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FEDERAL

E S E RVE

BULLETIN
SEPTEMBER 1953

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM

September 19)3

VOLUME 39

NUMBER 9

AGRICULTURAL SUPPLY AND PRICE DEVELOPMENTS
Domestic supplies of agricultural products
—both crops and livestock—have increased
considerably in the past year. Prices of crops
have declined an eighth and prices of cattle
a third from a year ago. In recent weeks,
prices of all farm products have averaged
close to the level prior to the Korean outbreak and about one-eighth below the nearrecord level of mid-1952.
Incomes and demand in the economy generally have expanded over the past year.
Supplies of industrial materials and finished
goods have also increased. The average level
of prices of industrial products, however, has
advanced slightly, as the chart shows, and in
relation to farm prices is higher than at any
other time in the postwar period. Average
prices of food at retail are only slightly below
the postwar high in mid-1952. Unit charges
for processing and distributing farm products have changed little or increased further,
while the prices received by farmers have
declined.
Increased domestic supplies of crops reflect mainly large harvests and a volume of
agricultural exports considerably below the
postwar record in 1951-52. Further improvement in farm production abroad and an
easier supply situation internationally for
major crops have reduced export demands.
Increases in domestic crop supplies have
gone mainly into Federal Government holdings acquired through price support operations.
SEPTEMBER

1953




A very rapid build-up in cattle herds from
1950 to late 1952 and the resulting threat to
beef prices from this growth in potential supply gave rise this year to expanded marketings of cattle. Increases in over-all supplies
of livestock and livestock products, with
lower prices to farmers, have been accompanied by a somewhat lower average level
of retail prices for these products and by
larger consumer takings.
Net farm income thus far in 1953 has been
about one-eighth below the average for 1952.
SELECTED PRICE INDEXES
1947-49=100
WHOLESALE

^ _

—

INDUSTRIAL
PRODUCTS

120

^.

/ /

110

/

FARM
\
PRODUCTS \

/

100

1

1
FOODS

120

RETAIL

110

100

90
1950

1951

1952

1953

NOTE.—Bureau of Labor Statistics indexes. Wholesale foods
is the special index for all foods. Retail foods for August 1953
estimated by Federal Reserve.

933

AGRICULTURAL SUPPLY AND PRICE DEVELOPMENTS

Lower actual and prospective incomes have
been reflected in a decline in farm land
values of 4 per cent in the last 12 months, or
about one-fifth as much as the advance in
1950 and 1951. Farmers are increasing their
indebtedness less rapidly than in other recent
years, and have reduced expenditures for
machinery and some other goods.

1953 increased sufficiently to about offset the
decline in the two previous years, as shown
in the chart on page 938. Carryovers are
likely to be expanded further out of this
season's harvest.
AGRICULTURAL EXPORTS DECLINE

A sharp reduction in agricultural exports
from the advanced rate reached in 1951-52
has contributed to growth in crop carryovers.
LARGE CROP SUPPLIES
For the year ending June 1953 the quantity
Total agricultural production this year, of agricultural exports was one-eighth less
according to estimates based on September than in 1950-51, before the Korean war had
1 conditions, will equal the 1952 record, influenced shipments greatly, and one-fourth
with an increase in the number of cattle less than in 1951-52. The declines, as shown
raised and marketed offsetting a moderately in the table, were especially sharp for cotsmaller crop harvest. Crop prospects de- ton and wheat, the major export commodiclined during August and are now forecast ties. Nonagricultural exports—apart from
at about the 1947-49 level, as shown in the military-aid shipments, which increased—
table. In those years output was in excess were also smaller in 1952-53, declining in
of requirements, and in 1950 Federal acreage value about 10 per cent from the previous
limitations were undertaken for crops. After year.
the Korean outbreak these measures were
Smaller farm exports reflect to an impordiscontinued and the Government antant extent the substantial easing in world
nounced increased output goals.
supplies of raw materials. Agricultural proAGRICULTURAL PRODUCTION
duction abroad has continued to rise and
[1947-49 = 100]
the desire to acquire and hold stocks has
weakened as war fears moderated, antiLivestock and
Crops
livestock
Period
Total
products
inflationary policies were carried into effect,
and general price levels stabilized. In
1950
99
94
103
1951
97
10?
107
many importing countries, holdings of farm
1952
104
110
107
1953
99
112
107
products, built up following the Korean
outbreak, were reduced in 1952-53. The
NOTE.—U. S. Department of Agriculture indexes converted to a
1947-49 base by Federal Reserve; these indexes are currently
being revised. Figures refer to production, for sale and farm home
generally lower level of stocks and some
consumption, of crops for crop years, and of livestock for calendar
years. Indexes for 1953 estimated on basis of September 1 condiincrease
in gold and dollar reserves of imtions.
porting countries are factors of potential
The current large crop harvest reflects strength in the outlook for farm exports.
little change from earlier postwar years in On the other hand, weather conditions this
either acreages planted or yields. Growing season are favorable in most foreign counconditions have been generally favorable in tries, and carryover stocks in other major
the major crop areas, but dry weather in exporting countries, as in the United States,
some parts of the West and Southwest has are large.
limited crop and pasture output.
With the general growth in agricultural
Crop carryovers from mid-1952 to mid- supplies, importing countries have been able
934




FEDERAL RESERVE

BULLETIN

AGRICULTURAL SUPPLY AND PRICE DEVELOPMENTS

to shift more of their purchases to countries
outside the dollar area. However, Canada,
which is in the dollar area, increased its
wheat exports during 1952-53, at prices
slightly under United States export prices.
EXPORTS OF FARM PRODUCTS

[Years ending June 30]
Product

1952-53 1951-52 1950-51 1949-50
Physical quantity (1947-49=100)

Total
Wheat
Other grains
Cotton
Tobacco

82

111

93

97

71
142

105
121

82
131

69
122

83
95

157
112

119
100

162
102

Value (million dollars)
Total

2,817

4,053

3,411

2,986

Wheat
Other grains
Other foods

687
488
528

1,073
506
667

749
489
645

684
350
547

Cotton
Tobacco
Other products

576
284
254

1,204
327
276

941
274
313

948
235
222

NOTE.—U. S. Department of Agriculture data; physical quantity indexes converted to 1947-49 fiscal year base by Federal
Reserve.

A declining part of this country's postwar agricultural exports has been financed
with general economic aid funds, including
Export-Import Bank loans, or with funds
made available specifically to cover emergency needs for foodstuffs. The proportion
of agricultural exports financed with economic aid funds dropped from about twothirds in 1949-50 to about one-seventh in
the past two years. There has been some
increase recently in the funds made available to export surplus farm commodities
from this country to provide relief in famineaffected areas.
Four-fifths of the wheat exported from
this country last season was shipped under
the International Wheat Agreement. Export subsidies under this agreement probably
prevented sharper declines in wheat exports.
The agreement, as recently extended for
SEPTEMBER

1953




three years, covers a smaller volume of exports, both total and United States, than the
earlier agreement because the United Kingdom, an importer, is no longer a member.
United States exports of cotton this season
may exceed somewhat the 3.2 million bales
of last season if textile production in importing countries is maintained. Stocks in such
countries are nearly 1 million bales below
year-ago levels and, although stocks are generally large in exporting countries, production of raw cotton has been curtailed somewhat this season in some of these countries.
LIVESTOCK MARKETINGS EXPAND

The rapid build-up of beef cattle herds
on farms that began in 1950 slackened in
late 1952 and may end this year. Slaughter of cattle and calves has increased to a
rate—nearly one-third above the 1947-49
average—that is about in line with the number of cattle now being raised from the
larger herds. Hog raising has been reduced
LIVESTOCK ON FARMS
Millions

1940

1945

1950

NOTE.—U. S. Department of Agriculture figures as of January 1 of each year.

935

AGRICULTURAL SUPPLY AND PRICE DEVELOPMENTS

since last year, reflecting the relatively low
prices for hogs in relation to feed costs that
prevailed earlier. This reduction in h o g
raising—and in feed grain usage—has been
the major factor in the increased carryover
stocks of feeds. Also, the consequent reduction of about one-eighth in hog marketings partly offset the effect of greater cattle
slaughter on the total meat supply.
T h e 1950-52 increase in beef cattle herds,
which is shown in the chart on the preceding page, was sharper than in most other
periods. It was accentuated by strong consumer demands and cattle-producer expectations of still higher prices. T h e decline
in marketings, as relatively more cattle were
held on farms, contributed to the upward
pressure on prices. As herds increased in
size, however, producers became less willing to add to them, and this development
was an important factor in the sharp break
in prices of feeder cattle and cows in mid1952. Cattle marketings expanded later in
that year and in the first half of 1953 rose
sharply further.
Milk output in recent months has continued somewhat above the year-earlier rate.
The number of milk cows on farms increased a little in 1952 after declining for
several years beginning in 1944. E g g production in July and August reached levels
somewhat above a year ago.
LOWER PRICES AT THE FARM

T h e expanded domestic supply of agricultural products resulted in some sharp price
decreases last autumn and winter, despite
high and rising consumer incomes. T h e
average level of farm prices has not declined
much further since February and in recent
weeks has been about 13 per cent below
mid-1952 and close to the level prevailing
just before the outbreak of hostilities in Ko936




rea. T h e major farm commodities subject
to price supports have declined to or below
support levels.
Crops.—Wheat prices declined about onetenth i n May and June, as shown in the
chart, to about one-sixth below the support
level. With substantial carryover from the
old crop, facilities for storage this year were
limited in some areas. Corn prices, following a 15 per cent decline in the latter part
of 1952, remained through early August
about 7 per cent below t h e support level
for this season's harvest. After mid-August,
grain prices strengthened reflecting in part
the decline in crop prospects.
PRICfS RECEIVED BY FARMERS
1935-39-100

250

200

ISO

1950 1951 1952 1953 1950 1951 1952 1953
NOTE.—U. S. Department of Agriculture midmonth figures,
with indexes for corn and wheat computed by Federal Reserve.
Latest figures are for August.

Cotton prices declined about one-sixth in
the final months of 1952 to the Federal support level. Since then prices have shown
some advance. Demands for textiles have increased since mid-1952, but domestic supplies of raw cotton have been ample.
Livestock products.—Prices of cattle and
hogs have shown sharply divergent trends
in recent months, and average prices reFEDERAL RESERVE BULLETIN

AGRICULTURAL SUPPLY AND PRICE DEVELOPMENTS

ceived by farmers for all meat animals have
continued close to the reduced level reached
last December. This level is near the postwar low in 1949.
Prices of cattle for feeding or herd building broke sharply in June 1952, and further
declines through December brought them
to a level about one-third below that in the
spring of 1952. With consumer incomes
still rising, prices of higher grade steers,
which are less directly influenced by producer demands, were maintained for several
months, despite increased over-all supplies
of beef and the availability of lower grades
at declining prices. In the first half of this
year, however, supplies expanded substantially further, and high-grade steer prices
declined one-third. Average cattle prices
in June were at the lowest level since
1946, two-fifths below a year earlier.
Around midyear Federal programs were
undertaken to limit cattle price declines,
which were being accentuated by increased
cattle marketings due partly to drought
conditions in the Southwest. Initially prices
advanced considerably. Market supplies were
only temporarily reduced and after mid-July
prices of the lower grades declined again.
Prices of the higher grades have been maintained.
Hog prices, reflecting contrasting supply
developments, advanced almost steadily in
the first half of 1953. In mid-July they
reached a five-year peak, about 20 per cent
above a year earlier. By early September
hog prices had declined somewhat from
their mid-July high.
Prices received by farmers for other foods
—dairy products, poultry and eggs> and fruits
and vegetables—have been relatively well
maintained. With price support operations
expanded, the larger supplies of milk have
resulted in only a moderate reduction in
SEPTEMBER

1953




prices and little increase in consumption
from year-ago levels. Egg production until
recently has changed little and prices have
been substantially higher.
EXPANDED FEDERAL SUPPORT ACTIVITIES

As domestic agricultural supplies increased
and prices declined, established Federal
measures to support farm prices and incomes
became more important. Other programs,
largely related to the cattle and drought situation in the Southwest, were also started.
Federal outlays for price support (the
excess of expenditures over receipts) in the
year 1952-53 are estimated to total about 2
billion dollars. This outlay for one year's
farm production approached the record
reached in 1948-49. It represented a marked
change from the 1951-52 season when Federal and private carryovers were declining.
Continuing large expenditures can be expected for crops now being harvested. These
expenditures are an important factor supporting farm income.
FEDERAL OUTLAYS FOR FARM PRICE SUPPORT

Year

Commodity
1952-53
Crops:
Wheat
Corn
Cotton. .
Oil crops
Other crops
Total

1951-52

(In millions of dollars)

Ratio'of 1952-53
outlays to value
of farm output
(Per cent)

879
350
280
170
50

-106
-265
23
38
37

32
7
10
11
1

1,729

-273

12

o

5
58

Livestock:
Dairy products
Wool
Other livestock
products

2 75
72
0

3
e

0

Total

347

0

2

All products

2,076

-273

6

NOTE:—Partly estimated by Federal Reserve from Department
of Agriculture reports. Dollar figures are expenditures for commodity loans or purchases plus carrying charges, minus receipts
from loans repaid or commodities sold. Figures shown for crops
are for 12 month periods following start of the harvests; for livestock products figures are for 12 months' ending June 30. Federal
support outlays for fiscal year 1952-53'for all' products, as reported
by Commodity Credit Corporation, were 1,867 million dollars,
compared with net receipts of 266 million in 1951-52. Percentage
figures for subtotals and for all products represent ratio of outlays
to value of farm marketings.

937

AGRICULTURAL SUPPLY AND PRICE DEVELOPMENTS

The bulk of the outlays have been made
for three of the basic crops, wheat, corn, and
cotton, and for dairy products and wool.
Price supports for these products are mandatory under present law. For most other
products expenditures have been relatively
small.
Most of the increase in carryovers of
major crops from last season's harvest was
acquired by the Commodity Credit Corporation, as shown in the chart. Most of these
commodities are still held by the CCC.
The extent to which Federal outlays can
eventually be recovered will depend on such
factors as agricultural production levels and
control measures, domestic demand, and international and export developments.
In addition to price support outlays, there
were some other Federal expenditures for
removal of surplus farm commodities and
for school lunch programs. Such expenditures totaled 165 million dollars in fiscal
year 1952-53.
STOCKS OF FARM PRODUCTS
Millions

Farm production and incomes are beginning to be affected by Federal restrictions
on acreages planted in basic crops, which
account for more than half of the country's
cropland. The application of these measures is authorized by legislation designed
to adjust production to domestic and export
requirements and to limit price support outlays.
The law provides at present for support
at 90 per cent of parity through 1954 for
the basic crops and requires use of control
measures when supplies rise to specified
levels. Quotas intended to reduce by 20 per
cent the acreage planted in wheat this
autumn and next spring were voted by
farmers in August. Quotas will probably
be invoked for cotton also, while acreage
allotments—involving smaller penalties—
may be used for corn where surpluses are
not so large.
Starting January 1, 1955, unless the law
is again amended, the price support levels
established for basic crops will vary according to the relation of supplies to requirements and will be less than 90 per cent of
parity when supplies are above the level determined as normal.
RETAIL FOOD PRICES

— 200
— 100

1949

1951

1953

1949

1951

1953

NOTE.—Annual, end of season figures, except for butter which
are end of month figures. Figures are from reports of the
Commodity Credit Corporation showing quantity of commodities in CCC loans and inventories, and from other U. S. Department of Agriculture reports showing total stocks (Federal
and private). Figures for feed grain stocks in 1953 partly
estimated by Federal Reserve.

938




Retail food prices have increased somewhat in recent months, as shown in the
chart on page 933, and in spite of the increases in supplies, average prices in August
were only about 2 per cent below the peak
level reached in mid-1952. Prices of cereal
and bakery products have advanced further
during the past year, and most other foods
have shown largely seasonal fluctuations.
Changes in the average level of food prices
have reflected chiefly changes in meats.
Average meat prices in August were estimated to be 8 per cent above the low in
FEDERAL RESERVE BULLETIN

AGRICULTURAL SUPPLY AND PRICE DEVELOPMENTS

April, but 10 per cent below a year ago. MEAT PRODUCTION AND PRICES
1947-49=100
Thus, although population increased another
PRODUCTION
140
1.7 per cent over the past year, and total
personal income rose by 8 per cent, the larger
120
supplies of meat—amounting to 9 per cent
through August—have been able to clear
100
the market only at lower retail prices. While
80
average meat prices have been lower and
average output higher, the movements for
RETAIL PRICES
beef and pork have been sharply divergent.
140
BEEF
Retail beef prices, although down one120
fifth from a year ago, have declined relatively less than have cattle prices. The large
100
expansion in beef supplies—about 30 per
cent—since mid-1952 has coincided with
80
rising consumer incomes and increased
1949
1951
1953
1950
1952
processing and distribution charges. On
NOTE.—Production data are calculated from U. S. Departthe other hand, hog prices, with supplies ment of Agriculture figures and are seasonally adjusted byFederal Reserve. Prices through 1952 are Bureau of Labor
considerably smaller than earlier, have ad- Statistics data converted to a 1947-49 base; figures for the
period January-August 1953 are Federal Reserve estimates
vanced relatively more than retail pork based in part on BLS data.
prices. Considering other foods as well as more tractors on farms now than in 1946.
meats, the farmer's share of the consumer's Farmers have financed machinery purchases
food dollar has declined somewhat during and improvements in part by increasing
the past year.
fairly substantially their short-term borrowings. The marked increase in value of
FINANCIAL POSITION OF FARMERS
physical assets owned by farmers has reNet farm income in recent months, ac- flected not only additions and improvements
cording to preliminary estimates of the De- but also the much higher prices at which
partment of Commerce, has been at a level such assets are valued. Farmers have also
about one-eighth below the average for 1952. quadrupled their holdings of bank deposits
Cash receipts, especially from livestock, have and other liquid assets since 1940. A detailed
declined, while costs of farmers' purchases, statement of the financial position of farmexcept for products such as feeds or live- ers at the beginning of 1953, "The Balance
stock that are bought largely from other Sheet of Agriculture, 1953/' was published in
farmers, are at the record level of last year. the August BULLETIN, pages 822-834.
This situation follows a long period when
Since late 1952 the value of farm assets
prices received by farmers were more favor- has declined, reflecting the less favorable
able in relation to costs.
income situation. Relative to changes in
In most of the war and postwar years, prices and incomes, however, this decline
farmers have improved considerably their has been moderate. At the same time, farmfarm land and buildings and have added ers have purchased less machinery and have
greatly to their machinery and other assets. reduced somewhat their short-term debts to
In particular, there are about 75 per cent banks and production credit associations.
SEPTEMBER 1953




939

1953 SURVEY O F CONSUMER FINANCES
PART

IV. Net Worth of Consumers, Early 1953*

Most consumer spending units had some unincorporated businesses, farms, and real
accumulated savings in early 1953 in the estate, rather than in corporations open to
form of consumer capital goods, business or investment by the general public.
investment assets, or liquid assets, according
In the survey conducted early this year, as
to survey findings. Older consumers typi- well as in that conducted in early 1950, an
cally possessed larger holdings than younger attempt was made to obtain as complete a
ones. About half of all consumer spending balance sheet as feasible far individual conunits in the population held resources equal sumers. The net worth figures obtained are
to or greater than their 1952 incomes.
partial estimates, however, because limitaThe accumulated savings of consumers are tions of resources and of methodology remainly in assets subject to change in value sulted in incomplete coverage of assets and
such as homes and businesses, rather than in understatement of certain reported assets,
assets of fixed dollar value such as bank de- while coverage of debt was relatively composits or savings bonds. This pattern of in- plete.2 Despite these limitations, the data
vestment is quite pervasive in nearly all in- obtained in the 1950 and 1953 surveys appear
to furnish a better basis for judging the financome, age, and occupational groups.
The homes and automobiles (capital cial position of American consumers than is
3
goods) owned by consumers in early 1953 otherwise available.
had an aggregate value nearly equal to their
SIZE OF NET WORTH
total direct personal investment in business.
In early 1953 most consumers owned assets
It was also found that investment in business
in
excess of their debts. Nearly half of the
by individuals is for the most part directly
54
million spending units in the population
in ventures they operate or control such as
were worth $5,000 or more and about onex
This is the fourth of a series of articles presenting the
tenth
were worth $25,000 or more (see Table
results of the 1953 Survey of Consumer Finances conducted
by the Board of Governors of the Federal Reserve System in
cooperation -with the Survey Research Center of the University of Michigan. The first article in the series, covering the
general .financial position and economic outlook of consumers, appeared in the June BULLETIN. The second article,
covering purchases of durable goods in 1952 and buying
plans for 1953,, appeared in the July BULLETIN. The third
article, covering the housing of consumers, was published
in the August BULLETIN. Discussion of the sampling procedure and limitations D£ the survey is given in an appendix
to the first article. Additional technical material is included
in the appendix to this article.
Tbe present article was prepared by Irving Schweiger 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 E. Scott Maynes and James N. Morgan.

940




2
A discussion of the method of calculating net worth and
of the limitations of the data is presented in the technical
appendix at the end of this article. The assets included are
bank deposits and U. S. Government securities, homes, farms,
other real estate, unincorporated businesses and owner-operated privately held corporations, corporate stock, and automobiles. Among the assets excluded are currency, household
goods, and life insurance and pension reserves.
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. Some families contain more than one
spending unit, and it is estimated that at the beginning of
1953 there were approximately 48.1 million family units and
54.0 million spending units residing in private households.
Since the same total amount .of net worth is distributed
among the smaller number of family units, families have
somewhat higher net worth than spending units.

FEDERAL RESERVE BULLETIN

1953 SURVEY OF CONSUMER FINANCES

1). On the other hand, about one-tenth apparently had a negative net worth (debt in
excess of assets covered by the survey). Because of the restricted definition of net worth
used in the survey, which covers practically
all debt but not all assets, these figures are
partial estimates of the net worth positions
of the consumer population.
TABLE 1
NET

WORTH1

MEDIAN NET WORTH

[Percentage distribution of spending units]
Amount
Negative
$0^$499
$500-$999
$l,000-$2,999
$3,O0(M&4,999
$5,000-$9,999
$10,000-$24,00O
$25,000-$49,000
$50,000 arid over
AH cases

WITHIN

11
14
6
14
9
17
18
7
4

$4,100
$11,900

1950

24




6000

33
8
100
(2)
(*)

The median net worth of consumers as
thus measured in early 1953 was $4,100, approximately $500 to $1,000 larger than in
1950. Precise comparisons are not possible
because data from the 1953 and 1950 surveys
are not strictly comparable. The increase
in dollar value of consumer resources over
the three-year period reflected both growth
in volume of assets and price advances. The
proportion of consumers with large net
worth ($5,000 or more) increased somewhat
as did the proportion with debt in excess of
their reported assets. The relative net worth
position of major age, income, and occupational groups did not change much from
1950 to 1953.
Age groups. The amount of net worth of
consumers and the rate of accumulation depend upon many factors, including the need
for homes, automobiles, and other durable
1953

- I 8000

8
27

1
Difference between total selected reported assets and total
reported debt. For detailed definition of net worth* see technical
appendix.
2
Data not available.

SEPTEMBER

AGE GROUPS, EARLY 1953
! 10000

1953

100

Median
Mean

goods, the saving permitted by income levels
and expenditure standards, prices of assets,
occupation, investment preferences, and inheritances. Acquisition of assets usually takes
place over a long period and net worth tends
to increase with age.
This process is apparent at any one time
in the holdings of consumers of different
ages. In 1953, as the chart shows, median

2000

ALL
AGES

18-24 25-34 35-44 45-54 55-64

65
and OVER

net worth varied from $300 for young consumers, from 18 to 24 years of age, to $8,500
for consumers from 55 to 64 years of age.
Calculations based on differences in the current holdings of the several age groups indicate that the average difference in median
net worth was roughly $200 per year among
those in their twenties. For those in their
forties differences per year amounted to
nearly $400. Additions to median net worth
apparently continue among people in their
fifties, but at a considerably slower pace,
while consumers in their sixties tend to reduce their net worth.
Income and occupational groups. The
opportunity of a consumer to accumulate
assets depends to a large extent on his income. This is reflected at any one time in
the direct relation between net worth and
amount of current income. In early 1953 the
941

1953 SURVEY OF CONSUMER FINANCES

median net worth varied from $1,300 for the
lowest income groups (annual incomes of
less than $3,000) to $10,300 for the highest
income groups (annual incomes of $5,000
and over). There was considerable dispersion, however, in size of holdings within
income groups, related in part to differences
in age and household status of consumers
(see Table 2).
TABLE

2

N E T W O R T H W I T H I N VARIOUS GROUPS, EARLY

1953

[Percentage distribution of spending units]

Group
characteristic

Net worth 1
Median All
net cases Nega- $0- $5,000- $25,000
and
worth
tive $4,999 $24,999 over

All spending units.. $4,100 100

11

43

35

11

1952 money income
before taxes:
Less than $3,000. 1,300 100
$3,000-$4,999.... 3,500 100
$5,000 and over.. 10,300 100

16
12
3

51
46
23

27
36
48

6
6
26

Occupation:2
Business
Salaried workers.
Wage earner 4 ....
Retired

4
7
18
2

17
45
49
42

42
37
31
40

37
11
2
16

15,000
4,500
1,900
6,000

100
100
100
100

J
For
2

definition of net worth, see note 1, Table 1.
Includes farmers and self-employed businessmen and artisans.
3Includes clerical, sales, professional (including self-employed),
.semiprofessional,
and managerial personnel.
4
Includes skilled, semiskilled, unskilled, and service workers.

The net worth position of a consumer may
reflect his occupation. Among occupational
groups the highest median net worth,
$15,000, was reported by spending units
headed by those conducting businesses, that
is, self-employed businessmen and farm operators. For such units a substantial investment is frequently necessary to engage in a
business venture. Also, saving tends to be
greater than in other groups, in part because
there is an incentive to plow earnings back
into the business and in part because of the
large proportion with high incomes. As
would be expected, retired persons also have
relatively large net worths. The median for
this group, $6,000, was exceeded only by that
of the business spending units.
•942




The smallest net worths were reported by
wage earners (skilled, semiskilled, and unskilled workers) although this group has
a median income about as large as that of the
general population. Smaller resources probably reflect in part the greater proportion of
young consumers in this group. Also, a disproportionate part of the assets acquired may
be of the types not covered by the survey,
such as Old Age and Survivors Insurance
trust assets, life insurance reserves, and household goods.
Ratio of net worth to income. One way
of measuring the net worth of a consumer
is to relate it to his current income. The
median net worth in early 1953 was one-fifth
larger than the median income of the preceding year ($4,100 compared with $3,420).
About half of the spending units reported
accumulated savings equal to at least one
year's income, and one-fourth had accumulated as much as three years' current income
(see Table 3). For slightly more than onefourth of consumers, on the other hand, net
TABLE

3

RELATION OF N E T W O R T H TO INCOME, EARLY 1953

x

[Percentage distribution of spending units within specified groups]
Net worth as a percentage
of 1,952 money income
before taxes
All
Group characteristic cases

Less
than
25
per
cent

25-99
per
cent

100299
per
cent

Nega
tive
net
worth
300
or
per
negacent
tive
and income
over

All spending units...

100

17

20

25

26

12

Age of head of spending unit:
18-34
35-54
55 and over

100
100
100

26
11
14

29
21
8

20
31
21

8
26
51

17
11
6

Occupation:2
Business
Salaried worker 3 . .
Wage earner 4
Retired.

100
100
100
100

5
16
20
19

6
29
25
5

20
30
27
17

61
18
11
57

8
7
17
2

l
For
2

definition of net worth see note 1, Table 1.
Includes farmers and self-employed businessmen and artisans.
3 Includes clerical, sales, professional (including self-employed),
semiprofessional,
and managerial personnel.
4
Includes skilled, semiskilled, unskilled, and service workers.
FEDERAL RESERVE BULLETIN

1953 SURVEY OF CONSUMER FINANCES

resources were equal to less than three
months' income.
The variation in net worth position within
all major consumer groups is illustrated by
the wage earners. More than one-third of
wage earners had resources equal to less than
three months' income while about the same
proportion had reserves equal to at least one
year's pay and one-tenth had built up net
worth equal to three years or more of current income.
DISTRIBUTION OF AGGREGATE NET WORTH

The total value of assets included in survey
findings is estimated at 725 billion dollars
while the total of debt amounted to an estimated 84 billion. The difference, or 641
billion dollars, was the total estimated consumer net worth, as defined, in early 1953.4
The accumulation of assets that goes along
with age is apparent in the distribution of
aggregate net worth among the population.
Older consumers (55 and over) had a share
of aggregate net worth that was twice as
large as their share of 1952 income (see
Table 4). On the other hand, younger consumers (under 35) had a much smaller share
of total savings than of 1952 income, despite
the fact that the average income of the
younger group was slightly higher than
that of the older.
When size of net worth is considered without regard to age or income, the 11 per cent
of consumers worth $25,000 or more were
found to account for 61 per cent of aggregate net worth as defined. Spending units
worth less than $5,000 accounted for 6 per
cent of the total, although they constituted
slightly more than half of all spending units.
Consumers in the latter group are typically
4

Unincorporated nonfarm business and privately held
owner-operated corporations are the two assets which were
reported only on a net worth basis and this net amount is
included in both the asset and net worth categories.
SEPTEMBER 1953




TABLE 4
PROPORTION OF N E T W O R T H AND COMPONENTS H E L D BY
GROUPS, EARLY

1953

[Per cent]
1952

Group characteristic

Spend- money
ing
income
units before
taxes

Net worth and
components 1
Total
assets

Debt

Net
worth

Age of head of spending unit:
18-34
35-54
55 and over
Not ascertained

32
39
26
3

30
46
22
2

14
44
40
2

32
48
18
2

12
44
43
1

All cases

100

100

100

100

100

} «

19

(2)

20
37
24

7
36
56

(3)
(3)

23
35
11

6
4
18
51
21

34
61

100

100

100

100

100

Net worth:
Negative
$0-$999
$l,000-$4,999
$5,000-$24,999
$25,000 and over
All cases

^ o r definition of net worth, see note 1, Table 1.
than one-half of 1 per cent.
Negative or less than one-half of 1 per cent.

2
Less
3

younger than average, two-thirds being less
than 45 years of age.
It seems likely that resources currently are
distributed more widely among the population than before the war. Directly comparable data on net worth distribution prior
to the war are not available. In the related
case of income, however, available data indicate that income has been more evenly distributed since the war than prior to it. Also,
very large savings were accumulated during
the war and these were probably very widely
distributed.
COMPOSITION OF N E T WORTH

The types of assets in which consumers
invest or hold their savings and the extent
to which asset ownership is offset by debt
have a bearing not only on the financial position of consumers but also on the functioning
of the economy. Survey information on the
composition of assets, liabilities, and net
worth by consumer groups supplements significantly other available information.
943

1953 SURVEY OF CONSUMER FINANCES

Frequency of asset holdings and of debt. such as homes and corporate stocks, had an
Ownership of different types of assets varies aggregate reported value nearly six times
greatly among consumers. The most widely that of fixed dollar assets (liquid assets and
held asset reported in the survey was liquid money out on loan). Although this ratio
assets—United States Government securities would be smaller if life insurance reserves,
and savings and checking accounts. This type Old Age and Survivors Insurance trust assets,
of asset was reported by 7 out of 10 spend- and private retirement funds were added to
ing units (see Table 5). Large proportions survey totals of fixed value assets, price risk
of consumers also owned homes and auto- assets would still be roughly three times as
mobiles, roughly 4 and 6, respectively, in large in total value as the fixed value assets.
every 10. Consumer investment in a farm, Inclusion of still other assets which are exa business, or corporate stock was reported cluded from the survey, some of which are
less frequently, each type by not more than variable and some fixed value assets, would
1 in 10. Except for farms, each type of asset not appear to change the general finding that
was owned most frequently by consumers the ma>or part of consumer savings are held
with the highest incomes.
in assets subject to value change, Variable
value assets constituted the bulk of consumer
TABLE 5
assets in the prewar period also, according to
OWNERSHIP OF ASSETS AND DEBT LIABILITY
WITHIN INCOME GROUPS, EARLY 1953 *
rough estimates.
[Percentage of group owning asset or owing debt]
In general, most broad groups of consumers—by age, occupation, income, or net
1952 money income before taxes
All
spendworth—hold the major part of their net
Item
ing
Under $3,000- $5,000- $7,500
and
units $3,000
resources in assets subject to price risk rather
$4,999 $7,499 over
than fixed value assets. This is also the case
Assets:
for
individual spending units. About two71
52
76
93
98
Liquid assets
70
84
61
36
Automobile
92
thirds
of the spending units with assets in
Owner-occupied non43
32
43
57
65
farm home
9
4
5
3
3
Owner-occupied farm.
excess of debt had variable value assets equal
14
11
11
19
31
Other real estate
7
3
6
8
22
Business interest - ' . . . .
to 80 per cent or more of net worth (see
7
4
*.>
10
28
Corporate stock
12
12
11
14
17
Money loaned o u t . . . .
Table 6). On the other hand, nearly one68
75
63
62
51
Debt owed
fifth of consumers owned either fixed value
x
assets only or variable value assets in relaFor definition of assets and debts included, see Technical
Appendix.
- Includes unincorporated nonfarm business and owner-operated
tively small volume (amounting to less than
privately held corporations.
40 per cent of net worth).
Consumer assets exposed to price risk were
Approximately 4 in every 10 consumers
were completely free of debt. The 6 in 10 estimated to aggregate nearly 620 billion
who owed some moneys such as personal dollars in early 1953, and this was almost
debt or debt on home, farm, or real estate equally divided between consumer capital
were found most frequently among con- goods and business and investment assets.
sumers with incomes of $4,000 to $7,500, in Consumer capital goods covered in the surthe wage earner group, and from 25 to 34 vey are nonfarm homes and automobiles;
business and investment assets are unincoryears of age.
Broad patterns. In early 1953 consumer porated businesses, owner-operated privately
holdings of assets subject to value change, held corporations, stock in corporations open
944




FEDERAL RESERVE BULLETIN

1 9 5 3 SURVEY OF CONSUMER FINANCES
TABLE 6
VARIABLE VALUE ASSETS IN RELATION TO N E T W O R T H

X

[Percentage distribution of spending units within groups]
Variable value assets as a
percentage of net worth
Group characteristic

All
cases

80
Less
than 40 40-79 per cent
per cent per cent and over

All spending units

100

17

14

69

1952 money income before
taxes:
Under $3,000
$3,000-$4,999
$5,000 and over

100
100
too

22
17
11

13
13
16

65
70
73

Occupation:2
Business
Salaried worker:J
Wage earner 4
Retired

100
100
100
100

4
25
18
15

13
18
10
18

83
57
72
67

1
Excludes spending units with negative or zero net worth.
-Includes farmers and self-employed businessmen and artisans.
Includes clerical, sales, professional (including self-employed),
semiprofessional,
and managerial personnel.
4
Includes skilled, semiskilled, unskilled, and service workers.
3

to investment by the general public, farm assets, and real estate for other purposes than
owner-occupancy.
Owner-occupied nonfarm homes had by
far the largest total value of any of the assets
reported in the survey, amounting to 250
billion dollars in early 1953.5 Allowing for
the roughly 50 billion of debt owed on homes
at that time, owners' equity in such houses
was approximately 200 billion dollars.
The effect on variable value assets of a
change in prices can be illustrated by an
analysis of the change from 1950 to 1953 in
the value of owner-occupied homes. Early in
5

In early 1950, the average value and distribution of a
similar sample of owner estimates were found to be approximately the same as those reached by professional appraisers
for the same houses. The aggregate value in early 1953 of
other assets that were reported by a sufficiently large number
of cases to compute separately were (in billions of dollars):
automobiles, 38; liquid assets, 98; and real estate for other
than owner-occupancy, 92. The aggregate value of all
business and investment assets, excluding real estate for
other than owner-occupancy, was 236 billion dollars. The
sampling errors of the aggregate value of homes and automobiles is estimated to be less than 10 per cent, of liquid
assets about 10 per cent, and of other assets more than
10 per cent.
SEPTEMBER

1953




1950, owners valued self-occupied homes at
about 180 billion dollars. Survey and other
data indicate that the price level of existing
houses rose by roughly 15 per cent, or an
increase in value of more than 25 billion
dollars, between early 1950 and early 1953.
Thus somewhat more than one-third of the
increase in value of homes in this period
(from 180 to 250 billion) would appear to
represent price inflation of houses existing
in early 1950. The balance of the increase
in value reflected mainly new construction
for owner occupancy, some increase in value
of these newly constructed units, and additions and improvements to existing structures.
The composition of the consumer balance
sheet appears to change substantially with the
amount of resources and with age, two factors which are related (see Table 7). As net
worth increases, the ratio of business and
TABLE 7
COMPOSITION OF N E T W O R T H , EARLY 1953

1

[Assets and debt as percentages of net worth]
Variable
value assets
Group
characteristic

Net
Busi- Fixed
Total Debt i
value4 assets
worth Con- ness assets
sumer and
capital investgoods2 ment 3
assets

All spending units.. . .

100

45

51

17

113

13

Age of head of spending unit:
18-34
35-54
55 and over

100
100
100

70
47
35

48
52
52

17
15
18

135
114
105

35
14
5

Net worth:
$0-$999
$l,000-$4,999
$5,000-$24,999
$25,000 and over.. .

100
100
100
100

140
103
73
23

9
13
28
67

50
31
19
15

199
147
120
105

99
47
20
5

Aggregate dollar valuation (in billions).. $641

$288

$328

$109

$725

$84

^"or definition of net worth, see note 1, Table 1.
automobiles and owner-occupied nonfarm homes.
Includes owner-occupied farms, farm machinery, livestock,
crops, interests in unincorporated business and privately held
corporations, real estate other than home or farm on which owner
is living,
and corporate stock.
4
Includes liquid assets and loans made by spending units.
5
Includes mortgages and other real estate debt, instalment and
other short term debt.
2
Includes
:J

945

1953 SURVEY OF CONSUMER FINANCES

investment assets to net worth rises sharply,
while the ratios of consumer capital goods,
fixed value assets, and debt to net worth
decline substantially. Characteristic changes
also accompany increases in age of the consumer. The net worth of young consumers
(less than 35 years of age), reflects primarily
the ownership of consumer capital goods,

which are financed to a considerable extent
by borrowing. As age increases, both consumer capital goods and debt decline progressively in relation to net worth while
business assets assume greater importance.
Fixed value assets, however, appear to bear
a fairly stable relationship to net worth in
all age groups.

Reprints of this article, including additional tabular material, may be obtained upon
request to the Division of Administrative Services, Board of Governors of the Federal
Reserve System, Washington 25, D. C.

TECHNICAL APPENDIX
The survey estimate of net worth of each
spending unit is the sum of reported or assigned values of assets covered in the survey
less the reported total debt. The assets included in the survey are: liquid assets, including all types of United States Government securities, checking accounts, savings
accounts in banks, postal savings, shares in
savings and loan associations or credit
unions; automobiles; owner-occupied homes;
owner-occupied farms including buildings;
farm machinery, livestock, and crops of all
farm operators; real estate other than home
or farm on which owner is living, including
lots, one- or two-family houses, apartment
houses, summer or weekend homes, commercial or rental property, farms owned by
nonfarmers and additional farms or land
owned by farmers, and other types; money
out on loan; common and preferred stock in
corporations open to investment by the general public; interest in a nonfarm unincorporated business or privately held owneroperated corporation. Interest in nonfarm
946




business is reported on a net basis and the
net amount is included in both the asset
and the net worth categories.
The debts covered are: mortgages, land
contracts, or other debt on homes, farms, or
other real estate; instalment debt; single-payment loans; and any other debt to banks,
loan companies, insurance companies, and
individuals except charge accounts.
This survey obtained more information
than the survey conducted in early 1950 in
that it obtained data for money out on loan
and detailed valuations for certain assets
which were reported in 1950 only within
broad brackets. Values of all asset items,
except automobiles, and of all liabilities were
reported directly by respondents. The value
of 1952 model automobiles was considered
equal to the purchase price reported in the
interview. All other automobiles were assigned values based on the respondents' reports of make and model year.
Some items of substantial value were
omitted from the asset compilation. InsurFEDERAL RESERVE BULLETIN

1953 SURVEY OF CONSUMER FINANCES

ance, an asset owned by almost four-fifths
of all spending units, was omitted because
relatively few respondents know the cash
value of their policies (and therefore questions concerning them were not included in
the survey) and because the assignment of
values would have been an extremely complex process, due to the many types of insurance and the wide range of ages of policyholders. Furniture, household appliances,
clothing, jewelry, etc., were omitted because
estimates of their value would be extremely
unreliable in the absence of organized markets, but consumer indebtedness for the
purchase of such articles is included in debt.
Holdings of currency were omitted since experience has indicated that those respondents having large currency holdings are reluctant to report them. Trust funds, annuities, pension reserves, and holdings of
bonds of corporations and of State, local, and
foreign governments were also omitted.
Some understatement of the covered assets
is probable. From other data on ownership
of liquid assets, for example, it is known that
survey information understates considerably
the aggregate value of consumer holdings of
these assets.1 Available evidence indicates,
however, that the understatement in reporting holdings of most other types of assets
covered is probably less than in the case of
liquid assets. Coverage of total liabilities is
relatively complete, except for charge account
credit, and, on the basis of comparisons with

SEPTEMBER 1953




independent estimates, understatement of
aggregate liabilities appears to be relatively
slight. The incomplete coverage of assets
and the understatement of reported asset
items probably results in an understatement
of the actual net worth of nearly all spending
units.
Information in this article is presented
primarily in terms of frequencies and proportions because the sampling errors of such
data are much less than the sampling errors
of aggregate amounts or arithmetic averages.
There is reason to believe that survey data
tend to underestimate the average value of
highly skewed distributions such as liquid
assets, unincorporated businesses, privately
held corporations, farms and other real estate
because of the difficulty in a sample of 3,000
cases of getting adequate representation of
the very largest values. For additional discussion, see "Methods of the Survey of Consumer Finances," Federal Reserve BULLETIN,
July 1950.
1
The survey's estimate of consumer holdings in early
1953 was about 98 billion dollars. An estimate of holdings
of these types of liquid assets—U. S. Government securities,
checking accounts, savings accounts in banks, and shares
in savings and loan associations—by individuals at the end
of 1952 on the basis of over-all banking and Treasury statistics indicates approximately 135 billion dollars, after deduction of 6 billion representing holdings of persons not
included in the Survey of Consumer Finances. It is possible
that some additional adjustment may be necessary because
of estates and trust funds which are included in the banking
statistics and largely excluded from the survey statistics. For
additional discussion of this point, see Federal Reserve BUL-

I.F.TIX, July 1950, p. 808.

947

LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material

ment payments are sufficient to amortize the principal of the loan within a period of not more than
ten years and at a rate of at least 10 per centum per
By Act of Congress approved August 15, 1953,
annum. All such loans secured by first liens upon
section 24 of the Federal Reserve Act was amended
forest tracts shall be included in the permissible
by the insertion of a new paragraph which authoraggregate of all real estate loans prescribed in the
izes national banks to make real estate loans secured preceding paragraph, but no national banking assoby first liens upon forest tracts. The text of the Act ciation shall make forest-tract loans in an aggregate
is as follows:
sum in excess of 50 per centum of its capital stock
paid in and unimpaired plus 50 per centum of its
[PUBLIC LAW 285—83D CONGRESS]
unimpaired surplus fund."

Loans on Forest Tracts
Amendment to Section 24

[CHAPTER 510—1ST SESSION]

[H. R. 5603]
AN ACT
To amend the Federal Reserve Act so as to authorize national
banking associations to make loans on forest tracts.

Approved August 15, 1953.

