Full text of Federal Reserve Bulletin : September 1952
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ESERVE
FEDERA
BULLETIN
SEPTEMBER 1952
BOARD 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
Postwar Use of Consumer Funds
967-973
1952 Survey of Consumer Finances:
Part III. Income, Selected Investments, and Short-term Debt
of Consumers
974-1001
Real Estate Credit
1002-1003
Law Department
1004-1011
Current Events and Announcements
1012
National Summary of Business Conditions.
1013-1014
Financial, Industrial, Commercial Statistics, U. S. (See p. 1015 for list of tables)
1015-1064
International Financial Statistics (See p. 1065 for list of tables)
1065-1083
Board of Governors and Staff:; Open Market Committee and StafT; Federal
Advisory Council
1084
Senior Officers of Federal Reserve Banks; Managing Officers of Branches
Federal Reserve Board Publications
Map of Federal Reserve Districts.
1085
1086-1087
1088
Subscription Price of Bulletin
FEDERAL
RESERVE
September
VOLUME 38
BULLETIN
1952
NUMBER 9
POSTWAR USE OF CONSUMER FUNDS
Consumer spending and saving decisions
were stabilizing factors in the economy during the second year of the defense emergency,
offsetting in part the increasing diversion of
output to national security purposes. During
much of the first year after the outbreak of
hostilities in Korea, consumer spending
added to inflationary pressures in markets
for many goods and services. During the
second defense year consumer expenditures
for nondurable goods and services kept pace
with rising incomes, but purchases of new
homes and of consumer durable goods were
smaller than in the preceding 12 months and
the flow of consumer funds into financial
assets was substantially larger.
Consumer indebtedness of all types continued to increase from the high level outstanding at the time of the Korean outbreak.
The growth in debt, however, was slower in
the second defense year than in the first, and
was not much above the average for the four
postwar years before June 1950. The increase
in consumer holdings of financial assets, on
the other hand, was considerably greater
in the past year than in the earlier periods.
MOVEMENT TOWARD PREWAR PATTERNS
The ways consumers dispose of funds obtained from personal income, borrowing, and
sales of assets reflect a wide range of needs,
preferences, and requirements. Expenditures
for nondurable goods and services such as
SEPTEMBER
1952
food, clothing, and rent account for the
largest part of all consumer uses of funds.
Capital outlays for new homes, automobiles,
and other durable goods are another important use of funds, as are transactions that add
to consumer holdings of financial assets.
Payment of personal taxes is now a substantial item. Finally, investments in their own
enterprises are a use of funds by proprietors
of farms and other unincorporated businesses. Shifts in consumer preferences, particularly as between outlays for capital
goods and additions to financial assets, have
contributed greatly to postwar changes in
general economic activity.
Consumer expenditures for new homes
and durable goods were large and generally
increasing throughout the period July 1946
through June 1950. Even during the moderate recession of 1948-49, consumer capital
outlays declined less and recovered earlier
than business investment expenditures. For
the pre-Korean period as a whole, the value
of consumer purchases of capital goods averaged almost three and a half times the restricted wartime rate.
Expenditures for nondurable goods and
services, which had increased in the war
period, rose further in early postwar years.
The relative increase from wartime levels,
however, was much smaller than the rise in
consumer outlays for capital goods, produc967
POSTWAR USE OF CONSUMER FUNDS
CONSUMER
USES OF FUNDS,
SELECTED PERIODS
[Percentage distribution]
Use
Personal taxes
Nondurable goods and
services
Durable goods
New homes
Net increase in financial assets
Net increase in unincorporated business
equities l
Other 3
July
1946
1938-41 1942-45 through
June
1950
Year ending
June 30
1951
1952 P
3.4
10.1
9.4
10.4
11.6
78.8
9.3
3.4
63.2
4.7
.8
71.0
10.6
3.2
68.5
12.0
4.5
68.3
9.5
3.6
5.0
16.0
4.8
4.1
5.9
(2)
(2)
5.2
(2)
(2)
.9
(2)
.7
.5
Total uses of funds . . . .
100.0
100.0
100.0
100.0
100.0
Annual average, in billions of dollars
81.3
157.7
212.6
253.8
271.8
P Preliminary.
1
Increase in business assets of farms and other unincorporated
businesses less depreciation of business assets and increase in
business liabilities. Personal activities of farmers and other proprietors, such as payments of personal taxes, consumption expenditures, and increases in personal holdings of financial assets,
are included with activities of other consumers in the appropriate
lines of the table.
2
A net decrease (net source of funds to consumers) in this period.
3
Includes increases in assets of nonprofit organizations and
statistical discrepancy (outlays not accounted for).
NOTE.—Columns may not add to 100 per cent because of rounding. Basic data from U. S. Department of Commerce and Securities and Exchange Commission, with supplementary estimates by
Federal Reserve.
tion of which had been cut back sharply
during the war. In contrast to the high level
of expenditures for capital goods, consumer
use of funds to acquire financial assets was
substantially below the high wartime rate.
The assets acquired included liquid assets
such as currency and bank deposits, United
States Government securities and savings
and loan shares, and other financial claims
such as private insurance and pension reserves, and corporate and municipal securities.
In i m p o r t a n t respects these postwar
changes brought the allocation of consumer
funds closer to the pattern prevailing in
prewar years. As is shown above in the table,
funds allocated to durable goods, new homes,
and financial assets respectively were about
the same proportion of all consumer uses
of funds in the four years preceding Korea
as they had been in the four years just before
World War II.
968
Principal differences in the pattern of
consumer use of funds before and after the
war were the substantially larger part of the
total paid out in personal taxes and the
smaller part accounted for by purchases of
nondurable goods and services. The rise in
personal tax payments, reflecting higher
income taxes carried over from the war
period as well as higher levels of employment and income, brought the ratio of
personal taxes to total consumer uses of
funds above 9 per cent from about 3.5
per cent in the prewar years.
The smaller proportion of funds used for
nondurable goods and services reflected
mainly the relatively slow rise in utility prices
and the continuation of rent controls in many
areas after the war. Expenditures for nondurable goods rose rapidly in early postwar
years, owing in part to sharp increases in
food and apparel prices. In the four years
after the war, purchases of food, clothing,
and other nondurable goods averaged more
than two and a half times prewar levels and
were about the same relative share of all
consumer uses of funds as in prewar years.
Consumer expenditures for services, although twice prewar levels, were a substantially smaller share of the total.
PERSONAL CONSUMPTION EXPENDITURES,
IN
CONSTANT
(1939)
SELECTED
PERIODS
PRICES
[In billions of dollars]
Annual
average
Type of expenditure
Year ending
June 30
July
1946
1938-41 1942-45 through
June
1950
1951
1952P
Total expenditures....
69.8
80.3
100.9
109.5
109.1
Durable goods
Nondurable goods...
Services
7.3
36.5
26.1
5.2
44.1
31.1
12.7
50.0
38.2
15.4
52.0
42.2
12.4
53.7
43.0
P Preliminary.
NOTE.—Details may not add to totals because of rounding.
Basic data from U. S. Department of Commerce and Council of
Economic Advisers; July 1946 through June 1950 estimates by
Federal Reserve.
FEDERAL RESERVE BULLETIN
POSTWAR USE OF CONSUMER FUNDS
Even after differential price movements
are taken into account, expenditures for nondurable goods and services lagged behind
other postwar uses of consumer funds. As
is shown in the second table, purchases of
nondurable goods and services increased
approximately 40 per cent, in terms of constant (1939) prices, while outlays for durable
goods rose some 75 per cent. The number
of new homes purchased increased almost
90 per cent.
IMPACT OF THE DEFENSE EMERGENCY
Invasion of South Korea in June 1950
accelerated the increase in consumer expenditures, particularly for items expected to be
most affected by military requirements. Consumer purchases of new homes and durable
goods, which had reached the highest point
of the pre-Korean period in the first half of
1950, rose sharply in the following three
months. Demand for durable goods abated
in the autumn of 1950, but increased again
with news of military reverses toward the
end of the year and in the early months of
1951. Peaks reached in the second round
of spending were below those of the earlier
buying period, and by the second quarter of
1951 purchases of durable goods had declined
to about their immediate pre-Korean level.
For the entire first year after the invasion,
expenditures for new homes and durable
goods amounted to 20 per cent more than
in the previous year and some 40 per cent
more than the average for the preceding four
years. The increases were greater for new
homes than for consumer durable goods and,
in durable goods, they were more rapid for
automobiles than for home furnishings.
Expenditures for nondurable goods and services were 15 per cent above their average for
the earlier postwar years, but continued to
SEPTEMBER
1952
decline as a share of all consumer uses of
funds.
In part, the increase in consumer expenditures reflected the higher level of retail prices,
but even in terms of constant prices the
volume of new homes and durable goods
purchased was considerably larger than in
the previous year and well above the average
for the four pre-Korean years. The corresponding rise for nondurable goods and
services was much more moderate.
Despite the increase in consumer spending
and in personal tax payments, incomes and
borrowing were sufficiently large to permit
consumers as a group to continue acquiring
financial assets at the relatively high rate of
the preceding four years.
MODERATION OF DEMAND FOR HOMES
AND DURABLE GOODS
As the impact of anti-inflation measures
applied by the Government became increasingly felt throughout the economy, consumers altered their disposition of funds
considerably. Reaction from earlier intensive
buying and heavy borrowing, higher tax
payments, and the effectiveness of restraints
on new borrowing were reflected in a decline
in consumer expenditures for capital goods.
In the second year of Korean hostilities, these
expenditures were about 15 per cent smaller
than in the preceding year; they declined
from a sixth to about an eighth of all consumer uses of funds. Expenditures for
nondurable goods and services increased
somewhat, and were about the same proportion of all consumer uses of funds as in
the first year after the Korean invasion.
The proportion of consumer funds used to
acquire financial assets rose sharply, as is
shown in the chart on the following page,
and personal tax payments continued to increase.
969
POSTWAR USE OF CONSUMER FUNDS
CONSUMER USES OF FUNDS
20 -
58
Source.—Basic data from U. S. Department of Commerce
and Securities and Exchange Commission, with some items
estimated by Federal Reserve. "Other" includes net increase
in unincorporated business equities.
Consumer expenditures for homes and
durable goods, although smaller than in the
first year of Korean hostilities, represented
a substantial dollar amount and physical
volume of purchases. Expenditures for durable goods alone in constant (1939) prices,
while down almost a fifth from the preceding 12 months, were almost as large as the
very high average for the four years preceding Korea. The number of new homes
purchased in the second year of hostilities
was also about a fifth below the peak rate
for the first defense year although about
a fifth above the average in earlier postwar
years.
CHANGES IN FINANCIAL POSITION
Postwar shifts in consumer spending have
been reflected in a substantial adjustment in
the financial position of consumers. Wartime developments—high incomes, scarcities
of consumer goods, and price controls—enabled consumers to add substantially to their
holdings of financial assets. From the end
of 1941 through 1945 consumers acquired
more than 22 billion dollars a year of liquid
970
assets and 3 billion of other financial claims,
while their total indebtedness rose less than
one billion dollars a year.
This growth in financial wealth was an
important factor enabling consumers to
satisfy deferred demands in the postwar
period as the production of homes, automobiles, and other durable goods expanded.
Nevertheless, the record volume of spending
in postwar years did not reduce aggregate
consumer holdings of financial wealth. Continued high incomes and the availability of
credit to finance purchases enabled consumers as a group to add moderately to
liquid asset holdings and to acquire substantial amounts of other financial assets such
as insurance reserves and corporate securities.
The major postwar shift in the financial
activities of consumers has been the sharp
increase in all types of borrowing, as is shown
in the chart on the opposite page. From
mid-1946 to June of this year, mortgages and
other liabilities incurred in purchases of
homes, goods, services, and securities increased almost 8 billion dollars a year, about
a third less than the rise in their holdings of
all financial assets, but almost twice as much
as additions to consumer holdings of liquid
assets.
Service charges on this indebtedness increased more rapidly than personal income
or liquid assets. Rough estimates of required
amortization and interest payments on all
consumer liabilities indicate a tripling of
annual debt service charges over the entire
postwar period, an increase from about onetwentieth of personal income soon after the
end of the war to about one-tenth in the first
half of 1952. To some extent, these larger
fixed charges replaced consumer expenditures for comparable services; for example,
mortgage amortization and interest payments were made in lieu of rental payments.
FEDERAL RESERVE BULLETIN
POSTWAR USE OF CONSUMER FUNDS
GROWTH IN CONSUMER.FINANCIAL
, Billions'of
30
Dollars
Annual
ASSETS AND LIABILITIES
Averages
Billions
of
Dollars
30
WAR
PERIOD
1 9 4 2 - 1945
POSTWAR
July
1946
thru
PERIOD
June
1952
OTHER
FIN A NCI At.
ASSETS"
JJQUID
ASSETS
Source.—Federal
Reserve estimates based pn data from U. S.
Housing and Home Finance Agency, Securities and Exchange
Commission, and others.
They also represented for some consumers
a means of financing capital expenditures
which could not easily have been made out of
current income or accumulated liquid asset
holdings.
Postwar changes before Korea. A considerable part of the increase in consumer
indebtedness occurred in the postwar years
before the beginning of the defense emergency. In the course of spending almost 120
billion dollars for new homes and durable
goods from mid-1946 to mid-1950, consumers
increased their indebtedness 30 billion dollars, an average of 7.5 billion dollars a year.
The increase in total liabilities during this
period was almost twice the increase in consumer liquid asset holdings, and estimated
service charges on the growing indebtedness
rose faster than personal income or liquid
asset holdings. In the same period, however,
consumers also added more than 6 billion
dollars a year in other financial assets—almost 5 billion in private insurance and pension reserves, and more than a billion and a
half in other financial claims such as corporate securities, State and local government
obligations, mortgages, and credit union
SEPTEMBER
1952
shares. Altogether, the growth of liquid
and other financial assets amounted to somewhat more than 10 billion dollars a year and
exceeded the average increase in indebtedness by more than a third.
First year of defense emergency. The flow
of consumer funds into financial assets continued at a high rate in the first year after
the invasion of Korea, but the composition
of asset accumulation changed sharply. The
increase in holdings of liquid assets—currency, bank deposits, Government securities,
and savings and loan shares—amounted to
only about one-third of the average annual
increase in the preceding four years. The
smaller flow into liquid assets was largely
attributable to reduced purchases and increased redemptions of Government securities. Currency and demand deposit balances
increased substantially, but time deposits
were almost unchanged. Saving and loan
shares continued to grow at about the preKorean rate.
GROWTH IN CONSUMER FINANCIAL ASSETS, SELECTED PERIODS
[In billions of dollars]
Year ending
June 30
Annual
average
July
1946
1942-45 through
June
1950
Type of asset
1951
1952P
Total financial assets *
25.2
10.2
10.5
16.1
Liquid assets
Currency and bank deposits. .
Savings and loan shares
U. S. Government securities.
22.2
10.8
.7
10.7
3.9
1.4
1.3
1.2
1.4
1.8
1.5
-1.9
7.3
4.9
2.6
-.2
3 1
6 3
9 1
8.8
3.4
-.2
4.6
.2
1.5
5.7
1.2
2.2
5.7
2.0
1.1
Other
Private insurance and
sion reserves
Corporate securities 2
Other 3
. . .
pen-
i
P Preliminary.
1
Excludes estimated changes in financial assets owned directly
by unincorporated businesses, nonprofit organizations, and credit
unions. Estimated changes in assets of self-administered pension
plans
are included in "private insurance and pension reserves."
2
Changes are calculated as purchases minus sales of securities in
each period and do not measure the change in market value of
securities
held.
3
Includes State and local government securities, credit union
shares, mortgages, and credit balances due from security dealers.
NOTE.—Details may not add to totals because of rounding.
Federal Reserve estimates based on data from Securities and
Exchange Commission and others.
971
POSTWAR USE OF CONSUMER FUNDS
used to acquire financial assets increased
substantially. Almost half of the rise was
accounted for by increases in consumer holdings of liquid assets, as compared with only
about one-eighth in the preceding 12 months.
At midyear 1952, consumer holdings of
liquid assets amounted to approximately 175
billion dollars. In addition to the growth in
these assets, private insurance reserves continued to expand and another sharp rise occurred in net purchases of corporate secuReflecting the large volume of expendirities. The flow of consumer funds into all
tures for homes and durable goods in this
types of financial assets exceeded 16 billion
period, consumer liabilities increased condollars.
siderably, although somewhat less than
Reduction in consumer expenditures for
financial assets. Most of the rise in liabilities
occurred in the second half of 1950, and capital goods was accompanied by a slower
brought a substantial increase in debt service rate of growth in consumer indebtedness.
charges. Personal tax payments also rose, Mortgages and other consumer liabilities
following the higher rates imposed in late increased 8 billion dollars, as compared with
1950. Tax payments and debt service charges more than 9 billion in the preceding year.
together amounted to approximately one- About one-seventh of the increase in liabilifourth of personal income in the first half ties was attributable to the rapid rise in consumer instalment credit, largely for the purof 1951 as compared with about one-fifth in
chase of automobiles and other durable
the half year before the Korean invasion.
goods, following suspension of Regulation
Income after taxes and debt servicing inW early in May of this year.
creased, but no more than the prices of goods
Financing patterns. Postwar changes in
and services purchased by consumers.
the disposition of consumer funds and the
Second defense year. In the second year
methods by which expenditures were
of the defense emergency, consumer emphafinanced have modified the structure of
sis shifted from the purchase of capital goods consumer indebtedness. Changes were printo the acquisition of financial assets. Prior cipally in the source of funds rather than the
satisfaction of the most urgent demands for purpose of borrowing, as is shown in the
consumer capital goods and the attendant table on the following page.
rise in consumer liabilities were important
Mortgages accounted for some 70 per cent
factors underlying the shift. More immedi- of the 77 billion dollars owed by consumers
ate considerations were the continued availa- at mid-1952, a slightly larger proportion
bility of most types of consumer goods de- than at the end of World War II. Consumer
spite threatened shortages and the restraints credit to finance purchases of goods and
exerted on credit financing of homes and services represented more than a quarter of
durable goods.
the indebtedness at mid-1952 as compared
Expenditures for new homes and durable with a fifth at the end of 1945. Loans to
goods fell well below those of the previous finance purchases of securities, which deyear, while the amount of consumer funds clined after the last war loan drive in 1945,
Consumer additions to other types of financial assets increased at well above earlier
rates. The flow of funds into private insurance and pension reserves rose by a fourth,
and consumer net purchases of corporate
securities registered one of the largest 12month increases on record. All told, the
increase in financial assets exceeded 10 billion dollars, about the same rate as the average for the preceding four years.
972
FEDERAL RESERVE BULLETIN
POSTWAR USE OF CONSUMER FUNDS
one-half in December 1945. The relative
share owed to other lenders, such as merchants, security dealers, and finance comDecember 31
June 30
Type of debt and
panies,
has dropped accordingly, although
creditor
1939
1945
1950
1951
1952?
1946
the dollar amount owed to such lenders has
Total indebtedness . 21.5
27.7
29.8
59.6
68.9
76.8
doubled since the end of the war. The
For purchase of:
growth
of consumer borrowing from finanReal estate
12.5
18.8
20.5
46.9
39.3
53.1
Goods and services
7.0
5.6
19.3
6.7
17.7
21.0
cial
institutions
reflects the increasing share
Other
2.0
3.3
2.6
2.7
2.7
2.6
of residential real estate credit supplied by
Type of creditor:
Financial instituinstitutional lenders. In the 12 months endtion
15.5
38.9
46.4
10.6
52.4
Other
10.9
12.2
22.5
20.7
24.4
ing in June 1952, these lenders supplied
P Preliminary.
about
75 per cent of the net funds borrowed
Categories of indebtedness refer to the principal purpose for
which loans were obtained. Real estate debt excludes estimated
by consumers.
amounts of mortgages on 1- to 4-family dwellings owed by other
than owner-occupants. Debt incurred in purchases of goods and
Financial institutions not only supply the
services is the Federal Reserve series on total consumer credit.
Other indebtedness includes security loans owed to banks and
bulk of consumer financing but also receive
security brokers and dealers, and share loans owed to savings and
loan associations.
Includes commercial and mutual savings banks, life insurance
most of the consumer funds applied to financompanies, credit unions, and savings and loan associations.
Data not available.
cial
uses. The flow to institutions in the
Source.—Federal Reserve estimates, based on data from U. S.
Housing and Home Finance Agency, Securities and Exchange
form
of deposits, net premium payments,
Commission, and others.
and share purchases exceeded 13 billion dolhave increased little in recent years. In lars last year, or more than four-fifths of all
June 1952 they represented less than 4 consumer financial uses of funds. This
per cent of all consumer liabilities.
proportion has increased in recent years.
The share of consumer debt held by finan- The flow of consumer funds into other financial institutions—banks, life insurance com- cial uses has also increased, but less sharply
panies, savings and loan associations, and than the flow to financial institutions. Recredit unions—has grown substantially since ductions in holdings of United States Govthe end of the war. It amounted to more ernment securities have partly offset subthan two-thirds of all consumer liabilities in stantial additions to consumer holdings of
June 1952 as compared with little more than corporate securities.
INDEBTEDNESS OF CONSUMERS, SELECTED
DATES
[Estimated amounts outstanding, in billions of dollars]
l
2
1
2
3
SEPTEMBER 1952
973
1952 SURVEY OF CONSUMER FINANCES
Part III. Income, Selected Investments, and Short-term Debt of Consumers1
This article presents survey information on
changes over the postwar period in the income,
selected investments, and short-term debt of consumers. The picture of changes in consumer financial positions shown by these data, although far
from complete, helps to clarify many phases of
consumer finances.
The largest increases in income in the postwar
period appear to have taken place among consumers in the middle section of the income scale.
According to survey data, the income of this
segment of the population was nearly 40 per cent
higher in 1951 than in 1946, a somewhat larger
increase than the rise in prices and Federal income
taxes in this period. Consumer groups at the top
and bottom of the income scale apparently did not
have this large an increase. On the average, there
seems to have been little change in the real income
of consumers in the five years referred to, although money income rose during that period. The
increase in national defense needs in recent years
has been met by a growth in the total output of
the economy without a reduction in real incomes.
The rise in consumer money income before
taxes since the end of the war has been greater,
relatively, than the expansion in consumer holdings
of liquid assets, which had increased greatly in the
war period. Consumers in the lower half of the
income scale generally increased their liquid assets at about the same rate as their incomes in1
This is the third and last of a series of articles presenting
the results of the Board of Governors' 1952 Survey of Consumer Finances. The first article in the series, covering the
general financial position, expectations, and investment preferences of consumers, appeared in the July BULLETIN. The
second article, devoted to durable goods expenditures in
1951 and buying plans for 1952 and 1953, appeared in the
August BULLETIN. Discussion of the sampling procedure
and limitations of the survey is given in a technical note to
the first article.
The present article was prepared by Irving Schweiger and
John Frechtling of the Consumer Credit and Finances Section of the Board's Division of Research and Statistics. A
close working relationship is maintained with the staff of
the Survey Research Center at all stages of the work and
this analysis has had the benefit of suggestions from the
Center's staff, particularly John B. Lansing, Harold Guthrie,
and Eva Mueller.
974
creased. Consumers in the upper half of the scale
also had increases in income but tended to add to
their other investments rather than to liquid assets.
The Consumer Finances Survey made early this
year showed that more than half of total consumer holdings of corporate stock, nonfarm businesses, and real estate other than homes was owned
by spending units with incomes of $5,000 or more.
This group represented about one-fifth of all
spending units and received nearly half of aggregate income.
Postwar expansion of durable goods purchases
has resulted in a sharp rise in consumer shortterm debt. Survey data indicate that plans to buy
consumer durable goods in 1952 were relatively
more frequent among spending units that owed
considerable amounts than among spending units
with no short-term debt.
INCOME
Continued expansion of economic activity in 1951
and a higher average price level than in 1950 contributed to a 19 billion dollar increase in consumer
money income before taxes, on the basis of survey
data.2 This substantial increase was widely disSurvey data indicate that aggregate consumer income rose
from 183 billion dollars in 1950 to 202 billion in 1951,
roughly the same percentage increase shown by Department
of Commerce estimates when adjusted to the survey universe and definition of income. In both years, the figures
obtained by the survey amounted to more than 90 per cent
of the Commerce Department estimate.
3
The interview unit of the survey is the spending unit,
defined as all persons living in the same dwelling and belonging to the same family who pool their incomes to meet
their major expenses. The estimated number of spending
units in the survey population as of February 1 of each year
was 53.1 million in 1952, 52.0 million in 1951 and in 1950,
50.6 million in 1949, 49.0 million in 1948, 46.6 million in
1947, and 46.0 million in 1946.
The estimated number of family units, which include all
related persons living in the same dwelling, was 47.0 million
in 1952, 45.9 million in 1951, 45.2 million in 1950, 44.0
million in 1949, 42.6 million in 1948, 40.8 million in 1947,
and 39.8 million in 1946.
It should be kept in mind that data on income changes
rely upon the respondents' recollection of income for a period
covering two years and are therefore subject to considerable
memory error.
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
TABLE
1
INCOME GROUPING OF SPENDING U N I T S AND OF TOTAL MONEY INCOME BEFORE TAXES *
[Percentage distribution]
1951
Money income
before taxes
Spending
units
Under $1,000.. . .
$l,00O-$l,999. . .
$2,000-$2,999. . .
$3,00Q-$3,999. . .
$4,000-$4,999. . .
$5,000-$7,499. . .
$7,500-$9,999. . .
$10,000 and over
1950
Total
money
income
13
15
18
18
15
14
4
3
1
6
12
16
17
22
26
All c a s e s . . . .
100
100
Median income 2,
Mean income 3 . . .
$3,200
$3,820
1
2
3
Spending
units
1949
Total
money
income
13
17
19
19
12
14
3
3
2
7
13
18
16
23
21
100
100
$3,000
$3,520
Spending
units
14
19
21
19
11
11
2
3
1948
Total
money
income
Total
money
income
Spending
units
12
18
23
20
12
10
2
3
2
8
16
20
15
17
100
100
2
9
16
19
15
19
20
100
$2,700
$3,270
$2,840
$3,450
Income data for each year are based on interviews during January, February, and early March of the following year.
Median income is that of the middle spending unit in a ranking of all units by size of income.
Mean income is the average obtained by dividing aggregate money income before taxes by number of spending units.
tributed. About 27 million or more than half of
the approximately 53 million spending units in the
population received higher incomes in 1951 than
in 1950. This was as large as any corresponding
proportion found in the postwar period. Lower
incomes in 1951 were received by nearly 9 million
spending units.3
The effect of these changes was to raise the income of the median (middlemost) spending unit
from $3,000 in 1950 to $3,200 in 1951. Mean income (arithmetic average for all spending units)
rose from $3,520 to $3,820, as is shown in Table 1.
Survey data indicate that spending units headed
by managerial and self-employed persons had the
largest dollar increases in both median and mean
income between 1950 and 1951 (see Table 2). The
only other major occupational grouping with a
substantial increase over 1950 in both median and
mean income was the skilled and semiskilled
workers. In most of the other major occupational
groups gains were not distributed evenly. Unskilled
and service workers were the only group with no
increase in either measure of average income in
1951 compared with 1950.
In the postwar period, changes in money income
have varied considerably among occupations both
in timing and in amount. Entrepreneurial groups,
self-employed and managerial persons and farm
operators, reached income peaks early in the
postwar period as prices rose very rapidly. De-
TABLE 2
M E A N AND MEDIAN INCOMES WITHIN OCCUPATIONAL GROUPS
Occupation of head
of spending unit
All spending units
Median income 2
Mean income *
1951
1950
1949
1948
1947
1946
1951
1950
1949
1948
1947
1946
$3,820 $3,520 $3,270 $3 ,450 $3,290 $2,870 $3 ,200 $3,000 $2,700 $2 ,840 $2 ,530 $2 ,300
Professional and semiprofessional 6,020
Managerial and self-employed. . . 7,100
8 960
Self-employed
5,820
3,920
Clerical and sales
3,970
Skilled and semiskilled
2,320
Unskilled and service
2 660
Farm 4operator
2,330
Other
5,630
5,790
6,580
5,330
3,910
3,530
2,350
2,480
2,020
5,350
5,630
5,960
5,400
3,260
3,350
2,200
2,570
2,040
5 ,140
6 ,300
(3)
5,450
6,730
4,940
5,920
(3)
(3)
(3)
,350
,470
,280
9 ,690
2 ,030
3
3
3,220
3,120
1,900
2,080
2,010
2,900
2,820
1,730
1,890
4 ,500
4 ,780
,350
4 ,180
3 ,410
3 ,800
71 ,100
,880
1
Mean income is the average obtained by dividing aggregate money income before taxes
2
Median income is that of middle spending unit when units are ranked by size of money
3
Data
not available.
4
4,500
4,500
4,950
4,100
3,200
3,600
2,100
1,900
4,000
4,500
4 ,000
4 ,500
4 ,000
4 ,500
(3)
(3)
(3)
(3)
2,800
3,200
2,100
1,500
,000
3 ,300
7 ,100
,800
3
4 ,000
3 ,700
9
(3)
,900
3 ,000
1 ,750
1 ,500
(3)
9
,600
2 ,700
1 ,600
1 ,300
by number of spending units.
income before taxes.
Includes spending units headed by housewives, protective service workers, unemployed persons, and students.
SEPTEMBER
1952
975
1952 SURVEY OF CONSUMER FINANCES
TABLE 3
PERCENTAGE OF TOTAL MONEY INCOME BEFORE TAXES RECEIVED BY EACH TENTH OF THE NATION'S SPENDING UNITS
WHEN RANKED BY SIZE OF INCOME 1
Spending units
ranked by size
of income before
taxes
Highest tenth
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest tenth
Lowest income within group
Cumulative
By each tenth
1951
1950
1949
1948
1947
1951
1950
1949
1948
1947
31
15
12
10
9
8
6
5
3
1
29
15
13
11
9
8
6
5
3
1
30
15
12
11
9
8
6
5
3
1
31
15
12
10
9
8
6
5
3
1
33
15
12
10
9
7
6
4
3
1
31
46
58
69
78
85
92
96
99
100
29
44
57
68
77
85
91
96
99
100
30
45
58
68
78
85
91
96
99
100
31
46
58
68
76
84
90
95
99
100
33
48
60
70
78
86
91
96
99
100
1950
1951
1949
1948
1947
$6,600 $6,210 $5,800 $6,000 $5,700
5,060 4,950 4,500 4,500 4,200
4,330 4,080 3,760 3,750 3,500
3,700 3,550 3,200 3,200 3,000
3,200 3,000 2,700 2,840 2,530
2,660 2,510 2,290 2,400 2,100
1,810
1,700
2,090
1,990
2,000
1,450
1,430
1,280
1,500
1,200
710
860
750
850
830
(2)
(2)
(2)
(2)
(2)
1
Income data for each year are based on interviews during January, February, and early March of the following year. It is possible
that the proportion of income received by the highest tenth of income receivers is underestimated by several percentage points in all years.
Because samples of approximately 3,500 spending units have been used in these surveys, it cannot be expected that a completely representative
sample of the highest dollar incomes was obtained.
2
Data not available.
NOTE.—Detailed figures may not add to cumulative totals because of rounding.
dines in average income for each of these groups
set in thereafter and continued until 1951, when
their incomes again rose substantially. Survey
data suggest that in 1951 their mean incomes were
still slightly below the peaks reached by self-employed businessmen in 1947 and by farm operators
in 1948.
Incomes of other occupations changed more
slowly but more steadily than entrepreneurial incomes. The steadiest rate of increase was found
among skilled and semiskilled workers. In all,
the average of this group rose from $2,820 in 1946
to f 3,970 in 1951, an increase of about 40 per cent.
This was the largest percentage rise of any major
occupational group during this period. The
smallest increases in mean income before taxes in
this five-year span, approximately 20 per cent,
were indicated for the self-employed and managerial group combined and the professional and
semiprofessional group.
Distribution of income. The shift toward a more
even distribution of money income before taxes
that had taken place in the previous three years
apparently did not continue in 1951 (see Table 3).
Survey data indicate that there was little change
from 1950 to 1951 in the shares of income received
by each income tenth of the population.
Survey data also provide information on the
average income of each income tenth of the population during the entire postwar period (see Table 4).
TABLE 4
AVERAGE INCOME OF EACH TENTH OF NATION'S SPENDING UNITS WHEN RANKED BY SIZE OF INCOME
WITH PERCENTAGE INCREASE SINCE 1946
Average money income before taxes 1
Spending units ranked by
size of income
1951
Highest tenth
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest tenth 2 . . .
All spending units
1950
$11,710 $10,090
5,750
5,430
4,720
4,470
4,030
3,820
3,460
3,270
2,940
780
2,410
230
1,790
700
1,120
130
310
340
460
490
3,820
3,530
1949
1948
1947
$9,740 $10,660 $11,020
5,070
080
4,870
4,090
110
3,850
3,460
490
3,260
2,970
040
2,800
2,520
590
2,340
2,030
180
1,910
1,540
730
1,450
1,010
140
1,020
260
480
390
410
540
3,270
3,450
3,290
Percentage increase since 1946
1946
$9,100
4,240
3,420
2,920
2,500
2,130
1 ,740
1,340
900
410
(
2,870
1951
1950
29
36
38
38
38
38
39
34
24
-24
11
28
31
31
31
31
28
27
26
-17
33
23
7
20
20
18
19
18
17
15
12
-37
1948
1947
17
20
20
20
22
22
25
29
27
17
21
15
13
12
12
10
10
8
13
-5
15
» Average (mean) income has been computed for each income tenth (decile) as well as for whole population. Sampling error, which
was approximately $180 for whole population, is not yet available for individual tenths. It will be much larger than $180 for the highest
tenth2 and much smaller for the middle tenths.
Negative incomes caused by farm or business losses are included in upper line and excluded in lower line.
* Data not available.
976
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
It should be noted that these comparisons are useful primarily as guides to major trends since they
are subject to a sizable sampling error, especially
at the top and bottom of the income scale. It is
also worth noting that many spending units shift
from one income tenth to another from year to
year. An indication of the movement of individual spending units up and down the income
scale between 1950 and 1951 is provided in Supplementary Table 1 at the end of this article.
From 1946 through 1951, the average income of
all spending units in the population increased from
$2,870 to $3,820 or somewhat more than 30 per
cent. The increase was largest, amounting to
nearly 40 per cent, at the middle part of the distribution. Less than average increases took place
both at the top and the bottom. The average income of the lowest tenth actually declined, owing
partly to a greater volume of farm and nonfarm
business losses in 1951. Less frequent doubling up
of members of low income families as the housing
situation improved in the postwar period, and the
consequent breaking up of spending units, also
tended to lower the average income of the bottom
income group. Despite the fact that the highest
tenth had the largest percentage rise in average income between 1950 and 1951, this grouping had a
smaller percentage increase in average income from
1946 through 1951 than the next lower seven-tenths
of the population.
Increases in money income before taxes, however, do not necessarily mean gains in purchasing
power. Consumer prices have also risen substantially since 1946 and income taxes have been lowered and then raised. The net effect of these
price and tax changes is difficult to measure but
some approximation of over-all changes in real
income appears possible.
According to the Consumers' Price Index of the
Department of Labor, the average price of goods and
services bought by consumers with moderate incomes in large cities was 33 per cent higher in 1951
than in 1946. The average income of all spending
units rose by about this same percentage. Federal
personal income tax payments appear to have absorbed slightly more than 10 per cent of income before taxes in 1951 and slightly less than 10 per cent
in 1946, according to Department of Commerce
data. The difference is sufficiently small on the
average to be ignored without seriously affecting
the analysis. These over-all comparisons indicate
SEPTEMBER
1952
that average real income was about the same in
both years. Some small gain appears to have been
realized, however, among middle income groups,
or, in 1951 figures, among the half of all spending
units with incomes between $2,660 and $5,060.
Disposable income. With about 10 per cent of
consumer income allocated to the payment of Federal income taxes, it is useful to ascertain the incidence of this tax. From the data provided by the
survey, it is possible to estimate in rough fashion
the Federal personal income tax liability for each
spending unit. The estimates are computed on the
basis of money income before taxes, the size,
composition, and age of each spending unit, and
the number of persons not living in the dwelling
occupied by the spending unit who were dependent
on the spending unit for support.
It should be stressed that these income tax estimates are only approximations; that they refer not
to payments but to liabilities, apart from those on
capital gains or losses; and that State and local income taxes are not included.4 In part because of
lack of information concerning deductions larger
than the standard minimum, the estimates of tax
liabilities tend to be somewhat high.
Rising incomes as well as higher tax rates
were reflected in a substantial increase in tax
liabilities in 1951. Approximately the same proportion of spending units (7 in every 10) had some
tax liability in 1951 as in 1950 but the amount of
the tax was considerably larger in 1951. As can
be seen in Table 5, tax liabilities of $500 or more
were indicated for 25 per cent of all spending units
in 1951 compared with 16 per cent in 1950. The
distribution of the tax load in 1951 among the
various income fifths appears to have been similar
to that in 1950. In both years the fifth of the
spending units with the largest incomes obtained
somewhat less than half of total income before
taxes and accounted for about two-thirds of total
Federal income taxes (see Table 6).
Income after taxes (disposable income) was of
course lower than income before taxes. Taxes
4
For a detailed description of the method of estimating
tax liability and disposable income from survey data, see
Federal Reserve BULLETIN, August 1950, pp. 961-62.
The U. S. Department of Commerce estimates disposable
income for its national income series by deducting from personal income actual Federal personal income tax payments
(not liabilities), including taxes on capital gains and losses.
The deductions also include other tax and nontax payments
to governments, chief of which are Federal estate and gift
taxes and State and local personal tax and nontax payments.
977
19 52 SURVEY OF CONSUMER FINANCES
TABLE
5
ESTIMATED FEDERAL PERSONAL I N C O M E T A X LIABILITY OF S P E N D I N G U N I T S W I T H I N I N C O M E
GROUPS
[Percentage distribution of spending units]
t
Money income before taxes
All income
groups
Estimated Jtax
liability
Under
$1,000
$3,000$3,999
$2,000$2,999
$1,000$1,999
1951
1950
1951
1950
1951
1950
1951
1950
None
$l-$49
$5O-$99
..
$100-$199
$200-$499
$50O-$999
$l,000-$l,999. . .
$2,000-$4,999. . .
$5,000 and over.
31
3
32
5
7
12
28
12
3
1
91
81
95
4
68
4
63
8
34
6
1
8
13
6
All cases....
100
Not ascertained.
4
10
27
18
5
1
1
14
6
Number of cases. 2,820 3,415
1951
1950
34
10
13
3
5
10
12
5
22
47
1
18
33
1951
1950
1951
3
1
4
3
2
2
3
6
57
31
13
60
17
(2)
13
18
48
8
$5,000$7,499
$7, 500
and over
1950
1951
m
1
1
1
2
18
71
7
3
33
61
1
1
14
57
16
10
"oo"
"(2)"
100
19
35
16
$4,000$4,999
1950
(;>
(")
1
24
53
15
7
100
100
100
100
100
100
100
100
100
100
100
100
100
100
279
418
358
514
454
567
482
601
424
441
490
538
333
294
1
No adjustment for capital gains or losses, which are excluded from money income.
2
No cases reported or less than one-half of 1 per cent.
TABLE
DISTRIBUTION
OF CONSUMER
INCOME
6
AND I N C O M E
TAX
BY I N C O M E
QUINTILES
[Per cent]
Money income
before taxes
Spending units ranked by size of income l
Highest Quintile
Second
Third
Fourth
Lowest quintile
Disposable
income 3
1951
1950
1949
1951
1950
1949
1951
1950
1949
46
23
44
24
45
23
68
17
65
19
68
17
42
24
17
17
10
10
9
5
(4)
5
1
18
12
4
42
24
18
12
4
43
24
16
100
100
100
11
4
All cases
Federal personal
income tax 2
100
11
4
11
4
100
100
100
5
1
100
100
17
12
4
1
Annual money income before taxes.
2
Estimated Federal personal income tax liability, without adjustment for capital gains or losses, which are excluded from money
income.
3
Money income less estimated Federal personal income tax liability.
4
Less than one-half of 1 per cent.
TABLE
7
DISPOSABLE INCOME G R O U P I N G OF S P E N D I N G U N I T S AND OF T O T A L DISPOSABLE M O N E Y
INCOME
[Percentage distribution]
1951
Disposable income
Under $1 000
$l,000-$l,999
$2,OOO-$2 999
$3,000-$3,999
$4 0Q0-$4 999
$5,OOO-$7 499
$7,500 and over
All cases
Median disposable income
Mtean disposable income
1
Spending
units
13
17
20
20
14
12
1950
Total
disposable
money
income
Spending
units
1949
Total
disposable
money
income
2
7
13
19
2
9
15
21
18
20
21
20
13
10
16
22
17
19
Spending
units
15
21
23
18
11
8
1948
Total
disposable
money
income
2
11
19
21
16
16
Spending
units
12
21
25
19
11
8
Total
disposable
money
income
2
10
20
21
15
15
4
17
4
15
4
15
4
17
100
100
100
100
100
100
100
100
$2,970
$3,390
$2,850
$3,220
$2,600
$3,000
$2,700
Data not available.
978
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
lowered median income to $2,970 from $3,200
and mean income to $3,390 from $3,820 (see Tables
1 and 7).
The progressive Federal income tax reduced the
proportion of total income obtained by the highest
income tenth in 1951. The share was reduced
from 31 per cent for the highest tenth before taxes
to less than 28 per cent for the highest tenth after
taxes (see Table 8).
TABLE 8
PERCENTAGE OF TOTAL MONEY INCOME RECEIVED BY EACH
TENTH OF THE NATION'S SPENDING UNITS WHEN
RANKED BY SIZE OF INCOME
Money income
before Federal
income tax
Spending units
ranked by size
of income !
Highest tenth
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest tenth.
All cases
.. . .
Money income after
Federal income tax2
(disposable income)
1951
1950
1949
1951
1950
1949
31
15
12
10
9
8
6
5
3
1
29
15
13
11
9
8
6
5
3
1
30
15
12
11
9
8
6
5
3
1
28
15
13
11
9
8
7
5
3
1
27
15
13
11
10
8
7
5
3
1
28
15
13
11
9
8
7
5
3
100
100
100
100
100
100
1
1
Ranking based on size of money income before or after tax, as
indicated
by the column headings.
2
No adjustment for capital gains or losses, which are excluded
from money income figures. For method of estimating disposable
income, see "Distribution of Consumer Income in 1949," Federal
Reserve BULLETIN, August 1950, pp. 961-62.
Additional information concerning sources of
income, composition of income groups, income by
regions, and disposable income, as well as some
survey information about family income, is presented in Supplementary Tables 2-16 at the end
of this article.
SELECTED INVESTMENTS
The 1952 survey obtained information on selected
components of the balance sheets of consumers.
These included liquid assets, corporate stock, investment in farm or nonfarm business, real estate
other than owner-occupied houses, and short-term
consumer debt. The survey brings up to date
information on liquid assets and on the major
types of business investment through which consumers help to determine the character and the
functioning of the economy. It also furnishes for
the first time crude estimates of the distribution
of ownership of certain of these assets.
The items covered represent only part of the
SEPTEMBER
1952
over-all consumer balance sheet, and the asset items,
except for liquid assets, are types held by relatively
few consumers. The proportions of spending units
owning directly the several types of business investments range from 7 per cent for corporate
stock to 14 per cent for real estate other than
owner-occupied houses. Survey data indicate, however, that the overlap in these investments is not substantial and that roughly 3 in every 10 spending
units own one or more of these four types of business assets. Assets not covered include equity in
owner-occupied housing and in life insurance and
pension reserves, which are widely held. A fuller
report on the net worth of consumers as of early
1950 was published in the December 1950 Federal
Reserve BULLETIN.
Liquid assets. The number of spending units
owning some liquid assets (denned as United States
Government bonds, savings and checking accounts,
and shares in savings and loan associations and
credit unions; but excluding currency) in early 1952
is estimated at 37 million, roughly 1 million less
than the postwar peak in early 1951, although about
3 million more than in early 1946. Growth in the
number of spending units between early 1946 and
1952, which resulted in part from undoubling in
housing accommodation, also made possible an increase from 12 to 16 million in the number without
any of the types of liquid assets surveyed.
A slight decline in 1951 in the proportion of
spending units owning liquid assets renewed a
TABLE 9
SIZE OF LIQUID ASSET HOLDINGS OF SPENDING U N I T S *
[Percentage distribution of spending units]
Size of holding 2
1952
1951
1950
1949
1948
1947
31
17
13
9
10
12
5
3
28
16
14
11
12
11
5
3
31
16
11
10
10
13
6
3
29
16
13
11
11
12
5
3
27
15
13
12
12
12
5
4
24
14
12
14
14
14
5
3
100
100
100
100
100
100
Median holding:
$230
All units
All units with assets $720
$300
$710
$250
$810
$300
$790
$350
$820
$470
$890
Zero
$1-$199
$200-$499
$500-$999
$l,000-$l,999
$2,000-$4,999
$5,000-$9,999
$10,000 and over
.
All cases
1
Liquid asset groupings refer to holdings on Jan. 1, 1952 and
it time of interviews in January, February, and early March of
vfT-io-r \ r a o r o
i n ri 100 f £ir1
vings ana loan associations anu creuit unions, cxcuirjesj curncy. Data for 1949 do not include shares in credit unions, which
e relatively small in aggregate amount and not likely to affect
979
1952 SURVEY OF CONSUMER FINANCES
TABLE 10
LIQUID ASSET HOLDINGS WITHIN INCOME GROUPS
[Percentage distribution of spending units]
All spending
units
Size of holding
Money income before taxes
l
Under
$1,000
1952
$1,000$1,999
1951
1952 1951 1952
1951 1952
$3,000$3,999
$4,000$4,999
$5,000$7,499
$7,500
and over
1951 1952 1951 1952 1951 1952 1951 1952 1951
31
30
19
12
8
28
30
23
11
8
60
17
11
6
6
53
24
13
6
4
48
25
15
7
5
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
2,820
3,415
278
418
359
514
455
567
482
601
424
441
490
538
332
294
Zero
$l-$499
$500-$l,999
$2 000-$4 999
$5,000 and over
All cases
Number of cases
$2,000$2,999
2
46
29
16
5
4
41
31
16
9
3
32
33
23
8
4
24
40
19
11
6
24
38
24
10
4
17
35
27
17
4
13
34
32
15
6
11
34
26
19
10
5
28
31
20
16
2
11
25
24
38
27
25
40
1
Liquid asset data are based on interviews in January, February, and early March of years indicated. In 1952 respondents were asked
for their balances on Jan. 1, 1952; in the earlier survey for balances at the date of interview. Liquid assets include all types of U. S.
Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in savings and loan associations and credit
unions.
Excludes currency.
2
3 Income groups refer to money income before taxes in year prior to year indicated.
No cases reported or less than one-half of 1 per cent.
postwar trend which had been interrupted only
in 1950. The decline, from 72 to 69 per cent of all
spending units, brought the proportion to about
the same figure as in early 1950 (see Table 9).
There was a small increase, however, in the average liquid asset holding.
The proportion of consumers owning liquid
assets declined at almost all income levels in 1951
(see Table 10). Nevertheless, there appeared to be
TABLE 11
PROPORTION OF LIQUID ASSETS HELD BY EACH TENTH OF THE
NATION'S SPENDING UNITS WHEN RANKED
BY SIZE OF INCOME *
Spending units
ranked by
money income
before taxes
Highest tenth . . . .
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest tenth
All cases
Percentage of liquid assets
1952
1951
1950
1949
1948
1947
39
11
9
8
7
5
5
5
5
6
36
15
10
6
7
6
6
5
4
5
35
13
10
8
8
6
7
5
4
4
44
11
9
8
6
6
6
3
4
3
43
14
8
7
5
6
4
4
4
5
39
15
9
7
7
7
5
4
4
3
100
100
100
100
100
100
1
Liquid asset data refer to holdings on Jan. 1, 1952 and at time
of interviews in January, February, and early March of other years
indicated. Spending units are ranked in order of their incomes
in year prior to year specified.
980
some increase in the frequency with which large
amounts of liquid assets ($2,000 or more) were
reported by low and middle income groups (less
than $5,000). This development was reflected in
an increase in the share of total assets accounted for
by the three-tenths of the population with the lowest
incomes (see Table 11). This continued a trend
in which this group has increased its share of total
liquid assets from 11 per cent in early 1946 to 16
per cent at the beginning of this year, the largest
for any postwar year. In part, this trend has resulted from an increase at these income levels in the
number of retired persons with sizable amounts of
liquid assets. The number of businessmen with
temporarily low incomes but relatively large liquid
assets has also tended to increase as business conditions have become more competitive.
The only occupational group to show a substantial increase in its median liquid asset holding in
1951 was the managerial and self-employed group
(see Table 12). This increase was consistent with
the fact that this group also had the largest increase
in income during 1951.
Relation of liquid assets to income. Since consumer income grew more rapidly than consumer
holdings of liquid assets in the postwar period,
there was a substantial decline in the ratio of consumer liquid assets to money income before taxes.
It is useful to examine data obtained by successive
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
TABLE 12
TYPE AND SIZE OF LIQUID ASSET HOLDINGS WITHIN OCCUPATIONAL GROUPS 1
[Percentage distribution of spending units]
Type and size of holding
Professional
and semiprofessional
Managerial
and selfemployed
Clerical
and
sales
Skilled
and
semiskilled
Unskilled
and
service
Farm
operator
Retired
1952
1951
1952
1951
1952
1951
1952
1951
1952
1951
1952
1951
1952
1951
10
35
23
18
14
6
29
33
18
14
12
25
23
18
22
10
31
27
16
16
18
37
26
13
6
14
41
27
10
8
32
34
20
11
3
31
33
23
9
4
54
29
12
4
1
47
27
17
7
2
31
25
20
14
10
28
27
23
13
9
42
9
14
15
20
36
17
18
16
13
2
All types:
Zero
$l-$499
$500-$l 999
$2,000-$4,999
$5,000 and over
All cases
100
100
100
100
100
100
100
100
100
100
100
100
100
100
U. S. savings bonds (series
A-F): 3
Zero
$l-$499
$500-$l,999
$2,000 and over
50
28
11
11
40
30
19
11
47
24
16
13
46
24
16
14
55
31
11
3
50
33
12
5
61
24
12
3
59
26
11
4
84
13
2
1
77
17
4
2
62
22
11
5
62
23
9
6
61
15
12
12
62
16
12
10
All cases
100
100
100
100
100
100
100
100
100
100
100
100
100
100
38
27
18
38
18
28
54
17
9
54
15
15
41
31
18
39
34
16
54
25
12
53
24
15
65
23
10
62
19
12
82
6
5
79
8
6
67
4
11
61
11
10
Savings 4accounts (in banks
only):
Zero
$l-$499
$500-$l 999
$2,000 and over
17
16
20
16
10
11
9
8
2
7
7
7
18
18
All cases
100
100
100
100
100
100
100
100
100
100
100
100
100
100
Checking accounts:
Zero
$l-$499
. . .
$500-$l,999
$2,000 and over
31
42
19
8
26
51
18
5
28
30
26
16
27
41
22
10
55
33
9
3
55
35
7
3
73
19
7
1
74
21
4
1
86
11
2
1
86
11
2
1
38
25
23
14
38
30
22
10
65
13
13
9
62
19
13
6
100
100
100
100
100
100
100
All cases
Median asset holdings
Number of cases
$700 $1,020 $1,140 $860
364
485
269
273
100
100
100
100
$370
430
$400
477
$150
780
$200
902
0
280
$20
289
100
100
100
$300
215
$290
388
$410
178
219
1
2
Liquid asset data refer to holdings on Jan. 1. 1952 and at time of interviews in January, February, and early March of 1951.
Includes all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in savings
and loan
associations and credit unions. Excludes currency.
3
B
Bonds recently purchased included at purchase price; others estimated at 86 per cent of maturity value in 1952 and 83 per cent
in 1OC1
in
1951.
4
5 Excludes postal savings and shares in savings and loan associations and credit unions.
Data not available.
surveys for any light they may shed on this aspect
of consumers' financial positions.5
A high rate of personal saving during the war
contributed to a very sharp expansion in liquid
asset holdings by individuals. At the end of the
war, the ratio of liquid assets to income for individuals was probably at a record high for modern
times. In the postwar period, a lower rate of personal saving, at least until 1951, and substantial
net investment by individuals in other types of
assets, tended to keep the increase in personal liquid
asset holdings to a small figure. The rise in the
5
In this article, liquid assets are related to money income
before taxes. The survey data regarding liquid assets differ
in several respects from roughly similar material presented in
the leading article of this BULLETIN. Important among these
differences is the fact that survey data exclude, and the leading article includes, consumer holdings of currency and all
liquid assets held in personal trust accounts.
SEPTEMBER
1952
rate of personal saving in 1951 and 1952 was accompanied by an increase in the flow of saving
into liquid types of assets, although the percentage increase in liquid assets was still less than that
for personal income.
Survey data indicate that since 1948 the decline
It is necessary to caution that the survey findings based
on the relationship of two aggregates are subject to very
large sampling and reporting errors. The over-all trend
regarding the ratio of liquid assets to money income before
taxes shown by the survey data is in general conformity
with ratios indicated by independent aggregate data, although
tending to overstate the decline.
Available evidence indicates that the total of consumer
liquid asset holdings obtained by the survey amounts to
roughly two-thirds of a comparable aggregate estimated from
Treasury and banking statistics. This comparison is not at
all precise. Differences in coverage and in concepts between
the two types of estimates may account for some part of the
difference.
981
1952 SURVEY OF CONSUMER FINANCES
TABLE
13
RELATION OF AGGREGATE LIQUID ASSETS TO AGGREGATE
INCOME
Group
Aggregate liquid assets as a
percentage of aggregate money
income before taxes :
1952
1951
1950
1949
1948
42
45
54
53
58
Money income before taxes:
Under $1 000
$l,000-$l,999
$2 000-$2 999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
....
$7 S00 and over
204
55
35
36
27
35
53
166
50
40
29
34
45
60
172
57
51
42
41
50
69
100
47
45
38
39
55
75
151
59
41
42
40
56
83
Money income tenth: 2
Highest
Second
Third
Fourth
Fifth
Sixth
Seventh
. ...
Eighth
Ninth
Lowest
53
31
30
32
32
30
36
45
75
288
57
43
37
26
31
35
44
46
53
263
63
45
45
39
45
39
66
61
70
286
74
39
41
40
33
44
50
33
69
121
74
55
39
41
34
49
40
52
74
247
All spending units
1
Liquid assets at beginning of specified year as a percentage of
previous
year's money income before taxes.
2
Spending units are first ranked by size of previous year's
money income before taxes, then divided into tenths.
in ratio of liquid assets to income has been concentrated among spending units above the $3,000 income level and has been greatest above the $5,000
income level. The lowest income group (less than
$1,000), on the other hand, appears to have increased its ratio since 1948 (see Table 13). This
divergence may be attributed in part to factors
related to shifts of consumers among income levels.
First is the recent rise to high income status of
many consumers who have not yet had the opportunity to accumulate large amounts of liquid assets.
Second is the greater frequency at low income
levels of consumers who had previously accumulated large asset holdings while enjoying
higher incomes. The somewhat greater volume
of business losses reported by spending units in
recent years has also tended to lower the average
income of the bottom income group, thereby tending to raise its ratio of liquid assets to income.
Some in the lowest income group, such as retired
persons, will probably remain permanently in this
group. Others, such as businessmen or farmers
with temporary business reverses, may move into
other income groups.
The factor of possibly the greatest significance
in explaining the decline in ratio of liquid assets
to income for higher income consumers has been
982
their increased investment in farm and nonfarm
business, in corporate stock, and in real estate.
This increase reflected the changes in investment
preferences at various income levels as reported
in the July BULLETIN. In broad terms, high income
groups ($5,000 or more) have tended since early
1949 to shift strongly in preference from fixed value
assets, such as bank accounts and savings bonds, to
risk-type assets such as real estate and common stock
because of the latter's higher yield and as an antiinflation hedge. Middle income groups ($3,000 to
$5,000) showed this tendency to a considerably
lesser extent and it is reasonable to assume that
consumers with incomes of less than $3,000, who
were not questioned on this point, had little if any
change in preference of this nature. The transfer
of a large volume of liquid assets into trust accounts,
which are relatively illiquid and are not covered by
the survey, probably also had a considerable effect
upon the ratios of upper income groups.
Survey data also permit calculation of a ratio of
liquid assets to money income before taxes for each
spending unit. This type of ratio is subject
to much smaller sampling errors than are ratios
based on aggregate data for the population or for
groups within the population. Ratios for individual spending units have been calculated for
the latest survey only and relate liquid asset holdings at the beginning of 1952 to income in 1951.
The median ratio of liquid asset holdings to annual money income for the population is approximately 10 per cent, although the ratio of total liquid
asset holdings of consumers to total personal income is more than 40 per cent. Both ratios would
of course be higher if data were available on currency holdings. Somewhat less than 50 per cent
of all spending units did not have liquid assets of
the types surveyed, or had them in an amount
equal to less than 5 per cent of annual income (see
Table 14). On the other hand, 1 in every 9
spending units had liquid assets equal to or greater
than income in 1951 and 1 in 20 had liquid assets
equal to at least two years' income.
Among income groups, the median ratio of liquid
assets to income tended to increase steadily as income increased. Large holdings in relation to income (100 per cent or more of annual income) were
most frequent at the extremes of the income distribution (incomes of less than $2,000 and of $7,500
or more). Such large holdings were relatively
most frequent among retired persons, whose incomes were generally small, and least frequent
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
TABLE
14
RELATION OF LIQUID ASSETS TO INCOME WITHIN SPECIFIED GROUPS, EARLY 1952
x
[Percentage distribution of spending units]
Liquid assets as a percentage of money income before taxes
Group characteristic
All spending units
Number of
cases
All
cases
Zero
Less
5-19
20-39
40-59
60-99 per100
than
cent
5 per cent per cent per cent per cent per cent or more
2,820
100
31
15
19
1951 money income before taxes:
Under $1,000
$l,000-$l,999
$2,000-12,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
278
359
454
482
424
490
333
100
100
100
100
100
100
100
61
49
41
24
17
11
2
1
9
15
22
18
22
9
5
11
16
22
28
26
26
Occupation of head of spending unit:
Professional and semiprofessional
Self-employed
Managerial
Clerical and sales
Skilled and semiskilled
Unskilled and service
Farm operator
Retired
263
223
154
430
776
282
215
178
100
100
100
100
100
100
100
100
11
14
8
19
31
54
32
43
16
11
12
16
20
15
317
316
100
100
34
33
13
213
842
100
100
23
30
616
302
122
100
100
100
22
35
59
Family status of spending unit:
Single person:
Age 18-44
Age 45 and over
Married: 4
Age 18-44, no children under 18
Age 18-44, children under 18
Age 45 or over, no children under
18
Age 45 or over, children under 18.
Others 5
1
Liquid assets at beginning of 1952 as a percentage of 1951
2
Includes spending units with zero or negative incomes.
3
No
cases reported or less than one-half of 1 per cent.
4
Both husband and wife in spending unit.
5
10
11
13
14
23
3
3
6
4
7
10
12
3
6
5
7
10
9
11
18
16
9
10
6
8
17
32
21
25
26
21
14
15
4
13
12
16
17
11
7
9
5
6
12
7
6
6
4
6
3
9
9
15
8
6
2
11
13
20
17
8
5
4
16
54
7
18
10
14
11
27
23
21
24
25
10
4
4
15
18
11
Not
available 2
5
6
8
10
11
13
8
5
6
23
7
5
(3)
1
()
(*)
()
1
(*)
()
money income before taxes.
Includes spending units with or without children from which husband or wife was absent.
TABLE
15
LIQUID ASSET HOLDINGS WITHIN REGIONAL INCOME GROUPS
1
[Percentage distribution of spending units]
1951 money income before taxes, and region
Number
of
cases
Size of holding
All
cases
Zero
$l-$499
$500$1,999
$2,000$4,999
25
31
22
15
14
8
12
10
5
13
42
35
68
35
29
28
19
33
16
21
8
11
10
9
3
11
3
7
2
10
16
38
25
14
7
22
19
25
16
11
10
5
2
9
28
27
19
29
26
18
22
17
15
21
20
22
All income groups:
North East
North Central
South
West
.
1,051
623
358
100
100
100
Under $3,000:
North East
North Central
South
West
271
370
325
126
100
100
100
100
287
100
351
156
112
100
100
100
20
34
13
230
330
142
120
100
100
100
100
8
7
12
5
788
$3,000-$4,999:
North East
North Central
South .. ..
West
$5,000 and over:
North East
North Central
South
West
.
.
....
100
23
51
19
31
24
35
38
34
43
23
27
27
27
22
12
21
$5,000
and over
7
1
Survey regions are defined as follows: North East includes New England, the Middle Atlantic States, and Delaware; North Central
includes West North Central and East North Central States; South includes East South Central, West South Central, and South Atlantic
States other than Delaware; West includes the Mountain and Pacific Coast States.
The sampling errors of data based on the same number of cases are generally somewhat greater for regions than for the nation. Sampling errors of regional data in this survey approximate sampling errors of national data based on half as many cases.
SEPTEMBER
1952
983
1952 SURVEY OF CONSUMER FINANCES
among skilled and unskilled workers. In general, older persons had the highest ratios of liquid
assets to income.
Regional data. The survey provides for the first
time liquid asset data for four broad geographic
regions. Survey findings indicate that consumers
in the Western and North Central regions have
the largest asset holdings while those in the South
have the smallest. The disparity between the South
and other regions arises primarily among consumers with incomes of less than $5,000. Above
this income level, there is little difference among
the regions (see Table 15).
Additional information concerning the liquid
assets of spending units, with some data for
families, is given in Supplementary Tables 17-21
at the end of this article.
Real estate. The most widely held of the four
types of business investments covered was real estate
other than owner-occupied homes and farms. Approximately 1 in every 7 consumer spending units
owned some such real estate in early 1952. Most
frequently, it was a one- or two-family house, a
farm or extra farmland, or a lot. More widespread ownership of real estate than of corporate
stock was consistent with the finding reported in
the July BULLETIN that substantially more consumers preferred investment in real estate than in
stock.
Survey data indicate that ownership of real estate
other than homes and farms was more widely distributed among the various income groups than
was corporate stock or private business interests.
The income groups below $7,500 owned somewhat
more than half of the total reported value of such
real estate, with consumers having incomes of less
than $3,000 accounting for approximately onesixth of the total. The frequency of such real estate
ownership rose from 7 per cent in the lowest income
group (less than $1,000) to approximately 39 per
cent in the highest income group ($7,500 or more).
The value of the real estate owned also tended to
be much greater in the higher income groups than
in the lower income groups (see Table 16).
Owners of large holdings accounted for nearly
the same proportion of total real estate holdings
as was the case with other business investments. It
is estimated that the 5 per cent of spending units
with holdings of $10,000 or more accounted for
more than two-thirds of the total holdings of investment real estate. Additional information regarding the value of real estate is presented in
Supplementary Table 22.
Corporate stock. Although consumers have indicated a growing preference for investment in corporate stock in recent years, ownership of this asset
has tended to remain limited to a relatively small
group.6 As of early 1952, common and preferred
stock in corporations open to public investment (socalled open or publicly held corporations) were
owned by 7 per cent of the approximately 53 million spending units in the population, or, on a
family basis, by 8 per cent of the approximately 47
million families. This was about the same proportion of spending units as in early 1950 and
early 1949. In all, nearly 4 million spending
units owned stock in publicly held corporations
early this year. Previous surveys have indicated
that on the average there are four individual stock6
For details on trends in investment preferences, see "Consumer Expectations as to Economic Trends and Consumer Investment Preferences," Federal Reserve BULLETIN, July 1952.
TABLE 16
VALUE OF REAL ESTATE O T H E R THAN OWNER-OCCUPIED H O M E S AND FARMS, EARLY 1952
x
[Percentage distribution of spending units within income groups]
1951 money income
before taxes
Number
of
cases
Value of real estate
All
cases
Did
not
own
Owned
All spending units
2,820
100
86
14
Under $1,000
$l,000-$l,999.. . .
$2,000-$2,999
$3,000-$3,999.. . .
$4,000-14,999... .
$5,000-$7,499.. . .
$7,500 and over. .
278
359
454
482
424
490
333
100
100
100
100
100
100
100
93
90
88
90
86
81
61
7
10
12
10
14
19
39
Under
$1,000
$1,000$4,999
$5,000$9,999
$10,000$24,999
Not ascertained
()
1
1
1
4
15
1
Includes real estate other than owner-occupied farms and owner-occupied 1- and 2-family houses.
in relation to previous year's income.
2 No cases reported or less than one-half of 1 per cent.
984
$25,000
and over
Value reported in early 1952
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
holders for every three spending units that report
holding stock. It can be estimated on this basis that
approximately 5 million individuals in the survey
universe owned some stock in early 1952. As has
been stated in reporting the findings of previous
surveys, this should be considered a rough minimum estimate.
Half of the spending units owning stock in publicly held corporations reported that they had invested in one company; one-third held stock in
from two to five corporations; and one-seventh
owned shares in six or more companies (see Table
17).
Consumer Finance Survey findings indicate that
in 1952, as in earlier years surveyed, the majority
of stockholders owned relatively small amounts of
corporate stock (see Table 18). There is some
evidence, however, that the value of stock owned
has tended to increase since early 1949. This reflects both net new investment by consumers and
a rise in the average market value of stock in the
period covered. For example, stockholdings of
$1,000 or more were reported by 56 per cent of
those owning stock in early 1952 compared with 44
per cent in early 1949. Data from several surveys
indicate that increased personal investment in corporate stock in recent years has resulted primarily
from an increase in the amount invested rather
than in the number of investors.
From the information obtained concerning value
of holdings in publicly held corporations, it can be
estimated that the 1 per cent of all spending units
that owned $10,000 or more of stock accounted for
at least two-thirds of the total value of stock reported. A minimum of two-thirds of total stock
TABLE
DIVERSIFICATION
17
OF STOCKHOLDINGS
[Percentage distribution of stockholding spending units]
Number of corporations represented
l
1
2
3
. . .
4-5
6-8
9 or more
Not ascertained
Early 1952
50
15
10
9
7
6
3
Early 1949
54
j
>
14
3
All cases
100
100
Number of cases
380
347
» Includes common and preferred stock of corporations open to
investment by the general public. Excludes stock of privately
held corporations.
SEPTEMBER 1952
TABLE
18
S I Z E O F STOCKHOLDINGS *
[Percentage distribution of spending units]
Amount of stock held
None
Some
2
Under $500
$500-$999 . .
$l,000-$4,999
$5,000-$24 999
$25,000 and over
Not ascertained
All cases
Number of cases
.
.
.
Early
1952
Earlv
1950
Early
1949
93
7
93
7
92
8
2
1
2
1
1
(3)
2
1
2
I
1
00
3
1
2
1
(3)
(3)
100
100
100
2,820
3,512
3,510
1
Includes common and preferred stock of corporations open to
investment by general public. Excludes stock of privately held
corporations.
2
Includes the one-half of 1 per cent of all spending units for
which stock ownership was not ascertained.
3
No cases reported or less t h a n one-half of 1 per cent.
NOTE.—Details may not add to totals because of rounding.
ownership in early 1952 may also be attributed to
the 3 per cent of spending units with incomes of
$10,000 or more in 1951. Additional information
regarding stock ownership is presented in Supplementary Table 24 at the end of this article.
Survey findings regarding stock ownership can
be compared with similar data provided in a special study by The Brookings Institution conducted
in early 1952 for the New York Stock Exchange.
The two studies appear to have obtained similar results. The Brookings study found that 9.5 per
cent of all family units held stock in publicly owned
corporations as compared with 8 per cent according
to the Survey of Consumer Finances. The difference is within the limits of sampling error.7 The
Brookings study also found that 46 per cent of
individual stockholders owned stock in only one
company, 41 per cent in from two to five companies, and 13.5 per cent in six or more companies.
The comparable percentages from the Consumer
7
The difference in findings for the country as a whole
is mainly due to differences in findings for the South with
respect to the proportion of families that own stock—4.2 per
cent according to the Survey of Consumer Finances and 7.8
per cent according to the Brookings study. For the three
other regions combined—the Northeast, the North Central,
and the West—the results of the two studies were similar—
9.5 per cent and 9.8 per cent respectively.
There are certain differences between these surveys, such
as the inclusion by the Brookings study and exclusion by this
survey of people living in hotels, rooming houses, and tourist
camps. The known differences between the surveys, however, do not appear to have made their findings incomparable. The Brookings study, entitled Share Ownership in the
United States, was prepared by L. H. Kimmel.
985
1952 SURVEY OF CONSUMER FINANCES
TABLE
19
VALUE OF UNINCORPORATED NONFARM BUSINESSES WITHIN INCOME GROUPS, EARLY
1952
[Percentage distribution of spending units]
Value *
1951 money income
before taxes
All spending units . .
Under $1,000
$1 000-$ 1 999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
&5,000-$7,499
$7 500 and over
1
2
All
cases
Did
not
own
2,820
100
93
7
2 78
359
454
482
424
490
333
100
100
100
100
100
100
100
99
98
95
94
92
89
79
1
2
5
6
8
11
21
Number
of
cases
Owned
Under
$1,000
$1,000$4,999
1
1
1
$5,000$9,999
$10,000$24,999
2
1
1
1
1
1
3
4
3
2
1
2
1
3
2
1
1
1
2
5
$25,000
and over
N o t ascertained
1
1
1
1
(*)
1
1
3
1
9
In the case of a partnership, refers to value of interest held by spending unit.
No cases reported or less than one-half of 1 per cent.
Finances Survey for spending units (not individuals) were 50, 33, and 14, with 3 per cent not
ascertained. Survey information on the value of
stock in open or publicly held corporations has no
counterpart in the Brookings study.
Interest in nonfarm business. A full or part financial interest in a nonfarm unincorporated business
was reported at the beginning of 1952 by nearly 7
per cent of all spending units or roughly 3.5 million.
An additional 750,000 spending units reported
having a financial interest in a privately held corporation.8
The rate of turnover of small businesses is reflected by the survey finding that roughly 250,000
spending units terminated their interest in a business during 1951.
As with other investment assets, an interest in
an unincorporated nonfarm business was reported
relatively more frequently in higher income groups
than in other income groups. According to information concerning the value of business interest,
which was obtained only for unincorporated businesses, the higher the income group the larger the
average value of the investment (see Table 19).
Spending units with incomes of $7,500 or more
owned nearly half of the reported value of unincorporated businesses. This proportion would be increased considerably if data for privately held corporations could be included. Interests in these
corporations were held much more frequently at
high than at low income levels and, according to
information from previous surveys, in considerably
larger average amount.
8
Having a financial interest in a privately held corporation
means having a controlling or a large financial interest.
This is more restrictive than simply owning shares, which was
reported by approximately 1,250,000 spending units.
986
Survey data indicate that the 2.5 per cent of all
spending units having an interest of $10,000 or
more in an unincorporated business in early 1952
accounted for well over two-thirds of the aggregate
value of these business interests. For additional
information on ownership of nonfarm businesses,
see Supplementary Table 25 at the end of this
article.
Interest in a farm. Of the more than 4.5 million
farm operators in early 1952, approximately twothirds owned the farms on which they were living
(see Table 20). Consumers who own but do not
operate farms are excluded from these data, having
been included in the section on ownership of real
estate other than owner-occupied homes and farms.
The median value of owner-operated farms in
early 1952, taking land, buildings, machinery, and
TABLE
20
T E N U R E OF FARM OPERATING SPENDING U N I T S , EARLY
1952
[Percentage distribution of farm operating spending units]
All farm
operating
spending
units
Tenure
1951 money income
before taxes
Under
$2,000
$2,000
and over
Own:
In full
In part
63
5
60
5
67
4
Rent:
As full renter
As tenant or sharecropper. .
1
26
0)
29
1
23
Other 2
5
6
5
All cases
100
100
100
Number of cases
217
99
118
1
2
No cases reported or less than one-half of 1 per cent.
Includes related secondary spending units and cases in which
farm has been sold.
