Full text of Federal Reserve Bulletin : November 1952
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FEDERAL
ESERVE
BULLETIN
1952
BOAKD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
WINFIELD W.
SUSAN S. BURR
RIEFLER
RALPH A. YOUNG
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements
and signed articles.
CONTENTS
PAGE
Expenditures in 1952.
1185-1192
National Summary of Business Conditions.
1193-1194
Financial, Industrial, Commercial Statistics, U. S. (See p. 1195 tor list of tables)
1195-1244
International Financial Statistics (See p. 1245 for list of tables)
1245-1263
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council.
1264
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
1265
Federal Reserve Board Publications.
Map of Federal Reserve Districts.
1266-1267
1268
Subscription Price of Bulletin
FEDERAL
VOLUME
RESERVE
LLETIN
November 1952
38
NUMBER
11
EXPENDITURES IN 1952
The gross national product for the year
1952 will set a new record, as will total personal income. Gains from the preceding
year, however, will be substantially less than
in either 1950 or 1951. In the current quarter total expenditures and output are showing a considerable rise, reflecting strengthening of business and consumer demands and
probably some increase in national security
expenditures.
The smaller growth in national product
for this year, in physical as well as dollar
terms, reflects the temperate nature of many
private demands during most of 1952, as the
chart indicates, and a smaller increase in national security expenditures. It also reflects
the already high utilization of manpower
resources and productive capacity prevailing
last year. Notwithstanding a high rate of
resource utilization, prices in wholesale markets will average moderately lower this year
than in 1951, while consumer prices will average somewhat higher.
Outlays for national security purposes will
show a substantial increase for the year as
a whole. Following almost two years of
sustained growth, however, such outlays
changed little in the third quarter. Consumer spending will be moderately higher
than in 1951. After rising slowly in the first
half of the year, consumer buying leveled
off in the third quarter but is showing a
sizable rise in the current quarter. As in
1951, consumer expenditures for goods and
NOVEMBER
1952
GROSS NATIONAL PRODUCT
Annual Rates
Billions of Dollar
350
300
250
EXPENDITURES
200
100
GOV'T PURCHASES
OF GOODS AND SERVICES
50
1948
1950
1952
NOTE.—Department of Commerce quarterly estimates, adjusted for seasonal variation. Fourth quarter 1952 estimated
by Federal Reserve.
services will be a smaller proportion of consumer incomes after taxes than in earlier
postwar years. Expenditures for business
plant and equipment may be somewhat
higher than last year. Present indications
are that as many new housing units will be
started as in 1951.
A major factor influencing economic developments was the shift from record accumulation of nonfarm business inventories
in die spring of 1951 to little change in the
first half of 1952. During this period the
1185
EXPENDITURES IN 1952
decline in expenditures for inventory accumulation about equaled the rise in outlays
for national security. The reduced volume
of buying for inventory was reflected in curtailment of output in some nondefense industries and in lower prices for some industrial materials and products. By midyear,
readjustment of inventories had been completed in many lines and incentives had
developed for some expansion in ordering
and production.
The steel strike in June and July resulted
in curtailed output in steel consuming industries, including some making defense
products, and sharp reductions of steel inventories. Following the settlement, output
recovered rapidly.
Gross national product showed a slight
increase for the third quarter, and a large
advance is indicated for the current quarter.
Business stocks of steel and automobiles,
depleted by the strike, and of other nondefense goods, reduced by earlier production
cutbacks, are being rebuilt. Retail sales rose
sharply in September and continued strong
in October. In October industrial production reached a new postwar high, which is
being maintained in November. Output of
both durable and nondurable civilian goods
is up substantially from spring levels.
The labor market has also strengthened
in recent months. Nonfarm employment,
seasonally adjusted, which had been relatively stable for a year at levels close to the
June 1951 peak, increased by 600,000 between
May and September. Average hours of
work in manufacturing increased appreciably
in September. Unemployment in October
amounted to 1.3 million, or 2 per cent of the
civilian labor force, and was lower than at
any time since World War II. Average
hourly earnings in manufacturing advanced
sharply in September.
1186
Despite the recent expansion in sales and
output, there has been little upward pressure
on prices. Prices of farm products, especially livestock and cotton, and of a few basic
industrial commodities have declined further. Wholesale prices of commodities other
than farm products and foods have been
fairly stable since spring and in early November were about 4 per cent below their
peak in March 1951. Consumer prices, after
rising slowly to a new high in August, have
since leveled off. Retail prices of foods have
eased a little, other goods have firmed, and
rents and services have continued to advance.
NATIONAL SECURITY OUTLAYS
Federal expenditures for national security
programs are currently about triple the preBUDGET EXPENDITURES FOR M A J O R NATIONAL
SECURITY PROGRAMS
X
[Annua1 rates, in billions of dollars]
Type of expenditure
1950
2nd Q.
1952
1951
2ndQ.
4th Q. 2nd Q. 3rd Q.
17.5
37.0
43.8
52.1
51.9
Defense Department—
Military, total
Arniv
Navv
Air Force
Office of the Secretary of Defense. . .
11 A
3.4
3.8
4.0
27.4
10.9
7.5
8.4
36.6
14.8
9.2
12.1
42.2
16.1
11.5
14.2
42.2
16.2
10.9
14.7
.2
.6
.5
.4
.4
International security
and foreign relations,
total
Military assistance. .
Economic and technical assistance. . .
Other 2
4.9
.2
6.9
1.6
5 0
2.2
6.2
3.3
3.6
1.1
4.0
1.3
1.8
1.0
6.5
2.8
2.9
.8
Atomic Energy Commission
Stockpiling of materials
Other security
programs 3
.6
.4
.2
1.3
.7
1.5
.4
2.0
1.5
1.8
1.1
.7
.4
-.1
.6
Total
1.9
1.0
1
Budget expenditures differ somewhat in definition and amount
from expenditures for goods and services as used in the national
income accounts. On the latter basis security outlays in third
quarter
1952 were 49.6 billion dollars (annual rate).
2
Includes mainly expenditures of the State Department and
the Export-Import Hank and those for government and relief in
occupied
areas and miscellaneous foreign aid.
3
Includes mainly expenditures of Selective Service Commission,
National Advisory Committee for Aeronautics, Federal Civil
Defense Administration, and expenditures under the Defense
Production Act and for maritime activities of the Commerce
Department.
Source.—Daily Statement of the U. S. Treasury.
FEDERAL RESERVE
BULLETIN
EXPENDITURES IN 1952
Korean rate, as the accompanying table in mid-1951 following a year and a half of
shows. Such spending now amounts to sharp expansion. Such expenditures are
about 15 per cent of total national product probably at a record level in the current quaras compared with 6 per cent before Korea. ter. In terms of physical volume, business
Growth in security outlays during 1952, fixed investment in 1952 will about equal
however, has been substantially smaller than last year's record and will be about one-tenth
was anticipated at the beginning of the year larger than in 1948, the previous peak year.
Underlying the sustained high level of
and very much less than occurred last year.
After rising substantially in early 1952, secu- total plant and equipment outlays have been
rity outlays showed little change in the third divergent developments among the compoquarter but are apparently increasing in the nent industries, as can be seen in the chart.
In industries not directly related to the decurrent quarter.
fense
program, expenditures increased subThe bulk of the early expansion of national
security outlays was for wages and salaries, stantially following the Korean outbreak but
other services, and soft goods associated di- have generally declined since the middle or
rectly with the build-up of the armed forces latter part of 1951. In some industries the
and the staffing of defense agencies. This declines reflect large capacity and the modphase of the defense program was largely erate nature of demands for the output of
completed by the end of 1951, when nearly these industries. In other industries they
3.5 million persons were in the armed forces, reflect restrictions on the use of materials and
as compared with 1.5 million in June 1950. selective credit restraints. The easing of reIncreases in output of tanks, airplanes, and strictions on the use of scarce materials in
other hard goods involved complex planning
and production problems and provision of PLANT AND EQUIPMENT EXPENDITURES
specialized facilities. These factors together
Annually
with the basic decision to procure advanced
Billions of Dollars
types of military equipment, even when
MANUFACTURING
this meant delaying production, retarded
the expansion of hard goods output. Large
COMMERCIAL
DURABLES J
AND MISCELLANEOUS
increases in deliveries were occurring by
the fall of 1951, however, and since that
CHEMICALS,
time expansion in deliveries has about
RUBBER, AND
ELECTRIC AND GAS
PETROLEUM
equaled growth in total security outlays.
UTILITIES
^*In the third quarter of this year hard goods
deliveries, at an annual rate of about 24 billion dollars, were seven times as large as two
years earlier and about three-fourths as large
OTHER
RAILROADS
as the peak rate currently scheduled.
NONDURABLES
MINING
BUSINESS FIXED INVESTMENT
Outlays for nonresidential business construction and producers' durable equipment
have remained near the high level reached
NOVEMBER
1952
1948
1950
1952
1948
1950
1952
NOTE.—Data are from Securities and Exchange Commission
and Department of Commerce. Data for 1952 include third
and fourth quarter expenditures anticipated by business.
1187
EXPENDITURES IN 1952
commercial construction in the third quarter apparently show a moderate increase for the
of 1952 and the suspension of Regulation X in year 1952, after a record accumulation of 9.5
September may lead to some expansion in billion dollars in 1951 and 4.5 billion in 1950.
commercial construction activity.
Little change in inventory holdings in the
Outlays for fixed investment in industries first half of this year, as shown in the chart,
closely associated with the defense program was followed in the third quarter by renewed
have generally leveled off during 1952, al- accumulation on a moderate scale, which is
though for the year as a whole they will be probably continuing in the fourth quarter.
appreciably larger than in 1951. In some in- Farm inventories will probably rise somedustries, such as mining and railroads, out- what less during the year than the 1 billion
lays are declining, while in a few, such as dollars reported for 1951, largely because of
electric utilities, primary nonferrous metals, a smaller increase in cattle herds.
chemicals, petroleum, and rubber products,
PRIVATE DOMESTIC INVESTMENT
they have continued to increase.
35
Work on defense-related investment projAnnual Rates
Billions of Dollars
ects certified for accelerated tax amortization
30
PRODUCERS'
DURABLE EQUIPMENT
has been put in place in both 1952 and 1951
25
at a rate of about 6 billion dollars a year.
The greater part of the 10 billion dollars of
20
work remaining on the 23 billion of projects
so far approved under this program is sched15
uled to be completed during 1953. The
10
largest capacity expansion programs in terms
OTHER
CONSTRUCTION
of dollar outlays are in electric light and
5
power; steel works, rolling mills, and blast
15
furnaces; railroad operating equipment; and
CHANGE IN NONFARM 1
— 10
petroleum refining. The program also em- — BUSINES*> INVENTORIES
braces such diverse industries as pulp mills,
Great Lakes transportation, and synthetic
fibers.
1
Industrial capacity generally has been ex1
1, , , 1 , , ,1
-5
panded considerably since Korea, in addition
1950
1952
1948
to substantial growth in the earlier postwar
None.—Department of Commerce quarterly estimates, adfor seasonal variation. Fourth quarter 1952 estimated
years. By the end of 1952 increases in ca- justed
by Federal Reserve. Changes in farm inventories are not
shown.
pacity in basic industries as compared with
pre-Korean levels will amount to nearly 50
The composition of nonfarm inventories
per cent for aluminum, 30 per cent for elechas changed since the spring of 1951 as sigtric power, and 15 per cent for steel and
nificant reductions have occurred in some
petroleum refining.
• ill.
CHANGES IN BUSINESS INVENTORIES
The physical volume of nonfarm business
inventories, measured at current prices, will
1188
"1
I.
1h
—
ill
areas while accumulation has continued
in others. Manufacturers' inventories continued to rise into the spring of 1952, though
much less rapidly than in the year beginning
with the Korean outbreak. T h e growth
FEDERAL RESERVE BULLETIN
EXPENDITURES IN 19 52
early this year reflected further expansion of
stocks in durable goods manufacturing,
especially in those industries associated with
the defense program. Reductions in June
and July of this year, reflecting the steel
strike, were followed by renewed expansion
for durable goods industries as a whole, although at the end of September such stocks
were still below the earlier peak. In nondurable goods industries, inventories declined
from late 1951 to mid-1952 but have since
increased moderately in some areas, particularly in apparel manufacturing.
Following substantial liquidation in the
second half of 1951, distributors' inventories
declined moderately further in the first half
of 1952, but more recently have increased.
dential markets, mortgage debt outstanding
on 1- to 4-family properties has risen substantially further in 1952.
The extent to which suspension of Regulation X in September and relaxation of associated FHA and VA restrictions on terms
of mortgage lending may stimulate demand
for housing cannot yet be ascertained. Loans
on Government-underwritten mortgages,
especially VA-guaranteed, are difficult to obtain in many areas. Funds for conventional
mortgage lending are readily available, but
on terms apparently not much different from
those prevailing under Regulation X. Suspension of the restraints, however, may contribute to the availability of second mortgages
to supplement conventional financing of
sales of higher priced houses.
RESIDENTIAL CONSTRUCTION
Private expenditures for nonfarm residential construction in 1952 have been running
at an annual rate of about 11 billion dollars
(seasonally adjusted), somewhat larger than
in the second half of last year but about the
same as in 1951 as a whole. Total nonfarm
housing starts in the first 10 months of 1952
were at an annual rate of over 1.1 million,
about the same as for the year 1951 and onefifth below the record 1950 total.
Since World War II there has been a net
addition of more than 8 million units to the
housing supply, mainly from new construction. This expansion has more than kept
pace with the high rate of new family formation, and doubling-up has been reduced
from an exceptionally high level to the lowest
on record. With many demands for housing already met, prospective buyers are being
more selective than earlier. The vacancy
rate, however, remains low, and markets for
both new and existing houses continue active
with prices generally stable at close to peak
levels. Reflecting the high activity in resiNOVEMBER 1952
PERSONAL INCOME, CONSUMPTION EXPENDITURES, AND SAVING
Personal income, which increased slowly
in the first half of 1952, advanced sharply
in August and September following settlement of the steel strike. In the fourth quarter personal income will apparently be well
above the third quarter level, and for the year
as a whole is estimated at about 5 per cent
above last year's record level. Expansion in
wage and salary income accounts for the
greater part of the rise. Income of farm proprietors is expected to be somewhat below
the advanced level of last year, reflecting a
moderate decline in farm prices and an increase in production costs. Interest, dividends, and income of nonfarm proprietors
may be moderately larger than in 1951.
Disposable income, i.e., personal income
after taxes, is estimated to be about 4 per cent
larger this year than last year. This rise is
slightly less than the growth in personal income because of further substantial increases
in individual income tax rates that became
1189
EXPENDITURES IN 1952
effective late in 1951. When allowance is
made for an increase of about 2 per cent in
consumer prices and of about 1.7 per cent in
population, real disposable income per capita
in 1952 will be little changed from 1951.
Total consumer expenditures increased
moderately in each quarter from mid-1951
to mid-1952, as the chart shows. By early
1952 such spending had exceeded the previous peak of early 1951 in terms of dollar
outlays, but not in terms of real takings. In
the third quarter total spending was unchanged as sales of new automobiles were
reduced by the steel strike. A substantial
PERSONAL INCOME AND CONSUMPTION
300
Annual Rates
Billions of Dollars
PERSONAL
250
DISPOSABLE
INCOME.
f
4 per cent larger than in 1951, the same increase shown by disposable income. Real
takings appear to be at an all-time high,
slightly above 1951, although takings of durable goods are apparently below the levels
of the preceding two or three years.
Although at record levels, personal consumption expenditures in 1952 as a percentage of disposable income will be about the
same as in 1951 and moderately higher than
in the second half of 1951, as may be seen
from the table. Since early last year the
spending rate has been lower than in most
prewar or postwar years. As compared with
the 1946-1950 average, consumers this year
have spent smaller proportions of their disposable incomes for furniture and household equipment, as well as for clothing and
shoes, but a larger proportion for shelter and
household operation. The proportion spent
for food has shown little change.
As in 1951, personal saving has been large,
much of it taking such financial forms as
PERCENTAGE DISTRIBUTION OF DISPOSABLE PERSONAL INCOME
1952,
Tan.SepU
200
Personal consumption expenditures
1951
JulyDec.i
TanMar.i
19461950
1939
92.2
90.9
96.6
95.1
Durable goods, total
Autos and parts
Furniture and household
equipment
Other
10.9
4.3
11.1
14.4
5.8
12.5
4.4
96.2
9.5
3.0
4.8
1.8
5.0
1.8
6.7
1.9
6.0
2.1
4.8
1.7
NOTE.—Department of Commerce quarterly estimates, adjusted for seasonal variation. Fourth quarter 1952 estimated
by Federal Reserve.
Nondurable
W 9
8.7
50.0
8.9
52.0
9.5
53.2
10.5
50.3
10.0
31.2
11.0
30.5
10.6
31.4
11.1
31.5
11.1
27.5
12.8
increase seems to be developing in the current
quarter, however, and supplies of consumer
goods are generally ample. Department store
sales, seasonally adjusted, advanced sharply
in October to a new high for the year and
were well above the levels of a year earlier.
Total consumption expenditures for the
year as a whole are estimated to be about
Services, total
Household operation. . .
Housing
Other
30.5
4.7
10.0
15.8
29.8
4.5
9.7
15.5
30.2
4.6
9.6
15.9
29.4
4.3
9.0
16.1
36.3
5.1
12.7
18.5
7.8
9.1
3.4
4.9
3.8
150
1948
1190
1950
1952
goods,
total....
Clothing and shoes
Food and alcoholic beverages
Other
Personal saving
Disposable personal income :
Per cent
Billions of dollars
2
100.0 100.0 100 0 100.0 100.0
232.4 2 229.3*218.0 181.9 70.2
- Based on seasonally adjusted data.
Annual rates.
Source.—Based on Department of Commerce data.
2
FEDERAL RESERVE
BULLETIN
EXPENDITURES IN 1952
time deposits, savings and loan shares, and
insurance and pension reserves.
Durable goods. In the first quarter of
1952 consumer expenditures for durable
goods were at the lowest level since late 1949,
one-fifth below the high level of early 1951.
The decline reflected reduced consumer demands. Except for automobiles, reductions
in output were generally larger than required by restrictions on the use of materials. Among the principal factors underlying restrained demand for durables were
consumer expectations of continued availability of goods, restrictions until May on
the use of instalment credit, and large
consumer stocks of relatively new durable goods. The number of passenger automobiles in use, for example, rose from 25
million in mid-1946 to 39.5 million in mid1952, and the proportion of automobiles under three years of age increased from less
than 2 per cent to about 35 per cent.
In late spring, however, consumer purchases of automobiles, appliances, and television sets increased considerably, partly as
a result of the relaxation of instalment credit
terms following the suspension of Regulation W on May 7. Outstanding instalment
credit has risen substantially since then.
Expenditures for durables declined sharply
in July and August as automobile sales were
reduced by the effects of the steel strike.
Automobile production recovered rapidly,
however, and in September and October
reached the highest rate since June 1951, permitting both an increase in sales and a rebuilding of dealers' stocks. For the year as
a whole, output may amount to about 4.3 million passenger cars, as compared with the
record of 6.7 million in 1950 and 5.3 million
in 1951. In recent months output of television sets has risen sharply and of appliances
moderately, resulting in part from stronger
NOVEMBER 1952
consumer demands and in part from efforts
to replenish business inventories, which had
been substantially reduced after mid-1951.
Nondurable goods and services. Total outlays for nondurable goods in 1952 are estimated to be about 5 per cent larger than in
1951. After reaching a record level in the
first quarter, purchases of nondurables
showed little change in the second quarter,
but increased moderately in the third and
apparently also in the fourth quarter. Expenditures for foods and alcoholic beverages
have continued to rise and in the third quarter were at a new high, about 5 per cent
above a year earlier. Much of this increase
reflected somewhat higher prices. Following a marked decline early in the year,
outlays for clothing and shoes recovered
in late spring. Demand has remained relatively strong in recent months and, with
prices of clothing generally lower, real takings are currently higher than a year ago.
Consumer outlays for services in 1952
have continued the gradual upward trend of
earlier postwar years. Steady increases have
occurred in both prices and real takings of
housing, electricity, gas, and other services.
CONCLUSION
During 1952 an exceptionally high rate of
resource utilization for the economy as a
whole has been maintained without resumption of inflationary price trends. Some stabilization measures have been relaxed or suspended. A record output of goods and services, despite the steel strike, has permitted
a further increase in production for national
security purposes, continuation of a record
volume of business investment in plant and
equipment, and a new high level of real
takings by consumers. Within the price
structure there has been further adjustment
of the imbalances that developed in the pe1191
EXPENDITURES IN 1952
PRICE AND W A G E CHANGES SINCE KOREA
Percentage increase, or
decrease (—)
Group
Tune
1950
to
March
1951
March DecemJune
1951
ber 1951 1950
to
to
to
Decem- October October
ber 1951 1952
1952
Basic commodity prices. . .
43
-14
-13
Wholesale prices, all commodities
Farm products
Processed foods
Other commodities
16
24
16
15
- 5
- 1
- 2
-
Consumer prices, all items.
Foods
Other commodities
Rents and services
8
11
8
5
2
3
2
3
Average hourly earnings in
manufacturing
8
4
7
2
6
2
I
11
11
12
11
1
0)
0)
3
12
14
10
11
4
17
1
Less than one-half of 1 per cent.
Source- -leased on Bureau of Labor Statistics data; October
partly estimated by Federal Reserve.
1192
riod immediately following the invasion of
South Korea, as may be seen in the table.
Average hourly earnings in manufacturing
have advanced moderately more than consumer prices in the past two and a half years.
Further expansion of expenditures for national security purposes is planned. In view
of prospective additions to present large productive capacity, the likely further growth in
the civilian labor force and in productivity,
and the large stocks of goods held by both
businesses and consumers, the economy appears to be in a position to meet the requirements of the defense program as presently
planned and to satisfy somewhat larger private demands as they may develop.
FEDERAL RESERVE
BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled October 28 and released for publication October 30]
Industrial output rose to new postwar highs in
September and October and construction activity
continued close to record levels. Retail sales generally expanded. Wholesale commodity prices declined somewhat further after mid-September, and
consumers prices are now slightly below their
August peak reflecting mainly lower food prices.
INDUSTRIAL PRODUCTION
The Board's index of industrial production in
September rose substantially further to 225 per
cent of the 1935-39 average, as compared with 214
in August and 218 in September a year ago. In
addition to recovery of activity in metalworking
industries to earlier advanced rates, output of some
nondurable goods and of mineral fuels showed
large further increases. In October the total index
is likely to rise somewhat further, with gains in
many lines partly offset by a substantial decrease
in coal mining.
Steel production has continued to rise sharply
and in October was scheduled at the record annual
rate of about 116 million ingot tons. Passenger
auto assembly in October continued at about the
high September rates. Output of household durable goods expanded in September, owing mainly
to a sharp rise in production of television sets to a
rate almost double the curtailed second quarter
volume. Activity in industrial and military equipment lines generally increased.
The increase in nondurable goods output in September to a level slightly above a year ago resulted
mainly from continued gains at textile and paper
mills. Activity at chemical plants reached a newpostwar peak and there was a considerable rise in
output of rubber products.
Crude petroleum and coal output rose substantially in September and total minerals production
was at record levels. In October, petroleum output
rose further, while coal mining was considerably
reduced, owing in part to work stoppages in the
latter part of the month.
CONSTRUCTION
Value of construction contracts awarded increased sharply in September reflecting two large
awards for atomic energy projects totaling 923
million dollars. Value of work put in place was
maintained at the close-to-record summer level.
Housing starts totaled 98,000 as compared with
99,000 in August and 96,000 in September 1951.
AGRICULTURE
Cattle marketings have expanded further in
recent weeks, in part influenced by drought in
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS
INDUSTRIAL
PRODUCTION
SICAL VOLUME, SEASONALLY ADJUSTED. 1935-39 • 100
i
—
|
-/-
• TRADE
*
>
w ^ -
MANUFACTURING
GOVERNMENT ^
^DURABLE
"/
_
-"""
\
^
SERVICE
^ — -
"NONDURABLE
.
NSPORTATION
TR/
A
D
UTILITIES
i
CONSTRUCT
MINING
1948
1948 1949 1950 1951 1952
Federal Reserve indexes.
estimates for October.
NOVEMBER
1952
1948 1949 1950 1951 1952
Monthly figures, latest shown are
V
1949 1950
i
1!
!
1951 1952
" ~
,
FINANCE
I
1948 1949 1950 1951 1952
Bureau of Labor Statistics data adjusted for seasonal variation by Federal Reserve. Proprietors, self-employed persons
and domestic servants are not included. Midmonth figures,
latest shown are for September.
1193
NATIONAL SUMMARY OF BUSINESS CONDITIONS
some areas, and hog marketings have also risen
seasonally. Total meat production in October has
been almost 15 per cent above the same month
last year. Crop prospects have improved and on
the basis of October 1 conditions were forecast at
3 per cent above the 1951 level.
BANK CREDIT
Total credit outstanding at banks in leading
cities increased considerably between mid-September and mid-October. The major part of the increase reflected bank purchases of. Treasury tax
anticipation bills offered in early October. Bank
loans to businesses also expanded, primarily for
EMPLOYMENT
seasonal needs. Food processors, commodity
The labor market strengthened further in Sep- dealers, trade concerns, and metal manufacturers
tember. Seasonally adjusted employment in non- were important borrowers.
Interest rates charged by commercial banks on
farm establishments rose to a new high of 47.1
million, 500,000 above the spring level. Substantial short-term business loans averaged 3.49 per cent in
gains in employee working time in both durable the first half of September compared with 3.51
and nondurable goods industries brought the aver- per cent in the first half of June. Rates rose very
age work week at factories to 41.1 hours, the high- slightly in New York City but declined elsewhere.
est level for the year; average hourly earnings rose
Bank reserve positions, which had eased tempomore than 2 cents to SI.69. Unemployment de- rarily in mid-September, again tightened somewhat
clined in early September to 1.4 million, the lowest in late September and early October. Required
of the postwar period.
reserves of member banks increased sharply in early
October as deposits expanded in connection with
DISTRIBUTION
bank payments for Treasury tax bills.
Following a decline in September, seasonally
adjusted sales at department stores increased in the
first half of October and were close to the high
August level. Automobile sales showed substantial recovery in September and in early October
were at a high level for this season of the year;
dealers' stocks rose further. Total department
store stocks, seasonally adjusted, continued to show
little change in September according to preliminary
estimates; however, for furniture, television and
household appliance departments a marked rise in
stocks is indicated.
SECURITY MARKETS
Influenced by an active nonbank demand for
short-term issues, yields on most United States Government securities declined substantially during the
first three weeks of October. Yields on high-grade
corporate bonds increased somewhat. Common
stock prices continued to decline from their August
highs.
SECURITY MARKETS
PER CENT
PER CENT
j
COMMODITY PRICES
The average level of wholesale prices has declined somewhat in October as a few basic commodities—notably lead, zinc and cotton—developed
new weakness and prices of livestock and meats
continued to decrease. Prices of such basic commodities as hides and wool, which had dropped
sharply some months ago, have recently been sustained, and prices of apparel and household goods
have increased somewhat.
The average level of consumers prices has declined slightly since mid-August, reflecting decreases in retail food prices partly offset by rising
tendencies for other consumer goods and services.
1194
i
160
80
200
COMMON STOCK PRICES
;
— —• ;
i
i
i
'..
jti
160
120
'"l~\ T ~
j
BOND YIELDS
80
,
4
4
j CORPORATE
/
'
^—-**—
3
3
•N
'
~
i
-
U. S. GOVERNMENT*^*^*^
u
\
'
1945
LL
1946
1947
i
i
1948
!
1949
1
1950
1951
1952
Common stock prices, Standard and Poor's Corporation; corporate bond yields, Moody's Investors Service; U. S. Government bond yields, U. S. Treasury Department. Weekly figures,
latest shown are for Oct. 15, 1952.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items. .
1197-1198
Federal Reserve Bank rates; margin requirements; reserve requirements
1198-1199
Reserves and deposits of member banks. .
1200
Federal Reserve Bank statistics..
1201-1203
Regulation V: guaranteed loans, fees, and rates. .
1203-1204
Bank debits and deposit turnover; Postal Savings System.
1204
Money in circulation.
1205
Consolidated statement of the monetary system, deposits and currency.
1206
All banks in the United States, by classes. .
1207-1209
All insured commercial banks in the United States, by classes.
1210-1211
Weekly reporting member banks.
1212-1214
Life insurance company commitments..
1214
Commercial paper, bankers' acceptances, and brokers' balances.
1215
Money rates; bank rates on business loans; bond yields
1216
Security prices and new issues..
1217-1218
Corporate sales, profits, and dividends. .
1218-1220
Treasury finance .
1221-1223
Government corporations and credit agencies.
1224
Business indexes .
1225-1234
Department store statistics.
1235-1238
Consumers' prices
1238
Wholesale prices
1239
Gross national product, national income, and personal income. .
1240-1241
Consumer credit statistics.
1242-1244
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Hunks and the member banks of the Federal Reserve System are derived from regular reports made to
the Hoard; index numbers of production arc compiled by the Hoard on the basis of material collected
by other agencies; figures ior gold stock, money in circulation, Treasury finance, and operations of
Government credit agencies are obtained principally from statements of the Treasury, or of the agencies
concerned; data on money and security markets and commodity prices and other series on business
activity are obtained largely from other sources. Hack figures for banking and monetary tables, together
with descriptive text, may be obtained irom the Hoard's publication, Banking and Monetary Statistics;
back figures for most other tables may be obtained from earlier HULI.IITINS.
NOVEMBER
1952
1195
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Billions of Dollars
30
Wednesday Figures
Billions of Dollars
30
25
25
20
20
15
15
10
10
TREASURY CASH AND DEPOSITS i
|
^
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
30
FEDERAL RESERVE CREDIT
HOLDINGS OF U- S
2
r
GOVERNMENT
SECURITIES - TOTAL
-.
DISCOUNTS AND ADVANCES
o L.
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
Wednesday figures, latest shown are for Oct. 29. See page 1197.
1196
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve 1. ank credit oulsi and ing
\
Treas-
I'. S. Government
securities
cur* Money
rcney in circulaouttion
sta riding
DisGold
_
I
stock
counts
:
All |
and
Bills, other1 ! Total
adcertifivances Total Bonds cates,
and
1
notes
Dale or period
Me Miiber bank
reserve balat CCS
TreasOther
deTreas- ury
Fedposits
Xonwith
memcash Federal
)er de- ReJIUReExReposits serve
Total quired'2 cess2
igs
acserve
counts
Banks
!
Wednesday
figures:
|
!
j
1951—Sept. 5 . .
Sept. 12. .
Sept. 19..
Sept. 2 6 . .
243
325
359
216
23 079i
23,108!
23.135
23.474
5,82z
5,822
5,822
5,822
17,257 684
17.286 951
17.313jl.289
17,652 988
24,006
24,384
24,783
24,677
21,854
21,853
21,934
22,013
4,672
4.673
4,674
4,676
28,262
28,216
28,140
28.137
1 ,299
Oct.
Oct.
Oct.
Oct.
Oct.
3..
10. .
17..
24. .
31..
69
79
69
152
186
24,039
24,072
23.848
23,666
13,552
5,825
5.825
5,325
5,325
5,325
18,214 922 25,030
18.247 875 25,025
18.523 1 .200 25,117
18.341 1 .024 24,841
18,227 690 24,427
22,015
22,055
22,105
22,144
22,234
4,680
4,680
4,681
4,683
4,686
28,320
28,448
28,385
28.301
28,410
Nov. 7 . .
Nov. 14. .
Nov. 2 1 . .
Nov. 28. .
243
274
227
483
23,507
23.397
23,275
23,2:39
5,325
5.325
5.334
5,334
18,182 845
18,072 930
17 941 1 243
17,905 957
24,595
24,602
24,745
24.679
22,284
22,283
22,333
22,332
4,686
4.688
4,68(J
4.69.3
Dec. 5 . .
Dec. 12. .
Dec. 19. .
Dec. 26. .
959
710
449
797
23,239
23,239
23,239
23,503
5,357
5,376
5,334
5.342
17,882 883 25,081 22,381
17,863 1,031 24,980 22.382
17,905 2,057 25,745 22,491
18,161 1,276 125,576 22,621
1952—Jan. 2 . .
Jan. 9 . .
Jan. 16..
Jan. 2 3 . .
Jan. 3 0 . .
105
198
135
112
210
23,658
23,452
23,119
22,993
22,785
5,344
5.344
5,344
5,344
5,344
Feb. 6 . .
Feb. 1 3 . .
Feb. 20. .
Feb. 2 7 . .
Mar.
Mar.
Mar.
Mar
408
474
477
816
1,022
1,047
923
1,024
714
713
730
731
18,825|!
19.167JI
19,835
19.369
18,406
18.555
18.864
18.837
,284
,286
,296
291
288
397
335
326
509
493
966
1.002
975
886
818
753
750
851
850
780
20,004
19,939
20.068
19,833
19,557
18,843 1,161
18.868 1 ,071
18,950 1,118
689
19.144
497
19.060
28,534
28,601
28,701
28.742
.291
.284
.285
.288
452
245
364
54*
843
815
800
750
778
776
774
774
19,667
19,850
19.843
19,603
18.988
18 976
19.211
19.229
4,699
4 ,700
4,703
4,704
28,891
29,037
29,263
29,403
1,292
,284
.269
1,289
501
266
6
289
787
740
776
880
770
770
827
832
19,919
19,964 I
20,798!!
20,208!'
723
19.196
647
19.317
19 767 1 ,031
571
19 637
18,314 1,062 24.825 22,697
18,108 904 24,554 22,772
17,775 1,118 !24.372 22.822
17,649 1,010 24,116 22,872
17,441 711 23,707 22,931
4,706
4,707
4,710
4,711
4,716
29,143
28,800
28,526
28,342
28,347
,275
,280
,291
,280
1,302
8
69
138
11
221
694
771
719
663
729
745
743
744
743
742
20.364 ; 19 685 679
818
20,369 j 19.551
898
20,488 19,590
20,660 19,573 1.087
558
20,013 | 19,455
283
619
454
422
22,614 5,344 17,270 759 123,656 22,990
22,499 5.344 17,155 634 23 ,753 23.011
22,400 5.471 16,929 1,033 23,887 23,071
22,555 5,636 16,919 773 23,750 23,110
4,717
4,717
4,721
4,722
28,378
28.425
28,387
28,390
1,317
,276
1,308
1,308
52
261
491
712
728
685
749
730
741 20,148 i 19.415
741 j20,094 i 19.301
738120,007 19.293
735|19,710 ; 19,224
5..
12 .
19
26
384
357
126
170
22,514
22,530
22,825
22,528
5,636
5,636
5,636
5,636
16,878 986 23,883
16,894 891 J23 ,778
17,189 1,265 ,24,216
16,892 715 23,413
23,290
23,291
23.292
23,291
4,726
4,726
4,729
4,731
28,464
28.452
28,361
28,329
,296
1,296
1.285
1,282
670
639
6
7
895
841
742
736
787
785
803
804
19,787 ! 19,166
621
599
19,781 19,181?
21.038 19,627 1 .411
776
20,276 19,500
Apr. 2. .
Apr. 9 . .
Apr. 16. .
Apr. 23. .
Apr. 30. .
130
167
622
830
676
5,636
5,636
5,136
5,136
5,136
4,736
4,736
4,737
4,738
4,739
4,739
4,739
4,739
4,741
1,281
1,273
1,288
1,287
1,284
,286
1,293
I ,279
1,286
295
381
520
877
450
776
763
853
809
784
827
827
825
824
749
19,812
19,652
20,218
19,875
19,940
19,166
19,076
19,225
19,087
19.143
646
576
993
788
797
1,043
16,878 766 23,409 23,291
16,858 731 23,393 23,293
17,331 1,020 24,109 23,293
17,236 771 123,973 23,295
17,227 593 23,632 23,297
17,193 695 24,067 23,297
17,179 7 79J |23.764 23,297
17,147 1 ,013 123,794 23,298
17,137 653 ,23,742 23,296
28,445
28,526
28,436
28,333
28,460
May 7. .
Mav 14. .
May 2 1 . .
May 28. .
22,514
22,494
22,467
22,372
22,363
22,329
22,315
22,283
22,273
749
516
384
558
762
796
813
813
747
745
745
745
20,034
19,953
20,127
19,667
19,071
19,092
19.181
19,217
963
861
946
450
June
June
June
June
22,378
22,492
22,997
22,564
480 22,869
683 22,860
974 22,723
1 ,073 22,726
1,403 22,844
5,136
5,136
5,136
i 5,136
4,747
4,750
4,751
4,752
4,755
4,754
4,756
4,756
4,761
4,763
4.764
4,766
4,768
28,842
28.830
28,787
28.814
1,282
1,284
1 ,286
527
507
I ,290
134
824
834
768
813
742
742
794
793
19,906|i
19,978
21,232
20,006
19.207
699
19,226
752
19.736 1,496
385
19,621
29,180
29,148
28,988
28,884
28,952
29,041
29,051
29,068
29,129
1 ,277
1,264
1 ,271
1,275
1 ,286
90
38
307
482
605
760
906
988
1,016
1,042
798
799
797
797
724
20,153!
20,413
20.422 !
20,326 i
20,409
20.104
20.008
19.973
19.875
19,829
5 ,163
5,236
5,236
5,236
17,242 775 24,079 23,296
17.356 803 i 124.128 23,297
17,861 1 .289124,828 23,297
17,428 882 .23,753 23,346
17,733 806 J 2 4 , 1 5 5 23,346
17,724 923 124,465 23,347
17,587 974 124,671 23.348
17,590 875| i24,674 23,350
17,708 660 •24,907 23,350
17,814 620 24,440 23,350
17,815 732 124.553 23.344
17,796 799 24,810 23,344
17,856 614 24.603 23.344
1,2 79
1,277
1 ,281
1,276
270
422
526
707
982
1,057
1,057
1 ,084
4,774
4,776
4.780
4,781
29,391
29.364
29,292
29,24 7
1 285
1,279
1 .281
1 ,274
715
347
6
264
1,066
948
998
889
585
19,675
444
19,692
19,652
61 5
154
19J643
717 19 760 10 ^11
249
715 2(),340ii 19,549
791
729 21.067 i 19,957 1,110
72.6 20,581 : 19,901
680
4,787 29,417
4,787 29,545
891 25.325'23,341!1 4,787 29,6171
,074 25,867 23,340 1 1.790 i 29.511
710 •25,505 23.340
1.790 | 29.540
i
1 ,287
1 ,280
1 ,276
1,281
1,289
523
596
212
618
588
4. .
11..
18. .
25..
July 2. .
July 9. .
July 16. .
July 2 3 . .
July 3 0 . .
671
499
816
926
834
541
307
5,136
5,136
5,136
5,136
5,136
5,136
5,136
5,136
5,136
6. .
13..
20. .
27..
843
770
979
897
22,977
23,051
23,032
23,092
Sept 3
Sept. 10..
Sept. 17..
Sept. 24. .
968
880
3\3
400
17,946 666 ••'4.816 T\ 344
?3 18?
23.344
23,2291! 5,236 17,993 764 •24,872
r
23,74(1 5.236 18.504 1,195 25,2* > 23,34-1
23,715 5,236 18,479 7421'24.85 7 23,343
Aug.
Aug.
Aug.
Aug.
544 123,694 ' 4.522
Oct. 1 . .
Oct. 8 . .
1,019! 23,663 1,522
Oct. 15..
772123,66311 4,522
Oct. 2 2 . . 1,130 i23.663 ! 4,522
Oct. 2 9 . . 1,171 23,624 4,522 •
!
19,172
19,141
19,1411
19,11111
19,102
1
725 24,963 23,342
702 •25,384123,3-U 1
28,523
28,497
28,483
28,710
1,294
1 ,285
1 ,288
9
884
972
854
929
891 j
722
718
721
721
20,260
20,136
20,267
19,797
882
880
881
878
877
20,098 19.762
20,239i 19.567
20,613 20.089
20, 779'>19.988
20,449 >19.926
419
612
971
532
679
874
632
374
733
790
714
486
49
405
449
451
580
336
672
524
J'791
P Preliminary.
Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables.
These figures are estimated.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
1
2
NOVEMBER
1952
1197
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Date or period
Discounts
and
advances Total
All 1
Bills,
certifi- other
Bonds cates,
and
notes
Gold
stock
Total
Member bank
reserve balances
TreasOther
Treasdeury
Treas- ury
posits Non- Fedcur- Money
ury
in
cirwith
mem- eral
rency culacash Federal ber
de- Reoutholdposits serve
Re- 2 ExRestand- tion
acings
Total quired
serve
ing
counts
Banks
End of period:
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—June
Dec.
1951—June
29. .
30. .
30. .
31..
31..
31..
31..
31..
31..
30. .
30. .
30..
1951—Oct
Nov
Dec
1952—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
4,037
4,031
17,644
22,737
20.065
20.529
22,754
24,244
24,427
24,231
22,706
21,756
2,019
2,286
2,963
3,247
4,339
4.562
4,562
4,589
4,59*
4.607
4,636
4,655
186 23,552
624 23,239
19 23,801
328 22,729
598 22 ,528
133 22,514
676 22,363
952 22 ,273
59 22,906
1, 270 22,853
1, 318 23,146
All 23,694
1,591 23,575
690 24,427
,233
5,325 18,227
871 24,734
,382
5,334 17,905
,695
5,344 18,457 1,189 25,009
726 23,783
,951
5,344 17,385
778 23,904
5,636 16,892
191
623 23,270
5,636 16,878
,291
593 23,632
,298
136 17 ,227
927 24,152
,296
5.136 17,137
586 23,551
,346
5,136 17 ,770
699 24,821
,350
5,136 17,717
751 25,216
,344
5,236 17,910
577 24,747
342
5,236 18.458
689 25,855 P23.339
4,522 19,053
688
700
709
717
727
736
739
748
754
762
776
786
793
131 23,834
343 23,364
657 23,409
13,206
200 23
365 22,552
314 22,634
365 22 ,448
573 22,308
585 22,617
1,092 22,798
1,059 23 ,027
723 23,471
1,093 23,657
5,551
5,329
5,352
5,344
5,432
5,636
5,354
5,136
5,136
5,136
5,216
5,236
4,522
216
1,037
164 1,998
7 2,484
3 2,254
249
163
85
223
78
43
67
53
24,262
23.350
22,559
23,333
18,885
18,331
20,778
22,982
145
147 1,400
71
58 2,220
441 1,557
102 2,593
1,351 1,133
787
104 2.361
1.467
580 25,091
947 23,315
753 22.597
581 24.093
536 23,181
2,853 19,70^
542 24,097
10,977 12,356
536 19,490
7.21R 11.667
329 18,703
5,618 12,713
4.620 16.158 1,371 22,216
6,822 16,160 1,007 24,043
4,459
5,434
7,598
11.160
28,515
28.952
28,868
28.224
27.600
27.156
27.741
27.809
374
346
251
291
495
607
563
59C
706
771
714
765
204
264
2,409
2,215
2,287
2.272
,336
,325
,312
,298
,203
,281
36
28
35
166
634
653
867 1,360
977 1,308
393
822
870
961
1,123 1,189
821 1.517
950 1.431
668 1.460
317 1,262
28,417
,283
28,809
,288
29,206
,270
28,386
,319
28,465
,287
28,473
,277
28,464
,281
28,767
,274
29,026
,283
28,978
,281
29,293 1,260
20.419 1.278
P29.636 Pi,274
493
818
481
794
247
889
162
766
558
796
169
845
450
784
541 1,094
333
846
638
991
488 1,157
508
881
770
887
780 19,557 19,060 497
772 19,670 19,180 490
746 20,056 19,667 389
741 20.077 19,443 634
733 19,982 19,254 728
801 19,733 19,241 492
749 19,940 19,143 797
743 19,778 19,187 591
783 19,381 19,573 -192
723 20,323 19,828 495
718 20,411 19,576 835
723 20,066 10.747 319
805 20,616 P19.950 P666
1,283
1,286
1,280
1.281
1,294
1,283
1,278
1.281
1,282
1.270
1,276
1,275
1,277
977
451
867
436
835
271
737
100
790
352
845
333
875
540
838
553
843
328
960
306
501 1,044
007
326
941
550
802 19,868 18,952
2,356
2,292
11,653
12,450
15,915
16,139
17,890
20,479
16,56*
15,934
17.681
19,020
2,333
23
1,817 475
6,444 5.209
9,365 3 .085
14,457 1.458
15.577 562
16,400 1,499
19.277 1,202
15,550 1,018
15,498 436
16,509 1,172
18,604 416
Averages of
daily figures:
1951—Oct
Nov
Dec
1952—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
18,283 1,017 24,082 22,104 4,682
18,035 1,078 24,785 22,208
688
18,057
380 25.446 22,483
701
17,862
038 24.444 22.824
709
17,120
900 23,826 23,030
719
16,998
942 23,890 23,278
728
17,094
913 23,726 23.293
737
17,172
823 23,704 23,207
740
17,481
941 24,144 23.308 4,751
17.662
895 24,786 23,348 4,756
17,811
738 24,824 23,346 4.765
18,235
861 25,055 23.343 4.778
19,135
931 25,681 23,340 4,788
28,387
28,612
29,130
28,637
28.406
28,437
28,450
28,557
28,843
20,028
20,088
20,343
29,555
776 19,794
796 20,310
744 20.470
738 10,995
790 20,207
818 10,777
745 19,767
767 20,140
791 20,535
720 20,306
721 20.514
876 20,611
19,065
19,484
19,537
19,300
10,322
19,127
10,130
10,431
10,026
10,657
19,736
916
729
826
933
695
885
650
628
709
609
640
778
P Preliminary.
Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables.
These figures are estimated.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
1
2
MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]
MARGIN REQUIREMENTS '
[Per cent of market value]
Nov. 1, 1933- Feb. 1, 1035- Effective
Jan. 31, 1035 Dec. 31, 1035 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.l.C,
effective Feb. 1, 1936, are the same as those in effect for member banks.
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
Feb. 1, Mar. 30. Effec19491947tive
Mar. 29, Jan. 16, Jan. 17,
1951
1949
1951
75
75
50
50
75
75
75
50
75
1
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,.
and BULLETIN for March 1946, p. 295, and February 1947, p. 162.
1198
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
Oct. 31
Boston
New Y o r k . . . .
Philadelphia. .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco
Previous
rate
In effect
beginning—
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advances
[Sec. 10(b)]
Rate on
Oct. 31
Aug. 21, 1950
Aug 21, 1950
Aug. 25, 1950
Aug. 25, 1950
Aug. 25, 1950
Aug. 24, 1950
Aug. 25, 1950
Aug. 23, 1950
Aug. 22, 1950
Aug. 25, 1950
Aug. 25, 1950
Aug. 24, 1950
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Rate on
Oct. 31
Previous
rate
In effect
beginning—
Jan.
Oct.
Aug.
Aug.
2
Oct.
Aug.
Aug.
Jan.
Aug.
Jan.
Feb.
!
Oct.
21, 1950
21, 1950
25, 1950
25, 1950
25, 1950
24, 1950
25,1950
23,1950
22, 1950
25, 1950
25, 1950
24, 1950
14,
30,
23,
25,
28,
24,
13,
12,
23,
19,
14,
28,
Previous
rate
2
1948
1942
1948
1950
1942
1950
1948
1948
1948
1948
1948
1942
2
4
2J^
2 J^j
2
2H
2
2
4
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
Certain special rates to nonmember banks were in effect during the wartime period.
NOTE.—Maximum maturities. 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.
8
FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annuml
Rate on
Oct. 31
Maturity
1- 90 d a y s
91-120 d a y s
121-180 d a y s
In effect beginning— *
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits x
Previous
rate
Effective date
of change
Dec. 18, 1951
Dec. 18, 1951
Dec. 18, 1951
1
Central
reserve
city
banks
Reserve
city
banks
Country
banks
Time
deposits
fall
member
banks)
13
10
7
3
Dates effective at Federal Reserve Bank of New York.
NOTE.— Effective minimum buying rates on prime bankers' acceptances payable in dollars.
Back figures.—See banking and Monetary
Statistics, Table 117, pp. 443 445.
1917—June 21
1936—Aug. 16
1937—Mar. 1
May 1
22M
26
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect October 31. Per cent per annum]
1938—Apr. 16
22^
1941—Nov.
1942—Aug.
Sept.
Oct.
1
20
14
3
26
24
22
20
1948—Feb.
June
Sept.
Sept.
27
11
16
24
22
24
1949—May
May
June
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
1
5
30
1
1
11
16
18
25
1
To industrial or
commercial
businesses
Federal
Reserve
Bank
To financing institutions
On discounts or
purchases
On
loans 1
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas City
Dallas
San Francisco...
On
commitments
Portion
for which
institution is
obligated
()
8
8
^ 5
8
1
2
3
Remaining
portion
On
commi •
ments
()
88
8
(«)
2H-5
(»)
(')
8
Including loans made in participation with financing institution?.
Rate charged borrower less commitment
rate.
4
Rate charged borrower.
Rate charged borrower but
not to exceed 1 per cent above the discount rate.
» Charge of }4 per cent per annum is made on undisbursed portion
of loan.
Bark figures.—See Banking and Monetary Statistics, Table 118, pp
446-447.
NOVEMBER
(«)
1952
1951—Jan. 11
Jan. 16
Jan. 25
Feb. 1
In effect Nov. 1, 1952 « . . .
15
20
2
20
12
5
14
6
1
26
22
24
21
20
23^
19H
23
19
18}*
18
w*
4
6
23
19
24
20
24
20
16
2
15
27
37
14
13
26
7J4
12
35
25
13
36
26
14
14
6
1
Demand deposits subject to reserve requirements, which beginning
Aug. 23, 1935. have been total demand deposits minus cash items
in process of collection and demand balances due from domestic banks
(also minus war loan and series E bond accounts during the period
Apr.
13, 1943-June 30. 1947).
2
Requirement became effective at country banks.
• Requirement became effective at central reserve and reserve city
banks.
4
Present legal minimum and maximum requirements on net demand
deposits—central reserve cities, 13 and 26 per cent; reserve cities,
10 and 20 per cent; country, 7 and 14 per cent, respectively; on time
deposits at all member banks, 3 and 6 per cent, respectively.
1199
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
Month, or
week ending Wednesday
All
member
banks
Central reserve
city banks
New
York
Chicago
19,229
19,174
19,396
20,536
20,306
20,514
5,028
4,925
5,029
5,474
5,223
5,256
1 ,294
,297
,307
,365
20,626
21,036
20,276
20,307
20,761
20,912
5,220
5,146
5,297
5,141
5,254
5,262
,370
,414
,360
, 343
Reserve
city
banks
Country
banks'
7,439
7,479
7,526
7,911
7.933
8,009
5,469
5,473
5,534
5.786
5 ,790
5,880
1951—July
August
September.
1952—July
August
September.
8,072
8,1 72
7,937
7,908
8,145
8,181
5,964
6,004
5,682
5.915
5,977
6,091
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Total reserves held:
1951—July
August
September
1952—July
August
September
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
17
24
1
8
15
22
New
York
Chicago
Reserve
city
banks
Country
banks»
162
14S
151
84
129
155
586
550
567
532
513
554
184
249
94
111
109
95
641
634
363
556
608
»704
77
152
213
634
581
384
39
50
51
136
183
151
369
165
321
599
653
587
165
108
148
162
179
143
Excess reserves:
,360
,369
1,385
1 ,378
9
5
8
-14
5
756
704
721
609
649
778
17..
24..
1..
8..
15..
22..
63
855
1 ,094
•495
672
712
P796
30
175
40
7
-2
10
84
66
225
227
117
36
_2
—2
-3
Borrowings at Federal
Reserve Banks:
Required reserves:
1951—July
August
September
1952—July
August
September
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Central reserve
city banks
All
member
banksi
Month, or
week ending Wednesday
17
24
1
8
15
22
18,473
18,470
18,675
19,926
19,657
19,736
5,018
4,919
5,021
5,488
5,218
5,193
1 ,296
1 ,297
1,312
1.358
1 ,359
1,364
7,277
7,331
7,374
7,826
7,804
7,854
4,883
4,923
4,967
5,254
5,277
5,326
1951—July
August. . . .
September.,
1952—July
August
September.,
194
292
338
1,077
1,032
683
19,772
19,941
19,781
19,836
20,049
P20.116
5,190
5,271
5,257
5,135
5,256
5,252
1,371
7,888
1,377
7,923
1 ,362 7,843
1 ,345 7,797
1,389 8,035
1,391 8,086
5,323
5,370
5,319
5,359
5,369
'5,387
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
6-19
282
498
933
1,187
894
17... .
24....
1
8....
15....
22... .
7
6
7
71
82
41
30
19
6
9
96
3
20
76
96
114
241
82
82
P Preliminary.
Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member
banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc.
Back figures.—See Banking and Monetary Statistics, pp. 396-399.
1
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Item
All
member
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
All
member
banks
First half of September 1952
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
5,947
1,231
4,716
5,354
1 ,151
40,727
6,161
34,566
35 ,180
12,984
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
Second half of September 1952
23,396
4,135
19,261
21,405
2 ,105
6.073
1,237
4.836
5.433
1 ,153
41 .290
6,155
35,135
35,553
13,024
6,359
55
144
1 ,971
4,189
5,875
5,303
571
20,730
19.877
853
5,386
5,264
122
8,068
7.892
175
5,885
5 ,348
537
180
369
12
227
123
105,613
12,401
93,212
92,251
32,519
22,634
3,911
18.722
20,819
2,091
36,306 107.272
1 ,098 12,655
35,208 94,618
30,898
93,592
16,293
32,618
6,261
38
120
1,844
4,258
20,298
19,594
704
5,127
5,122
5
1,347
1,354
-7
7,950
7,815
135
998
222
1 ,392
1,373
19
36,513
1 ,127
35,386
31 ,200
16,337
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
1200
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Knd of month
1052
Oct. 22
Oct. 29
Assets
Gold certificates
Redemption fund for F. R. notes
1952
Oct. 8
Oct. 15
Oct. 1
;
Sept.
1951
Oct.
21,423,101121,423,104:21 ,428,104'21 ,439,100 21 .451 ,602'21 433,103.21 ,451,602 20.335.681
695,3211
710.453J
713,038
711,225!
702.936J
706.468;
695,320;
668,256
22 ,133 ,554J22 ,136 ,142:22,139,329,22 ,142 ,036,22 ,146,923i22 139,571 !22,146,922;21 ,003,937
Total gold certificate reserves.
323,84o|
322,0251
329.478J
327,619 !
328,454,
323,534j
313,677
1 ,125,703. 1,085,0291
45,000i
45,000|
4,210;1
4,4011
726,654
45,000
4.293
973,578
45.000
4,290
498.949j
45,000
4,381i
,546,404
45,000
4,281!
431,544!
45,000;
4,465|
175,575
10,000
4,392
366,200
397.2OO1
283,200,
397,200'
310,445
328,793!
Other cash
Discounts and advances:
For member banks
For nomnember banks, etc
Industrial loans
17. vS. Government securities:
Bills
Certificates:
Jpecial
Other
Notes
Bonds
332,200'
i
I
371,200!
366,2001
ol
i 4 . 9 9 5 . 7 1 6 4 , 9 9 5 , 7 1 6 - 5 , 0 0 0 , 7 1 6 ! 5,OOO,716 : 5 , 0 0 0 , 7 K ) 1 4 995, 716'1? 492.466! 12 8 4 8 , 3 0 8
( 1 3 , 7 7 3 . 6 7 1 1 1 3 , 7 7 3 , 6 7 1 1 1 3 , 7 7 3 . 6 7 1 J 1 3 , 7 7 3 , 6 7 1 1 1 3 , 7 7 3 , 6 7 l | l 3 . 773,671 •' 5 568.073 5 0 6 8 , 0 7 3
4,521,9751 4,521 ,975| 4 , 5 2 1 , 9 7 5 ! 4 , 5 2 1 , 9 7 5 4,521 , 9 7 5 | 4, 521,975! 5 2 3 5 , 8 2 3 : 5 3 2 5 . 2 2 7
T o t a l U. S. G o v e r n m e n t securities
1
23 ,623 ,562\23 ,662 ,562123 ,662 ,5621,23,662 .562j23,693 ,562• 2 , 5 7 4 , 5 6 2 ' 2 3 , 6 9 3 , 5 6 2 1 2 3 , 5 5 2 , 0 5 3
Total loans a n d securities
92
24 , 798 ,475,24, 796,992.24,438 ,509'24
,685 ,430*24
,241,892,251 70,247:24,, 174,571123 742,020
I
J
|
•
;
.'.
|
23'
23!
23|
23i
23
23 1
33
231
178,926!
185,635!
160.887I
163,184
, 1
171,8881
180,443!
164,207
176,019!
3,668,385! 4,253,041 4,814,041: 3.429.599J 3,724,2791 3, 328,069- 3 343,3991 3 ,354,872
45,583
45,596]
45.657
45,659:
45,654 :
45,608
42,899
45.625j
148,146!
!
145.356J
135,712,
127,29l|
120,126!
110,419
118.576
268,933
Duo from foreign banks
F. R. notes of other Banks
Uncollected cash items
B a n k premises. . .
Other assets
Total assets
. . .:5] .299,108151,877 ,042152 ,047 , 764,50,915 .530J50, 771.651 51 .340.536j50.479 ,O26J48,74O,221
j
|
!
. 25,340,435 ! 25,307,977,25,387,648 25,332,493|25,224,93225,426,18O ! 25,215,340124,260,606
II
I
!20,449,365,20, 778,859 20, 612.801 20,238,585i20,098.262)20.615 ,560'2(), 066,456|19 556,991
212,4891
596,230
523,0321
770,116]
I
588,1591
618,219
492,712
508,025!
674,791!
722,737
721,656j
642,208,
I
654,529,1
683,6681
556,277
706,988!
178,985,
248,598!
162,018
244,677!
236,0351
245,063
262,353
. , 0 3 51
173,8041
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve accounts
U. S. Treasurer—general account
Foreign
Other
j-
. . .121,928,088 22,325,809121 679,066j21 ,806,150 21,504,968i22 ,272 ,561 j21 ,455,273;20,868,333
Total deposits
Deferred availability cash items
Other liabilities and accrued dividends
Total liabilities. .
! 2 ,962 ,309j 3 ,183 .416 3 927,183! 2,731,47si 3,003 ,606! 2 643,010! 2 770,956 2,,669,543
17,853!
16 , 166
17,5391
16,456
16,066
!
18,379j
17,122!
16,413!
j
359,290 49 458,025 47,814,548
. . J50,249,211150,834,324|51,011,750 49,886,534J49,749,672
I
Capital Accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
i
\
:
j
'
Total liabilities and capital accounts
Ratio of gold certificate reserves to deposit and
F. R. note liabilities combined (per cent)
Contingent liability on acceptances purchased
for foreign correspondents
Industrial loan coininitments
248,148
538,342
27.5431
235 ,8641
247,935
538,342
27,543
228,898
247,871
538,342
27,5431
222,258]
247,813!
538,342|
27,543!
215,298"
247,749
538,3421
27,543'
208,345 \
248,166
247,734
538,3V2
27,543!
167,195!
538,342
27,543
207,382
234,990
510,022
27,543
153,118
'51 ,299,108J51,877 ,042j52 047 .764150,915 ,530,50,771 ,651-51 340,536|50,479 ,026 48, 740,221
j
,
i
j
|
i
46.8
'
15,5341
3,896j
!
46.5!
j
14,54()i
5,9271
47.0;
14,1721
5,9601
47.0!
14,068!
