +11
-8
Erie *
+1 +7
Pittsburgh *
-20
+7 +7
-15
-3
Wheeling i . . . .
+3
Richmond
Washington *...
Baltimore
Hagerstown
Asheville, N. C.
Raleigh
Winston-Salem.
Anderson, S.C..
Charleston
Columbia
Greenville, S. C.
Lynchburg
Norfolk
Richmond
Roanoke
Ch'ls'ton.W.Va.
Huntington....
-8
n
-12
Q
+1
+2
+2
Jan.
+4 Chicago-cont.
+3 Des Moines...
+6 Detroit *
-1
-6
0
-9 - 1 3
-3 - 1
Flint i
Grand Rapids l.
Lansingx J
Milwaukee
+2 Green Bay 1....
- 2 Madison
-16
-16
-23
-6
-16
-10
-17
-15
-1
-5
-11
+8
-7
-3
-14
0
-9
-4 -4
-5
+6 +5
+
1
+4 +26 +16
-6
-12
P-13
-2
°\St.?. Louis
-4 +2 +2 Fort Smith
-7 +5
+7 + 10 +11 Little Rock 1 .. -13 +2
-9 +1 +6 Evansville....
-10 +2
-17 +2 +4 Louisville ».... -12 +3
-3 +4 +9 Quincy
P - 1 8 -12
-6 + 11 +4 St. Louis»
-12
0
St. Louis Area.
-13 - 1
v—4 +4 +4 Springfield
3
+1
P-6
+2 +2 Memphis *
P-S
+3
-1 +4 +7
-5 +12 +4 Minneapolis..
P-18
-5
+7 +9
-26
-3
-9 +2 +6 Mankato
l
1
7
Minneapolis
..
-12 -1 + 8 St. Paul * . . . - 1 7 -- 21
0 +3 +9 Great Falls
0 +6 +2; Grand Forks... -- 11 80 -- 24
Atlanta
Birmingham *. .
Mobile
Montgomery...
Jacksonville *...
Miami i
Orlando
St. Petersburg..
Tampa J
P-13 -3
Atlanta *
-24
+ 1!
+17 + 17 +20 Sioux Falls. . . .
Augusta
Duluth+10
-7
Columbus
-10
+9
1
Superior»
-9 +2
Macon
7
-15
-10 -1 + I La Crosse
Rome
P+5 +9 —2
Savannah
p-7 -9 + 11 Kansas City.. P-13
Baton Rouge»..
1
-18
+3 +7 - 8 Denver
New Orleans
..
l
-24
Pueblo
-8
Jackson
2 Hutchinson. . . - 1 7
0
-7
Meridian
-3
Topeka
-1
-15
Bristol
0| Wichita
-9
0
-3
Chattanooga
*..
J
1
-9
Kansas
City...
-12
-4
Knoxville
(2)
+8 +2 Joplin
-3
Nashville1
+3 St. Joseph
-21
+3 Omaha
-12
-2
Chicago
-6
+3\ Oklahoma City - 1 6
-10
-3
Chicago»
Tulsa
-17
-11
Peoria *
+1 +3
+1
-17
Fort Wayne K..
+37 Dallas
-5
Indianapolis 11... -10 +2
Terre Haute ... -15
+ 1 +3 Shreveport
+2
+I
+
Jan. Dec. Year
1952 1951 1951
Dec. Year
1951 1951
Dallas-cont.
0 Corpus Chnsti
Dallas 1
El Paso
Fort Worth
Houston!
San Antonio....
Waco
+7 +3
+2 + 1
+6 +3
+2 +2
+4 +10 +13
+2 +5 +2
- 2 +23 +11
+2 +4
San Francisco. P-16
Phoenix !
p-ll
+3 +5
-2
Tucson
+7
+23 +16
0
1
4
*
0 Bakersfield
+4
0
+1
P-23
+7 Fresno J
+2 Long Beach »... P - l l
+2 +2
+ 1 Los Angeles....
P-17
+1 Area*
+ 1 +2
+2 Downtown Los
P-20
+1
+4 Angeles
+3 Westside Los
r+4
-5
+13
+5
+4
o
+3
-1
+1
0
-5
+5
+3
-2
0
-1
+2
+7
+3
+2
-1
-4
-6
-1
-1
+9 +11
+6 + 14
+4 +4
+4
-4
+1
+2 +5
-2
-4
+4 +2
+5
+5
+12
-10
-9
-12
P-12
Angeles
Oakland and
P-15
Berkeley i
Riverside and
San Bernardino
(2)
Sacramentol l... - 1 3
San Diego
P-12
San Francisco *. - 1 0
-8
San Jose l1
Stockton
-17
Vallejo and
-11
Napa
Boise and
N a m p a1 . . . . . . . - 2 1
P-21
Portland
Salt Lake City * - 1 4
Bellingham.... P - 2 5
-22
Everett *
-15
Seattle1
Spokane*
-18
1
Tacoma 1 . . ... - 1 9
-14
Yakima
-9
-2
-2
+2
+2
+8
+6
+6
+5
+1
+12
0
+5
r+9
+6
+8
+8
+5
+2
-1
-4
+2
-5
-6
+1
-4
0
+8
+1
+6
0
-3
+5
+4
+5
+3
+5
+5
f
Revised.
cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.
Data not available.
1P Preliminary.
8 Indexes for these
CONSUMERS' PRICES 1
[Bureau of Labor Statistics index for moderate income families in large cities, 1935-39 average —100]
Year or month
1929... .
1933
1941 .
.
1942
1943
1944 .
.
1945
1946
1947
1948
1949
1950
1951
1951—January
February .. . .
March
April
May
June
July
September
October
December
1952—January
.
.
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
181.5
183 8
184 5
184.6
185.4
185 2
185.5
185.5
186.6
187.4
188.6
189.1
189.1
132.5
84.1
105.5
123.9
138.0
136.1
139.1
159.6
193.8
210.2
201.9
204.5
227.4
221.9
226.0
226.2
225.7
227.4
226.9
227.7
227.0
227.3
229.2
231.4
232.2
232.4
115.3
87.9
106. a
124.2
129.7
138.8
145.9
160.2
185.8
198.0
190.1
187.7
204.5
198.5
202.0
203.1
203.6
204.0
204.0
203.3
203.6
209.0
208.9
207.6
206.8
204.6
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
133.2
134.0
134.7
135.1
135.4
135.7
136.2
136.8
137.5
138.2
138.9
139.2
139.7
112.5
100.0
102.2
105.4
107.7
109.8
110.3
112.4
121.2
133.9
137.5
140.6
C
144.1
143.3
143.9
144.2
144.0
143.6
143.6
144.0
144.2
144.4
144.6
144.8
144.9
145.0
111.7
84.2
107.3
122.2
125.6
136.4
145.8
159.2
184.4
195.8
189.0
190.2
210.9
207.4
209.7
210.7
211.8
212.6
212.5
212.4
210.8
211.1
210.4
210.8
210.2
209.1
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
162.1
163.2164.3
164.6
165 0
164.8
165.0
165.4
166.0
166.6
168.4
169.1
169.6
c
Corrected.
1
Series is the adjusted one reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim
vision of series and weights. Back figures.—Bureau of Labor Statistics, Department of Labor.
304
FEDERAL RESERVE B U L L E T I N
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926 =100]
Other commodities
Year, month, or week
Ayfo
All
commodities
Farm
products
Foods
Total
Fuel Metals
Hides
Textile
and
and
and
leather prod- lighting metal
products
mate- products
ucts
rials
Chemi- HouseBuild- cals
and furing
allied
nishmateproding
rials
ucts
goods
Miscellaneous
Raw
materials
factured
products
1929
95
%
104 9
99.9
91 6
109.1
90.4
83.0
100.5
95 4
94 0
94 3
82-6
97
s
1933
1934
1935.
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
65 9
74 Q
51 . 4
5
6
85 3
86 7
79 0
80 6
78
82
77
76
77
0
86 8
70 .5
77 8
56
68
77
79
84
72 0
8? 2
0
0
86 .3
88 5
77
221.4
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
104.7
115.5
145.0
163.6
170.2
173.6
189.2
62 .5
69 7
169 .4
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80 8
83.0
84.0
90 1
108.7
134.2
131.7
133.2
138.2
75 .8
81 5
IIS
151 0
147 3
64.8
72.9
7(1 9
71 . 5
76
66 7
69 .7
71 8
84 8
96 9
97 4
98 4
10(1 1
116
141 7
149 8
14(1 4
148 0
172 .2
72.1
75,3
78 8
80 .9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117 5
116.7
118.1
137 2
182.4
188.8
180.4
77 0
86
80 0
71
7F 4
77 9
75 . 6
17(1 3
171 .8
17? 4
17? 3
171 6
17(1 5
168 6
167 .2
167 0
166 6
166 .9
166 Q
234 8
238.2
236-2
178 0
181 . 1
18,1
18? 8
187 1
177 7
171
167 . 5
161
7
159 .4
160 S
136 4
138.1
138.6
138.1
137.5
137 8
137.9
138.1
138.8
138.9
139.1
139 2
187 5
188.1
188.8
189.0
188.8
188.2
187.9
188.1
189.1
191.2
191.5
191 7
19SI
180 4
196 .1
6C .5
7f 5
81 7
82 .1
8S s
71 6
7C .4
71
8? 7
9<) 6
106 6
104 Q
106 2
11(1 7
168 7
179 1
161 4
166
186 .9
Tanuarv
February
March
180 1
183 6
184 0
194 7
202 .6
?03 8
IIP
187 .6
186 6
May
183
182
181
179
7
4
70?
199
198
194
18S
187
186
186
178 0
177 6
189
187 .3
188 0
80.8
86,3
78 6
77 1
78
87
98
103
104
105
121
152
165
155
161
July
August
....
September
October
November
December
8
t
0
8
1
1
1
0
s
6
9
4
68 5
65 .3
67 7
8?
105
17?
171
178
4
9
6
7
9
181
188
165 5
170 4
5
6
6
0
190 . 6
178 1
1Q7
178 3
177 8
195 .1
1
6
81 7
81 .3
83 n
89-0
95 5
96 9
98 5
7
10<3
s
191 9
8
1
1
0
4
188 . 8
18Q
187
?*?{ 1
232 6
230 6
9
213 .7
212 1
208.3
\9t . 6
1QT
95
90 3
90 5
94 8
103
110
111
115
117
132
179
199
193
206
7
4
5
8
6
7
1
4
0
225.5
226 1
228 1
5
84
95
94
95
95
101
127
135
118
122
4
Q
4
3
7
6
7
143 3
81 .7
89 7
94
10?
10?
104
104
111
111
144
145
1S1
4
7
S
6
1
5
3
73 3
74 . 8
82
89
92
93
94
100
0
7
6
7
115-5
170 5
112 3
176 .0
120.9
141 . 0
144 K
147.3
146.4
174 7
175 .4
178 8
142
142 .7
147 5
9
7
^
4
1
8
1
7
180 1
180 0
5
8
6
7
147
145
142
139
222 5
223 0
140
140
223 6
141
224 5
224 0
138
137
137
228
227
225
223
7
6
68 3
Q
142 7
141.7
141 7
70 .5
78
1
82 2
9
8
82.0
87-2
70 2
71 9
80 .4
81 6
83
100
112
113
116
134
165
178
163
172
5
6
1
8
7
6
4
9
4
192 4
192
199. 1
199 4
197 7
178 8
138 8
195 s
194 7
189 9
175 .3
17? 4
138 2
138
187. 5
187 0
1795
94
171 7
139 7
188
172 0
177 0
141.3
141-6
189. 6
188 8
Q
89
98
100
100
101
116
146
159
151
1*6
1
6
1
8
8
1
0
4
8
174 .9
173 1
175 .5
175 8
176 1
176
175 5
175 1
174 . 4
174
174
174 .1
171 Q
1
Week ending:
1952—Jan
8
Jan. 15
Tan. 22 .
Jan 29
Feb. 5
Feb. 12
Feb. 19 . .
Feb. 26
193 0
188
192 .0
188 Q
190 .8
187 .5
186 9
185 .8
165 .2
16S 0
165 .3
159 s
••158 .6
157 8
157 .5
138 8
138.8
138 9
138.9
190 8
190.8
191 5
192.6
224 0
176. 5
175 0
176.3
175.8
175 4
189 .1
187 4
185 .6
18S
164 .8
164 Q
164
157 .1
156 8
1
138.8
138 8
138 7
192.9
193 4
193 4
221 7
222 5
177
.
9
174 8
7,
1s
186 4
Dairy products
Cereal products
Fruits and vegetables...
Meats, poultry and fish.
Other foods
Hides and Leather Products:
Shoes
Hides and skins.,.
Leather
Other leather products..
Textile Products:
Clothing
Cotton goods
Hosiery and underv
Silk
Rayon and nylon
Woolen and worsted goods .
Other textile products
Fuel and Lighting Materials:
Anthracite
,
Bituminous coal. .
Coke
Electricity
Gas
Petroleum products
r
MARCH
1952
131 7
1951
Annual
1951
Jan.
Dec.
168 5
186 5
195 .5
154 .8
229 . 3
177 .5
186.6
222.2
178.2
197.6
209.8
181.5
Metals and Metal Products
Agricultural mach. & equiD.. .
Farm machineryr
Iron and steel. .
Motor vehicles.
Nonferrous metc
Plumbinef and heatim
Building Meiterials:
Brick a nd tile .
Cement
Lumber
Paint a nd naint material s. . . .
Plumbing and heatingI - •
Structural steel
Other building materials
149 1
170
1S0 0
135 .9
219 .9
143 .4
163 4
144 .6
254 .0
159 .4
171 5
163.0
136.1
242.7
157.7
183 2
163.5
161.3
246.2
152.3
101 0
222 .9
188 7
150 .7
259 .2
3
182 .5
219.4
318.2
224.8
188.0
208.6
174.0
175.7
180.6
146 0
197 . 0
10?
163 4
219 .4
111 4
161 6
239.2
115.2
86.1
43.1
217.4
238.1
160 4
202.6
107.4
77.6
43.1
176.7
234.1
Chpmirals
Drugs and Pharmaceuticals...
Fertilizer materials
Mixed fertilizers
Oils anc1 fats
Housefurnis king Goocis:
Furnish ings. . .
Furnitu r e . . . .
145.8
193.2
232.8
65.7
90.0
119.4
157.6
198.3
234.8
Miscellaneou 5."
0
58 0
78 6
40 .9
163 .0
182 .5
43.1
212.2
239.0
141 0
193 .7
226 7
154.3
66 Q
88 1
113 .9
196 .2
5
120 .1
Chemicals and Allied Product.
120.4
Auto tires and tubes,
Cattle feed
Paper and pulp
Rubber, crude.
Other miscellaneous.
Revised,
Weekly indexes are based on an abbreviated sample not comparable with monthly data.
NOTE.—For monthly and annual figures on the revised basis (1947-49 = 100), see pp. 311-313.
Back figures.—Bureau of Labor Statistics, Department of Labor.
1
132 5
132 7
Subgroup
1950
Food Products:
222 5
1951
Annual
Subgroup
Farm Products:
Grains
Livestock and poultry. .
Other farm products
223 6 137 5
223 7 133 5
222 7 '132 8
1950
1951
146 8
158 8
156
160.8
185.9
185.5
181.4
183.9
158. 4
185. 7
178. 8
187. Q
183. 7
9
2
4
179 .5
147 .2
344 .1
164 1
184 .3
704 3
198 .1
144 s
169 .0
173 2
149 2
171 3
176 0
150 S
162.6
Jan
Dec.
159 0
160 .91
186 .1 '
192 .0]
181
184
168 2
136 6
327 4
142 0
162.6
192.6
178 4
179
147
351
162
183
204
198
9
3
1
180. 7
147. 2
356. 8
162. 1
183. 7
204. 3
195. 8
122 0
137 8
113 8
144 7
182 0
118 8
138 1
184. 4
118. 1
104
109 7
108
139 4
164 2
200. 4
126 .1
161 2
144 8
189 1
162 2
186. 2
162. 7
182 .1
161 .5
71.2
208.7
82.8
244.5
163 5
84 0
124 8
198 0
124 0
136 7
82. 8
226. 3
196. 5
148. 4
137. 1
82 .9
774 0
Q
111 5
700 Q
106 6
137 8
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
1950
1929
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
103.8
7.0
.6
-.1
— .1
1933
55.8
1939
1941
1947
1948
1949
1950
91.3 126.4 233.3 259.0 257.3 282.6 327.8 303.7 319.5 328.2 329.5 334.6
7.2
8.1
9.3
14.8
17.6
19.1
21.2
23.5
22.2
22.6
23.1
23.7
24.5
7.1
.7
9.4
11.3
.5
18.7
.7
.3
20.4
.7
21.7
.7
-.8
23.8
.8
25.4
.8
24.3
.8
25.9
.8
24.9
.8
25.1
.8
2.3
25.8
.8
-1.8
2.9
-3.4
1.6
5.9
.3
.5
.2
.8
.8
1.2
C1)
39.6
.5
1.4
.5
72.5
1.6
.1
103.8
87.4
10 3
.2
-2.0
5.8
2.1
14.6
2.8
.0
.9
1.0
5.8
.6
.0
1.5
1.2
2.1
.7
.0
2.5
1.2
3.8
.5
.0
2.6
1.3
4.5
.5
— .1
-3.2
.0
198.7
.0
216.7
223.5
24.7
31.7
5.7
5.2
239.0 275.8 260.1 269.4 274.3
36.2
43.0 42.2
30.5
42.9 43.0
7.4
7.0
8.4
5.7
8.5
8.3
.0
11.1
4.4
6.6
.7
.0
11.6
4.6
7.6
.7
.0
10.5
4.5
7.2
.7
.0
14.3
4.7
9.2
.8
.0
11.7
4.9
9.4
.0
11.1
4.7
11.1
.8
46.6
72.6
2.6
1.3
1.4
1.5
.5
1.0
2.4
1.2
1.2
Equals: Disposable personal income.
82.5
45.2
70.2
92.0 169.5 188.4 186.4 204.3 222.6 215.2
78.8
46.3
67.5
82.3
3.7
-1.2
2.7
9.8
Less:Personal consumption expenditures
Equals: Personal saving
95.3 191.0
3.3
2.0
1.3
21.5
19.6
1.9
21,1
19.0
2.1
18.6
16.2
2.5
20.5
17.8
2.7
28.4
25.5
3.0
23.1
20.3
2.7
165.6 177.9 180.2 193.6 205.5 198.4
3.9
.0
11.5
4.8
8.8
.8
.4
2.5
.1
278.0
281.2
43.6
8.6
.0
11.8
4.8
9.6
.8
-.7
11.8
4.9
9.8
.8
209.5 205.1 224.7 251.1 238.3 244.1 249.9 253.2 257.0
85.1
Less: Personal tax and related payments.
Federal
State and local
Equals: Personal income
1951
1951
10.5
6.3
10.7
17.2
16.8
27.6
24.7
28.1
25.1
2.9
3.0
216.5 221.8
29.7
26.7
3.1
224.9 227.2
204.0 206.7
208.8 202 .4
7.8
19.4
20.8
20.5
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1950
1929
1933
1939
1941
1947
1948
1949
1950
1951
1951
4
1
2
3
4
87.4
39.6
72.5 103.8 198.7 223.5 216.7 239.0 275.8 260.1 269.4 274.3 278.0 281.2
Compensation of employees
Wages and salaries 2
Private
Military
Government civilian
Supplements to wages and salaries..
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 3 128.0 140.2 139,9 153.3 178.1 165.2 172.1 177.4 180.6 182.0
61 7 122.1 134.4 133.4 145.8 169.4 157.2 163.6 168.9 171.7 173.1
51 5 104.8 115.7 113.0 123.6 140.3 132.7 137.1 140.6 141.3 142.0
5.1 n.a.
7.8
4.1
4.0
4.2
6.6
8.9 n.a.
n.a.
1.9
17.9 18.8 19.4 n.a.
n.a.
8.3 13.2 14.7 16.1 17.2 n.a.
7.5
8.7
8.5
8.9
8.9
5.9
5.8
6.5
7.9
8.7
2.6
Proprietors* and rental income 3 . .
Business and professional
Farm
... .
Rental income of persons
19.7
8.3
5 7
5.8
7.2
2.9
2 3
2.0
14.7
6.8
4 5
3.5
20.8
9.6
6 9
4.3
42.4
19.8
15 6
7.1
47.3
22.1
17 7
7.5
41.4
20.9
13 0
7.5
44.0
22.3
13.7
8.0
48.9
23.7
16.9
8.3
47.2
23.0
15.8
8.4
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
43.0
44.5
26.6
18.0
-1.5
42.2
50.3
22.5
27.8
-8.2
42.9
51.8
31.1
20.7
-8.9
43.0
45.4
27.0
18.4
-2.3
42.6
39.8
23.7
16.1
2.8
43.6
41.1
24.5
16.7
2.5
6.5
5.0
4.2
4.1
3.5
4.3
4.9
5.4
5.7
5.6
5.6
5.7
5.8
5.8
National income
Corporate profits and inventory
valuation adjustment
Corporate profits tax liability. . .
Corporate profits after tax
Inventory valuation adjustment...
Net interest
n.a. Not available.
1
Less than 50 million dollars.
2
Includes employee contributions to social insurance funds.
8
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.
306
FEDERAL RESERVE BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[Estimates of the Department of Commerce. In billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates
by quarters
Annual totals
1950
1929
Gross national product
1933
1948
1949
1950
1951
1939
1941
1947
1951
126.4
233.3 259.0 257.3 282.6 327.8 303.7 319.5 328.2 329.5 334.6
103.8
55.8
91.3
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
78.8
9.4
37.7
31.7
46.3
3.5
22.3
20.6
67.5
6.7
35.3
25.5
Gross private domestic
investment
New construction l
Residential, nonfarm
Other
Producers' durable equipment.
Change in business inventories
Nonfarm only
15.8
7.8
3.6
4.2
6.4
1.6
1.8
1.3
1.1
.5
.7
1.8
1.6
1.3
9.9
4.9
2.7
2.2
4.6
.4
.3
18.3
6.8
3.5
3.3
7.7
3.9
3.4
30.2
13.9
6.3
7.6
17.1
-.8
1.4
42.7
17.7
8.6
9.1
19.9
5.0
3.7
33.0
17.2
8.3
9.0
19.0
-3.2
-2.5
48.9
22.1
12.6
9.5
22.5
4.3
3.6
59.1
22.2
10.9
11.3
27.3
9.7
8.0
60.2
23.3
13.1
10.3
25.0
11.8
10.6
60.2
23.8
12.9
10.9
25.9
10.6
9.1
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
.8
.2
.9
1.1
8.9
1.9
.5
-2.3
.2
-2.7
-2.7
-.1
1.2
2.5
8.5
1.3
1.3
8.0
2.0
2.0
()
5.9
13.1
5.2
1.3
3.9
24.7
16.9
13.8
3.2
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
41.6
37.5
4.2
.2
21.4
47.8
27.3
24.1
3.4
.2
20.4
53.2
32.2
28.9
3.5
.2
21.0
60
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
Net foreign investment
Government purchases of
goods and services
Federal
National security
Other
Less: Government sales 2
State and local
7.2
82.3 165.6 177.9 180.2
9.8 21.4 22.9 23.9
44.0 95.1 100.9 98.7
28.5 49.1 54.1 57.6
193.6 205.5 198.4 208.8 202.4 204.0 206.7
29.2 26.8 29.4 31.3 25.9 25.2 25.0
102.3 111.8 104.9 112.1 110.1 111.5 113.6
62.1 66.8 64.0 65.4 66.5 67.3 68.1
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
producing industries
50.2
28.8
45.7
61.7
122.0
134.3
133.5
145.8
169.4
21.5
9 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
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
1950—December
244.4
155.9
158.9
70.8
243.6
243.3
245 5
249.0
249 8
May
251.0
June
July
252 4
253.7
August
September.... 253.6
257.5
October
November. . . . 256.5
258.6
December
158.0
160.0
162 2
164.8
165 1
166.4
167 1
167.4
168.3
169.5
170.7
171.9
161 .6
163.4
165.9
168.2
168.8
169.9
170.6
170.8
171.7
173.1
174.3
175.4
71.7
72.4
73.7
75.0
74.6
75.2
74.8
74.5
75.0
75.1
75.1
76.8
1951—Tanuary
February
]Vlarch
April
Distrib- Service
utive
indus- industries
tries
15.5
8.8
8.2
5,1
6.9
7.8
Government
5.0
5.2
8.2
DiviLess emdends
Proployee
Other
prietors'
and
contriand
labor
perbutions income5 rental 6
sonal
income interest
for
social
income
insurance
.1
2
6
8
2.1
2.2
2.2
.5
NonTransfer
agriculpay- 7
tural
ments income8
19 7
13.3
.4
7.2
5
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
76 8
43 0
66.3
86.1
170.8
187.1
187.6
206.6
229.4
15.3
16.6
17.2
18 7
20.2
10.2
17.2
18.7
20.4
22.3
29.1
3.5
.6
2.4
2.8
3.0
3.5
3.8
43.6
19.6
24.9
3.0
3.7
48.1
25.0
11.7
223.4
44.3
44.5
44.9
45.3
45.6
45.6
46.0
46.2
46.4
46.1
46.1
46.5
19.9
19.8
20.0
20.1
20.2
20.3
20.3
20.3
20.3
20.4
20.5
20.7
25.7
26.7
27.3
27.8
28.4
28.8
29.5
29.8
30.0
31.5
32.6
31.4
3.6
3.4
3.7
3.7
3.8
3.8
3.4
3.7
3.5
3.5
3.4
3.8
3.8
3.8
3.8
3.8
3.4
3.6
3.6
3.5
3.8
3.8
3.9
3.9
50.5
48.2
47.7
48.1
48.0
48.0
49.2
49.7
48.3
50.5
49.1
49.8
18.8
19.2
19.7
20.2
20.2
20.0
19.7
20.1
20.7
20.8
20.2
20.7
12.6
12.1
12.1
12.1
12.7
12.8
12.6
12.7
12.5
12.9
12.6
12.3
221.4
222.9
225.2
227.8
229.0
230.1
230.1
231.3
232.1
234.5
234.8
235.9
2 9
1
2
3
4
Includes construction expenditures for crude petroleum and natural gas drilling.