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
businesses or classed as farm operators owed nonmortgage debts incurred primarily for consumption.
Two-thirds of these debts were for amounts less
than $500, and three-fourths represented less than
20 per cent of the 1951 income of the debtor.
Federal Reserve estimates based on reports of
lenders indicate that consumer debt increased more
rapidly than personal income from the end of 1945
to the end of 1950.9 As a result, the ratio of total
short-term consumer debt outstanding to annual
personal income rose from about 3 per cent at the
end of 1945 to about 9 per cent at the end of 1950,
a ratio only slightly less than those of the immediate
prewar years. This ratio declined to about 8 per
cent at the end of 1951, reflecting an increase in
consumer incomes and little change in outstanding
debt during the period of instalment credit regulation.
Expansion of consumer debt during the postwar
period was closely tied to the increase in volume
inventory into account, fell between $15,000 and
$20,000. About one-third were worth at least
$30,000 while fewer than one-tenth were valued at
less than $5,000.
Farm operators who did not own their land
(renters, tenants, and sharecroppers) generally had
some investment in the operation in the form of
machinery or inventory. In somewhat more than
half the cases, this equity amounted to less than
$2,500 as of early 1952. For about one-fifth of
nonowning farm operators, however, the equity
amounted to $10,000 or more (see Supplementary
Table 23 at the end of this article).
SHORT-TERM CONSUMER DEBT
Debt data in the 1952 survey have been calculated only for short-term debt of nonbusiness spending units. Mortgage debt was not covered and
responses by farm operators and owners of nonfarm businesses were excluded. A more complete
description of the problems arising in defining the
debts covered in this section is given in the technical note at the end of this article, which also
describes differences between debt data from the
1951 and 1952 surveys.
Debts incurred for consumption purposes have
risen steadily from their low level at the end of the
war. At the beginning of 1952, more than 50 per
cent of all spending units other than those owning
9
Changes in the treatment of consumer debt make yearto-year comparisons of survey data on debt inadvisable, as is
explained in the technical note at the end of this article.
Aggregate data based on lenders' reports provide a better
basis for year-to-year comparisons of consumer debt than do
survey data because of greater consistency of definition and
coverage. Although these aggregate data cover a somewhat
larger population and differ slightly in definition from the
survey data, the debts included in the survey are such a large
proportion of those included in the lender data that the
latter are believed to furnish a reliable guide to year-to-year
movements in the consumer debt of the survey population.
TABLE
21
CONSUMER D E B T IN RELATION TO INCOME AND EXPENDITURES FOR DURABLE GOODS
[Percentage distribution of nonbusiness spending units]
1951 money income before
taxes, and net expenditures
for durable goods
Income under $3,000:
No expenditure
$1-$199
$200-$499
$500 and over
Income $3,000-$4,999:
No expenditure
$1-$199
$200-$499
$500-$999
$1,000 and over. . . .
Income $5,000 and over:
No expenditure. . . .
$l-$499
$500-$999
$1,000 and over
SEPTEMBER
1952
1
2
Consumer debt as percentage of income
Number
of cases
All
cases
Has no
debt
1-9
per cent
10-19
per cent
20 per cent
and over
595
136
110
64
100
100
100
100
68
41
34
28
18
39
29
9
5
14
18
21
7
5
18
37
302
98
184
95
96
100
100
100
100
100
58
39
29
18
21
31
45
51
34
21
5
4
15
21
27
4
9
4
25
30
Not
ascertained
1952 SURVEY OF CONSUMER FINANCES
TABLE
22
CONSUMER D E B T IN EARLY 1952
*
[Percentage distribution of ncntusiness spending units within specified groups] 2
Amount of consumer debt
All
cases
No
consumer4
debt
Some
consumer
debt
$l-$99
2,327
100
49
51
13
1951 money income before taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
212
303
399
420
366
404
223
100
100
100
100
100
100
100
68
60
47
38
40
39
54
32
40
53
62
60
61
46
22
16
15
14
7
7
3
9
9
13
9
9
2
Liquid asset holdings:
None
$1-$199
$200-$499
$500-$999
$l,000-$l,999
$2,000-$4,999
$5,000 and over
597
388
308
242
249
315
225
100
100
100
100
100
100
100
42
32
40
46
70
66
81
58
68
60
54
30
34
19
18
13
12
15
8
9
5
Occupation of head of spending unit:
Professional and semiprofessional
Managerial
Clerical and sales
Skilled and semiskilled
Unskilled and service
Retired
Other e
252
121
415
761
275
176
327
100
100
100
100
100
100
100
51
56
51
37
43
78
57
49
44
49
63
57
22
43
Age of head of spending unit:
18-24
25-34
35-44
45-54
55-64
65 or over
208
525
494
434
303
305
100
100
100
100
100
100
46
31
41
47
64
79
291
296
100
100
179
668
477
217
113
Group characteristic
All nonbusiness spending units
Family status:
Single person:
Age 18-44
Age 45 or over
Married: 7
Age 18-44, no children under 18.
Age 18-44, children under 1 8 . . .
Age 45 or over, no children under
18
Age 45 or over, children under 18
Others
Number of3
cases
$500$999
$1,000
and
over
5
9
13
18
22
17
1
3
11
8
14
17
11
1
4
7
8
10
16
10
12
10
8
3
5
7
14
20
20
15
9
9
2
10
13
10
8
6
5
1
11
5
11
13
19
13
14
7
5
10
11
9
1
11
9
12
19
17
2
10
13
18
9
12
6
2
5
54
69
59
53
36
21
19
13
12
14
11
13
11
10
11
10
7
1
11
22
17
15
12
15
10
6
5
2
40
25
17
13
100
100
60
75
40
25
60
75
5
12
13
24
21
16
17
1
1
6
10
100
100
100
65
38
43
35
62
57
10
17
29
5
12
10
11
14
11
3
10
5
5
9
1
$100$199
$200$499
Not
ascertained
14
5
2
1
Excludes debts secured by mortgages and debts for business purposes to banks, loan companies, and credit unions.
2
Excludes spending units headed by farm operators and owners of part or all of an unincorporated business or privately held corporation.
3
Total number of cases exceeds sum of various groups because of inclusion of cases for which relevant characteristics were not ascertained.
4
Includes the less than one-half of 1 per cent of all spending units for which debt status was not determined.
5
No cases reported or less than one-half of 1 per cent.
6
Includes spending units headed by self-employed artisans, housewives, protective service workers, unemployed persons, or students
7
Both husband and wife in spending unit.
8
Includes spending units with or without children from which husband or wife is absent.
of sales and to the broadening of the market for
durable goods. Survey data indicate that with
the increase in purchases of automobiles (new
and used) from 5 million in 1946 to approximately
12 million in both 1950 and 1951, the proportion of
the total bought on credit increased from about
one-fifth to more than one-half. There was a similar
rise in use of credit to buy household appliances
and furniture.
It is significant that, at all levels of income, a
relatively larger proportion of spending units with
debt than without debt planned to buy a car or
some other durable good during 1952. This was
true even among spending units whose debts at
the beginning of 1952 amounted to 20 per cent or
more of their 1951 incomes. The pattern of buying
plans and consumer debt probably resulted in part
from the activities of younger families, among
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
whom accumulation of household appliances and
furniture continues at a high rate for a number of
years.
Factors related to consumer indebtedness. At all
levels of income, the proportion of spending units
that reported consumer debt at the beginning of
1952 was larger among purchasers of durable goods
than among nonpurchasers (see Table 21). Further
illustrating this point, it was found that approximately three-fourths of the younger married couples
with children reported consumer debt. In contrast,
only one-fourth of the older single persons owed
such debt (see Table 22).
Changes in income are often accompanied by
the incurrence of debt. Both spending units whose
incomes increased and those whose incomes decreased between 1950 and 1951 reported consumer
debt with greater frequency than spending units
experiencing little change in income (see Table 23).
The relatively high frequency of debt among spending units with increases in income may reflect in
part their desire to take immediate advantage of
their greater ability to purchase durable goods.
Spending units whose incomes fall may borrow
because they find it difficult to reduce prior com-
TABLE
23
CONSUMER D E B T IN RELATION TO INCOME CHANGE
Z
[Percentage distribution of nonbusines>s spending units
within specified groups 2
No
1951 money income before taxes,
with change from 1950
Number
of
cases
All
cases
consumer
debt,
earlv
1952 3
Some
consumer
debt,
early
1952
Under $3,000:
Larger by 25 per cent or more. . .
Somewhat larger
No substantial change
Smaller
177
220
303
177
100
100
100
100
52
52
65
56
48
48
35
44
$3,000-$4,999:
Larger by 25 per cent or more. . .
Somewhat larger
No substantial change
Smaller
125
322
203
110
100
100
100
100
34
37
46
38
66
63
54
62
$5,000 and over:
Larger by 25 per cent or more. . .
Somewhat larger
No substantial change
Smaller *
129
275
141
54
100
100
100
100
25
47
54
46
75
53
46
54
1
Consumer debt in early 1952 in relation to changes in money
income before taxes between 1950 and 1951 within 1951 income
groups.
2
Excludes spending units headed by farm operators and owners
of part or all of an unincorporated business or privately held corporation.
3
Includes the less than one-half of 1 per cent of all spending
units
for which debt status was not determined.
4
This distribution should be used with caution because of the
small number of cases involved.
SEPTEMBER
1952
TABLE
SPENDING
UNITS,
AGGREGATE
24
AGGREGATE
MONEY
INCOME, AND
CONSUMER D E B T , BY INCOME GROUPS
[Percentage distribution]
1951
money income
before taxes
Under $1,000
$l,000-$1.999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
All cases
1951
money income
before taxes 2
Consumer
debt, early
1952 3
12
15
19
19
15
14
6
2
6
14
18
19
23
18
2
5
17
21
19
25
11
100
100
100
Spending
units *
1
Excludes spending units headed by farm operators and owners
of part or all of an unincorporated business or privately held
corporation.
2
Excludes incomes of spending units described in note 1.
3
Excludes mortgages and debts for business purposes to banks,
loan companies, and credit unions.
mitments or to change their patterns of consumption.
A smaller proportion of aggregate consumer
debt than of income was accounted for by the
highest income group at the beginning of 1952.10
The 6 per cent of nonentrepreneurial spending
units with 1951 income of $7,500 or more owed 11
per cent of the aggregate consumer debt while
receiving 18 per cent of the income (see Table 24).
Consumer debt at the beginning of 1952 was
reported by a larger proportion (60 per cent) of
spending units with incomes of $3,000 to $7,499
than of units at higher or lower income levels.
The proportion ranged downward to 32 per cent for
spending units with incomes less than $1,000 (see
Table 25), in part reflecting the limited ability of
these groups to service debt.
Spending units owning large amounts of liquid
assets reported consumer debt much less frequently
than those with small holdings. Spending units
without liquid assets, however, reported debt with
less frequency than those having moderate holdings
($1-$199). The low frequency of debt among
units without liquid assets reflects the large proportion of very low income units in the group.
Short-term debts exceeded liquid asset holdings
10
The finding of the 1951 survey that the total debt of
spending units was distributed similarly to total money
income applied to all debt, including mortgage and business debt, and to all spending units. The difference between
the 1951 finding and the one discussed above indicated the
greater importance of mortgage and business debts in the
higher than in the lower income groups.
989
1952 SURVEY OF CONSUMER FINANCES
TABLE 25
RELATION OF CONSUMER D E B T TO INCOME, EARLY 1952
x
[Percentage distribution of nonbusiness spending units within specified groups]
Group characteristic
All nonbusiness spending units 4 . .
Number
of
cases 2
Consumer debt as percentage of money income before taxes
All
cases
Zeros
1-9
per cent
10-19
per cent
20-39
per cent
2,327
100
48
29
1951 money income before taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
212
303
398
420
365
404
222
100
100
100
100
100
100
100
68
60
47
38
40
40
54
15
21
28
38
34
35
26
7
9
10
10
15
16
10
4
6
10
9
9
5
6
Occupation of head of spending unit:
Professional and semiprofessional
Managerial
Clerical and sales
Skilled and semiskilled
Unskilled and service
Retired
Others
252
121
415
761
275
176
291
100
100
100
100
100
100
100
51
56
51
37
43
78
58
27
24
28
36
29
11
24
11
9
11
13
14
4
9
10
7
9
9
2
6
291
296
100
100
60
73
25
17
179
668
477
217
113
100
100
100
100
100
41
25
65
39
44
29
39
20
37
39
17
17
6
14
13
5
Family status:
Single person:
Age 18-44
Age 45 or over
Married: i
Age 18-44, no children under 18
Age 18-44, children under 18
Age 45 or over, no children under 18. . .
Age 45 or over, children under 18
Other 8
Not
40 per cent
and over
ascertained
1
2
Consumer debt at the beginning of 1952 as a percentage of 1951 money income before taxes.
Total number of cases exceeds sum of various groups because of inclusion of cases for which relevant characteristics were not ascertained.
3
Includes the less than one-half of 1 per cent of all spending units for which debt status was not determined.
4
Excludes spending units headed by farm operators and owners of part or all of an unincorporated business or privately held corporation. 5
No cases reported or less than one-half of 1 per cent.
6
Includes spending units headed by self-employed artisans, housewives, protective service workers, unemployed persons, or students.
7
Both husband and wife present in spending unit.
8
Includes spending units with or without children from which husband or wife is absent.
for about 70 per cent of all debtors. Among
debtors with incomes below $3,000, the corresponding proportion exceeded 80 per cent, and at incomes of $7,500 or more, it was about 50 per cent.
Medical debt. In 1952, the Survey of Consumer
Finances determined for the first time the amount
owed on medical bills. About 19 per cent of all
spending units (including farm operators, owners
of businesses, and nonbusiness spending units)
reported debts to doctors, dentists, or hospitals for
dental and medical services.11 The average (mean)
11
These figures exclude debt to banks and other institutions
incurred to meet medical expenses. The medical debt of nonbusiness spending units is included here and also as a component of the short-term consumer debt of this group reported earlier in this section.
990
debt outstanding was about $105 and the median
$50. It should be noted that these data relate to
medical debts and do not refer to total medical
expenses.
Variation among spending units in the frequency
of medical debt is greatest among family status
groups (see Table 26). This variation may be
explained by differences in the number of persons
needing medical care, by the greater need of
children for medical care, and by variations in the
use of funds for other purposes, such as the purchase of durable goods. Medical debts were most
frequently reported by younger married couples
with one or more children under 18.
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
T A B L E 26
D E B T S ON MEDICAL BILLS, EARLY
1952
1
[Percentage distribution of spending units within specified groups]
Number
of
cases
Group characteristic
cases
Some debt
$l-$99
$100-$199
$200 and
over
2,820
100
81
19
14
3
2
1951 money income before taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
278
359
454
482
424
490
333
100
100
100
100
100
100
100
83
82
78
78
81
82
86
17
18
22
22
19
18
14
14
13
17
17
12
12
10
2
1
2
2
4
4
2
1
3
3
3
3
2
2
Occupation of head of spending unit:
Professional and semiprofessional. .
Managerial.
Self-employed
Clerical and sales
Skilled and semiskilled
Unskilled and service
Farm operator
Retired
Other 3
273
152
212
430
780
280
215
178
266
100
100
100
100
100
100
100
100
100
88
84
90
81
77
79
77
87
79
12
16
10
19
23
21
23
13
21
9
8
6
14
16
14
18
10
17
2
22
3
4
2
2
1
6
2
2
3
4
3
1
2
Age of head of spending unit:
18-24
25-34 .
35-44
45-54
55-64
65 or over
218
634
619
547
382
362
100
100
100
100
100
100
76
77
77
82
87
87
24
23
23
18
13
13
21
16
16
12
9
11
2
3
3
4
1
317
316
100
100
89
87
11
13
10
9
88888
All spending units
Amount of debt
No debt
89
70
89
76
73
11
30
11
24
27
9
21
8
18
23
1
2
1
4
1
4
1
Family status:
Single person:
Age 18-44
Age 45 or over
Married: 4
Age 18-44, no children under 18. .
Age 18-44, children under 18
Age 45 or over, no children under 18
Age 545 or over, children under 1 8 . .
Other
5
UULU
IIUJU^UIU
CJ,i-X\~i
VV 11- _V i
l l OJ^/V-lX^J.1 I J . ^
213
842
616
302
122
1
4
3
2
2
1
Not ascertained
«
1
m
m
1
2
1
1
1
1
1
1
5
2
2
3
L4.1J.J-L-»
Includes spending unit s with or without children from which husband or wife is absent.
APPENDIX
TECHNICAL NOTE ON CONSUMER DEBT DATA
The comparability of survey data regarding debts
of consumers has been affected by year-to-year
changes in the number of questions asked on this
subject, in the emphasis concerning specific components of debt, in the wording and placement of
the questions, and in the processing of the data.
A shift in emphasis resulted in explicitly excluding mortgage indebtedness from the debt
section of the 1952 questionnaire. Additional
changes in emphasis between 1951 and 1952 were
the insertion of a specific question on outstanding
medical bills and the elimination of a specific question on charge account balances with stores other
than grocery stores. Since a number of specific
SEPTEMBER 1952
questions rather than one omnibus question usually
result in more complete coverage of a total, the
changes regarding medical debt and charge accounts probably tended respectively to increase and
to decrease the total debt reported by consumers in
1952 as compared with 1951.
Extensive changes between 1951 and 1952 were
also made in the phrasing and the placement in the
questionnaire of the questions regarding debt. All
debt questions were concentrated in a single group
in the 1952 questionnaire. In previous years, outstanding debt had been derived from questions
placed at a number of points deemed appropriate.
For example, questions on the financing of pur-
991
1952 SURVEY OF CONSUMER FINANCES
The 1952 data entitled "consumer debt" incorporated several modifications from the 1951 data
entitled "non-real-estate debt." The 1952 data exclude spending units classified as farm operators or
owners of unincorporated businesses or privately
held corporations in an attempt to obtain debt data
that would reflect more clearly the activities of
spending units as consumers. Also, the 1952 data
exclude only mortgage debt while non-real-estate
debt in 1951 excluded any form of debt incurred in
repairing or improving real estate. Furthermore,
in 1952 a question was included to determine and
exclude the amount, if any, of the noninstalment
debt to banks and loan companies which was incurred for business or farm purposes. In 1951,
debts of this nature were not identified and could
not be excluded.
chases of durable goods in the previous year and
on subsequent payments on instalment contracts
were asked immediately following questions relating to purchases of cars and other durables. The
association in the 1951 questionnaire of debt and
purchase questions probably resulted in more complete coverage of consumer debt than in the following year when a single question referred to the
results of all past instalment transactions. In 1952,
in addition to the question on medical debts,
single questions covered instalment debts, other
debts to banks, loan companies, and credit unions,
and other debts to private individuals, life insurance companies, and miscellaneous lenders. Use
of these questions may have moderated the limitation of coverage resulting from the disassociation
of debt and purchase questions.
SUPPLEMENTARY
1950
TABLE 1
INCOMES OF SPENDING UNITS WITHIN 1951
INCOME GROUPS 1
[Percentage distribution]
1951 money income before taxes
1950 money income before taxes
All spending units
Under
$1,000
$1,000$1,999
Under $1,000.. .
$l,000-$l,999. . .
$2,000-$2,999. . .
$3,000-$3,999. . .
$4,000-$4,999. . .
$5,000-$7,499...
$7,500 and over.
Not ascertained.
15
14
18
18
12
9
5
9
All cases. . ..
Number of cases.
100
100
100
2,820
279
358
73
12
2
1
26
50
9
3
1
()
11
()
11
$2,000$2,999
$3,000$3,999
6
21
55
7
1
3
6
27
49
5
1
454
482
$4,000$4,999
$5,000$7,499
$7,500
and over
1
2
6
36
41
6
1
7
1
1
3
11
28
45
3
100
100
424
490
333
100
()
1
4
17
63
12
1
Based on reports of spending units interviewed early in 1952 concerning annual incomes in both 1950 and 1951. As shown in table,
the 1950
income of 9 per cent of all spending units could not be determined at the beginning of 1952.
2
No cases reported or less than one-half of 1 per cent.
SUPPLEMENTARY
TABLE 2
INCOME CHANGE RELATED TO INCOME IN YEAR BEFORE CHANGE
1
[Percentage distribution of spending units]
Money income before taxes irL year previous to change
Change in money income
before taxes
Income larger
By 25 per cent or more
Somewhat
..
No substantial change
Income smaller
Somewhat
...
By 25 per cent or more
Not ascertained
All cases
$1,000$1,999
Under
$1,000
$2,000$2,999
$3,000$3,999
$4,000$4,999
$5,000
$7,499
$7,500
and over
1950
1949
1950
1949
1950
1949
1950
1949
1950
1949
1950
1949
1950
1949
47
31
16
48
29
19
48
24
24
50
23
27
57
21
36
52
17
35
56
17
39
52
14
38
60
15
45
52
15
37
50
10
40
43
12
31
44
9
35
44
17
27
34
31
32
30
27
28
26
28
25
30
28
32
26
33
15
9
6
18
12
6
16
9
7
19
11
8
15
11
4
19
12
7
17
13
4
19
14
5
14
9
5
18
14
4
18
13
5
23
14
9
24
13
11
20
12
8
4
3
4
1
1
1
1
1
1
(2)
4
2
6
3
100
100
100
100
100
100
100
100
100
100
100
100
100
100
294
418
345
536
439
582
498
615
349
378
342
397
241
236
1
In approximately one-tenth of the cases for the 1952 and 1951 surveys, money income for the "year previous to change" was not
ascertained. These cases are not included in this table.
2
No cases reported or less than one-half of 1 per cent.
992
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY TABLE 3
INCOME CHANGE RELATED TO INCOME IN YEAR AFTER CHANGE
1
[Percentage distribution of spending units]
Money income before taxes in year after change
Change in money
income before taxes
$1,000$1,999
Under
$1,000
$3,000$3,999
$2,000$2,999
$5,000$7,499
$4,000$4,999
$7,500
and over
1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949
to
to
to
to
to
to
to
to
to
to
to
to
to
to
1951 2 1950s 1951 2 1950 3 1951 2 1950 3 1951 2 1950s 1951 2 1950 3 1951 2 1950 3 1951 2 1950 3
Income larger
31
18
13
30
14
16
43
21
22
No substantial change
38
36
Income smaller
26
11
15
32
14
18
By 25 per cent or more
Somewhat
Somewhat
By 25 per cent or more
Not ascertained
All cases
Number of cases
1
2
3
43
19
24
49
17
32
48
18
30
55
20
35
52
15
37
60
17
43
58
16
42
67
26
41
61
26
35
54
19
35
61
30
31
31
33
29
29
27
31
22
26
21
24
24
27
21
13
8
22
12
10
18
13
5
21
15
6
15
13
2
16
13
3
14
11
3
14
11
3
8
6
2
13
10
3
10
7
3
7
6
1
5
2
5
2
4
2
3
1
4
2
4
2
12
5
100
100
100
100
100
100
100
100
100
100
100
100
100
100
279
418
358
514
454
567
482
601
424
441
490
538
333
294
Based on changes in money income before taxes as reported by spending units early in 1952 and early in 1951.
Income change from 1950 to 1951 related to 1951 income.
Income change from 1949 to 1950 related to 1950 income.
SUPPLEMENTARY T A B L E 4
INCOME CHANGES OF SPENDING U N I T S WITHIN OCCUPATIONAL AND A G E GROUPS
1
[Percentage distribution of spending units]
Change in money income before taxes
Group characteristic
Number of
cases
Income larger
All
cases
Total
All spending units:
1950-51
1949-50
Occupation of head of spending unit:
Professional and semiprofessional:
1950-51
1949-50
Managerial:
1950-51
1949-50
Self-employed:
1950-51
1949-50
Clerical and sales:
1950-51
1949-50
Skilled and semiskilled:
1950-51
1949-50
Unskilled and service:
1950-51
1949-50
Farm operator:
1950-51
1949-50
Age of head of spending unit:
18-24 years:
1950-51
1949-50
25-34 years:
1950-51
1949-50
35-44 years:
1950-51
1949-50
. .
45-54 years:
1950-51
. .
1949-50
55-64 years:
1950-51
1949-50
65 years or over:
1950-51
1949-50
1
By 25
per cent
or more
Somewhat
No
substantial
change
Income smaller
Total
Somewhat
By 25
per cent
or more
Not
ascertained
2 ,820
3,415
100
52
20
11
5
100
49
19
30
30
19
12
7
273
100
54
19
35
23
16
11
5
269
100
60
24
36
27
12
8
4
-
152
235
100
100
53
48
11
16
42
32
32
40
9
11
7
8
2
3
6
1
212
250
100
100
35
45
18
25
17
20
31
31
20
18
9
11
11
7
14
6
430
477
100
100
65
57
25
19
40
38
20
24
13
17
10
13
3
4
2
2
780
901
100
100
62
58
21
22
41
36
23
28
12
12
10
10
2
2
3
2
280
100
51
30
17
4
19
30
13
49
21
30
100
19
12
7
5
2
215
388
100
100
44
40
20
18
24
22
21
23
30
34
16
17
14
17
5
3
218
269
100
100
70
73
47
43
23
30
11
13
15
12
11
9
4
3
4
2
634
711
100
100
60
58
21
21
39
37
20
21
15
19
10
12
5
7
5
2
619
781
100
100
56
53
17
19
39
34
25
30
15
16
12
10
3
6
4
1
547
659
100
100
49
44
18
16
31
28
30
32
17
21
12
14
5
7
4
3
382
100
41
11
30
36
17
10
7
6
540
100
40
12
28
37
20
14
6
3
362
434
100
100
31
31
14
10
17
21
43
43
22
24
13
13
9
11
4
2
289
32
28
27
16
4
Based on changes in money income before taxes as reported by spending units early in 1952 and early in 1951.
SEPTEMBER
1952
993
1952 SURVEY OF CONSUMER FINANCES
'
SUPPLEMENTARY TABLE 5
INCOME GROUPING OF SPENDING U N I T S WITHIN OCCUPATIONAL GROUPS
1
[Percentage distribution]
Professional
and semiprofessional
Money income
before taxes
1951
1950
Managerial
1951
Clerical
and
sales
Self-employed
1950
1951
1950
1951
Skilled
and
semiskilled
1950
1951
1950
Unskilled
and
service
1951
Farm
operator *
1950
Other »
1951 1950
1951
1
11
16
12
15
21
24
Under $1,000
$1,000-11,999
$2,000-12,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
All cases...
100
Median income
Mean income
37
27
14
10
6
5
2
100
100
$4,500 $4,500 $5
$6,020 $5,630 $8
273'
Number of cases
1950
100
100
100
100
100
100
100
100
100
152
2351
250
212
430
477
780
902
100
100
ioo;
100
$2,100 $1,880 $1,900 $1 ,500 $1,300
'$2,350 $2,660 $2,480 $2 ,36012,030
s$4,950 $4,180 5$4,100 $3,410 $3,200 $3,800 $3,600 $2,100
$6,580 $5,820 $5,330 $3,920 $3,910 $3,970 '$3,530 $2,320
280
289
215
606
r
1
Revised.
Income data for each year are based on interviews during January, February, and early March of the following year. All the occupational2 groupings are in terms of the occupation of the head of the spending unit.
Income for farm operators is not directly comparable with income for other groups because of the large amount of nonmoney income
that 3farmers produce for their own consumption.
Includes spending units headed by retired and unemployed persons and by students, housewives, and persons whose occupations
were4 not ascertained.
No cases reported or less than one-half of 1 per cent.
5
Estimated from distributions of spending units by income groups. The median for the combined self-employed and managerial
group was $4,500 in both 1950 and 1951.
SUPPLEMENTARY T A B L E 6
INCOME DISTRIBUTION OF SPENDING U N I T S HAVING SPECIFIED CHARACTERISTICS, 1951
[Per cent]
Group characteristic
Number
of
cases
Money income before taxes
All
income
groups
Under
$1,000
$1,000$1,999
$2,000$2,999
$3,000$3,999
$4,000$4,999
$5,000$7,499
$7,500
and
over
All spending units
2,820
100
13
15
18
18
15
14
Number of income receivers in spending unit:
One
Two or more
2,200
611
100
100
15
5
16
12
18
16
19
13
14
18
11
27
216
619
612
535
371
351
100
100
100
100
100
100
21
5
7
9
36
26
10
11
14
16
26
29
22
15
15
18
15
13
24
21
16
14
10
6
18
18
17
14
4
4
16
20
17
15
5
2,582
195
100
100
10
31
14
29
17
27
19
9
16
2
16
1
317
316
100
100
19
38
24
25
30
16
18
9
4
5
213
842
616
302
100
100
100
100
5
4
12
6
15
14
17
17
16
14
17
24
15
16
4
5
20
21
15
16
26
19
16
20
8
7
11
14
1,051
982
787
100
100
100
7
12
19
13
13
19
18
19
17
17
18
20
16
15
12
19
15
9
10
8
4
788
1,051
623
358
100
100
100
100
6
11
24
7
15
13
18
14
20
16
18
18
20
19
15
16
17
16
10
17
16
17
9
18
6
10
Age of head of spending unit:
18-24
25-34
35-44
45-54
55-64
65 or over
Race of head of spending unit:
White
Negro
Family status of spending unit:
Single person:
Age 18-44
Age 45 or over
Married:
Age 18-44, no children under 18
Age 18-44, children under 18
Age 45 or over, no children under 18 . .
Age 45 or over, children under 1 8 . . . .
Place of residence of spending
unit:
Metropolitan area l
Other urban3 area 2
Rural area
Region: 4
North East
North Central
South
West
13
1
5
8
12
10
4
1
2
3
Includes the 12 largest cities in the United States and their surrounding suburban and rural areas
Includes cities of 2,500 population or more, but not metropolitan.
Includes towns of less than 2,500 population and open country. These figures are especially influenced by exclusion of nonmoney
income
of farmers.
4
For definition of regions, see Table 15, footnote 1, p. 983.
994
FEDERAL RESERVE
BULLETIN
1 9 5 2 SURVEY OF CONSUMER
FINANCES
SUPPLEMENTARY T A B L E 7
CHARACTERISTICS OF SPENDING U N I T S WITHIN INCOME GROUPS
[Percentage distribution of spending units]
Money income before taxes
All income
groups
Group characteristic
Under
$1,000
$1,000$1,999
$2,000$2,999
$3,000$3,999
$4,000$4,999
$5,000$7,499
$7,500
and over
1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950
Number of income receivers in spending unit:
None
One
Two or more
Not ascertained
0)
All cases
Age of head of spending unit:
18-24 .
.
25-34
35-44
45-54
55-64
65 or over
Not ascertained
All cases. .
Race of head of spending unit:
White
Negro
Other
Not ascertained
All cases. .
Occupation of head of spending unit:
Professional and semiprofessional
Managerial
Self-emploved
..
Clerical and sales
Skilled and semiskilled
Unskilled and service
Farm operator
Retired
Other
Not ascertained
All cases. .
1
74
25
0)
0)
C1)
100
100
9
23
22
19
12
13
2
Place of residence of spending
unit:
Metropolitan area 4
Other urban6 area 5. . . .
Rural area
All cases...
Number of cases
....
. .
0)
73
0)
100
100
100
100
9
22
22
18
15
13
1
15
9
12
14
13
36
1
7
9
7
13
16
48
C1)
15
14
16
17
14
22
2
is
100
100
100
100
88
10
1
1
90
8
1
1
73
24
2
1
100
100
100
7
4
7
13
30
13
9
6
10
1
}»
6
C11)
C)
1
5
6
17
21
21
24
3
100
100
9
0)
100
0)
0)
C1)
1952
0)
0)
60
40
78
77
C1)
74
76
100
100
100
3
27
9Q
(l)
53
47
78
77
0)
C1)
73
77
0)
0)
0)
0)
100
100
100
100
100
100
4
25
33
22
2
0)
66
34
0)
0)
0)
14
16
6
30
26
17
10
8
3
6
31
?S
0)
25
21
15
13
9
1
16
16
5
1
3
28
?7
22
13
4
3
0)
1
16
26
32
17
6
2
100
100
100
100
100
100
100
100
100
100
100
100
85
13
1
1
80
18
1
1
80
17
1
2
83
15
1
1
91
9
94
5
94
5
1
93
3
1
3
99
1
C1)
97
2
97
1
98
2
0)
96
2
1
1
0)
0)
2
0)
0)
100
100
100
100
100
100
100
100
100
100
100
100
3
6
2
6
17
5
10
12
49
5
5
3
6
10
6
9
16
43
4
4
2
4
1
2
17
38
2
S
2
4
1
23
17
17
13
13
1
6
4
6
0)
7
4
7
15
50
6
4
1
5
1
6
}-
16
17
16
17
19
0)
0)
C1)
100
n3
0)
26
30
23
13
5
1
0)
23
16
2
10
3?
32
18
8
0)
19
1
1
0)
5
2
3
15
45
11
9
2
7
1
100
100
100
100
100
100
100
100
100
100
100
100
13
46
19
19
23
19
20
10
26
9
12
5
10
6
3
4
5
6
3
4
3
4
2
4
l
5
?
4
3
23
6
3
6
11
6
23
9
7
8
17
10
20
8
7
10
30
11
18
13
10
},«
14 13
29 }40
13
18 22
11 15
17
27
11
22
14
w
0)
100
100
13
14
18
33
9
20
9
21
11
3
}8
}'
2
4
8
?1
24
34
}*
10
19
19
11
11
18
99
18
7
5
9
18
9
6
20
30
14
9
5
9
}*0
}.o
13
48
9
S
3
7
is
}»
}»
C1)
8
J49
15
S
(l)
6
3
3
0)
218
10
36
18
4
3
20
10
11
2
3
2
2
2
12
43
4
1
2
2
30
22
1
2
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
31
35
34
31
35
34
17
M
51
70
?4
56
26
31
43
?4
34
42
37
36
32
79
37
34
79
34
37
35
37
28
35
36
29
38
39
23
42
36
22
39
38
23
44
37
19
38
41
21
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
3,415 279 418 358 514 454 567 482 601 424 441 490 538 333
292
3
19
6
9
No cases reported or less than one-half of 1 per cent.
Both husband and wife in spending unit.
For 1951 includes spending units with or without children from which husband or wife is absent.
single4 persons in 1950.
The 12 largest cities in the United States and their surrounding suburban and rural areas.
5
Includes cities of 2,500 population or more, but not metropolitan.
6
Includes towns of less than 2,500 population and open country.
SEPTEMBER
<?)
85
15
80
?0
28
18
15
13
10
2
5
1
6
10
14
25
12
14
12
1
13
30
9
9
7
12
0)
C1)
80
?0
17
10
4
5
2,820
1
2
3
3
87
10
82
17
1
Family status of spending unit:
Single person:
Age 18-44
....
12
Age 45 or over
11
Married: 2
7
Age 18-44, no children under 18
Age 18-44, 1-2 children under 18
} 30
Age 18-44, 3 or more children under 18
Age 45 or over, no children under 18
20
Age 453 or over, 1 or more children under 18. .. 11
Other
5
4
Not ascertained
All cases.
2
89
78
22
1
This group was included with
995
1 9 5 2 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY T A B L E 8
AVERAGE FEDERAL PERSONAL INCOME T A X LIABILITY IN RELATION TO AVERAGE MONEY INCOME BEFORE TAXES
W I T H I N INCOME CLASSES 1
Average income
before tax 2
Money income before taxes
1951
Under $1,000*
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
$
All spending units
430
1 ,470
2 ,500
3 ,450
4 ,430
5 ,890
13 ,850
Average
income tax
1950
$
1951
1950
1951
460
1,490
2,470
3,450
4,390
5,850
12,590
()
40
()
40
140
240
390
660
,050
120
200
330
570
,070
430
1,420
2,360
3,210
4,040
5,230
10,800
3,520
440
300
3,380
3,820
Income tax as a
percentage of income
before tax 3
Average disposable income
$
$
1950
1951
1950
460
1,460
2,350
3,250
4,070
5,280
10,520
1
3
6
7
9
11
20
()
3,220
12
5
6
7
10
16
1
Arithmetic averages. Federal income tax liability is estimated for each spending unit on the basis of income, age, and family status.
Estimates assume use of standard deductions. No adjustment for capital gains and losses.
Disposable
income plus income tax liability may not equal income before tax because amounts have been rounded to nearest $10.
2
Sampling error, which was $180 for average income before tax of all spending units in 1950, is not available for individual class
intervals in that year or for any class in 1951. It will be much larger than $180 for the highest class and much smaller for the middle
classes.
3
Percentages have been rounded to nearest integer.
4
Includes spending units with negative incomes because of farm or business losses.
6
Less than $5.00.
6
Less than one-half of 1 per cent.
SUPPLEMENTARY TABLE 9
SUPPLEMENTARY T A B L E 10
INCOME RECEIVED FROM UNINCORPORATED FARM AND
DISTRIBUTION OF TOTAL MONEY INCOME BEFORE AND AFTER
NONFARM BUSINESS
FEDERAL INCOME TAX, BY INCOME GROUPS BEFORE TAX
Money income
before taxes
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over. . . .
All cases
[Percentage distribution of spending units]
Percentage of total
money income
Percentage
of
spending
units
Farm operators l
Before
Federal
income tax
After Federal income
tax (disposa-1
able income)
1951
1950
1951
1950
1951
1950
13
15
18
18
15
14
4
3
13
17
19
19
12
14
3
3
1
6
12
16
17
22
2
7
13
18
16
23
21
2
6
12
17
18
22
23
2
8
14
19
16
23
18
100
100
100
100
100
100
Net income
Negative
Under $500 3
$500-$999
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$9,999
$10,000 and over. . . .
Not ascertained
All cases
Spending units receiving income from
unincorporated
nonfarm
businesses 2
1951
1950
1949
1951
1950
1949
10
13
16
20
14
11
5
8
2
1
8
16
17
18
17
7
6
8
2
1
14
19
11
20
13
7
3
8
4
1
6
9
3
9
3
1
6
13
13
12
11
24
12
5
10
6
8
13
15
14
7
16
7
4
100
100
100
100
100
}»
14
20
9
5
100
1
Income refers to farm money income only and excludes nonmoney
farm income and nonfarm earnings.
2
1950 and 1951 distributions differ from 1949 distribution in
that self-employed artisans (persons whose investments in their
businesses
are small) are excluded.
3
Includes spending units owning businesses which furnished
no income during year.
1
No adjustment for capital gains or losses, which are excluded
from money income figures. For method of estimating disposable
income, see "Distribution of Consumer Income in 1949," Federal
Reserve BULLETIN, August 1950, pp. 961-62.
SUPPLEMENTARY TABLE
11
ESTIMATED FEDERAL PERSONAL INCOME TAX LIABILITY
OF FAMILY UNITS 1
[Percentage distribution of family units]
Estimated tax liability 2
None
$l-$49
$50-$99
$100-$199
$200-$499
$500-$999
$l,000-$l,999
$2,000-$4,999
$5,000 and over
All cases .
.
...
1951
1950
1949
1948
30
3
4
9
25
19
7
2
1
32
5
6
10
26
15
5
1
(3)
35
6
7
12
25
11
3
1
(3)
32
5
8
13
25
12
3
1
1
100
100
100
100
1
Includes single-person families.
2
No adjustment for capital gains or losses, which are excluded
from money income.
3
No cases reported or less than one-half of 1 per cent.
996
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY T A B L E
INCOME
RECEIVED
FROM
SPECIFIED
SOURCES BY SPENDING U N I T S
12
WITHIN
INCOME
AND
OCCUPATIONAL
GROUPS,
1951 1
[Percentage distribution of spending units]
Occupation of head of spending unit
1951 money income before taxes
Source of income
Wages and salaries:
None
$l-$99
$100-$499
$500-$999
$l,000-$l,999
$2,000-$2,999
$3,000-$4,999
$5,000 and over
Not ascertained
All
spending
units
Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500
and
$1,000 $1,999 $2,999 $3,999 $4,999 $7,499
over
Professional
Self- Manand
ageremsemiployed ial
professional
UnCler- Skilled skilled Farm
ical
and
and
operand
semi- servator
sales skilled ice
6
11
25
54
1
1
1
4
14
23
36
20
1
2
7
19
48
22
5
1
7
12
28
25
19
3
72
6
10
5
5
1
100
100
100
100
100
100
100
84
(2)
94
(2)
87
6
2
2
84
3
8
3
2
78
2
8
8
3
87
2
4
2
4
1
25
1
13
33
20
5
22
1
4
5
11
15
27
15
57
6
16
20
1
35
1
5
8
51
14
1
2
2
11
70
11
1
1
2
2
10
73
10
11
31
14
1
1
2
3
82
1
1
1
2
10
74
1
2
1
3
62
(2)
3
11
14
26
32
65
1
6
5
7
4
7
5
100
100
100
100
100
100
100
100
100
78
2
8
7
4
1
61
2
16
20
1
67
1
6
13
12
78
3
6
5
6
2
82
2
8
5
2
86
1
6
4
3
88
89
(2)
3
2
2
1
1
2
90
(2)
6
2
1
3
2
1
1
All cases
Pensions and allowances,
etc.:»
None
$l-$99
$100-$499
$500-$999
$l,000-$l,999
$2,000-$2,999
$3,000-$4,999
$5,000 and over
Not ascertained
All cases
Interest, dividends, etc.: 4
None
$l-$99
$100-$499
$500-$999
$l,000-$l,999
$2,000-$2,999
$3,000-$4,999
$5,000 and over
Not ascertained
All cases
Rent other than from roomers and boarders: B
None
$l-$99
$100-$499
$500-$999
$l,000-$l,999
$2,000-$2,999
$3,000-$4,999
$5,000 and over
Not ascertained
All cases
Number of cases
Retired
84
2
4
2
3
2
2
1
1
6
3
2
1
4
6
3
1
3
1
1
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
89
4
4
1
1
93
3
3
1
94
2
2
1
1
90
6
3
1
(2)
93
4
3
88
6
4
1
1
86
5
5
1
1
1
79
8
7
3
1
84
3
7
2
2
1
1
74
5
7
2
3
3
2
4
89
2
6
1
1
1
94
4
2
96
3
1
86
8
3
2
1
79
5
9
2
2
1
60
4
13
4
5
3
3
8
(2)
1
1
1
3
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
89
1
5
3
89
1
8
2
(2)
89
1
6
3
1
93
1
2
2
1
1
95
1
2
1
1
88
1
6
3
1
1
85
2
6
3
2
78
1
3
4
6
2
2
3
1
90
1
2
2
3
1
79
1
9
4
3
1
1
1
1
88
93
1
2
2
1
1
92
1
5
1
1
94
1
2
93
1
3
2
(2)
72
3
11
4
2
5
1
1
1
1
5
2
2
1
1
1
1
1
3
1
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
2,820
279
358
454
482
424
490
333
273
212
152
430
780
280
215
178
receive money from other rent?" If y es, "How much was it after allowing for expenses?
SEPTEMBER
1952
997
1952
SURVEY OF CONSUMER
FINANCES
SUPPLEMENTARY T A B L E
INCOME
GROUPING OF FAMILY
13
U N I T S AND OF TOTAL MONEY INCOME
BEFORE TAXES
1
[Percentage distribution]
1951
Money income
before taxes
1950
Total
money
income
Family
units 2
Total
money
income
Family
units 2
Total
money
income
Family
units 2
Total
money
income
11
13
16
17
15
17
6
5
1
4
9
14
16
24
1
6
10
16
14
26
11
15
20
20
12
14
4
4
2
6
12
18
14
21
«
13
15
18
19
12
15
4
4
2
6
12
18
14
23
»
11
15
16
18
13
18
5
4
100
100
100
100
All cases. .
}
100
. . .
Number of cases
1948
Family
units 2
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000 and over
Median income
Mean income.
1949
}
}
"
100
}
«
100
$3,530
$4,320
$3,400
$3,990
$3,100
$3,750
$3,120
$4,020
2,501
3,029
3,069
3,068
100
1
Income data for each year are based on interviews during January, February, and early March of the following year.
units2 are defined as all persons living in the same dwelling who are related by blood, marriage, or adoption.
Includes single-person family units.
SUPPLEMENTARY T A B L E
Family
14
DISPOSABLE INCOME GROUPING OF FAMILY U N I T S AND OF TOTAL DISPOSABLE MONEY INCOME
[Percentage distribution]
1950
1951
Disposable income
Under $1,000
$l,000-$l,999
$2 000-$2 999
$3,000-$3,999
$4,000-$4,999
$5,OOO-$7 499
$7,500-$9,999
$10 000 and over
.
Total
disposable
money
income
Family
units
All cases
1
5
12
18
18
24
11
14
18
20
15
15
4
3
. . . .
Number of cases
»
12
16
18
20
13
14
4
3
100
100
}
100
Median disposable income
Mean disposable income
Family
units
1949
Total
disposable
money
income
Family
units
«
13
16
22
19
12
12
3
3
100
100
7
12
19
17
23
}
1948
Total
disposable
money
income
Family
units
2
7
16
19
16
21
}
»
100
11
17
22
20
12
12
6
2
7
16
19
15
20
21
100
100
$3,330
$3,810
$3,220
$3,640
$2,950
'$3,450
$3,000
2,501
3,029
3,069
3,068
SUPPLEMENTARY T A B L E
Total
disposable
money
income
0)
15
SIZE OF FAMILIES WITHIN INCOME GROUPS
[Percentage distribution of family units]
Annual money income before taxes
Number of persons in family unit
All income
groups
Under
$1,000
$1,000$1,999
$2,000$2,999
$3,000$3,999
$4,000$4,999
$5,000$7,499
$7,500
and
over
1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950
One
Two
Three
Four
Five or more
Not ascertained
All cases
Number of cases
1
0)
0)
0)
45
28
11
7
8
1
0)
0)
14
33
18
17
18
C1)
0)
9
26
23
22
19
1
0)
3
28
27
25
17
C1)
0)
2
25
26
23
24
C1)
0)
3
24
23
28
221
C)
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
202
334
269
397
352
420
395
495
383
400
505
595
395
388
12
29
21
19
19
12
29
21
19
19
2,501 3,029
41
35
8
5
11
21
34
19
8
18
19
38
18
11
14
13
33
18
17
19
7
26
24
24
19
4
27
25
19
25
2
27
26
23
22
1
21
22
27
29
0)
No cases reported or less than one-half of 1 per cent.
998
FEDERAL RESERVE BULLETIN
1952 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY
TABLE 16
AMOUNT OF INCOME RECEIVED FROM SPECIFIED SOURCES,
1951
[Percentage distribution of spending units]
Rent 2
Amount of income
Wages
and
salaries
Pensions,
benefits,
contributions, etc. 1
22
78
Roomers
and
boarders
Other
Unincorporated
nonfarm
business
78
22
95
5
89
11
94
6
95
5
88
12
2
7
7
4
1
i
(4)
3
1
(4)
(4)
1
5
2
1
(4)
(4)
1
1
1
1
} \
i
(4)
} CO
(44)
(4)
()
} (<!
14
1
(4)
1
1
1
(4)
(4)
(4)
(4)
(4)
(4)
(4)
100
100
100
100
100
100
None
Some
Negative
......
$l-$99
$100-$499
$500-$999
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$9,999
$10,000 and over
Undetermined a m o u n t . .
4
5
11
15
} 27
Not a s c e r t a i n e d . . . .
All cases
1
}
} «4
( 1)
2
}
Professional
practice,
other selfemployment
Farming 3
Interest.
dividends,
trust funds,
and royalties
89
11
)
1
•4"
4
1
1
(4)
2
1
)w
} *
(44)
()
1
(4)
(4)
(4)
1
(4)
(4)
(4)
(4)
100
100
Includes income from old-age pensions, retirement pay', annuities, unemployment compensation, welfare payments, alimony, regular
111VJ U U V U
11\^V
illVVJJllX.
11 V l l l
1UX l i l l i l ^
*-* J
J I V i l l KJ.*- 11.1,
WJ
J
>
w
A C
X
'
N o cases reported or less t h a n one-half of 1 per cent.
SUPPLEMENTARY
PROPORTION OF L I Q U I D ASSETS H E L D
T A B L E 17
BY I N C O M E G R O U P S OF S P E N D I N G U N I T S 3
Percentage distribution of spending units
Proportion of liquid assets held
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over.
All cases. .
1
1951
1950
1949
1948
1947
1946
1952
1951
1950
1949
1948
1947
13
15
18
18
15
14
7
13
17
19
19
12
14
6
14
19
21
19
11
11
5
12
18
23
20
12
10
5
14
22
23
17
10
9
C/l
Money income
before taxes
17
23
25
17
8
6
4
7
8
10
14
11
18
32
6
8
11
12
12
23
28
6
9
15
15
11
18
26
4
7
14
14
11
18
32
6
10
12
13
9
16
34
5
11
17
16
12
13
26
100
100
100
100
100
100
100
100
100
100
100
100
Refers to liquid assets held on J a n u a r y 1 in 1952 and at time of interviews in other years.
SUPPLEMENTARY
TABLE
18
SUPPLEMENTARY
PROP@RTION O F L I Q U I D ASSETS H E L D BY E A C H T E N T H O F T H E
MEDIAN LIQUID ASSET HOLDINGS OF SPENDING U N I T S
N A T I O N ' S S P E N D I N G U N I T S W H E N R A N K E D BY
SIZE OF LIQUID ASSET HOLDINGS
T A B L E 19
1
Proportion of liquid assets
Money income
before taxes
Spending units ranked
by size of holding
1952
1951
1950
1949
1948
65
18
9
5
2
1
(2)
0
0
0
65
17
9
5
3
(2)
(2)
0
0
64
19
9
5
2
1
(2)
0
0
0
66
17
9
5
2
1
(2)
(2)
0
0
66
17
8
5
3
1
2
()
(2)
0
0
100
100
100
100
100
Percentage
distribution nf
spending units
Median liquid asset holding within income group
All cases
1
Liquid asset d a t a refer to holdings on J a n . 1, 1952 and at time
of interviews in J a n u a r y , February, and early March of other years
indicated.
2
Less t h a n one-half of 1 per cent.
SEPTEMBER
1952
13
15
18
18
15
14
7
13
17
19
19
12
14
6
14
19
21
19
11
11
5
C/i
1951 1950 1949 1948
Highest t e n t h .
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest t e n t h
WITHIN
INCOME GROUPS *
Under $1,000. .
$l,000-$l,999..
$2,000-$2,999..
$3,000-$3,999..
$4,000-$4,999. .
$5,000-$7,499..
$7,500 and over
All cases. . 100
100
100
100
12
18
23
20
12
10
1952
$
$
1951
1950
1949
0S
0$
0
o$
10
30
10
80
190
160
50
150
200
250
350
2 70
450
530
500
500
680 1,000 1,130 1,350
3,050 3,860 4,270 4,500
240 $
300 $
250 $
300
1
Median liquid asset holding is a m o u n t held by middlemost unit
in a ranking of spending units within each income group in order of
the size of their holdings of liquid assets. Income groups relate t o
income of year previous to interview, and a m o u n t of liquid assets
represents holdings on J a n . 1, 1952 and a t time of interviews in
J a n u a r y , February, and early March in other years indicated.
999
1952 SURVEY OF CONSUMER FINANCES
SUPPLEMENTARY
TABLE
20
SIZE OF LIQUID ASSET HOLDINGS WITHIN FAMILY INCOME GROUPS
1
[Percentage distribution of family units]
Money income before taxes
All family units
$ 1 , 000-$2,999
Under $1,000
Size of holding
1952
Zero
$l-$499
$500-$l,999
$2,000-$4,999
$5,000 and over
. .
All cases
Number of cases
29
1951
27
1950
1952
29
63
1951
1950
1952
1951
1950
57
56
46
42
41
29
20
13
9
29
23
12
9
27
20
14
10
100
100
100
100
100
100
100
2,501 3,029 3,069
202
335
376
621
15
8
7
7
$3,000-$4,999
20
13
6
4
22
10
7
5
28
18
7
5
28
13
8
5
1952
21
$5,000 and over
1951
1950
20
21
38
27
12
3
1952
32
24
15
8
1950
1951
8
4
5
25
26
22
19
23
28
22
23
20
27
24
24
27
16
10
6
37
23
13
6
100
100
100
100
100
100
100
100
817
930
778
894
927
900
983
836
1
Liquid asset data are based on interviews in January, February, and early March of year indicated. In 1952 respondents were
asked for their balances on Jan. 1, 1952; in earlier surveys for balances at the date of interview. Income groups are based on annual
money income before taxes in year prior to year indicated. For data on spending unit basis, see Table 10.
SUPPLEMENTARY
TABLE
21
INCOMES OF SPENDING U N I T S INITIATING OR EXHAUSTING LIQUID ASSET HOLDINGS
1
[Percentage distribution of spending units within specified groups]
Spending units initiating
liquid asset holdings
Money income before taxes
Under $1,000
$1 000-$l,999
$2,000-$2,999
$3 000-$3 999
$4,000-$4,999 . . .
$5,000-$7,499
$7 500 and over
Not ascertained
.
.
All cases
Number of cases
. .
.
.
Spending units exhausting
liquid asset holdings 2
1951
1950
1949
1948
1951
1950
1949
1948
9
20
19
22
13
25
15
21
12
23
27
19
8
18
35
21
14
25
20
15
17
25
23
21
15
25
26
23
12
21
29
24
8
16
10
9
4
7
2
6
7
14
12
8
14
2
12
2
10
1
7
2
1
2
1
100
100
100
100
100
100
100
100
136
138
113
90
62
109
120
191
1
Based on interviews in January, February, and early March following year specified. In 1952 respondents reported holdings of
liquid assets as of Jan. 1, 1951 and 1952, whereas in earlier surveys they reported holdings at time of interview in current and preceding
year.2 These data are based on relatively few cases and are only rough approximations.
Includes spending units formed during year specified which did not possess liquid assets at time of interview early in following year.
3
No cases reported or less than one-half of 1 per cent.
SUPPLEMENTARY T A B L E
OWNERSHIP OF REAL ESTATE O T H E R THAN
H O M E S AND FARMS, 1952
SUPPLEMENTARY
22
AND
1950
1950
86
14
84
16
Under $1,000
$l,000-$4,999
1
4
$25,000 and over
Not ascertained
to to u
4
5
All units
Number of cases
1
2
1952
x
[Percentage distribution of farm operating spending units]
1952
None owned l
Some owned
23
VALUE OF FARM ASSETS, EARLY
OWNER-OCCUPIED
{.rercentage aistriDution oi spending' unitsj
Value of real estate
TABLE
Owner
operator
Non-owner
operator
1
6
7
8
68
10
59
7
3
3
22
6
All cases
100
100
Number of cases
146
69
Value of assets
Under $2,500
4S9 Kf\C\
2
100
100
2,820
3,512
$LA. OQO
$5 000-$7 499
$7,500-$9,999
$10,000 and over
Not ascertained
1
Includes farm, machinery, and inventory.
Includes a few cases in which ownership was not ascertained.
No cases reported or less than one-half of 1 per cent.
1000
FEDERAL RESERVE
BULLETIN
1 9 5 2 SURVEY OF CONSUMER
SUPPLEMENTARY TABLE
FINANCES
24
AMOUNT OF STOCK H E L D BY SPENDING UNITS WITHIN SPECIFIED GROUPS, EARLY
1952
[Percentage distribution of spending units]
Number of
cases
Group characteristic
Amount of stock held 2
All
None
J
Some
cases
$500- $1,000- $5,000- $10,000- $25,000 Not as$999 $4,999 $9,999 $24,999 and over certained
Under
$500
o
w
(3)
1
(3)
3
()
(3)
(3)
6
(33)
(3)
(3)
()
(31)
((33))
((33))
1
5
1
2
3
3
1
(3)
(3)
(3)
(3)
1
2
4
2
1
(3)
(3)
1
(3)
1
2
2
1
(*)
1
(3)
1
(3)
(3)
2
(3)
(3)
(3)
(3)
1
1
1
1
()
(3)
(3)
(3)
1
2
1
(3)
1
(3)
(3)
1
2
2,820
100
93
7
2
1
2
1
1
1951 money income before taxes:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over. .
278
359
454
482
424
490
333
100
100
100
100
100
100
100
98
95
96
95
94
89
69
2
5
4
5
6
11
31
1
3
1
2
1
3
4
(3)
(3)
1
1
1
1
2
1
1
2
1
2
4
8
(3)
(3)
(3)
1
1
1
4
Occupation of head of spending unit:
Professional and semiprofessional.
Managerial
Self-employed
Clerical and sales
Skilled and semiskilled . . . . . . . .
Unskilled and service .
...
Farm o p e r a t o r . . . .
Retired
273
152
212
430
780
280
215
178
100
100
100
100
100
100
100
100
85
82
84
92
95
99
94
90
15
18
16
8
5
1
6
10
4
1
5
1
2
1
3
2
1
1
1
1
1
(3)
1
1
4
6
5
3
2
(3)
1
2
Age of head of spending unit:
18-24
25-34
35-44
45-54
55-64
65 or over
218
634
619
547
382
362
100
100
100
100
100
too
97
97
94
92
88
89
3
3
6
8
12
11
I
1
2
2
2
3
1
(3)
1
(3)
1
1
1
2
3
3
3
All spending units
... .
1
1
2
(3)
(3)
2
1
Includes the less than one-half of 1 per cent of all spending units for which ownership of stock was not ascertained.
2
Includes common and preferred stock of corporations open to investment by general public. Excludes stock of privately held corporations.
3
No cases reported or less than one-half of 1 per cent.
SUPPLEMENTARY
OWNERSHIP OF NONFARM
TABLE
25
BUSINESSES WITHIN INCOME GROUPS '
[Percentage distribution of spending units]
Money income before taxes
Number of
cases
All spending units .
Under $1,000.
$l,000-$1.999. .
$2,000-$2,999. .
$3,000-83,999. .
$4,000~$4,999. .
$5,000-$7,499. . .
$7,500 and over.
278
359
454
482
424
490
333
Owned 2
Did
All
cases
1952
100
92
100
100
100
100
100
100
100
97
97
95
94
91
86
70
1949
Unincorporated
business
1952
1949
Privately held
corporation
1952
1
97
95
95
94
91
3
3
6
9
14
30
3
5
5
6
9
23
43
I
3
4
5
5
7
19
27
s
1
3
9
1949
2
1
1
2
4
14
1
2
Ownership of business early in specified year in relation to money income before taxes in previous year.
Figures in these two columns are not always the sum of corresponding figures in later columns because of inclusion here of spending
units that reported ownership of both unincorporated businesses and privately held corporations as well as units for which type of business
owned
was not ascertained.
3
No cases reported or less than one-half of 1 per cent.
SEPTEMBER
1952
1001
REAL ESTATE CREDIT
SUSPENSION OF REGULATION X
The Board of Governors of the Federal Reserve
System today suspended Regulation X—Real Estate
Credit—in connection with its announcement of
a period of real estate credit control relaxation prescribed by the 1952 Amendments to the Defense
Production Act. The suspension of Regulation
X, effective September 16, 1952, applies to credit
terms on both residential and nonresidential properties. Conventional mortgage loans are, of course,
still subject to basic State and Federal statutes governing real estate loans by financial institutions.
The Board's action related only to real estate
credit not insured or guaranteed by the Government. A statement on terms that will apply to
Government aided real estate credit is being issued
separately by the Housing and Home Finance Administrator, Raymond M. Foley, who concurred
in the Board's announcement.
Regulation X was first issued in October 1950,
under authority of the Defense Production Act
of 1950 and Executive Order 10161 providing for
regulation of real estate credit terms to restrain
inflation and conserve defense-needed materials. It
was suspended in view of mandatory provisions in
the 1952 Amendments to the Defense Production
Act. These amendments required that a period of
residential credit control relaxation be announced if
estimated residential construction starts for three
consecutive months were below a seasonally adjusted annual rate of 1,200,000 units. Information
has been received from the Secretary of Labor that
the seasonally adjusted annual rate of housing
starts, as estimated for this purpose, was less than
1,200,000 units in each of the months of June, July,
and August, 1952.
RELAXATION ON GOVERNMENT-SUPPORTED HOUSING CREDIT 2
Following certification by the Secretary of Labor
that new nonfarm housing starts have been below
an annual rate of 1,200,000 units for three consecutive months, Raymond M. Foley, Administrator of
the Housing and Home Finance Agency, today
instructed the Federal Housing Administration,
the Veterans Administration, and the U. S. Department of Agriculture to relax down payment requirements on home loans aided or made by the
Federal government.
The certification by the Secretary of Labor and
the credit relaxations were made in accordance
with requirements of the Defense Production Act
Amendments of 1952. Relaxation on governmentsupported housing credit was made simultaneously
with announcement by the Federal Reserve Board
1
Statement for the press by the Board of Governors of
the Federal Reserve System, dated Sept. 15, 1952, for immediate release.
2
Statement to the press by the Housing and Home
Finance Agency, dated Sept. 15, 1952, for immediate release.
1002
of the suspension of Regulation X on conventional
residential credit.
The effect of these relaxations on governmentaided credit follows:
FHA Insured Mortgages: Minimum down
payment requirements will revert to those fixed
by the National Housing Act and regulatory
limitations. These range upward from 5 per
cent for one- to four-family units, increasing
as the valuation or acquisition cost of the property increases. Down payment requirements
ranging from 5 to 40 per cent, previously imposed in line with Regulation X on conventional loans, will no longer apply.
Commissioner Walter L. Greene, of the
Federal Housing Administration, also announced that the maximum FHA-insured loan
for single-family dwellings will be $14,000. He
stated this limitation is designed to increase
incentive for builders to work in the moderate
and lower-priced housing fields.
For multi-unit projects, the maximum FHAFEDERAL RESERVE BULLETIN
REAL ESTATE CREDIT
this is necessary to prevent hardship to a veteran.
The credit relaxations were ordered under provisions of the Defense Production Act Amendments
of 1952, which provide that the President may impose down payment restrictions of no more than
5 per cent (except where other statutes may require
higher limits) when the annual rate of new nonfarm homebuilding falls below 1,200,000 units for
three consecutive months. Authority to carry ©ut
this requirement was delegated by the President
VA-Guaranteed Home Loans: Minimum to the Federal Reserve Board in connection with
down payment requirements will be 5 per cent, conventional residential credit and to Housing and
as permitted by law, on all housing priced Home Finance Administrator Raymond M. Foley
above $8,400, instead of increasing up to 35 for government-aided or government-made housing
loans. Action followed certification by the Secreper cent on higher-priced houses as previously
tary of Labor that the Bureau of Labor Statistics
required. For houses priced above $7,000 but
has found that new nonfarm home starts for the
not more than $8,400, the down payment minimonths of June, July and August have been less
mum is 4 per cent, approximately the same
than the 1,200,000 annual rate. The Act authoras the previous requirements. No down payizes the restoration of credit controls if home conment is required on houses priced at $7,000 or
struction for three consecutive future months should
less. However, closing costs, up to 4 per cent equal or exceed the 1,200,000 annual rate.
of the price, must be paid in cash on houses
"We are not yet out of the inflationary danger
at $7,000 or less.
zone," Mr. Foley said, "and therefore we feel that
Farm Housing Loans: The Farmers Home the controls specifically authorized by Congress in
Administration in the U. S. Department of the amendments to the Defense Production Act
Agriculture will announce later the adjust- should be retained in the government-aided field.
ments to be made in terms for farm housing We hope that the more liberal credit terms thus
loans as a result of the new relaxations.
available will be used wisely by the total industry,
The relaxed terms will be made effective on Sep- so as not to result in an inflationary upsurge in
tember 16 and will apply to all mortgages not housing prices, nor in a speculative wave of starts.
executed prior to that date. Outstanding commit- We would be much happier if we are not conments on which a mortgage has not yet been exe- fronted with conditions that make necessary reimcuted may be amended under the new terms on posing Regulation X and related restrictions under
application by the lender to the agency issuing the the formula set by Congress."
commitment.
(Tables are available on request which give the
The relaxations do not change the maximum maximum mortgage amount and minimum down
time allowed for paying off government-aided mort- payment requirements which now apply compared
gages. These limits are 25 years on houses valued to those previously in effect on FHA-insured and
at $12,000 or less, and 20 years for higher priced VA-guaranteed home loans.)3
properties, except that the Veterans Administra"These requests should be addressed to the Housing and
tion may approve a longer period if it finds that Home Finance Agency, Washington 25, D. C.
insured loan will be 90 per cent per unit on
the first $7,000 of value, the same as under
previous regulations, plus 60 per cent, instead
of the previous 55 per cent, on the value in
excess of $7,000. Maximum FHA-insured
loans on cooperative projects also revert to
those fixed under Section 213 of Title II of
the National Housing Act. These are 90 to
95 per cent of replacement cost, depending on
the proportion of veterans in the cooperative.
SEPTEMBER 1952
1003
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
Real Estate Credit
Suspension of Regulation X
The Board of Governors of the Federal Reserve
System, in connection with its announcement of
a period of real estate credit control relaxation,
suspended Regulation X, relating to real estate
credit, effective September 16, 1952. The Board's
statement for the press appears on page 1002 of this
issue of the BULLETIN, and the text of the Board's
announcement is as follows:
N O T I C E OF SUSPENSION
Issued by the Board of Governors of the Federal Reserve
System with the concurrence of the Housing and Home
Finance Administrator.
1. a. The Secretary of Labor has transmitted to
the Board of Governors of the Federal Reserve
System the estimates required to be made by Section 607 of the Defense Production Act of 1950,
as amended, and Section 503 of Executive Order
No. 10161, as amended.
b. The Secretary of Labor, on the basis of his
estimates of the number of permanent, nonfarm,
family dwelling units, the construction of which
has been started during each of the three calendar
months, June, July, and August, 1952, has estimated the annual rate of construction starts during
each such months, after making reasonable allowance for seasonal variations in the rate of construction.
c. The annual rate of construction starts so estimated by the Secretary of Labor for each of the
said three months was at a level below an annual
rate of 1,200,000 starts per year.
2. In view of the foregoing, as required by Section 607 of the Defense Production Act, as amended,
and Section 503 of Executive Order No. 10161, as
amended, the Board of Governors of the Federal
Reserve System, with the concurrence of the Housing and Home Finance Administrator, hereby
announces the beginning of a "period of residential credit control relaxation" which period shall
begin on September 16, 1952.
1004
3. a. Effective September 16, 1952, Regulation
X is suspended.
b. The suspension of Regulation X was adopted
by the Board after consideration of all relevant
matter, including recommendations received from
time to time from industry and trade association
representatives and others. Section 709 of the Defense Production Act of 1950, as amended, provides that the functions exercised under such Act
shall be excluded from the operation of the Administrative Procedure Act (60 Stat. 237), except as
to the requirements of section 3 thereof.
State Bank Membership
Amendments to Regulation H
The Board of Governors of the Federal Reserve
System effective September 1, 1952, amended Regulation H, entitled "Membership of State Banking
Institutions in the Federal Reserve System," so as
to make the regulation conform to changes in the
law made by the Act of July 15, 1952, relating to
capital requirements for admission of State banks
to membership in the Federal Reserve System and
to the capital requirements for the establishment of
branches by State member banks. The text of the
regulation follows:
REGULATION H
As amended, effective September 1, 1952
MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL RESERVE SYSTEM
AUTHORITY FOR REGULATION
This regulation is based upon and issued pursuant
to provisions of section 9 of the Federal Reserve
Act and related provisions of law.
SECTION 1. DEFINITIONS
For the purposes of this regulation—
(a) The term "State bank" means any bank or
trust company incorporated under a special or general law of a State or under a general law for the
District of Columbia, any mutual savings bank
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
(unless otherwise indicated), and any Morris Plan
bank or other incorporated banking institution engaged in similar business.1
(b) The term "mutual savings bank" means a
bank without capital stock transacting a savings
bank business, the net earnings of which inure
wholly to the benefit of its depositors after payment
of obligations for any advances by its organizers,
and in addition thereto includes any other banking
institution the capital of which consists of weekly
or other time deposits which are segregated from
all other deposits and are regarded as capital stock
for the purposes of taxation and the declaration of
dividends.
(c) The term "Board" means the Board of Governors of the Federal Reserve System.
(d) The term "board of directors" means the
governing board of any institution performing the
usual functions of a board of directors.
(e) The term "Federal Reserve Bank stock" includes the deposit which may be made with a
Federal Reserve Bank in lieu of a subscription for
stock by a mutual savings bank which is not permitted to purchase stock in a Federal Reserve Bank,
unless otherwise indicated.
(/) The terms "capital" and "capital stock" mean
common stock, preferred stock, and legally issued
capital notes and debentures purchased by the Reconstruction Finance Corporation which may be
considered capital and capital stock for purposes of
membership in the Federal Reserve System under
the provisions of section 9 of the Federal Reserve
Act.
SECTION 2. ELIGIBILITY REQUIREMENTS
Under the terms of section 9 of the Federal
Reserve Act, as amended, to be eligible for admission to membership in the Federal Reserve
System—
1
Under the provisions of section 19 of the Federal Reserve
Act, national banks, or banks organized under local laws,
located in Alaska or in a dependency or insular possession or
any part of the United States outside the continental United
States are not required to become members of the Federal
Reserve System but may, with the consent of the Board, become members of the System. However, this Regulation H
is applicable only to the admission of banks eligible for admission to membership under section 9 of the Federal Reserve
Act and does not cover the admission of banks eligible under
section 19 of the Act. Any bank desiring to be admitted to
the System under the provisions of section 19 should communicate with the Federal Reserve Bank with which it desires to do business.
SEPTEMBER
1952
(1) A State bank, other than a mutual savings bank, must possess capital stock and surplus which, in the judgment of the Board, are
adequate in relation to the character and condition of its assets and to its existing and prospective deposit liabilities and other corporate
responsibilities: Provided, That no bank engaged in the business of receiving deposits other
than trust funds, which does not possess capital
stock and surplus in an amount equal to that
which would be required for the establishment
of a national banking association in the place in
which it is located, shall be admitted to membership unless it is, or has been, approved for
deposit insurance under the Federal Deposit
Insurance Act.
(2) A mutual savings bank must possess
surplus and undivided profits not less than the
amount of capital required for the organization of a national bank in the place w7here it is
situated.
The minimum capital required for the organization of a national bank, referred to hereinbefore in
connection with the capital required for admission
to membership in the Federal Reserve System, is as
follows:
If located in a city or town
with a population—
Not exceeding 6,000 inhabitants. .
Exceeding 6,000 but not exceeding 50,000
inhabitants
Exceeding 50,000 inhabitants (except as
stated below)
In an outlying district of a city with a population exceeding 50,000 inhabitants; provided State law permits organization of
State banks in such location with a capital of $100,000 or less
Minimum
Capital
$ 50,000
100,000
200,000
100,000
With certain exceptions not here applicable, a
national bank must have surplus equal to 20 per
cent of its capital in order to commence business.
SECTION 3 . INSURANCE OF DEPOSITS
Any State bank becoming a member of the Federal Reserve System which is engaged in the business of receiving deposits other than trust funds
and which is not at the time an insured bank under
the provisions of the Federal Deposit Insurance Act,
will become an insured bank under the provisions
of that Act on the date upon which it becomes a
1005
LAW DEPARTMENT
member of the Federal Reserve System.2 In the
case of an insured bank which is admitted to membership in the Federal Reserve System, the bank will
continue to be an insured bank.
SECTION 4 . APPLICATION FOR MEMBERSHIP
(a) State bank, other than a mutual savings bank.
A State bank, other than a mutual savings bank,
applying for membership, shall make application
on Form F.R. 83A to the Board for an amount of
capital stock in the Federal Reserve Bank of its
district equal to six per cent of the paid-up capital
stock and surplus of the applying institution.
(b) Mutual savings bank. A mutual savings bank
applying for membership shall make application
on Form F.R. 83B to the Board for an amount of
capital stock in the Federal Reserve Bank of its
district equal to six-tenths of one per cent of its
total deposit liabilities as shown by the most recent
report of examination of such institution preceding
its admission to membership, or, if such institution
be not permitted by the laws under which it was
organized to purchase stock in a Federal Reserve
Bank, on Form F.R. 83C, for permission to deposit
with the Federal Reserve Bank an amount equal
to the amount which it would have been required
to pay in on account of a subscription to capital
stock.