5,9911
47.4;
13,065
6,413
46.4
16,141
3,720
47.5|
46.5
13,097
6,328
16,705
7,152
Maturity Distribution of Loans and U. S. Government Securities *
Discounts and advances —total
Within 15 days
16 days to 90 days
91 days to 1 year
Industrial loans- -total
Within 15 days
16 days to 90 days
91 days to I year
Over 1 year to 5 years
U. S. Government securities—total
Within 15 (lays
16 to 90 days
91 clays to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
1
|
771,654, 1
j 1 170 ,703' 1, 130,029
969,487
640,550;
1 020 ,2911
160,542
131,099|
!
150 ,412j
.......
•I4.293J
4,401
,210
816i
353
3041
1.4751
1 ,8291
1,722
1,822
2,002!
1 ,750, :
180
324,
32 7
23 623 ,562:23, 662,562'23 ,662,562123
203 ,700:
202,000:
179,000!
;
128 ,500!
164,200
192,200!
j
! 6 715 ,941! 6, 715,941, 6 ,720,941! 6
[14 146 ,950| 14, 146,95()! 14 146,950114
j 1 070 ,224 1, 070,224! 1 ,070,2241 1
\ 1 358 ,247 1, 358,247 1 ,358,247| 1
018,578
543,949 .
897,005
414,4511 1
121,558' 129,480
18 . .
i5i
4,38i!
4,290
504
i
365
774;
1,821
2,9211
1,922
182.
182
662,562 23 ,693,562123
82,500,
98,500!
314,700!
267,700I
720,941| 6 ,72(),94i! 6
146,950; 14 146,95O!14
070,224, 1 ,O7O,224j 1
358,247 1 ,358,247 1
591. ,404!
438.2481
153,156
476,544j
,575
345,981
, 608
130,545
,464
18
503
"4,281!
4,465
, 392
332 j
495
492
1,6481
770
949
1,9541
3,007:
1 ,750
34 7 i
1931
1 , 201
574,562123 ,693,562! 23,552 ,053
154,700 7 , 5 4 0 , 2 5 0
129 ,475
128,500
348,700!
180 ,970
715,941 6,7:
, 7 2 0 , 9 4 1 | 1 4 , 2 1 7 ,833
146,950
,941,352 5,396 ,456
070,224
,070,224 1,013 ,614
358,247
,072,095 2,613 , 705
Callable U. S. Government securities classified according to nearest call date.
NOVEMBER 1952
1201
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1952
fin thousands of dollars]
Item
Total
New
York
Boston
I Phil a1 delphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
625,224
375,234
838,095
50.363
24,755
39,640
San
Francisco
Dallas
Assets
Gold certificates. 21,433,103: 699,327 6,537,250 1,205,765,1,450,959 994,069
Redemption fund
55.464
83,014! 76,654
69,529
forF. R. notes.
706.4681 62,048
848,140 4,365,869
50,392
105,97^
723.118 2,770,053
28,740
59,892
Total gold certificate reserves. . 22 ,139,571 761,375 6,606.779 1,261,229 1,533,973' 1,070.723 898,532 4,471,846 675.587 399,989 877,735 751.858 2,829,945
18,378
25,617! 19,948
65,015
61,294
15,932
26,385
328,454
30,631
6,659
12,846
11,874
33,875
Other cash
Discounts and
advances:
Secured by
U. S. Govt.
251.275
53,825
96,5 701 101.630
86.890 316,770
58.450
83,500 j 36,095 158,718
66,150 236,136
securities. . . 1,546,009
3,510
13,590
4,140
2,295
1,935
6,255
2,790
1,710
45,395
1,170
2,105
1,710
4,185
Other
3,816
67
313
4,281
85
Industrial loans..
U. S. Govt.
23,574,562, 1,666,963 5,505,247 1,476,680 2,345,321 i 1,587,950'1,359,842 3,359,981 1,273,382 747,855 1.028,49811,076,897 2,145,946
securities
Total loans and
securities
25,170,247 1,728,203 5,770,112 1,537,831 2,446,031 1,691,942 1,448.980 3,683,006 1,358,592 785,205 1,189,321 1,144,757 2,386,267
Due from foreign
17
2
1
1
2
1
3
1
1
banks
1
1.
23
2
!
F. R. notes of
25,5511 11,207
21,345
9,199
8,973
26,473
16,707
8,516
8,607
other Ranks.. .
5,715
12,240
180,443,
25,910
Uncollected cash
580,522 214,047 324,718 273,523 222,257 539,388 159,470
98.017 180,675 152.550 328,222
3,328,069'! 254,650
items
7,728
3,096
4,830
3,805
4,673
3,068
45,583
1.057
2,3221
6,772
Bank premises...
6,636
625
971
8,903
9,874
32,462
14,667
9,218
7,534
148,1461
6,574
13,121
4,500
Other assets
21,176
7.188
12,929
Total assets
51,340,536 2,794,475 13.088,176 3,054,693 4,358,654 3,097,314 2,630,523 8,800,056 2,228,700 1.307,698 2,278.673;2.O77,46O 5,624,114
Liabilities
25,426,180 1,531,898 5,545,085 ,779,273 2,309,228 1,839,633 1,402,557 4,823,680 1,199,178
F. R. notes
Deposits:
Member bk.—
reserve accts. 20,615,560, 894,346 6,342,196 937,895 1,559,594 868,751 910,782 3,260,406 761,906
U. S. Treas —
42,812
101,477
87,784
79,372
39,918
55,646
60,335
82,483
770,116
gen. acct. . .
50,903
33,283
60,039
28,062
40,461 2 186,675
24,799
642,208
90,711
Foreign
1,764
179.395
3,534
3,430
639
4,343
244,677
1,540
8,176
Other
Total deposits.. . 22,272,561
Deferred availability
cash
items
2,643,010,
Other liabilities
and accrued
dividends
17,539
979,068 6,809,743 1,033,374 1,710,951
638,876 1,005,885
2,596,440
488,734 1,006,140; 1,057,635 2,527,175
52,908
16,968
1,550
57,3211
54,359
24,799
24.799
1,158
606
55,701
60,709
38,542
984,836
995,129 3,435,140
855,216
133,624
81,506
143,701
142,628
249,638
758
590
723
682
1,467
220,838
448,499
166,632
245,476
219,758
187,649
403,061
951
4,571
962
2,216
877
854
2,888
Total liabilities. . 50,359,290' 2,732,755 12,807,898 2,980,241 4,267,871 3,045,104 2,586,189 8,664,769
560,160 1,089,418 1,137,399 2,682,127
,188,776 1,281,132 2,239,727 2,035,156 S.529,672
Capital
Accounts
Capital paid in. .
Surplus (Sec. 7). .
Surplus (Sec. 13b)
Other capital
accounts
248,166
538,342!
27,543!
13,234
34,192
3,011
78,240
159,743
7,319
17,160
41,493
4,489
23,736
50,648
1,006
10,902
27,025
3,349
10,291
23,871
762
31,969
79,601
1,429
8,626
21,788
521
5,491
14,063
1,073
9,395
20,367
167,195:
11,283
34,976
11,310
15,393
10,934
9,410
22,288
8,989
5,939
8,047
1,137
1.30 71
26,944
47,341
2,140
J
18,017
12,178
18,210
10,609
Total liabilities
and capital
51,340,536 2,794,475 13,088.176 3,054,693 4,358,654 3,097,314 2,630,523 8,800,056 2,228.700 1,307,698 2,278,673 2,077,46015,624,114
accounts
Reserve ratio... .
46A%\\ ~ 30.3%
Contingent liability on acceptances purchased for foreign correspondents
I
u.,141;
53.5%
i
Industrial loan j
commitments..!
963
3
5,299
44.8^
38^2%
37.9%
1,212
1,429
792
71
911
1,445
3,72O!.
ii
1 After deducting $16,000 participations of other Federal Reserve Banks.
2 After deducting S455,514,000 participations of other Federal Reserve Banks.
• After deducting $10,842,000 participations of other Federal Reserve Banks.
1202
37.53
668
32.9%
54.1%
2,159
138
590
I
33.4%
41.9%;
590
781
39.7%! 53.6%
590
1,445
374
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
FEDERAL RESERVE BANKS COMBINED
[In thousands of dollars]
Wednesday figures
Item
E n d of month
1952
Oct. 29
F. R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificates
Eligible paper
U. S. Government securities
Oct. 22
1952
Oct. 15
Oct. 8
Oct. 1
Oct.
1951
Oct.
Sept
26 , 355 ,468 26,319 841 26,322,476 26 ,246 ,234 26 ,150 ,619 26 ,347, 202 26, 130, 702 25 ,149, 278
n ,179
000 13,279 000 13,179,000
577 ,783
612 579
411,991
n ,224
000
536 ,650
n ,204
000
244 ,021
n
179, 000 1S 204 000 P ,474, 000
960, 764
254, 966
136, 396
13 , 790 ,000 13,775 000 13,775,000 13 ,675 ,000 13 ,625 ,000 13 ,790, 000 1 3 , 625, 000 13 ,385, 000
27 ,546 ,783 27,666 579|27,365,991 27 ,435 ,650 27 ,073 ,021 27 ,929, 764 2 7 , 083, 966 25 ,995, 396
Total collateral
EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1952
[In thousands of dollars]
Total
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
apolis
City
Dallas
San
Francisco
F. R. notes outstanding (issued
to Bank)
26,347,202 1,598,517 5,786,014 1,841,973 2,379,890 1,888,816 1,460,503 4,917,5571,243,916 649,778 1,036,315 789,738 2,754,185
Collateral held:
Gold certificates 13,179,000 400,000 4,520,000 750,000 760.000 510.000 510,000 2,850,000 280,000 160,000 280,000 259,000 1,900,000
960,764
Eligible paper..
58,450
53,825
101,630
242,215
225,936
83,500 36,095 159,113
U. S. Govt. securities
,400,000 1,000,000 2,100,000 975,000 505,000 800,000 560,000 1,000,000
13,790,000 1,300,000 1,400,000 1,100,000
Total collateral.. 27,929,764 1,758,450 6,162,215 1,903,825 2,410,000J2.011,630 l,510,000;4,950,000 1,338,500 701,095 1,239,113 819,000 3,125,936
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
Wednesday
or last day
of period)
1944
1945.
1946
1947
1948
1949
1950
Applications
approved
to date
Number
Amount
3,489
3,511
3 542
3,574
3,607
3,649
3,698
525,532
544,961
565,913
586,726
615,653
629,326
651,389
Approved
Loans Commitments
outbut not
outcom- standing2
pleted * (amount) standing
(amount)
(amount)
1 295
320
4 577
945
335
539
4,819
3 894
1 ,995
554
1 ,387
995
2 ,178
2 , 632
4,165
1,644
8 309
7,434
1 ,643
2,288
3,754
Participations
of financing institutions
outstanding 3
(amount)
2,705
1,086
2,670
4,869
1,990
2,947
3,745
1951
Sept.
Oct.
Nov.
Dec.
30. . .
31 . . .
30. . .
31. . .
31. . .
29...
31. . .
30. . .
M a y 31. . .
June 3 0 . . .
July 31 . . .
Aug. 31 . . .
Sept. 30. . .
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
•p*
LJ i t e
Number
Amount
Total
amount
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
1950
Dec. 3 1 . . .
62
31,326
8,017
6 ,265
8,299
254
328
402
484
568
658
729
776
815
854
300,955
421,267
514,626
654,893
828,584
,052,337
,154.942
,218.988
,302,342
,395,444
68,833
126,080
183,610
252,100
325,299
405,043
492,167
556,839
615,812
675,459
56 ,973
106 ,053
151 ,858
209 ,465
267 ,715
332 ,618
400 ,652
454 ,789
502 ,524
546 ,597
47,822
185,001
205,629
276,702
349,905
384,852
450,013
495,512
476,699
472,827
901
934
971
998
,463.443
,530,388
.677,786
1,727,729
,787,755
1.867,643
,922.388
2.023,403
2,052,327
715,928
763,838
836,739
838,073
870,174
883,262
909,688
907,899
922,129
580 ,381
617 ,674
672 ,974
672 ,678
695 ,814
703 ,774
726 .452
725 ,943
736 .833
525,129
511,786
467.392
595,098
601,752
615,139
648,065
692.067
656,995
1951
3,732
3,734
3,736
3,736
695,178
700,040
706,215
710,931
4,394
2,943
3.073
3,513
5 ,062
4 ,447
4 ,505
4 ,687
6,478
7,151
6,361
6,036
11 ,420
11.990
12.064
11,985
3,738
3,741
3,741
3,743
3,743
3.745
3 .746
3.750
3,750
716,210
721,144
725,787
730,482
734,049
738,721
743.629
748.451
752,042
832
772
108
571
235
4 ,621
4 ,957
5 ,296
5 .207
5 ,211
5 ,101
4 .624
4 .690
4 ,496
7.125
6,845
6,467
6,536
6.083
5.947
6.184
6.152
6,327
12,018
10,307
10,474
10,339
10,262
10.105
9.814
10.128
9,978
1952
Jan.
Feb.
Mar.
Apr.
LOANS GUARANTEED THROUGH FEDERAL RESERVB
BANKS UNDER REGULATION V, PURSUANT TO
DEFENSE PRODUCTION ACT OF 1950 AND
EXECUTIVE ORDER NO. 10161
1,083
1 .589
2.142
1 ,370
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 cr
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.
NOVEMBER
1952
Mar. 31 . . .
Apr. 30. . .
May 3 1 . . .
June 3 0 . . .
July 3 1 . . .
Aug. 31. . .
vSept. 30. . .
Oct. 3 1 . .
Nov. 3 0 . . .
Dec. 3 1 . .
1952
Jan. 31. . .
Feb. 2 9 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
Mav 31...
June 30.. .
July 3 1 . . .
Aug. 3 1 . . .
Sept. 30. . .
1 ,023
1 ,050
1 ,066
1 .092
1 ,113
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.
1203
POSTAL SAVINGS SYSTEM
[In millions of dollars]
PEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950 AND EXECUTIVE
ORDER NO. 10161
Assets
[In effect October 31]
End of month
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
loan guaranteed
70 or less
75
80
Percentage of
any commitment
fee charged
borrower
10
10
15
20
25
30
85
90
95
Over 95
15
20
25
30
35
35
40-50
40-50
Maximum Rates Financing Institutions May Charge Borrowers
[Per cent per annum]
Interest rate
Commitment rate.
1943—December
1944—December... .
1945—December... .
1946—December... .
1947—December... .
1948—December... .
1949—December... .
1950—December
1951—j u iv
August
September. . .
October
November....
December... .
1952—lanuarv
February
March
April
May
Tune
|ulv
August
September
Depositors'
balances 1
Total
1,788
2,342
2,933
3,284
3,417
3,330
3,188
2,924
depository
banks
Cash
U. S.
Government
securities
Cash
reserve
funds,
„(.„ 42
etc.'
1,843
2,411
3,022
3,387
3,525
3,449
3,312
3,045
10
8
6
6
6
7
7
11
1,716
2,252
2,837
3,182
3,308
3,244
3,118
2,868
118
152
179
200
212
198
187
166
2,772
2 ,754
2,738
2,724
2,714
2,705
2,893
2,877
2,861
2,851
2,842
2,835
22
23
23
25
25
28
2,704
2,680
2,680
2,670
2,649
2,644
166
173
158
156
168
162
2,695
2,681
2 .669
2,651
2,633
2,617
P2,603
P'2 S87
P2.572
2,825
2,813
2,794
2,778
2,761
2,746
30
31
32
32
33
33
2,638
2,609
2,599
2,598
2,574
2,557
158
173
163
147
153
156
in
P Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes reserve and miscellaneous working funds with Treasurer
of United States, working cash with postmasters, accrued interest on
bond investments, and miscellaneous receivables.
Back figures.—Sec; Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
1
2
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Annual rate of
turnover of total
deposits, except
interbank
Debits to demand
deposit accounts,
except interbank
and Government
Other
reporting
centers
New
York
City
Other
reporting
centers
Xew
York
City 2
Other
leading
cities 2
Xew
York
City 2
Other
leading
cities 2
Debits t< total deposit accounts, except
interbank accounts
\'ear or month
1946
194 7
1948
1949
1950
1951
140
other
centers
Annual rate of
turnover of demand
deposits, except interbank and Government
Total, all
reporting
centers ,
Xew
York
City i
1,050,021
1 .125,074
1 ,249,630
1,231,053
1,403,752
1,57 7,857 i
417,475
405,929
449,002
452,897
513,970
551,889
527,336
599,639
667.934
648.976
7--P.4 58
854,050
105 210
119.506
132,695
129,179
147,324
171,917
18 9
21 .0
23 6
24.1
26 6
?6 9
10 0
11 .9
12 9
12.4
13 4
14 5
407,946
400,468
445,221
447,150
508,166
540,990
5?2 944
598,445
660,155
639.772
731 ,511
837 491
25 2
24.1
27 2
28.2
31 4
32 2
16 5
18.0
19 2
18.7
20 3
21 7
41 688
45.334
42,503
55 184
45.425
44,419
50,213
49,745
49 830
55,385
50.472
44.101
47,798
66 941
72 515
69,685
76,007
31.7
30 4
31.4
37.9
21.8
20 9
22.0
71,986
67,466
74,545
70,189
71,485
73,019
69,980
68,271
71 ,343
30.1
32.5
34.0
34.4
34 3
38.6
35.1
31.4
34.6
20.6
21.4
22.0
21.1
21 3
22.2
20.7
20.2
21.5
l
1951 - September
October
November
December
121,205 !
139,308 1
132,158
144.800
41,145
47,971
44,802
53,500
66,359
75.709
72,428
76,049
13,700
15,539
14,928
15,251
26.0
26 4
27.8
30.7
14 4
14 4
15.4
15.1
1952—January
February
138,520
128,022
139,977
139,141
135,965
144.769
146,984
124,641
139,078
48,106
45,375
50,180
52,057
49,535
54.922
57,052
43,166
49,278
74,953
68,738
75,089
72,607
71,898
74,948
74,908
67,412
74,608
15,462
13,908
14,708
14,476
14,532
14,899
15,024
14,063
15,192
26.4
27.8
27.9
28.8
27 4
30.9
30.3
23.6
28.8
14 4
14.5
14.6
14.1
13 9
14 8
14.2
12.8
14.6
April
May
Julv
August
September
22.6
1
2
National series for which bank debit figures are available beginning with 1919.
Weekly reporting member bank series. This series was revised beginning July 3, 1946, and the deposits and debits of the new series for
the first six months in 1946 are partly estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1.942 through November 1947,
333 centers from December 1947 through December 1950, and for 342 centers beginning January 1951; the deposits from which rates of turnover
have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except
interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in
leading cities since 1935.
1204
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Large denomination currency 2
Total
in circulation i
Total
Coin
s $1
S2
§5
S10
$20
Total
$50
$100
1939 .
1940..
1941, .
1942 . .
1943. .
1944..
1945..
1946..
1947..
1948..
1949..
1950..
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224
27.600
27,741
5,553
6,247
8,120
11,576
14,871
17,580
20,683
20,437
20,020
19,529
19,025
19,305
590
648
751
880
1,019
1,156
1,274
1,361
1,404
1,464
1,484
1.554
559
610
695
801
909
987
1,039
1,029
1,048
1,049
1,066
1 ,113
36
39
44
55
70
81
73
67
65
64
62
64
1.019
1,129
1,355
1,693
1,973
2,150
2,313
2,173
2,110
2,047
2,004
2,049
1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
6,275
6.060
5,897
5.998
1,576
1,800
2,545
4,096
5,705
7,224
9,201
9,310
9,119
8,846
8.512
8.529
2,048
2,489
3,044
3,837
5,580
7,730
7,834
8,518
8,850
8,698
8.578
8,438
460
538
724
1,019
1,481
1,996
2,327
2,492
2,548
2,494
2.435
2,422
919
1,112
1,433
1,910
2.912
4,153
4,220
4,771
5,070
5,074
5,056
5,043
191
227
261
287
407
555
454
438
428
400
382
368
425
523
556
586
749
990
801
783
782
707
689
588
20
30
24
9
9
10
7
8
5
5
4
4
32
60
46
25
22
24
24
26
17
17
11
12
1951—August
September...
October
November...
December. . .
28,155
28,288
28,417
28,809
29,206
19,813
19,896
19,955
20,283
20,530
1,602
1,616
1,631
1,642
1,654
1,103
1.124
1,132
1,144
1.182
64
64
65
65
67
2,031
2,038
2,041
2,075
2,120
6,176
6,181
6,160
6,291
6,329
8,837
8.874
8,927
9,067
9,177
8,344
8,393
8,463
8,528
8,678
2,428
2,437
2.452
2,482
2,544
4,989
5,034
5,092
5,133
5,207
353
353
353
352
355
562
557
554
549
556
4
4
4
4
4
8
8
8
8
12
1952—January
February....
March
April
May
June
July
August
September...
28,386
28.465
28,473
28,464
28,767
29,026
28.078
20,203
29,419
19,807 1,631
19,904 1,630
19,937 1,637
19,936 1 ,651
20,231 1 ,665
20,449 1,678
20.308 1 .686
20,650 1 .695
20,739 1,705
1,115
1,110
1,113
1,114
1,132
1,140
1 .120
1 .140
1 ,164
65
66
65
66
67
68
67
67
68
2,009
2,013
2,016
2,004
2,040
2,054
2 ,034
2.062
2,070
6,088
6,152
6,165
6,141
6,261
6,323
6,201
6.376
6,368
8,898
8.934
8,940
8,960
9,066
9,187
0,100
0.310
9,365
8,582
8,563
8,537
8,529
8,537
8,578
8,582
8.635
8,682
2,508
2,503
2,496
2,498
2,508
2,531
2.531
2.551
2,550
5,161
5,152
5,140
5,137
5,142
5,166
5,172
5.211
5,252
352
351
349
347
346
344
344
342
342
550
545
540
535
530
525
522
510
517
4
4
4
4
4
4
4
4
4
End of year or
mouth
Coin and small denomination currency
Unas|
| sorted
$500 $1 ,000 $5,000 $10,0001
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 Trcasur;
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 1
Money
held bv
For
Federal
Federal
Reserve
30, Aug. 31, Sept. 30,
Reserve Banks and Sept.
1952
1952
1951
Banks and
agents
agents
Money '. leld in the Treasury
Total outstanding, As security
Sept. 30,
against
Treasury
1952
gold and
cash
silver
! certificates
23,342 1 |
22,184
26 131
4,786 |
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard s'lver dollars
Silver bullion
Silver certificates and Treasury notes of 1890.
Subsidiary silver coin
Minor coin
I United States notes
Federal Reserve Bank notes
National Bank notes
Total—Sept.
30 1052 . .
Ail"1 31 1952
Sept 30 1951
. . . .
402
2,102
2,356
1,144
406
347
Z
22,184
2
1,158
19,331
37
24,971
4,410
38
24,870
4,385
39
23,024
4,325
68
52
254
30
3
196
195
185
9
1
3
1
260
26
4
26
3
2,096
1,108
401
318
215
2,081
1,102
308
316
217
2,073
1,044
387
310
237
1
76
77
80
4,230
4,240
4,250
29,419
324
2,102
219
77
(4)
(4)
2,816
1 ,001
*2,356
24,540
24 544
23.157
1 ,278
1 260
1,285
10,331
19,331
17,950
29,203
28,288
1
Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals
for other
end-of-month dates are shown in table above and totals by weeks in the table on p. 1197.
2
Includes $156,030,431 held as reserve against United States notes and Treasury notes of 1800.
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.
NOVEMBER
1952
1205
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 tartly estimated except on cal 1 dates. In million 3 of iollar 5
Liabilities
a n d Capital
Assets
Total
assets,
Bank credit
Date
Gold
1929—June
1933—June
1939—nee.
1941—£) ec#
1945—Dec.
1946—Dec.
1947—T) ec
194g—nee.
1949—j>c
1950—June
Dec
1951—June
Sept.
Oct
Nov.
Dec
Treasury
currency
U. S.
Total
Loans,
net
Total
5 ,741
29
30
30 .
3i
31
31
3i
31
31
30
30
30
4
4
17
77
037
031
644
737
065
529
754
244
427
231
706
756
2,019
2,286
2,963
3,247
4,339
4,562
4,562
4,589
4,598
4,607
4 636
4,655
58,642
42,148
54,564
64,653
167,381
158,366
160,832
160,457
162,681
164.348
171,667
173,447
41 082
91 957
7 9 157
76 605
SO 387
35 765
023
48 341
49 604
51 999
60 366
821
26
31
28 . . .
31
9 9 000
9 9 200
9 9 300
176,400
178,300
179,400
181,323
65
65
66
67
000
800
500
597
9 5 ,900
22 695
4,700
4 700
4,700
4,706
99 900
100
23 300
73 300
73 300
346
9 3 400
9 3 300
23 300
4 700
4,700
4,700
4,700
4,700
4,754
4 800
4 800
4,800
179,900
179,300
180,100
179.900
180,600
182,980
185,300
185,3 r>0
186,500
66
67
67
68
68
700
000
700
100
500
712
000
500
600
90
70
99
74
24
74
99
71
1952—Tan 30
Feb. 27
Mar. 26
Apr. 30. . . .
May 28
Tune 30
Tulv 3 0 P
Aug. 2 7 P
Sept. 2 4 P
69
70
70
71
1 0 ,328
79
198
in
107
100
100
98
96
94
,105
,049
,417
,110
,086
,694
,456
,709
,560
,450
Government obligation 3
Commercial
and
savings
banks
5,499
8,199
19,417
25,511
101,288
86,558
81,199
74,097
78,433
77,320
72,894
68,726
Federal
Reserve
Banks
Other
716
1 998
7
7
74
7.3
79
73
18
18
90
7?
net
26
131
204
784
867
202
328
264
3 138
3 058
7 888
742
11,819
9,863
9,302
8,999
8,577
9,491
10,723
11,422
12,621
13,640
14,741
15,176
64 698
48 465
75 171
9 0 637
191 785
183 457
188, 148
189 290
1 9 ] 706
186
1 9 9 009
199, 858
1
1
7
3
3
3
484
754
767
350
559
333
885
331
778
982
Other
securities
Total
liabilities
and
capital,
97 ,000
97 ,400
97 ,808
69,700
70,800
71,500
71,343
73 500
600
73 200
23 801
7 700
7 700
700
664
15,400
15 500
15,500
15,918
9 0 3 000
9 0 5 200
9 0 6 400
97 ,300
9 6 ,200
96 ,100
95 ,200
9 5 ,300
9 6 ,266
9 8 ,100
9 7 ,300
97 ,600
71,800
71,100
70,900
70,200
70,500
70.783
72,700
71,700
71,300
79
7?
22
79
77
9 700
15,900
16,100
16,400
16,600
16,800
17,002
17,200
17,500
17,400
907 600
800
600
500
400
300
9 ? 906
9 9 800
100
23 700
7
2
7
7
9
9
7
2
600
600
600
600
577
600
600
600
208, 724
907
200
Capital
and
Total
deposits misc.
acand
currency counts,
net
,900
,960
,200
,000
,900
8,922
6,436
6,812
7,826
10,979
11,800
12,800
13,168
14,392
14,618
14,624
14,820
15,700
16,000
15,900
15,320
15,900
15,700
15,900
15,700
15,800
16,120
16,100
16,400
16,700
55 ,776
4 9 ,029
68
87
180
171
175
176
177
178
184
185
,359
,811
,806
,657
,348
,121
,313
,568
,385
,038
187 ,300
189 ,200
190 ,500
,404
191 ,600
191 ,500
208 200 192 ,300
907 900 19? ,200
9 0 8 700
9 1 1 080
9 1 3 400
400
214 600
197
194
197
197
197
Deposits and Currency
U. S. Government balances
Date
Total
Foreign
bank
deposits,
net
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—j> Ct
1946—Dec.
1947—p>ec
1948—Dec.
1949—Dec.
1950—Tune
Dec.
19<51—June
29
30
30
31
31
31
3t
31
31
30
30
30
Sept.
Oct.
Nov.
Dec
26
31
28
31
1952—Jan. 30
Feb. 27
Mar. 26
Apr 30
May 28
June 30
Julv 3 0 P
Aug. 2 7 P . .
Sept. 2 4 P
Time <
At commercial
and
savings
banks
At
Federal
Reserve
Banks
381
852
846
1 895
74 608
3 ,103
1 452
2 ,451
3 ,249
3 ,801
7 ,989
6 ,332
634
867
977
393
870
1 ,123
821
950
668
317
36
35
54.790
40.828
63,253
76,336
150,793
164,004
170,008
169,119
169,781
169,964
176,917
174,684
177,900
181,600
182,700
185,984
Total
68 .359
82 ,811
180 ,806
171 ,657
175 348
176 ,121
177 ,313
178 . 568
184 , 385
185 ,038
365
50
1 ,217
1,498
2,141
1,885
1 682
2,103
2,150
2,555
2,518
2,424
204
264
2,409
2,215
2,287
2,272
1 ,336
1,325
1,312
1,298
1 ,293
1,281
187 ,300
189 ,200
190 ,500
193 ,404
2,200
2,100
2,100
2,279
1,300
1,300
1,300
1,279
5 ,100
3 ,700
3 ,800
3 ,615
800
500
500
247
191 ,600
191 ,500
192 ,300
19? 200
192 ,900
194 ,960
197 200
1 9 7 ,000
197 ,900
2,100
2,200
2,200
2 200
2,300
2,319
2 600
2 ,600
2,500
1 ,300
1,300
1,300
1 300
1,300
1,283
1 ,300
1 .300
1,300
2 .800
3 .900
5 ,800
4 500
4 ,400
6 ,121
7 ,000
6 .200
6 ,500
200 185.200
700 183,400
182,900
500 183 800
600 184,400
333 184,904
600 185,800
700 186,200
300 187,400
55 776
4 9 ,029
•
Treasury
cash
Deposits adjusted and currency
eposits 3
Total
Commercial
banks
Mutual
savings4
banks
Postal
Savings
System
Currency
outside
banks
14 .411
29 , 793
38 ,992
,851
83 ,314
87 ,121
85 ,520
85 ,750
85 ,040
97 ,272
88 ,960
78 611
21 656
27 059
27 729
48 457
53 960
56 411
57 ,520
58 ,616
59 ,739
59 747
59 ,948
19,557
10,849
15,258
15,884
30,135
33,808
35.249
1 35,804
36,146
36,719
36,314
36,781
8 ,905
9 , 621
10 ,523
10 ,532
15 ,385
16 ,869
17 ,746
18 ,387
19 ,273
19 ,923
70 ,009
20 ,382
149
1 ,186
1 ,278
1 ,313
2 ,932
3 ,283
3 ,416
3 ,329
3 ,197
3 ,097
7, ,923
2 ,785
3 639
4,761
6,401
9,615
26,490
26,730
26 476
26,079
25,415
25,185
25,398
25,776
92 ,000
95 ,000
96 ,300
98 ,234
60 ,500
60 ,900
60 ,600
61 ,447
37,200
37,500
37,300
37,859
20 .600
20 ,700
20 ,600
20 ,887
2 ,700
2 ,700
2 ,700
2 ,701
25,400
25,700
25,800
26,303
97 ,900
95 ,700
94 ,800
95 ,100
95 ,300
94 ,754
95 .700
9 5 ,800
96 ,400
61 ,700
62 ,000
62 ,400
69 ,700
63 .000
63 .676
.800
64 ,100
64 ,500
38,000
38,200
38,500
38,600
38,900
39,302
39,400
39,600
39,800
21 ,000
21 ,100
21 ,300
71 ,400
21 ,600
21 , 755
71 ,900
77 ,000
22 ,200
2 ,700
2 ,700
2 ,700
9 ,700
2 .600
2 ,619
9 ,600
7 .600
2 ,600
25,600
25,600
25,700
25 900
26,000
26,474
26 200
26 300
26,600
Demand
deposits 2
9 9 ,540
P Preliminary.
12 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
» Excludes interbank time deposits; United States Treasurer's time deposits, open account;
and deposits of Postal Savings System in banks.
6
* Prior to June 30, 1947, includes a relatively small amount of demand deposits.
Less than 50 million dollars.
NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"
and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown
in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100
million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency.
1206
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
Investment s
Class of bank
and date
Total
Loans
Total
U. S.
Government
obligations
Other
Cash
assets *
All b a n k s :
1939_r)eo. 30
1941—Dec. 31
1945—Dec. 3i
1946—Dec. 31 2
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31 . .
1950—Dec. 30
1951 — Tune 30
Sept. 26
Dec. 31
1952—Tune 30
July 3 0 P
Aug. 27P
Sept. 24P
50,884
61 ,126
140,227
131,698
134,924
133,693
140,598
148,021
147,742
150,550
154,869
157,528
160,200
160,100
160,750
22,165 28.719
26,615 34.511
30,362 109,865
35,648 96,050
43,002 91,923
48,174 85,519
49,544 91,054
60,386 87,635
63,840 83,901
65,380 85,170
67,608 87.261
69,742 87,786
70,360 89,840
70,970 89,130
72,090 88,660
19,417
25.511
101,288
86,558
81 ,199
74,097
78,433
72,894
68,726
69,730
71,343
70,783
72,650
71,670
71,280
All commercial b a n k s :
1939_Dec. 30
1941—Dec 31
1945—Dec. 31
1946—Dec. 31 s
1947_Dec. 3 1
1948—Dec 31
1949—Dec. 31
1950—Dec. 30
1951—Tune 30
Sept. 26
Dec 31
1952—Tune 30
July 3 0 P
Aug. 2 7 P
Sept. 24P
40,668
50,746
124,019
113,993
116,284
114,298
120,197
126,675
126,045
128,550
132,610
134,437
136,760
136,550
137,090
17,238
21,714
26,083
31,122
38,057
42,488
42,965
52,249
54,821
55,960
57,746
59,233
59,720
60,210
61,200
23,430
29.032
97,936
82.871
78,226
71,811
77,232
74,426
71,224
72,590
74,863
75,204
77,040
76,340
75,890
16,316
21.808
90,606
74,780
69,221
62,622
67,005
62,027
58.521
59,690
61,524
61,178
62,900
61,960
61,610
7 ,114
7 ,225
7 ,331
8 ,091
9 .006
9 ,189
10 ,227
All m e m b e r b a n k s :
33,941 13,962
1939—Dec. 30
43,521 18,021
1941—Dec. 31
1945—Dec. 31 . . . 107,183 22.775
96,362 26,696
1946—Dec. 31
1947—Dec. 31
97,846 32,628
95,616 36,060
1948—Dec. 31
101,528 36.230
1949—Dec. 31
107,424 44,705
1950—Dec. 30
1951—June 30
106,563 46,866
108,559 47,875
Sept. 26
Dec. 31
112.247 49.561
1952—June 30
113,502 50,526
Julv 3 0 P
115,533 50,907
Aug. 2 7 P
115.220 51.331
Sept. 24P
115,533 52,192
19,979
25,500
84,408
69,666
65,218
59,556
65,297
62,719
59,698
60,684
62,687
62,976
64,626
63.889
63,341
14,328
19,539
78,338
63,042
57,914
52,154
56,883
52,365
49,108
49,940
51,621
51,261
52,786
51.839
51,406
5 ,651
5 ,961
A l P m u t u a l savings
banks:
1939—Dec 30
1941—Dec. 31 . . . .
1945—Dec 31
1946—Dec. 31
1947—Dec. 31 »
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30 .
1951—Tune 30
Sept. 26
Dec. 31
1952—Tune 30
July 3 0 P
Aug. 21 y
Sept. 24P
5.289
5.478
11,928
13,179
13.696
13.709
13,822
13,209
12,677
12,580
12.398
12,582
12,800
12,790
12,770
3,101
3,704
10,682
11,778
11,978
11,476
11 ,428
10,868
10,205
10,040
9,819
9.606
9.750
9,710
9,670
10,216 4,927
10,379 4,901
16 208 4,279
17,704 4,526
18,641 4,944
19 395 5,686
20,400 6,578
21,346 8,137
21,697 9,020
22,000 9.420
22,259 9,862
23,091 10,509
23.440 10,640
23.550 10.760
23.6'SO 10,890
Total i
Other
securities
9
.302
8 .999
8 ,577
9 ,491
10 ,723
11 ,422
1? ,621
14 ,741
15 ,176
15 ,440
15 ,918
17 ,002
17 ,190
17 ,460
17 ,380
1? ,399
12 ,703
12 ,900
13 ,339
14 ,026
14 ,140
14 .380
14 ,280
6 ,070
6 ,625
7 ,304
7 ,402
8 ,414
10 ,355
10 ,590
10 ,744
11 ,065
11 ,715
11 ,840
12 ,050
11 ,935
2 .188
1 .774
1 .246
1 ,400
1 ,718
9 ,233
2 ,394
9 ,342
? ,472
2 ,540
2 .579
2 ,976
3 . 050
3 ,080
3 ,100
Interbank i
23.292
27.344
35,415
35.041
38,388
39,474
36,522
41,086
38,235
38,980
45,531
41.667
40,010
39,160
40,980
68 ,242
81 ,816
165 612
155 ,902
161 86S
161 ,248
164 467
175 ,296
171 ,860
174 .480
185 ,756
184
183 ,450
IS? 770
185 ,440
9,874
10,982
14 065
12,656
13 033
12,269
12 710
14,039
11,947
12,810
15.087
13 513
12.740
12 890
13,870
22.474
26,551
34,806
34,223
37,502
38,596
35,650
40,289
37,384
38,170
44,645
40,702
39,260
38.380
40,130
57 718
71 ,283
ISO 997
139,033
144 103
142 ,843
HS 174
155 ,265
151 ,457
153 ,870
164 .840
16? 348
161 ,560
160 770
163 ,260
9,874
10.982
14 065
12,656
13,032
12,269
12 709
14,039
11,946
12,810
15,086
13,512
12,740
12 890
13,870
49 ,340
61 ,717
9,410
10,525
13,640
12,060
12.403
11,641
12,097
13,447
11,347
12,153
14,425
12,812
12,074
12,215
13,161
19,782
23,123
29,845
29,587
32.845
34,203
31,317
35.524
33,244
33,763
39,252
36,046
34,641
33,730
35,363
818
793
609
818
886
878
873
797
851
810
886
966
750
780
850
no
,670
118 ,170
122 ,528
1?1 ,362
123 ,885
133 ,089
129 ,737
131 ,452
141 ,015
138 ,769
137 ,807
136 .872
139 ,052
199
10 ,524
10 , 533
15 ,385
16 .869
17 ,763
18 ,405
19 ,293
?0 ,031
?0 ,404
20 ,610
20 ,915
21 ,782
21 .890
22 ,000
22 ,180
1
1
1
1
2
2
2
2
2
Demand
39
Total
Nu mber
capital
of
accounts b£inks
Time
? 5 852
26 ,479
45 613
50 ,784
53 105
S4 ,308
55 601
56 ,513
57 ,386
58 .000
59 ,025
61 369
61 ,540
61 860
62 ,220
8,194
8,414
10 542
11,360
11 948
12,479
13 088
13,837
14,236
14,410
14,623
15 039
15,020
15 070
15,170
102, 507
103, 650
111 .618
100 222
109, 140
107 990
109, 320
104 723
15 ,331
15 ,952
30 241
33 ,930
35 360
35 ,921
36 328
36 ,503
37 ,004
37 ,410
38 ,137
39 614
39 ,680
30 800
40 ,070
6 885
7,173
8 950
9.577
10 059
10,480
10 967
11,590
11,951
12,090
12.216
12 601
12,580
12 630
12,720
14 484
14 ,278
14 011
14 ,044
14 181
14 ,171
14 156
14 ,121
14 .107
14 ,105
14 ,089
14 070
14 ,076
14 074
14 ,070
28, 231
38 846
01 820
78 920
81, 785
80 881
82, 628
00 306
88, 678
89 312
95, 968
94 169
93 921
92 687
93 773
11 ,699
19 ,347
?4 210
?7 ,190
28 ,340
98 ,840
29 ,160
99 , 336
29 ,712
29 ,987
30 ,623
31 ,788
31 .812
31 .970
32 ,118
5,522
5,886
7,589
8,095
8,464
8,801
9,174
9,695
9,987
10,084
10.218
10,526
10,506
10,549
10,606
6 ,362
6 ,619
3
6
14
16
17
17
20
22
20
20
26
26
30
30
30
10 ,521
10 ,527
15 371
16 ,853
17 ,745
18 ,387
19 .273
90 ,009
?0 ,382
20 , 590
20 ,888
21 ,755
21 ,860
21 ,970
22 .150
1 30Q
.241
L. 592
,784
1,889
551
548
516
44, 355
105 935
92, 462
05 727
94 671
96 156
104 744
102, 527
103, 670
111 ,644
100 247
109, 170
108 020
109, 350
39
sn
44, 349
105 921
92, 446
05 711
94, 654
06 136
.999
2,122
2,247
2,285
2,370
2.407
2,438
2 ,440
2.440
2,450
15 035
14 ,826
14 553
14 ,585
14 714
14 ,703
14 687
14 ,650
14 ,636
14 ,634
14 ,618
14 599
14 .605
14 603
14 ,599
(S 884
6 ,900
6 ,923
6 ,918
6 ,892
6 ,873
6 ,859
6 ,848
6 ,840
6 ,815
6 ,812
6 ,810
6 ,807
542
541
533
532
531
529
529
529
529
529
529
5 ?0
529
P Preliminary.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commer cial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock Tsavings banks and
non deposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for w hich asset and liabilit y data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership,
insu ranee
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
m illion at all insured commercial banks.
For other footnotes see following two pages.
NOVEMBER
1952
1207
ALL BANKS IN THE UNITED STATES, BY CLASSES •—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Figures partly estimated except on call dates.
Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and date
Total
Other
Cash
assets l
Total
Other
securities
3,296
4,072
7,334
6,368
7.179
8,048
7,550
9,729
10,234
10,468
11,146
11,268
11,080
11,142
11,363
6,043
8,823
18,809
14,465
13,214
10,712
12,033
10,883
10,370
10,007
10,233
10,442
10,724
10,183
9,883
4,772
7,265
17,574
13,308
11,972
9,649
10,746
8,993
8,460
7,974
8,129
8,212
8,407
7,839
7,612
1,272
1,559
1,235
1,158
1,242
1,063
1,287
1,890
1,910
2,033
2,104
2,231
2,317
2,344
2,271
6,703
6,637
6,439
6,238
7,261
7,758
6,985
7,922
7,393
7,128
8,564
8.135
7,840
6,769
7,297
14,509
17,932
30,121
24,723
25,216
24,024
23,983
25,646
25,064
24,420
26,859
26,745
26,107
24,746
25,288
4,238
4,207
4,657
4,246
4,464
4,213
4,192
4,638
4,107
4,154
4,832
4,639
4,217
4,102
4,596
9,533
12,917
24,227
19,028
19,307
18,131
18,139
19,287
19,291
18,641
20,348
20,311
20,172
18,957
18,971
569
333
482
576
564
531
552
563
571
571
571
1,446
1,566
1,489
1,545
1,739
1,932
1,850
2,034
1,898
1 ,962
2.196
1.899
2,077
2,022
2 .084
3,330
4,057
7,046
5,905
6,402
6,293
6,810
7,109
6,921
6,982
7.402
7,027
7,198
7.129
7,196
888
1,035
1,312
1,153
1,217
1 ,064
1,191
1,228
1,040
1,170
1 ,307
1 ,182
1 ,180
1 ,199
1,239
1,947
2,546
5,015
3,922
4,273
4,227
4,535
4,778
4,756
4,703
4,952
4,681
4,877
4,784
4,808
1,001
1,083
1,103
1,126
1,109
1,143
1,164
1 ,141
1,146
1 ,149
470
490
501
504
513
530
527
529
531
3,686
4,460
6,448
5,570
5.649
5,400
5,713
6,448
5,264
5,782
6,976
5,908
5 ,664
5,876
6,226
9,439
13,047
32,877
28,049
29,395
29,153
30,182
33,342
32,791
33,065
35,218
34,764
34,444
34,362
34,861
4,616
4,806
9,760
10.858
11,423
11,391
11,664
11,647
11,819
11,966
12,272
12 ,754
12,794
12,852
12,926
1,828
1,967
2,566
2,728
2,844
2,928
3,087
3,322
3,431
3,458
3,521
3,663
3,641
3 655
3,675
321
319
319
319
319
598
7,312
10,335
29,700
27,921
28,810
29,370
29,771
32,899
31,840
32,903
35,449
34,414
34,428
34,584
35,133
5,852
6,258
12,494
14,053
14,560
14,768
14,762
14,865
15,101
15,287
15,530
16,075
16.159
16,285
16,322
1,851
1,982
2,525
2,757
2,934
3 123
3,305
3,532
3,658
3,723
3,760
3,873
3,874
3,892
3.938
5,966
6,219
6,476
6,494
6,519
6 535
6,513
6,501
6,500
6,492
6,484
6,461
6.458
6,456
6,453
Loans
Total!
Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec 3i
1945—Dec. 3i
1946—Dec M
1947—Dec. 3i
1948—Dec. 31
1949—Dec. 31
1950—Doc. 30
1951—Juno 30 .
Sept. 26
Dec 31
1952—June 30
Tulv 3 0 P
Aug. 2 7 P
Sept. 24?'
9,339
12,896
26,143
20 834
20,393
18,759
19,583
20,612
20,604
20,475
21,379
21,710
21.804
21,325
21,246
Chicago:
1939—Dec 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—j u n e 30
Sept. 26
Dec. 31
1952—Tune 30
July 3 0 P
Aug. 27P
Sept. 24P
2,105
2,760
5,931
4,765
5 088
4,799
5,424
5,569
5,520
5,539
5,731
5,664
5,805
5,735
5,679
1,333
1 ,499
1 ,801
1,783
1 ,618
2,083
2,215
2.397
2.468
2,380
2,432
2,401
2 ,399
1,536
1 ,806
4,598
3,266
3,287
3,016
3.806
3,487
3,305
3,142
3,264
3,284
3,373
3,334
3,280
1,203
1,430
4,213
2,912
2,890
2,633
3,324
2,911
2,742
2,611
2,711
2,721
2,802
2,763
2 ,709
Reserve city member
banks:
1939—Dec 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31 .
1948—Dec. 31
1949—Dec 31
1950—n e c 30
1951 — T ljne 30
Sept 26
Dec. 31 .
1952—Tune 30
July 30P
Aug 2 7 P
Sept. 24P
12,272
15,347
40,108
35,351
36,040
35,332
38,301
40,685
39,991
41,162
42,694
43,091
44,088
44 086
44,163
5.329
7,105
8,514
10,825
13,449
14,285
14,370
17,906
18,558
18,956
19,651
19,745
20,070
20,290
20,730
6,944
8,243
31,594
24,527
22,591
21,047
23,931
22,779
21,432
22,206
23,043
23,346
24,018
23,796
23,433
5,194
6,467
29,552
22,250
20,196
18,594
20,951
19,084
17,659
18,442
19,194
19,123
19,750
19,404
19,113
1,749
1,776
2,042
2,276
2,396
2,453
2,980
3,695
3,774
3 ,764
3,849
4,223
4,268
4 392
4,320
6,785
8,518
11,286
11,654
13.066
13,317
12,168
13,998
13,175
13,329
15,199
13,925
13,201
13,308
14,086
17,741
22,313
49,085
44,477
46,467
45,943
47,559
51 ,437
49,874
50,813
54,466
53,425
52,902
53.090
54,013
Country member
banks:
1939—Dec. 30 . . . 10,224
1941—Dec 31
12,518
1945—Dec. 31
35,002
1946—Dec 31
35,412
1947—Dec. 31
36,324
1948—Dec 31
36 726
I949—Dec. 31
38,219
40,558
1950—Dec. 30
40,448
1951—June 30
41,383
Sept. 26
42,444
Dec. 31
43,037
1952—June 30
43,836
Tulv 3 0 P
44.074
Aug. 27P
44,445
Sept. 24P
4,768
5,890
5,596
8,004
10,199
11,945
12,692
14,988
15,858
16,054
16,296
17,133
17,325
17,498
1.7,700
5,456
6,628
29,407
27,408
26,125
24,782
25,527
25,570
24,590
25,329
26,148
25,904
26.511
26.576
26,745
3,159
4,377
26,999
24,572
22,857
21,278
21,862
21,377
20.247
20,913
21,587
21,206
21,827
21 ,833
21,972
2,297
2,250
2,408
2,836
3,268
3 504
3,665
4,193
4,343
4,416
4,561
4,698
4,684
4,743
4.773
4,848
6,402
10,632
10,151
10,778
11,196
10,314
11,571
10.779
11.344
13,292
12,087
11,523
11,631
11,896
13,762
17,415
43,418
43,066
44,443
45,102
45,534
48,897
47,877
49,237
52,288
51,571
51,600
51,907
52,555
954
376
385
355
397
383
Interbank 1
Total Number
capital
of
accounts banks
U. S.
Government
obligations
822
1,223
1,091
1,073
964
1,001
1,133
936
1,047
1,309
1,083
1,013
1 ,038
1,100
Demand
Time
736
807
,236
L.449
1,445
L.680
1,651
1,722
, 666
,625
.679
1,795
1,718
1,687
1,721
495
476
719
829
913
1,592
1 648
2,120
2 205
2,259
2,306
2,312
2,351
2,398
2,399
2 425
2,460
2,464
2,473
2,462
36
36
37
37
37
35
25
23
22
22
22
22
22
22
22
250
14
288
13
426
444
14
13
377
404
12
14
13
13
13
13
13
13
13
13
13
346
351
359
355
353
335
341
336
324
321
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.
1208
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Amounts in millions of dollars]
Loans and investments
Deposits
Investmen .s
Class of bank
and date
All insured commercial
banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—June 30
Total
Total
U. S.
Government
obligations
Loans
9,974
12,113
13,031
13,710
15,699
29,876
35,441
35,856
36,045
37,749
39,219
6,844
8,671
10 158
10,645
11 263
11,902
12,282
13,426
13,297
13 413
13,429
13 432
13.439
13,434
12,039
51,250
34 852
38,161
35,587
35.063
34,604
3.806
1,137
5,241
5,930
7.320
7,875
8,378
14,977
20,114
22,974
20,995
23,763
25,951
23,928
39.458
84,939
81,407
83,113
89,281
94.173
92 ,720
6,786
9,229
7,842
8,278
9,133
9.788
8,584
24,350
59,486
54,020
55,034
60,251
63.477
62,255
8,322
16,224
19,545
19,801
19,897
20 908
21,880
3 640
4.644
5 657
5,920
6,313
6,653
6,879
5 117
5,017
4 991
4 975
4,958
4,939
4.975
9,654
29,021
19,463
21,207
19,813
19,748
19,994
7,500
27,089
17,301
18,722
16,778
16,558
16,657
2,155
1,933
2,161
2,484
3,035
3,191
3.337
8,145
9,731
11,228
10,322
11,762
13,301
12,119
22,259
44,730
39,955
40,772
43,808
46,843
46,049
3,739
4,411
3,799
3,819
4,315
4.637
4,227
14,495
32,334
26,862
27,594
30,055
32.491
31,914
4,025
7,986
9,295
9,359
9.438
9.715
9,908
2,246
2,945
3 144
3,254
3,381
3 565
3,647
,502
1,867
3,241
2,992
5,911
6,258
7,023
7.701
8,210
2,535
11,647
10,774
10,508
10,391
10,890
10,863
1,509
10,584
9,246
8,947
8,632
8,923
8,867
1,025
L,063
1,528
,561
,759
,967
,996
2,668
4,448
3,887
3,892
4,299
4.926
4,215
7,702
18,119
19,296
19,269
20,216
21,912
21,606
129
244
259
4,213
12,196
12,419
12,285
13,194
14,415
13,867
3,360
5,680
6,618
6,712
6,726
7,144
7,450
1,358
,473
1,570
.686
.757
959
083
6,810
6 416
6,498
6,540
6 562
6,602
6,622
455
318
520
481
761
1,693
1,234
1,185
1,040
241
200
259
253
763
514
509
442
329
286
308
468
469
852
714
758
727
991
317
443
1.291
1,905
1,353
1,223
1,224
,235
.186
279
322
321
1,061
1,872
2,452
2,201
2,036
1,976
1,932
1,993
253
365
479
472
503
1,002
1,893
1,493
1,438
1,327
1,299
1,377
396
327
314
320
689
650
7,233
16,849
18,698
18,686
19,267
20,380
20,954
3,696
3,310
6,431
6,739
7,550
8,192
8,714
3,536
13,539
12,267
11,947
11,718
12,189
12,240
2,270
12,277
10,479
10,132
9,672
9,914
9,928
1 ,266
1 ,262
,788
,814
,046
.,275
,312
3,431
4,962
4,396
4,334
4,767
5,395
4,658
9,574
20,571
21,497
21,305
22,193
23,843
23,598
591
661
700
5,504
14,101
13,772
13,508
14,417
15,650
15,052
3,613
6,045
7,097
7,184
7,184
7,533
7,846
1 693
10,846
13,312
14 209
15,101
16,190
16,857
642
1 050
7,765
9,202
9 394
9,015
8,668
8,814
151
3,081
4,109
4 814
6,086
7,523
8,043
7,160
7,795
7 832
7,487
6,921
6,730
606
1 ,407
1 ,562
1 ,528
1 ,746
7 ,084
429
684
1,789
10,363
12,772
13,592
14,320
15,368
16,081
1
12
14
2
2
16
19
23
23
8 687
5 361
6,083
6,192
6 245
6,069
6,234
4,259
1 198
1,577
1,764
2 050
2,339
2,466
4 428
4 163
4,506
4 428
4 194
3,730
3,768
3 075
3 522
3,680
3,596
3 380
2,897
2,876
1 ,353
641
642
180
27,571
69,312
63,845
67,943
72,090
75,255
76,036
11,725
13,925
23,752
23,853
29,184
32,317
33,054
15,845
55,387
40,093
44,090
42,906
42,938
42,982
State member banks:
15,950
1941—Dec. 31
37,871
1945—Dec. 31
194g—Dec. 31
31,771
1949—Dec. 31
33,585
35,334
1950—Dec. 30
1951—Dec. 31 . . . 36,992
1952—Tune 30
37,466
6,295
8,850
12,308
12,378
15,521
17,243
17,472
5,776
14,639
16,685
16,766
17,414
18,591
19,073
Noninsured nonmember commercial
banks:
1941—Dec. 31 .
1945—Dec. 31 2
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951_Dec. 31
1952—Tune 30
1,457
2,211
2,013
1 ,919
1,853
1,789
1,880
All nonmember commercial banks:
1941—Dec. 31
1945—Dec. 3)
1948—Dec. 31 2
1949—Dec. 31
1950—Dec. 30
1951—Dec 31
1952—June 30
Insured mutual savings
banks:
1941—Dec 31
1945—Dec. 31
1948—Dec. 31
1949—Dec 31
1950—Dec 30
1951—Dec. 31
1952—June 30 . .
Noninsured mutual
savings banks:
1941—Dec
1945 Dec
1948—Dec.
1949—Dec
1950 Dec
1951—Dec.
1952—June
31
31
31 2
31
30
31
30
Time
43,059
104,015
93,300
94,914
103,499
110.382
108,036
21,046
88,912
61,388
65,820
60,986
60,533
60,117
31
31
31 . . . .
31 .
30 . . .
31
30
Demand
10,654
13,883
11,900
12,368
13,744
14,777
13,100
28,031
96,043
70,318
75,793
73,099
73,564
73,827
1941—Dec.
1945—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Tune
Total i
Total Number
capital
of
accounts banks
69.411
147,775
140,642
143,138
153,288
162.908
160,355
21,259
25,765
41,968
42,485
51,723
57.256
58,730
Insured nonmember
commercial banks:
Other
securities
Interbank^
25,788
34,292
38,087
35,207
39,821
44.176
40,258
49,290
121,809
112,286
118,278
124,822
130,820
132,557
National member
banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Tune 30
Other
Cash
assets 1
527
490
629
5,984
7,131
<•
421
682
617
695
756
826
832
194
191
814
833
892
180
191
209
8,744
5,022
5,633
5,702
5,711
5,547
5,702
272
297
353
289
329
181
368
341
294
308
412
457
425
628
613
6
2
3
3
3
3
3
458
388
1,789
10,351
12,757
13,575
14,301
15,343
16,056
8,738
5 020
5,631
5,699
5,708
5,544
5,699
,288
,362
L, 680
L, 794
,897
.999
2,077
1*4
927
917
.915
901
.890
636
7,662
7,130
7,256
7,267
7.251
7 2 52
7,258
52
,034
,334
192
193
420
192
194
202
205
1,077
558
496
350
665
702
339
339
734
729
738
335
327
324
,513
.678
1,700
For
footnotes see
pages
ror iootnoies
see preceding
preceding two
two pages.
dM
Back fiB
figures.—See
Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions
in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.
NOVEMBER
1952
1209
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Class of ban k
and
call date
All insured
commercial
banks:
1941—Dec.
1945—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—June
Total
loans
and
investments
31.
31.
31.
31.
30.
31.
49
121
112
118
124
130
30. 132
Member banks,
total:
1941—Dec. 3 1 .
1945—Dec. 3 1 .
1948—Dec. 3 1 .
1949—Dec. 3 1 .
1950—Dec. 3 0 .
1951—Dec. 3 1 .
1952—June 30.
43
107
95
101
107
112
113
New York City:*
1941—Dec. 31.
1945—Dec. 3 1 .
1948—Dec. 3 1 .
1949—Dec. 3 1 .
1950—Dec. 3 0 .
1951—Dec. .31
1952—June 30
12
26
18
19
20
21
21
Total1
Investments
Loans for
Compurchasing
meror
carrying
cial,
securities
in- AgriReal
clud- culesing
tate
tur- To
loans
open- al brokers
ket
and othpaers
dealper
ers
290
809
286
278
822
820
557
2 1 , 259
2 5 , 765
4 1 , 968
4 2 , 485
5 1 , 723
5 7 . 256
5 8 , 730
1? ,761 2 ,775
U ,935 2 ,963
21 ,776 2 ,823
2 5 ,744 3 ,321
2 ' .176 3 ,562
521
183
616
528
424
247
502
18, 021
2 2 , 775
36 060
36 230
44 705
49 561
50 526
5.671 972
8,949 855
1*r.631 1 ,800
15,857 1 ,945
20,521 1 ,808
24,347 2 ,140
23,732 2 ,264
896 4 072
143 7 334
759 8 048
583 7 550
612 9 729
379 11 146
710 11 268
l
's .214
,461
2,807
3,044
5,642
4,792
6,328
U S. Government obligations
Direct
Conumer Other
Total
loans loans
4,!
