Full text of Federal Reserve Bulletin : March 1953
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FEDERAL E S E RVE BULLETIN MARCH 1953 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL VOLUME 39 RESERVE March 1953 BULLETIN NUMBER 3 INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952 The downward movement in the total gold and dollar holdings of foreign countries that began in mid-1951 was reversed during the early part of 1952. At the end of the year these holdings were 1.2 billion dollars larger than a year earlier. The improvement resulted primarily from a substantial reduction in the United States export surplus, as exports declined and imports of goods and services increased. Loans and grants from the United States Government to foreign countries declined somewhat and the flow of private capital abroad remained near its 1951 level. Renewed progress toward monetary stability in most countries helped to bring about the upward movement in foreign reserves. This movement also reflected improved supply conditions abroad and, in some countries, tightening of import restrictions on goods from the dollar area. Total gold and dollar holdings of foreign countries, after falling 900 million dollars during the second half of 1951, declined a further 250 million in the first quarter of 1952. During the rest of the year holdings rose nearly 1.5 billion dollars, and the increase has continued in 1953. The recovery in foreign reserves in 1952 took the form of increases in dollar holdings, the bulk of which was invested in United States Government securities. Foreign holdings of such securities and of dollar deposits MARCH 1953 FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS — 10 1951 1952 1945 1948 NOTE.—Year-end data. Deposits include a small amount of other short-term liabilities to foreigners. attained their highest postwar levels during the year. Foreign gold reserves declined somewhat for 1952 as a whole, mainly as the result of substantial sales during the first quarter. Toward the end of the year foreign countries were purchasing gold from the United States, and this movement has accelerated in 1953. Although foreign countries as a whole improved their gold and dollar reserve position in 1952, changes in reserves varied widely among countries. The countries of Continental Western Europe as a group added about 1.2 billion dollars to their gold and dollar holdings, the increase representing an acceleration of the rise in process since 209 INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1948. On the other hand, the reserves of the United Kingdom and of the Sterling Area as a whole declined about one-half billion dollars, despite improvement during the latter half of the year. The rest of the world experienced a net increase of one-half billion dollars in gold and dollar holdings during the year, accounted for primarily by increases in Canada and Japan. Improvement in balance of payments positions in 1952, as reflected in growing foreign reserves, has given rise abroad to reconsideration of trade and payments policies, with a view to relaxing trade restrictions and promoting convertibility of currencies. GOLD AND DOLLAR MOVEMENTS Changes in total gold and dollar holdings of foreign countries result from their transactions with the United States and with international institutions (principally the International Bank and the Monetary Fund) as well as net movements of new foreign gold production into monetary reserves. Total holdings of foreign countries as discussed in this article consist of the gold and dollar reserves of foreign central banks and governments plus dollar holdings on private foreign account as reported by banks in the United States. The distribution of official reserves between gold, dollar deposits in Federal Reserve and commercial banks, and short- and mediumterm United States Government securities depends upon the preferences of foreign monetary authorities as to the form in which they wish to hold their reserves. Private dollar holdings, which at the end of 1952 constituted nearly one-half of reported foreign dollar holdings, take the form largely of dollar deposits. In general, changes in total foreign gold and dollar holdings reflect changes in monetary reserves, since private 210 1952 dollar holdings usually show only limited fluctuations. United States gold transactions. During 1952 total gold reserves of foreign countries declined 229 million dollars as compared with an increase of 35 million in 1951 and a growth of about 2 billion dollars in 1950. Net sales of gold by foreign countries to the United States amounted to 394 million dollars during the past year, as compared with 75 million in 1951. These annual totals, however, conceal large quarterly fluctuations. The large inflow of gold to the United States that began in mid-1951 continued through the first quarter of 1952, when sales to this country amounted to 557 million dollars. As may be seen from the table, the United Kingdom accounted for most of these sales. In the second quarter the balance of payments of the Sterling Area improved and gold sales by the United Kingdom to the United States ceased; as a result net foreign sales of gold to this country declined substantially. The United States sold 268 million dollars of gold in the fourth quarter when the Netherlands and the United Kingdom converted a portion of their rising dollar reserves into gold. Largely as a net result of these movements, the monetary gold stock of the United States rose during 1952 from 22.9 to 23.3 billion dollars. Gold sales in early 1953 brought the total back to 22.8 billion at the end of February. The United States share amounted to 64 per cent of world gold reserves (excluding those of the U.S.S.R.) at the end of 1952, compared with 60 per cent at the end of 1945. Other gold transactions. The newly instituted service whereby the International Monetary Fund acts as an intermediary for member countries who wish to buy or sell gold has facilitated transfers among foreign countries. These transactions, as FEDERAL RESERVE BULLETIN INTERNATIONAL FLOW OF GOLD AND DOLLARS, N E T FOREIGN PURCHASES OF GOLD FROM THE U N I T E D STATES, 1952 1 [In millions of dollars] Area and country Western Europe (other than United Kingdom): Belgium and Belgian Congo Germany (Federal Republic of) Greece Netherlands Switzerland Other Western Europe. . . Bank for International Settlements Total JanMar. Apr.- June JulySept. Oct.Dec. Year 26 6 10 10 100 100 -23 10 —20 10 12 12 —23 -2 2 148 115 80 -440 -12 -7 20 -33 Other Continental Europe United Kingdom . .. Union of South Africa Canada Latin America: Argentina Colombia Mexico Uruguay Other Latin America Total Asia —520 -4 18 — 11 -10 -4 -557 2 -5 -2 20 23 -88 -15 2 2 38 -57 5 -101 2 3 Grand total -7 y -94 2 -106 25 (2) 2 1 7 268 -394 1 Minus sign indicates net sale to the United States. 2 Sale less than $500,000. NOTE.—Details may not add to totals because of rounding. well as European Payments Union settlements in gold, resulted in a considerably greater volume of gold transfers among foreign countries in 1952 than in previous years, when a relatively larger proportion of gold transactions had involved the United States as buyer or seller. Net foreign gold sales to the United States plus net transfers of gold to international institutions by foreign countries amounted to 556 million dollars during the year, but the net decline in foreign gold reserves was only 229 million. Thus foreign monetary authorities acquired about 325 million from new foreign production. Since total foreign production (exclusive of the U.S.S.R.) amounted to an estimated 790 million dollars for the year, however, it would appear that some 465 million of gold went into industrial uses, private holdings, or was otherMARCH 1953 1952 wise not accounted for. This residual was 25 per cent smaller than in 1951, though substantially larger than in previous years. The decline in the residual coincided with a further softening in the so-called free market price of gold. Changes in foreign dollar holdings. Dollar holdings of foreign countries increased more than 1.4 billion dollars during 1952, renewing the upward trend which, with interruptions in 1949 and 1951, has been in evidence since the end of 1947. The increase in 1952 was shared by most foreign countries and was concentrated in official holdings, which rose 1.3 billion dollars. Official deposits at Federal Reserve Banks changed little during the year, while such deposits at commercial banks increased about 400 million dollars. In adding to their official dollar holdings in 1952, foreign countries invested more than 800 million dollars in United States Government securities, mostly held for their account at Federal Reserve Banks. The net increase in foreign security holdings continued an upward trend evident since the end of 1947. From that date, when United States Government securities represented about 12 per cent of foreign official dollar holdings, monetary authorities have held an increasing proportion of their rising dollar reserves in the form of securities; by the end of 1952, 50 per cent of official dollar holdings were in this form. FOREIGN RESERVE POSITION The increase of 1.2 billion dollars in 1952 brought aggregate gold and dollar holdings of foreign countries to 20.4 billion at the end of the year. The latter figure compares with the postwar low of 14.7 billion in September 1948 and is close to the postwar high at the end of 1945. In 1945, however, the value 211 INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1 9 5 2 ESTIMATED CHANGES IN FOREIGN AND INTERNATIONAL GOLD RESERVES AND DOLLAR HOLDINGS D U R I N G 1952 1 [In millions of dollars] Increase or decrease (—), 1952 Holdings at end of 1951 Area and country Gold reserves Western Europe (other than United Kingdom): Belgium-Luxembourg (and Belsian Conco) France (and dependencies) Germany (Federal Republic of). Italy Netherlands (and Netherlands West Indies and Surinam)... Portugal (and dependencies)... Sweden Switzerland Other Western European countries and accounts3 Total Other Continental Europe4 Holdings at end of 1952 P Apr.-June Jan.-Mar. 2 697 568 28 333 Dollar holdings Gold reserves 201 885 406 300 4 "i3 340 283 152 1,452 184 48 72 521 24 9 62 -20 791 403 84 4,644 2,470 176 Dollar holdings Gold reserves 46 -1 -88 -44 Gold reserves Dollar holdings Gold reserves Dollar holdings Gold reserves Dollar holdings 22 50 10 26 17 105 33 25 -9 15 22 12 -69 65 16 91 25 112 13 50 46 145 8 -18 3 -11 -4 148 10 9 14 218 9 -18 7 228 21 32 -41 63 19 19 121 -35 175 -19 21 536 225 48 91 —25 4 -6 57 -1 6 66 1 -9 H 38 -1 -24 95 184 -43 219 35 5 2,200 643 100 7 160 -700 190 436 -21 11 141 5 2 -15 "-2i" 10 -2 2 2,826 910 -710 133 -96 34 Canada 850 1,307 24 33 19 163 Latin America: Argentina Brazil Cuba Mexico Uruguay Venezuela Other Latin America 268 317 311 208 221 373 257 250 100 264 158 85 72 476 10 -23 -10 "ii -60 -1 24 14 -1 -5 43 1,955 1,405 -9 279 133 7 363 W 596 330 317 Total Total Asia: Indonesia Japan Philippine Republic Other Asia Total All other countries Total foreign countries. International 7 Grand total 782 1,384 178 11,554 -2 -35 319 Sterling Area: United Kingdom U. K. dependencies Union of South Africa Other sterling area 6 H -3 -115 -43 -18 28 H 14 3 14 -115 50 1 -15 1 3 4 15 92 -10 22 -504 1,530 1,641 2 13,084 9,302 -502 125 -40 79 137 -1 42 4 •'-38' 17 249 -79 170 -21 1 -1 84 1 518 125 -40 5 51 146 -13 569 106 178 606 -63 -54 12 7 -17 20 8 5 "-66' 57 37 -4 -6 25 ••• — • 6 649 -4 "-20* 11 169 12 17 17 -700 Gold reserves Dollar holdings 788 593 140 346 251 381 551 308 568 304 184 1,411 247 67 91 642 916 581 2 5,250 3,119 319 31 5 1,500 812 112 24 177 170 447 -709 215 2,117 1,125 21 46 259 896 1,566 9 -16 -20 —2 1 -9 50 20 "-97' -64 -14 -111 -27 37 73 8 74 81 288 317 214 144 207 373 273 139 73 301 281 93 146 557 -31 58 6 13 -139 135 1,816 1,540 -89 42 -13 73 -45 3 -26 35 -5 27 -44 -12 2 21 -80 212 -15 103 235 121 9 384 61 808 315 420 13 -39 3 -18 -21 -18 9 13 27 8 72 5 1 I -50 ""io 35 49 15 -136 1 63 -18 86 2 150 7,661 -11 -75 Year? Dollar holdings 64 -8 Oct.-Dec. P July-Sept. 711 -31 680 31 -33 -26 333 9 342 -47 13 -34 220 -48 -229 162 -67 1,431 -46 1,885 749 1,604 178 107 11,325 9,092 1,692 1,595 13,017 10,687 p Preliminary. 1 Dollar holdings represent both official and private holdings reported by banks in the United States and include deposits, U. S. Government securities maturing within 20 months after date of purchase, and certain other short-term liabilities to foreigners. 2 Represents gold reserves of Bank of France and French dependencies only. 8 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 Western European countries. 4 Excludes gold reserves of, but includes dollar balances held by the U.S.S.R. * Estimated gold holdings of British Exchange Equalization Account, based on holdings of gold, U. S. and Canadian dollars as reported by British Government. 6 Excludes Eire and Iceland, which are included under "Other Western European countries and accounts." 7 Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. Excludes holdings of Bank for International Settlements, which are included under "Western Europe." NOTE.—The total referred to most frequently in the text is total foreign countries, shown in bold-face type. International institutions are shown separately for the purpose of providing more complete coverage of the movement of gold and dollar holdings. 212 FEDERAL RESERVE BULLETIN INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1 9 5 2 of world trade was considerably lower than 1.8 billion dollars during 1952, compared in 1952. International institutions added with 3.2 billion during 1951. This reducmore than 100 million to their gold and dol- tion resulted from a fall in exports (net of lar holdings during 1952, as is shown by the military aid) and a rise of similar magnitude next-to-last line of the table on the preceding in total imports of goods and services and page. United States remittances abroad. In the There was considerable variation from third quarter, when the effects of the doquarter to quarter in the movement of for- mestic steel strike and of increased foreign eign gold and dollar holdings. Most of the restrictions on dollar imports were felt conyear's increase occurred in the second and currently with the seasonal low in agriculthird quarters. In these periods there were tural exports, the United States had a small large increases in dollar holdings and only import surplus, as is shown in the top section small reductions in foreign gold reserves. of the chart. In the first quarter, when gold reserves fell sharply and dollar holdings rose only UNITED STATES BALANCE OF PAYMENTS SELECTED COMPONENTS moderately, there had been a net decrease in total foreign reserves. The subsequent increase in total gold and dollar holdings, which reached its peak rate for the year in the third quarter, continued in the fourth quarter. In that quarter foreign countries also began to convert their dollar accretions into gold. The International Bank for Reconstruction U. S. GOVERNMENT ECONOMIC GRANTS and LOANS and Development and the International Monetary Fund made small net gold and OUTFLOW of PRIVATE CAPITAL dollar disbursements to foreign countries in 1952. A net inflow of gold and dollars to the Fund was more than offset by net dollar disbursements by the International Bank to NET TRANSFERS foreign countries. Most of the Bank's dollar OF GOLD and DOLLAR HOLDINGS TO FOREIGN COUNTRIES < receipts were obtained in the United States. It floated over 100 million in dollar bonds primarily in this market and also sold moderate amounts of dollar loans from its portfolio to United States investors. United States balance of payments. Net transfers of gold and dollars to foreign coun1951 1952 tries as a result of transactions with the NOTE.—Quarterly data. Net transfers of gold and dollar holdings, by include United States are shown in the bottom sec- purchases compiled fromFederal Reserve, plus net net foreign of gold United States increase in foreign dollar holdings. Other data are derived from U. S. tion of the chart. The United States export Department of Commerce statistics. Export surplus is the and services surplus on current account—which includes excess of exports of goods services (plus (minus militaryU.aid) over imports of goods and remittances). S. Government loans^ and outflow of United States private capital goods, services, and remittances—declined to are on a net basis and exclude short-term funds. MARCH 1953 213 INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952 ments as well as by transactions with the United States. The United Kingdom, which settles the accounts of the whole Sterling Area, had the largest deficit with the EPU. It paid 490 million dollars to that institution during the first nine months of the year; a substantial improvement in the United Kingdom's intra-European payments position in the last quarter enabled it to regain 215 million dollars from the EPU during that period. France was another large debtor on EPU account; its payments in gold and dollars amounted to over 225 million during the CHANGES IN HOLDINGS OF INDIVIDUAL AREAS year. Belgium, Germany, and the Netherlands were important net creditors, receiving The over-all increase in foreign gold and 220 million, 150 million, and 110 million dollar holdings was distributed unevenly dollars, respectively. throughout the world. Continental WestIn addition to its EPU surplus in 1952, Gerern European countries (including the Bank for International Settlements and the EuroFOREIGN GOLD RESERVES AND DOLLAR HOLDINGS pean Payments Union) added over 1.2 bil- BY AREAS OR COUNTRIES 10 lion dollars to their holdings whereas those Billions of Dollars of the United Kingdom and other Sterling Area countries declined about 500 million dollars. In the Western Hemisphere, CaCONTINENTAL nadian holdings increased about 300 million WESTERN EUROPE dollars, while those of the Latin American countries as a group showed little net change. The countries of Asia added about 190 million to their holdings. UNITED KINGDOM and OTHER STERLING AREA The gold and dollar holdings of the s. ^ Sterling Area fluctuated more widely than those of other areas, as the chart shows. The large outflow in the second half of 1951, amounting to 1.3 billion dollars, continued in the first quarter of 1952, but was almost halted in the second quarter. In the last half of 1952, however, reserves increased somewhat as more stringent monetary policies and tightened import restrictions made themselves felt. The distribution of reserves among European and Sterling Area countries was af1946 1948 1950 1952 fected by European Payments Union settleNOTE.—Quarterly data. The ability of foreign countries to increase their gold and dollar holdings during 1952 despite their continuing, though reduced, dollar deficit on current account is explained by the utilization of United States Government loans and grants and the continuing flow of private capital from this country. Loans and grants (excluding military aid) declined from 3.1 billion dollars in 1951 to 2.3 billion in 1952, and private long-term investment amounted to more than 800 million dollars in 1952. 214 FEDERAL RESERVE BULLETIN INTERNATIONAL FLOW OF GOLD AND DOLLARS, many received dollars from large United States military expenditures, which enabled it to offset its trade deficit with the United States and to build up its gold and dollar reserves. In the third quarter Germany paid its gold subscription of 33 million dollars to the International Monetary Fund and its dollar subscription of nearly 7 million to the International Bank. Thus far European countries have earned only small amounts from the recently instituted program under which the United States Government procures military equipment abroad for the use of foreign countries. As orders are filled, however, such earnings are expected to rise significantly. The only large dollar outpayment on this account in 1952 was an advance of over 150 million dollars to France by the ExportImport Bank in the third quarter, to be repaid from dollars earned through the offshore procurement program. About 50 million of this advance was repaid before the end of the year. France obtained enough dollars last year from these advances and from United States economic aid to increase somewhat its gold and dollar holdings, notwithstanding its deficits with EPU and the dollar area. The continuing upward trend in the gold and dollar holdings of Continental European countries since the beginning of fullscale aid in 1948, and the difficulties of the Sterling Area in maintaining a satisfactory reserve position, are reflected in these areas' relative shares of total world reserves. In 1945 the Sterling Area held 20 per cent of world gold and dollar holdings, as compared with 39 per cent for Continental Western Europe; by the end of 1952 the proportions were 16 per cent and 41 per cent, respectively. The net increase in the gold reserves and dollar holdings of Asiatic countries outside MARCH 1953 1952 the Sterling Area was concentrated in Japan, which continued to earn large amounts of dollars from United States troop expenditures and procurement orders to support and supply forces in Korea. During the third quarter of 1952, Japan made subscription payments of 62.5 million dollars to the Monetary Fund and 5 million dollars to the International Bank. Among the Latin American countries, Argentina, Brazil, and Cuba experienced sizable reductions in gold and dollar holdings. The decline of 27 million dollars in Brazil's holdings was accompanied by an increase in Americans' short-term claims on Brazilians, as reported by banks in the United States, of about 170 million dollars, bringing such claims to about 355 million at the end of the year. MONETARY RESERVES AND PAYMENTS POLICIES As 1952 ended, most countries of the free world were experiencing high levels of economic activity without marked inflationary pressures. Despite larger defense expenditures, balance of payments difficulties were again declining in importance, as during the pre-Korean period. Furthermore, the improvement during the year in the balance of payments of the Sterling Area did not retard progress by many other countries toward balance in their external accounts. Reflecting these conditions, total foreign gold and dollar reserves were again rising and most countries of the free world were sharing in the increase. These favorable developments may be regarded as an indication that the countries of the free world have for the most part succeeded in adjusting to the changes in economic conditions brought about by the Korean conflict. During the first year after the Korean outbreak, the upward movement in foreign 215 INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1 9 5 2 monetary reserves, that had begun after the exchange rate adjustments of September 1949, accelerated markedly in response to expansion in both volume and prices of United States imports. Subsequently, from mid-1951 through the first quarter of 1952, foreign reserves were reduced significantly. This decline resulted primarily from a sharp deterioration in the balance of payments of the United Kingdom, Australia, India, and certain other members of the Sterling Area as well as Brazil and a few other countries. It reflected inflationary pressures and the rebuilding of low inventories in the United Kingdom; higher spending in other countries much of which was in response to the earlier increase in export earnings; and declines in prices of raw materials. The United States and a number of the countries of Continental Europe by mid-1951 had already succeeded, largely by the use of monetary and fiscal measures, in overcoming the inflationary tendencies which followed the Korean outbreak. During 1952 the United Kingdom and the other principal Sterling Area countries were more successful in combating inflationary pressures. The downward movement in their gold and dollar reserves was reversed by means of more restrictive internal financial policies and tighter direct controls on imports. This improvement has continued in 1953. In these circumstances, attention is being focused on the desirability of a fresh approach to world trade and payments problems. A 216 progressive replacement of aid by trade that is based on currency convertibility and free international commerce is now widely recognized as an objective that will provide an appropriate framework for sustained expansion of world output at stable prices. Both the recent British Commonwealth Economic Conference and the Fourth Annual Report of the Organization for European Economic Cooperation have emphasized the need for early action toward the achievement of this objective. The United States has for many years supported these views. Progress toward greater freedom in trade and payments depends upon further easing of those balance of payments strains that have given rise to existing restrictions on trade and on the transferability of currencies. Policies that foster internal financial stability, and therefore contribute to the achievement of over-all balance in the external accounts of deficit countries, are generally recognized as prerequisites for relaxation of trade and payments restrictions. A further prerequisite is that creditor countries maintain high levels of economic activity and pursue commercial policies that encourage foreign trade. Finally, if the conditions for sustainable balance in international accounts were fulfilled, a more satisfactory level of monetary reserves would help foreign countries to progress toward greater freedom of trade and payments with confidence that unpredictable reactions would not necessitate new restrictions. FEDERAL RESERVE BULLETIN SELECTED PRELIMINARY FINDINGS OF THE 1953 SURVEY OF CONSUMER FINANCES Following are the preliminary findings from the Eighth Annual Survey of Consumer Finances, conducted by the Board of Governors of the Federal Reserve System in cooperation with the Survey Research Center of the University of Michigan. These Surveys, taken in January and February of each year, provide information on consumer financial positions and consumer attitudes and plans for purchases of durable goods and houses. While the Surveys do not provide a forecast of consumer expenditures in these fields, they have proved useful in past years in providing general clues to the strength and nature of consumer demands. Release of preliminary findings at this early date is made possible by simplified procedures which permit speedy tabulation of the most timely data.1 The general conclusion to be drawn from the 1953 Survey is that consumers have a confident attitude concerning their financial positions and expect to purchase automobiles and major household durable goods in large volume this year. They also plan to purchase new and existing houses in substantial volume. More consumers report plans to buy new 1 These preliminary findings are based on simplified tabulations of approximately 2,400 interviews taken in January and February 1953 in 66 sampling areas throughout the country, including the 12 largest metropolitan areas. An additional 700 interviews will be included in the final figures to be available in a series of articles in the Federal Reserve BULLETIN starting in June or July. It is believed that results derived from final figures will not differ substantially from present indications. In addition to the subjects covered in this release, the BULLETIN articles will contain information about past purchases and financing of durable goods and houses, and distribution of liquid and nonliquid assets and debt. MARCH 1953 cars this year than so reported in early 1952 or 1951. Plans to purchase major household goods, especially television sets and furniture, are substantially more numerous than they were a year ago. Intentions to buy refrigerators appear little changed from last year. Plans to purchase new and used houses in 1953 appear to be slightly mQre numerous than they were a year ago. Increases in income in 1952 were widely distributed and, with consumer prices relatively stable, the proportion of consumers who feel their financial situations have improved is somewhat larger than it was in any previous postwar survey. Liquid asset holdings as reported in early 1953 are widely distributed among income classes, as was the case in all of the previous surveys. The proportion of consumers who feel times are good for making major purchases has increased considerably since early 1952. Nonfarm consumers as a group anticipate larger real incomes in 1953. Looking forward, most consumers (8 in 10 spending units) think prices will remain stable or go down. This is a substantial reversal from early 1951 and 1952, when half to twothirds expected prices to rise. Along with stable or declining prices, most nonfarm consumers expect their money incomes to be maintained or to increase this year. Almost half of those expressing opinions expect income increases. Similar information is not available for farm operators. A factor evidently at work in shaping consumer attitudes throughout 1952 and early 217 SELECTED PRELIMINARY FINDINGS OF THE 1 9 5 3 SURVEY OF CONSUMER FINANCES 1953 was the stability of consumer prices. The BLS index of consumer prices rose less than one per cent during 1952 in contrast to a 4 per cent rise during the previous year and a rise of about 8 per cent in 1950. An additional factor in buying intentions this year is the more lenient credit terms available compared with a year and two years ago. Also, more consumer intentions to buy durable goods early in 1953 than early in 1951 or 1952 are a reflection of higher current levels of income and employment. SELECTED PRELIMINARY RESULTS OF THE FEDERAL RESERVE SURVEY OF CONSUMER IN EARLY 1953, W I T H F I N A L RESULTS FOR 1950-52 a FINANCES [Percentage d istribution of spending units] Money income of consumers 1953 1952 1951 1950 Attitudes of consumers 1953 Money income in prior year, before taxes Under $3,000 $3,000-$4,999 $5,000 and over * All cases 46 49 32 22 32 19 29 16 100 100 100 100 55 Increase during year No change Decrease during year Don't know, not ascertained All cases 48 32 16 4 46 33 17 4 47 33 18 2 30 41 27 2 100 100 100 100 All cases 36 32 9 23 37 30 8 25 100 100 (4) 53 30 7 10 77 16 3 4 14 36 42 8 100 All cases 100 100 100 Evaluation of own fina ncial situation Better off than a year ago No change Worse off than a year ago Don't know, not ascertained 38 100 All cases 33 29 35 3 32 32 27 3 Expected change in income rate » Making more a year from now.. No change Making less a year from n o w . . . . Don't know, not ascertained.... 1950 16 44 31 9 Past change in income rate 2 Making more than a year ago. . . No change Making less than a year ago Don't know, not ascertained.... 1951 Expected price movements 43 32 25 1952 100 100 29 37 2 32 32 34 2 100 Evalutation of durable goods mar kets 28 32 10 30 100 Good time to buy Pro or con, depends, don't know. Bad time to buy All cases 33 33 22 28 39 26 52 49 100 100 100 18 $ 1 Preliminary data for early 1953 are based on the first 2,400 of some 3,100 spending units interviewed and have not been adjusted for nonresponse. Sampling variability for these data is greater than that indicated for complete Surveys in the Federal Reserve BULLETIN for July 1952. Data shown for 1952, 1951, and 1950 are based on complete Surveys. 2 Includes only nonfarm units in 1953, 1952, and 1950. 1 Includes only nonfarm units. 4 Information not obtained. 218 FEDERAL RESERVE BULLETIN INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY1 Credit and monetary measures influence economic activity and prices initially through effects on the availability, cost, and volume of credit. Their force, however, extends beyond lenders and borrowers. It is reflected in the quantity of money, in the market value and liquidity of assets, and in the over-all liquidity of the economy. Ultimately, it is reflected in the spending and saving decisions of income receivers and of holders of cash balances and other assets. The first article in this series provided a brief description of the nature of money, of the processes by which changes occur in the quantity of money, and of the reserve banking measures that influence expansion of the money supply. In the present article, the discussion is pursued further to consider the ways by which reserve banking action affects the lending and investment decisions of commercial banks and other lenders, alters the decisions of borrowers, and influences the lending, spending, and saving of all sectors of the economy. The discussion deals only with the mechanism by which credit and monetary measures affect the tempo of economic activity and thus contribute to stable economic progress. 1 This is the second of a series of articles considering the operation of credit and monetary policy in the United States. These articles are based on selected replies submitted early in 1952 by the Board of Governors of the Federal Reserve System to a questionnaire from the Subcommittee on General Credit Control and Debt Management of the Congressional Joint Committee on the Economic Report. The material selected has been modified and expanded in order to bring it up to date and to fill gaps in content resulting from the fact that the original material was organized in reply to definite questions. Preparation of the articles is under the direction of Ralph A. Young, Director of the Division of Research and Statistics. MARCH 1953 SOME GENERAL OBSERVATIONS Credit and monetary measures have widespread effects in encouraging or discouraging expenditures. A general tightening of credit has its most direct effect in restricting the amount of spending with borrowed funds. Credit restraint also curbs the expansion of money, and so limits increases in the amount of cash balances held by individuals, businesses, and other spending groups. Credit restraint, moreover, has important deterrent effects on spending out of existing cash balances and from funds obtained by the sale of assets, where no credit granting and no money creation are involved. These are indirect effects which come about in a number of ways. There may be a dampening of too optimistic expectations of businesses and consumers. A rise in interest rates produced by credit tightening will tend to reduce the value of capital assets, a development that will discourage some new investment in construction and in producers' equipment. Consumers and businesses may decide to save more, either because they are less sure that credit will be available for possible emergencies or to ensure fulfillment of future plans, or because the interest return on savings has become more attractive. Easing of credit, on the other hand, tends to have opposite effects. It encourages spending with borrowed money. It also stimulates greater spending out of current income and past savings. Credit easing does this by promoting the belief that prices of goods will rise, by reducing interest rates and thereby both lowering the cost of borrowing and stimulating a rise in capital values, and by 219 INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY making it less necessary and less profitable for businesses and consumers to save. Whether a tightening or an easing of credit will find a response in the demand for credit depends on the existence of a fringe of borrowing or potential borrowing. That is, greater difficulty in obtaining credit or increased cost of credit influences decisions of borrowers by deterring them from using credit for investments with marginal profitability or for consumption of marginal usefulness. It may also deter borrowers from using as much credit for other purposes as might have seemed profitable or useful had credit conditions remained unchanged. In a boom period, when credit is in great demand, there is always fringe borrowing which can be cut out either by greater selectivity in lending or by higher interest costs. If an easing of credit is to stimulate borrowing in a period of business recession, there must be a similar fringe of potential borrowing which will become effective when credit is more readily available and cheaper. Under most conditions such a fringe exists, and an easing of credit will stimulate borrowing in amounts or for purposes that were previously not regarded as profitable or useful, and for purposes for which credit could not previously be obtained. This fringe of potential borrowing, however, may be very limited under special circumstances. In a period of inflationary boom, investment in plant and equipment (productive capacity) and in housing and purchases of durable goods may proceed so rapidly, unless checked somewhat, that future needs will be too far anticipated. Then, in case of a serious business downturn, many activities involving credit that would ordinarily have been greatly stimulated by an easing of credit may not respond, because for the time being the demand for them has already been filled in the previous boom. Other potential borrowers may feel so dis220 couraged about profit possibilities as a result of the downturn that they too will not borrow, however cheaply and readily credit may be available. Once such conditions and attitudes have developed, the immediate effect of an easing of credit will be limited, although such an easing is still an essential measure in setting the stage for ultimate recovery. The ability to combat a recession with credit and monetary action, therefore, depends in large part on the extent to which restrictive credit action has been taken in the preceding boom, as well as on how early and aggressively easing action occurs after a downturn. A general tightening of credit results from a reduction in the availability of credit relative to the demand for it. Such tightening may develop because the supply of credit has contracted without a corresponding reduction in demand, because the demand for credit has increased without a corresponding increase in supply, or from some combination of these. In a boom period, demand for credit typically increases and credit conditions tend to tighten even though there is an actual increase in the volume of credit granted. In order to keep credit from tightening under such conditions, reserve banking policy would need to permit the total credit and monetary base to expand at the pace set by the progress of the boom, regardless of the inflationary or other unsound developments that might be occurring. A general easing of credit results from an increase in the supply of credit relative to the demand for it. Easier credit conditions may generally be expected to develop in a period of economic recession, except when there are banking difficulties or extreme pressures for liquidity on the part of consumers and businesses. Credit and monetary policy in such a period should encourage the development of easier credit conditions. FEDERAL RESERVE BULLETIN INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY EFFECT ON LENDERS A general tightening or easing of credit affects lenders in all sectors of the credit market, from short- to long-term. In the short- and intermediate-term sectors of the market, the major suppliers of funds are the commercial banks. Expansion or contraction of their loans and investments tends to expand or contract the volume of money. There are, however, many other lenders that supply a substantial volume of short- and intermediate-term credit through the investment in prime-grade marketable paper of cash balances not needed for current expenditures and of secondary reserve funds. The volume of such investment varies with the attractiveness of the interest return. The supply of bank credit is dependent on bank reserve positions, which in turn may be tightened or eased by reserve banking actions, as was explained in the first article of this series. The total supply of short-term credit is thus highly flexible. In the market for long-term credit, the supply of funds is related to the volume of saving. Major lenders in this market, in addition to individuals, are insurance companies, savings banks, savings and loan associations, public and private pension funds, and nonprofit institutions. Commercial banks, although primarily short-term and intermediate-term lenders, also invest their time deposits in real estate loans and in long-term corporate, Federal, and State and local government securities. The supply of investment funds is relatively fixed at any time and does not adjust quickly to changes in demand. In a period of boom, however, increased demand for long-term credit tends to spill over into the short-term credit market, and in a period of recession lack of long-term credit demand may induce investment funds to seek short-term outlets. Conditions of availability and cost of short-term MARCH 1953 and long-term credit thus are constantly interacting. Moreover, the lending and investing activities of commercial banks bridge the markets and help to link them together. Commercial banks. Individual commercial banks obtain funds primarily from the deposits of working balances and savings of individuals and businesses. For the banking system as a whole, however, most of the deposits result from credits extended by banks. Commercial banks as a group can expand their credits only to the extent that they have or can obtain the reserves needed to support the resulting growth in deposits. The availability of reserves is directly subject to Federal Reserve influence. Aside from a gold inflow or a return of currency from circulation, which can usually be counteracted by reserve banking action, and except for certain temporary technical factors, the volume of bank reserves can be increased only by bank borrowing at the Reserve Banks or through open market purchases of securities by the Federal Reserve. Commercial banks consider borrowing a temporary expedient. They do not like to be long in debt. Individual banks can get additional funds to lend by selling Government or other securities or by permitting maturing issues to run off. As a group, however, banks cannot expand their total supply of loanable funds in this way except when such paper is being bought by the Federal Reserve System. Unless the Federal Reserve is buying securities and thereby supplying reserves, reduction in security holdings by one or more banks will normally draw reserves from other banks and no net addition to reserves will occur. An attempt by banks as a group to obtain additional reserves by selling securities, or by allowing maturing issues to run oflf, will increase the supply of short-term paper for sale in the market, thus lowering prices and raising yields on such paper. Sim221 INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY ilar market pressure may result if banks draw upon balances with correspondents or call loans made in central credit markets in order to build up reserves. At the lower prices and higher yields, Government and other short-term securities will be more attractive. Nonbank investors may be induced to buy more of them, using temporarily idle deposit balances. Sales of shortterm paper by banks to nonbank investors and the use by banks of the proceeds to make loans will shift the ownership of deposits and may increase the activity of existing deposits, but such sales will not increase total bank reserves so as to permit an increase in total bank credit and deposits. With prices lower and yields higher on short-term paper, banks are less likely to reduce their holdings of secondary reserve assets, notably short-term Government issues. Some banks may continue to do so, but others will stop selling or may buy. In the aggregate, the secondary reserve position of banks will tend to stabilize. This development is brought about in several ways. Many banks and other potential lenders are reluctant to sell securities at a loss. As the potential loss becomes greater, this reluctance deepens. Rising yields on short-term paper, moreover, make the credit outlook uncertain, and this uncertainty, together with the fact of potential losses on the sale of paper held, makes the secondary reserve positions of banks less satisfactory to bank managements. Hence, holdings of liquid assets that were previously viewed as adequate or even more than adequate come to be viewed with concern. The result is a greater unwillingness on the part of bank managers to reduce holdings of liquid securities in order to make more loans. The key fact is that with a tightening in the credit situation banks cannot count with as much certainty on the ready availability of additional reserve funds and will therefore 222 tend to be more restrictive in their lending practices and standards. This restraint both reflects and is a part of the process of credit tightening. As the credit and monetary climate thus changes, bankers will modify their expectations about the general outlook for business and commodity prices. Applications for loans, particularly inventory loans, will be more carefully screened. Businesses which obtain credit to accumulate inventories will be under pressure from their bankers to keep inventories more closely in line with actual requirements. Bankers will also bring pressure for repayment on many borrowers with outstanding obligations. In general, they will be alert to find reasons for refusing credit requests or not meeting them fully and for accelerating repayment of outstanding loans, rather than eager to extend credit. When credit conditions ease, more and more banks will free themselves from borrowing and, as reserves accumulate in excess of working requirements, they will become more aggressive in competing for loans and marketable paper. Other lenders and investors will also be under pressure to keep their funds employed. This change in the credit situation will find prompt response in declining yields in all sectors of the market. Uses of credit that under conditions of credit tightness were postponed or not cultivated by lenders will be promoted by them under conditions of credit ease. Lenders and investors in long-term market. A tightening in credit and the accompanying increase in interest rates will significantly affect lenders and investors who operate primarily in the long-term credit market, including life insurance companies, mutual savings banks, savings and loan associations, and pension funds. They will become less willing to make any but the best grade loans and investments. They will generally exercise greater caution in acceptFEDERAL RESERVE BULLETIN INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY on their earning assets in order to meet coning marginal applications for credit. In part this change in attitude reflects the tracts with their own creditors. declining value of assets associated with risIn recent decades the flow of savings to ing interest rates. All income-producing as- nonbank institutional lenders, particularly insets yielding a fixed rate of return tend to surance companies, has been increasing rapdecline in price when market rates of interest idly and the size of the investment problem rise. This is true because they are valued in of these lenders has grown accordingly. In the market on the basis of expected returns, order to ensure the ready placement of funds capitalized at the appropriate current rate of regularly becoming available for investment interest including allowance for risk. It is from new savings and from repayment of old easy to see this relationship in the case of loans, the major savings institutions have deprime-risk securities, since their market value veloped techniques for committing their changes only with changes in interest rates; funds in advance to corporate, mortgage, and when interest rates rise, the value of such se- other borrowers. Such commitments make curities correspondingly declines. Actually it possible for potential borrowers to proceed the decline can be even more marked in the with projects which they might not undercase of securities or other income-yielding take without assurance of financing on satisassets of lesser grade. As interest rates in- factory terms. But nonbank lenders will hesicrease, investors become less optimistic about tate to commit themselves beyond the funds the business outlook and therefore change they expect to have coming in if they fear their appraisals of risk positions. Such that interest rates may rise in the near future changes in appraisals of risk, combined with and that they may therefore have to sell sethe general increase in interest rates, will re- curities at a loss to meet future commitments. sult in an even greater decline in value for As a result, when credit is tightening, some lesser grade securities than for prime assets. proposed projects requiring long-term credit Thus in a period of tightening credit, long- may be deferred because a financing committerm lenders and investors, while at first at- ment cannot be arranged. tracted by the higher yields available on asWhen interest rates decline, investors in the sets of less than top grade, gradually become long-term market will find their positions more restrictive and selective. They become more liquid. The yields available on highless willing to sell prime securities to acquire grade securities will fall and the prices of higher-yielding but more risky assets, partly such securities will rise. This development because they can sell the prime securities only in itself will encourage long-term lenders to at a loss, which they hesitate to accept. They extend investment into areas with more atalso become more interested in retaining in tractive rates of return. Moreover, if instituor adding to their portfolios the more liquid tional lenders are quite certain that interest types of assets, because of concern about the rates will fall and that prices of high-grade decline in the market value of their entire securities will rise, they will be willing to investment portfolio and the general uncer- commit themselves to future lending that tainty about future developments. In addi- will require the sale of high-grade securities, tion, the higher interest rates on these more in order to make loans with a more attracliquid assets in a period of tightening credit tive interest return. come closer to providing the average interest Underwriters and security dealers are imrate which institutional lenders must obtain portant in the money and capital market, and MARCH 1953 223 INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY their responses to credit tightness in turn affect the availability of credit. They are particularly sensitive to changes in interest rates because they customarily carry a large inventory of securities in the process of distribution. They risk large losses if they are holding large amounts of securities in a period of rising interest rates, since they may not be able to sell them except below cost or may have to carry the securities for some time on borrowed money. Thus underwriters and dealers may be expected to carry securities less readily and hence to discourage security flotations while interest rates are adjusting to higher levels. When yields are stable or are expected to fall, they will be more likely to encourage such flotations. EFFECT ON BORROWERS Restraint on borrowing exerted by tightening credit results in part, as already explained, from the increased difficulty of finding lenders and obtaining loans. It also results in part from the influence on the borrower of higher interest costs and from his greater uncertainty about future credit and business developments. Borrowers for business i n v e s t m e n t . Much business is done on the basis of being able to borrow capital at rates of interest lower than the return that is expected to be obtained on the use of that capital. These margins will be affected by changes in interest rates and by changes in the profitability of the businesses concerned. Each change, though small, may influence borrowing for which the profit margin is narrow, while not affecting the bulk of economic enterprise. Such small effects, however, help to maintain economic balance. The sensitivity of business borrowers to changes in interest rates varies widely, however. In certain fields of long-term investment, such as industrial and commercial 224 construction, public utilities, and railroads (which are large and important fields), interest costs are particularly significant. In such fields comparatively small increases in interest rates can have a substantial effect in postponing the demand for capital. Even in other fields where interest costs are less important, fringe borrowers may be deterred from borrowing when interest rates rise, while other borrowers may decide to get along with less credit. The higher that longterm rates become, and the more likely that this condition is temporary, the greater will be the tendency for long-term borrowers to postpone investment expenditures because they expect to be able to borrow later at considerably lower interest costs. An increase in interest rates does more than just affect the cost of credit to borrowers. It also reduces the market value of existing assets unless the actual or expected earnings on these assets rise, since earnings are capitalized at a higher rate of interest.2 The liquidity position of all asset holders is adversely affected by this development, and their willingness to undertake new long-term commitments may be influenced. A rise in interest rates also influences the utilization of productive resources, di2 In a highly developed economy such as the United States, the volume of accumulated capital assets is very great in relation to current income. Small percentage changes in the value of such assets involve large dollar amounts. In a recent study by Raymond W. Goldsmith, which is in process of publication, it is estimated that for the 145-year period 18051950 the average yearly rate of growth of reproducible tangible wealth in the United States was about 4% per cent, or about 2 per cent on a per capita basis. At the end of 1948 reproducible tangible wealth owned by individuals, businesses, and farmers was valued at approximately 600 billion dollars. Although not all of this represents assets whose value is directly affected by changes in interest rates, the figure serves to give some idea of the magnitude of reproducible assets involved. In addition, values of income-producing lands are affected, as are values of negotiable claims not represented by real assets. The study referred to is part of a comprehensive inquiry into savings and investment in the American economy, financed by a grant of funds from the Insurance Companies Investment Research Committee, with the joint participation of the two associations of life insurance companies. FEDERAL RESERVE BULLETIN INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY recting some activity away from production of long-lived, slowly depreciating capital goods and thereby freeing resources for an immediate increase in output of consumption goods and of producers' equipment to make consumption goods.3 An interest rate increase has this effect both by increasing the cost of long-term borrowing and by changing the relationship between prices of existing capital assets and the cost of producing new assets. In the fixed capital area these changes, together with changes in the outlook for profits and risks due to the altered credit and monetary situation, shift the balance of business decisions toward holding or buying old assets, and adapting old assets to new uses, rather than buying new ones. How the changed relationship between prices of existing capital assets and costs of producing new ones occurs is illustrated below. The illustration pertains to hypothetical office buildings with a net income from rent of $100,000 a year. Estimated cost of constructing new building $1,500,000 Capitalized market value of existing building with earnings from rent (net of all current costs and depreciation) of $100,000: If the current interest rate, with allowance for risk, is 6 per cent 1,666,667 If the current interest rate, with allowance for risk, is 7 per cent 1,428,571 3 Accelerated tax amortization for a capital good shortens the book life of the capital asset and reduces the period of borrowing that may be involved in its purchase. Long-lived capital goods may thus be made, in effect, more equivalent to shorter-lived producers' equipment, both from the standpoint of the effects of credit tightness on their purchase and from the standpoint of the obsolescence risk involved. MARCH 1953 If the current interest rate for such investment, with allowance for risk, were 6 per cent, the capitalized value of the existing property would be more than the cost of constructing a new building with the same earning prospects. An investor in this type of real estate, instead of buying an existing building, would build a new structure, other things being equal. If, on the other hand, the relevant interest rate were 7 per cent, the decision would go the other way. Business borrowers in the short-term market may also be greatly influenced by changes in credit conditions. Inventory accumulation is normally financed in substantial part by short-term credit. When businesses have been building up inventory positions, a tightening in the credit and monetary situation removes some of the incentives for inventory accumulation. Uncertainty with respect to the possibility of renewing the credit, moreover, increases the possibility that inventory holdings may have to be sold under unfavorable market circumstances. This deters particularly inventory accumulations of a purely speculative variety. Lower interest rates, through their effects on costs, capital values, and business anticipations, will encourage borrowers to make additions to physical property and also to accumulate inventory. Consumer borrowers. Use of credit by consumers is not subject to direct restriction by higher interest rates in the credit market. Consumer credits are generally extended on fairly standardized terms and at relatively high and inflexible credit charges. The rates paid for money at wholesale by the institutions that lend to consumers is only one of a number of important costs elements in the credit charge to consumers at retail. Thus changes in interest rates in the credit market have a less than corresponding effect on the charge for credit to consumers. Nevertheless, 225 INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY the interest cost is one important element in lenders' cost, and general credit tightness or ease tends to be transmitted to consumer credit through its influence on the strictness or leniency of credit standards applied by consumer-credit-granting institutions. Alteration of credit standards is a method by which lenders in this area control other important elements of their costs, namely, collection costs and losses by default. Because of the nature of the consumer credit market, selective credit regulation has been used in this field during emergency periods. Residential mortgage credit. Mortgage borrowing for house purchases is considerably affected by increases in interest rates. Borrowing to buy houses is typically longterm and on an instalment-repayment basis. An increase in the interest rate, which adds to the monthly mortgage payment, raises the attractiveness of rental housing compared with ownership. Total spending for houses may thus be reduced, as some buyers are discouraged altogether and others are induced to buy cheaper houses. The effect of this on economic activity is felt most directly through the market for new houses. The size of the monthly payment on a mortgage, however, reflects the length of the borrowing term as well as the interest rate. By lengthening the period of mortgage