(c) Mutual savings bank which is not authorized
to purchase stock of Federal Reserve Bank at time
of admission. If a mutual savings bank be admitted
to membership on the basis of a deposit of the
required amount with the Federal Reserve Bank
in lieu of payment upon capital stock because the
laws under which such bank was organized do not
at that time authorize it to purchase stock in the
Federal Reserve Bank, it shall subscribe on Form
F.R. 83D for the appropriate amount of stock in
the Federal Reserve Bank whenever such laws are
2
In the case of a State bank which is engaged in the business of receiving deposits other than trust funds and which
at the time of its admission to membership in the Federal
Reserve System is not an insured bank, the Board is required
under the provisions of sections 4 and 6 of the Federal Deposit Insurance Act to issue a certificate to the Federal Deposit
Insurance Corporation to the effect that the bank is a member
of the Federal Reserve System and that consideration has
been given to the financial history and condition of the bank,
the adequacy of its capital structure, its future earnings prospects, the general character of its management, the convenience and needs of the community to be served by the
bank, and whether or not its corporate powers are consistent
with the purposes of the Federal Deposit Insurance Act.
1006
amended so as to authorize it to purchase stock in
a Federal Reserve Bank.3
(d) Execution and filing of application. Each application made under the provisions of this section
and the exhibits referred to in the application blank
shall be executed and filed, in duplicate, with the
Federal Reserve Bank of the district in which the
applying bank is located.
SECTION 5.
APPROVAL OF APPLICATION
(#) Matters given special consideration by Board.
In passing upon an application, the following matters will be given special consideration.
(1) The financial history and condition of
the applying bank and the general character
of its management;
(2) The adequacy of its capital structure in
relation to the character and condition of its
assets and to its existing and prospective deposit
liabilities and other corporate responsibilities;
and its future earnings prospects;
(3) The convenience and needs of the community to be served by the bank; and
(4) Whether its corporate powers are consistent with the purposes of the Federal Reserve
Act.
(£) Procedure for admission to membership after
approval of application. If an applying bank conforms to all the requirements of the Federal Reserve
Act and this regulation and is otherwise qualified
for membership, its application will be approved
subject to such conditions as may be prescribed
pursuant to the provisions of the Federal Reserve
Act. When the conditions prescribed have been
accepted by the applying'bank, it should pay to the
Federal Reserve Bank of its district one-half of the
amount of its subscription and, upon receipt of
advice from the Federal Reserve Bank as to the
required amount, one-half of one per cent of its
paid-up subscription for each month from the
3
The Federal Reserve Act provides that, if the laws under
which any such savings bank was organized be not amended
at the first session of the legislature following the admission
of the savings bank to membership so as to authorize mutual savings banks to purchase Federal Reserve Bank stock,
or if such laws be so amended and the bank fail within six
months thereafter to purchase such stock, all of its rights
and privileges as a member bank shall be forfeited and its
membership in the Federal Reserve System shall be terminated in the manner prescribed in section 9 of the Federal
Reserve Act.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
period of the last dividend.4 The remaining half
of the bank's subscription shall be subject to call
when deemed necessary by the Board. The bank's
membership in the Federal Reserve System shall
become effective on the date as of which a certificate of stock of the Federal Reserve Bank is issued
to it pursuant to its application for membership or,
in the case of a mutual savings bank which is
not authorized to subscribe for stock on the date
as of which a certificate representing the acceptance
of a deposit with the Federal Reserve Bank in
place of a payment on account of a subscription
to stock is issued to it pursuant to its application
for membership.
SECTION 6.
PRIVILEGES AND REQUIREMENTS OF
MEMBERSHIP
Every State bank while a member of the Federal
Reserve System—
(a) Shall retain its full charter and statutory
rights subject to the provisions of the Federal Reserve Act and other Acts of Congress applicable to
member State banks, to the regulations of the
Board made pursuant to law, and to the conditions
prescribed by the Board and agreed to by such
bank prior to its admission;
(b) Shall enjoy all the privileges and observe all
the requirements of the Federal Reserve Act and
other Acts of Congress applicable to member State
banks and of the regulations of the Board made
pursuant to law which are applicable to member
State banks;
(c) Shall comply at all times with any and all
conditions of membership prescribed by the Board
in connection with the admission of such bank to
membership in the Federal Reserve System; and
(d) Shall not reduce its capital stock except
with the prior consent of the Board.5
SECTION 7.
CONDITIONS OF MEMBERSHIP
Pursuant to the authority contained in the first
paragraph of section 9 of the Federal Reserve Act,
4
In the case of a mutual savings bank which is not permitted by the laws under which it was organized to purchase
stock in a Federal Reserve Bank, it shall deposit with the
Federal Reserve Bank an amount equal to the amount which
it would have been required to pay in on account of a subscription to capital stock.
5
This applies to capital stock of all classes and to capital
notes and debentures legally issued and purchased by the
Reconstruction Finance Corporation which, under the Federal
Reserve Act, are considered as capital stock for purposes of
membership.
SEPTEMBER
1952
which authorizes the Board to permit applying
State banks to become members of the Federal
Reserve System "subject to the provisions of this
Act and to such conditions as it may prescribe pursuant thereto," the Board, except as hereinafter
stated, will prescribe the following conditions of
membership for each State bank hereafter applying
for admission to the Federal Reserve System, and.
in addition, such other conditions as may be
considered necessary or advisable in the particular
case—
1. Such bank at all times shall conduct its
business and exercise its powers with due regard to the safety of its depositors, and, except
with the permission of the Board of Governors
of the Federal Reserve System, such bank shall
not cause or permit any change to be made in
the general character of its business or in the
scope of the corporate powers exercised by it
at the time of admission to membership.6
2. The net capital and surplus funds of such
bank shall be adequate in relation to the character and condition of its assets and to its deposit liabilities and other corporate responsibilities.
The acquisition by a member State bank of the
assets of another institution through merger, consolidation, or purchase may result in a change in
the general character of its business or in the scope
of its corporate powers within the meaning of
condition numbered 1, and if at any time a bank
subject to such condition anticipates making any
such acquisition a detailed report setting forth all
the facts in connection with the transaction shall
be made promptly to the Federal Reserve Bank of
the district in which such bank is located.
If at any time, in the light of all the circumstances, the aggregate amount of a member State
bank's net capital and surplus funds appears to be
6
For many years, the Board prescribed, as standard conditions of membership, a condition which, in general, prohibited banks from engaging as a business in the sale of
real estate loans to the public and certain conditions relating
to the exercise of trust powers, including one which prohibited self-dealing in the investment of trust funds. The
elimination of these conditions as standard conditions of
membership does not reflect any change in the Board's position as to the undesirability of the practices formerly prohibited by such conditions; and attention is called to the fact
that engaging as a business in the sale of real estate loans to
the public or failing to conduct trust business in accordance
with the applicable State laws and sound principles of trust
administration may constitute unsafe or unsound practices
and violate condition numbered 1.
1007
LAW DEPARTMENT
inadequate, the bank, within such period as shall
be deemed by the Board to be reasonable for this
purpose, shall increase the amount thereof to an
amount which in the judgment of the Board shall
be adequate in relation to the character and condition of its assets and to its deposit liabilities and
other corporate responsibilities.
SECTION 8.
ESTABLISHMENT OR MAINTENANCE OF
BRANCHES
(a) In general. Every State bank which is or
hereafter becomes a member of the Federal Reserve
System is subject to the provisions of section 9 of
the Federal Reserve Act relating to the establishment and maintenance of branches7 in the United
States or in a dependency or insular possession
thereof or in a foreign country. Under the provisions of section 9, member State banks establishing and operating branches in the United States
beyond the corporate limits of the city, town, or
village in which the parent bank is situated must
conform to the same terms, conditions, limitations,
and restrictions as are applicable to the establishment of branches by national banks under the provisions of section 5155 of the Revised Statutes of the
United States relating to the establishment of
branches in the United States, except that the
approval of any such branches must be obtained
from the Board rather than from the Comptroller
of the Currency. The approval of the Board must
likewise be obtained before any member State bank
establishes any branch after July 15, 1952, within the
corporate limits of the city, town, or village in
which the parent bank is situated (except within
the District of Columbia). Under the provisions of
section 9, member State banks establishing and
operating branches in a dependency or insular possession of the United States or in a foreign country
must conform to the terms, conditions, limitations,
and restrictions contained in section 25 of the Federal Reserve Act relating to the establishment by
national banks of branches in such places.
(£) Branches in the United States.
1. Before a member State bank establishes
a branch (except within the District of Colum7
Section 5155 of the Revised Statutes of the United States
provides that: "(f) The term 'branch' as used in this section
shall be held to include any branch bank, branch office,
branch agency, additional office, or any branch place of business located in any State or territory of the United States or
in the District of Columbia at which deposits are received, or
checks paid, or money lent."
1008
bia), it must obtain the approval of the Board.
2. Before any nonmember State bank having
a branch or branches established after February
25, 1927, beyond the corporate limits of the
city, town, or village in which the bank is
situated is admitted to membership in the Federal Reserve System, it must obtain the approval of the Board for the retention of such
branches.
3. A member State bank located in a State
which by statute law permits the maintenance
of branches within county or greater limits
may, with the approval of the Board, establish
and operate, without regard to the capital
requirements of section 5155 of the Revised
Statutes, a seasonal agency in any resort community within the limits of the county in
which the main office of such bank is located
for the purpose of receiving and paying out
deposits, issuing and cashing checks and drafts,
and doing business incident thereto, if no bank
is located and doing business in the place where
the proposed agency is to be located; and any
permit issued for the establishment of such
an agency shall be revoked upon the opening
of a State or national bank in the community
where the agency is located.
4. Except as stated in the immediately preceding paragraph, in order for a member State
bank to establish a branch beyond the corporate
limits of the city, town, or village in which it
is situated, the aggregate capital stock of the
member State bank and its branches shall at
no time be less than the aggregate minimum
capital stock required by law for the establishment of an equal number of national banking
associations situated in the various places where
such member State bank and its branches are
situated.8
5. A member State bank may not establish
a branch beyond the corporate limits of the city,
town, or village in which it is situated unless
such establishment and operation are at the
8
The requirement of this paragraph is met if the aggregate capital stock of a member State bank having branches
is not less than the total amount of capital stock which would
be required for the establishment of one national bank in
each of the places in which the head office and branches of
the member State bank are located, irrespective of the number of offices which the bank may have in any such place.
There are no additional capital requirements for additional
branches within the city, town, or village in which the head
office is located.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
time authorized to State banks by the statute
law of the State in question by language specifically granting such authority affirmatively
and not merely by implication or recognition.
6. Any member State bank which, on February 25, 1927, had established and was actually
operating a branch or branches in conformity
with the State law is permitted to retain and
operate the same while remaining a member of
the Federal Reserve System, regardless of the
location of such branch or branches.
7. The removal of a branch of a member
State bank from one town to another town
constitutes the establishment of a branch in
such other town and, accordingly, requires the
approval of the Board. The removal of a
branch of a member State bank from one location in a town to another location in the same
town will require the approval of the Board
if the circumstances of the removal are such
that the effect thereof is to constitute the establishment of a new branch as distinguished from
the mere relocation of an existing branch in the
immediate neighborhood without affecting the
nature of its business or customers served.
(c) Application for approval of branches in United
States. Any member State bank desiring to establish a branch should submit a request for the approval by the Board of any such branch to the
Federal Reserve Bank of the district in which the
bank is located. Any nonmember State bank applying for membership and desiring to retain
any branch established after February 25, 1927,
beyond the corporate limits of the city, town, or
village in which the bank is situated should submit a similar request. Any such request should
be accompanied by advice as to the scope of the
functions and the character of the business which
are or will be performed by the branch and detailed
information regarding the policy followed or proposed to be followed with reference to supervision
of the branch by the head office; and the bank may
be required in any case to furnish additional information which will be helpful to the Board in determining whether to approve such request.
(d) Foreign branches. Before a member State
bank establishes a branch in a foreign country, or
dependency or insular possession of the United
States, it must have a capital and surplus of
$1,000,000 or more and obtain the approval of the
Board.
SEPTEMBER
1952
(e)
Application for approval of foreign branches.
Any member State bank desiring to establish such
a branch and any nonmember State bank applying
for membership and desiring to retain any such
branch established after February 25, 1927, should
submit a request for the approval by the Board of
any such branch to the Federal Reserve Bank of
the district in which the bank is located. Any such
request should be accompanied by advice as to
the scope of the functions and the character of the
business which are or will be performed by the
branch and detailed information regarding the
policy followed or proposed to be followed with
reference to supervision of the branch by the head
office; and the bank may be required in any case
to furnish additional information which will be
helpful to the Board in determining whether to
approve such request.
SECTION 9.
PUBLICATION OF REPORTS OF MEMBER
BANKS AND THEIR AFFILIATES
9
(a) Reports of member banks. Each report of
condition made by a member State bank, which is
required to be made to the Federal Reserve Bank
of its district as of call dates fixed by the Board of
Governors of the Federal Reserve System, shall be
published by such member bank within twenty days
from the date the call therefor is issued.
The report shall be printed in a newspaper published in the place where the bank is located or,
if there be no newspaper published in the place
where the bank is located, then in a newspaper published in the same or in an adjoining county and in
general circulation in the place where the bank is
located. The term "newspaper," for the purpose
of this regulation, means a publication with a general circulation published not less frequently than
once a week, one of the primary functions of which
is the dissemination of news of general interest.
9
Under the provisions of section 9 of the Federal Reserve
Act, reports of condition of member State banks which,
under that section, must be made to the respective Federal
Reserve Banks on call dates fixed by the Board of Governors
of the Federal Reserve System "shall be published by the
reporting banks in such manner and in accordance with
such regulations as the said Board may prescribe."
Section 9 also provides that the reports of affiliates of a
member State bank which are required by that section to be
furnished to the respective Federal Reserve Banks "shall be
published by the bank under the same conditions as govern
its own condition reports." The term "affiliates," as used
in this provision of section 9, under the express terms of that
section, includes "holding company affiliates as well as
other affiliates," but a member State bank is not required
to furnish to a Federal Reserve Bank the report of an affiliated member bank.
1009
LAW DEPARTMENT
The copy of the report for the use of the printer
for publication should be prepared on the form
supplied or authorized for the purpose by the
Federal Reserve Bank. The published information
shall agree in every respect with that shown on the
face of the condition report rendered to the Federal
Reserve Bank, except that any item for which no
amount is reported may be omitted in the published
statement. All signatures shall be the same in the
published statement as in the original report submitted to the Federal Reserve Bank, but the signatures may be typewritten or otherwise copied on
the report for publication.
A copy of the printed report shall be submitted to
the Federal Reserve Bank attached to the certificate on the form supplied or authorized for the
purpose by the Federal Reserve Bank.
(£) Reports of affiliates.10 Each report of an
affiliate of a member State bank, including a
holding company affiliate, shall be published at the
same time and in the same newspaper as the affiliated bank's own condition report submitted to the
Federal Reserve Bank, unless an extension of time
for submission of the report of the affiliate has
been granted under authority of the Board of
Governors of the Federal Reserve System. When
such extension of time has been granted, the report
of the affiliate must be submitted and published
before the expiration of such extended period in
the same newspaper as the condition report of the
bank was published.
The copy of the report for the use of the printer
for publication should be prepared on Form F.R.
220a. The published information shall agree in
every respect with that shown on the face of the
report of the affiliate furnished to the Federal
Reserve Bank by the affiliated member bank, except
that any item appearing under the caption "Financial relations with bank" against which the word
10
Section 21 of the Federal Reserve Act, among other
things, provides as follows: "Whenever member banks are
required to obtain reports from affiliates, or whenever affiliates of member banks are required to submit to examination, the Board of Governors of the Federal Reserve System
or the Comptroller of the Currency, as the case may be, may
waive such requirements with respect to any such report or
examination of any affiliate if in the judgment of the said
Board or Comptroller, respectively, such report or examination is not necessary to disclose fully the relations between
such affiliate and such bank and the effect thereof upon the
affairs of such bank." Therefore, of course, in any case
where the Board of Governors waives the filing of a report
of an affiliate of a member State bank, no publication of a
report of such affiliate is required.
1010
"none" appears on the report furnished to the
Federal Reserve Bank may be omitted in the published statement of the affiliate, provided that if
the word "none" is shown against all of the items
appearing under such caption in the report furnished to the Federal Reserve Bank the caption
"Financial relations with bank" shall appear in the
published statement followed by the word "none."
All signatures shall be the same in the published
statement as in the original report submitted to the
Federal Reserve Bank, but the signatures may be
typewritten or otherwise copied on the report for
publication.
A copy of the printed report shall be submitted
to the Federal Reserve Bank attached to the certificate on Form F.R. 220a.
SECTION 10.
VOLUNTARY WITHDRAWAL FROM FEDERAL.
RESERVE SYSTEM
(a) General. Any State bank desiring to withdraw from membership in a Federal Reserve Bank
may do so after six months' written notice has been
filed with the Board;11 and the Board, in its discretion, may waive such six months' notice in any
individual case and may permit such bank to withdraw from membership in a Federal Reserve Bank,,
subject to such conditions as the Board may prescribe, prior to the expiration of six months from
the date of the written notice of its intention to
withdraw.
(£) Notice of intention of withdrawal. Any State
bank desiring to withdraw from membership in a
Federal Reserve Bank should signify its intention*
to do so, with the reasons therefor, in a letter addressed to the Board and mailed to the Federal
Reserve Bank of which such bank is a member.
Any such bank desiring to withdraw from membership prior to the expiration of six months from the
date of written notice of its intention to withdraw
should so state in the letter signifying its intention
to withdraw and should state the reason for its
desire to withdraw prior to the expiration of six.
months.
Every notice of intention of a bank to withdraw
from membership in the Federal Reserve System*
11
Under specific provisions of section 9 of the Federal'
Reserve Act, however, no Federal Reserve Bank shall, except
upon express authority of the Board, cancel within the same
calendar year more than twenty-five per cent of its capital3
stock for the purpose of effecting voluntary withdrawals,
during that year. All applications for voluntary withdrawals
are required by the law to be dealt with in the order in which
they are filed with the Board.
FEDERAL RESERVE BULLETIN:
LAW DEPARTMENT
and every application for the waiver of such notice
should be accompanied by a certified copy of a
resolution duly adopted by the board of directors
of such bank authorizing the withdrawal of such
bank from membership in the Federal Reserve
System and authorizing a certain officer or certain
officers of such bank to file such notice or application, to surrender for cancellation the Federal Reserve Bank stock held by such bank, to receive and
receipt for any moneys or other property due to
such bank from the Federal Reserve Bank and to
do such other things as may be necessary to effect
the withdrawal of such bank from membership in
the Federal Reserve System.
Notice of intention to withdraw or application
for waiver of six months' notice of intention to
withdraw by any bank which is in the hands of a
conservator or other State official acting in a
capacity similar to that of a conservator should be
accompanied by advice from the conservator or
other such State official that he joins in such notice
or application.
(c*) Time and method of effecting actual withdrawal.
Upon the expiration of six months after notice
of intention to withdraw or upon the waiving of
such six months' notice by the Board, such bank
may surrender its stock and its certificate of membership to the Federal Reserve Bank and request
that same be canceled and that all amounts due to
it from the Federal Reserve Bank be refunded.12
Unless withdrawal is thus effected within eight
months after notice of intention to withdraw is
first given, or unless the bank requests and the
Board grants an extension of time, such bank will
SEPTEMBER
1952
be presumed to have abandoned its intention of
withdrawing from membership and will not be
permitted to withdraw without again giving six
months' written notice or obtaining the waiver of
such notice.
(d) Withdrawal of notice. Any bank which has
given notice of its intention to withdraw from
membership in a Federal Reserve Bank may withdraw such notice at any time before its stock has
been canceled and upon doing so may remain a
member of the Federal Reserve System. The notice
rescinding the former notice should be accompanied
by a certified copy of an appropriate resolution duly
adopted by the board of directors of the bank.
SECTION 1 1 . BOARD FORMS
All forms referred to in this regulation and all
such forms as they may be amended from time
to time shall be a part of this regulation.
12
A bank's withdrawal from membership in the Federal
Reserve System is effective on the date on which the Federal
Reserve Bank stock held by it is duly canceled. Until such
stock has been canceled, such bank remains a member of the
Federal Reserve System, is entitled to all the privileges of
membership, and is required to comply with all provisions
of law and all regulations of the Board pertaining to member
banks and with all conditions of membership applicable to
it. Upon the cancellation of such stock, all rights and privileges of such bank as a member bank shall terminate.
Upon the cancellation of such stock, and after due provision has been made for any indebtedness due or to become
due to the Federal Reserve Bank, such bank shall be entitled
to a refund of its cash paid subscription with interest at the
rate of one-half of one per cent per month from the date
of last dividend, the amount refunded in no event to exceed
the book value of the stock at that time, and shall likewise
be entitled to the repayment of deposits and of any other
balance due from the Federal Reserve Bank.
1011
CURRENT EVENTS AND ANNOUNCEMENTS
Publication of the Annual Report of the
Board of Governors
The Thirty-eighth Annual Report of the Board
of Governors of the Federal Reserve System, covering operations for the calendar year 1951, is available
for distribution. Copies may be obtained upon
request from the Division of Administrative Services, Board of Governors, Washington 25, D. C.
Historical Supplement to Monthly Chart Book on Bank
Credit, Money Rates, and Business
The historical supplement to the monthly Federal Reserve Chart Book on Money Rates, Bank
Credit, and Business has been brought up to date,
primarily to meet the needs of colleges and universities. The new edition is now available for
distribution on the terms indicated in the last paragraph.
The format and the charts included, of which
there are 113 pages, are the same as in the April
1952 edition. A few charts for which the indexes
have been shifted to a new base period are shown
on the new basis. In most cases the charts cover
the period beginning with 1919 or some earlier
year. All charts include the latest data available
on September 18, 1952.
Single copies of this supplement may be purchased for 60 cents each; in quantities of 10 or
more for shipment to one address, there is a special price of 50 cents per copy. Orders should be
sent to the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington 25, D. C.
Change in Board's Staff
Mr. J. Leonard Townsend resigned as Solicitor
of the Board of Governors, effective August 31,
in order to accept a position as Vice President and
Director of the Pan American Sulphur Company,
with headquarters at Dallas, Texas.
Mr. Townsend was Assistant Solicitor of the
Securities and Exchange Commission when he became associated with the Board of Governors as
Assistant General Attorney on March 1, 1945. A
year later Mr. Townsend's title was changed to
1012
Assistant General Counsel and on December 28,
1947, he was appointed Associate General Counsel.
With the creation of the Office of the Solicitor on
December 6, 1948, he was appointed Solicitor.
Mr. Townsend's services will continue to be
available to the Board of Governors on a part-time
basis during the pendency in the courts of the
Clayton Act proceeding against Transamerica Corporation.
Death of Director
Mr. George H. Zimmerman, Chairman of the
Board and President, Wm. Cameron and Company,
Waco, Texas, who had served as a Class B director
of the Federal Reserve Bank of Dallas since April
24, 1951, died on August 29, 1952.
New Edition of U. S. Government Manual
The 1952-53 edition of the United States Government Organization Manual is off the press and may
be purchased from the Superintendent of Documents, Government Printing Office, Washington
25, D. C, for $1 a copy.
The Manual is published by the Federal Register
Division, National Archives and Records Service,
General Services Administration. It contains sections descriptive of the agencies in the legislative,,
judicial and executive branches of the Government.
Supplemental information includes (1) brief descriptions of quasi-official agencies and selected
international organizations, (2) charts of the more
complex agencies, and (3) appendixes relating to
abolished or transferred agencies and to governmental publications.
Admission of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System during
the period July 16, 1952 to August 15, 1952:
Missouri
St. Joseph—The First Trust Company.
Ohio
Fairborn—The Farmers and Merchants Bank.
FEDERAL RESERVE BULLETIN:
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled August 26 and released for publication August 28]
Steel production and over-all industrial activity
have shown substantial recovery in August from
the sharply reduced July rate, and the volume of
construction has continued at close-to-record levels.
Sales at department stores have expanded in early
August, while sales of automobiles have apparently
continued near the restricted July rate. Wholesale
prices have advanced slightly since early July, and
consumer prices have reached a new record level.
INDUSTRIAL PRODUCTION
The Board's index of industrial production declined further in July to 191 per cent of the 1935-39
average, but is estimated to have recovered in
August to about the May level. Steel and iron ore
production have increased rapidly following settlement of the dispute at the end of July, and gains in
other industries have been fairly widespread.
Activity in durable goods industries was reduced
further in July, owing mainly to curtailments in
steel consuming industries. Over-all activity in the
machinery industries decreased about 5 per cent.
Much sharper curtailments occurred in the automobile and railroad equipment industries. Production
of passenger automobiles and trucks amounted to
about 200,000 in July as compared with 519,000 in
June; in the third week of August output was up
markedly and for the month may approach 300,000
vehicles. Output of television was unchanged in
INDUSTRIAL
July while appliances decreased about 15 per cent.
Steel production was at about the June level of 18
per cent of capacity, but expanded to 99 per cent
of capacity by the fourth week of August.
Output of nondurable goods decreased in July
owing mainly to vacation schedules in textiles and
some other industries. Rayon deliveries rose substantially further. Paperboard production—following the usual July curtailment—increased in early
August to the highest rate since last autumn, and
petroleum refining activity increased to a new
record level.
Minerals production in August will be substantially above the reduced level of recent months^
owing mainly to the restoration of iron ore production. Crude petroleum output has also increased but coal production is being sharply curtailed in the last week of August by a work stoppage.
CONSTRUCTION
Value of construction contracts awarded showed
little change in July as an increase in awards for
public construction offset a small decline in private
awards. The number of housing units started was
104,000, a seasonally adjusted annual rate of 1,088,000 as compared with 1,063,000 in June. Total
dollar volume of new construction put in place
in July was a record for the month.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS
SEASONALLY ADJUSTE
PRODUCTION
~1
HYSICAL VOLUME, SEASON*
/ T OTAL
140
220
\
1
^ »«->»,!
...
GOVER
WENT
^
SER
TRANSPORTAT ON
A gD UTILITI ES
MINER*
NCE
0 I
[
1948 1949
1948 1949 1950 1951
1952
Federal Reserve indexes.
for July.
SEPTEMBER
1952
1948 1949 1950 1951 1952
Monthly figures, latest shown are
1
1950
1951
1952
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 July.
1013
NATIONAL SUMMARY OF BUSINESS CONDITIONS
EMPLOYMENT
Seasonally adjusted employment in nonagricultural establishments declined further in July, as
shut-downs in steel consuming industries about
doubled the number of workers idled by the steel
strike. The average work week at factories was
reduced by one-half hour and average hourly earnings were down slightly. In mid-August, however,
initial claims for unemployment compensation, at
179,000 were almost 200,000 below the peak of
mid-July.
AGRICULTURE
Crop prospects declined in July, particularly for
tobacco, feeds, and pasture, and total output as
of August 1 was forecast at only 1 per cent above
last year. In August rains have fallen in many
dry areas. Beef production has increased and total
meat output in the first three weeks of August has
been 4 per cent above the year-ago level. Production of milk and eggs in July continued smaller
than a year ago.
DISTRIBUTION
Department store sales showed a more than
seasonal increase in the early part of August, following a decrease in July of 5 per cent, according
to the Board's seasonally adjusted index. Stocks at
the end of July were indicated by preliminary data
to be somewhat higher, after seasonal adjustment,
than at the end of June, but 12 per cent below a
SECURITY MARKETS
year ago. Passenger automobile sales in early
August remained near the considerably reduced
July rate, as new car supplies continued low.
COMMODITY PRICES
The general level of wholesale commodity prices
advanced slightly from early July to the third
week of August, reflecting increases in some farm,
food, and textile products. Also, following conclusion of new wage agreements, prices of steel
and aluminum products were raised about 5 per
cent and prices of steel scrap and nonferrous metals
strengthened.
The consumers price index rose further by .6
per cent in July to a new high. Average prices of
foods also reached a new high—3 per cent above
year-ago levels. Rents and prices of other services
and of fuels also increased, while apparel prices
declined further.
BANK CREDIT
Total outstanding bank credit declined somewhat from mid-July to mid-August. Bank holdings of U. S. Government securities, bank loans
on such securities, and loans to manufacturers of
metal products decreased. The effect of these
declines on total bank credit was offset to some
extent by increases in other types of loans and investments.
Bank reserve positions continued generally tight
for the period, with discounts at the Federal Reserve fluctuating around a high level and with the
rate on Federal funds remaining just below the
discount rate. A number of important money
market banks raised their lending rates on stock
market call money by J4 P er cent.
SECURITY MARKETS
80
1945
1946
1947
1948
1949
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 Aug. 13, 1952.
1014
Yields on Government securities rose during the
first half of August, then declined somewhat in
the following week. The average rate of discount
on the new bills issued August 14 was 1.90 per
cent, but market rates on bills stayed below this
level. Early in August the Treasury received subscriptions for a 1-year 2 per cent certificate of indebtedness to mature August 15, 1953 offered in
exchange for 2.4 billion dollars of 1% per cent certificates maturing August 15 and September 1, 1952.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
1017-1018
Federal Reserve Bank rates, reserve requirements; margin requirements; fees and rates under Regulation V; terms under Regulation X
1018-1020
Federal Reserve Bank statistics
1021-1023
Guaranteed Regulation V loans
1023
Deposits and reserves of member banks
Bank debits and deposit turnover; Postal Savings System
1023-1024
1024
Money in circulation
1025
Consolidated statement of the monetary system, deposits and currency
1026
All banks in the United States, by classes.
1027-1029
All insured commercial banks in the United States, by classes.
1030-1031
Weekly reporting member banks.
1032-1034
Life insurance company commitments
1034
Commercial paper, bankers' acceptances, and brokers' balances
1035
Money rates; bank rates on business loans; bond yields
1036
Security prices and new issues
1037-1038
Corporate sales, profits, and dividends
1038-1040
Treasury
1041-1043
finance
Government corporations and credit agencies
1044
Business indexes
1045-1054
Department store statistics
1055-1058
Consumers' prices
1058
Wholesale prices
1059
Gross national product, national income, and personal income
1060-1061
Consumer credit statistics
1062-1064
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System are derived from regular reports made to
the Board; index numbers of production are compiled by the Board on the basis of material collected
by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of
Government credit agencies are obtained principally from statements of the Treasury, or of the agencies
concerned; data on money and security markets and commodity prices and other series on business
activity are obtained largely from other sources. Back figures for banking and monetary tables, together
with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics;
back figures for most other tables may be obtained from earlier BULLETINS.
SEPTEMBER
1952
1015
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Billions of Dollars
Wednesday Figures
Billions of Dollars
15
10
10 -V—i
1943
1944
1945
30
1946
1947
1948
1949
1950
1951
1952
I
I
I
FEDERAL RESERVE CREDIT
HOLDINGS OF U- S GOVERNMENT SECURITIES • TOTAL
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
Wednesday figures, latest shown are for Aug. 27. See page 1017.
1016
FEDERAL RESERVE
BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Discounts
and
advances
Date or period
Total
All
Bills,
1 Total
certifi- other
Bonds cates,
and
notes
Gold
stock
Treasury
currency
outstanding
Money
in circulation
Member bank
reserve balances
TreasOther
deTreas- ury
posits Non- Fedury
eral
with
memcash
Rehold- Federal ber de- serve
Reposits
ReExings
acTotal quired
2
serve
cess*
counts
Banks
Wednesday
figures:
1951—July 3 .
July 11.
July 18.
July 25.
181
236
300
78
22,977
23,092
23,081
23,057
6,822
5,822
5,822
5,822
16,155 812 23,970 21,750
17,270 938 24,267 21,757
17,259 1,223 24,605 21,758
17,235 928 24,063 21,759
4,654
4,656
4,656
4,658
27,948
27,893
27,781
27,706
1,287
1,296
1,296
1,305
17V 1,014
253 1,107
612 1,183
424 1,191
764
768
766
767
19,189
19,364
19,380
19,088
18,556
18,459
18,465
18,440
633
905
915
648
Aug.
1.
Aug.
8.
Aug. 15.
Aug. 22.
Aug. 29.
408
200
242
214
278
23,081
23,118
23,151
23,084
23,066
5,822
5,822
5,822
5,822
5,822
17,259
17,296
17,329
17,262
17,244
24,282 21,759
24,046 21,759
24,360 21,800
24,175 21,800
24,001 21,800
4,663
4,665
4,666
4,667
4,668
27,842
27,904
27,925
27,932
28,034
1,308
1,298
1,288
1,292
1,291
557
203
495
434
557
1,175
1,016
1,113
1,096
999
722
720
719
718
717
19,099
19,328
19,285
19,172
18,871
18,430
18,441
18,468
18,517
18,485
669
887
817
655
386
Sept.
Sept.
Sept.
Sept.
243
325
359
216
23,079
23,108
23,135
23,474
5,822
5,822
5,822
5,822
17,257 684 24,006 21,854
17,286 951 24,384 21,853
17,313 1,289 24,,783 21,934
17,652 988 24,677 22,013
4,672
4,673
4,674
4,676
28,262
28,216
28,140
28,137
1,299
1,294
1,285
1,288
408 1,022
474 1,047
477
923
816 1,024
714
713
730
731
18,825
19,167
19,835
19,369
18,406
18,555
18,864
18,837
419
612
971
532
3.
10.
17.
24.
31.
69
79
69
152
186
24,039
24,072
23,848
23,666
23,552
5,825
5,825
5,325
5,325
5,325
18,214 922 25,030 22,015
18,247 875 25,025 22,055
18,523 1,200 25,117 22,105
18,341 1,024 24,841 22,144
18,227 690 24,,427 22,234
4,680
4,680
4,681
4,683
4,686
28,320
28,448
28,385
28,301
28,410
1,284
1,286
1,296
1 291
1 288
397
335
326
509
493
966
1,002
975
886
818
753 20,004
750 19,939
851 20,068
850 19,833
780 19,557
18,843 1,161
18,868 1,071
18,950 1,118
19,144
689
19,060
497
Nov. 7.
Nov. 14.
Nov. 2 1 .
Nov. 28.
243
274
227
483
23,507
23,397
23,275
23,239
5,325
5,325
5,334
5,334
18,182 845 24,595
18,072 930 24,602
17,941 1,243 24,745
17,905 957 24,679
22,284
22,283
22,333
22,332
4,686
4,688
4,689
4,693
28,534
28,601
28,701
28,742
1,291
1,284
1,285
1,288
452
245
364
548
843
815
800
750
778
776
774
774
18.988
18,976
19,211
19,229
Dec. 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 25,576 22 ,621
4,699
4,700
4,703
4,704
28,891
29,037
29,263
29,403
1,292
1,284
1,269
1,289
501
266
6
289
787
740
776
880
770 19,919
770 19,964
827 20,798
832 20,208
19,196
723
19,317
647
19,767 1,031
19,637
571
101 23,658
198 23,452
135 23,119
112 22,993
210 22,785
5,344
5,344
5,344
5,344
5,344
18,314 1,062 24,825 22,697
18,108 904 24,554 22,772
17,775 1,118 24,372 22,822
17,649 1,010 24,116 22,872
17,441
711 23,707 22,931
4,706
4,707
4,710
4,711
4,716
29,143
28,800
28,526
28,342
28,347
1,275
1,280
1,291
1,280
1,302
8
69
138
11
221
694
771
719
663
729
745 20,364
743 20,369
744 20,488
743 20,660
742 20,013
19,685
679
19,551
818
19,590
898
19,573 1,087
19,455
558
Feb.
6.
Feb. 13.
Feb. 20.
Feb. 27.
283 22,614 5,344
619 22,499 5,344
454 22,400 5,471
422 22,555 5,636
17,270 759 23,656 22,990
17,155 634 23,753 23,011
16,929 1,033 23,887 23,071
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
1,276
1,308
1,308
52
261
491
712
728
685
749
730
741 20,148
741 20,094
738 20,007
735 19,710
19,415
19,304
19,293
19,224
Mar. 5 .
Mar. 12.
Mar. 19.
Mar, 26.
384 22,514
35! 22,530
22,825
170 22,528
5,636
5,636
5,636
5,636
16,878 986 23,883 23,290
16,894 891 23,778 23,291
17,189 1,265 24,216 23,292
16,892
715 23,413 23,291
4,726
4,726
4,729
4,731
28,464
28,452
28,361
28,329
1,296
1,296
1,285
1,282
670
639
6
7
895
841
742
736
787 19,787
785 19,781
803 21,038
804 20,276
19,166
621
19,182
599
19,627 1,411
19,500
776
Apr. 2 .
Apr. 9.
Apr. 16.
Apr. 2 3 .
Apr. 30.
130 22,514
22,494
22,467
830 22,372
22,363
676
5,636
5,636
5,136
5,136
5,136
16,878 766 23,409 23,291
16,858
,293
731 23,
17,331 1,020 24,109 23,293
17,236
771 23,973 23,295
17,227 593 23,632 23,297
4,736 28,445
4,736 28,526
4,737 28,436
4,738 28,333
4,739 28,460
1,281
1,273
1,288
1,287
1,284
295
381
520
877
450
776
763
853
809
784
827
827
825
824
749
19,812
19,652
20,218
19,875
19,940
19,166
19,076
19,225
19,087
19,143
646
576
993
788
797
963
861
946
450
Oct.
Oct.
Oct.
Oct.
Oct.
5.
12.
19.
26.
1952—Jan.
2.
Jan.
9.
Jan. 16.
Jan. 23.
Jan. 30.
794
727
967
877
657
19,667
19,850
19,843
19,603
679
874
632
374
733
790
714
486
May 7.
May 14.
May 2 1 .
May 28.
1,043
671
499
816
22,329
22,315
22,283
22,273
5,136
5,136
5,136
5,136
17,19.
695 24,067 23,297
17,179
779 23,764 23,297
17,14' 1,013 23,794 23,298
17,13
653 23,742 23,296
4,739
4,739
4,739
4,741
28,523
28,497
28,483
28,710
1,286
1,293
1,279
1,286
749
516
384
558
762
796
813
813
747 20,034
745 19,953
745 20,127
745 19,667
19,071
19,092
19,181
19,217
June 4.
June 11.
June 18.
June 25.
926
834
541
307
22,378
22,492
22,99'
22,564
5,136
5,136
5,136
5,136
17,242
775 24,079 23,296
17,356 803 24, 128 23 ,297
17,861 1,289 24,828 23,297
17,428 882 23,753 23,346
4,747
4,750
4,751
4,752
28,842
28,830
28,787
28,814
1,282
1,284
1,286
1,290
527
507
9
134
824
834
768
813
19,906
742 19,978
794 21,232
793 20,006
19,207
699
19,226
752
19,736 1,496
19,621
385
July 2.
July 9.
July 16.
July 23.
July 30.
480 22,869
683 22,860
974 22,723
1,073 22,726
1,403 22,844
5,136
17,733
^17,724
17,587
17,590
17,708
806
923
974
875
660
24,155
24,465
24,671
24,674
24,907
23,346
23,347
23,348
23,350
23,350
4,755
4,754
4,756
4,756
4,761
29,180
29,148
28,988
28,884
28,952
1,277
1,264
1,271
1,275
1,286
90
760
38
906
307
988
482 1,016
605 1,042
798 20,153
799 20,413
797 20,422
797 20,326
724 20,409
20,104
20,008
19,973
19,875
19,829
405
449
451
580
Aug.
6.
Aug. 13.
Aug. 20.
Aug. 27.
843 22,97'
770 23,051
979 23,032
89' 23,092
5,163
5,236
5,236
5,236
17,814
17,815
17,796
17,856
620
732
799
614
24,440 23,350
24,55. 23,344
24,810 23,344
24,603 23,344
4,763
4,764
4,766
4,768
29,041
29,051
29,068
29,129
1,279
1,277
1,281
1,276
270
982
422 1,057
526 1,057
707 1,084
722 20,260 19,675
718 20,136 19,692
721 20,267 *>19,617
19,797 P19.645
585
444
P650
P152
r49
r
Revised.
P Preliminary.
Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables.
Wednesday figures and end-of-month figures (shown on next page) are estimates.
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
SEPTEMBER
1952
1017
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
End of period:
1929—June 29. .
1933—June 30. .
1939—Dec. 30. .
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—June 30. .
Dec. 3 0 . .
1951—June
Discounts
and
advances Total
216
i,037
164 1,998
2,484
7
3 2,254
249 24,262
163 23.350
85 22,559
223 23,333
78 18,885
43 18,331
67 20,778
53 22,98z
Gold
stock
All 1
Bills,
Total
certifi- other
Bonds cates,
and
notes
145
71
441 1,557
1,351 1,133
787
1,467
947 23,315
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
4,598
4,607
4,636
4,655
854
630 24,309
013
17,912 1,134 25,058
233
18,227
690 24,427
382
17,905
871 24,734
695
18,457 1,189 25,009
951
17,385
726 23,783
191
16,892
778 23,904
291
16,878
623 23,270
298
17,227
593 23,632
296
17,137
927 24,152
346
17,770
586 23,551
350
17,717
699 24,821
751 25,216 P23.344
5,236 17,910
673
681
688
700
709
717
727
,736
739
748
754
762
t772
753 22.597
2,853 19,706
10,977 12,356
7,218 11,667
5,618 12,713
4,620 16.158
6,822 16,160
147
58
102
104
580
581
536
542
536
329
1,371
1,007
1,400
2,220
2,593
2,361
25,091
24,093
23,181
24,097
19.499
18,703
22,216
24,043
552 23,127 5,822 17,305
1951—Aug
Sept
Oct
Nov
Dec
1952—Jan
Feb
Mar
Apr
May
June
July
Aug
190 23,734
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
Averages of
daily figures:
1951—June
July
Aug
1952—June
July
Aug
946 23,913 21,755 4,647
170 22,797 6,826 15,971
194 23,059 6,113 16,946 1,032 24,285 21,757 4,656
848 24,263 21,790 4,666
292 23,123 5,822 17,301
585 22,617 5,136 17,481
941 24,144 23,308 4,751
1,092 22,798 5,136 17,662
895 24,786 23,348 4,756
1,059 23,027 5,216 17,811
738 24,824 23,346 4,765
5,822
5,325
5,334
5,344
5,344
5,636
,636
5,136
Member bank
reserve balances
TreasTreasdeury Money Treas- ury
posits
cur- in cirury
with
rency culacash
outhold- Federal
Restand- tion
ings
serve
ing
Banks
4,459
5,434
7,598
11,160
28,515
28,952
28,868
28,224
27.60C
27,156
27.741
27,809
Other
Non- Fedmem- eral
Reber de- serve
posits acTotal
counts
ExRequired2 cess8
204
264
2,409
2,215
2,287
2,272
,336
,325
,312
,298
,293
,281
36
35
634
867
977
393
870
,123
821
950
668
317
28
166
653
1,360
1,308
822
961
1,189
1,517
1,431
1.460
1,262
374
346
251
291
495
607
563
59C
70f
771
714
765
28,155
,287
28,288
,285
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
P29.281 Pi,277
459
936
493
481
247
162
558
169
450
541
333
638
488
1,038
1,127
818
794
889
76
796
845
784
1,094
846
991
1,157
717
716 19,181 18,464
727 19,391 18,822 569»
780 19,557 19,060 497
772 19.670 19,180 490>
746 20,056 19,667 389741 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 P19.587 P824
1,286
1,291
1,288
1,282
1,270
1,276
280
405
483
328
306
501
1,162
1,158
1,104
843
960
1,044
731 19,309
756» 19,229
719• 19,174
767' 20,140
791L 20,535
720 20,306
27,548
27,859
27,951
28,843
29,028
29,087
2,356
2,292
11,653
12,450
15,915
16,139
17,899
20,479
16,568
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
16,40( 1,499
19,277 1,202
15,550 1,018
15,498 436
16,500 1,172
18,604 416,
834i
756,
704
709
609.-
18.475
18,473
18,470
19,431
19,926
For footnotes see preceding page.
MAXIMUM RATES ON T1MB DEPOSITS
[Per cent per annum]
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Nov. 1, 1933- Feb. 1, 1935- Effective
Jan. 31, 1935 Dec. 31, 1935Jan. 1,1936
Net demand deposits 1
Effective date
of change
Savings deposits
.
Postal Savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months. . .
In less than 90 days
I*
1
NOTE.—Maximum rates that may be paid by member banks as
established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank
may not in any event exceed the maximum rate payable by State
banks or trust companies on like deposits under the laws of the State
in which the member bank is located. Maximum rates that may be
paid by insured nonmember banks as established by the F.D.I.C.,
effective Feb. 1, 1936, are the same as those in effect for member banks.
1938—Apr.
1941—Nov.
1942—Aug.
Sept.
Oct.
1948—Feb.
June
Sept.
Sept.
1949—May
May
16
1
20
14
3
27
11
16
24
1
5
June 30
July 1
MARGIN REQUIREMENTS *
[Per cent of market value]
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, Effec19471949tive
Mar. 29, Jan. 16, Jan. 17,
1949
1951
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.
1018
Aug. 1
Aug. 11
Aug. 16
Aug. 18
Aug. 25
Sept. 1
1951—Jan. 11
Jan. 16
Jan. 25
Feb. 1
In effect Sept. 1, 1952 *...
Central
reserve
city
banks
22M
26
24
22
20
22
24
Reserve
city
banks
20
Country
banks
Time
deposits,
(all
member
banks)
12
14
5
6
16
26
22
24
21
20
23^
MX
23
22^
22
23
19
24
20
24
20
18
19
15
14
13
12
»7
*7
»6
«6
»5
»5
2
«6
13
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. 8 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.
Back figures.—See Banking and Monetary Statistics, Table 107, p. 400,^
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Advances secured by Government
obligations and discounts of and
advances secured by eligible
paper
(Sees. 13 and 13a)1
Federal Reserve Bank
Rate on
Aug. 31
Boston
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
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)]
Previous
rate
Rate on
Aug. 31
21,1950
21,1950
25,1950
25,1950
25,1950
24,1950
25,1950
23,1950
22,1950
25,1950
25,1950
24,1950
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Previous
rate
Rate on
Aug. 31
21,1950
21,1950
25,1950
25,1950
25,1950
24,1950
25,1950
23,1950
22,1950
25,1950
25,1950
24,1950
In effect
beginning—
Previous
rate
Jan. 14, 1948
Oct. 30, 1942
Aug. 23, 1948
25, 1950
Aug.
2
Oct. 28, 1942
Aug. 24, 1950
Aug. 13, 1948
Jan. 12, 1948
Aug. 23, 1948
Jan. 19, 1948
Feb. 14, 1948
2
Oct. 28, 1942
2
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 1 ^a
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.
2
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum]
Maturity
Rate on
Aug. 31
In effect beginning—1
\*
2H
Dec. 18, 1951
Dec. 18. 1951
Dec. 18. 1951
AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT
Previous
rate
Maturities not exceeding five years
[In effect August 31.
1- 90 days
91-120 days
121-180 days
1%
To industrial or
commercial
busin
1
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.
FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950 AND EXECUTIVE
ORDER NO. 10161
[In effect August 31]
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
70 or less
75
80
85
90
95
Over 95
.
.
.
.
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
any commitment
fee charged
borrower
10
15
20
25
30
35
40-50
10
15
20
25
30
35
40-50
SEPTEMBER
1952
On
commitments
Portion
for which
institution is
obligated
Remaining
portion
On
commit
ments
8
(•)
1
2
8
Maximum Rates Financing Institutions May Charge Borrowers
[Per cent per annum]
Interest rate
Commitment rate.
Boston
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas C i t y . . . .
Dallas
San Francisco...
To financing institutions
On discounts or
purchases
Federal
Reserve
Bank
On
loans *
Percentage of
loan guaranteed
Per cent per annum]
Including loans made in participation with financing institutions
Rate charged borrower less commitment rate.
Rate charged borrower.
« Rate charged borrower but not to exceed 1 per cent above th<; dis
count
rate.
5
Charge of M per cent per annum is made on undisbursed portion
of loan.
Back figures.—See Banking and Monetary Statistics, Table It8.
pp. 446-447.
H
1019
REAL ESTATE CREDIT TERMS UNDER REGULATION X AND ASSOCIATED REGULATIONS
OF FHA AND VA*
Regulation X terms as prescribed by the Board of Governors of the Federal Reserve System with the concurrence of the Housing and Home
Finance Administrator and terms on loans insured or guaranteed by the Federal Housing Administration and the Veterans Administration as
issued under the authority of the Housing and Home Finance Administrator under the provisions of the Defense Production Act of 1950, as
amended, and Executive Order 10161, as amended.
1- to 4-family units and farm residences
Value or sales price
per family unit
Regulation X and FHA
Nonresidential
properties 1
(Regulation X)
Multi-unit
residences
(Reg. X and FHA)
VA
Maximum loan per family u n i t i
(in per cent of value unless otherwise specified)
Not more than $7,000
$7,001-$10,000. .
95
$6,300 plus 75 per cent
of excess over $7,000
(95-86)
$10,001-$12,000. . .
$8,550 plus 55 per cent
of excess over $10,000
(86-75)
$12,OO1-$15,OOO... .
100 per cent of sales price
(closing costs
to be paid in cash)
$11,100 plus 45 per cent
of (1) sales price over
$12,000 and (2) closing costs
(93-81 per cent of sales price
plus closing costs)
$15,001-$16,000...
$11,300 plus 45 per cent
of excess over $15,000
(75-67)
$7,950 plus 54 per cent
of excess over $10,000
(80-71)
I
50 per cent of value
$12,900 plus 43 per cent
of (1) sales price over
$16,000 and (2) closing costs
(81-72 per cent of sales
price plus closing costs)
$20,001-$21,000...
Over $25,000. .
$6,300 plus 55 per cent
of excess over $7,000
(90-80)
$10,650 plus 50 per cent
of excess over $15,000
(71-66)
$16,001-$20,000...
$21,001-$25,000...
90
$6,720 plus 90 per cent
of sales price over $7,000,
plus total amount
of closing costs
(96-94 per cent
of sales price3)
$9,420 plus 84 per cent
of sales price over $10,000,
plus total amount
of closing costs
(94-93 per cent
of sales price3)
Maximum loan
per property
$14,000 plus 25 per cent
of excess over $21,000
(67-60)
60
$15,050 plus 30 per cent
of (1) sales price over
$21,000 and (2) closing costs
(72-65 per cent of sales
price plus closing costs)
1 $13,150 plus 37 per cent
>of excess over $20,000
1
(66-60)
60
65
Maximum maturity (years)
Not more than $12,000
Over $12,000
25
20
4 25
V
None specified
J
25
Amortization requirements
All v a l u e s . . .
Minimum annual reduction of 5 per cent of original loan
until amount outstanding is 50 per cent or less of property value at time the loan was made or liquidation of
loan by maturity through substantially equal periodic
payments or payments of principal
Effective p e r i o d . . .
June 11, 1952September 15, 1952 5
June 11, 1952September 15, 1952 &
None specified under Regulation X; periodic payments satisfactory to Commissioner on FHA loans
Liquidation of loan bymaturity through substantially equal periodic
payments or payments
of principal
June 11. 1952September 15, 1952
February 15, 1951September 15, 1952
1
Properties generally described as commercial and recreational.
1
Maximum amount of loan insured by FHA may not exceed $14,000 on 1-family, $16,000 on 2-family, $20,500 on 3-family, $25,000 on 4-family
residences,
or $8,100 per unit on multi-unit projects. On existing 1- to 4-family units the loan amount may not exceed 80 per cent of value.
3
These percentages should be increased by the percentage that closing costs are of sales price.
* Under special circumstances and with the approval of the Veterans Administrator, the maximum maturity may be 30 years.
* For terms effective before June 11, 1952, see BULLETIN for October 1950, p. 1321, January 1951, pp. 31-32, and May 1952, p. 510.
* Regulation X was suspended effective Sept. 16, 1952, and the associated regulations relating to FHA and VA loans were relaxed, asdescribed on p. 1002.
1020
FEDERAL RESERVE
BULLETIN
STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
1952
Item
Aug. 27
Assets
Gold certificates
Redemption fund for F. R. notes..
Aug. 20
Aug. 13
Aug. 6
July 30
Aug.
1951
July
Aug.
21,450,503 21,453,501 21,457,254 21,457,253 21,452,252 21,448,503 21,452,253 19,936,180
696,404
694,092
698,254
694,090
693,063
675,196
696,253
695,238
Total gold certificate reserves...
22,146,756 22,148,739 22,150,317 22,153,657 22,146,344 22,146,757 22,146,343 20,611,376
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc.
Industrial loans
... .
U. S. Government securities:
Bills
Certificates:
Special
Other
Notes
Bonds
345,629
345,085
335,438
338,390
350,772
330,730
860,531
36,500
4,474
942,498
36,500
4,482
733,602
36,500
4,534
827,582 1,388,235
15,000
15,000
4,728
4,459
552,486
397,500
375,000
375,000
384,400
1,281,911 1,255,135
15,000
36,500
4,592
4,659
265,400
199,400
436,200
615,942
349,985
342,928
5,693
11,890,216 11,853,216 11,872,216 11,860,716 11,940,216 11,905,516 11,883,216 4,850,575
5,568,073 5,568,073 5,568,073 5,568,073 5,568,073 5,568,073 5,568,073 11,838,465
5,235,823 5,235,823 5,235,823 5,163,423 5,135,823 5,235,823 5,135,823 5,822,102
Total U. S. Government securities.
23,091,612 23,032,112 23,051,112 22,976,612 22,843,512 23,145,612 22,852,512 23,127,084
Total loans and securities...
23,993,117 24,015,592 23,825,748 23,823,653 24,251,475 24,468,682 24,127,239 23,685,263
Due from foreign banks
F. R. notes of other Banks.
Uncollected cash items
Bank premises
Other assets
23
23
180,662
182,838
3,221,074 3,742,400
45,324
45,434
238,756
231,059
Total assets
23
23
23
23
23
193,394
187,911
199,019
181,907
183,259
,686,797 3,202,003 3,267,696 3,060,783 3,175,286
45,219
45,300
45,202
45,216
45,341
208,188
215,962
207,015
243,985
225,827
38
163,491
,726,373
42,231
195,696
50,171,341 50,711,170 50,452,750 49,960,811 50,461,151 50,496,369 50,252,072 47,755,198
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve accounts. .
U. S. Treasurer—general account.
Foreign
Other
24,966,441 24,916,058 24,889,679 24,880,441 24,817,264 25,119,018 24,842,583 24,020,366
19,796,525 20,267 ,016 20 135,775 20,259,509 20 408,544 20 411,383 20,323,406 19, 180,672
707,038
605,083
488,191
637,546
459,321
269,922
525 ,981
421,7
849,147
723,641
760,441
726,628
784,646
811,731
839 ,161
863,737
235,317
266,979
277,921
255,071
344,718
217 ,885
192,518
256,889
Total deposits. .
21,588,027 21,850,043 21,613,828 21,511,130 22,055,162 22,056,023 21,951,572 20,678,355
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities.
Capital Accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
2,611,490 2,947 ,751 2,959,771 2,586,111 2,612,394 2,313,971 2,481,171
,102,418
14,935
15,461
14,050
17,573
15 ,883
15,535
14,738
14,577
49,183,531 49,729,735 49,478,016 48,992,617 49,499,397 49,504,473 49,289,376 46,816,674
246,398
538,342
27,543
175,527
Total liabilities and capital accounts
Ratio of gold certificate reserves to deposit and
F. R. note liabilities combined (per cent).. ..
Contingent liability on acceptances purchased
for foreign correspondents.
.
Industrial loan commitments.
246,384
538,342
27,543
169,166
246,352
538,342
27,543
162,497
246,288
538,342
27,543
156,021
246,187
538,342
27,543
149,682
246,407
538,342
27,543
179,604
246,232
538,342
27,543
150,579
233,093
510,022
27,543
167,866
50,171,341 50,711,170 50,452,750 49,960,811 50,461,151 50,496,369 50,252,072 47,755,198
47.6
47.4
9,102
6,295
9.136
6,277
9,026
6,287
47.8
47.2
46.9
47.3
46.1
9,093
6,107
9,096
6,086
9,130
6,154
9,098
6,185
23,812
6,050
1,318,411
1,157,404
160,971
36
4,659
653
856
2,590
560
23,145,612
53,500
7,212,500
6,795,941
5,941,352
1,070,224
2,072,095
1,270,135
1,182,208
87,867
60
4,592
649
824
2,901
218
22,852,512
308,400
6,956,500
6,503,941
5,941,352
1,070,224
2,072,095
552,486
530,780
21,706
Maturity Distribution of Loans aitid U. S. Government Securities 1
Discounts and advances—total
Within 15 days
16 days to 90 days
91 days to 1 year
Industrial loans—total
Within 15 days
16 days to 90 days
91 days to 1 year . . .
Over 1 year to 5 years
U. S. Government securities—total
Within 15 days
16 to 90 days
91 days to 1 year . .
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
897,031
770 649
126,346
36
4,474
734
865
2,414
461
23 ,091,612
52,700
7 ,159,300
6 ,795,941
,941,352
1s ,070,224
2 ,072,095
770,102
978,998
794 219
657 597
184,733
90,901
46
21,604
4,482
4,534
648
775
872
1,031
2,619
2.635
216
220
23 ,032,112 23 ,051,112
204,800
50,500
7 ,102,000 7 ,147,100
6 ,795,941 6 ,615,541
S,941,352
s1 ,941,352
,070,224 1 ,070,224
2 ,072,095 2 ,072,095
842,582
746,230
96,292
60
4,459
655
1,103
2,481
220
22 ,976,612
217,200
7 ,184,700
6 ,491,041
S ,941,352
1 ,070,224
2 ,072,095
1 ,403,235
1 ,321,845
81,330
60
4,728
660
845
3,003
220
22 ,843,512
324,400
6 ,956,500
6 ,478,941
S,941,352
1 ,070,224
2 ,072,095
5,693
467
916
3,478
832
23 ,127,084
127,600
7 ,760,734
6 ,218,100
4 ,878,166
1 ,031,904
3 ,110,580
Federal Reserve Notes—Federal Reserve Agents' Accounts
F. R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificates
Eligible paper
U. S. Government securities
Total collateral
1
25,955,218 25,862,035 25,810,912 25,801,439 25,804,625 26,012,965 25,787,225 24,936,612
13,139,000
553,926
13,550,000
13,294,000 13,094,000 13,094,000 13,164,000 13,094,000 12,259,000
885,683
597,465
922,158
875,176
436,193
474,656
13,475,000 13,475.000 13,475,000 13,550,000 13,475,000 13,225,000
27,242,926 27,463,441 27,243,656 27,166,465 27,491,158 27,589,176 27,454,683 25,920,193
Callable U. S. Government securities classified according to nearest call date.
SEPTEMBER
1952
1021
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 31, 1952
[In thousands of dollars]
Item
Total
Assets
Gold certificates. 21,448,503
Redemption fund
for F. R. notes.
698,254
Boston
New
York
Philadelphia
Cleveland
Richmond
698,635 6,643,027 ,164,090 ,417,387 932,420
61,225
69,053
55,588
82,657
Atlanta
Chicago
881,040 4,485,345
51,496
76,446
102,624
St.
Louis
Minneapolis
Kansas
City
525,708
362,235
875,195
47,846
24,453
38,000
Dallas
San
Fran
cisco
701,285 2,762,136
28,071
60,795
Total gold certificate reserves. . 22,146,757 759,860 6,712,080 1,219,678 1,500,044 1,008,866 932,536 4,587,969 573,554 386,688 913,195 729,356 2,822,931
12,387
Other cash
342,928
64,237
18,763
30,350
61,057
36,423
32,052
21,028
8,494
12,398
27,563
18,176
Discounts and
advances:
Secured by
U. S. Govt.
239,570
85,615
80,591
securities. . . 1,280,973
56,675
79,690
30,130 239,600
82,180
23,300 248,336
10,525 104,761
2,847
3,394
37,438
11,023
5,123
1,510
1,387
Other
2,263
3,558
1,862
1,620
1,902
949
3,868
4,659
615
Industrial loans..
81
95
U. S. Goyt.
23,145,612 1,638,409 5,385,815 1,451,386 2,305,147 1,560,750 1,336,548 3,307,080 1,237,434 735,045 1,010,880 ,058,450 2,118,668
securities
Total loans and
securities. . . 24,468,682 1,697,347 5,636,408 1,543,716 2,389,296 1,642,383 1,368,913 3,551,803 1,321,516 746,614 1,117,151 1,083,137 2,370,398
Due from foreign
1
2
1
1
3
1
1
banks
1
1
1
7
23
F. R. notes of
11,680
7,264
26,959
22,820
15,130
28,325
7,994
9,043
7,287
23,281
other Banks.
6,859
21,269
187,911
Uncollected cash
99,647 175,035 175,138 275,206
items
213,698
533,345 196,783 272,422 269,624 238,010 482,779 129,096
3,060,783
2,958
4,720
1,062
2,347
6,772
4,720
3,665
3,109
Bank premises...
6,619
632
980
7,716
45,300
15,042
7,602
10,791
24,525
12,645
22,051
16,456
14,505
Other assets
34,573
11,527
19,517
54,751
243,985
2,019,465 5,560,742
Total assets
50,496,369 2,730,314 13,029,813 3,008,622 4,228,623 2,991,403 2,608,013 8,739,933 2,066,091 1,273,389
Liabilities
25,119,018 1,530,058 5.537,722 1,763,528 2,278,203 1,770,744 1,373,111 4,781,602 1,149,197 630,537 999,754 737,937 2,566,625
F. R. notes
Deposits:
Member bk.—
reserve accts. 20,411,383 875,186 6,291,805 926,671 1,524,536 874,474 912,697 3,272,901 712,965 480,618 981,896 1,022,511 2,535,123
U. S. Treas.—
37,544
42,154
488,191
45,009
66,067
20,957
60,172
30,656
41,925
30,087
25,618
35,691
52,311
gen. acct
74,268
73,453
811,731
49,501 2 254,432 62,275
40,718
34,331 110,978
30,339
30,339
20,758
30,339
Foreign
34,634
1,287
3,452
3,279
184,453
15,293
50,778
2,304
35,519
344,718
7,593
4,850
1,276
Other
Total deposits... 22,056,023
Deferred avail.
cash i t e m s . . . . 2,313,971
Other liab. and
accrued div
15,461
948,923 6,790,862 1,027,777 1,646,450
961,141 1,039,731 3,452,250
187,654
413,284
140,698
209,518
205,359
149,170
366,006
98,994
73,045
134,096
122,360
213,787
895
4,077
913
1,839
771
713
2,395
487
839
655
597
1,280
776,515
541,917 1,065,822 1,118.456 2,686,179
Total liabilities.. 49,504,473 2,667,530 12,745,945 2,932,916 4,136,010 2,938,015 2,562,725 8,602,253 2,025,193 1,246,338 2,200,327 1,979,350 5,467.871
Capital Accts.
Capital paid in. .
Surplus (Sec. 7)..
Surplus (Sec. 13b)
Other cap. accts..
246,407
538,342
27,543
179,604
13,196
34,192
3,011
12,385
77,148
159,743
7,319
39,658
17,190
41,493
4,489
12,534
23,696
50,648
1,006
17,263
10,823
27,025
3,349
12,191
10,186
23,871
762
10,469
31,882
79,601
1,429
24,768
8,641
21,788
521
9,948
5,470
14,063
1,073
6,445
9,325
20,367
1,137
8,805
11,951
18,210
1,307
8,647
26,899
47.341
2,140
16.491
Total liabilities
and cap. accts. 50,496,369 2,730,314 13,029,813 3,008,622 4,228,623 2.991,403 2,608,013 8,739,933 2,066,091 1,273,389 2,239,961 2,019,465 5,560,742
Reserve ratio....
Cont. liab. on accept, purch.—
foreign corresp.
Industrial loan
commitments..
46.9%
30.7%
54.4%
9,130
564
32,777
6,154
43.7%
38.2%
36.9%
38.6%
710
837
464
391
1,969
700
61
55.7%
29.8%
33.0%
44.2%
39.3%
53.7%
1,265
346
237
346
346
847
794
2,242
388
Federal Reserve Notes—Federal Reserve Agents' Accounts
F. R. notes outstanding (issued
to Bank)
26,012,965 1,597,175 5,774,230 1,812,625 2,357,578 1,838,385 1,436,157 4,860,648 1,189,962
Collateral held:
Gold certificates 13,164,000 400,000 4,520,000 750,000 735,000 470,000 510,000 2,900,000 270,000
217,060
75,640
85,615
875,176
56,675
82,495
Eligible paper..
U. S. Govt. sec. 13,550,000 1,300,000 1,400,000 1,100,000 1,650,666 1,400,000 950,666 2,000,666 950,000
Total collateral.. 27,589,176 1,756,675 6,137,060 1,935,615 2,385,000 1,945,640 1,460,000 4,900,000 [,302,495
1
2
3
643,220 1,024,742
771,780 2,706,463
170,000
10,525
505,000
280,000
104,830
750,000
259,000 1,900,000
685,525 1,134,830
804,000 3,142,336
242,336
545,666 1,000,000
\fter deducting $16,000 participations of other Federal Reserve Banks.
After deducting $557,283,000 participations of other Federal Reserve Banks.
After deducting $6,353,000 participations of other Federal Reserve Banks.
1022
FEDERAL RESERVE BULLETIN
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
LOANS GUARANTEED THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V, PURSUANT TO
DEFENSE PRODUCTION ACT OF 1950 AND
EXECUTIVE ORDER NO. 10161
[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
com- standing2
outstanding
pleted » (amount)
(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)
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
3,727
3,731
3,732
3,734
3,736
3,736
678,477
691,536
695,178
700,040
706,215
710,931
6,730
12,197
4,394
2,943
3,073
3,513
5,801
5,750
5,062
4,447
4,505
4,687
3,767
6,050
6,478
7,151
6,361
6,036
31...
29...
31...
30...
31. ..
30. . .
31 . .
Number
2,705
1', 086
2 ,670
4*369
1,990
2,947
3,745
6,115
7,860
11,420
11,990
12,064
11,985
832
772
108
571
235
1,083
1,589
4,621
4,957
5,296
5,207
5,211
5,101
4,624
7,125
6,845
6,467
6,536
6,083
5,947
6,184
Total
amount
Portion
guaranteed
3
23
62
1,000
13,585
31,326
2,340
8,017
2,232
6,265
3,335
8,299
119
161
254
328
402
484
568
658
729
776
815
854
109,433
122,541
300,955
421,267
514,626
654,893
828,584
1 ,052,337
1 ,154,942
1 ,218,988
1 ,302,342
1 ,395,444
23,778
44,250
68,833
126,080
183,610
252,100
325,299
405,043
492,167
556,839
615,812
675,459
19,837
36,537
56,973
106,053
151,858
209,465
267,715
332,618
400,652
454,789
502,524
546,597
13,748
33,840
47,822
185,001
205,629
276,702
349,905
384,852
450,013
495,512
476,699
472,827
901
934
971
998
1 ,463,443
1 ,530,388
1 ,677,786
1 ,727,729
1 ,787,755
1 ,867,643
1 ,922,388
715,928
763,838
836,739
838,073
870,174
883,262
909,688
580,381
617,674
672,974
672,678
695,814
703,774
726,452
525,129
511,786
467,392
595,098
601,752
615,139
648,065
1951
Jan.
Feb.
Mar.
Apr.
May
716,210
721,144
725,787
730,482
734,049
738,721
743,629
Amount
1950
Oct. 3 1 . . .
Nov. 3 0 . . .
Dec. 3 1 . . .
June
3,738
3,741
3,741
3,743
3,743
3,745
3,746
outstanding
•pj
1952
Jan.
Feb.
Mar.
Apr.
May
June
July
loa ns
LJ a t e
1951
July 3 1 . . .
Aug. 3 1 . . .
Sept. 30. . .
Oct. 3 1 . . .
Nov. 30. . .
Dec. 3 1 . . .
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Guaranteed
July
Aug.
Sept.
Oct.
Nov.
Dec.
12,018
10,307
10,474
10,339
10,262
10,105
9,814
31...
28...
31...
30...
31...
30...
31...
31...
30...
31...
30...
31...
1952
Jan. 3 1 . . .
Feb. 2 9 . . .
Mar. 3 1 . . .
1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks.
3
Not covered by Federal Reserve Bank commitment to purchase or
discount.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or
expired.
Apr. 3 0 . . .
May 3 1 . . . 1,023
June 3 0 . . . 1,050
July 3 1 . . . 1,066
NOTE.—The difference between guaranteed loans authorized and
sum of loans outstanding and additional amounts available to bor
rowers under guarantee agreements outstanding represents amounts
repaid, guarantees authorized but not completed, and authorization?
expired or withdrawn.
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1
All
member
banks
Central reserve
city banks
New
York
Chicago
In millions of dollars]
Reserve
city
banks
Country
banks
Second half of July 1952
First half of July 1952
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 2
Time deposits *
Demand balances due from domestic banks...
Reserves with Federal Reserve Banks:
Total
Required
Excess
Borrowings at Federal Reserve Banks
107,590
12,205
95,385
93,858
32,192
24,833
4,010
20,823
22,634
2,108
5,953
1,197
4,756
5,349
1,158
40,966
5,911
35,054
35,320
12,841
6,213
46
125
1,924
20,624
19,989
635
5,528
5,559
-31
1,369
1,353
15
7,914
7,834
80
968
35,837 106,114
1,087 11,779
34,751 94,335
30,555 93,372
16,086 32,263
23,980
3,836
20,144
22,070
2,089
5,980
1,181
4,799
5,386
1,150
40,548
5,713
34,835
35,230
12,882
35,606
1,049
34,557
30,686
16,142
4,119
5,933
37
120
1,874
3,902
5,814
5,243
571
20,452
19,867
585
5,424
5,422
1
1 ,361
1,362
7,908
7,819
89
5,760
5,264
495
114
1,179
221
117
685
156
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.
SEPTEMBER
1952
1023
POSTAL SAVINGS SYSTEM
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
All
member
banks i
Alonth, or
week ending Wednesday
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
[In millions of dollars]
Total reserves held :
1951—July
1952—June
July
19,229
20,140
20,536
5,028
5,324
5,474
294
317
365
439
785
911
469
714
786
July
July
July
Aug.
Aug.
Aug.
16
23
30
6
13
20
20,649
20,519
20,408
20,368
20,338
20,336
5,514
5,415
5,431
5,330
5,194
5,241
1,358
1,350
1,369
1,365
1,358
1,357
7,978
7,926
7,899
7,908
7,949
7,931
5,799
828
710
5,765
5,838
5,806
Kxcess reserves:
1951—July
1952—June
July
756
709
609
9
38
-14
162
135
84
586
544
532
690
628
577
633
651
13
-15
23
15
-36
44
4
-9
10
-5
5
-1
122
98
92
123
124
105
551
554
452
500
558
P531
194
579
1,077
71
169
225
7
23
82
77
278
634
39
109
136
1,100
1,138
1,227
1,258
917
797
283
193
216
404
230
181
55
106
145
36
44
624
693
693
649
469
456
138
146
173
169
174
144
July
July
July
Aug.
Aug.
Aug.
16
23
30
6
13
20
Borrowings a t Federal
Reserve B a n k s :
1951—July
1952—June
July
July
Tuly
July
Aug.
Aug.
Aug.
16
23
30
6
13
20
16
Assets
Country
banks l
91 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.
End of month
Depositors'
balances 1
1943—December
1,788
1944—December
2,342
1945—December
2.933
1946—December
3,284
1947—December
3.417
1948—December
3,330
1949—December
3.188
1950—December. . .. 2.024
2,901
1951—January
2,877
February
2,852
March
2,831
April
2,808
May
2,788
June
2,772
July
2,754
August
2,738
September
2,724
October
2,714
November....
2.705
December....
1952—January
2,695
February
2,681
March
P2 670
April
P2.656
May
P2.637
June
P2.619
vl,603
July
Total
Cash
in
depository
banks
U. S.
Government
securities
Cash
reserve
funds,
etc8
10
8
6
6
6
7
7
11
11
11
11
17
21
23
22
23
23
25
25
28
30
31
1,716
2,252
2,837
3,182
3,308
3,244
3,118
2,868
2,858
2,835
2,793
2,765
2,748
2.722
2,704
2,680
2,680
2,670
2,649
2,644
2,638
2,609
118
152
179
200
212
198
187
166
153
152
169
172
164
165
166
173
158
156
168
162
158
173
1,843
2,411
3,022
3,387
3,525
3,449
3,312
3.045
3,022
2,998
2,974
2,954
2,933
2,909
2,893
2,877
2,861
2,851
2,842
2,835
2,825
2,813
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.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
1
2
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars!