,450 614 662 4 , 773
,314 3,164 3 ,606 4 , 677 f 351
1,336 939 10, 666 907
1,749 855 1 1 , 405 > 002
1,789 ,036 13, 389 71 628
1,571 960 14 450 7 742
2,106 942 14 884 526
8
594
598
1,410
1,421
1,219
1,619
225
219
285
262
234
123
80
224
256
442
514
426
48
211
71
109
110
94
166
52
233
63
56
69
63
61
22
36
51
51
65
70
67
194
114
427 1 ,503
360
130
309
183
207
386
347
203
354
258
1 527
1 459
3 503
3 742
4 423
4 651
4 ,799
412
169
? 453 1 ,172
7,659
3,( 92
I , 977
2 . 658
2 , 809
3 , 585
3 , 863
3 , 950
3,133 3 ,378 3 455 027
1,324 834 8 244 3 933
1,737 758 8 834 I 776
1,770 927 10 522 6 167
1,551 851 11 334 6 195
2,084 829 11 628 6 791
3 1,102
7 . RS7
3 494
45
2 , 191
2 , 992
3 , 124
3 , 955
4 , 282
4 , 385
Total
Certificates
inteed subBills of
debt- Notes Bonds
diviedsions
ness
2 8 , 031
9 6 , 043
7 0 , 318
7 5 , 793
7 3 , 099
7 3 , 564
7 3 , 827
2 1 , 046
8 8 , 912
6 1 , 388
6 5 , 820
6 0 , 986
6 0 , 533
6 0 , 117
2,455
2,821
3,692
4,118
7,219
6,090
500
408
556
297
719
687
976
19, 539
78 338
52 154
56 883
52 365
51 621
51 261
2,275
2,588
3,389
3,665
6,399
5.423
25
84
59
65
62
62
62
Obligations
of
States Other
and
secuGuar- polit- rities
an-
988
971
19, 071
10, 065
12, 479
1, 932
7 526
7 653
3 159
16, 045
3 394
5 810
16 756
1 \ 256
11 099
12, 797 4,102 3,651 ,333
22 3,873 ,258
51 ,321
4 5 , 100
8 5.509 ,420
4 3 , 833
6 6,400 I ,574
3 8 , 168
11 7.933 c ,179
3 4 , 511
21 8,989 1,042
3 5 , 251
25 9,627 4 ,083
3 007 1 1 . 729 3,832 3,090 ,871
16* 985 14 271 4 4 , 792
16 3,254 ,815
7 999 2 800 3 8 , 761
5 4,480 • ,922
4 5,274 ,140
10 409 5 085 3 7 , 996
1 468 14 054 33 170
8 6.640 ; ,714
15 7.528 [ ,538
6 010 9 596 2 9 , 601
21 8,125 3 .590
6 134 9 468 30 215
5 54
1 623 3 652 1.679
8 823 7 265
311
729
76
509 18 809 17 574
1
477 *3 433 3 325 10 337
606
313
636 10 712 9 649
589 1 183
365 7 512
563
377
621 12 033 10 746
720 1 785
835 7 405
752
540
850 10 883 8 993
824
250 1 711 6 206 " "2 1,123
2 1,385
520
950 10 233 s 129 1,122
616 1 428 4 960
558
947 10 442 8 212 1,062
692 1 400 5 058
1,436
830
629
500
535
767
719
794
96
26
65
115
88
115
91
147
147
117
172
116
150
193
204
174
192
242
201
201
Chicago:2
1941—Dec.
1945—Dec.
1948—i) eo#
1949—Dec.
1950—Dec.
1951—Dec.
1952—June
31
31.
31.
31.
30.
31.
30.
2
5
4
5
5
5
5
760
931
799
424
569
731
664
954
333
783
618
083
468
380
1,412
1,211
1,567
1,977
L, 856
6
2
4
7
9
16
11
7 105 3,456
8 514 3,661
14 285 7,282
14 370 <5,704
17 906 3,646
19 651 10,140
19 ,745 3,756
300
205
437
457
392
513
519
659
648
1
1
1
2
2
2
732
760
1
4
3
3
3
3
3
806
598
016
806
487
264
284
\
4
2
3
2
2
2
430
213
633
324
911
711
721
256
133
183
331
232
334
366
j C
8 243 6
12
433~ 826 31 594 29
1 ,609 1 118 21 047 18
1 965 1 212 23 931 20
2 ,567
534 22 779 19
2 ,512
578 23 043 19
2 ,746
617 23 346 19
467
552
594
951
084
194
123
628 4 377
407 26 999
1 467
275
690
131
332
371
153
749
217
358
700
520
494
1,034
1,056
1,189
1,218
2,524
2,080
6 982
3 201
4 180
499
2 493
2 ,520
751
5 653
1 090
2 124
5 536
3 ,640
3 ,656
4
15
13
13
11
10
10
110
63(
760
"s3 ,102
,340
481
4 ,544
1 ,128
1 ,768
6 ,107
4 ,008
3 ,918
2 926
16 713
16 046
15 189
13 ,287
12 ,587
12 ,817
903
864
958
945
847
526
490
119
182
181
210
290
335
351
363
Reserve city
1941—p e c
1945—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—June
31
31.
31.
31.
30.
31.
30.
Country banks:
1941—Dec. 31.
1945—Dec. 3 1 .
1948—Dec. 3 1 .
1949—Dec. 3 1 .
1950—Dec. 3 0 .
1951—Dec. 3 1 .
1952—June 30.
15 ,347
40 108
35 ,332
38 ,301
40 ,685
42 ,694
43 ,091
,518
,002
,726
,219
,558
,444
,037
5 890
5 596
11 ,945
12 692
14 ,988
16 ,296
17 ,133
1,676
1,484
3,296
3,150
3,980
4,377
4,462
5 ,77f
14 ,639
16 ,685
16 ,76f
17 .414
18 ,591
19 ,073
3 ,241
2 , 992
5 ,911
6 ,258
7 ,023
7 ,701
543
512
12
35
36
38
40
42
43
1 ,356
1 ,480
1 ,407
1 .610
1 ,733
20
42
21
36
33
35
41
1 e 30
183 1 ,823
471 1 ,881
492
578
187 4 ,467 1 , 895
817
173 4 ,784 2 ,320
884
187 5 ,591 2 ,913 1 054
178 6 ,099 3 ,046 1 163
179 6 ,337 3 ,370 1 237
6
29
24
25
25
26
25
2(
31
12
12
18
64
228
105
97
10 (
2 ,535
11 ,647
10 ,774
10 ,508
10 ,391
10 ,89(
10 , 863
,781 21 278
295
527 21 862 1,148 3 , 753
588
,570 21 ,377 1,390
,148 21 ,587 2,418 2 .568
,904 21 ,206 1,914 2 ,551
820
248 1,173
956
c 1.126
916
878
1 1,421 I .032
247
457
. 1,727 1 ,254
830
2,184 1 ,511
8 2 ,458 1 ,390
528
851
If 2,832 1 ,391
861 1 ,222 I ,028
9 1,342 1 ,067
A 2,28f 1 ,217
I 2,505 1 ,160
t
2,998 1 ,194
c 3,334 1 ,227
3,494 1 ,204
Insured nonmember commercial b a n k s
1941—Dec. 3 1 .
1945—Dec. 3 1 .
1948—Dec. 3 1 .
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—June 30
8
,210
478
459
975
,131
1 ,078 I ,018
1,255 1 ,015
1,397 1 ,181
1,445 1 ,298
2f
22
1 ,282
1 ,224
2 ,42f
2 ,575
2 ,872
10( 3 ,121
113 3 ,262
8 54
323
975
1 .225
1 ,461
1 ,546
1 , 735
214
334
315
37(
4 \(
434
1 ,509
10 .584
9 ,246
8 .947
8 ,632
8 ,923
8 ,86"
17
180
234
303
453
82(
668
152 1 ,069
"2,087 1 ,774 6 ,538
594 6 .349
2 ,06f
725 5 ,84f
2 ,071
465 2 ,702 5 ,008
1 ,516 1 ,66( 4 ,921
1 ,51< 1 ,631 5 ,04f
271
6
563
61*
l,03(
2 1,127
1,294
6 1 ,462
1
1,503
462
443
498
434
465
505
493
* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications
of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1948, figures for vatious loan item3 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.
1210
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES '—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Reserves
with
Cash
Federal
Revault
serve
Banks
Class of bank
and
call date
DeInterbank
mand
deposits
deQOposits
mestic
adbanks * justed * DoFormestic* eign
Balances
with
J_
All Insured commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 3 0 . .
1951—Dec. 3 1 . .
1952—June 3 0 . .
673
12,396 1,358 8,570 37,845 9,823
15,810 1,829 11,075 74,722 12,566 1,248
20,404 L.939 8,947 84,211 10,344 1,488
16,428 1,984 9,466 84,576 10,885 L.315
17,458 \2,145 10,463 91,099 11,955 1,442
19,911 \8.665 11,561 97,048 12,969 ,381
19,331 :>,365 9,935 93,652 11,286 1,339
Member banks,
total:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 3 0 . .
1951—Dec. 31. .
1952—June 30. .
12,396
15,811
20,406
16,429
17,459
19,912
19,333
1,087
1,438
1,486
1,521
1,643
2,062
1,821
6,246
7,117
5,674
6,194
6,868
7,463
6,470
33,754
64,184
72,152
72,658
78,370
83,100
80,347
9,714
12,333
10,098
10,623
11,669
12,634
11,013
New York City: *
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950— Dec. 3 0 . .
1951—Dec. 3 1 . .
1952—June 3 0 . .
5,105
4,015
5,643
4,462
4,693
5,246
5,266
93
111
117
112
118
159
168
141
78
67
68
78
79
92
10,761
15,065
15,773
15,182
15,898
16,439
16,070
3.595
3,535
2,904
2,996
3,207
3,385
3,193
1,021
1,325
1,183
1,216
1,407
1,259
43
36
28
27
30
32
30
298
200
143
159
133
165
135
4,060
6,326
7,701
6,413
6,806
7,582
7,312
425
494
483
482
519
639
551
2,590
2,174
1,845
1,965
2,206
2,356
2,083
11,117
22,372
25,072
25,744
27,938
29,489
28,703
Country banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 3 0 . .
1951—Dec. 3 1 . .
1952—June 3 0 . .
526
2,210
796
4,527
858
5,736
901
4,371
976
4,745
5,676 1,231
5,495 1,072
3,216
4,665
3,619
4,002
4,450
4,862
4,159
9,661
23,595
27,703
27,935
30,581
33.051
31,671
Insured nonmember commercial banks:
1941—Dec. 3 1 . .
1945—D ec 31
1948—Dec. 31
1949—Dec. 3 1 . .
1950—Dec. 30
1051—Dec. 31
1952—June 30. .
271
391
453
463
503
603
544
2,325
3,959
3,273
3,273
3,596
4,099
3,466
4,092
10.537
12.059
11,918
12,729
13.948
13,305
Chicago:
1941—Dec.
1945—Dec.
1948—Dec.
1949—£)eCt
1950—Dec.
1951—Dec.
1952—June
31..
31. .
31..
3i _
30.
31..
30..
942
2,215 1.027
3,153 1,292
3,604 L.038
3,797 I 151
3,954 1,177
4,121 L.269
3,903 L.136
Time deposits
Certified
U. S. States
J
ana
ana
Govpolitical
offiernment subdi- cers'
visions checks,
etc.
_
j
U. S.
IndiIndi- Bor- CapiGov- States viduals,
viduals,
tal
ernand
rowpartner- Inter- ment polit- partner- ings
ac- .
ships,
ships, bank and
counts
ical
and cor
Postal subdi- and corporaSav- visions porations
tions
ings
1,761
23,740
2,323
3,050
2,788
3,344
5,797
3,677
5,098
7,182
7,419
7.892
8,288
8,682
1,077
2,585
2,113
2,338
2,898
3,147
2,721
36,544
72,593
81,682
82,106
89,922
95,604
90,836
158
70
69
169
347
427
475
59
103
117
182
189
278
312
1,080
1,232
1,331
1.485
1,574
L.243
1,480
1,310
1,437
1,369
1,329
1,709
22,179
2,122
2,838
2,523
3,101
5,439
3,066
4,240
5,850
6,017
6,400
6,666
6,989
1.009
2,450
1,962
2,185
2,724
2.961
2.555
33,061
62,950
70,947
71,589
78,659
83,240
79,186
140
64
63
164
341
422
469
50
99
111
418
399
927
175
183
257
288
607
866
319
237
241
196
258
321
305
450 11.282
1,338 15,712
750 16,695
895 16,408
1,087 17,490
1,289 17,880
1,079 17,275
6
17
31
113
268
318
350
671
1,105 6,940
445
1,278
640
1,084
451
1,162
858
1,128
1,096 1,651
8
20
26
40
48
38
39
127
1,552
188
258
174
242
306
15,146
29,277
34,244
34,442
34.525
35,986
37,333
10
215
54
14
82
30
85
1,051
1,121
1,238
1,303
11,878
23,712
27,801
27,934
28,032
29,128
30,196
4 5,886
208 7,589
45 8,801
11 9,174
79 9,695
26 10,218
69 10,526
14
38
37
43
53
29
20
20
24
37
22
21
1,206
1,646
1,590
1,647
1.614
1,721
11
10
10
11
11
1,069
1,089
1.128
1,150
288
377
444
470
490
513
530
io
492
496
778
6,844
8,671
10,158
10,645
11,263
11,902
12,282
1,648
2,120
2,306
2,312
70 2.351
5 2.425
20 2,460
195
25
233
237
284
286
284
240
287
34
66
53
60
70
66
52
2,152
3,160
3,702
3,932
4,250
4,404
4,037
3
1
6
1
4
1
5
4
1,144
1,763
2,401
2,478
2,575
2.550
2,689
286
611
649
650
852
822
719
11.127
22,281
25,302
25,912
28,938
30,722
29,258
104
30
19
38
57
90
101
20
38
46
60
60
85
90
243
160
547
617
631
714
751
4,542
9,563
10,798
10,987
10,956
11,473
11,913
1,967
2,566
2,928
3,087
3,322
4 3,521
25 3,663
1,370
2,004
2,925
3,058
3,282
3,554
3,708
239
435
510
579
715
783
705
8,500
21,797
25,248
25,337
27,980
30,234
28,616
30
17
13
13
12
13
12
31
52
49
73
82
125
141
146
219
350
400
443
491
521
6,082
12,224
14,369
14,289
14,339
14,914
15,413
4
11
12
11
9
16
24
1,982
2,525
3,123
3,305
3,532
3,760
3,873
611
858
68
135
151
153
174
186
166
3,483
9,643
10,736
10,517
11,262
12,364
11,649
18
6
6
5
6
8
4
6
6
6
22
24
74
97
153
182
210
247
270
3,276
5,579
6,459
6,524
6,510
6,876
7,156
6
7
8
3
3
4
17
1,083
1,358
1,473
1 .570
1,686
1,757
476
719
989
Reserve city banks:
1941—Dec.
1945—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—June
31..
31..
31..
31..
30..
31..
30..
4,302
6,307
5,213
5,498
6,174
6,695
5,624
54
110
168
176
217
192
182
790
1,111
1,285
1,060
2
8
8
9
10
11
12
108
233
246
261
286
335
273
2
5
8
6
5
12
10
1,199
943
979
491
8.221
801
1.142
976
1,124
2,097
225
5,465
688
797
922
876
1,384
53
1,560
201
213
265
243
357
1,332
1,402
1,492
1,622
1 ,694
5
6
2
8
959
2
3
Central reserve city banks.
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942. aggregated 513 million dollars at all member banks and
525 million
at all insured commercial banks.
4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
NOVEMBER
1952
1211
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are average? of Wednesday figures.
Tn million? of dollars!
Loans l
Investments
For purchasing
or carrying securities
Date or month
Total
loans
and
investments
Total 1
Commercial,
industrial,
and
agricultural
To brokers
and dealers
To others
U. S. Government obligations
Real
estate
loans
Loans
Other
to
banks loans
Bills
Certificates
of indebtedness
Xotes Bonds2
Total
Total
IT. S. Other U.S. Other
se- Govt. seGovt.
obcuri- ob- curiligaties liga- ties
tions
tions
Other
securities
Total—
Leaiing Cities
1951—September. 71,027
33,352
19,861
324
130
567
1952—July
76,633
August. . . . 75.519
September. 75,510
35,769
35.516
36,101
^0.598
20,776
21,343
913 1 ,346
300 1 .354
226 1,194
199
137
133
565 5.744
609 5,795
647 5,856
Aug. 6. . .
Aug. 1 3 . . .
Aug. 20. . .
Aug. 2 7 . . .
75,652
75.586
75.344
75,497
35,539
35,524
35,427
35,575
20,657
20,722
20.709
20,926
382
315
259
280
1 .517
1 ,450
1 ,235
1,213
145
136
133
134
571
568
647
648
Sept.
vSept.
Sept.
Sept.
3...
10 .
17. . .
24...
75,188
7S 303
76,019
75,532
35.685
35 919
36,505
36,296
21.017
?1,235
21 ,516
21,606
244
264
233
163
1 ,217
1 . 109
1 .223
1,138
136
131
132
132
Oct.
I5..
Oct.
8...
Oct. 15. . .
Oct. 2 2 . . .
Oct. 29. . .
75,773
77,382
77,629
76,937
76,985
36,680
36,812
37,292
37,014
37,238
21,671
21,806
22,054
22,153
22,274
184
267
293
258
270
1,232
1 .280
1 ,294
1,199
1 .167
1951—September. 20,040
10,355
7,147
280
1952—July
72 022
A u g u s t . . . . 21.109
September. 20,938
11., 490
11,100
11,169
7,473
7.544
7,769
696 1 ,055
181 1 ,101
132
940
Aug. 6 . . .
Aug. 1 3 . . .
Aug. 2 0 . . .
Aug. 2 7 . . .
21,278
21,140
20.919
21,099
11,202
11,111
11,014
11,072
7,475
7,522
7,556
7,625
Sept.
Sept.
Sept.
Sept.
3...
10. . .
17...
24...
20,755
20,765
21,205
21,029
10,935
11,016
11.426
11,301
Oct.
1 ...
Oct.
8...
Oct. 1 5 . . .
Oct. 2 2 . . .
Oct. 2 9 . . .
21,116
21,520
21,358
20.998
21,041
5,592
463
5,934 37,675 31,008
2,675
2,359
6,643 19,331 6,667
564 6,395 40,864 33,374
622 6,473 40,003 32.4?3
689 6,573 39,409 31,833
3.462
2,777
2,607
3,790
3,410
3,126
5,959 20,163 7,490
5,978 20,258 7.580
5,972 20,128 7,576
5,774
5,795
5.802
5,810
595
633
640
620
6,456
6,463
6,471
6,504
40,113
40.062
39.917
39.922
32,586
32,500
32,363
32,246
2.844
2 .789
2.764
2.709
3,486 5,965 20,291 7,527
3,448 5,976 20,287 7,562
3,362 5,980 20,257 7,554
3,346 5,992 20,199 7,676
656
651
640
642
5,824
5,859
5.866
5,875
614
586
865
692
6.537
6.555
6.591
6,608
39,503
39,384
39,514
39,236
31,932
31,786
31,928
31,685
2 ,582
2,487
2 .785
2,574
3,211
3,150
3.072
3,070
5,990
5,993
5,965
5,941
20,149
20 156
20,106
20,100
7,571
7,598
7,586
7,551
128
127
126
115
114
639
640
643
642
628
5,890
5,899
5,918
5,932
5,945
826
676
800
547
618
6,670
6,680
6,727
6,732
6,784
39,093
40,570
40,337
39,923
39,747
31.579
33,077
32,848
32,431
32,361
2,513 2,617
4,086 2,536
3,968 2,495
3,641 2,426
3,610 2,433
6,328
6,352
6,335
6,317
6,261
20,121
20,103
20,050
20,047
20,057
7,514
7,493
7,489
7,492
7,386
31
224
516
246
1,328
9,685
7,698
635
399
1,454
55
26
25
204
223
238
409
403
401
409
401
431
1 ,366 10,532
1,399 10.009
1,413 9,769
8,253
7,700
7,495
810
557
624
761
554
398
1 .364 5,318 2,279
I ,361 5,228 2.309
1,357 5,116 2,274
243 1 .271
187 1 .201
148
977
145
954
27
24
24
28
208
206
240
239
411
406
402
394
362
352
435
456
1 ,383 10,076
1 ,391 10,029
1,410 9,905
1,411 10,027
7,779
7,720
7,612
7,691
503
509
559
658
613
572
499
531
I ,361
1,359
,361
,•562
7,620
7,732
7,850
7,873
132
152
144
101
956
936
972
896
28
25
24
24
244
239
234
233
398
408
400
399
324
299
566
535
1,413
1 ,405
1 .416
1 ,420
9.820
9,749
0,779
9,728
7,539
7,464
7.513
7 ,463
594
570
681
649
454
395
384
358
.367
,373
, 346
,344
5,124 2.281
5,1 26 2.285
.5 .102 2,266
5.112 2,265
11,483
11,515
11,701
11,559
11,609
7,932
7,986
8,134
8.180
8,228
97
963
137 1,020
157 1,042
162
943
173
919
23
23
23
21
21
232
233
238
230
220
396
397
397
396
395
601
468
459
381
394
1 .419 9.633
1 ,431 10,005
1 ,430 9,657
1 .426 9,439
1 ,439 9,432
7,411
7,795
7,468
7.274
7.356
605
1,089
833
676
738
281
248
251
223
252
,405
,371
,353
,340
,328
5,120
5,087
5,031
5,035
5,038
1951—September. 50,987
22,997
12,714
44
218
99
343
5,076
217
t952—July
24,279! 13,125
24,416 13.232
24,932 13,574
217
128
94
291
253
254
144
111
108
361 5,335
386 5.302
409 5,455
943
New York City
725
5,210 1,987
5 ,302
5,280
5,193
5,140
2,297
2,309
2,293
2,336
2,222
2,210
2,189
2,165
2,076
Outside
New York City
54,611
A u g u s t . . . . 54,410
September. 54,572
4,606 27,990 23,310
2,040
1 ,960 5,189 14,121 4,680
155 5,029 30,332 25,121
221 5,074 29,904 24.723
258 5,160 29,640 24.338
2,652
2,220
1,983
3.029 4,595 14,845 5,211
2,856 4.617 15,030 5,271
2,728 4,615 15,012 5,302
Aug. 6 . . .
Aug. 13. .'.
Aug. 2 0 . . .
Aug. 2 7 . . .
54.374
54,446
54,425
54,398
24,337
24,413
24,413
24.503
13,182
13.200
13.243
13.301
139
128
111
135
246
249
258
259
118
112
109
106
363
362
407
409
5,363
5,389
5.400
5.416
233
281
205
164
5,073
5.072
5,061
5.093
30,037
SO,033
30.012
29.895;
24.807
24.780
24.751
2 4.555
2,341
2.280
2,215
2,051
2,873
2.876
2,863
2,815
4,604
4,617
4,619
4,630
14,989
15,007
15,064
15,059
5,230
5,253
5.261
5,340
Sept. 3 . . .
Sept. 10. . .
Sept. 1 7 . . .
Sept. 24. . .
54,433
54,538
54,814
54,503
24,750
24,903
25,079
24,995
13,397
13,503
13,666
13,733
112
112
89
62
261
263
251
242
108
106
108
108
412
412
406
409
5,426
5.451
5 ,466
5,476
290
287
299
157
5.124
5,150
5.1 75
5,188
20.6831
29.635
29.735
29,508
24.393
24,322
24.415
24,222
1,988
1,917
2,104
1 ,925
2,757
2,755
2,688
2,712
4,623
4,620
4,619
4,597
15,025
15,030
15,004
14,988
5,290
5,313
5,320
5,286
Oct.
is..
Oct.
8...
Oct. 1 5 . . .
Oct. 2 2 . . .
Oct. 2 9 . . .
54,657i
55,862
56,271
55,939i
55,944
25,197
25,297
25,591
25,455
25,629
13,739
13,820
13,920
13,973
14,046
87
130
136
96
97
269
260
252
256
248
105
104
103
94
93
407
407
405
412
408
5,494
5,502
5,521
5,536
5,550
225
208
341
166
224
5,251
5,249
5,297
5,306
5.345
29,460
30,565
30,680
30.4841
30,315
24,168
25.282
25,380
25,157
25.005
1,908
2,997
3,135
2,965
2,872
2,336
2,288
2.244
2,203
2,181
4,923
4.981
4,982
4,977
4.933
15,001
15,016
15 019
15,012
15,019
5,292
5,283
5 300
5,327
5.310
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.
Includes guaranteed obligations.
For other footnotes see opposite page.
2
1212
FEDERAL RESERVE
BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures.
Demand deposits,
except interbank
Reserve:
BalDewith Cash ances mand
Fedwith
dein
doeral vault
posits
mestic ad- 2
Rebank: justed
serve
Bank
Date or month
IndividCertiuals, State?
and
fied
part- politand
nerical
Offiships, subcers'
and
divi- checks,
coretc.
pora- sions
tions
In millions of dollarsl
Interbank
deposits
Time deposits,
except interbank
Individuals,
U. S. partGov- nerern- ships,
ment and
corporations
Demand
State> r. s.
and
Govpolit- ernical
ment
suband
Dodivi- Postal mesForsions Saveign
tic
ings
Bor- Caprow- ital
acings counts
Time
Bank
deb-4
its
Total—•
Leading Cities
1951—September . 14,195
889
2,385 50,97.1 52,362 3,278
1952—July
15.014
A u g u s t . . . . 1 1,765
September . 14,97(1
93;
2,387 52.135 53.110 3.598
2.3-ir
. 968 . 85( 3,:
2,504 5 2 , 6 7 4 5 4 . 0 5 C
3,425
1,399 2 , 5 5 3 1 4 , 7 5 7
.671
,32
,482
5.732 15,683
15.714
3,517 1 5 , 7 9 7
739
147
10,0281,212
395
6,745 1 0 8 , 6 2 9
772
769
762
182
188
190
9,98811 ,253
9 98511 .300
10,597 1,303
468 1 .245
464 1 ,1 69
992
487
7,024 1 2 0 , 4 5 2
7.048 1 1 2 , 3 7 2
7,072 1 1 9 , 1 4 1
773
772
767
766
184 10,057
189 10,308
189 9.921
190 9,652
454
461
466
475
7,051
7,04 7
7,043
7 ,051
7
7
7
7
65
6
59
59
190
188
192
190
756
74 7
739
737
738
Aug.
Aug.
Aug.
Aug.
6
13....
20....
27....
14.85:
1 4,74
14,938
14,521
889
94.'
903
958
2.342
2.442
2,328
2.24
51
SI
51
52
8
8
7
4
6 4 52,18.1
37 3.359
64 52,709
09 53,151
3,718
3.46C
3,447
3.463
,298
,328
.394
,264
4.650
4.4 76
4,58<>
4 ,090
Sept.
Sept.
Sept.
Sept.
3....
10....
17
24....
14.-11
1 4.86
15.4-11
15,15(
918
973
90-1
932
2
2
2
2
52.2
52,9
53,2
52,2
75 53.25.'
25 54 .21'
21
,383
74 5 3 , 3 4 4
3.558
3,452
3,35
3,334
,439
.318
.76
, 405
3,14 1 I S ,
2 ,808
3 .640 1 5 .
4,477 1 5 ,
1
1
1
1
1
4,690
4,761
5.048
5,252
5.022
8
907
935
925
2,386
2,369
2,681
2,392
2.326
3,515
3,372
3,291.
3,437
3,561
1 .984
1 ,599
1,732
1,449
1 .38C
5,124
135
15,670 1 6 , 4 6 0
242
639
298
347
2,361
41,688
5,365
5.143
5,248
182
168
159
15,773 1 6 , 6 2 5
1.5.513 1 6 . 2 5 7
15,800 1 6 , 6 4
278
273
265
86<
573
650
2,509 1 . 5 8 8
1,699 1 . 5 5 1
1,162 1 , 5 6 1
2,914
2.806
3,022
.023
05
,049
353
349
371
382
428
357
2,417
2,426
2,422
50,472
44,101
47,798
5.23<
5,115
5.22-1
5,003
165
174
159
173
1
1
1
1
1
1
1
1
6
6
6
6
.
,
.
,
053
228
234
514
2
2
2
2
4
0
7
0
551
592
61 (
540
1
1
1
1
5,0-13
5 .165
5,3 73
5,412
166
180
144
145
1
1
16,129 1
15,689 1
6
6
7
6
,
.
.
,
3
5
1
4
271
255
278
255
617
531
869
584
5 ,051
5,120
5,170
5,305
5,132
136
146
145
141
151
Oct. 1 •'»...
Oct. 8 . . . .
Oct. 1 5 . . . .
Oct. 2 2 . . . .
Oct. 2 9 . . . .
,304
,358
.713
,641
5
5
5
5
,
,
,
,
2,317
2.167
2,651
3,216
>3,586
5
5
5
5
5
3
3
6
4
4
,835
,218
,473
.888
.799
3.561
4,680
4,419
3,695
3.450
15.713
15.714
15.704
15,724
751
784
805
846
15,8
15,9
15,9
15,9
16,0
8
4
5
8
0
3
7
7
5
2
7
4
7
3
,
,
,
,
4
0
8
9
9
0
4
9
5
6
9
6
i0,155 330
10.543J1 .307
11 ,168i' 7 7 S
10,522, !301
480 1 .210 7 , 0 7 6 2 2
24
489 1.151
7.071
48
873 7 . 0 6 6 3 1
492
703 7 , 0 7 3 2 8
.
,
,
,
6
8
5
6
8
0
7
9
2
2
6
3
190
191
191
191
1 89
10,434
10,758 !
11,489
10,721i
10.297:
504
509
518
519
530
43
2,867,
,324
,343
.298
,2 73
.323
.329
,33
,342
.348
1
1
1
1
,195
,097
,267
.117
1 ,055
1 ,367
1,223
1 ,342
1 ,398
7
7
7
7
7
,
,
,
,
,
1
1
1
1
1
00
12
05
07
26
2
2
2
2
2
2
2
3
2
9,997
7,367
6,318
2,656
8,277
New York City
1951—September .
1952—July
August
September .
Aug. 6 . . . .
Aug. 1 3 . . . .
Aug. 2 0 . . . .
Aug. 2 7....
Sept. 3 . . . .
Sept. 10. . . .
Sept. 1 7 . . . .
Sept. 24... .
Oct. I . . . .
Oct. 8 . . . .
Oct. 1 5 . . . .
Oct. 2 2 . . . .
Oct. 2 9 . . . .
5,42(
5,32 7
5,434
5,871
99
74
62
52
1
1
1
1
,564
.551
,544
,543
2.852
2.8991
2,783
2,690
.079
, 089
,044
,017
340
346
351
360
502
452
44 7
312
2,429 11.776
2,425 9,040
2,426 10,763
2,425 9,113
1,109
945
1.062
1,532
1
1
1
1
,551
,560
,559
,573
2,832
2 ,896
3,216
3,145
.074
. 059
,024
,040
366
372
373
376
443
500
315
170
2.428 8 , 9 5 4
2,425 9 , 8 1 2
2.421 1 2 , 7 3 3
2,415 1 1 , 2 9 6
1
1
1
1
1
1
1
1
1
1
,560
.579
,562
,566
.566
3,084'
3.006.
3.147
2.983i
2,843!
,074
.077
, 088
, 093
,103
385
390
395
397
407
333
441
422
266
349
2.430
2,431
2,431
2,427
2,429
1
1
1
1
1
,882
,758
,680
,474
1,068
735
862
670
620
2,354 35,303 35,902
3,036
760
1,768 1 3 , 2 8 5
802
748
3,223 1 4 , 0 9 5
2,752 1 4 , 1 6 3
2,355 1 4 , 2 3 6
1
1
1
1
1
6.701
6,204
7,051
6,734
6,660
1
3
3
9
9
1 ,472
2
3
4
3
6
15,591
15,529
1.5,468
15,812
40 .15,829
3
3
3
3
3
9
6
4
9
785
,205
,699
,509
,249
,168
2
1
0
3
1
,
,
.
,
,
4
0
1
2
4
50
91
33
20
86
Outside
New York City
1951—September . 9 , 0 7 1
754
1952—July
August
September.
9,649
9,622
9, 7 2 2
755
755
773
2.356 36,362 36,485
2 .308 36.455 36,593
2 ,46636,874 37,403
3.320
3 .249
3,160
Aug.
Aug.
Aug.
Aug.
9,622
9.632
9.714
9,518
7
7
7
7
2,315
2,409
2,293
2,214
3
3
3
3
6
6
6
6
.
,
,
,
4
5
3
5
4
1
3
3
4
0
0
8
3
3
3
3
6
7
6
6
,130
,131
.475
,637
3,424
3.200
3,200
3,173
74
736
784
724
2
2
2
2
6
7
8
6
,854
,645
,221
,892
3
3
3
3
787
898
821
2.
1
2,
2,
6.... |
13....
20....
27....
Sept.
3....
S e p t . 1 0 . ...
Sept. 17....
S e p t . 2 4 . ...
O
O
O
O
O
c
c
c
c
c
t
t
t
t
t
.
.
.
.
.
I-"'...
8....
15....
22....
29....
24
69
44
85
,
,
.
,
2
1
0
0
8
9
7
7
7
7
9
9
6
4
8
8
752
793
760
787
2
2
2
2
,275
,327
,664
,599
3
3
3
3
6
7
7
6
,
,
,
,
6
1
0
5
7
4
9
8
0
9
2
5
3
3
3
3
9.639
9.64 1
9,878
9.947
9.89!)
739
761
790
784
828
2
2
2
2
2
,345
,323
.633
,353
.286
3
3
3
3
6
6
7
7
,
,
,
,
7
6
1
4
2
3
8
0
5
6
8
3
4
7
3 7 , 1 3 4 3,203
3 7 , 0 1 4 3,039
3 9 , 4 2 2 2,957
3 S , 1 5 4 3,044
3 8 . 1 3 9 3.165
9.37
9,70
10.06
9,73
916
864
870
779
760
.768
,718
,909
,616
035
.863
578
945
104
7,161! 207
272
4,384
66,941
750
745
735
128
133
135
7,074
7 ,1 79
7,575
230
252
254
115
115
116
863
741
635
4,607
4,622
4,650
69,980
68.271
71,343
4,622
4,622
4,617
4,626
15,719
14,966
17,086
14,883
4
4
4
4
13,728
14,990
18.843
17,397
718
1
1
1
1
4
4
4
4
,149
.163
,160
,181
749
748
743
742
129
134
134
135
7.205
7,409
7,138
6,962
245
254
254
256
114
115
115
115
6
6
8
8
1
1
1
1
4
4
4
4
.
,
,
,
200
224
246
273
740
739
732
732
135
133
137
135
7,323
7,647
7.952
114
117
114
116
797
7.377J
256
248
251
261
533
4
4
4
4
4
,
.
,
,
.
3
3
3
4
4
729
718
710
708
709
13
13
13
13
13
7,350:
7,7521
8,342
7,738!
7,454,
249
252
249
249
245
119
119
123
122
123
722
926
801
,076
,049
2
6
9
1
3
3
8
5
9
6
5
6
7
7
6
9
4
2
0
3
5
0
5
,
,
,
,
6
6
6
6
4
4
4
5
8
6
5
8
4,670
4.681
4,674
4,680
4,697
17,547
16,276
16,185
19,436
16,791
8
4
5
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Monthly and weekly totals of debits to demand deposit accounts except, interb ink and U. S Government accounts.
Changes, particularly the increases in real estate loans and time deposits, are due in part to merger of nonreporting banks with a reporting
bank in the Chicago District.
Bark figure;-..—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised
basis, see BTLI.KTIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.
NOVEMBER 1952
1213
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY^
[Xet declines, (—). In millions of dollars]
Business of borrower
Manufacturing anc mining
Period 2
Metals
and
metal
Petroleum,
Food, Textiles, o d u c t s
coal,
liquor, apparel p r(incl.
chemical
and
and
machinand
tobacco leather ery and
rubber
trans.
equip.)
Trade
(wholesale
and
retail)
Other
Commodity
dealers
Sales
finance
companies
Public
utilities
(incl.
transportation)
Construction
All
other
types
of
business
-243
116
-361
275
873
48
125
60
141
62
16
-421
932
722
63
30
175
351
44
-98
8
37
1952—Jan.-June. . . - 8 6 8
320
July-Sept. . .
-73
64
1,111
-208
176
115
76
31
-105
-634
-217
15
286
73
-2
-77
18
22
-28
115
Monthly:
1952—June
July
Aug
Sept
Oct
—35
-24
167
176
210
2
20
37
7
—54
93
16
6
7
18
36
5
-32
-3
50
122
-53
59
83
144
262
70
-32
-37
141
59
6
111
44
29
68
18
42
38
50
—60
15
6
12
3
4
34
53
36
26
—8
Aug.
6....
Aug. 1 3 . . . .
Aug. 20
Aug. 27
42
24
46
56
12
12
4
8
-63
-15
-28
1
43
-1
4
23
4
-1
4
-1
-5
-5
8
38
32
-2
16
-1
-19
-12
-5
2
3
22
11
8
6
-2
1
Sept. 3 . . . .
Sept. 10! '. '. '.
Sept. 17
—2
Sept. 24'.'.'.'.
18
38
55
66
-3
—3
12
17
-8
1
8
13
-4
—2
10
25
17
28
35
42
40
40
56
42
4
10
1
19
21
—2
3
3
-1
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
32
55
65
34
25
-1
— 14
-23
-11
16
54
-30
3
10
11
12
8
-5
13
23
35
20
31
35
71
49
58
50
-12
-17
12
8
9
11
-40
-58
12
15
-2
-1
6
-1
2
1951—April-Tune. .
July-Dec
-109
-105
-165
Comm'l
ind'l,
and
Net
agr'l
changes change—
classitotal *
fied
186
18
2,769
2,372
-546
-808
754
822
249
254
-189
-203
304
639
665
345
680
668
3
9
12
13
86
44
44
130
76
65
77
127
—1
16
13
-2
88
187
251
113
91
218
281
90
4
-4
4
-17
4
88
138
220
94
125
65
135
248
99
121
Week ending:
10
21
-14
-7
-12
-14
139
-7
5
1
Sample includes about 210 weekly reporting member banks reporting changes in their larger loans; these banks hold nearly 90 per cent of
total commercial and industrial loans of all weekly reporting member banks and about 70 per cent of those of all commercial banks. During
April2 and May 1951 the coverage was smaller.
Figures for other than weekly periods are based on weekly changes during period.
8
Net change at all banks in weekly reporting series.
OUTSTANDING COMMITMENTS OF LIFE INSURANCE COMPANIES TO ACQUIRE LOANS AND INVESTMENTS
FOR DEFENSE AND NONDEFENSE PURPOSES *
[In millions of dollars]
Defense and defense-supporting
Nondefense
To others, on real estate mortgages
End of month
Total
Total
Public
utility
Railroad
1951—April».
May 2
June *
July * 2
August
September
October
November
December
4,504
4,331
4,197
4,055
3,749
3,928
4,037
4,394
4.175
1 .687
1,677
1,760
1,757
1,642
1,706
1,867
2.112
2,019
383
450
407
395
353
310
236
204
192
170
1952—January
February
March
April
4,144
4.101
4,090
4.158
1,983
2,111
2,211
2,181
302
419
508
512
137
158
144
158
446
450
409
300
298
309
297
286
Other
business
and
industry
Total
To
business
and
industry
Farm
Total
,063
,268
,567
1,539
2,709
2,564
2,362
2,221
2.053
2.163
2,119
2,238
2,111
831
752
744
918
945
955
1,007
83
96
98
107
1 648
,539
1,447
1,390
,229
1,162
1,078
1.186
997
,544
,534
I, 559
1,511
2,114
1,937
1,842
1,946
1.053
969
901
980
99
102
88
85
962
866
852
881
1,005
928
.005
.011
947
963
937
State,
county,
and municipal
Nonfarm residential
99
88
83
80
80
VA
guaranteed
FHA
insured
Conventional
650
577
649
619
349
343
402
365
316
276
270
509
490
452
437
417
317
307
310
473
311
108
91
76
77
54
59
51
44
44
257
222
205
200
409
346
332
352
295
298
315
329
46
54
37
31
531
484
594
566
322
340
1
With suspension of the Voluntary Credit Restraint Program, coverage and classification of these data are being revised. Pending such
revision,
publication of the series is temporarily discontinued.
1
Excludes business mortgage loans ot less than $100,000 each and foreign investments, which were not reported until September.
NOTE.—Data for 45 companies, which account for 85 per cent of the assets of all United States life insurance companies; they were initiated
by the Life Insurance Association of America in accordance with the Program for Voluntary Credit Restraint.
1214
FEDERAL RESERVE
BULLETIN
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
1951—September
October
November
December
1952—Tanuary
February .
March
April
Held by
Commercial
paper
Total
out- 1
outstanding standing
...
May
June
July
August
September
Based on
Accepting banks
Total
Own
bills
Others
Bills
bought
Imports
into
United
States
Kxports
from
United
States
Dollar
exchange
104
106
116
133
Goods st( >red in or
shipped between
poin ts in
United
States
Foreign
countries
3
4
5
23
27
27
46
55
31
35
43
44
377
410
435
434
375
398
437
490
118
131
154
197
85
87
96
119
33
44
58
79
256
267
283
293
210
226
227
235
480
492
193
127
66
300
235
135
23
52
493
458
422
430
416
450
454
454
188
177
150
155
148
171
169
166
121
120
110
121
108
122
113
106
67
57
40
34
40
49
56
61
305
282
272
275
268
279
285
288
234
228
211
197
195
200
212
232
135
138
135
136
126
126
119
108
27
6
6
37
45
73
74
60
48
517
534
544
510
495
539
46
36
22
17
15
17
20
24
51
51
48
43
36
34
30
31
sso
565
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.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger balances in millions of dollars]
Credit balances
Debit balances
Debit
Debit
Customers' balances in balances in
partners'
firm
debit
balances investment investment
and trading and trading
(net)i
accounts
accounts
Cash on
hand
and in
banks
887
1,041
1,223
1,138
809
540
552
578
619
550
681
881
,256
,356
,275
5
7
11
12
7
5
6
7
7
10
5
5
12
9
10
253
260
333
413
399
312
333
315
326
312
419
400
386
399
375
196
209
220
313
370
456
395
393
332
349
280
306
314
397
364
3 ,291
October
November. . t 1,279
,292
December...
12
392
378
End of month
1944—June
December...
1945—June
December...
1946—June
December...
1947—June
December...
1948—June
December...
1949—June
December...
1950—June
December...
1951—June
' 1 ,289
1952—January
February. . . 3 ,280
3
,293
March
3
,315
April
3
,312
May
,327
Tune
3 1 3R7
July
3
1 338
August
3
1,333
9
427
365
Customers'
credit balances 1
Money
borrowed2
Other credit balances
In partners'
In firm
investment investment
and trading and trading
accou nts
accounts
Free
Other
(net)
619
726
853
795
498
218
223
240
283
257
493
523
827
745
680
424
472
549
654
651
694
650
612
576
586
528
633
673
890
834
95
96
121
112
120
120
162
176
145
112
129
159
166
230
225
15
18
14
29
24
30
24
23
20
28
20
26
25
36
26
11
13
13
17
10
9
15
11
5
9
15
11
12
13
216
227
264
299
314
290
271
273
291
278
260
271
312
317
319
*653
'649
695
«853
'805
816
259
42
11
314
*633
»652
'734
'818
'847
912
3
1,126
*926
8
891
'809
'790
8
756
'756
» 725
708
'692
3
675
'692
219
23
16
324
In capital
accounts
(net)
1
Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): July, 67; August, 48; September, 39.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144. p. 503, for data
in detail at semiannual dates prior to 1942.
NOVEMBER
1952
1215
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
U. S. Government
securities (taxable)
Prime
bankers'
3-month bills
mercial acceptpaper, ances,
9-to 12- 3- to 54- to 6rnonth
year
90
months1 days 1 Market Rate issues 2 issues »
new
yield on
isvsues
BANK RATES ON BUSINESS LOANS
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESS BY BANKS IN SELECTED CITIES
[Per cent per annum]
Prime
Year,
month, or
week
$1,000- SI 0,000- SI 00,000- $200,000
$10,000 $100,000 S200.000 and over
Annual averages:
19 cities:
1949 average. . . .
1950 average....
1951 average....
1.48
1 .45
2.17
1.12
1.15
1.60
1 .08
1 .20
1.52
1.102
1.218
1.552
1.14
1.26
1.73
1.43
1.50
1.93
1951—October. .
November
December.
2.21
2.25
2.31
1.63
1.63
1.69
1.54
1 .56
1.73
1.608
1.608
1.731
L .74
L .68
1.77
2.00
2.01
2.09
1952—January..
February.
March....
April
May
June
July
August. . .
September
October. .
2.38
2.38
2.38
2.35
2.31
2.31
2.31
2.31
2.31
2.31
1.75
1.75
1.75
1.75
1.75
1.75
1.75
1.75
1 .75
1.75
1.57
1.54
1.59
1.57
1.67
1.70
1.81
1.83
1.71
1.74
1 .688
1 .574
1.658
1.623
1.710
1 .700
1.824
1 .876
1.786
1 .783
1.75
L. 70
L.69
1.60
1.66
1.94
1.95
1.84
2.08
2.07
2.02
1.93
1.95
2.04
2.14
2.29
2.28
2.26
Week ending:
Oct. 4 . .
Oct. 1 1 . .
Oct. 1 8 . .
Oct. 2 5 . .
Nov 1. .
2.31
2.31
2.31
2.31
2.31
1.75
1.75
1.75
1.75
1.75
1.71
1.79
1.75
1.67
1.75
1.760
1.829
1.836
1.735
1.757
1.92
1.90
1.82
1.79
L .82
2.29
2.29
2.27
2.23
2.24
.74
.89
Size of loan
All
loans
Area and period
1
2
Monthly figures are averages of weekly prevailing rates.
Series includes certificates of indebtedness and selected note and
bond
issues.
8
Series includes selected note and bond issues.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
2.4
2.2
2.1
2.1
2.5
2.7
2.7
3.1
Quarterly:
19 cities:
1951— Dec
1952—Mar
June
Sept
New York City:
1951—Dec
1952—Mar
June
Sept
7 Northern and East
ern cities:
1951—-Dec
1952—Mar
June
Sept
11 Southern and
Western cities:
1951—Dec
1952—Mar
June
Sept
4.4
4.4
4.3
4.3
4.2
4.2
4.4
4.6
4.5
4.7
3.2
3.4
3.3
3.2
3.1
3.1
3.5
3.7
3.6
4.0
2.2
2.5
2.6
2.3
2.2
2.5
2.8
3.0
3.0
3.4
2.0
2.4
2.2
2.0
1.7
1 .8
2.2
2.4
2.4
2.9
3.27
3.45
3.51
3.49
.78
.85
.90
.91
4.05
4.16
4.21
4.22
3.49
3.66
3.72
3.74
3.03
3.24
3.29
3.27
3.01
3.23
3.27
3.29
4.37
4.43
4.53
4.66
3.91
3.97
4.03
4.06
3.34
3.48
3.55
3.60
2.87
3.11
3.14
3.15
3.23
3.47
3.46
3.44
4.81
4.91
4.90
4.85
4.04
4.16
4.17
4.20
3.46
3.67
3.71
3.72
3.03
3.29
3.27
3.24
3.67
3.79
3.90
3.84
4.95
5.01
5.05
5.04
4.15
4.28
4.33
4.31
3.62
3.79
3.86
3.82
3.35
3.46
3.63
3.56
NOTE.—For description of series see BULLETIN for March 1949,
pp. 228-237.
BOND YIELDS *
[Per cent per annum]
Corporate (Moodyfs)5
u. s.
Government
(longterm) 3
Year, month, or week
Municipal
(highgrade) 8
Corporate
(highgrade)4
By ratings
By groups
Total
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
...
1-8
15
9
120
30
30
30
30
40
40
40
...
2.31
2.32
2.57
2.21
1.98
2.00
2.65
2.60
2.86
2.96
2.86
3.08
2.66
2.62
2.86
2.75
2.69
2.91
3.00
2.89
3.13
3.42
3.24
3.41
2.74
2.67
2.89
3.24
3.10
3.26
2.90
2.82
3.09
1951—October
November
December
2.61
2.66
2.70
2 08
2.07
2.10
2 92
2.98
3.03
3 13
3.20
3 25
2.89
2.96
3.01
2 93
3.02
3.06
3.18
3.26
3.31
3.50
3.56
3.61
2.93
2.97
3.00
3.31
3.42
3.50
3.14
3.21
3.24
1952—January
February
March....
April
Mav
June.
July
August
Spntember . . . .
October
2.74
2.71
2 70
2.64
2.57
2.61
2.61
2.70
2 71
2.74
2.10
2.04
2 07
2.01
2.05
2.10
2.12
2.22
2 33
2.-12
2.96
2.89
2.96
2.92
2.93
2.95
2.96
2.97
2 98
3.01
3.24
3.18
3 19
3.16
3.16
3.17
3.17
3.18
3 19
3.22
2.98
2.93
2.96
2.93
2.93
2.94
2.95
2.94
2 95
3.01
3.05
3.01
3 03
3.01
3.00
3.03
3.04
3.06
3 07
3.08
3.32
3.25
3.24
3.20
3.20
3.20
3.19
3.21
3,22
3.24
3.59
3.53
3.51
3.50
3.49
3.50
3.50
3.51
3 52
3.54
3.00
2.97
2.99
2.97
2.97
2.98
2.99
3.00
3 02
3.05
3.48
3.38
3.36
3.32
3.31
3.32
3.33
3.34
3.36
3.39
3.23
3.19
3.21
3.19
3.19
3.20
3.20
3.20
3.70
3.22
2 78
2 76
2.75
2 73
2.71
2 39
2 42
2.43
2 43
2.41
3 02
3 04
3.06
3 06
3.03
3 21
3 21
3.22
3 K\
3.22
2 99
3.01
3.02
3 02
3.01
3 08
3 08
3.09
3 09
3.08
3 23
3.23
3.25
3 26
3.25
3 53
3.54
3.54
3 55
3.55
3 03
3.05
3.05
3 07
3.07
3 38
3.38
3.39
3 40
3.39
3 21
3.22
3.22
3 23
3 22
Number of issues . . .
1949 average
1950 average .
1951 average
.
.
.
Week ending:
Oct. 4
Oct. 11
Oct 18
Oct. 25
Nov. 1
. . .
1
2
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on figures for Wednesday.
Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds
due or
first callable after 15 years were included.
3
4
Standard and Poor's Corporation.
I I . S. Treasury Department.
8
Moodv's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have
been reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
1216
FEDERAL RESERVE
BULLETIN
SECURITY MARKETS
Bond prices
Stock prices
Vol-
Common
ume
/ear, month,
or week
dumber of issues
of
trad-s
ing
(in
thouManufacturing
Trade,
sands
finof
Trans- Public
ance, Min- shares)
Non- portautiland
ing
Durtion
Total able
durservity
able
ice
Standard and Poor's series
(index, 1935-39 = 00)
U, S. Mun- CorGov- icipal poPreern- (high- rate ferred*
ment2 grade)' (highgrade)*
Total
Industrial
Railroad
Exchange Commissior series
(index, 1939=100)
Securities and
Public
Total
utility
416
365
20
31
265
170
98
72
21
28
32
14
1949 average. . . 102.73 128.9 121.0 176.4
1950 average. . . 102.53 133.4 122.0 181.8
1951 average.. . 98.85 133.0 117.7 170.4
121
146
177
128
156
192
97
117
149
98
107
112
128
154
185
132
166
207
116
150
178
147
180
233
139
160
199
98
107
113
161
184
208
129
144
205
jO51 -Oct
Nov
Dec
98 22 131 3 116 9 167 0
97.52 131.6 115.3 165.4
96.85 130.9 114.8 163.7
185
178
183
202
193
199
155
144
151
115
115
116
191
185
190
216
208
215
185
178
182
244
235
245
203
194
204
114
114
115
214
208
209
244
239
238
1952—Jan
Feb
Mar.
Apr
May....
96.27
96.77
96 87
97.95
98.91
98.32
08.40
07.0 (
06. 8f
96.44
130.8
132.1
131 5
132.7
131.9
130.9
130.4
128. (
126 r
125.0
115.5
116.5
115 9
116.2
116.3
116.2
116. (
115.8
115.7
114.7
164.1
165.9
168 3
172.2
173.4
173.3
171 .1
160.0
170.2
168.3
187
183
185
184
184
188
102
101
188
183
204
199
201
199
199
204
210
208
204
108
155
155
161
165
167
174
175
175
171
167
117
118
118
117
117
116
117
119
110
117
195
193
193
191
190
196
199
199
194
191
222
218
216
215
214
222
225
225
210
215
185
183
182
181
182
187
192
194
101
188
255
251
248
245
243
253
256
254
246
239
211
209
214
217
216
225
226
228
22!
218
116
117
117
116
117
117
117
120
118
118
209
206
203
203
201
204
208
210
206
202
246
258
295
298
283
291
289
278
275
265
,574
1,320
,283
,'282
1,044
1,215
L.096
95.04
96.17
96.33
06.64
96.8'
125.5
124.9
124.8
124.8
125.1
115.0
114.8
11.4.3
114.4
114.8
160.2
169.4
168.0
166.9
168.1
186
186
183
181
182
201
201
108
.195
107
160
169
166
164
165
118
118
117
117
118
192
102
100
188
101
216
217
214
?12
216
100
101
187
185
180
240
241
238
236
241
219
216
219
216
219
118
118
117
117
118
204
204
201
100
201
269
266
266
260
263
,036
,088
,480
L. 104
1,196
June
July. . . .
AUK
Sept
Oct
Week ending:
Oct. 4.
Oct. 11.
Oct. 18.
Oct. 25.
Nov. 1.
1-8
17
15
15
1,037
2.012
1,684
f »O9
^246
,367
995
,149
. 181
1
Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stock'
(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 ot 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.
NEW SECURITY ISSUES
[In millions of dollars!
For new capital
Year or month
1943
1044
104 5
1046
1047
1048
1040
1050
10S1
1951—Sept
Oct
Dec
Total
(new
and
refunding)
For
refunding
Domestic
Total
(domestic
and
foreign)
2 160
4,216
8,006
8 645
"0,601
10,220
9,753
•MO, 000
s 12,267
913
1 ,772
4,645
"7,566
9,085
8,160
8,214
310,014
»1,075
1,202
1 006
1,053
s 881
970
866
842
642
930
1,232
1952—Jan
694
852
Feb
Mar
1 ,090 1 ,003
Apr
1 ,551 1 ,249
M ,555 M ,240
May
1 ,403 1 ,245
June . . . .
J u l v . . . . 1,519 1 ,303
810
461
Aug
Total
640
806
1 ,761
4,635
7,255
0,076
8,131
8,103
0,617
State
and
municipal
176
235
471
052
2,228
2 ,604
2 ,803
3.370
3,084
731
945
866
838
265
368
207
276
926
667
004
1,237
1,109
1 ,230
1 ,381
461
349
285
144
452
376
615
224
203
Federal
agen-l
cies
90
Do ine,t.c
Total
(doc orporate
For-2 mestic
and
eign
forBonds
eign)
and Stocks
Total
notes
374
282
92
2
15
26
127
239
204
233
394
469
646
1,264
3,556
4,787
4
6,177
5,005
4,330
6,064
422
607
2,084
3,567
^5,260
4,125
3,138
4.450
224
657
1 ,472
1,219
008
971
1,200
1,605
40
107
427
470
569
562
370
272
361
56
198
197
201
50
26
30
538
36
346
812
38
80
704
677
56
587
38
20 1 ,137
202
56
437
200
610
535
453
406
054
134
101
146
102
170
224
180
183
68
4
27
0
12
03
6
1.?
17
12
10
68
10
29
111
246
4
1 ,527
3,303
6,234
4,000
2,125
1 ,135
1,593
"2,686
2,253
Total
1 ,442
3,288
6,1 73
3.895
1,948
1 ,135
1,402
2,463
2,216
State
and
municipal
Federal
agen-l
Total
cies
259
404
324
208
44
82
104
112
02 1
407
418
912
734
422
768
943
992
,597
C orporate
6 8 S"
2,466
4.037
2 OS3
1 ,482
284
445
1 ,360
527
Foreign2
Bond*
and Stocks
notes
603
82
86
601
105
177
2,178
4,281
2 3^2
1 ,100
257
393
1 ,301
304
288
656
14
11
6
2
24
194
322
140
211
194
322
140
205
4
18
4
19
170
288
89
102
20
16
47
83
83
302
158
87
303
306
158
126
340
302
158
81
200
306
155
126
340
221
8
4
2
11
11
2
7
71
76
63
257
141
141
74
188
10
74
13
40
151
3
50
153
7
73
1.3
,36
142
3
45
153
283
28
52
58
133
3
1
4
8
4'
15
61
101
123
37
6
6
4
' "3
i
Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of 17. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possession?.
These figures for 1947, 1950, 1951, September 1951, and May 1052 include 244 million dollar?, 100 million, 150 million, 100 million, and -17
million,
respectively, of issues of the International Bank for Reconstruction and Development.
4
Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures
subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
1
2
3
NOVEMBER
1952
1217
NEW CORPORATE SECURITY ISSUES *
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
T
Year or month
Proposed uses of net proceeds
Estimated Estimated
gross
net
proceeds 2 proceeds 3
New money
Plant and
equipment
Total
1938
1939
1940
1941
1942
1943
1944 .
1945
1946 .
1947
1948
1949
1950
1951
1951—October
November
December... .
1952—January
February
March
April
May
Tuno
Tulv
August
September
2,155
2,164
2,677
2 ,667
1,062
1,170
3,202
6,011
6,900
6,577
7,078
6,052
6,361
7,741
655
673
871
605
478
972
967
1,116
8-18
'1,309
"428
-163
Retirement of securities
Working
capital
504
170
424
661
287
141
252
638
2,115
3,409
4,221
3,724
2,966
5,110
404
488
682
487
278
177
155
145
207
187
167
405
442
1,164
1,182
1,708
882
1,041
1,421
144
83
90
72
134
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,868
1,352
307
401
1,271
486
12
43
45
8
36
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,392
1,155
240
360
1,149
391
10
42
42
8
35
954
951
875
844
655
613
221
232
15
13
15
9
189
194
"180
"65
98
735
553
"1,053
'215
288
1
215
69
174
144
138
73
49
134
379
356
488
637
620
363
53
29
11
15
13
3
45
70
7
26
19
28
35
27
47
133
231
168
234
315
364
226
26
18
29
13
7
87
59
128
100
30
72
351
438
476
196
67
41
122
96
2
1
2
681
325
569
868
474
308
657
1,080
3,279
4,591
5,929
4,606
4,006
6,531
548
570
771
559
413
925
74 7
"1,234
'280
386
Other
purposes
Total
Preferred
stock
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,757
6,466
6,959
5,959
6,261
7,607
639
660
856
595
469
1,097
836
"1 .290
"420
456
Repayment
of
other debt
Bonds and
notes
126
38
"34
"125
48
126
38
"34
Ml 9
45
19
24
38
46
"14
5" '
3
9
5
8
"10
7
r
»\S
14
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS*
[In millions of dollars]
Manufacturing 6
Year or
month
1938
. .
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1951—October
November
December
1952—January
February . .
March
April
May.
June
July
Ausrupt
September
r
Commercial and
miscellaneous 6
Railroad
Public utility
7
Communication
Real estate
and financial
8
Total
Total
Total
Total
Total
Total
net
New Retire- net
New Retire- net
New Retire- net
New Retire- net
New Retire- net
New Retirepro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10
ceeds9
ceeds9
ceeds9
ceeds9
ceeds9
ceeds9
831
469
226
353
188
167
738
244
463
293
89
228
199
454
504
811 1,010
2 *>01
981
1,974
353
54
1,726
44
851
149
688
221
2,617
263
10
21
180
26
428
331
238
4
336
329
5
502
45
255
2
"32!)
"9
"S9
"35
131
1S5
584
961
828
527
497
1,033
1,969
3 601
2,686
2,180
1,391
1,175
3,066
306
214
480
349
285
366
350
559
2S7
"351
403
338
538
518
40
46
39
29
13
61
66
40
44
"51
"36
1!)
304
229
262
337
26
22
28
21
9
46
39
29
42
"45
16
21
28
63
56
2
1
2
5
5
r
54
182
319
361
47
160
602
1,436
704
283
617
456
548
332
18
76
22
17
29
12
34
119
51
46
94
12
24
30
85
97
115
186
253
108
32
15
46
114
102
500
115 1,320
129
571
35
240
56
546
441
11
301
193
297
34
1
16
61
15
22
17
29
12
34
41 " " ' 6 8 '
35
16
46
10
S5
12
1,208
1,246
1,180
1,340
464
469
1,400
2,291
2 129
3,212
2,281
2,615
2,866
2,570
197
273
266
184
125
490
399
313
355
"282
"122
197
180
43
245
317
145
22
40
69
785
2,188
1,998
2,140
1,971
2,317
179
260
251
177
122
461
343
293
338
"280
"120
194
943
1,157
922
993
292
423
1,343
2,159
1 252
939
145
234
685
104
6
14
6
3
6
7
8
1
1
f
891
567
395
605
15
37
25
2
3
6
45
26
29
"493
"22
18
870
505
304
594
15
37
24
2
3
6
45
26
29
"493
"22
18
2
49
81
5
3
16
102
155
94
4
21
107
206
323
286
587
593
739
515
62
14
23
14
13
20
56
40
70
"68
"14
25
8
9
42
55
4
13
61
85
164
189
485
440
480
368
48
11
18
11
12
7
88
9
18
4
42
65
64
24
30
35
100
66
2
1
15
55
34
68
"41
"9
16
5
"24
"4
8
Revised.