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
Less than 50 million dollars.
Total wage and salary receipts, as included in "Personal income" is equal to total disbursements less employee contributions to social insurancei.5 Such contributions are not available by industries.
Includes compensation for injuries* employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans readjustment allowances and other payments, as
well 8as consumer bad debts and other business transfers.
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.
MARCH
1952
307
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Noninstalment credit
Instalment credit
Total
consumer
credit
End of year
or month
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951P
Sale credit
Total
instalment
credit
Total
Automobile
Other
7,031
8,163
8,826
5,692
4,600
4,976
5,627
8,677
11,862
14,366
16,809
20,097
20,640
4,424
5,417
5,887
3,048
2,001
2,061
2,364
4,000
6,434
8,600
10,890
13,459
13,506
2,792
3,450
3,744
1,617
882
891
942
1,648
3,086
4,528
6,240
7,904
7,543
1,267
1,729
1,942
482
175
200
227
544
1,151
1,961
3,144
4,126
4,039
Loans*
Total
noninstalment
credit
Singlepayment
loans 2
1,525
1,721
1,802
1,135
707
691
715
1,104
1,935
2,567
3,096
3,778
3,504
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348
4,072
4,650
5,555
5,963
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
Charge
accounts
Service
credit
530
536
565
483
414
428
510
749
896
949
1,018
1,332
1,436
L.544
1,650
L,764
L ,513
L,498
L.758
.981
3,054
3,612
3,854
3,909
4,239
4,587
533
560
610
648
687
729
772
874
920
963
992
1,067
1,111
, .
20,097
13,459
7,904
4,126
3,778
5,555
6,638
1,332
4,239
1,067
1951—January
February
March
April
May
June
July
August
September
October
November
December?....
19,937
19,533
19,379
19,126
19,207
19,256
19,132
19,262
19,362
19,585
19,989
20,640
13,252
13,073
12,976
12,904
12,920
12,955
12,903
13,045
13,167
13,196
13,271
13,506
7,694
7,521
7,368
7,270
7,248
7,234
7,173
7,247
7,327
7,355
7,400
7,543
4,056
3,990
3,946
3,934
3,980
4,041
4,061
4,138
4,175
4,134
4,100
4,039
3,638
3,531
3,422
3,336
3,268
3,193
3,112
3,109
3,152
3,221
3,300
3,504
5,558
5,552
5,608
5,634
5,672
5,721
5,730
5,798
5,840
5,841
5,871
5,963
6,685
6,460
6,403
6,222
6,287
6,301
6,229
6,217
6,195
6,389
6,718
7,134
1,352
1,369
1,381
1,392
1,398
1,399
1,393
1,398
1,401
1,413
1,422
1,436
4,248
4,010
3,938
3,744
3,793
3,804
3,743
3,724
3,696
3,868
4,190
4,587
1,085
1,081
1,084
1,086
1,096
1,098
1,093
1,095
1,098
1,108
1,106
1,111
1952—January?
20,080
13,313
7,326
3,970
3,356
5,987
6,767
1,446
4,213
1,108
1950—December
? 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
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951?
Total
Commercial
banks *
Small
loan
companies
Industrial
banks 2
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348
4,072
4,650
5,555
5,963
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
131
132
134
89
67
68
76
117
166
817
929
204
250
1,084
1,268
Industrial
loan
com- 2
panies
99
104
107
72
59
60
70
98
134
160
175
291
301
203
229
Loans made by principal lending institutions
(during period)
Insured
repair
Comand
mercial1
modern- banks
ization
loans 3
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
Credit
unions
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
194
198
203
146
128
139
151
210
282
237
297
344
236
201
198
199
286
428
864
937
680
1,017
1,198
792
639
749
942
1,793
2,636
3,069
3,282
3,875
4,198
358
417
894
947
Credit
unions
Miscellaneous
lenders
135
174
200
130
104
100
103
153
225
96
99
102
91
86
88
93
109
119
200
268
285
206
123
113
164
322
568
131
142
739
801
312
402
525
542
157
176
375
418
1950—December... 5,555
2,431
1,084
291
203
525
157
864
289
234
481
528
37
5,558
5,552
5,608
5,634
5,672
5,721
June
5,730
July
5,798
August
September. . 5,840
5,841
October
November .. 5,871
December?.. 5,963
2,438
2,441
2,476
2,497
2,506
2,515
2,492
2,521
2,524
2,522
2,509
2,510
1,090
1,094
1,112
1,119
1,131
1,151
1,167
1,181
1,203
1,191
1,211
1,268
289
286
286
202
202
204
518
515
517
158
158
160
863
856
853
326
296
368
162
158
207
39
35
43
286
205
514
161
852
340
5,987
2,521
1,270
300
1951—January....
February...
March .
April
May
1952—January?...
288
288
288
293
296
299
299
301
207
209
211
217
221
222
225
229
518
522
524
531
533
535
535
542
162
164
166
167
169
168
170
176
231
539
176
184
41
318
334
577
712
29
72
28
27
33
67
64
79
31
72
860
872
882
888
894
904
922
937
359
356
339
389
351
373
347
354
198
204
206
210
183
205
228
292
44
44
44
49
42
52
45
50
33
35
35
40
35
40
38
42
82
86
76
90
78
86
83
84
950
392
186
46
38
84
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 January amounted to 106 million dollars
and 2other loans made during January were 13 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.
308
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
Department
Total,
stores
excludand
ing auto- mailmobile
order
houses
End of
year or
month
1939... .
1940
1941
1942
1943
1944
1945.
1946
1947
1948. . .
1949
1950
1951?....
1950
December.
1951
January...
February..
March....
April .
May
1,525
1,721
1,802
1,135
377
439
466
252
172
183
198
337
650
874
June
Furniture
stores
536
599
619
440
289
293
296
386
587
750
935
Jewelry
stores
All
other
retail
stores
1,010
1,245
1,184
1,029
971
3,778
1,245
1,029
710
794
3,638
3,531
3,422
3,336
3,268
3,193
3,112
3,109
3,152
3,221
3,300
3,504
1,201
L.162
1,133
1,103
1,084
1,055
L,O22
1,015
1,028
1,056
1,099
1,184
982
956
924
905
890
874
854
859
870
890
908
971
694
677
655
636
616
602
590
590
600
607
608
613
761
736
710
692
678
662
646
645
654
668
685
736
L, 126
926
599
705
246
271
284
179
111
109
113
174
305
404
488
93
110
120
76
57
56
57
89
144
152
163
794
736
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instalment paper 2
Year or month
4,416
5,645
5,434
854
922
915
1,143 1,223 1,267
1,061 1,192 1,031
944
781
905 1,107
937 1,213
1950—December. . .
5,645
1,143 1,223 1,267
905 1,107
1951—January
February....
March
April
May
June
July
August
September...
October
November...
December?. .
5,610 1,116 1,219
5,530 1,096 1,222
5,516 1,079 1,232
5,490 1,072
,242
5,489 1,083 ,248
5,481 1,090 ,246
5,430 1,086
,230
5,472 1,097 ,240
5,440 1,105
,239
5,442 1,090 ,226
5,436 1,079 ,209
5,434 1,061 1,192
Total
Automobile
Other
Repair Personal
and
instalmodern- ment
ization
cash
loans 12 loans
Outstanding at end
of period:
1949
1950
1951?
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
1950—December.
391.0
386.9
382.5
382.5
382.7
384.4
385.0
385.1
391.7
396.3
401.8
402.4
404.1
118.5
117.2
116.9
116.4
116.5
118.0
119.6
120.2
123.1
123.9
123.9
121.9
118.9
79.7
78.4
77.4
76.4
75.3
74.2
72.9
70.7
71.6
73.6
75.8
77.7
81.2
54.9
1951—January..,
February..
March
April
May
June
July
August
September
October...
November
December?
53.6
52.4
52.0
51.8
52.3
52.6
52.9
53.7
54.8
56.1
56.5
56.5
137.9
137.7
135.8
137.7
139.1
139.9
139.9
141.3
143.3
144.0
146.0
146.3
147.5
1952—January? .
402.6
116.5
81.4
56.1
148.6
Volume extended
during month:
1950— December.
40.3
1951—January...
February..,
March
April
May
June
July
August
September
October...,
November
December*'
42.2
38.3
46.8
44.9
49.3
48.8
48.5
58.4
51.2
60.0
52.3
53.6
9.1
10.6
10.8
12.4
13.1
15.2
15.6
14.9
19.4
16.2
17.3
14.6
13.1
8.2
7.2
8.5
7.8
8.3
7.8
7.6
10.4
10.4
12.2
11.8
12.8
1952—January? . ,
52.5
14.3
11.8
8.0
Year or month
Outstanding at end of
period:
1,104
1,935
2,567
3,096
3,778
3,504
July
August....
September.
October. . .
November.
December ?
1952
January?.. 3,356
Total
Other
retail,
purPur- Direct chased
and
chased loans direct
Automobile
retail
Household
appliance
stores
273
302
313
188
78
50
51
118
249
387
500
710
613
707
691
715
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
(Estimates. In millions of dollars]
2.6
2.5
2.3
3.0
3.3
3.8
3.9
3.8
4.5
4.1
5.2
4.1
3.4
20.6
20.9
18.0
22.9
20.7
22.0
21.5
22.2
24.1
20.5
25.3
21.8
24.3
22.9
1949
1950
1951?
Repair
and
modernization
loans 12
1,268
1,217
1,190
1,153
1,123
1,098
1,068
1,059
1,004
1,010
1,017
1,031
890
877
874
875
882
883
886
899
911
925
937
937
Personal
instalment
cash
loans
1,117
1,118
1,141
1,148
1,153
1,164
1,160
1,177
1,181
1,191
1,194
1,213
927 1,230
1952—January?.. . .
5,416
Volume extended during month:
1950—December. . .
562
94
117
141
48
162
1951—January
February
March
April
May
June
July
August
September... .
October
November....
December?. . .
606
536
638
625
683
666
642
738
682
744
689
686
98
93
109
118
140
143
137
162
150
150
136
117
137
132
160
153
166
160
150
187
166
168
152
149
147
117
123
125
132
115
115
131
126
153
147
157
47
41
51
56
65
64
62
70
67
82
72
70
177
153
195
173
180
184
178
188
173
191
182
193
1952—January?
710
130
170
144
57
209
1,042 1,185 1,032
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Total
Retail instalment paper 2
and
Personal
instalment
cash
loans
Automobile
Other
31.4
41.1
47.3
41.1
6.5
7.3
7.2
113.3
120.6
137.6
7.3
40.8
40.2
40.5
40.0
39.6
39.8
40.8
42.4
44.5
45.6
46.1
47.3
47.2
7.2
7.0
7.0
6.9
7.0
7.1
7.1
7.2
7.3
7.4
7.6
7.2
120.6
120.8
121.1
122.3
123.4
124.8
125.9
127.0
128.5
130.2
130.7
133.2
137.6
7.2
139.8
Outstanding at end
of period:
1949
1950
1951?
194.7
226.9
255.3
43.5
57.9
63.2
1950—December.
226.9
57.9
1951- —January...
February . .
March
April
May
June
July
August
September
October...,
November
December?
225.6
225.1
226.9
228.1
230.6
232.6
235.4
241.3
245.5
247.4
250.3
255.3
56.8
56.8
57.1
57.8
59.2
59.8
60.5
63.2
63.5
63.7
63.4
63.2
1952—January? . . 256.7
62.5
Volume extended
during month:
1950—December..
Repair
modernmodernization
loans l 2
30.4
6.3
3.9
0.3
1951—January...
February . .
March
April
May
June
July
August....
September .
October
November .
December?.
29.1
27.9
34.3
32.4
34.8
36.1
35.9
42.6
37.8
41.3
39.5
43.6
6.8
6.4
7.4
7.4
8.8
9.0
8.9
9.4
9.6
9.0
9.3
4.3
3.8
4.9
4.4
4.2
4.9
5.2
7.0
6.9
7.7
6.2
6.6
0.3
0.3
0.4
0.4
0.5
0.5
0.5
0.6
0.6
0.7
0.7
0.5
19.9
17.7
17.4
21.6
20.2
21.3
21.7
21.3
23.5
20.9
23.3
23.6
27.2
1952—January? . .
39.5
9.2
5.8
0.5
24.0
11.5
1
p Preliminary.
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
^Includes both direct loans and paper purchased.
MARCH
1952
309
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE»
Percentage change
from corresponding
month of preceding
year
Instalment accounts
Year or month
1952?
Jan.
Dec.
1951
Nov.
1951
1952?
Jan.
Dec.
1951
Nov.
1951
-40
-39
+25
+40
+1
+2
-12
-15
+2
-5
+ 10
-46
-22
+25
+13
+2
+2
-5
-24
+ 10
+20
Accounts receivable, end
of month:
Total
Instalment
-5
-5
+8
+11
+2
+2
-8
-4
-7
-4
-9
-9
Collections during
month:
Total
Instalment
+6
+4
2
-3
-2
-2
-6
-5
-7
-6
-3
January
February
March
April
May
June
July
August
September
October
November
December
-8
+1
-9
-5
-2
January P
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Inventories, end of
month, at retail value.
-i
Charge
accounts
Household ap- Department
pliance
stores
stores
Department
stores
Furniture
stores
18
11
10
49
19
17
19
18
18
19
18
19
19
21
'21
19
10
10
11
11
11
11
11
12
11
12
11
11
12
11
12
11
11
12
12
12
12
12
12
12
50
46
50
47
49
49
46
48
47
50
50
45
1950
-16
December
-2
-6
1951
1952
47
r
P Preliminary.
Revised.
1
Collections during month as percentage of accounts outstanding at
beginning of month.
Preliminary.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1947-49 average = 100!
Accounts receivable
at end of month
Sales during month
Year or month
Percentage of total sales
Collections during
month
Total
Cash
Instalment
Charge
account
Instal-
Charge
account
Instalment
Charge
account
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
1950—December
178
169
190
187
210
166
1951—January
February. . . .
March
April
May
June
July
August
September. . .
October
November. . .
December
98
82
101
91
100
95
75
90
101
113
129
177
85
73
91
83
91
91
71
83
90
101
115
167
128
116
129
109
113
103
90
127
138
164
171
205
108
89
109
98
109
100
76
93
107
121
138
185
204
199
194
186
178
171
163
162
166
172
182
197
142
125
120
116
118
115
103
103
113
122
136
177
186
169
186
167
163
161
148
151
151
163
169
168
165
130
125
113
114
114
106
99
97
114
121
122
84
77
109
90
188
141
178
164
Cash
sales
Instalment
sales
Charge
account
sales
Averages of monthly
data:
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952—January?
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
45
46
48
48
48
50
50
48
47
46
47
49
10
10
9
9
45
44
43
43
44
42
41
41
43
43
43
42
119
9
11
10
11
10
9
10
P Preliminary.
1
Indexes have been converted from the 1941 base previously used to a 1947-49 base. Back figures by months beginning January 1941[may
be obtained from the Division of Research and Statistics.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 301.
310
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics, 1947-49=100]
Annual
average
Group
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
64.6
61.3
63.3
62 7
54 8
46.8
41 9
44.8
48.6
51 6
52.3
57.2
51.2
49.0
50.5
57.7
64.1
67.1
67.7
68.9
81 1
95.3
105.5
98.0
103.0
114.2
64.4
61.9
63.4
62 6
54.8
46.9
42 3
45.2
49.7
52 3
53.0
56.9
50.7
48.7
50.3
58.7
64.4
67.0
67.5
68.7
83.9
96.5
106.2
98.2
105.2
113.7
64.8
62.6
64.1
62 5
54.9
46.3
42.5
46.0
50.4
52 4
53.0
56.8
50.9
51.4
50.7
59.7
64.8
67.0
67.6
68.4
80.6
98.4
106.1
98.3
107.1
113.4
64.6
62.8
62.9
61.8
53.9
45.7
41 9
46.3
49.7
52 3
53.0
55.5
50.5
51.6
51.2
60.1
65.0
67.0
67.7
68.8
87.2
99.6
105.0
97.9
107.7
113.7
64.0
62.6
62.3
60.7
52 8
45.6
41.5
46.2
49.8
52.4
53.6
54.1
50.3
51.4
51.7
60.1
65.2
66.9
67.8
69.4
90 8
100.7
104.7
97.8
109.3
113.6
63.6
62.6
62.3
60 6
51 7
44.6
40.7
46.0
50.0
52.6
54.7
53.1
50.1
51.5
52.0
60.9
65.6
67.1
68.0
69.6
91.6
102.6
104.0
97.7
112.1
113.5
98 1
92.2
100.4
111.1
99 1
109! 7
92.2
101.3
110.4
103 1
108 !o
92.5
103.0
109.9
105 0
103.9
90.7
100.9
111.5
105 6
102.5
90.6
104.2
112.0
110 9
100^0
89.1
107.9
111.3
All Commodities:
1926
1927
1928
1929
1930... .
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
65.0
62.0
62.9
61 9
56.1
47.4
42 1
42.8
48.7
52 0
52.5
56.1
51.1
50.1
51.1
56.8
64.2
67.0
67.6
68.8
78.7
96.4
104.4
99.2
103.1
67.0
62.0
62.6
62.3
60 1
50.8
43.8
39.6
46.9
51.2
52.4
55.8
52.6
50.0
51.6
52.5
62.4
66.2
67.1
68.2
69 6
92.3
104.5
102.8
97.7
115.0
113.2
66.3
62.7
62.3
62.0
59.4
49.9
43 1
38.8
47.8
51 7
52.4
56.1
51.9
50.0
51.2
52.4
62.8
66.6
67.3
68.3
70.0
93.1
102.5
101.2
98.3
116.5
65.4
62.3
62.1
62.5
58.6
49.4
42 9
39.1
47.9
51 6
51.7
57.0
51.8
49.9
50.9
53.0
63.4
67.2
67.5
68.4
70.8
95.4
102.5
100.9
98.5
116.5
65.2
61.6
62.8
62.1
58.5
48.6
42 6
39.2
47.7
52 0
51.8
57.2
51.1
49.5
51.1
54.1
64.1
67.4
67.5
68.7
71.6
94.8
103.3
99.9
98.5
116.3
65.3
61.1
63.4
61.5
57.7
47.6
41 9
40.8
47.9
52 1
51.1
56.8
50.8
49.5
50.9
55.2
64.2
67.6
67.6
68.9
72.1
94.3
103.8
99.0
99.6
115.9
65.3
61.2
62.9
61.9
56.4
46.9
41 6
42.2
48.5
51 9
51.5
56.6
50.9
49.2
50.4
56.6
64.1
67.4
67.8
69.0
73.3
94.3
104.6
98.2
100.2
115.1
Farm Products:
1947
1948
1949
1950
1951
1952...
100 0
107.3
92.8
97.5
92 1
113^4
97.0
88.8
112.3
110 0
94.3
105.6
93.0
90.7
117.2
100.7
105.3
94.4
92.2
117.6
97.4
106.8
94.4
91.9
117.5
96 5
109.4
94.4
94.3
115.7
97 0
111.5
92.5
94.5
113.9
Processed Foods:
1947
1948
1949...
1950
1951
1952
98.2
106.1
95.7
99.8
94.9
107.8
98.9
94.0
110.2
111.2
95.8
104.0
96.2
94.9
112.9
98.7
103.9
96.3
94.7
112.0
96.4
105.8
95.4
94.4
111.8
94.2
107.0
95.2
96.2
112.3
94.1
107.7
95.4
96.8
111.3
95.6
109.3
95.1
101.9
110.7
97.2
109.4
96.1
105.2
111.2
100.9
108.8
96.3
106.3
110.9
102.0
105.1
95.1
103.6
111.6
103.5
102.9
94.8
103.5
111.0
105.1
101.1
94.3
106.6
110.7
Other than Farm Products and
Foods:
1926..
1927....
1928....
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
71.5
67.2
66.4
65.5
60.9
53.6
50.2
50.9
56.0
55.7
56.9
61.0
58.4
58.1
59.4
63.7
68.3
69.3
70.4
71.3
78.3
95.3
103.4
101.3
105.0
73.3
69.0
66.4
66.0
64.0
56.5
51.3
48.1
56.0
55.6
56.3
59.6
59.7
57.3
60.0
60^3
67.6
68.7
69.9
70.8
72.1
91.8
102.0
104.9
100.4
116.6
114.3
72.7
68.5
66.4
65.7
63.6
56.0
51.0
47.2
56.3
55.4
56.5
60.1
59.4
57.4
59.5
60.3
67.8
68.8
70.1
70 9
72.4
92.2
101.6
104.0
100.6
117.2
72.0
67.6
66.2
65.9
63.1
55.2
50.7
47.0
56.1
55.3
56.4
61.2
59.1
57.5
59.3
60.7
68.1
69.0
70.1
71.0
73.1
93.6
101.6
103.3
100.7
117.3
71.5
66.9
66.3
65.6
62.8
54.2
50.7
46.7
56.2
55.2
56.4
61.8
58.6
57.6
59.0
61.4
68.3
69.1
70.3
71.0
73.8
94.0
102.0
102.0
100.8
117.1
71.6
66.8
66.4
65.4
62.4
53.7
50 3
47.5
56.4
55.5
56.3
61.7
58.4
57.6
59.0
62.5
68.4
69.2
70.4
71 1
74.3
93.8
102.0
100.8
101.5
116.8
71.6
66.8
66.2
65.7
61.3
53.0
50.1
49.2
55.9
55.8
56.4
61.5
58.1
57.4
58.8
63.4
68.4
69.2
70.4
71.2
75.5
93.9
102.5
100.1
102.2
116.2
71.1
66.8
66.2
65.5
60.4
52.9
49 8
51.7
56.0
55.8
56.8
61.7
58 2
57^3
58.8
64.1
68.4
69.3
70.4
71.3
78!3
94.6
103.5
99.8
103.8
115.7
71.2
67.0
66.4
65.3
59.8
53.0
50 1
53.0
56.0
55.7
57.0
61.6
58 2
57.3
58.7
64^9
68.3
69.4
70.5
71.4
79.8
95.8
104.7
100.0
105.9
114.9
71.2
67.1
66.5
65.5
59.5
52.8
50.3
54.4
56.0
55.6
56.9
61.4
58 2
58.8
65'.5
68.3
69.5
70.5
71.4
80.2
96.9
105.1
100.0
108.2
114.8
71.1
66.9
66.4
65.5
58.7
52.2
50 2
55.2
55.8
56.0
57.3
60.9
58.0
59.9
59.7
66.8
68.3
69.5
70.5
71.5
82.8
97.9
105.2
100.0
110.1
114.6
70,9
66.5
66.5
64.9
58.0
52.5
49.9
55.2
55.8
56.3
57.9
60.2
57 6
60il
60.2
66^9
68.5
69.6
70.6
71 7
86^3
99.0
105.5
100.0
111.6
114.5
70.1
66.7
66.5
64.7
57.4
51.7
49.3
55.4
55.7
56.3
58.8
59.8
57 4
60^0
60.2
67^0
68.6
69.8
70.7
71 9
89^2
100.4
105.4
100.2
114.1
114.6
Textile Products and Apparel:
1947
1948
1949
1950
1951
1952
100.1
104.4
95.5
99.2
98.2
105.1
100.8
94.3
114.6
103.5
99 0
105.7
99.8
94.4
115.7
99.4
105.4
98.3
94.1
115.9
99.3
104.5
96.5
93.0
115.5
99.2
104.9
94.5
92.8
114.8
98.7
104.3
93.7
93.3
112.9
99 1
104^6
93.4
96.2
111.6
99.7
104.6
93.4
100.4
108.5
100 7
104.3
93.6
104.3
105.9
101 2
103! 7
93.9
107.4
103.9
102 1
103^0
94.1
109.1
103.9
104 0
102^9
94.3
111.4
104.0
Hides, Skins and
Products:
1947
1948
1949
1950
1951 ..