Guarantees of Defense Loans
Defense Production Act Amendments of 1953

Be it enacted by the Senate and House of RepreThe provisions of the Defense Production Act of
sentatives of the United States of America in Con- 1950 which provided for the guarantee of defense
gress assembled, That section 24 of the Federal production loans and which, together with ExecuReserve Act, as amended, is amended by inserting tive Order No. 10161, was the authority for Reguafter the first paragraph thereof the following new lation V, were amended by the Act of June 30, 1953
paragraph:
(Public Law 95—83d Congress) and continued in
force
until the close of June 30, 1955. The text of
"Any national banking association may make
real-estate loans secured by first liens upon forest the sections of this Act relating to the guarantee
tracts which are properly managed in all respects. of defense production loans reads as follows:
SEC. 4. Subsection (a) of section 301 of the
Such loans shall be in the form of an obligation or
Defense Production Act of 1950, as amended, is
obligations secured by mortgage, trust deed, or
amended by striking out, "or in connection with
other such instrument; and any national banking
or in contemplation of the termination,'* and by
association may purchase any obligation so secured
inserting before the period at the end thereof a
when the entire amount of such obligation is sold
comma and the following: "or for the purpose of
to the association. The amount of any such loan
financing any contractor, subcontractor, or other
shall not exceed 40 per centum of the appraised
person in connection with or in contemplation of
value of the economically marketable timber offered
the termination, in the interest of the United
as security and the loan shall be made upon such
States, of any contract made for the national
terms and conditions as to assure that at no time
defense; but no small-business concern (as deshall the loan balance exceed 40 per centum of the
fined in section 714 (a) (1) of this Act) shall be
original appraised value of the economically marheld ineligible for the issuance of such a guaranty
ketable timber then remaining. No such loan shall
by reason of alternative sources of supply".
be made for a longer term than two years; except
that any such loan may be made for a term not
SEC. 8. Section 702 (d) of the Defense Prolonger than ten years if the loan is secured by an
duction Act of 1950, as amended, is amended to
amortized mortgage, deed of trust, or other such
read as follows:
instrument under the terms of which the install"(d) The term 'national defense' means pro948




FEDERAL RESERVE BULLETIN

LAW DEPARTMENT
grams for military and atomic energy production
or construction, military assistance to any foreign
nation, stockpiling, and directly related activity."
SEC. 11. Subsection (a) of section 717 of the
Defense Production Act of 1950, as amended, is
amended to read as follows:
"(a) Title I (except section 104), title III, and
title VII (except section 714) of this Act, and all
authority conferred thereunder, shall terminate at
the close of June 30, 1955. Section 714 of this
Act, and all authority conferred thereunder, shall
terminate at the close of July 31, 1953. Section
104, title II, and title VI of this Act, and all
authority conferred thereunder, shall terminate at
the close of June 30, 1953. Titles IV and V of
this Act, and all authority conferred thereunder,
shall terminate at the close of April 30, 1953."
SEC. 12. The first sentence of subsection (c) of
section 717 of the Defense Production Act of 1950,
as amended, is amended by adding before the
period at the end thereof a comma and the following: "or the taking of any action (including
the making of new guarantees) deemed by a
guaranteeing agency to be necessary to accomplish
the orderly liquidation, adjustment or settlement
of any loans guaranteed under this Act, including
actions deemed necessary to avoid undue hardship to borrowers in reconverting to normal
civilian production; and all of the authority
granted to the President, guaranteeing agencies,
and fiscal agents, under section 301 of this Act
shall be applicable to actions taken pursuant to
the authority contained in this subsection."
In accordance with the amended law, the President, on August 14, 1953, issued Executive Order
No. 10480 which superseded or revoked a number
of Executive Orders, including No. 10161. The
new Executive Order contains the following sections
with respect to the guarantee of defense production
loans:
Section 301. The Department of the Army,
the Department of the Navy, the Department of
the Air Force, the Atomic Energy Commission,
the Department of Commerce, the Department
of the Interior, the Department of Agriculture,
and the General Services Administration, in this
Part referred to as guaranteeing agencies, and
each officer having functions delegated to him
pursuant to section 201 (a) of this order shall
develop and promote measures for the expansion
SEPTEMBER

1953




of productive capacity and of production and
supply of materials and facilities necessary for
the national defense.
Section 302. (a) Each guaranteeing agency is
hereby authorized, in accordance with section 301
of the Defense Production Act of 1950, as
amended, subject to the provisions of this section,
in order to expedite production and deliveries or
services under Government contracts, and without regard to provisions of law relating to the
making, performance, amendment, or modification of contracts, to guarantee in whole or in
part any public or private financing institution
(including any Federal Reserve Bank), by commitment to purchase, agreement to share losses,
or otherwise, against loss of principal or interest
on any loan, discount, or advance, or on any commitment in connection therewith, which may be
made by such financing institution for the purpose of financing any contractor, subcontractor,
or other person in connection with the performance of any contract or other operation deemed
by the guaranteeing agency to be necessary to
expedite production and deliveries or services under Government contracts for the procurement of
materials or the performance of services for the
national defense, or for the purpose of financing
any contractor, subcontractor, or other person in
connection with or in contemplation of the termination, in the interest of the United States, of any
contract made for the national defense; but no
small business concern (as defined in section 714
(a)(l) of the said Act) shall be held ineligible
for the issuance of such a guaranty by reason of
alternative sources of supply.
(b) Each Federal Reserve Bank is hereby designated and authorized to act, on behalf of anv
guaranteeing agency, asfiscalagent of the United
States in the making of such contracts of guarantee and in otherwise carrying out the purposes
of section 301 of the said Act, as amended, in
respect to private financing institutions.
(c) All actions and operations of Federal Reserve Banks, under authority of or pursuant to
section 301 of the said Act, as amended, shall be
subject to the supervision of the Board of Governors of the Federal Reserve System. Said Board
is hereby authorized, after consultation with the
heads of the guaranteeing agencies, (1) to prescribe such regulations governing the actions and
operations of fiscal agents hereunder as it may
949

LAW DEPARTMENT
The matter is treated generally in section 7(a)
of Regulation T, and is also subject to the general
rule of law that any person who aids or abets a
violation of law by another is himself guilty of a
violation. It may be stated as a general principle
that any person who arranges for credit to be
extended by someone else has a responsibility so to
conduct his activities as not to be a participant in
a violation of Regulation T which applies to brokers,
or Regulation U, which applies to banks.
More specifically, in arranging an extension of
Loan Secured by Time Deposit
credit that may be subject to Regulation U, a broker
Rate of Interest
must act in good faith and, therefore, must quesAn inquiry has been received by the Board con- tion the accuracy of any nonpurpose statement (i.e.,
cerning the permissible rate of interest under sec- a statement that the loan is not for the purpose of
tion 4(<f) of Regulation Q on a loan by a member purchasing or carrying registered stocks) given in
bank to its depositor "upon the security of" his connection with the loan where the circumstances
time certificate of deposit. Section A(e) provides are such that the broker from any source knows
that the rate of interest on such a loan "shall be or has reason to know that the statement is incomnot less than 2 per cent per annum in excess of the plete or otherwise inaccurate as to the true purpose of the credit. The requirement of "good faith"
rate of interest on" the deposit.
Briefly, the certificate in question provides for is of vital importance. While the application of
payment 3 years after date of issue with interest the requirement will necessarily vary with the facts
at a rate of 2l/2 per cent per annum, but provides of the particular case, the broker, like the bank
for earlier withdrawal of the deposit after 90 days' for whom the loan is arranged to be made, must
written notice during either of three successive inter- be alert to the circumstances surrounding the loan.
vals with interest at a rate progressing from 1 to Thus, for example, if a broker or dealer is to deliver
registered stocks to secure the loan or is to receive
11/2 to 2 per cent per annum, respectively.
As indicated by the interpretation published at the proceeds of the loan, the broker arranging the
page 721 of the July 1953 Federal Reserve BUL- loan and the bank making it would be put on
notice that the loan would probably be subject to
LETIN, such a certificate complies with the provisions of Regulation Q. The rate of interest payable Regulation U. In any such circumstances they
to the depositor under the terms of the certificate could not in good faith accept or rely upon a statedepends upon which of the withdrawal privileges ment to the contrary without obtaining a reliable
may be elected by him. Accordingly, the Board and satisfactory explanation of the situation. The
is of the view that the rate of interest on a loan foregoing, of course, applies the principles published
upon the security of such a certificate of deposit at page 27 of the 1947 Federal Reserve BULLETIN.
In addition, when a broker is approached by
should be no less than 2 per cent per annum in
excess of the rate of interest to which the depositor another broker to arrange extensions of credit for
would be entitled if he should exercise the particu- customers of the approaching broker, the broker
lar withdrawal privilege of the certificate available approached has a responsibility not to arrange any
extension of credit which the approaching broker
to him at the time of the maturity of the loan.
could not himself arrange. Accordingly, in such
Interpretations of Regulations T and U
cases the statutes and regulations forbid the apArranging for Extensions of Credit to Be Made by a proached broker to arrange extensions of credit
Bank
on unregistered securities for the purpose of purThe Board has recently had occasion to express chasing or carrying either registered or unregistered
opinions regarding the requirements which apply securities. The approaching broker would also
when a person subject to Regulation T—for con- be violating the applicable requirements if he
venience, called here simply a broker—arranges for initiated or otherwise participated in any such forbidden transactions.
a bank to extend credit.
deem necessary, (2) to prescribe, either specifically or by maximum limits or otherwise, rates of
interest, guarantee and commitment fees, and
other charges which may be made in connection
with loans, discounts, advances, or commitments
guaranteed by the guaranteeing agencies through
such fiscal agents, and (3) to prescribe regulations
governing the forms and procedures (which shall
be uniform to the extent practicable) to be utilized in connection with such guarantees.

950




FEDERAL RESERVE BULLETIN

LAW DEPARTMENT
The above expression of views to the effect that
certain specific transactions are forbidden, of course,
should not in any way be understood to indicate
approval of any other transactions which are not
mentioned.
Reliance in "Good Faith" on Statement of Purpose of
Loan
Certain situations have arisen from time to time
under Regulation U wherein it appeared doubtful that, in the circumstances, the lending banks
may have been entitled to rely upon the statements
accepted by them in determining whether the
purposes of certain loans were such as to cause the
loans to be not subject to the regulation.
The use by a lending bank of a statement in
determining the purpose of a particular loan is,
of course, provided for by section 3 (a) of the regulation. However, under that section a lending
bank may "rely" upon any such statement only if
it is "accepted by the bank in good faith". As the
Board stated in the interpretation published in the
1947 Federal Reserve BULLETIN, p. 27 the "requirement of 'good faith' is of vital importance"; and,
to fulfill such requirement, "it is clear that the
bank must be alert to the circumstances surrounding the loan".
Obviously, such a statement would not be accepted by the bank in "good faith" if at the time
the loan was made the bank had knowledge, from
any source, of facts or circumstances which were
contrary to the natural purport of the statement,
or which were sufficient reasonably to put the bank
on notice of the questionable reliability or completeness of the statement.
Furthermore, the same requirement of "good
faith" is to be applied whether the statement accepted by the bank is signed by the borrower or
by an officer of the bank. In either case, "good
faith" requires the exercise of special diligence
in any instance in which the borrower is not personally known to the bank or to the officer who
processes the loan.
The interpretation mentioned above contains

SEPTEMBER

1953




an example of the application of the "good faith"
test. There it was stated that "if the loan is to
be made to a customer who is not a broker or
dealer in securities, but such a broker or dealer
is to deliver registered stocks to secure the loan
or is to receive the proceeds of the loan, the bank
would be put on notice that the loan would probably be subject to the regulation. It could not
accept in good faith a statement to the contrary
without obtaining a reliable and satisfactory explanation of the situation".
Moreover, and as also stated by the aforementioned interpretation, the "purpose" of a loan, of
course, "cannot be altered by some temporary application of the proceeds. For example, if a borrower is to purchase Government securities with
the proceeds of a loan, but is soon thereafter to
sell such securities and replace them with registered
stocks, the loan is clearly for the purpose of purchasing or carrying registered stocks". The purpose of a loan, therefore, should not be determined
upon a narrow analysis of the immediate use to
which the proceeds of the loan are put. Accordingly, a bank acting in "good faith" should carefully
scrutinize cases in which there is any indication that
the borrower is concealing the true purpose of the
loan, and there would be reason for special vigilance
if registered stocks are substituted for bonds or unregistered stocks soon after the loan is made, or on
more than one occasion.
Similarly, the fact that a loan made on the borrower's signature only, for example, becomes secured by registered stock shortly after the disbursement of the loan usually would afford reasonable
grounds for questioning the bank's apparent reliance upon merely a statement that the purpose
of the loan was not to purchase or carry registered
stock.
These examples are, of course, by no means exhaustive. They simply illustrate the fundamental
fact that no statement accepted by a bank is of
any value for the purposes of the regulation unless "accepted by the bank in good faith", and that
"good faith" requires, among other things, reasonable diligence to learn the truth.

951

CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Meetings

Death of Director

The Federal Advisory Council held a meeting
in Washington on September 13-15, 1953, and met
with the Board of Governors of the Federal Reserve System on September 15.

Mr. Clement B. Chinn, Vice Chairman, The First
National Bank of Miami, Miami, Florida, who had
served as a director of the Jacksonville Branch of
the Federal Reserve Bank of Atlanta since January
1, 1951, died on August 22, 1953.

Retirement of Mr. R. R. Gilbert as President of the
Federal Reserve Bank of Dallas
Mr. R. R. Gilbert, who had been serving as
President of the Federal Reserve Bank of Dallas
since April 13, 1939, retired effective September 1,
1953. He had been associated with the Federal
Reserve Bank of Dallas since its opening in 1914
and had served as an officer of the Bank since 1917.
Prior to Mr. Gilbert's employment with the Reserve
Bank, he had been engaged in commercial banking
for nine years.
Resignation of Class A Director
The Federal Reserve Bank of Boston accepted
the resignation of Mr. Earle W. Stamm as a Class
A director of the Bank, effective August 17, 1953.
Mr. Stamm formerly was President of The National
Bank of Commerce of New London, New London,
Connecticut, and is now Senior Vice President of
the Hartford National Bank and Trust Company,
Hartford, Connecticut. He had served as a Class
A director since October 15, 1947.

952




Admission of State Bank to Membership in the
Federal Reserve System
The following State bank was admitted to
membership in the Federal Reserve System during
the period July 16, 1953 to August 15, 1953:
California
Greenfield—Greenfield State Bank.
Tables Published Annually and Semiannually, with
Latest BULLETIN Reference
Setniannually
Banking offices:
Analysis of changes in number o f . . .
On, and not on, Federal Reserve Par
List, number of
Annually
Bank suspensions
Earnings and expenses:
Federal Reserve Banks
Member banks:
Calendar year
First half of year
Insured commercial banks
Banks and branches, number of, by
class and State
".
Operating ratios, member banks

Issue

Page

Aug. 1953

907

Aug. 1953

908

Feb. 1952

135

Feb. 1953

182-183

May 1953
Oct. 1952
May 1953

536-546
1159
547

May 1953
Aug. 1953

548-549
904-906.

FEDERAL RESERVE BULLETIN:

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled

August

27 and released

Industrial production in July and August showed
about the usual seasonal changes from the advanced
June level. Crop prospects have improved and as
of August 1 output was forecast as equal to last
year's large volume. Total retail sales in July
continued substantially above a year ago; sales at
department stores in July and August have been
moderately below earlier high levels. Consumer
prices rose further in July; wholesale prices also
rose in July but have changed little in August.
INDUSTRIAL PRODUCTION

The Board's seasonally adjusted index of industrial production in July was 233 per cent of the
1935-39 average as compared with 240 in June.
The dip in July was due to plant-wide vacations in
important manufacturing industries and in coal
mining which are not adequately reflected in the
present seasonal adjustments for the production
index. In August the index is expected to recover
to 238.
While activity in most consumer and producer
durable goods industries declined seasonally in
July, passenger auto assembly was maintained at
the high second quarter rate and truck output recovered sharply. In August auto output has declined moderately but has remained at a very high
level for this period of the year. Production of
household goods, after allowance for seasonal
INDUSTRIAL PRODUCTION

for publication

August

31]

changes, has continued near the reduced May level.
Farm machinery output has apparently been reduced further. Steel output has been about 95 per
cent of January 1 rated capacity in August, as
compared with 93 in July and 97 in June.
Output in nondurable goods industries generally
recovered in late July and early August, following
sharp seasonal curtailments in the first half of July.
Paperboard production in early August was at a
new peak rate.
Minerals production apparently recovered in
August to about the high June level, as coal output
recovered sharply after the vacation shut-down in
early July and crude petroleum output rose further
to new record levels.
CONSTRUCTION

Value of construction contracts awarded in July
increased sharply from the reduced June total, reflecting in part many large awards for business
properties. New housing starts declined slightly
further in July to 96,000 units compared with about
103,000 in the preceding month and also in July
1952. Value of construction work put in place
increased less than seasonally in July but continued
appreciably larger than a year earlier.
AGRICULTURE

Crop prospects improved during July, especially
for cotton, and as of August 1 total crop production this year was officially forecast as equal to last
year's large volume. Quotas limiting wheat plantings this autumn and next spring were approved
by farmer vote on August 14.
Total meat production in the first part of August,
seasonally adjusted, increased from the May-June
level, with a gain in pork more than offsetting a
small decline in beef. Total meat output in the
first 3 weeks of August was 15 per cent above the
year ago level. Egg production in July showed
a smaller decline than usual and exceeded the
year ago level by 5 per cent.
EMPLOYMENT

1949

1950

1951

1952

1953

1949

1950

1951

1952

1953

Federal Reserve indexes. Monthly figures, latest shown are
for August.
SEPTEMBER

1953




Seasonally adjusted employment in nonagricultural establishments rose further to a new peak of

953

NATIONAL SUMMARY OF BUSINESS CONDITIONS
49.7 million in July, reflecting moderate gains in
most lines. Average hourly earnings in manufacturing industries advanced one cent further in July
to $1.77, while average weekly earnings declined
slightly reflecting a small reduction in the workweek. Unemployment at 1.5 million in early July
was little changed from June and 400,000 below
the level of a year ago.
DISTRIBUTION

Seasonally adjusted department store sales in the
first three weeks of August remained near the
moderately reduced July level. In July sales of automotive dealers and most other retail outlets showed
little change, and total retail sales continued close
to the advanced June level and substantially above
a year ago. Stocks at department stores are estimated to have increased slightly further in July
after seasonal adjustment.
COMMODITY PRICES

Following an advance of 1.3 per cent in July
to the highest level since October 1952, the average
level of wholesale prices has changed little. After
mid-July steer prices declined slightly while prices
of most other grades of livestock lost all the earlier
sharp advance. Wheat prices declined temporarily
in early August reflecting uncertainty over prospects
for restrictions on next year's plantings. Following
a rise in July, average prices of industrial materials
have been maintained. Prices of copper, tin, and
paperboard have strengthened recently and lead
PRICES AND TRADE
Per C e n t , 1 9 4 7 - 4 9 0 0 0

DEPARTMENT

I

........I
1951

I-.:.. ••••
1952

\STOCKS




THE SECURITY MARKETS

Yields on high-grade securities were generally
stable during the first three weeks of August. The
Treasury offered a 1-year 2% per cent certificate
in exchange for 2.9 billion dollars of certificates
maturing August 15.

/

IJ..:J.-:.-N,-OJ 80

1953

Seasonally adjusted series except for prices. Price indexes
compiled by Bureau of Labor Statistics. Total retail sales and
disposable personal income, Federal Reserve indexes based on
Department of Commerce data. Department store trade, Federal Reserve indexes. Monthly figures, latest shown are for
July.

954

Total loans and investments at banks in leading
cities declined moderately in late July and the first
three weeks of August, reflecting primarily a reduction in holdings of U. S. Government securities.
Bank loans to businesses increased as the seasonal
credit expansion, particularly to food processors,
began; loans to public utility concerns also rose.
Real estate loans increased further, and banks added
to their holdings of corporate and municipal securities. The rise in "other" loans, largely consumer,
slackened appreciably.
Member bank reserve positions were somewhat
tighter throughout most of August. Gold and currency outflows drained reserve funds, and Treasury
deposits at the Federal Reserve Banks were maintained at generally high levels. The Federal Reserve purchased a small volume of Treasury bills,
in part under repurchase contracts with dealers.

KJ>
I

1950

BANK CREDIT AND RESERVES

COMMERCIAL LOANS
MEMBER BANKS I N LEADING CITIES
of dollars

WHOLESALE PRICES

1949

prices have continued firm. Markets for scrap
metals have weakened somewhat.
Consumer prices rose somewhat further in July,
reflecting mainly continued gains in rents and services. Retail food prices changed little.

Data for selected industries reported by over 200 of the largest
member banks. Metals, etc., includes machinery and transportation equipment. Foods and commodity dealers include liquor
and tobacco. Petroleum, etc., includes coal, chemical and rubber
products. Wednesday figures, latest shown are for August 12.

FEDERAL RESERVE BULLETIN

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE

Member bank reserves, Reserve Bank credit, and related items

957-958

Federal Reserve Bank rates; margin requirements; reserve requirements

958-959

Reserves and deposits of member banks

960

Federal Reserve Bank statistics

961-963

Regulation V: guaranteed loans, fees, and rates

963-964

Bank debits and deposit turnover; Postal Savings System

964

Money in circulation

965

Consolidated statement of the^monetary system; deposits and currency .

966

All banks in the United States, by classes

967-969

All commercial banks in the United States, by classes

970-971

Weekly reporting member banks

972-973

Commercial paper and bankers' acceptances

974

Life insurance companies; savings and loan associations

975

Government corporations and credit agencies

976-977

Security prices and brokers' balances

978

Money rates; bank rates on business loans; bond and stock yields. . .

979

Treasury finance

980-985

New security issues
Business

986
finance

987-988

Real estate credit statistics

989-991

Statistics on short- and intermediate-term consumer credit. . . .

992-994

Business indexes

995-1004

Merchandise exports and imports .

1004

Department store statistics

1005-1009

Consumers' and wholesale prices

1010-1011

Gross national product, national income, and personal income . .

1012-1013

List of tables published in BULLETIN annually or
semiannually, with references for latest data

...

952

Tables on the following pages include the principal statistics of current significance relating to
financial and business developments in the United States. The data relating to Federal Reserve
Banks, member banks of the Federal Reserve System, and department store trade, and the consumer
credit estimates are derived from regular reports made to the Board; index numbers of production
arc compiled by the Board on the basis of material collected by other agencies; figures for gold
stock, money in circulation, Treasury finance, and operations of Government credit agencies are
obtained from statements of the Treasury; the remaining financial data and other series on business
activity are obtained largely from other sources. Back figures through 1941 for banking and
monetary tables, together with descriptive text, may be obtained from the Board's publication,
Banking and Monetary Statistics; back figures for many other tables may be obtained from earlier
BULLETINS.

SEPTEMBER

1953




955

MEMBER IANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Wednesday Figures, 1946-1950, Weekly Averages of Daily Figures, 1951-

Billions of Dollars

25

15

*A*r*J~\^^

FEDERAL

RESERVE

CREDIT

20

15

DISCOUNTS AND ADVANCES

FEDERAL RESERVE FLOAT

U*VV**A*
1946




1947

1948
1949
1950
1951
1952
Wednesday figures, latest shown are for August 26. See page 957.

1953

1954

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U.S. Govt. securities
Date

Boughi
Total outright

Wednesday
1952
22 869 22,764
July 2.
22 ,860 22,645
Tuly 9.
22 ,723 22,605
July 16.
22 ,726 22,576
July 23.
22 ,844 22,602
July 30.
22 97 22,891
Aug. 6.
23 ,05 23,032
Aug. 13.
23 032 23,032
Aug. 20.
23 092 23,055
Aug. 27.
23, 182 23,116
Sept. 3 .
23, 229 23,116
Sept. 10.
23, 740 23,740
Sept. 17.
23, 715 23,715
Sept. 24.
23, 694 23,694
Oct. 1.
23, 663 23,663
Oct. 8.
23, 663 23,663
Oct. 15.
23, 663 23,663
Oct. 22.
23, 62 23,624
Oct. 29.
Nov. 5 . . . . 23,520 23,495
23,567 23,492
Nov. 12
Nov. 19. . . . 23,563 23,502
Nov. 2 6 . . . . 23,761 23,612
23,968 23,712
Dec. 3
24,239 23,787
Dec. 10
24,469 23,914
Dec. 17
24,613 23,997
Dec. 24
24,69' 24,034
Dec. 31
1953
Jan. 7 . . . 24,391 54,034
Jan. 1 4 . . . 24,205 '4,034
Jan. 2 1 . . . 24,034 '4,034
Jan. 2 8 . . . 23,970 53,970
Feb.
4 . . . 23,989 53,888
Feb. 1 1 . . . 23,929 53,888
Feb. 18. . . 23,890 53,888
Feb. 2 5 . . . 23,853 53,853
Mar. 4 . . . 23,853 53,853
Mar. 11. . . 23,853 53,853
Mar. 18. . . 23,963 53,963
Mar. 2 5 . . . 23,869 53,869
Apr. 1 . . . 23,806 53,806
Apr. 8 . . . 23,806 53,806
Apr. 15. . . 23,821 53,806
Apr. 2 2 . . . 23,806 53,806
Apr. 2 9 . . . 23,806 53,806
May 6 . . . 23,860 53,806
May 1 3 . . . 23,879 53,851
May 20. . . 23,922 53,891
May 27. . . 24,088 53,963
June 3 . . . 24,121 54,071
June 10. . . 24,637 54,632
June 1 7 . . . 25,154 55,154
June 2 4 . . . 24,837 54,837
July 1 . . . 24,766 54,766
July 8 . . . 24,964 54,964
Tuly 15. . . 24,964 54,964
Tuly 2 2 . . . 24,964 !4,964
July 2 9 . . . 24,964 !4,964
Aug. 5 . . . 24,964 14,964
Aug. 12. . . 24,964 14,964
Aug. 1 9 . . . 25,008 !4,989
Aug. 2 6 . . . 25,017 14,989
End of
month
1952
Aug
23,146 3,092
Sept
23,694 3,694
Oct
23,575 !3,495
23,821 !3,612
Nov
24.697 !4,034
Dec
1953
!3,944 !3,888
Jan.,
!3,875 13,853
Feb..
13,806 13,806
Mar..
13,880 13,806
Apr..
14,246 14,031
May.
!4,746 14,718
June.
•4,964 !4,964
July.
15,063 14,989
Aug..

Held
under
repurch:
agreement

Discounts
and Float
advance!

Total

Deposits, other
than member bank Other
M e m b e r bank
Treasreserve
balances,
reserve balances
ury Money Treas- with F. R.
FedBanks
in
curury
eral
Gold
circash
Restock rency
cula- hold- Treas- For- Othoutserve
er
stand- tion
acRe- 2 Exings
ury
eign deTotal quired
ing
dede- pos- counts
posits posits its

798
799
797
79'
724
72:
718
721
721
717
715

20,153
20,413
20,422
20,326
20,409
20,260
20,136
20,267
19,79"
19,760
20,340
729, 21,067
726 20,581
882 20,098
880 20,239
881 20,613
878 20,779
877 20,449
805 20,334
805 20,447
803 20,738
801 20,917
800 20,939
802 20,868
860 21,198
863 21,400
777 19,950

20,104
49
20,008
405
19,973
449
19,875
451
19,829
580
19,675
585
19,692
444
19,65
615
19,643
154
19,511
249
19,549
791
19,957 1,110
19,901
680
19,762
336
19,567
672
20,089
524
20,128
651
19,975
474
19,884
450
19,906
541
20,073
665
20,409
508
20,371
568
20,288
580
20,582
616
20,531
869
20,520 -570

174
176
179
323
343
332
329
390
354

776 20,902
776 20,660
774 10,741
775. 10,502
770 10,584
770 10,376
835 10,318
834 9,975
830 10,090
829 10,212
852 10,865
852; 10,148
869 9,305
868 9,629
865 9,932
864 9,476
784 9,489
780 9,811
780: 9,912
777' 9,824
777; 9,706
902 9,729
902 !0,168
958 0,958
960 0,173
949 9,828
948 9,690
947 9,397
947 9,742
863 9,529
860 9,614
859 9,593
862 9,641
862 9,440

20,309
593
20,274
386
20,255
486
20,095
407
19,956
628
19,894
482
19,979
339
19,791
184
19,840
250
19,821
391
20,002
863
19,854
294
19,518 -213
19,472
157
19,560
372
19,481
-5
19,395
94
19,386
425
19,282
630
19,312
512
19,298
408
520
19,209
719
19,449
19,778 1,180
579
19,594
19,113
715
19,002
688
18,253' 1,144
19,098
644
19,014
515
18,959
655
18,942
651
'18,831 "810
'18.871 "560

812
707
642
758
550

345
174
245
29S
455

718
723
805
801
777

20,411 19,576
835
20,066 19,747
319
20,616 19,996
620
11,149 20,354
795
9,950 20,520 -570

586
511
536
506
515
527
566
524

508
412
342
416
171
176
346
325

770
833
850
783
775.
951
862
862

10,611
10,511
9,322
9,740
10,069
9,561
9,607
9,278

105
480
215
683
118
97150 1,073
242 1,403
86
843
770
19
979
897
'37
968
66
880
113
313
400
544
1,019
772
,130
,171
25 ,663
75 ,583
61 ,486
149 ,615
256 ,591
45:
,752
555 1,022
616 1,728
663
156

801
918
969
871
655
616
72
795
610
661
759
1,191
738
721
698
887
1,070
706
528
542
1,140
921
1,188
866
1,543
1,515
967

24,155
24,465
24,671
24,674
24,907
24,440
24,553
24,810
24,603
24,816
24,87
25,249
24,857
24,963
25,384
25 ,32i
25,867
5,505
25,714
25,696
26,193
26,301
26,751
26,860
27,039
27,860
25,825

23,346
23,347
23,348
23,350
23,350
23,350
23,344
23,344
23,344
23,344
23,344
23,344
23,343
23,342
23,341
23,341
23,340
23,340
23,339
23,338
23,33
23,338
23,337
23,337
23,277
23,186
23,187

4,755
4,754
4,756
4,756
4,761
4,763
4,764
4,766
4,768
4,774
4,776
4,780
4,781
4,787
4,787
4,787
4,790
4,790
4,794
4,794
4,797
4,797
4,803
4,804
4,806
4,809
4,812

29,180
29,148
28,988
28,884
28,952
29,041
29,051
29,068
29,129
29,391
29,364
29,292
29,247
29,417
29,545
29,617
29,511
29,540
29,748
29,90=
29,842
30,152
30,274
30,370
30,487
30,732
30,433

,277
,264
,271
,27.
,286
,279
,27
,281
,276
,28.
,279
,281
,274
,28
,280
,276
,281
,289
,278
,282
,292
,267
,278
,280
,269
,266
,270

90
38
307
482
605
270
422
526
707
715
347
6
264
523
596
212
618
588
789
505
703
317
719
645
371
665
389

576
638
700
766
785
727
864
839
849
815
789
821
728
722
723
675
684
655
643
639
691
711
734
720
729
729
550

357 1,336
171 1,076
862
1,307
101 1,385
41 1,329
732
806
824
1,315
1,009
705
465
908
868
15
842
837
54
933
28 1,264
31
530
125
571
50
507
454
286
317
245
341
200
521
747
561
776
815
524

965
881
1,005
728
770
649
1,023
743
1,062
770
1,202
810
748
709
856
743
581
647
684
832
645
785
646
1,213
619
737
677
756
777
588
625
609
751
587

26,695
6,166
25,904
6,009
26,148
25,912
15,648
15,406
15,742
15,941
16,178
15,387
15,023
15,427
15,549
25,395
25,227
5,443
5,831
25,288
25,308
25,418
5,741
26,656
25,776
25,752
25,984
25,923
26,265
16,301
6,153
6,352
6,577
6,131

23,137
23,137
23,088
23,036
22,935
22,832
22,722
22,662
22,662
22,611
22,612
22,562
22,563
22,562
22,562
22,562
22,562
22,561
22,561
22,562
22,536
22,536
22,537
22,513
22,487
22,463
22,438
22,374
22,276
22,277
22,227
22,228
22,228
22,228

4,814
4,814
4,814
4,815
4,820
4,820
4,821
4,821
4,824
4,824
4,826
4,826
4,827
4,828
4,833
4,834
4,836
4,840
4,841
4,844
4,845
4,849
4,850
4,851
4,851
4,854
4,854
4,853
4,853
4,853
4,858
4,859
4,861
4,862

30,153
29,884
29,687
29,592
29,657
29,776
29,654
29,735
29,772
29,780
29,708
29,600
29,754
29,780
29,753
29,722
29,787
29,863
29,845
29,795
29,825
29,980
30,003
29,970
29,929
30,152
30,279
30,163
30,051
30,044
30,139
30,158
30,145
30,105

,280
,280
,291
,298
,331
,312
,288
,291
,295
,299
,305
,306
,304
,300
,278
279
,278
,285
285
,282
,284
,282
,289
,276
,272
,269
,266
,264
,267
,264
275
280
273

622
455
343
745
672
431
395
389
488
331
8
7
286
329
341
509
367
214
428
145
355
137
6
8
8
176
431
640
539
841
460
675
738
669

570
699
622
612
562
558
458
454
512
581
496
511
550
568
574
585
518
517
618
584
504
520
587
598
615
521
488
561
525
547
557
551
610
518

747
54 1,318
572
477
685
" 8 0 1,591
209 1,895 1,020
967
663
156

15,216
14,747
15,855
16,740
15,825

23,344
23,342
23,339
23,338
23,187

4,776
4,786
4,795
4,802
4,812

29,293
29,419
29,644
30,236
30,433

,269
,278
,268
,261
,270

488
508
770
378
389

56 1,735
796
23 1,309 1,006
632
485
649
" 7 4 1,014
607
731
215
601
64
28
565
644
549
"74
343

6,478
!6,194
14,927
•5,546
15,589
15,414
16,176
15,9.58

22,986
22,662
22,563
22,562
22,537
22,463
22,277
22,178

4,820
4,824
4,829
4,841
4,849
4,854
4,859
'4,865

29,691
29,793
29,754
29,842
29,951
30,125
30,120
•30,240

,308
,284
,293
,269
1,272
1,259
1,263
1 ,275

809
336
222
393
221
132
548
496

276

184
268
288
250
25
255
193
218
235
251
159
17
161
162
249
179
245
236
250
244
258
270
147
316
208
201
455
343
364
348
337
326
340
244
211
240
345
381
351
344
343
200
356
401
374
366
286
238
253
173
252
158

19,997
614
19,796
715
19,607 -285
19,389
351
19,263
806
19,459
102
19,017
590
'18,815 »463

* Preliminary.
For footnotes see following page.
SEPTEMBER

1953




957

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Con tinned
[In millions of dollars]
Reserve Bank credit outstanding

U S. Govt . securities
Date
or
period

DisHeld counts
under and
Bought repur- adTotal
outvances
right chase
agreement

All

Float oth- Total
er i

Deposits, other
than member bank
M e m b e r bank
reserve balances
reserve balances, Other
Treaswith
F.
R.
Banks
ury Vloney TreasFedin
eral
curury
Gold
cirRestock rency cula- cash
Othserve
outhold- Treas- Forer
acstand- tion
ings
Exury
eign de- counts Total
Reing
quired2 cess2
dedeposits posits its

End of
month:
216
1929—June.
1933—June. 1,998
1939—Dec. 2 ,484
1941—Dec. 2 ,254
1945—Dec. 24,262
1947—Dec. 22,559
1948—Dec.. 23 ,333
1949—Dec. 18,885
1950—Dec. 20,778
1951—June. 22 ,982
Dec. 23 ,801
1952—June. 22 ,906
Dec. 24 ,697
1953—June. 24,746

148
52 95 1,400 4 ,037 2,019 4,459
204
36
68 1,037
1 998
164
4 54 2,220 4 ,031 2,286 5 434
264
35
7
2 484
91 11 2,593 17,644 2,963 7 598 2 ,409
634
94 10 2,361 22 ,737 3,247 11,160 2 ,215
867
2 254
3
249
977
19 410 4,852
578 2 25,091 20,065 4,339 28 515 2 ,287
22 559
85
535
1 23,181 22 ,754 4,562 28,868 1,336
870
23 333
223
541
1 24,097 24 ,244 4,589 28 224 1,325 1,123
18 885
78
534 2 19,499 24,427 4,598 27,600 ,312
821
20 725
53
67 1 368 3 22,216 22 ,706 4,636 27 741 ,293
668
22 932
50
53 1 002
5 24,043 21 ,756 4,655 27 809 ,281
317
23 605
196
19 1 184 5 25,009 22,695 4,709 29 206 ,270
247
22 764
142
59
581
5 23,551 23 ,346 4 754 29 026 ,283
333
24 034
663
156 967
4 25 825 23 ,187 4 812 30 433 1,270
389
24 718
28
64
601
3 25 414 22 ,463 4 854 30 125 1,259
132

6
15
397
774
862
392
642
767
895
870
526
548
550
527

21
151
256
586
446
569
547
750
565
392
363
298
455
176

374 2,356
346 2,292
251 11 653
291 12 450
495 15 915
563 17 899
590 20 479
706 16 568
714 17 681
765 19 020
746 20 056
783 19 381
777 19 950
951 19 561

2 333
1 817
6 444
9 365
14 457
16 400
19 277
15 550
16 509
18 604
19 667
19 573
20 520
19 459

23
475
5 ,209
3 ,085
1,458
1,499
1,202
1,018
1,172
416
389

22 983
23 433
23 644
23 527
23 876
24 011
23 875
23 878
23 806
23 881
24 ,729
24,943
24 974

44
38
13
111
524
191
43
14
55
92
19
12
26

649
778
648
657
723
707
638
588
535
591
788
784

24 035
24,431
24 ,933
25 ,188
24,658
24,902
24,964
24,964
24 ,964
24 ,964
24,964
24,967
24 ,989

156
15
28

-192
-570

102

Averages
of daily
figures
Monthly:

1952—Aug.. 23 ,027
Sept. 23 ,471
Oct.. 23 ,657
Nov. 23 ,638
Dec. 24 ,400
1953—Jan.. 24,202
Feb.. 23 ,918
Mar. 23 ,892
Apr.. 23 ,861
May. 23 ,973
June. 24,748
July . 24,955
Aug.. 25 ,000
Weekending:
June 3.... 24,191
June 10
24,446
June 17.... 24,961
June 24.... 25 ,188
July
July
July
July
July

24 ,667
24,954
24,964
21,964
24 ,964
5.... 24 ,964
12.... 24 ,964
19.. .. 24 ,992
26
25 ,014

1
8....
15
22
29.

Aug.
Aug.
Aug.
Aug.

9
52

25
25

955
433
428
658

734
856
927
954
1 262
1 008
822
909
843
750
776
737
660

634
553
403
291
441
409
240
391
624
628
847
752
496

658
639
842
986
662
721
663
920
678
606
572
806
659

1,059

723
1,093
1,577
1,633
1,372
1,336
1,220
1,184

4 24 824 23 ,346
^ 25 055 23 ,343
4 25 681 23 ,340
4 26 172 23 ,338
4 27 299 23 ,276
4 26 586 23 ,101
4 26 080 22 ,797
4 26 025 22 ,606
4 25 892 22 ,562
4 25 682 22 ,557
25 960 22 ,514
26 123 22 ,366
26 322 22 ,226
25
25
26
26

486 22 ,537
641 22 ,537
209 22 ,512
469 22 ,508

25 ,773 22 ,480
26 ,087 22 ,442
25 ,870 22 ,402
26 ,278 22 ,354
26 ,269 22 ,276
26,200 22 ,263
26 ,386 22 ,227
26 ,554 22 ,228
26 ,172 22 ,228

4
4
4
4
4
4
4
4
4
4
4
4
4

765 29 088
778 29 343
788 29 555
796 29 904
806 30 494
814 29 920
821 29 718
825 29 752
832 29 782
843 29 869
851 30 011
853 30 165
860 30 167

1,276
1,275
1,276
1,277
1,271
1,280
1,299
1,296
1,281
1,279
1,273
1,264
1,273

501
326
550
591
569
552
500
244
395
356
52
545
656

785
766
688
689
745
611
526
530
563
552
566
537
548

259
231
253
297
290
405
336
378
397
350
203
239
376

720 20 306
721 20 514
876 20 611
803 20 744
832 21 180
775 20 958
800 20 520
841 20 416
861 20 007
779 19 897
933 20 287
939 19,653
861 19 526

19 657
19 736
19 963
20 087
20 ,457
20,251
19,882
19,828
19,472
19,306
19,49O
18,869

4 849 29 954
4 850 30,037
4 851 30 ,018
4 851 29 ,966
4 ,853 30 .063
4 ,854 30 ,267
4 ,853 30,257
4 ,853 30 ,122
4 ,853 30 ,031
4 ,857 30 ,124
4 ,858 30 ,178
4 ,859 30 ,181
4 ,862 30 ,138

1,279
1,280
1,275
1,268
1,264

205
25
14
14
144
413
539
629
629
563
657
793
626

519
549
599
577
551
494
556
548
544
563
539
598
520

194
201
218
201
188
160
188
233
356
368
349
391
402

830 19 891
902 20 034
925 20 ,523
960 20,843
957 19,939
949 19,838
948 19,377
948 19,736
931 19,644
861 19,572
860 19,616
860 19,541
861 19,441

19 ,28(
611
19,350
684
19,625
898
19,690 1,153
19,393
546
19 ,046
792
18 ,190 1,187
19,122
614
19 ,046
508
591
18,981
18,907
709

1 ,262
] ,259
1,268
1,264

1,269
1,273
1,277
1,274

P18 ,888
P18 ,810

P653
P631

P Preliminary.
industrial loans and acceptances purchased, which are shown separately in subsequent tables.
These figures are estimated.
Backfigures.—SeeBanking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
1
Includes
2

MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]

MARGIN REQUIREMENTS >
[Per cent of market value]

Nov. 1, 1933- Feb. 1, 1935- Effective
Jan. 31, 1935 Dec 31, 1935 Jan. 1, 1936
Savings deposits
Postal Savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months. . .
In less than 90 days
NOTE.—Maximum rates that may be paid by member banks as
established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank
may not in any event exceed the maximum rate payable by State
banks or trust companies on like deposits under the laws of the State
in which the member bank is located. Maximum rates that may be
paid by insured nonmember banks as established by the F.D.I.C.,
effective Feb. 1, 1936, are the same as those in effect for member banks.

958



Prescribed in accordance with
Securities Exchange Act of 1934

Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U :
For loans by banks on stocks

Mar. 30, Jan. 17, Effec19491951tive
Jan. 16, Feb. 19, Feb. 20,
1951
1953
1953

50
50

75
75

50
50

50

75

50

1

Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Backfigures.—SeeBanking and Monetary Statistics, Table 145, p. 504,
and BULLETIN for March 1946, p. 295, February 1947, p. 162, and
February 1953, p. 130.
FEDERAL RESERVE BULLETIN

FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks

Federal Reserve Bank

Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a)»
Rate on
Aug. 31

Previous
rate

In effect
beginning—

Boston
New York.. .
Philadelphia. ,
Cleveland
Richmond. . .
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City. ,
Dallas
San Francisco

20,
16,
16,
16.
23,
16,
16,
16,
16,
16,
23,
20,

Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)

Other secured advances
[Sec. 10(b)]

Rate on
Aug. 31

In effect
beginning—

Rate on
Aug. 31

Previous
rate

1953
1953
1953
1953
1953
1953
1953
1953
1953
1953
1953
1953

In effect
beginning—
Jan.
Jan.
Jan.
Aug.
Jan.
July
Aug.
May
Jan.
Jan.
Jan.
Jan.

3

I*
3
11/

3 *

i*
3

Previous
rate

20, 1953
16, 1953
16, 1953
17, 1953
23,1953
20, 1953
13, 1948
18, 1953
26, 1953
16, 1953
23, 1953
20, 1953

1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a
of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding
6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.

FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum]
Rate on
Aug. 31

Maturity
1- 90 davs
91-120 days
121-180 davs

2%
2M
2%

MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]

2

2V8

FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect August 31. Per cent per annum]

On
loans 1

Boston
New York
Philadelphia. . . .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas City
Dallas
San Francisco...

To financing institutions

On discounts or
purchases

Federal
Reserve
Bank

3-5 H
3-5 y2
2Y2-5

2M-5
2^-5
3-5^
2M-5
3-5^
3-5M

On
commitments

Y2-IY2

H-iX
H-iX
X-iX
X-iX
X-iX
X-iH

Portion
for which
institution is
obligated

Remaining
portion

On
commitments

(3)
2

2-2 H

1
Including loans made in participation with financing
2
Rate charged borrower less commitment
rate.
3
4

(3)

5

5 &-1X

%-iX
X-iX
X-iX
X-ttf
X-iX

1953




Central
reserve
city
banks

Reserve
city
banks

Country
banks

Time
deposits
(all
member
banks)

13

10

7

3

1936—Aug. 16
1937—Mar. 1
May 1

22%
26

20

2

* 14

1938—Apr. 16

22M

17X

12

5

1951—Nov.
1942—Aug.
Sept.
Oct.

1
20
14
3

26
24
22
20

20

14

6

1948—Feb.
June
Sept
Sept.

27
11
16
24

22
24
16

271/

1949—May
May
June
July
Aug.
Aug.
Aug
Aug.
Aug.
Sept.

1
5
30
1
1
11
16
18
25
1

15

2

1953—July
July

15

26

22

24

21
20

23^

19X

23
22 y2

19

22
23

In effect Sept. 1, 1953*. . .

14
13

"li""

6

7
37
36
2

6

35
25

18
3

19
13

24

20

22

19

22

19

2

6
6

14

. . .

1
9

4

13
13

6

1

institutions.

Rate charged borrower.
Rate charged borrower but
not5 to exceed 1 per cent above the discount rate.
Charge of }4 per cent per annum is made on undisbursed portion
of 6loan.
Charge of M per cent per annum is made on undisbursed portion
of loan.
Back figures.—See Banking and Monetary Statistics, Table 118. pp.
446-447.

SEPTEMBER

1917—June 21

1951—Jan. 11
Jan. 16
Tan. 25
Feb. 1 .

i
8
8
8

Effective date
of change

17A

Jan. 16, 1953
Jan. 16, 1953
Jan. 16, 1953

NOTE.—Effective minimum buying rates on prime bankers' acceptances payable in dollars. Back figures.—See Banking and Monetary
Statistics, Table 117, pp. 443-445.

To industrial or
commercial
businesses

Net demand deposits 1

Previous
rate

In effect beginning—

Demand deposits subject to reserve requirements, which beginning
Aug. 23, 1935, have been total demand deposits minus cash items
in process of collection and demand balances due from domestic banks
(also minus war loan and series E bond accounts during the period
Apr. 13, 1943-June 30, 1947).
2 Requirement became effective at country banks.
3
Requirement became effective at central reserve and reserve city
banks.
* Present legal minimum and maximum requirements on net demand
deposits—central reserve cities, 13 and 26 per cent; reserve cities,
10 and 20 per cent; country, 7 and 14 per cent, respectively; on time
deposits at all member banks, 3 and 6 per cent, respectively.

959

MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]

Month, or
week ending Wednesday

All
mem-

Central reserve
city banks

ber

Reserve Country
city
banks banks *

Month, or
week ending Wednesday

banks*

New
York

Chicago

19,767
20,140
20,536
19,897
20,287
19,653

5,163
5,324
5,474
4,922
5,155
4,838

1,281
,317
,365
L ,297
,320
,292

7,674
7,785
7,911
7,824
7,933
7,808

5,649
5,714
5,786
5.853
5.878
5.713

1952—May
June
July
1953—May
June
July

19,736
19,644
19,572
19,616
19,541
19,440

4,852
4,860
4,785
4,728
4,695
4,671

L,304
,310
,292
1,300
1 ,286
1 .295

7,831
7,813
7,802
7,801
7,820
7,782

5,750
5,661
5.694
5.787
5,740
5,693

July
July
Aug.
Aug.
Aug.
Aug.

Total reserves held:
1952—May
June
July
1953—May
June
July
July
July
Aug.
Aug.
Aug.
Aug.

22
29
5
12
19
26

New
York

Chicago

Reserve Country 1
city
banks banks

Excess reserves:
628
709
609
591
787
784

-1
38
-14
15
128
53

-5
-8
7
3
4
5

123
135
84
108
164
130

511
544
532
466
491
597

614
598
592
710
"653
*>631

-22
23
-8
4
7
11

-9
5
-7
8
-11
11

74
79
92
92
86

571
491
522
606
P565

563
579
1,077
944
423
418

105
169
225
72
11
12

26
23
82
54
22
40

321
278
634
569
195
245

111
109
136
249
195
121

23'
43
116
58
14

38
80
97
117
122
23

250
335
329
429
408
307

93
176
149
174
154
145

22
29
5
12
18
26

85 •

Borrowings at Fed era
Reserve Banks:

Required reserve
1952—May
June
July
1953—May
June.2
July . . .
Tuly
July
Aug.
Aug.
Aug.
Aug.

Central reserve
city banks

All
member
banks*

22.
29.
5.
12.
19.
26.

19,140
19,431
19,926
19,306
19,499
18,868

5,164
5,286
5,488
4,908
5,028
4,786

,286
,325
1,358
1,295
.316
1,288

7,551
7,649
7,826
7,716
7,769
7,678

19,122
19,046
18,981
18,907
"18,888
"18.808

4,873
4,837
4,793
4,724
4,688
4,659

L .313
,305
.299
,292
,297
I ,284

7,757
7.734
7.717
7,710
7,728
7,695

5,138
5,170
5,254
5.387
5,387
5,117
5,179
5,170
5,172
5,181
P5.17S
"5,170

1952—May
June
July
1953—May
June
July
July
July
Aug.
Aug.
Aug.
Aug.

22
29
5
12
19
26

381
614
618
836
742
489

*1 Preliminary.
Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member
banks2 and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc.
Reserve requirements were reduced on July 1 for country banks and on July 9 for central reserve and reserve city banks; see table on preceding page.
Back figures.—See Banking and Monetary Statistics, pp. 396-399.
DEPOSITS. RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]

Item

All
member
banks

Central reserve
city banks
New
York

Chicago

Reserve
city
banks

Country
banks

All
member
banks

Centra reserve
city 1Danks
New
York

July 1953
Gross demand deposits:
Total
Interbank
Other
Net demand deposits2
Time deposits
Demand balances due from domestic banks...
Reserves with Federal Reserve Banks:
Total
Required3
Excess
Borrowings at Federal Reserve Banks

106,408
12,072
94,336
92,976
34,775

22.530
3,877
18,653
20,623
2,435

6,036
1,238
4,798
5,406
1,203

6,169

40

124

19,653
18,868
784

4,838
4,786
53

418

12

1,292
1 ,288
5
4.0

Reserve
city
banks

Country
banks

5,967 40,750
1,189
5,809
4,778 34,941
5,368 35,274
1 .154 12,862

35,718
1,067
34,651
30,623
16,115

Chicago
July 1952

41,267
5,894
35,372
35,566
13,848

36,575 106,828
1,062
11,985
35,513 94,843
31,381 93,607
17,288 32,229

24,393
3,920
20.473
22,343
2 ,098

1 .957

4,048

6,069

41

122

1.898

4,007

7 ,808
7.678
130

5,713
5,117
597

20,536
19,926
609

5,474
5.488
-14

1,365
1,358
7

7,911
7,826
84

5,786
5,254
532

121

1 ,077

225

82

634

136

245

1

Averages of daily closingfiguresfor 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
Reserve requirements were reduced on July 1, 1953, for country banks and on July 9 for central reserve and reserve city banks; see table on
preceding page.