repayment the restrictive effect in the housing sector of an increase in interest rates may be largely offset. It is, consequently, highly important to avoid encouragement of longer mortgage maturities during a period of boom when credit tightness is being relied on to maintain economic stability and hold down inflationary pressures. The tendencies described, of course, work in reverse to stimulate house purchases during a period of recession. Investors and traders in corporate stock. The direct effect of changes in interest rates on demand for credit to finance purchases of 226 corporate stocks depends largely on what is happening in the stock market. When stock prices are stable, credit tends to be used by regular investors and professional traders who deal in lots of substantial size and expect only small unit profits. Credit demand for such transactions may be sensitive to interest rates, since the increased cost of higher rates may wipe out profits, while lower rates will tend to add to profits. On the other hand, when stock prices are rising or declining under the impact of speculative pressures, the expectation of quick capital gains may be so strong as to make borrowing costs a matter of distinctly secondary importance. In such circumstances, selective credit regulation of margin requirements on loans to purchase or carry stocks can aid in restraining credit expansion in this area. Tighter or easier credit conditions may indirectly affect borrowing on stocks through their influence on the pace of economic activity. The willingness of individuals to buy and hold stocks, both outright and on credit, is necessarily related to their judgments of business developments and prospects. EFFECT ON SAVING Changes in credit conditions and concomitant changes in interest rates will affect the volume of savings. If some groups in the economy increase their savings, an increase can take place in investment expenditures, or in consumption expenditures financed by borrowing or by drawing down asset holdings, without resulting in an increase in the total demand in the economy. To trace the effects on saving of a tightening or easing of credit and the accompanying changes in interest rates requires a manysided approach. To begin with, one needs to have in mind some facts about the term "saving" as it is generally used. First of all, saving may be done not only by individuals FEDERAL RESERVE BULLETIN INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY (including unincorporated businesses) but also by corporations and certain other institutional forms in the economy. Second, and more important, the aggregate volume of individual or other saving in any period is a total of the experiences of all who saved in the period, minus the total of all who consumed, or distributed as dividends, more than their incomes—that is, dissaved—by borrowing or by drawing on accumulated assets. Third, there are many forms of saving, or rather many uses of saving, and they vary in their response to credit tightening or ease and in their economic effects. In a discussion of how saving is affected by changes in credit conditions, each of these points must be considered. For saving by individuals, credit tightness and a rise in interest rates, for example, may set up several cross currents of response. Some individuals save for the purpose of building up assets that will provide a retirement income of a certain size. As long-term interest rates rise, the amount of saving required for such an income declines. Such savers can reduce their saving and still meet their needs, if they choose to do so. On the other hand, some individuals are concerned about the current return and will save more when a more attractive return is available. It is not easy to establish where the balance of these motivations may be. It is not necessary, however, that those who save increase their total saving in order to have an increase in the aggregate of personal saving. An increase in the aggregate of saving may be achieved by a reduction in the volume of dissaving—that is, a reduction in the extent to which consumption is financed by using past savings or by borrowing. Here the effect of a tightening credit policy is clearer. First, since credit is less readily available, the amount of dissaving with borrowed funds will be reduced from what it MARCH 1953 would otherwise have been. Second, dissaving through the use of previous savings will also be discouraged, depending on the form in which such savings are held. For savings held in marketable bonds and many other noncash assets, a decline in market values will accompany the general rise in interest rates. The sacrifice of principal involved in liquidation of these savings will deter dissaving of this kind. Dissaving through the use of past savings held in savings accounts or in other liquid forms will be less penalized. For some types, however, the current interest return will rise with the general advance in interest rates and thus the accumulated savings will be more attractive to keep. Another important consideration when credit conditions are tightening is that dissaving of any kind will be discouraged, and saving encouraged, by the fact that action to restrict the availability of credit is being taken for the purpose of restraining speculative and inflationary trends. There will be less incentive to hedge against advancing prices by buying in anticipation of such advances. The fact that measures are being taken to tighten credit and to curb monetary expansion will in itself reduce the likelihood of rising prices and lessen the incentive of individuals to buy goods ahead of needs. Also, overly optimistic expectations as to future income, other than from interest, will be tempered, and saving will be encouraged as a matter of prudent management of personal finances. A business corporation saves when it pays out less in dividends in any period than it makes in profits. Dissaving occurs when losses are sustained or when more is distributed in dividends than is made in profits. Total corporate saving over any period is equal to the sum of all such saving minus all such dissaving. Again taking the situation of credit tightening, corporations that plan to expand plant and equipment are 227 INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY likely to be more cautious in their dividend policies (save more) in order to ensure that funds will be available for such outlays. Because availability of credit is uncertain, other corporations will be inclined to hold larger cash balances rather than to increase dividends—on the chance that an emergency or a profit possibility requiring cash might develop. Savings may be held or used in many different ways. Personal savings, for example, may be invested in capital assets, either directly, such as in houses or individual business enterprises, or indirectly, such as in corporate stocks or bonds. Savings may be held as accumulated cash balances in demand deposit accounts or as currency holdings. They may be channeled into savings institutions through increased ownership of savings deposits or shares, or through the building up of claims in pension funds, annuities, or life insurance. Savings may also be kept in savings bonds or other Government securities. The form in which savers wish to hold savings, current or past, is of great importance for economic stability. A policy of credit and monetary restraint, for instance, can influence the decisions of many savers, both individuals and corporations, to invest new savings in such dollar claims as savings deposits or Government securities and to keep old savings in that form. Yields on these investments tend to become more attractive. At the same time the desire to invest in goods in order to beat price increases is reduced because the expectation of price increases, particularly of capital goods, is lessened. Holders of certain liquid savings, such as bonds, are discouraged from liquidating them to invest elsewhere by the fact that the selling prices of the bonds decline with increasing interest rates. In a period of recession, increased credit availability and declining interest rates, to228 gether with the expectation of continuing monetary ease, will tend to make employed individuals more willing to spend and go in debt for consumption and business purposes and corporations more willing to maintain dividend payments even though borrowing is required to provide for plant and equipment outlays. Both individuals and corporations will be encouraged by the greater certainty of credit availability and capital gains on assets held to rely on sales of such assets if necessary to meet future needs. Added to all this will be a growing confidence that declines in incomes and prices will be checked. Relatively low levels of interest rates on prime assets under such circumstances may encourage savers to invest in lower grade, higher yielding securities. EFFECTS TRACED BY CATEGORIES OF ECONOMIC ACTIVITY Gross national product of an economy may be divided for analytical purposes into categories of investment and consumption. Credit and monetary policy actions influence activity in these areas in varying degrees. For illustrative purposes it may be helpful to outline the effects of credit tightening on spending for broad categories of goods and services. The effects of credit easing would be generally the opposite of those for credit tightening. The discussion will be limited primarily to the initial and direct effects of credit and monetary action. No attempt will be made to relate to special economic sectors the pervasive indirect effects of such action. Gross private domestic investment. New construction is ordinarily financed to a considerable extent through long-term credit. The volume of expenditures for this purpose is thus subject to substantial direct influence through credit measures. This is true of outlays for housing and for business construction, but perhaps most particularly for housFEDERAL RESERVE BULLETIN INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY ing. In addition to the direct restraint through reduced credit availability, the effect of rising interest rates on capital values and on profit expectations is a restrictive factor in the construction area. Since producers' durable equipment is frequently bought on credit, reduced availability of credit curtails such purchases. For some producers' goods the credit period is typically long and the interest rate is an important cost consideration. Interest cost is particularly relevant in connection with investment in heavy, long-lived equipment. The effect of rising interest rates on capital values and in changing the relationship between prices of existing capital assets and the cost of producing new assets is also of considerable significance here. In the purchase of some other types of equipment, credit is usually shorter term, and here the factor of interest cost may be less important, although less ready availability of credit is a deterrent to borrowing. Changes in business inventories are influenced to an important extent by reduced availability of credit, for inventory investment is heavily dependent on short-term credit. There is usually a close business relationship between bankers and inventory borrowers, and changes in the credit climate will be quickly reflected in bankers' advice to borrowers to proceed cautiously. In addition, the mere existence of a policy of credit restraint will help to reduce the expectation of rapid price advances that encourage inventory speculation. Personal consumption e x p e n d i t u r e s . Automobiles, household appliances, furniture, and other durable goods are frequently bought on credit, and limitation on the availability of credit will reduce such outlays. Interest rates in the credit market, however, have relatively little bearing on credit charges to consumers where credit is available. BeMARCH 1953 cause of general credit tightness, nevertheless, credit grantors will need to place greater emphasis on the creditworthiness of borrowers and on the terms on which the credit is extended. This change in lenders' attitudes will exclude some borrowers from the market, and the existence of some credit tightness will encourage others to postpone durable goods purchases if they expect lower prices later. Credit is not a key factor in purchases of nondurable goods, although credit restraint may indirectly curb such expenditures by making it necessary for consumers to use more of their available cash and less credit for housing and for durable goods purchases, thus curtailing the money available for spending for other purposes. Also, merchants, because of reduced access to credit and higher interest costs on carrying charge account receivables, may screen applicants for such accommodation more carefully and pay more attention to prompt collection of outstanding accounts. Credit tightening will further have some influence on nondurable goods purchases through its encouragement of saving, which will presumably reduce buying of these as well as other goods, and through its effect in reducing the expectation of price increases, which will lessen advance buying of goods. Since services are usually not bought on credit, credit tightness will have relatively little direct effect on such spending. Expenditures in this area will be affected indirectly in ways similar to the effect on spending for nondurable goods. Net foreign purchases. A restrictive credit policy will tend to reduce the dollar volume of United States imports. Effects upon exports will be mixed. To the extent that restraint of domestic demands reduces prices, some United States materials and products may become more attractive to foreign buyers, and exports may be stimulated. On the 229 INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY other hand, foreign purchases in this country may be reduced if short- or long-term credit in this country is restricted and if no alternative means of financing such payments are available. On balance, the over-all short-run effect on United States export-import trade is difficult to predict. International movements of liquid funds to this country in response to interest rate increases or to changes in the outlook for stability in the United States economy might be substantial. If so, they would tend to be reflected in a flow of gold to this country, which would ease the credit situation somewhat unless offset by reserve banking action or other factors. Such movements of funds would tend, however, to tighten reserve positipns abroad and might lead to restrictive credit developments there, assuming that inflationary pressures were world-wide. This would curb foreign demand for goods and reduce foreign purchases of goods in this country. Government purchases of goods and services. The general availability and cost of credit, particularly in the long-term capital market, has an influence on the timing of State and local government outlays which require credit. The outlays of the Federal Government are influenced considerably less by the availability and cost of credit. SECONDARY EFFECTS The effects of changes in credit conditions on lending, spending, and saving discussed in this article are their initial and more direct results in combating excess or deficient demand and resultant inflationary or deflationary pressures. These initial effects are succeeded by secondary effects which may be of great importance. If credit becomes tighter, for example, initially less money is paid out to consumers at a time when additional money income would merely increase 230 prices without expanding the supply of goods available. As a result, there will be less to spend for goods and services in later periods, and accordingly an abatement in further pressure of demand against the supply of goods. Curtailed spending for consumer goods and other finished products in turn will have a dampening effect on the demand for machines and other producers' equipment to make them. Consumers and investors may anticipate these secondary effects and, through their attitudes and actions, may bring them about more promptly and in greater amount. MAGNITUDE OF INTEREST RATE CHANGES Interest rates, as the prices paid for credit, perform the important function of influencing the flow of funds into various channels. They also serve as a basis for establishing the present value of any assets which are expected to provide income over a succession of years. Changes in interest rates constitute signals and incentives by means of which demand for funds is kept in balance with supply. Thus far the discussion has been carried on without specific reference to the magnitude of interest rate changes. As has been explained, a tightening of credit involves an increase in interest rates; an easing of credit,, a decline in interest rates. Higher interest rates tend to eliminate some marginal demand for loans. At the same time the increased interest rates, combined with capital losses on assets and a change in business expectations, make lenders more selective in their lending activities and spenders in general less willing to spend. Conversely, lower interest rates tend to increase marginal borrowing, to encourage lenders to expand into lower grade securities, and to make spenders generally more willing to spend. The magnitude of interest rate changes FEDERAL RESERVE BULLETIN INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY necessary to bring supply and demand for funds into equilibrium and to retard the development of inflation or deflation depends on many factors. This section will give some examples of these factors, with specific reference to their operation in periods of tightening credit conditions. Kinds of interest rates. There are many interest rates because there are many kinds and grades of loans and investments. They are all related to one another in some degree and reflect in varying measure the relationship in the market between the demand for credit and the supply of funds available for lending and investing. In a free enterprise system, interest rates are established by the interplay of market forces. Traditionally, reserve banking influence is directed to expanding or contracting the supply, availability, and cost of Reserve Bank credit as needed to maintain general economic and financial stability. This activity necessarily affects the supply, availability, and cost of other credit. The Reserve Bank discount rate has a relationship to the cost of credit generally. Since Reserve Bank advances are extended on short-term paper of prime quality, the relationship between the discount rate and other market rates is closest in the short-term prime credit area. Under present conditions in the United States, Government securities play a key role in the credit market. The market rate on Treasury bills is the most sensitive index of changes in credit market forces, including particularly changes in commercial bank reserve positions. Other short-term interest rates usually have generally similar movements. When credit and monetary demands expand and member bank borrowing at the Reserve Banks increases, rates on short-term Government securities tend to rise, and this tendency toward higher rates is in turn transmitted to other credit markets. The discount rate is adjusted or not in accordance with the judgment of the Federal Reserve as to the general economic situation and the strength and soundness of credit developments. The relation of the discount rate to other short-term interest rates since the First World War is shown in the chart. Long-term rates generally rise when shortterm rates rise and decline when short-term rates decline. The tighter or easier credit conditions which accompany changes in business activity are generally felt directly in both SHORT-TERM INTEREST RATES Per Cent per Annum 8 - 6 PRIME - 6 rn , . COMMERCIAL M j l p/\ PAPER J / Ik 4 1 i PRIME* \J BANKERS' 2 V r ^ACCEPTANCES V.i 0 i V^ ji ^ v - 2 F. R. BANK ( D I S C O U N T RATE ^"../TREASURY 1 . . . . BILLS 1 , , '30 '25 '45 '35 '40 '50 1920 * Rate on bankers' acceptances not shown after 1933; Treasury bill rate shown beginning in 1934. NOTE.—Federal Reserve discount rate is rate at Federal Reserve Bank of New York; from October 30, 1942, to April 24, 1946, preferential rate on advances secured by short-term Government securities is shown. Monthly averages of prevailing weekly rates are shown for prime 4- to 6-month commercial paper and prime 90-day bankers' acceptances. Treasury bill rate is average rate on new issues during month. Latest figures are for February 1953. MARCH 1953 231 INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY long- and short-term fields. Moreover, for some lenders the long-term markets for credit are competitive with the short-term markets. While short- and long-term rates generally move together, the change in long-term rates is ordinarily smaller in magnitude than that in short-term rates. Lenders generally expect extreme levels of short-term rates to prevail for only a short period of time. Since the current yield on long-term securities will be received until the maturity of the security, a relatively small change in long-term rates will restore the competitive relationship. Moreover, as already noted, when yields rise the capital loss incurred on long-term securities may serve to check sales and thus moderate the rise in long-term yields. Short-term paper, on the other hand, is generally held by both banks and nonbank investors for the express purpose of adjusting to changed requirements for funds and hence tends to be sold or bought as cash assets temporarily fall below or rise above desired levels. In recent years, long-term rates have been constantly above short-term rates, but this has LONG-AND SHORT-TERM INTEREST RATES Per Cent per Annum PRIME COMMERCIAL PAPER HIGH-GRADE CORPORATE BONDS 50 1900 NOTE.—Annual averages of monthly figures. High grade corporate bond yield series comprises Standard and Poor's Corporation series on high-grade railroad bonds through 1919, Moody Investors' Service series on Aaa railroad bonds for period 1920-29, and Moody series on Aaa public utility bonds beginning in 1930. 232 not always been the case. The chart shows the relationship since 1900 between the commercial paper rate and the yield on long-term corporate bonds. Influence of general economic and financial factors. The extent of interest rate increases under conditions of credit tightness will depend on the entire economic background at the time. To understand that background calls for careful consideration of many questions. For example, how strong are the credit demand pressures? By what forces are they being generated? How extended or overextended is the underlying economy itself? How optimistic is the climate of business expectations ? And always, in appraising the possible response of interest rates to a general tightening of credit, it is necessary to take into account the established organization of the credit market and the investment and operating experience of the institutions which make up this market. Under some circumstances, reserve banking measures involving only minor increases in interest rates would be adequate to restrain undue credit and monetary expansion; with another background, effective credit and monetary policy would require pronounced increases in rates. The response of the economy to reserve banking action will depend in part on the habits and patterns of financial management built up over the preceding months and years. Restrictive action, for example, may be effective with relatively small increases in interest rates if existing interest levels have prevailed for some time. Under these circumstances, institutional investors will be doing business on the assumption that interest rates will remain substantially stable and that consequently securities may be sold without significant loss. To these investors and to a great many others, a tightening of credit will introduce new problems of liquidity and FEDERAL RESERVE BULLETIN INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY bring about a retrenchment in their activities, including their commitments to grant credit at some future time. In the light of extensive past experience, uncertainty regarding future interest-rate increases will promote caution among lenders as long as demand for credit continues strong. The absolute level of interest rates prevailing at a given time and the range of variation in interest rates for various kinds and grades of credit are other factors influencing the extent to which a given credit action may cause interest rates to change. A given absolute increase in rates, for example, has a more depressing effect on the capital values of prime long-term investments if they are capitalized on the basis of a 2l/2 per cent rate rather than at 4 per cent. More significantly, if the spread between the rate on prime paper and the rates on secondary grade credits has been small, the impact on capital values of a given increase in prime rates will tend to be carried more quickly throughout the entire credit market than if a wider spread in rates has prevailed. The effect of a change in interest rates depends also on the total volume of those types of assets having market prices that will respond quickly to such a change. The larger this volume is, the greater and more immediate will be the impact on the entire economy of a given interest rate movement. On balance, developments in the American credit market in the past 25 years, including particularly the large expansion in marketable public debt, have increased the importance of assets having prices that move promptly with interest rate changes. Influence of special credit conditions. Institutional and other factors that exist in the credit market at a particular time can have a big influence on the responsiveness of the economy to credit tightness and on the size of interest rate increases that credit MARCH 1953 tightness will bring about. In 1928 and 1929, for example, speculation in the stock market had raised stock prices so high that equity capital was available to corporations on more attractive terms than debt capital. The cost of debt financing (the long-term interest rate) was increasing, but a corporation could sell stock on such favorable terms that this became the favored method of financing. In this period corporations relied heavily on the equity market for capital. Investors on their part were attracted into equities by prospects for future gains, even though yields on highgrade bonds were higher than those currently obtainable on stocks. The stock market boom in those years was based largely on margin trading financed heavily in the brokers' loan market, mostly by nonban\ credit (loans to brokers and dealers for the account of others). Interest rates of 9 per cent or more in this market did not prevent a large volume of borrowing for speculation in stocks. Under such circumstances, credit actions taken to restrict the general availability of credit could not easily be made effective in curbing an unsustainable speculative boom in the stock market except by affecting economic activity in general and in that way making investment in equities unprofitable. Despite the decline in long-term interest rates in the downturn that followed the eventual stock-market crash, long-term borrowing was still considerably less attractive than the equity financing that had been available to many prime borrowers in 1929. Legislation designed to prevent a repetition of this situation authorized the Federal Reserve through margin requirements to regulate the use of credit in the stock market. Under other and quite different circumstances, restraint on credit may have a sharply restrictive influence before the interest rate rise has been large. For example, when a large amount of business financing is being 233 INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY done in the bond market, investment underwriters and security dealers need to carry a substantial inventory of bonds. For these institutions the ratio of capital to this inventory is typically small, and their operations are heavily dependent on the use of shortterm bank credit. Moderate increases in interest rates cause the value of their inventory of bonds to decline, put their capital positions in jeopardy, threaten their creditworthiness, and cause them to reduce the volume of new flotations of securities that they are willing to undertake. To give another example, in the spring of 1951 the mortgage market was particularly sensitive to a moderate increase in long-term rates. This was because major lenders were overextended in their lending commitments. In response to the change in the credit situation at that time, and the uncertainty as to future interest rate and security price levels, these lenders reduced sharply their commitment activities in mortgage financing and to some extent in other financing also. This brought about some limitation on the volume of their lending, which up to that time had been running substantially in excess of the funds they had from repayments of old loans and new savings, with the difference made up by sales of Government securities which in turn had been purchased by the Federal Reserve at supported prices. CONCLUDING COMMENT This article has described the way in which a general tightening or easing of credit, with accompanying changes in interest rates, may function to help maintain economic stability. It has not dealt with the many forces, other than credit and monetary forces, that cause instability. It has taken for granted that credit and monetary measures are not the only reliance of public policy in sustaining economic balance. 234 The discussion has largely focused on the broader effects of credit tightness and rising interest rates on lending, spending, and saving. The mechanism of credit ease is in general the opposite of credit tightness. The response to credit easing, however, is greatly influenced by cyclical or other prevailing circumstances, and the effectiveness of credit easing in checking monetary contraction and in bringing about resumed growth in economic activity depends greatly on earlier effective reliance on credit tightness to limit excessive credit and monetary expansion. In considering the mechanism of credit tightness and related interest rate increases in counteracting unsound business booms, it is important to bear in mind the alternative to such developments. To avoid credit tightness it would be necessary to supply additional funds to meet all demands, even though they might be excessive from the standpoint of the maintenance of stable economic progress. In a free enterprise economy, decisions regarding the use of purchasing power are made by the individuals who receive incomes and have savings, rather than dictated by government. The extent to which it is possible to devote resources to expansion of productive capacity and the stock of housing and commercial construction without generating excessive, inflationary bank credit and monetary expansion depends largely on the combination of individual decisions to save and to dissave—on the aggregate volume of saving. When savings are very large, as they ordinarily are in this country, sustained expansion is possible in substantial volume without an excessive and unstabilizing growth of credit and money. Reprints of this article are available upon request from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. FEDERAL RESERVE BULLETIN LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Margin Requirements for Purchasing Securities Supplements to Regulations T and U The Board of Governors of the Federal Reserve System, effective February 20, 1953, amended the Supplement to Regulation T entitled "Extension and Maintenance of Credit by Brokers, Dealers, and Members of National Securities Exchanges/' and amended the Supplement to Regulation U entitled "Loans by Banks for the Purpose of Purchasing or Carrying Stocks Registered on a National Securities Exchange" so as to decrease the margin requirements from 75 per cent to 50 per cent for credit extended by brokers and banks to finance purchases of stock exchange securities. The decreased margins also apply to short sales. The texts of the Supplements as thus amended are as follows: SUPPLEMENT TO REGULATION T Issued by the Board of Governors of the Federal Reserve System Effective February 20, 1953 Maximum loan value for general accounts.—The maximum loan value of a registered security (other than an exempted security) in a general account, subject to section 3 of Regulation T, shall be 50 per cent of its current market value. Margin required for short sales in general accounts—The amount to be included in the adjusted debit balance of a general account, pursuant to section 3(*/)(3) of Regulation T, as margin required for short sales of securities (other than exempted securities) shall be 50 per cent of the current market value of each such security. SUPPLEMENT TO REGULATION U Issued by the Board of Governors of the Federal Reserve System Effective February 20, 1953 For the purpose of section 1 of Regulation U, the maximum loan value of any stock, whether or not registered on a national securities exchange, shall be 50 per cent of its current market value, as determined by any reasonable method. CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings The Federal Advisory Council met in Washington on February 15-17, 1953. The annual organization meeting of the Council was held on February 15, 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 17. A meeting of the Presidents of the Federal Reserve Banks was held in Washington on March 2 and 3, and on March 5 the Presidents met with the Board of Governors of the Federal Reserve System. On March 4 and 5 a meeting of the Federal Open Market Committee was held. At the meeting on March 4, William McC. Martin, Jr., was MARCH 1953 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, 1953, are Allan Sproul, J. A. Erickson, Ray M. Gidney, Delos C. Johns, and O. S. Powell, Presidents of the Federal Reserve Banks of New York, Boston, Cleveland, St. Louis, and Minneapolis, respectively. Appointment of Class C Director and Deputy Chairman On February 25, 1953, the Board of Governors announced the appointment of Mr. Bert R. Prall, President, Butler Brothers, Chicago, Illinois, as a Class C director of the Federal Reserve Bank of Chicago for the term ending December 31, 1954, and Deputy Chairman for the remaining portion of the year 1953. Mr. Prall succeeded Mr. Franklin J. Lunding, Director and Chief Executive Officer, 235 CURRENT EVENTS AND ANNOUNCEMENTS Jewel Tea Company, Inc., Chicago, Illinois, who resigned. Resignation of Branch Director On February 13, 1953, the Federal Reserve Bank of Atlanta accepted the resignation of Mr. A. J. Goodwin, Jr., Vice President, The Anniston National Bank, Anniston, Alabama, as a director of the Birmingham Branch. Mr. Goodwin had served as a director of the Birmingham Branch since January 1, 1952. The tables relate principally to outstanding credit and include data on debt by major types of property mortgaged, mortgages held by major types of investors, and Federally-underwritten and conventional debt. Data are shown for total mortgage debt and for debt secured by small nonfarm, other nonfarm, and farm properties. Mortgage holdings, in some detail, are shown for the major types of private financial institutions—commercial banks, mutual savings banks, life insurance companies, and savings and loan associations—and for selected FedElection of Class B Director eral agencies and others. The Federal Reserve Bank of Atlanta on March The tables also include data on the volume of 10, 1953, announced the election of Mr. Pollard mortgage lending as shown in mortgage recordings Turman, President, J. M. Tull Metal and Supply of $20,000 or less, in activities of savings and loan Company, Inc., Atlanta, Georgia, as a Class B direc- associations and life insurance companies, and in tor of the Bank for the term ending December 31, operations of Federal agencies that influence mort1954. He succeeded Mr. J. A. McCrary, Vice Presi- gage lending volume and practices, including the dent and Treasurer, J. B. McCrary Company, Inc., Federal Housing Administration, Veterans AdminAtlanta, Georgia. Mr. Turman served as Counsel istration, Federal National Mortgage Association, for the Federal Reserve Bank of Atlanta from May and Federal Home Loan Banks. 1, 1939, until June 1, 1944, when he was appointed The set of tables on consumer credit, which preGeneral Counsel. He served in that capacity until viously followed the gross national product and June 1, 1947, when he resigned to become asso- related series, now is included on pages 276-278 ciated with the J. M. Tull Metal and Supply Com- of this BULLETIN, after the new set on real estate pany, Inc. credit statistics. Appointments of Branch Directors On March 13, 1953, the Federal Reserve Eank of Atlanta appointed Mr. Malcolm A. Smith, First Vice President, Birmingham Trust National Bank, Birmingham, Alabama, as a director of the Birmingham Branch for the term expiring December 31, 1954. Mr. Smith succeeded Mr. A. }. Goodwin, Jr., who resigned. On March 17, 1953, the Board of Governors announced the appointment of Mr. Thomas H. Wilson, President, Treasurer, and Advertising Manager, Henredon Furniture Industries, Inc., Morganton, N. C, as a director of the Charlotte Branch of the Federal Reserve Bank of Richmond for the term ending December 31, 1955. Mr. Wilson succeeded Mr. W. A. L. Sibley, Vice President and Treasurer, Monarch Mills, Union, S. C , whose term expired. Tables Published Annually and Semiannually, with Latest BULLETIN Reference New BULLETIN Tables New tables on real estate credit, on pages 273275 of this BULLETIN, bring together pertinent data from various sources. Federal Reserve estimates are included for several series, chiefly to provide current data at more frequent intervals. California Compton—Compton Commercial and Savings Bank. San Francisco—The Bank of Tokyo of California. San Francisco—The Sumitomo Bank (California). 236 Semiannually Issue Banking offices: Analysis of changes in number of. . . On, and not on, Federal Reserve Par List, number of Feb. 1953 Feb. 1953 Page 181 184 Annually Bank suspensions Earnings and expenses: Federal Reserve Banks Member banks: Calendar year First half of year Banks and branches, number of. by class and State Operating ratios, member banks Feb. 1952 135 Feb. 1953 182-183 May 1952 Oct. 1952 556-566 1159 May 1952 Aug. 1952 567-568 937-939 Admissions of State Banks to Membership in the Federal Reserve System The following State banks were admitted to membership in the Federal Reserve System during the period January 16, 1953 to February 15, 1953: FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled February 25 and released for publication February 27] Industrial production continued to rise in January and February and construction activity was maintained at advanced levels. Retail sales were down somewhat more than seasonally from the record year-end level. Wholesale prices continued to show little change, while consumer prices declined slightly further. INDUSTRIAL PRODUCTION The Board's index of industrial production rose two points in January to 237 per cent of the 1935-39 average. A small further rise is indicated in February, reflecting mainly continued gains in output of consumer durable goods. Production of passenger autos has increased sharply since December and in February reached an estimated annual rate of 6.2 million units. Seasonally adjusted output of major household goods, notably television sets, also expanded further in January and apparently continued at advanced levels in February. Activity in producers' and military equipment industries has been generally maintained. Among materials, lumber showed a large further gain in January after seasonal adjustment. Output of aluminum, up markedly in January, exceeded the year-ago level by almost one-sixth owing mainly to additions to capacity. Other nonferrous metals generally changed little in January. Steel ingot production in February held close to the record January rate. INDUSTRIAL In January output of nondurable goods largely recovered from the temporary December decline. Activity at cotton and rayon textile and paperboard mills continued somewhat below October-November rates but there were increases at plants making leather and rubber products. Output of chemicals and refined petroleum products continued at advanced levels. A slight further decline in minerals output in January resulted from curtailment of coal and crude petroleum production. Bituminous coal mining decreased somewhat further in the first half of February. CONSTRUCTION Value of construction contract awards declined by more than one-fourth in January, reflecting largely a substantial drop in awards for nonresidential building. The total, however, remained almost one-fifth above a year ago. The number of housing units started totaled 71,000 as compared with 76,000 in December and 65,000 in January, 1952. Value of new work put in place in January, after allowance for seasonal influences, continued at the very high level of other recent months. EMPLOYMENT Seasonally adjusted employment in nonfarm establishments continued in January at the peak of 47.8 million, 1.3 million above a year ago. The PRODUCTION CONSTRUCTION CONTRACTS AWARDED PHYSICAL VOLUME. SEASONALLY ADJUSTED. 1955-39 • 100 MILLIONS OF DOLLAR S i 400 TOTA \ 200 1000 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 Federal Reserve indexes. Monthly figures, latest shown are for February. MARCH 1953 -n i 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 F. W. Dodge Corporation data for 37 Eastern States. Monthly figures, latest shown are for January. 237 NATIONAL SUMMARY OF BUSINESS CONDITIONS work week in factories declined seasonally but, at 41.1 hours, was at a postwar high for the month; average hourly earnings remained at $1.73 and average weekly earnings declined about 2 per cent to $71.27. Unemployment increased to 1.9 million in January, owing mainly to the usual seasonal reduction in outdoor construction activity, but remained below the level of a year ago. Prices of some industrial materials such as zinc, rubber, and fats and oils declined, while certain other materials, some of which were decontrolled in February, advanced. Consumer prices declined slightly further in January and February, reflecting chiefly decreases in prices of meats and some other foods. BANK CREDIT DISTRIBUTION Department store sales in January and the first two weeks of February were close to year-ago levels, reflecting a more than seasonal decline from the high levels of late 1952. Seasonally adjusted sales at most other nondurable goods stores also declined in January, while sales of most durable goods outlets—particularly automobile dealers— expanded somewhat. Department store stocks at the end of January, after seasonal adjustment, are estimated to have been at the year-ago level or little changed from other recent months. COMMODITY PRICES The average level of wholesale prices continued to change little from mid-January through February. Beef prices declined substantially further as marketings continued in large volume, but pork advanced in large part seasonally. Grains decreased markedly early in February but subsequently recovered. PRICES AND TRADE 1947-49.100 WH0LE8ALE PRICES 80 80 140 140 DEPARTMENT STORE TRADE 120 120 CONSUMER PRICES 100 80 L 1948 80 1949 1950 1951 1952 1948 1949 1950 1951 1952 Seasonally adjusted series except for prices. Wholesale prices and consumer prices, Bureau of Labor Statistics indexes. Total retail sales and disposable personal income, Federal Reserve indexes based on Department of Commerce data. Department store trade, Federal Reserve indexes. Monthly figures, latest shown are for January. 238 Loans and investments at banks in leading cities continued to decline between mid-January and midFebruary. Reduction in bank holdings of Government securities, largely Treasury bills, accounted for most of the contraction. Loans to food processors, commodity dealers, and salesfinancecompanies declined seasonally while loans to metal manufacturers increased further. Consumer and real estate loans continued to rise. Member bank reserve positions remained under pressure during late January and February despite a substantial decline in required reserves. Losses of reserves resulted largely from a gold outflow and from further reductions in System holdings of Government securities. Member bank discounts with the Federal Reserve averaged over 154 billion dollars. SECURITY MARKETS Yields on United States Government securities fluctuated within a narrow range during the first half of February, but moved higher in the following week. On January 30 the Secretary of the Treasury announced the terms of two new issues offered in exchange for 8.9 billion dollars of 1% per cent certificates of indebtedness maturing on February 15—a 2x/4 per cent one-year certificate and a 254 per cent five-year ten-month bond. The offering was exceptionally well received, with cash redemptions only 1.5 per cent of the maturing issue. Yields on high-grade corporate bonds continued to rise, reaching a postwar high in the third week of February. Common stock prices declined in the first week of February but showed little change in the following two weeks. Margin requirements on credit for purchasing or carrying securities were reduced from 75 to 50 per cent, effective February 20. FEDERAL RESERVE BULLETIN FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 241-242 Federal Reserve Bank rates; margin requirements; reserve requirements 242-243 Reserves and deposits of member banks Federal Reserve Bank statistics Regulation V: guaranteed loans, fees, and rates Bank debits and deposit turnover; Postal Savings System Money in circulation Consolidated statement of the monetary system; deposits and currency. . All banks in the United States, by classes All insured commercial banks in the United States, by classes Weekly reporting member banks Commercial paper and bankers' acceptances Life insurance companies; savings and loan associations Government corporations and credit agencies Security prices and brokers' balances Money rates; bank rates on business loans; bond and stock yields Treasury finance New security issues Business finance Real estate credit statistics Consumer credit statistics • Business indexes Merchandise exports and imports Department store statistics Consumers' and wholesale prices Gross national product, national income, and personal income List of tables published in BULLETIN annually or semiannually, with references for latest data 244 245-247 247-248 248 249 250 251-253 254-255 256-258 258 259 260-261 262 263 264-269 270 271-272 273-275 276-278 279-288 288 289-293 294-295 296-297 236 Tables on the following pages include the principal statistics of current significance relating to financial and business developments in the United States. The data relating to Federal Reserve Banks, member banks of the Federal Reserve System, and department store trade, and the consumer credit estimates are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained from statements of the Treasury; the remaining financial data and other series on business activity are obtained largely from other sources. Back figures through 1941 for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for many other tables may be obtained from earlier BULLETINS. MARCH 1953 239 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Billions of Dollars Wednesday Figures Billions of Dollars 35 MONEY I N CIRCULATION RESERVE BANK I CREDIT REQUIRED RESERVES TREASURY CASH AND DEPOSITS NONMEMBER 1944 DEPOSITS 1945 1946 1947 1948 FEDERAL 1949 1950 1951 1952 RESERVE CREDIT HOLDINGS OF U- S GOVERNMENT SECURITIES - TOTAL FEDERAL RESERVE FLOAT 1 1 • • -1 DISCOUNTS A N D ADVANCES 1944 1945 1946 1947 1948 1 1949 1950 Wednesday figures, latest shown are for Feb. 25. 240 1951 1952 1953 See page 241. FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Member bank reserve balances Reseirve Bank credit outstanding U. S Government securities Date or period Discounts and advances Total .ttii Bills, 1 Total certifi- other Bonds cates, and notes Gold stock TreasTreasury deury Money Treas- posits ury with rency in circash Federal cula•U 1 J outnoiaRetion standings serve ing Banks Other Non- Fedmember de- ReReExposits serve Total acquired2 cess2 counts Wednesday figures 1952—Jan. 2 . . Jan. 9 . . Jan. 16.. Jan. 23.. Jan. 30.. 105 198 135 112 210 23 23 23 22 22 ,658 ,452 ,119 ,993 ,785 5 ,344 5 ,344 5 ,344 5 ,344 5 ,344 18 18 17 17 17 ,314 1 ,062 ,108 904 ,775 1 ,118 ,649 1 ,010 ,441 711 24 24 24 24 23 ,825 ,554 ,372 ,116 ,707 22 22 22 22 22 ,697 ,772 ,822 ,872 ,931 4,706 4,707 4,710 4,711 4,716 29 28 28 28 28 ,143 ,800 ,526 ,342 ,347 1,275 1,280 1,291 1,280 1,302 8 69 138 11 221 694 771 719 663 729 745 20,364 743 20,369 744 20,488 743 20,660 742 20,013 19,685 679 19,551 818 19,590 898 19,573 1,087 19,455 558 Feb. 6 . . Feb. 13.. Feb. 2 0 . . Feb. 27.. 283 619 454 422 22 22 22 22 ,614 5 ,344 ,499 5 ,344 ,400 5 ,471 ,555 5 ,636 17 17 16 16 ,270 759 ,155 634 ,929 1 ,033 ,919 773 23 23 23 23 ,656 ,753 ,887 ,750 22 23 23 23 ,990 ,011 ,071 ,110 4,717 4,717 4,721 4,722 28 28 28 28 ,378 ,425 ,387 ,390 1,317 1,276 1,308 1,308 52 261 491 712 728 685 749 730 741 20,148 741 20,094 738 20,007 735 19,710 19,415 19,304 19,293 19,224 Mar. 5 . . Mar. 1 2 . . Mar. 19.. Mar. 2 6 . . 384 357 126 170 22 22 22 22 ,514 ,530 ,825 ,528 5 5 5 5 ,636 ,636 ,636 ,636 16 16 17 16 ,878 ,894 ,189 ,892 986 23 ,883 891 23 ,778 I ,265 24 ,216 715 23 413 23 23 23 23 ,290 ,291 ,292 ,291 4,726 4,726 4,729 4,731 28 28 28 28 ,464 ,452 ,361 ,329 1,296 1,296 1,285 1,282 670 639 6 7 895 841 742 736 787 785 803 804 19,787 19,166 621 19,781 19,182 599 21,038 19,627 1,411 20,276 19,500 776 Apr. 2 . . Apr. 9. . Apr. 1 6 . . Apr. 23. . Apr. 3 0 . . 130 167 622 830 676 22 22 22 22 22 ,514 ,494 ,467 ,372 ,363 5 ,636 5 ,636 5 ,136 5 ,136 5 ,136 16 16 17 17 17 766 23 878 731 23 858 331 1 ,020 24 771 23 236 227 593 23 409 393 109 973 632 23 23 23 23 23 ,291 ,293 ,293 ,295 ,297 4,736 4,736 4,737 4,738 4,739 28 28 28 28 28 ,445 ,526 ,436 ,333 ,460 1,281 1,273 L.288 1,287 1,284 295 381 520 877 450 776 763 853 809 784 827 827 825 824 749 19,812 19,652 20,218 19,875 19,940 19,166 19,076 19,225 19,087 19,143 646 576 993 788 797 May 7 . . May 14.. May 2 1 . . May 28.. 1 ,043 671 499 816 22 22 22 22 ,329 ,315 ,283 ,273 5 ,136 5 ,136 5 ,136 5 ,136 17 17 17 17 695 193 779 179 147 1 ,013 137 653 24 23 23 23 067 764 794 742 23 23 23 23 ,297 ,297 ,298 ,296 4,739 4,739 4,739 4,741 28 ,523 28 497 28 ,483 28 710 1,286 1,293 1,279 L,286 749 516 384 558 762 796 813 813 747 20,034 19,071 745 19,953 19,092 745 20,127 19,181 745 19,667 19,217 963 861 946 450 June 4 . . June 1 1 . . June 18.. June 2 5 . . 926 834 541 307 22 22 22 22 ,378 ,492 ,997 ,564 5 5 5 5 ,136 ,136 ,136 ,136 17 17 17 17 242 775 356 803 861 1 ,289 882 428 24 24 24 23 079 128 828 753 23 23 23 23 ,296 ,297 ,297 ,346 4,747 4,750 4,751 4,752 28 28 28 28 842 830 787 814 1,282 1,284 1,286 ,290 527 507 9 134 824 834 768 813 742 742 794 793 19,906 19,207 699 19,978 19,226 752 21,232 19,736 1,496 20,006 19,621 385 July 2. . July 9 . . July 16.. July 2 3 . . July 30.. 480 22 683 22 974 22 1 ,073 22 1 ,403 22 ,869 ,860 ,723 ,726 ,844 5 5 5 5 5 ,136 ,136 ,136 ,136 ,136 17 17 17 17 17 733 724 587 590 708 806 923 974 875 660 24 24 24 24 24 155 465 671 674 907 23 23 23 23 23 ,346 ,347 ,348 ,350 ,350 4,755 4,754 4,756 4,756 4,761 29 29 28 28 28 180 148 988 884 952 1,277 L.264 ,271 ,275 ,286 90 38 307 482 605 760 906 988 1 ,016 1 ,042 798 799 797 797 724 20,153 20,104 20,413 20,008 20,422 19,973 20,326 19,875 20,409 19,829 49 405 449 451 580 Aug. 6 . . Aug. 13.. Aug. 2 0 . . Aug. 27.. 843 770 979 897 22 23 23 23 ,977 ,051 ,032 ,092 5 5 5 5 ,163 ,236 ,236 ,236 17 17 17 17 814 815 796 856 620 732 799 614 24 24 24 24 440 553 810 603 23 23 23 23 ,350 ,344 ,344 ,344 4,763 4,764 4,766 4,768 29 29 29 29 041 051 068 129 ,279 L ,277 ,281 ,276 270 422 526 707 982 1 ,057 1 ,057 1 ,084 722 718 721 721 20,260 19,675 20,136 19,692 20,267 19,652 19,797 19,643 585 444 615 154 Sept. 3 . . Sept. 10.. Sept. 17.. Sept. 24. . 968 880 313 400 23 23 23 23 ,182 ,229 ,740 ,715 5 5 5 5 ,236 ,236 ,236 ,236 17 17 18 18 946 666 24 816 23 993 764 24 872 23 504 1 ,195 25 249 23 479 742 24 857 23 ,344 ,344 ,344 ,343 4,774 4,776 4,780 4,781 29 29 29 29 391 364 292 247 ,285 ,279 ,281 ,274 715 347 6 264 1 ,066 948 998 889 717 715 729 726 19,760 20,340 21,067 20,581 Oct. 1 . . Oct. 8 . . Oct. 15. . Oct. 2 2 . . Oct. 29. . 544 1 ,019 772 1 ,130 1 ,171 23 23 23 23 23 ,694 ,663 ,663 ,663 ,624 4 4 4 4 4 ,522 ,522 ,522 ,522 ,522 19 19 19 19 19 172 725 141 702 141 891 141 1 ,074 102 710 24 25 25 25 25 963 384 325 867 505 23 23 23 23 23 ,342 ,341 ,341 ,340 ,340 4,787 4,787 4,787 4,790 4,790 29 29 29 29 29 417 545 617 511 540 ,287 ,280 ,276 ,281 ,289 523 596 212 618 588 884 972 854 929 891 882 880 881 878 877 20,098 19,762 20,239 19,567 20,613 20,089 20,779 20,128 20,449 19,975 336 672 524 651 474 Nov. 5 . . Nov. 12.. Nov. 19. , Nov. 2 6 . . 1 ,663 1 ,583 1 ,486 1 ,615 23 23 23 23 ,520 ,567 ,563 ,761 4 4 4 4 ,522 ,522 ,526 ,528 18 19 19 19 532 998 045 546 037 1 ,143 233 925 25 25 26 26 714 696 193 301 23 23 23 23 ,339 ,338 ,337 ,338 4,794 4,794 4,797 4,797 29 29 29 30 748 905 842 152 ,278 ,282 ,292 ,267 789 505 703 317 893 883 949 981 805 805 803 801 20,334 19,884 20,447 19,906 20,738 20,073 20,917 20,409 450 541 665 508 Dec. Dec. Dec. Dec. Dec. 10.. 17.. 24. . 31. . 1 ,591 1 ,752 1 ,022 1 ,728 156 23 24 24 24 24 ,968 ,239 ,469 ,613 ,697 4 4 4 4 4 ,539 ,537 ,533 ,530 ,522 19 19 19, 20, 20, 429 [ ,191 2 6 , 702 870 2 6 , 936 [ ,547 2 7 , 083 [ ,519 2 7 , 175 971 25 751 860 039 860 825 23 23 23 23 23 ,337 ,337 ,277 ,186 ,187 4,803 4,804 4,806 4,809 4,812 30 30 30 30 30 274 370 487 732 433 ,278 ,280 ,269 ,266 ,270 719 645 371 665 389 881 1 ,036 937 930 1 ,005 800 802 860 863 1953—Jan. 7 . . Jan. 14.. Jan. 2 1 . . Jan. 2 8 . . 1 ,336 1 ,076 862 1 ,307 24 24 24 23 ,391 ,205 ,034 ,970 4 4 4 4 ,522 ,522 ,522 ,522 19, 19, 19, 19, 869 969 683 885 512 ,009 448 732 695 166 904 009 23 ,137 23 ,137 23 088 23 036 4,814 4,814 4,814 4,815 30 29 29 29, 153 884 687 592 ,280 ,280 ,291 ,298 622 455 343 745 913 1 063 970 949 776 776 774 775 20,902 20,660 20,741 20,502 20,309 20,274 20,255 20,095 593 386 486 407 Feb. 4. . Feb. 11. . Feb. 18.. Feb. 2 5 . . 1 ,385 1 ,329 732 806 23 23 23 23 ,989 ,929 ,890 ,853 4 ,522 4 ,522 4 522 4 522 19, 19, 19, 19, 467 774 2 6 , 148 407 653 25, 912 368 ,027 25, 648 331 747 25, 406 22 ,935 22 832 22 722 22 662 4,820 4,820 4,821 4,821 29, 29 29, 29, 657 776 654 735 ,331 ,312 1,288 1,291 672 431 395 389 888 898 702 665 770 770 835 834 20,584 19,956 20,376 19,894 20,318 #19,981 19,975 P 1 9 ] 8 0 9 628 482 3.. 26, 26, 25, 26, 20,939 20,868 21,198 21,400 777 19,950 733 790 714 486 19,511 249 19,549 791 19,957 1,110 19,901 680 20,371 568 20,288 580 20,582 616 20,531 869 20,520 - 5 7 0 P166 ^Preliminary. Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. These figures are estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 1 2 MARCH 1953 241 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollarsl Reserve Bank credit outstanding U. S. Government securities Date or period Discounts and advances Total Gold stock All 1 Bills, certifi- other Bonds cates, and notes Total 147 145 71 58 441 1,557 102 1,351 1,133 104 787 1,467 580 947 23,315 581 753 22,597 536 2,853 19,706 542 10,977 12,356 536 7,218 11,667 329 5,618 12,713 4,620 16,158 ,371 6,822 16,160 ,007 5,344 18,457 1,189 1,400 2,220 2,593 2,361 25,091 24,093 23,181 24,097 19,499 18,703 22,216 24,043 25,009 Member bank reserve balances TreasTreasOther ury Treas- ury de- Non- Fedposits cur- Money ury in cirwith mem- eral rency culaRecash outhold- Federal ber de- serve ReExReposits stand- tion ings ac- Total quired' cess2 serve ing counts Banks End of period: 1929—June 1933—June 1939—Dec. 1941—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—June Dec. 1951—June Dec. 29. 30. 30. 31. 31. 31. 31. 31. 31. 30. 30. 30. 31 1,037 216 164 1,998 7 2,484 3 2,254 249 24,262 163 23,350 85 22 ,559 223 23 ,333 78 18,885 43 18,331 67 20,778 53 22 ,982 19 23,801 1952—Feb Mar Apr May June.... July.... Aug Sept Oct Nov Dec 1953—Jan Feb 598 22,528 133 22,514 676 22,363 952 22,273 ,906 59 22, 1,270 22,853 1,318 23,146 477 23,694 1,591 23,575 1,895 23,821 156 24,697 ,944 309 23,875 365 22,552 314 22,634 365 22,448 573 22,308 585 22,617 1,092 22,798 ,059 23,027 723 23,471 1,093 23,657 1 ,577 23,638 ,400 , 1, 633 24 1,372 24,202 1," 23 ,918 ,336 900 23,826 23,039 5,432 17,120 942 23,890 23,278 5,636 16,998 913 23,726 23.293 5,354 17,094 823 23,704 23,297 5,136 17,172 941 24,144 23.308 5,136 17,481 895 24,786 23,348 5,136 17,662 738 24.824 23,346 5,216 17,811 861 25,055 23,343 5,236 18,235 931 25,681 23,340 4,522 19,135 958 26,172 23,338 4,524 19,114 4,522 19,878 1,266 27,299 23,276 4,522 19,680 1,012 26,586 23,101 826 26,080 22,797 4,522 19,396 2,019 4,459 2,286 5,434 2,963 7,598 3,247 11,160 4,339 28,515 4,562 28,952 5,636 16,892 191 778 23,904 291 5,636 16,878 623 23,270 298 5,136 17,227 593 23,632 296 5,136 17,137 927 24,152 346 5,136 17,770 586 23,551 350 5,136 17,717 699 24,821 344 751 25,216 5,236 17,910 342 577 24,747 5,236 18,458 339 689 25,855 4,522 19,053 338 4,527 19,294 1,024 26,740 187 4,522 20,175 971 25,825 986 4,522 19,422 800 26,478 4,522 19,353 1,010 26,194 P 2 2 , 6 6 2 4,037 4,031 17,644 22,737 20,065 20,529 22,754 24,244 24,427 24,231 22,706 21,756 22,695 562 4,589 4,598 4,607 4,636 4,655 4,709 727 736 739 748 754 762 776 786 795 802 812 820 824 204 264 2,409 2,215 2,287 2,272 ,336 ,325 ,312 ,298 ,293 ,281 ,270 36 35 634 867 977 393 870 1,123 821 950 668 317 247 28 166 653 1,360 1,308 822 961 1,189 1,517 1,431 1,460 1,262 889 374 2,356 346 2,292 251 11,653 291 12,450 495 15,915 607 16,139 563 17,899 590 20,479 706 16,568 771 15,934 714 17,681 765 19,020 746 20,056 2,333 23 1,817 475 6,444 5,209 9,365 3,085 14,457 1,458 15,577 562 16,400 1,499 19,277 1,202 15, 550 1 ,018 15,498 436 16,509 1,172 18,604 416 19,667 389 ,287 28,465 ,277 28,473 ,281 28,464 ,274 28,767 ,283 29,026 ,281 28,978 ,269 29,293 ,278 29,419 ,268 29,644 ,261 30,236 ,270 30,433 ,308 29,691 P29.788 Pl.290 558 169 450 541 333 638 488 508 770 378 389 809 336 796 845 784 1,094 846 991 1,157 881 887 1,056 1,005 1,094 923 733 19,982 801 19,733 749 19,940 743 19,778 783 19,381 723 20,323 718 20,411 723 20,066 805 20,616 801 21,149 777 19,950 770 20,611 833 20,511 19,254 728 19,241 492 19,143 797 19,187 591 19,573 -192 19,828 495 19,576 835 19,747 319 19,996 620 20,354 795 20,520 -570 19,997 614 P 1 9 , 8 4 6 P665 799 352 333 845 549 875 553 838 328 843 306 960 501 1,044 326 997 550 941 591 986 569 1,035 552 1,016 500 862 738 19,995 790 20,207 818 19,777 745 19,767 767 20,140 791 20,535 720 20,306 721 20,514 876 20,611 803 20,744 832 21,180 775 20,958 800 20,520 28,868 28,224 27,600 27,156 27,741 27,809 29,206 Averages of daily figures 1952—Feb Mar Apr May.... June.... July.... Aug Sept Oct Nov Dec 1953—Jan Feb 4,719 28.406 4,728 28,437 4,737 28,459 740 4,751 4,756 4,765 4,778 4,788 4,796 4,806 4,814 4,821 28,557 28,843 29,028 29,088 29,343 29,555 29,904 30,494 29,920 29,717 1,294 1,283 1,278 1,281 1,282 1,270 1,276 1,275 1,276 1,277 1,271 1,280 1,299 19,300 19,322 19,127 19,139 19,431 19,926 19,657 19,736 19,963 20,087 20,457 20,251 695 885 650 628 709 609 649 778 648 657 723 707 P Preliminary. Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. These figures are estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 1 2 MARGIN REQUIREMENTS 3 [Per cent of market value] MAXIMUM RATES ON TIME DEPOSITS [Per cent per annum] Nov. 1, 1933- Feb. 1, 1935- Effective Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Savings deposits Postal Savings deposits Other deposits payable: In 6 months or more In 90 days to 6 months In less than 90 days NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits under the laws of the State in which the member bank is located. Maximum rates that may be paid by insured nonmember banks as established by the F.D.I.C., effective Feb. 1, 1936, are the same as those in effect for member banks. 242 Prescribed in accordance with Securities Exchange Act of 1934 Regulation T: For extensions of credit by brokers and dealers on listed securities For short sales Regulation U: For loans by banks on stocks Mar. 30, Jan. 17, Effec19491951tive Jan. 16, Feb. 19, Feb. 20, 1951 1953 1953 50 50 75 75 50 50 50 75 50 1 Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference between the market value (100%) and the maximum loan value. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and BULLETIN for March 1946, p. 295, February 1947, p. 162, and February 1953, p. 130. 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. 28 Boston New York.. . . Philadelphia. . Cleveland.... Richmond. . . . Atlanta Chicago St. Louis Minneapolis. . Kansas City. . Dallas San Francisco. In effect beginning— Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. 20, 16, 16, 16, 23, 16, 16, 16, 16, 16, 23, 20, Previous rate Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U. S. (last par. Sec. 13) Other secured advances [Sec. 10(b)] Rate on Feb. 28 In effect beginning— Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. 1953 1953 1953 1953 1953 1953 1953 1953 1953 1953 1953 1953 Previous rate Rate on Feb. 28 20, 1953 16, 1953 16, 1953 16, 1953 23, 1953 16, 1953 16, 1953 16, 1953 16, 1953 16, 1953 23, 1953 20, 1953 In effect beginning— Jan. Jan. Jan. Aug. Jan. Jan. Aug. Jan. Jan. Jan. Jan. Jan. 3 f 3 Previous rate 20, 1953 16, 1953 16, 1953 25,1950 23, 1953 16, 1953 13,1948 12, 1948 26, 1953 16, 1953 23, 1953 20, 1953 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistices, Tables 115-116, pp. 439-443. MEMBER BANK RESERVE REQUIREMENTS FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES [Per cent per annum] Rate on Feb. 28 Maturity 1- 90 days 91-120 days 121-180 days 2Vs 2% 2% In effect beginning— Jan. 16, 1953 Jan. 16, 1953 Jan. 16, 1953 [Per cent of deposits] Effective date of change \% 2H NOTE.—Effective minimum buying rates on prime bankers' acceptances payable in dollars. Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. To financing institutions On discounts or purchases Federal Reserve Bank On loans 1 Boston New York Philadelphia.. . . Cleveland Richmond Atlanta Chicago St. Louis Minneapolis. . . . Kansas City. . . . Dallas San Francisco... On commitments Portion for which institution is obligated On Remaining portion commitments () 23^-5 22^ Including loans made in participation with financing institution?. Rate charged borrower less commitment rate. 4 Rate charged borrower. Rate charged borrower but not to exceed 1 per cent above the discount rate. 5 Charge of 3^ per cent per annum is made on undisbursed portion of 8loan. Charge of M per cent per annum is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. MARCH 1953 Reserve city banks Country banks Time deposits (all member banks) 13 10 7 3 1936—Aug. 16 1937—Mar. 1 May 1 22M 26 1938—Apr. 16 22 % 1941—Nov. 1942—Aug. Sept. Oct. 1 20 14 3 26 24 22 20 1948—Feb. June Sept. Sept. 27 11 16 24 22 24 26 22 1 5 24 21 20 P June 30 July Aug. Aug. Aug Aug. Aug. Sept. 1. 1 11 16 18 25 1 15 20 3 12 20 5 14 6 16 23^ 19H 23 223^ 22 19 15 14 13 12 *7 «7 »6 *5 5 2 18 1951—Jan. 11 Jan. 16 Jan. 25 Feb. 1 3-5 1 2 3 1917—June 21 Central reserve city banks 1949—May May FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13B OF THE FEDERAL RESERVE ACT Maturities not exceeding five years [In effect February 28. Per cent per annum] To industrial or commercial businesses Net demand deposits * Previous rate 23 19 24 20 In effect Mar. 1, 1953 4 . . . 24 20 13 »6 26 14 14 6 Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947). 2 Requirement became effective at country banks. 3 Requirement became effective at central reserve and reserve city banks. * 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. 243 MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Month, or week ending Wednesday All member l banks Central reserve city banks New York Chicago Reserve city banks Country banks 1 Month, or week ending Wednesday All member banks * Central reserve city banks New York Reserve city banks try banks 1 144 184 200 102 120 119 Chicago 584 596 643 547 576 589 Coun- Excess reserves: Total reserves held: 1951—November December 1952—January November December 1953—January 19,794 20,310 20,469 20,744 21,180 20,958 5,061 5,275 5,335 5,201 5,357 5,184 1 ,314 1,356 1,347 1,367 1,406 1,379 7,730 7,922 7,967 8,172 8,323 8,277 5,688 5,756 5,819 6,004 6,094 6,118 1951—November December 1952—January November December 1953—January 729 826 933 657 723 707 6 44 90 8 30 5 Jan. Jan. Feb. Feb. Feb. Feb. 21,049 20,727 20,547 20,556 20,592 20,409 5,159 5,123 5,126 5,045 5,034 5,020 1,375 1,359 1,364 1,357 1,354 1,345 8,332 8,207 8,083 8,088 8,112 8,044 6,183 6,037 5,974 6,065 6,091 6,000 Jan. Jan. Feb. Feb. Feb. Feb. 786 595 560 651 P690 9 -5 20 1 10 7 -4 -4 -1 —5 -9 136 89 68 92 102 82 644 515 476 559 P583 ?501 1951—November December 1952—January November December 1953—January 340 657 210 1,532 L,593 1,347 28 151 2 198 486 320 12 64 34 266 232 335 246 354 130 862 639 529 54 89 45 206 236 163 Jan. Jan. Feb. Feb. Feb. Feb. L,150 L ,183 1,558 1,469 1,263 L.084 245 166 350 330 248 152 254 295 347 309 291 209 487 560 687 667 579 577 164 162 174 163 145 146 21 28 4 11 18 25 21 28 4 11 18 25 -5 3 -1 -4 -6 Borrowings at Federal Reserve Banks: Required reserves: 1951—November December 1952—January November December 1953—January 19,065 19,484 19,536 20,087 20,457 20,251 5,056 5,231 5,245 5,193 5,328 5,180 1,319 1,353 1,348 1,367 1,409 1,385 7,586 7,738 7,767 8,070 8,203 8,157 Jan. Jan. Feb. Feb. Feb. Feb. 20,262 20,132 19,988 19,905 M9.901 P19.827 5,150 5,128 5,106 5,045 5,024 5,012 1,379 1,363 1,369 1,358 1,359 1,354 8,196 5,537 8,118 5,523 8,015 5,498 7,996 5,506 8,010 P5.5O8 7,962 P5,499 21 28 4 11 18 25 5,104 5,161 5,176 5,458 5,518 5,529 21 28 4 11 18 25 P 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. 1 DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 Item All member banks In millions of dollars] Central reserve city banks Reserve city banks Chicago New York Country banks All member banks January 1953 Gross demand deposits: Total Interbank Other Net demand deposits 2 Time deposits 8 Demand balances due from domestic banks... Central reserve city banks New York Reserve city banks Chicago Country banks January 1952 109,906 13,153 96,753 95,627 33,452 23 ,174 4 ,097 19 ,078 21 ,021 2 ,243 6,108 1,263 4,844 5,475 1,187 42,662 6,537 36,126 36,773 13,380 37,962 105,839 13,156 1,256 36,706 92,684 32,357 92,107 16,642 31,067 23,349 4,169 19,180 21,371 1,938 5,927 1,241 4,686 5,331 1,140 40,718 6,491 34,228 35,119 12,388 35,845 1,255 34,590 30,286 15,601 6,551 46 118 1,987 4,401 6,634 44 123 2,030 4,437 Reserves with Federal Reserve Banks: Total Required Excess 20,958 20,251 707 5 ,184 5 ,180 5 1,379 1,385 -6 8,277 8,157 119 6,118 5,529 589 20,469 19,536 933 5,335 5,245 90 1,347 1,348 -1 7,967 7,767 200 5,819 5,176 643 Borrowings at Federal Reserve Banks 1,347 320 335 529 163 210 34 130 45 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e.f gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. 244 FEDERAL RESERVE BULLETIN STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS [In thousands of dollars] E n d of month Wednesday figures Feb. 25 Assets Gold certificates Redemption fund for F. R. notes Feb. 18 Feb. 11 Jan. Feb 4 28 Jan. Feb 21 ,480,175 ,540 ,332 21,638,379 21 ,738 ,430 21 ,840 ,370 21 ,480 072 21 790,369 21 ,992,332 416,654 47S 414 783,843 22,000 3,789 710 887 91 000 3 719 560,954 Other cash Discounts and advances: For member banks For nonmember banks etc Industrial loans U. S. Government securities: Bills Certificates: Special Other Notes Feb. 030,103 71 ,286,251 760,266 706,081 90 ,724,103 ?0 785 109 20,880,101 90 980 100 91 080 103 90 7?4 100 760 ,267 755 972 756,072 755 ,230 758,278 758 ,330 Total gold certificate reserves 1952 1953 1953 Item 598 9S4 408 069 437 746 475 007 427,292 413,805 1,297,976 1 3 S3 16S 1 ?86 039 1 786 951 1 713,729 9 ? 000 91 000 31 , 500 31,500 21,000 3 574 4 0?6 3,767 3 774 3,867 598,175 402,062 637,254 4,883 652,254 583 954 678 697 SS4 4 ,995,716 4 995 716 4,995,716 4 995 716 4 995 716 4 995 716 4 995,716 11 ,824,306 13 ,773,671 13 773 671 13,773,671 13 773 671 13 ,773 ,671 13 ,773 671 13 773,671 5 ,068,073 4 ,521,975 4 ,521 ,975 4,521,975 4 ,521 ,975 4 ,521 ,975 4 ,521, 975 4 , 521,975 5 ,635,823 Total U. S. Government securities 93 ,852,316 93 889 ,616 23,928,616 ?3 988 716 ?3 ,969 616 93 ,875, 316 93 943,616 22 ,528,202 Total loans and securities 24 ,661,948 24 ,625 ,215 25,261,859 25 ,377 ,155 25 ,280 ,229 25 ,188, 293 2 5 , 682,212 23 ,131,260 23 191,748 Due from foreign banks F R notes of other Banks 3 ,916,744 49,207 166,359 Bank premises Other assets 73 23 913 3 667 48 206 379 13? 709 ,047 ?3 ?3 330 301 689 48 197 ,571 184 039 3 996 508 49 163 170, 231 990 3 28 182,127 ,355,342 44,137 204,090 23 227,140 570,447 48,722 202,097 50 ,882,858 51 ,463 ,770 51,376,692 51 ,658 ,937 51 ,858 ,759 51 ,493, 329 5 1 , 948,302 49 ,323,121 Total assets Liabilities Federal Reserve notes Deposits: Member bank—reserve accounts U S Treasurer—general account Foreign Other 25 ,631,035 25 ,563 ,239 25,668,625 25 ,593 ,076 25 ,545 ,932 25 ,680, 584 25, 638,167 24 ,422,570 19 ,975,279 90 317 6S1 20,375,971 90 S84 ,194 90 , S01 601 90 510 790 90, 611,372 19 ,982,428 388,543 394 ,631 431,342 336, 300 672 ,430 744 ,949 808,919 557,799 S10 967 454,156 S61 ,948 612 900 558,111 586,508 577,359 457 688 210,907 244 ,152 507,832 340,296 325 ,730 336 ,357 411, 591 218,159 91 ,028,885 91 414 199 21,705,720 9 ? 144 ,302 9 9 19S 107 91 769 S78 7 9 514,631 91 ,335,745 Total deposits Deferred availability cash items Other liabilities and accrued dividends Total liabilities ?3 198 192,398 4 468 SSO 3,618,643 48 875 48,867 157 ,022 214,461 3 ,173,112 17,445 44 S S64 2,969,025 16 ,451 16,212 9 896 15 ,751 3 096 947 18 ,821 9 Q90 811 17, 001 9 774,423 15,748 9 ,582,699 14,412 49 ,850,477 50 ,439 ,176 50,359,582 50 ,649 ,742 50 ,856 ,807 50 ,457, 974 5 0 , 942,969 48 ,355,426 . . . Capital Accounts Capital paid in Surplus (Section 7) Surplus (Section 13b) Other capital accounts 256,399 584,676 27,543 163,763 Total liabilities and capital accounts Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) Contingent liability on acceptances purchased for foreign correspondents Industrial loan commitments 255 ,885 584 676 27 ,543 156 ,490 255,668 584,676 27,543 149,223 254 ,969 584 ,676 27 ,543 142 ,007 254 ,586 584 ,676 27 ,543 135 147 256, 543 S84 676 27, 543 166, 593 254,770 584,676 27,543 138,344 241,431 538,342 27,543 160,379 50 ,882,858 51 ,463 ,770 51,376,692 51 ,658 ,937 51 ,858 759 51 493, 329 5 1 , 948,302 49 ,323,121 46.0 15.9 45.7 15.5 45.7 45.3 45.3 48.1 27,403 3,079 25 ,942 3 ,192 24,653 3,133 22 ,263 3 ,291 21,668 3,386 27,518 2,817 22,153 3,177 9,852 6,844 Maturity Distribution of Loans and U. S. G o v e r n m e n t Securities 1 Discounts and advances—total Within 15 days 16 days to 90 days 91 days to 1 year Industrial loans—total Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years. ; U. S. Government securities—total Within 15 days 16 to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 1 805,843 731,887 1,329,476 1,384,665 1,307,039 ,308,951 1,734,729 570,184 505,783 1,086,196 1,139,140 1,047,019 076,142 1,428,513 232,801 235,651 226,096 243,280 260,020 245,525 306,216 8 3,712 3,774 3,574 4,026 3,789 3,767 3,867 1,160 252 132 628 759 268 214 964 718 702 1,948 1,895 1,929 1,918 1,227 2,315 1,972 1,196 1,211 1,363 1,288 365 356 355 361 361 336 316 23 ,852,316 23 889,616 23 928,616 23 ,988,716 23 969,616 23 ,875,316 23 943,616 22 869,350 23,000 934,300 45,800 8,500 ,014,700 175,750 455,454 560,954 405,504 552,454 552,454 370,204 190,054 520,141 ,207,691 14,207,691 10,520,141 10,520,141 10,520,141 14,207,691 655,200 ,655,200 6,655,200 6,655,200 6,655,200 6,655,200 6,655,200 070,224 ,070,224 ,070,224 ,070,224 ,070,224 ,070,224 ,070,224 358,247 ,358,247 ,358,247 ,358,247 ,358,247 ,358,247 ,358,247 598,175 562,843 35,332 4,883 868 778 2,073 1,164 528,202 156,646 626,981 102,256 013,614 628,705 Callable U. S. Government securities classified according to nearest call date. MARCH 1953 245 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1953 fin thousands of dollars] Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago San Francisco St. Louis Minneapolis Kansas City Dallas 559,246 328,923 905,163 637,209 2,504,891 51,583 25,401 41,006 Assets Gold certificates. 20,724,100 Redemption fund 755,972 forF. R. notes. 696,345 6,656,076 1,202,311 1,475,401 821,484 84,505 80,410 64,121 77,608 55,799 662,495 4,274,556 58,632 128,444 30,132 58,331 Total gold certificate reserves. . 21,480,072 760,466 6,733,684 1,258,110 1,559,906 901,894 721,127 4,403,000 610,829 354,324 946,169 667,341 2,563.222 35,345 23,565 14,924 29,102 85,321 31,009 38,020 71,878 6,818 15,658 425,007 30,005 43,362 Other cash Discounts and advances: Secured by U.S. Govt. 38,460 273,435 88,500 48,850 138,814 18,360 239,300 48,350 27,030 219,250 48,075 97,905 securities. . . 1,286,329 1,046 6,490 550 1,342 1,100 3,014 836 1,358 990 1,650 2,024 2,222 22,622 Other 351 131 3,483 61 4,026 Industrial loans.. U. S. Govt. 23,875,316 1,685,954 5,200,260 1,494,086 2,316,847 1,705,106 1,557,174 3,466,490 1,273,628 744,956 947,176 1,151,613 2,332,026 securities Total loans and 25,188,293 1,705,656 5,446,050 1,547,294 2,416,776 1,754,617 1,597,031 3,742,939 1,362,964 794,487 1,087,348 1,179,633 2,553,498 securities Due from foreign 1 23 1 3 1 i7 2 1 1 1 2 banks 2 1 F. R. notes of 5,970 184,032 3,841 13,254 6,241 20,789 11,963 9,278 18,572 32,763 8,215 other Banks... 43,270 9,876 Uncollected cash 96,210 214,175 205,418 378,581 3,996,508 279,507 758,370 244,305 320,999 339,438 309,311 647,176 203,018 items 3,722 2,983 1,047 2,259 4,921 49,163 4,457 3,679 4,632 6,834 Bank premises... 7,217 623 6,789 8,850 11,726 12,389 5,187 7,006 170,231 12,231 10,487 16,721 16,591 Other assets 35,814 24,536 8,693 Total assets... •. 51,493,329 2,796,164 13,087,252 3,106,849 4,366,932 3,085,632 2,711,026 8,909,575 2,220,425 1,264,315 2,277,852 2,086,645 5,580,662 Liabilities 735,806 2,573,045 F. R. notes 25 680,584 1,571,057 5,651 324. 1,828,335 2,359,231 1,811,030 1,393,561 4,901,504 1,199,789 Deposits: Member bk.— reserve accts. 20,510,720 853,817 6,199,703 955,292 1,576,020 889,644 946,959 3,306,722 755,178 U. S. Treas — 27,687 336,300 23,080 37,454 35,937 38,504 25,276 28,492 19,266 gen. acct. . . 20,993 18,552 510,967 24,410 66,883 29,780 2 166,769 36,615 44,914 Foreign 53,492 17,283 36,919 1,670 411,591 3,023 935 3,724 175,736 Other 643,824 1,012,078 Total deposits... 21,769,578 Deferred availability cash 2,990,811 items Other liabilities and accrued 17,001 dividends 510,992 1,061,381 1,160,381 2,616,095 911,896 6,580,712 ,015,922 1,653,150 950,603 1,049,131 3,412,729 846,586 475,525 1,001,193 1,060,084 2,490,583 18,346 12,205 4,916 27,255 18,552 14,381 21,292 21,969 57,036 33,711 49,325 42,476 559,213 184,560 257,309 267,920 219,984 450,092 131,114 80,395 163,281 142,348 287,194 4,424 247,401 983 1,939 833 799 2,799 681 1,042 627 630 1,356 Total liabilities.. 50,457,974 2,731,242 12,795,673 3,029,800 4,271,629 3,030,386 2,663,475 8,767,124 2,178,170 1,236,253 2,237,367 2,039,165 5,477,690 Capital Accounts Capital paid in.. Surplus (Sec. 7).. Surplus (Sec. 13 b) Other capital accounts 256,543 584,676 27,543 36,462 3,011 81,198 167,503 7,319 17,401 43,578 4,489 24,536 54,064 1,006 11,136 29,248 3,349 10,858 25,803 762 32,844 84,628 1,429 8,902 23,628 521 5,779 15,131 1,073 9,690 21,925 1,137 12,601 25,381 1,307 27.871 57,325 2,140 166,593 11,722 35,559 11,581 15,697 11,513 10,128 23,550 9,204 6,079 7,733 8,191 15,636 13,727 Total liabilities and capital accounts 51,493,329 2,796,164 13,087,252 3,106,849 4,366,932 3,085,632 2,711,026 8,909,575 2,220,425 1,264,315 2,277,852 2,086,645 5,580,662 Reserve ratio 45.3% Contingent liability on acceptances purchased for foreign correspondents 27,518 Industrial loan commitments.. 2,817 30.6% 1,672 55.0% 3 8,198 44.2% 38.9% 32.7% 2,055 2,521 1,370 786 751 66 29.5% 1,179 53.0% 3,754 112 29.8% 1,041 30.7% 686 45.6% 1,041 35.2% 1,233 756 49.4% 2,768 346 1 After deducting $16,000 participations of other Federal Reserve Banks. 2 After deducting $344,181,000 participations of other Federal Reserve Banks. 3 After deducting $19,320,000 participations of other Federal Reserve Banks. 246 FEDERAL RESERVE BULLETIN FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands of dollars! Wednesday figures Item E n d of month 1953 Feb. 25 Feb. 18 Feb. 11 1953 Jan. 28 Feb. 4 1952 Jan. Feb. Feb 26 ,681,462 26,722 ,168 26 763 ,787 26,852 ,257 26 ,902 ,262 26 ,678, 507 26 881, 659 25 ,424, 432 F. R. notes outstanding (issued to Bank) Collateral held against notes outstanding: Gold certificates Eligible paper U. S. Government securities 1? ,744,000 12,764 ,000 1? 879 ,000 12,979 ,000 1? ,979 ,000 1? ,744, 000 1? 979 000 1? ,624, 000 6SS 07?, 377,093 287 ,70? 614 670 844, 671 1 00? ?SS 688 Q47 379, 14 ,660,000 14,640 ,000 14 640 ,000 14,640 ,000 14 ,640 ,000 14 ,660, 000 14, 640, 000 13 ,575, 000 27 ,781,093 27,691 ,702 28 133 ,670 28,307 ,947 28 ,254 ,073 28 ,248, 621 2 8 , 621, 233 26 ,578, 235 Total collateral EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1953 [In thousands of dollars] Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St.t Louis Minne- Kansas apolis City Dallas San Francisco F. R. notes outstanding (issued to Bank) 26,678,507 1,634,186 5,852,610 1,898,581 2,449,778 1,908,843 1,462,709 4,999, ,142 1,252,429 656,264 1,042,031 773,490 2,748,444 Collateral held: Gold certificates 12,744,000 400,000 4,520,000 825,000 820,000 500,000 335,000 2 ,700,000 280,000 170,000 280,000 214,000 1,700,000 Eligible paper.. 844,621 18,360 235,600 48,150 48,075 88,500 48,850 138,836 218,250 U. S. Govt. securities 14,660,000 1,300,000 1,500,000 1,100,000 1,700.000 1,450,000 1,200,000 2,400,000 1,025,000 505,000 800,000 580,000 1,100,000 Total collateral.. 28,248,621 1,718,360 6,255,600 1,973,075 2,520,000 1,998,150 1,535,000 5,100,000 1,393,500 723,850 1,218,836 794,000 3,018,250 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Date (last Wednesday or last day of period) 1945 1946 1947 1948 1949 1950 1951 Number Participations Approved Loans Commit- of financments ing instioutbut not outtutions com- standing2 outpleted » (amount) standing (amount) standing3 (amount) Amount (amount) 3,511 3,542 3,574 3,607 3,649 3,698 3,736 544,961 565,913 586,726 615,653 629,326 651.389 710,931 Applications approved to ClctLC 320 4,577 945 335 539 4 819 3 ,513 1,995 554 1,387 995 2,178 2.632 4,687 1,644 8,309 7,434 1,643 2,288 3,754 6,036 1,086 2,670 4,869 1,990 2,947 3.745 11,985 1952 1,370 1,601 ,351 ,638 4,621 4,957 5,296 5,207 5,211 5,101 4,624 4,690 4,496 4,311 3.868 3,921 7,125 6,845 6,467 6,536 6,083 5,947 6,184 6,152 6,327 3,720 4,044 3,210 12,018 10,307 10,474 10,339 10,262 10,105 9,814 10,128 9,978 7,174 7,010 3,289 2,513 3,895 3,176 3,236 716,210 721,144 725,787 730,482 734,049 738,721 743,629 748,451 752,042 757,277 762,620 766,492 1,083 1,589 Jan. 3 1 . . . 3,754 770,541 832 772 108 571 235 M42 1953 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. MARCH [Amounts in thousands of dollars] Guaranteed loans authorized to date Guaranteed loans outstanding Date Number Amount Total amount Portion guaranteed Additional amount available to borrowers under guarantee agreements outstanding 1950 Dec. 3 1 . . . 62 31,326 8,017 6.265 8,299 254 484 729 854 300,955 654,893 1,154,942 1,395,444 68,833 252,100 492,167 675,459 56,973 209.465 400,652 546,597 47,822 276,702 450,013 472,827 901 934 971 998 1,023 1,050 1,066 1,092 1,113 1,130 1,143 1,159 1,463,443 1,530,388 1,677,786 1,727,729 1,787,755 1.867,643 1,922,388 2,023,403 2,052.327 2,069,697 2,081,888 2,124,123 715,928 763,838 836,739 838,073 870,174 883,262 909,688 907,899 922,129 993,856 989,678 979,428 580,381 617,674 672.974 672,678 695,814 703.774 726.452 725.943 736.833 811.132 811 .117 803,132 525,129 511,786 467,392 595,098 601,752 615,139 648,065 692,067 656,995 591,762 600,304 586,303 Jan. 3 1 . . . 1,173 2,147,953 984,295 808,986 578,061 1951 3,738 3,741 3,741 3,743 3,743 3,745 3,746 3,750 3,750 3,751 3,752 3,753 Jan. 3 1 . . . Feb. 2 9 . . . Mar. 3 1 . . . Apr. 30. . . May 3 1 . . . June 30. . . July 3 1 . . . Aug. 3 1 . . . Sept. 3 0 . . . Oct. 3 1 . . . Nov. 3 0 . . . Dec. 31 LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 AND EXECUTIVE ORDER NO. 10161 1953 Mar. June Sept. Dec. 31... 30. . . 30... 31.. . 1952 Jan. 3 1 . . . Feb. 2 9 . . . Mar. 31. . . Apr. 3 0 . . . May 3 1 . . . June 30.. . July 3 1 . . . Aug. 3 1 . . . Sept. 30. . . Oct. 3 1 . . . Nov. 30. . . Dec. 3 1 . . . 1953 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. 247 POSTAL SAVINGS SYSTEM FEES AND RATES ESTABLISHED UNDER REGULATION V ON LOANS GUARANTEED PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 AND EXECUTIVE ORDER NO. 10161 [In effect February 28] [In millions of dollars] Assets End of month Fees Payable to Guaranteeing Agency by Financing Institution on Guaranteed Portion of Loan Percentage of loan guaranteed Guarantee fee (percentage of interest payable by borrower) Percentage of any commitment fee charged borrower 10 15 20 10 15 20 70 or less 75 80 85 90 95 Over 95 25 30 25 30 35 35 40-50 40-50 Maximum Rates Financing Institutions May Charge Borrowers [Per cent per annum] Interest rate Commitment rate. 1945—December. 1946—December. 1947—December. 1948—December. 1949—December. 1950—December. 1951—December. 1952—January.. February.. March April May June July August. . . September. October... November. December. 1953—January Depositors' balances l Total 2,933 3,284 3,417 3,330 3,188 2,924 2,705 2,695 2,681 2,669 2,651 2,633 2,617 2,601 2,586 2,572 2,561 3,022 3,387 3,525 3,449 3,312 3,045 2,835 2,825 2,813 2,794 2,778 2,761 2,746 2,751 2,758 2,766 2,760 Cash in depository banks U. S. Government securities Cash reserve funds, etc.2 6 6 6 7 7 11 28 30 31 32 32 33 33 33 34 33 33 2,837 3,182 3,308 3,244 3,118 2,868 2,644 2,638 2,609 2,599 2,598 2,574 2,557 2,554 2,554 2,554 2,553 179 200 212 198 187 166 162 158 173 163 147 153 156 164 170 179 174 P2,552 P2,542 P2.535 * 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 total deposits, except interbank Debits to demand deposit accounts, except interbank and Government Annual rate of turnover of demand deposits, except interbank and Government New York City i 140 other centers l Other reporting centers New York City Other reporting centers New York City 2 Other leading cities 2 New York City 2 Other leading cities 2 1,125,074 1,249,630 1,231,053 1,403,752 1,577,857 1,692,136 405,929 449,002 452,897 513,970 551,889 615,670 599,639 667,934 648,976 742.458 854,050 895,906 119,506 132,695 129,179 147,324 171,917 180,560 21.0 23.6 24.1 26.6 26.9 28.7 11.9 12.9 12.4 13.4 14.5 14.4 400,468 445,221 447,150 508,166 540,990 598,855 598,445 660,155 639,772 731,511 837,491 871,030 24.1 27.2 28.2 31.4 32.2 34.8 18.0 19.2 18.7 20.3 21.7 21.5 1952—January February March April May June July August September October November December 138,520 128,022 139,977 139,141 135,965 144,769 146,984 124,641 139,078 154,239 130,152 170,648 48,106 45,375 50,180 52,057 49,535 54,922 57,052 43,166 49,278 55,560 44,746 65,692 74,953 68,738 75,089 72,607 71,898 74,948 74,908 67,412 74,608 82,171 70,751 87,824 15,462 13,908 14,708 14,476 14,532 14,899 15,024 14,063 15,192 16,508 14,655 17,132 26.4 27.8 27.9 28.8 27.4 30.9 30.3 23.6 28.8 30.0 27.7 34.8 14.4 14.5 14.6 14.1 13.9 14.8 14.2 12.8 14.6 14.7 14.7 15.7 45,425 44,419 50,213 49,745 49,830 55,385 50,472 44,101 47,798 51,703 46,673 63,091 71,986 67,466 74,545 70,189 71,485 73,019 69,980 68,271 71,343 77,203 71,985 83,558 30.1 32.5 34.0 34.4 34.3 38.6 35.1 31.4 34.6 34.4 36.3 41.9 20.6 21.4 22.0 21.1 21.3 22.2 20.7 20.2 21.5 21.3 22.8 23.1 1953—January 149,004 52,803 79,983 16,218 28.7 14.5 53,112 79,699 36.2 22.0 Total, all reporting centers 1947 1948 1949 1950 1951 1952 1 National series for which bank debit figures are available beginning with 1919. Weekly reporting member bank series. 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. 2 248 FEDERAL RESERVE BULLETIN UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 Coin and small denomination currency2 Total in circulation i Total Coin 7,598 8,732 11,160 15,410 20,449 25,307 28,515 . . . . 28,952 28,868 28,224 27,600 27.741 29.206 5,553 6,247 8,120 11,576 14,871 17,580 20,683 20,437 20,020 19,529 19,025 19.305 20,530 648 751 880 1,019 1,156 1,274 1,361 1,404 1,464 1,484 1,554 1,654 End of vear or month 1952—January February.... March April May 28,386 19.807 28,465 19,904 28,473 19,937 28,464 19,936 28,767 20 231 29,026 20,449 June 28,978 20,398 July 29,293 20,659 August September.. . 29,419 20,739 October 29 644 20,897 November.. . 30,236 21,392 December. . . 30,433 21,450 1953—January 29,691 20,799 Large denomination currency $100 $2 $5 $10 $20 Total 36 1,772 2,021 2,731 4,051 5,194 5,983 6,782 6,497 6,275 6,060 5,897 5,998 6,329 1,576 1,800 2,545 4,096 5,705 7,224 9,201 9,310 9,119 8,846 8,512 8,529 9,177 2,048 2,489 3,044 3,837 5,580 7,730 7,834 8,518 8,850 8,698 8,578 8,438 8,678 460 538 724 1,019 1,481 1,996 2,327 2,492 2,548 2,494 2,435 2,422 2,544 1,112 1,433 1,910 2,912 4,153 4,220 4,771 5,070 5,074 5,056 5,043 5,207 1,631 1,115 1,630 1,110 1,637 1,113 1,651 1,114 1,665 1,132 1,678 1,140 1,686 1,129 1,695 1,140 1,705 1,164 1,722 1,175 1,739 1,199 1,750 1,228 65 66 65 66 67 68 67 67 68 68 69 71 2,009 2,013 2,016 2,004 2 040 2,054 2,034 2,062 2,070 2 074 2,123 2,143 6,088 6,152 6,165 6,141 6,261 6,323 6,291 6,376 6,368 6,405 6,600 6,561 8,898 8,934 8,940 8,960 9,066 9,187 9,190 9,319 9,365 9,453 9,661 9.696 8,582 8,563 8,537 8,529 8,537 8,578 8,582 8,635 8,682 8,749 8,846 8,985 2,508 2,503 2,496 2,498 2,508 2,531 2,531 2,551 2,559 2,577 2,612 2,669 1,721 69 $500 $1,000 $5,000 $10,000 919 64 62 64 67 1,019 1,129 1,355 1.693 1,973 2,150 2,313 2,173 2,110 2,047 2,004 2,049 2,120 590 3$1 559 610 695 801 909 987 1,039 1,029 1,048 1,049 1,066 1,113 1,182 1,157 39 44 55 70 81 73 67 65 $50 5,161 5,152 5,140 5,137 5,142 5,166 5,172 5,211 5,252 5 304 5,367 5,447 2,051 6,359 9,442 8,894 2,634 5,399 2 191 227 261 287 407 555 454 438 425 523 556 586 749 990 801 783 20 Unassorted 2 32 30 24 9 9 10 7 8 60 46 25 22 24 24 26 4 4 3 2 3 2 3 5 17 3 400 382 368 355 707 689 588 556 5 4 4 4 17 11 12 12 3 3 2 2 352 351 349 347 346 344 344 342 342 342 342 343 550 545 540 535 530 525 522 519 517 514 513 512 4 4 4 4 4 4 4 4 4 4 4 4 8 8 8 9 8 8 8 8 8 8 8 10 2 2 1 1 1 1 2 2 2 2 2 2 341 508 4 8 2 428 782 1 2 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Total outstanding, As security against Jan. 31, Treasury gold and 1953 cash silver certificates Gold Gold certificates Federal Reserve notes Treasury currency—total Standard silver dollars Silver bullion Silver certificates and Treasury notes of 1890.. Subsidiary "ilver coin . Alinor coin United States notes Federal Reserve Bank notes National Bank notes X o t a l — j a n 3i 1953 Dec. 31, 1952 Jan. 31, 1952 Money held by For Federal Federal Reserve Reserve Banks and Banks and agents agents Money in circulation Jan. 31, 1953 Dec. 31, 1952 l Jan. 31, 1952 22,986 21,827 26 882 4,820 21,827 21,158 3 2,340 74 76 492 2 113 32,340 1,167 413 347 212 76 227 2,113 62 4 198 199 188 9 1 3 1 333 42 6 39 3 1 2,007 1,116 406 305 208 75 29,691 2,106 1,141 410 314 210 75 1,967 1,055 388 308 229 79 (4) (4) (4) 18,975 24,168 24,395 24,086 (5) 1,308 1,270 1,319 2,816 1,471 427 18,975 19,170 18,916 4,713 4,547 4,678 37 37 25 337 4,317 25 941 4,455 38 24 135 4,213 30,433 28,386 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. 241. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. « To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. * Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special 5 significance and is not shown. See note for explanation of these duplications. Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. 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 1953 249 CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total assets, Bank credit Date Gold 1929—jUne 1933—June 1939—Dec. 1941—Dec 1945—D ec . I947—Dec. 1948—Dec. 1949—Dec. 1950—June Dec. 1951—June Dec. 29 30 30 3i 31 . 31 31 . 31 30 . 30 30 31 . 1952—Jan. Feb Mar. Apr May June July Aug. Sept Oct Nov. Dec 30 27 26 30 28 30 30P 27* 24P 29* 4,037 4,031 17,644 22 737 20,065 22,754 24,244 24,427 24 231 22,706 21,756 22,695 22,900 23,100 23,300 23,300 23,300 23,346 . . 23 400 23,300 . . 23,300 23 300 23,300 23,200 . . 26P 31 P 23,000 1953—Jan. 2 8 P Treasury currency U. S. Government <Dbligations Total Loans, net Total 58,642 42,148 54,564 64,653 167,381 160,832 160,457 162,681 164,348 171,667 173,447 181,323 41 087 63, 821 67, 597 ,086 694 456 709 96 ,560 94 ,450 97 ,808 66 67, 67 68, 68 700 000 700 100 500 97 96 96 95 95 69 71? 70 000 70 500 96 98 97 300 99 4, 800 179,900 179,300 180,100 179,900 180,600 182,980 185,300 185,300 186,500 188,900 191,500 192,800 600 99 4, 800 191,100 75 000 7 019 2, 286 ? 963 247 4 339 4, A 4, 4 562 589 598 607 4 636 4, 655 4, 706 4 4, 4 4, 4 700 700 700 700 700 4 754 4 800 4 800 4 800 4 800 4 800 21, 957 77 157 76, 605 30 387 43, 48 49, S1 023 341 604 999 60 366 71 7? 74 75 600 900 5 ,741 10 328 ?^ ,105 79 049 178 417 107 100 100 98 97 98 ,300 ,200 ,100 200 300 ,266 ,100 ,300 ,600 ,600 ,800 ,900 98 ,700 Commercial Federal and Reserve savings Banks banks 5,499 8,199 19,417 25,511 101,288 81,199 74,097 78,433 77,320 72,894 68,726 71,343 Other 716 26 131 1, 998 7 484 1 204 1 ,284 ? 867 3 , 328 ?, 254 74 262 22, 7^ 18, 18, 559 333 885 331 264 3 , 138 058 Other securities 11,819 9,863 9,302 8 999 8,577 10,723 11,422 12,621 13,640 14,741 15,176 15,918 Total liabilities and capital, net Capital and Total deposits misc. acand currency counts, net 64 698 55,776 42,029 68,359 82 811 180,806 175,348 176,121 177,313 178,568 184,385 185,038 193,404 8,922 6,436 6,812 7,826 10,979 12,800 13,168 14,392 14,618 14,624 14,820 15,320 15,900 15,700 15,900 15,700 15,800 16,120 16,100 16,400 16,700 17,100 16,900 17,000' 17,000 48, 465 75 171 00 637 191 785 188, 189 191, 19S 199, 199, 208, 148 290 706 186 907 207, ?08 207, ?08 600 200 200 900 700 70 778 7 888 71,800 71,100 70,900 70,200 70,500 70,783 72,700 71,700 71,300 72,400 73,500 72,600 7? 22, 7? 22, 7? 2, 2, ?, 2, ? 2, ?, 24, 700 2, 600 15,900 16,100 16,400 16,600 16 800 17,002 17 200 17,500 17,400 17 300 17,300 17,300 220 800 191,600 191,500 192,300 192,200 192 900 194,960 197 200 197,000 197,900 199 900 202,700 203,800 72,100 24 000 2, 600 17,400 219 000 202,000 22, 982 23, 801 800 600 500 400 300 742 664 700 600 600 600 600 ? 577 ? , 600 ? 600 7? 906 7? 800 73 100 23 700 7^ 600 2, 600 ? 600 ? 600 73 800 009 858 724 ?11 080 ^13 400 9 H 400 214 600 917 000 ?19 600 Deposits and Currency U. S. Government balances Date Total 1929—June 1933—June 1939 Dec 1941—Dec 1945—Dec 1947—Dec. 1948—Dec 1949—Dec 1950—June Dec 1951—Tune Dec 29 30 30 31 31 31' 31 31 30 30 30 31 1952—Jan. 30 Feb 27 Mar 26 Apr. 30 May 28 June 30 Tulv 3 0 P Aug 2 7 P Sept. 24P Oct. 2 9 P Nov. 2 6 P Dec 3 1 P Foreign bank deposits, net Treasury cash 55,776 42,029 68 359 82,811 180,806 175,348 176,121 177 313 178,568 184,385 185 038 193,404 365 50 1 ,217 1 498 ? ,141 ? 779 2,409 2,215 2,287 1,336 1,325 1,312 1,298 1,293 1,281 1,279 191,600 191 500 192,300 192,200 . . . 192,900 194,960 197 200 197,000 197,900 199,900 202,700 203,800 7 ,100 ? ,200 7 700 7 ,700 ? 7 319 ? ,600 7 ,600 7 ,500 2 ,500 7 500 7 400 202,000 2 ,400 ... 1953—J a n. 2 8 P 1 ,682 7 103 ? ,150 7 , 555 ? ,518 ? ,424 ™o 204 264 At comAt mercial Federal and Reserve savings Banks banks 381 857 846 1 895 74 608 36 35 634 867 977 1 452 2 451 870 1 ,123 749 801 989 332 615 821 950 668 317 247 1,300 1,300 1,300 1,300 1,300 1,283 1,300 1,300 1,300 1,300 1,300 1,300 2 ,800 3 900 5 ,800 4 500 4 400 6 ,171 7 000 6 ,700 6 ,500 5 ,300 7 ,000 5 ,7.00 200 700 (6) 500 600 333 600 700 300 600 300 400 1,300 4 3 3 7 6 3 ,200 700 Deposits adjusted and currency Time deposits 3 Total 54,790 40,828 63,253 76,336 150,793 170,008 169,119 169,781 169,964 176,917 174,684 185,984 185,200 183,400 182,900 183,800 184,400 184,904 185,800 186,200 187,400 190,200 191,600 194,500 193,300 Demand deposits2 Total 28 21 27 27 48 611 656 059 729 452 59 59 59 61 739 247 948 447 ,700 ,0O0 ,* 0 /, >0 ,< X) ,< 76 ,800 ,400 ,600 ,400 ,200 61 62 62 62 63 63 63 64 64 64 64 65 100 ,500 66 22 14 79 38 75 540 411 793 992 851 85 85 97 88 98 ,040 ,7.77 87 121 85 520 750 960 ,234 97 ,900 95 94 95 95 94 95 95 96 98 99 101 700 ,800 ,100 ,300 ,754 700 56 411 57 520 58 616 ,:,oo ,i00 ,500 ,900 ,800 ,700 ,000 Commercial banks 19,557 10,849 15,258 15,884 30,135 35,249 35,804 36,146 36,719 36,314 36,781 37,859 38,000 38,200 38,500 38,600 38,900 39,302 39,400 39,600 39,800 40,100 40,000 40,600 40,700 Currency Mutual Postal outside savings Savings banks banks* System 8 9 10 10 15 ,905 21 21 21 21 21 21 21 22 22 22 22 22 ,000 ,100 ,300 ,400 ,600 ,755 ,900 ,000 ,200 ,200 ,300 ,600 621 523 ,532 385 17 ,746 18 ,387 19 ,273 19 ,923 20 ,009 20 ,382 20 ,887 22 ,800 149 3,639 1,186 4,761 1,278 6,401 1,313 9,615 2,932 26,490 3,416 26,476 3,329 26,079 3,197 25,415 3,097 25,185 2,923 25,398 2,785 25,776 2,701 26,303 2,700 25,600 2,700 25,600 2,700 25,700 2,700 25,900 2,600 26,000 2,619 26,474 2,600 26,200 2,600 26,300 2,600 26,600 2,600 26,700 2,600 27,400 2,500 27,500 2,500 26,800 i Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 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. 250 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Class of bank and date Total Loans Total Other Cash assets * U.S. Government obligations Other securities 19,417 25,511 101,288 81,199 74,097 78,433 72,894 71,343 71,820 70,783 71,670 71,280 72,400 73,490 72,640 72,140 9,302 8,999 8,577 10,723 11,422 12,621 14,741 15,918 15,920 17,002 17,460 17,380 17.330 17,330 17,310 17,420 23,292 27,344 35,415 38,388 39,474 36,522 41,086 45.531 39,900 41,667 39,160 40,980 41,220 42,620 44,970 40,940 68,242 81,816 165,612 161,865 161,248 164,467 175,296 185,756 179,460 184,130 182,770 185,440 187,260 190.620 194,990 188,700 Total i Interbank i Total Number capital of accounts banks Demand Time 9,874 10,982 14,065 13,033 12,269 12,710 14,039 15.087 13,320 13,513 12,890 13.870 13,810 13.880 15.380 13,620 32,516 44,355 105,935 95,727 94,671 96,156 104,744 111,644 106,860 109,247 108,020 109,350 110,800 114,190 116,100 111,270 25,852 26,479 45,613 53,105 54,308 55,601 56,513 59,025 59,280 61,369 61,860 62,220 62.650 62,550 63,510 63,810 8,194 8,414 10,542 11,948 12,479 13,088 13,837 14,623 14,640 15,039 15,070 15,170 15,260 15.280 15,320 15,340 15,035 14,826 14,553 14,714 14,703 14,687 14,650 14,618 14,615 14,599 14,603 14,599 14,591 14,586 14,575 14,571 All banks: 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 a 1947—Dec. 3 1 , . 1948—Dec. 31 1949—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—Jan. 30 June 30 Aug. 27P Sept. 24P Oct. 29P Nov. 26P Dec. 31 P. 1953—Jan. 28*> , 50,884 61,126 140,227 134,924 133,693 140,598 148,021 154.R6O 155,200 157,528 160,100 160,750 163,200 165,490 165,590 164,990 22,165 28,719 26,615 34,511 30,362 109,865 43,002 91,923 48,174 85,519 49,544 91,054 60,386 87,635 67,608 87.261 67,460 87,740 69.742 87,786 70,970 89,130 72,090 88,660 73,470 89,730 74,670 90,820 75,640 89,950 75,430 89,560 All commercial banks: 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 2 1947—Dec. 31 1948—Dec. 31 1949—Dec. 31 1950—Dec. 30 1951 — Dec. 31 1952—Jan. 30 June 30 Aug. 27P Sept. 24P Oct. 29P Nov. 26P Dec. 31 P. 1953—Jan. 2 8 P 40,668 50,746 124,019 116,284 114,298 120,197 126,675 132.610 132;770 134,437 136,550 137,090 139,440 141,660 141,600 140,760 17,238 21,714 26,083 38,057 42,488 42,965 52,249 57.746 57,510 59,233 60,210 61,200 62,410 63,470 64,290 63,970 23,430 29,032 97,936 78,226 71,811 77,232 74,426 74,863 75,260 75,204 76,340 75,890 77,030 78,190 77,310 76,790 16,316 21,808 90,606 69,221 62,622 67,005 62,027 61,524 61,990 61.178 61,960 61,610 62,860 64,020 63,230 62,650 7,114 7,225 7,331 9,006 9,189 10,227 12,399 13,339 13,270 14,026 14,380 14,280 14,170 14,170 14,080 14,140 22,474 26,551 34,806 37,502 38,596 35,650 40,289 44,645 39,070 40,702 38,380 40,130 40,400 41,820 44,060 40,060 57,718 71,283 150,227 144,103 142,843 145,174 155,265 164,840 158,410 162.348 160.770 163,260 164,990 168.340 172,380 165,890 9,874 10,982 14,065 13,032 12,269 12,709 14,039 15,086 13,320 13,512 12.890 13,870 13.810 13.880 15,380 13,620 32,513 44,349 105,921 95,711 94,654 96,136 104,723 111.618 106,830 109,222 107.990 109,320 110,770 114,160 116,070 111,240 15,331 15,952 30,241 35,360 35,921 36.328 36,503 38.137 38,260 39,614 39,890 40,070 40,410 40,300 40,930 41,030 6,885 7,173 8,950 10,059 10,480 10,967 11,590 12.216 12,240 12,601 12,630 12,720 12,800 12,820 12,850 12,870 14,484 14,278 14,011 14,181 14,171 14,156 14,121 14,089 14,086 14,070 14,074 14,070 14,062 14,057 14,046 14,042 All member banks: 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1948—Dec. 31 1949—Dec. 31 1950—Dec. 30 1951— Dec. 31 . 1952—Jan. 30. June 30 Aug. 27P Sept. 24P Oct. 29P Nov. 26P Dec. 31 P 1953—Jan. 2 8 P 33,941 43,521 107,183 97,846 95,616 101,528 107,424 112,247 112,298 113.502 115,220 115,533 117,604 119,564 119,536 118,625 13,962 18,021 22,775 32,628 36,060 36,230 44,705 49,561 49,327 50.526 51,331 52,192 53,317 54,283 55,041 54,698 19,979 25,500 84,408 65,218 59,556 65,297 62,719 62,687 62,971 62,976 63,889 63,341 64,287 65,281 64,495 63,927 14,328 19,539 78,338 57,914 52,154 56,883 52,365 51,621 51,965 51,261 51,839 51,406 52,484 53.486 52,777 52,137 5,651 5,961 6,070 7,304 7,402 8,414 10,355 11,065 11,006 11,715 12,050 11,935 11,803 11,795 11,718 11,790 19,782 23,123 29-845 32,845 34,203 31,317 35,524 39,252 34,266 36.046 33,730 35,363 35,535 36,896 38,793 35,101 49,340 61,717 129,670 122,528 121,362 123,885 133,089 141,015 135,103 138,769 136,872 139,052 140,431 143,478 147,092 140,961 9,410 10,525 13,640 12,403 11,641 12,097 13,447 14,425 12,726 12,812 12,215 13,161 13,074 13,120 14,582 12,880 28,231 38,846 91,820 81,785 80,881 82,628 90,306 95,968 91,687 94,169 92,687 93,773 94,959 98,006 99,640 95,154 11,699 12,347 24,210 28,340 28,840 29,160 29,33(5 30,623 30,690 31.788 31,970 32,118 32,398 32.352 32,870 32,927 5,522 5,886 7,589 8,464 8,801 9,174 9,695 10,218 10,238 10,526 10,549 10,606 10,680 10,700 10,735 10,753 6,362 6,619 6,884 6,923 6,918 6,892 6,873 6,840 6,838 6,815 6,810 6,807 6,804 6,801 6,798 6,791 10,216 10,379 16,208 18,641 19,395 20,400 21,346 22,259 22,430 23.091 23,550 23,660 23,760 23,830 23,990 24,230 4,927 4,901 4,279 4,944 5,686 6,578 8,137 9,862 9,950 10,509 10,760 10,890 11,060 11,200 11,350 11,460 5,289 5,478 11,928 13,696 13,709 13,822 13,209 12.398 12,480 12,582 12,790 12,770 12,700 12,630 12,640 12,770 3,101 3,704 10,682 11,978 11,476 11,428 10,868 9.819 9,830 9,606 9,710 9.670 9,540 9.470 9,410 9,490 2,188 1,774 1,246 1,718 2,233 2,394 2,342 2.579 2,650 2,976 3,080 3.100 3,160 3,160 3,230 3,280 818 10,524 10,533 15 385 17,763 18,405 19,293 20,031 20,915 21,050 21.782 22,000 22,180 22,270 22,280 22,610 22,810 3 6 14 17 17 20 22 26 30 26 30 30 30 30 30 30 10,521 10,527 15 371 17,745 18,387 19,273 20,009 20.888 21,020 21,755 21,970 22,150 22,240 22,250 22,580 22,780 1,309 1,241 1 592 1,889 1,999 2,122 2,247 2.407 2,400 2,438 2,440 2,450 2,460 2,460 2,470 2,470 551 548 542 533 532 531 529 529 529 529 529 529 529 529 529 All mutual savings banks: 1939—i) ec> 30 . . . 1941—Dec. 31 1945—Dec. 31 2 1947—Dec. 31 1948—Dec. 31 1949—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—Jan. 30 June 30 Aug. 2 7 P Sept. 24P Oct. 2 9 P Nov. 26P Dec. 31 P 1953—Jan. 2 8 P 793 609 886 878 873 797 886 830 966 780 850 820 800 910 880 1 1 2 2 2 2 2 2 2 2 2 529 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 1953 251 ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Class of bank and date Total Total Central reserve city member banks: New York City: U.S. Government obligations Loans 9,339 12,896 26,143 20,393 18,759 19,583 20,612 21,379 21,203 21,710 21,325 21,246 21,283 21,696 22,130 21,233 3,296 4,072 7,334 7,179 8,048 7,550 9,729 11,146 11,210 11,268 11,142 11,363 11,680 11,973 12,375 12,127 6,043 8,823 18,809 13,214 10,712 12,033 10,883 10,233 9,993 10,442 10,183 9,883 9,603 9,723 9,755 9,106 4,772 7,265 17,574 11,972 9,649 10,746 8,993 8,129 7,927 8,212 7,839 7,612 7,518 7,695 7,679 7,012 569 . . . . . . 2,105 2,760 5,931 5,088 4,799 5,424 5,569 5,731 5,680 5,664 5,735 5,679 5,839 6,112 6,239 6,037 1,333 1,801 1,783 1,618 2,083 2,468 2,375 2,380 2,401 2,399 2,444 2,592 2,746 2,594 1,536 1,806 4,598 3,287 3,016 3,806 3,487 3,264 3,305 3,284 3,334 3,280 3,395 3,520 3,493 3,443 12,272 15,347 40,108 36,040 35,332 38,301 40,685 42,694 42,738 43,091 44,086 44,163 45,381 46,104 45,592 45,533 5,329 7,105 8,514 13 449 14,285 14,370 17,906 19.651 19,465 19,745 20,290 20,730 21,276 21,627 21,703 21,680 6,944 8,243 31,594 22,591 21,047 23,931 22,779 23,043 23,273 23.346 23,796 23,433 24,105 24,477 23,889 23,853 . 10,224 . 12,518 . 35,002 36,324 . 36,726 . 38,219 . 40,558 . 42,444 42 677 43.037 . 44,074 . 44,445 . 45,101 . 45,652 . 45,575 . 45,822 4,768 5,890 5,596 10,199 11,945 12,692 14,988 16.296 16,277 17,133 17,498 17,700 17,917 18,091 18,217 18,297 5,456 6,628 29,407 26,125 24,782 25,527 25,570 26,148 26,400 25.904 26,576 26,745 27,184 27,561 27,358 27,525 4,377 26,999 22,857 21,278 21,862 21,377 21.587 21,855 21,206 21,833 21,972 22,378 22,731 22,558 22,720 Other securities 1,203 1,430 4.213 2,890 2,633 3,324 2,911 2,711 2,777 2,721 2,763 2,709 2,827 2,933 2,912 2,862 Reserve city member banks: . 1939—Dec. 30 1941—Dec. 31 1945—Dec 31 . 1947—Dec. 31 194g—Dec. 31 . . . . . 1949—Dec. 31 . 1950—Dec 30 . 1951—Dec. 31 1952—Jan. 30 . June 30 . Aug. 27P . Sept. 24P . Oct. 2 9 P Nov. 2 6 P . . . . . . Dec. 31 P . 1953—Jan. 2 8 P Other Cash assets 1 1939—Dec. 30 1941—Dec. 3i . 1945—Dec. 31 . 1947—Dec. 31 . . 1948—Dec. 31 1949—Dec. 31 . 1950—Dec. 30 . 1951—Dec. 31 1952—Jan. 30 . . . . . . June 30 . Aug. 2 7 P . Sept. 24P . Oct. 2 9 P . Nov. 2 6 P . Dec. 3 1 P . 1953—Jan. 2 8 P Chicago: 1939—Dec. 1941—Dec. 1945_Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1952—Jan. 30 31 31 31 31 31. . .. . 30 31 . 30.. June 30 Aug. 2 7 P Sept. 24P Oct. 2 9 P Nov. 26P Dec. 3 1 P 1953—Jan. 2 8 P Country member banks: 1939—Dec. 30 1941—Dec. 31 1945—Dec 31 1947—Dec. 31 . 1948—Dec. 31 1949_Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—Jan 30 June 30 Aug. 2 7 P Sept. 24P Oct. 2 9 P Nov. 2 6 P Dec. 31 P 1953—Jan. 2 8 P 954 1,272 1,559 1,235 1,242 1,063 1 1,287 1,890 Total i Interbank i Total Number capital of accounts banks Demand Time 1,236 1,445 L.680 1 L.651 1,722 1,679 L ,616 L ,795 1,687 1,721 1,712 L,784 L.839 1 1,778 6,703 6,637 6,439 7,261 7,758 6,985 7,922 8,564 7,320 8,135 6,769 7,297 7,267 7,818 8,423 6,994 14,509 17,932 30,121 25,216 24,024 23,983 25,646 26,859 25,179 26,745 24,746 25,288 25,111 26,108 27,309 24,817 A t,238 4.657 i 1.464 4.213 A 1,192 A 1,638 i 1.832 4.368 t1.639 4,102 4,596 4,388 4,440 4,958 4,438 9,533 12,917 24,227 19,307 18,131 18,139 19,287 20,348 19,195 20,311 18,957 18,971 19,011 19,884 20,512 18,601 563 571 571 568 587 581 581 1,446 1,566 1,489 1,739 1,932 1,850 2,034 2,196 1,923 1,899 2,022 2,084 2,119 2,120 2,011 2,083 3,330 4,057 7,046 6,402 6,293 6,810 7,109 7,402 6,952 7,027 7,129 7,196 7,215 7,368 7,688 7,186 888 1,035 1,312 1,217 1,064 1,191 1,228 1,307 1,155 1,182 1,199 1,239 1,240 1,221 1,350 L.170 1,947 2,546 5,015 4,273 4,227 4,535 4,778 4,952 4,655 4,681 4,784 4,808 4,812 4,981 5,132 4,843 1,001 1,083 1,103 1,143 1,142 1,164 1,146 1,149 1,163 1,166 1,206 1,173 5,194 6,467 29,552 20,196 18,594 20,951 19,084 19.194 19,406 19,123 19,404 19,113 19,761 20,127 19,628 19,543 1,749 1,776 2,042 2,396 2,453 2,980 3,695 5.849 3,867 i 1,223 1,392 1,320 1,344 1,350 i 1,261 I1,310 6,785 8,518 11,286 13,066 13,317 12,168 13,998 15,199 13,347 13.925 13,308 14,086 14,004 14,585 15,544 13,898 17,741 22,313 49,085 46,467 45,943 47,559 51,437 54,466 52,159 53,425 53,090 54,013 54,766 55,923 57,345 54,893 3,686 1,460 9,439 13,047 32,877 29,395 29,153 30,182 33,342 35.218 33,804 34,764 34,362 34,861 35,422 36,604 37,083 35,499 3,159 2,297 2,250 2,408 3,268 3,504 3,665 1,193 1.561 i 1,545 t1.698 1,743 41,773 1,806 i 1.830 1,800 1,805 4,848 6,402 10,632 10,778 11,196 10,314 11,571 13,292 11,676 12.087 11,631 11,896 12,145 12.373 12,815 12,126 13,762 17,415 43,418 44,443 45,102 45,534 48,897 52,288 50,813 51.571 51,907 52,555 53,339 54,079 54,750 54,065 7,312 10,335 29,700 28,810 964 29,370 1,001 29,771 L ,133 32,899 1,309 35.449 1,159 34,033 L.083 34.414 1,038 34,584 1,100 35,133 1,157 35,714 1,181 36,537 1,267 36,916 1,163 36,211 M04 >,066 J.231 >,344 *,271 >,085 >,028 >,076 >,094 333 376 385 397 383 482 576 552 528 { £t.2O7 (5,448 5,649 5,400 5,713 (5,448 (5,976 (5,044 5.908 5,876 < 5,226 (5,289 5,278 7,007 (5,109 598 822 L.223 1,073 736 1,592 1,648 2,120 2,259 2,306 2,312 2,351 2,425 2,427 2.460 2,473 2,462 2,477 2,476 2,509 2,508 36 36 37 37 35 25 23 22 22 22 495 250 14 476 719 913 288 377 426 444 470 13 12 14 13 13 807 490 513 510 22 22 22 22 22 22 13 13 13 530 529 531 534 537 541 537 13 13 13 13 13 13 13 4,616 4,806 9,760 11,423 11,391 11,664 11,647 12,272 12,311 12,754 12,852 12,926 13,055 13,041 13,255 13,285 1,828 1,967 2,566 2,844 2,928 3,087 3,322 3,521 3,535 3,663 3,655 3,675 3,711 3,720 3,731 3,742 346 5,852 6,258 12,494 14,560 14,768 14,762 14,865 15,530 15,621 16,075 16,285 16,322 16,468 16,361 16,567 16,691 1,851 1,982 2,525 2,934 3,123 3,305 3,532 3,760 3,766 3,873 3,892 3,938 3,958 3,967 3,954 3,966 5,966 6,219 6,476 6,519 6,535 6,513 6,501 6,484 6,482 6,461 6,456 6,453 6,450 6,447 6.444 6,436 351 359 353 335 341 336 321 321 319 319 319 319 319 319 320 2 Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite pages. 252 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Deposits Loans and investments Investments Class of bank and date Other Cash assets * Total All insured commercial banks: 1941—Dec. 31 1945—£)ec 31 1948—Dec. 31 I949—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—June 30 Total U.S. Government obligations Other securities Loans Total 1 Interbank 1 Total Number capital of accounts banks Demand Time 49,290 121,809 112,286 118,278 124,822 130,820 132,557 21,259 25,765 41,968 42,485 51,723 57,256 58,730 28,031 96,043 70,318 75,793 73,099 73,564 73,827 21,046 88,912 61,388 65,820 60,986 60,533 60,117 6,984 7,131 8,929 9,974 12,113 13,031 13,710 25,788 34,292 38,087 35,207 39,821 44,176 40,258 69,411 147,775 140,642 143,138 153,288 162,908 160,355 10,654 13,883 11,900 12,368 13,744 14,777 13,100 43,059 104,015 93,300 94,914 103,499 110,382 108,036 15,699 29,876 35,441 35,856 36,045 37,749 39,219 6,844 8,671 10,158 10,645 11,263 11,902 12,282 13,426 13,297 13,413 13,429 13,432 13,439 13,434 National member banks: 27,571 1941—Dec. 31 69,312 1945—Dec. 31 1948—Dec. 31 . . . 63,845 1949—Dec. 31 67,943 72,090 1950—Dec. 30 75,255 1951—Dec. 31 76,036 1952—June 30 11,725 13,925 23,752 23,853 29,184 32,317 33,054 15,845 55,387 40,093 44,090 42,906 42,938 42.982 12,039 51,250 34,852 38,161 35,587 35,063 34,604 3,806 4,137 5,241 5,930 7,320 7,875 8,378 14,977 20,114 22,974 20,995 23,763 25,951 23,928 39,458 84,939 81,407 83,113 89,281 94,173 92,720 6,786 9,229 7,842 8,278 9,133 9,788 8,584 24,350 59,486 54,020 55,034 60,251 63,477 62,255 8,322 16,224 19,545 19,801 19,897 20,908 21,880 3,640 4,644 5,657 5,920 6,313 6,653 6,879 5,117 5,017 4,991 4.97J5 1,958 i 1,939 11,925 State member 1941—Dec. 1945—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1952—June 15,950 37,871 31,771 33,585 35,334 36,992 37,466 6,295 8,850 12,308 12,378 15,521 17,243 17,472 < J.654 29,021 19,463 21,207 19,813 19,748 19.994 7,500 27,089 17,301 18,722 16,778 16,558 16,657 2,155 1,933 2,161 2,484 3,035 3,191 3,337 8,145 9,731 11,228 10,322 11,762 13,301 12,119 22,259 44,730 39,955 40,772 43,808 46,843 46,049 3,739 4,411 3,799 3,819 4,315 4,637 4,227 14,495 32,334 26,862 27,594 30,055 32,491 31.914 4,025 7,986 9,295 9,359 9,438 9,715 9,908 2,246 2,945 3,144 3,254 3,381 3,565 3,647 1,502 L ,867 L.927 1,917 L.915 1,901 Insured nonmember commercial banks: 1941—Dec. 31 1945—Dec. 31 1948—Dec. 31 I949—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—June 30 5,776 14,639 16,685 16,766 17,414 18,591 19,073 3,241 2,992 5,911 6,258 7,023 7,701 8,210 2,535 1,509 10,584 9,246 8,947 8,632 8,923 8,867 1,025 1,063 1,528 1,561 1,759 1,967 1,996 2,668 4,448 3,887 3,892 4,299 4,926 4,215 7,702 18,119 19,296 19,269 20,216 21,912 21,606 129 244 259 272 297 353 1.213 12,196 12,419 12,285 13,194 14,415 13,867 3,360 5,680 6,618 6,712 6,726 7,144 7,450 1,083 1,358 1,473 L,57O 1,686 .757 Noninsured n o n m e m ber commercial banks: 1941—Dec. 31 1945—Dec. 31 a 1948—Dec. 31 I949—Dec. 3 1 . . . . 1950—Dec. 30 1951—Dec. 31 1952—June 30 1,457 2,211 2,013 1,919 1,853 1,789 1,880 761 1,693 1,234 1,185 1,040 241 763 503 All n o n m e m b e r c o m mercial banks: 1941—Dec 31 I945—Dec. 31 1948—Dec. 312 1949—Dec 31 1950—Dec. 30 19«51—Dec 31 1952—June 30 7,233 16,849 18,698 18,686 19,267 20,380 20,954 3,696 3,310 6,431 6,739 7,550 8,192 8,714 S.536 i; *,539 i:>,267 1 1,947 1 1,718 r M89 r J.240 1 693 10,846 13,312 14,209 15,101 16,190 16,857 642 3,081 4,109 4,814 6,086 7,523 8,043 1 1,050 1.765 9,202 9.394 t>,015 \S.668 i5,814 8 687 5 361 6,083 6,192 6,245 6,069 6,234 4,259 1,198 1,577 1,764 2,050 2,339 2,466 banks: 31 31 . . . . 31 31 . . . . 30 31 30 Insured mutual savings banks: 1941 Dec 31 1945—Dec 1948—Dec 1949 Dec 1950—Dec. 1951—Dec 1952—June 31 31 31 30 31 30 Noninsured m u t u a l savings banks: 1941 Dec 31 1945—Dec 31 1948—Dec. 31 * 1949—Dec. 31 1950—Dec 30 1951—Dec 31 1952 Tune 30 455 318 520 481 527 490 1 1.647 10,774 10,508 10,391 10.890 1(),863 1,002 L.893 1,493 1,438 1,327 L.299 L ,377 I 428 T 4 1,163 4 t,506 4 1,428 1,194 4 -5,730 1,768 259 253 509 442 991 286 308 468 469 1,061 317 443 1,872 2,452 2,201 2,036 1,976 1,932 1,993 2,270 12,277 10,479 10,132 9,672 9,914 9,928 1,266 1,262 1,788 1,814 2,046 2,275 2,312 3,431 4,962 4,396 4,334 4,767 5,395 4,658 9,574 20,571 21,497 21,305 22,193 23,843 23,598 421 606 151 429 684 682 1,789 10,363 12,772 13,592 14,320 15,368 16,081 629 7,160 7,795 7,832 7,487 6,921 6,730 3 075 3,522 3,680 3,596 3,380 2,897 2,876 200 1,407 1,562 1,528 1,746 2,084 514 617 695 756 1,353 642 641 180 826 832 814 194 191 180 833 892 191 209 8,744 5,022 5,633 5,702 5,711 5,547 5,702 289 329 181 368 341 294 308 412 457 425 628 613 591 661 700 1 2 2 1.291 1,905 1,353 1,223 1,224 1,235 1,186 5.504 14,101 13,772 13,508 14,417 15,650 15.052 12 14 16 19 23 23 6 2 3 3 3 3 3 253 365 479 472 458 388 396 959 329 279 322 321 327 314 320 3,613 6,045 7,097 7,184 7,184 7,533 7,846 J .288 1,362 1,680 1,794 1,897 .999 2,077 1,789 10,351 12,757 13,575 14,301 15,343 16,056 L.034 ,334 420 ,513 ,678 .700 8,738 5,020 5,631 5,699 5,708 5,544 5,699 1 077 558 665 702 734 729 1*4 738 R90 6 810 6,416 6 498 6,540 6 562 6,602 6,622 852 714 758 727 689 650 636 7 662 7,130 7,256 7 267 7,251 7 252 7,258 52 192 193 192 194 202 205 496 350 339 339 335 327 324 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. MARCH 1953 253 ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans 1 Total loans and investments Class of bank and call date Total1 Investments Loans for Compurchasing meror carrying cial, Other securities inReal loans clud- Agrito culing 2 in- Other Total To tate open- tur- brokdi- loans marTo loans vid-2 ers ket uals and othpadeal- ers per ers All insured commercial banks: 1941—Dec. 31. 1945—Dec. 31. 1949—Dec. 31. 1950—Dec. 30. 1951—Dec. 31. 1952—June 30. 49,290 121,809 118,278 124,822 130,820 132,557 21,259 25,765 42,485 51,723 57,256 58,730 9,214 1,450 9,461 1,314 16,935 2 ,963 21,776 2,823 25,744 3,321 25,176 3,562 Member banks, total: 1941—Dec. 31. 1945—Dec. 31. 1949—Dec. 31. 1950—Dec. 30. 1951—Dec. 31. 1952—June 30. Sept. 5. 43,521 107,183 101,528 107,424 112,247 113,502 114,654 18,021 22,775 36,230 44,705 49,561 50,526 51,314 8,671 972 594 598 8,949 855 3,133 3 ,378 15,857 1,945 1,737 758 20,521 1,808 1,770 927 851 24,347 2,140 1 ,551 829 23.732 2,264 2 ,084 941 23,973 2,446 1,473 New York City:* 1941—Dec. 31. 1945—Dec. 31. 1949—Dec. 31. 1950—Dec. 30. 1951—Dec. 31. 1952—June 30. Sept. 5. 12,896 26,143 19,583 20,612 21,379 21,710 20,901 4,072 7,334 7,550 9,729 11,146 11,268 10,944 2,807 3,044 4,792 6,328 7,852 7,659 7,661 Chicago:3 1941—Dec. 31. 1945—Dec. 31. 1949—Dec. 31. 1950—Dec. 30. 1951—Dec. 31. 1952—June 30. Sept. 5. 2,760 5,931 5,424 5,569 5,731 5,664 5,738 954 1,333 1,618 2,083 2,468 2,380 2,419 732 760 1,211 1,567 1,977 1,856 1,872 Reserve city banks: 1941—Dec. 31. 1945—Dec. 31. 1949—Dec. 31. 1950—Dec. 30. 1951—Dec. 31. 1952—June 30. Sept. 5. 15,347 40,108 38,301 40,685 42,694 43,091 43,900 7,105 3,456 8,514 3,661 14,370 6,704 17,906 8,646 19,651 10,140 19,745 9,756 20,401 10,000 300 205 457 392 513 519 541 Country banks: 1941—Dec. 31. 1945—Dec. 31. 1949—Dec. 31. 1950—Dec. 30. 1951—Dec. 31. 1952—June 30. Sept. 5. 12,518 35,002 38,219 40,558 42,444 43,037 44,115 5,890 5,596 12,692 14,988 16,296 17,133 17,550 1,676 1,484 3, 3,980 4,377 4,462 4,440 Insured nonmember commercial banks: 1941—Dec. 31. 1945—Dec. 31. 1949—Dec. 31. 1950—Dec. 30. 1951—Dec. 31. 1952—June 30. 5,776 14,639 16,766 17,414 18,591 19,073 3,241 2,992 6,258 7,023 7,701 8,210 543 512 1,078 1,255 1,397 1,445 614 662 164 3,606 1,749 855 1,789 1,036 1,571 960 2,106 942 U. S. Government obligations Total Obligations Direct of States Other and secuCertifiGuar- polit- rities cates an- ical of in- Notes Bonds teed subBills debtdiviedsions ness 28,031 96,043 75,793 73,099 73,564 73 ,827 21,046 88,912 65,820 60,986 60,533 60,117 988 2,455 3,692 4,118 7,219 6,090 19,071 12,479 1,932 7,526 7,653 3,159 12,797 4,102 3 ,651 3,333 16,045 51,321 873 3,258 5,810 43,833 400 3,574 16,756 38,168 ,179 11,256 34,511 989 4,042 11,099 35 ,251 627 4,083 3,494 3,692 25 500 3,455 1,900 1 ,104 84,408 8,834 6 ,551 1,034 65,297 10,522 8,314 1,438 62,719 11,334 8,524 1,535 62,687 11,628 9 ,268 1,473 62,976 11,855 9,599 1,787 63,340 19,539 78,338 56,883 52,365 51,621 51,261 51,382 971 2,275 3,389 3,665 6,399 5,423 4,269 16,985 10,409 1,468 6,010 6.134 5,476 3,007 11,729 3,832 3.090 2,871 14,271 44,792 16 3,254 2,815 5,085 37,996 4 5 ,274 3,140 14,054 33 ,170 8 6,640 3,714 9,596 29,601 3,538 9,468 30 ,215 3,590 9,461 32,160 16 8,410 3,548 4,773 4, 545 4,677 2,361 1,181 11,405 8,005 1,121 13,389 10,049 1,534 14,450 10,378 ,645 14,884 11,340 1,570 1,623 3,652 1,679 729 7,265 311 17,574 477 3,433 3,325 10,337 1 606 835 7,405 752 10,746 720 1,785 250 1,711 6,206 1,123 8,993 824 616 1,428 4,960 1,385 8,129 1,122 692 1,400 5,058 1,436 8,212 1,062 467 1,408 5,219 569 1,579 7,663 169 412 2,453 1,172 ,410 219 285 .421 ,219 262 ,619 234 ,087 273 123 554 80 287 298 256 689 309 442 930 460 514 920 551 426 981 524 409 1,022 672 8,823 18,809 12,033 10,883 10,233 10,442 9,957 52 233 56 69 63 61 67 96 51 40 172 34 207 87 180 109 183 83 187 113 1,806 4,598 3,806 3,487 3,264 3,284 3,319 1,430 4,213 3,324 2,911 2,711 2,721 2,749 194 114 427 1,503 183 309 386 207 347 203 354 258 414 202 1,527 8,243 1,512 1,459 855 404 31,594 3,742 ,745 432 23,931 4,423 3 ,498 603 22,779 4,651 ,518 23,043 4,799 3 ,805 559 23,346 4,923 3 ,957 670 23,499 6,467 29,552 20,951 19,084 19,194 19,123 19,169 295 1,034 1,189 1,218 2,524 2,080 1,503 6,982 4,180 499 2,493 2,520 2,171 751 4,248 1,173 820 956 5,653 15,878 916 5 1,126 2,124 13,457 1,727 1,254 5, 536 11,830 ' 2,184 1,511 3 640 10,528 82 ,458 1,390 3,656 10,851 16 2,832 1,391 12 2,925 1,404 3,679 11,805 659 648 ,480 1 ,407 1.610 1,733 1 ,893 183 471 173 187 178 179 187 1,530 1,823 6,628 707 1,881 363 29,407 4,784 2,946 259 25 ,527 5,591 3,679 288 25 ,570 6,099 3 ,906 303 26,148 6,337 4 ,299 308 25,904 6,454 4 ,434 332 26,56 4,377 26,999 21,862 21,377 21,587 21,206 21,801 110 630 1,148 1,390 2,418 1,914 1,883 5,102 3,753 588 2,568 2.551 2,497 481 4,544 1,768 6,107 4,008 3,918 3,858 2,926 16,713 15,189 13,287 12,587 12.81 13,559 478 459 1,018 1,015 1,181 1,298 64 228 97 109 109 113 2,575 2,872 3,121 3,262 2,535 1,509 11,647 10,584 10,508 8,94 10,391 8,63 10,890 8,923 10,863 8,867 17 180 303 453 820 668 152 2,087 1,774 2,071 725 465 2,702 1,516 1,660 1,519 1,631 1,069 6,538 5,846 5,008 4,921 5,046 48 211 109 110 94 166 147 854 461 1,453! 1,735 1,854 2,072 77 87 96 111 97 256 133 1,467 331 690 232 131 334 332 366 371 314 341 153 749 358 700 520 494 517 903 1,864 1,945 1,847 1,526 1,490 1,578 119 182 181 290 335 351 363 360 830 629 535 767 719 794 716 193 204 192 242 201 201 210 861 1,222 1,028 9 1,342 1,067 4 2 ,505 1,160 2,998 1,194 3, 334 1,227 3,494 1,204 3,546 1,218 271 563 6 619 2 1,127 1,294 1,462 1,503 462 443 434 465 505 493 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net 2 "Other loans to individuals" include, and "Other loans" exclude, single-payment loans of $3,000 and over, which were included with "Other loans" in BULLETINS for May 1951 through January 1953. For other footnotes see opposite page. 254 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 ba n k and call date All insured commercial banks: 1941—Dec. 1945—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1952—June 31.. 31. . 31.. 30.. 31. . 30.. Member banks, total: 1941—Dec. 1945—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1952—June Sept. 31.. 31.. 31.. 30. . 31.. 30.. 5.. Reserves with Cash Federal in Revault serve Banks 12 ,396 15 ,810 16 ,428 17 ,458 19 ,911 19 ,331 DeBalances mand dewith posits doad- 5 mestic banks* justed 8 ,570 37 ,845 1 ,358 1 ,829 11 ,075 74 ,722 9 ,466 84 ,576 1 ,984 2 ,145 10 ,463 91 ,099 2 ,665 11 ,561 97 ,048 2 ,365 9 ,935 93 ,652 12 ,396 1 ,087 15 ,811 1 ,438 16 ,429 1 ,521 17 ,459 1 ,643 19 ,912 2 ,062 19 ,333 1 ,821 20 ,300 1 ,651 6 ,246 7 ,117 6 ,194 6 ,868 7 ,463 6 ,470 6 ,110 33 ,754 64 ,184 72 ,658 78 ,370 83 ,100 80 ,347 81 ,552 Interbank deposits ForDomestic4 eign 9 ,823 12 ,566 10 ,885 11 ,955 12 ,969 11 ,286 Time deposits Certified U. S. States and and Gov- political offiern- subdi- cers' ment visions checks, etc. U. S. IndiGov- States viduals, ernand partner- Inter- ment politships, bank and ical and corPostal subdiporaSav- visions tions ings 3 ,677 5 ,098 7 ,419 7 ,892 8 ,288 8 ,682 1 ,077 2 ,585 2 ,338 2 ,898 3 ,147 2 ,721 36 ,544 72 ,593 82 ,106 89 ,922 95 ,604 90 ,836 158 70 169 347 427 475 59 103 182 189 278 312 1,232 1,331 1,485 1,574 1 ,709 22 ,179 2 ,838 2 ,523 3 ,101 5 ,439 4 ,023 3 ,066 4 ,240 6 ,017 6 ,400 6 ,666 6 ,989 6 ,591 1 ,009 2 ,450 2 ,185 2 ,724 2 ,961 2 ,555 1 ,803 33 ,061 62 ,950 71 ,589 78 ,659 83 ,240 79 ,186 79 ,731 140 64 164 341 422 469 499 50 99 175 183 257 288 300 866 319 237 196 258 321 305 262 450 1 ,338 895 1 ,087 1 289 1 ,079 510 11 ,282 15 ,712 16 ,408 17 ,490 17 ,880 17 ,275 16 ,365 6 17 113 268 318 350 382 127 1 ,552 258 174 242 306 260 233 237 286 284 240 287 285 34 66 60 70 66 52 53 2 ,152 3 ,160 3 ,932 4 ,250 4 ,404 4 ,037 4 ,039 3 54 491 110 8 ,221 176 1 ,142 217 976 192 1 124 182 2 097 211 1 499 1 ,144 1 763 2 478 2 575 2 550 2 689 2 441 673 1 ,761 1,248 23 ,740 1,315 3 ,050 1,442 2 ,788 1,381 3 ,344 1,339 5 ,797 9 ,714 671 12 ,333 1,243 10 ,623 1,310 11 ,669 1,437 12 ,634 1,369 11 ,013 1,329 10 ,897 1,370 492 496 IndiCapividuals, Bortal partner- row- acships, ings counts and corporations 10 215 14 82 30 85 6,844 8,671 10,645 11,263 11,902 12,282 1,051 1,121 1,238 1,303 1,309 4 11,878 23,712 208 11 27,934 79 28,032 26 29,128 69 30,196 30,413 1,596 5,886 7,589 9,174 9,695 10,218 10,526 10,632 10 38 37 43 53 55 29 20 24 37 22 21 24 1,206 195 1,590 1,647 ' " 7 0 5 1,614 20 1,721 1,624 483 1 6 4 4 3 5 4 4 10 10 11 11 11 1,069 1,089 1,128 1,150 1,134 286 11 ,127 611 22 ,281 650 25 ,912 852 28 ,938 822 3 0 ,722 719 29 ,258 612 29 ,689 104 30 38 57 90 101 101 20 38 60 60 85 90 98 243 160 617 631 714 751 749 4,542 9,563 10,987 10,956 11,473 11,913 12,035 1,967 2,566 3,087 3,322 4 3,521 25 3,663 750 3,685 418 399 15,146 29,277 34,442 34,525 35,986 37,333 New York City:* 1941—Dec. 31. . 