1952
101.0
102.1
96.9
104 6
95 8
108.8
100.4
96.4
127 3
102.3
96 5
103.7
97.8
96.1
127.7
97.2
99.7
96.4
97.1
126.9
96.2
101.1
95.9
97.2
126.5
95 5
102.4
95.6
98.1
126.2
96 3
102.3
95.7
99.1
124.7
98.9
103.1
94.6
103.6
122.3
101 6
101.8
95.7
106.5
118.0
102 6
100.7
96.9
110.6
118.0
108.2
99.8
97.8
112.9
113.6
112 .1
101.5
98.1
116.6
107.0
111 5
100.6
97.6
121.4
105 !l
in !i
58>
Leather
... .
For footnotes see p. 313.
MARCH
1952
311
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Index numbers of the Bureau of Labor Statistics, 1947-49 =100]
Group
Annual
average
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Fuel, Power and Lighting Materials :
1947..
1948
1949
1950
1951
1952
90 9
107.1
101 9
103 0
82.7
105.6
107 1
101.4
106.4
107 4
83.5
106.3
105 6
101 8
107.4
85.8
106.2
103 8
101.5
107.3
88.4
106.5
102 0
100.7
106.5
88.5
106.6
100.8
101.7
106.2
88.9
106.9
100.3
102.4
106.3
91.9
108.3
100 1
103.3
106.5
93.6
107.7
100 0
103.8
106.3
94.1
107.6
100 5
104.5
106.7
94.9
108.0
101 3
104.9
106.8
97 7
108.1
101 1
105 4
106.9
101 5
107.6
100 9
104 7
107.4
Chemicals and Allied Products:
1947
1948
1949
1950
1951
1952
101 4
103.8
94.8
96 3
101.5
106.9
99.8
92.3
111.4
106 7
102 4
105.1
98.3
92 2
112.6
104.0
104.7
97.0
92.0
111.8
103.9
104.5
95.3
92.2
111.5
100.4
103.2
94.9
92.1
111.3
98.7
103.7
94.5
92.1
110.2
97 5
104.2
93.5
93.4
108.8
96.6
103.4
93.6
95.9
108.5
98 4
103.6
93.2
99.7
108.7
102 1
103.0
92.7
102 1
108.8
105 3
102.5
92.5
103 4
108.6
105 6
101.3
92.4
107 6
108.4
Rubber and Products:
1947
1948..
...
1949
1950
1951..
...
1952
99 0
102.1
98.9
120 5
102 9
100.4
102.4
100 8
154.8
145 7
103 4
100.1
101.6
101 4
154.1
103.3
99.9
101.7
101.5
153.9
102.9
100.6
100.9
103.6
153.2
101.3
101.0
100.4
106.6
152.9
96.3
101.1
97.6
109.5
150.0
94 2 94.9
94 1
103.9 104.1 104.2
96.4
96.2
96.0
115 6 129 6 135.2
145.9 145.9 146.3
96 6
104.0
96.1
140 7
146.3
98 4
103.2
97.7
149 2
146.3
99 5
102.8
99.9
152 0
145.9
Lumber and Wood Products:
1947
1948
1949..
. . .
1950
1951
1952
93.7
107 2
99.2
113.9
84.9
104 4
104.1
100.8
125 5
120 2
86.9
105 0
103.0
103.0
126 4
89.9
106.0
102.1
104.9
126.6
92.2
106.3
101.0
106.5
126.6
92.7
107.5
99.6
110.1
126.1
92.3
108.2
98.0
112.4
124.6
92.7
94.5
109.0 109 9
96.7
95.5
115.4 120.3
123 5 122.3
96.8
109.2
95.9
124.6
121.6
98.3
108 1
97.0
123.4
121 7
100.8
107 0
98.0
122.7
121.1
102.3
105 5
99.2
123.2
120 3
Pulp, Paper and Allied Products:
1947
1948
1949.
1950
1951
1952
98.6
102 9
98.5
100.9
95.9
102 0
103.1
96.3
120 1
118.2
96.7
103 1
102.8
96.2
120 1
97.4
102.8
102.1
96.0
120.3
98.7
102.6
100.8
96.0
119.7
98.5
102.4
99.2
95.7
119.8
98.3
102.5
97.3
95.9
120.2
98.4
102 9
96.0
97.8
120.2
99.4
99.0
103 3 103.4
96.1
95.7
101.4 103.6
119 5 119.4
99.9
103 4
96.1
107.3
118 8
100.0
103.3
96.3
109.9
118.4
101.2
103 2
96.4
114.4
118.4
Metals and Metal Products:
1947
1948
1949
1950
1951
1952
91.3
103 9
104 8
110.3
87.9
96 7
111 2
104.3
124 0
122 4
88.4
97 7
110.1
104.9
123 7
90.0
98 6
109.0
104.8
123.2
90.2
100.9
105.8
105.2
123.3
89.5
100 5
103.2
106.6
123.2
89.8
100 7
101.8
108.8
122.7
90.6
102 6
101.7
109.2
122 3
93.0
108 7
102.1
110.8
122.2
93.3
109.4
102.9
113.3
122.1
94.0
109 9
102.7
116.1
122 4
94.3
110 7
103.0
117.7
122 5
94.8
111 0
103.4
121.9
122.5
Machinery and Motive Products:
1947
1948
1949
1950
1951
1952
92 5
100.9
106 6
108 6
89.7
96.7
106 9
106 0
117.3
120 7
90.0
96.7
107 4
105.7
90.1
96.9
107.4
105.7
118.6
90.3
97.1
107.0
105.9
118.6
91.4
97.2
106.6
106.0
118.6
91.8
98.9
106.2
106.3
118.6
92.1
100.9
106.3
107.0
118.8
93.5
103.6
106.3
109.3
118.9
94.5
105.0
106.2
110.7
119.4
95.1
105.6
106.1
111.9
120.2
95.6
106.1
106.0
112.8
120.5
96.1
106.7
106.0
116.0
120.7
Furniture and Other Household
Durables:
1947
1948
1949
1950
1951
1952
95 6
101 4
103.1
105.3
93 8
98 7
104.6
102.2
114 2
112.7
94 2 94.5
94 1
98.8
98.9
99.7
104.6 104.5 104.2
102.3 102.4 102.6
114 6 115 1 115.4
94 7
99.7
103.7
103.0
115.3
94 9
100.1
103.3
103.1
115 0
95 5
100.9
102.4
103.5
114 4
95 9
101.7
102.0
104.8
113 5
96 6
102.9
101.9
106.8
113 1
97 3
104.8
101.7
109.5
112 8
97 5
105.1
101.8
110.7
112 7
98 1
105.1
102.0
112.2
112 7
Nonmetallic Minerals—Structural:
1947
1948
1949
1950
1951
1952
93.9
101 7
104.4
106 9
90.9
99.0
104.3
105 0
113.6
112 8
91.3
92.5
99.3
99.6
104.4 104.4
105 2 105.6
113.7 113.7
93.5
99.9
104.4
105.4
113.7
93.6
100.1
104.4
105.2
113.6
93.7
100.6
104.4
105.4
113.6
94.0
102.9
104.2
105.6
113.6
94.3
103.5
104.3
106.4
113.6
94.7
103.6
104.3
107.1
113.6
95.5
103.8
104.3
109 5
113.6
96.3
104.0
104.4
110 7
113.6
97.2
104.1
104.4
111 7
112.8
Tobacco Manufactures, and
Bottled Beverages:
1947
1948
1949
1950
1951..
1952
98 0
100.4
101.6
102 4
97.5
98.9
101.7
101.3
108.4
108 1
98.0
99.4
101.7
101.4
108.4
98.1
99.4
101.7
101.5
108.4
97.9
99.4
101.7
101.4
108.4
97.7
99.3
101.7
101.4
108.4
97.7
100.0
101.6
101.4
108.4
97.7
100.3
101.5
101.4
107.9
97.7
101.6
101.5
102.3
107.8
98.2
101.8
101.5
102.6
107.8
98.1
101.8
101.5
103.9
107.5
98.5
101.8
101.5
105.3
107.5
98.5
101.7
101.3
105.3
108.1
Miscellaneous:
1947
1948
1949
1950
1951
1952
100.8
103 1
96.1
96.6
90.9
120.0
97.3
91.7
102.6
111.1
87.7
107.7
93.1
90.9
103.9
96.4
106.9
95.2
94.1
104.2
93.4
107.6
97.4
96.3
105.7
94.6
105.6
95.6
100.4
103.0
98.3
107.3
95.7
96.9
102.8
102.4
102.5
99.1
103.5
103.7
103.7
95.3
102.5
97.1
102.6
110.5
96.1
96.4
96.0
105.1
109.2
92.7
94.1
94.7
106.9
109.0
97.7
92.7
97.3
108.9
113.5
98.5
93.5
100.4
109.8
...
117.7
For footnotes see p. 313.
312
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Index numbers of the Bureau of Labor Statistics, 1947-49=100]
1951
1951
Subgroup
Jan.
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 and
vegetables
Sugar and confectionery
Packaged beverage materials.
Fats and oils, edible
Other processed foods
Textile Products and Apparel:
Cotton products
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products
Fuel, Power and Lighting Materials:
Coal
Coke
Gas
Electricity
Petroleum and products
Chemicals and Allied Products:
Industrial chemicals
Paint and paint materials....
Drugs, Pharmaceuticals, cosmetics
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products.
Rubber and Products:
Crude rubber
Tires and tubes
Other rubber products
Lumber and Wood Products:
Lumber
Millwork
Plywood
Pulp, Paper and Allied Products:
Woodpulp
Wastepaper
Paper
Paperboard
1952
Subgroup
Oct.
Nov.
Dec,
Jan.
Pulp, Paper and Allied Products—
Continued
Converted paper and paperboard
Building paper and board....
Metals and Metal Products:
Iron and steel
Nonferrous metals
Metal containers
Hardware
106.4 106.8 107.8 107.9 107
Plumbing equipment
112.2 119.5 115.8 113.6 113
Heating equipment
105.8 108.5 111.1 113.0 118,
Fabricated structural metal
products
105.8 105.6 106.1 106.2 105
Fabricated nonstructural
104.3 105.8
99.2 99,
metal products
159.8 161.9 161.9 161.9 162 Machinery and Motive Products:
Agricultural machinery and
124.2 122.0 121.5 119.3
equipment
Construction machinery and
118.9 100.
102.3 103.3 102
equipment
153.8 120.
122.0 120.3 117
Metal working machinery....
103.1 91.5 91.5 91.7 91
General purpose machinery
138.6 122.5 123.2 125.3 126
and equipment
104.1 103.3 102.3 102.1 102
Miscellaneous machinery....
142.6 134.1 134.2 136.1 133
Electrical machinery and
equipment
Motor vehicles
140.9 109.5 87.6 81.7 69,
137.3 110.1 100.3 98.7 97 Furniture and Other Household
122.3 119.4 118.0 116.5 115,
Durables:
113.8 107.0 105.7
Household furniture
Commercial furniture
Floor
covering
106.5 108.7 108.
108.9 108.
Household appliances
123.1 124.4 124.4 124.3 124.
Radio,
TV, and phonographs.
104.0 99.2 99.2 106.6 106.
Other household durable
98.5 98.0 98.0 98.0 98.
goods
109.9 110.9 110.9 110.8 110.
Nonmetallic Minerals—Structural:
Flat glass
119.9 120.9 120.9 120.8 118.
Concrete ingredients
108.1 108.7 109.8 109.9 109.
Concrete products
Structural clay products
95.9 95.6 95.0 95.2 94.
Gypsum
products
116.2 71.8 65.2 61.5 56.
Prepared asphalt roofing
106.1 109.0 109.0 108.8 108.
Other
nonmetallic
minerals...
105.2 107.5 108.1 108.9 109.
110.2 105.8 105.9 105.5 104. Tobacco Manufactures and Bottled
Beverages:
Cigarettes
242.8 197.3 197.3 197.3 197.
Cigars
133.9 133.9 133.9 133.4 133.
Other
tobacco products
135.5 135.5 135.5 135.1 134.
Alcoholic beverages
Nonalcoholic beverages
125.6 121.1 120.8 120.4 120. Miscellaneous:
129.0 129.5 129.1 128.7 127.
Toys, sporting goods, small
117.4 114.3 109.4 102.8 104.
arms
Manufactured animal feeds. .
113.4 114.5 114.5 114.5 114.
Notions and accessories
257.5 110.0 91.7 89.5 89.
Jewelry, watches,
photo
117.1 122.1 122.4 122.4 122.
equipment
132.0 131.7 131.5 130.9 130.
Other miscellaneous
90.8
99.4
112.8
160.4
106.2
90.1
107.2
140.3
96.1
101.1
114.5
118.8
105.6
129.8
96.9
138.8
106.9
103.9
108.5
128.4
107.7
131.5
101.0
135.3
117.4
105.1
107.5
126.8
109.7
101.9
102.0
138.1
121
103
106
127
110
80
101
137
Jan.
Oct.
116.7
113.4
113.4
124.5
126.0
121.1
125.8
123.2
114.5
118.6
126.0
123.1
124.0
121.
125.8
121.5
114.6
115.9
124.3
Nov.
116.3
123.1
124.1
121.1
125.8
121.3
114.4
Dec.
Jan.
115.9
113.4 113.4
123.1
124.2
121.1
125.8
120.9
114.5
123.1
124.3
121.0
125.8
117.4
114.1
115.9 115.8 115.8
124.4 124.4 124.4
118.4 120.2 120.2 120.2 121.6
123.1 123.6 123.8 124.0 124.6
125.3 126.7 128.0 128.5 127.7
123.6 123.4
123.3 123.7 123.
119.6 119.6 120.2 120.2
118.
121.8 121.7
116.6 116.6
121.6 121.8
109.1 116.0
117.4
124.9
138.5
107.7
92.6
115.4
124.1
126.7
107.9
93.0
115.5
122.8
125.4
107.9
93.0
115.1
122.8
126.3
108.2
93.0
114.6
122.8
126.7
108.2
93.1
117.0 117.3 117.4 117.5 117.5
114.0
113.0
112.1
121.3
117.4
105.4
110.9
114.0
112.9
112.4
121 A
117.4
105.4
110.9
114.0
112.9
112.4
121.4
117.7
105.4
111.1
114.0
113.0
112.4
121.4
117.7
98.7
111.2
114.0
113.1
112.4
121.4
117.7
98.6
111.2
105.7
101.5
107.2
107.0
119.7
105.7
98.0
105.9
105.8
119.7
105.0
98.0
111.9
105.9
119.7
107.3
98.0
114.8
105.9
119.7
107.3
98.0
114.8
105.9
119.7
115.7 116.1 115.4 115.4 115.1
96.3 104.4 108.3 110.0 112.8
99.5 101.4 101.4 101.4 100.2
100.9 101.2 101.2 101.2 101.1
120.5 120.3 120.7 120.7 120.6
NOTE.—Bureau of Labor Statistics revised indexes oi
and foods, the former series going back to 1926 were lin
shown on p. 305, as "official" through December 1951
MARCH
1952
313
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1951
System
Current Earnings
Discounts and advances
Industrial loans
Commitments to make industrial loans.
Acceptances purchased
U. S. Government securities
All other
Total current earnings. . .
Current Expenses
Salaries:
Officers
Employees
Directors' and other fees
Retirement contributions
Traveling expenses
Postage and expressage
Telephone and telegraph
Printing, stationery, and supplies
Insurance
Taxes on real estate
Depreciation (building)
Light, heat, power, and water
Repairs and alterations
Rent.
Furniture and equipment:
Purchases
Rentals
Assessment for expenses of Board of Governors.
Federal Reserve currency
All other
Total.
Net expenses
New York
$147,272 $1,742,006
403
Philadelphia
Cleveland Richmond
$209,461
152,657
1,416
$252,016
4,975
5,342
$165,421
7,367
490
Atlanta
$130,934
9,281
1,445
7,040,160 88,247,279 4,444,088 36,284,438 25,827,615 20,959,997
28,190
9,385
9,559
19,841
9,544
10,927
394,656,072 27,196,817 90,019,323 24,817,181 36,566,612 26,010,437 21,111,139
225,100
801,602
989,310
207,751
335,910
291,752
282,195
036,564 3,900,791 13,738,794 3,474,283 5,172,234 3,485,214 2,688,285
288,366
18,544
22,614
20,201
43,856
31,350
17,899
,093,128
401,060
1,364,146
350,386
542,343
377,971
345,803
235,437
74,499
143,882
47,213
109,522
111,527
83,948
902,966 1,070,028 2,010,544
791,630 1,076,454 1,151,932 1,087,995
707,885
161,851
41,752
38,478
54,165
61,673
41,873
,433,944
423,389
1,060,157
300,161
508,698
327,065
336,908
769,522
55,630
36,543
160,568
73,710
52,508
62,278
,071,841
94,617
250,384
526,372
232,214
84,156
85,865
,196,377
66,351
55,832
472,112
302,285
43,302
170,604
871,140
48,097
47,908
41,809
167,413
95,825
64,035
736,391
37,028
24,158
69,943
18,902
120,063
71,182
385,637
27,745
55,756
27,010
5,086
11,971
5,609
,832,857
,907,177
,095,497
,580,913
,640,929
113,775,881
Less reimbursement for certain fiscal agency and other
expenses
Current net earnings.
$5,139,059
208,454
20,650
1,445
389,125,363
161,101
Boston
172,980
184,765
254,300
379,839
97,613
298,634
508,463
1,255,300
1,633,240
179,862
95,737
242,607
321,999
552,183
106,603
138,318
260,343
380,400
697,858
345,198
151,370
236,558
206,000
711,160
90,145
140,101
152,509
172,800
592,003
82,594
7,731,054 24,550,784 6,865,300 10,477,712 7,650,482 6,386,449
18,306,795
1,016,165
95,469,086
6,714,889 20,599,534 5,874,765 8,731,626 6,655,974 5,384,699
3,951,250
990,535 1,746,086
994,508 1,001,750
Profit and Loss
Additions to current net earnings
Deductions from current net earnings:
Losses on U. S. Government securities sold ( n e t ) . . . .
Charge-offs and special depreciation on bank premises.
Reserves for contingencies
All other
Total deductions
Net deductions
Net earnings before payments to U. S. Treasury
299,186,986 20,481,928 69,419,789 18,942,416 27 ,834,986 19,354,463 15,726,440
387,875
1,586,123
299,939
489,452
140,250
301,388
115,
299,
56,
105.
50
21,526
2,547
30,189
1,255
371,595
112,256
148,481
101,555
83,639
64,603
1,946
29,349
1,353
37,072
9,904
54,664
10,488
48,003
744
2,515,764
577,563
438,144
142,958
195,457
166,707
132,386
2,127,889
276,175
416,618
140,411
165,268
165,452
132,336
297,059,097 20,205,753 69,003,171 18,802,005 27,669,718 19,189,011 15,594,104
Paid U. S. Treasury (interest on outstanding F. R. notes). 254,873,588 17,513,
13,864,750
745,
Dividends
58,083,910 16,041,520 23,708,414 16,720,823 13 524,304
978,022 1,327,030
567,001
4,465,288
610,304
Transferred to surplus (Sec. 7)..
Surplus (Sec. 7), January 1
J,320,759 1,946,
,502,799
6,453,973 1,782,463 2,634,274 1,857,884
510,022,387 52,245,671 153,289,611 39,710,467 48,014,195 25,166,803 22 ,368,598
Surplus (Sec. 7), December 3 1 .
538,343,146 54,191,802 159,743,584 41,492,930 50,648,469 27,024,687 23,871,397
314
FEDERAL RESERVE BULLETIN
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1951—Continued
Chicago
St. Louis
$225,904
$642,988
Minneapolis
Kansas
City
$190,320
7,784
$335,639
4,645
Dallas
San
Francisco
$47,671
1,266
$1,049,427
24,721
3,058
5,639
60
58,031,398
19,400
20,992,083
7,376
12,258,370
8,425
18,289,180
17,036
18,583,474
9,549
38,167,281
11,869
58,699,425
21,225,423
12,464,899
18,646,500
18,641,960
39,256,356
454,843
8,918,661
16,550
920,226
174,292
1,857,224
54,122
917,134
97,292
288,378
315,671
122,320
61,365
84,327
262,129
3,389,087
20,369
362,196
92,189
675,578
50,637
369,956
51,211
88,774
261,626
71,466
137,141
23,553
233,206
1,863,498
15,465
185,001
85,926
408,569
31,117
139,912
20,576
97,164
31,406
27,125
93,391
50,135
280,749
3,025,338
19,165
337,912
88,601
685,636
47,237
271,001
52,143
113,739
192,511
74,724
50,126
14,226
264,963
2,623,037
19,585
300,355
84,033
651,370
44,626
244,284
34,851
49,923
44,122
44,009
21,742
9,821
349,110
5,757,342
42,768
605,729
139,805
1,436,006
80,354
535,279
72,212
160,255
240,555
66,409
31,350
70,398
387,931
505,996
566,300
1,198,015
216,497
137,229
125,877
151,698
400,400
99,101
29,507
88,173
103,700
135,245
82,266
76,251
161,004
153,400
303,544
109,377
66,020
161,712
150,700
268,338
73,539
138,779
279,170
378,900
709,088
158,134
17,157,144
6,770,217
3,721,382
6,056,684
5,157,030
11,251,643
Current Earnings
Discounts and advances
Industrial loans
Commitments to make industrial loans
Acceptances purchased
U. S. Government securities
All other
Total current earnings
Current Expenses
Salaries:
Officers
Employees
Directors' and other fees
Retirement contributions
Traveling expenses
Postage and expressage
Telephone and telegraph
Printing, stationery, and supplies
Insurance
Taxes on real estate
Depreciation (building)
Light, heat, power, and water
Repairs and alterations
Rent
Furniture and equipment:
Purchases
Rentals
Assessment for expenses of Board of Governors
Federal Reserve currency
All other
Total
Less reimbursement for certain fisca agency and other
expenses
3,056,221
1,047,945
583,337
1,227,931
809,009
1,882,058
14,100,923
5,722,272
3,138,045
4,828,753
4,348,021
9,369,585
Net expenses
44,598,502
15,503,151
9,326,854
13,817,747
14,293,939
29,886,771
Current net earnings
18,330
6,244
71
991
337
4,947
222,407
86,872
51,867
75,621
70,894
144,959
64,863
3,736
22,607
14,131
1,270
22,727
24,160
417
885
331
51,259
3,543
291,006
109,896
67,268
99,233
95,385
199,761
272,676
103,652
67,197
98,242
95,048
194,814
44,325,826
15,399,499
9,259,657
13,719,505
14,198,891
29,691,957
Net earnings before payments to U. S. Treasury
38,297,506
1,772,557
13,435,403
471,210
8,050,167
314,934
11,879,030
520,513
12,220,821
620,109
25,397,880
1,471,970
Paid U. S. Treasury (interest on outstanding F. R. notes)
Dividends
4,255,763
75,345,443
1,492,886
20,295,334
894,556
13,168,052
1,319,962
19,046,592
1,357,961
16,852,180
2,822,107
44,519,441
Transferred to surplus (Sec. 7)
Surplus (Sec. 7), January 1
79,601,206
21,788,220
14,062,608
20,366,554
18,210,141
47,341,548
Surplus (Sec. 7), December 31
MARCH
1952
Profit and Loss
Additions to current net earnings
Deductions from current net earnings:
Losses on U. S. Government securities sold (net)
Charge-offs and special depreciation on bank premises
Reserves for contingencies
All other
Total deductions
Net deductions
315
INTERNATIONAL FINANCIAL STATISTICS
PAGE
International capital transactions of the United States
318-323
Gold production
323
Reported gold reserves of central banks and governments
324
Gold movements; gold stock of the United States
325
International Monetary Fund and Bank
326
Central Banks
326-330
Money rates in foreign countries
331
Commercial banks
332
Foreign exchange rates
333
Price movements:
Wholesale prices
334
Retail food prices and cost of living
335
Security prices
335
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly.
Figures on international capital transactions of the United States are collected by the Federal Reserve
Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury
Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive
text, may be obtained from the Board's publication, Banking and Monetary Statistics.