960




FEDERAL RESERVE

BULLETIN

STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS
[In thousands of dollars]
E n d of month

Wednesday figures

Item
Aug. 26

Assets
?0

Gold certificates

Aug. 12

Aug.

July 29

Aug. 5

Aug.

July

?4S 10? ?0 ?46 104 ?0 ?46 101 ?0 ,243,101 ?(1 ?94 10? ?0 19S 103 ?0 ?94 100
791 ,312
791 ,311
797 ,665
790 ,768
792,222
797 ,665
798 ,477

,448,503
698,254

21 ,042 ,767 21 ,044 ,581 21 ,036 ,869 21 ,035,323 21 ,085 ,413 20 ,992 ,768 21 ,085 ,412 22 ,146,757

Total gold certificate reserves
Other cash
. .
Discounts and advances:
For nonmember banks, etc
Industrial loans
U. S. Government securities:
Bought outright:
Bills
Certificates:
Special
Other
Notes

342,928

345 ,004

335 ,411

336 ,397

336,786

350 ,762

337 ,150

349 ,741

S?4 138

80S 489

551,158
9,500
2,978

737 346

34? ,849

9 SOO

766 843
9 SOO
8S8

9 SOO
3 098

2 ,773

634 ,376 1 ,281,911
9 500
36,500
3 ,26?
4,659

1 697 304

1 67? 304

1 ,672,304

1 67? 304

1 697 304

2 8S1
1 697 304

1 6 7 / 304

435,000

4 99 S 716 4 99 S 716 4 99 S 716 4 ,995,716 4 99 S 716 4 99 S 716 4 995 716 11 ,853,216
13 773 671 13 773 671 13 773 671 13 ,773,671 13 773 671 13 773 ,671 13 773 ,671 5 ,568,073
4 ,521 ,975 4 ,521 ,975 4 ,521 ,975 4 ,521,975 4 ,521 975 4 521 ,975 4 ,521 ,975 5 ,235,823

Bonds

Total bought

Aug. 19

1952

1953

1953

outright....

Held under repurchase agreement

?4 988 666 74 988 666 ?4 963 666 74 ,963,666 ?4 963 666 ?4 988 666 ?4 963 666 ?3 ,092,112
53,500
19 ,000
74 ,500
28 ,400

Total U. S. Government securities

25 017 ,066 25 ,007 ,666 24 ,963 ,666 24 ,963,666 24 ,963 666 25 063 166 24 963 666 23 ,145,612

Total loans and securities

25 544 055 25 825 476 25 742 ,867 25 ,527,302 25 ,713 610 25 408 788 25 610 804 24 ,468,682

Due from foreign banks
F. R. notes of other Banks

184
3 43?
SO
170

Bank premises
Other assets
Total assets

701
366

0?,4
598

176
3 999
50
162

77
4?8
601
071
387

73
180
3 7S8
SO
156

186
109
0?6
029

?3

23
181,155

179
3 487
49
137

3 ,390,182

49,995
146,908

?3

168
181 457
3 SO 9 847 ?47
49 983
856
589
176 705

190
3 039
49
140

604
6S6
8?7
309

23
187,911

3 ,060,783

45,300
243,985

SO 769 537 51 593 977 51 260 506 50 667,674 51 ,003 771 49 994 120 50 466 376 50 ,496,369

Liabilities
Federal
Deposits:Reserve notes
Member bank—reserve accounts
U. S. Treasurer—general account
Foreign ..
Other

?S 8S9 964 ?S 89? 405 ?S 899 864 ?S 883,042 ?S ,793 473 ?S 983 4?4 ?s 87? ?17 ?5 ,119,018
9 440 430 19 640 898 19 S 9 ? S67 19 613,596 19 ,S?8 9S1 19 ?78 14S 19 607 f84 70 ,411,383
669
488,191
738 086
674 S19
841 4??
496 171
548 438
460,414
609 88S
SSI 0 ? ?
S6S 96 S
S?4 ? 0 3
811,731
556,615
546 638
S17 638
344,718
324 733
390 196
343 165
353 705
328 589
331,978
346 082
20 981 015 21 379 065 21 146 697 20 962,603 21 ,260 176 20 623 252 21 067 669 22 ,056,023

Total deposits
Deferred availability cash items
Other liabilities and accrued dividends
Total liabilities
Capital Accounts

19 751

Total liabilities and capital accounts
Ratio of gold certificate reserves to deposit and
F. R. note liabilities combined (per c e n t ) . . . .
Contingent liability on acceptances purchased

18 548

17 521

764,858
17,449

,899 70?

?98 336

474 7S?

18 643

20 265

17 666

so, 769,

19?

676
S43
699

087
S84 676
? 7 S43
182 148

?60
S84
?7
174

901
676
S43
425

260,711
584,676
27,543
166,792

?60 738
S84 676
77, S43
158, 820

Over 10 years

S84 676
77 S43
195 404

?60
S84
?7
161

679
676
S43
174

246,407
538,342
27,543
179,604

537 51 593 977 51 260 506 SO 667,674 51 ,003, 771 4 9 , 994 120 50 466 376 50 ,496,369

44.9

44.5

44.7

44.9

44.8

45.0

44,9

46.9

25,291

25,334

25,316

24,899

3 , 653

25,406
3,574

23,315

3 , 596

25,484
3 677

3 356

3 304

9,130
6,154

3 , 549

Maturity Distribution of Loans and U. S. Government Securities
Discounts and advances—total
Within 15 days
16 days to 90 days
91 days to 1 year....
Industrial loans—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
U. S. Government securities—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years

,313,971
15,461

4 9 , 706 4? 7 SO S38 S?3 SO ?1? 961 49 627,952 49 971 994 48 9?,S ?77 49 43? 304 49 ,504,473

761
S84
77
189

Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts

Industrial loan commitments

84 S 697 3 ?48 SOS 3 148 879

1

342,849
643,876 ,318,411
524,138
814,989
560,658
746,846
776,343
321,953
588,436 ,157,404
490,719
494,474
714,826
757,873
702,646
20,746
55,269
33,269
66,014
31,849
160,971
56.959
73,528
150
171
150
170
171
36
157
169
2,773
3,262
2,851
2,978
3,098
4,659
2,821
2,858
598
556
669
572
1,137
653
693
557
318
465
203
387
477
856
249
424
1,375
1,656
1,498
1,491
898
2,590
1,418
1,463
482
585
481
528
586
560
459
416
,017,066 25 007,666 24 963,666 24 ,963,666 24 ,963,666 25, 063,166 24 963,666 23 ,145,612
120,325
453,400
369,800
559,400
339,500
53,500
424.900
574,050
507,304
245,129 ,212,500
359,029
2 211,729
147,229
124,479 2,139,129
,795,941
13,194,016 13,194,016 13,023,616 13,023,616 13,023,616 13,194,016 13,023,616
,452,264 ,941,352
452,264
452,264
452,264 6,452,264' 6,452,264
6 ,452,264
374,400 ,374,400 ,070,224
1.374,400
1
374,400
374.400
374,400 1,374,400
1
1,414,857
414,857 ,414,857 ,072,095
1,414,857
414,857
414,857
414,857 1
1

"

•

• " • '

1
Beginning Apr. 15, 1953, U. S. Government securities classified according to maturity date. During the period Jan. 3, 1951-Apr. 8, 1953,
callable issues classified according to nearest call date. Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements.

SEPTEMBER

1953




961

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 31, 1953
[In thousands of dollars]
Item

Total

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

San
Francisco

Dallas

Assets
Gold certificates. 20,195,103
forF. R. notes.

797,665

Total gold certificate reserves.. 20,992,768
337,150
Other cash

670,935 6,166,506 1,206,730 1,528,860
105,694

60,889

721,690

84,999

82,885

735,853 6,272,200 1,267,619 1,613,859
63,760
21,667
24,339
30,188

804,575
16,554

64,918

509,511

322,772

904,435

124,232

50,276

25,896

40,053

717,371 4,472,076
26,029
69,970

559,787
17,020

348,668
5,224

944,488
11,521

10,200

41,935
7

656,657 4,347,844
60,714

advances:
Secured by
U. S. Govt.
9,800
16,067
66,830
12,520
342,371
30,996
32,538
32,420
45,260
securities. . .
200
478
Other
2,773
2,091
100
476
Industrial loans
U. S. Government
securities:
Bought out24,988,666 1,707,156 5,542,535 1,565,265 2,427,224 1,786,340 1,494 484 3,743 141 1,322,005
right
Held under
repurchase
74,500
74,500
agreement...
Total loans and
25,408,788 1,719,676 5,683,865 1,583,423 2,458,220 1,818,978 1,527,380 3,788,401 1,332,005
securities
Due from foreign
1
1
1
1
3
1
2
2
22
6
banks
F. R. notes of
181,457
22,332
8,944
14,063
9,219
10,063
22,398
21,084
19,863
other Banks...
2,847,247
items
49,983
Bank premises...
176,705
Other assets
Total assets

242,543
5,059
12,772

542,670
7,109
37,992

208,746
4,338
10,881

274,303
4,552
17,664

221,289
4,803
12,453

166,903
3,634
11,173

480,829
6,749
25,732

107,205
2,919
8,914

106

772,843

495,383 2,663,780
31,095

66,014

526,478 2,729,794
12,620
38,258

32,270
271

11,535

992,300 1,206,478 2,428,895

783,149 1,034,242 1,239,019 2,440,430
1

1

1

2

16,028

7,361

6,863

23,239

80,987
1,033
5,405

144,816
2,182
7,757

125,717
602
8,889

251,239
7,003
17,073

49,994,120 2,755,036 12,629,934 3,110,739 4,402,158 2,901,051 2,473,575 8,863,623 2,037,914 1,240,495 2,152,368 1,920,189 5,507,038

Liabilities
F. R. notes

25,983,424 1,586,203 5,716,489 1,843,473 2,412,322 1,803,435 1,375,325 5,029,836 1,178,353

Member bk.—
reserve accts. 19,278,145
U. S. Treas.—
496,171
gen. acct
524,203
Foreign
324,733
Other
Total deposits.. . 20,623,252
ability cash
items
Other liabilities
and accrued
dividends

787,689 5,705,564
41,018
31,183
3,435

54,934
2163,788
267,646

863,325 6,191,932

903,504 1,520,312
43,180
38,340
2,626

633,589 1,017,545

737,820 2,649,034
969,958 2,396,752

875,305 3,254,377

674,820

463,196

929,202

60,474
70,034
784

40,671
19,426
7,371

38,801
12,780
1,841

41,194
19,426
1,906

862,656

933,549 3,385,669

742,288

516,618

797,466

31,156
47,030
4,507

37,986
25,560
1,644

987,650 1,603,005

35,522
21,982
740

31,509
23,004
752

39,726
51,650
31,481

991,728 1,025,223 2,519,609

2,298,336

236,837

416,622

199,233

286,408

176,341

114,384

297 965

72,680

60,641

100,341

106,936

229,948

20,265

1,304

6,377

1,072

2,078

1,002

939

2,877

845

643

733

765

1,630

Total liabilities. . 48,925,277 2,687,669 12,331,420 3,031,428 4,303,813 2,843,434 2,424,197 8,716,347 1,994,166 1,211,491 2,110,347 1,870,744 5,400,221
Capital
Accounts
Capital paid in. .
Surplus (Sec. 7) . .
Surplus (Sec. 13b)
accounts

261,220
584,676
27,543

14,235
36,462
3,011

81,508
167,503
7,319

17,791
43,578
4,489

24,799
54,064
1,006

11,350
29,248
3,349

10,997
25,803
762

33,667
84,628
1,429

8,970
23,628
521

5,842
15,131
1,073

10,015
21,925
1,137

13,164
25,381
1,307

28,882
57,325
2,140

195,404

13,659

42,184

13,453

18,476

13,670

11,816

27,552

10,629

6,958

8,944

9,593

18,470

Total liabilities
and capital
49,994,120 2,755,036 12,629,934 3,110,739 4,402,158 2,901,051 2,473,575 8,863,623 2,037,914 1,240,495 2,152,368 1,920,189 5,507,038
accounts
Reserve ratio....

45.0%

30.0%

52.7%

44.8%

40.2%

30.2%

31.1%

53.1%

29.1%

30.3%

47.0%

29.9%

52.8%

25,316

1,546

37,454

1,900

2,331

1,267

1,089

3,471

963

633

963

1,140

2,559

1,621

749

52

Contingent liability on acceptances purchased for forspondents
Industrial loan
commitments.

3,356

40

894

1
After
2
After
3

deducting $16,000 participations of other Federal Reserve Banks.
deducting $360,396,000 participations of other Federal Reserve Banks.
After deducting $17,862,000 participations of other Federal Reserve Banks.

962




FEDERAL RESERVE BULLETIN

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS* ACCOUNTS
FEDERAL RESERVE BANKS COMBINED
[ In thousands of dollars!
Wednesday r figures
Item

End of month

1953
'Vug. 19

Aug. 26
F. R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificates
Eligible paper.
U. S. Government securities

26,896

8 9 ? 76

1953

Aug. 12

866 S84 26,833 448

Aug. 5
96

g21

July 29

34S ? 6

,794,606

Aug
?6

,922, 781

?6

1952
July

Aug

784 543 ? 6

on

96 S

11,983 ,000 11 ,983 ,000 12,003 000 12,003, 000 12 ,003,000 11 ,993, 000 12 003 000 1 3 , 164, 000
404 ,995
402,779
385
303 ,146
188, ?S7
474
875, 176
15,650 ,000 15 ,600 ,000 15,600 000 15,600, 000 15 ,600,000 15 ,650, 000 15 600 000 1 3 , 550, 000
27,936 ,146 27 ,987 , 995 27,988 629 27,885, 214 28 ,005,779 27 ,831, 257 27 916 474 2 7 , 589, 176

Total collateral

EACH FEDERAL RESERVE BANK ON AUGUST 31, 1953
[In thousands of dollars]

hem

Total

Boston

New
York

Philadelphia

Cleveland

Richmond

St.
Louis

Chicago

Atlanta

Minne- Kansas
City
apolis

Dallas

San
Francisco

F. R. notes outstanding (issued
to Bank)
26,922,781 1,654,292 5,907,657 1,904,109 2,504,118 1,880,151 1,438,493 5,133,503 1,221,135 647,003 1,044,786 773,599 2,813,935
Collateral held:
Gold certificates 11,993,000 390,000 3,920,000 745,000 810,000 430,000 310,000 2,800,000 280,000 145,000 280,000 183,000 1,700,000
41,942
16,067
32,538
9,800 10,200
Eligible paper..
188,257
12,520
11,535
53,655
U. S. Govt. se1,500,000 1,200,000 2,400,000 1,025,000 525,000 800,000 600,000 1,300,000
15,650,000 1,300,000 2,100,000
curities
1,962,538 1,510,000 5,200,000 1,314,800 680,200 1,121,942 783,000 3,011,535

Total collateral.. 27,831,257111,702,520 6,073,655

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]

Date (last
Wednesday
or last day
of period)

Applications
approved
to date

Participations
Apof
proved
Loans Commitments ingfinancinstibut not
outouttutions
com- 1 standing2 standing
pleted (amount) (amount)
out- 3
(amount)
standing
(amount)

Number

Amount

3,511
3,542
3,574
3,607
3,649
3,698
3,736

544,961
565,913
586,726
615,653
629,326
651,389
710,931

320
1,577
945
335
539
4,819
3,513

1,995
554
1,387
995
2,178
2,632
4,687

1,644
8,309
7,434
1,643
2,288
3.754
6,036

1,086
2.670
4.869
1 /J90
2,947
3,745
11,985

^ 746
July 31
Aug. 31 . . . 3,750
Sept. 3 0 . . . 3,750
3 751
Oct. 31
Nov. 3 0 . . . 3,752
Dec. 3 1 . . . 3,753

743,629
748,451
752,042
757,277
762,620
766,492

1,589
2,142
1,370
1,601
1,351
L.638

4,624
4,690
4,496
4,311
3,868
3,921

6,184
6,152
6,327
3,720
4,044
3,210

9,814
10,128
9,978
7,174
7,010
3,289

LOANS GUARANTEED THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V, PURSUANT TO
DEFENSE PRODUCTION ACT OF 1950
[Amounts in thousands of dollars]

to date

•pi

u

ate
NT

1945
1946
1947
1948
1949
1950
1951
1952

Jan.
Feb.
Mar.
Apr.
May
June
July

31
28...
31...
30. . .
31. ..
30, ,
3 1 . . .1

^ 754
3,755
3,756
3,757
3,758
S 758
3,759

770,541
773,013
776,461
780,468
784,246
788,058
790,798

1

2,513
1,185
1,188
1,751
1,698
1,646
,162

3,895
4,054
3,678
3,485
3,706
3.223
3,292

3,176
2,816
2,756
2,866
2,671
3,142
3,304

3.236
3.234
3 .193
3,131
3,141
3.141
3,129

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.

SEPTEMBER 1953




Amount

ber

Total
amount

Portion
guaranteed

Additional
amount
available to
borrowers
under guarantee agreements

outstanding

1950
Dec. 3 1 . . .

8 ,017

6,265

8,299

.833
,100
,167
,459

56,973
209,465
400,652
546,597

47,822
276,702
450,013
472,827

1 ,677 ,786
1 ,867 ,643

836 ,739
883 ,262

672,974
703,774

467,392
615,139

1,092
1,113
1,130
1,143
1,159

1 ,922 ,388
2 ,023 ,403
2 ,052 ,327
2 ,069 ,697
2 ,081 ,888
2 124 ,123

909
907
922
993
989
979

,688
,899
,129
,856
,678
,428

726,452
725,943
736,833
811,132
811,117
803,132

648,065
692,067
656,995
591,762
600,304
586,303

1,173
1,188
1,204
1,212
1,221
1 ,237
1,244

2
2
2
2
2
2
2

,953 984 ,295
,443 999 ,794
,643 1 ,023 ,666
,201 972 ,193
,011 957 ,541
,755 906 ,584
891 ,865
,777

808,986
822,257
838,704
801,945
792,015
748,691
736,723

578,061
548,916
520,517
469,324
469,048
487,928
482,394

62

31 ,326

254
484
729
854

300 ,955
654 ,893
1 ,154 ,942
1 ,395 ,444

68
252
492
675

971

1951
Mar. 3 1 . . .

1953

Guaranteed
loans
outstanding

Guaranteed loans
authorized

June 3 0 . . .

Sept. 3 0 . . .
Dec. 3 1 . . .
1952

Mar. 3 1 . . .
June 3 0 . . .

1,050

July 31. . . 1,066
Aug. 3 1 . . .
Sept. 3 0 . . .
Oct. 3 1 . . .
Nov. 3 0 . . .
Dec. 3 1 . . .
1953
Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 3 1 . . .
Apr 30.. .
May 31.. .
Tune 3 0 . . .
July 3 1 . . .

147
170
190
211
258
283
292

NOTE.—The difference between guaranteed loans authorized and
sum of loans outstanding and additional amounts available to borrowers under guarantee agreement outstanding represents amounts
repaid, guarantees authorized but not completed, and authorizations
expired or withdrawn.

963

POSTAL SAVINGS SYSTEM

FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950
[In effect August 31]
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
Percentage of
loan guaranteed

Guarantee fee
(percentage of
interest payable
by borrower)

Percentage of
any commitment
fee charged
borrower

10

10
15
20
25
30
35
40-50

70 or less

15
20
25
30
35
40-50

75

80
85
90

95
Over 95

Maximum Rates Financing Institutions May Charge Borrowers
[Per cent per annum]
Interest rate
Commitment rate .

[In millions of dollars]
Assets
Depositors'
balances *

Total

1945—December
1946—December
1947—December
1948—December
1949—December
1950—December
1951—December
1952—July
August
September. . .
October
November....
December

2,933
3,284
3.417
3,330
3,188
2,924
2,705
2,601
2,586
2,572
2,561
2,555
2,547

1953—January
February....
March
April
May

2,536
2,523
2,510
2.495
P2.477
P2.459
P2.438

End of month

July

Cash
in
depository
banks

U. S.
Government
securities

Cash
reserve
funds,
etc.5

3,022
3,387
3,525
3,449
3,312
3,045
2,835
2,751
2,758
2,766
2,760
2,749
2,736

6
6
6
7
7
11
28
33
34
33
33
33
33

2,837
3,182
3,308
3,244
3,118
2,868
2.644
2,554
2,554
2,554
2,553
2,553
2,551

179
200
212
198
187
166
162
164
170
179
174
162
151

2,724
2.715
2.708
2,697

33
33
33
33

2,538
2.524
2,520
2,520

152
158
155
144

P1 Preliminary.
Outstanding principal, represented by certificates of deposit.
2
Includes reserve and miscellaneous working funds with Treasurer
of United States, working cash with postmasters, accrued interest on
bond investments, and miscellaneous receivables.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total demand and time deposit
accounts, except interbank accounts
(old series)

Annual rate of turnover of total
deposits except interbank deposits
(old series)

Year or month

1947
1948 .
1949
1950
1951
1952

Total, all
reporting
centers

New
York
City 1

140
other
centersJ

Other
reporting
centers

New
York
City

Other
reporting
centers

1,125,074
1,249,630
1,231,053
1,403,752
1,577,857
1,692,136

405,929
449,002
452,897
513,970
551,889
615,670

599,639
667,934
648,976
742,458
854,050
895,906

119,506
132,695
129,179
147,324
171 917
180,560

21 0
23.6
24.1
26 6
26 9
28.7

11.9
12.9
12.4
13.4
14 5
14.4

Debits to demand deposit accounts,
except interbank and U. S. Government accounts
(new series)

1952

Total, all
reporting
centers

New
York
City

6
other
centers 2

Other
reporting
centers3

Annual rate of turnover of demand
deposits except interbank and U. S.
Government deposits (new series)
New
York
City

6
other
centers 2

Other
reporting
centers 3

1,643,130

597,815

349,904

695,411

34.4

24.1

18.4

1952—July .
August
September
October
November
December

137,334
122,200
136,067
150,486
127,665
165,140

50,472
42,778
49,131
54,893
44,209
63,091

29,483
25,550
28,611
32,322
27,064
35,179

57,379
53,873
58,325
63,271
56,392
66,871

34.4
29.6
35.4
36.4
34 1
41.8

24.0
20.8
24.3
25.0
24 1
26.9

18.1
16.9
18.9
18.6
19 2
19.8

1953—January..
February
March
April
May
June
July

145,988
129,319
153,511
145,740
r
142,167
••154,098
148,128

52,048
45,749
53,898
52,038
50,255
56,623
51,799

31,660
28,126
35,339
32,742
32,283
33,807
32,683

62,281
55,443
64,274
60,961
'59,630
r
63,668
63,646

34.3
35.1
37 1
35.4
35.6
38 9
36.0

23.9
24.4
28 3
26.0
25.5
25 9
25.0

18.4
18.9
19.4
18.4
18.8
19 3
19.2

..

. .

. . .

'Revised.

1
National series, now discontinued, for which debit figures are available 1919-52.
2
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.
3

In the new series there are 338 "other" reporting centers. (Old series included 193 centers, 1942-November 1947; 192, December 19471950; and 201 beginning January 1951.)
NOTE.—As described in the article on pp. 355-357 of the BULLETIN for April 1953 the monthly series of bank debits has been revised.
Revised figures beginning January 1952 were published in the BULLETIN for May 1953, p. 486; data for 1943-51 are being compiled and will be
published later.

964



FEDERAL RESERVE

BULLETIN

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Coin and small denomination currency 2

Large denomination currency 2

Total
in circulation 1

Total

Coin

3$1

$2

$5

$10

$20

Total

1939
1940.
1941.
1942.
1943.
1944
1945.
1946.
1947.
1948.
1949
1950.
1951.

7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224
27,600
27,741
29,206

5,553
6,247
8,120
11,576
14,871
17,580
20,683
20,437
20,020
19,529
19,025
19,305
20.530

590

648
751
880
1,019
1,156
1,274
1,361
1,404
1,464
1,484
1,554
1,654

559

610
695
801
909
987
1,039
1,029
1,048
1,049
1,066
1,113
1,182

36

1,019
1,129
1,355
1,693
1,973
2,150
2,313
2,173
2,110
2,047
2,004
2,049
2,120

1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
6,275
6,060
5,897
5,998
6,329

1,576
1,800
2,545
4,096
5,705
7,224
9,201
9,310
9,119
8,846
8,512
8,529
9,177

2,048
2,489
3,044
3,837
5,580
7,730
7,834
8,518
8,850
8,698
8,578
8,438
8,678

538
724
1,019
1,481
1,996
2,327
2,492
2,548
2,494
2,435
2,422
2,544

1,112
1,433
1,910
2,912
4,153
4,220
4,771
5,070
5,074
5,056
5,043
5,207

227
261
287
407
555
454
438
428
400
382
368
355

1952—Tnlv
August
September...
October
November...
December. . .

28,978 20,398
29,293 20,659
29,419 20,739
29,644 20,897
30,236 21,392
30,433 21,450

1,686
1,695
1,705
1,722
1,739
1,750

1,129
1,140
1,164
1,175
1,199
1,228

67
68
68
69
71

67

2,034
2,062
2,070
2,074
2,123
2,143

6,291
6,376
6,368
6,405
6,600
6,561

9,190
9,319
9,365
9,453
9,661
9,696

8,582
8,635
8,682
8,749
8,846
8,985

2,531
2,551
2,559
2,577
2,612
2,669

5,172
5,211
5,252
5,304
5,367
5,447

344

1953—January
February
March
April
May

29,691
29,793
29,754
29,843
29,951
30,125
30,120

1,721
1,725
1,737
1,747
1,755
1,766
1,769

1,157
1,158
1,165
1,163
1,172
1,176
1,171

69
68
67
68
69

2,051
2,052
2,048
2,056
2,065
2,071
2,055

6,359
6,432
6,418
6,448
6,482
6,527
6,511

9,442
9,483
9,462
9,497
9,542
9,635
9,660

8,894
8,877
8,859
8,865
8,867
8,883
8,885

2,634
2,629
2,621
2,623
2,627
2,645
2,646

5,399
5,390
5,383
5,388
5,388
5,391
5,396

End of year or
month

June

July

20,799
20,918
20,896
20,979
21,085
21,243
21,237

39
44
55
70
81
73
67
65
64
62
64
67

69
70

$50
460

$100
919

Unas-

$500 $1,000 $5,000 $10,000
191

425

523
556
586
749
990
801
783
782
707
689
588
556

sorted
2

32

20

30
24
9
9
10
7
8
5
5
4
4
4

60
46
25
22
24
24
26
17
17
11
12
12

4
4
3
2
3
2
3
3
3
3
2
2

4

8

2

342
342
342
342
343

519
517
514
513
512

4
4
4
4
4

8
8
8
8
10

2
2
2
2
2

341
340
339
339
338

508
507
505
503
502

4
4
3
4
4

8
8
8
8
8

2
2

337
335

499
496

4
4

8
8

522

1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
as destroyed.
3
Paper currency only; $1 silver coins reported under coin.
Back figures.See Banking and Monetary Statistics, Table 112, pp. 415-416.

UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money.

In millions of dollars]

Money held in the Treasury
Total outstanding, As security
against
July 31,
Treasury
gold and
1953
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—Julv 31 1953
Tune 30, 1953
July 31 1952

2

Money
held by
Federal
For
Reserve
Federal
Reserve Banks and
agents
Banks and
agents

Money in circulation 1

July 31,
1953

June 30,
1953

July 31,
1952

22 277
21,122
26,785
4,859

21 121
*2,387

64
43

492
2,128
2,387
1,198
420
347
201
74

259
2,128

25

3

204

202

193

13

279
33

2,108
1,151
414
317
198
73

2,123
1,150
413
318
200
73

2,064
1,097
396
315
218
77

4,268
4,161
4,310

30,120

3

(4)

0)

1 155

18,270

350

4
27
3
1

2
3

23,509
23,702
24,536

1,263
1,259
1,281

2,816
1,103

18,270
18 471
19,331

36

25,618
4,466

37

25,609
4,480

38

24,580
4,361

30,125
28,978

1
Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals
for other
end-of-month dates are shown in table above, totals by weeks in table on p. 957.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
s not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves against
other types, a grand total of all types has no special
5
significance and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.
Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a
redemption fund, are counted as reserve. "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

1953




965

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS *
[Figures partly estimated except on call dates. In millions of dollars]
Assets

Liabilities
and Capital
Total
assets,

Bank credit
E)ate
Gold

Treasury
currency

U. S Government obligations
Total

Loans,
net

Total

Commercial
and
savings
banks

Federal
Reserve
Banks

Other

216
1,998
2,484
2,254
24,262
22,559
23,333
18,885
20,778
22,982
23,801
22,906

26
131
1,204
1,284
2,867
3,328
3,264
3,138
2,888
2,742
2,664
2,577

2,019
2,286
2,963
3,247
4,339
4,562
4,589
4,598
4,636
4,655
4,706
4,754

58,642
42,148
54,564
64,653
167,381
160,832
160,457
162,681
171,667
173,447
181,323
182,980

41,082
21,957
22,157
26,605
30,387
43,023
48,341
49,604
60,366
63,821
67,597
69,712

5 ,741
10 ,328
23 ,105
79 ,049
178 ,417
107 ,086
100 ,694
100 ,456
96 ,560
94 ,450
97 ,808
96 ,266

5 ,499
8 ,199
19 ,417
75 ,511
101 ,288
81 ,199

31
30

4,037
4,031
17,644
22,737
20,065
22,754
24,244
24,427
22,706
21,756
22,695
23,346

July 30
Aug. 77
Sept. 24
Oct. 29
Nov. 2 6 .
Dec. 31

23,400
23,300
23,300
23,300
23,300
23,187

4,800
4 800
4,800
4,800
4,800
4,812

185,300
185,300
186.500
188,900
191,500
192,866

70,000 98 ,100
70,500 97 ,300
71,600 97 ,600
72,900 98 ,600
74,300 99 ,900
75,484 100 ,008

7? 700
71 ,700
71 ,300
77 400
73 ,600
7? 740

22,800
23,100
23,700
23,600
23,800
24,697

23,000
22,700
22,600
22,600
22,500
22,500
22,300

4,800
4,800
4,800
4,800
4,800
4,900
4,900

191,200
190,300
190,200
188,900
188,800
189,900
195,400

74,900 98 ,800
75,000 97 ,800
76,100 96 ,400
76,500 94 ,600
76,600 94 ,300
77,000 9S ,200
77,500 100 ,000

77
71
70
68
67
67
72

24,000
23,900
23,900
23,800
24,100
24,800
25,000

1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950— Dec.
1951 June
Dec.
1952—June

29
30 . .
30
31
31
31 .
31
31

30

...

30

1953—Jan. 28P
Feb. 25P
Mar. 25P .
Apr. 29P
May 2 7 P
Tune 2 4 P
July 29P

74 097
78 ,433
77 ,894
68 ,726
71 ,343

70 .783

300
400

,000
300
700

,800
,500

Other
securities

Capital
and
Total
misc.
deposits
acand
currency counts,
net

Total
liabilities
and
capital,
net

55,776
42,029
68,359
82,811
180,806
175,348
176,121
177,313
184,385
185,038
193,404
194,960

8,922
6,436
6,812
7,826
10,979
12,800
13,168
14,392
14,624
14,820
15.320
16,120

2,600
2,600
2,600
2,600
2,600
2,571

17 200 213,400 197,200
17 500 213 400 197 000
17 400 214,600 197,900
17 300 217,000 199,900
17 300 219 600 202 700
17 374 220 865 204,220

16,100
16,400
16.700
17,100
16,900
16,647

2,600
2,500
2,500
2,500
2,500
2,500
2,500

17
17
17
17
17
17
18

202,100
201,000
200 600
199,100
199,100
200 000
205,000

16,900
16,800
17,000
17,200
17,100
17,300
17,500

11
9
9
8

819
863
302
999

8
10
11
1?
14

577
723
422
621
741
1 S 176
15 918

17 002

500
500
800
800
800
800
000

64,698
48,465
75,171
90,637
191.785
188,148
189,290
191,706
199,009
199,858
208,724
211,080

219,000
217,800
217 600
216,300
216,200
217 300
222,500

Deposits and Currency
U. S. Government balances
I )ate

Total

1929—June
1933—j u n e
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—June
Dec.
1952—June

29
30
30
31
31

31
31
31

30
30
31
30

...

July 30.
Aug. 27
Sept. 24
Oct. 29
Nov. 26
Dec. 31
1953—Jan. 2 8 P
Feb. 25P
Mar. 2 5 P
Apr. 2 9 P . .
Mav 2 7 P

June
July

24P
29P

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
175,348
176,121
177 313
184,385
185,038
193.404
194,960

365
50
1,217
1,498
2,141
1,682
2,103
2.150
2,518
2,424
2,279
2,319

204
264
2,409
2,215
2 287
1,336
1,325
1 312
1,293
1,281
1,279
1,283

381
852
846
1,895
24,608
1,452
2,451
3,249
2,989
6,332
3.615
6,121

197,200
197,000
197,900
199,900
202,700
204,220

2,600
2,600
2,500
2,500
2,500
2,501

1,300
1,300
1,300
1 ,300
1,300
1,270

7,000
6,200
6,500
5,300
7,000
5,259

202,100
201,000
200,600
199,100
199,100
200,000
205,000

2,500
2,300
2,400
2,400
2,400
2,500
2,400

1,300
1 ,300
1,300
1,300
1,300
1,300
1,300

4,200
5,400
5,800
2,900
2,900
3,800
7,500

36
35

634
867
977

Deposits adjusted and currency
Time deposits 3

19 ,557
10 849
15 ,258
15 ,884

8,905
9,621
10,523
10,532
15,385
17,746
18,387
19,273
20,009
20,382
20,887
21,755

149
1,186
1 ,278
1,313
2,932
3,416
3,329
3,197
2,923
2,785
2.701
2,619

3,639
4,761
6,401
9,615
26,490
26,476
26,079
25,415
25,398
25,776
26,303
26,474

39 ,400

21,900
22,000
22,200
22,200
22,300
22,586

2,600
2,600
2,600
2,600
2,600
2,547

26,200
26,300
26,600
26,700
27,400
27 494

,700

22,800
22,900
23,100
23,300
23,400
23,600
23,700

2,500
2,500
2,500
2,500
2,500
2,500
2,400

26,800
26,900
26,900
27,000
27,000
27.100
27,200

22,540
14,411
29,793
38,992
75,851
87,121
85,520
85,750
92,272
88,960
98,234
94,754

28,611
21,656
27,059
27,729
48,452
56,411
57,520
58,616
59,247
59,948
61.447
63,676
63,800
64,100
64,500
64,900
64,800
65,799

39 600
39 ,800
40 100
40 000
40 ,666

66,100
66,400
66,800
67,200
67,600
68.100
68,500

40
41
41
41
41
47
42

63 253
76 336
1S0 793

169
176
174
18S

781
917
684
984

700
300
600
300
389

186
187
190
191
194

200
400
200
600
801

95,700
95,800
96,400
98,600
99,400
101,508

700
400

193
191
191
19?
19?
197
193

300
600
000
200
100
400
000

100,500
98,300
97,400
98,000
97,500
97,200
97,300

800

Currency
outside
banks

54 790
40 828

600 185 800

C5)

Postal
Savings
System

Total

333 184 904

400
400

Mutual
savings
banka 4

Demand
deposits 2

870 170 008
169 119

1 ,123
821
668
317
247

Commercial
banks

Total

30 135

35 ,249
35 804
36 ,146

36 314
36 ,781
37 859

39 ,302

000
700

,500
700
100

,300

P1 Preliminary.
Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
2
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
3
Excludes
interbank time deposits; United States Treasurer's time deposits, open account;
and deposits of Postal Savings System in banks.
4
5
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
Less than 50 million dollars
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.

966




FEDERAL RESERVE BULLETIN

ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments

Deposits

Investment?
Class of bank
and date

Total

Loans

Total

All b a n k s :
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
194g—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—June
July
Dec.
1953—Feb.
Mar.
Apr.
May
June
July

30
31
31
312
31 . . .
31
30
31
30.
30
31
25 v

Other
Cash
assets*

U. S.
Government
obligations

Other
securities

19,417
25,511
101,288
81,199
74,097
78,433
72,894
71,343
70.783
72,650
72,740
71.410
69,990
68,280
67.730
67,820
72,500

9,302
8,999
8,577
10,723
11,422
12,621
14,741
15,918
17,002
17,190
17,374
17,540
17,750
17,800
17,840
17,770
17,950

23,292
27,344
35,415
38,388
39,474
36,522
41,086
45,531
41,667
40,010
45,584
41,350
40,300
39,480
39,300
40,380
39,340

68,242
81,816
165,612
161,865
161,248
164,467
175,296
185,756
184,130
183,450
105,552
188,760
187,660
185,460
185,030
186,800
190,590

Total i

Interbank i

Demand

Time

9,874
10,982
14,065
13,033
12,269
12,710
14,039
15,087
13.513
12,740
15,321
13,260
12,900
12,690
12,650
13,070
12,900

32,516
44,355
105,935
95,727
94,671
96,156
104,744
111,644
109,247
109,170
116,633
111,280
110,110
107,740
106,960
107,740
111 ,320

25,852
26,479
45,613
53,105
54,308
55,601
56,513
59,025
61,369
61,540
63,598
64,220
64.650
65,030
65.420
65,990
66,370

8,194
8,414
10,542
11,948
12,479
13,088
13,837
14,623
15,039
15,020
15,367
15,440
15,490
15,570
15,680
15,740
15,790

15,035
14,826
14,553
14,714
14,703
14,687
14,650
14,618
14,599
14,605
14,575
14,563
14,556
14,546
14,546
14,540
14,534

32,513
44,349
105,921
95,711
94,654
96.136
104,723
111.618
109.222
100,140
116,600
11 1 ,250
110,080
107,710
1O6.O30
107.710
111,290

15 331
15 952
30,241
35,360
35,921
36,328
36,503
38,137
30,614
39,680
41,012
41,320
41,550
41,780
42,050
42.390
42,660

6,885
7 173
8.950
10,059
10,480
10,967
11,590
12.216
12,601
12,580
12,888
12,950
12,980
13,070
13,180
13.230
13,270

14,484
14,278
14.011
14,181
14,171
14,156
14,121
14,089
14,070
14,076
14,046
14,035
14,028
14,018
14,018
14,012
14,006

5,522
5,886
7,589
8,464
8,801
9,174
9,695
10,218
10,526
10,506
10,761
10,812
10,839
10,906
11,000
11,042
11,077

6,362
6,619
6.884
6,923
6,918
6,892
6,873
6,840
6,815
6,812
6,798
6,785
6,776
6,769
6,771
6,766
6,762

50.884
61.126
140,227
134.924
133,693
140,598
148,021
154,869
157.528
160,200
165,626
164.580
164,610
163,240
163.040
163.200
168,350

22,165 28,719
26,615 34,511
30.362 109,865
43,002 91,923
48,174 85,519
49,544 91,054
60,386 87,635
67,608 87,261
69.742 87,786
70,360 89,840
75,512 90,114
75,630 88,950
76,870 87,740
77.160 86,080
77.470 85,570
77.610 85,590
77,900 90,450

All commercial b a n k s :
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 312
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—June 30
July 30
Dec. 31
1953—Feb. 25 v
Mar. 2 5 P
Apr. 2 9 P
May 2 7 P
June 24P
July 2 9 P

40 668
50 74r
124,010
116,284
114,298
120,197
126,675
132.610
134,437
136,760
141,624
140.100
140,000
138,450
138,040
138.080
143,040

17,238
21 ,714
26.083
38,057
42,488
42.965
52,249
57.746
59.233
59,720
64,163
64.070
65,220
65,330
65,400
65,520
65,680

23,430
29,032
97.936
78,226
71,811
77,232
74,426
74,863
75,204
77,040
77,461
76,030
74,780
73,120
72,550
72,560
77,360

16.316
21 808
90,606
69.221
62,622
67,005
62,027
61,524
61.178
62,000
63,318
61,900
60,470
58,770
58,200
58,350
63,020

7 114
7 225
7,331
9,006
9,189
10,227
12,399
13,339
14,026
14,140
14,143
14,130
14,310
14,350
14,350
14,210
14,340

22,474
26,551
34,806
37,502
38,596
35,650
40,289
44,645
40,702
39,260
44,666
40,500
39,420
38,630
38,510
39,510
38,530

57,718
71,283
150,227
144,103
142,843
145,174
155,265
164,840
162.348
161,560
172,931
165,830
164,530
162,180
161,630
163,170
166,850

9,874
10,982
14,065
13,032
12,269
12,709
14.039
15,086
13,512
12,740
15,310
13,260
12,900
12,690
12.650
13,070
12,900

All m e m b e r b a n k s :
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31 1947—Dec. 31
1948—Dec. 3\
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—June 30
July 30
Dec. 31
1953—Feb. 2 5 P
Mar. 2 5 P
Apr. 2 9 P
Ma: 2 7 P
Tune 24P
July 2 9 P

33 941
43.521
107 183
07 846
95. 6 W
101 .528
107.424
1 12,247
113.502
115,533
110,547
117,075
117,804
116,377
115.022
116,060
120,546

13,962
18,021
22,775
32,628
36,060
36,230
44,705
49,561
50.526
50,907
55,034
54,868
55,864
55,868
56,006
56.045
56,128

19.979
25,500
84,408
65,218
59,556
65,297
62,719
62,687
62,976
64,626
64,514
63,107
62,030
60,509
50 916
60,024
64,418

14,328
19,539
78,338
57,914
52,154
56,883
52,365
51,621
51 .261
52,786
52,763
51,348
50,117
48,540
47.082
48.228
52,500

5,651
5,961
6,070
7,304
7,402
8,414
10,355
11,065
11 .715
11.840
11,751
11,759
11,913
11,960
11.034
11.706
11.018

19.782
23.123
29.845
32,845
34,203
31,317
35,524
39,252
36,046
34,641
30,255
35,614
34,704
34,017
33,036
34.881
33,883

49,340
61,717
129,670
122,528
121,362
123,885
133,089
141,015
138,769
137,807
147,527
140,949
139,911
137,738
137,209
138.728
141,014

9.410 28 231
10 525 38 846
13,640 91.820
12,403 8\.785
11,641 80,881
12.097 82,628
13.447 90,306
14,425 95,968
12,812 94,160
12,074 93.921
14.617 100,020
12,645 OS,186
12,308 94,320
12.116 92,148
12,083 01 450
12.502 02,278
12,314 95,474

11,699
12,347
24,210
28,340
28.840
29,160
29.336
30.623
31.788
31,812
32,800
33,118
33,283
33,474
33,667
33,048
34.126

4,927
4,901
4.279
4 944
5.686
6,578
8,137
9.862
10,500
10,640
11 ,340
11,560
11 ,650
11,830
11,080
12,090
12,220

5.289
5 478
11 928
13 696
13,700
13,822
13,209
12,398
12,582
12,800
12 ,654
12 ,020
12,960
12,060
13,020
13.030
13,090

3 701
10.682
11 .078
11 .476
11 ,428
10,868
9.819
0 ,606
9.750
9.422
0,510
9.520
0,510
9,530
0,470
9,480

2 188
1 774
1 246
1 718
2 .233
2 .394
2.342
2.579
2 976
3.050
3.231
3,410
3.440
3.450
3,490
3 .560
3,610

818
703
609

10,524
10,533
15 385
17,763
18,405
19,293
20,031
20,915
21.782
21.800
22,621
22,930
23,130
23,280
?3 400
23,630
23,740

3
6
14
17
17
20
22
26
26
30
33
30
30
30
30
30
30

10.521
10.527
15 371
17 745
18,387
19,273
20.009
20.888
21.755
21 .860
2 ! . 586
22.000
23,100
23,250
23,370
23,600
23,710

25P
29P
27P

24P
20P

All m u t u a l savings
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 3 1 2. .
1947—Dec. 31 . . . .
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—June 30
July 30
Dec. 31
1953—Feb 25 P
Mar. 2 5 P
Apr. 2 9 P
May 2 7 P
June 2 4 P
July 2 9 P

10 216
10 370
16 208
IS 641
l<> 39s;
20,400
21,346
22.259
23.001
23,440
24,003
24.480
24,610
24.700
25.000
2 S 1?0'
?s'3l'o|

.•*

MM

878
873
797
8S6
066

750
918
850
880
850
700
870
810

Total Number
capital
of
accounts banks

1
1
2
2
2
2
2
2
2
2
2
2

1 ,309
1,241
1,592
1,889
1 .999
2,122
2,247
2.407
2,438
2,440
2,479
2,490
2,510
2,500
2,500
2,M0
2,520

551
548
542
533
532
531
529
529
529
529
529
528
528
528
528
528
528

P Preliminary.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and
nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership,
insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc.
i 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

1953




967

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
Investments
Class of bank
and date

Central reserve city
member banks:
New York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31. . . .
1952—June 30
July 30
Dec. 31
1953—Feb. 25?. . .
Mar. 25*. . .
Apr. 2 9 P . . .
May 2 7 P . . .

Total

Other
Cash
assets1

Total

U.S.
Government
obligations

Other
securities

Loans

Total i

Interbank i

Demand

Total Number
capital
of
accounts banks

Time

9,339
12,896
26,143
20,393
18,759
19,583
20,612
21,379
21,710
21,804
22,130
21,049
21,185
20,637
20,542
20,631
21,742

3,296
4,072
7,334
7,179
8,048
7,550
9,729
11,146
11,268
11,080
12,376
12,112
12,335
12,305
12,377
12,194
11,914

6,043
8,823
18,809
13,214
10,712
12,033
10,883
10,233
10,442
10,724
9,754
8,937
8,850
8,332
8,165
8,437
9,828

4,772
7,265
17,574
11,972
9,649
10,746
8,993
8,129
8,212
8,407
7,678
6,840
6,717
6,229
6,164
6,503
7,838

1,272
1,559
1,235
1,242
1,063
1,287
1,890
2.104
2.231
2,317
2,076
2,097
2,133
2,103
2,001
1,934
1,990

6,703
6,637
6,439
7,261
7,758
6,985
7,922
8,564
8,135
7,840
8,419
7,224
7,227
7,008
6,920
7,318
6,751

14,509
17,932
30,121
25,216
24,024
23,983
25,646
26,859
26,745
26,107
27,309
24,769
24,942
24,286
24,093
24,728
25,205

4,238
4,207
4,657
4,464
4,213
4,192
4,638
4,832
4,639
4,217
4,965
4,367
4,292
4,345
4,356
4,518
4,334

9,533
12,917
24,227
19,307
18,131
18,139
19,287
20,348
20,311
20,172
20,504
18,589
18,773
18,088
17,887
18,312
18,994

736
807
1,236
1,445
1,680
1,651
1,722
1,679
1,795
1,718
1,840
1,813
1,877
1,853
1,850
1,898
1,877

1,592
1,648
2,120
2,259
2,306
2,312
2,351
2,425
2.460
2,464
2,505
2,525
2,520
2,528
2,537
2,534
2,546

36
36
37
37
35
25
23
22
22
22
22
22
22
22
22
22
22

Chicago:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Dec 31
1952—June 30
July 30
Dec. 31
1953—Feb. 25?
Mar. 25P.
Apr. 29P.
May 27P.
June 24P.
July 29P.