;ion to underwriters, agents, etc., and
' they are believed to be sufficiently
6
Included in "Manufacturing" prior to 1948.
publication of the Board of Governors,
1218
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
MANUFACTURING CORPORATIONS
[In millions of dollars]
Assets o; 10 million dollars and over
(200 corporations)
Year or quarter
Sales
Profits
before
taxes
Profits
after
taxes
10,621
13,041
18,342
21,841
28,312
30,421
26,600
21,372
30,869
37,008
36,738
44,118
51,067
1,212
1,848
3,165
3,408
3,693
3,538
2,429
2,038
4,104
5,317
5,038
7,893
8,557
999
1 ,277
1,523
1,224
1,263
1,258
1,132
1,205
2,524
3,312
3,101
4,055
3,411
1950—1
2
3
4
9,263
10,695
11,847
12,313
1,400
1,821
2,190
2,482
1951—1
12,711
13,047
12,297
13,013
2,238
2,219
1,964
2,137
12,760
12,629
1,940
1,622
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
. . .
.
.
....
Quarterly
2
3
4
1952—1
2.
Assets o 50 million dollars and over
(81 corporations)
Sales
Profits
before
taxes
Profits
after
taxes
Dividends
1,071
1,638
2,778
2,876
3,111
2,982
1,976
1,573
3,423
4,593
4,506
6,992
7,492
883
1,127
1,329
1,056
1,097
1,091
964
656
772
932
804
1,170
1,404
1,660
2,240
1,986
9,008
11,138
15,691
18,544
24,160
25,851
22,278
17,415
25,686
31,238
31,578
37,831
43,389
2,105
2,860
2,768
3,566
2,975
1,000
1,210
1,474
2,013
1,754
791
1,038
1,240
987
387
395
583
875
7,935
9,213
10,156
10,527
1,253
1,629
1,928
2,182
705
926
1,090
846
878
469
475
724
421
762
932
475
567
1,951
1,928
1,716
1,897
765
839
10,811
11,079
10,443
11,055
347
347
534
785
420
658
827
815
622
482
476
10,812
10,625
1 ,715
1,416
727
537
Dividends
725
859
951
763
779
851
864
946
Assets of 10-50 million dollars
(119 corporations)
Sales
Profits
before
taxes
Profits
after
taxes
Dividends
141
211
116
149
69
86
387
194
96
532
582
557
453
168
167
167
168
91
91
96
100
1,613
1,903
2,651
3,297
4,152
4,550
4,322
3,956
5,183
5,770
5,160
6,287
7.678
465
274
142
681
723
531
902
1,066
420
452
332
489
170
194
186
228
1,328
1,482
1,691
1,786
147
192
262
300
86
112
150
141
41
48
50
89
1,899
.968
1,854
1,957
287
113
48
422
490
291
115
54
248
240
103
105
53
77
430
422
1,948
2,004
225
206
88
85
52
54
Profits
after
taxes
Dividends
854
672
688
755
764
436
232
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Electric power
Railroad
Year or quarter
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950.
1951
.
1950—i
...
Quarterly
2
3
4
1951—1
2
3
4
. . . .
1952—1
2
Dividends
Operating
revenue
Profits
before
taxes
Profits
after
taxes
93
126
159
186
202
217
246
246
235
236
289
252
312
328
2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,815
4,291
4,830
5,055
5,431
5 - 867
629
189
500
902
873
667
450
287
479
699
438
783
693
692
774
847
913
902
905
964
954
983
1,129
1,303
1,480
258
318
61
53
55
142
1,378
L ,322
1,317
1,415
351
321
293
339
104
146
101
63
53
1,504
1,419
1,423
1,521
413
344
124
320
1,603
,491
Operating
revenue
Profits
before
taxes
3,995
4,297
5,347
7,466
9 055
9,437
8,902
7,628
8,685
9 672
8,580
9,473
10,391
249
674
1,658
2,211
1,972
756
271
777
1,148
700
1,384
1,260
1,985
2 238
2,534
2,715
114
243
454
574
2 56
2,440
2 ,596
2,583
2,772
229
275
250
505
2,587
2,532
295
126
261
Profits
after
taxes
152
141
149
111
80
74
Telephone
Dividends
Operating
revenue
Profits
before
taxes
535
444
548
527
490
502
507
534
638
643
657
757
824
818
447
437
408
410
398
407
458
494
493
553
619
661
J .137
L,206
L 334
1,508
L 691
1,815
979
2,148
2,283
2 694
2,967
3,342
3,729
257
297
364
420
451
433
313
215
292
333
580
691
193
187
168
176
168
174
209
138
186
207
331
341
167
162
151
156
155
162
168
131
178
213
276
318
22 230
212
2 171
2211
146
153
152
168
787
821
853
881
116
137
158
169
2 71
2
84
2 84
2 92
62
67
70
76
157
161
904
918
162
175
174
931
160
2
90
2
92
2
403
2 229
195
168
2 226
976
182
498
257
172
400
214
173
993
1,023
320
2
2
181
231
189
164
77
79
72
2
81
86
81
194
93
205
98
85
87
1
Certain tax accruals for the first six months of 1950 and 1951, required by subsequent increases in Federal income tax rates and charged by
many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit
a similar
redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes.
2
As reported.
NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from
reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets
as of the end of 1946.
Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve, to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series
and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities);
and p. 908 of the BULLETIN for September 1944 (electric power).
NOVEMBER
1952
1219
SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[In millions of dollars]
Quarterly
Annual
Industry
1950 1
1949
1950
1951 i
1951
Nondurable goods Industries
Total (94 corps.): 8
Sales
Profits before taxes
Profits after taxes
Dividends
12,853 14,777 17,371 3,469 3,958 4,085 4,349 4,288 4,294 4,441
1,847 2,702 3,184
582
855
741
785
830
814
773
1,513
1,411
350
1,213
368
368
395
342
467
334
710
889
845
175
213
334
199
202
203
242
3,323
379
235
135
3,492
469
257
143
3,873
407
199
140
828
101
58
34
980
159
89
34
913 1,025
126
124
62
61
45
31
901
86
40
35
942
93
46
32
1004
104
52
42
Chemical and allied products (26 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
3,557
675
404
312
4,447
1,110
560
438
5,433
1,384
484
355
Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
3,865
525
406
172
4,234
650
442
205
4,999
861
516
231
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
4,335 4,216
599
705
285
314
205
210
959
86
40
32
942
93
42
32
,377 1,351 1,367
365
342
312
111
125
120
100
85
87
1 ,373 1,337
318
281
108
105
87
989 1,113 1,172 1,204 1,204 1,246 1,345
209
217
222
133
187
203
218
130
123
96
130
118
127
148
42
44
57
78
55
55
64
1,318 1,275
147
204
111
129
60
64
23,885 29,341 33,696 7,226 7,889 8,228 8,362 8,759 8,003 8,572
3,191
5,192
5,374 1,239 1,405 1,653 1,382 1,405 1,191 1,396
1,887
2,542
2,000
688
773
592
510
497
428
565
950
1,141
1,351
370
541
270
210
273
273
325
8,425 8,413
,187 10,446 12,501 2,562 2,718 2,965 3,044 3,198 3,034 3,226
993
1,700
2,092
455
547
525
519
400
557
492
854
578
775
214
217
188
223
253
193
176
377
157
120
285
380
80
88
73
85
86
3.073 2,385
99
425
29
220
87
88
,048 1,188 1,260 1,338
247
313
345
365
138
179
131
128
113
174
84
79
Durable goods industries
Total (106 corps.):«
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
1,234
501
273
1 ,023
337
269
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
4,353
519
320
138
4,604 1,196 1,269 1,493 1,480 1,563 1,434 1,690
998
168
194
341
250
210
301
237
367
93
107
145
90
82
73
123
37
38
191
84
43
48
54
47
1,590 1,746
232
240
82
81
49
48
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
9,577 11,805 12,438 2,975 3,355 3,192 3,268 3,331 2,899 2,939
655
405
1,473
2,305
656
513
508
1,915
595
488
189
142
861
1,087
357
194
183
704
328
185
119
451
671
232
122
119
479
258
91
119
3,035 3,429
503
596
189
170
114
116
5,058
847
424
208
1
Certain tax accruals for the first six months of 1950 and 1951, required by subsequent increases in Federal income tax rates and charged
by many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit
a similar
redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes.
2
Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products
(15);8 and miscellaneous (1).
Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment
other than automobile (6); and miscellaneous (7).
CORPORATE PROFITS, TAXES, AND DIVIDENDS
(Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates)
[In billions of dollars]
Year
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
Profits
before
taxes
9.3
17 2
21 1
25.1
24.3
19.7
23.5
30.5
33 8
27 1
39 6
42.9
Income
taxes
2.9
7 8
11.7
14.4
13.5
11.2
9.6
11 .9
13.0
10 8
18.4
24.2
Profits
after
taxes
Cash
dividends
6.4
4.0
9.4
4.3
9 4
10.6
10.8
8.5
13.9
18.5
20.7
16 3
21 .2
18.7
4 5
2.4
4.5
4.7
4.7
5.8
6.6
7.3
7 5
9 0
4 9
5 1
6.2
6.1
3.8
8.1
12.0
13.6
8 8
12 2
9.0
9.7
Undistributed
profits
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
1950—3
4
44.3
48 4
20.6
22.5
23.7
26 0
10 7
9.3
14.4
15 3
1 AC 1
50.1
43.3
38.6
39.5
28.4
24.5
21.8
22.2
21.7
18.8
16.9
17.3
8.6
9.0
9.2
9.3
13.1
9.8
7.7
8.0
42.7
'39.5
40.0
24.7
'22. <)
23.0
18.1
M6.6
17.0
8.9
9.6
(
).3
•7.0
Undistributed
profits
Quarter
1
2
3
4
1952—1
2
3»
9.2
7.7
r Revised.
Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data.
1
1220
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
|On basis of daily statements of United States Treasury. In millions of dollars]
Public issues
3
Marketable
Nonmarketable
Total
gross
debt i
Total
gross
direct2
debt
Tota 1
1943—Dec
1944—Dec
1945— Dec
i 94 6 — D e c . . .
1947—Dec
1948—Dec
1949—[une
Dec
1950— fune
Dec
1951--June
170,108
232,144
278 68>
259,487
256,981
252,854
252,798
257,160
257,377
256,731
255,251
165,877
230,630
278,115
259,149
256 900
252,800
252,770
257,130
257,357
256,708
255.222
151.805
212,565
255,693
233,064
225,250
218,865
217,986
221,123
222,853
220,575
218,198
115,230
161,648
198,778
176,613
165,758
157,482
155.147
155,123
155.310
152,450
137,917
13,072
16,428
17,037
17,033
15,136
12,224
11,536
12,319
1951—Oct
Xov
Dec
258,336 258,298 220,325
259,647 259,604 221,391
259,461 259,419 221,168
141,753
142,741
142,685
16,849 28,016 18,669 42,167 36,053 12,065 66,506 57,501
18,100 28,017 18,406 42,167 36,050 12,062 66,588 57,552
18,102 29,078 18,409 41,049 36,048 12,060 66,423 57,587
1952—Tan
Feb
Mar
Apr
May
June
Tuly
259,813
260,399
258,124
258,337
259,951
259,151
263,107
263,225
262,722
264,964
221,249
221,770
219,301
219,356
220,540
219,124
222,963
222,753
2>2 216
224,430
142,690
142,701
141,376
141,820
142,625
140,407
144,340
144.148
143.895
146,775
18,104
18,101
16,863
17,462
18,267
17,219
17,213
17,206
17,207
19,712
End of
month
AUK
Sept
Oct
259,775
260,362
258,084
258,292
259,905
259.105
263,073
263,186
262,682
264,919
Total
Bonds
Certificates of Notes
indebtedness
Bills
22,843
30,401
38,155
29,987
21,220
26,525
29.427
29,636
\3,533 18,418
13,627 5,373
13,614 9,509
29,079
29,079
29.079
28,423
28,423
28,423
28.170
28.019
27,763
16,902
11,175
23,039
22,967
10,090
11,375
7,131
3,596
8,249
20,404
39,258
35,806
18,421
18,434
18,450
18,952
18,956
18,963
18,971
18,974
18,982
30,246
Convertible
Bank
eligible «
Bank
restricted
55,591
66,931
68,403
69,866
68,391
61,966
60,951
55,283
53,319
44,557
42,928
12,550
24,850
52,216
49,636
49,636
49,636
49,636
49,636
49,636
49,636
36,061 13,573
41,040
41,040
40,942
40,943
43,061
48,343
52,579
52,579
52,579
52,578
36,046
36,044
36,042
36,040
33,918
27,460
27,407
27,369
27.365
27,338
12.047
12,034
12,018
11,516
11,512
13,095
13,145
13.186
13,18?
12,491
SavTotal * ings
bonds
Tax
and
savings
notes
Special
issues
36,574
50,917
56,915
56,451
59,492
61,383
62,839
66,000
67,544
68,125
66,708
8,586
9,843
8,235
5,725
5,384
4,572
4,860
7,610
8,472
8.640
7,818
12,703
16,326
20,000
24,585
28,955
31,714
32,776
33,896
32,356
33,707
34,653
66,513
67,041
65,907
66,019
66,403
65,622
65,478
65,419
65.139
65,164
27,363
40,361
48,183
49,776
52,053
55,051
56,260
56,707
57,536
58,019
57,572
7,705 35,615
7,737 35,862
7,534 35,902
57,664
57,682
57,680
57,644
57,614
57,685
57,709
57,753
57,758
57,794
7,539
8,044
6,911
7,057
7,470
6,612
6,440
6,330
6,039
6,026
36,233
36,360
36,493
36,746
37.198
37,739
37,945
38,307
38,360
38,390
1
3
4
5
2
Includes fully guaranteed securities, not shown separately.
Includes noninterest-bearing debt, not shown separately.
Includes amounts held by Government agencies and trust funds, which aggregated 6,692 million dollars on Sept. 30, 1952.
Includes Treasury bonds and minor amounts of prewar and Postal Savings bonds.
Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING OCTOBER 31, 1952
[On basis of daily statements of United States Treasury
of dollars]
Issue and coupon rate
Treasury
Nov. 6
Nov. 13,
Nov. 20,
Nov. 28,
Dec. 4
Dec. 11
Dec. 18
1 )ec. 26,
Tan. 2,
Jan. 8,
Jan. 15,
Tan. 22,
Jan. 29,
Mar. 18,
Amount
1
bills
195?
1952...
1952...
1952. .
1952
1952
1952
1952
1953...
1953...
1953. ..
1953...
1953...
1953-..
Dec. 1, 1952...
Feb. 15, 1953 ..
June 1, 1953... •
Aug. 15 1953..
Treasury
Dec. 1,
<vlar. 15,
Mar. 15.
Dec 15.
Apr. 1.
Oct. 1,
Apr 1.
Oct. 1,
In millions
Issue and coupon rate
Treasury bonds—Gont.
June 15, 1953-54... . .2
,501 June 15, 1953-543 . . .2
, 300 June 15. 1953-55... 21/£
300
J u ne 15, 1953--55*s . . .2
300
June 15, 1953-55 . . . .2
,201 June 15, 1954-56*. .
,203 Mar. 15, 1955-60*. . 2V%
.200 Mar. 15, 1956-58...
,200 Sept. 15, 1956-595.. 2%
,400 Sept. 15, 1956-59... 2M
Mar. 15, 1957-59...
1,401
2 %
June 15, 1958
1,402
June 15, 1958-635. . 2%
1,501
2,502 June 15, 1959-62... 2M
. 234
Dec. 15, 1959-62«.
Dec. 15, 1960-653 . 2H
June 15, 1962-67 . . 2]/2
Dec. 15, 1963-68* . 2%
June 15, 1964-69° . 2}/?i
Dec. 15, 1964-69«.. 2 ; H J
1,063
8,868 Mar. 15, 1965-70*fi . 2^£
Mar. 15, 1966-71 6 . 23^
4,963
15, 1967-72 .
2,008
Sept. 15*. 1967-72..! 2>i
Dec. 15, 1967-726. . 2}/2
300
•"""til
• 1 Vk
.2
5,825
8,662
1,501
510
725
681
2,611
1,449
982
3,822
927
4,245
919
5,281
3,468
1,485
2,117
2,829
3,758
3.834
4,737
2,971
1,898
2,716
3,841
Guaranteed securities
1
7,986
Federal Housing Admin.
Various
43
Sold on discount basis. See table on Open-Market Money Rates,
I). 21216.
Tax
anticipation .series.
3
Maturity Dec. 15, 1954. '->6 Partially tax exempt.
4
Maturity Dec. 15, 1955.
Restricted.
NOVEMBER
1952
Year or
month
Amount
notes
1953... ...2H
10,542 Postal Ssivings
4,6/5
1954 .
84
bonds.
2H
5.365
1955
6,854
1955..
if! 1,007
1956...
50
Panama Canal Loan. 3
550
1956...
\%
1957... ::: 1A
531
Total direct issuea.
146,775
1957...
722
T r e a s u r y bonds
Mar. 15-Sept.l.S 1953 2
UNITED STATES SAVINGS BONDS
[In millions of dollars]
1945
1946
1947
1948
1949
1950
1951
1951—Oct
Nov
Dec...
1952—Jan
Feb.. . .
Mar....
Apr.. . .
May...
June...
July...
Aug
Sept....
Oct
RedempAmount Funds received from sales during tions
and
outperiod
maturities
standing
at end of
All
All
Series Series Series
period
series It and II F and J GandK series
48,183 12,937
49,776 7,427
52,053 6,694
55,051 7,295
56,707 5,833
58,019 6,074
57,587 3,961
57,501
334
57,552
316
297
57,587
57,664
441
57,682
339
57,680
331
57,644
313
57.614
292
57,685
364
57,709
367
57,753
356
57,758
330
57,794
348
9,822
4,466
4,085
4,224
4,208
3,668
3,190
274
268
254
364
288
284
267
253
293
316
309
290
310
595
325
342
498
233
417
124
10
9
9
16
10
9
10
8
15
9
11
9
10
2,520
2,637
2,267
2,573
1,392
1,990
646
50
39
34
61
42
38
37
30
56
43
37
30
28
5,558
6,427
5,126
5,144
5,101
5,840
5,651
410
364
401
493
411
428
438
423
431
468
399
417
398
Maturities and amounts outstanding October 31. 1952
Year of
maturity
1952
1953
1954
1955
1956 .
1957
1958
1959
1960
1961
1962
1963
1964
Unclassified
Total
All
series
. .
Series
E and II
3,137
6 241
7,885
6 720
4,939
4,714
4 780
4,569
5,016
1
4.299
4,342
7?6
486
-60
3,137
5,109
5,630
4 396
2,213
2,288
2,481
2,526
i 2,326
'2,858
2,212
57,794
i 35.116
Series
F and J
189
470
492
574
458
235
253
437
195
362
117
Series
G and K
944
1,785
1,832
2,152
1,968
2,063
1,790
2,253
1 ,246
1,768
609
103
383
3,885
18,793
-60
1
Includes bonds with extended maturities totaling 661 million
dollars.
1221
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]
End of month
Held by the public
Total
Held by
U. S. Government
gross
agencies and1
debt
trust funds
(including guaranteed
securiSpecial Public
ties)
issues
issues
Total
Federal
Reserve
Banks
Commercial
banks a
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
governments
6,900
8,200
11,300
15,100
19,600
24,000
24,900
23,900
21,200
20,100
19,800
18,700
17,100
16,400
2,000
4,000
10,100
16,400
21,400
22,000
15,300
14,100
14,800
17,000
19,000
20,800
21,100
21,600
500
700
1,000
2,100
4,300
6,500
6,300
7,300
7,900
8,100
8,700
8,800
9,400
9,500
2,800
5,400
13,400
24,700
36,200
42,900
44,200
46,200
47,800
49,300
49,900
49,600
49,100
49,100
7,800
8,200
10,300
12,900
16,700
21,000
19,900
19,300
17,300
16,400
16,600
15,400
14,900
14,300
700
900
2,300
4,400
7.400
9,500
8,300
8,600
9.300
9.800
10,100
10,800
11,100
11.100
15,900 ••21,600
15,700 ••20,000
15,900 '2 0,800
16,000 21,200
9,900
9,900
10,300
10,400
49,000
49,100
49,100
49,100
r
14,900
••14,400
'14,800
14,800
11,800
12,200
12,200
12,000
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec.
1950—June
Dec
1951—June
Dec
50,942
64,262
112,471
170,108
232,144
278,682
259,487
256,981
252,854
257.160
257,377
256,731
255,251
259,461
5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
32,356
33,707
34,653
35,902
2,260
2,558
3,218
4,242
5,348
7,048
6,338
5,404
5,614
5,464
5,474
5,490
6,305
6,379
43,312
54,722
100,221
153,163
210,470
251,634
228,564
222,622
215,526
217,800
219,547
217,533
214,293
217,180
2,184
2,254
6,189
11,543
18,846
24,262
23,350
22,559
23,333
18,885
18,331
20,778
22,982
23,801
17,300
21,400
41,100
59,900
77,700
90,800
74,500
68,700
62,500
66,800
65,600
61,800
58,400
61,600
3,200
3,700
4,500
6,100
8,300
10,700
11,800
12,000
11,500
11,400
11,600
10,900
10,200
9,800
1952—May
June
July
Aug
259,951 37,198
259,151 37,739
263,107 37,945
263,225 38,307
6,524
6,596
6,689
6,712
216,229 22,273
214,816 22,906
218,473 22.853
218,206 23,146
61,100
61,200
62,700
61,900
9,800
9,600
9,800
9.700
Individuals
Savings Other
bonds securities
Miscellaneous
investors «
r
2
3
1
Revised.
Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1952.
Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Holdings of Federal Reserve Banks and U. S, Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Interest-bearing public marketable securities. In millions of dollars]
End of month
Total
outstanding
U. S.
Govt. Fed- Com- Mu- Insuragen- eral
tual
mer- sav- ance Other
cies
Reand serve cial 1 ings comtrust Banks banks banks panies
funds
End of month
Total
outstanding
Type of
security:
Treasury bonds
Total:'
1950—June....
Dec
1951—June . . .
Dec
1952—Tune
July....
Aug
Treasury bills:
1950—June
Dec
1951—June . . .
Dec
1952—Tune
Within 1 year:
1950—June.... 10,387
Dec
38,905
1951—June.... 37,631
Dec
25,508
July....
Aug
i^ertmcates.
1950—June....
Dec
1951—June....
Dec
1952—June
July....
Aug
Treasury notes:
1950—June....
Dec
1951—June....
Dec
1952—June....
July....
Aug
Treasury bonds:
1950—June...
Dec
1951—June....
Dec
1952—June....
July....
Aug
U. S.
Govt. Fed- Comagen- eral
mercies
Recial 1
and serve
trust Banks banks
funds
Mu- Insurtual
sav- ance Other
ings combanks panies
70
505 7,001
9 12,373 14,645
49 10,241 15,083
21 1.668 t6,793
151
360 2,300
230
926 10,722
467 1,044 10,747
420
787 5,819
14 1,620 16,826
8 1,620 16,731
8 1,720 16,490
327
283
280
and notes, due
or callable:
18.331
20,778
20,268
22,588
22,192
22,139
22,432
58.972
54,893
51,515
54,148
53,867
55,303
54,380
10,877
10,144
8,254
7,880
7,494
7,684
7,642
13,533
13,627
13.614
18,102
17,219
17,213
17,206
3 3,856
35 1,296
26
527
50
596
35
33
122
71
90 5,846
474 7,901 1-5 years:
829 8,360
1950—June....
532 10,080
Dec
103
80
18,418
5,373
9,509
29,078
28,423
28,170
28,019
7 5,357
2,334
(»)
17 3,194
49 12,793
60 11,821
58 11,883
64 11,906
3,703
3,888
3,750
6,773
5,828
5,382
4,722
5,354
1,544
2,753
6,773
6,877
6,611
6,335
37
41
120
84
90
596 10,270
584 10.847
584 11,351
1952—June....
July....
382 7,254
Aug
53 1,435
287 3,221
662 8,760 5—10 years*
1950—June....
454 9,091
Dec
449 9,085
1951—June....
474 9,150
Dec
29 3,500 11,204
10 12.527 15,833
14 12,439 13.704
3 5,068 10,465
154
136
120
67
403 5,114
707 10,045
687 8,842
316 2.490
2 5,568 10,431
5,568 10,409
1 5,568 10,390
42
40
39
155.325
152.471
137,944
142,724
140,451
144,372
144,186
20,404
39,258
35.806
18,409
18.963
18,971
18,974
102,795
94,035
78,832
76,945
75,660
79,852
79,814
5,350
5.365
3,272
3,345
3,031
3,122
3,145
41
55
39
5,273
5,283
3,178
3,209
2,877
2,982
3,014
381
265
436
5,618
4,620
4,108
4,130
4,422
4,422
4,522
38,691
33,607
31,286
30,104
30,695
32,872
32,910
74
64
7
10,624
9,967
7,973
7,697
7,221
7,474
7,430
18,132
16,862
12,077
11.364
10,335
10,612
10.688
43,663
44,429
42,558
43,399
43,532
45,512
45,899
1952—June
July....
Aug
25,210
25,210
25,210
1951—June....
Dec
51,802
33,378
31,022
28,678
327
189
29,434
29,442
29,446
130
15,926
17,411
15,962
11,156
423
412
376
309
1,148 5,675 2,439
982 7,329 2,125
1,032 6,273 2,009
1,014 2,436 1,925
13,272
17,516
17,516
524
619
632
1,070 3,268 2,092 2,183 4,135
1,070 5,527 2,396 2,482 5,422
1,070 5,834 2,354 2,498 5,128
45,084
43,599
30,023
30,012
4,482
4,682
2,629
2,726
26,707
26,655
26,617
2,231 1,358 2,681 4,707 5,711 10,019
2,228 1,358 2,668 4,702 5,716 9,983
2,243 1,358 2,663 4,700 5,717 9,936
1952—June....
July....
Aug
332 2,588 After 10 years:
1950—June
332 2,621
Dec
336 2,640
1951—June....
Dec
17,249 25,340
15,617 24,941
1952—June....
10,264 22,023
July....
9,839 21,966
Aug
8,941 21,504
9,238 22,865
9,284 22,654
677 5,746
5,884
6,008
684
704
5,116 33,127 1,058 1,731 10,443
568 1,142 5,660
1,285 24,534
139 3,878 20,853
756 5,169
227
142
685 3,994
155 5,102 18,600
5,941 18,352
128 5,941 18,355
132 5,941 18,313
2,349
2.508
1,397
1,415
4,092
2,932
2,781
2,740
138
133
135
7,130
7,180
5,389
5,276
701 4,172
689 4,196
701 4,224
2,055
1,948
1,858
1,656
13,507
12,308
7,293
7,027
4,186
4,615
4.414
3,816
13,524
13,989
10,534
10,828
* Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings
by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other"
are residuals.
1
Includes stock savings banks.
2
Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below
3 Less than $500,000.
1222
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[In millions of dollars]
On basis of daily statements of United States Treasury
Increase (+) or
during period
year or
month
Budget
expenditures
Net
receipts
surplus
(+)or
deficit
Fiscal year:
37 ,045 40 167
1950
1951
48 ,143 44 ,633
62 120 66 145
1952
5 ,483
1951—Oct... 2 ,635
Nov... 3 ,521 5 ,178
D e c . 5 ,279 5 ,627
1952—Jan.. . 4 ,953
5 ,455
F e b . . . 5 ,553
5 ,105
Mar.. 9 ,886 5 ,704
6 ,016
Apr.. . 4 ,323
5 ,659
M a y . . 3 ,809
9
,796
6 ,930
June..
6 ,742
July . . 3 ,316
5 ,018
Aug . . 4 ,05C
6 ,070
Sept. . 6 ,585
Oct. . . 3 ,099
6 ,383
Trust Clearacing
counts,
acetc 1 count 1
—3 122
Gross
debt
+99 +483 +4 587
+679 —214 —2,135
+ 147 —401 +3,883
-55
+945
-86
+82
+20 +1,306
-186
+196
+7
- 3 7 4 +103
+357
2
5
+186
+587
+106 - 2 4 5 - 2 , 2 7 8
- 2 9 1 +329
+209
- 9 1 + 1,613
+357
+3,510
-4,017
-2,847
-1,658
-347
-501
+448
+4,182
-1,693
-1,850
Assets
General
fund
balance
+2,865
-3,426
-968
+515
-3,283
-326
Balance
in
general
Deposits in
Total
fund
FedSpe- Other
eral
cial
assets
Redeposserve
Banks 2 itaries
+2,047
927
517
+ 1,839 7 357 7s ,871
-388
-2,042
-250
-329
-415
+1,196
+ 1,765
-1,447
+28
+ 1,548
+432 +3,968
+957
-973
+77 - 1 9 5
+ 113
-504
+204
+422 - 2 2 0
-981
- 2 5 2 +316 +2,238
-192
—17
Cash operating
General fund of the Treasury (end of period)
-800
6 960
4 874
4 624
4 295
3 879
5 ,075
6 ,84C
5 ,393
5 .421
6 , 069
7 ,925
6 ,052
7 , 156
6 ,175
7 ,481
5 ,311
5 ,147
4 ,816
4 ,306
5 ,700
7 ,445
6 ,108
6 ,046
7 ,481
8 ,520
7 ,430
7 ,557
6 ,743
950
338
333
493
481
321
162
558
169
450
569
333
638
496
508
770
268
680
106
3 021
2 901
2 693
2 048
3 216
5 228
3 ,770
3 ,600
5 ,106
6 027
5 , 100
5 ,217
4 ,145
709
1
2 ,041
1 ,798
1 , 765
1 ,801
2 ,096
1 ,926
2 ,049
1 ,879
1 ,787
2 ,041
1 ,855
1 , 754
1 ,832
1 ,828
s5
Total
liabilities
410
514
512
437
523
521
427
625
605
715
624
512
594
487
401
568
Cash
income
Cash
outgo
40 970
53,439
68,093
2,855
4,293
5,642
5,183
6,275
10,436
4,689
4,722
9,988
3,593
4,878
6,898
155
<n 804
45
67 ,956
5 ,801
5 ,642
5 ,621
5 ,473
5 ,328
6 ,120
5 ,972
5 ,751
6 ,978
6 ,233
5 ,622
6 ,066
Excess
income
(+)or
outgo
—2 185
+7 635
+137
-2,946
-1,348
+21
—290
+947
+4,316
— 1,283
-1,029
+3,010
-2,640
-744
+832
DETAILS OF TREASURY RECEIPTS
On basis of daily statements of United States Treasury
Income taxes
Fiscal year
or month
Fiscal year:
1950
1951
1952
1951—Oct.
Nov....
Dec...
1952—Jan.. . .
Feb....
Mar. . .
Apr....
May...
Tune . . .
Tulv . . .
AUK. • • •
Sept....
Oct
Mis-
Deduct
cellaWithneous
held
internal
by em- Other *
revenue
ployers 4
10,073 18,189
13,535 24,218
21,880 33,026
780
828
254
2,177
1,361 2,916
807 3,021
3,057 1,943
2,010 7,717
078 3,101
540
3,000
1 ,083 7,106
1 ,007 1,435
445
2,005
1,751 4,020
i'997 1.214
EmSocial
Net
Total
ploy- Other
Refunds Security rererement ceipts ceipts
employof
ceipts
taxes
ment8
receipts taxes
8,303 2,883 1,862 41,311
9,423 3,931 2,263 53,360
9,726 4,562 2,364 67,099
169 2,708
885
46
505
2 1 ! 3,951
805
155 5,576
322
823
174
383 5,153
826
805
703
131 6.104
160 10,800
825
539
840
268
152 5,1.87
828
582
107 4,688
845
201
228 10,220
040
204
236 3,640
540
862
177 4,585
877
280
161 6.875
923
204 3,355
P221
2,160
2,107
2,302
41
30
31
52
195
455
612
403
283
151
102
55
51
2,106 37,045
3,120 48,143
3,560 62,120
32 2,635
400 3,521
266 5,279
147 4,953
446 5,553
460 9,886
252 4,323
476 3,800
142 0,706
182 3,316
434 4,050
235 6,585
204 3,000
On basis of reports by collectors of internal revenue
Individual income
and old-age
insurance taxes
Withheld
Other 5
Corporation income and
profits
taxes
11,762
15,901
21,313
1,227
3,428
7,264
9,908
11,545
10,854
14,388
21,467
215
98
310
2.649
275
814
4,172
537
1,330
3,055
512
160
2,330
1 ,464
2,133
1,583
5,013
1,278
1,4 78
5,650
1,653
2,442
221
707
303
03
1 ,530
4,012
232
807
311
351
058
357
Estate
and
gift
taxes
Excise
and
other
miscellaneous
taxes
706
730
833
52
70
77
65
66
113
88
80
48
84
70
50
7,599
8,704
8,971
831
776
712
763
754
718
742
750
804
863
780
808
DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS
On basis of dailj' statements of United States Treasury
Trust and other accounts
Budget expenditures
Fiscal year
or month
Fiscal vear:
1050
1051
1952
1951—Qct
Nov
Dec
1952—Jan
Fob
Mar
Apr
Mav
Tune
Tulv
\\\<r
Sept
Oct
Total
National
defense
40,167
44,633
66,145
5,483
5,178
5,627
5 ,455
5.105
5,704
6,016
5,650
6,030
6,742
5 018
6,070
6,383
12,346
10,064
3(), 106
3,166
3,015
3,070
3,414
3,155
3,425
3,775
3,701
3,600
3,884
2,071
4,008
P3.728
VetInterOther
erans
military national InterAdest
ecosecurity
miuon
pro- 7 nomic
istradebt
aid s
grams
tion
663
1 ,901
4,110
280
380
323
350
363
406
435
413
375
471
514
356
482
Aid
to
agriculture
Social Security
accounts
Social TransSecur- fers
to
ity
Other
pro- trust
Reacgrams counts
ceipts
ExInvest- pendi
ments tures
Other
ExInRevest- 9 pendiceipts ments
tures
4,041 5,750 6,043 2,086 1,375 1,383 4,680 4,203 1,028 3,114 2,376 -1,430 3,857
072 5,075 5,631 2,685 2.700 2,165
635 1,415
3,851 5,613 5,204
872
771
654 1,517
2,831 5,850 4,607 1,210 1,424 1,304 5,503 6,424 2 ,082 3,506 2.382
170
50
206
247
187
87
308
407
406
190
253
—58
169
105
92
660
732
285
188
173
436
121
171
282
-38
291
330
40
64
550
386
261 1,057
81
278
142
—8
145
88
194
486
158
78
221
120
228
428
146
246
326
189
29
505
78
108
71
711
214
142
378
175
120
310
46
105
371
558
83
66
78
201
680
385
157
126
320
14
87
371
556
52
140
50
350
371
267
104
3!8
277
3
178
924
355
85
76
99
172
352
532
126
305
315
—22 — 122
80
187
248
521
356
306
330
505
148
337 1,518
203
262
158
307
654
-24
391
117
288
450
310
351
320
333
137
100
401
366
853
106
94
266
183
354
126
323
31
162
550
40
51
442
116
64
322
317
105
343
-355
133
354 Pi 03 P190
37
21 "697
?! 46
572
312
-16
119
320
282
l
p Preliminary.
Excess of receipts ( + ) or expenditures (—).
3
Excludes items in process of collection.
For description, see Treasury Bulletin for September 1947 and subsequent issues.
Prior to J a n u a r y 1952 represents income t a x withheld, and employment taxes less amounts appropriated to Federal old-age and survivors
insurance trust fund; beginning with January 1952, employment taxes withheld no longer separable.
5
Beginning with J a n u a r y 1052, includes social security taxes on self-employed persons.
6
These are appropriated direetlv to the Federal old-age and survivors insurance trust fund.
7
Composed of Atomic Energy Commission, maritime activities, and military assistance abroad.
8
9
Includes State D e p a r t m e n t .
Includes investments of Government agencies in public debt.
2
4
NOVEMBER
1952
1223
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department.
In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items 1
InvestComments
modiLoans ties,
supreceiv- plies, U. S.
and
able
Other
mate- Govt.
secu- 2
rials securities rities
Corporation or agency
Cash
Total
All agencies:
Sept. 30,
Dec. 31,
Mar. 31,
June 30,
1951
1951
1952
1952
25,668
26,744
26,858
2 7,933
Classification by agency,
June 30, 1952
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Agricultural Marketing Act
Federal Farm Mortgage Corp
Rural Electrification Administration
Commodity Credit Corporation 4
Farmers' Home Administration
Federal Crop Insurance Corp
659
931
844
808
13,906
14.422
14.422
"15,913
412
939
52
1
Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp..
Public Housing Administration
Federal Housing Administration
Office of the Administrator:
Federal National Mortgage Association..
Other
Reconstruction Finance Corporation:
Assets held for U. S. Treasury 5
Other*
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee Valley Authority
All other
1,515
1,461
1 ,322
1.350
2,236
2,226
2,422
2,364
3,025
3,358
3,406
3,186
854
882
991
874
1,399
949 22,962
1.369 1.161 23,842
1,214 1,247 24,010
1 ,228 1,2!00 25,104
322
329
349
357
275
71
52
1
30
1 .918
136 1,779
1
536
28
24
340
866
)
00
112
857
1
29
1 .829
386 1 ,023
495
, 003
1
65
388
27
5
(••)
623
32
,081
412
6
286
2,078
93
)
30
1
678
2.389
145
41
)
5,486
18
123
3
209
202
1
1,421
3,385
()
1,170
446
333
208
1 .931
207
224
1.232
1
2 .068
38
93
(*)
PO
311
209
653
214-
. 968
4 74
401
812
2,431
1,431
1 ,403
9,779
3,472
3.463
3,451
3,438
Bonds, notes,
U. S.
and debenPriGov- vately
Land,
tures payable
ern- owned
struc- Other
Other ment intertures,
asliabil- interand
est
Fully
sets
ities
est
equipguarment
anteed Other
by
U. S.
401
722
2,375
108 1,323
1 ,360
9,717
44
30
41
7
6
103
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
June 30, 1952
Purpose of loan
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Foreign loans
Other
. . . .
Less: Reserve for losses
Total loans receivable ( n e t ) . . .
Fed.
Fed. inter- Banks
Farm medi- for coate
Mort.
operaCorp. credit tives
banks
29
866
343
Rural
ComElecmodity trificaCredit
tion
Corp.
Adm.
390
1.831
Farm- Fed.
ers'
Xat'l.
Home Mort.
Adm. Assn.
Recon- ExPublic Fed. struc- portHous- home tion
Imloan
Fiing
port
Adm. banks nance Bank
Corp.
C)
119
(•'0
83
395
653
(?)
29
866
6 4,058
201 2,387
594
2! 068
3
3
2
99
340
386
1 ,829
495
624
1
2,068
623
653
All
other
Mar. 31,
1952,
all
All
agen- agencies
cies
4,239
2,363
85
464
98
473
CO
653
58 2,389 \5, i 70 7,617
61
801
116
38
15 3
7
597
6,096
731
173
679 2,389 5,557 15,913
14,422
-co-
2
70
00
1
2
Assets are shown on a net basis, i. e., after reserve for losses.
Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction
and 3Development and its subscription
of 2,750 million to the International Monetary Fund.
4
Less than $500,000.
Includes Disaster Loans, etc., Revolving Fund.
5
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.
6
Includes figures for Smaller War Plants Corp., which is being liquidated by the Reconstruction Finance Corp.
7
See
footnote 8.
8
Includes the Treasury loan to the United Kingdom (3.7 billion dollars) and, beginning with the balance sheet for June 30, 1952, lending
by the Mutual Security Agency (1.5 billion).
NOTE.—Statement includes figures for certain business-type activities of the I.J. S. Government. Comparability of the figures with those
for earlier years has been affected by (1) the adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities included, that
is, exclusion of the U. S. Maritime Commission beginning June 30. 1948 and inclusion of Mutual Security Agency beginning June 30, 1952. For
back figures see earlier issues of the BUI.UCTIX and Banking and Monetary Statistics, Table 152, p. 517.
1224
L RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Constructi on
contract?
awarded (va no)2
1947-49 = 1 00
Industrial production
(phvsical volume)* 1
1935-39 = 100
ICmplovments and pavrolls
"1947-49 = 100"
Manufactures
Year or month
Total
;
!
Durable
!
AdUnad-, Adjusted justed 1 justed
1919
1920
1921
1922
1923
1924
1925
.. .
1027
1928
1929
1930
. . .
Total
All
other
|
Employment
Payrolls
Unad- L'n adAdAdAdAdAdAd.Ad- 1 Adjusted justed justed justed justed justed justed justed justed justed
Adjusted
I" nadjusted
Unadjusted
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
V,
45
32
43
42
46
59
61.6
62 2
55.4
58.7
64.6
63.8
65.5
68.7
69 0
52.8
58.4
66.9
62.1
64.2
31.1
37 1
24.0
25.7
32.6
30.4
32.1
120
129
110
121
142
139
146
27
32
30
30
34
34
36
123 8
143 3
127 7
119 7
121.9
122.2
125 4
96
95!
991
110
91'
114
107
117
132
98
79
83
85
93
84
100
100
99
107
93
69j
69
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
49i
73
71
76
52
30
35.0
28 3
152
147
148
152
131
37
37
37
38
35
126
124
122
122
119
75
58
69
75,
87 ;
67
41
54
65
83
79
70
79
81
90
80
67
76
80
86
34l
15
14
17
20
2
8
7
7
13
41
20
18
24
25
60.6
53.7
53.9
59.0
61.6
50.2
42.6
47.2
55.1
58.8
21.5
14.8
15.9
20.4
23.5
105
78
82
89
92
32
24
24
27
29
108.7
97 6
92 4
95 7
98 1
47 4
42 1
42.8
48 7
52 0
103
113
89
109;
125'
108
122
78
109
139
100
106
95
109
115
99
112
97
106
117
22
25
27
37
43
35
36
40
40
44
66 2
70.6
66.4
69.6
73.6
63 9
70.1
59.6
66.2
71.2
27 2
32.6
25.3
29.9
34.0
107
111
89
101
109
33
35
32
35
37
99 1
102 7
100 8
99.4
100 2
52 5
56 1
51 .1
50.1
51 1
162
199!
239
235 :
203
201
279
360
353
274
142
158
176
171
166
125
129
132
140
137
10!
32
35
39
44 i
!
66
89
371
22,
36
54
49
24
10
16
74
116
45
30
50
83.1
91.2
96.6
95.3
92.1
87.9
103.9
121.4
118.1
104.0
49.3
72.2
99.0
102.8
87.8
130
138
137
140
135
44
50
56
62
70
105 2
116.6
123 7
125 7
128 6
56 8
64.2
67 0
67.6
68 8
170
187 !
1921
1761
200!
220! !
i
192
220
225
202
237
273
165
172
177
168
187
194
134
149
155
135
148
164
82 1
84 ji
102
1131
159!
171!
87
86
98
116
185
170
79
83
105
111
142
172
95.1
99.6
101.6
98.8
101.4
106.6
97.9
103.4
102.8
93.8
99.2
105.4
81.2
97.7
105.1
97.2
111 .2
129.2
132
143
138
116
128
134
90
98
104
98
105
109
139 5
159 6
171 9
170.2
171 9
185 6
78 7
96.4
104 4
99.2
103.1
114 8
221
221
222
223
222
221
212
217
218
218
219
218
216
217,
219|
222
223 :
223!
214
220
223
222;
220i
217;
268
271
277
279
276
274
265
267
271
274
277
282
201
201
199
198
198
197
187
193
192
188
188
185
164
158
158
164
165
165
156
165
167
174
170
163
178
173
163:
199
193
200
162
156
147
140
156
166:
188
187
176
170
166
174
179
176
168
160
146
145
171
164
154
219
211
217
150
143
133
127
162
180
105.2
105.9
106.3
106.6
106.8
107.1
107.1
107.0
106.8
106.6
106.8
107.1
105.2
106.6
106.6
106.0
105.0
105.6
104.2
105.7
105.8
105.1
104.3
104.4
126.8
128.5
130.0
129.5
128.1
129.8
126.4
128.4
130.9
129.8
129.8
132.9
146
129
139
136
133
131
125
133
133
135
137
133
125
115
105
104
104
105
105
109
M06
109
113
109
181 5
183.8
184 5
184.6
185 4
185.2
185 5
185 5
186 6
187 4
188.6
189.1
116.5
116 5
116.3
115 9
115.1
114 2
113 7
113.4
113 7
113.6
113.5
221
222
221
216
21 1
204
193
Ml
217
218:
217;
215
211
205!
M.<)4
218
J'230!
c
230
282
284
285
277
277
"•247
230
266
"285
"289
189
190
188
183
181
186
179
191
Pi 94
M95
161
156
164
171
168"
172
177
207
"206
142
163
174
189
186
193
106
193
Pi 83
141
136
133
126
122
108
102
125
134
127
108
106
105
103
108
111
105
114
*>106
M15
189.1
187 9
188 0
188 7
189.0
189.6
190.8
191 1
190 8
113.0
112 5
112 3
111 8
111.6
111 2
11U8
MP 2
111 7
1
. .
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Minerals
Manufacturing
production workers
Xonagricultural
employment
DepartWholement
ConFreight
sale
carloadcoms
u
m
e
r
s
'
sales*
ings*
prices 3 modity
3
1935 39 (retail4 1935-39 prices
= 100 vah it')
= 100 1947-49
1947 49
= 100
= 100
7?
75
58
73!
88
82'
901
. .
1931
1932
1933
1934
1935
Nondurable
Residential
3
. . .
1946
1947
1948
1949
1950
1951
73l
63!
1
!
•
:
.
;
'
;
:
;
;
•
;
•
4
0
6
5
4
65
62
62
61
56
0
0
9
9
1
1951
January
February
March
April
May
.....
June
July
August
September
October
November
December
105.8
106.8
106.9
107.1
106.8
106.8
106.0
104.8
103.9
103.4
103.3
103.5
115 0
1952
Januarv
February
March
April
.
Mav
Tune
Fulv
•Yugu^t
September
October
....
....
. ..
i>>25
e
226
167
167
164
166
1-10
147
1 12
157
P 1 74
M66
•
173 106.8 103.6 103.2 130.4
152 107.0 103.8 103.6 131.0
157 107.0 103.7 103.6 131 9
158 107.0 104.0 102.9 128.1
156 107.1 103.4 101.8 128. 1
158 M06.5 MOO. 8 r 99.7 M26.4
165 M06.0 r 90.2 '•97.5 M21 . 1
217 107.8 103.1 103 9 133 0
?'221 (> 108 .2"104.6 Pi 06.4 M39.8
e
r
Estimated; all estimates are those of the Federal Reserve.
v Preliminary.
Revised.
* Average per working day.
1
For indexes by groups or industries, see pp. 1226-1229.
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. 1233.
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. Xonagricultural employment covers employees only and excludes personnel in the armed forces. The consumers' price index is the adjusted series, reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January
1950, interim revision of series and weights.
* For indexes by Federal Reserve districts and for other department store data, see pp. 1236-1238.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for department store sales, December 1951, pp. 1490-1515.
NOVEMBER
1952
1225
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1935-39 average =100]
1952
1951
Industry
Industrial
Production—Total
.
. . . .
Manufactures—Total
l
Iron and Steel
Pig iron
Steel
Open hearth
Electric
Machinery
.
.
.
.
.
.
.
.
Transportation Equipment
Automobiles (including parts)
(Aircraft; Railroad Equipment; Shipbuilding — Private
Mar. Apr. M a y June July Aug. S e p t .
Sept. Oct.
Nov. Dec. Jan. Feb.
218
218
219
218
221
222
221
216
211
204
193
214
P225
228
226
228
228
231
232
231
225
224
214
202
224
P235
271
274
277
282
282
284
285
277
277
-247 '230
266
P2S5
258
261
261
263
261
261
263
245
246
r
231
298
213
902
235
304
217
921
232
307
216
954
227
304
219
911
229
304
218
913
235
304
221
892
239
309
225
911
205
278
196
855
336
340
347
358
359
360
359
311
311
313
320
318
322
327
226
223
216
221
218
219
196
201
209
207
216
214
230
235
235
190
190
198
146
149
135
167
138
171
228
219
140
*139
241
r>266
208
278
195
867
42
66
30
256
38
83
36
418
221
283
202
860
242
310
222
1013
354
353
352
'332
337
v352
329
338
339
'285
298 r>336
222
227
231
'229
'160
173 P226
217
218
218
216
210
r
201
213 v221
243
249
252
257
259
247
242
251 "248
196
206
204
204
203
199
195
'184
197
157
154
159
162
158
152
142
146
141
148
P152
149
172
141
178
150
175
154
176
149
175
143
170
128
168
134
169
128
164
135
174
P\3$
P 180
212
219
217
224
222
220
217
222
214
222
P224
'247
'243
269
222
266
215
158
244
261
231
164
i>245
261
227
?194
(Copper smelting; Lead refining; Zinc smelting;
Fabricating
. . . .
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
Lumber and Products
Lumber
Furniture
Stone, Clay, and Glass Products
Glass products
Glass containers
Cement
Clay products
232
246
219
173
Nondurable Manufactures
Textiles and Products
. . . .
Textile fabric
Cotton consumption
Rayon deliveries
Wool textiles
Carpet wool consumption
Apparel wool consumption
Wool and worsted varn
Woolen varn
Worsted varn
Woolen and worsted cloth.
Leather and Products
T eather tannins
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoe"
.
214
222
217
172
199
204
219
173
208
216
242
172
210
223
233
182
223
239
257
177
224
239
244
175
225
242
238
173
227
243
230
168
'170
"210
v\63
192
188
188
185
189
190
188
183
181
186
179
191
163
154
157
152
157
160
152
144
151
154
117
170
P174
145
142
334
139
140
293
142
144
289
137
136
283
142
144
296
146
150
294
139
141
288
131
130
280
137
135
287
138
133
312
120
111
343
152
143
370
145
378
114
63
132
117
108
129
132
114
86
119
114
108
123
126
120
94
122
120
116
126
133
118
90
121
115
112
119
131
116
120
110
100
108
100
126
122
133
116
117
114
120
126
112
123
110
108
103
114
113
108
117
110
103
96
112
109
117
113
123
112
108
116
1?3
112
75
125
113
106
124
124
103
71
123
120
130
120
100
91
89
88
100
107
108
102
105
103
91
116
84
104
51
56
64
111
80
96
51
53
67
98
78
94
51
53
69
97
79
91
59
60
71
94
86
98
64
70
71
110
90
101
73
72
74
118
86
08
68
69
72
122
84
05
72
64
60
114
00
105
67
67
72
115
92
106
60
67
70
111
81
01
60
71
66
08
07
110
70
67
80
129
.120
103
07
'112
'113
1 12
131
1 23
167
163
160
160
162
165
166
163
160
166 '162
163
P166
Wheat flour
107
109
115
109
122
113
103
108
103
113
109
109
P\\0
Manufactured dairy products
Putter
.
pjieesp
143
72
165
138
140
71
163
126
137
64
158
118
136
62
161
119
137
65
165
118
138
66
163
120
142
71
160
133
146
73
181
149
148
73
183
163
147
60
180
164
145
70
176
152
148
60
'178
168
Manufactured Food Products
.
. . .
...
148
71
178
166
r
P Preliminary.
Revised.
Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods
may 2be obtained from the Division of Research and Statistics.
Series included in total and group indexes but not available for publication separately.
3
Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer
available separately. Individual indexe? through June 1051 are shown in preceding BULLETINS.
1
1226
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers , 1935-39 average = 100]
1952
1951
Industry
Sept. Oct.
Nov. Dec. Jan. Feb. Mar. Apr. M a y
June
July
Aug.
Sept.
Manufactured Food Products—Continued
M^eat packing
Pork and lard. .
Beef
Veal
. .
Confectionerv
Alcoholic Beverages
Malt liquor
Whiskev
Other distilled snirits
...
168
221
126
99
64
157
198
124
109
74
168
205
143
106
75
163
200
141
84
69
162
193
145
87
80
182
228
153
84
85
179
230
141
81
85
165
207
135
79
79
146
167
140
84
76
148
170
137
00
78
147
163
144
100
68
158
180
140
121
77
170
200
151
125
87
176
152
136
189
173
163
127
183
166
121
136
183
168
123
149
183
169
128
145
184
171
133
143
185
172
150
135
184
160
146
128
183
169
147
130
181
175
"161
121
"188
171
140
117
180
171
123
134
180
"172
"132
184
178
188
176
174
171
170
157
150
152
162
151
155
164
70
335
154
76
265
180
86
262
178
85
253
185
73
336
173
73
327
154
62
298
140
51
231
150
193
171
68
292
208
205
214
161
3R
185
207
176
10
10ft
224
165
21
234
175
160
26
148
263
147
176
175
174
184
178
189
172
186
187
105
244
68
109
243
59
110
259
62
114
245
64
116
264
65
113
240
54
111
261
68
123
257
65
181
160
188
192
154
105
124
68
9^6
148
182
'180
132
&>.
'267
172
222
181
220
126
83
257
175
233
150
174
124
126
168
180
"148
130
165
187
146
126
332
177
Tobacco Products
358
185
292
194
225
"180
123
239
70
127
259
44
129
262
84
87
204
60
108
244
67
197
196
191
184
187
193
192
185
182
192
234
137
191
235
130
182
223
116
185
229
111
188
241
117
181
228
110
175
221
108
99
271
185
216
187
235
112
189
237
114
97
273
185
213
95
278
180
205
94
261
176
191
95
271
178
197
99
279
181
209
99
284
180
205
95
269
174
202
02
260
168
207
176
227
121
80
266
168
201
190
210
180
127
188
179
184
125
191
181
181
128
192
195
177
123
191
184
176
129
189
190
178
131
\S6
186
Newsprint
192
200
180
129
122
175
16?
140
130
IS?
168
153
134
Printing and Publishing
179
177
175
174
175
177
177
175
170
176
157
165
165
167
165
163
158
159
163
164
164
166
169
164
162
166
266
269
276
281
281
281
278
261
209
251
'25 9
279
f'281
214
213
187
216
212
214
200
214
214
226
196
230
215
234
192
224
211
238
188
243
212
242
177
208
210
227
183
223
205
218
177
211
157
167
124
133
216
228
1R5
199
225
231
174
226
231
235
181
230
"233
"234
185
178
411
185
178
452
185
177
467
185
178
456
188
179
464
188
179
459
204
197
420
166
161
326
165
161
311
72
71
84
67
67
52
160
168
"184
177
174
200
301
298
299
298
300
297
291
292
292
2 OS
208
303
r>308
158
358
560
156
346
556
158
331
563
158
317
563
159
322
562
157
299
562
155
269
563
152
267
559
151
270
558
"151
307
563
158
325
564
155
354
560
"152
"370
"581
Rubber Products
245
239
245
250
248
243
242
235
242
'246
'226
243
r>254
Minerals—Total
167
174
170
163
167
167
164
166
140
147
142
156 "774
Fuels
172
179
178
170
175
174
170
171
140
161
155
161
»178
123
135
77
199
111
122
68
199
110
119
74
201
100
107
73
159
06
102
74
193
84
91
57
190
03
102
61
194
\33
144
88
"201
Cigars
Paper and Paper Products
Pulp
Groundvvood pulp
Soda pulp
Sulphate and sulphite pulp *
Paper
Pa perboard
Fine r>aner '
Printing paper
Tissue and absorbent paper
Newsprint consumption
Petroleum and Coal Products
Gasoline
Fuel oil
Lubricating oil
Kerosene
Coke
By-product coke
Beehive coke
Chemical Products
Paints
Industrial chemicals
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
(Copper; Lead; Zinc) 2
Gold
Silver
125
137
79
195
138
147
104
199
141
152
99
196
125
135
86
193
136
147
91
194
137
144
122
122
125
128
125
141
143
65
"tf*
131
P150
200
212
175
174
177
182
176
204
207
71
"71
188
"222
40
58
47
62
45
65
44
70
47
72
47
76
48
78
47
77
51
75
52
71
54
63
50
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.
NOVEMBER
1952
1227
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Federal Reserve index numbers, 1935-39 average = 100]
1952
1951
Industry
Sept. Oct.
Industrial Production—Total .
.
Manufactures — Total
Durable Manufactures
Iron and Steel*
Pig iron
Steel
Open hearth
Electric
Machinery
Transportation Equipment
Automobiles (including parts)
(Aircraft; Railroad
equipment; Shipbuilding—Private and
Government) 2 . .
Nonferrous Metals and Products
Smelting and refining
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin) 2
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
consumption) 2 .
Lumber and Products
Lumber
Furniture
Stone, Clay, and Glass Products
Glass products
Glass containers
Cement
Clay products
Other stone and clay products 2
Nondurable Manufactures
Textiles and Products
Textile fabrics
Cotton consumption
Ravon deliveries
Nvion 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 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
...
Jan. Feb.
Mar. Apr. M a y
June
July
AUR.
Sept.
223
222
220
2/7
2/7
218
2/7
215
211
205
'194
218
P230
232
230
229
227
227
229
228
224
224
215
'203
228
I>239
273
276
277
280
280
281
283
277
278
249
"231
268
/•287
25,?
261
261
263
261
261
263
24 5
246
140
r
139
211
v?66
231
298
213
902
235
304
217
921
232
307
216
954
227
304
219
911
229
304
218
913
235
304
221
892
239
309
225
911
205
278
196
855
208
278
38
83
36
418
2?1
2 S3
?02
860
242
319
117
1013
336
340
347
332
311
311
313
320
318
322
327
329
226
223
216
221
218
219
222
358
359
360
319
r
4?
66
39
256
195
867
352
r
337
"352
338
'339
r
28.5
298
"336
2?7
231
'229
M60
173
''226
'200
213
:'221
>51
/'248
197
r>210
354
313
197
201
209
207
216
217
218
218
2/6
210
214
230
236
235
243
249
252
257
260
246
190
190
198
196
206
204
204
203
199
195
M84
158
158
155
141
142
148
149
152
145
155
150
1.59 "164
153
167
151
171
146
172
122
178
125
175
133
176
135
175
143
170
133
168
148
169
143
164
152
171
"156
/'ISO
237
230
217
212
205
208
212
216
224
'225
216
232
"233
236
251
254
180
219
228
252
182
200
206
237
179
197
201
220
177
207
219
188
169
218
232
196
168
224
239
200
167
225
242
226
168
240
260
241
167
'245
169
'235
255
236
160
r
266
237
'>$> />248
267
111
263
261
170 M6<)
199
193
191
185
184
186
184
180
180
187
181
195
163
154
157
152
157
160
1*2
144
151
154
147
170 »174
145
142
334
139
140
293
142
144
289
137
136
283
142
144
296
146
ISO
294
139
141
288
131
130
280
137
135
287
138
133
312
129
343
152
143
370
114
118
116
122
112
108
1 \1
113
123
11?
ii2
75
125
114
120
63
132
86
119
117
108
129
132
114
108
123
126
94
122
100
83
102
50
57
. .
Nov. Dec.