MARCH 1952
317
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
TABLE l.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES
[Net movement from United States, (-). In millions of dollars]
Increase in banking funds in U. S.1
From Jan. 2, 1935,
through—
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
31
31
31
31
31
1951—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 3 0 P
Dec. 3 1 P
Domestic
securities:
Inflow of
foreign3
funds
Foreign
securities:
Return
of U. S.
funds 3
Total
Foreign
official2
Foreign
other
International
Decrease
in U. S.
banking
funds
abroad *
8,009.5
8,343.7
8,569.1
8,763.5
10,521.1
5,726.1
6,362.3
6,963.9
6,863.9
7,890.7
2,333.6
1,121.8
2,126.0
2,197.8
2,715.6
2,938.7
2,998.5
2,993.6
3,028.2
3,472.8
453.8
I,242.0
1,844.3
1,637.8
1,702.3
427.2
186.5
116.8
307.6
231.4
464.5
375.5
183.3
258.5
1,202.9
1,237.9
1,276.9
1,182.1
L.209.9
1,064.5
153.7
142.4
123.1
123.7
131.7
10,466.8
10,408.6
10,358.8
10,387.6
10,286.3
10,250.3
10,115.6
••10,144.1
••10,196.0
10,139.8
10,199.7
10,174.0
7,719.4
7,729.2
7,696.8
7,647.1
7,604.3
7,901.1
7,797.0
••8,017.4
••8,038.1
8,422.3
8,446.2
8,517.9
2,675.9
2,704.4
2,646.8
2,582.5
2,590.0
2,746.8
2,603.3
2,734.4
2,720.2
2,768.4
2,728.7
2,744.3
3,428.1
3,432.5
3,449.8
3,459.0
3,452.8
3,526.0
3,536.4
••3,640.2
••3,700.8
3,910.5
3,976.6
4,085.4
1,615.5
1,592.3
1,600.1
1,605.6
1,561.4
1,628.3
1,657.3
L.642.9
1,617.2
1,743.4
1,741.0
1,688.3
272.0
219.3
218.9
240.3
215.4
190.3
189.4
181.9
231.9
211.3
185.3
159.4
1,280.7
1,274.0
1,305.5
1,399.4
1,414.2
1,128.9
1,083.8
900.4
879.8
635.9
645.4
641.6
1,064.2
1,052.9
11,006.7
974.8
930.9
897.3
912.9
913.8
914.4
746.0
798.8
732.4
130.5
133.2
130.9
126.1
121.6
132.7
132.6
130.6
131.8
124.3
124.1
122.6
Total
Inflow in
brokerage
balances
TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES *
[Amounts outstanding, in millions of dollars]
Date
International
institutions
Total foreign
countries
Official
and
United
NethKing- France erdom
lands
Switzerland s
Other
Italy Europe
Total
Europe
Canada
Latin
America
Asia
All
other
Official 2
private
6,006.5
4,854.4
5,853.7
5,960.2
6
6,922.6
3,043.9
1,832.1
2,836.3
2,908.1
3,425.9
458.9
326.2
546.3
574.4
6
656.6
245.9
167.7
192.8
171.6
260.7
224.9
143.3
122.8
170.5
193.6
372.6
446.4
538.9
576.9
553.0
267.9
153.1
333.5
303.6
314.7
850.5
739.8
738.1
717.0
799.2
2,420.7
1,976.7
2,472.4
2,513.9
6
2,777.7
1,635.4 6,838.1
1,612.2 6,871.0
1,620.0 6,830.8
1,625.6 6,775.6
1,581.4 6,777.0
1,648.3 7,006.9
1,677.3 6,873.9
1,662.8 •7,108 7
1,637.1 •7,155.1
L.763.3 7,413.1
1,760.9 7,439.4
1,708.2 7,563.9
3,386.2
3,414.7
3,357.1
3,292.8
3,300.3
3,457.1
3,313.6
3,444 7
3,430.5
3,478.7
3,439.0
3,454.6
630.2
621.8
638.9
666.6
622.5
620.1
545.6
522 6
513.0
543.2
596.5
642.0
273.7
258.0
232.5
193.0
191.9
246.3
218.3
221 2
222.7
270.1
257.4
285.4
203.5
209.1
198.6
131.4
133.4
134.8
132.0
131 7
135.4
132.4
152.4
148.8
513.2
504.2
505.0
502.5
498.2
509.3
499.9
506 8
511.5
493.3
505.8
521.3
308.6
324.4
306.3
299.1
289.8
276.0
289.4
r
283 4
••287.8
288.2
293.1
300.5
816.3
812.8
814.8
827.8
863.4
930.7
972.6
1,097.4
1,131.3
1,116.5
1,086.6
1,020.3
2,745.6
2,730.4
2,696.1
2,620.3
2,599.3
2,717.3
2,657.9
r
2,763 1
••2,801.9
2,843.7
2,891.7
2,918.2
473.7
1946—Dec. 3 1 . . .
1947—Dec. 3 1 . . . 2,262.0
1948—Dec. 3 1 . . . 1,864.3
1949—Dec. 3 1 . . . 1,657.8
1 9 5 0 — D e c . 3 1 . . . 1,722.2
1951—Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 3 1 . . .
Apr. 30...
May 3 1 . . .
June 3 0 . . .
July 3 1 . . .
Aug. 3 1 . . .
Sept. 30 . .
Oct. 31 . .
Nov. 30?.
Dec. 31*.
931.8 1,104.8 1,316.4 232.8
409.6 1,216.6 1,057.9 193.7
,287.0 1,151.8 167.4
775.2
,436.7 961.0 179.5
869.1
899.0 1,612.9 1,378.5 254.5
887.1
884.5
828.6
811.6
818.1
964.4
931.8
1,011.1
1,022.8
1,257.8
1,249.9
1,303.7
1,585.3 1,369.7 250.3
1,596.1 1,401.1 259.0
1,646.3 1,410.9 248.8
1,705.8 1,386.0 251.9
L,714.0 1,387.2 258.5
1,672.9 1,399.1 253.3
1,614.3 1,410.3 259.4
1,578 3 1,495 1 261.0
1,532.0 1,540.8 257.6
1,502.2 1,535.0 274.3
L.456.5 1,551.8 289.5
1,437.4 1,609.0 295.9
P Preliminary.
r Revised.
1
Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN
for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding
amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement
of funds
shown in Table 1.
2
Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their
agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also special deposit
accounts
held 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.
318
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 2a.—Other Europe
Other Aus- Bel- Czechoslo- DenEurope tria gium vakia mark
Date
1946—D ec< 31. .
L 947—Dec. 31
850.5
739.8
738.1
717.0
799.2 41.9
31
1949—Dec* 31
1950—Dec. 3 1 . .
816.3
812.8
814.8
827.8
863.4
930.7
972.6
1,097.4
1,131.3
1,116.5
1,086.6
1,020.3
1951—Jan. 3 1 . .
Feb. 28. .
Mar. 31. .
Apr. 30..
May 3 1 . .
June 30..
July 3 1 . .
Aug. 3 1 . .
Sept. 30..
Oct. 31. .
Nov. 3 0 P .
Dec. 3 1 P .
43.6
45.0
44.9
42.4
41.2
43.9
44.9
54.6
57.4
61.1
63.4
57.1
159 .5
124 9
128 .7
119 9
128 .2
5.6
66.5
52.8
44 7
38 0
45.5
134 . 0
119 . 9
120 . 7
122 . 3
121 .6
124 .2
129 .6
138 . 4
132 .9
143 .6
145 . 0
134 .7
5.9
4.3
3.1
3.2
2.9
3.1
3.4
2.1
2.0
1.5
1.5
1.3
43.2
42.2
48.2
47.8
48.0
44.7
41.5
39.9
44.6
47.2
46.7
45.3
Finland
Ger- Greece Norway
many
22.2
30.5
19 1
25.1
18.3
178 9
149 4
221 6
18.1
20.3
19.2
22.1
22.2
22.5
26.3
27.5
23.1
24.0
27.9
27.0
Poland
Portugal
Rumania
7 1 49.3 123.5
89,5 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
30.1 46.9
31.4 51.3
33.9 54.3
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
5 .8
5 .6
4 .5
4 .0
3 .8
3 .3
3 .6
2 .1
2 .3
2 .4
2 .6
2 .8
48.1
54.0
52.6
46.8
44.0
45.6
42.9
41.5
47.9
36.4
35.4
40.7
232 2
241.0
242 4
266 4
303 6
357 5
403 .6
481 . 4
502 .5
488 .3
456 .2
405 .6
Swe-
USSR Yugo- All 1
slavia other
OPc
den
8 .9
8 .7
7 0
6 .7
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
6 .4
6 .4
6 .1
6 .2
6 .1
5 .9
6 .0
5 .7
6 .0
6 .0
6 .0
6 .1
20 . 0
25 . 3
17 . 0
19 .2
16 . 3
18 . 3
15 . 8
120.1
105.5
105.5
92.8
92.8
99.4
94.5
88.8
89.3
83.7
80.3
70.7
3.4
3.3
2.0
2.3
2.9
5.0
4.7
3.5
4.1
2.5
2.3
2.5
ReEl
public of SalPan- vador
am a
Uruguay
181.8
186.5
184.1
207.4
71.3
78.5
75.9
89 8
80.8
87.2
75.6
74 6
74.7
76.3
68.0
66.2
71.9
72.2
79.6
86 6
93.5
95.2
93.2
86 9
87.5
85.5
85.4
86.6
85.0
14.0
14 .4
16 . 8
18 . 3
17 .1
4.0
12 4
12.1
19.9
7 6
13.2
112.5
138.2
119.3
117 A
52.4
11.1
47.4
48.9
52.6
52.4
48.8
51.8
48.0
53.4
55.6
53.6
52.6
56.6
8.3
7.8
6.4
9.2
6.5
4.2
4.2
5.3
4.0
8.2
7.1
Table 2b.—Latin America
Latin
BoAmer- Argentina
livia
ica
Date
Brazil Chile
Colombia
Cuba
Dominican Guate- MexRe- mala
ico
public
31.
31.
31.
31.
31.
1,104.8
1,216.6
1,287.0
1,436.7
1,612.9
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
1951—Jan. 31.
Feb. 28.
Mar. 31
Apr. 30.
May 31.
June 30.
July 31
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30P
Dec. 31P
1,585.3
1,596.1
1,646.3
1,705.8
1,714.0
1,672.9
1,614.3
1,578.3
1,532.0
1,502.2
1,456.5
1,437.2
334.4
312.1
345.2
347.5
353.2
343.7
330.9
320.3
312.1
299.5
277.1
249.7
18.8
20.8
22.4
19.3
19.7
24.7
22.2
21.6
26.2
24.1
25.0
27.8
228.9
249.8
259.6
248.1
241.7
212.4
171.5
151.4
140.4
132.8
110.3
99.8
73.3 54.6
70.6 49.7
69.9 44.2
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
251.0
257.7
276.0
309.8
327.9
327.9
354.3
336.7
312.3
305.2
284.6
251.7
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
Netherlands
West Peru
Indies
and
Surinam
Other
Vene- Latin
zuela America 2
42.7
152.2
139.2
146.7
214.6
25.4 207.1
16.1
14.9
24.3
25.9
30.2
40.9
41.8
52.6
52.8
60.2
77.2
70.3
71.8
74.3
59.2
16.1
74.0
78.0
121.7
143.2
75.1 85.2
44.3
45.1
45.8
46.3
48.7
51.3
53.2
53.0
50.7
44.2
43.6
45.8
27.2
30.6
31.8
30.8
29.2
29.5
28.5
26.0
23.4
21.9
22.8
24.4
142.5
140.7
108.7
115.8
109.9
123.8
111.2
128.2
143.9
150.4
156.1
158.2
31.5
30.0
30.8
28.8
25.6
25.0
28.2
27.7
30.4
30.2
31.2
34.9
62.3
60.6
55.0
58.2
57.9
54.3
52.8
54.5
52.9
51.2
48.6
47.2
54.2
51.9
52.2
51.9
53.9
58.1
62.0
66.3
58.7
64.6
65.6
67.7
28.2
42.2
46.5
46.3
46.8
50.6
46.1
41.7
37.7
32.2
28.5
27.8
83.3
79.0
81.8
82.1
74.4
74.6
83.2
80.6
79.7
79.1
83.0
84.7
Tab le 2c—Asia and All Other
Asia
Date
ForPhilmosa
ippine Thai- Tur- Other All
and Hong
IndoChina Kong India nesia Iran Israel Japan Reland key Asia 3 other
Mainpublic
land
3 1 . 1,316.4 431.9 44.9 43.5 127.1
3 1 . 1,057.9 229.9 39.8 62.4 69.3
3 1 . 1,151.8 216.2 51.1 51.8 41.5
961.0 110.6 83.9 63.3 15.7
31.
3 1 . 1,378.5 81.7 86.1 55.7 114.7 '2Y3
1951—Jan. 31. 1,369.7 78.7 73.7 49.6 115.6 24.7
Feb. 28. 1,401.1 77.7 65.8 59.7 124.9 26.3
Mar. 31. 1,410.9 79.5 65.5 60.4 138.2 24.3
Apr. 30. 1,386.0 79.3 64.8 59.0 126.7 27.4
May 31. 1,387.2 78.6 61.1 73.0 124.2 25.8
June 30. 1,399.1 79.2 61.9 80.2 135.8 26.6
July 31. 1,410.3 84.3 61.4 75.1 152.9 26.5
Aug. 31. 1,495.1 89.7 62.3 64.3 157.4 25.8
Sept. 30. 1,540.8 93.7 60.0 68.9 172.7 25.3
Oct. 31. 1,535.0 90.0 60.1 59.8 128.0 21.0
Nov. 30* ,551.8 87.9 62.0 56.1 129.1 21.8
Dec. 31 P ,609.0 88.8 60.5 62.1 140.6 25.5
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
Aus- Beltra- gian
lia Congo
16.6
31.3
81.4
214.6
12*6 458.5
446.6
488.6
488.3
297 3
374.4 * 48*2
54.7 151.0 232.8 45.5
37.6 99.0 193.7 30.6 . . . . . .
17.5 204.0 167.4 22.2
9 . 8 165.7 179.5 32.4
14.3 111.9 254.5 19.1 58*.l
15.8 452.5
15.6 443.3
14.1 406.4
17.2 376.6
22.7 348.8
19.7 342.8
16.2 356.9
16.7 440.6
12.0 492.4
13.5 538.7
14.4 568.7
26.5 596.0
376.6
390.3
395.0
404.5
414.5
403.7
396.1
382.2
369.4
355.6
342.2
329.7
12.5
13.7
16.9
20.6
18.2
12.3
14.3
12.9
12.0
12.2
11.4
14.1
46.4
52.0
53.3
57.7
63.8
65.9
67.8
73.1
80.0
84.9
90.9
96.7
123.6
131.9
157.4
152.2
156.6
171.2
158.6
170.1
154.5
171.3
167.3
168.4
250.3
259.0
248.8
251.9
258.5
253.3
259.4
261.0
257.6
274.3
289.5
295.9
19.8
19.6
27.1
18.3
19.9
26.2
23.6
22.3
22.4
32.4
36.8
38.5
53.2
54.2
50.8
51.4
51.6
55.0
55.4
53.1
50.3
52.2
52.6
54.5
Egypt
and Union
Anglo- of Other *
Egyp- South
tian Africa
Sudan
20.8
25.0
27.7
61.6
75.6
85.1
85.0
85.1
105.6
105.1
89.4
98.9
98.7
104.8
101.7
102.8
109.8
47.2 119.3
46.4 91.8
15.8 101.6
6.0
79.5
44.0 57.7
36.4
39.2
21.2
9.5
16.2
16.8
17.3
21.8
11 6
16.0
13.6
6.9
55.9
60.9
64.7
67.1
65.6
65.9
64.2
65.2
68.5
72.0
83.7
86.2
P Preliminary.
Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date.
Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran,
Israel,
and Thailand, reported separately as of that date.
4
Beginning January 1950, excludes Belgian Congo, reported separately as of that date.
1
2
8
MARCH
1952
319
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES *
[Amounts outstanding, in millions of dollars]
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec>
1950—Dec.
3i
31
31
31
31
United
King- France
dom
Netherlands
Switzerland
Italy
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
3.4
9.8
7.0
6.9
3.8
8.7
16.0
21.1
15.8
22.6
20.7
857.4
87.8
910.1 101.7
910 5 99 8
889.1 110.7
913.9 98.8
939 0 110 2
939.9 103 7
947 5 87 0
897 4 52 0
918 1 33 0
944 1 34 7
969.9 35.0
31.0
31.9
30 6
6.3
7.0
7 4
3.9
3.7
3.6
4.2
3.9
3.5
28.3
30.3
34.3
35.2
55.1
52 9
29.3
18.0
13.2
11.2
7.5
10.3
Total
Date
708.3
948.9
1,018 7
827.9
898.0
m
1951—j an# 31 1
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30P
Dec. 31P
13 3
11 0
11.3
11 0
3 8
11.5
11.8
9.0
10.8
11.0
10 5
10.7
8 3
2.9
2.9
9.2
9.6
9.6
8.0
8.2
3.4
3 9
8 8
11.2
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
70.8
74.2
75.6
75.5
82.7
87.9
89.8
88 8
86.3
92.1
97.7
111.2
233.2
253.6
252.9
242.6
258.5
272.4
245.2
219.2
174.7
160.1
163 6
185.2
115.7
121.2
107.3
117.6
116.7
117.3
119.3
101.9
101.0
102.5
119.3
91.9
374.2
397.7
402.5
374.0
371.5
386.6
401.3
429.5
437.2
463.8
465.5
489.0
91.2
92.2
86 2
95.1
104.5
102.9
117.6
141 0
128.7
146.9
153 0
162.4
43.1
45.4
61.6
59.7
62.7
59.9
56.6
55.9
55.9
44.7
42.6
41.4
Table 3a.—Other Europe
Other AusEurope tria
Belgium
31. .
31. .
31..
31..
31..
82.8
118.9
106.3
98.5
67.1
15.0
21.4
19.3
21.5
1951—Jan. 3 1 . .
Feb. 28..
Mar. 3 1 . .
Apr. 30..
May 3 1 . .
June 30..
July 3 1 . .
Aug. 31 .
Sept. 30..
Oct. 3 1 . .
Nov. 3 0 P .
Dec. 3 1 P .
70.8
74.2
75.6
75.5
82.7
87.9
89.8
88.8
86 3
92.1
97.7
111.2
Date
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
Czech- Denoslovakia mark
7.5
"'.2
(8)
.2
.2
(8)
(')
(8)
(>>
2
2
3
()
3
()
22.0
24.9
23.4
21.9
19.7
18.8
18.7
15.2
21.5
23.6
27.1
39.6
.5
.1
.1
.1
.3
(«)
(«j
(«)
(*)
(33)
()
(3)
Finland
6.2
2.2
.6
.4
3.2
8.0
3.4
8.2
2.2
2.6
2.5
3.9
6.7
2.7
3.5
4.0
3 3
7.3
6.3
6.2
4.1
4.1
5 2
5.7
5.9
4.8
6.2
5.1
5.0
2 5
2.7
3.2
3.1
NorGermany Greece way
Poland
PorRutugal mania
30 4
30.5
30.5
30.0
25.4
12.4
10.6
1.2
.7
.2
3.3
25.3
25.6
25.9
25.9
25.9
25.4
25.9
26.4
28 8
30.9
28.6
28.3
.2
.1
.1
.1
1.7
1.9
2.1
1.8
(')
(»)
(8)
2.3
(«)
1.3
(«)
1
1.3
1.0
1.0
.8
.6
.7
.8
.1
.1
.1
.2
.2
.1
.5
.2
9.2
8.4
7.4
1.4
2.3
2.1
2.0
1 8
1.7
1.1
2.5
1.0
"(»)"
(8)
cj
(33)
( 3)
()
1.1
.7
.5
.5
.5
.6
.5
.7
.1
All
YugoSpain Sweden USSR slavia other2
7.2
4.9
(8)
<•>
(8)
.9
2.9
7.0
09
7.0
1.6
5.4
1.4
2.3
6.9
.1
(«)
(«)
(«)
8
(«)
1.7
1.2
1.3
2.0
10.0
9.4
9.5
8.6
(«)
(•)
[1
8
(3)
(3)
(3)
(8)
8
7.0
13.6
20.2
23.5
14 2
17.1
16.8
18.8
8.2
7.4
6.2
4.9
4 1
4.3
6.2
5.4
(8)
(«)
(8)
(8)
(3)
8
6.0
(8)
(8)
(8)
.2
1.7
1.7
1.5
1 9
1.1
3.5
3.9
9.5
35.9
29.8
15.6
3.9
1.0
1.2
1.3
tI ?
1I 3
i1.7
11.7
i 1.9
; 1
4.3
4.1
4.0
t
t
Table 3b.—Latin America
Latin
BoAmer- Argentina livia
ica
Date
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
31..
31..
31. .
31. .
31..
1951—Jan. 3 1 . .
Feb. 28..
Mar. 3 1 . .
Apr. 30..
May 3 1 . .
June 30..
July 3 1 . .
Aug. 3 1 . .
Sept. 30..
Oct. 3 1 . .
Nov. 3 0 P .
Dec. 3 1 P .
226.8
514.3
516.6
411.1
378.8
41 . 8
65 .2
72 . 4
53 .6
45 .9
374.2 25 .2
397.7 25 .2
402.5 17 . 8
374.0 10 . 9
371.5 9 .9
386.6 9 .5
401.3 10.0
429.5 8 .9
8 .3
437.2
463.8 9 .3
7 .9
465.5
7 .6
489.0
Br •tzil
Chile
Colombia
Cuba
NethDoerlands
minican Guate- Mex- West
Remala
ico Indies
and
pubSurilic
nam
2 . 3 49 . 8
2 . 0 165 . 8
2 .7 165 . 4
2 . 3 136 . 9
8 .7 78 . 0
14 .6
27 . 8
15 .2
15 .5
6 .8
26.4 25 7
32.6 108.6
32.6 83 1
21.1 27 5
42.5 27 6
i!9'
76.2
77 . 3
6 .0
5 .3
6 .9
9 .6
10 . 0
12 .9
12 . 3
15 .5
19 .5
20 .6
22 .7
24 .8
39.1
38.6
36.4
51.6
55.0
48.0
45.9
42.7
42.1
43.0
39.7
43.7
1.9
1.9
1.9
1.8
2.1
2.0
2.0
1.8
1.5
1.7
1.7
1.8
7 .4
5 .5
5 .5
6 .3
6 .7
8 .1
7 .1
8 .2
7 .8
7 .2
7 .2
7 .5
85 .4
80 .5
85 .3
95 .2
104 .5
112 .4
135 . 0
155 .6
164 .3
185 .0
31 6
36.9
46 7
44 2
40 3
38 8
50 6
42 0
34 0
30 1
29 4
32.3
Peru
ReOther
pubEl
Uru- Vene- Latin
lic of Sal- guay
zuela
AmerPan- vador
ica 4
ama
*2.6'
25.5
52.2
73.8
73.0
70.6
.8
L.I
L.5
L.3
L.3
3.7
4.3
4.4
5.8
11.0
1.3
4.7
4.6
5.3
3.1
6 8
8.0
2.8
2.7
2.8
2.7
2.8
2.6
2.7
3.0
2.8
3.4
3.2
3.8
77.7
75.7
64.8
58.5
56.4
58.6
60.4
68.6
69.1
74.1
87.4
90.6
L.I
1.2
L.I
L.4
L.6
L.4
L.4
1.2
L.4
L.I
1.4
L.2
14.3
12.7
13.5
13.8
13.5
12.6
11.1
12.2
12.7
13.9
12.7
11.8
2.8
2.6
2.8
2.8
2.7
2.5
2.6
2.6
3.2
3.1
3.3
3.0
7 7
5 9
4 6
3 4
3 3
3 0
3.8
4 1
5 5
7 5
8 4
9 5
5.3
7.3
7.6
7.8
8.7
11.0
10.4
9.9
11.3
12.9
13.4
9.3
10.5
15.3
26.0
25 6
49.4
61.7
85.8
91.5
65.9
56.9
67.1
62.6
80.5
67.7
66.9
54.6
41.7
26.2
34.5
34.7
43.1
14.6
13.5
13.2
13.2
13.0
14.1
13.9
14.4
14.7
13.7
13.1
12.3
14.3
P Preliminary.
See footnote 1, p. 318.
Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date.
3 Less than $50,000.
* Beginning January 1950, excludes Dominican Republic. Guatemala, El Salvador, and Uruguay, reported separately as of that date.
1
2
320
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES— Continued
TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 3c—Asia and All Other
Date
Asia
Formosa
Phil
and Hong
ippine Thai- Tur- Other1 All
IndoChina Kong India nesia Iran Isn i d Japan Reland key Asia other
Mainpublic
land
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
31..
31..
31..
31..
31..
99.2
127.0
118.8
139.7
96.3
53.9
40.8
24.2
16.6
18.2
5.9
2.6
3.4
3.7
3.0
1951—Jan.
Feb.
Mar.
Apr.
31..
28..
91.2
92.2
86 2
95.1
104.5
102.9
117.6
141.0
128.7
146.9
153.0
162.4
10.5
10.5
8 4
8 4
3.0
2.8
31.
30. .
May 31..
June 30..
July 31..
Aug. 3 1 . .
Sept. 30..
Oct. 3 1 . .
Nov. 3 0 P .
Dec. 31*.
8.4
8.3
8.3
10.2
10.2
10.3
10.1
10.2
12.0
29.6
20.4
17.4
16.2
1.0
.5
1.9 . . . .
