Full text of Federal Reserve Bulletin : May 1953
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FEDERAL
E S E RVE
BULLETIN
MAY 1953
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
FEDERAL
RESERVE
BULLETIN
May 1953
VOLUME 39
NUMBER 5
UNITED STATES POSTWAR INVESTMENT
IN LATIN AMERICA
United States long-term investment in the appears to have been concentrated in VeneLatin American Republics has been increas- zuela, Brazil, and Mexico. In the area as a
ing since World War II at a rate of about whole, most of the increase was used in
8 per cent a year, and the aggregate amount expanding the petroleum and manufacturoutstanding was about 6.5 billion dollars at ing industries. Investment in power and
the end of 1952. Direct investment—that is, transportation facilities, largely financed by
private equity capital in enterprises that are Export-Import Bank and International Bank
owned or substantially controlled by United loans, accounted for about 10 per cent of the
States investors—accounted for about 85 per postwar increase.
cent of this total, while 9 per cent represented
loans by the United States Government, prin- UNITED STATES INVESTMENT IN LATIN AMERICA
Bill
cipally through the Export-Import Bank.
The remaining 6 per cent included holdings
of Latin American dollar bonds, other longterm loans, and shares in enterprises whose
controlling interest is retained abroad.
United States investment in the capital and
obligations of the International Bank for
Reconstruction and Development also contributed indirectly to additional dollar investment in the area.
Latin America's share of this country's
total outstanding foreign long-term investment declined from about 25 per cent to 17
per cent in the two years 1946-47, when
United States Government lending to Europe
was extraordinarily large. This ratio had
increased to about 19 per cent of the total
by the end of 1952.
More than half of the postwar additions
1946
1948
1950
1952
NOTE.—End of year figures, based on data from U. S. Deto investment in Latin America by United partment
of Commerce and IBRD. Annual estimates of private
direct investment adjusted to the 1950 Census of Direct InStates entities and by the International Bank vestment.
Figures for 1952 are preliminary.
M A Y 1953
445
UNITED STATES POSTWAR INVESTMENT IN LATIN AMERICA
in Latin America is provided by the two
In contrast to the decade following World most recent censuses of United States forWar I, when a large part of United States eign direct investment, for 1943 and 1950.
private capital movements to Latin America Available data indicate that over 90 per cent
took the form of investment in dollar bonds, of additional investment between these two
no new Latin American issues have been years occurred after the war.
Additional funds were invested in all
publicly offered in the United States since
World War II. Moreover, United States major industries in Latin America between
holdings of outstanding issues declined, prin- 1943 and 1950. As the chart shows, the
cipally through amortization and repatria- petroleum and manufacturing industries retion, from an estimated 470 million dollars ceived the major share and moved to first
(face value) at the end of 1945 to 320 mil- and third place, respectively, in rank based
lion at the end of 1951. Since other port- on total capital outstanding. Transportation
folio holdings also declined, the entire post- and public utilities dropped from first place,
war increase in private capital outstanding with 32 per cent of United States direct investment in 1943, to second place with 22
reflected a growth in direct investment.
per cent of the total in 1950. Investment
Postwar additions to United States direct
investment in Latin America, including in agriculture and in mining and smeltreinvested earnings, ranged from 148 mil- ing also declined relatively over the period.
lion dollars in 1946 to 576 million in
STATES DIRECT INVESTMENT
1949. The largest additions — averaging UNITED
IN LATIN AMERICA, 1943 AND 1950
550 million a year—occurred in the period
Millions of Dollars
1600
400
800
1200
1947-49 when investment in Venezuela's BY INDUSTRY 0
PETROLEUM
petroleum industry was heavy. Increases
in direct investment averaged 350 million TRANSPORTATION
& PUBLIC UTILITIES
dollars a year in 1950 and 1951 and it appears
that this rate was at least equaled in 1952.
Earnings retained in Latin America by
subsidiaries of United States companies have
financed approximately two-fifths of direct
investment undertaken since the war. An
additional part has been financed from earnings of branches of United States companies;
however, available data do not distinguish
between the amount of such investment and
the amount financed by new United States
private capital. Reinvested earnings of subsidiaries represented less than a third of additional investment in the period prior to
1950, as compared with over half (preOTHIR COUNT*IIS
liminary data) in 1950 and 1951.
Distribution of direct investment. An
400
800
1200
1600
Millions of Dollars
indication of postwar changes in the disNOTE.—Based on census da».a trom U. S. Departments of
Commerce and Treasury. Other countries include the remaintribution of United States direct investment ing 14 Latin American republics.
FEDERAL RESERVE BULLETIN
446
PRIVATE INVESTMENT
UNITED STATES POSTWAR INVESTMENT IN LATIN AMERICA
The geographic distribution of direct investment in Latin America also changed
substantially from 1943 to 1950. Direct investment more than doubled in Brazil, Costa
Rica, Panama, Uruguay, and Venezuela, and
almost doubled in Peru. It declined, however, in Argentina, Bolivia, Haiti, and Paraguay. Increases occurred in the remaining
ten republics but they were less than the
area average of 72 per cent.
Factors affecting private investment. In
general, changes in conditions of world demand and supply during the postwar period
increased incentives for additional United
States and other foreign private investment
in Latin America, particularly in the development of raw materials. Because conditions that affect the security and profitability of foreign investment varied widely,
however, countries that seemed to have the
requisite natural resources did not necessarily experience the largest increases in direct foreign investment.
Restraining influences on private investment in Latin America have taken a variety
of forms, ranging from the absence of adequate facilities for power, transportation, and
communications, to strong nationalistic tendencies that have adversely affected foreignowned enterprises. Of special significance in
a number of countries have been the adverse
effects of inflation, discriminatory exchange
rates, and exchange controls. These effects
have been greatest in export industries and
in such industries as public utilities which
are subject to price and rate controls.
Exchange controls and discriminatory exchange practices have affected incentives to
new foreign private investment also by restricting earnings transfers and by limiting
certain capital transactions to unfavorable
exchange rates. A part of the postwar investment in manufacturing, however, probably resulted from certain types of trade conMAY
1953
trols and exchange restrictions that were
introduced primarily for limiting imports.
Such practices apparently induced some
United States companies to construct facilities in Latin America for the local production of commodities whose importation was
prohibited or held under strict control. In
a few cases, exchange controls have also
tended to increase temporarily the apparent
level of direct investment in Latin America
by preventing the remittance of earnings
to parent companies in the United States.
Venezuela was noteworthy among the
Latin American countries that attracted foreign private capital and it received over 30
per cent of additional United States direct
investment in Latin America between 1943
and 1950. Most of this increase went into
the petroleum industry, where the participation of foreign private capital has been officially encouraged since the discovery of
Venezuelan oil in 1918. However, Venezuela's official policy toward foreign private
capital, coupled with monetary and exchange
stability and the absence of restrictions on
currency convertibility, was also reflected in
the growth of United States direct investment in other industries. This growth
amounted to more than 100 million dollars,
or over 300 per cent, between 1943 and 1950.
Although the combination of profitable
investment opportunities and a favorable
climate for foreign capital has not existed
in other Latin American countries to the
same extent that it has in Venezuela, marked
improvements in investment conditions have
taken place in a number of countries during
recent years. Colombia and Peru have recently enacted petroleum laws that are similar in a number of respects to the Venezuelan
legislation. They also have provided additional inducements to foreign investors primarily through the removal of almost all
restrictions on the movements of foreign447
UNITED STATES POSTWAR INVESTMENT IN LATIN AMERICA
owned capital. Other countries have pro- the Bank authorized loans for Latin America
vided special inducements to certain types totaling 863 million dollars, disbursed 593
of investment by offering tax and tariff con- million under these and earlier authorizacessions, by granting certain exchange privi- tions, and received repayments totaling 240
leges, and by relaxing restrictions on the million. Although net disbursements varied
kinds of investment that foreigners can from year to year, they represented a susmake. Several countries have also indicated tained capital contribution and showed a
an interest in promoting wider dissemi- tendency to attain higher levels toward the
nation in the United States of information end of the period. Since the period of heavy
outlays for European reconstruction prior to
concerning investment opportunities.
Loans by the International Bank and the 1948, Latin America has received nearly half
Export-Import Bank for the development of of the Bank's net disbursements to all areas.
transportation, communications, and power As the table shows, undisbursed credits still
facilities may serve to enhance future oppor- available to Latin America at the end of
1952 totaled 379 million dollars.
tunities for private investors.
Most of the Bank's disbursements in Latin
UNITED STATES GOVERNMENT INVESTMENT
America have been made to Argentina,
The flow of capital from the United States Brazil, Chile, and Mexico. In Latin AmerGovernment to Latin America since the ica as a whole, disbursements have been
war has been almost entirely in the form utilized primarily for expanding and imof Export-Import Bank loans. Other credits, proving transportation and manufacturing
related principally to surplus property sales facilities. Most of the funds provided for
and the sale of merchant ships, have been transportation were invested in Mexico and
relatively small. In addition, various forms Brazil, largely for railway improvements.
of technical aid have been provided under
LOANS TO LATIN A M E R I C A BY E X P O R T - I M P O R T BANK AND
United States Government grants.
INTERNATIONAL BANK FOR RECONSTRUCTION
AND D E V E L O P M E N T , 1946-52
The Export-Import Bank has engaged in
[In millions of dollars]
broad lending activities in Latin America
serving such widely different purposes as
International Bank
for Reconstruction
Export-Import Bank
and Development
general economic development, balance of
Country
payments assistance, and the expansion of
UndisDisburseUndisAuments 1
bursed Au- Gross bursed
strategic materials supplies for mutual dethorbalance, thordis- balance,
izaDec. 31, iza- burse- Dec. 31,
fense. Most of the Bank's lending in this
tions Gross Net 1952 2 tions ments 1952 3
area has been undertaken on a project basis
97
97
Argentina... 130
5
and for general developmental purposes. Brazil
258
90
36
143
47
190
96
76
111
69
Chile
9
17
5
13
51
44
22
Colombia.
.
.
22
32
55
23
The Bank's loans, which are intended to
12
12
—1
Cuba
6
221
159
80
Mexico
97
90
33
48
supplement private capital, have been made Venezuela...
15
10
6
4
Other
Latin
both to foreign governments and to private
America. . 100
60
70
44
18
41
46
borrowers, including foreign subsidiaries of Total
863
593
365
U98
157
353
379
United States corporations. Loans to private
1
Includes disbursements under loans authorized prior to 1946.
2
borrowers have been made both with and
Excludes cancellations and expirations. Includes undisbursed
balance
of 5.4 million dollars from loans authorized prior to 1946.
3
without the guarantee of the government of
Excludes cancellations of 9.5 million dollars from credits to
Mexico and of 0.1 million from credits to Colombia.
disbursements totaled 197 million dollars; repayments of
the country where the investment is made. 0.54Net
million each were made by Chile and Colombia.
NOTE.—Derived
Export-Import Bank and IBRD data.
In the seven years ending last December, Details may not addfrom
to totals because of rounding.
448
FEDERAL RESERVE
BULLETIN
UNITED STATES POSTWAR INVESTMENT IN LATIN AMERICA
The largest disbursements in the field of
manufacturing were for equipment for the
Chilean steel industry, while other disbursements in this field were made for various
projects primarily in Mexico and Brazil.
Outlays for electric power development were
devoted largely to projects in Mexico.
A number of the Bank's more recent
Latin American loans have been made in
connection with the development of sources
of strategic materials for mutual defense.
At the end of 1952, 110 million dollars of
these credits remained to be utilized. Most
of this amount is destined for development
of manganese ore deposits in Brazil.
Three of the Bank's postwar loans to Latin
America were not of the project type. One
was a balance of payments credit of 25 million dollars extended to Chile in 1949 following a sharp decline in the price of copper,
the country's principal export. The purpose
of the loan was to finance general imports
of equipment, materials, and services, on
order in the United States, which were
deemed essential for continuation of the
Chilean economic development program.
In 1950 a loan of 125 million dollars was
granted to Argentina to liquidate past-due
dollar obligations to United States commercial creditors. This loan was occasioned
primarily by large postwar Argentine trade
deficits with the United States which were
accompanied by a severe decline in Argentine gold and dollar reserves. Actual disbursements totaled 96.5 million dollars. Repayment is scheduled to begin next year and
to be completed in 1963.
In February of this year the Bank approved a 300 million dollar credit to Brazil
(not included in the table on page 448)
which, like the loan to Argentina, is to be
used for liquidating past-due obligations to
United States exporters. The loan is to be
repaid over a period of three years.
MAY 1953
INVESTMENT THROUGH THE INTERNATIONAL
BANK FOR RECONSTRUCTION AND
DEVELOPMENT
During the postwar period United States
capital has also been invested abroad indirectly through loans made by the International Bank for Reconstruction and Development. As a member of the Bank, the
United States Government has paid in 635
million dollars on its subscription to the
Bank's capital. In addition, private investors in the United States have supplied
most of the 633 million dollars in loanable
funds which the Bank has obtained through
the sale of its own and borrowers' obligations on private capital markets.
With the exception of four European reconstruction loans, the Bank's lending operations have been devoted to basic developmental projects in less developed areas.
These operations have been noteworthy for
the emphasis placed on evaluating loan
projects in relation to the borrowing country's over-all development requirements. According to the Bank's statutes, all loans are
guaranteed by the member government in
whose territory the investment is made.
By the end of 1952, the Bank's Latin American loan authorizations totaled 365 million dollars, while disbursements totaled 198
million. More than three-fourths of both
authorizations and disbursements represented loans to Brazil, Mexico, and Colombia.
By far the largest share of the Bank's
Latin American loans has been devoted to
electric power development, as is shown in
the chart on the next page. In this field,
which has declined in importance as an
attraction for private investors, the Bank's
commitments to the area at the end of 1952
totaled 277 million dollars. Over half of
these commitments have been disbursed,
principally to Brazil and Mexico.
The Bank's remaining Latin American
449
UNITED STATES POSTWAR INVESTMENT IN LATIN AMERICA
LOAN DISBURSEMENTS OF EXPORT-IMPORT BANK
AND IBRD TO LATIN AMERICA
TOTAL 1946-52, BY INDUSTRY
Millions of Dollars
0
50
100
150
200 250
Expert-Import Rank
TRANSPORTATION
PQOOQQQQOOOOOOOOOOOOC
MANUFACTURING
A TRADI
AGRICULTURI
MINING A
SMILTINO
FURLIC UTILITIES
MTROLEUM
50
100
150
200 2 5 0
Millions of Dollars
NOTE.—Derived from Export-Import Bank and IBRD data.
Excludes disbursements of 120 million dollars under balance
of payments loans to Argentina and Chile, and disbursements
of 29 million for miscellaneous purposes.
loans were made principally for the improvement of transportation facilities in Brazil,
Colombia, Nicaragua, and Peru. At the end
of last year, 47 million dollars remained undisbursed on such loans. Loans for farm
mechanization, irrigation, and other agricultural improvements totaled 17 million dollars, with 10 million disbursed.
CONCLUSION
The level of United States investment in
Latin America has been increasing since
1945 at a rate which would double the total
amount in a ten-year period. The nature as
well as the volume of this investment has
been such as to contribute materially towards
accelerating the area's economic development. Loans by the Export-Import Bank
and the International Bank are financing the
expansion of basic facilities that tend to increase investment opportunities for both
domestic and foreign private capital. The
postwar flow of private United States capital,
450
moreover, has been almost exclusively in the
form of direct investment which is generally
accompanied by technical and managerial
skills.
Opportunities for the profitable investment of private capital in Latin America
have been affected favorably during the postwar years by developments that tended to
increase world demand for commodities produced in Latin America and to reduce their
availability from alternative sources. Other
factors, however, tended to restrain effective
demand for Latin America's products and
to create impediments to foreign private investment. These included currency inconvertibility and a wide variety of exchange
and trade controls in Latin America and in
most of the nondollar area.
Future prospects for private investment
in Latin America will depend to a considerable extent on world political developments
and on the ability of major industrial areas
to sustain high levels of employment and
output. Continued growth in world production and the relaxation of exchange and trade
restrictions would contribute to further increases in the demand for Latin America's
products. In these circumstances, additional incentives would be offered for investment in industries supplying both the foreign
and domestic markets of Latin America.
The extent to which foreign private capital will participate in the area's economic
development will be influenced in large part,
however, by Latin American economic and
political policies that have a bearing on foreign investment. Official policies contributing to monetary stability and assuring a welcome to foreign capital on mutually advantageous terms, and the emergence of public
attitudes that support such policies, are generally regarded as effective inducements to
foreign private investment.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BANK RESPONSIBILITIES
It is most fortunate that the Secretary of
the Treasury could be here on this occasion.
The magnitude of the public debt and its
importance in the economy today make more
imperative than ever a close working relationship between the Treasury and the Federal Reserve System. We are allied in a
common purpose to serve the public interest.
I am sure you all know that in performing
our respective tasks we work together as
partners in a spirit of mutual understanding
and respect.
All who heard or read Secretary Humphrey's address at the Associated Press meeting in New York will agree, however, that it
would have been far better had your program
tonight scheduled him for the address and
me for the greetings.
I could perhaps have taken my cue from a
late New Englander who carried into the
White House those sturdy virtues, including
frugality even in words, for which this part
of the country deservedly is noted. I am
reliably informed that a group of Amherst
men, attending a conference in Madrid, decided one evening, in a spirit of fiesta, to
form the Amherst Club of Madrid. It struck
them as a good idea to send a cable to President Coolidge informing him of this notable
achievement and suggesting that he, as a
loyal alumnus, might wish to send greetings.
He did. They received in due course a oneword message in reply. It said, "Greetings."
The responsibility for the assignments on
the program is yours. I shall not take advantage of it, however, to detain you with
1
Address of Wm. McC. Martin, Jr., Chairman, Board of
Governors of the Federal Reserve System, on the occasion
of the opening of the new building of the Federal Reserve
Bank of Boston, Boston, Mass., May 6, 1953.
MAY
1953
anything so formidable as the word "address" suggests. I do want to touch on a few
matters of concern to the Federal Reserve
System, particularly the role of the individual
Federal Reserve Bank today. This new
building which you have opened is a symbol,
not simply of growth, but more especially of
the function and responsibility of the Federal
Reserve Banks in the nation and in the communities they serve directly.
Central banking—or, more accurately, reserve banking—in the United States has
been adapted to the requirements of a free
people with a minimum of Government interference. The genius of the framers of the
Federal Reserve Act—as I have emphasized
before—lies in the creation of regional banks,
knit together by a national governing body
in Washington rather than in the establishment of a central institution with authoritarian powers. Each Federal Reserve Bank
and each branch office is a regional and local
institution as well as part of a nation-wide
system. Through their boards of directors,
the banks are in a position to represent the
views and interests of the particular region
to which they belong and, at the same time,
they are the administrators of nation-wide
banking and credit policies.
Instead of functioning from the center
outward, we function through an interdependence of all our parts. The vitality of
the Federal Reserve System is in its members.
The health of each member affects the whole,
and it is only through the work, and the
conviction, and the determination of the
members that the whole has life. Within
the framework carefully outlined by law,
the Federal Reserve Board is charged with
451
FEDERAL RESERVE BANK RESPONSIBILITIES
the responsibility for formulating national
credit policies and supervising their execution. The Federal Reserve System is not
perfect, but it is unquestionably the main
bulwark of our private banking system.
Without a strong and independent reserve
banking system, private banking must inevitably lose the initiative it now possesses.
It is well always to bear in mind that the
Federal Reserve System is a service institution, and that the more than 250 directors of
the 12 banks and 24 branches, the 20,000
officers and others who work in them, as well
as the Board and staff in Washington, are
all serving as trustees of the money of all
of the people of this vast country, not any one
group, or faction, or section.
Although the Federal Reserve Banks sometimes are referred to as bankers' banks, that
describes only a part of their function. The
various services which the Federal Reserve
Banks perform for the banking community,
such as supplying currency, transferring
funds, and collecting checks, are an essential
element in keeping the mechanics of modern
commercial banking in step with the financial needs of a growing and changing private
enterprise economy. But the overriding purpose of this Reserve System is to serve the
interests of the general public in business,
industry, labor, agriculture, and all walks of
life.
This institution is the fountainhead of
credit—of the great bulk of our money
supply. It is the medium for distributing the
pocket money in daily use, but that is of
subordinate importance. The ebb and flow
of pocket money is determined by day-today needs of the merchant, the shopper, and
all who use cash. Of far greater importance
is the System's responsibility for creating or
extinguishing credit.
For credit—bank
credit—is the life blood of our economy.
452
The trusteeship to which I refer is carried
out in the exercise of the System's responsibility for influencing the volume, availability,
and cost of credit. The purpose is to see
that, so far as Federal Reserve policies are a
controlling factor, the supply and flow of
credit are neither so large as to induce destructive inflationary forces nor so small as to
stifle our great and growing economy. Now
that is a very great responsibility. By its
very nature it must be carried out in the
interests of all of the people. And if it is
not so executed then the country would demand and deserve a new and faithful trusteeship over the creation of credit.
Some critics have charged the System with
failing in one of its fundamental purposes—
protecting the value of the dollar—because,
in the four decades since the System was
founded, the value of the dollar has been cut
more than in half. The truth of the matter
is, of course, that in these years we have had
two world wars. We are still in the cold
war. The resultant economic upheavals
could not have been prevented by monetary
policy alone. And this is not to say that
monetary policy has always been as timely
or effective as it might have been. The
fact remains that without an appropriate
and effective monetary policy there is no
adequate safeguard against the distortions
and distress that can be brought about either
by much too little or much too much money.
The ideal would be enough to meet the
growth needs of the economy, without either
inflation or deflation.
For most of the postwar period, the aim
of monetary policy and action has been to
prevent inflation. The war ended with a
money supply which was so excessive in relation to the available supplies of goods and
services as to result in a strong upward pressure on prices, and a rising cost of living.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BANK RESPONSIBILITIES
We had more than a taste of that when the
harness of price, wage, and other controls,
which temporarily held back the war-created
flood of money, was removed and the tide of
unchecked funds inundated the market
places. Following Korea, there was a sharp
resurgence of these upward pressures. These
quite recent experiences should have taught
us, if the long history of monetary excesses
in other parts of the world did not, that
there are no sound substitutes for intelligent
fiscal and monetary policies and measures.
And it illustrates once more that when an
economy is running at peak levels of production and employment, creating more
money will not create more things to buy.
It can only bid up the prices of available
supplies.
Inflation is a sneak thief. It seems to be
putting money into our pockets when in fact
it is robbing the saver, the pensioner, the
retired workman, the aged—those least able
to defend themselves. And when deflation
sets in, businessman, banker, worker, suffer
alike, as most of us here know from the early
thirties.
All of that is an old story, to most of us,
yet there are voices being heard even today
that seem to say that just a little more inflation won't do any harm—or that the price
of even a few ounces of prevention is too
high. What we are seeking to prevent in the
end, of course, is deflation. In these past
two years we have had the almost ideal economic situation—we have had a remarkable
degree of economic stability at record levels
of employment and production. We have
not had another round of inflation. We have
not had anything resembling a deflation.
This desirable state of affairs cannot be
ascribed to monetary policy alone, of course.
But I do not believe it would have been
achieved without the monetary policy and
MAY
1953
actions of the past two years. I do not think
it would have been possible had the Federal
Reserve System let the creation of credit go
on unchecked in this period. The transition
to free markets, as I have called it, made possible the adjustment of the money supply
during this period in the orderly growth of
the economy, without further inflation or
speculative excesses. And this has been accomplished despite the diversion of economic
resources to the defense program.
All of us here tonight have been affected
in one way or another in this transition.
Member banks have not had unrestrained
access to Federal Reserve credit by the sale
of Government securities at known prices.
In many cases they have had to come to the
Reserve Bank discount windows to borrow
reserves—and pay the cost of the borrowing.
The officers and directors of the Reserve
Banks have had to shoulder again the very
important responsibility for these discount
operations. The use of discount facilities has
been termed a privilege. It is one of the
privileges of membership in the Federal Reserve System. It is not an automatic privilege, however. The Reserve Banks are authorized to extend credit to each member
bank with due regard for the claims and
demands of other member banks, the maintenance of sound credit conditions, and the
accommodation of commerce, industry, and
agriculture.
When a member bank experiences unexpected drains on its reserves, it may appropriately apply to a Reserve Bank for credit.
As it adjusts its operations to these new conditions, the member bank is expected to repay these temporary borrowings promptly.
Member banks are expected to anticipate
normal seasonal requirements and be in
a position to meet them by adjustments
in liquid assets with a minimum reliance
453
FEDERAL RESERVE BANK RESPONSIBILITIES
upon borrowing at the Federal Reserve. The
Reserve Banks, of course, stand ready to
meet exceptional, or extraordinary needs for
funds by member banks. All of the Reserve Banks are now authorized in a period
of general stress to lend on any acceptable
paper, not merely on so-called eligible paper.
These, I think, are the appropriate uses
of the discount privilege. Clearly they do
not contemplate misuse of that privilege for
the purpose of enlarging a bank's capital
base, or earning a rate differential, or facilitating speculation of any kind.
The initiative in the determination of discount rates is placed by the Federal Reserve
Act in the boards of directors of the respective Reserve Banks—and this is a very important responsibility even though final determination of discount rates rests with the
Federal Reserve Board. Similarly, the responsibility for granting or withholding
loans to individual member banks is also
vested in the directors and officers of the
Federal Reserve Banks. They must be the
judges. They are on the ground and are presumed to be familiar with local conditions,
as well as the state of the economy nationally.
The Reserve Act, as I have said before,
is an ingenious blending of public and private
participation in a public institution created
by the Congress to regulate the money supply. The ingenuity is exemplified, I think, in
the composition of the boards of directors of
the Reserve Banks. They represent a broad
cross-section of industrial, business, banking,
agricultural, and professional activities, both
large and small—and they in turn are called
upon to act in the national interest and not
for the special advantage of any group or
faction or section of the country.
They have a duty, also, to foster a wider
understanding of the role that monetary
454
policy should play—what it can and what it
cannot accomplish.
The universal desire for orderly, steady
economic progress, and a constantly improving standard of living, certainly cannot be
achieved without flexibly administered monetary policy and action—with restraint on
creation of excessive credit in a boom and a
policy of liberal monetary ease when inflationary dangers no longer threaten stability.
Criticism of Federal Reserve policy and
performance has mainly sprung from ascribing to monetary action an omnipotence that
does not and would not exist—even if there
were men omniscient enough to devise and
execute monetary policy perfectly. I am
not objecting to criticism—we should and I
think we do sincerely welcome critical appraisal of our performance. But critical
analysis and comment that can be useful in
guiding future action, though it cannot rectify past mistakes, has to be well informed
and understood.
The Federal Reserve Banks recognize, I
know, the special responsibility they bear in
their respective areas for gathering economic
information and making it available. They
have a duty to explain what they do, and
why, in carrying out their part in the trusteeship over credit. The report on "Steps to
Maintain Economic Stability" which was issued by the Committee on Economic Stabilization of the Board of Directors of this Bank
is-a commendable example of informed discussion of economic affairs.
Your task is more than ever an exacting
one—but it is an inspiring one. The trusteeship which this System and its member
banks share is vital to the preservation of
our system of private enterprise.
The System, I am certain, has made a notable contribution to the attainment of the
sustained economic progress of the past two
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BANK RESPONSIBILITIES
years. It can, I am confident, continue to
make an important contribution in the years
ahead.
That confidence, I deeply feel. I was
asked the other day in Detroit what would
happen to us after a few years of a genuine
peace—and I can do no better, in concluding
these remarks tonight, than to give you the
reply as I made it then:
"I can only give you my philosophy on
this. To me the most heinous statement
that is made by some people is that war
leads to prosperity, or that war is prosperity. I can't conceive of an economy
based on war that can ultimately be
MAY
1953
prosperous. We have to go through certain readjustments to have an intelligent peacetime economy. We've got to
have our business based on initiative and
competence and salesmanship—on raw
materials and products—and not on dependence upon spending for war purposes. I believe that this country has the
flexibility—and the capacity—and the
character—because it requires character—to unravel this ball of twine that
we've wound up, and to do it in a way
that will lead us to a higher, a more
expansive, and a better standard of living
for all of the people. I have that faith."
455
FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY 1
Government financial measures are especially appropriate for promoting stable developments in private enterprise economies.
For the most part they are impersonal and
operate indirectly through markets by their
effects on incentives to spend. To the extent
that sources of instability are financial, moreover, they deal with basic causes.
The preceding article in this series explored in some detail the relation of credit
and monetary action to economic stability.
Before considering the functioning of the
several instruments by which such action is
effected, it is desirable to discuss, briefly and
broadly, credit and monetary measures in
relation to fiscal measures and debt management, the other financial methods available
to the Federal Government for influencing
the flow of the economy's expenditures.
Each of these methods has a special and complementary role to play in sustaining orderly
and stable progress.
CREDIT AND MONETARY MEASURES
Credit and monetary actions affect expenditures particularly of the private sector of
the economy. As explained in earlier articles, they exert an influence on the availability and amount of credit, on the cost of
1
This is the third 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.
456
lending and borrowing (both public and
private), on the volume of saving, on capital
values, on the volume of money, and on the
value of the dollar at home and abroad.
There are three main methods of executing credit and monetary action—discount
operations, open market operations, and
changes in reserve requirements. Though
they operate somewhat differently, each influences bank reserve positions and hence
affects the ability and willingness of commercial banks to lend. Since the banks are
a major factor in the credit market, changes
in their ability and willingness to lend affect
the whole credit market, that is, the general
availability, cost, and volume of credit.
Bringing about credit restraint or ease
through these measures has widespread effects on the economy. Their most direct
impact is on the amount of spending done
with borrowed funds. There is almost always a fringe of borrowers or potential borrowers whose decisions about investments
with marginal profitability or about consumption of marginal usefulness are influenced by changes in the availability or cost
of credit. As lenders become less able
and less willing to lend, they both increase
the rates of interest at which they lend, thus
cutting back some of the demand for funds,
and raise their standards of creditworthiness
applicable to new borrowing. As lenders become more able to lend, they will lend at
lower rates of interest and accept higher-risk
borrowers. These credit developments have
secondary effects that are reflected in spending and savings activities of all sectors of the
economy.
A supplementary method of exerting an
FEDERAL RESERVE BULLETIN
FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY
influence over credit conditions is the use of ously distorted. In these instances, shaken
selective instruments which directly affect confidence of both lenders and borrowers
the equity or maturity terms of specific types militated against active response to an inof loans extended by banks and other lenders. creased availability and supply of credit and
At present only stock market credit may be money and a reduced interest cost of borrowregulated in this way.
ing. While expansionary credit and moneIn some periods of expansion, certain credit tary policy was essential to economic recovsectors may not be readily responsive to gen- ery under such circumstances, it was not suferal measures of credit and monetary re- ficient by itself to achieve it.
straint. Examples of such developments are
The administration of credit and monetary
the growth of stock market credit in the measures is a task involving discretion, palate 1920's and expansion of consumer instal- tience, and judgment. Action must be
ment credit and mortgage credit after the guided not by a single indicator or simple
outbreak of fighting in Korea. Regulation combination of indicators but by a balanced
of stock market credit was authorized in the assessment of the entire credit and economic
mid-1930's to enable the reserve banking au- situation in the light of the fullest informathorities to prevent a recurrence of excessive tion available. Action, moreover, must be
stock speculation financed through credit. adapted promptly to changing conditions,
Regulation of consumer credit and real es- because its full effectiveness on the economy
tate construction credit was authorized on a will not be felt until after some time-lag. To
temporary basis after Korea in order to effect the extent that promptness is not achieved,
restraint in these credit areas during an ab- credit and monetary policy falls short of its
normal period. Regulation of consumer potential and may even itself be a source of
credit had earlier been used to curb personal instability.
spending financed by credit during the war
FISCAL MEASURES
period and in immediate postwar years.
Fiscal measures work mainly through the
Credit and monetary measures are indispensable to stable progress, but alone they money collecting and money spending activicannot assure that progress. Their effective- ties of the Federal Government. The
ness will be conditioned by Federal fiscal amount, type, and timing of tax collections
action and debt management and by various and of Government outlays affect expendispecific Government programs. Their ef- tures directly and indirectly throughout the
fectiveness may also be conditioned by un- economy, and these effects will vary with
predictable and sudden developments and the size of the Federal budget. Through
changes in moods and impulses that affect the level of taxes, Government revenues influence directly the amount of private income
activity in the economy.
Credit and monetary action, while power- available for spending, and because the Govful in combating an inflationary upswing, is ernment buys large amounts of goods and
sometimes viewed as being less effective in employs large numbers of workers, its outcounteracting a deflationary downswing. lays affect directly demand and supply in
This view is largely based on experience in specific markets. Federal fiscal activities
a few depressions which followed major also have indirect effects in stimulating
booms in which economic activity was seri- private expenditures and in influencing the
MAY
1953
457
FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY
general economic outlook in a fashion simi- spending without deliberate action on the
lar to the action of credit and monetary part of the public authorities. For instance,
policy. In addition, fiscal action may shift with graduated income taxes the Governthe distribution of income, alter the uses ment takes a larger part of national income
made of the nation's resources, and have re- at higher than at lower levels, and a change
pressive or incentive effects on economic in national income will be quickly reflected
productivity and output.
in the tax take under existing pay-as-you-go
The influence of fiscal action on economic tax arrangements. At the same time, Govstability arises chiefly out of a difference be- ernment expenditures as a result of the social
tween the Government's cash receipts and security and agricultural support programs
cash expenditures. The difference causes a will tend to be greater in depressed periods
cash flow of payments between the private than in prosperity.
sectors of the economy and the Government.
Reliance upon built-in budget flexibility to
In general, a cash flow from the Government adapt fiscal policy to severe economic fluctuhas expansive effects on the economy's over- ations is unfeasible so that some discretionall expenditures, while a cash inflow has con- ary action through legislative processes must
tractive effects. These effects induce further be counted on for this purpose. By their very
spending or restriction of spending in the nature, however, the fiscal tools of tax and
private sector.
expenditure programs are complex, and they
Various combinations of taxation and Gov- involve controversial aspects such as their
ernment expenditure programs will have dif- effects on the distribution of income, on inferent effects on total expenditures in the centives to produce and to save, and on induseconomy. For example, increased taxation trial and regional development. Speedy accombined with reduced Government spend- tion, consequently, is difficult. Much time
ing will have contractive effects on the na- is necessarily absorbed in the legislative proction's spending activities, and hence be ap- ess—in the initial formulation of programs
propriate to a period of inflationary pressures. and in their consideration and final enactOn the other hand, reduced taxation com- ment. Execution of both tax and expendibined with increased Government expendi- ture programs requires additional time, altures will expand the total volume of ex- though to the extent that taxes are paid on
penditures during a period of recession. a current basis the effect of tax changes is
This assumes, of course, that specific Gov- fairly immediate. In a downturn, expendiernment expenditure programs are not of the ture programs may be hard to get into operakind that displace or compete with private tion as promptly as needed; in a boom, it
economic activity, thereby discouraging may prove to be impractical or wasteful to
rather than stimulating business confidence, bring long-range programs to a halt.
private investment, and private consumpEven if it were possible to get sufficient
tion.
variation in fiscal action, it might be impracTo some extent, changes in tax and Gov- ticable and possibly inadvisable to vary the
ernment expenditure programs come about whole program of Government expenditures
automatically over the course of business and taxation primarily in accordance with
fluctuations. This built-in flexibility of the the evident needs of economic stability. In
budget tends to counteract swings in private some situations, other policies are so impor458
FEDERAL RESERVE BULLETIN
FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY
tant as to outweigh considerations of eco- to debt management, and the effectiveness
nomic stability in governmental decisions: of this relationship in turn depends on the
the conduct of war or the undertaking of a financial climate created by credit and monemajor defense program are striking examples tary measures.
of such situations. Many large items in the
DEBT MANAGEMENT
budget are directed toward noneconomic
As a complementary tool of countercyclical
objectives and do not lend themselves to
financial
policy, debt management now haj
the flexible treatment required in countercyclical fiscal policy. Furthermore, anti- great importance because of the present size
cyclical actions may be in conflict with of the Federal debt and because of the special
measures based on other important criteria. role such debt plays in the asset structure of
The tax structure needs to take account long- financial institutions. The Federal debt now
term investment growth and taxpayer equity. amounts to about two-fifths of the economy's
Remedial action based on these criteria is a total debt. It is the only debt that is endesirable goal at all times but may not always tirely free from credit risk. Short-term Fedbe consistent with immediate programs eral debt serves as a principal liquid or operataimed at stability.
ing reserve asset of banks, other financial
Because discretionary fiscal action involves institutions, and business corporations.
many special problems and cannot always be Longer-term Federal debt functions as a
taken speedily, decisions as to its timing major investment asset of individuals and
usually involve the difficult art of long-term savings institutions and competes with other
forecasting. On the one hand, any action investment media in absorbing the economy's
will affect economic activity only after some money savings. The types of Government
time lag, and anticipatory action runs the securities issued thus have a significant effect
risk of accentuating rather than ameliorating on the liquidity of the entire economy and
cyclical fluctuations. On the other hand, the on the market for other securities.
countercyclical potential of fiscal action is
Debt management has two major aspects.
severely diminished if steps are delayed until It involves refunding operations affecting
the economy finds itself in recession or boom. the maturity arrangement of outstanding
Different combinations of taxation and debt. It also involves the expansion or reGovernment expenditures result in deficits tirement of debt in response to the current
or surpluses and accordingly involve Treas- cash deficit or surplus of the Government.
ury borrowing or permit repayment of bor- The maturity composition of the debt has
rowing. The amount of the borrowing or its most direct tie with credit and monetary
repayment is determined by fiscal action; policy while the changes in the amount of
the manner and kind of borrowing or repay- debt are most immediately related to fiscal
ment are in the realm of debt management. policy. Both aspects combine to determine
The extent of the expansive or restrictive im- the composition of the total Government
pact of fiscal measures depends not only on debt at any given time and in this process
the relation between taxation and expendi- exert an influence on the attainment of ecotures but in part on debt management opera- nomic balance.
tions. The effects of fiscal action in attainManagement of the Federal debt makes a
ing economic stability are thus related also primary contribution to economic stability
MAY
1953
459
FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY
by arranging a maturity composition of that
debt that will support and not impede development of appropriate credit and monetary
policy. In general, such a debt distribution
would be one with maturities well spaced
over a period of years. This kind of maturity
distribution is also important for administrative reasons in debt management.
There is, of course, constant need for a
large volume of short-term issues to meet the
basic liquidity requirements of banks, financial institutions, business corporations, and
others. In a period of economic slack or
depression this liquidity may be expanded by
issuing additional short-term obligations. In
the subsequent period of expansion the volume of these issues may be reduced somewhat by refunding operations or by retirements out of surplus.
To change the existing debt structure,
however, takes time. Financing decisions of
the past necessarily impinge heavily on the
present and the future, and debt management actions must continually be a compromise between what may be most appropriate for the current economic situation and
what may be appropriate in terms of a
longer-run view of economic stability. This
balance in judgment relates primarily to the
volume of very short-term securities which
may be outstanding at any time. Because
the liquidity of such securities is not readily
influenced by credit and monetary measures,
the greater the proportion of the debt in these
issues the less responsive the economy will
tend to be to restrictive credit and monetary
action when such measures may be appropriate.
From the point of view of economic stability, the maturity distribution of outstanding debt should always be such that moderate
changes in the level of interest rates will have
an important effect on the liquidity positions
460
of holders, thereby influencing spending and
lending decisions. To attain this, a sizable
portion of the debt should be spread out over
intermediate and long-term maturities so
that when interest rates decline, and the
market prices of these securities therefore
rise, liquidity positions of holders will come
to be regarded as more adequate than formerly. Conversely, when interest rates rise
and security prices decline, holders will tend
to view these positions as less adequate. Such
a spread maturity distribution would limit
the dependency of debt management on current interest rates and security market conditions and, on the other hand, would increase
the sensitivity of the entire economy to interest rate changes.
Within the standards set for debt balance,
current debt management can operate to
reinforce or offset in part the impact of a
Federal deficit or surplus. For example, a
deficit in a recession period may be made
somewhat more effective if in its financing
the emphasis is placed on the use of shorterterm obligations. The expansive effects will
tend to be greater and will support an expansionary credit and monetary policy to the
extent that such issues are absorbed by the
banking system and foster expansion in the
money supply. Conversely, a surplus in a
boom period will be more effective as a restraint on expenditures if it is used to retire
short-term debt rather than to purchase longterm securities in the market. The restraining effects will tend to be increased and will
reinforce restrictive credit and monetary
policy if the repayment of debt reaches the
holdings of short-term issues by the banking
system, thus affecting bank liquidity positions.
Debt management actions to promote economic stability through shifts in terms and
maturities of security offerings are limited by
FEDERAL RESERVE BULLETIN
FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY
the necessity of meeting existing market con- ment that will be most appropriate at any
ditions. Public debt must be handled so that particular time will depend on the circumthe investing community will be receptive stances prevailing and on the feasibility of
to new issues from refunding operations and action in one field or the other. How they
will take additional debt into its portfolio. are interrelated in Government policy can be
While public debt differs from private debt shown by a brief description of their use in
instruments in quality, public debt instru- periods of contraction and inflation.
ments compete with similar securities of priPeriods of contraction. In combating revate origin in the market. In short, the debt cession and deflation, fiscal measures can
must be in such form that it is readily as- make a broad, direct attack by lowering
similated in the market.
taxes, increasing Government expenditures,
There are other practical problems of debt or both, in an effort to cushion or offset the
management to be resolved. Recently, ac- decline in the total volume of private income
celeration of corporate tax payments has and expenditures. These fiscal actions will
resulted in a concentration of Treasury re- make for an excess of expenditures over receipts in the first half of the year while Gov- ceipts and an expansion of public debt.
ernment outlays are more evenly distributed.
Debt management as well as credit and
This necessitates a seasonal pattern of short- monetary measures will condition the imterm borrowing and repayment of borrowing pact of fiscal action. The expansionary
even if the cash budget is in balance.
potential will be affected by the manner in
Debt management must develop its policies which the deficits are financed. The effect
and feel its way not only in response to im- will be greatest if the deficit is financed with
mediate Treasury needs, to security market funds that would otherwise have been idle or
developments, and to investor preferences, with new deposits generated by bank investbut also with regard to the cost of servicing ment. The effects of a Federal deficit may
the debt. From both the standpoint of be partly neutralized if it is financed with
interest cost and economic stability there funds that might otherwise have found outare many alternative arrangements of a let in private consumption or investment. In
given debt. Problems of current interest summary, fiscal measures by themselves can
cost must be weighed against the costs to produce an increase in total expenditure by
the Federal budget and the economy in an excess of expenditures over tax receipts,
general if debt management decisions are and perhaps to some extent by changes in tax
excessively inflationary or deflationary. They and expenditure patterns which take advanmust also be weighed against possible future
tage of differential tendencies of various secinterest costs under different economic cirtors of the economy to spend for investment
cumstances. Debt management decisions
and consumption. The rise in expenditures
thus must consider both the present and
promoted by fiscal measures will be far
future, as well as the implications of action
greater, however, if debt management and
on the effectiveness of other instruments
credit and monetary actions are also operatfor achieving economic stability.
ing in a way that stimulates total demand.
INTERACTION OF FINANCIAL MEASURES
In depressed periods, credit and monetary
The combination of credit and monetary measures should ease bank reserve positions,
measures, fiscal measures, and debt manage- making bank credit and other credit cheaper
MAY
1953
461
FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY
and more readily available. Such action will
encourage the use of credit and prompt a rise
in Government security and other capital
values, thus increasing the economy's liquidity. This kind of policy will also facilitate
financing of any Federal deficit. If some
substantial portion of the new securities offered are shorter-term obligations, debt management will be functioning at the same time
to increase the liquidity of the economy. To
the extent that such securities are purchased
by banks there will be an offset to contraction of private bank credit and a consequent
stabilizing effect on the volume of money.
Along with an expansionary credit and monetary policy, this will help to develop a condition of banking liquidity favorable to private bank credit expansion and resumed
growth in the money supply. Increased liquidity of lenders generally will also help
to swell the flow of credit.
Expansion periods when inflationary
pressures are strong. When inflationary
pressures are strong, it is of paramount importance that fiscal, credit and monetary, and
debt management policies supplement one
another in limiting expansion of both public
and private demand. At such times, fiscal
policy should avoid deficits and aim for surpluses in order to restrain expansion of expenditures. Credit and monetary policy
should restrict bank reserve positions, making bank and other credit less readily available and more costly. This will dampen the
expansion of bank credit and the money supply and lower capital values, thus reducing
generally the liquidity of the economy. This
kind of action will put a brake on expansion
of spending financed by credit and at the
same time operate to increase saving. Debt
management policy should be directed at reducing the liquidity of the existing debt by
refunding some maturing issues into longerterm obligations and by applying surpluses,
462
when available, to reduce the volume of
short-term debt. Reduction in liquidity so
effected will exert a retarding influence on
the momentum of spending. Thus these
three methods of Federal financial policy can
work consistently in an inflationary period
toward the primary goal of economic stability.
To the extent that any of these instruments
does not work toward combating inflationary trends, the burden is made heavier on the
others. Total spending will not decline as a
result of fiscal action if the dollars taxed
away are replaced by dollars created by bank
credit expansion; nor will restrictive credit
and monetary policy be fully effective if
fiscal or debt management policies are expansive. At times in expansion periods it may
be difficult to avoid stimulative fiscal policies,
and credit and monetary policy together with
debt management must then carry an extra
load.
#
#
#
The combination of credit and monetary
measures, fiscal measures, and debt management that will be desirable at any particular
time will depend in some degree on the
special circumstances prevailing and on the
feasibility of action in one field or another.
These instruments of Federal financial policy
are complementary, but to an extent use of
one may be substituted for use of another.
Inappropriate action in one area of policy,
however, may overburden the task of the
others and reduce their effectiveness. The
greatest contribution to economic stability
from Federal financial measures may thus
be achieved when these are used as mutually
reinforcing instruments of public policy.
Reprints of this article are
request from the Division of
Services, Board of Governors
Reserve System, Washington
available upon
Administrative
of the Federal
25, D. C.
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 19521
Both net current earnings before income
taxes and net profits after taxes of all member banks reached new dollar highs in 1952.2
Larger net current earnings were accompanied by somewhat smaller net losses,
charge-offs, and additions to valuation reserves, and by a substantial increase in provision for income taxes (including excess
profits taxes). Net profits after taxes aggre1
This article was prepared by Raymond C. Kolb of the
Board's Division of Bank Operations.
2
Net current earnings are gross current operating earnings
less gross current operating expenses, before adjustments for
losses, recoveries, and transfers to and from valuation
reserves, and before taxes on net income.
gated 829 million dollars, 10 per cent more
than in 1951. This represented a return on
average total capital accounts of 7.9 per
cent, as compared with 7.6 per cent in 1951
and 8.3 per cent in 1950.
Net current earnings before income taxes
wrere 1,619 million dollars, an increase of
13 per cent from 1951. Accompanying both
larger average holdings and higher average
rates of return, earnings on loans, United
States Government securities, and other securities were all larger in 1952 than in 1951.
Earnings increased 303 million dollars or
15 per cent on loans, 97 million dollars or
M E M B E R BANK EARNINGS, SELECTED YEARS,
1929-52
[Dollar amounts in millions]
I ten
1932
1939
1941
1942
1945
1947
$2,399 $1,554 $1,296 $1,417 $1,487 $2,102 $2,579 $2,828 $2,986 $3,265 $3,669 $4,120
Earnings
On U. S. Government securi239
ties i
336
921
997
859
855
929
832
865
i 473
444
458
206
On other securities 1
204
149
139
190
169
158
211
235
665
1 ,563
851
560
On loans 2
649
588 1,044 1,308 1,427 1,634 2,003 2,306
Service charges on deposit ac65
54
counts
68
87
119
172
141
187
158
198
245 \f 237
) 363
242
Other earnings 2
230
291
346
436
403
373
367
452
895
1,002 1,268 1,650
1,684 1,143
Expenses 2
988
1,795 1,889 2,020 2,232 2,501
464
357
388
Salaries and wages
426
461
797
580
926 1,000 1,125 1,244
876
445
302
140
159
Interest on time deposits 3 . . . .
128
183
236
271
261
365
250
306
Interest on interbank and demand deposits
Taxes other
than on net in67
129
112
85
81
come 2
83
109
96
90
115
118
262
293
331
348
285
Other expenses 2
422
529
579
686
640
605
775
Net current earnings before
715
410
401
429
485
835
929
1,033 1,097 1,245 1,437 1,619
i n c o m e taxes 2
Recoveries and profits4
Losses and charge-offs2 6
Net increase
in valuation reserves 6
Profits before income taxes. . .
Taxes on net income
137
295
557
Net profits
387
Cash dividends declared 8
Number of banks at end of year.. 8,522
113
778
327
380
278
318
188
223
454
230
232
251
190
195
173
125
121
128
1,058
270
910
257
854
234
1,150
369
1,247
491
788
246
653
281
621
294
961
275
686
313
781
346
756
371
1,437
608
829
390
6,884
6,923
6,918
6,892
6,873
6,840
6,798
-255
245
347
207
390
211
451
68
383
203
6,816
6,362
6,619
6,679
155
166
175
149
139
202
113
226
1
Not reported separately prior to 1945; data for 1941 and 1942 are estimated.
2
The following changes in reporting are reflected beginning with 1942: (a) earnings on loans include service charges and fees on loans,
previously included in other earnings; (b) taxes on net income, previously included with other taxes in expenses, are a separate item;
(c) recurring
depreciation on real estate, previously included in losses and charge-offs, is included in other expenses.
3
Beginning with 1938, interest on time deposits includes interest on interbank time deposits; interest (if any) on demand deposits
is included
in
other expenses.
4
Includes recoveries credited either to undivided profits or to valuation reserves.
5
Includes
losses charged either to undivided profits or to valuation reserves.
6
This is the net of transfers from undivided profits to valuation reserves and vice versa, and of losses charged and recoveries credited
to valuation
reserves.
7
Not reported separately; transfers to these reserves were included with losses, and transfers from these reserves were included with
recoveries.
Such amounts are estimated to have been relatively small, especially prior to 1947.
8
Includes interest on capital notes and debentures.
MAY
1953
463
MEMBER BANK EARNINGS, 1952
12 per cent on United States Government
securities, and 24 million dollars or 11 per
cent on other securities. These increases
somewhat more than offset increases of 269
million dollars in total expenses and 117
million in provision for income taxes. A
slightly smaller proportion of net profits was
distributed as cash dividends than in 1951,
although the 390 million dollars so distributed was 19 million larger.
Largely through retention of profits, member bank capital accounts during 1952 increased in approximately the same proportion as total assets, leaving the ratio of average
total capital accounts to average total assets
unchanged at 6.9 per cent. The increasing
proportion of assets held in the form of
loans and investments other than United
States Government securities, however, resulted in a continuation of the downward
trend of the ratio of total capital accounts
to total assets less cash assets and United
States Government securities. This ratio
declined to 16.2 per cent as compared with
16.7 per cent in 1951 and 18.9 per cent in
1950.
Earnings figures for selected years beginning with 1929 appear in the table on
the preceding page.
Earnings and earning assets. Total current earnings of all member banks aggregated 4,120 million dollars in 1952, 12 per
cent more than in the previous year. All
reported categories of earnings were larger
than in 1951.
The largest quantitative and relative increase was in earnings on loans. An expansion during 1952 of 11 per cent in the
amount of member bank loans outstanding
and an increase in the average rate of return
from 4.26 per cent to 4.51 per cent served
to enlarge earnings from this source to 2,306
million dollars, 15 per cent more than in
464
1951. Earnings on loans were 56 per cent
of total earnings in 1952 as compared with
55 per cent in 1951 and 50 per cent in 1950.
As shown in the accompanying table, all
major categories of loans shared in the total
expansion of about 5.5 billion dollars, which
was somewhat in excess of the growth in
1951 but considerably below the 8.5 billion
expansion in 1950.
MEMBER BANK LOANS AND INVESTMENTS, DECEMBER 31,
1952
[Dollar amounts in millions]
Change from
Dec. 31, 1951
Dec. 31,
1952
Item
Amount
Total loans and investments... $119,547 $+7,300
55,034 +5,473
Loans1
Commercial and industrial
26,233 + 1,886
Agricultural
2,416 + 276
For purchasing and carrying se2,997 + 596
curities
12,214 + 880
Real estate
10,396 + 1,872
Other loans to individuals
All other
+
42
1,577
U. S. Government securities. .
52,763 +1,142
Treasury bills, notes, and certifi20,656 -1,349
cates
32,107 +2,491
Bonds2
Other securities
State and local government
Other
11,751
8,409
3,342
+
+
-
686
881
195
Percentage
+ 6.5
+11.0
+ 7.7
+ 12.9
+24.8
+ 7.8
+22.0
+ 2.7
+ 2.2
- 6.1
+ 8.4
+ 6.2
+ 11.7
- 5.5
1
Totals are net (after deduction of valuation reserves); individual
loan items are gross and do not add to totals.
2
Includes small holdings of guaranteed obligations.
About one-third of the total dollar increase in loans was in commercial and industrial loans and another third in "other
loans to individuals," which are largely consumer loans. This was an expansion of 8
per cent in commercial and industrial loans
and 22 per cent in "other loans to individuals"; comparable increases during 1951 were
19 and 3 per cent, respectively.
According to sample data by industry
groups, more than half the commercial and
industrial loan expansion for the year 1952
as a whole was to manufacturers of metals
and metal products (including machinery
and transportation equipment). Net deFEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1952
creases in loans were reported for only three
groups—manufacturers of food, liquor, and
tobacco; manufacturers of textiles, apparel,
and leather; and the public utility industry
(including transportation).
Member bank total holdings of United
States Government securities expanded a
little more than one billion dollars during
1952. Holdings of short-term, lower yielding bills, certificates, and notes declined by
1.3 billion dollars, while holdings of bonds
with higher yields increased 2.5 billion.
Larger holdings, the shift to higher yielding
bonds, and the generally higher level of
yields all served to advance earnings on
United States Government securities to 929
million dollars, 12 per cent more than in
1951. The average rate of return on these
holdings was 1.79 per cent in 1952 as compared with 1.66 per cent in 1951. Earnings
on United States Government securities
were 23 per cent of all member bank earnings in 1952, the same as in 1951.
Earnings on securities other than those
of the United States Government aggregated 235 million dollars in 1952, 24 million more than in 1951; and the average rate
of return increased to 2.03 per cent from
1.99 per cent. This modest increase in rate
of return reflected the changing composition
of portfolios as well as generally higher
levels of yields in 1952. Holdings of State
and local government securities, which are
tax-exempt and therefore have relatively low
yields, increased 881 million dollars, while
holdings of other securities in this group
declined 195 million; these changes were
about the same as corresponding changes
during 1951.
Expenses. Total current expenses of all
member banks increased to 2,501 million
dollars in 1952, 12 per cent above the previous year. There was no significant change
MAY
1953
in the relative importance of the various expense items, all of which were larger in 1952
than in 1951. Salaries and wages were the
largest component and accounted for about
50 per cent of total expenses. Officers' salaries amounted to 408 million dollars, an
increase of 33 million from 1951, and salaries and wages of other employees aggregated 835 million dollars, an increase of
85 million. These increases reflected both
larger numbers of officers and employees
and increases of about 5 per cent in average
salaries and wages. Interest paid on time
deposits increased 59 million dollars to 365
million, and the average rate of interest paid
increased from 1.02 to 1.13 per cent.
Losses, charge-offs, recoveries, and
profits.3 Losses and charge-offs on loans
aggregated 71 million dollars in 1952 and
recoveries on loans aggregated 45 million,
about the same amounts as reported for 1951.
The resulting net loss of 26 million dollars
for 1952 was 1.1 per cent of total earnings
on loans, somewhat less than the 1.3 per cent
in both 1951 and 1950.
Reflecting lower prices, losses on securities
increased to 108 million dollars from the
88 million reported for 1951. Recoveries on
securities were about 15 million dollars in
each year. Profits on securities sold or
redeemed aggregated 29 million dollars as
compared with 52 million in 1951 and 82
million in 1950.
Valuation reserves. Since the December
1947 ruling of the Bureau of Internal Revenue pertaining to tax-free additions to reserves for bad debt losses on loans, transfers to and from these reserves and other
valuation reserves on loans and securities
3
In this analysis, losses and charge-offs comprise those
debited to either undivided profits or valuation reserves, and
recoveries comprise those credited to either of these accounts;
transfers between undivided profits and valuation reserves
are not included.
465
MEMBER BANK EARNINGS, 1952
have been important factors affecting bank
profits.
Net transfers from undivided profits to
valuation reserves on loans aggregated 108
million dollars in 1952, considerably below
the 154 million reported in 1951. These
net amounts were partly offset by losses and
recoveries carried directly to the reserves and
so the increases in loan valuation reserve
balances were 81 million dollars in 1952 and
124 million in 1951. The smaller increase
during 1952 resulted primarily from the
fact that many banks had already reached,
or were rapidly reaching, their permitted
ceilings on the amounts that may be accumulated in the reserve for bad debt losses on
loans under the provisions of the Internal
Revenue ruling. At the end of 1952, valuation reserves on loans were about 1.5 per
cent of the outstanding volume of loans.
Net transfers from undivided profits to
valuation reserves on securities were 7 million dollars in 1952, about 10 million dollars less than in 1951. After adjustments
for losses and recoveries carried directly to
these reserves, there was a net decrease in the
security reserve accounts of 13 million dollars; in contrast, there was a net increase of
4 million in 1951. At the end of 1952, valuation reserves on securities were about 1.8 per
cent of the book value of outstanding securities other than those of the United States
Government and 0.32 per cent of total outstanding securities; comparable percentages
at the end of 1951 were 2.0 and 0.35 respectively.
Income taxes. Provision for income taxes
(including excess profits taxes) in 1952 aggregated 608 million dollars, 24 per cent
more than in 1951. From preliminary tabulations of data collected by the Federal Reserve System from a selected sample of insured commercial banks, it is estimated that
466
somewhat fewer banks were subject to excess profits taxes in 1952 than in 1951, but
that the amount of such taxes was about
the same in both years. For member banks,
the amount of excess profits taxes in 1951
was estimated to be about 20 million dollars.
Detailed data on excess profit taxes of commercial banks in 1950 and 1951 are given
in an article in the June 1952 issue of the
Federal Reserve BULLETIN.
A summary of the factors that contributed
to the 1952 increase in member bank net
profits appears in the accompanying table.
FACTORS IN HIGHER N E T PROFITS
[In millions of dollars]
Item
Change
from 1951
Increase in net profits
+ 73
Factors increasing net profits, total
Increase in earnings on loans
Increase in earnings on U. S. Government securities.
Increase in other earnings
Smaller net increase in valuation reserves
+511
303
97
51
60
Factors decreasing net profits, total
Increase in expenses
Increase in provision for taxes on income
Decrease in profits on securities sold
Increase in net losses on securitiesl
Increase in other net losses
-437
269
117
23
22
6
Items showing no change from 1951.
Net losses on loans1
includes recoveries credited and losses charged either to undivided profits or to valuation reserves.
Gash dividends and capital. The dollar
amount distributed in the form of cash dividends continued its gradual upward trend
and amounted to 390 million dollars in 1952,
an increase of 19 million from 1951. Because
of increased profits, however, this distribution was a smaller proportion of net profits
—47 per cent as compared with 49 per cent
in 1951. The yield on average total capital
accounts was 3.7 per cent, the same as in
the previous two years.
About 53 per cent of net profits, or 439
million dollars, was retained by member
banks to strengthen their capital positions.
This amount was supplemented by about
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1952
128 million dollars provided through sales
of common stock, and offset to the extent
of about 25 million dollars net by other
changes in capital accounts. These other
changes included the retirement of preferred
stock and the effects of mergers and changes
in Federal Reserve membership.
Earnings and profits by class of bank.
Total earnings, total expenses, net current
earnings before taxes, and net profits after
taxes were larger in 1952 than in 1951 at
all classes of member banks.
As noted above, net profits after taxes of
all member banks in 1952 were 10 per cent
above the 1951 level and the return on average capital accounts was 7.9 per cent. This
rate of return is computed from aggregate
dollar amounts for all member banks and is
therefore weighted heavily by the experience
of the large banks. The 1952 ratios were
7.1 per cent for New York City banks, 8.6
per cent for Chicago city banks, and 8.1 per
cent for both reserve city and country banks.
The largest relative increase in net profits
after taxes—23 per cent—occurred at central
reserve city banks in New York, and the
smallest—4 per cent—at country banks; the
increase at central reserve city banks in Chicago was 18 per cent and at reserve city
banks 8 per cent. While the ratio of net
profits to average total capital accounts was
considerably higher than in 1951 at the
largest (central reserve city) banks, there
was no change at reserve city banks and a
small decline at country banks.
Expansion in gross earnings varied from
14 per cent at central reserve city banks in
New York to 11 per cent at country banks;
MEMBER BANK EARNINGS, BY CLASS OF BANK, 1952
AND
1951
[Dollar amounts in millions]
Central reserve city banks
Reserve
city banks
Total
Item
New York
1952
Earnings
OnU. S. Government securities
On other securities
On loans
All other
1951
$4,120 $3,669
929
832
235
211
2,306 2,003
623
650
Expenses
Salaries and wages
Interest on deposits
All other
2,501
1,244
365
893
2,232
1,125
Net current earnings before income taxe
1,619
Recoveries and profits12
Losses and charge-offs
Net increase in valuation reserves3
Profits before income taxes
Taxes on net income
Net profits
Cash dividends declared 4
Ratios (per cent):
Net current earnings before income taxes t
Average total capital accounts
Average total assets
Net profits to—
Average total capital accounts
Average total assets
Chicago
1952
1951
1952
1951
$691
$608
127
37
308
136
$169
$151 $1,594 $1,413 $1,665 $1,497
362
403
298
344
45
84
93
77
87
12
822
930
804
915
69
240
228
235
248
25
134
43
378
137
49
12
83
26
1952
1951
Country
banks
1952
1951
334
196
12
126
44
14
34
83
41
12
30
478
160
337
861
429
134
298
1,063
801
213
18
140
509
173
381
954
460
147
347
1,437
321
274
76
68
620
552
602
543
113
226
68
1,437
608
139
202
128
1,247
491
25
25
8
33
17
33
256
114
7
11
10
55
17
38
92
29
537
241
59
92
48
471
196
39
101
27
513
199
40
81
37
313
139
11
9
4
74
29
464
163
829
390
756
371
175
95
142
93
45
18
38
16
295
156
275
147
314
122
301
115
IS.4
1.06
14.4
1.00
13.1
1.08
11.5
0.97
14.5
0.97
13.7
0.91
17.1
1.06
16.2
1.01
15.6
1.07
14.9
1.03
7.9
0.55
7.6
0.53
7.1
0.59
5.9
0.50
8.6
0.58
7.7
0.51
8.1
0.51
8.1
0.50
8.1
0.56
8.2
0.57
306
371
93
974
includes recoveries credited either to undivided profits or to valuation reserves.
losses charged either to undivided profits or to valuation reserves.
This is the net of transfers from undivided profits to valuation reserves and vice versa, and of losses charged and recoveries credited
to valuation
reserves.
4
Includes interest on capital notes and debentures.
2
Includes
3
MAY
1953
467
MEMBER BANK EARNINGS, 1952
it was 12 per cent at central reserve city
banks in Chicago and 13 per cent at reserve
city banks. The expansion in earnings on
loans varied from more than 20 per cent at
central reserve city banks to 13 per cent at
country banks. The central reserve city
banks, however, reported smaller relative increases in earnings on United States Government securities than either reserve city
banks or country banks.
Total expenses increased within a range
of 11-13 per cent at the various classes of
banks. Net current earnings before income
taxes increased 17 per cent at central reserve
city banks in New York and about 12 per
cent at the other classes of banks.
The ratio of average total capital accounts
468
to average total assets was lower for 1952
than for 1951 at central reserve city banks
in New York, higher at such banks in Chicago, and unchanged at reserve city and
country banks. The ratio of total capital
accounts to total assets less cash assets and
United States Government securities, however, declined at all classes of banks. As in
1950 and 1951, this ratio was lowest at reserve city banks (14.4 per cent) and highest
at central reserve city banks in New York
(17.5 per cent).
Summary data by class of bank are shown
in the table on page 467, and detailed figures of earnings and related items, together
with selected ratios, will be found on pages
536-547 of this BULLETIN.
FEDERAL RESERVE BULLETIN
OWNERSHIP OF DEMAND DEPOSITS1
In the year ending January 31, 1953, the
growth in privately held demand deposits
was the smallest for any year since 1949. It
amounted to 2.5 billion dollars or about 2.5
per cent, compared with 7 per cent in each
of the two preceding years. The slackened
growth of demand deposits reflected among
other things the general stability of the economy in 1952 and the effects of higher interest
rates on the relative attractiveness of demand
deposits as compared with income producing assets. These developments in turn reflected the credit and monetary policies pur1
This article was prepared by Caroline H. Cagle of the
Board's Division of Research and Statistics.
sued by the Federal Reserve System in 1952.
The Federal Reserve System's annual survey of demand deposit ownership reveals
that the percentage increase in demand deposits was small for each of the two main
categories of holders—businesses and individuals—approximately 3 and 1 per cent, respectively. Growth was larger among the
miscellaneous demand deposit holders,
amounting to about 6 per cent in the case
of nonprofit associations. Farmers' demand
balances changed little.
Business deposits. Additions to demand
deposits of nonfinancial businesses in the year
ending January 31, 1953 amounted to 1.5
OWNERSHIP OF DEMAND DEPOSITS BY INDIVIDUALS AND BUSINESSES
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
120
28
1942
1950
1946
1950
* Includes deposits of trust funds and foreigners.
NOTE.—Estimates based on Federal Reserve surveys of deposit ownership. Latest figures are for Jan. 31, 1953.
MAY
1953
469
OWNERSHIP OF DEMAND DEPOSITS
billion dollars, about 3 per cent as compared
with 8 per cent in 1951 and 7 per cent in
1950. The difference in growth was associated principally with smaller increases for
manufacturing and mining and for trade
concerns.
TABLE 1
OWNERSHIP
OF
DEMAND
PARTNERSHIPS,
DEPOSITS
OF
INDIVIDUALS,
AND CORPORATIONS
[Estimates, dollar amounts in billions]
Type of holder
Amount
outstanding
Jan. 31, 1953
Domestic businesses—total. .
57.4
Change from
Jan. 31, 1952
Dollar
amount
Percentage
+3.3
+3.3
Nonfinancialbusinesses—total.
48.1
Manufacturing and mining.
Public utilities
Trade
Other nonfinancial
21.9
4.5
15.1
6.6
+1.8
+1.5
+0.6
+0.1
+0.3
+0.5
+2.8
+3.0
+ 1.9
+8.6
+3.5
9.2
+0.3
3.1
6.1
+0.2
+0.1
Individuals—totals. . .
33.4
+0.4
Farmers
Other individuals.
Other holders—total.
7.2
26.2
()
+ 1.6
5.7
0)
+0.4
+0.2
1.5
3.6
0.7
(0
+0.2
96.5
(0
+2.5
~0.2
+5.5
+2.2
Financial businesses—total
Insurance companies.
Other financial
Trust funds
Nonprofit associations. .
Foreigners3
Total. .
+6.8
+ 1.9
+ 1.3
+3.6
+2.6
1
Less
2
Less
3
than 50 million dollars.
than 0.05 per cent.
Excludes foreign banks and governments.
NOTE.—Detailedfiguresmay not add to totals because of rounding.
Expansion in demand deposits in the recent 12-month period amounted to about 3
per cent for manufacturing and mining and
for public utility concerns, while the growth
for trade concerns was less than 2 per cent, as
shown in Table 1. The largest increase for
any major industrial group, nearly 9 per cent,
was in demand deposits held by the "other
nonfinancial" group, which includes various
service and construction lines. The relatively
large expansion for this group may be explained in part by an advanced level of sales
470
and expenses in late 1952 and early 1953,
which called for larger cash balances.
Sharply reduced growth in business demand deposits in the recent 12-month period,
as compared with the two previous years, is
probably the result of a number of factors.
For the year as a whole the increase in business activity was moderate in contrast with
the pronounced rises during the previous
two years. This meant that business requirements for increased working balances were
less pressing, particularly in view of the large
increases that had occurred in the previous
years. Contributing to this development was
the substantial decline in farm prices in 1952,
which reduced the working capital needs of
the food processing, packaging, and distributing industries, an important business sector.
Other factors tending to restrain the expansion of business deposits among corporations in 1952 as compared with 1950 and
1951 may have been the lower level of corporate profits and the larger expenditures
for new plant and equipment. These developments may have caused some businesses
to draw on available cash balances.
Still another factor in the decisions of business managements concerning their holdings
of cash balances was the increase in interest
rates last year. The rise in yields on shortterm investments undoubtedly influenced
businesses with liquid resources temporarily
in excess of operating needs to keep them
fully invested, and the fact that businesses
had to pay somewhat more for borrowed
funds may have caused more careful scrutiny
of credit needs and more concern with keeping available funds in use.
Growth of 300 million dollars, or about
3.5 per cent, in the demand deposits of
financial businesses in the 12 months ending January 31, 1953 accompanied a very
large increase in individual savings. Savings
FEDERAL RESERVE
BULLETIN
OWNERSHIP OF DEMAND DEPOSITS
and loan associations and credit unions increased their demand deposits in line with
their other assets. For these institutions, as
well as for life insurance companies, the
growth in total assets was the largest in their
history. Last year's increase in demand deposits for all financial businesses taken as
a group, however, was less than half that in
each of the two preceding years, reflecting in
part at least the attraction of higher yields
on investments and the heavy volume of
borrowing from savings institutions.
Individual deposits. Individuals increased
their demand deposits about 400 million dollars, or 1 per cent, as compared with 6 per
cent in each of the two previous years. There
was also an increase of approximately one
billion dollars in currency, presumably
largely held by individuals. Growth in the
total of demand deposits and currency held
by individuals was probably between 3 and
4 per cent, or approximately proportionate
to the increase in consumer spending.
Personal savings were larger in 1952 than
in either of the two previous years, and inTABLE 2
dividuals added considerably to their liquid
OWNERSHIP OF DEMAND DEPOSITS OF CORPORATE AND
assets. The major part of the growth was in
NONCORPORATE BUSINESSES
forms of savings on which some income could
[Estimates, dollar amounts in billions]
be expected. Time deposits of individuals
Change from
increased by about 4 billion dollars, share balJan. 31, 1952
Jan. 31,
ances
in savings and loan associations by 3
1953
Dollar
billion,
and equity in life insurance comPercentage
Type of holder
amount
panies by 4 billion. Except for time deposits,
NonCor- NonCor- Nonwhich had increased somewhat more in the
cor- porate
cor- Cor- corporate porate
porate porate porate
period 1944-46, these were the largest annual
Domestic busiincreases on record for these types of savings.
14.0 + 1.3 +0.5 +3.2 +3.7
nesses—total.. 43.3
Net
security purchases by individuals were
Nonfinancial—total 36.2 11.9 + 1.0 +0.5 +2,9 +4.3
likewise substantial in volume, about 4 bilManufacturing
2.0 +0.6
+2.9 + 1.8
and mining. . . 19.9
0)
lion dollars, primarily in the form of corPublic utilities. . 4.3
+2.8 +5.6
0.3 +0.1
0)
Trade
6.6 +0.1 +0.2 +0.8 +3.3
8.5
Other nonfinanporate bonds and stocks.
cial
3.0 +0.3 +0.2 +8.9 +8.3
3.6
The small increase in demand deposits of
+4.4 +0.6
Financial—total. . . 7.1 2.1 +0.3
C)
individuals
in the recent period thus reflects
+6.1 + 17.0
2.9
0.2 +0.2
Insurance
0)
+3.2 -0.9
1.9 +0.1
Other financial.. 4.2
0)
to a significant extent the attractiveness to
1
individuals of the increased earnings offered
Less than 50 million dollars.
NOTE.—Detailed figures may not add to totals because of rounding.
on savings deposits, savings and loan shares,
and other available investments. It may also
There was little difference in the pattern reflect a slackening in the demand for checkof change in demand deposit holdings as be- ing account funds by individuals for day-totween corporations and unincorporated busi- day operating purposes.
For the country as a whole there was little
nesses. Corporate business demand deposits
increased moderately in all groups, as shown change in farmers' demand balances in the
by Table 2, and holdings of noncorporate 12-month period under review. This developbusinesses also registered increases in all sec- ment followed two years of sharp increases,
tors except the "other financial" category, and probably reflected to some extent the
fact that farmers about held their own from
which showed a small decline.
1
MAY
1953
471
OWNERSHIP OF DEMAND DEPOSITS
TABLE
3
PERCENTAGE CHANGES IN DEMAND DEPOSITS OF FARMERS
AND OTHER INDIVIDUALS, BY FEDERAL RESERVE DISTRICT
JANUARY 31, 1952 TO JANUARY 31, 1953
Federal Reserve district
Farmers
Other individuals
+2.0
+ 1.9
+ 1.6
+6.4
+2.6
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
-3.1
-4.2
+ 1.6
+3.4
+5.0
+6.4
-3.2
-0.7
-1.4
-2.2
-1.1
+7.2
+ 1.4
+4.3
+6.8
+2.3
+ 1.6
+6.3
-5.7
-1.3
All districts
0)
1
Less than 0.05 per cent.
the standpoint of net income in 1952, whereas
in the two preceding years total net farm
income expanded sharply. Farmers' balances
actually declined last year in half of the FedTABLE
eral Reserve districts, for the most part in the
Deep South, the Mississippi Valley, and the
Far West, as shown in Table 3.
Miscellaneous deposits. Miscellaneous deposit holders account for a very small part
of the aggregate amount of demand deposits
of individuals, partnerships, and corporations. The growth in their holdings in the
year ending January 31, 1953 amounted to
200 million dollars, or about 4 per cent.
Nonprofit associations accounted for nearly
all of the expansion, with a percentage increase from last year of about 6 per cent.
This was a lower rate than in 1950 or 1951,
perhaps in part because of an expansion in
building programs by these organizations
following the lifting of controls over such
construction last year. In part the smaller increase may also reflect the greater attractiveness than in former years of the yields on
other forms of liquid assets.
4
OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, SELECTED DATES, 1941-53
[Estimates, in billions of dollars]
Type of holder
Dec. 31, Feb. 29, Jan. 31, Jan. 31, Feb. 26, Jan. 30, Jan. 31, Jan. 31, Jan. 31, Jan. 31, Jan. 31,
1949
1947
1948
1944
1945
1946
1950
1951 1952 r 1953
1941
24.8
35.9
40.4
42.9
43.8
47.1
46.6
47.9
51.6
55.5
57.4
*
*
30.6
9.9
31.1
11.9
32.1
11.7
35.0
12.1
34.9
11.7
36.1
11.8
39.2
12.4
42.0
13.5
43.3
14.0
20.4
31.5
35.3
37.0
39.4
40.2
43.2
46.6
48.1
16.3
3.7
82
3.4
17.5
3.7
10 3
3.7
16.1
4.0
12.6
4.2
37.2
16.0
4.2
12.5
4.5
39.8
10.0
3.1
46
2.7
21.9
4.5
15 1
6.6
5.2
1.9
3.3
2.7
4.7
2.5
4.7
2.7
5.0
8 4
2.8
5.6
9 2
3.0
6.0
3.1
6.1
17.7
21.5
26.4
30.1
29.1
29.1
30.8
33.0
33.4
Farmers
Other individuals
1.9
2.5
9.6
*
*
5.9
1.8
4.1
8 9
Insurance companies
Other financial
4 3
1.7
2.6
17.6
4.0
13 3
5.3
7.7
21.3
4.4
14 8
6.1
44
17.1
3.9
13.4
5.0
7.2
19.5
4.4
13 9
5.4
Financial businesses—total
17.3
4.1
13.4
4.9
7.4
42
13.5
5.0
16.5
6 3
20.1
7.2
21.7
7.5
22.6
7.1
22.0
6.8
22.3
70
23.8
72
25.8
72
26.2
Other holders—total
3 2
3.6
1 3
1.5
4.0
4.8
5.2
5.0
1 5
2.9
5 7
1.7
5.1
16
2.9
5 5
1 6
2.4
5.2
1.6
2.8
5.3
1.4
1 6
3.0
1 5
3.4
1 5
3.6
Domestic businesses—total
Corporate
Noncorporate
Nonfinancial businesses—total
Manufacturing and mining
Public utilities
Trade
Other nonfinancial
Individuals—total
Trust funds
Nonprofit associations
Foreigners—businesses and individuals
Total
r
Revised.
* Not available.
NOTE.—Detailed figures may not add
472
*
1.9
6.5
2.1
4.5
28.9
2.7
*
0.8
0.7
0.8
0.8
0.7
0.7
0.6
0.6
0.6
0.7
37.6
57.2
65.9
74.1
77.8
82.4
80.8
82.0
87.7
94.0
96.5
tals because of rounding.
FEDERAL RESERVE BULLETIN
OWNERSHIP OF DEMAND DEPOSITS
Size of accounts. Changes in the volume
of business deposits held in various sizes of
accounts were small in the year ending January 31, 1953, as in other recent years. The
percentage increase was roughly the same
in each size of account and thus there was
little change in the proportion of the total
held in each account size.
Among individuals, on the other hand, the
amount of demand deposits held in the
largest accounts (more than $25,000) de-
clined in 1952, while there was an increase
in the amount held in the smaller accounts
(less than $10,000). There was little change
in accounts of intermediate size ($10,000$25,000). The decline in the large accounts
may have been due to a greater sensitivity of
these accounts to the higher interest return
available on investments and to a shift of
funds from these demand accounts to securities or other forms of investment.
CURRENT EVENTS AND ANNOUNCEMENTS
Publication of the Annual Report of the
Board of Governors
The Thirty-ninth Annual Report of the Board
of Governors of the Federal Reserve System, covering operations for the calendar year 1952, is available for distribution. Copies may be obtained upon
request from the Division of Administrative Services, Board of Governors, Washington 25, D. C.
Federal Reserve Meetings
The Conference of Chairmen of the Federal Reserve Banks met with the Board of Governors in
Washington on April 28, 1953.
The Federal Advisory Council held a meeting in
Washington on May 17-19, 1953, and met with the
Board of Governors of the Federal Reserve System
on May 19.
Changes in Board's Staff and Organization
Mr. David B. Hexter, formerly Associate Chief
Counsel in the Office of the Comptroller of the
Currency, was appointed Assistant General Counsel
in the Board's Legal Division and assumed his
duties on April 27, 1953. Mr. Hexter is a graduate
of West Virginia University and the Harvard University Law School and had been with the Office
of the Comptroller of the Currency since 1939.
Effective April 29, 1953, the Board of Governors
authorized the discontinuance of the Office of the
Solicitor and the personnel of that Office was
transferred to the Legal Division. Mr. G. Howland Chase, who had been serving as Assistant
Solicitor, was appointed to the position of Assistant General Counsel.
MAY
1953
Resignation of Mr. Gidney as President of the Federal
Reserve Bank of Cleveland and the Appointment of Mr. Fulton as His Successor
Effective as of the opening of business on April
16, 1953, Mr. Ray M. Gidney, who had been serving
as President of the Federal Reserve Bank of Cleveland since November 1, 1944, resigned to accept
appointment as Comptroller of the Currency. In
1917, after having been on the staff of the Federal
Reserve Board for two and one-half years, Mr. Gidney joined the staff of the Federal Reserve Bank of
New York, where he served in various official capacities, including Manager of the Buffalo Branch,
Controller of Loans, Deputy Governor, and Assistant Federal Reserve Agent. He was serving as
a Vice President of the Federal Reserve Bank ot
New York when he was appointed President of the
Federal Reserve Bank of Cleveland.
Mr. W. D. Fulton, who had been serving as
First Vice President of the Federal Reserve Bank
of Cleveland since January 1, 1953, was appointed
President to succeed Mr. Gidney. Following about
ten years' experience in the commercial banking and
accounting fields and with the Reconstruction Finance Corporation, Mr. Fulton joined the staff of
the Federal Reserve Bank of Cleveland as an Examiner on May 1, 1933. He subsequently served
as Chief Examiner and Assistant Vice President,
and was serving as Vice President in charge of
the Cincinnati Branch at the time of his appointment as First Vice President.
473
CURRENT EVENTS AND ANNOUNCEMENTS
Election of Class B Director
of this section reflect changes in all foreign dolThe Federal Reserve Bank of Boston on April lar accounts, whether official or private and
30, 1953, announced the election of Mr. Harry E. whether maintained at Federal Reserve Banks or
Umphrey, President, Aroostook Potato Growers, at commercial banks. In addition, the new table
Inc., Presque Isle, Maine, as a Class B director of includes any holdings of United States Governthe Bank for the unexpired portion of the term ment bonds and notes maturing in more than one
ending December 31, 1955, to succeed Mr. Roy L. year from their dates of issue, and, in the "miscelPatrick, deceased. Mr. Patrick was President of the laneous" column, foreign and international bonds
Rock of Ages Corporation, Burlington, Vermont. held by Federal Reserve Banks for foreign correspondents; these categories are excluded by defiNew BULLETIN Table
nition from the reported "short-term" liabilities to
A new table, ''Deposits and Other Dollar Assets foreigners appearing in Table 2 of the section.
Held at Federal Reserve Banks for Foreign CorThe following table shows back figures for yearrespondents," is included (page 563) Table 9 of end dates comparable to the current data appearing
the statistical section "International Capital Trans- in the tabular section:
actions of the United States." This table brings
DEPOSITS AND O T H E R DOLLAR ASSETS H E L D AT
together data that provide a more current picture
FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS,
of changes in the dollar reserves of foreign coun1945-52
tries as a group, as reflected by the operations
[In millions of dollars]
of the Federal Reserve Banks for foreign correAssets in custody
spondents. These data also are useful for analyzing
the effect of these operations on commercial bank
End of year
U.S.
Deposits
Miscellaneous
Government
reserves and the money market of the United States.
securities
The new table shows deposits, securities, and
21
1,654
861
miscellaneous assets of foreign central banks and 1945
1946
30
969
508
governments (including the Bank for Interna- 1947
25
187
392
1948
50
594
642
tional Settlements) which are held at Federal Re- 1949
70
767
669
1950
60
1,571
895
serve Banks. It excludes assets belonging to the 1951
80
1,383
526
86
550
2,156
International Bank for Reconstruction and De- 1952...
velopment and the International Monetary Fund.
It also excludes holdings of earmarked gold; these Tables Published Annually and Semiannually, with
Latest BULLETIN Reference
are shown as part of the table "Analysis of
Semiannually
Issue
Page
Changes in Gold Stock of United States," which Banking offices:
Analysis of changes in number of. . .
Feb. 1953
181
appears under the general heading "International
On. and not on, Federal Reserve Par
List,
number
of
Feb.
1953
184
Financial Statistics" (page 565 of this issue).
Annually
One item in the table is the amount of United Bank suspensions
Feb. 1952
135
and expenses:
States Government securities held in custody by the Earnings
Federal Reserve Banks
Feb. 1953
182-183
Member banks:
Federal Reserve Banks for foreign correspondents,
Calendar year
May 1953
536-546
First half of year
Oct. 1952
1159
which the Federal Reserve System recently began
Insured commercial banks
May 1953
547
to include as a memorandum item in the weekly Banks and branches, number of, by
class and State
May 1953
548-549
press release on the Condition of the Federal Operating ratios, member banks
Aug. 1952
937-939
Reserve Banks.
Admissions of State Banks to Membership in the
The statistics in the new table are supplemenFederal Reserve System
tary to, but not directly comparable with, those
The following State banks were admitted to
appearing in other tables of the section "Inter- membership in the Federal Reserve System during
national Capital Transactions of the United the period March 16, 1953 to April 15, 1953:
States." The chief differences arise from the fact
Arkansas
that the new table reflects only changes in FedBatesville—The
Citizens
Bank.
eral Reserve accounts, which are maintained for
Iowa
foreign central banks and governments but not for
other foreign banks or individuals. Other tables
Marshalltown—Security Savings Bank.
474
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled April 24 and released for publication April 28]
Manufacturing and construction activity rose
further in March and in April continued at advanced levels. Retail sales remained well above a
year ago, with auto sales up sharply from last year
and most other lines showing substantial gains.
The average levels of wholesale and consumer prices
changed little. Demand for bank credit continued
strong.
INDUSTRIAL PRODUCTION
The Board's index of output at factories and
mines increased two points further in March to
242 per cent of the 1935-39 average—a level onetenth higher than a year ago and one-fifth above
mid-1950. In April output has apparently been
maintained close to this advanced level.
The rise in March reflected largely continued
marked gains in output of metals and metal products. Steel rose to a new record annual rate of
119.5 million tons. Owing mainly to recent sharp
expansion in aluminum, nonferrous metals output
was about 20 per cent above a year ago. Activity
in the automobile, aircraft, and machinery industries expanded further, and output of building
materials was maintained in very large volume.
While production of most household durable goods
rose in March, television production was cut as
business stocks began to accumulate and, in April,
output has been curtailed considerably further. Steel
production also has declined somewhat in April
owing to temporary factors.
Output of nondurable goods rose further in
INDUSTRIAL
Per
Cent,
1949
Volume,
1951
Seasonally
1952
1953
Adjusted,
Value of construction contract awards increased
seasonally in March for most major categories.
Housing units started increased less than seasonally
to 97,000 from 77,000 in February; a year earlier
104,000 were started. Value of new construction
work for private residential and nonresidential purposes increased further in March.
EMPLOYMENT
Seasonally adjusted employment in nonagricultural establishments in March continued at the
record level of 49.1 million (revised series) and was
about 1.5 million above a year ago. Average
weekly earnings at factories advanced to $72.10
in March—8 per cent larger than a year ago.
Unemployment declined seasonally to 1.7 million,
the lowest March level in the postwar period.
PRICES AND TRADE
WHOLESALE PRICES
1 9 3 5 - 3 9 = 100
1949
1950
1951
1952
1953
Federal Reserve indexes. Monthly figures, latest shown are
for April.
MAY
CONSTRUCTION
PRODUCTION
Fhysicol
1950
March to about the peak rate of early 1951 as activity in the chemical, rubber products, and food
industries continued to expand. Output of most
other nondurable goods was maintained. In the
first three weeks of April, beef production increased
further and, despite a decline in pork production,
total meat output was estimated at 12 per cent above
a year ago.
Output of crude petroleum and its products
has been curtailed moderately beginning in March,
and coal output has been maintained at relatively
low levels.
1953
Seasonally adjusted series except for prices. Price indexes
compiled by Bureau of Labor Statistics. 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
March.
475
NATIONAL SUMMARY OF BUSINESS CONDITIONS
declined further as a result of continued large declines in holdings of Government securities. Sates
finance companies and trade concerns increased
their outstanding bank loans. "Other loans," reflecting in large part consumer spending, continued to expand substantially at weekly reporting
banks. Bank loans on real estate and investments
in municipal and corporate securities also rose
further. Commodity dealers and food processors
continued to repay seasonal borrowings.
Interest rates charged by commercial banks on
short-term business loans averaged 3.54 per cent
in the first half of March, as compared with 3.51
COMMODITY PRICES
per
cent in the first half of December. Average
The average level of wholesale prices declined
rates
rose somewhat at banks in the south and
slightly from the latter part of March to the latter
west
but
showed little change elsewhere.
part of April. At the end of March, future prices
Member
bank reserve positions remained genfor grains, cotton, wool tops, hides, and rubber
erally
tight
during the first three weeks of April.
declined sharply for a day or two in response to
international developments. Decreases in spot Member bank borrowing from the Federal Reserve
prices were more moderate. While prices of most averaged around 1J4 billion dollars, and excess
of these commodities subsequently firmed, sharp reserves around 600 million.
decreases developed in the markets for nonferrous
SECURITY MARKETS
metals and steel scrap. Cattle prices changed little
Yields on Treasury and other high-grade sefrom earlier lows despite a resumption of heavy
curities advanced further during the first three
marketings, and hog prices continued to show a
weeks of April. Common stock prices declined to
larger than seasonal advance.
levels prevailing in the first half of November 1952.