2,105
2,760
5,931
5,088
4,799
5,424
5,569
5,731
5,664
5,805
6,240
5,910
6,033
5,588
5.560
5,655
6,116

569
954
1,333
1,801
1,783
1,618
2,083
,468
2.380
2,432
2.748
2,569
2,604
2,547
2,595
2,605
2,712

1.536
1,806
4,598
3,287
3,016
3,806
3,487
3,264
3,284
3,373
3,493
3,341
3,429
3,041
2,965
3,050
3,404

1,203
1,430
4.213
2,890
2,633
3,324
2,911
2,711
2.721
2,802
2.912
2,779
2,864
2,455
2,426
2,505
2,816

333
376
385
397
383
482
576
552
563
571
581
562
565
586
539
545
588

1,446
1,566
1,489
1,739
1,932
1,850
2.034
2,196
1,899
2,077
2.010
2,098
1,922
2,051
2,014
1,998
1,992

3,330
4,057
7,046
6,402
6,293
6,810
7,109
7,402
7,027
7,198
7.686
7,222
7,122
7,006
6,947
7.020
7,397

888
1,035
1,312
1,217
1,064
1,191
1,228
1,307
1,182
1,180
1.350
1,182
1,133
1,144
1,137
1,231
1,201

1,947
2,546
5,015
4,273
4,227
4,535
4,778
4,952
4.681
4,877
5,132
4,872
4,835
4,688
4,625
4.588
5,000

495
476
719
913
1,001
1,083
1,103
1,143
1,164
1,141
1,205
1,168
1,154
1,174
1,185
1,201
1,196

250
288
377
426
444
470
490
513
530
527
541
537
539
541
545
548
547

14
13
12
14
13
13
13
13
13
13
13
13
13
13
13
13
13

Reserve city member
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31. . .
1947—Dec. 31. . .
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30. . .
1951—Dec. 31
1952—June 30. . .
July 30. . .
Dec. 3 1 . . .
1953—Feb. 25P.
Mar. 25P.
Apr. 2 9 P .
May 27P.
June 2 4 P .
July 29P.

12,272
15,347
40,108
36,040
35,332
38,301
40,685
42,694
43.091
44,088
45,583
45,271
45,085
44,591
44,304
44,398
46,252

5,329
7,105
8,514
13,449
14,285
14,370
17,906
19.651
19.745
20,070
21.697
21,801
22,274
22,162
22,138
22,253
22,339

6.944
8,243
31,594
22,591
21,047
23,931
22,779
23,043
23.346
24,018
23,886
23,470
22,811
22,429
22,166
22,145
23,913

5,194
6,467
29,552
20,196
18,594
20,951
19,084
19.194
19,123
19,750
19.624
19,161
18,439
18,006
17,657
17,727
19,481

1,749
1,776
2,042
2,396
2,453
980
695
849

4.223
4,268
4,262
4,309
4,372
4,423
4,509
4.418
4,432

6,785
8,518
11,286
13,066
13,317
12,168
13,998
15,199
13.925
13,201
15,544
14,152
13,848
13.447
13,525
14,022
13,575

17,741
22,313
49,085
46,467
45,943
47,559
51,437
54,466
53,425
52,902
57,357
54,912
54,527
53.419
53,279
54,031
55,299

3,686
4,460
6,448
5,649
5,400
5,713
6,448
6,976
5.908
5,664
7.001
5.991
5,831
5,613
5,593
5.752
5,755

9,439
13,047
32,877
29,395
29,153
30,182
33,342
35.218
34,764
34,444
37,095
35.551
35,298
34,334
34.113
34.595
35,819

4,616
4,806
9,760
11,423
11,391
11,664
11,647
12,272
12,754
12,794
13,261
13,370
13,398
13,472
13.573
13,684
13,725

1,828
1,967
2,566
2,844
2,928
3,087
3,322
3,521
3,663
3,641
3,745
3,762
3,780
3,803
3.844
3,858
3,871

346
351
359
353
335
341
336
321
319
319
319
322
322
321
321
320
321

Country member
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—June 30
July 30
Dec. 31
1953—Feb. 25P
Mar. 25P
Apr. 29P
May 27P
June 24P
July 29P

10,224
12,518
35,002
36,324
36,726
38,219
40,558
42,444
43.037
43,836
45,594
45,745
45,591
45,561
45,516
45,385
46,436

4,768
5,890
5,596
10,199
11,945
12,692
14,988
16.296
17,133
17,325
18,213
18,386
18,651
18,854
18,896
18,993
19,163

5,456
6,628
29,407
26.125
24,782
25,527
25,570
26,148
25.904
26,511
27,381
27,359
26,940
26,707
26,620
26,392
27,273

3,159
4,377
26,999
22,857
21,278
21,862
21,377
21.587
21.206
21,827
22,549
22,568
22,097
21,859
21,735
21,493
22,365

2,297
2,250
2,408
3,268
3,504
3,665
4,193
4.561
4.698
4,684
4,832
4,791
4,843
4,848
4.885
4,899
4,908

4,848
6,402
10,632
10,778
11,196
10,314
11,571
13,292
12.087
11,523
13,281
12,140
11,707
11,511
11,477
11,543
11,565

13,762
17,415
43,418
44,443
45,102
45,534
48,897
52,288
51.571
51,600
55,175
54,046
53,320
53,027
52.890
52,949
54,013

598
822
1.223
1,073

7 312
10 335
29 700
28,810
29.370
29,771
32,899
35.449
34.414
34,428
37,289
36.174
35,414
35,038
34,834
34,783
35,661

5,852
6,258
12,494
14,560
14,768
14.762
14,865
15,530
16,075
16,159
16,585
16,767
16,854
16,975
17,059
17,165
17,328

1,851
1,982
2,525
2,934
3.123
3,305
3,532
3,760
3,873
3,874
3,970
3,988
4,000
4,034
4,074
4,102
4,113

5,966
6,219
6,476
6,519
6,535
6,513
6,501
6,484
6,461
6,458
6.444
6,428
6,419
6,413
6,415
6,411
6,406

June 2 4 P . . .

July 29P. . .

964
1,001
1,133
1,309
1.083
1,013
1,301
1,105
1,052
1,014
097
1,001
1,024

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 waa
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.

968




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]
Deposit .s

Loans and investments
Investments

Class of bank
and date

All insured commercial
banks:
1941—Dec. 31
1945—Dec 31
1947—D ec 31
1950—Dec. 30
19151—Dec 31
1952—June 30
Dec. 31

Total

Other
Cash
assets »

Total

U.S.
Government
obligations

Other
securities

Loans

6 ,844
8 ,671
9 ,734
11 ,263
11 ,902
1? ,282
1? ,563

13,426
13 297
13 398
13,432
13 439
13 434
13,422

39 ,458
84 ,939

8? ,023
89 ,281
94 ,173
92 ,720
98 ,974

6,786
9,229
8,410
9,133
9,788
8.584
9,918

24,350
59,486
54,335
60,251
63,477
62,255
66,362

8 ,322
16 ,224
19 ,278
19 ,897
20 ,908
21 ,880
22 ,694

3 ,640
4 .644
S ,409
6 ,313
6 ,653
6 ,879
7 ,042

5,117
5 017
5 005
4 958
4,939
4,925

8,145
9.731
10,822
11,762
13,301
12.119
12,922

22 ,259
44 ,730
40 ,505
43 ,808
46 ,843
46 .049
48 ,553

3,739
4,411
3,993
4,315
4,637
4,227
4,699

14,495
32,334
27,449
30 055
32,491
31.914
33,658

4 ,025
7 ,986
9 ,062
9 ,438
9 .715
9 ,908
10 ,196

2 ,246
2 ,945
3 ,055
3 ,381
3 ,565
3 ,647
3 ,719

1,502
,867
,918
1,915
.001
1 ,890
1 889

1.025
1,063
1,448
1,759
1,967
.996
2,081

2,668
4,448
4,083
4,299
4,926
4.215
4,970

7 ,702
18 ,119

129
244
266
297
353
289
373

4,213
12 196
12,515
13,194
14,415
13.867
1 5,351

3 ,360
5 .680
6 ,558
6 ,726
7 ,144
7 ,450
7 ,740

959

19 ,340
20 ,216
?1 ,912
?1 .606
23 ,464

6,810
6,416
6 478
6,562
6 602
6 622
6,627

241
200
255
286
308
317
312

763
514
576
468

1 ,872
2 .452
2 ,251
1 ,976

329
279
325
327

1 ,932
1 .993
,960

1,291
1.905
1,411
1,224
,235
.186
I .229

253
365
478
458

469
443
444

329
181
363
294
308
412
329

388
396
402

314
320
326

852
714
783
689
650
636
624

3.431
4.962
4,659
4,767
5.395
4.658
5,414

5,504
14.101
13,926
14,417
15,650
15.052
16.580

3 ,613
6 ,045
7 ,036
7 ,184
7 , 533
7 ,846
8 ,142

,288
,362
,596
,897
,999
2 .077
? ,129

7 662
7,130
7 261
7.251
7,252
7,258
7 251

1 ,789
10 ,351
1? ,192
14 ,301
IS ,343
16 056
16 753

164

12
14
19
23
23
30

1 ,034
1 ,252
1 ,513
1 ,678
1 .700
1 ,730

52
192
194
194
202
205
206

8 738

1 ,077

496
350
339
335
327
324
323

6,984
7,131
8,750
12,113
13,031
13.710
13,831

National m e m ber
banks:
1941—Dec. 31
1945—Dec 31
I947—Dec. 31
1950—Dec 30
1951—Dec. 31
1952—June 30
Dec. 31

27 ,571
69 .312
6S ,280
7? ,090
75 .255
76 .036
80 ,180

11 ,725
13 .925
,428
,184
32 ,317
33 ,054
36 ,004

15,845
55,387
43,852
42,906
42,938
42,982
44,176

12,039
51,250
38,674
35 587
35,063
34.604
35,835

3,806
4,137
5,178
7,320
7,875
8,378
8,341

14,977
20,114
22,024
23,763
25,951
23,928
26,333

State m e m b e r b a n k s :
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—June 30
Dec 31

15 .950
37 871
32 ,566
35 .334
36 ,992
37 .466
39 ,367

6 295
8 850
11 ,200
15 ,521
17 .243
17.472
19 030

9,654
29,021
21,365
19,813
19,748
19,994
20 337

7,500
27,089
19,240
16,778
16,558
16.657
16,928

2,155
1,933
2,125
3,035
3,191
3.337
3.409

Insured n o n m e m b e r
commercial b a n k s :
1941—Dec. 31
1945—Dec< 31
1947—Dec 31
1950—Dec. 30 . . . .
1951—Dec 31
1952—June 30
Dec. 31

5 .776
14 .639
16 ,444
17 ,414
18 591
19 .073
20 ,242

3 ,241
? .992
4 958
7 ,023
7 701
8 210
8 ,605

2,535
11.647
11,486
10,391
10 890
10.86.3
1 1,638

1,509
10.584
10,039
8,632
8,923
8.867
9,556

1 ,457
2 .211
2 ,009
1 ,853
,789
1 880
1 ,854

455
318
474
527
490
503
531

761
1.693
1,280
1,040
991
1 .061
1,010

31

All n o n m e m b e r commercial b a n k s :
1941—Dec 31
1945—Dec. 31 2
1947—Dec 31
1950—Dec. 30
19S1—Dec. 31
1952—Tune 30
Dec 31

7 233
16 .849
18 ,454
19 ,267
?0 ,380
20 .954
?? ,096

3
3
5
7
8
8
9

696
310
432
550
192
714
136

3 536
13.539
13 021
11 ,718
12,189
12.240
12,960

2,270
12,277
11,318
9,672
9,914
9.928
10,567

1,266
1,262
1,703
2,046
2.275
2.312
2,393

Insured m u t u a 1 savings
banks:
1941—Dec 31
1945—Dec. 31
1947—Deci 31
1950—Dec. 30
1951—Dec 31
1952—June 30
Dec. 31

1
10
P
IS
16
16
17

693
846
683
101
190
857
621

3
3
6
7
8
8

642
081
560
086
523
043
691

1 050
7.765
9,123
9,015
8 668
8.814
8,930

629
7 160
8,165
7,487
6,921
6,730
6,593

421
606
958
1,528
1,746
2.084
2,337

687
361
957
245
069
6 234
6 382

4
1
1
2
2
?
2

259
198
384
050
339
466
658

4,428
4,163
4,573
4,194
3 730
3.768
3,724

3,075
3.522
3,813
3,380
2 897
2,876
2,829

1,353
641
760
814
833
892
895

Noninsured m u t u a l
savings b a n k s :
1941—Dec. 31
1945—Dec. 31 2
1947—Dec. 31
1950—Dec. 30
1951 Dec 31
1952—Tune 30 . . . .
Dec. 31

8
5
5
6

Time

15 ,699
?9 ,876
34 ,882
36 ,045
37 ,749
39 ,219
40 ,610

21,046
88 912
67,941
60,986
60,533
60,117
62,308

Dec

Demand

43,059
104,015
94,300
103,499
110,382
108,036
115,371

28,031
96 043
76,691
73,099
73,564
73,827
76,138

1,002
L. 893
1,535
L ,327
1,299
377
322

Total Number
capital
of
accounts banks

10,654
13,883
12,670
13,744
14,777
13,100
14,990

?1 ,259
?S .765
37 ,583
S1 ,723
57 ,256
S8 .730
63 ,632

Noninsured n o n m e m ber commerc ial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 312
1950—Dec 30
1951—Dec. 31
19S2—Tune 30

Interbank 1

69 ,411
25,788
34,292 147 ,775
36,926 141 ,851
39,821 153 ,288
44,176 16? ,908
40,258 160 ,355
44,222 170 ,971

49 ,290
\r>\ .809
114 ,274
1?4 ,822
no ,820
13? ,557
139 ,770

?1
99

Total 1

151

429
675
617
695

756
732

642

180
211
180
191
209
187

9 ,574

20 .571
?1 ,591

??, ,193
23 .843

23.598
25.424

457
425
629
591
661
700
702

1 789

10 363
1? 207
14 320
15 368

16 081
16 785

8 744

5 022
5 556
5 711

s 547
5 702
5 836

1
2
2
2

6
2
3
3
3
3
3

5
5
5
S

020
553
708
544

1 ,083
1 ,271

1 ,570
1 ,686

1 ,757
1 ,804

5 699
5 833

For footnotes see preceding two pages.
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.

SEPTEMBER 1953




558
637
734
729
738
749

4 900

For revisions

969

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Investments

Loans *

Class of bank
and
call date

Loans for
Compurchasing
merTotal
or
carrying
cial,
Other
loans
in- Agri- securities
and
Real loans
to
eludesinvest- Total 1 ing
culin- Other
tate
ments
loans Total
To
diopen tural brok- To loans vidmarers othuals
ket
and ers
padealper
ers

All commercial
banks: 2
1947—Dec. 3 1 . . .
1950—Dec. 30. . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .

116,284
126,675
132,610
141,624

38,057
57,249
57,746
64,163

18,167
21,927
25,879
27,871

1,660 830 1,220
2,905 1,802 1,057
3,408 1,581 980
3,919 2,060 1,103

All insured commercial banks:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1950—Dec. 3 0 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .

49,290
121,809
114,274
124,822
130,820
139,770

21,259
25,765
37,583
51,723
57,256
63,632

9,214
9,461
18,012
21,776
25,744
27,739

1 ,450 614
1,314 3,164
1,610 823
2,823 1,789
3,321 1,571
3,805 2,050

Member banks,
total:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1950—Dec. 3 0 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—June 30. ..

43,521
107,183
97,846
107,424
112,247
119,547
115,789

18,021
22,775
32,628
44,705
49,561
55,034
55,613

8,671
8,949
16,962
20,521
24,347
26,232
25,763

1,046
1,808
2,140
2,416
2,234

New York City:*
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1950—Dec. 3 0 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—June 30. ..

12,896
26,143
20,393
20,612
21,379
22,130
20,452

4,072
7,334
7,179
9,729
11,146
12,376
11,883

2,807
3,044
5,361
6,328
7,852
8,680
8,345

31...
31...
31...
30. ..
31...
31. ..
30. ..

2,760
5,931
5,088
5,569
5,731
6,240
5,627

1,333
1,801
2,083
2,468
2,748
2,552

9
16
14
7

Reserve city banks:
1941—Dec. 31. ..
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1950—Dec. 30. ..
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—June 30. ..

15,347
40,108
36,040
40,685
42,694
45,583
44,352

7,105
8,514
13,449
17,906
19,651
21,697
22,150

3,456
3,661
7,088
8,646
10,140
10,842
10,609

300
205
225
392
513
501
469

Country banks:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1950—Dec. 3 0 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—June 30. ..

12,518
35,002
36,324
40,558
42,444
45,594
45,359

5,890
5,596
10,199
14,988
16,296
18,213
19,028

1,676
1,484
3,096
3,980
4,377
4,630
4,817

659
648
818

9,393
13,541
14,580
15,712

53,191
38,778
35,101
38,077

19,071
7,552
1,932
7,526
5,494

3,159
16,045
5,918
16,756
11,256
11,714

12,797 4,102 3,651 3,333
22 3,873 3,258
51,321
14 5,129 3,621
52,334
11 7,933 4,179
38,168
21 8,989 4,042
34,511
22 9,977 3,854
37,456

16,985
5,816
1,468
6,010
4,255
3,807

3,007
14,271
4,815
14,054
9,596
9,835
9,242

11,729 3 832
44,792
16
10
45,286
8
33,170
15
29,601
19
32,087
29
31,176

5,276 3,729
8,118 4,281
9,198 4,141
10,188 3,955

2,193
4,236
7,337
7,761

4,^ 45
662 4,773
3,606 4,677 2,361 1,181
1,190 9,266 5,654 1,028
1,036 13,389 10,049 1,534
960 14,450 10,378 1,645
1,082 15,572 12,603 1,683

28,031
96,043
76,691
73,099
73,564
76,138

21,046
88,912
67,941
60,986
60,533
62,308

2,455
2,124
4,118
7,219
7,622

3,692
1,900 1,104
4,662 952
8,314 1,438
8,524 1,535
10,396 1,577
11,612 1,585

25,500
84,408
65,218
62,719
62,687
64,514
60,176

19,539
78,338
57,914
52,365
51,621
52,763
48,318

2,275
1,987
3,665
6,399
6,565
4,064

3,090
3,254
4,199
6,640
7,528
8,409
8,680

2,871
2,815
3,105
3,714
3,538
3,342
3,178

5 =4

298
330
460
551
539
517

8,823
18,809
13,214
10,883
10,233
9,754
8,569

1,623 3,652 1,679 729
7,265 311
1
606
17,574 477 '3,433 3,325 10,337
640
558 9,771
638
11,972 1,002
2 1,123
250 1,711 6,206
8,993 824
2 1,385
616 1,428 4,960
8,129 1,122
1 1,453
233 1,170 5,195
7,678 1,079
2 1,318
203 1,035 4,611
789
6,639

830
629
604
767
719
623
612

96
51
40
149
26
207
87
180
109
211
120
235
90

1,806
4,598
3,287
3,487
3,264
3,493
3,075

1,430
4,213
2,890
2,911
2,711
2,912
2,529

1,5 12
855
404
366
603
572
595
645

8,243
31,594
22,591
22,779
23,043
23.886
22,201

6,467
29,552
20,196
19,084
19,194
19,624
17,756

123
80
111
442
514
386
406

2,453 1,172
1,421
1,219
1,531
1 1,274

267
285
262
286
237

732
760

6
2

48
211

52
233

1,418
1,567
1,977
2,080
1,992

3

73

87

545

6,034
17,033
11,408
11,878

69,221
62,027
61,524
63,318

169

412

14
11
21
22

7,789
1,969
7,657
5,580

78,226
74,426
74,863
77,461

3,494
3,455
7,130
10,522
11,334
12,214
12,628

8

Total

Obligations
Direct
of
States Other
and secuCertifiGuar- politan- ical rities
cates
Bills of in- Notes Bonds teed subdebtdiviedsions
ness

1,063
1,573
1,681
1,718

972
594
598
855 3,133 3,378
811 1,065
1,770 927
1,551 851
2,032 966
1,687 933

5,723
10,120
10,451
12,684

U. S. Government obligations

287
564
930
920

1,136
1,285

988

971

3

Chicago:
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June

954

235
131
332
224
235

153
749
248
700
520
607
551

1,034 6,982
373 2,358
499
1,218
2,524 2,493
2,387 1,774
1,344 1,453

5,653
1,901
5,536
3,640
3,854
3,542

110
630 '5,i02
480 2,583
588
1,390

481

256
133

903

119

182
181
213
335
351
384
375

193
204
185
242
201
197
170

69
63
66
71

22
36
46
65
70
67
70

194
114
427 1,503
484
170
386
207
347
203
422
218
424
229

1,527
1,459
3,147
4,423
4,651
5,099
5,270

1,969
3,498
3,518
4,347
4,849

1,407
1,610
1,901
1,757

20
42
23
33
35
43
41

183
471
227
187
178
191
201

1,823
1,881
3,827
5,591
6,099
6,662
6,883

1,979
3,679
3,906
4,702
5,243

363
229
288
303
322
334

6,628
29,407
26,125
25,570
26,148
27,381
26,330

4,377
26,999
22,857
21,377
21.587
22,549
21,394

2,926
16,713
17,681
13,287
12,587
13,625
13,576

861
9
6
5
5
4
4

1,222
1,342
2,006
2,998
3,334
3,639
3,802

1,028
1,067
1,262
1,194
1,227
1,194
1,134

1,205 614
1,405 1,096
1,533 1,268
1,639 1,503

20
31
30
29

156
130
130
137

2,266
3,024
3,252
3,505

1,061
1,807
1,927
2,288

111
134
146
141

13,021
11,718
12,189
12,960

11,318 206 1,973 1,219 7,916
571
501 2,979 5,618
9,672
939 1,647 1,812 5,510
9,914
10,567 1,196 1,325 2,043 6,000

4
3
6
3

1,078
1,478
1,671
1,781

625

110
94
239
142

1,530

707

132

232
334
407
147

1,467

751

295

4,544
2,108
6,107
2,418 2,568 4,008
2,692 2,024 4,204
1,784 1,916 4,114

1,864
2,274
1,847
1,526
1,674
1,596

4,248 1,173 956 820
5 1,126
916
15,878
3 1,342 1,053
15,560
1 2,184 1,511
11,830
8 2,458 1,390
10,528
14 2,934 1,328
11,594
23 3,184 1,262
11,393

All nonmember
banks: ^
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.

31...
30...
31...
31...

18,454 5,432
19,267 7,550
20,380 8,192
22,096 9,136

567
604
613

* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members
of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and
the reserve
classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the
total and are not entirely comparable with prior figures. Total loans continue to be shown net.
For other footnotes see opposite page.

970




FEDERAL RESERVE BULLETIN

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
ReBalDeserves
mand
with
Cash ances
with
deFederal
in
doposits
Revault mestic
adserve
banks 4 justed 5
Banks

Class of bank
and
call date

Interbank
deposits

1.343
2,806
3,359
4,941

6,799
8,012
8,426
8,910

2,581
2,918
3,166
2,956

84,987
90,986
96,666
99,793

240
462
550
744

111
189
278
346

1,761
23,740
1,325
2,788
3,344
5,797
4,912

3,677
5,098
6,692
7,892
8,288
8,682
8,776

1,077
2,585
2,559
2,898
3,147
2,721
2,938

36,544
72,593
83,723
89,922
95,604
90,836
98,746

158
70
54
347
427
475
605

59
103
111
189
278
312
346

1,009
2,450
2,401
2,724
2,961
2,744
2,256

33,061
62,950
72,704
78,659
83,240
85,680
80,741

140
64
50
341
422
592
686

50
99
105
183
257
321
310

450 11,282
1,338 15,712
1,105 17,646
1,087 17,490
1,289 17,880
1,120 17,919
899 16,617

6
17
12
268
318
465
540

10
12
37
43
59
50

29
20
14
37
22
29
39

9
10
11
11
10

1,089
1,128
1,190
1,194

2,216
2,174
2,697
2,753

10,216
10,863
11,969
11,875

87,123
92,282
98,243
101,506

11,362
12,102
13.123
13,109

1 ,430
1,476
1,413
1,465

All insured commercial banks:
1941—Dec. 31. .
1945—Dec. 3 1 . .
1947—Dec. 31. .
1950—Dec. 30..
1951—Dec. 31. .
1952—June 30..
Dec. 3 1 . .

12,396
15,810
17,796
17,458
19,911
19,331
19,809

1,358
1,829
2,145
2,145
2,665
2,365
2,720

8,570
11,075
9,736
10,463
11,561
9,935
11,489

37,845
74,722
85,751
91,099
97,048
93,652
100,329

9,823
12,566
11,236
11,955
12,969
11,286
12,948

1,248
1,379
1,442
1,381
1,339
1,437

Member banks,
total:
1941—Dec. 31. .
1945—Dec. 3 1 . .
1947—Dec. 31 . .
1950—Dec. 30. .
1951—Dec. 31. .
1952—Dec. 31. .
1953—June 30. .

12.396
15,811
17,797
17,459
19,912
19.810
19,448

1,087
1,438
1,672
1,643
2,062
2,081
1 ,956

6,246
7,117
6,270
6,868
7,463
7,378
6,378

33,754
64,184
73,528
78,370
83,100
85,543
81,774

9,714
12,333
10,978
11,669
12,634
12,594
10,947

1,243
1,375
1,437
1,369
1,431
1,300

1,709
22,179
1,176
2,523
3,101
4,567
3,378

3,066
4,240
5,504
6,400
6,666
7,029
7,403

New York City:*
1941—Dec. 31. .
1945—Dec. 31 ..
1947—Dec. 31 ..
1950—Dec. 30.
1951—Dec. 31. .
1952—Dec. 31 ..
1953—June 30. .

5,105
4,015
4,639
4,693
5,246
5.059
5,204

93
111
151
118
159
148
127

141
78
70
78
79
84
49

10,761
15,065
16,653
15,898
16,439
16,288
15,384

3,595
3,535
3,236
3,207
3,385
3,346
2,979

607

866

319
237
290
258
321
322
333

1,021

673

671

1,105 6,940
267
1,217
451
1,162
858
1,128
1,154 1,143
887
1,059

31. .
31.
31. .
30.
31. .
31. .
30. .

1,0-70
1,216
1,407
1,144
1,318

43
36
30
30
32
32
31

298
200
175
133
165
169
123

2,215
3,153
3,737
3,954
4,121
4,126
3,913

1,027
1,292
1,196
1,177
1,269
1,308
1,175

8
20
21
48
38
37
33

Reserve city banks:
1941—Dec. 31. .
1945—Dec. 31. .
1947—Dec. 31. .
1950—Dec. 30. .
1951—Dec. 31 ..
1952—Dec. 31 .
1953—June 30. .

4,060
6,326
7,095
6,806
7,582
7,788
7,420

425
494
562
519
639
651
609

2,590
2,174
2,125
2,206
2,356
2,419
2,150

11,117
22,372
25,714
27,938
29,489
30,609
29,444

4,302
6,307
5,497
6,174
6,695
6,662
5,744

54
110
131
217
192
230
197

Country banks:
1941—Dec. 31. .
1945—Dec. 31. .
1947—Dec. 3 1 . .
1950—Dec. 30. .
1951—Dec. 31. .
1952—Dec. 31. .
1953—June 30. .

2,210
526
796
4,527
929
4,993
976
4,745
5,676 1,231
5,820 1,250
5,505 1,189

3,216
4,665
3,900
4,450
4,862
4,706
4,057

9,661
23,595
27,424
30,581
33,051
34,519
33,033

1,199
1,049
1,111
1,285
1,278
1,049

544
532
635
672

3,947
3,996
4,507
4,498

13,595
13,912
15,144
15,964

385
432
489
516

All nonmember
banks: 2
1947—Dec. 3i
1950—Dec. 30..
1951—Dec. 31
1952—Dec. 31

IndiCapividuals, Bortal
partner- rowacships, ings counts
and corporations

ForDomestic4 eign

17,796
17,458
19,911
19,809

942

U. S.
IndiGov- States
viduals,
ernand
partner- Inter- ment
politships, bank
and
ical
and corPostal subdiporaSavvisions
tions
ings

Certified
U. S. States
and
and
Gov- political offiern- subdi- cers'
ment visions
checks,
etc.

All commercial
banks: 2
1947—Dec. 3 1 . .
1950—Dec. 30. .
1951— Dec. 3 1 . .
1952—Dec. 3 1 . .

Chicago-*
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952-Dec.
1953—June

Time deposits

790

127

866 34,383
1,384 34,930
1,536 36,323
1,620 39,046

65
90
34
188

10,059
11,590
12,216
12,888

15,146
29,277
33,946
34,525
35,986
37,333
38,700

10
215
61
82
30
85
181

6,844
8,671
9,734
11,263
11,902
12,282
12,563

11,878
23,712
27,542
28,032
29,128
31,266
32,412

4
208
54
79
26
165
75

5,886
7,589
8,464
9,695
10,218
10,761
11,070

492
496
826

1,331
1,485
1,574
1,564
418
399
693

1,121
1,238
1 ,303
1,395

778
1,648
1,206 "195 2,120
30 2,259
1,418
70 2,351
1,647
5 2,425
1,614
1 ,752 132 2,505
8
1,841
2,544

233
237
285
284
240
242
320

34
66
63
70
66
56
53

2,152
3,160
3,853
4,250
4,404
4,491
4,123

3
1
5
8

2
3
5
4
3

1,124
1,814
1,358

1,144
1,763
2,282
2,575
2,550
2,693
2,866

286
611
705
852
822
791
636

11,127
22,281
26,003
28,938
30,722
31,798
30,192

104
30
22
57
90
109
124

20
38
45
60
85
105
103

243
160
332
631
714
739
794

4,542
9,563
11,045
10,956
11,473
12,417
12,847

4 3,521
8 3,745
17 3,874

2
225
8 5,465
7
432
10
922
11
876
11 1,267
11
932

1,370
2,004
2,647
3,282
3,554
3,772
3,885

8,500
239
435 21,797
528 25,203
715 27,980
783 30,234
777 31,473
668 29,810

30
17
17
12
13
13
14

31
52
45
82
125
152
154

146
219
337
443
491
525
553

6,082
12,224
14,177
14,339
14,914
15,908
16,531

4
11
23
9
16
25
49

55
38
44
34

1,295
1,612
1,761
1,881

180
195
205
212

12,284
12,326
13,426
14,113

190
120
128
152

6
7
22
25

172
263
298
317

6,858
6,915
7 213
7,800

1,552

72
174
242
343
201
491

8,221

405
976

167
283
258
374

476
719
902

288
377
426
490
513
541
551

1,967

2 2,566
1 2,844

3,322

1,982
2,525
2,934
3,532
3,760
3,970
4,101

12 1,596
11 1,897
g 1,999
23 2,129

2
Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the
preceding
table.
3
Central reserve city banks.
4
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.
5
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

1953




971

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans 1

Date or month

Total
loans
and
invest- Total i
ments

Investments

For purchasing
or carrying securities
CommerTo brokers
cial,
indus- and dealers To others Real Loans Other
estate
to
trial,
loans Total
and
loans banks
agri- U. S. Other U.S. Other
cul- Govt. se- Govt. seobobtural
liga- curi- liga- curitions ties tions ties

U. S. Government obligations

Total

Bills

Other
Certifisecucates
2 rities
of in- Notes Bonds
debtedness

TotalLeading Cities
1 9 5 2 — A u g u s t . . . . 76,467

35,914

20,955

1,672

756

5,882

624

6,591 40,553 32,871 2,824 3,472 6,030 20,545 7,682

76,288
1953—June
78,451
Tuly
A u g u s t . . . . 79,583

39,550
39,457
39,798

22,801
22.628
22,886

1,648
1,756
1,785

765
756
741

6,282
6,315
6,342

781
649
654

7,888 36,738 29,317 2,313 1,944 5,593 19,467 7,421
7,973 38,994 31,541 2,744 3,885 5,511 19,401 7,453
8,011 39,785 32,243 2,603 4,805 5,403 19,432 7,542

June 3 . . .
June 10. . .
June 17. . .
June 2 4 . . .

75,981
76,466
76,640
76,065

39,439 22,690
39,666 22,732
39,654 22,985
39,443 22,797

1,547
1,762
1,716
1,567

779
767
769
746

6,257
6,274
6,293
6,304

930
869
617
710

7,847
7,872
7,893
7,938

36,542
36,800
36,986
36,622

29,144
29,383
29,528
29,211

2,043
2,276
2,604
2,327

1,850
1,843
2,044
2,040

5,652
5,629
5,545
5,545

19,599
19,635
19,335
19,299

7,398
7,417
7,458
7,411

July
July
July
July
July

1...
8...
15. . .
22...
29...

76,545
76,067
80,048
79,992
79,606

39,649 22,585
39,366 22,590
39,268 22,651
39,623 22,671
39,381 22,643

1,719
1,603
1,764
1,863
1,830

755
747
751
764
763

6,302
6,306
6,322
6,322
6,326

948
767
428
655
446

7,960 36,896
7,973 36,701
7,972 40,780
7,967 40,369
7,992 40,225

29,501
29,262
33,326
32,911
32,705

2,514
2,309
3,085
2,956
2,855

2,090
2,095
5,227
5,030
4,985

5,541
5,534
5,548
5,490
5,440

19,356
19,324
19,466
19,435
19,425

7,395
7,439
7,454
7,458
7,520

Aug.
5...
Aug. 1 2 . . .
Aug. 19. . .
Aug. 2 6 . . .

79,870
79,814
79,349
79,301

39,811
39,963
39,734
39,687

22,799
22,912
22,940
22,891

1,878
1,882
1,714
1,666

740
746
745
735

6,321
6,343
6,348
6,358

670
681
611
654

8,022
8,020
7,997
8,005

32,536
32,333
32,098
32,005

2,820
2,667
2,492
2,433

4,904
4,813
4,775
4,729

5,415
5,415
5,392
5,390

19,397
19,438
19,439
19,453

7,523
7,518
7,517
7,609

21,308

11,192

7,601

182 1,108

27

228

404

403

1,419 10,116

7,797

560

572

1,376 5,289 2,319

20,764
1953—June. .
21,431
July
A u g u s t . . . . 21,587

12,383
12,096
12,126

8,456
8,260
8,342

108 1,163
185 1,136
259 1,060

35
26
28

210
211
188

399
402
394

517
376
360

1,680 8,381
1.685 9,335
1,681 9,461

6,426
7,363
7,435

665
922
798

154
829

1,055

1,035 4,572 1,955
1,012 4,600 1,972
945 4,637 2,026

June 3 . . .
June 10. . .
June 1 7 . . .
June 2 4 . . .

20,572
20,952
20,922
20,612

12,354
12,527
12,423
12,229

8,383
8,448
8,570
8,424

95
152
114
72

1,107
1,223
1,203
1,120

36
37
36
31

213
213
213
201

389
398
403
405

635
563
391
477

1,681
1,678
1,678
1,684

6,264
6,467
6,530
6,444

513
681
791
674

.150
139
161
167

1,045
1,047
1,019
1,029

4,556
4,600
4,559
4,574

1,954
1,958
1,969
1,939

July
1...
July
8...
July 15. . .
July 2 2 . . .
July 29. . .

20,906
20.491
22,026
21,999
21,734

12,328
12,074
12,008
12,119
11,954

8,254
8,264
8,283
8,268
8,232

141
79
218
261
225

1,191
1,147
1,129
1,113
1,102

30
29
25
24
24

205
201
211
221
216

403
404
409
398
395

615
451
232
331
250

L,674
1,684
1,686
1,688
1,695

8,578 6,660
838
207
8,417 6,439
660
193
10,018 8,035 1,073 1,337
9,880 7,893 1,032 1,240
9,780 7,785 1,007 1,168

1,019
1,015
1,045
1,008
970

4,596
4,571
4,580
4,613
4,640

1.918
1,978
1,983
1,987
1,995

Aug.
5...
Aug. 12 . . .
Aug. 19. . .
Aug. 2 6 . . .

21,869
21,685
21,390
21,406

12,216
12,180
12,062
12,046

8,314
8,365
8,356
8,334

331
260
223
221

1,066
1,085
1,051
1,038

28
28
28
28

188
188
187
190

395
398
393
392

378
344
342
377

1,702
1,699
1,669
1,653

957
952
934
936

4,596
4,660
4,626
4,666

2,030
2,025
2,020
2,031

40,059
39,851
39,615
39,614

New York City
1952—August

8,218
8,425
8,499
8,383

9,653
9,505
9,328
9,360

7,623
7,480
7,308
7,329

956
809
718
711

1,114
1,059
1,030
1,016

Outside
New York City
55,159 24,722

13,354

382

501

5,478

221

5,172 30,437 25,074 2,264 2,900 4,654 15,256 5,363

55,524 27,167
1953—June
57,020 27,361
July
A u g u s t . . . . 57,996 27,672

14,345
14,368
14,544

377
435
466

520
519
525

5,883
5,913
5,948

264
273
294

6,208 28,357 22,891 1,648 1,790 4,558 14,895 5,466
6,288 29,659 24,178 1,822 3,056 4,499 14,801 5 481
6,330 30,324 24,808 1,805 3,750 4,458 14,795 5,516

1952—August....

June 3 . . .
June 10. . .
June 17. . .
June 2 4 . . .

55,409
55,514
55,718
55,453

27,085
27,139
27,231
27,214

14,307
14,284
14,415
14,373

345
387
399
375

530
517
520
514

5,868
5,876
5,890
5,899

295
306
226
233

6,166
6,194
6,215
6,254

28,324
28,375
28,487
28,239

22,880
22,916
22,998
22,767

1,530
1,595
1,813
1,653

1,700
1,704
1,883
1,873

4,607
4,582
4,526
4,516

15,043
15,035
14,776
14,725

5,444
5,459
5,489
5,472

July
1...
July
8...
July 15. . .
July 2 2 . . .
July 2 9 . . .

55,639
55,576
58,022
57,993
57,872

27,321
27,292
27,260
27,504
27,427

14,331
14,326
14.368
14,403
14,411

387
377
417
489
503

520
517
515
519
523

5,899
5,902
5,913
5,924
5,931

333
316
196
324
196

6,286
6,289
6,286
6,279
6,297

28,318
28,284
30,762
30,489
30,445

22,841
22,823
25,291
25,018
24,920

1,676
1,649
2,012
1,924
1,848

1,883
1,902
3,890
3,790
3,817

4,522
4,519
4,503
4,482
4,470

14,760
14,753
14,886
14,822
14,785

5,477
5,461
5,471
5,471

Aug. 5 . . .
Aug. 12. . .
Aug. 19. . .
Aug. 2 6 . . .

58,001
58,129
57,959
57,895

27,595
27,783
27,672
27,641

14,485
14,547
14,584
14,557

481
537
440
407

524
530
530
517

5,926
5,945
5,955
5,966

292
337
269
277

6,320
6,321
6,328
6,352

30,406
30,346
30,287
30,254

24,913
24,853
24,790
24,676

1,864
1,858
1,774
1,722

3,790
3,754
3,745
3,713

4,458
4,463
4,458
4,454

14,801
14,778
14,813
14,787

5,493
5,493
5,497
5,578

5,525

1
Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net.
^Includes guaranteed obligations.
iFor other footnotes see opposite page.

-972




FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE— Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank

Date or month

ReIndiDeBalserves
with Cash ances mand vid- States Certiuals,
deFedwith
in
fied
eral vault
do- posits part- and
and
Remestic ad- 5 ner- political
offiserve
banks justed ships, subcers'
Banks
and
cor- divi- checks,
etc.
porations

Time deposits,
except interbank

IndividU. S.
uals, States
Govand
U. S. part- politernGov- nerment
ical
ern- ships, suband
ment and
divi- Postal
Savcor- sions
ings
porations

Interbank
deposits
Demand
Time
Domestic

Borrowings

Capital
accounts

Foreign

TotalLeading Cities
1952— August

14,921

944 2,381 52,674 53,539 3,573 1,338 4,500 15,974

774

188 10,026 1,326

1,182 7,124

1953—June
July
August. . .

14,943
14,429
14,382

936 2,606 54,260 55,106 3,988 1,617 1,755 16,962
935 2,,566 53,001 54,267 3,748 1 ,674 4,274 17.064
928 2,406 53,091 54,046 3,779 1,464 4,995 17,079

827
827
819

188 10,024
190 10,238
191 10,028

,296
,286
,271

665
793 7,408
677
801 7,428
706 1,044 7,452

14,537
14,860
15,505
14,872

893
955
931
965

2,347 53,708 54,185
2,604 54,900 55,417
2,822 54,981 56,697
2,652 53,454 54,124

4,041
4,174
3,825
3,911

1,520 1,356
1,688 1,119
1,707 1,979
1,556 2,566

16.901
16,932
16,975
17,041

829
827
826
826

187
187
189
187

656 1,026 7,415
668
906 7,410
664
536 7,400
671
705 7,407

July 1
July 8
Tuly 15
July 22
July 29

14,558
14,484
14.124
14,585
14,394

887
936
935
937
977

820 54,263
2,672
836 53,457
2,476
2,919 52,643 55,156
••2,446 53,315 54,380
-•2,315 53,395 54,082

3,975
3,787
3,614
3,628
3,736

2,049
1,452
1,901
1,508
1,461

2,469 17,052
1,800 17,052
6,039 17,067
5,770 17,075
5,292 17,074

826
829
831
828
822

190 10,393
189 10,393
190 10,950
189 9,876
189 9,577

,320
,296
,294
,275
1,284
1,276
1,283
1,281
1,304

Aug.
Aug.
Aug.
Aug.

14,385
14,333
14,446
14,364

881
949
926
957

2,346 53,177 53,618
2,481 53,189 54,734
2, 444 52,671 53,822
2,354 53,330 54,010

3,877
3,795
3,697
3,747

1 ,589
1,413
1,492
1,364

5,096
4,806
5,050
5,027

824
819
822
813

188
189
191
193

10,138
10,301
10,111
9,560

1,309
1,279
1,253
1,243

683
931 7,451
688 1,161 7,450
727 1,180 7,449
906 7,459
725

1952—August

5,190

171

15,687 16,436

276

578 1,717 1,559

2,814 1,072

1953—June... .
July....
August..

5,214
4,905
4,828

140
138
137

16,062 16,886
15,286 16,248
15,226 16,037

324
274
259

503 1,730
738
825 1,619 1,751
658 1,827 1,713

2,940 1,063
2,920 1,048
2,761 1,037

522
535
559

219 2,504
201 2,516
299 2 ,524

June 3
June 10
June 17
June 24

4,975
5,157
5,434
5,290

137
144
139
140

15,762 16,547
16,274 16,956
16,494 17,487
15,720 16,554

307
414
279
295

647
851
768
688

1,709
1,715
1,734
1,761

2,854
2,917
3,056
2,933

1,088
1,065
1,054
1,043

513
524
523
530

255
372
119
132

2,508
2,505
2,501
2,501

July 1
July 8
July 15
July 22
July 29

4,926
4,869
4,959
4,966
4,807

132
144
135
135
145

15,357
15,391
15,043
15,387
15,253

290 1,143
804 1,749
301
469 1,750
635
273 1,005 2,452 1,760
249
688 2,293 1,751
255
654 2,075 1,743

3,070
2,898
3,170
2,749
2,715

1,046
1,039
1,047
1,039
1,067

540
532
526
535
540

299
317
25
211
153

2,517
2,516
2,516
2,517
2,514

15,333 16,003
15,161 16,099
15,081 15,970
15,330 16,075

272
272
244
247

2,794
2,797
2,785
2,668

1,077
1,045
1,017
1,008

537
542
579
577

234
366
373
221

2,527
2,526
2,525
2,520

Tune
June
June
June

3. .
10..
17..
24..

5
12
19
26

17,080
17,070
17,087
17,078

9,758
10,033
10,472
9,831

682
673
667
676
687

972
882
331
910
912

7,426
7,441
7,427
7,416
7,429

New York City

16,567
16,056
16,341
16,183
16,094

769
601
671
594

408
304
463
838

1,958
1,830
1,758
1,762

433 2,443

Aug. 5
Aug. 12
Aug. 19
Aug. 26
Outside
New York City
1952—August

4,795
4,754
4,886
4,876

133
142
133
141

9,731

750

133 7,212

254

9,729
9,524
9,554

773 2,345 36,987 37,103 3,297
796 2,562 38,198 38,220 3,664
797 2,526 37,715 38,019 3,474
791 2,370 37,865 38,009 3,520

760 2,783 14,415

1953—June
July
August. . . .

879 1,252 15,232
849 2,655 15,313
806 3,168 15,366

784
786
782

138 7,084
139 7,318
142 7,267

233
238
234

143
142
147

4,681
574 4,904
600 4,912
745 4,928

Tune
June
June
June

3
10
17
24

9,562
9,703
10,071
9,582

756
811
792
825

2,308
2,569
2,765
2,607

37,946 37,638
38,626 38,461
38,487 39,210
37,734 37,570

3,734
3,760
3,546
3,616

948 15,192
873
837
815 15,217
939 1,516 15,241
868 1,728 15,280

786
785
783
783

136
137
139
137

6,904
7,116
7,416
6,898

232
231
240
232

143
144
141
141

771
534
417
573

4,907
4,905
4,899
4,906

July 1
July 8
July 15
July 22
July 29

9,632
9.615
9,165
'9,619
'9,587

755
792
800
802
832

2,629 37,463 37,696
2,444 37,445 37,401
2, 864 37,600 38,815
'2,411 37,928 38,197
'2,281 38,142 37,988

3,685
3,486
3,341
3,379
3,481

906
817
896
820
807

1,665
1,331
3,587
3,477
3,217

15,303
15,302
15,307
15,324
15,331

783
786
789
786
785

138 ,323
138 ,495
139 ,780
137
127
138 6,862

238
237
236
242
237

142
141
141
141
147

673
565
306
699
759

4,909
4,925
4,911
4,899
4,915

Aug.
Aug.
Aug.
Aug.

9,590
9,579
9,560
9,488

748
807
793
816

2,315 37,844 •37,615
2,446 38,028 38,,635
2, 400 37,590 37,852
2,322 38,000 37,935

3,605
3,523
3,453
3,500

820
812
821
770

3,138
2,976
3,292
3,265

15,354
15,359
15,375
15,376

788
782
785
773

139 7,344
140 7,504
142 7,326
6,892

232
234
236
235

146
146
148
148

697
795
807
685

4,924
4,924
4,924
4,939

5
12
19
26

1,726
1,711
1,712
1,702

r

Revised.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357 and for figures on the revised basis
beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised figures
July 1946-Tune 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics,
pp. 127-22*7.
3

SEPTEMBER

1953




973

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY 1
[Net declines, (—). In millions of dollars]
3usiness of borrower
Manufacturing anc mining
Period*

Metals
and
Petrometal
leum,
Food, Textiles, products
coal,
liquor, apparel,
(inch
Other
chemical,
and
and
and
tobacco leather machinery and rubber
trans.
equip.)

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—
classitotal3
fied

275
873

48
125

60
141

62
16

-421
722

63
30

175
351

44
-98

8
37

186
2,769

18
2,372

till

176
250

It,
36

-m.S

-634

-217

1

141

662

544

-2
-57

18
13

-?8
191

-546
2,494

-637
2,435

151

446

-10

95

208

-632

-90

84

18

-8

-360

-593

41
34
33

72
-50

40
11
7

2
-16
-5

8
36
-60

5
-17
76

10

— 13

-66
-21
18

-91
25

89

19

26
o
50

-18
-113
201

-39
— 154
248

Week ending:
June 3 . . . .
Tune 1 0 . . . .
June 17
June 24

-50
4
-1
-17

20
11
9

7
12
71
-18

3
-36
-57
24

6
17
12
5

-3
4
4
-2

-38
-19
-14
-19

-6
18
118

-122

-36
16
60
-35

-5
10
12
-7

-7
2
29
2

-129
47
245
-181

-146
42
253
-188

July 1
July 8 . . . .
July 15
July 22
July 29. . . .