.2
6'. 6
.2
16.5
18.2
2 3 16 7
4 . 2 18.4
4 . 4 17.5
3 . 1 15.7
4 . 3 13.3
3 . 0 14.6
3 . 2 12.1
3.6
3.3
3.0
.3
.2
1
.2
.3
.2
.3
.2
.4
.4
.4
.3
9.7
13.3
13.4
6.1
6. 2
7 5
7. 9
7. 9
7. 4
7. 1
6. 6
7. 5
8. 1
8. 6
9.3
.2
.9
1.4
17.7
15.9
14.1
18 '.9 12.1
20. 2
27. 4
37. 3
23. 2
4. 9
1 5*
22 . 0
23 .3
19 8
?5 7
30 .0
22 .2
21 .6
24 . 0
25 .7
27 . 0
27 .8
30 . 0
5. 6
4. 4
9 0
6. s
6. 7
9. 5
14. 0
22 7
19. 0
23. 0
22 6
29 3
1 6
1 4
2 9
4 0
3 8
3 1
3 7
4 4
3.9
2 8
2.4
2 5
8.6
7.7
8 4
6.8
8.2
9.9
11.1
7.9
8.5
8.5
10.7
12.2
1.4
14.3
.9
1.3
1.7
1 4
1.5
.8
.6
.8
.8
.8
10.6
.8
.6
Egypt
and
Union
Bel- AngloAus- gian
2
of
tralia Congo Egyp- South Other
tian Africa
Sudan
14 3
50 3
13.9
17.2
31 5
19 7
20 4
60.0
40.8
4.4*
15.7
15.9
9 7
11 6
16.6
22.8
33.1
46.3
37.3
42.9
52.9
51.6
43.1
45.4
61 6
59 7
62.7
59.9
56.6
55.9
55.9
44.7
42.6
41.3
28.3
30.8
44 9
41.5
41.8
36.4
32.4
30.9
27.9
25.3
23.4
22.8
4.7
5.4
4.6
7.5
3.4
9.0
4.7
7.9
S0
S2
5.8
7.0
7.3
7.7
7.7
6.9
6.7
5.7
.4
.1
.4
.2
.3
10.1
14.4
7.9
4.5
7.3
3 .3
8 .0
6.8
7.1
7 .2
.3
.3
.3
.3
.3
.4
.8
.5
3.9
.3
.2
.2
2.7
2.3
4.6
6.1
8.6
9.4
9.4
9.3
8.5
7.6
6.8
6.6
7 0
6 6
6 .8
6 .6
6 .2
6 .6
6 8
7 .1
7 .9
4 .7
5 .6
6 .0
TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES
(Inflow of Foreign Funds)
[In millions of dollars]
U. S. Government bond s and notes 4
Year or month
1946
1947
1948
1949
1950
1951?
1951—January
February
March
April.. .
May
June
July
August
September
October
November P
December?
Corporate bonds anc stocks 8
Purchases
Sales
Net
purchases
Purchases
Sales
Net
purchases
414.5
344.8
282.4
430.0
1,236 4
703.6
106.6
25.3
60.9
101.5
46.7
210.2
30.0
35 7
11.1
20.7
28 7
26.2
684.2
283.3
330.3
333.6
294 3
1,363.5
27.6
31.8
40 8
23.7
42.3
492 4
79.3
226 7
56.1
282.5
20 0
40.4
-269.7
61.5
—47.9
96.4
• 942.1
-659.9
78.9
-6.5
20.1
77.9
4.4
—282.2
-49.4
— 191.1
-45.0
-261.8
367.6
226.1
369.7
354.1
774.7
859.7
94.7
71.3
69.3
69.9
82.2
55.4
51.6
68.0
76.7
94.0
62.6
64.1
432.1
376.7
514.1
375.3
772.3
761.0
95.7
71.5
58.0
53.9
71.9
58.5
47.3
60 3
52.4
76.1
61.8
53.7
-64.5
-150.6
—144 3
-21.2
2 4
98.7
-1.1
-.2
11.4
16.0
10.4
—3 1
8.8
-14.1
4.2
77
24 3
17.9
8
10.4
Total
purchases
Total
sales
782.1
570.9
652.2
784.1
2,011.1
1,563.3
201.2
96.6
130.3
171.4
128.9
265.6
81.5
103.7
87.8
114.6
91.3
90.3
1,116.3
659.9
844.4
708.9
1,066 6
2,124.5
123.4
103.3
98.8
77.5
114.1
550.9
126.7
287 0
108.5
358.5
81 8
94.1
3
Net
purchases
of
domestic
securities
-334.2
-89.1
— 192.2
75.2
944 4
-561.2
77.8
-6.7
31.5
93.9
14.8
—285.2
-45.1
— 183 3
-20.7
-243.9
9.5
-3.8
TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED
IN THE UNITED STATES. BY TYPES •
(Return of U. S. Funds)
[In millions of dollars]
Foreign bondv3
Foreign stocks
Year or month
1946
1947
1948
1949
1950
1951P
1951—January
February
March
April
May
June
July. . .
August
September
October ..
November?
December P. .
. .
Purchases
Sales
65.2
57.1
81.7
88.8
173 8
272.3
22.4
29.8
20.8
20 8
24.6
17 7
16 4
19 6
26.6
25 2
24.2
24.4
65.6
42 6
96.7
70.8
198 2
266.1
31 0
30.4
19.4
16 2
17.7
16 4
18 1
19 6
26.6
21 4
27.4
82.6
Net
purchases
— .4
14.6
-15.0
18.0
—24.4
6.2
—8.6
— .6
1.4
4.6
6.9
1 2
— 1.7
— .1
(7)
3.8
-3.2
-58.2
Purchases
755.9
658.7
211.6
321.2
589 2
515.2
32.5
25.3
42.0
31.1
24.5
39 1
45 4
21.1
73.6
53 9
88.0
38.6
Sales
Net
purchases
490.4
634.3
291.4
311.5
710.2
792.9
24.2
36.0
89.7
67.6
75.3
73.9
28.2
20.1
73.0
226.1
32.0
46.8
265.5
24.5
-79.8
9.8
-121.0
-277.7
8.3
-10.7
-47.6
—36.5
—50.9
—34.8
17.3
1.0
.6
-172 2
56.0
-8.2
Total
purchases
821.2
715.9
293.3
410.1
763.0
787.4
54.9
55.1
62.8
51.9
49.1
56.8
61.8
40.7
100.2
79.1
112.1
63.0
Total
sales
556.1
676.8
388.2
382.3
908.4
1,058.9
55.2
66.3
109.1
83.8
93.0
90.4
46.2
39.7
99.6
247.5
59.4
129.4
Net
purchases
of
foreign
securities
265.1
39.0
-94.8
27.8
—145.4
-271.5
— .3
— 11.3
-46.2
—31.9
—44.0
—33 6
15 6
.9
.6
— 168 4
52.7
-66.4
p Preliminary.
1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran,
Israel,
and Thailand, reported separately as of that date.
2
Beginning January 1950, excludes Belgian Congo, reported
separately as of that date.
4
»Includes transactions of international institutions.
Through 1949 includes transactions in corporate bonds.
*8 Through 1949 represents transactions in corporate stocks only.
Includes 493 million dollars by Canada, 199 million by France, and 118 million by international institutions.
' Less than $50,000.
MARCH
1952
321
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
International
institutions
74 5
7.6
1Q48
1949
1950
87.0
121.2
10.0
1951P
1951—Jan.....
Feb
Mar
51.9
June....
July . . .
Aug
Sept
Oct
Nov.P. ..
Dec.p. . .
-61.9
-11.2
-8.6
Apr
May....
3.2
25.8
17.7
2.3
.3
-14.5
9.0
United
King-
Total
Nether- Switzerland
lands
France
Other
Europe
Italy
Total
Europe
Canada
Latin
Amer-
Asia
All
other
ica
-334.2
— 163.6
-199.8
— 11 8
823.2
-571.3
-36.9
—8.9
25.9
-9.9
20.0
20.9
64.0
17.3
6.0
4
l'.O
-2.9
-13.0
1.6
8.6
-34.0
-174.8
-20.9
-229.4
20.3
50.6
-17.5
13.0
-40.0
44.2
19.0
46.9
-.1
-17.1
.5
.9
-.2
-.9
1.4
6.7
4.6
2.7
5.8
5.4
.3
-.9
.5
.3
.3
.1
.6
-.2
.5
-.1
.2
.3
— .1
0)
1.3
-.1
-35.8
-13.9
-5.3
-6.0
-2.7
-1.4
-2.2
-4.6
-1.0
.4
-2.5
-3.6
.5
.4
-26.5
—98.2
-79.3
—25 5
-6.3
-22.2
1.0
.4
4.0
5.6
76.2
12.5
-223.4
-4.2
-6.8
—50.2
-82.8
—6 8
197.8
9.1
-20.0
.4
.6
.5
4.1
.7
— 7
-10.8
— 14.1
2.6
2 2
73.8
-98.6
-175.5
-190.4
36 5
347.5
l!9
—44.8
5.1
9.5
31.2
0)
1.5
11.0
11.2
2.6
-3.3
2.0
-1.4
.7
22.5
50.3
-1.4
-56.7
-11.3
-31.0
-11.6
7.5
-8.2
-4.6
-5.4
.6
-42.6
1.0
1.9
.8
2.8
0)
3.5
-16.4
3.2
7.5
—49 0
458.2
-595.5
-4.4
-11.3
-20.1
16.1
-3.6
-156.4
-25.3
-142.2
-3.1
-235.9
-1.7
-7.6
-224.5
10.0
-23.3
—2 1
-15.3
6.3
—3.5
10.2
2 5
30.1
13.9
6.0
-2.3
1.6
.2
.4
.8
-.4
3.1
8.9
3.1
14.7
.5
.9
-.1
-10.7
1.7
-1.3
-1.0
22
—3.9
2
2.7
-.7
— .2
-.4
-.3
.2
-.4
—t j
—. 1
-10.1
-5.0
3.8
3.9
1.2
3.1
.9
1.2
]3
TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES
Other Europe; Latin America; and Asia
Year or
month
Other AusEurope tria *
Belgium
.6
2.2
- . 9 -4.1
2.6
-.3
1.6
-.9
12.6 36.7
3
8.1
4.7
-.2
.4
-10.8
-14.1
2.6
2.2
73.8
18.4
- 4 4 . 8 -11.9
1946
1947
1948
1949
1950
1951P
9.5
-1.4
Feb....
.7
Mar...
«~8.2
Apr....
—4 6
May . .
June . . . - 5 . 4
.6
July...
Aug.... - 4 2 . 6
1.0
Sept.. ..
Oct....
1.9
Nov. P.
.8
Dec.p . .
2.8
1951—Jan....
3.7
-1.7
(1>
0)
—1!9
-7.3
.1
-4.7
0)
0)'
C1)
Norway
.5
.7 0)
.9 -8.7
— 5 -2.7
.9
1.8
.2
0)
- 3 . 6 -29.2
1.2
0)
2.0
0)
.7 - . 2
2.4
0)
Sweden
All
other
-3.4 -10.2
-2.5 -6.6
.2
.1
.4
1.1
7.1
-1.1
0)
0)
0)
0)
.5
.3
-.1
p)'1
-.3
0)
0)
0)
Latin
Amer- Brazil Cuba
ica
6.3
-3.5
10.2
2.5
30.1
13.9
5.6 - 2 . 3
-.2
-.4
-.3
3.1
.1
8.9
.5
3.1
- . 6 -10.7
.1
••1.7
-5.0 -1.3
.1
3.8
3.9
-.5
1.2
.3
3.1
.4
— .4
1.7
-.9
-1.4
— .8
.6
-.2 -1.0
24.6
-.1
6.1
1.6
-.2
-.1
— .4 - . 5
.7
.2
6.4
-.1
— .9
1.0
0)
8
i
.1
0)
.3
-.3
-.2
.4
.2
.1
ReOther
public El
Latin
of
Salva- AmerPan- dor * ica
ama
Mexico
6.8
2.5
2.9
.3
.5
2.5
-.9
.3
.3
-.1
-.3
.8
.2
-.3
.6
0)
l!6
Asia
Formosa
and
China
Mainland
Japan Other
Asia
- 6 . 2 -224.5 -200.5 0) -24.0
4.5
-6.9
3.2
-3.2
10.0
8.5 4.7
-4,7
12.2 -23.3 -22.7
.1 - . 7
4.2
-2.1
-.7
-7.2
.1
5.0
.1 10.9 - 5 . 9 -15.3
- 3 . 0 -13.7
1.3
6.0
.1
13.9
.
2
6.0
.8 -10.9
-.3
-.9
1.7
1.6
0)
0)
.4
— .2
.3
.2
0)
0)
.8
1.0
.9
.4
.
5
0)
2.4
.2 0)
.6
.8
0)
2.9
.4 0)
14.7
.1 14.4
.3
0*
-.4
.6
- . 2 -10.9
.5
-.1
0)
'2.7
- 1 . 6 0)
.2 0)
.9
-1.3
-.2
-.1
.6 0)
!i
0)
.1 0) -10.1
.2 -10.1
3.1 0)
3.4
5
.
0
-.3
-s.e
0)
0)
2.2
.9
-1.5
1 0)
.9
l
1.2
1.2
.2 ( 1)
i.i
0)
C)
8
8'
TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED
IN THE UNITED STATES, BY COUNTRIES
(Return o! U. S. Funds)
[Net sales, ( - ) . In millions of dollars]
Year or
month
1946
1947
1948
1949. . .
1950
1951P
1951—Jan
Feb
Mar....
Apr
May....
June . .
July
Aug
Sept
Oct
Nov. 9..
Dec.p .
International
institutions
-249.3
(i)
— 16.0
-3.6
-152.7
Total
United
Kingdom
France
265.1
288.3
-94.9
43.8
— 141.8
-179.4
—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
— .1
-4.7
2.8
—13.9
-14.9
-35.4
19.1
17.2
14.2
.3
— 11.2
2.5
-.9
.4
.4
-1.7
—2.5
-2.2
-.4
.2
.2
— .4
.2
.8
.8
.8
.4
.9
.2
.2
— .6
.2
-.7
.1
.7
.4
.2
— .2
3.6
2.1
1.8
1.8
-.5
(l)
-48.7
-3.0
-.1
-28.9
-43.9
—33.6
15.6
.8
1.6
-69.0
52.7
-66.4
.1
-1.0
-99.4
•S.i
.1
.3
-.6
.2
.3
C1)
.8
Nether- Switzerland
lands
.2
.3
1.0
1.2
.2
1.4
.9
Italy
— .8
— .3
.1
.4
.5
1.2
-.1
1.1
-.1
0)
0)
0)
0)1
C)
.1
Other
Europe
Total
Europe
Canada
Latin
America
Asia
All
other
10.9
15.6
11.4
24.6
—32.6
-34.4
187.6
205.2
-102.2
— 10.6
— 190.0
-213.7
131.3
89.2
40.7
20.2
29.8
—21.4
33.8
.3
.5
1.6
.8
1.0
-36.0
-3.9
—12.8
-5.1
-34.5
-40.4
—37.6
16.4
-1.0
-2.2
-76.5
2.7
1.3
2.5
1.3
3.9
3.9
4.2
1.6
.1
1.5
.1
-8.9
-9.1
-6.9
.6
5
.3
2.2
.1
.4
.2
.4
1.3
.6
.3
.9
16.4
-43.4
30.8
13.4
28.5
.8
1.6
-.5
.1
1.2
7.5
-.8
— .3
3.2
2.0
1.5
8.8
1.4
.7
-1.1
1.4
.3
2.9
1.7
7.8
1.5
.4
3.4
2.5
4.6
51.3
-67.4
0)
3.8
5.4
2.6
2.3
0)
-1.7
-2.0
-3.9
-6.8
27.8
8.4
2.6
3.9
7 9
r
P Preliminary.
Revised.
1 Less than $50,000.
Not available until 1950.
2
322
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?
Total
9.7
-11.3
-19.3
.6
8.0
-9.1
1951—January
February
March
April
May
June
July
August
September
October
November?
December?
-1.3
2.7
-2.3
-4.8
-4.5
11.1
-.1
-2.0
1.2
-7.5
-.2
United
Kingdom
— .6
— 1.0
- 1 .2
.1
— .1
.9
Netherlands
France
-2.9
-1.4
-2.5
-.5
-.1
.4
.3
.1
-.4
-.6
-1.5
2.5
-.5
.1
-.2
-.7
1.2
.6
8.5
4.8
-3.4
.2
2.5
.3
.1
1.3
-.4
-.3
-.5
2
.5
-.8
•?
.2
.6
-.3
Switzerland
9.3
0)
-1.5
-10.7
.9
.7
-4.8
-.3
.2
2
-3.0
^3
-.6
3.2
.8
2.7
.6
1.9
.3
.7
-4.2
Italy
-.2
.1
.2
.4
.2
0)
0)
-.2
.5
1.2
2.5
— 7
-.3
.3
-1.0
.1
0)
i!i
-.4
.1
.1
-.2
.2
—1 1
C)
Other
Europe
Total
Europe
Latin
Canada America
.7
-1.4
-.1
.2
.6
-1.0
-4.0
2.8
-7.1
-.7
-.2
-.5
.3
.6
-.6
-3.2
1.0
1.1
-.7
.2
-.1
.7
9.2
.2
1.3
.4
-.9
-.4
-.2
2.8
-.2
.1
-.1
-.9
.2
-.4
-.2
-1.0
-4.9
.4
.2
.2
-.9
1.0
3.0
1.0
-.4
-3.1
-2.4
1.0
-3.4
2.3
-.4
7.5
-.6
1.2
1.0
1.8
.4
9
3^0
-1.6
-9.3
-20.8
.1
-.2
2.0
All
Other
-3.2
1.1
-.5
-2.0
Asia
.1
.9
-1.3
4.4
-3.0
-2.5
-.5
.3
2.1
.2
-1.0
-.2
.1
.4
.1
.3
i
-.2
.1
-.3
-.6
.4
0)
.6
.3
.7
-.1
.5
-.1
-.2
-4.5
-3.1
-.8
_0)
.5
- A
P Preliminary.
Less than $50,000.
Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 83.2; U. S. brokerage balances abroad, 37.5 .
1
2
GOLD PRODUCTION
OUTSIDB USSR
[In millions of dollars]
Production reported monthly
Year or
month
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
Estimated
world
production
Total
outside1
reported
USSR
monthly
1 110 4
982.1
774.1
701.5
683.0
697.0
705.5
728.1
753 2
775 9
North and South America
Africa
South
Africa
Rhodesia
West Belgian United
Africa2 Congo3 States4
Canada
Mexico
Colombia
$1 = 15/21 grains of gold 9/10 fine: i. e., an own ce of fine gold =$.
504 3
32 4
19 6 209 2 187.1
28 0
23 0
27 8
29.2
18.0 131.0 169.4
28.0
20.9
494.4
26.6
127.8
19.7
15.8
22.1
19.8
448.2
23.0
48.8
18.4
12.7
17.8
19.4
429.8
20.7
35.8 102.3
94.4
18.9
12.1
17.5
17.7
427.9
19.9
32.5
99.1
20.5
11.6
14.7
15.3
417.6
19.1
51.2
19.3
10.8
16.3
13.4
392.0
18.3
75.8 107.5
23.4
11.1
12.9
11.7
405.5
18.0
70.9 123.5
144.2
23
1
12
9
14
2
12
6
409 7
18 5
67 3
80.1 155.4
12 0
14.3
13.3
408 2
17 9
23 2
Other
Chile
Nica- Austra- India*
ragua5
lia
52 4
40.4
26.3
23.0
23.0
28.9
32.8
31.2
31 3
30 1
10 0
9.1
8.8
6.6
5.9
4.6
6.1
6.5
5 7
6.7
7 5
8.6
7.7
7.9
7.0
6.4
7.4
7.8
7 7
8 0
1950—December. .
63.1
32.9
1.4
2.0
.9
6.7
13.4
.9
.8
.7
.6
2.4
.5
1951—January
February..
March
April
May
June
July
August
September
October. . .
November
December. .
63.4
58 9
63 5
62 9
33.4
31 1
33 4
33 2
34.6
33 9
34.4
34 6
33.3
34 1
33 8
33 2
1.4
1 4
1 5
1 4
1.4
1 4
1.4
1 4
1.4
1 5
2.0
2 1
2 0
2 0
1.9
1 9
1.9
1 9
2.0
2 0
.9
1 0
1 l
1 0
1.1
1 l
1.2
1 3
1.1
1 l
.9
1.0
5.9
5 2
5 8
5 5
5.5
5 9
5.5
6.6
6.4
6.6
5.7
5.1
13.1
12 1
13 0
12 7
12.9
12 7
12.1
12.1
12.6
13.2
13.0
1.0
1.1
1.4
.6
.4
.6
.5
6
.5
.5
.5
.5
.4
.5
.7
6
.9
8
.8
7
.7
8
2.5
2 4
2 4
2 4
3.5
2 1
2.4
2 6
2.4
2 6
1 265 6
1,125.7
871.5
777.0
738.5
756.0
766.5
794.5
826 0
2.0
9
1 0
.7
1 5
1 5
1.4
1 3
1.3
1.5
1.3
1.2
1 2
9.3
6.4
6.1
7.1
6.3
8.1
5.9
5.7
6.3
.6
6
7
7
8
2.8
6.7
6
7
.6
6
.7
7
.7
7
.7
.7
Gold production in USSR: No regular Government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million.
1
Estimates of United States Bureau of Mines.
2
Beginning
1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only.
3
Reported by American Bureau of Metal Statistics.
4
Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly
figures are estimates of American Bureau of Metal Statistics, those for 1950 having been adjusted by subtracting from each monthly figure $252,000
so that
the aggregate for the year is equal to the yearly estimate compiled by the United States Mint.
6
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.
MARCH
1952
323
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
Estimated
United States
total world
(excl.
USSR)* Treasury Total 2
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—Feb.
Mar.. . .
Apr.
35,810
May
June...
35,930
Aug.
Sept
Oct..
35,990
July
Nov
Dec.. . . P35.950
1952—Jan.
End of
month
1945—Dec
1946—Dec
1947—Dec
1948—Dec...
1949—Dec
1950—Dec
1951—Feb
Mar
Apr
May....
June
July....
Aug
Sept.. . .
Oct
Nov.
Dec...'.'.
Egypt
Argentina
Belgium
Bolivia
Brazil
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
22,086
21,806
21,805
21,756
21,756
21,759
21,854
22,013
22,233
22,382
22,695
22 162
21,927
21,900
21,861
21,872
21,852
21,986
22,164
22,394
22,579
22,873
288
288
288
288
288
288
288
276
273
268
268
604
589
609
589
586
595
608
638
621
619
621
23
23
23
23
23
23
23
23
23
317
317
317
317
317
317
317
317
317
317
317
617
618
635
643
652
671
681
691
736
805
850
45
45
45
45
45
45
45
45
45
45
45
76
63
65
66
271
271
271
271
281
281
291
311
311
311
311
31
31
31
31
31
31
31
31
31
31
31
19
22
22
22
22
22
22
22
22
22
22
22,951
23,055
France 3
Guatemala
631
India
Iran
45
Italy
28
28
27
27
27
27
274
274
274
256
247
247
131
127
142
140
140
140
24
28
58
96
252
252
102
117
117
124
143
174
174
174
174
174
174
523
523
548
548
548
548
548
548
548
548
548
27
27
27
27
27
27
27
27
27
27
27
247
247
247
247
247
247
247
247
247
247
247
139
139
138
138
138
138
138
138
138
138
138
252
252
252
252
252
252
252
252
252
252
252
548
27
Java
4
201
4
180
178
208
228
228
229
229
229
229
229
229
279
279
279
Mexico
NetherNew
lands Zealand
Norway
Pakistan
Peru
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
281
304
282
261
228
195
193
191
190
311
311
311
311
311
311
311
311
312
312
30
30
30
30
31
31
31
31
31
31
32
50
50
50
50
50
50
50
50
50
50
50
27
27
27
27
27
27
27
27
27
27
27
31
46
46
46
46
46
46
46
46
46
46
P316
279
Spain
Sweden
Switzerland
Thailand
Turkey
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
43
34
34
34
118
118
241
237
170
162
154
150
23
23
23
23
26
26
26
26
26
26
26
208
205
210
210
210
210
210
210
209
208
190
61
61
61
61
60
61
61
50
50
50
51
108
114
124
129
129
129
129
128
134
136
152
1,482
1,448
1,444
1,458
1,451
1,454
1 447
1,446
1,448
1,454
1,452
118
118
118
115
115
113
113
113
113
113
113
150
150
150
150
150
150
150
150
150
150
151
26
22
294
181
100
42
52
208
South
Africa
1952—Jan
dor
22
22
23
23
23
23
796
548
548
523
523
P264
Ecua-
716
735
597
624
698
587
El Salvador
May....
June
July....
Aug
Sept.'.'.'.'
Oct
Nov.. . .
Dec
Denmark
322
143
216
216
1,090
197
202
212
217
217
217
224
234
250
255
Cuba
1,197
1,072
Portugal
Apr
Colombia
20,083
20,706
22,868
24,399
24,563
22,820
End of
month
1951—Feb
Mar
Chile
20,065
20,529
22,754
24,244
24,427
22,706
52
53
53
53
53
97
1952—Jan,
Canada
179
150
United
Kingdom
5
2,476
5 2,696
5 2,079
s 1,856
s8 1,688
3,300
'*'3',758'
' 6 '3',867'
«3,269
*5"2',335'
Uruguay
Venezuela
Inter- Bank for
national InterMone- national
tary
SettleFund
ments
195
200
175
164
178
236
202
215
215
323
373
373
15*
1,356
1,436
1,451
1,495
39
32
30
36
68
167
287
295
295
293
279
269
257
252
242
373
373
373
373
373
373
373
373
373
373
373
1,495
1,495
1,495
1,495
1,518
1,519
1,529
1,529
1,529
1,530
1,530
125
119
161
153
151
155
143
144
132
127
115
373
1,531
116
P232
P221
P Preliminary.