Consumer prices advanced .2 per cent in March
On April 8 the Treasury announced a cash offerwith most groups of goods and services increasing
ing of 1 billion dollars of 3 J4 per cent bonds of June
somewhat, reflecting in part adjustments to the
1978-83 and also offered the bond in exchange for
elimination of remaining price controls.
Series F and G savings bonds maturing in 1953.
BANK CREDIT
The Treasury announced that the total of the
Demand for bank credit continued strong in regular weekly bill issues would be increased about
late March and the first half of April although total 1 billion dollars before the end of June.
loans and investments at banks in leading cities STOCK MARKET
DISTRIBUTION
Department store sales in March and the first
three weeks of April remained above year-ago
levels and close to the level of the two preceding
months, after allowances for Easter and other seasonal influences. In March, seasonally adjusted
sales at other retail outlets continued substantially
higher than a year ago. Sales of new and used
cars were up sharply from March last year. Stocks
at department stores rose less than seasonally in
March, according to preliminary estimates, and
were only moderately larger than a year ago.
COMMERCIAL LOANS
MIMIER 1ANKS IN HADING CITIES
Billions of Dollars
SELECTED INDUSTRIES
TOTAL OUTSTANDING
CUMULATIVE CHANGE
FROM
JUNE 1951
/METALS . FOODS and
,-. /
,4 COMMODITY| V
/ \ DEALERS
_
\
YIELDS
•^
SALES FINANCE
~
Data reported by over 200 of the largest member banks.
Metals include machinery and transportation equipment. Foods
include liquor and tobacco. Petroleum includes coal, chemicals,
end rubber. Wednesday figures, latest shown are for April 29.
476
, _
I
1950
6
^
1951
4
1952
1953
Prices, SEC index for 265 common stocks on 1935-39 base,
converted to 1947-49 base by Federal Reserve. Volume, New
York Stock Exchange average; daily volume of trading. Yields,
Moody's data for 200 common stocks. Prices and volume are
weekly, latest shown are for week ending Apr. 25. Yields are
monthly; latest shown are for April.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank rates; margin requirements; reserve requirements
Reserves and deposits of member banks
Federal Reserve Bank statistics
Regulation V: guaranteed loans, fees, and rates
Bank debits and deposit turnover; Postal Savings System
Money in circulation
Consolidated statement of the monetary system; deposits and currency. .
All banks in the United States, by classes
All commercial banks in the United States, by classes
Weekly reporting member banks
Commercial paper and bankers' acceptances
Life insurance companies; savings and loan associations
Government corporations and credit agencies
Security prices and brokers' balances
Money rates; bank rates on business loans; bond and stock yields
Treasury
finance
New security issues
Business
finance
Real estate credit statistics
Statistics on short- and intermediate-term consumer credit
Business indexes
Merchandise exports and imports
Department store statistics
Consumers' and wholesale prices
Gross national product, national income, and personal income
Member bank earnings, 1952
Number of banks and branches in operation on December 31, 1952 . . .
Weekly reporting member banks-revised series, total for all leading cities
List of tables published in BULLETIN annually or
semiannually, with references for latest data
479-480
480-481
482
483-485
485-486
486
487
488
489-491
492-493
494-495
496
497
498-499
500
501
502-507
508
509-510
511-513
514-516
517-526
526
527-531
532-533
534-535
536-547
548-549
550-555
474
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
arc 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.
MAY
1953
477
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Billions of Dollars
35
/'
Wednesday Figures
Jf
^\/r
\
^A<fS-^\
L
Billions of Dollars
o o l D
*TOCK
^
\
15
15
10
10
TREASURY CASH AND DEPOSITS!
1944
1945
1946
30
1947
1948
I
FEDERAL
1949
I
RESERVE
1950
1951
1952
I
CREDIT
HOLDINGS OF U S GOVERNMENT SECURITIES • TOTAL
10
I
FEDERAL RESERVE FLOAT
TT
.
4
..H~
[
Jl '.
o s
DISCOUNTS AND ADVANCES
1944
1945
1946
1947
1948
1949
1950
Wednesday figures, latest shown are for April 29.
478
1951
1952
1953
See page 479.
FEDERAL RESERVE
BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U.S. Govt. securities
DisHeld
counts
All
Bought under and
Float
other 1
out- repur- adTotal
right agree- vances
ment
D ate
Total
Deposits with F. R.
Banks other than
Other
i rensm e m b e r bank
Fedury Money Treasreserve balances
eral
ury
in
curGold
Recash
cirstock rency culaserve
hold- Treas- Foroutyj
eign
j
ings
stand- tion
r er
ury
acdeing
sits counts
posits posiis
Member b
reserve balances
Re-
Ex-
quired2 cess 2
Wednesday
1952
Mar. 5
Mar. 12
Mar. 19
Mar. 26
22,514
22,530
22,825
22,528
22,514
Apr. 2
22,494
Apr. 9
22,467
Apr. 16
Apr. 2 3 . . .22,372
.
22,363
Apr. 30
.
May 7. . .22,329
May 14. . .22,315
.
22,283
May 21
22,273
May 28
.
June 4. . .22,378
22,492
June 11
22,997
June 18
Jane 25.... 22,564
22,869
July 2
July 9. . .22,860
.
July 16. . .22,723
.
22,726
July 23
22,844
July 30
22,977
Aug. 6
23,051
Aug. 13
23,032
Aug. 20
23,092
Aug. 27
23,182
Sept. 3
23,229
Sept. 10
Sept. 17. . .23,740
.
23,715
Sept. 24
Oct. 1. . .23,694
.
Oct. 8
23,663
Oct. 15. . .23,663
.
Oct. 2 2 . . .23,663
.
Oct. 29. . . 23,624
.
23,520
Nov. 5
Nov. 12
23,567
23,563
Nov. 19
Nov. 26
23,761
23,968
Dec. 3
Dec. 10. . . 24,239
.
Dec. 1.7.... 24,469
Dec. 24
24,613
24,697
Dec. 31
22,514 ......
384
981
22,519
357
886
22,825
126 1,260
22,528
170
710
22 514
130
761
22,494
167
726
22,467
622 1,015
22,372
830
766
22,363
676
588
22,329
1,043
690
22,315
671
774
22,283
499 1,008
22,273
816
648
22,273
105
926
770
22,273
219
834
798
22,913
84
541 1,284
22,564
307
877
22,764
105
480
801
22,645
215
683
918
22,605
118
974
969
22,576
150 1,073
871
22,602
242 1,403
655
22,891
86
843
616
23,032
19
770
727
23,032
979
795
23,055 " " 3 7
897
610
23,116
66
968
661
23,116
113
880
759
23,740
313 1,191
23,715
400
738
23,694
544
721
23,663
1,019
698
23,663
772
887
23,663
1,130 1 070
23,624
1,171 '706
23,495
25 1,663
528
23,492
75 1,583
542
23,502
61 1,486 1,140
23,612
149 1,615
921
23,712
256 1,591 1,188
^^ 787
452 1 752
866
23,914
555 1,022 1,543
23,997
616 1,728 1,515
24,034
156
663
967
195J
24,391
Jan. 7
24,205
Jan. 14
Jan. 21.... 24,034
Jan. 28
23,970
23,989
Feb. 4
Feb. 11
23,929
Feb. 18
23,890
Feb. 25. ... 23,853
Mar. 4. ... 23,853
Mar. 11
23,853
Mar. 18
23,963
23,869
Mar. 25
Apr. 1. ... 23,806
Apr. 8
23,806
Apr. 15
23,821
Apr. 22
23,806
Apr. 29.... 23,806
24,034
357
24,034
171
24,034
23,970
23,888
101
23,888
41
23,888
2
23,853
23,853
23,853
23,963
23,869
23,806
23,806
23,806 " 1 5
23,806
23,806
732
023
806
743
824 1 062
1 315
770
1 009 1 202
22,363
22,273
22,906
22,853
23,146
23,694
23 575
23,821
24,697
23 363
22,273
22,764
22,602
23,092
23,694
23,495
23 612
24,034
676
588
952
922
59
581
1 270
694
1 318
747
477
572
1 591
685
1 895 1 020
156
967
23,944
23,875
23,806
23,880
23,888
23,853
23,806
23,806
End of
month
1952
Apr. .
May
June
July.
Aug.
Sept.
Oct.
Nov.
Dec.
1953
Jan..
Feb..
Mar.
Apr..
"142
251
54
80
209
663
1,336
965
1,076
881
862 1 005
1,307
728
1,385
770
649
1 329
705
465
908
868
842
837
810
748
709
856
743
581
56 1 735
796
23 1 309 1 006
485
632
' '74 1,014
649
787 19 ,787 19,166
785 19,781 19,182
803 21 ,038 19,627
804 20 ,276 19,500
827 19,812 19 166
827 19,652 19 076
825 20 ,218 19 225
824 19,875 19 087
749 19 ,940 19 143
747 20 ,034 19 071
745 19 ,953 19 092
745 20 ,127 19 181
745 19 ,667 19 217
742 19 ,906 19 207
742 19 ,978 19 226
794 21 ,232 19 736
793 20 ,006 19 621
798 20 ,153 20 104
799 20 ,413 20 008
797 20 ,422 19 973
797 20 ,326 19 875
724 20 ,409 19 829
722 20 ,260 19 675
718 20 ,136 19 692
721 20 ,267 19 652
721 19 ,797 19 643
717 19 760 19 511
715 20 ,340 19 549
729 21 067 19 957
726 20 ,581 19 901
882 20 ,098 19 762
880 20 ,239 19 567
881 20 613 20 089
878 20 779 20 128
877 20 449 19 975
805 20 334 19 884
805 20 447 19 906
803 20 738 20 073
801 20 917 20 409
800 20 939 20 371
802 20 868 20 288
860 21 198 20 582
863 21 400 20 531
777 19 950 20 520
622
455
343
745
672
431
395
389
488
331
8
7
286
329
341
509
367
570
699
622
612
562
558
458
454
512
581
496
511
550
568
574
585
518
343
364
348
337
326
340
244
211
240
345
381
351
344
343
200
356
401
776 20
776 20
774 20
775 20
770 20
770 20
835 20
834 19
830 20
829 20
852 20
852 20
869 19
868 19
865 19
864 19
784 19
670
639
6
7
295
381
520
877
450
749
516
384
558
527
507
9
134
90
38
307
482
605
270
422
526
707
715
347
6
264
523
596
212
618
588
789
505
703
317
719
645
371
665
389
814 30 153 1,280
814 29 884 1,280
814 29 687 1,291
815 29 592 1,298
820 29 657 1,331
820 29 776 1,312
821 29 654 1,288
821 29 735 1,291
824 29 772 1,295
824 29 780 1,299
826 29 708 1,305
826 29 600 1,306
827 29 754 1,304
828 29 780 1,300
833 29 753 1,278
834 29 722 1,279
836 29 787 1,278
4 ,726 28 ,464
4 ,726 28 ,452
4 ,729 28 ,361
4 ,731 28 ,329
4 736 28 445
4 \i36 28 [526
4 ,737 28 ,436
4 ,738 28 ,333
4 ,739 28 ,460
4 ,739 28 ,523
4 ,739 28 ,497
4 ,739 28 ,483
4 ,741 28 ,710
4 ,747 28 ,842
4 ,750 28 ,830
4 ,751 28 ,787
4 ,752 28 ,814
4 ,755 29 ,180
4 ,754 29 ,148
4 ,756 28 988
4 ,756 28 884
4 ,761 28 952
4 ,763 29 041
4 ,764 29 051
4 ,766 29 068
4 ,768 29 129
4 ,774 29 391
4 ,776 29 364
4 780 29 292
4 781 29 247
4 787 29 417
4 ,787 29 545
4 787 29 617
4 790 29 511
4 790 29 540
4 794 29 748
4 794 29 905
4 797 29 842
4 797 30 152
4 803 30 274
4 804 30 370
4 806 30 487
4 809 30 732
4 812 30 433
4 26 ,695 23
4 26 ,166 23
4 25 ,904 23
4 26 ,009 23
4' 26 ,148 22
4| 25 ,912 22
4!25 ,648 22
4 25 ,406 22
4 25 ,742 22
4 25 ,941 22
4 26 ,178 22
4 25 ,387 22
4 25 023 22
4 25 ,427 22
4 25 549 22
4 25 395 22
3 25 227 22
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
137
137
088
036
935
832
722
662
662
611
612
562
563
562
562
562
562
734
720
729
729
550
295
275
195
191
211
201
277
271
266
265
257
241
216
216
211
168
218
184
268
288
250
257
255
193
218
235
251
159
177
161
162
249
179
245
236
250
244
258
270
147
316
208
201
455
1,296
1,296
1,285
1,282
] 281
1!273
1,288
1,287
1,284
1,286
1,293
1,279
1,286
1,282
1,284
1,286
1,290
1,277
1,264
1,271
1,275
1,286
1,279
1,277
1,281
1,276
1,285
1,279
1,281
1,274
1,287
1,280
1,276
1 281
1,'289
1,278
1,282
1,292
1,267
1,278
1 280
1^269
1,266
1,270
5 23 ,883 23 ,290
5 23 ,778 23 ,291
5 24,216 23 ,292
5 23 ,413 23 ,291
5 23 409 23 291
5 23 !393 23 ,'293
5 24,109 23 ,293
5 23 ,973 23 ,295
5 23 ,632 23 ,297
5 24 ,067 23 ,297
5 23 ,764 23 ,297
5 23 ,794 23 ,298
5 23 ,742 23 ,296
5 24,079 23 ,296
5 24 ,128 23 ,297
5 24,828 23 ,297
5 23 ,753 23 ,346
5 24 ,155 23 ,346
5 24 ,465 23 ,347
5 24 ,671 23 ,348
4 24 ,674 23 ,350
5 24,907 23 ,350
4 24 ,440 23 ,350
5 24 ,553 23 ,344
4 24,810 23 ,344
4 24 ,603 23 ,344
5 24 ,816 23 ,344
5 24,872 23 ,344
4 25 ,249 23 ,344
4 24 ,857 23 ,343
4 24 ,963 23 ,342
4 25 ,384 23 ,341
4 25 ,325 23 ,341
4 25 867 23 340
4 25 [505 23 [340
4 25 ,714 23 ,339
4 25 ,696 23 ,338
3 26 ,193 23 ,337
4 26 ,301 23 338
3 26 ,751 23 337
4 26 860 23 337
4 27 ,'O39 23 '277
4 27 ,860 23 186
4 25 ,825 23 187
597
608
623
600
595
576
638
700
766
785
727
864
839
849
815
789
821
728
722
723
675
684
655
643
639
691
711
621
599
1,411
776
646
576
993
788
797
963
861
946
450
699
752
1,496
385
49
405
449
451
580
585
444
615
154
249
791
1,110
680
336
672
524
651
474
450
541
665
508
568
580
616
869
-570
902 20 309
593
660 20 274
386
741 20 255
486
502 20 095
407
628
584 19 956
19
376
894
482
318 19 979
339
975 19 791
184
250
090 19 840
212 19 821
391
865 20,002
863
148 19, 854
294
305 19,518 -213
629 19,472
157
932 19,560
372
476 P19,488 p-12
P32
489 P19.457
5 23
5 24
5 23
5 24
4 25
5 24
4 25
4 26
4 25
632 23 298
152 23 296
551 23 346
821 23 350
216 23 344
747 23 342
855 23 339
740 23 338
825 23,187
1 281
1',274
1,283
1,281
1,269
1,278
1,268
1 261
1^270
450
541
333
638
488
508
770
378
389
518
599
548
724
812
707
642
758
550
266
495
298
267
345
174
245
298
455
797
749 19 940 19,143
591
743 19 778 19,187
783 19 381 19,573 -192
723 20 323 19,828
495
718 20 411 19,576
835
723 20 066 19,747
319
805 20 616 9,996
620
801 21 149 20'354
795
777 19]950 20 i520 -570
4
4
3
3
478 22,986 4,820 29,691 1,308
194 22,662 4,824 29,793 1,284
927 22 563 4,829 29,754 1,293
546 P22.562 j>4, 839 P29,836 PI ,274
809
336
222
393
586
511
536
506
508
412
342
416
770 20
833 20
850 19
783 19
26
26
24
25
4 739 28 464
4 748 28'767
4 754 29,026
4, 762 28,978
4,776 29,293
4, 786 29,419
4f 795 29,644
4J802 30,'236
4,812 30,433
600
566
547
545
565
562
576
538
518
497
539
572
614
611 19,997
511 19,796
715
322 19,607 -285
740 P19,431 P309
P Preliminary.
For footnotes see following page.
MAY
1953
479
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
U.S. Govt. securities
Date
or
period
Bought
Total outright
DisHeld counts
All 1
under and Float other
repur- adchase vances
agreement
Total
Deposits with F. R.
Member bank
Banks other than
reserve balances
member bank
Other
Treasreserve
balances
Fedury Money Treaseral
in
ury
Gold curRecircash
stock rency
out- cula- holdserve
ForTreasstand- tion
acOther
ings
Re- 2 Ex-2
ury
eign
ing
de- counts Total quired
cess
dedeposits
posits posits
End of
month:
148
52
68 1,037
1,998
4
164
2,484
91
7
2,254
94
3
19,410 4,852
578
249
22,559
535
85
23,333
541
223
18,885
534
78
18,331
326
43
20,725
53
67 1,368
22,932
50
53 1,002
23,605
19 1,184
196
22,764
581
59
142
24,034
967
663
156
4,037
4,031
17,644
22,737
20,065
22,754
24,244
24,427
24,231
22,706
21,756
22,695
23,346
23,187
2,019 4,459
2,963 7,598
3,247 11,160
4,,339 28 ,515
4,562 28,868
4,,589 28 ,224
4,598 27,600
4,607 27,156
4,636 27 ,741
4,655 27,809
4,709 29 ,206
4,754 29,026
4,812 30,433
36
204
35
264
634
2,409
867
2,215
977
2,287
870
1,336
1,325 1,123
821
312
950
298
668
293
317
281
247
270
333
1,283
389
1,270
23,726 23,293
23,704 23,297
24,144 23,308
24,786 23,348
4 24,824 23,346
5 25,055 23,343
4 25,681 23,340
' 26,172 23,338
27,299 23,276
26,586 23,101
26,080 22,797
4 26,025 22,606
4 25,892 22,562
4,737 28 ,459
4,740 28 ,557
4 ,751 28,843
4 ,756 29,028
4,765 29 ,088
4,778 29,343
4,788 29,555
4,796 29,904
4,806 30,494
4,814 29,920
4,821 29,718
4,825 •29,752
4,832 29,782
1,278
1,281
1,282
1,270
1,276
1,275
1,276
1,277
1,271
1,280
1,299
1,296
1,281
22,971
22,869
22,773
22,713
4 25,994
26,150
26,329
4 25,819
22,662
22,612
22,612
22,598
25,721
26,184
25,929
4 25,919
3 25,711
22,562
22,562
22,562
|22,562
22,562
,400
,220
,593
,361
1929—June.
216
1933—June. 1,998
1939—Dec. 2,484
1941—Dec. 2,254
1945—Dec.. 24,262
1947—Dec. 22,559
1948—Dec. 23,333
1949—Dec.. 18,885
1950—June. 18,331
D e c . 20,778
1951—June. 22,982
Dec. 23,801
1952—June. 22,906
D e c , 24,697
Averages
of daily
figures
Monthly:
1952—Apr. . 22,448
May. 22,308
June. 22,617
July.. 22,798
Aug.. 23,027
Sept . 23,471
Oct. . 23,657
Nov. 23,638
D e c 24,400
1953—Jan. . 24,202
Feb.. 23,918
Mar. 23,892
Apr. , 23,861
22,448
22,308
22,505
22,617
22,983
23,433
23,644
23,527
23,876
24,011
23,875
23,878
23,806
Week ending:
Feb. 4 . .
23, 959
Feb. 11.
23,946
Feb. 18. . . .23,944
Feb. 25
J23,852
23 ,888
23,888
23,888
23,852
1,582
1,501
1,286
1,106
708
684
844
981
26,253
26,135
26,078
25,942
Mar.
Mar.
Mar.
Mar.
^3,871
123,852
23,923
23,985
23,852
23,852
23,868
23,985
929
1,190
865
1,429
1,318 1,085
892
939
Apr. 1. . . .123,813
Apr. 8
|23,878
Apr. 15
123,879
Apr. 22. . . .23,852
Apr. 29
i23,841
23,813
23,806
23,806
23,806
23,806
1,158
1,366
1,254
1,057
1,186
747
936
792
1,006
681
4
11
18. . . .
25. . . .
112
181
44
38
13
111
524
191
43
14
55
908
365
818
573
936
585
890
1,092
734
1,059
856
723
927
1,093
954
1,577
1,633 1,262
1,372 1,008
822
1,336
909
1,220
843
1,184
25,091
23,181
24,097
19,499
18,703
22,216
24,043
25,009
23,551
25,825
895
870
526
548
550
21
151
256
586
446
569
547
750
273
565
392
363
298
455
374 2,356
346 2,292
251 11,653
291 12,450
495 15,915
563 17,899
590 20,479
706 16,568
771 15,934
714 17,681
765 19,020
746 20,056
783 19,381
777 19,950
2,333
1,817
6,444
9,365
14,457
16,400
19,277
15,550
15,498
16,509
18,604
19,667
19,573
20,520
23
475
5,209
3,085
1,458
1,499
1,202
1,018
436
1,172
416
389
-192
-570
549
553
328
306
501
326
550
591
569
552
500
244
395
551
538
601
681
785
766
688
689
745
611
526
530
563
324
300
242
279
259
231
253
297
290
405
336
378
397
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
841 20,416
19,127
19,139
19,431
19,926
19,657
19,736
19,963
20,087
20,457
20,251
19,882
19,828
650
628
709
609
649
778
648
657
723
707
638
588
4.819 29 ,680 1,314
4.820 29,716 1,314
4,821 29,736 1,297
4,821 29,690 1,281
767
569
401
443
580
551
527
483
383
350
321
334
770 20,548
770 20,556
I 20,592
836 20,409
19,988
19,905
19,902
19,828
560
651
690
581
4,823 29,788
4,824 29,805
4,825 29,797
4,826 29 ,674
1,289
1,294
1,297
1,300
394
424
286
19
509
551
563
495
302
368
403
406
832 20,365
830 20,314
839 20,581
! 20,498
19,798
19,758
19,948
19,893
567
556
633
605
4,826 29 ,712
4,828 29,826
4,830 29,787
4,834 29,766
4,835 29,744
1,296
1,297
1,280
1,273
1,274
156
410
358
396
432
520
568
551
583
559
371
532
357
295
410
854
868
867
865
854
19,688
19,505
19,500
19,530
513
567
621
606
2,286
5,434
6
15
397
774
862
392
642
767
1,158
20,007
20,201
20,072
20,121
20,136
19,837
r
1
2
Revised. m
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.
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.
480
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, Effec1951tive
1949Jan. 16, Feb. 19, Feb. 20,
1953
1953
1951
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.
Backfigures.—SeeBanking 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
Apr. 30
Boston
New Y o r k . . .
Philadelphia.
Cleveland. . .
Richmond. . .
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City.
Dallas
San Francisco
Previous
rate
In effect
beginning—
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
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
Apr. 30
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—
Previous
rate
Rate on
Apr. 30
In effect
beginning—
Jan. 20,
Jan. 16,
Jan. 16,
Aug. 25,
Jan. 23,
Jan. 16,
Aug. 13,
Jan. 12,
Jan. 26,
Jan. 16,
Jan. 23,
Jan. 20,
3
3
Jan. 20, 1953
Jan. 16, 1953
Jan. 16, 1953
Jan. 16, 1953
Jan. 23, 1953
Jan. 16, 1953
Jan. 16, 1953
Jan. 16, 1953
Jan. 16, 1953
Jan. 16, 1953
Jan. 23, 1953
Jan. 20, 1953
3
3
4
3
2
I*
Previous
rate
1953
1953
1953
1950
1953
1953
1948
1948
1953
1953
1953
1953
3
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a
of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding
6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days. Back figures.See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum]
Rate on
Apr. 30
Maturity
1- 90 days
91-120 days
121-180 days
2H
2M
2%
In effect beginning—
Jan. 16, 1953
Jan. 16, 1953
Jan. 16, 1953
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect April 30. Per cent per annum]
On
loans 1
Boston
New York
Philadelphia. . . .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . . .
Kansas City. . . .
Dallas
San Francisco...
To financing institutions
On discounts or
purchases
Federal
Reserve
Bank
On
commitments
Portion
for which
institution is
obligated
3-5^
3-534
23^-5
2^-5
234-5
2H-5
2K-5
3-5
3-534
2M-5
3-534
()
23^-5
Remaining
portion
On
commitments
1953
Country
banks
10
14
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
1949—May
May
June
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
1. .
5. .
30..
1. .
1. .
11. .
16. .
18. .
25. .
1. .
()
Reserve
city
banks
Time
deposits
(all
member
banks)
15
22 K
In effect May 1, 1953 «
2-234
(2)
13
1938—Apr. 16. .
1951—Jan. 1 1 . .
Jan. 1 6 . .
Jan. 25. .
Feb. 1. .
Including loans made in participation with financing institutions.
Rate charged borrower less commitment
rate.
4
Rate charged borrower.
Rate charged borrower but
not5 to exceed 1 per cent above the discount rate.
Charge of ^ per cent per annum is made on undisbursed portion
of 8 loan.
Charge of ^ per cent per annum is made on undisbursed portion
of loan.
Back figures.—See Banking and Monetary Statistics, Table 118, pp.
446-447.
MAY
1917—June 2 1 . .
Central
reserve
city
banks
1936—Aug. 16 . .
1937—Mar. 1. .
May 1. .
00
(8)
(3)
(3)
00
3-534
1
2
3
Effective date
of change
IK
2V8
NOTE.—Effective minimum buying rates on prime bankers' acceptances payable in dollars.
Back figures.—See Banking and Monetary
Statistics, Table 117, pp. 443-445.
To industrial or
commercial
businesses
Net demand deposits *
Previous
rate
12
20
22
24
23
22
22
21
20
19
18
18
23
19
24
20
14
16
2
3
15
2 7
3 7
3
14
13
12
13
734
734
6
26
2
5
36
6
2
14
20
14
1
Demand deposits subject to reserve requirements, which beginning
Aug. 23, 1935, have been total demand deposits minus cash items
in process of collection and demand balances due from domestic banks
(also minus war loan and series E bond accounts during the period
Apr. 13, 1943-June 30, 1947).
2 Requirement became effective at country banks.
8
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.
481
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
Month, or
week ending Wednesday
All
member
banks
1
Central reserve
city banks
Re-
serve
city
banks
banks
Month, or
week ending Wednesday
Country
1
New
York
Chicago
20,469
19,995
20,207
20,958
20,520
20,416
5,335
5,209
5,358
5,184
5,050
5,089
1,347
1,305
1,321
1,379
1,356
1,366
7,967
7,757
7,817
8,277
8,082
8,014
5,819
5,723
5,711
6,118
6,031
5,947
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
18
25
1
8
15
22
20,581
20,498
20,201
20,072
20,121
20,135
5,148
5,118
5,069
4,970
4,959
4,955
1,382
1,372
1,306
1,287
1,313
1,306
8,049
8,063
7,979
7,901
7,908
7,907
6,001
5,946
5,848
5,914
5,941
5,967
J
New
York
Chicago
Re-
serve
city
banks
Country
banks 1
Excess reserves:
1952—January
February
March
1953—January
February
March
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
18
25
1
8
15
22
933
695
885
707
638
588
90
5
92
5
14
16
-1
-3
10
-6
-3
3
200
136
209
119
95
87
643
557
574
589
531
482
633
605
514
567
621
30
8
30
-12
26
6
4
-2
-9
5
-1
-1
71
112
86
89
87
72
528
487
407
485
509
P527
2
9
19
320
255
211
34
82
82
335
277
277
130
220
149
529
624
559
45
53
57
163
155
154
281
157
217
419
412
183
299
235
299
223
85
96
573
401
462
566
558
678
146
131
163
140
180
P604
Borrowings at Federal
Reserve Banks:
Required reserves:
1952—January
February
March
1953—January
February... .
March
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
ber
banks
Total reserves held:
1952—January
February
March
1953—January
February
March
Central reserve
city banks
All
mem-
18
25
1
8
15
22
19,536
19,300
19,323
20,251
19,882
19,828
19,949
19,893
19,688
18,505
19,500
^19,530
5,245
5,205
5,266
5,180
5,036
5,073
1,348
1,308
1,311
1,385
1,359
1,362
7,767
7,621
7,608
8,157
7,986
7,926
5,118
5,109
5,039
4,982
4,934
4,949
1,378
1,374
1,315
1,282
1,313
1,306
7,979 5,473
7,951 5,459
7,893 5,441
7,812 5,429
7,821 5,432
7,835 P 5 , 4 4 0
1952—January
February
March
1953—January
February
March
5,176
5,166
5,137
5,529
5,500
5,466
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
210
365
307
1,347
1,310
1,202
1,299
18
25
1
8
15
22
924
1,141
1,348
1,235
1,044
P Preliminary.
1
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.
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Item
All
member
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
All
member
banks
Central reserve
city banks
New
York
March 1953
Gross demand deposits:
Total
Interbank
Other
2
Net demand deposits
Time deposits 3
Demand balances due from domestic banks...
Reserves with Federal Reserve Banks:
Total
Required
Excess
Borrowings at Federal Reserve Banks
Chicago
Reserve
city
banks
Country
banks
March 1952
106,716
11,998
94,719
93,341
33,857
22,601
3,830
18,771
20,554
2,339
5,996
1,158
4,838
5,385
1,167
41,221
5,916
35,305
35,579
13,512
36,899 103,660
12,077
1,094
91,584
35,805
90,827
31,824
16,839 31,488
23,337
3,943
19,395
21,434
2,034
5,739
1,176
4,562
5,179
1,140
39,605
5,851
33,754
34,273
12,552
34,979
1,107
33,872
29,941
15,762
5,923
51
103
1,862
3,907
6,056
57
102
1,927
3,970
20,416
19,828
588
5,089
5,073
16
1,366
1,362
3
8,014
7,926
87
5,947
5,466
482
20,207
19,323
885
5,358
5,266
92
1,321
1,311
10
7,817
7,608
209
5,711
5,137
574
1,202
211
277
559
154
307
19
82
149
57
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are
based2 on deposits at opening of business.
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand
balances due from domestic banks.
3
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
482
FEDERAL RESERVE
BULLETIN
STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
End of month
1953
1953
Apr. 29
Apr. 22
Apr. 15
Apr. 8
Apr. 1
Apr.
1952
Mar.
Apr.
Assets
Gold certificates
Redemption fund for F. R. notes. .
20,633,099 20 ,628,104 20 ,628,102 20,614,103 20,619,101 20,633,103 20,619,103 21,412,253
747,167
750,029
748,134
752,619
755,339
758,166
748,135
693,428
Total gold certificate reserves.
21,385,718 21,383,443 21,386,268 21,361,270 21,367,236 21,383,132 21,367,237 22,105,681
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc..
Industrial loans
U. S. Government securities:
Bought outright:
Bills
Certificates:
Special
Other
Notes
Bonds
350,094
353,330
354,121
351,456
361,138
354,872
370,502
363,292
818,350
18,500
3,476
823,679
18,500
3,481
849,861
18,500
3,553
890,438
17,500
3,623
447,054
18,000
3,579
995,100
18,500
3,460
467,239
18,000
3,653
653,260
23,000
5,158
514,754
514,754
514,754
514,754
514,754
514,754
514,754
4,995,716 4,995,716 4,995,716 4,995,716 4,995,716 4,995,716 4,995,716 11,659,306
13,773,671 13,773,671 13,773,671 13,773,671 13,773,671 13,773,671 13,773,671 5,568,073
4,521,975 4,521,975 4,521,975 4,521,975 4,521,975 4,521,975 4,521,975 5,135,823
Total bought outright
Held under repurchase agreement
Total U. S. Government securities.
Total loans and securities
23,806,116 23,806,116 23,806,116 23, 806,116 23,806,116 23,806,116 23,806,116 22,363,202
74,000
15,000
23,806,116 23,8
5,116 23,821,116 23,806,116 23,806,116 23,880,116 23,806,116 22,363,202
24,646,442 24,651,776 24,693,030 24,717,677 24,274,749 24,897,176 24,295,008 23,044,620
23
23
23
23
23
23
151,350
153,769
156,921
155,017
165,933
157,787
3,607,190 3,908,996 4,567,183 3,593,340 3,991,227 3,518,032
49,351
49,533
49,667
49,546
49,561
49,647
203,939
166,472
193,803
174,918
202,624
184,568
Due from foreign banks
F. R. notes of other Banks.. . .
Uncollected cash items
Bank premises
Other assets
23
28
167,011
155,067
,766,936 3,326,466
49,362
44,649
185,864
173,052
50,395,421 50,696,055 51,392,627 50,405,151 50,376,129 50,558,057 50,201,943 49,212,855
Total assets.
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve accounts..
U. S. Treasurer—general account.
Foreign
Other
Total deposits. .
25,556,131 25,496,728 25,534,398 25,559,767 25,563,004 25,598,279 25,560,203 24,332,276
19,489,
367,
518
401
19 ,475,694 19,932 076 19,629,310 19,305,354 19,739,784 19,322,123 19 940,266
509,139
584,652
356,368
341 125
574 447
200 039
329,018
567,943
342,565
286,484
549,963
344,124
392,741
505,675
416,499
221,631
535,610
342,009
450,418
518,184
266,349
20,776,306 20,925,853 21,047,687 20,868,836 20,485,925 21,054,699 20,421,373 21,175,217
Deferred availability cash items
Other liabilities and accrued dividends
Total liabilities.
Capital Accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
3,026
20
Total liabilities and capital accounts.
2,884,524 3,242,860 2,869,182 3,135,168
19,391
17,734
16,350
16,775
,738,727
17,330
49,379,695 49,607,892 50,311,262 49,329,902 49,308,139 49,541,551 49,134,478 48,263,550
257,239
584,676
27,543
146,268
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
,166,051 3,711
19,260
18
257,166
584,676
27,543
218,778
257,072
584,676
27,543
212,074
257,007
584,676
27,543
206,023
256,901
584,676
27,543
198,870
257,254
584,676
27,543
147,033
256,891
584,676
27,543
198,355
242,928
538,342
27,543
140,492
50,395,421 50,696,055 51,392,627 50,405,151 50,376,129 50,558,057 50,201,943 49,212,855
46.2
46.1
45.9
31,858
2,971
30,452
2,940
30,895
2,834
30,349
2,818
46.4
45.8
46.5
48.6
29,589
2,823
31,887
2,867
29,406
2,756
8,118
6,536
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 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
465,054 1 013,600
836,850
842,179
868,361
907,938
485,239
427,145
769,787
805,551
825,216
867,675
946,732
442,450
37,882
36,587
67,025
40,241
66,830
43,125
40,848
27
41
38
20
22
38
1,941
3,481
3,579
3,460
3,476
3,553
3,653
3,623
369
706
712
684
421
412
648
904
1,103
1,285
1,399
1,164
1,694
556
2,153
1,308
1,507
1,324
1,722
1,355
2,289
153
162
160
160
162
153
160
23 806,116 23 ,806,116 23 821,116 23 ,806,116 23 ,806,116 23 880,116 23 806,116 22
229,200
285,504
237,250
232,554
300,750
315,504
75,500
,423,320
1 415,270
382,016
,419,966
415,270
,337,016
577,020
12,450,175 12,450,175 12,450,175 13,314,575 13,314,575 12,460,675 13,314,575
6,914,164 6,914,164 6,914,164 6,410,550 6,410,550 6,914,164
,410,550
,374,400
,070,224
,374,400
,070,224
1 ,374,400
,374,400
,070,224
,358,247
,414,857
1 ,414,857
,414,857
,358,247
,414,857
,358,247
676,260
608,874
67,386
5,158
865
786
2,277
1,230
363,202
441,856
837,675
941,352
013,614
128,705
1
Beginning Apr. 15, 1953, U. S. Government securities classified according to maturity date. During the period Jan. 3, 1951-Apr. 8, 1953,
callable issues classified according to nearest call date. Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements.
MAY
1953
483
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 30, 1953
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
San
Francisco
St.
Louis
Minneapolis
Kansas
City
Dallas
627,789 4,280,i.lll
513,812
307,962
854,893
558,919 2,563,252
126,822
51,099
26,195
40,617
Atlanta
Chicago
Assets
Gold certificates. 20,633,103
Redemption fund
for F. R. notes.
750,029
684,391 6,877,536 1,180,460 1,448,253
62,843
72,761
58,430
82,966
735,725
78,742
62,448
29,704
57,402
Total gold certificate reserves.. 21,383,132 747,234 6,950,297 1,238,890 1,531,219 814,467 690,237 4,406,933 564,911 334,157 895,510 588,623 2,620,654
354,872
22,092
12,524
15,714
29,192
69,941
19,549
7,312
38,879
24,967
59,823
23,325
Other cash
31,554
Discounts and
advances:
Secured by
U. S. Govt.
28,200
59,750
993,374
38,170
82,800
77,780
53,150 110,600
35,290 192,615
71,950 103,914
securities. . .
139,155
20,226
925
789
833
1,868
1,168
1,387
1,702
703
463
2,396
Other
2,534
5,458
3,460
22
2,939
125
374
Industrial loans. . J
U. S. Government
securities:
Bought outright
23,806,116 1,658,437 5,228,656 1,491,192 2,312,359 1,701,804 1,515,210 3,478,5241,277,667 722,224 945,341 1,149,383 2,325,319
Held under
repurchase
74,000
74,000
agreement...
Total loans and
securities
24,897,176 1,697,775 5,447,269 1,548,668 2,424,661 1,785,551 1,553,270 3,673,673 1,356,150 794,762 1,050,044 1,178,416 2,386,937
Due from foreign
1
2
1
3
banks
23
1
1
2
1
1
1
F. R. notes of
8,160
7,317
23,675
14,280
other Banks...
151,350
20,264
9,812
4,775
7,529
19,877
6,838
4,017
24,806
Uncollected cash
636,987 239,405 312,718 270,600 260,944 575,281 156,325
94,073 190,511 161,008 342,434
items
3,518,032 277,746
6,800
4,910
7,183
3,943
1,042
615
3,691
2,942
2,225
4,605
Bank premises...
6,796
49,533
4,781
6,114
10,210
14,635
43,045
12,616
20,003
13,882
10,653
8,763
19,985
Other assets
29,307
203,939
14,726
Total assets
50,558,057 2,771,247 13,164,875 3,076,661 4,330,542 2,937,062 2,577,254 8,776,214 2,117,848 1,242,236 2,166,416 ,962,116 5,435,586
Liabilities
F. R. notes
25,598,279 1,572,839 5,647,085 1,819,643 2,359,611 1,776,855 1,379,503 4,914,253 1,189,790
Deposits:
Member bk.—
reserve accts. 19,739,784 808,391 6,144,832 910,806 1,516,952 822,385 889,437 3,175,775 710,241
U. S. Treas —
31,514
33,491
32,468
34,059
44,767
89,736
28,187
13,431
gen. acct.. . . 392,741
25,745
19,566
47,371
22,141
505,675
31,409 2 142,654
38,618
70,541
Foreign
2,548
1,817
348,775
2,402
7,837
5,095
4,370
416,4991
6,761
Other
Total deposits.. . 21,054,699
Deferred availability
cash
items
2,869,182
Other liabilities
and accrued
dividends
19,391
639,732 1,008,006
730,884 2,560,078
458,451
926,340
999,282 2,376,892
23,093
12,872
1,913
25,254
19,566
5,981
15,680
23,170
1,234
21,061
52,022
27,766
879,029 6,725,997
985,317 1,613,460
882,192
926,826 3,279,598
771,703
496,329
254,424
499,259
194,338
261,482
223,090
223,669
440,021
114,400
78,057
140,818
144,543
295,081
1,099
5,057
1,191
2,456
1,059
891
3,175
799
601
677
757
1,629
977,141 1,039,366 2,477,741
Total liabilities. . 49,541,551 2,707,391 12,877,398 3,000,489 4,237,009 2,883,196 2,530,889 8,637,047 2,076,692 1,214,719 2,126,642 1,915,550 5,334,529
Capital
Accounts
Capital paid in. .
Surplus (Sec. 7)..
Surplus (Sec. 13b)
Other capital
accounts
257,254
584,676
27,543
36,462
13,793
147,033
1,006
11,184
29,248
3,349
10,893
25,803
762
1,429
13,838
10,085
8,907
3,011
81,291
167,503
7,319
17,478
43,578
4,489
54,064
10,590
31,364
10,627
24,625
32,919
8,896
84,628
23,628
521
5,785
15,131
1,073
9,786
21,925
1,137
12,659
25,381
1,307
27,945
57,325
2,140
20,191
8,111
5,528
6,926
7,219
13,647
Total liabilities
and capital
accounts
50,558,057 2,771,247 13,164,875 3,076,661 4,330,542 2,937,062 2,577,254 8,776,214 2,117,848 1,242,236 2,166,416 1,962,116 5,435,586
Reserve ratio
Contingent liability on acceptances purchased for foreign
correspondents
Industrial loan
commitments.,
45.8%
31,887
2,867
30.5%
1,944
56.2%
3 9,423
44.2?
38.5%
30.6%
2,390
2,931
1,593
1,295
749
53
29.9?
1,370
53.8%
4,365
26
28.8%
29.4%
797
45.1%
1,211
33.3%
1,434
52.0%
3,218
744
1
8
After deducting $16,000 participations of other Federal Reserve Banks.
After deducting $363,004,000 participations of other Federal Reserve Banks.
3 After deducting $22,464,000 participations of other Federal Reserve Banks.
484
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
FEDERAL RESERVE BANKS COMBINED
[In thousands of dollarsl
Wednesday figures
Item
End of month
1953
Apr. 29
F. R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificates
Eligible paper
U. S. Government securities
Apr. 22
Apr. 15
1953
Apr. 8
Apr. 1
Apr.
1952
Apr.
Mar.
26,533,431 26,514,568 26,555,569 26,561,257 26,543,387 26,532 ,864 26,547,494 25,259,528
12,574,000 12,624,000 12,624,000 12,624,000 12,624,000 12,574,000 12,524,000 12,749,000
452,028
416,531
499,904
524,356
225,628
610,478
257,553
505,472
14,760,000 14 ,760,000 14 ,760,000 14,760,000 14,760,000 14 ,760,000 14,760,000 13,625,000
Total collateral
27,786,028 27,800,531 27,883,904 27,908,356 27,609,628 27,944,478 27,541,553 26,879,472
EACH FEDERAL RESERVE BANK ON APRIL 30, 1953
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
City
apolis
Dallas
San
Francisco
F. R. notes outstanding (issued
26,532,864 1,638,240 5,844,543 1,878,699 2,443,069 1,868,936 1,435,776 5,013 ,703 1,230,423 653,825 1,037,762 764,763 2,723,125
to Bank)
Collateral held:
Gold certificates 12,574,000 400,000 4,520,000 745,000 820,000 450,000 310,000 2. 700,000 280,000 155,000 280,000 214,000 1,700,000
38,210
53,150
127,855
77,780 71,950 103,983
610,478
82,800
54,750
Eligible paper..
U. S. Govt. securities
14,760,000 1,300,000 1,500,000 1,200,000 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.. 27,944,478 1,738,210 6,147,855 1,998,150 2,520,000 1,982,800 1,510,000 5,100,000 1,382,780 731,950 1,183,983 794,000 2,854,750
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
Wednesday
or last day
of period)
ParticiAPpations
proved
Loans Commit- of financbut not
outments ing instioutcom- standing2
tutions
pleted 1 (amount) standing
out(amount)
(amount)
standing3
Amount
(amount)
LOANS GUARANTEED THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V, PURSUANT TO
DEFENSE PRODUCTION ACT OF 1950 AND
EXECUTIVE ORDER NO. 10161
Applications
approved
to
Number
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
UclLC
1945
1946
1947
1948
1949
1950
1951
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
320
1,995
4,577
554
945
335
539
4.819
3,513
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
725,787
730,482
734,049
738,721
743,629
748,451
752,042
757,277
762,620
766,492
Jan. 3 1 . . . 3,754
Feb. 28. . . 3,755
Mar. 3 1 . . . 3,756
770,541
773,013
776,461
1,370
1,601
1,351
1,638
5,296
5,207
5,211
5,101
4,624
4,690
4,496
4,311
3,868
3,921
6,467
6,536
6,083
5,947
6,184
6,152
6,327
3,720
4,044
3,210
10,474
10,339
10,262
10,105
9,814
10,128
9,978
7,174
7,010
3,289
2,513
1,185
1,188
3,895
4,054
3,678
3,176
2,816
2,756
3,236
3,234
3,193
108
571
235
1,083
1,589
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.
8
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.
MAY
Amount
Total
amount
Portion
guaranteed
1950
Dec. 3 1 . . .
62
31,326
8,017
6 ,265
8,299
254
484
729
854
300,955
654,893
1,154,942
1,395,444
68,833
252,100
492,167
675,459
56 ,973
209 ,465
400 ,652
546 ,597
47,822
276,702
450,013
472,827
971
998
1,677,786
1,727,729
1,787,755
1,867,643
1,922,388
2,023,403
2,052,327
2,069,697
2,081,888
2,124,123
836,739
838,073
870,174
883,262
909,688
907,899
922,129
993,856
989,678
979,428
672 ,974
672 ,678
695 ,814
703 ,774
726 ,452
725 ,943
736 ,833
811 ,132
811 ,117
803 ,132
467,392
595,098
601,752
615,139
648.065
692,067
656,995
591,762
600,304
586,303
2,147,953 984,295
2,170,443 999,794
2,190,643 1,023,666
808 ,986
822 ,257
838 ,704
578,061
548,916
520,5'7
1951
3,741
3,743
3,743
3,745
3,746
3,750
3,750
3,751
3,752
3,753
Mar. 3 1 . . .
Apr. 30. . .
May 3 1 . . .
June 30. . .
July 3 1 . . .
Aug. 31. . .
Sept. 30. . .
Oct. 3 1 . . .
Nov. 3 0 . . .
Dec. 3 1 . . .
Number
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
1953
Mar.
June
Sept.
Dec.
31...
30. . .
30...
31...
1952
Mar. 3 1 . . .
Apr. 3 0 . . .
May 31...
June 3 0 . . .
July 3 1 . . .
Aug. 3 1 . . .
Sept. 3 0 . . .
Oct. 31. . .
Nov. 3 0 . . .
Dec. 3 1 . . .
1,023
1,050
1,066
1,092
1.113
1,130
1,143
1,159
1953
Jan. 3 1 . . . 1,173
Feb. 2 8 . . . 1,188
Mar. 3 1 . . . 1,204
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.
485
POSTAL SAVINGS SYSTEM
[In millions of dollars]
FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950 AND EXECUTIVE
ORDER NO. 10161
[In effect April 30]
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
Percentage of
loan guaranteed
70 or less
75
80
85
90
95
Over 95
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
any commitment
fee charged
borrower
10
15
20
25
30
35
10
15
20
25
30
35
40-50
40-50
Maximum Rates Financing Institutions May Charge Borrowers
[Per cent per annuml
Interest rate
Commitment rate.
Assets
Depositors'
balances 1
Total
1945—December
1946—December
1947—December
1948—December
1949—December
1950—December
1951—December
1952—March
April
May
June
July
August
September. . .
October
November
December....
2,933
3,284
3.417
3,330
3,188
2,924
2,705
2,669
2,651
2,633
2.617
2,601
2,586
2,572
2,561
2,555
2,547
3,022
3,387
3,525
3,449
3,312
3,045
2,835
2,794
2,778
2,761
2,746
2,751
2,758
2,766
2,760
2,749
2,736
1953—January
February....
March
P2.535
P2.524
P2.510
End of month
Cash
in
depository
banks
U. S.
Government
securities
Cash
reserve
funds,
etc.*
6
6
6
7
7
11
28
32
32
33
33
33
34
33
33
33
33
2,837
3,182
3,308
3,244
3,118
2,868
2,644
2,599
2,598
2,574
2,557
2,554
2,554
2,554
2,553
2,553
2.551
179
200
212
198
187
166
162
163
147
153
156
164
170
179
174
162
151
P1 Preliminary.
Outstanding principal, represented by certificates of deposit.
2
Includes reserve and miscellaneous working funds with Treasurer
of United States, working cash with postmasters, accrued interest on
bond investments, and miscellaneous receivables.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Annual rate of turnover of total
deposits except interbank deposits
(old series)
Debits to total demand and time deposit
accounts, except interbank accounts
(old series)
Year or month
Total, all
reporting
centers
1947...
1948...
1949...
1950...
1951...
1952...
,125,074
,249.630
,231,053
,403,752
,577,857
,692,136
New
York
City 1
140
other 1
centers
Other
reporting
centers
New
York
City
Other
reporting
centers
405,929
449,002
452,897
513,970
551,889
615,670
599,639
667,934
648,976
742,458
854,050
895,906
119,506
132,695
129,179
147,324
171,917
180,560
21.0
23.6
24.1
26.6
26.9
28.7
11.9
12.9
12.4
13.4
14.5
14.4
Debits to demand deposit accounts,
except interbank and U. S. Government accounts'
(new series)
1952
Annual rate of turnover of demand
deposits except interbank and U. S.
Government deposits (new series)
Total, all
reporting
centers
New
York
City
6
other
centers 2
Other
reporting
centers 3
New
York
City
6
other
centers 2
Other
reporting
centers 3
1,643,130
597,815
349,904
695,411
34.4
24.1
18.4
1952—January
February
March
April
May
June
July
August
September
October
November
December
135,813
125,190
136,298
134,145
133,032
139,759
137,334
122,200
136,067
150,486
127,665
165,140
47,650
44,418
49,213
49,745
48,830
53,385
50,472
42,778
49,131
54,893
44,209
63,091
28,937
26,713
30,007
28,761
27,974
29,305
29,483
25,550
28,611
32,322
27,064
35,179
59,226
54,060
57,078
55,639
56,229
57,068
57,379
53,873
58,325
63,271
56,392
66,871
31.2
32.3
33.6
34.0
32.8
37.4
34.4
29.6
35.4
36.4
34.1
41.8
23.0
23.4
25.7
24.6
22.8
24.9
24.0
20.8
24.3
25.0
24.1
26.9
18.6
18.5
18.2
17.7
17.8
18.7
18.1
16.9
18.9
18.6
19.2
19.8
1953—January
February
March
145,986
129,320
153,503
52,048
45,749
53,898
31,660
28,126
35,339
62,278
55,445
64,266
34.3
35.1
37.1
23.9
24.4
28.3
18.4
18.8
19.3
1
National series, now discontinued, for which debit figures are available 1919-52.
2
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.
3
In the new series there are 338 "other" reporting centers. (Old series included 193 centers, 1942-November 1947; 192, December 19471950; and 201 beginning January 1951.)
NOTE.—As described in the article on pp. 355-357 of the BULLETIN for April 1953 the monthly series of bank debits was revised beginning
with figures for March 1953. Data for 1943-51 on the revised basis are being compiled and will be published later.
486
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Coin and small denomination currency 2
Total
in circulation 1
Total
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
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
1952—March
April
May
June
July
August
September.. .
October
November.. .
December. . .
28,473
28,464
28,767
29,026
28,978
29,293
29,419
29,644
30,236
30,433
1953—January
February
March
29,691
29,793
29,754
End of year or
month
Coin
3
Large denomination currency 2
$i
$2
$5
$10
$20
Total
$50
$100
751
880
1,019
1,156
1,274
1,361
1,404
1,464
1,484
1,554
1,654
559
610
695
801
909
987
,039
,029
,048
,049
,066
,113
,182
36
39
44
55
70
81
73
67
65
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
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
580
7,730
7,834
8,518
8,850
8,698
8,578
8,438
8,678
460
538
724
1,019
1.481
1,996
2,327
2,492
2,548
2,494
2,435
2,422
2,544
919
1,112
1,433
1,910
2,912
4,153
4,220
19,937
19,936
20,231
20,449
20,398
20,659
20,739
20,897
21,392
21,450
1,637
1,651
1,665
1,678
1,686
1,695
1,705
1,722
1,739
,750
,113
.114
,132
,140
,129
1,140
1,164
1,175
1,199
1,228
65
66
67
68
67
67
68
68
69
71
016
004
040
054
034
062
070
074
123
2,143
6,165
6,141
6,261
6,323
6,291
6,376
6,368
6,405
6,600
6,561
8,940
8,960
9,066
9,187
9,190
9,319
9,365
9,453
9,661
9,696
8,537
8,529
8,537
8,578
8,582
8,635
8,682
8,749
8,846
8,985
2,496
2,498
,508
,531
,531
2,551
559
2,577
2,612
2,669
20,799
20,918
20,896
,721
.725
,737
1,157
1,158
1,165
69
68
67
2.051 6,359
2,052 6,432
2,048 6,418
590
648
$500 $1,000 $5,000 $10,000
5^070
5,074
5,056
5,043
5,207
191
227
261
287
407
555
454
438
428
400
382
368
355
425
523
556
586
749
990
801
783
782
707
689
588
556
20
30
24
9
9
10
7
8
5
5
4
4
4
32
60
46
25
22
24
24
26
17
17
11
12
12
,140
,137
,142
,166
5,172
5,211
5,252
5,304
5,367
5,447
349
347
346
344
344
342
342
342
342
343
540
535
530
525
522
519
517
514
513
512
4
4
4
4
4
4
4
4
4
4
8
9
8
8
8
8
8
8
8
10
9,442 8,894 2,634 5,399
9,483 8,877 2,629 5,390
9,462 8,859 2,621 5,383
341
340
339
508
507
505
4
4
3
Unassorted
1
2
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
as destroyed.
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 in circulation *
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and Mar. 31, Feb. 28, Mar. 31,
1953
1953
1952
Banks and
agents
agents
Money held in the Treasury
Total outstanding, As security
against
Mar. 31,
Treasury
gold and
1953
cash
silver
certificates
Gold
Gold certificates. . .
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890..
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—Mar. 31, 1953
Feb. 28, 1953
Mar. 31, 1952
2
1,159
22,563
21,404
26 547
4,829
21,404
*2,363
72
63
492
2,118
245
2,118
44
4
199
199
188
13
2
3
1
297
31
6
30
2
1
2,066
1,130
407
314
205
74
2,028
1,120
406
312
207
75
2,031
1,062
387
315
226
78
4,340
4,423
4,259
29,754
*2,363
1,174
416
347
208
75
(4)
(4)
4
()
(5)
23,767
23,886
24,484
1,293
1,284
1,277
18,552
18,552
18,665
19,300
2,816
1,154
371
37
25,321
4,396
37
25,410
4,346
29,793
38
24,147
4,288
28,473
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, totals by weeks in table on p. 479.
2
Includes
$156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves against
other types, a grand total of all types has no 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.
MAY
1953
487
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]
I
Assets
Total
assets,
net—
Total i
liabil- ! Total
it es : deposits
and
and I
capital, currency
net
Bank credit
Date
Treasury
currency
U. S. Government obligations
Total
Commercial
Loans,
net
Total
and
savings
banks
Federal
Reserve
Banks
4
4
17
22
20
22
24
24
24
22
21
22
037
031
644
737
065
754
244
427
231
706
756
695
2,019
2,286
2,963
3,247
4,339
4,562
4,589
4,598
4,607
4,636
4,655
4,706
58,642
42,148
54,564
64,653
167,381
160,832
160,457
162,681
164,348
171,667
173,447
181,323
41
21
22
26
30
43
48
49
51
60
63
67
082
057
157
605
387
023
341
604
999
366
821
597
5
10
23
20
128
107
100
100
98
96
94
97
741
328
105
049
417
086
604
456
709
560
450
808
5,490
8,199
10,417
25,511
101,288
81,100
74,097
78,433
77,320
72,894
68,726
71,343
1052—Mar. 26
Apr. 30
M a y 28
Tune 30
July 30
Aug. 27
Sept. 24
Oct. 29
Nov. 26
Dec. 31
23
23
23
23
23
23
23
23
23
23
300
300
300
346
400
300
300
300
300
187
4,700
4,700
4,700
4,754
4,800
4,800
4,800
4,800
4,800
4,812
180,100
179,900
180,600
182,980
185,300
185,300
186,500
188,900
191,500
192,866
67
68
68
69
70
70
71
72
74
75
700
100
500
712
000
500
600
900
300
484
96
95
95
96
08
97
97
98
100
200
300
70,900
70,200
70,500
70,783
72,700
71,700
71,300
72,400
73,600
72,740
22
22
22
22
22
23
23
23
23
24
1953—Tan.
Feb. 2 ,s v
Mar. 9 ^ /»
23 000
22 700
1 1 600
72,300
71 ,4 00
70,000
24 000
23 0 0 0
23 0 0 0
1929—June 29
1933—June 30
1939—Dec. 30
1941—Dec.
1945—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Tune
Dec.
1951—June
Dec.
31
31
31
31
31
30
30
30
31
....
4,800 101,200
4,800 100,300
4 ,800 100,200
74 000
75 0 0 0
76 1 0 0
266
100
300
600
600
90 000
100 008
OS SOO
0 7 . 800
0 6 ,400
Other
216
1 ,998
2 , 484
2 , 254
2 4 , 262
2 2 . 559
2 3 , 333
18, 885
18, 331
2 0 . 778
2 2 , 982
2 3 , 801
1
1
2
3
3
3
3
2
2
2
500
400
300
906
800
100
700
600
800
607
2
2
2
2
2
2
2
2
2
2
Other
securities
26
131
204
284
867
328
264
138
058
888
742
664
11 ,819
9,863
9,302
8,909
8,577
10,723
11,422
12,621
13,640
14,741
15,176
15,918
64
48
75
90,
101.
188
189
101
193
199
199
208
600
600
600
577
600
600
600
600
600
16,400
16,600
16,800
17,002
17,200
17,500
17,400
17,300
17,300
17,374
208
207
208
211
213
213
214
217
219
220
571
2 600
9
Liabilities
and Capital
500
500
Capital
and
misc.
accounts,
net
608 i 55 776
42 029
465
171
68 350
82 811
637
785 180 806
175
348
148
290 176 121
177
313
706
186 178 568
184
385
009
858 185 038
724 193 404
8
6
6
7
10
12
13
14
14
14
14
15
922
436
812
826
979
800
168
392
618
624
820
320
300
200
900
960
200
000
900
900
700
220
15
15
15
16
16
16
16
17
16
16
900
700
800
120
100
400
700
100
900
647
900
900
700
080
400
400
600
000
600
865
17,500 ! 210 0 0 0
17,500 217 8 0 0
17,800 217 6 D 0
102
192
192
194
197
197
197
199
202
204
202 1 00
201 000
i 2 00 600
16 000
16 800
17 000
Deposits and Currency
U. S. Go vernment balances
Date
Total
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Tune
Dec.
1951 —Tune
Dec.
29
30
30
31
31
31
31
31
30
30
30
31
1952—Mar.
Apr.
May
Tune
July
Aug.
Sept
Oct.
Nov.
Dec.
26
30
28
30
30
27
24
29
26
31
...
1953—Tan. 2 8 P
Feb. 25 P
M a r 25 P
Foreign
bank
deposits,
net
Treasury
cash
At commercial
and
savings
banks
Time d eposits:j
Ht
Federal
Reserve
Banks
36
35
634
867
977
870
776
029
359
811
806
348
,121
,313
,568
385
,038
,404
365
50
1,217
1 .498
2,141
1,682
2,103
2,150
2.555
2,518
2,424
2,279
204
264
2,400
2,215
2,287
1,336
1 ,325
1,312
1 ,208
1 ,203
1 ,281
1 ,279
381
852
846
1 805
24 608
1 452
2 451
3 ,240
3 801
2 989
6 332
3 ,615
192 ,300
192 ,200
192 ,900
194 ,960
197 ,200
197 ,000
197 ,900
199 ,900
202 ,700
204 ,220
2,200
2,200
2,300
2,319
2,600
2 ,600
2,500
2,500
2,500
2,501
1 ,300
1 ,300
1 ,300
1 ,283
1 ,300
1 ,300
1 ,300
1 ,300
1 ,300
1 ,270
5 ,800
4 ,500
4 ,400
6 ,121
7 ,000
6 ,200
6 ,500
5 ,300
7 ,000
^ ,250
(5)
202 ,100
201 , 000
200 , 600
2 ,500
2 ,300
2 ,400
1 ,300
1 ,300
1 .300
4 ,200
,400
, 800
700
400
55
42
68
82
180
175
176
177
178
184
185
193
Deposits adjusted and currenc
1 ,123
821
950
668
317
247
500
600
333
600
700
300
600
300
380
<••)
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
182,900
183,800
184,400
184,904
185.800
186,200
187,400
190,200
191,600
104,801
193,300
0] ,600
101,000
Demand
deposits 2
Postal
Savings
System
rency
outside
banks
140
1 186
1 278
1 313
2 932
3 416
3 320
3 107
3 007
2 023
2 785
3 639
4 761
6 401
615
26 ,490
26 ,476
26 070
25 415
25 ,185
25 ,308
25 ,776
26 ,303
Total
Commercial
banks
28 ,611
21 ,656
27 ,050
27 ,720
48 ,452
56 ,411
57 ,520
58 ,616
50 ,730
50 ,247
50 ,048
61 ,447
19,557
10,840
15,258
15,884
30,135
35,249
35,804
36,146
36,710
36,314
36.781
37,850
,800
,100
,300
,754
0 5 ,700
95 ,800
96 ,400
98 ,600
90 ,400
101 ,508
62 ,400
62 .700
63 ,000
63 ,676
63 ,800
64 ,100
64 ,500
64 ,000
64 ,800
65 ,700
38,500
38,600
38,900
39,302
30,400
30,600
39,800
40,100
40,000
40,666
21 ,300
21 ,400 ;
21 ,600
21 ,755
21 ,900
22 ,000
22 ,200
22 ,200 •
22 ,300 i
22 ,586
2 ,700
2
2 ,600
2 ,610
2 ,600
2 , 600
2 \ 600
2 ,600
2 ,600
2 .54 7
100 .500
0 8 ,300
0 7 , 400
66 , 100
6 6 ,400
U( ,800
40,700
41,000
41 ,200
22 , 800
22 ,000 \
2.5 . 100
2
22
14
29
38
75
87
85
85
85
02
88
98
540
411
703
992
851
121
,520
,750
.040
.272
,960
,234
94
05
95
94
Mutual
savings
banks*
j
8 ,905
,621
10 523
10 532
15 ,385 •
17 ,746 :
18 ,387
19 ,273
10 ,923
20 000
20 ,382
20 ,887
Q
i~
9
701
700
25 ,700
25 ,900
26 .000
26 ,474
26 ,200
26 ,300
26 ,600
26 ,700
27 ,400
27 ,404
,500
,500
, 500
26 ,800
26 ,000
26 , 000
px Preliminary.
Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
2
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
3
Excludes
interbank time deposits; United States Treasurer's time deposits, open account;
and deposits of Postal Savings System in banks.
4
5
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
Less than 50 million dollars.
The composition of a few items differs
iks is included in "Other securities"
ge 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.
488
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 1
U. S.
Government
obligations
Other
securities
19,417
25,511
101,288
81,199
74,097
78,433
72,894
71,343
70,920
70,783
71,280
72,400
73,560
72,740
72,250
71 .410
69,990
9,302
8,999
8,577
10,723
11,422
12,621
14.741
15,918
16,370
17,002
17,380
17.330
17,330
17,374
17,450
17,540
17,750
23,292
27,344
35,415
38,388
39,474
36,522
41,086
45,531
40,230
41,667
40,980
41,220
42,620
45,584
40,800
41 ,350
40,300
68,242
81,816
165,612
161,865
161,248
164,467
175,296
185,756
180,140
184,130
185,440
187,260
190,620
195,552
188,590
188,760
187,660
Total i
Interbank i
Total Number
Of
capital
accounts banks
Demand
Time
9,874
10,982
14,065
13,033
12,269
12,710
14,039
15,087
13,200
13,513
13,870
13,810
13,880
15,321
13,520
13,260
12,900
32,516
44,355
105,935
95,727
94,671
96,156
104,744
111,644
106,890
109,247
109,350
110,800
114,190
116,633
111 ,210
111 ,280
110,110
25,852
26,479
45.613
53,105
54,308
55,601
56,513
59,025
60,050
61,369
62,220
62,650
62,550
63,598
63,860
64,220
64,650
8,194
8,414
10.542
11,948
12,479
13,088
13,837
14,623
14,770
15,039
15,170
15,260
15,280
15,367
15,370
15,440
15,490
15,035
14,826
14.553
14,714
14,703
14,687
14,650
14,618
14,606
14,599
14,599
14,591
14,586
14,575
14,571
14,563
14,556
All 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—Mar. 26
June 30
Sept. 24
Oct. 29
Nov. 26
Dec. 31
1953—Tan. 28?
Feb. 25v
Mar. 25*
50,884
61,126
140,227
134,924
133,693
140,598
148,021
154,869
155,280
157,528
160.750
163.200
165,490
165,626
165,030
164.580
164,610
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
67,990 87,290
69.742 87,786
72,090 88,660
73,470 89,730
74,600 90,890
75,512 90,114
75,330 89,700
75,630 88.950
76,870 87,740
All commercial 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—Mar. 26
June 30
Sept. 24
Oct. 29
Nov. 26
Dec. 31
1953—Tan. 2S?
Feb. 25P
Mar. 25v
40,668
50,746
124,019
116,284
114,298
120,197
126,675
132,610
132,530
134.437
137,090
139,440
141,660
141,624
140,780
140,100
140,000
17,238
21,714
26,083
38,057
42,488
42,965
52,249
57,746
57,840
59,233
61 ,200
62,410
63,400
64,163
63,860
64.070
65,220
23,430
29,032
97,936
78,226
71,811
77,232
74,426
74,863
74,690
75,204
75,890
77,030
78,260
77,461
76,920
76,030
74,780
16,316
21,808
90,606
69,221
62,622
67,005
62,027
61 ,524
61,120
61.178
61,610
62,860
64,090
63,318
62,760
61,900
60,470
7,114
7,225
7,331
9,006
9,189
10,227
12,399
13.339
13,570
14.026
14.280
14,170
14,170
14,143
14,160
14,130
14,310
22,474
26,551
34,806
37,502
38,596
35,650
40,289
44,645
39,380
40,702
40,130
40,400
41 ,820
44,666
39,920
40,500
39,420
57,718
71,283
150,227
144,103
142,843
145,174
155,265
164,840
158,810
162,348
163,260
164,990
168,340
172,931
165,780
165,830
164,530
9,874
10,982
14,065
13,032
12,269
12,709
14,039
15.086
13,200
13,512
13,870
13,810
13,880
15,319
13,520
13,260
12,900
32,513
44,349
105,921
95,711
94,654
96,136
104.723
111.618
106,860
109,222
109,320
110,770
114,160
116,600
111 ,180
111,250
110,080
"15,331
15,952
30,241
35,360
35,921
36,328
36,503
38,137
38,750
39,614
40,070
40,410
40,300
41,012
41,080
41,320
41,550
6,885
7,173
8,950
10,059
10,480
10,967
11,590
12.216
12,340
12,601
12,720
12,800
12,820
12,888
12,890
12,950
12,980
14,484
14,278
14,011
14,181
14,171
14,156
14,121
14,089
14,077
14,070
14,070
14,062
14,057
14,046
14,042
14,035
14,028
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—Mar. 26
June 30
Sept. 24
Oct. 29
Nov. 26
Dec. 31
1953—Tan. 28?
Feb. 25P. . . .
Mar. 25P
33,941
43,521
107,183
97,846
95,616
101,528
107,424
112,247
112,030
113.502
115,533
117,604
119,564
119,547
118,625
117,975
117,894
13,962
18,021
22,775
32,628
36,060
36,230
44,705
49,561
49,524
50.526
52,192
53,317
54,283
55,034
54,698
54 .868
55,864
19,979
25,500
84,408
65,218
59,556
65,297
62,719
62,687
62,506
62,976
63,341
64,287
65,281
64,514
63,927
63,107
62,030
14,328
19,539
78,338
57,914
52,154
56,883
52,365
51,621
51,227
51,261
51,406
52,484
53,486
52,763
52,137
51,348
50,117
5,651
5,961
6,070
7,304
7,402
8,414
10,355
11.065
11,279
11,715
11,935
11,803
11,795
11 ,751
11,790
11 ,759
11,913
19,782
23,123
29-845
32,845
34,203
31,317
35,524
39,252
34,631
36,046
35,363
35,535
36,896
39,255
35,053
35,614
34,704
49,340
61,717
129.670
122,528
121,362
123,885
133,089
141,015
135,587
138,769
139,052
140.431
143,478
147,527
140,913
140,949
139,911
9,410 28,231
10,525 38,846
13,640 91.820
12,403 81,785
11,641 80,881
12,097 82,628
13,447 90,306
14,425 95,968
12,623 91,852
12,812 94,169
13,161 93,773
13.074 94,959
13,120 98,006
14,617 100,020
12,876 95,116
12,645 95,186
12,308 94,320
11,699
12,347
24,210
28,340
28,840
29,160
29,336
30,623
31,112
31.788
32,118
32,398
32,352
32,890
32,921
33,118
33,283
5,522
5,886
7,589
8,464
8,801
9,174
9,695
10,218
10,319
10,526
10,606
10,680
10,700
10,761
10,763
10,812
10,839
6,362
6,619
6.884
6,923
6,918
6,892
6,873
6,840
6,829
6,815
6,807
6,804
6,801
6,798
6,791
6,785
6,776
All mutual savings
banks:
1939—£)ec 30.
1941—Dec. 31
1945—Dec. 31 2
1947—Dec. 31
1948—Dec. 31
1949—Dec 3i
1950—Dec. 30 . . . .
1951—Dec. 31
1952—Mar. 26
June 30
Sept. 24
Oct. 29
Nov. 26
Dec. 31
1953—Tan. 28?
Feb. 25P
Mar. 25v
10 216
10,379
16,208
18,641
19,395
20,400
21,346
22,259
22,750
23.091
23,660
23,760
23,830
24,003
24,250
24,480
24,610
4,927
4,901
4,279
4,944
5,686
6,578
8,137
9,862
10,150
10,509
10,890
11.060
11,200
11,349
11,470
11,560
11,650
5,289
5,478
11,928
13,696
13,709
13,822
13,209
12,398
12,600
12,582
t2.77O
12,700
12,630
12,654
12,780
12,920
12,960
3,101
3,704
10,682
11,978
11,476
11,428
10,868
9.819
9,800
9.606
9,670
9,540
9,470
9,422
9,490
9,510
9,520
2,188
1,774
1,246
1,718
2,233
2,394
2,342
2,579
2,800
2,976
3.100
3,160
3,160
3,231
3,290
3,410
3,440
818
793
609
886
878
873
797
886
850
966
850
820
800
918
880
850
880
10,524
10,533
15,385
17,763
18,405
19,293
20,031
20,915
21,330
21.782
22,180
22,270
22,280
22,621
22,810
22,930
23,130
3
6
14
17
17
20
22
26
30
26
30
30
30
33
30
30
30
10,521
10,527
1,309
1,241
1,592
1,889
1,999
2,122
2,247
2.407
2,430
2,438
2,450
2,460
2,460
2,479
2,480
2,490
2,510
551
548
542
533
532
531
529
529
529
529
529
529
529
529
529
528
528
1
1
2
2
2
2
2
2
2
2
2
2
15,371
17,745
18,387
19,273
20,009
20,888
21,300
21,755
22,150
22,240
22,250
22,586
22,780
22,900
23,100
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.
MAY
1953
489
ALL BANKS IN THE UNITED STATES, BY CLASSES •—Continued
PRINCIPAL ASSETS A N D LIABILITIES, A N D N U M B E R OF BANKS—Continued
[Figures partly estimated except on call dates.
Loans
Amounts in millions of dollars]
and investments
Deposits
Investments
Class of bank
and date
Total
Loans
Total
Central reserve city
member banks:
New York C i t y :
1 9 3 9 — D e c 30
1941—Dec. 31
1 9 4 5 — D e c 31
1947—Dec. 31
194g—Dec 31
1949—Dec. 31
1950—Dec 30
1951—Dec. 31
1952—Mar. 26
June 30
....
Sept 24
Oct. 29
Nov. 26
Dec. 31
1953—Jan. 28?
Feb. 25 ?
Mar. 2 5 P
U.S.
Government
obligations
9,339
12,896
26,143
20,393
18,759
19,583
20,612
21,379
21,134
21.710
21,246
21,283
21 696
22,130
21,233
21,049
21,185
3,296
4,072
7,334
7,179
8,048
7,550
9,729
11,146
11,068
11,268
11,363
11,680
11,973
12,376
12,127
12.112
12,335
6,043
8,823
18,809
13,214
10,712
12,033
10,883
10,233
10,066
10,442
9,883
9,603
9,723
9,754
9,106
8,937
8,850
4,772
7,265
17,574
11,972
9,649
10,746
8,993
8,129
7,905
2,105
2,760
5,931
5,088
4,799
5,424
5,569
5,731
5,747
5,664
5,679
5,839
6,112
6,240
6,037
5,910
6,033
569
954
1,333
1,801
1,783
1,618
2,083
2,468
2,409
2.380
2,399
2,444
2,592
2,748
2,594
2,569
2,604
1,536
1,806
4,598
3,287
3,016
3,806
3,487
3.264
3,338
3,284
3,280
3.395
3,520
3,493
3,443
3,341
3,429
1,203
1,430
4.213
2,890
2,633
3,324
2,911
2,711
24.
29
26
31
28 P
25?
25?
12,272
15,347
40,108
36,040
35,332
38,301
40,685
42,694
42,435
43.091
44,163
45.381
46,104
45,583
45,533
45,271
45,085
5,329
7,105
8,514
13,449
14,285
14,370
17,906
19.651
19,511
19.745
20,730
21,276
21,627
21,697
21,680
21,801
22,274
Country member
banks:
1939—Dec. 30
1941—Dec. 3 1 .
1945—Dec 31
1947—Dec. 31
1948—Dec. 3 1 .
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Mar. 26
June 30
Sept 24
Oct. 29
Nov. 26
Dec. 31
1953—Jan. 28?
Feb. 2 5 P
Mar. 25?
10,224
12,518
35,002
36,324
36,726
38.219
40,558
42,444
42,714
43.037
44,445
45,101
45,652
45,594
45,822
45,745
45,591
4,768
5,890
5,596
10,199
11,945
12,692
14,988
16,296
16,536
17,133
17,700
17,917
Chicago:
1939—Dec
1941—Dec.
1945—Dec.
1947—Dec.
194g—Dec.
1949—Dec.
1950—Dec
1951—Dec1952—Mar.
June
Sept.
Oct
Nov.
Dec.
1953—Jan.
Feb.
Mar.
30
31
31
31
31
31
30
31
26
30
24
29
26
31.
28?
25?
25P
Reserve city m e m b e r
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 3 1 . . .
1947—Dec 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Mar. 2 6 .
June 30
Sept
Oct.
Nov
Dec.
1953—Jan.
Feb.
Mar.
,
18,091
18,213
18,297
18,386
18,651
Other
Cash
assets1
Total 1
Other
securities
Interbank 1
Number
Total
capital
of
accounts banks
Demand
Time
2,104
2,161
2,231
2,271
2,085
2,028
2,076
2,094
2,097
2,133
6,703
6,637
6,439
7,261
7,758
6,985
7,922
8,564
7,601
8,135
7,297
7.267
7,818
8,419
6,994
7,224
7,227
14,509
17,932
30,121
25,216
24,024
23,983
25,646
26,859
25,590
26,745
25,288
25,111
26,108
27,309
24,817
24,769
24,942
4,238
4,207
4,657
4,464
4,213
4,192
4,638
4,832
4,379
4,639
4,596
4,388
4,440
4,965
4,437
4,367
4,292
9,533
12,917
24,227
19,307
18,131
18,139
19,287
20,348
19,465
20,311
18,971
19,011
19,884
20,504
18,601
18,589
18,773
736
807
1,236
1,445
1,680
1,651
,722
1,679
1,746
1L.795
1,721
.712
1,784
1,840
1,779
1,813
1,877
1,592
1,648
2,120
2,259
2,306
2,312
2,351
2,425
2,438
2.460
2,462
2,477
2,476
2,505
2,508
2,525
2,520
36
36
37
37
35
25
23
22
22
22
22
22
22
22
22
22
22
1 .446
1,566
1,489
1,739
1,932
1,850
2,034
2,196
1,884
I .899
2,084
2,119
2,120
2,010
2,083
2,098
1,922
3,330
4,057
7,046
6,402
6,293
6,810
7,109
7,402
7,058
7,027
7,196
7,215
7,368
7,686
7,186
7,222
7,122
RRR
,035
,312
,217
,064
,191
,228
,307
,275
,182
,239
,240
,221
,350
,171
,182
,133
1,947
2,546
5,015
4,273
4,227
4,535
4,778
4,952
2,798
2,721
2,709
2,827
2,933
2,912
2,862
2,779
2,864
333
376
385
397
383
482
576
552
540
563
571
568
587
581
581
562
565
495
476
719
913
1,001
1,083
1,103
1,143
1,132
1,164
1,149
1,163
1,166
1,205
1,172
1,168
1,154
250
288
377
426
444
470
490
513
513
530
531
534
537
541
537
537
539
14
13
12
14
13
13
13
13
13
13
13
13
13
13
13
13
13
6,944
8,243
31,594
22,591
21,047
23,931
22,779
23,043
22,924
23.346
23,433
24,105
24,477
23,886
23,853
23,470
22,811
5,194
6,467
29 552
20,196
18,594
20,951
19,084
19,194
18,934
19.123
19,113
19,761
20,127
19,624
19,543
19,161
18,439
1,749
1,776
2,042
2,396
2,453
2,980
3,695
3.849
3,990
4,223
4,320
4,344
4,350
4,262
4,310
4,309
4,372
6,785
8,518
11,286
13,066
13,317
12,168
13,998
15,199
13,611
13.925
14,086
14,004
14,585
15,544
13,898
14,152
13,848
17,741
22,313
49,085
46,467
45,943
47,559
51,437
54,466
52,328
53,425
54,013
54,766
55,923
57,357
54,893
54,912
54,527
1L686
4,460
6,448
5,649
5,400
5,713
6,448
6,976
5,875
5.908
6,226
6,289
6.278
9,439
13,047
(3,104
>,991
5,831
32,877
29,395
29,153
30,182
33,342
35.218
33,998
34,764
34,861
35.422
36,604
37,095
35,499
35,551
35,298
4.616
4,806
9,760
11,423
11,391
11,664
11,647
12,272
12,455
12,754
12,926
13,055
13,041
13,261
13,290
13,370
13,398
1,828
1,967
2,566
2,844
2,928
3,087
3,322
3,521
3,565
3,663
3,675
3,711
3,720
3,745
3,742
3,762
3,780
346
351
359
353
335
341
336
321
320
319
319
319
319
319
320
322
322
5,456
6,628
29,407
26,125
24,782
25,527
25,570
26.148
26,178
25.904
26,745
27,184
27,561
27,381
27,525
27,359
26,940
3,159
4,377
26,999
22,857
21,278
21,862
21,377
21.587
21,590
21.206
21,972
22,378
22,731
22,549
22,720
22,568
22,097
2,297
2,250
2,408
3,268
3,504
3,665
4,193
4.561
4,588
4.698
4,773
4,806
4,830
4,832
4,805
4,791
4,843
4,848
6,402
10,632
10,778
11,196
10,314
11,571
13,292
11,535
12.087
11,896
12,145
12,373
13,281
12,078
12,140
11,707
13,762
17,415
43,418
44,443
45,102
45,534
48,897
52,288
50,611
51.571
52,555
53,339
54,079
55,175
54,017
54,046
53,320
598
822
1.223
1,073
964
1,001
1,133
1,309
1,094
1.083
1,100
1,157
1,181
1,301
1,164
1 ,105
1,052
7,312
10,335
29,700
28.810
29,370
29,771
32,899
35.449
33,738
34.414
35,133
35,714
36,537
37,289
36,173
36,174
35,414
5.852
6,258
12,494
14,560
14,768
14,762
14,865
15,530
15,779
16,075
16,322
16,468
16,361
16 585
16,680
16,767
16,854
1.851
1,982
2,525
2,934
3,123
3,305
3,532
3,760
3,803
3,873
3,938
3,958
3,967
3 970
3,976
3,988
4,000
5,966
6,219
6,476
6,519
6,535
6,513
6,501
6,484
6,474
8,212
7,612
7,518
7,695
7,678
7,012
6,840
6,717
J .272
1,559
1,235
1,242
1,063
1,287
.890
r.ooi
4,651
4.681
4,808
4.812
4,981
5,132
4,843
4,872
4,835
6,461
6,453
6,450
6,447
6 444
6,436
6,428
6,419
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
490
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
Total
All insured commercial
banks:
1941—Dec.
1945—Dec
1947—Dec.
1950—Dec.
1951—Dec.
1952—June
Dec.
1941—Dec.
1945—Dec.
1947—Dec
1950—Dec.
1951—Dec
1952—June
Dec.
31
31
31
30
31
30
31
31
31
31
30
31
30
31
- Time
25,788
34,292
36,926
39,821
44,176
40,258
44,222
69,411
147.775
141,851
153,288
162,908
160,355
170,971
10,654
13,883
12,670
13,744
14,777
13,100
14,990
43,059
104,015
94,300
103,499
110.382
108.036
115,371
15,699
29,876
34,882
36,045
37,749
39,219
40,610
6,844
8,671
9,734
11,263
11,902
12,282
12,563
13,426
13 297
13,398
13,432
13,439
13,434
13,422
27,571
69.312
65,280
72,090
. . . 75,255
76.036
80,180
11,725
13,925
21,428
29,184
32.317
33.054
36,004
15,845
55,387
43,852
42,906
42,938
42,982
44,176
12,039
51,250
38,674
35,587
35,063
34.604
35,835
3,806
4.137
5,178
7,320
7,875
8.378
8,341
14,977
20,114
22,024
23,763
25,951
23.928
26,333
39,458
84,939
82,023
89,281
94,173
92,720
98,974
6,786
9,229
8,410
9,133
9,788
8,584
9,918
24,350
59,486
54,335
60,251
63,477
62,255
66,362
8,322
16,224
19,278
19,897
20 908
21,880
22,694
3,640
4,644
5,409
6,313
6,653
6.879
7,042
5 117
5,017
5 005
4,958
4 939
4.925
4,909
6 295
8 850
11,200
15,521
17,243
17.472
19,030
9 654
29.021
21,365
19,813
19,748
19.994
20,337
7,500
27.089
19,240
16,778
16,558
16.657
16,928
2,155
1,933
2,125
3,035
3,191
3.337
3,409
8,145
9,731
10,822
11,762
13,301
12.119
12,922
22,259
44,730
40,505
43,808
46,843
46,049
48,553
3,739
4,411
3,993
4,315
4.637
4.227
4,699
14,495
32,334
27,449
30 055
32.491
31.914
33,658
4,025
7.986
9,062
9,438
9,715
9.908
10,196
2,246
2,945
3,055
3,381
3,565
3,647
3,719
\ . 502
,867
,918
915
1,901
3,241
2.992
4,958
7,023
7,701
8.210
8,605
2,535
11.647
11,486
10,391
10,890
10,863
11,638
1,509
10.584
10,039
8,632
8,923
8.867
9,556
1,055
1.0C3
1,448
1,759
1,967
1.996
2,081
2,668
4,448
4,083
4,299
4,926
4.215
4,970
7,702
18,119
19,340
20,216
21,912
21.606
23,464
129
244
266
297
353
289
373
4,213
12,196
12,515
13,194
14,415
13,867
15,351
3,360
5.680
6,558
6,726
7,144
7.450
7,740
959
1,083
1,271
1,570
1,686
1,757
1,804
(S.810
(S.416
tS.478
6,562
6,602
6,62?
6,627
455
318
474
527
490
503
531
1,002
1,893
1,535
1,327
1,299
1.377
1,322
761
1.693
1,280
1,040
991
1 .061
1,010
241
200
255
286
308
317
312
763
514
576
468
469
443
444
1,872
2.452
2,251
1,976
1,932
1 .993
1,960
329
181
363
294
308
412
329
1,291
1.905
1,411
1,224
1,235
1 .186
1,229
253
365
478
458
388
396
402
329
279
325
327
314
320
326
852
714
783
689
650
636
624
3,696
3.310
5,432
7,550
8,192
8.714
9,136
3,536
13,539
13,021
11,718
12,189
12.240
12,960
2,270
12,277
11,318
9,672
9,914
9.928
10,567
1,266
1.262
1,703
2,040
2.275
2.312
2,393
3,431
4.962
4,659
4,767
5,395
4.658
5,414
9,574
20,571
21,591
22,193
23,843
23,598
25,424
457
425
629
591
661
700
5,504
14,101
13,926
14,417
15,650
15.052
16,580
3,613
6,045
7,036
7,184
7,533
7.846
8,142
L.288
1.362
1,596
1,897
L.999
?.O77
2,129
7,662
7,130
7,261
7.251
7,252
7.258
7,251
1 693
10,846
12,683
15,101
16,190
16,857
17,621
642
3,081
3,560
6,086
629
7.160
8,165
7,487
6,921
6.730
6,593
421
606
958
1,528
1,746
2.084
2,337
151
429
675
617
695
756
732
1,789
10,363
12,207
14,320
15,368
16.081
16,785
12
14
19
23
23
30
1,789
10,351
12,192
14,301
15,343
16,056
16,753
1*4.
8.043
8,691
1,050
7.765
9,123
9,015
8,668
8.814
8,930
1,034
1,252
1,513
1,678
.700
1,730
52
192
194
194
202
205
206
8 687
5.361
5,957
6,245
6,069
6.234
6,382
4,259
1,198
1,384
2,050
2,339
2,466
2,658
4,428
4,163
4,573
4,194
3,730
3.768
3,724
3,075
3,522
3,813
3,380
2,897
2,876
2,829
1,353
641
760
814
833
892
895
642
180
211
180
191
209
187
8,744
5,022
5,556
5,711
5,547
5,702
5,836
6
2
3
3
3
3
3
8,738
5,020
5,553
5,708
5,544
5,699
5,833
.077
558
637
734
729
738
749
496
350
339
335
327
324
323
...
15,950
. . . . 37.871
32,566
35,334
36,992
37.466
39,367
Insured mutual savings
banks:
31
31
31 2
30
31
30
31
Demand
6,984
7,131
8,750
12,113
13,031
13.710
13,831
5,776
14,639
16,444
17,414
18,591
19.073
20,242
1,457
2,211
2,009
1,853
1,789
1 .880
1,854
All nonmember commercial banks:
7,233
1941—Dec. 31
16,849
1945—Dec. 31 2
18,454
1947—Dec. 31
19.267
1950—Dec. 30
20,380
1951—Dec. 31
1952—Tune 30 . . . . 20.954
22,096
Dec. 31
1941 Dec
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—Tune
Dec.
Total Number
capital
of
accounts banks
21,046
88,912
67,941
60,986
60,533
60,117
62,308
Noninsured nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3V
1950—Dec. 30 . . . .
1951—Dec. 31
1952—Tune 30
Dec 31
Noninsured mutual
savings banks:
Interbank^
28,031
96,043
76,691
73,099
73,564
73,827
76,138
Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Tune 30
Dec. 31
1941 Dec 31
1945—Dec. 3 1 .
1947—Deci 31
1950—Dec. 30
1951—Dec. 31
1952—Tune 30
Dec. 31
Other
securities
Total *
21,259
25,765
37,583
51,723
57,256
58.730
63,632
State member banks:
1941—Dec.