1945—Dec. 31. . 1949—Dec. 3 1 . . 1950— Dec. 30.. 1951—Dec. 3 1 . . 1952—June 3 0 . . Sept. 5. . 5 ,105 4 ,015 4 ,462 4 ,693 5 ,246 5 ,266 5 ,050 93 111 112 118 159 168 134 141 78 68 78 79 92 34 10 ,761 15 ,065 15 ,182 15 ,898 16 ,439 16 ,070 15 ,604 3 595 3 ,535 2 ,996 3 ,207 3 ,385 3 ,193 2 ,791 Chicago:* 1941—Dec. 31 1945—Dec. 31. . 1949—Dec. 31. . 1950—Dec. 30. . 1951—Dec. 31. . 1952—June 30. . Sept. 5 . . 1 ,021 942 1 ,183 1 ,216 1 ,407 1 ,259 1 ,332 43 36 27 30 32 30 26 298 200 159 133 165 135 118 2 215 3 ,153 3 ,797 3 ,954 4 ,121 3 ,903 3 ,928 1 ,027 1 ,292 1 ,151 1 ,177 1 ,269 1 ,136 1 ,188 Reserve city banks: 1941—Dec. 31 . 1945—Dec. 31. . 1949—Dec. 31. . 1950—Dec. 30. . 1951—Dec. 31. . 1952—June 30. . Sept. 5. . 4 ,060 6 ,326 6 ,413 6 ,806 7 ,582 7 ,312 8 ,046 2 590 11 ,117 2 174 22 ,372 1 965 25 ,744 2 206 27 ,938 2 356 29 ,489 2 083 28 ,703 1 737 29 ,239 4 302 6 ,307 5 ,498 6 ,174 6 ,695 5 ,624 5 ,864 Country banks: 1941—Dec. 31. . 1945—Dec. 31. . 1949—Dec. 3 1 . . 1950—Dec. 30. . 1951—Dec. 31. . 1952—June 3 0 . . Sept. 5. . 2 ,210 526 4 ,527 796 4 ,371 901 4 ,745 976 5 ,676 1 231 5 ,495 1 072 5 ,873 984 3 4 4 4 4 4 4 216 9 ,661 790 665 23 ,595 1 ,199 002 27 ,935 979 450 30 ,581 1 ,111 862 33 ,051 1 ,285 159 31 ,671 1 ,060 221 32 ,781 1 ,053 2 8 9 10 11 12 13 225 5 465 797 922 876 1 384 1 194 1 2 3 3 3 3 3 370 004 058 282 554 708 603 239 435 579 715 783 705 629 8 ,500 21 ,797 25 ,337 27 ,980 30 ,234 28 ,616 29 ,639 30 17 13 12 13 12 12 31 52 73 82 125 141 142 146 219 400 443 491 521 526 6,082 12,224 14,289 14,339 14,914 15,413 15,621 4 11 11 9 16 24 262 1,982 2,525 3,305 3,532 3,760 3,873 3,942 271 391 463 503 603 544 2 3 3 3 4 3 325 959 273 596 099 466 2 5 6 5 12 10 53 1 560 213 265 243 357 1 1 1 1 611 858 402 492 622 694 68 135 153 174 186 166 3 ,483 9 ,643 10 ,517 11 ,262 12 ,364 11 ,649 18 6 5 6 5 6 8 4 6 6 22 24 74 97 182 210 247 270 3,276 5,579 6,524 6,510 6,876 7,156 6 7 3 3 4 17 1,083 1,473 1,570 1,686 1,757 425 494 482 519 639 551 507 607 1,105 6 ,940 640 1,084 451 1,162 858 1,128 1,096 1 ,651 1,103 1 ,071 8 20 40 48 38 39 42 778 1,648 2,120 2,312 2,351 2,425 2,460 2,472 476 719 288 377 470 490 513 530 532 ' ioi 2 Insured nonmember com- mercial banks: 1941—Dec. 1945—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1952—June 31 31 31. . 30 31 30 4 ,092 10 ,537 11 ,918 12 ,729 13 ,948 13 ,305 108 233 261 286 335 273 959 8 4 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. 6 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 1953 255 WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Investments Loans * Date or month Total loans and investments Total i Commercial, industrial, and agricultural For purchasing or carrying securities To brokers and dealers To others U. S. Other U.S. Other Govt. se- Govt. seob- curi- ob- curiliga- ties liga- ties tions tions U. S. Government obligations Real Loans estate Other Total to loans banks loans Total Bills CerOther tifisecucates 2 rities of in- Notes Bonds debtedness Total— Leading Cities 34,889 21,315 163 946 110 564 5,666 654 November. 77,308 37,772 D e c e m b e r . . 78,586 38,536 22,737 23,167 109 120 625 5,975 635 5,997 457 6,845 39,626 32,301 3,679 2,427 6,178 20,017 7,325 429 7,022 40,050 32,763 4,340 2,426 6,019 19,978 7,287 1953—January 77,788 38,379 22,933 413 1,177 518 1,220 334 1,208 131 656 6,017 520 7,173 39,409 32,077 3,893 2,419 5,949 19,816 7,332 1952—Dec. Dec. Dec. Dec. Dec. 3... 10... 17... 24... 31. . . 78,266 78,353 78,990 78,817 78,504 38,051 38,282 38,759 38,895 38,692 22,949 23,136 23,236 23,308 23,206 431 420 479 551 709 1,175 1,190 1,220 1,227 1,286 107 110 114 123 149 618 621 638 648 648 5,992 5,996 5,984 6,007 6,005 431 421 630 515 149 6,918 6,957 7,029 7,078 7,127 40,215 40,071 40,231 39,922 39,812 32,947 32,819 32,925 32,621 32,502 4,460 4,413 4,487 4,255 4,087 2,445 2,425 2,428 2,407 2,422 6,068 6,028 5,998 6.012 5,989 19,974 19,95*3 20,012 19,947 20,004 7,268 7,252 7,306 7,301 7,310 1953—Jan. Jan. Jan. Jan. 7... 14... 21... 28... 78,110 77,961 77,739 77,341 38,490 38,359 38,381 38.287 22,980 23,007 22,908 22.837 467 282 256 331 1,265 1,173 1,188 1.205 133 128 133 130 651 655 659 660 6,005 6,017 6,015 6.031 448 535 618 478 7,134 7,155 7,197 7,208 39,620 39,602 39,358 39.054 32,370 32,263 31,987 31.687 4,076 3,999 3,854 3.644 2,401 2,435 2,427 2,413 5,971 5,959 5,945 5,921 19,922 19,870 19,761 19,709 7,250 7,339 7,371 7,367 Feb. 4 . . . Feb. 11. . . Feb. 18. . . Feb. 2 5 . . . 76,990 76,902 77,050 76,745 38,201 22,780 38,278 22,814 38,494 22,709 38,376 22,697 407 425 350 287 1,171 1,173 1,198 1,165 129 133 132 132 672 662 659 656 6,032 6,032 6,045 6,057 364 386 730 707 7,241 7,249 7,267 7,276 38,789 38,624 38,556 38,369 31,432 31,278 31,089 31,024 3,403 3,224 3,172 3,097 2,450 2,519 2,253 2,248 5,900 5,868 5,863 5,850 19,679 19,667 19,801 19,829 7,357 7,346 7,467 7,345 1,333 9,752 7,700 934 1952—January 73,952 6,009 39,063 32,233 4,167 3,622 5,961 18,483 6,830 New York City 1952—January... 20,911 11,159 7,833 140 736 27 217 511 535 November. 21,040 December.. 21,768 11,804 12,211 8,425 8,666 273 367 948 976 21 36 219 219 397 386 274 1,428 9,236 242 1,500 9,557 1953—January.. . 21,105 1952—Dec. Dec. Dec. Dec. Dec. 596 1,378 4,792 2,052 7,230 759 7,520 1,107 232 1,209 5,030 2,006 229 1,115 5,069 2,037 12,059 8,565 222 937 43 232 377 313 1,552 9,046 6,973 726 228 1,076 4,943 2,073 3... 10. . . 17. . . 24... 31. . . 21,499 21,589 21,881 21,957 21,911 11,950 12,079 12,303 12,410 12,312 8,569 8,676 8,689 8,721 8,674 331 944 288 962 336 971 385 977 498 1,025 21 27 32 45 56 208 208 225 229 223 397 395 378 383 379 217 226 342 322 102 1,446 1,480 1,513 1,524 1,537 9,549 9,510 9,578 9,547 9,599 7,555 7,516 7,521 7,478 7,530 1,165 1,137 1,087 1,072 1,076 249 235 229 211 222 1,113 1,105 1,120 1,113 1,122 5,028 5,039 5,085 5,082 5,110 1,994 1,994 2,057 2,069 2,069 1953—Tan. 7 . . . Jan. 1 4 . . . Jan. 21. . . Jan. 2 8 . . . 21,277 21,090 21,035 21,018 12,092 11,994 12,086 12,062 8,560 8,593 8,564 8,541 304 193 161 229 974 912 917 944 47 45 42 40 230 233 234 233 381 378 372 376 242 272 423 316 1,536 1,550 1,555 1,566 9,185 7,129 9,096 7,030 8,949 6,866 8,956 6,868 793 750 669 690 226 229 225 233 1,096 1,085 1,068 1,055 5,014 4,966 4,904 4,890 2,056 2,066 2,083 2,088 Feb. 4 . . . Feb. 1 1 . . . Feb. 18. . . Feb. 2 5 . . . 20,772 20,712 20,893 20,833 11,914 11,872 12,071 12,049 8,504 8,520 8,482 8,490 214 217 173 174 923 888 905 907 39 41 40 40 239 233 229 224 375 374 380 381 217 207 472 442 1,586 1,575 1,573 1,575 8,858 8,840 8,822 8,784 547 511 554 552 265 331 184 182 1,070 1,048 1,047 1,055 4,902 4,888 4,915 4,906 2,074 2,062 2,122 2,089 1952—January. . . 53,041 5,155 6,784 6,778 6,700 6,695 Outside New York City 23,730 13,482 23 210 83 347 November. 56,358 25,968 December.. 56,818 26,325 14,312 14,501 140 151 229 244 88 84 406 5,578 416 5,611 1953—January. . . 56,683 26,320 119 4,676 29,311 24,533 3,233 3,026 4,583 13,691 4,778 183 5,417 30,390 25,071 2,920 2,195 4,969 14,987 5,319 187 5,522 30,493 25,243 3,233 2,197 4,904 14,909 5,250 14,368 112 271 88 424 5,640 207 5,621 30,363 25,104 3,167 2,191 4,873 14,873 5,259 1952—Dec. Dec. Dec. Dec. Dec. 3... 10. . . 17... 24... 31. .. 56,767 56,764 57,109 56,860 56,593 26,101 26,203 26,456 26,485 26,380 14,380 14,460 14,547 14,587 14,532 100 132 143 166 211 231 228 249 250 261 86 83 82 78 93 410 413 413 419 425 5,595 5,601 5,606 5,624 5,626 214 195 288 193 47 5,472 5,477 5,516 5,554 5,590 30,666 30,561 30,653 30,375 30,213 25,392 25,303 25,404 25,143 24,972 3,295 3,276 3,400 3,183 3,011 2,196 2,190 2,199 2,196 2,200 4,955 4,923 4,878 4,899 4,867 14,946 14,914 14,927 14,865 14,894 5,274 5,258 5.249 5,232 5,241 1953—Jan. Jan. Jan. Jan. 7... 14... 21... 28... 56,833 56,871 56,704 56,323 26,398 26,365 26,295 26,225 14,420 14,414 14,344 14,296 163 89 95 102 291 261 271 261 86 83 91 90 421 422 425 427 5,624 5,639 5,643 5,655 206 263 195 162 5,598 5,605 5,642 5,642 30,435 30,506 30,409 30,098 25,241 25,233 25,121 24,819 3,283 3,249 3,185 2,954 2,175 2,206 2,202 2,180 4,875 4,874 4,877 4,866 14,908 14,904 14,857 14,819 5,194 5,273 5,288 5,279 Feb. 4 . . . 56,218 Feb. 11. . . 56,190 Feb. 1 8 . . . 56,157 Feb. 2 5 . . . 55,912 26,287 26,406 26,423 26,327 14,276 14,294 14,227 14,207 193 208 177 113 248 285 293 258 90 92 92 92 433 429 430 432 '5,657 5,658 5,665 5,676 147 179 258 265 5,655 5,674 5,694 5,701 29,931 29,784 29,734 29,585 24,648 24,500 24,389 24,329 2,856 2,713 2,618 2,545 2,185 2,188 2,069 2,066 4,830 4,820 4,816 4,795 14,777 14,779 14,886 14,923 5,283 5,284 5,345 5,256 1 2 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. Includes guaranteed obligations. For other footnotes see opposite page. 256 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 DeBalwith Cash ances mand Fedwith dein eral vault doposits Remestic ad- 8 serve banks justed Banks Individuals, States Certiand fied part- politand nerical Offiships, subcers' and divicor- sions checks, etc. porations Time deposits, except interbank Interbank deposits IndividU. S. Demand Bor- CapBank uals, States Govand row- ital debU. S. part- polit- ernacings counts its* Gov- nerment ical Time ern- ships, suband ment and divi- Postal Docor- sions Sav- mes- Foreign poraings tic tions Total— Leading Cities 1952—January... 14,975 931 2,665 54,107 55,252 3,552 1,617 15,173 720 162 11,082 1,275 1,672 3,506 16,047 1,784 3,370 16,138 745 756 194 10,749 196 10,996 1,322 1,347 560 1,637 576 1,316 2,356 16,253 760 200 10,885 1,314 576 1,367 7,168 132,811 3,784 16,027 2,970 16 ,062 3,073 16,121 3,508 16,177 3,517 16,303 751 751 759 759 758 196 195 195 196 201 10,595 10,607 11,148 10,989 11,641 1,324 1,328 ,342 ,352 ,390 573 577 576 572 581 1,609 1,740 1,270 1,814 145 7,161 7,144 7,146 7,157 7,181 28,426 27,490 34,825 35,937 31,341 16,267 16,231 16,251 16,261 751 761 762 765 202 202 197 200 11,145 11,305 10,976 10,114 ,338 ,310 1,310 1,297 1,515 577 1,301 576 1,228 574 1,423 7,182 7,154 7,154 7,182 28,409 28,465 31,564 28,668 16,289 16,311 16,334 16,374 770 774 772 778 200 199 200 198 10,210 10,119 10,383 9,969 1,289 1,248 1,253 1,263 567 566 565 567 7,199 7,205 7,208 7,228 31,409 26,948 30,327 25,730 1,539 November. 15,084 960 2 ,446 53,383 55,483 3.566 December. 15', 254 1,005 2', 562 54',938 56 \ 802 3,552 1953—January... 15,044 970 2,441 54,773 55,928 3,698 1,562 3,559 3,458 3,464 3,532 3,746 1,719 1,682 1,767 1,655 2,099 3,643 '3,579 '3,687 3,845 1,558 1,728 1,548 1,414 2,709 2,183 2,197 2,337 3,889 3,889 3,715 2,367 53,087 54,627 3,740 1,438 1,571 1,533 1,467 2,640 2,813 3,475 3,271 1952—Dec. 3... 15,385 966 2,371 54,392 55,454 Dec. 10... 15,336 1,061 2,354 55,127 56,495 Dec. 17... 15,504 1,060 2,574 55,816 57 ,827 Dec. 24... 15,638 946 2,481 54,705 56,708 Dec. 31... 14,408 990 3,029 54 ,648 57,523 15,183 14,964 15,067 14,961 996 994 932 956 2,400 2,561 2,500 2,303 Feb. 4... 14,980 Feb. 11... 14,772 Feb. 18... 14,717 14,552 Feb. 25... 881 935 908 971 2,264 53,848 54 ,262 2,275 53,609 54 ,730 2,446 53,043 54 ,582 1953—Jan. 7... Jan. 14... Jan. 21... Jan. 28... 54 ,467 54,847 54,980 54,799 55,301 •56,715 •56,356 55 ,379 410 621 1,499 1,410 1,212 1,251 6,856 117,411 7,141 118,658 7,158 146,649 New York City 1952—January... November. December. 5,288 142 16,540 17,463 722 549 1,483 3,177 1,051 313 193 2,384 45,425 5,210 5,261 161 170 15,668 16,729 16,322 17,430 383 303 821 890 1,169 1,087 1,610 1,657 2,982 1,065 3,051 1,096 434 452 440 479 2,436 46,673 2,441 63,091 1953—January... 5,042 147 16,044 16,914 285 695 1,630 3,026 1,057 453 339 2,459 53,112 1952—Dec. 3... Dec. 10... Dec. 17... Dec. 24... Dec. 31... 5,418 5,252 5,385 5,232 5,019 160 188 191 165 147 16,132 16,364 16,807 16.141 16,168 17,003 17,306 17,847 17,190 17,807 304 277 305 311 318 836 862 852 800 1,101 1,305 992 859 1,148 1,132 1,620 1,633 1,668 1,673 1,690 2,948 2,916 3,040 3,019 3,333 1,073 1,082 1,100 1 ,102 1,125 449 453 452 449 457 503 557 457 750 130 2,441 2,428 2,426 2,442 2,460 11,933 11,718 14,693 16,010 13,510 1953—Jan. Jan. Jan. Jan. 7.... 14.... 21.... 28.... 5,084 5,003 5,049 5,031 152 154 137 144 15,969 16,009 16,041 16,158 16,815 16,958 16,986 16,899 266 272 278 324 676 812 672 619 832 628 599 624 1,637 1,620 1,626 1,637 3,066 1,073 3,086 1,055 3,050 1 ,051 2,901 1,048 456 453 452 451 404 318 331 302 2,459 2,459 2,459 2,460 11,905 11,122 12,363 11,108 Feb. 4.... Feb. 11.... Feb. 18.... Feb. 25.... 5,059 4,8" 4,970 4,825 135 157 133 151 15,734 15,626 15,645 15,505 16,496 16,545 16,683 16,638 295 299 301 288 646 784 687 700 700 736 877 822 1,637 1,633 1,645 1,667 2, 890 2,848 2,909 2,874 1 ,043 1,014 1,006 1,017 441 440 438 440 435 352 368 360 2,471 2,470 2,472 2,476 13,227 10,767 11,608 10,107 9,687 789 2,623 37,567 37,789 3,261 817 1,068 13,690 697 117 7,905 97 428 4,472 71,986 November.. 9,874 December.. 9,993 799 835 2,409 37,715 38,754 3,183 2,520 38,616 39,372 3,249 851 894 2.337 14,437 2,283 14,481 715 725 139 139 7,767 7,945 257 251 126 1,197 4,705 71,985 124 837 4,717 83,558 1953—January 10,002 823 2,403 38,729 39,014 3,413 867 1,685 14,623 731 142 7,859 257 123 1,028 4,709 79,699 1952—Dec. Dec. Dec. Dec. Dec. 9,967 10,084 10,119 10,406 9,389 806 873 869 781 843 2,334 38,260 38,451 3,255 2,320 38,763 39,189 3,181 2,534 39,009 39,980 3,159 39,518 3,221 2,974 38,480 39,716 3,428 883 820 915 855 998 2,479 14,407 1,978 14,429 2,214 14,453 2,360 14 ,504 2,385 14,613 720 720 728 728 727 140 139 139 140 142 7,647 7,691 8,108 7,970 8,308 251 246 242 250 265 124 1,106 4,720 124 1,183 4,716 124 813 4,720 123 1,064 715 124 15 4,721 16,493 15,772 20,132 19,927 17,831 1953—Jan. 7 . . . . 10,099 Jan. 14.... 9,961 Jan. 2 1 . . . . 10,018 Jan. 2 8 . . . . 9,930 844 840 795 812 2,368 2,517 2,459 2,267 38,498 38,486 38,838 •39,757 38,939 •39,370 38,641 38,480 3,377 '3,307 '3,409 3,521 882 916 876 795 1,877 1,555 1,598 1,713 14,630 14,611 14,625 14,624 722 732 735 736 142 143 140 143 8,079 8,219 7,926 7,213 265 255 259 249 122 1,111 124 983 124 897 123 1,121 4,723 4,695 4,695 4,722 16,504 17,343 19,201 17,560 Feb. 4 . . . . 9,921 Feb. 1 1 . . . . 9,884 Feb. 18.... 9,747 Feb. 2 5 . . . . 9,727 746 778 775 820 2,233 38,114 37,766 "38,185 2,244 408 37,398 37,899 332 37 582 37,989 3,594 3,590 3,414 3,452 792 787 846 767 1, 940 2,077 2,598 2,449 14,652 14,678 14,689 14,707 740 743 741 747 142 141 142 140 7,320 7,271 7,474 7,095 246 234 247 246 126 1,064 126 1,058 127 844 127 891 4,728 4,735 4,736 4,752 18,182 16,181 18,719 15,623 671 Outside New York City 1952—January 3.... 10 17.... 24.... 31 r Revised. 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * Monthly and weekly totals oi 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. MARCH 1953 257 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY 1 [Net declines, (—). In millions of dollars] Business of borrower Manufacturing anc mining Comm'l Period * Metals and Petrometal Food, Textiles, products leum, coal, liquor, apparel, (incl. chemical, Other and and and tobacco leather machinery and rubber trans. equip.) Trade (wholesale and retail) Commodity dealers Sales finance companies ind'l, Public utilities (incl. transportation) and AH Net agr'l other changes change— types classitotaP of fied business Con- struction 275 873 48 125 60 141 62 16 -421 722 63 30 175 351 44 -98 8 37 186 2,769 18 2,372 -73 -40 1,111 176 250 76 36 -105 -634 -217 1 141 662 544 -2 -57 18 13 -28 191 -546 2,494 -808 2,422 210 156 68 —54 -17 -33 111 67 31 42 47 46 36 3 -34 122 91 -86 262 112 2 -60 69 12 4 —8 65 406 -10 21 63 665 610 465 668 602 330 -142 -32 6 69 90 32 -2 -10 -7 -51 25 -89 -82 -106 25 —57 -4 -15 -46 26 -219 — 153 -369 — 140 Week ending: Dec. 3 Dec. 10 Dec. 17 Dec. 24 Dec. 31 49 26 33 32 -71 -3 -5 -1 -11 -13 -14 25 47 43 -70 6 105 -85 6 15 -9 3 -1 -10 -18 38 3 8 -48 -87 18 -5 -27 24 -7 33 24 80 68 202 -14 15 39 8 -38 5 -6 -4 -3 -2 1 5 8 19 30 109 191 97 127 -59 73 187 100 72 -102 1953—Jan. 7 Jan. 14 Jan. 21 Jan. 28 -25 20 1 -28 12 —2 -4 1 47 14 29 —9 -5 -8 20 -13 3 1 -1 -22 -4 -11 -15 -34 -22 -30 -4 -32 -21 -17 -36 -4 11 21 -4 —5 4 -3 —28 6 -13 -10 —171 50 -46 -52 —226 27 -99 -71 15 22 -9 4 -3 -10 10 1 -6 8 9 -1 8 -16 —28 -29 -10 -20 -10 — 12 -45 10 -1 20 8 -1 -52 -57 34 -105 -12 1951—April-June. . July-Dec -243 116 932 -361 1952—Jan.-June... July-Dec -868 754 Monthly: 1952—o c t Nov. . Dec I953—jan Feb Feb. 4 Feb. 1 1 . . . . Feb. 18 Feb. 25 -32 —39 -35 -36 13 30 17 9 —1 -1 — 11 11 5 —1 5 " -6 — 12 -81 -8 1 Sample includes about 210 weekly reporting member banks reporting changes in their larger loans; these banks hold nearly 90 per cent of total 2 commercial and industrial loans of all weekly reporting member banks and about 70 per cent of those of all commercial banks. Figures for other than weekly periods are based on weekly changes during period. 3 Net change at all banks in weekly reporting series. COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding End of year or month Held by Commercial paper Total out- 1 outstanding standing Based on Accepting banks Total Own bills Bills bought Others Imports into United States Exports from United States Dollar exchange 3 1 1947—December. 1948—December. 1949—December. 1950—December. 1951—December. 287 269 257 333 434 261 259 272 394 490 197 146 128 192 197 71 58 114 119 109 76 70 78 79 64 112 144 202 293 159 164 184 245 235 63 57 49 87 133 1952—January. . February. March. . . , April May June July August. . . September October. . November December. 480 517 534 544 510 495 539 550 565 591 575 539 492 493 458 422 430 416 450 454 454 449 478 492 193 188 177 150 155 148 171 169 166 155 172 183 127 121 120 110 121 108 122 113 106 103 114 126 66 67 57 40 34 40 49 56 61 52 58 57 300 305 282 272 275 268 279 285 288 294 306 309 235 234 228 211 197 195 200 212 232 237 233 232 1953—January.. 504 487 159 111 48 328 225 Goods stored in or shipped between points in United States Foreign countries "l 23 25 25 30 28 55 11 12 9 32 44 135 135 138 135 136 126 126 119 108 114 123 125 23 27 6 6 37 45 73 74 60 30 29 39 52 46 36 22 17 15 17 20 24 40 62 64 48 51 51 48 43 36 34 30 31 28 31 32 120 43 65 34 1 As reported by dealers; includes some finance company paper sold in open market. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. 258 FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS* UNITED STATES LIFE INSURANCE COMPANIES lln millions of dollars] Government securities Date Total assets United State and Foreign2 States locali Total End of year: * 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 29.243 30,802 32,731 34 931 37,766 41,054 44,797 48,191 51 743 55,512 59,630 64 020 68,292 End of month: 5 1950—December 63,687 1951—November December 67,476 67 983 1952—January February March April May 68 554 68,907 69,250 69,604 69,959 70,334 70,774 71,123 71,578 72,034 72,415 73,034 13,530 13,469 13,352 13,306 13,020 12 853 12,894 12,898 12,929 12,731 12,780 12,683 June July August September . October November December Business securities 7,697 8,359 9.478 11,851 14,994 18 752 22,545 23,575 22,003 19,085 17,813 16,066 13,670 71 115 396 511 Real Policy loans Other assets 2,134 2,060 1,878 L 663 1,352 I 063 1,249 1,390 1,428 1,718 2,103 2,226 5,669 5,958 6,442 6,726 6,714 6 686 6,636 7,155 8,675 10,833 12,906 16 102 19,314 857 735 860 1,055 1,247 1,445 1,633 3,248 3,091 2,919 2,683 2,373 2,134 1 962 1,894 1,937 2,057 2,240 2,413 2,587 2,030 2.1 Sfi L,840 1,693 1,839 1,704 1,738 1,808 ?. 1 ?.\ 2,160 2,245 2,591 2,874 Total Bonds 3 Stocks 7,929 8,624 9,573 9,707 9,842 9 959 10,060 11,775 14,754 18,894 21,461 23 300 25,988 536 554 601 608 Mortgages estate 5,373 5,857 6,796 9,295 12,537 16,531 20,583 21,629 20,021 16,746 15,290 13,459 11,011 2,253 2,387 2,286 2,045 1,773 1,429 1,047 936 945 1,199 1,393 1,547 1,737 1,010 1,037 1,140 1,130 1,060 922 8.465 9,178 10,174 10,315 10,494 10,715 11,059 13,024 16,144 20,322 23,179 25,403 28,214 15,933 13,361 1,520 1,052 25,209 23,231 1,978 16,101 L.428 2,397 2,619 13,761 13,579 11,122 10,958 1,716 1,702 923 919 27,638 28,042 25,549 25,975 2,089 2,067 19,099 19 291 1,590 1,617 2,565 2,575 2,823 2,879 10.893 10,841 10,765 10,737 10,463 10,309 10,324 10,347 10,399 10,244 10,297 10,195 1,720 1,716 1,695 1,694 1,697 1,706 1,748 1,752 1,736 1,728 1,728 1,733 917 912 28,319 28,553 28,903 29,186 29,594 29,895 30,191 30,314 30,475 30,973 31,143 31,404 26,228 26,456 26,785 27,059 27,456 27,745 28,039 28,165 28,315 28,819 28,986 29,226 2,091 2,097 2,118 2,127 2,138 2,150 2,152 2,149 2,160 2,154 2,157 2,178 19,536 19,712 19,870 20,008 20,175 20 335 20,505 20,643 20,801 20,961 21,087 21,245 L.624 L.639 L.656 1,662 L.674 693 ,706 1,722 736 ,751 .766 1,868 2,587 2,598 2,612 2 621 2,633 2,646 2,656 2,667 2,683 2,692 2,698 2,699 2,958 2,936 2,857 2.821 ',863 ,912 r ,822 ,879 ,954 <• ,926 r ,941 M35 684 792 915 892 875 860 838 822 799 794 759 755 755 652 756 999 n. a. Not available. 1 Includes United States and foreign. 2 Central government only. imortized basis and stocks at end-of-year market value. •~ and accrued and differences between market and book values are not made on each item separately, but are included in total in "Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insur* Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN T H E UNITED STATES [In millions of dollars] Assets End of year 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951? Assets Total Cash Mortgages i U. S. Government securities 5,597 5,733 6,049 6,150 6,604 7,458 8,747 10,202 11,687 13,028 14,622 16,846 19,150 274 307 344 410 465 413 450 536 560 663 880 951 1,065 4,126 4.415 4,823 4,810 4,793 4,983 5,521 7,276 8,971 10,409 11,714 13,714 15,596 73 71 107 318 853 1,671 2,420 2,009 1,740 1,455 1,462 1,489 1,607 Other 1,124 940 775 612 493 391 356 381 416 501 566 692 882 Share deposits 4,118 4,322 4,682 4,941 5,494 6,305 7,365 8,548 9,753 10,964 12,471 13,978 16.079 End of quarter Total Cash Mortgages a U. S. Government securities Other Share deposits 1950—1 2 3 4 15,081 15,802 16,072 16,846 900 930 698 951 12,080 12,708 13,247 13,714 1,534 1,524 1,484 1,489 567 640 643 692 12,944 13,368 13,219 13,978 1951—1 2.... 3.... 4 17,132 17,940 18,403 19,150 842 945 832 1,065 14,027 14,603 15,145 15,596 1,556 1,565 1,584 1,607 707 827 842 882 14,252 14.930 15,339 16,079 1952—1 2 3.... 19,730 20,701 21.415 1,069 1,169 1,001 16,054 16,845 17,649 1,704 1,683 1,753 903 1.004 1,012 16.789 17,587 18,035 p Preliminary. 1 Includes mortgage pledged shares. Source.—Home Loan Bank Board. Figures for first three quarters of each year are estimates of the Federal Reserve based on data for insured associations compiled by the Federal Savings and Loan Insurance Corporation. * Figures for mutual savings banks are shown on pp. 251 and 253. Figures for savings and loan associations include share deposits. MARCH 1953 259 GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY * End of year E n d of quarter 1951 Asset or liability, and agency 1945 1944 1946 1947 1948 4 3 Loans, by purpose and agency: To aid agriculture total Banks for cooperatives Federal intermediate credit banks Federal land banks ' Federal Farm Mortgage Corporation-. . Farmers Home Administration • Rural Klectrification Administration Commodity Credit Corporation Other agencies 3S1 74? 604 407 149 109 558 734 3SS 99 10 9 590 S78 170 6 1 737 52 81 1 091 806 7 74 610 6 6 8S? 1? 636 10 80 525 999 1 793 5 1 301 1 779 768 199 1 ,711 828 1 178 1 ,347 10 137 116 486 643 361 1? 1 780 7 4 » 1 65 369 177 22 231 168 171 153 18 147 145 3 140 138 3 310 77? 38 773 205 18 To other industry, total Reconstruction Finance Corporation 8 Other agencies 101 737 107 ;3 2 149 151 741 73 83 41 31 716 767 314 447 60 14 7 66 271 Foreign, total Export-Import Bank Reconstruction Finance Corporation 6 Other agencies9 ( 225 ( 1 737 All other purposes, total Reconstruction Finance Corporation ' Public Housing Administration 10 . . . . Other agencies 6 707 623 714 309 73? 305 106 286 112 278 113 278 96 448 8 Less' Reserve for losses 7 37 559 1 ,693 503 6 34 3? 1 74? 78? 29 606 594 \ 831 \ 873 859 390 5 6 6 595 6 081 2 , 147 7 363 437 387 1 ,715 1 ,850 2 053 2 068 2 097 1?4 1?3 35 141 169 114 112 3 110 108 2 467 418 104 102 2 404 101 99 2 488 473 473 400 38 58 4?? 8 24 07 1 784 710 539 121 117 119 189 201 223 08 96 2 81 83 2 464 84 82 2 480 393 41? 653 716 415 400 72 74 73 874 711 814 107 8 8 8 8 67 72 7 ( ) 515 433 436 816 747 293 806 589 653 4 4 4 7 176 7 284 1 673 6 ,107 6 ,000 6 078 6 133 6 110 6 006 7 617 7 252 1 ,249 1 978 2 ,145 2 ,187 2 ,226 2 ,319 2 ,296 2 329 2 389 2 73S 746 706 1S4 101 64 774 64 61 58 800 3 450 3 ,750 3 ,750 3 ,750 3 ,750 3 ,750 »3 706 95 170 5 195 12 184 190 294 100 438 478 395 368 8 4S 535 1 ,S43 898 441 77? 118 131 20 9 1 343 321 21 To financing institutions, total. Reconstruction Finance Corporation Federal home loan banks Other agencies 60 523 1 To railroads, total Reconstruction Finance Corporation Other agencies . ... 5 340 131 770 770 715 826 546 58 222 484 88 S9 297 99 S3 366 105 559 108 609 109 557 110 624 116 750 123 476 185 178 173 173 153 150 731 61 801 63 61 61 6 387 5 290 6 ,649 9 714 11 ,692 12 ,733 13 ,228 13 ,906 14 ,422 14 47? 15 913 16 890 Total loans receivable (net) Investments: U. S. Government securities, total Banks for cooperatives Federal intermediate credit banks Production credit corporations 1 630 43 39 60 1 683 1 873 43 43 47 1 681 1 ,814 7 047 7 071 7 ,736 7 776 43 43 43 43 48 43 48 44 66 46 42 67 41 51 43 47? ? , 364 70 67 72 136 145 199 139 749 14S 774 775 118 771 184 199 172 195 200 161 193 214 1S 17 1? 8 144 106 122 132 188 244 277 285 8 8 8 8 1 1 49 48 (7) 897 1 ,045 1 020 1 ,064 1 ,205 1 ,307 1 ,338 1 ,353 1 1 1 1 1 20 21 30 474 789 371 744 144 1 318 3 385 3 institutions Other securities, total . . . . Reconstruction Finance Corporation Production credit corporations Other agencies * 63 71 2 ,942 1 4 SO . 16 ,237 21 ,017 222 200 6 576 6 919 710 721 .. 3 113 3 5 477 7 813 7.62 1 ,948 Bonds, notes, and debentures payable guaranteed), total 438 (not . . . 1 ,395 74 774 818 212 67 159 46 24 2 ,288 1 ,265 1 034 463 1 131 667 122 134 Land, structures, and equipment, total Public Housing Administration 10 Reconstruction Finance Corporation 6 Tennessee Valley Authority 2 U. S. Maritime Commission 2 War Shipping Administration Other agencies X1 1 053 730 55 26 Commodities, supplies, and materials, total Commodity Credit Corporation Reconstruction Finance Corporation 6 Other agencies . . .. . 74 39 151 15 87 7 75 760 28 Federal home loan banks Federal Savings and Loan Insurance Corp Home Owners' Loan Corporation 2 Federal Housing Administration Public Housing Administration *" Reconstruction Finance Corooration ' Federal Deposit Insurance Corporation Other agencies B a n k s for cooperatives Federal intermediate credit b a n k s Federal land b a n k s 2 C o m m o d i t y Credit Corporation Federal home loan b a n k s 1 3 385 2 878 2 ,884 2, 299 3 ,632 4 ,362 3 ,884 3 ,896 4 ,161 4, 239 4 058 4 563 197 232 305 189 276 302 356 425 373 345 370 343 739 731 773 476 336 633 7S7 437 510 74? 822 866 986 1 220 1 088 To aid home owners, total Federal National Mortgage Assn.. RFC Mortgage Corporation 4 Home Owners' Loan Corporation 2 Reconstruction Finance Corporation Other agencies Investment in international 1952 1950 1949 114 108 35 11 822 448 735 138 16 ,924 227 7 861 727 3 301 7 764 7 ,044 12 ,600 1 ,113 1 , ?52 8 ?4S 79? 33 79S 756 69 169 204 35 754 3 30 S 6 507 1 ,793 ,385 133 98 29 6 3 ,385 3 ,385 3 ,385 3 ,385 107 88 83 71 22 2 87 74 13 1 78 66 16 11 1 1 627 1 ,549 1 ,774 1 ,515 1 ,461 437 1 376 1 638 1 1 174 179 157 140 108 14? 32 30 28 137 159 3 ,060 1 ,448 630 793 ? 43 48 43 43 49 43 371 43 61 43 384 204 311 209 998 203 289 286 299 1 1 409 1 ,421 1 1 3 3 ,385 385 13 66 SS 43 10 9 ( 7) 1 ,322 1 ,350 1 01? 1 ,023 147 186 164 142 n 1 ,423 1 3 ,385 11 4? 8 V) 1 ,377 1 ,034 194 149 2 ,962 2 ,945 3 ,025 3 ,358 3 ,406 3 ,186 3 ,212 1 ,352 1 ,248 1 ,254 1 ,251 1 ,242 1 ,232 1 ,216 584 611 605 594 59? 70? 830 998 1 ,048 1 ,105 1 ,170 1 ,209 886 168 689 69 3S8 965 70 480 772 1 ,190 1 ,399 1 ,369 1 ,714 1 170 78 110 117 140 490 s?o 787 674 74 S 'n? 857 170 864 262 415 204 560 495 525 329 258 317 206 189 581 189 465 467 S86 1 ,301 For footnotes see following page. 260 FEDERAL RESERVE BULLETIN GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued [ Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Liabilities, other than interagency items Assets, other than interagency items 1 Date, and corporation or agency Total Cash Bonds, notes, InvestU. S. PriComand debenments Gov- vately modiLand, tures payable ernLoans ties, struc- Other Other ment owned supretures, liabil- inter- interasceiv- plies, U. S. and Fully est est ities and Other equip- sets guarable mate- Govt. secu- ment anteed Other rials secu- rities by rities U. S. All agencies: 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 31.. 31.. 31.. 31 2. 312. 31.. 31. . 31,488 33,844 30,409 30,966 21,718 23,733 24,635 756 925 1,398 1,481 630 441 642 6,387 5,290 6,649 9,714 11,692 12,733 13,228 2,942 2,288 1,265 822 627 1,549 1,774 1951—Sept. Dec. 1952—Mar. June Sept. 30 2. 31. . 31. . 30 2. 30. . 25,668 26,744 26,858 27,933 28,922 659 931 844 808 932 13,906 14,422 14,422 15,913 16,890 1,515 2,236 3,472 3,025 1,461 2,226 3,463 3,358 1,322 2,422 3,451 3,406 1,350 2,364 3,438 3,186 1,377 2,371 3,436 3,212 Classification by agency, Sept. 30, 1952 Department of Agriculture: Farm Credit Administration: Banks for cooperatives Federal intermediate credit banks Production credit corporations Agricultural Marketing Act Federal Farm Mortgage Corp Rural Electrification Administration Commodity Credit Corporation3 Farmers Home Administration Federal Crop Insurance Corp Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks Federal Savings and Loan Insurance Corp.. Public Housing Administration Federal Housing Administration Office of the Administrator: Federal National Mortgage Association. . Other Reconstruction Finance Corporation: Assets held for U. S. Treasury 12... Other 1 3 Export-Import Bank Federal Deposit Insurance Corp Tennessee Valley Authority All other 437 936 52 1 30 1,987 2,223 615 41 1,042 208 2,092 478 1,632 1,683 1,873 1,685 1,854 2,047 2,075 424 16,237 3,111 325 21,017 2,317 547 16,924 1,753 3,539 12,600 1,125 3,518 3,060 337 3,492 2,962 509 3,473 2,945 499 854 882 991 874 704 ,537 555 261 82 38 28 23 34 43 38 44 39 366 822 4, 196 23,857 4,212 27,492 3,588 24,810 2,037 28,015 1,663 18,886 1,720 21,030 1, 193 21,995 504 472 498 143 166 183 234 1,399 949 22,962 1,369 1,161 23,842 1,214 1,247 24,010 1,228 1,""" 25,104 200 1,301 1,434 25,780 322 329 349 357 367 120 864 290 60 52 1 29 1,986 490 1,733 7 608 2 39 25 317 1 27 383 () 5 203 16 2,076 225 215 2,104 107 342 () 1,871 856 1,034 510 25 1 105 55 1,395 1,113 1,252 689 965 772 1,190 1 102 69 220 29 9 298 203 715 751 33 299 2,108 110 2,097 47 31 399 819 2,563 1,438 1,540 9,802 6 1 695 14 2,546 (7) 153 41 304 162 5,551 19 130 1,216 1 38 ) 29 201 1 ) 1,423 () 3,385 1,209 453 37 29 17 14 8 122 399 770 2,526 1,344 1,497 9,741 1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserves for losses. 2 Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952. 3 This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currently on the Treasury Statement as "Disaster Loans, etc., Revolving Fund." 4 Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947. 5 Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during 1948,6 appear to have been included with "other" loans in the statement for Dec. 31, 1947. Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." 7 Less than $500,000. 8 Foreign loans, except for the Export-Import Bank, are included with "other agencies" until 1945. 9 Treasury loan to»the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet for June 30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date). Repayment of 44 million on the Treasury loan to the U. K., received late in 1951, was covered into the Treasury early in 1952. !o Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on the Treasury Statement with "other agencies" through 1947—were not transferred to the PHA until 1948. 11 Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 10. 12 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 13 Includes figures for Smaller War Plants Corporation, which is being liquidated by the Reconstruction Finance Corporation. NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small ones—may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) the adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2). For back figures see Banking and Monetary Statistics, Table 152, p. 517. MARCH 1953 261 SECURITY MARKETS * Bond prices Stock prices Volume of tradSecurities and Exchange Commission series ing 5 (index, 1939=100) (in thouTrade sands Manufacturing finof Trans Pubance, Min- shares) lic and Non- porta- utiling servTotal Dura- dura- tion ity ble ice ble Common Year, month, or week U. S. Mu- CorpoPreGov- nicipal rate ern- 2 (high- (high- ferred* 3 ment grade) grade)3 Standard and Poor's series (index, 1935-39=100) Total Number of issues 15 1-8 17 15 Industrial 480 420 20 40 265 170 98 72 21 28 32 14 146 177 188 156 192 204 117 149 169 107 112 118 154 185 195 166 207 220 150 178 189 180 233 249 160 199. 221 107 113 118 144 205 275 2,012 1,684 1,313 258 295 298 283 291 289 278 275 265 260 267 1,320 1,283 1,282 1,044 1,215 1,096 995 L,149 L ,181 1,779 1,842 Railroad Public Total utility 1950 average 1951 average 1952 average 102.53 133.4 122.0 181.8 98.85 133.0 117.7 170.4 97.27 129.3 115.8 169.7 1952—Feb Mar Apr May June July Aug Sept Oct Nov Dec 96.77 96.87 97.95 98.91 98.32 98.40 97.09 96.86 96.44 96.96 '96.32 165.9 168.3 172.2 173.4 173.3 171.1 169.9 170.2 168.3 169.8 170.3 183 185 184 184 188 192 191 188 183 190 197 199 201 199 199 204 210 208 204 198 206 214 155 161 165 167 174 175 175 171 167 172 185 118 118 117 117 116 117 119 119 117 121 123 193 193 191 190 196 199 199 194 191 197 204 218 216 215 214 222 225 225 219 215 223 231 183 182 181 182 187 192 194 191 188 196 205 251 248 245 243 253 256 254 246 239 247 255 209 214 217 216 225 226 228 221 218 225 238 117 117 116 117 117 117 120 118 118 121 123 184 208 20 6 206 203 203 201 204 208 210 206 202 205 212 1953—Jan Feb '95.68 124.0 114.5 168.4 95.28 122.7 114.0 166.3 198 196 214 212 185 181 124 124 205 202 232 229 208 204 255 252 239 235 124 124 212 210 261 256 L,623 L.678 Week ending: Jan. 3 1 . . Feb. 7. . Feb. 14. . Feb. 21. . Feb. 28.. "95.61 95.57 95.52 95.35 94.58 197 199 194 194 197 214 216 210 209 213 186 185 179 178 183 124 125 124 124 124 206 202 202 201 230 234 229 228 227 230 209 204 203 202 205 257 251 252 251 254 242 233 234 235 238 125 125 124 124 124 213 210 210 210 211 259 252 253 254 264 1,642 ,779 1,430 1,326 1 >,242 132.1 131.5 132.7 131.9 130.9 130.4 128.6 126.6 125.0 125.4 125.3 123.5 123.3 123.3 122.6 121.7 116.5 115.9 116.2 116.3 116.2 116.0 115.8 115.7 114.7 115.2 115.3 114.3 114.4 114.0 113.9 113.7 168.0 167.3 166.1 165.6 166.2 «Corrected 1 Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's series), which are based on figures for Wednesday. 2 Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds due or first callable after 15 years were included. 3 Prices derived from average yields, as computed by Standard and Poor'?» Corporation, on basis of a 4 per cent 20-year bond. * Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual B dividend. Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490. and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances End of month July Cash on hand and in banks Money borrowed' 12 9 10 12 314 397 364 378 1.256 1,356 .275 1,292 .280 ,293 1,315 ,312 ,327 ,387 1,338 1,333 1,316 ,347 1,362 3 3 3 3 3 3 3 October November. . December. . . 1953—January. . . . Customers' credit balances x Debit Debit Customers' balances in balances in partners' firm debit balances investment investment and trading and trading (net)i accounts accounts 1950—June December... 1951—Tune December... 1952—February. . . March April May Credit balances 3 3 3 1 345 9 8 386 399 375 392 427 406 365 343 Other credit balances In partners* In firm investment investment In capital and trading and trading accounts accounts accounts (net) Free Other (net) 827 745 680 695 673 890 834 816 166 230 225 259 25 36 26 42 11 12 13 li 312 317 319 314 3 652 *734 3 818 3 847 912 31,126 3 926 3 891 3 860 3 878 920 3 790 3 756 3 756 3 725 708 3 692 8 675 3 692 3 692 3 706 724 219 23 16 324 9 315 »908 * 200 35 3 732 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchange? and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchangrs). 8 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): October 31; November, 32; January, 31. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Tables 143 and 144, pp. 501-503. 262 FEDERAL RESERVE BULLETIN OPEN-MARKET MONEY RATES IN NEW YORK CITY [Per cent per annum] Year, month, or week Prime commercial paper, 4- to 6months1 BANK RATES ON BUSINESS LOANS AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESS BY BANKS I N SELECTED CITIES [Per cent per annum] U. S. Government securities (taxable) Prime Size of loan bankers' 3-month bills accept9-to 12- 3- to 5ances, 90 month year Rate 2 days 1 Market issues 3 on new issues yield issues 1950 average 1951 average 1952 average 1.45 2.17 2.33 1.15 1.60 L.75 1.20 1.52 L.72 L.218 L.552 L.766 1.26 1.73 L.81 2.38 2.38 2.35 2.31 2.31 2.31 2.31 2.31 2.31 2.31 2.31 1.75 L.75 L.75 L.75 L.75 L.75 L.75 L.75 L.75 L.75 L.75 1.54 1.59 1.57 1.67 L.70 L.81 L.83 L.71 L.74 L.85 2.09 L.574 L.658 L.623 L.710 .700 L.824 L.876 L.786 L.783 .862 L126 1.70 1.69 1.60 1.66 1.74 L.89 L.94 L.95 L.84 L.89 2.03 2.07 2.02 1.93 1.95 2.04 2.14 2.29 2.28 2.26 2.25 2.30 1953—January... February. . 2.31 2.31 L .82 L.88 L.96 L.97 >.042 '.018 L.97 L.97 2.39 3.11 Week ending: Jan. 3 1 . . . Feb. 7... Feb. 14. . . Feb. 2 1 . . . Feb. 28. . . 2.31 2.31 2.31 2.31 2.31 1.88 L.88 1.88 L.88 L.88 L.92 L.95 L.93 L.96 2.07 1 .961 5.031 1 .993 1 .976 L070 L.97 L.99 L.94 L.95 2.02 Annual averages: 19 cities: 1944 1945 1946 1947 1948 1949 1950 1951 1952 Quarterly: 19 cities: 1952—Mar. June Sept Dec. New York City: 1952—Mar June Sept Dec. 7 Northern and Eastern cities: 1952—Mar June Sept Dec. 11 Southern and Western cities: 1952—Mar. June Sept. Dec 1.50 1.93 2.13 1952—February. . March April May June July August.... September. October. . . November. December.. All loans Area and period 2.40 2.41 2.39 2.42 2.46 1 2 Monthly figures are averages of weekly prevailing rates. Series includes certificates of indebtedness and selected note and bond issues. 8 Series includes selected note and bond issues. Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. $1,000- $10,000- $100,000- $200,000 $10,000 $100,000 $200,000 and over 2.4 2.2 2.1 2.1 2.5 2.7 2.7 3 1 4.3 4 3 4.2 4.2 4.4 4 6 4.5 4 7 3 3 3 2 3.1 3.1 3.5 3 7 3.6 4 0 2.6 2 3 2.2 2.5 2.8 3 0 3.0 3 4 2.2 2 0 1.7 1.8 2.2 2 4 2.4 2 0 3.5 4.9 4.2 3.7 3.3 3.45 3.51 3.49 3.51 4.85 4.90 4.91 4.88 4.16 4.21 4.22 4.21 3.66 3.72 3.74 3.77 3.24 3.29 3.27 3.29 3.23 3 27 3 29 3.33 4.43 4 53 4.66 4.51 3.97 4 03 4 06 4.06 3.48 3 55 3.60 3.63 3.11 3.14 3.15 3.19 3.47 3.46 3.44 3.49 4 91 4.90 4.85 4.85 4.16 4.17 4.20 4.21 3 67 3.71 3.72 3.74 3.29 3.27 3.24 3.29 3 79 3.90 3 84 3.84 5.01 5.05 5 04 5.06 4.28 4.33 4 31 4.30 3.79 3.86 3 82 3.91 3.46 3.63 3.56 3.51 NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS 1 [Per cent per annum] Industrial stocks Earnings/ Dividends/ price price ratio ratio Bonds Year, month, or week U. S. Govern- Municipal ment (high(long2 grade)3 term) Corporate (Moody's)5 Corporate (highgrade)4 By ratings By groups Total Aaa Aa A Baa Industrial Railroad Public Preutility ferred6 Common 7 Common 7 1-8 15 120 30 30 30 30 40 40 40 15 125 125 1950 average 1951 average 1952 average 2.32 2.57 2.68 1.98 2.00 2.19 2.60 2.86 2.96 2.86 3.08 3.19 2.62 2.86 2.96 2.69 2.91 3.04 2.89 3.13 3.23 3.24 3.41 3.52 2.67 2.89 3.00 3.10 3.26 3.36 2.82 3.09 3.20 3.85 4.11 4.13 6.51 6.29 5.55 14.61 10.42 1952—February.. . . March April May June July August September... October November.. . December. . . 2.71 2.70 2.64 2.57 2.61 2.61 2.70 2.71 2.74 2.71 2.75 2.04 2.07 2.01 2.05 2.10 2.12 2.22 2.33 2.42 2.40 2.40 2.89 2.96 2.92 2.93 2.95 2.96 2.97 2.98 3.04 2.98 2.99 3.18 3.19 3.16 3.16 3.17 3.17 3.18 3.19 3.22 3.20 3.19 2.93 2.96 2.93 2.93 2.94 2.95 2.94 2.95 3.01 2.98 2.97 3.01 3.03 3.01 3.00 3.03 3.04 3.06 3.07 3.08 3.06 3.05 3.25 3.24 3.20 3.20 3.20 3.19 3.21 3.22 3.24 3.24 3.22 3.53 3.51 3.50 3.49 3.50 3.50 3.51 3.52 3.54 3.53 3.51 2.97 2.99 2.97 2.97 2.98 2.99 3.00 3.02 3.05 3.05 3.04 3.38 3.36 3.32 3.31 3.32 3.33 3.34 3.36 3.39 3.37 3.34 3.19 3.21 3.19 3.19 3.20 3.20 3.20 3.20 3.22 3.19 3.19 4.22 4.16 4.07 4.04 4.04 4.09 4.12 4.12 4.16 4.12 4.11 5.81 5.54 5.87 5.73 5.48 5.41 5.51 5.63 5.62 5.33 5.14 1953—January February 2.80 2.83 2.47 2.54 3.06 3.11 3.22 3.26 3.02 3.07 3.09 3.14 3.25 3.30 3.51 3.53 3.07 3.11 3.36 3.39 3.23 3.29 4.16 4.21 5.18 5.26 Week ending: Jan. 31 Feb. 7 Feb. 14 Feb. 21 Feb. 28 2.80 2.81 2.81 2.82 2.88 2.50 2.51 2.51 2.55 2.60 3.07 3.09 3.11 3.12 3.13 3.24 3.24 3.26 3.27 3.28 3.05 3.05 3.06 3.08 3.09 3.12 3.13 3.14 3.15 3.15 3.27 3.28 3.30 3.31 3.33 3.52 3.51 3.53 3.54 3.54 3.10 3.10 3.11 3.12 3.12 3.38 3.37 3.38 3.39 3.41 3.25 3.26 3.28 3.30 3.30 4.17 4.18 4.22 4.23 4.21 5.18 5.26 5.29 5.32 5.28 Number of issues... 9 8.83 8.44 8.72 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for Wednesday. Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings/price ratio). 2 Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds due or first callable after 15 years were included.4 3 Standard and Poor's Corporation. U. S. Treasury Department. 6 Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have been6 reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively. Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, including 12 industrial and 3 public 7 utility, Moody's Investors Service. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490. and October 1947, pp. 1251-1253. MARCH 1953 263 TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Trea sury unless otherwise noted. I n millions of dollars] Summary Excess of receipts or expenditures ( —) Budget receipts and expenditures Period Net receipts Calendar year: 1949 1950 1951 1952 . . . . Fiscal year: 1949 1950 1951 1952 Semiannual totals: 1949—July-Dec. 1950—Jan.-June. July-Dec.. 1951—Jan.-June. July-Dec.. 1952—Jan.-June. July-Dec.. Monthly: 1952—Feb. Mar Apr May June July Aug Sept Oct. . Nov Dec 1953—j a n Feb Expenditures Surplus or deficit 38,122 37,834 53,488 65,523 41,714 -3,592 1 -422 -3,358 -5,842 38,246 37,045 48,143 62,129 17,675 19,370 18,464 29,679 23,809 38,320 27,204 5,553 9,886 4,323 3,809 9,796 3,316 4,050 6,585 3,099 4,151 6,003 5,061 5,479 56^846 71,366 1 1 Sales and Trust redemptions Clearand in market ing other of Govt. acacagency counts obligations count -362 -38 759 -140 349 56 1 49 -90 -74 Increase or decrease (—) during period General fund of the T r e a s u r y (end of period) Deposits in Gross direct public debt Balance in general fund General fund balance F. R. Banks In proc- Special Availess of depositaries able funds collection 234 87 -106 -319 4,331 -423 2,711 7,973 471 -447 62 1 ,770 4 ,679 4 ,232 4 ,295 064 366 483 -214 -401 4,587 -2,135 3,883 478 - 1 ,462 2 ,047 1 .839 -388 ,470 5 ,517 7 ,357 6 ,969 438 950 338 333 2,557 2,344 2,693 4,368 1 ,187 143 250 355 103 1,771 3,268 5,680 5,106 1 ,159 94 143 129 250 146 355 176 841 2,557 3,268 2,344 5,680 2,693 5,106 4,368 1 ,187 ,156 ,069 L.089 ,134 1,175 L,132 3 216 5,228 3,779 3 690 5,106 6,027 5,190 5,217 4,145 5,984 4,368 3 318 4,376 L 108 L ,110 94 690 321 129 146 389 176 40,057 40,167 44,633 66,145 -1,811 -3,122 -420 -4,017 219 -22 384 -72 20,974 19,192 19,063 25,570 31,276 34,869 36,497 -3,300 -14 178 135 i -599 i -173 4,109 468 -7,467 291 3,451 -72 -9,293 121 21 -43 392 -8 64 -136 46 142 341 -254 40 -146 -255 -64 4,360 227 -650 -1,486 4,197 -313 8,286 1,209 838 -1,285 3,124 -3,062 2,674 -904 4 ,679 5 ,517 4 ,232 7 ,357 4 ,295 6 ,969 6 ,064 841 950 690 338 321 333 389 310 — 124 —60 -63 14 101 26 71 -34 -45 74 -46 29 -133 -25 -245 329 -91 -326 432 -195 -229 316 -243 -145 401 -2 587 -2,278 1.196 1 ,765 - 1 ,447 28 1 .548 957 -973 204 -981 1 .461 -1,572 -376 335 s 075 6 ,840 S ,393 ,421 6 ,969 7 ,925 6 ,952 7 ,156 6 ,175 7 ,636 6 ,064 s ,689 6 ,024 558 193 169 450 569 333 333 195 125 355 5,105 5,704 6,016 5,659 6,930 6,742 5,018 6,070 6,383 5,161 7,124 5,737 5,595 448 4,182 -1,693 -1,850 2,865 -3,426 -968 121 166 -229 343 -293 -43 6 515 456 -3,283 -1,009 -1,121 -676 -116 -207 127 -218 -140 404 209 1,613 -800 3,968 113 -504 2,238 2,513 -41 11 182 C)ther net assets 638 496 184 106 508 770 396 161 174 103 389 811 176 350 351 174 1 ,069 1 ,134 1 ,132 1 ,156 1 ,089 1 ,175 969 1,037 L.175 L.076 L, 161 1,270 1,087 1,152 1,132 1,209 1,123 Budget expenditures Major national security programs Period Total Total 2 Calendar year: 1949 1950 1951 1952 Fiscal year: 1949 1950 1951 1952 Semiannual totals: 1949—July-Dec. 1950—Jan.-June.. July-Dec.. 1951—Jan.-June.. July-Dec.. 1952—Jan.-June.. July-Dec.. Monthly: 1952—Feb Mar Apr. . May June July Aug Sept Oct. Nov Dec 1953—j an> Feb. m National defense Military assistance abroad AgriVetSocial culInter- Atomic Inter- erans seest Admin- ture curity naon Detional Energy debt istra- partproCom4 4 ecotion mism e n t 5 grams nomic sion aids Housing and home finance 41,714 38,255 56,846 71,366 19,453 12,849 291 '18,509 13,476 '37,154 '30,275 1 559 975 51,121 '43,176 6 005 ' 4 01? 560 ' ? 652 560 611 1,278 1,813 5,482 6,364 5,580 '5,714 5,983 '5,088 6,065 '4,433 '3,104 1,499 1,010 1,564 1.2?6 L ,351 1,463 1,508 — 123 -17 694 646 40,057 40,167 44,633 66,145 19,083 12,158 44 17,949 12,346 884 '25,891 '19,955 46,319 '39,033 2 228 6 278 4 941 ' 3 863 '2 904 647 524 908 1,648 5,339 6,789 ' 2 , 6 5 6 5,750 6,043 2,986 635 5,613 '5,288 5,859 '4,748 1,219 L, 110 L ,375 1,415 20,974 19,192 19,063 25,570 31,276 34,869 36,497 9,291 8,659 '9,850 '16,041 21,113 25,206 25,915 2 2 '1 '2 '1 '1 1 5,105 5,704 6,016 5,659 6,930 6,742 5,018 6,070 6,383 5,161 7,124 5,737 5,595 3,765 4,104 4,499 4,541 4,357 4,695 3,814 4,518 4,373 3,876 4,640 4,216 '3,146 '3,414 '3,771 '3,788 '3,683 3,884 2,971 4,008 3,723 3,302 4,081 3,632 P4,164 P3,500 6,376 5,970 44 7,505 247 '12,450 637 '17,825 921 '21,208 1 306 21,968 1 669 195 226 239 228 231 293 352 184 298 266 275 277 316 621 320 692 170 389 514 137 255 270 341 567 711 937 876 '223 '212 '281 '319 '35? 351 266 133 142 128 117 138 151 141 162 154 192 140 144 155 160 150 127 158 151 P167 Post Public office works deficit r^ .576 Transfers to trust C)ther accounts 1,425 1,551 1,438 r 1,573 536 643 684 775 1,519 1,575 1,458 51 5 524 593 624 1,383 r 1,673 1.464 '2,315 2,487 961 r^ 916 '2,1 78 2,782 '2,277 2,402 1,016 1,193 49 4 —56 -270 460 614 740 1,305 2,560 3,190 2,390 3,223 2,761 3,099 2,966 3,006 3,036 '2,678 '2,610 '2,479 '2,269 2,164 1,652 1,335 164 470 540 679 885 69 5 68 1 67 0 74 5 71 8 70 6 80 2 -95 -175 158 302 392 222 424 90 3 67 3 '87 8 '58 0 '85 8 '65 7 91 6 209 384 260 364 320 420 355 1,226 1,528 157 1,253 804 '1,210 168 '1,066 848 1,249 457 '1,153 737 1,333 142 43 1 100 37 -42 41 21 71 79 101 112 —80 19 240 180 391 354 10 8 66 149 76 148 158 109 116 191 124 104 180 Pill '98 '90 '94 320 183 78 83 52 85 187 117 126 49 192 112 289 357 P284 '10 1 1,518 '381 '388 '375 '355 '343 689 350 172 559 572 185 1,146 343 354 345 378 235 311 348 J>339 r r '162 157 148 175 972 71 175 78 50 99 80 397 94 200 170 200 178 292 169 158 174 140 138 180 64 23 93 67 89 160 20 P101 P71 191 245 184 252 213 P194 r P Preliminary. Revised. Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from budget expenditures, and included with other such investments under "Trust and other accounts." Adjustments for July-October 1950 investments were 2 made by the Treasury in the November 1950 and January 1951 figures. Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration. 8 Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other 4 nonmilitary foreign aid programs, as well as State Department expenditures. Excludes transfers to trust accounts, which are shown separately. 6 Excludes expenditures for forest development of roads and trails, which are included with public works, 1 264 FEDERAL RESERVE BULLETIN TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Con tinned [On basis of daily statements of Unitec States Treasury unless otherwise noted. T r easury Budget receipts , by principal sources Period Income and old-age insurance taxes Miscella- In millions of dollars.] receipts Internal revenue collections (on basis of collectors' reports) Deduct Taxes on carriers and on employers of 8 or more Other receipts Total budget receipts Appropriations to oldage trust fund Refunds of receipts Net budget receipts Individual income and old- Corpoage insurance ration intaxes come and With- Other profits taxes held Estate and gift taxes Excise and miscellaneous taxes Withheld by employers Calendar year: 1949 1950 1951 . . 1952 Fiscal year: 1949 1950 1951 1952 Semiannual totals: 1949—July-Dec. . . 1950—Jan.-June... July-Dec. . . 1951—Jan.-June... July-Dec. . . 1952—Jan.-June... July-Dec. . . Monthly: 1952—Feb. Mar. . . Apr May June July Aug Sept. Oct.. Nov Dec 1953—-Tan Feb Other internal revenue 11,428 13,775 19,392 23,658 19, 894 17, 361 26, 876 34 174 8,326 8,771 9,392 10,416 794 770 944 902 2,123 1,980 2,337 2,639 42,565 42,657 58,941 71,788 1,666 2,667 3,355 3,814 2,777 2,156 2,098 2,451 38,122 37,834 53,488 65,523 11,591 7,828 12,006 12,963 7,384 9,937 18,840 10,362 16, 565 40 23,090 11,980 754 658 801 849 7,529 8,150 8,682 9,558 11,532 12,180 16,654 21,889 19, 641 18, 189 24, 218 33, 026 8,348 8,303 9,423 9,726 787 776 2,466 1,862 2,263 2,364 42,774 41,311 53,369 67,999 1,690 2,106 3,120 3,569 2,838 2,160 2,107 2,302 38,246 37,045 48,143 62,129 11,743 7,996 11,762 7,264 15,901 9,908 21,313 11,545 11 ,554 811 994 10, ^ 4 14,.388 21, 167 797 706 730 833 7,585 7,599 8,704 8,971 5,613 6,566 7,209 9,445 9,947 11,942 11,716 7, 670 10, 520 6, 841 17, 376 9, 499 23, 526 10, 647 4,311 3,992 4,779 4,644 4,748 4,978 5,438 323 453 317 494 449 545 357 921 941 1,039 1,223 1,114 1,251 1,388 18,838 22,472 20,185 33,184 25,757 42,242 29,546 850 1,256 1,411 1,709 1,646 1,922 1,891 314 17,675 1,846 19,370 311 18,464 1,796 29,679 302 23,809 2,000 38,320 451 27,204 5,657 6,105 6,858 9,043 9,798 11,515 11,574 1,761 5,503 1,881 8,027 2,335 9,210 2,770 5, 389 4, S>65 4, 9, m 7, 116 14, 149 7, 318 351 356 303 427 374 459 390 3,911 3,688 4,462 4,241 4,440 4,531 5,027 3,057 2,019 1, 943 7, 717 191 549 7, 106 1, 435 445 4, 029 1 ,214 436 3 , 088 111 1, 479 805 825 258 79 17 446 460 252 476 142 182 434 235 204 533 303 117 486 4,172 537 1,330 3,955 707 1,539 4,012 232 1,634 3,968 190 1,144 1,464 2,133 1,583 221 1,478 393 93 1,653 164 109 358 2,855 66 113 88 80 48 84 70 59 57 51 70 77 754 718 849 131 6,194 160 10,800 152 5,187 197 4,688 228 10,220 236 3,649 177 4,585 164 6,875 204 3,355 219 4,731 387 6,350 260 5,232 150 6,300 978 3,009 1,983 1,007 2,995 1,751 997 3,085 1,882 989 ?3,560 828 845 949 862 877 923 105 59 22 106 54 17 888 104 54 30 P255 939 842 856 195 455 612 403 283 151 102 55 51 47 45 54 336 5,553 9,886 4,323 3,809 9,796 3,316 4,050 6,585 3,099 4,151 6,003 5,061 5,479 321 311 s, l\^ 1 ,?78 351 5, S59 958 357 2 , 142 597 352 2 , 785 501 Treasury receipts—Continued Period Social security, retirement, and insurance accounts Excise and miscellaneous taxes Total 1 Total Calendar year: 1949 1950 1951 1952 Fiscal year: 1949 1950 1951 1952 Semiannual totals: 1949—July-Dec. . 1950—Jan.-June July-Dec.. . 1951—Jan.-June. . July-Dec. . 1952—Jan.-June. . July-Dec . . Monthly: 1952—Feb Mar Apr May June July .. . . Auc Sept. Oct Nov Dec 1953—j a n # Feb Liquor Tobacco Manufacturers' and retailers' excise 7,529 8,150 8,682 9,558 2,204 2,419 2,460 ?,7?*r 1.320 1,348 1,446 L.662 2,221 2,519 2,790 3,054 1 ,784 1 ,864 1 ,986 ,115 7 585 7,599 8,704 8,971 2 211 2,215 2,54/ 2,545 L 322 ,328 80 1 e>65 2 221 2,245 2,841 2,824 3,911 3,688 4,462 4,241 4,440 4,531 5,027 1,191 ,07? 1,391 1,15(5 1,304 1,245 1,482 663 665 683 697 748 817 845 754 718 742 750 ?1(1 204 210 ?04 ??(! 123 124 135 134 148 140 149 147 157 127 125 136 804 863 780 808 911 795 870 760 795 870 760 Trust and other accounts Internal revenue collections—cont. (on basis of collectors' reports) 742 750 804 863 780 808 911 ?4<1 205 285 269 ??f 188 Receipts Investments Expenditures -362 -38 759 49 5,512 6,543 7,906 8 315 1,965 56 3,155 3 504 3,584 6,214 4,507 4 942 1 ,832 1 ,806 1 ,936 ,032 —420 121 295 219 5 185 6,266 7,251 8,210 2 311 —402 3,360 3,361 1,121 1,125 1,394 1,446 1,343 1,481 1,573 936 870 994 942 1 ,045 988 1 ,127 -14 135 -173 468 291 -72 121 3,035 3,231 3,312 3,939 3,967 4,242 4,073 262 228 239 243 159 162 157 169 163 210 173 180 221 131 212 154 310 166 -229 343 -293 -43 6 456 -207 127 —218 -140 404 804 655 433 999 273 268 253 223 248 268 313 283 Other 997 707 930 399 361 958 718 248 869 Other accounts 2 Investments 3 Other i 271 329 —325 -333 786 508 2 884 6,484 3,752 4,885 196 275 —410 —62 353 530 1,099 — 1,501 1,557 1,803 1,352 2,009 1,495 1,914 4,570 1,644 2,108 2,398 2,486 2,456 -22 219 52 223 106 -36 -26 -307 660 126 404 105 191 153 256 486 702 307 361 53 22 388 363 -103 223 403 414 407 420 30 18 14 24 412 410 403 399 399 383 462 447 449 —52 1 36 —9 -1 93 -14 233 -54 —22 130 95 15 273 —228 -32 -124 500 -148 34 -125 188 154 1 p Preliminary. Excess of receipts, or expenditures (—). Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflects principally net transactions of partially owned Government corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investments of wholly owned Government corporations are included as specified in footnote 3, but their operating transactions are included in budget expenditures. 3 Consists of net investments in public debt securities of partially owned Government corporations and agencies and other trust funds beginning with July 1950, which prior to that date are not separable from the next column; and, in addition, of net investments of wholly owned Government corporations and agencies beginning with November 1950, which prior to that date are included with Budget expenditures (for exceptions see footnote 1 on previous page). 2 MARCH 1953 265 TREASURY GASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM A N D PAYMENTS TO T H E PUBLIC [On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars] Cash operating income, other than debt Net Budget receipts Period Plus: Trust acct. receipts Total net receipts Cal. yr.—1949 1950 1951 1952 Fiscal yr.—1949. . . 1950... 1951.. . 1952. . . Semiannual totals: 1949—July-Dec.. 1950—Jan.-June. July-Dec.. 1951—Jan.-June. July-Dec. 1952—Jan.-June. July-Dec. Monthly: 1952—Feb Mar Apr May June July Aug Sept Oct Nov Dec 1953—Jan Feb Less: Noncash i 38,122 37,834 53,488 65,523 Equals: Cash operating income Cash operating outgo, other than debt Plus: Plus: Tr. acct. Exch. Less: Noncash expenditures Stabi- ClearLess: Accru- Intraliza- ing acals to3 Govt. Total Noncount tion 6 cash F u n d 8 public trans.* Budget expenditures Total Less: Noncash 2 5,956 7,001 8,582 8,707 5,714 6,669 7,796 8,807 2,603 2,211 2,508 2,649 2,232 2,623 2,244 2,705 41,374 42,451 59,338 71,396 41,628 40,970 53,439 68,093 41,714 38,255 56,846 71,366 38,246 37,045 48,143 62,129 99 171 222 184 100 120 256 138 17,675 19,370 18,464 29,679 23,809 38,320 27,204 40 80 91 164 58 77 107 3,231 3,438 3,562 4,234 4,349 4,458 4,248 1,446 1,178 1,033 1,210 1,298 1,406 1,243 5,553 9,886 4,323 3,809 9,796 3,316 4,050 6,585 3,099 4,151 6,003 5,061 5,479 3 4 2 2 32 24 2 3 4 3 71 43 831 684 476 1,050 1,026 738 959 427 401 975 747 286 920 106 129 108 134 801 438 128 111 79 127 360 65 Total 2,588 2,307 2,625 2,807 2,152 2,754 2,360 2,837 4,210 6,923 4,397 4,825 3,511 6,881 3,945 4,952 164 65 90 28 40,057 40,167 44,633 66,145 403 503 567 734 389 436 477 710 19,420 21,551 20,900 32,537 26,799 41,293 30,104 20,974 19,192 19,063 25,570 31,276 34,869 36,497 215 222 281 196 371 338 396 1,541 1,213 1,075 1,279 1,346 1,488 1,319 2,159 4,722 2,201 1,744 2,653 2,298 2,527 6,275 10,436 4,689 4,722 9,988 3,593 4,878 6,898 3,418 4,997 6,320 5,239 5,105 5,704 6,016 5,659 6,930 6,742 5,018 6,070 6,383 5,161 7,124 5,737 5,595 32 43 39 59 93 74 42 46 56 83 95 82 106 132 111 134 844 457 127 112 86 128 409 100 300 347 434 197 669 473 556 -73 587 367 617 296 346 Net cash operatEquals: ing inCash operat- come or ing outgo outgo 102 -262 -26 38 98 -207 -13 9 -234 -87 106 319 -366 -483 214 401 42,642 41,969 58,034 72,980 ,267 482 ,304 ,583 40,576 43,155 45,804 67,956 1,051 -2,185 7,635 137 2 10 55 82 8 -4 32 55 -262 -142 -341 254 -40 146 255 64 21,290 21,865 20,105 25,700 32,334 35,622 37,357 -1,871 -315 796 6,839 -5,534 5,671 -7,254 2 1 —2 2 -11 5 2 1 —2 3 23 8 38 25 245 -329 91 326 -432 195 229 -316 243 145 -401 2 5,328 6,120 5,972 5,751 6,978 6,233 5,622 6,066 6,514 5,558 7,364 5,442 947 4,316 -1,283 -1,029 3,010 -2,640 -744 832 -3,097 -561 -1,044 -203 183 13 138 4 -13 -13 22 16 -21 -14 25 5 1 Represents principally interest paid to Treasury by Govt. agencies and repayment of capital stock and paid-in surplus by partially owned Govt. corporations. 2 Represents principally interest on investments in U. S. Govt securities, payroll deductions for Govt. employees' retirement accounts, and transfers shown as Budget expenditures. 8 Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption. 4 Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5). 6 Represents principally repayments of capital stock and paid-in surplus by partially owned Govt. corporations, as well as interest receipts by such corporations on their investments in the public debt (negative entry). 6 Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3.) DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC Details of net cash borrowing from or Plus: Cash Less: Noncash debt transactions Equals: Net cash repayment ( —) of borrowing to the public 2 issuance of securities of Accruals to public * borrowinv. ing, or Federal agencies Net Fed Postal Direct Savings in (-), m sec. by Int. on sav. Payts. in repay t. mktable. bonds Savings Sav. Sys. Other* Nongross (-)of Guar& conv. (issue notes special Govt. agen. bonds and form of guardir. pub. anteed borrow- issues 3 price) issues anteed & tr. funds Treas. bills Fed. sec. debt ing Increase, or decrease Period Cal. yr.—1949 1950 1951 . 1952 Fiscal yr.—1949 1950 1951 1952 Semiannual totals: 1949—July-Dec 1950—Jan.-June. July-Dec.. 1951—Jan.-June. July-Dec.. 1952—Jan.-June. July-Dec.. Monthly: 1952—Feb Mar Apr. May 4,331 -423 2,711 7,973 478 4,587 —2,135 3,883 -25 —6 18 12 4,360 .. 227 . . -650 . . -1,486 . . 4,197 . . -313 . . 8,286 June July. Aug Sept.. . Oct Nov. Dec... 1953—jan Feb.. 587 -2,278 209 1,613 -800 3,968 113 -504 2,238 2 513 —41 11 182 -115 355 37 2,156 94 585 602 718 770 -285 580 574 638 779 -293 68 — 149 -79 1,739 -929 — 1,242 3,353 -2,513 4,231 -5,795 -525 3.020 1,125 751 1,021 — 1,191 -1,099 - 4 0 6 -1,784 2,420 463 728 3,601 -467 -657 - 7 1 7 -1,209 -2,275 -2,649 1,999 5,778 -5,351 211 -3,943 1,639 163 -146 15 -176 371 -5 51 -134 11 -46 -8 10 16 -102 -28 -14 374 -88 2 -10 4 5 13 3 8 19 -33 388 -13 51 -139 37 1.141 -1,450 1,544 2,014 1.404 2,232 1.601 307 265 337 301 417 361 409 -147 219 -56 -92 -33 -45 -29 3,079 1,152 -2,081 -3,714 2,472 -2,998 6,351 99 112 -2,761 -1,184 3,183 -1,544 7,322 268 462 292 -758 -432 -285 -121 2,767 834 187 -845 -255 -955 -829 -70 -80 -170 -923 —74 -81 -32 —1 -123 221 37 -43 -63 171 46 248 -2,551 -163 1,057 -1,463 3,597 -229 -628 2,116 2 022 -527 -173 -75 -1,289 -162 754 -663 3,830 -192 -259 2,200 1 915 — 172 -199 -25 4 498 -1,138 142 412 -859 -30 — 10 — 173 — 111 —292 — 13 62 —302 -99 -38 —30 4 1 — 11 5 1 5 6 3 -6 2 -66 13 101 270 510 650 37 66 308 397 -34 -50 68 —50 35 -134 44 21 481 349 130 170 41 63 96 77 44 49 58 84 97 84 — 125 15 -250 -997 -113 40 -150 -1,093 -155 3,418 3,833 2,630 -308 3,557 3.636 -74 -3 -2 -4 18 11 -27 -3 -2 —1 -7 —2 -82 -54 -81 -91 -28 -54 -46 —7 —8 —5 112 93 -24 — 17 198 46 -122 -85 -158 365 -82 — 120 -60 -62 6 104 24 74 -31 -64 —2 —8 -13 53 —46 21 1 2 3 Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. Includes redemptions of tax anticipation bills and savings notes used in payment of taxes. Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. 4 Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 266 FEDERAL RESERVE BULLETIN TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash operating income Period Total Cal. yr.—1949 . . . . 41,374 42,451 1950 59,338 1951 1952 71,396 41,628 Fiscal yr.—-1949 40,970 1950 53,439 1951 . 1952 68,093 Semiannual totals: 1949—July-Dec 19,420 1950—Jan.-June 21,551 July-Dec 20,900 1951—Jan.-June 32,537 July-Dec 26,799 1952—Jan.-June 41,293 July-Dec 30,104 Monthly: 1952—Feb. 6,275 Mar 10,436 4,689 Apr 4,722 May . 9,988 June July 3,593 Aug.. ... 4,878 6 898 Sept 3,418 Oct. Nov 4,997 Dec. 6 320 5,239 1953—Jan.. Cashi operating outgo Direct Direct taxes on taxes on individ- corpor1 uals ations Excise and misc. taxes Social ins. receipts 2 Other cash income 3 Deduct: Refunds of receipts Total 18,403 19,191 27,149 32,728 18,725 18,115 24,095 30,713 12,006 9,937 16,565 22,140 11,554 10,854 14,388 21,467 7,572 8,113 8,591 9,567 7,551 7,597 8,693 8,893 3,864 5,121 6,362 6,589 3,899 4,438 5,839 6,521 2,306 2,245 2,769 2,823 2,737 2,126 2,531 2,801 2,777 2,156 2,098 2,451 2,838 2,160 2,107 2,302 42,642 41,969 58,034 72,980 40,576 43,155 45,804 67,956 19,738 MS,346 '37,279 '•51,195 19,370 17,879 '26,038 46,396 4,186 4,072 4,137 4,230 3,889 4,264 4,052 4,059 6 819 '8,864 ••6,121 '5,209 7,201 9 146 '5,980 '5,826 4,333 4,400 4,915 5,613 3,561 4,740 4,458 5,206 7,566 '6.287 '5,582 '6,733 6,555 7,126 '5,276 '6,469 6,894 11,220 7,971 16,124 11,025 19,687 13,041 5,889 4,965 4,971 9,416 7,149 14,318 7,821 3,960 3,637 4,476 4,217 4,374 4,519 5,048 1,927 2,510 2,611 3,228 3,135 3,386 3,202 1,064 1,065 1,182 1,348 1,418 1,383 1,443 314 1,846 311 1,796 302 2,000 451 21,290 21,865 20,105 25,700 32,334 35,622 37,357 9,438 8,441 '•9,905 '16,133 21,146 25,250 25,944 2,194 2,075 1,997 2,058 2,079 1,984 2,246 3,259 5,887 '2,977 '3,003 '3,117 '2.709 2,500 2,348 2,392 2,007 2,450 2,465 2,741 2,872 4,051 3,070 '3,219 '2,056 '3,527 '2,938 3,795 4,310 3,477 2,727 2,811 3,335 1,386 2,719 3 162 1,135 2,686 1,952 3,558 311 5,913 1,278 739 712 762 956 608 342 154 181 192 195 455 612 245 223 233 204 187 243 234 345 255 403 283 151 102 55 51 47 45 54 336 '442 '457 '437 '442 '424 449 409 492 970 257 302 908 344 298 934 415 214 P996 ••3,808 4,107 4,500 4,544 4,339 4,684 3,841 4,520 4,375 3,877 4,646 4,218 P4.146 104 625 284 748 797 865 792 818 866 838 868 765 5,328 6,120 5,972 5,751 6,978 6,233 5,622 6 066 6,514 5,558 7,364 5,442 '525 '522 '259 '252 '1,014 350 778 192 713 731 '1,028 102 351 5,659 958 357 2,442 927 352 2,785 501 Feb Major Social VetInternatl. sec. est on erans security Other pro- 4 d e b t 5 pro- 6 programs grams 7 grams 106 724 243 139 497 485 100 781 149 464 408 398 409 391 431 397 P390 407 477 492 456 459 532 459 '478 576 P5O7 c P Preliminary. ' Revised. Corrected. Includes current and back income taxes, estate and gift taxes, and adjustment to Treasury daily statement. Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 3 4 Represents mostly nontax receipts. Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds and special International Bank and Monetary Fund notes. 5 Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest paid by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned. 6 Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds. 7 Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance, and Government employees and Railroad retirement funds. 1 2 U N I T E D STATES SAVINGS BONDS A N D NOTES—SALES, R E D E M P T I O N S , [In millions of dollars] AND AMOUNT OUTSTANDING Savings bonds Series A - E and H All series Year or month Sales 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Redemptions and maturities Outstanding (end of period) Sales 3,036 9,157 13,729 16,044 12,937 7,427 6,694 7,295 5,833 6,074 3,961 4,161 162 343 1,576 3,321 5,503 6,278 4,915 4,858 4,751 5,343 5,093 4,531 6,140 15,050 27,363 40,361 48,183 49,776 52,053 55,051 56,707 58,019 57,587 57,940 1,643 5,989 10,344 12,380 9,822 4,466 4,085 4,224 4,208 3,668 3,190 3,575 441 339 331 313 292 364 367 356 330 348 303 375 504 442 359 381 391 380 390 418 355 374 353 310 380 P391 57,664 57,682 57,680 57,644 57,614 57,685 57,709 57,753 57,758 57,794 57,850 57,940 58,134 364 288 284 267 250 293 316 309 290 310 271 334 441 1952—Jan.... Feb... Mar.. . Apr. . . May. . June.. July.. . Aug... Sept... Oct.... Nov... Dec... 1953—Jan... Series F, G, J and K Redemptions and maturities Outstanding (end of period) Sales 160 307 1,452 3,063 5,135 5,667 4,207 4,029 3,948 4,455 4,022 4,750 10,526 19,573 29,153 34,204 33,410 33,739 34,438 35,206 34,930 34,728 35,324 1,393 3,168 3,385 3,664 3,115 2,962 2,609 3,071 1,626 2,406 770 586 34,794 34,826 34,849 34,839 34,843 34,905 34,950 35,019 35,055 35,116 35,206 35,324 35,511 78 52 47 47 42 71 52 47 39 38 32 42 64 P3,623 363 290 304 313 303 313 334 279 299 P284 P239 P3 00 n.a. Redemptions and maturities Tax and saving 3 notes' Outstanding (end of period) Sales Redemptions and maturities 2 36 124 258 368 611 708 829 803 888 1,071 P908 1,390 4,523 7,790 11,208 13,979 16,366 18,314 20,613 21,501 23,089 22,859 22,616 2 ,479 6,479 8,055 8 533 5,504 2,789 2,925 3,032 5,971 3,613 5,823 3,726 g 2,565 5,853 7,276 7,111 5,300 3,266 3,843 2,934 2,583 6,929 5,491 2 ,471 6^384 8,586 9,843 8,235 5,725 5,384 4,572 7,610 8,640 7,534 5,770 79 69 77 78 76 76 85 75 75 P68 22,870 22,856 22,831 22,804 22,772 22,780 22,759 22,734 22,704 22,678 22,645 22,616 22,623 584 630 185 409 636 198 279 176 114 176 173 168 107 578 126 1,317 262 223 1,056 451 286 405 189 110 488 P201 7,539 8,044 P70 P80 n.a. P Preliminary. n.a. Not available. NOTE.—Sales and redemptions of bonds are shown at issue price: amount outstanding at current redemption value. Series A-D bonds are included as of maturity date, and only interest-bearing debt is included in amount outstanding. MARCH 1953 Outstanding (end of period) 6,911 7,057 7,470 6,612 6,440 6,330 6,039 6,026 6,089 5,770 5,676 Maturities of notes and 267 UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issues 3 Nonmarketable Marketable Total gross End of month debt* Total gross direct debt* Total 1940—Dec.. 1941—Dec.. 1942—Dec.. 1943—Dec.. 1944—Dec.. 1945—Dec.. 1946—June. Dec. 1947—June. Dec. 1948—June. Dec. 1949—June. Dec. 1950—June. Dec. 1951—June. Dec. 50 942 64 262 112 ,471 170 ,108 232 144 278 ,682 269 ,808 259 487 258 ,376 256 ,981 252 366 252 ,854 252 798 257 ,160 257 ,377 256 ,731 255 ,251 259 ,461 45 025 39 089 57 938 50 469 108 ,170 98 276 165 ,877 151 80S 230 630 212 565 278 ,115 255 ,693 ?6Q ,4?? 259 ,149 258 ,286 ? 5 6 900 252 ,292 ?S? ,800 252 770 257 ,130 ?S7 ,357 256 ,708 255 ,222 259 ,419 1952—Feb.. Mar. April May. June, July. Aug., Sept. Oct.. Nov. Dec. 1953—Jan.. Feb. 260 ,399 258 ,124 258 ,337 259 ,951 259 ,151 263 ,107 26.1 ,225 262 ,722 264 ,964 267 ,483 267 ,445 267 ,45( 267 ,634 260 ,362 258 ,084 258 ,292 259 ,905 259 ,105 263 ,07; 26.1 ,186 262 ,682 264 ,919 267 ,432 267 ,391 267 ,402 267 ,584 221 219 219 220 219 222 222 222 224 226 226 226 226 Total Bills Certificates of Notes indebt- 1 310 245 779 233 ,064 227 ,747 225 ?50 219 ,852 218 ,86S 217 986 221 ,123 222 ,853 220 ,575 218 ,198 221 ,168 6 6?7 13 07? 16 ,428 17 037 17 039 17 ,033 15 775 15 136 13 , 7 5 7 1? ? ? 4 11 ,536 12 ,319 13 533 13 ,627 13 ,614 18 ,102 10 ?? 30 38 34 99 ?5 ?1 ?? ?6 ,776 ,301 ,356 ,540 ,124 ,963 ,75; ,216 ,430 ,557 ,14J ,226 ,187 142 ,701 141 ,376 141 ,820 142 ,625 140 ,407 144 ,340 144 ,148 143 ,895 146 ,775 148 ,772 148 ,581 148 ,574 148 ,445 18 ,104 16 ,863 17 ,462 18 ,267 17 ,219 17 ,213 17 ,206 17 ,207 19 ,712 21 ,715 21 ,713 21 ,709 21 ,710 29 ,079 29 ,079 28 ,423 28 ,423 28 ,423 28 ,170 28 ,019 27 ,763 16 ,902 16 ,902 16 ,712 16 ,712 15 ,958 ,002 9Q 29 18 5 9 29 Bank eligible* 178 98 156 s ,997 33 ,563 9 863 44 ,519 11 175 55 591 93 ,039 66 ,931 ?? 967 68 ,403 18 ?61 66 043 10 090 69 ,866 8 14? 69 ,85? 11 375 68 391 11 ,375 69 ,990 5? 5 7 131 61 966 4? 7 ,596 60 ,951 636 8 ,249 55 ,283 418 ? 0 404 53 319 373 39 ,258 44 ,557 509 35 ,806 42 ,928 078 18 ,409 41 ,049 35 645 41 ,562 76 488 115 ?30 161 648 198 ,778 189 ,606 176 ,613 168 ,70? 165 758 160 ,346 157 ,48? 155 ,147 155 ,123 155 ,310 152 ,450 137 ,917 142 ,685 ? Bonds 534 843 401 155 804 987 ?96 ??0 588 18 ,434 18 ,450 18 ,952 18 ,956 18 ,963 18 ,971 18 ,974 18 ,982 30 ,246 30 ,253 30 ,266 3C ,275 39 ,282 Bank restricted 4 ,945 1? 550 ?4 ,850 5? ?16 53 459 49 ,636 49 ,636 49 636 49 ,636 49 636 49 ,636 49 ,636 49 636 49 ,636 36 ,061 36 ,048 41 ,040 40 ,942 40 ,943 43 ,061 48 ,343 52 ,579 52 ,579 52 ,579 52 ,578 52 ,578 58 ,874 58 ,864 36 ,044 36 ,042 36 ,040 .3.3 ,918 27 ,460 27 ,407 27 ,369 27 ,365 27 ,338 27 ,324 21 ,016 21 ,013 59 ,483 21 ,012 Convertible bonds Totals Tax and savings notes Savings bonds 5,370 3 444 8 907 21,788 36,574 50,917 56,915 56,173 56,451 59,045 59,492 59,506 61,383 62,839 66,000 67,544 68,125 13 573 66,708 12 060 66,423 195 6 ,140 15 ,050 ?7 363 40 ,361 48 ,183 49 035 49 776 51 ,367 5? 053 53 ,?74 55 051 56 260 56 ,707 57 536 58 ,019 57 ,572 57 ,587 67,041 65,907 66,019 66,403 65,622 65,478 65,419 65,139 65,164 65,285 65,062 65,161 65,258 57 ,682 57 ,680 57 ,644 57 ,614 57 ,685 57 ,709 57 ,75.3 57 ,758 57 ,794 57 ,850 57 ,940 58 ,134 58 ,268 12 034 12 018 11 ,516 11 51?, 13 ,095 13 ,145 1.3 ,186 13 ,182 1?. ,491 12 ,499 12 ,500 12 ,491 12 ,484 Special issues ? ,471 6,982 6 ,384 9,032 8 ,586 12,703 7 ,610 8 ,472 8 ,640 7 ,818 7 ,534 16,326 20,000 22,332 24,585 27,366 28,955 30,211 31,714 32,776 33,896 32,356 33,707 34,653 35,902 8 ,044 6 ,911 7 ,057 7 ,470 6 ,612 6 ,440 6 ,330 6 ,039 6 ,026 6 ,089 5 ,770 5 ,676 5 ,642 36,360 36,493 36,746 37,198 37,739 37,945 38,307 38,360 38,390 38,788 39,150 39,097 39,302 Q ,843 8 ,235 6 ,711 5 ,725 5 ,560 5 ,384 4 ,394 4 ,572 4 ,860 1 2 Includes fully guaranteed securities, not shown separately. Includes noninterest-bearing debt, not shown separately. 3 Includes amounts held by Government agencies and trust funds, which aggregated 6,895 million dollars on Jan. 31, 1953. 4 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 5 Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Held by Total gross U. S. Government debt agencies and (includtrust funds l End of month ing guaranteed securiSpecial Public ties) issues issues Held by the public Total Federal Reserve Banks ComMutual mercial savings banks » banks Insurance companies Other corporations State and local governments Individuals Miscellaneous invesSavings Other bonds securities tors 3 5,370 50,942 1940—Dec 1941—Dec 64,262 6,982 1942—Dec 112,471 9,032 1943—Dec.-.... 170,108 12,703 1944—Dec 232,144 16,326 1945—Dec 278,682 20,000 1946—June 269,898 22,332 Dec 259,487 24,585 1947—June 258,376 27,366 Dec 256,981 28,955 1948—June 252,366 30,211 Dec 252,854 31,714 1949—June 252,798 32,776 Dec 257,160 33,896 1950—June 257,377 32,356 Dec 256,731 33,707 1951—June 255,251 34,653 Dec 259,461 35,902 2,260 2,558 3,218 4,242 5,348 7,048 6,798 6,338 5,445 5,404 5,549 5,614 5,512 5,464 5,474 5,490 6,305 6,379 43,312 54,722 100,221 153,163 210,470 251,634 240,768 228,564 225,565 222,622 216,606 215,526 214,510 217,800 219,547 217,533 214,293 217,180 2,184 2,254 6,189 11,543 18,846 24,262 23,783 23,350 21,872 22,559 21,366 23,333 19,343 18,885 18,331 20,778 22,982 23,801 17,300 21,400 41,100 59,900 77,700 90,800 84,400 74,500 70,000 68,700 64,600 62,500 63,000 66,800 65,600 61,800 58,400 61,600 3,200 3,700 4,500 6,100 8,300 10,700 11,500 11,800 12,100 12,000 12,000 11,500 11,600 11,400 11,600 10,900 10,200 9,800 6,900 8,200 11,300 15,100 19,600 24,000 24,900 24,900 24,600 23,900 22,800 21,200 20,500 20,100 19,800 18,700 17,100 16,400 2,000 4,000 10,100 16,400 21,400 22,000 17,700 15,300 13,900 14,100 13,600 14,800 15,700 17,000 19,000 20,800 21,100 21,600 1,000 2,100 4,300 6,500 6,500 6,300 7,100 7,300 7,800 7,900 8,000 8,100 8,700 8,800 9,400 9,600 2,800 5,400 13,400 24,700 36,200 42,900 43,500 44,200 45,500 46,200 47,100 47,800 48,800 49,300 49,900 49,600 49,100 49,100 7,800 8,200 10,300 12,900 17,100 21,400 20,000 20,100 20,900 19,400 18,600 17,600 17,900 16,800 17,000 15,600 15,300 14,500 2,300 4,400 7,000 9,100 8,600 8,100 9,600 8,400 8,700 8,900 9,600 9,400 9,700 10,500 10,800 10,800 1952—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 6,454 6,500 6,503 6,500 6,524 6,596 6,689 6,712 6,692 6,681 6,757 6,743 217,126 217,538 215,128 215,091 216,229 214,816 218,473 218,206 217,670 219,893 221,938 221,741 22,729 22,528 22,514 22,363 22,273 22,906 22,853 23,146 23,694 23,575 23,821 24,697 62,100 61,200 60,100 60,500 61,000 61,100 62,700 61,800 61,500 63,000 64,100 n.a, 9,800 9,800 9,800 9,800 9,800 9,600 9,800 9,700 9,700 9,600 9,500 n.a. 16,400 16,300 16,200 16,200 15,900 15,700 15,900 16,000 16,100 16,000 16,100 n.a. 21,900 22,600 21,200 20,700 21,600 20,000 20,800 21,300 20,800 21,000 21,100 n.a. 9,900 10,000 10,100 10,200 10,200 10,400 10,700 10,800 10,900 10,900 10,900 n.a. 49,100 49,100 49,100 49,100 49,000 49,100 49,100 49,100 49,100 49,100 49,200 n.a. 14,600 15,200 15,400 15,100 14,900 14,400 14,900 14,700 14,700 14,700 14,700 n.a. 10,500 10,800 10,600 11,300 11,500 11,700 11,800 11,600 11,300 12,100 12,700 n.a. 259,813 260,399 258,124 258,337 259,951 259,151 263,107 263,225 262,722 264,964 267,483 267,634 36,233 36,360 36,493 36,746 37,198 37,739 37,945 38,307 38,360 38,390 38,788 39,150 500 700 700 900 1 2 3 Includes the Postal Savings System. n.a. Not available. Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1952. Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. 268 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES Direct Public Issues Outstanding February 28, 1953 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Treasury Mar. 5, Mar. 12, Mar. 18, Mar. 19, Mar. 26, bills 1 1953 1953 2 1953 1953 1953 1,301 1,200 2,502 1,200 1,200 Apr. 2, 1953 Apr. 9, 1953 Apr. 16, 1953 Apr. 23, 1953 Apr. 30, 1953 June 19, 1953 2 3 Certificates June I, 1953 Aug. 15, 1953 Feb. 15, 1954 Amount 1% 2 2M 1,201 1,399 ,400 Treasury notes ,400 Dec. 1, 1953 ,500 Mar. 15, 1954 Mar. 15, 1955 ,300 Dec. 15, 1955 ,500 Apr. 1, 1956 ,301 Oct. 1, 1956 ,301 Apr. 1, 1957 2,003 Oct. 1, 1957 May 7, 1953 May 14, 1953 May 21, 1953 May 28, 1953 1 Issue and coupon rate Amount 23 \ \ \ \ \ \ \ Issue and coupon rate Treasury June 15, Sept. 15, Dec. 15, Dec. 15, Dec. 15, Dec. 15, June 15, Mar. 15, Mar. 15, Sept. 15, 10,542 Sept. 15, 4,675 Mar. 15, 5,365 6,854 June 15, June 15, 1,007 Dec. 550 June 15, 15, 531 Dec. 15, 758 Dec. 15, June 15, Amount Treasury bonds—Cont. 4,963 2,882 8,114 Sold on discount basis. See table on Open-Market Money Rates, p. 263. 4 Partially tax exempt. Maturity June 15, 1954. * Maturity June 15, 1955. Issue and coupon rate Amount 725 Dec. 15, 1963-68. . .2}4 2,828 7,986 June 15, 1964-69 6..2' 3,757 Dec. 15, 1964-69 6..2 510 3,833 Mar. 15, 1965-706 . . 2 H 4,724 5,825 Mar. 15, 1966-71 • 2H 2,966 1,501 June 15, 1967-72 «. 1,896 8,662 .2y2 Sept. 15, 1967-72. ..2y2 2,716 681 Dec. 15, 1967-72 «..2H 3,835 2,611 1,449 982 Postal Savings bonds 2 ^ 74 3,822 927 Panama Canal Loan. .3 50 4,245 919 620 5,280 Convertible bonds 3,468 Investment Series B 1,485 Apr. 1, 1975-80. . .2% 12,484 2,117 2 6 Tax anticipation series. Restricted. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES * Marketable and Convertible Direct Public Securities [Par values in millions of dollars] End of month Type of security: Total marketable and convertible: 1950—June Dec. 1951—June Dec 1952—June Nov Dec. . . Treasury bills: 1950—June Dec 1951—June Dec 1952—June Total outstanding U.S. Govt. Fed- Com- Mutual agen- eral mer- savcies Reand serve cial 1 ings trust Banks banks banks funds 155 ,310 5,350 18 ,331 58 ,965 152 ,450 5,364 20 ,778 54 ,884 151 ,490 6,177 22 ,982 51 ,671 154 ,745 6,251 23 ,801 54 ,302 153 ,502 6,447 22 ,906 54 ,038 10 10 9 9 8 Insurance companies Other End of month Other Life 876 14 ,080 143 12 ,737 504 11,138 123 10 ,289 843 9 ,613 4 ,046 4 ,116 4 ,161 4 ,301 4 ,246 43,664 44,428 45,855 46,679 47,411 161 ,272 6,628 23 ,821 56 ,585 8 765 9 ,604 4 ,689 51,179 161 ,081 6,613 24 ,697 55 ,828 8 740 9 ,514 4 ,711 50,979 Type of security: Convertible bonds (Investment Series B): 1950—June Dec. 1951-June Dec 1952—June Nov.... Dec Total outstanding 3 ,856 1,296 527 596 381 3 ,703 3 ,888 3 ,750 6 ,773 5 ,828 35 33 122 71 103 26 391 756 428 504 64 5,846 Marketable secu83 7,901 rities, due or 72 8,360 callable: 104 10,080 Within 1 year: 42 ,448 92 10,268 1950—June Nov Dec Certificates: 1950—June Dec 1951—June Dec 1952—June 21 ,715 21 ,713 90 86 502 7 ,600 1,341 7 ,047 97 137 476 464 117 12,833 119 12,518 7 5 ,357 5 ,354 1 ,544 2 ,753 6 ,773 6 ,877 64 7 37 41 120 107 1 113 217 76 274 52 174 445 378 Nov Dec Treasury notes: 1950—June Dec 1951—June Dec 1952—June 16 ,902 16 ,712 30 27 5 ,018 4 ,794 5 ,061 4 ,791 32 37 67 56 318 317 20 ,404 39 ,258 35 ,806 18 ,409 18 ,963 29 3 ,500 11 ,204 10 12 ,527 15 ,833 14 12 ,439 13 ,704 3 5 ,068 10 ,465 2 5 ,568 10 ,431 154 136 120 67 42 66 165 208 1 5 337 542 478 315 327 30 ,253 30 ,266 16 13 ,774 11 ,115 16 13,774 10 ,955 53 49 8 8 461 486 102 ,955 94 ,193 78 ,989 77 ,097 5,310 5,319 3,215 3,243 75 ,802 2,908 5 ,618 38 ,705 4 ,620 33 ,620 4 ,108 31 ,298 4 ,130 30 ,119 4 ,422 30 ,710 624 967 974 697 221 13,881 12,180 7 ,139 6 ,720 5 855 79 ,902 3,055 79 ,890 3,046 4 ,527 32 ,887 7, 231 5 874 3 432 4 ,522 32 ,849 7 165 5 807 3 429 Nov Dec Marketable bonds:3 1950—June Dec 1951—June Dec 1952—June Nov Dec (2) 2 ,334 17 3 ,194 49 12 ,793 60 11 ,821 10 9 7 7 7 3 3 3 3 3 370 438 125 120 087 7,255 1,434 Nov 3,221 Dec 8,761 1-5 years: 9,092 1950—June Dec 6,642 1951—June 6,424 Dec 1952—June 5,114 10,044 Nov 8,841 Dec 2,489 5-10 years: 2,587 1950—June Dec 4,827 1951—June 4,978 Dec 1952—June 25,447 25,049 Nov 22,129 Dec 22,068 After 10 years: 21,600 1950—June Dec 22,896 1951—June 23,072 Dec 1952—June Nov Dec Fed- Com- Mueral tual mer- savRecial serve ings 1 Banks banks banks Other Life Other 166 1,252 2 ,921 172 1,246 2 ,923 191 1,356 3 ,172 312 318 362 3,304 3,281 3,864 360 360 3,982 3,987 249 614 218 270 799 655 954 626 1 ,206 532 778 1 ,203 550 638 1 ,106 15,463 20,117 22,389 24,718 25,143 9 ,718 16 ,068 16 ,003 20,088 13 ,962 21 ,596 15 ,057 30 ,348 13 ,822 29 ,540 58 ,013 60 ,860 72 ,790 70 ,944 117 81 129 155 146 63 ,911 74 ,261 155 7 ,246 28 ,502 163 15 ,613 28 ,853 51 ,802 33 ,378 31 ,022 28 ,678 29 ,434 327 189 139 155 130 40 ,725 30 ,196 147 14 ,147 19 ,033 123 6 ,655 17 ,822 15 ,926 17 ,411 16 ,012 11 ,206 13 ,321 423 412 376 309 524 1 ,148 982 1 ,032 1 ,014 1 ,070 17 ,564 17 ,564 634 629 45 ,134 43 ,648 30 ,023 30 ,012 26 ,707 4,482 4,682 2,629 2,726 2,211 26 ,572 2,254 26 ,560 2,259 Insurance companies 189 1,351 3 ,179 185 1,352 3 ,179 2 ,714 1 ,214 714 12 ,499 3,438 12 ,500 3,438 3 35 26 50 41 18 ,418 5 ,373 9 ,509 29 ,078 28 ,423 cies and trust funds 13 ,573 2,905 12 ,060 2,905 13 ,095 3,437 13 ,533 13 ,627 13 ,614 18 ,102 17 ,219 Dec 1951—June Dec 1952—June U.S. Govt. agen- 5 ,116 1 ,285 3 ,878 5 ,102 5 ,941 408 490 605 1 ,122 25,872 577 1 ,204 27,361 33 ,127 1,058 24 ,534 568 20 ,853 227 18 ,600 142 18 ,352 138 619 1 ,112 10,442 744 5,661 398 643 5,168 113 119 566 3,993 567 4,183 123 144 133 710 653 6,419 4,690 2,439 1 ,129 927 2,125 906 1 ,042 842 1 ,017 2,010 1,925 945 712 2,092 1 ,090 1 ,089 4,186 4,615 4,460 3,859 4,183 1 ,070 6 ,279 2,137 1 ,140 1 ,363 1 ,070 6 ,426 2,052 1 ,127 1 ,342 4,942 4,918 2 ,349 2 ,508 1 ,397 1 ,415 1 ,358 5 ,675 7 ,329 6 ,275 2 ,442 3 ,274 4 ,094 2 ,934 2 ,781 2 ,740 2 ,681 7,130 7,180 5,389 5,276 4,707 125 120 12 ,114 10 ,778 6 ,056 5 ,758 4 ,589 1 ,394 1 ,531 1 ,236 1 ,269 1 ,122 13,571 14,035 10,534 10,828 10,038 1 ,358 2 ,582 4,725 4 ,555 1 ,133 9,965 1 ,358 2 ,543 4,713 4 ,510 1 ,152 10,024 * Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other" 2 are residuals. 1 Includes stock savings banks. Less than $500,000. 3 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. MARCH 1953 269 NEW SECURITY ISSUES 1 [Estimates. In millions of dollars] Proposed uses of net proceeds, all corporate issuers * Gross proceeds, all issuers 2 Year or month Total U.S. FedGovern- eral 4 ment* agency New capital Corporate Noncorporate State and mu- Other6 Total nicipal Bonds Total PrePri- ferred Publicly vately stock offered placed Common Total stock 7 26 19 215 69 174 1,206 1,695 1,854 868 474 308 657 1,080 28 35 27 47 133 144 138 73 49 134 1,583 396 789 2,389 4,555 891 778 614 736 811 3,889 3,279 5,115 4,591 6,651 5,929 5,558 4,606 4,990 4,006 231 168 234 315 364 379 356 488 637 620 2,868 1,352 307 401 1,271 =1,212 1,425 7,120 6.531 8,964 8,327 226 178 363 459 486 604 13 7 19 24 9 5 8 10 7 '11 '27 38 15 13 45 70 38 46 14 5 14 '161 '11 26 36 15 13 126 38 34 125 48 94 '37 31 22 20 1938 1939 1940 5,926 5,687 6,564 2,480 2,332 2,517 115 13 109 1,108 1,128 1,238 69 50 24 2,155 2,164 2,677 2,044 1,979 2,386 1,353 1,276 1,628 691 703 758 86 98 183 25 87 108 903 420 762 1941 1942 1943 1944 1945 15,157 35,438 44,518 56,310 54,712 11,466 33,846 42,815 52,424 47,353 38 1 2 1 506 956 524 435 661 795 30 5 97 22 47 2,667 1,062 1,170 3,202 6,011 2,389 917 990 2,670 4,855 1,578 811 411 506 369 621 778 1,892 3,851 1,004 167 112 124 369 758 110 34 56 163 397 1,040 647 408 753 1,347 1946 1947 1948 1949 1950 18,685 19,941 20,250 21,110 19,893 10,217 10,589 10,327 11,804 9,687 357 1,157 2,324 2,690 216 2,907 30 3,532 56 451 156 132 282 6,900 6,577 7,078 6,052 6,361 4,881 5,035 5,973 4,890 "4,920 3,019 1,862 1,126 2,888 ,147 761 2,963 3,010 492 2,435 2,455 424 *2,360 2 ,560 631 1951 1952 1952—Jan.. Feb.. Mar. Apr.. May. June. July. Aug.. Sept. Oct.. Nov. Dec. 21,265 27,096 9,778 12,577 3,189 459 4,105 446 233 7,741 9,721 =5,691 2,364 3,326 7,725 3,638 4,086 2,194 1,698 1,649 2,336 2,494 2,452 6,441 1,175 1,339 '2,046 1,135 2,137 1,024 967 515 722 928 978 4,898 544 444 531 480 547 1 31 16 22 54 231 564 222 145 397 396 624 226 201 428 294 219 389 2 4 '66 25 4 605 478 972 967 1,116 848 1,309 428 463 '1,156 '412 966 474 314 748 771 870 652 1,119 348 381 '979 '343 725 278 59 419 398 544 211 787 125 158 '401 '126 132 196 255 329 372 327 441 332 223 223 '578 '217 593 83 10 63 61 83 84 33 29 37 '8 '21 59 1953—Jan.. 1,619 30 376 80 522 351 186 164 56 228 611 838 572 RetireRetire- ment ment of securof bank ities debt, etc. 8 MiscelNew lanemoney' ous purposes 681 325 569 48 587 154 433 161 939 135 939 163 971 112 798 157 1,256 50 295 45 407 '70 '1,047 '48 '369 181 924 559 413 875 844 925 747 1,234 280 386 '875 '332 859 494 466 116 Proposed uses of net proceeds, by major groups of corporate issuers Year or month Commercial and miscellaneous Manufacturing Public utility 9 Transportation Total net pro- New Retire- Total New Retire- Total New Retire- Total net net net u capn capcapproproital io ments ceeds ital io ments H pro- ital io ments ceeds 2,180 1,391 1,175 3,066 4,042 2,126 1,347 1,026 2,846 3,818 54 44 149 221 224 403 338 538 518 553 310 474 462 535 1952—January... February. March April May June , July August..., September October.., November December. 349 285 366 350 559 287 351 132 185 '650 '196 334 349 253 362 345 514 285 342 97 145 '626 '179 320 31 4 5 45 2 9 35 39 '23 '16 14 29 13 61 66 40 44 51 36 19 '28 '16 149 1953—January.. 132 126 16 1948 1949 1950 1951 1952 748 795 11 196 53 217 Communication New Retire- Total net n capproital io ments ceeds 2,150 2,276 2,608 2,412 2,710 2,005 2,043 1,927 2,326 2,617 490 784 609 437 749 28 12 55 61 40 44 51 34 19 '26 '16 149 17 44 109 167 156 58 78 112 40 33 45 107 17 44 108 167 89 23 78 27 40 31 32 184 110 393 265 276 349 250 105 168 345 48 217 178 107 388 265 268 348 249 105 168 279 48 215 16 51 38 246 144 233 682 85 93 246 67 Real estate and financial Total New New net cap- Retire-n u cap- Retire- proital io ments ceeds ital io ments 891 567 395 605 817 890 517 314 600 812 587 593 739 515 481 557 558 639 449 433 2 3 6 47 26 29 493 22 18 26 '49 97 2 3 6 45 26 29 493 22 18 '26 '47 14 13 20 56 40 70 68 14 25 '59 '53 51 13 13 20 56 35 70 44 10 18 '59 '47 50 64 30 35 100 66 48 64 24 4 c r Corrected. Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 4 Includes issues guaranteed. Issues not guaranteed. 6 Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. 6 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant and1 equipment and working capital. 8 Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debt are included under the uses for which the bank debt was incurred. • Figures for "Other transportation" are included in "Transportation," and excluded from "Public utility," beginning with this issue of the BULLETIN. 10 Includes all issues other than those for retirement of securities. Retirement of securities only. Source.—Securities and Exchange Commission. 11 270 FEDERAL RESERVE BULLETIN SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Quarterly Annual 1951 Industry 1946 1947 1948 1949 1950 L 1952 1951 1 2 3 1 4 2 3 Manufacturing Total (200 corps.): Sales Profits before taxes Profits after taxes . Dividends Nondurable goods industries (94 corps.): 2 Sales Profits before taxes Profits after taxes Dividends Durable goods industries (106 corps.): 3 Sales Profits before taxes . Profits after taxes Dividends . . ?1 ,37? 30,869 37,008 36 738 44,118 51 067 1? 711 13 047 1? 797 13 013 1? 760 12,606 12,227 ? ,038 4,104 5,317 S 038 7,893 8 557 ? ,?38 7 710 1 964 7 137 1 940 1,618 1,507 1 ,205 2,524 3,312 839 878 93? 76? 815 624 683 ,101 4,055 3 ,411 469 475 475 567 48? 476 946 1,170 1,404 1 660 2,240 1 986 475 8 ,940 11,313 13,407 1^ 8S3 14,777 17 371 1 ,496 1,787 2,210 1 847 2,702 3 184 908 1,167 1,475 1 ,913 1,513 1 ,411 845 710 551 657 449 889 4 349 855 368 199 4 788 814 34? 70? 4 794 773 334 703 4 441 741 368 74? 4 ,33S 4,216 70S 599 314 287 710 206 4,361 623 19,502 23,566 ? 3 ,885 29,341 33 696 607 2,312 3,105 3 191 5,192 5 374 ?9S 1,355 1,835 1 887 2,542 ?, 000 950 1,351 1 141 494 615 746 8 36? 1 38? 510 ?70 8 759 1 405 497 773 8 003 1 191 478 773 8 57? 1 396 565 375 8 ,475 8,390 1 ?34 1,019 501 338 ?73 270 7,866 1 075 901 94? 1 004 959 124 61 942 86 40 983 93 42 105 49 35 104 5? 86 40 31 93 46 4? 3? 33 32 1 338 1 377 1 351 1 367 1 373 365 1?8 365 170 342 111 312 175 84 85 87 100 1 704 717 173 1 ,704 703 118 1 746 718 1?7 1 345 77? 148 57 55 55 64 19 Selected industries: Foods and kindred products (28 corps.): 9 715 3,231 3,503 3 ,3?3 3,492 3 873 Sales 407 379 469 435 421 411 Profits before taxes 199 235 254 259 Profits after taxes 257 258 13S 140 105 128 136 143 Dividends Chemicals and allied products (26 corps.): 9 ,550 3,108 3,549 3 , ^ 7 4,447 S 433 Sales 675 1,110 1 ,384 547 656 Profits before taxes 463 484 337 404 560 409 283 Profits after taxes 355 31? 180 215 254 438 Dividends . . .. Petroleum refining (14 corps.): ? ,080 2,906 3,945 3 86 S 4,234 4 999 Sales 861 S?S 721 650 456 269 Profits before taxes 516 406 442 350 548 214 Profits after taxes . . .. . . . . 231 172 172 205 127 92 Dividends Primary metals and products (39 corps.): s 4?9 7,545 9,066 8 187 10,446 17 ,501 Sales 993 1,700 ? 09? 891 1,174 451 Profits before taxes 775 578 ?70 854 545 720 Profits after taxes . 380 285 377 247 270 211 Dividends Machinery (27 corps.): ? 310 3,634 4,529 4 353 5,058 6 ,167 Sales 519 998 443 567 847 37 Profits before taxes 424 367 270 333 320 -9 Profits after taxes 191 138 208 113 125 97 Dividends Automobiles and equipment (15 corps.): 9 577 11,805 1? 438 ,725 6,692 8,093 Sales 809 1,131 1 ,473 2,305 1 ,915 37 Profits before taxes 861 1,087 704 639 —8 Profits after taxes 445 479 451 136 282 671 195 Dividends 3? 1 , 563 1 ,434 737 710 865 375 270 1,337 1,367 285 318 281 108 107 105 87 1 318 ?04 179 64 87 1 690 301 1 590 737 90 43 82 47 73 48 123 54 81 49 3 768 3 331 ? 899 ? 939 035 513 194 508 183 405 14? 488 18S 503 170 17? 119 119 119 116 88 1,275 1,325 147 111 60 3 044 3 ,198 3 ,034 3 776 3 073 2,385 519 49? 475 557 98 s?s 188 193 176 717 770 29 85 88 86 170 88 87 1 ,480 750 642 308 205 165 114 60 2,605 214 102 86 1,726 1,713 238 80 48 218 91 49 3,427 2,681 350 596 144 191 114 114 Public Utility Railroad: Operating revenue Profits before taxes Profits after taxes . Dividends Electric power: Operating revenue Profits before taxes Profits after taxes Dividends Telephone: Operating revenue Profits before taxes Profits after taxes Dividends 7 ,628 ?71 287 ?3S 8,685 9,672 8 ,580 9,473 10 ,391 2 ,440 2 ,596 2 ,583 2 ,772 2 ,587 2,532 2,633 ??9 750 SOS 79S 700 1,384 1 ?60 261 368 775 777 1,148 T, 81 S 4,291 4,830 5 OSS 5,431 S 867 1 S04 1 419 1 473 1 591 1 ,603 1,491 1,513 344 320 413 954 983 1 ,129 1,303 1 ,480 403 498 400 382 ??9 19S 818 168 976 824 643 214 207 7S7 657 957 964 638 458 .... . . . 9 479 236 494 699 289 493 438 75? 553 148 2,283 2,694 9 967 292 333 313 215 ?0Q ?07 138 186 168 131 178 213 783 312 693 378 104 101 146 63 124 53 320 111 141 80 661 157 161 162 181 172 3,342 3 799 691 580 341 331 904 918 931 976 175 90 174 9? 79 160 77 182 86 77 208 66 993 318 149 74 619 276 81 81 173 177 1,023 1,037 194 205 182 93 98 88 85 87 91 1 For manufacturing, certain tax accruals for the first six months of 1951, required by subsequent increases in Federal income tax rates and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. For public utility corporations, 1951 quarterly profits after taxes are as reported. 2 Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). 3 Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are from reports of the Securities and Exchange Commission. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). MARCH 1953 271 PROFITS, TAXES, AND DIVIDENDS OF UNITED STATES CORPORATIONS [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] All types In- Profits Cash Undiscome after divi- tributed taxes taxes dends profits Profits before taxes Year or quarter NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * • [Estimates, in millions of dollars] Year or quarter Bonds and notes New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1939 1940 6.5 9.3 1.5 2.9 5.0 6.4 3.8 4.0 1.2 2.4 1939 1940 2,182 2,801 2,721 3,074 -539 -273 1941 1942 1943 1944. 1945 17.2 21.1 25.1 24.3 19.7 7.8 11.7 14.4 13.5 11.2 9.4 9.4 10.6 10.8 8.5 4.5 4.3 4.5 4.7 4.7 4.9 5.1 6.2 6.1 3.8 1941 1942 1943 1944 1945 2,793 1,151 1 ,333 3,424 6,457 2,817 1,464 2,129 3,899 6,846 1946 1947 1948. . 1949 1950 23.5 30.5 33.8 27.1 39.6 9.6 11.9 13.0 10.8 18.4 13.9 18.5 20.7 16.3 21.2 5.8 6.6 7.3 7.5 9.0 8.1 12.0 13.5 8.8 12.3 1946 1947 1948 1949 1950 . 7,180 6,882 7,570 6,732 7,224 1951 1952 42.9 39.7 24.2 22.6 18.7 17.1 9.0 9.1 9.6 8.0 1951 1951—2 3 4 43.3 38.6 39.5 24.5 21.8 22.2 1952—1 2 31 4 ... 42.7 38.2 37.2 40.3 24.3 21.8 21.2 23.0 18.8 16.9 17.3 18.4 16.4 16.0 17.3 9.0 9.2 9.3 9.5 6.8 6.7 8.3 1 Figures except those for cash dividends, are estimates based on the past relationship of corporate profits to private nonfarm gross national product. Source.—Department of Commerce. 243 324 171 260 72 64 -24 -313 -796 -475 -389 1,939 2,477 2,391 929 996 2,693 4,924 402 2,516 -125 222 1,327 -398 337 1,800 -804 731 3,391 -698 1,533 5,995 - 1 , 0 7 1 301 137 329 508 851 101 85 8 223 682 4,798 2,523 1,684 1,875 3,500 2,382 4,359 5,886 4,856 3 724 4,721 5,015 5,938 4,867 4 806 3,625 2,011 1,284 1,583 2,802 1,096 3,004 4,654 3,284 2 004 2,459 1,867 1,632 1,865 2 418 1,173 512 400 292 698 1,286 1,355 1,232 1,572 1 720 9,137 2,704 6,433 5,687 2,042 3,644 3,450 662 2,788 1951—3.... 1,792 4 . . . . 2,477 1952—1.... 2,438 2 . . . . 3,087 3 . . . . 2,459 4 2,990 9.8 7.7 8.0 8.9 9.6 9.3 9.0 Stocks 2,550 2,814 652 526 1,140 1,951 1,077 1,406 493 398 584 715 1,008 1,071 159 128 556 943 558 602 716 770 1,880 1,640 2,485 2,183 1,743 1,822 2,220 1,953 489 513 611 680 1,151 1,670 1,211 1,272 69 89 105 90 729 815 532 948 -611 -337 798 «904 637 1,038 «Corrected. 1 Reflects cash transactions only. As compared with data shown on p. 270, new issues exclude foreign and include investment company offerings, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 270. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS 1 [Estimates, in billions of dollars] Current assets Current liabilities U. S. Gov- Notes and ernment accounts securities receivable 2 Notes and Federal accounts income tax payable 3 liabilities Net working capital Total Cash 1939 1940 24.5 27.5 54.5 60.3 10.8 13.1 2.2 2.0 1941 1942 1943 1944 1945 32.3 36.3 42.1 45 6 51.6 72.9 83.6 93.8 97 2 97.4 13.9 17.6 21.6 21 6 21.7 56 2 62.1 68.6 72.4 78 4 108 1 123.6 133.0 130.9 153.0 82.2 83.0 82.6 84.1 85.7 86.9 End of year' or quarter 1946 1947 1948 1949 1950 . . 1951—2 3 4 1952—1 2 3 1 3 . . Inventories Other Total 22.1 24.0 18.0 19.8 30.0 32.8 21.9 23.2 4.0 10.1 16.4 20 9 21.1 28.0 27.3 26.9 26.5 25.9 25.6 27.3 27.6 26 8 26.3 1.4 1.5 1.4 1.3 1.3 1 4 2.4 40.7 47.3 51.6 51 7 45.8 22 8 25.0 25.3 26.4 27.3 15.3 14.1 14.8 17.0 20.8 30.7 38.3 42.4 41.9 51.8 37.6 44.6 48.9 44.2 51 .4 1.7 1.6 1.6 1.4 162.6 166.6 170.7 27.8 28.3 29.4 21.1 21.2 21.6 53.5 55.4 56.4 58.2 59.6 61.2 171.4 169.6 175.8 28.4 29.7 30:0 21 .2 20.0 20.8 57.0 57.1 62.0 62.5 60.7 60.7 Other 6.9 7.1 26.4 26.0 26.3 26 8 25.7 1.2 2.5 7.1 12.6 16.6 15 5 10.4 1.7 51.9 61.5 64.4 58.5 74.6 31.6 37.6 39.4 35.7 44.6 8.5 10.7 11.5 9.7 15.4 11.8 13.2 13.5 13.1 14.6 2.0 2.1 2.1 80.4 83.6 88.1 48.3 49.4 52.5 17.3 18.7 20.2 14.8 15.4 15.4 2.2 87.3 84.0 88.9 52.7 51.7 54.9 18.5 16.0 16.6 16.1 16 3 17 5 2.1 2.3 7.2 8.7 8.7 9 4 9.7 2 Includes amounts due from the U. S. Government. Excludes banks and insurance companies. Source.—Securities and Exchange Commission. Includes amounts due to the U. S. Government. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Estimates, in millions of dollars] Year Total Manufacturing 1939 1945 1946 1947 1948 1949 1950.... 1951.... 1952 5,512 8,692 14,848 20,612 22,059 19,285 20,605 26,332 26,860 1,943 3,983 6,790 8,703 9,134 7,149 7,491 11,130 12,452 1 Mining Railroads Transportation other than rail Public Comutili- munications ties 326 383 427 691 882 792 707 911 850 280 548 583 889 1,319 1,352 1,111 1,474 1,398 365 574 923 1,298 1,285 887 1,212 1,492 1,394 520 505 792 1,539 2,543 3,125 3,309 3,855 3,961 302 321 817 1,399 1,742 1,320 1,104 1,344 Trade Other 2 1,392 1,074 2,694 3,957 3,158 2,874 3,494 3,896 6,804 384 1,304 1,822 2,136 1,996 1,786 2,177 2,230 Quarter Total Manu- Transfactur- portaing tion and inch minrailing roads Public All utili- other3 ties 1951—2. . . 6,665 3 . . . 6,715 4. . . 7,421 3,043 3,077 3,579 814 726 776 936 1,042 1,117 1,872 L.870 L.949 1952—1. . . 2. . . 3. . . 44.. 1953—14.. 6,228 6,913 6,420 7,298 2,950 3,484 3,135 3,733 723 759 600 710 847 957 970 1,187 1,708 1,713 t,715 1,668 6,519 3,275 642 996 L.607 2 Corporate and noncorporate business, excluding agriculture. Includes service, finance, and construction. Includes communications, trade, and other. 4 Anticipated by business. Source.—Department of Commerce and Securities and Exchange Commission. 3 272 FEDERAL RESERVE BULLETIN REAL ESTATE CREDIT STATISTICS MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] Nonfarm All properties End of year or quarter 1939 1940 . . . 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 . . 1951 1952? 1951—March June September. . . . December. . . . 1952—March ? June? September?. . . December?. . . All holders 35 5 36 5 37.6 36 7 35.3 34.7 35.5 41.6 48 7 56.0 62.5 72 5 81.9 90.6 75.1 77.9 80.0 81.9 83.7 85.9 88.1 90.6 Other holders Financial insti- Selected Inditutions Federal viduals and agenothers cies All holders 14 7 14.8 14.9 14 2 13.6 13.3 13.6 15.0 16 4 17.6 18.6 19.5 20.4 21.2 19.8 20.2 20.3 20.4 20.5 20.8 21.0 21.2 28 9 30.0 31.2 30 8 29.9 29.7 30.8 36.9 43.9 50.9 57.1 66.7 75.6 83.8 69.1 71.7 73.7 75.6 77.3 79.3 81.5 83.8 18 6 19 5 20.7 20 7 20.2 20.2 21 0 26.0 31 8 37.8 42.9 51 6 59.5 67.0 53.8 56.1 57.9 59.5 61.0 63.0 64.9 67.0 2 2 2 1 2.0 1 8 1.4 1.1 9 .6 5 .6 1.1 1 4 2.0 2.4 1.5 1.6 1.8 2.0 2.2 2.2 2.2 2.4 Farm 1- to 4-family houses Multi-family and commercial properties l Total Financial institutions Financial institutions Other holders 16.3 17.3 18.4 18.2 17.8 17.9 18.5 23.1 28.2 33.3 37.5 45.1 51.9 58.3 46.9 48.7 50.4 51.9 53.2 54.8 56.5 58.3 7 8 48 66 10.2 11.2 11.5 11.5 11.7 12.2 16.0 20 5 25.0 28.4 35.3 41.2 46.9 36.8 38.5 40.0 41.2 42.3 43.8 45.4 46.9 7.8 8.0 4.8 4.8 6.5 6.4 9.3 Other holders 7.0 7.1 7.2 6.7 6.3 6.2 6.4 7.0 7.6 8.3 9.1 9.8 10.7 11.3 10.1 10.3 10.5 10.7 10.9 11.0 11.1 11.3 Total 12 5 12.6 12.9 12.5 12.1 11.8 12.2 13.8 15 7 17.6 19.6 21.6 23.7 25.6 22.2 23.0 23.3 23.7 24.1 24.5 25.0 25.6 7 8 7.4 All holders 47 7.2 7 5 8.4 9 6 10.9 12.4 14 0 15.7 17.2 14.5 15.1 15.4 15.7 16.0 16.4 16.8 17.2 6 0 4.6 47 5.4 6 1 6.7 7.2 76 8.0 8.3 7.7 7.9 7.9 8.0 8.1 8.1 8.2 8.3 Financial Other insti- holders2 tutions 4.9 47 4.8 49 5.1 5.4 58 6.3 6.7 6.0 6.2 6.3 6.3 6.4 6.6 6.7 6.8 4.6 5.4 1 5 1 5 1.5 1 4 1 3 1.3 1 3 1.5 1 7 1.9 2.1 23 2.6 2.8 2.4 2.5 2.6 2.6 2.6 2.7 2.8 2.8 5 1 5.0 4.9 45 4.1 3.6 34 3.3 3.1 3.2 3.3 3 5 3.7 3.9 3.5 3.7 3.7 3.7 3.8 3.9 3.9 4.0 P Preliminary. Derived figures, which include negligible amount of farm loans held by savings and loan associations. Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year, and allfiguresfor December 1952 except those on 1- to 4-family houses and total farm (preliminary estimates from HLBB and Dept. of Agriculture, respectively), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies, and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948*held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. 1 2 MORTGAGE LOANS HELD BY BANKS * I In millions of dollars] Commercial bank holdings 2 Mutual savings bank holdings 4 Nonfarm End of year or quarter Residential Total Total Total 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952? 4,266 4,578 4,906 4,706 4,521 4,430 4,772 7,234 9,446 10,897 11,644 13,664 . . . . 14,732 15,912 Nonfarm 3 Farm FHA- VA- Con- Other guar- veninsured anteed tional 3,697 4,003 4,340 4,256 4,058 3,967 4,251 6,533 8,623 10,023 10,736 12,635 13,728 14,845 2,671 2,963 3,292 3,332 3,256 3,218 3,395 5,146 6,933 8,066 8,676 10,431 11,270 3,421 2,921 4", 929 12,215 3,725 3,005 5,485 Residential 3 Total Total Total 569 4,836 1,026 575 4,859 1,040 566 4,812 1,048 491 4,627 924 463 4,420 802 463 4,305 749 521 4,208 856 702 4,441 1,387 1,690 823 4,856 874 5,806 1,957 2,060 909 6,705 968 8,261 2,264 2,458 1,004 9,916 2,630 1,067 11,359 Farm FHA- VA- Con- Other inguar- vensured anteed tional 4,807 4,829 4,784 4,601 4,395 4,281 4,184 4,415 4,828 5,773 6,668 8,218 9,869 11,309 1951—March June September . December 13,945 14,286 14,540 14,732 12,945 13,255 13,500 13,728 10,625 10,904 11,100 11,270 3,875 932 3,914 915 3,884 900 3,725 876 3,558 837 3,476 805 3,387 797 3,588 827 3,937 891 4,758 1,015 5,569 1,099 7,054 1,164 8,595 2,567 1,726 4,303 1,274 9,841 3,198 2,116 4,527 1,468 2,320 1,000 8,650 8,605 7,400 1,205 2,351 1,031 9,137 9,091 7,833 1,258 2,400 1,040 9,515 9,468 8,200 1,268 3,421 2,921 4,929 2,458 1,004 9,916 9,869 8,595 2,567 1,726 4,303 1,274 1952—March June September? December?.... 14,860 15,176 15,465 15,912 13,830 14,113 14,400 14,845 11,350 11,602 11,860 12,215 3,432 3,441 3,530 3,725 2,928 2,952 2,970 3,005 4,990 5,209 5,360 5,485 2,480 2,512 2,540 2,630 1,030 1,063 1,065 1,067 10,203 10,554 10,920 11,359 10,156 10,506 10,872 11,309 8,843 9,145 9,460 9,841 2,720 2,898 3,075 3,198 1,815 1,917 2,034 2,116 4,308 4,330 4,352 4,527 1,313 1,361 1,412 1,468 29 30 28 26 25 24 24 26 28 34 37 44 47 50 47 48 48 50 45 46 47 47 ? Preliminary. Includes all banks in the United States and possessions. Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures, and also December 1952, are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. For 1940, figures except for the grand total are Federal Reserve estimates based on data for insured commercial banks. 3 Data not available for all classifications prior to December 1951. 4 Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures, and also December 1952, are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—All-bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies; Comptroller of the Currency; and Federal Reserve. 1 2 MARCH 1953 273 REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Year or month Total Total 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952? FHAinsured Nonfarm VAguaranteed Farm Other Total 898 855 935 976 1,661 2,786 3,407 3,430 4,980 5,111 3,975 July August September October November December 1953—January 451 1,202 1,350 1,572 1,051 850 600 366 131 930 1,268 450 1,469 1,546 1,642 2,119 2,385 2,300 319 284 286 292 270 316 325 285 280 337 260 352 67 69 75 66 63 80 69 66 79 79 65 86 62 58 40 45 34 32 34 29 12 30 22 31 190 157 171 181 173 204 222 190 189 228 173 235 266 293 307 359 407 375 30 41 42 34 31 28 28 22 23 27 28 38 347 June 1,483 2,520 3,114 3,123 4,621 4,704 3,600 349 325 328 326 301 344 353 307 303 364 288 390 1952—January February March April May Total 309 78 28 203 38 178 FHAinsured Farm VAguaranteed Other 5,669 5 958 6,442 6,726 6,714 6,686 6 636 7,155 8,675 10,833 12,906 16,102 19,314 21,275 4,782 5 061 5,529 5,830 5,873 5,886 5 860 6,360 7,780 9,843 11,768 14,775 17,787 19,600 815 1,096 1,286 1,408 1 394 1,228 1,398 2,381 3,454 4,573 5,257 5,700 256 844 1 106 1,224 2 026 3,131 3,350 4,876 5,538 6,356 7,090 8 176 9,399 10,550 895 990 1,138 1,327 1,527 1,675 19,536 19,712 19,870 20,008 20,175 20,335 20,505 20,643 20,801 20,961 21,087 21,245 18,006 18,161 18,306 18,425 18,574 18,716 18,870 18,998 19,147 19,298 19,411 19,560 5,308 5,338 5,377 5,402 5,429 5,476 5,517 5,542 5,592 5,626 5,648 5,690 3,167 3 213 3,245 3 272 3,290 3,304 3,321 3,334 3,326 3,333 3,340 3,349 9,531 9,610 9,684 9,751 9,855 9,936 10,032 10,122 10,229 10,339 10,423 10,521 1,530 1,551 1,564 1,583 1,601 1,619 1,635 1,645 1,654 1,663 1,676 1,685 21,396 19,701 5,725 3,358 10,618 1,695 887 897 668 913 896 841 800 776 795 values, and because year-end adjustments are oased on more nearly complete data, r n o r to l y i / , complete data are not available lor an classifications shown. Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN ASSOCIATIONS [In millions of dollars] NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [Number in thousands; amounts (except averages) in millions of dollars] Amount, by type of lender Loans outstanding (end of period)2 Loans made, by purpose Year or month Total New construction Home purchase Other purposes 1 Total 986 1,200 1,379 1,051 1,184 1,454 1,913 3,584 3,811 3,607 3,636 5,237 5,250 6,617 301 399 437 190 106 95 181 616 894 1,046 1,083 1,767 1,657 2,105 340 426 581 574 802 1,064 1,358 2,357 2,128 1,710 1,559 2,246 2,357 2,955 345 375 361 287 276 295 374 611 789 851 994 1,224 1,236 1,557 3,806 4,125 4,578 4,583 4,584 4,799 5,376 7,140 8,856 10,305 11,616 13,622 15,519 18,440 "563 717 841 864 906 1952-Jan... Feb... Mar.. Apr... May.. June.. July.. Aug... Sept.. Oct... Nov.. Dec.. 400 428 514 549 586 587 596 617 616 659 523 541 115 131 172 183 198 192 190 200 193 208 163 161 184 186 214 239 252 257 265 279 285 303 243 248 101 111 128 127 136 138 141 138 138 148 117 132 16,073 874 16,891 '887 1953-Jan... 497 147 222 Year or month Number Average amount recorded (dollars) Total Savings & loan assns. Insur- Com- Mutual ance mersavcom- j cial ings panies banks banks Other 3,507 4,031 4,732 3,943 3,861 4,606 5,650 10,589 11,729 11,882 11,828 16,179 16,405 18,018 1,058 1,283 1,490 1,170 1,237 1,560 2,017 3,483 3,650 3,629 3,646 5,060 5,295 6,452 891 287 334 1,006 404 1,166 362 886 280 753 257 878 250 1,097 503 2,712 847 3,004 1,016 2,663 1,046 2,446 1,618 3,365 1,615 3,370 1,420 3,600 1,128 1,238 1,454. 1,359 1,439 1,746 2,069 3,343 3,631 3,829 3,940 5,072 5,112 5,409 2,722 2,769 2,906 2,918 3,031 3,186 3,448 4,241 4,570 4,688 4,755 5,335 5,701 5,950 1,298 1,271 1,393 1,482 ,511 ,513 ,590 598 124 115 118 114 114 108 113 119 118 135 116 126 267 256 283 293 303 305 317 313 316 343 298 305 79 69 71 81 90 96 105 109 104 117 103 112 423 403 427 454 447 440 469 465 457 505 449 470 5,860 5,800 5,860 5,921 5,907 5,909 5,937 5,916 5,943 6,051 6,085 6,171 111 278 93 442 6,136 128 1939.... 1940.... 1941.... 1942.... 1943.... 1944.... 1945.... 1946.... 1947.... 1948.... 1949.... 1950.... 1951.... 1952.... 3 FHAinsured 17,740 18^440 906 VA- Conguar- venanteed tional3 2^397 7^345 2,586 8,313 2,969 9,812 3,125 11,530 3,398 14,136 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1952-Jan... Feb... Mar.. Apr 3,162 12,037 May.. June.. July.. d',228 12^776 Aug. . Sept.. Oct... 13^501 Nov.. Dec.. 3^398 14^136 1953-Jan.. . 1,288 1,456 1,628 ,351 ,274 ,446 ,639 2,497 2,567 2,535 2,488 3,032 2,878 3,028 222 219 238 250 256 256 268 270 267 285 245 252 1,727 1,492 1,553 405 428 494 540 557 564 586 592 593 627 526 540 228 '1,401 477 143 170 218 166 152 165 217 548 597 745 750 1,064 1,013 1,137 Source.—Home Loan Bank Board. 1 Includes loans for repair, additions and alterations, refinancing, etc. Prior to 1948, d a t a are not available for classifications shown. 3 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 2 274 FEDERAL RESERVE BULLETIN REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In billions of dollars] GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE [In millions of dollars] VA-guaranteed loans 2 FHA-insured loans Home mortgages Year or Total month Total 1939 1940 1941......... 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 925 991 925 991 1,152 1,121 1,152 1,121 934 877 857 934 877 665 756 New prop- 486 588 728 766 553 484 257 120 477 Projecttype Existing mortprop- gages1 erties 208 175 183 208 210 224 217 302 418 684 892 856 713 974 52 13 14 21 85 56 20 13 360 609 Property im- Total provement loans2 179 216 228 126 86 114 171 321 534 614 594 694 707 848 Home mortgages Alteration Exand isting repair3 properties New prop- Governmentunderwritten End of year or quarter Conventional Total FHA Total 1939 1940 1941. 1942 1943 1944 1945 1946 1947 1948 1949 1950. . 1951 VA- -inguarsured anteed 1952P 3,058 5,074 5,222 5,250 7,416 6,834 5,830 1,788 3,341 3,826 4,343 3,220 3,113 1,434 1,319 1,637 1,216 969 1,021 1,157 584 322 192 2,302 3,286 1,881 629 1,424 793 3,073 1,865 1,202 3,614 2,667 942 890 2,721 1,824 3 5 6 6 1952—Jan.. . . Feb.... Mar. . . Apr... . May... June.. . July. . . Aug.. . . Sept... Oct.. . . Nov. . . Dec... 575 452 443 487 452 469 458 463 484 526 503 519 274 211 207 242 249 273 269 260 267 306 259 293 84 63 61 61 65 68 80 81 94 108 97 108 78 65 66 69 74 76 85 82 91 103 87 98 24 18 19 49 39 27 31 32 13 26 .17 23 88 64 61 64 71 102 73 66 69 69 59 63 301 242 236 244 203 196 189 203 217 220 243 227 222 171 164 159 128 124 126 134 142 141 157 155 79 71 72 85 74 70 63 68 75 78 85 71 .8 .5 .7 .5 .4 .5 .4 .5 .4 .7 .6 .5 1953—Jan.. . . 539 296 108 103 18 67 243 161 82 16.3 17.3 18 4 18.2 17.8 17.9 18 5 23.1 28.2 33.3 37.5 45.1 51.9 58.2 12.5 15.0 18.9 22.9 25.4 10.8 10.3 13.2 14.6 14.5 15^0 15.4 14.5 13^7 13.7 13^9 16.8 18.6 20.8 22.5 26.2 29.0 32^8 1951—Mar. . . June. . . Sept.. . Dec... 46.9 48.7 50.4 51.9 20.0 21.0 21.9 22.9. 8.9 9.2 9.5 9.7 11.1 11.8 12.5 13.2 26.9 27.7 28.4 29.0 1952—Mar.p.. June*\ . Sept.P. . Dec.P. . 53.2 54.8 56.4 58.2 23.5 24.0 24.7 25.4 9.9 10.1 10.4 10.8 13.6 13.9 14.3 14.6 29.7 30.8 31.7 32.8 1.8 2*3 1.8 2^3 3 0 3 0 3.7 4.1 4.2 3.7 4 6 4 1 6.3 9.6 3.7 3.8 5.3 6.9 8.6 9.7 4.2 .5 2.6 5.8 7.2 8.1 .6 i Monthly figures do not reflect mortgage amendments included in annual totals. Prior to 1949, data are not available for classifications shown. FHA-insured property improvement loans are not ordinarily secured by mortgages; VAguaranteed alteration and repair loans of $1,000 or less need not be secured, whereas those : or more than that amount must be. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured oi guaran teed loans. For VA-guaranteed loans= amounts by , type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. 2 3 FEDERAL HOME LOAN BANK LENDING [In millions of dollars] FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY [In millions of dollars] End of year or month Author- Comized* mitfunds ments ununcomdismitted bursed Total FHAinsured VAguaranteed Mort- Mortgage gage pursales chases (during (during period) period) Mortgage holdings 528 848 918 227 824 485 199 828 1,347 188 403 169 11 425 1,178 198 672 1,044 20 469 1,143 1951—March 1,117 June 988 September. . . 661 December. . . 82 54 47 239 1,525 1,579 1,715 1,850 155 161 181 204 1,370 1,418 1,534 1,646 248 111 158 160 52 44 7 9 1952—February 536 March 1455 April 1412 May June 2 July 1,311 August 1,283 September. . . 1,238 October 1,170 November. . . 1,129 December 1,085 236 242 255 264 266 275 299 315 326 322 323 1,977 2,053 2,083 2,075 2,068 2,064 2,068 2,097 2,154 2,199 2,242 220 232 239 236 236 237 245 257 272 297 320 1,757 1,821 1,844 1,839 1,832 1,827 1,823 1,840 1,882 1,902 1,922 73 86 39 4 7 6 13 40 72 56 65 1953—January February.... 321 313 2,286 2,329 338 358 1,948 1,971 61 53 1948 1949 1950 1,043 1,008 1953 Year or month Advances Repayments Advances outstanding (end of period) Total 1941 1942 1943... . 1944 1945 1946. . 1947 1948 1949 1950 1951 1952 5 3 2 4 1952—February... 5 March 3 April 3 May 4 June 6 July 3 August 14 September.. October November.. 10 December. . 3 1 During the period from late March through early July, the bulk of these funds was available only for the purchase of mortgages on defense, disaster, and military liousing. 2 Public Law 531, enacted July 14, 1952, authorized an additional 900 million dollars for advance commitments to purchase mortgages on defense, disaster, and military housing. Funds remaining from those set aside earlier for this purpose then became available for over-the-counter purchases of other mortgages. Source.—Federal National Mortgage Association. MARCH P Preliminary. NOTE.—For total debt outstanding, figures for first three quarters are Federal Rese?rve estimates. For conventional, figures are derivec Sources.—Home Loan Bank Board, Federal Housing Administration, Veterans Administration, and Federal Reserve. 1953—January... . February... Shortterm l Longterm 2 158 99 157 239 278 329 351 360 256 675 423 586 140 190 176 219 213 231 209 280 337 292 433 528 219 129 110 131 195 293 436 515 433 816 806 864 105 54 69 106 176 184 218 257 231 547 508 565 115 76 41 25 19 109 217 258 202 269 298 299 12 23 29 34 83 58 56 56 63 59 106 64 46 36 24 21 54 25 28 26 20 33 612 589 581 591 653 656 687 715 752 791 864 380 361 353 359 409 416 436 460 491 520 565 233 227 229 232 244 240 251 255 261 271 300 16 14 197 71 683 627 439 401 245 226 1 2 Secured or unsecured loans maturing in one year or less. Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. 275 CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Total consumer credit End of year or month Total instalment credit Total 7,031 8,163 8,826 5,692 4,424 5,417 5,887 3,048 2,792 3,450 3,744 1,617 1,267 1,729 1,942 482 1952P 5,627 8,677 11,862 14,366 16,809 20,097 20,644 23,973 2,364 4,000 6,434 8,600 10,890 13,459 13,510 16,513 942 1,648 3,086 4,528 6,240 7,904 7,546 9,405 1952—January February March April May June July August September October November December P . . . . 20,126 19,717 19,565 19,788 20,293 20,961 21,213 21,433 21,657 22,289 22,798 23,973 13,314 13,185 13,156 13,319 13,806 14,409 14,745 14,939 15,193 15,573 15,885 16,513 1953—January? 23,734 16,555 1939 1940 1941 1942 1945 1946 1947 1948 . . . . 1949 1950 . 1951 Noninstalment credit Sale credit Loans 1 Total noninstalment credit 1,525 1,721 1,802 1,135 1,632 1,967 2,143 1,431 2,607 2,746 2,939 2,644 530 536 565 483 1,544 1,650 1,764 1,513 533 560 610 648 227 544 1,151 1,961 3,144 4,126 4,039 5,205 715 1,104 1,935 2,567 3,096 3,778 3,507 4,200 1,422 2,352 3,348 4,072 4,650 5,555 5,964 7,108 3,263 4,677 5,428 5,766 5,919 6,638 7,134 7,460 510 749 896 949 1,018 1,332 1,436 1,549 1,981 3,054 3,612 3,854 3,909 4,239 4,587 4,759 7,322 7,158 7,047 7,099 7,421 7,820 8,039 8,149 8,339 8,653 8,917 9,405 3,962 3,927 3,891 3,946 4,171 4,446 4,597 4,634 4,708 4,882 5,038 5,205 3,360 3,231 3,156 3,153 3,250 3,374 3,442 3,515 3,631 3,771 3,879 4,200 5,992 6,027 6,109 6,220 6,385 6,589 6,706 6,790 6,854 6,920 6,968 7,108 6,812 6,532 6,409 6,469 6,487 6,552 6,468 6,494 6,464 6,716 6,913 7,460 1,445 1,448 1,443 1,437 1,431 1,435 1,443 1,456 1,469 1,488 1,515 1,549 4,253 3,967 3,855 3,913 3,921 3,980 3,891 3,902 3,848 4,075 4,242 4,759 772 874 920 963 992 1,067 ,111 1,152 L ,114 ,117 L.lll L ,119 1,135 L.137 L,134 1,136 1,147 1,153 L,156 1,152 9,383 5,314 4,069 7,172 7,179 1,578 4,439 L ,162 Automobile Other Singlepayment loans 2 Charge accounts Service credit P Preliminary. Includes repair and modernization loans insured by Federal Housing Administration. Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. 1 2 CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding (end of period) Year or month Industrial loan com- 2 panies Loans made by principal lending institutions (during period) Insured repair Comand mercial modern- banks 1 ization loans 3 Total Commercial banks * Small loan companies 1939 1940 1941 1942 1,632 1,967 2,143 1,431 523 692 784 426 448 498 531 417 131 132 134 89 99 104 107 72 135 174 200 130 96 99 102 91 200 268 285 206 680 1,017 1,198 792 1945 1946 1947 1948 1949 1950 1951 1952P 1,422 2,352 3,348 4,072 4,650 5,555 5,964 7,108 477 956 1,435 1,709 1,951 2,431 2,510 3,093 439 597 701 817 929 1,084 1,268 1,439 76 117 166 204 250 291 301 365 70 98 134 160 175 203 229 273 103 153 225 312 402 525 542 698 93 109 119 131 142 157 176 193 164 322 568 739 801 864 938 1,047 942 1,793 2,636 3,069 3,282 3,875 4,198 5,220 1952—January.... February. . . March April May June July August September. . October. . . . November. . December P. . 5,992 6,027 6,109 6,220 6,385 6,589 6,706 6,790 6,854 6,920 6,968 7,108 2,521 2,542 2,593 2,642 2,726 2,838 2,892 2,931 2,971 3,011 3,039 3,093 1,273 1,275 1,285 1,302 1,320 1,346 1,366 1,377 L ,375 1,376 1,384 1,439 300 301 303 307 319 330 341 346 352 359 361 365 230 232 235 239 246 254 259 263 264 266 268 273 541 545 553 568 589 614 631 647 662 677 683 698 176 176 177 179 181 183 185 187 186 186 187 193 951 956 963 983 1,004 1,024 1,032 1,039 1,044 1,045 1,046 1,047 393 373 429 429 479 497 473 418 423 449 392 465 1953—JanuaryP... 7,172 3,134 1,458 366 272 701 195 1,046 436 Industrial banks 2 Credit unions Miscellaneous lenders Small loan companies 827 • 912 975 784 Industrial banks 2 Industrial loan com- 2 panies Credit unions 261 255 255 182 194 198 203 146 237 297 344 236 166 231 310 375 418 481 528 618 151 210 282 318 334 358 417 497 199 286 428 577 712 894 947 1,264 184 181 216 211 236 248 238 211 196 209 214 327 46 46 52 50 52 56 53 50 51 55 47 60 38 37 41 39 44 44 42 41 39 45 39 48 85 91 95 103 116 122 113 105 105 113 97 119 192 54 41 103 956 L ,231 1,432 L,534 L ,737 L.946 2,437 2,671 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 136 million dollars, and other loans made during January were 16 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 8 Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans. 276 FEDERAL RESERVE BULLETIN CONSUMER CREDIT STATISTICS—Co»/i»«*<* CONSUMER INSTALMENT SALE CREDIT, EXCLUDING AUTOMOBILE CREDIT [Estimated amounts outstanding. In millions of dollars] Furniture stores Household appliance stores 1,525 1,721 1,802 1,135 377 439 466 252 536 599 619 440 273 302 313 188 93 110 120 76 246 271 284 179 715 198 337 650 874 296 386 587 750 935 57 89 144 152 163 113 174 305 404 488 1,147 51 118 249 387 500 710 613 709 933 909 893 592 567 548 894 924 541 551 706 673 655 954 974 995 1,013 1,045 1,069 1,147 588 612 625 648 666 672 709 700 714 729 753 782 805 883 1,105 684 855 Total, excluding automobile 1939 1940 1941 1942. . . 1945 1946. 1947 1948 . . 1949 1950 . . 1951. 1952? 1,104 1,935 2,567 3,096 3,778 3,507 4,200 1,010 1,245 1,186 1,461 1952 January... February.. March.... April May June. . July August.... September. October. . . November. December ? 3,360 3,231 3,156 3,153 3,250 3,374 3,442 3,515 3,631 3,771 3,879 4,200 1,129 1,082 1,060 1,064 1,101 1,132 1,142 1,166 1,217 1,278 1,333 1,461 1953 JanuaryP. . 4,069 1,425 1,029 971 All other retail stores Jewelry stores 794 737 883 654 674 Year or month Total Other Repair Personal retail, a n d pur- mod- instalchased erniza- ment cash Pur- Direct a n d tion chased loans direct loans12 loans Outstanding at end of period: 1950 1951 1952? 5,645 5,434 7,042 1,143 1,061 1,484 1,223 1,267 1,192 1,031 1,462 1,422 1952—January February March April May June July August September... . October November.. . . December?. . . 5,418 5,412 5,446 5,528 5,744 6,027 6,210 6,355 6,503 6,702 6,846 7,042 1,042 1,038 1,035 1,055 1,130 1,217 1,266 1,294 1,329 1,382 1,429 1,484 1,184 1,034 1,186 1,016 1,197 1,008 1,219 1,005 1,270 1,036 1,331 1,086 1,361 1,133 1,373 1,183 1,386 1,224 1,413 1,291 1,436 1,338 1,462 1,422 1,005 1,042 1,075 1,110 1,151 1,173 1,179 ,230 ,248 ,284 ,309 ,339 ,388 ,408 ,430 ,454 ,465 ,470 ,495 1953—January? Department stores and mailorder houses End of year or month CONSUMER INSTALMENT CREDITS OF COMMERCIAL BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] 7,144 1,516 1,488 1,457 1.173 1,510 714 679 758 807 945 1,001 956 849 884 970 849 981 131 135 144 162 228 243 215 173 193 216 193 214 170 167 185 191 235 240 216 178 186 203 181 200 146 130 138 153 162 177 185 175 180 206 187 233 57 55 62 79 92 101 101 101 104 116 92 86 210 192 229 222 228 240 239 222 221 229 196 248 885 192 198 198 75 222 Automobile retail Volume extended during month: 1952—January February March April May June July August September... . October November.. . . December?. . . 1953—January? CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] Retail instalment paper 2 Year or month Total Repair Personal and instalmodern- ment ization2 cash loans * loans Automobile Other 391.0 404.1 491.2 118.5 118.9 163.9 79.7 81.2 95.3 54.9 56.5 69.1 137.9 147.5 162.9 1952- -January . . , 402.6 403.9 405.8 410.7 426.2 441.1 455.1 463.5 472.8 483.0 485.7 491.2 116.5 116.3 116.6 119.2 128.2 138.4 145.7 148.9 153.1 158.9 160.2 163.9 81.4 81.4 81.2 81.1 82.5 84.7 87.2 89.1 91.0 93.4 94.1 95.3 56.1 56.3 55.4 55.8 57.2 58.2 60.9 63.6 66.3 67.8 69.0 69.1 148.6 149.9 152.6 154.6 158.3 159.8 161.3 161.9 162 A 162.9 162 A 162.9 492.6 167.8 94.0 68.9 Outstanding at end of period: 1950 1951 1952? February... March April May June July August September , October November . December? 1953—January?. Volume extended during month: 1952—January . . February.. March.... April May June July August. . . September October..., November , December? 52.5 51.8 57.5 58.8 69.2 73.5 69.2 60.7 64.0 68.8 56.2 66.1 14.3 15.2 16.8 18.1 25.8 27.7 24.4 19.0 21.4 23.6 19.3 21.2 11.8 10.1 10.6 10.3 11.2 12.3 12.9 11.6 12.2 13.3 10.7 13.4 3.5 3.7 4.1 5.4 6.3 6.5 6.6 6.5 6.9 6.9 5.1 4.9 1953—January? . . 59.4 21.1 10.5 4.0 161.9 905 937 1,179 928 924 922 940 969 1,107 ,213 ,495 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL LOAN COMPANIES, BY TYPE OF CREDIT [Estimates. In millions of dollars] Retail instalment paper 2 Year or month Total Repair Personal and instalmodern- ment cash ization 2 loans loans * Automobile Other 226.9 255.3 303.5 57.9 63.2 .76.6 41.1 47.3 62.4 7.3 7.2 8.1 120.6 137.6 156.4 256.2 257.7 260.9 265.5 273.2 282.7 288.1 291.9 293.7 295.9 297.9 303.5 62.5 62.4 62.6 64.0 67.7 71.0 72.6 73.5 74.3 75.7 76.5 76.6 47.0 47.4 48.8 50.0 52.2 55.2 57.5 58.6 59.3 60.2 60.6 62.4 7.2 7.1 7.0 7.0 7.0 7.2 7.4 7.5 7.7 7.9 8.0 8.1 139.5 140.8 142.5 144.5 146.3 149.3 150.6 152.3 152.4 152.1 152.8 156.4 1953—January? . . 303.0 75.6 62.7 7.8 156.9 Outstanding at end of period: 1950 1951 1952? 1952—January . . . February... March April May June July August. . . . September . October November . December? 