99
121
120
110
133
116
123
110
117
110
123
106
1?4
124
105
102
90
116
90
105
90
102
70
68
78
111
77
86
60
70
62
98
05
107
115
112
119
131
109
108
109
126
117
114
120
126
108
103
114
113
103
96
112
109
91
91
88
100
109
108
102
80
97
81
98
79
91
86
100
96
109
86
98
84
95
77
52
53
52
52
58
61
69
66
108
116
62
70
77
74
67
68
81
118
70
122
68
114
115
61
66
1n
145
378
123
103
71
120
103
97
r
l12
M13
120
116
126
133
/•200
120
139
120
112
131
123
83
65
62
111
67
98
73
97
67
94
66
110
192
177
164
158
151
149
148
149
154
16.5
17 1
185
I>1 89
117
115
116
108
122
114
101
104
99
109
108
108
''120
169
69
169
127
128
61
146
102
98
49
119
85
95
49
116
92
86
54
122
95
97
58
134
108
116
64
152
131
152
75
188
168
197
94
245
?27
217
95
256
227
215
86
217
176
2H
76
100
1 73
173
69
182
153
<).?
1?9
r
P Preliminary.
Revised.
Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods
may 2be obtained from the Division of Research and Statistics.
Series included in total and group indexes but not available for publication separately.
3
Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer
available separately. Individual indexes through June 1951 are shown in preceding BULLETINS.
1
1228
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Federal Reserve index numbers, 1935-39 average =100]
1951
1952
Industry
Sept. Oct.
Manufactured
Nov. Dec.
Jan.
Feb.
Mar. Apr.
May
June
July
AUR.
Sept.
147
170
134
90
73
137
144
146
109
65
138
130
150
118
75
154
158
163
138
03
166
124
80
189
170
182
06
'192
104
234
141
103
Food Products—Continued
Meat packing
Pork and lard
Beef
Veal .
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
. .
Alcoholic Beverages
Malt liquor
Whiskev
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 '
,
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 Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 2 . . .
Coke
Bv-product coke
Beehive coke
Chemical Products
Paints
Ravon
Industrial chemicals
149
174
136
109
69
156
186
135
124
77
188
240
148
114
75
195
264
141
79
68
193
253
148
81
85
175
223
140
74
86
165
214
128
76
83
152
188
127
78
77
147
167
140
88
78
209
297
175
193
192
210
167
192
174
111
161
192
166
96
150
187
157
83
149
177
155
84
144
176
153
82
125
176
151
89
107
175
154
96
100
178
193
197
178
154
145
152
155
155
158
176
186
166
70
459
332
143
76
686
358
139
86
549
292
142
85
278
225
151
73
219
150
155
73
196
193
159
68
190
208
162
62
179
205
170
51
139
214
203
38
115
207
220
10
11=;
224
188
21
1 >6
175
263
188
191
198
137
176
167
164
174
178
197
179
193
198
123
256
75
127
269
47
129
267
86
87
188
53
108
244
66
105
229
66
109
226
59
110
241
62
114
245
64
116
278
66
113
252
54
2 74
66
2 75
60
196
196
191
183
187
194
192
186
182
182
159
188
192
191
232
122
99
271
185
216
191
233
121
97
273
185
213
187
236
119
95
278
180
205
181
223
117
94
261
175
191
185
230
116
95
271
178
197
190
238
119
99
279
182
209
188
242
125
99
284
180
205
181
230
121
95
269
174
202
175
222
117
02
260
168
207
177
227
122
80
266
169
201
153
103
110
68
226
147
182
'180
r
2J7
116
181
218
112
83
192
200
180
129
190
212
180
127
188
179
184
126
191
175
181
125
192
193
177
123
191
191
176
129
189
190
178
131
186
188
161
124
175
162
140
131
182
171
153
135
150
167
124
124
168
180
M48
120
165
187
146
126
180
181
183
178
170
175
180
180
174
175
14s)
168
173
178
166
148
159
171
174
173
168
141
146
1 68
266
269
276
281
281
281
278
261
209
251
'259
279
/• 'V /
214
213
187
214
212
214
200
214
214
226
196
237
215
234
190
231
211
238
183
248
212
242
175
218
210
227
181
227
205
218
184
215
157
167
129
134
216
228
185
187
22=?
"Ml
?35
170
/>? 34
185
178
411
185
178
452
185
177
467
185
178
456
188
179
464
188
179
459
204
197
420
166
161
326
165
161
311
72
71
84
67
67
52
160
168
M84
177
174
200
303
303
304
302
302
300
298
)' 300
r>3!0
157
358
560
156
346
556
157
331
563
158
317
563
156
322
562
155
299
562
155
269
563
r
291
153
267
559
231
172
210
296
155
270
558
r
r
r
267
172
; 7 •)
213
239
245
250
248
243
242
235
2-12
171
176
169
159
162
162
158
165
143
149
Fuels
172
179
178
170
175
174
170
171
140
161
155
161
125
137
79
195
138
147
104
199
141
152
99
196
125
135
86
193
136
147
91
194
123
135
77
199
111
122
68
199
110
119
74
201
100
107
73
159
96
102
74
103
84
01
57
100
03
102
61
104
166
163
115
89
88
91
90
130
246
388
240
354
160
185
117
94
116
94
121
98
118
94
189
238
56
59
55
62
50
65
46
70
45
73
43
77
43
80
42
77
Metals other than gold and silver
Iron ore
(Copper: Lead; Zinc) 2
Gold
Silver
r
n) \1>
226
r
245
Metals
175
IMS
564
156
Minerals—Total
Bituminous coal
Anthracite
Crude petroleum
161
26
166
Rubber Products
Coal
"103
1 "13 "150
"370
560 "581
156
307
563
246
" ~> S 7
161
74
'<?/
161
239
348
00
41
'100
70
7.1.3
381
44
74
48
68
S2
61
vl
"779
1331
144
88
r'lTO
426
For other footnotes see preced ; ng page.
N O T E . — F o r description and b cY figures see BULLETIN for October 1943, pp. 040-084, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
()YEMBIL!> 1 ( )52
OUTPUT OF MAJOR CONSUMER DURABLE GOODS
(Adjusted
for Seasonal
Variation)
[Federal Reserve index numbers, 1947-49 average =100]
1952
1951
Product group
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
122
Total i.
107
103
104
98
100
102
104
103
104
'108
71
84
Passenger automobiles *
115
108
104
93
91
96
103
109
110
114
47
63
125
Household goods, total
98
56
97
96
123
98
60
98
88
135
103
104
63
105
100
130
110
79
104
97
164
108
75
103
95
158
106
80
102
98
141
97
83
105
82
118
99
101
44
108
89
136
97
61
110
74
135
107
76
110
9+
141
119
Carpets
Furniture
M a j o r appliances
Radios and television
60
101
93
149
81
108
85
115
111
93
205
' Revised.
Seasonal adjustment factors for passenger automobiles revised beginning January 1952.
XOTE.—Figures for September 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.
1
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
1951
1952
Industry group or industry
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
A i ig.
July
ADJUSTED FOR SEASONAL
VARIATION
Total
,
Durable goods
,
Primary metal industries
,
Fabricated metal products
Machinery except electrical
Electrical machinery
,
Transportation equipment
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products .
Instruments and related products
Misc. manufacturing industries.
Ordnance and accessories
Nondurable goods
Textile-mill products
Apparel and other finished textiles
Leather and leather products. .
Food and kindred products.. . .
Tobacco manufactures
Paper and allied products
Printing, publishing and allied
industries
Chemicals and allied products..
Products of petroleum and coal
Rubber products
12,855 12,789 12,776 12,803
7,261
7,264
7,248
7,265
1,143
1,152
1,154
1,162
801
794
805
810
1,261
1,263
1,248
1,225
707
712
700
711
1,235
1,234
1,205
1,211
699
712
729
730
290
287
283
284
460
470
477
480
226
382
44
5,590
1,147
227
373
47
5,541
1,133
229
370
50
5,512
1,121
230
374
52
5,542
1,124
1,007
321
1,148
82
418
985
317
1,158
82
411
998
319
1,132
79
407
1,020
325
1,133
83
406
515
540
194
218
512
533
197
213
514
531
196
215
512
527
197
215
12 816 12 835 12,832 12,862 12,794 -12,465 -12,265 12,749
7 256 7 285 7,281 7 ,331 7 ,302 '6,916 -6,666 7 ,139
1 156 1 154 1 ,148 1,143 1 ,153
'720
'713
1,112
1
1
796
276
718
235
667
292
1
1
457
231
374
799
275
720
251
685
290
449
232
1 120
375
55
5 550
1 106
1
1
54
5 560
029
799
802
1,267
1,276
1.263 -1,255 -1,212
715
1,266
680
293
449
714
1,288
688
293
452
715
1,307
635
294
449
••710
-1,323
'•690
232
376
56
5,551
1,102
235
382
58
5 ,531
233
388
59
5,492
1 ,088
'I,082
1,011
1 ,004
344
,018
'347
510
530
199
213
330
335
1 144
82
403
1 159
81
402
1 ,020
336
1 ,161
81
399
510
531
195
216
507
530
195
214
511
530
197
214
021
1,093
806
-777
'741
'704
n ,159
'693
12,936
7,309
1,146
799
775
1,203 1,193
748
723
1,186 1,280
689
684
297
297
460
456
297
296
453
448
n?>3
••398
-240
-400
60
-5,599
'1 ,114
238
401
59
5 ,610
1,140
238
402
62
5,627
1,153
'1 ,048
1, 036
r
60
'5,549
344
350
••1 ,167
1,142
83
-403
83
410
1,037
344
1,139
83
414
-512
'533
-188
-207
513
524
199
213
512
528
198
219
12,766 12,820 12,815 12,733 12,588 -12,329 -12,059 12,846
7,264 7 ,306 7,316 7 ,329 7,262 '6,888 -6,550 7 ,096
r
/,162 1 ,160 1 , 154 /,143 / .141
'702 1 ,106
716
13,159
7,322
1,146
339
1 , 155
83
398
1 , 153 -1 , 169
83
82
400
405
510
525
169
216
'511
'528
-189
218
WITHOUT SEASONAL ADJUSTMENT
Total
Durable goods
Primary Metal Industries
Blast furnaces, steel works
and rolling mills
Fabricated Metal Products
Machinery except Electrical
Metalworking machinery...
Electrical Machinery
Electrical apparatus (gen
erating, etc.)
Communication equipment.
Transportation Equipment
Motor vehicles and equipment
Aircraft and parts
Lumber
and Wood
13,087 12,997 12,904 12,911
7,322
7,296
7,279
7,314
1,162 1,160 1,149 1,164
573
810
1,219
231
707
570
809
1,24.
232
707
55:
805
1,255
241
718
573
806
1,269
245
726
273
24
1,211
265
258
1,205
266
268
1,234
271
272
1,235
679
360
745
44.
285
196
48<
226
388
44
667
36:
740
439
289
201
479
228
390
47
655
395
719
428
294
206
472
230
388
50
645
407
696
41
296
208
465
23.
38.
5.
Products....
Sawmills and planing mills.
Furniture and Fixtures
Household furniture
Stone, Clay, and Glass Products.
Instruments and Related Products,
Misc. Manufacturing Industries.
Ordnance and Accessories
570
570
807
567
807
558
806
557
798
'163
'722
546
763
1 ,281 1 ,280 1 ,282 1 .269 rl,261 '1,200
247
249
249
249
247
248
242
727
725
722
714
708
'706
'683
1 ,191
247
705
804
/,276
270
273
271
275
273
273
273
269
1 ,235
1 ,251
1 ,266
1,288
633
415
654
634
643
424
668
396
296
670
398
296
663
430
678
405
292
207
447
233
381
55
208
449
234
382
56
391
296
208
452
232
374
54
428
205
452
236
38(
58
'155
'769
267
267
266
'268
1 ,307 '1,323
667
437
635
387
287
202
449
233
376
59
'672
'447
'697
'424
28cS
202
453
'233
'382
'60
251
-265
'1,159
'512
-453
'693
-421
284
-202
441
'232
'374
60
799
1,187
744
258
281
1,186
524
464
706
431
293
208
458
236
393
59
1,280
698
298
462
238
408
62
For footnotes see following p a g e .
1230
FEDERAL RESERVE BULLETIN
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
1952
1951
Industry group or industry
Sept.
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
Commercial printing
Chemicals and Allied Products...
Industrial organic chemicals
Products of Petroleum and Coil..
Petroleum refining
Rubber Products
Oct.
Dec.
Nov.
Jan.
Feb.
Mar.
Apr.
May
5,808
1,136
551
205
5,701 5,590 5,589
/, 133 /, 132 1,141
544
546
548
209
209
211
5,502
1,131
540
209
5,514 5,499
/, 123 1,1/3
52
518
210
210
5,404
1,093
507
210
5,326
1,083
503
209
1,037
239
1,035
235
1,051
238
996
239
296
323
205
1,122
252
120
190
85
410
1,029
228
300
330
213
1,068
246
106
187
82
405
1,052
233
284
327
208
1,330
235
330
193
89
416
1,019
238
270
320
201
1,254
236
238
195
89
413
309
342
221
1,060
244
105
187
80
404
306
344
222
1,057
239
104
189
78
401
275
336
217
1,057
233
114
186
77
398
959
238
252
330
213
1,074
230
122
183
77
398
214
212
212
211
210
208
206
206
515
153
167
543
175
197
154
218
/. 008
233
279
31
198
1,160
246
145
192
85
411
212
517
153
169
544
172
197
154
215
519
154
170
542
173
197
154
219
520
155
171
538
171
196
155
219
510
151
170
536
170
193
153
218
508
152
167
538
168
194
152
215
507
152
166
538
168
193
153
215
507
152
166
530
163
197
155
213
507
154
167
517
161
168
213
Sept
June
July
Aug.
'5,441
1,082
'506
212
5,509
'/ ,081
509
209
5,750
1,123
520
221
5,837
1,141
'972
240
'985
239
/. 052
247
295
357
I'M
1.288
232
289
193
86
108
1,068
r
252
'2 70
339
'340
'219
221
r
l,138 '1.221
234
232
'218
'155
195
190
78
78
403
^395
'155
215
90
412
209
'209
'511
'154
167
r
512
163
351
1,312
r
507
153
166
.167
'190
r
157
r
201
508
154
165
514
169
203
160
211
512
531
201
219
r
Revised.
NOTIC.—Covers production and related workers only; data shown include all full- and part-time production and related workerss \who worked
during, or received pay for, the pay period ending nearest the 15th of the month. Figures for September 1952 are preliminary. Back data
and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted
data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group
Primary metal industries
Fabricated metal products
Machinery except electrical
Flectrical machinery
Transportation equipment
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Instruments and related products
Miscellaneous manufacturing industries..
Ordnance and accessories
Nondurable goods.
Sept.
Sept.
July
Aug.
40.6
39.9
40.6
41.1
1.613
'1.648
1.670
1.693
41.6
'40.4
41.2
41.8
1.707
1.734
1.770
1.805
41.3
'30.6
'30.9
4 1 .9
'•10.0
' 3 9 . -1
40.9
40.8
42.2
41.2
42.1
•13.0
42.0
41.1
. 835
.682
.788
.610
. 884
.824
. 700
.837
.707
.922
1.937
. 721
.845
.716
.948
1 .991
1 . 763
1 .871.
1 .736
2.005
40.6
41 .1
41.5
'11.0
42. 1
41.4
41 .4
12.1
42.0
.532
.452
42.2
40.4
44.2
'••40.8
.515
.421
.581
.657
.426
. 730
. 799
.573
. 459
. 634
. 733
.491
.801
1 .583
1 .481
1 .655
1. 748
1 .501
1 .84 7
Sept.
65.49 '65.76
67.80
69.58
71.01
'70.05
72.92
75.45
7 7.24
68.06
77.43
'•72.23
'67.83
'•76.97
'68.28
'75.73
79.^2
70.34
77.86
70.18
78.31
82.03
74.22
80.-45
72.91
82.41
r
65. 74
69.93
57.61
76.47
62.81
'58.37
'65.41
-70.62
-58.94
T6.-16
66.22
60.40
67.65
1 .92
60.68
74.38
66.64
62.20
68.52
T3.O7
61 .84
78.87
41 .7
43.2
41 .5
41.1
r
40.2
40.4
•10.9
40.2
41 .4
. 619
vSept.
'30.8
42.5
41.5
10.7
41.3
41.8
41.2
42.7
40.3
.489
. 545
. 543
1.546
40.1
37.5
38.5
41.8
39.4
.321
.289
.279
.450
1.133
.345
. 269
. 298
. 546
'1.218
.349
.291
.316
. 539
.210
1.357
1 .299
1.331.
1.532
1.175
43.4
39.3
41.7
1.532
1.982
1.641
2.010
1.716
1 .619
'2.069
'1.726
r
l. 134
'1.831
1 .616
2.069
1 . 729
2.150
1.823
1.625
2.088
1.705
2.171
1.826
58.67
60.87
61.57
62.30
39.4
39.4
39.9
Textile-mill products
Apparel and other finished products
Leather and leather products
Food and kindred products
Tobacco manufactures
48.74
45.89
45.92
62.06
•4-4.75
'51 .65
'45.68
•49.97
r
64. 78
r
46.28
53.42
48. 1 5
52.11
63.25
47.67
54.42
48.71
51.24
64.04
46.30
36.9
35.6
35.9
42.8
39.5
38.4
'36.0
38.5
'41.9
38.0
39.6
37.3
39.6
Paper and allied products
Printing, publishing and allied products..
Chemicals and allied products
Products of petroleum and coal
Rubber products
65.57
77.69
68.43
83.21
70. 18
r
68.65
P
69.81
80.48
70.72
87.08
74.93
70.53
82.06
71.10
89.45
75.23
42.8
39.2
41.7
41.4
40.9
r
43.2
38.9
40.9
40.5
41.1
79.86
•70.08
•87.71
•73.42
1952
1951
1952
Aug.
Sept.
61 .51
58.-10
Average hourly earnings
(dollars per hour)
July
Aug.
Sept.
Total
Durable goods.
1951
1952
July
Average hours worked
(per week)
V2A
'38.6
MO. 6
41 .1
r
40.1
41 .1
39.4
41 .2
41 .2
.731
.481
r
Revised.
N O T E . — Data are for production and related workers. Figures for September 1952 are preliminary, Back data are available from the Bureau
of Labor Statistics.
NOVEMBER
1952
1231
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal,
State, and
local
government
852
943
981
932
904
920
1,094
1,132
1,661
1,982
2,165
2,156
2,318
2,569
3,798
3,872
4,023
4,122
4,151
3,977
4,010
4,144
7,260
7,522
8,602
9,196
9,491
9,438
9,524
9,804
1,374
1,394
1,586
1,641
1,716
1,763
1,812
1,883
3,934
4,055
4,621
4,786
4,799
4,782
4,761
4,759
6,026
5,967
5,607
5 454
5,613
5,811
5,910
6,390
15,801
15,748
15,761
15,811
91/
914
916
916
2,587
2,630
2,581
2,569
4,157
4,173
4,169
4,161
9,791
9,770
9,827
9,893
1,908
1,917
1,926
1,931
4,783
4,746
4,758
4,749
6,526
6,517
6,544
6,578
46,471
46,594
46,552
46 556
46,599
'46,348
'46,153
46,900
4 7,096
15,830
15,877
15,894
15,931
15,870
'15,547
'15,351
15,866
16,054
916
912
911
899
'810
'777
879
880
2,545
2,593
2,523
2,517
2,497
2 .536
'2.543
2,575
2,567
4,139
4,147
4,154
4 116
4,134
'4,139
'4,100
4.154
4,194
9,852
9,860
9,862
9 849
9,912
'9,964
'9,959
9,972
9,942
1,919
1,929
1,937
1 942
1,948
1 ,957
'1,962
1 .972
1 ,982
4,742
4,738
4,728
4 748
4,772
'4 ,789
'4,785
4,796
4,784
6,528
6,538
6,543
6 5S4
6,572
6,606
6,676
6,686
6,693
1951—September
October
November
December
46,956
46,902
46,852
47,663
16,039
15,965
15,890
15,913
917
917
917
916
2,768
2,761
2,633
2,518
4,178
4,166
4,165
4,161
9,781
9,893
10,109
10,660
1,898
1,898
1,907
1,912
4,831
4,770
4,734
4 702
6.544
6,532
6,497
6,881
1952—January
February
March
April
May
Time
45,913
45,899
46,001
46,299
46,329
'46,292
'45,992
47,060
47,579
15,776
15,859
15,869
15,795
15,654
'15.410
'15.153
15,976
16,284
909
902
904
2,316
2,308
2,296
2,416
2,522
r
2 ,663
'2.721
2.781
2.747
4,103
4,111
4,118
4,096
9,720
9,643
9,668
9,845
9,773
'9,838
'9,787
9.789
9,931
1 ,909
1 ,919
1 ,937
1,952
1,958
1 977
'1 ,991
1 .992
1,972
4,671
4,667
4 681
4,748
4,796
'4 837
'4,857
4,844
4,832
6,509
6,490
6 528
6 551
6,602
6 585
6,558
6,589
6,712
Total
Manufacturing
41,480
40,069
41,412
43,371
44,201
43,006
44,124
46,401
17,111
15,302
14,461
15,247
15,286
14,146
14,884
15,931
1951—September
October
November
December
46,465
46,415
46,482
46,608
1952—January
February
March
April
May. .
June
Year or month
1944
1945
1946
1947
1948
1949
1950
1951
Mining
883
826
SEASONALLY ADJUSTED
Julv
August
September
894
UNADJUSTED
..
Tiilv
August
September
896
893
'814
'784
887
885
4,131
'4 ,168
'4.141
4.202
4,216
LABOR FORCE. EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.
Thousands of persons 14 years of age and over]
Civilian labor force
Total
civilian noninstitutional
population 1
Year or month
1944
1945
1946
1947
1948
1949
1950
1951
1951—September
October
November.
.
December
1952—January
February
March
Mav
June
July
August
September
.
.
.
Employed 2
Total
Not in the
labor force
Total
In nonagricultural industries
In
agriculture
ployed
93,220
94,090
103,070
106,018
107,175
108,156
109.284
108,976
54,630
53,860
57,520
60,168
61,442
62,105
63,099
62,884
53,960
52,820
55,250
58,027
59,378
58,710
59,957
61,005
45,010
44,240
46,930
49,761
51,405
50,684
52,450
53,951
8,950
8,580
8,320
8,266
7,973
8,026
7,507
7,054
1,040
2 270
2,142
2,064
3 395
3,142
1,879
670
38 590
40,230
45 550
45,850
45,733
46 051
46,181
46,092
108,956
109,064
109,122
109,200
63,186
63,452
63,164
62,688
61,580
61,836
61,336
61,014
54,054
54,168
54,314
54,636
7,526
7 668
7,022
6,378
1,606
1 616
1 828
1,674
45,770
45 612
45 958
46,512
109,260
109,274
109,274
109,328
109,426
109,556
109,692
109,804
109,906
61,780
61,838
61,518
61,744
62,778
64,390
64,176
63,958
63,698
59,726
59,752
59,714
60,132
61,176
62.572
62,234
62,354
62.260
53,540
53.688
53,702
53,720
54,216
54,402
54,636
55,390
54,712
6,186
6,064
6,012
6,412
6,960
8,170
7,598
6,964
7.548
2,054
2,086
1 ,804
1,612
1,602
1,818
1 942
1,604
1,438
47,480
47,436
47,756
47,584
46 648
45,166
45
516
45 846
46,208
1
The number of persons in the armed forces, previously included in the total noninstitutional population and total labor force items, is no
longer2 available for reasons of security.
Includes self-employed, unpaid family, and domestic service workers.
NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available
from the Bureau of the Census.
1232
FEDERAL RESERVE BULLETIN'
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Nonresidential building
Residential
building
Total
Month
1951
January
February
March
April
May
June...
July
August
September
October
November .
December
1951
1952
420.9
531 1
574.6
590 8
661.1
545 2
548.1
567.6
479.7
496.2
443 9
346.1
337. 7 130.4
396. 4 116 2
592. 7 126.2
681 . 6 174 3
753. 8 1,274.9
581 8 242.0
608. 1 206.9
627. 6
161.8
122.5
518
116.4
96 5
115.1
6,205.4
2,883.3
1952
1 ,045.2
1 ,140.5
1 ,271.0
1 ,375 0
2 ,573 0
1 , 439 4
902.1
885.2
321 .3
597 5
563.7
488 9
1 4 ? ? 7 1 511.3
1 ,265 8 1 438.7
1 , 096 0 ') 029 2
1 ,072 0
951
1 ,099 5
...
1
1
1
1
15 ,751 1
Year
Factories
1951
Educational
1952
1951
1951
1952
1951
1952
1951
1952
110. 1
61. 0
120. 2
204. 8
78. 9
166. 4
139. 9
141 . 5
995. 1
121.1
101.8
78.8
106 3
60.6
65 4
75.4
65.5
80.0
68.8
48 4
43.1
84.6
81.0
128.4
103.5
123.2
128.1
150.1
127.9
98.5
94.5
79.0
136.0
98. 1
104.
118. 7
134. 4
145. 7
126. 7
122. 4
145. 4
87.
126.8
132.2
139.4
133.9
175.3
148.3
146.9
123.8
116.6
159.1
123.1
163.9
93. 9
74. 0
153. 8
147. 7
158. 4
184. 7
208. 1
138. 9
92. 9
161.3
178.2
223.6
266 1
278.0
310.5
295.2
219.3
198.7
137.0
160.2
295.2
206.7
187.4
265.3
353.6
347.0
355.6
340.5
291 .2
2-18.4
Jan
Feb
Mar....
Apr.. . .
May. . .
June...
July....
Aug.. . .
Sept
Oct
Nov..
Dec
Public ownership
Total
1950
.
1951
731
780
,300
,350
,348
,345
,420
,549
,287
,136
,087
.168
1950
1952
,045
1,141
,271
1,375
>,573
1,439
,423
1,266
1 ,096
1,072
902
885
1,321
1,598
1 ,564
1,489
1 ,511
1,439
951
1 ,100
1951
1952
201
306
332
285
481
418
354
456
389 1 ,474
428
583
460
636
438
486
364
318
308
310
320
326
381
476
4,409 6,122
Year. 14,501 15, 751
297
339
554
636
558
559
619
501
1952
55 7
62
70. 6
75
79 9
74
92 ?
94 2
87. 1
1,334.6
915.3
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
Other
1951
1952
739
530
605
495
808
547
819
852
767
996
919
961
959 1,099 1,006
930
917
856
960
787
893
779
937
1,111
922
778
828
762
767
625
787
624
10,092 9,629
2 ,723.2
1,689.2
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. \V. Dodge Corporation. Value of contracts in thousands of dollars]
Private ownership
1950
Public works
and public
utilities
Commercial
1952
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
Sept.
Sept.
AllR.
80 214
236,649
94,729
160,000
1 13.731
185 430
78 31 S
188,057
74,375
114,768
93,648
578 108
174,629
=518 3S>
39,666
73 ,519
95,766
Total (11 districts)
1951
2,029,203
234
,225
86.51 >
43,269
52.0-12
121,924
1 438.725
57 4SS
192,425
56.593
107 955
102.214
110.3 SO
204.909
66 506
39.353
58.390
99,805
1,095,955
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Year or
month
1947
1948
1949
1950
1951
1951—Sept...
Oct. . .
Nov...
Dec...
Total
1 ,787
3,338
3,821
4.342
^ 22i
239
300
248
227
1952—Jan. . . •> 2 7 4
5
Feb.... 5 211
Mar... 5 207
Apr. . . 242
M a y . . >> 2 4 9
June .. »5 2 7 3
July . . 5 269
?.()()
AUK.. .
Sent... •> 2 6 7
Property
improvement '
534
614
War and MiliSmall 1- to 4- Rental
tary
Vetand
home family group
erans' houscon- houses housing housing
ing
struc- (Title (Title
(Title
(Title
tion
ID
VIII)
VI) 2
II)
(3)
7
13
7
21
109
29
53
74
68
65
4
4
4
3
131
145
141
125
7
20
4
9
88
64
61
64
71
102
73
66
69
4
2
2
2
2
2
3
3
2
159
125
124
126
128
134
147
18
8
7
26
15
6
14
13
< 7
1 17
162
11
1,836
1,339
1,031
278
12
123
203
16
15
24
10
28
41
7
15
3
2
10
8
18
18
18
15
18
1
(8)
3
5
4
7
2
7
()
2
Net proceeds to borrowers.
Includes mortgages insured in connection with sale of Government
owned war3 housing and insured loans to finance the manufacture of
housing.
Less than $500,000.
4
Includes 6 million dollars of Class 3 loans (program terminated
Feb.
28,
1950)
and 1 million of Sec. 8 loans.
6
Includes defense housing as follows (in millions of dollars): January, 1; February. 0.3; March, 0.5; April, 2; May, 7; June, 8; July, 10;
August, 13; September, 20.
NOTE.—Figures represent gross insurance written during the period
and do not take account of principal repayments on previously insured
loan.s. Figures include some reinsured mortgages, which are shown in
the month in which they were reported by FHA. Reinsured mortgages
on rental and group housing (Title II) are not necessarily shown in the
month in which reinsurance took place.
NOVEMBER
1952
[In millions of dollars]
End of month
Total
Commercial
banks
808
446
880
1 855
2 ,466
1 ,894
594
694
708
1
2
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
Mortgages
Title I loans
1936— D e c .
365
771
1937—Dec. . .
1938—Dec
1,199
1939—Dec
1,793
1940— Dec.. .
2,409
1941—Dec
3,107
1942—Dec
3,620
1943—Dec
3,626
1944—Dec .. 3,399
1945—Dec
3,156
1946—June
Dec.
228
430
634
902
SavMuings
tual
and
savloan
ings associbanks ations
Insur Fedance
eral
2
com- agen- Other
panies cies 1
1,162
1,465
1,669
1,705
1,590
1.506
8
27
38
71
130
186
236
256
260
263
56
110
149
192
224
254
276
292
269
253
1 ,032
1.134
1 .072
1 000
3.102
2.946
1,488
1.429
260
252
247
233
1947—June. .
Dec
2,860
2.871
1,386
1,379
245
244
229
232
1948—June
Dec
2.988
3.237
1 .402
1,429
251
265
245
269
1 113
1949—June . .
Dec
3.894
4.751
1 .587
1.771
305
378
323
416
1950—Dec
6,695
2,205
693
1951 —Tune
Dec
7,556
8,212
2,412
2,554
903
1,072
41
118
212
342
542
789
5
32
77
153
201
234
245
79
68
13
27
53
90
133
150
179
163
159
140
122
974
917
11
122
106
889
899
8
7
102
110
973
7
9
110
152
1 431
1 .828
21
52
227
305
603
2,712
60
421
658
689
3,115
3,453
44
71
423
373
Q
1
The RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United
States Housing Corporation.
2
Includes mortgage companies, finance companies, industrial banks
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the
Federal Housing Administration.
123
PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units]
Year or month
Total
1939
1941
1945
1946
1947
1948
1949
1950
1951
Urban
1family
2family
515
706
359
434
156
272
458
620
373
533
20
28
134
75
208
185
9
671
849
404
480
267
369
663
846
590
740
24
34
932
46
35
42
VA
Total
FHA
158
220
158
220
66
58
57
87
15
1
47
41
6
48
72
8
3
152
440
69
229
83
211
104
162
159
18
36
44
393
466
686
291
361
486
102
105
200
763
792
496
1,151
892
40
88
71
413
264
149
36
29
72
60
64
51
3
2
6
6
2
1
27
23
18
14
9
29
35
45
62
74
91
54
65
79
3
3
4
5
6
8
3
3
13
23
26
28
16
17
19
96
101
97
101
85
90
87
4
4
4
7
7
7
38
38
39
26
26
26
90
n.a.
n.a.
n.a.
4
n.a.
n.a.
n.a.
7
n.a.
n.a.
n.a.
9
9
7
2
7
9
9
12
12
13
42
38
42
n.a.
29
25
28
n.a.
13
13
14
n.a.
595
1951—November
December
75
61
39
31
1952—January
February
March
April
Mav
65
78
104
36
43
106
110
104
59
61
56
47
49
47
52
n.a.
n.a.
n.a.
50
n.a.
n.a.
n.a.
ill
Multifamily
914
989
407
436
568
,101
Public
1,352
1,020
525
589
828
•\u iist
September
October
Total
209
1 ,025
1,396
1,091
June
JulytT
Government-underwritten
Private
Rural
nonfarm
P100
r>\
9
p Preliminary.
n.a. Not available.
NOTE.—Government underwritten units are those started under commitments of FITA or VA to insure or guarantee the mortgage. VA
figures after June 1950 and all FIIA 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—seasonally adjusted
Monthly—unadjusted
Annual
Class
1952
1951
1950
1951
Total
128
134
Coal
Coke
Grain
Livestock
Forest products
Ore
Miscellaneous
Merchandise, 1. c. 1
117
121
180
13S
68
208
141
172
140
53
143
69
150
205
147
48
Apr.
May
June
July
133
126
122
108
102
125
131
130
211
132
81
142
205
143
46
103
101
96
75
101
135
Sept.
1952
1951
Aug.
Sept.
Apr.
May
June
July
144
123
124
111
104
129
145
130
103
101
96
75
101
135
187
138
93
151
352
155
48
Sept.
Aug.
166
179
69
57
160
189
?()<>
163
178
68
56
154
130
73
142
212
141
46
132
66
126
212
137
45
161
56
139
53
119
44
153
56
146
46
115
43
134
65
149
216
140
46
123
70
140
235
144
45
148
107
153
308
15*
48
115
65
142
195
139
47
116
59
131
292
138
45
165
45
144
82
122
44
183
45
147
73
116
43
145
61
157
323
Ml
46
Sept.
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]
M e r c h a n d i s e exports
Month
l
Merchandise imports
2
Excess of e x p o r t s
1950
1951
1952
1950
1951
1952
974
1,076
1,295
1,370
1,354
1,297
1,186
1,269
1,232
1,152
1,387
1,438
1,253
1,338
1,424
1.338
1,462
1,164
1.016
Pl.070
623
600
665
585
659
687
709
820
859
923
855
867
1,025
910
1,102
1,033
1,018
930
895
881
721
834
819
801
922
892
964
932
835
860
837
*817
October
November
December
741
764
860
804
830
877
779
762
911
906
977
1 065
January-August
6,416
9,821
5,349
7,793
P7,O6O
fanuary
February
March
April
May
June
July
August
September
Pl0,065
1950
118
164
195
219
170
190
70
-59
52
— 16
122
198
1,067
1951
1952
-51
166
193
336
336
366
292
389
511
319
569
637
331
446
460
406
628
3 OS
179
P253
2,028
P3,005
P Preliminary.
1
Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments
under the Mutual Security Program as follows (in millions of dollars): 1950, 282; 1951. 1,065; January-August 1952, 1,024.
2
General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Department of Commerce.
1234
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1947-49 average = 100]
Federal Reserve district
United j
States
Year or month
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
90
98
104
98
105
109
92
99
102
99
103
105
91
99
103
98
101
105
87
96
104
100
106
109
88
97
105
98
105
111
92
97
103
100
105
112
90
96
103
101
109
115
89
98
104
97
104
108
1951—September.
October....
November.
December..
M06
109
113
109
100
103
106
106
'100
103
104
103
107
108
109
105
108
112
114
109
114
118
109
112
112
122
120
1952—January
February
March
April
May
Tune
July
August
September
108
106
105
103
108
111
105
114
Pi 06
102
100
104
99
101
103
106
109
"101
100
100
98
96
96
98
95
102
95
110
110
109
102
107
107
106
115
105
115
108
106
104
103
112
105
113
105
114
109
114
108
116
122
106
127
111
M12
112
110
105
129
188
M05
108
131
179
112
114
144
185
114
115
140
181
51
80
82
86
94
95
95
69
76
100
81
82
97
103
108
102
76
86
110
St.
Louis
Minne- Kansas
Dallas
apolis
City
San
Francisco
94
105
102
113
117
91
99
104
98
105
108
SALESi
1946..
1947..
1948..
1949..
1950..
1951 . .
90
97
105
105
104
90
98
103
99
108
111
106
109
110
109
105
105
109
107
101
104
107
104
112
110
116
113
115
114
129
122
109
118
108
119
112
114
116
127
138
120
131
P121
106
105
103
100
104
105
97
••111
103
111
100
99
98
102
111
99
110
97
113
104
115
106
105
104
112
114
114
119
PI 08
122
115
115
114
128
132
123
127
119
106
108
102
105
118
114
110
116
115
'117
121
145
192
117
117
140
204
114
11.1
132
175
111
111.
130
168
166
M18
117
131
185
124
119
144
203
M09
107
125
189
87
83
95
104
105
105
82
99
110
80
83
96
.110
115
114
87
100
121
90
94
110
118
122
117
96
115
"I 26
81
81
89
99
104
103
82
72
83
80
100
105
96
84
103
86
85
93
104
112
106
93
110
110
81
80
89
101
106
103
81
98
110
95
93
105
114
125
116
104
114
128
83
86
90
103
113
108
96
112
116
77
74
93
106
100
112
131
91
110
100
104
117
74
93
108
100
113
132
69
89
110
101
112
132
73
93
107
100
110
131
116
113
107
106
133
123
117
121
135
125
120
125
132
124
1 19
119
104
98
104
88
98
104
99
SEASONALLY ADJUSTED
94
98
104
100
104
115
98
UNADJUSTED
1951—September. .
October
November. .
December...
m
18-1
83
83
92
103
108
105
84
98
"112
1952—January
February
March.."
April
May
June
July
August
September. . . .
75
87
103
102
103
73
83
Pill
97
112
118
120
107
P115
STOCKSi
93
107
100
100
129
85
95
105
100
1 10
124
85
98
105
97
104
124
81
93
107
99
108
127
78
93
107
100
106
128
80
94
105
101
114
134
75
90
108
102
120
140
73
89
111
100
110
128
1951—September
October
November
December
127
121
117
119
120
115
112
115
r\23
115
115
115
' 1 25
I1 /
115
120
125
117
114
118
M33
127
125
130
132
130
130
133
124
121
115
117
127
119
114
119
1952—January
February
March.:
April
May
Tune
July
August
September
118
1 16
115
116
118
1 18
120
118
PI 20
115
112
109
11 1
109
110
110
109
Pi 09
114
107
108
112
113
116
111
110
115
113
I 13
II J
1 14
113
114
112
113
11 1
110
110
111
109
107
113
109
112
133
127
127
126
131
139
140
136
132
133
29
26
25
126
25
29
29
130
114
113
113
114
114
113
118
115
118
106
112
111
114
124
125
120
129
132
106
102
103
104
106
105
108
109
Pi 13
122
122
120
121
124
122
128
127
PI 29
1 24
122
124
122
124
123
130
127
"131
121
123
119
123
128
128
125
123
126
1951—September
October
November
December
131
134
133
108
1 24
130
132
108
129
130
132
106
131
135
133
105
130
131
128
104
M37
143
139
114
137
142
145
116
127
131133
109
135
134
125
105
117
120
119
97
131133
108
138
136
135
1 15
135
136
132
106
1952—January
February
March
April
May
June
Inly
August
September
106
105
107
112
114
112
102
99
103
Pl 12
101
104
113
116
115
105
102
107
116
100
111
119
121
116
105
100
107
117
104
109
116
117
111
100
102
104
116
117
123
136
136
135
127
128
134
137
119
128
132
132
127
120
121
127
135
106
111
118
118
116
107
107
110
119
92
109
118
122
124
118
112
125
140
100
99
107
109
108
100
105
112
1 20
131
129
125
114
120
125
Pi 34
109
117
122
129
132
126
120
118
129
1946
1947
1948
1949
1950
1951
SEASONALLY ADJl.'STliD
UNADJl'STKD
I
|
j
|
120
122
120
112
110
114
*124
104
Pi 13
114
121
126
127
126
119
.1 20
120
P129
r
p Preliminary.
Revised.
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515.
1
NOVEMBER 1952
1235
DEPARTMENT STORE
STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Percentage
j
change from a
j
year ago (retail value) I
Number of
stores
report-
Department
Sa es
dm ing
per iod
Stocks
(end of
month)
Ratio of
stocks Jto
sales
Index numbers
without seasonal adjustment,
1041 average monthly sales = 100 2
Sales during
period
August
Stocks at end
of month
ing
Kfcht
Aug.
1952
;
GRAND TOTAL—entire store 8
353
-2
MAIN STORE—total
353
-2
Piece ftoods and household textiles
Piece goods
Silks velvets and synthetics
Woolen vard goods
.
.
Cotton vard goods
Household textiles
Linens and towels
. .. .
Domestics—muslins, sheetings
Blankets comforters and spreads
317
206
100
171
100
4
•
252
7.} 7
344
200
234
329
313
211
282
74
?33
2 75
127
ribbons....
. . .
W o m e n ' s and misses' apparel and accessories.
Women's and misses' ready-to-wear accessories. .
Neckwear and scarfs
Handkerchiefs
Millinerv.
Women's and children's gloves
Corsets and brassieres
Women's and children's hosiery
hoys* w e a r
.
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers
Homef urnish ings
Luggage
Candy 4
4-1
+4
+1
324
336
3-13
343
248
280
255
3 ?7
333
238
206
—5
—3
+3
+2
—9
r
'
i
-1
~7
+7
+4
4-1
+1
340
330
_ 7
- 3
224
4-2 '
4-1
218
317
2 70
316
342
2S3
267
341
205
254
—1 5
4-6 i
4-4
4-8
-1
0
0
— 11
4-4
4-1
+ 11
+ 2
+5 !
4-7
4-7
-1
- 3
-4
>
!
-7
-3
1
4-7
+ 2
+2
+ 2
-5
- 3
-7
-2
+3
+6
1
-11
-7
4
-9
-8
-23
!
'
->2
-?3
-13
-8
i
-7
2
-6
—6
i
-24
— 7Q
—6 I
;
!
1
i
;
+3
-4
-1 I
-3 i
-14
-4
-22
— 7t
—8
+3
+6
()
+1
+i
4.2
4.4
4.3
3.7
5 4
6.9
3.3
9.0
4.9
3.8
+
1
- 9
— 10
-10
-11
—9
-6
—6
-8
—8
-8
-14
— 13
— 22
-8
-13
—4
-6
_7
-8
-6
-6
-12
-14
-10
-10
-12
43
275
185
4.4
•1.2
4 1
150
151
182
3.9
136
150
5 9
7. ^
3 6
10.0
5.3
622
753
636
641
556
893
626
634
664
59 +
638
786
779
747
1 390
615
70S
679
657
770
533
918
737
628
4 28
673
7 7f)
290
189
60'
591
531
623
152
157
189
632
670
788
138
155
499
801
622
657
774
516
788
i 40
667
601
438
634
637
578
430
591
172
190
171
195
4.6
4.9
147
142
179
80
64
50
236
93
181
775
162
162
198
1.15
150
146
71
229
1 19
176
226
151
154
268
144
195
532
610
535
435
100
618
781
315
550
603
409
393
845
408
1 ,061
1 .4
9.3
3.3
2.9
3.3
3.1
3.5
2.8
2.9
2.7
5 3
1 .4
9.9
3.4
2.9
3 4
3.4
3.7
2.8
3.3
3.0
5 9
128
157
96
141
67
236
109
168
223
141
1 13
287
149
199
475
553
46 I
4?1
131
529
775
290
531
687
192
366
IS
778
813
576
658
541
507
218
706
7 73
347
615
783
565
433
903
435
1 ,144
3.5
3.9
6 0
2.1
6 6
2.3
217
2.4
2.7
199
153
90
210
203
450
474
2 1
2 9
1 .7
1 .4
1 .8
39>
359
490
550
2 4
3 2
1.9
1 .8
317
276
369
1 .9
1 4
2.3
2.4
2.0
3.9
162
165
167
167
155
299
2.1
267
342
164
533
411
676
287
4 74
347
628
237
575
472
701
304
300
158
159
253
215
46
271
618
294
549
563
301
535
651
146
136
133
145
112
142
148
137
131
213
768
915
646
779
943
708
815
615
689
854
213
251
188
230
258
826
755
859
816
1,036
196
179
127
197
845
829
1,168
164
158
149
252
236
150
126
175
167
120
300
243
161
267
250
804
696
1,206
615
966
789
689
1 .220
698
975
866
748
1,241
1 ,063
1,172
167
180
173
154
565
846
727
808
740
527
806
640
792
780
744
1,214
1,170
980
794
1.8
1 3
2.2
2. 1
1 .9
3.4
5.3
6.9
5.2
3.4
5.8
5.9
7.8
5.4
4.1
6.7
-12
4.8
4.2
4.9
4.4
-2
-44
8.1
2.4
— 17
-1
4.1
5 4
2.8
-24
-30
-38
-17
-6
-J.
646
194
172
220
—30
-46
— 56
-10
ioo
189
637
199
705
165
679
157
254 1 ,1 ?()
167
632
2.7
3.5
2.4
4.5
"1?
137'
134
153
196
132
126
Aug.
3.2
4.5
3.0
3.8
2.8
3.9
3.0
1 3
3.7
4.7
4.7
-20
-18
25
166
7
July
153
135
147
— 14
-11
163
124
96
78
198
164
14-3
212
142
Aug.
126
111
1 19
-8
1951
Aug.
158
3.4
4.0
- 9
1952
4.1
0
—5
-7
—7
116
,86
_ 7
+1
229
17?
;
-20
— 10
+3
-7
-3
244
144
+3
—8
- 4
0
4-9
—6
0
317
289
— 18
+ 4
0
301
251
252
239
261
— 19
_tf
-16
_6
+13
96
Miscellaneous merchandise departments
Tovs games sporting goods cameras
Tovs and games
I'i
7
—12
312
281
160
160
Records, sheet music, and i n s t r u m e n t s 4
190
153
138
245
+ 7
+2
321
250
173
180
F u r n i t u r e and bedding
.
....
M a t t r e s s e s springs and studio beds 4
Upholstered a n d other furniture 4
Domestic floor coverings
. . .
Rugs and carpets 4
Linoleum 4
Draperies curtains a n d u p h o l s t e r y
L a m p s and shades
China and glassware
Major household appliances . . .
Housewares (including small appliances)
Gift shon 4
Radios, phonographs, television, records, etc. 4 . .
3.9
4.7
4.8
5 4
3.6
3 6
4 2
—1 >
- 2
-5
332
262
314
306
102
. . . .
3.4
4.6
4.9
4.6
3.9
2 8
3.6
7+++"
IVflen's a n d
185
-19
4-7
—6
— 13
-14
+2
7 1 <)
Better dresses 4
Blouses skirts and sportswear
Aprons housedresses and uniforms
Furs
4.0
0
4-1
—?
-11
-2
_4
350
350
Knit underwear
.
Silk and muslin underwear, and slips
Negligees, robes, and lounging apparel
Infants' wear
Handbags and small leather goods
Women's and children's
shoes
Children's shoes 4
Women's shoes 4
Women's and misses' ready-to-wear apparel.. ..
Women's4 and misses' coats and suits
Coats
Suits 4
Juniors' and girls' wear
Juniors' coats suits and dresses
.•
Oirls* wear
Women's and misses' dresses
3.7
3.4
0
-4
155
149
3.3
-12
-5 i
—7 ;
July
-14
— 14
i
Aug.
-13
—3 '
1951
1951
-3
—3s
—3
1952
-4
-Hi il
300
Small wares
Laces, trimmings, embroideries, and
Notions
Toilet articles d r u g sundries
...
Silverware and jewelrv
Silverware and clocks 4
C o s t u m e jewelrv 4
Fine jewelrv and watches 4
Art needlework
Books and stationery
Books and magazines
•
"<
1O52
1952
Aug.
1952
7 2
5.7
3.3
5.5
5.8
5. 1
3. 1
1.1
3.6
1 8
4.2
5.9
6 1
4.9
4.4
7.7
4.1
4.6
5 2
3.9
3 5
6.0
4.3
7.9
9.6
6.0
3 3
134
125
225
162
169
153
126
158
237
146
176
237
154
151
160
123
164
241
310
584
880
1 ,086
868
1,089
920
1.1
For footnotes see following page.
1236
FEDERAL RESERVE
BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
Percentage
change from a
year ago (retail value)
Number of
stores
reporting
Department
Stocks
(end of
month)
Sales
during
period
Eight
months
1952
Aug.
1952
Index numbers
without seasonal adjustment,
1941 average monthly sales =100 *
Ratio of
stocks to
sales 1
Sales during
period
August
1951
1952
Aug.
1952
1952
Stocks at end
of month
1952
1951
1951
Aug.
July
Aug.
Aug.
July
Aug.
181
156
184
435
408
483
BASEMENT STORE—total
194
-2
-1
-9
2.4
2.6
Domestics and blankets *
132
-6
-7
-17
2.2
2.4
Women's and misses' ready-to-wear
Intimate anoarel *
Coats and suits *
Dresses *
Blouses skirts and sportswear *
Girls' wear *
Infants' wear *
185
164
171
169
1 S3
120
121
0
-4
0
y
+2
154
179
343
314
367
+1
-i-6
2.0
2.4
2.4
1.1
2 .0
1 .7
2.4
180
+7
+6
+6
1.9
2.4
2.2
1 .2
1 .6
1 .5
Men's and boys' wear
Men's wear *
Men's clothinff *
Men's furnishings *
157
143
100
120
119
3.2
3 5
4.0
3.2
2.3
175
196
559
515
630
+4
2.9
3 2
3.6
2.9
2.0
193
+9
-11
— 13
—9
-15
—5
Homefurnishings
103
-10
-8
-14
3.4
3.6
149
124
165
507
506
588
Shoes
114
-2
-3
-7
3.9
4.1
149
126
152
581
517
617
168
-3
-1
71
-3
NONMERCIIANDISE—total4
.
. . .
Barber and b e a u t y shop *
. . . .
0
4-2
+5
+6
-1
_
j.
-.
-2
—3
-j
i
-6
—7
-7
— 1.'
—7
-4
(*}
1
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months'
supply on hand at the end of the month in terms of sales for that month.
2
The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks
index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of
sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858
were Areversed.
' For movements of total department store sales and stocks see the indexes for the United States on p. 1235.
4
Index numbers of sales and stocks
for this department are not available for publication separately; the department, however, is included
5
in group and total indexes.
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1951, sales and stocks
at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
WEEKLY INDEX OF SALES
[Weeks ending on dates shown,
1947-49= 1001
DEPARTMENT STORE MERCHANDISING DATA
Selected Series, Based on Retail Value Figures
Amounts (In millions of dollars)
i Out- |
2
! Sales 2 Stocks
| ("total
(end
! for
of
i month) month)
R
stand- j
ceipts:
ing
for I
month) month) i
1943 average,
1944 average.
1945 average.
1946 average.
1947 average .
1948 average.
1949 average.
1950 average .
1951. average.
221
246
276
345
365
381
361
376
390
546
574
604
767
887
979
925
.011
,201
563
596
775
964
588
494
373
496
460
1951—Sept...
Ocx... .
Nov.. .
Dec...
1952--Jan.. . .
376
426
483
664
,206
,249
,249
, 006
,012
,062
,129
,148
,112
,026
995
,039
,129
"•4-17
319
298
347
372
381
352
288
342
Mar
Apr
M-iy
Tune
Inly
AUK
Sept
Xew
orders
c.
(total ! Stocks
447
405
319
403
417
366
293
274
411
521
-•540
P591
2?0
244
277
373
366
386
358
391
388
242
256
291
354
364
363
358
401
376
483
421
325
348
414
391
345
266
257
r
386
M76
'418
••469
441
335
409
362
363
318
326
403
367
'405
P.S27
Ratios to sales '
Outstanding
orders
Stocks
pins
outstand-
Without seasonal adjustment
Receipts
2.7
2.5
3.0
3.0
1 .7
1 .4
1.1
1 .4
1 .3
1 .2
1 .0
0.8
0.4
1.3
1 .4
1 .1
0.8
0.7
1.2
1.8
1 6
Pi. 5
1951
ing
orders
5.2
5.0
5.3
5.3
4.3
4.1
3.8
4.2
4.4
4.4
4.0
3.4
2.0
4.4
5.0
4.3
3.9
3.6
4.1
5.3
4.6
HA
.95
2
9
.108
1 6 . . . . .106
23 . . . . . .92
30
. . 89
July 7 . . . . . 75
1 4 . . . . . . 83
21
.81 i
2 8 . . . . .80
Aug. 4
.88
June
1 .0
1.0
.0
.1
.0
.0
.0
.1
.0
.1
.1
1 .0
0.6
1 .0
1 .2
1.2
1.1
0.9
0.8
0.9
1.1
Pl.2
11 . . . .
. 93
18
.97
vSept. 1. . .. 105
1 00
8
25
15
22
2 9 . . . . .114
.110
6
1 3 . . . . .117
2 0 . . . . .116
27. . . .113
.121
Xov 3
.127
10
1 7 . . . . .130
24 . . . ..123
Oct.
1952
M a y 3 1 . . . . . .97
J u n o 7 . . . .111
14. . . ..116
21 . . .. . . 98
2 8 . . . . . .91
. . . 79
Tilly
1 2 . . . . . . 83
1 9 . . . . . . 82
2 6 . . . . . 79
A u g . 2 . . . . . .87
. . . 90
. 95
. .100
30.. . 1 1 0
. .100
Sept. 6
13. . ..114
20. . ..113
2 7. . . .112
Oct. •1. . . .116
11 . . . .126
18. . . .124
. .122
Xov. " 1 .'.'. ..115
8. .
15. .
r
r> Preliminary.
Revised.
1
The first three ratios are of stocks and ..'or orders at the end of the month to sales during the month.
NOTE.—For description and weekly
The2 final ratio is based on totals of sales and receipts for the month.
indexes for back years, see BULLETIN*
These figures are not estimates for all department stores in the United States. They are the actual for April 1952, pp. 359 -362.
dollar amounts reported by a group of department stores located in various cities throughout the country.
In 1951.
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. 10981102.
NOVEMBER
1952
1237
DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
vSept Aug.
1952 1952
Sept. Aug. 9
1952 1952 mos.
1952
1952
Richmond 1
United
States.
+3 +2
Washington .. .
Boston
+4
-1 -1 Baltimore
New Haven
+3 Hagerstown
3
+7
+1
Portland
N. C.
+ 13 +10 - 2 Asheville,
Boston Area
Raleigh
Downtown
+3
Winston-Salem.
Boston
+2
Anderson, S. C..
Lowell+ 15 +8 +3 Charleston
Lawrence
+2
+3 - 4 Columbia S. C.
New Bedford...
Springfield
0 +3 +2 Greenville,
Lynchburg
Worcester
+2
+2 - 1 Norfolk
Providence
+3
- 1 - 1 Richmond
Roanoke
New York l
-8
Ch'ls'ton.W.Va.
-5
Bridgeport ... .
Huntington
- 1 -10
Newark 1
0 -1
Albany
Binghamton....
+6 +4 + 1 Atlanta
1
2
0 Birmingham ...
Buffalo *
+5
Elmira
0 +4 + 1 Mobile
Niagara Falls.. .
+2 +2 +2 Montgomery.1 . .
...
- 1 0 Jacksonville
-12
New York City
Miami x
Poughkeepsie..
.
+
11
+3 Orlando
0
Rochester 1
- 4 St. Petersburg..
Schenectady....
+ 1 Tampa l
Syracuse »
—3 Atlanta^
Utica
0 Augusta
Philadelphia
..
-1
Columbus
l
Trenton *
-2
Lancaster * l
+4! +7 - 1 Macon
Rome
Philadelphia
...
2
Savannah
Reading 1
+21 -6 -- 23 Baton Rouge *..
Wilkes-Barre 1 .
New Orleans *. .
York*
2|
+ 1 Jackson J
Cleveland
l\ +3 - 2 Meridian
l
Akron l
+2 Bristol
Canton
*. .
.
- 6 Chattanooga
P +i!
Knoxville xx
Cincinnati1 l . . .
+41 +2!
Cleveland
_ 2 Nashville
- 8 | —3
Columbus *
+71 +41
Springfield i
+2! -+3i
2 , +3 Chicago !
Toledo i
+6 +1.01' - 8 ChicagoJ
—5 Peoria
Youngstown *...
P^ort Wayne Jl . .
Erie *
1
—5 Indianapolis 1.. ,
Pittsburgh . . . . +2
Wheeling i
-1
0 Terre Haute ..,
+1
U
+6
+
+5
9
-3
P+5 + 1
0 +22
+4 + 10
+7
-4
+211 +32
()
+29 +25
+26
P+9 +21
+11! +8
+3
+30! +34 +29
+ 8i + 14 + 10
+ 15J +(•>
+ j +20i +5
+25!1 +22| +20
|
i
+
+8
+4
+71 +2
-4
ti
+8!
i
Chicago-cont.
- 2 Des Moines. . . .
-4
+1
+2 Detroit *
+1
+ 13j - 1
+5 Flint 1
+
12
*.
+3 Grand Rapids
. ,
+ 1 Lansing J
+8
'+14J
2
Milwaukee
*...
.
5
3+ 11
- 5 Green Bay *.. . . - 4 i - 4
Madison
+6j
+5
+ 19
+6
+3 St. Louis
+3' +J
+3 Fort Smith
+2
0
+ 11 Little Rock ! . .
+6, +7
Evansville....
+7|
+15
+4 Louisville l.. ..
+6
+5l +3
+9 + 11
0
+ 7 + 10
+8 +4 + 11
+1
+4
p+12 +
+ 15 +6 +8
+5
! + 18
+ | + 10 +7
+8 +5 +7
+ 15 + 12 +4
+ 11 + 15 +6
+ 13 + 10
+7 + 11
+ 11 +4
P+21
9
Sept.! Aug. mos.
1952 1952 1952
-3
-3
+8!
-3
7
-2
-2
+3
-4
-5
-1
9
Sept.
1952
Dallas
Shreveport....
Corpus1 Christi.
Dallas
El Paso
Fort Worth. . .
Houston *
San Antonio...
Waco
1952
+7
+6
+6
+6
+3
+1 +7
+8 + 14
+ 12 + 12i +11
+35 +411 +25
+ 10 +
+2
+3
12 + 7
+ 11 +12
+6 +6 +3
+7 +8 +9
Francisco. p+9 +9
0 San
Phoenix l
+ 13 + 7
Tucson
+
Bakersfield
»
, +2
Fresno l
+8 -12
Long Beach *.. .
Paducah
+4
-2
-5
C - 6 Los Angeles
Quincy x
+8 +6
St. Louis . . . .
+ 1 Area 1
+2
.
+5
Los
St. Louis Area.
+2 +1 + 1 Downtown
J
Springfield....
-31 +1 +3 Angeles
+ ]j +2J
Memphis ». . . .
+5! +1 +3 West side lLos
Angeles
+3! +4|
Oakland and
1
Minneapolis ..
Berkeley !
Mankato
p-8i +2! - 1 Riverside
1
and
Minneapolis l..
+ 11 + 1 |
San Bernardino
8i
+ 16
St. Paul 1
l
+1 i
0i - 2
. ..
2|
Great Falls
J
+ 7| +111 +4 Sacramento
Diego . . .x . .+4 . . Si
Grand Forks. .
+ 7; +4: + 1 San Francisco
.
+9 +11
Sioux Falls
p-8i +6; - 2 San
J
+9|
vSan
Jose
Duluth- !
+-41 +6i
*
Superior . . . .
+5! +2! +2 Stockton
J'0| - 4 1
Vallejo
and
La Crosse
-1
-6;
Napa
-5j +2
Boise and
Kansas City.. .
-h
+5, •
0
Nampa x
-l!
Denver
Portland
+ | +3!
Pueblo
Lake City 1 .
+
+9 +6
Hutchinson
- 2 ! +1.SJ + 1 Salt
Belli ngliam
- 66 +
+6
Topeka
Everett1 »
+8, +8j
- 0 | - 7 , +1 Seattle
Wichita
+9,
+7|
l
Kansas City
+ 1i
O!
- 6 ! +3i + 2 ' Spokane
Joplin
+21 - 1
Tacoma 1!
St. Joseph
1
-3
-3
=?i 1 2 ± 7Yakima
Omaha
Oklahoma City.