194S—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—June
Dec.
Total
U. S.
Government
obligations
Loans
49,290
121.809
114,274
124,822
130,820
132,557
139,770
31
31
31
30
31
30
31
National member
banks:
Other
Cash
assets »
7,523
702
1
2
2
2
890
,889
For footnotes see preceding two pages.
Back figures.—See Banking and Monetary Statistics, Tables 1-7. pp. 16-23; for description, sec pp. 5-15 in the same publication. For revision*
in series prior to June 30, 1947, see BULLETIN for July 1947. pp. 870-871.
MAY
1953
491
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans 1
Class of bank
and
call date
Investments
Loans for
Compurchasing
meror
carrying
Total
cial,
Other
loans
in- Agri- securities
and
Real loans
to Other
eludinvest- Total 1 ing
esculin- loans
2 Total
ments
tate
To
diopen- tural brok- To loans vidmar2
ers othket
uals
and ers
padealper
ers
All commercial
banks:3
1947—Dec. 3 1 . . .116,284
1950—Dec. 30. .. 126,675
1951—Dec. 3 1 . . . 132,610
1952—June 30. . . 134,437
Dec. 3 1 . . . 141,624
38,057
52,249
57,746
59,233
64,163
18,167
21,927
25,879
25,312
27,871
1,660
2,905
3,408
3,652
3,919
830 1,220 9,393 5,723 1,063
1,802 1,057 13,541 10,120 1,573
1,581 980 14,580 10,451 1,681
2,113 965 15,019 11,417 1,608
2,060 1,103 15,712 12,684 1,718
All insured commercial banks:
1941—Dec. 3 1 . . .
1945—Dec. 31. ..
1947—Dec. 3 1 . . .
1950—Dec. 30. . .
1951—Dec. 3 1 . . .
1952—Tune 30. . .
Dec. 3 1 . . .
49,290
121,809
114,274
124,822
130,820
132,557
139,770
21,259
25,765
37,583
51,723
57,256
58,730
63,632
9,214
9,461
18,012
21,776
25,744
25,176
27,739
1,450
1,314
1,610
2,823
3,321
3,562
3,805
3,164 3,606
823 1,190
1,789 1,036
1,571 960
2,106 942
2,050 1,082
4,773
4,677
9,266
13,389
14,450
14,884
15,572
4,545
2,361 1,181
5,654 1,028
10,049 1,534
10,378 1,645
11,340 1,570
12,603 1,683
Member banks,
total:
1941—Dec. 3 1 . . . 43,521
1945—Dec. 31. . . 107,183
1947—Dec. 3 1 . . . 97,846
1950—Dec. 30. .. 107,424
1951—Dec. 3 1 . . .112,247
1952—June 3 0 . . . 113,502
Dec. 31. . . 119,547
18,021
22,775
32,628
44,705
49,561
50,526
55,034
8,671
8,949
16,962
20,521
24,347
23,732
26,232
594
598
972
855 3,133 3,378
811
1,046
1,065
1,808 1,770 927
2,140 1,551 851
2,264 2,084 829
2,416 2,032 966
3,494
3,455
7,130
10,522
11,334
11,628
12,214
1,900
4,662
8,314
8,524
9,268
10,396
New York City:*
1941—Dec. 31. . .
1945—Dec. 3 1 . . .
1947—Dec. 31. ..
1950—Dec. 3 0 . . .
1951—Dec. 31. . .
1952—June 3 0 . . .
Dec. 31. . .
12,896
26,143
20,393
20,612
21,379
21,710
22,130
4,072
7,334
7,179
9,729
11,146
11,268
12,376
2,807
3,044
5,361
6,328
7,852
7,659
8,680
8
Chicago:*
1941—Dec. 31. ..
1945—Dec. 3 1 . . .
1947—Dec. 31. . .
1950—Dec. 3 0 . . .
1951—Dec. 31. . .
1952—June 30. ..
Dec. 3 1 . . .
2,760
5,931
5,088
5,569
5,731
5,664
6,240
954
1,333
1,801
2,083
2,468
2,380
2,748
732
760
1,418
1,567
1,977
1,856
2,080
6
2
3
9
16
11
14
Reserve city banks:
1941—Dec. 3 1 . . .
1945—Dec. 31. . .
1947—Dec. 3 1 . . .
1950—Dec. 30. . .
1951—Dec. 31. ..
1952—June 3 0 . . .
Dec. 3 1 . . .
15,347
40,108
36,040
40,685
42,694
43,091
45,583
7,105
8,514
13,449
17,906
19,651
19,745
21,697
3,456
3,661
7,088
8,646
10,140
9,756
10,842
300
205
225
392
513
519
501
Country banks:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1950—Dec. 30. ..
1951—Dec. 3 1 . . .
1952—June 3 0 . . .
Dec. 31. ..
12,518
35,002
36,324
40,558
42,444
43,037
45,594
5,890
5,596
10,199
14,988
16,296
17,133
18,213
1,676
1,484
3,096
3,980
4,377
4,462
4,630
659
648
818
1,407
1,610
1,733
1,901
All nonmember
banks: 3
1947—Dec. 3 1 . . .
1950—Dec. 30. . .
1951—Dec. 3 1 . . .
1952—June 3 0 . . .
Dec. 31. ..
18,454
19,267
20,380
20,954
22,096
5,432
7,550
8,192
8,714
9,136
1,205
1,405
1,533
1,580
1,639
1,096
1,268
1,388
1,503
614
412
662
1,421
1,219
1,619
1,531
267
285
262
234
286
169
123
80
111
442
514
426
386
48
211
73
110
94
166
239
52
233
87
69
63
61
66
22
36
46
65
70
67
67
194
114
427 1,503
170
484
386
207
203
347
258
354
422
218
1,527
1,459
3,147
4,423
4,651
4,799
5,099
2,453 1,172
545
614
U. S. Government obligations
Total
Obligations
Direct
of
States Other
Guar- and secuCertifian- polit- rities
cates
ical
Bills of in- Notes Bonds teed subdebtdiviedsions
ness
78,226
74,426
74,863
75,204
77,461
69,221
62,027
61,524
61,178
63,318
2,193
4,236
7,337
:6,241
7,761
28,031
96,043
76,691
73,099
73,564
73,827
76,138
21,046
88,912
67,941
60,986
60,533
60,117
62,308
2,455
2,124
4,118
7,219
6,090
7,622
25,500
1,104 84,408
952 65,218
1,438 62,719
1,535 62,687
1,473 62,976
1,577 64,514
19,539
78,338
57,914
52,365
51,621
51,261
52,763
2,275
1,987
3,665
6,399
5,423
6,565
3,6 92
53,191
38,778
35,101
35,867
38,077
19,071
7^552
1,932
7,526
7,653
5,494
3,159
16,045
5,918
16,756
11,256
11,099
11,714
12,797 4,102 3,651 3,333
22 3,873 3,258
51,321
14 5,129 3,621
52,334
11 7,933 4,179
38,168
21
34,511
8,989 4,042
25 9,627 4,083
35,251
22 9,977 3,854
37,456
16[985
5,816
1,468
6,010
6,134
4,255
3,007
14,271
4,815
14,054
9,596
9,468
9,835
11,729 3,832 3,090 2,871
16 3,254 2,815
44,792
10 4,199 3,105
45,286
8 6,640 3,714
33,170
15 7,528 3,538
29,601
21 8,125 3,590
30,215
19 8,409 3,342
32,087
971
56
51
40
26
149
87
207
109
180
83
183
120
211
1,806
4,598
3,287
3,487
3,264
3,284
3,493
1,430
4,213
2,890
2,911
2,711
2,721
2,912
1,5 12
404
855
366
603
572
559
595
8,243
31,594
22,591
22,779
23,043
23,346
23,886
6,467
29,552
20,196
19,084
19,194
19,123
19,624
20
42
23
33
35
41
43
183 1,823
1,5 30
707
363
471 1,881
229
227 3,827 1,979
288
187 5,591 3,679
178 6,099 3,906
303
308
179 6,337 4,299
322
191 6,662 4,702
6,628
29,407
26,125
25,570
26,148
25,904
27,381
4,377
26,999
22,857
21,377
21,587
21,206
22,549
20
31
30
29
29
156 2,266 1,061
130 3,024 1,807
130 3,252 1,927
136 3,397 2,149
137 3,505 2,288
13,021
11,718
12,189
12,240
12,960
206
11,318
571
9,672
939
9,914
9,928 819
10,567 1,196
111
134
146
135
141
6,034
17,033
11,408
11,246
11,878
988
5i 4
8,823 7,265 311
287
298 18,809 17,574
477
330 13,214 11,972 1,002
564
460 10,883 8,993
930
824
551 10,233 8,129 1,122
920
524 10,442 8,212 1,062
981
1,136 539 9,754 7,678 1,079
1,969
3,498
3,518
3,805
4,347
7,789
1,969
7,657
7,798
5,580
830
629
604
767
719
794
623
182
181
213
335
351
363
384
193
204
185
242
201
201
197
153
749
248
700
520
494
607
1,034 6,982
373 2,358
499
1,218
2,524 2,493
2,080 2,520
2,387 1,774
5,653
1,901
5,536
3,640
3,656
3,854
1,467
295
110
630
480
1,390
2,418
1,914
2,692
5,276 3,729
8,118 4,281
9,198 4,141
9,844 4,182
10,188 3,955
729
1,623 3,652 1,679
1
606
3,433 3,325 10,337
558 9,771
638
640
2 1,123
250 1,711 6,206
616 1,428 4,960
2 1,385
692 1,400 5,058
1,436
233 1,170 5,195
1 1,453
235
131
332
371
224
256
133
132
232
334
366
407
14
11
21
25
22
751
903
1,864
2,274
1,847
1,526
1,490
1,674
4,248 1,173 956 820
916
5 1,126
15,878
3 1,342 1,053
15,560
1 2,184 1,511
11,830
8 2,458 1,390
10,528
16 2,832 1,391
10,851
14 2,934 1,328
11,594
481 2,926
5,102 4,544 16,713
2,583 2,108 17,681
588 6,107 13,287
2,568 4,008 12,587
2,551 3,918 12,817
2,024 4,204 13,625
1,973
1,219
501 2,979
1,647 1,812
1,664 1,778
1,325 2,043
119
7,916
5,618
5,510
5,662
6,000
861
9
6
5
5
5
4
1,222
1,342
2,006
2,998
3,334
3,494
3,639
1,028
1,067
1,262
1,194
1,227
1,204
1,194
4
3
6
4
3
1,078
1,478
1,671
1,720
1,781
625
567
604
592
613
* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members
of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and
the reserve
classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the
total and are not entirely comparable with prior figures. Total loans continue to be shown net.
For other footnotes, see opposite page.
492
FEDERAL RESERVE BULLETIN
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Class of bank
and
call date
Reserves
with
Federal
Reserve
Banks
BalDemand
Cash ances
with
dein
doposits
vault mestic
adbanks 5 justed 6
Interbank
deposits
ForDomestic5 eign
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 subdiporaSavvisions
tions
ings
All commercial
banks: 3
1947—Dec. 31. . 17,796 2,216 10,216 87,123 11,362
1950—Dec. 30.. 17,458 2,174 10,863 92,282 12,102
1951—Dec. 31. . 19,911 2,697 11,969 98,243 13,123
1952—June 30. . 19,331 2,396 10,312 94,766 11,521
Dec. 31. . 19,809 2,753 11,875 101,506 13,109
1,430
1,476
1,413
1,376
1,465
1,343
2,806
3,359
5,837
4,941
6,799
8,012
8,426
8,822
8,910
2,581
2,918
3,166
2,742
2,956
84,987
90,986
96,666
91,822
99,793
240
462
550
614
744
111
189
278
312
346
All insured commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 31. .
1950—Dec. 30..
1951—Dec. 31. .
1952—Tune 30. .
Dec. 3 1 . .
12,396
15,810
17,796
17,458
19,911
19,331
19,809
1,358
1,829
2,145
2,145
2,665
2,365
2,720
8,570
11,075
9,736
10,463
11,561
9,935
11,489
37,845
74,722
85,751
91,099
97,048
93,652
100,329
9,823
12,566
11,236
11,955
12,969
11,286
12,948
673
1,248
1,379
1,442
1,381
1,339
1,437
1,761
23,740
1,325
2,788
3,344
5,797
4,912
3,677
5,098
6,692
7,892
8,288
8,682
8,776
1,077
2,585
2,559
2,898
3,147
2,721
2,938
36,544
72,593
83,723
89,922
95,604
90,836
98,746
158
70
54
347
427
475
605
59
103
111
189
278
312
346
Member banks,
total:
1941—Dec. 3 1 . .
1945—Dec. 31. .
1947—Dec. 3 1 . .
1950—Dec. 30. .
1951—Dec. 31. .
1952—June 30. .
Dec. 31. .
12,396
15,811
17,797
17,459
19,912
19,333
19,810
1,087
1,438
1,672
1,643
2,062
1,821
2,081
6,246
7,117
6,270
6,868
7,463
6,470
7,378
33,754
64,184
73,528
78,370
83,100
80,347
85,543
9,714
12,333
10,978
11,669
12,634
11,013
12,594
1,243
1,375
1,437
1,369
1,329
1,431
-1,709
22,179
1,176
2,523
3,101
5,439
4,567
3,066
4,240
5,504
6,400
6,666
6,989
7,029
1,009
2,450
2,401
2.724
2,961
2,555
2,744
33,061
62,950
72,704
78,659
83,240
79,186
85,680
140
64
50
341
422
469
592
50
99
105
183
257
288
321
New York City:41941—Dec. 31. .
1945—Dec. 31. .
1947—Dec. 31. .
1950—Dec. 30. .
1951—Dec. 31. .
1952—June 30. .
Dec. 31. .
5,105
4,015
4,639
4,693
5,246
5,266
5,059
93
111
151
118
159
168
148
141
78
70
78
79
92
84
10,761
15,065
16,653
15,898
16,439
16,070
16,288
3,595
3,535
3,236
3,207
3,385
3,193
3,346
607
866
319
237
290
258
321
305
322
450
1,338
1,105
1,087
1,289
1,079
1,120
11,282
15,712
17,646
17,490
17,880
17,275
17,919
6
17
12
268
318
350
465
1,021
1,070
1,216
1,407
1,259
1,144
43
36
30
30
32
30
32
298
200
175
133
165
135
169
2,215
3,153
3,737
3,954
4,121
3,903
4,126
1,027
1,292
1,196
1,177
1,269
1,136
1,308
8
20
21
48
38
39
37
233
237
285
284
240
287
242
34
66
63
70
66
52
56
2,152
3,160
3,853
4,250
4,404
4,037
4,491
3
Reserve city banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1950—Dec. 30. .
1951—Dec. 31. .
1952—June 30. .
Dec. 31. .
4,060
6,326
7,095
6,806
7,582
7,312
7,788
425
494
562
519
639
551
651
2,590
2,174
2,125
2,206
2,356
2,083
2,419
11,117
22,372
25,714
27,938
29,489
28,703
30,609
4,302
6,307
5,497
6,174
6,695
5,624
6,662
54
110
131
217
192
182
230
1,144
1,763
2,282
2,575
2,550
2,689
2,693
286
611
Country banks:
1941—Dec. 31. .
1945—Dec. 31. .
1947—Dec. 31. .
1950—Dec. 30. .
1951—Dec. 31. .
1952—June 30. .
Dec. 31. .
2,210
526
796
4,527
929
4,993
976
4,745
5,676 1,231
5,495 1,072
5,820 1,250
3,216
4,665
3,900
4,450
4,862
4,159
4,706
9,661
23,595
27,424
30,581
33,051
31,671
34,519
790
1,199
1,049
1,111
1,285
1,060
1,278
2
8
7
10
11
12
11
1,384
1,267
1,370
2,004
2,647
3,282
3,554
3,708
3,772
AH nonmember
banks: 3
1947—Dec. 31. .
1950—Dec 30
1951—Dec. 31. .
1952—June 30
Dec. 31
544
532
635
575
672
3,947
3,996
4,507
3,843
4,498
13,595
13,912
15,144
14,420
15,964
385
432
489
508
516
55
38
44
47
34
167
283
258
397
374
1,295
1,612
1,761
1,833
1,881
Chicago:4
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—June
Dec.
31. .
31. .
31. .
30. .
31. .
30. .
31. .
942
671
1,105 6,940
267
1,217
451
1,162
858
1,128
1,096 1,651
1,154 1,143
127
1,552
72
174
242
306
343
491
8,221
405
976
1,124
2,097
1,814
225
5,465
432
922
876
IndiCapividuals, Bortal
partner- rowacships, ings counts
and corporations
34,383
34,930
36,323
37,679
39,046
65
90
34
94
188
10,059
11,590
12,216
12,601
12,888
15,146
29,277
33,946
34,525
35,986
37,333
38,700
10
215
61
82
30
85
181
6,844
8,671
9,734
11,263
11,902
12,282
12,563
1,121
1,238
1,303
1,303
11,878
23,712
27,542
28,032
29,128
30,196
31,266
4
208
54
79
26
69
165
5,886
7,589
8,464
9,695
10,218
10,526
10,761
12
37
43
53
59
29
20
14
37
22
21
29
1,206
1,418
1,647
1.614
1.721
1,752
195
30
70
5
20
132
1,648
2,120
2,259
2,351
2,425
2,460
2,505
1
6
5
2
3
5
4
4
9
10
11
11
11
11,127
22,281
705 26,003
852 28,938
822 30,722
719 29,258
791 31,798
104
30
22
57
90
101
109
20
38
45
60
85
90
105
243
160
332
631
714
751
739
4,542
9,563 '"
11,045
10,956
11,473
11,913
12,417
1,967
2 2,566
1 2,844
3,322
4 3,521
25 3,663
8 3,745
239
435
528
715
783
705
777
8,500
21,797
25,203
27,980
30,234
28,616
31,473
30
17
17
12
13
12
13
31
52
45
82
125
141
152
146
219
337
443
491
521
525
6,082
12,224
14,177
14,339
14,914
15,413
15,908
4
11
23
9
16
24
25
1,982
2,525
2,934
3,532
3,760
3,873
3,970
180
195
205
187
212
12,284
12,326
13,426
12,635
14,113
190
120
128
145
152
6
7
22
24
25
172
263
298
320
317
6,858
6,915
7,213
7,502
7,800
12
11
8
26
23
1,596
1,897
1,999
2,077
2,129
'"" io
866
1,384
1,536
1,624
1,620
492
496
826
1,331
1,485
1,574
1,564
418
399
693
778
476
719
902
288
377
426
490
513
530
541
1,089
1,128
1,150
1,190
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.
3
Breakdown of loan, investment, and deposit classifications are not available prior to 1947; summary figures for earlier dates appear in the
preceding
table.
4
Central reserve city banks.
5
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.
MAY
1953
493
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans 1
Date or month
Total
loans
and
invest- Total i
ments
Investments
For purchasing
or carrying securities
Commercial,
To brokers
indus- and dealers To others Real Loans Other
trial,
estate
to
Total
and
loans banks loans
agri- U. S. Other U.S. Other
cul- Govt. se- Govt.
tural
obobliga- curi- liga- cuntions ties tions ties
U. S. Government obligations
Total
Bills
CerOther
tifisecucates
rities
of in- Notes Bonds2
debtedness
TotalLeading Cities
1952—April
74,033 35,116 21,159
1,478
677
5,748
470 6,141 38,917 31,668
3,514 3,689 5,955 18,510 7,249
1953—February..
March
April
77,890 38,738 22,923
77,799 39,193 23,204
76,669 39,512 23,229
,551
,522
,634
801
793
799
6,131
6,164
6,197
550 7,387 39,152 31,656
38,606 31,067
587
554 7,708 37,157 29,508
3,281 2,408 5,929 20 ,038 7,496
,038 7 ,539
2,901 2,215 5,913 20,038
1,726 2,098 5,808 19,876 7,649
1953—Feb. 4. .
Feb. 11. .
Feb. 1 8 . .
Feb. 25. .
77,958
77,878
78,014
77,711
38,600
38,685
38,892
38,775
22,952
22,989
22,881
22,869
,586
,605
,555
,459
810
801
799
795
6,121
6,122
6,135
6,147
365
395
731
708
3,464
3,281
3,224
3,156
2,496
2,567
2,299
2,271
5,953
5,920
5,916
5,928
19,972
19,961
20 ,096
20 ,123
Mar.
Mar.
Mar.
Mar.
4. .
11. .
18. .
25. .
77,534
77,844
78,010
77,808
38,770
38,973
39,441
39,588
22,922
23,139
23,418
23,337
,482
,589
,505
,513
796
791
792
792
6,156
6,167
6,159
6,173
569 7,455 38,764 31,276 3,010
389 7,507 38,871 31,328 3,144
615
38,569 31,014 2,855
776 7,607 38,220 30,650 2,595
2,234
2,218
2,239
2,169
5,934
5,925
5,895
5,897
20,098 7 ,488
20,041 7,543
20,025 7,555
19,989 7 ,570
Apr. 1. .
Apr. 8. .
Apr. 15. .
Apr. 22. .
Apr. 29. .
76,827
76,882
76,925
76,412
76,301
39,647
39,508
39,594
39,377
39,43
23,269
23,297
23,287
23,156
23,133
,561
,703
,756
,612
,540
808
797
807
796
789
6,176
6,180
6,210
6,206
6,214
777 7,665 37,180 29,547
459 7,681 37,374 29,736
432 7,711 37,331 29,622
493
723 37,035 29,384
611
760 36,864 29,249
1,701
1,852
1,832
1,659
1,583
2,115
2,158
2,115
2,062
2,038
5,850
5 849
5,793
5,778
5,771
19,881
19,877
19,882
19,885
19,857
20,842
7,369
7,377
7,395
7 ,405
39,358
39,193
39,122
38,936
31,885
31,729
31,535
31,478
7,473
7,464
7,587
7,458
7,633
7,638
7,709
7,651
7,615
New York City
1952—April
11,114
7,763
291
894
218
465
296
7,570
877
651
1,380 4,662 2,158
1953—February.. 20,996 12,06.
M a r c h . . . . 21,083 12,197
April
20,824 12,380
8,552
8,653
8,653
195 912
146 967
154 1,090
236
235
227
378
384
384
336 1,602
327 1,637
348 1,672
8,931 6,834
8,886 6,761
8,444 6,282
544
548
247
253
192
199
,077 4,960 2,097
,073 4,948 2,125
,050 4,786 2,162
1953—Feb. 4 . . 20,968
Feb. 11. . 20,90;
Feb. 18. . 21,085
Feb. 25. . 21,025
12,004
11,961
12,158
12,136
8,557
8,574
8,535
8,543
215
218
174
174
929
894
911
913
244
237
233
228
375
374
380
382
218 1,612
208 1,601
473 1,598
443 1,599
8,964
8,944
8,927
8,889
6,880
6,871
6,793
6,791
553
513
556
555
277
343
196
197
,092
,070
,069
,076
4,958
4,945
4,972
4,963
2,084
2,073
2,134
2,098
20,920
21,039
21,213
21,160
12,066
12,053
12,305
12,364
8,565
8,633
8,742
8,673
141
150
133
159
937
955
984
992
231
234
235
238
383
387
386
381
346
207
334
420
,608
,639
,646
,657
8.854
8,986
8,908
8,796
6,743
6,853
6,786
6,661
483
630
578
500
186
185
211
188
,076
,072
,070
,073
4,998
4,966
4,927
4,900
2,111
2,133
2,122
2,135
Apr. 1. . 21,105
Apr. 8. . 20,897
Apr. 15. . 20,862
Apr. 22. . 20,647
Apr. 29. . 20,613
12,490
12,322
12,418
12,338
12,332
8,647
8,698
8,679
8,625
8,617
162
172
189
131
115
1,046
1,062
1,136
1,117
1,086
235
231
227
222
221
379
381
388
389
385
519
,657
245
,685
251
,688
330
,667
393 1,665
8,615
8,575
8,444
8,309
8,281
6,437
6,391
6,244
6,164
6,174
298
284
230
189
235
,071
208
,068
208
,039
215
,034
194
168 1,040
Mar.
Mar.
Mar.
Mar.
4. .
11..
18. .
25. .
1,338 9,728
4,860 2,178
4 ,831 2,184
4 760 2,200
4 747 2,145
4,731 2,107
Outside
New York City
1952—April
2,637 3,038 4,575 13,848 5,091
24,002
13,396
293
434
5,283
174 4,803 29,189 24,098
1953—February.. 56,894 26,673
M a r c h . . . . 56,716 26,996
April
55,845 27,132
14,371
14,551
14,576
444
409
390
525
524
535
5,753
5,780
5,813
214 5,785 30,221 24,822 2,737
260 5,895 29,720 24,306 2,353
206 6,036 28,713 23,226 1,479
53,191
2,155 4,852 15,078 5,399
2,023 4,840 15,090 5,414
1,899 4,758 15,090 5,487
1953- -Feb. 4. .
Feb. 1 1 . .
Feb. 18. .
Feb. 25. .
56,990
56,973
56,929
56,686
26,596
26,724
26,734
26,639
14,395
14,415
14,3^6
14,326
442
493
470
372
526
523
526
527
5,746
5,748
5,755
5,765
147
187
258
265
5,757
5,776
5,797
5,806
30,394
30,249
30,195
30,047
25,005
24,858
24,742
24,687
2,911
2,768
2,668
2,601
2,219
2,224
2,103
2,074
4,861
4,850
4,847
4,852
15,014
15,016
15,124
15, 160
5,389
5,391
5,453
5,360
Mar.
Mar.
Mar.
Mar.
4. .
11. .
18. .
25. .
56,614
56,805
56,797
56,648
26,704
26,920
27,136
27,224
14,357
14,506
14,676
14,664
404
484
388
362
524
523
526
524
5,773
5,780
5,773
5,792
223
182
281
356
5,847
5,868
5,915
5,950
29,910
29,885
29,661
29,424
24,533
24,475
24,228
23,989
2,527
2,514
2,277
2,095
2,048
2,033
2,028
1,981
4,858
4,853
4,825
4,824
15,100
15,075
15,098
15,089
5 ,377
Apr. 1. .
Apr. 8. .
Apr. 15. .
Apr. 22. .
Apr. 29. .
55,722
55,985
56,063
55,765
55,688
27,157
27,186
27,176
27,039
27,105
14,622
14,599
14,608
14,531
14,516
353
469
431
364
339
543
533
535
532
533
5,797
5,799
5,822
5,817
5,829
258
214
181
163
218
6,008 28,565 23,110
5,996 28,799 23,345
6,023 28,887 23,378
6,0561 28,72623,220
6,095 28,583 23,075
5,410
5 ,433
5 ,435
1,403 1,907 4,779 15,021 5,455
1,568 1,950 4,781 15,046 5,454
1,602 1,900 4,754 15,122 5,509
1,470 1,868 4,744 15,138 5 ,506
1,348 1,870 4,731 15,126 5,508
1
Figures for
2
various loan items are shown gross (i. e.f 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.
494
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
Monthly data are averages of Wednesday figures.
Demand deposit s,
except interbank
In millions of dollars]
Time deposits,
except interbank
Re-
Date or month
Deserves
BalIndiwith Cash ances mand vid- States Certiuals,
deFedwith
and
in
fied
posits part- politeral vault
doand
nerRemestic adOffi3 ships,
serve
banks justed
cers'
suband
Banks
divi- checks,
coretc.
pora- sions
tions
IndividU. S.
uals, States GovU. S. part- and
ernGov- ner- polit- ment
ern- ships, ical
and
subment and
divi- Postal
cor- sions
Savporaings
tions
Time
Dotic
Foreign
Borrowings
Capital
accounts
TotalLeading Cities
1952—April
14,802
876
2,449 52,430 53,184 3,813 1,616 3,282 15,670
770
171
9,879
1,265
430
763
7,021
1953—February
March
April
14,911
14,961
14,289
945
931
925
2,381 54,130 55,269 3,861 1,520 3,088 16,594
2,393 54,117 55,361 3,685 1,636 3,010 16,740
2,426 53,228 54,325 3,946 1,762 2,505 16,774
779
773
790
199 10,214
196 10,090
192 9,847
1,281
1,331
1,319
571
589
611
1,351
1,302
1,065
7,287
7,316
7,349
1953—Feb. 4
Feb. 11
Feb. 18
Feb. 25
15,146
14,917
14,879
14,701
902
956
929
992
2,307
2,321
2,487
2,410
54,589
54,349
53,771
53,811
54,980
55,455
55,298
55,342
3,945
3,942
3,766
3,790
1,458
1,589
1,550
1,484
2,684
2,846
3,514
3,309
16,556
16,579
16,601
16,641
775
779
777
783
200
198
199
198
10,255
10,165
10,426
10,011
1,306
L.266
1,271
1,280
571
571
570
572
1,504
1,415
1,223
1,260
7,276
7,283
7,285
7,305
Mar. 4
Mar. 11
Mar. 18
Mar. 25
14,711
14,850
15,452
14,832
904
953
935
931
2,351
2,386
2,516
2,318
53,876
54,841
54,479
53,275
54,819
56,317
56,143
54,165
3,790
3,628
3,665
3,659
1,561
1,462
1,782
1,740
2,762
2,089
3,020
4,170
16,720
16,744
16,747
16,749
776
773
770
771
195 10,221
196 10,087
195 10,409
198 9,643
L ,293
,365
,359
,306
579
586
595
598
1,140
1,411
1,416
1,241
7,311
7,313
,314
,324
Apr.
1
Apr. 8
Apr. 15
Apr. 22
14,038
14,320
14,574
14,266
14,247
883
924
916
931
973
2,635
2,291
2,508
2,372
2,324
51,802
52,723
53,542
53,897
54,176
52,785
53,751
55,717
54,765
54,608
3,828
3,703
3,948
4,010
4,241
1,878
2,189
1,720
1,461
1,559
3,934
3,056
2,437
1,672
1,426
16,726
16,785
16,766
16,794
16,799
777
793
786
793
803
195 10,092
193 9,878
191 10,194
191 9,636
190 9,436
1 ,310
1 ,328
,335
1 ,310
,315
581
608
616
617
631
1,009
1,077
1,062
1,074
1,107
,345
,348
7,341
7,349
7,360
Apr. 29
New York City
1952—April
1953—February
March
April
1953—Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Mar. 25
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
5,256
134
68 16,058 16,892
325
802
1,026
1,566
26
49
2,887 ) ,048
326
316
2,420
4,981
5,112
4,801
147
140
139
37 15,807 16,777
38 15,841 16,827
80 15,697 16,656
298
239
328
710
758
875
792
909
637
1,654
1,734
1,716
31
31
33
57
58
55
2,889
,037
2,876 : ,065
2,800 1 ,061
444
459
474
381
341
306
2,489
2,492
2,500
5,105
4,933
5,017
4,870
138
160
137
154
35
34
41
39
15,918
15,806
15,823
15,681
16,685
16,732
16,869
16,822
297
301
303
290
653
790
691
705
708
744
887
831
1,645
1,642
1,653
1,675
30
31
31
31
58
57
57
58
2,898
2,856
2,917
2,883
1 ,059
1 ,031
1 ,023
1 ,033
445
445
443
445
438
354
370
362
2,488
2,488
2,489
2,493
4,977
5,052
5,401
5,016
139
150
135
136
37
38
42
36
15,891
16,196
15,797
15,481
16,774
17,189
16,947
16,399
247
254
235
219
701
652
805
876
1,714
1,737
1,100 1,743
1,338 1,743
31
31
31
32
57
58
58
58
2,935
2,808
2,987
2,774
1 ,045
1 ,095
l ,083
1 ,039
450
458
461
465
193
329
478
364
2,495
2,491
2,491
2,490
4,699
4,799
4,901
4,778
4,826
132
139
136
140
150
242
36
43
40
37
15,624
15,482
15,695
15,834
15,853
16,612
16,448
16,803
16,666
16,749
248
249
410
355
379
930
1,117
1,388
796
576
371
323
32
31
31
36
38
57
58
53
53
53
2,795
2,772
2,876
2,782
2,776
1 ,043
1 ,069
1 ,073
1 ,057
l ,063
447
471
478
481
493
274
400
394
202
260
2,503
2,500
2,500
2,501
2,497
9,546
742
2,381 36,372 36,292 3,488
814
2,256 14,104
744
122
6,992
217
104
447
4,601
9,930
9,849
9,488
798
791
786
2,344 38,323 38,492 3,563
2,355 38,276 38,534 3,446
2,346 37,531 37,669 3,618
810
878
887
2,296 14,940
2,101 15,006
1,868 15,058
748
742
757
142
138
137
7,325
7,214
7,047
244
266
258
127
130
137
970
961
759
4,798
4,824
4,849
10,041
9,984
9,862
9,831
764
796
792
838
2,272
2,287
2,446
2,371
38,671
38,543
37,948
38,130
38,295
38,723
38,429
38,520
3,648
3,641
3,463
3,500
805
799
859
779
1,976
2,102
2,627
2,478
14,911
14,937
14,948
14,966
745
748
746
752
142
141
142
140
7,357
7,309
7,509
7,128
247
235
248
247
126
126
127
127
1,066
1,061
853
898
4,788
4,795
4,796
4,812
9,734
9,798
10,051
9,816
765
803
800
795
2,314
2,348
2,474
2,282
37,985 38,045
38,645 39,128
38,682 39,196
37,794 37,766
3,543
3,374
3,430
3,440
860
810
977
864
2,072
1,580
1,920
2,832
15,006
15,007
15,004
15,006
745
742
739
739
138
138
137
140
7,286
7,279
7,422
6,869
248
270
276
267
129
128
134
133
947
1,082
938
877
4,816
4,822
4,823
4,834
9,339
9,521
9,673
9,488
9,421
751
785
780
791
823
2,393
2,255
2,465
2,332
2,287
36,178 36,173
37,241 37,303
37,847 38,914
38,063 38,099
38,323 37,859
3,580
3,454
3,538
3,655
3,862
948
801
920
898
863
2,817
2,260
1,861
1,301
1,103
15,008
15,054
15,064
15,084
15,082
745
762
755
757
765
138
135
138
138
137
7,297
7,106
7,318
6,854
6,660
267
259
262
253
252
134
137
138
136
138
735
677
668
872
847
4,842
4,848
4,841
4,848
4,863
800
563
696
690
509
1,718
1,731
1,702
1,710
1,717
Outside New York City
1952—April
1953—February
March
April
1953—Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Mar. 25
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
3
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
NOTE.—All figures in this table are on the revised basis. Revised weekly figures beginning Jan. 2, 1952 appear on pp. 550-555 of this BUL-
LETIN.
Bank figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357 and for figures on the revised basis
beginning Jan. 2, 1952, see pp. 550-555 of this BULLETIN. For description of revision beginning July 3, 1946, and for revised figures July 1946June 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics, pp.
127-227.
MAY
1953
495
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 and mining
Metals
and
Petroleum,
Food, Textiles, metal
coal,
liquor, apparel, products
Other
(incl. chemical,
and
and
and
tobacco leather machinery and rubber
trans.
equip.)
Period»
Trade
(wholesale
and
retail)
Commodity
dealers
Sales
finance
companies
Public
utilities
(incl.
transportation)
Construction
All
other
types
of
business
Comm'l,
ind'l,
and
Net
agr'l
changes change—
classitotal
fied
275
873
48
125
60
141
62
16
-421
63
30
175
351
44
-98
8
186
18
722
37
2,769
2,372
-73
-40
1,111
176
250
76
36
-105
-634
-217
141
662
544
-2
-57
18
13
-28
191
-546
2,494
-637
2,435
-33
31
46
-34
-86
90
32
199
19
-2
-1
40
13
-10
-7
43
-216
6
69
79
-25
-51
25
143
65
Week ending:
1953—Feb. 4
Feb 11
Feb! 1 8 . ! ! !
Feb. 2 5 . . . .
-32
—39
-35
—36
13
$0
17
9
15
22
-9
4
-3
-10
10
1
_-6
Mar.
Mar.
Mar.
Mar.
-29
-26
13
-20
12
39
25
2
46
32
110
10
10
7
26
-3
2
22
17
3
-26
-39
-33
-72
-46
-6
9
-17
-3
-8
-12
-4
19
8
8
-6
15
9
-9
4
-6
-4
6
1
4
1951—April-June. .
July-Dec
-243
116
932
-361
1952—Jan.-June...
July-Dec
-868
754
68
Monthly:
1952—Dec.
. ..
1953—Jan
-32
— 142
Feb
Mar
—62
Apr.
4
11
18
25
Apr. 1
Apr. 8 . . . .
Apr. 15
Apr. 22
Apr. 29
1
2
-89
-82
-129
-117
8
9
12
25
-57
67
66
-15
15
105
-10
63
-4
21
-12
-46
26
7
-18
-1
20
8
465
332
-219
— 153
-379
— 142
421
468
-119
-204
-108
-20
11
5
-10
— 12
-45
10
5
-6
8
-16
—28
-29
-10
—1
-52
— 12
-81
-8
27
50
53
13
-28
-28
-22
-51
35
19
4
-43
-29
34
46
16
-6
7
7
13
10
10
—7
-6
50
166
272
-66
53
217
279
-81
12
16
18
6
12
-23
-27
-28
-23
-15
29
57
-1
11
9
-2
5
16
15
32
-10
-2
-2
-1
3
-8
11
6
-15
-13
-58
37
-8
-81
-9
-68
28
-10
—1
-1
406
-106
— 11
-59
37
-12
-131
-23
S a m p l e includes about 215 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of
total 2 commercial and industrial loans of all weekly reporting member banks and nearly 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 a t all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of
revisions in the weekly reporting series see BULLETIN for April 1953, p . 357.
C O M M E R C I A L P A P E R A N D BANKERS' A C C E P T A N C E S O U T S T A N D I N G
[In millions of dollars]
Dollar acceptances outstanding
End of year or month
Held by
Commercial
paper
Total
out- 1
outstanding standing
1947—December
1948—December
1949—December
1950—December
1951—December
287
269
257
333
434
261
259
272
394
490
1952—March
April
May
June
July
August
September
October
November
December
534
544
510
495
539
550
565
591
575
539
458
422
430
416
450
454
454
449
478
492
1953—January
February
March
504
511
507
487
490
468
Based on
Accepting banks
|
Others
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
3
1
Total
Own
bills
Bills
bought
197
146
128
192
197
88
71
58
114
119
109
76
70
78
79
64
112
144
202
293
159
164
184
245
235
63
57
49
87
133
177
150
155
148
171
169
166
155
172
183
120
110
121
108
122
113
106
103
114
126
57
40
34
40
49
56
61
52
58
57
282
272
275
268
279
285
288
294
306
309
228
211
197
195
200
212
232
237
233
232
159
158
149
111
110
105
48
48
44
328
331
319
225
234
237
Goods stored in or
shipped between
points in
United
States
Foreign
countries
2
23
25
25
30
28
55
11
12
9
32
44
138
135
136
126
126
119
108
114
123
125
6
6
37
45
73
74
60
30
29
39
36
22
17
15
17
20
24
40
62
64
51
48
43
36
34
30
31
28
31
32
120
114
110
43
57
39
65
53
49
34
32
32
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.
496
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS
UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Business securities
Government securities
Total
assets
Date
United State and Foreign 2
States
local i
Total
Total
Bonds »
8,465
9,178
10,174
10,315
10,494
10,715
11,059
13,024
16,144
20,322
23,179
25,403
28,214
7,929
8,624
9,573
9,707
9,842
9,959
10,060
11,775
14,754
18,894
21,461
23,300
25,988
Mortgages
Real
estate
Policy
loans
Other
assets
652
756
999
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
2,134
2,060
1,878
1,663
1,352
1,063
857
735
3,248
3,091
2,919
2,683
2,373
2,134
1,962
1,894
1,937
2,057
2 240
2,413
2,587
2,030
2,156
1,840
1,693
1,839
1,704
1,738
1,808
2,124
2,160
2,245
2,591
2,874
2,619
2,879
2,936
2,857
2,821
2,863
2,912
2,822
2,879
2,954
2,926
2,941
3,135
3,075
3,060
Stocks
End of year: 4
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
7,697
8,359
9,478
11,851
14,994
18,752
22,545
23,575
22,003
19,085
17,813
16,066
13,670
5,373
5,857
6,796
9,295
12,537
16,531
20,583
21,629
20,021
16,746
15,290
13,459
11,011
2,253
2,387
2,286
2,045
1,773
1,429
1,047
936
1,199
1,393
1,547
1,737
945
684
792
915
1,010
1,037
1,140
1,130
1,060
922
End of month: 5
1950—December
1951—December
63,687
67,983
15,933
13,579
13,361
10,958
1,520
1,702
1,052
919
25,209
28,042
23,231
25,975
1,978
2,067
16,101
19,291
1,428
1,617
1952—Februarv
March
April
May
1 une
Tuly
August
September
October
November
December
68,907
69,250
69,604
69,959
70,334
70,774
71,123
71,578
72,034
72,415
73,034
13,469
13,352
13,306
13,020
12,853
12,894
12,898
12,929
12,731
12,780
12,683
10,841
10,765
10,737
10,463
10,309
10,324
10,347
10,399
10,244
10,297
10,195
1,716
1,695
1,694
1,697
1,706
1,748
1,752
1,736
1,728
1,728
1,733
912
892
875
860
838
822
799
794
759
755
755
28,553
28,903
29,186
29,594
29,895
30,191
30,314
30,475
30,973
31,143
31,404
26,456
26,785
27,059
27,456
27,745
28,039
28,165
28,315
28,819
28,986
29,226
2,097
2,118
2,127
2,138
2,150
2,152
2,149
2,160
2,154
2,157
2 178
19,712
19,870
20,008
20,175
20,335
20,505
20,643
20,801
20,961
21,087
21 245
1,639
1,656
1,662
1,674
1,693
1 706
1,722
1,736
1,751
1 766
1 868
2,397
2,575
2,598
2,612
2,621
2,633
2,646
2 656
2,667
2,683
2,692
2 698
2 699
1953—January
February
73,621
73,943
12,862
12,844
10,329
10,287
1 ,774
1,800
759
757
31,690
31,878
29,471
29,644
2,219
2,234
21,396
21.547
1,880
1,887
2,718
2,727
71
115
396
511
536
554
601
608
860
1,055
1,247
1,445
1,633
1
2
3
4
6
Includes United States and foreign.
Central government only.
•
Includes International Bank for Reconstruction and Development.
These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value.
These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values
are not made on each item separately, but are included in total in "Other assets."
Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance
Statistics and Life Insurance News Data.
ALL SAVINGS AND LOAN ASSOCIATIONS IN T H E UNITED STATES
[In millions of dollars]
Assets
End of
year
Total 1
Mortgages 2
U. S.
Government
obligations
3,806
4,125
4,578
4,583
4,584
4,800
5,376
7,141
8,856
10,305
11,616
13,622
15,520
18,444
73
71
107
318
853
1,671
2,420
2,009
1,740
1,455
1,462
1,489
1,606
1,791
i
5,597
5,733
6,049
6,150
6,604
7,458
8,747
10,202
11,687
13,028
14,622
16,846
19,164
22,700
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952P.
Assets
Cash
274
307
344
410
465
413
450
536
560
663
880
951
1,082
1,293
Other »
1,124
940
775
612
493
391
356
381
416
501
566
692
866
1,083
Savings
capital
4,118
4,322
4,682
4,941
5,494
6,305
7,365
8,548
9,753
10,964
12,471
13,978
16,073
19,211
End of
quarter
Total i
Mortgages 2
U. S.
Government
obligations
1950—1.... 15,090
2
15,880
3. .. . 16,291
4
16,846
12,014
12,695
13,294
13,622
1,497
1,506
1,489
1,489
885
913
727
951
597
671
688
692
12,925
13,422
13,418
13,978
1951—1
2. .. .
3
4
17,232
17,977
18,429
19,164
13,999
14,539
15,058
15,520
1,547
1,558
,577
L,606
844
940
852
1,082
751
849
852
866
14,286
14,910
15,317
16,073
1952—1. .. . 19,848
?
20,853
3.''.'.'. 21,656
22,700
4
16,073
16,891
17,740
18,444
1,718
,702
1,782
1,791
1,100
1,212
1,046
1,293
867
959
999
1,083
16,801
17,661
18,210
19,211
Cash
Other 3
Savings
capital
P Preliminary.
Includes gross mortgages with no deduction for mortgage pledged shares.
Net of mortgage pledged shares.
Includes other loans, Federal Home Loan bank stock and other investments, real estate owned and sold on contract, and office building and
fixtures.
Source.—Federal Savings and Loan Insurance Corporation.
1
2
8
MAY
1953
497
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
End of quarter
1952
Asset or liability, and agency
1944
1945
1947
1946
1949
1948
1950
1951
1
Loans, by purpose and agency:
3 381 2 878 2,884 2,299
189
197
232
276
?S7
273
336
1
1 088
986
149
351
242
109
604
590
641
558
361
407
528
734
99
353
120
280
10
9
6
7
Banks for cooperatives
Federal intermediate credit banks
. . . .
Federal land banks *
Federal Farm Mortgage Corporation
Farmers Home Administration *
Commodity Credit Corporation
Other agencies
To aid home owners, total
Federal National Mortgage Assn.
RFC Mortgage Corporation*
Home Owners' Loan Corporation '
Reconstruction Finance Corporation
Other agencies
1 ?37
52
81
1 091
1?
1
896
7
24
8S?
1?
1
To railroads, total
Reconstruction Finance Corporation
Other agencies
343
321
21
205
18
To other industry, total
Reconstruction Finance Corporation6
Other agencies
191
118
73
149
83
To financing institutions, total
Reconstruction Finance Corporation
Federal home loan banks
Other agencies
?16
66
131
20
267
60
195
12
2?1
225
1?6
252
774
Foreign, total
Export-Import Bank
ReconstrucUon Finance Corporation 6
Other agencies'
(
(8 )
1 ?37
All other purposes, total .
Reconstruction Finance Corporation 6
Public Housing Administration *'
Other agencies
8
8
Less: Reserve for losses
Total loans receivable (net)
Investments:
U'. S. Government securities, total . . .
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal land banks *
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corporation ^
Federal Housing Administration. . . .
Public Housing Administration *"
Reconstruction Finance Corporation '
Federal Deposit Insurance Corporation
Other agencies
.
Public Housing Administration ^
Reconstruction Finance Corporation
Tennessee Valley Authority 2
U S Maritime Commission
6
.
Other agencies ^
Bonds, notes, and debentures payable (not
guaranteed), total
Banks for cooperatives
Federal intermediate
credit banks
Federal land banks 8
Commodity Credit Corporation
Federal home loan banks
.
. . . .
34
S19
32
S9S
1 543
898
1 74?
78?
1 7*4
710
7
6
6
45
535
4,058
4 563
343
866
370
822
070
424
673
29
25
27
594
S96
606
1,831 1,873 1 9^0
390
6
859
5
1 476
6
636
10
486
t \
169
177
?11
168
10
117
1
65
22
24
35
171
153
18
147
145
3
140
138
3
114
112
3
110
108
2
192
272
310
46?
151
241
272
473
41
31
38
38
314
447
121
14
293
6
S1S
441
7
436
7
4
4
4
8
433
123
169
121
119
223
246
84
82
2
480
82
80
2
516
412
457
58
98
96
2
£5
83
2
45*
473
400
400
464
415
58
74
73
8?4
814
197
8
806
8
S89
4
115
201
101
99
2
488
8
816
117
189
393
72
653
(7)
67
716
(7)
653
715
864
2,284 5,673 6 102 6 ,090 6 078 6 110 6 096 7,617 7 826 7 736
1,249 1,978 2 145 2 ,187 2 ,226 2 ,296 2 ,329 2,389 2,546 2 ,496
101
154
235
706
246
64
61
58
58
58
800 3,450 3 ,750 3 ,750 3 ,750 3 ,750 3 ,706 95,170 5.222 5 ,182
623
448
438
478
232
278
113
131
779
731
190
794
88
797
59
366
61
609
801
96
100
99
105
109
61
SS7
61
624
395
368
476
185
173
714
«340
278
184
484
110
173
116
153
933
095
61
750
50
919
123
126
150
140
6 387
5 ,290 6,649 9,714 11 ,692 12 ,733 13 ,228 14 ,422 14 ,422 15,913 16,890 17 ,8?6
1 630
43
39
60
1 683 1,873 1,685 1 814 ? 047 ? 071
,422 2,364 2 371 9 421
43
43
43
43
43
48
41
41
43
43
43
46
74
43
47
44
48
51
48
49
60
61
70
67
72
42
39
66
43
43
43
43
43
145
199
?49
145
775
118
139
774
184
311
311
298
214
161
172
184
199
193
200
204
209
208
203
8
17
12
15
12
122
132
244
144
188
106
285
289
286
299
316
8
8
8
8
1
1
1
48
49
897 1,045 1,020 1 ,064 1 ,205 1 ,307 1 ,353 1 ,409 1,421 1,423 1 ,437
1
30
20
21
1
1
1
1
1
1
1
321
244
55
26
230
159
46
24
154
108
35
11
2 , 9 4 2 2 ,288
1 ,450 1 ,034
1 053 1 131
438
122
1,265
463
667
134
822
448
235
138
424
289
63
71
Land, structures, and equipment, total
9
884 4 161 4 239
345
4? 5
371
719
510
611
768 1 ?11 1 128 ? 14? 2 363 2,387 2,437 7 603
199
828 1 347 1 ,850 2 ,053 2,068 2,097 2 ,242
318 3,385
Commodity Credit Corporation
Reconstruction Finance Corporation *
Other agencies
5
60
573
1 301
1 ,729
?
556
707
309
786
112
Investment in international institutions
Commodities, supplies, and materials, total
80
575
999
1 293
4 36?
30?
437
4
3
659
6
6
877
10 S
106
144
151
IS
87
7
7S
760
28
Other securities, total
Reconstruction Finance Corporation
Production credit corporations
Other agencies
632
305
476
2
16 ,237 21 ,017
?00
77?
6 576 6 919
710
721
3 111 3 19S
5 4?7 7 811
262 1 ,948
3 ,385 3 ,385
133
98
29
6
107
83
22
2
3 ,385
3 ,385
3 ,385
88
71
16
1
78
66
11
1
66
55
10
3,385
3,385
53
43
9
51
42
8
3 ,385
44
36
8
(7)
627 1 ,549 1 ,774 1 ,461 1 ,322 1,350 1,377 1 ,280
437 1 ,376 1 ,638 1 ,174 1 ,012 1,023 1,034
978
157
108
14?
147
186
194
172
32
28
30
159
164
142
149
131
16,924 12,600 3 ,060 2 ,962 2 ,945 3 , 358 3 ,406 3,186 3,212
1 ,242 1 232 1 216
204 1 448 1 35? 1 748 1
227
173
630
605
611
59?
35
2,861
S94
202
202
199
754
727
830
1
1
793
886
,048 ,105 1,170 1,209 1 ,251
3,301 3,305
7,764 6,50i
2,044 1,793
189
168
206
465
467
581
590
586
1 ,395
24
774
818
1 ,113
8
?4S
79?
1,252
33
293
67
69
169
689
69
358
965
70
480
772 1 ,190 1 ,369 1 ,214 1,228 1,301
78
110
170
140
112
120
570
490
674
857
864
74S
262
415
204
756
560
525
329
258
317
,330
181
704
445
For footnotes see following page.
498
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
All agencies:
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec
1948—Dec.
1949—Dec.
1950—Dec
1951—Dec.
31
31
31 2
31 2
31
31
31 2
31
31,488
33,844
30,409
30,966
21,718
23,733
24,635
26,744
. . .
1952—Mar. 31 2
June 30
Sept. 30
Dec. 31
Classification by agency,
Dec. 31, 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
26,858
27,933
28,922
29,945
. .
Cash
756 6,387
925 5,290
1,398 6,649
1,481 9,714
630 11,692
441 12,733
642 13,228
931 14,422
499
776
53
1
27
2,023
2,829
602
32
1
372
836
2,543
1,444
1,600
9,778
Bonds, notes,
U. S. Priand debenGov- vately
tures payable
Land,
ernstruc- Other
Other ment owned
intertures,
interliabilasest
Fully
and
est
ities
equip- sets guarment
anteed Other
by
U. S.
2,942 L ,632 424 16,237
2,288
,683
325 21,017
,873
1,265
547 16,924
,685 3,539 12,600
822
.854 3,518 3,060
627
1,549 2,047 3,492 2,962
1,774 2,075 3,473 2,945
1,461 2,226 3,463 3,358
844 14,422 1,322 2.422 3,451 3,406
,364 3,438 3,186
808 15,913 1,350
,371 3,436 3 212
932 16,890 1,377
944 17,826 1,280 <•,421 3,429 3,213
30
33
1
421
673
43
1
86
62
43
60
43
1
25
1
30 1,918
11 1,423
69
507
29
Housing and Home Finance Agency:
Home Loan Bank Board:
1,222
Federal home loan banks
214
Federal Savings and Loan Insurance Corp..
Public Housing Administration
2,217
Federal Housing Administration
505
Office of the Administrator:
Federal National Mortgage Association.. . 2,254
Other
118
Reconstruction Finance Corporation:
Assets held for U. S. Treasury 13
. . . .
Other"
Export-Import Bank . . .
Federal Deposit Insurance Corp
Tennessee Valley Authority
All other .
.
InvestComments
modiLoans ties,
supreceiv- plies, U. S.
and
Other
able
mate- Govt. securials secu- rities
rities
1
100
1
311
208
w
(7)
34
316
2,242
41
45
7
1
5
9
723
4 2,496
()
320
165 5,535
134
38
(7)
20
110
2
34
1 ,437
:
i;385
832
5
10
181
704
2
8
1
288
64
52
1
26
2,022
2,089
600
30
28
427 (12)
7
207
24 2,193
226
227
350
1
74
317
25
3
29
12
4
(7)
1,251
460
183
234
329
24,010
25,104
25,780
26,456
4
4
38
92
198
1
143
166
1,247
L.200
L.434
.728
38
874
704
1,113
1
(7)
504
472
498
1,214
44 1,228
39 1,301
53 1,330
991
8
978
864
921
3,111 1,537 1,395 4,196 23,857
2,317
555 1,113 4,212 27,492
1,753
261 1,252 3,588 24,810
82
689 2.037 28,015
1,125
337
965 1,663 18,886
38
772 1,720 21,030
509
28
499
23 1,190 1,193 21,995
882
43 1,369 1,161 23,842
33
31
43
6
9
122
(7)
1
740
2
2
1
445
52
(7)
349
357
367
378
3 2,251
118
46
56
80
40
63
372
790
2,487
1,364
1,560
9,715
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 reserve for
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).
10
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
Debit balance of less than $500,000.
13
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.
14
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.
MAY
1953
499
SECURITY MARKETS1
Bond prices
Stock prices
Common
Year, month,
or week
U. S.
Government 2
Number of issues
CorMupoPrenicipal rate
(high-3 (high- ferred*
grade) grade)'
15
1-8
17
15
102.53 133.4 122.0 181.8
98.85 133.0 117.7 170.4
97.27 129.3 115.8 169.7
1950 average
1951 average
1952 average
Standard and Poor's series
(index, 1935-39=100)
Total
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
184
208
206
144
205
275
2,012
1,684
1,313
184
184
188
192
191
199
199
204
210
208
165
167
174
175
175
117
117
116
117
119
191
190
196
199
199
215
214
222
225
225
181
182
187
192
194
245
243
253
256
254
217
216
225
226
228
116
117
117
117
120
203
201
204
208
210
298
283
291
289
278
204
171
194
219
191
246
221
188
196
205
239
247
255
218
225
238
118
206
275
215
223
231
1,282
1,044
1,215
1,096
995
1,149
1,181
1,779
1,842
97 95
98.91
98.32
98.40
97 09
96 86
96.44
96 96
96.32
132.7
131.9
130.9
130.4
128 6
126.6
125.0
125.4
125.3
116.2
116.3
116.2
116.0
115.8
115.7
114.7
115.2
115.3
172.2
173.4
173.3
171.1
169.9
170.2
168.3
169.8
170.3
Apr
95.68
95 28
94.31
93 25
124.0
122.7
121.6
121 3
114.5
114.0
113.4
111 7
168.4
166.3
165.7
161.7
Week ending:
Apr. 4 . .
Apr. 1 1 . .
Apr. 18..
Apr. 25..
May 2 . .
93.83
93.94
93.32
92.97
92.28
121.2
121.6
121.6
121.4
120.7
112.6
112.5
111.7
111.4
110.4
162.7
162.8
161.5
161.1
160.3
193
191
191
187
188
1952—Apr
May
June
July
Aug.
Sept. . .
Oct
Nov. . ..
Dec
1953—j an
Feb.
Mar
.
188
Rail- Public
Total
road utility
Volume
of
Securities and Exchange Commission series
trad(index, 1939=100)
ing 5
(in
thouManufacturing
Trade
sands
finof
Trans- Pubance, Min- shares)
lic
porta- utiland
Noning
servTotal Duradura- tion
ity
ble
ice
ble
119
117
121
123
191
197
204
185
124
205
232
208
255
239
124
212
261
181
185
173
124
125
122
202
204
194
229
232
220
204
207
194
252
256
245
235
238
223
124
124
120
210
212
207
256
263
252
1,623
1,678
1,931
1,637
178
174
175
169
171
123
122
122
121
120
198
194
193
190
193
225
221
219
215
220
198
194
193
190
195
251
245
244
238
243
229
224
222
218
223
122
121
120
119
120
210
208
206
204
207
260
254
252
242
247
2,456
2,056
1,419
1,573
1,275
183
190
197
198
206
214
167
172
185
198
214
196
198
190
212
215
206
209
206
206
202
204
118
121
123
202
205
212
265
260
267
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's Corporation, on basis of a 4 per cent 20-year bond.
4
Standard and
Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
6
dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
End of month
Credit balances
Customers'
credit balances 1
Debit
Debit
Customers' balances in balances in
partners'
debit
firm
balances investment investment
and trading and trading
(net)i
accounts
accounts
Cash on
hand
and in
banks
Money
borrowed 2
12
9
10
12
314
397
364
378
827
745
680
695
1950—June
December...
1951—Tune
December...
1,256
1.356
1.275
1,292
3
1 .315
1952—April
3
1 312
May
1,327
June
3|
,387
July
3
1,338
August
3
1,333
September.« 3
October
1,316
November. . 31,347
December. . . 1,362
1953—January... .
February
March
31,345
3
1,350
3
1,513
386
399
375
392
3
818
3
9
427
365
8
406
343
847
912
3 1,126
33 926
891
3
860
3
878
920
3908
3871
3
966
Other credit balances
In firm
In partners'
investment investment In capital
and trading and trading accounts
accounts
(net)
accounts
Free
Other
(net)
673
890
834
816
166
230
225
259
25
36
26
42
11
12
13
li
312
317
319
314
219
23
16
324
200
35
9
315
3756
725
708
3
692
3
675
3692
3
692
33 706
724
3
3732
3 730
3 744
1
Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
•f firms'
own partners.
2
Includes
money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): January, 31; February, 30; March, 28.
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.
500
FEDERAL RESERVE BULLETIN
BANK RATES ON BUSINESS LOANS
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
Prime
commercial
paper,
4- to 6months 1
1950 average
1951 average
1952 average
1952—April
May
June
July. ..
August....
September.
October. . .
November.
December..
1953—January. . .
February..
March
April
Week ending:
Apr. 4 . . .
Apr. 11 . . .
Apr. 18. . .
Apr. 25 . . .
Mav 2 . . .
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESS BY BANKS IN SELECTED CITIES
[Per cent per annum]
1J. S. Government
securities (taxable)
Prime
bankers'
3-month bills
acceptances,
9-to 12- 3- to 5month2
year
90
Rate issues
1 Market
issues3
new
days
yield on
issues
1.45
2.17
2.33
2.35
2.31
2.31
2 31
2.31
2.31
2.31
2.31
2.31
2.31
2.31
2.36
2.44
L.60
L.75
L.75
75
L.75
L 75
L.75
1.75
L.75
L.75
.75
1.82
1.88
1.88
1.88
1.20
1.52
1.72
1.57
1 67
1.70
1.81
1.83
1.71
1.74
1.85
2.09
1.96
1.97
2.01
2.19
2.38
2.38
2.38
2.50
2.55
1.88
1.88
1.88
1.88
1.88
2.02
2.10
2.24
2.25
2.22
L15
1.218
L.552
L .766
1.623
!710
!700
I'876
L.786
L.783
.862
2.126
2.042
2.018
2.082
2.177
1.26
1.73
1.81
1.60
1.66
1^74
1.89
1.94
1.95
1.84
1.89
2.03
1.97
1.97
2.04
2.27
1.50
1.93
2.13
1.93
1J95
2.04
2.14
2.29
2.28
2.26
2.25
2.30
2.39
2.42
2.46
2.61
2.029
2.073
2.219
2.320
2.243
2.13
2.18
2.29
2.32
2.38
2.52
2.53
2.59
2.65
2.75
824
Size of loan
All
loans
Area and period
Annual averages:
19 cities:
1944
1945
1946 .
1947
1948
1949
1950
1951
1952
Quarterly:
19 cities:
1952—June
Sept
Dec
1953—Mar
New York City:
1952—June
Sept
Dec
1953—Mar#
7 Northern and Eastern cities:
1952—June
Sept.
Dec
1953—Mar
11 Southern and
Western cities:
1952—June
Sept.
. .
Dec
1953—Mar.
1
2
Monthly figures are averages of weekly prevailing rates.
Series includes certificates of indebtedness and selected note and
bond
issues.
3
Series includes selected note and bond issues.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
$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
4.3
4.3
4 2
4.2
4 4
3.3
3.2
2.6
2.3
3.1
2.2
2.2
2.0
1.7
3.1
3.5
2.5
2 8
1.8
2.2
2.4
2.7
4.6
3.7
3.0
2.7
3.1
4.5
4.7
3.6
4.0
3.0
3.4
2.4
2.9
3.5
4.9
4.2
3.7
3.3
3.51
3.49
3.51
3.54
4.90
4.91
4.88
4.89
4.21
4.22
4.21
4.25
3.72
3.74
3.77
3.75
3.29
3.27
3.29
3.32
3.27
3.29
3.33
3.31
4.53
4.66
4.51
4.55
4.03
4.06
4.06
4.13
3.55
3.60
3.63
3.55
3.14
3.15
3.19
3.17
3.46
3 44
3.49
3.50
4.90
4.85
4.85
4.95
4.17
4.20
4.21
4.24
3.71
3.72
3.74
3.74
3.27
3.24
3.29
3.30
3.90
3.84
3.84
3.90
5.05
5.04
5.06
5.02
4.33
4.31
4.30
4.31
3.86
3.82
3.91
3.91
3.63
3.56
3.51
3.62
NOTE.—For description of series see BULLETIN for March 1949,
pp. 228-237.
BOND AND STOCK YIELDS *
[Per cent per annum]
Industrial stocks
Earnings/
price
ratio
Bonds
Year, month,
or week
U.S.
Govern- Municipal
ment
(high-3
(long-2
grade)
term)
Corporate (Moody's) 5
Corporate
(highgrade) 4
By groups
By ratings
Total
Aaa
Aa
A
Dividends/
price ratio
Baa
Industrial
Railroad
Public
Preutility ferred 6
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
9.49
1952—April
May
June
July
August
September...
October
November.. .
December. . .
2.64
2.57
2.61
2.61
2.70
2.71
2.74
2.71
2.75
2.01
2.05
2.10
2.12
2.22
2.33
2.42
2.40
2.40
2.92
2.93
2.95
2.96
2.97
2.98
3.04
2.98
2.99
3.16
3.16
3.17
3.17
3.18
3.19
3.22
3.20
3.19
2.93
2.93
2.94
2.95
2.94
2.95
3.01
2.98
2.97
3.01
3.00
3.03
3.04
3.06
3.07
3.08
3.06
3.05
3.20
3.20
3.20
3.19
3.21
3.22
3.24
3.24
3.22
3.50
3.49
3.50
3.50
3.51
3.52
3.54
3.53
3.51
2.97
2.97
2.98
2.99
3.00
3.02
3.05
3.05
3.04
3.32
3.31
3.32
3.33
3.34
3.36
3.39
3.37
3.34
3.19
3.19
3.20
3.20
3.20
3.20
3.22
3.19
3.19
4.07
4.04
4.04
4.09
4.12
4.12
4.16
4.12
4.11
5.87
5.73
5.48 "s'.5S
5.41
5.51
5.63 ''9.06
5.62
5 31
5.14
10.56
1953—January
February....
March
April
2.80
2.83
2.89
2.97
2.47
2.54
2.61
2.63
3.06
3.11
3.16
(8)
3.22
3.26
3.31
3.40
3.02
3.07
3.12
3.23
3.09
3.14
3.18
3.29
3.25
3.30
3.36
3.44
3.51
3.53
3.57
3.65
3.07
3.11
3.16
3.27
3.36
3.39
3.43
3.51
3.23
3.29
3.33
3.44
4.16
4.21
4.23
4.33
5.18
5.26
5.36
5.52
Week ending:
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Mav 2. .
2.92
2.91
2.96
2.99
3.04
2.63
2.61
2.61
2.62
3.35
3.37
3.40
3.43
3.46
3.18
3.19
3.22
3.25
3.28
3.24
3.25
3.29
3.33
3.36
3.39
3.41
3.44
3.46
3.50
3.60
3.61
3.64
3.67
3.72
3.21
3.23
3.26
3.46
3.47
3.50
3.54
3.57
3.38
3.39
3.43
3.47
3.50
4.30
4.30
4.33
4.35
4.37
5.35
5.47
5.47
5.61
5.52
Number of issues.. .
9
3.28
3.33
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.
5
Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have
been reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively.
^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
8
utility.
Moody's Investors Service.
Series discontinued beginning Apr. 1, 1953.
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.
MAY
1953
501
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury unless otherwise noted. In millions of dollarsl
Summary
Budget receipts and
expenditures
Period
Expenditures
Surplus
or
deficit
(-)
38,122 41,714
37,834 '38,255
53,488 56,846
65,523 71,366
38,246 40,057
37,045 40,167
48,143 144,633
62,129 66,145
-3,592
1
-422
-3,358
-5,842
-1,811
-3,122
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—Apr
May
June . . .
July
Aug.
Sept
Oct. . . . .
Nov
Dec
1953—jan
Feb. .
Mar
Apr
.
17,675 20,974
19,370 19,192
18,464 U9.063
29,679 25,570
23,809 31,276
38,320 34,869
27,204 36,497
4,323
3,809
9,796
3,316
4,050
6,585
3,099
4,151
6,003
5,061
5,479
10.502
2,849
6,016
5,659
6,930
6,742
5,018
6,070
6,383
5,161
7,124
5,737
5,595
6,187
6,362
Increase or
decrease ( —)
during period
Excess of receipts
or expenditures ( —)
Sales and
Trust redemptions
Clearand
ing
in
market
other
acof
G
o
v
t
.
account
agency
counts obligations
^.sio
-4,017
-3,300
178
» -599
4,109
-7,467
3,451
-9,293
-1,693
-1,850
2,865
-3,426
-968
515
-3,283
-1,009
-1,121
-676
-116
4,315
-3,513
1
Deposits in
Balance
in
general
fund
General
fund
balance
F. R. Banks
Special
Avail- Inessprocof deposable collecitaries
funds
tion
841
690
94
129
321
389
146
176
Other
net
assets
2,557
2,344
2,693
4,368
,187
1,770
4,679
4,232
4,295
6,064
4,587
-2,135
3,883
— 1,462
2,047
1,839
—388
3,470
5,517
7,357
6,969
438
950
103
143
338
333
250
355
1,771
3,268
5,680
5,106
,159
,156
.089
,175
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
94
143
129
250
146
355
176
2,557
3,268
2,344
5,680
2,693
5,106
4,368
,187
,156
,069
,089
,134
,175
,132
329
-91
-326
209
1,613
-800
3,968
-1,447
28
1,548
5,393
5,421
6,969
7,925
6,952
7.156
6,175
7,636
6.064
5,689
6,024
6.908
3,582
450
569
195
125
355
184
106
161
174
103
176
350
174
3,779
3,690
5,106
6,027
5,190
5,217
4,145
5,984
4,368
3,318
4,376
4.983
1,859
969
1,037
333
638
496
508
770
396
389
811
351
-362
-38
759
49
-140
349
56
-90
234
87
-106
-319
—420
121
»295
219
— 74
-22
384
-72
-214
—401
-14
135
-173
468
291
-72
121
21
-43
392
-8
64
-136
46
-229
343
-293
-43
6
456
-207
127
-218
-140
404
-209
-157
-63
14
101
26
71
-34
-45
74
-46
29
-133
12
-50
1
Gross
direct
public
debt
General fund of the Treasury
(end of period)
366
483
432
-195
-229
316
-243
-145
401
-2
-135
289
471
-447
4,331
-423
2,711
7,973
478
62
957
-973
113
-504
2,238
2,513
—41
11
182
-3.099
105
204
-981
1,461
-1,572
-376
335
884
-3,326
222
393
448
180
,069
,134
,132
17S
1,076
1,161
,770
1,087
15?
,132
1,209
,123
.255
,151
Budget expenditures
Major national security programs
Period
Total
Total2
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—Apr
May
June
July
Aug
Sept
Oct.
Nov
Dec
1953—Jan.
Feb
Mar
Apr.
41,714
38,255
56,846
71,366
40,057
40,167
44,633
66,145
20,974
19,192
19,063
25,570
31,276
34,869
36,497
19.452
18,509
37,154
51,121
19.084
17,950
25,891
46,319
9,291
8,659
9,850
16,041
21,113
25,206
25,915
6,016
5,659
6,930
6,742
5,018
6,070
6,383
5,161
7,124
5,737
5,595
6.187
6,362
4,499
4,541
4,357
4,695
3,814
4,518
4,373
3,876
4,640
4,216
4,168
4,670
P4,590
National
defense
Military
assistance
abroad
Agri- Social
VetculInter- Atomic Interseerans
est
naAdmin- ture
De- curity
on
tional Energy
pro- 4
istra- partComdebt
ecotion « ment5 grams
misnomic
sion
aid 3
Housing
and
home
finance
-123
12,849
291
13,476
30,275 1.559
43,176 2,975
4,012
3,560
2,652
560 5,482
611 5,580
1,278 5,983
1,813 6,065
6,364
5.714
5,088
4,433
3,104 1,226
12.158
44
12,346
884
19,955
39,033 2,228
6.279
4,941
3,863
2.904
5,339
5,750
5,613
1,648 5,859
6,789
6.043
5,288
4,748
2,656 1,110
2,986 1.375
635 1,415
1,219 1,424
-270
6,376
5,970 " ' 4 4 '
247
7,505
637
12,450
921
17,825
21,208 1,306
21,968 1,669
2.621
2.320
1.692
2,170
1,389
1,514
1,137
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
3,771
3.788
3,683
3,884
2,971
4,008
3,723
3,302
4,081
3,632
3,501
3.789
*>3,891
6,005
647
524
908
255
270
341
567
711
937
876
536
1,425
643
684
775
1,016
1,193
460
524
593
624
1,383
614
,519
,575
,458
.515
740
1,305
695
681
670
745
718
706
802
-95
-175
158
302
392
222
424
903
673
878
580
858
657
916
209
383
260
364
320
420
1,226
157
804
168
848
457
737
1,528
1,254
1,210
1 ,066
1 ,249
1,153
1,333
100
37
-42
90
94
162
157
148
158
174
140
138
89
70
88
*>184
180
50
99
80
170
200
178
239
228
231
281
319
352
162
350
154
172
192 1,518
375
355
343
52
85
187
149
76
148
293
352
184
298
266
275
277
316
523
366
351
266
133
142
128
117
138
171
181
140
320
144
183
155
559
160
572
150
185
127 1,146
158
235
151
311
157
563
167
372
391
354
343
354
345
378
348
339
358
350
117
126
49
192
112
289
158
109
116
191
124
104
180
109
10
P129
P292
Transfers
to
trust Other
accounts
M .575
.551
,438
,573
1,499 1,351
1,010 1,463
1,564 1,508
357
285
281
Post
Public office
works deficit
P261
-17
694
646
-56
41
21
71
79
101
112
-80
19
-3
-35
355
175
180
160
—30
125
961
916
972
2,673
2,464
2,315
2,487
2,177
2.781
'2,276
2,402
397
94
64
23
93
67
20
101
58
292
169
191
245
184
252
213
192
193
P\3
P211
r
p Preliminary.
Revised.
1
Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from budget expenditures, and included with other such investments under "Trust and other accounts." Adjustm2 ents for July-October 1950 investments were
made by the Treasury in the November 1950 and January 1951
figures.
Includes the following not shown separately:
Maritime
activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration.
3
Consists of foreign economic and technical assistance under the Mutual Security
Act,
net
transactions
of the Export-Import Bank, and other
nonmilitary
foreign aid programs, as well as State Department expenditures. 4 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.
502
FEDERAL RESERVE BULLETIN
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued
[On basis of daily statements of United States Treasury, unless otherwise noted.
In millions of dollars]
Treasury receipts
Internal revenue collections
(on basis of collectors' reports)
Budget receipts, by principal sources
Period
Income
and old-age
insurance 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—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1953—Jan
Feb
Mar
Apr
July-Dec . .
Monthly:
1952—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1953—Jan
Feb
Mar
Apr
Deduct
Total
budget
receipts
Other
receipts
Appropriations
to oldage
trust
fund
Refunds
of
receipts
Net
budget
receipts
Individual income and oldage insurance
taxes
Withheld
Other
Corporation
income
and
profits
taxes
Estate
and
gift
taxes
Excise
and
miscellaneous
taxes
11,428
13,775
19,392
23,658
19,894 8,326
17,361
8,771
26,876 9,392
34,174 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
23,090 11,980 22,140
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
811
994
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
10,854
14,388
21,467
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
,256
,411
,709
,646
,922
,891
314
1,846
311
1,796
302
2,000
451
17,675 5,657
19,370 6,105
18,464 6,858
29,679 9,043
23,809 9,798
38,320 11,515
27,204 11,574
1,761 5,889
5,503 4,965
1,881 4,971
8,027 9,416
2,335 7,149
9,210 14,318
2,770 7,821
351
356
303
427
374
459
390
3,911
3,688
4,462
4,241
4,440
4,531
5,027
978
3,009
1,983
1,007
2,995
1,751
997
3,085
1,882
989
3,544
2,102
Pi,168
3,191
549
7,106
1,435
445
4,029
1,214
436
3,088
3,111
1,479
8.551
1,837
849
828
845
949
862
877
923
888
939
842
856
903
880
17
105
59
22
106
54
17
104
54
30
271
66
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
158 11,870
144 4,044
252
476
142
182
434
235
204
533
303
117
486
425
232
1,583
221
1,478
393
93
1,653
164
109
358
2,855
839
2,698
88
80
48
84
70
59
57
51
70
77
65
154
742
750
804
863
780
808
911
795
870
760
782
825
Period
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. .
Other
Taxes
on
carriers
and on
employers
of 8 or
more
Miscellaneous
internal
revenue
612 4,323
403 3,809
283 9,796
151 3,316
102 4,050
55 6,585
51 3,099
47 4,151
45 6,003
54 5,061
336 5,479
944 10.502
2,849
963
1,330
3,955
707
1,539
4,012
232
1,634
3,968
190
1,144
4,990
328
1,278
351
5,659
958
357
2,442
927
352
2,785
501
404
6,171
Treasury receipts—Continued
Trust and other accounts
Internal revenue collections—cont.
(on basis of collectors' reports)
Social security,
retirement, and
insurance accounts
Excise and miscellaneous taxes
Total1
Manufacturers'
and retailers'
excise
Other
Investments 3
Other »
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
4,94:2
1,832
1,806
1,936
2,032
-420
121
295
219
5,185
6,266
7,251
8,210
2,311
-402
3,360
3,361
2,884
6,484
3,752
4,885
196
275
-410
-62
353
530
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
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
239
243
273
268
253
223
248
268
313
283
308
276
157
169
163
210
173
180
221
131
212
154
155
176
-229
343
-293
-43
6
456
-207
127
-218
-140
404
-209
-157
433
999
997
707
930
399
361
958
718
248
869
596
405
256
486
702
307
361
53
22
388
363
-103
223
61
128
407
420
412
410
403
399
399
383
462
447
449
488
478
14
24
-52
1
36
—9
-1
93
-14
233
-54
38
-17
15
273
-228
-32
-124
500
-148
34
-125
188
154
-217
27
Total
Liquor
7,529
8,150
8,682
9,558
2,204
2,419
2,460
2,727
,320
,348
,446
,662
2,221
2,519
2,790
3,054
1,784
1,864
1,987
2,115
7,585
7,599
8,704
8,971
2,211
2,219
2,547
2,549
,322
,328
,380
,565
2,221
2,245
2,841
2,824
3,911
3,688
4,462
4,241
4,440
4,531
5,027
1,191
1,028
1,391
1,156
1,304
1,245
1,482
663
665
683
697
748
817
845
742
750
804
863
780
808
911
795
870
760
782
825
210
204
220
246
205
258
285
269
220
188
186
229
135
134
148
140
149
147
157
127
125
136
133
144
Tobacco
Other accounts 2
-22
271
329
-325
-333
786
508
r
x
P
Preliminary.
Revised
Excess of receipts, or expenditures (—).
2
Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect 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).
MAY
1953
503
TREASURY CASH INCOME, OUTGO, AND BORROWING
DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars]
Cash operating income, other than debt
Cash operating outgo, other than debt
Plus:
Budget expenditures
Plus: Trust
Plus: Tr. acct.
Net Budget
Equals:
acct. receipts
receipts
Exch.
Cash
Less: Noncash expenditures
Stabi- ClearoperatLess:
Less:
Total
Less:
liza- ing acing
Total Accru- IntraNon-1 Total
Non-2
als to3 Govt.4 Total Non-5
net
tion
count
income
cash
public trans.
receipts cash
cash Fund 0
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—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1953—Jan
Feb
Mar..
Apr
Equals:
Cash
operating
outgo
Net
cash
operating income
or
outgo
(-)
38,122
37,834
53,488
65,523
38,246
37,045
48,143
62,129
99
171
222
184
100
120
256
138
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
40,057
40,167
44,633
66,145
403
503
567
734
389
436
477
710
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
183
13
138
4
102
-262
-26
38
98
-207
-13
9
-234
-87
106
319
-366
-483
214
401
42,642
41,969
58,034
72,980
40,576
43,155
45,804
67,956
-1,267
482
1,304
-1,583
1,051
-2,185
7,635
137
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
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
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
4,323
3,809
9,796
3,316
4,050
6,585
3,099
4,151
6,003
5,061
5,479
10,502
2,849
2
2
32
24
2
3
4
3
71
43
3
2
476
1,050
1,026
738
959
427
401
975
747
286
920
649
443
108
134
801
438
128
111
79
127
360
65
128
106
4,689
4,722
9,988
3,593
4,878
6,898
3,418
4,997
6,320
5,239
6,267
11,042
6,016
5,659
6,930
6,742
5,018
6,070
6,383
5,161
7,124
5,737
5,595
6,187
6,362
39
59
93
74
42
46
56
83
95
82
38
21
111
134
844
457
127
112
86
128
409
100
129
107
434
197
669
473
556
-73
587
367
617
296
346
758
488
-2
2
-11
5
2
1
-2
3
23
8
2
1
-329
91
326
-432
195
229
-316
243
145
-401
2
135
-289
5,972
5,751
6,978
6,233
5,622
6,066
6,514
5,558
7,364
5,442
5,754
6,970
-1,283
-1,029
3,010
-2,640
-744
832
-3,097
-561
-1,044
-203
513
4,072
-13
-13
22
16
-21
-14
25
5
-19
19
1
Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in surplus by partially
owned
Government corporations.
2
Represents principally interest on investments in U. S. Government securities, payroll deductions for Government employees' retirement
accounts,
and transfers shown as Budget expenditures.
3
Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal
securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated
as noncash
expenditures at the time of issuance and cash expenditures at the time of redemption.
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).
5
Represents principally repayments of capital stock and paid-in surplus by partially owned Government corporations, as well as interest
receipts
by such corporations on their investments in the public debt (negative entry).
6
Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3.)
DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC
Plus: Cash
InDetails of net cash borrowing from or
Less: Noncash debt transactions Equals:
issuance of
Net cash repayment ( —) of borrowing to the public 2
crease,
1
securities of
borrowor deAccruals
to
public
Net
inv.
Federal agencies
ing, or
crease
Postal
Direct Savings
in Fed.
repayt. mktable.
( - ) , in
bonds Savings Sav. Sys. Other*
sec. by Int. on sav. Payts. in
Non(-)of
gross
(issue
special
Guarconv.
notes
3
borrow- &
guar- Govt. agen. bonds and form of
dir. pub. anteed
price)
issues
issues
ing
debt
anteed & tr. funds Treas. bills Fed. sec.
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—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1953—Tan
Feb
Mar
Apr
10
16
-115
355
37
-102
-28
-14
374
-88
2,156
94
3,418
3,833
2,630
-308
3,557
3,636
585
602
718
770
580
574
638
779
-285
163
-125
-74
-293
68
-149
-79
1,739
-929
-1,242
3,353
-2,513
4,231
-5,795
-525
1,125
-2,275
3,020
-2,649
751
1,021
1,999 - 1 , 1 9 1 - 1 , 0 9 9
5,778
-406 -1,784
2,420
463
-5,351
728
3,601
211
4
6
7
6
57
-3,943
-717 -1,209
1,639
4,360
227
..
..
-650
. . -1,486
. . 4,197
..
-313
. . 8,286
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
209
1,613
-800
3,968
113
-504
2,238
2,513
-41
11
182
-3,099
105
4
1
-11
5
1
5
6
3
-6
2
1
1
-66
13
101
37
66
-34
-50
68
-50
35
-134
11
-51
270
510
650
308
397
44
21
481
349
130
170
100
112
41
63
96
77
44
49
58
84
97
84
40
23
-2
-4
18
11
-27
-3
-2
-1
-7
-2
17
-21
-163
1,057
-1,463
3,597
-229
-628
2,116
2,022
-527
-173
-178
-3,188
-162
754
-663
3,830
-192
-259
2,200
1,915
-172
-199
-82
-2,504
47
-81
-91
-28
-54
142
412
-859
-173
-111
-292
-13
62
-302
-99
-38
-768
-83
4,331
-423
2,711
7,973
478
4,587
-2,135
3,883
-25
-6
18
12
-46
o
'
-46
-7
-8
-5
112
93
58
1
15 - 1 4 6
198
-250
46
-997
-113 -122
40
-85
-150 -158
-1,093
365
-155
-82
-70
-80
-170
-923
-74
-81
-32
-24
-17
-30
-2
-13
-4
15
-176
371
-5
51
-134
11
-62
6
104
24
74
-31
-64
53
-46
21
-138
30
1
Differs from "accruals
2
Includes redemptions
3
to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included.
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.
* Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items.
504
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
Excise
and
misc.
taxes
Social
ins. re-2
ceipts
Other
cash
income 3
Deduct:
Refunds
of receipts
Total
41,374
42,451
59,338
71,396
41,628
40,970
53,439
68,093
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
18,347
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
C
5,617
3,561
4,740
4,458
5,206
7,566
6,286
5,582
C
6,729
6,555
7,126
5,276
6,469
19,420
21,551
20,900
32,537
26,799
41,293
30,104
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
'2,876
4,051
3,070
3,219
2,056
3,527
2,938
«3,791
4,689
4,722
9,988
3,593
4,878
6,898
3 418
4,997
6,320
5,239
6,267
11,042
2,727
2,811
3,335
1,386
2,719
3,162
1,135
2,686
1,952
3,558
4,198
4,211
1,278
762
342
192
612
492
970
257
302
908
344
298
934
415
214
245
223
233
204
187
243
234
345
255
403
283
151
102
55
51
47
45
54
106
724
243
139
497
485
100
781
149
791
840
1,013
557
197
207
P345
336
944
963
4,500
4,544
4,339
4,684
3,841
4,520
4,375
3,877
4,646
4,218
4,151
4,691
437
748
797
865
792
818
866
838
868
765
5,972
5,751
6,978
6,233
5,622
6,066
6,514
5,558
7,364
5,442
5,754
6,970
284
351
442
424
464
408
398
409
391
431
397
407
477
492
456
459
532
459
478
576
Total
Cai
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—Apr.
May
June.
July
Aug
Sept
Oct
Nov..
Dec
1953—Jan
Feb
Mar
Apr
Cash operating outgo
Direct
Direct
taxes on taxes on
corporindivid1
ations
uals
Period
5,659
958
357
2,442
927
352
2,785
501
404
6,171
Major
VetSocial
Inter- erans
natl. sec. est
security Other
pro- 4 debton
pro- 6
pro5
grams
grams grams 7
269
526
P4,592
390
418
408
506
436
P679
259
252
1,014
350
778
192
713
731
1,028
102
438
899
c
P1 Preliminary.
Corrected.
Includes current and back income taxes, estate and gift taxes, and adjustment to Treasury daily statement.
2
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 Gby the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned.
Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds.
7
Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance, and
Government employees and Railroad retirement funds.
UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING
[In millions of dollars]
Savings bonds
All series
Year or
month
Sales
1941
1942
1943
1944
1945
1946
1947
. . . .
1948....
1949
1950
1951
1952
.
..
1952—Mar.. .
Apr. . .
May. .
June..
July...
Aug...
Sept...
Oct....
Nov...
Dec...
1953—Jan...
Feb.. .
Mar.. .
3,036
9,157
13,729
16,044
12,937
7,427
6,694
7,295
5,833
6,074
3,961
4,161
331
313
292
364
367
356
330
348
303
375
504
414
440
Series A-E and H
Redemp- Outstandtions and ing (end of
maturities
period)
162
343
1,576
3,321
5,503
6,278
4,915
4,858
4,751
5,343
5,093
4,530
381
391
380
390
418
355
374
353
310
379
390
'319
380
Sales
6,140
15,050
27,363
40,361
48,183
49,776
52,053
55,051
56,707
58,019
57,587
57,940
1,643
5,989
10,344
12,380
9,822
4,466
4,085
4,224
4,208
3,668
3,190
3,575
57,680
57,644
57,614
57,685
57,709
57,753
57,758
57,794
57,850
57,940
58,134
58,268
58,371
284
267
250
293
316
309
290
310
271
334
441
362
397
Redemp- Outstandtions and ing (end of
maturities
period)
160
307
1,452
3,063
5,135
5,667
4,207
4,029
3,948
4,455
4,022
3,622
304
313
303
313
334
279
299
284
239
299
P320
P251
P308
Series F, G, J and K
Sales
Redemp- Outstandtions and ing (end of
maturities
period)
4,750
10,526
19,573
29,153
34,204
33,410
33,739
34,438
35,206
34,930
34,728
35,324
1,393
3,168
3,385
3,664
3,115
2,962
2,609
3,071
1,626
2,406
770
586
1,071
34,849
34,839
34,843
34,905
34,950
35,019
35,055
35,116
35,206
35,324
35,511
35,657
35,784
47
47
42
71
52
47
39
38
32
42
64
52
43
77
78
76
76
85
75
75
69
70
80
2
36
124
258
368
611
708
829
803
888
908
P70
^68
72
T a s and saving 3 notes
Sales
1,390
4,523
7,790
11,208
13,979
16,366
18,314
20,613
21,501
23,089
22,859
22,616
2,479
6 479
8,055
8,533
5,504
2,789
2,925
3,032
5,971
3,613
5,823
3,726
22,831
22,804
22,772
22,780
22,759
22,734
22,704
22,678
22,645
22,616
22,623
22,611
22,587
185
409
636
198
279
176
114
176
173
168
107
80
63
Redemp- Outstandtions and ing (end of
maturities
period)
g
2 565
5,853
7,276
7,111
5,300
3,266
3,843
2,934
2,583
6,929
5,491
1,317
262
223
1,056
451
286
405
189
110
488
200
114
S26
2,471
6,384
8,586
9,843
8,235
5,725
5,384
4,572
7,610
8,640
7,534
5,770
6,911
7,057
7,470
6,612
6,440
6,330
6,039
6,026
6,089
5,770
5,676
5,642
4,879
r
P Preliminary.