22.9 22.8 26.0 25.0 25.9 27.0 25.3 23.6 23.5 25.0 21.1 26.6 Volume extended during month: 1952—January .. . February... March April May June July August.... September . October November . December? 39.4 38.3 42.2 41.6 48.0 47.7 45.0 42.0 40.8 47.2 40.1 49.5 9.2 8.9 9.1 10.1 13.0 12.2 11.3 10.2 9.7 11.2 10.1 10.9 5.7 5.7 7.1 6.8 7.9 8.8 8.6 7.5 6.9 9.1 6.5 8.2 0.5 0.5 0.6 0.7 0.8 0.7 0.8 0.8 0.9 0.9 0.8 0.7 24.0 23.2 25.4 24.0 26.3 26.0 24.3 23.5 23.3 26.0 22.7 29.7 23.8 1953—January? . . 42.2 9.4 6.9 0.5 25.4 P Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. Includes both direct loans and paper purchased. 2 MARCH 1953 277 CONSUMER CREDIT STATISTICS—Continued RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1 FURNITURE STORE STATISTICS Item Percentage change from preceding month Percentage change from corresponding month of preceding year Jan. 1953? Dec. 1952 Nov. 1952 Jan. 1953? Dec. 1952 +39 +57 +37 +30 -5 -1 +6 + 14 +6 +1 -5 -1 + 14 + 18 +9 +8 -4 Accounts receivable, end of month: Total Instalment -4 -4 +9 + 10 +3 +3 +22 + 19 +21 + 19 +20 + 18 Collections during month: Total. Instalment. +4 +4 +4 +3 -2 —2 +6 +5 +5 +8 +3 0 -10 Year or month Net Sales: Total Cash sales Credit sales: Instalment Charge account Inventories, end of month, at retail value. +1 -4 c -6 -8 -1 -4 ir Preliminary. December January February March April May June July August September October November December Household ap- Department pliance stores stores Department stores Furniture stores 11 12 45 19 18 20 18 19 18 17 17 18 18 17 17 10 10 11 10 11 10 10 11 11 11 10 10 13 13 13 13 13 12 12 11 12 11 11 11 47 45 48 46 48 46 46 46 47 50 48 48 1951 1952 1953 January? Charge accounts 19 Nov. 1952 -46 -47 -52 -29 Instalment accounts 47 16 P Preliminary. 1 Collections during month as percentage of accounts outstanding at beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment 1947-49 average = 100 Accounts receivable at end of month Sales during month Year or month Total Cash Instalment Charge account 46 53 55 45 39 36 37 56 85 105 110 136 133 142 53 59 84 95 104 101 106 111 109 Collections during month Charge account Instalment Charge account 48 48 76 60 49 35 29 28 38 67 108 125 177 181 189 53 48 42 44 50 73 92 105 103 111 124 127 41 40 53 78 106 117 146 165 158 52 59 78 92 103 104 111 118 120 Instalment Averages of monthly data: 1941 1942.. 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 67 75 93 99 103 98 101 104 103 44 57 72 82 92 105 103 103 94 93 95 93 1951—December 177 167 206 185 197 177 168 1952—January February March April May. . : June July August September October November December 84 79 91 99 100 93 78 89 101 116 120 190 77 72 83 90 90 84 71 81 89 102 108 176 110 106 122 118 137 126 113 136 149 178 174 232 89 83 96 107 106 99 80 90 108 124 127 200 190 182 178 175 176 178 177 180 190 201 211 231 142 124 117 121 122 120 107 108 118 128 138 183 1953—January? 83 76 119 87 226 147 60 Percentage of total sales Cash sales Instalment sales 58 60 47 51 48 56 9 6 47 50 61 5 Charge account sales 43 38 34 64 64 59 55 52 51 48 48 47 4 4 4 6 7 8 10 9 10 32 32 122 49 9 42 180 162 170 153 153 148 144 145 151 159 160 167 165 129 118 108 115 114 111 100 103 119 123 134 48 48 48 48 47 47 48 48 46 46 47 49 10 10 10 9 10 10 11 11 11 11 11 9 42 42 42 43 43 43 178 171 48 10 42 37 39 41 41 42 43 43 41 41 43 43 42 42 P Preliminary. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 289. 278 FEDERAL RESERVE BULLETIN BUSINESS INDEXES [The terms' 'adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction contracts awarded (value)2 1947-49=100 Industrial production (physical volume)* 1 1935-39=100 Manufactures Year or month Total Durable Nondurable Minerals Total Residential Employment and payrolls3 1947-49 = 100 All other Nonagricultural employment Freight carloadManufacturing ings* production workers 1935-39 = 100 Employment Payrolls Ad- Unad- Unad- AdAdAd- Unad- AdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed 1919 1920 1921 1922 (923 1924 1925 72 75 58 73 88 84 93 53 81 103 82 90 '926 1927 1928 1929 1930 95 107 62 60 57 67 72 69 76 71 83 66 71 98 89 92 34 34 30 43 45 26 18 27 41 49 39 45 32 43 42 51 66 57 75 46 59 69 69 73 63 73 71 76 52 67 68 70 70 99 110 114 107 117 132 79 83 85 93 100 100 99 107 49 30 62 75 67 70 80 34 22 41 58 69 41 54 70 79 65 83 81 90 15 14 8 75 87 67 76 103 113 89 109 125 108 122 78 109 139 162 199 239 235 203 1946 1947 1948 1949 1950 170 187 192 176 200 1951 1952 220 219 223 223 214 96 95 91 1931 1932 1933 1934 1935 . . . 1936 1937 1938 1939 1940 . . 1941 1942 1943 1944 1945 . . . . 98 84 93 61 6 62.2 55.4 58.7 64.6 63.8 65 5 68.7 69.0 52.8 58.4 66.9 62.1 64 2 31.1 37.1 24.0 25.7 32.6 30.4 32 1 67.9 68.2 68.3 71.3 67.0 65.5 64.1 64.2 68.3 59.5 20 18 24 25 120 129 110 121 142 Department Wholesale Concom3 sales* sumers' modity prices 3 (retail value)4 1947-49 prices 1947-49 -100 1947-49 = 100 = 100 Adjusted 27 32 30 30 34 Unadjusted Unadjusted 74 0 85.7 76.4 71 6 72.9 73.1 75 0 34 36 33.0 32.4 32.8 35.0 28.3 152 147 148 152 37 37 37 38 75.6 74.2 73 3 73.3 71.4 65.0 62.0 62.9 61.9 56.1 50.2 42.6 47.2 55.1 58.8 21.5 14.8 15.9 20.4 23.5 105 32 78 82 24 24 65.0 58 4 55.3 57.2 58 7 47.4 42.1 42.8 48.7 52.0 63.9 70.1 59.6 66.2 71.2 60.6 53 7 53.9 59.0 61.6 139 146 27.2 32.6 25.3 29.9 34.0 107 111 89 101 109 52.5 56.1 51.1 50.1 51.1 56.8 64.2 67 0 67.6 68 8 131 35 80 86 17 20 7 7 13 100 106 95 109 115 99 112 97 106 117 30 32 35 39 44 22 25 27 37 43 35 36 40 40 44 66.2 70.6 66.4 69.6 73.6 37 59 3 61.4 60.3 59 4 59.9 201 279 360 353 274 142 158 176 171 166 125 129 132 140 137 66 89 37 22 36 54 49 24 10 16 74 116 45 30 50 83.1 91.2 96 6 95.3 92 1 87.9 49.3 103.9 72.2 121 4 99 0 118.1 102.8 104 0 87 8 130 138 137 140 135 44 50 56 62 70 62.9 69 7 74 0 75 2 76 9 192 220 225 202 237 165 172 177 168 187 134 149 155 135 148 82 84 102 113 159 87 86 98 116 185 79 83 105 111 142 95 1 99.6 101.6 98.8 101.4 97 9 81 2 103.4 97.7 102.8 105.1 93.8 97.2 99.2 111.2 132 143 138 116 128 90 98 104 98 105 83 95 102 101 102 4 5 8 8 8 78 7 96.4 104.4 99 2 103.1 273 280 194 189 164 160 171 183 i70 183 172 183 106.6 P1O7.7 105.4 129.2 P104.2 ?134.3 134 126 109 110 111 0 113.5 114.8 276 274 265 198 197 187 165 165 156 193 200 162 166 174 211 217 156 147 140 156 166 106.8 105.0 128.1 106.8 105.6 129.8 106.0 104.2 126.4 104 150 143 133 127 162 180 106.8 107.1 107.1 107.0 106.8 106.6 106.8 107.1 133 131 179 176 168 160 146 145 104.8 103.9 103.4 103.3 103.5 105.7 105.8 105.1 104.3 104.4 128.4 130.9 129.8 129.8 132.9 110.9 110.8 110.9 110.9 111 6 112.1 112.8 113.1 115.9 115.1 114.2 113.7 113.4 113.7 113.6 113.5 142 163 174 189 186 193 196 173 152 157 158 156 158 165 106.8 107.0 107.0 107.0 107.1 106.5 106 1 107.9 108.7 109.0 109.5 109.8 103.6 103.8 103.7 104.0 103.4 100.8 99 2 103.4 105.6 106.5 107.7 108.5 103.2 103.6 103.6 102 9 101.8 99.7 97 5 104.2 107.4 108.1 108.8 109.4 113 1 112.4 112.4 112 9 113.0 113.4 114 1 114 3 114.1 114 2 114 3 114.1 113.0 112.5 112.3 111.8 111.6 111.2 111.8 112.2 111.8 111.1 110.7 109.6 113.9 109.9 89 92 27 29 33 35 32 35 1951 May 222 221 212 June July 217 218 218 219 218 1952 January February March April May June July August September October November December 220 223 222 220 217 267 271 274 277 282 193 192 188 188 185 165 167 174 170 163 221 222 221 216 211 204 193 August September . . October November December 217 218 217 215 211 205 194 282 284 285 277 277 247 230 189 190 188 183 181 186 179 167 167 164 166 140 147 142 161 156 164 171 168 172 177 215 232 233 234 235 1953 January February 218 228 230 235 233 P237 P233 «235 «239 267 191 194 195 156 207 290 300 '305 175 164 207 210 314 197 193 171 168 196 205 178 183 P317 «321 P196 197 P165 ?193 P178 r 160 193 191 185 125 133 133 135 137 133 105 105 109 106 109 113 109 130.4 131.0 131.9 128 1 128.1 126.4 121 1 133.3 142.1 144 2 145.4 149.6 141 136 133 126 122 108 102 109 106 105 103 108 111 105 125 114 134 131 106 115 113 115 P203 P109.8 P108.9 P108.5 1 4 6 . 0 134 130 Pill 111 217 218 227 207 219 134 128 e r c Estimated; all estimates are those of the Federal Reserve. P Preliminary. Revised. Corrected. * Average per working day. For indexes by groups or industries, see pp. 280-283. Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of Research and Statistics. For monthly data (dollar value) by groups, see p. 287. 3 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumers prices index is the revised series, reflecting beginning in January 1953 the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49 =100. 4 For indexes by Federal Reserve districts and for other department store data, see pp. 289-293. 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. 1 2 MARCH 1953 279 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1935-39 average «* 100] 1953 1952 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Jan. Feb. Mar. Apr. Industrial Production—Total 221 222 221 216 211 204 193 215 228 230 234 235 v237 Manufactures— Total 231 232 231 225 224 214 202 225 237 242 245 247 P250 282 284 285 277 277 247 230 267 290 '300 '305 314 P317 245 246 244 270 '281 283 287 P288 242 319 222 247 332 233 244 334 231 247 335 238 Durable Manufactures Iron and Steel * 261 May 261 263 140 139 229 304 218 913 235 304 221 892 239 309 225 911 205 278 196 855 208 278 195 867 42 66 39 256 38 83 36 418 221 283 202 860 Machinery 359 360 359 354 353 352 331 336 354 363 372 385 P391 Transportation Equipment 318 322 327 329 338 339 287 300 353 r371 '378 398 P403 218 219 222 227 231 229 162 175 247 '265 '275 293 P 3 0 2 Pig iron Steel Open hearth Electric . . Automobiles (including parts) (Aircraft; Railroad Equipment; Shipbuilding—Private 249 333 235 1013 1046 1064 1022 1029 216 217 218 218 216 210 201 213 225 236 240 245 Smelting and refining . ... (Copper smelting; Lead refining; Zinc smelting; 243 249 252 257 259 247 242 251 248 251 251 258 P26S Fabricating (Copper products; .Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin 206 204 204 203 199 195 184 197 216 231 236 240 . . 159 162 158 152 142 146 141 149 155 155 161 164 P172 . . 150 154 149 143 128 134 128 135 140 138 149 175 176 175 170 168 169 165 175 183 189 146 '191 195 162 P191 217 224 222 220 217 222 214 221 222 224 221 222 P222 210 223 233 182 223 239 257 177 224 239 244 227 243 230 168 247 269 222 170 243 266 215 158 243 261 231 163 245 261 227 161 241 254 231 163 233 242 233 '164 222 225 254 163 v222 175 225 242 238 173 189 190 188 183 181 186 179 191 194 195 197 193 P196 157 160 152 144 151 154 147 170 177 172 176 169 P172 142 144 296 146 150 ••295 139 141 288 131 130 280 137 135 287 138 133 312 129 111 343 152 143 369 158 145 377 154 142 361 158 149 356 152 141 337 116 120 110 109 108 109 126 122 133 116 117 114 120 126 112 123 110 108 103 114 113 108 117 110 103 96 112 109 117 113 123 112 108 116 123 112 75 125 113 106 124 124 103 71 120 103 97 112 113 123 120 139 120 112 131 123 137 148 149 130 121 144 136 134 140 142 126 117 140 138 137 153 137 127 120 138 '141 139 164 130 125 115 139 146 100 107 108 102 105 103 91 116 112 112 113 107 103 84 83 86 120 100 112 88 79 76 112 Sonferrous Metals and Products Lumber and Products Lumber Stone, Clay, and Glass Products Glass products Glass containers Cement . . Nondurable Manufactures Textiles and Products Textile fabrics Cotton consumption Rayon deliveries Wool textiles Carpet wool consumption Wool and worsted yarn Woolen 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 71 110 90 101 73 72 74 118 86 98 68 69 72 122 84 95 72 64 69 114 90 105 67 67 72 115 92 106 69 67 79 111 81 91 60 71 66 98 97 110 79 67 89 129 97 107 90 65 88 123 103 115 87 77 93 118 86 98 64 70 '117 P247 P240 232 257 P171 140 349 162 165 166 163 160 166 162 164 168 165 161 162 P165 Wheat flour 122 113 103 108 103 113 109 109 108 109 113 108 P 1 0 6 Manufactured dairy products Butter Cheese Canned and dried milk 137 65 165 118 138 66 163 120 142 71 169 133 146 73 181 149 148 73 183 163 147 69 180 164 145 70 176 152 148 69 178 168 148 71 178 166 146 73 176 155 147 73 191 152 152 85 209 155 Manufactured Food Products P Preliminary. 1 r 154 89 209 Revised. Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may 2be obtained from the Division of Research and Statistics. Series included in total and group indexes but not available for publication separately. * Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indrxes through June 1951 are shown in preceding BULLETINS. 280 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1935-39 average = 100] 1952 1953 Industry Jan. Feb. Mar. Apr. May Manufactured Food June July Aug. Sept. Oct. Nov. Dec. Jan. Products—Continued 162 193 145 87 80 Processed fruits and vegetables Confectionerv Other food products 182 228 153 84 85 179 230 141 81 85 165 207 135 79 79 146 167 140 84 76 148 170 137 99 78 147 163 144 109 68 158 180 149 121 77 170 200 151 125 87 169 194 153 131 96 170 196 155 131 89 176 202 163 124 97 169 181 175 113 100 169 128 145 184 Beef Veal 171 133 143 185 172 150 135 184 169 146 128 183 169 147 130 181 175 161 121 188 171 138 117 189 171 123 134 190 175 143 136 190 172 147 131 185 166 -121 167 126 150 180 P172 J»140 134 184 180 166 158 175 53 160 180 174 171 170 157 150 152 162 151 155 162 P183 185 73 336 150 173 73 327 193 171 68 292 208 154 62 298 205 149 51 231 214 161 38 185 207 176 19 198 224 165 21 234 175 160 26 148 263 154 28 182 325 177 31 133 369 182 44 127 228 176 175 174 184 178 189 172 186 187 190 181 172 179 108 244 67 105 244 109 243 110 259 114 245 113 240 111 261 62 64 54 68 134 258 66 98 243 59 123 257 65 124 249 68 116 264 65 110 249 64 187 193 192 185 182 181 160 188 192 203 205 195 P199 185 229 111 95 271 178 197 189 237 114 99 279 181 209 188 241 117 99 284 180 205 181 228 110 95 269 174 202 175 221 108 92 260 168 207 176 227 121 89 266 168 201 154 195 124 68 226 148 182 180 229 132 82 267 172 222 181 220 125 83 256 175 233 192 233 125 89 274 186 246 194 236 108 92 280 188 249 185 220 112 91 258 180 235 236 192 195 177 123 191 184 176 129 189 190 178 131 186 186 161 122 175 162 149 130 182 168 153 134 150 174 124 126 168 180 148 130 165 187 146 126 178 206 150 123 182 193 161 121 179 195 150 116 119 175 177 177 175 170 176 157 165 165 176 175 168 P172 159 163 164 164 166 169 164 162 166 173 169 157 162 281 281 278 261 209 251 259 280 282 279 '290 290 v292 211 238 188 243 212 242 177 208 210 227 183 223 205 218 177 211 157 167 124 133 216 228 185 199 225 231 174 226 231 235 181 230 234 232 179 208 225 226 182 207 233 239 171 225 229 239 164 241 P229 188 179 464 188 179 459 204 197 420 166 161 326 165 161 311 72 71 84 67 67 52 169 168 184 177 174 299 179 178 243 182 179 '268 186 182 312 188 183 349 301 297 294 292 292 298 299 302 302 '304 308 309 P310 159 322 562 157 155 152 151 157 154 267 559 270 558 325 565 354 568 15S 158 '358 350 ••578 '595 P160 269 563 155 370 567 158 299 562 151 307 563 351 599 P348 P595 Rubber Products 248 243 242 235 242 246 225 242 252 '260 '265 270 P272 Minerals—Total 167 167 164 166 140 147 142 156 175 164 171 168 P165 Malt liquor Whiskey Other distilled spirits Cigars Cigarettes Paper and Paper Products Paper and pulp Pulp Sulphate and sulphite pulp' Paper Paperboard Tissue and absorbent paper Wrapping paper 57 59 Panerboard containers fsame as Paoerboard} Printing and Publishing Newsprint consumption Printine Daoer (same as shown under Paocrt Gasoline Fuel oil Lubricating oil . . . . ... Kerosene Other petroleum products 2 Coke Chemical Products Paints Rayon . T P243 Other chemical oroducts' 175 Bituminous coal Metals Metals other than gold and silver Gold Silver 174 170 171 140 161 155 161 180 167 177 176 P172 123 135 77 111 122 68 110 119 74 100 107 73 84 91 57 93 102 61 105 116 60 201 159 190 194 93 93 95 203 115 125 71 199 133 144 88 203 125 135 87 199 96 102 74 193 202 207 P2()5 128 125 141 143 65 65 131 rl49 145 138 117 123 177 182 176 '205 207 71 71 188 219 212 '200 166 175 47 72 Coal 136 147 91 194 125 Fuels 47 76 48 78 51 75 52 71 54 63 50 63 48 63 47 69 48 67 46 66 47 77 For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. MARCH 1953 281 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Federal Reserve index numbers, 1935-39 average = 100] Annual 1952 Industry 1952 1951 Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec Industrial Production—Total Manufactures 233 Pig iron Steel Open hearth. . Electric Machinery Equipment. Automobiles (including parts) (Aircraft; Railroad equipment; Shipbuilding—Private and Government) 2 Nonferrous Metals and Products Smelting and refining (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 2 Fabricating (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) 2 Lumber and Products Lumber Furniture Stone, Clay, and Glass Products Glass products Glass containers Cement Clay products Other stone and clay 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 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 Manufactured dairy products Butter Cheese Canned and dried milk Ice cream 2 220 218 211 2/5 211 205 194 218 232 233 235 233 230 229 229 228 224 224 215 203 228 242 245 246 246 246 280 273 281 283 277 278 249 232 269 292 301 305 311 '314 259 261 263 245 246 140 139 244 270 '281 283 287 "288 200 269 189 845 230 297 214 884 235 304 221 892 239 309 225 911 205 278 196 855 208 278 195 867 42 66 39 38 83 36 335 238 249 333 235 1029 356 Iron and Steel1 219 243 — Total Durable Manufactures Transportation Jan. 336 360 359 354 353 256 418 336 354 331 300 353 175 247 221 242 247 283 319 332 202 222 233 860 1013 1040 244 334 231 1022 363 1064 372 385 '371 398 '265 r-378 '275 293 338 307 322 327 329 338 352 230 237 219 222 227 231 339 287 229 162 218 216 210 201 213 225 236 260 246 241 251 248 251 195 184 197 216 231 221 207 217 251 225 249 252 210 199 204 204 203 154 157 148 149 152 145 155 141 178 220 148 176 133 176 143 170 133 168 148 169 143 165 152 175 159 183 151 '189 231 208 135 175 212 216 224 225 216 231 232 232 248 234 168 237 252 231 180 218 232 196 168 224 239 200 167 225 242 226 168 240 260 241 167 245 266 237 169 235 255 236 160 251 272 261 169 184 180 180 132 •191 '235 215 '209 248 247 235 267 262 245 263 267 252 167 -173 -169 210 210 231 168 '219 '227 209 '159 199 193 192 176 169 195 201 177 137 135 287 138 133 312 129 111 343 152 143 369 158 145 377 154 142 361 158 149 356 152 141 337 108 117 110 103 96 112 109 117 113 123 112 108 116 123 112 103 75 71 125 I 120 113 103 106 97 124 112 124 113 123 120 139 120 112 131 123 137 148 149 130 121 144 136 134 137 140 153 142 137 126 '127 117 120 140 138 138 '141 139 164 130 251 115 139 146 108 102 105 102 90 116 111 112 114 107 86 98 67 68 70 122 84 95 69 66 68 114 90 105 64 66 77 115 90 102 70 68 78 11 86 60 70 62 98 95 107 83 65 92 95 105 88 66 86 123 104 '107 116 121 85 89 80 77 91 93 118 120 99 112 87 80 72 112 148 149 154 192 178 165 160 P154 118 115 114 107 P106 173 69 182 153 133 63 158 126 106 55 143 110 107 67 151 120 139 141 288 131 130 280 122 121 126 116 110 125 127 129 106 136 125 112 143 142 146 150 P295 122 133 116 117 114 120 126 112 123 110 108 103 114 113 106 101 109 92 105 75 71 78 90 105 60 72 69 96 109 77 74 81 118 149 111 151 72 172 148 '152 128 195 144 111 174 165 114 101 97 58 134 108 116 64 152 131 152 75 188 168 108 104 197 94 245 227 109 217 95 256 227 215 86 217 176 129 185 108 214 76 199 173 200 143 170 156 150 352 110 151 71 179 152 240 181 145 138 325 108 265 147 186 160 165 236 '247 259 187 194 174 116 302 245 159 167 '403 154 189 161 164 240 '391 140 349 100 74 155 r P Preliminary. Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the n e w methods m a y 2be obtained from the Division of Research and Statistics. Series included in total and group indexes but not available for publication separately. 3 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding B U L L E T I N S . 282 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Federal Reserve index numbers, 1935-39 average = 100] Annual 1953 1952 Industry 1952 1951 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufactured Food Products—Continued Meat packing Pork and lard Beef Veal Lamb and mutton 165 195 148 106 84 158 195 133 Other manufactured foods Processed fruits and vegetables Confectionery Other food products 171 199 237 178 105 106 95 67 175 223 140 74 86 165 214 128 76 83 152 188 127 78 77 147 147 167 I 170 140 I 134 88 j 99 78 73 137 144 146 109 65 154 158 163 138 93 167 149 100 190 230 161 141 89 137 134 185 174 150 135 186 155 84 144 176 153 151 82 125 j 107 176 ! 175 154 [ 166 96 124 89 100 189 178 179 ! 195 207 179 j 234 279 96 i 144 175 194 191 190 171 195 174 112 158 193 165 M58 98 151 184 P176 160 186 152 155 | 155 167 45 198 ! 231 165 102 413 266 155 73 196 193 159 j 162 68 i 62 190 179 208 I 205 170 203 51 ; 38 139 ! 115 214 | 207 164 I 174 178 Alcoholic Beverages Malt liquor Whiskey Other distilled spirits Rectified liquors 169 183 186 j 159 159 173 163 142 134 188 21 126 175 161 26 202 263 143 28 472 325 136 31 280 369 145 44 140 228 144 53 104 180 197 ! 179 j 193 198 | ; ! j 184 159 178 134 124 268 254 71 i 59 98 224 51 110 249 63 203 205 195 P!99 153 ! 180 I 181 192 193 227 ! 217 232 116 112 110 116 89 68 83 82 274 226 256 267 186 147 175 172 246 182 233 222 194 237 114 92 280 188 249 184 220 113 91 258 179 235 236 182 193 161 123 179 189 150 114 119' 180 Paper and pulp Pulp Ground wood pulp Soda pulp Sulphate and sulphite pulp 3 Paper Paperboard Fine paper 2 Printing paper Tissue and absorbent paper Wrapping paper Xewsprint Paperboard containers (same as Paperboard) Printing and Publishing 109 242 65 105 i 109 110 ! 114 116 229 ; 226 241 i 245 278 66 59 62 ! 64 66 189 201 194 j 192 \ 186 | 182 182 I 159 j 188 ! 191 182 226 117 89 266 175 216 193 231 122 94 2 70 187 230 190 238 119 99 279 182 209 188 I 242 j 125 i 99 ! 284 i 180 ! 205 181 230 121 95 269 174 202 177 227 122 89 266 169 201 156 126 Paper and Paper Products 175 \ 167 114 251 63 Cigars Cigarettes Other tobacco products 173 124 191 191 176 129 I 189 | 190 | 178 | 131 186 i 175 162 188 161 149 124 131 182' 171 153 135 150 167 124 124 178 208 150 123 j i j j j ! ! I 178' 186 j 185 202 175 222 117 92 260 168 207 208 266 163 116 95 220 19 115 224 176 i Tobacco Products 138 139 150 118 75 113 ; lit j 123 252 ! 274 i 275 54 ! 66 ! 69 168 180 148 129 165 187 146 126 i 171 175 175 j 180 180 I 174 175 145 j 157 I 166 180 I 183 172 P!67 Xewsprint consumption J 165 164 159 ! 171 174 173 168 141 146 168 182 I 184 165 150 Printing paper (same as shown under Paper) i 267 281 i 278 | 261 209 251 259 280 282 i 279 \r290 290 "292 216 227 174 213 207 220 192 219 212 242 175 218 210 227 181 227 157 167 129 134 216 228 185 187 225 231 172 210 231 235 179 221 162 159 185 177 456 188 179 459 204 ! 166 197 161 420 326 165' " 7 2 ' 71 161 84 311 298 I 295 291 155 320 570 162 369 542 155 299 562 155 153 269 j 267 563 559 155 270 558 247 243 243 242 242 j 246 Petroleum and Coal Products 270 Petroleum refining 2 Gasoline Fuel oil Lubricating oil Kerosene Other petroleum products Coke By-product coke Beehive coke Chemical Products Paints Rayon Industrial chemicals Other chemical products 2 2 Rubber Products ! I j i ! j I 285 I 301 Minerals—Total. . . 160 Fuels 164 162 Metals. Metals other than gold and silver Iron ore (Copper; Lead; Zinc) 2 Gold Silver 188 183 349 P311 I 299 305 309 I 313 314 155 I 152 325 354 565 ! 568 153 370 567 158 r 358 \578 156 350 "595 158 PISS 351 P 3 4 8 599 P595 225 \ 242 252 295 156 307 563 186 182 312 r 260 '265 270 P272 158 165 143 149 144 j 161 180 166 170 163 P160 171 140 161 155 ! 161 180 167 177 176 P172 111 122 68 199 110 119 74 201 100 96 107 102 73 74 159 I 193 133 102 144 61 88 194 203 81 i 164 178 93 93 95 203 125 135 87 202 115 P105 125 116 60 71 207 P205 164 H31 84 265 418 241 363 185 248 108 83 235 110 117 76 196 123 134 81 192 120 Bituminous coal Anthracite Crude petroleum 67 67 52 229 '229 239 i>243 163 248 225 J 233 1 234 I 232 226 I 239 I 179 182 1 171 S 206 207 231 I 179 ! 182 169 177 174 168 178 I 179 299 184 170 167 Coal 205 218 184 215 134 91 90 130 168 207 192 257 121 98 118 94 189 238 51 70 123 135 199 43 80 159 I '238 348 r7 '90 41 48 68 84 91 57 190 I 93 101 244 71 ; 381 54 61 j 56 69 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 1953 283 OUTPUT OF MAJOR CONSUMER DURABLE GOODS (Adjusted for Seasonal Variation) [Federal Reserve index numbers. 1947-49 average =100] 1953 1952 Annual Product group 1952 1951 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total 108 123 102 104 103 105 108 71 84 121 125 134 134 142 Passenger automobiles 103 128 96 103 109 110 114 47 63 122 125 131 129 138 Household goods, total Carpets Furniture Major appliances Radios and television 113 80 111 93 169 117 78 107 109 172 108 75 103 95 158 106 80 102 98 141 97 83 106 82 118 99 81 109 85 115 101 44 110 89 136 98 108 76 113 94 141 119 81 115 89 205 124 99 r 118 91 214 137 98 120 114 237 139 94 124 115 236 146 61 113 74 135 122 114 276 ' Revised. NOTE.—Figures for January are preliminary. For description see BULLETIN for October 1951, pp. 1235-1240. Tables of back data, including unadjusted indexes for these series, and indexes for certain component series may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] Annual 1951 1952 1953 Industry group or industry 1951 1952 Dec. Jan. Feb. June July Aug. Sept. Oct. Nov. Dec Jan. ADJUSTED FOR SEASONAL VARIATION Total Durable goods Primary metal industries Fabricated metal products Machinery except electrical Electrical machinery Transportation equipment Lumber and wood products Furniture and fixtures Stone, clay, and glass products. . Instruments and related products Misc. manufacturing industries.. Ordnance and accessories Nondurable goods Textile-mill products Apparel and other finished textiles Leather and leather products. . . Food and kindred products Tobacco manufactures Paper and allied products Printing, publishing and allied industries Chemicals and allied products... Products of petroleum and coal. Rubber products 13,034 12,887 12,803 12,816 12,835 12,465 12,268 12,795 13,058 13,168 '13,318 13,415 13,468 7,334 7,302 7,261 7,256 7,285 6,916 6,674 7,188 7,430 7,534 '7,658 7,750 7,794 1,156 1,156 1,179 720 1,116 1,153 1,166 1,171 1,160 1,078 1,154 686 1,152 796 '843 880 777 795 821 '859 869 831 745 809 794 799 1,276 1,193 1,199 1,218 '1,252 1,280 1,294 1,255 1,233 1,248 1,263 1,215 1,275 718 798 726 747 ••758 '771 784 710 710 732 706 712 720 ,235 1,192 1,330 1,380 '1,418 1,465 1,476 1,302 1,323 1,169 1,221 1,235 1,251 1, 667 709 705 659 678 '690 686 690 709 741 '691 699 685 292 299 302 312 310 307 298 297 297 301 '304 290 290 456 460 458 461 457 '467 455 453 448 478 '465 460 449 1,055 359 '1,128 82 '418 251 417 64 5,665 .1,147 1,058 363 1,122 85 421 253 421 64 5,674 1,143 1,048 363 1,138 82 419 519 '524 202 '223 518 524 202 225 523 529 199 230 223 401 37 5,700 1,186 1,039 342 1,171 81 419 238 396 60 5,585 1,120 1,030 346 1,147 83 407 230 374 52 5,542 1,124 1,020 325 1,133 83 406 231 374 54 5,560 1,120 1.02J 331 1,144 82 403 232 375 55 5,550 1,106 1,021 335 1,159 81 402 233 398 60 5,549 1,082 1,018 347 1,169 82 405 238 401 60 5,594 1,114 1,045 345 1,163 83 403 240 403 59 5,607 1,137 1,034 350 1,140 84 410 242 408 63 5,628 1,153 1,037 348 1,138 84 413 245 '411 63 5,634 1,150 '250 '415 63 5,660 1,150 '1,030 351 '1,140 83 '416 512 535 195 219 513 527 195 217 512 527 197 215 510 531 195 216 507 530 195 214 511 528 189 218 512 532 189 208 514 523 201 214 515 523 200 217 517 '524 203 220 WITHOUT SEASONAL ADJUSTMENT Total 13,034 12,887 12,911 12,766 12,820 12,329 12,061 12,886 13,285 13,377 Durable goods 7,334 7,302 7,322 7,264 7,306 6,888 6,559 7,146 7,444 7,583 676 1,110 1,153 1,162 Primary Metal Industries 1,160 1,078 1,164 1,162 1,160 716 Blast furnaces, steel works 540 565 566 134 570 155 566 493 570 573 and rolling mills 821 '847 726 769 831 809 804 806 783 807 Fabricated Metal Products 1,233 1,248 1,269 1,276 1,281 1,261 1,203 1,181 1,193 '1,212 Machinery except Electrical 244 247 '247 242 248 229 247 247 245 249 Metalworking machinery... 743 '766 685 708 706 710 732 725 726 727 Electrical Machinery Electrical apparatus (gen259 269 274 254 267 270 266 273 275 271 erating, etc.) 281 297 '309 265 256 285 268 271 273 272 Communication equipment. 1,221 1,302 1,235 1,235 1,251 1,323 1,169 1,192 1,330 ' 1,380 Transportation Equipment 680 525 '706 654 634 672 521 718 633 645 Motor vehicles and equip448 '472 466 ment 447 454 337 449 415 424 407 Aircraft and parts '701 719 727 697 709 741 654 686 668 696 Lumber and Wood Products '430 438 442 424 427 437 391 414 396 412 r 310 Sawmills and planing mills.. 304 295 288 285 301 296 298 296 296 222 216 210 Furniture and Fixtures 202 202 212 208 211 207 208 462 458 453 441 478 452 '467 Household furniture 455 447 465 242 238 233 230 223 232 238 233 246 232 Stone, Clay, and Glass Products. . 414 395 382 375 401 374 396 381 381 '429 Instruments and Related Products. 63 59 60 60 37 54 60 55 52 63 Misc. Manufacturing Industries.. Ordnance and Accessories For footnotes see following page. 284 13,452 13,527 13,418 '7,713 7,816 7,805 1,172 1,183 1,185 568 '863 '1,246 247 '783 571 882 1,286 250 800 278 '322 '1,418 282 331 1,465 740 '478 '697 '423 315 226 '469 '251 '436 63 767 493 675 410 316 227 466 254 425 64 889 1,294 806 1,476 646 317 453 254 421 64 FEDERAL RESERVE BULLETIN PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] 1952 1951 Annual 1953 Industry group or industry 1951 Nondurable goods .... Textile-mill Products Broad-woven fabric mills... Knitting mills Apparel and Other Finished Textiles Men's and boys' furnishings. Women's and misses' outerwear Leather a n d Leather Products.... Footwear (except r u b b e r ) . . . Food and Kindred Products Meat products Canning and preserving . . Paper and Allied Products Pulp, paper and paperboard mills • . Printing, Publishing and Allied Newspapers » . Chemicals and Allied Products... Industrial organic chemicals. Products of Petroleum and Coal.. Rubber Products 1952 1 Dec. Jan. June Feb. July Aug. Sept. Oct. Nov. Dec. Jan. 5,711 r 5,613 1 154 5,700 1,186 5,585 1,120 5,589 1,141 5,502 1,131 5,514 1,123 5,441 1,082 5,502 1,081 5,740 1,120 5,841 1,141 '5,794 1,150 ••5,739 '1,162 569 520 548 540 527 506 509 519 522 524 219 217 211 209 210 212 209 221 225 228 ••528 230 972 982 1,050 1,068 240 239 249 253 '1,066 ••255 1,066 255 287 357 ••225 1,039 1,030 1,035 1,029 246 244 235 228 233 283 285 296 300 309 252 269 292 292 284 342 218 1,171 238 181 191 81 419 346 222 1,147 238 167 191 83 407 323 205 1,122 252 120 190 85 410 330 213 1,068 246 106 187 82 405 342 221 1,060 244 105 187 80 404 340 221 1,138 232 155 190 78 403 340 219 1,215 234 211 195 78 395 357 232 1,279 232 280 194 87 408 355 228 1,314 236 313 195 91 411 355 224 "1,233 235 r 222 '196 91 r418 1,052 l, 164 530 229 1,074 1,048 256 301 245 146 195 88 '422 361 231 1,109 247 124 190 87 425 '1,156 r 212 209 212 211 210 209 203 209 208 ••210 210 513 520 510 507 511 507 509 515 522 526 169 535 170 195 152 219 168 527 168 195 154 217 171 538 171 196 155 219 170 536 170 193 153 218 166 538 168 193 153 215 167 512 163 190 155 215 165 511 166 191 158 202 165 513 168 205 161 212 167 526 168 203 159 217 170 r534 170 203 159 222 524 156 170 '534 172 203 159 '227 82 421 213 512 363 1,059 152 151 155 154 154 152 154 155 154 155 523 157 172 534 173 201 159 230 534 107 232 1 ' Revised. Annual figures for 1952 were computed by Federal Reserve and are preliminary. NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for January 1953 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings (dollars per week 1 Industry group 1952 Jan. Nov. Average hours worked (per week) 1953 Dec. 1953 1952 Jan. Jan. Nov. Average hourly earnings (dollars per houri Dec. 1952 Jan. Jan. Nov. 1953 Dec. Jan. Total 66.91 70.78 72.40 71 27 40 .8 41 2 41.8 41.1 1.640 1 .718 1 732 1.734 Durable g o o d s 72.15 76.82 78.70 77 32 41 .8 42 0 42.7 42.0 1.726 1 .829 1 843 1.841 Primary metal industries Fabricated metal products Machinery except electrical Electrical machinery Transportation equipment 76.86 71.06 79.81 70.22 79.47 '82.92 '75.84 '81.32 72.40 '86.26 84.02 78.42 83.99 73.91 89.00 82 25 77 28 8 3 . 29 7 3 . 25 8 7 . 40 41 . 5 . 41 5 41 . 8 '42 3 43 . 9 42 8 41 . 9 41.8 41 . 5 '42 1 41.8 43.3 43.7 42.5 43.1 L.852 L.700 L.818 L.676 L.915 ' 1 .998 ' 1 .793 ' 1 .900 1 .732 '2 .049 2 1 1 1 2 010 811 922 739 065 2.011 1.814 1.928 1.740 2.042 Lumber and wood products Furniture and fixtures Stone, clay, and glass products Instruments and related products Miscellaneous manufacturing industries, Ordnance and accessories 57.02 59.84 64.35 71.02 59.94 77.26 '64.35 '63.38 '70.13 '75.65 '64.69 '75.93 63.32 65.06 71.06 76.74 65.92 78.26 6 0 . 51 40.1 63.07 41 . 5 40 . 6 42 . 1 41 .0 44 . 4 '41 42 41 42 42 '41 3 0 4 5 2 4 41.6 42.8 41.9 42.8 42.5 42.1 L.422 L.442 L.585 L.687 L.462 L.740 '1 '1 '1 '1 '1 '1 .558 .509 .694 .780 .533 .834 1. 522 1. 520 1. 696 1. 793 1. 551 1. 859 1.494 1.516 1.697 1.783 1.562 1.873 60.04 '62.95 63.67 6 2 . 80 39 .5 '40 3 40.5 40.9 42.6 43.2 42.1 42.8 40.5 41.6 40.6 41.8 41.7 40.9 39.8 L.520 ' 1 .562 1. 572 1.578 Textile-mill products Apparel and other finished p r o d u c t s . . . . Leather and leather products Food and kindred products Tobacco manufactures 52.40 46.40 49.54 63.40 45.27 '55.07 '47.76 '50.82 '66.20 '47.03 55.73 48.28 53.17 67.11 47.67 54. 47. 53. 66. 38 .9 36 . 0 38 .4 41 . 6 46.32 38.4 40 37 37 41 '38 4 4 7 9 8 40.8 37.4 39.5 42.1 39.2 .347 .289 .290 .524 .179 '1 '1 '1 '1 '1 .363 .277 .348 .580 .212 1. 366 1. 291 1. 346 1. 594 1. 216 1.363 1.299 1.349 1.615 1.232 Paper and allied products Printing, publishing and allied products. Chemicals and allied products Products of petroleum and coal Rubber products 66.39 77.28 69.06 82.66 74.19 '72.39 '81.34 '72.45 '88.18 '77.44 72.94 83.54 72.34 88.07 79.63 7 1 . 68 8 0 . 93 7 1 . 50 8 7 . 56 7 7 . 62 42 . 5 38 . 6 9 9 9 9 '41. 3 44.1 39.5 41.6 40.7 42.0 39.7 36.8 39.9 41.4 37.6 43.1 38.5 41.0 40.5 41.2 1 .562 2 .002 1 .660 2 .021 1 .814 '1 '2 '1 '2 '1 .649 .091 .729 .156 .875 1. 654 2 . 115 1. 739 2 . 164 1. 896 1.663 2.102 1.744 2.162 1.884 Nondurable goods •• Revised. N O T E . — D a t a are for production and related workers. of Labor Statistics. MARCH 1953 6 8 . 90 7 4 . 53 6 5 . 14 7 6 . 61 11 80 83 86 41.6 40 .9 40 . 9 43 38 '41 40 Figures for January 1953 are preliminary. Back data are available from the Bureau 285 EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] Transportation and public utilities Trade Finance Service Federal, State, and local government 1,132 1,661 1,982 2,165 2,156 2,318 2,569 2,546 3,872 4,023 4,122 4,151 3,977 4,010 4,144 4,168 7,522 8,602 9,196 9,491 9,438 9,524 9,804 9,944 ,394 ,586 ,641 ,716 ,763 ,812 ,883 1,961 4,055 4,621 4,786 4,799 4,782 4,761 4,759 4,762 5,967 5,607 5,454 5,613 5,811 5,910 6,390 6,628 916 912 911 899 894 810 777 889 881 '871 873 874 2,545 2,593 2,523 2,517 2,497 2,536 2,544 2,575 2,582 '2,569 '2,559 2,508 4,139 4,147 4,154 4,116 4,134 4,139 4,099 4,160 4,206 '4,249 4,238 4,239 9,852 9,860 9,862 9,849 9,912 9,964 9,965 9,967 9,981 '9,988 '10,024 10,086 1,919 1,929 1,937 1,942 1,948 1,957 1,964 1,973 1,981 '1,991 '1,995 2,002 4,742 4,738 4,728 4,748 4,772 4,789 4,783 4,796 4,781 '4,750 '4,757 4,753 6,528 6,538 6,543 6,554 6,572 6,606 6,676 6,686 6,693 6,680 6,712 6,741 16,665 882 2,479 4,203 10,168 1,993 4,742 6,669 45,913 45,899 46,001 46,299 46,329 46,292 46,006 47,124 47,789 '47,908 '48,026 48,890 15,776 15,859 15,869 15,795 15,654 15,410 15,162 16,028 16,430 '16,542 '16,625 16,713 909 902 904 896 893 814 784 897 886 4,103 4,111 4,118 ,096 ,131 ,168 ,140 ,208 ,228 '4,242 4,234 4,239 9,720 9,643 9,668 9,845 9,773 9,838 9,792 9,784 9,970 '10,114 '10,312 10,869 1,909 1,919 1,937 1,952 1,958 1,977 1,993 1,993 1,971 '1,971 '1,975 1,982 4,671 4,667 4,681 874 873 2,316 2,308 2,296 2,416 2,522 2,663 2,722 2,781 2,763 '2,697 '2,610 2,458 4,748 4,796 4,837 4,855 4,844 4,829 '4,774 '4,733 4,705 6,509 6,490 6,528 6,551 6,602 6,585 6,558 6,589 6.712 6.695 6,663 7.051 47,244 16,612 875 2,256 4,167 10,030 1,983 4,671 6,650 Total 15,302 14,461 15,247 15,286 14,146 14,884 15,931 15,989 826 852 943 981 932 904 920 875 46,471 46,594 46,552 46,556 46,599 46,348 46,170 46,970 47,301 '47,422 '47,650 47,810 15,830 15,877 15,894 15,931 15,870 15,547 15,362 15,924 16,196 '16,324 '16,492 16,607 47,801 1945 1946 1947 1948 1949 1950 1951 1952 Manufacturing 40,069 41,412 43,371 44,201 43,006 44,124 46,401 46,873 Year or month Mining Contract construction SEASONALLY ADJUSTED 1952—January February March April May June July August September October November December 1953—January UNADJUSTED 1952—January February March April May June July August September October November December 1953—January '873 ' 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 1953 figures and 1952 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 Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total noninstitutional population Year or month Total labor force Employed Total l Unemployed Not in the labor force Total 1945 1946 1947 1948 1949 1950 1951 1952 ... . . .. .... .. . . .... 1952—February March April May June July August September October November December 1953—January February 105,370 106,370 107,458 108,482 109,623 110,780 111,924 65,140 60,820 61,608 62,748 63,571 64,599 65,832 (2) (2) 112,664 112,762 112,844 112,946 113,050 113,158 113,220 65,228 65,006 65,260 66,298 67,884 67,642 67,374 (2) (2) (2) (2) (2) (2) (2) (2) In nonagricultural industries In agriculture 53,860 57,520 60,168 61,442 62,105 63,099 62,884 62,966 52,820 55,250 58,027 59,378 58,710 59,957 61,005 61,293 44,240 46,930 49,761 51,405 50,684 52,450 53,951 54,488 8,580 8,320 8,266 7,973 8,026 7,507 7,054 6,805 1,040 2,270 2,142 2,064 3,395 3,142 1,879 1,673 40,230 45,550 45,850 45,733 46,051 46,181 46,092 46,710 61,838 61,518 61,744 62,778 64,390 64,176 63,958 63,698 63,146 63,646 62,921 59,752 59,714 60,132 61,176 62,572 62,234 62,354 62,260 61,862 62,228 61,509 53,688 53,702 53,720 54,216 54,402 54,636 55,390 54,712 54,588 55,454 55,812 6,064 6,012 6,412 6,960 8,170 7,598 6,964 7,548 7,274 6,774 5,697 2.086 L.804 L.612 L,602 L ,818 L.942 1,604 1,438 1,284 1,418 1.412 47,436 47,756 47,584 46,648 45,166 45,516 45,846 46,208 46,928 46,552 47,394 62,416 62,712 60,524 60.924 55,072 55,558 5,452 5,366 1,892 1,788 48,232 48,224 1 Includes self-employed, unpaid family, and domestic service workers. Current data available six months later than for other series when armed forces figures, withheld for reasons of security, are released. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 2 286 FEDERAL RESERVE BULLETIN VALUE OF NEW CONSTRUCTION ACTIVITY [Adjusted for seasonal variation. In millions of dollars] Private Public Total Year or month Total 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Indus- Comtrial mercial Public utility Other nonresidential 480 3,809 508 3,628 5,751 614 413 10,660 335 6,322 3,073 382 2,398 463 2,362 1,428 2,050 3,433 2,580 4,825 6,405 2,795 7,139 3,330 3,528 9,341 3,341 10,544 Business Total Residential Total Military High- Conserway vation All other 125 385 1,620 5,016 2,550 837 690 188 204 158 137 177 1,019 1,346 1,381 1,302 1,066 734 446 362 398 895 1,451 1,774 2,131 2.381 2,400 2,700 570 528 500 357 285 163 130 240 394 629 793 881 860 838 1,733 1,413 2,565 4,553 3,041 1,711 1,180 1,039 1,384 2,264 3,344 3,700 5,062 5,660 8,198 8,682 11,957 14,075 8,301 5,259 5,633 12,000 16,689 21,678 22,789 28,749 31,025 32,329 ,680 ,985 3,510 1,715 885 815 1,100 4,015 6,310 8,580 8,267 12,600 10,973 11,101 1,229 1,561 2,082 1,287 759 989 1,672 4,195 4,896 5,693 5,322 5,680 7,183 7,343 254 442 801 346 156 208 642 1,689 1,702 1,397 972 1,062 2,117 2,298 292 348 409 155 33 56 203 ,132 856 ,253 ,027 ,288 ,371 ,095 683 771 872 786 570 725 827 1,374 2,338 3,043 3,323 3,330 3,695 3,950 2,723 1952—February. March... . April May 4,389 5,054 6,206 3,415 1,979 2,186 3,235 9,638 13,256 16,853 16,384 21,610 21,684 21,785 1,811 920 857 798 773 784 789 1,794 1,812 1,846 1,864 900 1,010 953 902 885 896 902 911 942 973 992 627 626 620 613 612 611 611 608 597 596 602 209 213 211 199 189 187 186 182 176 175 172 89 85 80 84 84 84 88 93 99 105 109 329 328 329 330 339 340 337 333 322 316 321 284 284 284 283 276 277 276 275 273 277 270 912 915 922 903 910 856 845 860 848 853 874 112 122 120 124 123 109 107 100 98 103 116 250 245 246 225 231 222 220 235 228 207 207 75 78 76 74 71 67 64 65 64 63 65 475 470 480 480 485 458 454 460 458 480 486 1,855 1,942 951 1,013 633 653 178 185 120 125 335 343 271 276 900 907 130 127 214 222 68 68 488 490 July August. . . September October... November December. ,835 2,779 2,701 2,683 2,640 2,634 2,654 2,660 2,699 2,738 1953—January.. February?. 2,755 2,849 June P Preliminary. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of ownership Total Year or month Public 1953—January 1,311 1,754 2,296 3,107 3,718 4,409 6,122 6,711 902 885 ,321 ,598 ,564 ,489 ,511 ,439 ,029 ,321 ,249 ,467 1952—January F« ebruary March April May June July August September October November December Residential building Nonresidential building Factories Commercial Other Public works and public utilities 297 339 554 636 558 559 619 501 1,269 410 491 478 10,092 9,629 10,064 563 3,142 3,154 3,608 4,239 6,741 6,205 6,668 1,027 1,317 941 840 559 1,142 883 2,562 346 773 785 975 885 ,208 915 979 100 221 392 725 824 1,180 1,335 1,472 377 404 597 1,127 1,376 1,651 1.689 1,686 885 1,631 1,890 2,155 2,476 2,578 2,723 3,408 605 547 767 961 1,006 930 893 937 760 911 758 990 338 396 593 682 754 582 608 628 519 602 528 439 110 61 120 205 79 166 140 142 995 113 117 313 56 62 71 75 80 74 92 94 87 103 85 100 98 104 119 134 146 127 122 145 87 126 117 146 94 74 154 148 158 184 208 139 93 138 143 154 207 187 265 354 347 356 341 291 248 238 259 316 460 3,299 7,490 7,760 9,430 10,359 14,501 15,751 16,775 1945 1946 1947 1948 1949 1950 1951 1952 Private By type of construction 76 87 106 138 209 1,988 5,735 5,464 6,323 6,641 1,076 CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in thousands of dollars] Month 1951—November December 1952—January Total (11 districts) 951,056 1,099,509 902,091 1,248,803 1952—November December . . . . . . 1,467,384 1 9 5 3 — J a n u a r y . . . . . . . . 1,075,868 MARCH 1953 Federal Reserve district Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St Louis Minneapolis Kansas City Dallas 50,090 103,232 98,941 83,276 149,738 54,890 92,166 172,982 127,308 178,151 54,388 69,220 82,234 180,381 114,783 73,741 78,336 64,179 39,703 28,658 28,944 46,080 54,145 59,472 83,576 262,274 75,963 106,837 110,193 126,615 192,761 41,183 221,415 119,670 144,201 162,085 268,780 182,231 100,864 154,306 90,576 96,756 110,437 117,354 153,509 93,888 78,539 53,314 35,962 22.043 20,550 61,039 99,695 54,328 172,909 78,877 99,325 96,669 135,069 117,458 126,078 -38,402 133,898 74,517 69,337 76,190 287 PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Total Year or month 1939 1941 1945 1946 1947 1948 1949 1950 1951 1952 515 706 209 671 849 . . . . 932 1,025 1,396 1,091 Pl.131 August 359 434 134 404 480 525 589 828 595 458 620 208 267 369 101 86 P76 P71 P77 62 74 91 54 65 79 n.a. 3 3 4 85 4 90 85 87 4 4 5 n.a. n.a. n.a. 96 101 97 50 48 48 101 97 99 47 40 99 82 72 n.a. n.a. n.a. P67 P72 152 440 69 229 393 466 686 413 291 361 486 264 P57 420 279 6 83 211 102 105 200 149 141 3 3 13 23 26 28 16 17 19 9 9 9 38 18 36 44 71 6 8 7 7 7 n.a. n.a. n.a. n.a. 7 12 26 26 26 12 13 42 38 42 29 25 28 13 13 14 27 2 2 2 8 7 n.a. VA 38 39 9 7 7 g 8 4 3 n.a. 87 72 n.a. n.a. n.a. 158 220 41 8 3 n.a. 5 4 4 90 87 158 220 47 57 87 1 104 162 159 88 46 35 42 40 n.a. FHA 48 72 1,151 892 Total 66 58 15 24 34 763 792 Public Multifamily 20 28 9 590 740 914 989 35 45 47 49 47 52 51 ' 53 54 46 2family 1,352 1,020 Pi,074 29 61 56 1family 373 533 185 663 846 407 436 568 496 59 103 99 101 ... 156 272 75 n.a. 106 October November December 1953—January February Total 43 59 110 104 . nonfarm 36 Government-underwritten Private Rural n.a. 65 78 104 1952—January February March April May June July Urban 18 n.a. n.a. 43 34 29 2 4 j»4 P4 n.a. P5 16 13 10 27 21 19 9 P Preliminary. n.a. Not available. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHAfiguresare based onfieldoffice reports of first compliance inspections; VAfiguresprior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average = 100] Monthly— seasonally adjusted Monthly—unadjusted Annual 1952 Class 1953 1951 1952 Jan. Aug. Sept. Oct. Nov. Dec. Total 134 126 141 125 134 128 134 Coal Coke Grain Livestock Forest products Ore IVTiscellaneous Merchandise, 1. c. 1 121 208 109 168 133 203 101 160 135 189 142 146 134 123 195 143 123 93 188 157 76 139 233 145 46 147 . 69 150 205 147 48 69 144 181 140 46 67 155 256 151 46 65 149 216 140 46 70 140 235 144 45 76 152 233 144 46 Jan. 138 138 120 121 93 185 157 117 146 314 158 48 123 195 111 200 108 193 144 123 128 129 145 101 154 135 187 131 134 128 111 191 108 184 133 214 131 128 146 145 138 64 139 64 138 44 Dec. Oct. Jan. 62 154 278 151 44 Nov. Sept. Jan. 69 152 248 144 45 1953 1952 Aug. 93 151 352 155 48 61 157 323 141 46 95 149 258 150 47 66 135 77 135 43 59 139 70 138 42 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Excess of exports Merchandise imports * Month 1950 January February March April May June July August September October November December January- Dece mber 1951 1952 741 764 860 804 830 877 779 762 911 906 977 1,065 974 1,076 1,295 1,369 1.354 1.297 1,186 1,270 1.232 1.152 1.388 1,438 1,254 '1,344 '1,447 '1,352 '1,473 '1,167 '1,027 '1,087 '1,225 '1,213 1,186 Pl.388 ,10,275 15,033 P15.163 1950 1951 1952 1950 1951 1952 623 600 665 585 659 687 709 820 859 923 855 867 ,025 910 ,102 ,034 ,018 930 895 881 721 834 819 800 922 893 964 932 835 861 839 817 877 918 804 PI,052 118 164 195 219 170 190 70 -59 52 -16 122 198 -51 166 193 '337 336 366 292 390 510 319 569 638 332 '451 '483 '420 '638 '306 '188 '270 '348 '295 382 P337 8,852 10,967 P10.714 1,423 4,065 P4.449 P Preliminary. « Revised. • 1 Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments under the Mutual Security Program as follows (in millions of dollars): 1950, 282; 1951, 1,065; January-December 1952, 1,981. . » General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 288 FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district United States Year or month Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis 98 104 98 105 109 110 99 102 99 103 105 104 99 103 98 101 105 99 96 104 100 106 109 109 97 105 98 105 111 110 97 103 100 105 113 116 96 103 101 109 115 124 98 104 97 104 108 106 97 104 98 104 105 106 1952—January February March April May June July August September October November December. '109 106 105 103 108 111 105 114 106 115 113 115 102 100 104 99 101 103 106 109 101 109 105 108 r99 100 98 96 96 98 95 102 95 105 98 101 no 110 109 102 107 107 106 115 105 114 109 111 '116 108 106 104 103 112 105 113 105 116 113 117 '116 109 114 108 116 122 106 127 112 120 115 121 119 112 114 116 127 138 120 131 121 126 128 130 '105 105 103 100 104 105 97 111 103 113 108 116 1953—Tanuarv Pill 97 111 116 P117 P126 81 82 97 103 108 102 76 86 87 83 95 104 105 105 82 99 '82 83 96 90 94 110 118 122 117 96 115 126 132 145 221 Minne- Kansas Dallas City apolis San Francisco 98 104 99 105 104 104 98 103 99 108 111 113 94 105 102 113 117 124 99 104 98 105 109 114 111 100 99 98 102 111 99 110 104 114 106 113 97 113 94 98 104 100 104 115 98 110 107 '110 115 106 105 104 112 114 114 119 108 113 117 119 122 115 115 114 128 132 123 127 119 128 129 130 106 108 102 105 118 114 110 116 114 118 128 '119 107 108 100 P114 129 116 81 81 89 99 104 103 82 97 129 186 81 80 89 101 106 103 81 98 110 121 126 179 '73 83 80 101 105 96 84 103 108 124 120 a 75 86 85 93 104 112 106 93 110 115 120 132 196 95 93 105 114 125 116 104 114 128 134 145 215 '84 86 90 103 113 108 96 112 115 117 136 '207 101 91 89 93 107 100 SALES1 1947 1948 1949 1950 1951 195? SEASONALLY ADJUSTED P104 UNADJUSTED 120 143 195 119 13Q 194 115 114 87 100 121 128 142 '214 P84 78 82 87 P82 P96 82 79 75 P85 95 105 100 110 124 110 98 105 97 104 124 111 93 107 99 108 127 113 93 107 100 106 128 111 94 105 101 114 133 132 90 108 102 120 140 130 89 111 100 110 128 115 93 106 100 112 131 122 91 110 100 104 117 107 93 108 100 113 132 124 101 112 132 126 131 125 115 112 109 111 109 110 110 109 100 109 111 110 '113 107 108 '116 110 no 111 109 107 113 109 112 111 113 112 '128 127 127 126 131 139 140 136 132 130 132 132 \^•i 112 113 116 111 110 110 111 111 '116 113 113 11? 1 14 113 114 112 113 114 113 114 129 126 125 126 125 129 129 130 133 136 142 114 113 113 114 114 113 118 115 118 118 118 114 106 112 111 114 124 125 120 129 132 130 130 128 106 102 103 104 106 105 108 100 113 113 111 107 122 122 120 121 124 122 128 127 120 124 1?4 123 124 122 124 122 124 123 130 127 131 129 130 130 121 123 119 12S 128 128 125 123 126 134 127 126 P123 P113 114 P115 114 P140 *>140 117 130 *>113 J>130 P137 132 106 113 120 122 120 112 110 114 124 134 136 108 105 107 112 114 112 102 99 103 112 123 131 104 MOO 104 113 116 115 105 102 107 116 124 128 102 '101 111 119 121 116 105 100 107 117 131 131 100 '106 109 116 117 111 100 102 104 116 124 128 98 '113 123 136 136 135 127 128 134 137 146 148 116 119 128 132 132 127 120 121 127 135 145 153 124 106 111 118 118 116 107 107 119 131 136 106 92 109 118 122 124 118 112 125 140 147 143 112 100 99 107 109 108 100 105 104 113 120 123 99 '113 121 126 127 126 119 120 120 129 135 140 109 112 120 131 129 125 114 120 125 134 141 146 120 109 117 122 129 132 126 120 118 129 147 141 112 Pill 1953—Januarv r79 82 86 94 95 95 69 76 100 110 123 175 118 116 115 116 118 118 120 118 1?0 120 1?0 119 . . 81 75 87 103 102 103 73 83 111 111 127 193 P85 . 83 83 92 103 108 105 84 98 112 119 133 195 93 107 100 109 129 118 1952—January February March April May Tune July August September October November December P103 101 *>l00 104 *>124 P126 109 113 P106 P121 P123 119 no no no no 116 STOCKSi 1947 1948 1949 1950 1951 1952 no no SEASONALLY ADJUSTED 1952—January February March April May Tune julv August September October November December 1953—Januarv 1952—January . February March April Mav June Julv August September October November December . . 1953—January no r P Preliminary. Revised. * Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. MARCH 1953 289 DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Ratios to sales J Amounts (In millions of dollars) Sales 2 (total for month) Stocks 2 (end of month) Outstanding orders 2 (end of month) average average average average average average average average average 246 276 345 365 381 361 376 391 395 574 604 767 887 979 925 ,012 ,202 ,093 596 775 964 588 494 373 495 '460 433 244 277 373 366 386 358 391 390 395 1952—January February March April May June July August September October November December '321 299 348 373 382 353 289 343 387 448 462 736 '996 ,052 ,119 ,137 ,102 ,017 997 ,040 ,131 ,230 ,275 ,018 '398 416 365 293 273 410 520 539 592 573 454 358 '294 '355 415 391 347 268 269 386 478 547 507 479 M51 P331 Year or month 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953—January Pl.025 Stocks Outstanding orders Stocks plus outstanding orders 256 291 354 364 363 358 401 379 398 2.4 2.3 2.3 2.5 2.7 2.7 2.8 3.2 2.9 2.5 3.0 3.0 1.7 1.4 1.1 1.4 1.3 1.2 5.0 5.3 5.3 4.3 4.1 3.8 4.2 4.4 4.1 .0 .0 .1 .0 .0 .0 .1 .0 .0 '372 '373 364 319 327 405 379 405 531 528 388 383 3.1 3.5 3.2 3.0 2.9 2.9 3.4 3.0 2.9 2.7 2.8 1.4 '1.2 1.4 1.0 0.8 0.7 1.2 1.8 1.6 1.5 1.3 1.0 0.4 '4.3 4.9 4.3 3.8 3.6 4.0 5.2 4.6 4.4 4.0 3.7 1.9 •0.9 Pl.4 P4.6 ReNew ceipts 3 orders 8 (total (total for for month) month) Receipts .2 .2 .0 0.9 8 0.9 .1 .2 1.2 1.1 0.7 P Preliminary. ' Revised. 1 The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales2 and receipts for the month. These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1952, sales by these stores accounted for about 50 per cent of estimated total 3 department store sales. Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102. WEEKLY INDEX OF SALES [Weeks ending on dates shown, 1947-49 =100] Without seasonal adjustment 1949 1950 1952 1951 June 4. 11. 18. 25. . . .. . . .. July 2 9* 16. 23. 30. '. . . . .. .. 6. 13. 20. 27. . . . . . . .. Aug. Sept. 73 71 72 26 161 Dec. 6. . . 195 154 Dec. 2 153 Dec. 1 8. ... 191 13. .. 223 186 9. ... 191 15 213 20. .. 237 201 16. ... 220 22. ... 228 186 2 7 . . . 145 23 221 29 92 68 30 82 101 3. . . 10. . . 93 17. .. 24. .. 1 91 8 75 July 7. ... 91 15 14.... 22. . .. 104 21 102 29 28 78 Aug. 5 12 75 86 86 102 94 19... 26. .. Sept. 2. 9. 108 16. 100 23. 30. 1952 111 Dec. 3 90 June 2 95 June 7 104 14 116 10 9. .. . 108 104 21. ... 98 17 16 106 91 28 24 86 92 23 31 30.... 89 89 June 3 99 10 98 17 85 24 82 July 69 1951 1950 1949 110 Oct. 4 116 104 Oct. 7. ... 112 Oct. 6 13. ... 117 11 126 102 14 111 20. ... 116 18.... 124 100 21 .... 105 27 113 122 25 101 108 28 102 Nov. 3. ... 121 Nov. 1 . . .115 . 10 127 118 8. . . . 108 Nov. 4. ...109 17. ... 130 130 15 109 11. ... 118 24.... 123 22. . .. 134 118 18.... 127 29. .. 138 110 113 25 2 103 Apr. 1 104 Apr. 7 101 Apr. 5 9. .. . 110 110 12. ... 8 14.... 100 108 16 15 19 88 21. ... 97 91 23. .. 2 2 . . . .96 26.... 28. ... 101 30. .. 98 29 98 May 5. ... 113 May 3 10 104 12. ... 110 May 7. . . 115 May 6 14. .. 98 17 13 106 19. ... 99 96 21. .. 20.... 95 24.... 100 26 94 28. .. 31 27 97 Apr. 97 99 .. 107 .. 102 .. 127 .. 111 .. 110 75 July 109 Oct. 1 .... 111 8 97 15 105 22. ... 29 111 117 Nov. 5. ... 99 12 105 19.... 97 5 1950 79 12. ... 83 82 Jan. 7 19 70 Jan. 79 14 26 80 21 79 88 Aug. 2 87 28.... 76 Aug. 4 90 9 87 11 . . . . 16.... 95 Feb. 4. . . 78 Feb. 93 18 . 100 23 25. ... 97 1 .... 82 1 30.... 110 80 18 25.... 76 100 105 Sept. 6 Sept. 1 114 Mar. 4. . . 84 Mar. 13 8. .. . 100 . 113 20 114 15 87 1 .... 1 112 91 22 27 111 18 29.... 114 96 25 83 81 80 1952 1951 6. ... 13. ... 20.... 27. ... 98 Jan. 5.... 12. ... 105 19 104 26 96 3 10 17 24.... 1953 78 Jan. 92 90 83 3. 10. 17. 24. 31. . . 81 . . 89 . . 92 .. '86 .. '87 81 94 Feb. 2 84 Feb. 7. .. 9 87 94 14. .. 16 89 21 ... 95 23 83 28. .. 3 99 10 105 Mar. 1. ... 85 Mar. 7. . . 8 88 17 101 14. . . 15. ... 90 24.... 105 21 ... 2 2 . . . .95 31 89 28. . . 29 102 88 92 85 93 ' Revised. NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 290 FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS—Continued SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES [Percentage change from corresponding period of preceding year] Federal Reserve district, area, or city United States Tan. Dec. Year 1953 1952 1952 P+3 Boston District +4 Metropolitan Areas -6 New Haven, Conn Portland, Maine + 14 Lowell-Lawrence, Mass., + 19 New Bedford, Mass. +6 Worcester, Mass. 1 +4 Cities 1 Downtown Boston, Mass. +3 Springfield, Mass 1 +2 Providence, R. I. -2 +9 +5 '+8 + 10 r+9 +5 +6 Philadelphia District Metropolitan Areas Trenton, N. J Lancaster, Pa Philadelphia, Pa Reading, Pa Wilkes-Barre-Hazleton, Pa Wilmington, Del City York, Pa Cleveland District Metropolitan x Areas Akron, Ohio Canton, Ohio i 1 Cincinnati, Ohio Columbus, Ohio1 Springfield, Ohio 1 Toledo, Ohio 1 Youngstown, Ohio 1 Erie, Pa. 1 Wheeling, W. Va.1 Cities Cleveland, Ohio l Portsmouth, Ohio x Pittsburgh, Pa. 1 +1 0 +3 +3 +4 c -2 c +l 2 () -8 -4 () 2 +2 +5 +2 -2 -2 +1 -1 +2 +4 +1 +1 +9 +5 + 13 + 1 +4 + 12 + 1 -3 +9 - 1 +3 +9 + 1 +9 I2) (2) (2) +4 (2) + 10 + 10 +2 +12 -1 -1 +6 +8 -3 +4 +8 -4 +7 Jan. Dec. Year 1953 1952 Federal Reserve district, area, or city Tan. Dec. Year 1953 1952 +1 Richmond +6 - 1 + 11 c + 4 '0 '+6 +3 - 5 P-3 New York District Metropolitan Areas 3 New York-Northeastern -5 New Jersey, N.Y. & N J1. (2) -1 New York City, N. Y. . -6 1 -2 Newark, N. J. +5 2 Buffalo, N . Y +4 ( ) Buffalo City, N. Y.K . . . +3 + 12 Niagara Falls, N. Y +8 + 14 Binghamton, N . Y + 1 +5 1 Rochester, N. Y. +9 +7 1 Syracuse, N. Y. + 14 +3 Cities +8 Bridgeport, Conn. 1 (2) -4 Albany, N . Y +8 Elmira, N. Y + 7 +9 Poughkeepsie, N . Y +4 + 13 0 Schenectady, N. Y +5 Utica, N. Y +5 +7 Federal Reserve district, area, or city +3 0 +15 +4 +9 - 5 + 14 +2 +6 +215 2 () () + 10 - 4 0 +20 +8 +2 + 13 +2 0 +2 + 12 +38 +23 + 11 -3 -2 +8 P+3 +8 +3 Richmond District Metropolitan Areas 3 0 +8 - 1 Washington, D. C.1 Downtown Wash., D. C . -5 (2) (2) Baltimore, Md. 11 *+5 +9 +3 Asheville, N. C. -1 + 12 +5 -1 0 Raleigh, N. C.1 +2 Winston-Salem, N. C. 1 . . . +9 + 15 + 11 1 Charleston, S. C. +4 + 17 + 19 Columbia, S. C.11 -1 + 1 r+5 Greenville, S. C. + 10 r+14 +6 Dist. (Cont.) Minneapolis Dist. {Cont.) Metropolitan Areas 3-Cont, Cities Norfolk-Portsmouth, Va. • + 14 + 11 + 10 Mankato, Minn +6 -1 +4 Great Falls, Mont Richmond, Va.1 +7 +9 + 18 +20 +3 Roanoke, Va.1 Grand Forks, N. D +7 +9 + 17 + 10 Duluth-Superior, Charleston, W. Va.1 1 Minn.-Wise. +3 Cities La Crosse, Wise —3 Spartanburg, S. 1C +3 () P+13 +8 r + 4 Kansas City District Lynchburg, Va. +1 + 17 Newport News, Va 1 Huntington, W. Va. ... . +5 +4 Metropolitan Areas 0 Colo p+6 +13 Atlanta District +9 Denver, Colo Pueblo, +—5 14 Metropolitan Areas13 Topeka, Kans -2 Birmingham, Ala. +1 + 12 +7 Wichita, Kans -10 +23 +30 + 18 St. Joseph, Mo Mobile, Ala +8 +7 +8 Omaha, Nebr -1 Montgomery, Ala1 Jacksonville,1 Fla. +4 + 1 +8 +6 Oklahoma City, Okla 14 Miami, Fla. +6 + 11 + 19 +6 Tulsa, Okla +8 Orlando, Fla +7 + Cities St. Ptrsbg.-Tampa, Fla.. +7 + 16 + 10 Kansas City, Mo -2 St. Petersburg, Fla P+7 + 15 + 10 Joplin, Mo Tampa, Fla. 1 +3 1 +7 + 14 +6 Hutchinson, Kans Atlanta, Ga. +8 +4 16 Augusta, Ga + 7 ++7 +25 Dallas District +6 Columbus, Ga 1 +4 +3 +8 Macon, Ga. +7 + 14 ++5 Metropolitan Areas 16 Savannah, Ga + 17 16 + 13 Baton Rouge, La.1 +20 + 12 +9 Shreveport, La Tex +9 Corpus Christi, +20 New Orleans, La.1 1 +8 ++6 +3 Dallas, Tex.1 Jackson, Miss. +4 El Paso, Tex Chattanooga, Tenn. 1 .. . . p-5 + 13 +6 + 13 +7 + 13 Fort Worth, Tex Knoxville, Tenn.11 +3 1 +9 + 1 2 +8 Houston, Tex. Nashville, Tenn. + 11 +5 San Antonio, Tex -2 Cities + 10 + 13 + 15 +8 Waco, Tex Rome, Ga P+7 +8 +4 San Francisco District. .. P+10 Meridian, Miss +2 +6 Bristol, Tenn Metropolitan Areas 3 Chicago District +2 +9 Phoenix, Ariz.1 +8 Fresno, Calif.1 -5 Metropolitan Areas 1 P+8 Los Angeles, Calif.1 -6 +7 - 2 Chicago, 111. 1 1 Downtown L. A., Calif. P-2 +6 +8 + 1 Peoria, 111. Westside L. A., Calif.1.. P +4 +2 +16 Fort Wayne, Ind. 1 0 Long Beach, Calif.1 Indianapolis, Ind. 1 +5 + 11 +2 P + 11 1 A Pasadena, Calif Terre Haute, Ind. + 10 + 1 +8 Santa Monica, Calif -2 Des Moines, Iowa +3 + 16 + 10 + 13 0 Riverside and San BerDetroit, Mich.1 + 14 +28 +21 +5 nardino, Calif Flint, Mich.1 +5 + 13 +2 Sacramento, Calif.1 Grand Rapids, 1Mich. 1 .. . +7 + 14 +6 +3 San Diego, Calif.1 Lansing, Mich. 1 +2 San Fran.-Oakland, Calif.1 +6 Milwaukee, Wis.1 + 1 +9 1 + 11 + 11 - 1 San Francisco, Calif. ....1 +6 Green Bay, Wis. . 0 Oakland-Berkeley, Calif. Madison, Wis +3 +6 Downtown Oakland, P0 Calif.1 +7 St. Louis District +9 r+2 Vallejo, Calif 1 -12 Metropolitan Areas P+ 1 +8 +5 San Jose, Calif. 1 +6 Little Rock, Ark.1 Stockton, Calif. P+20 +3 + 19 +9 Evansville, Ind 1 p+12 0 +9 +4 Portland, Ore. Louisville, Ky. 1 P + \ + 12 +2 Salt Lake City, Utah i. . . +8 St. Louis, Mo 1 +7 -6 +5 +2 Seattle, Wash. 1 Springfield, Mo 1 + 19 •+12 +5 Spokane, Wash.1 P-5 Memphis, Tenn. Tacoma, Wash. + 10 Cities Fort Smith, Ark + 7 +2 +26 +26 Cities Paducah, Ky Tucson, Ariz +5 + 14 Quincy, 111 Bakersfield, Calif.1 0 Boise and Nampa, Idaho. +4 Minneapolis District +3 r+9 +1 Twin Falls, Idaho + 10 3 Metropolitan Areas 1 Idaho Falls, Idaho +9 P+28 Bellingham, Wash Mpls-St. Paul, Minn. 1 () + 1 () 0 + 13 +2 Everett, Wash.1 Minneapolis City, Minn. . + 12 1 0 Walla Walla, Wash. 1 St. Paul City, Minn. +2 +8 Sioux Falls, S. D +2 +6 - 1 Yakima. Wash.1 (2) +8 0 +7 +2 +2 r+8 r+9 -4 r-1 +2 +8 +8 + 10 +7 +6 +5 + 10 +9 +10 0 -3 +1 0 -4 +2 +2 +9 +8 + 14 +5 +2 +3 +2 +6 +11 + 14 + 10 +22 +23 + 12 +4 + 15 +9 +7 +3 +14 + 10 + 11 +6 +4 + 12 +11 +5 + 15 +2 +9 +2 +8 + 10 (2) +6 +4 -4 +4 +5 (2) r + 15 +9 +5 +3 +8 +6 2 (*) ( ) +8 +5 +7 ( (2) 1 +3 + 10 + 11 + 11 + 12 +9 + 11 +7 +5 +l 0 +2 +3 +1 + 11 +7 +1 0 +4 (2) +7 +8 -2 () 0 +1 2 () -10 e r P Preliminary. Corrected. Revised. Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve Bank in the district in which the area or city is located. 2 Data not available. 