1
Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated
official holdings of countries from which no reports are received.
2
Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the Treasury statement
"United
States Money, Outstanding and in Circulation, by Kinds."
3
Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
4
Figures are for following dates: 1946—'Mar. 31, and 1947—Mar. 31.
5
Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank
of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
NOTE.—For description of figures, including details regarding special internal gold 'transfers affecting the reported data, see Banking and
Monetary Statistics, pp. 524-535; for back figures through 1941 see Table 160, p. 526 and pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina
and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively.
324
FEDERAL RESERVE BULLETIN
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
[Negative figures indicate net sales by the United States]
(In millions of dollars at $35 per fine troy ounce)
Year or quarter
United
Kingdom
Belgium
France
31.1
14.2
— .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
264.6
15.8
Total
—452.9
721.3
2,864.4
1,510.0
193.3
-1,730.3
67.9
1945
1946
1947
1948
1949
1950
1951
-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
—86 8
80.2 - 2 9 . 9
238.0
10.0
3 0 —5 6
—40 0
-22.9 -38.0
-32.0 -15.0
10.4
10.5
-5 0
— 10 0
—20 0
—5 0
— 13 7
—11 2
-13.0
-12.4
-11.9
3.4
-47.4
Sweden
Switzerland
Other
Europe * Canada
Argentina
—7 4
36 8 —224 9
153.2
27.3
337.9
727.5
86.6
311.2
114 1
5 8
a—159 9
3 4 —49 9
-68.3 -100.0
-60.1
-10.0 ' -49.9'
Cuba
Mexico
—23 8
—85 0
36.9
-30.0
45.4
-65.0
61 6
— 10 0
—16 1
—10.0
28.2 -118.2
-60.2
-20.0
1949
68.8
173 9
101.5
—151.0
Apr.-June
July-Sept
Oct.-Dec
162 4
283.9
-12.5
—31 0
—33 9
2 5
3 5
3 4
tg g
—15 9
— 10 0
2.3
7 9
— 11 3
-15.0
1950
Jan.-Mar
July-Sept
Oct.-Dec
-202.5
-31.7
-732.2
-763.8
-580.0
-360.0
-80.0
-880.1
-57.0
290.0
715.0
-400.0
-80.0
320.0
629.9
-35.0
-20.0
-28.5
-56.3
-79.8
-91.7
-4.5
-15.0
-16.0
-4.0
-25.0
-15.8
8.2
20.0
-100.0
-40.5
-61.9
1951
Jan.-Mar
Apr.-June.
Tuly-Sept
Oct -Dec
...
-12.3
2.0
71 7
-10.0 -15.0 -15.0
— 15 0
—5.0 - 1 7 0
—5 0
NET GOLD PURCHASES BY THE UNITED STATES,
BY COUNTRIES—Continued
[Negative figures indicate net sales by the United States]
-44.3
-11 2
—3 5
—1 1
—io 6
-124.4
64 1
-49.9
-20.0
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
Uruguay
Venezuela
Other
Asia
Latin
and
Amer- Oceania
ica
- 3 7 . 9 —73.1 - 2 7 . 8 ' - 1 8 8 . 3
25.0
-4.9
-9.2
13.7
25.1
-3.7
1.0
79.1
13.4
—4.1
10.7 -108.0
-14.4 -50.0
-7.5
-52.1
—64.8
-39.2
-17.6
22.2
— 9 -17 2 5 —57 4
1945
1946
1947
1948
1949
1950
1951
Union
of
South
Africa
94 3
256.0
498.6
195.7
13 1
52 1
Gold stock at
end of period
All
other
Treasury
3 7
22.9
11.9
6.9
— 1.6
4—47
8
4
—84 0
1949
Jan -l^ar.
Apr.-June
July-Sept
Oct.-Dec
..
.
3.0
- 1 6 . 5 -50.0
— 1.0
3.6
3.7
-2.9
-11.9
-2.3
-6.6
-2.2
-41.0
72.0
55.6
48.1
19.9
-10.5
-1.0
-.1
-6.0
-.8
3.9
9.2
*-i4*.9
.1
-2^0
.2
1950
Jan - M ! a r . . . . . . . . . — 12.0
-2.0
Apr.-June
-23.9
July-Sept
2
6.9
Oct.-Dec
-23.6
-27.0
-3.0
-14.8
-3.0
-22.6
-3.8
-5.3
-25.7
-28.0
" 1217 - 2 5 . 0
20.3 - 3 1 . 0
19.2
1951
Jan -Mar.... . . . . —50 9
15.0
Apr.-June
28.0
Tuly-Sept
30.1
Oct.-Dec
1
2
3
-.9
-11.7
-5.0
3.5
-4.0
Includes Bank for International Settlements.
Includes sale of 114.3 million dollars of gold to Italy.
Includes sales of 185.3 million dollars of gold to China.
* Includes sales of gold to Egypt as follows: 1950, 44.8 million
dollars;
and 1951, 76.0 million.
5
Includes sales of 45.0 million dollars of gold to Indonesia.
NOTE.—This series replaces the series on "Net Gold Imports to
United States, by Countries," published previously.
MARCH 1952
Period
22,726
21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
22,695
22,086
Mar... 21,806
A p r . . . 21,805
M a y . . 21,756
J u n e . . 21,756
July... 21,759
Aug. . . 21,854
Sept... 22,013
Oct.... 22,233
Nov... 22,382
Dec... 22,695
1952—Tan. . . 22,951
Feb.. . 23,190
1942
1943
1944
1945
1946..
1947
1948
1949
1950
1951
1951—Feb...
Total 1
Earmarked DomesNet
Increase gold
gold:
de- tic gold
imin total port or crease
producgold
or
inexport
tion 2
stock
crease
—23.0 315.7 - 4 5 8 . 4 125.4
22,739
68.9 - 8 0 3 . 6
48.3
-757.9
21,981
20,631 - 1 , 3 4 9 . 8 -845.4 - 4 5 9 . 8 35.8
32.0
20,083
-547.8 -106.3 -356.7
465.4 51.2
623.1 311.5
20,706
210.0 75.8
22,868 32,162.1 1,866.3
24,399 1,530.4 1,680.4 — 159.2 70.9
67.3
24,563
164.6 686.5 - 4 9 5 . 7
22,820 - 1 , 7 4 3 . 3 - 3 7 1 . 3 1,352.4 80.1
52.7 - 5 4 9 . 0
617.6 69.9
22,873
5.2
-298.7 -107.9 - 1 8 4 . 4
22,162
5.8
- 2 3 5 . 4 - 1 2 3 . 5 -111.2
21,927
5.5
- 2 7 . 3 -110.6
101.9
21,900
5.5
-38.5 -41.0
-12.9
21,861
5
.9
10.4 - 3 7 . 6
46.3
21,872
5.5
— 19.2 - 1 6 . 2
-8.8
21,852
6
.6
133.1
-3.7
137.0
21,986
6.4
178.0
10.9
176.7
22,164
6
.6
229.9 - 1 8 . 4
243.4
22,394
185.0
-2.1
188.4
22,579
5.7
6
.
5
22,873
294.1
289.9
5.1
(4)
63.6
137.5
182.4
23,055
317.5
M52.2
23,373
(4)
(4)
1
8
See footnote 2 on opposite page.
Yearly figures through 1950 are estimates of United States Mint.
Figures for 1951 are estimates of American Bureau of Metal Statistics.
* Change includes transfer of 687.5 million dollars gold subscription
to International Monetary Fund.
4
Not yet available.
8
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 4,718.5 million dollars on Feb. 29, 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.
325
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[End-of-month figures. In millions of dollars]
1952
1951
1950
International 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 1,003
883
869
1
1
1
1
8,152 8,137 8,037 8,037
—5
-7
-6
-6
1952
Net currency purchased 1
(Cumulative—millions of dollars)
Jan.
1951
Dec.
Nov.
Jan.
20.0 20.0 20.0 20.0
11.4 11.4 11.4
65.5 65.5 65.5
5.4
5.4
5.4
6.0
6.0
6.0
6.0
10.2 10.2 10.2 10.2
-5.5 -5.5 -5.5 -5.5
125.0 125.0 125.0 125.0
100.0 100.0 100.0 100.0
2.2
6.6
22.5
75.4 75.4 75.4
9.6
10.0
5.0
5.0
5.0
5.0
300.0 300.0 300.0 300.0
9.0
9.0
9.0
9.0
-.6
-1.7 -1.7 -1.7
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
South African pounds. . .
Turkish liras
Pounds sterling
Yugoslav dinars
All other
Total.
734.4 732.2 727.8
Dec.
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Investment securities (U. S. Govt. obligations)
Calls on subscriptions to capital stock 3 . .
Loans (incl. undisbursed portions and
incl. obligations sold under Bank's
guarantee)
Other assets
Bonds outstanding
Liability on obligations sold under guarantee
Loans—undisbursed
Other liabilities
General reserve
Special 3reserve
Capital
Sept.
June
Dec.
945
11
944
9
919
5
921
510
4
441
4
457
4
437
4
1,113 1,085 1,037
10
13
19
436
336
325
9
261
868
33
33
33
29
350
368
352
229
10
4
6
5
50
46
42
35
24
22
20
17
1,688 1,688 1,668 1,668
1 As of Jan. 31, 1952, the Fund had sold 768.6 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 79.7 million dollars. Currencies the net transactions in
which amount to less than one million are reported under "All other."
23 Less than $500,000.
Excludes uncalled portions of capital subscriptions, amounting to
6,751 million dollars as of Dec. 31, 1951, of which 2,540 million represents the subscription of the United States.
772.3
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
1942—Dec
1943—Dec.
1944—Dec
1945—Dec.
1946—Dec
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Feb.
Mar.
Apr
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
29
27
26
25
31
29
28. .
27
28
28
25
30
27
25
29
26
31
28
26
1952—Jan. 30 .
Assets of issue
department
Gold*
2
.2
2
2
2
.2
.2
.4
.4
.4
.4
4
.4
4
4
.4
.4
4
.4
.4
.4
4
Assets of banking
department
Other
assets 2
Notes
and
coin
950 0
1 inn n
I 250 0
1,400 0
L 450 0
1,450.0
1,325.0
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
1,350.0
1,350.0
1,350.0
I 400 0
1,400 0
1,400.0
1,400.0
1,400 0
1,400.0
.450.0
62.0
31.3
37.3
19.2
51 8
20.1
42.9
52.4
49 7
38.2
14.1
1,400.0
48.1
Discounts
and advances
Securities
Liabilities of banking department
Note
circulation 3
Deposits
Bankers'
Public
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
1,379.9
1,428.2
1,349.7
1.293.1
1,321.9
1,357.7
223.4
234.3
260.7
274.5
278.9
315.1
314.5
299.2
313.5
10.3
5.2
5.3
10.3
18.6
11.7
11.6
15.4
29.7
19.0
20.8
16.8
18.2
345.7
395.1
388.4
405.0
360.0
390.8
337.7
345.7
356.0
364.0
389.2
1,289.0
1,320.1
1,313.8
1,331.6
1,349.3
1,380.9
1,358.0
1,348.9
1,351.8
1,363.7
1,437.9
293.0
302.4
305.8
296.4
290.1
294.4
273.6
289.9
303.9
294.7
299.8
13.0
13.8
14.2
14.4
20.4
14.8
18.5
16.6
14.5
16.4
13.4
7.9
343.7
1,353.8
277.8
15.5
3 5
2.5
5 1
8.4
13 6
15.2
16.7
14.8
29.2
16.1
12.3
6.4
2.8
7.9
7.7
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
4.4
2.3
.9
1.1
7.2
.6
.6
90.1
89.3
89.0
84.8
86.6
88.9
98.9
91.2
93.1
89.4
89.8
18.5
18.5
17.8
18.0
18.1
18.3
18.5
18.5
17.8
18.0
18.1
.5
87.5
18.3
ECA
9.0
17.4
97.9
.4
9.3
14.6
5.4
13.4
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.
8
Notes
issued less amounts held in banking department.
4
Fiduciary issue decreased by 50 million pounds on Jan. 16. 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.
326
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Sterling
and United
States
dollars
Gold
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Dominion
government
Other
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
547.3
541.7
578.6
46.3
10.9
73.8
51.6
20.5
12.9
153.3
60.5
68.8
98.1
30.7
24.7
17.9
9.5
6.0
19.1
17.8
27.7
29.8
93.8
67.5
81.0
126.9
207.1
13.3
28.5
35.1
24.0
55.4
209.1
198.5
42.7
42.4
43.1
119.2
172.6
83.1
79.2
135.2
,295.4
,319.5
,323.0
1,337.5
1,351.3
1,370.5
1,370.7
1,388.0
1,406.5
1,407.2
1,464.2
550.5
552.9
556.1
530.1
590.7
558.2
580.4
579.4
588.3
633.8
619.0
69.5
70.5
56.9
76.2
75.3
91.1
115.0
105.6
210.3
66.0
94.9
204.6
206.7
215.1
221.5
220.1
212.6
185.7
140.0
83.3
92.5
66.1
168.7
117.2
196.6
168.7
165.0
202.9
205.8
154.8
165.0
189.5
200.0
82.7
1,375.6
629.2
92.8
54.9
153.4
Other
172.3
156.8
1.0
2.0
.4
74.1
111.4
181.9
448.4
391.8
807.2
787.6
906.9
1,157.3
1,197.4
1,022.0
1,233.7
1,781.4
1,229.3
49.9
127.3
216.7
209.2
472.8
573.9
688.3
708.2
858.5
779.1
227.8
712.5
5.5
12.4
33.5
31.3
47.3
34.3
29.5
42.1
43.7
45.4
42.5
297.1
1951—Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
Sept. 29.
Oct. 3 1 .
Nov. 30.
Dec. 3 1 .
117.3
80.0
128.8
125.2
116.8
116.8
100.0
87.0
96.5
128.8
117.8
1,165.4
1,341.9
1,327.6
1,313.7
1,335.2
1,327.4
1,349.6
1,297.6
1,317.5
1,137.8
1,141.8
757.0
673.7
722.5
777.3
846.3
872.5
888.1
896.1
956.4
1,043.1
1,049.3
249.0
171.1
168.8
117.9
104.1
118.6
119.8
1952—Jan. 31.
85.4
1,095.4
1,042.6
30.
31.
31.
31.
31.
30.
31.
31.
31.
31.
31.
30.
225.7
64.3
38.4
200.9
.5
.6
87.1
Liabilities
Assets
Bank of France
Advances to
Government 6
Domestic bills
(Figures in
millions of francs)
Gold *
Foreign
exchange
Open
market 6
Deposits 7
Current
Other
Government
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
213,535
223,295
235,063
259,474
235,037
250,441
245,129
235,289
252,303
199,545
190,830
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—Feb. 2 2 . . .
Mar. 2 9 . . .
Apr. 2 6 . . .
May 3 1 . . .
June 2 8 . . .
July 2 6 . . .
Aug. 3 0 . . .
Sept. 2 7 . . .
Oct. 3 1 . . .
Nov. 29.. .
Dec. 2 7 . . .
182,785
182,785
191,447
191,447
191,447
191,447
191,447
191,447
191,447
191,447
191,447
122,549
133,959
141,921
215,539
196,435
232,873
236,169
225,418
168,822
153,650
234,923
32,158
29,194
23,821
17,539
12,164
5,967
1,256
9,231
23,855
32,015
31,956
383,170
389,147
427,135
341,766
458,572
454,608
472,894
540,751
670,689
716,710
741,267
159,000
154,800
159,700
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
481,039
481,039
481,039
20,857 233,879
Note
circulation
Other
5,818
112
97,267
7,802
42
84,616
6,812
38
84,598
8,420
37
84,598
9,518
37
84,598
42 12,170
75,151
68 17.980
129,817
37,618
7
94,817
12 67,395
65,225
30 97,447
65,225
62,274 61,943 137,689
182,785 162,017 136,947
1952—Jan. 3 1 . . . 191,447
Other
assets 6
Special
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 . . .
1949—Dec. 2 9 . . .
1950—Dec. 2 8 . . .
185,735
193,622
173,566
169,035
161,802
154,610
145,195
131,284
82,087
31,888
28,320
Other
liabilities
and
capital 3
Chartered
banks
Short-l
term
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
Note
circulation2
31,456 757,085 166,500 481,039
1,541,910
1,576,231
1,597,678
1,632,018
1,660,842
1,699,190
1,754,151
1,779,360
1,827,781
1,779,556
1,841,608
18
75
98
83
66
74
96
60
62
19
29
"184,064 1,866,693
57
ECA
Other
Other
liabilities
and
capital
14,751
27,202
25,272
29,935
33 137
37,855
57,755
63,468
82,479
171,783
158,973
15,658* 161,720
2,925
844,986
868,474
821,318
8
15,596
7,078
4.087
7,213
10,942
16,206
19,377
24,234
160,976
149,431
160,530
160,143
190,056
166,020
146,012
154,895
166,453
157,228
166,226
26,864
22,516
28,444
24,658
26,701
31,798
26,490
27,177
25,905
27,922
41,332
7,157 156,405
36,015
30,205
39,588
46,941
17,636
16,432
19,703
6,980
13,367
16,240
1.869
10,587
1
2
8
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 61940, pp. 677-678).
For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853;
and November
1936, pp. 878-880.
6
For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6.
7
Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are
not strictly
comparable with those shown for earlier dates.
8
Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400;
1941,9 64,580; 1942, 16,857; 1943, 10,724.
Includes advance to Stabilization Fund, amounting to 49.5 billion francs on Jan. 31.
NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645
and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank
(February 1945), see BULLETIN for December 1946, p. 1424.
MARCH 1952
327
CENTRAL BANKS—Continued
Jan.
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
.
.
Other
Blocked
National Bank of Belgium
(millions of francs):
Gold i
Foreign claims and balances (net).
Loans and discounts
.
.
Consolidated Government debt..
Government securities
Other assets
Note circulation
Deposits—Demand
ECA
Other liabilities and capital
Central Bank of Bolivia—Monetary dept. (millions of bolivianos):
Gold at home and abroad 8
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
Paid-in capital—Int'l. Bank
Government securities
Other assets
Currency in circulation
Deposits—Government
Banks
Other liabilities and capital
Central Bank of Chile (millions
of pesos):
Gold
Foreign exchange (net)
Net claim on Int'l. Fund •
Discounts for member b a n k s . . . .
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of the Republic of Colombia
(thousands of pesos):
Gold and foreign exchange....
Net claim on Int'l. Fund 8 . . . . .
Paid-in capital—Int'l. Bank
Dec.
Nov.
1952
Central Bank
(Figures as of last report
date of month)
Jan.
Jan.
1951
Dec.
Nov.
Jan.
Bank of the Republic of Colom-
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks..
Other assets
Claim against Government
Other assets
1951
1952
Central Bank
(Figures as of last report
date of month)
814
814
656
1,081
2,058
49 313 41,250
2.117
2,026
33,633
1 ,052
9 077
148
17 704
316
16,020
25 ,232 25,827
790
763
9 678
2,908
253
13,289
22,621
525
2,251
365,421 431 ,357 479,921 570.469
6,203
5,452 6 396 5,341
619,543 595 073 551,375 399,920
93,052 81 797 90,864 80,998
295,221 394 471 291,221 252,520
488,570 475 ,820 490,070 525,420
35,838
,886 36,349 32,639
263,839 975 377 309,861 247,010
218
51
582
6 559
3 433
37
8 039
539
381
1,723
1 ,510
51
480
6,269
3,455
38
7,969
581
51
451
6,153
3,602
36
7,859
161
583
1,689
31,529
070 30 937
21,450 19 459 18,948
8,356 7 140 7,545
34,823 34 860 34,860
7,998 7 067 3,876
669
3,244
3,576
94,197 93 160 91,226
2,356 1 ,967 2,383
1 091 1 044
1 037
9,755 7 987 5,097
(Oct.)*
1 370
635
1 018
1 856
107
660,950
1,134
2,810
3,893
406 862
75,744
154,989
31,193
1,214
381
108
1,614
670
6 251
3 110
8 452
2,113
3,660
4,769
39
Demand deposits
Other liabilities and capital
National Bank of Cuba
(thousands of pesos):
Gold .
Foreign exchange (net)
Foreign exchange (Stabilization
Fund) . .
Silver
Net claim on Int'l Fund *
Loans and discounts
Credits to Government
1 905
227
107
383
Deposits
783
Other liabilities and c a p i t a l : : ; » .
1,454 National Bank of Czechoslovakia 4
National Bank of Denmark
(millions of kroner):
29,565
Gold
6,018
Foreign exchange
9,680
Contributions to Int'l Bank
34,910
7,371
Securities
4,788
Govt compensation account
86,868
Other assets
...
1,951
Note circulation
13
Deposits~~~Government
3,500
Other liabilities and capital
Central Bank of the Dominican
1,370
Republic (thousands of dollars):
1 ,982
732
137
3 853
3,384
495
639
'592
320
1 ,189
1,295
135
267
1
1,872
680
3 676
2 300
6 722
1,367
s 655
310
837
^
1
107
1,728
674
5 687
3 181
7 955
1 962
460
543
9
2,395
1,458
1 ,910
670
606
348
770 739 7 6 9 ,
49 819 1 5 1 ,
740 77
457 288 577,
768 614 936
67 9.31 59
11
64
7
73
7
23
17
56
18
511
728
031
174
953
050
598
060
989
258,541 938 618 202,867 203,056
24,370 24 ,370 24,370 24,369
7,124 7 ,124 7,122
1,374
3
1
1
1
69
550
11
129
113
878
578
723
877
547
180
12 066
377
351
457
.577
660
110
759
150
17
4.34
963
63
524
701
007
857
479
751
335
26
18
203
186
179
458
150
115
226
,706
,503
,758
,922
,770
,103
,731
,889
,130
,012
131,
59
404,
206,
675
170
707
765
54 819
11 511
9 , 025
15 939
102 004
43 892
9 8.55
310 564 310 564
54 401 55 771
770 561
60 803
3
1
1
1
479 104 958
173 47 173
511 17 511
475
7 181
703 10 214
731 97 960
675 360 511
623 702 962
238
7 857
69
599
11
124
122
898
665
817
853
637
182
12 066
3
I
1
1
69
590
11
95
134
902
650
709
850
713
181
12 066
18 365 17 653 14 915
Foreicn exchange (net)
1 250
1 250
1 250
Net claim on Int'l Fund '
41
41
40
Paid-in capital—Int'l. Bank . . . .
199
331
433
Loans and discounts
7
7
503
068
068
7
Government securities
702
885
698
Other assets . . . .
28 910 29 727 27 ,750
Note circulation
9 051
1 ,731
245 697
511 11 511
74.5 7 0 , 104
031
7 031
770 100 577
109
8 772
540 24 179
317 104 636
0.58 47 307
3.31 19 731
11
37,
7,
96,
8,
22,
14
51
18
07
47
17
9
10
98
393
69
7
6,097
668 ,420 681,458 591,917
Other liabilities and capital. : : . .
1,429 Central Bank of Ecuador
1 ,134 1 ,136
1.997
3 ,083 3.252
(thousands of sucres):
2,423
4 ,150 2,695
Gold *
117 036 404 126 366,204
Foreicrn exchange (net) '
,008 67,339 31,523
Net claim on Int'l. Fund «
193 431 180 700 171,254
Credits—Government
28,785
31 ,312 36,374
Other
361
2,420
51
198
bia—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 8 . . . . . .
Loans and discounts
Securities
7 663
1 716
335
51
18
189
180
172
489
138
98
221
618
261
758
135
638
840
,581
,63C
244
,794
8 490
852
335
73
18
195
170
188
478
137
111
253
601
,237
,758
,062
,159
,035
,987
,543
,130
,191
7, 029
98, 647
13 600
39
57
12
2
21
25
334
147
9
239
458
507
833
830
526
316
246
197
3
69
444
6
84
121
988
408
621
316
966
216
1
1
1
4 045
15 541
1 250
40
350
6 323
832
22 944
4 744
694
281 545
215 101
18 757
200 ,466
101 ,353
168 ,501
481 ,848
168 ,652
110 ,127
225 ,096
Note circulation
Demand deposits~~Private banks
Other
Other liabilities and capital
National Bank of Egypt (thousands of6 pounds) *
60 553 60 553 60 , 553
21 ,697
Gold
25 ,976 .34 ,195 31 ,966 r47 ,763
Foreicrn exchange
Foreisrn and EffVDtian
333 ,987 340 ,892 353 ,507 323 ,400
Government securities
32 ,069
29 ,40( 30 ,560 23 704
r
4 ,061
4 ,934
3 ,217
2 ,502
194 ,948 201 ,396 203 ,679 182 ,417
119 ,312 117 ,974 124 ,426 119 ,942
Other
.-... 114 ,487 126 ,675 121 ,192 115 ,988
9 ,084
Other liabilities and capitals : : . . 25 ,180 25 ,088 23 ,649
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
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.