Revised.
NOTE.—Sales, redemptions, and maturities of bonds are shown at issue price; amount outstanding at current redemption value. Maturities
of notes and Series A-D bonds are included as of maturity date, and only interest-bearing debt is included in amount outstanding.
MAY
1953
505
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
debt 1
End of
month
1940—Dec
1941—Dec
1942—Dec.
1943—Dec
1944—Dec
1945—Dec
1946—June
Dec.
1947—j u n e
Dec.
194g—j u n e
. .
Dec
1949—j u n e
Dec
1950—j u n e
Dec
1951—j u n e
Dec
1952—April
May
June . . .
July
Aug
Sept
Oct
Nov
Dec
1953—Jan
Feb
Mar
Apr
Total
gross
direct2
debt
Bonds
Total
Certificates of
indebt- Notes
edness
Total
Bills
35 645
41 56?
76 ,488
115 ?30
161 ,648
198 778
189 606
176 613
168 70?
165 758
160 346
157 ,482
155 147
155
155 310
152 ,450
137 917
142 685
1 310
00?
6 627
13 07?
16 ,428
17 037
17 039
17 033
15 77S
15 ,136
13 757
12 ,224
11 536
1? 319
13 533
13 ,627
13 ,614
18 10?
6 178
5 997
10 534
9 863
843 11 175
30 401 23 039
967
38 155
34 804 18
?9 987 10 090
?S ?96
8 14?
11 375
22 588 11 375
7 ,131
26 525
?9 4? 7 3 596
?9 636
8 ?49
18 418 ?0 404
5 373 39 ,258
9 509 35 806
? 9 078 18 409
?8
33
44
55
66
68
66
69
69
68
6?
61
60
55
53
44
4?
41
3S6
540
141 8?0
142 ,625
140 407
144 340
144 ,148
143 895
146 ,775
148 77?
148 ,581
148 ,574
148 ,445
145 ,988
146 ,133
17 46?
18 ,267
17
17 213
17 ,206
17 ?07
19 ,71?
715
21 ,713
,709
21 ,710
19 ,211
19 ,312
?8 4? 3
28 ,423
?8 4? 3
?8 170
28 ,019
?7 763
16 9 0 ?
16 90?
16 ,712
16 ,712
15 ,958
15 ,959
15 ,959
SO ,942
64
112 ,471
170 ,108
232 ,144
278 ,68?
?69 898
259 ,487
?58 ,376
256 ,981
,366
252 ,854
252 ,798
?S7 ,160
257 ,377
256 ,731
255 ,251
?59 ,461
45 0?5
57 938
108 ,170
165 877
230 ,630
?78 ,115
?69 4??
259 ,149
?58 ?86
256 ,900
252 ,800
,770
?57 130
?57 ,357
256 ,708
?55
?59 419
3 9 , 089
5 0 , 469
98, 276
151, 80S
212, 565
255, 693
245, 779
233, 064
227, 747
225, ?50
219, 85?
218, 865
217, 986
221,
222, 853
220, 575
218, 198
221, 168
?S8 337
259 ,951
259 ,151
?63 107
263 ,225
,7??
264 964
?67 ,483
267 ,445
267 ,450
267 ,634
264 ,536
264 ,642
?58
259 ,905
?59 ,105
?63 073
263 ,186
68?
264 ,919
?67 4 3 ?
267 ,391
267 ,402
267 ,584
264 ,485
264 ,590
219
220
219
222
222
222
224
226
226
226
226
223
223
963
753
430
557
143
187
025
077
Bank
eligible *
156
563
519
591
931
403
043
866
85?
391
990
966
951
Bank
restricted
Convertible
bonds
Total 5
444
Tax
and
savings
notes
Savings
bonds
5 370
9?8
049
1? ,550
24 ,850
5?
53 459
49 ,636
49 ,636
49 ,636
49 ,636
49 ,636
49 ,636
49 636
49 ,636
49 ,636
36 ,061
36 ,048
8 ,907
21 ,788
36 ,574
50 ,917
56 ,915
56 173
56 451
59 ,045
SO 492
59 ,506
61 ,383
6? ,839
66 000
67 ,544
68 ,125
13 573 66 708
060
66 ,423
1?
,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
40 943
36 040
11 516
66 ,019
57 ,644
18 971 S? 579 ?7 407
18 ,974 52 ,579 27 ,369
18 98? 5? 579 ?7 365
30 ,?46 5? 578 ? 7 338
30 ?53 5? 578 ?7 ,3?4
30 ,266 58 ,874 21 ,016
30 ,275 58 ,864
,013
30 ,282 59 ,483 21 ,012
30 ,327 59 ,482 21 ,009
30 ,375 63 ,238 17 ,249
13 145
13 ,186
13 18?
65 ,478 57 ,709
65 ,419 57 ,753
65 ,139 57 ,758
65 164 57 794
65 ,285 57 850
65 ,062 57 ,940
65 ,161 58 ,134
65 ,258 58 ,268
64 ,599 58 ,371
64 ,553 58 ,413
18 9 5 ?
319
557
4 ,945
2 ,471
6,982
9,032
6 ,384
12,703
,586
8
9 ,843 16,326
8 ,235 20,000
6 711 22,332
s ,725
24,585
27,366
28 955
30,211
31,714
32,776
33,896
32 356
33,707
34 653
7 ,534 35,902
5 560
5 384
4 ,394
4 ,572
4 ,860
7 610
8 472
8 ,640
7 818
18 ,956 43 061 33 ,918 11 512 66 ,403 57 ,614
18 963 48 343 ?7 ,460 13 095 65 622 57 685
1?
1? 4 0 0
12 ,500
12 ,491
12 ,484
12 ,438
12 ,391
Special
issues
7 ,057
7 ,470
6 612
6 ,440
6 ,330
6 ,039
6 026
6 ,089
5 ,770
5 ,676
5 ,642
4 ,879
4 ,798
36,746
37,198
37,739
37,945
38,307
38,360
38 390
38,788
39,150
39,097
39,302
39,354
39,474
2
Includes noninterest-bearing debt, not shown separately.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]
End of month
Held b y
Total
U. S. GoVcriimcHL
gross
agencies andx
debt
trust funds
(including guaranteed
Special Public
securiissues
issues
ties)
Held by the public
Total
Federal
Reserve
Banks
Commercial2
banks
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
governments
Individuals
Miscellaneous
inves3
Savings Other
bonds securities tors
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
D e c . ..
50,942
64,262
112,471
170,108
232,144
278,682
269,898
259,487
258,376
256,981
252,366
252,854
252,798
257,160
257,377
256,731
255,251
259,461
5,370
6,982
9,032
12,703
16,326
20,000
22,332
24,585
27,366
28,955
30,211
31,714
32,776
33,896
32,356
33,707
34,653
35,902
2,260
2,558
3,218
4,242
5,348
7,048
6,798
6,338
5,445
5,404
5,549
5,614
5,512
5,464
5,474
5,490
6,305
6,379
43,312
54,722
100,221
153,163
210,470
251,634
240,768
228,564
225,565
222,622
216,606
215,526
214,510
247,800
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
14,700
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
10,700
10,600
1952—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec,
1953— Tan
Feb
260,399
258,124
258,337
259,951
259,151
263,107
263,225
262,722
264,964
267,483
267,445
267,450
267,634
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
6,500
6,503
6,500
6,524
6,596
6,689
6,712
6,692
6,681
6,757
6,743
6,895
6,869
217,538
215,128
215,091
216,229
214,816
218,473
218,206
217,670
219,893
221,938
221,552
221,458
221,463
22,528
22,514
22,363
22,273
22,906
22,853
23,146
23,694
23,575
23,821
24,697
23,944
23,875
61,200
60,100
60,500
61,000
61,100
62,700
61,800
61,500
63,000
64,100
63,300
62,600
61,700
9,800
9,800
9,800
9,800
9,600
9,800
9,700
9,700
9,600
9,500
9,500
9,500
9,600
16,300
16,300
16,200
16,000
15,700
16,000
16,100
16,100
16,000
16,100
16,000
16,200
16,100
22,600
21,200
20,700
21,600
20,000
20,800
21,300
20,800
21,000
21,400
21,300
21,800
22,400
10,000
10,100
10,200
10,200
10,400
10,700
10,800
10,900
10,900
10,900
11,000
11,100
11,100
49,100
49,100
49,000
49,000
49,000
49,000
49,000
49,000
49,000
49,100
49,200
49,300
49,400
15,200
15,400
15,100
14,900
14,600
15,100
14,800
14,700
14,800
14,800
14,900
14,900
14,900
10,800
10,600
11,300
11,500
11,600
11,500
11,500
11,300
12,000
12,200
11,700
12,100
12,200
500
700
700
900
1
Includes
2
Includes
3
the Postal Savings System.
holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1952.
Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.
506
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES
Direct Public Issues Outstanding April 30, 1953
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Treasury bills 1
May 7, 1953..
May 14, 1953..
May 21, 1953..
May 28, 1953..
June
June
June
June
June
Issue and coupon rate
Amount
1 ,300
1,500
1,301
1,301
4, 1953..
11, 1953..
18, 1953..
19, 1953 2.
25, 1953 . .
Certificates
June 1, 1953.
Aug. 15, 1953.
Feb. 15, 1954.
Amount
• 2%
1,301
,202
,201
, 003 Treasury notes
1,201
Dec. 1, 1953. .
15, 1954. .
1 ,201 Mar.
Mar. 15, 1955. .
1,401
Dec. 15, 1955. .
1,401
1, 1956. .
1 ,501 Apr.
Oct. 1, 1956. .
1,500
Apr. 1, 1957. .
Oct. 1, 1957. .
Apr. 1,1958...
Tuly 2, 1953. .
July 9, 1953 . .
Tuly 16, 1953. .
July 23, 1953 . .
July 30, 1953. .
4,963
2,882
8,114
10,542
4,675
5,365
6,854
1,007
550
531
824
26
Amount j Issue and coupon rate
Issue and coupon rate
Treasury bonds
. . .2
June 15, 1953 a
.. .2
Sept. 15, 1953
Dec. 15, 1953-55 .. . . .2
Dec. 15, 1953-544 . . ..2
Dec. 15, 1953-55 5 . 2K
Dec. 15, 1953-54 . . . . .2
June 15, 1954-56 3 . 2%
Mar. 15, 1955-603.
Mar. 15, 1956-58.. • 2V2
Sept. 15, 1956-593. 2%
Sept. 15, 1956-59..
Mar. 15, 1957-59..
June 15, 1958
Tune 15, 1958-63 3.
Dec. 15, 1958
June 15, 1959-62..
Dec. 15, 1959-62. .
Dec. 15, 1960-653. 2%
June 15, 1962-67. .
1
Sold
3
on discount basis. See
table on Open-Market Money Rates, p. 501.
4
Maturity June 15, 1954.
M a t u r i t y June 15, 1955.
Partially tax exempt.
725
7,986
510
5,825
1,501
8,662
681
2,611
1,449
982
3,822
927
4,245
919
620
5,280
3,467
1,485
2,117
Amount
Treasury bonds—Cont.
15, 1 9 6 3 - 6 8 . . . 2 ^
15, 1964-69 . . 2 y2
15, 1964-69 6 . . 2 H
15, 1 9 6 5 - 7 0 6 . . 2 Y2
15, 1 9 6 6 - 7 1 6 . . 2 M
15, 1967-72 6 . . 2 3^
15, 1 9 6 7 - 7 2 . . . 2 ^
15, 1967-72 6 . . 2 ^
2,828
3,757
3,833
4,723
2,964
1,895
2,716
3,834
Postal Savings
bonds
2Y2
Panama Canal Loan.. 3
74
50
Dec.
June
Dec.
Mar.
Mar.
June
Sept.
Dec.
Convertible bonds
Investment Series B
Apr. 1, 1975-80. . .2
12,391
2
Tax
0
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
Total
outstanding
U.S.
Govt. Fed- Com- Mutual
agen- eral
mer- savRecies
cial 1
serve banks
and
banks
trust Banks
funds
Insurance
companies
Other
1953—Jan
Feb
Treasury bills:
1950—Dec
1951—June
Dec
1952—June
Dec
1953—Jan
Feb
Certificates:
1950—Dec
1951—June
Dec
1952—June
Dec
1953—Jan
Feb
Treasury notes:
1950—Dec
1951—June
Dec
1952—June
Dec
1953—Jan
Feb
M arketable bonds:8
1950—Dec
1951—June
Dec
1952—June
Dec
1953—Jan
Feb
U.S.
Insuran ce
Govt. Fed- Com- Mucompani ef
agen- eral
tual
merRecies
savOther
and serve cial 1 ings
trust Banks banks banks Life Other
funds
^573
12,060
13,095
12,500
2^905 " 2 J 1 4 " l 6 6 1,252 2,921
172 1,246 2,923
2,905 1,214
714
191 1,356 3,172
3,437
185 1,352 3,179
3,438
312
318
362
360
3,304
3,281
3,864
3,987
185 1,346 3,180
184 1,340 3,180
360
360
3,983
3,981
Type of security:
Type of security:
Total marketable
and convertible:
1950—Dec
1951—June
Dec.....'.
1952—June
Dec. . . .
End of month
Other
Life
Total
outstanding
152,450
151 490
154,745
153,502
161,081
5,364
6,177
6,251
6,447
6,613
20,778 54,884 10,143
22,982 51 671 9 504
23,801 54,302 9,123
22,906 54,038 8,843
24,697 55,828 8,740
12,737
11,138
10,289
9,613
9,514
4,116
4,161
4,301
4,246
4,711
44,428
45 855
46,679
47,411
50,979
161,065 6,765 23,944 55,088 8,818 9,592 4,750 52,108
160,929 6,740 23,875 54,254 8,843 9,567 4,740 52,909
Convertible bonds
(Investment
Series B):
1950—Dec
1951—June
Dec
1952—June
Dec
1953—Jan
Feb
12,491 3,438
12,484 3,439
1951—June
Dec
1952—June
Dec
58,013
60,860
72,790
70,944
74,261
81
129
155
146
163
74,247
73,494
283 14,860 28,084
242 14,792 26,898
583
641
615 1,220 28,602
604 1,208 29,109
33,378
31,022
28,678
29,434
30,196
189
139
155
130
123
1,285 24,534
3,878 20,853
5,102 18,600
5,941 18,352
6,655 17,822
568
227
142
138
133
398
113
119
123
120
744
643
566
567
653
5,661
5,168
3,993
4,183
4,690
30,205
30,212
125
81
6,655 17,839
6,655 17,807
135
129
121
121
669
664
4,661
4,753
17,411
16,012
11,206
13,321
17,564
412
376
309
524
629
1,032
1,014
1,070
1,070
906 1,042
842 1,017
2,010
712
945
1,925
2,092 1,090 1,089
2,052 1,127 1,342
4,615
4,460
3,859
4,183
4,918
17,564
18,184
637
664
1,070 6,451 2,035 1,128 1,348
1,070 6,845 2,021 1,127 1,355
4,895
5,102
43,648
30,023
30,012
26,707
26,560
4,682
2,629
2,726
2,211
2,259
13,627
13,614
18,102
17,219
21,713
35
26
50
41
86
1,296 3,888
527 3,750
596 6,773
381 5,828
1,341 7,047
33
122
71
103
137
391
756
428
504
464
83 7,901 Marketable secu72 8,360 rities, due or
104 10,080
callable:
92 10,268 Within 1 year:
119 12,518
1950—Dec
21,709
21,710
206
167
652 6,538
584 5,831
156
168
483
472
128 13,546
117 14,371
17 3,194 2,753
49 12,793 6,773
60 11,821 6,877
27 5,061 4,791
2,334 1,544
7
37
41
120
37
1
113
217
76
56
52
174
445
378
317
16,712
15,958
27
23
4,996 4,799
4,996 4,414
68
101
62
63
317
314
39,258
35,806
18,409
18,963
30,266
10 12,527 15,833
14 12,439 13,704
3 5,068 10,465
2 5,568 10,431
16 13,774 10,955
136
120
67
42
49
165
208
1
5
8
542
478
315
327
486
30,275
30,282
18 13,774 10,945
IS 13,774 10,866
51
53
6
5
498
497
9,967
7,974
7,697
7,221
7,165
12,180
7,139
6,720
5,855
5,807
3,438
3,125
3,120
3,087
3,429
5,373
9,509
29,078
28,423
16,712
94,193
78,989
77,097
75,802
79,890
(2)
5,319
3,215
3,243
2,908
3,046
79,877 3,077
80,495 3,093
4,620
4,108
4,130
4,422
4,522
33,620
31,298
30,119
30,710
32,849
4,522 32,621 7,197 5,861 3,448
4,522 32,959 7,181 5,848 3,453
1,434
3,221 1953—Jan
8,761
Feb
9,092 1-5 years:
6,424 1950—Dec
1951—June
6,445
Dec
6,049 1952—June
Dec
10,044
8,841 1953—Jan
2,489
Feb
2,587 5-10 years:
4,978 1950—Dec
1951—June
4,984
Dec
5,069 1952—June
Dec
25,049
22,129 1953—Jan
22,068
Feb
21,600 After 10 years:
23,072 1950— Dec
1951—June
23,151
Dec
23,439 1952—June
Dec
1953—Jan
Feb
26,557 2,282
26,556 2,314
16,003 20,088
13,962 21,596
15,057 30,348
13,822 29,540
15,613 28,853
270
655
799 20,117
954 22,389
626 1,206
532
778 1,203 24,718
638 1,106 25,143
550
490
577 1,204 27,361
982 7,329 2,125
2,508
1,397
1,415
1,358
1,358
6,275
2,442
3,274
6,426
2,934
2,781
2,740
2,681
2,543
7,180
5,389
5,276
4,707
4,713
10,778 ,531 14,035
6,056 1,236 10,534
5,758 ,269 10,828
4,589 1,122 10,038
4,510 1,152 10,024
1,358 2,529 4,718 4,549 1,154
1,358 2,520 4,713 4,536 L,151
9,968
9,964
* 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 are1 complete for Federal agencies and trust funds and2 Federal Reserve Banks.
Figures in column headed "other"
are residuals.
Includes stock savings banks.
Less than $500,000.
3
Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
MAY
1953
507
NEW SECURITY ISSUES 1
[Estimates.
In millions of dollars]
Proposed uses of net proceeds,
all corporate issuers6
Gross proceeds, all issuers2
Year or
month
Total
U.S.
FedGoverneral
ment3 agency4
Total
Total
Pre- ComNew 7
Pri- ferred mon Total money
Publicly vately stock stock
offered placed
2,155 2,044 1,353
2,164 1,979 1,276
2,677 2,386 1,628
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
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
9,778
12,577
110 3,189
459 4,105
446
'237
'19
'21
54
'3
8
2
4
66
25
4
2,480
2,332
2,517
1941
1942
1943
1944
1945
15,157
35,438
44,518
56,310
54,712
1946
1947
1948
1949
1950
18,685
19,941
20,250
21,110
19,893
1951
1952
21,265
'26,961
r
May.
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec.
'1,664
'2,275
'2,527
'2,436
'6,436
'1,168
'1,331
'2,047
'1,108
'2,079
515
722
928
978
4,898
544
444
531
480
547
1953—Jan..
Feb..
Mar..
'1,783
'1,592
1,604
611
494
503
Apr.. .
Bonds
69
50
24
5,926
5,687
6,564
1952—Mar..
State
and
mu- Other
nicipal
115 1,108
13 1,128
109 1,238
1938
1939
1940
228
30
145
397
396
624
226
201
428
294
219
389
'392
'390
405
New capital
Corporate
Noncorporate
'86
'2
ReRetiretire- ment
ment
of
of
securbank ities
debt,8
etc
Miscellaneous
purposes
691
703
758
86
98
183
25
87
108
903
420
762
681
325
569
7
26
19
215 1,206
69 1,695
174 1,854
1,578
506
621
1,892
3,851
811
411
369
778
1,004
167
112
124
369
758
110 1,040
647
34
408
56
753
163
397 1,347
868
474
308
657
1,080
28
35
27
47
133
144 1,583
138
396
73
789
49 2,389
134 4,555
3,019
2,888
2,963
2,435
2,360
1,862
2,147
3,010
2,455
2,560
,126
761
492
424
631
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 2,868
356 1,352
488
307
637
401
620 1.271
7,741 5,691 2,364 3,326
'9,582 '7.649 '3,645 '4,005
838
'564
1,212 7,120 6,531
1,369 '8,769 '8,223
226
'174
363
'371
486
'660
'922
161
'951
'786
'137
'870
'947
'166
'990
'735
'769
112
'158 '1,237 '1,218
'276
'291
'49
'367
'390
'46
'893
'170 '1,052
'293
'340
'49
'780
'851
'119
'21
'15
'3
'4
'10
'9
'12
11
'34
'43
'7
'68
'40
'30
'10
5
'11
'148
'13
'28
'17
'21
'139
'49
'48
'123
'57
'89
'38
'46
'603
'635
630
'6
'8
17
'25
'23
24
'21
'28
12
'764
'985
'712
'907
'898
'1,149
'635
'831
'1,304 '1,113
'342
'421
'372
'455
'980
'1,157
'314
'384
'731
'908
419
398
544
211
'786
125
'159
'400
126
'140
'344
'314
'354
'425
'327
'217
'213
'581
'188
'591
'60
'59
'85
84
33
29
37
'6
'20
'58
'497
'536
51
186
307
153
'310
'229
364
'51
'47
62
'664
'706
696
891
778
614
736
811
'634
'666
67:
116
123
116
Proposed uses of net proceeds, by major groups of corporate issuers
Commercial and
miscellaneous
Manufacturing
Year or
month
Total
Retire-10 net
ments
proital»
ceeds
Total
net
proceeds
New Retire- Total
net
capproital 9 ments w ceeds
2,180
1,391
1,175
3,066
4,022
2,126
1,347
1,026
2,846
3,765
54
44
149
221
257
403
338
538
518
536
310
474
462
512
1952—March
April
May
June
July
August....
September.
October...
November.
December.
'387
'283
'631
'271
'354
'127
'183
'645
'164
'327
'381
'268
'581
'264
'336
'93
'136
'630
'147
'5
'16
'50
'7
'18
'34
'47
'15
'18
'18
'54
'74
'23
44
51
'35
'16
'30
'21
149
1953—January...
February..
March....
'283
148
203
'276
144
194
'7
'3
9
'24
'92
31
1948
1949
1950
1951
1952'
Transportation
New
New Retire- Total
cap- ments 10
proital"
ceeds
748
795
806
490
691
784
609
437
758
'45
'71
'22
44
'49
'33
'14
'29
'21
'148
'99
167
'167
58
'82
112
'39
'30
45
'115
'99
167
'99
23
'82
27
'24
'89
30
51
'51
81
32
Communication
Public utility
56
11
196
53
225
35
"85
1
2
12
'23
14
18
New Retire- Total
net
cap- ments 10 proital*
ceeds
2,150
2,276
2,608
2.412
2 ,'626
2,005
2,043
1,927
2.326
2,539
'403
'259
'238
'345
'233
'107
'165
'347
'43
'216
'401
'259
'228
'343
'231
'106
'165
'280
'43
'213
'245
'257
212
'245
'254
210
144
682
85
67
Real estate
and financial
New
Total
891
567
395
605
753
890
517
314
600
747
587
593
739
515
508
557
558
639
449
448
30
35
100
66
60
'5
'49
26
29
493
'21
'16
'27
'48
'34
'5
'47
26
'28
493
'21
'16
26
47
'33
20
'59
'45
'72
'72
'12
'27
'61
'56
'56
'19
'58
35
'68
'47
'11
'20
'58
'50
'55
'1
'10
'4
'25
'1
'7
'3
'7
1
' '4
7
15
'4
7
15
'47
'140
142
'47
'140
141
Retire-10 net
proitsf» ments ceeds
New Retirecap- ments i°
ital'
' Revised.
1
Estimates of new issues sold for cash in the United States.
2
Gross proceeds are derived by multiplying p rincipal amounts or number of units by offering price.
3
Includes
issues guaranteed.
* Issues not guaranteed.
5
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 andrequipment and working capital.
8
Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement
of short-term
bank debt are included under the uses for which the bank debt was incurred.
9
Includes all issues other than those for retirement of securities.
10
Retirement of securities only.
Source.—Securities and Exchange Commission.
508
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Quarterly
Annual
Industry
1951 i
1947
1948
1949
1950
1951
1952
1952
2
4
3
2
4
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
30,869
4,104
2,524
1,170
37,008
5,317
3,312
1,404
36,738
5,038
3,101
1,660
44,118
7,893
4,055
2,240
51,067 52,536 13,047 12,297 13,013 12,760 12,606 12,213 14,957
8,557 7,041 2,210 1,964 2,137 1 940 1 618 1 493 1 990
3,411 3,044
839
762
932
815
624
678
927
1,986 1,980
567
482
476
475
475
475
547
11,313 13,407 12,853 14,777 17,371 17,546 4,288 4,294 4,441 4 335 4 216 4 363 4 632
1,787 2,210 1,847 2,702 3,184 2,606
814
773
741
705
599
642
660
1,167 1,475 1,213 1,513 1,411 1,256
342
334
368
314
308
347
287
845
863
551
657
710
889
202
242
203
210
205
206
242
19,502 23,566 23,885 29,341
2.312 3,105 3,191 5,192
1,355 1,835 1,887 2,542
615
746
950 1,351
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes .
Profits after taxes
Dividends
Chemicals and allied products (26 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (14 corps.):
Sales
Profits before taxes . . .
Profits after taxes
Dividends . .
. . .
Primary metals and products (39 corps.):
Sales
Profits before taxes . .
Profits after taxes
Dividends . . .
. .
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
. .
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes . . .
Dividends
33,696 34,991
5,374 4,435
2,000 1,789
1,141 1,118
3 231 3,503 3,323 3,492 3,873 3,911
377
407
411
421
379
469
259
128
258
235
257
136
135
143
199
140
175
135
8,759 8,003 8,572 8,425 8,390
1,405 1,191 1,396 1,234 1,019
497
428
565
501
338
273
325
273
273
270
901
86
40
35
942
93
46
32
1,004
104
52
42
959
86
40
32
942
93
42
33
7 851 10 325
852 1,330
«37O
580
270
305
984
104
48
32
1,026
94
4S
38
3,108 3,549 3,557 4,447 5,433 5,553 1,377 1,351 1,367 1,373 1,337 1 367 1 476
547
675 1,110 1,384 1,184
365
656
342
312
318
281
285
300
484
449
337
404
560
120
409
111
125
108
105
108
128
355
373
215
254
312
438
85
87
100
87
87
88
111
2,906 3,945 3,865 4,234 4,999 5,320 1,204
456
721
525
650
350
127
548
172
406
172
442
205
861
516
231
690
488
253
203
118
55
1,246
218
127
55
1,345
222
148
64
1 318 1 27*5 1 325 1 402
204
147
165
174
129
111
115
133
64
60
60
69
7,545 9,066 8,187 10,446 12,501 11,557 3,198 3,034 3,226 3 073 2 385 2 605 3 494
993 1,700 2,092 1 ,161
557
891 1,174
492
519
425
98
208
430
854
720
565
193
176
217
220
775
29
99
217
578
545
247
270
285
377
380
367
85
86
120
88
87
06
106
3,634 4,529 4,353 5,058 6,167 7,078 1,563 1,434 1,690 1,590 1,726 1 697 2 06 S
998
972
237
847
567
519
210
301
443
232
238
213
289
367
379
320
424
82
333
270
123
81
80
90
128
73
113
125
138
208
191
199
47
48
54
49
48
49
53
6,692 8,093 9,577 11,805 12,438 12,827 3,331 2,899 2,939 3,035 3,427 2,681 3,684
508
809 1,131 1,473 2,305 1,915 1 ,950
405
488
503
596
347
504
704
695
861 1,087
183
142
639
445
185
170
191
143
191
479
461
119
119
195
282
451
671
119
116
114
114
117
Public Utility
Railroad:
Operating revenue
Profits before taxes .
Profits after taxes
Dividends
Electric power:
Operating revenue
Profits before taxes
Profits after taxes . . .
Dividends
Telephone:
Operating revenue
. . .
Profits before taxes .
Profits after taxes
Dividends .
8,685 9,672 8,580 9,473 10,391 10,580 2,596 2,583 2,772 2,587 2,532 2,633 2,828
700 1,384 1,260 1,436
275
250
505
295
261
512
368
777 1,148
479
699
438
783
236
289
252
312
146
63
124
53
320
111
141
80
4,291 4,830 5,055 5,431 5,867 6,224 1,419
344
954
983 1,129 1,303 1,480 1,718
195
161
1,423
320
168
162
1,521
403
226
181
1,603
498
257
172
2,283 2,694 2,967 3,342 3,729 4,136
918
174
92
79
931
160
72
81
976
182
86
81
993
194
93
85
494
.
816
336
922
709
643
.
693
328
215
138
131
657
757
824
493
553
619
292
186
178
333
207
213
580
331
276
818
661
691
341
318
787
384
355
149
74
208
6o
318
116
1 491 1 513 1 618
400
382
439
214
207
244
173
177
186
1,023
205
98
87
1 037 1 084
182
206
104
88
91
93
c
Corrected.
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,2 1951 quarterly profits after taxes are as reported.
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).
MAY
1953
509
PROFITS, TAXES, AND DIVIDENDS OF
UNITED STATES CORPORATIONS
[Quarterly estimates at seasonally adjusted annual
rates. In billions of dollars]
Year or
quarter
Income
taxes
Profits
before
taxes
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES »
[Estimates, in millions of dollars]
All types
Year or
quarter
Profits Cash Undisdivi- tributed
after
taxes dends profits
Bonds and notes
Stocks
New Retire- Net
New Retire- Net
New- Retire- Net
issues ments change issues ments change issues ments change
1939
6.5
1.5
5.0
3.8
1.2
1939
2,182
2,721
-539
1,939
2,550
243
171
72
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
-24
-313
-796
-475
-389
2,391
929
996
2,693
4,924
402
2,516
-125
222
1,327
—398
337
1,800
-804
731
3,391
-698
5,995 - 1 , 0 7 1 1,533
301
137
329
508
851
101
85
8
223
682
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
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
L.286
1,355
L.232
1,572
L.72O
1951
1952
42.9
39.7
24.2
'21.8
18.7
'17.9
9.0
9.1
1951'
1952
9,048
10,974
2,772
2,646
6,277 5,683
8,328 7,598
2,107
2,293
3,577 3,365
'5,304 3,377
665
353
2,701
3,024
1951—3
4
38.6
39.5
21.8
22.2
9.2
9.3
1951—3'... 1,753
4 ' . . . 2,486
642
533
1,110
1,951
1,066
1,449
478
405
687
587
1,045 1,037
164
128
522
908
1952—1
2
3
4
42.7
38.2
37.2
40.3
'23.4
'21.0
'20.4
'22.1
16.9
17.3
'19.3
'17.2
'16.8
'18.2
9.6
'8.8
7.7
8.0
8.9
9.6
9.3
9.0
'10.4
'7.6
'7.5
'9.2
1952—1....
2....
3....
4....
558
602
716
770
1,880
2,485
1,743
2,220
1,640
2,183
1,822
1,953
489
513
611
680
1,151
1,670
1,211
1,272
798
904
637
1,038
69
89
105
90
729
815
532
948
1953—1 i . . .
42.8
24.4
18.4
'9.1
'9.3
' Revised.
i Preliminary estimates by the Office of the Economic
Adviser to the President.
Source.—Department of Commerce.
2,438
3,087
2,459
2,990
-611
' Revised.
1
Reflects cash transactions only. As compared with data shown on p. 508, 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. 508.
Source.—Securities and Exchange Commission.
CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS *
[Estimates, in billions of dollars]
Current assets
Current liabilities
U. S. Gov- Notes and
ernment
accounts
securities receivable J
Notes and Federal
accounts income tax
payable * liabilities
Net
working
capital
Total
Cash
1939
24 5
54 5
10 8
2 2
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
4.0
10 1
16.4
20 9
21.1
1946
1947
1948
1949
1950.
56.2
62 1
68 6
72.4
78 4
108.1
123 6
133 0
133.1
156 1
1951—3.. .
4
82 8
82.5
170 3
174.4
22.8
25.0
25 3
26 5
27 4
28 2
29.6
1952—1
2
3
83.2
84.5
85.3
86.5
173.9
171.9
177.7
183.4
28.2
29.5
29.9
31.0
End of year
or quarter
4
1
2
Inventories
Other
Total
22.1
18.0
1.4
28.0
27.3
26.9
26.5
25.9
25.6
27.3
27.6
26.8
26.3
1.4
1.3
15.3
14.1
14 8
16.8
20 5
30.7
38.3
42.4
43.0
53 9
37.6
44.6
48.9
45.3
52.6
1.7
1.6
21 0
21.3
57.7
58.8
61.3
62.6
2.1
20.7
19.7
20.2
21.0
59.3
59.1
63.4
66.4
63.5
61.5
61.9
62.7
2.2
2.1
2.3
2.3
30.0
40.7
47.3
51.6
51.7
45.8
51.9
61.5
64.4
60.7
77.7
87.5
91.9
90.7
87.4
92.5
96.9
1.3
1.4
2.4
1.6
1.4
1.7
2.1
21.9
26.4
26 0
26.3
26 8
25.7
31.6
37.6
39.4
37.5
47.2
52.5
55.4
55.3
53.9
57.4
61.4
Other
1.2
6.9
7.1
12.6
16.6
15.5
10.4
8.5
10.7
11.5
9.3
14.8
18.1
19.7
17.9
15.8
16.2
16.8
7.2
8.7
8.7
9.4
9.7
11.8
13.2
13.5
14.0
15.7
16.8
16.7
17.4
17.8
18.9
18.7
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 *
[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
25,644
26 455
1,943
3,983
6,790
8 703
9,134
7,149
7,491
10,852
11 994
1953 4
26,991
12,039
Mining
Railroads
326
280
Transporation
other
than
rail
365
Public Communi- Other 2
utilications
ties
520
882
792
707
929
880
548
583
889
1,319
1,352
1,111
1,474
1 391
574
923
1 298
1 285
887
1,212
1,490
1 363
505
792
1 539
2,543
3,125
3,309
3,664
3 838
910
1,294
1,380
4,368
383
427
691
302
321
817
1,399
1,742
1,320
1,104
1,319
1,598
1,776
2,378
4,516
6,093
5,154
4,660
5,671
5,916
5,391
7,000
Total
Manu- Transfactur- portation
ing
incl.
and
railminroads
ing
Public
All
utili- other?
ties
6,505
7,173
2,979
3,466
778
983
4.
1,055
1,814
1,874
1952—1
2
3
4
6,141
6,808
6,244
7,265
2,867
3,384
3,026
3,596
716
821
591
692
758
928
947
1,142
1,737
1,738
1,680
1,835
1953—I4
2*
6,541
6,968
3,236
3,376
639
1,030
1,199
1,636
1,682
Quarter
1951—3
729
711
1
2
Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
3 Includes communications, trade, and other.
* Anticipated by business.
Source.—Department of Commerce and Securities and Exchange Commission.
510
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
1952P
1951—March
June
September. . . .
December. . . .
1952—March
P
Tunep
September?. . .
DecemberP. . .
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
75.0
77.8
79.9
81.9
83 7
85 9
88.3
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
20.9
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
71.6
73.6
75.6
77.3
79.3
81.6
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
66 9
53.7
56.0
57.8
59.5
61 0
63.0
65.1
66.9
2.2
2.1
2 0
1.8
1 4
1.1
9
.6
5
.6
1 l
1.4
2.0
2 4
1.6
1.7
1.8
2.0
2 2
2.2
2.3
2.4
Farm
1- to 4-family houses
Multi-family and
commercial properties 1
Total
Financial
institutions
Financial
institutions
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
46.8
48.6
50.3
51.9
53.2
54.8
56.5
58.2
10.2
11.2
11.5
11.5
11.7
12.2
16.0
20.5
25.0
28.4
35.3
41.2
46.8
36.8
38.4
39.9
41.2
42.3
43.8
45.4
46.8
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
24.6
25.1
25.6
7.8
7.8
8.0
7.8
7.4
7.2
7.5
8.4
9 6
10.9
12 4
14.0
15.7
17.3
14.5
15.1
15.4
15.7
16 0
16.4
16.9
17.3
Other
holders
All
holders
4 8
6 6
4.8
6.5
4 8
6 4
4.7
6.0
4 6
4.6
4 7
5.4
6 1
5 4
4.9
4 7
4.8
4 9
5 1
5 4
5 8
6.7
72
7.6
8.0
8 3
7.7
7.9
7.9
8.0
8 1
8 1
8.2
8.3
Financial
Other
insti- holders1
tutions
1 5
s
s
4
i.3
L.5
7
9
2 1
2 3
5 1
5 0
4 9
4 5
4 1
3.6
3 4
3.3
3 1
3 2
3 3
3 5
6.3
2.6
3.7
6 8
6.0
6.2
6.3
6.3
6 4
6 6
6.7
6.8
2 8
2.4
2.5
2.6
2.6
2 6
2 7
2.8
2.8
4 0
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 all figures for December 1952 except those on 1- to 4-family houses and total farm
(preliminary estimates from HLBB and Dept. of Agriculture, respectively), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies, and savings and
loan associations. Federal agencies include IIOLC, 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 *
[In millions of dollars]
Commercial bank holdings 2
Mutual savings bank holdings 4
Nonfarm
End of year
or quarter
Nonfarm
Residential 3
Farm
Total
Total
Total
FHA- VA- Con- Other
inguar- vensured anteed tional
4,266
4,578
4,906
4,746
4,521
4,430
4,772
7,234
9,446
10,897
11,644
13,664
14,732
15 867
3,697
4,003
4,340
4,256
4,058
3,967
4,251
6,533
8,623
10,023
10,736
12,695
13,728
14,809
2,671
2,963
3,292
3,332
3,256
3,218
3,395
5,146
6,933
8,066
8,676
10,431
11,270 3,421 2,921 4 ,979
12,188 3,675 3,012 5 501
SfntPTnhpr
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 3,421 2,921 4 ,929
2 400
1952—March .
June
vSeptember
December
14,860
15,176
15,590
15,867
13,830
14,113
14,530
14,809
11,350
11,602
11,970
12,188
4 ,990
5 ,209
5 ,390
5 ,501
2 ,480
2 ,512
2 ,560
2 ,621
1939
1940
1941.
1942
1943.
1944.
1945
1946.
1947
1948
1949.
1950
1951.
1952
1951—March
Tiinf
3,432
3,441
3,580
3,675
2,928
2,952
3,000
3,012
1 076
1 040
1 ,048
974
807
749
8S6
1 ,387
1 ,690
1 957
Farm
Total
Total
569 4 8S6
S7S 4 859
566 4 ,812
491 4 677
463 4 ,470
463 4 ,305
4 908
702 4 ,441
873 4 856
874
5 806
2 ,060
909 6 ,705
7 764
968 8 761
2 ,458 1 ,004 9 ,916
7 671
Residential 3
Total
1 0S8 11 379
4,807 3,875
932
4,829 3,914
915
4,784 3,884
900
4,601 3,725
876
4,395 3,558
837
4,281 3,476
805
4,184 3,387
797
4,415 3,588
827
4,828 3,937
891
\ 015
5,773 4,758
6,668 5,569
1 ,099
1 ,164
8,218 7,054
9,869 8,595 2,567 1,726 4,303 1 774
11,306 9,875 3,168 2,237 4,470 1 ,431
2 ,320 1 ,000 8 ,650 8,605
1 0S1 9 VW 9,091
2
1 040 9 51S 9,468
2 ,458 1 ,004 9 ,916 9,869
1 ,030
1 ,063
1 060
1 ,058
10 ,203
10 ,554
10 , 940
11 ,379
FHA- VA- Con- Other
guar- veninsured anteed tional
10,156
10,506
10,880
11,306
29
30
28
26
25
24
24
26
28
34
37
44
47
73
7,400
1 ,205
\ 258
7,833
1 268
8,200
8,595 2,567 1,726 4,303 1 ,274
45
46
8,843 2,720 1,815
9,145 2,898 1,917
9,485 3,025 2,069
9,875 3,168 2,237
47
48
60
73
4,308 1 ,313
4,330 1 ,361
4,392 1 ,394
4,470 1 ,431
47
47
1
2
Includes all banks in the United States and possessions.
Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September
figures, 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.
MAY
1953
511
REAL ESTATE CREDIT STATISTICS—Continued
MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Nonfarm
Year or month
Total
Total
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952P . .
Loans outstanding (end of period)
FHAinsured
Nonfarm
VAguaranteed
Farm
Other
855
935
976
. . .
.
...
1952—March
April
May
June
July
August
September
October
November
December
1953—January .
February
March?
. . .
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
18,306
18,425
18,574
18,716
18,870
18,998
19,147
19,298
19,411
19,560
19,701
19,834
19.992
1,661
2,786
3,407
3,430
4,980
5,111
3,975
1,483
2,520
3,114
3,123
4,621
4,704
3,600
1,202
1,350
1,572
1,051
366
131
930
1,268
850
450
1,469
1,546
1,642
2,119
2,385
2,300
328
326
286
292
75
66
171
181
42
34
301
344
353
270
316
325
63
80
69
40
45
34
32
34
173
204
222
31
28
28
22
23
27
28
38
19,870
20,008
20,175
20,335
20,505
20,643
20,801
20,961
21,087
21,245
28
24
27
203
190
242
38
38
50
21,396
21,547
21,725
451
307
303
364
288
390
285
280
337
260
352
66
79
79
65
86
347
327
403
309
289
353
78
75
84
600
29
12
30
22
31
FHAinsured
Total
898
.
Total
178
266
293
307
359
407
375
190
189
228
173
235
Farm
VAguaranteed
Other
887
897
668
913
896
841
800
776
795
895
1,106
1,224
2,026
3,131
3,350
4,876
5,538
6,356
7,090
8,176
9,399
10,550
990
1,138
1,327
1,527
1,675
5,377
5,402
5,429
5,476
5,517
5,542
5,592
5,626
5,648
5,690
3,245
3,272
3,290
3,304
3,321
3,334
3,326
3,333
3,340
3,349
9,684
9,751
9,855
9,936
10,032
10,122
10,229
10,339
10,423
10,521
1,564
1,583
1,601
1,619
1,635
1,645
1,654
1,663
1,676
1,685
5,725
5,751
5,729
3,358
3,367
3,445
10,618
10.716
10,818
1,695
1,713
1 ,733
256
844
p Preliminary.
NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ
from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset
values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown.
Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics
and Life Insurance News Data.
MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN
ASSOCIATIONS
[In millions of dollars]
Total
New
construction
Home
purchase
Other
pur- Total i
poses l
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
4,800
5,376
7,141
8,856
10,305
11,616
13,622
15,520
18,444
563
717
841
864
906
2,397
7,345
2,586
8,313
2,969
9,812
3,125 11,530
3,398 -14,140
1952-Mar..
Apr...
May..
June.,
July..
Aug...
Sept..
Oct...
Nov..
Dec.
514
549
586
587
596
617
616
659
523
541
172
183
198
192
190
200
193
208
163
161
214
239
252
257
265
279
285
303
243
248
128
127
136
138
141
138
138
148
117
132
16,073
874
3,162
1953-Jan...
Feb...
Mar..
497
523
639
147
164
206
222
222
266
128
137
167
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
16,891
FHAinsured
887
17^740
18,444
906
19,105
924
VA- Conguarvenanteed tional3
Amount, by type of lender
Year
or
month
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1952-Mar..
Apr...
May..
June..
3,228
12^776
July..
Aug. .
Sept..
3,341
13^501
Oct...
Nov..
Dec..
3,398 '14,140
1953-Jan...
Feb...
Mar..
3,492 14,689
12,037
'1 Revised.
Includes loans for repair, additions and alterations, refinancing, etc.
2
Prior to 1948, data are not available for classifications shown.
8
Excludes shares pledged against mortgage loans.
Source.—Home Loan Bank Board.
512
[Number in thousands; amounts (except averages) in millions of dollars]
Loans outstanding (end of period)2
Loans made, by purpose
Year or
month
NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
Number
1,288
1,456
1,628
1,351
1,274
1,446
1,639
2,497
2,567
2,535
2,488
3,032
2,878
3,028
Total
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
Average
amount
reOther corded
(dollars)
Sav- Insurings & ance
loan
comassns. panies
Com- Mutual
mercial
ings
banks banks
1,058
1,283
1,490
1,170
1,237
1,560
2,017
3,483
3,650
3,629
3,646
5,060
5,295
6,452
287
334
404
362
280
257
250
503
847
1,016
1,046
1,618
1,615
1,420
891
1,006
1,166
886
753
878
1,097
2,712
3,004
2,664
2,446
3,365
3,370
3,600
143
170
218
166
152
165
217
548
597
745
750
1,064
1,013
1,137
1,128
1,238
1,454
1,359
1,439
1,746
2,069
3,343
3,631
3,828
3,940
5,072
5,112
5,409
2,722
2,769
2,906
2,918
3,031
3,186
3,448
4,241
4,570
4,688
4,755
5,335
5,701
5,950
238
250
256
256
268
270
267
285
245
252
1,393
1,482
1,511
1,513
1,590
1,598
1,588
1,727
1,492
1,553
494
540
557
564
586
592
593
627
526
540
118
114
114
108
113
119
118
135
116
126
293
303
305
317
313
316
342
298
305
71
81
90
96
105
108
103
117
104
112
427
454
447
440
469
466
458
506
448
470
5,860
5,921
5,907
5,909
5,937
5,916
5,943
6,051
6,085
6,171
228
229
264
1,401
1,391
1,627
477
503
605
111
110
126
278
269
316
93
84
92
442
425
488
6,136
6,068
6,153
Source.—Home Loan Bank Board.
FEDERAL RESERVE
BULLETIN
REAL ESTATE CREDIT STATISTICS—Continued
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In billions of dollars]
[In millions of dollars]
VA-guaranteed loans 3
FHA- insured loans
Home
mortgages
Year
or
Total
month
1939
1940
1941
1942 .
1943
1944
1945
1946
1947
1948
1949 .
1950
1951
1952
Total
925
991
925
991
1,152
1,121
1,152
1,121
934
877
857
934
877
665
756
New
properties
Projecttype
Existing mort-1
prop- gages
erties
Property
imTotal
provement2
loans
52
13
14
21
85
56
20
13
360
609
Governmentunderwritten
Home
mortgages
New
properties
Alteration
Exand
isting repair2
properties
3,058
5,074
5,222
5,250
7,416
6,834
S 830
1,788
3,341
3,826
4,343
3,220
3,113
1,434
1,319
1,637
1,216
969
208
175
183
208
210
224
217
302
418
684
892
856
713
974
Aug.. . .
Sept...
Oct....
Nov. . .
Dec...
443
487
452
469
458
463
484
526
503
519
207
242
249
273
269
260
267
306
259
293
61
61
65
68
80
81
94
108
97
108
66
69
74
76
85
82
91
103
87
98
19
49
39
27
31
32
13
26
17
23
61
64
71
102
73
66
69
69
59
63
236
244
203
196
189
203
217
220
243
227
164
159
128
124
126
134
142
141
157
155
72
85
74
70
63
68
75
78
85
71
.7
.5
.4
.5
.4
.5
.4
.7
.6
.5
1953—Jan
Feb., . .
Mar. . .
539
539
504
296
265
276
108
103
103
103
86
89
18
15
20
67
61
64
243
274
228
161
184
152
82
90
75
.6
.5
6
. .
1952—Mar. . .
Apr....
May. . .
June.. .
July. ..
486
588
728
766
553
484
257
120
477
1,021
1,157
584
322
179
216
228
126
86
114
192
171
321 2,302
534 3,286
614 1,881
594 1,424
694 3,073
707 3,614
848 2,721
793
629
1,865 1,202
2,667
942
1,824
890
3
5
6
6
1
Monthly figures do not reflect mortgage amendments included in annual totals.
FHA-insured property improvement loans are not ordinarily secured by mortgages; VAguaranteed
alteration and repair loans of $1,000 or lev3S need not be secured, whereas those
:
or3 more than that amount must be.
Prior to 1949, data are not available for classifications shown.
NOTE.—FHA-insured loans repres snt gross amount of insurance written: VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed 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
Author- Commitized
ments
funds
unundiscommitted bursed
Total
FHAinsured
VAguaranteed
Mort- Mortgage
gage
pursales
chases (during
(during period)
period)
Mortgage holdings
528
848
918
661
1,085
227
824
485
239
323
199
828
1,347
1,850
2,242
188
403
169
204
320
11
425
1,178
1,646
1,922
198
672
1,044
677
538
1412
*411
1416
2
July
1,311
August
1,283
September.. . 1,238
October
1,170
November. . . 1,129
December
1,085
255
264
266
275
299
315
326
322
323
2,083
2,075
2,068
2,064
2,068
2,097
2,154
2,199
2,242
239
236
236
237
245
257
272
297
320
1,844
1,839
1,832
1,827
1,823
1,840
1,882
1,902
1,922
39
4
7
6
13
40
72
56
65
321
313
322
326
2,286
2,329
2,394
2,448
338
358
395
429
1,948
1,971
1,999
2,019
61
53
81
68
1948
1949
1950
1951
1952
1952—April
May
June
1953—January
February....
March
April
1,043
1,008
934
876
Conventional
Total
Total
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949 .
1950
1951
1952?
FHA VA-inguarsured anteed
16 3
17.3
18.4
18.2
17.8
17.9
18.5
23 A
28.2
33^3
37.5
45.1
51 9
58.2
18.9
22^9
25.4
10.8
1951—Mar. . . 46.9
June.. . 48.7
S e p t . . . 50.4
Dec
51.9
20.0
21.0
22.0
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..
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
. .
. .
53.2
June*. . 54.8
Sept.P. . 56.5
Dec.P. . 58.2
1.8
2.3
3.0
3.1
1.8
2^3
3.0
3^7
4.1
4.1
C
4.3
C
6.1
C
9.3
12 ^5
is!o
4^2
4.1
3 8
5^3
6^9
8.6
9.1
14.5
15 ]o
15.4
14.5
13 7
13^7
c 2 C14.2
C
C
2
A
17 .0
C
5 5 cjg 9
7.2
20.8
22.5
10^3 26.2
13 2 29 0
14^6 32^8
c
Corrected P Preliminary
NOTE.—For total debt outstanding, figures for
first three quarters are Federal Reserve estimates.
For conventional, figures are derivec1.
Sources.—Home Loan Bank Board. Federa I Housing Administration, Veteran.3 Administration, and
Federal Reserve.
FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY
[In millions of dollars]
End of year
or month
End of
year or
quarter
20
469
111
56
Year or month
1941
1942
1943
1944
1945 .
1946
1947
1948..
1949
1950
1951
1952 .
2
4
5
3
3
4
6 1952—April
3
May
14
June
July
August
10
September..
3
October
7
November..
3
December. .
Advances
Repayments
Advances outstanding
(end of period)
Total
Short-1
term
Long-2
term
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
29
34
83
58
56
56
63
59
106
36
24
21
54
25
28
26
20
33
581
591
653
656
687
715
752
791
864
353
359
409
416
436
460
491
520
565
229
232
244
240
251
255
261
271
300
1
439
16
197
683
245
During the period from late March through early July, the bulk of these funds 1953—January
14
February...
71
627
401
226
was available only for the purchase of mortgages on defense, disaster, and military
30
March
46
610
219
391
lousing.
2
April
32
626
47
220
Public Law 531, enacted July 14, 1952, authorized an additional 900 million
406
dollars for advance commitments to purchase mortgages on defense, disaster, and
military housing. Funds remaining from those set aside earlier for this purpose
1
Secured or unsecured loans maturing in one year or less.
then became available for over-the-counter purchases of other mortgages.
2
Secured loans, amortized quarterly, having maturities of
Source.—Federal National Mortgage Association.
more than one year but not more than ten years.
Source.—Home Loan Bank Board.
MAY
1953
513
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding, in millions of dollars]
Instalment credit
End of year
or month
Other
consumer
Automobile
goods
paper 1
paper 1
Total
Total
Noninstalment credit
Repair
and modernization
loans 2
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
1939
1940
1941
1942
7,222
8,338
9,172
5,983
4,503
5,514
6,085
3,166
1,497
2,071
2,458
742
1,620
1,827
1,929
1,195
298
371
376
255
1,088
1,245
1,322
974
2,719
2,824
3,087
2,817
787
800
845
713
1,414
1,471
1,645
1,444
518
553
597
660
1945
1946
1947
1948
1949
1950
1951
1952
5,665
8,384
11,570
14,411
17,104
20,813
21,468
25,705
2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,639
455
981
1 ,924
3,054
4,699
6,342
6,242
8,110
816
1,290
2,143
2,842
3,486
4,337
4,270
5,301
182
405
718
843
887
1,006
1,090
1.386
1,009
1,496
1,910
2,229
2,444
2,805
3,235
3,842
3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,066
746
1,122
L.356
L.445
t ,532
1,821
1,934
2,108
1,612
2,076
2,353
2,713
2,680
3,006
3,096
3,313
845
1,014
1,166
1,285
1,376
1,496
1,601
1,645
1952—February
March
April
May
June
July
August
September
October
November
December
20,649
20,609
20,940
21,705
22,446
22,751
23,030
23,414
24,050
24,525
25,705
14,555
14,550
14,731
15,308
16,032
16,465
16,728
17,047
17,572
17,927
18,639
6,114
6,090
6,186
6,539
6,974
7,200
7,272
7,388
7,639
7,866
8,110
4,080
4,044
4,053
4,169
4,324
4,433
4,539
4,669
4,871
4,943
5,301
1,078
1,079
1,098
1,138
1,178
1,221
1,258
1,300
1,347
1,376
1,386
3,283
3,337
3,394
3,462
3,556
3,611
3,659
3,690
3,715
3,742
3,842
6,094
6,059
6,209
6,397
6,414
6,286
6,302
6,367
6,478
6,598
7,066
L.979
1,997
',007
>,O55
2,054
2,023
2,026
',033
',033
',109
>,108
2,490
2,410
2,535
2,659
2,661
2,573
2,579
2,642
2,776
2,826
3,313
1,625
1,652
1,667
1,683
1,699
1,690
1,697
1,692
1,669
1,663
1,645
1953—January
February P
March?
25,507
25,246
25,675
18,785
18,863
19,285
8,273
8,470
8,783
5,256
5,133
5,162
1,378
1,378
1,384
3,878
3,882
3,956
6,722
6,383
6,390
2,129
2,079
>,142
2,956
2,645
2,575
1,637
1,659
1,673
P1 Preliminary.
Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the
items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other
consumer goods that may be used in part for business.
2
Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer
goods paper."
NOTE.—Monthly figures for the period December 1939 through 1952 and a general description of the series are shown on pp. 336-54 of the
BULLETIN for April 1953; a detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Retail outlets
Financial institutions
Total
instalment
credit
Total
1939
1940
1941
1942
4,503
5,514
6,085
3,166
1945
1946
1947
1948
1949
1950
1951
1952
End of year
or month
Commercial
banks
Sales
finance
companies
Credit
unions
3,065
3,918
4,480
2,176
1,079
1,452
1,726
862
1,197
1,575
1,797
588
132
171
198
128
657
720
759
598
2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,639
1,776
3,235
5,255
7,092
9,247
11,820
12,077
15,423
745
1,567
2,625
3,529
,439
5,798
5,771
7,576
300
677
1,355
1,990
2,950
3,785
3,769
4,833
102
151
235
334
438
590
635
815
1952—February.
March....
April
May
June
July
August. . .
September
October. .
November
December.
14,555
14,550
14,731
15,308
16,032
16,465
16,728
17,047
17,572
17,927
18,639
11,976
12,002
12,177
12,679
13,324
13,725
13,950
14,203
14,614
14,955
15,423
5,769
5,808
5,899
6,144
6,458
6,654
6,807
6,967
7,189
7,352
7,576
3,661
3,623
3,662
3,853
4,111
4,263
4,294
4,362
4,523
4,670
4,833
1953—January..
FebruaryP
MarchP . .
18,785
18,863
19,285
15,665
15,877
16,337
7,696
7,808
8,062
4,930
5,031
5,174
Household
Autoapplimobile
ance
dealers2
stores
Department
stores l
Furniture
stores
1,438
1,596
1,605
990
354
394
320
181
439
474
496
331
183
196
206
111
123
167
188
53
339
365
395
314
629
840
,040
,239
,420
,647
,902
,199
686
937
1,440
1,876
2,269
2,670
2,760
3,216
131
209
379
470
595
743
920
1,101
240
319
474
604
724
791
760
900
17
38
79
127
168
239
207
239
28
47
101
159
239
284
255
336
270
324
407
516
543
613
618
640
637
647
661
688
717
738
759
773
789
798
815
,909
,924
,955
,994
2,038
2,070
2,090
2,101
2,113
2,135
2,199
2,579
2,548
2,554
2,629
2,708
2,740
2,778
2,844
2,958
2,972
3,216
864
870
875
902
927
932
951
990
1,042
1,019
1,101
711
699
700
726
750
766
782
796
821
839
900
192
185
183
186
198
206
210
218
223
225
239
247
244
247
262
282
292
295
301
313
324
336
565
550
549
553
551
544
540
539
559
565
640
818
828
860
2,221
2,210
2,241
3,120
2,986
2,948
1,068
960
933
865
855
844
232
231
231
343
352
364
612
588
576
Other
Total
Other
P1 Preliminary.
Includes mail-order houses.
2
Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets.
514
FEDERAL RESERVE BULLETIN
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS.
BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
NONINSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
End of year
or month
Total
noninstalment
credit
Retail
outlets
(charge
accounts)
Financial
institutions
(single-payment loans)
Commercial
banks
Other
Department l
stores
Other
Service
credit
1939
1940
1941
1942
2,719
2,824
3,087
2,817
625
636
693
593
162
164
152
120
236
251
275
217
1,178
1,220
1,370
1,227
518
553
597
660
1945
1946
1947
1948
1949
1950
1951
1952.
3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,066
674
1,008
1,203
1,261
1,334
1,576
1,684
1,852
72
114
153
184
198
245
250
256
290
452
532
575
584
641
685
709
1,322
1,624
1,821
2,138
2,096
2,365
2,411
2,604
845
1,014
1,166
1,285
1,376
[,496
1,601
1,645
1952-February... 6,094
6,059
March
6,209
April
6,397
May
6,414
Tune
6,286
July
6,302
August
September.. 6,367
O c t o b e r . . . . 6,478
November.. 6,598
December. . 7,066
1,742
1,758
1,769
1,777
1,798
1,792
1,792
1,793
1,801
1,821
1,852
237
239
238
278
256
231
234
240
232
288
256
480
457
471
475
467
418
422
459
499
536
709
2,010
1,953
2,064
2,184
2,194
2,155
2,157
2,183
2,277
2,290
2,604
1,625
,652
L ,667
,683
,699
1,690
,697
,692
]L.669
,663
1 ,645
1953-January... . 6,722
February P. . 6,383
M a r c h ? . . . . 6,390
1,858
1,839
1,882
271
240
260
570
490
479
2,386
2,155
2,096
j
. .
1 ,637
,659
1 ,673
P Preliminary.
includes mail-order houses.
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
Other
consumer
goods
paper
Repair
and
modernization
loans
Total
instalment
credit
Automobile
paper
1939
1940
1941
1942
1,197
1,575
1,797
588
878
1,187
1,363
341
115
136
167
78
148
190
201
117
56
62
66
52
1945
1946
1947
1948
1949
1950
1951
1952
300
677
1,355
1,990
2,950
3,785
3,769
4,833
164
377
802
1,378
2,425
3,257
3,183
4,072
24
67
185
232
303
313
241
332
58
141
242
216
83
57
70
82
54
92
126
164
139
158
275
347
1952—February. . . .
March
April
May
June
July
August
September. . .
October
November
December....
3,661
3,623
3,662
3,853
4,111
4,263
4,294
4,362
4,523
4,670
4,833
3,074
3,033
3,063
3,237
3,466
3,589
3,608
3,660
3,804
3,940
4,072
235
233
232
240
260
281
289
301
312
317
332
66
65
65
67
68
70
71
74
78
79
82
286
292
302
309
317
323
326
327
329
334
347
1953—January
February?
March?
4,930
5,031
5,174
4,159
4,260
4,402
337
339
342
81
80
79
353
352
351
End of year
or month
x
Preliminary.
MAY
1953
End of year
or month
Total
instalment
credit
Automobile
paper
Purchased
Direct
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
1939
1940. .
1941
1942.
1,079
1,452
1,726
862
237
339
447
149
178
276
338
134
166
232
309
153
135
165
161
124
363
440
471
302
1945
1946
1947
1948
1949
1950
1951
1952. .
745
1,567
2,625
3,529
4,439
5,798
5,771
7,576
66
169
352
575
1,177
1,135
1,596
143
311
539
753
946
1,294
1,311
1 653
114
299
550
794
1 01rt
1,456
1,315
1,813
110
242
437
568
715
834
888
1,138
312
546
747
839
913
1,037
1,122
1 376
1952-February,
March
April
May
5 769
5,808
5,899
6,144
6,458
6,654
6,807
6,967
7,189
7,352
7,576
1,116
,114
,136
,218
,313
,364
,392
,430
,485
,534
,596
1,318
1,336
1,368
1,432
1,508
1,540
L.554
,567
,599
,625
,653
1,301
881
1,291
881
1,289
899
931
,331
967
1,394
1,004
1,452
L ,512 1,036
L,564 1,070
,647 1,110
,709 1,131
,813 1,138
1,153
,186
1,207
1,232
1,276
1,294
,313
1.336
,348
,353
,376
1953-January
7,696
February?.. 7,808
March?. . . . 8,062
,631
,662
,724
,684
, 736
,816
1,132
1,133
1,139
1 .400
June
July
August
September..
October
November..
December. .
R4Q
,861
,877
,949
,388
,454
Preliminary.
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
Total
instal-
Other
consumer
goods
paper
Repair
and
modernization
loans
credit
Automobile
paper
1939
1940
1941
1942
789
891
957
726
81
102
122
65
24
30
36
27
15
16
14
14
669
743
785
620
1945
1946
1947
1948
1949
1950
1951
1952
731
991
1,275
1,573
1,858
2,237
2,537
3,014
54
77
130
189
240
330
358
453
20
34
69
99
137
182
209
276
14
22
39
59
89
115
132
166
643
858
,037
,226
,392
,610
,838
,119
1952—February. . . . 2,546
March
2,571
April
2,616
May
2,682
June
2,755
July
2,808
August
2,849
September. . . 2,874
October
2,902
November
2,933
December.... 3,014
359
363
372
390
405
415
423
430
438
443
453
212
216
225
231
244
252
255
261
267
269
276
131
133
134
140
143
147
151
156
159
166
166
,844
,859
1,885
1,921
1,963
1,994
2,020
2,027
2,038
2,055
2,119
3,039
3,038
3,101
456
460
477
281
283
287
165
165
166
2,137
2,130
2,171
End of year
or month
Personal
loans
1953—January
February?
March?
Personal
loans
P Preliminary.
NOTE.—Institutions included are consumer finance companies (operating primarily under State small-loan laws), credit unions, industrial
loan companies, mutual savings banks, savings and loan associations,
and other lending institutions holding consumer instalment loans.
515
STATISTICS O N SHORT- A N D INTERMEDIATE-TERM CONSUMER CREDIT—Continued
FURNITURE STORE STATISTICS
Item
Percentage change
from preceding
month
Percentage change
from corresponding
month of preceding
year
Mar.
1953?
Feb.
1953
Jan.
1953
1953P
+9
+8
+ 14
+3
-3
-10
-45
-46
-3
+1
Accounts receivable, end
of month:
Total
Instalment . .
-1
-1
Collections during
month:
Total
Instalment
Inventories, end of
month, at retail value.
Net Sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *
Mar.
Feb.
1953
Jan.
1953
+7
+3
+3
+6
-3
-49
-31
+ 11
+4
+7
+1
+ 15
-1
-1
-4
-4
+25
+20
+24
+21
+23
+20
+4
+9
-9
-9
+5
+2
+5
+6
+4
+4
+5
+6
+6
+4
+1
0
-1
-3
-3
-4
Preliminary.
Instalment accounts
Year or month
Furniture
stores
18
20
18
19
18
17
17
18
18
17
17
10
11
10
11
10
10
11
11
11
10
10
13
13
13
13
12
12
11
12
11
11
11
45
48
46
48
46
46
46
47
50
48
48
17
15
17
10
9
10
11
10
10
47
44
49
June
July
August
September
October
November
December
1953
January
February
March?
Household ap- Department
pliance
stores
stores
Department
stores
1952
February
March
April
May
Charge
accounts
P1 Preliminary.
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
Percentage of total sales
Collections during
month
Instalment
Charge
account
Instalment
Charge
account
Instalment
sales
Charge
account
sales
Total
Cash
Averages of monthly
data:
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
46
53
60
67
75
93
99
103
98
101
104
103
44
57
72
82
92
105
103
103
94
93
95
93
55
45
39
36
37
56
85
105
110
136
133
142
48
48
49
53
59
84
95
104
101
106
111
109
76
60
35
29
28
38
67
108
125
177
181
189
53
48
42
44
50
73
92
105
103
111
124
127
58
60
47
41
40
53
78
106
117
146
165
158
47
51
50
52
59
78
92
103
104
111
118
120
48
56
61
64
64
59
55
52
51
48
48
47
9
6
5
4
4
4
6
7
8
10
9
10
43
38
34
32
32
37
39
41
41
42
43
43
1952—February. . . .
March
April
May
June
July
August
September. . .
October
November. . .
December
79
91
99
100
93
78
89
101
116
120
190
72
83
90
90
84
71
81
89
102
108
176
106
122
118
137
126
113
136
149
178
174
233
83
96
107
106
99
80
90
108
124
127
200
182
178
175
176
178
177
180
190
201
211
231
124
117
121
122
120
107
108
118
128
138
183
162
170
153
153
148
144
145
151
159
160
167
129
118
108
115
114
111
100
103
119
123
134
48
48
48
47
47
48
48
46
46
47
49
10
10
9
10
10
11
11
11
11
11
9
42
42
43
43
43
41
41
43
43
42
42
84
78
99
76
69
88
121
119
143
87
81
106
226
224
227
147
126
123
179
162
177
172
132
125
47
47
46
11
11
11
42
42
43
1953—January
February....
March?
,
Charge
account
Cash
sales
Instalment
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. 527.
516
FEDERAL RESERVE B U L L E T I N
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)*l
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- AdAdAdAdAd- Unad- AdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed
Department
Wholesale
Concomsales* sumers'
3
prices
moditv
(retail
3
value) 4 1947-49 prices
1947-49 -100 1947-49
= 100
-100
Adjusted
Unadjusted
Unadjusted
72
75
58
73
88
82
90
84
93
53
81
103
95
107
62
60
57
67
72
69
76
71
83
66
71
98
89
92
34
34
30
43
45
51
66
26
18
27
41
49
57
75
39
45
32
43
42
46
59
61.6
62.2
55.4
58.7
64.6
63.8
65.5
68.7
69.0
52.8
58.4
66.9
62.1
64.2
31.1
37.1
24.0
25.7
32.6
30.4
32.1
120
129
110
121
142
139
146
27
32
30
30
34
34
36
74.0
85 7
76.4
71 6
72 9
73 1
75 0
1926
1927
1928
1929
1930
96
95
99
110
91
114
107
117
132
98
79
83
85
93
84
100
100
99
107
93
69
69
73
63
49
73
71
76
52
30
67
68
70
70
62
67.9
68.2
68.3
71.3
67.0
65.5
64.1
64.2
68.3
59.5
33.0
32 4
32 8
35 0
28.3
152
147
148
152
131
37
37
37
38
35
75
74
73
73
71
1931
1932
1933
1934
1935
75
58
69
75
87
67
41
54
65
83
79
70
79
81
90
80
34
15
14
17
20
22
8
7
7
41
20
18
24
25
50 2
42.6
47.2
55.1
58.8
21 5
14 8
15 9
20.4
23.5
105
78
82
89
13
60 6
53.7
53.9
59.0
61.6
32
24
24
27
65 0
58 4
55 3
57 2
58.7
47 4
42 1
42 8
48 7
52.0
1936
1937
1938
1939
1940
103
108
122
78
109
139
100
106
95
109
115
30
32
35
22
35
39
44
27.2
32.6
25.3
29.9
34.0
33
36
40
40
44
63.9
70.1
59.6
66.2
71.2
107
25
27
37
43
66.2
70.6
66.4
69.6
73.6
111
89
101
109
35
32
35
37
59
61
60
59
59
52
56
51
50
51
201
279
360
353
274
142
158
176
171
166
66
89
54
49
74
116
44
50
192
220
225
202
237
165
172
177
168
187
135
148
273
280
194
189
1919
1920
1921
1922
1923
1924
1925
.
...
.
...
113
89
109
125
1941
1942
1943 .
1944
1945
162
199
239
235
203
. . . .
... .
1946
1947
1948
1949
1950
176
200
1951
1952
219
170
187
192
220
67
76
80
86
99
112
97
106
117
125
129
37
22
36
24
10
16
134
82
87
149
155
84
102
86
98
132
140
137
113
159
116
185
164
171
170
160
183
183
92
29
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
95.1
'99.4
'101.5
111 '99.1
142 '102.3
97.9 81 2
103.4 97.7
102.8 105.1
93.8 97.2
'99.6 '111.7
132
90
143
138
98
104
172 '108.0
183 '109.8
'106.2 '129.6
'105.5 '135.3
134
109
126
110
45
30
50
79
83
105
137
140
135
116
128
56
62
70
98
105
6
2
3
3
4
3
4
3
4
9
65
62
62
61
56
0
0
9
9
1
S
1
1
1
1
62 9
69 7
74.0
75 2
76.9
56 8
64 2
67.0
67 6
68.8
83 4
95 5
102 8
101.8
102.8
96 4
104 4
99.2
103.1
111 0
113 5
114 8
111 6
78 7
1951
222
220
274
174
170
140
156
218
217
282
185
163
166
145
127 '108.4 '104.4 '106.2 '130.8
162 '108.4 '104.4 '105.4 '130.3
180 '108.6 '104.7 '105.4 '133.7
133
109
113
December
109
112 1
112 8
113.1
113 7
113 6
113.5
1952
January
February
March
April
May
June
July
August
September
October
November
December
221
222
221
216
211
204
193
215
228
230
234
235
217
218
217
215
211
205
194
218
232
233
235
233
282
284
285
277
277
247
230
267
290
300
304
313
189
190
188
183
181
186
179
191
194
195
197
194
167
167
164
166
140
147
142
156
175
164
171
168
161
156
164
171
168
172
177
207
207
210
196
205
142
163
174
189
186
193
196
193
191
185
178
183
173
152
157
158
156
158
165
217
218
227
207
219
'130.9
'132.0
'132.5
'129.1
'128 9
'127.3
'122.2
'134 2
'143.3
'145.7
'146 3
'150.9
141
136
133
126
122
108
102
125
134
128
134
131
109
106
105
103
108
111
105
114
106
115
113
115
113.1
112.4
112.4
112.9
113 0
113.4
114.1
114 3
114.1
114.2
114 3
114.1
113.0
112.5
112.3
111.8
111 6
111.2
111.8
112 2
111.8
111.1
110 7
109.6
1953
January
February
March
236
240
232
236
'315
322
P239
P327
•'241
190
173
177
173
182
176
201 '112.1 '110.5 '110.0 '147.4
167 '112.4 '111.2 '111.0 e'149.2
178 P112 4 P i l l . 8 Pill .6 152.0
'329
195
198
*200
*198
164
163
P242
134
130
132
111
111
P113
'107
113.9
113.4
113 6
109.9
109.6
110 1
October
218
219
"242
277
188
188
P160
"160
160
146
'108.7
'109.2
'109.1
'109.0
'109 1
'108.6
'108.3
'109 9
'110.8
'111.3
'111 8
'112.0
'104.7
'104.9
'104.9
'105.2
'104 6
'102.0
'100.6
'104 7
'106.8
'107.8
'109 2
'110.0
'104.2
'104.7
'104.7
'104.1
'102 9
'100.9
'98.9
'105 7
'109.0
'109.6
'110 2
'110.8
135
137
129
' Estimated; all estimates are those of the Federal Reserve.
P Preliminary.
' Revised.
* Average per working day.
'For
indexes
by
groups
or
industries,
see
pp.
518-521.
2
Three-month moving average, based on F..W. Dodge Corporation data. A description of the index may be obtained from the Division
of Research
and Statistics. For monthly data (dollar value) by groups, see p. 525.
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 figures
on employment and payrolls incorporate revisions to first-quarter 1951 benchmark levels. The consumers' prices index is the revised series, reflecting beginning January 1953 the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim
adjusted" and "old" indexes converted to the base 1947-49=100.
*For indexes by Federal Reserve districts and for other department store data, see pp. 527-531.
Backfiguresin BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943 DO 958-984;
for department store sales, December 1951, pp. 1490-1515.
MAY
1953
517
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Federal Reserve index numoers. 1935-39 average =100]
1953
1952
Industry
Mar. Apr.
May
June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.
Mar.
Industrial Production—Total
221
216
211
204
193
215
228
230
234
235
236
240
Manufactures— Total
231
225
224
214
202
225
237
242
245
247
249
254 P257
Durable Manufactures
P242
285
277
277
247
230
267
290
300
304
313
'315
322 P 3 2 7
Iron and Steel1
263
245-
246
140
139
244
270
281
283
286
287
290 P297
Pig iron
Steel
Open hearth
Electric
Machinery
239
309
225
911
205
278
196
855
208
278
195
867
42
66
39
256
38
83
36
418
721
283
202
860
242
319
222
247
332
233
244
334
231
247
335
238
249
333
235
247
337
234
359
354
353
352
331
336
354
363
371
385
r
391
396
r392
r
392
405 P413
r
282
301 P 3 0 8
Transportation Equipment
327
Automobiles (including parts)
. . . 222
(Aircraft; Railroad 2Equipment; Shipbuilding— Private
and Government)
Nonferrous Metals and Products
Smelting and refining
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin) a ,
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products;
Magnesium products; Tin
consumption) 2
Lumber and Products
Lumber
Furniture
Stone, Clay, and Glass Products
Glass products
Glass containers
Cement
Clay products
Other stone and clay products 2
Nondurable Manufactures
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 2
Wool textiles
Carpet wool consumption
Apparel wool consumption
Wool and worsted yarn
Woolen varn
Worsted varn
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
Wheat flour
Cane sugar meltings 2
Manufactured dairy products
Butter
Cheese
329
338
339
287
300
253
348
241
1013 1040 1064 1022 1029 1071 1113
353
371
376
P404
265
272
'282
225
237
240
246
249
259 P259
248
251
251
258
266
293 P29S
197
216
231
236
241
242
245
141
149
155
155
161
165
171
175 vl73
128
135
140
138
146
149
162
166
161
169
165
175
183
189
191
196
189
192
P196
217
222
214
221
222
224
221
222
233
v?Vi
227
243
230
168
247
269
222
170
243
266
215
158
243
261
231
163
245
261
227
161
241
225
232
257
242
255
279
168
P255
231
163
232
242
233
162
227
231
229
162
175
247
218
218
216
210
201
213
252
257
259
247
242
251
204
203
199
195
184
158
152
142
146
149
143
128
175
134
170
168
222
220
224
239
244
175
225
242
238
173
2 54
r
••221
225
254
'160
r
168
P243
272
273
188
183
181
186
179
191
194
195
197
194
195
198
P200
152
144
151
154
147
170
177
172
176
169
169
173
•P173
139
141
288
131
130
280
137
135
287
138
133
312
129
111
343
143
369
158
145
377
154
142
361
158
149
356
152
141
337
151
140
350
157
149
112
123
110
108
103
114
113
108
117
110
103
96
112
109
117
113
123
112
108
116
123
11?
75
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
138
164
130
124
115
136
146
130
149
129
118
108
r
132
136
142
173
140
130
116
148
142
108
102
105
103
91
116
112
112
113
107
116
119
86
98
68
69
84
95
72
64
90
105
67
67
92
106
69
67
81
91
60
71
97
110
79
67
97
107
90
65
103
115
87
77
103
117
84
83
100
112
88
80
116
87
79
101
114
82
81
72
69
72
89
93
115
88
76
114
66
86
122
111
98
129
123
118
120
112
166
163
160
166
162
164
168
165
161
103
108
103
109
109
108
109
113
142
71
146
73
148
73
181
149
183
163
169
133
79
113
147
69
145
70
148
69
148
71
146
73
147
73
180
164
176
152
178
168
178
166
176
155
191
152
r
r
80
'338
148
349
80
126
131
164
165 P168
108
114
108 P109
152
85
151
89
151
90
154
94
209
155
209
142
205
138
209
149
r
r
P1 Preliminary.
Revised.
Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods
may 2be obtained from the Division of Research and Statistics.
Series included in total and group indexes but not available for publication separately.
3
Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer
available separately. Individual indexes through June 1951 are shown in preceding BULLETINS.
518
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Confine
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1935-39 average = 100]
1952
1953
Industry
Jan.
Feb.
Mar.
169
181
175
113
100
174
181
188
109
97
179
187
193
\\\
100
170
'140
170
141
138
183
J>172
»147
145
182
166
158
159
173
177
31
133
369
182
44
127
228
175
53
160
180
169
58
130
221
179
63
191
245
Mar.
Apr.
May
June
July
Aug.
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
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
167
124
134
184
'169
128
150
••183
180
Sept. Oct.
Nov. Dec.
Manufactured Food Products—Continued
Meat packing .
Pork and lard
Beef
Veal
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
. .
170
Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
Tobacco Products
..
Cigars
Cigarettes
Other tobacco products
PaPer and Paper Products
Paper and pulp
....
. .
Pulp
Groundwood pulp
Soda pulp
Sulphate and sulphite pulp 8
Paper
Paperboard
Fine paper 2
Printing paper
Tissue and absorbent paper
Petroleum and Coal Products
Petroleum refining'
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 2
Coke
Bv-product coke
Beehive coke
155
176
19
108
224
160
26
148
263
154
28
182
325
172
186
187
190
181
172
179
194
194
113
240
54
111
261
68
123
257
65
134
258
66
124
249
57
98
243
59
110
249
64
111
276
61
112
277
60
188
192
203
205
196
200
207
211
180
229
132
82
267
172
722
181
220
125
83
256
175
233
192
233
125
89
274
186
246
194
236
108
92
280
188
240
185
220
112
91
258
180
235
191
233
112
92
275
185
236
107
"237
118
95
'279
191
245
201
245
113
94
291
194
249
168
180
148
130
165
187
146
126
178
206
150
123
182
193
161
121
179
195
151
116
185
201
162
119
193
201
167
118
193
207
170
121
154
62
298
205
149
51
231
214
161
38
185
207
174
184
178
189
109
243
59
110
259
62
114
245
64
116
264
65
192
185
182
181
160
188
241
117
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
189
190
178
131
186
186
161
122
175
162
149
130
182
168
153
134
150
174
P4
126
177
175
170
176
157
165
165
176
175
168
173
180
183
164
164
166
169
f 64
162
166
173
169
157
162
167
173
1 ?7tt
261
209
211
219
280
282
279
290
291
293
293
t*288
210
227
183
223
205
218
177
211
157
167
124
133
216
228
185
199
27 5
731
174
226
231
735
181
230
234
232
179
708
225
226
182
207
233
239
171
225
729
730
164
241
230
241
160
250
231
236
148
P22S
P234
177
174
299
179
178
243
182
179
268
18<S
182
312
188
183
353
Printing and Publishing
Newsprint consumption
Printing paper (same as shown under Paper)
151
165
21
234
175
150
99
Newsprint
Panerboard containers (same as Paperboard)
162
157
V\
68
292
208
112
Pi 85
162
i
204
197
420
166
161
326
165
161
311
72
71
84
67
67
52
169
168
184
r
726
1 «8
189
T83
18.3
3<i4
395
r
292
292
298
299
302
302
304
308
309
^309
310
P.?/5
155
269
563
152
267
559
151
270
558
154
354
568
155
370
567
158
358
578
1*9
350
595
159
351
598
160
348
'•594
159
336
597
p \ ZR
307
563
157
37 5
565
Rubber Products.. .
242
215
242
246
242
212
260
264
'272
268
268
P276
Minerals—Total
164
166
140
147
142
156
175
164
171
16S
164
163
vl60
Fuels
170
171
140
161
111
161
180
167
177
176
172
170
P167
111
122
68
199
110
119
74
201
100
107
73
159
96
102
74
193
84
91
57
190
93
102
6\
194
133
144
93
93
OS
203
125
135
87
202
115
125
71
207
105
116
60
204
99
109
60
205
96
107
51
P2O2
125
141
143
65
65
131
149
145
138
117
120
123
nzs
176
205
207
71
71
188
219
212
200
166
170
175
P178
48
78
47
77
51
75
52
71
54
63
50
63
48
63
47
69
48
67
46
66
46
67
47
67
Chemical Products
Paints
Rayon
Industrial chemicals
Other chemical products
2
...
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
203
(Copper; Lead; Zinc) a
Gold
Silver
P3^4
r>604
. . .
For other footnote! see preceding page.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, p j . 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
MAY
1953
519
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Federal Reserve index numbers. 1935-39 average=100]
1953
1952
Industry
Mar. Apr. M a y June July Aug. Sept. Oct.
Nov. Dec. Jan.
Industrial Production—Total
217
215
211
205
194
218
232
233
235
233
Manufactures— Total
228
224
224
215
203
228
242
245
246
246 '245
292
301
305
r
283
277
278
249
232
269
. . .
263
245
246
140
139
244
270
281
283
Pig iron
Steel
Open hearth
Electric
239
309
225
911
205
278
196
855
208
278
195
867
42
66
39
256
38
83
36
418
221
283
202
860
242
319
222
247
332
233
244
334
231
Machinery
359
354
353
352
331
336
354
363
Transportation Equipment
327
329
338
339
287
300
353
371
222
227
231
229
162
175
247
265
272
r
218
218
216
210
201
213
225
237
252
257
260
246
241
251
248
251
204
203
199
195
184
197
216
149
152
145
155
150
160
135
175
143
170
133
168
148
169
143
165
152
175
212
216
224
225
216
231
Glass products
Glass containers
Cement
. . .
Clay products
Other stone and clay products 2
224
239
200
167
225
242
226
168
240
260
241
167
245
266
237
169
235
255
236
160
Nondurable M a n u f a c t u r e s
184
180
180
187
181
Durable Manufactures
Iron and Steel
1
Automobiles (including parts)
(Aircraft; Railroad 2 equipment; Shipbuilding—Private
and Government)
Nonferrous Metals and Products
Smelting and refining
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin) 2 .
Fabricating . .
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
consumption) 2
Lumber and Products
Lumber
Furniture
Stone Clay, and Glass Products
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 2
Manufactured dairy products
Butter
Cheese
Canned and dried milk
Ice cream 2
232
Feb. Mar.
236
P239
250 P254
319 P325
310
286
287
290
P297
247
335
238
249
333
235
247
337
234
253
348
241
371
385
'391
396
376
'392
'392
405 P413
282
••282
301 P308
241
246
249
259 P259
251
259
266
293 P299
231
236
241
242
245
P243
167
164
160
151
151
159
P!63
159
183
151
189
143
191
128
196
132
189
142
192
P196
232
235
226
'214
251
272
261
169
248
267
263
167
247
262
267
173
234
245
252
167
210
210
231
r
165
222
227
209
195
201
200
199
193
191
194 P196
1013 1040 1064 1022 1029 1071 1113
'209
P404
146
216 P227
236
248 272
212 224
159 P162
152
144
151
154
147
170
177
172
176
169
169
173 P173
139
131
137
138
129
152
158
154
158
152
141
288
130
280
135
287
133
312
111
343
143
369
145
377
142
361
149
356
141
337
151
140
350
149
338
112
123
108
117
117
113
123
120
137
148
134
140
137
153
138
164
130
149
142
173
110
123
112
108
112
75
125
113
106
103
71
110
120
139
149
126
117
137
127
120
130
129
130
121
142
112
138
108
103
103
96
113
123
131
144
140
136
138
141
102
90
116
111
112
114
107 '117
122
90
105
90
102
77
86
95
107
95
105
104
116
107
121
99
112
103
119
108
123
64
66
77
70
68
78
60
70
62
83
65
92
88
66
86
89
77
93
85
80
91
87
80
72
85
79
75
86
85
88
124
115
148
349
140
130
116
118
108
r
136
132
146 1 3 6
103
97
120
112
157
114
112
109
116
124
113
123
124
108
102
105
86
98
84
95
67
68
70
122
69
66
68
114
115
111
98
129
123
118
120
112
126
131
148
149
154
165
174
185
192
178
165 '161
153
148 P150
101
104
99
109
108
108
118
115
114
107
114
109 P107
116
152
197
217
215
214
173
133
106
107
98
67
151
74
155
109
55
143
153
126
110
120
115
124
64
152
131
75
188
168
94
245
227
95
256
227
86
217
76
199
176
173
69
182
63
158
r
148
142
80
168
128
86
188
146
P1 Preliminary.
' Revised.
Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods
may 2be obtained from the Division of Research and Statistics.
Series included in total and group indexes but not available for publication separately.
3
Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer
available separately. Individual indexes through June 1951 are shown in preceding BULLETINS.
520
FEDERAL RESERVE
BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Federal Reserve index numbers, 1935-39 average=100]
1953
1952
Industry
Mar
Apr. M a y June July Aug. Sept
Oct.
Nov
Dec. Jan. Feb.
Mar.
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef .
Veal
Lamb and mutton
.
165
214
128
Alcoholic Beverages
. . . .
.
Malt liquor
Whiskey
O t h e r distilled spirits
Rectified liquors
.
. . .
.
.
.
.
.
.
.
Tobacco Products
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products
Paper and pulp
Pulp
Groundwood pulp
Soda pulp .
. .
Sulphate and sulphite pulp 3
Paper...
Paperboard
Fine paper 2
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)
.
Printing and Publishing
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products
Petroleum refining 2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 2
Coke
By-product coke
Beehive coke
. .
Chemical Products
Paints .
Rayon
Industrial chemicals .
.
Other chemical products 2
.
.
.
.