-36
5
-67
-12
-9

5
16
10
4

-25
-25
6
-4
-3

-35
6
3
6
-1

-5
4
7
4

8
-14
-2

-1

-73

31
15

79
4
-22

1
-5
3

-3
1
28
-15

-7

-12
8
6
13
11

-177
-11
65
31
-20

-212
5
61
20
-28

19
24
24
22

8
11
7
7

10
4

6
3
11
-3

2
5
-3
3

—9
3
2

-3
3
-11

16

30
22
-16
15

135
85
37
-55

156
113
28
-49

-243

116

932

-361

1952—Jan.-June. . . - 8 6 8
754
July-Dec...

-40

1953—Jan.-June. . . - 6 2 1

1951—April-June. .
July-Dec

Monthly:
1953—June
July

-65

-119

Aug

Aug.
Aug.
Aug.
Aug.

- 73

5
12
19
26

Q

-18

— 11

r

c

i"

-78

" —3 "
6
7
10
-5

51
5
20
1

1
Sample includes about 215 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of
total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks.
2
Figures for other than weekly periods are based on weekly changes during period.
3
N e t change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter.
For description of
revisions in the weekly reporting series see BULLETIN for April 1953, p. 357.

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding

End of month

Held by

Commercial
paper
Total
out- 1
outstanding standing

Based on

Accepting banks

Total

Own
bills

Bills
bought

Others

Imports
into
United
States

Exports
from
United
States

Dollar
exchange

3
1

Goods stored in or
shipped between
points in
United
States

Foreign
countries
11
12
9
32
44

1947—December
1948—December
1949—December
1950—December
1951—December

287
269
257
333
434

261
259
272
394
490

197
146
128
192
197

88
71
58
114
119

109
76
70
78
79

64
112
144
202
293

159
164
184
245
235

63
57
49
87
133

2
23

25
25
30
28
55

1952—July
August
September
October
November
December

539
550
565
591
575
539

450
454
454
449
478
492

171
169
166
155
172
183

122
113
106
103
114
126

49
56
61
52
58
57

279
285
288
294
306
309

200
212
232
237
233
232

126
119
108
114
123
125

73
74
60
30
29
39

17
20
24
40
62
64

34
30
31
28
31
32

1953—January
February
March
April
May
June
July

504
511
507
464
441
408
429

487
490
468
455
417
428
435

159
158
149
115
111
123
131

111
110
105
78
85
92
108

48
48
44
36
26
30
23

328
331
319
340
306
306
304

225
234
237
229
198
214
213

120
114
110
115
111
112
115

43
57
39
43
37
35
40

65
53
49
37
39
32
32

34
32
32
31
32
35
35

1

As reported by dealers; includes some finance company paper sold in open market.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.

974




FEDERAL RESERVE BULLETIN

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS
UNITED STATES LIFE INSURANCE COMPANIES
I In millions of dollars]
Government securities
Total
assets

Date

12
United State and
States
local1 Foreign

Total
End of year:
1939
1940
1941
1942
1943
1944
1945

Business securities
Total

Bonds

3

Stocks

Mortgages

Real
estate

Policy
loans

Other
assets

2,134
2,060
1,878
1,663
1,352
1,063
857
735

030
156
840
693
839
704
1,738
1,808
2,124
2,160
2,245
2,591
2,872
3,088

4

29,243
30,802
32,731
34,931
37,766
41,054
44,797
48,191
51,743
55,512
59,630
64,020
68,278
73,375

7,697
8,359
9,478
11,851
14,994
18,752
22,545
23,575
22,003
19,085
17,813
16,066
13,667
12,774

5,373
5,857
6,796
9,295
12,537
16,531
20,583
21,629
20,021
16,746
15,290
13,459
11,009
10,252

2,253
2,387
2,286
2,045
1,773
1,429
1,047
936
945
1,199
1,393
1,547
1,736
1,767

71
115
396
511
684
792
915
1,010
1,037
1,140
1,130
1,060
922
755

8,465
9,178
10,174
10,315
10,494
10,715
11,059
13,024
16,144
20,322
23,179
25,403
28,204
31,646

7,929
8,624
9,573
9,707
9,842
9,959
10,060
11,775
14,754
18,894
21,461
23,300
25,983
29,200

536
554
601
608
652
756
999
1,249
1,390
1,428
1,718
2,103
2,221
2,446

5,669
5,958
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
2.1,251

1,055
1,247
1,445
1,631
1,903

3,248
3,091
2,919
2,683
2,373
2,134
1,962
1,894
1,937
2,057
2,240
2,413
2,590
2,713

63,687
67,983

15,933
13,579

13,361
10,958

1,520
1,702

1,052
919

25,209
28,042

23,231
25,975

.978
,067

16.101
19,291

1,428
1,617

2,397
2,575

2,619
2,879

1952—July
August....
September.
October. . .
November.
December .

70,774
71,123
71,578
72,034
72,415
73,034

12,894
12,898
12,929
12,731
12,780
12,683

10,324
10,347
10,399
10,244
10,297
10,195

1,748
1,752
1,736
1,728
1,728
1,733

822
799
794
759
755
755

30,191
30,314
30,475
30,973
31,143
31,404

28,039
28,165
28,315
28,819
28.986
29,226

2,152
2,149
2,160
2,154
2,157
2,178

20,505
20,643
20,801
20,961
21,087
21,245

1,706
,722
,736
,751
,766
,868

2,656
2,667
2,683
2,692
2.698
2,699

2,822
2,879
2,954
2,926
2,941
3,135

1953—January
February
March
April
May
Tune
July

73,621
73,943
74,295
74,686
75,063
75.403
75.855 i

12,862
12,844
12,630
12,666
12,543
12.456
12,429

10,329
10,287
10,063
10,089
10,082
10,030
9,991

1,774
1,800
1,820
1,837
1 ,835
1,840

759
757
747
740
626
586
n.a.

31,690
31,878
32,243
32,472
32,732
33,021
33,247

29,471
29,644
30,005
30,218
30,462
=30,752
n.a.

2,219
2,234
2,238
2,254
2,270
C
2,269
n.a.

21,396
21,547
21,725
21,897
22,055
22,221
22,429

,880
,887
,897
,918
,924
,935
1,943

2,718
2,727
2,,742
2,,756
2,,770
2..789
2,8

3,075
3.060
3,058
2.977
3.039
2,981
2,999

1946

1947
1948
1949
1950 r
1951
1952
End of month: 6
1950—December. .
1951—December. .

860

c
Corrected. r Revised, n.a. Not available.
1
Includes United States and foreign.
2
Central government only.
3
Includes International Bank for Reconstruction
4
These
represent annual statement asset values,
6

and Development.
with bonds carried on an amortized basis and stocks at end-of-year market value.
These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values
are not made on each item separately, but are included in total in "Other assets."
Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance
Statistics and Life Insurance News Data.

ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES
[In millions of dollars]
Assets

Assets

Total i

Mortgages 2

U. S.
Government
obligations

5,597
5,733
6,049
6,150
6,604
7,458
8,747
10,202
11,687
13,028
14,622
16,846
19,164
22,700

3,806
4,125
4,578
4,583
4,584
4,800
5,376
7,141
8,856
10,305
11,616
13,622
15,520
18,444

73
71
107
318
853
1,671
>,420
1,009
1,740
1,455
1,462
1,489
1,606
1,791

End of
year

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952P

Cash

274
307
344
410
465
413
450
536
560
663
880
951
1,082
1,293

Other 3

1,124
940
775
612
493
391
356
381
416
501
566
692
866
1,083

Savings
capital

End of
quarter

4,118
4,322
4,682
4,941
5,494
6,305
7,365
8,548
9,753
10,964
12,471
13,978
16,073
19,211

1950—3...
4...
1951—1. .. .
2....
3... .
4
1952—1....
2. . . .
3
4
1953—1....
2....

Total 1

Mortgages 2

U.S.
Government
obligations

16,291
16,846
17,232
17,977
18,429
19,164
19,848
20,853
21,656
22,700
23,506
24,772

13,294
13,622
13,999
14,539
15,058
15,520
16,073
16,891
17,740
18,444
19,105
20,133

1,489
1,489
1,547
1,558
1,577
1,606
,718
,702
1,782
1,791
,931
>,003

Cash

727
951
844
940
852
1,082
1,100
1,212
,046
1,293
,263
,337

Other 3

688
692
751
849
852
866
867
959
999
1,083
1,121
1,216

Savings
capital

13,418
13,978
14,286
14,910
15,317
16,073
16,801
17,661
18,210
19,211
20,105
21,154

p1 Preliminary.
Includes gross mortgages with no deduction for mortgage pledged shares.
2
Net of mortgage pledged shares.
3 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building
and fixtures.
Source.—Federal Savings and Loan Insurance Corporation.

SEPTEMBER

1953




975

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY *
[Based on compilation by United States Treasury Department. In millions of dollars]
End of year

£nd of quarter
1952

Asset or liability, and agency
1944

1945

1947

1946

1949

1948

1950

3

2

Loans, by purpose and agency:
To aid agriculture, total

.

353
10

99
9

149
590
578

120
6

280
7

1 237
52
81
1 091
12
1

896
7
74

619
6
6

116

8S?

636

486

321

70S
18

,

21

Reconstruction Finance Corporation 6
Other agencies
To financing institutions, total
Federal home loan banks
Other agencies

34
539

29
594

369

177
22

231

23
653

1,966
1,927
5
2,777
2,394

10

137
35

123
169

119
201

117
223

115
246

113
270

140

114

110

101

138

85

112

108

99

84

82

79

83

82

80

2

77

2

480
412
67

516
457
58

526
468
59

147

153

145

18

3

3

272
241
31

310
272
38

462
423
38

458
400
58

488
415
74

3

2

2

2

149
83

216

267

314

447

121

445

824

814

66
131

60
19S
12

14
793

7
436

6
515

8
433

8
816

8
806

653

4

25
596

168
24

10
1
171

7

27
606

4

4

716

(7)

715

864

(7)

2

611
(7)

864

611

774

6,078 6,110 7,617 7,826 7 736 7,713
2,226 2,296 2,389 2,546 2,496 2,466
746
706
154
735
101
64
58
55
58
58
800 3 ,450 3 ,750 3,750 3,750 3,750 »5,17O 5,222 5,182 5,191

1,237
»827

707
309

73?

714
»340

584
190

484
88

531
59

779
61

305

786

778

278

294

297

801
61

366

609

624

8

2 ,284
252 1 ,249

1 ,673 6 ,102 6,090
1 ,978 2 ,145 2,187

106

112

113

96

100

99

105

109

448

438

478

395

368

476

185

173

116

153

933 1,095
50
61

872
51

750

919

688

150

140

159

123

126

133

6 387 5 ,290 6 ,649 9 ,714 11 ,692 12,733 13,228 14,422 15,913 16,890 17,826 18,089

Total loans receivable (net)
Investments:
U» S. Government securities, total
Banks for cooperatives
.
. . .
Federal intermediate credit banks
Production credit corporations
.
Federal land banks *
. . . .
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corporation ^
.
Federal Housing Administration
Public Housing Administration 10
Reconstruction Finance Corporation '
Federal Deposit Insurance Corporation
Other agencies
Other securities, total
Reconstruction Finance Corporation
Production credit corporations
Other agencies
Commodities, supplies, and materials, total
Commodity Credit Corporation
Reconstruction Finance Corporation'
.
Other agencies

45
535

464
393
72
653

(8>

Other agencies

*1
65

60
523

1,301 1,543 1,742 1,831 1,873 1,920
1 ,293 1,729
898
782
390
859 1,426
5
9
6
6
6
7
5
768 1,251 1,528 2,142 2,387 2,437 2,603
199
828 1,347 1,850 2,068 2,097 2,242

192
151
41

20

A l l other purposes
total
...
Reconstruction Finance Corporation 6

12
1

4

80
S7S
999

191
118
73

221
225

Export-Import Bank
Reconstruction Finance Corporation •
Other agencies'

109
5S8
734

74?
604
407

351
643
361

Farmers Home Administration •
Rural Electrification Administration
Commodity Credit Corporation

To railroads total
.
Reconstruction Finance Corporation
Other agencies

1

4

3 385 2 ,878 2 ,884 2 ,299 3 ,632 4,362 3,884 4,161 4,058 4,563 5,070 5,671
189
305
776
302
73?
345
197
425
343
370
424
367
231
257
336
426
437
510
273
633
866
822
673
728
1 770 1 088
986

Federal intermediate credit banks
Federal land banks *

Federal National Mortgage 4Assn
RFC Mortgage Corporation
Home Owners' Loan Corporation *
Reconstruction Finance Corporation
Other agencies

1953

1951

1 630
43
39

683

1 ,873
43
47
70
136

681

72

66

144
151

118
161

145

139

172
17

184
1?

774

275

199
193

249
200

311
209

298
203

311
208

460
212

87
7
7S

106
8
49

1??
8
48

137
8

144
8

188

244

285

286

299

316

330

321
744

230
159

114
108

60

760
28

4?4
789

Land, structures, and equipment, total
Public Housing Administration *" 6
Reconstruction Finance Corporation
U. S. Maritime Commission *
War Shipping Administration *
Other agencies X1
Bonds, notes, and debentures payable (not
guaranteed), total
Banks for cooperatives
Federal intermediate credit banks
Federal land banks *
Commodity Credit Corporation
.
Federal home loan banks

48
48

35
11

2 ,942 2 ,288 1 ,265
450 1 034
463
1 ,053
667
1
1 ,131
134
438
122

822
448
235
138

55
26

16 ,237 21 ,017
200
222
6 ,526 6 ,919
710
771
3 ,113 3 ,395
,427
7
,813
5
262 1 ,948

16 ,924
227
2 ,861
777
3 ,301
7 ,764
2 ,044

1 395 1 ,113 1 ,252
8
74
33
274
245
293
79?
818
756
67

1 ,814 2,047

43
44

199
1?

2,075 2,226 2,364 2 371 2 421 2 645
43
43
43
43
43
43
46
51
49
60
61
53
39
42
43
43
44
43
43
43
74

214
8

1
CO
897 1 ,045 1 ,020 1 ,064 1,205 1,307 1,353 1,421i 1,423 1,437 1,500
1
1
21
30
20
1
1
1
1
1
318 3 ,385 3 ,381 3,385 3,385 3,385 3,385 3 385 3 385 3 385

46
24

63
71

.

43
43
67
14S

69

169

133
98

29
6

107
83

22
2

88
71

16
1

78
66

11
1

53
43

9

51
42

8

44
36

8

42
35
6

627 1,549 1,774 1,461 1,350 1,377 1,280 1,259
978 1 013
437 1,376 1,638 1,174 1,023 1,034
157
142
108
129
186
119
172
194
30
32
28
159
142
149
131
128

12 ,600 3 ,060 2,962 2,945

3,358
204 1 ,448 1,352 1,248 1,251
35
630
611
594
605
754
793
830
886 1,048
3 ,305
6 ,507
1 ,793
' " 168 " 2 0 6 " 4 6 5

3,186 3,212 3,213 3,240
1,232 1,216 1,173 1,149
202
199
202
197
1,170 1,209 1,251 1 299
" 5 8 1 "*586

"590

"595

689

965

69

358

70
480

772 1,190 1,369 1,228 1,301 1,330 1 107
78
110
170
112
120
181
145
490
520
674
857
864
704
710

262

415

204

560

525

258

317

445

252

For footnotes see following page.

976




FEDERAL RESERVE BULLETIN

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued
PRINCIPAL ASSETS AND LIABILITIES
[Based on compilation by United States Treasury Department. In millions of dollars]
Liabilities, other than
interagency items

Assets, other than interagency items l

Date, and corporation or agency
Total

Cash

3i
31
31
31 22
31
31
31
312

31,488
33,844
30,409
30,966
21,718
23,733
24,635
26,744

756
925
1,398
1,481

1952—June 30 2
Sept. 30
Dec. 31
1953—Mar. 31

27,933
28,922
29,945
30,564

All agencies:
1944—Dec>
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.

630
441
642
931

InvestComments
modiLoans ties,
supreceiv- plies, U. S.
and
able
Other
mate- Govt. securials secu- rities
rities

Bonds, notes,
U. S. Priand debenGov- vately
Land,
tures payable
ernstruc- Other
Other ment owned
tures,
interinterliabilasand
Fully
est
est
ities
equip- sets guarment
anteed Other
by
U.S.

6,387 2,942 1,632
424 16,237
5,290 2,288 1,683
325 21,017
6,649 1,265 1,873
547 16,924
9,714
822 1,685 3,539 12,600
627 1,854 3,518 3,060
11,692
12,733 1,549 2,047 3,492 2,962
13,228 1,774 2,075 3,473 2,945
14,422 1,461 2,226 3,463 3,358

808 15,913
932 16,890
944 17,826
936 18,089

3 SO
1,377
1,280
L.259

2,364
2,371
2,421
2,645

3,438
3,436
3,429
3,427

43
53
44

6

3,186
3,212
3,213
3,240

3,111 1,537 1,395 4,196 23,857
2,317
555 1,113 4,212 27,492
1,753
261 1,252 3,588 24,810
82
1,125
689 2.037 28,015
337
38
965 1,663 18,886
509
28
772 11,720 21,030
499
23 1,190 1,193 21 995
43 1,369 L.161 23,842
882

968

Classification by agency,
Mar. 31, 1953
Department of Agriculture:
Farm Credit Administration:
Federal intermediate credit banks..
Production credit corporations
Agricultural Marketing Act
Federal Farm Mortgage Corp
Rural Electrification Administration
~~
Commodity Credit Corporation

437
808

52
1
25
2 093
3,506
636

24
19
1
50
9
62

31

30

Housing and Home Finance Agency:
Home Loan Bank Board:
1,101
Federal home loan banks
219
Federal Savings and Loan Insurance Corp..
1,983
Public Housing Administration
Federal Housing Administration
516
Office of the Administrator:
Federal National Mortgage Association... 2,404
Other
. . . .
106

26
2
89
51

Federal Crop Insurance Corp. . .

Reconstruction Finance Corporation:
Assets held for U. S. Treasury 12
Other 13 .
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee Valley Authority
All other
1

343
831

2 487
1,515
1 673
9,796

365
728
1

1
98

1

549

(7)

78
462
23

2
8

145
710
(7)

2

460
212

611
695
35

330

1,149
1

4
6
50
98

28

10
4

(')

0)

0

5,564

104
15

2
34

(7)

00
22
106

197
1
(7)

1,500
(7)

3,385

37
26
17

1 299

14
8

467

114

265
91

143
166
183
234
329
357

367
378
401

26

51
1
24
1 2 093
979 2 527

(7)

23
1,964
1,924 1,013

1
3
34
721
3 2,467

161

5
9

(7)

2,394
48
26

1
344

1,228 L.200 25,104
39 1,301 1,434 25,780
.758 26 456
53 1,330
48 1,107 2 069 26 938
44

874

704
832

504
472
498

252
48

4

631

4

27

474
7
213
39 1,944
231
236
(7)

375

6 2,398
106

40
37

343
791

2 450
128 1,387
42 1 631
65 9,731

Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for

2

Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following
agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after
June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report
to the
U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952.
3
This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures
have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of
which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currently on the Treasury Statement as "Disaster Loans, etc., Revolving Fund."
* Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947.
6
Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during
1948,6 appear to have been included with "other" loans in the statement for Dec. 31, 1947.
Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense
Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent
effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment."
7 Less than $500,000.
8
Foreign loans, except for the Export-Import Bank, are included with "other agencies" until 1945.
9
Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet
for June 30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date).
10 Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on
the Treasury
Statement with "other agencies" through 1947—were not transferred to the PHA until 1948.
11
Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in
earlier
Treasury
Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 10.
12
Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the
Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress.
13
Includes figures for Smaller War Plants Corporation, which is being liquidated by the Reconstruction Finance Corporation.
NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small
ones—may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) the
adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2). For back figures
see Banking and Monetary Statistics, Table 152, p. 517.

SEPTEMBER 1953




977

SECURITY MARKETS '
Bond prices

Stock prices
Common

U. S. Govt.
(long-term)
CorpoMunicipal rate
Pre(high- (high- ferred5
1
New grade) grade)'
series3

Year, month,
or week
Old
series 2

Standard and Poor's series
(index, 1935-39=100)

Manufacturing
Total

Industrial

Railroad

Volume
of
trading 8
(in
thouTrade,
sands
finof
ance, Mining shares)
and
service

Securities and Exchange Commission series
(index, 1939=100)

Public
utility

Total

Trans-

Total

Durable

Pub-

lic
Non- porta- utildu- tion
ity
rable

3-7

15

17

15

480

420

20

40

265

170

98

21

28

32

14

102.53
98.85
97.27

133.4
133.0
129.3

122.0
117.7
115.8

181.8
170.4
169.7

146
177
188

156
192
204

117
149
169

107
112
118

154
185
195

166
207
220

150
178
189

180
233
249

160
199
221

107
113
118

184
208
206

144
205
275

2,012
1,684
1,315

1952—Aug
Sept
Oct
Nov
Dec

97.09
96.86
96.44
9696
96.32

128.6
126.6
125.0
125.4
125.3

115.8
115.7
114.7
115.2
115.3

169.9
170.2
168.3
169.8
170.3

191
188
183
190
197

208
204
198
206
214

175
171
167
172
185

119
119
117
121
123

190
194
191
197
204

225
219
215
223
231

194
191
188
196
205

254
246
239
247
255

228
221
218
225
238

120
118
118
121
123

210
206
202
205
212

278
275
265
260
267

995
1.1491,181
1,779
1,842

1953—Jan
Feb
Mar
Apr
May
June
July
Aug

95.68
95.28
94.31
93.25
91 .59
91.56
92.98
92.89

99 75
99.16
100.03
100.44

124.0
122.7
121.6
121.3
110.4
115.2
115.1
116.8

114.5
114.0
113.4
111.7
109.8
108.8
110.7
111.4

168.4
166 3
165.7
161.7
160.0
156.8
160 1
163.1

198
196
198
190
190
183
186
187

214
212
215
206
205
198
200
202

185
181
185
173
174
169
174
170

124
124
125
122
121
117
110
121

205
202
204
194
104
187
100
190

232
229
232
220
221
213
217
217

208
204
207
194
106
187
188
186

255
252
256
245
244
236
243
245

239
235
238
223
226
219
223
217

124
124
124
120
120
117
110
121

212
210
212
207
200
204
206
206

261
256
263
252
247
237
237
236

1,6231,678
1,931
1,637
1,227
1,185
967
1.13&

Week ending:
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29

92.80
92.94
92.92
92.95
92.83

100.15
100.33
100.50
100.46
100.46

116.1
116.4
116.8
117.3
116.9

111.5
111.6
111.6
111.5
110.9

162.5
162.8
163.4
163.6
162.6

186
189
190
187
183

200
204
205
202
197

171
175
174
168
164

120
121
122
121
121

193
192
190
185

220
220
220
216
210

100
100
188
186
180

247
248
249
244
238

223
224
221
216
208

120
121
121
121
120

207
208
208
206
201

240
241
240
237
227

1,160
1,078
1,012
1,009
1,242

Number of issues. .

1950 average. .
1951 average. .
1952 average. .

1
Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly
and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and
common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission).
2
Fully taxable, marketable 2>£ per cent bonds first callable after 12 years. Of these, the 1967-72 bonds are the longest term issues. Prior
3
to Apr. 1, 1952, only bonds due or first callable after 15 \ears were included.
T h e 3H per cent bonds of 1978-83, issued May 1, 1953.
4
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 2O-yeai bona.
8
Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
6
dividend
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures—See Banking and Monetary Statistics Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN'
for May 1945, pp 483-490, and October 1947, pp. 1251-1253.

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances

End of month

Cash on
hand
and in
banks

12
9
10
12
9

314
397
364
378
365

827
745
680
695
912

343

3926
3891
3 860
3878
920

1950—June
December...
1951—June
December...
1952—June

1,256
1,356
1,275
1,292
1,327

1952— \ugust
September. .
October
November. .
December. . .

31,338
31,333
31,316
31,347
1,362

1953—January....
February. . .

31,345
3
1 ,350
3
1,513
31 504
»-3l,671
1 .684
31,664

April .
May
Tune
July

Credit balances
Customers'
credit balances 1

Debit
Debit
Customers' balances in balances in
firm
partners'
debit
investment investment
balances
and trading and trading
(net)i
accounts
accounts

8

7

386
399
375
392
427

406

347

282

Money
borrowed 2

3908
3871
3
966
31,068
31,193
1,216
31,161

Other credit balances
In firm
In partners'
investment investment
and trading and trading
accounts
accounts

In capital
accounts
(net)

Free

Other
(net)

673
890
834
816
708

166
230
225
259
219

25
36
26
42
23

11
12
13
11
16

312
317
319
314
324

675
692
692
3 706
724

200

35

9

315

163

23

16

319

3

3
8

3732
3730
3
744
3 738
'3673
653
3650

r

Revised.
1
Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
firms' own partners.
2
Includes money borrowed from banks and al?o 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): May, 40; July, 29.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Tables 143 and 144, pp. 501-503.

978




FEDERAL RESERVE BULLETIN:

OPEN MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]

BANK RATES ON BUSINESS LOANS
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESS BY BANKS IN SELECTED CITIES
[Per cent per annum]

U. S. Government

Prime
commercial
paper,
4- to 6months1

Year,
month, or
week

securities
Prime
bankers'
accept- 3-month bills
ances,
90
days 1 Market onRate
new
yield
issues

1.15

1953—January...
February..
March
April
Mav
.
.
Tune
July
August....

1.45
2.17
2.33
2.31
2.31
2.31
2.31
2.31
2.31
2.31
2.36
2.44
2.68
2.75
2.75
2.75

Week ending:
Aug.
1...
Aug.
8...
Aug. 15. . .
Aug. 22 . . .
Aug. 2 9 . . .

2.75
2.75
2.75
2.75
2.75

1950 average
1951 average
1952 average
1952—August. . . .
September.
October. . .
November.
December..

(taxable)

Size of loan
9-to 12- 3- to 5month
year
issues2 issues8

1.88

2.01
2.19
2.16
2.11
2.04
2.04

1.218
1.552
1.766
1.876
1.786
1.783
1.862
2.126
2.042
2.018
2.082
2.177
2.200
2.231
2.101
2.088

1.26
1.73
1.81
1.94
1.95
1.84
1.89
2.03
1.97
1.97
2.04
2.27
2 41
2^46
2.36
2.33

1.50
1.93
2.13
2.29
2.28
2.26
2.25
2.30
2.39
2.42
2.46
2.61
2 86
2.92
2.72
2.77

1.88
1.88
1.88
1.88
1.88

2.11
2.07
2.08
2.06
1.98

2.157
2.136
2.116
2.101
2.001

2.30
2.35
2.37
2.34
2.29

2.70
2.72
2.79
2.80
2.78

1.75

1.20
1.52
1.72

L .75
L.75
L.75
L.75
L.75

1.83
1.71
1.74
1.85
2.09

L.82
1.88
L.88
1.88
L .88
.88
.88

1.96
1.97

L60

All
loans

Area and period
Annual averages:
19 cities:

2.4
2.2
2.1
2.1
2.5
2.7
2.7
3.1
3.5

1944
1945
1946
1947
1948
1949
1950
1951
1952

Quarterly:
19 cities:
1952—Sept
Dec
1953—Mar
June
New York City:
1952—Sept
,
Dec
1953—Mar
June
7 Northern and East
ern cities:
1952—Sept
Dec
1953—Mar
June
11 Southern and
Western cities:
1952—Sept
Dec
1953—Mar
June

1
2

Monthly figures are averages of weekly prevailing rates.
Series includes certificates of indebtedness and selected note and
bond
issues.
8
Series includes selected note and bond issues.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October
t947, pp. 1251-1253.

$1,000- $10,000- $100,000 $200,000
$10,000 $100,000 $200,000 and over

4.3
4.3
4.2
4.2
4.4
4.6
4.5
4.7
4.9

3.49
3.51
3.54
3.73

3.3
3.2
3.1
3.1
3.5
3.7
3.6
4.0
4.2

2.6
2.3
2.2
2.5
2.8
3.0
3.0
3.4

3.7

2.2
2.0
1.7
1.8
2.2
2.4
2.4
2.9
3.3

4.22
4.21
4.25
4.38

3.74
3.77
3.75
3.91

3.27
3.29
3.32
3.53

3.29
3.33
3.31
3.52

4.66
4.51
4.55
4.63

4.06
4.06
4.13
4.25

3.60
3.63
3.55
3.79

3.15
3.19
3.17
3.39

3.44
3.49
3.50
3.71

4.85
4.85
4.95
5.07

4.20
4.21
4.24
4.38

3.72
3.74
3.74
3.87

3.24
3.29
3.30
3.54

3.84
3.84
3.90
4.05

5.04
5.06
5.02
5.09

4.31
4.30
4.31
4.46

3.82
3.91
3.91
4.02

3.56
3.51
3.62
3.79

NOTE.—For description of series see BULLETIN for March 1949,
pp. 228-237.

BOND AND STOCK YIELDS *
[Per cent per annum)
inciustrial stocks
Earnings/
price
ratio

-ionds
U. S. Govt.
(long-term)

Year, month,
or week

Old
series 2
Number of issues...

3-7

New
series3
1

Corporate (Moody'
Municipal
(highgrade) *

15

By groups

By ratings
Total
Aaa

120

30

Aa

30

A

Dividends/
price ratio

Baa

Industrial

Railroad

Public
Preutility ferred6

Common7

Common7

30

30

40

40

40

15

125

125

2.67
2.89
3.00

3.10
3.26
3.36

2.82
3.09
3.20

3.85
4.11
4.13

6.51
6.29
5.55

14.61
10.42
9.49

1950 average
1951 average
1952 average

2.32
2 57
2 68

1.98
2.00
2.19

2.86
3.08
3.19

2.62
2 86
2.96

2.69
2.91
3.04

2.89
3.13
3.23

3.24
3.41
3.52

1952—August
September .
October
November.. .
December. . .

2 70
2 71
2.74
2.71
2.75

2.22
2.33
2.42
2.40
2.40

3.18
3.19
3.22
3.20
3.19

2.94
2 95
3.01
2.98
2.97

3.06
3 07
3.08
3.06
3.05

3.21
3.22
3.24
3.24
3.22

3.51
3.52
3.54
3.53
3.51

3.00
3.02
3.05
3.05
3.04

3.34
3.36
3.39
3.37
3.34

3.20
3.20
3.22
3.19
3.19

4.12
4.12
4.16
4.12
4.11

5.51
5.63
5.62
5.33
5.14

1953—January
February. .
IVIarch
April
May
June
July
August

2.80
2 83
2 89
2.97
3 09
3.09
2.99
3.00

3.26
3.29
3.25
3.22

2.47
2.54
2 61
2.63
2.73
2.99
2.99
2.88

3.22
3.26
3 31
3.40
3.53
3.61
3.55
3.51

3.02
3.07
3 12
3.23
3.34
3.40
3.28
3.24

3.09
3.14
3 18
3.29
3.41
3.49
3.42
3.39

3.25
3.30
3 36
3.44
3.58
3.67
3.62
3.56

3.51
3.53
3.57
3.65
3.78
3.86
3.86
3.85

3.07
3.11
3.16
3.27
3.39
3.48
3.42
3.37

3.36
3.39
3.43
3.51
3.63
3.73
3.67
3.61

3.23
3.29
3.33
3.44
3.57
3.62
3.56
3.54

4.16
4.21
4.23
4.33
4.38
4.47
4.37
4.29

5.18
5.26
5.36
5.52
5.53
5.60
5.44
5.75

Week ending:
Aug. \
Aug. 8
Aug. 15
Aug. 22
Aug. 29

3.01
3.00
3.00
3.00
3.01

3.24
3.23
3.22
3.22
3.22

2.93
2.91
2.89
2.86
2.88

3.52
3.50
3.50
3.51
3.52

3.24
3.22
3.22
3.24
3.26

3.38
3.38
3.38
3.39
3.40

3.58
3.57
3.56
3.55
3.56

3.85
3.84
3.84
3.85
3.87

3.39
3.37
3.36
3.37
3.38

3.62
3.61
3.61
3.61
3.63

3.53
3.53
3.54
3.55
3.56

4.31
4.30
4.29
4.28
4.31

5.46
5.44
5.44
5.52
5.67

9.06
10.56

9.39
PIO.64

P1 Preliminary.
Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for
Wednesday.
Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings/price ratio).
2
Fully taxable, marketable iy2 per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to
Apr. 1, 1952, only bonds due or first callable after 15 years were included.
3The
3M per cent bonds of 1978-83, issued May 1, 1953.
^Standard and Poor's Corporation.
6
Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have
been 6reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively.
Standard and
Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, including 12 industrial and 3 public
7
utility.
Moody's Investors Service.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
SEPTEMBER

1953




979

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury unless otherwise noted.

In millions of dollarsl

Summary
Excess of receipts
or expenditures ( —)

Budget receipts and
expenditures

General fund of the Treasury
(end of period)
Deposits in

Period

38,122
37,834
53,488
65,523
37,045
48,143
62,129
65,218
19,370
18,464
29,679
23,809
38,320
27,204
38,014
4,050
6,585
3,099
4,151
6,003
5,061
5,479
10,502
2,849
4,380
9,744
3,308
4,568

Balance
in
general
fund

Expenditures

Trust
and
other
accounts

41,714
38,255
56,846
71,366

-3,592
!-422
-3,358
-5,842

—362
!-38
759
49

— 140
349
56
-90

234
87
-106
-319

4,331
-423
2,711
7,973

471
—447
62
1,770

4,679
4,232
4,295
6,064

841
690
321
389

94
129
146
176

2,557
2,344
2,693
4,368

1,187
1.069
,134
,132

40,167
44,633
66,145
74,607

-3,122
13,510
-4,017
-9,389

121
»295
219
462

-22
384
-72
-25

483
-214
-401
-312

4,587
-2,135
3,883
6,966

2,047
1,839
-388
-2,299

5,517
7,357
6,969
4,670

950
338
333
132

143
250
355
210

3,268
5,680
5,106
3,071

1,156
1,089
1,175
1L ,256

19,192
19,063
25,570
31,276
34,869
36,497
38,110

178
1-599
4,109
-7,467
3,451
-9,293
-96

135
!-173
468
291
-72
121
341

-43
392
-8
64
-136
46
-71

341
-254
40
-146
-255
-64
-248

227
-650
-1,486
4,197
-313
8,286
-1,320

838
-1,285
3,124
—3,062
2,674
-904
-1,394

5,517
4,232
7,357
4,295
6,969
6,064
4,670

950
690
338
321
333
389
132

143
129
250
146
355
176
210

3,268
2,344
5,680
2,693
5,106
4,368
3,071

L,156
1,069
1,089
1,134
1,175
1,132
1,256

5,018
6,070
6,383
5,161
7,124
5,737
5,595
6,187
6,362
6,241
7,988
6,068
6,042

-968
515
—3,283
— 1,009
-1,121
-676
-116
4,315
-3,513
-1,862
1,756
-2,759
-1,473

6
456
-207
127
-218
— 140
404
—209
-157
377
65
-260
299

71
—34
-45
74
—46
29
-133
12
-50
38
32
26
1

-195
-229
316
—243
-145
401
-2
-135
289
-428
-373
466
-430

113
-504
2,238
2,513
-41
11
182
-3,099
105
1,930
-449
6,598
536

-973
204
—981
1,461
— 1,572
—376
335
884
-3,326
57
1,032
4,071
-1,067

6,952
7,156
6,175
7,636
6,064
5,689
6,024
6,908
3,582
3,639
4,670
8,741
7,674

496
508
770
396
389
811
351
222
393
221
132
548
496

106
161
174
103
176
350
174
448
180
108
210
181
96

5,190
5,217
4,145
5,984
4,368
3 318
4,376
4 983
1,859
2,109
3,071
6 690
5,825

1,161
1,270
1,087
1,152
1,132
1,209
1,123
1,255
1,151
1,201
1,256
L 322
1,257

1

1

1

Sales and
redemptions Clearin market
ing
of Govt.
acagency
count
obligations

Surplus
or
deficit
(-)

Net
receipts

Calendar year:
1949
. . .
1950
1951
1952
Fiscal year:
1950
1951
1952
1953
Semiannual totals:
1950—Jan.-June.
July-Dec..
1951—Jan.-June.
July-Dec..
1952—Jan.-June.
July-Dec..
1953—Jan.-June.
Monthly:
1952—Aug
Sept
Oct
Nov
Dec
953—Tan. .
Feb
Mar.
Apr
May
June
July
Aug

Increase or
decrease (—)
during period

Gross
direct
public
debt

General
fund
balance

F. R. Banks
Available
funds

In proc- Special
deposess of
collec- itaries
tion

Other
net
assets

Budget expenditures
Major national security programs
Period

Calendar year:
1949
1950 . .
1951
1952
Fiscal year:
i950
1951
1952
1953
Semiannual totals:
1950—Jan.-June..
July-Dec..
1951—Jan.-June..
July-Dec..
1952—Jan.-June..
July-Dec..
1953—Jan.-June..
Monthly:
1952—Aug
Sept
Oct.
Nov
Dec
1953—Jan.
Feb
Mar
Apr
May
June. . . .
July
Aug.

International
economic
aid 3

Atomic
Energy
Commission

AgriVetSocial
Interculerans
seest
ture
Admincurity
on
Deistraprodebt
part4
tion 4
ment 6 grams

Housing
and
home
finance

Post
Public office
works deficit

Transfers
to
trust
accounts

Other

Totaia

National
defense

Military
assistance
abroad

41,714
38,255
56,846
71,366

19,452
18,509
37,154
51,121

12,849
13,476
30,275
43,176

291
1,559
2,975

6,005
4,012
3,560
2,652

560
611
1,278
1,813

5,482
5,580
5,983
6,065

6,364
5,714
5,088
4,433

3,104
1,499
1,010
1,564

1.226
1,351
1,463
1,508

— 123
— 17
694
646

1.575
1,551
1,438
1,573

536
643
684
775

1,425
961
1,016
1,193

2 673
2 464
2,315
2,487

40,167
44,633
66,145
74,607

17,950
25,891
46,319
52,847

12,346
19,955
39,033
44,584

44
884
2.228
3,760

4,941
3,863
2,904
2,272

524
908
1,648
1,802

5,750
5,613
5,859
6,508

6,043
5,288
4,748
4,250

2,986
635
1,219
3,063

1,375
1,415
1,424
L. 593

—270
460
614
382

1,575
L.458
1,515
.655

593
624
740
660

1,383
972
1 305
1 079

2
2
2
?

19,192
19,063
25,570
31,276
34,869
36,497
38,110

8,659
9,850
16,041
21,113
25,206
25,915
26,932

5,970
7,505
12,450
17,825
21,208
2t,968
22,616

44
247
637
921
1,306
1,669
2,092

2,320
1,692
2,170
1,389
1,514
1,137
1,134

270
341
567
711
937
876
926

3,190
2,390
3,223
2,761
3,099
2,966
3,542

3,036
2,678
2,610
2,479
2,269
2.164
2,086

1,335
164
470
540
679
885
2,178

681
670
745
718
706
802
791

-175
158
302
392
222
424
-42

673
878
580
858
657
916
740

383
260
364
320
420
355
305

157
804
168
848
457
737
342

L.254
1,210
1,066
1,249
1,153
1,333
1,236

5,018
6,070
6,383
5,161
7,124
5,737
5,595
6,187
6,362
6,241
7,988
6,068
6,042

3,814
4,518
4,373
3,876
4,640
4,216
4,168
4,670
4,582
4,481
4,815
P4,634
P4.169

2,971
4,008
3,723
3,302
4,081
3,632
3,501
3.789
3,891
3,746
4,056
3,890
P3.520

352
184
298
266
275
277
316
523
366
285
325
451
197

266
133
142
128
117
138
171
181
120
278
246
P139
P255

144
155
160
150
127
158
151
157
167
153
140
117
157

183
559
572
185
1,146
235
311
563
372
179
1,882
237
206

354
343
354
345
378
348
339
358
350
348
343
369
P330

126
49
192
112
289
357
285
281
293
581
382
254
n.a.

109
116
191
124
104
180
109
10
239
125
128
M81
P122

21
71
79
101
112
—80
19
-3
-35
66
— 10
—78
n.a.

148
158
174
140
138
89
70
88
193
155
145
174
P153

94
64
23
93
67
20
101
58
13
92

1KO

Total

180
160
-30
125
50

C;Q

P52

'l60'

P146

781
276
402
570

191
245
184
252
213
19?
1Q3
232
213
194
P245
n.a.

Preliminary.
n.a. Not available.
1
Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from Budget expenditures, and included with other such investments under "Trust and other accounts." Adjustments for July-October 1950 investments were
2
made by the Treasury in the November 1950 and January 1951
figures.
Includes the following not shown separately:
Maritime activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration.
^Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other
4
nonmilitary foreign aid programs, as well as State Department expenditures.
Excludes transfers to trust accounts, which are shown separately.
*Excludes expenditures for forest development of roads and trails, which are included with public works.

980




FEDERAL RESERVE BULLETIN

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued
[On basis of daily statements of United States Treasury, unless otherwise noted.

In millions of dollars]

Treasury receipts
Budget receipts, by principal sources

Period

Income
and old-age
insurance taxes
Withheld
by
employers

Other

•»

cellaneous
internal
revenue

Taxes
on
carriers
and on
employers
of 8 or
more

Calendar year:
1949
11,428 19, 894 8 326
1950
13,775 17, 361 8 771
19,392
1951
876 9 392
1952
23,658 34 174 10 416
Fiscal year:
12,180 18, 189 8 303
1950
1951 .
16 654
218 9 423
9 726
1952
21,889 33
1953
25,058 33, 101 10 870
Semiannual totals:
6,566 10, 520 3 992
1950—Jan.-June...
7,209 6, 841 4 779
July-Dec...
9,445
1951—Jan.-June...
17, 376 4 644
9,947 9, 499 4 748
July-Dec...
11,942
1952—Jan.-June...
23, 526 4 978
July-Dec... 11,716 10, 647 5 438
13,342
1953—Jan.-June...
22, 454 5 432
Monthly:
1952—Aug
44 5
2,995
862
877
1,751 4
Sept
997
923
Oct
1 ,214
3,085
436
888
Nov
1,882
3 , 088
939
Dec
1953_jan
989 3 111
842
3,544 1 ,479
856
Feb. .
2,102 8 SSI
993
Mar
880
1 ,170 1 ,837
Apr. .
490
922
May . . . . 3,399
939
2 138 6, 986
Tune
1 2^2 1 ,125
937
July
955
Aug
P3,496
405

Period

Calendar year:
1949
1950
1951
1952
Fiscal year:
1950
1951
1952
1953
Semiannual totals:
1950—Jan.-June. .
July-Dec...
1951—Jan.-June..
July-Dec.. .
1952—Jan.-June. .
July-Dec . .
1953—Jan.-June. .
Monthly:
1952_Aug
Sept.
Oct
Nov
Dec.
1953—j a n
Feb
Mar
Apr

Internal revenue collections
(on basis of collectors' reports)
Deduct

Total
budget
receipts

Other
receipts

AppropriaRetions
funds
to oldof
age
retrust
ceipts
fund

754

658
801

7,529
8,150
8,682
9,558

12,006
9,937
16 565
22,140

902

1,862
2,263
2.364
2 ,525

41,311
53,369
67,999
72,455

2,106
3,120
3,569
4,086

2,160
2,107
2,302
3,151

37,045 11,762 7,264
48,143 15,901 9 908
62,129 21,313 11,545
65,218 24,750 11,604

10,854
14 388
21,467
21,595

891

7,599
8 704
8,971
9,946

453
317
494
449
545
357
545

941
,039
,223
,114
,251
,388
,137
1

22,472
20,185
33,184
25,757
42,242
29,546
42,910

1,256
1,411
1,709
1,646
1,922
1,891
2,195

1,846
311
1,796
302
2,000
451
2,700

19,370
18,464
29,679
23,809
38,320
27,204
38,014

6,105
6.858
9,043
9,798
11,515
11,574
13,176

5,503
1,881
8,027
2.335
9,210
2,770
8,834

4,965
4,971
9,416
7,149
14,318
7,821
13,773

356
303
427
374
459
390
502

3,688
4,462
4,241
4,440
4,531
5,027
4,919

106

177

4,585
6,875
3,355
4,731
387 6,350
260 5,232
150
6,300
158 11,870
144
4,044
220
5,140
206 10,323
286
3,619
187
5,153

434

102

93
1,653

2,442

70

780

235
204
533

4,050
6,585
3,099
4,151
45 6,003
54 5,061
336
5,479
944 10,502
963
2,849
244
4,380
159
9,744
105
3,308
65
4,568

4,012

164
204
219

164
109

927
352

59
57
51

358
2,855

808
911
795

2,785
501
404

70
77

870
760

839

902

776
811
994

54
17
104

54
30
271
66
14
109
54
P20

P110

303
117
486
425
232
516
420
206
519

55
51
47

232

1,634
3,968
190
1,144
4,990
328

2,698

6,171

1,667
4,520

855
151

654
359

527

1,437

5,683

Treasury receipts—Continued

Trust and other accounts

Internal revenue collections—con
(on basis of collectors' reports)

Social security,
retirement, and
insurance accounts

Total i

Tobacco

7,529
8,150
8,682
9,558
7,599
8,704
8,971
9,946
3,688
4,462
4,241
4,440
4,531
5.027
4,919

2,204
2,419
2,460
2,727

1,320
1,348
1,446
1,662

2,221
2,519
2,790
3,054

t 784
1 864
1 987
115

-362

2,219
2,547
2,549
2,781

1,328
1,380
1,565
1,655

2,245
2,841
2,824
3.359

1,028
1,391
1,156
1,304
1,245
1,482
1,299

665
683
697
748
817
845
810

1,125
1.394
1,446
1,343
1,481
1,573
1,786

780

205

149

253

258\

147

223

180

285
269

157
127

248
268

221
131

220
18f

125
136
133
144
133
129
136

313
283
308
276
292
320
307

71?
154
155
176
193
173
174

-207
127
-218
-140

ist
229
230
229
?.V

849

706
730
833

65
154
84
62
60

782
825
848
851
854

Other accounts2

Investments3

Other1

Receipts

Investments

Expenditures

5.512
6,543
7,906
8,315

1,965

-38
759
49

3,155
3,504

3,584
6,214
4,507
4,942

-22
271
329

1 806
1 936
032
2 157

121
295
219
462

6,266
7,251
8,210
8,531

-402
3,360
3,361
3.059

6,484
3,752
4,885
5,257

196
275
242

—62
353
530
489

870
994
942
1 045
988
1 127
025
1

135
-173
468
291
-72
121
341

3,231
3,312
3,939
3,967
4,242
4,073
4,458

,501
L.557
1,803
1,352
>,009
L.495
1,564

4,570
1,644
2,108
2,398
2,486
2,456
2,802

-22
219
52
223
106
136

-26
-307
660
126
404
105
385

6

930

361

403

36

-124

456

399

53

399

361
958

22
388

399
383

Other

173

404

-209
-157

377
65

-260

July
Aug

Excise
and
miscellaneous
taxes

38,122 11,591 7,828
37,834 12,963 7,384
53,488 18,840 10,362
65,523 23,090 11,980

Liquor

June

Other

Estate
and
gift
taxes

2,777
2,156
2,098
2,451

Total

870
760
782
825
848
851
854

Withheld

Corporation
income
and
profits
taxes

1,666
2,667
3,355
3,814

Manufacturers'
and retailers'
excise

808

Individual income and oldage insurance
taxes

2,123 42,565
1,980 42,657
2,337 58,941
2,639 71,788

794

770
944

Excise and miscellaneous taxes

911
795

Net
budget
receipts

299

718
248
869
596
405

1,020
1,319
405

1,070

56

363

-103
223
61
128
412
843
90
409

462
447
449
488
478
463
476
470
462

-9

-1
93
-14
233
-54
38
-17
42

-107
-29
-14

—325
-333
786
508

500

-148
34
-125
188
154

-217

27
274
-42

-134
86

x

P2 Preliminary.
Excess of receipts, or expenditures (—).
Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of partially owned Government corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investments of wholly owned Government corporations are included as specified in footnote 3, but their operating transactions are included
in Budget expenditures.
3
Consists of net investments in public debt securities of partially owned Government corporations and agencies and other trust funds beginning with July 1950, which prior to that date are not separable from the next column; and, in addition, of net investments of wholly owned Government corporations and agencies beginning with November 1950, which prior to that date are included with Budget expenditures (for exceptions see
footnote 1 on previous page).