Debits to total deposit accounts, except
interbank accounts
Year or month
Annual rate of
turnover of total
deposits, except
interbank
Debits to demand
deposit accounts,
except interbank
and Government
Annual rate of
turnover of demand
deposits, except interbank and Government
Total, all
reporting
centers
New
York
City »
140
other
centers a
Other
reporting
centers
New
York
City
Other
reporting
centers
New
York
City'
Other
leading
cities 2
New
York
City*
Other
leading3
cities
1,050,021
1,125,074
1,249,630
1,231,053
1.40 V 752
1,577,857
417,475
405,929
449,002
452,897
513.970
551,889
527,336
599,639
667.934
648,976
742,458
854.050
105,210
119,506
132,695
129.179
147 324
171 ,917
18.9
21.0
23.6
24.1
26.6
26.9
10.0
11.9
12.9
12.4
13.4
14.5
407,946
400,468
445,221
447,150
508,166
540,990
522,944
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
1951—-July
August
September
October
November
December
124,425
125,291
121,205
139,308
132,158
144,800
43,224
41,363
41,145
47,971
44,802
53,500
67.532
69,827
66.359
75,799
72.428
76,049
13.669
14.101
13.700
15,539
14,928
15.251
26.0
23.8
26.0
26.4
27.8
30.7
14.1
13.5
14.4
14.4
15 4
15.1
41 673
?9,007
41,688
45,334
42,503
55,184
64.826
67,441
66,941
72,515
69,685
76,007
31.1
27.0
31.7
30.4
31.4
37.9
20.9
20,0
21.8
20.9
22.0
22.6
1952—January
February
March
April
May
June
July
138,520
128,022
139,977
139,141
135,965
144,769
146,984
48,106
45,375
50,180
52,057
49,535
54.922
57,052
74,953
68,738
75,089
72,607
71,898
74,948
74,908
15,462
13,908
14,708
14,476
14,532
14,899
15,024
26.4
27.8
27.9
28.8
27.4
30.9
30.3
14.4
14.5
14.6
14.1
13.9
14.8
14.2
45,425
44,419
50,213
49,745
49,830
55,385
50,472
71,986
67,466
74,545
70,189
71,485
73,019
69,980
30.1
32.5
34.0
34.4
34.3
38.6
35.1
20.6
21.4
22.0
21.1
21.3
22.2
20.7
1946 3
1947
1948
1949
1950
1951
1
1
3
National series for which bank debit figures are available beginning with 1919.
Weekly reporting member bank series.
Deposits and debits for first six months of 1946 are estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947,
333 centers from December 1947 through December 1950, and for 342 centers beginning January 1951; the deposits from which rates of turnover
have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except
interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in
leading cities since 1935.
1024
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circulation i
Total
Coin
1933
1934
1935
1936
1937
1938 . .
1939
1940
1941 . . .
1942
1943
1944
1945
1946
1947
1948
1949
1950
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224
27.600
27,741
4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576
14,871
17,580
20,683
20,437
20,020
19,529
19,025
19,305
442
452
402
423
33
32
478
460
517
537
550
590
648
751
880
1,019
1,156
1,274
1,361
1,404
1,464
1,484
1,554
33
987
1,039
1,029
1,048
1,049
1,066
1,113
1951—June.
July
August..
September...
October
November...
December. . .
27,809
27,851
28,155
28,288
28,417
28,809
29,206
19,521
19,560
19,813
19,896
19,955
20,283
20,530
1952—January
February....
March
April
28,386
28.465
28,473
28,464
28,767
29,026
28,978
19,807
19,904
19,937
19,936
20,231
20,449
20,398
1,631
1,630
1,637
1,651
1,665
1,678
1,686
End of year or
month
May
June
July
Coin and small denomination currency
i
Large denomination currency*
$20
Total
$50
$100
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
5,580
7,730
7,834
8,518
8,850
8,698
8,578
8,438
364
337
62
64
719 1,229 1,342
771 1,288 1,326
1,373 1,359
906 1,563 1,501
905 1,560 1,475
946 1,611 1,481
1,019 1,772 1,576
1,129 2,021 1,800
1,355 2,731 2,545
1,693 4,051 4,096
1,973 5,194 5,705
2,150 5,983 7,224
2,313 6,782 9,201
2,173 6,497 9,310
2,110 6,275 9,119
2,047 6,060 8,846
2,004 5.897 8.512
2,049 5.998 8.529
399
387
409
460
538
724
1,019
1,481
1,996
2,327
2,492
2,548
2,494
2,435
2,422
618
577
627
707
710
770
919
1,112
1,433
1,910
2,912
4,153
4,220
4,771
5,070
5,074
5,056
5,043
382
368
707
689
588
1,578 1,092
1,590 1,092
1,602 1,103
1,616 1,124
1,631 1,132
1,642 1,144
1,654 1,182
64
64
64
64
65
65
67
2,011
2,008
2,031
2,038
2,041
2,075
2,120
6,113
6,088
6,176
6,181
6,160
6,291
6,329
8,663
8,718
8,837
8,874
8,927
9,067
9,177
8,289
8,292
8,344
8,393
8,463
8,528
8,678
2,405
2,409
2,428
2,437
2,452
2,482
2,544
4,947
4,952
4,989
5,034
5,092
5,133
5,207
356
354
353
353
353
352
355
570
565
562
557
554
549
556
1,115
1,110
1,113
1,114
1,132
1,140
1,129
65
66
65
66
67
68
2,009
2,013
2,016
2,004
2,040
2,054
2,034
6,088
6,152
6,165
6,141
6,261
6,323
6,291
8,898
8,934
8,940
8,960
9,066
9,187
9,190
8,582
8,563
8,537
8,529
8,537
8,578
8,582
2,508
2,503
2,496
2,498
2,508
2,531
2,531
5,161
5,152
5,140
5,137
5,142
5,166
5,172
352
351
349
347
346
344
550
545
540
535
530
525
»$1
499
505
524
559
610
695
801
909
$2
35
33
34
36
39
44
55
70
81
73
67
65
64
67
$5
$10
815
358
$500 $1,000 $5,000 $10,000
125
112
237
216
122
239
135
139
160
191
227
261
287
265
288
327
425
523
556
586
407
555
454
438
428
400
344
8
5
7
7
6
17
20
30
24
9
Unassorted
10
7
16
18
12
32
32
60
46
25
8
10
5
8
7
5
2
4
4
3
2
749
9
990
801
10
7
24
24
3
2
783
782
8
5
5
26
17
17
3
3
3
522
22
11
12
3
2
4
4
4
4
4
4
4
8
g
8
8
8
8
12
2
2
2
2
2
2
2
4
4
4
4
4
4
4
8
8
8
9
8
8
2
2
1
1
1
1
8
2
4
4
1
2
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted
currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
3
as destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures—See Banking ana Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money.
In millions of dollars]
Money held in the Treasury
Total outstanding, As security
July 31,
against
1952
gold and Treasury
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total....
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890..
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—July 31, 1952
June 30, 1952
July 31, 1951
23,350
22,184
25,787
4,762
22,184
^ 2,352
492
2,095
* 2,352
1,126
403
347
221
78
257
2,095
i
24,536
24,528
22,880
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents
21,166
64"
50
2,816
1,144
351
39
2
2
1,281
1,283
1,302
19,331
19,328
17,688
Money in circulation x
July 31,
1952
June 30,
1952
July 31,
1951
38
24,580
4,361
38
24,605
4,383
39
23,526
4,286
3
193
191
182
288
22
5
30
3
2,064
1,097
396
315
218
77
2,089
1,093
393
318
221
77
2,060
1,027
382
314
241
81
4.310
4,218
4,291
28,978
29^026
27,851
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. 1017.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
8
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
• Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
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
SEPTEMBER
1952
1025
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS 1
[Figures partly estimated except on call dates. In millions of dollars
Assets
Liabilities
and Capital
Other
Other
securities
Total
assets,
Total
liabilities
and
capital,
net
Bank credit
Date
Gold
1929—June
I933_june
1939—Dec.
1941—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949 Dec.
loco Tune
Dec.
29
30
30 . . . .
31
31
31 . .
31
31
31 .
3 0 , , . , t x.. x
30
Treasury
currency
U. S. Government obligations
Total
Loans,
net
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Capital
and
Total
deposits misc.
acand
currency counts,
net
4,037
4,031
17,644
22,737
20,065
20,529
22,754
24,244
24,427
24,231
22,706
2,019
2,286
2,963
3,247
4,339
4,562
4,562
4,589
4,598
4,607
4,636
,642
,148
,564
,653
,381
,366
,832
16(1 ,457
162 ,681
164 .348
171 ,667
41,082
21,957
22,157
26,605
30,387
35,765
43,023
48,341
49,604
51,999
60,366
5,741
10,328
23,105
29,049
128,417
113,110
107,086
100,694
100,456
98,709
96,560
5,499
8,199
19,417
25,511
101,288
86,558
81,199
74,097
78,433
77.320
72,894
216
1,998
2,484
2,254
24,262
23,350
22,559
23,333
18,885
18,331
20,778
26
131
1,204
1,284
2,867
3,202
3,328
3,264
3,138
3.058
2,888
11,819
9,863
9,302
8,999
8,577
9,491
10,723
11,422
12,621
13,640
14,741
64,698
48,465
75,171
90,637
191.785
183,457
188,148
189,290
191,706
193,186
199,009
55,776
42,029
68,359
82,811
180.806
171,657
175,348
176,121
177,313
178,568
184,385
8,922
6,436
6,812
7,826
10,979
11,800
12,800
13,168
14,392
14,618
14,624
1951 -June 30
July 25
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 31
21,756
21,800
21,800
22,000
22,200
22,300
22,695
4,655
4,700
4,700
4,700
4,700
4,700
4,706
173
171
174
\76
178
179
181
,447
,300
,300
,400
,300
,400
,323
63,821
63,400
64,000
65,000
65,800
66,500
67,597
94,450
94,600
95,000
95,900
97,000
97,400
97,808
68,726
68,900
69,200
69,700
70,800
71,500
71,343
22,982
23,100
23,100
23,500
23,600
23,200
23,801
2,742
2,700
2,700
2,700
2,700
2,700
2,664
15,176
15,300
15,300
15,400
15,500
15,500
15,918
199,858
199,700
200,700
203,000
205,200
206,400
208,724
185,038
184,500
185,200
187,300
189,200
190,500
193,404
14,820
15,200
15,500
15,700
16,000
15,900
15,320
1952—Jan. 3 0 P
Feb. 2 7 P
Mar. 26P
Apr. 3 0 P
May 2 8 P
June 25P
July 3 0 P
22,900
23,100
23,300
23,300
23,300
23,300
23,400
4,700
4,700
4,700
4,700
4,700
4,800
4,800
179 ,900
179 ,300
18(1 ,100
179 ,900
180 ,600
182 ,500
185 ,200
66,700
67,000
67,700
68,100
68,500
69,600
70,000
97,300
96,200
96,100
95,200
95.300
96,000
98,000
71,800
71,100
70,900
70,200
70,500
70,800
72,600
22,800
22,600
22,500
22,400
22.300
22,600
22,800
2,700
2,600
2,600
2,600
2,600
2,600
2,600
15,900
16,100
16,400
16,600
16,800
17,000
17,200
207,600
207,200
208,200
207,900
208,700
210,600
213,300
191,600
191,500
192,300
192,200
192,900
195,000
197,300
15,900
15,700
15,900
15,700
15,800
15,600
16,000
58
42
54
64
167
158
160
Deposits and Currency
U. S. Government balances
Date
Total
1929—June
1933_june
1939—Dec.
1941—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949 Dec.
29
30
30
31
31
31
31
31
31
Foreign
bank
deposits, Treasury
net
cash
At comAt
mercial Federal
and
Reserve
savings Banks
banks
55,776
42,029
68,359
82,811
180,806
171,657
175,348
176,121
177,313
178,568
184,385
365
50
1,217
1,498
2,141
1,885
1,682
2,103
2,150
2,555
2,518
204
264
2,409
2,215
2,287
2,272
1,336
1,325
1,312
1,298
1,293
381
852
846
1,895
24,608
3,103
1,452
2,451
3,249
3,801
2,989
1951—June 30
July 2 5 . . .
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 31
185,038
184,500
185,200
187,300
189,200
190,500
193,404
2,424
2,400
2,300
2,200
2,100
2,100
2,279
1,281
1,300
1,300
1,300
1,300
1,300
1,279
6,332
4,600
4,100
5,100
3,700
3,800
3,615
1952—Jan. 3 0 P
Feb. 2 7 P
Mar. 2 6 P
Apr. 3 0 P
May 2 8 P
June 25P
July 3 0 P
191,600
191,500
192,300
192,200
192,900
195,000
197,300
2,100
2,200
2,200
2,200
2,300
2,300
2,500
1,300
1,300
1,300
1,300
1,300
1,300
1,300
2,800
3,900
5,800
4,500
4,400
5,900
6,800
Dec
30
Deposits adjusted and currency
Time deposits 3
Total
Commercial
banks
Mutual
savings
banks 4
Postal
Savings
System
Currency
outside
banks
22,540
14,411
29,793
38,992
75,851
83,314
87,121
85,520
85,750
85,040
92,272
28,611
21,656
27,059
27,729
48.452
53,960
56,411
57,520
58,616
59,739
59,247
19,557
10,849
15,258
15,884
30,135
33,808
35,249
35,804
36,146
36,719
36,314
8,905
9,621
10,523
10,532
15,385
16,869
17,746
18,387
19,273
19,923
20,009
149
1,186
1,278
1,313
2,932
3,283
3,416
3,329
3,197
3,097
2,923
3,639
4,761
6,401
9,615
26,490
26,730
26,476
26,079
25,415
25,185
25,398
317 174.684
175,800
177,000
177,900
181,600
182,700
185,984
88,960
90,700
91,400
92,000
95,000
96,300
98,234
59,948
60,000
60,300
60,500
60,900
60,600
61,447
36,781
36,800
37,100
37,200
37,500
37,300
37,859
20,382
20,400
20,500
20,600
20,700
20,600
20,887
2,785
2,800
2,800
2,700
2,700
2,700
2,701
25,776
25,100
25,300
25,400
25,700
25,800
26,303
185,200
183,400
182,900
183,800
184,400
185,300
186,100
97,900
95,700
94,800
95,100
95,300
95,800
96,100
61,700
62,000
62,400
62,700
63,000
63,500
63,800
38,000
38,200
38,500
38,600
38,900
39,100
39,400
21,000
21,100
21,300
21,400
21,600
21,800
21,900
2,700
2,700
2,700
2,700
2,600
2,600
2,600
25,600
25,600
25,700
25,900
26,000
26,000
26,200
Demand
deposits2
36 54,790
35 40,828
634 63,253
867 76,336
977 150,793
393 164,004
870 170,008
1,123 169,119
821 169,781
950 169.964
668 176,917
Total
400
600
800
500
500
247
200
700
500
600
100
600
P Preliminary.
1
Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
*8 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.
4
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.
1026
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and date
Total
Loans
Total
U.S.
Government
obligations
Other
Cash
assets x
Other
securities
Total i
Interbank 1
De-
mand
Total Number
capital
of
accounts banks
Time
All b a n k s :
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31 2
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—June 30
July 25
Dec. 31
1952—Apr. 3 0 P
May 2 8 P
Tune 2 5 P
July 3 0 P
50,884
61 ,126
140,227
131,698
134,924
133,693
140,598
148,021
147,742
147,870
154,869
155,250
156,150
157,890
160,080
22,165 28,719 19,417
26,615 34,511 25,511
30,362 109,865 101,288
35,648 96,050 86,558
43,002 91,923 81,199
48.174 85,519 74.097
49,544 91,054 78,433
60,386 87,635 72.894
63,840 83,901 68.726
63,750 84,120 68,850
67.608 87,261
71.343
68,490 86,760 70,210
68,920 87.230 70,450
70,100 87,790 70,840
70,280 89,800 72,570
9,302
8,999
8,577
9,491
10,723
11,422
12,621
14,741
15,176
15,270
15,918
16,550
16,780
16,950
17,230
23,292
27,344
35,415
35,041
38,388
39,474
36,522
41,086
38,235
37,740
45,531
40,050
39,350
40,460
40,120
68,242
81,816
165,612
155,902
161,865
161,248
164,467
175,296
171,860
171,020
185,756
179,360
179 310
182.540
183,460
9,874
10,982
14,065
12,656
13,033
12,269
12,710
14,039
11,947
12,390
15,087
12,340
12,200
12,690
12,600
32,516
44,355
105,935
92,462
95,727
94,671
96,156
104,744
102,527
101,150
111,644
106,670
106,400
108,650
109,340
25,852
26,479
45,613
50,784
53,105
54,308
55,601
56,513
57,386
57,480
59,025
60,350
60.710
61,200
61,520
8,194
8,414
10,542
11,360
11,948
12,479
13,088
13,837
14,236
14,270
14,623
14,890
14,940
14,990
15,030
15,035
14,826
14,553
14,585
14,714
14,703
14,687
14,650
14,636
14,637
14,618
14,602
14,608
14,604
14,605
All commercial b a n k s :
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31 *
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Tune 30
July 25
Dec. 31
1952—Apr. 3 0 P
May 2 8 P
Tune 25P
July 30P . .
40,668
50,746
124,019
113,993
116,284
114,298
120,197
126,675
126.045
126,070
132,610
132,340
133.060
134.770
136,610
17,238
21.714
26,083
31,122
38,057
42.488
42,965
52,249
54,821
54,590
57,746
58,220
58.520
59,570
59,620
23,430
29,032
97,936
82,871
78,226
71,811
77,232
74,426
71,224
71,480
74,863
74,120
74,540
75.200
76,990
16,316
21,808
90,606
74,780
69,221
62,622
67,005
62,027
58.521
58,720
61,524
60,450
60,700
61.230
62,810
7,114
7,225
7,331
8,091
9.006
9,189
10,227
12,399
12,703
12,760
13,339
13,670
13.840
13,970
14,180
22,474
26,551
34,806
34,223
37,502
38,596
35,650
40,289
37,384
36,920
44.645
39,220
38.530
39.490
39,360
57,718
71,283
150,227
139,033
144,103
142,843
145.174
155,265
151.457
150,560
164,840
157,910
157 720
160.740
161,560
9,874
10,982
14,065
12,656
13,032
12,269
12,709
14,039
11,946
12,390
15,086
12,340
12,200
12.690
12,600
32,513
44,349
105,921
92,446
95,711
94,654
96.136
104,723
102,507
101,130
111,618
106,640
106.370
108.620
109,310
15,331
15,952
30,241
33,930
35,360
35,921
36,328
36,503
37,004
37,040
38,137
38,930
39.150
39,430
39,650
6,885
7,173
8,950
9,577
10,059
10,480
10,967
11,590
11,951
11,980
12,216
12,460
12,500
12,530
12,570
14,484
14,278
14,011
14,044
14,181
14,171
14,156
14,121
14.107
14,108
14,089
14,073
14,079
14,075
14,076
All m e m b e r b a n k s :
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
l949_Dec. 31
1950—Dec. 30
1951—j u n e 30
July 25
Dec. 31
1952—Apr. 3 0 P
May 2 8 P
Tune 25P
July 3 0 P
33.941
43,521
107.183
96,362
97,846
95,616
101,528
107,424
106,563
106,502
112,247
111, 753
112,379
114.026
115,533
13,962
18,021
22.775
26,696
32,628
36,060
36,230
44,705
46,866
46,658
49,561
49,806
50,026
50,955
50,907
19,979
25,500
84,408
69,666
65.218
59,556
65.297
62.719
59.698
59.844
62,687
61,947
62,353
63,071
64,626
14,328
19,539
78,338
63,042
57,914
52.154
56,883
52,365
49,108
49,209
51,621
50,590
50.826
51.430
52,786
5,651
5,961
6,070
6,625
7,304
7,402
8,414
10,355
10,590
10,635
11,065
11,357
11,527
11.641
11,840
19,782
23,123
29,845
29,587
32,845
34,203
31 ,317
35,524
33,244
32,607
39,252
34,528
33,982
34,770
34,641
49,340
61,717
129,670
118,170
122.528
121,362
123,885
133.089
129,737
128,605
141,015
134,650
134,519
137.267
137,807
9,410
10,525
13,640
12,060
12,403
11,641
12,097
13,447
11,347
11,781
14,425
11,796
11,665
12,151
12,063
28,231
38,846
91,820
78,920
81,785
80,881
82,628
90,306
88 678
87]105
95,968
91,607
91,418
93,447
93,921
11,699
12,347
24,210
27,190
28,340
28,840
29.160
29,336
29,712
29,719
30,623
31,247
31,436
31.669
31,823
5,522
5,886
7,589
8 095
8,464
8,801
9,174
9,695
9 987
10,003
10,218
10,419
10,453
10,479
10,506
6,362
6,619
6,884
6,900
6,923
6,918
6,892
6,873
6,859
6,856
6,840
6,824
6,821
6,820
6,812
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
21,800 9,160
22,259 9,862
22,910 10,270
23.090 10,400
23,120 10,530
23,470 10,660
5,289
5,478
11,928
13,179
13,696
13,709
13,822
13,209
12.677
12,640
12,398
12,640
12,690
12.590
12,810
3,101
3,704
10.682
11,778
11,978
11,476
11,428
10,868
10,205
10,130
9,819
9,760
9,750
9.610
9,760
2,188
1,774
1,246
1,400
1,718
2,233
2,394
2,342
2,472
2,510
2,579
2,880
2,940
2,980
3,050
3
6
14
16
17
17
20
22
20
20
26
30
30
30
30
10,521
10,527
15,371
16,853
17,745
18,387
19,273
20,009
20,382
20,440
20,888
21,420
21,560
21,770
21,870
1,309
1,241
1,592
1,784
1,889
1,999
2,122
2,247
2,285
2,290
2,407
2,430
2,440
2,460
2,460
551
548
542
541
533
532
531
529
529
529
529
529
529
529
529
All mutual savings
1939—Dec.
1941—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—June
July
Dec.
1952—Apr.
May
June
July
30.
31
31
31
312
31
31
30
30
25
31
30P
28P
25P
30P
818
793
609
818
886
878
873
797
851
820
886
830
820
970
760
10,524
10,533
15,385
16,869
17,763
18,405
19,293
20,031
20.404
20,460
20,915
21,450
21,590
21,800
21,900
1
1
1
1
1
2
2
2
2
2
P Preliminary.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and
nondep«sit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership,
insurance
status, and the reserve classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million at all insured commercial banks.
For other footnotes see following two pages.
SEPTEMBER
1952
1027
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]
Deposits
Loans and investments
Other
Investments
Class of bank
and date
Total
Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—June 30
July 25
Dec. 31
1952—Apr. 30*
May 28*
June 25*
July 30*
Chicago:
1939—Dec.
1941—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—June
July
Dec.
1952—Apr.
May
June
July
30
31
31
31
31
31
31
30
30
25
31
SOP
28*
25*
30*
Reserve city member
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—June 30
July 25
Dec. 31
1952—Apr. 30*
May 28*
June 25*
July 30P
Country member
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—June 30
July 25
Dec. 31
1952—Apr. 30*
May 28*
June 25*
July 3 0 * . . . . .
U.S.
Loans
Cash
assets x
Total
Government
obligations
Other
securities
Total i
9,339
12,896
26,143
20,834
20,393
18,759
19,583
20,612
20,604
20,001
21,379
20,990
21,346
21,833
21,804
3,296
4,072
7,334
6,368
7,179
8,048
7,550
9,729
10,234
10,089
11,146
11,113
11,168
11,449
11,080
6,043
8,823
18,809
14,465
13,214
10,712
12,033
10,883
10,370
9,912
10,233
9,877
10,178
10,384
10,724
4,772
7,265
17,574
13,308
11,972
9,649
10,746
8,993
8,460
7,918
8,129
7,775
8,008
8,193
8,407
1,272
1,559
1,235
1,158
1,242
1,063
1,287
1,890
1,910
1,994
,104
,102
,170
,191
2,317
6,703
6,637
6,439
6,238
7,261
7,758
6,985
7,922
7,393
6,816
8,564
7,682
7,684
7,732
7,840
14,509
17,932
30,121
24,723
25,216
24,024
23,983
25,646
25,064
23,695
26,859
25,266
25,548
26,191
26,107
2,105
2,760
5,931
4,765
5,088
4,799
5,424
5,569
5,520
5,422
5,731
5,456
5,458
5,688
5,805
569
954
1,333
1,499
1,801
1,783
1,618
2,083
2,215
2,235
2,468
2,370
2,402
2,468
2,432
1,536
1,806
4,598
3,266
3,287
3,016
3,806
3,487
,305
3,187
3,264
3,086
3,056
3,220
3,373
1,203
1,430
4,213
2,912
2,890
2,633
3,324
2,911
2,742
2,648
2,711
2,545
2,511
2,664
2,802
333
376
385
355
397
383
482
576
564
539
552
541
545
556
571
1,446
1,566
1,489
1,545
1,739
1,932
1,850
2,034
1,898
1,906
2,196
1,994
1,992
2,015
2,077
3,330
4,057
7,046
5,905
6,402
6,293
6,810
109
6,921
12,272
15,347
40,108
35,351
36,040
35,332
38,301
40,685
39,991
40,434
42,694
42,463
42,559
43,373
44,088
5,329
7,105
8,514
10,825
13,449
14,285
14,370
17,906
18,558
18,517
19,651
19,577
19,563
19,900
20,070
6,944
8,243
31,594
24,527
22,591
21,047
23,931
22,779
21,432
21,917
23,043
22,886
22,996
23,473
24,018
5,194
6,467
29,552
22,250
20,196
18,594
20,951
19,084
17,659
18,174
19,194
18,807
18,829
19,240
19,750
1,749
1,776
2,042
2,276
2,396
2,453
2,980
3,695
3,774
3,743
3,849
4,079
4,167
4,233
4,268
,224
,518
,002
,412
,324
,726
,219
,558
,448
,645
,444
,844
,016
,132
,836
4,768
5,890
5,596
8,004
10,199
11,945
12,692
14,988
15,858
15,817
16,296
16,746
16,893
17,138
17,325
5,456
6,628
29,407
27,408
26,125
24,782
25,527
25,570
24,590
24,828
26,148
26,098
26,123
25,994
26,511
3,159
4,377
26,999
24,572
22,857
21,278
21,862
21,377
20,247
20,469
21,587
21,463
21,478
21,333
21,827
2,297
2,250
2,408
2,836
3,268
3,504
3,665
4,193
4,343
4,359
4,561
4,635
4,645
4,661
4,684
Interbank^
4,238
4,207
4,657
4,246
4,464
4,213
Demand
Total Number
capital
of
accounts banks
Time
192
4,638
4,107
4,157
4,832
4,175
4,171
4,282
4,203
9,533
12,917
24,227
19,028
19,307
18,131
18,139
19,287
19,291
17,940
20,348
19,374
19,605
20,117
20,172
736
807
1,236
1,449
1,445
1,680
1,651
1,722
1,666
1,598
1,679
1,717
1,772
1,792
1,732
1,592
1,648
2,120
2,205
2,259
2,306
2,312
2,351
2,398
2,396
2,425
2,458
2,454
2,451
2,464
36
36
37
37
37
35
25
23
22
22
22
22
22
22
22
,788
7,402
6,877
6,913
7,070
7,198
1,035
1,312
1,153
1,217
1,064
1,191
1,228
1,040
1,151
1,307
1,091
1,085
1,184
1,181
1,947
2,546
5,015
3,922
4,273
4,227
4,535
4,778
4,756
4,527
4,952
4,645
4,689
4,738
4,877
495
476
719
829
913
1,001
1,083
1,103
1,126
1,110
1,143
1,141
1,139
1,148
1,140
250
288
377
404
426
444
470
490
501
497
513
520
524
526
527
14
13
12
14
14
13
13
13
13
13
13
13
13
13
13
6,785
8,518
11,286
11,654
13,066
13,317
12,168
13,998
13,175
12,810
15,199
13,454
13,147
13,478
13,201
17,741
22,313
49,085
44,477
46,467
45,943
47,559
51,437
49,874
49,807
54,466
51,900
51,593
52,941
52,902
686
460
6,448
,570
5,649
5,400
5,713
6,448
5,264
5,499
6,976
5,502
5,421
5,671
5,665
9,439
13,047
32,877
28,049
29,395
29,153
30,182
33,342
32,791
32,467
35,218
33,879
33,586
34,577
34,444
4,616
4,806
9,760
10,858
11,423
11,391
11,664
11,647
11,819
11,841
12,272
12,519
12,586
12,693
12,793
1,828
1,967
2,566
2,728
2,844
2,928
3,087
3,322
3,431
3,429
3,521
3,606
3,625
3,642
3,641
346
351
359
355
353
335
341
336
324
323
321
320
320
320
319
4,848
6,402
10,632
10,151
10,778
11,196
10,314
11,571
10,779
11,075
13,292
11,398
11,159
11,545
11,523
13,762
17,415
43,418
43,066
44,443
45,102
45,534
48,897
47,877
48,315
52,288
50,607
50,465
51,065
51,600
598
822
1,223
1,091
1,073
964
1,001
1,133
936
974
1,309
1,028
988
1,014
1,014
7,312
10,335
29,700
27,921
28,810
29,370
29,771
32,899
31,840
32,171
35,449
33,709
33,538
34,015
34,428
5,852
6,258
12,494
14,053
14,560
14,768
14,762
14,865
15,101
15,170
15,530
15,870
15,939
16,036
16,158
1,851
1,982
2,525
2,757
2,934
3,123
3,305
3,532
3,658
3,681
3,760
3,835
3,850
,860
3,874
5,966
6,219
6,476
6,494
6,519
6,535
6,513
6,501
6,500
6,498
6,484
6,469
6,466
6,465
6,458
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.
1028
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Amounts in millions of dollars]
Deposits
Loans and investments
Investments
Class of bank
and date
Total
All insured commercial
banks:
1941—Dec. 31. . . . .
1945—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—June 30
Dec. 31
Other
Cash
assets 1
Total
U. S.
Government
obligations
Other
securities
Loans
Total i
Interbank i
Total Number
of
capital
accounts banks
Demand
Time
49,290
121,809
112,286
118,278
124,822
124,132
130,820
21,259
25,765
41,968
42,485
51,723
54,306
57,256
28,031
96,043
70,318
75,793
73,099
69,825
73,564
21,046
88,912
61,388
65,820
60,986
57,427
60,533
6,984
7,131
8,929
9,974
12,113
12,398
13,031
25,788
34,292
38,087
35,207
39,821
36,960
44,176
69,411
147,775
140,642
143,138
153,288
149,461
162,908
10,654
13,883
11,900
12,368
13,744
11,582
14,777
43,059
04,015
93,300
94,914
03,499
01,328
10,382
15,699
29,876
35,441
35,856
36,045
36,551
37,749
f ,844
8 ,671
10 ,158
1(1 ,645
11 ,263
11 ,622
11 ,902
13,426
13,297
13,413
13,429
13,432
13,437
13,439
National member
banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—June 30
Dec. 31
27,571
69,312
63,845
67,943
72,090
71,014
75,255
11,725
13,925
23,752
23,853
29,184
30,479
32,317
15,845
55,387
40,093
44,090
42,906
40,534
42,938
12,039
51,250
34,852
38,161
35,587
32,965
35,063
3,806
4,137
5,241
5,930
7,320
7,569
7,875
14,977
20,114
22,974
20,995
23,763
22,198
25,951
39,458
84,939
81,407
83,113
89,281
86,589
94,173
6,786
9,229
7,842
8,278
9,133
7,625
9,788
24,350
59,486
54,020
55,034
60,251
58,715
63,477
8,322
16,224
19,545
19,801
19,897
20,248
20,908
? ,640
4 ,644
5,117
5,017
4,991
4,975
4,958
4,946
4,939
State member
1941—Dec.
1945—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—June
Dec.
banks:
31
31
31
31
30
30. . . . .
31
15,950
37,871
31,771
33,585
35,334
35,550
36,992
6,295
8,850
12,308
12,378
15,521
16,386
17,243
9,654
29,021
19,463
21,207
19,813
19,163
19,748
7,500
27,089
17,301
18,722
16,778
16,143
16,558
2,155
1,933
2,161
2,484
3,035
3,020
3,191
8,145
9,731
11,228
10,322
11,762
11,046
13,301
22,259
44,730
39,955
40,772
43,808
43,149
46,843
3,739
4,411
3,799
3,819
4,315
3,722
4,637
14,495
32,334
26,862
27,594
30,055
29,963
32,491
4,025
7,986
9,295
2 ,246
7 ,945
.1 ,144
.1 ,254
.1 ,381
•a ,483
1,502
1,867
1,927
1,917
1,915
1,913
1,901
Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Tune 30
Dec. 31
.
5,776
14,639
16,685
16,766
17,414
17,585
18,591
3,241
2,992
5,911
6,258
7,023
7,446
7,701
2,535
11,647
10,774
10,508
10,391
10,139
10,890
1,509
10,584
9,246
8,947
8,632
8,330
8,923
1,025
1,063
1,528
1,561
1,759
1,810
1,967
2,668
4,448
3,887
3,892
4,299
3,718
4,926
7,702
18,119
19,296
19,269
20,216
19,741
21,912
129
244
259
272
297
235
353
4,213
12,196
12,419
12,285
13,194
12,650
14,415
3,360
5,680
6,618
6,712
6,726
6,857
7,144
959
,083
,358
,473
I ,570
1 ,637
1 ,686
6,810
6,416
6,498
6,540
6,562
6,581
6,602
Noninsured nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31 2
1949—Dec. 31
1950—Dec. 30
1951—June 30
Dec. 31
1,457
2,211
2,013
1,919
1,853
1,913
1,789
455
318
520
481
527
514
490
1,002
1,893
1,493
1,438
1,327
1,399
1,299
761
1,693
1,234
1,185
1,040
1,094
991
241
200
259
253
286
305
308
763
514
509
442
468
423
469
1,872
2,452
2,201
2,036
1,976
1,996
1,932
329
181
368
341
294
364
308
1,291
1,905
1,353
1,223
1,224
1,178
1,235
253
365
479
472
458
453
388
329
279
322
321
327
329
314
852
714
758
727
689
670
650
All nonmember commercial banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31 *
1949—Dec. 31
1950—Dec. 3 0 . . .
1951—June 30
Dec. 31. . .
7,233
16,849
18,698
18,686
19,267
19,499
20,380
3,696
3,310
6,431
739
550
7,960
8,192
3,536
13,539
12,267
11,947
11,718
11,538
12,189
2,270
12,277
10,479
10,132
9,672
9,423
9,914
1,266
1,262
1,788
1,814
2,046
2,115
2,275
3,431
4,962
4,396
4,334
4,767
4,141
5,395
9,574
20,571
21,497
21,305
22,193
21,737
23,843
457
425
628
613
591
599
661
5,504
14,101
13,772
13,508
14,417
13,828
15,650
3,613
6,045
097
184
184
310
7,533
1 ,288
1 ,362
1 ,680
7,662
7,130
7,256
7,267
7,251
7,251
7,252
Insured mutual savings
banks:
1941—Dec. 31
1945—Dec. 31
1948—Dec. 31
1949—Dec. 31. . .
1950—Dec. 30. . .
1951—June 30. . .
Dec. 31. . .
1,693
10,846
13,312
14,209
15,101
15,668
16,190
642
3,081
4,109
4,814
6,086
6,829
7,523
1,050
7,765
9,202
9,394
9,015
8,839
8,668
629
7,160
7,795
7,832
7,487
7,169
6,921
421
606
1,407
1,562
1,528
1,670
1,746
151
429
684
682
617
688
695
1,789
10,363
12,772
13,592
14,320
14,924
15,368
1,789
10,351
12,757
13,575
14,301
14,905
15,343
8,687
5,361
6,083
6,192
6,245
6,029
6,069
4,259
1,198
1,577
1,764
2,050
2,191
2,339
4,428
4,163
4,506
4,428
4,194
3,838
3,730
3,075
3,522
3,680
3,596
3,380
3,036
2,897
1,353
641
826
832
814
802
833
642
180
194
191
180
163
191
8,744
5,022
5,633
5,702
5,711
5,479
5,547
8,738
5,020
5,631
5,699
5,708
5,477
5,544
Noninsured mutual
savings banks:
1941—Dec.
1945—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—June
Dec.
31
31
31 2
31. . .
30
30. . .
31. . .
359
438
9,464
9,715
c; .657
5 ,920
,313
£ ,504
t ,653
,565
•
'
,794
1 ,897
11,966
L.999
164
,034
,334
1,420
,513
,582
1,678
1,077
558
665
702
734
702
729
52
192
193
192
194
201
202
496
350
339
339
335
328
327
For footnotes see preceding two pages.
-7, pp.1. 16-23;
*«
for description, see pp. 5-15 in the same publication. For revisions
Back figures.—See Banking and Monetary Statistics, Tables 1-7
870-871.
871.
in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 8'
SEPTEMBER 1952
1029
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES '
LOANS AND INVESTMENTS
[In millions of dollars]
Loans *
Class of bank
and
call date
Total
loans
and
investments
Total1
Investments
Loans for
Compurchasing
meror
carrying
cial,
securities
in- AgriReal
Conelud- culessumer Other Total
ing
tate
tur- To
loans loans
open- al brokloans
To
marers
ket
and others
padealper
ers
U . S. Government obligations
Direct
Total
Certificates
inBills of
debt- Notes
edness
Obligations
of
States Other
and
secuGuar- polit- rities
an- ical
Bonds teed subdivisions
All insured
commercial
banks:
1941—Dec. 31.
1945—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.
1950—Dec. 30.
1951—Dec. 31.
49,2901 21,259
121,809 25,765
112,2861 41,968
118,278 42,485
124,822 51,723
130,820; 57,256
9,214
9,461
18,761
16,935
21,776
25,744
4,5 45
1 ,450 614 662 4,773
28,031
1,314 3,164 3,606 4,677 1,351 2,191 96,043
2,775 1,336 939 10,666 4,907 2,992 70,318
2,963 1,749 855 11,405 6,002 3,124 75,793
2,823 1,789 1,036 13,389 7,628 3,955 73,099
3,321 1,571 960 14,450 7,742 4,282 73,564
21 ,046| 988
88,912! 2,455
61,388 2,821
65,820 3,692
60,986 4,118
60,533 7,219
19,071
10,065
12,479
1,932
7,526
3,159 12,797 4,102 3,651
16,045 51 ,321
22|3,873
3 ,394 45,100
815,509
5,810 43,S33
616,400
16,756 38,168
11 7,933
21 8,989
11,256 34,511
Member banks,
total:
1941—Dec. 31.
1945—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.
1950—Dec. 30.
1951—Dec. 31.
1952—June 30.
43,521
107,183
95,616
101,528
107,424
112,247
113,502
18,021
22,775
36,060
36,230
44,705
49,561
50,526
8,671
8,949
17,631
15,857
20,521
24,347
23,732
1,800
1,945
1,808
2,140
2,264
25,500
84,408
59,556
65,297
62,719
62,687
62,976
19,539 971
78,338! 2,275
52,154] 2,588
56,8831 3,389
52,365 3,665
51.621 6,399
51,261 5,423
16,985
7,999
10,409
1,468
6,010
6,134
3,007
14,271
2,800
5,085
14,054
9,596
9,468
New York City:"1
1941—Dec. 31. 12,896
1945—o ec 3i 26,143
1948—Dec. 31. 18,759
1949—Dec. 31. 19,583
1950—Dec. 30. 20,612
1951—Dec. 31. 21,379
1952—June 30. 21,710
4.072
7 334
8,048
7,550
9,729
11,146
11,268
509
636
621
850
950
947
8,823
18,809
10,712
12,033
10,883
10,233
10,442
7,265 311
1,623 3,652 1,679 729
1 606
17,574 477 3 ,433 3,325 10.337
365 7,512
9,649 589 1,183
563
835 7 .405
752
10,746 720 1,785
250 1,711 6,206
8,993 824
211,123
616 1,428 4,960
8,129 1,122
2il,385
692 1,400 5,058
1 ,436
8,212 1,062
96
26
65
115
88
115
91
147
147
117
172
116
150
1,806
4,598
3,016
3,806
3,487
3,264
3,284
Chicago:'2
1941—Dec. 31.
1945—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.
1950—Dec. 30.
1951—Dec. 31.
1952—June 30.
i
1
954
2,760
5,931 1,333
4,799 1,783
5,424 1,618
5,569 2,083
5,731 2 ,468
5,664 2,380
594
598
972
855 3,133 3,378
1,324 834
1,737 758
1,770 92 7
1,551 851
2,084 829
2 ,807
3,044
5,642 "
4,792
6,328
7,852
7,659
732
760
8
412
169
3,494
3,455
8,244
8,834
10,522
11,334
11,628
2 453 1,172
"3 1,102 225
1,410 219
1,421 285
1,219 262
1,619 234
123
80
224
256
442
514
426
52
233
63
56
69
63
61
22
36
51
51
65
70
67
1,412
1,211
1,567
1,977
1,856
6
2
4
7
9
16
11
Reserve city
banks:
1941—Dec. 31 .
1945—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.
1950—Dec. 30.
1951—Dec. 31.
1952—June 30.
15,347
40,108
35,332
38,301
40,685
42,694
43,091
7,105
8,514
14,285
14,370
17,906
19,651
19,745
3,456
3,661
7,282
6,704
8,646
10,140
9,756
300
205
437
457
392
513
519
Country banks:
1941—Dec. 31.
1945—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.
1950—Dec. 30.
1951—Dec. 31.
1952—June 30.
12.518
35,002
36,726
38,219
40,558
42,444
43,037
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
659
648
1,356
1,480
1,407
1,610
1,733
[nsured nonmember commercial b a n k s :
1941—Dec. 31.
1945—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.
1950—Dec. 30.
1951—Dec. 31.
5,776
14,639
16,685
16,766
17,414
18,591
3,241
2,992
5,911
6,258
7,023
7,701
543
512
478
459
1,131 975
1,078 1,018
1,255 1,015
1,397 1,181
3,f
1,027
3,933
4,776
6,167
6,195
6,791
92
1,977
2,658
2,809
3,585
3,863
3,950
5 54
76
313
377
540
520
558
1,430
4,213
2 ,633
3,324
2,911
2,711
2,721
256
133
183
331
232
334
366
114
194 1,527
1,5 12
8,243 6,467
427 1,503 1,459
433
826 31,594 29,552
130
360 3,503 1,609 1,118 21,047 18,594
183
309 3,742 1,965 1,212 23,931 20,951
207
386 4,423 2,567 1,534 22,779 19,084
203
347 4,651 2,512 1,578 23,043 19,194
258
354 4,799 2,746 1,617 23,346 19,123
1,034
1,056
1,189
1,218
2,524
2,080
48
211
71
109
110
94
166
20
42
21
36
33
35
41
1 t; 30
183 1,823
6,628 4,377
471 1,881
492
578 29,407 26,999
187 4,467 1,895
817 24,781 21,278
173 4,784 2,320
884 25,527 21,862
187 5,591 2,913 1,054 25,570 21,377
178 6,099 3,046 1,163 26,148 21,587
179 6,337 3,370 1,237 25,904 21,206
20
31
12
12
18
20
64
228
105
97
109
109
1,282
8 54
1,224
323
2,426
975
2,575 1,225
2,872 1,461
3,121 1,546
214
334
315
370
419
2,535
11,647
10,774
10,508
10,391
10,890
1,509
10,584
9,246
8,947
8,632
8,923
295
1,467
'275
690
131
332
371
153
749
217
358
700
520
494
3,333
3,258
3,420
3,574
4,179
4,042
11,729 3,832 3,090 2,871
16 3,254 2,815
44,792
5 4,480 2,922
38,761
4 5,274 3,140
37,996
g 6,640 3,714
33,170
15 7,528 3,538
29,601
21 8,125 3,590
30,215
903
119
1 ,864 . . . .
1,958
1,945
1,847 '.'.'. ..\
1,526
1 ,490
1 82
183
210
290
335
351
363
830
629
500
535
767
719
794
193
204
174
192
242
201
201
751 4,248 1.173
956
820
5 1,126
916
6^982 5,653 15,878
1 1,421 1,032
3,201 1,090 13,247
1,727 1,254
4,180 2,124 13,457
499 5,536 11,830
1 2,184 1,511
g 2,458 1,390
2,493 3,640 10.528
16 2,832 1,391
2,520 3,656 10,851
110
481 2,926
630 5,102 4,544 16,713
760 3^340 1,128 16,046
861
9
4
4
5
5
5
1,222
1,342
2,286
2,505
2,998
3,334
3 ,494
1,028
1,067
1,217
1,160
1,194
1,227
1,204
17
180 2,087
234 2,066
303 2,071
453
465
820 1,516
271
6
3
2
3
6
563
619
1 ,030
1,127
1,294
1,462
462
443
498
434
465
505
1 ,148 3,753 1,768 15,189
588 6,107 13,287
1,390
2,418 2,568 4,008 12,587
1,914 2,551 3,918 12,817
152 1,069
1,774 6,538
594 6,349
725 5,846
2,702 5,008
1,660 4,921
* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications
of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to.
the total and are not entirely comparable with prior figures. Total loans continue to be shown net.
For other footnotes see opposite page.
1030
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
in
Revault
serve
Banks
Class of bank
and
call date
BalDeances mand
with
dedoposits
mestic8 ad- 4
banks justed
Interbank
deposits
ForDomestic* eign
U. S
Certi- IndiGov- States
fied viduals,
ernand
U. S. States
and
partnerand
Interment
Gov- political offiships, bank and political
ern- subdi- cers' and
cor
Postal subdiment visions checks, poraSav- visions
tions
etc.
ings
All insured commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 30..
1951—Dec. 3 1 . .
12,396
15,810
20,404
16,428
17,458
19,911
673 1,761
1,358 8,570 37,845 9,823
1,829 11,075 74,722 12,566 1,248 23,740
1,939 8,947 84,211 10,344 1,488 2,323
1,984 9,466 84,576 10,885 1,315 3,050
2,145 10,463 91,099 11,955 1,442 2,788
2,665 11,561 97,048 12,969 1,381 3,344
Member banks,
total:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 30..
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. 31. .
1945—Dec. 31. .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 30..
1951—Dec. 31. .
1952—June 30..
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
2,215
3,153
3,604
3,797
3,954
4,121
3,903
1,027
1,292
1,038
1,151
1,177
1,269
1,136
Reserve city banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950— Dec. 30. .
1951—Dec. 3 1 . .
1952—June 30. .
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
4,302
6,307
5,213
5,498
6,174
6,695
5,624
Country banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Dec. 30. .
1951—Dec. 31. .
1952—June 30. .
2,210
526
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
1,111
1,285
1,060
2
8
8
9
10
11
12
271
391
453
463
503
603
2,325
3,959
3,273
3,273
3,596
4,099
4,092
10t537
12,059
11,918
12,729
13,948
108
233
246
261
286
335
2
5
8
6
5
12
Chicago:1
1941—Dec.
1945—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—June
3i
31.
31. .
31..
30.
31..
30..
942
[nsured nonmember commercial banks:
1941—Dec. 3 1 . ,
1945—Dec 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
790
1,199
943
979
671
3,677
5,098
7,182
7,419
7,892
8,288
1,077
2,585
2,113
2,338
2,898
3,147
36,544
72,593
81,682
82,106
89,922
95,604
158
70
69
169
347
427
59
103
117
182
189
278
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
175
183
257
288
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
1,243
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
607
866
319
237
241
196
258
321
305
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
Time deposits
188
258
174
242
306
233
237
284
286
284
240
287
54
491
110 8,221
168
801
176 1,142
217
976
192 1,124
182 2,097
127
1,552
225
5,465
688
797
922
876
1,384
53
1,560
201
213
265
243
34
66
53
60
70
66
52
io
14
38
37
43
53
IndiCapividuals, Bortal
partner- rowacings
ships,
counts
and corporations
15,146
29,277
34,244
34,442
34,525
35,986
10
215
54
14
82
30
6,844
8,671
10,158
10,645
11,263
11,902
1,051
1,121
1,238
1,303
11,878
23.712
27,801
27,934
28,032
29,128
30,196
4
208
45
11
79
26
69
5,886
7,589
8,801
9,174
9,695
10,218
10,526
29
20
20
24
37
22
21
1,206
1,646
1,590
1,647
1,614
1,721
492
496
1,080
1,232
1,331
1,485
418
399
927
778
1,648
2,120
2,306
2,312
"70 2,351
5 2,425
20 2,460
195
25
2,152
3,160
3,702
3,932
4,250
4,404
4,037
3
1
6
4
3
5
4
1,144
1,763
2,401
2,478
2,575
2,550
2,689
286 11,127
611 22,281
649 25,302
650 25,912
852 28,938
822 30,722
719 29,258
104
30
19
38
57
90
101
20
38
46
6C
60
85
90
243
160
547
617
631
714
751
4,542
1.967
9,563 " 2 2,566
8 2,928
10,798
10,987
3,087
10,956
3,322
4 3,521
11,473
25 3,663
11,913
1,370
2,004
2,925
3,058
3,282
3,554
3,708
239
8,500
435 21,797
510 25,248
579 25,337
715 27,980
783 30,234
705 28,616
30
17
13
13
12
13
12
31
52
49
73
82
125
141
146
219
350
400
443
491
521
6s082
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
68
135
151
153
174
186
18
6
6
5
6
5
8
4
6
6
6
22
74
97
153
182
210
247
3,276
5,579
6,459
6,524
6,510
6,876
6
7
8
3
3
4
1 083
1,358
1,473
1 ,570
1,686
611
858
1,332
1,402
1,492
1,622
3,483
9,643
10,736
10,517
11,262
12,364
1
ii
10
10
11
11
476
719
989
288
377
444
470
490
513
530
1,069
1,089
1,128
1,150
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.
SEPTEMBER
1952
1031
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures.
In millions of dollars]
Loans 1
Date or month
Total
loans
and
investments Total i
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
To others
U. S. Other U.S. Other
Govt. se- Govt. seob- curi- ob- curiliga- ties liga- ties
tions
tions
U. S. Government obligations
Real Loans
estate
to
Other Total
loans banks loans
Total
Bills
CerOther
tifisecucates
2 rities
of in- Notes Bonds
debtedness
Total—
Leading Cities
1951—July
70,142
32,673
19,067
420 1,021
128
579
5,544
479
1952—May
73,402 34,741
74,523 35,034
76,633 35,769
20,649
20,625
20,598
566 1,161
567
596 1,241
913 1,346
93
97
199
557
565
1,272
1,176
1,218
1,298
93
92
102
103
562
559
552
554
5,682
5,702
5,744
5,686
5,696
5,703
5,722
6,115 38,661 31,520 3,454
513 6,254 39,489 32,214 3,904
564 6,395 40,864 33,374 3,462
382 6,195 39,091 31,903 3,681
420 6,236 39,277 32,060 3,856
618 6,281 39,743 32,407 4,020
627 6,305 39,848 32,488 4,057
3,695
3,692
3,706
3,664
5,943
5,948
5,937
5,941
18,584
18,564
18,744
18,826
7,188
7,217
7,336
7,360
77,491 36,472 20,567 1,379 1,413
76,728 35,862 20,580 1,031 1,335
808 1,310
76,643 35,757 20,637
726 1,305
76,191 35,441 20,626
622 1,366
76,115 35,315 20,581
222
214
211
197
153
567
563
564
565
564
5,726
5,737
5,739
5,753
5,764
759
583
670
423
386
6,393
6,373
6,374
6,402
6,436
41,019
40,866
40,886
40,750
40,800
33,582
33,364
33,402
33,256
33,267
3,734
3,420
3,483
3,361
3,313
3,885
3,838
3,792
3,736
3,700
5,947
5,957
5,962
5,961
5,966
20,016
20,149
20,165
20,198
20,288
7,437
7,502
7,484
7,494
7,533
40,113 32,586
40,0621 32,500
39,917) 32,363
39,917 32,246
2,844
2,789
2,764
2,711
3,486
3,448
3,362
3,350
5,965
5,976
5,980
5,990
20,291
20,287
20,257
20,195
7,527
7,562
7,554
7,671
310
June
July
June 4 . . . 73,725
June 11. .. 73,956
June 18. .. 75,000
June 2 5 . . . 75,413
July 2 . . .
July 9 . . .
July 16. . .
July 23. .
July 30. . .
Aug. 6 . . . 75,652
Aug. 13. .. 75,586
Aug. 20. . . 75,344
Aug. 27. .. 75,480
34,634 20,424
34,679 20,518
35,257 20,776
35,565 20,784
571
533
559
723
5,895 37,469 30,818 2,405 1,541
457
7,383 19,489 6,651
3,724 5,900 18,442 7,141
3,689 5,942 18,679 7,275
3,790 5,959 20,163 7,490
35,539
35,524
35,427
35,563
20,657
20,722
20,799
20,919
382
315
259
280
1,517
1,450
1,235
1,213
145
136
133
134
571
568
647
648
5,774
5,795
5,802
5,805
595
633
640
620
6,456
6,463
6,471
6,503
10,149
6,791
357
794
26
233
493
279
1,317 9,871
7,916
730
17
19
55
212
205
204
445
429
409
272 1,335 9,745 7,665
275 1,343 10,079 7,939
409 1,366 10,532 8,253
945
1,077
810
656 1,366 4,698 2,080
631 1,363 4,868 2,140
761 1 .364 5,318 2,279
New York City
20,020
1951—July
1,549 5,327 1,955
20,765
21,205
22,022
11,020
11 ,126
11,490
7,554
7,579
7,473
428 930
454 997
696 1 ,055
June 4 . . .
June 1 1 . . .
June 1 8 . . .
June 2 5 . . .
20,949
20,960
21,322
21,591
10,969
10,961
11,198
11,376
7,474
7,510
7,662
7,670
439 1,011
404 950
438 983
536 1,043
17
17
21
21
209
208
199
205
431
432
428
425
225 I ,338 9,980
276 ,339 9,999
295 1,347 10,124
303 1,348 10,215
7,892
7,891
7,941
8,033
1 ,054
1,038
1,075
1,140
621
638
632
632
1,377
1,371
1,352
1,355
4,840
4,844
4,882
4,906
2,088
2,108
2,183
2,182
July 2 . . .
July 9 . . .
July 16. . .
July 23. . .
July 30. . .
22,935
22,133
21,895
21,592
21,559
12,229
11,654
11,437
11,123
11,011
7,508 1,144 1,066
851 1,033
7,497
597 1.049
7,479
482 1 ,040
7,469
405 1,086
7,412
68
65
61
54
28
207
204
202
204
204
419
413
407
405
403
615 1,378 10.706
411 1,356 10,479
458 ,361 10.458
280 1,366 10,469
279 ,371 10,548
8,473
8,184
8,184
8,187
8,240
1,044
737
782
735
752
806
768
734
738
758
.359
I ,361
1,364
I ,375
1,363
5,264
5,318
5,304
5,339
5,367
2,233
2,295
2,274
2,282
2,308
. . 21,278
. . 21,140
.. 20,919
.. 21,099
11,202
11,111
11,014
11,072
7,475
7,522
7,556
7,625
27
24
24
28
208
206
240
239
411
406
402
394
362
352
435
456
7,779
7,720
7,612
7,691
503
509
559
658
613 1,361 5,302 2,297
572 1,359 5,280 2,309
499 1,361 5,193 2,293
531
,362 5,140 2,336
1951—July
50,122
22,524
12,276
63
227
102
346
5,051
200
4.578 27,598 22,902
1,675
1 ,231 5,834 14,162 4,696
1952—Mav
Tune . . .
July
52,637 23.721
53,318 23,908
54,611 24,279
13,095
13,046
13,125
138
142
217
231
244
291
76
78
144
355
352
361
5,237
5,273
5,335
185
238
155
4,780 28,916 23,85;5 2,509 3,068 4,534 13,744 5 ,061
4,911 29,410 24,275 2,827 3,058 4,579 13,811 5.135
5,029 30,332 25,121 2,652 3,029 4,595 14,845 5.211
June 4 . . .
June 1 1 . . .
June 18. ..
June 2 5 . . .
52,776 23,665
52.996 23,718
53,678 24,059
53,822 24,189
12,950
13,008
13,114
13,114
132
129
121
187
261
226
235
255
76
75
81
82
353
351
353
349
5,255
5,264
5,275
5,297
157
144
323
324
4,857
4,897
4,934
4,957
29,111
29.278
29,619
29,633
24,011
24,169
24,466
24,455
July 2 . . .
July 9 . . .
July 16. . .
July 2 3 . . .
July 30. . .
54,556 24,243
54,595 24,208
54,748 24,320
54,599 24,318
54,556 24,304
13,059
13,083
13,158
13,157
13,169
235
180
211
244
217
347
302
261
265
280
154
149
150
143
125
360
359
362
361
360
5,307
5,324
5,332
5,348
5,361
144
172
212
143
107
5,015
5,017
5,013
5,036
5,065
30,313
30,387
30,428
30,281
30,252
25,109 2,690 3,079 4,588 14,752 5,204
25,180 2,683 3,070 4,596 14,831 5,207
25,218 2,701 3,058 4,598 14,861 5,210
25,069 2,626 2,998 4,586 14,859 5,212
25,027 2,561 2,942 4,603 14,921 5,225
Aug.
Aug.
Aug.
Aug.
54,374 24,337
54,446 24,413
54,425 24,413
54,381 24,491
13,182
13,200
13,243
13,294
139
128
111
135
246
249
258
259
118
112
109
106
363
362
407
409
5,363
5,389
5,400
5,411
233
281
205
164
5,073
5,072
5,061
5,092
30,037
30,033
30,012
29,890
24,807
24,780
24,751
24,555
1952—May
June
July
Aug.
Aug.
Aug.
Aug.
6.
13.
20.
27.
243 1,271
187 1,201
148 977
145 954
,383
,391
,410
,411
10,076
10,029
9,905
10,027
Outside
New York City
1
2
6. . .
13. . .
20. ..
27. ..
2,627
2,818
2.945
2,917
2,341
2,280
2,205
2,053
3,074
3,054
3,074
3,032
2,873
2,876
2,863
2,819
4,566
4,577
4,585
4,586
1,604
1,617
1,619
1,628
13,744
13,720
13,862
13,920
14,989
15,007
15,064
15,055
5,100
5,109
5,153
5,178
5,230
5,253
5,261
5,335
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.
1032
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
Date or month
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault
doposits
Remestic ad- 3
serve
banks justed
Banks
IndividCertiuals, States
and
fied
part- politand
nerical
Offiships, subcers'
and
cor- divi- checks,
etc.
pora- sions
tions
In millions of dollars]
Time deposits,
except interbank
Interbank
deposits
IndividU. S.
Demand
uals, States
Govand
ernU. S. part- politGov- nerical ment
and
ern- ships, subment and
Dodivi- Postal
cor- sions
Sav- mes- Foreign
poraings
tic
tions
Time
Bor- Caprow- ital
acings counts
Bank
deb-4
its
Total—
Leading Cities
1951—July
14,207
2,348 49,858 50,716 3,498
1,377 3,508 14,675
1952—May
June
July
14,767
14,999
15,014
891 2,317 52 218 52,737 3,954
962 2,387 53,128 54,053 3,698
937 2,387 52,135 53,110 3,598
1,571 2,998 15,501
1,729 3,145 15,627
1,671 5,732 15,683
775
769
772
174 9,552 1,242
175 9,824 1,258
182
1,253
426 991 6,996 121,315
452 976 7,016 128,404
468 1,245 7,024 120,452
June 4 . . .
June 1 1 . . .
June 1 8 . . .
June 2 5 . . .
14,691
14,691
15,809
14,806
937
990
942
977
2,304
2,363
2,532
2,350
52,516 53,227
53,202 54,368
53,,924 55 ,334
52,870 53,285
3,809
3,600
3,570
3,812
1,516
1,372
2,044
1,984
2,691
2,258
3,202
4,429
15,583
15,608
15,634
15,681
774
770
770
762
174
176
175
178
9,624
9,770
10,262
9,641
1,277
1,245
1,243
1,265
442 1,084 7,017 24,595
454 1,051 7,015 25,693
457 1,056 7,013 33,114
454 711 7,021 29,379
July 2 . . . 14,884
Tuly 9 . . . 14,984
July 16... 15,060
July 2 3 . . . 14,995
July 3 0 . . . 15,148
899
972
919
935
957
2,521 51,708 52,818
2,395 51,750 52,454
2,475 52,002 53,915
2,307 52,448 53,172
2,237 52,766 53,189
3,705
3,652
3,444
3,491
3,698
2,060
1,603
1,481
1,541
1,668
6,914
6,124
5,629
5,199
4,793
15,689
15,677
15,669
15,692
15,687
763
765
777
778
779
179
179
182
182
185
10,277
10,266
10,204
9,692
9,502
1,248
1,257
1,228
1,226
1,304
465
467
471
471
468
1,022
1,101
1 ,429
1,209
1,491
7,034
7,025
7,008
7,022
7,029
38,191
22,376
27,100
26,829
26,834
Aug. 6 . . . 14,852
Aug. 1 3 . . . 14,747
Aug. 2 0 . . . 14,938
14,522
Aug. 2 7 . . .
2,342 51,864 52,183
943 2,442 51,837 53,359
903 2,328 51,764 52,709
957 2,242 52,387 53,125
3,718
3,460
3,447
3,471
1,298
1,328
1,394
1,263
4,650
4,476
4,589
4,090
15,713
15,714
15,704
15,717
773
772
767
766
184
189
189
190
10,057 1,324
10,308 1,343
9,921 1,298
9,660 1,273
454
461
466
475
1,195
1,097
1,267
1,116
7,051
7,047
7,043
7,049
27,495
24,006
2 7,849
23,991
139 9,512
1,278
379
536 6,701 106,499
New York City
5,109
129
15,305 16,096
247
643 1,126 1,477
2,834 1,064
284
331 2,354 41,673
June.
July..
5,358
5,474
5,365
142
197
182
16,060 16,764
16,504 17,313
15,773 16,625
352
260
278
825 1,065 1,579
901
999 1,622
869 2,509 1,588
2,776 1,033
2,855 1,039
2,914 1,023
320
340
353
372 2,411 49,830
471 2,407 55,385
382 2,417 50,472
June 4 . . .
June 1 1 . . .
June 18...
June 2 5 . . .
5,425
5,218
5,923
5,330
193
212
184
197
16,240
16,409
16,996
16,370
16,974
17,268
17,937
17,071
289
265
234
250
733
938
615
743
1,131
808
1,127 1,507
1,604
1,615
1,630
1,639
2,753
2,760
3,037
2,871
1,062
1,028
1,021
1,046
334
342
344
341
600
464
535
285
2,411
2,409
2 ,405
2,404
10,507
10,389
14,314
12,282
July 2 ...
July 9 . . .
July 16...
July 2 3 . . .
July 3 0 . . .
5,402
5,395
5,420
5,520
184
194
174
176
181
15,721
15,632
15,626
15,901
15,984
16,737
16,376
16,630
16,600
16,781
229
292
261
291
316
1,166
804
697
777
904
3,100
2,761
2,469
2,217
2,001
1,616
1,593
1,573
1,583
1,575
3,115
2,964
2,924
2,796
2,769
1,032
1,027
997
1,000
1,060
353
351
354
354
351
220
380
494
297
518
2,417
2,419
2,417
2,418
2,416
18,144
9,099
10,941
10,629
11,792
Aug. 6 . . .
Aug. 1 3 . . .
Aug. 2 0 . . .
Aug. 2 7 . . .
5,230
5,115
5,224
5,003
165
174
159
173
15,420
15,327
15,434
15,871
16,053
16,228
16,234
16,514
294
260
247
290
551
592
610
540
1,882
1,758
1,680
1,474
1,564
1,551
1,544
1,543
2,852 1,079
2,899 1,089
2,783 1,044
2 ,690 1,017
340
346
351
360
502
452
447
312
2,429 11,776
2,425 9,040
2,426 10,763
2,425 9,113
1951—July
9,098
732 2,318 34,553 34,620
1952—May
June
July
9,409
9,525
9,649
749 2,284 36,158 35,973 3,602
765 2.354 36,624 36,740 3,438
755 2,356 36 ,362 36,485 3,320
9,266
9,473
9,886
9,476
744
778
758
780
July 2.
July 9.
July 16.
July 23.
July 30.
9,796
9,582
9,665
9,575
9,628
715
35,987 36,081
364 36,118 36,078
778
745 2,444 36,376 37,285
759 2,276 36,547 36,572
776 2,208 36,782 36,408
Aug. 6...
Aug. 13...
Aug. 20...
Aug. 27...
9,622
9,632
9,714
9,519
724
769
744
784
1951—July
1952—May.
Outside
New York City
June
June
June
June
4.
11.
18.
25.
2,271
2,334
2,497
2,314
2,315
2,409
2,293
2,209
36,276 36,253
36,793 37,100
36,928 37,397
36,500 36,214
3,520
3,335
3,336
3,562
36,444 36,130 3,424
200
36,510 37,131
200
36,330 36,475
36,516 36,611 3,181
734 2,382 13,198
746 1,933 13,922
828 2,146 14,005
802 3,223 14,095
716
97 6,678
750
746
750
125 6,776
123 6,969
128 7,074
209
219
230
106
112
115
4,347 64,826
95
783
757
913
857
1,753
1,515
2,394
2,922
13,979
13,993
14,004
4,042
749
748
748
740
125
124
123
125
6,871
7,010
7,225
6,770
215
217
222
219
108
112
113
113
894
799
784
764
764
3,814
3,363
3,160
2,982
2,792
4,073
14,084
14,096
14,109
14,112
742
743
754
756
756
126 7,162
126 7,302
128 ,280
127 ,896
131 6,733
216
230
231
226
244
112
116
117
117
117
747
736
784
723
2,768
2,718
2,909
2,616
14,149
14,163
14,160
4,174
749
748,
743
742
129
134
134
135
7,205
7,409
7,138
6,970
245
254
254
256
114
115
115
115
619
505
863
484
587
521
426
4,585 71,485
4,609 73,019
4,607 69,980
4,606
4,606
4,608
4,617
14,088
15,304
18,800
17,097
802
721
935
912
973
4,617
4,606
4,591
4,604
4,613
20,047
13,277
16,159
16.200
15,042
693
645
820
804
4,622 15,719
4,622 14,966
4,617 17,086
4,624 14,878
r
r
3
4
Revised.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
Back figures,—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692. and for back figures on the revised
basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.
SEPTEMBER
1952
1033
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY 1
[Net declines, ( —).
In millions of dollars]
Business of borrower
Manufacturing anc mining
Period 2
Food,
liquor,
and
tobacco
Metals
and
Petrometal
Textiles, products leum,
coal,
apparel
(incl. chemical
and
and
leather machinery and rubber
trans.
equip.)
Other
Trade
(wholesale
and
retail)
Commodity
dealers
Sales
finance
companies
Public
utilities
(incl.
transportation)
Construction
All
other
types
of
business
Comm'l
ind'l,
and
Net
agr'l
changes change—
classitotal 3
fied
1951—April-June. .
July-Dec.. . .
-243
932
275
873
48
125
60
141
62
16
-421
175
351
44
-98
8
37
18
722
63
30
186
-361
2,769
2,372
1952— Jan.-June. . .
-868
-73
1,111
176
76
-105
-634
-217
2
18
-28
-546
-808
-295
— 116
-35
-24
167
-35
-57
2
20
37
41
29
93
6
16
6
20
-7
5
-32
-3
-131
-118
-53
59
83
3
35
70
-32
-37
-70
19
59
-29
4
34
53
36
-568
-266
38
17
22
15
6
12
-499
-223
-109
-105
-26
-34
44
29
68
-189
-203
-37
-7
24
-14
4
-3
5
-3
-32
62
53
10
-8
16
43
-7
-11
12
9
-5
-27
-12
-12
_2
15
-19
57
17
-13
15
43
13
1
2
8
4
17
8
5
5
-108
-106
July
2....
July
9....
J u l y 16
July 2 3 . . . .
July 3 0 . . . .
-37
—1
-15
22
6
-7
3
2
10
7
6
-22
3
-10
-167
2
-217
-27
-43
1
-13
10
3
3
12
-3
-5
40
-8
14
-3
9
-214
-3
-12
31
8
25
7
38
3
8
-44
—29
19
-18
-37
6
57
7
-46
13
57
-11
-45
Aug.
6....
Aug. 13
Aug. 20
Aug. 2 7 . . . .
42
24
46
56
12
12
4
8
-63
-15
-28
1
43
-1
4
23
-1
-5
c
8
38
32
-2
16
-1
-19
-12
-5
2
3
22
11
8
6
-2
1
3
9
12
13
86
44
44
76
65
77
120
Monthly:
1952—April
May
June
July
Aug
Week ending:
June 4. . . .
June 1 1 . . . .
June 1 8 . . . .
June 2 5 . . . .
116
"ii"
-2
7
-16
17
17
-1
c
14
-6
3
4
-1
4
-165
249
254
304
338
90
251
17
94
258
8
130
i
1
Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold nearly 95 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.
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
1951- •April 2
May 2
2
June . . . .
July 2 2
August . .
September
October...
November
December.
1952—•January. .
February.
March. . .
April
Public
utility
Railroad
Other
business
and
industry
Total
To
business
and
industry
State,
county,
and municipal
Nonfarm residential
Farm
Total
VA
guaranteed
FHA
insured
Conventional
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
446
450
409
407
395
353
310
300
298
309
297
286
236
204
192
170
1,005
928
,005
,011
947
,063
,268
,567
,539
2,709
2,564
2,362
2,221
2,053
2,163
2,119
2,238
2,111
963
937
831
752
744
918
945
955
1,007
99
88
83
80
80
83
96
98
107
1,648
1,539
1,447
1,390
1,229
1,162
1,078
1,186
997
650
577
531
484
402
365
316
276
270
649
619
594
566
509
490
452
437
417
349
343
322
340
317
307
310
473
311
108
91
76
77
54
59
51
44
44
4,144
4,101
4,090
4,158
1,983
2,111
2,211
2,181
302
419
508
512
137
158
144
158
,544
,534
,559
,511
2,114
1,937
1,842
1,946
1,053
969
901
980
99
102
88
85
962
866
852
881
257
222
205
200
409
346
332
352
295
298
315
329
46
54
37
31
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.
2
Excludes business mortgage loans of less than $100,000 each and foreign investments, which were not reported until September.
NOTE.—Data for 45 companies, which account for 85 per cent of the assets of all United States life insurance companies; they were initiated
by the Life Insurance Association of America in accordance with the Program for Voluntary Credit Restraint.
1034
FEDERAL RESERVE
BULLETIN
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
Based on
Held by
Commercial
paper
Total
out- 1
outstanding standing
Accepting banks
Others
Total
Own
bills
Bills
bought
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1951—June
Tuly
August
September
October
November
December
331
336
368
377
410
435
434
425
380
384
375
398
437
490
162
135
122
118
131
154
197
120
103
94
85
87
96
119
42
33
28
33
44
58
79
263
245
262
256
267
283
293
267
225
218
210
226
227
235
104
104
109
104
106
116
133
(22)
()
6
3
4
5
23
22
24
25
27
27
46
55
31
27
26
31
35
43
44
1952—January
February
March
April
May
Tune
July
480
517
534
544
510
495
539
492
493
458
422
430
416
450
193
188
177
150
155
148
171
127
121
120
110
121
108
122
66
67
57
40
34
40
49
300
305
282
272
275
268
279
235
234
228
211
197
195
200
135
135
138
135
136
126
126
23
27
6
6
37
45
73
52
46
36
22
17
15
17
48
51
51
48
43
36
34
1
As reported by dealers; includes some finance company paper sold in open market.