147
147
188
127
167
140
170
134
76
78
88
99
83
77
78
73
153
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
152
151
82
89
125
176
107
175
155
155
159
68
190
208
162
62
179
205
164
109
226
59
154
166
137
138
154
144
146
139
150
158
163
109
118
138
65
75
93
169
190
183
167
230
161
149
141
100
179
195
207
191
179
234
89
174
167
106
157
166
174
175
96
104
98
98
155 P154
89
P81
134
144
161
145
44
140
228
144
53
104
180
152
58
83
221
167
63
124
245
184
159
178
184
183
124
254
59
98
224
51
110
249
63
111
260
59
112
258
60
203
205
195
200
r207
211
192
232
116
89
274
186
194
237
114
92
280
188
185
220
113
91
258
179
191 198
233 238
117 '122
92
95
275 '279
185 '192
201
246
121
94
291
194
233
246
249
235
236
245
249
165
187
146
126
178
208
150
123
182
193
161
123
179
189
151
114
185
199
162
119
193
209
167
118
193
207
170
121
157
166
180
183
172
168
178
187
146
168
182
184
165
150
164
180
259
280
282
279
290
291
'293
293
P288
216
228
185
187
225
231
172
210
231
235
179
221
234
232
179
206
225
226
182
207
233
239
171
231
229
239
163
248
230
241
155
255
67
67
114
175
194
171
195
158
193
176
186
159
159
173
163
170
51
139
214
203
38
115
207
220
19
115
224
188
21
126
175
161
26
202
263
143
28
472
325
136
31
280
369
174
178
197
179
193
198
197
110
241
62
114
245
64
116
278
66
113
252
54
111
274
66
123
275
69
134
268
71
192
186
182
182
159
188
191
188
242
125
99
284
180
181
230
121
95
269
174
175
222
117
92
260
168
177
227
122
89
266
169
180
227
116
82
267
172
181
217
112
83
256
175
205
202
207
153
193
110
68
226
147
201
182
222
189
190
178
131
186
188
161
124
175
162
149
131
182
171
153
135
150
167
124
124
168
180
148
129
180
180
174
175
145
171
174
173
168
141
278
261
209
251
210
227
181
227
205
218
184
215
157
167
129
134
178
105
166
178
173
140
174 P177
144
194
190
96
193
158
116
95
r
199
237
178
149
174
279
89
189
96
100
208
266
163
124
204
197
166
161
165
161
72
71
420
326
311
84
298
295
291
155
269
563
153
267
559
155
270
558
100
151
'187
142
'91
231 P225
236 P234
147
238
169
168
177
174
179
178
182
179
186
182
52
184
299
243
268
312
353
296
295
299
305
309
313
314
311
314 P319
156
307
563
155
325
565
152
354
568
153
370
567
158
358
578
157
350
595
159
351
598
157
348
r
594
157 P158
336 P3 54
597 P604
188
183
188
183
'364
189
183
395
242
235
242
246
225
242
252
260
264
268
268 P276
Minerals—Total
158
165
143
149
144
161
180
166
no
163
159
158 P155
Fuels
170
171
140
161
155
161
180
167
177
176
172
170 P167
111
122
68
199
110
119
74
201
100
107
73
159
96
102
74
193
84
91
57
190
93
102
61
194
133
144
88
203
93
93
95
203
125
135
87
202
115
125
71
207
105
116
60
204
99
96
109 107
60
51
205 P202
.
90
130
159
74
81
164
178
164
131
84
.
. . . 118
94
189
238
238
348
90
41
101
71
244
381
265
418
241
363
185
248
108
83
109
86
115 P120
91 105
43
80
42
77
44
74
48
68
52
61
54
61
55
64
56
69
54
68
48
65
44
68
R u b b e r P r o d u c t s . .
.
.
.
. . . .
B i t u m i n o u s coal
Anthracite
Crude petroleum
. .
.
.
.
Coal
Metals
.
.
.
Metals other than gold and silver
Iron ore
(Copper* Lead* Zinc)2
Gold
Silver
.
.
.
..
.
.
.
.
86
90
42
68
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.
MAY
1953
521
OUTPUT OF MAJOR CONSUMER DURABLE GOODS
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1947-49 average =1001
1952
1953
Product group
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Total
104
103
105
108
71
84
121
125
134
134
148
148
Passenger automobiles.
103
109
110
114
47
63
122
125
131
129
134
146
151
Household goods, total.
Carpets
Furniture
Major appliances....
Radios and television
106
97
119
81
115
137
98
120
114
118
99
118
91
214
139
94
125
115
141
108
76
113
94
141
124
83
106
82
101
44
110
89
136
98
80
102
98
99
81
109
85
115
237
236
'149
103
r
120
'123
279
150
104
122
126
273
125'
131
226
61
113
74
135
89
205
rl41
144
r
Revised.
NOTE.—Figures for March 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]
1952
Industry group or industry
Mar.
Apr.
1
M ay j June
May
July
1953
Aug.
Sept.
Oct.
Nov.
Dec
Jan.
Feb. j Mar.
ADJUSTED FOR SEASONAL
VARIATION
Total
12,980 13,014 12,942 12,622 12,442 12,953 13,216 13,338 13,513j 13,607 13,667
Durable goods
7,452
7 ,463 7,096 6,871 7,372 7,616 7,726 7,862 7,944 8,004
7,500
Primary metal industries
1 ,116 1,109
1,110
1,109
1,073
684
1 116
653
1,120
1 ,126 1,134
Fabricated metal products
840
862
843
843
884
818
923
792
834
908
899
Machinery except electrical
1,282
1,233
1 ,292 1 280
1 ,271
1,230| 1 ,205 1,214
| 1,309!
1 .2**
Electrical machinery
783
784
824
843
783
890
781
782
798
875
8=;Q
Transportation equipment.
1,276
1,355
1 ,300 1 ,322
1 ,340 1,190
1,221
1,411
1 ,484 1 ,5101
1.450
Lumber and wood products.
706
653
736
718
687
714
744
740
717
708
723
Furniture and fixtures
302
304
314
307
325
302
308
312
316
324
321
Stone, clav, and glass products. .
443
442
453
447
456
446
441
449
457
453
459
Instruments and related products
224
223
230
233
225
228
226
223
238
240
Misc. manufacturing industries..
361
370
383
387
390
365
378
379
396!
394
119
Ordnance and accessories
129
126
132
132
127
123
126
137
136
134
Nondurable goods
5,528
5,514
5 ,479 5 ,526 5,571 5,581 5,600 5,612 5,651
5,663 5,663
Textile-mill products
1 ,089 1,079
1,122
1 ,138 1 ,135 1 .135 1,129
1 ,075
1 ,068
1,100
1 ,121
Apparel and other finished textiles
1,055
1,074
1,072
1,066
1,048
1 ,043
1 ,055
1,083
1,108
1 ,093 1,098
Leather and leather products. . .
333
347
341
349
336
344
343
346
358
361
357
Food and kindred products
1,136
1 ,133
1,137
1 ,115 1 ,116 1,125
1,138
1 ,145
1 ,128
1 ,124 1,127
Tobacco manufactures
95
95
97
98
94
98
99
98
100
105
102
Paper and allied products
414
416
427
432
421
427
413
419
433
434
431
Printing, publishing and allied
industries
492
499
491
492
495
497
499
492
495
500
498
Chemicals and allied products...
521
508
518
513
509
521
518
511
519
508
508
Products of petroleum and coal.
185
158
187
187
189
188
176
188
175
188
188
Rubber products
208
208
205
208
211
209
207
201
217
215
213
13,7531 13,830
8,092 8,160
1.1361 1,139
942
935
1,315
1.311
912
907
1 ,569
1,555
703
693
333
326
459
454
239i
399!
137|
5,661!
1 ,118
242
407
139
5,670
1,122
1,102
355
1,141
98
433
1,104
356
1,127
97
435
497
511
188
218
501
520
187
221
WITHOUT SEASONAL ADJUSTMENT
Total
12,951 12,872 12,726
Durable goods
7,484
7,497
7,426
Primary Metal Industries
1 ,105
1,122
1,109
Blast furnaces, steel works
562
549
552
and rolling mills
848
847
839
Fabricated Metal Products
1,295
1,298
1 ,286
Machinery except Electrical
227
227
225
Metalworking machinery...
791
776
781
Electrical Machinery
Electrical apparatus (gen269
262
erating, etc.)
331
327
324
Communication equipment.
1,276
1 ,322
1,300
Transportation Equipment
660
655
Motor vehicles and equip636
454
ment
444
439
653
Aircraft and parts
703
695
Lumber and Wood Products
396
414
406
296
Sawmills and planing mills..
300
305
215
218
220
Furniture and Fixtures
442
446
443
Household furniture
223
226
225
Stone, Clay, and Glass Products. .
359
363
366
Instruments and Related Products
123
119
126
Misc. Manufacturing Industries.
Ordnance and Accessories
12,476 12,229 13,069 13,477 13,560 13,634 13,699 13,605 13,729 13,807
8,196
7,634
7,774
8,117
7 ,065 6,748 7,33:
8,014
8,010
7,916
1,116
681
643
1,068
1,109
153
810
1 ,277
226
775
132
768
1,218
219
755
530
821
1,193
22:
78,
556 j
557
862
888
1,208
1,227
224
223
824
851
261
327
1 ,340
249
324
1,190
253
346
1,22
262
367
1,355
268
381
1,411
663
466
725
435
298
215
447
515
476
744
439
296
217
434
219
354
126
524
490
759
450
307
225
451
226
375
129
674
474
751
448
316
231
455
230
393
132
701
501
728
440
32,
237
459
234
408
13.
223
363
127
1,137
1,140
/, 142
557|
903
1,260
223
872
561
922
1,301
226
893
563
932
1,309
226
899
563
944
1,318
226
916
271
398
1,450
275
410
1,484
278
411
1,510
281
419
1,555
750
524
704
420
330
243
458
240
404
137
770
1,126
735
510
730
433
329
242
461
237
415
134
531
673
402
330
243
451
241
394
136
1,145
951
1,328
921
1,569
808
538
692
676
403
333 ' "336
247
452 ' "459
243
240
413
405
139
137
For footnotes see following page.
522
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
1953
Industry group or industry
Nondurable goods
Textile-mill Products
Broad-woven fabric mills...
Knitting mills
Apparel and Other Finished Textiles
Men's and boys' furnishings
Women's and misses' outerwear
Leather and Leather Products.. .
Footwear (except rubber)..
Food
and
Kindred
Products....
Meat products
Canning and preserving. . .
Bakery products
Tobacco Manufactures
Paper and Allied Products
Pulp, paper and paperboard
mills
Printing. Publishing and Allied
Industries
Newspapers
Commercial printing
Chemicals and Allied Products...
Industrial organic chemicals
Products of Petroleum and Coal..
Petroleum refining
Rubber Products
Mar.
Apr.
5,467
/ , 100
497
216
5,375
1,079
487
215
1,087
258
1,032
259
356
341
223
1,026
323
333
218
1,033
240
131
178
84\
413
246
119
180
87
•116
June
July
5,300
1,070
483
215
5,411
1,068
486
219
5,481
1,067
489
215
5,737
1,105
498
228
5,843
1,127
501
232
5,786
1,135
503
236
996
258
1,008
261
1,018
260
1,088
271
1,106
276
298
327
214
1,048
239
139
173
84
414
295
337
223
1,116
238
177
85
419
311
338
221
1,199
244
234
188
85
411
339
355
233
1,269
242
309
186
109
425
May
180
Aug.
Dec.
Jan.
Feb.
5,718
1,146
506
239
5,689
1,146
508
236
5,591
1,132
502
231
5,612
1,135
502
233
5,611
1,133
1,103
279
1,104
280
1,114
280
1,108
279
1,135
284
1,137
340
352
229
1,309
247
348
186
117
425
330
352
225
1,223
244
253
187
117
432
331
355
226
1,142
254
172
187
109
435
347
359
232
1,093
256
143
184
108
441
351
358
235
1,040
248
129
178
100
435
359
362
237
1,030
240
127
179
Sept.
Oct.
Nov.
435
219
216
218
221
215
222
217
219
219
224
223
222
490
143
157
529\
188
183
140
208
489
142
157
521
181
186
143
206
490
145
157
508
179
157
114
206
492
146
158
502
181
177
141
207
490
145
156
501
184
177
144
195
490
144
156
503
185
191
146
203
497
146
158
512
185
190
145
208
504
146
160
518
187
189
144
213
505
147
161
518
188
188
144
217
505
147
162
518
189
187
144
219
499
144
161
516
189
186
144
219
497
144
159
Mar.
365
1,019
l
89
437
498
519l\
528
189J
186\
144|
219\
185
by data from government social insurance programs, and seasonal factors for major groups were reviewed by Federal Reserve.
Back data and
data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data
beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
(Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group
1952
Mar.
Average hours worked
(per week)
1952
1953
1953
Jan.
Feb.
Mar.
Mar.
Jan.
Feb.
Average hourly earnings
(dollars per hour)
1952
1953
Mar.
Mar.
Jan.
Feb.
Mar.
1.75
Total
66.99
70.93
71.17
72.10
40.6
41.0
40.9
41.2
1.65
1.73
1.74
Durable goods.
72.38
76.91
77.15
77.70
41.6
41.8
41.7
42.0
1.74
1.84
1.85
1.85
Primary metal industries. . .
Fabricated metal products. .
Machinery except electrical.
Electrical machinery
Transportation equipment. .
76.59
71.14
79.86
68.56
80.32
84.86
77.17
82.80
71.72
84.64
83.22
76.80
82.84
72.04
85.27
83.43
77.78
84.05
72.80
86.51
41.4
41.6
43.4
41.3
41.4
41.6
42.4
42.9
41.7
41.9
41.2
42.2
42.7
41.4
41.8
41.3
42.5
43.1
41.6
42.2
1.85
1.71
1.84
1.66
1.94
2.04
1.82
1.93
1.72
2.02
2.02
1.82
1.94
1.74
2.04
2.02
1.83
1.95
1.75
2.05
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Instruments and related products
Miscellaneous manufacturing industries.
Ordnance and accessories
60.05
60. 15
64.94
70.89
60.38
78.85
63.09
62.21
68.21
73.57
64.58
75.89
63.96
62.67
69.29
73.81
64.43
77.61
65.03
63.27
70.21
75. 12
65.31
77.83
40.3
41.2
41.1
41.7
40.8
44.3
40.7
41.2
40.6
41.8
41.4
40.8
41.0
41.5
41.0
41.7
41.3
41.5
40.9
41.9
41.3
42.2
41.6
41.4
1.49
1.46
1.58
1.70
1.48
1.78
1.55
1.51
1.68
1.76
1.56
1.86
1.56
1.51
1.69
1.77
1.56
1.87
1.59
1.51
1.70
1.78
1.57
1.88
59.98
63.04
62.88
63.76
39.2
39.9
39.8
40.1
1.53
1.58
1.58
1.59
Textile-mill products
Apparel and other finished products.. . .
Leather and leather products
Food and kindred products
Tobacco manufactures
51.44
47.95
50.31
61 .91
43.55
54.94
48.94
53.46
65.67
46.71
54.94
49.98
53.46
64.71
45.51
54.80
50.14
53.73
65.60
48.38
38.1
36.6
38.7
41.0
36.6
40.1
36.8
39.6
41.3
38.6
40.1
37.3
39.6
40.7
37.0
40.0
37.7
39.8
41.0
38.4
1.35
1.31
1.30
.51
.19
1.37
1.33
1.35
1.59
1.21
1.37
1.34
1.35
1 ,59
1 .23
1.37
1.33
1.35
1.60
1.26
Paper and allied products
Printing, publishing and allied products.
Chemicals and allied products
Products of petroleum and coal
Rubber products
67.31
80.32
68.64
81.81
72.54
71.71
83.21
72.34
88.29
78.09
71.81
83.33
73.10
87.02
78.31
72.14
85.02
74.23
88.94
n.a.
42.6
38.8
41.1
40.7
40.3
43.2
38.7
41.1
40.5
41.1
43.0
38.4
41.3
40.1
41.0
43.2
39.0
41.7
40.8
n.a.
1.58
2.07
1.67
2.01
1.80
1.66
2.15
1.76
2.18
1.90
1.67
2.17
1.77
2.17
1.91
1.67
2.18
1.78
2.18
n.a.
N o n d u r a b l e goods
n.a. Not available.
NOTE.—Data are for production and related workers. Figures for March 1953 are preliminary,
in note to table above. Back data are available from the Bureau of Labor Statistics.
MAY
1953
Data for recent years revised as indicated
523
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics adjusted, Federal Reserve. In thousands of persons]
Contract
construction
Transportation and
public
utilities
Federal,
State, and
local
government
Manufacturing
ing
40,069
41,412
43,438
44,382
43,295
44,696
47,202
47,993
15,302
14,461
15,290
15,321
14,178
14,967
16,082
16,209
826
852
943
982
918
889
913
872
1,132
1,661
1,982
2,169
2,165
2,333
2,588
2,572
3,872
4,023
4,122
4,141
3,949
3,977
4,166
4,220
7,522
8,602
9,196
9,519
9,513
9,645
10,013
10,251
L,394
L,586
L ,641
L ,711
1,736
L,796
1,861
1,957
4,055
4,621
4,807
4,925
5,000
5,098
5,207
5,280
5,967
5,607
5,456
5,614
5,837
5,992
6,373
6,633
1952—March
April
May
June
July
August
September
October
November
December
47,680
47,624
47,670
47,471
47,336
48,039
48,406
48,664
48,857
48,957
16,097
16,143
16,082
15,771
15,609
16,151
16,412
16,546
16,755
16,870
907
893
890
812
777
883
880
867
870
871
2,542
2,536
2,518
2,587
2,595
2,604
2,611
2,574
2,571
2,548
4,210
4,170
4,187
4,193
4,154
4,209
4,259
4,303
4,293
4,281
10,146
10,115
10,184
10,246
10,273
10,261
10,333
10,390
10,366
10,397
1,921
1,931
L.940
1,952
1,967
1,980
1,986
•1,993
L.993
1,988
5,257
5,266
5,270
5,281
5,302
5,299
5,285
5,303
5,292
5,290
6,600
6,570
6,599
6,629
6,659
6,652
6,640
6,688
6,717
6,712
1953—January
February
March
49,009
49,109
49,113
16,930
17,027
17,118
875
870
864
2,522
2,557
2,521
4,252
4,262
4,267
10,446
10,441
10,420
L,993
L,993
1,997
5,299
5,302
5,304
6,692
6,657
6,622
1952—March
April
May
June
July
August
September
October
November
December
47,118
47,430
47,439
47,418
47,078
48,158
48,892
49,095
49,310
50,140
16,061
15,994
15,855
15,624
15,402
16,280
16,680
16,778
16,874
16,952
898
890
887
816
784
893
886
871
871
870
2,313
2,435
2,543
2,690
2,751
2,812
2,794
2,728
2,648
2,497
4,174
4,149
4,184
4,225
4,198
4,258
4,281
4,296
4,286
4,293
9,946
10,125
10,068
10,144
10,108
10,110
10,295
10,442
10,650
11,218
L ,921
1,941
1,950
1,972
1,997
2,000
1,976
1,973
1,973
1,978
5,178
5,266
5,323
5,360
5,382
5,378
5,364
5,303
5,266
5,237
6,627
6,630
6,629
6,587
6,456
6,427
6,616
6,704
6,742
7,095
1953—January
February
March
48,379
48,367
48,651
16,867
17,002
17,087
868
859
855
2,295
2,276
2,294
4,216
4,211
4,230
10,292
10,210
10,314
1,973
1,983
1,997
5,193
5,196
5,224
6,675
6,630
6,650
Year or month
1945
1946
1947
1948
1949
1950
1951
1952
Total
Trade
Finance
Service
SEASONALLY ADJUSTED
UNADJUSTED
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. March
1953 figures are preliminary. The series without seasonal adjustment for recent years were revised by the Bureau of Labor Statistics in April
1953 to first-quarter 1951 benchmark levels indicated by data from government social insurance programs, and seasonal factors were reviewed
by Federal Reserve. Back unadjusted data are available from the Bureau of Labor Statistics, seasonally adjusted figures beginning January
1939 may be obtained from the Division of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over]
Civilian labor force
Year or month
1945
1946
1947
1948
1949
1950
1951
1952
. .
1952—April .
May
June
July. .
August
September
October
November
December
1953—January
February
March
April
Total noninstitutional
population
105,370
106 370
107,458
108,482
109 623
110,780
111,924
Total
labor
force
65,140
60,820
61,608
62,748
63,571
64,599
65,832
(2)
(2)
112 844
112,946
113 050
113,158
113,265
113,374
113,494
65,260
66,298
67 884
67,642
67,419
67,166
66,566
(2)
(2)
(2)
(2)
(2)
(2)
(2)
Employed 1
Total
Unemployed
Not in the
labor force
Total
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
,879
,673
• 40,230
45,550
45,850
45,733
46,051
46,181
46,092
46,710
61,744
62,778
64,390
64,176
63,958
63,698
63,146
63,646
62,921
60,132
61,176
62,572
62,234
62,354
62,260
61,862
62,228
61,509
53,720
54,216
54,402
54,636
55,390
54,712
54,588
55,454
55,812
6,412
6,960
8,170
7,598
6,964
7,548
7,274
6,774
5,697
,612
,602
,818
,942
,604
,438
,284
,418
1,412
47,584
46,648
45,166
45,516
45,846
46,208
46,928
46,552
47,394
62,416
62,712
63,134
62,810
60,524
60,924
61,460
61,228
55,072
55,558
55,740
55,158
5,452
5,366
5,720
6,070
1,892
,788
,674
1,582
48,232
48,224
48,076
47,490
]L
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
524
FEDERAL RESERVE BULLETIN
VALUE OF NEW CONSTRUCTION ACTIVITY
[Adjusted for seasonal variation. In millions of dollars]
Private
Business
Total
Year or month
Public
Total
Residential
Indus- Comtrial mercial
Public
utility
Total
Total
Other
nonresidential
Military
High- Conservation
way
480 3,809
508 3,628
614 5,751
413 10,660
335 6,322
382 3,073
463 2,398
1,428 2,362
2,050 3,433
2,580 4,825
2,795 6,405
3,330 7,139
3,528 9,341
3,341 10,544
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
All
other
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
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
2,680
2,985
3,510
1,715
885
815
1,100
4,015
6,310
8,580
8,267
12,600
10,973
11,101
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
1,132
856
1,253
1,027
1,288
1,371
1,095
683
771
872
786
570
725
827
1,374
2,338
3,043
3,323
3,330
3,695
3,950
1952—April
May . .
June
July
August
September
October
November
December
2,779
2,701
2,683
2,640
2,634
2,654
2,660
2,699
2,738
1,857
1,798
1,773
1,784
1,789
1,794
1,812
1,846
1,864
953
902
885
896
902
911
942
973
992
620
613
612
611
611
608
597
596
602
211
199
189
187
186
182
176
175
172
80
84
84
84
88
93
99
105
109
329
330
339
340
337
333
322
316
321
284
283
276
277
276
275
273
277
270
922
903
910
856
845
860
848
853
874
120
124
123
109
107
100
98
103
116
246
225
231
222
220
235
228
207
207
76
74
71
67
64
65
64
63
65
460
458
480
486
1953—January
February
M arch
April P . . . .
2,768
2,914
2 979
2,926
1,868
1,965
2,039
2,006
950
1,015
1 ,063
1,002
646
672
693
186
195
208
125
134
130
335
343
355
272
2 78
283
130
127
132
210
124 •
362
288
214
264
255
68
68
70
696
900
949
940
488
490
483
1939
1940 . .
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
...
Preliminary.
920
121
239
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
480
480
485
458
454
72
488
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
1945 .
1946
1947
1948...
1949
1950 ..
1951
1952
.
.
. . .
1952—March
April
May
June
July
August
September
October
November
December
..
1953—January .
February .
March
.
...
Private
By type of construction
Residential
building
Nonresidential building
Factories
Commercial
Educational
Other
Public
works
and
public
utilities
3,299
7,490
7,760
9,430
10,359
14,501
15,751
16,775
1,311
1,754
2,296
3,107
3,718
4,409
6,122
6,711
1,988
5,735
5,464
6,323
6,641
10,092
9,629
10,064
563
3,142
3,154
3,608
4,239
6,741
6,205
6,668
1,027
1,317
941
840
559
1,142
2,883
2,562
346
773
785
975
885
1,208
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
1,321
1,598
1,564
1,489
1,511
1,439
2,029
1,321
1,249
1,467
554
636
558
559
619
501
1,269
410
491
478
450
351
767
961
1,006
930
893
937
760
911
758
990
593
682
754
582
608
628
519
602
528
439
120
205
79
166
140
142
995
113
117
313
71
75
80
74
92
94
87
103
85
100
119
134
146
127
122
145
87
126
117
146
154
148
158
184
208
139
93
138
143
154
265
354
347
356
341
291
248
238
259
316
626
671
460
419
87
100
106
102
101
124
138
83
209
228
1,076
1,021
1,348
605
76
89
105
120
293
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in thousands of dollars]
Month
Total
(11 districts)
Federal Reserve district
Boston
New
York
1952—January
February
March
902,091
885,206
1,321,254
38,402 c133,898
40,649 169,440
61,959 220,869
1953—January
February
March
1,075,868
1,021,310
1,347,518
100,864 154,306
51,386 181,532
71,433 246,228
s
MAY
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
54,388 69,220 82,234 180,381 114,783 64,179
39,819 77,168 98,910 116,133 126,042 46,255
62,868 121,483 132,814 181,819 190,559 102,236
28,944
23,504
45,015
59,472 76,190
57,342 89,944
60,802 140,830
90,576 96,756 110,437 117,354 153,509
60,791 100,690 106,229 159,856 137,100
73,368 158,951 110,018 127,304 271,977
20,550
18.573
47,355
78,877 99,325
42,628 105,871
72,775 87,844
53,314
56,654
80,265
Corrected.
1953
525
PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units]
Year or month
1939
1941
L945
1946
1947
1948
1949
1950
1951
1952.
Total
.
.
.
.
1952—April
May
June . . . .
July
August
September
October
November. .
December
1953—Tanuary
February
March
April
.
..
Government-underwritten
Private
Rural
Urban
nonfarm
Total
1family
2family
Multifamily
515
706
209
671
849
932
1.025
1,396
1 .091
1.127
359
434
134
404
480
525
589
828
595
610
156
272
75
267
369
407
436
568
496
517
458
620
208
663
846
914
989
1,352
1.020
1.069
373
533
185
590
740
763
792
1,151
892
939
20
28
9
24
34
46
35
42
40
46
66
58
15
48
72
104
162
159
88
84
106
110
104
103
99
101
101
86
72
59
61
56
52
51
53
54
46
41
47
49
47
50
48
48
47
40
31
96
101
97
101
97
99
99
82
68
85
90
87
90
85
87
87
72
58
4
4
4
4
4
5
4
3
3
7
7
7
7
8
8
8
7
6
72
38
n.a.
n.a.
n.a.
34
n.a.
n.a.
n.a.
68
P72
58
n.a.
n.a
P107
3
n.a.
7
n.a.
na
n.a.
P77
P97
P110
P88
n.a.
Public
n.a.
n.a.
Total
FHA
57
87
1
8
3
18
36
44
71
58
9
9
7
2
2
2
2
4
4
158
220
47
152
440
393
466
686
413
420
158
220
41
69
229
291
361
486
264
279
6
83
211
102
105
200
149
141
38
38
39
42
38
42
43
34
29
26
26
26
29
25
28
27
21
19
12
12
13
13
13
14
16
13
10
4
27
27
32
n.a.
18
17
22
n.a.
9
10
10
n.a.
P5
P9
?4
VA
* Preliminary.
n.a. Not available.
NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA
figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates
based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued,
reported starts of public units, and a sample of places not issuing permits.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average =100]
Monthly—unadjusted
Monthly—seasonally adjusted
Annual
1952
Class
Jan.
Feb.
Mar.
Mar.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
131
134
130
132
124
138
138
120
121
119
122
111
108
193
128
191
112
69
152
248
144
45
62
154
278
151
44
185
157
200
123
76
152
233
144
46
198
128
195
144
111
181
114
184
130
93
97
184
128
111
108
191
131
92
123
195
147
97
53
141
75
142
48
117
146
314
158
48
95
149
258
150
47
66
135
77
135
43
59
139
70
138
42
46
140
69
140
43
1951
1952
Mar.
Oct.'
Nov.
Dec.
Total
134
126
133
128
134
Coal
Coke
Grain
Livestock
. ..
Forest products
Ore
Miscellaneous
Merchandise, 1. c. 1
121
109
93
208
143
168
142
111
123
196
139
188
157
66
141
257
149
47
76
139
233
145
46
69
150
205
147
48
69
144
181
140
46
1953
1952
1953
60
142
273
154
45
57
146
275
149
45
92
186
119
47
142
79
146
45
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 1
Merchandise imports 2
Excess of exports
Month
1951
1952
1953
1951
,076
,295
,369
L.354
1,297
1,186
1,270
L ,232
L.152
1,388
1.438
1.254
,344
,447
,352
L.473
L ,167
1,027
1,087
1,225
r ,214
r L 187
.392
1 ,276
Pl,194
1,025
910
1,102
1,034
1,018
930
895
881
2,050
2,598
P2.470
974
February
March
April
May
July
October
November
January-February
1952
1952
1953
1953
1951
922
927
—51
332
349
893
964
P855
166
193
'452
483
P339
932
336
420
••834
861
839
817
337
366
292
390
••640
877
918
804
510
319
569
638
721
834
819
800
1 051
1,935
1,815
Pl.782
115
306
188
r
269
r
349
r
296
r
383
r
332
784
P688
r
* Preliminary.
Revised.
Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments
under the Mutual Security Program as follows (in millions of dollars): 1951, 1,065; 1952, 1,981; January-February 1953, 540.
2
General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Department of Commerce.
526
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1947-49 average = 100]
Federal Reserve district
Year or month
United
States
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St
Louis
Minne
apolis
Kansa
City
Dallas
San
Francisco
98
104
98
105
109
110
99
102
99
103
105
104
99
103
98
101
105
99
96
104
100
106
109
109
97
105
98
105
111
110
97
103
100
105
113
116
96
103
101
109
115
124
98
104
97
104
108
106
97
104
98
104
105
106
98
104
99
105
104
104
98
103
99
108
111
113
94
105
102
113
117
124
99
104
98
105
109
114
1952—March
April
Mav
June
Julv
August
September
October
November
December
105
103
108
111
105
114
106
115
113
115
104
99
101
103
106
109
r97
96
96
98
95
102
95
105
98
101
109
102
107
107
106
115
106
104
103
112
105
109
113
103
100
104
105
97
111
103
113
108
116
99
98
102
111
99
110
104
114
106
113
94
98
104
100
104
115
98
110
107
110
115
114
128
132
123
127
119
128
129
130
'103
105
116
114
116
127
138
120
131
121
126
128
130
105
104
112
114
114
119
105
114
'117
108
116
122
106
127
112
120
115
121
1953—Tanuary
February
March
111
111
'118
117
127
121
P128
107
109
114
108
106
107
99
109
106
116
j>114
129
125
125
89
99
104
103
82
97
110
116
129
186
89
101
106
103
81
98
110
121
126
179
80
101
105
96
84
103
108
124
120
175
93
104
112
106
93
110
115
120
132
196
105
114
125
116
104
114
1?8
134
145
215
90
103
113
108
115
117
136
207
86
91
SALESi
1947
1948
1949
1950
1951
1952
..
SEASONALLY ADJUSTED
P113
101
109
105
108
104
106
P106
in
111
117
97
96
100
111
116
115
112
115
116
P122
'85
94
97
103
95
104
'98
110
95
95
108
102
105
105
115
114
108
113
117
120
114
113
105
118
114
110
116
114
118
128
119
117
112
UNADJUSTED
92
103
108
105
84
98
112
119
133
195
1952—March
April
May
June
July
August
September
October
November
December
1953—January
February
March
87
103
102
103
73
83
111
111
127
193
76
86
82
99
87
100
110
120
143
195
110
119
139
194
121
128
142
214
87
96
112
85
87
84
80
*>103
P95
78
79
91
82
85
106
107
'83
89
P109
97
102
P124
82
84
101
79
85
99
74
'80
93
P103
101
101
117
91
94
102
93
107
100
109
129
118
95
105
100
110
124
110
98
105
97
104
124
111
93
107
99
108
127
113
93
107
100
106
128
111
94
105
101
114
133
132
90
108
102
120
140
130
89
111
100
110
128
115
93
106
100
112
131
122
91
110
100
104
117
107
93
108
100
113
132
124
89
110
101
112
132
126
93
107
100
110
131
125
114
109
111
109
110
110
109
109
108
126
125
126
125
129
129
130
110
111
114
113
122
124
123
130
127
131
119
123
128
128
125
123
126
109
111
113
111
124
124
129
130
110
134
127
111
114
142
111
114
124
125
120
129
132
130
130
128
120
121
124
122
128
127
129
119
113
114
114
113
118
115
118
118
118
114
103
104
106
105
108
109
113
120
120
109
107
113
109
112
111
113
112
'125
126
131
139
140
136
132
130
132
132
124
111
112
113
116
111
110
'112
112
114
113
114
112
113
no
116
118
118
120
118
120
107
123
130
126
123
122
P121
113
114
114
110
110
116
115
113
114
114
113
144
'135
134
140
141
P138
117
118
117
130
125
128
111
112
127
128
135
133
P134
132
13t
131
112
114
112
102
99
103
112
123
131
104
'112
116
115
105
119
121
116
105
'134
136
135
127
128
134
137
146
148
116
132
132
127
120
121
127
135
145
153
124
118
118
116
107
107
110
119
131
136
106
118
122
124
118
112
125
140
147
143
112
126
131
129
125
114
123
99
103
108
127
'131
143
126
139
P145
109
115
122
113
122
135
*>117
STOCKSi
1947
1948
1949
1950
1951
1952
69
76
100
110
123
175
110
118
122
117
96
115
126
132
145
221
89
SEASONALLY ADJUSTED
1952—March
April
May
June
July
August
September
October
November
December
...
1953—January
February
March
P114
in
133
136
P112
P127
UNADJUSTED
1952—March
April
Mav
June
Julv
August
September
October
November
December
1953—January
February
March
...
120
122
120
112
110
114
124
134
136
108
111
....
119
P127
P118
102
100
107
116
124
107
117
131
128
102
131
100
116
117
111
100
102
104
116
124
128
98
101
107
115
101
112
120
104
113
119
107
109
108
100
105
104
113
120
105
109
127
126
119
120
120
129
135
140
109
118
127
P134
120
125
134
141
146
120
122
132
*>142
122
PQ
132
126
120
118
129
147
141
112
119
125
134
r
P Preliminary.
Revised.
1
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515.
MAY
1953
527
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
DEPARTMENT STORE MERCHANDISING DATA
Ratios to sales1
Amounts (In millions of dollars)
Stocks2
(end
of
month)
Sales2
(total
for
month)
Year or month
Outstandorders2
(end of
month)
Receipts3
(total
for
month)
ing
New
orders3
(total
for
month)
Stocks
Outstanding
orders
Stocks
plus
outstanding
orders
Receipts
average
average
average
average
average
average
average
average
average
246
276
345
365
381
361
376
391
395
574
604
767
887
979
925
1,012
1,202
1,093
596
775
964
588
494
373
495
460
433
244
277
373
366
386
358
391
390
395
256
291
354
364
363
358
401
379
398
2.4
2.3
2.3
2.5
2.7
2.7
2.8
3.2
2.9
2.5
3.0
3.0
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
1952—March
April
May
June
July
August
September
October
November
December
'350
373
382
353
289
343
387
448
462
736
"1,126
1,137
1,102
1,017
997
1,040
1,131
1,230
1,275
1,018
••362
293
273
410
520
539
592
573
454
358
'421
'384
347
268
269
386
478
547
507
479
'365
'315
327
405
379
405
531
528
388
383
3.2
3.0
2.9
2.9
3.4
3.0
2.9
2.7
2.8
1.4
1.0
0.8
0.7
1.2
1.8
1.6
1.5
1.3
1.0
0.4
4.3
3.8
3.6
4.0
5.2
4.6
4.4
4.0
3.7
1.9
1.2
1.0
0.9
0.8
0.9
.1
.2
.2
.1
.7
325
301
381
1,027
1,100
1,172
452
455
400
334
374
453
428
377
398
3.2
3.7
3.1
1.4
1.5
1.0
4.6
5.2
4.1
.0
.2
.2
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953—January
February
March?
v Preliminary.
' Revised.
1
The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of
sales and receipts for the month.
2
These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of
department stores located in various cities throughout the country.
In 1952, sales by these stores accounted for about 50 per cent of estimated
total department store sales.
3
Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on
outstanding orders.
NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102.
WEEKLY INDEX OF SALES
[Weeks ending on dates shown, 1947-49 = 100]
Without seasonal adjustment
1949
4. . . .
11
18
25
89 June
99
98
85
July
2. . .
9
16 .
23... .
30
82 July 1
8. . .
69
73
15
71
22. . .
72
29. . .
6
13
20
27
78 Aug.
75
86
Aug.
86
3.
10.
17.
24.
5.
12.
19.
26.
. .
. .
. .
..
. .
..
..
. .
90 June
104
104
86
Nov.
108 Nov. 4
109 Nov. 3
10
109
11. .. 118
118
18
127
17
24 . .
25. . 110
26 . . 113
5
19
1949
114
113 Mar.
110 Oct. 4
11
117
18
116
25
113
116
126
124 Apr.
122
1?1 Nov.
127
130
123
1 .
8
15
22. ...
29....
1951
1950
154 Dec. 2. . . .153 Dec. 1. . .
Ill Dec. 3
10.... 186
8. . .
9. . . .191
116
17
15. . .
16. . . 220
.
201
98
24.... 186
22. ..
91
23. . . 221
.
31
29. ..
30
68
82
13
20
27
8.... 100
114
15
22
111
29
114
104 Oct. 7. . . 112
. Oct. 6
13
102
14. . . 111
20
100
21. .. 105
27
101
28. .. 108
102
12
95 June 7. ...
108
14....
106
21 ....
92
28
89
1950
79
75 July 5
12. ... 83
83
19
81
82 Jan. 7. ... 70 Jan.
14.... 80
80
26
79
21
79
28
76
87
88 Aug. 2
102 Aug. 4
90
87
94
Q
78 Feb.
16.'.'.'.
95 Feb. 4
18*.'.'. '.
97
93
11
25
99
97
23
100
82
18
30
110
80
25
100
105 Sept. 6
107 Sept. 1
76
30. . . 110
1
8. . .
15
22. ..
29
2
9. ...
16
23
30....
91 July 7
14....
75
21
91
104
.
28
102
.
Sept. 3. . . 101 Sept. 2. . .
93
9... 102
10...
16. . . 127
17. . . .108
24
100
23. .. 111
Oct.
1952
1951
1950
June
112
.115
4
11
18
25
1
8
15
22
29....
84 Mar.
87
91
96
1952
161 Dec. 6. ...
13
191
20
213
27. ...
228
92
1952
1951
195
223
237
146
1953
6. . . . 98 Jan. 5. . . . 78 Jan. 3
12.... 92
10
13. . . .105
19
17
20
90
104
24....
27
26. . . .83
96
31
81
89
92
86
87
81 Feb. 2. . . .84 Feb. 7
14....
94
9
87
21
94
16. . . 89
28
23.
83
24. . . .95
88
92
85
93
3. . . .
10
17
99 Mar.
3
105
10
101
17
2 4 . . . . 105
89
31
1 ... 85 Mar.
8
88
15
90
22
94
29
101
7. ...
14....
21
28
104 Apr. 7
101 Apr. 5
109 Apr. 4
11
110
100
12
111
14
18
88
19. .. 97
21. . . .97
25
96
101
26
105
28
98
104 May 5. . .
118 May 6
13. ... 106
130
12. . .
20
95
19....
134
27
97
138
26. . .
.
113 May 3. . . 111 May 2
110
.
10. . . 117
9
99
17. . . 99
16
100
24 .
105
23
.
31. ..
97
30
96
100
109
112
118
97
105
104
114
NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362.
528
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES
[Percentage change from corresponding period of preceding year]
Federal Reserve district,
area, or city
3
Mar. Feb. mos.
1953 1953 1953
Federal Reserve district,
area, or city
Mar. Feb.
1953 1953 mos.
1953
p+11
+ 1 +5 Richmond Dist. (Cont.)
Areas2-Cont.
Boston District
+8 + 1 +5 Metropolitan
Norfolk-Portsmouth,
Va.. + 15
1
Metropolitan Areas
Richmond, Va.
+7
New Haven, Conn
Roanoke, Va.1
+5 - 1 2
+2
1
Portland, Maine
Charleston, W. Va.
+ 13 + 14
P+14
Lowell-Lawrence, Mass.. . + 15
+4 + 13 Cities
New Bedford, Mass
+ 11 +6 +8 Spartanburg, S. C
+ 16
Worcester, Mass.1
+7
+4 Lynchburg, Va.1
+ 10
Cities
Newport
News,
Va
+ 10
1
Downtown Boston, Mass.1 +9
+5
+ 1 +5 Huntington, W. Va.
Springfield, Mass 1
+7
+3
Providence, R. I.
+6 + 1 +2 Atlanta District
P+13
2
- 1 Metropolitan Areas 1
New York District
+6 - 7
Birmingham, Ala.
+ 15
2
Metropolitan Areas
Mobile, Ala
+37
New York-Northeastern
Montgomery, Ala1
+ 15
2
New Jersey, N.Y. & N J1.
+5 - 9
Jacksonville,1 Fla.
+7
New York City,
N. Y. . +3 - 1 2
—5
Miami, Fla.
P+12
1
Newark, N. J.
+2 Orlando, Fla
+7 - 2
+
Buffalo, N. Y
+4 St. Ptrsbg.-Tampa, Fla.. . + 15
0
+8
12
Buffalo City, N. Y.1
+4
+8 - 1
St. Petersburg,
Fla
+ 11
Niagara Falls, N. Y
+2 +6 +5
Tampa, Fla.1 1
+
14
Binghamton, N. Y
+2 Atlanta, Ga.
+8
+9
Rochester, N. Y.i
+7 Augusta, Ga
+ 14 - 2
-1
1
Syracuse, N. Y.
+ 14 +2 + 10 Columbus, Ga
+5
Macon, Ga.1
+5
Cities
1
Savannah,
Ga
+
12
+
10
Bridgeport, Conn.
+ 1 +5 Baton Rouge, La.1
0
+28
Albany, N . Y
+3 + 1
1
New
Orleans,
La.
+
18
Elmira, N. Y
+7
+ 14
Miss.1
Poughkeepsie, N. Y
+5
+ 18 +2 +8 Jackson,
Tenn.1
+25
Schenectady, N. Y
+6 + 1 +21 Chattanooga,
Knoxville, Tenn.11
+24
Utica, N. Y
+ 11 - 3 +5 Nashville,
Tenn.
+21
Philadelphia District
+ 10 + 1 +4 Cities
Metropolitan Areas
Rome, Ga
+22
+ 14 +9 +9 Meridian, Miss
Trenton, N. J
+23
+ 14
0 +7
Lancaster, Pa
Bristol, Tenn
+8
Philadelphia, Pa
+7 + 1 +2
Reading, Pa
+ 8 Chicago District. . .
+23
+ 13
Wilkes-Barre-Hazleton,
Pa
+4 Metropolitan Areas
+5
111.1
+5
Wilmington, Del
+6
+ 1 Chicago,
Peoria, 111.1
+ 12
City
Fort Wayne, Ind.11
+
19
York, Pa
+24 + 1 + 12 Indianapolis, Ind.
+ 17
Terre Haute, Ind-1
+7
Cleveland District
+ 12 +2 +5 Des Moines, Iowa
+ 11
1
Detroit, Mich.
+ 17
Metropolitan Areas
1
+43
Akron, Ohio1 1
+ 18 +2 +6 Flint, Mich.
1
Canton, Ohio 1
+ 16 - 9 +2 Grand Rapids, 1Mich. .. . . + 17
P+27
Cincinnati, Ohio1
+9 +6 +7 Lansing, Mich. 1
+7
Columbus, Ohio 1
+ 16 +7 + 11 Milwaukee, Wis.1
Green Bay, Wis.
+30
Springfield, Ohio
+7 —9
l
+ 10
Toledo, Ohio
+ 13 +5 +8 Madison, Wis
x
Youngstown,
Ohio
+26 + 19 + 14
P + 10
Erie, Pa.1
+ 10 +3 +3 St. Louis District
Wheeling, W. Va.1
+ 10 Metropolitan Areas
+20
Little Rock, Ark.1
+5
Cities
Evansville, Ind1
P+32
Cleveland, Ohio * 1
+ 13
0
+3
Louisville,
Ky.
+
10
Portsmouth, Ohio
+34
+28 +33
St. Louis, Mo
P+13
Pittsburgh, Pa. 1
+6 - 1
+ 1 Springfield, Mo 1
+ 12
+ 12
P+9
Richmond District
+ 1 +5 Memphis, Tenn.
Cities
Metropolitan Areas2 1
Fort
Smith,
Ark
+9
Washington, D. C.
+
-3
+ 1 Quincy, 111
Downtown Wash.,
D. C
-3
+2 - 5
+
1
Baltimore, Md.
+ 11 - 3
+5
+ 15
Asheville, N. C.i
+4 +7 +4 Minneapolis District
Raleigh, N. C.1
0 Metropolitan Areas2
+7 - 6
1
1
Winston-Salem, N.
C.
.
.
.
+
18
Mpls-St.
Paul,
Minn.
+ 19
+5
+
11
1
Charleston, S. C.
+ 16 + 18 + 13
Minneapolis City, Minn.1 + 17
Columbia, S. C.11
+ 12
St. Paul City, Minn. 1 .. . +22
+6
Greenville, S. C.
+ 11 + 13 + 11 Sioux Falls, S. D
+ 18
United States
+12
+ 1 +9
+4 +4
+22 + 12
+ 12 + l
+5
Federal Reserve district,
area, or city
Minneapolis Dist. (Cont.)
Cities
Mankato, Minn
Great Falls, Mont
Grand Forks, N. D
Duluth-Superior,
Minn.-Wise.1
La Crosse, Wise
+ 7 Kansas City District
+4
+3 Metropolitan Areas
Colo
+4 +8 Denver,
Pueblo, Colo
Topeka, Kans
+ 7 +8 Wichita, Kans
St. Joseph, Mo
+ 16
+9 +26 Omaha, Nebr
r+2 + 11 Oklahoma City, Okla
Tulsa, Okla
' + 5 +4
+8 ++9
10
Cities
+ 1 +7 Kansas City, Mo
+ 1 + 6 Joplin, Mo
+ 1 +7 Hutchinson, Kans
+3 +5
+ 3 Dallas District
-6
+1
—6
Metropolitan Areas
+ 14 ++2
13 Shreveport, La
+7
Tex.. .
+4 + 19! Corpus Christi,
Dallas, Tex.1.
-1
+9 + 14 El Paso, Tex
+6 +14; Fort Worth, Tex
1
+ 18 + 1.5 Houston, Tex.
San Antonio, Tex.. . .
Waco, Tex
+5 + 14
+ 16! San Francisco District. . .
+ 13 +2
2
-6
Metropolitan Areas
Phoenix, Ariz.11
+ 1 +6 Fresno,
Calif.
Los Angeles, Calif.1
-5
0
Downtown
L. A., Calif.1
-3
+5
WestsideL.A., Calif.i..
+ 10 + 10
Long Beach, Calif.1
+4
Pasadena, Calif
+9
-9
Santa Monica, Calif
^
+2 Riverside and San Ber+8 + 12
nardino, Calif 1
+24 +33 Sacramento,
Calif.
1
+7 + 10 San Diego, Calif.
18 San Fran.-Oakland, Calif.1
+1 ++3
San Francisco, Calif.1
+4 + 17
Oakland-Berkeley, Calif.i
-13
+2
Downtown
Oakland,
Calif.1
+2 +4
Vallejo, Calif 1
San Jose, Calif. 1
+3 +3 Stockton, Calif.1
+ 17 +24 Portland, Ore.
+6 +6 Salt Lake City,1 Utah i. . .
+3 +6 Seattle, Wash. 1
+2 Spokane, Wash.1
-1
+5 +4 Tacoma, Wash.
-2
-5
-1
l
-1
+1
-7
-7
-10
-1
-16
Mar. Feb.
1953 1953 1953
+8
r_4
+7
+5
+5
+3
+1
+ 10
+3
+5
+25
+8
+ 14
+ 12
-12
-4
-10
c
+4
+ 11
+4
+ 10 r +5 +5
-3
+ 11
+ 15
+2
0
-3
+20
+ 7 —6
+ 10 r + 2
+5 +3
+4 +8
+4
+4
+6
+5 +5
+2 ++5
10
+2
+4 +8
+ 11
+ 10
+ 18
+ 12
+8 + 11
+ 7 + 18
+3 +5
+ 15 + 10 + 13
+3
0
+6
+ 16 + 7 + 12
+ 10 +6 +5
+6
+ 11 - 3
P+11
+4 +8
+ 13
+25
+9
+7
P+8
-6
+ 10
P+11
+8
p + 11
+3
-2
+23
+3
+3
+5
+5
+ 13
+7
+6
+ 10
+6
+ 12
+ 14
+3
+3
+2
+1
+ 12
+ 12
+8
0
+ 16
P+17
P + 11
P+17
+9
+9
+9
+2 Cities
P+10
Ariz
+3 Tucson,
Bakersfield, Calif.1
-1
Boise
and
Nampa,
Idaho.
+3
+3 Twin Falls, Idaho
+ 15
Idaho Falls, Idaho
+317
+4 Bellingham, Wash
()
+2 Everett, Wash.1
+ 12
1
+8 Walla Walla, Wash.
+9
1
+2 Yakima, Wash.
+1
-8
-4
+8
0
+7
+2
+6
+8
+8
+9
+ 18
+2
+2
+6
+5
+6.
-10
r
+7
+5
+8
+5
+1
+7
0
+1O
+s
+11
+111
+6
+ 111
+
+ 13 + 14
—5
-6
+1
+3 + 10
+8 + 11
+ 16 J+22
+ 1 +9
-2
-8
+3
0
r
p1 Preliminary.
Revised.
Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve2 Bank in the district in which the area or city is located.
Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas.
3
Data not available.
4
Two months.
MAY
1953
529-
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
[Based on retail value figures]
Percentage
change from a
year ago
Department
Number of
stores
reporting
Stocks
(end of
month)
Sales
during
period
Feb.
1953
Two
months
1953
Ratio of
stocks to
sales1
Index numbers
without seasonal adjustment,
1941 average monthly sales = 1002
February
Sales during
period
1952
1953
Feb.
1953
Stocks at end
of month
1953
1952
1953
Jan
Feb.
Feb.
Jan.
Feb.
Feb.
166
183
166
684
650
667
687
692
684
744
616
810
754
GRAND TOTAL—entire store 3
362
0
+3
3.9
3.8
MAIN STORE—total
362
0
+3
4.1
4.0
Piece goods and household textiles
325
-3
+2
4.7
4.4
Piece goods
Silks, velvets, and synthetics
Woolen yard goods
Cotton yard goods
300
207
178
196
s
-1
-3
-7
3.8
3.8
4.0
3.7
3.7
3.5
4.6
3.4
188
158
187
215
182
150
196
218
198
176
178
218
723
603
755
797
702
578
813
768
Household textiles
Linens and towels
Domestics—muslins, sheetings
Blankets, comforters, and spreads
315
286
262
251
5.3
5.6
6.1
5.4
5.0
5.7
4.3
5.0
127
121
138
123
323
294
473
239
129
124
144
122
667
681
844
662
672
740
662
711
649
709
613
607
4.3
4.1
156
167
156
671
661
644
4.7
4.8
3.8
4.1
4.3
3.8
161
172
143
158
201
158
172
181
139
754
822
549
670
792
560
712
777
528
138
147
837
808
846
Small wares
-11
-7
-12
+5
+4
-1
-2
-2
-4
-2
-9
0
-5
0
3
+3
-6
+5
+1
+
5.8
8.5
3.2
10.7
5.7
8.0
3.3
10.0
-3
-3
4.4
4.2
147
188
151
643
626
632
+5
+3
+7
+
+ 13
+8
+ 13
3.4
2.6
3.8
3.1
2.4
3.5
186
173
180
189
182
185
177
168
169
627
448
680
639
487
694
557
414
602
3.4
Silverware and jewelry 4
Silverware and clocks
Costume jewelry 4
Fine jewelry and watches 4
325
222
289
91
+5
Art needlework
238
Books and stationery
Books and magazines
Stationery
284
134
247
-6
-5
+2
Women's and misses1 apparel and accessories.
359
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
358
318
283
167
332
347
349
+2
+7
-1
-2
—4
Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips
Negligees, robes, and lounging apparel
352
251
300
272
+2
+4
Infants' wear
Handbags, and small leather goods
Women's and children's
shoes
Children's shoes 4
Women's shoes 4
339
341
+2
+4
+4
+1
+4
+1
+1
357
348
238
229
-3
+38
+9
152
+4
+7
+6
+4
201
245
331
Women's and misses' ready-to-wear apparel. . . .
Women's4 and misses' coats and suits
Coats
Suits 4
+6
+4
276
-5
-4
+1
348
Laces, trimmings, embroideries, and ribbons....
Notions
Toilet articles, drug sundries
251
223
231
-4
2
0
-5
147
+6
+2
+5
+8
+1
+2
+9
-3
-1
-3
+6
-2
0
+2
-1
+2
0
+3
+4
+4
+4
+1
0
+2
+4
+2
+5
+8
+9
+ 10
3.2
169
178
167
574
522
534
4.0
2.7
4.0
1.7
5.3
3.6
2.8
2.6
4.0
1.4
5.2
3.4
2.5
163
243
109
144
104
238
123
162
214
91
114
105
276
118
160
226
110
146
109
224
126
653
644
429
244
556
863
344
588
530
413
175
483
810
317
599
591
440
220
559
760
316
3.7
3.8
4.0
2.7
3.5
3.4
3.9
2.6
155
198
135
152
158
221
140
155
152
190
134
151
574
746
536
410
537
706
521
428
538
655
522
383
3.9
3.4
3.6
3.2
218
138
222
120
214
133
858
464
768
401
766
426
6.6
7.6
6.4
6.2
6.8
6.1
176
170
1,161
1,043
1,065
+7
+7
+8
+3
2.8
2.4
2.2
2.7
2.6
2.3
2.0
2.7
176
204
195
245
175
202
492
495
450
442
463
467
3.1
2.4
3.9
2.9
2.3
3.6
195
195
205
177
195
167
187
191
192
605
464
806
514
415
658
543
435
698
2.3
1.9
2.7
2.2
1.7
2.7
163
168
380
344
376
220
201
124
201
164
92
653
411
409
601
392
428
600
380
398
3
+ 13
+ 14
+9
+7
+ 12
+3
+6
+ 13
+9
+ 10
+ 13
+9
Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
328
287
326
0
+3
+4
+2
+7
Women's and misses' 4dresses
Inexpensive dresses
Better dresses 4
351
275
284
-3
-2
-3
-2
-2
-2
+ 11
+6
+ 15
+2
+5
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Furs
349
300
269
+4
+3
-15
+5
+3
-10
+9
+8
+4
3.1
2.4
5.2
3.0
2.3
4.3
209
169
78
341
+3
+2
5.9
131
154
127
771
710
750
+2
+3
+7
+5
-1
+3
-4
+4
+ 14
+ 10
5.9
275
323
315
208
6.4
5.2
6.1
7.4
6.7
5.2
5.8
7.0
137
126
134
136
200
128
127
157
135
871
122
652
125
817
130 1,004
800
620
683
910
908
627
713
915
Men's and boy's wear
Men's clothing
Men's furnishings and hats
Boy's wear
Men's and boy's shoes and slippers
+2
+5
+4
For footnotes see following page.
530
FEDERAL RESERVE BULLETIN'
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
[Based on retail value figures]
Percentage
change from a
year ago
Number of
stores
reporting
Department
Sales
during
period
Stocks
(end of I
month)!
Two
months
1953
Feb.
1953
Index numbers
without seasonal adjustment,
1941 average monthly sales = 100 2
Feb.
February
Sales during
period
Stocks at end
of month
1952
1953
! 1953
1952
Feb.
Jan.
203
Feb.
Jan.
Feb.
880
856
902
326
-1
-2
4.4
4.5
196
Furniture and bedding
Mattresses, springs, and studio beds 4
Upholstered and other furniture 4
253
184
190
+2
+1
+6
+2
3.6 !
2.0
4.1
3.6
2.0
4.0
232
230
Domestic floor coverings
Rugs and carpets 4
Linoleum 4
282
163
87
—5
-3
-7
5.2
5.2
5.3
5.2
174
179 ! 176
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household applicances
Housewares
(including small appliances)
Gift shop 4
'
307
257
259
237
269
189
-3 !
+4
+6
+3
-1 !
—2 i
it!
5.0
4.0
7.4
4.7
4.7
5.9
161
165
149
174
215
'
160
169
151
198
218
+8
5.3
4.4
8.0
3.6
4.7
6.4
Radios, phonographs, television, records,
etc. 4
Radios, phonographs, television4
Records, sheet music, and instruments 4 ....
230
173
120
-6 i
-9
1 3.2
-10 !
+4 |
-6
—7
—7
-14
0
2.8
4.8
3.3
2.9
5.0 j
Miscellaneous merchandise departments. .
330
-4 i
2
+4
3.9
3.6
147
148
153
579
641
563
Toys, games, sporting goods, cameras
TONS and games
Sporting goods and cameras
309
252
153
+6
+4
+6
+ 13
8.7
9.2
8.1
8.7
8.4
8.6
88
68
92
68
34
82
83
65
86
770
619
745
730
543
629
712
545
717
Luggage
280
189
_2
-2
-4 I
5.8
1.3
5.4
1.1 |
143
161
146
828
850
787
200
-3
2 . 9 j 149
i
165
153
472
425
452
-2
192
-3
-3 !
I
-4 '
!
-3 i
3.2
139
152
158
157
381
334
353
165
125
123
178
,| 177
. 156
.1 1.27
. ! 126
-1
-3
151
160
150
600
521
572
IIomefurnishin£s
Candy 4
BASEMENT STORE
total
Domestics and blankets 1
Women's and misses' ready-to-wear
Intimate apparel 4
Hosiery 4
Underwear, corsets
and brassieres4
Coats and
suits 4
4
Dresses
Blouses, skirts, and sportswear 4
Girls' wear 4 4
Infants' wear
Aprons, housedresses, uniforms4
Men's and boy's wear
Men's wear 4
Men's clothing 4
Men's furnishings4
.;
in
+
+5
-1
+
-3 I
-2 !
-i
-24
"
A
•
17
u!
+1
+2
+8
+1
-10
+ 10 !
+6 I
+ 11 i
il
-10
+2
-11
-1
-1
-2
-1
-2
-1
-2
+7
+4
107
-10
-9
Shoes
114
-3
-1
NONMERCHANDISE— total 4
.
187
-1
-1
Barber and beauty shop 4
.!
83
-6
-5
Homef urnishings
j
. ; 123
5.2
-21
-1
+1
-MI
+ 18 |
.1
!
J
Boy's wear 4
I
-5 '
. i 165
.1 152
. ! 105
. ! 122
:
i
+5
|
+9
I 3.7
+ 9 I 2.4
+2
+5
+6
+7
+2!
+ 14 !
+24 i
+ 16 |
+ 11
+6
+4
+2
+5
+ 12
-5
+5
2.8
2.3
3.0
2.1 i
1.6 |
2.4
3.3 !
3.4
2.4
4.2
198
" j
i
'
i
i
i
843
894
'
860
166
836
807
728
172
698
707
158 1,199 1 ,160 1,177
606
797
618
960 1,024
1,020
3.3 |
2.2
2.8
2.2
2.8
1.9
1.4
2.2
2.9
3.0
2.0
4.0
3.8
3.8
3.7
3.8
3.6
3.6
3.6
4.4
4.3
3.7
3.4
149
143
165
550
530
582
5.6
5.2
112
129
115
621
552
596
x
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months'
supply on hand at the end of the month in terms of sales for that month.
2
The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks
index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of
sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858
were 3reversed.
For movements of total department store sales and stocks, see the indexes for the United States on p. 530.
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 1952, sales and stocks
at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
MAY
1953
531
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
109.4
108.7
108.3
107.7
107.6
107.6
108.1
107.9
108.0
108.2
111.0
111.0
111.2
111.2
111.8
111.9
112.1
112.8
113.3
113.4
106.4
106.0
105.8
105.6
105.3
105.1
105.8
105.6
105.2
105.1
124.4
124.8
125.1
126.3
126.8
127.0
127.7
128.4
128.9
128.9
115.7
115.9
116.1
117.8
118.0
118.1
118.8
118.9
118.9
119.3
111.0
111.3
111.6
111.7
111.9
112.1
112.1
112.3
112.4
112.5
106.3
106.2
106.2
106.8
107.0
107.0
107.3
107.6
107.4
108.0
114.8
115.2
115.8
115.7
116.0
115.9
115.9
115.8
115.8
115.9
107.7
108.0
108.0
113.4
113.5
114.0
104.6
104.6
104.7
129.3
129.1
129.3
119.4
119.3
119.5
112.4
112.5
112.4
107.8
107.5
107.7
115.9
115.8
117.5
Apparel
All
items
Foods
1929 .
73.3
65.6
117 4
60 3
1933... .
55.3
41.6
83 6
45 9
1941
1942
1943
1944
1945...
1946
1947.
1948
1949
1950
1951
1952
62.9
69.7
74.0
75.2
76.9
83.4
95.5
102.8
101.8
102.8
111.0
113.5
52.2
61.3
68.3
67.4
68.9
79.0
95.9
104.1
100.0
101.2
112.6
114.6
95.0
101.7
103.3
106.1
112.4
114.6
88 4
90 4
90 3
90 6
90 9
91 4
94.4
100.7
105.0
108.8
113.1
117.9
97.6
100.0
102.5
102.7
103.1
104.5
88.8
104.4
106.8
110.5
116.4
118.7
97.2
103.2
99.6
100.3
111.2
108.5
1952—Mar. . .
April...
May...
June.. .
July...
Aug....
Sept...
Oct....
Nov. . .
Dec...
112.4
112.9
113.0
113.4
114.1
114.3
114.1
114.2
114.3
114.1
112.7
113.9
114.3
114.6
116.3
116.6
115.4
115.0
115.0
113.8
114.0
114.0
114.0
114.0
114.4
114.6
114.8
115.2
115.7
116.4
116.7
116.9
117.4
117.6
117.9
118.2
118.3
118.8
119.5
120.7
103.8
103.9
104.1
104.3
104.2
105.0
105.0
105.0
105.4
105.6
117.7
117.3
115.6
115.8
115.6
119.0
119.6
121.1
121.6
123.2
1953—Jan....
Feb....
Mar....
113.9
113.4
113.6
113.1
111.5
111.7
116.4
116.6
116.8
121.1
121.5
121.7
105.9
106.1
106.5
123.3
123.3
124.4
Total
Rent
Gas
Other
and
shelter* electricity
Solid House- Household
fuels
furnoperaishand
tion
fuel oil ings
1
Indexes for January 1953 and subsequent months will be published later.
NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used autombiles) and revised
weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100.
Source.—Bureau of Labor Statistics, Department of Labor.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics, 1947-49 =100]
Other commodities
Year or
month
1947
1948
1949
1950
10.51
1952
March
April
May
June
July
1952
Au cms t
September
October
November
1953
January
February
M!arch
....
ToMa- Furnibacco
chin- ture Nonme- manuery
and
Lum- Pulp, Metals and other tallic facMisber paper, and
tures cellahouse- erminand
and metal moneous
als—
and
tive
hold
wood allied
bottled
prod- dura- strucprod- prod- prodbevucts
ucts
bles tural erages
ucts
ucts
Tex- Hides,
All
tile skins,
com- Farm Processed
prodmodi- prodand
ucts foods Total ucts
ties
and leather
prodapparel ucts
Fuel,
power,
and
lighting
materials
96 4
104.4
99.2
103.1
114.8
111.6
100 0 98 2 95 3 100.1
107.3 106.1 103.4 104.4
92.8 95 7 101.3 95.5
97.5 99.8 105.0 99.2
113.4 111 .4 115.9 110.6
107.0 108.8 113.2 99.8
101.0
102.1
96.9
104.6
120.3
97.2
90.9
107.1
101.9
103.0
106.7
106.6
101.4
103.8
94.8
96.3
110.0
104.5
99.0
102.1
98.9
120.5
148.0
134.0
93.7
107.2
99.2
113.9
123.9
120.3
98.6
102.9
98.5
100.9
119.6
116.5
91.3
103.9
104.8
110.3
122.8
123.0
92.5 95.6 93.9
100.9 101.4 101.7
106.6 103.1 104.4
108.6 105.3 106.9
119.0 114.1 113.6
121.5 112.0 113.6
98 0
100.4
101.6
102.4
108.1
110.6
100.8
103.1
96.1
96.6
104.9
108.3
112.3
111.8
111.6
111.2
111.8
112.2
111.8
111.1
110 7
109.6
108.2
108.7
107.9
107.2
110.2
109.9
106.6
104.9
103 6
99.2
98.0
94.1
94.7
95.9
96.2
96.5
96.5
96.7
97.6
99.0
107.4
106.3
106.0
105.9
106.0
105.8
106.2
106.6
106.7
107.2
105.4
104.8
104.3
104.3
104.2
104.0
104.0
103.9
103.5
103.3
142.0
140.6
140.4
133.4
130.0
127.8
126.3
126.0
126.4
127.7
120.5
120.9
120.7
119.9
120.2
120.5
120.4
120.2
119.7
119.7
117.7
117.4
116.9
116.7
115.3
115.6
115.6
115.5
115.5
115.9
122.6
122.5
121.8
121.1
121.9
124.1
124.6
124.1
123.9
124.0
121.8
121.6
121.6
121.3
121.4
121.4
121.5
121.3
121.4
121.4
110.8
110.8
110.8
110.8
110.8
110.8
110.8
110.8
110 8
110.8
109.2
109.5
108.4
108.1
105.5
108.9
108.3
108.4
105.7
105.1
109.2
108.0
108.6
108 5
110.0
110.5
110.3
108.5
107 7
104.3
113.8 100.6
113.3 99.9
113.0 99.3
112.6 99.0
112.5 98.9
113.0 99.1
113.2 99.5
113.0 99.2
112.8 98.6
112.9 98.2
109 9 99 6 105 5 113 1
109.6 97.9 105.2 113.1
110.1 100.0 105.0 113.4
98.8
98.5
97.6
Chem- Rubicals
ber
and
and
allied prodprod- ucts
ucts
111.9
112.1
111.7
111.6
111.6
111.5
112.0
112.0
112.1
112.3
112.9
112.8
112.9
113.8
113.8
113.8
113.8
114.4
114.5
114.6
97.3 107.8 103.6 127.3 120.5 115.8 124.0 121.5 112.7 114 6 112 2 103 0
98.0 108.1 103.6 126.2 121.1 '115.3 ••124.6 121.6 '112.9 114.6 rlH 9 101.2
98.1 108.5 104.2 125.7 121.7 115.2 125.5 121.7 113.1 114.9 114.8 101.7
r
Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Backfigures.—SeeBULLETIN for March 1952, pp. 311-313.
532
FEDERAL RESERVE BULLETIN
PRICES—Con tinned
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Index numbers of the Bureau of Labor Statistics 1947-49 =100]
Annual
1951
1952
Feb.
97.2
99.3
116.9
143.9
104.8
108.0
102.7
138.5
120.3
98.2
102.4
115.1
109.6
95.9
98.3
136.7
-•102.2
93.1
91.2
102.7
'103.0
89.1
94.9
134.5
106.9
116.7
107.7
106.9
108.3
113.6
107.6
98.2
110.9
105.5
106.4
161.3
123.0
105.0
109.2
162.2
119.0
ap 05.5
108.0
161.9
114.4
111.5
144.6
97.0
128.8
103.8
141.6
98.5
113.0
88.9
133.7
100.0
101.7
'96.1
111.5
88.3
141.4
99.9
83.5
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
Mar.
Pulp, Paper and Allied ProductsContinued
105.9
Converted paper and paperboard. .
94.7
Building paper and board
91.7
104.6
101.8 Metals and Metal Products:
100.6
Iron and steel
97.5
Nonferrous metals
142.5
Metal containers
Hardware
Plumbing equipment
Heating equipment
108.9
Fabricated structural metal prod94.4
ucts
109.7
Fabricated nonstructural metal
products
105.1
109.6
168.9 Machinery and Motive Products:
120.9
Agricultural machinery and equipment
Construction machinery and equipment
93.1
Metal working machinery
112.0
General purpose machinery and
87.9
equipment
141.4
Miscellaneous machinery
99.9
Electrical machinery and equip82.2
ment
Motor vehicles
65.2 Furniture and Other Household Durables:
93.5
112.1
Household furniture
99.1
Commercial furniture
Floor covering
Household appliances
Radio
114.8
Television
131.8
Other
household durable g o o d s . . . .
109.5
100.7
Nonmetallic
Minerals—Structural:
109.0
119.0
124.7
121.6
112.3
63.0
89.4
112.4
100.8
66.5
91.9
112.1
'99.0
108.4
124.0
100.7
98.1
110.5
108.7
124.7
103.7
98.9
109.3
115.9
131.8
109.5
100.7
107.9
120.7
108.9
95.6
88.8
107.3
106.3
108.4
115.2
107.3
92.5
50.0
109.3
110.6
103.3
113.1
105.9
91.4
52.7
110.8
112.7
102.9
113.9
106.0
91.6
59.0
110.7
112.8
102.9
215.1
133.9
130.9
157.8
129.8
126.7
129.4
126.3
124.3
126.6
126.3
124.3
123.6
130.1
115.1
120.5
127.0
105.0
120.3
131.9
110.9
120.9
131.9
112.0
114.4
188.3
119.1
131.8
111.5
70.1
124.0
127.4
108.8
83.8
124.9
123.5
108.8
83.8
124.9
123.4
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas
Electricity
Petroleum and products
Chemicals and Allied Products:
Industrial chemicals
Paint and paint materials
Drugs, Pharmaceuticals, cosmetics.
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Rubber and Products:
Crude rubber
Tires and tubes
Other rubber products
Lumber and Wood Products:
Lumber
Millwork
Plywood
Flat glass
Concrete ingredients
Concrete products
Structural clay products
Gypsum products
Prepared asphalt roofing
Other nonmetallic minerals
Tobacco Manufactures
Beverages:
19
1951
1952
Feb.
Mar.
117.0
113.4
113.8
115.5
'•111.5
118.2
111.3
118.2
123.2
124.2
121.1
125.8
122.5
114.6
124.7 '127.5
123.5 124.4
122.0 125.3
125.4 125.9
117 A '114.3
113.8 113.9
127.7
131.5
125.3
126.2
114.3
113.9
117.5
115.1
113.9
113.6
125.4
124.9
126.7
120.1
121.6
121.8
122.0
123.6
125.8
125.4
128.5
'126.2
'129.0
126.9
129.1
123.5
119.4
122.6
119.4
122.0
120.1
122.1
120.3
121.9
112.9
120.3
119.6
119.7
119.9
119.7
120.0
116.4
124.5
137.8
107.9
93.7
79.6
117.3
113.0 '113.4
123.0 123.2
122.8 124.1
107.3 107.4
'95.5
94.0
'75.6
75.5
118.8 '121.7
113.7
123.2
124.1
107.8
95.5
75.6
121.8
114.0
113.0
112.3
121.4
117.4
104.8
111.0
114.3
113.0
112.5
122.0
117.7
102.9
112.3
114.4
113.1
112.8
124.0
117.7
106.0
115.3
114.4
113.8
112.8
124.1
118.3
106.0
115.3
105.8
100.6
108.4
106.5
119.7
106.5
100.1
116.6
110.7
119.7
112.0
102.9
120.3
'110.1
'119.8
124.0
102.9
122.4
110.0
119.8
116.2
100.5
101.3
101.1
120.6
113.5
108.0
93.8
101.0
120.8
112.8
94.4
92.9
101.0
121.2
112.9
95.0
94.3
101.7
121.0
and Bottled
Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages
Miscellaneous:
Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper
Paperboard
Annual
1953
Subgroup
Subgroup
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.
MAY
1953
533
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Kstimates of the Department of Commerce.
In billions ot dollarsi
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates
by quarters
Annual totals
1953
1952
1933
1929
1941
1947
1948
1950
1949
1952
1951
2
1
Gross national product
. ..
Less: Capital consumption allowances. .
Indirect business tax and related
liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises
Equals: National i n c o m e . .
Less: Corporate profits and inventory
valuation adjustment
Contributions for social insurance. .
Excess of wage accruals over
disbursements
Plus: Government transfer payments. . .
Net interest paid by government. .
Dividends
Business transfer payments
103.8
1
4
3
55.8 126.4 233.3 259.0 258.2 284.2 329.2 '346.1 339.7 342.6 343.0 ••359.0 361.0
8.8
7.2
9.3
14.8
17.6
19.4
21.5
24.6
28.1
26.7
27.7
28.3
29.C
30.4
7 0
7.1
11.3
18.7
20.4
21.6
23 8
25 3
27.2
26.3
26.8
27.3
28.2
28.4
-1.6
.9
1.8
.9
—.2
— 1.3
.9
r.l
n.a.
.1
.5
.2
-.2
6
—l
7
1.2
5
1.6
7
.3
-3.2
7
g
2
.0
.0
8
— .7
9
1.4
r
9
9
.9
.0
.1
87.4
39.6 103.8 198.7 223.5 216.3 239.2 277.6 290.4 288.0 285.6 287.7 300.2
n.a.
10.3
.2
-2.0
.3
14.6
2.8
24.7
5.7
31.7
5.2
29.2
5.7
34.8
6.9
41.6
8.2
40.5
8.5
42.7
8.5
39.9
8.4
37.8
S.6
41.5
8.8
n.a.
9.0
0
.9
1.0
5.8
.0
1.5
1.2
2.1
0
2.6
1.3
4.5
.0
11.1
4.4
6.6
.0
10.5
4.5
7.2
0
14.3
4.7
9.0
0
11.5
4.9
9.0
— .1
11.9
5.0
9.1
— 4
12 0
5.0
9.3
.0
12.2
5.0
9.0
.0
12.8
5.0
9.1
7
1
11.7
5.0
8.9
.0
11.6
5.0
9.6
5
0
11.6
4.6
7.5
.7
8
8
9
-.1
0)
.1
-.1
.4
.5
9
6
7
85 1
46 6
Less: Personal tax and related payments. .
Federal
State and local
2.6
1.3
1 4
1.5
.5
1 0
Equals: Disposable personal i n c o m e .
82.5
45.2
92.0 169.5 188.4 187.2 205.5 225 0 234.3 229.5 230.8 234.8 242.5 245.6
Less: Personal consumption expenditures
78.8
46.3
32.3 165.6 177.9 180.6 194.3 208.0 216.3 213.2 214.9 215 0 222.0 226.2
Equals: Personal Income . .
Equals: Personal saving
3 7 —1 2
.9
.9
95 3 191.0 209.5 205 9 226 3 254 1 268.3 263 0 264.4 268 9 277.0
281.3
3.3
2 0
1.3
9 8
21.5
19.6
1 9
3 9
21.1
19.0
2.1
18.6
16.2
2 5
10 5
6 7
20.8
18.1
2 7
11 2
29.1
26 1
3 0
17 0
.9
34.0
30.7
3.3
18 0
33.5
30.4
3 2
16 3
.9
33.6
30.4
3.2
15 9
.9
34.1
30.8
3 3
34.6
31.3
3.3
20. ?
19 8
35.7
32.3
3 4
19.5
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1952
1929
1948
1933
1949
1950
1951
1953
1952
National income
87.4
39.6 103.8 198.7 223.5 216.3 239.2 277.6 290.4 288.0 285.6 287.7 300 2
Compensation of employees
Wages and salaries2
Private
Military
Government civilian
Supplements to wages and salaries...
50.8
50.2
45.2
.3
4.6
.6
29.3
28.8
23.7
.3
4.9
.5
Proprietors* and rental income 3 . . .
Business and professional
Farm
Rental income of persons
19.7
8.3
5.7
5.8
7.2
2.9
2.3
2.0
Corporate profits and inventory
valuation adjustment
Corporate profits before tax
Corporate profits tax l i a b i l i t y . . . .
Corporate profits after tax
Inventory valuation adjustment
10.3 - 2 . 0
.2
9.8
.5
1.4
-.4
8.4
.5 - 2 . 1
Net interest
6.5
5.0
64.3 128.0 140.2 139.9 153.4 178.9 190.4 186.5 186.9 190.3
61.7
122.1 134.4 133.4 145.6 169.9 181.1 177.4 177.8 181.0
51.5 104.8 115.7 113.0 123.4 141.2 148.7 145.8 145.6 148.3
1.9
4.0
4.1
5.0
4.2
8.6 n.a.
10.0 10.2 10.4
8.3 13.2 14.7 16.1 17.2 20.1 n.a.
21.7 21.9 22.4
2.6
5.9
5.8
9.2
7.8
9.0
6.6
9.0
9.2
9.3
42.4
19.8
15.6
7.1
47.3
22.1
17.7
7.5
42.1
21.6
12.8
7.7
45.2
23.7
13.3
8.2
50.6
26.2
15.6
8.9
52.5
27.6
52.1
27.3
15.2
9.6
15.4
9.4
14.6 24.7
17 .2 30.5
7
11.9
9.4
18
-2.6 -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
-4.8
41.6
42.9
24.2
18.7
-1.3
40.5
39.7
'21.8
17.9
3.5
4.3
5.0
5.8
6.4
7.0
20.8
9.6
6.9
4.3
4.1
51.9
27.6
14.8
9.5
52.5
27.5
15.2
9.8
42.7 39.9
42.7 38.2
'23 A '21.0
'19.3 17.2
-.1
1.7
37.8
37.2
'20.4
16.8
.6
6.7
6.9
7.1
n.a.
201.6
188.2 191 .8155.? 158.7
n.a..
n.a.
n.a.
n.a.
9.0
9.8
197.*)
53.6
28.2
15.5
10.C
53.6
28.6
14.910.1
41.5
n.a.
n.a.
4o.:i
22.1
18 2
1.2
r
7.2
n.a.
-.5
7.4
r
n.a.
Not available.
Revised.
1
Less than 50 million dollars.
2
Includes
employee
contributions
to social insurance funds.
8
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
534
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
1953
1952
1929
Gross national product
1933
1941
1947
1948
1950
78.8
9.4
37.7
31.7
46.3
3.5
22.3
20.6
82.3
9.8
44.0
28.5
Gross private domestic
investment
New construction l
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories. . . .
Nonfarm only
15.8
7.
3.6
4.2
6.4
1.6
1.8
1.3
1.1
.5
.7
1.8
-1.6
-1.3
18.3
6.8
3.5
3.3
7.7
3.9
3.4
30.2
13.9
6.3
7.6
17.1
-.8
1.4
42.7
17.7
8.6
9
19.9
5.0
3.7
33
17.2
8.3
9.0
18
-2
-1.6
.8
.2
1.1
8.9
1.9
8.5
1.3
8.0
2.0
2.0
5.9
(3)
7.8
28.6
15.8
13.3
3.8
1.3
12.8
36.6
1.3
24.7
16.9
13.8
3.2
Net foreign investment
1952
1
3
2
55.8 126.4 233.3 259.0 258.2 284.2 329.2 '346.1 339 7 342.6 343.0 '359.
103.8
Personal c o n s u m p t i o n
expenditures
Durable goods
Nondurable goods
Services
Government purchases of
goods and services
Federal
National security
Other
Less: Government sales 2
State and local
1951
(s)
7.2
361.0
165.6 177.9 180.6 194.3 208.0 216.3 213. 2 214.9 215.0 222.0 226.2
21.4 22.9 23.8 29.2 27.1 25.8 25 2 26.4 24.2 27.3 29.8
95.1 100.9 99.2 102.8 113.5 119.0 118 0 117.8 118.9 121.4 121.7
49.1 54.1 57.5 62.4 67.3 71.5 7 0 . 0 70.8 71.9 73.3
74.6
21.0
16.1
5.6
.6
15.6
50.3
22.9
12.6
10.3
5.5
4.6
58.5
23.3
11.0
12 3
24.9
10.3
9.4
.5
-2.3
.2
43.6
25.4
19.3
6.6
.4
18.2
41.9
22.2
18
3.9
62.6
40.9
37.1
4.2
.4
21.7
22.0
52.1
23.5
11.1
12.4
25.5
3.1
2.4
77.8
54.4
49.2
5.6
.4
23.4
51.7
50. 0
23. 7
11 .0
12. 7
25. 7
6
-• 1
49.3
23.6
11.0
12.6
25.7
23.0
10.9
12.2
25.0
2. 2
.4
-1.6
74. 4
51. 2
46. 4
5. 2
4
23. 2
78.0
54.9
50.3
77.9
54.8
49.6
23.0
23.1
.1
-.8
5.1
.4
3.7
3.0
5.6
.4
57.3
23 V
11 6
12 0
25.6
8.1
7.5
'-.9
80.6
56.6
50.4
6.5
.3
24.0
54.4
25.2
12.2
13.0
27.5
1.7
1.1
-2.0
82.4
57.5
51.2
6.5
.3
25.0-
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Year or month
Personal
income
Wage and s<ilary disbursements
Total
receipts4
Total
disbursements
Commodity
producing industries
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
15 5
9.8
8.8
8.2
5.1
27.5
54.3
60.2
56.9
63.5
74.9
79.1
16.3
35.1
38.8
38.9
41.3
45.9
48.5
7.8
15.3
16.6
17.2
18.6
20.3
21.3
10.2
17.2
18.7
20.4
22.2
28.7
32.4
261 9
262.5
264.5
266.7
June
July.
263.9
269.6
August
September.... 273.8
276.1
October
November. . . . 275.8
280.0
December
173 9
173.4
174.6
175.8
173.9
179.0
181.9
184.0
184.4
186.4
177 3
176.7
177 9
179.3
177.4
182 5
185.3
187.5
187.9
189.9
77 7
76.9
76.7
77.2
74.0
78.7
81.6
82.9
83.5
85.2
47 0
47.0
47.7
48.5
49.3
49.4
49.3
49.9
49.6
50.0
20.8
21.0
21.3
21.3
21.5
21.5
21.6
21.8
21.9
21.9
31 8
31.8
32.2
32.3
32.6
32.9
32.8
32.9
32.9
32.8
280.6
280.9
282.5
186.5
188.2
189.6
190.3
191.8
193.2
85.2
86.2
87.1
50.1
50.3
50.4
22.1
22.2
22.5
32.9
33.1
33.2
1929
1933
1941
1947
1948
1949
1950
1951
1952 .
1952 -March
April
May
1953—January
February
March?
Distrib- Service
utive
indus- industries
tries
Government
5 0
5.2
Other
labor
income5
Dividends
Proand
prietors'
perand
sonal
rental 6
income interest
income
Transfer
payments7
Less
personal
contriNonbutions agriculfor
tural
social
income9
insur-8
ance
19 7
13.3
7.2
8.2
1.5
2.1
.1
.2
20.8
42.4
47.3
42.1
45.2
50.6
52.5
9.9
14.5
16.0
17.1
19.5
20.4
21.1
3.1
11.8
11.3
12.4
15.1
12.4
12.7
.8
2.1
4.5
4.6
4.6
4.7
50.7
51.2
51.7
52.8
52.2
51.8
53.4
53.5
52.9
54.6
21.0
21.5
21.5
21.4
21.3
21.4
21.4
21.3
21.3
21.2
12.4
12.3
12.6
12.5
12.4
13.1
12.9
13.0
12.8
13.4
3.7
3.8
3.7
3.8
242.7
242.9
244.9
245.9
243.4
249.4
253.0
255.4
255.7
258.8
4.7
4.7
4.7
54.6
53.3
53.0
21.4
21.5
21.7
13.6
13.4
13.8
4.0
3 8
3.9
259.5
261. 1
262.8
.5
.4
.6
2.4
2.8
3.1
3.8
4.2
4.5
4.3
4.4
4.4
4.5
4.5
4.5
2.2
2.2
2.9
3.4
3.8
3.8
3.6
3.6
3.8
3.9
3.7
76.8
43.0
86.1
170.8
187.1
188.7
208.5
233.6
248.0
r
p1 Preliminary.
Revised.
Includes construction expenditures for crude petroleum and natural gas drilling.
2
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
3
(.ess than 50 million dollars.
4
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance.5 Such contributions are not available by industries.
Include? compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well 8as consumer bad debts and other business transfers.
Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are
not included
in personal income.
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.
NOTB.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
MAY
1953
535.
MEMBER BANK EARNINGS, 1952
ALL MEMBER BANKS, BY CLASSES
[Amounts in thousands of dollars]
All
national
member
banks
All member banks l
Item
1949
1950
1951
All
State
member
banks
1952
Central reserve
city member banks
New York
Chicago
Reserve
city
member
banks
Country
member
banks
Year 1952
2,741,239 1,378,410
Earnings
Interest and dividends on
securities:
U. S. Government. . . .
Other
Interest and discount on
loans
Other charges on loans...
Service charges on deposits
Other charges, fees, etc.. .
Trust department
Other current earnings...
2,985,639
3,264,686
3,668,715
4,119,649
859,218
168,502
865,063
190,173
831,920
210,766
929,307
234,528
631,986
163,933
297,321
70,595
133,813
42,915
48,907
11,776
343,747
87,124
402,841
92,713
1,405,636
21,434
157,957
64,497
151,384
157,012
1,607,967
26,068
172,489
70,754
170,519
161,655
1,974,325
28,670
186,872
79,003
182,421
174,737
2,269,944
35,936
197,734
82,871
194,430
174,901
1,531,404
24,013
135,759
52,596
80,604
120,944
738,540
11,923
61,975
30,275
113,826
53,957
369,712
8,109
18,228
12,269
66,626
39,663
81,549
1,353
1,946
1,050
15,829
6,832
897,681
17,787
76,386
30,989
72,947
67,294
921,002
8,687
101,174
38,564
39,028
61,112
Expenses
Salaries—officers
Salaries and wages-others
Directors' fees, etc
...
Interest on time deposits.
Interest on borrowed
money
Taxes other than income.
Recurring depreciation. .
Other current expenses. .
1,888,915
318,189
607,927
16,064
261,102
2,019,746
344,777
655,151
17,449
271,016
2,231,946
375,298
750,039
19,150
305,536
2,501,091
408,330
835,300
21,514
364,503
1,655,395
270,729
533,368
14,511
259,655
845,696
137,601
301,932
7,003
104,848
370,528
51,615
161,199
1,671
17,878
93,310
12,987
31,142
236
14,260
974,246 1,063,007
210,929
132,799
345,007
297,952
3,733
15,874
172,845
159,520
3,336
96,285
43,901
542,111
3,895
108,854
48,016
570,588
9,077
114,958
53,067
604,822
19,825
117,659
60,064
673,896
12,711
78,424
41,998
443,999
7,114
39,235
18,066
229,897
5,203
12,990
4,099
115,872
1,873
3,616
708
28,488
9,763
49,136
21,057
253,231
2,985
51,917
34,199
276,305
1,096,724
1,244,941
1,436,769
1,618,558
1,085,844
532,714
320,807
75,931
619,709
602,112
182,476
218,570
148,624
125,008
81,000
44,008
31,224
13,604
40,668
39,512
13,447
22,289
63,943
12,789
36,799
82,149
13,531
10,936
51,881
9,954
19,646
29,047
6,884
14,844
20,162
3,070
4,802
8,885
796
5,279
6,372
2,352
3,177
3,749
3,050
8,790
11,550
3,756
2,401
7,377
18,125
24,918
39,753
22,548
26,960
37,327
17,577
25,622
29,076
16,966
24,734
24,660
11,600
14,949
12,561
5,366
9,785
12,099
3,429
9,456
5,893
1,575
1,572
1,179
3,527
5,822
7,929
8,436
7,883
9,660
317,875
313,661
338,857
306,381
202,608
103,773
38,814
15,285
123,753
128,528
30,857
28,004
32,623
50,933
72,103
28,418
83,851
27,040
61,088
16,738
22,763
10,302
10,521
1,943
897
2,583
32,387
18,032
40,045
4,483
19,152
191,254
48,607
14,269
166,272
49,565
13,555
180,034
44,747
15,652
132,896
46,942
11,275
83,597
29,910
4,376
49,300
17,032
154
22,220
3,976
352
8,614
2,839
1,498
53,858
17,979
13,647
48,205
22,149
Profits before income
taxes
961,325
1,149,850
1,246,536
1,437,185
964,236
472,949
313,216
74,250
536,623
513,096
Taxes o n net i n c o m e . . . .
Federal
State
275,066
257,069
17,997
369,060
346,909
22,151
490,919
465,480
25,439
607,850
578,682
29,168
404,011
386,891
17,120
203,839
191,791
12,048
138,606
125,902
12,704
28,989
28,989
241,186
231,589
9,597
199,069
192,202
6,867
Net profits
686,259
780,790
755,617
829,335
560,225
269,110
174,611
45,260
295,437
314,027
Cash dividends declared.