3 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 1 MARCH 1953 291 DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Percentage change from a year ago (retail value) Number of stores report- Department Sales during period Dec. 1952 GRAND TOTAL entire store 3 355 MAIN STORE—total . . Piece floods and household textiles 355 321 Piece goods . . Silks velvets and synthetics Woolen yard goods 298 Household textiles Linens and towels Domestics—muslins sheetings Blankets comforters, and spreads 312 198 175 190 279 257 247 346 Small wares Laces, trimmings, embroideries, and ribbons... Notions Toilet articles drug sundries 203 240 330 Silverware and jewelry 319 218 286 78 Fine jewelry and watches 4 Art needlework 236 Books and stationery Books and magazines Stationery . . 279 Women's and misses' apparel and accessories 131 245 352 Women's and misses' ready-to-wear accessories Neckwear and scarfs Handkerchiefs Millinery Women's and children's gloves Corsets and brassieres Women's and children's hosiery 352 314 287 164 327 +8 +9 +8 +4 -2 + 19 +8 +9 + 10 + 11 +7 Stocks (end of month) Year 1952 -1 1 -2 1.4 -2 1.5 -7 -1 2.9 -5 -1 3.9 -7 -6 -3 -2 -1 Juniors' and girls' wear Juniors' coats, suits, and dresses Girls' wear 314 274 318 Women's and misses' 4 dresses Inexpensive dresses Better dresses4 344 260 270 Blouses skirts and sportswear Aprons, housedresses, and uniforms Furs 343 296 259 Men's and boys* wear Men's clothing Men's furnishings and hats Boys' wear Men's and boys' shoes and slippers 334 265 309 310 193 Dec. Dec. Nov. Dec. 1.7 418 257 385 643 798 662 3.1 263 196 244 759 753 778 4.1 166 188 160 654 667 3.7 5.1 151 206 170 244 666 155 173 551 859 572 784 4.2 4.4 154 158 142 650 612 563 904 640 303 198 278 770 779 351 218 206 159 320 197 727 820 788 758 1.6 2.5 2.8 -6 -1 2.1 3.8 2.4 4.2 2.4 2.3 309 224 289 735 773 1.4 1.4 492 244 455 678 882 674 +3 2.3 2.1 1.4 2.3 2.1 1.4 342 390 421 239 246 180 319 371 394 787 832 577 924 954 766 740 799 571 -1 —7 4-5 -5 -3 —6 —2 2 1.4 2 4 0 8 2.1 1.6 2 6 2.3 566 260 533 826 1,065 857 +7 + 13 + 10 + 13 -2 2 2.9 3.1 260 203 242 742 740 754 +6 +9 0.9 0.9 703 361 624 611 935 568 +9 +7 + 13 +2 -1 0 +4 +7 +2 +1 +8 -4 329 337 227 219 Nov. +2 +6 +6 +3 Infants' wear Handbags and small leather goods 352 341 +4 Dec. +8 +7 + 11 Women's and misses' ready-to-wear apparel . Women's and misses' coats and suits Coats 4 . . . . Suits 4 1951 -2 345 251 223 1952 '+2 Underwear, slips, and negligees Knit underwear Silk and muslin underwear and slips Negligees, robes, and lounging apparel 210 1951 1951 +8 +7 +5 +7 +6 +4 +7 +7 +5 241 Stocks at end of month 792 787 831 697 -6 -13 + 14 .... Sales during period 2 3.6 4.2 -8 338 345 Children's shoes 4 ^Vomen's shoes 4 tndex numbers without seasonal adjustment, 1941 avet ige monthly sales = 10C 1952 1952 +2 260 December Dec. 1952 + 12 294 Patio of stocks lto sales +6 +4 -1 -6 0 0 -1 +8 + 12 +7 +8 +2 +6 +3 +9 + 13 + 13 + 17 0 +6 0 0 +4 -1 +3 + 13 +7 +4 +4 + 11 -3 0 -1 +4 +5 +1 545 722 273 374 1.3 392 249 1.3 0.7 449 740 250 376 0.7 0.8 1.1 585 187 487 198 190 236 571 167 459 0.9 0.8 1.3 0.9 0.9 1.3 0.7 0.7 0 7 1.0 2.5 1.0 2.8 0.9 325 316 494 639 513 592 704 949 465 569 358 497 654 483 418 653 570 496 775 845 415 132 501 770 179 801 556 444 256 175 285 319 4-6 0.8 1.0 0.9 1.0 648 732 282 346 607 660 -5 0.8 0.9 589 242 570 428 132 514 864 445 800 300 518 870 725 1,096 766 375 821 522 354 827 310 495 693 524 +7 +8 +5 +4 0.4 0.5 749 302 695 1.3 0.8 1.3 0.8 595 513 387 236 533 477 773 1,015 400 630 725 396 3.3 3.4 301 220 278 2.4 982 1,113 958 2.4 +4 +4 3.5 3.7 1.3 1.7 1.4 1.9 247 277 417 397 524 459 406 412 1.7 2.5 331 241 294 213 1.4 2.6 1.0 1.1 0.9 1.0 1.2 0.9 463 351 612 324 269 401 414 320 541 454 389 550 649 461 886 423 369 509 1.3 1.0 1.7 1.4 1.0 1.8 238 189 218 321 360 306 1.0 1.2 2.2 1.0 1.3 2.7 550 304 216 319 170 165 480 270 187 545 380 473 748 442 598 499 356 513 +4 -2 -7 0 -10 +3 + 12 +9 + 13 +9 + 10 +8 +5 +2 +7 +3 +3 +3 +7 +4 +9 +6 + 10 +3 +8 +6 + 11 +7 + 13 + 15 +8 4-11 +7 +9 +4 0.9 -8 0 -5 1.3 1.4 555 273 513 710 975 759 -3 0 -13 2 4 0.9 1.2 2.1 3 0 0.9 1.3 2.1 343 714 543 444 255 284 302 216 308 666 500 429 805 1 012 952 607 956 673 929 1,056 943 626 665 927 +3 i +3 +2 For footnotes see following page. 292 FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Percentage change from a year ago (retail value) Department Number of stores reporting Sales during period Dec. 1952 Stocks (end of month) Year 1952 Dec. 1952 Ratio of stocks 1to sales Index numbers without seasonal adjustment, 1941 average monthly sales =100 2 December Sales during period 1952 1952 Furniture and bedding Mattresses, springs, and studio beds 4 Upholstered and other furniture 4 254 178 185 Domestic floor coverings Rugs and carpets 4 Linoleum 4 278 162 98 +7 + 10 + 16 +8 +1 +1 Draperies, curtains, and upholstery Lamps and shades China and glassware Major household appliances Housewares (including small appliances) Gift shop 4 302 255 257 239 265 186 Radios, phonographs, television, records, etc.4 Radios, phonographs, television 4 Records, sheet music, and instruments 4 228 174 124 324 Miscellaneous merchandise departments 323 Toys, games, sporting goods, cameras Toys and games Sporting goods and cameras 306 251 151 Luggage 274 187 Candy 4 BASEMENT STORE—total Domestics and blankets 4 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 Men's and boys* wear Men's wear 4 Men's clothing 4 Men's furnishings 4 Boys' wear 4 203 133 184 163 169 167 153 122 122 159 146 99 120 122 Homef urnishings 105 Shoes 114 NONMERCHANDISE—total 4 173 Barber and beauty shop 4 70 1951 1952 1951 1951 Dec. Homef urnishings Stocks at end of month Nov Dec. Dec. Nov Dec. -7 -7 2.7 3.1 306 261 287 825 911 877 -4 -1 -6 -5 4.4 3.5 4.6 210 228 192 816 801 862 857 834 997 -6 3.9 3.1 4.0 -16 -17 -13 -13 -13 -5 4.5 4.6 5.0 5.3 5.4 4.2 189 229 187 +6 +5 +7 +7 + 11 + 13 -4 -4 -4 -11 -3 +1 +2 0 -30 2 3.3 2.0 3.0 4.5 2.3 1.4 260 395 406 213 480 274 286 241 210 305 245 825 817 375 867 753 762 380 1,154 1,313 1,159 199 906 630 616 434 994 965 1,130 +4 3.1 1.9 2.8 3.0 2.0 1.4 -2 -6 -18 -20 -5 -24 -31 -7 1.2 1.0 1.3 1.4 1.4 1.6 +2 +6 + 13 0 0.7 0.7 657 324 599 0.6 0.4 1.3 0.6 0.4 1.6 1.3 0.3 1.4 0.3 -21 + 11 + 10 + 13 + 11 + 17 +8 +8 +6 +7 +6 +4 +9 +2 +9 + 10 +7 +5 +5 +7 +4 +7 +4 +1 +9 +2 +1 +1 +5 +4 +1 +2 0 -5 +1 0 +7 -1 1.2 1.3 +1 2.2 0 0.9 1.0 -2 -4 -8 1.0 1.3 0.9 0.8 0.7 1.0 0.9 1.0 0.9 1.6 0.7 437 652 557 1,143 440 233 548 793 1,034 800 242 338 422 541 429 346 236 326 322 436 323 558 309 529 513 747 524 236 249 227 534 601 574 170 245 544 646 518 592 1 .1 1.6 0.9 0.8 0.8 1.0 -1 -3 778 528 1,034 686 1,336 706 1,393 604 1,476 752 1,175 1,845 423 2.3 +2 1,163 1 ,549 877 1.0 1.8 0.7 +1 tl +5 +4 -1 +1 +2 +6 +8 +6 +2 +1 +1 0.9 0.9 -6 -7 2.3 2.5 -3 +3 2.2 2.2 357 -3 249 0 +2 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were 3 reversed. For movements of total department store sales and stocks, see the indexes for the United States on p. 289. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. 5 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1951, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store s lies 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. MARCH 1953 293 PRICES CONSUMERS' PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49=100] Housing Year or month Transportation Medical care Personal care Reading and recreation Other goods and services 97.2 102.6 100.1 101.2 109.0 111.8 55 6 64 9 67 8 72 6 76.3 83 7 97.1 103.5 99.4 98.1 106.9 105.8 90.6 100.9 108.5 111.3 118.4 126.2 94.9 100.9 104.1 106.0 111.1 117.3 97.6 101.3 101.1 101.1 110.5 111.8 95.5 100.4 104.1 103.4 106.5 107.0 96.1 100.5 103.4 105.2 109.7 115.4 110.2 110.0 109.4 108.7 108.3 107.7 107.6 107.6 108.1 107.9 108.0 108.2 110.9 110.8 111.0 111.0 111.2 111.2 111.8 111.9 112.1 112.8 113.3 113.4 107.0 106.8 106.4 106.0 105.8 105.6 105.3 105.1 105.8 105.6 105.2 105.1 122.8 123.7 124.4 124.8 125.1 126.3 126.8 127.0 127.7 128.4 128.9 128.9 114.7 114.8 115.7 115.9 116.1 117.8 118.0 118.1 118.8 118.9 118.9 119.3 111.0 111.1 111.0 111.3 111.6 111.7 111.9 112.1 112.1 112.3 112.4 112.5 107.2 106.6 106.3 106.2 106.2 106.8 107.0 107.0 107.3 107.6 107.4 108.0 113.2 114.4 114.8 115.2 115.8 115.7 116.0 115.9 115.9 115.8 115.8 115.9 107.7 113.4 104.6 129.3 119.4 112.4 107.8 115.9 All items Foods 1929 73.3 65.6 117 4 60 3 1933 55.3 41.6 83.6 45 9 1941 1942 1943 1944 1945 1946 . . 1947 1948 1949 1950 1951. . 1952 62.9 69.7 74.0 75.2 76.9 83 4 95.5 102.8 101.8 102.8 111.0 113.5 52.2 61.3 68.3 67.4 68.9 79 0 95.9 104.1 100.0 101.2 112.6 114.6 95.6 101.7 103.3 106.1 112.4 114.6 88 4 90 4 90 3 90 6 90 9 91 4 94.4 100.7 105.0 108.8 113.1 117.9 97.6 100.0 102.5 102.7 103.1 104.5 88.8 104.4 106.8 110.5 116.4 118.7 97.2 103.2 99.6 100.3 111.2 108.5 1952—Jan.... Feb.... Mar. . . April... May.. . June.. . July... Aug Sept... Oct.. .. Nov. . . Dec... 113.1 112.4 112.4 112.9 113.0 113.4 114.1 114.3 114.1 114.2 114.3 114.1 115.0 112.6 112.7 113.9 114.3 114.6 116.3 116.6 115.4 115.0 115.0 113.8 113.9 114.0 114.0 114.0 114.0 114.0 114.4 114.6 114.8 115.2 115.7 116.4 116.0 116.4 116.7 116.9 117.4 117.6 117.9 118.2 118.3 118.8 119.5 120.7 103.5 103.8 103.8 103.9 104.1 104.3 104.2 105.0 105.0 105.0 105.4 105.6 117.7 117.6 117.7 117.3 115.6 115.8 115.6 119.0 119.6 121.1 121.6 123.2 1953—Jan.. .. 113.9 113.1 116.4 121.1 105.9 123.3 Total Rent Solid House- HouseGas Other fuels furnhold and and operashelter* elecishtion tricity fuel oil ings Apparel 1 Indexes for January 1953 and subsequent months will be published later. NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used autombiles) and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100. Source.—Bureau of Labor Statistics, Department of Labor. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49 =100] Other commodities Year or month All Tex- Hides, com- Farm Proctile essed prod- skins, modi- prod- foods and ucts ties Total ucts leather and prodapparel ucts Fuel, power, and lighting materials ToMa- Furnibacco chin- ture Non- manumeery and tallic facChem- Rub- Lum- Pulp, Metals and other Misicals min- tures cellaber paper, and ber moand and and metal tive house- erals— and neous and allied prod- wood allied prod- prod- hold struc- bottled durprod- ucts prod- prod- ucts bevucts ables tural erages ucts ucts ucts 95.6 101.4 103.1 105.3 114.1 93.9 101.7 104.4 106.9 113.6 98.0 100.8 100.4 103.1 101.6 96.1 102.4 96.6 108.1 104.9 103.3 102.2 107.4 106.7 144.1 120.1 118.2 122.4 120.8 112.3 102.1 99.5 107.2 105.9 143.1 120.3 118.3 122.6 122.0 112.4 100.6 98 0 107.4 105.4 142.0 120.5 117.7 122.6 121.8 111.9 99.9 94.1 106.3 104.8 140.6 120.9 117.4 122.5 121.6 112.1 99 3 94 7 106 0 104.3 140 4 120 7 116.9 121.8 121.6 111.7 99.0 95.9 105.9 104.3 133.4 119.9 116.7 121.1 121.3 111.6 98.9 96.2 106.0 104.2 130.0 120.2 115.3 121.9 121.4 111.6 99 1 96 5 105 8 104.0 127 8 120 5 115 6 124 1 121.4 111 .5 99.5 96.5 106.2 104.0 126.3 120.4 115.6 124.6 121.5 112.0 99.2 96.7 106.6 103.9 126.0 120.2 115.5 124.1 121.3 112.0 98.6 97.6 106.7 103 5 126.4 119.7 115.5 123.9 121.4 112.1 '98.2 99.0 '•107.2 103.3 127.7 119.7 '115.9 124.0 121.4 '112.3 112.9 112.9 112.9 112.8 112.9 113.8 113.8 113.8 113.8 114.4 114.5 114.6 108.1 110.8 110.8 110.8 110.8 110.8 110.8 110.8 110.8 110.8 110.8 110.8 96 4 100 0 98 2 104.4 107.3 106 1 99 2 92 8 95 7 103.1 97.5 99.8 114.8 113.4 111 4 95 3 100 1 101 0 90 9 101.4 99 0 93 7 98 6 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 101 3 95 5 96 9 101.9 94.8 98 9 99.2 98.5 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 115.9 110.6 120 3 106.7 110.0 148.0 123.9 119.6 1952 January February March April May June July August .... Seotember October November .... December 113.C 112.5 112.3 111.8 111 6 111.2 111.8 112.2 111.8 111.1 110.7 109.6 114.3 114.2 113.8 113.3 113 ( 112.6 112.5 113 0 113.2 113.0 112.8 112.9 1953 Januarv 109.9 1947 1948 1949 1950 1951 .... 110.0 107.8 108.2 108.7 107 9 107.2 110.2 109 9 106.6 104.9 103.6 '99.2 110 1 109.5 109 2 108.0 108 6 108.5 110.0 110 5 110.3 108.5 107.7 104.3 99.8 105.5 112.9 98.9 91 3 103.9 104 8 110.3 122.8 92.5 100.9 106.6 108.6 119.0 111.1 111.4 109.2 109.5 108.4 108.1 105.5 108.9 108.3 108.4 105.7 r 105.1 97.3 107.3 103.6 127.3 120.3 115.8 124.0 121.5 112.7 114.8 110.6 103.0 r Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 294 FEDERAL RESERVE BULLETIN PRICES—Continued WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Index numbers of the Bureau of Labor Statistics, 1947-49 = 100] 1952 Subgroup 1952 1953 Subgroup Jan. Nov. Dec. 121.5 103.6 106.7 127.2 110.2 80.8 101.6 137.7 113.2 96.5 93.0 107.1 113.1 117.6 98 5 132.5 112.3 96.1 86.8 101.9 108.9 99.6 98.3 134.7 107.5 113.5 113.2 107.1 102.0 115.5 106.8 93.9 113.0 105.7 105.9 162.5 114.6 106.0 109.9 161.9 122.1 -105.0 108.2 161.9 116.9 102.8 118.0 91.4 126.0 101.7 133.3 98.4 112.6 89.0 139.3 98.3 86.9 '97.7 112.6 '87.8 139.7 98.3 84.4 69.7 97.0 115.9 104.1 69.2 90.1 111.0 99.6 70.6 92.9 112.0 '100.3 108.8 124.3 106.6 98.0 110.8 113.6 124.3 114.9 98.0 108.1 129.0 104.9 '98.5 107.9 62.1 Furniture and Other Household Durables: 92.0 112.0 99.5 Household furniture Commercial furniture Floor covering Household appliances Radio 116.3 131.8 Television 104.9 Other household durable goods 98.5 107.9 Nonmetallic Minerals—Structural: 118.1 109.3 94.8 56.8 108.5 109.4 104.2 112.7 106.3 91.9 53.1 110.9 111.1 102.9 112.3 106.1 91.3 52.8 111 .1 113.0 103.1 112.8 106.2 91.5 53.8 111.2 112.9 103.1 197.3 133.4 129.8 130.3 126.3 124.3 137.3 126.3 124.3 135.5 126.3 124.3 120.4 127.0 104.2 120.0 127.5 102.3 119.8 128.3 102.3 120.0 129.3 107.1 114.5 89.5 122.8 130.6 108.8 65.7 124.9 124.8 108.8 89.3 '124.9 124.4 108.8 87.0 124.9 124.2 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.... 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 Jan. Pulp, Paper and Allied Products— Continued 107.3 Converted paper and paperboard. . 94.6 Building paper and board 92.7 100.9 106.8 Metals and Metal Products: 93.9 Iron and steel 97.2 Nonferrous metals 133.3 Metal containers Hardware Plumbing equipment Heating equipment 106.8 Fabricated structural metal prod99.3 ucts 111.9 Fabricated nonstructural metal products 105.4 108.0 161.9 Machinery and Motive Products: 112.8 Agricultural machinery and equipment Construction machinery and equipment 97.0 Metal working machinery 112.9 General purpose machinery and 88.1 equipment 141.4 Miscellaneous machinery 100.1 Electrical machinery and equip83.1 ment Motor vehicles 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 Flat glass Concrete ingredients Concrete products Structural clay products Gypsum products Prepared asphalt roofing Other nonmetallic minerals 1953 Jan. Nov. Dec Jan. 115.9 113.4 112.3 118.2 112.3 118.2 112.3 118.2 123.1 124.2 120.6 125.8 116.6 114.0 127.0 122.5 125.1 125.3 118.1 113.6 127.0 122.3 125.4 125.9 118.1 113.6 127.1 122.5 125.3 125.9 113.6 113.6 115.8 114.1 113.9 113.9 124.4 125.9 126.5 126.5 121.5 121.6 121.7 121.7 124.6 127.5 126.2 128.9 126.3 129.0 126.2 129.0 123.5 120.1 121.8 119.6 121.9 119.6 121.9 119.7 121.5 117.1 119.5 119.7 119.6 119.7 119.6 119.7 113.6 122.8 126.4 108.0 94.1 77.6 117.6 112.8 123.2 122.4 107.2 119.6 113.0 123.2 122.7 •107.5 95.0 74.9 119.6 113.0 123.0 121.6 107.6 95.0 74.9 121.1 114.4 113.2 112.4 121.4 117.7 98.6 111.2 114.4 112.9 112.7 124.0 117.7 106.0 115.1 114.4 113.1 112.7 124.0 117.7 106.0 115.3 114.4 113.7 112.8 124.0 117.7 106.0 115.3 107.3 98.0 114.8 105.9 119.7 105.7 102.4 118.4 111.2 119.7 105.7 102.4 118.4 111.2 119.7 105.7 102.7 113.4 110.7 119.7 114.8 112.8 100.2 100.9 120.6 113.2 103.3 91.1 101 .0 120.8 113.1 102.1 92.9 101.0 120.8 112.8 97.9 92.9 101.0 120.8 Tobacco Manufactures and Bottled Beverages: Cigarettes Cigars Other tobacco products Alcoholic beverages Nonalcoholic beverages Miscellaneous: Toys, sporting goods, small arms . . Manufactured animal feeds Notions and accessories Jewelry, watches, photo equipment Other miscellaneous ' Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. MARCH 1953 295 GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department R E L A T I O N O F G R O S S N A T I O N A L of Commerce. P R O D U C T , N A T I O N A L Annual In billionsof dollars] I N C O M E . P E R S O N A L I N C O M E , A N D S A V I N G Seasonally adjusted annual by quarters totals 1952 1951 1929 1933 1941 1947 1949 1948 1950 1952 1951 income 27 3 28.2 284.2 329.2 14.8 17.6 19.4 21.5 24.6 28.1 25.8 26.7 7.0 7.1 11.3 18.7 20 4 21.6 23.8 25 3 27.2 25.8 26.3 — 1 1 2 85.1 Personal tax and related Federal State and local payments.. 7 - . 1 87.4 Equals: Personal income 2.6 1 3 1.4 5 1 0) 39.6 -2 0 .3 .0 1.5 1.2 2 1 .7 46.6 1.5 5 1.0 7 3 1 6 103.8 14.6 2.8 .0 2.6 1.3 4 5 .5 95.3 7 —3 8 .2 2 o —i 198.7 2 2 3 . 5 4 0 216 3 239.2 9 5 277.6 9 .9 — 8 - 1 . 6 .1 .2 290.4 2 8 5 . 6 .5 288.0 .9 1.8 .2 .9 - 1 . 3 .9 1.1 —.2 .0 285.6 287.7 300.2 29.2 5.7 34.8 6.9 41 6 8.2 40.5 8.5 42.5 8.3 42.7 8.5 39.9 8.4 37.8 8.6 41.5 8.8 .0 11.1 4.4 6 6 .7 .0 10.5 4.5 7 2 .7 .0 11.6 4.6 7 5 .8 .0 14.3 4.7 9 0 .8 .0 11.5 4.9 9 0 .9 -.1 11.9 5.0 9.1 .9 -.6 11.5 5 0 9 3 .9 .1 11 7 5.0 8.9 .9 .0 11.6 5.0 9.6 .9 - 4 12.0 5.0 9.3 .9 .0 12.2 5.0 9.0 191.0 2 0 9 . 5 205.9 226 .'3 2 5 4 . 1 3.3 2 0 21.5 19 6 21.1 19 0 18.6 16 2 20.8 18 1 1.3 1.9 2.1 2.5 2.7 AS.2 92.0 169.5 188.4 187.2 2 0 5 . 5 180.6 1 9 4 . 3 expenditures 78.8 46.3 82.3 165.6 177.9 3.7 - 1 . 2 9.8 3.9 10.5 N A T I O N A L 9 1 4 31.7 5.2 82.5 Equals: Personal saving g — 7 24.7 5.7 income. Equals: Disposable personal Less: Personal consumption 29.6 26.8 258.2 9.3 Less: Corporate profits and inventory 10.3 valuation adjustment .2 Contributions for social insurance.. E x c e s s o fw a g e a c c r u a l s over .0 disbursements .9 Plus: Government transfer payments... Net interest paidby government. . 1.0 5 8 Dividends .6 Business transfer payments Less: 360.1 28.3 126.4 7.2 6 346.3 3 3 7 . 1 27.7 55.8 8.8 233.3 2 5 9 . 0 4 3 339.7 342.6 3 4 3 . 0 103.8 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 2 1 4 Gross national product rates I N C O M E , B Y 6.7 11.2 D I S T R I B U T I V E Annual 268.3 262.0 2 6 3 . 0 .9 264.4 268.9 277.0 34.1 30.8 34.6 31.3 34.0 30.7 30.4 27 3 33.5 30.4 33.6 30.4 3.3 3.1 3.2 3.2 3.3 3.3 225.0 2 3 4 . 3 231.5 '229.5 ' 2 3 0 . 8 234.8 242.5 208.0 2 1 6 . 3 210.5 213.2 2 1 4 . 9 215 29 1 26 1 3 0 17.0 18.0 21.1 16.3 15.9 0 222.0 19.8 20.5 S H A R E S Seasonally adjusted annual by quarters totals rates 1952 1929 1933 1941 1947 N a t i o n a l i n c o m e 87.4 39.6 1 0 3 . 8 C o m p e n s a t i o n o f e m2 p l o y e e s Wages and salaries , Private Military Government civilian Supplements to wages and salaries... 50.8 50.2 45.2 .3 29.3 28.8 23.7 .3 4.9 .5 4.6 P r o p r i e t o r s * a n d r e n t a l i n c o m e 3 . . .19.7 8.3 Business and professional 5.7 F a r m 5.8 Rental income of persons Corporate profits and inventory valuation adjustment Corporate profits before tax Corporate profitstax liability.... Corporate profits after tax Inventory valuation adjustment Net interest 7.2 2.9 2.3 2.0 10.3 9.8 1.4 8.4 -2.0 6.5 5.0 1948 198.7 223.5 2 1 6 . 3 64.3 1 2 8 . 0 61.7 122.1 51.5 1 0 4 . 8 1.9 4.1 8.3 1 3 . 2 2.6 5.9 20 9 6 4 . . . . 8 6 9 3 14.6 17.2 7.8 9.4 -2.6 4.1 140. 134. 115. 4. 14. 5. 1949 2 4 7 0 7 8 1950 1951 1952 239.2 277.6 2 9 0 . 4 139.9 153.4 1 7 8 . 9 133.4 145.6 169.9 113.0 123.4 141.2 5.0 4.2 8.6 17.2 16.1 20.1 9.0 6.6 7.8 190.4 181.1 148.7 n.a. n.a. 9.2 285.6 288.0 183.4 174.3 143.8 9.6 20.9 9.1 186.5 186.9 177.4 177.8 145.8 1 4 5 . 6 10.0 1 0 . 2 21.7 2 1 . 9 9.0 9.2 285.6 287.7 300.2 190.3 181.0 148.3 n.a. n.a. 9.3 197.9 188.2 155.3 n.a. n.a. 9.6 42.4 19.8 15.6 7.1 47.3 22.1 17.7 7.5 42.1 21.6 12.8 7.7 45.2 23.7 13.3 8.2 50.6 26.2 15.6 8.9 52.5 27.6 15.2 9.6 53.1 26 6 17.0 9.4 52.1 27.3 15.4 9.4 51.9 27.6 14.8 9.5 52.5 27.5 15.2 9.8 53.6 28.2 15.5 10.0 24.7 30.5 11.9 18.5 -5. 31.7 33.8 13.0 20.7 - 2 . 1 29.2 27.1 10.8 16.3 2.1 34.8 39.6 18.4 21.2 - 4 . 41.6 42.9 24.2 18 - 1 40. 39. 22. 17. 5 7 6 1 42.5 39.5 22.2 17.3 3.0 42.7 42.7 24.3 18.4 - . 1 39.9 38.2 21.8 16.4 1.7 37.8 37.2 21.2 16.0 .6 41.5 40.3 23.0 17.3 1.2 3.5 4.3 5.0 5.8 6.4 7.0 6.6 6.7 6.9 7.1 7.2 n.a. Not available. « Corrected. Lessthan 50 milliondollars. I n c l u d e se m p l o y e e c o n t r i b u t i o n s t o s o c i a l i n s u r a n c e f u n d s . 3 Includesnoncorporateinventoryvaluationadjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 1 2 296 FEDERAL RESERVE BULLETIN GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates by quarters Annual totals 1951 1933 1929 Gross national product 78.8 9.4 37.7 31.7 Gross private domestic investment New construction x Residential, nonfarm Other Producers' durable equipment Change in business inventories. . . . Nonfarm only 1949 1950 1951 1952 1952 1 3 2 4 55.8 126.4 233.3 259.0 258.2 284.2 329.2 346.3 337.1 339.7 342.6 343.0 360.1 103.8 Personal consumption expenditures Durable goods Nondurable goods Services 1941 15.8 7. 3.6 4.2 6.4 1.6 1.8 46.3 3.5 22.3 20.6 82.3 165.6 177.9 180.6 194.3 208.0 216.3 210.5 213.2 214.9 215.0 222.0 21.4 22.9 23.8 29.2 27.1 25.8 25.3 25.2 26.4 24.2 27.3 9. 44.0 95.1 100.9 99.2 102.8 113.5 119.0 116.2 118.0 117.8 118.9 121.4 28.5 49.1 54.1 57.5 62.4 67.3 71.5 69.0 70.0 70.8 71.9 73.3 18.3 6.8 3.5 3.3 7.7 3.9 3.4 30.2 13.9 6.3 7.6 17.1 -.8 1.4 42.7 17.7 8.6 9.1 19.9 5.0 3.7 33.5 17.2 8.3 9.0 18.7 -2.5 -1.6 50.3 22.9 12.6 10.3 22.0 5.5 4.6 58.5 23.3 11.0 12.3 24.9 10.3 9.4 52.1 23.5 11.1 12.4 25.5 3.1 2.4 52.9 22.4 10.3 12.1 24.7 5.8 5.2 50.0 23.7 11.0 12.7 25.7 .6 -.1 49.3 23.6 11.0 12.6 25.7 .1 -.8 51.7 23.0 10.9 12.2 25.0 3.7 3.0 57.3 23.7 11.6 12.0 25.6 8.1 7.5 .8 Net foreign investment Government purchases of goods and services Federal National security Other Less: Government sales 2 State and local .2 1.1 8.9 1.9 .5 -2.3 .2 .2 2.6 2.2 .4 -1.6 .2 8.5 1.3 8.0 2.0 2.0 (3) 5.9 (3) 7.8 43.6 25.4 19.3 6.6 .4 18.2 41.9 22.2 18.5 3.9 .2 19.7 62.6 40.9 37.1 4.2 .4 21.7 77.8 54.4 49.2 5.6 (3) 7.2 28.6 15.8 13.3 3.8 1.3 12.8 36.6 21.0 16.1 1.3 24.7 16.9 13.8 3.2 71.2 48.9 44.3 5.1 .5 22.3 74.4 51.2 46.4 5.2 .4 23.2 78.0 54.9 50.3 5.1 .4 23.0 77.9 54.8 49.6 5.6 .4 23.1 80.6 56.6 50.4 6.5 .3 24.0 5.6 .6 15.6 .4 23.4 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Year or month Personal income Wage and salary disbursements Total receipts4 Total disbursements Commodity producing industries 1929 1933 1941 1947 . . 1948 1949 1950 1951. . 1952 85.1 46 6 95.3 191 0 209.5 205.9 226 3 254.1 268.4 50.0 28 7 60.9 119 9 132.1 131.2 142 7 166.5 177.9 50.2 28 8 61.7 122 0 134 3 133.4 145 6 169.9 181.4 21.5 9 8 27.5 54 3 60.2 56.9 63.5 74.9 79.1 1952—January February March April May June July August September.... October . . . November.... December 263 4 263.5 261 9 262.5 264.5 266 7 263.9 269 6 273.8 276.1 275.8 280.0 173 1 174.5 173 9 173.4 174 6 175 8 173.9 179 0 181.9 184.0 184.4 186.4 176 7 178.0 177 3 176.7 177 9 179 3 177.4 182 5 185.3 187.5 187.9 189.9 1953—January? 280.5 186.6 190.3 Distrib- Service utive indus- industries tries Government Other labor income5 Dividends Proand prietors' perand sonal rental 6 income interest income Transfer payments7 13.3 8.2 9.9 14 5 16.0 17.1 19.5 20.4 21.1 1.5 2.1 3.1 11 8 11.3 12.4 15.1 12.4 12.7 4 3 4.3 4 3 4.4 4 4 4 5 4.5 4 5 4.5 4.6 4.6 4.7 19.7 7 2 20.8 42 4 47.3 42.1 45.2 50.6 52.5 53 4 52.1 50 7 51.2 51.7 52 8 52.2 51.8 53.4 53.5 52.9 54.6 20.1 20.5 21.0 21.5 21.5 21.4 21.3 21.4 21.4 21.3 21.3 21.2 12.8 12.4 12.4 12.3 12.6 12.5 12.4 13.1 12.9 13.0 12.8 13.4 4.7 54.7 21.2 13.6 8.2 5 1 7.8 15 3 16.6 17.2 18.6 20.3 21.3 5.0 5.2 10.2 17 2 18.7 20.4 22 2 28.7 32.4 .5 4 .6 2 4 2 8 3.1 3 8 4.2 4.5 77 3 78.2 77.7 76.9 76.7 77 2 74.0 78.7 81.6 82.9 83.5 85.2 15.5 8 8 16.3 35 1 38.8 38.9 41 3 45.9 48.5 47 1 47.1 47 0 47.0 47.7 48 5 49.3 49 4 49.3 49.9 49.6 50.0 20 8 20.9 20 8 21.0 21 3 21 3 21.5 21 5 21.6 21.8 21.9 21.9 31 5 31.8 31 8 31.8 32.2 32 3 32.6 32 9 32.8 32.9 32.9 32.8 85.1 50.3 22.1 32.8 Less personal Noncontributions agriculfor tural social income9 insurance8 .1 .2 .8 2.1 2.2 2.2 2.9 3.4 3.8 76.8 43 0 86.1 170 8 187.1 188.7 208.5 233.6 248.0 3.9 3.7 3.7 3.8 3.7 3.8 241.7 243.4 242.7 242.9 244.9 245 9 243.4 249.4 253.0 255.4 255.7 258.8 4.0 259.0 3.9 3.8 3.8 3.6 3.6 3.8 p Preliminary. Includes construction expenditures for crude petroleum and natural gaa drilling. Consists of sales abroad and domestic sales of surplus consumption goods and materials. Less than 50 million dollars. Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance.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 8 consumer bad debts and other business transfers. as Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 9 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding Source.—Department of Commerce. 1 2 3 4 MARCH 1953 297 INTERNATIONAL FINANCIAL STATISTIC PAGE International capital transactions of the United States 300-305 Gold production 305 Reported gold reserves of central banks and governments 306 Gold movements; gold stock of the United States 307 International Monetary Fund and Bank 308 Central Banks 308-312 Money rates in foreign countries 313 Commercial banks 314 Foreign exchange rates 315 Price movements in principal countries: Wholesale prices 316 Consumers' price indexes 317 Security prices 317 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 TreasuryRegulation 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 1953 299 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES [Net movement from United States, (-). In millions of dollars] Increase in banking funds in U. S. l 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. Domestic securities: Inflow of foreign funds8 Foreign securities: Return of U. S. funds 8 Total Foreign official» Foreign other International Decrease in U. S. banking funds abroad 1 8,343.7 8,569.1 8,763.5 10,521.1 10,140.7 6,362.3 6.963.9 6,863.9 7.890.7 8,548.1 1,121.8 2,126.0 2,197.8 2.715.6 2,770.2 2,998.5 2,993.6 3,028.2 3,472.8 4,089.6 I,242.0 1,844.3 1,637.8 1,702.3 1,688.3 186.5 116.8 307.6 231.4 160.9 375.5 183.3 258.5 1.202.9 618.6 1,276.9 1,182.1 1,209.9 1,064.5 687.5 142.4 123.1 123.7 131.7 125.6 10,043.0 10,208.8 10,236.0 10,268.6 10,471.6 10,585.5 10,941.0 11,130.9 11,364.5 11,447.1 11,584.5 11,372.8 From Jan. 2, 1935, through— 8,464.4 8.638.2 8,719.2 8,829.1 9,199.1 9,287.0 9,601.0 9,771.1 9,951.5 9,832.3 9,917.9 9,747.5 2,644.9 2.811.5 2.912.3 3.025.5 3,219.9 3,309.4 3,615.3 3,791.3 3,909.1 3,831.9 3,950.7 3,752.5 4,138.7 4.200.2 4,149.6 4,164.9 4,285.8 4,294.1 4,219.1 4,205.9 4,261.4 4,190.6 4,221.6 4,256.5 1,680.9 ,626.5 ,657.3 ,638.7 ,693.3 ,683.5 ,766.5 ,773.9 ,781.0 ,809.8 : ,745.6 1 ,738.5 133.4 164.9 125.0 109.7 90.7 99.8 103.2 63.0 106.0 110.7 113.1 86.4 631.3 616.8 617.4 622.4 621.1 624.1 647.0 679.9 673.8 859.6 910.9 939.2 688.6 658.3 642.5 580.4 429.6 441.3 460.2 491.3 505.6 516.6 523.6 475.9 125.4 130.7 131.8 127.0 131.1 133.4 129.7 125.5 127.6 127.9 119.0 123.8 Total 31 31 31 31 31 1952—Jan. 31 Feb. 29 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30P Dec. 3 1 P 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] Total :oreign countri es International institutions Date United NethKing- France erdom lands Switzerland 5 1 ,832. 1 2 ,836. 3 2 ,908. 1 3 ,425. 9 7 ,594.0 3 ,480. 5 326.2 546.3 574.4 «656.6 642.6 167 192 171 260 289 .7 .8 .6 .7 .4 143 3 122.8 170.5 193 6 148.8 446 538 576 553 521 3 ,355. 2 3 ,521. 8 3 ,622. 6 3 ,735. 8 3 ,930. 2 4 ,019. 7 4 ,325. 6 4 ,501. 6 4 ,619 4 4 ,542 2 4 ,661. 0 4 ,462 8 644.6 796.9 783.6 745.0 756.8 793 4 848.1 833.7 865.3 889.0 975.2 812.0 252 253 251 256 267 299 344 395 404 348 337 342 .8 .4 .4 .3 .2 .2 .3 .6 .0 .4 .3 .6 153.7 155.9 149.7 122.0 155.9 203.0 241.2 299.4 345.1 384.3 343.1 203.1 521 542 544 584 599 600 617 612 Official and Official 2 Italy Other Europe 4 9 9 0 3 153 1 333 .5 303 .6 314 .7 300 .5 409.6 775.2 869.1 899.0 1,022.2 2,924.7 1.307.1 6 9 8 3 6 8 5 0 290 293 292 286 278 266 291 294 291 305 326 307 Total Europe Canada Latin America Asia All other private 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 31... 31... 31... 31... 31. . 31... 29... 31... 30... M a y 31 . . June 30. .. July 3 1 . . . Aug. 3 1 . . . Sept. 30... Oct. 31 . . . Nov. 3 0 P . . Dec. 31*.. 1952—Jan. Feb. Mar. Apr. 0 3 8 2 2 4 .854.4 5 .853.7 5 ,960.2 «6 ,922.6 1 ,700. 9 1 ,646. 4 1 ,677. 2 1 .658 6 1 ,713. 3 1 ,703. 4 1 ,786. 5 1 ,793 8 1 ,800 9 1 ,829 7 1 ,765 6 1 ,758 4 7 ,517.7 7 ,745.8 7 ,796.1 7 ,924.5 8 ,239.9 8 ,337.7 8 ,568.6 8 ,731.4 8 ,904.7 8 ,756.7 8 ,906.5 8 ,743.2 2 ,262. 1 ,864. 1 ,657. 1 ,722. 1 ,708. 614.3 624 0 627 1 641 7 .2 .9 .1 .5 .5 .8 .7 .9 .9 .7 .2 .8 739.8 1,976.7 738 1 2,472.4 717 0 2,513.9 799 2 '2.777.7 1,216.6 1,057.9 193.7 ,151.8 167.4 1,287.0 961.0 179.5 1,436.7 1.612.9 1 ,378.5 254.5 ,609.6 297.4 1,455.2 997.8 2,860.7 1,316.5 1,400.7 959 2 3,002.2 ,336.3 1,416.3 958 0 2,979.7 1,339.7 1,463.1 970 8 2,964.9 1,397.8 1,490.2 ,496.0 1,529.3 1,004 7 3,062.7 1,028 9 3,192.2 1,503.0 1,517.2 1,058 3 3,401.0 L.540.3 1,538.0 ,528.1 1,570.0 1,083 5 3,519.1 1,141 4 3,662 .0 ,530.1 1,580.7 ,373.3 1.520.7 1,207 9 3,759.4 ,353.7 1,557.5 1,245 .4 3,854.3 1,262 .6 3,569.7 L,391.4 1,601.5 1,635.7 304.1 ,661.9 329.1 1,687.8 325.9 1,755.0 316.6 ,826.0 325.9 ,792.0 333.2 ,757.7 331.6 ,743.5 370.7 ,795.1 336.8 ,781.9 321.5 1,812.9 328.1 L,845.0 335.6 p Preliminary. 1 Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement of funds shown in Table 1. 2 Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in accounts with the U. S. Treasury. 3 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 firms. (Footnote 1 above also applies to this table.) 5 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 p. 1202 of that issue. For further explanation and information on back figures see BULLETIN for August 1951, p. 1030. 300 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS I N THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2a.—Other Europe Other AusEurope tria Date Bel- Czech- Denoslogium vakia mark 1952—Jan. 3 1 . . 997.8 57.0 Feb. 29. . 959.2 55.4 Mar. 3 1 . . 958.0 54.0 Apr. 30. . 970.8 54.9 May 3 1 . . 1,004.7 53.1 June 30. . 1,028.9 49.5 July 3 1 . . 1,058.3 51.9 Aug. 3 1 . . 1,083.5 60.7 Sept. 30 . 1,141.4 74.3 Oct 31 1 207 9 77 7 Nov. 30*>. 1,245.4 84.9 Dec. 31P. 1,262.6 91.1 132.8 136.6 132.1 134.1 155.0 137.5 143.5 142.1 136.7 131 8 142.4 127.1 GerNormany Greece way 5.6 1.3 1947—Tj ec# 31 124.9 739.8 104a—Dec 31 128.7 738 1 119 9 1949 Dec 31 717 0 799.2 41.9 128.2 1950—Dec. 3 1 . . 1951—Dec. 3 1 . . 1,022.2 57.1 134.7 Finland 52.8 44.7 38 0 45.5 45.3 30.5 19.1 25 1 18.3 27.0 89.5 178.9 149.4 221 6 405.6 34.7 21.1 29.6 32.3 45.8 56.2 77.7 69.4 43.6 99.7 .7 .8 .7 .7 .6 .6 .6 .6 .9 5 .5 .6 44.0 38.7 38.9 37.6 37.0 34.2 37.5 43.8 51.0 59 6 69.9 70.4 30.0 30.7 26.9 23.8 23.9 21.3 22.7 24.4 25.9 26 7 26.7 28.5 395.1 353.0 361.8 380.2 390.5 453.1 464.3 457.5 486.2 534 3 544.7 551.1 38.9 38.4 41.0 41.9 41.1 41.7 38.7 39.4 39.8 41 2 42.8 47.3 97.7 96.7 104.4 100.5 100.9 94.6 96.1 101.0 104.1 109 6 109.4 110.3 Poland Portugal 4.2 2.8 47.1 37.7 38 1 45.7 40.7 40.7 42.8 41.8 41.6 43.1 40.6 45.9 49.3 51.0 46 7 49.9 57.4 2.4 5.8 2.5 2.1 2.4 2.6 4.7 3.1 2.2 3 6 1.8 3.4 Rumania Spain 8.7 7.0 6 7 6.1 6.1 6.0 6.1 6.2 6.1 6.1 6.0 5.7 5.7 5.7 6 0 6.1 6.1 12.8 13.6 15 7 21.3 17.1 16.6 17.4 17.9 17.7 20.2 18.5 18.0 17.6 20.4 24 4 21.4 19.2 Sweden Yugo- AH USSR slavia other 1 58.6 73.7 49.0 21.3 90.1 10 2 115.3 4 . 0 71.7 2 . 5 64.3 64.4 62 A 65.3 65.8 68.4 70.6 77.0 77.6 82 8 84.5 91.0 4.2 4.9 2.5 2.4 2.2 2.0 2.0 2.1 5.1 4 8 2.1 1.7 12.1 19.9 7 6 13.2 7.1 7.7 8.7 7.1 7.§ 7.8 10.7 11.4 12.7 14.1 13 0 13.4 12.0 138.2 119.3 117 4 52.4 57.6 59.5 58.8 57.9 54.2 55.1 47.6 44.6 46.5 46.4 45 3 45.0 45.3 Table 2b.—Latin America Latin BoAmer- Argen- livia tina ica Date Brazil Chile Colombia Cuba Dominican Guate- MexRemala ico public Netherlands West Peru Indies and Suri- RepubEl lic of SalPan- vador ama Uruguay 78.0 186.5 121.7 184.1 143 2 207 4 75 1 85.2 71.3 84.7 71.9 87.8 Other Vene- Latin zuela America 2 nam 1947—Dec. 1948 Dec 1949—Dec. 1950—Dec. 1951—Dec. 31 . 1,216.6 31 1,287.0 31 1,436.7 31.' 1,612.9 3 1 . 1.455.2 1952—Jan. 3 1 . 1,400.7 Feb. 29. 1,416.3 Mar. 31. 1,463.1 Apr. 30. 1,490.2 Mav 31 . 1,529.3 June 30 1,517.2 Julv 31 . 1,538.0 Aug. 31 . 1,570.0 Sept. 30. 1,580.7 Oct. 3 1 . 1,520.7 Nov. 30P 1,557.5 Dec. 31 P 1,601.5, 236.2 215.8 201 1 301 .8 249.7 17.8 17 1 13.5 20.4 27 8 104.7 123.7 192.8 226.0 100.3 46.3 46.1 55.6 54.0 60.9 85.9 79.5 53.4 54.0 106.4 234.7 219 4 164.2 259.1 42! 7 263.6 45.8 225.9 212.9 189.4 177.4 167.8 146.8 130.7 128.3 129.8 131.9 146.2 138.8 23.6 98.5 23.6 118.2 21.4 99.6 21.7 98.5 24.4 89.8 24.1 80.9 23.2 93.2 22.5 87.9 21.2 88.9 18.7 72.3 16.6 78.2 24.5 72.5 56.5 97.6 59.5 96.3 57.3 95.0 58.6 91.1 52.0 80.7 54.3 73.6 58.4 77.6 61.2 85.4 58.1 88.3 62.4 87.9 71.2 96.4 79.3 118.2 253.1 265.5 288.3 307.4 318.1 316.6 321.2 341 .4 321.4 285.7 284.2 301.2 46.1 48.9 50.5 53.4 51.5 50.4 51.2 49.9 46.6 43.3 43.5 44.2 139.2 146.7 214.6 25*4' 207.1 27.3 158.2 14.9 24.3 25.9 30.2 34.9 41.8 52.6 52.8 60.2 47.2 70.3 71 8 74.3 59.2 16.1 67.7 27.8 32.1 35.9 39.5 40.0 39.7 38.3 36.4 34.4 32.4 32.2 33.2 34.3 31.5 31.3 28.8 28.2 28.4 32.2 29.1 35.5 38.0 39.5 41 .9 44.3 49.5 48.8 56.3 57.0 55.9 56.5 57.1 58.5 56.2 62.0 62 5 56.4 63.1 65.7 67.9 65.6 70.5 74.2 73.3 74.5 79.5 81.1 82.4 80.8 147.0 134.0 171.9 150.4 177.3 195.7 205.1 238.0 233.5 232.1 251 .0 231.2 36.5 75.2 67.4 39.0 76.8 64.5 43.7 83.5 66.5 42.5 93.0 101.4 37.2 90.4 140.4 36.8 97.6 129.8 32.6 101 .5 131.0 30.5 97.3 108.3 25.4 91.5 154.3 21.6 94.8 141.6 19.9 91 .6 126.2 25.6 92.5 145.5 97.1 95.4 103.6 104.1 105.1 109.2 116.2 116.2 115.6 113.4 112.5 112.2 Table 2c.—Asis 1 and AH Other Asia Date 1947—Dec. 194a Dec 1949—Dec. 1950—Dec. 1951—Dec. 31. 31 31. 31. 31. 1952—Jan. 3 1 . Feb. 29. Mar. 31. Apr. 30. May 31 June 30 Julv 31 Aug. 3 1 . Sept. 30. Oct. 31 Nov. 30? Dec. 31 P Formosa Philand Hong Indoippine Thai- Tur- Other All China Kong India nesia Iran Israel Japan Reland key Asia* other Mainpublic land 31.3 1,057.9 229.9 39.8 62.4 69 3 81 4 1,151.8 216.2 51 1 51 8 41 5 214.6 961.0 110.6 83.9 63.3 15.7 1,378.5 81.7 86.1 55 7 114.7 20.3 12 ".6 458.5 1,609.6 87.4 62.4 62.1 140.6 25.5 26.6 596 0 1,635.7 1,661.9 1.687.8 1,755.0 1,826.0 1,792.0 1,757.7 1,743.5 1,795.1 1,781.9 1,812.9 1,845.0 81.9 81.6 78.6 80.1 80.2 76.5 76.3 80.4 84.7 83.3 80.9 77.1 64.2 64.4 67.8 65.6 62.7 65.9 68.1 69.6 71.4 70.2 69.7 70.3 58.6 59 4 46.3 52.1 67.3 58.7 61.6 54.8 55.2 54.1 54.2 64.6 131.8 127.4 141.0 171.1 190.2 176.5 154.0 114.5 87.3 64.9 60.9 61.0 26.8 26.9 25.7 23.8 23.5 21.1 24.7 22.6 18.3 20.1 19.2 19.2 20.7 19.3 19.8 27.6 37.8 30.5 26.8 26.5 22.1 27.9 19.3 18.8 636.2 655 . 7 682.4 696.8 724.8 730.7 725.6 743 9 772.6 767.5 789.1 808.0 488.6 488 3 297.3 374.4 48 2 329 7 96 7 37.6 17 5 9 8 14.3 14.1 99.0 204 0 165.7 111.9 168.4 193.7 167 4 179.5 254.5 297.4 30.6 22.2 32.4 10 1 38.5 328.2 331.1 332.2 335.0 337.2 333.0 321.8 324.6 319.7 321 .8 315.1 315.1 13.6 14.9 10.6 10 8 14.2 20.6 164.8 166.1 162.4 166.3 161.5 151.7 154.4 153.0 197.2 195.8 217.1 221.5 304.1 329.1 325.9 316.6 325.9 333.2 331.6 370.7 336.8 321.5 328.1 335.6 32.3 54.3 36.5 58.8 38.4 57.8 36.7 62.0 44.7 67.5 49.5 72.6 47.4 74.8 81.2 84.5 54.1 90.4 50.1 96.6 48.4 105.2 47.2 118.6 108.8 115.0 121.0 125.8 126.5 126.8 134.9 143 8 157.9 166.6 176.5 181.0 9.4 9.8 8.8 9.7 11.0 8.4 Israel a n a 1 naiicuiu, i c p u i i c u scpa.iciLC.Ly as ui LUCIL uctLc. 21, 4 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. MARCH 1953 Egypt and Union BelAus- gian Anglo- of Other* tralia Congo Egyp- South tian Africa Sudan 25.0 46.4 91.8 27 7 15 8 101 6 61 6 6!o 79^5 58. \ 75.6 44.0 57.7 7.0 54.5 110.7 86.8 121.0 126.4 127.3 123.3 118.3 117.7 116.8 104 2 91.7 72.1 62.0 59.7 9.1 11.8 9.0 13.9 12 A 10.9 11.2 14.2 11.8 13.3 19.5 23.6 87.3 95.7 93.3 80.7 83.1 82.5 81.5 86.5 88.7 89.4 93.0 86.5 :parately as of that date. lg January 1950, excludes Iran, 301 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] 1947—Dec. 1948—Dec. 1949— Dec. 1950—Dec. 1951—Dec. United King- France dom Total Date 948.9 31.. 31.. 31.. 31.. 31.. Switzerland Other Total Europe Europe 9 3 5 1 2 248 6 323 8 219.2 237.0 182.8 27 5 996.0 964.4 1 ,004.4 1 ,019.7 1 ,038.7 : ,029.6 12 6 14 4 21 5 23 5 24 9 30 4 28 6 24 .6 19 6 16 .4 17 2 17 .8 114 6 103 .0 89 6 81 1 79 68 .8 67 .2 66 .5 75 1 79 .0 82 .7 81 .9 ,026.2 ,066.3 ,023.4 ,018.7 ,016.3 1 ,043.0 Germany Greece Norway 23 .4 119 . 0 51 .8 31 .4 10 .1 49 51 5 3 5 1 4 2 4 0 7 6 3 8 11 28.5 32.8 35.4 33.5 42.0 36.2 30.9 32.2 26.8 35.8 33.8 27.9 827.9 898.0 968.4 14 .1 14 .1 13 2 13 .8 11 .6 11 7 5 5 5 3 3 3 3 3 2 2 4 4 8 6 7 4 3 1 8 3 6 7 4 4 11 10 11 8 11.6 9 .2 9 .3 9 .4 8 .2 31 .9 Latin America Canada 29.2 24.5 37.2 105.7 35.0 1 ,018.7 1952—Jan. 3 1 . . Feb. 29.. Mar. 3 1 . . Apr. 3 0 . . May 3 1 . . June 3 0 . . July 3 1 . . Aug. 31. . Sept. 30.. Oct. 3 1 . . Nov. 3 0 P . Dec. 31 P. Netherlands 0 9 8 7 2 2 3 6 6 7 3 9 8 8 0 9 .8 8 .4 8 0 9 .2 8 .7 Italy 21 15 22 20 10 1 8 6 7 3 118 106 98 67 111 514. 3 All other Asia 8 6 8 0 411. 1 378. 8 489. 3 127 0 118 .8 139 .7 96 .3 162 .4 31.5 19.7 20.4 60.0 41.9 186.8 180.2 176 9 163.9 168.2 160.2 150.0 145.7 141.8 151.4 155.5 172.6 89 3 72 4 72 1 76 4 69 5 51 4 45 1 53 3 58 3 73 .7 73 . 8 62 .3 520. 3 520. 6 570. 2 601. 1 652. 2 669. 6 700. 1 715.2 658. 3 638. 6 636. 4 657. 1 161 9 154 .6 149 .5 144 8 117 .4 118 . 0 105 .2 128 .4 141 .6 132 .8 127 .9 128 .6 37.6 36.7 35.7 33.5 31.5 30 4 25.8 23 7 23.4 22.2 22.8 22.4 Portugal Spain Sweden Yugoslavia All other 2 (') 35 29 22 4 4 39 37 125 92 516 6 Table 3a.—Other Europe Other Europe Date 1947—Dec> 1948—Dec. 1949—jj ec 1950—Dec. 1951—Dec. 31 31 3i 31 31 Austria 118 9 106.3 98 5 67.1 111.2 1952—Tan 31 Feb 29 Mar. 31 Apr 30 May 31 June 30 July 31 Aug 31 Sept. 30 Oct 31 Nov. 3 0 P Dec. 31 P ... 114.6 103 0 89.6 81.1 79.1 68.8 67.2 66.5 75.1 79.0 82 7 81.9 Belgium (3) .1 .1 (3) 1.0 1 0 .8 Finland i i .7 .5 5 2 9 2 8 4 7.4 1 4 2 5 2 ? 0 1.0 9 1 .2 1 0 15 0 21 .4 19.3 21 5 39 6 2 (3) Denmark 2 2 .6 .4 3 2 4 8 8 0 3.4 8.2 2 2 3 1 30 5 30.5 30.0 25 4 28 3 10 6 1 2 .7 2 42 9 33 7 28.7 21 3 17.6 13.9 12.9 11.5 11 8 13.2 17 7 16.2 4.0 4 6 3.6 4 1 4.6 2.7 3.9 3.4 30.1 27 9 27.7 27 2 26 9 23.2 23 7 25 7 27 5 28.0 25 4 26.8 4 3 3.5 3.6 2.2 3.5 2.8 3 3 2.1 1 8 2.9 2.8 2.2 2 8 3.8 4 0 5.6 8 .2 .2 .2 2 .2 9 .8 .8 7 .6 6 .5 .6 .5 5 4 1.4 2 3 6 9 5 4 19 0 19 8 13.5 12 6 14 6 14.3 14 3 12.5 13 5 12.6 11 8 11.2 5 2 4 3 4 2 3 6 3 2 2 7 3 1 1 9 2 2 3.3 3 0 2 4 2 7 2 3 5 3 4 7 3 8.0 7 9 4 2 4 6 4 4 4 9 3 8 3.6 3 6 4.4 3 7 3.8 5 8 2.5 8.6 5.4 9 8 > 0 .6 8 L.8 >0 L.7 8 .2 2.9 7.0 1 6 18 8 6 0 3 9 2 4 1 3 7 9 8 6 0 0 Table 3b.—Latin America Latin BoAmer- Argen- livia tina ica Date 1947—Dec. 1948 Dec. 1949—Dec. 1950—Dec. 1951—Dec. 31. . 514.3 31'. . 516.6 411 1 31 3 1 . . 378.8 3 1 . . 489.3 65.2 72.4 53 6 45.9 1952—Jan. Feb. Mar. Apr. 31 29 31. 520.3 520.6 570.2 601.1 652.2 669.6 700.1 715.2 658.3 638.6 636.4 657.1 30. . M a y 31 . June 30.. July 3 1 . . Aug. 31. . Sept. 30.. Oct. 31 .. Nov. 3 0 P Dec. 31P. Brazil Chile Colombia Cuba 165.8 165 4 136.9 78.0 185.0 27.8 15 2 15.5 7.6 2 .0 2 7 2 8 .7 7 .5 24.8 32 6 108.6 32 6 83.1 21.1 27.5 42.5 27.6 43.7 32.3 7.9 7.8 8.6 7.8 7.4 8.2 7.2 7.6 8.6 8.1 9.3 8.2 7 .1 9 .9 8 .1 8 .6 9 .7 8 .4 8 .7 6 .8 6 .2 6 .2 6 .0 5 .8 207.3 217.0 234.9 272.2 320.7 358.3 392.6 403.9 374.7 356.2 354.3 356.4 26 2 23.6 29.3 29.1 27.5 26.1 27.0 23.0 21.6 18.3 20.5 25.4 39.3 36.1 33.8 31.5 34.3 35.0 34.5 34.2 32.1 34.9 36.0 41.7 6.8 29.6 31.0 56.6 54.7 55.9 51.8 52.5 51.6 33.6 36.1 30.6 32.5 NethDoerminlands ican Guate- Mex- West Remala ico Indies puband lic Surinam Peru Republic of Panama El Salvador 2 6 3 8 1 1 1 5 1 3 I .3 1 .2 4 4 5 11 11 3 4 .8 0 8 4 7 1.9 1.8 2 g 0 6 6 4 6 5.3 3 1 3 0 6 .8 9 .5 2.2 4 0 109 1 4 2 103 0 4 2 101 1 4 1 94 .4 3 .7 90 . 8 4 .1 78 0 3 .7 71 .2 3 .2 91 .7 92 . 0 2 .8 3 .2 88 . 4 85 . 0 3 .5 4 .2 82 .9 I .2 1 2 1 2 1 .3 1 .1 1 .2 1 .2 1 .1 1 .2 1 .2 1 .3 1 .3 12 0 11 8 11 .5 10 .3 11 .6 10 .9 10 .9 10 .7 10 .3 11 .7 13 .2 14 . 8 4 2 4 1 3 9 6 8 6 0 5 9 6 .3 3 .3 3 7 4 .4 4 .2 5 .3 9 9 8 .4 7 .5 6 .5 5 3 5 4 5 .3 5 .3 5 .1 7 .1 9 .0 9 .1 Uruguay 2 1 2.1 2.9 2.4 2.2 1.9 1.8 1.8 1.6 1.7 1.6 52 73 73 70 90 Other Vene- Latin zuela America « 8 0 10 5 15 26 25 49 41 3 0 6 4 7 34.5 34 7 43 1 14.6 14.5 11 8 7 9 19 1 24 9 27 9 30 5 32 1 25 .7 20 6 14 3 12 .9 17 .3 34 9 38 7 33 .1 32 .2 34 .2 32 1 32 .4 32 .4 31 .7 33 .1 35 .6 36 .7 13.7 13.8 15.1 13.7 13.8 11.5 12.5 13.0 12.4 13.9 13.2 13.7 P Preliminary. 1 See footnote 1, p. 300. Beginning January 1950, excludes Austria, reported separately as of that date. 3 Less than $50,000. * Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 2 302 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 Philippine Thai- Tur- Other All and Hong IndoChina Kong India nesia Iran Israel Japan Reland key Asia1 other public Mainland 31. . 31. . 31. . 31. . 31.. 127.0 118.8 139.7 96.3 162.4 40.8 24.2 16.6 18.2 10.1 2.6 3.4 3.7 3 0 3.1 29.6 20.4 17.4 16 2 13.4 .5 1.9 .2 2 .3 .9 15.9 14.1 6 6 18 9 12 1 9.3 30.0 12.2 27.4 37.3 23.2 4 9 29.3 2.5 1952—Jan. 31. . Feb. 29.. Mar. 31 .. Apr. 30.. May 3 1 . . June 30. . July 3 1 . . Aug. 31. . Sept. 30.. Oct. 3 1 . . Nov. 30P Dec. 31 ?.. 161.9 154.6 149.5 144.8 117.4 118.0 105.2 128.4 141.6 132.8 127 9 128.6 10.1 9.6 9.1 8.6 8.1 7.3 8.1 8.3 10.1 10.1 10 1 10.1 1.4 1.6 2.8 4.2 1.8 2.4 .8 1.3 1.0 .9 1 3 14.8 16.8 20.4 14.5 9.4 6.5 5.5 4.2 3.7 3.5 3.7 .4 .5 .7 .9 .6 1.4 .5 .6 .7 .9 .7 29.1 27.2 22.6 23.7 27.4 20.5 6.9 10.3 5.3 6.4 3 0 2.1 2.9 3.7 2.8 3.2 2.7 2.3 3.5 3.8 3.4 4.0 1.2 4.3 35.9 32.4 30.3 29.3 30.1 27.7 27.4 22.9 22.8 18.7 17.4 15.1 7.6 3.3 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 8.9 9.0 10.1 10.8 10.6 10.7 10.3 9.6 9.3 10.1 10.2 .9 10.2 8.6 8.8 9.1 11.0 12.5 14.3 10.4 13.3 10.1 12.6 12.2 12.5 i 5 Egypt and Union BelAus- gian Anglo- of Other 2 tralia Congo Egyp- South tian Africa Sudan 17.7 1 4 14.3 9 .6 7.5 14 3 50.3 13 9 51.6 31.5 19 7 20.4 60 0 41.9 9.0 4 7 7.9 40 8 22.8 .5 .6 13.8 23.6 1.6 15.4 16.7 37.0 55.7 51.0 47 4 38.8 50.0 45.1 26.9 15.3 12.1 9.0 16.3 17.4 19.2 15.3 17.7 24.6 37.6 36.7 35.7 21.1 17.5 17.7 13.5 12.7 12.0 9.6 8.0 8.2 8.7 10 0 10.1 33.5 31.5 30.4 25.8 23.7 23.4 22.2 22.8 22.4 4 4 5.7 5.3 6.0 7.2 7.6 7.8 8.7 8.2 7.9 6.9 6.7 6.5 6.0 .1 .4 .2 3 .2 14.4 7.9 4.5 7.3 6.7 8.0 6.8 7.7 72 6.5 .1 .1 .1 .2 .2 .2 .2 .5 .6 .5 .1 .5 6.3 6.0 5.7 7.0 4.8 4.7 3.7 3.5 3.1 2.3 2.6 2.0 4.7 7.0 5.0 5.1 6.1 4.9 4.1 3.8 4.7 4.0 3.6 3.8 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES 3 (Inflow of Foreign Funds) [In millions of dollars] IT. S. Government bond s and notes 4 Year or month Corporate bonds anc stocks 5 Purchases 1947 1948 1949 1950 1951 1952? . . 1952—January February March April May June .. July August . September October. . November? December? . . Net purchases Purchases Sales Net purchases 344.8 282.4 430.0 1,236.4 673 6 531.9 . Sales 283.3 330.3 333.6 294.3 1,3S6 6 233.8 61 .5 -47.9 96.4 942.1 6 _ 683 0 298.1 226.1 369.7 354.1 774.7 859 8 858.8 376.7 514.1 375.3 772.3 761.0 836.3 -150.6 -144.3 - 2 1 .2 20.2 15.5 19.4 13.9 31.2 39.6 39.1 37.5 34.0 188.8 49.4 43.2 12.7 18.7 16.3 15.8 22.2 32.0 29.2 13.3 14.2 18.8 21.1 19.5 76.6 68.3 65.7 76.2 61.6 63.6 76.8 67.6 53.3 77.2 78.3 93.7 71.5 79.6 68.1 69.2 71.9 68 3 63.7 58 9 79.2 61 .5 55.2 89.1 5.1 -11.3 -2.5 7.0 -10.3 -4 7 13.1 8.7 -25.9 15.7 23.1 7.6 -3.2 3.1 -2.0 9.0 7.7 9.9 24.2 19.8 170.1 28.3 23.7 2.4 98 7 22.5 4.5 Total purchases Total sales Net purchases of domestic securities 570.9 652.2 784.1 2,011.1 1,533 .3 1,390.7 659.9 844.4 708.9 1,066.6 2,117.6 1,070.1 -89.1 -192.2 75.2 944.4 -584 3 320.6 96.9 83 8 85.1 90.1 92.8 103.2 115.9 105.1 87.3 266.1 127.7 136.9 84.2 98.3 84.4 85.0 94.1 100.3 93.0 72.2 93.4 80 3 76.4 108.7 12.7 — 14.5 .6 5 0 -1.3 3 0 22.9 32.9 -6.1 185.8 51.4 28.2 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES 8 (Return of U. S. Funds) [In millions of dollars Foreign stocks Year or month Foreign bonds Purchases 1952—January... February.. March April May June July August.... September. October. . . . November? December? Net purchases Purchases 57.1 81.7 88.8 173.8 272.3 289.8 1947 1948 1949 1950 1951 1952? Sales 42.6 96.7 70.8 198.2 348.7 329.6 14.6 -15.0 18.0 -24.4 -76.4 -39.8 658.7 211.6 321.2 589.2 500.4 495.4 34.4 29.4 22.0 28.9 19.0 19.2 23.9 24.1 24.6 22.1 19.5 22.8 29.9 28.1 35.8 44.9 20.4 29.8 33.0 22.7 26.8 20.8 16.5 20.9 4.6 1.4 -13.8 -16 0 -1.4 -10.6 -9.1 1.4 -2.1 1.3 3.0 1.8 33.1 19.0 21.5 47.7 40.3 52.5 52.8 57.9 38.9 87.6 18.2 25.9 Total purchases Total sales Net purchases of foreign securities 39.0 -94.8 27.8 -145.4 -377.0 -211.6 1.1 -30.3 -15.8 -62.1 -150.8 11.7 18.9 31.1 14.3 11.0 Sales Net purchases 634.3 291 A 311.5 710.2 801 .0 667.2 24.5 -79.8 9.8 -121.0 -300.6 -171.8 715.9 293.3 410.1 763.0 772.7 785.3 676.8 388.2 382.3 908.4 1,149. 7 996.8 36.5 50.7 23.4 93.8 189.6 30.2 24.8 28.2 22.5 77.8 14.1 75.5 -3.5 -31.7 -1.9 -46.1 -149.4 22.4 28.0 29.7 16 4 9.7 4.1 -49.6 67.5 48.4 43.5 76.6 59.3 71.7 76.7 82.0 63.6 109.6 37.7 48.7 66.4 78.7 59.3 138.7 210.1 60.0 57.8 50.9 49.3 98.6 30.7 96.4 7.1 -47.7 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. 3 4 Includes transactions of international institutions. Through 1949 includes transactions in corporate bonds. 5 Through 1949 represents transactions in corporate stocks only. 6 Includes net sales of 554 million dollars by Canada. MARCH 1953 303 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 1947 1948 1949 1950 1951 International institutions United Kingdom Total 74.5 — 163.6 — 199 8 7.6 87.0 -11.8 823.2 121.2 —15^9 —568.4 305.8 14.7 1952P. 1952—Jan.... Feb.. . . Mar.... Apr.... May... June... July. . . Aug Sept.... Oct.... NOV.P.. Dec. P . . .3 -3.3 .8 .8 .3 .6 .4 .9 .9 -8.9 9.1 20.9 64.0 21.4 66.2 12.4 -11.2 5.4 -.7 2.3 .4 1.3 2.4 7.2 7.0 -.2 4 2 -I 6 2.4 22.5 32.0 -7.0 174.5 50.5 27.4 11.3 .9 .9 Nether- Switzerlands land France —98.2 — 79.3 —25!s —6.3 —22.2 —21.9 6^0 5.5 1.5 .7 .4 -.6 0) 1.6 .6 .7 -6.9 38.9 Other Europe Total Europe Canada Latin America — 17.1 — 14.1 -175.5 — 190.4 2.6 2.2 36.5 73.8 347.5 9.2 —43^8 115.7 6.2 —49.0 458.2 —595.5 193.0 3.2 7.5 -3.5 10 2 (i) 1.5 -.7 1^9 .5 -1.9 .7 13.7 6.9 8.3 5.4 13.8 -.6 -2.2 4.5 " -9.5 -1.3 -1.1 -2.1 -3.1 2.3 -.9 -2.3 -3.3 -1.9 3.6 .7 2.9 4.1 -.4 4 4 -4.8 9.2 .3 -1.2 .3 .4 .1 .2 -.1 3 4.8 4.7 -.6 .7 1.2 .9 .6 -.4 3.9 3.3 -'.2 10.0 —23 3 -2.1 — 15.3 30 1 13.9 14.1 -7.0 -1.3 -.1 .2 -.2 .1 1.4 2.6 21.3 15.1 -.5 45.9 18.7 -2.7 6.8 15.7 -2.3 126.1 28.3 16.6 All other Asia 2.5 -1.2 2.4 -.1 -2.7 .1 .5 1.2 1.8 10.4 -4.8 -.5 -.3 -1.2 7.2 13.0 —40.0 44^2 19.0 45^9 59.2 -1.7 -2.7 -2.3 -2.6 -2.1 -3.0 -1.4 —50.2 —82.8 —6.8 197.8 Italy 0) .2 -.2 -7.3 1.5 .9 0) -4.1 1.1 3.4 .1 1.2 -.1 1.0 2.2 —3 9 .2 2 7 — .7 1.9 .4 .1 .3 -.2 -.2 .5 .2 .3 -.3 .1 .2 .5 TABLE 6a.- -DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia Year or month Other AusEurope tria 2 -14.1 2 6 2.2 73.8 ' 18.4 -43.8 -11.9 6.2 .4 1947 1948 1949 1950 1951 1952P 1952—Jan.... - 1 . 3 Feb.... .3 Mar. . . - 1 . 2 Apr.... -.6 May . . .7 June... 1.2 July... .9 Aug.... .6 Sept.. . -.4 Oct... . 3.9 NOV.P . 3.3 Dec.p . - 1 . 2 .2 0) 0) 0) 0) 0) 0) 0) 0) 0) .2 Norway Belgium Colombia All Latin other America - . 9 -4.1 -9.2 -3.5 .3 10.2 2 6 — .3 9 2.5 1.4 1.6 6.0 30.1 12.6 36.7 5.7 - 3 8 . 1 5 13.9 6.0 -.5 4.7 .3 -.6 .5 -.1 .8 .2 .4 -.8 .4 — .1 2 .6 -1.5 0) (»)• 0)' 0) 3^2 3.1 -.1 .3 .2 1.2 -1.2 -.8 -.9 -.8 -1.0 24.6 6.1 .2 .1 -.4 -.3 .3 .6 .5 .4 .8 -1.1 1.1 .3 — 2 l!3 -.1 — 1.3 - . 1 -.3 -.2 .4 0) - . 1 -1.6 2.3 -2.3 2.9 4.1 -.4 -4.8 1.5 .9 -4.1 1.1 3.4 .1 -.9 -.1 -1.3 -1.3 .5 .6 1.8 .2 -.2 .9 -.3 .5 Cuba Republic Uru- Other Latin of 2 Pan- guay America ama Mexico 2.5 - 6 . 9 2.9 - 4 7 4.2 .3 .1 - 5 . 0 .5 2 6 2 5 8 2.6 - 6 . 5 2.7 1.0 -.2 -.7 -.4 .8 .7 .8 .1 .3 1.1 1.1 -3.2 2.0 1.4 .4 -5.9 -.3 -2.3 -3.1 .8 2.3 .4 .5 1.0 -.1 .5 -.2 .3 .5 1.2 -.8 -.3 1 C) Asia 1.5 10.0 12.6 - 2 3 . 3 -2.1 -2.1 11.1 - 1 5 . 3 1 .5 4.8 6.6 -9.5 -.1 .2 -.1 1.7 1.3 .4 .5 .5 1.1 .6 .4 -1.3 -1.1 -2.1 0) — .2 -7.3 0) 1.2 — .1 1.0 Formosa and China Mainland Indonesia -3.2 -22.7 -7.2 -3.0 -.2 -.3 -1.3 -.1 .2 -.3 -.1 0) 0) -.2 .2 .1 C1) -.4 8 8 0) 0) 0) — .1 -.1 0) 0) 0) 0) 0) Philippine Other ReAsia public 7 0 7.5 .4 -.9 .5 4.4 .9 - 1 3 . 0 6.8 -2.1 2.3 -11.4 -1.1 -.3 -1.6 C1) -7^5 8 0) C1) 0) -.3 -.8 - 4 -.1 .1 .8 .6 1.1 .1 1.1 TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, (—). In millions of dollars] Year or month 1947 1948 . 1949 1950 1951 1952? . . 1952—Jan.... Feb.... Mar.... Apr.... May... June... July... Aug.... Sept Oct NOV.P.. Dec.p.. International institutions —249 3 (i) — 16.0 —3 6 -152.7 -118.1 -1.4 -4!4 0) -50.7 -.8 0) -.6 -58.8 -.8 -7 p Preliminary. i Less than $50,000. 304 United Kingdom Total -2.0 -9.9 -13.5 —6.1 -2.0 -4.0 -3.1 -4.3 .2 288.3 — 94.9 43.8 — 141 8 -224 3 -93.5 2.5 -30.4 -11.4 -62.2 -100.1 12.5 18.9 31 .7 14 3 69.8 -3.0 -.5 .1 -1.1 -1.6 — 1.1 -1.0 1 3 4.0 y 7.9 -47.0 France -.7 .4 Nether- Switzerlands land -29.9 -5 3 -.1 -14.9 -35.4 19.1 17.2 14.2 -1.3 -4.1 -4.7 4.9 -12.8 8.7 1.0 .4 .2 .5 .5 .9 -.3 1.0 1.2 .1 .7 .3 .5 .6 -.2 2.3 .7 .4 1.7 1.0 -.2 —. 1 -.4 2.8 -3.9 -6.7 -2.9 - 7 -.2 -.1 -.2 -1.6 2.1 -.5 1.8 .4 .7 Italy — .3 .l .4 .5 1 .2 1.2 .1 0) 0)' .1 — 2 A -.3 1 1.0 0) .2 Other Europe Total Europe Canada 15.6 11 4 24.6 7 8 16.4 18.2 —34.4 —43 4 30.8 13.4 28.5 16.2 205.2 — 102*2 — 10.6 — 190.0 —258.6 -131.0 .6 .8 2.8 .4 2.1 6.1 -.4 .2 6 3.9 .7 .3 4.9 -.8 3.1 3.3 2.3 1.2 2.8 -9.6 -1 0 2 0 10^6 -30.6 -5.5 -71.2 -101.5 11.2 21.4 28.3 11 5 39^8 .3 -.2 -46.0 8.8 Latin America 89 2 40 7 20.2 29.8 33 8 25.3 -1.1 2.3 1.5 1.0 1.9 2.5 0) 1.1 .6 13.1 .2 2.3 Asia .5 1 6 .8 1 0 -36 0 -10.0 -4.4 -1.8 -5.0 -4.1 —3.0 -2.7 6.7 2.7 .4 6.7 — 1.6 -3.9 All other 27.8 8^4 2.6 3.9 7 9 6.0 .3 .6 -5.5 8.8 .1 .4 .2 .6 — 2 -.3 .2 .7 » Not available until 1950. FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 8.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) [In millions of dollars] Year or month Total Nether- Switzerlands land United Kingdom France 1947 1948 1949 1950 -11.3 -19.3 1951 —6.1 -1.8 -.2 -1.0 -1.6 -.2 5.3 1.2 -.8 1.1 .2 -1.1 -1.7 1.0 19 -4.8 -1.3 .8 3 -.9 .3 .2 -.1 -.2 .3 -.2 -.3 -.1 .6 8.0 1952? 1952—January February March April May June July August September.. . October November? December^ 4.1 2.3 -3.7 -4.1 -1.0 -1.2 .1 -1.4 -2.5 - 1 2 5 4 .4 1.0 -1.6 1.3 -1.7 -28 . 9 4.8 .2 — .1 0 2.0 .3 -4.8 -3.4 -.5 -1.2 1.7 .8 3 -1.9 - 6 3 1 7 -3 4 -.7 -.3 e .7 Italy __ o 1 .2 4 ? -.6 -1.5 -10.7 .9 .7 -4.8 1.2 0) -.5 4.8 -2.7 1.7 - -.3 .3 -.4 -.2 .1 0) -1.2 .4 .1 -.2 -.3 .6 4 2 2 -7 2 — .2 -.2 -.5 -3.2 2 1 .2 2 9 -2.1 - 1 .1 -1.0 Other Europe - 5 1 .2 3 .1 .1 .2 -.3 Total Europe -9.3 -20.8 1.0 3.0 -3.3 -1.6 Latin Canada America -2.0 8.1 0) -2.9 2 6 2.2 -2 1 -3.3 -1.8 .9 -3.2 1.5 -. 3 -. -1.3 4.4 - 5 0 1.0 -3.0 2.8 -1.0 -3.7 1.8 -.6 1.2 .1 .9 2.2 - 1 5 1 1.1 -2.1 1 8 1.4 2.1 .5 -.3 3 .6 .6 -2.0 .4 1.9 .2 -1.8 -1.2 -3.5 3.2 0) -1.4 -.1 .2 .6 .4 2 0 5 1 — .1 - . 1 .2 .5 -.2 -.8 .2 -.3 -.2 -1.7 .8 .6 -.1 .9 -2.6 -1.5 All Other Asia 0) -.6 0) .6 .2 .1 .5 .4 -.8 P Preliminary. Less than $50,000. Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 82.4; U. S. brokerage balances abroad, 35.5. 1 2 GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reported monthly Year or month 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 Estimated world production Total outside reported USSR* monthly 1,265 6 1,125.7 871 5 777.0 738 5 756.0 766 5 798.0 833.0 857.5 840.0 1,110.4 982.1 774 1 701.5 683 0 697.0 705 5 728.1 753.2 '777.1 758.3 North and South America Africa South Africa Rhodesia West Belgian United Africa2 Congo 3 States4 Canada Mexico Colombia Other Chile fine: i. e.t an out ce of fine gold =$.35. $1 =15121 i'rains of gold 911C 187.1 28.0 23.0 19.6 209.2 504 3 32.4 27.8 28.0 20.9 18.0 131.0 169.4 29.2 494.4 26.6 22.1 48.8 127.8 19.8 19.7 15.8 448 2 23 0 19.4 35.8 102.3 17.8 18.4 12.7 20.7 429.8 94.4 12.1 32.5 17.5 17.7 19 9 427 9 18 9 51.2 99.1 14.7 15.3 20.5 11.6 19.1 417.6 13.4 75 8 107.5 10 8 19 3 16.3 392 0 18 3 12.9 70.9 123.5 11.7 18.0 23.4 11.1 405.5 67.3 144.2 14.2 12.6 12.9 23 1 18.5 409.7 12.0 '24.1 80.1 155.4 13.3 14.3 17.9 408.2 »-22 9 66.3 '153.7 13.8 '12.3 17.0 15.1 403.1 Nica- AustraIndia3 ragua6 lia 9.3 6.4 6.1 7.1 6.3 8.1 5.9 5.7 6.3 6 7 6.1 8.6 7.7 7.9 7.0 6.4 7.4 7.8 7.7 8.0 8 8 52.4 40.4 26.3 23.0 23 0 28.9 32 8 31.2 31.3 30.4 '31.3 10.0 9.1 8 8 6.6 5 9 4.6 6 1 6.5 5.7 6 7 '7.9 7.5 1951—December. . 62.4 33.2 15 2 1 1.0 4 9 13.2 1.2 .9 .4 8 2.7 .7 1952—January... February March April 62.5 61.0 63.3 63.3 66.2 34.2 32.2 34.4 33.8 35.5 34 1 35.5 34 9 34.7 3.5 4 34 3 34.6 4 .4 2.0 1.9 1 9 2.0 2.0 1 9 1.8 2.0 2.1 2.1 2 1 1.1 5.0 4.8 4.6 5.0 5.1 5 5 6.4 6 5 6.2 6 8 6 0 12.4 12.3 12.8 12.7 12.8 '12 6 13.1 '13.0 13.4 14.1 13.6 .5 1.4 1.4 .9 2.1 1.6 1.4 1.2 1.6 1.5 9 1.3 1.1 1.0 1.1 .6 .4 5 .4 .5 4 .6 .6 2.4 2.6 2 5 2.8 2.7 2 9 3.2 2 4 .6 .7 7 .7 .7 7 .7 7 .8 8 3 7 7 7 7 8 .8 .7 .7 .8 .7 8 1 8 8 May June July August September October.... November.. December L.5 L.4 s L.4 6 1.4 1 5 1 5 ? 1.3 1.2 ? .2 ? 1.2 1 1.1 .9 5.9 .6 2.8 7 .7 r Revised. Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 8 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly figures reported by American Bureau of Metal Statistics, those for 1951 having been adjusted by subtracting from each monthly figure $297,000 so that the aggregate for the year is equal to the yearly estimate compiled by the United States Mint. 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 1953 305 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States total world (excl. USSR) 1 Treasury Total» End of month 34,550 34,930 35,410 35,820 35,950 Argentina Belgium Bolivia Brazil Chile Colombia Cuba Denmark Ecua- 83 51 52 74 279 289 299 271 311 32 32 32 31 31 20 21 21 19 22 dor 1952—Feb Mar . . . Apr May .. June.... July Aug Sept... . Oct . Nov.... Dec. r 36,000 ••36,120 36,200 P36.260 1953—Jan 22,754 24,244 24,427 22,706 22,695 22,868 24,399 24.563 22.820 22,873 322 143 216 216 268 597 624 698 587 621 23 23 23 23 23 354 317 317 317 317 294 408 496 590 850 45 43 40 40 45 23 190 23,290 23 297 23,296 23,346 23 350 23,344 23,342 23 339 23,337 23 186 23 377 23,428 23 450 23 502 23,533 23 536 23,528 23,525 23 521 23,504 23 252 268 268 268 268 268 268 268 268 268 268 610 624 638 650 669 735 735 718 713 711 706 23 23 23 23 23 23 25 22 317 317 317 317 317 317 317 317 317 317 317 868 874 877 886 893 887 883 892 885 887 896 45 45 45 42 42 41 41 42 42 42 42 311 321 321 321 318 304 294 280 280 254 214 31 31 31 31 31 31 31 31 31 31 31 22 22 22 22 22 22 23 23 23 23 23 22,986 1947—-Dec 1948—Dec 1949—Dec 1950—Dec 1951—Dec. . 23,079 42 214 31 23 France 3 Guatemala India 709 End of month Egypt 1947—Dec 1948—Dec 1949—Dec 1950—Dec 1951—Dec 53 53 53 97 174 548 548 523 523 548 27 27 27 27 27 274 256 247 247 247 142 140 140 140 138 58 96 256 256 333 •180 1952—Feb Mar.... Apr.. .. May June.... July . . . Aug Sept Oct Nov Dec 174 174 174 174 174 174 174 174 174 174 174 548 548 548 548 548 548 558 558 558 568 573 27 27 27 27 27 27 27 27 27 27 27 247 247 247 247 247 247 247 247 247 247 247 138 138 138 138 138 138 138 138 138 138 138 346 346 346 346 346 346 346 346 346 279 279 280 280 280 280 280 280 280 255 235 573 27 247 138 Sweden 1953—Jan Java 178 208 279 Mexico New Netherlands Zealand Norway Pakistan 100 42 52 208 208 231 166 195 311 316 23 23 27 29 32 72 52 51 50 50 14 27 27 27 206 185 185 117 70 71 72 87 104 317 340 342 344 344 350 323 326 326 394 544 32 32 32 33 33 33 33 33 33 33 33 50 50 50 50 50 50 50 50 50 50 50 38 38 38 38 38 38 38 38 38 38 38 *>567 33 United Kingdom Uruguay Venezuela 218 Peru 20 20 28 31 46 46 46 46 46 46 46 46 46 46 46 38 Inter- Bank for national InterMone- national tary Settlements Fund 105 81 70 90 152 1,356 ,387 .504 ,470 ,452 34 34 118 118 113 170 162 154 150 151 2,079 1,856 1,688 3,300 2,335 175 164 178 236 221 215 323 373 373 373 1,356 ,436 ,451 1,495 1,530 30 36 68 167 115 51 51 51 51 51 51 51 51 51 51 51 211 214 214 210 213 206 202 202 190 185 184 ,426 ,432 1,413 ,410 ,408 1,408 ,404 1,404 1,406 ,407 L ,411 113 113 113 113 113 113 113 113 113 113 113 150 150 150 153 150 150 150 146 143 143 143 1,771 1,700 1,662 1,678 1,685 1,716 5 1,672 1,685 5 1,767 1,895 * 1,846 211 211 211 211 211 211 211 211 205 205 373 373 373 373 373 373 373 373 373 373 373 1,532 ,532 ,532 ,535 ,537 1,537 ,681 1,683 ,691 i,692 1,692 126 143 151 154 154 166 181 183 187 191 196 51 195 143 s 1,978 373 1,692 215 El Salvador South Africa Spain 1947—Dec 1948—Dec 1949—Dec 1950—Dec 1951—Dec 310 236 178 192 265 15 15 17 23 26 762 183 128 197 190 111 111 85 61 51 1952—Feb.... Mar... Apr.. . . May... June... July . . . . Aug Sept Oct. . . . Nov Dec 270 274 274 274 274 274 274 277 282 285 286 26 26 26 30 30 30 30 29 29 29 29 193 169 164 161 148 151 159 158 159 159 170 29 Italy Thailand Portugal .. Iran Switzerland End of month 1953—Jan., Canada Turkey 207 r p Preliminary. Revised. 1 Includes reported gold holdings ot central banks and governments and international institutions, unpublished holdings of various central, banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3 Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4 Figure as of Mar. 31. 6 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 backfiguresthrough 1941 see Table 160, p. 526 and pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 306 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) Total Belgium -.2 406.9 734.3 446.3 -1 ,020.0 469.9 440.0 31.1 14.2 222.8 69.8 -41.0 -55.0 -10.3 -3.8 68.8 173.9 101.5 -151.0 1945. 1946. 1947. 1948. 1949. 1950. 1951 . 1952. United Kingdom -452.9 721.3 2,864.4 1,510.0 193.3 -1,725.2 75.2 393.7 Year or quarter 162.4 283.9 Netherlands France 278.5 Sweden -47.9 -10.0 130.8 116.0 40.7 63.0 14.0 -23.5 -79.8 -15.0 - 4 . 5 -34.9 -100.0 - 5 . 0 264.6 15.8 -84.8 -20.0 80.2 238.0 3.0 -22*! 9 -32.0 Switzerland Other Europe ] -86.8 -29.9 10.0 -5.6 -40.0 -38.0 -15.0 22.5 -7.4 27.3 86.6 5.8 s-159.9 -68.0 -60.1 -29.3 -5.0 -10.0 -20.0 -5.0 Portugal -13.7 -11.2 -119.1 -15.9 -13.0 -12.4 -11.9 3.4 -47.1 Canada 36.8 337.9 311.2 3.4 -100.0 -10.0 7.2 Argentina -224.9 153.2 727.5 114.1 -49.9 Cuba Mexico -85.0 -30.0 -65.0 -10.0 -10.0 28.2 -20.0 -23.8 36.9 45.4 61.6 -16.1 -118.2 -60.2 87.7 -20.0 1949 Jan.-Mar.. Apr.-June. July-Sept.. Oct.-Dec.. -12.5 -31.0 10.4 10.5 3.5 2.5 -33.9 3.4 -49.9 -10.0 2.3 7.9 -11.3 -15.0 1950 -35.0 -20.0 -201.3 -30.4 -731.0 -762.4 -580.0 -360.0 -876.3 -55.6 291.4 715.7 -400.0 -80.0 320.0 629.9 -12.3 2.0 557.3 105.7 -1.3 -268.0 Jan.-Mar Apr.-June... . July-Sept Oct.-Dec 520.0 20.2 -80.0 -28.5 -56.3 -3.0 -16.0 -4.0 -79.8 -15.0 -25!6 -15.8 8.2 20.0 -100.0 -40.5 -61.9 1951 Jan.-Mar.. Apr.-June. July-Sept.. Oct.-Dec.. -4.5 -91.7 71.7 -10.0 -15.0 -5.0 -5.0 -15.0 -15.0 -17.6 -44.3 -11.2 -3.5 -1.1 -124.4 64.1 -49.9 -10.0 1952 Jan.-Mar.. Apr.-June. July-Sept.. Oct.-Dec. 22.5 -80.0 -5.0 NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES—Continued -10.1 11.3 101.4 6.9 .3 -20.0 -19.3 -25.0 ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES [In millions of dollars] [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Year or quarter Uruguay Venezuela -37.9 - 7 3 . 1 -9.2 -4.9 -3.7 25.1 10.7 - 1 0 8 . 0 -14.4 - 5 0 . 0 -64.8 ' -.9 22.2 14.9 1945 1946 1947 1948 1949 1950 1951 1952 Other Latin America -27.8 25.0 79.1 13.4 -7.5 -17.2 -17.2 Asia and Oceania -188.3 13.7 1.0 -4.1 -52.1 -35.4 *-50.1 -25.1 -4.8 Union of South Africa Gold stock at end of period All other Treasury 3.7 22.9 94.3 11.9 256.0 6.9 498.6 -1.6 195.7 13.1 4-47.2 52.1 4 - 8 4 . 0 -2.0 11.5 1949 3.0 3.6 3.7 -16.5 -1.0 -2.9 -11.9 -2.3 -6.6 -2.2 -41.0 72.0 55.6 48.1 19.9 .1 .1 -2.0 .2 -12.0 -2.0 -23.9 -26.9 -10.4 -.9 -.1 -5.9 .2 1.0 13.9 22.8 3.9 9.2 -26.9 -2.8 -14.7 -2.8 -50.9 15.0 28.0 30.1 Jan.-Mar.. Apr.-June. July-Sept.. Oct.-Dec.. , -11.7 -5.0 3.5 -4.0 -18.8 -2.4 -3.9 -25.0 1950 Jan.-Mar Apr.-June July-Sept Oct.-Dec 1951 Jan.-Mar Apr.-June July-Sept Oct.-Dec 12.7 20.3 19.2 -28.0 -25.0 -31.0 1942 1943 1944 1945 1946 1947 1948 1949 1950 . 1951 1952 Total» 22,726 21,938 20,619 20,065 20,529 22,754 24,244 24,427 22,706 22,695 23,186 22,739 —23.0 315.7 —458.4 125.4 68^9 —803.6 48.3 21,981 —757.9 20,631 —1,349.8 —845.4 —459.8 35.8 20,083 —547^8 — 106^3 —356^7 32 !o 20,706 623.1 311.5 465 .4 51.2 210.0 75.8 22,868 3 2,162.1 1,866.3 1,530.4 1,680^4 —159^2 70'. 9 24,399 24,563 164.6 686.5 —495.7 67.3 22,820 — 1,743.3 —371.3 -1,352 .4 80.1 617*6 66^3 22,873 52 .7 —549 'n 23^252 378.9 684^3 —304.8 67.8 crease (-) 1952—Feb... 23,190 23,377 Mar... 23,290 23,428 A p r . . . 