+2
+4
+5
+7| +6 +4
+ 17 +18i +28
+
+3
+7
+3
-2
+3
+1
-5
+2
+6
+3
+6
+5
+4
-1
-5
-2
-2
+
+1
- 22
-1
+1
-1
-4
0
+5, +-r +2
+ii;'-+i2i +10
P-10,
-1,
-1
r
v Preliminary.
Revised.
Indexes for these cities 3may be obtained upon request from the Federal Reserve Bank in the district in which the city is located.
Data not available.
Five months 1952.
1
2
CONSUMERS' PRICES 1
[Bureau of Labor Statistics index for moderate income families in large cities.
Year or month
1929
1933
1941
1942
1943
.
1944
1945
1946
1947
1948
. .
1949
1950
1951
1951—Soptfmber
October
November
December
1952—Tanuary
February
March
. . .
April
May
1 une
Tulv
August
September
. .
1935-39 average =100]
All items
Food
Apparel
Rent
Fuel, electricity,
and refrigeration
House
furnishings
Miscellaneous
122 5
92.4
105.2
116.6
123.7
125.7
128.6
139.5
159 6
171 .9
170.2
171 .9
185.6
186.6
187.4
188.6
189 1
189.1
187 9
188.0
188.7
189.0
189 6
190.8
191.1
190.8
132.5
84.1
105.5
123.9
138.0
136.1
139.1
159.6
193.8
210.2
201.9
204.5
227.4
227.3
229.2
231.4
232.2
232.4
227.5
227.6
230.0
230.8
231 .5
234.9
235.5
233.2
115.3
87.9
106.3
124.2
129.7
138.8
145.9
160.2
185.8
198.0
190.1
187.7
204.5
209.0
208.9
207.6
206.8
204.6
204.3
203.5
202.7
202.3
202.0
201 .4
201 .1
202.3
141.4
100.7
106.4
108.8
108.7
109.1
109.5
110.1
113.6
121.2
126.4
131 .0
136.2
137.5
138.2
138.9
139.2
139.7
140.2
140.5
140.8
141.3
141.6
141 .9
142.3
142.4
112.5
100.0
102.2
105.4
107.7
109.8
110.3
112.4
121.2
133.9
137.5
140.6
144.1
144.4
144.6
144.8
144.9
145.0
145.3
145.3
145.3
144.6
144.8
146.4
147.3
147.6
111.7
84.2
107.3
122.2
125.6
136.4
145.8
159.2
184.4
195.8
189.0
190.2
210.9
211 .1
210.4
210.8
210.2
209.1
208 6
207.6
206.2
205.4
204 4
204.2
204.2
205.0
104.6
98.4
104.0
110 9
115.8
121.3
124.1
128.8
139 9
149.9
154.7
156.5
165.4
166.0
166.6
168.4
169 1
169.6
170 2
170 7
171.1
171.4
172 5
173 0
173.2
1 73.8
1
Series is the adjusted one reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim
revision of series and weights. Backfigures.—Bureau of Labor Statistics, Department of Labor.
1238
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics, 1947-49 = 100]
Other commodities
All
commodities
Year or
month
Farm
products
Processed
foods Total
95.3
103.4
101.3
105.0
115.9
1947
1948
1949
1950
1951
96.4
104.4
99.2
103.1
114.8
100.0 98.2
107.3 106.1
92.8 95.7
97.5 99.8
113.4 111.4
1951
September.
October
November.
December.
113.4
113.7
113.6
113.5
109.9
111.5
112.0
111.3
110.9 114.8
111.6 114.6
111.0 114.5
110.7 114.6
1952
January...
February. .
March
April
May
Tune
July
August .. .
September
113.0
112.5
112.3
111.8
111.6
111.2
111 .8
M 12 .2
111.7
110.0
107.8
108.2
108.7
107.9
107.2
110.2
109.9
106.4
110.1
109.5
109.2
108.0
108.6
108.5
110.0
110.5
110.5
114.3
114.2
113.8
113.3
113.0
112.6
112.5
r
113.0
113.1
ToMa- Furnibacco
chin- ture NonmanumeTex- Hides, Fuel, Chemand
ery
facMisPulp,
tile
power, icals Rub- Lumand other tallic
min- tures cellaber paper, Metals
prod- skins,
and
ber
and
mo- house- erals—
and
and
neous
and
and
and
ucts leather light- allied and wood allied metal tive
hold
bottled
and prod- ing
prod- dur- structural bevprod- prodprod- prod- prodmaapables
ucts
ucts
ucts
ucts
ucts
erages
ucts
ucts
terials
parel
100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95.6
104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4
95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1
99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3
110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1
93.9
101.7
104.4
106.9
113.6
98.0 100.8
100.4 103.1
101.6 96.1
102.4 96.6
108.1 104.9
105.9 118.0
103.9 113.6
103.9 107.0
104.0 105.1
106.7 108.7 144.7' 121.6
106.8 108.8 144.7 121.7
106.9 108.6 144.6 121.1
107.4 108.4 144.3 120.3
103.3
102.1
100.6
99.9
99.3
99.0
98.9
r
99.1
99.5
107.4
107.2
107.4
106.3
106.0
105.9
106.0
r
105.8
106.1
102.2
99.5
98.0
94.1
94.7
95.9
96.2
96.5
96.5
1951
144.1
143.1
142.0
140.6
140.4
133.4
130.0
•127.8
126.3
122.1
122.4
122.5
122.5
119.4
120.2
120.5
120.7
113.1
112.8
112.7
112.7
113.6
113.6
113.6
112.8
107.8
107.5
107.5
108.1
105.1
106.9
108.9
109.8
118.2
118.3
117.7
117.4
116.9
116.7
115.3
••120.5 115.6
120.4 115.
122.4
122.6
122.6
122.5
121.8
121.1
121.9
'124.1
124.5
120.8 112.3
122.0 112.4
121.8 111.9
121.6 112.1
121.6 111.7
121.3 111.6
121.4 111.6
121 .4 '111.5
121.4 111.9
112.9
112.9
112.9
112.8
112.9
113.8
113.8
113.8
113.8
108.1
110.8
110.8
110.8
110.8
110.8
110.8
110.8
110.8
111.1
111.4
109.2
109.5
108.4
108.1
105.5
108.9
108.3
120.1
120.3
120.5
120.9
120.7
119.9
120.2
1952
1951
1952
Subgroup
Subgroup
Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products
Processed Foods:
Cereal and bakery products
Meats, poultry and fish
Dairy products and ice cream
Canned, frozen, fruits & vegetables.
Sugar and confectionery
Packaged beverage materials
Other processed foods
Textile Products and ApparelCotton products
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas
Electricity
Petroleum and products
Chemicals and Allied Products:
Industrial chemicals
Paint and paint materials
Drugs, Pharmaceuticals, cosmetics .
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Rubber and Products:
Crude rubber
Tires and tubes
Other rubber products
Lumber and Wood Products:
Lumber
Millwork
Plywood
106.7
105.9
105.4
104.8
104.3
104.3
104.2
104.0
104.0
119.4
118.8
118.4
118.4
Sept.
July
Aug.
92.8
96.6
116.2
114.0
104.1
125.6
93.5
135.9
128.2
94.9
108.2
115.3
107.0
112.9
100.5
138.1
124.3
96.9
106.4
-115.0
'110.1
'114.2
99.9
137.6
106.4
118.3
106.1
104.7
107.6
161 .7
124.0
106.5
110.6
113.8
103.9
111.6
161 .9
126.6
106.4
112.3
114.3
"105.1
102.5
129.8
92.9
1W.9
104.1
134.9
97.6
96.1
113.9 ••113.3
89.2
90.5
134.7 139.3
99.5 r 99.1
94.4
90.4
111.5
120.4
121.9
110.9
61 .8 '64.4
89.3
89.3
110.6 110.6
100.5 r 100.1
108.4
124.3
98.4
98.0
110.9
106.0 106.5
124.3 p124.3
101.4 100.4
99.1 MOO. 7
109.4 108.3
120.7
108.0
95.6
73.0
109.0
107.2
105.8
114.7
106.9
92 .1
49.8
108.7
110.7
103.1
197.3
133.9
130.9
138.6
129.6
125.8
136.3
126.3
125.2
120.9
129.7
114.8
120.4
.126.8
105.8
120.6
127.2
106.0
r
110.7
161.9
'125.2
114.6
106.9
p
92.1
47.5
108.7
110.9
103.1
Sept
Pulp, Paper, and Allied Products:
115.6
Wood pulp
96.9
Wastepaper
99.3
Paper.
113.3
Paperboard
112.1
Converted paper and paperboard. .
112.5
Building paper and board
96.4 \Metals and Metal Products:
136.6
Iron and steel
Nonferrous metals
106.5
Metal containers
110.1
Hardware
116.4
Plumbing equipment
106.1
Heating equipment
110.5
Fabricated struc. metal products. .
161 .9
Fabricated nonstructural metal
127.6
products
Machinery and Motive Products:
99.1
Agri. mach. and equipment
112.2
Cons. mach. and equipment
90.0
Metal working machinery
139.3
General purpose mach., etc
99.3
Miscellaneous machinery
95.0
Elec. mach. and equipment
Motor vehicles
64.1 Furniture; Other Household Durables:
89.3
Household furniture
110.6
Commercial furniture
99.9
Floor covering
Household appliances
107.7
Radio, TV, and phonographs
124.3
Other household durable goods
100.4 Nonmetallic Minerals—Structural:
100.7
Flat glass
108.5
Concrete ingredients
Concrete products
114.3
Structural clay products
107.0
Gypsum products
92.1
Prepared asphalt roofing
48.9
Other nonmetallic minerals
110.2 Tobacco Mfrs. and Bottled Beverages:
Cigarettes
111.0
Cigars
103.0
Other tobacco products
Alcoholic beverages
128.3
126.3
Nonalcoholic beverages
125.2 Miscellaneous:
Toys, sporting goods, small arms. .
120.6
Manufactured animal feeds
127.1
Notions and accessories
106.0
Jewelry, watches, photo equipment.
Other miscellaneous
Sept.
July
Aug.
Sept,
114.5
141.9
121.5
132.0
116.8
113.4
109.3
44.3
123.8
125.4
113.2
115.8
109.3
65.7
124.0
124.6
113.0
115.8
109.3
78.5
124.0
124.6
112.8
115.8
123.1
122.0
121 .1
125.8
121 .9
114.5
116.2
122.3
124.0
120.5
123.9
118.1
113.6
115.4
••127.2
'124.4
120.7
123.8
118.1
'113.7
115.4
127.4
124.7
123.9
123.8
118.1
113.7
115.6
124.3
124.4
'124.6
125.4
120.1
123.7
125.7
123.5
119.5
122.1
114.1
121.5
125.4
129.0
122.2
119.0
119.9
119.7
121.5
'125.3
'129.1
121.5
125.9
129.1
122.2
119.1
119.8
119.7
115.5
124.9
128.2
108.0
92 .9
117.5
112.6
123.2
119.1
106.8
93.8
119.4
'112.5
122.5
'118.9
106.8
'93.7
'119.4
112.6
122.5
122.2
106.9
93.7
119.5
114.0
112.9
112.4
121.4
117.4
105.4
110.9
114.4
112.9
112.4
121.3
117.7
106.0
111.9
114.4
112.9
112.4
121.3
117.7
106.0
111.9
114.4
112.9
112.7
121.3
117.7
106.0
112.0
105.7
101.5
107.6
105.8
119.7
105.7
101.5
118.4
111.2
119.7
105.7
102.0
118.4
111 .2
119.7
105.7
102.4
118.4
111.2
119.7
116.3
100.7
101
101
120.5
113.3 '113.1
102.7 109.5
91 .5 90.8
101.1 101 .1
120.8 120.8
113.1
108.3
90.8
101.1
120.5
122.2
'119.1
'119.8
119.7
r
Revised.
Source.—Bureau of Labor Statistics.
Back figures.—See BULLETIN for March 1952, pp. 311-313.
NOVEMBER
1952
1239
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce.
In billions of dollars]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME. PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates
by quarters
Annual totals
1952
1951
1929
1933
1939
1941
1947
1949
1948
1950
1951
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
E q u a l s : N a t i o n a l 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
Equals* Personal income
Less: Personal tax and related payments. .
Federal
State and local
2
3
91.3 126.4 233.3 259.0 258.2 284.2 329.2 330.9 337.1 '339.7 '342.6 343.4
103.8
55.8
8.8
7.2
8.1
9.3
14.8
17.6
19.4
21.5
24.6
25.0
25.8
26.7
27.7
7.0
7.1
9.4
11.3
18.7
20.4
21.6
23.8
25.3
25.8
26.3
26.8
8
8
9
25.0
-.1
1.2
1.4
1.6
.3
-3.2
.2
-.7
1.4
9
.0
-.8
.5
.1
— .1
.0
.0
.4
5
6
7
5
5
7
7
9
r
9
.9
—1.6
.6
5
.2
28.3
27.3
.9
n.a.
-.2
-.1
0)
87.4
39.6
10.3
.2
-2.0
.3
5.8
2.1
.0
.9
1.0
5.8
6
85.1
.0
1.5
1.2
2.1
7
46.6
.0
2.5
1.2
3.8
5
72.6
2.6
1.3
1.5
5
2.4
1.2
3.3
2.0
21.5
19 6
21.1
19 0
18.6
16 2
20.8
18 1
29.1
26 1
29.0
26.0
30.4
27.3
32.5
29 3
32.9
29.6
33.6
30.2
1.0
1.2
1.3
1.9
2.1
2.5
2.7
3.0
3.0
3.1
3.2
3.3
3.3
45.2
70.2
92.0 169.5 188.4 187.2 205.5 225.0 227.1
82.3 165.6 177.9 180.6 194.3 208.0 206.4 210.5 213.2 214.9 215.0
1.4
.2
72.5 103.8 198.7 223.5 216.3 239.2 277.6 280.2 285.6 288.0 286.9 n.a.
Equals: Disposable personal income
82.5
Less: Personal consumption expenditures
78.8
46.3
67.5
3.7
-1.2
2.7
Equals: Personal saving
1
4
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
41.9
8.1
42.5
8.3
42 7
8.5
41.2
8.4
n.a.
8.6
A
.0
.0
.0
.0
.0
.0
.8
-.6
.1
.0
2.6 11.1 10.5 11.6 14.3 11.5 11.6 11.5 11.7 11.6
5.0
5.0
5^0
4.4
1.3
4.6
4.7
4.9
4.9
5 0
4.5
9.6
9.3
4.5
7.2
7.5
9.0
9.0
9.2
6.6
9.3
8.9
9
9
9
9
8
8
9
.9
5
7
7
95.3 191.0 209.5 205.9 226.3 254.1 256.1 262.0 263.0 264.4 268.9
9.8
3.9
10.5
6.7
11.2
17.0
20 7
231.5 230 5 231.5 235.3
21.1
17 3
16 5
20.3
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1951
1929
1933
1939
1941
1947
1948
1949
National income.
87.4
39.6
72.5
Compensation of employees
Wages and salaries 2
Private
Military
Government civilian
Supplements to wages and salaries
50.8
50.2
45.2
.6
29.3
28.8
23.7
.3
4.9
.5
47.8
45.7
37.5
.4
7.8
2.1
Proprietors' and rental income 8 . . . .
Business and professional
Farm
Rental income of persons
19.7
8.3
5.7
5.8
7.2
2.9
2.3
2.0
14.7
6.8
4.5
20.8
9.6
6.9
42.4
19.8
15.6
47.3
22.1
17.7
3.5
4.3
7.1
7.5
21.6
12.8
7.7
Corporate profits and inventory
10.3
valuation adjustment
Corporate profits before tax
, 9.8
1.4
Corporate profits tax liability
8.4
Corporate profits after tax
.5
Inventory valuation adjustment
-2.0
.2
.5
-.4
-2.1
5.8
6.5
1.5
5.0
-.7
14.6 24.7 31.7
17.2 30.5 33.8
7.8 11.9 13.0
9.4 18.5 20.7
-2.1
-2.6 - 5 .
6.5
5.0
4.2
Net interest
.3
4.6
1952
1950
103.8 198.7 223.5 216.3 239.2 277.6 280.2 285.6 288.0 286.9 n.a.
64.3 128.0 140.2 139.9 153.4 178.9 181.0 183.4 186.5 186.9 190.3
61.7 122.1 134.4 133.4 145.6 169.9 172.1 174.3 177.4 177.h 181.0
51.5 104.8 115.7 113.0 123.4 141.2 142.0 143.8 145.8 145.6 148.3
1.9
4.1
4.0
4.2
5.0
8.6
9.1
9.6 10.0 n.a.
n.a.
8.3
13.2 14.7 16.1 17.2 20.1 21.0 20.9 21.7 n.a.
n.a.
9.2
2.6
5.8
9.3
9.0
5.9
6.6
7.8
8.9
9.1
9.0
4.1
3.5
4.3
45.2
23.7
13.3
50.6
26.2
15.6
50.8
26.0
15
53.1
26.6
17.0
27.3
15.4
51.9
27.6
14.8
8.2
8.9
9.1
9.4
9.4
9.5
29.2
27.1
10.8
16.3
2.1
34.8
39.6
18.4
21.2
-4.
41.6
42.9
24.2
18.7
-1.3
41.9
38.6
21.8
16.9
3.2
42.5
39.5
22.2
17.3
3.0
42.7
42.7
24.7
18.1
-.1
5.0
5.8
6.4
6.5
6.6
6.7
42.1
52.1
52.5
27.5
15.2
9.8
41.2 n.a.
30.5 n.a.
22.9 n.a.
16.6 n.a.
.6
1.7
6.9
7.1
n.a. Not available. r 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.
1240
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
1952
1951
1933
1929
1941
1939
1947
1948
1949
1950
1951
3
Gross n a t i o n a l p r o d u c t
Personal c o n s u m p t i o n
expenditures
Durable goods
Nondurable goods
Services
Net foreign investment
Government purchases of
goods and services
National security
Other
Less* Government sales 2
State and local
)
1
2
3
103.8
55.8
91.3 126.4 233.3 259.0 258.2 284.2 329.2 330.9 337.1 '339.7 '342.6 343.4
78.8
46.3
67.5
37.7
31.7
22.3
20.6
35.3
25.5
15 8
7.8
3.6
4.2
6.4
1.6
1.8
1 3
1.1
.5
.7
1.8
-1.6
— 1.3
9.9
4.9
2.7
2.2
4.6
.4
.3
.8
.2
8.5
13
8.0
2 0
,3
2.0
7.2
5.9
3.5
9.4
Gross private domestic
investment
New construction l
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories. . . .
Nonfarm only
4
194.3 208.0 206.4 210.5 213.2 214.9 215.0
29.2
27.1
25.5 25.3 25.2
26.4
24.2
102.8 113.5 113.2 116.2 118.0 117.8 118.9
62.4
71.9
67.3 67.6 69.0 70.0 70.8
82.3 165.6 177.9
9.8
21.4 22.9
44.0 95.1 100.9
28.5 49.1 54.1
180.6
23.8
99.2
57.5
18.3
30.2
13.9
6.3
7.6
17.1
-.8
1.4
42.7
17.7
8.6
9.1
19.9
5.0
3.7
33.5
17.2
8.3
9.0
18.7
-2.5
-1.6
50.3
22.9
12.6
10.3
22.0
5.5
4.6
58.5
23.3
11.0
12.3
24.9
10.3
9.4
56.2
22.4
9.9
12.5
24.9
8.9
8.2
52.9
22.4
10.3
12.1
24.7
5.8
5.2
.9
1.1
8.9
1.9
.5
-2.3
.2
1.1
2.6
13.1
5 2
1.3
3.9
24.7
16.9
13.8
3.2
7.8
36.6
21.0
16.1
5.6
.6
15.6
43.6
25.4
19.3
6.6
.4
18.2
41.9
22.2
18.5
3.9
.2
19.7
62.6
40.9
37.1
4.2
.4
21.7
67.3
7.9
28.6
15.8
13.3
3.8
1.3
12.8
71.2
48 9
44.3
5.1
.5
22.3
6.7
6.8
3.5
3.3
7.7
3.9
3.4
45.5
41.6
4.5
.5
21.7
50.0
23.7
11.0
12.7
25.7
.6
—A
49.3
23.6
11.0
12.6
25.7
.1
-.8
r
r
A
-1.2
78.0
54.9
50.3
5.1
.4
23.0
77.9
54.8
49.6
5.6
.4
23.1
2 2
74.4
51 2
46.4
5.2
.4
23.2
51.7
23.0
10.9
12.2
25.0
3.7
3.0
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Wage and salary disbursements
Year or month
Personal
income
Total
receipts4
Total
disbursements
Commodity
producing industries
Distributive Service
indus- industries
tries
Government
Other
labor
income 5
Dividends
Proand
prietors'
perand
sonal
rental
income8 interest
income
Transfer
payments 7
Less
personal
contributions
for
social
insur-8
ance
Nonagricultural
income 9
1929
1933
1939
1941
1947
1948
1949
1950
1951
85.1
46.6
72.6
95.3
191.0
209.5
205.9
226.3
254.1
50.0
28.7
45.1
60.9
119.9
132.1
131.2
142.7
166.5
50.2
28.8
45.7
61.7
122.0
134.3
133.4
145.6
169.9
21.5
9.8
17.4
27.5
54.3
60.2
56.9
63.5
74.9
15.5
8.8
13.3
16.3
35.1
38.8
38.9
41.3
45.9
8.2
5.1
6.9
7.8
15.3
16.6
17.2
18.6
20.3
5.0
5.2
8.2
10.2
17.2
18.7
20.4
22.2
28.7
.5
.4
.5
.6
2.4
2.8
3.1
3.8
4.2
19.7
7.2
14.7
20.8
42.4
47.3
42.1
45.2
50.6
13.3
8.2
9.2
9.9
14.5
16.0
17.1
19.5
20.4
1.5
2.1
3.0
3.1
11.8
11 3
12.4
15.1
12.4
.8
2.1
2.2
2.2
2.9
3.4
76.8
43.0
66.3
86.1
170.8
187.1
188.7
208.5
233.6
1951—August
September. . . .
October
November. . . .
December
256.7
257.3
261.7
260.9
263.4
167.9
168.8
170.5
171.3
172.6
171 .2
172.1
174.0
174.8
176.0
74.8
75.7
75.9
75.8
77.5
46.5
46.3
46.5
46.5
46.7
20.4
20.4
20.7
20.8
20.8
29.5
29.7
30.9
31.7
31.0
4.2
4.2
4.3
4.2
4.3
51.5
50.9
53.4
52.5
53.3
20.5
21.0
20.8
20.5
21.1
12.6
12.4
12.7
12.4
12.1
3.3
3.3
3.5
3.5
3.4
235.5
236.4
239.1
239.5
240.7
1952—January
February
March
April
May
June
July
August
263.4
263.5
261.9
262.5
264.5
266.7
263.9
269.6
173.1
174.5
173.9
173.4
1 74.6
175.8
1 73.9
179.0
176.7
178.0
177.3
1 76.7
177.9
179.3
177.4
182 .5
77.3
78.2
77.7
47.1
47.1
47.0
47.0
47.7
48.5
49.3
49.4
20.8
20.9
20.8
21.0
21 .3
21.3
21 .5
21.5
31.5
31.8
31.8
31.8
32.2
32.3
32.6
32.9
4.3
4.3
4.3
4.4
4.4
4.5
4.5
4.5
53.4
52.1
50.7
51.2
51.7
52.8
52.2
51.8
20.1
20.5
21.0
21.5
21.5
21.4
21 .3
21.4
12.8
12.4
12.4
12.3
12.6
12.5
12.4
13.1
3.9
3.8
3.8
3.6
3.6
3.8
3.9
3.7
241.7
243.4
242.7
242.9
244.9
245.9
243.4
76.9
76.7
77.2
74.0
78.7
.1
.2
6
249 A
r
1
2
3
4
Revised.
Includes construction expenditures for crude petroleum and natural gas drilling.
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
Less than 50 million dollars.
Total wage and salary receipts, as included in "Personal income=" is equal to total disbursements less employee contributions to social insurance.5 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well sas 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 o f 1950. Personal contributions are
not included
in personal income.
9
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
NOVEMBER
1952
1241
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Noninstalment credit
Instalment credit
Total
consumer
credit
End of year
or month
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
Total
instalment
credit
Sale credit
Total
Automobile
Other
2,792
3,450
3,744
1,617
1,267
1,729
1,942
482
1,525
1,721
1,802
1,135
Loans 1
Total
noninstalment
credit
1.632
1,967
2,143
1,431
1,119
1,170
1.422
2,352
3,348
4,072
4,650
5,555
5,964
2,607
2,746
2,939
2,644
2,599
2,915
3,263
4,677
5,428
5,766
5,919
6,638
7,134
7,031
8,163
8,826
5,692
4,600
4,976
5,627
8,677
11,862
14,366
16,809
20,097
20,644
4,424
5,417
5,887
3,048
2,001
2,061
2,364
4,000
6,434
8,600
10,890
13 459
13,510
891
942
1,648
3,086
4,528
6,240
7,904
7,546
1,151
1,961
3,144
4,126
4,039
691
715
1,104
1,935
2,567
3,096
3,778
3,507
1951—August
September
October
November
December
19,262
19,362
19,585
19,989
20,644
13,045
13,167
13,196
13,271
13,510
7,247
7,327
7,355
7,400
7,546
4,138
4,175
4,134
4,100
4,039
3,109
3,152
3,221
3,300
3,507
5,798
5,840
5,841
5,871
5,964
1952—Tanuary
February
March
April
Mav
June
Tulv
August P
September P. .. .
20,126
19,717
19,565
19 788
20.793
20,961
21 213
21,436
21.656
13,314
13,185
13,156
13,319
13.806
14.409
14 745
1 4.040
15,188
7,322
7,158
7,047
7,099
7,421
7,820
8.039
8.149
8,324
3,962
3,927
3,891
3,946
4,171
4,446
4 597
4.634
4,699
3,360
3,231
3,156
3,153
3,250
3,374
3,442
3,515
3,625
5,992
6,027
6,109
6,220
6,385
6,589
6 706
6.791
6.864
. . .
882
175
707
200
227
544
Singlepayment
loans *
Charge
accounts
Service
credit
896
949
1,018
1,332
1,436
1.544
1,650
1,764
1,513
1,498
1,758
1.981
3,054
3,612
3,854
3,909
4,239
4,587
L.067
1,111
6,217
6,195
6,389
6,718
7,134
1,398
1,401
1,413
1,422
1,436
3,724
3,696
3,868
4,190
4,587
1,095
1,098
1,108
1,106
1,111
6,812
6,532
6,409
6,469
6,487
6,552
6.468
6,496
6,468
1,445
1,448
1,443
1,437
1 ,431
1 ,435
1 ,4 13
1 .458
1,481
4,253
3,967
3,855
3 913
3,921
3,980
3,801
3 .902
3,839
1,114
1,117
1 ,111
1,119
1,135
1.137
1 .134
1 ,136
1,148
530
536
565
483
414
428
510
749
533
560
610
648
687
729
772
874
920
963
992
P Preliminary.
Includes repair and modernization loans insured by Federal Housing Administration.
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics.
1
2
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Loans made by principal lending institutions
(during period)
Amounts outstanding
(end of period)
Year or month
Total
Industrial
banks 2
680
827
261
255
255
198
203
792
784
182
146
523
448
131
132
134
104
107
174
200
99
102
96
200
268
285
1,017
1,198
426
417
89
72
130
91
206
1,084
1,268
1951—August
September. .
October
November . .
December...
5,798
5,840
5,841
5,871
5,964
2,521
2,524
2,522
2,509
2,510
1952—January....
February. . .
March
April
May
June
Julv
August P. . . .
September P .
5,992
6,027
6,109
6,220
6,385
6,589
6,706
6,791
6,864
2,521
2,542
2,593
2,642
2,726
2.838
2,892
2,931
2,970
692
784
498
531
99
Credit
unions
135
Miscellaneous
lenders
237
800
869
956
1,231
1,432
1,534
1,737
1,946
2,437
151
155
166
231
128
139
151
210
310
375
418
282
318
334
428
577
712
864
938
639
749
942
1,793
2,636
3,069
3,282
3,875
4,198
481
528
358
417
894
947
67
68
76
117
59
60
70
98
104
100
103
153
86
88
93
109
123
113
164
322
701
817
929
166
204
250
134
160
175
225
312
402
119
131
142
568
739
801
157
176
194
297
344
236
201
198
199
286
364
384
439
597
525
542
Industrial
Credit
loan
unions
companies *
Small
loan
companies
Industrial
banks 2
316
357
477
956
1,435
1,709
1,951
2,431
2,510
. .
Insured
repair
Comand
mercial1
modern- banks
ization8
loans
Small
loan
companies
1.632
1,967
2,143
[,431
1,119
1,170
.422
2,352
3,348
4,072
4,650
5,555
5,964
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
Industrial
loan
com- 8
panies
Commercial
banks i
912
975
291
301
203
229
1,181
1,203
1,191
1,211
1,268
293
296
299
299
301
217
221
222
225
229
531
533
535
535
542
167
169
168
170
176
888
894
904
922
938
389
351
373
347
354
210
183
205
228
292
49
42
52
45
50
40
35
40
38
42
O0
78
86
S3
84
1,273
1,275
1,285
1,302
1,320
1,346
1,366
1 ,377
1,374
300
301
303
307
319
330
341
346
352
230
232
235
239
246
254
259
263
264
541
545
553
568
589
614
631
647
662
176
176
177
179
181
183
185
187
193
951
956
963
983
1,004
1,024
1,032
1.040
1,049
393
373
429
429
479
497
473
418
423
184
181
216
211
236
248
238
211
195
46
46
52
50
52
56
53
50
51
38
37
41
39
44
44
42
41
40
85
91
95
103
116
122
113
105
102
P Preliminary.
Preliminary.
1
Figures include only personal instalment cash loans and retail automobile direct loan1? shown on the following page,
j,^, and a small amount
of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of September, amounted
i.u 131
u i million
immuu dollars,
uimais,
id to
and 2other loans made during September were 16 million.
Figures include only personal instalment cash loans, retail automobile direct loans, and other
other retail
retail direct
direct loans,
loans. Direct retail instalment
loans
Innns2 are nhtninpri
obtained hv
by ripflnrtins?
deducting on
an pstimnfp
estimate of nanpr
paper nnrrha<?f»H
purchased frnm
from tntn]
total rpfnii
retail instalment
instnimpnt nnnpr.
paper.
Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsuimer loans.
1242
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
C O N S U M E R I N S T A L M E N T SALE C R E D I T , E X C L U D I N G
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
End of
year or
month
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1951
August... .
September.
October. . .
November.
December .
1952
January...
February..
March
April
May
Department
Total,
stores
excludand
ing automailmobile
order
houses
Furniture
stores
Jewelry
stores
93
110
120
76
57
56
57
89
144
152
163
All
other
retail
stores
246
271
284
179
111
109
113
174
305
404
488
377
439
466
252
172
183
198
337
650
874
1,010
,245
,186
536
599
619
440
289
293
296
386
587
750
935
1.029
971
273
302
313
188
78
50
51
118
249
387
500
710
613
1 109
3,152
3,221
3,300
3.507
1,015
,028
1,056
1,099
,186
859
870
890
908
971
590
600
607
608
613
645
654
668
685
737
933
909
893
894
024
954
974
905
1,012
592
567
548
541
551
588
612
625
647
706
673
655
654
674
700
714
729
752
1,129
,082
,060
,064
,101
,132
,142
. 1 66
,214
794
737
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates.
Total
Au torn obile
Other
Repair Personal
instaland
modern- ment
cash
ization
loans
loans l 2
81.2
55.4
54 9
565
131.1
137.9
147.5
123.1
123.9
123.9
121.9
118.9
71.6
73.6
75 8
77.7
81.2
53 7
54.8
56.1
56.5
56.5
143.3
144.0
146.0
146.3
147.5
402 .6
403.9
405.8
410.7
426.2
441 .1
455.1
463 .5
472.8
116.5
116.3
116.6
119.2
128.2
138.4
145.7
148.9
153.1
81.4
81.4
81.2
81 .1
82.5
84.7
87.2
89.1
91.0
56.1
56.3
55.4
55.8
57.2
58.2
60.9
63 .6
66.3
148.6
149.9
152.6
154.6
158.3
159.8
161.3
161 .9
162.4
Volume extended
during month:
1951—August. . . .
September .
October
November .
December..
58.4
51.2
60.0
52.3
53.6
19.4
16.2
17.3
14.6
13.1
10.4
10.4
12.2
11 .8
12.8
4.5
41
5.2
4.1
3.4
24 1
20.5
25.3
21 .8
24.3
1952—January . . .
February...
March
April
May
June
July
August f . . .
September P
52.5
51 .8
57.5
58.8
69.2
73.5
69.2
60.7
64.0
14.3
15.2
16.8
18.1
25.8
27.7
24.4
19.0
21 .4
11.8
10.1
10.6
10.3
11 .2
12.3
12.9
11 .6
12.2
3.5
3.7
4.1
5.4
6.3
6.5
6.6
6.5
6.9
22.9
22.8
26.0
25.0
25 9
27.0
25.3
23.6
23.5
343.2
391.0
404.1
93.6
118.5
118.9
1951—August. . . . 391.7
September . 396.3
401.8
October
November . 402.4
404
.1
December..
1952—January . . .
February...
March
April
May
Tune
July
August P . . .
September P
854
915
1 ,143 1,223
1,061 1,192
922
,267
,031
781
905
937
944
,107
1,213
1951—August
September...
October
November...
December. . .
5,472
5,440
5,442
5,436
5,434
1,097
1,105
1 ,090
1,079
1,061
1,240
1,239
1 ,226
1,209
1,192
,059
,004
,010
,017
,031
899
911
925
937
937
1,177
1,181
1.191
1,194
1,213
1952—January
February....
March
April
May
Tune
July
AugustT>
September P. .
5,418 1,042 1,184
5,412 ||1 ,038 1,186
5,446 1 ,035 1,197
5,528 1 ,055 1 ,219
5,744 I .130 1 ,270
6,027 1 ,217 1 ,331
6,210 1 .266 1 ,361
1 .373
j
6.481 M ,327 1 ,383
Outstanding at end of
period:
1949
1950
1951
Repair
and
modernization
loans 12
,034
,016
,008
. 005
,036
, 086
.133
. 1 83
.214
928
924
922
940
969
1 ,005
1 .042
1 ,075
1 .101
Personal
instalment
cash
loans
1,230
1 ,248
1,284
1,309
1 ,339
1 ,388
1 ,408
1 .430
1 ,456
Volume extended during month:
1951—August
September...
October
November...
December. . .
738
682
744
689
686
162
150
150
136
117
187
166
168
152
149
131
126
153
147
157
70
67
82
72
70
188
173
191
182
193
1952—January
February....
March
April
May
Tune
July
August?'
September P. .
714
679
758
807
945
1 ,001
956
84 9
873
131
135
144
162
228
243
215
173
190
170
167
185
191
235
2!0
2 16
17S
181
146
130
138
153
162
177
185
175
171
57
55
62
79
92
101
101
101
105
210
192
229
222
228
240
239
222
223
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instalment paper 2
Year or month
Total
AutoI mobile
Outstanding at end
of period:
1949
1950
1951
4,416
5,645
5,434
Year or month
In millions of dollars]
Retail instalment paper 2
Year or month
Total
Other
retail.
purchased
Pur- Direct and
chased loans direct
Automobile
retail
Household
appliance
stores
1,525
1,721
1,802
1,135
707
691
715
1,104
1,935
2,567
3 096
3,778
3,507
3,360
3,231
3,156
3,153
3,250
3 374
Til 110
July
3 . -14 2
1
August* . . . 3.515
September*' 3,625
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Outstanding at end
of period:
1949
1950
1951
/-.,, „
u t h e r
Repair
and
modernization
loans"
Personal
instalment
cash
loans
194.7
226.9
255.3
43.5
57.9
63.2
31.4
41.1
47.3
6.5
7.3
7.2
113.3
120.6
137.6
1951—August
September .
October
November.
December..
241.3
245 .5
247.4
250.3
255.3
63.2
63 .5
63.7
63.4
63.2
42.4
44.5
45.6
46.1
47.3
7.2
7.3
7.4
7.6
7.2
128.5
130.2
130.7
133.2
137.6
1952—January . . .
February...
March
April
May
Tune
July
Augusts...
September P
256.2
257.7
260.9
265.5
273.2
282.7
288.1
291.9
294.0
62.5
62.4
62.6
64.0
67.7
71.0
72.6
73.5
74.2
47.0
47.4
48.8
50.0
52.2
55.2
57.5
58.6
59.8
7.2
7.1
7.0
7.0
7.0
7.2
7.4
7.5
7.7
139.5
140.8
142.5
144.5
146.3
149.3
150.6
152.3
152.3
Volume extended
during month:
1951—August
September.
October....
November.
December..
42.6
37.8
41.3
39.5
43.6
11.5
9.4
9.6
9.0
9.3
7.0
6.9
7.7
6.2
6.6
0.6
0.6
0.7
0.7
0.5
23.5
20.9
23.3
23.6
27.2
1952—January . . .
February...
March
April
May
June
July
August"...
September P
39.4
38.3
42.2
41.6
48.0
47.7
45.0
42.0
41.7
9.2
8.9
9.1
10.1
13.0
12.2
11.3
10.2
9.6
5.7
5.7
7.1
6.8
7.9
8.8
8.6
7.5
7.9
0.5
0.5
0.6
0.7
0.8
0.7
0.8
0.8
0.9
24.0
23.2
25.4
24.0
26.3
26.0
24.3
23.5
23.3
|
!
1
p Preliminary.
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
2
NOVEMBER
1952
1243
CONSUMER CREDIT STATISTICS—Continued
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1-
FURNITURE STORE STATISTICS
Percentage chanj.
from preceding
month
j Percentage chancre
| from corresponding
j month of orecediug
|
year
j
I
j
Instalment accounts
Vcar or month
Sept. j Aug. I Tuly i Sept. Aug. j J u l y
1952" I 1952 | 1952 ; 1952'' 1952 | 1952
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account....
0
- 8
—i
-10
-4
Accounts receivable, end
of month:
Total
Instalment.
+2 ;
-J-l ::
Collections during
month:
Total
Instalment
i
-* i
+8
+ 14
-3
+8
-9
+ 3 ' +1 i +16 i +15 ! +13
—1 :• +1 i +15 j' +15 !! +13
'
'
—2
+1
)
—1
Inventories, end of
j
month, at retail value .'
-9
-12
? Preliminary
! January
i February
i March
April
May .
Tune
July
August
September?
Household ap- Department
pliance
stores
stores
Department
stores
Furniture
stores
19
19
21
21
19
12
11
12
11
11
12
12
12
12
12
48
47
50
50
45
19
18
20
18
19
18
17
17
18
10
10
11
10
11
10
10
11
11
13
13
13
13
13
12
12
11
11
47
45
48
46
48
46
46
46
47
August....
September.
October. . .
November.
December. .
0
Charge
accounts
1952
? Preliminary.
1
Collections during month as percentage of accounts outstanding at
beginning of month.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Percentage of total sales
Index numbers, without seasonal adjustment 1947-49 average = 100
Year or month
Accounts receivable
at end of month
Sales during month
Collections during
month
Charge
account
Instalment
Charge
account
Instalment
Charge
account
Cash
sales
Instalment
sales
Charge
account
sales
Cash
Averages of monthly
data:
1941
1942
1943
1944
1945
1946
1947
1948 .
1949
1950
1951
46
53
60
67
75
93
99
103
98
101
104
44
57
72
82
92
105
103
103
94
93
95
55
45
39
36
37
56
85
105
110
136
133
48
48
49
53
59
84
95
104
101
106
111
76
60
35
29
28
38
67
108
125
177
181
53
48
42
44
50
73
92
105
103
111
124
58
60
47
41
40
53
78
106
117
146
165
47
51
50
52
59
78
92
103
104
111
118
48
56
61
64
64
59
55
52
51
48
48
9
6
5
4
4
4
6
7
8
10
9
43
38
34
32
32
37
39
41
41
42
43
1951—August
September
October
November
December
90
101
113
129
177
83
90
101
115
167
127
138
164
171
205
93
107
121
138
185
162
166
172
182
197
103
113
122
136
177
151
151
163
169
168
99
97
114
121
122
48
47
46
47
49
11
10
11
10
9
41
43
43
43
42
84
79
91
99
100
93
78
89
101
77
72
83
90
90
84
71
110
106
122
118
137
126
113
136
148
89
83
96
107
106
99
80
90
108
190
182
178
175
176
178
177
180
189
142
124
117
121
122
120
107
108
118
180
162
170
153
153
148
144
145
151
165
129
118
108
115
114
48
48
48
48
47
47
48
48
46
10
10
10
9
10
10
11
11
11
42
42
42
43
43
43
41
41
43
....
1952—Tanuary
February .
March
A pril
Mav
Tune
Tulv
August
September?
OOOO
Total
Instalment
1 00
103
? Preliminary.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1235.
1244
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTIC
PAGE
International capital transactions of the United States. .
1246-1251
Gold production. .
1251
Reported gold reserves of central hanks and governments.
1252
Gold movements; gold stock of the United States..
1253
International Monetary Fund and Bank.
1254
Central
Banks
1254-1258
Money rates in foreign countries.
1259
Commercial hanks
1260
Foreign exchange rates
1261
Price movements:
Wholesale prices.
1262
Retail iood prices and cost oi living .
1263
Security prices
1263
Tab! •s on the following pages include the principal available statistics of current significance relating
Id, international capital transactions of the United Slates, and financial developments abroad.
Th :lata are compiled lor the most part from regularly published sources such as central and coinal bank statements and official statistical bulletins, some data are reported to the Board directly,
l-'imi •es on international capital transactions of the United States are collected by the Vedcral Reserve
l'i:nks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury
Regulation of November 12, JlJ.H. Hack figures for all except price tables, together with descriptive
text, may be obtained from the Hoard's publication, Bun/yny> and Monetary Statistics.
NOVEMBER
1952
1245
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
TABLE 1.- NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES
[Xet movement from United States, ( ).
In millions of dollars]
Increase in banking funds in U . S. 1
From Jan. 2, 1935,
through—
Total
Foreign
official 2
Foreign
other
International
Decrease
in U. S.
banking
funds
abroad J
Total
Domestic
securities:
Inflow of
foreign3
funds
Foreign
securities:
Return
of U. S.
funds 3
Inflow in
brokerage
balances
31
31
31
31
31
8,009.5
8.343 7
8,569.1
8.763 5
10,521.1
5,726.1
6,362 .3
6,963.9
6,863.9
7,890.7
2,333.6
1,121 8
2,126.0
2,197 8
2,715.6
2,938.7
2,998 5
2.993.6
3.028 2
3,472.8
453.8
2-242 0
1,844.3
L,637 8
1,702.3
427.2
186 5
116.8
307 6
231.4
464.5
375 5
183.3
258 5
1,202.9
1,237.9
1,276 9
1,182.1
1,209 9
1,064.5
153.7
142 4
123.1
123 7
131.7
1951—Sept. 30
Oct. 31
Nov. 30
Dec 31
10.170.7
10.114 5
10.130 0
'10,140.7
8,038.1
8,422.3
8, '148.2
'•8,548.1
2,723.6
2,769.8
2,734 7
'2,770.2
3.697.4
3,909.1
3,972 5
4,089.6
1,617.2
1,743.4
L,741 0
1,688.3
231.9
211.3
186 3
160.9
856.8
612.9
617 0
618.6
912.1
743.7
754 4
687.5
131.8
124.3
124.1
125.6
10.043.0
8
l(). 236.0
10.268.6
10,471.6
10,580.0
10 903 7
8.464.4 j
8.638 2
'8,719.2
8.829.1
9 .199.1
9.284.0
9.5X7 9
9.759 .8
i
i
2,644.9
2 811 5
2.912.3
3.025.5
3.219.9
3,307.4
3.62 7.3
3,796 .2
4,138.7
4 200 1
M . 149 .6
4 .164 . <)
4.285.8
4.293.1
4.204.1
4,189.7
,680.9
6>6 5
,657.3
,638.7
L, 693.3
, 683.5
,756.6
1,773.9
133.4
164 9
125.0
109.7
90.7
97.3
87.3
60.0
631.3
616 8
617.4
622.4
621 .1
624.1
637.2
670.1
688.6
658 3
642 .5
580.4
429.6
441 .3
461 .6
491.8
125.4
130.7
131 .8
127.0
131.1
133.4
129.7
125.4
1946—Dec.
1947—Dec.
1948—£>ec#
1949—Dec.
1950—Dec.
952—Jan.
Feb.
Mar.
Apr.
May
June
lulv
Aug.
31
29
31
30
31
30
31 P
31 P
r 10.208
1 1 1 0 7 1
TABLE 2. -SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES *
[Amounts outstanding, in millions of dollars]
Date
International
institutions
Total foreign
countries
Official
and
private
2
United
NethKing- France
erdom
lands
Switzerland 5
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia
AH
other
Official
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
i949—Dec. 3 1 . .
1950—Dec. 3 1 . .
473.7 6.006.5
2,262.0 4.854.4
1,864.3 5,853.7
1,657.8 5,960.2
1,722.2 "6,922.6
3,043.9
1,832.1
2,836.3
2,908.1
3,425.9
458.9
326. 2
546. 3
574. 4
"656. 6
245
167
192
171
260
.9
.7
.8
.6
.7
224. 9
143. 3
122. 8
170. 5
193. 6
372. 6
446. 4
538. 9
576. 9
553. 0
267
153
333
303
314
.9
.1
.5
.6
.7
850. 5
739. 8
738. 1
717. 0
799. 2
2,420.7
1,976.7
2,472.4
2,513.9
«2,777.7
931.8
409.6
775.2
869.1
899.0
1951—Sept. 3 0 .
Oct. 31 ..
Nov. 30.
Dec. 31. .
1.637.1 7,155.1
1,763.3 7,413.1
1,760.9 7.441.4
1,708.2 '•7,594.0
3,433.9
3,480.1
3,445.0
'3,480.5
513. 0
543. 2
591 . 2
642. 6
222
270
254
289
.7
.1
.4
.4
135. 4
132. 4
154. 5
148. 8
511. 5
493. 3
506. 8
521. 3
287
288
293
300
.8 1,131 3
.2 1,116.5
.1 1,086 1
.5 '1,022 2
2,801.9
2,843.7
2,886.1
'2,924.7
,022.8
,257.8
,250.1
,307.1
1952—Jan. 31..
Feb. 29..
Mar. 31..
Apr. 30..
M a y 31 .
June 30. .
July 31 P.
Aug. 31 P.
1,700.9 7,517.7
1,646.4 7,745.8
1,677.2 '7 ,796.1
1,658.6 7,924.5
1,713.3 8,239.9
1,703.4 8,334.6
1,776.5 8,565.5
1,793.9 8,720.1
3,355.2
3,521.8
3.622.6
3,735.8
3,930.2
4,017.7
4,337.6
4,506.5
644. 6 252 .8
153. 7
155. 9
521. 6
542 9
544 8
584 3
599.6
600 8
616 3
612 3
290
293
292
286
278
266
291
294
.2
.9
.1
.5
.5
.8
.7
.7
2.860.7
3,002.2
'•2,979.7
2,964.9
3,062 . 7
3,192.0
3,400.5
3,515.0
,316.5
,336.3
. 339.7
397
,496.0
,503.0
,534.3
,528.1
796
783
745
756
793
848
833
9
6
0
8
2
0
253
251
256
267
299
346
395
.4
.4
.3
.2
.2
.2
149
122
155
203
242
. 7 299
7
0
9
0
2
4
997. 8
959. 2
••958 0
970. 8
1 ,004 7
1,028 0
1 ,056 2
1,079 5
1,104.8
1,216.6
1,287.0
1,436.7
1,612.9
1,316.4 232.8
1,057.9 193.7
1,151.8 167.4
961.0 179.5
1,378.5 254.5
1,532.0 1,540.8
1,502.2 1,535.0
1,461.6 1,555.8
l,455. 2 1,609.6
r
257.6
274.3
287.8
297. 4
1,400.7 1,635.7 304.1
1,416.3 ,661 .9 329.1
1,463.
,687.8 325.9
1,490.2 755.0 316.6
1 ,529.3 ,826.C 325.9
1,516.3 ,790.0 333.2
1,540.8 .758.6 331.3
1,572.9 1,733.3 370.8
J» Preliminary. r Revised.
Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN
for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding
amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement
of funds
shown in Table 1.
2
Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their
agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in
accounts
with the U. S. Treasury.
3
Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities
of such
institutions
are included in foreign securities.
4
"Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in
not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate
foreign governments, central banks, and other official institutions (see footnote 2 above) as well as other banks, organizations, and individuals
domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms.
(Footnote 1 above also applies to this table.)
8
Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date.
6
Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts,
but which have been excluded in the past from reported liabilities.
NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951,
certain changes were made in the order and selection of the material published. An explanation of the changes appears on p. 1202 of that issue.
For further explanation and information on back figures see BULLETIN for August 1951, p. 1030.
1
1246
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLI- 2.
SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED
BY COUNTRIES- -Continued
STATES,
[Amount.-? outstanding, in millions of dollars]
Table 2a.—Other Europe
Other
AusKurope tria
Date
1946—p ( T
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
31
31 . .
31 . .
31 . .
31 . .
1951—Sept. 30. .
Oct. 31 . .
Nov. 3 0 . .
Dec. 3 1 . .
8=^0 5
739.8
738.1
717.0
799.2
Belgium
41.9
1,131.3
1,116.5
1 086 1
'•1,022.2
997.8
1952—Tan. 3 1 . .
959 2
Fob 29
Mar. 31 . . r 958.0
Apr. 30. .
970.8
Mav 31 . . 1,004.7
Tune 3 0 . . 1.028.9
Tiilv 3 1 " . I.056.2
A UR. 3 1 / ' . 1 079 5
Czech- Denoslo- mark
vakia
159 5
124.9
128 7
119.9
128.2 " 5 ".6*
66.5
52 8
44.7
38.0
45.5
Finland
GerNormany Greece way
22.2
7.1
89 5
178.9
149.4
221.6
30.5
19.1
25.1
18.3
Poland
Portugal
49.3 123.5
34.7 56.2
21.1 77.7
29.6 69.4
32.3 43.6
4.2
39.0
47.1
37.7
38.1
45.7
8.9
8.7
7.0
6.7
6.1
2.3
2.4
26
2.8
47.9
36.4
35 4
40.7
2.4
5.8
2.5
2.1
24
2.6
4.7
3 1
40.7
42 8
41 .8
41 .6
43 1
40.6
45.9
49 4
Sweden
Yugo- All 1
USSR slavia
other
16.4
12.8
13.6
15.7
21.3
172.6
58.6
49.0
90.1
115.3
60.5
73.7
21.3
10.2
4.0
12.4
12.1
19.9
7.6
13.2
112.5
138.2
119.3
117.4
52.4
6.0
6.0
6 0
6.1
14.4
16.8
18 4
17.1
89.3
83.7
80.3
r
71.7
4.1
2.5
2.3
2.5
5.3
4.0
8.2
7.1
55.6
53.6
52.7
57.6
6.0
6.1
62
6.1
61
6.0
5.7
57
16.6
17.4
17.9
17.7
20 2
18.5
18.0
17 6
64.3
64 .4
62 .4
65.3
6S 8
68.4
70.6
73 0
4.2
4.9
2.5
2.4
22
2.0
2.0
? 1
7.7
8.7
7.1
7.6
7.8
10.7
11 .4
12 6
59.5
58.8
57.9
54.2
55.1
47.6
44.6
46.5
Netherlands
Guate- Mex- West
Indies Peru
mala
ico
and
Surinam
Re
public of
Panama
Uruguay
Venezuela
Other
Latin
America2
71
78
PI
113
85
132.9
143.6
14 S 1
134.7
2.0
1.5
1 5
1.3
44.6
47.2
46 7
45.3
23.1
24.0
27 9
27.0
502.5
488.3
455 9
405.6
41.1 103.0
39.1 106.3
41 5 98 6
45.8 99.7
57.0 132.8
55 4 r 136 6
54 0 13? 1
54 .9 134.1
S3.1 155 0
49.5 137.5
51 .6 143.5
f\() 7 142.0
.7
.8
7
.7
.6
.6
.6
.6
44.0
38.7
38 9
37.6
37.0
34.2
37.5
43.8
30.0
30.7
26 9
23.8
23 9
21.3
22 7
24 4
395.1
353.0
361 8
380.2
390 5
453.1
464 .3
457 5
38.9
38.4
41.0
41 .9
41 1
41 .7
38.0
39 4
57.4
61.1
67 9
57.1
ii
97.7
96.7
104.4
100.5
100 9
94.6
95.0
100 9
Rumania Spain
Table 2b.—Latin America
Latin
America
ate
Argentina
Bolivia
Brazil
Chile
Colombia
Cuba
Dominican
Republic
1946 Dec
1947 Dec
1948—]")oc
1940 Doc
1950—Dec.
31
31
31
\ 104 8
{ °\6 6
287 0
T,\
\ 436 7
3 1 . 1 ,612.9
11? c
236 2
215 8
201 1
301.8
14 0
17 8
17 1
13 5
20.4
174 0
104 7
123 7
192 8
226.0
SO 7
46 3
55 6
60 9
79.5
57 8
46 1
54 0
85 9
53.4
153 5
234 7
219 4
164 2
259.1 42.7
1951—Sept.
Oct.
Nov.
Dec.
30
1 ,532 0
31 . 1 ,502.2
3 0 . 1 .461.6
3 1 . »1,455.2
312.1
299.5
277.1
249.7
26.2
24.1
25.0
27.8
140.4
132.8
110.1
100.3
55.5
52.5
47.6
54.0
46.2
61.0
79.7
106.4
312.3 50.7
305.2 44.2
284.7 43.6
r
263.6 45.8
1952—Jan.
Feb.
Mar.
Apr.
3 1 . 1 ,400.7
2 9 . 1 ,416.3
31 . 1 ,463.1
3 0 . 1 ,490.2
31 . 1 .529.3
3 0 . 1 ,516.3
31 J' 1 .510.8
31 r 1 ,572.9
225.9
212.9
189.4
177.4
167.8
146.8
130 7
128.0
23.6
23.6
21.4
21 .7
24.4
24 .1
23 .2
22.5
98.5
118.2
99.6
98.5
89.8
80.9
97.2
9? 0
56.5
59.5
57.3
58.6
52.0
54.3
58.4
61 .2
97.6
96.3
95.0
91 .1
80.7
73.6
77.6
8r>.7
Mav
Tune
Jnlv
Aug.
253.1
265.5
288.3
307.4
318.1
316.6
321 .2
341 .4
46.1
48.9
50.5
53.4
51.5
50.4
51.2
49.9
15? 2
139 2
146 7
214 6
25 .4 207.1
16 1
14 9
24 3
25 9
30.2
40 0
41 8
143.9
150.4
159.3
158.2
30.4
30.2
31.2
34.9
5?
51
48
47
?3
21
22
'27
4
.9
.8
.3
32 .1
35 .9
39 .5
40 .0
39 .7
38 .3
36 .4
34 4
147.0 31.5
134.0 31.3
171 .9 28.8
150.4 28.2
177.3 28.4
195.7 32 .2
205.1 29 ,1
237.8 35.5
El
Salvador
0
0
7
8
60 .2
77 2
70 3
71 8
74 3
59.2
16 1
75 .1
.2
181 8
186 5
184* 1
207 4
71 .3
9
.2
.6
.2
58.7
64.6
65.6
67.7
37
32
28
27
7
2
5
8
79 7
79 .1
83 . 0
84 .7
76 3
68 .0
68 .1
71 .9
85.5
85.4
86.6
r
87.8
49 .5
48 .8
56.3
57 .0
55 .9
56 .5
57 .1
58 S
63.1
65.7
67.9
65.6
70.5
73.3
73.3
73.7
36
39
43
42
37
36
32
30
5
0
7
75 .2
76 .8
83 .5
93 .0
90 .4
97 .6
101 .5
96 3
67 .4
64 .5
66 .5
101 4
140 .4
1 ?9.8
129 9
108 .3
97.1
95.4
103.6
104.1
105.1
109.2
116.2
116.2
5?
„•>
2
8
6
5
Table 2 c -- A s i a and All Other
Date
Asia
ForPhilmosa
Hong
Indo- Iran Israel Japan ippine Thaiand
ReChina Kong India nesia
land
public
Mainland
1946—Dec. 31 . 1,316.4
16.6
31 3
81 4
?14 6
H.6 458.5
446.6
488 6
488 3
297 3
374.4
54.7 151.0 232.8
37 .6 99.0 193 .7
17 5 204 0 167 4
9 . 8 165 .7 179.5
48.2 14.3 111.9 254.5
492.4
538.7
568.7
596.0
369.4
355.6
342.2
329.7
80.0
84.9
90.9
96.7
12.0
12.2
11 .4
14.1
154.5
171.3
169.1
168.4
328.2
331 .1
332.2
335.0
337.2
333 .0
321 .8
324.6
108.8
115 . f)
121.0
125.8
126.5
126.8
134.0
143.8
13.6
14.9
10.6
10.8
14.2
20.6
164.8
166.1
162.4
166.3
161 .5
151.7
154.4
152.9
1950—Dec! 31 '.
44.9
39.8
51 '. 1
83.9
86.1
1951—Sept.
Oct.
Nov.
Dec.
30.
31.
30.
31 .
,540.8
,535.0
.555.8
,609.6
93.7
90.0
88.4
87.4
60 .0 68.9 172.7
60.1 59.8 128.0
62 .0 57.7 129.1
62.4 62.1 140.6
25.3
21 .0
21.8
25.5
12.0
13.5
14.4
26.6
1952—Tan.
Feb.
Mar.
Apr.
Mav
luno
Tulv
,635.7
31 .
,661 .9|
29.
.687.8i
31 .
,755.0
30.
31 .
.826.0
,790.0
30.
,758.6
31"
31 P 1 ,7.33.3
81.9
81.6
78.6
80.1
80.2
76.5
76.3
80.4
64.2
64 .4
67.8
65 .6
62 . 7
65.9
6.S . 1
69 .6
58.6
59.4
46.3
52.1
67.3
56.7
58.6
44.9
26.8
26.9
25.7
23.8
23.5
21 .1
24.7
22.6
20.7 636.2
19.3 655.7
19.8 682 .4
2 7.6 606.8
37.8 724.8
30.5 730.7
26 8 725.6
26.5 743.9
JQ4<)
Doc
AUR.
31
43.5
62 .4
51'.8
63 .3
55.7
127.1
69.3
41 5
15.7
114.7 26.3
431 .9
, 05 7 9 229.9
]151 .8 216^2
961 !<) 110 6
8U7
,378.5
1047 Dec 31
1948—Dec 31 .
131 .8
127.4
111.0
171 .1
1 90.2
1 76.5
1 58.0
114.4
Egypt
and Union
Aus- Bel- Angloof Other i
tra- gian Egyp- South
lia Congo tian Africa
Sudan
Tur- Other3 All
key Asia other
9.4
9.8
45.5
30.6
22 2
32.4
19.1 *"58!1
20.8
2S 0
27.7
61 6
75! 6
47.2 119.3
46.4 91 8
15.8 101'. 6
6 0 79 5
44.0 57.7
257.6 22.4
274.3 32.4
287.8 36.8
207.4 38.5
50.3
52.2
52.6
54.5
104.8
101.7
101.2
110.7
11 6 68.5
16.0 72.0
13.6 83.7
7.0
85.8
304.1
329.1
325.9
316.6i
325.9!
54.3
58 8
57.8
62 .0
67.5
72.6
74 .8
84.5
121.0
126.4
127.3
123.3
118.3
117.7
116.8
104.?
32.3
36 5
38.4
36.7
14.7
333.2' 40.5
331 .3| 47.4
370.8; 81 .4
9.1
11.8
9.0
13.9
12.4
10.9
11 .2
14.2
87.3
95.7
93.3
80.7
83.1
82.5
81.1
86.5
i
r
P Preliminary.