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
2
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
firm
partners'
debit
balances investment investment
and trading and trading
(net)*
accounts
accounts
End of month
Cash on
hand
and in
banks
Customers'
credit balances 1
Money
borrowed2
Free
Other
(net)
Other credit balances
In partners'
In firm
investment investment
and trading and trading
accounts
accounts
In capital
accounts
(net)
887
1,041
1,223
1,138
809
540
552
578
619
550
681
881
1,256
1,356
5
7
11
12
7
5
6
7
7
10
5
5
12
9
253
260
333
413
399
312
333
315
326
312
419
400
386
399
196
209
220
313
370
456
395
393
332
349
280
306
314
397
619
726
853
795
498
218
223
240
283
257
493
523
827
745
424
472
549
654
651
694
650
612
576
586
528
633
673
890
95
96
121
112
120
120
162
176
145
112
129
159
166
230
15
18
14
29
24
30
24
23
20
28
20
26
25
36
11
8
13
13
17
10
9
15
11
5
9
15
11
12
216
227
264
299
314
290
271
273
291
278
260
271
312
317
1,275
3
August... . 3 1,260
1,290
September.
3 1,291
October
November. . s1,279
1,292
December...
10
375
364
680
•624
«640
«653
«649
695
834
225
26
13
319
»816
»843
*853
»805
816
259
42
11
314
8 633
«652
8 734
8818
3 847
912
3 1,126
8 809
8 790
s 756
3 756
8 725
708
3 692
219
23
16
324
1944—June
December...
1945—June
December...
1946—June
December...
1947— June
December...
1948—June
December...
1949—June
December...
1950—June.......
December...
1951—June
1952—January
February. . .
March......
April
May
Tune
July
3 1,289
31,280
31,293
31,315
31,312
1,327
3
1.387
12
9
392
427
378
365
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): April, 38; May, 33; July, 67.
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.
SEPTEMBER
1952
1035
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
Prime
commercial
paper,
4- to 6months1
U. S. Government
securities (taxable)
Prime
bankers'
accept- 3-month bills
ances,
9-to 12- 3- to 590
month
year
Rate
2
days 1 Market on
issues 8
new issues
yield
issues
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—August
September.
October. . .
November.
December..
2.26
2.19
2.21
2.25
2.31
1.63
1.63
1.63
1.63
1.69
1 .62
] .63
1 .54
] L .56
L .73
1.644
1.646
1.608
1.608
1.731
1.70
1.71
1.74
1.68
1.77
1.89
1.93
2.00
2.01
2.09
1952—January. . .
February. .
March
April
May
June
July
August....
2.38
2.38
2.38
2.35
2.31
2.31
2.31
2.31
1.75
1.75
1.75
1.75
1.75
1.75
1.75
1.75
L .57
L .54
L.59
L .57
L .67
L .70
L.81
L .83
1.688
1.574
1.658
1.623
1.710
1.700
1.824
1,876
1.75
1.70
1.69
1.60
1.66
1.74
1.89
1.94
2.08
2.07
2.02
1.93
1.95
2.04
2.14
2.29
Week ending:
Aug. 2 . . . .
Aug. 9
Aug. 16....
Aug. 2 3 . . . .
Aug. 30
2.31
2.31
2.31
2.31
2.31
1.75
1.75
1.75
1.75
1.75
L.86
L.85
1.81
1.79
1.87
1,877
1.860
1.903
1.841
1.899
1.89
1.92
1.93
1.93
1.98
2.20
2.27
2.30
2.29
2.31
1
Monthly figures are averages of weekly prevailing rates.
2
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.
BANK RATES ON BUSINESS LOANS
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESS BY BANKS IN SELECTED CITIES
[Per cent per annum]
Size of loan
All
loans
Area and period
Annual averages:
19 cities:
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
Quarterly:
19 cities:
1951—Sept
Dec
1952—Mar
June
New York City:
1951—Sept
Dec
1952—Mar
June
7 Northern and East'
ern cities:
1951—Sept
Dec
1952—Mar
June
11 Southern and
Western cities:
1951—Sept
Dec
1952—Mar
June
$1,000- $10,000- $100,000- $200,000
$10,000 $100,000 $200,000 and over
2.2
2.6
2.4
2.2
2.1
21
2^5
2.7
2.7
3.1
4.4
4.4
4.3
4.3
4.2
4.2
4.4
4.6
4.5
4.7
3.2
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
3.06
3.27
3.45
3.51
4.74
4.78
4.85
4.90
3.99
4.05
4.16
4.21
3.36
3.49
3.66
3.72
2.78
3.03
3.24
3.29
2.79
3.01
3.23
3.27
4.35
4.37
4.43
4.53
3.72
3.91
3.97
4.03
3.18
3.34
3.48
3.55
2.64
2.87
3.11
3.14
3.06
3.23
3.47
3.46
4.81
4.81
4.91
4.90
3.97
4.04
4.16
4.17
3.24
3.46
3.67
3.71
2.82
3.03
3.29
3.27
3.47
3.67
3.79
3.90
4.89
4.95
5.01
5.05
4.17
4.15
4.28
4.33
3.55
3.62
3.79
3.86
3.04
3.35
3.46
3.63
NOTE.—For description of series see BULLETIN for March 1949,
pp. 228-237.
BOND YIELDS 1
[Per cent per annum]
Corporate (Moody's)*
Year, month, or week
U. S.
Govern- Municipal
ment
(high(long- grade)'
term)'
Corporate
(highgrade)4
Aaa
Number of issues
By groups
By ratings
Total
Aa
Baa
Industrial
Railroad
Public
utility
120
30
30
30
30
40
1949 average
1950 average
1951 average
2.31
2.32
2.57
2.21
1.98
2.00
2.65
.60
.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—August
September
October
November
December
2.57
2.56
2.61
2.66
2.70
2.04
2.05
2.08
2.07
2.10
2.86
2.85
2.92
2.98
3.03
3.12
3.08
3.13
3.20
3.25
2.88
2.84
2.89
2.96
3.01
2.92
2.88
2.93
3.02
3.06
3.18
3.15
3.18
3.26
3.31
3.51
3.46
3.50
3.56
3.61
2.92
2.89
2.93
2.97
3.00
3.31
3.27
3.31
3.42
3.50
3.13
3.09
3.14
3.21
3.24
1952—January
February
March
April
May
June
July
August
2.74
2.71
2.70
2.64
2.57
2.61
2.61
2.70
2.10
2.04
2.07
2.01
2.05
2.10
2.12
2.22
2.96
2.89
2.96
2.92
2.93
2.95
2.96
2.97
3.24
3.18
3.19
3.16
3.16
3.17
3.17
3.18
2.98
2.93
2.96
2.93
2.93
2.94
2.95
2.94
3.05
3.01
3.03
3.01
3.00
3.03
3.04
3.06
3.32
3.25
3.24
3.20
3.20
3.20
3.19
3.21
3.59
3.53
3.51
3.50
3.49
3.50
3.50
3.51
3.00
2.97
2.99
2.97
2.97
2.98
2.99
3.00
3.48
3.38
3.23
3.19
3.21
3.19
Week ending:
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30
2.63
2.69
2.72
2.69
2.70
2.13
2.14
2.21
2.25
2.28
2.96
2.96
2.97
2.97
2.97
3.18
3.18
3.18
3.18
3.18
2.94
2.95
2.94
2.95
2.95
3.05
3.05
3.06
3.06
3.06
3.20
3.20
3.20
3.21
3.22
3.51
2.52
3.51
3.51
3.51
2.99
3.00
3.00
3.01
3.01
3.34
3.34
3.34
3.34
3.35
1-8
15
40
3.36
3.32
3.31
3.32
3.33
3.34
3.20
3.20
3.20
3.20
3.20
1
Monthly and weekly data are averages of daily figures, except for municipal bonds, 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.
8
4
Standard and Poor's Corporation.
U. 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.
1036
FEDERAL RESERVE BULLETIN
SECURITY MARKETS !
Stock prices
Bond prices
Common
Year, month,
or week
Number of issues
U. S.
Government2
Standard and Poor's series
(index, 1935-39=100)
Mun- Corpoicipal rate
Pre(highferred*
grade)'
1-8
£&
15
Total
Industrial
Railroad
416
365
20
31
265
170
98
72
21
28
32
14
121
146
177
128
156
192
97
117
149
98
107
112
128
154
185
132
166
207
116
150
178
147
180
233
139
160
199
98
107
113
161
184
208
129
144
205
1,037
2,012
1,684
15
17
1949 average. .. 102.73 128.9 121.0 176.4
1950 average. .. 102.53 133.4 122.0 181.8
1951 average. .. 98.85 133.0 117.7 170.4
98.90
99.10
98.22
97.52
96.85
Volume
of
trad-1
Securities and Exchange Commission series
ing
(index, 1939=100)
(in
thousands
Manufacturing
Trade,
of
finTrans- Public
ance, Min- shares)
porta- utilNonand
ing
tion
servTotal Durity
able durable
ice
Public Total
utility
117.1
118.0
116.9
115.3
114.8
169.4
168.5
167.0
165.4
163.7
182
187
185
178
183
198
205
202
193
199
147
153
155
144
151
114
116
115
115
116
190
195
191
185
190
215
220
216
208
215
179
185
185
178
182
249
253
244
235
245
196
204
203
194
204
114
115
114
114
115
206
215
214
208
209
219
231
244
239
238
1,463
1,916
1,802
1,246
1,367
96.27 130.8 115.5
1952—Jan
96.77 132.1 116.5
Feb
96.87 131.5 115.9
Mar
97.95 132.7 116.2
Apr
May. . . . 98.91 131.9 116.3
98.32 130.9 116.2
June
98.40 130.4 116.0
July
97.09 128.6 115.8
Aug
164.1
165.9
168.3
172.2
173.4
173.3
171.1
169.9
187
183
185
184
184
188
192
191
204
199
201
199
199
204
210
208
155
155
161
165
167
174
175
175
117
118
118
117
117
116
117
119
195
193
193
191
190
196
199
199
222
218
216
215
214
222
225
225
185
183
182
181
182
187
192
194
255
251
248
245
243
253
256
254
211
209
214
217
216
225
226
228
116
117
117
116
117
117
117
120
209
206
203
203
201
204
208
210
246
258
295
298
283
291
289
278
1,574
1,320
1,283
1,282
1,044
1,215
1,096
995
Week ending:
Aug. 2. .
Aug. 9. .
Aug. 16. .
Aug. 23. .
Aug. 30. .
171.0
170.5
169.9
170.0
169.2
193
193
192
190
190
211
211
209
206
206
177
178
177
173
174
117
119
118
119
119
201
201
198
197
197
228
228
225
222
223
196
196
195
192
193
258
257
252
250
251
230
231
228
225
226
119
120
120
120
120
210
212
210
208
208
286
281
271
273
279
1,110
1,101
1,014
949
907
1951—Aug
Sept
Oct
Dec
98.08
97.20
96.82
97.12
97.08
132.1
132.0
131.3
131.6
130.9
130.3
130.1
128.8
128.1
127.5
115.9
115.9
115.7
115.7
115.9
1
Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks
(Standard
and Poor's series), which are based on figures for Wednesday.
2
Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds
due or
first
callable after 15 years were included.
1
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
4
Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
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 capita
Year or month
Total
(new
and
refunding)
Domestic
Total
(domestic
and
foreign)
Total
State
and
municipal
374
90
15
646
26 1,264
127 3,556
239 4 4,787
294 6,177
233 5,095
394 4,339
469 6,064
642
913
1,772
4,645
37,566
9,085
8,160
8,214
310,014
640
896
1,761
4,635
7,255
9,076
8,131
8,103
9,617
176
235
471
952
2,228
2,604
2 ,803
3,370
3,084
946
677
3 1,075
1,292
1,006
1,053
820
485
»881
970
866
842
812
451
731
945
866
838
319
151
265
368
297
276
40
107
930
1,232
926
1952—Jan
694
852
667
Feb
1,090 1,003
994
Mar
1,551 1,249 1,237
Apr
May. .. . 31,555 3 1,249 1,109
1,403 1,245 1,239
June
349
285
144
452
376
615
39
36
38
80
56
38
. . . .
1951—July
Aug
Sept
Oct
Nov.....
Dec
Domestic
Total
(doCorporate
mestic
For2
Fedand
eign
eral
forBonds
ageneign)
cies i Total
and Stocks
notes
2,169
4 216
8,006
8,645
39,691
10,220
9,753
»10,900
M2,267
1943
1944
1945
1946
1947
1948
1949
1950
1951
For refunding
8
282
422
607
2,084
3,567
4
5,269
4,125
3,138
4,459
92
224
657
1,472
1,219
908
2
17
12
10
68
10
971
29
1,200
1,605
111
246
485
300
427
470
569
562
334
199
370
272
371
361
151
101
56
198
197
201
8
34
50
26
538
346
812
704
677
587
437
200
619
535
453
406
101
146
192
170
224
180
State
Total
and
municipal
1,527
3,303
6,234
4,000
2,125
1,135
1,593
32,686
2,253
1,442
3,288
6,173
3,895
1,948
1,135
1,492
2,463
2,216
4
126
192
194
322
140
211
126
192
194
322
140
205
2
1
4
18
4
19
4
27
9
12
93
6
302
158
87
303
306
158
302
158
81
299
306
155
221
8
4
2
11
11
Corporate
Federal
agen-1
cies
Total
Foreign1
Bonds
and Stocks
notes
603
2,178
4,281
2,352
1,199
257
82
288
656
601
283
28
86
15
61
10S
393
52
101
93
172
170
288
89
102
685
2,466
4,937
2,953
1,482
284
445
1,360
527
31
20
20
16
47
83
71
76
63
257
144
141
10
74
13
40
151
3
7
73
13
36
142
3
259
497
404
418
324
912
208
734
44
422
768
82
104
943
112
992
92 1,597
1,301
394
58
133
31
20
14
14
23
83
6
2
24
3
1
4
8
177
123
37
6
"*6
4
1
2
3
Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
These figures for 1947, 1950, 1951, September 1951 and May 1952 include 244 million dollars, 100 million, 150 million, 100 million, and 47
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 figure!
subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
SEPTEMBER
1952
1037
NEW CORPORATE SECURITY ISSUES 1
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses af net proceeds
Estimated
gross
proceeds 2
Year or month
Estimated
net
proceeds 3
New money
Total
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
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
1951—July
August
September
October
November
December
1952—January
February
March
April
May
Tune
Julv
. ..
. .
531
508
390
655
673
871
605
478
972
'•967
••1,116
848
1,200
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
521
500
381
639
660
856
595
469
954
••951
-1,097
836
1,182
Plant and
equipment
681
325
569
868
474
308
657
1,080
3,279
4,591
5,929
4,606
4,006
6,531
469
436
343
548
570
771
559
413
875
-844
-925
747
1,131
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
350
342
286
404
488
682
177
155
145
207
187
167
405
442
1,164
1,182
1,708
882
1,041
1,421
487
278
655
-613
-735
553
971
72
134
221
-232
-180
194
161
Total
1,206
1,695
1 854
1,583
396
739
2,389
4,555
2,868
1,352
307
401
1,271
486
30
24
18
12
43
45
8
36
15
-13
-126
38
32
119
94
58
144
83
90
Bonds and
notes
Preferred
stock
Repavment
of
other debt
87
59
128
100
30
72
351
438
476
196
67
41
122
96
3
3
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,392
1,155
240
360
1,149
391
26
21
18
10
42
42
7
26
19
28
35
27
47
133
231
168
234
315
364
226
5
14
5
26
18
29
215
69
174
144
138
73
49
134
379
356
488
637
620
363
18
27
15
53
29
11
15
13
45
-70
-38
46
12
2
1
2
8
35
15
rg
-126
38
32
Other
purposes
1
3
13
7
19
-24
-9
.5
7
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Manufacturing 5
Year or
month
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1951—July
August
September
October
November
December
1952—January
February
March
April
May
June
July
Commercial and
miscellaneous 8
Public utility 7
Railroad
Real estate
and financial
Communication 8
Total
Total
Total
Total
Total
Total
New Retire- net
net
New Retire- net
New Retire- net
New Retire- net
New Retire- net
New Retire10
10
10
money
promoney
ments
propro- money ments 10 pro- money ments 10 pro- money ments 10
proments
money ments
9
9
9
9
9
ceeds
ceeds
ceeds
ceeds
ceeds
ceeds9
831
584
961
828
527
497
1,033
1,969
3,601
2,686
2,180
1,391
1 175
3,066
154
230
156
306
214
480
349
285
366
-350
-559
287
327
469
226
188
353
167
738
244
463
293
89
228
199
454
504
811 1,010
2,201
981
1,974
353
1,726
54
851
44
688
149
221
2,617
124
17
198
17
142
13
263
10
21
180
26
428
331 • •• —
238
4
336
5
-329
45
-502
2
255
8
307
403
338
538
518
36
22
28
40
46
39
29
13
61
-66
-40
44
16
304
229
262
337
21
16
19
26
22
28
21
9
46
-39
-29
42
12
21
28
63
56
12
3
3
2'
1
2
5
-5
54
182
319
361
47
160
602
1,436
704
283
617
456
548
332
18
9
30
18
76
22
17
29
12
34
-119
51
46
24
85
115
253
32
46
102
115
129
240
546
441
301
297
18
9
30
16
61
22
30
97
186
108
15
114
500
1,320
571
35
56
11
193
34
i
15
17
29
12
34
-41 " ' - 6 8 '
35
16
46
1,208
180
1,246
43
1 180 245
1,340
317
464
145
469
22
1,400
40
2,291
69
2,129
785
3,212 2,188
2,281 1,998
2,615 2,140
2 866 1 971
2,570 2,317
188
186
209
198
145
133
179
197
273
260
266
251
184
177
122
125
461
490
-343
-399
-313 -293
338
355
239
240
943
1,157
922
993
292
423
1,343
2,159
1,252
939
145 " 8 9 i ' " 8 7 0 '
567
505
234
395
304
685
104
605
594
1
51
51
4
3
3
2
8
8
15
15
37
37
6
14
24
25
2
2
6
3
3
3
6
6
6
-47
-7
-45
-26
8
-26
1
29
29
1
491
491
2
49
81
5
-3
16
102
155
94
4
21
107
206
323
286
587
593
739
515
74
27
14
62
14
23
14
13
20
-56
-40
70
62
8
9
42
55
4
13
61
85
164
189
485
440
480
368
70
12
11
48
11
18
11
12
15
-55
-34
68
37
7
88
9
18
4
42
65
64
24
30
35
100
66
2
1
"'-5'
'23'
*• Revised.
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and
4
expenses.
Classifications for years 1938-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently
similar for broad comparisons.
See also footnotes 5 through 8.
6
6
Prior to 1948 this group corresponds to that designated "industrial" in the old classification.
Included in "Manufacturing" prior to 1948.
7
Includes "Other transportation" for which separate figures are available beginning in 1948. 8 Included in "Public utility" prior to 1948.
10
• Includes issues for repayment of other debt and for other purposes not shown separately.
Retirement of securities only.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a
publication of the Board of Governors.
1
2
3
1038
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
MANUFACTURING CORPORATIONS
[In millions of dollars]
Assets of 10 million dollars and over
(200 corporations)
Year or quarter
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
..
.
1950—1
2
3
4
. .
Quarterly
1951—1
2
3
4
r
1952—i
2.
Sales
Profits
before
taxes
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
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
422
490
Profits
before
taxes
Profits
after
taxes
Dividends
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
1,277
1,523
1,224
1,263
1,258
1 132
1,205
2,524
3,312
3,101
4,055
3,411
999
725
859
951
9,263
10,695
11,847
12,313
1,400
1,821
2,190
2,482
12 711
13,047
12,297
13,013
2 238
2,219
1,964
2,137
Sales
12 760
12,629
r
Assets oi 50 million dollars and over
(81 corporations)
r
l 940
1,616
763
779
851
864
946
815
482
622
476
r
10,812
10,625
r
Profits
after
taxes
Dividends
883
656
772
854
1,127
1,329
1,056
1,097
1,091
964
l,715
1,410
672
688
755
764
r727
430
537
422
Assets of 10-50 million dollars
(119 corporations)
Sales
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
Profits
before
taxes
Profits
after
taxes
Dividends
141
211
387
116
149
194
69
86
96
532
582
557
453
168
167
167
168
91
91
96
100
465
274
142
170
194
186
228
232
681
723
420
452
531
902
1,066
332
489
436
1,328
1,482
1,691
1,786
147
192
262
300
86
112
150
141
41
48
1,899
1,968
1,854
1,957
287
113
48
291
115
54
248
240
103
105
r\ 94g
2,004
50
89
53
77
r
225
206
52
85
54
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Electric power
Railroad
Year or quarter
Profits
before
taxes
Profits
after
taxes
Dividends
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
692
774
847
913
902
905
964
954
983
1,129
1,303
1,480
535
548
527
490
502
507
534
638
643
657
757
824
818
61
53
55
142
1 ( 378
1,322
1,317
1,415
351
321
293
339
104
146
124
2 320
101
63
53
111
1,504
1,419
1,423
1,521
141
149
80
74
1 ,603
1,491
Operating
revenue
Profits
before
taxes
Profits
after
taxes
Dividends
Operat-
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
126
249
674
1,658
2,211
1,972
93
189
500
902
873
667
450
287
479
699
438
783
693
126
159
186
202
217
246
246
235
236
289
252
312
328
114
243
454
574
2
3. . .
4. . .
1,985
2,238
2 ,534
2,715
56
152
258
318
1951—1 . . .
2. . .
3. . .
4. . .
2,440
2,596
2,583
2,772
229
275
250
505
1952—1 . . .
2. . .
2,587
2 ,532
295
261
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
Quarterly
1950—1 .
Telephone
756
271
777
1,148
700
1,384
1,260
2
2
2
2
2
2
revenue
Profits
before
taxes
Profits
after
taxes
Dividends
444
447
437
408
410
398
407
458
494
493
553
619
661
1,137
1,206
1,334
1,508
1,691
1,815
1,979
2,148
2,283
2,694
2,967
3,342
3,729
231
257
297
364
420
451
433
313
215
292
333
580
691
189
193
187
168
176
168
174
209
138
186
207
331
341
164
167
162
151
156
155
162
168
131
178
213
276
318
2
2
230
212
2 171
2 211
146
153
152
168
787
821
853
881
116
137
158
169
2
413
344
320
403
2
229
2
195
2
168
2
226
157
161
162
181
904
918
931
976
175
174
160
182
498
400
257
214
172
173
993
1,023
194
205
Operating
71
84
2 84
2 92
62
67
70
76
2
90
92
72
86
77
79
81
81
93
98
85
87
2
2
2
2
r
1
Revised.
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).
SEPTEMBER
1952
1039
SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[In millions of dollars]
Quarterly
Annual
Industry
1950
1
1951
i
1952
1949
1950
1951
12,853
1,847
1,213
710
14,777 17,371 3,469 3,958 4,085 4,349 4,288 4,294 4,441
2,702
3,184
582
741
785
830
855
773
814
350
368
1,513
1,411
467
395
368
334
342
175
242
889
845
213
334
199
203
202
Nondurable goods industries
Total (94 corps.):»
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
'4,335 4,216
'705
599
'314
285
210
205
3,323
379
235
135
3,492
469
257
143
3,873
407
199
140
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 1,048 1,188 1,260 1,338 1,377 1,351 1,367
1,384
247
345
312
313
365
365
342
484
131
125
128
138
179
120
111
174
100
355
79
84
113
85
87
1,373 1,337
318
281
108
105
87
87
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
1,318 1,275
204
147
'129
111
64
60
828
101
58
34
980
159
89
34
913 1,025
126
124
62
. 61
45
31
942
93
46
32
901
86
40
35
'959
'86
'40
32
1004
104
52
42
989 1,113 1,172 1,204 1,204 1,246 1,345
217
222
209
203
133
187
218
123
130
118
96
130
127
148
42
44
78
57
64
55
55
942
93
42
32
Durable goods industries
Total (106 corps.):*
Sales
Profits before taxes
Profits after taxes
Dividends
23,885 2 9 , 3
5,1
3,191
1,887 2 , 5
1,3
950
Selected industries:
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment
Sales
Profits before taxes
Profits after taxes
Dividends
41
92
42
51
33,696 7,226 7,889 8,228 8,362 8,759 8,003 8,5721 '8,425 8,413
5,374 1,239 1,405 1,653 1,382 1,405 1,191 1,396' 1.234 1,017
'501
337
2,000
592
510
565
773
497
428
688
2 73
269
1,141
541
270
370
325
210
273
273
'3,073 2,385
99
425
29
'220
87
8,187 10,446 12,501 2,562 2,718 2,965 3,044 3,198 3,034 3,226
993
519
1,700 2,092
525
400
455
547
557
492
578
217
854
188
775
214
223
253
193
176
285
120
88
377
380
157
80
85
86
73
4,353
519
320
138
5,058
847
424
208
4,604 1,196 1,269 1,493 1,480 1,563 1,434 1 , 6 9 0
998
194
341
250
301
168
237
210
367
107
93
145
90
82
123
73
191
37
38
84
43
54
47
48
1,590 1,746
232
234
82
81
49
48
(15 corps.):
9,577 11,805 12,438 2,975 3,355 3,192 3,268 3,331 2,899 2,939
488
2,305
655
1,473
1,915
656
508
405
595
513
185
1.087
189
861
704
357
183
142
328
194
119
451
671
232
119
119
479
91
258
122
3,035 3,429
503
596
170
189
116
114
'Revised.
1
Certain tax accruals for the first six months of 1950 and 1951, required by subsequent increasesin Federal income tax rates and charged
b y m a n y c o m p a n i e s a g a i n s t t h i r d q u a r t e r p r o f i t s ,h a v e b e e n r e d i s t r i b u t e d t o t h e f i r s ta n d s e c o n d q u a r t e r s . A v a i l a b l e i n f o r m a t i o n d o e s n o t p e r m i t
t s i m2 i l a r r e d i s t r i b u t i o n o f a c c r u a l s c h a r g e d a g a i n s t f o u r t h q u a r t e r 1 9 5 0 p r o f i t s t o c o v e r 1 9 5 0 l i a b i l i t y f o r e x c e s s p r o f i t s t a x e s .
T o t a l i n c l u d e s 2 6 c o m p a n i e s i n n o n d u r a b l e g o o d s g r o u p s n o t s h o w n s e p a r a t e l y ,a s f o l l o w s :t e x t i l e m i l l p r o d u c t s ( 1 0 ) ; p a p e r a n d a l l i e d p r o d u c t !
( 1 5 ) ;8 a n d m i s c e l l a n e o u s ( 1 ) .
Total includes 25 companies in durable goods groups not shown separately,as follows:building materials (12); transportation equipment
•ther 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
1
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
9.3
17.2
21.1
25.1
24.3
19.7
23.5
30.5
33.8
27.1
39.6
42.9
2.9
7.8
11.7
14.4
13.5
11.2
9.6
11.9
13.0
10.8
18.4
24.2
6.4
9.4
9.4
10.6
10.8
8.5
13.9
18.5
20.7
16.3
21.2
18.7
4.0
4.5
4.3
4.5
4.7
4.7
5.8
6.6
7.3
7.5
9.0
9.0
Undistributed
profits
2.4
4.9
5.1
6.2
6.1
3.8
8.1
12.0
13.6
8.8
12.2
9.7
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
1950—2
3
4
35.5
44.3
48.4
20.6
22.5
16.5
19.0
23.7
26.0
8.1
9.3
10.7
10.9
14.4
15.3
1951—1
2
3
4
50.1
43.3
38.6
39.5
28
24
21
22
4
5
8
2
21.7
18.8
16.9
17.3
8
9
9
9
13.
9.
7.
8.
1952—1
2i
42.7
41.0
24.7
23.7
18.1
17.3
8.9
9.6
Quarter
.
.
.
.
.6
.0
.2
.3
Undistributed
profits
1
8
7
0
9.2
7.7
Figures,except for cash dividends,are estimates of Council of Economic Advisers,based on preliminary data.
1040
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
Total
gross
debt 1
Total
gross
direct
debts
Total
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—June
Dec
1950—June
Dec
1951—June
170,108
232,144
278,682
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
1951—Aug
Sept
Oct
Nov
Dec
256,677
257,386
258,336
259,647
259,461
1952—Jan
Feb
Mar
Apr
May
June
July
Aug
259,813
260,399
258,124
258,337
259,951
259,151
263,107
263,225
End of
month
Nonmarketable
Bonds
Certificates of Notes
indebtedness
Total
Bills
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
13,533
13,627
13,614
22,843
30,401
38,155
29,987
21,220
26,525
29,427
29,636
18,418
5,373
9,509
256,644
257,353
258,298
259,604
259,419
219,174
219,321
220,325
221,391
221,168
139,741
140,169
141,753
142,741
142,685
15,012
15,617
16,849
18,100
18,102
259,775
260,362
258,084
258,292
259,905
259,105
263,073
263,186
221,249
221,776
219,301
219,356
220,540
219,124
222,963
222,753
142,690
142,701
141,376
141,820
142,625
140,407
144,340
144,148
18,104
18,104
16,863
17,462
18,267
17,219
17,213
17,206
Convertible
6
Tax
and
savings
notes
Savings
bonds
Special
issues
Bank
eligible 4
Bank
restricted
11,175
23,039
22,967
10,090
11,375
7,131
3,596
8,249
20,404
39,258
35,806
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
36,574
50,917
56,915
56,451
59,492
61,383
62,839
66,000
67,544
68,125
66,708
27,363
40,361
48,183
49,776
52,053
55,051
56,260
56,707
57,536
58,019
57,572
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
14,740
15,317
28,016
28,017
29,078
31,010
31,013
18,669
18,406
18,409
42,923
42,168
42,167
42,167
41,049
36,056
36,054
36,053
36,050
36,048
12,570
12,567
12,065
12,062
12,060
66,864
66,585
66,506
66,588
66,423
57,509
57,488
57,501
57,552
57,587
8,041
7,775
7,705
7,737
7,534
35,146
35,637
35,615
35,862
35,902
29,079
29,079
29,079
28,423
28,423
28,423
28,170
28,019
18,421
18,434
18,450
18,952
18,956
18,963
18,971
18,974
41,040
41,040
40,942
40,943
43,061
48,343
52,579
52,579
36,046
36,044
36,042
36,040
33,918
27,460
27,407
27,369
12,047
12,034
12,018
11,516
11,512
13,095
13,145
13,186
66,513
67,041
65,907
66,019
66,403
65,622
65,478
65,419
57,664
57,682
57,680
57,644
57,614
57,685
57,709
57,753
7,539
8,044
6,911
7,057
7,470
6,612
6,440
6,330
36,233
36,360
36,493
36,746
37,198
37,739
37,945
38,307
Total
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 6,689 million dollars on July 31, 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 AUGUST 31, 1952
[On basis of daily statements of United States Treasury.
of dollars]
Issue and coupon rate
Amount
Certificates
Sept. 1, 1952
Oct. 1, 1952
Dec. 1,1952
Feb. 15, 1953
June 1, 1953
Aug. 15, 1953
In millions
Issue and coupon rate
,300
,201
,202
,200
,200
,400
,400
,400
,500
,300
,501
,300
,300
\%
iy8
\%
IK
1%
2
Treasury notes
Mar. 15, 1954
Mar. 15, 1955...., ,
Dec. 15, 1955
Apr. 1, 1956... .
Oct. 1, 1956
Apr. 1, 1957
.1
Treasury bonds
Mar. 15-Sept. 15,1953.2
1
262
10,861
1,063
8,868
4,963
2,003
4,675
5,365
6,854
1,007
550
523
7,986
June
June
Tune
June
June
fane
Mar.
Mar.
Sept.
Sept.
Mar.
June
June
June
Dec.
Dec.
June
Dec.
Tune
Dec.
Mar,
Mar.
June
Sept.
Dec.
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15.
15,
1953-54
2
1953-54 2
2
1953-55...2M
1953-55 3 . . . . 2
1953-554. . . . 2
1954-56*. .?H
1955-604. .2%
1956 - 5 8 . . . 2V2
1956-594. .2%
1056-59... 2 M
1957-59... 2 %
1958
2%
195S-63 4 . .2%
1959-62.. . M
1959-625. .2
1960-654. .
1962-67 . .
1963-68*. .2
1964-69'. .2
1964-696. .2H
1965-705. - 2 M
1966-716. ^H
1967-726. .2H
1967-72... 2 ^
1967-72*. .2}4
Postal Savings
bonds
2}4
Panama Canal Loan. 3
Total direct issues
Guaranteed securities
Federal Housing Admin.
Various
Year or
month
Amount
Treasury bonds—Cont.
Treasury bills *
Sept. 4, 1952
Sept. 11, 1952
Sept. 18, 1952
Sept. 25, 1952
Oct. 2, 1952
Oct. 9, 1952
Oct. 16, 1952
Oct. 23, 1952
Oct. 30, 1952
Nov. 6, 1952
Nov. 13, 1952
Nov. 20, 1952
Nov. 28, 1952
UNITED STATES SAVINGS BONDS
[In millions of dollars]
5,825
8,662
1,501
510
725
681
2 611
927
4,245
281
485
11R
F29
?58
Hi 5
,752
,976
, 899
2,716
3,852
84
50
144,148
38
Sold on discount basis. See table on Open-Market Money Rates,
p. 1036.
2
4
Maturity Dec. 15, 1954.
Partially tax exempt.
3
5
Maturity Dec. 15, 1955.
Restricted.
1945
1946
1947
1948
1949
1950
1951
1951—Aug... .
Sept....
Oct.. . .
Nov....
Dec...
1952—Jan
Feb
Mar....
Apr.. . .
May.. .
June.. .
July. . .
Aug.. . .
RedempAmount Funds received from sales during tions
and
outperiod
maturities
standing
at end of
All
Series Series Series
All
period
series E a n d H F a n d J Gand K 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
57,509
314
57,488
273
57,501
334
57,552
316
57,587
297
57,664
441
57,682
339
57,680
331
57,644
313
57.614
292
57,685
364
57,709
367
57.753
356
9,822
4,466
4,085
4,224
4,208
3,668
3,190
267
230
274
268
254
364
288
284
267
253
293
316
309
595
325
342
498
233
417
124
8
7
10
9
9
16
10
9
10
8
15
9
11
2,520
2,637
2,267
2,573
1,392
1,990
646
38
36
50
39
34
61
42
38
37
30
56
43
37
5,558
6,427
5,126
5,144
5,101
5,840
5,651
437
390
410
364
401
493
411
428
438
423
431
468
399
Maturities and amounts outstanding August 31, 1952
Year of
maturity
series
Series
E and H
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
Unclassified
3,275
6,246
7,935
6,756
4,965
4,742
4,815
4,605
5,063
!4,381
3,883
3,275
5,108
5,666
4,418
2,223
2,303
2,501
2,550
2,360
12.931
1,743
Total
57,753
All
732
412
-59
Series
Fand J
Series
G and K
190
472
492
577
460
238
254
439
196
363
118
85
1,797
1 ,846
2 165
1 ,980
2,077
1,802
2,264
1 ,254
1,777
949
614
327
-59
35,019
3,882
18,852
1
Includes bonds with extended maturities totaling 676 million
dollars.
SEPTEMBER
1952
1041
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY
[Par value in millions of dollars]
End of month
Total
Held by
gross
U. S. Government
debt
agencies and:
(includtrust funds
ing guaranteed
Special Public
securities)
issues
issues
Held by the public
Total
Federal
Reserve
Banks
Commercial2
banks
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
governments
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
n1,600
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
49,000
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
rl4,300
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
'•22,400
21,500
9,800
9,900
9,900
9,900
49,100
49,100
49,000
49,100
n4,600
--14.400
'14,400
14,100
10,500
11,500
11,800
12,200
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
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
1952—Mar
Apr
May
June
258,124
258.337
259,951
259,151
36,493
36,746
37,198
37,739
6,503
6,500
6,524
6,596
215,128
215,091
216,229
214,816
22,514
22,363
22,273
22,906
60,200
60,500
61.100
61,200
9,800
9,800
9,800
9,600
16,200
16,200
15,900
15,700
r
2
3
GUARANTEED
r
>"22,2OO
20,300
Individuals
Savings Other
bonds securities
Miscellaneous
investors 3
l
Revised.
Includes the Postal Savings System.
Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on Dec. 31, 1951.
Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES •
[Interest-bearing public marketable securities. In millions of dollars]
End of month
Total
outstanding
U. S.
Govt.
agencies
and
trust
funds
Fed- Com- Mu- Insurtual
eral
ance
mer- savRecial 1 ings com- Other
serve banks
panies
banks
Banks
Type of
security:
2
Total:
1949—Dec
1950—June
Dec
1951—June . ..
Dec
1952—May
June... .
Treasury bills:
1949—Dec
1950—June....
Dec
1951—June . . .
Dec
1952—May . . .
June
Certificates:
1949—Dec
1950—June
Dec
1951—June....
Dec
1952—May . . .
June....
Treasury notes:
1949—Dec
1950—June....
Dec
1951—June
Dec
1952—May . . .
June
Treasury bonds:
1949—Dec
1950—June....
Dec
1951—June....
Dec
1952—May . . .
June....
155,138
155,325
152,471
137,944
142,724
142,668
140,451
12,319
13,533
13,627
13,614
18,102
18,267
17,219
5,327
5,350
5.365
3,272
3,345
3,490
3,031
18,885
18,331
20,778
20.268
22,588
21,559
22,192
11 4.829
3 3,856
35 1,296
527
26
50
596
83
41
82
381
59,856
58,972
54,893
51.515
54,148
53,715
53,867
3,514
3,703
3,888
3,750
6,773
6,056
5,828
11,520
5,354
1,544
2,753
6,773
6.870
6,877
10,772
10,877
10.144
8,254
7,880
7.788
7,494
767 11,142
596 10,270
169
64
7
37
41
15
562 5,569
29 3,500 11,204
10 12,527 15,833
14 12,439 13.704
3 5,068 10,465
107
154
136
120
67
2 5,568 10,438
2 5,568 10,431
61
42
10,480
10,624
9,967
7.973
7,697
7,466
7,221
7,218 39,235
5,618
4,620
4,108
4,130
4,422
4,422
38,691
33,607
31,286
30,104
30,313
30,695
June
137
103
8,249
20,404
39,258
35,806
18.409
18,956
18,963
5,217
5,273
5,283
3,178
3,209
3,304
2,877
1952—May. . .
70 3,880
90 5,846 1-5 years:
474 7,901
1949—Dec
829 8.360
1950—June....
532 10,080
Dec
48
7
17
49
104,758
102,795
94,035
78,832
76,945
76,837
75,660
41,763
43,663
44,429
42,558
43,399
45,228
43,532
Treasury bonds
and notes, due
or callable:
Within 1 year:
1949—Dec
1950—June....
Dec...
1951—June....
Dec
15
35
33
122
71
29.636
18,418
5,373
9.509
29,078
28.423
28,423
6,275
5,357
2.334
3,194
12,793
70 11,487
60 11,821
18,535
18,132
16,862
12,077
11,364
10.888
10,335
End of month
118
120
1951—June....
Dec
1952—May. . .
10,991
June
7,254
1,435
3,221 5-10 years:
1949—Dec
8,760
1950—June....
517 9,361
Dec
454 9,091
1951—June...
Dec
244 1,752
403 5,114
1952—May. . .
707 10,045
June
687 8,842
316 2,490 After 10 years:
1949—Dec
333 2,554
1950—June....
332 2,588
Dec.
1951—June....
17,579 25,029
Dec
17,249 25,340
15,617 24,941
1952—May. . .
10,264 22,023
June
9,839 21,966
9,258 22,074
8,941 21,504 i
633
382
53
287
662
Total
outstanding
U. S.
Govt. Fed- Com- Mu- Insuragen- eral
tual
mer- savance
Recies
cial 1 ings com- Other
and serve banks
panies
trust Banks
banks
funds
14,319
10,387
38,905
37,631
25,508
36
878 9,014
70
505 7,001
9 12,373 14,645
49 10,241 15,083
21 1,668 16,793
468 3,685
238
360 2,300
151
926 10,722
230
467 1,044 10,747
420
787 5,819
24.485
25,210
14
14
367
327
35,067
51,802
33,378
31.022
28,678
186
327
189
1,620 16,197
1,620 16,826
731
677
5,556
5,746
30,152
29,434
1,922
5,116
1,285
139 3.878
155 5,102
136 5.941
130 5,941
19.020
18,352
166
138
18,537
15,926
17,411
15,962
11,156
568 1,388 6,995
423 1,148 5,675
412
982 7,329
376 1.032 6,273
309 1,014 2,436
2,640
2,439
2,125
2,009
1,925
11,154
13,272
323
524
45,084
45,084
43,599
30.023
30,012
4,441
4,482
4,682
2,629
2,726
30,001
26,707
2,833 1,415 3,069 5,208 6,475 11,001
2,231 1,358 2,681 4,707 5.711 10,019
24,907 1,121 1,641 5,290
33,127 1,058 1,731 10,443
568 1,142 5.660
24,534
20.853
227
756 5.169
18,600
142
685 3,994
715 4,174
701 4,172
2,230
2,055
1,948
1,858
1,656
4,716
4,186
4,615
4.414
3,816
1,014 2,465 1,786 1,671 3.895
1,070 3,268 2,092 2,183 4,135
3,593
2,349
2,508
1,397
1,415
3,887
4,092
2,932
2,781
2,740
6,588
7,130
7,180
5,389
5,276
13,485
13,507
12,308
7,293
7,027
13,090
13,524
13,989
10,534
10,828
* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings
banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other"
include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively
small1 amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above.
Includes stock savings banks.
2
Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below,
s Less than $500,000.
1042
FEDERAL RESERVE BULLETIN
S U M M A R Y OF T R E A S U R Y RECEIPTS, E X P E N D I T U R E S , A N D RELATED ITEMS
[In millions of dollars]
Cash operating
On basis of daily s t a t e m e n t s of United States Treasury
General fund of the Treasury (end of period)
Increase ( + ) or
e ^ —;
year or
month
Fiscal year:
1950... .
1951
1952
1951—Aug
Sept
Oct.
Nov...
Dec , .
1952—Jan.. .
Feb...
Mar..
Apr.. .
May..
June..
July . .
Aug . .
Budget
expenditures
Net
receipts
Budget
surplus
37,045 40,167
48 143 44 633
62 129 66,145
3,594
5,087
5,163
6,209
5,483
2,635
5,178
3,521
5,627
5,279
4,953
5,455
5,105
5,553
5.704
9,886
6,016
4,323
5,659
3,809
6,930
9,796
6,742
3,316
5,018
4,050
(+)or
deficit
during period
Trust Clearacing
counts,
acetc.1 count1
+99 +483
+679 —214
+ 147 —401
+83 - 1 0 3
+37
+30
-86
-55
+82
+20
+ 196
+7
- 3 7 4 + 103
25
+ 186
+ 106 - 2 4 5
- 2 9 1 +329
-91
+357
-3,122
+3,510
-4,017
-1,493
+1,046
-2,847
-1,658
-347
-501
+448
+4,182
-1,693
-1,850
+2,865
-192
-17
-3,426
-968
+77
-326
+432
-195
Assets
Balance
in
general
fund
General
fund
balance
Gross
debt
Deposits in
Fed- Spe- Other
eral
Total
cial assets
Reserve deposBanks' itaries
+4,587 +2,047 5,517 5,927
—2,135 + 1 839 7 357 7 871
+ 3 883
— 388 6 969 7,481
+988
- 5 2 5 5,095 5,431
+709 +1,822 6,916 7,356
-1-945 - 2 , 0 4 2 4,874 5,311
- 2 5 0 4,624 5.147
+1,306
-186
- 3 2 9 4,295 4,816
+357
- 4 1 5 3,879 4,306
+587 + 1,196 5,075 5.700
- 2 , 2 7 8 + 1,765 6,840 7,445
+209 - 1 , 4 4 7 5,393 6,108
+ 1,613
+28 5,421 6,046
- 8 0 0 + 1,548 6,969 7,481
+3,968
+957 7,925 8,520
+ 113
-973 6,952 7,439
3,268
5 680
5,106
3,244
4,547
3,021
2,901
2,693
2,048
3,216
5,228
3,779
3,690
5,106
6,027
5,190
950
338
333
459
947
493
481
321
162
558
169
450
569
333
638
496
Total
liabilities
1,709
1 853
2 041
1,727
1,861
1,798
1,765
1,801
2,096
1,926
2,049
1,879
1,787
2,041
1,855
1,754
Cash
income
410
514
512
336
439
437
523
521
427
625
605
715
624
512
594
487
Cash
outgo
40,970
53 439
68 093
4,600
6,555
2,855
4,293
5,642
5,183
6,275
10,436
4,689
4,722
9,988
3,593
43,155
4.5 «O4.
^7 (Kfi
5,565
4,862
Excess
income
(+)or
outgo
—2 185
+7 635
+137
-965
+1,693
5,801 - 2 . 9 4 6
5,642 - 1 , 3 4 8
5,621
+21
5,473
-290
5,328
+947
6,120 +4,316
5,972 - 1 , 2 8 3
5,751 - 1 , 0 2 9
6,978 +3,010
6,233 - 2 , 6 4 0
DETAILS OF T R E A S U R Y RECEIPTS
On basis of daily statements of United States Treasury
Income taxes
Fiscal year
or month
Fiscal year:
1950
1951.
1952
1951—-Aug. . . .
Sept....
Oct. . . .
Nov—
Dec...
1952—Jan
Feb....
Mar...
Apr. . . .
May...
June...
July . . .
Aug. .. .
Withheld Other
by em-4
ployers
10,073
13,535
21,889
2,130
1,128
780
Miscellaneous
internal
revenue
18,189
24,218
33,026
404
2,177
1,361
4
897
3,057
2,019
Emther
ploy- O rement
taxes ceipts
Net
Social
Refunds Security reof
employceipts
ment
receipts
taxes 6
Total
receipts
8,303 2,883 1,862 41,311
9,423 3,931 2,263 53,369
9,726 4,562 2,364 67,999
596
228 4,165
806
707
449
126 6,524
169 2,708
885
46
805
505
211 3,951
322
155 5,576
823
174
383 5,153
826
805
703
131 6,194
539
160 10,800
825
849
268
152 5,187
828
582
197 4,688
201
845
228 10,220
949
204
236 3,649
862
*>539
177 4,585
4,115
828
254
2,916
«3,021
1,943
7,717
978 3,191
549
3,009
1,983 7,106
1,007 1,435
445
P2,996
On basis of reports by collectors of internal revenue
Deduct
2,160
2,107
2,302
55
57
41
30
31
52
195
455
612
403
283
151
102
2,106 37,045
3,120 48.143
3,569 62,129
516 3,594
258 6,209
32 2,635
400 3,521
266 5,279
147 4,953
446 5,553
460 9,886
252 4,323
476 3,809
142 9,796
182 3,316
434 4,050
Individual income
and old-age
insurance taxes
Withheld
Other
Corporation income and
profits
taxes
11,762
15,901
21,313
3,600
7,264
9,908
11,545
10,854
14,388
21,467
116
290
110
1,276
2,942
1,227
3,428
275
814
4,172
537
1,330
3,955
215
98
310
2,649
62,330
1,464
2,133
1,583
5,913
1,278
1,478
5,659
393
958
221
707
1,539
512
160
807
311
351
Estate
and
gift
taxes
Excise
and
other
miscellaneous
* Cl A A *— \J U i *
706
730
833
66
52
52
70
77
65
66
113
88
80
48
84
7,599
8,704
8,971
taxes
771
641
831
776
712
763
754
718
742
750
804
863
DETAILS OF BUDGET E X P E N D I T U R E S A N D T R U S T A C C O U N T S
On basis of daily statements of United States Treasury
Budget expenditures
Fiscal year
or month
Total
Fiscal year:
1950
1951
1952
1951—Aug
Sept.
Oct
Nov.
Dec
1952—Jan
Feb.
May
Tune
July
Aug
National
defense
40,167 12,346
44,633 19,964
66,145 39,106
5,087 3,040
5,163
2,628
5,483 3,166
5,178
3,015
5,627 3,070
5,455 3,414
5,105
3,155
5,704 3,425
3,775
6,016
5,659 3,791
6,930 3,699
6,742 P 3 , 9 0 2
5,018 P 2 , 9 5 0
InterOther
military national Interest
ecosecurity
on
pro- 7 nomic
8
debt
aid
grams
Veterans
Administration
T r u s t and other accounts
Aid
to
agriculture
TransSocial
fers
Securto
ity
Other
trust
proacgrams
counts
4,941 5,750 6,043 2,986 1,375
3,854 5,613 5,204
635 1,415
2,831 5,859 4,697 1,219 1,424
304
262
289
380
323
252
188
247
188
261
222
580
497
173
1,057
419
365
406
436
386
104
36
206
105
49
150
58
187
121
88
1,383
972
1,304
41
496
87
92
64
350
363
120
214
228
142
428
378
385
371
352
339
391
354
194
78
83
52
85
187
117
P126
158
108
66
149
76
148
158
P112
78
71
78
50
99
80
397
94
663
1,901
4,110
406
435
413
375
471
514
689
201
350
277
172
315
337 1,518
320
P351
P256
183
Social Security
accounts
Receipts
Other
ExInInExvest- pendi- Revest- pendiments tures ceipts ments 9 tures
4,293 1,028 3,114 2,376 - 1 , 4 3 0 3,857
5,631 2,685 2,790 2,165
872
771
6,424 2,982 3,506 2,382
654 1,517
4,680
5,075
5,593
556
550
398
669
330
919
421
179
732
550
526
193
59
285
81
291
243
253
282
278
160
475
190
171
142
-66
323
-58
-38
-8
245
99
169
291
145
486
595
371
556
355
248
246
711
221
175
326
319
146
120
189
46
14
3
-22
293
333
31
29
105
87
178
-122
262
137
162
P635
P429
558
371
924
521
288
853
157
267
532
356
-24
366
320
318
305
306
310
323
126
104
126
505
450
106
1
P Preliminary.
Excess of receipts ( + ) or expenditures ( —).
2
3
Excludes items in process of collection.
For description, see Treasury Bulletin for September 1947 and subsequent issues.
4
Prior to J a n u a r y 1952 represents income tax withheld, and employment taxes less amounts appropriated to Federal old-age and survivor*
insurance trust fund; beginning with J a n u a r y 1952, employment taxes withheld no longer separable.
5
These are appropriated directly to t h e Federal old-age and survivors insurance trust fund.
6
Beginning with J a n u a r y 1952, includes social security taxes on self-employed persons,
7
8
Atomic Energy, Maritime activities, and military assistance abroad.
Includes State D e p a r t m e n t .
9
Includes investments of Government agencies in public debt.
SEPTEMBER
1952
1043
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
Bonds, notes,
InvestU. S. PriComand debenments
Gov- vately
modiLand,
tures payable
ern- owned
Loans ties,
struc- Other
Other
ment
suptures,
interreinterasliabiland
est
ceiv- plies, U. S.
Fully
est
ities
and Govt. Other equip- sets guarable
mate- secu- secu- ment
anteed Other
rials rities rities 'by
U. S.
Corporation or agency
Cash
Total
All agencies:
June 30,
Sept. 30,
Dec. 31,
Mar. 31,
25,188
25,668
26,744
26,858
1951
1951
1951
1952
Classification by agency,
Mar. 31, 1952
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Agricultural Marketing Act
Federal Farm Mortgage Corp
Rural Electrification Administration
Commodity Credit Corporation 4
Farmers' Home Administration
Federal Crop Insurance Corp
13,504
13,906
14,422
14,422
649
659
931
844
449
811
55
1
34
,884
,212
583
1,719
1,515
1,461
1,322
2,185
2,236
2,226
2,422
3,474
3,472
3.463
3,451
2,999
3,025
3,358
3,406
1,378
932 22,533
1,399
,962
1.369 1.161 23,842
1,214 1,247 24,010
659
854
882
991
371
739
283
58
55
1
33
1,884
1,906
580
28
25
350
6
205
12 1,891
212
198
324
140
745
10
1
32
1,782
708 1,012
491
()
106
31
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
1,003
211
1,903
447
589
2,068
89
2,053
35
20
Reconstruction Finance Corporation:
Assets held for U. S. Treasury 5
Other e
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee7 Valley Authority
Allother
805
801
2,338
1,425
1,359
8,350
1
705
2,322
()
305
2
3
384
204
329
557
30
()
1
60
374
25
2
1,242
1
37
315
322
320
349
2,065
147
591
1
1
() i',409
16
2
229 4,008
229
148
1,105
329
3,385
61
35
16
14
8
251
70
43
122
43
63
805
732
2,294
1,303
1,316
8,286
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Mar. 31, 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 (net)...
Fed.
Fed. inter- Banks
Farm medi- for coMort. ate operaCorp. credit tives
banks
32
739
373
Com- Rural
Elecmoditv trificaCredit
tion
Corp. Adm.
710
Farm- Home
Owners'
ers'
Home Loan
Adm. Corp.
1,784
595
2,053
Recon- ExPublic Fed. struc- portHous- home tion
Iming
Filoan
port
Adm. banks nance Bank
Corp.
121
«
739
2
3
2
104
371
708
1,782
491
557
2
70
4,161
2,142
101
488
'"589
597
8
61 2,329 3,706 6,096
731
63
110
173
7
9
46
814
6,110
779
173
589
706 2,322 4,074 14,422
14,422
557
2,053
6 4.239
189 2,363
98
473
96
402
m
32
All
other
Dec. 31,
1951,
All
all
agen- agencies
cies
1
Assets are shown on a net basis, i. e., after reserve for losses.
2
Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction
and 8Development and its subscription of 2,750 million to the International Monetary Fund.
Less than $500,000.
* Includes Disaster Loans, etc.. Revolving Fund.
8
Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for tht
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
Figures for one small agency are for date other than Mar. 31.
NOTE.—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recent
years has been affected by (1) the adoption of a new reporting form and the substitution of quarterly for monthly reports beginning Sept. 30,
1944, and (2) the exclusion of figures for the U. S. Maritime Commission beginning June 30, 1948. For back figures see earlier issues of the
BULLETIN and Banking and Monetary Statistics, Table 152, p. 517.
1044
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted ' and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Constructi on
contract 3
awarded (va ue)2
1947-49 = LOO
Industrial production
(physical volume)* l
1935-39=100
Manufactures
Vear or month
Total
Durable
Nondurable
Minerals
Total
Residential
Employments and payrolls
1947-49=100
All
other
Nonagricultural
employment
3
Freight
carloadManufacturing
ings*
production workers 1935-39
= 100
Employment
Payrolls
AdAd- Unad- Unad- AdAdAdAdAdAdAd- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed
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
100
107
93
69
69
73
63
49
73
71
76
52
30
67
68
70
70
62
67.9
68.2
68.3
71.3
67.0
65.5
64.1
64.2
68.3
59.5
33.0
32.4
32.8
35.0
28.3
152
147
148
152
131
37
37
37
38
35
126.4
124 0
122.6
122.5
119 4
65.0
62 0
62.9
61.9
56 1
34
15
14
17
20
22
8
7
90
80
67
76
80
86
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
108
122
78
109
139
100
106
95
109
115
99
112
97
106
117
30
32
35
39
44
22
25
27
37
43
35
36
40
40
44
66.2
70.6
66.4
69.6
73.6
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
66
89
37
22
36
54
49
24
10
16
74
116
45
30
50
83.1
91.2
96.6
95.3
92.1
87.9 49.3
103.9 72.2
121.4 99.0
118.1 102.8
104.0 87.8
130
138
137
140
135
44
50
56
62
70
105 2
116.6
123 7
125.7
128 6
56 8
64.2
67.0
67.6
68 8
170
187
192
176
200
220
192
220
225
202
237
273
165
172
177
168
187
194
134
149
155
135
148
164
82
84
102
113
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 81.2
103.4 97.7
102.8 105.1
93.8 97.2
99.2 111.2
105.4 129.2
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
215
215
195
160
163
171
216
260
218
159
176
104.5 104.4 105.5 124.u
104.8 104.7 105.6 127 A
140
136
103
176 4
178.8
109.3
112.1
221
216
221
222
223
222
221
212
217
218
218
219
217
219
222
223
223
214
220
223
222
220
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
181 5
183 8
184 5
184 6
185 4
185 2
185 5
185 5
186 6
187 4
188 6
189.1
115 0
116 5
116 5
116 3
115 9
115 1
114 2
113 7
113 4
113 7
113 6
113.5
1941
1942
1943
1944
1945
. .
March ..
April
May
June
July
August
September
October
November
December
1952
January
February
March
April
May
June
July
August
Unadjusted
39
45
32
43
42
46
59
. .
1951
January
Unadjusted
26
18
27
41
49
57
75
1931
1932. . .
1933
1934
1935
1950
November
December
Adjusted
= 100
34
34
30
43
45
51
66
1926
1927
1928
1929
1930
1946
1947
1948
1949
1950
1951
sales*
(retail
value)4
1947-49
= 100
Whole-
Consale
s u m e r s ' comprices 3 modity
1935-39 prices 3
= 100 1947-49
71
83
66
71
98
89
92
1919 .
1920
1921
1922...
1923
1924
1925
1936
1937
1938
1939
1940
Department
72
75
58
73
88
82
90
84
93
53
81
103
95
107
62
60
57
67
72
69
76
96
95
99
110
91
114
107
117
132
98
79
83
85
93
84
75
58
69
75
87
67
41
54
65
83
70
79
81
103
113
89
109
125
218
217
221
222
221
216
211
204
P191
«212
217
218
217
215
'211
205
P192
•215
268
JV
too
99
7
197
157
177
268
201
164
178
188
271
277
279
276
274
265
267
271
274
277
201
199
198
198
197
187
193
192
188
188
158
158
164
165
165
156
165
167
174
170
173
163
199
193
200
162
156
147
140
156
187
176
170
166
174
179
176
168
160
146
179
282
185
163
166
145
282
284
285
277
277
248
^224
'264
189
190
188
183
180
186
P180
167
167
164
166
140
147
P143
•157
161
156
164
171
168
172
P180
142
163
174
189
186
193
189
P196
109
105.8
106.8
106.9
107.1
106.8
106.8
106.0
104.8
103.9
103.4
103.3
103.5
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
125
129
139
136
133
131
125
133
133
135
137
115
105
104
104
105
105
109
107
109
113
173 106.8 103.6
152 107.0 103.8
157 107.0 103.7
158 '107.0 104.0
156 107.1 103.6
158 106.7 101.3
P169 P105.9 P98.7
103.2
103.6
103.6
102.9
101.9
100.2
P97.O
130.4
131.0
131.9
128.1
128.2
126.8
120.7
141
136
133
126
122
108
108
106
105
103
108
111
102
125
*>105
•114
133
109
189.1 113.0
187 9 112 5
188.0 112.3
188 7 111 8
189.0 111.6
189 6 rlH 2
190 8 111 8
e
r
Estimated; all estimates are those of the Federal Reserve.
P Preliminary.
Revised.
*1 Average per working day.
For
indexes
by
groups
or
industries,
see
pp.
1046-1049.
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. 1053.
3
The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of
the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumers' price index is the adjusted series, reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January
1950, 4 interim revision of series and weights.
For indexes by Federal Reserve districts and for other department store data, see pp. 1056-1058.
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.
SEPTEMBER
1952
1045
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1935-39 average =100]
1952
1951
Industry
Industrial
Production—Total
Manufactures—Total
Durable Manufactures.
Iron and Steel1. . . . .
Pig iron
Steel
...
Open hearth
Electric
Machinery
Automobiles (including parts) ..
(Aircraft; Railroad Equipment;
Shipbuilding — Private
and Government) s
July Aug. Sept. Oct.
Nov. Dec. Jan. Feb.
2/2
2/7
218
218
219
218
221
222
221
216
211
204
P191
222
226
228
226
228
228
231
232
231
225
224
214
P200
Mar. Apr.
May
June July
265
267
271
274
277
282
282
284
285
277
277
248
253
254
258
261
261
263
261
261
263
245
245
142 P127
230
230
231
235
232
227
229
235
239
205
208
42
293
215
850
291
208
881
298
213
902
304
217
921
307
216
954
304
219
911
304
218
913
304
221
892
309
225
911
278
196
855
278
195
66
39
256
P55
'867
352
P334
328
328
336
340
347
358
359
360
359
293
305
311
311
313
320
318
322
327
329
338
339 P262
216
223
226
223
216
221
218
219
222
'227
'232
230
199
197
196
201
209
207
216
217
218
219
Smelting and refining
(Copper smelting; Lead refining; Zinc smelting;
226
213
214
230
235
235
243
249
252
257
'259
247 P242
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
consumption) *
188
191
190
190
198
196
206
204
204
203
'199
196
141
146
146
149
157
154
159
162
158
152
131
137
135
138
149
150
165
167
171
172
154
149
160
141
237
228
228
219
212
219
217
224
222
220
217
222
P217
260
285
226
177
234
249
222
176
232
246
219
173
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
228
243
230
P246
266
215
'173
'167
247
269
222
171
187
193
192
188
188
185
189
190
188
183
'180
186
P180
160
170
163
154
157
152
157
160
152
144
151
Nonferrous Metals and Products
Lumber and Products
Lumber
Furniture
Stone, Clay, and Glass Products
Glass products
Glass containers
Cement
Clay products
Other stone and clay products 2
Nondurable Manufactures
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 2
Wool textiles
Carpet wool consumption
Apparel wool consumption
Wool and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
Manufactured Food Products
Wheat flour
....
Cane sugar meltings 2
Manufactured dairy products
Butter
Cheese
Canned and
dried milk
Ice cream 2
178
175
176
210
r
142
146
143
128
134
175 '170
'168
P206
P191
r
141
128
169 P164
P163
154 P144
138
150
145
139
142
137
142
146
139
131
137
138
123
379
145
360
142
334
140
293
144
289
136
283
144
296
ISO
294
141
288
130
280
135
287
133
312
100
27
117
105
92
123
124
115
58
132
117
108
130
135
114
63
132
117
108
129
132
114
86
119
114
108
123
126
120
94
122
120
116
126
133
118
99
121
115
112
119
131
116
120
110
109
108
109
126
122
133
116
117
114
120
126
112
123
110
108
103
114
113
108
117
110
103
96
112
109
'117
'113
123
112
75
125
113
106
124
124
85
99
100
91
89
88
100
107
108
102
105
103
75
91
42
58
54
92
81
99
44
65
56
110
84
104
51
56
64
111
80
96
51
53
67
98
78
94
51
53
69
97
79
91
59
60
71
94
86
98
64
70
71
110
90
101
73
72
74
118
86
98
68
69
72
122
84
95
72
64
69
114
90
105
67
67
72
115
92
107
69
67
79
111
164
166
167
163
160
160
162
165
166
163
160
166
107
108
107
109
115
109
122
113
103
108
103
113 P112
150
77
148
77
143
72
140
71
137
64
136
62
137
65
146
73
148
73
147
'69
145
70
158
118
161
119
165
118
138
66
163
120
142
71
163
126
169
133
181
149
183
163
180
164
175
152
180
169
173
160
165
138
123
112
108
'116
111
342
P161
p Preliminary.
' Revised.
i Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods
may be obtained from the Division of Research and Statistics.
*8 Series included in total and group indexes but not available for publication separately.
Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer
available separately. Individual indexes through June 1951 are shown in preceding BULLETINS.
1046
FEDERAL RESERVE
BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1935-39 average = 100]
1951
1952
Industry
July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
May
June July
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
152
187
126
107
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
173
147
Alcoholic
Beverages
70
.
...
M[alt licjuor
Whiskey
Other distilled spirits
Rectified liquors
...
Tobacco Products
Cigars
Cigarettes
.
. . .
Other tobacco products
Paper and Paper Products
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate and sulphite pulp 3
Paper
Paperboard
Fine paper *
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
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 *
Coke
By-product coke
Beehive coke
Chemical Products
Paints
...
Rayon
Industrial chemicals
Other chemical products *
Rubber Products
...
168
221
126
99
157
198
124
109
65
64
74
75
174
176
173
166
139
152
163
121
162
207
128
110
168
205
143
106
162
193
145
87
182
228
153
84
69
80
85
168
169
171
163
200
141
84
179
230
141
81
85
172
79
169 M69
r
146
128 130
183 ••181
78
147
163
144
109
68
175 P 1 7 0
162 P130
121
188 P188
123
133
127
183
136
183
149
183
128
136
189
145
184
143
185
135
184
175
178
184
178
188
176
174
171
170
157
150
152
162
163
78
474
197
165
51
164
70
154
76
180
86
178
85
185
73
173
73
171
68
154
62
161
38
176
19
492
335
265
253
336
327
292
185
198
292
225
150
193
208
298
358
262
205
149
51
231
214
207
224
185
194
147
176
175
174
184
178
189
172
129
262
87
204
108
244
105
244
67
62
114
245
64
116
264
60
110
259
113
240
68
109
243
65
54
192
rl81
160
176
154
227
121
89
266
161
98
225
57
223
332
183
177
114
252
73
123
239
70
127
259
44
84
150
59
190
196
197
196
191
184
187
193
185
182
183
189
192
191
187
182
185
189
188
181
230
137
78
269
176
217
228
132
93
265
183
224
234
137
99
271
185
216
235
130
97
273
185
213
235
112
95
278
180
205
223
116
94
261
176
191
229
111
95
271
178
197
237
114
99
279
181
209
241
117
99
284
180
205
228
110
95
269
174
202
175
221
108
92
260
168
207
201
195
124
68
226
148
182
167
204
185
196
192
200
190
210
188
179
191
181
192
195
191
184
189
190
186
186
182
168
150
174
161
122
175
162
149
130
153
134
124
126
165
129
184
125
181
128
177
123
176
129
177
175
174
175
177
177
175
170
176
157
165
163
158
159
163
164
164
166
169
164
266
269
276
281
281
281
278
263
211
252
v258
214
213
212
214
214
226
215
234
211
238
212
242
210
227
205
218
157
167
124
133
216
228
P229
47
168
130
180
129
166
174
179
166
164
167
262
265
211
213
213
209
195
209
200
208
187
216
180
127
200
214
196
230
192
224
188
243
178
131
177
208
183
223
185
178
188
179
188
179
204
197
388
457
411
452
467
456
464
459
420
305
306
301
298
299
298
300
297
294
r
183
178
187
179
185
178
185
178
185
177
179
175
329
83
r
291
297
••151
270
••557
307
562
P545
167
165
158
156
158
158
159
157
155
r
358
560
346
556
331
563
317
563
322
562
299
562
152
393
557
269
563
r
559
243
243
245
239
245
250
248
243
242
r
267
r
152 P159
239
245
P235
140
147
P143
171
140
161
100
107
73
96
102
74
199
110
119
74
201
159
193 P192
125
141
143
P65
182
176
204
207
47
76
48
78
47
77
51
75
235
165
167
174
170
163
167
167
164
166
Fuels
Coal
160
171
172
179
178
170
175
174
170
97
105
66
123
134
77
125
137
79
138
147
104
125
135
86
136
147
91
123
135
77
111
122
68
194
195
199
141
152
99
196
193
194
199
Metals
132
134
137
144
122
122
125
128
187
194
200
212
175
174
177
52
67
49
58
49
47
62
45
65
44
70
47
72
58
P226
185
199
292
329
392
554
192
r
177
211
156
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc) 8,
Gold
Silver
148
170
137
99
140
188
127
188
Minerals—Total
Bituminous coal
Anthracite
Crude petroleum
146
167
140
84
76
165
207
135
79
r
84
91
57
v67
P74
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.
SEPTEMBER 1952
1047
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Federal Reserve index numbers, 1935-39 average =100]
Industry
July
Aug. Sept. Oct.
Nov. Dec. Jan.
Industrial Production—Total .
214
220
223
222
220
217
Manufactures — Total
223
229
232
230
229
227
266
269
273
276
277
253
230
293
215
850
254
258
261
230
291
208
881
231
298
213
902
235
304
217
921
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
Feb.
Mar. Apr. May June
217
218
217
215
211
205 vl92
227
229
228
224
224
215 P201
280
280
281
283
277
278
249 P225
261
263
261
261
263
245
245
142
232
307
216
954
227
304
219
911
229
304
218
913
235
304
239
309
225
911
205
278
196
855
208
278
195
r
867
42
66
354
r
892
328
328
336
340
347
358
359
360
359
293
305
311
311
313
320
318
322
327
216
223
226
223
218
219
199
197
197
201
209
207
216
213
214
230
236
235
243
188
191
190
190
198
196
206
204
Lumber and Products
151
158
158
158
155
Lumber...
Furniture.
146
160
154
165
153
167
151
171
146
172
122
178
125
175
133
176
239
238
237
230
217
212
205
208
251
273
248
179
241
259
251
182
236
251
254
180
219
228
252
182
200
206
237
179
197
201
220
177
207
219
188
169
218
232
196
168
193
Stone, Clay, and Glass Products.
Glass products
Glass containers
Cement
Clay products
Other stone and clay products 2.
Nondurable Manufactures.
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 2 .. .
Wool textiles
Carpet wool consumption. .
Apparel wool consumption.
Woolen and worsted yarn. .
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
Leather and Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers.
Shoes
Manufactured Food Products.
Wheat flour
Cane sugar meltings 2
Manufactured dairy products.
Butter
Cheese
Canned and dried milk...
Ice cream
353
338
352
329
r
227
39
256
r
232
339
v262
P139
230
225
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
222
r
July
188
197
199
160
170
163
138
123
379
150
145
360
145
142
334
100
27
117
105
92
123
124
115
58
132
117
108
130
135
114
63
132
117
108
129
132
83
98
71
86
42
57
50
92
80
96
47
63
58
110
176
189
106
107
221
94
221
196
215
85
194
164
217
218
219
252
257
204
203
149
152
145
135
175
143
170
133
168
148
169
212
216
223
225
224
239
200
167
'225
242
226
168
240
260
241
166
260
246
P191
155 P150
191
185
184
186
184
180
180
152
157
160
152
144
151
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
114
86
119
114
108
123
126
120
94
122
120
116
126
133
118
99
121
115
112
119
131
116
120
110
109
108
109
126
122
133
116
117
114
120
126
112
123
110
108
103
114
113
108
117
110
103
96
112
109
117
113
123
112
108
116
123
112
75
125
113
106
124
124
100
91
91
100
109
108
102
105
102
83
102
50
57
62
80
97
52
53
67
98
81
98
52
52
73
97
79
91
58
61
67
94
86
100
62
70
66
110
96
109
77
74
81
86
98
67
68
70
122
84
95
69
66
68
114
90
105
64
66
77
115
90
102
70
68
78
177
164
158
151
148
149
154
115
116
108
101
104
128
61
146
102
98
49
119
85
95
49
116
92
116
64
152
131
152
• 75
188
168
111
117
169
69
169
127
86
54
122
95
118
149
114
97
58
134
108
197
94
245
227
143
245 P238
266
255
237
236
170
157
192
P241
187
P144
111
342
111
166
109
217
'95
'256
227
Pill
215*
85
215
176
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 be obtained from the Division of Research and Statistics.
*1 Series included in total and group indexes but not available for publication separately.
Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer
available separately. Individual indexes through June 1951 are shown in preceding BULLETINS.
1
1048
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Federal Reserve index numbers, 1935-39 average = 100]
1951
1952
Industry
July Aug. Sept. Oct.
Nov. Dec. Jan. Feb.
Mar. Apr.
May
June July
Manufactured Food Products—Continued
^leat packing
Pork and lard
Beef
Veal
141
165
127
107
67
139
159
130
108
64
149
174
136
109
69
156
186
135
124
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
181
191
104
191
200
263
151
192
209
297
175
193
190
179
204
78
275
197
Lamb and mutton
.A Icoholic Beverages
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
Tobacco Products
.
. .
Cigars
Cigarettes
Other tobacco products
...
Paper and Paper Products
Paper and pulp
Pulp
Groundwood pulp
Soda pulp.
Sulphate and sulphite pulp 3
Paper
Paperboard
.
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint. .
