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. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominican Republic, Ecuador,
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Nicaragua, Panama, Paraguay, Peru, El Salvador,
Uruguay, and Venezuela is $2.00 per annum or
20 cents per copy; elsewhere $2.60 per annum or
25 cents per copy. Group subscriptions in the
United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for
12 months.
FEDERAL RESERVE BULLETIN.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
RATES, and BUSINESS. Issued monthly. $6.00
per annum including edition of historical supplement (listed below) available when subscription
is entered or renewed. 60 cents per copy; in
quantities of 10 or more copies of a particular
issue for single shipment, 50 cents each. (Domestic rates)
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
CHARTS ON BANK CREDIT, MONEY RATES, AND
BUSINESS.
Issued semiannually, usually April
and September. Annual subscription to monthly
chart book includes one issue of supplement.
Single copies, 60 cents each; in quantities of 10
or more copies for single shipment, 50 cents each.
(Domestic rates)
1
A more complete list, including periodic releases and reprints, appeared on pp. 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
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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
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@FedFRASER