Revised.
12 Beginning January 1050. excludes Austria. Czechoslovakia, and Poland, reported separately as of that date.
Beginning January 1050. 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.
4 Beginning January 1950, excludes Belgian Congo, reported separately as of that date.
NOVEMBER 1952
1247
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
Date
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia
All
other
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
31...
31...
31...
31...
31...
1,018.7
827.9
898.0
47.7
29.2
24.5
37.2
105.7
5.7
23.4
119.0
51.8
31.4
151.0
49.1
51.4
5.2
3.4
9.8
7.0
6.9
3.8
8.7
16.0
21.1
15.8
22.6
20.7
82.8
118.9
106.3
98.5
67.1
312.9
248.6
323.8
219.2
237.0
52.2
27.5
39.8
37.6
125.8
226.8
514.3
516.6
411.1
378.8
99.2
127.0
118.8
139.7
96.3
17.2
31.5
19.7
20.4
60.0
1951—Sept.
Oct.
Nov.
Dec.
30..
31...
30...
31...
897.4
918.1
943.1
968.4
52.0
33.0
34.7
35.0
11.0
11.3
11.0
10.1
2.9
2.9
3.9
5.0
9.2
9.6
8.8
11.2
13.2
11.2
7.5
10.3
86.3
92.1
97.7
111.2
174.7
160.1
163.6
182.8
101.0
102.5
118.3
92.0
437.2
463.8
465.5
489.3
128.7
146.9
153.0
162.4
55.9
44.7
42.6
41.9
996.0
964.4
1,004.4
28.5
32.8
35.4
33.5
42.0
36.2
33.6
32.2
14.1
14.1
13.2
13.8
11 .6
11.7
11 .6
9.2
5.8
5.6
5.7
3.4
3.3
3.1
3.8
3.3
11.2
10.3
11.6
12.6
14.4
21.5
23.5
24.9
30.4
28.0
24.6
114.6
103.0
89.6
81.1
79.1
68.8
68.5
66.5
186.8
180.2
176.9
163.9
168.2
160.2
153.4
145.7
89.3
72.4
72.1
76.4
69.5
53.9
49.7
55.0
520.3
520.6
570.2
601.1
652.2
669.6
707.9
716.5
161.9
154.6
149.5
144.8
117.4
118.0
105.2
128.4
37.6
36.7
35.7
33.5
31.5
30.4
25.8
23.7
Sweden
Yugoslavia
All
other *
708.3
948.9
1952—Jan. 3 1 . . .
Feb. 2 9 . . .
Mar. 3 1 . .
Apr. 3 0 . .
May 3 1 . .
Tune 3 0 . .
July 31P .
Aug. 31 P.
1,019
1,038
1,032.
1,042 .0
1,069.3
8.6
7.3
9.8
8.0
9.8
Table 3a.—Other Europe
Belgium
Denmark
Finland
Germany
Greece
Norway
Portugal
Spain
82.8
118.9
106.3
98.5
67.1
7.5
15.0
21.4
19.3
21.5
.5
2.2
.6
.4
3.2
6.2
8.0
3.4
8.2
2.2
30.4
30.5
30.5
30.0
25.4
12.4
10.6
1.2
.7
.2
3.3
9.2
8.4
7.4
1.4
1.0
1.1
.7
.5
.5
7.2
.9
2.9
7.0
1.6
4.9
5.4
1.4
2.3
6.9
()
6.0
9.5
35.9
29.8
22.6
4.0
1951—Sept. 30.
Oct. 31 .
Nov. 30.
Dec. 31.
86.3
92.1
97.7
111.2
21.5
23.6
27.1
39.6
5.2
5.7
5.9
4.8
2.5
2.7
3.2
3.1
28.8
30.9
28.6
28.3
.2
.1
.5
.2
14.2
17.1
16.8
18.8
4.1
4.3
6.2
5.4
1.9
1 .1
3.5
3.9
5.2
4.4
4.2
4.0
1952—Jan. 3 1 .
Feb. 29.
Mar. 3 1 .
Apr. 30.
May 31.
Tune 30.
July 31 P
Aug. 31 P.
114.6
103.0
89.6
81.1
79.1
68.8
68.5
66.5
42.9
33.7
28.7
21 .3
17.6
13.9
13.6
11.5
4.0
4.6
4.6
4.3
3.9
3.5
3.6
2.2
3.6
4.1
30.1
27.9
27.7
27.2
26.9
23.2
23.7
25.7
19.0
19.8
13.5
12.6
14.6
14.3
14.3
12.5
5.2
4.3
4.2
3.6
3.2
2.7
3.1
1.9
2.4
1.3
.7
2.4
2.7
2.3
.5
3.4
4.2
4.6
4.4
4.9
3.8
3.6
4.2
4.4
Other
Europe
Date
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
31.
31.
31 .
31 .
31.
Austria
2.7
1.8
3.4
2.9
2.8
2.2
1.8
1.7
1.1
2.5
2.0
1.6
1.5
1 .8
2.0
1.6
1.8
1.8
1.0
.9
1.2
1.0
.8
.8
.7
.6
Table 3b.—Latin America
Latin
BoAmer- Argentina
livia
ica
Date
Brazil Chile
Colombia
Cuba
NethDoerminlands
ican Guate- Mex- West
Reico Indies
mala
puband
lic
Suri-
Peru
Republic of
Panama
El
Salvador
Uruguay
Other
Vene- Latin
zuela America 4
nam
1946—Dec. 31 . . 226.8
104.7 Dpr 31
S14 ^
i Q4« D e c 31
S16 6
1949—Dec. 3 1 . 411 .1
1950—Dec. 3 1 . '. 378.8
41 .8
6S 2
72 4
53 6
45.9
49.8
2 0 16S 8
2 7 165 4
2 . 3 136.9
78.0
8.7
14.6
27 8
15 2
15.5
2.3
.8
3.7
1.1
1 5
4 3
4 4
"2.6'
25.5
52 2
73 8
73.0
70.6
1.3
1.3
11.0
5.8
5.3
3.1
1.3
4.7
6.8
8.0
437.2
463.8
465.5
489.3
8.3
9.3
7.9
7.6
7.8 135.0
7.2 155.6
7.2 164.3
7.5 185.0
19.5
20.6
22.7
24.8
42.1
43.0
39.7
43.7
34.0
30.1
29.4
32.3
1.5
1.7
1.7
1.8
2.8
3.4
3.2
3.8
69.1
74.1
87.4
90.6
1.4
1.1
1.4
1.2
12.7
13.9
12.7
11.8
3.2
3.1
3.3
3.0
5.5
7.5
8.4
9.5
12.9
13.4
1952—Tan. 3 1 . .
Feb. 2 9 . .
Mar. 31. .
Apr. 30. .
Mav 3 1 . .
Tune 3 0 . .
July 31 P.
Aug. 3 1 P .
520.3
520.6
570.2
601 .1
652.2
669.6
707.9
716.5
7.9
7.8
8.6
7.8
7.4
8.2
7.2
7.6
7.1 207.3
9 . 9 217.0
8 . 1 234.9
8 . 6 272.2
9 . 7 320.7
8 . 4 358.3
8.7 395 .5
6 . 8 403.9
26.2
23.6
29.3
29.1
27.5
26.1
27.0
23.0
39.3
36.1
33.8
31 .5
34.3
35.0
34.5
37.6
29.6
31.0
56.6
54.7
55.9
51 .8
57.5
49.5
2.2
2.1
2.1
2.9
2.4
2.2
1.9
1.8
4.0
4.2
4.2
4.1
3.7
4.1
3.7
3.2
109.1
103.0
101.1
94.4
90.8
78.0
71.2
91.7
1.2
1.2
1.2
1.3
1.1
1.2
12.0
11.8
11.5
10.3
11 .6
10.9
10.9
10.7
4.2
4.1
3.9
6.8
6.0
5.9
6.3
3.3
9.9
8.4
7.5
6.5
5.3
5.4
5.3
5.3
11.8
1 .2
1.1
15 .3
26 0
25 6
49.4
26.2
34.5
34^7
43 1
14.6
67.7
66.9
54.6
41.7
13.7
13.1
12.3
14.5
34.9
38.7
33.1
32.2
34.2
32.1
32.4
32.4
13.7
13.8
15.1
13.7
13.8
11.5
12.5
13.0
8.7
4 6
30. .
31. .
30. .
31. .
1951—Sept.
Oct.
Nov.
Dec.
6.8
26.4 25.7
32 6 108 6
32 6 83.1
21.1 27.5
42.5 27.6 "{'.9'
9.3
10.5
7.9
19.1
24.9
27.9
30.5
32.1
25.7
P Preliminary.
1 See footnote 1, p. 1246.
* Beginning Tanuary 1950, excludes Austria, reported separately as of that date.
34 Less than $50,000.
Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.
1248
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 dollar?]
Table 3c—Asia and All Other
Asia
j •> ( 4 1 pi
1946 —Dec.
1947 —Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Sept.
Oct.
Nov.
Dec.
1952—Ian.
Feb.
Mar.
Apr.
31 .
31
3\ .
3) . .
31..
30..
31 .
30. .
31..
31..
29. .
31. .
30. .
M a y 31 ..
Tune 30. .
Tulv 3 1 •» .
AUK.
3 1 " •.
Formosa
Philippine Thai- Tur- Other
and Hong
All
IndoChina Kong India nesia Iran Isrc el Japan Reland key Asia 1 other
Mainpublic
land
Q9 2
P7 0
118 8
139 7
96 . 3
128 .7
146 9
153 .0
162 .4
161 .9
154 .6
149 .5
144 o
117 .4
118 .0
105 2
128 A |
53.9
40 8
24.2
16 6
18.2
10.2
10.3
10.1
10.1
10.1
9 6
9.1
8.6
8.1
7.3
S.I
S.3
5
2
3
1
3
9
6
4
7
0
3.2
3.6
3.3
3 1
1 4
1 6
2.8
4 ?
1.8
2.4
.s
1 .3
(2.0
29 6
-0.4
'7.4
16.2
12 1
9 7
13.3
13 4
14 8
16.8
20.4
14 5
.2
9
15 .9
14
1
.2
.2
6*.6 18 *.9 12 1
7 . 5 25 .7
.4
8 .5
8 . 1 27 . 0
8 .5
.4
.4
8 . 6 27 .8 10 .7
.3
9 . 3 30 0 12
8 . 9 35 .9
.4
8 .6
.5
9 . 0 32 .4
8 .8
30 .3
9 .1
.7 10.1
9 10 8 9 9
11 0
.6 10.6 30 .\ 12 .5
14 .3
1 .4 10.7 27
_ 5 10 3 27 4 10 A
.6
9 . 6 22 . 0 13 .3
1.0
5
9.4
6.5
5 5
4.2
20.2
27.4
37 3
23 2
1.4
!7.7
1 4
14.3
4.9
19.0
23.0
22.6
29.3
29.1
27.2
22.6
23 7
27.4
20.5
i "s
3
2
2
2
6.9
10.3
9
8
4
5
1
9
3 .7
2 8
3 .2
2 "i
">.3
3.5
.9
.8
10.6
.8
6
.5
.6
13.8
23 6
1 .6
15.4
16.7
37.0
4 6
5
14 3
^0 3
13. 9
37. 3
42. 9
52. 9
51 6
50. 0
45. 1
26. 9
15 •^
12. 1
9. 0
1 6.3
17 4
17 2
31 5
7
Egypt!
and
Union
Anglo- of Other'
Australia Congo Egyp- South
tian Africa
Sudan
3.4
9.0
4.7
7.9
4
0
40.8
27.9
9
7
25.3
6
23 A
41. 9
22 8
37. 6
21.1
36. 7
17.5
3 5 . 7i
17.7
33 5;
13 5
12.7
31 . 5
30. 4
12.0
25 8 ,
9.6
23 7
8.0
20
60.
55.
44.
42.
4
7 .7
6 .9
6 .7
e; 7
5 .3
6 .0
7 .2
7 6
.8
8 7
8 '?.
7 ()
.4
.1
.4
.2
.3
3.9
.3
.2
!2
.1
1
.1
.2
2
'.2
2
10.1
14.4
7.9
4.5
7.3
8.5
7.6
6.8
6.7
6.3
6.0
5.7
7 0
4.8
4.7
3.7
3.F>
3.3
8.0
6.8
7.7
7.2
7.9
4.7
5.6
6.5
4.7
7.0
5.0
5.1
6.1
4.9
4.1
3.8
TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES 8
(Inflow of Foreign Funds)
[In millions of dollars]
U. S. Government bond s and notes *
Year or month
1946
1947
1948
1949
1950
1951
losi—September
October
November ..
December
1952—January
February
March
April
.
May
Tune
TM1V/>
A^gU^t^
. . . .
Purchases
Sales
414.5
344.8
282,4
430.0
1,236.4
673.6
11 .1
20.7
20.7
27.2
20.2
15.5
19.4
13.9
31 .2
39 6
39 .8
37.5
684.2
283.3
330.3
333.6
294.3
1,356.6
56.1
282.5
17.4
36.0
12.7
18.7
16.3
15.8
2 "> o
Net
purchases
- 269.7
61.5
--47.9
96.4
942.1
e -683.0
-45.0
-261.8
3.4
-8.8
7 .6
-3.2
3.1
-2.0
9 0
32.0
36.0
U.3
7.7
3.8
24.2
Corporate bonds anc stocks»
Purchases
Sales
Net
purchases
367.6
226.1
369.7
354.1
774.7
859.8
76.7
94 0
62.6
64.1
76.6
68.3
65 .7
76.2
61 .6
63.6
73.0
67.6
432.1
376.7
514.1
375.3
772.3
761.0
52.4
76.1
61.8
53.7
71.5
79.6
68.1
69.2
71 .9
68 3
63. 7
58.9
-64.5
-150.6
-144.3
-21.2
2.4
98.7
24.3
17.9
.8
10.4
5.1
-11.3
-2.5
7.0
-10.3
—l 7
9.3
8.7
Total
purchases
Total
sales
782.1
570.9
652.2
784.1
2,011,1
1,533.3
87.8
114.6
83 4
91 .3
96 9
83.8
85.1
90 1
92 .8
103 2
112.8
105 .1
1,116.3
659.9
844.4
708.9
1,066.6
2,117.6
108.5
358.5
79 2
89.7
84.2
98 3
84.4
85 0
<M . 1
100 3
99.7
Net
purchases
of
domestic
securities
—334 2
—89 1
— 192 2
75 2
944 4
-584 3
-20.7
-243.9
4 2
1 6
12.7
— 14 5
.6
5 0
—I 3
3 0
13.1
32.9
TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TFRM FOREIGN SECURITIES OWNED
IN THE UNITED STATES, BY TYPES 15
(Return of U. S. Funds)
[In millions of dollarsl
Foreign stocks
Year or month
1946
1947
1948
1949
1950
1951
1951—September
October
November
December
1952—January
February
March
April
May
Tune
July"
August P
Purchases
Sales
65.2
57.1
81 .7
88.8
173.8
272.3
26.6
25.2
24.2
24.4
31.4
29.4
22.0
28.9
19.0
19.2
23.9
24.1
65 .6
42.6
96.7
70.8
198.2
348.7
26.6
21 .4
, 47.6
82.6
29.9
28.1
35.8
44.9
20.4
29.8
32.2
22.1
Foreign bonds
Net
purchases
-.4
14.6
-15.0
18.0
-24.4
-76.4
(7)
3.8
-23.5
-58.2
4.6
1.4
-13.8
-16.0
- 1 .4
-10.6
-8.4
2.0
Purchases
755.9
658.7
211.6
321 .2
589.2
500.4
73.6
53.9
73.7
38.1
33.1
19.0
21 .5
47.7
40.3
52.5
52.8
56.5
Sales
Net
purchases
490.4
634.3
29 i. 4
311.5
710.2
801.0
73.0
226.1
39.6
46.8
36.5
50.7
23.4
93.8
189.6
30.2
24 2
28.2
265.5
24.5
-79.8
9.8
-121.0
-300.6
.6
-172.2
34.2
-8.7
-3.5
-31.7
-1 .9
-46.1
-149.4
22.4
28.7
28.2
Total
purchases
Total
sales
821.2
715.9
293.3
410.1
763.0
772.7
556.1
676.8
3S8.2
382.3
908.4
1,149.7
100.2
79.1
97.9
62.5
67.5
48.4
43.5
76.6
59.3
71.7
76. 7
80.5
99.6
24 7.5
87.2
129.4
66.4
78.7
59.3
138.7
210.1
60.0
56.4
50.3
Net
purchases
of
foreign
securities
265.1
39.0
-94.8
27.8
-145.4
-377.0
.6
-168.4
10.7
-66.9
1.1
-30.3
-15.8
- 6 2 .1
-150.8
11.7
20.3
30.2
P Preliminary.
1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran r
Israel, and Thailand, reported separately as of that date.
2 Beginning January 1950, excludes Belgian Congo, reported
separately as of tluit date.
4
s Includes transactions of international institutions.
Through 1949 includes transactions in corporate bonds.
6 Through 1949 represents transactions in corporate stocks only.
7
• Includes net sales of 554 million dollars by Canada.
Less than $50,000.
NOVEMBER
1952
1249
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 6.—DOMESTIC
S E C U R I T I E S : N E T P U R C H A S E S BY F O R E I G N E R S
BY C O U N T R I E S
(Inflow of Foreign Funds)
[Net sales, ( - ) .
Year or
month
International
institutions
United
Kingdom
Total
—334.2
-163.6
-199.8
87 0
— 11 8
823.2
121 .2
-15.9 -568.4
1946
1947
1948
1949 .
1950
1951
1951—Sept. . .
Oct....
Nov....
Dec....
1952—Jan....
Feb.. . .
Mar....
Apr....
May...
June...
74.5
—36.9
-8^9
7.6
9.1
.3
-14.5
1.0
.8
-20.9
-229.4
12.4
- 1 1 .2
-3.3
.8
.8
.3
.6
.4
.9
-.2
4 2
- l r>
2.4
1946
1947
1948
1949
1950
1951
Other AusEurope tria 2
1.0
1.9!
3.'8
5.4
-.7
2.3
.4
1.5
.7
.4
-.6
— 17 5
13lo
—40.0
44.2
19.0
45.9
-1.4
-2.2
-4.6
-1.0
-20.0
.4
.6
.7
2.4
8.5
7.0
Belgium
11.0
11.2
0)
1.6
.6
.7
Canada
Latin
America
_ i
— 17.1
(i)
— 10 8 —98 6
— 14! 1 - 1 7 5 ! 5
2.6
— 190.4
2 2
36 5
73'.8
347^5
9.2
-43.8
— 16.4
3^2
7.5
—49 0
458'. 2
-595.5
6 3
-3! 5
10.2
2 5
30 A
13.9
—224.5
1.5
7
l'.9
-3.1
-235.9
-10.1
-5.0
-1.3
-1.1
-2.1
1.0
1.9
.8
3.8
-11.6
-4.3
.5
-.1
.2
.3
-7^6
3.8
3.9
1.2
3.1
10.4
-4.8
-.1
.2
-1.3
14.1
-7.0
-3.1
2.3
-.9
-2.3
-3.3
-1.9
2.6
3.6
.7
4.4
22.0
15.1
I .3
15.7
2.6
-1.7
-2.7
-2.3
-2.6
-2.1
-3.0
-1.4
2.4
-.1
-1.9
.7
13.1
-.5
Norway
All Latin
other America
6.3
.6
2.2 - 1 3 . 6
- . 9 -4.1 -9.2 -3.5
2.6
-.3
.3 10.2
2.5
1.6
-.9
1 .4
12.6 36.7
6.0 30.1
13.9
5.7 -38.1
.5
1.2
2.0
7
3.4
0)
0)
1952—Tan.... -1.31
Feb....
.3!
Mar. . . - 1 . 2 :
Apr....
-.61
Mav . .
.71
Juno...
I.2:
TUIVP..
.91
Aug. P..
.61
6.0
—26 5
-98.2
— 79.3
—25 5
-6.3
-22.2
Total
Europe
Other
Europe
Italy
6.9
7.5
2.6
5.0
.3
— .2
1.4
-1.2
.1
.1
-.2
.3
.4
j
-.6
.7
1.2
.9
.6
"7
0)
0) f
0)
0)
0)
-.6
0)
-.1
.8
.2
.4
-.8
.4
.1
-.1
0)
0)'
0)
-.2
— .5
2
.4
3.8
3.9
1 2
3.1
Cuba
.1
.3
.2
1.2
-1.2
.5
1.7
-.9
-.8
-1.0
24.6
6.1
6.8
2.5
2.9
.3
.5
2.5
4.5
-6.9
-4.7
4.2
.1
.8
— .5
— .3
8
.3
-.2
.4
.2
.1
.6
3.1
-.3
1
— 4
— 9 2 V
_ 1 —2 3,1
— 3
.3
.6
.5
2.9
-1.3
.4
-1.3
4.11
.8
.5
— .4 — 1 .1
.6 - 4 . 8 1
1 .1 -A
1 7
3
1 51
.2
-.1
.9!
Republic Uru- Other
Latin
2
of
Pan- guay America
ama
Colombia
1.3
Mexico
-15.3
4.8
0)
0)
1.6
1 0
— 2
0)
-.8
-A
.8
.7
2.6
.1
1.6
7
-.6
1 1
—3 2
2.0
1.4
.4
-5.9
— .3
-2.3
s
1 0
-.1
.5
-.2
.3
5
1.2
.4
.1
.3
-.2
-.2
0)
.2
-.2
.5
.2
.3
-12.3
1.5
.9
0)
Indonesia
SECURITIES
Philippine
Republic
Other
Asia
- 6 . 7 -224.5 -200.5 - 2 2 . 5 - 1 .9
.4
1.5
-3.2 -1.3
10.0
7.5
7.0
12.6 -23.3 1 - 2 2 . 7
-.9
A
-2.1
-2.11
.2
4.4
-7.2
.5
11.1 - 1 5 . 3
— .3
-3.0
.9 - 1 3 . 0
1.5
4.8
.3
6.8
-.2
-2.1
-5.6
—1 5
.2
Asia
.1
.1
.1
.3
.9
-4.8
Formosa
and
China
Mainland
—1 0
2.2
—3.9
2
2^7
-.7
io!b
—23.3
—2 1
2.9
4.1
-.4
-2.7
All
other
Asia
S E C U R I T I E S : N E T P U R C H A S E S BY F O R E I G N E R S O F L O N G - T E R M U N I T E D S T A T E S
Other E u r o p e ; Latin America; and Asia
-10.8
-14.1
2.6
2 2
73.8
18.4
-43.8 -1J.9
1951—Sept...
Oct....
Nov...
Pec. . .
19718
3.1
5.6
1 .3
12.7
32.0
TABLE 6a.—DOMESTIC
Year or
month
-2.5
-3.6
3.1
.7
,3
julvp. .
Aug. P . .
20.9
64.0
21.4
—6 8
-5012
—82.8
—6 8
SECURITIES,
In nillions of dollars]
Nether- Switzerlands
land
France
OF LONG-TERM UNITED STATES
2.'5
7
1.5
— 1
2
-10.1
-5.0
9
0)
—1 3
—1 1
-2.1
-.1
1.7
0) r
1 .3
.4
. 5 — \2 3
0)
0)
.1 - 1 0 . 0
.1 - 5 . 0
0)
0)
0)
0)
0)
— 1.2
0)
0)
!2
.1
C1)
0)
0)
0)
0)
-1.1
-.3
-1.6
(0
0)
—5.0
0)
.1
— 1.0
—7 5
-.2
-.1
.9
1.2
-.3
-.8
-.4
-.1
.1
.8
6
0)
I
TABLE
7.—FOREIGN
S E C U R I T I E S : N E T P U R C H A S E S BY F O R E I G N E R S O F L O N G - T E R M
I N T H E U N I T E D S T A T E S , BY C O U N T R I E S
FOREIGN
SECURITIES
OWNED
(Return of U. S. F u n d s )
[Net sales, ( —).
Year or
month
1946
1947
1948
1949
19S0
1951
International
institutions
—249 3
(i)
-16.0
-3.6
-152.7
1951—Sept. . .
Oct....
Nov.
Dec
1052—Jan....
Feb.. . .
Mar....
Apr....
May...
June...
July P. .
Aug.P. .
Total
United
Kingdom
265.1
288.3
-94.9
43.8
— 141.8
-224.3
-20.9
-2.0
-9.9
-13.5
-6.1
-2.0
-1.0
-3.1
-4.3
.4
-.1
-1.3
-4.1
-4.7
2.8
-13.9
-14.9
-35.4
19.1
17.2
14.2
1.6
-69.0
10.7
-66.9
-.6
.2
.3
.8
.8
.1
.7
.4
1.2
.2
1.4
-1.0
-99.4
-1.4
.1
-4.4
0)
-50.7
-.8
0)
-1.1
In millions of dollars]
.2
2.5
-3.0
-30.4
-.5
-11.4
.1
-62.2
- 1 .1
-100.1
-1.6
12.5
20.2 1 —1.1
-1.0
31.3 |
p Preliminary.
1 Less than $50,000.
1250
2
France
0)
Nether- Switzer*
land
lands
-7.0
-29.9
-5.3
.8
.2
.9
1.0
.4
.2
.5
.5
.9
.7
.3
.5
.6
-.2
-3.9
-6.7
-2.9
2.3
.7
.4
1.7
1.0
-.2
-1.6
2.1
-3
i.'b
Other
Europe
Total
Europe
Canada
Latin
America
-.8
-.3
.1
.4
.5
1.2
10.9
15.6
11.4
24.6
16.4
-32.6
-34.4
-43.4
30.8
13.4
28.5
187.6
205.2
-102.2
-10.6
-190.0
-258.6
131.3
89.2
40.7
20.2
29.8
33.8
(0
0)
0)
-1.1
1.4
.3
.4
3.4
2.5
3.8
5.4
2.6
.1
2.9
4.6
-2.2
-76.5
9.2
-68.0
.1
.6
.8
2.8
.4
2.1
6.1
-.4
.2
4.9
-.8
3.1
3.3
2.3
\ .2
-9.6
-1.0
2.8
-30.6
-5.5
-71.2
-101.5
11.2
22.2
27.9
Italy
".2
0)
.1
-.2
.4
-.3
7.8
2.3
-1.1
2.3
1.5
1.0
1.9
2.5
0)
1.1
Asia
.3
.5
1.6
.8
1.0
-36.0
All
other
-21.4
27.8
8.4
2.6
3.9
7.9
-1.7
-2.0
-3.9
-6.8
1.3
.6
.3
-4.4
-1.8
-5.0
-4.1
-3.0
-2.7
7.4
2.7
.3
.6
-5.5
8.8
.1
.4
.2
.6
.9
Not available until 1950.
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 8.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
[In millions of dollars]
Nether- Switzerland
lands
United
Kingdom
France
9.7
-11.3
-19.3
.6
8.0
-6.1
-.6
-1.0
-1.2
.1
-.1
.9
-2.9
-1.4
-2.5
-.5
-.1
.4
-8.5
-4.8
-3.4
.2
2.5
.3
9.3
-1.5
-10.7
.9
.7
-4.8
1951—September
October...
November,
December.
1.2
-7.5
-.2
1.5
-.2
-.7
1.2
.7
-.3
.2
.6
-.3
.6
-1.9
.3
.7
.3
-1.0
.1
_ <
0)
-.5
1952—January...
February.,
March, . . .
April
May
June
July*
August" . .
-.2
5.3
1.2
-4.8
4.1
2.3
-3.7
-4.2
-.8
1.1
.2
-1.3
.4
1.0
- 1 .6
1.3
-1.1
.8
.3
-.9
.3
.2
-1.7
1.0
1.9
-1.9
-.6
3.1
.7
-3.4
-.5
4.8
-2.7
1.7
2.9
-2.1
-1.1
-1.0
0)
Year or month
Total
1946
1947
1948
1949
1950
1951
2
—\
-.2
Italy
0)
-.2
.1
.2
.4
.2
.2
0)
.2
.1
-.2
.2
.1
-.2
-.3
Other
Europe
Total
Europe
Asia
All
Other
.7
-1.4
-.1
.2
.6
-.1
.1
-.2
-.3
-9.3
-20.8
1.0
3.0
-3.3
2.0
-2.0
.1
.9
-3.0
2.8
7.5
-.6
1.2
-1.3
4.4
-5.0
1.0
1.8
.4
-.2
3.0
-.5
.4
.2
.2
-.2
1.0
-3.4
2.3
.3
.1
.4
.1
.3
.2
-4.5
-3.1
1.3
_
.4
.2
.2
-3.7
8.1
1.1
-2.1
1.8
1.4
-1.5
-.3
.3
.6
2.2
-1.5
.1
-2.6
2.1
.5
-2.0
.3
1.1
-.5
-3.2
— .3
-.5
.1
.2
.3
-1.6
Latin
Canada America
0)
-2.9
2.6
2.2
-2.1
-3.4
j
.5
-.1
.5
— .4
0)
0)
.2
.5
-.2
-.8
.2
-.3
-.2
-1.7
-.6
0)
.6
.2
.1
-.1
P1 Preliminary.
Less than $50,000.
2
Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 82.6; U. S. brokerage balances abroad, 34.1.
GOLD PRODUCTION
OUTSIDE USSR
[In millions of dollars]
Production reported monthly
Year or
month
Estimated
world
production
Total
outside
reported
USSR*
monthly
1,265 6
1,125.7
871.5
777.0
738.5
756.0
766.5
798.0
833.0
'857.5
840.0
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1,110 4
982.1
774.1
701.5
683.0
697.0
705.5
728.1
753.2
776.2
758.3
South
Africa
65 7
63.3
66.1
63.3
62 .4
34.6
33.3
34.1
33.8
33.2
1952—Tanuary . .
February
March
April
62 .5
61 0
63.3
63 3
66 2
34.2
32 2
34.4
33 8
35 5
34.1
35 5
34.9
I U11O
lulv
August . . . .
Rhodesia
West Belgian United
Africa2 Congo3 States 4
Canada
Mexico
Colombia
Other
Chile
15.
$1 =15/21 t rains of gold 9/1Cfine: i. e.f an ourice of fine gold =$.
32 4
19 6 209.2 187.1
28 0
23 0
27 8
504 3
28.0
18.0 131.0 169.4
20.9
29.2
494.4
26.6
22.1
48.8
23.0
448.2
19.8
127.8
19.7
15.8
19.4
18.4
12.7
35.8
17.8
102.3
20.7
429.8
12.1
17.5
94.4
17.7
18.9
32.5
19.9
427.9
99.1
51.2
19.1
14.7
15.3
20.5
11.6
417.6
13.4
16.3
107.5
19.3
10.8
75.8
18.3
392.0
12.9
23 A
70.9
123.5
11.1
18.0
405.5
11.7
14.2
12.9
144.2
23.1
67.3
18.5
12.6
409.7
12.0
80.1
14.3
155.4
23.2
17.9
408.2
13.3
13.8
66.3
17.0
12.7
15.1
152.7
23.7
403.1
1951—August
September
October
November..
December
Mav
North and South America
Africa
Nica- Austra- India3
ragua5
lia
6.1
8.8
52 4
40.4
26.3
23.0
23.0
28.9
32.8
31.2
31.3
30.4
31 .4
1.4
L.4
1.5
4
L.5
1.9
2.0
2.0
2.0
2.1
1.3
1.1
1.1
.9
1.0
6.4
6.1
6.3
5.4
4.9
12.1
12.6
13.2
13.0
13.2
2.0
.8
2.0
.8
1 .2
1.5
1.3
1.2
1.2
.9
.5
.4
.5
.5
.4
.8
.8
.7
.7
.8
2.7
2.9
2.8
2.8
2.7
.7
.7
.7
7
.7
4
2.0
1 9
1.9
20
20
1.0
1 8
1.1
5.0
4.8
4.6
5.0
5.1
5 5
64
6.5
12.4
12.3
12.8
12.7
12 8
.5
1.4
1.4
.9
2 1
1.6
1 4
1.2
1 .6
15
.6
.7
2.4
26
2.5
28
27
.6
4
L.3
S
4
2.0
1.2
1 .2
1.3
12
1.2
1 .2
1.2
r> s
13.1
12.9
9
1 .3
1.1
9 3
6.1
7.1
6.3
8.1
5.9
5.7
6.3
67
75
8 6
7.7
79
7.0
6 4
7.4
78
7.7
8 0
6.4
4
7
.5
.4
.7
7
5
8
.8
7
.7
2.9
10 0
9.1
8.8
6.6
5.9
4 6
6.1
6 5
5.7
6 7
7.6
7
.7
7
7
.7
7
.7
T
Revised.
Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars: 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million.
1
Estimates of United States Bureau of Mines.
2
Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only.
3
Reported by American Bureau of Metal Statistics.
4
Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly figures
reported by American Bureau of Metal Statistics, those for 1951 having been adjusted by subtracting from each monthly figure $297,000 so that
the aggregate
for the year is equal to the yearly estimate compiled by the United States Mint.
6
Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production.
NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual
estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp.
542-543.
NOVEMBER 1952
1251
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
United States
Estimated
total world
(excl.
USSR)* Treasury T o t a l 2
Argentina
Belgium
Bolivia
Brazil
Canada
Chile
1945—Dec
1946—Dec
1947—Dec.. . .
1948—Dec
1949—Dec
1950—Dec
33,770
34,120
34,550
34,930
35,410
35,820
20,065
20,529
22,754
24,244
24,427
22,706
20,083
20,706
22,868
24,399
24,563
22.820
1,197
1,072
322
143
216
216
716
735
597
624
698
587
22
22
23
23
23
23
354
354
354
317
317
317
361
543
294
408
496
590
82
65
45
43
40
40
1951—Oct
Nov
Dec
35,950
22.233
22,382
22,695
22,394
22,579
22,873
273
268
268
621
619
621
23
23
23
317
317
317
736
805
850
22,951
23,190
23,290
23,297
23,296
23,346
23,350
'M 1 U
23,055
23,377
23,428
23 450
23,502
23,533
23,536
23.528
268
268
268
268
268
268
268
268
631
610
624
638
650
669
735
73 5
23
23
23
23
23
23
317
317
317
317
317
317
317
860
868
874
877
886
8<)3
887
883
892
1952—Jan
Feb
Mar.. . . 36,010
Apr
May....
Tune.... " 3 6 J 3 ( " ) "
Tulv
Aug
Sept
P3><\
?3
'M0
718
5>5
End of
month
Egypt
France 8
Guatemala
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—Dec
52
53
53
53
53
97
1,090
796
548
548
523
523
28
28
27
27
27
27
274
274
274
256
247
247
131
127
142
140
140
140
24
28
58
96
256
256
1951—Oct
Nov.. . .
Dec
-174
174
174
548
548
548
27
27
27
247
247
247
138
138
138
1952—Tan
Feb
Mar....
Apr
May.. . .
Tune....
July . . . .
174
174
174
174
174
174
174
174
548
548
548
548
548
548
548
558
558
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
End of
month
Portugal
El Salvador
South
Africa
194^—]) e c
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—Dec
433
310
236
178
192
13
12
15
15
17
23
914
939
762
183
128
197
1951—Oct.
Nov.. . .
Dec
250
255
265
26
26
26
1952—Tan.
Feb
Mar
Apr
Mav....
June
July . . . .
Aim
Sept. . . .
265
270
274
274
274
2 74
274
274
277
26
26
26
26
30
30
30
30
29
AUK
Sept
India
Iran
Italy
Java
Mexico
Cuba
Denmark
Ecuador
191
226
279
289
299
271
38
38
32
32
32
31
21
21
20
21
21
19
45
45
45
311
311
311
31
31
31
22
22
22
45
45
45
45
42
42
41
41
42
311
311
321
321
321
318
31
31
31
31
31
31
31
31
31
22
22
22
22
22
22
22
23
23
127
145
83
51
52
74
NetherNew
lands Zealand
Norway
Pakistan
Peru
178
208
294
181
100
42
52
208
270
265
231
166
195
311
23
23
23
23
27
29
80
91
72
52
51
50
14
27
27
28
24
20
20
28
31
292
323
333
279
279
279
190
191
208
312
312
316
31
31
32
50
50
50
27
27
27
46
46
46
339
346
346
346
346
346
279
279
279
280
280
280
'>80
207
206
185
185
117
70
316
317
340
342
344
344
32
32
32
32
33
33
33
33
33
50
50
50
50
50
50
50
50
27
38
38
38
38
38
38
38
38
46
46
46
46
46
46
46
46
4201
* 180
3 SO
323
326
^80
280
Sweden
Switzerland
110
111
111
111
85
61
482
381
105
81
70
90
1,342
1,430
L, 356
1,387
1,504
1,470
43
34
34
34
118
118
241
237
170
162
154
150
209
208
190
50
50
51
134
136
152
1,448
L, 454
,452
113
113
113
150
150
151
190
193
169
164
161
148
151
150
158
51
51
51
51
51
51
51
51
51
179
211
214
214
210
213
206
202
202
1,438
,426
,432
1,413
1,410
,408
,408
1,404
113
113
113
113
113
113
113
113
150
150
150
150
153
150
150
150
116
Spain
Colombia
Thailand
Turkey
United
Kingdom
6
Uruguay
Venezuela
Inter- Bank for
national InterMone- national
tary
SettleFund
ments
2,476
2,696
6 2,079
1,856
* 1,688
6
3,300
195
200
175
164
178
236
202
215
215
323
373
373
15
1,356
1,436
1,451
1,495
39
32
30
36
68
167
6 2,335
242
232
221
373
373
373
1,529
1,530
1,530
132
127
115
221
211
211
211
211
211
211
211
373
373
373
373
373
373
373
373
373
1,531
1,532
1,532
1,532
,535
,537
,537
1.681
116
126
143
151
154
154
166
181
183
3
1
& 2,037
1,771
1,700
1,662
1 ,678
1,685
5
1,716
•"> 1 ,672
'» 1 ,685
5
5
s
5
s
v Preliminary.
* 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.
8
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."
* Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
* Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31.
6
Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank
of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and
Monetary Statistics, pp. 524-535; for back figures through 1941 see Table 160, p. 526 and pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina
and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively.
1252
FEDERAL RESERVE
BULLETIN
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
[Negative figures indicate net sales by the United States]
(In millions of dollars at $35 per fine troy ounce)
Year or quarter
1945
1946
1947
1948
1949
1950
1951
. ...
Total
United
Kingdom
—452.9
721.3
2,864.4
1,510.0
193 3
-1,725.2
75.2
-.2
406.9
734.3
446 3
-1,020.0
469.9
Belgium
Netherlands
Portugal
130.8
40.7
-23.5
-79.8
-4.5
—47.9
-10.0
116.0
63.0
14.0
-15.0
-34.9
10.4
10.5
France
31 .1 278.5
14.2
222.8 264.6
69.8
15.8
—41 0
-55.0 -84.8
-10.3 -20.0
Sweden
80.2
238.0
3.0
-22.9
-32.0
Switzerland
—86 8
-29.9
10 0
-5.6
—40 0
-38.0
-15.0
Other
Europe l
—7 4
27.3
86 6
_5.8
Canada
Argentina
36 8
337.9
311 2
—224 9
153.2
727 5
114.1
—49 9
Cuba
Mexico
— 85 0
—23 8
-30.0
36.9
—65 0
45 4
-10.0
£1.6
3 4
— 10 0 — 16 1
-100.0
28.2 - 1 1 8 . 2
-10.0 ' -49.9' -20.0
-60.2
-68.0
-60.1
1949
68.8
173.9
101 5
— 151 0
Jan -\Iar
Apr - Tune
Tulv-Seot
Oct -Dec
162 .4
283 9
— 12 5
—31.0
-5.0
— 10 0
—20 0
—5 0
3 5
-33.9
2.5
-13.7
— 11
— 15
3.4
2
—49 9
9
— 10 0
2.3
7 9
— 113
— 15 0
1950
Jan -Mar
i n r _ Tline
Tuly-Sept
Oct -Dec.
-80.0
-35.0
— 20 0
-201.3
—30 4
— 731 0
— 762.4
—580 0
-360.0
— 876.3
— 55 6
291.4
715.7
-400.0 -12.3
2 0
— 80 0
320.0
629.9
-28 5
-56.3
-79.8
- 9 1 .7
-4.5
-15.0
-13.0
—3 0
— 16.0 —25 6
-4.0
-12.4
—119
3.4
—47. 1 — 100 0
-15.8
8.2
20 0
-40.5
—61 9
1951
Jan -Mar
Apr -Tune
Tuly-Sept
Oct -Dec
71 .7
-10.0 -15.0
— 15 0
-5.0 -17.0
-5.0
-15.0
-44.3
— 11 2
—3 5
— 1 .1
—49 9
— 10 0
—26 6
—P4 4
64.1
1952
557.3
105.7
Jan.-Mar
\r>T -1 une
520.0
20.2
22.5
-10 1
11.3
101.4
6.9
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 - 7 3 . 1
-4.9
-9.2
25.1
—3.7
10.7 -108.0
-14.4 - 5 0 . 0
1945
1946
1947
1948
1949
1950
1951
-64.8
22.2
Other
Latin
America
Asia
and
Oceania
- 2 7.8 3-188.3
13.7
25.0
79.1
1 .0
13.4
-4.1
— 7.5 - 5 2 .1
-17.2
-35.4
-17.2 3-50.1
Union
of
South
Africa
94.3
256.0
498.6
195.7
13.1
52.1
Gold stock at
end of period
All
other
3.7
22.9
11.9
6.9
- 1 .6
-47.2
-84.0
1949
Jan.-Mar
Apr.-Tune
July-Sept
Oct.-Dec
3.0
-16.5
-1.0
-2.9
-2.3
-6.6
-2.2
-11.9
-41.0
3.7
-50.0
72.0
55.6
48.1
19.9
.1
.1
-2.0
1950
Jan.-Mar..
Apr.-June.
July-Sept..
Oct.-Dec...
-2.0
-23.9
-26.9
-10.4
-.9
-.1
-5.9
1.0
-13.9
-22.8
-11.7|
-5.01
3.5
-4.0
-18.8
-2.4
-3.9
-25.0
3.9
9.2
-26.9
-2.8
-14.7
-2.8
1951
Jan.-Mar
Apr.-June
Tuly-Sept
Oct.-Dec
-50.9
15.0
.0
30.1
12.7
20.3
19.2
-28.0
-25.0
-31.0
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
.. .
Treasury
Total 1
?2,726
21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
22,695
22,739
- 2 3 0 315.7 —458.4 125 4
68.9 - 8 0 3 . 6
-757.9
21.981
48.3
35.8
20,631 - 1 , 3 4 9 . 8 - 8 4 5 . 4 - 4 5 9 . 8
32.0
-547.8 -106.3 -356.7
20,083
465.4 51.2
20,706 3 623 .1 311 .5
210.0 75 8
2,162 .1 1 ,866.3
22,868
1,530.4 1 ,680.4 —159.2
24,399
70.9
164.6 686.5 —495 7 67 3
24,563
22,820 - 1 , 7 4 3 . 3 - 3 7 1 . 3 -1,352.4
80.1
617.6 66.3
52.7 —549.0
22,873
1951—Oct.... 22,233 22,394
Nov.. . 22,382 22,579
Dec. . . 22,695 22,873
1952—Tan. . .
Eeb...
Mar.. .
Apr...
May. .
June..
July...
Aug.. .
Sept...
Oct....
22,951
23,190
23,290
23,297
23,296
23,346
23,350
23,344
23,342
23,339
23,055
23,377
23,428
23,450
23,502
23,533
23,536
23,528
23,525
23,521
229.9
185.0
294.1
182.4
321.5
51.6
22.0
51.9
30.5
3.8
-8.0
-2.8
-4.4
243.4
1 88.4
289.9
6.3
137.5
63 .6
152.2
150.3
157.1 - 1 0 3 .1
-75.4
96.6
27.1
27.2
19.3
36.6
- 3 1 .4
24.5
3.1
-32.6
33.3 5 - 1 3 . 8
-92.4
(4)
5.0
4.8
4.6
5.0
5.1
5.5
6.4
6.5
-18.4
-2.1
6.5
5 .4
4.9
6.2
(4)
1
2
1952
Jan.-Mar
Apr.-June
10.0
1
-17.6
-7.4
-3.2
-2.4
4.3
7.2
Includes Bank for International Settlements.
2 Includes sale of 114.3 million dollars of gold to Italy.
s
Includes sales of 185.3 million dollars of gold to China.
4
Includes sales of gold to Egypt as follows: 1950, 44.8 million
dollars:
and 1951, 76.0 million.
5
Includes sales of 45.0 million dollars of gold to Indonesia.
NOVEMBER
Period
EarNet
marked DomesIncrease gold
imgold:
de- tic gold
in total port or crease
gold
producexport
or
instock
tion 2
crease
1952
See footnote 2 on opposite page.
Yearly figures are estimates of United States Mint. For explanation
of monthly figures see p. 1251. footnote 4.
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 5.020.8 million dollars on Oct. 31, 1952. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538. and pp. 522-523.
1253
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[End-of-month figures. In millions of dollars]
1952
1951
1951
International Bank
International Fund
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Unpaid balance of member subscriptions.
Other assets
Member subscriptions
Accumulated net income
July
Apr.
Jan,
July
1.53;
1 ,532 1,531
1,519
1 ,319 1 ,283
4,420 4,460
1,322 1,316
4,408 4,327
869
871
869
883
1
1
1
1
8,154 8.154 8,152 8,037
-7
-6
1951
Net currency purchased *
(Cumulative—millions of dollars)
Sept.
50 0
11 .4
37.5
Australian pounds
Belgian francs
Brazilian cruzeiros
Chilean pesos
Czechoslovakian koruny
Danish kroner
Egyptian pounds
French francs
Indian rupees
Iranian rials
Netherlands guilders
Norwegian kroner
Turkish liras
Pounds sterling
Yugoslav dinars
All other
3.6
6.0
10.2
July
Aug.
50.0
Scot.
20.0
11 .4
63.0
3.6
6.0
10.2
-5.5
125.0
100.0
8.8
75.2
11 .4
37.5
3.6
6.0
10.2
— 5.5 - 5 . 5
125.0 125.0
100.0 100.0
8.8
8.8
48.1 48.1
20.0
11 .4
65.5
5.4
6.0
10.2
-5.5
125.0
100.0
'75^4
9.6
10.0
5.0
10.0 10.0
300.0 300.0 300.0 3 0 0 . 0
9.0
9.0
9.0
9.0
- 1 . 6 - 1 .6 - 1 .6
•( y
Total
Sept.
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 2 . .
Loans (incl. undisbursed portions and
incl. obligations sold under Bank's
guarantee)
Other assets
Bonds outstanding
Liability on obligations sold under guarantee
Loans—undisbursed
Other liabilities
General reserve
Special 2reserve
Capital
13|
1,035
472
4
June
Mar,
Sept.
6
937
5
940
512
4
490
4
11
944
441
4
1,330 1,270 1,186 1,085
15
14
13
14
500
496
336
450
59
407
7
63
30
1,807
56
403
7
41
372
5
55
33
368
4
58
46
28
22
26
1,691 1,691 1,688
1 As of Sept. 30, 1952, the Fund had sold 847.0 million U. S. dollars;
in addition, the Fund sold to the Netherlands 1.5 million pounds
sterling in May 1947 and 300 million Belgian francs in May 1948, sold
to Norway 200 million Belgian francs in June and July 1948, and sold
to Brazil 10 million pounds sterling in January 1951. Repurchases
amounted to 180.1 million dollars. Currencies the net transactions in
which
amount to less than one million are reported under "All other."
2
Excludes uncalled portions of capital subscriptions, amounting to
7,229 million dollars as of Sept. 30, 1952, of which 2.540 million represents the subscription of the United States.
12.3 712.3 735.0 735.2
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
1942—Dec
1943—Dec
1944—Dec.
1945—Dec
1946—Dec.
1947—Dec
1948—Dec
1949—Dec.
1950—Dec
Other
assets 2
Notes
and
coin
950.0
1,100 0
1,250.0
L,400.0
L,450.0
1,450.0
1,325.0
L,350.0
,375.0
27.7
12 5
13.5
20.7
23.4
100.8
36.1
33.7
19.2
Gold*
30
29
27
26
25
31
29
28
27
.2
.4
.4
1951—Oct 31
Nov 28
Dec. 26
4
.4
,400.0
,400.0
,450.0
.4
.4
4
.4
4
.4
.4
4
.4
,400.0
,400.0
,400.0
4 1 ,450.0
,450 0
4 ] .500.0
4
.550.0
4
.500 0
1,500.0
1952—Tan.
Feb.
Mar
Apr.
Mav
Tune
Tulv
30
27
26
30
?8
25
30
2
2
.2
.2
.2
2
4
...
\u» 27
Sept. 24
Assets of banking
department
Assets of issue
department
4 |
Discounts
and advances
Securities
Liabilities of banking department
Note
circulation a
Deposits
Bankers'
Public
ECA
Other
Other
liabilities and
capital
i7.4
97.9
.4
48.8
60 4
52.3
58.5
57.3
95.5
92.1
111.2
85.0
17 9
17 9
17.8
17.8
18.1
18 1
18.1
18.1
18.1
8.4
13.6
15.2
16.7
14.8
29.2
267.9
307 9
317.4
327.0
327.6
331.3
401.1
489.6
384.0
923.4
1,088 7
1,238.6
1,379.9
1,428.2
1,349.7
1,293.1
1,321.9
1,357.7
223.4
234 3
260.7
274.5
278.9
315.1
314.5
299.2
313.5
5.3
10.3
18.6
11.7
11.6
15.4
49.7
38.2
14.1
20.8
16.8
18.2
356.0
364.0
389.2
1,351.8
,363.7
.437.9
303.9
294.7
299.8
14.5
16.4
13.4
7.2
93.1
89.4
89.8
17 8
18.0
18.1
48.1
34.9
17.4
41.9
39.7
59.8
36.8
43 0
57.8
7.9
17.7
23.6
27.4
11 .9
21.2
21 .6
7 9
343.7
344.2
351.8
306.1
319.6
309.6
319.7
324.4
^ . 5
1,353.8
1,367.0
1,384.6
1,410.0
1,412.2
1,442.1
1,515.1
1 ,459.0
1,444.1
277.8
283.0
280.3
273.0
270.0
275.7
262.0
252.4
2 75.7
15.5
11.8
12.1
10.7
10.1
10.6
10.4
16.0
11.1
.5
87.5
83.1
81.3
73.4
72.6
72.5
69.2
64.8
67.0
18.3
18.5
18.5
17.8
18 0
18.1
18.3
18 4
18.5
3.5
2 5
5.1
5.2
9.0
10.3
5.2
.6
.6
.4
.5
.5
.5
13.6
18.2
23.0
24.2
1
On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence
per fine ounce, and on Sept. 19. 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for
internal
gold transfer? 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. 16. increased by 50 million on Apr. 1, June 25. and July 21. and decreased b\r150
lillion on Aug. 27. For details on previous changes, see Buu.i;nx for February 1952, p. 212: February 1951, p. 238; February 1950, p. 254 ;
Aipril 1949, p. 450; and February 1948. p. 254.
No TIC.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication
ublication.
1254
FEDERAL RESERVE BULLETIN
CENTRAL
BANKS—Continued
:Liabilities
Assets
Bank of C a n a d a
(Figures in millions of
Canadian dollars)
1939—Dec
1940—Dec.
1941—Dec.
1942—Dec.
I943—Dec.
1944—Dec
I945—Dec.
1946—Dec
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
30
31
31
31
31
30
31
31
31
31
31
30
Sterling
and United
States
dollars
Gold
225.7
(4)
1951—Oct. 31
Nov. 30
Dec. 31
Dominion and provincial government
securities
Deposits
Other
assets
Shortterm 1
Chartered
banks
Other
Dominion
government
181.9
448.4
391.8
807.2
787.6
906 9
1,157.3
L,197 4
1,022.0
1,233.7
L,781.4
1.229.3
49.9
127.3
216.7
209.2
472.8
573.9
688.3
708.2
858.5
779.1
227.8
712.5
5.5
12 A
33.5
31.3
47.3
34.3
29.5
42.1
43.7
45.4
42.5
297.1
232.8
359 9
496.0
693 6
874.4
1,036 0
L,129.1
,186 2
L ,211.4
L,289.1
L.307 4
L.367.4
217.0
217.7
232.0
259.9
340.2
401.7
521.2
565 5
536.2
547.3
541.7
578.6
46.3
10.9
73.8
51.6
20.5
12.9
153.3
60 5
68.8
98.1
30.7
24.7
17.9
9.5
6.0
19.1
17.8
27.7
29.8
93 8
67.5
81.0
126.9
207.1
13.3
28 5
35.1
24 0
55.4
209 1
198.5
42 7
42.4
43.1
119 2
172.6
96.5
128.8
117.8
,317.5
1,137.8
1,141.8
956.4
1,043.1
1,049.3
83.1
79.2
135.2
,406.5
1,407.2
1,464.2
588.3
633.8
619.0
210.3
66.0
94.9
83.3
92.5
66.1
165.0
189.5
200.0
85.4
70.3
60 1
72,3
78.3
43 8
63.0
74 9
73.5
1,095.4
1,058.1
,179 9
1,191.5
1,203.6
.251 3
,280.0
303 2
1,263.7
1,042.6
1,027.7
882 2
874.7
824.6
817 8
843.9
857 0
870.9
82.7
88.2
106 8
84.0
73.8
76 1
71 .2
69 7
70.8
1,375 6
I,374.4
,393 2
1,411 8
1,417.4
.441 8
.458 3
464 4
L.476.5
629.2
616.7
656 5
645.7
579.4
578 0
595.5
614 7
588.2
92.8
88.5
14 6
14.3
21.9
26 8
51.6
52 0
30.7
54.9
52.1
66 1
41.7
44.6
48 5
41 6
47 4
49.4
153.4
112.5
98 6
109 0
117.1
93 9
111 .2
])-> 1
134.0
Assets
B a n k of F r a n c e
Gold s
Liabilities
Advances to
Government 6
Domestic bills
Foreign
exchange
Deposits 7
Other
assets «
Open
market
6
Special
Other
Current
Note
circulation
Other
Government
ECA
Other
Other
liabilities
and
capital
2,925
844,986
868,474
821,318
815,596
7,078
4,087
7,213
10,942
16,206
19,377
24,234
14,200
30,473
63,900 112,317
69,500 182,507
68,250 250,965
64,400 366,973
15,850 475,447
445,447
67,900 480,447
147,400 558,039
150,900 558,039
157,900 560,990
158.900 481.039
151,322
15,549
218,383
18,571
270,144
17,424
382,774
16,990
500,386
16,601
572,510
20.892
570,006
24,734
721,865
33,133
920,831
59,024
987,621
57,622
112,658 1,278,211
212,822 1,560,561
1,914
984
1,517
770
578
748
12,048
765
733
806
1,168
70
15.058
14,751
27,202
25,272
29,935
33,137
37,855
57,755
63,468
82,479
171,783
158,973
161,720
481,039
481,039
481,039
252,303 1,827,781
199,545 1,779,556
190,830 1,841,608
62
19
29
16,240
1,869
10,587
166,453
157,228
166,226
25,905
27,922
41,332
166,500 481,039
174,400 481,039
169,300 4 79.082
171,100 500,982
160.000 470,082
168.000 470.082
167.800 4 79.982
168.600 170.082
166.300 170,082
184,064 1,866,693
126,412 1,880.832
113,090 1,861,681
139,74 7 1,925,615
118.726 1,900.526
110.501 1.885.020
184.057 1.084 .540
160.852 1.060,553
°1 71 .2 74 1,062 ,2 70
57
96
22
84
30
36
55
13
83
7,157
3,699
15,783
341
6.645
730
816
0.030
539
156,405
198,702
188,767
156,326
171 .350
143.000
121.411
137.403
129.755
36,015
30.601
41,448
29,679
38,539
43,541
43.369
46.878
61 .930
1939—Dec. 2 8 . . . 97,267
1940—Dec. 2 6 . . . 84,616
1941—Dec. 3 1 . . . 84,598
1942—Dec. 3 1 . . . 84,598
1943—Dec. 3 0 . . . 84,598
1944—Dec. 2 8 . . . 75,151
1945—Dec. 2 7 . . . 129,817
1946—Dec. 2 6 . . . 94,817
1947—Dec. 3 1 . . . 65,225
1948—Dec. 3 0 . . . 65,225
1949—Dec. 2 9 . . . 62,274
1950—Dec. 2 8 . . . 182,785
112
42
38
37
37
42
68
7
12
30
61,943
162,017
5,818
7,802
6,812
8,420
9,518
12,170
17,980
37,618
67,395
97,447
137,689
136,947
5,149
2,345
3,646
661
4,517
12
5,368
169
7,543
29
18,592
48
25,548
303
76,254
3,135
64 117,826
8,577 238,576
28,548 335,727
34.081 393,054
1951—Oct. 3 1 . . . 191,447
Nov. 2 9 . . . 191,447
Dec. 2 7 . . . 191,447
82,087
31,888
28,320
168,822
153,650
234,923
23,855
32,015
31,956
670,689
716,710
741,267
166,200
160,300
160,000
1952—Jan. 3 1 . . .
Feb. 28. . .
Mar. 2 7 . . .
Apr. 3 0 . . .
Mav 2 9 . . .
Tune 2 6 . . .
Julv 31 . . .
Aim. 28 . . .
Sept. 2 5 . . .
20,857
15,607
11,336
13,634
15.808
16.001
20.077
23.435
27.613
233,879
245,014
272,204
273,149
274,111
251.301
258.560
257.580
2 70,264
31,456
20,280
29,239
22,984
26,128
21.871
11.770
14.40.1
31 ,781
757,085
850.733
841.006
799,004
841.807
831.044
835.500
S54.081
812.416
191,447
191.447
191 ,447
191 ,447
191,447
101.447
101 .447
10.1.04 3
101 .013
Other
64.3
38.4
200.9
.5
.6
172.3
156.8
1.0
2.0
.4
74.1
111.4
1952—Jan. 31
Feb. 29
Mar 31
Apr 30 . .
Mav 31
Tune 30
Tulv 31
Ail" ?9
Sept. 30
(Figures in
millions of francs)
Other
liabilities
and
capital 3
Note
circulation2
1
Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves.
Beginning November 1944, includes a certain amount of sterling and United States dollars.
4
On May 1. 1940. gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1040. pp. 677-678).
5
For details on devaluations and other changes in the gold holding:* of the Fnnk of France, see BULLETIN for September 1951, p. 1211: September 1050. 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 item?, see BULLETIN for January 1050. p. 117, footnote 6.
7
Bediming January 1950. when the Bank of France modified the form of presentation of its statement, the figures under this heading art
not strictly comparable with those shown for earlier dates.
s
Includes the following amount? (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.
9
Includes advance to Stabilization Fund, amounting to 55.9 billion francs on Sept. 25.
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
3
NOVEMBER
1952
1255
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks. .
Other assets
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 BoHvia—Monetary dept. (millions of bolivianos):
Gold at home and abroad 2
Foreign exchange (net)
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Ceylon (thousands
of rupees):
Foreign exchange
Advances to Government 8
Government securities
Other assets
Currency in circulation
Deposits—Government
Banks
Other liabilities and capital
Central Bank of Chile (millions
of pesos):
Gold
Foreign exchange (net)
Net claim on Int'l. Fund *
Discounts for member banks. . . .
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Rank
Other
Other liabilities and capital
Bank of the Republic of Colombia
(thousands of pesos):
Gold and foreign exchange
Net claim on Tnt'l. Fund *
Paid-in capital—Int'l. Bank
1952
Sept.
814
-42
2,132
46,271
251
17,970
27,392
840
3,223
Aug.
1951
July
Sept.