Paperboard containers (same as Paperboard)
Printing and Publishing
Newsprint consumption
Petroleum and Coal Products
Petroleum refining J
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 2
Coke
By-product coke
Beehive coke
Chemical Products
Paints
Rayon
Industrial chemicals
Other chemical products 2
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
188
240
148
114
75
192
210
167
192
174
111
161
192
166
96
150
187
157
83
149
177
155
84
144
176
153
82
125
176
193
197
178
154
145
152
188
51
266
223
166
70
459
332
143
76
686
358
139
86
549
292
142
85
278
225
151
73
219
150
167
190
188
191
198
137
98
236
57
114
265
71
123
256
75
127
269
47
129
267
86
87
188
53
189
196
196
196
191
182
189
191
191
187
228
122
78
269
175
217
226
116
93
265
183
224
232
122
99
271
185
216
233
121
97
273
185
213
167
196
165
126
185
196
168
128
192
200
180
129
155
166
143
147
77
147
167
140
88
78
147
170
134
99
73
137
144
146
109
65
151
'89
107
175
153
'95
100
178
166
124
89
190
177
M69
155
155
158
176
186
155
73
196
193
159
68
190
208
162
62
179
205
170
51
139
214
203
38
115
207
220
19
115
224
176
167
164
174
77,?
197
179
108
244
66
105
229
66
109
226
59
110
241
62
114
245
64
116
278
66
113
252
54
183
187
194
192
186
182
182
159
181
185
190
188
181
175
177
153
236
119
95
278
180
205
223
117
94
261
175
191
230
116
95
271
178
197
238
119
99
279
182
209
242
125
99
284
180
205
230
121
95
269
174
202
222
117
92
260
168
207
227
122
89
266
169
201
193
110
68
226
147
182
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
149
131
182
171
153
135
150
167
124
124
180
181
183
178
170
175
180
180
174
175
145
168
173
178
166
148
159
171
174
173
168
141
211
252
« , .
216
228
185
187
P226
83
47
r
262
265
266
269
276
281
281
281
278
263
211
213
193
194
213
209
198
199
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
183
178
388
187
179
457
185
178
411
185
178
452
185
177
467
185
178
456
188
179
464
188
179
459
204
197
420
179
175
329
329
301
303
303
303
304
302
302
300
298
165
163
157
156
157
158
156
392
554
155
393
557
358
560
346
556
331
563
317
563
155
322
562
299
562
269
563
r
r
155
559
r
557
235
r
r
153
267
r
P229
295 P291
295
r
P192
270
157 P 1 5 7
P324
307
562
Rubber Products
243
243
245
239
245
250
248
243
242
239
245 v235
Minerals—Total
161
170
171
176
169
159
162
162
158
165
143
149 P145
Fuels
160
171
172
179
178
170
175
174
170
171
140
161
P156
97
105
66
123
134
77
125
137
79
138
147
104
141
152
99
125
135
86
136
147
91
123
135
77
111
122
68
110
119
74
100
107
73
96
102
74
193
84
91
57
P192
P99
P98
Coal
.
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals othei than gold and silver
Iron ore
(Copper: Lead; Zinc) 2
Gold
Silver
192
194
195
199
196
193
194
199
199
201
159
166
167
166
163
115
89
88
91
90
130
159
247
384
250
403
246
388
240
354
160
185
117
94
116
94
121
98
118
94
189
238
239
50
66
54
57
56
59
55
62
50
65
46
70
45
73
43
77
43
80
42
77
44
74
P80
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.
SEPTEMBER
1952
1049
OUTPUT OF MAJOR CONSUMER DURABLE GOODS
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1947-49 average =100]
1952
1951
Product group
1
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
69
Total
100
101
107
103
104
98
100
102
104
103
104
107
Passenger automobiles x
111
112
115
108
104
93
91
96
103
109
110
114
44
Household goods, total
Carpets
Furniture
Major appliances
Radios and television
88
47
102
78
98
89
55
97
86
95
98
56
97
96
123
98
60
98
88
135
103
60
101
93
149
104
63
105
100
130
110
79
104
97
164
108
75
103
95
158
106
80
102
98
141
97
83
105
82
118
98
81
107
85
115
101
44
108
89
136
97
111
76
126
1
Seasonal adjustment factors for passenger automobiles revised beginning January 1952.
NOTE.—Figures for July are preliminary. For description see BULLETIN for October 1951, pp. 1235-1240. Tables of back data, including
unadjusted indexes for these series, and indexes for certain component series may be obtained from the Division of Administrative Services, Board
of Governors of the Federal Reserve System, Washington 25. D. C.
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
1951
1952
Industry group or industry
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
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 prod
ucts
Misc. manufacturing industries.
Ordnance and accessories
Nondurable goods
Textile-mill products
Apparel and other finished textiles
Leather and leather products. . .
Food and kindred products
Tobacco manufactures
Paper and allied products
Printing, publishing and allied
industries
Chemicals and allied products..
Products of petroleum and coal
Rubber products
13,106 12,967 12,855 12,789 12,776 12,803 12,816 12,835 12,832 12,862 12,813 12,529 12,213
7,352 7,303 7,265 7,248 7,264 7,261
7,256 7,285 7,281 '7,331 '7,320 6,975 6,630
1,148 1 , 1 4 3 1,158
753
1,154
1,143
735
1,156
1,152
1,162
1,171
1,154
1,173
799
802
795
799
801
742
796
794
810
829
834
805
805
1,267 1 , 2 7 6 1,265
1,254
1,263
1,261
1,221
1,275
1,235
1,225
1,247
1,276
1,248
715
710
714
712
707
714
720
704
711
705
718
716
700
1,266 1,288
1,324
1,235
1,234
1,062
1,235
1,308
1,251
1,211
1,187
1,198
1,205
680
••688
699
699
712
700
667
'644
685
730
748
736
729
293
'293
297
290
287
298
292
'294
290
284
296
289
283
449
'452
453
460
470
457
457
'449
449
480
485
482
477
229
410
38
5,754
1,203
1,053
341
1,170
80
427
226
396
41
5,664
1,170
1,032
336
1,154
81
421
226
382
44
5,590
1,147
1,007
321
1,148
82
418
227
373
47
5,541
1,1*3
985
317
1,158
82
411
229
370
50
5,512
1,121
998
319
1,132
79
407
230
374
52
5,542
1,124
1,020
325
1,133
83
406
231
374
54
5,560
1,120
1,029
330
1,144
82
403
232
375
55
5,550
1,106
1,021
335
1,159
81
402
232
376
56
5,551
1,102
1,020
336
1,161
81
399
235
382
58
'5,531
1,093
512
548
196
224
514
542
194
220
515
540
194
218
512
533
197
213
514
531
196
215
512
527
197
215
510
531
195
216
507
530
195
214
511
530
197
214
510
530
199
1,011
339
1,155
83
398
213
'234
'388
59
'5,493
1,089
1,006
344
1,153
83
400
235
394
61
5,554
1,085
1,019
346
1,165
82
405
240
398
59
5,583
1,111
1,040
351
1,148
84
401
'511
525
166
216
512
529
193
218
516
529
194
209
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 (generating, etc.)
Communication equipment.
12,885 13,069 13,087 12,997 12,904 12,911 12,766 12,820 12,815 12,733
7,261 7,279 7,296 7,314 7,322 7,264 7,306 7,316 '7,329
7,226
1,155 1,165 1,162 1,160 1,149 1,164 1,162 1,160 1,154 '1,143
572
813
1,235
232
684
575
817
1,209
225
696
573
810
1,219
231
707
570
809
1,242
232
707
558
805
1,255
241
718
573
806
1,269
245
726
570
804
1,276
247
725
570
807
1,281
249
727
567
807
1,280
249
722
271
230
1,187
272
239
1,198
273
247
1,211
265
258
1,205
266
268
1,234
271
272
1,235
273
271
1,235
275
273
1,251
273
273
1,266
684
347
748
443
284
196
478
221
383
38
675
357
754
449
285
195
484
224
388
41
679
360
745
443
285
196
482
226
388
44
667
362
740
439
289
201
479
228
390
47
655
395
719
428
294
206
472
230
388
50
645
407
696
412
296
208
465
232
381
52
633
415
654
391
296
208
452
232
374
54
634
424
668
396
296
207
447
233
381
55
643
428
670
398
296
208
449
234
382
56
Transportation Equipment
Motor vehicles and equipment
Aircraft and parts
Lumber and Wood 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
12,606 12,393 12,004
'7,280 6,947 6,514
r
749
l,146
724
'561
'558
797
806
l, 282 '1,271
247
249
709
714
r
270
'269
r
1,288
'663
'430
'678
'405
r
2Q2
205
'452
236
380
58
182
787
1,260
248
706
'267
267
1,308
266
267
1,324
'670
'435
'644
394
'287
202
'449
r
234
'376
59
674
444
706
428
288
202
453
235
378
61
723
1,223
683
1,062
700
286
450
232
372
59
For footnotes see following page.
1050
FEDERAL RESERVE BULLETIN
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
1951
1952
Industry group or industry
July
Nondurable goods
Textile-mill Products
Broad-woven fabric mills...
Knitting mills
Apparel and Other Finished Textiles
Men's and boys' furnishings.
Women's and misses' outerwear
Leather and Leather Products....
Footwear (except rubber)...
Food and Kindred Products
Meat products
Canning and preserving
Bakery products
Tobacco Manufactures
Paper and Allied Products
Pulp, paper and paperboard
mills
Printing, Publishing and Allied
Industries
Newspapers
Commercial printing
Chemicals and Allied Products...
Industrial organic chemicals.
Products of Petroleum and Coal..
Petroleum refining
Rubber Products
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
5,589
1,141
548
211
5,502
1,131
540
209
5,514
1,123
527
210
5,499 '5,404
1,113 r1,093
507
518
210
210
May
June
5,659
1,167
574
210
5,808
1,152
561
212
5,808
1,136
551
205
5,701
1,133
209
5,590
1,132
544
209
990
233
1,047
238
1,037
239
1,019
238
1,008
233
1,035
235
1,029
228
1,052
233
1,051
238
'961
237
973
240
271
336
215
1,225
236
226
192
75
418
295
343
221
1,307
233
305
192
84
419
284
327
208
1,330
235
330
193
89
416
270
320
201
1,254
279
317
198
1,160
296
323
205
1,122
252
120
190
85
410
300
330
213
1,068
309
342
221
1,060
244
105
187
80
404
'254
'275
330
336
344
213
217
222
1,057 '1,057 '1,073
'230
'233
239
'122
114
104
184
189
'186
77
78
77
398
401
398
253
339
221
1,134
232
152
191
78
403
214
215
214
212
212
212
211
210
208
'206
207
209
507
151
167
526
172
198
154
217
509
151
166
531
174
198
154
218
515
153
167
543
175
197
154
218
517
153
169
544
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
507
152
166
538
168
193
153
215
508
152
167
538
168
194
152
215
507
152
166
530
163
197
155
213
'508
'154
'167
517
161
165
'123
213
512
154
167
513
163
194
153
215
546
236
238
195
89
413
246
145
192
85
411
246
106
187
82
405
r
996
239
'5,326
r1,084
503
209
306
5,446
1,085
506
212
July
5,490
1,078
978
346
1,198
79
393
511
508
196
203
r
Revised.
NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked
during, or received pay for, the pay period ending nearest the 15th of the month.
Figures for July 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
1951
July
1952
May
June
Average hours worked
(per week)
1952
1951
July
July
May
June
Average hourly earnings
(dollars per hour)
1951
July
July
1952
May
June
July
Total
64.24
66.61
66.98
65.84
40.2
40.2
40.4
39.9
1.598
1.657
1.658
1.650
Durable goods
68.79
'71.76
71.80
69.67
40.9
41.1
41.1
40.2
1.682
'1.746
1.747
1.733
74.76
67.98
75.42
66.13
74.33
'•73.02
70.78
'78.88
'68.82
'79.49
71.55
69.80
78.87
69.35
78.96
67.26
68.85
77.08
67.46
77.02
41.1
41.0
43.0
40.4
39.9
'39.6
41.2
'42.8
40.6
41.1
39.1
40.7
42.7
40.7
40.7
37.1
40.5
41.8
39.8
39.7
1.819
1.658
1.754
1.637
1.863
'1.844
1.718
'1.843
'1.695
'1.934
1.830
1.715
1.847
1.704
1.940
1.813
1.700
1.844
1.695
1.940
57.43
55.74
65.04
68.18
56.46
73.10
'59.74
'59.75
'65.52
'71.85
'60.47
78.40
64.37
60.00
65.85
72.13
60.44
78.08
63.72
58.52
64.72
71.60
59.33
76.22
39.8
39.7
41.4
41.8
39.9
43.1
'41.0
'40.9
40.9
'41.7
40.5
43.8
42.1
40.9
40.8
41.6
40.4
43.5
41.7
40.0
40.1
41.1
39.9
42.3
1.443
1.404
1.571
1.631
1.415
1.696
'1.457
'1.461
'1.602
'1.723
'1.493
1.790
1.529
1.467
1.614
1.734
1.496
1.795
1.528
1.463
1.614
1.742
1.487
1.802
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
Miscellaneous manufacturing industries
Ordnance and accessories
58.48
'59.52
60.87
61.26
39.3
38.9
39.5
39.5
1.488
'1.530
1.541
1.551
Textile-mill products
Apparel and other finished products... .
Leather and leather products
Food and kindred products
Tobacco manufactures
49.58
45.10
47.12
61.65
44.03
'50.71
'44.98
'48.49
'63.97
'45.40
51.44
45.30
50.22
65.73
46.82
51.42
46.03
50.33
66.17
49.46
37.7
35.4
37.1
42.2
37.6
37.7
'36.3
37.1
41.3
37.9
38.3
36.3
38.1
42.3
38.6
38.2
36.1
38.6
42.2
39.6
1.315
1.274
1.270
1.461
1.171
'1.345
1.239
'1.307
'1.549
'1.198
1.343
1.248
1.318
1.554
1.213
1.346
1.275
1.304
1.568
1.249
Paper and allied products
Printing, publishing and allied products
Chemicals and allied products
Products of petroleum and coal
Rubber products
65.44
75.50
69.01
84.06
70.81
'66.38
'79.75
'69.56
75.16
'72.74
67.80
79.93
70.39
84.37
74.48
67.90
79.99
70.33
86.46
75.27
42.8
38.6
41.6
41.8
41.0
41.8
38.6
'40.8
37.3
'40.1
42.4
38.8
40.9
40.7
40.7
42.2
38.7
40.7
40.9
41.2
1.529
1.956
1.659
2.011
1.727
'1.588
'2.066
1.705
2.015
'1.814
1.599
2.060
1.721
2.073
1.830
1.609
2.067
1.728
2.114
1.827
Nondurable goods
r
Revised.
NOTE.—Data are for production and related workers,
of Labor Statistics.
SEPTEMBER
1952
Figures for July 1952 are preliminary.
Back data are available from the Bureau
1051
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
1944
1945
1946
1947
1948
1949
1950
1951
Trade
Finance
Service
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
,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
899
914
912
914
916
916
2,574
2,601
2,587
2,630
2,581
2,569
4,134
4,143
4,157
4,173
4,169
4,161
9,837
9,822
9,791
9,770
9,827
9,893
1.880
1,895
1,908
1,917
.926
1,931
4,780
4,791
4,783
4,746
4,758
4,749
6,472
6,496
6,526
6,517
6,544
6,578
916
912
911
'899
'894
824
783
2,545
2,593
2,523
'2,517
'2 ,495
2 ,536
2,550
4,139
4,147
4,154
'4,116
'4,137
4,134
4,083
9,852
9,860
9,862
'9,849
'9,912
9,962
9,953
1,919
1,929
1,937
'1,942
'1,948
1,958
1,967
4,742
4,738
4,728
4,748
4,771
4,791
4,787
6,528
6,538
6,543
6,554
6,572
6,606
6,676
906
917
917
917
916
2,754
2,809
2,768
2,761
2,633
2,518
4,176
4,190
4,178
4,166
4,165
4,161
9,667
9,641
9,781
9,893
10,109
10,660
1,908
1,914
1,898
1,898
1,907
1,912
4,852
4,839
4,831
4,770
4,734
4,702
6,356
6,401
6,544
6,532
6,497
6,881
909
902
904
'896
'893
827
790
2,316
2,308
2,296
'2,416
'2,520
2 ,663
2 ,729
4,103
4,111
4,118
'4,096
'4,134
4,163
4.124
9,720
9,643
9,668
'9,845
'9,773
9,836
9,781
1,909
1,919
1,937
'1,952
'1,958
1,978
1,996
4,671
4,667
4,681
4,748
4,795
4,839
4,859
6,509
6,490
6,528
6,551
6,602
6,585
6,558
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
883
826
852
943
981
932
904
920
46,602
46,555
46,465
46,415
46 482
46,608
16,026
15,893
15,801
15,748
15,761
15,811
46,471
46,594
46,552
'46,556
'46,625
46,435
46,104
15,830
15,877
15,894
'15,931
'15,896
15,624
15,305
46,432
46,724
46,956
46,902
46,852
47,663
15,813
16,008
16,039
15,965
15,890
15,913
45,913
45,899
46,001
'46,299
'46,355
46,378
45,941
15,776
15,859
15,869
'15,795
'15,680
15,487
15,104
. .
Federal,
State, and
local
government
Transportation and
public
utilities
Total
Year or month
Mining
Contract
construction
SEASONALLY ADJUSTED
1951—July
...
August
September
October . . .
November
December . .
1952—January
February
M^arch
April
May
June
July
UNADJUSTED
1951—July
September
October
November
December
1952—January
February
M^arch.
April
May
June
July
922
r
Revised.
NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of
the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. m July
1952 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning
January 1939 may be obtained from the Division of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.
Thousands of persons 14 years of age and over)
Civilian labor force
Year or month
Total
civilian noninstitutional
population *
Employed *
Total
Total
In nqnagricultural industries
In
agriculture
Unemployed
Not in the
labor force
1944
1945
1946
1947
1948
1949
1950
1951
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
670
1,040
2,270
2,142
2,064
3,395
3,142
1,879
38,590
40,230
45,550
45,850
45,733
46,051
46,181
46,092
1951—July
August
September
October...
November
December.
108,856
108,896
108,956
109,064
109,122
109,200
64,382
64,208
63,186
63,452
63,164
62,688
62,526
62,630
61,580
61,836
61,336
61,014
54,618
54,942
54,054
54,168
54,314
54,636
7,908
7,688
7,526
7,668
7,022
6,378
1,856
1,578
1,606
1,616
1,828
1,674
44,474
44,688
45,770
45,612
45,958
46,512
1952—January..,
February.,
March
April
May
June
July
109,260
109,274
109,274
109,328
109,426
109,556
109,692
61,780
61,838
61,518
61,744
62,778
64,390
64,176
59,726
59,752
59,714
60,132
61,176
62,572
62,234
53,540
53,688
53,702
53,720
54,216
54,402
54,636
6,186
6,064
6,012
6,412
6,960
8,170
7,598
2,054
2,086
1,804
1,612
1,602
1,818
1,942
47,480
47,436
47,756
47,584
46,648
45,166
45,516
1
The number of persons in the armed forces, previously included in the total noninstitutional population and total labor force items, is no
longer1 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.
1052
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
Tot al
Factories
Month
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
130.4
337.7
116.2
396.4
126.2
592.7
174.3
681.6
753.8 1,274.9
581.8 242.0
608.1 206.9
161.8
122.5
116 4
96.5
115.1
6,205.4
2,883.3
1952
1951
1,045.2 902.1
1,140.5 885.2
1,271.0 1,321.3
1,375.0 1,597.5
2,573.0 1,563.7
1,439.4 1,488.9
1,422.7 1,511.3
1,265.8
1,096.0
1 072.0
951.1
1,099.5
January
February
March
April
May
June.. .
July
August
September
October
November..
December
15,751.1
Year
1951
1952
1951
110.1
61.0
120.2
204.8
78.9
166.4
139.9
121.1
101.8
78.8
106.3
60.6
65.4
75.4
65.5
80.0
68 8
48.4
43.1
1952
1951
731 1,045
780 1,141
. .
. . 1,300 1,271
,350 1,375
..
. . ,348 2,573
June... 1,345 1,439
J u l y . . . . 1,420 1,423
Aug.. . . 1,549 1,266
Sept.
L ,287 1,096
Oct
1,136 1,072
Mov
951
1,087
Dec.. . . 1,168 1,100
Jan
Feb..
Mar..
Apr..
May.
902
885
1,321
1,598
1,564
1,489
1950 1951 1952
201
306
285
332
418
481
354
456
389 1,474
583
428
460
636
438
486
364
318
310
308
320
326
476
381
4,409 6,122
Year. 14,501 15,751
1950
297
339
554
636
558
559
1951 1952
530
739
605
495
808
547
852
767
819
996
919
961
959 1,099 1,006
930
917
856
960
787
779
1,111
922
778
762
828
767
625
624
787
10,092 9,629
Title 1 loans
1947
1948
1949
1950
1951
Total
534
Small 1- to 4home family
con- houses
struc- (Title
tion
ID
7
13
*7
29
1,855
2,466
1,894
' **' 7
274
270
239
300
248
227
76
66
53
74
68
65
2
3
4
4
4
3
146
154
131
145
141
125
17
15
7
20
4
9
88
64
61
64
71
102
73
4
2
2
2
2
2
3
159
125
124
126
128
134
147
18
8
7
26
15
6
14
274
«211
« 207
6 242
6 249
June.. 6 273
July . . « 269
1952—Tan. . .
Feb....
Mar...
Apr. . .
May. .
Property
improve-1
ment
614
594
694
708
6
1
2
1951
1952
1951
1952
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
104.2
118.7
134.4
145.7
126.7
122 A
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
184.2
208.1
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
1,334.6
1,689.2
(i)
446
880
808
21
109
1952
2,723.2
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
1951
1952
Federal Reserve district
Boston
New York
Philadelphia. . . .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
July
July
June
85,405
213,875
112,121
170,016
141,852
197,533
250,592
104,938
49,632
71,598
113,723
105,392
203,203
105,070
150,210
150,472
205,265
211,351
116,664
59,247
67,051
114,925
79,404
235,241
127,421
142,821
152,504
190,972
220,334
74,615
46,246
53,251
99,851
1,511,285 1,488,850 1,422,660
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Military
housing
(Title
VIII)
1,836
1,339
1,031
ii
123
278
203
19
18
16
15
24
10
13
14
28
41
7
15
3
2
10
8
18
18
18
15
(3)
5
4
7
2
7
Net proceeds to borrowers.
Includes mortgages insured in connection with sale of Government
owned war 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.
NOTE.—Figures represent gross insurance written during the period
and do not take account of principal repayments on previously insured
loans. Figures include some reinsured mortgages, which are shown in
the month in which they were reported by FHA. Reinsured mortgages
on rental and group housing (Title II) are not necessarily shown in the
month in which reinsurance took place.
SEPTEMBER
1952
Mortgages
Rental War and
Vetand
group erans'
housing housing
(Title (Title
VI)»
II)
1,787
3,338
3,821
4,342
3,221
1951—July...
Aug...
Sept...
Oct...
Nov...
Dec...
1951
Total (11 districts)
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Year or
month
55.7
62.2
70.6
75.3
79.9
74.2
92.2
Other
Public ownership Private ownership
Total
1950
1952
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
Educational
Commercial
Public works
and public
utilities
Savings
Com- Mutual
and
mersavloan
cial
ings associbanks banks
ations
Insur- Fedance
eral
2
com- agen- Other
panies cies i
End of month
Total
1936—Dec...
1937—Dec
1938—Dec
1939—Dec....,..
1940—Dec
1941—Dec.......
1942—Dec
,
1943—Dec
1944—Dec.......
1945—Dec.......
365
771
1,199
1,793
2,409
3,107
3,620
3,626
3,399
3,156
228
430
634
902
1,162
1,465
1,669
1,705
1,590
1,506
8
27
38
71
130
186
236
256
260
263
56
110
149
192
224
254
276
292
269
253
41
118
212
342
542
789
1,032
1,134
1,072
1,000
5
32
77
153
201
234
245
79
68
13
27
53
90
133
150
179
163
159
140
122
1 9 4 6 — J u n e . . . . . 3,102
2,946
1,488
1,429
260
252
247
233
974
917
11
9
122
106
1947—June
. 2,860
D e c . . . . . . . 2,871
1,386
1,379
245
244
229
232
889
899
8
7
102
110
1948—June.
Dec
2,988
3,237
1,402
1,429
251
265
245
973
269 1,113
7
9
110
152
1949—June
Dec
3,894
4,751
1,587
1,771
305
378
323 1,431
416 1,828
21
52
227
305
1950—Dec
6,695
2,205
693
603 2,712
60
421
1951—June
Dec
7,556
8,212
2,412
2,554
903
1,072
658 3,115
689 3,453
44
71
423
373
i The RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United
States Housing Corporation.
J
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.
1053
PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units]
Year or month
Total
1939
1941
1945
1946
1947
1948
1949
1950
1951
1951—September
October
November
December
June
July
359
156
706
209
671
849
434
134
404
480
272
75
267
369
Total
458
620
208
663
846
1family
2family
Public
Multifamily
Total
FHA
VA
373
20
66
57
533
185
590
740
158
28
9
24
34
58
15
48
72
87
1
8
3
220
47
152
440
46
104
18
393
291
102
35
42
40
162
159
88
36
44
71
466
686
413
361
486
264
105
200
149
158
220
41
69
229
6
83
211
932
525
407
914
763
589
828
595
436
568
496
989
1,352
1,020
792
1,151
892
96
90
75
61
49
44
39
31
47
46
36
29
95
89
72
60
81
80
64
51
4
3
3
2
10
6
6
6
1
1
2
1
30
32
27
23
20
20
18
14
10
12
9
9
65
78
104
106
110
P106
Pi 04
36
43
59
59
61
n.a.
n.a.
29
35
45
47
49
n.a.
n.a.
62
74
91
96
101
54
65
79
85
90
n.a.
n.a.
3
3
4
4
4
n.a.
n.a.
5
6
8
7
7
n.a.
n.a.
3
3
13
9
9
23
26
28
38
38
39
42
16
17
19
26
26
26
29
7
9
9
12
12
13
13
..
. . .
515
Government-underwritten
Private
Rural
nonfarm
1,025
1,396
1,091
...
1952—January
February
March
April
May
Urban
...
P99
P102
P98
August
P7
P2
PI
p Preliminary
n.a. Not available.
NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA
figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates
based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued,
reported starts of public units, and a sample of places not issuing permits.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average =100]
Monthly— seasonally adjusted
Monthly—unadjusted
Annual
1951
Class
1952
1952
Apr.
May
June
July
July
Feb.
Mar.
Apr.
May
June
July
133
126
122
108
102
130
126
124
123
124
111
104
111
196
139
66
141
257
103
166
130
73
142
212
101
179
132
66
126
212
96
69
161
56
139
53
75
57
153
56
146
46
120
203
137
57
140
69
137
45
119
44
101
178
116
59
131
292
115
43
111
198
128
53
141
75
103
163
115
65
142
195
141
46
97
209
156
50
143
325
139
47
138
45
96
68
165
45
144
82
75
56
183
45
147
73
1950
1951
July
Feb.
Mar.
Total
128
134
125
136
Coal
Coke
Grain
Livestock
Forest products
Ore
Miscellaneous
Merchandise, 1. c. 1
117
180
135
68
141
172
121
208
143
69
150
205
97
215
130
61
143
203
140
53
147
48
142
45
120
192
140
72
146
277
149
49
1951
149
47
143
44
140
47
142
48
122
44
116
43
NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-33. Based on daily average loadings. Basic data compiled by
Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission.
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports
Month
January
February
March
April
May
1950
741
764
. .
June
July
August
September
October . .
November
December
January-June
.
Merchandise imports 2
Excess of exports
1951
1952
1950
1951
1952
1950
974
Pl.253
Pl,335
Pi,421
Pi,337
Pi,466
Pl.162
623
600
1,025
910
1,102
1,033
1,018
P922
P963
118
164
1,065
1,076
1,295
1,370
1,354
1,297
1,186
1,269
1,232
1,152
1,387
1.438
4,875
7,366
860
804
830
877
779
762
911
906
977
1
P7.974
665
585
659
687
709
820
859
923
855
867
3,819
930
P892
P933
P835
P860
P895
P881
P721
P834
P819
P801
6,018
P5.405
195
219
170
190
70
—59
52
— 16
122
198
1,057
1951
1952
-51
166
193
337
336
366
P331
P443
P458
P404
P631
P 3 02
P292
P389
P511
P319
P569
P637
1,348
P2.569
P Preliminary.
1
Exports of domestic a n d foreign merchandise.
Includes exports under foreign aid programs, including D e p a r t m e n t of Defense
u n d e r t h e M u t u a l Security P r o g r a m as follows (in millions of dollars): 1950, 282; 1951, 1,065; J a n u a r y - J u n e 1952, 735.
2
General i m p o r t s including i m p o r t s for i m m e d i a t e consumption plus entries into bonded warehouses.
Source.—Department
of Commerce.
1054
FEDERAL RESERVE
shipments
BULLETIN
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1947-49 average = 100]
Federal Reserve district
United
States
Year or month
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
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
90
97
104
98
104
105
88
98
104
99
105
104
90
98
103
99
108
111
85
94
105
102
113
117
91
99
104
98
105
108
105
109
107
109
113
109
106
108
100
103
106
106
103
106
101
103
104
103
105
111
107
108
109
105
107
108
108
112
114
109
105
121
109
114
118
109
113
113
112
112
122
120
100
107
106
109
110
109
104
106
105
105
109
107
101
109
101
104
107
104
104
111
112
110
116
113
114
115
115
114
129
122
106
105
107
109
118
108
108
106
105
103
108
111
P105
102
100
104
99
101
103
P106
100
100
98
96
96
98
95
110
110
109
102
107
107
106
115
108
106
104
103
112
105
114
109
114
108
116
122
106
119
112
114
r
ll6
127
138
P120
106
105
103
100
104
105
97
111
100
99
98
102
111
99
97
113
94
98
104
100
104
115
106
105
104
112
114
122
115
115
114
128
132
123
106
108
102
105
118
114
110
84
93
113
112
134
184
73
82
110
105
129
188
74
80
106
108
131
179
'75
83
112
114
144
185
84
94
114
115
140
181
86
95
118
121
145
192
90
100
117
117
140
204
'85
94
114
111
132
175
85
95
111
111
130
168
81
97
112
118
120
166
85
102
119
117
131
185
96
104
124
119
144
203
93
101
108
107
125
189
83
83
92
103
108
105
81
75
87
103
102
103
87
83
95
104
105
105
82
80
83
96
110
115
114
87
P96
81
81
89
99
104
103
82
81
80
89
101
106
103
81
72
83
80
100
105
96
83
86
85
93
104
112
106
P73
81
82
97
103
108
102
76
90
94
110
118
122
117
P84
80
82
86
94
95
95
69
P93
95
93
105
114
125
116
104
83
86
90
10^
113
108
96
77
93
107
100
109
129
85
95
105
100
110
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
77
93
106
100
112
131
74
91
110
100
104
117
74
93
108
100
113
132
69
89
110
101
112
132
73
93
107
100
110
131
137
134
127
121
117
119
130
127
120
115
112
115
133
129
122
115
115
115
'•132
130
126
117
115
120
136
130
125
117
114
118
145
140
135
127
125
130
140
144
132
130
130
133
139
131
124
121
115
117
139
139
127
119
114
119
124
123
116
113
107
106
141
143
133
123
117
121
141
140
135
125
120
125
139
138
132
124
119
119
118
116
115
116
118
118
P120
115
112
109
111
109
no
110
114
107
108
111
112
113
116
115
113
113
112
114
113
112
114
110
110
111
109
107
113
133
127
127
126
131
139
140
133
129
126
125
126
125
129
114
113
113
114
114
113
118
106
112
111
114
124
125
120
106
102
103
104
106
105
109
122
122
120
121
124
122
P129
124
122
124
122
124
123
130
121
123
119
123
128
128
125
126
128
131
134
133
108
117
120
124
130
132
108
117
125
129
130
132
106
116
123
131
135
133
105
122
125
130
131
128
104
133
138
139
143
139
114
132
141
137
142
145
116
125
124
127
134
133
109
129
135
135
134
125
105
120
117
117
120
119
97
133
134
133
134
133
108
129
137
138
136
135
115
134
132
135
136
132
106
106
113
120
122
120
112
PllO
105
107
112
114
112
102
99
101
104
113
116
115
105
102
100
111
119
121
116
105
99
104
109
116
117
111
100
102
117
123
136
136
135
127
128
119
128
132
132
127
120
121
106
111
118
118
116
107
107
92
109
118
122
124
118
112
100
99
107
109
108
100
105
114
121
126
127
126
119
P121
112
120
131
129
125
114
120
109
117
122
129
132
126
120
Minne- Kansas
Dallas
apolis
City
San
Francisco
SALESi
1946
1947
1948
1949
1950.
1951
SEASONALLY ADJUSTED
1951—July
August
September
October
November
December
....
1952—January.
February
March
April
May
Tune.
..
July
P114
UNADJUSTED
1951—July
September...
October
November
December
1952—January
February
March
April..
May.
June
July
STOCKSi
1946
1947
1948
1949
1950
1951
SEASONALLY ADJUSTED
1951—juiy . . . .
August
September
October
November
February
March
April
May
Tune .
July
.
UNADJUSTED
1951—July
August
September
October
November
December
..
1952— January
February
Inarch
April
May
June
July
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
SEPTEMBER
1952
1055
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Percentage
change from a
year ago (retail value)
Number of
stores
report-
Department
Stocks
(end of
month)
Sales
during
period
June
1952
Six
months
1952
June
1952
Ratio of
stocks 1to
sales
Index numbers
without seasonal adjustment,
1941 average monthly sales =100 a
Sales during
period
June
1952
1952
Stocks at end
of month
1951
1952
1951
1951
June
May
June
June
May
June
GRAND TOTAL—entire store 8
356
-3
-4
-15
3.1
MAIN STORE—total
356
-3
-5
-15
3.3
3.8
194
210
200
646
699
765
Piece doods and household textiles
320
-8
-8
-11
-16
-6
-8
— 12
-6
-6
-11
-5
—4
-17
—2
-15
— 14
-20
-7
-23
4.2
4.1
4.4
17.2
5.0
4.3
4.5
19.5
185
667
641
485
695
697
536
3.5
2.5
5.3
5.4
5.1
200
155
55
320
180
155
209
180
174
171
123
2.5
4.2
160
157
109
48
266
162
147
179
164
57
282
176
168
190
823
664
672
740
630
737
764
696
730
678
645
868
739
546
1,165
715
933
912
983
905
-7
0
-1
0
-5
4.0
3.4
3.1
3.7
4.7
6.1
2.7
7.8
6.8
3.9
3.2
3.0
3.6
4.8
6.3
2.9
6.8
6.9
168
218
266
150
182
185
266
287
164
196
180
232
273
158
199
667
755
824
551
851
689
792
853
562
893
701
744
832
573
945
4.0
3.8
3.8
3.2
690
602
464
708
635
491
4.1
4.0
115
164
136
161
115
159
137
-2
102
150
122
156
161
635
643
790
599
451
632
-6
-7
0
-16
2.6
3.2
2.2
2.7
3.3
2.4
478
579
501
530
627
586
4.7
1.1
218
212
290
116
143
133
303
155
246
302
231
236
236
204
237
188
186
211
4.4
1.3
187
181
231
94
99
85
302
121
211
253
199
181
217
167
209
107
111
421
131
445
163
139
211
256
197
181
218
175
215
310
334
510
622
499
501
126
559
844
343
654
866
634
412
811
419
1,021
194
72
225
149
189
89
371
249
425
266
394
283
215
223
216
242
254
274
239
278
218
'232
420
305
489
380
211
237
568
305
631
373
444
329
600
293
318
292
13
303
286
29
292
249
16
377
393
684
605
297
201
176
191
312
276
256
245
Piece ffoods
Silks velvets and synthetics
Woolen yard goods
Cotton yard goods
..
Household textiles
Linens and towels
Domestics—muslins sheetings
Blankets comforters and spreads
Women's and misses' apparel and accessories.
Women's and misses' ready-to-wear accessories. .
Neckwear and scarfs
Handkerchiefs
l^illinery
.
.
Women's and children's gloves
Corsets and brassieres
Women's and children's hosiery
Underwear slips and negligees.
. . .
Knit underwear
Silk and muslin underwear and slips
Negligees, robes, and lounging apparel
Infants' wear
Handbags and small leather goods
Children's shoes 4
Women's shoes *
Women's and misses' ready-to-wear apparel....
Women's and misses' coats and suits
Coats *
Suits *
Juniors' and girls' wear
Juniors' coats, suits, and dresses
(girls' wear
Women's and misses' dresses
Inexpensive dresses 4
Better dresses *
Blouses skirts, and sportswear
Aprons housedresses and uniforms
275
129
239
l-f
. . .
©PCO
Toilet articles drug sundries
Silverware and jewelry 4
Silverware and clocks
Costume jewelry 4
Fine iewelrv and watches 4
Art needlework
.
Books and stationery
Books and magazines
-6
-3
-5
-8
-12
0
-20
-12
-6
-11
1
Laces, trimmings, embroideries, and ribbons
PC
Small wares
348
202
240
332
317
216
283
73
235
353
350
312
284
159
327
339
346
346
253
291
255
329
340
243
212
222
352
342
226
220
320
273
319
345
-12
-11
-13
- +5
13
0
<
+1
0
-1
-5
-3
-6
—2
+3
-19
—25
— 16
-1
-4
+3
+2
+2
-3
-13
+7
-9
+3
+2
+4
+1
0
+7
-6
0
-2
+2
-7
0
-2
0
+4
+6
+1
0
—3
+2
—4
4-1
— 13
+3
0
4-7
-3
-7
-2
4-3
Homef urnishings
324
-13Q
RUGTS a n d
174
182
278
164
-5
-6
-3
-7
-15
— 15
-18
-8
-14
-12
...
Furniture and bedding
Mattresses sorincs and studio beds 4
Upholstered and other furniture 4
Domestic floor coverings
carDets
4
4
Linoleum
Draperies curtains and upholstery
Lamps and shades
China and glassware
M!ajor household appliances
Housewares
(including small appliances)
Gift shop 4
Radios, phonographs, television, records,
etc. 4 . .
Radios phonographs television 4
Records, sheet music, and instruments 4
Miscellaneous merchandise departments
Toys games sporting goods, cameras
Toys and games
Sporting goods and cameras
Candy 4
253
82
302
253
257
243
265
181
232
172
121
319
285
240
148
273
189
+1
+1
+28
-8
-2
4-2
-18
-4
+3
+9
-3
-13
+6
+6
-6
—3
-10
-12
-12
-15
-1
-7
-2
-5
—6
_5
-6
-12
— 12
— 17
-5
-7
—4
-8
-2
-5
.
-4
-11
-15
-5
-8
— 13
0
+3
+3
+2
+6
+6
+5
+9
+17
Furs
lien's and boys' wear
Men's clothing
lien's furnishings and hats
Boys' wear
+1
+3
256
269
344
295
252
334
270
318
306
193
-19
-13
— 12
-27
—6
-28
— 19
-35
-31
-5
-5
-11
-24
—26
— 11
-8
-7
<i
-20
-9
-5
-25
—27
-9
-1
+3
+6
0
4-1
+2
+1
+6
5 0
3.8
6.2
2.7
2.6
2.7
3.0
2.7
2.3
3.4
2.4
4.6
4.8
4 6
1.9
3.4
3 7
3 1
1.9
1.4
2 6
1.3
3.5
5.2
5.7
3.0
2.4
3.1
3.4
3.2
2.3
3.7
2.4
4.7
174
98
286
628
528
827
547
842
579
623
762
809
540
586
413
490
745
786
409
458
969 1,079
4.8
4 7
2.1
3.2
3 2
3 1
2.0
1.4
2 8
1.2
C
—7
-13
—6
0.9
1.8
1.8
1.3
31.2
0.9
1.6
2.1
1.7
26.9
-11
-9
-13
—9
-11
3.3
4.0
2.6
4.3
4.0
3.7
4.2
3.0
4.5
4.5
230
217
258
160
236
184
199
172
174
194
234
228
256
169
234
771
878
682
689
942
440
429
440
387
856
867
974
992
766
784
769
758
994 1,054
-24
4.2
4 3
2.1
5.1
5.9
5 9
4 4
4.4
5.1
8 3
4 9
2.9
5.7
7.1
7 4
4 2
4.4
4.8
7 3
5.3
212
201
231
220
223
901
933 1 , 1 8 9
213
859
868
1,053
146
188
173
869
885
1,225
6.0
241
187
157
262
315
213
170
2.2
196
145
155
278
310
176
217
333
191
202
157
207
311
213
161
128
165
269
199
196
144
212
322
— 18
-30
-18
-29
—33
— 15
-8
-8
0
-52
-22
—4
-57
—64
-12
-23
-30
-40
-15
-6
0
3.4
5 5
3.4
2 9
6.4
4.1
5 3
7.8
8 3
6.0
2.8
3.9
4.1
3.6
2.7
3.4
5.7
7.5
4.2
2.8
1.4
1.3
563
892
859
933
815
778
744
1,281 1,196 1,280
619
1,063
532
781
652
749
852
744
1,126
1,298
1,375
633
699
802 1,123
684 1,092
776
898
902
907
For footnotes see following page.
1056
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
Six
months
1952
June
1952
June
1952
Ratio of
stocks to
sales »
Index numbers
without seasonal adjustment,
1941 average monthly sales =100 2
Sales during
period
June
1952
1952
Stocks at end
of month
1951
1951
1951
June
May
June
June
May
June
211
214
212
430
470
494
BASEMENT STORE—total.
197
-1
-1
-12
2.0
2.3
Domestics and b l a n k e t s 4 . . .
134
-4
-7
-28
2.8
3.8
W o m e n ' s and misses'
ready-to-wear.
4
Intimate apparel
4
Coats and
suits
Dresses 4
Blouses, skirts, and sportswear 4 . . . .
Girls' wear 4 4
Infants' wear
189
166
173
174
156
122
125
+2
+2
-3
+1
+3
+6
+5
+6
-9
-10
0
1.8
2.3
2.4
0.9
1.6
2.0
2.9
208
222
204
327
358
359
-16
-9
-9
1.6
2.1
2.8
0.8
1.2
1.8
2.6
M e n ' s a n d boys'
wear. .
Men's wear 4
Men's clothing 4 . .4.
Men's furnishings .
Boys' wear 4
160
146
100
119
121
-15
-16
-11
-20
-12
1.9
1.8
2.1
1.5
2.8
2 2
2.1
2.3
1.9
3.1
282
217
287
543
638
654
Homef u r n i s h i n g s
1G6
Shoes
119
NONMERCHANDISE—total 4 .. .
174
Barber and beauty shop 4
-2
-15
+4
+8
+2
0
-2
-3
-1
—5
-2
-2
-5
—1
-1
+3
-3
-4
0
-6
-14
3.4
3.6
164
201
179
558
564
646
-4
3.2
3.2
177
171
182
563
619
581
-1
+4
-3
c
1
Corrected.
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months'
supply on hand at the end of the month in terms of sales for that month.
2
The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks
index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of
sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858
were 3 reversed.
For movements of total department store sales and stocks see the indexes for the United States on p. 1055.
4
Index numbers of sales and stocks
for this department are not available for publication separately; the department, however, is included
6
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.
SALES, STOCKS, ORDERS, AND RECEIPTS
AT 296 DEPARTMENT STORES »
WEEKLY INDEX OF SALES
[Weeks ending on dates shown.
[In millions of dollars]
Reported c at a
Year or month
1943 average...
1944 average...
1945 average...
1946 average...
1947 average...
1948 average...
1949 average...
1950 average...
1951 average...
1951—July
Aug.....
Sept...,.
Oct
Nov
Dec...
1952—Jan
Feb
Mar
Apr
May. . ..
Tune.. . .
July....
Sales
(total
for
month)
Stocks
(end of
month)
204
227
255
318
337
352
333
347
358
509
535
563
715
826
912
862
942
'258
309
343
388
442
608
291
271
317
340
345
320
P262
1,114
'1.068
1,106
1.117
1S152
1,147
929
910
956
1,027
1.036
1,008
945
P920
Derived data
Outstanding
orders
(end of
month)
530
560
729
909
552
465
350
466
425
-•133
395
404
408
'375
292
379
'387
332
274
252
384
P472
Receipts
(total
for
month)
New
order;?
(total
for
month)
203
226
256
344
338
356
331
361
355
223
236
269
327
336
335
331
370
345
'216
'347
'263
'309
354
423
437
390
272
317
388
349
317
257
P237
363
427
'104
'307
359
'325
r
333
291
295
389
P325
p Preliminary.
' Revised.
1
These figures are not estimates for all department stores in the
United States. Figures for sales, stocks, and outstanding orders are
based on actual reports from the 296 stores. Receipts of goods are
derived from the reported figures on sales and stocks. New orders
are derived from estimates of receipts and reported figures on outstanding orders.
Back figures. —Division of Research and Statistics.
SEPTEMBER
1952
1947-49 average = 100]
Without seasonal adjustment
l
1950
1951
1951
1952
.101 Apr. 5. . . . .109
6. . . ..110 Apr. 7
14
.100
12. . . . .111
13. . . ..117
21
. 97
19. . . . . .97
20. . . . .116
28
.101
26. . . . .105
2 7 . . . ..113
.113 M a y 3 . . . . .111
3 . . . . .121 M a y 5
12
.110
1 0 . . . . .117
1 0 . . . . .127
17
99
17. . . . .130
1 9 . . . . 99
.100
2 4 . . . ..105
26
2 4 . . . . !l23
1. . . ..161 June 2
. 95
3 1 . . . . . .97
8. . . . .191
9
.108 June 7 . . . ..111
1 5 . . . . .213
16
.106
14... . .116
23
92
21
98
22. . . . .228
3 0 . . . . . 89
2 8 . . . ...91
29. . . . . 92
July 7
. 75 July 5. . . . . .79
1951
1952
1 4 . . . . . 83
12. . . . . .83
21
. 81
1 9 . . . . . .82
26
79
2 8 . . . . 80
Jan. 6. . . 98 Jan. 5. . . 78
87
. 88 Aug. 9
12. . . . . 92 Aug. 4
13! . '.. !l05
9
90
20. . . . 104
19. . . . . 90
11 . . . . 87
95
16
18
. 93
27. . . . . 96
26. . . . . 83
23. . . . .100
25
. 97
Feb. 3 . . . . . 81 Feb. 2 . . . . . 84
9. . . . . 87 Sept. 1
.105
30. . . . .110
10. . . . . 94
16. . . . . 89
8
.100 Sept. 6. . . . .100
1 7 . . . . . 94
13
95
83
23. . .
1 5 . . . . .114
24. . .
20...
22
.111
Mar. 3. . . . . 99 Mar. 1. . . . . 85
8. . . . . 88
29
.114
27...
1 0 . . . . .105
1 5 . . . . . 90
17. . . . .101
24. . . ..105
22. . . . . 94
2 9 . . . ..101
3 1 . . . . . 89
Oct. 7. . . . .112 Oct.
14. . . . .111
2 1 . . . ..105
2 8 . . . ..108
Nov. 4. . . . .109 Nov.
1 1 . . . ..118
18. . . 127
25! .! ]! 110
Dec. 2. . . ..153 Dec.
9. . . . .191
1 6 . . . ..220
23. . . 221
3 0 ! . . .! 82
NOTE.—For description and weekly indexes for back years, see
BULLETIN for April 1952, pp. 359-362.
1057
DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Tulv June 7
1952 1952 1952
7
Tulv June
1952 1952 1952
United States.
Boston
New Haven...
Portland
Boston Area...
Downtown
Boston
LowellLawrence
Nevy Bedford..
Springfield
Worcester
Providence
New York l
Bridgeport .. .
Newark l
Albany
Binghamton...
Buffalo i
Elmira
Niagara Falls..
New York City
Poughkeepsie..
Rochester 1
Schenectady
Syracuse 1
Utica
Philadelphia
.
Trenton x
Lancaster 1 l
Philadelphia
..
Reading 1
Wilkes-Barre 1 .
York*
Cleveland
Akron *
Canton i
Cincinnati l 1 . . .
Cleveland
Columbus !
Springfield 1. . .
Toledo i
Youngstown l..
Erie 1
Pittsburgh *
Wheeling J
+1
P+4
+4
+ 10
+ 14
-2
-4
+3
+4
-1
+ 10
+2
+ 14
+2
0
-2
-6
+5
+5
+1
-14
-3
-10
-3
+ 10
+2
+3
-9
-2
-19
0
-1
0
0
+3
+5
-1
+7
+3
+20
+3
+7
-1
+5
+6
+3
2
+2
+3
0
-4
-2
-1
+4
+2
+ 13
0
+2
+2
+ 10
+9
+4
+3
+ 12
+3
+2
+9
-8
-9
+3
-4
-4
-6
0
+9
+7
+6
-6
-1
+3
+4
p+5
P +3
+5
June
+2 Chicago-cont.
Dallas-cont.
Des Moines.
..
0 - 4 Corpus1 Christi..
+4
Detroit l
0 r-3
- 4 Dallas
Flint i
-3
-4
- 7 El Paso
-2
Grand Rapids *
+ 9 +3 - 4 Fort W o: r t h . . . .
-3
Lansing : :
P + 1 3 + 12
+
1 Houston
Milwaukee . . .
+27 + 10
-2
- 4 San Antonio....
-3
+
Green Bay 1 .. .
- 41 +2
- 7 Waco
+37 + 13 + 17 Madison
+2 +2 - 3
0
San Francisco.
+20 r- 1 0
+3
-6
0 St. Louis
+20
+
3
P+10
+9 +1 Phoenix i
+3
+
6
Fort
Smith....
+2
+
1
—1
+
1 + 1 +2 Tucson
i
+ 13 r + 15 + 12 Little Rock *. .
+ 8 + 14 + 3 Bakersfield
-2
x
+7 + 8 +3 Evansville. . . .
+ 6 +6 + 3 Fresno
-8
- 2 Louisville *
0
Long Beach l...
-7
P + 5 + 14
+3
3+1
+ 10 +21 + 11 Quincy
Angeles
+3 - 6 - 7 Los
P + 6 + 11
-7
Area *
- 2 + 11
+4 St. Louis !. . . .
+
1
-5
Downtown
Los
St. Louis Area.
- 3 + 11
0
+10 +15 +7 Springfield....
0 Atlanta
Angeles l
4
l
+4 Westside
+ 1 +- 15
-4
0 Birmingham ...
Los
+ 9 + 4 Memphis l. . . .
+6
+3 Angeles l
Mobile
+ 17 +24 + 15
+ 1 Montgomery.
..
+ 4 + 10 + 6 Minneapolis..
+3 Jacksonville l...
- 2 Oakland and
-2
+7
-11
Berkeley 1
+ 12 + 17 +7 Mankato
x
-10
-1
J
+
1
Miami
Riverside and
+
10
+ 11 +2 Minneapolis ..
+
1
4
1
+6
—5 Orlando
San Bernardino
+6 + 15 +4 St. Paul i
0
-2
1
+ 12
. ..
+4 St. Petersburg.. + 11 + 16 +9 Great Falls....
+ 9 +4 +2 Sacramento
- 4 Tampa *l
San Diego x . . .x .
+ 16 + 15 + 10 Grand Forks. .
2
6
0
Atlanta
San
Francisco
.
+
7
+ 11 +2 Sioux Falls....
+ 1 Augusta
0
-2
2
San Jose l
+32 +42 +28 Duluth- 2 Columbus
Stockton
i
+
13
+ 18 +8 Superior *. . ..
-2
+3 +3 + 1 Vallejo and
Macon x
+2 + 13 +5 La Crosse
- 3 Rome
-2
-9
-4
Napa
+ 9 + 8 +2
-3
Savannah
Boise and
- 3 Baton Rouge x .. + 17 +31 + 18 Kansas City..
+14
+1
+4
Nampa
+ 12 + 17 +5
-3
0
—4 Portland i
+7
New Orleans x . . + 16 + 15 + 9 Denver
0 Jackson *
-10 -16 -12
Salt Lake City 1 .
+ 1 + 8 + 3 Pueblo
Hutchinson.
.
.
0 Bellingham
+24
+
1
-3
Meridian
+2 + 8 + 1 Topeka
+22
+
16
Bristol
+4
5
1
4
Everett l
+2y
+ 17 + 6
Chattanooga x. . + 18 +4 +4 Wichita
1 Seattle i 1
Kansas City... +24 + 6 +
—7
- 1 Knoxville x
+3
C
4
Spokane
1
+ 8 + 8 +2 Tacoma 1
- 3 Nashville
+9 +21 + 9 Joplin
St. J o s e p h . . . .
- 8 Yakima 1
+2 - 8
+4
Omaha
0
+4 - 1
P-1
-2
-4
+3 Chicago
1
+ 10 +8 + 1
_2
- 4 Oklahoma City
-2
- 1 Chicago
Tulsa
+24 + 15 +9
— 7 Peoria i
-4
2
+5
1
+2 Fort Wayne 1 . . . + 10 - 4 - 4 Dallas
+12 +12 +6
- 6 Indianapolis .. .
+2 + 8 + 1
P0
- 1 Terre Haute *...
+12 +4 +11
0 Shreveport....
+2
-2
+ 1 +3
-4
(2)
-2
- 1 Richmond
Tulv June 7
1952 1952 1952
+-=5
Washington 1.. .
Baltimore
Hagerstown
Asheville, N. C.
Raleigh
Winston-Salem.
Anderson, S C..
Charleston
Columbia
Greenville, S. C.
Lynchburg
Norfolk
Richmond
Roanoke
Ch'ls'ton.W.Va.
Huntington. . . .
+3
+7
+7
+1
0
+6
+3
+3
+2
-2
+2
+4
+2
+2
+8
+38
+ 12
+18
+8!
+ 12
+ 12|
+7
1952
+18 +21
+11 +2
+7 +6
+ 5 +3
+15 + 10
+19 +8
+15 + 18
p+8 +5
+ 10 + 12
+6 +20
+9 +7
+8 - 4
0
P+1
+5
+1
+2
+2
+9
+4
-3
+2
0
P—6! — 13
-7
-1
+2
+ 10
-7
-1
+ 11 +7
+ 10 +2
'+11 +13
+ 11 ' + 7
+ 18 +4
+ 13 - 2
-6
+4
+3
+6
+4
+4
0
+1
-1
-1
4
+1
-5
+6| +3
+ 10|
-2
-1
0
-4
2
-3
-4
2
-1
c
+2
P Preliminary.
r Revised.
Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.
Data not available.
3 six months 1952.
* Five months 1952.
1
2
CONSUMERS' PRICES1
[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_june %
July
August
September
October
November
December
1952—January
February
March
April
May
Tune
July
.. .
1935-39 average =100]
All items
Food
Apparel
Rent
Fuel electricity,
and i-efrigeration
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
185.2
185.5
185.5
186 6
187.4
188.6
189.1
189.1
187.9
188.0
188.7
189.0
189.6
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
226.9
227.7
227.0
227.3
229.2
231.4
232.2
232.4
227.5
227.6
230.0
230.8
231.5
234.9
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
204.0
203.3
203.6
209.0
208.9
207.6
206.8
204.6
204.3
203.5
202.7
202.3
202.0
201.4
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
135.7
136.2
136.8
137.5
138.2
138.9
139.2
139.7
140.2
140.5
140.8
141.3
141.6
141.9
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
143.6
144.0
144.2
144 4
144.6
144.8
144.9
145.0
145.3
145.3
145.3
144.6
144.8
146.4
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
212.5
212.4
210.8
211 1
210.4
210.8
210.2
209.1
208.6
207.6
206.2
205.4
204.4
204.2
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
164.8
165.0
165.4
166 0
166.6
168.4
169.1
169.6
170.2
170.7
171.1
171.4
172.5
173.0
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. Back figures.—Bureau of Labor Statistics, Department of Labor.
1058
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
TexFuel, ChemHides, power,
tile
Rubicals
prod- skins,
and
ber
and
and
ucts
lightand
allied
and leather ing
prodprodprodapmaucts
ucts
parel
terials ucts
1947
1948
1949
19S0
1951
98.2
96.4 100.0
104.4 107.3 106.1
95.7
99 2 92.8
99.8
97.5
103.1
114 8 113 4 111.4
95
103.
101
105
115.
3
4
3
0
9
100.1
104.4
95.5
99.2
110.6
101.0
102.1
96.9
104.6
120.3
90.9
107.1
101.9
103.0
106.7
1951
July
August
September
October
November
December
114.2
113.7
113 4
113.7
113.6
113 5
110.7
111.2
110.9
111.6
111.0
110.7
115
114
114.
114
114.
114
7
9
8
6
5
6
111.6
108.5
105.9
103.9
103.9
104.0
122.3
118.0
118.0
113.6
107.0
105.1
106.5 108.8 144.3
106.3 108.5 144.3
106.7 108.7 144.7
106.8 108.8 144.7
106.9 108.6 144.6
107.4 108.4 144.3
113.0 110.0 110.1
112.5 107.8 109.5
112 3 108 2 109.2
111.8 108.7 108.0
111 6 107 9 108.6
111.2 107.2 108.5
111.8 110.2 110.0
114
114
113
113
113
112.
112.
3
103.3
102.1
100.6
99.9
99.3
99.0
99.4
102.2
99.5
98.0
94.1
94.7
95.9
96.2
107.4
107.2
107.4
106.3
106.0
105.9
105.9
1952
January
February
M!arch
April
T^Iay
Tune
July
..
..
111.1
110.4
109 9
111.5
112.0
111.3
8
3
f)
6
6
Lumber and Wood Products:
Lumber
Mill work
. .
Plywood
.
99.0
102.1
98.9
120.5
148.0
106.7 144.1
105.9 143.1
105.4 142.0
104.8 140.6
104.3 140.4
104.3 133.4
104.2 130.4
Furniture
and
other
household
durables
Tobacco
manufacMistures cellaand
neous
bottled
beverages
Nonmetallic
minerals—
structural
98.6
102.9
98.5
100.9
119.6
91.3
103.9
104.8
110.3
122.8
92.5
95.6
100.9 101.4
106.6 103.1
108.6 105.3
119.0 114.1
93
101
104
106
9
98.0
7 100.4
4 101.6
9 102.4
6 108.1
123.5 120.2
122.3 119.5
121.6 119.4
121.7 118.8
121.1 118.4
120.3 118.4
122.3
122.2
122.1
122.4
122.5
122.5
118.8 114.4
118.9 113.5
119.4 113.1
120.2 112.8
120.5 112.7
120.7 112.7
in
6
113 6
in 6
in 6
113 .6
11? 8
107.9
107.8
107.8
107.5
107.5
108.1
103.7
102.6
105.1
106.9
108.9
109.8
120.1
120.3
120.5
120.9
120.7
119.9
120.2
122.4 120.8
122.6 122.0
122.6 121.8
122.5 121.6
121 8 121.6
121 1121.3
121.9 121.3
112 9
112.9
11? 9
11? 8
112 9
in 8
113 .8
108.1
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
93.7
107.2
99.2
113.9
123.9
118.2
118.3
117.7
117.4
116.9
116.7
115.5
1952
1951
112.3
112.4
111.9
112.1
111 7
111.6
111.6
1951
Subgroup
Farm Products:
Fresh and dried produce
.. .
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk . .
Eggs
Hay and seeds.
Other farm pro rinrts
Processed Foods'
Cereal and bakery products
Meats, poultry and fish
Dairy products and ice cream.
Canned, frozen, fruits & vegeta bies
Sugar and confectionery
Packaged beverage materials.
Other processed foods
Textile Products a nd Apparel:
Cotton product s
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products.
Hides, Skins, and T.ealhpvProducts:
Hides and skin 3
Leather
Footwear
Other leather products . .
Fuel, Power, and Lighting Materi
als:
Coal
Coke
Gas
Electricity
Petroleum and products
Chemicals and Allied Products:
Industrial chemicals .
Paint and paint materi als
Drugs, Pharmaceuticals cosmetics .
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Rubber and Products:
Crude rubber
. . . .
Tires and tubes
101.4
103.8
94.8
96.3
110.0
Machinery
Lum- Pulp,
and
ber
paper, Metals moand
and
and
tive
wood allied metal prodprod- prod- prod- ucts
ucts
ucts
ucts
100.8
103.1
96.1
96.6
104.9
1952
Subgroup
July
May
June
90.8
94.3
118.6
137.1
102.5
106.2
95.-8
137.2
128.9
98.8
108.9
114.2
104.3
74.3
96.0
137.1
124.2
95.4
107.2
118.7
103.5
81.0
98.5
136.7
106.2
116.8
106.7
103.5
109.5
161.8
122.2
107.0
112.1
110.6
104.2
109.2
161.9
112.8
106.7
110.1
110.1
103.5
110.9
161.9
118.4
113.0
145.5
96.7
116.1
105.0
141.0
97.2
111.7
86.8
128.8
100.8
98.6
95.4
112.8
88.6
129.8
100.3
98.7
124.0
127.7
122 1
114.1
58.1
84.5
111 1
100.3
59.5
88.9
111 0
100.6
107 2
124.3
97.5
98.5
110.8
104.9
124.3
104.2
98.0
109.9
105 3
124.3
102.0
120.4
107.8
95.6
70.0
106.7
107 1
108.3
115.1
107.3
92.2
47.2
108.6
ill 5
103.0
114.9
107.0
92.2
52.0
108.7
109 9
103.0
109.6
194.6
133.9
131.3
182.7
L33.0
127.6
152.7
130.5
127.1
123.0
130.4
116.9
21.1
26.4
05.6
120.1
126.4
105.7
July
Pulp, Paper, and Allied Products:
128.2
Woodpulp
94 9
Wastepaper
108.2
Paper.
115.3
Paperboar d
106.7
Converted paper and paperboard
112.9
Building paner and board . . .
100.5 Metals and Metal Products:
138.3
Iron and steel.
Nonferrous meta
106.5
Metal containers. . . .
110.6
Hardware
113.8
Plumbing equipm e n t
103.9
Heating equipmerit
111.6
Fabricated struc. metal products. .
161.9
Fabricated nonstructural metal
products
126.6
Machinery and Motive Products:
96.1
Agri. mach. and equipment
113.9
Cons. mach. and equipment
89.4
Metal working machinery - . . 134.7
General purpose mach., e t c
100.5
Miscellaneous machinery
Elec. mach. and equipme nt
95.7
Motor vehicles
61.9 Furniture; Other Household Durables:
Household furniture .
89.3
110 6
Commerci 3 furniture
100.6
Floor covering
Household appliaiices . .
105 9
Radio TV, and plinnncrnnliQ
124.3
Other household durable goods
102.0 Nonmetallic Minerals—Structural:
Flat glass
98.5
Concrete ingredients . . .
109.4
Concrete products
114.7
Structural clay pr oducts
106.9
Gypsum products
92.1
Prepared asphalt roofme
49.8
Other nonmetallic minerals
108.7 Tobacco Mfrs. and Bottled Beverages:
110 7
Cigarettes.
103.1
Cigars
Other tobacco products
138.6
Alcoholic beverages
129.6
Nonalcoholic beverages . . .
127.0 Miscellaneous:
Toys, sporting goods, sm£ill arms
120.4
Manufactured animal fee ds
126.8
Notions and accessories
105.7
Jewelry, watches, photo equipment.
Other miscellaneo LIS
May
June
July
113.3
55 1
123 5
129.8
114.5
115.8
113 3
55 1
124 2
129.3
113.7
115 8
109.3
55 1
123 8
125.4
113.2
115.8
123 0
121 5
1
125 8
122 .6
114 4
117 .3
122.4
122.8
122 0 1 2 0 0
120 5 120 5
123.9
126.9
118.0
116.0
113.7 1 1 3 5
115.4
115.4
122.3
123 9
120 5
123.9
118.1
113.6
115.4
126 0
124.4
124.4
124.4
120.1
123.7
7
123 .4
119 .6
122 2
112 's
121.5
125 3
128.0
123.1
119.2
120.8
119.7
121.5
125 4
127.9
122.4
119.0
120.0
119.7
121.5
125 4
127.9
122 A
119.0
120.0
119.7
115 9
124 Q
149
107 .6
93 6
117
113 1 112 7
123 2 123 2
120.9 1 1 9 1
107.3 1 0 6 . 8
r
93 8
90 7
119.3
119 3
112 6
123 2
119.1
106.8
93 8
119.4
114 0
112 0
112 .4
4
117 .4
105 4
110 0
114.4
112.9
112.4
121.4
117.7
98.6
111 9
114.4
112 9
112.4
121 .4
117.7
106.0
111 9
114.4
112 .9
112.4
121 .4
117 .7
106.0
111 9
7
6
1
7
107 3
98.0
114.8
111 2
119.7
107 3
98 0
114.8
111 2
119.7
107 3
98.0
114.8
111 2
119.7
116 .5
98 .0
101 4
101 .2
120 .7
113.5
108.3
91 5
101.0
121.0
113.5
107.9
91 5
101.0
120.5
113.5
102.7
91 5
101.1
120.8
July
114
224
118
132
117
in
10S
101
107
106
119
S
1
.0
.1
4
' Revised.
Source.—Bureau of Labor Statistics.
Back figures.—See BULLETIN for March 1952, pp. 311-313.
SEPTEMBER 1952
1059
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
1951
1929
1933
1939
1941
1947
1948
1950
1951
2
Gross national product
Less: Capital consumption allowances. .
Indirect business tax and related
liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises
Equals: National income
Less: Corporate profits and inventory
valuation adjustment
Contributions 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
Equals: Disposable personal income.
Less: Personal consumption expenditures
3
91.3 126.4 233.3 259.0 258.2 284.2 329.2 329.3 330.9 337.1 339.4 343.2
103.8
55.8
8.8
7.2
8.1
9.3
14.8
17.6
19.4
21.5
24.6
24.3
25.0
25.8J 2 6 . 7
27.7
7.0
.6
-.1
7.1
.7
1.2
9.4
.5
1.4
11.3
.5
1.6
18.7
.7
.3
20.4
.7
21.6
.8
.2
23.8
.8
-.7
25.3
.9
24.7
.9
5.7
25.0
.9
.0
25. Si
.9
26.3
.9
-1.9
26.8
.9
n.a.
0)
.5
A
.0
.4
1.1
.1
.2
.5
.2
87.4
39.6
—3.2
.0
72.5 103.8 198.7
-2.0
.3
5.8
2.1
.0
2.5
1.2
3.8
.5
85.1
.0
1.5
1.2
2.1
.7
46.6
72.6
2.6
1.3
1.4
1.5
.5
1.0
2.4
1.2
1.2
3.3
2.0
1.3
82.5
45.2
70.2
92.0
.0
.9
1.0
5.8
.6
-.1
14.6
2.8
.0
2.6
1.3
4.5
.5
24.7
5.7
.0
11.1
4.4
6.6
.7
223.5
31.7
5.2
.0
10.5
4.5
7.2
.7
216.3 239.2
29.2
5.7
34.8
6.9
.0
11.6
4.6
7.5
.0
14.3
4.7
9.0
1.4
.5
274.8 280.2 285.6 288.0 n.a.
277.6
41.6
8.2
41.2
8.2
41.9
8.1
42.5
8.3
42.7
8.5
n.a.
8.4
.0
11.5
4.9
9.0
.9
-.2
11.6
4.9
9.0
.9
.8
11.6
4.9
9.2
.9
-.6
11.5
5.0
9.3
.9
.1
11.7
5.0
8.9
.9
.0
11.6
5.0
9.6
.9
95.3 191.0 209.5 205.9 226.3 254.1 251.9 256.1 262.0 263.0 264.4
78.:
46.3
67.5
82.3
3.7
-1.2
2.7
9.8
21.5
19.6
1.9
169.5
165.6
21.1
19.0
2.1
18.6
16.2
2.5
20.8
18.1
2.7
29.1
26.1
3.0
28.7
25.8
3.0
29.0
26.0
3.0
188.4 187.2 205.5 225.0 223.2 227.1
177.9 180.6 194.3 208.0 204.5 206.4
10.5
6.7
11.2
17.0
18.7
20.7
3.1
231.5
210.5j
32.9
29.6
32.5
29.3
3.2
3.3
230.5
213.2
17.3
231.5
214.9
21.11
3.9
Equals: Personal saving
30.4
27.3
16.5
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1951
1952
72.5 103.8 198.7 223.5 216.3 239.2 277.6 274.8 280.2 285.6 288.0 n.a.
64.3 128.0 140.2 139.9 153.4 178.9 178.2 181.0 183.4 186.5 186.9
61.7 122.1 134.4 133.4 145 .6 169 .9 169.3 172.1 174.3 177.4 177.8
51.5 104.8 115.7 113.0 123.4 141.2 141.2 142.0 143.
145.8 145.6
5.0
n.a.
1.9
4.1
4.2
8.6
8.5
9.1
4.0
9.6 n.a.
n.a.
20.1 19.6 21.0 20.9 n.a.
8.3 13.2 14.7 16.1 17
9.2
9.0
9.0
9.0
2.6
5.9
8.9
5.8
6.6
9.1
7.8
National income
87.4
39.6
Compensation of employees
Wages and salaries 2
Private
Military
Government civilian
Supplements to wages and salaries.. .
50.8
50.2
45.2
.3
4.6
.6
29.3
28.8
23.7
.3
4.9
47.8
45.7
37.5
.4
7.8
2.1
Proprietors' and rental income 3 . . .
Business and professional
Farm
Rental income of persons
19.7
8.3
5.7
5.8
7.2
2.9
2.3
2.0
14.7
6.
4.5
3.5
20.8
9.6
6.9
4.3
42.4
19.8
15.6
7.1
47.3
22.1
17.7
7.5
42.1
21.6
12.8
7.7
45.2
23.7
13.3
8.2
50.6
26.2
15.6
8.9
49.0
26.0
14.4
8.5
50.8
26.0
15.8
9.1
53.1
26.6
17.0
9.4
52.1
27.3
15.4
9.4
Corporate profits and inventory
valuation adjustment
Corporate profits before tax
Corporate profits tax liability....
Corporate profits after tax
Inventory valuation adjustment. . . .
10.3
9.8
1.4
8.4
-2.0
.2
.5
-.4
-2.1
5.8
14.6
17.2
7.
9.4
-2.6
24.7
30.5
11.9
18.5
-5.8
31.7
33.8
13.0
20.7
-2.1
29.2
27.1
10.8
16.3
2.1
34.8
39.6
18.4
21.
-4.
41.6
42.9
24.2
18.7
-1.3
41.2
43.3
24.5
18.8
-2.1
41.9
38.6
21.8
16.9
3.2
42
39
22
17.3
3
42.7 n.a.
42.7 n.a.
24.7 n.a.
18.1 n.a.
1.7
-.1
6.5
5.0
4.2
4.1
3.5
4.3
5.0
5.8
6.4
6.4
6.5
6.6
Net interest
6.7
51.9
27.6
14.8
9.5
6.9
n.a.
Not available.
1
Less than 50 million dollars.
2
Includes employee contributions to social insurance funds.
3
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
1060
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
1939
1941
1947
1948
1949
1950
1951
103.8
55.8
91.3 126.4 233.3 259.0 258.2 284.2 329.2 329.3 330.9 337.1 339.4 343.2
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
78 8
9.4
37.7
31.7
46.3
3.5
22.3
20.6
67.5
6.7
35.3
25.5
Gross private domestic
investment
New Construction l
Residential, nonfarm
Other
Producers' durable equipment.
Change in business inventories
Nonfarm only
15.8
7.8
3.6
4.2
6.4
1.6
1.8
1.3
1.1
.5
.7
1.8
-1.6
-1.3
9.9
4.9
2.7
2.2
4.6
.4
.3
18.3
6.8
3.5
3.3
7.7
3.9
3.4
30.2
13.9
6.3
7.6
17.1
-.8
1.4
42.7
17.7
8.6
9.1
19.9
5.0
3.7
33.5
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
65.2
23.5
10.9
12.6
25.4
16.3
15.2
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
50.0
23.7
11.0
12
25
49.3
23.6
11.0
12.6
25.7
.1
-.8
.2
.9
1.1
8.9
1.9
.5
-2.3
.2
-.2
1.1
2.6
1.9
.9
8.0
2.0
2.0
()
5.9
13.1
5.2
1.3
3.9
24.7
16.9
13.8
3.2
7.8
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
59.8
38.3
34.9
3.7
.3
21.6
67.3
45.5
41.6
4.5
.5
21.7
71.2
48.9
44.3
5.1
.5
22.3
74.4
7.9
28.6
15.8
13.3
3.8
1.3
12.8
78 0
54.9
50.3
5.1
.4
23.0
Gross national product
Net foreign investment
Government purchases of
goods and services
Federal
National security
Other
Less: Government sales 2 . . . .