On preferred stock 2
On common stock
312,666
3,488
309,178
345,522
2,835
342,687
370,504
2,587
367,917
390,430
2,310
388,121
258,507
397
258,110
131,923
1,913
130,011
94,719
62
94,657
18,149
68
18,081
155,773
431
155,342
121,790
1,749
120,041
2,399
17,512
3,036
17,016
2,085
25,054
4,308
28,088
2,374
21,302
1,934
6,786
1,757
6,935
2,044
2,279
9,942
272
9,167
5,144
61,857
5,808
46,329
15,919
55,581
24,642
54,938
15,291
40,765
9,351
14,173
2,110
7,841
2,765
1,786
16,718
23,324
3,050
21,987
445,000
749,000
557,000
027,000
48,000
20,200,000
19,314,000
4,158,000
13,911,000
797,000
17,154,000
21,862,000
4,684,000
11,964,000
605,000
Net current earnings before income taxes. . .
Recoveries, transfers from
reserves, and profits.
On securities:
Recoveries
Transfers from reserves
Profits on securities. . .
On loans:
« ^ r Recoveries
Transfers from reserves
All other
Losses, charge-offs, and
transfers to reserves.
On securities:
Losses and charge-offs.
Transfers to reserves. .
On loans:
-^—Losses and charge-offs.
Transfers to reserves. .
All other
Memoranda i t e m s :
Recoveries credited to reserves (not included in
recoveries above):
On securities
sap. On loans
Losses charged to reserves
(not included in losses
above):
On securities
^ M ^ O n loans
Loans
U. S. Government securities
Other securities
Cash assets
Other assets
35,249,000 39,098,000 47,016,000 51,169,000
54,063,000 54,916,000 50,075,000 51,811,000
7,847,000 9,398,000 10,583,000 11,557,000
30,098,000 29,854,000 33,727,000 35,564,000
1,554,000 1,622,000 1,811,000 1,977,000
Total assets
128,810,000 134,889,000 143,212,000 152,079,000
Time deposits
Total deposits
Total capital accounts
29,145,000 29,506,000 30,074,000 32,120,000
118,264,000 123,559,000 130,760,000 138,398,000
8,999,000 9,455,000 9,947,000 10,480,000
Number of officers
Number of employees
691,334
11,369,000 2
7,886,000 2
2,157,000
7,662,000 2
528,000
169,241 1,593,955 1,665,119
29,603,000 7,826,000 58,380,000 56,270,000
()
8
2,085,000 1,156,000 12,813,000 16,066,000
25,753,000 7 ,151,000 53,518,000 51,976,000
2,458,000 525,000 3,631,000 3,866,000
47,454
250,367
48,967
263,643
50,553
282,266
52,652
300,868
36,663
196,517
15,989
104,351
3,584
47,489
906
10,051
6,892
6,873
6,840
6,798
4,909
1,889
22
13
Number of banks
33,943
122,873
319
6,444
See footnotes on pp. 537-539.
536
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1952—Continued
ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
New
York
Earnings
212,343 1,024,124
Interest and dividends on
securities:
209,734
46,447
U. S. Government
Other
9,726
63,123
Interest and discount on
loans
111,606
553,890
862
Other charges on loans....
10,557
Service charges on deposits.
11,641
40,622
Other charges, fees, etc... .
4,661
18,499
Trust department
16,334
75,885
Other current earnings. . . .
11,065
51,813
Expenses
599,721
134 401
Salaries—officers
86^905
22^881
Salaries and wages—others
44,832
232,131
Directors' fees, etc
1,433
4,450
Interest on time deposits. .
14,998
60,015
Interest on borrowed
459
money
6,074
6,444
Taxes other than income. .
22,363
3,842
Recurring depreciation. . . .
11,143
39,513
Other current expenses....
176,640
Net current earnings be77,942
fore income taxes
424,402
Recoveries, transfers from
reserves, and profits. .
On securities:
Recoveries
Transfers from reserves. .
Profits on securities....
On loans:
Recoveries
Transfers from reserves.
All other
Philadelphia
Cleveland
Richmond
Atlanta
Chicago St. Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
228,622
329,875
189,468
200,604
578,744
153,440
115,461
189,947
219,811
677,211
52,430
17,550
84,798
22,789
46,995
8,432
47,317
11,750
173,473
34,219
35,476
8,930
26,542
5,719
45,640
9,771
42,383
9,415
118,072
33,104
121,038
172,222
1,971
12,731
5,115
15,753
14,495
104,036
106,291
1,162
12,113
7,326
5,104
9,541
286,586
5,151
26,148
9,674
23,442
20,052
89,580
63,336
107,026
10,281
5,489
7,280
6,056
5,549
3,957
4,251
4,922
7,026
5,053
2,771
4,189
10,808
3,397
3,851
8,560
136,064
1,858
9,264
4,801
3,630
12,397
418,269
10,064
43,347
12,143
18,672
23,540
197,661
30,020
61,415
1,928
30,607
112,502
21,442
35,225
1,462
14,955
124,457
2L893
38,629
1,155
13,136
359,283
57,211
114,877
2,775
61,743
90,099
18,224
27,146
1,216
9,840
72 151
15^208
21,146
110,873
24,700
31,871
1,318
11,232
130,646
28^011
37,195
1,334
8,031
430,614
58,656
145,611
1,232
109,672
1,252
17,454
5,444
49,541
983
593
299
7,336
4,123
37,592
4,632
2,265
25,859
2,438
1,789
19,636
1,669
4,140
3,189
32,752
474
5,335
3,536
29,563
3,424
16,300
7,288
95,664
919
6,460
3,912
37,261
12,174
4,210
39,218
2,879
12,582
9,323
90,659
89,939
132,214
76,966
76,147
219,461
63,341
43,310
79,074
89,165
246,598
915
8,204
2,756
17,458
8,271
138,683
23,180
45,222
2,533
19,316
800
898
774
827
677
10,958
896
8,570
46,773
4,852
6,707
3,372
3,782
21,882
3,720
2,348
4,581
5,955
12,467
977
1,541
1,315
1,281
6,974
9,852
513
884
749
265
182
600
1,308
1,014
232
349
286
819
2,044
3,063
3,467
6,863
241
402
1,419
196
377
673
332
254
850
1,369
4,085
2,370
1,260
1,737
1,739
5,223
15,620
7,824
1,274
1,446
2,379
2,440
3,670
1,211
894
143
444
1,889
1,246
541
293
858
1,214
1,126
366
681
2,245
1,558
2,170
19,730
74,259
22,309
23,771
10,492
13,033
45,740
13,596
7,424
13,528
20,881
41,617
3,639
1,113
16,853
5,088
6,451
5,637
5,927
3,919
4,482
4,676
1,713
3,234
3,721
4,747
704
12,391
5,025
423
1,652
43,198
7,468
367
790
488
9,584
4,972
9,910
4,743
8,802
2,616
2,996
2,783
1,080
4,799
2,587
1,134
3,268
2,807
1,224
1,644
2,499
4,034
2,410
3,784
7,613
4,034
18,383
4,948
Profits before income taxes
66,781
396,916
72,482
115,150
69,845
66,896
14,099
5,006
1,342
18,666
6,62 7
195,603
53,464
38,234
70,127
74,238
217,448
Taxes on net income
Federal
State
29,313
25,464
3,849
168,481
153,732
14,749
27,667
27,667
44,504
44,504
30,890
30,507
28,714
28,182
77,531
77,469
22,710
22,162
548
15,823
14,390
1,433
30,364
29,211
1,154
33,180
33,135
46
98,672
92,259
6,412
Net profits
37,468
228,435
44,814
70,647
38,956
38,182
118,072
30,754
22,411
39,763
41,058
118,776
Cash dividends declared . .
On preferred stock 2
On common stock
21,317
25,240
28,576
16,251
13,956
43,668
12,978
9,098
13,841
20,006
67,326
74
5
23
2
237
43
26
1
18
223
21,302
118,173
1,643
116,531
25,166
28,571
16,228
13,954
43,432
12,935
9,072
13,841
19,988
67,103
9
823
1,974
9,312
37
698
147
4
668
3
783
18
5
696
274
4,404
23
966
48
1,248
1,108
1,838
1,766
5,543
373
4,669
12,167
1,038
1,826
8,869
2,962
200
4
1,407
2,063
427
40
2,089
4,292
5,749
17
1,787
1,395
3,534
5,611
Losses, charge-offs, and
transfers to reserves. .
On securities:
Losses and charge-offs. .
Transfers to reserves. . .
On loans:
Losses and charge-offs. .
Transfers to reserves....
All other
Memoranda items:
Recoveries credited to reserves (not included in
recoveries above):
On securities
On loans
Losses charged to reserves
(not included in losses
above):
On securities
On loans
16
3,985
751
159
838
929
522
358
305
383
84
532
62
449
403
375
947
448
1,054
864
385
916
871
3,307
11,771
Total assets
15,088,000 2,596,000 3,945,000 2,125,000 2,074,000 6,634,000 1,952,000 1,260,000
11,944,000 2,748,000 4,743,000 2,601,000 2,630,000 9,778,000 1,972,000 1,461,000
3,169,000 802,000 1,022,000 421,000 537,000 1,833,000 393,000 297,000
9,638,000 1,694,000 2,652,000 1,723,000 1,894,000 5,490,000 1,449,000 941,000
681,000
189,000
87,000
95,000
36,000
99,000
139,000
52,000
7,249,000 40,519,000 7,941,000 12,501,000 6,957,000 7,230,000 23,925,000 5,818,000 3,996,000
Time deposits
Total deposits
Total capital accounts
1,322,000 5,870,000 2,001,000 3,404,000 1,440,000 1,198,000 6,237,000 1,023,000 953,000 830,000 751,000 7,092,000
6 539 000 35,763,000 7,143,000 11,428,000 6,384,000 6,709,000 22,231,000 5,358,000 3,707,000 6,770,000 7,445,000 18,920,000
923,000 463,000 435,000 1,381,000 376,000 242,000 441,000 506,000 1,172,000
596,000 3,233,000 711,000
Loans
2,502,000
U. S. Government securities. 2,531,000
Other securities
526 000
Cash assets
1,564,000
Other assets
125,000
Number of officers
Number of employees
Number of banks
1
2,144,000 2,684,000 8,164,000
2,562,000 2,355,000 6,486,000
526,000 407,000 1,623,000
2,033,000 2,453,000 4,033,000
290,000
62,000 123,000
7,327,000 8,021,000 20,595,000
2 908
17,795
8,432
74,770
3,414
17,412
4,034
22,463
3,145
14,475
2,976
15,699
6,813
41,937
2,820
11,547
2,386
8,595
3,899
13,136
4,121
14,882
7,704
48,157
322
720
621
673
477
360
1,008
493
476
753
634
261
Includes figures for all banks that were members of the Federal Reserve System at the end of the year (including those becoming members during
the year whose returns may cover operations for only part of the year); and in addition includes appropriate adjustments for member banks in operation
during part of the year but not at the end of the year. Data may not add to totals because of rounding.
3includes interest on capital notes and debentures.
Not available on the 13-month basis used for all member banks. See note on pp. 538-539.
For other footnotes see pp. 538-539.
MAY 1953
537
MEMBER BANK EARNINGS, 1952—Continued
RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
Earnings
I
Interest and dividends on
securities:
U. S. Government
Other
Interest and discount on loans.
Other charges on loans
Service charges on deposits. . .
Other charges, fees, etc
Trust department
Other current earnings
73,801
Expenses
Salaries—officers
Salaries and wages—others. . .
Directors' fees, etc
Interest on time deposits
Interest on borrowed money..
Taxes other than income
Recurring depreciation
Other current expenses
Net current earnings before
income taxes
;
Recoveries, transfers from |
reserves, and profits
j
On securities:
j
Recoveries
\
Transfers from reserves. . . .!
Profits on securities
!
On loans:
Recoveries
Transfers from reserves. . . . i
All other
Losses,
charge-offs, and
transfers to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
Profits before income taxes.
Taxes on net income
Federal
State
Net profits
Cash dividends declared
On preferred stock 2
On common stock
Memoranda items:
Recoveries credited to reserves (not included in
recoveries above):
On securities
On loans
Losses charged to reserves
(not included in losses
above):
On securities
On loans
|
I
14,606
3,040
38,341
423
2,170
2,531
7,999
4,693
New
York
41,681
7,584
2,513
23,795
465
2,771
Philadelphia
Cleveland
Richmond
Atlanta
Chicago St. Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
88,859
186,440
79,266
84,497
172,594
75,195
38,067
96,532
99,917
557,107
15,260
46,148
13,704
95,350
1,483
5,692
2,649
12,936
8,477
20,850
3,444
39,443
424
4,421
2,962
4,866
2,857
19,766
5,015
44,636
857
3,705
3,227
2,930
4,361
58,142
9,383
80,994
2,39c;
10,737
3,440
3,25?
4,251
15,039
4,276
45,735
451
1,845
1,870
3,575
2,406
7,308
2,019
22,105
303
1,487
939
2,273
1,632
24,943
5,393
52,173
435
3,846
1,132
3,161
5,451
18,715
3,127
61,686
1,399
1,884
2,064
2,949
8,093
95,389
28,425
345,499
8,683
35,437
8,608
16,209
18,856
46,125
8,0?4
17,150
373
3,555
52,553
7,475
17,292
42,258
23,372
3,455
9,443
79
794
2,036
2,466
239
480
436
349,191
44,423
120,492
728
92,285
2,498
1,106
12,768
6,775
55,754
8,343
18,375
308
5,615
1,498
2,079
1,616
17,920
57,512
6,648
5,156
494
3,839
1,399
16,622
114,053
13,808
42,493
507
19,116
1,024
5,509
2,302
29,296
6,783
47,925
469
738
1,110
2,705
2,391
829
11,688
3,513
42,220
7,038
16,164
153
1,633
219
2,021
1,062
13,929
29,790
3,541
52,769
7,755
10,28?
177
5,660
127
940
580
8,483
22,381
325
523
2,338
786
16,736
108,650
13,357
38,911
373
14,027
1,110
9,882
2,737
28,251
31,582
11,891
36,090
77,790
33,142
31,944
58,541
32,937
14,695
40,779
42,405
207,916
4,804
1,925
650
276
14,969
217
3,565
759
13,270
8,933
17,053
216
4,517
320
7,043
1,603
17,825
2,766
10,470
6,671
71,357
3,620
2,021
3,899
1,664
2,052
4,103
2,294
1,034
2,498
2,059
10,622
815
861
685
871
1,144
98
863
781
408
23
1,285
31
377
420
35
514
890
78
2,080
116
87
298
764
120
250
106
337
423
899
164
120
464
878
4,074
2,033
739
1,125
580
86
1,283
238
85
396
987
800
194
209
434
222
128
263
228
211
1,389
89
133
924
369
7
182
249
266
323
337
194
974
535
1,474
1,629
8,494
6,523
10,695
15,092
4,775
5,040
13,355
8,277
1,841
6,654
8,392
34,617
516
820
200
1,538
1,936
681
1,980
5,468
1,514
185
5,769
3.096
1,518
1,020
35
1,922
725
2,737
465
10,074
4,698
34
5,939
1,184
12
4,318
456
12
5,528
2,538
292
5,914
1,438
31
1,582
1,463
1,623
25
7
2,473
912
336
1,444
1,883
251
394
141
310
2,704
993
39
3,346
1,805
106
15,785
3,954
1,875
67
4,431
1,213
27,892
8,988
27,416
66,597
30,031
28,956
49,288
26,954
13,887
36,622
36,072
183,921
13,120
10,988
2,132
3,473
3,117
356
11,496
1 1,496
26,877
26,877
14,050
13,860
190
12,885
12,722
164
20,517
20,503
14
13,582
13,151
431
5,834
5,165
669
17,528
16,886
642
18,197
18,197
83,627
78,628
4,999
14,772
5,515
15,920
39,720
15,981
16,071
28,771
13,372
8,053
19,094
17,875
100,294
9,659
11,702
17,680
7,418
6,283
11,395
17,680
7,418
6,283
7,289
3,415
21
3,394
6,73!
11,702
10,995
70
10,925
7,289
' 9,659
3,540
147
3,393
' 6,732
Yl',395
59,666
193
59,473
130
23
309
36
342
140
705
4
169
1,413
603
160
48
358
267
685
1,757
4,847
1,957
1,011
371
899
913
8,681
1,822
200
673
1,224
1,935
1,266
942
381
410
1,876
1,024,000
Loans
U. S. Government securities. . . . 809,000
152,000
Other securities
Cash assets
624,000
Other assets
64,000
833
536,000 1,170,000 2,452,000 937,000 979,000 1,857,000 1,140,000
417,000 824,000 2,660,000 1,193,000 1,103,000 3,360,000 851,000
112,000 296,000 567,000 171,000 206,000 553,000 166,000
326,000 815,000 1,693,000 833,000 894,000 1,780,000 806,000
20,000
42,000
45,000
93,000
64,000
27,000
43,000
1,73
3,023
9,885
510,000 1,221,000 1,474,000 6,901,000
418,000 1,419,000 1,021,000 5,240,000
111,000 295,000 133,000 1,397,000
406,000 1,202,000 1,188,000 3,345,000
13,000
44,000
80,000
261,000
Total assets
2,673,000 1,412,000 3,146,000 7,464,000 3,176,000 3,227,000 7,614,000 2,991,000 1,457,000 4,180,000 3,897,000 17,143,000
Time deposits
Total deposits
Total capital accounts
186,000 332,000 238,000 1,610,000 461,000 454,000 2,180,000 351,000 173,000 427,000 408,000 5,994,000
2,360,000 1,297,000 2,823,000 6,786,000 2,914,000 2,988,000 7,158,000 2,730,000 1,339,000 3,843,000 3,586,000 15,693,000
243,000
95,000 264,000 550,000 195,000 181,000 361,000 191,000
89,000 236,000 255,000
971,000
Number of officers
Number of employees
Number of banks
686
5,985
366
3,737
678
7,611
1,160
13,059
810
6,68:
796
6,698
1,308
15,216
686
6,099
25
31
21
74
20
33
3,355
945
7,237
808
6,504
5,639
38,272
50
30
27
* Not including central reserve city banks.
NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for the call dates at the beginning, middle, and
end of each year, plus the last-Wednesday-of-the-month figures for the 10 intervening months. The number of officers, employees, and banks are as of
the end of the year. Cash assets are comprised of cash, balances with other banks (including reserves balances), aiii casli (continued on following page)
For other footnotes see pp. 537-539.
538
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1952—Continued
COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago St. Louis Minneapolis
Kansas
City
San
Dallas Francisco
Earnings
138,541
Interest and dividends on
securities:
31,841
U. S. Government
6,686
Other
73,266
Interest and discount on loans
440
Other charges on loans.
9,471
Service charges on deposits. . . ,
2,130
Other charges, fees, etc
8,335
Trust department
6,372
Other current earnings
291,109
139,763
143,435
110,202
116,107
236,909
78,245
77,395
93,415
119,894
120,105
68,338
17,695
160,383
1,983
19,623
5,492
8,149
9,445
37,170
10,767
73,113
38,651
9,085
76,872
488
7,039
2,466
2,817
6,018
26,145
4,987
64,593
475
5,860
2,527
2,415
3,200
27,551
6,735
61,655
305
8,408
4,100
2,174
5,180
66,425
13,059
124,044
1,403
13,465
5,183
4,361
8,969
20,437
4,655
43,845
324
3,704
2,087
677
2,517
19,234
3,699
41,231
524
5,539
4,114
497
2,557
20,698
4,378
54,853
461
6,962
2,265
690
3,108
23,668
6,288
74,378
459
7,380
2,737
681
4,305
22,684
4,679
72,770
1,381
7,910
3,535
2.46S
4,684
Expenses
Salaries—officers
Salaries and wages—others
Directors' fees, etc
Interest on time deposits
Interest on borrowed money. . .
Taxes other than income
Recurring depreciation
Other current expenses
92,181
15,843
28,668
1,280
13,365
240
4,422
2,780
25,584
199,404
31,749
60,650
2,602
36,477
745
8,433
6,463
52,285
85,914
15,425
22,841
2,208
17,391
276
4,122
3,126
20,525
89,011
66,378
13,419
18,075
1,089
16,579
142
7,572
2,707
21,289
11,399
333
2,838
2,430
16,795
71,904
14,418
21,337
878
7,980
99
3,497
2,724
20,970
151,919
16,663
22,503
1,555
30,416
,41,242
2,032
28,368
528
7,175
4,278
37,880
47,842
11,576
12,176
999
6,275
125
2,596
1,506
12,588
48,779
11,753
11,703
598
8,492
60
1,958
1,353
12,861
55,119
16,357
13,496
1,010
5,617
172
2,061
1,573
14,833
73,134
19,078
20,142
1,117
3,514
154
5,130
2,607
21,392
81,423
14,233
25,119
504
17,387
113
2,112
2,651
19,303
Net current earnings before
income taxes
46,360
91,705
53,849
54,424
43,824
44,203
84,990
30,404
28,616
38,296
46,760
38,682
3,766
11,929
2,831
2,808
1,708
1,730
4,176
1,426
1,314
2,083
162
680
631
485
824
2,337
416
21
638
341
242
758
166
" "253
146
86
418
632
174
1,035
154
104
250
112
99
180
482
25
155
168
134
386
491
11
337
522
612
1,159
1,709
4,881
1,694
666
159
932
533
287
646
328
149
811
320
164
595
576
656
1,102
360
270
288
525
136
262
964
99
358
1,552
385|
1.27OJ
381
84
541
11,236
28,922
11,614
8,679
5,718
7,993
17,101
5,319
5,582
6,874
3,123
293
6,132
1,607
4,515
157
3,657
459
2,405
121
2,860
59
7,433
549
1,580
195
2,214
340
1,799
139
389
3,645
3,787
1,485
16,661
3,037
355
4,382
2,205
2,888
1,178
457
1,414
1,321
1,073
2,326
1,676
923
5,621
2,575
797
1,823
924
973
1,250
805
2,189
1,330
1,418
Recoveries, transfers from reserves, and profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfer? from reserves
All other
Losses, char&e-offs, and transfers to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
446
5,813
1,927
5,770
4,758
3,896i 1,846
12,490 i 7,001
2,010|
239
3,744!
4,267
2,229
2,317
327
764
2,598
994
Profits before i n c o m e taxes. . .
38,890
74,712
45,065
48,553
39,814
37,941
72,065
26,510
24,347
33,505
38,167
33,527
Taxes on net income
Federal
State
16,193
26,403
14,476
1,717
24,714
1,689
16,172
16,172
17,626
17,626
16,840
16,647
193
15,829
15,460
369
28,024
27,977
47
9,128
9,011
117
9,990
9,226
764
12,836
12,324
512
14,984
14,938
46
15,045
13,631
1,414
Net profits
22,696
48,310
28,894
30,927
22,974
22,112
44,041
17,382
14,358
20,669
23,183
18,482
Cash dividends declared.
On preferred stock On common stock
11,658
16
11,643
19,914
1,434
18,480
13,539
74
13,464
10,897
5
10,891
8,833
23
8,810
7,673
2
7,671
14,524
99
14,426
5,689
43
5,646
5,683
5
5,678
7,110
1
7,109
8,611
18
8,593
7,660
30
7,630
9
693
195
2,068
355
7
544
3
559
18
948
22
364
2
536
751
1,154
9
696
373
2,028
1,548
3,956
138
913
189
1,140
1
1,256
303
2,027
141
1,121
17
1,014
16
1,659
40
3,874
284
1,886
Memoranda i t e m s :
Recoveries credited to reserves
("not included in recoveries
above):
On securities
On loans
Losses charged to reserves (not
included in losses above):
On securities
On loans
1,113
Loans
U. S. Government securities
Other securities
Cash assets
Other assets
1,478,000 3,182,000 1,427,000 1,494,000 1,187,000 1,095,000 2,332,000 812,000 750,000 924,000 1,209,000 1,263,000
1,723,000 3,641,000 1,924,000 2,083,000 1,408,000 1,527,000 3,669,000 1,121,000 1,043,000 1,144,000 1
1,334,000 1,246,000
374,000 899,000 507,000 455,000 250,000 332,000 723,000 227,000 186,000 232,000 274,000 226,000
940,000 1,649,000 880,000 959,000 891,000 1,000,000 1,684,000 642,000 536,000 831,000 1,264,000 688,000
44,000
61,000 132,000
58,000
46,000
43,000
78,000
25,000
23,000
17,000
29,000
49,000
Total assets
4,576,000 9,504,000 4,794,000 5,037,000 31,781,000 4,003,000 8,485,000 2,827,000 2 ,539,000 3,147,000 4,125,000 3,452,000
Time deposits
Total deposits
Total capital accounts
1,136,000 3,453,000 1,763,000 1,794,000 979,000 744,000 2,901,000 672,000 780,000 403,000 343,000 1,098,000
,320,000 4,642,000
642,000 3,470,000
,470,000 3,721,000 7,921,000 2,628,000
4.179,000 8 713,000 4,320,000
,368,000 2,927,000
927,000 3,859,000
,628,000 2,368,000
,859,000 3,227,000
227,000
353,000 680,000 447,000 373,000 269,000 254,000 495,000 185,000 153,000 205,000 251,000 201,000
Number of officers. . . .
Number of employees.
Number of banks
2,222
11,810
4,482
23,544
2,736
9,801
2,874
9,404
312
687
610
648
2,335
7,793
2,180
9,001
339
4,599
16,670
2,134
5,448
2,049
5,240
2,954
5,899
3,313
8,378
2,065
9,885
473
467
703
604
234
NOTF.—-(cont.)—items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and
debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves.
- For other footnotes see pp. 537-538.
MAY
1953
539
MEMBER BANK EARNINGS BY SIZE OF BANK, 1952
ALL MEMBER BANKS
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item
Total 1
1,000 and
under
1,0002,000
2,0005,000
5,00010,000
10,00025,000
25,00050,000
50,000100,000
Over
100,000
Earnings
Interest and dividends on securities:
U. S. Government
Other
Interest and discount on loans.
Other charges on loans
Service charges on deposits. . . .
Other charges, fees, etc
Trust department
Other current earnings
4,107,397
10,105
55,799
239,245
283,641
415,009
314,314
322,113 2,467,173
927,150
234,121
2,265,633
35,848
197,042
82,658
190,336
174,611
2,027
426
6,562
32
514
330
1
213
12,978
2,480
34,155
132
2,990
1,828
36
1,200
58,543
13,133
140,322
777
13,788
6,389
671
5,622
69,680
17,534
159,057
1,593
18,361
7, 1*78
2,425
7,812
101,720
24,430
224,764
2,669
29,034
8,959
8,649
14,784
75,448
18,847
166,655
2,119
20,654
6,537
10,093
13,961
75,795
530,958
15,550
141,721
175,744 1,358,373
2,449
26,078
17,915
93,787
6,340
45,098
13,260
155,200
15,059
115,958
Expenses
Salaries—officers
Salaries and wages—others. . . .
Directors' fees, etc
Interest on time deposits
Interest on borrowed money.. .
Taxes other than income
Recurring depreciation
Other current expenses
2,492,201
406,577
832,559
21,409
363,637
19,821
117,356
59,898
670,945
6,558
2,532
870
188
838
6
312
184
1,628
35,061
11,983
5,743
1,037
5,377
60
1,693
1,031
8,136
150,514
41,127
31,062
4,083
26,227
184
7,297
4,927
35,608
180,166
39,909
44,618
3,635
32,011
240
8,863
5,977
44,915
269,482
49,585
77,148
3,672
46,266
560
12,827
9,057
70,367
203,690
34,705
64,330
1,873
29,930
817
9,805
6,073
56,158
207,020 1,439,710
32,999
193,739
68,150
540,640
1,552
5,368
28,245
194,744
1,053
16,902
9,665
66,894
6,047
26,602
59,310
394,822
1,615,196
3,547
20,738
88,731
103,474
145,527
110,624
115,093
1,027,463
124,346
326
1,205
4,444
5,878
8,226
6,578
9,252
88,436
9,859
19,547
29,000
20
23
78
6
91
279
179
530
1,170
344
1,014
950
441
1 ,681
364
631
1,450
1,097
1,180
1,867
5,901
16,766
22,344
16,917
24,716
24,306
247
8
28
771
48
211
1,940
392
1,124
1,564
421
1,365
1,821
881
2,453
963
1,251
1,919
898
2,316
1,894
8,714
19,399
15,313
305,374
677
3,298
15,439
21,270
30,145
23,618
26,618
184,310
83,354
27,040
70
1
418
81
3,859
291
6,963
568
10,192
1,150
9,033
691
8,128
2,080
44,691
22,180
15,515
132,632
46,833
496
69
43
1,484
801
514
3,916
4,447
2,927
2,934
7,013
3,791
2,515
11,009
5,279
1,009
8,629
4,257
906
11,203
4,301
2,255
89,461
25,723
1,434,168
3,197
18,646
77,735
88,082
123,608
93,583
97,727
931,590
606,363
577,286
29,077
818
783
34
4,986
4,746
241
23,510
22,639
871
31,566
30,513
1,053
49,454
47,844
1,610
39,047
38,106
941
43,513
42,019
1,494
413,470
390,636
22,834
Net profits
827,805
2,379
13,659
54,226
56,517
74,154
54,536
54,214
518,120
Cash dividends declared
On preferred stock 2
On common stock
389,630
2,246
387,384
841
3
838
4,593
8
4,585
18,513
89
18,424
20,078
105
19,974
28,454
238
28,216
21,996
65
21,932
22,048
508
21,540
273,108
1,232
271,876
4,298
28,067
19
3
212
10
1,198
63
1,790
48
2,367
73
1,560
18
1,569
4,083
19,352
24,642
54,847
51
4
570
72
2,954
138
4,316
544
6,027
523
3,591
1,781
5,289
21,580
32,049
55,023,839
52,739,866
11,749,201
39,243,298
2,022,755
104,679
106,651
17,876
84,860
2,217
589,472 2,560,616 2,976,318
688,318 3,183,256 3,858,162
637,592
107,322
914,475
457,531 1,974,055 2,269,532
12,245
67,188
91,427
4,407,206
5,713,400
1,296,350
3,355,735
168,345
Total assets
160,778,959
316.283
Time deposits
Total deposits
Total capital accounts
33,477,771
147,497,693
10,743,835
483,070 2,394,682 3,076,852 4,540,487 3,018,137 2,647,260 17,245,839
71,444
282,439 1,684,514 7,750,628 9,360,742 13,872,459 10,917,469 11,529,146 92,100,296
164,630
648,337
705,397
33,199
970,450
718,452
706,010 6,797,360
Number of officers
Number of employees
Number of banks
52,511
300,332
860
656
3,102
3,238
8,541
14,788
6,757
19,018
6,948
31,622
4,186
25,679
3,811
26,563
18,306
178,768
6,777
370
1,111
2,359
1,337
913
319
165
203
Net current earnings before
income taxes
Recoveries, transfers from reserves, and profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
Losses, charge-offs, and transfers to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
Profits before income taxes. . .
Taxes on net income
Federal
State
Memoranda items:
Recoveries credited to reserves
(not included in recoveries
above):
On securities
On loans
Losses charged to reserves (not
included in losses above):
On securities
On loans
Loans
U. S. Government securities
Other securities
Cash assets
Other assets
3,537,947 3,843,917 37,003,684
4,291,472 4,458,772 30,439,835
1,003,533
846,325 6,925,728
2,757,369 3,042, 709 25,301,507
137,895
156,607 1,386,831
1,854,888 8,422,707 10,109,914 14,941,036 11,728,216 12,348,330 101,057,585
t o t a l s are for all banks that submitted reports covering the entire year, except three trust companies having no deposits.
Includes interest on capital notes and debentures.
NOTE.—The figures for assets, deposits, capital accounts, number of officers and employees, and number of banks are as of the end of the year.
See note on preceding page regarding the composition of cash assets and totad capital accounts.
2
540
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS BY SIZE OF BANK, 1952—Continued
NATIONAL BANKS
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item
Total
Earnings
Interest and dividends on securities:
U. S. Government
Other
Interest and discount on loans. .
Other charges on loans
Service charges on deposits
Other charges, fees, etc
Trust department
Other current earnings
Expenses
Salaries—officers
Salaries and wages—others
Directors' fees, etc
Interest on time deposits
Interest on borrowed money.. . .
Taxes other than income
Recurring depreciation
Other current expenses
Net current earnings before
1
1,000 and
under
1,0002,000
2,0005,000
5,00010,000
10,00025,000
25,00050,000
50,000100,000
Over
100,000
2,735,758
7,390
38,041
176,863
209,193
302,655
209,577
200,551
1,591,488
630,863
163,657
1,528,184
23,935
135,290
52,424
80,584
120,821
1,524
328
4,753
22
383
217
163
8,964
1,740
23,066
95
2,029
1,280
18
849
44,373
10,310
102,099
577
10,117
4,601
480
4,306
52,763
13,191
115,744
1,156
13,575
5,390
1,451
5,923
77,116
18,218
162,578
1,376
20,942
6,165
5,725
10,535
54,073
12,746
107,592
1,224
13,943
4,224
5,513
10,262
50,125
10,131
107,345
1,409
11,400
3,964
6,449
9,728
341,925
96,993
905,007
18,076
62,901
26,583
60,948
79,055
1,651,704
270,050
532,284
14,441
259,144
12,707
78,295
41,889
442,894
4,757
1,837
644
143
600
4
214
128
1,187
23,929
8,053
3,990
726
3,669
47
1,077
718
5,649
111,238
30,191
23,026
3,086
19,393
130
5,353
3,744
26,315
131,950
29,142
32,871
2,712
22,916
194
6,499
4,428
33,188
194,912
36,213
55,438
2,671
32,929
385
9,374
6,680
51,222
134,906
23,066
42,192
1,220
19,718
550
6,499
4,082
37,579
127,304
20,787
41,333
958
16,306
706
6,175
3,749
37,290
922,708
120,761
332,790
2,925
143,613
10,691
43,104
18,360
250,464
1,084,054
2,633
14,112
65,625
77,243
107,743
74,671
73,247
668,780
80,547
234
886
3,425
4,553
5,867
4,328
4,594
56,660
6,880
14,745
20,131
16
16
48
1
74
230
125
456
1,085
303
834
720
388
1,088
304
189
1,054
564
683
1,322
3,913
13,056
15,287
11,560
14,931
12,300
177
5
20
574
40
149
1,549
199
866
1,173
187
971
1,303
586
1,782
722
724
1,335
643
341
1,041
5,419
12,849
6,136
201,776
428
2,318
11,490
15,689
21,630
15,959
14,425
119,837
60,672
16,738
59
309
60
3,049
198
5,609
406
8,005
745
6,548
298
5,277
650
31,816
14,381
11,213
83,335
29,818
303
36
30
1,080
478
391
2,869
3,170
2,204
2,311
4,609
2,754
2,076
7,013
3,791
861
5,241
3,011
727
5,242
2,529
986
57,546
15,108
Profits b e f o r e I n c o m e t a x e s . . . .
962,825
2,439
12,680
57,560
66,107
91,980
63,040
63,416
605,603
Taxes on net i n c o m e
403,192
386,097
17,095
614
586
28
3,390
3,208
182
17,275
16,574
701
23,240
22,446
794
36,662
35,422
1,240
25,713
25,153
560
28,392
27,631
761
267,906
255,077
12,829
559,633
1,825
9,290
40,285
42,867
55,318
37,327
35,024
337,697
258,238
397
257,841
644
1
643
3,320
4
3,316
14,362
66
14,296
15,276
70
15,206
21,031
90
20,941
14,789
11
14,778
14,150
57
14,093
174,666
98
174,568
2,364
21,281
16
146
2
916
53
1,465
39
1,779
45
1,152
1,078
2,225
14,729
15,291
40,674
38
401
20
2,246
74
3,192
266
4,342
226
2,300
547
3,131
14,158
25,024
35,996,198
35,825,219
8,340,509
26,323,173
1,316,057
74,689
79,396
13,699
61,242
1,607
395,720 1,852,780 2,159,668 3,163,732 2,295,930 2,379,582 23,674,097
469,977 2,386,826 2,910,365 4,318,263 3,079,412 2,952,659 19,628,321
72,337
491,320
674,946
979,259
556,717 4,860,278
691,953
309,700 1,461,889 1,700,769 2,524,506 1,964,965 2,120,737 16,179,365
8,626
50,848
66,814
877,684
121,074
95,631
93,773
107,801,156
230,633
1,256,360 6,243,663 7,512,562 11,106,834 8,126,033 8,105,326 65,219,745
income taxes
Recoveries, transfers from reserves, and profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
Losses, charge-offs, and transfers to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
Federal
State
Net profits
Cash dividends declared
On preferred stock
On common stock
Memoranda items:
Recoveries credited to reserves
(not included in recoveries
above):
On securities
On loans
Losses charged to reserves (not
included in losses above):
On securities
On loans
Loans
U. S. Government securities
Other securities
Cash assets
Other assets
Total assets
Time deposits
Total deposits
Total capital accounts
Number of officers
Number of employees
Number of banks
22,994,672
98,948,280
7,038,275
50,603
319,067 1,750,383 2,209,466 3,246,193 1,995,173
1,591,653 11,832,134
204,955 1,135,382 5,731,546 6,951,014 10,325,769 7,585,749 7,575,431 59,438,434
25,316
116,759
495,482
531,342
713,103
483,951
460,083 4,212,239
36,629
196,419
628
498
2,096
2,239
6,318
10,994
4,979
14,017
5,149
22,818
2,792
16,969
2,399
16,127
12,268
112,757
4,894
268
745
1,733
999
682
221
109
137
See footnotes on preceding page.
MAY
1953
541
MEMBER BANK EARNINGS BY SIZE OF BANK, 1952—Continued
STATE MEMBER BANKS
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item
Total i
1,000 and
under
1,0002,000
2,0005,000
5,00010,000
10,00025,000
25,00050,000
50,000100,000
Over
100,000
Earnings
Interest and dividends on securities:
U. S. Government
Other
Interest and discount on loans.
Other charges on loans
Service charges on deposits
Other charges, fees, etc
Trust department
Other current earnings
1,371,639
2,715
17,758
62,382
74,448
112,354
104,737
121,562
875,685
296,287
70,464
737,449
11,913
61,752
30,234
109,752
53,790
503
98
1,809
10
131
113
50
4,014
740
11,089
37
961
548
18
351
14,170
2,823
38,223
200
3,671
1,788
191
1,316
16,917
4,343
43,313
437
4,786
1,788
974
1,889
24,604
6,212
62,186
1,293
8,092
2,794
2,924
4,249
21,375
6,101
59,063
895
6,711
2,313
4,580
3,699
25,670
5,419
68,399
1,040
6,515
2,376
6,811
5,331
189,033
44,728
453,366
8,002
30,886
18,515
94,252
36,903
Expenses
Salaries—officers
Salaries and wages—others....
Directors' fees, etc
Interest on time deposits
Interest on borrowed money.. .
Taxes other than income
Recurring depreciation
Other current expenses
840,497
136,527
300,275
6,968
104,493
7,114
39,061
18,009
228,051
1,801
695
226
45
238
2
98
56
441
11,132
3,930
1,753
311
1,708
13
616
313
2,487
39,276
10,936
8,036
997
6,834
54
1 ,944
1,183
9,293
48,216
10,767
11,747
923
9,095
46
2,364
1 ,549
11,727
74,570
13,372
21,710
1,001
13,337
175
3,453
2,377
19,145
68,784
11,639
22,138
653
10,212
267
3,306
1,991
18,579
79,716
12,212
26,817
594
11,939
347
3,490
2,298
22,020
517,002
72,978
207,850
2,443
51,131
6,211
23,790
8,242
144,358
Net current earnings before
income taxes
531,142
914
6,626
23,106
26,231
37,784
35,953
41,846
358,683
43,799
92
319
1,019
1,325
2,359
2,250
4,658
31,776
2,979
4,802
8,869
4
30
5
17
49
54
74
85
41
180
230
53
593
60
442
396
533
497
545
1,988
3,71O>
7,057
197
8
62
391
193
258
391
234
394
518
295
671
241
527
584
255
1,975
853
3,295
6,550'
9,177
Recoveries, transfers from reserves, and profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
Ml other
>sses, charge-offs, and transfers to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfer to reserves
All other
7
5,357
9,785
12,006
103,598
249
980
3,949
5,581
8,515
7,659
12,193
64,473
22,682
10,302
11
109
21
810
93
1,354
162
2,187
405
2,485
393
2,851
1,430
12,875
7 ,799-
4,302
49,297
17,015
193
33
13
404
323
123
1,047
1,277
723
623
2,404
1,037
439
3,996
1,488
148
3,388
1,246
179
5,961
1,772
1,269*
31,915
10,615
Profits before income taxes. . .
471,343
758
5,966
20,175
21,975
31,628
30,543
34,311
325,987
Taxes on net income.
Federal
State
203,171
191,189
11,982
204
197
6
1,596
1,538
59
6,235
6,065
170
8,326
8,067
259
12,792
12,422
370
13,334
12,953
381
15,121
14,388
733
145,564
135,559
10,005
Net profits
268,172
554
4,369
13,941
13,650
18,836
17,209
19,190
180,423
Cash dividends declared
On preferred stock2
On common stock
131,392
1,849
129,543
197
2
195
1,273
4
1,269
4,151
23
4,128
4,802
35
4,768
7,423
148
7,275
7,207
54
7,154
7,898
451
7,447
98,442
1,134
97,308
282
10
325
9
588
28
408
18
491
64
1,124
278
1,685
297
1,291
1,234
2,158
1,464,335
1,506,113
289,608
921,972
60,976
Memoranda items:
Recoveries credited to reserves
(not included in recoveries
above):
On securities
On loans
Losses charged to reserves (not
included in losses above):
On securities
On loans
1,934
6,786
1 ,8584,623
7,422'
7,025
9,351
14,173
13
4
169
52
708
Loans
U. S. Government securities.
Other securities
Cash assets
Other assets
19,027,641
16,914,647
3,408,692
12,920,125
706,698
29,990
27,255
4,177
23,618
610
193,752
218,341
34,985
147,831
3,619
707,836
796,430
146,272
512,166
16,340
Total assets.
Time deposits
Total deposits
Total capital accounts
52,977,803
85,650
598,528 2,179,044 2,597,352 3,834,202 3,602,183 4,243,004 35,837,84O;
10,483,099
48,549,413
3,705,560
20,841
77,484
7,883
164,003
644,299
867,386 1,294,294 1,022,964 1,055,607 5,413,705
549,139 2,019,082 2,409,728 3,546,690 3,331,720 3,953,715 32 ,661,862
245,927 2,585,121
47,871
152,855
174,055
257,347
234,501
15,882
103,913
232
158
Number of officers
Number of employees...
Number of banks
1,883
1,006
999
366
2,223
3,794
816,650 1,243,474 1,242,017
947,797 1,395,137 1,212,060
239,529
317,091
311,580
568,763
792,404
831,229
24,613
44,122
47,271
1,778
5,001
338
1,799
8,804
13,329,587
10,811,514
2,065,450
9,122,142
509,147
1,394
8,710
1,412
10,436
6,038
66,011
98
56
66
See footnotes on p. 540.
542
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1952—Continued
RATIOS OF ALL MEMBER BANKS, BY CLASSES
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Central reserve
city member
banks
All member banks
Item
New
York
1949
1950
1951
Chicago
Reserve
city
member
banks
Country
member
banks
1952
Year 1952
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes.
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes.
Net profits
14.4
12.5
7.6
3.7
3.5
.31
.85
.53
2.42
.92
.57
2.56
1.00
.53
14.5
14.1
8.6
3.5
15.4
13.7
7.9
3.7
2.16
.97
.58
2.71
1.06
.55
17.1
14.8
8.1
4.3
2.73
1.06
.51
15.6
13.3
8.1
3.2
2.96
1.07
.56
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
Service charges on deposit accounts. .
Of her current earnings
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
Net current earnings before income taxes.
Net losses including transfers
Taxes on net income
Net profits
28.8
5.6
47.8
5.3
12.5
26.5
5.8
50.1
5.3
12.3
54.6
5.1
11.9
22.5
5.7
56.0
4.8
11.0
19.4
6.2
54.7
2.6
17.1
28.9
7.0
49.0
1.1
14.0
21.6
5.5
57.4
4.8
10.7
24.2
5.6
55.8
6.1
8.3
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
31.0
8.8
23.5
30.6
8.3
30.7
8.3
30.2
8.8
30.8
2.6
20.2
26.1
8.4
30.0
10.0
21.1
23.0
21.8
21.7
61.9
60.8
60.7
4.5
9.2
23.0
38.1
2.9
11.3
23.9
39.2
5.2
13.4
20.6
39.3
1.58
2.15
+ .07
2.02
+ .09
1.66
1.99
.03
1.79
2.03
.10
1.70
1.99
.04
4.04
.12
4.17
.05
4.26
.06
4.51
.05
+ .02
3.39
+ .06
26.6
7.3
38.4
25.9
1.8
35.1
7.1
31.2
25.9
.7
63.3
22.7
5.7
53.6
20.6
55.1
36.7
4.4
14.8
20.1
1.1
20.0
25.3
44.9
1.0
17.2
26.7
61.1
38.9
5.2
15.2
18.5
Rates of return on securities and loans:
R'turn on securities:
Interest on U. S. Government securities. .
Interest and dividends on other securities.
Net losses for recoveries and profits + ) 1 . .
Return on loans:
Earnings on loans
Net losses (or recoveries + ) '
Distribution of assets:
Percentage of total assets:
IT. S. Government securities..
Other securities
Loans
Cash assets
Other assets
42.0
6.1
27.4
23.3
1.2
1.57
40.7
7.0
29.0
22.1
1.2
35.0
7.4
32.8
23.6
1.2
34.1
7.6
33.6
23.4
1.3
3.32
,84
,98
,12
1.78
2.11
+ .07
.53
.06
33.1
7.1
34.6
23.8
1.4
5.42
.11
38.9
8.3
30.5
21.3
1.0
Other ratios:
Total capita] accounts to:
Total assets
Total assets less Government securities and cash
assets
Total deposits
,
7.0
7.0
6.9
6.9
8.3
6.7
6.2
20.2
7.6
16.7
7.6
16.2
7.6
17.5
9.5
17.2
7.3
14.4
6.8
Time to total deposits
Interest on time deposits to time deposits
24.6
.89
18.9
7.7
23.9
.91
23.0
1.02
23.2
1.13
16.2
1.23
23.9
1.24
Number of banks
I 6,892
6,873
6,840
I 6,798
8.1
.86
22
13
319
17.2
7.4
30.9
1.08
6,444
!
"Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers to
and from valuation reserves are excluded.
NOTE.—The ratios in this and the following three tables were computed from the dollar aggregates shown in preceding tables. Many of
these ratios vary substantially from the average of individual bank ratios, which will be published in a subsequent issue, in which each bank's
figures—regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based
on aggregates presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of
the many banks with smaller figures. (For example, the 150 largest member banks have total earnings which, combined, are larger than those
of all the other member banks, numbering about 6,650.) Ratios based on aggregates show combined results for the banking system as a whole,
and. broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of individual
ratios are useful primarily to those interested in studying the financial results of operations of individual banks.
MAY
1953
543
MEMBER BANK EARNINGS, 1952—Continued
RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income
taxes
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income
taxes
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
Service charges on deposit accounts
Other current earnings
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
13.1
11.2
6.3
13.1
12.3
7.1
3.7
12.6
10.2
6.3
3.5
14.3
12.5
7.7
3.1
16.6
15.1
8.4
3.5
17.5
15.4
8.8
3.2
15.9
14.2
8.5
3.2
16.8
14.2
8.2
3.5
17.9
15.8
9.3
3.8
17.9
15.9
9.0
3.1
17.6
14.7
8.1
4.0
21.0
18.6
10.1
5.7
3.6
2.93
2.53
2.8
2.64
2.72
2.77
2.42
2.64
2.89
2.59
2.74
3.29
1.08
.52
1.05
.56
1.13
.56
1.06
.57
1.11
.56
1.05
.53
.92
.49
1.09
.53
1.08
.56
1.08
.54
1.11
.51
1.20
.58
21.9
4.6
53.0
5.5
15.0
20.5
6.2
55.1
4.0
14.2
22.9
7.7
53.3
3.6
12.5
25.7
6.9
52.8
3.9
10.7
24.8
4.5
55.4
5.4
9.9
23.6
5.9
53.6
6.0
10.9
30.0
5.9
50.4
4.5
9.2
23.1
5.8
58.9
3.6
8.6
23.0
4.9
55.6
6.1
10.4
24.0
5.2
56.8
5.7
8.3
19.3
4.3
62.7
4.2
9.5
17.4
4.9
63.3
6.4
8.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
31.9
7.1
24.3
31.2
5.9
21.5
29.9
8.5
22.3
27.7
9.3
22.9
29.9
7.9
21.6
30.2
6.6
25.3
29.7
10.7
21.7
29.6
6.4
22.7
31.5
9.5
21.5
29.8
5.9
22.7
29.7
3.6
26.1
30.2
16.2
17.2
Total expenses
63.3
58.6
60.7
59.9
59.4
62.1
62.1
58.7
62.5
58.4
59.4
63.6
Net current earnings before income taxes
36.7
41.4
39.3
40.1
40.6
37.9
37.9
41.3
37.5
41.6
40.6
36.4
2.7
16.4
7.6
12.1
19.6
5.2
13.5
21.4
3.7
16.3
20.6
4.6
14.3
19.0
4.1
13.4
20.4
6.5
14.8
20.0
4.4
13.7
19.4
4.7
16.0
20.9
6.8
15.1
18.7
4.3
14.6
17.5
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Net losses including transfers
Taxes on net income
Net profits
Rates of returns on securities and
loans:
Return on securities:
Interest on U. S. Government
securities
Interest and dividends on other
securities
Net losses1
Return on loans:
Earnings on loans
Net losses12
5.3
13.8
17.6
1.76
1.91
1.79
1.85
.06
1.99
.06
2.19
.16
2.23
.20
4.50
.09
3.74
.0
4.70
.03
4.42
.04
1.84
1.80
1.77
1.80
1.82
1.78
1.80
1.82
2.00
.11
2.19
.09
1.87
.07
2.27
.20
1.93
.16
1.86
.07
2.31
.12
2.04
.13
4.94
.05
5.18
.09
4.40
.0
4.63
.09
5.09
.08
5.03
.17
5.14
.21
5.25
.08
1.81
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Other assets
34.9
7.3
34.5
21.6
1.7
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securiities and cash assets
Total deposits
8.2
8.0
9.0
7.4
6.7
6.0
5.8
6.5
6.1
6.0
6.3
5.7
18.9
9.1
17.1
9.0
20.3
10.0
18.1
8.1
17.6
7.3
16.1
6.5
16.0
6.2
15.7
7.0
15.2
6.5
16.1
6.5
15.7
6.8
11.6
6.2
20.2
16.4
28.0
29.8
22.6
17.9
28.1
19.1
25.7
12.3
10.1
37.5
Time to total deposits
Interest on time deposits to time
deposits
Number of banks
29.5
7.8
37.2
23.8
1.7
1.13
1.02
322
720
34.6
10.1
32.7
21.3
1.3
.97
621
37.9
8.2
31.6
21.2
1.1
.90
673
37.4
6.1
30.5
24.8
1.2
36.4
7.4
28.7
26.2
1.3
1.04
1.10
477
360
40.9
7.7
27.7
22.9
.99
1,008
33.9
6.8
33.6
24.9
.8
.96
493
36.6
7.4
31.5
23.6
.9
35.0
7.2
29.3
27.7
29.3
5.1
33.5
30.6
1.5
31.5
7.9
39.6
19.6
1.4
1.15
1.35
1.07
1.55
476
753
634
261
1
"Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves. Transfers to and from valuation reserves are excluded.
2
Ratios of less than .005 are shown as .0.
544
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1952—Continued
RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income
taxes
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income
taxes
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
Service charges on deposit accounts
Other current earnings
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
Saa
Francisco
13.0
11.5
6.1
4.0
12.5
9.5
5.8
3.7
13.7
10.4
6.0
4.4
14.1
12.1
7.2
3.2
17.0
15.4
8.2
3.8
17.6
16.0
8.9
3.5
16.2
13.7
8.0
3.0
17.2
14.1
7.0
3.8
16.5
15.6
9.0
3.8
17.3
15.5
8.1
2.9
16.6
14.1
7.0
4.5
21.4
18.9
10.3
6.1
2.76
2.95
2.82
2.50
2.50
2.62
1.18
.55
.84
.39
1.15
.51
1.04
.53
1.04
.50
.99
.50
2.2
.7
.38
2.51
2.61
2.31
2.56
3.25
1.10
.45
1.01
.55
.98
.46
1.09
.46
1.21
.59
19.8
4.1
52.5
3.0
20.6
18.2
6.0
58.2
6.7
10.9
17.2
7.6
54.5
2.7
18.0
24.8
7.4
51.9
3.0
12.9
26.3
4.3
50.3
5.6
13.5
23.4
5.9
53.8
4.4
12.5
33.7
5.5
48.3
6.2
6.3
20.0
5.7
61.4
2.5
10.4
19.2
5.3
58.9
3.9
12.7
25.8
5.6
54.5
4.0
10.1
18.7
3.1
63.1
1.9
13.2
17.1
5.1
63.6
6.4
7.8
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
31.4
2.2
23.6
33.2
13.6
24.7
33.9
2.2
23.3
28.0
7.5
22.8
31.8
4.5
21.9
29.3
6.1
26.8
32.6
11.1
22.4
28.7
22.7
33.9
6.5
21.0
27.7
5.8
24.3
26.0
4.5
27.1
29.6
16.6
16.5
Total expenses
57.2
71.5
59.4
58.3
58.2
66.1
56.2
61.4
57.6
62.7
Net current earnings before income taxes
42.8
28.5
40.6
41.7
41.8
37.8
33.9
43.8
38.6
42.2
42.4
37.3
5.0
17.8
20.0
7.0
8.3
13.2
9.8
12.9
17.9
6.0
14.4
21.3
3.9
17.7
20.2
3.5
15.3
19.0
5.4
11.8
16.7
8.0
18.0
17.8
2.1
15.3
21.2
4.3
18.1
19.8
6.3
18.2
17.9
4.3
15.0
18.0
Total earnings...
Salaries and wages
Interest on time deposits
Other current expenses
Net losses including transfers
Taxes on net income
Net profits
Rates of return on securities and
loans:
Return on securities:
Interest on U. S. Government
securities
Interest and dividends on other
securities
Net losses (or recoveries and
profits +) i
Return on loans:
Earnings on loans
Net losses12
1.81
1.82
1.85
1.73
1.75
1.79
1.73
1.77
1.75
1.76
1.83
1.82
2.00
2.24
2.29
2.42
2.01
2.43
1.70
2.58
1.82
1.83
2.35
2.03
+ .10
.01
.17
.27
.09
.05
.12
.35
.15
.06
.16
.13
3.79
.11
4.53
.0
4.14
.04
3.95
.04
4.65
.04
4.49
.02
4.05
.05
4.39
.02
4.31
.13
4.28
.05
5.13
.07
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Other assets
30.3
5.7
38.3
23.3
2.4
Other ratios:
Total capital account to:
Total assets
Total assets less Government securities and cash assets
Total deposits
9.1
6.7
8.4
19.6
10.3
14.2
7.3
7.9
25.6
Time to total deposits
Interest on time deposits to time
deposits
Number of banks
4.8
29.5
8.0
38.0
23.1
1.4
1.701
10
11
4.25
.04
32.9
22.7
1.2
37.6
5.4
29.5
26.2
1.3
34.2
6.4
30.3
27.7
1.4
5.6
4.7
6.4
17.5
9.4
17.7
8.1
17.0
6.7
14.7
6.1
14.6
5.0
8.4
23.7
15.8
15.2
30.5
26.2
9.4
37.2
25.9
1.3
35.6
7.6
.81
.87
.77
11
25
31
44.1
7.3
24.4
23.4
33.9
7.1
29.2
28.8
1.0
5.6
6.5
5.7
14.3
7.0
14.1
6.6
15.1
6.1
15.1
7.1
11.3
6.2
12.9
12.9
11.1
11.4
38.2
74
20
1.43
26.2
3.4
37.8
30.5
2.1
30.6
8.1
40.3
19.5
1.5
28.7
7.6
35.0
27.9
5.6
1.02
1.14
21
28.5
38.1
26.9
.9
1.31
1.11
1.54
50
30
27
*1 Not including central reserve city banks.
"Net losses" is the exce
:cess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers
to and
from
valuation
reserves
are excluded.
2
Ratios of less than .005 are shown as .0.
MAY
1953
545
MEMBER BANK EARNINGS, 1952—Continued
RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
13.1
11.0
6.4
3.3
13.5
11.0
7.1
2.9
12.0
10.1
6.5
3.0
14.6
13.0
8.3
2.9
16.3
14.8
8.5
3.3
17.4
14.9
8.7
3.0
17.2
14.6
8.9
2.9
16.4
14.3
9.4
3.1
18.7
15.9
9.4
3.7
18.7
16.3
10.1
3.5
18.6
15.2
9.2
3.4
San
Fran-
Summary ratios:
Percentage of total capital
accounts:
Net current earnings before income
taxes
Profits before income taxes
Net profits
Cash dividends declared
19.2
16.7
9.2
3.8
Percentage of total assets:
Total earnings
Net current earnings before income
taxes
Net profits
3.03
3.06
2.92
2.85
2.91
2.90
2.79
1.01
.50
.96
.51
1.12
.60
1.08
.61
1.16
.61
1.10
.55
1.00
.52
3.05
1.08
.61
1.13
.57
2.91
1.22
.66
1 .13
.56;
1.12
.54
Sources and disposition of earnings:
Percentage of total
earnings:
Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
Service charge on deposit accounts .
Other current earnings
23.0
4.8
53.2
6.8
12.2
23.5
6.1
55.8
6.7
7.9
26.6
7.7
52.6
4.2
8.9
27.0
6.3
53.9
4.9
7.9
23.7
4.5
59.1
5.3
7.4
23.7
5.8
53.4
7.2
9.9
28.0
5.5
53.0
5.7
7.8
26.1
6.0
56.4
4.7
6.8
24.9
4.8
53.9
7.2
9.2
22.1
4.7
59.2
7.5
6.5
19.7
5.3
62.4
6.2
6.4
18.9
3.9
61 .7
6.6
8.9
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
32.1
9.6
24.8
31.8
12.5
24.2
27.4
12.4
21.7
27.3
11.6
23.2
28.6
10.3
21.3
30.8
6.9
24.2
30.2
12.0
21.9
30.3
8.0
22.8
30.3
11.0
21.7
32.0 i
6.0 !
21.0 !
32.7
2.9
25.4
3 2 . cS
Total expenses
66.5
68.5
61.5
62.1
60.2
61.9
64.1
61.1
63.0
59.0 !
Net current earnings before income taxes
33.5
31.5
38.5
37.9
39.8
38.1
35.9
5.4
11.7
16.4
5.8
9.1
16.6
6.3
11.5
20.7
4.1
12.2
21 .6
3.7
15.3
20.8
5.4
13.7
19.0
5.5
11.8
18.6
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Net losses including transfers
Taxes on net income
Net profits
Rates of return on securities and
loans:
Return on securities:
Interest on U. S. Government
securities
Interest and dividends on other
securities
Net lossesl
Return on loans:
Earnings on loans
Net lossesl
37.0
5.0
11.7
22.2
5.5
12.9
18.6
14.5
20.5
39.0 . 32.2
5.1
13.8
22.1
1.2 i
12.5
19.3 ;
4.3
12.5
15.4
1.82
1.85
1.88
1.93
1.86
1.86
1.81
1.82
1.84
1.79
.13
1.97
.10
2.12
.15
2.00
.11
1.99
.12
2.03
.12
1.81
.14
2.05
.10
1.99
.16
1.89
.09
2 29i
.09'
2.07
.12
4.99
.08
5.10
.05
5.15
.02
5.18
.04
5.48
.06
5.66
.13
5.38
.06
5.44
.15
5.57
.23
5.99
.13
6.19;
5.87
.41;
.12
Distribution of assets:
Percentage of total assets:
IT. S. Government securities
Other securities
Loans
Cash assets
Other assets
Other ratios:
Total capital account to:
Total assets
Total assets less Government securities and cash assets
Total deposits
Time to total deposits
Interest on time deposits to time
deposits
Number of banks
37.7
8.2
32.3
20.5
1.3
38.3
9.5
33.5
17.4
1.3
40.1
10.6
29.8
18.3
1.2
41.4
9.0
29.7
19.0
.9
37.2
6.6
31.4
23.6
1.2
38.1
8.3
27.4
25.0
1.2
43.2
8.5
27.5
19.9
.9
39.7
8.0
28.7
22.7
.9
41.1
7.3
29.6
21.1
.9
36.3
7.4
29.4
26.4
.5
32.3
36.1
16.4
6.5
13.2
6.2
34.0
6.6
29.3
30.7
1.1
6.5
36.6
19.9
.9
7.7
7.2
9.3
7.4
7.1
6.3
5.8
6.5
6.0
6.5
18.5
8.4
16.1
7.8
39.6
22.5
10.3
18.7
8.0
18.2
7.8
17.2
6.8
15.8
6.2
17.4
7.0
15.9
6.5
17.5
7.0
40.8
38.6
28.2
20.0
36.6
25.6
32.9
13.8 I
8.9 I
1.09
1.39
1.02
1.58
467
703
604
234
27.2
1.18
1.06
312
687
.99
610
.92
648
1.16
1.07
446
339
.98
921
.93
473
1
"Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves. Transfers to and from valuation reserves are excluded
546
FEDERAL RESERVE BULLETIN
BANK EARNINGS, 1952
INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1949-1952
[Amounts in thousands of dollars]
Banks not members of
Federal Reserve System
All insured commercial banks 1
1951
1950
1951
Earnings
Interest and dividends on securities:
U. S. Government
Other
Interest and discount on loans
Other charges on loans
Service charges on deposits
Other charges, fees, etc
Trust department
Other current earnings
3,606,879
3,930,696
4,395,411
4,931,688
621,695
666,514
727,242
812,634
1,013,515
201,691
1 733,690
' 26,090
194,013
95,420
160,430
182,030
1,015,456
225,425
1,976,100
31,724
212,272
104,602
180,674
184,445
983,662
249,495
2,390,106
34,595
230,507
116,140
192,313
198,593
1 ,099,059
276,993
2 742,100
42,295
244,696
121,868
204,967
199,713
154,552
33,220
328,207
4,658
36,057
30,929
9,049
25,024
150,662
35,283
368,320
5,658
39,783
33,855
10,157
22,797
152,005
38,759
416,015'
5,927;
43,635,
37,145;
9,895j
23,862;
170,023
42,498
472,429
6,361
46,962
39,003
10,539
24,820
Expenses
Salaries—officers
Salaries and wages—others
Directors' fees, etc
Interest on time deposits
Interest on borrowed money
Taxes other than income
Recurring depreciation
Other current expenses
2 283,727
'410,685
700,065
22,608
328,010
3,582
113,569
53,988
651,219
2,444,534
446,043
755,681
24,745
343,040
4,296
128,101
59,469
683,159
2,701 313
486,300
864,519
27,343
385,344
9,667
135,590
65,845
726,707
3,028,575
530,035
965,197
30,871
458,059
20,921
139,290
74,953
809,252
395,169
92,553
92,173
6,546
67,100
246
17,296
10,091
109,165
425,210
101,325
100,568
7,298
72,266
401
19,259
469,835;
lll,065J
114,526*
8,1971
80,076!
590|
20,645i
112,636
121 ,956;
528,002
121,770
129,948
9,362
93,866
1,096
21,645
14,892
135,426
1,323,153
1,486,164
1,694,100
1,903,112
226,527
241,306]
257,409
284,631
213,187
245,461
169,233
144,146
30,726
26,89l!
16,412
26,672
73,196
14,718
38,639
90,469
15,292
12,285
56,563
11,191
?0,492
33,806
2,968
4,383
9,263
1 ,930
1,840!
8,32l|
1 ,761;
1,350:
4,683;
1,237
846
4,759
23,142
28,220
45,546
28,506
29,971
43,157
22,595
28,453
34,046
2?,004
27,330
29,324
5,017
3,302
5,794
5,958
3,011
5,830
5,O18;
2,841>
4,970'
5,038
2 ,596
4,665
379,824
366,932
395,687
362,444
61,966
53,301
56,840
56,065
38,671
33,044
38,721
54,518
83,756
31,680
97,51?
29,531
7,822
5,041
6,098
3,585
11.655.:
3,262.
13,662
2,491
29,064
221,167
57,878
23,030
191,248
59,414
21,215
204,202
54,836
23,637
154 510
57,253
9,912
29,919
9,272
8,762
24,980
9,875
7,660;
24,168
10,097
7,985
21,614
10,312
,684,813
195,285
214,894
221,189
247,704
Net current earnings before income
taxes
Recoveries, transfers from
and profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
reserves,
Losses, charge-offs, and transfers t o
reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
Profits before income taxes
1,156,514
1,364,690
1,467,645
Taxes on net income
Federal
State
325,148
304,572
20,576
427,776
402,582
25,194
559,475
530,810
28,664
604,883
667,277
32,606
50,082
47,503
2,579
Net profits
831,364
936,915
908,175
989,931
145,201
Cash dividends declared
On preferred stock 2
On common stock
354,144
5,093
349,052
391,249
4,333
386,916
418,860
3,876
414,984
2,600
19,645
3,565
20,385
2 ,363
28,477
6,104
72,978
6,324
56,250
41 670,879
63,080,739
9 387,984
35 683,829
1,742,647
46,250,272
63,846,830
11,043,342
36,006,423
1,840,027
Memoranda items
Recoveries credited to reserves (not included in recoveries above):
On securities
On loans
Losses charged to reserves (not included
in losses above):
On securities
On loans
Loans
U. S. Government securities
Other securities
Cash assets
Other assets
11,456
58,716
55,6731
3,043
156,179
I2,78li
20,621;
19,139
68,556
65,330:
3,225'
87,033
83,595
3,438
152,638
160,672
41,478
1,605
39,874
45,727
1 ,498
44,229
48,356;
l,289i
47,067!
51,541
1,365
4.35^1
3),508J
201
2,133
529,
3,369
2 78'
3,423i
47
3,420
17,725
64,735
25,598
64,607
960
11,123
516
9,921
1 ,806
9,154;
956
9,669
54,533,221
59,711,922
12,554,632
40,373,273
2,034,346
59 999,743
61'065,059
13 567,469
47 O5?,K08
2,223,391
6,092,203
9,035,341
1,541,486
3,705,187
182,596
6,723,419
8,855,315
1,678,776
3,934,637!
201,885
441,971
3.67S
438,298
50,177
7,494,950 8,299,177
8,691,259 9,194,638
1,885,830 2,053,320
4,368,648 4,771,055
237,903
215,804
Total assets
151,566,078 158,986,894 169,207,394 179,803,463 20,556,813 21 ,394,032 22,656,491 24,556,093
Time deposits
Total deposits
Total capital accounts.
35,902,235 36,446,656 37,271,294 39,817,653 6.708,045 6,853,262 7,023,832 7,575,491
139,764,394 146,269,294 155,460,465 165 031.495 19,038,257 19,725,789 •0,864,285 22,613,728
10,421,106 11,007,396 11,615,767 12.270,913 1,423,677 1,545,040 1,650,644 1,770,932
Number of officers
Number of employees.
Number of banks
69,439
296,308
71,566
312,324
13,436
13,446
73,806
334,961
13,4551
76 7=^!
358,325\
21,996
45,959
22,610
48,696
23,263!
52,7131
24,113
57,475
13,439;
6,547
6,576
6,618
6,644
1
Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on
eding pages.
preceding
2
2 Includes interest on capital notes and debentures.
Includes interest on capital notes and debentures.
NOTE.—The
off assets, deposits, and capital accounts are averages of the amounts reported for call dates at the beginning, middle, and
T figures
fi
end of each year. The number of officers, employees, and banks are as of the end of each year.
MAY
1953
547
NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1952
All
All banks by class of bank
banks maintaining branches or additional offices
(except banking facilities), by class of bank 1
Commercial banks
Commercial banks
State
Member
banks
Total
Total
Nonmember
banks
71
3
53
92
24
160
77
17
112
35
19
213
403
48
11
9
64
52
12
386
124
97
174
15
3
6
11
14
Alabama
Arizona.
Arkansas
California
Colorado
229
14
230
199
Connecticut
Delaware
Dist. of Col
Florida
Georgia....
184
37
19
213
403
Idaho
Illinois
Indiana
Iowa
Kansas. .
40
894
485
665
609
40
894
2481
665
609
Kentucky .
Louisiana
Maine
Maryland .
Massachusetts
380
380
167
167
160
229
14
230
199
2
16
27
134
8
155
70
54
624
9
125
2H3
64
41
1
11
10
56
135
91
18
17
1
20
251
12
117
1
6
14
368
180
114
25
34
9
27
Michigan
Minnesota
Mississippi
Missouri
Montana. .
429
429
77
150
Nebraska
Nevada..
New Hampshire .
New Tersey
New Mexico
417
8
109
335
51
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
. .
178
24
77
38
417
g
75
124
5
51
458
168
399
26
16
1
1
229
2
6
2
1
23
8
15
1
17
11
9
9
65
121
65
121
20
5
39
118
27
43
27
43
4
12
5
6
18
25
7
4
4
6
10
19
53
22
18
12
1
70
14
17
36
3
1
35
8
6
24
3
27
35
188
90
70
26
30
2
38
2
38
2
4
3
2
4
2
8
6
3
4
7
5
5
2
2
2
48
2
2
1
127
73
15
66
52
15
51
6
24
19
22
51
15
23
37
217
2
101
107
2
17
3
15
1
7
5
13
86
10
20
27
13
82
8
20
27
3
46
2
8
4
2
16
2
1
8
17
2
11
23
10
137
206
296
7
42
33
33
11
2
20
21
24
8
8
1
4
3
9
59
8
59
3 ......
21
2
10
5
27
19
607
6
25
35
10
99
2
8
28
297
919
297
919
74
444
10
1
71
16
35
272
15
1
1
5
1
1
1
3
5
1
1
5
37
22
186
73
15
66
68
940
13
149
170
46
1
6
4
3
1
4
2
130
41
17
78
1
1
9
1
7
7
9
69
947
21
149
170
35
74
95
24
4
18
19
23
70
170
104
227
153
117
182
2553
52
29
29
9
15
1
17
1
1
12
Noninsured
Insured
708
1
162
9
2
179
25
121
182
557
52
1
1
10
9
363
46
40
238
198
Washington. . .
West Virginia
Wisconsin
Wyoming. . . .
237
3
2
1
19
i
604
226
153
651
385
37
133
385
4
8
19
52
21
734
226
153
654
385
67
315
1,359
4
8
19
52
23
17
15
3
1,483
29
4
312
51
74
315
68
1
Noninsured
InNa- State
tional member sured
60
13
67
8
55
4
1
Mutual savings banks
Nonmember
banks
66
13
200
26
Tennessee
Texas
Utah
Vermont
Virginia . .
. .
185
28
7
100
45
323
4
62
37
679
202
598
109
206
12
32
20
4
134
275
18
372
235
448
259
17
81
2
1
32
59
680
202
598
109
Total
10
64
156
96
165
Member
banks
Total
NonNonInInNa- State
inintional member sured sured sured sured
14,575 214 046 4,909 21,889 6,627
United States
Mutual savings banks
17
4
34
3
28
111
1
7
63
69
380
13
3
4
8
23
3
4
1
18
17
90
90
4
3
i
2
1
59
3
2
4
1
1
1
5
82
1
6
1
1
1
•
Some State laws make a distinction between "branches" and certain other types of "additional offices." The table, however, covers all
branches of additional offices within the meaning of Section 5155 U. S. R. S., which defines the term "branch" as "any branch bank, branch office,
branch agency, additional office, or any branch place of business . . . at which deposits are received, or checks paid, or money lent." In addition the last column on the second page of the table shows the number of "banking facilities" at military and other Government establishments
provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government.
These tables are similar to those appearing in previous years (see May 1952 BULLETIN, pp. 567-568), except that the number of banks that
have no additional offices, other than "banking facilities" at military and other Government establishments provided through arrangements made
by the Treasury Department, are excluded from the number of banks maintaining branches or additional offices; these "banking facilities" are
shown in the last column of the table on p. 549, but are not included elsewhere. Branches that have been designated by the Treasury Department as "banking facilities" are included in the number of branches, but are not included in the number of "banking facilities."
Back figures.—See Banking and Monetary Statistics, Table 1, pp. 16-17, and Tables 73-79, pp. 297-311, for data through 1941 (descriptive
text, 2pp. 14 and 294-295) and BULLETINS for subsequent data, the latest of which appeared in May 1952, pp. 567-568.
The figures for member (commercial) banks and those for mutual savings (noncommercial) banks both include one mutual savings bank
in Indiana and two in Wisconsin. The total for "All banks," however, includes such banks only once; and they are not included in the total for
"Commercial
banks."
3
These facilities are operated by 133 banks, 72 of which have no other type of branch or additional office.
4
Each bank is reported once only—according to the widest area in which it operates branches or additional offices.
NOTE.—All of the branches and additional offices are located in the same States as their parent banks except that one national bank in New
Jersey has a branch in Pennsylvania, one national bank in California has two branches in Washington and one in Oregon, and one noninsured
(unincorporated) bank in New York has one branch in Massachusetts and one in Pennsylvania. In the table these branches are shown according
to their own location, rather than that of the parent bank.
548
FEDERAL RESERVE BULLETIN
NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1952—Continued
All branches and additional offices (except
banking facilities), All branches and additional offices
by class of bank 1
(except banking facilities),
by location 1
Commercial banks
Mutual
Outside» head office city
savings
Member
Nonmember
banks
Total
banks
banks
head
nonTotal
office In head In con- In
city
office tiguous contigInNonNaState
uous
InNoncounty counties counties
tional member sured insured sured insured
State
5,520
5,274
2,403
1,530
26
68
21
1,001
26
68
21
1,001
25
46
1
1
5
16
20
1
783
164
52
1
2
Connecticut
Delaware
District of Columbia
Florida
Georgia
79
32
43
1
68
31
43
1
29
28
14
11
11
15
10
1
2
22
45
45
28
10
6
1
Idaho
Illinois
Indiana
Iowa
Kansas
61
61
52
4
5
124
163
124
163
46
21
56
160
52
52
23
United States
Alabama
Arizona
Arkansas
California
Colorado
...
. . .
1
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island .
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
9
41
10
29
58
79
32
29
55
20
1
2
282
107
119
49
7
6
71
6
71
6
5
2
64
2
20
2
20
2
14
4
2
20
20
961
255
22
268
850
255
22
268
111
111
1
88 ' " 75
5
239
29
546
33
92
143
11
90
272
60
250
54
151
10
59
51
59
51
42
22
106
106
58
29
29
16
11
112
4
40
66
33
•
•
876
191
16
4
24
4
g
10
1
4
3
1
251
1
119
143
488
35
4
3?
10
43
31
14
1 s>
8
1
30
1
1
7
7
7
4
5
11
41
1
3
63
61
120
43
2
2
51
3
32
32
6
7
1
182
67
23
10
6
10
39
16
6
2
1
2
3
3
4
3
10
2
10
106
9
90
7
3
1
3
3
111
765
57
134
51
11
88
S3
82
11
5
9
65
12
2
12
65
1
11
6
18
26
11
5
1
7
14
5
18
' " " 53'
45
11
77
151
13
1
3
2
5
9
175
10
21
4
2
13
75
21
16
29
16
8
22
14
34
61
30
7
8
10
3
6
3
7
58
9
24
40
11
21
24
13
32
18
107
25
•
—
7
53
160
157
140
6
11
150
150
15
5
129
Distribution by location of branches with
respect to head office
22
3
9
3
1
Member banks
Branches and additional offices (except banking facilities). .
In head office city
Outside head office city:
In head office county
In contiguous counties
In noncontiguous counties
Banking facilities
at military and other G o v e r n m e n t establishments 3
33
8
9
Nonmember
commercial banks
9*
16
64
5
1
Mutual
savings banks
Total
National
Banks with branches or additional offices (except banking facilities)*
In head office city only
Outside head office city but not beyond head office county. . .
Outside head office county but not beyond contiguous counties.
In counties not contiguous to head office county
3
3
1
11
2
3
3
2
163
20
1
•
722
7
18
16
32
37
33
94
i
8
23
15
29
9
1,426
7
2
6
1
62
191
22
33
establishments 3
2,496
37
44
13
17
98
2
186
10
1
20
86
79
131
199
3
196
69
177
1
3
86
80
149
252
282
20
112
Washington
West Virginia
Wisconsin
Wyoming
1
1,300
Banking
facilities at
Govern-
State
Insured
Noninsured
1,483
471
686
252
74
385
181
134
38
32
237
114
78
27
18
708
76
439
172
21
29
5,520
2,496
1,426
1,530
1,009
292
153
76
1,300
224
722
876
2,403
1,047
385
252
719
41
13
15
9
4
191
153
20
18
704
295
77
5
13
Insured
Noninsured
78
73
3
2
46
177
162
69
41
22
19
5
22
6
For footnotes see opposite page.
MAY
1953
549
WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, TOTAL FOR ALL LEADING CITIES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans1
Total
loans
and
invest- Total i
ments
Date
Investments
For purchasing
or carrying securities
Commercial,
To brokers
indus- and dealers To others Real Loans Other
trial,
estate
to
Total
and
loans banks loans
agri- U. S. Other U.S. Other
culGovt. se- Govt. setural
obobliga- curi- liga- curitions ties tions ties
U. S. Government obligations
Total
Bills
CerOther
tifisecucates
rities
of in- Notes Bonds2
debtedness
4,193
4,148
4,296
4,169
4,393
3,651
3,613
3,663
3,714
3,760
6,023
6,022
6,020
6,016
6,003
1952—Jan.
Jan.
Jan.
Jan.
Jan.
2.
9.
16.
23.
30.
75,131
74,645
75,141
74,516
74,946
35,516
35,175
35,487
34,917
35,103
21,588
21,433
21,605
21,449
21,320
313 ,034
178 949
129 ,031
86 883
109 867
121
114
113
108
108
573
571
568
565
565
5,733
5,737
5,744
5,750
5,745
565
636
731
521
823
6,132
6,103
6,111
6,103
6,114
39,615
39,470
39,654
39,599
39,843
32,682
32,541
32,756
32,649
32,900
Feb.
Feb.
Feb.
Feb.
6.
13.
20.
27.
74,682
74,598
74,418
74,449
34,856
34,910
34,986
35,049
21,271
21,307
21,311
21,322
108
140
258
179
984
915
897
905
106
107
103
104
563
565
567
563
5,735
5,747
5,736
5,729
538
579
556
691
6,101
6,100
6,109
6,106
39,826
39,688
39,432
39,400
32.833 4,302 3,812 6,003 18,,716 6 ,993
32,651 4,108 3,857 6,006 18,680 7 ,037
32,431 3,905 3,902 6,003 18,621 7,001
32,357 3,920 3,868 6,008 18,561 7,043
Mar.
Mar.
Mar.
Mar.
5.
12.
19.
26.
74,339
74,561
74,844
74,659
35,105
35,182
35,330
35,066
21,324
21,404
21,642
21,537
185
241
238
166
904
940
972
971
105
105
105
104
562
565
564
565
5,719
5,720
5,723
5,730
770
645
518
398
6,090 39,234
6,11639,379
6,123 39,514
6,153 39,593
32,173
32,312
32,416
32,420
3,822
4,018
4,195
4,152
3,762
3,744
3,773
3,783
6,009
6,010
5,980
5,977
18,580 7,061
18,540 7,067
18,468 7,098
18,508 7,173
Apr. 2.
Apr. 9.
Apr. 16..
Apr. 23.
Apr. 30.
74,024
73,844
74,029
74,004
74,265
35,165
35,100
35,053
35,120
35,142
21,345
21,221
21,221
21,044
20,966
207 1,078
266 1,069
31511 ,110
476 1,166
539 1 ,165
119
107
107
106
97
567
566
572
573
572
.,735
.,736
5,756
5,758
5,753
542
555
404
409
441
6,130 38,859
6,137 38,744
6,125 38,976
6,144 38,884
6,166 39,123
31,604
31,454
31,690,
31,671
31,917
3,465
3,341
3,578
3,494
3,688
3,675
3,636
3,675
3,709
3,752
5,972
5,965
5,951
5,954
5,930
18,492 7,255
18,512 7,290
18,486 7 ,286
18,514 7 ,213
18,547 7,206
May
May
May
May
7.
14.
21.
28.
74,095
74,157
74,290
74,774
35,030
35,116
35,065
35,235
20,892
20,874
20,800
20,697
597
561
457
656
,118
,136
,185
,238
95
97
98
96
572
572
572
571
5,756
5,765
5,760
5,771
382
482
505
465
6,175 39,065
6,186 39,041
6,246 39,225
6,299 39,539
31,845
31,854
32,035
32,174
3,477
3,445
3,532
3,601
3,801
3,779
3,793
3,796
5,960
5,967
5,983
5,978
18,607 7,220
18,663 7,187
18,727 7,190
18,799 7 ,365
June 4.
June 11.
June 18.
June 25.
74,657
74,882
175,928
(76,344
35,009
35,059
35,641
35,949
20,591
20,687
20,946
20,955
571
536
560
724
,283
,185
,227
,306
96
95
105
106
567
564
557
559
5,768
5,778
5,787
5,806
383
422
623
632
6,308 39,648
6,350 39,823
6,395 40,287
6,420 40,395
32,359
32,504
32,850
32,934
3,738
3,907
4,072
4,111
3,763
3,756
3,766
3,723
5,998
6,003
5,992
5,998
18,860 7 ,289
,319
18,
19,020 7,437
19,102 7,461
July 2.
July 9.
July 16.
July 23.
July 30.
78,448
77,676
77,596
77,149
77,078
36,865
36,252
36,147
35,833
35,716
20,738 1,386 ,421
20,750 1,039 ,343
20,808
813 ,316
20,799
730 ,316
20,756
626 ,373
226
217
215
200
157
574
570
571
571
571
5,812
5,822
5,825
5,839
5,850
762
584
672
425
396
6,507 41,583
6,488 41,424
6,491 41,449
6,517 41,316
6,552 41,362
34,044
33,820
33,862
33,719
33,726
3,789
3,472
3,540
3,419
3,366
3,954
3,904
3,855
3,799
3,763
6,002
6,013
6,017
6,017
6,022
20,299 7 ,539
20,431 7,604
20,450 7 ,587
20,484 7,597
20,575 7,636
Aug.
Aug.
Aug.
Aug.
6.
13.
20.
27.
76,605
76,534
76,288
76,440
35,936 20,834
35,919 20,900
35,825 20,978
35,976 21,108
383
317
260
282
,525
,456
,243
,221
149
140
135
137
578
574
654
655
5,860
5,882
5,890
5,897
598
635
642
622
6,574 40,669
6,580 40,615
6,589 40,463
6,621 40,464
33,040
32,951
32,808
32,683
2,892
2,840
2,810
2,753
3,548
3,512
3,424
3,403
6,022 20, 578
6,026 20,571
6,031 20,543
6,042 20,485
Sept.
Sept.
Sept.
Sept.
3.
10.
17.
24.
76,130
76,250
76,960
76,488
36,087
36,323
36,907
36,697
21,200
21,419
21,692
21,782
246
266
234
164
,225
,207
,230
,145
139
133
136
135
662
656
646
649
5,911
5,946
5,953
5,963
6,656 40,043
589 6,675 39,927
869 6,715 40,053
6,733 39,791
32,368
32,223
32,360
32,127
2,625
2,530
2,830
2,632
3,268
3,208
3,126
3,121
6,040 20,435 7,675
6,043 20,442 7,704
6,015 20,389 7 ,693
5,991 20,383 7,664
Oct.
Oct.
Oct.
Oct.
Oct.
1.
8.
15.
22.
29.
76,723
78,349
78,606
77,909
77,954
37,081
37,213
37,693
37,416
37,639
21,854
21,990
22,236
22,333
22,457
184
274
294
259
271
,238
,281
,300
,206
,173
132
130
129
118
116
646
645
650
649
635
5,977
5,986
6,006
6,020
6,032
827 6,789 39,642 32,018 2,568 2,666
678 6,798 41,136 33,534 4,158 2,584
802
847 40,913 33,315 4,049 2,543
550
852 40,493 32,893 3,714 2,474
621 6,904 40,315 32,819 3,681 2,482
6,380 20,404 7,624
6,405 20,387 7,602
6,386 20,337 7,598
6,369 20,336 7 ,600
6,313 20,343 7,496
Nov.
Nov.
Nov.
Nov.
5.
12.
19.
26.
77,995
77,971
78,081
79,447
37,794
38,121
38,316
38,465
22,670
22,911
23,043
23,058
379 ! ,153
395 ,187
368 ,194
508 ,200
116
112
110
112
632
631
632
629
6,035
6,061
6,078
6,078
430 6,951 40,201
446 6,950 39,850
6,965 39,765
6,993 40,982
32,745
32,480
32,321
33,517
3,622
3,428
3,390
4,574
2,463
2,468
2,490
2,467
6,349 20
7,456
6,264 20,320 7 ,370
6,159 20
7,444
6,176 20,300 7 ,465
Dec.
Dec.
Dec.
Dec.
Dec.
3.
10.
17.
24.
31.
79,248
79,338
79,977
79,803
79,486
38,452
38,693
39,168
39,303
39,104
23,130
23,321
23,423
23,494
23,390
431
422
480
552
709
,181
,197
,226
,232
,293
110
113
116
126
153
624
626
644
653
654
6,081
6,085
6,073
6,096
6,095
433
423
633
518
151
7,039 40,796
7,082 40,645
7,151 40,809
7,201 40,500
7,253 40,382
33,420
33,290
33,396
33,091
32,967
4,545
4,495
4,568
4,336
4,163
2,488
2,470
2,474
2,453
2,467
6,,128 20,259 7,376
6,,089 20,236 7,355
6,,058 20,296 7,413
6,072 20,230 7 ,409
6,044 20,293 7,415
1953—Jan.
Tan.
Jan.
Jan.
7.
14.
21.
28.
79,095
78,955
78,728
78,313
38,895
38,765
38,790
38,687
23,159
23,188
23,087
23,011
468
283
257
331
271
179
195
212
137
132
136
134
657
659
663
665
6,094
6,106
6,104
6,120
450
538
625
480
7,260 40,200
7,281 40,190
7,324 39,938
7,335 39,626
32,841
32,740
32,453
32,143
4,152
4,082
3,925
3,710
2,452
2,482
2,474
2,458
6,025 20,212 7,359
6,014 20 ,162 7,450
5,999 20 ,055 7,485
5,975 20,000 7 ,483
Feb.
Feb.
Feb.
Feb.
4.
11.
18.
25.
77,958
77,878
78,014
77,711
38,600
38,685
38,892
38,775
22,952
22,989
22,881
22,869
408
426
351
287
178
179
204
172
132
135
134
134
678
666
665
661
6,121
6,122
6,135
6,147
365
395
731
708
7,369 39,358
7,377 39,193
7,395 39,122
7,405 38,936
31,885
31,729
31,535
31,478
3,464
3,281
3,224
3,156
2,496
2,567
2,299
2,271
5,953 19,972 7,473
5,920 19,961 7,464
5,916 20,096 7 ,587
5,928 20,123 7,458
18,815 6,933
18,758 6,929
18,777 6,898
18,750 6,950
18,744 6,943
7,629
7,664
7,655
7,781
*For
description of the revision see BULLETIN for April 1953, p. 357.
1
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.
2
Includes guaranteed obligations.
550
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, TOTAL FOR ALL LEADING CITIES *—Cont.
RESERVES AND LIABILITIES
[In millions of dollars]
Time deposits,
except interbank
Demand deposits,
except interbank
Date
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault
doposits
Remestic
adserve
banks justed
Banks
Individuals, States Certified
part- a n d
and
u. s.
ner- politOffiGovships, ical
subcers'
ernand
cor- divi- checks ment
etc.
pora- sions
tions
Interbank
deposits
IndividU. S.