814
814
17
112
2,126 2,124
45,770 45,576
25
248
17,818 1 7.68(
27,246 27,357
783
778
3,139 3,058
838
,670
,044
,396
28 =
,286
,531
679
,737
298,643 300,099 280.220 645 ,951
5,374 4,587 4,679
5,,340
462,
53,301 458,840 373, ,286
48,685 61 , 18( 62,871
79 .984
310,418 306 ,668 303,168 284,,721
184,445 191 ,22C: 194.920 514,,570
37,574 36,536 36,830
32 ,883
283,21; 284,7-43 271,683 272! 386
98
903
7,145
3,263
41
8,566
255
419
2,211
51
475
,49.
,690
36
,264
305
618
,559
35,897 36,760 36,760
16,823 16,800 17,716
4,252
5,678
7,521
34,763 34,763 34,763
9,131
8,261
7,690
4,013
3,859
3,677
94,411 95,465 97,175
1,433
1,326
1,620
1,358
1,394
1 ,449
7,676
7,936
7,882
470
860
772
333
437
626
957
237
98
1,363
7,103
2,529
38
8,528
227
485
1,891
98
1,209
7,207
2,762
40
8,686
255
47<J
1,896
(June)*
1,370
1 ,056
1,510
1,830
333
4,438
943
719
934
,370
750
,016
,857
125
,052
443
624
703
M3
49,792 40,966
3
3,781
3.207
2
393,671 393,928 419
3,691 19,137
54
123,681 125,817 200
35,983 34,766 '47.
503,453 529,476
1 ,109
1,109
101
90
221
221
2,464
2,287
665
665
9,318
9,026
2,649
2,522
11,154 10,519
2,345
2,388
498
306
2,667
2,571
241,685
24,371
1,407
1,109
221
166
2,147
665
8.452
2 ,882
10,338
2,697
247
2,362
235,938 165
24,371 24
1,406
1
,248
221
107
,859
675
,418
.397
,855
, 659
357
,055
1952
Central Bank
(Figures as of last report
date of month)
Sept.
Bank of the Republic of Colombia—Cont.
Loans and discounts
Government loans and securities.
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Costa Rica
(thousands of colones):
Gold
Foreign exchange
Net claim on Int'l. Fund *
Loans and discounts
Securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
National Bank of Cuba
(thousands of pesos):
Gold
Foreign exchange (net)
Foreign exchange (Stabilization
Fund)
Silver
Net claim on Int'l. Fund 4
Loans and discounts
Credits to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
National Bank of Czechoslovakia *
National Bank of Denmark
(millions of kroner):
Gold
Foreign exchange
Contributions to Int'l. Bank. . . .
Loans and discounts
Securities
Govt. compensation account. . . .
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Central Bank of the Dominican
Republic (thousands of dollars):
Gold
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.):
Gold •
Foreign exchange (net) 6
Net claim on Int'l. Fund *
Credits—Government
Other
Other assets
Note circulation
Demand deposits—Private bank?
Other
Other liabilities and capital
National Bank of Egypt (thousands of7 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
1951
Aug.
11 ,511
72,918
7,031
77,598
7,384
24,765
116,741
64,508
19,958
July
Sept.
354,303
160,758
87,116
503,458
302,595
63,587
341,741 2 74,968
161,574 141,409
89,884 102,119
498,385 412,627
295,43
208,139
89,427
61,093
11,511
80,896
7,031
69,244
7,435
24,826
115,371
66,276
19,29(1
11,511
92,101
7,031
62,206
7,335
24,046
117,351
68.106
18,773
11,511
22,365
7,031
90,142
8,197
15,852
101,955
41,807
11,336
(June)
318,240 310,564
70,290
69,520
149,447 129,889
34,988
42,242
12,511
12,511
16,643
1 ,453
22,794
10,397
33,548
27,997
423,471 373,644
226,712 223,485
5,2 79
7,445
69
603
69
510
441
3,513
242
1,681
1 ,497
1,610
166
69
550
86
437
3,517
241
1 ,643
1.500
1 ,551
166
95
435
3,542
183
1 ,670
1.505
1,533
166
12,071 12,066 12,066
21 ,573 21,785 20.809
1,250
1 ,250 1,250
42
42
42
181
206
336
8,395
8.395
8.395
632
618
589
32,425 32,996 31,469
10,327
9,998 10,669
1,393
1 ,369 1.348
138,06
77,039
18,757
83,842
36,587
55,190
167,958
81 ,344
50,575
09,605
69
454
8
132
135
3,924
513
1,578
1 ,797
1,668
193
8,056
18,048
1,250
40
332
6,217
977
26,350
7,737
834
336.797
117,208
18,757
227,724
220,230
141.978
528,351
165,465
144,023
224,854
335,488
80,436
18,758
186,102
177,107
203,908
499,180
140,420
109,762
252,436
60.553 60,553
13,882 21,201
60,552
35,378
337,608
145,425
18,757
228.607
239,727
153,360
562.793
167.099
159,488
234,104
276,429
14,320
3,664
3,087
175,519
48,076
126,132
22,207
283,574
17,432
323,926
5,390
2,661
170,456
69,862
121,986
23,118
2,658
172,708
82,875
151,132
21,189
f
*1 Latest month available.
Revised.
On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc.
J
It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar.
1
Includes special loan under Bretton Woods Agreements Act.
* 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 the1 Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
For last available report (March 1950), see BULLETIN for September 1950, p. 1262.
8
In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar.
7
Beginning April 1951, gold previously held in Issue Department revalued from 7.4375 grams of fine gold to 2.55187 grams of fine gold per Egyptian pound.
NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1952, p. 102; January 1951, p. 112; and
January 1950, p. 118.
1256
FEDERAL RESERVE
BULLETIN
CENTRAL BANKS—Continued
1952
Central Bank
(Figures as of last report
date of month)
Central Reserve Bank of El Salvador (thousands of coiones):
Gold
Foreign exchange (net)
Net claim on Int'l. Fund l
Loans and discounts
Government debt and securities..
Other assets
Note circulation
Deposits
Other liabilities and capital
S t a t e Bunk of Ethiopia 2
Bank of Finland (millions of markkaa):
Gold
Foreign assets (net)
Clearings Cnet)
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of German States
Sept.
Aug.
Central Bank
(Figures as of last report
date of month)
July
1952
Sept.
1951
Aug.
July
Sept.
Bank of ftaly (billions of lire):
Gold
73.68S
73,753
2 6 . " 9 9 35.735
1 ,566 1 ,566
25.388 18,643
6,33Ci
6.344
1 ,4
1 .393
78,852 81.019
49.0-18 49.146
7.268
7,501
73,821
40.559
1 ,566
14.520
6.814
1 ,265
81 .647
49.598
7,300
5 ,865 5 865 5 ,865
10,551 12.57 14.684
3 .859
1 .672 2 .0-18
39.2 71 38.2S3 31.189
1 ,1 80
1 ,145 1 .086
1 ,907 1 888 1 ,898
•13.768 4 5.193 44.173
395
1 ,793
2 .355
14.893 M ,258 14.013
(millions of German marks):
459
492
49:
Gold
3.98S
3 669 3.41
Foreign exchange
2 .868
2,951
2,837
Loans and discounts
8,398
7.824
8.381
Loans to Government
573
833
709
Other assets
9,843
10,122 10,030
Note circulation
1.820
1 ,750
1 .781
Deposits—Government
1 ,983 2,178
2 003
Ranks
250
241
210
Other
1 .820
Other liabilities and capital . . . . 1 ,911 1 .8-1
Bank of G r e e c e (billions of drachj
mae):
1 .501 1 .523
Gold and foreign exchange (net) .
111
127
Loans and discounts
8.633
8.891
Advances—Government
3.389
3.289
Other
1 .797 1 .877
Other assets
2.042
Note circulation
820
S>4
Deposits—Government
Reconstruction and
6.90.; 6.810
relief accts
1.065J 1 .916
Other
3,732 3,917
Other liabilities and capital. . . .
Bank of G u a t e m a l a (thousands of
quetzales):
27 .228
Gold
11.110 1-1 ,007
Foreign exchange (net)
1 .2 SO 1 .2S0
Gold contribution to Int'l. Fund .
7 .1 80
Rediscounts and advances
18.528 17.012
Other assets
30,605 3 8 . 8 ) 6
Circulation—Notes
3,326
3 3>6
Coin
3,761
Deposits—Government
7.28 1 6.88 1
Banks
11.653 11.611
Other liabilities and capital
National B a n k of H u n g a r y 3
Reserve B a n k of I n d i a (millions of
rupees):
Issue department:
400
400
Gold at home and abroad
5.532
,38.
Foreign securities
4.646
4.646
Tndian Govt. securities
818
791
Rupee coin
10,858 11.011
Note circulation
Banking department:
320
380
Notes of issue department. . . .
1 .200
1,411
Balances abroad
13
14
Bills discounted
34
33
Loans to Government
1 ,031
1 .020
Other assets
2.635
.3-1?
Deposits
253
243
Other liabilities and capital. . .
Central B a n k of Ireland (thousands
of pounds):
2.646
2.616
2,646
Gold
57.627 55,772 55.480
Sterling funds
60,273 58,418 58,135j
Note circulation
Foreign exchang
Advances to Treasury
Loans and discounts
Government securities
,
Other assets
,
N O ' P circulation
,
Allied military notes
Deposits—Government
,
Demand
,
Other
,
Other liabilities and capital
B a n k of J a p a n (millions of yen):
4 75
Cash and bullion
685
Advances to Government
763
Loans and discounts
,
240
Government securities
045
Other assets
,
997
Note circulation
272
Deposits—Government
•114
Other
863
Other liabilities
T h e J a v a B a n k (millions of ruplah):
Gold '
Foreign exchange (net)
. 4 84
Loans and discounts
,
.622
Advances to Government
.062
Other
assets
.585
Note circulation
,
.054
Deposits—KCA
,509
Other
890
Other liabilities and capital
.426
of pesos):
.874 B a n k of Mexico (millions
Monetary reserve 5
"Authorized" holdings of securities, etc
.126
Bills and discounts
,
208
Other assets
. 1 56
Note
circulation
.431
Demand liabilities*
, 1 SO
Other liabilities and capital. . . .
.132
B a n k (millions of
875 {Netherlands
guilders):
Gold"
.320
Silver (including subsidiary coin).
. 2 71
Foreign assets (net)
. 8001
Loans and discounts
Govt. debt and securities
Other assets
.229
Note circulation—Old
. 779
New
.250
Deposits—Government
. 060
KCA
. 569
Other
.211
Other liabilities and capital
. 265
.367 [Reserve B a n k of New Z e a l a n d
.901
(thousands of pounds):
.143
Gold
Foreign exchange reserve
Loans and discounts
Advances to State or State undertakings
100
Tn vestments
,982
Other assets
,681
Note circulation
677
Demand deposits
,
,307
Other liabilities and capital
B a n k of Norway (millions of kroner):
433
Gold
,
, 1 70
Foreign assets (net)
65
Clearing accounts (net)
51
Loans and discounts
,
. 1 03
Securities
. 706
Occupation account (net)
217
Other assets
Note circulation
Deposits—Government
.646
Banks
.372
FCA—MSA
.018
Other liabilities and capital
4
39
590
259
217
808
1,285
4
39
590
259
211
823
1 ,268
61
54
414
102
103
56
401
100
4
38
500
24 7
212
816
1,250
110
58
304
86
4
36
590
250
204
686
1.150
2
161
74
302
81
991
1 ,341
38,300
41.440
336.553 383.756
135.838
80.036
02.038
38,246
455.405 416,359
50.801
81,802
40.14 7
21,465
40.358
25,194
1 .063
441
685
3,291
622
3,689
496
1,202
715
1,063
160
53
3,959
614
3,763
406
1 .480
583
1 .063
705
377
3,4 28
668
3 ,860
406
1.344
541
871
752
587
1 ,530
649
2,891
779
720
1 ,099
1,076
1 ,018
1 .139
2 ,908
4 77
392
3.053
1.3.15
4 79
2.883
505
316
3.066
1,240
474 :
2.601
502
422
3.023
1 .050
4 70
2.985
462
448
2.953
1 ,603
479
1,23;
1 ,22
14
1.604
38
1
600
42
2.013i
761 j
1.062)
3471
207;
1 ,325
14
391
209
1.177
18
58
469
3.237
594
47
2,755
17
1,722
506
506
5,096i 5,955
23.156 20.719
6.019 6,019
5,365
68.670
6,019
53.073
36.182 32,182
1 ,256 1 .024
59.568 60.374
58,565 51.684
6,915
7.192
51 ,4 59
31 ,440
3 ,1 09
60.566
98,888
6,607
M
1 ,984
40
1 ,538
645
41
t 988
753
1,120
330
21-1
242
4 14
52
46
45
5,546
60
2.761
1.946
902
271
555
1 ,540
34
1 .9 20
504
42
2 .932
700
1 .062
242
468
42
49
45
5,546
61
2,732
1 .654
1 .262
262
543
242
294
9
44
46
6.202
155
2,478
1 ,698
1 .1 53
813
843
1
This figure represents the amount of the bank's subscription to t h e 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 chiim" will equal the country's gold contribution.
2
For last available report d u l y 1950), see BULLETIN for December 1950. T>. 1699.
"For last available report (February 1950). see BULLETIN for September 1950, p. 1263.
45 Gold revalued on Jan. 18. 1950, from .334087 to .233861 grams of fine gold per rupiah.
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
6
Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder.
N O T E . — F o r details relating to individual items in certain bank statements, see BULLETIN for January 1952, p. 103; January 1951, p. 113.
NOVEMBER
1952
1257
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1951
Sept.
Aug.
July
State Bank of Pakistan (millions of
rupees) :
Issue department:
81
81
81
Gold at home and abroad...
482
573
681
Sterling securities
900
809
752
Pakistan Goyt. securities. . .
126
126
126
Govt. of India securities. . . .
300
300
300
India currency
71
73
71
Rupee coin
1,875
,886
1,942
Notes in circulation
Banking department:
85
75
68
Notes of issue department. .
Balances abroad
46
2
46
Bills discounted
1
1
2
Loans to Government
455
535
473
Other assets
433
552
495
Deposits
111
102
98
Other liabilities and capital..
Central Bank of Paraguay*
(thousands of guaranies):
169
1,169
Gold
260 66,871
Foreign exchange (net)
11
11
Net claim on Int'l. Fund *
-1 075 — 1,042
Paid-in capital—Int'l. Bank
676
75,663
Loans and discounts
317 19 220,822
Government loans and securities.
154 285 200,381
Other assets
340 898 333,933
Note and coin issue
63 214 68,205
Deposits—Government
146 500 127,007
Other
65
911 34,729
Other liabilities and capital
Central Reserve Bank of Peru
(millions of soles):
599
573
Gold and foreign exchange 8
67
67
Net claim on Int'l. Fund J
2
2
Contribution to Int'l. Bank
317
285
Loans and discounts to banks. . .
848
842
Loans to Government
215
233
Other assets
,333 1,361
Note circulation
392
354
Deposits
313
297
Other liabilities and capital
Central Bank of the Philippines
(thousands of pesos):
17 622 17,314
Gold
455, 214 438,958
Foreign exchange
29, 504 29,504
Net claim on Int'l. Fund 2
055 36,382
Loans
233 824 233,908
Domestic securities
151 770 166,770
Other assets
516 495 25,454
Note circulation
277,
257,701
Demand deposits
139
139,680
Other liabilities and capital
Bank of Portugal (millions of
escudos):
4,413
Gold
11,601
Foreign exchange (net)
639
Loans and discounts
1,419
Advances to Government
617
Other assets
8,915
Note circulation
1,353
Demand deposits—Government..
29
ECA
6,289
Other
2,104
Other liabilities and capital
South African Reserve Bank
(thousands of pounds):
,453 53.604
Gold *
,582 67,827
Foreign bills
494 14,046
Other bills and loans
914 32,538
Other assets
,027 87,463
Note circulation
,424 58,151
Deposits
,993 22,401
Other liabilities and capital
Bank of Spain (millions of pesetas):
558
558
558
Gold
374
374
374
Silver
,886 15,775
Government loans and securities. 15,988
,409 19,381
20,522
Other loans and discounts
Sept.
44
851
655
136
300
35
,972
50
643
99
2
309
992
110
528
20
2
315
714
244
,191
325
307
11,
510
29,
25!
231
197.
579
231
195,
,026
,086
645
,247
808
,567
992
42
,706
,505
479
,438
082
547
163
,938
,444
550
3
,608
,163
Central Bank
(Figures as of last report
date of month)
1952
Sept.
Aug.
1951
July
Bank of Spain—Cont.
,699 26,930 27,508
Other assets
.,646 35,793 35,721
Note circulation
,518 1 ,434 1,714
Deposits—Government
,036 2,892 2,570
Other
,941 23,039 23,592
Other liabilities and capital
Bank of Sweden (millions of kronor):
454
444
445
Gold
,315 1,334 1,319
Foreign assets (net)
88
88
88
Net claim on Int'l. Fund *
11
11
11
Paid-in capital—Int'l. Bank
Swedish Govt. securities and ad- 5
2,741
,477
2,562
vances to National Debt Office
269
306
302
Other domestic bills and advances
741
747
728
Other assets
,158 4,121 4,051
Note circulation
284
782
500
Demand deposits—Government..
432
148
96
Other
632
641
634
Other liabilities and capital
Swiss National Bank (millions of
francs):
, 799 5,798 5,813
Gold
337
418
375
Foreign exchange
234
231
231
Loans and discounts
80
77
75
Other assets
,747 4,677 4,635
Note circulation
,577 1 ,602 1,629
Other sight liabilities
200
201
199
Other liabilities and capital
Central Bank of the Republic of
Turkey (millions of pounds):
419
419
409
Gold
Foreign exchange and foreign
100
85
86
clearings
,756
1,534
1,713
Loans and discounts
27
27
27
Securities
102
91
132
Other assets
,238
1,138
1,268
Note circulation
153
153
153
Deposits—Gold
769
678
769
Other
232
188
187
Other liabilities and capital
Bank of the Republic of Uruguay
(thousands of pesos):
(Tune)*
Gold
321,119
9,600
Silver
314
Paid-in capital—Int'l. Bank
165.939
Advances to State and Govern363,304
ment bodies
427,001
Other loans and discounts
359,693
Other assets
81 ,529
Note circulation
306,446
Deposits—Government
539,609
Other
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
1,141
,141
1,141
Gold
162
228
113
Foreign exchange (net)
64
85
71
Other assets
854
855
854
Note circulation
249
290
245
Deposits
264
310
226
Other liabilities and capital
Bank for International Settlements (thousands of Swiss gold
francs):
560,
555,444 507,473
Gold in bars
72,406 56,669
Cash on hand and with banks. . . 47,
10,
10,338 10.318
Sight funds at interest
Rediscountable bills and accept233,770
260,
219,057
ances (at cost)
43,506J 44,952
Time funds at interest
7?
205.734
211,383
Sundry bills and investments. . . . 197!
297,2Oi!297,201
Funds invested in Germany
297
1,409i
1 .372
Other atsets
1
Demand deposits (gold)
401 662 377,426 339,137
Short-term deposits:
Central banks—Own account.. 503 421 4 78,654 469 905
41 426 50,108 55.660
Other
228 9091228,909 ?28 909
Long-term deposits: Special
270 769 269,998 269,527
Other liabilities and capital
Sept.
23,265
32,821
221
2,987
19,936
283
918
88
10
3,351
247
517
3,636
822
343
613
5,977
187
177
77
4,586
1,633
199
419
113
1,456
15
86
1,098
153
548
291
382,044
9,830
318
125,046
313.037
385,823
350,880
91,960
324,075
449,184
1,141
-76
119
740
210
234
439,705
47,518
9,151
120.545
37,926
33\,079
297,201
1 .349
320,680
387,523
81,882
228.909
265,479
*1 Latest month available.
The new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary
Department of the Bank of Paraguay were transferred to the new institution. The Bank of Paraguay has been reconstituted as a governmentowned
commercial bank.
2
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.
3
In November 1949, part of the gold and foreign exchange holdings of the bank were revalued.
4
On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce.
5
Includes small amount of non-Government bonds.
NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120.
1258
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
In effect Dec. 31,
1945
Nov. 7, 1946
Dec 19
Jan. 10, 1947
Aug
Oct
June
Sept
Oct
May
July
Oct.
June
Sept
Sept
Oct.
Dec
Apr.
July
27
9
28
6
1
27,
14
6
8,
11
26
27
1
17,
5
Neth- SweUnited
Ger- BelKing- France many gium erden
dom
lands
3K
2
2K
IK
Central
bank of—
Switzerland
V
Rate
Sept.
30
Argentina
Austria
Belgium
Bolivia
I*
Canada
Chile
Colombia
6
3H
Central
bank of—
Rate
Sept.
30
Date
effective
Mar. 1, 1936
Tuly 3, 1952
Sept. 13, 1951
Sept. 30, 1950
Italy
Japan
Java
Mexico
4
5.84
3
4^
Apr.
Oct.
Apr.
June
Oct. 17, 1950
June 13, 1935
July 18, 1933
Feb.
1, 1950
Netherlands..
New Zealand.
Norway
Pakistan
3
Aug. 1, 1952
Tuly 26, 1941
Jan.
9, 1946
July
1, 1948
Nov.
May
Tuly
Mar.
Peru
Portugal....
South Africa.
Spain
6 .
6,
1,
1,
4,
1950
1951
1946
1942
&2K
2H&3
1948
3K
15
3H&4
Costa Rica....
14^
14
1949.
3H
3
3
4H
3H
2H
1950
Denmark
Ecuador
Egypt
El Salvador. . .
3
.
4
5
10
3K
3
2,
13,
5,
22,
1950
1948
1952
1950
1
Nov.
Jan.
Mar.
Mar.
H
13,
12,
27,
18,
1947
1944
1952
1949
4
4
1951.
Sept. 13 .
Oct 11
Nov. 8
Nov
9
Jan 22, 1952
Mar. 12
May 29
AllR. 1 . . . .
•\ug 21
In effect Sept. 30,
1952
Date
effective
3V
3M
Finland
France
3
4
Greece
India
Ireland
3K
4
14K
12
3K
3K
15
3
i
4
3
Dec.
Nov.
Aug.
July
Nov.
Mar.
16,
9,
21,
12,
15,
25,
1951
1951
1952
1948
1951
1952
Sweden
Switzerland..
Turkey
United Kingdom
USSR
i*
Dec. 1, 1950
Nov. 26, 1936
Feb. 26, 1951
4
4
Mar. 12, 1952
July 1, 1936
1
Rate established for the Land Central banks.
XOTF.—Changes since Sept. 30: Xone.
3
IK
OPEN-MARKET RATES
[Per cent per annum]
Canada
France
United Kingdom
Netherlands
Sweden
Switzerland
Month
Treasury
bills
3 months
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
Bankers'
allowance
on deposits
Day-today
money
Treasurv
bills
3 months
Day-today
money
Loans
up to
3 months
3
fd
Private
discount
rate
i i^
.25
.25
1
1
1
1
1047- Aug
1048--Aug
1040--Aug
1050- -Aug
1051—Aug
.53
.50
.38
36
40
.41
.41
.51
.55
.70
.03
.03
.03
03
. 53
.53
.56
.67
.60
1 .00
1 .00
1 .00
1.00
1 .00
.51
.51
.51
.52
.51
.51
1.00
1.11
1 .13
1.13
.63
. 63
. 63
63
.63
.63
.50
.50
.50
.50
.50
.50
.50
.50
.50
. 50
1.66
1 .62
1 .68
1 50
1 32
1 .46
1. . 88
P2 06
2.35
2.64
1 41
1.30
1 .35
1.25
1 .44
1.38
1 18
1 .00
1 .06
.01
.05
1.00
1951- --September. . . .
October
Xovember....
December
.88
03
. 02
.80
1.00
1 .00
1 .38
1.50
.51
.51
.84
.98
. 63
.63
.02
1 .00
.50
.50
.60
. 75
2 .56
2.78
3.2 7
3 .50
1.24
1 16
1 .17
1.21
1 .00
1 00
1 .00
1.00
3-5
3 -5
3-5
3-5
. 50
SO
. 50
.50
.89
.01
.04
. 08
1 02
1 .08
1.11.
1 .10
1 .50
1 .50
2.48
3.00
3.00
3 .00
3 .00
3.00
.97
09
2.01
2.35
2.37
2.43
2.46
2.46
1 .00
1 00
1 .82
2.25
2.25
2.25
2.25
2.25
. 75
.75
1 .57
2.00
2.00
2 .00
2 .00
2 .00
3 .50
3 .03
3 .95
3.88
3 .84
3.66
3.84
3.77
1 .18
1.17
1.38
1.40
1.25
1.20
1.05
.85
1 .00
1 .00
1 .00
1.00
.00
. 75
. 75
.58
3 5
3-5
3 -5
3-5
3-5
3-5
. . 50
. 50
.50
.50
50
50
.50
50
1042—Aug
1043
\ui?.
1044 -Aug
1045--Aug.
1046- —-\UR.
1052—January
Februarv
March
April
Alav
Tune
Julv
August
">\/'- \ j /
2j|-4>!
^1-4jJ
~y3-5
3• 5
3- 5
725
L.63
. 50
I .50
L.50
v Preliminary.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 1 72,
pp. 656-061, and for description of statistics see pp. 571-572 in same publication.
NOVEMBER 1952
1259
COMMERCIAL BANKS
Assets
United Kingdom »
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
Money at
call and Bills dis- Treasury
short
counted receipts 2
notice
1946—December
1947—December.
1948—December
1949—December
1950—December
499
502
502
532
432
480
485
571
540
592
1,109
1.408
1951—October
November
December
514
579
1,330
517
562
901
531
598
972
102
521
605
965
66
492
492
501
491
504
^01
510
503
526
526
512
518
537
53^
516
530
856
854
883
936
15
..
1952—Tanuarv
February
March
April
Mav
Tn no
julv
Aii'ni^t
September
Liabilities
610
793
741
1
1
1
1
Deposits
Loans to
customers
Q
1,560
1,288
1,397
793
456
177
108
,064
,139
.°39
,295
,427
,483
,478
,512
,528
1,219
1,396
1,534
1,660
,555
,033
,965
1,910
1,935
1,950
,954
,944
,935
,934
,932
.917
1,928
1 ,945
1 ,959
1,967
1 ,901
1 ,875
1 834
1 .765
1 .758
917
.918
.921
Other
assets
994
505
567
621
579
T35
778
787
867
824
804
789
821
713
726
696
638
662
Total
Demand
Time
5,685
5,935
6,200
6,202
6,368
3,823
3,962
4,159
4,161
4,262
1,862
1,972
2,041
2,041
2,106
6,204
6,189
6,333
4,140
4,118
4,290
2,063
2,071
2,042
6,204
5,893
5,887
5,994
5,903
6,064
6 063
6,04 8
6,126
4,173
3,923
3,914
3,952
3,840
3 .909
3 903
3.87S
3 ,910
2,031
1.971
1 ,974
2,042
2 ,063
2,155
2 .1 59
2 .1 70
2,216
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Security
loans
1946—December
1947—December .
1948—December
1949—December
1950—December
753
731
749
765
824
134
1951—September
October
November
December
788
107
835
111
843
907
1952—Tanuarv
Februarv
March
April
Mav
lime
Tulv
August
869
809
880
897
785
Si 3
84 7
828
136
105
101
133
96
107
107
95
97
140
132
138
M5
1-17
342
396
420
427
550
638
654
651
659
689
667
623
587
559
558
537
543
Liabilities
Security
loans
a )road
and net Securities
due from
Other
oans and foreign
banks
discounts
Entirely in Canada
Cash
reserves
Other
liabilities
and
capital
1,507
1,999
2,148
2,271
2,776
132
106
144
146
3,045
3,034
3,123
3,028
217
2,955
2.918
2,949
2,960
3.012
3.048
3,053
3.018
183
231
202
236
255
328
171
182
166
227
2 79
260
Other
assets
4 ,232
3 ,874
4 ,268
4 ,345
4 ,286
1.039
1,159
1,169
1,058
1,304
3 ,876
3 ,876
3 ,894
3 ,876
L,242
,403
1,423
1,464
3 ,927
4 , 003
4 ,095
4 , 068
4 , 100
4 .067
4 . 134
1,303
1,353
L.390
,370
,350
,453
,278
,306
4 .139
Note
circulation
21
18
16
14
(«)
(»)
(•)
(•)
(8)
(')
(3)
(3)
(3)
(')
(*)
(*)
(3)
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Time
Other
liabilities
and
capital
6,252
6,412
7,027
7.227
7,828
2,783
2,671
2,970
2,794
3,270
3,469
3,740
4,057
4,433
4,558
1.525
1,544
L.537
1,477
1,667
7,637
7,752
7,829
7,896
3,042
3,177
3,213
3,284
4,595
4,575
4,616
4,612
1,639
,688
1,715
1,714
7,705
7,761
7,979
7.987
7,979
8.120
8,079
8,075
3,066
3,076
3,231
3,230
3,210
3.328
3.243
3.205
4,639
4 ,685
4,748
4,757
4,769
4,792
4,836
4,870
1,637
1,648
1,634
1,685
I ,655
1,727
,658
,652
1
Assets
Liabilities
France
;4 large banks. End
of month figures in
millions of francs)
Cash
reserves
Due from
banks
18,007
22,590
45,397
40,937
48.131
18,940
19,378
35,633
42,311
52.933
1951 - A u g u s t . . , .
September
October
November
December
49,453
52,015
48.996
47,980
60,215
1952—Tanuarv
February
March
April
May
Tune
July
50,662
48,669
45,646
48,832
50.436
45,999
1946—December
1947—December
1948—December
1949—December
1950— December
. . .
..
Bills discounted
Loans
Other
assets
Deposits
Total
Demand
Time
ances
Other
liabilities
and
capital
Own
65,170
86,875
126,246
129.501
135.289
17,445
27,409
34,030
29,843
31,614
291, 945
341, 547
552, 221
627, 266
749, 928
290,055
338,090
545.538
615 ,204
731 .310
1.890
3,457
6.683
8.062
18.618
15,694
25,175
30,638
26,355
28,248
7,145
8,916
12,691
15,662
17,316
65,572
64,414
79.337
81,460
72,559
195,223
219,386
354,245
426,69C
527.525
485.824
540,986
520.457
506,061
627.648
171,380
167.362
173.530
179,933
165,696
49,582
52,138
59.099
61,658
38,114
753, 627
805, 610
799, 918
793, 078
906, 911
732 ,964
783 ,881
777 ,973
76* .657
87< ,767
20,663
21,729
21,946
24,422
27,145
30,611
30,952
35,382
35,372
33,774
37,573
40,353
46,120
48 641
23,547
75,407
73,868
75,148
72,94 7
75,533
72.818
70,090
534,792
538,245
555,883
556,1.SI
618,19(
554.963
560,877
189,098
183,504
174,048
180,550
172.693
193.9-12
196.665
36,548
38,310
40,219
41,474
43,093
44.-163
45.990
831 ,691
827, 946
834, 482
831 ,729
891., 422
848, 354
846. 689
801
79f
80-5
80f
861
81<
817
,854
,396
.481
, 944
, 703
.030
. 569
29.837
31,551
32.002
30,786
29,719
20,324
29,120
30,433
30,414
28,953
28,482
27,025
25.529
23,811
26,854
26,227
30 531
36,556
39,893
42,738
49,121
1
» This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except
in June
and December when the statements give end-of-month data.
2
Represent six-month loans to the Treasury with a yield of % per cent after October 1945.
» Less thaii $500,000.
Xon:.- -For details concerning data in earlier years, see RULLKTIX for February 1952, p. 466; for back figures and figures on German commenial banks, see Banking and Monetary Statistics, Tables 168-171. pp. 648-655, and for description of statistics see pp. 566-571 in same publication.
1260
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
Preferential
1946
1947
1948
1949
1950
1951
29 773
29 773
29 773
29.774
26.571
20.000
13.333
13.333
1951—November
December
20.000
20.000
1952—Tanuarv
February
March
April
May
Tune
Tulv
August
September
October
Year or month
Free
Australia
(pound)
(franc)
"Bank
notes"
account
In cents per unit of foreign currency]
Brazil
(cruzeiro)
Official
Free
Canada
(dollar)
Official
Free
95.198
100.000
100.000
97.491
90.909
93.288
91.999
91.691
92.881
91.474
94.939
6.0602
5 4 403
5.4406
5.4406
5.4406
5.4406
42.973
32.788
32.849
1.9838
1.9838
5.4406
5.4406
32.850
32.830
95 820
97.410
1.9838
1.9838
1.9838
1.9838
1.9838
1.9838
1.9842
1.9879
1.9920
1.9965
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
32.691
32.662
32.783
32.921
32.752
32.505
32 509
32.445
32.418
32.499
99.490
99.869
100.375
101.891
101.615
102.086
103.120
103.984
104.171
103.681
8.289
7.067
321.34
321.00
321 .22
293.80
223.15
223.07
2.2829
2.2817
2.2816
2.2009
1.9908
1.9859
13.333
13.333
6.937
6.986
223.15
222.61
20.000
20.000
20.000
20.000
20.000
20.000
20.000
20.000
20.000
20.000
13.333
13.333
13.333
13.333
13.333
13.333
13.333
13.333
13.333
13.333
6.979
7.115
7.172
7.164
7.169
7.183
7.196
7.194
7.195
7.196
221.92
222.00
223.03
224.10
223.24
221.88
222.17
222.19
221.73
222.55
Ceylon
(rupee)
Czechoslovakia
(koruna)
Denmark
(krone)
2.0060
2.0060
2.0060
2.0060
2.0060
3 2.0060
20.876
20.864
20.857
19.117
14.494
14.491
2
2.1407
1.9722
1.9622
France
(franc)
Germany
(deutsche
mark)
India
(rupee)
* .4354
.3240
.3017
.2858
.2856
Finland
(markka)
British
Malaysia i
(dollar)
Official
Free
Ireland
(pound)
Mexico
(peso)
Netherlands
(guilder)
23 838
23.838
30.155
30.164
30 169
27.706
20.870
20.869
37.813
37.760
37.668
34.528
26.252
26.264
1946
1947
1948 .
1949
1950 .
1951
27.839
20.850
20.849
* 280'.38'
20.581
20.577
18.860
12.620
11.570
11.564
1951—November
December
20.850
20.840
14.492
14.492
.4354
.4354
.2856
.2856
23.838
23.838
20.870
20.861
280.38
280.38
11.569
11.567
26.270
26.287
1952—Tanuarv
February
March
April
Mav
Tune
July
A.ucjust
September
October
20 799
20.818
20.916
21 003
20.961
20 834
20.871
?0 875
20 854
20.903
14.492
14.492
14.492
14,492
14.492
14 492
14.492
e 14.492
.4354
.4354
.4354
.4354
.4354
4354
.4354
.4354
4354
.4354
.2856
.2854
.2856
.2856
.2856
28S6
.2856
2856
2856
.2856
23.838
23.838
23.838
23.838
3
23.838
20.819
20.839
20.949
21.031
20.988
20.870
20.892
20.893
20.866
20.921
280.38
280.38
280.38
280.77
280.07
2 78.46
278.82
278.85
2 78.26
279.30
11.562
11.561
11.564
11.569
11.566
11.561
11.574
11.623
11.623
11.611
26.320
26.329
26.319
26.340
26.337
26.317
26.324
26.317
26.291
26.312
A 409
.4929
.4671
8407
New
Zealand
(pound)
Norway
(krone)
PhilipPortupine
gal
Republic (escudo)
(peso)
South
Africa
(pound)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
1946
1947
1948
1949
1950 .
1951
322.63
322.29
350 48
36S 07
277.28
277.19
20.176
20.160
20.159
18.481
14.015
14.015
49.723
49.621
49.639
4.0501
4.0273
4.0183
3.8800
3.4704
3.4739
400.50
400.74
400.75
366.62
278.38
278.33
25.859
27.824
27.824
25.480
19.332
19.327
23.363
23.363
23.363
23.314
23.136
23.060
403.28
402.86
403.13
368.72
280.07
279.96
65.830
65.830
65.830
65.830
65.833
65.833
56.280
56.239
56.182
56.180
56.180
56.180
42.553
42.553
42.553
1951—November
December
277.27
276.72
14.015
14.015
49.643
49.643
3.4605
3.4726
278.38
277.79
19.327
19.327
22.882
22.900
280.05
279.49
65.833
65.833
56.180
56.180
42.553
42.552
1952—Tanuarv
February
March
April
Mav
Tune
Tulv
August
September
October
2 75.39
275.36
2 76.91
277.96
277.29
275.71
2 76.06
276.09
275.51
276.53
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
49.655
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
3.4874
3.4863
3.4888
3.4906
3.4898
3.4801
3.4 793
3.4848
3.4878
3.4825
276.95
277.01
278.55
279.80
279.03
277.42
277.78
277.81
277.23
278.25
19.327
19.327
19.327
19.327
19.327
19.327
19.327
19.327
19.327
19.325
22.880
22.881
22.947
23.013
23.078
23.138
23.240
23.288
23.320
23.329
278.15
278.12
279.67
280.79
280.07
278.46
278.82
278.85
278.27
279.30
65.833
65.833
65.833
65.833
65.833
65.833
65.833
65.833
65.833
65.833
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.1 SO
56.180
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
Year or month
NOVEMBER
1952
Uruguay
(peso)
1261
MICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
1941
194?
1943
1944
1945
1946
1947
1948
1949
United
States
(1947-49 =
100)
... .
57
64
Canada
(1935-39
= 100)
Mexico
(1939 =
100)
116
123
110
121
67
68
128
131
146
179
69
79
96
104
99
103
115
132
139
163
193
198
211
240
199
229
242
260
285
311
386
1951—September
October
November
December
113
114
240
240
393
395
114
239
403
114
238
402
1952—Tanuary
February
March
April
Mav
113
113
112
112
112
111
237
233
231
227
225
227
402
400
404
407
406
405
112
226
224
400
19 SO
1951
June
July
•\u<ru^t
September
112
112
United
Kingdom
(1930 =
100)
France
(1949 =
100)
9
10
153
159
163
166
169
175
192
219
230
262
320
400
393
Italy
(1938 =
100)
136
153
12
14
20
34
52
89
100
108
138
325
329
329
330
138
146
335
329
333
330
328
328
32 7
325
322
153
152
149
147
145
143
Japan
(1934-36
average
= 1)
5,159
5,443
5,170
4,905
5,581
5,438
5,451
5,462
5,454
151
152
5,415
5,380
5,323
r 5,255
5,179
r
5,133
5,199
"5 .219
144
144
M43
Netherlands
(1948 =
100)
Sweden
(1935 =
100)
2
2
172
189
2
2
196
196
Switzerland
(Aug. 1939
= 100)
194
186
171
195
203
207
20 >
4
16
48
128
209
246
342
100
104
117
143
214
216
227
299
200
208
217
206
203
227
223
227
199
353
359
142
143
304
306
359
144
317
356
145
318
228.
358
357
353
349
348
348
145
145
143
142
140
139
351
136
137
320
320
322
321
321
322
227"
224
222>
221
220
220
220
220
?'22O
P320
i>319
226
r
v Preliminary.
Revised.
Sources.—See
B U L L E T I N for J a n u a r y 1952. p . 108; A u g u s t 1951, p . 1046: Tanuary 1950. p . 124; J ume 1949, p . 754; J u n e 1948, p . 746; Julj>
1947, p. 934; J a n u a r y 1941, p. 84; April 1937. p . 3 7 2 ; M a r c h 1937, p. 276; a n d O c t o b e r 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Canada
(1935-39=100)
United States
(1947-49=100)
Year or month
Farm
products
Other
Processed commodfoods
ities
Farm
products
Netherlands
(1948=100)
United Kingdom
(1930=100)
Raw and Fullv and
chiefly
partly
manumanufactured factured
goods
goods
Foods
Industrial
products
Foods
Industrial raw
products
Industrial
finished
products;
1941
1942
1943
1944
194S
1946
1947
1948
1949
1950
1951
46
59
69
69
72
83
100
107
93
98
113
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
98
106
96
100
111
64
68
69
70
71
78
95
103
101
105
116
107
127
145
155
165
177
190
230
226
237
265
114
123
131
134
136
140
164
196
197
213
238
119
124
127
129
130
138
162
192
199
211
242
146
158
160
158
158
158
165
181
197
221
247
156
160
164
170
175
184
207
242
249
286
"364
100
101
112
122
100
108
128
171
100
104
116
143.
1951—September
October
November
December
110
112
112
111
111
112
111
111
115
115
115
115
261
259
265
267
236
236
237
236
244
243
242
240
261
263
263
266
P363
P367
P368
P368
121
122
124
129
171
174
177
174
142
142
142
141
1952—Tanuary
February
March
April
Mav
June
Tulv
August
September
110
108
108
109
108
107
110
110
110
109
108
109
109
110
111
111
114
114
114
113
113
113
113
113
113
263
251
248
245
244
250
244
236
"224
233
228
226
221
220
221
219
216
240
236
235
231
228
231
230
229
277
271
276
280
280
283
289
2S7
283
P368
P363
P366
130
133
130
130
128
127
122
124
176
172
169
166
165
163
162
164
141
141
139
138
136
134
133
133
no
106
P358
P355
P352
P3-18
>'3-15
"343
n.a. Not available.
P Preliminary.
Sources—See BULLKTIN for Tanuary 1952, p. 108; August 1951, p. 1046; July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March
1931, p. 159.
1262
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
COST OF LIVING
[Index i lumbers
RETAIL FOOD PRICES
[Index numbers
United
United
CanK i n g - France N e t h e r2ada
dom
States'
lands
(1935-39 (1935-39 (Jan.
(1949
= 100)
= 100)
= 100) 15, 1952
= 100)
= 100)
Year or
month
1943
1944
1945
1946
1947
1948
1949
1950
1951 .
138
136
139
160
194
210
202
205
227
131
131
133
140
160
196
203
211
241
1951-September.
October. . .
November.
December.
227
229
231
232
1952-January...
February..
March
April .
May.. ..
Tune
Tulv
August.. . .
September.
232
228
228
230
231
232
235
236
233
.
.
er-
land
(AllR.
1939 =
100)
Year or
month
100
111
121
161
164
164
160
170
176
174
176
181
1943
1944
1945
1946
1947
1948
1949
1950
1951
124
126
129
140
160
172
170
172
186
118
119
119
124
136
155
161
167
185
129
132
137
139
124
125
123
122
183
184
184
184
1951-September.
October. . .
November.
December.
187
187
189
189
100
100
101
104
104
109
142
145
144
142
139
137
123
124
124
125
124
124
1952-January.. .
February..
March
April
108
136
P123
140
J>\20
183
182
182
182
183
184
185
185
189
188
188
189
189
190
19!
191
191
67
72
76
82
91
12
15
21
36
57
92
100
111
128
251
250
250
249
94
95
96
97
250
248
242
240
235
237
240
238
r
United
United
Can- Kingada
States i
dom
(1935-39 (1935-39 (Jan.
= 100) 15, 1952
--=100)
= 100)
Switz-
107
P234
-"142
Mav
[une
July
August....
September.
"186
Switz(1949
= 100)
N e t h e r2- erlands
land
(1949
(Aug.
= 100) 1939 =
100)
77
82
84
86
95
12
16
22
35
57
90
100
111
130
100
109
119
148
151
153
152
158
163
162
159
167
190
190
191
191
97
98
98
98
133
136
140
143
121
121
120
119
169
170
171
171
192
191
189
189
187
187
188
188
100
100
101
102
102
104
104
103
146
149
148
147
145
143
143
145
120
120
120
120
119
119
120
119
171
171
171
170
171
171
171
171
P187
P 146
P\20
"172
r
P Preliminary.
Revised.
Adjusted series reflecting allowances for rents of new housing units and, beginning January 1950, interim revision of series and weights.
Beginning January 1952, the index is based on data for 21 communities instead of 9 as heretofore.
Sources.—See Bri.LHTix for August 1952. p. 961; Tanuary 1952, p. 109; August 1951, p. 1047; October 1950, p. 1421; January 1950, p. 125
July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
1
2
SECURITY PRICES
[Index numbers except as otherwise specifiedj
Common stocks
Bonds
Year or month
Number of issues. . .
United
States
(high
grade) l
United
Canada Kingdom
(1935-39 (December
= 100)
1921=100)
17
87
France 2
(1949 =
100)
Netherlands
60
14
1944
1945
1946
1947
1948. . .
1949
1950
1951
118.7
121.6
123.4
122.1
118.3
121 .0
122.0
117.7
103.0
105.2
117.2
118.5
105.0
107.6
109.6
95.7
127.5
128.3
132.1
130.8
129.9
126.5
121.2
117.6
136.8
138.3
131.5
120.0
106.4
100.0
99.8
101.4
1951—October
November.. .
December. . .
116.9
115.3
114.8
94.6
92.8
89.3
116.3
115.0
110.9
104.2
103.3
103.3
1952—January
February....
March
April
May
June
July
August
September .. .
115.5
116.5
115.9
116.2
116.3
116.2
116.0
115.8
115.7
88.2
87.8
86.9
86.7
88.8
87.7
85.3
84.0
P83.6
110.4
110.5
107.3
108.5
108.6
105.8
105.8
106.3
110.0
103.5
103.3
105.2
105.3
110.7
113.9
114.4
114.8
United
States
(1935-39
= 100)
Canada
(1935-39
= 100)
United
France 2
Kingdom
(1926=100) (1949 = 100)
Netherlands
27
416
105
278
109.0
105.6
107.1
106.8
106.7
87.0
99.8
121.5
139.9
123.0
124.4
121.4
146.4
176.5
83.8
99.6
115 7
106.0
112.5
109.4
131 .6
168.3
88.6
92.4
96.2
94.6
9?.O
87.6
90.0
97.1
100
92
113
195
233
240
219
217
215
81.3
80.3
78.3
185.0
177.7
182.5
183.3
174.0
177.3
99.0
97.3
94.9
132
127
129
215
207
206
80.0
187.1
183.2
185.2
183.6
183.7
187.6
192.1
191 .1
188.2
181.7
179.5
177.6
' 175.8
169.0
171.6
174.9
176.0
P171.6
95.0
92.8
90.5
91.6
92.0
89.6
89.9
89.9
91.2
139
149
149
144
136
142
145
146
204
198
191
185
185
184
190
190
192
81.5
83.3
83.9
84.5
85.2
85.4
87.6
87.1
295
265
p Preliminary.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
Beginning August 1951, figures are revised to show monthly averages rather than end-of-month quotations. Yearly averages for 1951
and previous years, however, are based on end-of-month data and are therefore not strictly comparable.
NOTE.—For sources and description of statistics, see BULLETIN for August 1952, p. 961; September 1951, p. 1219; March 1951, p. 357; June
1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121
1
2
NOVEMBER
1952
1263
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
OFFICE OF THE SECRETARY
DIVISION OF EXAMINATIONS
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
GEORGE S. SLOAN, Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H . LANG, Chief Federal Reserve Examiner
LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
PIOWARD H . HACKLEY, Assistant General Counsel
DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
OFFICE OF T H E SOLICITOR
G. HOWLAND CHASE, Assistant
ROBERT C. MASTERS, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
Solicitor
J. E. HORBKTT, Assistant Director
LOWELL MYRICK, Assistant
Director
DIVISION OF RESEARCH A N D STATISTICS DIVISION OF PERSONNEL ADMINISTRATION
RALPH A. YOUNG, Director
FRANK R. GARFIELD, Adviser on Economic Research
KENNETH B. WILLIAMS, Assistant Director
SUSAN S. BURR, Assistant Director
GUY E. NOYES, Assistant Director
C. RICHARD YOUNGDAIIL, Assistant
Director
DIVISION OF I N T E R N A T I O N A L FINANCE
DWIGHT L. ALLEN, Director
H. FRANKLIN SPREGIIER, JR., Assistant
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETH FA, Director
JOSEPH E. KELLEIIER, Assistant Director
EDWIN f. JOHNSON, Assistant Director
OFFICE OF DEFENSE LOANS
ARTHUR W. MARGET, Director
LEWIS N. DEMBITZ, Assistant Director
GARDNER L. BOOTIIE, II,
FEDERAL OPEN
MARKET COMMITTEE
WM.
M C C . MARTIN, JR.,
ALLAN SPROUL,
MALCOLM BRYAN
Vice
Chairman
Chairman
A. L. MILLS, JR.
C. E. EARHART
J. L. ROBERTSON
R. M. F.VANS
M. S. SZYMCZAK
H U G H LEACH
JAMES K. VARDAMAN, JR.
C. S. YOUNG
WINFIELD W. RIEFLKR, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
W O O D L i n F THONTAS,
Economist
GEORGE W. MITCHELL, Associate Economist
EARLE L. RATBER, Associate Economist
H. V. ROELSE, Associate Economist
O. P. WHEELER, Associate Economist
CHAS. W. WILLIAMS, Associate Economist
RALPH A. YOUNG, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Mar\et Account
1264
Director
Administrator
FEDERAL
ADVISORY COUNCIL
WALTER S. BUCKLIX,
BOSTON DISTRICT
N . BAXTER JACKSON,
NEW
GEOFFREY S. S M I T H ,
PHILADELPHIA DISTRICT
GEORGE G U N D ,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
Vice
YORK DISTRICT
President
PALL M. DAVIS,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
V. J. ALEXANDER,
ST. LOUIS DISTRICT
JOSEPH F . RINGLAND,
MINNEAPOLIS DISTRICT
DAVID T . BEALS,
KANSAS CITY DISTRICT
D E W I T T T . RAY,
DALLAS DISTRICT
JAMES K. LOGHEAD,
SAN FRANCISCO DISTRICT
HERBERT V. PROCIINOW, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Vice Presidents
Federal Reserve Chairman l
President
{Vice Presidents in charge of branches are listed in
Bank of
Deputy Chairman
First Vice President
lower section of this page)
Boston.
Harold D. Hodgkinson
Ames Stevens
J. A. Erickson
Alfred C. Neal
John J. Fogg
Carl B. Pitman
Robert B. Harvey 3 O. A. Schlaikjer
E. O. Latham
R. F. Van Amringe
New York.
Robert T. Stevens
William I. Myers
Allan Sproul
William F. Treiber
H. A. Bilby
H. H. Kimball
L. W. Knoke
Walter S. Logan
A. Phelan
Philadelphia.. .
Warren F. Whittier
C. Canby Balderston
Alfred H. Williams
W. J. Davis
Karl R. Bopp
P. M. Poorman
Robert N. Hilkert J. V. Vergari4
E. C. Hill
Richard G. Wilgus2
Wm. G. McCreedy
Cleveland.
George C. Brainard
John C. Virden
Ray M. Gidney
Wm. H. Fletcher
Wilbur T. Blair
Roger R. Clouse
A. H. Laning 3
Martin Morrison
Paul C. Stetzelberger
Donald S. Thompson
Richmond.
Charles P. McCormick
John B. Woodward, Jr.
Hugh Leach
J. S. Walden, Jr.
N. L. Armistead
R. W. Mercer 3
C. B. Strathy
K. Brantley Watson
Edw. A. Wayne
Chas. W. Williams
Atlanta.
Frank H. Neely
Rufus C. Harris
Malcolm Bryan
L. M. Clark
V. K. Bowman
E. C. Rainey 2
J. E. Denmark
L. B. Raisty
Harold T. Patterson Earle L. Rauber
S. P. Schuessler
Chicago.
Franklin J. Lunding
John S. Coleman
C. S. Young
E. C. Harris
Allan M. Black
Neil B. Dawes
W. R. Diercks
W. A. Hopkins
L. H. Jones 2
St. Louis
Russell L. Dearmont
Wm. H. Bryce
Delos C. Johns
O. M. Attebeiy
FrederickL.Deming H. H. Weigel
Dale M. Lewis
J. C. Wotawa
Wm. E. Peterson
Minneapolis
Roger B. Shepard
Paul E. Miller
O. S. Powell
A. W. Mills
H. C. Core
E. B. Larson
H. G. McConnell
Otis R. Preston
M. H. St roth man, Jr.
Sigurd Ueland
Kansas City
Robert B. Caldwell
Cecil Puckett
H. G. Leedy
Henry O. Koppang
P. A. Debus 2
M. W. E. Park
Clarence W. Tow
D. W. Woolley
Dallas.
J. R. Parten
R. B. Anderson
R. R. Gilbert
W. D. Gentry
E. B. Austin
R. B. Coleman
J. L. Cook 3
Watrous H. Irons
L. G. Pondrom
Harry A. Shuford
Mac C. Smyth
C. E. Earhart
H. N. Mangels
E. R. Millard
H. F. Slade
Ronald T. Symms 3
O. P. Wheeler
San Francisco... Brayton Wilbur
William R. Wallace, Jr.
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
J. H. Wurts
L. G. Meyer
George W. Mitchell
A. L. Olson
Alfred T. Sihler
W. W. Turner
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE: BANKS
Federal Reserve
Federal Reserve
Vice Presidents
Branch
Branch
Vice Presidents
Bank of
Bank of
New York
Cleveland
Richmond
Atlanta
Chicago
St. Louis
1
Also Federal Reserve Agrent.
NOVEMBER
I. B. Smith
W. D. Fulton
J. W. Kossin
D. F. Hagner
R. L. Cherry
John L. Liles, Jr.
T. A. Lanford
R. E. Moody, Jr.
E. P. Paris
H. J. Chalfont
C. M. Stewart
C. A. Schacht
Paul E. Schroeder
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
1952
2
Cashier.
3
Minneapolis.... Helena
C. W. Groth
Kansas City.... Denver
Oklahoma City
Omaha
G. A. Gregory
R. L. Mathes
L. H. Earhart
Dallas
C. M. Rowland
W. H. Holloway
W. E. Eagle
El Paso
Houston
San Antonio
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
4
W. F. Volberg
J. A.Randall
W. L. Partner
J. M. Leisner
Counsel.
1265
FEDERAL RESERVE BOARD PUBLICATIONS
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Remittance should be made
payable to the order of the Board of Governors
of the Federal Reserve System.
ANNUAL REPORT OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM. Issued each year.
Available without charge upon request.
FEDERAL RESERVE BULLETIN. Issued monthly. Sub-
THE
FEDERAL RESERVE S Y S T E M — I T S PURPOSES AND
FUNCTIONS. November 1947; reprinted July
1952. 125 pages. 75 cents per cloth-bound copy;
in quantities of 10 or more copies for single shipment, 50 cents each. Paper-bound copies available without charge.
BANKING STUDIES. Comprising 17 papers on bank-
ing and monetary subjects by members of the
Board's stall. August 1941; reprinted October
1952. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single shipment, 75 cents each.
scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa BANKING AND MONETARY STATISTICS. Statistics of
banking, monetary, and other financial developRica, Cuba, Dominican Republic, Ecuador,
ments. November 1943. 979 pages. $1.50 per
Guatemala, Haiti, Republic of Honduras, Mexico,
copy. No charge for available individual sections
Nicaragua, Panama, Paraguay, Peru, El Salvador,
(unbound).
Uruguay, and Venezuela is $2.00 per annum or
20 cents per copy; elsewhere $2.60 per annum or A STATISTICAL STUDY OF REGULATION V LOANS.
September 1950. 74 pages. 25 cents per copy;
25 cents per copy. Group subscriptions in the
in quantities of 10 or more copies for single shipUnited States for 10 or more copies to one adment, 15 cents each.
dress, 15 cents per copy per month, or $1.50 for
12 months.
T H E DEVELOPMENT OF BANK DEBITS AND CLEARINGS
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
RATES, AND BUSINESS.
Issued monthly.
$6.00
per annum including edition of historical supplement (listed below) available when subscription
is entered or renewed. 60 cents per copy; in
quantities of 10 or more copies of a particular
issue for single shipment, 50 cents each. (Domestic rates)
HISTORICAL
SUPPLEMENT
TO FEDERAL
RESERVE
AND
THEIR U S E IN ECONOMIC ANALYSIS.
Janu-
ary 1952. 175 pages. 25 cents per copy; in
quantities of 10 or more copies for single shipment, 15 cents each.
THE
FEDERAL RESERVE ACT, as amended to Novem-
ber 1, 1946, with an Appendix containing provisions of certain other statutes aflecting the
Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.
COMPILATION OF FEDERAL AND STATE LAWS RELAT-
CHARTS ON BANK CREDIT, MONEY RATES, AND
ING TO BRANCH BANKING IN THE UNITED STATES.
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)
(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
1
A more complete list, including periodic releases and
reprints, appeared on pp. 726-29 of the June 1952 BULLETIN.
1266
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BOARD PUBLICATIONS
REPRINTS
REVISED WEEKLY
(From Federal Reserve Bulletin unless preceded by an asterisk)
T H E INTERNATIONAL MOVEMENT OF GOLD AND DOL#
INDEX OF DEPARTMENT
STORE
SALES. April 1952. 4 pages.
1952 SURVEY OF CONSUMER FINANCES—CONSUMER
LARS IN 1950. March 1951. 10 pages.
PLANS FOR SPENDING AND SAVING.
T H E TREASURY—CENTRAL BANK RELATIONSHIP IN
pages.
PART I.
April 1952. 6
CONSUMER EXPECTATIONS AS TO
AND TECH-
ECONOMIC TRENDS AND CONSUMER INVESTMENT
NIQUES. November 1950. April 1951. 19 pages.
PREFERENCES. July 1952. 17 pages. PART II. PUR-
FOREIGN
COUNTRIES—PROCEDURES
TRENDS IN INTERNATIONAL TRADE AND PAYMENTS.
April 1951. 14 pages.
CHASES OF DURABLE GOODS AND HOUSES IN 1951
AND BUYING PLANS FOR 1952.
August 1952.
pages.
SELECTED
PART
III.
INCOME,
16
INVEST-
HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING
MENTS, AND SHORT-TERM DEBT OF CONSUMERS.
THE INTRODUCTION OF REAL ESTATE CREDIT REGU-
September 1952. 28 pages. (Also, similar surveys for earlier years from 1946, 1947, 1948, 1949,
LATION. July 1951. 23 pages.
SAVING
IN THE DEFENSE
1951.
NEW
ECONOMY.
September
OF MAJOR
CONSUMER
5 pages.
INDEX
STATEMENT BY CHAIRMAN OF THE BOARD OF GOV-
OF OUTPUT
DURABLE GOODS.
1950, and 1951 BULLETINS.)
October 1951. 6 pages.
CREDIT AND SALES REPORTED BY REGULATION
ERNORS
BEFORE
SUBCOMMITTEE
ON GENERAL
CREDIT CONTROL AND DEBT MANAGEMENT, MARCH
W
REGISTRANTS. October 1951. 12 pages.
11, 1952. April 1952. 4 pages.
CHANGES IN INSTALMENT CREDIT TERMS.
REVISED INDEXES OF DEPARTMENT STORE SALES AND
May 1952.
6 pages.
STOCKS BY DISTRICTS. December 1951. 53 pages.
EXCESS
ECONOMIC PROBLEMS FACING POST-TREATY JAPAN.
January 1952. 11 pages.
PROFITS
TAXES
OF COMMERCIAL
BANKS.
June 1952. 18 pages.
REAL ESTATE LOANS OF REGISTRANTS UNDER REGU-
T H E SECOND ARMAMENT BUDGET.
February 1952.
9 pages.
MONEY AND CREDIT IN 1951.
February 1952.
9
pages.
INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951.
RECENT CHANGES IN GERMANY'S FOREIGN TRADE
NOVEMBER 1952
June
1952. 6 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
April 1952.
PROBLEMS OF TRADE EQUILIBRIUM.
October 1952.
9 pages.
BALANCE. March 1952. 7 pages.
pages.
FINANCING OF LARGE CORPORATIONS IN 1951.
AND BUSINESSES. July 1952. 2 pages.
March 1952. 10 pages.
BANKING IN THE SOVIET UNION.
LATION X. June 1952. 18 pages.
8
REVISED
SERIES
ON DEPARTMENT
STOCKS, AND ORDERS.
STORE
SALES,
October 1952. 5 pages.
1267
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
1
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRi TORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
@FedFRASER