State and local
8.5
1.3
()
7.2
82.3 165.6 177.9 180.6 194.3 208.0 204.5 206.4 210.5 213.2 214.9
9.8 21.4 22.9 23.8 29.2 27.1 26.3 25.5 25.3 25.2 26.4
44.0 95.1 100.9 99.2 102.8 113.5 111.3 113.2 116.2 118.0 117.8
28.5 49.1 54.1 57.5 62.4 67.3 66.9 67.6 69.0 70.0 70.8
51.2
46.4
5.2
.4
23.2
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Year or month
Personal
income
Wage and salary disbursements
Total
receipts4
Total
disbursements
Commodity Distributive Service
produc- indusindusing intries
tries
dustries
85.1
46.6
72.6
95 3
191.0
209 5
205 9
226.3
254 1
254.3
1951—June
254.5
July
256.7
August
September. . . . 257.3
261.7
October
November. . . . 260.9
263.4
December
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
9.8
8.8
8.2
5.1
17.4
27.5
54.3
60 2
56.9
63.5
74 9
13.3
16.3
35.1
38 8
38.9
41.3
45 9
6.9
7 8
15.3
16 6
17 2
18.6
20 3
168.2
167.3
167.9
168.8
170.5
171.3
172.6
171 .6
170.7
171.2
172.1
174.0
174.8
176.0
75.4
75.0
74.8
75.7
75.9
75.8
77.5
47.0
46.3
46.5
46.3
46.5
46.5
46.7
263.4
263.5
261 9
262.5
264.5
266.7
173.1
174.5
173 9
173.4
174.6
175.8
176.7
178.0
177 3
176.7
177.9
179.3
77.3
78.2
77.7
76.9
76.7
77.2
47.1
47.1
47 0
47.0
47.7
48.5
1929
1933
1939.. . .
1941
1947
1948.. . .
1949
1950
1951 .
1952—January
February
March
April
Mav
June
21.5
15.5
Government
Dividends
Proand
Other
prietors'
perlabor 6
and
sonal
rental
income
income6 interest
income
Transfer
payments7
Less
personal
contributions
for
social
insur-8
ance
.1
.2
Nonagricultural
income'
5.0
.5
19 7
13.3
1.5
.4
7.2
8.2
2.1
5
6
2 4
2 8
3 1
3.8
4 2
14.7
20 8
42.4
47 3
42 1
45.2
50 6
9.2
9,9
14.5
16 0
17.1
19.5
20 4
3.0
3 1
11.8
11 3
12 4
15.1
12 4
20.4
20.4
20.4
20.4
20.7
20.8
20.8
5 2
8.2
10 2
17 2
18 7
20 4
22.2
28 7
28 8
29.0
29.5
29.7
30.9
31.7
31.0
4.2
48.8
50.1
51.5
50.9
53.4
52.5
53.3
20.4
20.4
20.5
21.0
20.8
20 5
21.1
12.7
12.5
12.6
12.4
12.7
12.4
12.1
3.4
4.2
4.2
4.2
4.3
4.2
4.3
3.4
3.3
3.3
3.5
3.5
3.4
235.4
234.0
235.5
236.4
239.1
239.5
240.7
20.8
20.9
20 8
21.0
21 .3
21.3
31.5
31.8
31 8
31.8
32.2
32.3
4.3
4.3
4 3
4.4
4.4
4.5
53.4
52.1
50 7
51.2
51.7
52.8
20.1
20.5
21.0
21 .5
21.5
21.4
12.8
12.4
12.4
12.3
12.6
12.5
3.9
3.8
3.8
3.6
3.6
3.8
241.7
243.4
242.7
242.9
244.9
245.9
.6
.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
1
Includes construction expenditures for crude petroleum and natural gas drilling.
s
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
1
Less
than 50 million dollars.
4
Total wage and salary receipts, as included in "Personal income-" is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries.
*
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well 8as consumer bad debts and other business transfers.
Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are
not included
in personal income.
9
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
SEPTEMBER
1952
1061
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Noninstalment credit
Instalment credit
End of year
or month
Total
consumer
credit
Total
instalment
credit
Sale credit
Total
Automobile
Loans 1
Total
noninstalment
credit
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
Other
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1951—j u n e
July
August . .
September
October
November
December
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
200
227
544
1,151
1,961
3,144
4,126
4,039
691
715
1,104
1,935
2,567
3,096
3,778
3,507
1.632
1,967
2,143
1,431
1,119
1,170
.422
2,352
3,348
4,072
4,650
5,555
5,964
19,256
19,132
19,262
19,362
19,585
19,989
20,644
12,955
12,903
13,045
13,167
13,196
13,271
13,510
7,234
7,173
7,247
7,327
7,355
7,400
7,546
4,041
4,061
4,138
4,175
4,134
4,100
4,039
3,193
3,112
3,109
3,152
3,221
3,300
3,507
5,721
5,730
5,798
5,840
5,841
5,871
5,964
1952—January
February
March
. ..
April
IVtay
JuneP
JulyP
20,126
19,717
19,565
19,788
20,293
20,958
21,200
13,314
13,185
13,156
13,319
13,806
14,405
14,732
7,322
7,158
7,047
7,099
7,421
7,813
8,021
3,962
3,927
3,891
3,946
4,171
4,446
4,602
3,360
3,231
3,156
3,153
3,250
3,367
3,419
5,992
6,027
6,109
6,220
6,385
6,592
6.711
2,792
3,450
3,744
1,617
882
1,267
1,729
1,942
1,525
1,721
1,802
1,135
482
175
707
Singlepayment
loans 2
Service
credit
Charge
accounts
1,018
1,332
1,436
1.544
1,650
1,764
1,513
1,498
1,758
.981
3^054
3,612
3,854
3,909
4,239
4,587
,067
,111
6,301
6,229
6,217
6,195
6,389
6,718
7,134
1,399
1 .393
1,398
L.401
L.413
L.422
L.436
3,804
3,743
3,724
3,696
3,868
4,190
4,587
,098
,093
,095
1,098
1,108
1,106
L.lll
6,812
6,532
6,409
6,469
6 487
6,553
6,468
1,445
I ,448
1,443
1,437
.431
1,436
1,442
4,253
3,967
3,855
3,913
3,921
3,980
3,891
L ,114
1,117
1,111
1,119
1,135
1,137
1,135
530
536
565
483
414
428
510
749
896
949
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]
Amounts outstanding
(end of period)
Loans made by principal lending institutions
(during period)
Insured
repair
Comand
mercial1
modern- banks
ization
loans 3
Industrial
loan
com- 2
panies
Total
Commercial
banks i
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
Credit
unions
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
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
523
692
784
426
316
357
477
956
1,435
1,709
1,951
2,431
2,510
448
498
531
417
364
384
439
597
701
817
929
,084
,268
131
132
134
89
67
68
76
117
166
204
250
291
301
99
104
107
72
59
60
70
98
134
160
175
203
229
135
174
200
130
104
100
103
153
225
312
402
525
542
96
99
102
91
86
88
93
109
119
131
142
157
176
200
268
285
206
123
113
164
322
568
739
801
864
938
680
1,017
1,198
792
639
749
942
1,793
2,636
3,069
3.282
3,875
4,198
827
912
975
784
800
869
956
1,231
1,432
1,534
1,737
.946
2,437
261
255
255
182
151
155
166
231
310
375
418
481
528
194
198
203
146
128
139
151
210
282
318
334
358
417
237
297
344
236
201
198
199
286
428
577
712
894
947
1951—June
July
August
September. .
October
November . .
December...
5,721
5,730
5,798
5,840
5,841
5,871
5,964
2,515
2,492
2,521
2,524
2,522
2,509
2,510
,151
,167
1,181
1,203
1,191
1,211
1,268
288
288
293
296
299
299
301
209
211
217
221
222
225
229
522
524
531
533
535
535
542
164
166
167
169
168
170
176
872
882
888
894
904
922
938
356
339
389
351
373
347
354
204
206
210
183
205
228
292
44
44
49
42
52
45
50
35
35
40
35
40
38
42
86
76
90
78
86
83
84
1952—January. . . .
February. . .
March
April
May
Tune?
JulyP
5,992
6,027
6,109
6,220
6,385
6,592
6,711
2,521
2,542
2,593
2,642
2,726
2,838
2,890
1,273
L ,275
1,285
1,302
1,320
1,346
1,365
300
301
303
307
319
330
340
230
232
235
239
246
254
259
541
545
553
568
589
614
631
176
176
177
179
181
183
185
951
956
963
983
1,004
1,027
1,041
393
373
429
429
479
497
471
184
181
216
211
236
248
240
46
46
52
50
52
56
53
38
37
41
39
44
44
42
85
91
95
103
116
122
113
Year or month
Miscellaneous
lenders
Small
loan
companies
Industrial
banks 2
Credit
unions
* Preliminary.
Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount
of the retail direct loans not shown separately. Other retail direct loans outstanding at the,end of July amounted to 123 million dollars, and
other loans made during July were 18 million.
* Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans8 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans.
1
1062
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
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
Department
Total,
stores
excludand
ing auto- mailmobile
order
houses
1,525
1,721
1,802
1,135
707
Furniture
stores
Jewelry
stores
1,104
1 935
2,567
3,096
3,778
3,507
1,010
1,245
1,186
1,029
971
3,193
3,112
3,109
3,152
3,221
3,300
3,507
1,055
1,022
1,015
1,028
1,056
1,099
1,186
874
854
859
870
890
908
971
602
590
590
600
607
608
613
662
646
645
654
668
685
737
January... 3,360
1,129
1,082
1,060
1,064
1,101
1,132
1,142
933
909
893
894
924
954
971
592
567
548
541
551
582
596
706
673
655
654
674
699
710
June.
July
August....
September.
October. ..
November.
December.
1952
691
715
February. . 3,231
March....
3,156
April
3,153
May
3,250
June P.... 3,367
July?
3,419
536
599
619
440
289
293
296
386
587
750
935
All
other
retail
stores
246
271
284
179
111
109
113
174
305
404
488
93
110
120
76
57
56
57
89
144
152
163
794
737
Retail instal-2
ment ]Daper
Total
Total
Outstanding at end of
period:
1949...
1950
1951..
Other
343.2
391.0
404.1
93.6
118.5
118.9
63.1
79.7
81.2
55.4
54.9
56.5
131.1
137.9
147.5
1951—June
July
August. . .
September
October...
November
December.
1952—January . .
February..
March....
April
May . . . .
JuneP....
Julyp
Volume extended
during month:
1951—June
July
August. . .
September
October...
November
December.
385.0
385.1
391.7
396.3
401.8
402.4
404.1
119.6
120.2
123.1
123.9
123.9
121.9
118.9
72.9
70.7
71.6
73.6
75.8
77.7
81.2
52.6
52.9
53.7
54.8
56.1
56.5
56.5
139.9
141.3
143.3
144.0
146.0
146.3
147.5
402.6
403.9
405.8
410.7
426.2
441 .1
454.9
116.5
116.3
116.6
119.2
128.2
138.4
145.6
81.4
81.4
81.2
81.1
82.5
84.7
87.1
56.1
56.3
55.4
55.8
57.2
58.2
60.9
148.6
149.9
152.6
154.6
158.3
48.8
48.5
58.4
51.2
60.0
52.3
53.6
15.6
14.9
19.4
16.2
17.3
14.6
13.1
7.8
7.6
10.4
10.4
12.2
11.8
12.8
3.9
3.8
4.5
4.1
5.2
4.1
3.4
21.5
22.2
24.1
20.5
25.3
21.8
24.3
1952—January . .
February..
March....
April
May . . . .
JuneP....
Julyp
52.5
51.8
57.5
58.8
69.2
73.5
69.1
14.3
15.2
16.8
18.1
25.8
27.7
24.4
11.8
10.1
10.6
10.3
11.2
12.3
12.9
3.5
3.7
4.1
5.4
6.3
6.5
6.6
22.9
22.8
26.0
25.0
25.9
27.0
25.2
159.8
161.3
781
944
1952—January
February
March . . . .
April
905 1,107
937 1,213
883 1,164
886 1,160
899 1,177
911 1,181
925 1,191
937 1,194
937 1,213
1,246
1,230
1,240
1,239
1,226
1,209
1,192
1,098
1,068
1,059
1,004
1,010
1,017
1,031
5,418 1 ,042
5.412 1,038
5,446 1,035
5,528 1,055
5,744 1,130
6,027 1,217
6,202 1,272
1.184
1.186
1,197
1,219
1,270
1,331
1,360
1,034
928
924
1,016
922
1,008
940
1,005
969
1,036
1,086 1,005
1,121 1,042
666
143
160
115
64
184
642
738
137
162
115
131
62
70
682
744
689
686
126
153
147
157
67
82
72
70
178
188
150
150
136
117
150
187
714
679
758
131
135
144
170
167
185
146
130
138
57
55
62
210
192
229
162
228
243
217
191
235
240
214
153
162
177
178
79
92
101
101
222
228
240
239
5,481
5 430
August
5,472
S e p t e m b e r . . . . 5,440
October
5 442
N o v e m b e r . . . . 5,436
D e c e m b e r . . . . 5,434
Volume extended during month:
1951—June
July
August .
September
October
November....
December....
Repair Personal
and
instalmodern- ment
cash
ization
loans
loans l 2
Personal
instalment
cash
loans
1,090
1,086
1,097
1,105
1,090
1,079
1,061
1951—June
July
1952—January
February
March
April
May
June?
Julyp
Repair
and
modernization
loans12
922
854
915
4 416
5,645 1,143 1,223 1,267
5,434 1,061 1,192 1,031
May
Automobile
Outstanding at end
of period:
1949
1950
1951
Year or month
June?
Julyp
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Other
retail,
purPur- Direct chased
and
chased loans direct
Automobile
retail
Household
appliance
stores
273
302
313
188
78
50
51
118
249
387
500
710
613
377
439
466
252
172
183
198
337
650
874
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
807
945
1,001
949
166
168
152
149
1,230
1,248
1,284
1,309
1,339
1,388
1,407
173
191
182
193
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Outstanding at end
of period:
1949
1950
1951
1951—June
July
August. . .
September
October...
November
December.
1952—January . .
February..
March....
April
May . . . .
JuneP....
Julyp
Volume extended
during month:
1951—June
July
August. . .
September
October...
November
December.
1952—January . .,
February..
March....
April
May
June?.
JulyP
Total
Retail instalment paper 2
Repair
and
Personal
instalment
cash
loans
Automobile
Other
modernization
loans 2 2
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
232.6
235.4
241.3
245.5
247.4
250.3
255.3
59.8
60.5
63.2
63.5
63.7
63.4
63.2
39.8
40.8
42.4
44.5
45.6
46.1
47.3
7.1
7.1
7.2
7.3
7.4
7.6
7.2
125.9
127.0
128.5
130.2
130.7
133.2
137.6
256.2
257.7
260.9
265.5
273.2
282.7
287.6
62.5
62.4
47.0
47.4
48.8
50.0
52.2
55.2
57.0
7.2
7.1
7.0
7.0
7.0
7.2
7.4
139.5
140.8
142.5
144.5
146.3
149.3
36.1
35.9
42.6
37.8
41.3
39.5
43.6
9.0
8.9
4.9
5.2
7.0
6.9
7.7
6.2
6.6
0.5
0.5
0.6
0.6
0.7
0.7
0.5
21.7
21.3
23.5
20.9
23.3
23.6
27.2
5.7
5.7
7.1
6.8
7.9
8.8
8.4
0.5
0.5
0.6
0.7
0.8
0.7
0.8
24.0
23.2
25.4
24.0
26.3
26.0
39.4
38.3
42.2
41.6
48.0
47.7
44.7
62.6
64.0
67.7
71.0
72.6
11.5
9.4
9.6
9.0
9.3
9.2
8.9
9.1
10.1
13.0
12.2
11.3
150.6
24.2
P Preliminary.
* Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
2
SEPTEMBER
1952
1063
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *
Percentage change
from corresponding
month of preceding
year
July
1952?
June
1952
May
1952
July
1952?
June
1952
May
1952
Q
-4
-5
-8
+23
+ 18
+ 12
+ 11
-11
+ 14
-11
-1
-4
-8
+27
+7
+21
+23
-8
+26
+1
+1
+3
+3
+4
+3
+ 13
+ 13
+9
+ 10
+4
+5
Collections during
month:
Total
Instalment
+
J
-6
-6
+5
+8
_?
-4
-9
-8
+1
Inventories, end of
month, at retail value.
-1
-4
-3
-12
-15
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Accounts receivable, end
of month:
Total
Instalment
-3
-16
Preliminary.
Instalment accounts
Year or month
June
July
August
September
October
November
December
Household ap- Department
pliance
storea
stores
Department
stores
Furniture
stores
19
18
19
19
21
21
19
11
11
12
11
12
11
11
12
12
12
12
12
12
12
49
46
48
47
50
50
45
19
18
20
18
19
18
17
10
10
11
10
11
10
10
13
13
13
13
13
12
13
47
45
48
46
48
46
46
1951
,
1952
January
February
March
April
May
June
July p
Charge
accounts
P Preliminary.
1
Collections during month as percentage of accounts outstanding at
beginning of month.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1947-49 average = 100
Accounts receivable
at end of month
Sales during month
Year or month
Percentage of total sales
Collections during
month
Charge
account
Instalment
Charge
account
Instalment
Charge
account
Cash
sales
Instalment
sales
Charge
account
sales
Total
Cash
Instalment
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—June
July
August
September. . .
October......
November. . .
December
95
75
90
101
113
129
177
91
71
83
90
101
115
167
103
'91
127
138
164
171
205
100
76
93
107
121
138
185
171
163
162
166
172
182
197
115
103
103
113
122
136
177
161
148
151
151
163
169
168
114
106
99
97
114
121
122
50
50
48
47
46
47
49
8
9
11
10
11
10
9
42
41
41
43
43
43
42
1952—January
February
March
April
May
June
July P. .
84
79
91
99
100
93
77
72
83
90
90
84
71
110
106
122
118
137
126
114
89
83
96
107
106
99
80
190
182
178
175
176
178
177
142
124
117
121
122
120
107
180
162
170
153
153
148
144
165
129
118
108
115
114
111
48
48
48
48
47
47
48
10
10
10
9
10
10
11
42
42
42
43
43
43
41
r
p Preliminary.
Revised.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1055.
1064
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTICS
PAGE
International capital transactions of the United States. .
1066-1071
Gold production.
1071
Reported gold reserves of central banks and governments. .
1072
Gold movements; gold stock of the United States. .
1073
International Monetary Fund and Bank.
1074
Central
Banks
1074-1078
Money rates in foreign countries.
1079
Commercial banks.
1080
Foreign exchange rates..
1081
Price movements:
Wholesale prices. .
1082
Retail food prices and cost of living.
1083
Security
1083
prices
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly.
Figures on international capital transactions of the United States are collected by the Federal Reserve
Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury
Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive
text, may be obtained from the Board's publication, Banking and Monetary Statistics.
SEPTEMBER 1952
1065
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES
[Net movement from United States, (-).
In millions of dollars]
Increase in banking funds in U. S. J
From Jan. 2, 1935,
through—
Total
Total
Foreign
official 2
Foreign
other
International
Decrease
in U. S.
banking
funds
abroad »
Domestic
securities:
Inflow of
foreign
funds 3
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
1,637.8
1,702.3
427.2
186.5
116.8
307.6
231.4
464.5
375.5
183.3
258.5
1,202.9
1,237.9
1,276.9
1,182.1
1,209.9
1,064.5
153.7
142 .4
123.1
123.7
131.7
1951—July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
10,100.9
10,118.8
10,170.7
10,114.5
10,130.0
10,122.3
7,797.0
8,017.4
8,038.1
8,422.3
8,448.2
8,529.7
2,598.1
2,734.8
! 2,723.6
| 2,769.8
2,734.7
2,751.9
3,541.6
3,639.7
3,697.4
3,909.1
3,972.5
4,089.6
1,657.3
1,642.9
1,617.2
1,743.4
1,741.0
1,688.3
189.4
181.9
231.9
211.3
186.3
160.9
1,070.8
877.4
856.8
612.9
617.0
618.6
911.2
911.5
912.1
743.7
754.4
687.5
132.6
130.6
131.8
124.3
124.1
125.6
1952—Jan.
Feb.
Mar.
Apr.
May
June
10,043.0
10,208.8
10,234.3
10,268.6
10,454.8
10,548.3
8,464.4
8,638.2
8,717.6
8,829.1
9,196.5
9,275.3
2.644.9
2,811.5
2.912.3
3.025.5
3.221 0
3.291.6
4,138.7
4,200.2
4.148.0
4.164.9
4.2S2.3
4.300.2
1,680.9
1,626.5
1,657.3
1,638.7
1,693 .3
1.683.5
133.4
164.9
125.0
109.7
94.9
98.5
631.3
616.8
617.4
622.4
604.3
599.4
688.6
658.3
642.5
580.4
428.0
441.7
125.4
130.7
131.8
127.0
131.1
133.4
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
31
29
31
30
31 P
30*
TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES 4
[Amounts outstanding, in millions of dollars]
International
institutions
Date
Total foreign
countries
NethUnited
King- France erdom
lands
Switzerland 5
Italy
224.9
143.3
122.8
170.5
193.6
372.6
446.4
538.9
576.9
553.0
267.9
153.1
333.5
303.6
314.7
850.5
739.8
738.1
717.0
799.2
2,420.7
1,976.7
2,472.4
2,513.9
8
2,777.7
218.3
221.2
222.7
270.1
254.4
289.4
132.0
131.7
135.4
132.4
154.5
148.8
499.9
506.8
511.5
493.3
506.8
521.3
289.4
283.4
287.8
288.2
293 1
300.5
972.6
1,097.4
1,131.3
1,116.5
1,086.1
1,021.2
2,657.9
2,763.1
2,801.9
2,843.7
2,886.1
2,923.7
931.8
1,011.1
1,022.8
1,257.8
1,250.1
1,307.1
1,614.3
1,578.3
1,532.0
1,502.2
1,461.6
1,437.8
1,410.3 259.4
1,495.1 261.0
1,540."
8 257 .6
.3
1,535.
1,555.8 287 .8
1,609.6 297.4
252.8
253.4
251.4
256 3
267.2
299.2
153.7 521.6
155.9 542 9
149.7 544.8
122.0 584.3
155.9 I 599.6
203.0 i 600.8
290.2 997.8
293.9 959.2
292.1 956.4
286.5 970.8
278.6 1,004
2,860.7
3,002.2
2,978.0
.964.9
,062.8
3,191.9
1,316.5
1,336.3
1,339.7
1,397.8
1,496.0
1,490.8
1,400.7
1,416.3
1,463.1
1,490.2
1,528.7
1,516.3
1,635.7 304.1
1,661.
1
1,687.8 325 .9
1,755.0 316 .6
1,824.0 325.9
1,794.5 332.4
Official
and
private
Official
473.7
2,262.0
1,864.3
1,657.8
1,722.2
6,006.5
4,854.4
5,853.7
5,960.2
6
6,922.6
3,043.9
1,832.1
2,836.3
2,908.1
3,425.9
458.9
326.2
546.3
574.4
6
656.6
245.9
167.7
192.8
171.6
260.7
1951-July 31.. 1,677.3
Aug. 3 1 . . 1,662 8
1,637.1
Sept. 30 .
Oct. 31 . 1,763.3
1.760.9
Nov. 30.
Dec. 31. . 1,708.2
6,873.9
108.7
155.1
7,413.1
7,441.4
7,575.6
3,308.4
3,445.1
3,433.9
3,480.1
3,445.0
3,462.2
545.6
522.6
513.0
543.2
591.2
642.6
644.6
796.9
783.6
745 .0
756.8
793.4
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1952—Jan.
Feb.
Mar.
Apr.
May
June
31..
31..
31..
31..
31..
1,700.9
1,646.4
1,677.2
1.658.6
1,713.3
1,703.4
31..
29..
31..
30. .
31 P
30?.
2
355.2
7,517.7
521.8
7,745.8
622.6
7,794.5
735.8
7,924.5
931.3
8,237.4
8,326.0 4,001.9
Other
Europe
266. S 1.028.6
Total
Europe
Canada
Latin
America
Asia
931.8 1,104.8 1,316.4
409.6 1,216.6 1,057.9
775.2 1,287.0 1,151.8
961.0
869.1 1,436.7
899.0 1,612.9 1,378.5
All
other
232.8
193.7
167.4
179.5
254.5
f x-ieiiiuiiicii y.
1
Certain of the movement figures in Table 1 have b
1V_J±
. 1_*_1
UULOIUV^
Lilt
t^lllH-VJ.
Uiat^Of
Ul^lUUillg
VJ •
V~J.
LILl^CUO
VJ.WlliiCllCVl
CLUl\JCX\A
CLLIVJ.
tilt.
l U l U g U
OU U S i U l a i ICO dl-lVJ. UX1J.V-.CO
Ui
\J •
O.
firms.
(Footnote 1 above also applies to this table.)
5
Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that
tr. date,
6
Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific
sp
trust accounts,
which have been excluded in the past from reported liabilities.
certa
For
1066
./ith the BULLETIN for September
1951,
mges appears on page 1202 of that issue.
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 2a.—Other Europe
Other Aus- Bel- CzechDenoslo- mark
Europe tria gium vakia
Date
Finland
GerNormany Greece way
22.2
30 5
19.1
25 1
18.3
89 5
178.9
149 4
221.6
Poland
Portugal
Rumania Spain
49.3 123.5
34.7 56 2
21.1 77.7
29 6 69 4
32.3 43.6
8.9
8.7
7.0
"i'.'i
39.0
47.1
37.7
38 1
45.7
Sweden
Yugo- All
USSR slavia
other*
172.6
58.6
49.0
90 1
115.3
60.5
73 7
2l!3
10 2
159.5
124 9
128.7
119 9
128.2
5.6
66.5
52.8
44.7
38 0
45.5
6.1
16.4
12 8
13.6
15 7
21^3
4^0
12.4
12 1
19^9
7 6
13.2
44.9
54.6
57.4
61.1
62 9
57.1
129.6
138.4
132.9
143.6
145.1
134.7
3.4
2.1
2.0
1.5
1.5
1.3
41.5
39.9
44.6
47.2
46.7
45.3
26.3
27.5
23.1
24.0
27.9
27.0
403.6
481.4
502.5
488.3
455.9
405.6
38.2 65.5
40.4 99.9
41.1 103.0
39.1 106.3
41.5 98.6
45.8 99.7
3.6
2.1
2.3
2.4
2.6
2.8
42.9
41.5
47.9
36.4
35.4
40.7
6.0
5.7
6.0
6.0
6.0
6.1
15.8
14.0
14.4
16.8
18.4
17.1
94.5
88.8
89.3
83.7
80.3
70.7
4.7
3.5
4.1
2.5
2.3
2.5
4.2
4.2
5.3
4.0
8.2
7.1
1952—Jan. 3 1 . . 997.8 57.0
Feb. 29. . 959.2 55.4
Mar. 31. . 956.4 54.0
Apr. 30. . 970.8 54.9
May 31 P. 1,004.7 53.1
June 3 0 P . 1,028.6 49.2
132.8
136.6
130.4
134.1
155.0
137.5
.7
.8
.7
44.0
38.7
38.9
37.6
37.0
34.2
30.0
30.7
26.9
23.8
23.9
21.3
395.1
353.0
361.8
380.2
390.5
453.1
38.9 97.7
38.4 96.7
41.0 104.4
41.9 100.5
41.1 100.9
41.7 94.6
2.4
5.8
2.5
2.1
2.4
2.6
40.7
42.8
41.8
41.6
43.1
40.6
6.0
6.1
6.2
6.1
6.1
6.0
16.6
17.4
17.9
17.7
20.2
18.5
64.3
64.4
62.4
65.3
65.8
68.4
4.2
4.9
2.5
2.4
2.2
2.0
7.7
8.7
7.1
7.6
7.8
Netherlands
West Peru
Indies
and
Surinam
Republic of
Panama
El
Salvador
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec
1950—Dec.
31..
3i
31..
3i
31. .
1951—July 31 .
Aug. 31. .
Sept. 30. .
Oct. 31. .
Nov. 3 0 . .
Dec. 3 1 . .
850.5
739 8
738.1
717 0
799.2 41.9
972.6
1,097.4
1,131.3
1,116.5
1,086.1
1,021.2
.7
.6
.6
7.1
6 7
10.7
112.5
138 2
119!3
117.4
52.4
48.0
53.4
55.6
53.6
52.7
57.6
59.5
58.8
57.9
54.2
55.1
47.6
Table 2b.—Latin Aiinerica
Latin
BoAmer- Argenlivia
tina
ica
Date
1946—Dec.
1947—Dec
1948—Dec!
1949—Dec.
1950—Dec.
31. 1,104.8
31 1,216 6
l,287'.O
31 1,436 7
3 1 . 1,612.9
112.6
236 2
215'.8
201 1
301.8
14.0
17 8
17.1
13.5
20.4
1951—July
Aug.
Sept.
Oct.
Nov.
Dec.
31.
31.
30.
31.
30.
31.
1,614.3
1,578.3
1,532.0
1,502.2
1,461.6
1,437.8
330.9
320.3
312.1
299.5
277.1
249.7
22.2
21.6
26.2
24.1
25.0
27.8
1,400.7
1,416.3
1,463 .1
1,490.2
M a y 3 1 P 1,528.7
June 30? 1,516.3
225.9
212.9
189.4
177.4
167.8
146.8
23.6
23.6
21.4
21.7
24.4
24.1
1952—Jan.
Feb.
Mar.
Apr.
31.
29.
31.
30.
Brazil Chile
174.0
104.7
123.7
192.8
226.0
171.5
151.4
140.4
132.8
110.1
100.3
98.5
118.2
99.6
98.5
89.8
80.9
50.7
46.3
55.6
60.9
79.5
57.8
56.2
55.5
52.5
47.6
54.0
56.5
59.5
57.3
58.6
52.0
54.3
Cuba
Dominican Guate- MexRemala
ico
public
8 153.5
1 234.7
0 219.4
9 164.2
4 259.1
16.1
14 9
24!3
25 9
30.2
40.9
41 8
52!6
52 8
60.2
77.2
70.3
71.8
74 3
59.2
Colombia
Uruguay
Other
Vene- Latin
zuela America *
42! 7 '25
i'
152.2
139 2
146! 7
214 6
207.1
16 1
75.1
74 .0
78 .0
121
143 .2
85 .2
9
1
2
0
7
4
354.3
336.7
312.3
305.2
284.7
251.7
53.2
53.0
50.7
44.2
43.6
45.8
28
26
23
21
22
24
5
0
4
9
8
4
111.2
128.2
143.9
150.4
159.3
158.2
?8 2
27.7
30.4
30.2
31.2
34.9
52.8
54.5
52.9
51.2
48.6
47.2
62.0
66.3
58.7
64.6
65.6
67.7
46 1
41 7
37 7
83 2
80.6
79.7
79.1
83.0
84.7
74 6
74 .7
76 . 3
68 . 0
68 .1
71 .9
97 6
253.1
46.1
48.9
50.5
53.4
51.5
50.4
32
35
39
40
39
38
1
9
147.0
134.0
5 171.9
0 150.4
7 177.3
3 195.7
31.5
31.3
28.8
28.2
28.4
32.2
49.5
48.8
56.3
57.0
55.9
56.5
63.1
65.7
67.9
65.6
70.5
73.3
36
39
43
42
37
36
57
46
54
85
53
50
52
46
61
79
106
96.3 265.5
95
91
80
73
0
1
7
6
288.3
307.4
318.1
316.6
32.2
28 5
27 8
5
0
7
5
2
8
8
5
1
4
181
186
184
207
86
87
85
85
86
85
9
5
5
4
6
1
75.2 67 .4 97
76.8 64 .5 95
83.5 66 .5 103
93.0 101 .4 104
89.9 140 .4 105
97.6 129 .8 109
1
4
6
1
1
2
71.3
TabU 2c--Asia and All Other
Asia
Date
ForPhilmosa
Indoippine Thai- Tur- Other8 All
and Hong
China Kong India nesia Iran Israel lapan Reland key Asia other
Mainpublic
land
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
31 . 1,316.4 431.9 44.9
31! 1,057.9 229.9 39.8
31 ! 1', 151! 8 216.2 51 1
961.0 110.6 83.9
31.
3 1 . 1,378.5
81.7 86.1
43.5
62.4
51.8
63.3
55.7
127 .1
69.3
41 ^
15.7
114.7
'io!3 12.6 458
1951—July
Aug.
Sept.
Oct.
Nov.
Dec.
31.
31.
30.
31.
30.
31.
1,410.3
1,495.1
1,540.8
1,535.0
1,555.8
1,609.6
84.3
89.7
93.7
90.0
88.4
87.4
61.4
62.3
60 0
60 1
62.0
62.4
75.1
64.3
68.9
59.8
57.7
62.1
152.9
157.4
172.7
128.0
129 1
140.6
26.5
25.8
25.3
21.0
21.8
25.5
1,635.7
1,661.9
1,687.8
1,755.0
M a y 31 P 1,824.0
June 30* 1,794.5
81.9
81.6
78.6
80.1
80.2
76.5
64.2
64.4
67.8
65.6
62.7
69.7
58.6
59.4
46.3
52.1
67.3
56.7
131.8
127.4
141.0
171.1
189.7
176.5
26.8
26.9
25.7
23.8
23.5
21.1
1952—Ian.
Feb.
Mar.
Apr.
31.
29.
31.
30.
16.2 356
16.7 440
12.0 492
13.5 538
14.4 568
26.6 596
20.7 636
19.3 655
19.8 682
27.6 696
37.8 726
30.5 731
,.
6
2
4
1
259. 4
23
22
22
32
36
38
6
3
4
4
8
5
55.4
53.1
50.3
52.2
52.6
54.5
98.9
98.7
104.8
101.7
101.2
110.7
17.3
21.8
11.6
16.0
13.6
64.2
65.2
68.5
72.0
83.7
86.8
32.3
54.3
58.8
57.8
62.0
68.1
72.6
121.0
126.4
127.3
123.3
117.7
117.7
9.1
87.3
95.7
93.3
80.7
83.1
82.5
48.2
9
6
4
7
7
0
396.1
382.2
369.4
355.6
342.2
329.7
67.8
73.1
80.0
84.9
90.9
96.7
14 .3
12 9
12 !o
12 .2
11 .4
14 .1
158.6
170.1
154.5
171.3
169.1
168.4
257. 6
274. 3
287. 8
297. 4
2
7
4
8
3
4
328.2
331.1
332.2
335.0
334.2
333.0
108.8
115.0
121.0
125.8
126.5
126.8
13 .6
14 .9
10 .6
10 .8
14 .2
20 .6
164.8
166.1
162.4
166.3
161.5
151.7
304. 1
329. 1
325. 9
316.6
325. 9
332. 4
214.6 297.3
5 374.4
lia
Egypt
and Union
Bel- Angloof Other 4
gian Egyp- South
Congo
tian Africa
Sudan
45
30
22
32
19
<4 7 151 0 232 8
99.0 193. 7
37 .6
17 *5 204 0 167 4
9 .8 165.7 179. 5
14 .3 111.9 254. 5
16 6 446 6
31
488 6
81 4 488.3
Austra-
261 0
36
38
36
44
49
5
4
7
7
5
* *5s!i
20.8
25 .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
7.0
11.8
9.0
13.9
12.4
10.1
separately as of that date.
' lg January 1950, excludes Irar
Isra
SEPTEMBER
1952
1067
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES *
[Amounts outstanding, in millions of dollars]
United
King- France
dom
Total
Date
31P
Asia
All
other
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
3.4
3.8
2.9
2.9
3.9
5.0
10.7
13.3
11.0
11.3
11.0
10.1
29.3
18.0
13.2
11.2
11.2
10.3
89.8
88.8
86.3
92.1
97.7
111.2
245.2
219.2
174.7
160.1
163.6
182.8
119.3
101.9
101.0
102.5
118.3
92.0
401.3
429.5
437.2
463.8
465.5
489.3
117.6
141.0
128.7
146.9
153.0
162.4
56.6
55.9
55.9
44.7
42.6
41.9
14.1
14.1
13.2
13.8
11.6
11.7
5.8
5.6
5.7
3.4
3.5
3.3
11.2
10.3
11.6
12.6
14.4
21.5
23.5
24.9
30.4
114.6
103.0
89.6
81.1
80.3
71.5
186.8
180.2
176.9
163.9
165.1
159.2
89.3
72.4
72.1
76.4
69.5
51.9
520.3
520.6
570.2
601.1
649.6
669.8
161.9
154.6
149.5
144.8
118.8
119.6
37.6
36.7
35.7
33.5
31.5
30.4
Germany
Greece
Norway
Portugal
Spain
Sweden
Yugoslavia
All
other 2
939.9 103.7
947.5 87.0
897.4 52.0
918.1 33.0
943.1 34.7
968.4 35.0
30P
Latin
America
312.9
248.6
323.8
219.2
237.0
5.7
8.2
28.5
32.8
35.4
33.5
37.6
32.3
Canada
82.8
118.9
106.3
98.5
67.1
1951—July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
996.0
964.4
1,004.4
1,019.7
1,034.4
1,030.9
Other
Total
Europe Europe
16.0
21.1
15.8
22.6
20.7
23 A
119.0
51.8
31.4
31
29
31
30
Italy
9.8
7.0
6.9
3.8
8.7
708.3 47.7
948.9 29.2
1,018.7 24.5
827.9 37.2
898.0 105.7
1952—Jan.
Feb.
Mar.
Aor.
May
June
Switzerland
151.0
49.1
51.4
31
31
31
31
31
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
Netherlands
5.2
3.4
8.3
9.2
9.6
8.8
8.6
7.3
9.8
7.5
Table 3a.—Other Europe
Other
Europe
Date
Belgium
Denmark
.5
22
.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
92
8.4
7.4
1 4
1.0
1 l
.7
.5
5
7.2
9
2.9
7.0
1 6
4.9
5 4
1.4
2.3
6 9
6.0
.2
7.5
15 0
21.4
19.3
21 5
9.5
35 9
29.8
22.6
4 0
18 7
15.2
21.5
23.6
27.1
39 6
4 1
4.1
5.2
5.7
5.9
4 8
5.1
25 9
26.4
28.8
30.9
28.6
28 3
.1
5.0
2.5
2.7
3.2
3 1
2 1
2.0
1.8
1.7
1.1
25
1 0
1.0
.8
.6
.7
8
20 2
23.5
14.2
17.1
16.8
18 8
62
4.9
4.1
4.3
6.2
5 4
1 7
1.5
1.9
1.1
3.5
3 9
4 8
5.0
5.2
4.4
4.2
4 0
42 9
33.7
28.7
21.3
18.7
16.5
4.0
3 6
4.1
2.7
1.8
3.4
2.9
30 1
27.9
27.7
27.2
26.9
23.2
2 0
1.6
1.5
1.8
2.1
1.6
1 0
.9
1.2
1.0
.8
.8
19 0
19.8
13.5
12.6
14.6
14.3
52
4.3
4.2
3.6
3.2
2.7
2 4
1.3
.7
2.4
2.7
2.3
42
4.6
4.4
4.9
3.8
3.6
31
31
31
31
31
82.8
118 9
106.3
98.5
67 1
1951—July 31
Aug 31
Sept 30
Oct 31
Nov. 30
Dec 31
89 8
88.8
86.3
92.1
97.7
111 2
(3)
1952—Jan 31
Feb. 29
Mar. 31
Apr. 30
May 31P
June 30P
114 6
103.0
89.6
81.1
80.3
71.5
(3)
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—Dec
. . .
Finland
Austria
.2
.1
.1
.1
4.6
4.6
4.3
3.9
3.5
.2
.2
.1
.5
.2
.2
.1
.1
.1
.1
.1
(3)
Table 3b.—Latin America
Latin
BoAmer- Argentina livia
ica
Date
Brazil Chile
Colombia
Cuba
NethDoerminlands
ican Guate- Mex- West
Remala
ico Indies
puband
lic
Suri-
Peru
RepubEl
lic of SalPan- vador
ama
Other
Uru- Vene- Latin
guay zuela America *
nam
1946—Dec. 31. .
1947—Dec. 31
1948—Dec. 3 1 . .
1949—Dec. 31.
1950—Dec. 3 1 . .
226.8
514 3
516.6
411.1
378.8
41.8
65 2
72.4
53 6
45.9
2.3
2.0
2.7
2.3
8.7
49.8
165.8
165.4
136.9
78.0
14.6
27.8
15.2
15.5
26.4 25.7
32.6 108.6
32.6 83.1
21.1 27.5
42.5 27.6
1.9
2.6
25.5
52.2
73.8
73.0
70.6
1951—July
Aug.
Sept.
Oct.
Nov.
Dec.
401.3 10.0
429.5 8 . 9
437.2 8 . 3
463.8 9 . 3
465.5 7 . 9
489.3 7 . 6
7.1
8.2
7.8
7.2
7.2
7.5
104.5
112.4
135.0
155.6
164.3
185.0
12.3
15.5
19.5
20.6
22.7
24.8
45.9
42.7
42.1
43.0
39.7
43.7
50.6
42.0
34.0
30.1
29.4
32.3
2.0
1.8
1.5
1.7
1.7
1.8
2.7
3.0
2.8
3.4
3.2
3.8
520.3
520.6
570.2
601.1
649.6
669.8
7.1
9.9
8.1
8.6
9.7
8.4
207.3
217.0
234.9
272.2
318.8
358.2
26.2
23.6
29.3
29.1
27.5
26.1
39.3
36.1
33.8
31.5
34.3
35.0
29.6
31.0
56.6
54.7
55.9
51.8
2.2
2.1
2.1
2.9
2.4
2.2
4.0
4.2
4.2
4.1
3.7
4.1
31. .
31. .
30. .
31. .
30. .
31. .
1952—Jan. 3 1 . .
Feb. 29. .
Mar. 31. .
Apr. 30. .
May 3 1 P .
June 30P.
7.9
7.8
8.6
7.8
7.4
8.2
6.8
.8
3.7
1.3
1 1
4 3
47
1.5
^
L.3
4.4
4.6
5 8
11.0
3.1
6.8
8.0
60.4
68.6
69.1
74.1
87.4
90.6
L.4
L.2
L.4
L.I
L.4
L.2
11.1
12.2
12.7
13.9
12.7
11.8
2.6
2.6
3.2
3.1
3.3
3.0
3.8
4.1
5.5
7.5
8.4
9.5
9.9
109.1
103.0
101.1
94.4
89.8
78.0
1.2
L.2
L.2
1.3
L.I
L.2
12.0
11.8
11.5
10.3
11.6
10.9
4.2
4.1
3.9
6.8
6.0
5.9
9.9
8.4
7.5
6.5
5.3
5.4
5 3
11.3
12.9
13.4
9.3
10.5
11.8
7.9
19.1
24.9
28.1
30.7
15.3
26.0
25.6
49.4
8.7
26.2
34 5
34.7
43.1
14.6
62.6
80.5
67.7
66.9
54.6
41.7
14.4
14.7
13.7
13.1
12.3
14.5
34.9
38.7
33.1
32.2
34.2
32.1
13.7
13.8
15.1
13.7
13.8
11.5
P Preliminary.
See footnote 1, p. 1066.
Beginning January 1950, excludes Austria, reported separately as of that date.
Less than $50,000.
Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.
1
2
1
4
1068
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 3c.—Asia and All Other
Date
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
Asia
31..
31..
31..
31..
31..
1951—July 3 1 . .
Aug. 3 1 .
Sept. 30..
Oct.
Nov.
Dec.
1952—Jan.
Feb.
31..
30..
31..
31..
29..
Mar.
31..
Apr. 3 0 . .
May 31 P.
June 30P .
Formosa
Philand Hong
ippine Thai- Tur- Other All
IndoChina Kong India nesia Iran Israel Japan Reland key Asia 1 other
Mainpublic
land
99.2
127.0
118.8
139.7
96.3
117.6
141.0
128.7
146.9
153.0
162.4
161.9
154.6
149.5
144.8
118.8
119.6
53.9
40.8
24.2
16.6
18.2
8.3
10.2
10.2
10.3
10.1
10.1
10.1
9.6
9.1
8.6
7.3
7.3
12.0
29.6
20.4
17.4
16.2
13.3
3 0 14.6
3 . 2 12.1
5.9
2.6
3.4
3.7
3.0
4.3
3.6
3.3
3.1
1.4
1.6
2.8
4.2
2.5
2.4
1.0
.5
1.9
.2 . . . . . . . •.
.2 " o \ 6 18l9
.3
7 . 1 21.6
.2
6 . 6 24.0
7 . 5 25.7
.4
.4
8 . 1 27.0
.4
8 . 6 27.8
9 . 3 30.0
.3
.4
8 . 9 35.9
.5
9 . 0 32.4
9.7
13.3
13.4
14.8
16.8
20.4
14.5
.7 10.1
.9 10.8
.6 10.6
1.4 10.7
9.4
6.5
.2
.9
15.9
14.1
12.1
11.1
7.9
8.5
8.5
10.7
12.2
8.6
8.8
30.3 9 . 1
29.3 11.0
30.2 13.8
27.9 15.8
20.2
27.4
37.3 . . . . . .
23.2
4.9
14.0
22.7
19.0
23.0
22.6
29.3
29.1
27.2
22.6
23.7
' 3us'
.7
27.4
20.5
4 4
3.9
2.8
2.4
2.5
2.1
2.9
3.7
2.8
3.2
2.7
1.4
17.7
1.4
14.3
.9
.8
.8
.8
10.6
.8
.6
.5
.6
13.8
23.6
1.6
15.4
4.6
7.5
14.3
50.3
13.9
33.1
46 3
37.3
42.9
52.9
51.6
50.0
45.1
26.9
15.3
12.1
9.0
17.2
31.5
19.7
20.4
60.0
56.6
55 9
55.9
44.7
42.6
41.9
37.6
36.7
35.7
33.5
31.5
30.4
Egypt
and
Union
Bel- AngloAus- gian
of
tralia Congo Egyp- South Other*
tian Africa
Sudan
3.4
9.0
4.7
7.9
40.8
32.4
30 9
27.9
25.3
23.4
22.8
21.1
17.5
17.7
13.5
12.7
12.0
"41i'
7.3
7 7
7.7
6.9
6.7
5.7
5.3
6.0
7.2
7.6
7.8
8.7
.4
.1
.4
.2
.3
.8
.5
3.9
.3
.2
.2
.1
.1
.1
.2
.2
.2
10.1
14.4
7.9
4.5
7.3
9.4
9.3
8.5
7.6
6.8
6.7
6.3
6.0
5.7
7.0
4.8
4.7
3.3
8.0
6.8
7.7
7.2
6.8
7.4
7.9
4.7
5.6
6.5
4.7
7.0
5.0
5.1
6.1
4.9
TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES 8
(Inflow of Foreign Fonda)
[In millions of dollars)
U. S. Government bonds and notes 4
Year or month
1946
1947
1948
1949
1950
1951
1951—July
August. . .
September
October.. .
November
December.
1952—January..
February.
March
April
May?. . . .
June?....
Purchases
Sales
Net
purchases
414.5
344.8
282.4
430.0
1,236.4
673.6
30.0
25.7
11.1
20.7
20.7
27.2
20.2
15.5
19.4
13.9
31.2
40.3
684.2
283.3
330.3
333.6
294.3
1,356.6
79.3
226.7
56.1
282.5
17.4
36.0
12.7
18.7
16.3
15.8
37.7
40.0
-269.7
61.5
-47.9
96.4
942.1
-683.0
-49.4
-201.1
-45.0
-261.8
3.4
-8.8
7.6
-3.2
3.1
-2.0
-6.5
.2
Corporate bonds and stocks 8
Purcha
367.6
226.1
369.7
354.1
774.7
859.8
51.6
68.0
76.7
94.0
62.6
64.1
76.6
68.3
65.7
76.2
59.8
62.9
Sales
Net
purchases
432.1
376.7
514.1
375.3
772.3
761.0
47.3
60.3
52.4
76.1
61.8
53.7
71.5
79.6
68.1
69.2
-64.5
-150.6
-144.3
-21.2
2.4
98.7
4.2
7.7
24.3
17.9
.8
10.4
5.1
-11.3
-2.5
7.0
-11.7
-5.1
71.4
68.0
Total
purchases
Total
sales
Net
purchases
of
domestic
securities
782.1
570.9
652.2
784.1
2,011.1
1,533.3
81.5
93.7
87.8
114.6
83.4
91.3
96.9
83.8
85.1
90.1
91.0
103.2
1,116.3
659.9
844.4
708.9
1,066.6
2,117.6
126.7
287.0
108.5
358.5
79.2
89.7
84.2
98.3
84.4
85.0
109.1
108.0
-334.2
-89.1
-192.2
75.2
944.4
-584.3
-45.1
-193.3
-20.7
-243.9
4.2
1.6
12.7
-14.5
.6
5.0
-18.2
-4 8
TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED
IN THE UNITED STATES, BY TYPES 3
(Return of U. S. Funds)
[In millions of dollars]
Foreign bonds
Foreign stocks
Year or month
1946
1947
1948
1949
1950
1951
1951—July
August
September
October
November
December
1952—January
February
March
April
Mayp
June?
Purchases
Sales
65.2
57.1
81.7
88.8
173.8
272.3
16.4
19.6
26.
25.
24.
65.6
42.6
96.7
70.8
198.2
348.7
18.1
19.6
26.6
24.4
34.4
29.4
22.0
28.9
19.0
19.3
21.4
47.6
82.6
29.9
28.1
35.8
44.9
20.4
22.9
Net
purchases
-.4
14.6
-15.0
18.0
-24.4
-76.4
-1.7
-j
C7)
3.8
-23.5
-58.2
4.6
1.4
-13.8
-16.0
-1.4
-3.6
Purchases
Sales
Net
purchases
755.9
658.7
211.6
321.2
589.2
500.4
45.4
21.1
73.6
53.9
73.7
38.1
33.1
19.0
21.5
47.7
35.6
50.0
490.4
634.3
291.4
311.5
710.2
'801.0
28.2
20.7
73.0
226.1
39.6
46.8
36.5
50.7
23.4
93.8
186.5
32.7
265.5
24.5
-79.8
9.8
-121.0
-300.6
17.3
.4
.6
-172.2
34.2
-8.7
-3.5
-31.7
-1.9
-46.1
-150.9
17.3
Total
purchases
Total
sales
Net
purchases
of
foreign
securities
821.2
715.9
293.3
410.1
763.0
772.7
61.8
40.7
100.2
79.1
97.9
62.5
67.5
48.4
43.5
76.6
54.6
69.3
556.1
676.8
388.2
382.3
908.4
'1,149.7
46.2
40.3
99.6
247.5
87.2
129.4
66.4
78.7
59.3
138.7
206.9
55.6
265.1
39.0
-94.8
27.8
-145.4
-377.0
15.6
.3
.6
-168.4
10.7
-66.9
1.1
-30.3
-15.8
-62.1
-152.3
13.7
T
P Preliminary.
Revised.
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran,
Israel,
and
Thailand,
reported
separately
as of that date.
2
Beginning January 1950, excludes Belgian Congo, reported
separately as of that date.
3
4
Includes
transactions
of
international
institutions.
Through 1949 includes transactions in corporate bonds.
5
Through 1949 represents transactions in corporate stocks onlv.
6
7
Includes net sales of 554 million dollars by Canada.
Less than $50,000.
1
SEPTEMBER
1952
1069
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned
TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES,
BY COUNTRIES
(Inflow of Foreign Funds)
[Net sales, (—). In millions of dollars]
Year or
month
International
institutions
United
Kingdom
Total
1946
1947
1948
1949
1950 .
1951
-334.2
74.5 — 163 6
7 6 -199.8
87.0
-11.8
823.2
121 2
-15.9 - 5 6 8 . 4
1951—July. . .
Aug... .
Sept...
Oct....
Nov
Dec....
-11.2
-18.6
1952—Jan....
Feb.. . .
Mar....
Apr.. ..
May*. .
June?. .
.3
.3
-14.5
1.0
.8
-3.3
.8
.8
.3
.6
-36.9
—8 9
9.1
20.9
64.0
21 A
-34.0
-174.8
-20.9
-229.4
3.1
.7
-6.8
—50 2
-82.8
-6.8
197 8
-.2
4.2
-18.5
-5.4
-793
.5
—6 3
- 2 2 .2
1.6
8.6
-13.9
-6.0
-2.5
-3.6
-20.0
5.4
-.7
2.3
.4
1.3
-.8
-17.5
13 0
-40.0
44.2
19.0
45.9
—2t . 5
—98\ 7
6.0
—2
.4
.7
- 1 .4
—2 .2
.4
.6
.7
3.1
5.6
12.4
-11.2
Nether- Switzerlands
land
France
A
1.6
-98.6
— 175 5
-190.4
36.5
347 5
-16.4
3 2
I
.2
.3
.6
- 4 2 .6
1 .0
1 .9
.8
3 .8
-11.3
-31.0
-11.6
— .1
.2
-.2
.1
.1
_ 2
- 1 .3
.3
- 1 .2
— .6
.7
1 .2
14.1
-7.0
-3.1
2.3
-.9
—2.3
-3.3
-2.9
3.6
(i)
1.5
— .7
1.9
11.0
11.2
.5
- 1 .7
—2' . 7
10.4
-4.8
-2.3
0)
- 1 0 .8
— 14
2'^
2 .2
73 . 8
- 4 3 .8
-.1
— 17 1
.6
-.2
-4.3
2.4
-.1
—2 .6
-3.1
-.6
Canada
2.6
-4.6
1.5
.7
Total
Europe
5.8
5.4
- 1 .0
-1.9
3.0
-3.0
Latin
America
Other
Europe
Italy
9.2
7.5
2.6
5.0
1.4
1.7
-224.5
10.0
—23.3
-2.1
— 15.3
6.3
—3 5
10.2
7.5
-49.0
458 2
-595.5
2.5
30 1
13.9
-25.3
-142.2
-3.1
-235.9
-1.7
-7.6
.9
-1.3
—# \
— .1
-10.1
-5.0
3.8
3.9
1.2
3.1
.9
0)
.3
-1.3
-1.1
-2.1
0)
-7.8
2
2.9
4.1
-.4
-7.2
-2.5
— 1.0
2.2
—3.9
.2
2 7
— .7
4.8
1.7
—2.7
All
other
Asia
-4.8
A
.1
.3
-.2
— .2
.5
TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES
Other Europe; Latin America; and Asia
Year or
month
1946
1947
1948
1949 .
1950
1951
Other AusEurope tria 2
Be
gium
— 10 8
— 14 1
.6
.9
2^6
1 .6
12 .6
5 .7
2.6
22
73.8
—43.8
.6
1951—July...
Aug... -42.6
1.0
Sept...
1.9
Oct....
.8
Nov...
3
.8
Dec. . .
1952—Jan... . - 1 . 3
.3
Feb.. ..
Mar. . . - 1 . 2
- . 6
Apr.. ..
7
May* .
June,..
U2
18.4
11.9
All
Latin
way
other
ica
C)
.4
0)
0)
.2
0)
.2
Colombia
6.3
2 2 — 13 6
- 4 . 1 -9.2 -3.5
-7
10.2
.3
2.5
— .9
1.4
36.7
30.1
6.0
13.9
.5
—38.1
.2
C1)
- 3 .6 - 2 9 . 2
1 .2
C11)
2 .0
C)
.7
3 .4
Q)'2
_ .6
0)
-.1
.5
.1
—.1
.1
- 41. 7
C1)
0)
Nor-
.8
— .1
2
'A
0)
-.1
.3
1.7
-5.0
-1.3
-.2
.1
.3
.2
1.2
-1.2
0)
-.1
c;
3.8
3.9
1.2
3.1
— 5
'.2
A
— 3
'.8
.3
-.4
-.3
2.3
-.9
— . l -2.3
2.9
-1.3
4.1
-1.3
.5
.6
\
Cuba
-.4
.6
.4
-1.1
-4.8
1.1
1.7
-.9
-.8
-1.0
24.6
6 1
.3
-.3
-.2
.4
.2
.1
.1
.3
.5
.8
— .1
-.4
Republic
Mexico
Panama
6.8
2.5
2.9
.3
.5
2 5
2
-'.3
.6
0)
1.6
1.0
-.2
0)
- . 8
-.7
— .4
4.5
-6.9
-4.7
4.2
.1
8
Other
Latin
guay2 America
U i "U-
Formosa
and
China
Mainland
Asia
Indonesia
Philippine O t h e r
ReAsia
public
—6.7 —224.51 —200 5 —22.5 _l 9
4
7 .0
1.5
io.o!
- 3 . 2 — 1.3
7.5
.4
12.6 - 2 3 . 3 - 2 2 . 7
-.9
2
.5
—2.1
— 7.2
4 4
-5.0
-3.0
-.3
.9 -13.0
11.1 - 1 5 . 3
? 6
— 2
1 5
4 8,
3 —? 1
6 8
-1.6
.6
3.1
-.3
-1.5
.2
1.1
-3.2
2.0
1.4
.4
-5.9
-.2
-.8
.1
1.6
.7
-.6
2.8
-.3
.5
1.0
-.1
.5
-.2
.3
-.1
2
-.1
1.7
1.3
.4
.9
-.1
.2
. 7 -10.1
2.5
-5.0
.7
1.5
.9
0)
-1.3
-l.i!
—2 1
CO
0)1
C)
0)
.1
-.2
2
i
0)
'.1 -10.0
.1 -5.0
0)
-7.8
.1
0)
— 2
- 1 .2
f!)
(l)
- 1 .1
— .3
- 1 .6
(I)
0)
( )
. 21 - 8 . 0
•
(i)
0)
0)
(})
.1
- 1 .0
.7
.1
-.2
-.1
.9
1.2
-.3
-.8
-.4
—# I
A
0)
TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED
IN THE UNITED STATES, BY COUNTRIES
(Return of U. S. Funds)
[Net sales, ( —). In millions of dollars]
Y e a r or
month
1946
1947
1948
1949
1950
1951
.
International
institutions
Total
265.1
288.3
-94.9
-16.0
43.8
-141.8
-3.6
— 152 7 r—224 3
-249.3
(i)
1951—July. . .
Aug
Sept...
Oct....
Nov...
France
-20.9
-2.0
-9.9
-13.5
-6.1
-2.0
-1.0
-3.1
-4.3
.4
-1.3
-4.1
-7.0
-29.9
-5.3
-.1
-4.7
2.8
-13.9
-14.9
-35.4
19.1
17.2
14.2
-.4
2
'.8
.8
.2
-.7
.1
.7
.4
.3
1.0
1.2
.2
1.4
.2
.9
.7
.3
.5
.6
-.2
-3.9
2.3
.7
.4
1.7
1.0
-.1
15.6
.2
1.6
-69.0
10.7
—66 9
.1
.3
— .6
.2
.3
—l
0) .8
2 5
-30.4
-11.4
-62.2
-102.3
14.5
2
-3^0
-.5
.1
-1.1
-1.1
1.0
.4
.2
.5
.5
.9
-i!o
-99.4
Dec
-1.4
1952—Jan
.1
Feb.. . .
-4.4
Mar... .
0)
Apr... .
May?.. - 5 0 . 0
-.8
United
Kingdom
P Preliminary.
i Less than $50,000.
1070
r
Nether- Switzerlands
land
Italy
-.8
-.3
.1
.4
.5
1.2
.1
0)
0)
0)
0)
Other
Europe
Total
Europe
Canada
Latin
America
10.9
15.6
11.4
24.6
7.8
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
16.4
-1.6
-2.2
-76.5
9.2
—68 0
2.8
-30.6
-5.5
-71.2
-102.1
12.6
.1
2.9
1.7
1.5
.4
3.4
2.5
4 6
.1
.6
.8
2.8
.4
1.1
6.1
4.9
-.8
3.1
3.3
1 .3
1.7
0)
0)"
-'.2
1.4
.7
— 1.1
1.4
.3
Asia
.3
.5
1.6
All
other
—21 4
27.8
8.4
.8
1.0
-36 0
2.6
3.9
7 9
3.8
5.4
2.6
2 3
-6.9
0)
-1.7
-2.0
-3.9
—6 8
.2
A
1.3
.6
.3
— 1.1
2.3
1.5
1.0
1.9
2.5
-4.4
-1.8
-5.0
-4.1
-3.6
-2.7
.3
.6
-5.5
8.8
.1
.4
4.2
0)
9
Revised.
2
Not available until 1950.
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 8.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
[In millions of dollars]
Year or month
Total
1946
1947 . . . .
1948
1949
1950
1951
1951—July
August
September
October
November
December
. .
1952—January
February
March,
April
Mayp
June**
United
Kingdom France
9.7
— 11 3
-19.3
.6
8.0
-6.1
-.6
—1 0
-1.2
.1
-.1
.9
-.1
-2.0
1 2
-7.5
-.2
1.5
-.5
.1
— 2
-.7
1.2
.7
-.1
.4
.5
-.8
— 3
.2
.6
— .3
-.2
5.3
1 2
-4.8
4.1
2
2 3
-.8
1.1
2
-1.3
.4
1.0
-1.1
.8
3
-.9
.3
2
Switzerland
Italy
-8.5
—4 8
-3.4
.2
2.5
.3
9.3
—1 5
-10.7
.9
.7
-4.8
— .2
.1
.2
.4
.2
.8
-2.7
6
-1.9
.3
.7
-.7
-.3
3
-1.0
.1
-1.7
1.0
1 9
-1.9
-.6
3.1
-.5
4.8
—2 7
1.7
2.9
-2.1
Netherlands
-2.9
—1 4
-2.5
r
Total
Europe
Latin
Canada America
Asia
All
Other
0)
1.1
-.5
-3.2
.1
-.2
-.3
-1.6
—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
.7
— 1.4
-.1
.2
.6
-.1
.1
-.2
.2
-.1
-.1
-1.0
.4
.2
.2
-.2
.2
-4.9
1 0
-3.4
2.3
.3
-1.0
-.2
1
.4
.1
.3
.3
2.1
.2
-4.5
-3.1
1.3
-.2
.7
— .1
.5
-.1
(i)
.4
.2
.2
— .3
-3.7
8.1
1 1
-2.1
1 8
1.4
-1.5
-.3
2.2
-1.5
.1
-2.6
2.1
.5
.2
.5
— .2
-.8
.2
-.3
0)
(i)
Other
Europe
0)
.1
-.2
.2
A
c
.1
(i)
-2.9
2.6
2.2
.6
.3
!5
— 4
(i)
0)
.4
— 6
0)
.6
2
P1 Preliminary.
Less than $50,000.
2
Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 88.0; U. S. brokerage balances abroad, 31.5.
GOLD PRODUCTION
OUTSIDE USSR
[In millions of dollars]
Production reported monthly
Estimated
world
production
Total
outside
reported
USSR i
monthly
Year or
month
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1 265.6
1.125.7
871.5
777.0
738.5
756.0
766.5
798.0
833.0
861.0
1951—June
July
August
September..
October
November..
December. .
February.
March. . .
April
May
June
.110.4
982.1
774.1
701.5
683.0
697.0
705.5
728.1
753.2
776.2
757.4
Africa
South
Africa
Rhodesia
North and South America
West Belgian United
Africa2 Congo3 States 4
Canada
Mexico
Colombia
Other
Chile
$1 '15/21 grains of gold 9/10 fine: i. e., an ounce of fine gold =$35.
23.0
32.4
19.6 209.2 187.1
504 3
27.8
28,0
29.2
20.9
18.0 131.0 169.4
494 4
26.6
28.0
19.7
15.8
48.8 127.8
19.8
448 2
23.0
22.1
18.4
12.7
35.8 102.3
19
429 8
20.7
17.8
18 9
12.1
32.5
427.9
19.9
17,
17.5
94.4
20.5
11.6
51.2
417.6
19.1
15.3
14.7
99.1
19.3
10.8
75 8 107.5
392.0
18.3
13.4
16.3
23.4
11.1
70.9 123.5
405.5
18,0
11.7
12.9
23.1
12.9
67.3 144.2
409.7
18.5
12.6
14.2
23.2
12.0
80.1 155.4
408.2
17.9
13.3
14.3
23.7
12.7
66.3 152.7
403.1
17.0
15.1
13.8
9.3
6,4
6.1
7.1
6,3
8 1
5.9
5.7
6.3
6.7
6.1
Nica- AustraIndia 3
ragua 5
lia
7.5
8.6
7.7
7.9
7 0
6,4
74
7.8
7.7
8.0
52.4
40.4
26.3
23.0
23.0
28.9
32.8
31.2
31.3
30.4
30.5
10.0
9.1
8.8
6.6
5.9
4.6
6.1
6.5
5.7
6.7
7.6
62.7
62.5
65 .7
63.3
66.0
63.2
62.3
33.9
34.4
34.6
33.3
34.1
33.8
33.2
1.4
1.4
1.4
1.4
1.5
1.4
1.5
1.9
1.9
1.9
2.0
2.0
2.0
2.1
1 1
1.2
1.3
1.1
1.1
.9
1.0
5.6
5.2
6.4
6.1
6.3
5.4
4.9
12.7
12.1
12.1
12.6
13.2
13.0
13.2
1.0
1.0
2.0
.8
2.0
.8
1.2
.3
.3
.5
.3
.2
.2
.9
.5
.5
.5
.4
.5
.5
.4
2.3
2.0
2 .6
2.8
2.7
2.7
2.6
.6
.7
.7
.7
.7
.7
.7
62.5
61.0
34.2
32.2
34.4
33.8
35.5
34.1
1.4
1.4
1.3
1.5
2.0
1.9
1.9
2.0
2.0
1.1
1.2
1.2
1.3
5.0
4.8
4.6
5.0
5.1
12.4
12.3
12.8
12.7
12.8
.5
1.4
1.6
1.4
1.2
1.6
1.5
.6
.4
2.4
2.6
2.5
.6
.7
.7
.7
.7
.7
Gold production in USSR: No regular government statistics cn 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.
8
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.
SEPTEMBER
1952
1071
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
Estimated
United States
otal world
(excl.
USSR)* Treasury Total 2
1945—Dec
1946—Dec
1947—Dec.. . .
1948—Dec.. . .
1949—Dec
1950—Dec
33,770
34,120
34,550
34,930
35,410
35,820
1951—Aug
Sept... .
Oct
35,990
Nov
Dec
1952—Jan
Feb....
Mar . . .
Apr
May....
June
July....
35,950
36,010
II
Argentina
Belgium
Bolivia
Brazil
Canada
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
21,854
22,013
22,233
22,382
22,695
21,986
22,164
22,394
22,579
22,873
288
276
273
268
268
608
638
621
619
621
23
23
23
23
23
317
317
317
317
317
681
691
736
805
850
22,951
23,190
23,290
23,297
23,296
23.346
23.350
23,055
23,377
23,428
23,450
23,502
23.533
23,536
268
268
268
268
268
268
631
610
624
638
650
669
735
23
23
23
23
317
317
317
317
317
317
860
868
874
877
886
893
Colombia
127
145
83
51
52
74
Cuba
Egypt
France 3
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
*180
1951—Aug
Sept.. . .
Oct
Nov.. . .
Dec
174
174
174
174
174
548
548
548
548
548
27
27
27
27
27
247
247
247
247
247
138
138
138
138
138
1952—Jan
Feb
Mar....
Apr.. ..
May.. . .
Tune....
July . . .
174
174
174
174
174
174
548
548
548
548
548
548
5-*8
27
27
27
27
27
27
247
247
247
247
247
247
138
138
138
138
138
138
Portugal
El Salvador
South
Africa
India
Spain
Iran
Sweden
Italy
Java
Mexico
Denmark
Ecuador
191
226
279
289
299
271
38
38
32
32
32
31
21
21
20
21
21
19
45
45
45
45
45
291
311
311
311
311
31
31
31
31
31
22
22
22
22
22
45
45
45
45
42
42
311
311
321
321
321
318
31
31
31
31
31
31
31
22
22
22
22
22
22
22
'"""
End of
month
End of
month
Chile
New
Netherlands 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
27
27
28
24
20
20
28
31
256
281
292
323
333
229
229
279
279
279
193
191
190
191
208
311
311
312
312
316
31
31
31
31
32
50
50
50
50
50
27
27
27
27
27
46
46
46
46
46
339
346
346
346
279
279
279
280
280
207
206
185
185
316
317
340
342
344
344
32
32
32
32
33
33
33
50
50
50
50
50
50
27
38
38
38
38
38
46
46
46
46
46
46
280
280
Switzerland
Thailand
Turkey
United
Kingdom
5
2,476
5
2,696
5
2,079
5
1945—Dec.
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—Dec
433
310
236
178
192
13
12
15
15
17
23
914
939
762
183
128
197
110
111
111
111
85
61
482
381
105
81
70
90
1,342
1,430
1,356
1,387
1,504
1,470
43
34
34
34
118
118
241
237
170
162
154
150
1951—Aug
Sept.. . .
Oct
Nov.. . .
Dec
224
234
250
255
265
26
26
26
26
26
210
210
209
208
190
61
50
50
50
51
129
128
134
136
152
1,447
1,446
1,448
1,454
1,452
113
113
113
113
113
150
150
150
150
151
5 2,335
1952—Jan
Feb
Mar
Apr.. . .
May...
Tune...
July . . .
265
270
274
274
274
26
26
26
26
30
30
30
190
193
169
164
161
148
51
51
51
51
51
51
179
211
214
214
210
213
206
1,438
1,426
1,432
1,413
1,410
1,408
113
113
113
113
113
113
150
150
150
150
153
150
150
5 2,036
5 1,770
fi 1,700
5 1,662
6 1,678
s5 1,685
1,716
1,856
s 1,688
3,300
5
8
3,269
Uruguay
Venezuela
Inter- Bank for
national InterMone- national
tary
Settle-
Fund
ments
195
200
175
164
178
236
202
215
215
323
373
373
15
1,356
1,436
1,451
1,495
39
32
30
36
68
167
257
252
242
232
221
373
373
373
373
373
1,529
1,529
1,529
1,530
1,530
143
144
132
127
115
221
211
211
211
373
373
373
373
373
373
1,531
1,532
1,532
1,532
1,535
116
126
143
151
154
154
166
eminent. (Gold reserves of Bank
Exchange Equalization Account.)
1072
FEDERAL RESERVE BULLETIN
NBT 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)
1945
1946
1947
1948
1949
1950
1951
Belgium
France
31.1
" — [2
14.2
406.9 222.8
69.8
734.3
446 3 -41 0
1,020.0 - 5 5 . 0
469.9 - 1 0 . 3
278.5
United
Kingdom
Total
Year or quarter
-452.9
721.3
2,864.4
1,510 0
193 3
-1,725.2
75.2
264.6
15.8
-84.8
-20.0
Netherlands
Portugal
Switzerland
Other
Europe *
130.8
40 7
-23 5
-79.8
-4.5
-47.9
-10.0
116.0
63 0
14 0
—15.0
—34.9
-86.8
80]2* - 2 9 . 9
238.0
10.0
3.0
—5 6
—40 0
-22.9 -38,0
-32.0 -15.0
-7.4
27.3
86.6
5 8
2—159 9
-68.0
-60.1
10 4
10 5
—5 0
-10.0
-20.0
—13.7
—11.2
« —119.1
-15.9
Sweden
Canada
Argentina
36.8
337.9
311.2
-224.9
153.2
727.5
114 1
—49 9
3 4
-100.0
-10.0
-49.9
Cuba
Mexico
-85.0
-23.8
-30.0
36.9
-65.0
45.4
— 10 0
61 6
— 10 0 —16 1
28.2 - 1 1 8 . 2
-20.0
-60.2
1949
Jan -Mar...
Apr.-June
July-Sept
Oct.-Dec. .
68 8
173.9
101.5
-151.0
...
162.4
283,9
-12.5
31,0
3.5
2.5
-5.0
—33 9
2 3
3 4
-10.0
—49 9
—11.3
-15,0
1950
-201.3
-30.4
-731.0
-762.4
Apr -June .