Demand
uals, States
and Governpart- politnerical ment
and
ships, subDoand
divi- Posta'
Sav- mes- Forcor- sions
eign
ings
tic
porations
Time
Bor- Capital
rowacings counts
500
658
706
450
825
6,923
6,931
6,921
6,926
6,944
654
416
414 1,088
911
416
959
415
6,958
6,966
6,950
6,969
1,246
1,240
1,24^
1,253
418 1,035
902
420
485
421
355
424
6,976
6,977
6,980
6,992
10,422
10,046
10,176
9,377
9,373
1,251
1,283
1,26:
1,269
1,26.
465
438
571
43.
427
851
424 1,059
428
872
7,009
7,016
7,013
7,018
7,050
173
171
175
17
9,749
9,943
9,459
9,219
1,242
1,222
1,282
1,301
428 1,210
954
430
432
799
441 1,021
7,072
7,065
7,063
7,079
779
775
775
767
174
176
175
178
9,666
9,811
10,302
9,680
1,293
1,261
1,260
1,282
448 1,095
460 1,062
463 1,059
460
717
7,090
7,089
7,087
7,094
15,947
15,934
15,928
15,951
15,947
768
770
781
783
784
179
179
182
182
186
10,322
10,310
10,248
9,732
9,541
1,265
1,275
1,246
1,245
1,321
472 1,025
474 1,104
477 1,436
478 1,216
475 1,499
7,108
7,099
7,083
7,097
7,104
4,712
4,522
4,634
4,130
15,973
15,973
15,965
15,984
778
777
772
771
183
189
189
190
10,099
10,350
9,963
9,693
1,341
1,359
1,313
1,289
461
468
473
482
1,202
1,106
1,281
1,139
7,125
7,123
7,120
7,127
1,464
1,335
1,784
1,422
3,186
2,839
3,675
4,533
16,012
16,046
16,066
16,108
770
772
764
764
190
188
193
192
10,197
10,587
11,214
10,565
1,347
1,325
1,292
1,318
487
496
494
499
1,254
1,166
892
709
152
147
142
148
3,568
3,427
3,339
3,486
3,614
2,002
1,614
1,753
1,468
1,401
3,601
4,737
4,473
3,739
3,487
16,144
16,212
16,220
16,249
16,266
761
752
744
742
743
190
191
191
191
189
10,478
10,805
11,538
10,768
10,338
1,340
1,344
1,352
1,359
1,366
510
515
525
526
537
1,071 7,177
188
1,376
181
1,229
185
1,345
1,405 7,203
14,998
928 2,441 53,760 55,633
15,067 1,044 2,579 54,042 57,100
15,293
969 2,553 53,956 55,810
15,595
986 2,392 54,688 56,306
3,736
3,581
3,529
3,604
1,613
1,742
1,700
1,706
3,100
2,966
3,379
4,751
16,342
16,327
16,272
16,295
747
748
754
751
10,792 1,337
194 11,043 1,357
195 10,999 1,328
195 10,352 1,335
542
560
581
581
1,718
1,618
1,634
1,632
7,224
7,225
7,207
7,217
3
10
17
24
31
15,553
987 2,414 55,125 56,171
15,491 1,084 2,395 55,866 57,222
15,676 1,084 2,618 56,566 18,576
5,792
966 2,524 55,448 57,446
14,549 1,013 3,079 55,373 58,264
3,610
3,507
3,512
3,579
3,798
1,739
1,703
1,786
1,674
2,123
3,836
3,007
3,109
3,544
3,567
16,289
16,324
16,385
16,440
16,569
756
756
764
764
763
10,643 1,341
10,655 1,345
195 11,194 1,363
196 11,038 1,370
201 11,693 1,410
580
584
581
577
586
1,626
1,756
1,296
1,824
145
7,238
7,220
7,222
7,234
7,258
1953—Jan. 7
Jan. 14
Jan. 21
Jan. 28
5,353 1,018 2,445 55,211 !6,035
5,111 1,017 2,606 55,602 !7,471
5,225
953 2,544 55,738 J7.108
5,110
978 2,344 55,546 16,112
3,689
3,625
3,735
3,894
,578
,747
,568
,431
2,744
2,214
2,227
2,362
16,532
16,497
16,517
16,528
756
766
767
770
11,197 1,357
202 11,353 1,328
197 11,022 1,327
201 10,158 1,314
583
582
580
579
1,539
1,308
1,240
1,426
7,258
7,231
7,231
7,259
5,146
4,917
4,879
4,701
3,945
3,942
3,766
3,790
,458
,589
550
,484
2,684
2,846
3,514
3,309
16,556
16,579
16,601
16,641
775
779
777
783
200
198
199
198
571
571
570
572
1,504
1,415
1,223
1,260
7,276
7,283
7,285
7,305
1952—Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
15,043 1,002 2,963 54,098 56,271 3,632
15,078
991 2,674 54,429 55,079 3,499
15,166
925 2,801 55,277 57,020 3,544
15,428
920 2,698 55,327 55,959 3,590
14,935
926 2,415 55,041 55,504 3,747
2,12
1,388
1,525
1,390
1,371
2,257
1,631
1,269
1,368
1,671
15,404
15,451
15,412
15,42
15,429
716
725
725
727
733
162 11,831
164 11,212
156 11,393
10,979
166 10,220
Feb. 6
Feb. 13
Feb. 20
Feb. 27
14,935
14,962
14,909
14,655
868
96'
909
94-
2,329
2,519
2,402
2,392
54,220 54,37.
53,811 55,99
53,269 54,16.
53,387 54,33.
3,777
3,709
3,583
3,651
1,368
1,572
1,590
1,386
2,133
2,334
2,881
2,585
15,466
15,486
15,486
15,528
745
746
762
766
10,32' 1,240
166 10,288 1,219
1,241
169 10,02
169 9,899 1,229
Mar.
Mar.
Mar.
Mar.
5
12
19
26
14,660
14,687
15,722
15,147
852
920
896
905
2,376
2,499
2,787
2,726
53,329 53,931
54,114 55,610
53,70: 54,832
52,615 53,17
3,538
3,45'
3,42;
3,581
1,461
1,585
1,524
1,536
1,977
1,708
3,616
4,491
15,578
15,656
15,659
15,664
76:
763
761
764
171
170
170
170
10,160
10,215
10,704
10,182
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
14,644
14,552
15,06"
14,848
14,901
839
896
886
895
86.
2,692
2,398
2,541
2,29;
2,320
51,856
51,883
52,523
52,863
53,026
52,409
52,28;
54,262
53,354
53,608
3,763
3,640
3,719
3,820
4,123
1,549
1,43
1,532
1,878
1,686
3,715
3,381
3,169
2,92"
3,221
15,641
15,660
15,669
15,677
15,700
769
771
770
768
772
169
170
172
171
172
May 7
May 14
May 21
May 28
14,936
14,859
15,106
14,770
870
931
884
960
2,286
2,475
2,333
2,334
52, 599
52,662
52,881
53,565
52,489
53,926
53,470
53,840
4,065
3,957
3,919
4,06
1,451
1,38:
1,773
1,754
2,735
2,957
3,474
2,945
15,728
15,726
15,766
15,813
768
784
782
785
June
June
June
June
14,848
2,340
95
14,838 1,012 2,399
15,959
963 2,57:
14,959
99
2,388
53,216
53,905
54,63
53,575
53,913
55,069
56,039
53,975
3,854
3,643
3,615
3,85
1,538
1,389
2,067
2,004
2,731
2,283
3,23.
4,465
15,842
15,867
15,892
15,939
July 2
July 9
July 16
July 23
July 30
15,04
15,140
15,215
15,157
15,309
920
993
94
95
978
2,565
2,436
2,518
2,348
2,280
52,409
52,451
52,707
53,166
53,479
53,509
53,143
54,620
53,874
53,87
3,749
3,697
3,489
3,538
3,750
2,083
1,623
1,496
1,564
1,689
6,995
6,187
5,691
5,255
4,860
Aug.
Aug.
Aug.
Aug.
15,01.
14,89.
15,09;
14,68;
909
964
924
979
2,381
2,483
2,371
2,286
52,571 52,867
52,544 54,056
52,468 53,396
53,116 53,838
3,772
3,510
3,497
3,512
1,316
1,348
1,411
1,280
Sept. 3
Sept. 10
Sept. 17. . . .
Sept. 24
14,578
15,022
15,610
15,312
938
995
926
953
2,346
2,398
2,755
2,685
52,982 53,941
53,634 54,923
53,932 56,098
52,990 54,042
3,609
3,497
3,407
3,386
Oct. 1
Oct. 8
Oct. 1 5 . . . .
Oct. 22
Oct. 29
14,850
896
14,917
930
15,195
956
15,407
948
15,171 1,001
2,424
2,410
2,726
2,435
2,369
53,024 54,526
52,880 53,910
53,368 57,203
53,948 55,605
54,314 55,508
Nov.
Nov.
Nov.
Nov.
5
12
19
26
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
25
6
13
20
27
Feb. 4
Feb. 11
Feb. 18
Feb. 25
902
956
929
992
2,307
2,321
2,487
2,410
54,589
54,349
53,771
53,811
14,980
15,455
15,298
15,342
10,255
10,165
10,426
10,011
1,348
1,293
1,292
1,274
1,261
1,306
1,266
1,271
1,280
413
41
415
411
417
I
*}For description of the revision see BULLETIN for April 1953, p. 357.
1
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
MAY 1953
551
WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, NEW YORK CITY *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans x
Investments
For purchasing
or carrying securities
Total
loans
and
Date
ments
Total i
Commercial,
industrial,
and
agricultural
To brokers
and dealers
To others
U. S. Other U.S. Other
Govt.
Govt.
seseobobliga- ties liga- curities
tions
tions
U. S. Government obligations
Real Loans Other
to
estate
Total
loans banks loans
Total
ed-
ness
11,380
11,195
11,366
11,011
11,235
7,909
7,836
7,931
7,899
7,839
285
154
107
66
89
808
738
807
688
670
30
30
31
27
27
223
221
219
219
218
507
514
513
514
508
447
534
582
422
698
1,345
1,344
1,352
1,352
1,362
10,054 7,986
9,728 7,670
9,853 7,805
9,762 7,695
9,942 7,882
10,994
11,010
11,155
11,227
7,849
7,890
7,913
7,939
86
108
225
150
771
696
697
704
26
26
25
25
217
218
219
220
502
505
498
482
368
390
403
531
1,351
,353
1,351
1,352
9,937 7,855
9,859 7,776
9,828 7,769
9,848 7,762
11,264
11,226
11,291
11,096
7,980
7,957
8,022
7,983
152
200
210
138
706
742
774
761
25
25
25
25
218
218
217
218
470
470
470
471
536
442
406
330
1,353
1,347
,342
1,346
9,880
9,937
10,002
10,011
7,792
7,856
7,899
7,854
11,212
11,084
11,019
11,126
11,130
7,869
7,799
7,798
7,685
7,664
182
206
252
372
445
867
862
894
930
918
26
27
26
25
20
218
219
219
218
217
470
471
466
462
453
421
345
199
271
245
1,335
1,331
1,341
1,338
1,344
9,785
9,746
9,675
9,598
9,835
7,589
7,549
7,478
7,495
7,737
11,062
11,100
11,058
11,187
7,645
7,622
7,593
7,559
429
406
353
531
897
917
947
985
18
20
20
18
216
217
216
212
450
450
442
440
239
303
301
252
1,344
1,341
,362
1,366
9,763
9,743
9,822
10,134
7,683
7,686
7,773
7,968
11,052
11,047
11,286
11,463
7,524
7,562
7,713
7,722
439
407
439
537
1,021
18
18
22
22
212
211
203
209
431
432
428
425
226
278
300
308
1,358
,358
1,367
1,368
10,098 8,001
10,108 7,990
10,235 8,044
10,325 8,134
12,321
11,744
11,526
11,213
11,102
7,561 1,149 1,073
7,549
857 1,040
7,522
601 1,055
7,522
486 1 ,048
7,465
409 1,093
70
66
63
55
30
212
209
207
209
209
419
413
407
405
403
618
412
460
282
282
1,397
1,376
1,381
1,386
1,391
10,824
10,594
10,576
10,588
10,662
11,293
11,200
11,108
11,167
7,530
7,577
7,613
7,683
244
189
149
147
1,278
1,207
985
962
28
26
25
29
213
210
245
244
411
406
403
394
365
354
437
458
1,404
1,411
1,431
1,432
11,029
11,112
11,520
11,394
7,679
7,792
7,907
7,931
134
154
145
102
963
943
978
902
29
26
26
25
249
243
238
238
398
408
400
399
325
302
570
536
Oct.
Oct.
Oct.
Oct.
Oct.
2 . . . . 21,434
20,923
21,219
20,773
21,177
6 . . . . 20,931
1 3 . . . . 20,869
2 0 . . . . 20,983
2 7 . . . . 21,075
5 . . . . 21,144
1 2 . . . . 21,163
1 9 . . . . 21,293
26
21,107
2 . . . . 20,997
9 . . . . 20,830
1 6 . . . . 20,694
2 3 . . . . 20,724
3 0 . . . . 20,965
7 . . . . 20,825
14
20,843
21
20,880
2 8 . . . . 21,321
21,150
4
11
21,155
1 8 . . . . 21,521
25
21,788
2 . . . . 23,145
9 . . . . 22,338
1 6 . . . . 22,102
2 3 . . . . 21,801
3 0 . . . . 21,764.
21,480
6
1 3 . . . . 21,338
2 0 . . . . 21,118
2 7 . . . . 21,297
3 . . . . 20,950
1 0 . . . . 20,959
1 7 . . . . 21,396
2 4 . . . . 21,221
21,307
1
8 . . . . 21,721
1 5 . . . . 21,560
22
21,202
2 9 . . . . 21,242
11,576
11,609
11,796
11,654
11,703
7,991
8,046
8,193
8,238
8,288
97
144
158
163
174
969
1,021
1,048
949
925
25
24
24
22
22
237
237
243
235
225
396
397
398
397
395
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
5....
12
19....
26....
3....
10....
17....
24....
31....
21,106
21,091
21,091
21,667
21,701
21,793
22,087
22,163
22,118
11,726
11,908
11,960
11,991
8,390
8,476
8,532
8,536
248
267
252
327
913
963
973
970
22
21
21
24
224
225
226
221
12,042
12,174
12,400
12,507
12,409
8,627
8,735
8,750
8,783
8,735
331
290
337
386
498
950
968
977
982
1,031
22
28
32
46
57
1953—Jan. 7 . . . .
Jan. 1 4 . . . .
Jan. 21
Jan. 2 8 . . . .
21,477
21,291
21,239
21,214
12,186
12,088
12,182
12,153
8,617
8,650
8,620
8,596
305
194
162
229
980
918
923
950
Feb. 4 . . . .
Feb. 1 1 . . . .
Feb. 18
Feb. 2 5 . . . .
20,968
20,905
21,085
21,025
12,004
11,961
12,158
12,136
8,557
8,574
8,535
8,543
215
218
174
174
929
894
911
913
1952—Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
June
June
June
June
July
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
9....
16
23....
30
958
991
1,050
Bills
CerOther
tifisecucates
rities
of in- Notes Bonds2
debt-
599
587
641
617
619
1,397
1,393
1,384
1,395
1,390
4,925
4,857
4,849
4,827
4,805
2,068
2,058
2,048
2,067
2,060
657
678
752
715
1,393
1,398
1,393
1,389
4,764
4,776
4,784
4,744
2,082
2,083
2,059
2,086
673
663
657
671
L ,387
L,384
1,372
1,370
4,742
4,736
4,711
4,697
2,088
2,081
2,103
2,157
653
654
652
643
654
1,370
1,382
1,381
1,387
1,377
4,676
4,666
4,634
4,656
4,679
2,196
2,197
2,197
2,103
2,098
1,099
711
683
671
652
1,382
1,385
1,384
1,388
4,709
4,715
4,751
4,829
1,066
1,047
1,086
1,148
644
657
650
651
8,582
8,290
8,292
8,296
8,344
1,050
758
832
794
757
761
779
10,187
10,138
10,010
10,130
7,880
7,819
7,708
7,782
507
512
562
661
633
593
518
545
1,434
1,426
1,438
1,443
9,921
9,847
9,876
9,827
7,629
7,551
7,598
7,551
596
570
681
655
468
409
398
369
602
470
461
384
396
1,441
1,452
1,453
1,448
1,461
9,731
10,112
9,764
9,548
9,539
7,498
7,892
7,564
7,373
7,452
609
290
257
260
232
261
1,391
1,384
1,366
1,369
1,373
1,375
1,378
1,389
1,378
1,376
1,374
1,376
1,377
1,382
1,388
1,361
1,359
1,422
1,388
1,370
1,358
1,346
2,080
2,057
2,049
2,166
4,900 2,097
4,902 2,118
4,942 2,191
4,966 2,191
5,327 2,242
5,380 2,304
5,366 2,284
5,401 2,292
5,429 2,318
5,364 2,307
5,340 2,319
5,252 2,302
5,199 2,348
5,183 2,292
5,184 2,296
5,158 2,278
5,168 2,276
5,177 2,233
5,144 2,220
5,088 2,200
5,092 2,175
5,094 2,087
391
400
403
395
269
294
295
244
1,452
1,445
1,442
1,459
9,380
9,183
9,131
9,676
7,349
7,195
7,112
7,646
1,180
256
250
229
229
213
212
230
233
228
397
395
378
383
380
219
228
345
325
104
1,468
1,503
1,536
1,547
1,560
9,659
9,619
9,687
9,656
9,709
7,655
7,616
7,621
7,577
7,631
1,177
1,147
1,096
1,081
1,086
258
246
241
222
234
1,335
1,258
1,172
1,150
1,135
1,127
1,142
1,135
1,144
5,084
5,096
5,081
5,087
5,085
5,096
5,142
5,139
5,167
48
46
42
41
235
237
238
238
381
378
372
376
244
275
430
318
1,561
1,575
1,580
1,591
9,291 7,225
9,203 7,127
9,057 6,963
9,061 6,963
799
754
675
695
239
242
238
245
1,117
1,107
1,089
1,076
5,070
5,024
4,961
4,947
40
41
40
40
244
237
233
228
375
374
380
382
218
208
473
443
1,612
1,601
1,598
1,599
8,964
8,944
8,927
8,889
553
513
556
555
277
343
196
197
1,092
1,070
1,069
1,076
6,880
6,871
6,793
6,791
1,065
833
931
856
1,068
1,041
924
840
914
990
1,073
1,159
1,116
890
847
811
809
1,027
881
903
967
741
791
745
1,103
846
691
751
674
591
630
2,031
1,988
2,019
2,030
2,004
2,003
2,066
2,079
2,078
2,066
2,076
2,094
2,098
4,958 2,084
4,945 2,073
4,972 2,134
4,963 2,098
*1 For description of the revision see BULLETIN for April 1953, p. 357.
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.
2
Includes guaranteed obligations.
552
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, NEW YORK CITY*—Continued
RESERVES AND LIABILITIES
[In millions of dollars!
Demand deposits,
except interbank
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault
posits
doRemestic
adserve
banks justed
Banks
Date
Individuals, States Certified
part- a n d
and
ner- political
Offiships, subcers'
and
cor- divi- checks
sions
etc.
porations
Time deposits,
except interbank
IndividU. S.
Demand
uals, States
and Govpart- politernu. s. ner- ical ment
Gov- ships, suband
and
ernDodivi- Postal
Sav- mes- Forment cor- sions
eign
poraings
tic
tions
316
317
318
314
315
206
195
267
69
245
2,397
2,399
2,401
2,402
2,398
1,486
1,492
1,486
1,494
27
27
27
27
2,936
2,946
2,910
2,856
1,022
1,013
1,032
1,025
315
314
315
315
150
275
320
274
2,413
2,409
2,410
2,409
668
542
1,426
1,707
1,489
1,577
1,595
1,600
27
28
28
28
2,927
2,925
3,137
3,022
1,043
1,036
1,040
1,042
318
320
319
324
302
318
139
64
2,412
2,410
2,411
2,409
680
669
719
1,082
862
1,243
1,050
950
878
1,008
,580
,562
,558
,555
,574
2
27
28
24
24
3,004
2,947
2,932
2,742
2,811
1,029
1,069
1,042
1,051
1,050
334
329
324
321
323
69
243
485
434
350
2,417
2,418
2,418
2,419
2,428
37
335
30:
40'
698
613
1,034
986
910
1,132
1,237
1,007
,565
,568
,588
,628
25
25
25
25
2,802
2,827
2,755
2,750
1,024
1,013
1,072
1,095
324
324
326
335
536
338
216
402
2,429
2,429
2,429
2,424
17,159
17,459
18,131
17,260
291
266
235
251
741
944
621
749
1,140
816
1,134 1,516
,613
,624
,639
,648
25
22
22
22
2,762
2,768
3,045
2,879
1,078
1,044
1,037
1,062
340
348
350
347
608
471
535
285
2,427
2,426
2,422
2,420
15,901
15,809
15,809
16,082
16,162
16,922
16,558
16,820
16,786
16,963
230
294
264
294
318
1,174
811
701
783
912
3,127
2,786
2,494
2,241
2,023
,625
,601
,581
,592
,584
21
22
23
22
23
3,125
2,973
2,933
2,804
2,777
1,048
1,044
1,014
1,017
1,076
360
358
360
361
358
221
381
495
299
518
2,434
2,436
2,434
2,435
2,433
31
3
40
36
15,595
15,501
15,606
16,047
16,231
16,410
16,411
16,692
296
26.
250
293
557
598
614
544
1,903
,573
1,777
, 560
1,699
,553
1,490 1,551
24
24
24
24
2,861
2,907
2,791
2,697
1,095
1,104
1,058
1,032
347
353
358
367
504
456
454
319
2,446
2,442
2,443
2,442
169
184
147
148
3.
3.
54
48
15,774
15,950
16,305
15,866
16,575
16,757
17,348
16,634
273
257
281
258
622
536
874
589
1,121
956
1,074
1,544
1,560
1,569
1,567
1,582
25
28
27
27
2,840
2,903
3,224
3,152
1,090
1,076
1,039
1,056
373
379
380
383
448
504
315
170
2,445
2,442
2,438
2,432
139
150
148
145
154
43
49
51
43
44
15,764
15,705
15,647
15,999
16,014
16,880
16,383
17,246
16,927
16,848
314
336
337
396
398
1,075
740
869
676
628
1,215
1,717
1,527
1,264
1,181
1,568
1,588
1,570
1,575
1,574
27
29
29
29
29
3,091
3,014
3,156
2,991
2,850
1,090
1 ,091
1,102
1,108
1,119
391
396
402
404
414
340
444
425
266
351
2,447
2,448
2,448
2,445
2,446
5,266
5,160
5,242
5,363
154
173
153
175
35
40
43
45
15,716
15,773
15,836
16,074
16,702
17,093
16,769
17,117
449
387
360
345
795 1,049
885
989
800 1,026
826 1,659
1,621
1,612
1,597
1,642
30
30
30
30
2,977
3,053
3,021
2,908
1,081
1,102
1,068
1,070
420
436
453
455
587
403
440
344
2,458
2,458
2.448
2,446
5,464
5,299
5,433
5,280
5,060
163
192
195
168
150
40 16,314 17,192
37 16,547 17,496
44 16,995 18,049
45 16,332 17,388
58 16,353 18,002
305
279
306
314
321
842
870
857
807
1,109
1,318 1,628
1,002 1,641
869 1,677
1,158 1,681
1,142 1,699
31
31
31
31
31
2,957
2,924
3,048
3,028
3,341
1,089
1,098
1,119
1,118
1,143
456
460
457
454
462
504
564
461
751
130
2,459
2,445
2,443
2,460
2,477
5,135
5,051
5,096
5,079
155
158
140
148
36 16,154 17,006
47 16,197 17,160
45 16,234 17,187
39 16,347 17,094
268
274
280
325
681
817
678
623
840 1,646
635 1,628
606 1,634
631 1,645
29
29
27
29
3,074
3,095
3,059
2,909
1,091
1,072
1,067
1,064
461
458
456
456
410
321
333
302
2,476
2,476
2,476
2,477
5,105
4,933
5,017
4,870
138
160
137
154
35
34
41
39
297
301
303
290
653
790
691
705
708 1,645
744 1,642
887 1,653
831 1,675
30
31
31
31
2,856
2,917
2,883
1,059
1,031
1,023
1,033
445
445
443
445
438
354
370
362
2,488
,488
,489
2,493
48 16,45 17,801
50 16,532 17,214
4. 16,724 17,786
49 16,982 17,72
38 16,946 17,753
326
252
279
292
318
Feb. 6.
Feb. 13.
Feb. 20.
Feb. 27.
5,289
5,289
5,353
5,275
13 =
155
14.
145
31 16,596 17,190
34 16,303 17,574
38 16,269 17,126
35 16,516 17,359
295
34'
270
287
608
752
797
857
806 1,046
592
907
Mar.
Mar.
Mar.
Mar.
5.
12.
19.
26.
5,205
5,175
5,727
5,631
131
14:
132
139
36 16,616 17,305
41 16,694 17,718
51 16,454 17,360
78 16,089 16,831
253
238
210
261
685
795
646
716
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
5,078
5,046
5,426
5,381
5,350
130
141
134
135
129
200
31
38
35
3
16,079
15,785
15,922
16,221
16,284
16,867
16,450
16,991
16,973
17,178
304
319
300
314
389
May 7
May 14
May 21
May 28
5,36
5,362
5,501
5,394
135
142
131
169
30
38
42
35
16,103
16,063
16,236
16,597
16,612
16,944
17,000
17,266
June
June
June
June
4
11
18
25
5,471
5,264
5,970
5,376
196
215
18
200
35
33
39
41
16,421
16,589
17,185
16,555
July 2
July 9
July 16
July 23
July 30
5,138
5,45
5,446
5,470
5,56
188
19
178
179
184
3
35
36
35
33
Aug.
Aug.
Aug.
Aug.
6
13
20
27
5,276
5,16
5,270
5,051
168
17/
16.1
17/
Sept.
Sept.
Sept.
Sept.
3
10
17
24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
5,085
5,210
5,419
5,45
5,101
5,163
5,219
5,352
5,179
Nov. 12 .
Nov. 19
Nov. 26
Dec.
Dec.
Dec.
Dec.
Dec.
1953—Jan. 7
Jan. 14
Jan. 21
Jan. 28
. .
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Time
1,120
1,072
1,057
1,054
1,042
157
15:
139
136
142
24
Capital
3,388
3,146
3,227
3,152
3,014
5,29
5,305
5,119
5,603
5,357
31 .
Borrowings
22
21
23
23
26
1952—Jan. 2.
Jan. 9.
Jan. 16.
Jan. 23.
Jan. 30.
3
10
17 . . . .
Interbank
deposits
15,918
15,806
15,823
15,681
16,685
16,732
16,869
16,822
1,146
611
687
581
624
837 1,520
580 1,512
378 1,474
405 1,477
557 1,478
* For description of the revised series see BULLETIN for April 1953, p. 357.
demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
MAY
1953
553
WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, OUTSIDE NEW YORK CITY*
LOANS AND INVESTMENTS
[In millions of dollars]
Investments
Loans*
loans
and
invest- TotaP
ments
Commercial,
industrial,
and
agricultural
53, 697
53 722
53 922
53 743
53 769
24, 136
23, 980
24, 121
23, 906
23, 868
13, 679
13 597
13, 674
13 550
13 481
Feb. 6 . . . .
Feb. 1 3 . . . .
Feb. 2 0 . . . .
Feb. 2 7 . . . .
53
53
53
53
751
729
435
374
23, 862 13
23, 900 13
23, 831 13
23, 822 13
Mar.
Mar.
Mar.
Mar.
5....
12
19....
26....
53
53
53
53
195
398
551
552
23 841
23 956
24, 039
23, 970
Apr. 2 . . . .
Apr. 9 . . . .
Apr. 1 6 . . . .
Apr. 2 3 . . . .
Apr. 3 0 . . . .
53
53
53
53
53
027
014
335
280
300
23
24
24
23
24
953
016
034
994
012
May 7
May 1 4 . . . .
May 2 1 . . . .
May 2 8 . . . .
53
53
53
53
270
314
410
453
23
24
24
24
TV
1 Ota.i
Date
1952—Jan. 2 . . . .
Jan. 9
Jan. 1 6 . . . .
Jan. 2 3 . . . .
Jan. 3 0 . . . .
For purchasing
or carrying securities
To brokers
and dealers To others
U. S.
U.S. Other
Govt. Other
se- Govt.
seob- curiobliga- ties liga- curities
tions
tions
U. S. Government obligations
Real Loans Other
to
estate
loans Total
loans banks
Total
Bills
Other
Cersecutificates
2 rities
of in- Notes Bonds
debtedness
28
24
22
20
20
226
211
224
195
197
91
84
82
81
81
350
350
349
346
347
5 ,226
5 ,223
5 ,231
5 ,236
5 ,237
118
102
149
99
125
4,787
4,759
4,759
4,751
4,752
29, 561
29, 742
29, 801
29, 837
29, 901
24, 696
24, 871
24, 951
24, 954
25, 018
3 ,128
3 ,315
3 ,365
3 ,313
3 ,325
3 ,052
3 ,026
3 ,022
3 ,097
3 ,141
4,626
4,629
4,636
4,621
4,613
13,890 4,865
13,901 4,871
13,928 4,850
13,923 4,883
13,939 4,883
422
417
398
383
22
32
33
29
213
219
200
201
80
81
78
79
346
347
348
343
5 ,233
5 ,242
5 ,238
5 ,247
170
189
153
160
4,750
4,747
4,758
4,754
29, 889i
29, 829
29, 604|
29, 552
24, 978
24, 875
24, 662
24, 595
3 ,261
3 ,184
3 ,065
3 ,006
3 ,155
3 ,179
3 ,150
3 ,153
4,610
4,608
4,610
4,619
13,952 4,911
13,904 4,954
13,837 4,942
13,817 4,957
13
13
13
13
344
447
620
554
33
41
28
28
198
198
198
210
80
80
80
79
344
347
347
347
5 ,249
5 ,250
5 ,253
5 ,259
234
203
112
68
4,737
4,769
4,781
4,807
29, 354
29, 442
29, 512
29, 582
24, 381
24, 456!
24, 517
24 566
2 ,832
2 ,945
3 ,036
3 ,036
3 ,089
3 ,081
3 ,116
3 ,112
4,622
4,626
4,608
4,607
13,838 4,973
13,804 4,986
13,757 4,995
13,811 5,016
13
13
13
13
13
476
422
423
359
302
25
60
63
104
94
211
207
216
236
247
93
80
81
81
77
349
347
353
355
355
5 ,265
5 ,265
5 ,290
5 ,296
5 ,300
121
210
205
138
196
4,795
4,806
4,784
4,806
4,822
29 074|
28, 998j
29 301
29 286|
29 288:
24, 015
23 905
24 212
24 176
24 180
2 ,575
2 ,494
2 ,767
2 ,685
2 ,661
3 ,022
2 ,982
3 ,023
3 ,066
3 ,098
4,602
4,583
4,570
4,567
4,553
13,816
13,846
13,852
13,858
13,868
5,059
5,093
5,089
5,110
5,108
968 13 247
016 13 252
007 13 207
048 13 138
168
155
104
125
221
219
238
253
77
77
78
78
356
355
356
359
5 ,306
5 ,315
5 ,318
5 ,331
143
179
204
213
4,831
4,845
4,884
4,933
29
29
29
29
162
168
262
206
2 ,596
2 ,542
2 ,565
2 ,502
3 ,090
3 ,096
3 ,122
3 ,144
4,578
4,582
4,599
4,590
13,898
13,948
13,976
13,970
5,140
5,130
5,141
5,199
132
262
2 ,672 3 ,119 4,607
24 514 2 ,860 3 ,099 4,619
24 806 2 ,986 3 ,116 4,626
24 800 2 ,963 3 ,072 4,629
13,960
13,936
14,078
14,136
5,192
5,201
5,246
5,270
4,629
4,638
4,639
4,628
4,644
14,972
15,051
15,084
15,083
15,146
5,297
5,300
5,303
5,305
5,318
June
June
June
June
4 . . . . 53 507 23 957
1 1 . . . . 53 727 24 012
1 8 . . . . 54 407 24 355
2 5 . . . . 54 556 24 486
July
July
July
July
July
2
9....
16
23....
30....
13 067
5 ,337
353 5 ,346
354 5 ,359
350 5 ,381
302 24
298! 24
403 24
405 24
157 4,950 29 550
144 4,992 29 715
323 5,028 30 052
324 5,052 30 070
144 5,110 30 759
172 5,112 30 830
212 5.110 30 873
143 5,131 30 728
114 5,161 30 700
13 125
13 233
13 233
78
227
236
256
77
83
84
355
129
121
187
177
201
276
277
291
237
182
212
244
217
348
303
261
268
280
156
151
152
145
127
362
361
364
362
362
Aug. 6 . . . . 55 125 24 643 13 304
139
128
111
247
249
258
121
114
110
135
259
108
365 5 ,449
364 5 ,476
409 5 ,487
411 5 ,503
112
112
89
62
262
264
252
243
110
107
110
110
413
413
408
411
5 ,513
5 ,538
5 ,553
5 ,564
233 5,170 30 482 25 160 2 ,385 2 ,915 4,646 15,214 5,322
281 5,169 30 477 25 132 2 ,328 2 ,919 4,652 15,233 5,345
205 5 158 30 453 25 100 2 ,248 2 ,906 4,655 15,291 5,353
164 5,189 30 334 24 901 2 ,092 2 ,858 4,665 15,286 5,433
290 5,222 30 122 24 739 2 ,029 2 ,800 4,658 15,252 5,383
287 5,249 30 080 24 672 1 ,960 2 ,799 4,655 15,258 5,408
299 5,277 30 177 24 762 2 ,149 2 ,728 4,654 15,231 5,415
157 5,290 29 964 24 576 1 ,977 2 ,752 4,632 15,215 5,388
55
55
55
55
55
303
338
494
348
314
24
24
24
24
24
544
508
621
620
614
13
13
13
13
13
Aug. 13
55 196 24 719 13 323
Aug. 2 0 . . . . 55 170 24 717 13 365
55 143 24 809 13 425
Aug. 27
Sept.
Sept.
Sept.
Sept.
5 ,393
5 ,409
5 ,418
5 ,434
5 ,447
24 358
25
25
25
25
25
462
530
570
423
382
2 ,739
2 ,731
2 ,749
2 ,674
2 ,608
3 ,122
3 ,110
3 ,098
3 ,038
2 ,984
3....
10
17....
24
55 180
55 291
55 ,564
55 ,267
25
25
25
25
Oct. 1 . . . .
Oct. 8
Oct. 1 5 . . . .
Oct. 22
Oct. 2 9 . . . .
55 ,416
56 ,628
57 ,046
56 ,707
56 ,712
25 505
25 604
25 ,897
25 ,762
25 ,936
13 ,863
13 ,944
14 ,043
14 ,095
14 ,169
87
130
136
96
97
269
260
252
257
248
107
106
105
96
94
409
408
407
414
410
5 ,581
5 ,589
5 ,608
5 ,623
5 ,637
225
208
341
166
225
5,348
5,346
5,394
5,404
5,443
29
31
31
30
30
911
024
149
945
776
24
25
25
25
25
520
642
751
520
367
1 ,959
3 ,055
3 ,203
3 ,023
2 ,930
2 ,376
2 ,327
2 ,283
2 ,242
2 ,221
4,958
5.017
5,016
5,011
4,967
15,227
15,243
15,249
15,244
15,249
5,391
5,382
5,398
5,425
5,409
Nov.
Nov.
Nov.
Nov.
5....
12....
19....
26....
56 ,889
56 ,880
56 ,990
57 ,780
26 ,068
26 ,213
26 356
26 ,474
14 ,280
14 ,435
14 ,511
14 ,522
131
128
116
181
240
224
221
230
94
91
89
88
408
406
406
408
5 ,644
5 ,661
5 ,675
5 ,683
161
152
204
217
5,499
5,505
5,523
5,534
30
30
30
31
821
667
634
306
25
25
25
25
396
285
209
871
2 ,948
2 ,837
2 ,760
3 ,394
2 ,207
2 ,218
2 ,261
2 ,238
5,014
5,006
4,987
5,026
15,227
15,224
15,201
15,213
5,425
5,382
5,425
5,435
Dec.
Dec.
Dec.
Dec.
Dec.
3....
10...
17....
24....
31....
57 ,547
57 ,545
57 ,890
57 ,640
57 ,368
26 ,410
26 ,519
26 768
26 ,796
26 695
14 ,503
14 ,586
14 ,673
14 ,711
14 ,655
100
132
143
166
211
231
229
249
250
262
88
85
84
80
96
411
414
414
420
426
5 ,684
5 ,690
5 ,695
5 ,713
5 ,715
214
195
288
193
47
5,571
5,579
5,615
5,654
5,693
31 137
31 026
31 ,122
30 ,844
30 ,673
25 765
25 674
25 775
25 514
25 ,336
3 ,368
3 ,348
3 ,472
3 ,255
3 ,077
2 ,230
2 ,224
2 ,233
2 ,231
2 ,233
4,993
4,962
4,916
4,937
4,900
15,174
15,140
15,154
15,091
15,126
5,372
5,352
5,347
5,330
5,337
1953—Jan. 1....
Jan. 14
Jan. 2 1 . . . .
Jan. 2 8 . . . .
57 ,618
57 ,664
57 ,489
57 ,099
26 ,709
26 ,677
26 ,608
26 ,534
14 ,542
14 ,538
14 ,467
14 ,415
163
89
95
102
291
261
272
262
89
86
94
93
422
422
425
427
5 ,713
5 ,728
5 ,732
5 ,744
206
263
195
162
5,699
5,706
5,744
5,744
30 909
30 ,987
30 ,881
30 ,565
25 616
25 ,613
25 ,490
25 ,180
3 ,353
3 ,328
3 ,250
3 ,015
2 ,213
2 ,240
2 ,236
2 ,213
4,908
4,907
4,910
4,899
15,142
15,138
15,094
15,053
5,293
5,374
5,391
5,385
Feb. 4 . . . .
Feb. 11
Feb. 1 8 . . . .
Feb. 2 5 . . . .
56 ,990
56 ,973
56 ,929
56 ,686
26 ,596
26 ,724
26 ,734
26 ,639
14 ,395
14 ,415
14 ,346
14 ,326
193
208
177
113
249
285
293
259
92
94
94
94
434
429
432
433
5 ,746
5 ,748
5 ,755
5 ,765
147
187
258
265
5,757
5,776
5,797
5,806
30 ,394
30 ,249
30 ,195
30 ,047
25 ,005
24 ,858
24 ,742
24 ,687
2 ,911
2 ,768
2 ,668
2 ,601
2 ,219
2 ,224
2 ,103
2 ,074
4,861
4,850
4,847
4,852
15,014
15,016
15,124
15,160
5,389
5,391
5,453
5,360
058 13 521
211 13 627
387 13 785
303 13 851
*1 For description of the revised series see BULLETIN for April 1953, p. 357.
.
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.
2
Includes guaranteed obligations.
554
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—REVISED SERIES, OUTSIDE NEW YORK CITY *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Date
ReBalDeserves
with Cash ances mand
with
Feddein
eral vault
doposits
Remestic ad- 1
serve
banks justed
Banks
Time deposits,
except interbank
Individuals, States Certified
part- a n d
and
u. s.
ner- politOffiGovships, ical
subcers'
and
erncor- divi- checks ment
etc.
pora- sions
tions
Interbank
deposits
IndividU. S.
Demand
uals, States
Govand
ernpart- politnerical ment
and
ships, subDoand
divi- Postal
cor- sions Sav- mes- Foreign
ings
tic
porations
Time
Bor- Capital
rowacings counts
1952—Jan. 2
Jan. 9
Jan. 16
Jan. 2 3 . . . .
Jan. 30
9,752
9,773
10,04
9,825
9,578
845
839
786
784
784
2,91
2,624
2,758
2,649
2,377
37,641 38,470
37,89 37,865
38,553 39,234
38,345 38,23:
38,095 37,751
3,306
3,247
3,265
3,298
3,429
978
777
838
809
74
1,420
1,051
891
963
1,114
13,884
13,939
13,938
13,950
13,951
694
704
702
704
707
119
119
111
118
11
8,443
8,066
8,166
7,827
7,206
228
221
235
220
219
97
95
97
97
102
294
463
439
381
580
4,526
4,532
4,520
4,524
4,546
Feb. 6
Feb. 13
Feb. 20
Feb. 2 7 . . . .
9,646
9,67.
9,556
9,384
733
809
764
799
2,298
2,485
2,364
2,35^
37,624 37,183
37,508 38,423
37,000 37,037
36,871 36,976
3,482
3,36:
3,313
3,364
760
775
784
794
1,381
1,477
1,835
1,678
13,980
13,994
14,000
14,034
718
719
735
739
118 7,391
119 7,34:
121 7,11
121 7,043
218
206
209
204
101
100
101
100
504
813
591
685
4,545
4,557
4,540
4,560
Mar.
Mar.
Mar.
Mar.
9,455
9,512
9,99
9,516
721
778
764
766
2,340
2,458
2,736
2,648
36,713
37,420
37,248
36,526
36,626
37,89:
37,472
36,346
3,28.
3,221
3,212
3,320
776
790
878
820
1,309
1,166
2,190
2,784
14,089
14,079
14,064
14,064
735
735
733
736
123
12:
12:
122
7,233
7,290
7,56
7,160
203
204
20'
211
100
100
102
100
733
584
346
291
4,564
4,567
4,569
4,583
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
9,566
9,506
9,641
9,46
9,551
709
755
752
760
736
2,49:
2,36
2,503
2,25^
2,283
35,777 35,542
36,098 35,83
36,601 37,271
36,642 36,381
36,742 36,430
3,459
3,321
3,419
3,506
3,734
869
768
813
796
824
2,472
2,331
2,219
2,044
2,213
14,061
14,098
14,111
14,122
14,126
74:
744
74:
744
748
121
121
123
12:
123
7,418
7,099
7,244
6,635
6,56:
22:
214
220
218
213
104
104
103
103
105
396
328
366
62
522
592
598
4,595
4,599
4,622
May 7
May 14
May 21
May 28
9,569
9,497
9,605
9,376
735
789
753
791
2,256
2,43
2,291
2,299
36,496 35,87
36,599 36,982
36,645 36,470
36,968 36,574
3,688
3,622
3,612
3,660
753 1,825 14,163
769 1,825 14,158
739 2,237 14,178
768 1,938 14,185
743
759
75
760
124
12
126
126
6,94
7,116
6,704
6,469
218
209
210
206
104
106
106
106
674
616
583
619
4,643
4,636
4,634
4,655
June
June
June
June
4. . . .
11
18....
25....
9,377
9,574
9,989
9,583
761
797
776
797
2,30.
2,366
2,533
2,347
36,795 36,754
37,316 37,610
37,452 37,908
37,020 36,715
3,563
3,377
3,380
3,606
797
768
927
870
1,787
1,534
2,417
2,949
14,229
14,243
14,253
14,291
754
753
753
745
125
124
123
12J
6,904
7,043
7,257
6,801
215
217
223
220
108
112
113
113
487
591
524
432
4,663
4,663
4,665
4,674
July 2 . . . .
July 9
July 16
July 23
July 30
9,909
9,688
9,769
9,687
9,742
732
796
764
776
794
2,528
2,401
2,482
2,313
2,247
36,508 36,587
36,642 36,585
36,898 37,800
37,084 37,088
37,317 36,916
3,519
3,403
3,225
3,244
3,432
909
812
795
781
777
3,868
3,401
3,197
3,014
2,837
14,322
14,333
14,347
14,359
14,363
747
748
758
761
761
126
126
128
127
131
7,197
7,337
7,315
6,928
6,764
217
231
232
228
245
112
116
117
117
117
804
723
941
917
981
4,674
4,663
4,649
4,662
4,671
Aug. 6 . . . .
Aug. 13
Aug. 20
Aug. 27
9,737
9,733
9,823
9,632
741
787
761
802
2,350
2,446
2,331
2,250
36,976
37,043
36,862
37,069
36,636
37,646
36,985
37,146
3,476
3,247
3,247
3,219
759
750
797
736
2,809
2,745
2,935
2,640
14,400
14,413
14,412
14,433
754
753
748
747
129
134
134
7,238
7,443
7,172
6,996
246
255
255
257
114
115
115
115
698
650
827
820
4,679
4,681
4,677
4,685
Sept. 3
Sept. 10
Sept. 17
Sept. 24
9,493
9,812
10,191
9,855
769
811
779
805
2,313
2,363
2,701
2,637
37,208 37 ,366
37,684 38,166
37,627 38,750
37,124 37,408
3,336
3,240
3,126
3,128
842 2,065 14,452
799 1,883 14,477
910 2,601 14,499
833 2,989 14,526
745
744
737
737
135
133
137
136
7,357
7,684
7,990
7,413
257
249
253
262
114
117
114
116
806
662
577
539
4,707
4,705
4,704
4,716
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
9,749
9,754
9,976
10,055
9,992
757
780
808
803
847
2,381
2,361
2,675
2,392
2,325
,646
37,
37,175 37,527
37,721 39,957
37,949 38,678
38,300 38 ,660
3,254
3,091
3,002
3,090
3,216
927
874
884
792
773
2,386
3,020
2,946
2,475
2,306
14,576
14,624
14,650
14,674
14,692
734
723
715
713
714
135
136
137
137
136
7,387
7,791
8,382
7,777
7,488
250
253
250
251
247
119
119
123
122
123
731
932
804
,079
,054
4,730
4,740
4,733
4,740
4,757
Nov.
Nov.
Nov.
Nov.
5
12
19
26
9,732
9,907
10,051
10,232
774
871
816
811
2,406
2,539
2,510
2,347
38,044 38,931
38, 269 40,007
38,120 39,041
38,614 39,189
3,287
3,194
3,169
3,259
818
857
900
880
2,051
1,977
2,353
3,092
14,721
14,715
14,675
14,653
717
718
724
721
137
139
139
139
7,815
7,990
7,978
7,444
256
255
260
265
122
124
128
126
,131
,215
,194
,288
4,766
4,767
4,759
4,771
Dec.
Dec.
Dec.
Dec.
Dec.
3
10
17
24
31
10,089
10,192
10,243
10,512
9,489
824
892
889
798
863
2,374
2,358
2,574
2,479
3,021
38,811 38,979
39,319 39,726
39,571 40,527
39, 116 40,058
39, 020 40,262
3,305
3,228
3,206
3,265
3,477
897
833
929
867
1,014
2,518
2,005
2,240
2,386
2,425
14,661
14,683
14,708
14,759
14,870
725
725
733
733
732
140
139
139
140
142
7,686
7,731
8,146
8,010
8,352
252
247
244
252
267
124
,122
124
,192
124
835
123 1,073
124
15
4,779
4,775
4,779
4,774
4,781
1953—Jan. 7
Jan. 14
Jan. 21
Jan. 28
10,218
10,060
10,129
10,031
863
859
813
830
2,409
2,559
2,499
2,305
39,057 39,029
39,405 40,311
39,504 39,921
39,199 39,018
3,421
3,351
3,455
3,569
897
930
890
808
1,904
1,579
1,621
1,731
14,886
14,869
14,883
14,883
727
737
740
741
142
143
140
143
8,123
8,258
7,963
7,249
266
256
260
250
1,129
124
987
907
124
123 1,124
782
755
4,755
4,782
Feb. 4
Feb. 11
Feb. 18
Feb. 25
10,041
9,984
9,862
9,831
764
796
792
838
2,272
2,287
2,446
2,371
38,671
38,543
37,948
38,130
8,295
8,723
18,429
8,520
3,648
3,641
3,463
3,500
805
799
859
779
1,976
2,102
2,627
2,478
14,911
14,937
14,948
14,966
745
748
746
752
142
141
142
140
7,357
7,309
7,509
7,128
247
235
248
247
126 1,066
126 1,061
127
853
127
898
,788
,795
796
4,812
5....
12
19
26
* For description of the revised series see BULLETIN for April 1953, page 357.
1
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
MAY
1953
555
PAGE
International capital transactions of the United States
558-563
Gold production
563
Reported gold reserves of central banks and governments
564
Gold movements; gold stock of the United States
565
International Monetary Fund and Bank
566
Central
Banks
566-570
Money rates in foreign countries
571
Commercial banks
572
Foreign exchange rates
573
Price movements in principal countries:
Wholesale prices
574
Consumers' price indexes
575
Security prices
575
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly.
Figures on international capital transactions of the United States are collected by the Federal Reserve
Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury
Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive
text, may be obtained from the Board's publication, Banking and Monetary Statistics.
MAY
1953
557
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES
[Net movement from United States, (-).
In millions of dollars]
Increase in banking funds in U. S.l
From Jan. 2, 1935,
through—
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
Total
Foreign
officials
Foreign
other
International 3
Decrease
in U. S.
banking
funds
abroad 1
Total
Domestic
securities:
Inflow of
foreign4
funds
Foreign
securities:
Return
of U. S.
funds *
Inflow in
brokerage
balances
31
31
31
31
31
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
2,242.0
1,844.3
1,637.8
L.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
1952—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
10,231.0
10,263.6
10,466.6
10,580.5
'•10,937.1
'11,127.0
'•11,355.6
»-ll,438.2
'11,567.3
11,383.1
8,719.2
8,829.1
9,199.1
9,287.0
'9,602.1
'•9,772.3
'9,952.7
'9,833.5
'9,924.0
9,779.6
2,912.3
3,025.5
3,219.9
3,309.4
3,615.3
3,791 .3
3,909.1
3,831.9
3,959.7
3,763.3
4,149.6
4,164.9
4.285.8
4,294.1
'4,220.3
'4,207.0
'4,262.6
'4,191.8
'4,218.6
4,277.8
1,657.3
1,638.7
1,693.3
1.683.5
1,766.5
1,773.9
1.781.0
1,809.8
L,745.6
1,738.5
125.0
109.7
90.7
99.8
103.2
63.0
106.0
110.7
108.2
80.6
617.4
622.4
621.1
624.1
647.0
679.9
673.8
859.6
901.4
933.5
637.5
575.4
424.6
436.3
455.2
486.3
495.6
506.6
513.6
465.6
131.8
127.0
131.1
133.4
129.7
125.5
127.6
127.9
120.1
123.8
1953—Jan. 31*
Feb. 2 8 P
11,360.0
11,209.2
9,725.0
9,616.8
3,687.7
3,625.6
4,290.1
4,266.0
1,747.1
1,725.2
93.4
96.0
966.4
973.8
448.0
400.1
127.3
122.4
TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES 5
[Amounts outstanding, in millions of dollars]
In-
ternational
institutions 3
Date
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
Official
and
private
31...
31. ..
30...
31...
30...
31. ..
,677.2
,658.6
,713.3
U703.4
L.786.5
L.793.8
L,800.9
1,829.7
,765.6
L,758 4
1953—Jan. 31 P . .
Feb.28P..
,767.1
L,745.2
Official2
NethUnited
erKing- France
lands
dom
1,832 .1
7 2,836 .3
2,908 .1
3,425 .9
3.480 .5
326
546
574
7656
2
3
4
6
642 6
167
192
171
260
289
7 ,796. 1 3,622 .6
5 3,735 .8
9 3,930 .2
7 4,019 .7
7 4,325 .6
5 4,501 .6
9 4,619 .4
9 4,542 .2
5 4,670 . 0
3 4,473 .6
783
745
756
793
6
0
8
4
2
8
5
1
3
6
251 .4
256 .3
267 .2
884 4
751 .3
249 .5
253 .4
4 ,854.
3 1 . . . 2,262.0
,864.3 5 ,853.
31...
,657.8 5 ,960.
31...
,722.2 76 ,922.
31...
,708.2
7 ,594.
31...
1952—Mar. 3 1 . . .
Apr. 3 0 . . .
May 31 . .
June 3 0 . . .
July
Aug.
Sept.
Oct.
Nov.
Dec.
Tota breign
countries
4
2
6
0
7 ,924.
8 ,239
8 ,337
' 8 ,569
' 8 ,732
' 8 ,905
' 8 ,757
' 8 ,912
8 ,775
8 ,712 0 4,398 .0
8 ,625 7 4,335.9
'849
'834
'866
'890
'976
815
.7
.8
.6
7
.4
299.2
344
395
404
348
337
342
.3
.6
.0
.4
.3
.6
Switzerland 6
Italy
143. 3
122. 8
170.5
193 6
148. 8
446.4
538.9
576.9
553 0
521.3
153.
333.
303.
314.
300.
7
1
544.8
584.3
599.6
600.8
617.5
612.0
614.3
624.0
627.7
641.8
209 4
220 0
610.3
605.9
310 5 1 ,229 0
276 5 1,273 .6
149
122
155
203
0
9
0
241.2
299
345
384
343
203
4
1
3
Other
Total
Europe Europe
Canada
Latin
America
Asia
All
other
1,057.9 193.7
409.6
775.2
869.1
899.0
1 ,307.1
1,216
1,287
1,436
1.612
,455
9
2
7
961.0 179.5
,378.5 254.5
1,609.6 297.4
292. 1 958 0 2,979.7
286. 5 970 8 2,964.9
278. 5 1,004 7 3,062.7
266.8 1,028 9 3,192.2
291. 7 1,058 3 '3,402.1
294 9 1,083 5 '3,520.3
291 9 1,141 4 '3,663.1
305 7 1,207 9 '3,760.5
326 2 1,243 1 '3,853 .8
308 9 1,259 3 3,571.2
1 ,339.7
1 ,397.8
1 ,496.0
1 ,503.0
1 ,540.3
1 ,528.1
1 ,530.1
1 ,373.3
1 ,356.5
1 ,415.9
1,463 1
1,490.2
1,529 3
L ,517 2
1,538 0
1,570.0
L.580 7
1,520 7
1,561 2
1,607 .6
1,687.8 325.9
L,755.0 316.6
1,826.0 325.9
L,792.0 333.2
1,757.7 331.6
L,743.5 370.7
1,795.1 336.8
L.781.9 321.5
1,812.9 328.1
1,845.0 335.6
3,493.1
3,380.6
1 ,432.1
1 ,375.2
1,581 7
1,611 .3
1,851.4 353.7
1,900.5 358.1
1
5
6
7
5
739
738
717
799
8 1,976.7
1 2,472.4
0 2,513.9
2 72,777.7
1,022.2 2,924.7
6
0
11,151.8 167.4
P1 Preliminary.
' Revised.
Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN
for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding
Amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement
of funds
shown in Table 1.
2
Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their
agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in
accounts
with the U. S. Treasury.
3
Includes Bank for International Settlements, International Bank for Reconstruction and Development, International Monetary Fund, and
United
Nations
and other international organizations.
4
Figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are
included
in
foreign
securities.
6U
Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in
not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate
foreign governments, central banks, and other official institutions (see footnote 2 above) as well as other banks, organizations, and individual!
domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. (Footnote 1 above also applies to this table.)
6 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date.
7
Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts,
but which have been excluded in the past from reported liabilities.
NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951,
certain changes were made in the order and selection of the material published. An explanation of the changes appears on p. 1202 of that issue.
For further explanation and information on back figures see BULLETIN for August 1951, p. 1030,
558
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 2a.—Other Europe
DenOther Aus- Bel- Czechoslo- mark
Europe tria gium vakia
Date
124.9
1947—Dec. 3 1 . . 739.8
194g—Dec> 3i
738.1
128.7
717.0
119.9
1949—Dec. 3 1 . .
1950— Dec. 3 1 . . 799.2 41.9 128.2
1951—Dec. 3 1 . . 1,022.2 57.1 134.7
54.0
54.9
53.1
49.5
51.9
60.7
74.3
77.7
84 9
91.1
GerNormany Greece way
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
26.9
23.8
23.9
21.3
22.7
24.4
25.9
26.7
26.7
28.5
361.8
380.2
390.5
453.1
464.3
457.5
486.2
534.3
544 7
551.1
41.0
41.9
41.1
41.7
38.7
39.4
39.8
41.2
42.8
47.3
104.4
100.5
100.9
94.6
96.1
101.0
104.1
109.6
109 4
110.3
32.9
28.6
531.5 50.7 106.8
552.2 53.8 116.9
132.1
134.1
155.0
137.5
143.5
142.1
136.7
131.8
140 2
123.9
.7
.6
.6
.6
.6
.9
.5
5
.6
38.9
37.6
37.0
34.2
37.5
43.8
51.0
59.6
69 9
70.4
1953—Jan. 31 P. 1,229.0 94.9 125.0
Feb. 28?. 1,273.6 96.3 131.0
.6
.5
63.7
60.7
1952—Mar. 3 1 . .
Apr. 3 0 . .
May 3 1 . .
June 30..
July 3 1 . .
Aug. 3 1 . .
Sept. 30. .
Oct. 3 1 . .
Nov. 3 0 . .
Dec. 31. .
958.0
970.8
1,004.7
1,028.9
1,058.3
1,083.5
1,141.4
1,207.9
1,243 1
1,259.3
5.6
1.3
Finland
.7
Poland
Portugal
Rumania Spain
Sweden
Yugo- AH 1
USSR slavia
other
47.1
37.7
38.1
"4.2" 45.7
2.8
40.7
8.7
7.0
6.7
6.1
6.1
12.8
13.6
15.7
21.3
17.1
2.5
2.1
2.4
2.6
4.7
3.1
2.2
3.6
1.8
3.4
41.8
41.6
43.1
40.6
45.9
49.3
51.0
46.7
49 9
57.4
6.2
6.1
6.1
6.0
5.7
5.7
5.7
6.0
62.4
65.3
65.8
68.4
70.6
77.0
77.6
82.8
84 5
91.0
2.5
2.4
2.2
2.0
2.0
2.1
5.1
4.8
6.1
17.9
17.7
20.2
18.5
18.0
17.6
20.4
24.4
21 A
19.2
2.3
4.5
47.8
52.4
6.1
6.1
20.2
19.0
86.8
93.3
3.5
3.4
6 1
58.6 73.7
49.0 21 3
90.1 10.2
115.3 4 . 0
71.7 2 . 5
2 1
1.7
12.1
19.9
7.6
13.2
7.1
7.1
7.*
7.8
10.7
11.4
12.7
14.1
13.0
11 4
12.0
12.1
9.7
138.2
119 3
117.4
52.4
57.6
57.9
54.2
55.1
47.6
44.6
46.5
46.4
45.3
45.0
45.2
44.2
45.3
Table 2b.—Latin 4meric«1
Latin
BoAmer- Argentina
livia
ica
Date
Brazil Chile
Colombia
Cuba
Dominican Guate- MexRe- mala
ico
public
Netherlands
West Peru
Indies
and
Suri-
ReEl
public 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.
1,216.6
1,287.0
1,436.7
1,612.9
1,455.2
236 .2
46 . 3
55 .6
60 .9
79 .5
54 . 0
46
54
85
53
106
1
0
9
4
4
234 7
219 4
5
8
9
2
9
9
3
2
5
57 . 3
58 .6
52 . 0
54 .3
58 .4
61 .2
58 .1
62 .4
69 .2
79 . 3
95
91
80
73
77
85
88
87
96
118
0
1
7
6
6
4
3
9
4
2
288
307
318
316
321
341
321
285
284
301
71 9
82 8
75 .7
82 . 4
113 4
126 5
104
123
192
226
201 .1
301 . 8
249 .7
17 .8
17 .1
13 .5
20 .4
27 . 8
1952—Mar. 3 1 . 1,463.1 189 .4
Apr. 3 0 . 1,490.2 177 .4
M a y 3 1 . 1,529.3 167 . 8
June 30 1,517.2 146 .8
July 3 1 . 1,538.0 130 .7
Aug. 3 1 . 1,570.0 128 .3
Sept. 3 0 . 1,580.7 129 . 8
Oct. 3 1 . 1,520.7 131 .9
Nov. 3 0 . 1,561 .2 146 .2
Dec. 3 1 . 1,607.6 138 . 8
21 .4
21 .7
24 .4
24 .1
23 .2
22 .5
21 .2
18 .7
16 .6
24 .5
98
89
80
93
87
88
72
78
72
1953—Jan. 31? 1,581.7 131 .7
Feb. 2 8 P 1,611.3 145 .5
18 .9
20 .2
31.
31.
31.
31.
31.
215.8
7
7
8
0
100.3
99.6
164.2
259 1 42.7'
263 6 45.8
3
4
1
6
2
4
4
7
2
2
50.5
53.4
51.5
50.4
51.2
49.9
46.6
43.3
43.5
44.2
275 9 43.5
279 6 42.8
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
71
74
59
67
39 .5 171.9
40 . 0 150.4
39 .7 177.3
38 .3 195.7
36 .4 205.1
34 .4 238.0
32 . 4 233.5
32 .2 232 A
33 .2 251.0
34 . 3 231.2
28.8
28.2
28.4
32.2
29.1
35.5
38.0
39.5
41.9
44.3
56 . 3
57 . 0
55 .9
67 9
65 6
56.5
57 .1
58 .5
56 .2
62 . 0
67 . 0
60 .9
74
73
74
79
81
82
80
2
3
5
5
1
4
8
43 .7
42 .5
37 .2
36 .8
32 .6
30 .5
25 .4
21 .6
19 .9
25 . 6
239.3
213.2
44.5
45.4
57 . 0
61 .9
88 2
90 4
40 .1
44 .2
38 .5
41 .2
3
8
3
2
7
70.5
16 1
27 . 8
83.5
93.0
90.4
97.6
101.5
97.3
91.5
94.8
92.8
94.1
66.5
101.4
140.4
129.8
131.0
108.3
154.3
141.6
126.2
145.5
103.6
104.1
105.1
109.2
116.2
116.2
115.6
113.4
112.5
112.2
94.2 124.3 124.5
97.1 103.9 134.4
fable :2c.—Asia and All Other
Asia
Date
1947—Dec.
1948—Dec.
1949—Dec.
1950— Dec.
1951—Dec.
31.
31.
31.
31.
31.
1952—Mar. 3 1 .
Apr. 3 0 .
May 31.
June 3 0 .
July 3 1 .
Aug. 3 1 .
Sept. 3 0 .
Oct. 31
Nov. 3 0 .
Dec. 3 1 .
ForPhilmosa
ippine Thai- Tur- Other All
and Hong
Indoland key Asia3 other
China Kong India nesia Iran Isra el Japan ReMainpublic
land
1,057.9 229.9 39.8 62.4 69 . 3
31 .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
1,687.8
1,755.0
1,826.0
,792.0
L,757.7
,743.5
1,795.1
,781.9
,812.9
,845.0
1953—Jan. 3 1 * 1,851.4
Feb. 2 8 * 1,900.5
488.6
488.3
297.3
374.4
329.7
Egypt
and Union
Aus- Bel- Anglo- of Other4
tralia gian Egyp- South
Congo tian Africa
Sudan
204. 0
165. 7
111. 9
168. 4
193.7
167.4
179.5
254.5
297.4
30.6
25.0
22.2
27.7
32.4
61.6
19.1 "58.1 75.6
38.5 54.5 110.7
121.0 10 .6 162. 4
125 8 10 .8 166. 3
126 5 14 .2 161. 5
126 8 20 .6 151. 7
134 9
9 .4 154. 4
143 8
9 .8 153. 0
157 9
8 .8 197. 2
166 6
9 .7 195. 8
176 5 11 . 0 217. 1
8 .4 221. 5
181 0
325.9
316.6
325.9
333.2
331.6
370.7
336.8
321.5
328.1
335.6
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
127.3
123.3
118.3
117.7
116.8
104.2
91.7
72.1
62.0
59.7
73.5 72.0 70.2 58 . 0 16 .5 26 2 821 .6 305.7 186 7 10 .2 210. 7 353.7 51.1 117.8
72.8 71.4 75.1 60 . 6 16 . 4 21 6 863 .1 313.7 190 4 8 .6 206. 7 358.1 52.3 119.5
58.4
55.1
78.6
80.1
80.2
76.5
76.3
80.4
84.7
83.3
80.3
76.4
67.8
65.6
62.7
65.9
68.1
69.6
71.4
70.2
70.7
70.9
46.3
52.1
67.3
58.7
61.6
54.8
55.2
54.1
55.0
64.6
25 .7 19 8 682 .4 332.2
23 . 8 27 6 696 .8 335.0
190.2 23 .5 37 8 724 .8 337.2
176 .5 21 .1 30 5 730 .7 333.0
154 .0 24 .7 26 8 725 .6 321.8
114 .5 22 .6 26.5 743 .9 324.6
87 .3 18 .3 22 1 772.6 319.7
64 .9 20 .1 27.9 767 .5 321.8
60 . 0 18 .9 19 3 789 .1 315.1
61 . 0 19 .2 18 8 808 . 0 315.1
141 . 0
171 .1
48 2
96 7
37 .6
17 .5
9 .8
14 . 3
14 .1
99. 0
4
8
0
0
0
91.8
101.6
79.5
57.7
86.8
9 0
3
0
6
93.3
80.7
83.1
82.5
81.5
86.5
88.7
89.4
89.5
86.5
36 3
38 1
90.1
93.2
46
15
6
44
7
13.9
12
10
11
14
11
13
23
23
4
9
2
2
8
P1 Preliminary.
Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date.
2
Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.
3
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.
* Beginning January 1950, excludes Belgian Congo, reported separately as of that date.
MAY
1953
559
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]
Total
Date
United
King- France
dom
Netherlands
Switzerland
7.0
6.9
3.8
8.7
948.9
1,018.7
827.9
898.0
968.4
29.2
24.5
37.2
105.7
35.0
23.4
119.0
51.8
31.4
10.1
49.1
51.4
31...
30...
31...
30...
31...
31...
30...
31...
30...
31...
1,004.4
1,019.7
1,038.7
1,029.6
1,026.2
1,066.3
1,023.4
1,018.7
1,021.1
1,048.7
35.4
33.5
42.0
36.2
30.9
32.2
26.8
35.8
33.8
30.3
13.2
13.8
11.6
11.7
11.6
5.7
3.4
3.3
3.1
3.8
3.3
2.6
2.7
4.4
4.4
11.6
1 9 5 3 — J a n . 31 P . .
Feb. 2 8 P . .
1,036.0
1,033.3
32.5
35.3
6.4
6.2
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31...
31...
31...
31...
31...
9.2
9.3
9.4
7.6
31.9
28.6
8.8
5.2
3.4
5.0
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia
All
other
21.1
15.8
22.6
20.7
10.3
118.9
106.3
98.5
67.1
111.2
248.6
323.8
219.2
237.0
182.8
27.5
39.8
37.6
125.8
92.0
514.3
516.6
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
8.6
7.3
9.8
8.0
9.8
8.4
8.0
9.2
7.1
21.5
23.5
24.9
30.4
28.6
24.6
19.6
16.4
17.2
17.8
89.6
81.1
79.1
68.8
67.2
66.5
75.1
79.0
82.7
81.9
176.9
163.9
168.2
160.2
150.0
145.7
141.8
151.4
154.8
173.4
72.1
76.4
69.5
51.4
45.1
53.3
58.3
73.7
73.8
62.3
570.2
601.1
652.2
669.6
700.1
715.2
658.3
638.6
641.8
662.0
149.5
144.8
117.4
118.0
105.2
128.4
141.6
132.8
127.9
128.6
35.7
33.5
31.5
30.4
25.8
23.7
23.4
22.2
22.8
22.4
13.5
13.1
22.9
20.2
78.4
72.9
182.4
156.6
56.3
57.5
647.5
676.6
125.9
124.0
24.1
18.7
Norway
Portugal
Spain
Sweden
Yugoslavia
1 1
.7
.5
5
.9
2.9
7.0
1.6
18.8
5.4
1.4
2.3
6 9
5 4
(«)
6.0
(«)
4.2
3.6
3.2
2.7
3.1
1.9
2.2
3.3
3.0
.7
2.4
2.7
2.3
.5
3.4
7.3
8.0
7.9
2.5
8.6
4.4
4.9
3 8
3.6
3 6
4.4
3 7
3.8
5 8
5 4
2.6
2.2
7.8
3.9
7.0
6.6
11.2
Table 3a.—Other Europe
Other
Europe
Date
1947—D ec#
1948—DeCt
1949—Dec
1950—Dec.
1951—Dec.
31
31
31
31
31
....
1952—Mar 31
Apr. 30
May 31
June 30
July 31
Aug 31
Sept. 30
Oct 31
Nov. 30
Dec. 31
1953—Tan 31 P
Feb 2 8 P
118 9
106.3
98 5
67.1
111.2
Austria
Belgium
Denmark
Finland
Germany
Greece
.2
(»)
15.0
21.4
19.3
21.5
39.6
2.2
.6
.4
3.2
8.0
3.4
8.2
2.2
10.6
1.2
.7
.2
4.8
3.1
30.5
30.5
30.0
25 4
28.3
.2
9.2
8.4
7.4
1 4
2 5
4.6
4.3
3.9
3.5
3.6
2.2
3.5
2.8
3.3
2.7
1.8
3.4
2.9
2.8
2.2
2.8
3.8
4 0
.1
.1
.1
.1
.2
.2
.2
.2
.2
1.5
1.8
2.0
1.6
1.8
1.8
2.0
1.7
1.8
1.2
1.0
.8
.8
.7
.6
.6
.5
.6
2.1
5.6
27.7
27.2
26.9
23.2
23.7
25.7
27.5
28.0
25 4
26.8
.2
1.9
.5
13.5
12.6
14.6
14.3
14.3
12.5
13.5
12.6
11.8
11.2
3.5
4.3
5.1
4.4
24.1
27.3
.2
.1
1.7
1.7
.5
.6
9.4
5.7
89.6
81.1
79.1
68.8
67.2
66.5
75.1
79.0
82.7
81.9
.1
(8)
.8
28.7
21.3
17.6
13.9
12.9
11.5
11.8
13.2
17.7
16.2
78.4
72.9
.3
.2
16.2
15.9
(«)
(8)
A
1.0
1.0
8
All
other
3.9
2
35.9
29.8
22.6
4 0
4 0
Table 3b.—Latin America
Latin
BoAmer- Argentina livia
ica
Date
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
31
31. .
31. .
31..
31..
514 3
516 .6
411 .1
378 .8
489.3
Brazil Chile
7.6
165.8
165.4
136.9
8.7 78.0
7 . 5 185.0
8.1
8.6
9.7
8.4
8.7
6.8
6.2
6.2
6.0
5.8
65.2
72.4
53.6
45.9
1952—Mar. 3 1 . .
Apr. 30..
May 3 1 . .
June 30..
July 3 1 . .
Aug. 3 1 . .
Sept. 30..
Oct. 31 ..
Nov. 30..
Dec. 3 1 . .
570 .2
601 .1
652 .2
669 .6
700 .1
715 .2
658 .3
638 .6
641 . 8
662 . 0
8.6
7.8
7.4
8.2
7.2
7.6
8.6
8.1
9.3
8.2
1953—Jan. 3 1 P .
Feb. 2 8 P .
647 .5
676 .6
7.4
7.2
2.0
2.7
2.3
234.9
272.2
320.7
358.3
392.6
403.9
374.7
356.2
354.5
356.4
6 . 5 353.2
10.7 383.1
Colombia
27.8
15.2
15.5
32 6
32 6
21 1
24.8
43 7
6.8
29.3
29.1
27.5
26.1
27.0
23.0
21.6
18.3
20.5
26.4
23.4
19.3
Cuba
NetherDolands
minican Guate- Mex- West
Re- mala
ico Indies
and
pubSurilic
nam
Uruguay
4 .3
4 .4
5 .8
11 0
11 . 8
4
4
5
3
3
7
6
3
1
0
*6 8
9 5
"8
10 .5
4 .2
4 .1
3 .7
4 .1
3 .7
3 .2
2 .8
3 .2
3 .5
4 .2
101 .1
94 .4
90 .8
71 .2
91 .7
92 . 0
88 . 4
90 .3
88 .6
.2
.3
.1
L.2
.2
L.I
L.2
.2
L.3
L.3
11 .5
10 .3
11 .6
10 .9
10 .9
10 .7
10 .3
11 .7
13 .2
14 .8
3 9
6 8
6.0
5 9
6 3
3 .3
3 7
4 4
4 2
6 5
7 5
6 5
5 3
5 4
5 3
5.3
5 1
7 1
9 0
9 1
19 .1
24 . 9
27 .9
30 . 5
32 .1
25 .7
20 .6
4 .4
4 .9
94 .2
94 .6
L.4
1.9
15 .7
17 .2
8 .7
5 .0
8 5
6 7
"2 .6
3 .8
7
56 .6
54 .7
55 .9
51 .8
52 .5
51 .6
33 .6
36 .1
30 .6
32 .5
2.1
2.9
2.4
2.2
1.9
1.8
1.8
1.6
1.7
1.6
36 4
36 8
23 .5
3 0 .7
1.8
2.3
8
5
3
0
5
2
1
9
0
Panama
El
Salvador
1 l
.5
.3
.3
.2
"i!9
1.8
33
31
34
35
34
34
32
34
36
41
Republic of
52 .2
73 .8
73 . 0
70 .6
90 .6
108 .6
83 .1
27 .5
27 .6
32 .3
42.5
Peru
78.0
Other
Vene Latin
zuela America 4
15 .3
26 . 0
25 .6
49 . 4
41 .7
34 5
34^ 7
43.1
14.6
14.5
14.3
33 .1
32 .2
34 .2
32 .1
32 .4
32 .4
31 .7
33 .1
12 . 9
14 .3
35.6
36 .7
15.1
13.7
13.8
11.5
12.5
13.0
12.4
13.9
13.2
13.7
14 . 0
9 .2
34 .2
33 . 0
14.3
14.1
p Preliminary.
See footnote 1, p 558.
Beginning January 1950, excludes Austria, reported separately as of that date.
3 Less than $50,000.
4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.
1
2
560
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
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—i)ec< 3i
1950—Dec. 3 1 . .
1951—Dec. 3 1 . .
1952—Mar. 3 1 . .
Apr. 30..
May 3 1 . .
June 30..
July 3 1 . .
Aug. 31. .
Sept. 30..
Oct. 3 1 . .
Nov. 30...
Dec 31
1953—Jan. 31 P.
Feb. 28P.
127.0
118.8
139 7
96.3
162.4
149.5
144.8
117.4
118.0
105.2
128.4
141.6
132.8
127.9
128 6
125.9
124.0
Formosa
Philand Hong
Indoippine Thai- Tur- Other1
China Kong India nesia Iran Israel Japan Reland key Asia
Mainpublic
land
40.8
24.2
16 6
18.2
10.1
29.6
20.4
3 7 17.4
3 . 0 16.2
3 . 1 13.4
2 . 8 20.4
4 . 2 14.5
.5
1.9
.2
.2
.3
.7
.9
.6
1.4
.5
.6
.7
.9
.7
.9
.8
.6
2.6
3.4
9.1
8.6
8.1
7.3
8.1
8.3
10.1
10.1
10.1
10 1
10.4
9.8
1.8
2.4
.8
1.3
1.0
.9
1.3
9.4
6.5
5.5
4.2
3.7
3.5
3.7
1 2
4 3
1.9
2.4
3.6
3 3
.9
6.6
9.3
10.1
10.8
10.6
10.7
10.3
9.6
9.3
10.1
10.2
10 2
10.2
10.2
15.9
14 1
18.9 12.1
30.0 12.2
30.3 9 . 1
29.3 11.0
30.1 12.5
27.7 14.3
27.4 10.4
22.9 13.3
22.8 10.1
18,7 12.6
17.4 12.2
15 1 12 5
25.9 11.5
25.1 15.6
27.4
37.3
23 2
4.9
29.3
22.6
23.7
27.4
20.5
6.9
10.3
5.3
6.4
3.0
7 6
10.7
11.6
1.5
2.5
3.7
2.8
3.2
2.7
2.3
3.5
3.8
3.4
4.0
3 3
2.6
3.0
All
other
17.7
7.5
1.4
14.3
50.3
13.9
51.6
26.9
15.3
12.1
14.3
.9
.6
13.8
23.6
1.6
15.4
16.7
37.0
55.7
51.0
47.4
38 8
26.7
21.2
9.0
16.3
17.4
19.2
15.3
17.7
24 6
21.6
21 ?
31.5
19.7
20 4
60.0
41.9
35.7
33.5
31.5
30.4
25.8
23.7
23.4
22.2
22.8
22 4
24.1
18.7
Egypt
and
Union
Bel- AngloAus- gian
of
2
tralia Congo Egyp- South Other
tian Africa
Sudan
9.0
4.7
7 9
40.8
22.8
17.7
13.5
12.7
12.0
9.6
8.0
8.2
8.7
10.0
10 1
9.2
6.4
4.4
5.7
7.2
7.6
7.8
8.7
8.2
7.9
6.9
6.7
6.5
6 0
7.0
6 6
.1
.4
2
.3
.2
14.4
.1
.2
.2
.2
.2
.5
.6
.5
.1
.5
1.0
.8
5.7
7.0
4.8
4.7
3.7
3.5
3.1
2.3
2.6
2.0
2.5
2.1
7.9
4.5
7.3
6.7
8.0
6.8
7.7
7.2
6.5
5.0
5.1
6.1
4.9
4.1
3.8
4.7
4.0
3.6
3.8
4.4
2.8
TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES«
(Inflow of Foreign Funds)
[In millions of dollars]
U. S. Government bonds and notes4
Year or month
1947
1948
1949
1950
.
1951
1952
19«;2—March
April
May
June
July
August
September
October
November
December
1953—January*
February?
,
.
Corporate bonds and stocks 5
Purchases
Sales
Net
purchases
Purchases
Sales
Net
purchases
344.8
282.4
430.0
1,236.4
673.6
533.7
19.4
13.9
31.2
39.6
39.1
37 5
34.0
188.8
49.4
45.0
42.6
28.1
283.3
330.3
333.6
294.3
1,356.6
231.4
16.3
15.8
22.2
32.0
29.2
13 3
14.2
18.8
21.1
17.0
15.9
30.7
61.5
-47.9
96.4
942.1
-683 0
302.3
3.1
-2.0
226.1
369.7
354.1
774.7
859 8
850.3
65.7
76.2
61.6
63.6
76.8
67.6
53.3
77.2
69.8
93.7
81.8
74.7
376.7
514.1
375.3
772.3
761 .0
837.7
68.1
69.2
71.9
68 3
63.7
58 9
79.2
61.5
56.3
89.4
75.6
64.7
— 150 6
-144.3
- 2 1 .2
9.0
7.7
9.9
24.2
19.8
170.1
28.3
27.9
26.6
-2.6
2.4
98 7
12 6
-2.5
7 0
-10.3
—4 7
13.1
8 7
-25.9
15.7
13.5
4.3
6.2
10.0
Total
purchases
Total
sales
570 9
652.2
784.1
2,011.1
1,533 .3
1,384.0
85.1
90 1
92.8
103 2
115.9
105 1
87.3
266.1
119.2
138.6
124.4
102.8
659 9
844.4
708.9
1,066.6
2,117.6
1,069.0
84.4
85.0
94.1
100 3
93.0
72 2
93.4
80 3
77.5
106.5
91.5
95.4
Net
purchases
of
domestic
securities
—89 1
— 192 2
75.2
944 4
-584.3
314 9
.6
5 0
—1 3
3 0
22 9
32 9
—6 1
185.8
41 8
32.2
32.9
7.4
TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED
IN THE UNITED STATES, BY TYPES *
(Return of U. S. Funds)
[In millions of dollars]
Foreign stocks
Year or month
1947
1948
1949
1950
1951
1952
1952—March
April
May
June
July
August. . .
September
October...
November
December
1953—January P.
FebruaryP.
Foreign bonds
Purchases
Sales
Net
purchases
Purchases
57.1
81.7
88.8
173.8
272.3
289.8
22.0
28.9
19.0
19.2
23.9
24.1
24.6
22.1
19.5
22.8
25.4
24.7
42.6
96.7
70.8
198.2
348.7
329.6
35.8
44.9
20.4
29.8
33.0
22.7
26.8
20.8
16.5
20.9
26.1
23.4
14.6
-15.0
18.0
-24.4
-76.4
-39.8
-13.8
-16.0
-1.4
-10.6
-9.1
1.4
-2.1
1.3
3.0
1.8
-.7
1.4
658.7
211.6
321.2
589.2
500.4
495.3
21.5
47.7
40.3
52.5
52.8
57.9
38.9
87.6
18.2
25.7
33.0
18.6
Sales
Net
purchases
634.3
291.4
311.5
710.2
801 .0
677.4
24.5
-79.8
9.8
-121.0
-300.6
-182.1
-6.9
-46.1
-149.4
22.4
28.0
29.7
11.4
9.7
4.1
-49.9
-16.8
-49.2
28.4
93.8
189.6
30.2
24.8
28.2
27.5
77.8
14.1
75.7
49.9
67.8
Total
purchases
Total
sales
Net
purchases
of
foreign
securities
715.9
293.3
410.1
763.0
772.7
785.1
43.5
76.6
59.3
71.7
76.7
82.0
63.6
109.6
37.7
48.5
58.4
43.3
676.8
388.2
382.3
908.4
149.7
1,007.0
64.3
138.7
210.1
60.0
57.8
50.9
54.3
98.6
30.7
96.6
76.0
91.2
39.0
-94.8
27.8
-145.4
-377.0
-221.9
-20.8
-62.1
-150.8
11.7
18.9
31.1
9.3
11.0
7.1
-48.1
-17.6
-47.8
P1 Preliminary.
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran*
Israel,
and Thailand, reported separately as of that date.
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.
MAY
1953
561
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 6.—DOMESTIC SECURITIES: N E T 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
1952
International
institutions
United
Kingdom
Total
74.5 —163.6
7 6 —199.8
87.0
— 11.8
823 2
121.2
— 15.9 - 5 6 8 . 4
300.2
14.7
1952—Mar....
Apr....
May...
June...
July. . .
Aug
Sept....
Oct....
Nov....
Dec....
1953—Jan.p. .
Feb.P. .
-.2
4.2
.8
.8
.3
.6
.4
.9
.9
— 1.6
2.4
22.5
32.0
-7.0
174.5
40.9
31.3
11.3
.9
.9
25.5
10.5
—8.9
9 1
20.9
64 0
21.4
70.4
-50.2
—82.8
—6.8
197.8
2.3
.4
1.3
2.4
7.2
7.0
.4
-6.9
38.9
-3.1
6!o
5.5
-.6
0)
1.6
.6
.7
-1.2
Nether- Switzerlands
land
Italy
Other
Europe
Total
Europe
—14.1
-175.5
—190.4
36.5
347.5
—98.2
—79.3
—25.5
—6.3
—22.2
—21.9
13.0
—40.0
44.2
19.0
45.9
50.7
—17.1
-2.3
-2.6
-2.1
-3.0
-1.4
2.4
-.2
.1
.1
-.2
.3
.4
.1
.2
-.1
-.3
-2.7
11.4
4.8
8.8
1.3
-.4
-2.1
-1.3
1.5
1.9
.5
.7
6.9
8.3
5.4
5.3
4.5
-2.2
73.8
—43.8
— .7
13.7
-.6
2.6
2.2
(i)
1
-l!9
-.5
-.3
.1
.5
1.2
1.8
7.4
France
13.4
0)
6.7
6.2
111 .4
1.4
-.6
.7
1.2
.9
.6
-1.2
2.0
19.4
-7.7
6.2
3.9
3.3
.1
—3.5
10.2
3.6
.7
2.6
— .4
3.2
-2.7
-3.3
— 1.9
21.3
15.1
5
45.9
10.2
13.4
Latin
America
7.5
—49 !o
458.2
—595.5
191.6
9i2
-1.2
Canada
4.4
6.8
15.7
-2.3
126.1
27.2
16.3
-10.3
-10.3
All
other
Asia
10.0
—23.3
—2.1
—15.3
2.2
—3.9
4.8
.2
2 7
— .7
4.7
-9.5
1.9
2.9
4.1
-.4
-2.1
.3
-.2
-.2
.5
.2
.3
-.3
.1
.2
2.5
30.1
13.9
0)
.2
-.2
-4.8
1.5
.9
-7.3
-4.1
.2
1.2
-.1
1.0
0)
1.1
3.4
.1
-1.1
.3
.1
.3
.5
— .9
.7
TABLE 6a.—DOMESTIC SECURITIES: N E T PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES
Other Europe; Latin America; and Asia
Year or
month
Other AusEurope tria *
-14.1
2.6
2.2
18.4
73.8
-43.8 -11.9
.4
6.2
1947
1948
1949
1950
1951
1952
1952—Mar. . .
Apr
May . .
June .
July...
Aug....
Sept...
Oct....
Nov. . .
Dec. . .
-1.2
-.6
.7
1.2
.9
.6
-.4
3.9
3.3
-1.2
1953—Jan. P . .
Feb. P . .
2.0
-7.7
Norway
Belgium
0)
0)
0)
0)
8
.9
-.1
0)
-.2
Cuba
Mexico
-.9
2.5
-3.5
10.2
2.5
30.1
13.9
4.7
.2
1.2
-1.2
.5
-.8
-.8
-1.0
24.6
6.1
.2
-1.3
-1.3
.5
0)
.6
1.8
0)
.2
0)
-.2
.9
3^2
-.3
3.1
— .1
.5
2.9
4.1
-.4
-4.8
1.5
.9
-4.1
1.1
3.4
.1
.6
.4
-1.1
1.1
.3
-.1
-1.3
-.2
.4
-.1
.5
.8
-.1
— .4
-.2
1.3
-.1
-.3
.2
-.6
-1.1
.3
-1.3
-.3
- 4 . 1 —9.2
2.6
.3
-.3
1.4
— .9
1.6
12.6 36.7
6.0
5.7 - 3 8 . 1
.5
6.0
-.5
.3
-.9
-.1
.8
.2
.4
-.8
.4
-.1
— .2
.6
-1.5
0)
0)
0)
Colombia
Latin
All
other America
.1
-.1
.9
-6.8
.3
0)
-1.6
0)
.8
Asia
Formosa
and
China
Mainland
1.5
12.6
-2.1
11.1
1.5
6.6
10.0
-23.3
-2.1
-15.3
4.8
-9.5
-3.2
-22.7
-7.2
-3.0
-.2
-.3
— .1
1.7
1.3
.4
-2.1
-.2
.2
8
K
0)
0)
0)
0)
0)
0)
0)
Republic Uru- Other
Latin
of
Pan- guay* America
ama
2.9
.3
.5
2.5
2.6
-6.9
-4.7
4.2
.1
.8
-6.5
-.4
.8
.7
.8
.1
.3
1.1
2.0
1.4
.4
-5.9
-.3
-2.3
-3.1
.8
2.3
.4
.4
— .2
-.6
.3
l!
-5.0
2.6
2.7
-.1
.5
-.2
.3
.5
1.2
-.8
-.3
0)
0)
.4
0)
.2
— .2
-7.3
0)
i.i
.6
.4
0)
.1
l.*2
— .1
1.0
.3
.1
Indonesia
-!i
— .i
.2
0)
Philippine Other
ReAsia
public
7.0
-1.3
7.5
.4
-.1
-.9
.5
.2
4.4
.9 - 1 3 . 0
-.3
.3 - 2 . 1
6.8
- . 1 -11.4
2.3
-1.6
0)
-i!o
-7.5
— 4
-.1
.1
.8
.6
(1)
0)
0)
0)
C1)
.2
1.1
.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
International
institutions
-249.3
(i)
-16.0
-3.6
-152.7
-118 1
1952—Mar....
Apr....
May...
June...
July.. .
Aug....
Sept. .
Oct
Nov....
Dec....
1953—Jan.P. .
Feb.P ..
-4.4
0)
-50.7
-.8
0)
-.6
-58.8
-.8
-.7
0)
-1.3
9 Preliminary.
» Less than $50,000.