4
For last available report (March 1950), see BULLETIN for September 1950, p. 1262.
5
In
December
1950,
gold
and
foreign
exchange
holdings revalued from 13.50 to 15.00 sucres per dollar.
6
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.
328
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)
Net claim on Int'l Fund *
1952
Jan.
64,211
48,051
1,566
18,051
Government debt and securities.. 5,466
Other assets
1,675
88,692
Note circulation
Deposits
43,038
7,291
Other liabilities and capital
State Bank of Ethiopia 2
Bank of Finland (millions of markkaa):
5,865
Gold
22,167
Foreign assets (net)
3,361
Clearings (net)
18,999
Loans and discounts
Securities
1 ,051
2,639
Other assets
Note circulation
....
40,134
2,344
Deposits
11,603
Other liabilities and capital
Bank of German States
(millions of German marks):
116
Gold
2,046
Foreign exchange
4,451
Loans and discounts
8,753
Loans to Government
590
Other assets
Note circulation
9,163
2,307
Deposits—Government
Banks
2,019
273
Other
2,193
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
27,228
16,160
Foreign exchange (net)
1,250
Gold contribution to Int'l Fund..
6,393
Rediscounts and advances
Other assets
16,387
39,151
Circulation—Notes
Coin
3,386
3,870
Deposits—Government
11,032
Banks
9,979
Other liabilities and capital
National Bank of Hungary 3
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Foreign securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department. . . .
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital. . .
Central Bank of Ireland (thousands
of pounds):
Gold
2 ,646
Sterling funds
54,629
Note circulation
57,275
1951
Central Bank
(Figures as of last report
date of month)
Dec.
Nov.
Jan.
64,278
29,767
1,566
22,756
5,580
1,423
81,767
36,428
7,176
64,344
32,939
1,566
16,703
5,583
2,115
75,077
41,206
6,967
57,498
57,125
1,565
6,905
4,947
1,565
82,586
40,529
6,490
5,865 5,865
23,849 16,835
3,297
1,373
19,270 28,589
2,676
-682
-647
36,453
962
984
2,899 3,702
44,774 44,053
272
2,168
11,083 11,106
4,420
31,820
950
116
53
1,998
5,501
8,313
1,283
9,243
2,445
2,681
321
2,521
2,119
4,327
8,544
1,485
9,198
2,469
2,017
502
2,342
1,072
27,228
12,544
1,250
7,710
17,640
38,678
3,385
2,980
10 45?
10,878
400
672
10,711
1,008
4,496
9,330
1,362
7,761
2,687
1,362
944
3,442
194
537
229
7,261
3,647
2,235
1,934
789
5,454
2,893
1,557
1,658
1,028
5,414
2 257
4,015
3,550
1 762
2,673
27 228 27.229
8,240 "11,422
1,250
1,250
4,439
7,962
17,686
19,505
37,132 37,108
3,339
3,271
2,533
975
8 593 11 883
10,770 10,606
400
400
5,832 5,832
4,681 4,681
690
698
11,411 11,226
6.382
4,666
574
11.907
192
385
115
1,980
1,958
2,051
67
80
87
50
1 373
3,377
1 216
3.434
49
38
914
2 .885
314
262
282
2,646 2,646
58,232 55,344
60,879 57,990
2,646
54,778
57,424
1952
Jan.
1951
Dec.
Nov.
Jan.
Bank of Italy (billions of lire):
4
4
4
4
Gold
36
38
37
28
Foreign exchange
590
590
590
590
Advances to Treasury
240
238
250
273
Loans and discounts
187
186
187
187
Government securities .
. .
755
785
782
526
Other assets
1,200
1,168
1,292
1,086
Note circulation
2
3
Allied military notes
134
100
44
133
Deposits—Government
90
113
Demand
80
74
350
277
361
308
Other
61
74
83
77
Other liabilities and capital
Bank of Japan (millions of yen):
1,063
1 ,365
1 ,204 1,238
Cash and bullion
39,368 39,625 41,243 53,645
Advances to Government
345,990 361,296 355,550 310,609
Loans and discounts
86,038 126,045 83,970 128,611
Government securities
89,227 66,550 59,847 33,636
Other assets
467,021 506 386 432,540 397,730
Note circulation
88,964
43,235 31,572 60,622
Deposits—Government
22,615
25,756 33,324 26,272
Other
Other liabilities
25,815 23,472 22,541
18,256
The Java 4Bank (millions of rupiah):
866
1 060 1 060 1,060
Gold
597
190
596
625
Foreign exchange (net)
576
176
540
551
Loans and discounts
1,388
2,996
1,484
1,475
Advances to Government
894
124
940
1,140
Other assets
3,134 3,041
2,959
2,475
Note circulation
813
806
1,252
806
Deposits.. .
743
625
773
913
Other liabilities and capital
Bank of Mexico (millions
of pesos):
1,163
1,210
1,188
1,156
Monetary reserve 5 .
"Authorized" holdings of secu3,537
3,027 3,149 3,011
rities, etc.
421
185
428
435
Bills and discounts
469
531
480
S04
Other assets
3,106
3,169
3,330
2,743
Note circulation
1,544
2,096
1,420
1,453
Demand liabilities
476
562
493
498
Other liabilities and capital
Netherlands Bank (millions of
guilders):
6
1,182
1,175
1,195
1,195
Gold
19
18
19
19
Silver (including subsidiary coin).
446
621
594
731
311
71
300
120
Loans and discounts
3,000
3,000 3,064 3,170
Govt. debt and securities
629
645
590
617
Other assets
55
46
46
Note circulation Old
45
2,841
2,867 2,991 2,843
New
47
132
151
142
Deposits—Government
1,745
1,273
1,692
1,730
ECA
822
533
491
479
Other
541
408
404
407
Other liabilities and capital
Reserve Bank of New Zealand
(thousands of pounds):
4,810
Gold
5 578 5 506 5,451
24,087 29,531 39,039 51,092
Foreign exchange reserve
9,180
6,019
6,019
6,019
Loans and discounts
Advances to State or State un57,832
54,528
52,586
52,774
dertakings
Investments
54,182 54,182 46,182
35,974
3,542 4,628 2,944
2,903
Other assets
63,837 69,366 64,576 58,583
Note circulation
Demand deposits
75 4S7 76 097 82,836 96,565
6,644
6,887 6,988 6,750
Other liabilities and capital
Bank of Norway (millions of kroner):
242
243
Gold . . .
329
149
Foreign assets (net)
-62
-21
Clearing accounts fneO
41
39
Loans and discounts
46
46
Securities
6,202
6,202
79
151
Other assets
2,498
2,285
Note circulation
2,094
1,761
Deposits—Government
707
1,109
Banks
513
Blocked
860
486
E
CA
613
759
Other liabilities and canital
r
1
Revised.
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time 2as 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.
3
For last available report (February 1950), see BULLETIN for September 1950, p. 1263.
*8 Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per rupiah.
Includes
gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
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.
MARCH 1952
329
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):
Goldi
Foreign exchange (net) 2
Net claim on Int'l. Fund
Paid-in capital—Int'l. Bank
Loans and discounts
Government loans and securities.
Other assets
Note and coin issue
Demand deposits
Other liabilities and capital
Central Reserve Bank of Peru
(millions of soles):
Gold and foreign exchange 8 .
Net claim on Int'l. Fund 2 .
Contribution to Int'l. Bank
Loans and discounts to banks. . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund 2
Loans
Domestic securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
ECA
Other
Other liabilities and capital
South African Reserve Bank
(thousands of pounds):
Gold*
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities.
Other loans and discounts
Other assets
1952
Jan.
1951
Dec.
Nov.
44
1,104
44
,154
765
126
300
25
,351
126
300
29
2,200
62
440
68
466
99
1
327
827
102
373
878
128
665
99
1,165
110,798
5,261
-1,035
184,404
22,050
86,049
216,923
101,695
90,075
1,188
104,383
5,261
-1,035
210,364
63,712
1,439
230,073
107,025
48,215
598
21
2
224
758
278
,208
304
367
513
21
2
296
713
286
1,173
314
344
13,887 13,419 12,811
476,226 479,037 481,278
29,504
29,504 29,
44,171
51,883 42
241,181 241 00 233,844
213,279
148,103 147
573,249
576,
238,199
244, 648 226
203,440
139,359
349 4,272
667 11,508
737
685
253 1,254
790
590
233 8,876
848
908
42
42
2 75 6,344
345 2,192
363
850
198
774
610
389
,186
73,837
61,709
3,617
27,343
82,226
63,807
20,472
550
553
378
378
,751 15,837
,931 16,708
,389 25,086
Jan.
Central Bank
(Figures as of last report
date of month)
1951
1952
Jan.
Dec.
Bank of Spain—Cont.
36,239 34,022
Note circulation
1,307
Deposits—Government
44
3,215
2,737
Other
802
20,548
20,493
Other liabilities and capital.
801
140 Bank of Sweden (millions of kronor):
334
300
395
Gold
300
1,71*8 1,530
,607
Foreign assets (net)
43
2
88
88
88
Net claim on Int'l. Fund
2,062
10
10
10
Paid-in capital—Int'l. Bank
Swedish Govt. securities and ad- 5
68
2,821
3,128
,661
vances
to
National
Debt
Office
483
247
244
248
Other domestic bills and advances
60
631
578
681
Other assets
,889 4,090 3,823
Note circulation
327i
528
858
785
Demand
deposits—Government..
846|
532
570
450
Other
92
650
627
568
Other liabilities and capital
Swiss National Bank (millions of
600 francs):
,946 6,004 6,015
Gold
27,333
228
213
252
Foreign exchange
2,710
233
311
231
Loans
and
discounts
-248
76
116
81
Other
assets
131,517
,592 4,927 4,683
Note
circulation
42,237
,718
1,529
1,656
Other sight liabilities
3,656
196
200
203
Other liabilities and capital
141,213
48,349 Central Bank of the Republic of
Turkey
(millions
of
pounds):
18,243
420
422
419
Gold
Foreign exchange and foreign
162
185
158
clearings
492
1,417
1,438
,371
Loans and discounts
201
15
27
18
Securities
2
i
110
73
91
Other assets
227!
,110
1,139
1,138
Note circulation
657|
153
153
153
Deposits—Gold
1681
642
610
627
Other
1,0481
181
207
215
Other liabilities and capital
288| Bank of the Republic of Uruguay
232
(Oct.)*
(thousands of pesos):
368,336
Gold
9,677
Silver
7,447
318
Paid-in capital—Int'l. Bank
541,485!
Advances
to
State
and
Govern29,504'
116,886
ment bodies
56,79l|
321,657
Other loans and discounts
160,821i
384,054
Other assets
167,158
352,914
Note
circulation
644,563
83,004
Deposits—Government
183,976^
310,159
Other
134,667|
454,851
Other liabilities and capital
Central Bank of Venezuela (mil3,610! lions of bolivares):
1,141
1,141
,140
Gold
10.231J
-68
-31
-29
Foreign exchange (net)
572
128
112
103
Other assets
1,2421
775
853
871
Note
circulation
653
229
250
243
Deposits
8,297
197
111
108
Other liabilities and capital
689
299 Bank for International Settlements (thousands of Swiss gold
4.591
2.433 francs):
,369 350,573 388,910
Gold in bars
,586 28,743 69,579
Cash on hand and with banks. . .
,214 10,567 10,564
Sight funds at interest
71,505
Rediscountable bills and accept91,049,
121. ,866 68,722 137,797
ances (at cost)
7,726
23,,432 107,785 38,657
Time funds at interest
28,646
Sundry bills and investments. . . . 268, ,967 317,513 270,274
72,232
,201 297,201 297,201
297,
Funds invested in Germany
112,622
1,810
1,866
1 ,525
Other assets
14,0721
,764 208,257 210,842
220!
Demand deposits (gold)
Short-term deposits:
669ii
Central banks—Own account.. 340, ,419 393,672 416,843
412|'
83,,057 84,851 91,524
Other
15.608J
228, ,909 228,909 228,909
Long-term deposits: Special
15,518!
268 ,011 267,282 266,674
Other
liabilities
and
capital
22.317J
*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.
5
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.
330
Nov.
Jan.
30,855
1,649
3,528
18,492
206
659
3,425
189
408
3,336
568
388
595
5,993
280
157
75
4,387
1,920
198
419
156
1,115
19
97
941
153
543
170
394,342
10,919
318
152,164
272,798
403,303
356,082
97,242
328,253
452,267
1,041
-100
96
760
201
76
429,924
43,329
3,376
155,778
29,602
283,797
297,201
1,497
268,503
451,199
32,590
228,909
263,301
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
Central
bank of—
SwitzUnited
Ger- Bel- Nether- SweerKing- France many
gium lands
den land
dom
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. .
In effect Tan. 31,
1952
2
2
IK
2H
1M
Rate
Jan.
31
Argentina
Austria
Belgium
Bolivia . . . .
3
Date
effective
3y2
6
4
4
4
2
Mar.
Dec.
Sept.
Sept.
1,
6,
13,
30,
Central
bank of—
Rate
Jan.
31
Date
effective
1936
1951
1951
1950
Japan
Java
Mexico
Netherlands..
5.84 Oct. 1, 1951
Apr. 1, 1946
3
June 4, 1942
Jan. 22, 1952
Oct. 17, 1950
June 13, 1935
July 18, 1933
Feb. 1, 1950
New Zealand.
Norway
Pakistan
Peru
2H
3
6
Portugal....
South Africa.
Spain
Sweden
4
3
3
2y2
91/
Canada
Chile
Colombia
Costa Rica
July
Jan.
July
Nov.
26, 1941
9, 1946.
1, 1948.
13, 1947
2
Jan.
Oct.
Mar.
Dec.
12,
13,
18,
1,
2
Nov. 26, 1936=
Feb. 26, 1951
15
3
1 41/
1
4
•51/
2y2
3%
1
3
4
3 A
3%
3
2y2
2X
5
10
3
Nov.
May
Mar.
Dec.
2,
13,
22,
16,
1950
1948
1950
1951
France .
Germany
Greece
India
Ireland
Italy
4
16
12
Nov. 9, 1951
Oct. 27, 1950
July 12, 1948
Nov. 15, 1951
Nov. 23, 1943
Apr. 6, 1950
1944
1949
1949
1950
3
6
X
Denmark
Ecuador
El Salvador. . .
Finland
. .
4
Switzerland..
Turkey
United Kingdom
USSR
Nov. 8, 1951
July 1, 1936
4
4
16
SH
3
IK
1
Rate established for the Land Central banks.
NOTE.—Changes since Jan. 31: None.
OPEN-MARKET RATES
[Per cent per annum]
Canada
Month
United Kingdom
France
Treasury
bills
3 months
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
1942—December
1943—December
1944—December
1945—December
1946—December
1947—December
1948—December
1949—December
1950—December
.52
.42
.37
.36
.40
.41
.41
.51
.63
1.03
1.03
1.03
.53
.53
.53
.56
.69
.69
1.01
1.01
1.00
.50
.50
.51
.52
.52
.51
1.00
1.00
1.02
.63
.63
.63
.63
.63
.63
.50
.50
.50
.50
.50
.50
.50
.50
.50
1.42
1.65
1.53
1.33
1.19
2.04
2.00
P2.55
2.41
1951—January
February
March
April
May
June
July
.63
.73
.76
76
.76
.75
.77
.69
.69
.69
.69
.69
.69
.93
1.00
1.00
1.00
1.38
1.50
.51
.51
.51
.51
.51
.51
.51
.63
.63
.63
.63
.63
.63
.63
50
.50
.50
.50
.50
.50
.50
.51
.63
.50
.51
.51
.84
.98
.63
.63
.92
1.00
.50
.50
.69
.75
2 45
2.42
2 45
2.60
2 61
2.52
2 57
2.64
2.56
2.78
3.27
3.50
.79
September....
October
November. . . .
December
.88
.93
.92
.89
Bankers'
allowance
on deposits
Day-today
money
Netherlands
Treasury
bills
3 months
Day-today
money
Sweden
Switzerland
Loans
up to
3 months
Private
discount
rate
3-53^
3-5 y2
2 }i-5 '
1.25
1.25
1.25
J 75
1 .25
] .38
: .63
.50
L.50
1.21
1.13
1.25
1.32
1.40
.78
.53
.96
1.03
1.09
1.31
1.55
1.46
L55
L50
1.39
L39
.83
1.00
1.23
L24
L07
LOO
.91
3-5
3-5
3-5
3-5
3-5
3-5
3-5
.38
LOO
3-5
LOO
LOO
LOO
LOO
3-5
3-5
3-5
3-5
1.24
L16
1.17
L21
3-5
2
L50
L50
1.50
L.50
L.50
L.50
L.50
L.50
L.50
L.50
L.50
L.50
P Preliminary.
NOTE.—For monthlyfigureson 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.
MARCH
1952
331
COMMERCIAL BANKS
(11 London clearing
banks. Figures in
millions of pounds
sterling)
1945—December
1946—December
1947—December
1948—December
1949—December
1950—December
1951—January
February .
March
...
May
June
July
August
September
October
No vem ber
December
Liabilities
Assets
United K i n g d o m »
Cash
reserves
Money at
Loans to
call and Bills dis- Treasury
short
counted receipts 2 Securities customers
notice
252
432
480
485
571
592
530
496
489
520
504
501
514
515
503
559
531
537
559
571
594
583
573
582
1.470
,343
,313
,300
,226
L ,172
1,250
L ,185
1,276
L,330
901
383
291
234
295
269
290
290
306
216
531
598
972
102
514
517
579
562
369
610
793
741
1,523
1,560
1,288
1,397
536
499
502
502
532
540
1,109
1,408
793
456
177
108
,234
,427
,483
,478
,512
,528
,219
,396
,534
,660
,529
,544
,552
,554
,556
,550
,552
,549
1 ,553
1 ,555
.033
1 ,965
L,656
L ,714
,766
1,775
1,806
L,895
1,861
1,863
L,888
1,910
.935
1,950
Deposits
Other
assets
827
994
Total
Demand
Time
374
505
567
621
579
735
4,850
5,685
5,935
6,200
6,202
6,368
3,262
3,823
3,962
4,159
4,161
4,262
1,588
1,862
1,972
2,041
2,041
2,106
265
342
396
420
427
550
697
719
770
760
854
797
756
755
741
6,260
6,041
6,037
6,130
6,149
6,167
6,174
6,133
6,135
6,204
6.189
6,333
4,181
3,994
3,987
4,055
4,063
4,099
4,086
4,061
4,068
4.140
4,118
4,290
2,078
2,047
2,049
2,075
2,086
2,068
2,088
2,072
2,067
2,063
2.071
2,042
564
596
625
632
636
633
631
612
624
778
787
867
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Security
loans
1945—December
1946—December
1947—December
194g—December
1949—December.
1950—December
694
753
731
749
765
251
136
105
101
133
824
134
1951—January
February
March
April
May
774
770
753
118
109
94
June
July
August
September
October
November
December
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts
banks
Entirely in Canada
Cash
reserves
774
760
781
798
87
92
82
84
784
788
90
107
835
111
843
907
96
107
227
132
106
144
146
4 ,038
4 ,232
,874
4 ,268
4 ,345
4 ,286
1,039
1,159
1,169
1,058
1,304
2,795
2,872
3,008
3,046
3,066
3,061
3,043
3,073
3,045
3,034
3,123
3,028
175
176
178
4 ,248
4 ,093
,986
•a
,924
,886
,838
•a
,840
,832
,876
,876
3 ,894
3 ,876
1,270
1,334
1,266
1,413
1,379
1,288
1,349
1,339
1,242
1,403
1,423
1,464
160
188
206
209
260
217
182
166
227
Cash
reserves
Due from
banks
Bills discounted
Loans
1945—December......
1946—December
1947—December . . . .
1948—December
1949—December . .
1950—December
14,733
18,007
22,590
45,397
40,937
48,131
14,128
18,940
19,378
35,633
42,311
52,933
36,621
65,170
86,875
126,246
129,501
135,289
1951—January
39,769
41,435
42,469
47,539
48,809
47,856
52,131
49,453
52,015
48,996
47,980
56,952
60,293
62,610
65,445
63,440
62,305
66,660
65,572
64,414
79,337
81,460
155,472
195,223
219,386
354,245
426.69C
527,525
477,003
477,766
499,550
490,676
475,054
522,65/r
478,256
485,824
540,986
520,457
506,061
153,502
154,660
150,919
160,293
166,984
159,958
174,625
171,380
167,362
173,530
179,933
June
July
August
September
October
November
651
869
26
21
18
16
14
(8)
(*)
(*)
(8)
00
(8)
(3)
(»)
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Time
Other
liabilities
and
capital
5,941
6,252
6,412
7,027
7,227
7,828
3,076
2,783
2,671
2,970
2,794
3,270
2,865
3,469
3,740
4,057
4,433
4,558
1.386
1,525
L.544
1,537
1,477
1,667
7,748
7,675
7,624
7,684
7,686
7,591
7,658
7,667
7,637
7,752
7,829
7,896
3,171
3,057
3,010
3,086
3,097
3,032
3,078
3,084
3 042
3,177
3.213
3,284
4,577
4,618
4,614
4,598
4,589
4,559
4,580
4,583
4 595
4,575
4,616
4,612
1,631
1,678
1,660
1,720
1,684
1,664
1,665
1,710
I 639
1,688
.715
1,714
Liabilities
(4 large banks. End
of month figures in
millions of francs)
IVtarch
April
May
Other
assets
1,274
1,507
1,999
2,148
2,271
2,776
171
Note
circulation
Assets
France
638
654
Liabilities
Assets
Canada
Other
liabilities
and
capital
Other
assets
Deposits
Own
Total
Demand
Time
ances
4,783
17,445
27,409
34,030
29,843
31,614
215, 615
291, 945
341, 547
552, 221
627, 266
749 928
213,592
290,055
338,090
545,538
619,204
731,310
2,023
1,890
3 457
6,683
8,062
18,618
31,549
33,367
38,351
41,237
46,169
47 815
50,030
49,582
52,138
59,099
61,658
709 469
720 710
691,231
701,935
721,791
728,559
719,405
756,997
733,546
732,964
783,881
777,973
768,657
18 238
18,775
19,693
20,252
19 666
20 222
20,082
20,663
21 729
21,946
24,422
2,904
15,694
25 175
30,638
26,355
28,248
26 599
27 252
29,739
30,678
33 354
32 544
32,933
30,611
30 952
35,382
35,372
741 484
748 810
739 071
777 219
753
753
805
799
793
628
627
610
918
078
Other
liabilities
and
capital
7,218
7,145
8 916
12,691
15,662
17,316
22 707
19 560
22,676
25,702
28 033
30 828
35,141
37,573
40 353
46,120
48,641
1
From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from
bank to bank, toward the end of the month. After November 1946, figures for all banks 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 at 1}4 per cent through Oct. 20, 1945, and at % per cent thereafter,
s Less than $500,000.
NOTE.—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.
332
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Belgium
Argentina
(peso)
Australia
Year or month
Basic
Preferential
Free
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
13 333
13 333
13.333
7 124
7 143
7 096
7 071
7 159
7 103
6 952
6 974
6 937
6.986
223 16
223 16
223.16
223 16
223 13
223 01
223 01
223 06
223 15
222.61
1.9843
L.9830
L.9833
I 9845
L.9864
1.9890
L 9866
I 9838
I 9838
I.9838
20 000
20.000
13 333
13.333
6 979
7.115
221 92
222.00
I 9838
L.9838
Ceylon
(rupee)
Czechoslovakia
(koruna)
Denmark
(krone)
2 0060
2.0060
2 0060
2 0060
2 0060
8
2 0060
20 876
20.864
20 857
19 117
14 494
14 491
2 0060
2 0060
2.0060
2 0060
2 0060
2.0060
2 0060
8
2 0060
29.773
29 773
29 773
29 774
26.571
20 000
13.333
13 333
1951—March .
April. . . .
May..
Tune .
July.
August
September
October
November
December
20 000
20 000
20 000
20 000
20 000
20 000
20 000
20 000
20 000
20.000
1952—Tanuary
February
1946.. .
1947
1948
1949 .
1950
1951
"Bank
notes"
account
(pound)
321.34
321.00
321.22
293.80
223.15
223 07
1946
1947
1948
1949
1950
1951
Year or month
(franc)
.
27 839
20 8S0
20 849
1951—March
April. . .
May
Tune
July .
August
September
October
November
December . . .