SEPTEMBER 1953




981

TREASURY CASH INCOME, OUTGO, AND BORROWING
DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars]
Cash operating income, other than debt
Plus: Trust

Net Budget

Equals:
Cash

Period
Total

income

99
171
222
184
120
256
138
210

5,956
7,001
8,582
8,707
6,669
7,796
8,807
8,932

2,603
2,211
2,508
2,649
2,623
2,244
2,705
2,595

41,374
42,451
59,338
71,396
40,970
53,439
68,093
71,344

41,714
38,255
56,846
71,366
40,167
44,633
66,145
74,607

403
503
567
734

19,370
18,464
29,679
23,809
38,320
27,204
38,014

80
91
164
58
77
107
104

3,438
3,562
4,234
4,349
4,458
4,248
4,683

,178
,033
1,210
,298
1,406
,243
1,351

21,551
20,900
32,537
26,799
41,293
30,104
41,241

4,050
6,585
3,099
4,151
6,003
5,061
5,479
10,502
2,849
. . . 4,380
9,744
3,308
.
4,568

2
3
4
3
71
43
3
2
3
4
49
31

959
427
401
975
747
286
920
649
443

128
111
79
127
360
65
128
106
75
129
848
91

4,878
6,898
3,418
4,997
6,320
5,239
6,267
11,042
3,214
5,294
10,185
3,615

receipts

Less:
Noncash 1

38,122
37,834
53,488
65,523
37,045
48,143
62,129
65,218

net

Cal. yr.—1949
1950
1951...
1952
Fiscal yr.—1950
1951....
1952....
1953....
Semiannual totals:
1950—Jan.-June. .
July-Dec.. .
1951—Jan.-June. .
July-Dec.. .
1952—Jan.-June. .
July-Dec.. .
1953—Jan.-June. .

Feb

Mar
Apr.
May.

June
July .
Aug

Less: Noncash
Accru- Intraals to Govt.
public 3 trans. 4

Less:
Noncash 2

Total

1952—Aug
Sept
Oct
Nov
Dec
1953—Jan

Cash operating outgo, other than debt
Budget expenditures

1,047
1,338
429

1,158

ing

Total

Plus: Tr. acct.

Total

Less:
Noncash 6

Plus:
Exch.
Stabi- Clearliza- ing account
tion
Funds

436
477
710
694

2,588
2,307
2,625
2,807
2,754
2,360
2,837
2,774

4,210
6,923
4,397
4,825
6,881
3,945
4,952
5,169

164
65
90
28
13
138

19,192
19,063
25,570
31,276
34,869
36,497
38,110

222
281
196
371
338
396
298

1,213
1,075
1,279
1,346
1,488
1,319
1,456

4,722
2,201
1,744
2,653
2,298
2,527
2,642

10
55
82
8
-4
32
-2

-262

5,018
6,070
6,383
5,161
7,124
5,737
5,595
6,187
6,362
6,241
7,988
6,068
6,042

42
46
56
83
95
82
38
21
40
47
70
108

127
112
86
128
409
100
129
107
82
131
907
120

556
-73
587
367
617
296
346
758
488
217
537
629
464

2
1
-2
3
23
8
2
1
—3
1

25

5

31

— 11

102

-262

-26
38

-207
-13
9
-28

-13
— 13
22
16
-44

5
— 19
19
-44

2

Equals:
Cash
ing

outgo

-234
-87
106
319
-483
214
401
312

42,642
41,969
58,034
72,980
43,155
45,804
67,956
76,561

-341
254
-40
146
255
64
248

21,865
20,105
25,700
32,334
35,622
37,357
39,203

195
229
-316
243
145
-401
2
135
—289
428
373
—466
430

Net
cash
operatcome
or
(—)
-1,267
482

1,304
-1,583
-2,185
7,635
137

-5,217
-315

796

6,839
-5,534
5,671
-7,254
2,038

-744
5,622
832
6,066
6,514 - 3 , 0 9 7
5,558
-561
7,364 - 1 , 0 4 4
5,442
-203
5,754
513
6,970
4,072
6,443 —3,229
6,662 - 1 , 3 6 8
7 932
2,2 S3
6,001 - 2 , 3 8 6

1

Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in surplus by partially
owned
Government corporations.
2
Represents principally interest on investments in U. S. Government securities, payroll deductions for Government employees' retirement
accounts,
and transfers shown as Budget expenditures.
3
Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal
securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated
as noncash
expenditures at the time of issuance and cash expenditures at the time of redemption.
4
Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for
noncash
interest
reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5).
5
Represents principally repayments of capital stock and paid-in surplus by partially owned Government corporations, as well as interest
receipts
by
such
corporations
on their investments in the public debt (negative entry).
6
Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3.)

DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC
Plus: Cash
Equals:
Less: Noncash debt transactions
In
Details of net cash borrowing from or
issuance of
crease.
Net cash repayment ( —) of borrowing to the public2
1
borrowsecurities of
or deNet inv.
Accruals to public
ing, or
crease Federal agencies
in Fed.
Postal
Direct Savings
Period
( - ) , in
sec.
by
Sys. Other*
Non- Govt. agen. Int. on sav. Payts. in ( - ) of mktable. bonds Savings Sav.
gross
Guarspecial
conv.
notes
(issue
guar- & tr. funds bonds and form of
3
borrow- &
dir. pub. anteed
issues
issues
price)
anteed
Treas. bills Fed. sec.
ing
debt
Cal

y r —1949

1950
1951
1952
Fiscal yr.—1950
1951
1952
1953
Semiannual totals:
1950—Jan.-June.
July-Dec..
1951—Jan.-June.
July-Dec..
1952—Jan.-June.
July-Dec..
1953—Jan.-June.
Monthly:
1952—Aug
Sept
Oct
Nov
Dec
1953_j a n
Feb.
Mar
Apr
May
June
July
Aug

4,331
-423
2,711
7,973
4,587
-2,135
3,883
6,966

-25
-6
18
12
-8
10
16

227
..
..
-650
. . -1,486
. . 4,197
..
-313
. . 8,286
. . -1,320

-10
4
5
13
3
8
-2

113

5
1
5
6
3
—6
2
1
1

-504
2,238
2,513
-41
11
182

-3,099
105

1,930
-449
6,598
536

7

11

-115
355
37

-102

-14
374
-88
-32
-33
388
-13
51

-139

37
-69

66
-34
-50
68
—50
35

—134
11
-51
38
33
15
1

2,156

585
602
718
770
574
638
779
719

—285

3,418
3,833
-308
3,557
3,636
3,301
-1,450
1,544
2,014
1,404
2,232
1,601
1,700

265
337
301
417
361
409
308

219
-56
-92
-33
-45
-29
34

397
44
21
481
349
130
170
100
112
453
735
61
395

44
49
58
84
97
84
40
23
42
48
71

-27
-3
-2
-1

94

6109

163

-125

-74
68

-149

-79
3

—7
—2
17
-21
-2
43
-1
-1

1,739
-929
-1,242
3,353
4,231
-5,795
-525
2,918
1,152
-2,081
-3,714
2,472
-2,998
6,351
-3,433
-229
-628
2,116
2,022

—527
—173
—178
—3,188
-97

1,425
-1,222
6,456

- 2 , 2 7 5 1,125
-2,649
751
1,999 — 1,191
-406
5,778

3,020
1,021
-1,099
-1,784
3,601
-657
-1,209
-2,164

15
-250
-997
— 113
-150
-1,093
-155
-100

— 146
198
46
— 122
-158
365
-82
-10

462
292

834
187

—432
-285
-121
«18

-845
-255
-955
-829
-1,335

-80
-170
-923
-74
-81
-32
-68

-176
371

-758

—46

-111
—292

—8
_5
— 172
— 199
112
—81
93
—2 503
58
1
47
6
1 571 5—147
-862
-98
6,333 6—122
-72
6-51

— 13
62
—302
—99
—38
—768
—83
—6
-341
252
271

211

728

-467
-3,943
-717
1,639
«5,295 6-103
112

-2,761
-1,184
3,183
-1,544
7,322
5
-2,027
-192
-259
2,200
1,915

—7

-5
51
-134
11

-21
74

2
—8
13
—4
—32
-11

—31
—64
53
46
21
139
29
—62
39
90

—7

-17

1
Differs from "accruals to the public" shown in preceding table, principally because
2
Includes redemptions of tax anticipation bills and savings notes used in payment
3

adjustments to Exchange Stabilization Fund are included.
of taxes.
Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel
out in
this column. An exception was the sale for cash of about 300 million dollars in June 1952.
4
Includes cash issuance in the market of obligations of Government corporations
and agencies and some miscellaneous debt items.
6
6
Excludes exchanges of savings bonds into marketable bonds.
See footnote 2 at bottom of following page.

982




FEDERAL RESERVE BULLETIN

TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued
DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[Classifications derived by Federal Reserve from Treasury data. In millions of dollars]
Cash operating income
Period

Cal yr—1949
1950
1951
1952
Fiscal yr.—1950
1951
1952
1953 .
Semiannual totals:
1950—Jan.-June
July-Dec
1951—Jan.-June
July-Dec
1952—Jan.-June
July-Dec
1953—Jan.-June
Monthly:
1952—Aug
Sept
Oct.
Nov
Dec

1953—Jan.
Fob
Mar
Apr
May.
June. . .
Tulv
Aug

Cash operating outgo
Deduct:
Refunds
of receipts

Total

2,306
2,245
2,769
2,823
2,126
2,531
2,801
2,694 •

2,777
2,156
2,098
2,451
2,160
2,107
2,302
3,151

42,642
41,969
58,034
72,980
43,155
45,804
67,956
76,561

19,738
18,347
37,279
51,195
17,879
26,038
46,396
52,843

4,186
4,072
4,137
4,230
4,264
4,052
4,059
4,658

6 819
8,864
6,121
5,209
9,146
5,980
5,826
4,920

4 333
4,400
4 915
5,617
4,740
4,458
5,206
6,124

7 566
6,286
5 582
6,729
7,126
5,276
6,469
8,016

2,510
2,611
3,228
3,135
3,386
3,202
3,656

1,065
1,182
1,348
1,418
1,383
1,443
1,252

1,846

21,865
20,105
25,700
32,334
35,622
37,357
39,203

8,441
9,905
16,133
21,146
25,250
25,944
26,898

2,075
1,997
2,058
2,079
1,984
2,246
2,413

5,887
2,977
3,003
3,117
2,709
2,500
2,420

2,392
2,007
2,450
2,465
2,741
2,876
3,247

3,O7C
3,219
2,056
3,527
2,938
3,791
4,225

908
344
298
934
415
214

204
187
243
234
345
255
197
207
180
243
173

5,622
6,066
6,514
5,558
7,364
5,442
5,754
6,970
6,443
6,662
7,932
6,001

3,841
4,520
4,375
3,877
4,646
4,218
4,151
4,691
4,583
4,438
4,817
P4.635
P4.181

139
497
485
100
781
149
269
526
297
127

408
398
409
391
431
397
390
418
408
406
401
428
P386

456
459
532
459
478
576
506
436
658
529
543

778
192
713
731

Total

Direct
Direct
taxes on taxes on
individ- corporations
uals i

Excise
and
misc.
taxes

Social
ins. re-2
ceipts

41,374
42,451
59,338
71,396
40,970
53,439
68,093
71,344

18,403
19,191
27,149
32,728
18,115
24,095
30,713
33,370

12,006
9,937
16,565
22,140
10,854
14,388
21,467
21,595

7,572
8,113
8,591
9,567
7,597
8,693
8,893
9,978

3,864
5,121
6,362
6,589
4,438
5,839
6,521
6,858

21,551
20,900
32,537
26,799
41,293
30,104
41,241

11,220
7,971
16,124
11,025
19,687
13,041
20,329

4,965
4,971
9,416
7,149
14,318
7,821
13,773

3,637
4,476
4,217
4,374
4,519
5,048
4,931

4,878
6,898
3,418
4,997
6 320
5,239
6,267
11,042
3,214
5,294
10,185
3 615

2,719
3,162
1,135
2,686
1,952
3,558
4,198
4,211
2,204
3,076
3,081

357

792
818
866
838
868
765
791
840
795
860
879

2,442

927
352

2,785
501
404

6,171
654
359

5,683

1,013
557
344

1,000
528

Other
cash
income 3

P334
P995

311

1,796
302

2,000
451

2,700
102
55
51
47
45
54
336
944
963
244
159
105
65

Major
Social
VetInter- erans
natl. sec. est
security
on
propro- 0
prodebt»
grams *
grams grams 7

1,045

128

P589

Other

1,028

102
438
899
497

1,162
1,126
P221

Government employees and Railroad retirement funds.

UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING
[In millions of dollars]
Savings bonds
All series

Year or
month
Sales
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1952—July...
Aug...
Sept...
Oct....
Nov...
Dec...
1953—Jan. . .
Feb...
Mar...
Apr...
May..
June..
July..

3,036
9,157
13,729
16,044
12,937
7,427
6,694
7,295
5,833
6,074
3,961
4,161
367
356
330
348
303
375
504
414
440
383
371
370
402

Series A - E and H

Redemp- Outstandtions and ing (end of
maturities
period)
162
343

1,576
3,321
5,503
6,278
4,915
4,858
4,751
5,343
5,093
4,530

418
355
374
353
310
379
390
319
380
380

1906
1485
524

2

Sales

6,140
15,050
27,363
40,361
48,183
49,776
52,053
55,051
56,707
58,019
57,587
57,940

1,643
5,989
10,344
12,380
9,822
4,466
4,085
4,224
4,208
3,668
3,190
3,575

57,709
57,753
57,758
57,794
57,850
57,940
58,134
58,268
58,371
58,413
57,920
57,886
57,871

316
309
290
310
271
334
441
362
397
351
340
340
370

Redemp- Outstandtions and ing (end of
maturities
period)
160
307

1,452
3,063
5,135
5,667
4,207
4,029
3,948
4,455
4,022
3,622
334
279
299
284
239
299
320
251
308
318

P294

P3O7
P2344

Series F, G, J and K
Sales

Redemp- Outstandtions and ing (end of
maturities
period)

4,750
10,526
19,573
29,153
34,204
33,410
33,739
34,438
35,206
34,930
34,728
35,324

1,393
3,168
3,385
3,664
3,115
2,962
2,609
3,071
1,626
2,406

2
36
124
258
368
611
708
829
803
888

770
586

1,071

34,950
35,019
35,055
35,116
35,206
35,324
35,511
35,657
35,784
35,852
35,939
36,048
36,168

52
47
39
38
32
42
64
52
43
31
31
30
33

85
75
75
69
70
80
70
68
72
62

908

P1612
pil78
P181

Tax anu savings notes
Sales

Redemp- Outstandtions and ing (end of
maturities
period)

1,390
4,523
7,790
11,208
13,979
16,366
18,314
20,613
21,501
23,089
22,859
22,616

2,479
6,479
8,055
8,533
5,504
2,789
2,925
3,032
5,971
3,613
5,823
3,726

2,565
5,853
7,276
7,111
5,300
3,266
3,843
2,934
2,583
6,929
5,491

8

2,471
6,384
8,586
9,843
8,235
5,725
5,384
4,572
7,610
8,640
7,534
5,770

22,759
22,734
22,704
22,678
22,645
22,616
22,623
22,611
22,587
22,561
21,981
21,837
21,703

279
176
114
176
173
168
107
80
63
109

451
286
405
189
110
488
200
114
826
190

1,714
1,068

1,719
1,408

6,440
6,330
6,039
6,026
6,089
5,770
5,676
5,642
4,879
4,798
4,793
4,453
4,706

472

219

p Preliminary.
1
Figures for May include 390 million dollars and those for June include 18 million of reported exchanges of F and G bonds maturing in 1953,
for marketable bonds of June 1978-83. An additional 8 million dollars of exchanges represented accrued discount of F bonds and is not included
above.
2
Due to a change in Treasury processing, a large amount of redemptions of E bonds in July was not broken down as to issue price and accrued
discount. Hence, the redemptions figure shown includes some accrued discount. This situation will be reversed in the near future.
NOTE.—Sales, redemptions, and maturities of bonds are shown at issue price; amount outstanding at current redemption value. Maturities
of notes and Series A-D bonds are included as of maturity date, and only interest-bearing debt is included in amount outstanding.

SEPTEMBER

1953




983

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Public issues *
Marketable

Total
gross
debt1

Total
gross
direct2
debt

Total

1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—June
Dec
1948—June
Dec
1949—June
Dec
1950—June
Dec
1951—June
Dec
1952—June

50,942
64,262
112,471
170,108
232,144
278,682
259,487
258,376
256,981
252,366
252,854
252,798
257,160
257,377
256,731
255,251
259.461
259,151

45,025
57,938
108,170
165,877
230,630
278,115
259,149
258,286
256,900
252,292
252,800
252,770
257,130
257,357
256,708
255,222
259,419
259.105

1952—Aug
Sept
Oct
Nov
Dec
1953—Jan
Feb.
Mar
Apr
May
June
July
Aug

263,225
262,722
264,964
267,483
267,445
267,450
267,634
264,536
264,642
266,572
266,123
272,732
273,269

263,186
262,682
264,919
267,432
267,391
267,402
267,584
264,485
264,590
266,520
266,071
272,669
273,206

End of
month

Total

Bills

39,089
50,469
98,276
151,805
212,565
255,693
233,064
227,747
225,250
219,852
218,865
217,986
221,123
222,853
220,575
218,198
221.168
219,124

35,645
41,562
76,488
115,230
161,648
198,778
176,613
168,702
165,758
160,346
157,482
155,147
155,123
155,310
152,450
137,917
142,685
140,407

1,310
2,002
6,627
13,072
16,428
17,037
17,033
15,775
15,136
13,757
12,224
11,536
12,319
13,533
13,627
13,614
18,102
17,219

222,753
222,216
224,430
226,557
226,143
226,226
226,187
223,025
223,077
224,735
223,408
230,009
230,157

144,148
143,895
146,775
148,772
148,581
148,574
148,445
145,988
146,133
148,324
147,335
153,757
153,694

17,206
17,207
19,712
21,715
21,713
21,709
21,710
19,211
19,312
19,913
19,707
20,207
20,208

Certificates of Notes
indebtedness

Nonmarketable
Bonds

Convertible
bonds

5

Tax
and
savings
notes

Savings
bonds

Special
issues

Bank
eligible*

Bank
restricted

22,843
30,401
38,155
29,987
25,296
21,220
22.588
26,525
29,427
29,636
18,418
5,373
9,509
29,078
28,423

6,178
5,997
9,863
11,175
23,039
22,967
10,090
8,142
11,375
11,375
7,131
3,596
8,249
20,404
39,258
35,806
18,409
18,963

28,156
33,563
44,519
55,591
66,931
68,403
69,866
69,852
68,391
62,990
61,966
60,951
55,283
53,319
44,557
42,928
41,049
48,343

3,444
8,907
4,945
21,788
12,550
36,574
24,850
50,917
52,216
56,915
49,636
56,451
49,636
59,045
49,636
59,492
49,636
59,506
49,636
61,383
49,636
62,839
49,636
66,000
49,636
67,544
49,636
68,125
36,061 13,573 66,708
36,048 12,060 66,423
27,460 13,095 65,622

3,195
6,140
15,050
27,363
40,361
48,183
49,776
51,367
52,053
53,274
55,051
56,260
56,707
57,536
58,019
57,572
57,587
57,685

2,471
6,384
8,586
9,843
8,235
5,725
5,560
5,384
4,394
4,572
4,860
7,610
8,472
8,640
7,818
7,534
6,612

5,370
6,982
9,032
12,703
16,326
20,000
24,585
27,366
28,955
30,211
31,714
32,776
33,896
32,356
33,707
34,653
35,902
37,739

28,019
27,763
16,902
16,902
16,712
16,712
15,958
15,959
15,959
15,959
15,854
21,756
21,655

18,974
18,982
30,246
30,253
30,266
30,275
30,282
30,327
30,375
30,411
30,425
30,455
30,492

52,579
52,579
52,578
52,578
58,874
58,864
59,483
59,482
63,238
64,795
64,104
64,096
64,099

27,369
27,365
27,338
27,324
21,016
21,013
21,012
21,009
17,249
17,248
17,245
17,243
17,240

57,753
57,758
57,794
57,850
57,940
58,134
58,268
58,371
58,413
57,920
57,886
57,871
57,851

6,330
6,039
6,026
6,089
5,770
5,676
5,642
4,879
4,798
4,793
4,453
4,706
4,977

38,307
38,360
38,390
38,788
39,150
39,097
39,302
39,354
39,474
39,710
40,538
40,594
40,988

'i6i534

13,186
13,182
12,491
12,499
12,500
12,491
12,484
12,438
12,391
12,355
12,340
12,310
12,273

Total

65,419
65,139
65,164
65,285
65,062
65,161
65,258
64,599
64,553
64,056
63,733
63,942
64,190

1
Includes
3

2
fully guaranteed securities, not shown separately.
Includes noninterest-bearing debt, not shown separately.
Includes amounts held by Government agencies and trust funds, which aggregated 7,007 million dollars on July 31, 1953.
includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
•Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately.

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]
Held by
Total
gross
U. agencies
o. Lrovernment
debt
and
trust fundsx
End of month (including guaranteed Special Public
securiissues
issues
ties)
1940—Dec. ,
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—June
Dec
1947—June
Dec

1948—June
Dec
1949—June
Dec.
1950—June
Dec
1951—June
Dec
1952—June

July

Aug
Sept
Oct
Nov
Dec
1953—Jan
Feb
Mar
Apr
May

June

Held by the public

Total

ComFederal
Reserve mercial2
Banks banks

savings
banks

Mutual

Insurance
companies

Other
corporations

State
and
local
governments

Individuals

Miscellaneous
invesSavings Other
bonds securities tors*

50,942
64,262
112,471
170,108
232,144
278,682
269,898
259,487
258,376
256,981
252,366
252,854
252,798
257,160
257,377
256,731
255,251
259,461

5,370
6,982
9,032
12,703
16,326
20,000
22,332
24,585
27,366
28,955
30,211
31,714
32,776
33,896
32,356
33,707
34,653
35,902

2,260
2,558
3,218
4,242
5,348
7,048
6,798
6,338
5,445
5,404
5,549
5,614
5,512
5,464
5,474
5,490
6,305
6,379

43,312
54,722
100,221
153,163
210,470
251,634
240,768
228,564
225,565
222,622
216.606
215,526
214,510
217,800
219,547
217,533
214,293
217,180

2,184
2,254
6,189
11,543
18,846
24,262
23,783
23,350
21,872
22,559
21,366
23,333
19,343
18,885
18,331
20,778
22,982
23,801

17,300
21,400
41,100
59,900
77,700
90,800
84,400
74,500
70,000
68,700
64,600
62,500
63,000
66,800
65,600
61,800
58.400
61,600

3,200
3,700
4,500
6,100
8,300
10,700
11,500
11,800
12,100
12,000
12,000
11,500
11,600
11,400
11,600
10,900
10,200
9,800

6,900
8,200
11,300
15,100
19,600
24,000
24,900
24,900
24,600
23,900
22,800
21,200
20,500
20,100
19,800
18,700
17,100
16,400

2,000
4,000
10,100
16,400
21,400
22,000
17,700
15,300
13,900
14,100
13,600
14,800
15,600
16,800
18,800
20,500
20,800
21,300

1,000
2,100
4,300
6,500
6,500
6,300
7,100
7,300
7,800
7,900
8,000
8,100
8,700
8,800
9,400
9,600

2,800
5,400
13,400
24,700
36,200
42,900
43,500
44,200
45,500
46,200
47,100
47,800
48,800
49,300
49,900
49,600
49,100
49,100

7,800
8,200
10,300
12,900
17,100
21,400
20,000
20,100
20,900
19,400
18,600
17,600
18,000
17,000
17,200
15,900
15,600
15,000

2,300
4,400
7,000
9,100
8,600
8,100
9,600
8,400
8,700
8,900
9,600
9,400
9,700
10,500
10,700
10,600

259,151
263,107
263,225
262,722
264,964
267,483
267,445
267,450
267,634
264,536
264,642
266,572
266,123

37,739
37,945
38,307
38,360
38,390
38,788
39,150
39,097
39,302
39,354
39,474
39,710
40,538

6,596
6,689
6,712
6,692
6,681
6,757
6,743
6,895
6,869
6,908
6,866
7,057
7,022

214,816
218,473
218,206
217,670
219,893
221,938
221,552
221,458
221,463
218,274
218,302
219,805
218,563

22,906
22,853
23,146
23,694
23,575
23,821
24,697
23,944
23,875
23,806
23,880
24,246
24,746

61,100
62,700
61,800
61,600
63,100
64,200
63,400
62,800
61,900
59,500
59,000
58,500
58,700

9,600
9,800
9,700
9,700
9,600
9,500
9,500
9,500
9,600
9,600
9,500
9,600
9,500

15,700
16,000
16,100
16,100
16,000
16,100
16,000
16,200
16,100
16,000
16,000
16,000
15,900

19,700
20,300
20,700
20,200
20,500
21,000
21,000
21,400
21,800
20,700
20,700
21,800
19,900

10,400
10,700
10,800
10,900
10,900
10,900
11,000
11,100
11,100
11,300
11,300
11,700
11,800

49,000
49,000
49,000
49,000
49,000
49,100
49,200
49,300
49,400
49,500
49,600
49,300
49,300

14,900
15,600
15,400
15,200
15,200
15,100
15,000
15,000
15,200
15,500
15,300
15,900
15,900

11,600
11,500
11,500
11,300
12,000
12,200
11,700
12,300
12,500
12,500
13,000
12,8001
12,900

500
700

700
900

1

Includes the Postal Savings System.
holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1952.
Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.
2
Includes
8

984




FEDERAL RESERVE BULLETIN

UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES
Direct Public Issues Outstanding August 31, 1953
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate

Issue and coupon rate

Amount

Treasury bills1
Sept. 3, 1953
Sept. 10, 1953
Sept. 17, 1953
Sept. 18, 19532
Sept. 24, 1953

1,500
1,400
1,501
800
1,500

Oct. 1, 1953
Oct. 8, 1953
Oct. 15, 1953
Oct. 22, 1953
Oct. 29, 1953

1,500
1,501
1,500
1,501
1,500

Nov. 5, 1953
Nov. 12, 1053
Nov. 19, 1953
Nov. 27, 1953

1,500
1,501
1,501
1,502

Certificates
Feb. 15. 1954
June 1, 1954

2\i
25/8

Mar. 22, 1954 2
Aug. 15, 1954

^
2%

2

Treasury notes
Dec. 1, 1953
Mar. 15, 1954
Mar. 15, 1955.
Dec. 15, 1955.
Apr.
1956...
Oct.
, 1956...
Apr.
, 1957...
Oct.
, 1957. . .
Apr.
, 1958...,

Amount
8 ,114
4 ,858
5 ,902
2 ,78!

2Y8 10 ,542
4 ,675
5 ,365
6 ,854
1 ,007
550
531
824
144

Issue and coupon rate
Treasury bonds
Sept. 15, 1953
Dec. 15, 1953-55 ..
Dec. 15, 1953-543.
Dec. 15, 1953-55* .
Dec. 15, 1953-54 ..
June 15, 1954-565.
Mar. 15, 1955-60 «.
Mar. 15, 1956-58. .
Sept. 15, 1956-595.
Sept. 15, 1956-59. .
Mar. 15, 1957-59. .
June 15, 1958
June 15, 1958-63*.
Dec. 15, 1958
June 15, 1959-62. .
Dec. 15, 1959-62. .
Dec. 15, 1960-65«.
June 15, 1962-67..

Issue and coupon rate
Treasury bonds—Cont.
7,986
Dec. 15, 1963-68. ..2Y2
510 June 15, 1964-69
5,825
Dec. 15, 1964-69«
1,501
Mar. 15, 1965-706
8,662
Mar. 15, 1966-71«
681 June 15, 1967-72 6
2,611 Sept. 15, 1967-72.
449 Dec. 15, 1967-72 6.
982 June 15, 1978-83...3M
822
927 Postal Savings
bonds
2y2
4.245
919 Panama Canal Loan. .3
620
278
3,466
1,485 Convertible bonds
Investment Series B
2,117
Apr. 1, 1975-80.

..2%

Amount

2,827
3,756
3,832
4,722
2,963
1,893
2,716
3,830
1,606
57
50

12,273

2
Tax anticipation series.
6 Restricted.

1
Sold
3

on discount basis. See table on Open Market Money5 Rates, p. 979.
Maturity June 15, 1954.
^Maturity June 15, 1955.
Partially tax exempt.

SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES •
Marketable and Convertible Direct Public Securities
[Par values in millions of dollars]

Total
End of month

Type of security:
Total marketable
and convertible:
1951—June
Dec. .
1952—June
Dec

outstanding

U.S.
Govt.
agencies
and
trust
funds

FedCom- Mutual
eral
merResavcial
serve
ings
Banks banks banks

151 ,490 6,177 22 ,982
154 ,745 6,251 23 ,801
153 ,502 '6,467 22 ,906
161 ,081 6,613 24 ,697

51 ,671
54 ,302
54 ,038
55 ,828

9,504
9,123
8,843
8,740

6,929 24 ,246 51 ,096 8,881
6,899 24 ,746 51 ,365 8,816

Insurance
companies
Other

11 ,138
10 ,289
9 ,613
9 ,514

160 ,679
159 ,675
13 ,614
18 ,102
17 ,219
21 ,713

26
50
41
86

527 3 750
596 6 773
381 5 828
1 ,341 7 047

122
71
103
137

756
428
504
464

1953—May
June
Certificates:
1951—June
Dec
1952—June
Dec

19 ,913
19 ,707

156
106

830 3 662
1 455 4 411

139
120

294
327

753
773
877
791

37
41
120
37

113
217
76
56

1953—May
June
Marketable bonds:2
1951—June
Dec
1952—June
Dec
1953—May
June

9 ,509
29 078
28 423
16 712

17 3 194 2
49 12 793 6
60 11 821 6
27 5,061 4

15 959
15 854

29
30

5 121 4 141
4 996 4 351

111
87

47
27

35
18
18
30

806
409
963
266

14 12 439 13 704
3 5 068 10 465
2 5 568 10 431
16 13 774 10 955

120
67
42
49

208
1
5
8

30 411
30 425

18 13 774 10 507
23 13 774 10 355

63
62

5
5

78 989

3,215

108
130
422
522

31 298
30, 119
30, 710
32 849

4 ,161 45 ,855
4 ,301 46 ,679
4 ,246 '47 ,391
4 ,711 50 ,979

7,974 7 139 3
7,697 6 720 3
7,221 5 855 3
7,165 5 807 3

77 097 3,243
75 802 '2,928
79 890

3,046

4
4
4
4

82 042
81 349

3,287
3,300

4 522 32, 609 7,247
4 522 32, 066 7,232

Type of security:
Convertible bonds
(Investment
Series B):
1951—June .
Dec
1952—June
Dec.

9 ,401 4 ,810 55,315
9 ,347 4 ,808 53 ,694

1953—May
June
Treasury bills:
1951—June
Dec.
1952—June
Dec

1953—May
June
Treasury notes:
1951—June
Dec
1952—June
Dec

End of month

Other

Life

5 915 3
5 855 3

1953—May
June
72 8 ,360
104 10 080 Marketable secu92 10 268
rities, maturing:3
119 12 518 Within 1 year:
1951—June
Dec
135 14 696
132 13 155
1952—June
Dec
174 3 221
1953—May
445 8 761
378 9 092
June
317 6,424 1-5 years:
1951—June
Dec
306 6 204
310 6 052
1952—June
Dec
478 8 841
1953—May
315 2 489
327 2 587
June
486 4 978 5-10 years:
1951—June
526 5 518
Dec
1952—June
529 5 678
Dec
125 22 129
1953—May
120 22 068
June
087 '21 580
429 23 072 \fter 10 years:
1951—June
489 24, 973
Dec
484 24, 890
1952—June
Dec
1963—May
June

Total
outstanding

U.S.
Govt.
agencies
and
trust
funds

FedMuComeral
tual
mer- savRecial
serve
ings
1
Banks banks banks

2 ,714
1 ,214
714

3 304
3 ,281
3 ,864
3 ,987

177 1 320 3 ,140
182 1 ,314 3 ,133

354
353

3 924
3 ,'919

201 1 077
648
182
581
223
532
263

451
576
470
733

12 355
12 ,340

3,439
3,439

42 ,789
48 204
45 642
56.953

55
112
101
133

59 799
64 589

214 14 543 15 723
163 15 505 19 580

180
167
360
547

437
476

930 27 583
369
390 1 ,082 27 393

272
991
858
381

613
419
370
259

218 1 ,035
992
132
63
996
48
910

306
464

63
109

8
8
8
6

583
133
424
938

33 896
32 330

44
152

6 914 19 259
6 452 18 344

8
8
15
22

914
914
122
834

194
152
387
546

31
34
693
1 387

790
86
881
73
740 1 357
058 1 775

131
202
118
201
497
765
885 1 ,348

1
1
3
5

22 003
18 677

530
422

1 374 10 606 1 647
1 374 8 772 1 395

862 1 ,325
745 1 ,104

5 658
4 865

32 626
31, 739

2,702
2,723

2
2
2
1

410
428
109
415

1 415
1, 415

29
27
27
22

18
19
19
23

77
45
46
31

181 2,947
168 3,036
698 2,496
081 2,464

235
688
188
146

10 ,234
14 ,081
12 ,705
16 ,996

033
401
945
713

41
41
34
31

5
6
7
7

Other

312
318
362
360

2,905
2,905
3,437
3,438

45
44
44
37

Ot her
Life

1 ,252 2 ,921
1 ,246 2 ,923
1 ,356 3 ,172
1 ,352 3 ,179

166
172
191
185

13 ,573
12 ,060
13 ,095
12 ,500

12,592
13 437
12 202
14 749

[nsurance
companies

6
6
7
11

5
5
5
5

210
177
544
207

7
7
5
5

353
202
537
091

6
6
5
4

791
470
301
870

805
914

2 ,161
2 ,213
1 ,652
1 ,361

6 504
5 895
480
454
684
835

14 309
14 643
12 059
10, 673

5 331 5 169 4 966 1 ,396 11 646
4 488 5 167 4 969 1 ,356 11, 621

r
Revised.
* Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings
by these institutions. Data are complete for Federal2 agencies and trust funds and Federal Reserve Banks. Figures in column headed "other"
are residuals.
^Includes stock savings banks.
Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
3
Beginning with this issue of the BULLETIN, the basis for classifying bonds with optional call dates has been changed from a first call to a
final maturity date.

SEPTEMBER 1953




985

NEW SECURITY ISSUES 1
[Estimates, in millions of dollars]

Proposed uses of net proceeds,
6

Gross proceeds , all i s s u e r s 2
Noncorporate
Year or
month

Total

all corporate issuers

Corporate

State
and
FedU. S.
mu- Other* Total
eral
Government 8 agency* nicipal

New capital

Bonds

Total

PrePri- ferred
Publicly vately stock
offered placed

Common

New 7 laneTotal money
ous

stock

purposes

1938
1939
1940

5,926
5,687
6,564

I,1 WO
2 , : n?
2 , . >17

115
13
109

1,108
1,128
1,238

69
50
24

2,155
2,164
2,677

2,044
1,979
2,386

1,353
1,276
1,628

691
703
758

86
98
183

25
87
108

MS

1941
1942
1943
1944
1945

15,157
35,438
44,518
56,310
54,712

1 1 , ' 166
33, *U 6
42 ,**1S
5 2 , ' 124
47,»*SS

38
1
2

30
5
97

2,667 2,389
917
1,062
1,170
990
3,202 2,670
6,011 4,855

1,578

811
411
369

167
112
124

110
34
56

1 ,140

1
506

956
524
435

1946
1947
1948
1949
1950

18,685
19,941
20,250
21,110
19,893

io,:?17

357

1,157
2,324
2,690
216 2,907
30 3,532

451
156
132
282

6,900
6,577
7,078
6,052
6,361

891

1951
1952

21,265
26,961

9, 778
12, 577
4 J 398
544
144
531
180
547
(S11

110 3,189
459 4,105

446
237

7,741 5,691
9,582 7,649

231

226
201
428
294
219
389

8
2
4
66
25
4

1,304 1,113
421
342
455
372
1,157
980
384
314
908
731

30

392

86

104

390

2

1952—July.. .
Aug
Sept
Oct
Nov
Dec

6,436
1,168
1,331
2,047
1,108
2,079

1953—Jan
Feb
Mar
Apr
May
Tune
July

1,783
1 592
1,604
1,667
4,630
3.0.S3
1,890

10,. 589
10,, m
11J 304
9,<387

661
795

22
47
56

506
621

1,892
778
3,851 1,004

681
325
569

7
26
19

215
69
174

1,206
1,695
1,854

868
474
308

47
133

144
138
73

1,583

657
753
163
397 1 ,347 1 ,080

28
35
27

^ R89
,279
5, 115 4 ,591
6, 5S1 s ,929
5 , 558 4 ,606
4 , ?90 4 ,006

231

168
234
315
364

379

838
564

1,212 7 , 120 6 ,531
1,369 8 , 769 8 ,223

226
174

363
371

486
660

33
29
37
6
20
58

158 1, 237 1 ,218
791
49
276
46
390
367
170 1 , ns?
893
49
340
293
119
351
780

10
9
12
11
34
43

10
5
11
148
13
28
25

48
123
57
89
38
46

23

28

369
758
1,126
761
492
424
631

4,881 3,019 1,862
5,035 2,888 2,147
5,973 2,963 3,010
4,890 2,435 2,455
4,920 2,360 2,560
2,364 3,326
3,645 4,005
786
125
159
400
126
140

327
217
213
581
188
591

l?0
76?
r>47
108

778
614
736
811

664

497

186

310

51

116

706

536

307

229

47

123

503
191
3 , 244
1,<1^4

405
349
650
416

9

5
3

696
818
731
1,179

384

512

1

492

517
659
484
988
380

RetireRetire- ment
of
ment
securof
bank ities
debt,
etc. s

Mis-

153
375
287
575

364
284
197
413

107

62
35
82
33

273

116
124
165
159 1

31

82

2,868
356 1,352
307
488
401
637
620 1,271

6

5S4
603
<)66
635
572
630
789
757
596
612
,H 4 1 ,046
466
445

396
789

49 2,389
134 4,555

g

17
18
35
24
7

24
13
49
64
14

21
12
17
19
27
17

Proposed u s e s of n e t proceeds, by m a j o r g r o u p s of c o r p o r a t e i s s u e r s

Total
net
proceeds
1948
1949
1950
1951
1952

Commercial and
miscellaneous

Manufacturing

Year or
month

. .

New Retire- Total
net
cap- ments 10 proitals'
ceeds

2,180 2,126
1,391 1,347
1,175 1,026
3 066 2 846
4,022 3,765

54
44
149

221
257

1952—July
August
September
October....
November
December..

354
127
183
645
164
327

336
93
136
630
147
309

18
34
47

1953—January
February...
March .
April. . . .
May
June
July

283
148
203
312
114
285
153

276
144
194
309
97
278
138

7
3
9

15
18
18

2
17
7
15

New

Transportation

Retire-

Total
net

10
proitaf» ments ceeds

403
338
538
518
536

382
310
474
462
512

21

51
35
16
30
21
149

49
33
14
29
21
148

2
2
2
1

24
92
31
31
57
41
35

24
89
30
25
56
41
34

28
63
56
24

1
3
1
6
1
1

Public utility

New Retire- Total
net
cap- ments 10 proital^
ceeds

748
795
806
490
983

691

437
758

53
225

82
112
39
30
45
115

82
27
38

85
1

51
51
81
66
40
42
53

38
33
81

784
609

29
32
93

66
40
42
53

56

11
196

2
12
23
14

18

1^ew Retire- Total
net
jap- ments 10 protal»
ceeds

? ,150
2 ,276
? ,608
? .412
? ,626

*>• 005
2 043

233
107
165
347
43
216

?31
106
165
280
43
213

245
257
212

245
254
?10

223
397
334
194

ft 3?fl
?, 539

?15
397
317
193

Real estate
and financial

Communication

144

233
ftS?

tMl
567
395

85
88

fW5

ft
1

m

67
3

27
48
34

3
ft

4
7
15

8
17

?1
16

13
7
43
14

New Retire- Total
net
capproital* ments i° ceeds
890
517
314
600
747
493
21
16
26
47
33
4
7
15
13
7
43
14

New

Retire-1
cap- ments
°
ital >
557

49
81
5
6

587
593
739
515
508

1
1
1

72
12
27
61
56
56

47
11
20

47
140
142

47
140
141

162
99
415
34

161
99
412
33

2

558
639

449
448

58
50
55

30
35
100
66
60
25
1
7
3
7
1
1
1
1
3
1

1
2
3
5
6

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.
Includes issues guaranteed.
* Issues not guaranteed.
Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit.
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and
expenses.
7
Includes proceeds for plant and'equipment and working capital.
8
Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement
of short-term
bank debt are included under the uses for which the bank debt was incurred.
9
Includes all issues other than those for retirement of securities.
i° Retirement of securities only.
Source.—Securities and Exchange Commission.

986




FEDERAL RESERVE BULLETIN

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Quarterly

Annual
Industry

1951
1947

1948

1949

1950

1951

1952

1953

1952

Manufacturing
Total (200 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (94 corps.): 1
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (106 corps.): 2
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemicals and allied products (26 corps.)
Sales
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Primary metals and products (39 corps.)
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends

'•30,935 -•37,028 '36,739 44,118 51,067 52,536 13,013 12,760 12,606 12,213 14,956 '15,382 16,140
'4,109 '5,319 5,038 7,893 8,557 7,041 2,137 1,940 1,618 1,493 1,988 '2,224 2,435
903
'2,527 '3,314 3,101 4,055 3,411 3,044
932
815
624
928
678
'837
477
'1,171 '1,405 1,660 2,240 1,986 1,980
567
482
476
475
549
'485
'•11,425 '13,441 12,853 14,777 17,371 17,546 4,441 4,335 4,216 4,363 4,627 '4,636 4,735
742
'1,793 '2,212 1,847 2,702 3,184 2,606
741
705
660
599
'726
642
337
'1,170 '1,477 1,213 1,513 1,411 1,256
368
314
347
287
'329
308
206
'658
242
710
889
845
863
210
244
206
210
205
'553
-•19,510 '23,587 23,885 29,341 33,696 34 ,991 8,572 8,425 8,390 7,851 10,329 '10,745 11,405
'2,316 '3,107 3,191 5,192 5,374 4,435 1,396 1,234 1,019
852 1,328 '1,498 1 ,693
'1,357 '1,837 1,887 2,542 2,000 1,789
566
565
501
338
'508
370
581
271
'618
'747
950 1,351 1,141 1,118
325
'275
273
270
270
305

984 1,027
104
94
48
45
32
38

1,015 1,033
101
'83
45
'40
32
30

'3,339
'428
'263
'131

'3,538
'413
'259
'137

'3,111
'546
'336
'214

3,549
656
409
254

3,557 4,447 5,433 5,553 1.367 1.373 1,337 1 ,367 1,476 •1,518
675 1,110 '1.388 1,184
'323
318
299
'351
281
285
404
560
449
'127
128
108
'121
105
108
312
112
100
438
355
373
87
89
87
88

2 ,906
456
350
127

3,945
721
548
172

3,865 4.234 4,999 5,320 1,345 1,318 1,275 1,325 1,402 1,381 1,3^8
188
525,
861
690
650
'190
222
204
147
174
165
124
406
516
488
442
148
129
111
133
'126
115
61
172
231
253
205
64
64
60
69
65
60

7,545
891
545
247

9,066
1,174
720
270

8,187 10,446 12,501 11,557 3,226 3,073 2,385 2,605 3,494 3,428 3,608
547
993 1,700 2,092 1,161
519
425
98
430
457
208
207
5 781
854
775
565
217
220
29
218
'183
09
88
285J
377
380
367
120
88
87
106
85

'3 ,642
'447
'273
'116

'4,550
'569
'334
'126

4,353 5,058 '6,160 7,078 1,681 1,590 1,726 1,697 2,066 -1,967 2,037
301
519
847 '1,000
972
232
238
290
'278
301
213
103
320
424
379
123
81
80
'89
90
128
49
138
208
191
199
54
49
50
48
49
53

6,692
809
445
195

8,093
1,131
639
282

9,577 11,805 12,438 12,827 2,939 3,035 3,427 2,681 3,684 4,308 4.662
718
1,473 2,305 1,915 1 ,950
488
503
596
652
504
347
208
185
191
197
861 1,087
704
170
695
191
143
114
119
114
117
'480
451
671
116
114
117
461

8,685
777
479
236

9,672
1,148
699
289

8,580 9,473 10,391 10,580 2,772 2,587 2,532 2,633 2,828 2,596 2,7^2
397
700 1,384 1,260 1,436
505
336
512
295
261
368
186
231
320
438
783
693
318
816
141
149
208
97
73
111
252
312
328
116
336
80
74
66

4,291
954
643
494

4,830
983
657
493

5,055 5,431 5,867 6,224 1,521 1,603 1,491 1,513 1,618 1.7U
54
1,129 1,303 1,480 1,718
498
403
400
439
382
288
757,
257
824
818
214
244
226
207
922
553
172
182
173
186
619
661
177
181
709

2,283
215
138
131

2,694
292
186
178

2,967 3,342 3,729 4,136
333
580
691
787
207
331
341
384
213
276
318
355

3,323
379
235
135

3 492 3,873 3,911
469
377
407
175
199
257
135
140
143

1,004
104
52
42

959
86
40
32

942
93
42
33

1,548
343
124
89

Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Electric power:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Telephone:
Operating revenue
Profits before taxes
Profits after taxes
Dividends

976
182
86
81

993 1,023
194
205
93
98
87
85

1 ,625
454
246
189

1,037 1,084 1,092 1,126
2 34
223
206
182
114
109
104
101
100
93

r

Revised.
Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1).
Includes 25 companies in groups not shown separately, as follows, building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are from reports of the Securities and
Exchange Commission.
Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve, to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series
and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities);
and p. 908 of the BULLETIN for September 1944 (electric power).
1
2

SEPTEMBER 1953




987

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *
[Estimates, in millions of dollars]

PROFITS, TAXES, AND DIVIDENDS OF
UNITED STATES CORPORATIONS
[Quarterly estimates at seasonally adjusted annual
rates. In billions of dollars]
Profits Cash Undisdivi- tributed
after
taxes dends profits

Profits
before
taxes

Income
taxes

6 5

1 5

5 0

3.8

1941
1942
1943
1944
1945

17 2
21.1
25 1
24.3
19 7

7 8
11.7
14 4
13.5
11 2

9.4
10.6
10.8
8.5

9.4

4.5

4.3
4.5
4.7
4.7

1946
1947
1948
1949
1950

23.5
30.5
33 8
27.1
41 0
43 7
39.2

13.9
18.5
20.7
16.3
22 7
20 1
18.6

5.8

1951
1952

11.9
13 0
10.8
18 2
23 6
20.6

1951—3
4

39.4
40.6

21.2
21.8

1952—1
2
3
4

41.5
38.2
37.0
40.3

1953—1

44.4
44.6

Year or
quarter
1939

21. ..