562
Total
United
Kingdom
288.3
-94.9
43.8
-141.8
-224.3
-103.9
-2.0
-9.9
-13.5
-6.1
-2.0
-4.4
-3.1
-4.3
4.9
-12.8
-16.4
-62.2
-100.1
12.5
18.9
31.7
9.3
69.8
7.9
-47.4
-.5
.1
-1.1
-1.6
-1.1
-1.0
1.3
4.0
-.7
-1.1
.2
.5
.5
.9
-.3
1.0
1.2
.1
-.1
-.4
.5
.6
-.2
-3.9
-6.7
-2.9
-.7
-.2
-.1
-.2
.4
1.7
1.0
-.2
-1.6
2.1
-.5
1.8
.4
.7
-17.6
-46.6
-.3
.3
.3
.3
-1.5
1.4
2.1
1.1
1
France
Nether- Switzer*
land
lands
-29.9
-5.3
.4
-.1
-1.3
-4.1
-4.7
2.8
-14.9
-35.4
19.1
17.2
14.2
8.7
Other
Europe
Total
Europe
Canada
Latin
America
-.3
.1
.4
.5
1.2
1.2
15.6
11.4
24.6
16.4
18.2
-34.4
-43.4
30.8
13.4
28.5
15.9
205.2
-102.2
—10.6
-190.0
—258.6
-141.0
89.2
40.7
20.2
29.8
33.8
25.3
-.2
2.8
.4
2.1
6.1
-.4
.2
.6
3.9
.7
.3
3.1
3.3
2.3
1.2
-9.6
-1.0
2.0
10.6
.3
-.5
-10.5
-71.2
-101.5
11.2
21.4
28.3
6.5
39.8
8.8
-46.0
1.5
1.0
1.9
2.5
.7
.5
1.7
3.8
-16.7
-47.0
Italy
0)
— .2
.4
-.3
.1
1.0
0)
.4
.1
7.8
Asia
All
other
.5
1.6
.8
1.0
27.8
8 4
—36.0
—10.0
7 9
6 0
1.1
.6
13.1
.2
2.3
-5.0
-4.1
-3.0
-2.7
6.7
2.7
.4
6.7
-1.6
-3.9
-5.5
8.8
.1
.4
.2
.6
_ 2
-.3
.2
.7
1.1
1.9
-4.1
-2.6
.4
-2.6
0)
2.6
3.9
Not available until 1950.
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED
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)
STATES—Continued
TABLE 9.—DEPOSITS AND OTHER DOLLAR ASSETS HELD
AT FEDERAL RESERVE BANKS FOR FOREIGN
CORRESPONDENTS *
[In millions of dollars]
Assets in custody
[In millions of dollars]
Year or month
1947
1948
1949
1950
1951
1952
Total
Europe
Canada
-11.3
-19.3
-9.3
-20.8
-2.0
-6.1
-1.8
-3.3
-1.6
.6
8.0
1952—March
April
May
1.2
-4.8
4.1
2.3
June
July
August
September. . .
October
November. . .
December.. . .
1953—JanuaryP
February P . . .
-3.7
-4.1
2.0
.3
1.0
3.0
(l)
-2.9
2.6
2.2
—2 1
-3.3
-1.8
.9
-7.8
-3.2
3.5
.3
2-4.8
-4.7
3.7
1.5
Latin
America
-.6
-1.0
1.2
-1.3
4.4
-5.0
1.0
1.8
1.4
-2.6
.1
.9
-3.0
2.8
-1.5
-.3
.3
.6
.6
-1.8
-1.2
0)
2.0
1.1
0)
.5
.3
3.5
— 6
-.2
.1
2.1
.5
-2.0
.4
1.9
.2
-2.4
2.1
.8
-.1
0)
-1.8
1.3
1.0
-1.0
.1
.7
-1.0
.4
2
P Preliminary.
Less than $50,000.
Amounts outstanding (in millions of dollars): foreign brokerage
balances in U. S., 83.0; U. S. brokerage balances abroad, 37.4.
1
2
Deposits
Date
Asia
and all
other
U. S. Government
securities 2
Miscellaneous 3
1950—Dec.
1951—Dec.
1952—Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
31
30
31
30
31
31
30
31
30
31
895
526
,571
,383
60
80
518
599
548
724
812
707
642
758
550
,663
,691
,757
,972
2,116
2,236
2,301
2,225
2,156
50
50
51
54
55
65
80
84
86
1953—Jan.
Feb.
Mar.
Apr.
31
28
31
30
586
511
536
506
2,182
2,170
2,246
2,425
85
89
90
97
May 6
May 13
517
618
2,433
2,407
97
98
1
Represents dollar assets belonging to foreign monetary authorities
and the Bank for International Settlements. Excludes assets held for
the International Bank for Reconstruction and Development and
International Monetary Fund and earmarked gold. See footnote 5,
p. 565, for total gold under earmark at Federal Reserve Banks for
foreign and international accounts.
2
U. S. Treasury bills, certificates of indebtedness, notes and/or
bonds.
3
Includes bankers' acceptances, commercial paper, foreign and
international bonds.
NOTE.—For explanation of table and for back figures see p. 474 of
this BULLETIN.
GOLD PRODUCTION
OUTSIDE USSR
[In millions of dollars]
Production reported monthly
Year or
month
Estimated
world
production Total
outside
reported
USSR*
monthly
1947
1948
1949
1950
1951
1952
766 5
798 0
833 0
857.5
840 0
1952—February..
March
April . : . . . .
May
July
August . . .
October
November.
1953—January.. . .
February
705.5
728.1
753.2
777.1
758.3
61.0
63.3
63.3
66.2
63.2
67.3
65.8
66.4
South
Africa
Rhodesia
$1
392.0
405.5
409.7
408.2
403.1
413.7
18.3
18.0
18.5
17.9
17.0
17.4
32.2
34.4
33.8
35.5
34.1
35.5
34.9
34.7
35 4
34.3
34.6
34.7
32 4
L.4
L.3
S
West Belgian United
Africa2 Congo2 States 3
Canada
rains of ilold 9/10 fine: i. e ., an ounce
10 8
75.8
107.5
19.3
23.4
11 1
70.9
123.5
12.9
144.2
23.1
67.3
24.1
12.0
80.1
155.4
22 9
12.3
66.3
153.7
13.7
23.8
67.8
156.5
L.4
6
1.9
1.9
2.0
2.0
1.9
1.8
2.0
4
•>
1.5
1.4
2.1
2.1
2.1
2.1
L.4
2.1
2.1
.4
Other
North and South America
Africa
.2
?
.2
L 2
1
1
9
'?
6.0
5.9
12.3
12.8
12.7
12.8
12.6
13.1
13.0
13.4
14 1
13.6
13.7
4.5
4.3
13.0
12.3
4.8
4.6
5.0
5.1
5.5
6.4
6.5
6.2
6 8
Mexico
Colombia
Chile
Nica- Austra- India2
ragua 4
lia
of fine gold =$35.
16.3
12.9
14.2
14.3
13.8
13.4
11.7
12.6
13.3
15.1
14 8
5.9
5 7
6.3
6 7
61
1.4
1.4
.9
2.1
.8
1.4
1.0
1.4
L.2
16
L.5
9
4
5
4
5
4
.6
6
.6
5
1.4
.3
0
1 1
3
1.8
1.4
32.8
31.2
31.3
30.4
31.3
6.1
6.5
7
.7
7
8
.8
.7
7
2.6
2.5
2.8
2.7
2.9
3.2
2 4
.7
.7
.7
.7
.7
.7
.7
.8
7
8
8
2.8
3 6
2 9
.8
8
.7
7.4
7.8
7 7
8.0
R 8
8 9
.7
7
5.7
6.7
7.9
8.5
.7
.6
.6
Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million.
1
Estimates of United States Bureau of Mines.
2
Reported
by American Bureau of Metal Statistics.
3
Yearly figures through 1951 are estimates of United States Mint. Figures for 1952 and 1953 are estimates of American Bureau of Metal
Statistics.
4
Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production.
NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual
estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp.
542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427.
MAY
1953
563
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
1947—Dec
1948—Dec
1949—Dec
1950—Dec
1951—Dec
1952—Apr
May....
June....
July
Aug
Sept
Oct
Estimated
total world
(excl.
USSR)*
34,550
34,930
35,410
35,820
'35,960
36,120
r36,210
Nov
P36.280
Dec
1953—Jan
Feb
Mar.. ..
United States
Treasury Total
2
Argentina
Belgium
Bolivia
Brazil
Canada
Chile
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
23 297
23,296
23,346
23,350
23 344
23,342
23 339
23 337
23,186
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
638
650
669
735
735
718
713
711
706
23
23
23
23
25
22
26
23
21
317
317
317
317
317
317
317
317
317
877
886
893
887
883
892
885
887
896
22 986
22,662
22,563
23 079
22 751
22,649
317
317
317
900
904
911
France3
Guatemala
India
709
701
702
Colombia
83
51
52
74
Cuba
Denmark
Ecuador
279
289
299
271
311
32
32
32
31
31
20
21
21
19
22
45
42
42
41
41
42
42
42
42
321
321
318
304
294
280
280
254
214
31
31
31
31
31
31
31
31
31
22
22
22
22
23
23
23
23
23
42
42
42
214
31
31
31
23
23
23
End of
month
Egypt
1947—Dec
1948—D ec
1949—Dec
1950—Dec
1951— Dec
53
53
53
97
174
548
548
523
523
548
27
27
27
27
27
274
256
247
247
247
142
140
140
140
138
58
96
256
256
333
M80
178
209
280
100
42
52
208
208
231
166
195
311
316
23
23
27
29
32
72
52
51
50
50
14
27
27
27
20
20
28
31
46
1952—Apr
May....
174
174
174
174
174
174
174
174
174
548
548
548
548
558
558
558
568
27
27
27
27
27
27
27
27
27
247
247
247
247
247
247
247
247
247
138
138
138
138
138
138
138
138
138
346
346
346
346
346
346
346
346
346
280
280
280
280
280
280
280
255
235
185
117
70
71
72
87
104
105
144
342
344
344
350
323
326
326
394
544
32
33
33
33
33
33
33
33
33
50
50
50
50
50
50
50
50
50
38
38
38
38
38
38
38
38
38
46
46
46
46
46
46
46
46
46
1953 j
573
573
573
27
27
247
247
247
138
138
P567
33
33
33
55
55
55
38
38
38
46
46
Mar
174
174
174
End of
month
Portugal
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—Aor
May....
June
274
274
274
274
274
277
282
285
286
26
30
30
30
30
29
29
29
29
164
161
148
151
159
158
159
159
170
297
298
305
29
29
29
165
173
June....
July....
Aug
Sept
Oct
Nov....
Dec
a n
Feb
July
Aug
Sept
Oct
Nov....
Dec
1953—Jan
Feb
Mar
573
Iran
Italy
Java
Mexico
218
208
208
P597
P605
Switzerland
Thailand
Turkey
105
81
70
90
152
1,356
,387
,504
,470
,452
34
34
118
118
113
170
162
154
150
151
51
51
51
51
51
51
51
51
51
214
210
213
206
202
202
190
185
184
1,413
1,410
,408
,408
,404
,404
,406
1,407
1,411
113
113
113
113
113
113
113
113
113
150
153
150
150
150
146
143
143
143
51
52
52
195
194
194
1,417
,417
1,418
113
113
143
144
144
Sweden
NetherNew
lands Zealand
United
Kingdom
Uruguay
Norway
Venezuela
Pakistan
Peru
Inter- Bank for
national InterMone- national
tary
Settlements
Fund
2,079
1,856
1,688
*,30C
J.335
1,662
1,678
1,685
1,716
1,672
1,685
1,767
1,895
1,846
175
164
178
236
221
215
323
373
373
373
1,356
1,436
L.451
,495
1,530
68
167
115
211
211
211
211
211
211
205
205
207
373
373
373
373
373
373
373
373
373
L.532
1,535
L ,537
,537
,681
,683
,691
1,692
1,692
151
154
154
166
181
183
187
191
196
1,978
207
207
373
373
373
1,692
215
214
233
5 2.103
2,166
30
36
r
p1 Preliminary.
Revised.
Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated
official holdings of countries from which no reports are received.
2
Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement
"United
States Money, Outstanding and in Circulation, by Kinds."
3
Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
4
Figure
as of Mar. 31.
5
Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank
of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and
Monetary Statistics, pp. 524-535; for back figures through 1941 see 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.
564
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 fiae troy ounce)
Year or quarter
United
Kingdom
Total
—452 9
721.3
2,864.4
1,510.0
193 3
-1,725.2
75 2
393.7
1945
1946
1947
1948
1949
1950
1951
1952
Belgium
Netherlands
France
Portugal
-47 9
-10.0
130.8 116.0
40.7 63.0
—23 5 14 0
-79.8 -15.0
- 4 . 5 -34.9
-100.0 - 5 . 0
31 1 278 5
— .2
14.2
406.9 222.8 264.6
734.3
69.8
15.8
446 3 —41 0
-1,020.0 - 5 5 . 0 -84.8
469.9 — 10.3 - 2 0 0
440.0
—3.8
Sweden
80.2
238.0
3.0
-22.9
-32.0
Switzerland
Other
Europe 1
—86 8
—7 4
27.3
-29.9
10.0
86.6
-5.6
5.8
—40 0 2 _ i 5 9 9
-38.0
-68.0
—60.1
-15.0
22.5
—29.3
Canada
Argentina
Cuba
Mexico
—224.9 —85.0
—23.8
153.2 - 3 0 . 0
36.9
45.4
727.5 - 6 5 . 0
114.1 - 1 0 . 0
61.6
3 4
—49 9 — 10 0 — 16 1
-100.0
28.2 -118.2
— 10.0
-20.0
-60.2
-20.0
87.7
7.2
36 8
337.9
311.2
1949
Jan -Mar
Apr.-June . .
July-Sept
Oct.-Dec
68 8
173.9
101.5
-151.0
162.4
283.9
— 12 5
-31.0
10 4
10 5
—5 0
—10 0
-20.0
-5.0
3.5
-33.9
2.5
2
— 13 7
— 11.2
-119.1
-15.9
3 4
-10.0
-49.9
2 3
7.9
—11.3
-15.0
1950
Jan -M!ar.
July-Sept
Oct.-Dec
—201 3
—30.4
—731.0
—762 4
—580.0
—360.0
—80 0
-876.3
-55.6
291 4
715.7
—400.0
-80.0
320.0
629.9
557 3
105.7
-1.3
-268.0
520 0
—35 0
-20.0
-28.5
-56.3
—79.8 - 1 5 . 0
— 13 0
-3.0
-16.0
-4.0
—25.0
-15.0
-15.0
— 12 4
— 11.9
-15.8
3.4
8.2
—47.1
— 100 0
—44.3
—11.2
—3 5
— 1.1
-10.0
20 0
-40.5
—61 9
1951
Jan.-Mar..
Apr.-June
July-Sept
Oct.-Dec
—4.5 - 1 0 . 0
-15.0
-5.0
-5.0
— 12.3 -91.7
2.0
71.7
-17 6
—49 9
—20 0
— 124 4
64 1
1952
Jan -Mar
Apr.-June
Tuly-Sept
Oct.-Dec
20.2
22 5
— 10 1
11 3
101.4
6 9
-80.0
-24.0
-100.0
.3
-5.0
-19.3
-20.0
-25.0
NET GOLD PURCHASES BY THE UNITED STATES,
BY COUNTRIES—Continued
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[Negative figures indicate net sales by the United States]
[In millions of dollars]
(In millions of dollars at $35 per fine troy ounce)
Year or
quarter
Uruguay
Venezuela
-37.9 -73.1
—9.2
-4.9
-3.7
25.1
10 7 - 1 0 8 . 0
-14.4 -50.0
—64 8
22 2
— .9
14.9
1945
1946
1947
1948
1949
1950
1951
1952
Other
Latin
America
Asia
and
Oceania
- 2 7 . 8 3-188.3
25.0
13.7
1.0
79.1
-4.1
13.4
-52.1
-7.5
— 17.2 5 - 3 5 4
— 17.2 —50.1
-4.8
-25.1
Union
of
South
Africa
Gold stock at
end of period
All
other
3.7
22.9
94.3
11.9
256.0
6.9
498.6
195.7 4 - 1 . 6
13.1 - 4 7 . 2
52.1 4 - 8 4 . 0
-2.0
11.5
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
22,726
21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
22,695
23,186
- 2 3 . 0 315.7 -458.4 125.4
22,739
-757.9
21,981
68.9 -803.6 48.3
20,631 -1,349.8 -845.4 -459.8 35.8
-547.8 -106.3 -356.7 32.0
20,083
465.4 51.2
623.1 311.5
20,706
75.8
210.0
22,868 32,162.1 1,866.3
70.9
24,399 1,530.4 1,680.4 -159.2
164.6 686.5 -495.7 67.3
24,563
22,820 -1,743.3 -371.3 -1,352.4 80.1
617.6 66.3
52.7 -549.0
22,873
378.9 684.3 -304.8 67.8
23,252
-26.9
-2.8
-14.7
-2.8
1952—Apr...
May. .
June..
July...
Aug.. .
Sept...
Oct....
Nov...
Dec...
23,297
23,296
23,346
23,350
23,344
23,342
23,339
23,337
23,186
23,450
23,502
23,533
23,536
23,528
23,525
23,521
23,504
23,252
22.0
51.9
30.5
3.8
-8.0
-2.8
-4.4
-16.9
-252.6
96.6
27.2
36.6
24.5
3.1
33.3
83.5
.3
8.1
-28.0
-25.0
-31.0
1953—Tan. . .
Feb...
Mar.. .
Apr.. .
22,986 23,079
22,662 22,751
22,563 22,649
P22,562 P22.639
-172.8
-327.5
-102.5
-2.2
-2.0
1949
Jan -M!ar.
Apr.-June
July-Sept,
Oct.-Dec
3 6
3.6
3.7
- 1 6 . 5 -50.6
— 1.0
-2.9
-11.9
-12.0
—2 0
-23.9
-26.9
— 10.4
— .9
— .1
—2.3
-6.6
-2.2
—41.0
72 0
55.6
48.1
19.9
.1
.1
-2.0
.2
1950
Jan.-Mar
Apr.-June .
July-Sept
Oct.-Dec
.2
1.0
3.9
9.2
-5.9
-13.9
-22.8
-11.7
-5.0
3.5
-4.0
-18.8
-2.4
-3.9
-25.0
12.7
20.3
19.2
10.0
-17.6
-7.4
—2.0
-3.2
-2.4
.4
4.3
7.2
4 8
2.0
.3
1951
Jan.-Mar
Apr.-June
Tulv-SeDt
Oct -Dec. . .
-50.9
15.0
28.0
30 1
— .9
1952
Jan.-Mar
Anr -Tune
Tulv-SeDt.
Oct -Dec
1
2
3
4
— .1
-1.9
Includes Bank for International Settlements.
Includes sale of 114.3 million dollars of gold to Italy.
Includes sales of 185.3 million dollars of gold to China.
Includes sales of gold to Egypt as follows: 1950, 44.8 million
dollars;
and 1951, 76.0 million.
5
Includes sales of 45.0 million dollars of gold to Indonesia.
MAY
1953
Period
Earmarked DomesNet
Increase gold
gold: degold
in total port imor crease tic
producgold
export
or intion 2
stock
Treas- Total 1
crease
ury
(-)
P-10.1
r«)
(4)
-75.4
27.1
19.3
-31.4
—32.6
-13.8
-92.4
-29.0
-263.2
5.0
5.1
5.5
6.4
6.5
6.2
6.8
6.0
5.9
-171.7
-324.1
-106.5
-16.8
4.5
4.3
5.2
5
Px Preliminary.
See footnote 2 on opposite page.
2
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.
5
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 5,932.2 million dollars on Apr. 30, 1953. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.
565
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
(End-of-month figures. In millions of dollars]
1953
1952
1953
International Fund
1952
International Bank
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
Net currency purchased1
(Cumulative—millions of dollars)
Jan.
Oct.
July
Jan.
1,692
1,691
1,537
1,531
1,288
4,395
1,354
1
8,737
-8
1,293 1,319 1,322
4,390 4,420 4,408
1,354
869
883
1
1
1
8,737 8,154 8,152
-7
-7
-7
1953
Mar.
50.0
11.4
37.5
Australian pounds
Belgian francs
Brazilian cruzeiros
Chilean pesos
Czechoslovakian koruny.
Danish kroner
Egyptian pounds
Finnish markkaa
French franca
Indian rupees
Iranian rials
Netherlands guilders....
Turkish liras
Pounds sterling
Yugoslav dinars
Allother
1952
Feb.
50.0
11.4
18.8
6.0
6.0
10.2 10.2
-5.5 -5.5
.5
4
125.0 125.0
100.0 100.0
8.8
8.8
48.1 48.1
10.0 10.0
300.0 300.0
9.0
9.0
-1.6 -1.6
Jan.
Mar.
50.0
11.4
37.5
1.8
6.0
10.2
-5.5
4
125.0
100.0
8.8
48.1
10.0
300.0
9.0
-1.6
20.0
11.4
103.0
5.4
6.0
10.2
-5.5
125.0
100.0
8.8
75.2
5.0
300.0
9.0
-1.7
Mar.
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
,
Other
Investment securities (U. S. Govt. obligations)
Calls on subscriptions to capital stock a . .
Loans (ind. undisbursed portions and
incl. obligations sold under Bank's
guarantee)
,
Other assets
Bonds outstanding
Liability on obligations sold under guarantee
Loans—undisbursed
Other liabilities
General reserve
Special 2reserve
Capital
Dec.
Sept.
3
10
13
1,033 1.040 1,035
446
3
495
4
472
4
Mar.
5
940
490
4
1,445 1,409 1,330 1,186
14
17
13
15
450
556
568
496
41
66
66
59
404
372
423
407
9
5
9
7
71
55
66
63
35
32
30
26
1,807 1,807 1,807 1,691
iAs of Mar. 31, 1953, the Fund had sold 870.2 million U. S. dollars;
in addition, the Fund sold to the Netherlands 1.5 million pounds
sterling in May 1947 and 30.0 million Belgian francs in May 1948, sold
to Norway 200 million Belgian francs in June and July 1948, and sold
to Brazil 10 million pounds sterling in January 1951. Repurchases
amounted to 204.2 million dollars. Currencies the net transactions in
which
amount to less than one million are reported under "All other."
2
Excludes uncalled portions of capital subscriptions, amounting to
7,229 million dollars as of Mar. 31, 1953, of which 2,540 million represents the subscription of the United States.
711.4 694.5 715.0 771.7
Total.
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
1943—D ec .
1944—Dec.
1945—D ec
1946—Dec.
1947—Dec
194g—Dec.
1949—Dec.
1950—Dec
1951—Dec.
29
27
26
25
31
29
28 .
27
26
1952—Apr. 30
May 28
June 25
July 30
Aug. 27
Sept. 24
Oct. 29
Nov 26
Dec. 31
Notes
and
coin
Discounts
and advances
.2
.2
.2
.4
.4
.4
1.100.0
1,250.0
1,400 0
1,450.0
L,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
5.1
8.4
13.6
15.2
16.7
14.8
29.2
18.2
.4
.4
.4
.4
.4
.4
.4
.4
.4
1,450.0
1,450.0
L,500.0
1,550.0
1,500.0
1,500.0
1,500.0
1,500.0
L.575.0
41.9
39.7
59.8
36.8
43.0
57.8
57.7
40.5
51.3
27.4
11.9
21.2
21.6
.4
.4
.4
41,500.0
1,500.0
41,550.0
52.9
37.3
63.3
Gold*
.2
.2
2
. . .
1953—Jan. 28
Feb. 25
Mar. 25
Assets of banking
department
Assets of issue
department
Other
assets2
Securities
Liabilities of banking department
Note
circulation 3
Deposits
Bankers'
Public
307.9
317.4
327.0
327.6
331.3
401.1
489.6
384.0
389.2
1.088.7
1,238.6
L.379.9
1,428.2
1,349.7
1,293.1
L.321.9
1,357.7
1,437.9
234.3
260.7
274.5
278.9
315.1
314.5
299.2
313.5
299.8
10.3
5.2
5.3
10.3
18.6
11.7
11.6
15.4
13.4
11.2
306.1
319.6
309.6
319.7
324.4
333.5
324.8
357.6
371.2
1,410.0
1,412.2
1,442.1
L.515.1
1,459.0
1,444.1
1,444.2
1,461.4
1,525.5
273.0
270.0
275.7
262.0
252.4
275.7
271.6
275.4
302.8
10.7
10.1
10.6
10.4
16.0
11.1
13.5
15.4
10.0
6.5
7.1
6.2
343.2
389.9
359.0
1,448.9
L.464.7
1,488.8
274.5
292.6
288.3
11.5
2.5
7.2
5.2
9.3
9.9
9.8
14.6
Other
Other
liabilities and
capital
60.4
52.3
58 5
57.3
95.5
92.1
111.2
85.0
89.8
17.9
17.8
17.8
18.1
18.1
18.1
18.1
18.1
18.1
13.6
18.2
23.0
24.2
22.2
26.6
24.3
73.4
72.6
72.5
69.2
64.8
67.0
66.7
72.6
78.5
17.8
18.0
18.1
18.3
18.4
18.5
17.8
18.0
18.1
32.2
44.6
32.0
66.1
68.8
75.0
18.3
18.4
18.5
ECA
17.4
97.9
.4
.6
.5
.5
2
On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence
per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for
internal
gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes
issued less amounts held in banking department.
4
Fiduciary issue decreased by 50 million pounds on Jan. 7 and 25 million on Jan. 14, and increased by 50 million on Mar. 25. For details
on previous changes, see BULLETIN for February 1953, p. 194.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication.
566
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Gold
Sterling
and United
States
dollars
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Dominion
government
Other
359.9
496.0
693.6
874.4
1,036.0
1,129.1
1,186.2
1,211.4
1,289.1
1,307.4
1,367.4
1,464.2
217.7
232.0
259.9
340.2
401.7
521.2
565.5
536.2
547.3
541.7
578.6
619.0
10.9
73.8
51.6
20.5
12.9
153.3
60.5
68.8
98.1
30.7
24.7
94.9
9.5
6.0
19.1
17.8
27.7
29.8
93.8
67.5
81.0
126.9
207.1
66.1
28.5
35.1
24.0
55.4
209.1
198.5
42.7
42.4
43.1
119.2
172.6
200.0
84.0
73.8
76.1
71.2
69.7
70.8
103.4
72.3
77.3
1,411.8
1,417.4
1,441.8
1,458.3
1,464.4
1,476.5
1,485.6
1,498.8
1,561.2
645.7
579.4
578.0
595.5
614.7
588.2
668.8
607.3
626.6
14.3
21.9
26.8
51.6
52.0
30.7
18.8
15.0
16.2
41.7
44.6
48.5
41.6
47.4
49.4
56.0
65.1
44.5
109.0
117.1
93.9
111.2
122.1
134.0
99.8
125.2
132.9
82.3
88.8
79 A
1,479.6
1,472.8
1,493.4
603.1
668.0
601.1
40.5
88.6
60.6
47.6
51.4
66.5
130.1
109.3
105.1
Other
38.4
200.9
.5
.6
172.3
156.8
1.0
2.0
.4
74.1
111.4
117.8
448.4
391.8
807.2
787.6
906.9
,157.3
,197.4
,022.0
,233.7
,781.4
,229.3
,141.8
127.3
216.7
209.2
472.8
573.9
688.3
708.2
858.5
779.1
227.8
712.5
1,049.3
12.4
33.5
31.3
47.3
34.3
29.5
42.1
43.7
45.4
42.5
297.1
135.2
1952- -Apr. 30.
May 3 1 .
June 30.
July 31.
Aug. 29.
Sept. 30.
Oct. 31.
Nov. 29.
Dec. 31.
72.3
78.3
43.8
63.0
74.9
73.5
42.8
67.6
77.1
,191.5
,203.6
,251.3
,280.0
,303.2
,263.7
1,286.7
1,214.3
1,459.8
874.7
824.6
817.8
843.9
852.9
870.9
896.1
957.3
767.2
1953—Jan. 31.
Feb. 28.
Mar. 31.
64.3
72.0
65.5
1,351.2
1,411.9
1,371.0
803.0
817.5
810.9
31.
31.
31.
31.
30.
31.
31.
31.
31.
31.
30.
31.
Assets
Bank of France
(Figures in
millions of francs)
Golds
Foreign
exchange
Domestic bills
Liabilities
Advances to
Government6
Other
assets 6
Open
market 6
Special
Other
Current
1940—Dec. 26.
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 30.
1944—Dec. 28.
1945—Dec. 27.
1946—Dec. 26.
1947—Dec. 31.
1948—Dec. 30.
1949—Dec. 29.
1950—Dec. 28.
1951—Dec. 27.
7,802
84,616
42
6,812
84,598
38
37
8,420
84,598
37
84,598
9,518
42
75,151
12,170
68
129,817
17,980
7 37,618
94,817
65,225
67,395
12
65,225
97,447
30
62,274 61,943 137,689
182,785 162,017 136,947
191,447 28,320 234,923
661
12
169
29
48
303
3,135
64
8,577
28,548
34,081
31,956
3,646
4,517
5,368
7,543
18,592
25,548
76,254
117,826
238,576
335,727
393,054
741,267
63,900
69,500
68,250
64,400
15,850
1952- -Apr. 30.
May 29.
June 26.
July 31.
Aug. 28.
Sept. 25.
Oct. 30.
Nov. 27.
Dec. 31.
191,447
191,447
191,447
191,447
194,943
194,943
194,943
198,439
200,187
13,634
15,808
16,991
20,077
23,435
27,613
28,815
30,413
31,068
22,984
26,128
21,871
11,779
14,404
31,784
48,089
52,225
57,042
799,004
841,897
831,044
835,599
854,081
812,416
872,793
851,545
937,459
1953—Jan. 29.
Feb. 26.
Mar. 26.
200,187
200,187
200,187
16,040 262,363
16,502 263,286
16,734 252,386
273,149
274,111
254,301
258,560
257,589
270,264
283,717
274,454
274,003
Other
liabilities
and
capital3
Chartered
banks
Shortterm 1
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
Note
circulation2
Note
circulation
Other
Deposits7
Government
67,900
147,400
150,900
157,900
158,900
160,000
112,317
182,507
250,965
366,973
475,447
445,447
480,447
558,039
558,039
560,990
481,039
481,039
18,571
218,383
984
17,424 270,144
1 517
16,990 382,774
770
16,601
500,386
578
20,892
572,510
748
24,734 570,006 12,048
721,865
33,133
765
59,024 920,831
733
57,622 987,621
806
112,658 ,278,211
1,168
212,822 ,560,561
70
190,830 1 ,841,608
29
171,100
169,000
168,000
167,800
168,600
166,300
171,100
172,000
172,000
500,982
479,982
479,982
479,982
479,982
479,982
479,982
479,982
479,982
139,747
118,726
110,501
184,957
169,852
171,274
161,989
154,146
159,727
55,681 915,903 175,000 501,982
48,658 929,291 185,300 504,982
41,544 911,458 199,400 504,982
ECA
Other
27,202
25 272
29,935
33,137
37,855
57,755
63,468
82,479
171 783
158,973
15 ,058 161,720
10 ,587 166,226
Other
liabilities
and
capital
844,986
868,474
21,318
815,596
7,078
4,087
7,213
10,942
16,206
19,377
24,234
41,332
8
,925,615
,900,526
,885,929
,984,549
,969,553
,962,270
,024,943
,006,873
,123,514
84
39
36
55
13
83
25
10
27
341
6 ,645
730
816
9 ,039
539
8 ,392
10 ,887
897
156,326
171,350
143,900
121,411
137,403
129,755
158,275
139,480
137,727
29,679
38,539
43,541
43,369
46,878
61,930
49,792
55,954
49,305
124,578 ,065,210
121,445 ,067,257
122,995 2,051,991
56
55
10
730
3 ,479
498
128,731
146,509
128,788
57,008
52,350
68,399
Securities maturing in two years or less.
notes held by the chartered banks, which constitute an important part of their reserves.
Beginning November 1944, includes a certain amount of sterling and United States dollars.
*On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 61940, pp. 677-678).
For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853;
and November
1936, pp. 878-880.
6
For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6.
7
Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are
not strictly
comparable with those shown for earlier dates.
8
Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400;
1941, 64,580; 1942, 16,857; 1943, 10,724.
NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645
and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication.
For last available report from the Reichsbank
(February 1945), see BULLETIN for December 1946, p. 1424.
2
Includes
3
MAY
1953
567
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of t h e Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banki..
Other assets
Currency circulation
Deposits—Nationalized
Other sight obligations
Other liabilities and capital
Commonwealth Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks..
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
Austrian National Bank (millions
of schillings):
Gold
Foreign exchange
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked
National Bank of Belgium
(millions of francs):
Gold*
Foreign claims and balances (net)
Loans and discounts
Consolidated Government debt..
Government securities
Other assets.
Note circulation
Deposits—Demand
ECA
Other liabilities and capital
Central Bank of Bolivia—Monetary dept. (millions of bolivianos):
Gold at home and abroad2
Foreign exchange (net)
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Ceylon (thousands
of rupees):
Foreign exchange
Advances to Government
Government securities
Other assets
Currency in circulation
Deposits—Government
Banks
Other liabilities and capital
Central Bank of Chile (millions
of pesos):
Gold
Foreign exchange (net) 4
Net claim on Int'l. Fund
Discounts for member b a n k s . . . .
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of the Republic of Colombia
(thousands of pesos):
Gold and foreign exchange
Net claim on Int'l. Fund 4
Paid-in capital—Int'l. Bank
1953
Mar.
Feb.
1952
Jan.
1,196
1,117
262
138
2,326 2,123
49,648 48,913
247
201
21,256 21,009
28,545 27,547
696
774
3,184 3,162
Mar.
814
806
2,108
43,441
327
17,184
26,564
896
2,851
421,838 403,745 381,576 321,475
6,513
6,893 5,322 6,275
377,285 377,810 411 ,530 598,898
61,637 111,271
116,142
322,918 318,918 321 ,168 297,471
239,095 216,095 187,595 434,170
54,439 56,107 56,715
30,219
305,706 302,150 295,541 276,297
100
2,489
6,302
2,512
42
8,770
350
342
1,984
100
2,422
6,342
2,403
41
8,818
316
292
1,884
100
2,239
6,325
2,405
41
8,777
385
259
1,689
98
667
6,424
3,335
41
8,222
314
293
1,736
35,078
15,238
5,606
34,660
7,837
3,997
95,843
2,799
220
3,553
35,069
16,126
6,070
34,723
7,678
4,064
96,602
3,269
209
3,650
35,448
16,272
6,823
34,723
6,386
3,806
96,301
2,111
1,319
3,729
(Dec.
1952)=
1,396
32,746
1,840
2,196
537
6,481
1,419
815
31,187
24,785
5,795
34,763
8,007
3,663
93,138
1,553
1,241
12,267
360,699 395,142
,600
91,100
,331
107,486
,010
2,508
394,518
3,033
818
127,120
500
37,122
840
1,370
746
1,350
1,843
261
4,157
748
666
405,352 600,692
22,964
89,000
3,526
80,745
3,809
3,349
185,598 402,514
7,013
23,197
147 ,997 161,641
37,838
43,638
1,248
1,247
1,326
161
84
356
332
277
387
2,136
1,849
1,708
4,059
4,059 4,059
7,447
8,280
9,622
2,827
3,004 2,699
13,447 12,488 12,219
2,409
2,635
3,457
422
542
435
2,906
3,264 2,941
1,215
270
107
1,935
670
6,719
3,140
8,861
2,435
320
2,440
334,457 318,495 299,185 243,885
24,371
24,373 24,374 24,373
1,434 6,582
7,164
7,132
1953
Central Bank
(Figures as of last report
date of month)
Mar.
Feb.
1952
Jan.
Mar.
Bank of t h e Republic of Colombia—Cont.
369 627 384, ,956 365 ,286
Loans and discounts
Government loans and securities. 175 566 176,547 174,759
82 795 88,197 82,176
Other assets
533 702 537,959 538,879
Note circulation
382 066 392,280 344,151
Deposits
Other liabilities and capital
72 484 68,912 69,914
Central Bank of Costa Rica
(thousands of colones):
Gold
11 511
511 11,511
111 153
Foreign exchange
301 87,009
Net claim on Int'l. Fund*
7. 031
031
7,031
68 848
314 84,051
Loans and discounts
4 819
125
7,125
Securities
24, 403
968 23,360
Other assets
141 683
865 132,547
Note circulation
559 67,086
64 730
Demand deposits
826 20,454
Other liabilities and capital
21 352
National Bank of Cuba
(thousands of pesos):
Gold
213,748
Foreign exchange (net)
58,276
Foreign exchange (Stabilization
135,471
Fund)
33,380
Silver
12,511
Net claim on Int'l. Fund*
50,489
Loans and discounts
46,918
Credits to Government
43,248
Other assets
411,899
Note circulation
170,866
Deposits
11,275
Other liabilities and capital
National Bank of Czechoslovakia 5
National Bank of Denmark
(millions of kroner):
69
69
Gold
69
780
Foreign exchange
736
775
Contributions to Int'l. B a n k . . . .
102
98
118
Loans and discounts
442
443
446
Securities
3,314 3,347
,310
Govt. compensation account....
185
178
Other assets
355
,889
Note circulation
1,849
1,863
,443
1,481
1,522
Deposits—Government
,401
1,514
1,344
Other
175
186
171
Other liabilities and capital
Central Bank of the Dominican
Republic (thousands of dollars):
Foreign exchange (net)
Net claim on Int'l. Fund *
Paid-in capital—Int'l. Bank
Loans and discounts
Government securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
Central Bank of Ecuador
(thousands of sucres):
Golds
Foreign exchange (net)6
Net claim on Int'l. Fund*
Credits—Government
Other
Other assets
Note circulation
Demand deposits—Private banks
Other
Other liabilities and capital
National Bank of Egypt (thouands of pounds):
Gold/
Foreign exchange
Foreign and Egyptian
Government securities
Loans and discounts
Advances to Government
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
076
604
250
43
798
689
657
587
036
494
338. 966
220, 560
18, 757
275, 635
162, 940
162,
550,
178
225, 636
224 387
12,076 12,076
17,218 18,874
1,250
1,250
43
43
1,016
1,217
9,848 7,154
2,198 2,236
33,515 33,955
8,650 7,423
1,485
1,472
338 880
233 851
18 757
235,939
148, 466
151 365
536 589
174 448
205 875
210,347
265,349
155,495
119,421
457,435
297,392
60,827
11,511
86,188
7,031
61,913
7,619
24,409
115,844
64,186
18,641
320,564
65,299
120,948
40,351
12,511
16,379
12,277
27,294
409,770
198,026
7,826
69
412
11
100
328
3,872
219
1,688
1,821
1,357
146
12,066
20,227
1,250
41
220
6,895
720
29,912
9,736
1,771
338,818
230,231
18,757
224,333
153,079
155,425
544,911
189,847
180,013
205,873
335,965
53,758
18,758
236,060
181,719
178,322
472,219
145,923
139,047
247,392
60,553 60,553
19,513 20,817
60,553
18,456
310, 756 323 383 299,012 311,802
10,
12 940 19,092
27,224
4 372
3,361
2. 499 4 175 5,803
2,873
661 200,574 190,044
191 349
177 80,510
76 429
97,443
658 107,562 112,478
128 889
8 163 20 440 19,993 20,943
* Latest month available.
*On
Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc.
2
It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar.
3
Represents
chiefly bills secured by stocks of mined tin not yet sold in world markets.
4
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time
as thr
Fund
engages
in operations in this currency, the "net claim" will equal the country's gold contribution,
5
For last available report (March 1950), see BULLETIN for September 1950, p. 1262.
6
In
December
1950/gold
and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar.
7
Beginning April 1951, gold previously held in Issue Department revalued from 7.4375 grams of fine gold to 2.55187 grams of fine gold per Egyptian pound.
NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1953, p. 78; January 1952, p. 102; January
1951, p. 112; and January 1950, p. 118.
568
FEDERAL RESERVE
BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
C e n t r a l Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange (net) 1
Net claim on Int'l. Fund
Loans and discounts
.•;••Government debt and securities..
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Finland (millions of markkaa):
Gold
Foreign assets (net)
Clearings (net)
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of G e r m a n States
(millions of German marks):
Gold
Foreign exchange
Loans and discounts
Loans to Government
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital
Bank of Greece (billions of drachmae):
Gold and foreign exchange (net) .
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and 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
Coin
Deposits—Government
Banks
Other liabilities and capital
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
1952
Jan.
Mar.
Feb.
73,243
78,672
1,566
9,121
5,299
1,545
97,047
64,637
7,762
73,330 73,404
70,116 56,589
1,566
Mar.
1,566
14,043 19,434
5,677 6,409
1,558| 1.747
99,5221 96,691
59.0261 54,659
7,743! 7,800
5,862
9,249
4,6661
38,075j
1,165
2,287
44,078 44,238i
535 1,050
16,445 16,016
5,862
8,972
6,154
36,108
1,652
2,310
5,863
11,313
1,679
39,965
1,139
2,009
41,104
4,145
16,719
I
775
4,583
2,681
7,069
1,118
10,611
1,526
2,106
249
1,733
775
4,468
2 ,853
6,887
998
10,570
1,368
2,071
242
1,731
695
4,280
2,920
7,026
948
10,342
1,580
1,972
249
1,726
1,803
141
8,926
3,377
1,485
2,341
805
1,739
137
9,025
3,428
1,507
2,366
819
7,431
1,919
3,236
7,403
1,957
3,292
I
27,228 27,228
21,177
1,250
7,764!
21,9941
44,4121
3.52 7J
3,431j
12,0721
15,972!
18,410
1,250
8,415
21,897
43,956
3,505
3,056
11,637
15,047
400
5,582
4,501
827
838
11,1981 11,064
4 001
5,6821
209
1,523
120
33
1,202
2,690
396
257
1,600
116
34
1,200
2,848
358
2,646
2,646
61,788 60,796
64,434 63,442
2 ,646
60,237
62,883
j
Central Bank
(Figures as of last report
date of month)
n k 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):
,865;
Bullion
,375!
Advances to Government
,427
Loans and discounts
,305
Government securities
,01.
Other assets
,2081
Note circulation
,044
Deposits—Government
,706|
Other
,446;
Other liabilities
The Java Bank (millions of rupiah):
Gold3
116!
Foreign exchange (net)
,230
Loans and discounts
,118
Advances to Government
,228!
Other
assets
577
Note circulation
, 544
Deposits—ECA
, 436
Other
,082
Other liabilities and capital
250|
of Mexico (millions
of pesos):
1,957! BankMonetary
reserve 4
"Authorized" holdings of securities, etc
,325
Bills and discounts
190
Other
assets
,978
Note circulation
,453
Demand
liabilities
,900
Other liabilities and capital
,901
962 Netherlands Bank (millions of
guilders):
Gold 6 .
,217
Silver (including subsidiary coin)
,209
Foreign assets (net)
,557
Loans and discounts
Govt. debt and securities
Other assets
228!
Note circulation—Old
7491
New
250
Deposits—Government
210
ECA
280
Other
075
Other liabilities and c a p i t a l . . . .
393
702 Reserve Bank of New Zealand
469|
(thousands of pounds):
078!
Gold
Foreign exchange reserve
Loans and discounts
Advances to State or State undertakings
400
Investments
,032
Other assets
,646
Note circulation
691
Demand deposits
,411
Other liabilities and capital
Bank of Norway (millions of kroner):
358
Gold
, 199!
Foreign assets (net)
37
Clearing accounts (net)
9
Loans and discounts
,936
Securities
,181
Occupation account (net)
359
Other assets
Note circulation
Deposits—Government
646
Banks
458!
ECA—MSA
104;
Other liabilities and c a p i t a l . . . .
, 075!
, 658
,566
,474
,111
,350
,380
,757i
, 096
1953
Mar.
4
47
572
1952
Jan.
Feb.
4i
45!
573i
323!
313;
249!
267
724!
715
1,277 1,275
12V
137
59 i
49
359
358i
98i
101
4
45
574
299
249
738
1,299
65
57i
390
98!
Mar.
4
37
590
257
200
799
1,204
186
71
352
74
'501
448
448
448!
38,424i 37 ,501 37,931 39,670
387,695|376 .065 329,845 324,865
193,6351194 ,3691233,240 99,672
132,6531108 ,5OO|lO7,274 -•160,762
515,9771521 ,1371519,765 457,576
129,894| 86 .744! 80,475 97,197
54,478 60 ,4111 63,026 25,683
52,506| 48 ,590 45,472
45,015
189!
545|
5,618j
269!
4,480
496
1,862
571
788'
826
21
47 i
739
669!
5,181 5,193
344
298
4,352 4,182
4961
496
l,52li 1,429
615| 1,015
1,060
1,052
677
2,248
1,031
3,165
496
1 ,034
1,372
1,229
l,203J
1,213
1,110
3,198
3,229;
529
320
3,302
1,508
470
3,361
2,783
485
527
3,126
1,314
465
602
366!
3,333
1,583
479
2,291
16
1,541
57
1.451
536
35
3,085
1,149
1,174
248
201
2,187
15
1,531
1,451I
508
36
2,983
994!
1,163!
330;
221|
462
328
3,332
1,521
511
2,149!
14
1,416
33
1,451
595
38
2,966
930
1,155
341
227
6,015 6,015
49,674 39,239
6,019 6,019
1,288
16
1,027
109
2,850
446
44
2,951
369
1,804
343
227
5,714
22,266
6,019
58,350j
58,132i
1,360!
61,9081
109,444
8,198
58,377
58,132
1,440
63,626
97,772
7,822
56,321
34,182
3,789
62,205
58,852
7,233
279
280
30
601
53
44
44!
5,546 5,546
53
43
2,775 2,712
2,174 2,096j
552
672
302
299
472
496
279
331
40
50
44
242
433
16
49
46
280
261
30
,546
48
,740
,020
784
299
496
6,202
61
2,558
1,946
1,028
949
569
r
1
Revised.
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time
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.
4
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
6
Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder.
NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1953, p. 79; January 1952, p. 103; and
January 1951, p. 113.
MAY
1953
569
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1953
Mar.
Feb.
1952
Jan.
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad...
81
81
81
Sterling securities
416
418
416
Pakistan Goyt. securities. .
1,144
,146 1,146
Goyt. of India securities. . .
126
126
126
India currency
300
300
300
Rupee coin
67
66
66
Notes in circulation
,053 2,038
2,087
Banking department:
Notes of issue department..
48
83
98
Bills discounted
6
Loans to Government
43
23
Other assets
519
525
518
Deposits
501
522
505
Other liabilities and capital..
115
108
112
Central Bank of Paraguay
(thousands of guaranies):
Gold
,138 1,138
Foreign exchange (net) 1
,580 66,765
Net claim on Int'l. Fund
11
11
Paid-in capital—Int'l. Bank
,032 - 1 , 0 2 0
90,176
,176
Loans and discounts
•.-.•••
643 316,535
Government loans and securities.
165,155
Other assets
757 366,296
Note and coin issue
686 58,997
Deposits—Government
294 123,123
Other
128 90,347
Other liabilities and capital
Central Reserve Bank of Peru
(millions of soles):
Gold and foreign exchange 2 . . . .
563
532
Net claim on Int'l. Fund *
67
67
Contribution to Tnt'l. Bank
2
2
314
Loans and discounts to banks. . .
317
912
941
Loans to Government
168
171
Other assets
,353
,370
Note circulation
421
404
Deposits
253
257
Other liabilities and capital....
Central Bank of the Philippines
(thousands of pesos):
Gold
18 552 18,552
Foreign exchange
453 988 432,807
Net claim on Int'l. Fund *
29 504 29,504
Loans
54 140 54,140
Domestic securities
235 142 235,233
Other assets
148 842 148,279
Note circulation
571 417 561,631
Demand deposits
229 299 219,305
Other liabilities and capital
139 451 137,579
Bank of Portugal (millions of
escudos):
Gold
4,553
Foreign exchange (net)
11,583
Loans and discounts
928
Advances to Government
1,,425
Other assets
499
Note circulation
9,106
Demand deposits—Government..
1,690
ECA
9
Other
6,163
Other liabilities and capital
2,020
South African Reserve Bank
(thousands
of pounds):
Gold3
,157 58,437
Foreign bills
,896 62,888
Other bills and loans
,186 14,804
Other assets
,626 37,998
Note circulation
,468 87,498
Deposits
,178 66,639
Other liabilities and capital
,219 19,991
Bank of Spain (millions of pesetas):
570
563
570
Gold
359
369
366
Silver
,810 15,576
Government loans and securities. 15,801
22,423
Other loans and discounts
,227 24,762
Mar.
1953
Central Bank
(Figures as of last report
date of month)
Mar.
Bank of Spain—Cont.
Other assets
Note circulation
Deposits—Government
81
Other
1,017
Other liabilities and capital
715
126 Bank of Sweden (millions of kronor):
Gold
300
Foreign assets (net)
66
Net claim on Int'l. Fund 1
2,214
Paid-in capital—Int'l. Bank
91
Swedish Govt. securitiet and ad-4
103
vances to National Debt Office
Other domestic bills and advances
763
Other assets
865
Note circulation
92
Demand deposits—Government..
Other
Other liabilities and capital
Swiss National Bank (millions of
francs):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation
Other sight liabilities
Other liabilities and capital
Central Bank of t h e Republic of
Turkey (millions of pounds):
Gold
Foreign exchange and foreign
clearings
647
Loans and discounts
21
Securities
2
Other assets..
214
Note circulation
788
Deposits—Gold
263
Other
1,206
Other
liabilities and capital
383
345 Bank of t h e Republic of Uruguay
(thousands of pesos):
Gold
Silver
14,980
Paid-in capital—Int'l. Bank
471,864
Advances to State and Govern29,504
ment bodies
41,473
Other loans and discounts
239,681
Other
assets
148,306
Note circulation
568,727
Deposits—Government
243,327
Other
133,753
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
4,448
Gold
11,748
Foreign exchange (net)
646
Other assets
1,421
Note circulation
579
Deposits
8,938
Other liabilities and capital
1,543 Bank for International Settle52
ments (thousands of Swiss gold
6,207
francs):
2,103
Gold in bars
Cash on hand and with banks. ..
Sight funds at interest
59,778
Rediscountable bills and accept69,751
ances (at cost)
18,153
Time funds at interest
33,602
Sundry bills and investments....
82,676
Funds invested in Germany
76,317
Other assets
22,292
Demand deposits (gold)
Short-term deposits:
55;
Central banks—Own account..
378
Other
Long-term deposits: Special
15,76'
Other liabilities and capital
20,20:
Feb.
1952
Jan.
Mar.
29,890 29,533 31,729
37,303 37,033 37,140
1,814 2,440 2,250
4,128 4,604 4,544
25,798 25,429 29,066
26,475
35,599
2,454
2,346
22,976
13
428
1,320
129
12
429
1,313
129
12
472
1,328
88
11
2,404
322
734
4,311
343
53
563
2,665
294
717
4,365
371
286
542
2,666
301
729
4,350
525
192
514
2,439
279
851
3,919
866
84
598
5,911
467
225
76
4,806
1,677
196
5,905
464
219
70
4,787
1,672
199
,907
469
224
67
,784
,686
197
5,920
246
234
76
4,591
1,692
193
402
402
402
419
206
1,691
26
112
1,239
153
765
280
212
,709
26
124
,272
153
791
258
151
1,760
134
1,464
27
93
1,136
153
657
191
429
1,241
129
26
136
1,240
172
801
262
(Nov.)*
310,763 321,119
9,358
9,650
314
313
1,141
71
98
955
266
88
,141
102
94
971
269
97
130,018
357,441
500,928
370,836
93,116
315,113
529,757
157,620
343,998
426,435
365,300
81,052
303,566
509,218
1,141
132
92
976
274
115
1,141
-22
90
866
264
79
712,617 656,518 657 ,029 438,453
50,748 57,355 62,167 91,161
7,571 10,699 7,480
3,857
216,548
45,557
227,165
297,201
1,316
476,315
213,287 267 ,015
39,536 78,467
232, 606 290,229
297,201 297,201
1,425
1,386
463,460 501 ,011
518,401
60,783
228,909
274,314
476,330 612 ,112 359,268
66,047 45,506 76,357
228,909 228 ,909 228,909
273,880 273 ,436 269,500
155,461
17,864
233,434
297,201
1,628
305,025
*J Latest month available.
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
In
November 1949, part of the gold and foreign exchange holdings of the bank were revalued.
3
On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce.
4
Includes small amount of non-Government bonds.
NOTE.—For details relating to individual items in certain bank •tatements, see BULLETIN for January 1953, p. 80; and January 1950, p. 120.
570
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
United
Ger- Bel- NethKing- France many
er- Swegium lands
den
dom
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 Mar. 31,
1953
2
if
3*
2K&3
3H&4
2H
3
Central
bank of—
Switzerland
IK
Rate
Mar.
31
Central
bank of—
Date
effective
Rate
Mar.
31
Mar.
Mar.
Dec.
Sept.
1,
26,
18,
30,
1936
1953
1952
1950
Italy
Japan
Java
Mexico
4
Apr. 6,
5.84 Oct. 1,
3
Apr. 1,
June 4,
Oct.
June
July
Feb.
17,
13,
18,
1,
1950
1935
1933
1950
Netherlands..
New Zealand.
Norway
Pakistan....
3
4
4
5
10
3
Nov.
May
July
Mar.
2,
13,
1,
22,
1950
1948
1952
1950
Peru
Portugal....
South Africa.
Spain
6
Argentina
Austria
Belgium
Bolivia
5
3
6
15
M
2
Canada
Chile
Colombia
Costa Rica
*4H
3\i.
Date
effective
1950
1951
1946
1942
Aug. 1, 1952
July 26, 1941
Jan. 9, 1946
July 1, 1948
3
2K
3
15
Denmark
Ecuador
Egypt
El Salvador...
3
4
3
I"
Nov. 13, 1947
Jan. 12, 1944
Mar. 27, 1952
Mar. 18, 1949
4
3
2K
Finland
France
4
4
15
Greece
India
3
3
14
4
4
14
3
3
4
14
12
3
IK
Dec.
Nov.
Jan.
July
Nov.
Mar.
16, 1951
9, 1951
8, 1953
12, 1948
15, 1951
25, 1952
Sweden
Switzerland..
Turkey
United Kingdom
USSR
\
H
Dec. 1, 1950
Nov. 26, 1936
Feb. 26, 1951
4
4
Mar. 12, 1952
July 1, 1936
x
Rate established for the Land Central banks.
NOTE.—Changes since Mar. 31: Netherlands—Apr. 7, from 3 to 2}£ per
cent.
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
France
Netherlands
Sweden
Switzerland
Treasury
bills
3 months
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
1943—February. ,
1944—February. .
1945—February. ,
1946—February. .
1947—February. .
1948—February. .
1949—February. .
1950—February. ,
1951—February. .
1952—February. .
.51
.39
.37
.36
.40
.41
.42
.51
.73
.91
1.03
1.03
1.03
.53
.53
.56
.56
.69
.69
1.50
1.00
1.00
1.00
.51
.51
.50
.52
.52
.51
.99
1.10
1.13
1.00
.63
.63
.63
.63
.63
.63
1.00
.50
.50
.50
.50
.50
.50
.50
.50
.50
.75
1.65
1.69
1.60
1.36
1.39
2.00
2.08
2.40
2.42
3.93
1.18
1.72
1.38
1.39
1.54
1.55
1.17
1.00
1.46
.78
.90
1.50
1.00
1.00
25
,25
.25
.25
.25
.50
.63
.50
.50
.50
1952—March
April
May
June
July
August....
September.
October....
November.
December..
.94
.98
.02
.08
.11
.10
.14
.19
.21
1.35
2.48
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
2.01
2.35
2.37
2.43
2.46
2.46
2.49
2.43
2.38
2.41
1.82
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.25
1.57
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
3.51
3.65
3.77
3.66
3.84
3.77
4.00
3.98
3.98
3.93
1.38
40
1.25
1.20
1.05
.85
.85
.84
.87
.92
1.00
1.00
.90
.75
.75
.58
.62
.50
.54
.58
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
1953—January...
February..
1.35
1.47
3.00
3.00
2.39
2.42
2.25
2.25
2.00
2.00
3.97
4.10
.83
.81
.54
.50
.50
.50
Bankers*
allowance
on deposits
Day-today
money
Treasury
bills
3 months
Day-today
money
Loans
up to
3 months
Private
discount
rate
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.
MAY
1953
571
COMMERCIAL BANKS
Assets
United K i n g d o m 1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
Money at
call and Bills dis- Treasury
deposit 2
counted receipts
short
notice
1947—December.
1948—December.
1949—December.
t.050—December,
1951—December
502
502
532
540
531
480
485
571
592
598
793
741
1,109
1,408
972
1952—April
May
June
July
August
September
October...
November
December.
501
491
504
501
510
503
498
503
549
512
518
537
535
516
530
500
516
529
1953—January...
February.,
March
498
491
497
515
456
472
Liabilities
Loans to
Securities customers
Deposits
Other
assets
Total
Demand
Time
,483
,478
,512
,528
,965
,219
,396
,534
,660
,950
567
621
579
735
867
5,935
6,200
6,202
6,368
6,333
3,962
4,159
4,161
4,262
4,290
1,972
2,041
2,041
2,106
2,042
396
420
427
550
651
883
936
,064
,139
,239
,295
,122
,142
,248
,934
,932
,917
1,917
1,918
1,921
2,142
2,138
2,148
,967
,901
,875
,834
,765
,758
,759
,755
,764
821
713
726
696
638
662
676
655
748
5,994
5,903
6,064
6,063
6,048
6,126
6,167
6,183
6,460
3,952
3,840
3,909
3,903
3,878
3,910
3,948
3,949
4,232
2,042
2,063
2,155
2,159
2,170
2,216
2,219
2,234
2,228
623
587
559
558
537
543
530
526
528
,204
,046
,024
2,148
2,130
2,122
,764
,783
1,811
659
649
641
6,259
6,029
6,053
4,025
3,836
3,873
2.234
2,192
2,179
52S
525
515
1,288
1,397
793
456
102
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Liabilities
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts
banks
Deposits payable in Canada
excluding interbank deposits
Entirely in Canada
Cash
Security
loans
Other
liabilities
and
capital
Other
assets
Notes3
Other
liabilities
and
capital
Total
Demand
Time
6,412
7,027
7,227
7.828
7,896
2,671
2,970
2,794
3,270
3.284
3,740
4,057
4,433
4.558
4.612
,544
,537
,477
,667
,714
1947—December.
1948-—December.
1949—December.
1950—December.
1951—December.
731
749
765
824
907
105
101
133
134
107
1,999
2,148
2,271
2,776
3,028
106
144
146
171
227
3,874
4,268
4,345
4,286
3,876
,159
,169
,058
,304
,464
1952—March
April
May
June
July
August. . .
September
October...
November
December.
880
897
785
813
847
828
843
879
827
916
97
140
132
138
145
147
135
130
121
155
2,949
2,960
3,012
3,048
3,053
3,048
3,093
3,212
3,350
3,289
202
236
255
328
279
260
250
278
308
326
4,095
4,068
4,100
4,067
4,134
4,139
4,202
4,147
4,006
3,955
,390
,370
,350
,453
,278
,306
,383
,396
,424
,516
7,979
7,987
7,979
8,120
8,079
8,075
8,191
8,319
8,291
8,421
3,231
3,230
3,210
3,328
3,243
3,205
3,290
3,418
3,376
3,497
4,748
4,757
4,769
4,792
4.836
4,870
4,901
4,901
4,916
4,924
,634
,685
,655
,727
,658
,652
,716
,722
,746
,736
1953—January..
February.
835
877
135
141
3,293
3,301
308
330
3,981
4,042
1,321
1,342
8,188
8,310
3.244
3,301
4,945
5,008
.684
,724
Liabilities
Assets
France
(4 large banks. End
of month figures in
millions of francs)
18
16
14
Other
liabilities
and
capital
Total
Demand
Time
27,409
34,030
29,843
31.614
38,114
341,547
552,221
627,266
749.928
906,911
338.090
545,538
619,204
731.310
879,767
3,457
6,683
8,062
18,618
27,145
25,175
30,638
26,355
?8.248
33,774
8,916
12,691
15,662
17,316
23,547
183,504
174,048
180,550
172,693
193,942
196,665
177,289
183,491
185,930
163,992
169,508
38,310
40,219
41,474
43,093
44,463
45,990
43,318
44,415
47,721
51,882
61,909
827,946
834,482
831,729
891,422
848,354
846,689
890,582
855,024
863,250
914,021
896,076
796,396
802,481
800,944
861,703
819,030
817,569
860,668
824.874
831,713
882,233
864,033
31,551
32,002
30,786
29,719
29,324
29,120
29,915
30,150
31,536
31,789
32,043
30,414
28,953
28,482
27,025
25,529
23,811
19,221
17,810
18,292
20,222
24,957
26,227
30,531
36,556
39,893
42,738
49,121
51,525
55,794
60,713
64,388
66,225
174,912
33,586
907,691
873,232
34,459
27,216
32,932
Due from
banks
1947—December..
1948—December..
1949—December..
1950—December..
1951—December.
22,590
45,397
40,937
48,131
60,215
19,378
35,633
42,311
52,933
72,559
219,386
354,245
426,690
527.525
627,648
86,875
126,246
129,501
135,289
165,696
1952—February..
March. . . .
April
May
June
July
August
September.
October. . .
November.
December?
50,662
48,669
45,646
48,832
50,436
45,999
46,383
48,279
45,375
47,709
51,147
73,868
75,148
72,947
75,533
72,818
70,090
69,715
67,886
67,846
68,646
68,269
538,245
555,883
556,151
618,190
554,963
560,877
624,623
584,558
595,383
666,402
636,427
1953—January.. .
47,150
69,200
642,991
Bills discounted
Deposits
Own
acceptances
Cash
reserves
Loans
Other
assets
p Preliminary.
iThis table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except
in June
and December when the statements give end-of-month data.
2
Represent six-month loans to the Treasury with a yield of % per cent after October 1945.
3
In January 1950, the Bank of Canada assumed responsibility for these notes.
NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication.
572
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Belgium
Argentina
(peso)
Year or month
Basic
1947
1948
1949
1950
1951
1952
. .
1952—May
June
July .
August
September
October
No vem ber
December
.. .
1953—January .
February
March
April
Year or month
1947
1948
1949
1950
1951
1952
.
JulyAugust
September
October
November
December
1953—January
February
March
April
Year or month
1947
1948
1949
1950
1951
1952
.
.
. . . .
. .
1952—May
June
. . .
July
August
September
October
November
December
1953—January .
February
March
April
...
"Bank
notes"
account
8.289
7.067
7.163
2 2817
2.2816
2.2009
L.9908
L.9859
L.9878
13.333
13.333
13.333
13.333
13 333
13.333
13.333
13.333
7.169
7.183
7.196
7.194
7.195
7.196
7.198
7.198
223.24
221.88
222.17
222.19
221.73
222.55
223.12
223.58
L.9838
L.9838
L.9842
L.9879
L.9920
.9965
.9979
20 000
20.000
20.000
20.000
13.333
13.333
13.333
13.333
7.198
7.198
7.198
7.198
224.13
224.62
224.35
224.43
Ceylon
(rupee)
Denmark
(krone)
13.333
13.333
13.333
20.000
20.000
20 000
20.000
20 000
20.000
20.000
20.000
20 864
20.857
19.117
14 494
14.491
2
14.492
Finland
(markka)
Free
sia
(dollar)
Official
Free
100 000
100.000
97 491
90.909
91 999
91 691
92 881
91 474
94.939
102 149
42 973
32.788
32.849
32.601
L.9941
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
32.752
32.505
32 509
32.445
32 418
32.499
32.489
32 523
101 615
102.086
103 120
103.984
104 171
103 681
102.289
103 002
L9934
L.9966
1.9976
1.9971
5.4406
!2.5173
5.4406
2.3024
5.4406
5.4406
2.2113
32 560
32.612
32.586
32.589
103 014
102.302
101.666
101.655
Free
84 07
Official
Canada
(dollar)
British
5 4403
5.4406
5 4406
5.4406
5.4406
5.4406
France
(franc)
Official
Brazil
(cruzeiro)
2 1407
1.9722
1.9622
Germany
(deutsche
mark)
India
(rupee)
23.838
23.838
323.838
Ireland
(pound)
Mexico
(peso)
Netherlands
(guilder)
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
350
365
277
277
276
20.988
20 870
20 892
20.893
20 866
20.921
20 976
21 025
280.07
278 46
278 82
278.85
278 26
279.30
280 01
280 59
11.566
11 561
11 574
11.623
11 623
11.611
11 622
11 623
26.337
26 317
26 324
26.317
26 291
26.312
26 289
26 277
277.29
275 71
276 06
276.09
275 51
276.53
277 24
277 81
21.074
21.089
21.061
21.069
281.28
281.90
281.56
281.66
11.625
11.620
11.614
11.608
26.281
26.269
26.321
26.335
278.50
279.11
278.78
278.87
.4354
.4354
.3240
.3017
.2858
.2856
.2856
.4354
.4354
4354
.4354
.4354
.4354
.4354
4354
.2856
.2856
2856
.2856
.2856
.2856
.2856
2856
21.068
21 088
21.061
21.067
. 4354
.4354
.4354
. 4354
.2856
.2856
.2856
.2856
Norway
(krone)
PhilipPortupine
gal
Republic (escudo)
(peso)
South
Africa
(pound)
(krona)
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
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
3.4898
3.4801
3.4793
3.4848
3.4878
3.4825
3.4818
3.4839
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
19.325
19.323
19.323
23.078
23 138
23.240
23.288
23.320
23.329
23 330
23.332
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
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
14.015
14.015
14.015
14.015
49.677
49.677
49.677
49.677
3.4872
3.4856
3.4842
3.4882
280.23
280.84
280.51
280.61
19.323
19.323
19.323
19.323
23 311
23.318
23.317
23.329
281 28
281.90
281.56
281.66
20.961
20 834
20 871
20.875
20 854
20.903
20 984
21 024
June
Free
321 00
321.22
293.80
223.15
223.07
222.63
29 773
29 773
29 774
26.571
20.000
20.000
27.839
20 850
20.849
20.903
1952—May
Preferential
(franc)
Australia
(pound)
In cents per unit of foreign currency]
14.492
14.492
14 492
214.492
.4929
.4671
Sweden
323.838
Switzerland
(franc)
United
Kingdom
(pound)
New
Zealand
(pound)
29
48
07
28
19
49
Uruguay
(peso)
4
65
4
833
65.833
65.833
65.833
4
56
4
180
56.180
56.180
56.180
4
42
4
553
42.553
42.553
42.553
5
36.025
35.547
34.205
1
Based on quotations beginning Feb. 25, 1953.
2
Based on quotations through Aug. 14, 1952.
3
Based
on quotations through May 8, 1952.
4
Quotations not available Jan. 28 through Feb.
5
9, 1953.
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.
MAY
1953
573
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
1943
1944 . .
1945
1946
1947
1948
1949
1950
1951
1952
1952—March
April
May
June
Tulv
August
September
October
Decem ber
1953—January
February
March
United
States
(1947-49 =
100)
67
68
Mexico
(1939 =
100)
Canada
(1935-39
= 100)
112
111
111
110
110
110
110
(1930 100)
146
179
128
131
132
139
163
193
198
211
240
226
69
79
96
104
99
103
115
112
112
112
112
111
112
112
United
Kingdom
163
166
169
175
192
219
230
262
320
328
199
229
242
260
285
311
386
400
231
227
225
r
226
••225
224
222
'220
222
221
404
407
406
405
400
400
222
221
222
387
384
France
(1949 =
100)
386
12
14
2
2
4
16
48
128
209
246
343
349
149
147
145
143
144
144
••328
J>324
P326
••141
P139
P140
397
395
393
Japan
(1934-36
average
= 100)
20
34
52
89
100
108
138
145
333
330
328
328
327
325
323
326
324
328
393
Italy
(1938 100)
5,159
5,443
5,169
4,897
5,581
5,270
143
141
140
141
Netherlands
(1948 100)
Sweden
(1935 =
100)
Switzerland
(Aug. 1939
= 100)
196
196
100
5,323
5,255
5,179
5,133
5.200
5,234
5,265
5,272
5,292
5,287
353
349
348
348
351
348
104
117
143
140
143
142
140
139
136
137
348
138
5,255
348
347
343
342
P5,243
203
207
194
186
199
214
216
227
299
*317
322
321
321
322
320
319
205
200
208
217
206
203
227
220
222
221
220
220
220
220
138
138
139
316
220
314
305
P306
218
218
217
137
136
P303
P302
215
214
P214
r
p Preliminary.
Revised.
NOTE.—For sources and references concerning changes in tne structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1947-49=100)
Year or month
Farm
products
Other
Farm
Processed commodproducts
foods
ities
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
69
69
72
83
100
107
93
98
113
107
n.a.
n.a.
n.a.
n.a.
1952—March
April
May
United Kingdom
(1930=100)
Canada
(1935-39=100)
R a w and Fully a n d
chiefly
partly
manumanufactured
factured
goods
goods
Foods
Industrial
products
Netherlands
(1948=100)
Foods
IndusIndustrial
trial raw finished
products products
98
106
96
100
111
109
69
70
71
78
95
103
101
105
116
113
145
155
165
177
190
230
226
237
269
247
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
164
170
175
184
207
242
249
286
»364
*352
100
101
112
122
129
100
108
128
171
166
100
104
116
143
135
September
October
November
December
108
109
108
107
110
110
107
105
104
99
109
108
109
109
110
111
110
109
108
104
114
113
113
113
113
113
113
113
113
113
257
254
253
258
••254
243
232
228
229
229
••225
221
220
'220
••218
216
'212
210
211
210
235
231
228
'230
230
229
228
••227
'228
228
276
280
280
283
289
287
284
293
293
297
»366
»358
»355
J»352
P348
P345
P343
P343
P340
P344
130
130
128
127
122
124
129
129
131
132
169
166
165
163
162
164
163
164
163
162
139
138
136
134
133
133
133
132
132
132
106
105
105
113
113
113
226
223
221
209
208
210
229
229
229
301
302
P303
J'341
P337
P337
128
127
160
159
132
132
March
100
98
100
June
July
r
n.a. Not available.
» Preliminary.
Revised.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.
574
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
CONSUMERS' PRICE INDEXES
All items
Year or month
1945 .
1946
1947 .
1948
1949
1950
1951
1952.
.
.
United
King- France
dom
(1949
(Jan.
15, 1952 = 100)
= 100)
United
States
(1947-49
= 100)1
Canada
(1949
= 100)
77
83
96
103
102
103
111
114
75
78
85
97
100
103
114
116
77
82
84
86
95
103
22
35
57
90
100
111
130
145
112
113
113
113
114
114
114
114
114
114
117
117
116
116
116
116
116
116
116
116
101
102
102
104
104
103
103
104
104
105
114
113
114
116
116
115
104
...
1952—March
April
May
June
Tulv
August
September
October
November
December
1953—January
February
March
Food
. ..
105
Netherlands
(1949
= 100)
Switzerland
(Aug.
1939 =
100)
Canada
(1949
= 100)
United
States
(1947-49
= 100) i
100
109
119
120
153
152
158
163
162
159
167
171
69
79
96
104
100
101
113
115
148
147
145
143
143
145
146
145
144
145
120
120
119
119
120
119
120
120
119
120
171
170
171
171
171
171
172
171
171
171
146
146
P145
120
120
120
170
170
P169
United
Kingdom
(Jan.
15, 1952
= 100)
F r a n c e Nl ea tn hd es r (1949
(1949
= 100)
= 100)
Switzerland
(Aug.
1939
=»
100)
164
160
170
176
174
176
181
184
100
103
117
117
67
72
76
82
91
105
21
36
57
92
100
111
128
141
100
111
121
123
113
114
114
115
116
117
115
115
115
114
118
117
116
116
116
116
116
115
116
114
101
104
104
109
108
107
106
108
108
109
144
142
139
137
136
140
142
141
140
141
124
125
124
124
123
120
123
123
122
122
182
182
183
184
185
185
186
186
113
112
112
114
113
112
109
141
142
P141
123
184
183
110
124
P Preliminary.
1
T h e s e series are t h e revised indexes, reflecting, b e g i n n i n g J a n u a r y 1953, t h e inclusion of s o m e n e w series a n d revised weights. Prior to J a n uary 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100.
N O T E . — F o r sources a n d references c o n c e r n i n g c h a n g e s in t h e s t r u c t u r e of price indexes for v a r i o u s c o u n t r i e s (except t h e U n i t e d States), see
BULLETIN for D e c e m b e r 1952, p. 1357.
S E C U R I T Y
P R I C E S
[Index n u m b e r s except as otherwise specified]
Bonds
Year or
month
U n i t e d
States
(high
grade)
Number of i s s u e s . . .
1946
1947
1948
1949
1950
1951
1952
.
2
2
1
2
2
1
1
1
1
1
1
1
2
5
0
6
6
7
1
1
1
1
1
1
1
1
3
3
2
2
2
1
0
2
0
9
6
1
7
8
.1
.8
.9
.5
.2
.6
.3
1
1
1
1
7
8
7
3
0
6
3
9
7
1
1
1
1
1
1
1
1
1
0
0
0
0
0
1
0
0
0
8
8
5
5
6
0
9
8
9
.
.
.
.
.
.
.
.
.
1
1
1
1
1
1
1
1
1
8
8
8
8
8
8
8
8
8
1953—January
February....
March
114.5
114.0
113.4
84.5
84.2
84.1
6
8
7
5
4
3
4
4
4
.
.
.
.
.
.
.
.
.
5
6
8
8
3
0
0
3
0
109.1
109.7
110.5
Netherlands
14
60
17.
18.
05.
07.
09.
95.
86.
116.2
116.3
116.2
116.0
115.8
115.7
114.7
115.2
115.3
MAY
F r a n c e
(1949 =
100)
87
3.4
2.1
8.3
1.0
2.0
7.7
5.8
1952—April
M a y
June
July
August
September...
October
N o v e m b e r . . .
December
NOTB.—For
1952, p. 1357.
U n i t e d
K i n g d o m
(December
1921=100)
17
1
1
1
1
1
1
1
.
C a n a d a
(1935-39
= 100)
C o m m o n
Un
St
(19
=
ited
ates
35-39
100)
C a n a d a
(1935-39
= 100)
103
480
United
F r a n c e
K i n g d o m
( 1 9 2 6 = 1 0 0 ) (1949 = 100)
27
295
278
109. G
105.6
107.1
106.8
106.7
87.0
85.6
1
1
1
1
1
1
1
3
2
2
2
4
7
8
9
0
4
4
4
5
7
1
1
1
1
1
1
1
1
0
1
0
3
6
7
.7
.0
.5
.4
.6
.3
.1
9
9
9
8
9
9
9
6
4
2
7
0
7
1
.2
.6
.0
.6
.0
1
.1
100
90
112
143
195
233
240
219
217
215
192
5.3
0.7
3.9
4.4
4.8
6.9
5.5
5.0
4.6
83.9
84.5
85.2
85.4
87.6
87.1
87.6
89.9
91.6
1
1
1
1
1
1
1
1
1
83.6
83.7
87.6
92.1
91.1
88.2
83.4
89.8
97.0
1
1
1
1
1
1
1
1
1
75.8
69.0
71.6
74.9
76.0
71.6
63.6
67.3
68.4
9
9
8
8
8
9
9
8
9
1
2
9
9
9
1
0
9
1
.6
.0
.6
.9
.9
.2
.3
.9
.0
144
136
142
145
146
147
142
141
141
185
185
184
190
190
192
191
194
196
114.3
112.7
93.6
96.3
95.8
197.6
195.9
198.0
92.0
92.0
93.2
151
153
201
207
206
0
1
1
1
1
1
1
1
1
9
3
4
1
6
6
7
.
.
.
.
.
.
.
172.3
169.0
170.0
sources a n d references c o n c e r n i n g c h a n g e s in t h e structure of price indexes for various countries, see B U L L E T I N for
1953
Netherlands
.5
.0
.4
.0
.8
.4
.1
31
20
06
00
99
101
111
5
6
2
9
1
8
3
stocks
December
575
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
W M . M C C . MARTIN, JR., Chairman
M . S . SZYMCZAK
R. M. EVANS
JAMES K. VARDAMAN, JR.
A. L. MILLS, JR.
J. L. ROBERTSON
ELLIOTT THURSTON, Assistant to the Board
WINFIELD W. RIEFLER, Assistant to the Chairman
WOODLIEF THOMAS, Economic Adviser to the Board
ALFRED K. CHERRY, Legislative
Counsel
DIVISION OF EXAMINATIONS
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
GEORGE S. SLOAN, Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H. LANG, Chief Federal Reserve Examiner
ROBERT C. MASTERS, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
HOWARD H. HACKLEY, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
DIVISION O F BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
DIVISION O F RESEARCH A N D STATISTICS
RALPH A. YOUNG,
Director
DIVISION OF PERSONNEL ADMINISTRATION
DWIGHT L. ALLEN, 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
H . FRANKLIN SPRECHER, JR., Assistant
DIVISION O F ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
Director
JOSEPH E. KELLEHER, Assistant Director
EDWIN J. JOHNSON, Assistant Director
DIVISION O F I N T E R N A T I O N A L FINANCE
ARTHUR W . MARGET, Director
OFFICE O F DEFENSE LOANS
LEWIS N . DEMBITZ, Assistant Director
FEDERAL OPEN
MARKET COMMITTEE
WM. MCC. MARTIN, JR., Chairman
ALLAN SPROUL,
J. A. ERICKSON
R. M. EVANS
DELOS C. JOHNS
A. L. MILLS, JR.
Director
Vice Chairman
O. S. POWELL
J. L. ROBERTSON
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
GARDNER L. BOOTHE, II,
Administrator
FEDERAL
ADVISORY COUNCIL
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
GUND,
ROBERT V . FLEMING,
RICHMOND
DISTRICT
DISTRICT
Vice President
WINFIELD W . RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
W M , J. ABBOTT, JR., Associate Economist
J. MARVIN PETERSON, Associate Economist
P A U L M . DAVIS,
ATLANTA
DISTRICT
EDWARD E . BROWN,
CHICAGO 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
576
HERBERT V . PROCHNOW,
Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman 1
Bank of
Deputy Chairman
Vice Presidents
President
First Vice President
(Vice Presidents in charge of branches are listed in
lower section of this page)
Boston....
Harold D. Hodgkinson
Ames Stevens
J. A. Erickson
Alfred C. Neal
John JJ. Fog
ogg
Carl B. Pitman
.obert B. Harvey 3 O. A. Schlaikjer
E. O. Latham
R. F. Van Amringe
New York.
Jay E. Crane
William I. Myers
Allan Sproul
William F. Treiber
H. A. Bilby
H. H. Kimball
L. W. Knoke
Walter S. Logan
A. Phelan
Philadelphia...
William J. Meinel
C. Canby Balderston
Alfred H. Williams
W. J. Davis
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
Roger R. Clouse
W. D. Fulton
3
Donald S. Thompson A. H. Laning
Martin Morrison
Richmond.
Charles P. McCormick
John B. Woodward, Jr.
Hugh Leach
Edw. A. Wayne
N. L. Armistead
Aubrey N. Heflin
Upton S. Martin
R. W. Mercer 3
Atlanta.
Frank H. Neely
Rufus C. Harris
Malcolm Bryan
Lewis M. Clark
V. K. Bowman
E. C. Rainey 2
J. E. Denmark
L. B. Raisty
Harold T. Patterson Earle L. Rauber
S. P. Schuessler
Chicago.
John S. Coleman
Bert R. Prall
C. S. Young
E. C. Harris
Neil B. Dawes
W. R. Diercks
W. A. Hopkins
L. H. Jones *
L. G. Meyer
George W. Mitchell
A. L. Olson
Alfred T. Sihler
W. W. Turner
St. Louis
Russell L. Dearmont
Wm. H. Bryce
Dale M. Lewis
Wm. E. Peterson
H. H. Weigel
J. C. Wotawa
Minneapolis. . .
Roger B. Shepard
Paul E. Miller
Delos C. Johns
Frederick L. Deming
O. S. Powell
A. W. Mills
H. C. Core
E. B. Larson
H. G. McConnell
J. Marvin Peterson
Otis R. Preston
M. H. Strothman, Jr.
Sigurd Ueland
Kansas City...
Raymond W. Hall
Cecil Puckett
H. G. Leedy
Henry O. Koppang
John T. Boysen 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 3
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 2
O. P. Wheeler
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
J. H. Wurts
H. E. J. Smith
Paul C. Stetzelberger
C. B. Strathy
K. Brantley Watson
Chas. W. Williams
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
New York
Cleveland
Richmond
Atlanta
Chicago
St. Louis
1
MAY
Branch
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
Also Federal Reserve Agent.
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
R. A. Swaney
C. M. Stewart
C. A. Schacht
Paul E. Schroeder
1
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
El Paso
Houston
San Antonio
Dallas
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
»Also Cashier.
4
C. M. Rowland
W. H. Holloway
W. E. Eagle
W. F. Volberg
J. A. Randall
W. L. Partner
J. M. Leisner
Counsel.
577
FEDERAL RESERVE BOARD PUBLICATIONS :
The material listed below may be obtained from THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
the Division of Administrative Services, Board of
FUNCTIONS. November 1947; reprinted April
Governors of the Federal Reserve System, Wash1953. 125 pages.
ington 25, D. C. Where a charge is indicated,
remittance should be made payable to the order BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the
of the Board of Governors of the Federal Reserve
Board's staff. August 1941; reprinted October
System.
1952. 496 pages. Paper cover. $1.00 per copy;
ANNUAL REPORT of the Board of Governors of the
in quantities of 10 or more copies for single shipFederal Reserve System. Issued each year.
ment, 75 cents each.
Available without charge upon request.
BANKING AND MONETARY STATISTICS. Statistics of
FEDERAL RESERVE BULLETIN. Issued monthly. Subbanking, monetary, and other financial developscription price in the United States and its posments. November 1943. 979 pages. $1.50 per
sessions, Bolivia, Canada, Chile, Colombia, Costa
copy. No charge for individual sections (unRica, Cuba, Dominican Republic, Ecuador,
bound).
Guatemala, Haiti, Republic of Honduras, Mexico,
Nicaragua, Panama, Paraguay, Peru, El Salvador, A STATISTICAL STUDY OF REGULATION V LOANS.
Uruguay, and Venezuela is $2.00 per annum or
September 1950. 74 pages. 25 cents per copy;
20 cents per copy; elsewhere $2.60 per annum or
in quantities of 10 or more copies for single ship25 cents per copy. Group subscriptions in the
ment, 15 cents each.
United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS
AND THEIR USE IN ECONOMIC ANALYSIS. Janu12 months.
ary 1952. 175 pages. 25 cents per copy; in
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
quantities of 10 or more copies for single shipRATES, and BUSINESS. Issued monthly. $6.00
ment, 15 cents each.
per annum including edition of historical supplement (listed below) available when subscription THE FEDERAL RESERVE ACT, as amended to November 1, 1946, with an Appendix containing prois entered or renewed. 60 cents per copy; in
visions of certain other statutes affecting the
quantities of 10 or more copies of a particular
Federal Reserve System. 372 pages. 50 cents per
issue for single shipment, 50 cents each. (Dopaper-bound copy; $1.00 per cloth-bound copy.
mestic 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.
578
COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING WITHIN THE UNITED
STATES. (July 1, 1951.) December 1951. 33 pages.
RULES OF ORGANIZATION AND RULES OF PROCEDURE
—Board of Governors of the Federal Reserve
System (with Amendments). September 1946.
31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BOARD
REPRINTS
REAL ESTATE LOANS OF REGISTRANTS UNDER REGU-
(From Federal Reserve Bulletin unless preceded by an asterisk)
MEASUREMENT OF CONSUMER CREDIT. November
1950. 9 pages.
* T H E TREASURY—CENTRAL BANK RELATIONSHIP IN
FOREIGN
COUNTRIES—PROCEDURES
AND TECH-
NIQUES. November 1950. April 1951. 19 pages.
TRENDS IN INTERNATIONAL TRADE AND PAYMENTS.
April 1951. 14 pages.
HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING
THE INTRODUCTION OF REAL ESTATE CREDIT REGU-
LATION. July 1951. 23 pages.
SAVING IN THE DEFENSE ECONOMY.
1951.
NEW
September
5 pages.
INDEX
OF OUTPUT
DURABLE GOODS.
OF MAJOR
CONSUMER
October 1951. 6 pages.
CREDIT AND SALES REPORTED BY REGULATION W
REGISTRANTS.
VOLUNTARY
TO H E L P
CURB
LATION X. June 1952. 18 pages.
RETAIL CREDIT SURVEY—1951.
INFLATION.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
AND BUSINESSES.
July 1952. 2 pages.
PROBLEMS OF TRADE EQUILIBRIUM.
October 1952.
9 pages.
REVISED
SERIES
ON DEPARTMENT
STOCKS, AND ORDERS.
STORE
SALES,
October 1952. 5 pages.
RECENT CREDIT EXPANSION.
RECENT
CENTRAL
SOUTHEAST ASIA.
November 1951. 9 pages.
REVISED INDEXES OF DEPARTMENT STORE SALES AND
December
ECONOMIC PROBLEMS FACING POST-TREATY JAPAN.
BANKING
1952.
7
DEVELOPMENTS
THE
IN
December 1952. 9 pages.
CREDIT AND MONETARY REVIEW FOR 1952.
1953.
STOCKS. December 1951. 53 pages.
February
7 pages.
MONETARY SYSTEM OF THE UNITED STATES.
February 1953. 16 pages.
January 1952. 11 pages.
T H E SECOND ARMAMENT BUDGET.
February 1952.
9 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES ON
ECONOMIC STABILITY.
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.)
pages.
October 1951. 12 pages.
ACTION
PUBLICATIONS
February 1952.
March 1953. 16 pages.
9
FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA-
RECENT CHANGES IN GERMANY'S FOREIGN TRADE
INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952.
pages.
BILITY. May 1953. 7 pages.
BALANCE. March 1952. 7 pages.
1952 SURVEY OF CONSUMER FINANCES—From April,
March 1953. 8 pages. (Also similar article
from March 1952 BULLETIN.)
July, August, and September issues of BULLETIN. SELECTED PRELIMINARY FINDINGS OF THE 1953
67 pages. (Also, similar surveys for earlier years
SURVEY OF CONSUMER FINANCES. March 1953.
2 pages.
from 1946, 1947, 1948, 1949, 1950, and 1951
REVISION OF CONSUMER CREDIT STATISTICS.
BULLETINS.)
BANKING IN THE SOVIET UNION.
April 1952.
8
pages.
SALES. April 1952. 4 pages.
BEFORE
SUBCOMMITTEE
ON GENERAL
CREDIT CONTROL AND DEBT MANAGEMENT, MARCH
CHANGES IN INSTALMENT CREDIT TERMS. May 1952.
6 pages.
June 1952. 18 pages.
1953
tary details for item listed above), April 1953.
25 pages.
THE
TRANSITION TO FREE MARKETS.
April 1953.
6 pages.
11, 1952. April 1952. 4 pages.
EXCESS PROFITS TAXES
USED IN REVISION OF SHORT- AND INTERMEDIATETERM CONSUMER CREDIT STATISTICS (supplemen-
STATEMENT BY CHAIRMAN OF THE BOARD OF GOV-
MAY
April
19 pages.
^DETAILED DESCRIPTION OF SOURCES AND METHODS
REVISED WEEKLY INDEX OF DEPARTMENT STORE
ERNORS
1953.
FEDERAL
RESERVE
BANK
RESPONSIBILITIES.
May
1953. 5 pages.
OF COMMERCIAL
BANKS.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA-
BILITY.
May 1953. 7 pages.
579
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FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
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BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
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