23,297 23,450 May. . 23,296 23,502 J u n e . . 23,346 23,533 July... 23,350 23,536 Aug.. . 23,344 23,528 Sept... 23,342 23,525 Oct... 23,339 23,521 Nov... 23,337 23,504 D e c . . . 23,186 23,252 -8.0 -2.8 -4.4 -16.9 -252.6 150.3 157.1 96.6 27.2 36.6 24.5 3.1 33.3 83.5 .3 8.1 1953—Jan. . . 22,986 23.079 Feb.... 22,662 22,751 -172.8 -327.5 -2.2 (4) 321.5 51.6 22.0 51.9 30.5 3.8 152.2 -103.1 -75.4 27.1 19.3 -31.4 -32.6 -13.8 -92.^ -29.0 -263.2 5 4.8 4.6 5.0 5.1 5.5 6.4 6.5 6.2 6.8 6.0 5.9 -171.7 -324.1 4.5 (4) 1 2 1952 Jan.-Mar Apr.-June Tuly-Sept Oct.-Dec 10.0 4.8 -17.6 -7.4 -2.0 2.0 -3.2 -2.4 .4 .3 4.3 7.2 -.1 -1.9 1 Includes Bank for International Settlements. 2 Includes sale of 114.3 million dollars of gold to Italy. 3 Includes sales of 185.3 million dollars of gold to China. 4 Includes sales of gold to Egypt as follows: 1950, 44.8 million dollars; and 1951, 76.0 million. 3 Includes sales of 45.0 million dollars of gold to Indonesia. MARCH Period Earmarked Net Increase gold im- gold: de- Domesin total port or crease tic gold gold producor inexport stock tion 3 1953 See footnote 2 on opposite page. Yearly figures through 1951 are estimates of United States Mint. Figures for 1952 and 1953 are estimates of American Bureau of Metal Statistics. 3 Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund. 4 Not yet available. 6 Gold held under earmark at the Federal Reserve Banks for foreign account, including gold held for the account of international institutions, amounted to 5,808.9 million dollars on Feb. 28, 1953. Gold under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. 307 INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (End-of-month figures. In millions of dollars] 1953 1952 1952 International Fund 1951 I n t e r n a t i o n a l Bank Jan. Gold Currencies (balances with depositories and securities payable on demand): United States Other Unpaid balance of member subscriptions. Other assets Member subscriptions Accumulated net income Oct. July Jan 1,692 1,691 1.537 1,531 1,293 1.319 1,322 4,390 4,420 4,408 869 1,354 883 1 1 1 8,737 8,154 8,152 -7 -7 -7 1953 Net currency purchased * (Cumulative—millions of dollars) 1,288 4,395 1,354 1 8,737 1952 Jan. 50.0 11.4 37.5 Australian pounds Belgian francs Brazilian cruzeiros Chilean pesos Czechoslovakian koruny. Danish kroner Egyptian pounds Finnish markkaa French francs Indian rupees Iranian rials Netherlands guilders Turkish liras Pounds sterling Yugoslav dinars Allother Dec. Nov. 50.0 11.4 37.5 50.0 11.4 37.5 3.6 Jan. 20.0 11.4 65.5 5.4 6.0 10.2 -5.5 3.6 3.6 6.0 6.0 6.0 10.2 10.2 10.2 - 5 . 5 -5.5 -5.5 4.5 4.5 125.0 125.0 nh'.b 100.0 100.0 100.0 100.0 8.8 8.8 8.8 8.8 48.1 48.1 48.1 75.4 5.0 10.0 10.0 10.0 300.0 300.0 300.0 300.0 9.0 9.0 9.0 9.0 - 1 . 6 -1.6 -1.6 - 1 . 7 Total. 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 reserve Capital* Sept. June 10 13 1,040 1,035 495 4 Dec. 6 937 512 4 472 4 8 945 510 4 1,409 1.330 1,270 1,113 14 13 15 10 500 568 496 436 59 56 33 407 403 350 9 7 7 10 66 63 58 50 32 30 24 28 1,807 1.807 1,691 1,688 66 423 1 As of Jan. 31, 1953. the Fund had sold 851.5 million U. S. dollars; in addition, the Fund sold to the Netherlands 1.5 million pounds sterling in May 1947 and 300 million Belgian francs in May 1948, sold to Norway 200 million Belgian francs in June and July 1948, and sold to Brazil 10 million pounds sterling in January 1951. Repurchases amounted to 180.1 million dollars. Currencies the net transactions in which amount to less than one million are reported under "All other." 2 Less than $500,000. 8 Excludes uncalled portions of capital subscriptions, amounting to 7,229 million dollars as of Dec. 31, 1952, of which 2,540 million represents the subscription of the United States. 716.8 716.8 712.3 734.4 CENTRAL BANKS Bank of England (Figures in millions of pounds sterling) Assets of issue department Other assets 2 Gold* Assets of banking department Notes and coin Discounts and advances Securities Liabilities of banking department Note circulation » Deposits Bankers' Public ECA Other 60 52 58 57 95 92 111 85 89 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 29 27 26 25 31 29 28 27 26 2 2 2 2 2 2 4 4 4 100 0 250 0 I 400 0 ,450 0 1,450.0 L.325.0 1,350.0 1,375.0 1,450.0 12 5 13 5 20.7 23 4 100.8 36.1 33.7 19 2 14 1 2 5 5 1 8.4 13.6 15.2 16.7 14.8 29 2 18.2 307.9 317.4 327.0 327.6 331.3 401.1 489.6 384.0 389.2 ,088.7 .238 6 ,379 9 ,428 2 1,349.7 1,293 1 1,321 9 L,357.7 1,437 9 234 3 260 7 274 5 278 9 315 1 314 5 299 2 313 " 5 20O g 10 5 5 tO 18 11 11 1* 13 3 2 3 3 6 7 6 4 4 17 4 07 Q 4 6 1952—Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 27 26 30 28 25 30 27 24 29 26 31 4 4 4 .4 .4 .4 .4 .4 .4 .4 .4 1,400.0 1,400.0 1,450.0 1,450.0 1,500.0 1,550.0 1,500.0 L,500.0 1,500.0 1,500.0 1,575.0 34.9 17.4 41.9 39.7 59.8 36.8 43.0 57.8 57.7 40.5 51.3 17.7 23.6 27.4 11.9 21.2 21.6 7.2 5.2 9.3 9.9 11.2 344.2 351.8 306.1 319.6 309.6 319.7 324.4 333.5 324.8 357.6 371.2 L.367 0 .384 6 1.410.0 1,412.2 1.442.1 1.515 1 I 459 0 L.444.1 1,444.2 1.461 .4 1,525.5 283 0 280 3 273 0 270 0 275.7 262.0 252.4 275.7 271.6 275.4 302.8 11 8 12 1 10 7 10 1 10.6 10 4 16 0 11 .1 13.5 15.4 10.0 1953—Jan. 28 .4 1,500.0 52.9 6.5 343.2 1,448.9 274.5 11.5 4 Other liabilities and capita] 4 3 5 3 5 1 2 0 8 17.9 17 8 17 8 18 1 18 1 18 1 18 1 18 1 18 1 4 5 5 5 13 6 18 2 23 0 24.2 22.2 26.6 24.3 83 1 81 3 73 4 72 6 72.5 69 2 64 8 67.0 66.7 72.6 78.5 18 5 18 5 17 8 18.0 18.1 18.3 18.4 18.5 17.8 18.0 18.1 32.2 66.1 18.3 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 Bilver 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. 7 and by 25 million on Jan. 14. For details on previous changes, see BULLETIN for February 1953, p. 194. NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 308 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Assets Bank of C a n a d a (Figures in millions of ian dollars) 1940-Dec. 1941-Dec. 1942—Dec 1943—Dec. 1944 —Dec 1945—Dec 1946 -Dec. 1947 Dec 1948 -Dec. 1949—Dec. 1950—Dec. 1951 —Dec Gold Sterling and United States dollars Liabilities Dominion and provincial government securities Deposits Other assets Note circulation Chartered Dominion banks » government (*) Other 448 4 391 8 807 2 787 6 906 9 .157 3 197 4 ,022 0 1,233 7 1,781.4 I.229.3 1,141.8 127 3 216 7 209 2 472 8 573 9 688 3 708 2 858 5 779.1 227.8 712-5 1,049 3 12 4 33 5 31 3 47.3 34 3 29 5 42 1 43 7 45.4 42.5 297.1 135 2 359 9 496.0 693 6 874 4 ,036 0 ,129 1 ,186 2 ,211 4 ,289 1 ,307 4 1 1,367 4 I 464 2 217 7 232 0 259 9 340 2 401 7 521 2 565 5 536 2 547.3 541.7 578.6 619 0 10 73 51 20 12 153 60 68 98 30 24 94 -^ 8 0 9 5 8 6 1 1,058.1 ,179 9 1,191.5 I 203 6 1,251 .3 1,280.0 I,303 2 1,263.7 1,286.7 ,214.3 1,459.8 1.027 7 882 2 874.7 824 6 817 8 843.9 852 9 870.9 896.1 957.3 767.2 88 2 106 8 84 0 73 8 76 1 71.2 69 7 70 8 103.4 72 3 77.3 374 4 393 2 1,411 8 I 417 4 1,441 8 1,458 3 I 464 4 ,476 5 1,485.6 I,498 8 .561 2 616.7 656 5 645 7 579 4 578 0 595 5 614 7 588 2 668.8 607 3 626 6 88 14 14 21 26 51 52 30 18 1=5 16 64 3 31 31 31 31 30 31 Shortterm • 1,351.2 803.0 82.3 1,479.6 603.1 38 4 200 9 s 6 172 156 8 1 0 2 o 4 74 1 111 4 117 8 31 . . 31 31 . . . 31 . . . 30... 31 1952—Feb. 29 70 60 72 78 43 63 74 73 42 67 77 M a r 31 Apr. 30 . . Mav June 30 Julv 31 . . . 20 Sept 3 0 . Oct. 31 . . . Nov. Dec. 31 1953—Jan. 31 . . . 3 1 (Figures in millions of francs) 1940 -Dec. 1941 -Dec. 1942 - D e c . 1943—Dec. 1944 Dec. 1945 -Dec. 1946—Dec. 1947—Dec 1948—Dec. 1949—Dec. 1950—-Dec. 1951 —Dec. 26 31 31 30 28 27 26 31 1952—Feb Mar. Apr. May Goio ° 28. 30... 29... 28... 27. 84 84 84 84 75 616 508 598 598 151 129, 817 9 4 817 65 225 6 5 , 225 6 7 , 774 182, 785 101 . 447 42 3f> 37 M 42 68 7 12 30 61 ,943 162 ,017 28 320 Open market fi 7 802 fi 812 s 420 < .518 I? . 170 17 .980 37 .618 67 . 305 97 ,447 137 ,689 13e ,947 234 9 2 3 Specia 3 8 28 34 31 47.6 130 1 Current Mote tion Other Government ECA 984 18 571 218 383 270 144 1 517 17.424 770 1 6.99( *82 774 578 16 601 500,38' 748 20 892 572.510 24 .734 570.006 12 ,048 765 33 13.* 721.865 733 59 024 920 831 987.621 806 57.622 1 168 112,658 1.278.211 70 212.822 1.560,561 29 190,830 1 841.60* 15 058 to 587 850.733 841.006 799,004 841,807 831,044 835,599 854,081 812,416 872.703 851 545 037,459 174.400 169.300 171,100 169,000 168.000 167.800 168,600 166,300 171,100 172,000 172,000 126,412 113.099 139.747 118,726 110,501 184,957 169,852 171 ,274 161,980 154.146 159,727 915,903 175,000 501.982 258.560 25* .589 270,264 28.' ,717 774L454 274 ,003 1953-—Jan. 29... 200, 187 16 ,040 262 ,363 55 6PA Dec. 0 8 6 0 7 8 0 9 112 98 109 117 6 63 900 M2 317 69 500 182 507 68.250 250,965 64 400 566,973 15.850 475.447 445,447 67.900 180 447 147 400 558 030 150,900 >S8 030 157.900 560,990 158.900 481.039 160,000 181.030 20 280 29 230 22 ,984 26 .128 21 ,87 1 11 ,779 14 404 3\ 784 48 ,080 52 225 57 042 28 5 35 1 74 0 4 709 1 198 4? 7 4? 4 1 119 1 17? 6 700 0 52 1 66 1 41.7 44 6 48 5 41 .6 47 4 49.4 56.0 65 1 44 5 5 3 646 4 517 5 368 7 543 18 592 25,548 76,254 117.826 238,576 335,727 393,054 741.267 15 6 0 7 11 ,336 13 .634 15 .808 16 ,991 20 ,077 23 ,435 27 ,613 28 ,815 30 ,413 31 ,068 HI 0 1 4 272 2 0 4 27: ,149 27' 111 254L301 ^ 8 1 7 7 9 66 12 160 29 48 303 135 64 577 548 08 I 956 447 447 447 447 447 447 943 943 943 430 3 1 . . . 200, 187 191 101 191 29 191 June 26. . 191 31 .. 191 July Aug. 28 .. . 194 Sept. 2 5 . . . 194 Oct. 3 0 . . . 104 N o v 27.. . 1 0 8 27.. 30... Other s 9 Deposits T Other i ex- change 6.0 19 1 17 8 27 7 29 8 93.8 67 5 81.0 126.9 207.1 66 1 5 6 0 1 9 111 1 H4 0 90 8 132 9 Liabilities Advances to Government 6 Domestic bills Foreign 9 5 9 8 6 40 .5 Assets Bank of France Other Othe r liabilit ies and capital 3 481 030 479 982 500,982 479 982 479,982 479.982 479,982 470.08? 470.082 470.08? 479,982 9 Other 27 202 2 5 , 272 29.935 33. 37. 57. 63. 8? 137 855 755 468 479 171 . 783 158, 973 161. 720 166 2 2 6 Other liabilities and capital H 4 986 8 68 .474 821 318 8 t5 596 7 078 4 087 7 213 10 94? 16 206 19 377 24 234 41 332 1.880 832 1.861.681 1,925,615 1.900.526 1,885.929 1.984,549 1,969,553 1,962,270 2,024,943 ?.006.873 2,123,514 96 22 84 39 36 55 13 83 25 10 27 3 699 15 783 341 6 645 730 816 9 039 530 8 302 10 8 8 7 897 137, 727 30 41 29 38 43 43 46 61 49 55 49 124,578 2,065,210 56 730 128, 731 57 ,008 198 702 188 7 6 7 156, 326 171 , 350 143. 9 0 0 121 , 411 137, 403 129. 755 158, 275 130 4 8 0 601 448 679 539 541 369 878 930 ,792 954 305 1 2 3 Securities maturing in two years or less. Includes notes held by the chartered banks, which constitute an important part of their reserves. Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 51940. pp. 677-678). For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1036, 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 3.8 billion francs on Jan. 29. NOTE.—box back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-613. respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank ^February I94S) see BULLETIN for December 1946, p. 1424 MARCH 1953 309 CENTRAL BANKS—Continued C e n t r a l Bank (Figures as of last report date of month) Central Bank of t h e Argentine Republic (millions of pesos): Gold reported separately Other gold and foreign exchange,. Government securities Rediscounts and loans to banks. . Other assets Currency circulation Deposits—Nationalized Other sight obligations Other liabilities and capital C o m m o n w e a l t h 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 m Other liabilities and capital Austrian National Bank (millions of schillings): Gold Foreign exchange Loans and discounts Claim against Government Other assets Note circulation Deposits—Banks Other Blocked National Bank of Belgium (millions of francs): 1 Gold Foreign claims and balances (net) Loans and discounts Consolidated Government debt.. Government securities Other assets .. Note circulation Deposits—Demand ECA Other liabilities and capital Central Bank of Bolivia—Monetary dept. (millions of bolivianos): Gold at home and abroad * Foreign exchange (net) Loans and discounts Government securities Other assets Note circulation Deposits Other liabilities and capital C e n t r a l Bank of Ceylon (thousands of rupees): Foreign exchange Advances to Government Government securities Other assets Currency in circulation Deposits—Government Banks Other liabilities and capital Central Bank of Chile (millions of pesos): Gold Foreign exchange (net) 4 Net claim on Int'l. Fund Discounts for member b a n k s . . . . Loans to Government Other loans and discounts Other assets Note circulation Deposits—Bank Other Other liabilities and capital Bank of t h e Republic of Colombia (thousands of pesos): Gold and foreign exchange Net claim on Int'l. Fund 4 Paid-in capital—Int'l. Bank 1953 Jan. 1952 Dec. Nov. 814 21* 2,125 47,334 259 18,788 27,775 817 3,366 381,576 352,266 327,280 6,275 7,094 5,62! 411,530 444,966 43 7,662 61,637 37,682 321,168 342,418 315,668 187,595 157,595 157,595 56,715 52,527 47,197 295,541 291,922 287,789 100 2,239 6,325 2,405 41 8,777 385 259 1,689 98 2,162 6,605 2,900 38 9,048 631 354 1,770 98 1 ,981 6,396 2,854 46 8,678 290 570 1,837 35,448 16,272 6,823 34,723 6,386 3,806 96,301 2,111 1 ,319 3,729 35,295 16,658 7,095 34,763 6,708 4,171 97,190 1,694 1,341 4,463 35,547 17,600 4,246 34,763 8,490 4,088 95,141 1,481 1,310 6,801 (Oct.)* 1,516 31,575 1,857 1,830 336 5,285 939 891 405,352 401,089 423,813 89,000 ,000 74,000 80,745 ,650 55,528 3,349 ,897 6,566 385,598 388 ,828 383,111 ,108 6,000 7,013 ,926 130,587 147,997 ,774 40,208 37,838 1,247 84 277 2,136 4,059 7,447 2,827 12,219 2,409 542 2,906 1,174 1,110 215 279 221 221 2,633 2,780 4,059 664 6,932 9,315 2,780 2,852 12,787 11,364 2,002 2,584 300 584 2,705 2,910 299,185 295,895,268,423 24,373! 24,373 24,372 7,164 7,159 1,419 Jan. 1953 Central Bank (Figures as of last report date of month) Jan. Bank of t h e Republic of Colombia— Cont. Loans and discounts Government loans and securities Other assets Note circulation 239 Deposits 17,297 Other liabilities and c a p i t a l . . . . 25,5 ~ Central Bank of Costa Rica 848 (thousands of colones): 2 ,753 Gold Foreign exchange Net claim on Int'l. Fund 4 365,421 Loans and discounts 5,452 Securities Other assets 619,543 Note circulation 93.052 Demand deposits 295,221 Other liabilities and capital. . . . National Bank of Cuba 488,570 (thousands of pesos): 35,838 Gold 263,839 Foreign exchange (net) Foreign exchange (Stabilization Fund) 51 Silver 480 Net claim on Int'l. Fund 4 6,269 Loans and discounts 3,455 Credits to Government 38 Other assets 7,969 Note circulation 218 Deposits 381 Other liabilities and c a p i t a l . . . 5 1,723 National Bank of Czechoslovakia National Bank of D e n m a r k (millions of kroner): 31,529 Gold 21,450 Foreign exchange 8,356 Contributions to Int'l. Bank. . 34,823 Loans and discounts 7,998 Securities 3,244 Govt. compensation account. . . 94,197 Other assets 2,356 Note circulation 1 ,091 Deposits—Government 9,755 Other Other liabilities and capital. . . . Central Bank of t h e Dominican 1,370 Republic (thousands of dollars): 785 Gold 1,204 Foreign exchange (net) 4 1,850 Net claim on Int'l. Fund . . . . 248 Paid-in capital—Int'l. Bank 4,092 Loans and discounts 672 Government securities 695 Other assets Note circulation Demand deposits 660,950 Other liabilities and capital. . . 13,972 Central Bank of Ecuador 2,810 (thousands of sucres): 3,893 Gold 6 406,862 Foreign exchange (net) * 4 F 75,744 Net claim on Int'l. Fund . . . . 154,989 Credits—Government 44,030 Other Other assets Note circulation 1,214 Demand deposits—Private bai ks 381 Other 107 Other liabilities and capital 1,614 National Bank of Egypt (thou670 sands of pounds): 6,251 Gold? 3,110 Foreign exchange 8,452 Foreign and Egyptian 2,113 Government securities 361 Loans and discounts 2,420 Advances to Government Other assets Note circulation 258,541 Deposits—Government 24,370, Other 7,124. Other liabilities and capital 814 894 2,08 42,442 1952 Dec. Nov. 365,286 424,144 390,577 174,759 170,0831168,337 82,176 79,155 87,436 538,879 609,727)529,608 344,151 325,267 342,281 69,914 65,816 68,676 11,511 87,009 7,031 84,051 7,125 23,360 132,547 67,086 20,454 11,511 70,510 7,031 100,831 7,205 22,978 135,081 64,323 20,662 Jan. 220,739 149,819 128,240 457,288 268,614 62,931 11,511 11,511 64,437 64,228 7,031 7,031 92,450 73,174 7,349 7,953 25,185 23,050 119,804 112,598 66,198 56,060 21,961 18,289 213,748 213,748 253,748 310,564 58,276 74,035 54,284 52,040 135,471 138 561 365 33,380 511 12,511 454 50,489 746 46,918 251 43,248 411,899 424,414 170,866 178,340 11,275 10,918 142,624 96,861 36,326 42,173 12,511 12,511 48,593 12,329 41,077 11,946 33,691 27,768 411,030 378,405 200,790 180,464 11,036 7,322 69 69 630 765 134 85 442 440 3,348 3,356 324 403 1,966 1,812 1 ,497 1,528 1,444 1,472 175 171 69 550 11 129 113 3,878 578 1,723 1,877 1,547 180 12,076 12,076 12,076 18,874 20,189 19,702 1,250 1,250 1,250 42 42 43 870 509 1,217 7,154 7,154 7,621 2,236 2,643 1,756 33,955 35,124 33,252 7,423 7,651 8,216 1,472 1,449 1,488 12,066 18,365 1,250 41 199 7,068 702 28,910 9,051 1,731 138,642 338,555 134,168 238,983 18,757 18,757 94,879 189,963 75,360 182,834 51,560 166,121 ;69,864 565,461 00,699 178,675 62,042 159,343 80,761 231,735 335,706 26,503 18,758 203,922 186,770 179,103 458,731 150,889 115,130 226,012 60,553 60,553 60,553 20,817 19,710 19,977 60,553 25,926 98 443 ,347 178 ,863 ,522 ,344 186 138,818 130,231 18,757 124,333 53,079 55,425 44,911 89,847 80,013 !05,873 99,012 19,092 3,361 5,803 100,574 80,510 07,562 19,993 91,737 275,886 23,490 23,167 2,761 7,364 4,717 4,706 99,803 195,668 81,206 67,695 98,099 104,971 23,858 23,319 333,987 29,400 4,061 194,948 119,312 114,487 25,180 * Latest month available. iOn 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 The data used in calculating this figure appear inconsistent with those for earlier months. 4 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution, 6 For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 6 In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. 7 Beginning April 1951, gold previously held in Issue Department revalued from 7.4375 grams of fine gold to 2.55187 grams of fine gold per Egyptian pound. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1953, p. 78; January 1952, p. 102; January 1951, p. 112; and January 1950, p. 118. 310 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 » Loans and discounts Government debt and securities.. Other assets Note circulation Deposits Other liabilities and capital Bank of F i n l a n d (millions of markkaa): Gold Foreign assets (net) Clearings (net) Loans and discounts Securities Other assets Note circulation Deposits Other liabilities and capital Bank of G e r m a n S t a t e s (millions of German mark?): Gold Foreign exchange Loans and discounts Loans to Government. Other assets.. Note circulation Deposits—Government Banks Other Other liabilities and capital Bank of Greece (billions of drachmae): Gold and foreign exchange (net) . Loans and discounts Advances—Government Other Other assets Note circulation Deposits—Government Reconstruction and relief accts Other Other liabilities and capital Bank of G u a t e m a l a (thousands of quetzales): Gold Foreign exchange (net) Gold contribution to Int'l. Fund . Rediscounts and advances Other assets Circulation—Notes Co<n Deposits—Government Banks Other liabilities and c a p i t a l . . . . . National Bank of Hungary 2 Reserve Bank of India (millions of rupees): Issue department: Gold at home and abroad Foreign securities Indian Govt. securities Rupee coin Note circulation Banking department: Notes of issue d e p a r t m e n t . . . . Balances abroad Bills discounted Loans to Government Other assets Deposits Other liabilities and capital.. . Central Bank of Ireland (thousands of pounds): Gold Sterling funds Note circulation 1953 Jan. 73,404 56,589 1 ,566 19,434 6,409 1,747 96,691 54,659 7,800 Dec. Nov. 73,478 30,140 1,566 33,707 6,800 1,228 94,187 45,201 7,532 73,551 15,877 1,566 34,081 6,590 2,298 85,220 41,253 7,490 5,863 5,863 5,863 11,313 7,427 8,502 1 ,679 4,430 3,867 39,965 47,643 42,994 1,139 1,162 1,165 290 1,926 2,009 41,104 46,153 45,497 4,145 3 ,889 3,193 16,719 16,773 15,626 587 695 4,280 4.308 2,920 3 ,990 7,026 7 ,556 948 1,033 10,342 10,509 1,580 1 ,747 1 .972 2,990 249 262 1,726 1 ,966 572 4,282 2,597 7,953 884 10,401 1 ,718 1,941 280 1 ,950 1,591 129 9,100 3,416 1 ,600 2,223 872 3,215 27,228 18,410 1,250 8,415 21,897 43,956 3,505 3,056 11,637 15,047 27,228 14,783 1,250 8,958 21,697 44,103 3,500 2,983 9,671 13,659 27,228 11,903 1,250 8,658 21,365 41,611 3,434 3,623 8,509 13,227 400 400 5,382 5,382 4,501 4,501 847 853 10,921 10,737 208 1,673 70 33 1,192 2,832 344 399 ,568 23 35 ,157 ,848 333 2 ,646 2 ,646 2,646 60,237 63,886 61,250 62,883 66,532 63,896 Jan. Central Bank (Figures as of last report date of month) Bank of Italy (billions of lire): Gold Foreign exchange Advances to Treasury Loans and discounts Government securities Other assets Note circulation Deposits—Government Demand Other Other liabilities and capital Bank of J a p a n (millions of yen): 5,865 Bullion 22,167 Advances to Government 3,361 Loans and discounts 18,999 Government securities 1 ,051 Other assets 2,639 Note circulation 40,134 Deposits—Government '2,32 Other '11,619 Other liabilities T h e Java Bank (millions of rupiah): Golds 116 Foreign exchange (net) .*. 2,046 Loans and discounts 4,451 Advances to Government 8,753 Other assets 590 9,163 Note circulation 2,307 Deposits—EGA 2,019 Other Other liabilities and capital 273 2,193 Bank of Mexico (millions of pesos): Monetary reserve 4 "Authorized" holdings of securities, etc 1,180 Bills and discounts 182 Other assets 7, 769 Note circulation 3,666 Demand liabilities 1,982 Other liabilities and capital 1,972 1,053 Netherlands Bank (millions of guilders): Gold « 5,718 Silver (including subsidiary coin) . 2,183 Foreign assets (net) 3,853 Loans and discounts Govt. debt and securities Other assets 27,228 Note circulation—Old 16,160 New 1,250 Deposits—Government 6,393 ECA 16,387 Other 39,151 Other liabilities and capital 3,386 3,870 Reserve Bank of New Zealand 11,032 (thousands of pounds): 9,979 Gold Foreign exchange reserve Loans and discounts Advances to State or State undertakings 400 Investments 5,932 Other assets 4,681 Note circulation 683 Demand deposits 11,501 Other liabilities and capital Bank of Norway (millions of kroner): 195 Gold 1,706 Foreign assets (net) 56 Clearing accounts (net) 80 Loans and discounts 1 ,528 Securities 3,238 Occupation account (net) 328 Other assets Note circulation Deposits—Government 2,646 Banks 54,629 ECA—MSA 57,2 75 Other liabilities and capital 64,211 48,051 1,566 18,051 5,466 1,675 88,692 43,038 7,291 1953 1952 Jan. Dec. 4 45 574 299 249 738 1,299 65 57 390 98 4 43 576 329 250 776 1,381 38 79 360 119 448 3 7,931 329,845 233,240 286 107,274 519,765 80,475 63,026 45,472 826 21 739 5,193 344 4,182 496 1 ,429 1,015 Nov. 4 42 578 277 239 783 1,271 57 53 432 108 Jan. 4 38 590 238 186 785 1,200 133 74 361 74 448 448 '501 390 38,390 39,368 763 322,117 345,990 141 203,280 86,038 619 106,474 ^•89,929 431 486,439 467,021 627 82,637 43,235 251 60.353 25,756 051 41,280 25,815 892 24 726 4,555 411 4,008 496 1 ,218 885 968 256 738 3,752 489 3,768 496 1,151 787 1,060 625 551 1 ,475 1,140 3,134 806 913 1,213 1 ,224 1,189 1,156 3,361 462 328 3,332 1,521 511 3,406 473 297 3,479 1,416 504 3,237 479 34 3 305 1,454 493 3,027 435 504 3,169 1,453 498 2,149 14 1,416 33 1.451 595 38 2,966 930 1,155 341 227 2,061 14 1,497 68 1,451 605 39 3,118 1,435 13 1,989 34 1,451 605 40 2,960 855 1,163 292 217 ,195 19 731 120 ,000 617 45 ,867 142 ,730 491 407 6,013 6,012 31,119 33,120 6,019 6,019 5,578 24,087 6,019 54,221 58,132 1,236 69,247 79,849 7,644 53,713 46,132 1,383 62,038 76,656 7,685 52,774 54,182 3,542 63,837 75,457 6,887 243 403 54 58 45 5,546 52 2,916 1,969 732 295 489 242 434 52 42 45 ,546 68 ,755 ,105 711 305 554 242 391 7 48 46 6,202 62 2,525 1,771 1,216 918 1 568 r Revised. 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 3 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. 5 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 1953, p. 79; January 1952. p. 103; and January 1951, p. 113. MARCH 1953 311 CENTRAL BANKS—Continued Centra! Bank (Figures as of last report date of month) State Bank of Pakistan (millions of rupees): Issue department: Gold at home and abroad... Sterling securities Pakistan Goyt. securities. . Govt. of India securities . India currency Rupee coin Notes in circulation Banking department: Notes of issue department. . Balances abroad Bills discounted Loans to Government Other assets Deposits Other liabilities and capital. Central Bank of Paraguay (thousands of guaranies): Gold Foreign exchange (net) ! Net claim on Int'l. Fund ... Paid-in capital—Int'l. Bank Loans and discounts § Government loans and securities. Other assets Note and coin issue Deposits—Government Other Other liabilities and c a p i t a l . . . . Central Reserve Bank of Peru (millions of soles): Gold and foreign exchange 2 . . . . Net claim on Int'l. Fund l Contribution to Int'l. Bank Loans and discounts to banks. . Loans to Government Other assets Note circulation Deposits. Other liabilities and capital Central Bank of the Philippines (thousands of pesos): Gold Foreign exchange Net claim on Int'l. Fund 1 Loans Domestic securities Other assets. ; Note circulation Demand deposits Other liabilities and c a p i t a l . . . . Bank of Portugal (millions of escudos): Gold Foreign exchange (net) Loans and discounts Advances to Government Other assets Note circulation Demand deposits—Government.. ECA Other Other liabilities and capital South African Reserve Bank (thousands of pounds): Gold' Foreign bills Other bills and loans Other assets Note circulation Deposits Other liabilities and capital Bank of Spain (millions of pesetas): Gold Silver Government loans and securities Other loans and discounts 1952 1953 Jan. Dec. Nov. Jan. 81 416 ,146 126 300 66 ,038 81 423 ,059 126 300 68 ,008 81 440 992 126 300 68 1,953 44 1,204 765 126 300 18 2,397 98 48 54 518 505 112 3 153 418 525 97 159 440 547 106 60 358 99 1 390 807 101 1, 63, 1,142 53,543 11 —1 -1,095 r 92. 82,676 ••321,867 316, 218,405 274, 378, 976 350,588 •49,480 49, 129 133,891 '142,591 190,510 559 67 2 305 906 143 ,379 369 235 18,552 432,807 29,504 54,140 235.233 148,279 561,631 219,305 137,579 561 67 2 324 863 176 1,332 400 260 601 21 2 230 777 272 1,182 366 355 18, 427 18,395 435, 729 438,777 29,504 29. 50,180 54, 131,857 235, 149, 220 148,998 ,280 579, 235,135 205 136,296 136 13,887 476,226 29,504 51,883 241,181 148,103 576,776 244,648 139,359 4,445 11,463 841 1 ,430 560 9,125 1,577 29 5,887 2,121 4,361 11,697 696 1,249 605 9,048 1,406 15 5,992 2,147 56,489 61,650 19,488 38,712 88,635 64,588 23,116 67,329 65,045 8,696 27,952 81,345 65,496 22,182 563 559 369 374 ,189 15,955 ,085 23,789 553 378 15,801 17,040 ,255 ,469 ,792 ,305 ,646 ,903 ,272 563 369 15,576 24,762 Central Bank (Figures as of last report date of month) 1952 1953 Jan. Dec. Nov. Bank of Spain—Cont. ,729 31,456 32,700 Other assets ,140 38,493 36,832 Note circulation ,250 1,294 4,480 Deposits—Government ,544 4,658 3,418 Other ,066 28,218 28,645 Other liabilities and capital Bank of Sweden (millions of kronor): 407 406 429 Gold 1,331 ,313 1,351 Foreign assets (net) 129 129 129 Net claim on Int'l. Fund * 11 11 12 Paid-in capital—Int'l. Bank Swedish Govt. securities and ad- 4 ,666 3,240 2,549 vances to National Debt Office 310 321 301 Other domestic bills and advances 708 755 729 Other assets ,350 4,577 4,291 Note circulation 449 350 525 Demand deposits—Government. 580 151 192 Other 609 654 514 Other liabilities and capital Swiss National Bank (millions of francs): ,907 5,876 5,812 Gold 462 491 469 Foreign exchange 238 310 224 Loans and discounts 82 67 103 Other assets ,784 5,122 4,842 Note circulation 686 1,454 1,547 Other sight liabilities 205 197 204 Other liabilities and c a p i t a l . . . . Central Bank of the Republic of Turkey (millions of pounds): 402 402 402 Gold Foreign exchange and foreign 127J 133 151 clearings ,760 1,785 1,826; Loans and discounts 27 26 26 Securities 123 136 120 Other assets ,240 1,238 1,267 Note circulation 172 153 153 Deposits—Gold 801 817 829 Other 262 258 255! Other liabilities and capital Bank of the Republic of Uruguay (thousands of pesos): 310,763 Gold 9,358 Silver 314 Paid-in capital—Int'l. Bank Advances to State and Govern130,018 ment bodies 357,441 Other loans and discounts 500,928 Other assets 370,836 Note circulation 93,116 Deposits—Government 315,113 Other 529,757 Other liabilities and capital Central Bank of Venezuela (millions of bolivares): 1,141 ,141 1,141 Gold 162 132 186 Foreign exchange (net) 71 92 93 Other assets 909 976 1,000 Note circulation 230 255 274 Deposits 234 165 115 Other liabilities and capital Bank for International Settlements (thousands of Swiss gold francs): m 657,,029 599,415 585,413 Gold in bars 62, 167 48,700 84,526 Cash on hand and with banks 7,480 15,320 8,211 Sight funds at interest Rediscountable bills and accept267, 015 267,912 255,394 ances (at cost) 91,563 87,736 78, Time funds at interest Sundry bills and investments. . . 290. 229 346,985 274,646 297,201 297,201 297, Funds invested in Germany 1,333 1, 1,427 Other assets 480,021 454,906 5011 Demand deposits (gold) Short-term deposits: Central banks—Own account.. 612, 112 640,318 595,214 45 506 46,086 43,086 Other Long-term deposits: Special . . . 228 909 228,909 228,909 ,438 273 436 273, Other liabilities and capital Jan. 24,245 35,104 1 2,434 20,478 395 1,607 88 10 2,661 248 681 3,889 785 450 568 5,946 252 233 76 4,592 1,718 196 419158 1,371 27 110 1,110 153 642 181 336,354 9,660* 313 131,632 340,244 391,143 359,356 88,067 309,127 452,795 1,141 -291 103 853 25O« 111 355,369' 64,586 8,214 121,866 23,432 268,967 297,201 1,525 220,764 340,41983,057 228,909' 268,011 r 1 Revised. inis figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 3 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 4 Includes small amount of non-Government bonds. NOTE.—For details relating to individual items tu certain bank statements, see BULLETIN fot January 1953, p. 80; and January 1950, p. 12a. 312 FEDERAL RESERVE BULLETIN MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective In effect Dec. 31, 1946 Jan. 10, 1947. . Aug 27 Oct 9 .... June 28, 1948. . Sept 6 . . . Oct. 1 May 27 1949 July 14 Oct 6 June 8,1950.. Sept 11 Sept. 26 Oct 27 Dec. 1 Apr. 17, 1951. . July 5 Sept. 13 Oct. 11 Nov. 8 Nov. 9 Jan. 22, 1952. . Mar. 12 May 29 Aug. 1 Aug. 21 Dec 18 Jan. 8, 1953 . . In effect Jan. 31, 1953 Central bank of— SwitzUnited Ger- Bel- NetherKing- France many gium er- Swelands den land dom 2 1M 3* &2^ Rate Jan. 31 Argentina Austria Belgium Bolivia 5 10 3 Finland France Germany Greece . . . . India Ireland 3M 4 3H 3H 2H '3 16 4 14 12 Oct. 17, 1950 June 13, 1935 July 18, 1933 Feb. 1, 1950 Netherlands.. New Zealand. Norway Pakistan.... 3 Nov. May July Mar. 2, 1950 13. 1948 1, 1952 22, 1950 Peru Portugal.... South Africa. Spain 6 Dec. Nov. Jan. July Nov. Mar. 16, 1951 9, 1951 8, 1953 12, 1948 15, 1951 25, 1952 Sweden Switzerland.. Turkey United Kingdom USSR 3 1936 1953 1952 1950 4 31/ 4 15 3 143^ 1 4 4 2 2 Aug. 1, 1952 July 26, 1941 Jan. 9, 1946 July 1, 1948 3 Nov. Jan. Mar. Mar. 4 4 13, 12, 27, 18, 1947 1944 1952 1949 3H 3 2H 3 Date effective 4 Apr. 6, 1950 5.84 Oct. 1, 1951 Apr. 1, 1946 3 June 4, 1942 1, 22, 18, 30, 15 1 Rate Jan. 31 Italy Japan Java Mexico Mar. Jan. Dec. Sept. 4 4 Denmark Ecuador Egypt El Salvador . 2H 3 6 Canada Chile Colombia . . . Costa Rica 3 Central bank of— Date effective 4 .4 3 3 5% 3 IK Dec. 1, 1950 Nov. 26, 1936 Feb. 26, 1951 4 4 Mar. 12, 1952 July 1. 1936 1 3 3 Rate established for the Land Central banks. NOTE.—Changes since Jan. 31: None. IX OPEN-MARKET RATES [Per cent per annum] France United Kingdom Canada Netherlands Sweden Switzerland Month Treasury bills 3 months Bankers' acceptances 3 months Treasury bills 3 months Day-to- 1943—December 1944—December 1945—December 1946—December 1947—December 1948—December 1949—December 1950—December 1951—December .42 .37 .36 .40 .41 .41 .51 .63 .89 1.03 1.03 1.01 1.00 1.00 1.02 .53 .53 .53 .56 .69 .69 .50 .50 .51 .52 .52 .51 .98 .63 .63 .63 .63 .63 .63 1952—January . February March April May June July August September. . . . October November. . . . December 89 .91 .94 .98 1.02 1.08 1.11 1.10 1.14 1.19 1.21 1.25 1.50 1.50 1.50 2.48 3 00 3^00 3 00 3.00 3.00 3.00 3.00 3.00 3.00 97 .99 2.01 2 35 2^37 2 43 2.46 2.46 2.49 2.43 2.38 2.41 day money 1.00 1.00 1.00 1.82 2 25 2'.2S 2 25 2.25 2.25 2.25 2.25 2.25 2.25 Bankers' allowance on deposits Day-today money .50 .50 .50 .50 .50 .50 .50 .50 .75 1.65 1.53 1.33 1.19 2.04 2.00 P2.55 2.41 3.50 75 .75 3 50 3.93 3.95 3 88 3.84 3 66 3.84 3.77 4.00 3.98 3.98 3.93 1.57 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 Treasury bills 3 months 1.21 1.13 1.25 1.32 1.40 1.21 1 18 1.17 1.38 1.40 1.25 1.20 1.05 .85 .85 .84 .87 .92 Day-today money .78 .53 .96 1.03 1.09 1.00 1 00 1.00 1.00 1.00 .90 .75 .75 .58 .62 .50 .54 .58 Loans up to 3 months Private discount rate 3-5 yi 3-514 2Y*-5* j 7a L25 L 25 L .25 1.38 1.63 .50 L .50 1.50 2^-43^ 21^2-4 3^ 2 / ^ - 4 Ms 3—5 3-5 3-5 3-5 3-5 3-5 3-5 3-5 3-5 3-5 3-5 3-5 3-5 3-5 50 .50 .50 50 50 L .50 .50 .50 .50 .50 .50 P Preliminary. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. MARCH 1953 313 COMMERCIAL BANKS (11 London clearing banks. Figures in millions of pounds sterling) 1947—December 194g—December 1949—December '950—-December 1951—December Liabilities Assets United K i n g d o m * Cash reserves Money at call and Bills dis- Treasury short counted receipts 2 notice 502 502 532 492 492 501 491 504 501 510 503 498 498 1952—February March April May July September October November 1953—January 526 526 512 518 537 535 516 530 500 516 549 .. 480 485 571 540 531 592 598 793 741 1,109 1,408 972 1,288 1,397 793 456 102 Loans to customers Total Demand Time 1.219 1,396 1,534 1.660 L.950 567 621 579 5,935 6,200 6,202 6,368 6,333 3,962 4,159 4,161 4,262 4,290 1,972 2,041 2,041 2,106 2,042 396 420 427 ,944 1,945 L 959 1,967 1,901 1,875 1,834 L, 765 ,758 L 759 804 789 821 713 726 696 638 662 676 5.893 5,887 5,994 5,903 6,064 6,063 6,048 1,971 I 974 2,042 2,063 2,155 2,159 2,170 2,216 2 219 2,234 2,228 689 667 623 587 559 558 537 543 530 526 2,234 528 735 867 529 1,064 1,139 1,239 1,295 1,122 1,142 1,248 2 ,148 764 65 S 748 6 167 6,183 6,460 515 1,204 2 ,148 1, 764 659 6,259 4,025 15 935 ,934 ,932 ,917 ,917 918 ,921 2 142 2 ,138 Assets Canada (10 chartered banks. End of month figures in millions of Canadian dollars) 1947—December 1948—December 1949—December IQ50—December 19 • 1—December ? 731 .... 105 101 133 824 . .. June July August Spntember October 107 869 809 May 134 907 1952—Tanuarv March April 749 765 Security loans Security loans abroad and net Securities Other due from loans and foreign banks discounts 107 95 880 897 785 813 847 828 843 879 827 916 97 140 132 138 145 147 135 130 121 155 1,999 2,148 2,271 2.776 3.028 2.955 2,918 2,949 2,960 3,012 3.048 3.053 3,048 3,093 3,212 3,350 3,289 Deposits payable in Canada excluding interbank deposits !06 144 146 m 227 183 231 202 236 255 328 279 260 250 278 308 326 3 ,874 4 ,268 4 ,345 4 .286 3 .876 ,303 353 1,390 ,370 1,350 1,453 1,278 ,306 ,383 ,396 4 006 3 ,955 Time 6,412 7,027 7,227 7.828 7,896 2,671 2,970 2,794 3,270 3,284 3,740 4,057 4,433 4.558 4,612 1.544 1,537 1,477 1,667 1.714 7,705 7 761 7,979 7,987 7 979 8.120 8,079 8,075 8 191 8,319 8 291 8,421 1.159 1,169 1,058 .304 1.464 3 ,927 4 ,003 4 ,095 4 ,068 4 ,100 4 ,067 4 ,134 4 ,139 4 ,202 4 ,147 Demand Other liabilities and capital 3.066 3 076 3,231 3,230 3 210 3,328 3,243 3,205 3 290 3,418 3 376 3,497 4,639 4 685 4,748 4,757 4 769 4,792 4,836 4,870 4 901 4,901 4 916 4,924 1,637 L 648 1,634 ,685 1,655 1,727 1,658 1,652 Notes» 18 16 14 494 516 Assets Due fronl banks Bills discounted 1947—December 194g—December 1949—December 1950—December 1951—December 22,590 45,397 40,937 48.131 60,215 19,378 35,633 42,311 5? 933 72,559 219,38<i 354,245 426,69CI S27.525 627.648 86,875 126,246 129,501 135,289 165,696 27,409 54,030 29,843 *1 614 38.114 1952—January February March April May 53,133 50,662 48,669 45.646 48,832 50,436 45,999 46,383 48.279 45,375 47,709 75,407 73,868 75,148 72,947 75,533 72,818 70,090 69,715 67.886 67,846 68,646 534.792 538,245 555.883 556,151 618,19C) 554,963 560,877 624,623 584.55? 595,383 666,402 189,098 183,504 174,048 180,550 172,693 193,942 196,665 177,289 183,491 185,930 163,992 36.548 38,310 40.219 41,474 43,093 44.463 45,990 43,318 44,415 47,721 51,882 July August September October November .... . . .. 716 722 74-rt 1,736 Liabilities Cash reserves June 528 Total Other assets France (4 large banks. End of month figures in millions of francs) 550 651 Liabilities Entirely in Canada Cash reserves and capital ,483 ,478 ,512 ,528 ,965 3,923 3,914 3,952 3,840 3,909 3,903 3,878 3,910 3,948 3,949 4,232 856 854 883 936 Other liabilities Deposits Other assets Other assets Deposits Own Total Demand Time ancet Other liabilities and capita] Ml 547 55? 221 338,090 545,538 619.204 73 1.310 879.767 3,457 6,683 8,062 18.618 27,145 25.175 30.638 26,355 ?8 ?48 33,774 8,916 12,691 15,662 17 316 23,547 801.854 796,396 802,481 800.944 86 [.703 819 030 817,569 860,668 824,874 831,713 882,233 29,837 31,551 32.002 30,786 29,719 29 324 29,120 29,915 30,150 31 ,536 31,789 30,433 30,414 28,953 28,482 27,025 25 529 23,811 19,221 17,810 18,292 20,222 26,854 26,227 30 531 36 556 39,893 42 738 49,121 51,525 55,794 60,713 64,388 6?7 266 749 928 906 911 831 691 827, 946 834 831 891 848 846 890 855 863 914 482 729 422 354 689 582 024 250 021 1 This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of V% per cent after October 1945. 3 In January 1950, the Bank of Canada assumed responsibility for these notes. NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 314 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. Argentina (peso) Year or month Basic Preferential 29.773 29.773 29.774 26.571 20.000 20.000 13.333 13.333 13.333 8.289 7.067 7.163 1952—March April May June July August September October November December 20.000 20.000 20.000 20.000 20.000 20.000 20.000 20.000 20.000 20.000 13.333 13.333 13.333 13.333 13.333 13.333 13.333 13.333 13.333 13.333 7.172 7.164 7.169 1953—January February.... 20.000 20.000 13.333 13.333 Year or month Ceylon (rupee) Denmark (krone) 321.00 321.22 293.80 223.15 223.07 222.63 2.2817 2.2816 2.2009 1.9908 1.9859 1.9878 7.198 223.03 224.10 223.24 221.88 222.17 222.19 221.73 222.55 223.12 223.58 1.9838 1.9838 1.9838 1.9838 1.9842 1.9879 1.9920 1.9965 1.9979 1.9941 7.198 7.198 224.13 224.62 1.9934 1.9966 Finland (markka) France (franc) Official 27.839 20.850 20.849 20.903 1952- -March. . . . April May June July August. September. October. . . November. December. 20.916 21.003 20.961 20.834 20.871 20.875 20.854 20.903 20.984 21.024 1953—January February.. 21.068 21.088 Year or month Norway (krone) 20.864 20.857 19.117 14.494 14.491 214.492 "Bank notes" account Free 1947 1948 1949 1950 1951 1952 1947 1948 1949 1950 1951 1952 Belgium (franc) Australia (pound) Philippine Republic (peso) .4354 .4354 .4354 .4354 .4354 .4354 .4354 .4354 .4354 .4354 .4354 .4354 .2856 .2856 .2856 .2856 .2856 .2856 .2856 .2856 .2856 .2856 Free Canada (dollar) Official Free 100.000 100.000 97.491 90.909 91.999 91.691 92.881 91.474 94.939 102.149 5.4403 5.4406 5.4406 5.4406 5.4406 5.4406 42.973 32.788 32.849 32.601 32.783 32.921 32.752 32.505 32.509 32.445 32.418 32.499 32.489 32.523 100.375 101.891 101.615 102.086 103.120 103.984 104.171 103.681 102.289 103.002 32.560 32.612 103.014 102.302 5.4406 5.4406 I i2.5173 Ireland (pound) Mexico (peso) Netherlands (guilder) New Zealand (pound) 30.164 30.169 27.706 20.870 20.869 20.922 280.38 279.68 20.577 18.860 12.620 11.570 11.564 11.588 37.760 37.668 34.528 26.252 26.264 26.315 322.29 350.48 365.07 277.28 277.19 276.49 20.949 21.031 20.988 20.870 20.892 20.893 20.866 20.921 20.976 21.025 280.38 280.77 280.07 278.46 278.82 278.85 278.26 279.30 280.01 280.59 11.564 11.569 11.566 11.561 11.574 11.623 11.623 11.611 11.622 11.623 26.319 26.340 26.337 26.317 26.324 26.317 26.291 26.312 26.289 26.277 276.91 277.96 277.29 275.71 276.06 276.09 275.51 276.53 277.24 277.81 21.074 21.089 .2856 .2856 South Africa (pound) Official British Malaysia (dollar) 281.28 281.90 11.625 11.620 26.281 26.269 278.50 279.11 India (rupee) Free 8407 .3240 .4929 .3017 .4671 .2858 .2856 .2856 Portugal (escudo) Brazil (cruzeiro) 5.4406 5.4406 5.4406 5.4406 5.4406 5.4406 5.4406 5.4406 5.4406 5.4406 2.1407 1.9722 1.9622 Germany (deutsche mark) .4354 .4354 14.492 14.492 14.492 14.492 14.492 2 14.492 In cents per unit of foreign currency] Sweden (krona) 23.838 23.838 3 23.838 23.838 23.838 3 23.838 Switzerland (franc) United Kingdom (pound) Uruguay (peso) 1947 1948 1949 1950 1951 1952 20.160 20.159 18.481 14.015 14.015 14.015 49.723 49.621 49.639 49.675 4.0273 4.0183 3.8800 3.4704 3.4739 3.4853 400.74 400.75 366.62 278.38 278.33 278.20 27.824 27.824 25.480 19.332 19.327 19.326 23.363 23.363 23.314 23.136 23.060 23.148 402.86 403.13 368.72 280.07 279.96 279.26 65.830 65.830 65.830 65.833 65.833 65.833 56.239 56.182 56.180 56.180 56.180 56.180 42.553 42.553 42.553 42.553 1952—March April May June July August September... October November.. . December. . . 14.015 14.015 14.015 14.015 14.015 14.015 14.015 14.015 14.015 14.015 49.677 49.677 49.677 49.677 49.677 49.677 49.677 49.677 49.677 49.677 3.4888 3.4906 3.4898 3.4801 3.4793 ,4848 ,4878 3.4825 3.4818 3.4839 278.55 279.80 279.03 277.42 277.78 277.81 277.23 278.25 278.96 279.54 19.327 19.327 19.327 19.327 19.327 19.327 19.327 19.325 19.323 19.323 22.947 23.013 23.078 23.138 23.240 23.288 23.320 23.329 23.330 23.332 279.67 280.79 280.07 278.46 278.82 278.85 278.27 279.30 280.01 280.59 65.833 65.833 65.833 65.833 65.833 65.833 65.833 65.833 65.833 65.833 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 1953—January February.... 14.015 14.015 49.677 49.677 3.4872 3.4856 280.23 280.84 19.323 19.323 23.311 23.318 281.28 281.90 4 65.833 4 56.180 4 65.833 4 56.180 4 42.553 4 42.553 5 36.025 1 Based on quotations beginning Feb. 25, 1953. Based on quotations through Aug. 14, 1952. Based on quotations through May 8, 1952. 4 Quotations not available Jan. 28 through Feb. 9, 1953. 6 Based on quotations beginning Feb. 10, 1953. NOTE/—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1952, p. 1355. 2 3 MARCH 1953 315 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United States (1947-49 = 100) Canada (1935-39 = 100) Mexico (1939 = 100) United Kingdom (1930 = 100) 1943 1944 ,945 1946 1947 1948 1949 1950 1951 1952 67 68 69 79 96 104 99 103 115 128 131 132 139 163 193 198 211 240 226 146 179 199 229 242 260 285 311 386 400 163 166 169 175 192 219 230 262 320 328 12 14 20 34 52 89 100 108 138 145 5,159 5,443 '5,169 '4,897 5,581 P5.27O 1952—January February March April May June July August September October November December 113 113 112 112 112 111 112 112 112 111 111 110 237 233 231 227 225 227 226 224 222 221 222 221 402 400 404 407 406 405 400 400 393 397 395 393 335 329 333 330 328 328 327 325 323 326 324 327 153 152 149 147 145 143 144 144 143 141 140 141 5,415 5,380 5,323 5,255 5,179 5,133 5,200 5,234 5,265 '5,272 5,292 ?5,288 1953—January 110 222 387 327 France (1949 = 100) Japan (1934-36 average = 100) Italy (1938 = 100) Netherlands (1948 = 100) Switzerland (Aug. 1939 = 100) P140 Year or month Sweden (1935 = 100) 100 104 117 143 140 358 357 353 349 348 348 351 348 '348 347 342 196 196 194 186 199 214 216 227 299 P317 203 207 205 200 208 217 206 203 227 220 145 145 143 142 140 139 136 137 138 138 138 139 2 2 4 16 48 128 209 246 343 320 320 322 321 321 322 320 319 316 314 305 P306 227 224 222 221 220 220 220 220 220 218 218 217 P215 p Preliminary. r Revised. NOTE.—For sources and references concerning changes in tne structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1947-49=100) Year or month Farm products Canada (1935-39=100) Other Processed commodfoods ities Farm products Netherlands (1948=100) United Kingdom (1930=100) Raw and Fully and partly chiefly manumanufactured factured goods goods Foods Industrial products 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 69 69 72 83 100 107 93 98 113 n.a. n.a. n.a. n.a. 98 106 96 100 111 69 70 71 78 95 103 101 105 116 145 155 165 177 190 230 226 237 269 244 131 134 136 140 164 196 197 213 238 219 127 129 130 138 162 192 199 211 242 231 160 158 158 158 165 181 197 221 247 284 1952—January February March April May June July August September October November December 110 108 108 109 108 107 110 110 107 105 104 '99 no no 109 108 109 109 110 111 110 109 108 104 114 114 114 113 113 113 113 113 113 113 113 113 272 260 257 254 253 258 253 236 226 221 223 222 233 228 226 221 220 221 219 216 213 210 211 210 240 236 235 231 228 231 230 229 228 228 229 228 277 271 276 280 280 283 289 287 284 293 293 297 »368 *363 »366 *358 P355 P352 P348 P345 P343 1953—January 100 106 113 220 209 229 301 Foods Industrial raw products Industrial finished product 100 101 112 122 129 100 108 128 171 166 100 104 116 143 135 130 133 130 130 128 127 122 124 129 129 131 132 176 172 169 166 165 163 162 164 163 164 163 162 141 141 139 138 136 134 133 133 133 132 132 132 P341 164 170 175 184 207 242 249 286 P364 P352 P343 P340 P344 n.a. Not available. P Preliminary. « Revised. • NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for Decem ber 1952, p. 1356. 316 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued CONSUMERS' PRICE INDEXES Food All items Year or month United States (1947-49 = 100)1 1945 1946 1947 1948 1949 1950 1951 . 1952 Canada (1949 = 100) United Kingdom (Jan. 15. 1952 = 100) France (1949 = 100) Netherlands (1949 = 100) 77 1953-January 77 82 84 86 95 103 35 57 90 100 111 130 145 118 118 117 117 116 116 116 116 116 116 116 116 100 100 101 102 102 104 104 103 103 104 104 105 146 149 148 147 145 143 143 145 146 145 144 145 116 104 ?146 (Aug. 1939 = 100) 120 120 120 120 119 119 120 119 120 P120 P119 114 June July August September October November December.... 78 85 97 100 103 114 116 113 112 112 113 113 113 114 114 114 114 114 114 1952—January February March April May 75 83 96 103 102 103 111 114 Switzerland 22 United States (1947-49 = 100) i Canada (1949 = 100) 69 164 72 76 82 9? 105 160 170 176 174 176 181 184 122 121 118 117 116 116 116 1 16 116 115 116 114 100 100 101 104 104 109 108 107 106 108 108 109 142 145 144 142 139 137 136 140 142 141 140 141 114 109 P141 103 117 117 PUO 171 171 171 170 171 171 171 171 172 171 171 171 115 113 113 114 114 115 116 117 115 115 115 114 P120 P170 113 PUO Switzerland (Aug. 1939 = 100) 21 79 96 104 100 101 113 115 ioo France Netherlands (1949 (1949 = 100) = 100) 36 57 92 100 111 128 141 153 152 158 163 162 159 167 171 109 119 United Kingdom (Jan. 15. 1952 = 100) 67 100 ' ioo' 111 121 P\23 123 124 124 125 124 174 123 120 123 P123 P122 P122 183 182 182 182 183 184 185 185 186 186 186 186 P184 SECURITY PRICES [Index numbers except as otherwise specified] Common stocks Bonds Year or month Number of issues... United States (high grade) 17 1946 1947 1948 1949 1950 1951 1952 123.4 122.1 118.3 121.0 122.0 117.7 115.8 1952—February. . . . March April May 116.5 115.9 116.2 116.3 116.2 116.0 115.8 115.7 114.7 115.2 115.3 114.5 June July August September... October November... December.... 1953—January United Canada Kingdom (1935-39 (December = 100) 1921=100) France (1949 = 100) Netherlands 14 United States (1935-39 = 100) Canada (1935-39 = 100) United France Kingdom (1926=100) (1949=100) 480 103 278 117.2 118.5 105.0 107.6 109.6 95.7 86.1 87.8 86.9 86.7 88.8 87.7 85.3 84.0 83.6 84.3 84.9 84.7 132.1 130.8 129.9 126.5 121.2 117.6 108.3 131.5 120.0 106.4 100.0 99.8 101.4 111.1 109.« 105.6 107.1 106.8 106.7 87 0 85.6 139.9 123.0 124.4 121.4 146.4 176.5 187.7 11* 7 106.0 112.5 109.4 131.6 168 3 173.1 96.2 94.6 9? 0 87.6 90.0 07 1 91.1 110.5 107.3 108.5 108.6 105.8 105.8 106.3 110.0 109.0 108.3 109.0 103.3 105.2 105.3 110.7 113.9 114.4 114.8 116.9 115.5 115.0 114.6 81.5 83.3 83.9 84.5 85.2 85.4 87.6 87.1 87.6 89.9 91.6 183.2 185.2 183.6 183.7 187.6 192.1 191.1 188.2 183.4 189.8 197.0 179.5 177.6 175.8 169.0 171.6 174.9 176.0 92.8 90.5 91.6 92.0 89.6 89.9 89.9 163.6 167.3 168.4 90.3 89.9 91.0 84.5 109.1 93.6 197.6 172.3 92.0 87 60 171.6 91.2 295 Netherlands 27 100 90 112 143 195 233 240 219 217 215 192 149* 149 144 136 142 145 146 147 142 141 141 198 191 185 185 184 190 190 192 191 194 196 201 NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p . 1357. MARCH 1953 317 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM W M . M C C . MARTIN, JR., Chairman JAMES K. VARDAMAN, JR. A. L. MILLS, JR. M . S. SZYMCZAK R. M. EVANS J. L. ROBERTSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board ALFRED K. CHERRY, Legislative OFFICE OF T H E SECRETARY Counsel DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary MERRITT SHERMAN, Assistant Secretary KENNETH A. KENYON, Assistant Secretary GEORGE S. SLOAN, Director C. C. HOSTRUP, Assistant Director FRED A. NELSON, Assistant Director ARTHUR H. LANG, Chief Federal Reserve Examiner LEGAL DIVISION GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel HOWARD H. HACKLEY, Assistant General Counsel ROBERT C. MASTERS, Assistant Director GLENN M. GOODMAN, Assistant Director HENRY BENNER, Assistant Director DIVISION O F BANK OPERATIONS ROBERT F . LEONARD, Director OFFICE O F T H E SOLICITOR G. HOWLAND CHASE, Assistant Solicitor J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director DIVISION O F RESEARCH A N D STATISTICS DIVISION O F PERSONNEL ADMINISTRATION RALPH A. YOUNG, Director FRANK R. GARFIELD, Adviser on Economic Research KENNETH B. WILLIAMS, Assistant Director SUSAN S. BURR, Assistant Director GUY E. NOYES, Assistant Director C. RICHARD YOUNGDAHL, Assistant Director DIVISION O F I N T E R N A T I O N A L FINANCE ARTHUR W . MARGET, Director LEWIS N . DEMBITZ, Assistant Director DWIGHT L. ALLEN, Director H . FRANKLIN SPRECHER, JR., Assistant Director DIVISION O F ADMINISTRATIVE SERVICES LISTON P. BETHEA, Director JOSEPH E. KELLEHER, Assistant Director EDWIN J. JOHNSON, Assistant Director OFFICE O F DEFENSE LOANS GARDNER L. BOOTHE, II, FEDERAL OPEN MARKET COMMITTEE Administrator FEDERAL ADVISORY COUNCIL W M . M C C . MARTIN, JR., Chairman ALLAN SPROUL, Vice Chairman J. A. ERICSSON A. L. MILLS, JR. R. M. EVANS O. S. POWELL RAY M. GIDNEY J. L. ROBERTSON DELOS C. JOHNS M. S. SZYMCZAK JAMES K. VARDAMAN, JR. ERNEST CLAYTON, BOSTON DISTRICT H E N R Y C. ALEXANDER, N E W YORK GEOFFREY S. S M I T H , PHILADELPHIA DISTRICT GEORGE CLEVELAND DISTRICT WINFIELD W . RIEFLER, Secretary PAUL M . DAVIS, ATLANTA ELLIOTT THURSTON, Assistant Secretary GEORGE B. VEST, General Counsel EDWARD E. BROWN, CHICAGO DISTRICT FREDERIC SOLOMON, Assistant General Counsel WOODLTEF THOMAS, Economist W M . J. ABBOTT, JR., Associate Economist ARTHUR A. BRIGHT, JR., Associate Economist J. MARVIN PETERSON, Associate Economist GUND, ROBERT V. FLEMING, RICHMOND DISTRICT DISTRICT Vice President DISTRICT President V. J. ALEXANDER, ST. LOUIS DISTRICT JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT CHARLES J. CHANDLER, KANSAS C I T Y DISTRICT D E W I T T T . RAY, DALLAS DISTRICT JOHN M . WALLACE, SAN FRANCISCO DISTRICT H. V. ROELSE, Associate Economist DONALD S. THOMPSON, Associate Economist RALPH A. YOUNG, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account 318 HERBERT V . PROCHNOW, Secretary FEDERAL RESERVE BULLETIN CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman l Bank of Deputy Chairman Vi,ce Presidents President First Vice President (Vice Presidents in chirge of branches are listed in lower section of this page) Boston. Harold D. Hodgkinson Ames Stevens J. A. Erickson Alfred C. Neal John J. Fogg Carl B. Pitman Robert B. Harvey 3 O. A. Schlaikjer E. 0. Latham R. F. Van Amringe New York. Jay E. Crane William I. Myers Allan Sproul William F. Treiber H. A. Bilby H. H. Kimball L. W. Knoke Walter S. Logan A. Phelan Philadelphia.. William J. Meinel C. Canby Balderston Alfred H. Williams W. J. Davis Karl R. Bopp P. M. Poorman Robert N. Hilkert J. V. Vergari* E. C. Hill Richard G. Wilgus 2 Wm. G. McCreedy Cleveland. John C. Virden Leo L. Rummell Ray M. Gidney W. D. Fulton Roger R. Clouse A. H. Laning 3 Martin Morrison H. E. J. Smith Paul C. Stetzelberger Donald S. Thompson Richmond. Charles P. McCormick John B. Woodward, Jr. Hugh Leach J. S. Walden, Jr. N. L. Armistead R. W. Mercer 3 C. B. Strathy K. Brantley Watson Edw. A. Wayne Chas. W. Williams Atlanta. Frank H. Neely Rufus C. Harris Malcolm Bryan Lewis M. Clark V. K. Bowman E. C. Rainey 2 J. E. Denmark L. B. Raisty Harold T. Patterson Earle L. Rauber S. P. Schuessler Chicago. John S. Coleman Bert R. Prall C. S. Young E. C. Harris Neil B. Dawes W. R. Diercks W. A. Hopkins L. H. Jones 2 L. G. Meyer George W. Mitchell A. L. Olson Alfred T. Sihler W. W. Turner St. Louis Russell L. Dearmont Wm. H. Bryce Dale M. Lewis Wm. E. Peterson H. H. Weigel J. C. Wotawa Minneapolis. . Roger B. Shepard Paul E. Miller Delos C. Johns Frederick L. Deming O. S. Powell A. W. Mills H. C. Core E. B. Larson H. G. McConnell J. Marvin Peterson Otis R. Preston M. H. Strothman, Jr. Sigurd Ueland Kansas City.. Raymond W. Hall Cecil Puckett H. G. Leedy Henry O. Koppang John T. Boysen 2 M. W. E. Park Clarence W. Tow E. D. Vanderhoof D. W. Woolley Dallas J. R. Parten Robert J. Smith R. R. Gilbert W. D. Gentry E. B. Austin R. B. Coleman J. L. Cook * Watrous H. Irons L. G. Pondrom Harry A. Shuford Mac C. Smyth San Francisco. Brayton Wilbur William R. Wallace, Jr. C. E. Earhart H. N. Mangels E. R. Millard H. F. Slade Ronald T. Symms 3 O. P. Wheeler H. V. Roelse Robert G. Rouse V. Willis R. B. Wiltse J. H. Wurts VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE: BANKS Federal Reserve Bank of New York Cleveland Richmond Atlanta Chicago St. Louis 1 Branch Buffalo Cincinnati Pittsburgh Baltimore Charlotte Birmingham Jacksonville Nashville New Orleans Detroit Little Rock Louisville Memphis Also Federal Reserve Agent. MARCH 1953 Vice Presidents I. B. Smith Wilbur T. Blair J. W. Kossin D. F. Hagner R. L. Cherry John L. Liles, Jr. T. A. Lanford R. E. Moody, Jr. E. P. Paris H. J. Chalfont C. M. Stewart C. A. Schacht Paul E. Schroeder 2 Cashier. Federal Reserve Bank of Branch Vice Presidents Minneapolis.... Helena C. W. Groth Kansas City.... Denver Oklahoma City Omaha G. A. Gregory R. L. Mathes L. H. Earhart Dallas C. M. Rowland W. H. Holloway W. E. Eagle El Paso Houston San Antonio San Francisco... Los Angeles Portland Salt Lake Citv Seattle * Also Cashier. W. F. Volberg J. A. Randall W. L. Partner J. M. Leisner * Counsel. 319 FEDERAL RESERVE BOARD PUBLICATIONS The material listed below may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should be made payable to the order of the Board of Governors of the Federal Reserve System. of the Board of Governors of the Federal Reserve System. Issued each year. Available without charge upon request. ANNUAL REPORT Issued monthly. 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Annual subscription to monthly chart book includes one issue of supplement. Single copies, 60 cents each; in quantities of 10 or more copies for single shipment, 50 cents each. (Domestic rates) 1 A more complete list, including periodic releases and reprints, appeared on pp. 1360-63 of the December 1952 BULLETIN. 320 THE FEDERAL RESERVE S Y S T E M — I T S PURPOSES AND FUNCTIONS. November 1947; reprinted Feb- ruary 1953. 125 pages. Comprising 17 papers on banking and monetary subjects by members of the Board's staff. August 1941; reprinted October 1952. 496 pages. Paper cover. $1.00 per copy; in quantities of 10 or more copies for single shipment, 75 cents each. BANKING STUDIES. Statistics of banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per copy. No charge for individual sections (unbound). BANKING AND MONETARY STATISTICS. A STATISTICAL STUDY OF REGULATION V LOANS. September 1950. 74 pages. 25 cents per copy; in quantities of 10 or more copies for single shipment, 15 cents each. THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS AND THEIR USE IN ECONOMIC ANALYSIS. Janu- ary 1952. 175 pages. 25 cents per copy; in quantities of 10 or more copies for single shipment, 15 cents each. as amended to November 1, 1946, with an Appendix containing provisions of certain other statutes affecting the Federal Reserve System. 372 pages. 50 cents per paper-bound copy; $1.00 per cloth-bound copy. THE FEDERAL RESERVE ACT, COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING IN THE UNITED STATES. (July 1, 1951.) December 1951. 33 pages. RULES OF ORGANIZATION AND RULES OF PROCEDURE —Board of Governors of the Federal Reserve System (with Amendments). September 1946. 31 pages. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Individual regulations with amendments. FEDERAL RESERVE BULLETIN FEDERAL RESERVE BOARD REPRINTS PUBLICATIONS STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- (From Federal Reserve Bulletin unless preceded by an asterisk) ERNORS REVISED ESTIMATES OF CONSUMER CREDIT. CREDIT CONTROL AND DEBT MANAGEMENT, MARCH Novem- SUBCOMMITTEE ON GENERAL 11, 1952. April 1952. 4 pages. ber 1950. 2 pages. MEASUREMENT OF CONSUMER CREDIT. November CHANGES IN INSTALMENT CREDIT TERMS. May 1952. 6 pages. 1950. 9 pages. * T H E TREASURY—CENTRAL BANK RELATIONSHIP IN FOREIGN BEFORE COUNTRIES—PROCEDURES AND TECH- NIQUES. November 1950. April 1951. 19 pages. TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. April 1951. 14 pages. EXCESS PROFITS TAXES OF COMMERCIAL BANKS. June 1952. 18 pages. REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- LATION X. June 1952. 18 pages. FINANCING OF LARGE CORPORATIONS IN 1951. HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING June 1952. 6 pages. THE INTRODUCTION OF REAL ESTATE CREDIT REGU- RETAIL CREDIT SURVEY—1951. LATION. July 1951. 23 pages. SAVING IN THE DEFENSE ECONOMY. 1951. NEW September 5 pages. INDEX OF OUTPUT DURABLE GOODS. OF MAJOR CONSUMER October 1951. 6 pages. CREDIT AND SALES REPORTED BY REGULATION W REGISTRANTS. October 1951. 12 pages. VOLUNTARY ACTION TO H E L P CURB ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS INFLATION. November 1951. 9 pages. AND BUSINESSES. July 1952. 2 pages. PROBLEMS OF TRADE EQUILIBRIUM. REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS. December 1951. 53 pages. January 1952. 11 pages. SERIES ON DEPARTMENT STOCKS, AND ORDERS. February 1952. 9 pages. February 1952. 9 December CENTRAL SOUTHEAST ASIA. BANKING BALANCE. March 1952. 7 pages. 1953. THE 1952 SURVEY OF CONSUMER FINANCES—From April, 1952. 7 DEVELOPMENTS IN December 1952. 9 pages. CREDIT AND MONETARY REVIEW FOR 1952. RECENT CHANGES IN GERMANY'S FOREIGN TRADE SALES, pages. RECENT pages. STORE October 1952. 5 pages. RECENT CREDIT EXPANSION. T H E SECOND ARMAMENT BUDGET. October 1952. 9 pages. REVISED ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. MONEY AND CREDIT IN 1951. From June 1952 BULLETIN with supplementary information for 9 separate trades. (Also, Retail Credit Surveys— 1943, 1944, 1945, 1946, 1947, 1948, and 1949 from the June 1944, May 1945, June 1946, July 1947, July 1948, June 1949, and June 1950 BULLETINS with supplementary information.) February 7 pages. MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. July, August, and September issues of BULLETIN. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 pages. 67 pages. (Also, similar surveys for earlier years from 1946, 1947, 1948, 1949, 1950, and 1951 INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952. BULLETINS.) BANKING IN THE SOVIET UNION. April 1952. 8 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES. April 1952. 4 pages. MARCH 1953 March 1953. 8 pages. (Also similar article from March 1952 BULLETIN.) SELECTED PRELIMINARY FINDINGS SURVEY OF CONSUMER FINANCES. OF THE 1953 March 1953. 2 pages. 321 FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES j O 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 p