July-Sept
Oct.-Dec
-80.0
-35.0
-20.0
=-580.0
-360.0
-28.5
-56.3
-79,8
91 7
-4 5
-15.0
—3.0
-16.0
-4.0
—13.0
-25.0
—12.4
-11.9
3.4
-47.1
—15.8
8.2
20.0
-100.0
-40.5
-61.9
1951
Jan -Mar
Apr -June
Tulv-Seot
Oct -Dec
—876 3
—55 6
291 4
715.7 i
1
-400 0
- 80 0
320 0
629.9
-12 3
2 0
557.3
105.7
520.0
20.2
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
— 124 4
64 1
—10 0
-20,0
1952
Jan -Mar.
.
•.
22.5
6.9
[Negative figures indicate net sales by the United States]
(In millions of dollars at $35 per fine troy ounce)
Uruguay
1945
-37.9
1946
-4.9
25.1
1947 .
10 7
1948
1949 . . . . . . . . . . . - 1 4 , 4
-64 8
1950
1951
22.2
Venezuela
-73.1
-9.2
-3.7
108 0
-50.0
-.9
Other
Latin
America
Asia
and
Oceania
- 2 7 . 8 3-188.3
25.0
13.7
79.1
1.0
13 4
-4 1
-52.1
~7 5
— 17 2 - 3 5 4
— 17.2 6 —50.1
Union
of
South
Africa
Gold stock at
end of period
All
other
3.0
-16.5
-1.0
Apr -June
July-Sept
Oct.-Dec. .
—50'.6
3 6
3.7
2 9
-11 9
-2.3
-6.6
-2.2
-41.0
72 0
55.6
48.1
19 9
-10.4
-.9
— .1
-5.9
.2
1.0
-13.9
-22.8
3.9
9.2
11.7
-5.0
-18.8
-2.4
-3.9
-25.0
.1
1
-2.0
.2
1950
-12.0
—2.0
. . . -23.9
-26 9
Jan -Mar..
Apr. - June
Tulv-Sept.
Oct.-Dec
-26.9
2.8
-14.7
-2.8
1951
Jan.-Mar.
-50.9
15.0
Apr.-June........
28.0
Tuly-Sept
30.1
Oct -Dec
' —'.9
3.5
-4.0
12*7
20.3
19.2
-28.0
-25.0
-31.0
1952
10.0
Jan -Mar
Apr.-June
1
2
3
4
Includes
Includes
Includes
Includes
dollars; and
6 Includes
-17.6
-7.4
-3.2
— 2.4
4.3
7.2
Bank for International Settlements.
sale of 114.3 million dollars of gold to Italy.
sales of 185.3 million dollars of gold to China.
sales of gold to Egypt as follows: 1950, 44.8 million
1951, 76.0 million.
sales of 45.0 million dollars of gold to Indonesia.
SEPTEMBER
1952
Period
Earmarked
Net
Increase gold
Domesgold: de- tic
in total port imgold
or crease producgold
export
or instock
tion 2
crease
(-)
Treasury
Total»
22,726
21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
22,695
21,854
22,013
22,233
22,382
22,695
22,951
23,190
23,290
23,297
23,296
23,346
23,350
23,344
22,739
—23 0 315 7 —458.4 125 4
68.9 - 8 0 3 . 6
21,981
48.3
-757,9
35 8
20,631 - 1 , 3 4 9 . 8 - 8 4 5 . 4 - 4 5 9 . 8
32.0
20,083
-547.8 -106.3 -356,7
465.4 51.2
20,706 8 623 1 311.5
210 0 75 8
22,868 2,162 1 1 866 3
24,399
70.9
1,530.4 1.680.4 - 1 5 9 . 2
67 3
24,563
164 6 686 5 - 4 9 5 . 7
22,820 - 1 . 7 4 3 . 3 - 3 7 1 . 3 -1,352.4
80.1
617.6 66.3
22,873
52.7 - 5 4 9 . 0
6.4
137.0
21,986
-3.7
133.1
6.1
10.9
176.7
22,164
178.0
6.3
243.4
22,394
229 9 - 1 8 . 4
5.4
-2.1
188.4
22,579
185.0
4.9
6.5
289.9
22,873
294.1
63.6
5.0
23,055
182.4
137.5
4.8
150.3
152.2
23,377
321.5
4.6
23,428
51.6 157.1 - 1 0 3 . 1
5.0
96.6
-75.4
23,450
22.0
5.1
27.2
27.1
23,502
51.9
5.5
36.6
19.3
23,533
30.5
6.4
3.8
24.5
-31.4
23,536
5
-32.6
23,528
-8.0
(4
(4)
3.7
94 3
22 9
256.0
11.9
408 6
6 9
195.7 4 - 1 . 6
13.1 4—47 2
52.1 - 8 4 . 0
1949
Jan.-Mar
11.3
101.4
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
NET GOLD PURCHASES BY THE UNITED STATES,
BY COUNTRIES—Continued
Year or
quarter
-10.1
1942....
1943...
1944 . . .
1945.
1946
1947
1948.. ,
1949
1950.
1951
1951—Aug. ..
Sept...
Oct....
Nov...
Dec...
1952—Jan. . .
Feb.. .
Mar.. .
Apr. . .
May. .
June..
July...
Aug.. .
1
2
See footnote 2 on opposite page.
Yearly figures are estimates of United States Mint. For explanation
of monthly figures see p. 1071, 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 4,914.6 million dollars on August 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.
1073
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
(End-of-month figures.
In millions of dollars]
1951
1952
1952
International Fund
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
. ..
Other
Unpaid balance of member subscriptions.
Other assets
M^ember subscriptions
Accumulated net income .
Apr.
Jan.
Oct.
Apr.
1,532
1,531
1,529
1,495
1 ,283 1 322 1 322 1,313
4,460 4,408 4,409 4,315
907
871
869
883
1
1
1
1
8,154 8,152 8,137 8,037
-6
-6
y
y
1951
1952
Net currency purchased 1
(Cumulative—millions of dollars)
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
1951
I n t e r n a t i o n a l Bank
July
June
20 0 20 0
11 4 11 4
63.0 88.0
3.6
3.6
6.0
6.0
10 2 10 2
-5.5 -5 5
125.0 125.0
100 0 100 0
8.8
8 8
75.2 75.2
..
July
May
20 0 20 0
11 4 1 1 4
103.0 65.5
5.4
3.6
6.0
6.0
10 2 10 2
-5.5 - 5 5
125.0 125.0
100 0 100 0
8.8
75.2
75.4
9.6
5.0
*io!6
300 0 300 0 300 0 300 0
9.0
9.0
9.0
9 0
o
-1.6 -1.6 -1.7
June
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Investment securities (U. S. Govt. obligations)
Calls on subscriptions to capital stock 3 . .
Loans (incl. undisbursed portions and
incl. obligations sold under Bank's
guarantee)
Other assets
Bonds outstanding
Liability on obligations sold under guarantee
Loans—undisbursed
Other liabilities
General reserve
Special 3reserve
Capital
Mar.
June
Dec.
(2)
5
937
5
940
g
945
9
919
512
4
490
4
510
4
457
4
1,270 1,186 1,113 1,037
10
19
14
14
436
325
500
450
56
403
7
58
28
1,691
41
372
33
350
33
352
5
55
26
10
50
24
6
42
20
1,691
1,688
1,668
1
As of July 31, 1952, the Fund had sold 817.0 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 12 7.4 million dollars. Currencies the net transactions in
which
amount to less than one million are reported under "All other."
2
Less than $500,000.
3
Excludes uncalled portions of capital subscriptions, amounting to
6,763 million dollars as of June 30, 1952, of which 2,540 million represents the subscription of the United States.
735.0 750.0 764.9 736.0
Total
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
1942—Dec
1943—Dec.
1944—Dec
194"5 Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec.
1950—Dec.
30
29
27
26
25
31
29
28
27
Assets of issue
department
Gold*
2
.2
2
.2
2
.2
2
.4
4
1951—Aug 29
Sept. 26
Oct. 31
Nov. 28
Dec 26
.4
1952—Tan. 30
Feb 27
Mar. 26
Apr 30
May 28
Tune 2 5
Julv 30
.4
.4
.4
4
.4
.4
.4
.4
.4
.4
4
4
4
4
4
Assets of banking
department
Other
assets 2
Notes
and
coin
Discounts
and advances
Securities
950 0
1,100.0
I 250 0
1,400.0
L 450 0
1,450.0
1,325.0
1,350.0
L,375.0
27 7
12.5
13 5
20.7
23 4
100.8
36.1
33.7
19.2
35
2.5
51
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
1,400.0
L,400.0
1,400.0
1,400.0
1,450 0
42.9
52.4
49.7
38.2
14.1
29.7
19.0
20.8
16.8
18.2
L,400.0
,400 0
,400.0
450 0
,450.0
,500.0
,550.0
48.1
34 9
17.4
41 9
39.7
59.8
36.8
7.9
17.7
23.6
27 4
11.9
21.2
21 .6
Li, abilities
Note
circulation 3
of banking department
Deposits
ECA
Other
Other
liabilities and
capital
10.3
5.2
5.3
10.3
18.6
11.7
11.6
15.4
17.4
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
273.6
289.9
303.9
294.7
299.8
18.5
16.6
14.5
16.4
13.4
1.1
7.2
.6
.6
98.9
91.2
93.1
89.4
89.8
18.5
18.5
17.8
18.0
18.1
277.8
283.0
280.3
273 0
270.0
275.7
262.0
15.5
11.8
12.1
10.7
10.1
10.6
10.4
.5
.4
.5
.5
.5
13.6
18.2
87.5
83.1
81.3
73.4
72.6
72.5
69.2
18.3
18 5
18.5
17 8
18.0
18.1
18.3
Bankers'
Public
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
337.7
345.7
356.0
364.0
389.2
1,358.0
1,348.9
1,351.8
1,363.7
1,437.9
343.7
344.2
351.8
306 1
319.6
309.6
319.7
1,353.8
1,367.0
1,384.6
1,410 0
1,412.2
1.442.1
1,515.1
9.0
.9
1
On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence
per fine ounce, and on Sept. 19. 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for
internal
gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes
issued less amounts held in banking department.
4
Fiduciary issue decreased by 50 million pounds on Jan. 16 and increased by 50 million on Apr. 1, June 25, and July 21. For details on
previous changes, see BULLETIN for February 1952, p. 212; February 1951, p. 238; February 1950, p. 254; April 1949, p. 450; and February 1948,
p. 254.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication.
1074
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Liabilities
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Gold
225.7
Sterling
and United
States
dollars
1939—Dec.
1940—Dec.
1941—D ec
1942—Dec.
1943—Dec.
1944—Dec
1945—Dec.
1946—Dec
1947—Dec.
194g—Dec.
1949—Dec.
1950—Dec.
30
31
3i
31
31
30
31
31
31
31
31
30
1951—Aug.
Sept
Oct.
Nov
Dec
31
29
31
30
31
64.3
38.4
200.9
.5
.6
172.3
156.8
1.0
2.0
.4
74.1
111.4
100.0
87.0
96.5
128.8
117.8
1952—Jan
Feb.
Mar
Apr
May
Tune
July
31
29
31
30
31
30
31
85.4
70.3
60.1
72.3
78.3
43.8
63.0
(4)
Dominion and provincial government
securities
Deposits
Other
assets
Note
circulation2
Dominion
government
Short-l
term
Other
181.9
448.4
391.8
807.2
787.6
906.9
1,157.3
1,197.4
1,022.0
1,233.7
1,781.4
1,229.3
1,349.6
1,297.6
1,317.5
1,137.8
1,141.8
49.9
127.3
216.7
209.2
472.8
573.9
688.3
708.2
858.5
779.1
227.8
712-5
888.1
896.1
956.4
1,043.1
1,049.3
5.5
12 4
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
} n.lri O
L,129.1
1,186.2
L.211.4
1,289.1
1,307.4
1,367.4
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
119.8
87.1
83 1
79.2
135.2
1,370.7
L,388.0
1,406.5
1,407.2
1,464.2
580.4
579.4
588.3
633.8
619.0
115.0
105.6
210.3
66.0
94.9
185 7
140.0
83 3
92.5
66.1
205.8
154.8
165 0
189.5
200.0
1,095.4
1,058.1
1,179.9
1,191.5
1,203.6
1,251 .3
1,280.0
1,042 6
1,027.7
882.2
874 7
824.6
817.8
843.9
82 7
88.2
106.8
84 0
73.8
76.1
71.2
1,375 6
1,374.4
1,393.2
1,411 8
1,417.4
1,441.8
1.458 3
629.2
616.7
656.5
645.7
579.4
578.0
595.5
92 8
88.5
14.6
14 3
21.9
26.8
51.6
54 9
52 1
66.1
41 7
44.6
48.5
41.6
153 4
112.5
98.6
109 0
117.1
93.9
111.2
Chartered
banks
Assets
Bank of France
(Figures in
millions of francs)
Gold s
Foreign
exchange
Domestic bills
Open
market
6
Other
liabilities
and
capital •
Other
Liabilities
Advances to
Government 8
Deposits 7
Other
assets 6
Note
circulation
Other
liabilities
and
capital
Special
Other
Current
Other
Government
14,200
63,900
69,500
68,250
64,400
15,850
15,549 151,322
1,914
18,571 218,383
984
17,424 270,144 1,517
16,990 382,774
770
16,601 500,386
578
20,892 572,510
748
24,734 570,006 12,048
33,133 721,865
765
59,024 920,831
733
57,622 987,621
806
112,658 1,278,211 1,168
212,822 1,560,561
70
14,751
27,202
25,272
29,935
33,137
37,855
57,755
63,468
82,479
171,783
158,973
15,058 161,720
2,925
«44,986
8
68,474
8
21,318
8
15,596
7,078
4,087
7,213
10,942
16,206
19,377
24,234
ECA
Other
1939—Dec. 2 8 . . .
1940—Dec. 2 6 . . .
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . .
1943—Dec. 3 0 . . .
1944—Dec. 2 8 . . .
1945—Dec. 2 7 . . .
1946—Dec. 2 6 . . .
1947—Dec. 3 1 . . .
1948—Dec. 3 0 . . .
1949—Dec. 2 9 . . .
1950—Dec. 2 8 . . .
112
5,818
97,267
42
7,802
84,616
38
6,812
84,598
37
8,420
84,598
37
9,518
84,598
42 12,170
75,151
68 17,980
129,817
7 37,618
94,817
12 67,395
65,225
30 97,447
65,225
62,274 61,943 137,689
182,785 162,017 136,947
2,345
661
12
169
29
48
303
3,135
64
8,577
28,548
34,081
5,149
3,646
4,517
5,368
7,543
18,592
25,548
76,254
117,826
238,576
335,727
393,054
67,900
147,400
150,900
157,900
158,900
30,473
112,317
182,507
250,965
366,973
475,447
445,447
480,447
558,039
558,039
560,990
481,039
1951—Aug. 3 0 . . .
Sept. 2 7 . . .
Oct. 3 1 . . .
Nov. 2 9 . . .
Dec. 2 7 . . .
191,447 145,195 236,169
191,447 131,284 225,418
191,447 82,087 168,822
191,447 31,888 153,650
191,447 28,320 234,923
1,256
9,231
23,855
32,015
31,956
472,894
540,751
670,689
716,710
741,267
160,600
160,400
166,200
160,300
160,000
481,039
481,039
481,039
481,039
481,039
245,129
235,289
252,303
199,545
190,830
1,754,151
1,779,360
1,827,781
1,779,556
1,841,608
96
60
62
19
29
6,980
13,367
16,240
1,869
10,587
146,012
154,895
166,453
157,228
166,226
26,490
27,177
25,905
27,922
41,332
1952—Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 2 7 . . .
Apr. 3 0 . . .
May 2 9 . . .
Tune 2 6 . . .
July 31 . . .
191,447
191,447
191,447
191,447
191,447
191,447
191,447
31,456
29,280
29,239
22,984
26,128
21,871
11,779
757,085
850,733
841,006
799,004
841,897
831,044
835,599
166,500
174,400
169,300
171,100
169,000
168,000
167.800
481,039
481,039
479,982
500,982
479,982
479,982
479,982
184,064
126,412
113,099
139,747
118,726
110,501
9
184,957
1,866,693
1,880,832
1,861,681
1,925,615
1,900.526
1,885,929
1,984,549
57
96
22
84
39
36
55
7,157
3,699
15,783
341
6,645
730
816
156,405
198,702
188,767
156,326
171.350
143,900
121.411
36,015
30,601
41,448
29,679
38,539
43,541
43,369
20,857
15,607
11,336
13,634
15,808
16,991
20,077
233,879
245,014
272,294
273,149
274,111
254,301
2 58,560
1
2
8
4
Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves.
Beginning November 1944, includes a certain amount of sterling and United States dollars.
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July B1940, pp. 677-678).
For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853;
and November
1936, pp. 878-880.
6
For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6.
7
Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are
not strictly
comparable with those shown for earlier dates.
8
Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400;
1941, 9 64,580; 1942, 16,857; 1943. 10.724.
Includes advance to Stabilization Fund, amounting to 32.5 billion francs on July 31.
NOTE.—For back figures on Bank of Canada and Bank of France, see< Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645
and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank.
(February 1945), see BULLETIN for December 1946, p. 1424.
SEPTEMBER
1952
1075
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
Cnrrencv circulation
Deposits—Nationalized
Other siffht obligations
Other liabilities and capital
Commonwealth Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks. .
Securities (inch 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
Deposits—Banks
Other
Blocked
National Bank of Belgium
(millions1 of francs):
Gold .
Foreign claims and balances (net)
Loans and discounts
Consolidated Government debt..
Government securities
Other assets
Note circulation
Deposits—Demand
ECA
Other liabilities and capital
Central Bank of Bolivia—Monetary dept. (millions of bolivianos):
Gold at home and 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 3
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)
N e t claim on Int'l. F u n d i
Discounts for member b a n k s . . . .
Loans to G o v e r n m e n t .
...
Other loans and discounts
Other assets
Note circulation . . . .
Deposits—Bank
Other
Other liabilities and capital
1952
July
June
?
814
279
11?
44 9 8 3
251
17 ,622
27 ,114
702
3 000
780 ,770
4 679
798
10
1951
July
May
814
463
? 119
44 149
332
17 ,434
26 ,683
807
95?
874
2 ,165
2 003
37 661
293
14 ,794
25 ,060
539
603
055 305 877 710 ? 3 ?
5 ,063
754
8 8? 5
8 4 0 475 887 514 173
3 4 ? ,668
,871 9 8 317 19Q ,220
82 570
303 ,168 302 ,721 300 ,471 277 ,721
458
6?
194 ,920 257 ,970 370 ,670 533 ,570
36 830 33 777
433
33 653
?71 6 8 3 7 8 8 545 7 6 5 571 295 5 9 0
98
903
98
51
64^
6 745
3 491
42
8 348
233
370
2 ,067
4 ,918
4 574
37
6 796
171
577
2 ,238
98
5 59
7
7 ,145
3 ,763
41
8 ,566
255
419
2 ,211
3 ,487
41
8 ,491
312
379
2 ,210
36 ,760
17 ,716
7
34 763
7 690
3 ,677
97 175
1 6?0
1 449
7 88?
33 468
73 ,777
5 470
34 763
10 007
3 ,768
94 671
1 540
1 7 50
13 74?
3? 485
74 7 9 8
6
34 763
9 345
3 639
94 401
1 ?85
308
13 667
(Apr.)*
1,370
831
1 ,439
1 843
267
4
862
668
529 476 521
43
40 966 32
2
3 ?07
393 928 394
19 137 11
95 817 60
34 766 33
1 109
221
166
2 147
665
8 45?
571
24
27
3
402
6
83
944
33
914
000
762
865
593
759
?46
1 108
736
221
1 562
665
8 770
29 749
12 5 8 0
9 334
34 8 6 0
3 757
3 ,112
88
1 546
570
2 446
1 370
513
1 975
724
160
3 936
194
613
383 677
105
000 r 13 972
513
2 706
437
1 6?8
925 397 245
897
90 625
250 162 081
261 '45 4 6 0
1 096
718
221
1, 961
670
7 39?
9, 310
2, 212
604
2 501
1 314
198
107
1 695
675
5 304
2, 33?
359
t 497
846
1, 9 9 4
3 5 , 9 3 8 773 5 9 6 35 0?7
24, 371 24, 371 24, 371
1, 406
1, 404
1, 405
181, 524
24, 369
1, 383
9 88?
10 338
2 697
947
? 36?
953
10 391
2 280
505
7 339
3 069
Bank of the Republic of Colombia
(thousands of pesos):
Gold and foreign exchange
N e t claim on Int'l. F u n d 4
Paid-in capital—Int'l. Bank
1952
Central Bank
(Figures as of last report
date of month)
July
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 4
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 5
National Bank of Denmark
(millions of kroner):
Gold
Foreign exchange
Contributions to Int'l Bank
Loans and discounts
Securities
Govt. compensation a c c o u n t . . . .
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Central Bank of the Dominican
Republic (thousands of dollars):
Gold
Foreign exchange (neO 4
Net claim on Int'l. Fund
Paid-in capital—Int'l. Bank
Loans and discounts
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 banks
Other
Other liabilities and capital
National Bank of Egypt (thousands of pounds):
Gold7..
Foreign exchange
Foreign and Egyptian
Government securities
Loans and discounts
Other assets
Note circulation .
. . .
Deposits—Government . . .
Other
Other liabilities and capital
June
1951
May
341 741 346 ,294 3 9 3 ,077 257 ,368
161 ,57^ 161 ,811 156 ,840 135 ,630
89
97 ,736 108 ,557
83 883
4 9 8 3 8 5 497 505 473 3 6 3
410 ,181
295 ,437 295 ,299 310 ,705 204 ,422
61 ,093 62 ,409 65 ,207
69 ,554
11 511 11 511 11 ,511
101 97 3 6 9 91 8 ? 9
7 ,031
7 ,031
7 ,031
6?
60 773 57
7 ,405
7 ,335
7 577
046
,335
,162
117 351 118 288 117 550
68 106 72 062 62 090
18 ,773 18 ,074 19 ,488
99
11 ,511
30 ,476
6 ,088
83 ,166
8 219
15 ,838
103 701
41 311
10 ,286
3^0 564 280 564
79 ,067 116 310
147 ,325
34 ,988
511
16 156
1? 887
3 3 849
129 ,648
43 ,486
12 511
1 245
10
27 509
497 053
379 777
214 918 234 855
8 378
7 163
69
69
448
11
148
69
11
83
431
870
195
702
791
442
163
69
425
8
112
131
3 942
539
1 569
802
1 670
185
066 12 066
19 825
855
1 250
1 250
42
42
545
488
8 395
6 895
589
589
632
31 469 31 147 29 794
10 669 10 186 10 685
1 348
1 324
1, 807
8 056
19 177
1 250
40
212
6 217
992
26 226
8, 918
801
550
95
435
3 542
183
1 670
1 505
1
166
439
43"?
3 831
198
1 681
870
1 423
163
3
1
1
1
066
809
1 250
42
336
8 395
36 797
17, 208
18, 757
724
?0 ? 3 0
41 978
351
65, 465
44
24, 854
36 467 336 945 334,
69,
18,
93 865 34 940 188
97 4 0 3 6 9 473 171,
00 659
96 380
181,
1 5 127 4 9 9 243 488,
77 096 65, 318 136,
41 686 107,
79, 913 60, 205 231,
20 200 10, 658
18, 757 18, 758
60, 553 60 553
1 9 700
19 216
.
Ju ly
9 2 , 020
645
9 348
79, 738
70, 839
99 206
2 3 , 482
993
110
757
362
057
855
385
423
554
772
60, 552
46 010
96, 539 309, 905
5 497
729
3, 325
2 , 623
82, 422 160, 295
84 833
85, 441
17, 624 156 065
2 2 , 786
2 1 , 482
*1 Latest month available.
' Revised.
On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc.
2
It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 boliviano
nos per dollar.
* 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 the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
*6 For last available report (March 1950), see BULLETIN for September 1950, p. 1262.
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.
1076
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1952
July
June
May
July
1 440
82 ,278
51 7 4 9
7 ,064
73 9 4 6
50 ,076
1 ,566
9 ,?48
6 ,375
1 334
82 ,150
S3 3 8 9
7 006
64 6 1 0
75 ,364
1 ,565
? ,785
5 ,60?
1 406
75 8 0 3
68 918
6 ,610
5 ,865
5 ,865
14 684 16 S84
3 8S9
4 970
31 1 8 9 30 ,626
1 086
1 070
1 898
1 900
0S9
4
S
44 173
39 S
? 48?
14 013 13 4 8 1
5 ,865
19 099
6 ?69
? 6 877
960
1 89?
4 6 S79
1 S47
12 759
4 ,475
5 663
- 1 711
37 ,611
9SS
9 ,480
39 896
1 949
15 ,399
388
3 113
3 569
8 4?9
576
9 805
? 090
2 157
279
1 806
259
2 713
3 1?9
8 963
610
9 748
2 1?0
1 739
264
1 803
? 098
4 ,194
9 SS6
1 470
8 ,384
? 593
1 ,846
1 ,286
3 ,210
1 403
19S
8 5 SO
3 430
2 063
1 945
862
1 454
140
8 160
3 370
1 8?7
1 985
899
935
191
6 40?
3 S9S
? 347
1 ,770
851
6 856
1 97?
3 935
6 619
? 060
3 387
4 ,426
2 03 S
4 ,321
Central Reserve Bank of El Salvador (thousands of colones):
73 891 73 8 8 6
Gold
40 ,559 46 ,961
Foreign exchange (net) 1
1 ,566
1 ,566
Net claim on Int'l. Fund
14 5 ? 0 1 0 ,856
Loans and discounts
,814
,38?
6
6
Government debt and securities..
Note circulation
Other liabilities and capital
State Bank of Ethiopia 2
Bank of Finland (millions of markkaa):
Gold
Foreign assets (net)
. .
Clearings (net)
Loans and discounts
Securities
Other assets
Note circulation
1951
1 965
81 ,647
4 0 S98
7 ,300
Bank of German States
(millions of German marks):
Gold
Loans and discounts
Loans to Government
Note circulation
Other
Other liabilities and capital
Bank of Greece (billions of drachmae):
Gold and foreign exchange (net) .
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange (net)
Gold contribution to Int'l. Fund .
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and capital
National Bank of Hungary 3
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Foreign securities
Indian Govt. securities
Rupee coin
Note circulation. . . .
Banking department:
Notes of issue department. . . .
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital.. .
Central Bank of Ireland (thousands
of pounds):
Gold
Sterling funds
497
3 447
2 868
8 398
573
9 ,843
1 781
2 093
241
1 ,820
27 ,778
14 007
1 ,250
7 180
17 ,942
38 ,896
3 ,326
6 861
6 ,884
11 641
27
16
1
4
17
40
3
7
5
10
2?8
678
250
794
476
527
355
301
854
390
27 278
17 4 9 5
250
5 09 S
19 0 2 0
41 154
3 359
3 690
6 094
15 790
Central Bank
(Figures as of last report
date of month)
Bank of Italy (billions of lire):
Gold
Foreign exchange
Advances to Treasury
Loans and discounts
Government securities
Other assets
Note circulation
Allied military notes
Deposits—Government
Demand
Other
Other liabilities and capital
Bank of Japan (millions of yen):
Cash and bullion
Advances to Government
Loans and discounts
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
The Java 4Bank (millions of rupiah):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Deposits—ECA
Other
Other liabilities and capital
Bank of Mexico (millions
of pesos):
Monetary reserve 5
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities and capital
Netherlands Bank (millions of
guilders):
Gold 8
Silver (including subsidiary coin).
Foreign assets (net)
Loans and discounts
Govt. debt and securities . .
Other assets
Note circulation—Old
New
Deposits—Government
27 ,279
17 0 9 ?
1 ,250
6 9S9
17 ,6?9
ECA
36 ,256
Other
3 ,268
Other liabilities and capital
2 818 Reserve Bank of New Zealand
10 ,949
(thousands of pounds):
11 859
Gold
400
s 839
4 646
7S9
11 288
400
6 039
4 646
749
11 366
400
6 9S9
5 166
603
12 016
350
1 00?
103
15
1 34?
9 3S1
459
460
845
48
8
1 384
9 341
405
385
2 174
?8
57
996
3 31S
?51
Foreign exchange reserve
Loans and discounts
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities and capital
Bank of Norway (millions of kroner):
Gold....
...
Foreign assets (net)
Clearinff accounts (net^
Loans and discounts
Securities
OccuDation account (net^
Note circulation... .
9 646
ss 3 3 3
57 979
9 646
ss SS9
5 8 , 199
9 646
49 886
52 532
Banks
ECA—MSA
Other liabilities and capital
1952
Ju l y
4
38
590
747
717
816
1 759
110
58
394
86
1951
June
May
4
34
590
239
202
793
1,209
153
62
352
87
1,020
38,390
312,844
138,650
102,638
461,224
57,349
36,111
38,858
1 ,0 6 3
70S
377
3 498
668
3, 860
496
1 344
541
1,063
963
251
2,849
746
3,750
496
1,157
469
July
4
36
590
?96
211
786
1 ,704
1S?
55
368
73
4
32
590
961
70S
603
1 118
2
1SQ
89
269
64
1 077
1 ,147
49 6 4 0
38 3 9 0
779 ,940 3 9 0 0 6 0
153 6 S 0 1 3 0 3 8 8
114 0 9 1
31 9 6 8
444 003 4 0 9 ,026
61 40 S 147 9 34
19 8 9 4
41 ,20?
40 ,540
? 0 ,1?0
1 ,063
1 ?09
937
? 177
8S0
3 ,46?
496
1 ,??3
355
871
730
493
1 793
6S6
7 947
830
695
1 ,018
997
1 ,042
1 ,060
2, 601
S09
49?
3 09 3
1, OSO
470
2,503
2 ,521
634
447
3 034
1 134
475
2 ,715
461
493
9 797
1 443
489
1 ,303
1S
1 ,184
38
2 ,100
499
43
2 ,870
694
1 ,0?7
367
207
1 ,177
17
41
503
3 ,262
644
48
2 ,806
5,913 5 ,873
22,444 25 ,464
6,019
6 ,019
5 ,203
78 ,943
6 ,235
1 375
14
1 ,540
34
1 ,920
504
49
2, 932
700
1 06?
391
209
470
492
3,013
976
473
1,303
14
1,281
46
2,100
552
43
2,959
622
1,027
445
200
54,812
32,182
4,258
61,225
56,385
8,017
54 ,701
3 ? 189
? 636
61 876
57 0 9 0
7 ,980
242
247
473
3S
6?
46
6 ?09
59
2 ,573
1 ,999
1 ,012
966
568
480
30
54
46
6,202
53
2,679
1,737
1,146
973
573
1 ,696
677
487
51
11
3
60
90
6
,99Q
974
S10
,694
769
,401
243
187
Q
49
46
6 909
191
7 ,431
1 ,754
1 116
769
770
1
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time
as the
Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
2
For
last available report (July 1950), see BULLETIN for December 1950, p. 1699.
3
For last available report (February 1950), see BULLETIN for September 1950, p. 1263.
<8 Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per rupiah.
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
6
Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder.
NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1952, p. 103; January 1951, p. 113
SEPTEMBER
1952
1077
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1952
July
June
1951
May
State Bank of Pakistan (millions of
rupees):
Issue department:
81
81
Gold at home and abroad...
815
916
Sterling securities
766
665
Pakistan Goyt. securities. . .
126
126
Govt. of India securities. . . .
300
300
India currency
66
69
Rupee coin
2,094 2,092
Notes in circulation
Banking department:
65
61
Notes of issue department.
Balances abroad
" " 9 6 " "96
Bills discounted
Loans to Government
2
679
Other assets
537
730
Deposits
594
111
Other liabilities and capital
102
Bank of Paraguay—Monetary dept.
(thousands of guaranies):
1,195
Goldi
95,642
Foreign exchange (net) 2
5,261
Net claim on Int'l. Fund
-1,042
Paid-in capital—Int'l. Bank
307,349
Loans and discounts
63,748
Government loans and securities.
23,777
Other assets.
311,103
Note and coin issue
126,293
Demand deposits
5,534
Other liabilities and capital
Central Reserve Bank of Peru
(millions of soles):
599
592
644
Gold and foreign exchange 3
67
67
Net claim on Int'l. Fund 2
21
2
2
Contribution to Int'l. Bank
2
217
285
Loans and discounts to banks. . .
212
864
842
Loans to Government
842
240
233
Other assets
210
1,289
1,361
Note circulation
,267
374
354
Deposits
370
320
Other liabilities and capital
313
294
Central Bank of the Philippines
(thousands of pesos):
16,926 16,461
Gold
474,401 470,908
Foreign exchange
2
29,504
29,504
Net claim on Int'l. Fund
21,365 24,365
Loans
234,680
234,716
Domestic securities
157,147 153,593
Other assets
539,282 545,411
Note circulation
252,855 249,026
Demand deposits
141,887 135,110
Other liabilities and capital
Bank of Portugal (millions of
escudos):
4,407 4,415
Gold
11,551 11 598
Foreign exchange (net)
657
671
Loans and discounts
1 .417
1,418
Advances to Government
599
579
Other assets
8,813 8,876
Note circulation
1,324
1,540
Demand deposits—Government..
29
29
ECA
6,142
6,396
Other
2.064
2
,099
Other liabilities and capital
South African Reserve Bank
(thousands of pounds):
52,318 57,215
Gold *
65,911 70,780
Foreign bills
16,622 16,497
Other bills and loans
33.282 30,071
Other assets
86,265 85,129
Note circulation
59,447 68,254
Deposits
22,420 21,180
Other liabilities and capital
Bank of Spain (millions of pesetas):
55
558
555
Gold
37
374
377
Silver
Government loans and securities. 15,775 15,650 15,948
Other loans and discounts
j 19,381 19,358 19,868
2 7,508 26,291 2 7,730
Other assets
1952
Central Bank
(Figures as of last report
date of month)
July
July
Bank of Spain—Cont.
Note circulation.
Deposits—Government
Other
Other liabilities and c a p i t a l . . . .
Bank of S w e d e n (millions of kronor):
Gold
God
F
Foreign
g assets (net)
()
Net claim
clai on Int'l.
It'l Fund
F
*
Paid-in capital—Int'l. Bank....
Swedish Govt. securities and ad- 6
vances to National Debt Office
Other domestic bills and advances
Other assets
Note circulation
Demand deposits—Government..
Other
Other liabilities and capital
Swiss National Bank (millions of
francs):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation
Other sight liabilities
Other liabilities and capital
Central Bank of the Republic of
Turkey (millions of pounds):
Gold
Foreign exchange and foreign
clearings
Loans and discounts
Securities
Other assets
Note circulation
Deposits—Gold
Other
Other liabilities and capital
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Silver
Paid-in capital—Int'l. Bank
Advances to State and Government bodies
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
Gold
Foreign exchange (net)
Other assets
Note circulation
Deposits
Other liabilities and capital
44
851
555
136
300
42
60
597
99
402
,071
87
1 ,165
115 ,282
5 ,261
- 1 ,001
148 ,515
16 ,617
52 ,369
186 ,783
86 ,726
64 ,701
651
20
2
271
701
127
,228
352
192
11 ,067
523 ,146
29 ,504
29 ,609
231 ,760
185 ,879
611 ,406
210 ,170
189 ,388
June
May
35,093 35,299
1,852 1,934
2,538 2.706
22,747 24,540
July
31,648
690
3,229
19,169
454
.319
88
11
469
1,358
88
11
463
1,346
88
11
284
,741
269
741
.051
782
148
641
2,688
258
798
4,097
685
234
654
2.729
276
786
3,962
1,018
96
621
3,526
242
511
3,482
636
527
594
,813
337
234
80
.635
,629
201
5,815
287
252
76
4,624
1,609
198
5,822
289
232
78
4,574
1,649
197
6,014
188
141
79
4,469
1,753
199
419
419
429
419
86
,534
144
,409
27
108
,120
153
631
202
126
1,426
27
105
1,112
153
593
256
160
1,282
15
120
973
153
641
230
27
91
,138
153
678
188
677
(A or.)*
321,119 409,387
9,556
10,043
314
316
1,141
170
73
867
236
282
62 .226
147 ,127
411,646
361,335
83,732
202.156
14.764
150,899
300,896
357,247
360,210
109,921
311,408
447,250
1,141
211
72
863
238
322
1,141
-94
129
730
171
276
Bank for International Settle-
.338
,016
,119
,919
.142
.163
,087
665
|
,389
,538
ments (thousands of Swiss gold
francs):
Gold in bars
Cash on hand and with banks. . .
Sight funds at interest
Rediscountable bills and acceptances (at cost)
Time funds at interest
Sundry bills and investments. . . .
Funds ir vested in Germany
Other assets
Demand deposits (gold)
Short-term deposits:
Central banks—Own account..
Other
Long-term deposits: Special
Other liabilities and capital
471.640 471.683 475,853
34,410 100,082
57,047
16,066 17.987
4,393
153,290
46,598
295,741
297.201
1,332
341,195
188,798 139,380
25,704
31,023
281,621 334,195
297,201 297,201
1.665
1,393
334,632 304,286
422.157 471.371 505,345
53.437) 79,535
37,810
228,909|228,909 228,909
271,186 270.293 264,135
*1 Latest month available.
As of Mar. 5, 1951, gold revalued from .287595 to .148112 grams of fine gold per guarani.
2
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund,
as the
Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
3
In November 1949, part of the gold and foreign exchange holdings of the bank were revalued.
4
On
Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce.
5
Includes small amount of non-Government bonds.
NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120.
1078
1951
Until such time
FEDERAL RESERVE
BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum
Central bank of—
Date
effective
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
Sept
Oct.
Nov.
Nov.
Jan.
Mar.
Central
bank of—
SwitzUnited
Ger- Bel- NetherKing- France many
er- Swegium lands
den land
dom
27
9
28, 1948. .
6
1
27, 1949. .
14
6.......
8, 1950
11
26
27
1
17 1951.
5
13
11
....
8
9
22, 1952..
12
May 29
,
In effect Julv31,
1952
2
1H
334
&2M
2
Argentina
iy2
2V,
X A
Date
effective
Mar.
Central
bank of—
1, 1936
6 2 July 3, 1952
3M Sept. 13, 1951
6
Sept. 30, 1950
Austria
Belgium
Bolivia
Italy
Japan
Java
Mexico
Rate
July
31
4
5.84
3
434
Date
effective
Apr. 6, 1950
Oct. 1, 1951
Apr. 1, 1946
June 4, 1942
334
234 &3
2
4
4
Oct.
June
July
Feb.
17, 1950 Netherlands..
13, 1935 New Zealand.
18, 1933 Norway
1, 1950
Pakistan....
3
5
10
3
Nov.
May
July
Mar.
2,
13,
5,
22,
4
4
Canada
Chile
Colombia
15
3
Rate
July
31
Costa Rica
1434
3
Jan. 22, 1952
July 26, 1941
Jan. 9, 1946
July 1. 1948
14
3H
2Y2
3%
1
Denmark. .
Ecuador
3
Egypt
6
3H
3
2H
El Salvador. . .
3
4
4
15
12
Greece
India
Ireland
334
4
5*A Dec.
Nov.
May
July
Nov.
334 Mar.
Finland
France
1950
1948
1952
1950
Peru
Portugal....
South Africa.
Spain
16, 1951
9, 1951
29, 1952
12, 1948
15, 1951
25, 1952
Sweden
Switzerland..
Turkey
United Kingdom
USSR
6
Nov.
Jan.
Mar.
Mar.
3
3
2
4
4
134
3
15
Dec. 1, 1950
Nov. 26, 1936
Feb. 26, 1951
Mar. 12, 1952
July 1, 1936
15
*
13, 1947
12, 1944
27, 1952
18, 1949
1 Rate established for the Land Central banks.
NOTE.—Changes since July 31: Germany—-Aug. 21, from 5 to 434", Netherlands—Aug. 1, from 3V2 to 3 per cent.
OPEN-MARKET RATES
[Per cent per annum]
ivlonth
1942—-Tune
1943—June
1944—Tune
1945—Tune
1946— Tune
1947—June
1948—Tune
1949—June
1950—June.
1951—June.
Treasury
bills
3 months
.54
.50
.39
.36
.39
.41
.41
Treasury
bills
3 months
Day-to-
1.03
1.03
1.03
1.03
1.00
1 .00
1.00
1.00
1.00
1.06
1.13
1.13
.53
.53
.50
.51
.56
.51
.63
.69
.69
.52
.51
.51
.77
.79
.88
.93
.92
.89
.93
1.00
1.00
1.00
1.38
1.50
.51
.51
.51
.51
.84
.98
.89
.91
.94
.98
1.02
1.08
1.50
1.50
2.48
3.00
3.00
3.00
1951—July
August......
September....
October
November....
December
1952—January
February
March
April
May
June..
Bankers'
acceptances
3 months
.51
.51
. 75
......
France
United Kingdom
Canada
.97
.99
2.01
2.35
2.37
2.43
day
money
.63
.63
.63
.63
.63
.63
.63
.63
,63
.63
.92
1.00
1.00
1.00
1.82
2.25
2.25
2.25
Bankers'
allowance
on deposits
.50
.50
.50
.50
.50
.50
.50
Day-today
money
Netherlands
Treasury
bills
3 months
Day-today
money
1.58
1.67
1.58
2.02
" " 1'. 42 ' " " Y.oo'
.86
1.46
.84
1.36
.50
.50
.50
P2A6
.50
.50
.50
.50
.69
.75
2.57
2.64
2.56
2.78
3.27
3.50
1.39
1.38
1.24
1.16
1.17
1.21
.75
.75
1.57
2.00
2.00
2.00
3.50
3.93
3.95
3.88
3.84
3.66
1.18
1.17
1.38
1.40
1.25
1.20
2 .52
2.52
Loans
up to
3 months
3-5 y2
3-534
.74
1.32
1 .45
Sweden
1.32
1.44
1.39
.83
.81
2^-5
2 34-434
2 34-434
2 34-4 34
2 34-4>£
234-41^
Switzerland
Private
discount
rate
1.25
1.25
1.25
1.25
1.25
1.25
1 .50
1.52
1.50
1.50
1.00
3-5
.91
3-5
3-5
3-5
3-5
3-5
3-5
1.50
3-5
3-5
3-5
3-5
3-5
3-5
1 50
1.50
1.50
1.50
1.50
1.50
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.90
.75
1 "ili
1.50
1 50
1.50
1.50
P Preliminary.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.
SEPTEMBER
1952
1079
COMMERCIAL BANKS
Assets
United Kingdom >
(11 London clearing
banks. Figures in
millions of pounds
sterling)
1946—December
1947—December
194g—December
1949—December
1950—December
Cash
reserves
October
November
December.
1952—January
February
]Vtarch
April
May
Tune
July
499
502
432
480
610
793
502
485
571
592
741
1,109
1,408
515
573
503
514
517
582
579
562
1,185
1,276
1,330
901
531
598
972
216
177
108
521
605
965
66
492
492
501
491
504
501
526
526
512
518
537
535
856
854
883
936
15
532
540
.
..
Money at
call and Bills dis- Treasury
deposit
short
counted receipts 2
notice
Liabilities
Loans to
customers
Q
1,560
1,288
1,397
793
456
,427
,483
,478
,512
,528
306
,549
,553
,555
,033
,965
1,863
1,888
1,910
1,935
1,950
,954
,944
,935
,934
,932
,917
,917
1,928
1,945
1,959
1,967
1,901
.875
1,834
102
1,064
1,139
Deposits
Other
assets
?94
1 219
1,396
1,534
1,660
Total
Demand
Time
505
567
621
579
735
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
755
6,133
6,135
6,204
6,189
6,333
4,061
4,068
4,140
4,118
4,290
2,072
2,067
2,063
2,071
2,042
651
6,204
5,893
5,887
5,994
5,903
6,064
6,063
4,173
3,923
3,914
3,952
3,840
3 909
3,903
2,031
1,971
1,974
2,042
2,063
2,155
2,159
689
667
623
587
559
558
741
778
787
867
824
804
789
821
713
726
696
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Security
loans
342
396
420
427
550
612
624
638
654
659
Liabilities
Security
loans
abroad
and net Securities
due from
Other
loans and foreign
banks
discounts
Entirely in Canada
Cash
reserves
Other
liabilities
and
capital
Other
assets
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Time
Other
liabilities
and
capital
1945—December . .
1947—December
194g—December
1949—December
1950—December
753
731
749
765
824
136
105
101
133
134
1,507
1,999
2,148
2,271
2,776
132
106
144
146
171
4 ,232
3 ,874
4 ,268
4 ,345
4 ,286
1.039
1,159
1,169
1,058
1,304
21
18
16
14
(•)
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
1,537
1,477
1,667
1951—j u iy
August
September
October
November
December
798
784
788
835
84
90
107
111
209
260
217
182
843
907
96
107
3,043
3,073
3,045
3,034
3,123
3,028
3 ,840
3 ,832
3 ,876
3 ,876
3 ,894
3 ,876
1,349
1,339
1,242
1,403
1,423
1,464
(»)
(')
(')
(»)
(')
7,658
7,667
7,637
7,752
7,829
7,896
3,078
3,084
3,042
3,177
3,213
3,284
4,580
4,583
4,595
4,575
4,616
4,612
1,665
1,710
1,639
1,688
1,715
1,714
869
809
880
897
785
813
107
95
97
140
132
138
2,955
2,918
2,949
2,960
3,012
3,048
183
231
202
236
255
328
3 ,927
4 ,003
4 ,095
4 ,068
4 ,100
4 ,067
1,303
1,353
1,390
L.370
1,350
1,453
7,705
7,761
7,979
7,987
7,979
8,120
3,066
3,076
3,231
3,230
3,210
3,328
4,639
4 685
4,748
4,757
4,769
4,792
1,637
1 648
1,634
1,685
1,655
1,727
1952—January
February
IVlarch
April
.
May
June
....
..
...
166
227
0)
(8)
(3)
8
( )
(3)
(3)
(3)
Assets
Liabilities
France
(4 large banks. End
of month figures in
millions of francs)
Deposits
Own
Total
Demand
Time
ances
Other
liabilities
and
capital
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
619,204
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
159,958
174,625
171,380
167,362
173,530
179,933
165,696
47,815
50,030
49,582
52,138
59,099
61,658
38,114
777 219
753, 628
753, 627
805, 610
799, 918
756,997
733,546
732,964
783,881
777,973
768,657
879,767
20,222
20,082
20,663
21,729
21,946
24,422
27,145
32,544
32,933
30,611
30,952
35,382
35,372
33,774
30,828
35 141
37,573
40,353
46 120
48 641
23,547
189,098
183,504
174,048
180,550
172,693
36,548
38,310
40,219
41,474
43,093
801,854
796,396
802,481
800.944
86 L ,703
29,837
31,551
32,002
30,786
29,719
30,433
30,414
28,953
28,482
27,025
26,854
26 227
30 531
36,556
39,893
Cash
reserves
Due frorrl
banks
Bills discounted
Loans
1946 —December
1947 —December
1948 -December
1949 —December
1950 December
18,007
22,590
45,397
40,937
48,131
18,940
19,378
35,633
42,311
52,933
195,223
219,386
354,245
426,690
527,525
65,170
86,875
126,246
129,501
135,289
1951—j u n e
47,856
52,131
49,453
52,015
48,996
47,980
60,215
62,305
66,660
65,572
64,414
79,337
81,460
72,559
522,657
478,256
485,824
540,986
520.457
506,061
627,648
53,133
50,662
48.669
45,646
48,832
75,407
73,868
75,148
72,947
75,533
534,792
538,245
555,883
556,151
618.19C
Julv
August... . . . .
September
October
November
December
1952—Tanuary
February
March
April
May
Other
assets
793 078
906, 911
831 691
827, 946
834, 482
831 729
891, 422
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.
$500,000.
** Less
Less than
than $5UU,UUU.
NOTE.—For details concerning data in earlier years, see BULLETIN for February 1952, p. 466; and for back figures and figu
=_ires on German
566-571 in same
ommercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 5(
tublication.
1080
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Australia
Year or month
Basic
1946..
1947...
1948... .
1949
1950
1951..
..
. . . .
Preferential
Free
29.773
29.773
29.773
29.774
26.571 ' 'l3!333' " '8!289'
13.333
7.067
20.000
1951—September
October
November
December.
20 000
20.000
20.000
20.000
13 333
13.333
13.333
6.952
6.974
6.937
6.986
1952—January
Februarv
March
April
May
June
July
August
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
6.979
7.115
7.172
7.164
7.169
7.183
7.196
7.194
Ceylon
(rupee)
Czechoslovakia
(koruna)
Denmark
(krone)
2.0060
2.0060
2 0060
' '2 7'!839* 2.0060
20.850 3 2.0060
20.849
2.0060
20.876
20.864
20 857
19.117
14.494
14.491
Year or month
1946..
1947..
1948...
1949..
1950..
1951.
13.333
14.492
14.492
14.492
14.492
"Bank
notes"
account
321 34
321.00
321.22
293 80
223.15
223.07
2.2829
2.2817
2.2816
2 2009
L.9908
L.9859
223 01
223.06
223.15
222.61
L.9866
L.9838
L.9838
L.9838
221.92
222.00
223.03
224.10
223.24
221.88
222.17
222.19
L.9838
L.9838
.9838
L.9838
L.9838
L.9838
L.9842
1.9879
Official
1.9876
France
(franc)
Official
Free
4
.4354
Free
" i32.788
i ! 973
95.198
100.000
100.000
97.491
90.909
32.849
5.4406
5.4406
5.4406
5.4406
32.850
32.850
32.850
32.830
94.706
95.112
95.820
97.410
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
99.490
99.869
100.375
101.891
101.615
102.086
103.120
103.984
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Mexico
(peso)
Netherlands
(guilder)
20.581
20.577
18.860
12.620
11.570
11.564
37.813
37.760
37.668
34.528
26.252
26.264
3240
.3017
.2858 " 23!838
.2856
23.838
30.155
30.164
30 169
27.706
20.870
20.869
.2856
.2855
.2856
.2856
23.838
23.838
23.838
23.838
20.870
20.870 ' 4 280.38'
20.870
280.38
20.861
280.38
11.571
11.563
11.569
11.567
26.2 78
26.267
26.2 70
26.287
.2856
23.838
23.838
23.838
23.838
s 23.838
20.819
20.839
20.949
21.031
20.988
20.870
20.892
20.893
11.562
11.561
11.564
11.569
11 .566
11.561
11.574
11.623
26.320
26.329
26.319
26.340
26.337
26.317
26.324
26.317
409
.84-07
.4929
.4671
Official
93.288
91.999
91.691
92.881
91.474
94.939
6.0602
5.4403
5.4406
5.4406
5.4406
5.4406
2 1407
1.9722
M.9622
2
Free
Canada
(dollar)
British
Malaysia *
(dollar)
4
280.38
1951—September. .
October
November
December.
20.850
20.850
20.850
20.840
1952—January. . .
Februarv
March
April
May
June
July
August. .
20.799
20.818
20.916
21.003
20.961
20.834
20.871
20.875
14.492
14.492
14.492
14,492
14.492
14.492
14.492
e 14.492
New
Zealand
(pound)
PhilipPortupine
Norway
gal
Republic
(krone)
(escudo)
(peso)
South
Africa
(pound)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
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
2 7.824
27.824
25.480
19.332
19.32 7
23.363
23.363
23.363
23.314
23.136
23.060
403.28
402.86
403.13
368.72
280.07
2 79.96
65.830
65.830
65.830
65.830
65.833
65.833
56.280
56.230
56.182
56.180
56.180
56.180
3.4644
3.4598
3.4605
3.4726
3.4874
3.4863
3.4888
3.4906
3.4898
3.4801
3.4793
3.4848
278.38
278.38
278.38
277.79
19.327
19.327
19.327
19.327
22.963
22.916
22.882
22.900
279.88
279.94
280.05
279.49
65.833
65.833
65.833
65.833
2 76.95
277.01
278!55
279.80
279.03
277.42
277 78
277'.81
19.327
19.327
19.327
19.327
19.327
19.327
19 327
19!327
22.880
22.881
22.947
23.013
23.078
23.138
23 240
23.288
278.15
278.12
279!67
280.79
280.07
278.46
2 78 82
278!85
65.833
65.833
65.833
65.833
65.833
65.833
65 833
65.833
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56 180
56.180
Year or month
2.0060
s 2.0060
Brazil
(cruzeiro)
Belgium
(franc)
(pound)
Finland
(markka)
In cents per unit of foreign currency]
1946.
1947..
1948..
1949.
1950.
1951.
322.63
322.29
350.48
365.07
277.28
2 77.19
20.176
20.160
20.159
18.481
14.015
14.015
1951—September
October
November
December .
1952—January...
Februarv
March
April
May
277.10
277.17
277.27
2 76.72
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14 015
14.015
275.39
275.36
276.91
277.96
277.29
275.71
276.06
276.09
June
Tuly. . .
August
49.723
49 621
49.639
49.643
49.643
49.643
49.643
49.655
49.677
49.677
49.677
49.677
49.677
49.677
49!677
' *4 !4354'
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
I
.2854
.2856
.2856
.2856
.2856
.2856
.2856
•
280.38
280.38
280.38
280.77
280.07
278.46
278.82
2 78.85
Uruguay
(peso)
42 .553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42 553
42.553
I
^Beginning Aug. 27, 1951, quotations on Straits Settlements dollar were discontinued and quotations on Malayan dollar's!ubstituted. The
:woj idles
rates uctu
had ucreii
been lucniicai
identical iux
for aa coiisiueiauic
considerable pei
period.
2
Based on quotations through Sept. 19, 1951.
3
Based
on
quotations
through
Oct.
26,
1951.
4
Basedon quotations beginning Oct. 29, 1951.
5
Based on quotations through May 8, 1952.
6
Based on quotations through Aug. 14, 1952.
;ee pp. 572-573 in same
p. 1601; October 1950
SEPTEMBER 1952
1081
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
United
States
(1947-49 =
100)
Canada
(1935-39
= 100)
Mexico
(1939 =
100)
United
Kingdom
(1930 =
100)
. .
57
64
67
68
69
79
96
104
99
103
115
116
123
128
131
132
139
163
193
198
211
240
110
121
146
179
199
229
242
260
285
311
386
153
159
163
166
169
175
192
219
230
262
320
9
10
12
14
20
34
52
89
100
108
138
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
.
....
....
.
Italy
(1938 =
100)
France
(1949 =
100)
Japan
(1934-36
average
136
153
5,159
5,443
5,170
4,905
5,581
2
2
2
2
4
16
48
128
209
246
342
Netherlands
(1948 =
100)
Sweden
(1935 =
100)
Switzerland
(Aug. 1939
= 100)
100
104
117
143
172
189
196
196
194
186
199
214
216
227
299
171
195
203
207
205
200
208
217
206
203
227
1951—July
August
September
October
November
December
114
114
113
114
114
114
244
242
240
240
239
238
396
388
393
395
403
402
320
324
325
329
329
330
135
134
138
146
151
152
5,557
5,526
5,438
5,451
5,462
5,454
340
348
353
359
359
356
142
142
142
143
144
145
305
304
304
306
317
318
224
222
223
227
226
228
1952—January
February
March
April
May
June
July
113
113
112
112
112
111
112
237
233
231
227
225
227
226
402
400
404
407
406
405
400
335
329
333
330
328
328
337
153
152
149
147
145
P143
5,415
5,380
5,323
5,256
358
357
353
349
348
348
145
145
143
142
140
139
320
320
322
321
321
P322
227
224
222
221
220
220
P5,168
P5,127
P220
P144
P Preliminary.
Sources.—See BULLETIN for January 1952, p. 108; August 1951, p. 1046; January 1950, p. 124; June 1949, p. 754; June 1948, p. 746; July
1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Year or month
Farm
products
1941.
1942
1943
1944
1945
1946
1947.
1948
1949.
1950
1951
1951—j u iy
August
September
October
November
December
. .
1952—January
February
March
April
May
June
July
United Kingdom
(1930=100)
Canada
(1935-39=100)
United States
(1947-49=100)
Other
Processed commodfoods
ities
Farm
products
Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods
Foods
Industrial
products
Netherlands
(1948=100)
Foods
Industrial raw
products
Industrial
finished
products
100
101
112
122
100
108
128
171
100
104
116
143
46
59
69
69
72
83
100
107
93
98
113
n.a.
n.a.
n.a.
n.n.
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
P364
111
110
110
112
112
111
111
111
111
112
111
111
116
115
115
115
115
115
277
263
261
259
265
267
243
237
236
236
237
236
246
245
244
243
242
240
252
258
261
263
263
266
P361
P363
P363
*>367
J>368
118
119
121
122
124
129
170
172
171
174
177
174
144
143
142
142
142
141
110
108
108
109
108
107
110
110
110
109
108
109
109
110
114
114
114
113
113
113
113
263
251
248
245
244
250
244
233
228
226
221
220
221
219
240
236
235
231
228
231
230
277
271
276
280
280
283
289
P368
130
133
130
130
128
127
176
172
169
166
165
163
141
141
139
138
136
134
P363
P366
P358
P355
P352
P348
n.a. Not available.
P Preliminary.
Sources.—See BULLETIN for January 1952, p. 108; August 1951, p. 1046; July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March
1931, p. 159.
1082
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[Index numbers]
United
CanUnited
King- France
ada
Statesi
dom
(1949
(1935-39 (1935-39 (Jan.
= 100) 15,1952 = 100)
= 100)
= 100)
Year or
month
1943
1944
1945
1946
1947
1948
1949... .
1950
1951.
COST OF LIVING
[Index numbers]
138
136
139
160
194
210
202
205
227
131
131
133
140
160
196
203
211
241
1951-July
August
September.
October...
November
December,
228
227
227
229
231
232
1952-January...
February..
March....
April
Mav
June
July
232
228
228
230
231
232
235
...
SwitzNethererlands 2 land
(1949 (Aug.
= 100) 1939 =
100)
67
72
76
82
91
12
15
21
36
57
92
100
111
128
100
111
121
161
164
164
160
170
176
174
176
181
250
251
251
250
250
249
93
93
94
95
96
97
127
127
129
132
137
139
127
124
124
125
123
122
250
248
242
240
235
237
240
100
100
101
104
104
109
142
145
144
142
139
137
123
124
124
125
124
P\24
P136
United
CanKing- France
United
dom
ada
Statesi
(1949
(1935-39 (1935-39 (Jan.
= 100)
= 100) 15,1952 = 100)
= 100)
Year or
month
1943
1944
1945
1946
1947
1948
1949
1950
1951
109
119
148
151
153
152
158
163
162
159
167
130
131
133
136
140
143
122
121
121
121
120
119
167
168
169
170
171
171
146
149
148
147
145
143
*>143
120
120
120
120
119
119
171
171
171
170
171
171
P171
124
126
129
140
160
172
170
172
186
118
119
119
124
136
155
161
167
185
77
82
84
86
95
12
16
22
35
57
90
100
111
130
181 1951-July
August
182
September.
183
October. . .
184
November.
184
December.
184
186
186
187
187
189
189
188
189
190
190
191
191
95
96
97
98
98
98
183 1952-January...
February..
182
March....
182
April
182
May
183
June
184
July
P1S5
189
188
188
189
189
190
191
192
191
189
189
187
187
188
100
100
101
102
102
104
.
.
SwitzNethererlands 2 land
(1949
(Aug.
= 100) 1939 =
100)
"ioo'
P Preliminary.
Adiusted 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 BULLETIN for August 1952, p. 961; January 1952, p. 109; August 1951, p. 1047; October 1950, p. 1421; January 1950, p. 125;
July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
1
2
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
Number of issues. . .
United
States
(high
grade) *
Canada
(1935-39
= 100)
United
Kingdom
(December
1921 =100)
17
87
Common stocks
France 2
(1949 =
100)
Netherlands
60
14
United
States
(1935-39
= 100)
Canada
(1935-39
= 100)
United
France 2
Kingdom
(1926=100) (1949=100)
Netherlands
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
92.0
87.6
90.0
97.1
100
92
113
195
233
240
219
217
215
'101.8
103.1
104.2
103.3
103.3
80.3
78.1
81.3
80.3
78.3
181.5
187.3
185.0
177.7
182.5
169.7
179.8
183.3
174.0
177.3
96.5
97.4
99.0
97.3
94.9
113
123
132
127
129
207
212
215
207
206
103.5
103.3
105.2
105.3
110.7
113.9
P114.2
80.0
81.5
83.3
83.9
84.5
85.2
85.4
187.1
183.2
185.2
183.6
183.7
187.6
192.1
181.7
179.5
177.6
175.8
169.0
171.6
174.9
95.0
92.8
90.5
91.6
92.0
89.6
89.9
139
149
149
144
136
142
P145
204
198
191
185
185
184
190
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—August
September...
October
November.. .
December, . .
117.1
118.0
116.9
115.3
114.8
95.3
95.2
94.6
92,8
89,3
116.6
116.5
116.3
115.0
110.9
1952—January
February. . . .
March
April
May
Tune
Julv
115.5
116.5
115.9
116.2
116.3
116.2
116.0
88.2
87.8
86.9
86.7
88.8
87.7
85.3
110.4
110.5
107.3
108.5
108.6
105.8
105.8
295
27
265
r
P Preliminary.
Revised.
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
SEPTEMBER
1952
1083
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
W M . M C C . MARTIN, JR., Chairman
JAMES K. VARDAMAN, JR.
A. L. MILLS, JR.
M . S. SZYMCZAK
R. M. EVANS
J. L. ROBERTSON
ELLIOTT THURSTON, Assistant to the Board
WINFIELD W. RIEFLER, Assistant to the Chairman
WOODLIEF THOMAS, Economic Adviser to the Board
DIVISION OF EXAMINATIONS
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
GEORGE S. SLOAN, Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H . LANG, Chief Federal Reserve Examiner
LEGAL DIVISION
ROBERT C. MASTERS, Assistant
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
HOWARD H . HACKLEY, Assistant General Counsel
DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
OFFICE OF THE SOLICITOR
G. HOWLAND CHASE, Assistant
Director
Solicitor
DIVISION O F RESEARCH A N D STATISTICS
DIVISION OF PERSONNEL ADMINISTRATION
DWIGHT L. ALLEN, Director
H . FRANKLIN SPRECHER, JR., Assistant
Director
RALPH A. YOUNG, Director
FRANK R. GARFIELD, Adviser on Economic Research DIVISION OF ADMINISTRATIVE SERVICES
KENNETH B. WILLIAMS, Assistant Director
SUSAN S. BURR, Assistant Director
GUY E. NOYES, Assistant Director
C. RICHARD YOUNGDAHL, Assistant
LISTON P. BETHEA, Director
JOSEPH E. KELLEHER, Assistant Director
EDWIN J. JOHNSON, Assistant Director
Director
DIVISION OF SELECTIVE CREDIT REGULATION
DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
LEWIS N . DEMBITZ, Assistant Director
FEDERAL OPEN
MARKET COMMITTEE
W M . M C C . MARTIN, JR., Chairman
ALLAN SPROUL,
MALCOLM BRYAN
Vice
Chairman
A. L. MILLS, JR.
J. L. ROBERTSON
C. E. EARHART
R. M. EVANS
H U G H LEACH
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
C. S. YOUNG
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
WOODLIEF THOMAS, Economist
GEORGE W . MITCHELL, Associate Economist
EARLE L. RAUBER, Associate Economist
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
Market Account
1084
GUY E. NOYES, Director
GARDNER L. BOOTHE, II, Assistant Director
HENRY BENNER, Assistant Director
FEDERAL
ADVISORY COUNCIL
WALTER S. BUCKLIN,
BOSTON DISTRICT
N . BAXTER JACKSON,
NEW
GEOFFREY S. S M I T H ,
PHILADELPHIA DISTRICT
YORK DISTRICT
GEORGE G U N D ,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
Vice President
PAUL M. DAVIS,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
V. J. ALEXANDER,
ST. LOUIS DISTRICT
JOSEPH F . RINGLAND,
MINNEAPOLIS DISTRICT
DAVID T . BEALS,
KANSAS CITY DISTRICT
D E W I T T T. RAY,
DALLAS DISTRICT
JAMES K. LOCHEAD,
SAN FRANCISCO DISTRICT
HERBERT V. PROCHNOW, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Vice Presidents
President
Federal Reserve Chairman l
(Vice Presidents in charge of branches are listed in
Bank of
First Vice President
lower section of this page)
Deputy Chairman
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. Whit tier
C. Canby Balderston
Alfred H. Williams
W. J. Davis
Karl R. Bopp
P. M. Poorman
Robert N. Hilkert J.V. Vergari4 T
E. C. Hill
Richard G. W ilgus
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 *
St. Louis.
Russell L. Dearmont
Wm. H. Bryce
Delos C. Johns
O. M. Attebery
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. Strothman, Jr.
Sigurd Ueland
Kansas City.
Robert B. Caldwell
Cecil Puckett
H. G. Leedy
Henry 0. 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
San Francisco.
Brayton Wilbur
William R. Wallace, Jr.
C. E. Earhart
H. N. Mangels
E. R. Millard
H. F. Slade
Ronald T. Symms :
O. P. Wheeler
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
Buffalo
Cincinnati
Pittsburgh
Richmond....... Baltimore
Charlotte
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
Chicago
Detroit
St. Louis
Little Rock
Louisville
Memphis
1
Also Federal Reserve Agent.
SEPTEMBER
1952
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
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.
W. F. Volberg
J. A.Randall
W. L. Partner
J. M. Leisner
* Counsel.
1085
FEDERAL RESERVE BOARD PUBLICATIONS1
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Remittance should be made
payable to the order of the Board of Governors
of the Federal Reserve System.
BANKING AND MONETARY STATISTICS.
Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for available individual sections
(unbound).
RULES OF ORGANIZATION AND RULES OF PROCEDURE—
FEDERAL RESERVE BULLETIN. Issued monthly. Sub-
Board of Governors of the Federal Reserve Sysscription price in the United States and its postem (with amendments). September 1946. 31
sessions, Bolivia, Canada, Chile, Colombia, Costa
pages.
Rica, Cuba, Dominican Republic, Ecuador,
Guatemala, Haiti, Republic of Honduras, Mexico, T H E FEDERAL RESERVE ACT, as amended to NovemNicaragua, Panama, Paraguay, Peru, El Salvador,
ber 1, 1946, with an Appendix containing proUruguay, and Venezuela is $2.00 per annum or
visions of certain other statutes affecting the
20 cents per copy; elsewhere $2.60 per annum or
Federal Reserve System. 372 pages. 50 cents per
25 cents per copy. Group subscriptions in the
paper-bound copy; $1.00 per cloth-bound copy.
United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
FUNCTIONS. November 1947; reprinted April
12 months.
1951. 125 pages. 75 cents per cloth-bound copy;
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
in quantities of 10 or more copies for single shipRATES, AND BUSINESS. Issued monthly. $6.00
ment, 50 cents each. Paper-bound copies availper annum including edition of historical suppleable without charge.
ment (listed below) available when subscription
is entered or renewed. 60 cents per copy; in DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND
quantities of 10 or more copies of a particular
STANDARD METROPOLITAN AREAS, as of Decemissue for single shipment, 50 cents each. (Dober 30, 1950. July 1951. 125 pages.
mestic rates)
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
CHARTS ON BANK CREDIT, MONEY RATES, AND
BUSINESS. Issued semiannually, usually April
and September. Annual subscription to monthly
chart book includes one issue of supplement.
Single copies, 60 cents each; in quantities of 10
or more copies for single shipment, 50 cents each.
(Domestic rates)
BANKING STUDIES. Comprising 17 papers on bank-
ing and monetary subjects by members of the
Board's staff. August 1941; reprinted March
1949. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single shipment, 75 cents each.
1
A more complete list, including periodical releases and
reprints, appeared on pp. 726-29 of the June 1952 BULLETIN.
1086
A STATISTICAL STUDY OF REGULATION V LOANS.
September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single shipment, 15 cents each.
COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING IN THE UNITED STATES.
(July 1, 1951.)
December 1951. 33 pages.
T H E DEVELOPMENT OF BANK DEBITS AND CLEARINGS
AND THEIR U S E IN ECONOMIC ANALYSIS.
Janu-
ary 1952. 175 pages. 25 cents per copy; in
quantities of 10 or more copies for single shipment, 15 cents each.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BOARD
REPRINTS
(From Federal Reserve Bulletin unless preceded by an asterisk)
T H E INTERNATIONAL MOVEMENT OF GOLD AND DOL-
LARS IN 1950. March 1951. 10 pages.
#
COUNTRIES—PROCEDURES
AND TECH-
NIQUES. November 1950. April 1951. 19 pages.
TRENDS IN INTERNATIONAL TRADE AND PAYMENTS.
April 1951. 14 pages.
HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING
THE INTRODUCTION OF REAL ESTATE CREDIT REGU-
LATION. July 1951. 23 pages.
SAVING IN THE DEFENSE ECONOMY.
1951.
NEW
September
5 pages.
INDEX OF OUTPUT
DURABLE GOODS.
OF MAJOR
CONSUMER
October 1951. 6 pages.
REGISTRANTS. October 1951. 12 pages.
STOCKS BY DISTRICTS. December 1951. 53 pages.
ECONOMIC PROBLEMS FACING POST-TREATY JAPAN.
January 1952. 11 pages.
February 1952.
February 1952.
9
INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951.
RECENT CHANGES IN GERMANY'S FOREIGN TRADE
BEFORE
SUBCOMMITTEE
ON GENERAL
11, 1952. April 1952. 4 pages.
CHANGES IN INSTALMENT CREDIT TERMS. May 1952.
EXCESS
PROFITS
TAXES
OF COMMERCIAL
BANKS.
REAL ESTATE LOANS OF REGISTRANTS UNDER REGU-
April 1952.
FINANCING OF LARGE CORPORATIONS IN 1951.
June
1952. 6 pages.
BALANCE. March 1952. 7 pages.
BANKING IN THE SOVIET UNION.
8
pages.
REVISED WEEKLY INDEX OF DEPARTMENT STORE
ERNORS
CREDIT CONTROL AND DEBT MANAGEMENT, MARCH
LATION X. June 1952. 18 pages.
March 1952. 10 pages.
SEPTEMBER 1952
STATEMENT BY CHAIRMAN OF THE BOARD OF GOV-
June 1952. 18 pages.
pages.
SALES. April 1952. 4 pages.
from June-September and December 1951 BUL-
6 pages.
9 pages.
MONEY AND CREDIT IN 1951.
September 1952. 28 pages. Also, similar survey for 1946 from June-September 1946 BULLETINS, 28 pages; for 1947 from June-August
and October 1947 BULLETINS, 48 pages; for 1948
from June-September and November 1948 BULLETINS, 70 pages; for 1949 from June-November
1949 and January 1950 BULLETINS, 124 pages; for
1950 from April and June-December 1950 BULLETINS, 106 pages, which includes T H E METHODS
LETINS, 86 pages.
REVISED INDEXES OF DEPARTMENT STORE SALES AND
SECOND ARMAMENT BUDGET.
CHASES OF DURABLE GOODS AND HOUSES IN 1951
AND BUYING PLANS FOR 1952. August 1952. 16
pages.
PART III.
INCOME, SELECTED INVESTMENTS, AND SHORT-TERM DEBT OF CONSUMERS.
OF THE SURVEY OF CONSUMER FINANCES; for 1951
CREDIT AND SALES REPORTED BY REGULATION W
THE
1952 SURVEY OF CONSUMER FINANCES—CONSUMER
PLANS FOR SPENDING AND SAVING. April 1952. 6
pages. PART I. CONSUMER EXPECTATIONS AS TO
ECONOMIC TRENDS AND CONSUMER INVESTMENT
PREFERENCES. July 1952. 17 pages. PART II. PUR-
T H E TREASURY—CENTRAL BANK RELATIONSHIP IN
FOREIGN
PUBLICATIONS
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
AND BUSINESSES. July 1952. 2 pages.
BALANCE SHEET OF AGRICULTURE, 1952.
July 1952.
14 pages.
1087
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
= ^
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
GO
if
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
©
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
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