9.6

All types
Year or
quarter

1 2
4.9

5.1
6 2
6.1
3.8
8.1

6.6
7.3
7.5
9 1

12.0
13 5
8.8
13 6

9 2

10 9

9.1

9.5

18.2
18.8

9.3
9.5

8.9
9.3

21.8
20.1
19.4
21.2

19.7
18.0
17.5
19.1

9.1
9.1
9.1
9.1

10.6
8.9
8.4
10.0

24.1
24.2

20.3
20.4

9.2
9.4

11.1
11.0

New Retire- Net
issues ments change

New
issues

Retirements

Net
change

New
issues

-611

1939 ..

2,182

? ,7?1

-539

1,939

? SSO

1941. ..
1942
1943 ..
1944
1945

2,793
1,151
1,333
3,424
6,457

? ,817
1 464
? ,1?9
899
6 ,846

-24
-313
-796
-475
-389

2,391
929
996
2,693
4,924

?
1
1
3

1946
1947
1948 .
1949
1950

7,180
6 882
7,570
6,732
7,224

4 ,798
? ,523
1 ,684
1 87S
,S00

2,382
4,359
5,886
4,856
3,724

4,721
5,015
5,938
4,867
4,806

9,048
10,727

? ,77?
2 ,653

6,277
8,074

5,683
7,392

2,339
3,035
2,433
2,920

559
603
717
774

1,780
2,432
1,716
2,146

1953—1.... 2,321
2 . .. 2,928

612
607

1,710
2,321

1951
1952
1952—1....
2... .
3....
4... .

Stocks

Bonds and notes

Retirements

Net
change

?43

171

72

— 125
516
-398
,3? 7
800
—804
391
-698
s 99S — 1,071 1

40?
?,?.?.
337
731
5^3

301
137
329
508
851

101
85
8
223
682

6?S
,011
1 ?84
1 583
? 80?

1,096
3,004
4,654
3,284
2,004

?
1
1
1
?

459
867
6S?
,865
418

1,173
512
400
292
698

1 286
1 355
1 ,232
1 ,572
1 ,770

107
2 ,300

3,577
5,092

3 36 S
3 ,335

665
353

?, ,701
2 ,982

1,544
2,127
1,793
1,928

490
514
612
684

1,054
1,613
1,181
1,244

795
908
640
992

69
89
105
90

726
819
535
902

1,492
2,096

481
458

1,012
1,638

829
832

131
149

698
683

?

?

1

Reflects cash transactions only. As compared with data shown on p. 876, new
issues exclude foreign and include investment company offerings, sales of securities
held by affiliated companies or RFC, special offerings to employees, and also new
stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal
funds or with proceeds of issues for that purpose shown on p. 876.
Source.—Securities and Exchange Commission.

1

Preliminary estimates by Council of Economic
Advisers.
Source.—Department of Commerce.

CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS 1
[Estimates, in billions of dollars]
Current assets
End of year
or quarter

1939
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952—1
2
3
4
1953—1

Net
working
capital

24.5
32.3
36.3
42.1
45.6
51.6
56.2
62.1
68.6
72.4
78.4
82.5
83.2
84.5
85.4
85.6
86.9

Total

54.5
72.9
83.6
93.8
97.2
97.4
108.1
123.6
133.0
133.1
156.1
174.4
173.9
172.0
178.0
181.1
181.2

Cash

10.8
13.9
17.6
21.6
21.6
21.7
22.8
25.0
25.3
26.5
27.4
29.6
28.2
29.5
30.0
29.5
28.1

U. S.
Government
securities

Current liabilities

Notes and accts.
receivable
U. S.
Govt. 2

2.2

.0
.6
4.0
5.0
4.7
2.7
.7

4.0
10.1
16.4
20.9
21.1
15.3
14.1
14.8
16.8
20.5
21.3
20.7
19.7
20.2
21.0
20.1

1.1
2.7
2.5
2.4
2.5
2.9
3.0

Inventories

Notes and accts.
payable
Other

Total

Other

22.1
27.4
23.3
21.9
21.8
23.2
30.0
38.3
42.4
43.0
52.8
56.1
56.8
56.7
61.0
61.7

18.0
25.6
27.3
27.6
26.8
26.3
37.6
44.6
48.9
45.3
52.6
62.6
63.5
61.6
62.0
63.6
65.4

62.2

U. S.
Govt. 2

Other

.0
.8
2.0
2.2
1.8
.9
.1

21.9
25.6
24.0
24.1
25.0
24.8
31.5

30.0
40.7
47.3
51.6
51.7
45.8
51.9
61.5
64.4
60.7
77.7
91.9
90.7
87.5
92.6
95.5
94.3

1.4
.4
.3
.3
.4
.4
.7
.6
.6
.4
.7
2.1
2.2
2.1
2.3
2.4
2.5

.4
1.3
1.6
1.9
2.0
2.1
2.3

Federal
income
tax
liabilities
1.2

6.9
7.2
8.7
8.7
9.4
9.7
11.8
13.2
13.5
14.0
15.7
16.7
17.4
17.8
18.9
18.4
18.9

7.1
12.6
16.6
15.5
10.4
8.5
10.7
11.5
9.3
14.8
19.7
17.9
15.8
16.2
16.4
15.2

37.6
39.3
37.5
46.8
54.2
53.8
52.0
55.5
58.6
57.9

Other

1

2
Excludes banks and insurance companies.
Receivables from and payables to U. S. Government do not include amounts offset against
each other on corporations' books.
Source.—Securities and Exchange Commission.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT *
[Estimates, in millions of dollars]

Total

Manufacturing

1939
1945 .
1946
1947
1948
1949
1950 . . . .
1951
1952

5,512
8,692
14,848
20 612
22,059
19,285
20,605
25,644
26,455

19534r

27,821

Year

Mining

Railroads

1,943
3,983
6,790
8,703
9,134
7,149
7,491
10,852
11,994

326

280

12,690

383
427
691

Transportation
other
than
rail
365

Public Comutili- muni- Other 2
cations
ties

520

880

548
583
889
1,319
1,352
1,111
1,474
1,391

574
923
1 298
1285
887
1,212
1 490
1,363

505
792
1 539
2 543
3,125
3,309
3 664
3,838

892

1,294

1,357

4,429

882

792
707
929

r
Revised.
1
Corporate and noncorporate business,
3
Includes
communications and other.
4

excluding agriculture.

302

321
817
1 399
1,742
1,320
1,104
1,319
1,598

1,776
2,378
4,516
6 093
5 154
4,660
5,671
5,916
5,391

Quarter

1952—1
2
3
4

1953—1
2r
34r
44

Total

Manu- Transfactur- portation
ing
incl.
and
railminroads
ing

6 141
6,808
6,244
7 265

2 867
3,384
3,026
3 596

758
591
692

928
947
1 142

1,737
1,738
1,680
1 835

6,147
7,225
7 408
7,042

2,946
3,492
3 669
3,475

621
697
689

904
1,148
1 ,231
1,146

1,675
1,887
1,820
1,778

716

644

All
Public
utili- other8
ties

821

7,1 59
2

Includes trade, service, finance, and construction.

Anticipated by business.
Source.—Department of Commerce and Securities and Exchange Commission.




FEDERAL RESERVE BULLETIN

REAL ESTATE CREDIT STATISTICS
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
All properties

End of year
or quarter

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951

.

1952P

1951—September
December....
1952—MarchP
June?
Septemberp. . .
December?. . .
1953—March?
June"

Nonfarm
1- to 4-family 1louses

Multi-family and
commercial properties *

Total

Financial
institutions

Financial
institutions

16.3
17.3
18.4
18.2
17.8
17.9
18.5
23.1
28.2
33.3
37.5
45.1
51.9
58.2
50.3
51.9
53.2
54.8
56.5
58.2
59.6
61.5

9.3

7.0

10.2
11.2
11.5
11 .5
11.7
12.2
16.0
20.5
25.0
28.4
35.3
41.2
46.8
39.9
41.2
42.3
43.8
45.4
46.8
48.0
49.7

7.1
7.2
6.7
6 3

Other
holders

All
holders

35 5
36.5
37 6
36.7
35 3
34.7
35.5
41.8
48.9
56 2
62.7
72 8
82 1
90.9
80.2
82.1
84.0
86 3
88.7
90.9
93.1
95.9

Financial
insti- Selected Inditutions Federal viduals
agenand
cies
others

All
holders

14 7
14.8
14 9
14.2
13 6
13.3
13.7
15.1
16.6
17 8
18.7
19 7
20.7
21.5
20.6
20.7
20.8
21 1
21.3
«21.5
21.9
22.3

28.9
30.0
31.2
30.8
29 9
29.7
30.8
36.9
43.9
50.9
57.1
66.7
75.6
83.8
73.6
75.6
77.3
79.3
81.6
83.8
85.8
88.4

18 6
19.5
20 7
20.7
20 2
20 2
21.0
26.0
31.8
37 8
42.9
51 6
59.5
66.9
57.8
59.5
61.0
63.0
65.1
66.9
68.6
70.9

2 2
2.1
2 0
1.8
1 4
1.1

.9
.6
.5
6
1.1
1 4
2.0

2.4
1.8
2.0
2.2
2.2
2.3
2.4
2.6
2.7

Farm

Other
holders

6.2

6.4
7.0
7.6
8.3
9.1
9.8
10.7
11.3
10.5
10.7
10.9
11.0
11.1
11.3
11.6
11.8

Total

12 5
12.6
12 9
12.5
12 1
11.8
12.2
13.8
15.7
17.6
19.6
21.6
23.7
25.6
23.3
23.7
24.1
24.6
25.1
25.6
26.2
26.8

Other
holders

7.8

4.8

7.8
8.0
7.8
7.4

4.8
4.8
4.7
4 6

7.2

7.5
8.4
9.6
10.9
12.4
14.0
15.7
17.3
15.4
15.7
16.0
16.4
16.9
17.3
17.7
18.2

All
holders

4.6

4.7
5.4
6.1
6.7
7.2
7.6
8.0

8.3
7.9
8.0
8.1
8.1
8.2
8.3
8.5
8.6

FinanOther
cial
insti- holders2
tutions

6 6
6.5
6 4
6.0
5 4

4.9

4.8
4.9
5.1
5 3
5.6
6 1
6.6

7.1
6.6
6.6
6.7
7 0
7.1
7.1
7.3
7.5

1 5
1.5
1 5
1.4
1 3
1 3
1.3
1.5
1.7
1 9
2.1
2 3
2.6

2.8
2.6
2.6
2.6
2 7
2.8
2.8
2.9
2.9

5 1
5.0
4 9
4.5
4 1
3 7
3.4
3.4
3.3
3 4
3.5
3 7
4 0
4.3
4.0
4.0
4.1
4 2
4.3
4.3
4.4
4.6

c
p1 Preliminary.
Corrected.
2
Derived figures, which include negligible amount of farm loans held by savings and loan associations.
Derived figures, which include
debt held by Federal land banks and Farmers Home Administration.
NOTE.—Figures for first three quarters of each year, and all figures for December 1952 except those on 1- to 4-family houses and total farm
(preliminary estimates from HLBB and Dept. of Agriculture, respectively), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies, and savings and
loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA).
Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others."
Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and
Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.

MORTGAGE LOANS HELD BY BANKS *
[In millions of dollars]
Commercial bank holdings2

Mutual savings bank holdings4

Nonfarm
End of year
or quarter

Nonfarm

Residential *

Farm

Total
Total
Total

3,697
4,003
4,340
4,256
4,058
3,967
4,251
6,533
8,623
10,023
10,736
12,695
13,728
14,809

VAConFHAguar- veninsured anteed tional

Other

Total

569 4,836
1,026
575 4,859
1,040
566 4,812
1,048
491 4,627
924
463 4,420
802
463 4,305
749
521 4,208
856
702 4,441
1,387
823 4,856
1,690
874 5,806
1,957
909 6,705
2,060
968 8,261
2,264
3,421 2,921 4,929 2,458 1,004 9,916
3,675 3.012 5.501 2,621 1,058 11,379

4,266
4,578
4,906
4,746
4,521
4,430
4,772
7,234
9,446
10,897
11,644
13,664
14,732
15,867

1951—September
December

2,400 1,040 9,515
14,540 13,500 11,100
14,732 13,728 11,270 '3,421 *2", 921 4,929 2,458 1,004 9,916

1952—March
June
September
December

14,860
15,176
15,590
15,867

1953—March?
June?

16,090 15.015 12,335
16,420 15,330 12,590

13,830
14,113
14,530
14,809

11,350
11,602
11,970
12,188

3,432 2,928 4,990
3,441 2,952 5,209
3,580 3,000 5,390
3,675 3,012 5,501
3.725 3,084
3,810 3,100

Farm
Total

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952

2,671
2,963
3,292
3,332
3,256
3,218
3,395
5,146
6,933
8,066
8,676
10,431
11,270
12,188

Residential3

Total

2,480
2,512
2,560
2,621

1,030
1,063
1,060
1,058

10,203
10,554
10,940
11,379

4,807
4,829
4,784
4,601
4,395
4,281
4,184
4,415
4,828
5,773
6,668
8,218
9,869
11,306

FHA- VA- Con- Other
inguar- vensured anteed tional

3,875
3,914
3,884
3,725
3,558
3,476
3,387
3,588
3,937
4,758
5,569
7,054
8,595 2,567 1,726 4,303
9,875 3,168 2,237 4,470

932
915
900
876
837
805
797
827
891
1,015
1,099
1,164
1,274
1,431

29
30
28
26
25
24
24
26
28
34
37
44
47
73

9,468 8,200
9,869 8,595 2,567

1,726

1,268
4,303 1,274

47
47

8,843
9,145
9,485
9,875

1,815
1,917
2,069
2,237

4,308
4,330
4,392
4,470

1,313
1,361
1,394
1,431

47
48
60
73

3.270 2,352 4,518
3,408 2,488 4,624

1.480
1,538

60
62

10,156
10,506
10,880
11,306

5.526 2,680 1 ,075 11,680 11 ,620 10,140
5,680 2,740 1,090 12,120 12,058 10,520

2,720
2,898
3,025
3,168

v1 Preliminary.
2
Includes all banks in the United States and possessions.
Includes loans held by nondeposit trust companies but excludes holdings of
trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call
Report and from weekly reporting member banks. For 1940, figures except for the grand total are Federal Reserve estimates based on data for
insured
commercial banks.
3
Data not available for all classifications prior to December 1951.
4
Through 1946. figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking
statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks.
Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory
agencies; Comptroller of the Currency, and Federal Reserve.
SEPTEMBER

1953




989

REAL ESTATE CREDIT STATISTICS—Continued
MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans outstanding (end of period)

Loans acquired

Nonfarm

Nonfarm

Year or month
Total
Total

FHAinsured

VAguaranteed

Farm

Total

Other

FHAinsured

Total

Farm

VAguaranteed

Other
887
897
913
896
841
800
776
795
895

855
935
976
1,661
2,786
3,407
3,430
4,980
5,111
3,975

1,483
2,520
3,114
3,123
4,621
4,704
3,600

1,202
1,350
1,572
1,051

366
131
930
1,268

850

450

1,469
1,546
1,642
2,119
2,385
2,300

375

5,669
5,958
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21,275

1952—j u ly
August .
September
October
November
December

353
307
303
364
288
390

325
285
280
337
260
352

69
66
79
79
65
86

34
29
12
30
22
31

222
190
189
228
173
235

28
22
23
27
28
38

20,505
20,643
20,801
20,961
21,087
21,245

18,870
18,998
19,147
19,298
19,411
19,560

5,517
5,542
5,592
5,626
5,648
5,690

3,321
3,334
3,326
3,333
3,340
3,349

10,032
10,122
10,229
10,339
10,423
10,521

,635
,645
,654
,663
,676
1,685

1953—January
February
March
A.pril
May.
June....
July

347
327
403
364
344
359

309
289
353
321
308
330

80
69
88
77
62
67

25
25
29
27
30
34

204
195
236
217
216
229

38
38
50
43
36
29

405

371

71

36

264

34

21,396
21,547
21,725
21,897
22,055
22,221
22,429

19,701
19,834
19,992
20,139
20,277
20,425
20,614

5,725
5,751
5,804
5,820
5,854
5,884
5,905

3,358
3,367
3,370
3,388
3,390
3,396
3,412

10,618
10,716
10,818
10,931
11,033
11,145
11,297

L.695
1,713
1,733
758
1,778
1,796
1,815

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950.. .
1951
1952

898

...

451

600

178
266
293
307
359
407

4,782
5,061
5,529
5,830
5,873
5,886
5,860
6,360
7,780
9,843
11,768
14,775
17,787
19,600

815
1,096
1,286
1,408
1,394
1,228
1,398
2,381
3,454
4,573
5,257
5,700

256
844
1,106
1,224
2,026
3,131
3,350

4,876
5,538
6,356
7,090
8,176
9,399
10,550

,138
,327
,527
,675

668

990

NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ
from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset
values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown.
Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics
and Life Insurance News Data.
MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN
ASSOCIATIONS
[In millions of dollars]

Total

New
construction

Home
purchase

Other
Total'
purposes *

986
1,200
1,379
1,051
1,184
1,454
1,913
3,584
3,811
3,607
3,636
5,237
5,250
6,617

301
399
437
190
106
95
181
616
894
1,046
1,083
1,767
1,657
2,105

340
426
581
574
802
1,064
1,358
2,357
2,128
1,710
1,559
2,246
2,357
2,955

345
375
361
287
276
295
374
611
789
851
994
1,224
1,236
1,557

1952-July...
Aug....
Sept...
Oct....
Nov...
Dec...

596
617
616
659
523
541

190
200
193
208
163
161

265
279
285
303
243
248

141
138
138
148
117
132

1953-Jan....
Feb....
Mar...
Apr....
May...
June..
July...

497
523
639
678
690
733
758

147
164
206
226
232
241
237

222
222
266
288
295
327
355

128
137
167
19,105 ' ' 924'
164
163
165 -20433 " ' 9 6 2 '
166

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952

1
Includes loans for
2
Prior to 1948, data
3

3,806
4,125
4,578
4,583
4,584
4,800
5,376
7,141
8,856
10,305
11,616
13,622
15,520
18,444

FHAinsured

563
717
841
864
906

VAguaranteed

Conventional 3

2,397
2,586
2,969
3,125
3,398

7,345
8,313
9,812
11,530
14,140

17^740 " ' 8 9 8 '

3i34i'

'13^501

18,444

3,398

14,140

906

Com- Mutual
savmerings
cial
banks banks

Aver
age
amount
reOther corded
(dollars)

Amount, by type of lender
Year
or
month

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952

Number

1,288
1,456
1,628
1,351
1,274
1,446
1,639
2,497
2,567
2,535
2,488
3,032
2,878
3,028

Total

Sav- Insurings & ance
comloan
assns. panies

1J 729
11 ,882
1] ,828
1(),179
1(),405
1*5,018

1,058
1,283
1,490
1,170
1,237
1,560
2,017
3,483
3,650
3,629
3,646
5,060
5,295
6,452

287
334
404
362
280
257
250
503
847
1,016
1,046
1,618
1,615
1,420

891
1,006
1,166
886
753
878
1,097
2,712
3,004
2,664
2,446
3,365
3,370
3,600

143
170
218
166
152
165
217
548
597
745
750
1,064
1,013
1,137

1,128
1,238
1,454
1,359
1,439
1,746
2,069
3,343
3,631
3,828
3,940
5,072
5,112
5,409

2,722
2,769
2,906
2,918
3,031
3,186
3,448
4,241
4,570
4,688
4,755
5,335
5,701
5,950

3,507
4,031
4,732
3,943
3,861
4,606
5,650
10,589

1952-July...
Aug...
Sept...

]

Oct....
Nov...
Dec...

268
270
267
285
245
252

,590
,59S
,588
,727
,492
1,553

586
592
593
627
526
540

113
119
118
135
116
126

317
313
316
342
298
305

105
108
103
117
104
112

469
466
458
506
448
470

5,937
5,916
5,943
6,051
6,085
6,171

1953-Jan....
Feb....
' 141689
Mar.. .
Apr....
May...
^ 5 9 3 " 15^57
June . .
July.. .

228
229
264
275
273
282
286

1,401
1,391
1,627
700
1,699
1,769
1,798

477
503
605
642
641
682
699

HI
110
126
127
133
131
132

278
269
316
325
317
325
323

93
84
92
102
111
120
127

442
425
488
513
497
511
517

6,136
6,068
6,153
6,206
6,221
6,282
6,282

3^492

repair, additions and alterations, refinancing, etc.
are not available for classifications shown.
Excludes shares pledged against mortgage loans.

Source.—Home

[Number in thousands; amounts (except averages) in millions of dollars]

Loans outstanding (end of period) 2

Loans made, by purpose

Year or
month

NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS

Source.—Home

Loan Bank Board

Loan Bank Board.

990




FEDERAL RESERVE BULLETIN

REAL ESTATE CREDIT STATISTICS—Continued
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In billions of dollars]

GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
[In millions of dollars]
VA-guaranteed loans 3

FHA-insured loans
Home
mortgages

Year
or
month

1939
1940
1941
1942. . .
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952

Total

Total

Projecttype
Exmort-1
New
prop- isting
prop- gages
erties erties
52
13
14
21
85
56
20
13
360
609

Property
im- Total
provement2
loans

Home
mortgages
New
properties

179
216
228
126
86
114
192
171
321 2,302
534 3,286
614 1 881
793
629
594 1,424
694 3 073 1 865 1 202
942
707 3,614 2,667
890
848 2 721 1 824

3
5
6
6

3 058
5 074
5 222
5 250
7 416
6,834
5 830

1 788
3 341
3 826
4 343
3,220
3 113

1 434
1 319
1 637
1,216
969

208
175
183
208
210
224
217
302
418
684
892
856
713
974

Nov. . .
Dec...

458
463
484
526
503
519

269
260
267
306
259
293

80
81
94
108
97
108

85
82
91
103
87
98

31
32
13
26
17
23

73
66
69
69
59
63

189
203
217
220
243
227

126
134
142
141
157
155

63
68
75
78
85
71

.4
.5
.4
.7
.6
.5

1953—Jan
Feb....
Mar. . .
Apr
May. . .
Tune.. .
July. . .

539
539
504
577
530
516
602

296
265
276
342
314
274
363

108
103
103
109
97
91
109

103
86
89
92
90
95
94

18
15
20
22
25
19
40

67
61
64
119
102
69
120

243
274
228
235
216
242
239

161
184
152
157
149
164
160

82
90
75
78
66
78
79

.6
.6
.5
.4
.5
.4
.4

925
991

925
991

1 152 1 152
1 121 1 121
934
877
857

1952—July. . .
Aug....
Sept...
Oct....

934
877
665
756

486
588
728
766
553
484
257
120
477

1 021
1 157
584
322

3
Prior to 1949, data are not available for classihcations shown.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by
type are derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.

Author- Comized
mitfunds
ments
ununcomdismitted bursed

Total

FHAinsured

VAguaranteed

Mort- Mortgage
gage
pursales
chases (during
(during period)
period)

Mortgage holdings

FHA- VAguarinsured anteed

16.3
17.3
18.4
18.2
17.8
17.9
18.5
23.1
28.2
33.3
37.5
45.1
51.9
58 2

12.5
15.0
18.9
22.9
25 4

10 8

10.3
13.2
14 6

14.5
15.0
15.4
14.5
13.7
13.7
14.2
17.0
18.9
20.8
22.5
26.2
29.0
32 8

1951—June... 48.7
S e p t . . . 50.4
Dec... 51.9

21.0
22.0
22.9

9.2
9.5
9.7

11.8
12.5
13.2

27.7
28.4
29.0

1952—Mar.P..
JuneP. .
Sept. P . .
Dec.P. .

53.2
54.8
56.5
58.2

23.5
24.0
24.7
25.4

9.9

10.1
10.4
10.8

13.6
13.9
14.3
14.6

29.7
30.8
31.7
32.8

1953—Mar.P..
June?..

59.6
61.5

26.1
26.7

11.1
11.4

15.0
15.3

33.5
34.8

. . . .

1.8
2.3
3.0
3.7
4.1
4.2
4.3
6.1
9.3

1.8
2.3
3.0
3.7
4.1
4.2
4.1
3.7
3.8
5.3
6.9
8.6
9.7

.2
2.4
5.5
7.2
8.1

P Preliminary.
NOTE.—For total debt outstanding, figures for
first three quarters are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Home Loan Bank Board, Federal Housing Administration, Veterans Administration, and
Federal Reserve.

Year or month

Advances

Repayments

Advances outstanding
(end of period)
Total

Short-1
term

Long-2
term

1941
1942
1943
1944
1945 .
1946
1947 . . . .
1948
1949
1950 .
1951
1952

158
99
157
239
278
329
351
360
256
675
423
586

140
190
176
219
213
231
209
280
337
292
433
528

219
129
110
131
195
293
436
515
433
816
806
864

105
54
69
106
176
184
218
257
231
547
508
565

115
76
41
25
19
109
217
258
202
269
298
299

10 1952—August
3
September..
7
October....
3
November..
3
December. .
1
1953—January...
.
0)
February...
March
April
May
June
July.
August

56
56
63
59
106

25
28
26
20
33

687
715
752
791
864

436
460
491
520
565

251
255
261
271
300

16
14
30
47
44
97
61
70

197
71
46
32
26
23
79
25

683
627
610
626
645
718
700
746

439
401
391
406
416
471
469
510

245
226
219
220
229
248
231
236

1948
1949
1950
1951
1952

528
848
918
661
1,085

227
824
485
239
323

199
828
1,347
1,850
2,242

188
403
169
204
320

11
425
1.178
1,646
1,922

198
672
1,044
677
538

20
469
111
56

1952—July
August
September. . .
October
November. . .
December....

1,311
1,283
1 ,238
1,170
1,129
1,085

275
299
315
326
322
323

2,064
2,068
2,097
2,154
2,199
2,242

237
245
257
272
297
320

L.827
L.823
1,840
L.882
1,902
.922

6
13
40
72
56
65

3
3
4
6
3
14

1953—January
February....
March
April
May
June
July

1,043
1,008
934
876
816
610
597

321
313
322
326
357
542
526

2,286
2,329
2,394
2,448
2,477
2,498
2,527

338
358
395
429
457
477
508

1,948
1 ,971
1,999
2,019
2,020
2,020
2,019

61
53
81
68
40
31
39

iLess than $500,000.
Source.—Federal National Mortgage Association.

Total

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952r

Conventional

Total

FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]

FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY
[In millions of dollars]

End of year
or month

Governmentunderwritten

End of
year or
quarter

Alteration
and
Existing repair2
properties

]

Secured or unsecured loans maturing in one year or less.
Secured loans, amortized quarterly, having maturities of
more than one year but not more than ten years.
Source.—Home Loan Bank Board.
2

SEPTEMBER 1953




991

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding, in millions of dollars]
Noninstalment credit

Instalment credit
End of year
or month

Total

Total

Other
consumer
Automobile
goods
paper1
paperi

Repair
and modernization
loans 2

Personal
loans

Total

Singlepayment
loans

Service
credit

Charge
accounts

7,222
8,338
9,172
5,983

4,503
5,514
6,085
3,166

1,497
2,071
2,458
742

1,620
1,827
1,929
1,195

298
371
376
255

1,088
1,245
1,322
974

2,719
2,824
3,087
2,817

787
800
845
713

1,414
1,471
1,645
1,444

518
553
597
660

5,665
8,384
11,570
14,411
17,104
20,813
21,468
25,705

2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,639

455
981
1,924
3,054
4,699
6,342
6,242
8,110

816
1,290
2,143
2,842
3,486
4,337
4,270
5,301

182
405
718
843
887
L,006
1,090
1,386

1,009
1,496
1,910
2,229
2,444
2,805
3,235
3,842

3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,066

746
1,122
1,356
1,445
1,532
1,821
1,934
2,108

1,612
2,076
2,353
2,713
2,680
3,006
3,096
3,313

845
1,014
1,166
1,285
1,376
1,496
1,601
1,645

1952—June
July
August
September
October
November
December

22,446
22,751
23,030
23,414
24,050
24,525
25,705

16,032
16,465
16,728
17,047
17,572
17,927
18,639

6,974
7,200
7,272
7,388
7,639
7,866
8,110

4,324
4,433
4,539
4,669
4,871
4,943
5,301

1,178
1,221
1,258
1,300
1,347
L.376
1,386

3,556
3,611
3,659
3,690
3,715
3,742
3,842

6,414
6,286
6,302
6,367
6,478
6,598
7,066

2,054
2,023
2,026
2,033
2,033
2,109
2,108

2,661
2,573
2,579
2,642
2,776
2,826
3,313

1,699
1,690
1,697
1,692
1,669
1,663
1,645

1953—January
February
March
April
May
June
July

25,508
25,262
25,676
26,172
26,715
27,051
27,217

18,785
18,860
19,267
19,656
20,078
20,489
20,854

8,273
8,470
8,778
9,074
9,379
9,630
9,908

5,256
5,131
5,154
5,185
5,231
5,289
5,308

1,378
1,377
1,383
1,401
1,426
1,454
1,476

3,878
3,882
3,952
3,996
4,042
4,116
4,162

6,723
6,402
6,409
6,516
6,637
6,562
6,363

2,129
2,079
2,142
2,147
2,162
2,047
1,938

2,956
2,662
2,602
2,677
2,760
2,784
2,705

1,638
1,661
1,665
1,692
1,715
1,731
1,720

1939
1940
1941
1942
1945
1946
1947
1948
1949
1950
1951
1952

. .

1
Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the
items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other
consumer
goods that may be used in part for business.
2
Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer
goods paper."
NOTE.—Monthly figures for the period December 1939 through 1952 and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953; a detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics.

INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Retail outlets

Financial institutions
Total
instalment
credit

Total

Commercial
banks

Sales
finance
companies

4,503
5,514
6,085
3,166

3,065
3,918
4,480
2,176

1,079
1,452
1,726
862

1,197
1,575
1,797
588

1945
1946
1947
1948
1949
1950
1951
1952

2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,639

1,776
3,235
5,255
7,092
9,247
11,820
12,077
15,423

745
1,567
2,625
3,529
4,439
5,798
5,771
7,576

1,355
1,990
2,950
3,785
3,769
4,833

235
334
438
590
635
815

1,040
1,239
1,420
1,647
1,902
2,199

1952—June
July
August
September
October
November
December

16,032
16,465
16,728
17,047
17,572
17,927
18,639

13,324
13,725
13,950
14,203
14,614
14,955
15,423

6,458
6,654
6,807
6,967
7,189
7,352
7,576

4,111
4,263
4,294
4,362
4,523
4,670
4,833

717
738
759
773
789
798
815

2,038
2,070
2,090
2,101
2,113
2,135
2,199

2,708
2,740
2,778
2,844
2,958
2,972
3,216

1953—January
February
March
April

18,785
18,860
19,267
19,656
20,078
20,489
20,854

15,665
15,876
16,318
16,714
17,111
17,496
17,871

7,696
7,808
8,047
8,253
8,433
8,604
8,744

4,930
5,031
5,174
5,312
5,480
5,633
5,816

818
828
856
880
902
935

2,221
2,209
2,241
2,269
2,296
2,324
2,352

3,120
2,984
2,949
2,942
2,967
2,993
2,983

End of year
or month

1939
1940
1941
1942

. .

May

Tune
July

300
677

Credit
unions

Other

132
171

657
720

198

759

128
102
151

959

598
629
840

Total

1,438
1,596
1,605
990

Department
stores l

Furniture
stores

354
394

439
474
496
331

320

181

Household
appliance
stores

Automobile
dealers2

Other

183
196

123
167

339
365

206

188

111

686

131

240

17

937

209

1,440
1,876
2,269
2,670
2,760
3,216

379
470
595
743
920
1,101

319

38

53
28

47

395

314
270
324

474
604
724
791
760
900

79
127
168
239
207
239

101
159
239
284
255
336

407
516
543
613
618
640

927
932
951
990
1,042
1,019
1,101

750
766
782
796
821
839
900

198
206
210
218
223
225
239

282
292
295
301
313
324
336

551
544
540
539
559
565
640

1,068
960
931
916
923
928

865
855
844
839
842
844

232
231
231
238
243
251

343
352
364
376
390
401

612
586
579
573
569
569

913

845

254

415

556

includes mail-order houses.
Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets.

2

992




FEDERAL RESERVE BULLETIN

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE OF CREDIT

NONINSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]

[Estimated amounts outstanding, in millions of dollars]

Total
noninstalment
credit

End of year
or month

Financial
institutions
(single-payment loans)

Retail
outlets
(charge
accounts)

Commercial
banks

Other

2,719
2,824
3,087
2,817

625
636
693
593

3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,066

1952—June
July
August....
September.
October. . .
November.
December.
1953—January...
February..
March....
April
May
June
July

1939
1940
1941
1942
1945
1946
1947
1948
1949
1950
1951
1952

1

.

Service
credit

Department 1
stores

Other

162
164
152
120

236
251
275
217

1,178
1,220
1,370
1,227

518
553
597
660

674
L.008
1,203
L.261
1,334
1,576
1,684
L.852

72
114
153
184
198
245
250
256

290
452
532
575
584
641
685
709

1,322
L.624
1.821
2,138
2,096
2,365
2,411
2,604

845
L.014
1,166
1,285
1,376
1,496
1,601
L,645

6,414
6,286
6,302
6,367
6,478
6,598
7,066

1,798
1,792
1,792
1,793
1,801
1,821
L.852

256
231
234
240
232
288
256

467
418
422
459
499
536
709

2,194
2,155
2,157
2,183
2,277
2,290
2,604

1,699
L.690
L.697
1,692
1,669
1,663
L.645

6,723
6,402
6,409
6,516
6,637
6,562
6,363

L ,858
L.839
1,882
L ,878
L ,851
L ,768
1,683

271
240
260
269
311
279
255

570
490
478
474
484
478
445

2,386
2,172
2,124
2,203
2,276
2,306
2,260

,638
1,661
1,665
L,692
1,715
,731
L,72O

End of year
or month

Total
instalment
credit

Automobile
paper

Repair
and
modernization
loans

Personal
loans

Purchased

Direct

Other
consumer
goods
paper

178
276
338
134

166
232
309
153

135
165
161
124

363
440
471
302

1939
1940
1941
1942

1,079
1,452
1,726
862

237
339
447
149

1945
1946
1947
1948
1949
1950
1951
1952

745
1,567
2,625
3,529
4,439
5,798
5,771
7,576

66
169
352
575
849
1,177
1,135
1,596

143
311
539
753
946
1,294
L ,311
1,653

114
299
550
794
1,016
1,456
1,315
1,813

110
242
437
568
715
834
888
1,138

312
546
747
839
913
1,037
1,122
1,376

1952—June
July
August....
September.
October. . .
November.
December.

6,458
6,654
6,807
6,967
7,189
7,352
7,576

1,313
1,364
1,392
1,430
1,485
1,534
1,596

1,508
L,540
L,554
1,567
,599
1,625
,653

1,394
1,452
1,512
1,564
1,647
1,709
1,813

967
1,004
1,036
1,070
1,110
1,131
1,138

1,276
1,294
1,313
L,336
[,348
1,353
1,376

1953—January...
February..
March....
April
May
Tune
July

7,696
7,808
8,047
8,253
8,433
8,604
8,744

1,631
1,662
1,723
1,789
1,852
1,887
1,934

,684
,736
,813
,882
,941
,990
.,026

1,861
1,877
1,940
1,982
2,006
2,039
2,067

1,132
1,133
1,138
1,152
1,173
1,200
1.221

1,388
1,400
1,433
1,448
L ,461
1,488
,496

Includes mail-order houses.
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT

INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]

[Estimated amounts outstanding, in millions of dollars]
Automobile
paper

Other
consumer
goods
paper

Repair
and
modernization
loans

1,197
1,575
1,797
588

878
1,187
1,363
341

115
136
167
78

148
190
201
117

56
62
66
52

1945
1946
1947
1948
1949
1950
1951
1952

300
677
1,355
1,990
2,950
3,785
3,769
4,833

164
377
802
1,378
2,425
3,257
3,183
4,072

24
67
185
232
303
313
241
332

58
141
242
216
83
57
70
82

54
92
126
164
139
158
275
347

1952—June
July
August
September. . .
October
November
December... .

4,111
4,263
4,294
4,362
4,523
4,670
4,833

3,466
3,589
3,608
3,660
3,804
3,940
4,072

260
281
289
301
312
317
332

68
70
71
74
78
79
82

317
323
326
327
329
334
347

1953—January
February
March
April
May
June
July

4,930
5,031
5,174
5,312
5,480
5,633
5,816

4,159
4,260
4,402
4,536
4,694
4,836
5,007

337
339
342
345
351
356
367

81
80
79
80
78
76
75

353
352
351
351
357
365
367

Total
instalment
credit

1939
1940
1941 .
1942

End of year
or month

Other
consumer
goods
paper

Repair
and
modernization
loans

Total
instalment
credit

Automobile
paper

1939
1940
1941
1942

789
891
957
726

81
102
122
65

24
30
36
27

15
16
14
14

669
743
785
620

1945
1946
1947
1948
1949
1950
1951
1952

731
991

1,275
1,573
1,858
2,237
2,537
3,014

54
77
130
189
240
330
358
453

20
34
69
99
137
182
209
276

14
22
39
59
89
115
132
166

643
858
1,037
1,226
1,392
1,610
1,838
2,119

1952—June
July
August
September. . .
October
November
December

2,755
2,808
2,849
2,874
2,902
2,933
3,014

405
415
423
430
438
443
453

244
252
255
261
267
269
276

143
147
151
156
159
166
166

1,963
1,994
2,020
2,027
2,038
2,055
2,119

1953—January
February
March
April
May
June
July

3,039
3,037
3,097
3,149
3,198
3,259
3,311

456
460
476
491
502
516
526

281
283
287
292
297
302
306

165
164
166
169
175
178
180

2,137
2,130
2,168
2,197
2,224
2,263
2,299

End of year
or month

Personal
loans

Personal
loans

NOTE.—Institutions included are consumer finance companies (operating primarily under State small-loan laws), credit unions, industrial
loan companies, mutual savings banks, savings and loan associations,
and other lending institutions holding consumer instalment loans.

SEPTEMBER

1953




993

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
FURNITURE STORE STATISTICS

Item

Percentage change
from preceding
month
July
1953

Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account

June
1953

Q

May
1953

+8
+9
+7
+8

i

-5

-2

-8
-8

0
-1

Accounts receivable, end
of month:
Total
Instalment

-1
0

0
0

Collections during
month:
Total
. . .
Instalment

-1
-5

+2
+4

Inventories, end of
month, at retail value.

-3

A

RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *

Percentage change
from corresponding
month of preceding
year
July
1953

-j

Instalment accounts
Year or month

Mav
1953

June
1953

—8

+3

+3

-5

-5
-3

-6

+1

-11
-6

+1

0

+ 15
+ 10

+ 16
+ 13

+20
+ 16

Furniture
stores

18
17
17
18
18
17
17

10
10
11
11
11
10
10

12
12
11
12
11
11
11

46
46
46
47
50
48
48

16
15
17
15
15
15
15

10
9
10
10
10
11
10

11
10
11
10
10
10
10

47
44
49
46
46
47
46

-1
2

+8
+9

+ 10
+ 12

+1
0

-3

+1

+2

+3

June
July
August
September
October
November
December
1953

January
February
March
April
May
June
July

Household ap- Department
pliance
stores
stores

Department
stores

1952

-3

Charge
accounts

^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
Cash
sales

Instalment
sales

Charge
account
sales

Total

Cash

Instalment

Charge
account

Instalment

Charge

Instalment

Charge

Averages of monthly
data:
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952

46
53
60
67
75
93
99
103
98
101
104
103

44
57
72
82
92
105
103
103
94
93
95
93

55
45
39
36
37
56
85
105
110
136
133
142

48
48
49
53
59
84
95
104
101
106
111
109

76
60
35
29
28
38
67
108
125
177
181
189

53
48
42
44
50
73
92
105
103
111
124
127

58
60
47
41
40
53
78
106
117
146
165
158

47
51
50
52
59
78
92
103
104
111
118
120

48
56
61
64
64
59
55
52
51
48
48
47

9
6
5
4
4
4
6
7
8
10
9
10

43
38
34
32
32

1952—June
July
August
September. ..
October
November. . .
December

93
78
89
101
116
120
190

84
71
81
89
102
108
176

126
113
136
149
178
174
233

99
80
90
108
124
127
200

178
177
180
190
201
211
231

120
107
108
118
128
138
183

148
144
145
151
159
160
167

114
111
100
103
119
123
134

47
48
48
46
46
47
49

10
11
11
11
11
11
9

43
41
41
43
43
42
42

1953—January
February....
March
April

84
78
99
97
101
97
81

76
69
88
87
90
88
74

121
119
144
131
138
132
118

87
81
106
103
109
104
84

226
224
222
220
220
219
214

147
126
123
122
124
123
114

179
162
178
165
158
164
155

172
132
126
118
116
121
117

47
47
46
47
47
47
47

11
11
11
10
10
10
11

42
42
43
43
43
43
42

May
June
July

37

39
41
41
42
43
43

NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1005.

994




FEDERAL RESERVE BULLETIN

BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) 2
1947-49=100

Industrial production
(physical volume)* 1
1935-39=100
Manufactures

Year or month

Total
Durable

Nondurable

Minerals

Total

Residential

Employment and payrolls 3
1947-49=100

All
other

Nonagricultural
employment

Freight
carloadings*
Manufacturing
production workers 1935-39
= 100
Employment

Payrolls

AdAdAdAdAd- Unad- Unad- AdAdAdAd- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925

72
75
58
73
88
82
90

84
93
53
81
103
95
107

62
60
57
67
72
69
76

1926
1927
1928
1929
1930

96
95
99
110
91

114
107
117
132
98

79
83
85
93
84

1931
1932
1933
1934
1935

75
58
69
75
87

67
41
54
65
83

79
70
79
81
90

1936
1937
1938
1939
1940

103
113
89
109
125

108
122
78
109
139

1941
1942
1943
1944
1945

162
199
239
235
203

1946
1947
1948
1949
1950
1951
1952

71
83
66

34
34
30

89
92

26
18
27

39
45
32
46
59

65.5
64.1
64.2
68.3
59.5

60.6
53.7
53.9
59.0
61.6
66.2
70.6
66.4
69.6
73.6

33.0
32.4
32.8
35.0
28.3

152
147
148
152

37
37
37
38

131

35

50 2
42.6
47.2
55.1
58 8

21.5
14.8
15.9
20.4
23.5

105

32

78
82
89
92

24
24
27
29

63 9
70.1
59 6
66.2
71.2

27.2
32.6
25 3
29.9
34.0

107
111
89
101

49
24
10
16

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

87

69
69
73
63

67
68
70
70

49

73
71
76
52

30

62

80

34

22

41

67
76
80
86

15
14
17
20

8
7
7
13

20
18
24
25

100
106
95
109
115

99
112
97
106

30
32
35
39

22
25
27
37

35
36
40
40

43

44

201
279
360
353
274

142
158
176
171
166

125

66

54

74

129
132
140
137

89
37
22
36

170
187
192
176
200

192
220
225
202
237

165
172
177
168
187

220
219

273
280

234
235

218
217
215
211
205
194
218
232
233
235
233

236
240
243
241
240
240
P233

232
236
240
240
240
r
241
P235

43
42

149
155
135
148

84
102
113
159

86
98
116
185

79
95.1
83 99.4
105 101.5
111 99.1
142 102.3

97.9 81.2
103.4 97.7
102 8 105 1
93.8 97.2
99 6 111 7

194
189

164

171

170

172

108.0
183 109.8

284
285
277
277
247
230
267
290
300
304
313

190
188
183
181
186
179
191
194
195
197
194

152 109.2 104.9
157 109.1 104 9
158 109 0 105 2
156 109.1 104.6
158 108.6 102.0
165 108.3 100 6
217 109.9 104.7
218 110.8 106 8
227 111 3 107 8
207 111.8 109.2
219 112.0 110.0

316
322
328
»-326
321
320
P312
e
315

195
198
201
198
199
198

134

82

183

183

167
164

156
164

163
174

166

171

189

160

27
32
30

30
34

100
100
99
107

44

67.9
68.2
68.3
71.3
67.0

120
129
110

34
36

57
75

117

31.1
37.1
24.0
25.7
32.6
30.4
32.1

Adjusted

121
142

41
49

51
66

93

68 7
69.0
52.8
58.4
66.9
62 1
64.2

WholeConsale
sumer3 comsales* prices
modity
3
(retail
value) 4 1947-49 prices
1947-49 = 100 1947-49
= 100
= 100

139
146

43
45

71
98

61 6
62.2
55.4
58.7
64.6
63.8
65.5

Department

Unadjusted

Unadjusted

74.0
85.7
76.4
71.6
72.9
73.1
75.0
75.6
74.2
73.3
73.3
71.4

65.0
62.0
62.9
61.9
56.1

65.0
58.4
55.3
57.2
58.7

47.4
42.1
42.8
48.7
52.0

33
35
32
35

109

37

59 3
61.4
60 3
59.4
59.9

52 5
56 1
51 1
50 1
51.1

130

44

138
137
140
135

50
56
62
70.

62 9
69 7
74.0
75 2
76 9

56
64
67
67
68

8
2
0
6
8

143
138
116
128

98
104
98
105

83 4
95.5
102 8
101.8
102 8

78 7
96.4
104 4
99.2
103 1

106.2 129 6
105.5 135.3

134

109

111 0
113.5

114 8
111.6

104.7
104 7
104 1
102.9
100.9
98 9
105.7
109 0
109 6
110.2
110.8

132.0
132 5
129 1
128.9
127.3
122 2
134.2
143 3
145 7
146.3
150.9

136
133

107
107

122
108
102
125
134

106

110
112
107
112
108

128

IIS

112.4
112 4
112 9
113.0
113.4
114 1
114.3
114 1
114 2
114.3
114.1

112.5
112 3

126

110.1
111 0
111.8
111 2
110.9
111 5'
Plll.O

148.4
149.3
151.9
150 0
150.0
150 8
150.0

134
130
132
129
130
128
123
130

111
112
115
110
117
11S
112
112

132

126

90

110

1952
February
March...
April. . .

222
221
216

211
204
193
215
228

May

June

July
August
September . . .
October
November
December

230

140
146
139
156
175

168
172
177
207
207

186
193
196
193
191

164

210

185

171
168

196
205

178
183

134
131

111
115

111.6
111.2
111 8
112.2
111 8
111 1
110.7
109.6

1953
January
February
March
April
May

June

July
August

e

238

P192
198

164
163
162
164
164
169
P165
170

190
173
177
179
161
169

173
182
176
179
164
174

201
167
178
179
159
166
P172

112.1
112.4
112.5
112.5
112.8
113 1
P113.7

110.6
111 2
112.0
112 4
112.7
112 7
P113.0

113.9 109.9
113 4 109 6
113.6 110.0
113 7 109 4
114.0 109.8
114 S 1 0 9 S
114.7 110.9

e
c
Preliminary.
Estimated; all estimates are those of the Federal Reserve.
' Revised.
Corrected.
*! Average per working day.
For
indexes
by
groups
or
industries,
see
pp.
996-999.
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. 1003.
3
The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumer 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 consumer
prices index is the revised series, reflecting beginning January 1953 the inclusion cf some new series and revised weights. Prior to January 1953
indexes
are
based
on
the
"interim
adjusted"
and
"old"
indexes
converted
to
the
base
1947-49
=100.
4
For indexes by Federal Reserve districts and for other department store data, see pp. 1005-1009.
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

1953




995

INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1935-39 average = 100]
1952

1953

Industry
July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July

Industrial Production— Total.