20
20
20
20
20
20
20
20
20
20
1952—Tanuary
February
20.799
20.818
850
850
850
850
850
850
850
850
850
840
Finland
(markka)
2.1407
1.9722
'1.9622
2
1.9306
1.9491
1.9501
1 9568
1 9788
1.9876
1 9876
France
(franc)
Official
In cents per unit of foreign currency]
Brazil
(cruzeiro)
Official
Free
British
Malaysia1
(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
5 4406
5 4406
5.4406
32.850
32.850
32.850
32.850
32.850
32.850
32.850
32 850
32.850
32.830
95.420
94.353
93.998
93.484
94.252
94.700
94.706
95 112
95 820
97.410
5.4406
5.4406
32.691
32.662
99.490
99.869
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Mexico
(peso)
Netherlands
(guilder)
37.813
37.760
37.668
34 528
26.252
26.264
Free
. 8 109
< 4354
.8407
.4929
.3240
3017
4671
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
14 494
14 494
14 493
14 484
14 484
14 492
14 492
14 492
14 492
14 492
* 4354
.4354
.4354
.2856
.2856
.2856
.2855
.2856
.2856
2856
.2855
.2856
.2856
23.838
23.838
23.838
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
20 870
20.870
20.870
20.861
4 280.38
280.38
280.38
11.561
11.561
11.561
11.561
11.561
11.568
11.571
11.563
11.569
11.567
26.260
26.241
26.243
26.279
26.286
26.280
26.278
26.267
26.270
26.287
14.492
14.492
.4354
.4354
.2856
.2854
23.838
23.838
20.819
20.839
280.38
280.38
11.562
11.561
26.320
26.329
4
United
Kingdom
(pound)
New
Zealand
(pound)
Norway
(krone)
PhilipPortupine
gal
Republic (escudo)
(peso)
South
Africa
(pound)
Sweden
(krona)
1946
1947....
1948
1949
1950
1951
322 63
322 29
350 48
365.07
277 28
277.19
20 176
20 160
20.159
18.481
14 015
14.015
49.723
49 621
49 639
4 0501
4 0273
4.0183
3.8800
3.4704
3.4739
400 50
400 74
400.75
366.62
278.38
278.33
25 859
27.824
27.824
25.480
19.332
19.327
23 363
23.363
23.363
23.314
23.136
23.060
403.28
402.86
403.13
368.72
280.07
279.96
65.830
65.830
65.830
65.830
65.833
65.833
56.280
56.239
56.182
56.180
56.180
56.180
42.553
42.553
42.553
1951—March. . . ,
April...
. ...
May..
June
July .
August
September
October
November
December
277.29
277.29
277 29
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
14.015
14.015
14.015
49.627
49.643
49 643
49 644
49 643
49 643
49 643
49 643
49.643
49.643
3.4766
3.4799
3 4826
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
278 38
278.38
278.38
277.79
19.327
19.327
19.327
19.327
19.327
19.327
19.327
19.327
19.327
19.327
23.177
23.133
23.100
23.018
23.038
23.015
22.963
22.916
22.882
22.900
280.07
280.07
280.06
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
65.833
65.833
65.833
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
1952—Tanuary .
February
275 39
275.36
14 015
14.015
49 655
49.677
3 4874
3.4863
276.95
277.01
19.327
19.327
22.880
22.881
278.15
278.12
65.833
65.833
56.180
56.180
42.553
42.553
Year or month
Switzerland
(franc)
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.
4
Based on quotations beginning Oct. 29, 1951.
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.
MARCH
1952
333
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1947-49 =
100)i
Year or month
Canada
Mexico
(1939 100)
(1935-39
•=100)
United
Kingdom
(1930 =
100)
(1938 100)
(1934-36
average
-=1)
136
153
2
2
2
2
4
16
48
128
209
246
65
130
57
64
67
68
69
79
96
104
99
103
116
123
128
131
132
139
163
193
198
211
240
110
121
146
179
199
229
242
260
285
311
386
153
159
163
166
169
175
192
219
230
262
?320
9
10
12
14
20
34
52
89
100
108
P138
5,159
5,443
5,170
4.905
P5.581
115
117
117
116
116
115
114
114
113
114
114
114
232
239
242
242
242
243
244
242
240
240
239
238
344
359
375
385
394
400
396
388
393
395
403
402
300
306
314
319
330
321
320
324
325
329
329
P330
123
130
134
140
141
138
135
134
138
146
151
P152
5,652
5,738
5,724
5,697
5,677
5,595
5,557
5,526
5,438
5,451
P5.462
*>5,455
113
237
402
March
April
May
July
August
September
October
November
December
1952—January
Netherlands
(1948 =
100)
296
316
334
350
349
344
340
348
353
358
P358
Sweden
(1935 »
100)
Switzerland
(Aug. 1939
= 100)
126
135
100
104
117
143
172
189
196
196
194
186
199
214
216
227
*299
171
195
203
207
205
200
208
217
206
203
227
136
139
144
145
146
145
142
142
142
143
144
145
266
275
287
297
302
305
305
304
304
306
P317
P318
226
230
231
231
231
228
224
222
223
227
226
228
124
1926
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1951—January
Japan
Italy
France
(1949 100)
P227
*153
P Preliminary.
Revised series; for other figures see pp. 311-313.
Sources.—See BULLETIN for January 1952, p. 1C8; August 1951, p. 1C46; January 1950, p. 124; June 1949, p. 754; June 1948, p. 746; July
1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
1
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1947-49=100)1
Year or month
Other
Farm
Farm
Processed commodproducts
foods
products
ities
Netherlands
(1948=100)
United Kingdom
(1930=100)
Canada
(1935-39=100)
Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
Foods
Industrial
products
Foods
Industrial raw
products
Industrial
finished
products
100
101
112
122
100
108
128171
100
104
116
143
1926
n.a.
n.a.
72
144
129
133
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
n.a.
na
n.a.
n.a.
na
n.a.
100
107
93
98
n.a.
na
n.a.
na
na
n.a.
98
106
96
100
64
68
107
127
114
123
119
124
146
158
156
160
69
70
71
131
134
136
127
129
130
138
162
192
199
211
242
158
165
181
197
221
247
164
170
175
177
190
230
226
237
262
140
164
196
197
213
238
160
158
158
78
95
103
101
105
145
155
165
184
207
242
249
286
112
117
110
113
117
117
251
263
231
237
234
240
228
227
345
356
120
119
158
165
135
139
118
118
116
114
111
110
110
112
112
111
112
112
112
111
111
111
111
112
111
111
117
117
117
116
116
115
115
115
115
115
273
265
265
273
277
256
254
253
258
260
239
239
239
243
243
237
236
236
237
236
244
245
244
244
247
245
244
243
241
240
226
236
242
247
252
258
261
263
263
266
370
370
122
120
123
123
118
119
121
122
124
129
170
174
176
173
170
172
171
174
177
174
145
146
147
145
144
143
142
142
142
141
110
111
114
257
233
240
.
1951—January
February
March
April
May
June
July
August
September
October
November
December
1952—January
.
,
P368
*»367
»361
P363
P363
P367
P Preliminary.
n.a. Not available.
Revised series; for monthly figures beginning 1947, see pp. 311-313.
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.
1
334
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[Index numbers]
United
SwitzCanKing- France Nether- erUnited
ada
dom
land
States 1
lands
(1949
(1935-39 (1935-39 (June
(1949 = (Aug.
= 100)
100)
= 100) 17,1947 = 100)
1939 =
= 100)
100)
Year or
month
1943
1944
1945
1946
1947
1948
1949
1950
1951.
COST OF LIVING
[Index numbers]
124
118
199
12
148
126
129
119
119
201
203
16
22
151
153
140
160
172
170
172
124
136
155
161
167
204
101
108
111
114
35
57
90
100
111
100
109
152
158
163
162
159
P121
1943
164 1944
164 1945
160 1946
170 1947
176 1948
174 1949
176 1950
181 1951
186
185
125
130
120
167
113
112
113
122
124
123
127
124
124
125
123
P122
179 1951-January...
178
February..
178
March....
178
April
179
May
180
June
181
July . . .
182
August
183
September.
184
October. . .
184
November.
184
December.
182
184
185
185
185
185
186
186
187
187
189
189
173
175
180
182
182
184
188
189
190
190
191
191
117
118
119
121
124
125
126
127
128
129
129
130
119
121
124
126
129
129
130
131
133
136
140
143
113
115
117
122
122
121
122
121
121
121
120
119
162
163
163
165
166
166
167
168
169
170
171
171
1952-January...
189
192
138
131
166
12
136
139
131
133
168
170
15
21
160
194
210
202
205
140
160
196
203
211
169
101
108
114
123
36
57
92
100
111
100
111
227
241
136
128
1951-January...
February..
March
April
May
June . . . .
July
August....
September.
October...
November.
December.
222
226
226
226
227
227
228
227
227
229
231
232
220
224
234
238
235
240
250
251
251
250
250
249
127
127
128
131
135
136
140
140
141
143
144
145
120
121
123
125
129
127
127
127
129
132
137
139
1952-January...
232
250
... ...
United
SwitzCanKingerUnited
Netherada
dom France lands land
States 1
(1949
(1935-39 (1935-39 (June
(1949
=
(Aug.
= 100)
= 100) 17, 1947 = 100)
100)
1939= 100)
100)
Year or
month
161
P142
n83
P132
P146
P171
P Preliminary.
1
of series and weights.
Adjusted series reflecting allowances for rents of new housing units and, beginning January 1950, interim revision o:
Sources.—See BULLETIN for January 1952, p. 109; August 1951, p. 1047; October 1950, p. 1421; January 1950, p. 125; July 1947, p. 935; May
1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
United
States
(high
grade) 1
Number of issues...
17
Canada
(1935-39
= 100)
United
Kingdom
(December
1921=100)
France
(1949 =
100)
Netherlands
87
60
14
1944
1945
1946
1947
1948
1949
1950
1951
118.7
121 6
123.4
122.1
118 3
121.0
122.0
117.7
103.0
105.2
117.2
118.5
105.0
107.6
109.6
95.7
1951—February
March
April
May
121.3
119 4
117.8
117 4
116.6
116.2
117.1
118.0
116.9
115.3
114.8
102.4
95.6
95.3
95.3
95.0
95.5
95.3
95.2
94.6
92.8
89.3
121.1
120.2
119.8
118.3
117.5
116.9
116.6
116.5
116.3
115.0
110.9
115.5
88.2
110.4
July
August
September...
October
November.. .
December. . .
1952—January
Common stocks
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
99.6
100.1
99.2
100.4
100.6
101.2
102.0
103.8
103.5
103.1
103.7
United
States
(1935-39
= 100)
Canada
(1935-39
= 100)
United
France
Kingdom (December
(1926=100) 1938=100)
295
Netherlands
27
416
105
278
169.6
105.6
107.1
106.8
106.7
87.0
99.8
121.5
139.9
123.0
124.4
121.4
146.4
176.5
83.8
99.6
115.7
106.0
112.5
109.4
131.6
168.3
88.6
92.4
96.2
94.6
92.0
87.6
90.0
97.1
875
1.149
1U262
1,129
11,030
1L.259
195
233
240
219
217
215
97.4
96.6
93.1
86.9
87.6
84.1
80.3
78.1
81.3
80.3
78.3
174.7
170.3
172.3
173.9
171.7
172.8
181.5
187.3
185.0
177.7
182.5
166.5
162.9
165.6
164 2
160.7
162.0
169.7
179.8
183.3
174.0
177.3
96.8
96.2
96.0
99.7
99.4
97.6
96.5
97.4
99.0
97.3
94.9
1,144
L ,159
1,169
1,172
L.188
1,185
1,300
1,413
1,479
1,406
1,465
228
226
221
215
212
208
207
212
215
207
206
80.0
187.1
181.7
95.0
265
p] L,624
204
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
MARCH
1952
335
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
W M . MCC. MARTIN, JR., Chairman
M. S. SZYMCZAK
R. M. EVANS
JAMES K. VARDAMAN, JR.
ELLIOTT THURSTON,
OLIVER S. POWELL
A. L. MILLS, JR.
J. L. ROBERTSON
Assistant to the Board
WINFIELD W. RIEFLER, Assistant to the Chairman
WOODLIEF THOMAS, Economic Adviser to the Board
OFFICE OF THE SECRETARY
DIVISION OF EXAMINATIONS
S. R. CARPENTER, Secretary
GEORGE S. SLOAN, Director
Assistant Secretary
G. R. MURFF, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H. LANG, Chief Federal Reserve
ROBERT C. MASTERS, Assistant Director
MERRITT SHERMAN,
Examiner
LEGAL DIVISION
DIVISION OF BANK OPERATIONS
GEORGE B. VEST, General Counsel
ROBERT F. LEONARD, Director
FREDERIC SOLOMON, Assistant General Counsel
J. E. HORBETT, Assistant Director
HOWARD H. HACKLEY, Assistant General Counsel
LOWELL MYRICK, Assistant Director
OFFICE OF THE SOLICITOR
J. LEONARD TOWNSEND, Solicitor
G. HOWLAND CHASE, Assistant Solicitor
DIVISION OF PERSONNEL ADMINISTRATION
DIVISION OF RESEARCH AND STATISTICS
DIVISION OF ADMINISTRATIVE SERVICES
RALPH A. YOUNG, Director
FRANK R. GARFIELD, Adviser on Economic Research
KENNETH B. WILLIAMS, Assistant Director
SUSAN S. BURR, Assistant Director
DWIGHT L. ALLEN, Director
H.
FRANKLIN SPRECHER, JR.,
Assistant Director
LISTON P. BETHEA, Director
JOSEPH
EDWIN
E. KELLEHER, Assistant Director
J. JOHNSON, Assistant Director
DIVISION OF SELECTIVE CREDIT REGULATION
GUY E. NOYES, Director
DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
LEWIS
N.
DEMBITZ,
Assistant Director
FEDERAL
OPEN MARKET COMMITTEE
WM. MCC. MARTIN, JR., Chairman
ALLAN SPROUL, Vice Chairman
GARDNER L. BOOTHE, II, Assistant Director
HENRY BENNER, Assistant Director
ELIOT J. SWAN, Acting Assistant Director
FEDERAL
ADVISORY COUNCIL
WALTER S. BUCKLIN,
BOSTON DISTRICT
N. BAXTER JACKSON,
N E W YORK DISTRICT
GEOFFREY S. SMITH,
PHILADELPHIA DISTRICT
MALCOLM BRYAN
OLIVER S. POWELL
C. E. EARHART
J. L. ROBERTSON
R. M. EVANS
M. S. SZYMCZAK
GEORGE GUND,
CLEVELAND DISTRICT
H U G H LEACH
JAMES K. VARDAMAN, JR.
ROBERT V. FLEMING,
RICHMOND DISTRICT
A. L. MILLS, JR.
C. S. YOUNG
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
WOODLIEF THOMAS, Economist
GEORGE W. MITCHELL, Associate Economist
EARLE L. RAUBER, Associate Economist
O. P. WHEELER, Associate Economist
CHAS. W. WILLIAMS, Associate Economist
JOHN H. WILLIAMS, Associate Economist
RALPH A. YOUNG, Associate Economist
G. ROUSE, Manager of System Open
Market Account
ROBERT
336
Vice President
PAUL M. DAVIS,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
V. J. ALEXANDER,
ST. LOUIS DISTRICT
JOSEPH F. RINGLAND,
MINNEAPOLIS DISTRICT
DAVID T. BEALS,
KANSAS CITY DISTRICT
D E W I T T T. RAY,
DALLAS DISTRICT
JAMES K. LOCHEAD,
SAN FRANCISCO DISTRICT
HERBERT
V. PROCHNOW, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman *
President
Bank of
Deputy Chairman
First Vice President
Vice rresiuenis
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas C i t y . . . .
Dallas
San Francisco...
VICE
Federal Reserve
Bank of
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
New York
Cleveland
Richmond
Atlanta
Chicago
St. Louis
1
E. 0. Latham
John J. Fogg
Robert B. Harvey 3 Carl B. Pitman
0. A. Schlaikjer
E. G. Hult
R. F. Van Amringe
H. V. Roelse
Robert T. Stevens
H. A. Bilby
Allan Sproul
Robert G. Rouse
William F. Treiber
William I. Myers
H. H. Kimball
I. B. Smith
L. W. Knoke
V. Willis
Walter S. Logan
R. B. Wiltse
A. Phelan
J. H. Wurts
Alfred H. Williams
Warren F. Whittier
Karl R. Bopp
Wm. G. McCreedy
W. J. Davis
Robert N. Hilkert P. M. Poorman
C. Canby Balderston
J. V. Vergari4
E. C. Hill
2
Richard G. Wilgus
Ray M. Gidney
George C. Brainard
Wilbur T. Blair
A. H. Laning 3
Wm. H. Fletcher
Martin Morrison
Roger R. Clouse
John C. Virden
Paul C. Stetzelberger
W. D. Fulton
Donald S. Thompson
J. W. Kossin
Hugh Leach
Charles P. McCormick
N. L. Armistead
C. B. Strathy
K. Brantley Watson
R. L. Cherry
J. S. Walden, Jr.
John B. Woodward, Jr.
Edw. A. Wavne
D. F. Hagner 3
Chas. W. Williams
R. W. Mercer
Malcolm Bryan
Frank H. Neely
P. L. T. Beavers
R. E. Moody, Jr.
L. M. Clark
E. P. Paris
V. K. Bowman
Rufus C. Harris
Harold T. Patterson
J. E. Denmark
S. P. Schuessler
T. A. Lanford
John L. Liles, Jr.
C. S. Young
Franklin J. Lunding
L. H. Jones 2
Allan M. Black
E. C. Harris
L. G. Meyer
H. J. Chalfont
John S. Coleman
George W. Mitchell
Neil B. Dawes
A. L. Olson
W. R. Diercks
Alfred T. Sihler
W. A. Hopkins
W. W. Turner
Russell L. Dearmont
Delos C. Johns
FrederickL. Demingr Paul E. Schroeder
C. M. Stewart
Dale M. Lewis
Wm. H. Bryce
0. M. Attebery
Wm. E. Peterson H. H. Weigel
J. C. Wotawa
C. A. Schacht
J. N. Peyton
Roger B. Shepard
H. C. Core
H. G. McConnell
A. W. Mills
Otis R. Preston
C. W. Groth
Paul E. Miller
M. H. Strothman, Jr.
E. B. Larson
Sigurd Ueland
Robert B. Caldwell
H. G. Leedy
L. H. Earhart
G. H. Pipkin
Clarence W. Tow
G. A Gregory 2
Henry 0. Koppang
D. W. Woolley
R. L. Mathes
John Phillips, Jr.
E. B. Austin
J. R. Parten
R. R. Gilbert
Watrous H. Irons
L. G. Pondrom
R. B. Coleman
R. B. Anderson
W. D. Gentry
C. M. Rowland
J. L. Cook 3
Mac C. Smyth
W. E. Eagle
W. H. Holloway
H. F. Slade
J. M. Leisner
Brayton Wilbur
C. E. Earhart
S. A. MacEachron Ronald T. Symms 8
William R. Wallace, Jr.
H. N. Mangels
W. F. Volberg
E. R. Millard
0. P. Wheeler
W. L. Partner
PRESIDENTS I N CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Branch
Branch
Vice Presidents
Vice Presidents
Bank of
Harold D. Hodgkinson
Ames Stevens
Boston
Also Federal Reserve Agent.
MARCH
1952
J. A. Erickson
Alfred C. Neal
I. B. Smith
W. D. Fulton
J. W. Kossin
D. F. Hagner
R. L. Cherry
P. L. T. Beavers
T. A. Lanford
R. E. Moody, Jr.
E. P. Paris
H. J. Chalfont
C. M. Stewart
C. A. Schacht
Paul E. Schroeder
2
Cashier.
3
Minneapolis.... Helena
C. W. Groth
Kansas City
Denver
Oklahoma City
Omaha
G. H. Pipkin
R. L. Mathes
L. H. Earhart
Dallas
El Paso
Houston
San Antonio
C. M. Rowland
W. H. Holloway
W. E. Eagle
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
4
W. F. Volberg
S. A. MacEachron
W. L. Partner
J. M. Leisner
Counsel.
337
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. Remittance should be made
payable to the order of the Board of Governors
of the Federal Reserve System.
BANKING AND MONETARY STATISTICS.
Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for available individual sections
(unbound).
RULES OF ORGANIZATION AND RULES OF PROCEDURE—
Board of Governors of the Federal Reserve System (With Amendments). September 1946. 31
scription price in the United States and its pospages.
sessions, Bolivia, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominican Republic, Ecuador,
T H E FEDERAL RESERVE ACT, as amended to NovemGuatemala, Haiti, Republic of Honduras, Mexico,
ber 1, 1946, with an Appendix containing proNicaragua, Panama, Paraguay, Peru, El Salvador,
visions of certain other statutes affecting the
Uruguay, and Venezuela is $2.00 per annum or
Federal Reserve System. 372 pages. 50 cents per
20 cents per copy; elsewhere $2.60 per annum or
paper-bound copy; $1.00 per cloth-bound copy.
25 cents per copy. Group subscriptions in the
United States for 10 or more copies to one ad- T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
FUNCTIONS. November 1947; reprinted April
dress, 15 cents per copy per month, or $1.50 for
1951. 125 pages. 75 cents per cloth-bound copy;
12 months.
in quantities of 10 or more copies for single shipFEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
ment, 50 cents each. Paper-bound copies availRATES, AND BUSINESS. Issued monthly. $6.00
able without charge.
per annum including historical supplement
listed below, or 60 cents per copy. In quantities DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND
STANDARD METROPOLITAN AREAS, as of Decemof 10 or more copies of a particular issue for
ber 30, 1950. July 1951. 125 pages.
single shipment, 50 cents each. (Domestic rates)
FEDERAL RESERVE BULLETIN. Issued monthly. Sub-
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
CHARTS ON BANK CREDIT, MONEY RATES, AND
BUSINESS.
113 charts. April 1951 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)
BANKING STUDIES. Comprising 17 papers on bank-
ing 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.
1
A more complete list, including periodical releases and
reprints, appeared on pp. 1606-09 of the December 1951
BULLETIN.
338
A STATISTICAL STUDY OF REGULATION V LOANS.
September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single shipment, 15 cents each.
COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING IN THE UNITED STATES.
(July 1, 1951). December 1951. 33 pages.
T H E DEVELOPMENT OF BANK DEBITS AND CLEARINGS
AND
THEIR U S E IN ECONOMIC ANALYSIS. Janu-
ary 1952. 175 pages. 25 cents per copy; in
quantities of 10 or more copies for single shipment, 15 cents each.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BOARD
REPRINTS
TRENDS IN INTERNATIONAL TRADE AND PAYMENTS.
April 1951. 14 pages.
(From Federal Reserve Bulletin unless preceded by an asterisk)
T H E INTERNATIONAL MOVEMENT OF GOLD AND DOL-
1951 SURVEY OF CONSUMER FINANCES—SELECTED
PART I.
April
1951. 4 pages.
T H E ECONOMIC OUTLOOK AND LIQUID
ASSET POSITION OF CONSUMERS.
pages.
PART II.
June 1951.
18
PURCHASES OF HOUSES AND
DURABLE GOODS IN 1949 AND BUYING
FOR 1951, July 1951. 18 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
AND BUSINESSES. July 1951. 2 pages.
LARS IN 1950. March 1951. 10 pages.
PRELIMINARY RESULTS.
PUBLICATIONS
PLANS
HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING
THE INTRODUCTION OF REAL ESTATE CREDIT REGU-
LATION. July 1951. 23 pages.
SAVING IN THE DEFENSE ECONOMY.
1951.
THE
BALANCE SHEET AND CURRENT TRENDS OF
PART III.
AGRICULTURE, 1951. September 1951. 14 pages.
DISTRIBUTION OF CONSUMER INCOME IN 1950.
T H E CURRENT POSITION OF AGRICULTURE, by Philip
August 195 L
18 pages.
PART IV.
TION OF CONSUMER SAVING IN 1950.
1951.
18 pages.
PART V.
DISTRIBUSeptember
DISTRIBUTION OF
DEBT AND SELECTED NONLIQUID ASSETS OF CONSUMER SPEXNTDING UNITS.
December
1951.
11
pages, (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 3949 from June-November 1949 and
January 1950 BULLETINS, 124 pages; for 1950
from April and June-December 1950 BULLETINS,
106 pages, which includes T H E METHODS OF THE
T. Allen. September 1951. 11 pages.
NEW
INDEX
OF OUTPUT
DURABLE GOODS.
OF MAJOR
CREDIT AND SALES REPORTED BY REGULATION
REGISTRANTS.
VOLUNTARY
COUNTRIES—PROCEDURES
AND TECH-
NIQUES. November 1950. April 1951. 19 pages.
PROGRAM
FOR VOLUNTARY
CREDIT
RESTRAINT.
As amended to April 20, 1951. 4 pages.
MARCH 1952
W
October 1951. 12 pages.
ACTION
TO H E L P
CURB
INFLATION.
November 1951. 9 pages.
REVISED INDEXES OF DEPARTMENT STORE SALES AND
STOCKS BY DISTRICTS. December 1951. 53 pages.
ECONOMIC PROBLEMS FACING POST-TREATY JAPAN.
January 1952. 11 pages.
T H E SECOND ARMAMENT BUDGET.
MONEY AND CREDIT IN 1951.
* T H E TREASURY—CENTRAL BANK RELATIONSHIP IN
FOREIGN
CONSUMER
October 1951. 6 pages.
February 1952.
9 pages.
SURVEY OF CONSUMER FINANCES.)
#
September
5 pages.
February 1952.
9
pages.
INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951.
March 1952. 10 pages.
RECENT CHANGES IN GERMANY'S FOREIGN TRADE
BALANCE. March 1952. 7 pages.
339
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
I
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
3
S
3
@FedFRASER