193

215

228

230

234

235

236

240

243

241

240

240

P233

Manufactures—Total

202

225

237

242

245

247

249

254

258

255

253

253

P245

230

267

290

300

304

313

316

322

328

326

321

320

139

244

270

281

283

286

287

290

297

292

291

288

Durable Manufactures
Iron and Steel1
Pig iron
Steel
Open hearth.
Electric
Machinery
Transportation

Equipment.

Automobiles (including parts)
(Aircraft; Railroad 2Equipment; Shipbuilding — Private
and Government)

38
83
36
418

336

354

363

331

300

353

371

287

175

247

265

162

Nonferrous Metals and Products.

Lumber...
Furniture.
Stone, Clay, and Glass Products.
Glass products. ;
Glass containers
Cement
Clay products
Other stone and clay products2 .

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 meltings2
Manufactured dairy products.
Butter
Cheese
Canned and dried milk...
Ice cream2

247
335
238

249
333
235

247
337
234

282

283

297

308

213

225

237

240

246

250

259

259

263

'262

259 P252

251

248

251

251

258

266

293

300

299

290

285 J>287

197

216

231

236

241

243

245

243

248 ••251

249 P239

141

149

155

155

161

165

171

175

172

168

151

154

128
165

135
175

140
183

138
189

146
191

149
196

162
189

166
191

161
193

157
189

134
'185

139
182

P130
P177

214

221

222

224

221

221

223

233

238

'232

231

233

P230

243
266
215
158

243
261
231
163

245
261
227
161

241
254
231
163

232
242
233
162

221
225
254
160

224
232
257
168

242
255
279
166

255
271
273
169

248
261
262
165

255
271
246
160

279
242
165

P158

201
Smelting and refining
242
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin) 2
Fabricating
184
(Copper products; Lead shipments; Zinc shipments;
Aluminum products;
Magnesium
products;
Tin
consumption) 2

Lumber and Products.

P279

253 244 250 250 247
337 328 318
348 338
234 238 231 229
241 1081 1047 1022 958
371 1022 1029 1071 1113 402 •400 398 P385
407 P407
•407
376 385 393 398 406
412
403
391
392
272
'314 •304 304 P302

221 242 247 244
283 319 332 334
202 222 233 231
860 1013 1040 1064

280
243

179

191

194

195

197

194

195

198

201

198

199

198 P192

147

170

177

172

176

169

169

173

173

169

173

174

129
111
343

152
143
369

158
145
377

154
142
361

158
149
356

152
141
337

151
140
350

157
149
338

157
148
352

151
141
355

'155 155
143 142
367 '367

103
71
120
103
97
112
113

123
120
139
120
112
131
123

137
148
149
130
121
144
136

134
140
142
126
117
140
138

137
153
137
127
120
138
141

138
164
130
124
115
136
146

130
149
129
118
108
132
136

142
173
139
130
117
149
142

137
171
138
127
113
147
134

128
152
134
116
105
132
130

130
130
'144
124
113
138
136

135
137
143
129
117
147
138

91

116

112

112

113

107

116

119

117

112

111

104

81
91
60
71
66
98

97
110
79
67
89

97
107
90
65
88

103
115
87
77
93

103
117
84
83
86

100
112
88
80
76

103
116
87
79
80

101
115
82
81
80

98
108
83
86
77

102
117
81
80
82
119

104
'118
'81
84
82
116

97
111
70
83
82

'165

163

104

108

156
95
211
159

152
84
198
158

162
109

145
70
176
152

129

123

118

120

112

126

131

129

164

168

165

161

164

165

165

168

109

108

148
69
178
168

148
71
178
166

109

113

108

146
73
176
155

147
73
191
152

152
85
209
155

114

108

107

151
89
209
142

151
90
205
138

154
94
209
149

113
361

108
161
109
152
82
195
165

P161
Pill
150
79
185
160

r
*1 Preliminary.
Revised.
« Corrected.
Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new method*
may be obtained from the Division of Research and Statistics.
•Series included in total and group indexes but not available for publication separately.
•Because of a reclassincation 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.

996




FEDERAL RESERVE

BULLETIN

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Con**™***
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1935-39 average =100]
1953

1952
Industry
July Aug. Sept. Oct.

Nov. Dec. Jan.

Feb.

Mar. Apr. May June

July

157
142
193
148
81

157
145
186
158
81

Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton.

147
163
144
109
68

158
180
149
121
77

170
200
151
125
87

169
194
153
131
96

170
196
155
131
89

176
202
163
124
97

169
181
175
113
100

174
181
188
109
97

179
187
193
111
100

171
169
197
117
91

Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products

171
138
117
189

171
123
134
190

175
143
136
190

172
147
131
185

167
124
134
184

169
128
150
183

171
143
145
182

171
143
138
183

173
155
136
184

170 170
'148 '154
138 132
'182 181

167
144 P135
115
182 P184'

162

151

155

162

180

166

158

159

173

164

155

152

158

169
62
198
227

151
56
228
239

151
59
179
237

169
43
195
204

Alcoholic Beverages.
Malt liquor
Whiskey
Other distilled spirits.
Rectified liquors
Tobacco Products. .
Cigars
Cigarettes
Other tobacco products.
Paper and Paper Products.
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate and sulphite pulp 3
Paper
Paperboard
Fine paper 2
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard).
Printing and Publishing.
Newsprint consumption
Printing paper (same as shown under Paper).
Petroleum and Coal Products. . .
Petroleum refining2
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

176
19
198
224

165
21
234
175

160
26
148
263

154
28
182
325

177
31
133
369

182
44
127
228

175
53
160
180

169
58
139
221

179
63
191
245

154
141
189
124
81

172

186

187

190

181

172

179

194

194

184

174

169

113
240
54

111
261
68

123
257
65

134
258
66

124
249
57

98
243
59

110
249
64

111
276
61

112
277
60

116
255
65

117
238
62

114
232
59

160

188

192

203

205

196

200

207

211

209

209

207

154
195
124
68
226
148
182

180
229
132
82
267
172
222

181
220
125
83
256
175
233

192
233
125
89
274
186
246

194
236
108
92
280
188
249

185
220
112
91
258
180
235

191
233
112
92
275
185
236

197
237
118
95
279
191
245

201
245
113
94
291
194
249

199
239
111
85
284
193
249

199
244
114
90
290
192
249

197
241
115
90
286
190
250

215

150
174
124
126

168
180
148
130

165
187
146
126

178
206
150
123

182
193
161
121

179
195
151
116

185
201
162
119

193
201
167
118

193
207
170
121

192
210
166
114

191
197
168
120

188
189
163
118

118

157

165

165

176

175

168

173

180

183

181

184

179 P173

164

162

166

173

169

157

162

167

173

170

177

170

25Q

280

282

279

290

291

293

293

289

286 '288

296

225
231
174
226

231
235
181
230

234
232
179
208

225
226
182
207

233
239
171
225

229
239
164
241

230
241
160
250

231
236
148
226

225
233
161
207

225
225
156
208

230
221
162
190

238 P 2 4 3
230 P230
163
204

67
67
52

169
168
184

177
174
299

179
178
243

182
179
268

186
182
312

188
183

188
183
364

189
183
391

187
181
382

189
183
393

189
184
367

299

302

302

304

308

309

310

310

314

319

320

324

P328

159
351
598

162
349
595

160
336
598

'351
605

161
373
'614

161
367
619

160
382
627

P166
P371
P646

169

188
184
306

157
325
565

154
354
568

155
370
567

Rubber Products.. .

225

242

252

260

264

272

268

270

275

269

270

v270

Minerals—Total.

'139 156

175

164

171

168

164

163

162

164

164

169

p/65

180

167

177

176

172

170

168

167

'168

173

133
144

125
135
87

115
125
71

105
116
60

99
109
60
205

96
107
52
204

99
113
47
201

103
113
66

«106

Fuels.
Coal

Bituminous coal.
Anthracite
Crude petroleum
Metals.
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc) 2
Gold
Silver

'73
57
190

158
358
578

350
595

93
102
61
194

203

93
93
95

131

149

203

202

207

204

123

125

145

144

145 P!38

219

145

138

117

120

175

177

211

'209

210

212

200

166

170

188

48
63

48
67

46
67

94
103

66
57
206 P207

P197

53
62

For other footnotes see preceding page.
NOTE.—For description and back figures sec 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 1953




997

INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Federal Reserve index numbers, 1935-39 average = 100]
1953

1952
Industry

Mar. Apr.

May

June July

240

240

240

241

P235

255

254

253

254

P247

July Aug. Sept. Oct.

Nov. Dec. Jan. Feb.

Industrial Production—Total

194

218

232

233

235

233

232

236

Manufactures— Total

203

228

242

245

246

246

245

250

232

269

292

301

305

310

312

319

326 '326

322

321

139

244

270

281

283

286

287

290

297

291

288

38
83
36
418

250
221 242
253
244
247
250
247
244 247 249
328
348
338
337
283 319 332 334 335 333 337
234
231
202 222
238
233
231 238 235 234 241
860 1013 1040 1064 1022 1029 1071 1113 1081 1047 1022

Machinery . . . .

331

336

354

363

371

385

393

398

406

Transportation Equipment

287

300

353

371

376

392

391

403

412

'417

'407

407

162

175

247

265

272

282

283

297

308 '314

'3 04

304

Durable Manufactures
Iron and Steel1
Pig iron
Steel
Open hearth
Electric

Automobiles (including parts)
(Aircraft; Railroad 2 equipment; Shipbuilding—Private
and Government)
Nonferrous Metals and Products
Smelting and refining
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin)2
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products;
Magnesium products; Tin
consumption)2
Lumber and Products
Lumber
Furniture
Stone Clay and Glass Products
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 2

...

. . .

292

402 '400

P279
247
318
229
958

398
P407

201

213

225

237

241

246

250

259

259

263 '262

259 P252

241

251

248

251

251

259

266

293

301

299

290

284 P284

184

197

216

231

236

241

243

245

243

248

251

249

P239

150

160

167

164

160

151

151

158

162

168

'155

163

P155

143
165

152
175

159

128

132

142

157

139
r

153

189

143
191

146

183

151

P143

216

231

232

235

235
255
236
160

251
272
261
169

248
267
263

247
262
267

167

173

193

189

196

189

226

214

209

216

227

230

234
245
252
167

210
210
231

221
227
209

237
248
212

255
271
224

165

155

157

161

248
261
249
r
161

191

r

185

182

238

236 v232

269
291
259

259 P250
276 269
259 267
164 P159

r

160

181

195

201

200

199

193

191

194

197

196

198

199 P193

147

170

177

172

176

169

169

173

173

169

17 3

174

129
111

152
143

158
145

154
142

158
149

157
148

151 1 5 5
141 143

155
142

369

377

361

356

337

151
140
350

157
149

343

152
141

338

352

355

367

367

103

123

137

134

128

71
120
103
97
112
113

120
139
120
112
131
123

140
142
126
117
140
138

153
137
127
120
138
141

138

164
130
124
115
136
146

130
149
129
118
108
132
136

142

173
139
130
117
149
142

171
138
127
113
147
134

130

135

148
149
130
121
144
136

152 130
134 ,•144
116
105 124
113
132 r'138
130 136

137
143
129
117
147
138
103

137

137

90

116

111

112

114

107

117

122

116

112

111

77
86
60
70
62
98

95

95

104

107

99

109

97

102

107
83
65

116
89

86
123

77
93
118

121
85
80

112
87
80

108
81
85

72
112

124
86
84

88
131

75
129

117
78
82

r
103
r

92
129

105
88
66

103
119
85
79
75
126

80
119

88
116

81
108

174

185

192

178

165

161

153

149

151 '151

156

162

108

108

118

115

114

107

114

109

105

100

103

104

215
86
217
176

214
76
199
173

173
69
182
153

133
63
158
126

106
55
143
110

107
67
151
120

98
74
155
115

109
80
168
124

128
86
188
146

162
97
220
179

202
109
266
220

225
114
277
228

91
120

118
77
82

P156
113
361

95
107
72
84

P172

221
96
228
186

r
Preliminary.
Revised.
« Corrected.
Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods
may 2be obtained from the Division of Research and Statistics.
Series included in total and group indexes but not available for publication separately.
3
Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer
available separately. Individual indexes through June 1951 are shown in preceding BULLETINS.
1

998



FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION, BY INDUSTRIES— Continued
(Without Seasonal Adjustment)
[Federal Reserve index numbers, 1935-39 average=100]
1952

1953

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.

137
144
146
109
65

138
139
150
118
75

154
158
163
138
93

183
167
149
100

190
230
161
141
89

208
266
163
116
95

199
237
178
105
106

166
178
173
96
98

166
174
175
104
98

159
154
185
114
89

154
141
189
129
82

156
142
189
148
75

149
128
188
158
78

Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products

179
179
96
193

195
234
144
194

207
279
175
194

191
190
171
195

174
114
158
193

167
100
151
187

157
93
149
175

155
90
140
174

154
85
127
177

152
'90
115
174

'155
'100
102
178

159
111
85
184

P174
P176

Alcoholic Beverages.
Malt liquor
Whiskey
Other distilled spirits.
Rectified liquors
Tobacco Products.
Cigars
Cigarettes
Other tobacco products.
Paper and Paper Products.
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate and sulphite pulp *
Paper
Paperboard
Fine paper *
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard).
Printing and Publishing.
Newsprint consumption
Printing paper (same as shown under Paper).
Petroleum and Coal Products.
Petroleum refining 2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 2 . .
Coke
By-product coke
Beehive coke

186

159

159

173

163

142

134

144

161

165

164

174

181

220
19
115
224

188
21
126
175

161
26
202
263

143
28
472
325

136
31
280
369

145
44
140
228

144
53
104
180

152
58
83

167
63
124
245

177
62
119
227

173
56
137
239

190
59
111
237

211
43
113
204

179

193

198

197

184

159

178

184

183

174

174

176

113
252
54

111
274
66

123
275
69

134
268
71

124
254
59

98
224
51

110
249
63

111
260
59

112
258
60

116
237
65

117
238
63

114
244
60

159

188

191

203

205

195

200

207

211

210

'210

208

153
193
110
68
226
147
182

180
227
116
82
267
172
222

181
217
112
83
256
175
233

192
232
116
89
274
186
246

194
237
114
92
280
188
249

185
220
113
91
258
179
235

191
233
117
92
275
185
236

198
238
122
95
279
192
245

201
246
121
94
291
194
249

200
241
122
85
284
193
249

199
245
123
90
290
192
249

197
241
117
90
286
190
250

150
167
124
124

168
180
148
129

165
187
146
126

178
208
150
123

182
193
161
123

179
189
151
114

185
199
162
119

193
209
167
118

193
207
170
121

192
212
166
116

191
'197
168
121

188
192
163
119

145

157

166

180

183

172

168

178

187

187

187

178

P161

141

146

168

182

184

165

150

164

180

181

184

168

145

259 280 282 279 290 291

vl84

293 293 289

286 288

296 P298

225
231
172
210

231
235
179
221

234
232
179
206

225
226
182
207

233
239
171
231

229
239
163
248

230
241
155
255

231
236
147
238

225
233
159
211

225
225
163
212

230
221
168
192

230
163
192

67
67
52

169
168
184

177
174
299

179
178
243

182
179

186
182
312

188
183
353

188
183
364

189
183
391

187
181
382

189
183
393

189
184
'367

295

299

305

309

313

314

311

313

318

322

320

323

P325

155
325
565

152
354
568

153
370
567

158
358
578

157
350
595

159
351
598

158
349
595

158
336
598

161
•351
605

162
373
'614

'165
367
619

165
382
627

P165
P371

Rubber Products

225

242

252

260

264

272

268

270

275

'272

269

Minerals—Total.

'141

161

180

166

no

163

159

158

157

163

Fuels

'151

161

180

167

177

176

172

170

168

167

'73
'76
57
190

93
102
61
194

133
144
88
203

93
93
95
203

125
135
87
202

115
125
71
207

105
116
60
204

99
109
60
205

96
107
52
204

99
113
47
201

Chemical Products.
Paints
Rayon
Industrial chemicals
Other chemical products 2 .

Coal

Bituminous coal.
Anthracite
Crude petroleum

Metals.
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc)2
Gold
Silver

P243
P230

188
184
306

270

P270

166

172

P170

173

P169

103
113
66
199

nO6
C
116
66
206

r

94
103
57
'207

81

164

178

164

131

84

84

87

90

134

160

171

P171

101
71

244
381

265
418

241
363

185
248

108
83

109
86

115
91

120
105

195
262

240
363

257
407

P257

For other footnotes see preceding page.
N O T E . — F o r description and backfiguressee B U L L E T I N for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.

SEPTEMBER 1953




999

OUTPUT OF MAJOR CONSUMER DURABLE GOODS
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1947-49 average =100]
1952

1953

Product group
July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr

May

June

July
144

Total

71

84

121

125

134

134

141

148

148

148

144

143

Passenger automobiles.

47

63

122

125

131

129

134

146

151

159

155

158

158

Household goods, total.
Carpets
Furniture
Major appliances
Radios and television

98
61
113
74
135

108
76
113
94
141

119
81
115
89
205

124

137
98
120
114
237

139
94
125
115
236

149
103
121
123
279

150
104
122
126
273

145
101
123
137
226

135

132
87
126
122
182

127

129

124
116
182

123
108
204

99
118
91
214

98
126
121
201

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 Divsion 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]
1953

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
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products..
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries..
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied
industries
Chemicals and allied products...
Products of petroleum and coal.
Rubber products
Leather and leather products. . .

12,442 12,953 13,216 13,338 13,513 13,607 13,682 13,757 13,857 13,906 '13,945 13,946 13,974
6,871 7,372 7,616 7,726 7,862 7,944 8,009 8,089 8,175 '8,218 '8,238 8,239 8,252
147
134
164
'150
142
'156
139
158
132
132
137
126
129
698
723
719
'712
694
'713
690
722
736
717
708
744
740
330
321
327
'331
325
330
324
327
314
316
324
308
312
459
459
462
'462
455
'460
456
465
453
457
453
441
449
1,120
653
1,109
1,110
1,133
1,136
1,139 1,144 1,149 1,149 1,150
1,126
,073
943
'957
rQ47
792
862
884
922
933
968
899
908
834
968
1,230
1,,205 1,214 1,233 1,266 1,295 1,313 1,316 1,322 '1,314 '1,297 1,293 1,289
916
890
907
'930
782
824
843
875
922
798
926
859
912
1,574 '1,576 '1,576
1,509
1,543
1,411
1,484
1,557
1,190
1,221
1,355
1,450
1,574
226
379
5,571
1,138
98
1,100
1,083
419

228
383
5,581
1,115
99
1,122
1,072
427

230
387
5,600
1,116
97
1,138
1,074
427

233
390
5,612
1,125
98
1,135
1,066
432

236
395
5,651
1,124
102
1,135
1,093
431

238
396
5,663
1,127
105
1,129
1,098
434

240
393
5,673
1,135
101
1,121
1,109
434

240
398
5,668
1,144
97
1,117
1,104
435

243
404
5,682
1,138
95
1,123
1,106
437

243
'413
'5,688
'1,132
96
'1,119
'1,103
440

244
426
'5,707
'1,139
97
'1,119
'1,111
'442

245
433
5,707
1,115
98
1,119
1,127
448

253
434
5,722
1,121
100
1,134
1,111
452

495
519
175
201
343

495
513
187
205
346

497
509
187
208
347

499
508
189
211
349

500
508
188
213
357

498
508
188
215
361

498
511
188
217
359

497
511
188
218
357

502
518
188
221
354

'501
526
190
'222
359

502
527
189
'223
'358

502
529
189
223
357

506
530
191
225
352

WITHOUT SEASONAL ADJUSTMENT
12,229 13,069 13,477 13,560 13,634 13,699 13,619 13,733 13,831 13,758 13,717 13,788 13,731
Total
6,748 7,332 7,634 7,774 7,916 8,010 8,020 8,115 8,211 '8,215 '8,198 8,199 8,105
Durable goods
132
147
129
132
126
134
137
139
142
'150
'156
Ordnance and Accessories
158
164
728
688
759
751
744
730
704
676
677
'713
729
'701
Lumber and Wood Products
719
440
408
439
450
448
433
420
406
404
'424
431.
'416
Sawmills and planing mills..
322
333
307
316
296
329
330
329
332
322
317
314
r329
Furniture and Fixtures
237
247
225
231
217
242
243
243
246
'237
231
'242
Household furniture
r
459
455
459
434
451
455
461
458
451
453
460
465
'462
Stone, Clay, and Glass Products..
643
1,068 1,109 1,116 1,126 1,137 1,139 1,142 1,145 1,144 1,138 1,143 1,133
Primary Metal Industries
Blast furnaces, steel works
557
564
530
556
132
557
561
562
563
'562
'561
566
903
952
and rolling mills
821
862
888
922
931
'952
958
768
942
r952
939
r
1,260
1,335
1,193
1,208
1,227
1,301
1,313
r1,303
1,299
Fabricated Metal Products
1,218
1,323
l, 321
1,276
223
228
222
224
223
226
226
219
'226
226
'228
Machinery except Electrical
227
872
925
782
824
851
893
899
755
926
'921
913
880
Metalworking machinery.. .
916
Electrical Machinery
249
262
271
275
253
268
277
285
'287
281
288
288
Electrical apparatus (gen418
400
324
367
398
410
346
381
411
415
418
'408
erating, etc.)
Communication equipment. 1,190 1,221 1,355 1,411 1,450 1,484 1,509 1,543 1,574 '1,576 '1,576 1,557 1,574
Transportation Equipment
515
701
735
750
524
674
769
821
'831
798
'834
814
Motor vehicles and equip476
474
501
510
524
490
531
542
'533
538
'534
533
ment
230
219
234
240
237
226
241
244
244
245
241
244
245
Aircraft and parts
393
354
408
415
404
375
393
410
'411
404
413
416
406
Instruments and Related Products.
Misc. Manufacturing Industries..
For footnotes see following page.

1000




FEDERAL RESERVE BULLETIN

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING

INDUSTRIES—Continued

[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve.

In thousands of persons]

1952

1953

Industry group or industry

Nondurable goods
Food and Kindred Products
Meat products
Canning and preserving
Bakery products
Tobacco Manufactures
Textile-mill Products
Broad-woven fabric mills...
Knitting mills
Apparel and Other Finished Textiles
Men's and boys' furnishings.
Women's and misses' outerwear
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
Leather and Leather

Products....

July

Aug.

5,481
1,199
244
234
188
85
1,067
489
215

5,737
1,269
242
309
186
109
1,105
498
228

5,843
1,309
247
348
186
117
1,127
501
232

5,786
1,223
244
253
187
117
1,135
503
236

1,018
260

1,088
271

1,106
276

311
411

339
425

340
425

215

222

490
145
156
501
184
177
144
195
338
221

490
144
156
503
185
191
146
203
355
233

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

5,718
1,142
254
172
187
109
1,146
506
239

5,689
1,093
256
143
184
108
1,146
508
236

5,599
1,045
249
132
179
101
1,132
502
230

5,618
1,033
241
129
180
94
1,134
502
232

1,103
279

1,104
280

1,114
280

1,109
279

1,137
284

330
432

331
435

347
441

351
436

360
437

356
439

217

219

219

224

223

223

223

497
146
158
512
185
190
145
208
352
229

504
146
160
518
187
189
144
213
352
225

505
147
161
518
188
188
144
217
355
226

505
147
162
518
189
187
144
219
359
232

498
144
161
516
190
186
144
219
359
236

497
144
159
519
189
186
144
219
364
238

499
146
159
526
190
186
144
221
363
238

Apr.

June

July

5,620 '5,543 '5,519
1,025 '1,027 '1,052
'233
'234
238
'145
123
'134
'180
'179
180
85
87
85
1,134 n, ii9 '1,113
'494
'494
499
232
233
235

5,589
1,089
237
160
182
85
1,119
496
232

5,626
1,183

1,139 '1,086 '1,061
'289
289
289

1,076
289

'318
440

'298
'440

308
445

222

222

225

499
147
158
516
192
188
144
'221
r
344
'226

502
148
159
512
195
190
145
221
350
229

r

498
'146
158
526
191
188
144
355
232

May

87
1,100

1,044

443

501

511
193
218
347

Footwear (except rubber)...
' 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 1953 are preliminary. Back data and data
for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning
January 1939, for groups and the total, may be obtained from the Division of Research and Statistics.

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group

Total
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries

1952

1952
July

Average hours worked
(per week)

June

May

July

July

1953
May

June

Average hourly earnings
(dollars per hour)
1952

July

July

1953
May

June

July

65.44

71.63

71.63

71.51

39.9

40.7

40.7

40.4

1.64

1.76

1.76

1.77

69.55

77.19

77.42

77.08

40.2

41.5

41.4

41.0

1.73

1.86

1.87

1.88

75.72
64.21
58.18
64.08
71.31

'78.25
'66.34
'62.73
70.86
r
83.63

77.90
67.90
62.47
70.69
85.08

76.80
69.47
61.10
70.11
85.28

42.3
40.9
40.4
40.3
39.4

41.4
'40.7
'41.0
41.2
'41.4

41.0
41.4
41.1
41.1
41.5

40.0
41.6
40.2
41.0
41.4

1.79
1.57
1.44
1.59
1.81

'1.89
'1.63
1.53
1.72
2.02

1.90
1.64
1.52
1.72
2.05

1.92
1.67
1.52
1.71
2.06

67.66
76.36
65.90
75.65
69.60
58.61

'77.46
82.88
'70.99
'85.08
'73.22
'64.53

77.28
82.49
71.23
85.08
73.63
64.37

76.96
81.71
70.27
84.45
71.86
62.71

39.8
41.5
39.7
39.4
40.7
39.6

'42.1
42.5
'40.8
'41.5
41.6
'41.1

42.0
42.3
40.7
41.1
41.6
41.0

41.6
41.9
39.7
40.6
40.6
40.2

1.70
1.84
1.66
1.92
1.71
1.48

'1.84
1.95
1.74
2.05
'1.76
1.57

1.84
1.95
1.75
2.07
1.77
1.57

1.85
1.95
1.77
2.08
1.77
1.56

60.68

63.20

63.36

63.60

39.4

39.5

39.6

39.5

1.54

1.60

1.60

1.61

Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished products.. . .
Paper and allied products

63.42
46.36
51.98
46.18
68.26

'65.44
'47.36
'53.98
47.21
72.07

66.65
46.86
53.86
48.05
72.24

66.72
46.61
53.43
48.37
73.19

42.0
38.0
38.5
35.8
42.4

40.9
37.0
'39.4
36.6
42.9

41.4
36.9
39.6
36.4
43.0

41.7
36.7
39.0
36.1
42.8

1.51
1.22
1.35
1.29
1.61

'1.60
'1.28
1.37
1.29
1.68

1.61
1.27
1.36
1.32
1.68

1.60
1.27
1.37
1.34
1.71

Printing, publishing and allied products.
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products

81.45
70.00
88.18
72.07
50.05

85.58
74.93
'88.94
'78.38
51.61

85.75
75.17
88.94
77.78
52.47

84.75
76.04
91.91
79.56
51.54

38.6
40.7
41.4
39.6
38.5

38.9
41.4
'40.8
'40.4
37.4

38.8
41.3
40.8
40.3
38.3

38.7
41.1
41.4
40.8
37.9

2.11
1.72
2.13
1.82
1.30

2.20
1.81
2.18
1.94
1.38

2.21
1.82
2.18
1.93
1.37

2.19
1.85
2.22
1.95
1.36

Nondurable goods

r
Revised.
NOTE.—Data are for production and related workers,
of Labor Statistics.

SEPTEMBER 1953




Figures for July 1953 are preliminary.

Back data are available from the Bureau

1001

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
Transportation and
public
utilities

Federal,
State, and
local
government

Manufacturing

ing

40,069
41,412
43,438
44,382
43,295
44,696
47,202
47,993

15,302
14,461
15,290
15,321
14,178
14,967
16,082
16,209

826
852
943
982
918
889
913
872

1,132
1,661
1,982
2,169
2,165
2,333
2,588
2,572

3,872
4,023
4,122
4,141
3,949
3,977
4,166
4,220

7,522
8,602
9,196
9,519
9,513
9,645
10,013
10,251

1,394
,586
,641
L ,711
,736
L.796
L.861
L ,957

4,055
4,621
4,807
4,925
5,000
5,098
5,207
5,280

5,967
5,607
5,456
5,614
5,837
5,992
6,373
6,633

1952—July
August
September
October
November
December

47,336
48,039
48,406
48,664
48,857
48,957

15,609
16,151
16,412
16,546
16,755
16,870

777
883
880
867
870
871

2,595
2,604
2,611
2,574
2,571
2,548

4,154
4,209
4,259
4,303
4,293
4,281

10,273
10,261
10,333
10,390
10,366
10,397

L.967
1,980
1,986
1,993
L.993
1,988

5,302
5,299
5,285
5,303
5,292
5,290

6,659
6,652
6,640
6,688
6,717
6,712

1953—January
February
March
April
May
June
July

49,014
49,113
49,148
'49,154
49,282
49,443
49,673

16,949
17,039
17,168
'17,229
17,290
17,312
17,362

872
867
854
838
833
833
820

2,531
2,562
2,529
'2,517
'2,467
2,485
2,525

4,246
4,261
4,272
'4,266
'4,283
4,279
4,298

10,437
10,445
10,390
'10,402
'10,455
10,507
10,518

1,989
1,987
1,993
'2,004
2,016
2,030
2,044

5,298
5,300
5,305
'5,307
'5,301
5,315
5,333

6,692
6,652
6,637
6,591
6,637
6,682
6,773

1952—July
August
September
October
November
December

47,078
48,158
48,892
49,095
49,310
50,140

15,402
16,280
16,680
16,778
16,874
16,952

784
893
886
871
871
870

2,751
2,812
2,794
2,728
2,648
2,497

4,198
4,258
4,281
4,296
4,286
4,293

10,108
10,110
10,295
10,442
10,650
11,218

1,997
2,000
1,976
1,973
1,973
1,978

5,382
5,378
5,364
5,303
5,266
5,237

6,456
6,427
6,616
6,704
6,742
7,095

1953—January
February
March
April
May
June
July

48,382
48,369
48,685
'48,860
'49,039
49,372
49,371

16,884
17,013
17,135
'17,077
'17,050
17,155
17,125

866
856
846
835
831
837
828

2,303
2,280
2,301
'2,416

4,210
4,210
4,235
'4,244
'4,280
4,312
4,345

10,283
10,214
10,284
'10,314
'10,337
10,401
10,349

1,969
1,977
1,993
'2,014
2,026
2,050
2,075

5,192
5,194
5,225
'5,307
'5,354
5,395
5,413

6,675
6,625
6,666
6,653
6,669
6,638
6,560

Year or month

1945
1946
1947
1948
1949
1950
1951
1952

Total

Contract
construction

Trade

Finance

Service

SEASONALLY ADJUSTED

UNADJUSTED

"•2,492

2,584
2,676

'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. July
1953 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 noninstitutional
population

Total
labor
force

Employed *
Total
Total

In nonagricultural industries

In
agriculture

Unemployed

Not in the
labor force

1945
1946
1947
1948
1949
1950
1951
1952

105,370
106,370
107,458
108,482
109,623
110,780
111,924
113,136

65,140
60,820
61,608
62,748
63,571
64,599
65,832
66,426

53,860
57,520
60,168
61,442
62,105
63,099
62,884
62,966

52,820
55,250
58,027
59,378
58,710
59,957
61,005
61,293

44,240
46,930
49,761
51,405
50,684
52,450
53,951
54,488

8,580
8,320
8,266
7,973
8,026
7,507
7,054
6,805

1,040
2,270
2,142
2,064
3,395
3 14?
1,879
L.673

40,230
45,550
45,850
45,733
46,051
46,181
46,092
46,710

1952—August
September
October
November
December

113,265
113,374
113,494
113,599
113,703

67,419
67,166
66,566
67,047
66,309

63,958
63,698
63,146
63,646
62,921

62,354
62,260
61,862
62,228
61,509

55,390
54,712
54,588
55,454
55,812

6,964
7,548
7,274
6,774
5,697

1,604
1,438
1,284
L.418
1,412

45,846
46,208
46,928
46,552
47,394

1953—January
February
March
April
May
June
July
August

114,191
114,479
(22)
(2)
(2)
(2)
()
(2)

65,959
66,255
(2)

62,416
62,712
63,134
62,810
62,964
64,734
64,668
64,648

60,524
60,924
61,460
61,228
61,658
63,172
63,120
63,408

55,072
55,558
55,740
55,158
55,268
55,246
55,492
56,134

5,452
5,366
5,720
6,070
6,390
7,926
7,628
7,274

1,892
1,788
L.674
1,582
1,306
1,562
1,548
1,240

48,232
48,224
48,076
48,490
48,434
46,742
46,874
46,994

(2)
(22)
()

1

Includes self-employed, unpaid family, and domestic service workers.
Current data available six months later than for other series when armed forces figures, withheld for reasons of security, are released.
NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available
from the Bureau of the Census.
2

1002



FEDERAL RESERVE BULLETIN

VALUE OF NEW CONSTRUCTION ACTIVITY
[Adjusted for seasonal variation. In millions of dollars]

Private
Year or month

Business

Total

Total

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952

.

8,198
8,682
11,957
14,075
8,301
5,259
5,633
12,000
16,689
21,678
22,789
28,454
30,895
32,638
2,658
2,713
2,744
2,781
2,774
2,829
2,985
3,050
3,007
2,910
2,923
2,868
2,826

. .

. .

1952—August
September
October
November
December
1953—January
February . .
March
April
.
May
June
Tulv
. .
August?

Public

Residential

Indus- Comtrial mercial

Public
utility

Total

Total

Other
nonresidential

Military

High- Conserway
vation

All
other

480 3,809
508 3,628
614 5,751
413 10,660
335 6,322
382 3,073
463 2,398
1,428 2,362
2,050 3,433
2,580 4,825
2,795 6,405
3,174
7,000
3,374 9,331
3,252 10,826

125
385
1,620
5,016
2,550
837
690
188
204
158
137
177
887
1,388

1,381
1 302
1,066
734
446
362
398
895
1,451
1,774
2,131
2,272
2,518
2,860

570
528
500
357
285
163
130
240
394
629
793
881
853
854

1,733
1 413
2,565
4,553
3,041
1,711
1,180
1,039
1 384
2,264
3,344
3,670
5,073
5,724

4,389
5,054
6,206
3,415
1,979
2,186
3,235
9,638
13,256
16,853
16,384
21,454
21,564
21,812

2,680
2,985
3,510
1,715
885
815
1,100
4,015
6,310
8,580
8,267
12,600
10,973
11,100

1,229
1,561
2,082
1,287
759
989
1,672
4,195
4,896
5,693
5,322
5,680
7,217
7,460

254
442
801
346
156
208
642
1,689
1,702
1,397
972
1,062
2,117
2,320

292
348
409
155
33
56
203
1,132
856
1,253
1,027
1,288
1,371
1,137

683
771
872
786
570
725
827
1,374
2,338
3,043
3,323
3,330
3,729
4,003

1,784
1,797
1,832
1,856
1,871

902
908
946

612
617
615

188
186
180

88
93
100

336
338
335

965

619

180

980

624

108

179

114

331

1,865
1,959
2,057
2,038
1,978
1,979
1,948
1,926

949
1,011
1,092
1,061
987
1,000
970

652
683
699
706
713
709
703

191
204
208
210
204
195
185

936

720

185

270
272
271

874
916
912

111
105
101

229
261
262

65
67
68

469
483
481

67

512

331

272

925

267

109

237

903

121

190

125
134
130
124
132
137
141

336
345
361
372
377
377
377

264
265
266
271
278
270
275

964
1,026
993
969
932
944
920

135
139
137
127
124
126
115

155

380

270

900

105

71

521

240
289
264
256
243
252
266

74
75
78
79
73
72
70

515
523
514
507
492
494
469

266

66

463

r

Preliminary.
Revised.
Source.—Joint estimates of the Departments of Commerce and Labor.
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions]
By type of
ownership

Total

Year or month

Public

1945
1946
1947
1948
1949
1950
1951
1952

..

.

1952—Aueust
Seotember
October
November
December
1953—Tanuarv
February
March
April
May

.
.

•

By type of construction

•

June

July
August

Private

Residential
building

Nonresidential building
Factories

Commercial

Educational

1,027
1,317

346
773
785
975
885

100
221
392
725
824

3,299
7,490
7,760
9,430
10,359
14,501
15,751
16,775

1,311
1,754
2,296
3,107
3,718
4,409
6,122
6,711

1,988
5,735
5,464
6,323
6,641
10,092
9,629
10,064

3,142
3,154
3,608
4,239
6,741
6,205
6,668

1,142
2,883
2,562

1,208

1,439
2,029
1.321
1,249
L,467

501
1,269
410
491
478

937
760
911
758
990

628
519
602
528
439

1,076
1,021
1,348
L,742
L.606
1,116
1,793
1,439

450
351

626
671

417
673
554
372
610
501

931

1,069
1,052

744

1,183

563

Other
377
404
597

Public
works
and
public
utilities
885

915
979

1,180
1,335
1,472

1,127
1,376
1,651
1,689
1,686

1,631
1,890
2,155
2,476
2,578
2 723
3 408

142
995
113
117
313

94
87
103
85
100

145
87
126
117
146

139
93
138
143
154

291
248
238
259
316

460
419

76
89

87
100

106
102

605
674
638
463
653

105
262
132
85
207

101
120
156
99
200

124
147
163
148
176

138
83

209
228

941
840
559

120
151
131
127
181

293
387
386
193
376

938

CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in thousands of dollars]

Month

Total
(11 districts)

Federal Reserve district
Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

1952—May

,563,660
,488,850
,511,285

106,005 244,053
105,392 203,203
85,405 213,875

95,602 157,630 134,944 156,230 248,460 98,329
105,070 150,210 150,472 205,265 211,351 116,664
112,121 170,016 141,852 197,533 250,592 104,938

46,634
59,247
49,632

98,698 177,075
67,051 114,925
71,598 113,723

1953—May

,606,091
,115,509
,793,342

102,025 302,338 123,974 187,505 161,875 193,602 252,210 89,603
79,055 165,263 114,588 111,843 155,605
74,200
63,376 222,880
94,331 299,010 117,445 220,831 148,586 198,776 349,672 104,543

45,012
-9,852
97,791

50,808
40,868
62,898

June
July.

June
July.

SEPTEMBER 1953




97,139
97,683
99,459

1003

PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units]

Total

Year or month

1939
1941
1945
1946
1947
1948
1949
1950
1951
1952
1952—August

Tanuarv
February
March
April
May
June
July
August

Private

Rural
nonfarm

Government-underwritten

Total

1family

2family

373
533
185
590
740
763
792
1,151
892
939

20
28
9

Public

Multifamily

Total

FHA

VA

932

525

407

1,025
1,396
1,091
1,127

589
828

436
568

595

496

610

517

458
620
208
663
846
914
989
1,352
1,020
1,069

99
101
101
86
72

51
53
54
46
41

48
48
47
40
31

97
99
99
82
68

85
87
87
72
58

4
5
4
3
3

8
8
8
7
6

2
2
2
4
4

38
42
43
34
29

25
28
27
21
19

13
14
16
13
10

72
79
106

38
43
59

34
36
47

68
74
96

58
64
84

3
3
4

7
7
9

4
5
10
4
3

27
27
32

18
17
22

9
10
10

23
22

13
12

24
24
23

14
15
18

. .

October
November
1953

Urban

.

515
706
209

359
434
134

156
272
75

671
849

404
480

267
369

57
87
1
8
3
18
36
44
71
58

158
220
47

158
220
41

6

152
440

69
229

83
211

393

291

102

466
686

361
486

105
200

413

264

149

46

66
58
15
48
72
104
162
159
88
84

420

279

141

24
34
46

35
42
40

111
108

57
55

54
53

107
106

94
93

4
4

9
8

P103

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

P100

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

P96

P94

36
34

38
39
41

p Preliminary.
n.a. Not available.
iLess than 500 units.
iLess than 500 units.
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
1952

Class
1951

1953

1952

1952

July

Feb.

Mar.

Apr.

May

1953

June

July

July

Feb.

Mar.

Apr.

May

June

July
128

Total

134

126

102

130

132

129

130

128

123

104

119

122

127

132

133

Coal
Coke
Grain
Livestock
Forest oroducts
Ore
Miscellaneous
Merchandise, 1. c. 1

121

109

75

168
142
69

92

97

92

96

105

146
275
149
45

142
273
154
45

144
237
148
44

179
155
60

167
138
60

106

94

183
141
65

94

146
46
115
43

178
133
66

105

144
181
140
46

184
130
60

106

150
205
147
48

181
114
57

96

75

208
143
69

57
153
56

97

191
112
46

186
119
47

182
124
58

176
158
52

162
166
46

143
315
148
45

151
328
146
43

147
341
141
42

137
237
146
45

145
212
142
43

146
213
139
42

56
183
45

147
73
116
43

140
69
140
43

142
79
146
45

175
117
58

144
231
146
44

NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by
Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission.
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports*

Merchandise imports 2

Excess of exports

Month
1951

1952

1953

1951

1952

1953

1951

January...
February..
March....
April
May
June
July
August....
September.
October. . .
November
December.

974
1,076
1,295
1,369
1,354
1,297
1,186
1,270
1,232
1,152
1,388
1,438

1,254
1,344
1,447
1,352
1,474
'1,168
1,027
'1,087
'1,228
^1,216
'1,191
'1,390

1,291
1,197
'1,389
'1,395
1,446
Pi,374

1,025
910
1,102
1,034
1,018
930
895
881
721
834
819
800

922
893
964
'933
'835
861
839
'818
876
918
'805
1,052

922
856
1,004
1,012
902
P934

-51
166
193
336
337
366
292
390
510
319
569
638

332
451
483
420
'639
306
188
269
'352
297
'386
'338

369
341
384
'383
544
P440

January-June

7,365

8,039

P8,092

6,019

5,408

P5,630

1,347

2,631

P2.461

1952

1953

r
p Preliminary.
Revised.
i Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments
under the Mutual Security Program as follows (in millions of dollars): 1951, 1,065; 1952, 1,988 (revised); January-June 1953, 1,914.
2
General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Department of Commerce.

1004




FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1947-49 average = 100]
Federal Reserve district
United
States

Year or month

Philadelphia

Minne- Kansas Dallas
apolis City

San
Francisco

98
104
99
105
104
104

98
103
99
108
111
113

94
105
102
113
117
124

99
104
98
105
109
114

104
112
108
115
113
115

104
108
98
108
104
110

114
118
108
114
115
118

'124
126
120
128
128
128

111
116
114
118
117
117

107
110
114
110
114
112
110

108
113
118
••111
118
122
107

103
105
108
99
107
106
105

114
115
114
112
115
*-118
Pill

127
125
126
124
131
134
124

116
116
119
116
124
'121
117

96
115
126
132
145
221

82
97
110
116
129
186

84
102
'115
126
134
189

84
103
108
124
120
175

93
110
115
120
132
196

104
114
128
134
145
215

96
112
116
118
136
208

97
102
124
117
131
114

83
85
101
104
114
110
89

83
89
104
105
118
110
86

74
80
92
97
107
98
84

86
91
103
106
115
'111
P91

101
101
117
117
127
118
104

91
94
102
105
117
r

89

93
102
96
107
128
117

91
110
100
104
117
107

93
108
100
113
132

124

89
110
101
112
132
126

93
107
100
110
131
125

119
119
121
121
122
119 .

108
109
112
112
111
109

'129
127
127
125
126
124

129
127
129
129
131
132

'124
125
126
131
131
131

111
113
111
114
115
114
117

129
129
129
131
136
140
P146

135
134
133
138
139
141
P140

132
133
133

123
123
125

125
119
122
128
131
132
131

126
131
140
150
158
127

107
110
119
131
136
106

111
115
129
136
133
104

105
104
113
120
123
99

'121
120
129
135
140
109

120
125
134
141
146
120

121

131
144
151
153
147
139
P137

109
116
122
128
125
117
117

105
113
125
137
138
132
122

105
109
115
119
117
109
114

118
127
133
140
144
'136
P137

122
132
142
146
141
130
P131

119
125

Atlanta

Chicago

St.
Louis

103
100
105
113
118

96
103
101
109
115
124

98
104
97
104
108
106

97
104
98
104
107
110

105
113
106
115
113
117

112
120
117
126
116
123

120
131
123
129
128
129

101
108
104
112
107
114

108
112
112
113
119
110
117

113
115
116
105
115
118
114

113
117
124
117
129
119
120

126
124
128
118
134
128
P127

70
78
102
113
127
181

76
87
110
120
143
194

82
99
110
119
139
194

90
102
124
132
142
214

P89

83
80
95
101
106
103
76

80
81
93
95
101
98
75

82
85
106
103
'118
105
83

87
89
107
103
115
111
89

83
89
110
111
128
112
P96

93
107
100
109
129
118

95
105
100
109
124
111

98
105
97
105
124
112

93
107
99
108
127
113

93
107
100
106
128
111

94
105
101
113
133
130

90
108
102
120
140
135

119
118
120
121
122
120

110
109
110
110
112
111

'115
112
113
113
113
113

112

113

112
113
114
115
114

109
111
112
113
112

130
131
130
134
139
130

123
123
122
125
127
128

113
111
112
116
118
118
120

116
115
112

114
115
113

140
137
138

P130

115
114
116
119
120
117
P117

P145

136
131
136
138
143
144
144
146
145
145
145
147
P148

111
114
124
134
137
107

100
105
113
124
131
104

'102
108
118
126
130
103

126
131
134
145
147
114

111
119
127
132
132
123
P121

103
108
118
124
121
110
P106

101
108
117
122
121
111
107

126
132
144
151
150
139
P141

Boston

New
York

98
104
98
105
109
110

99
102
99
103
105
104

99
103
98
101
105
101

107
112
108
115
111
115

102
104
104
111
105
107

111
112
115
110
117
115
. . . . P112

1952—July
August
September
October ...
November
December
1953—January
February
March
April
May
Tune
July

Cleveland

Richmond

104
100
106
109
109

97
105
98
105
111
110

98
103
98
107
100
102

107
110
105
112
109
111

105
106
105
106
106
103
106

100
100
103
102
104
101
103

84
98
113
120
134
196

73
83
111
111
127
193

85
88
103
104
115
108

SALESi
1947
1948
1949
1950
1951
1952

....

96

97

SEASONALLY ADJUSTED
1952—JulyAugust
September
October
November
December.

.

1953—January
February
March
April

May
June
July

..

UNADJUSTED

P102

\\2
101

STOCKSi
1947
1948
1949
1950
1951
1952

.

111
100
110
128
115

SEASONALLY ADJUSTED
1952—July .
August
September
October
November
December
1953—January
February
March .
April
May
Tune
July

..

117

114

140

121
122
122

117
122
124

142
146

100

102

115

116
118
118
118
116
119
119
118
123

132
135
'135
138

UNADJUSTED
1952—July
August
.
September
October
November
December
1953—January
February
March
April
May
Tune
July

. .

107

104

117
131
131
100

116
124
128
98

101
112

104
113

120

119

126
124

121
119

113
109

115
112

119
130
146
141
109

134
141
147
'136

133

v Preliminary.
'Revised.
1
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515.

SEPTEMBER

1953




1005

DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
DEPARTMENT STORE MERCHANDISING DATA
Ratios to sales1

Amounts (In millions of dollars)
Sales2
(total
for
month)

Year or month

1944
1945
1946
1947
1948
1949
1950
1951
1952

Stocks2
(end
of
month)

Outstanding
orders2
(end of
month)

Receipts3
(total
for
month)

New
orders3
(total
for
month)

Outstanding
orders

Stocks

Stocks
plus
outstanding
orders

Receipts

average
average
average
average
average
average
average
average
average

246
276
345
365
381
361
376
391
395

574
604
767
887
979
925
1,012
1,202
1,093

596
775
964
588
494
373
495
460
433

244
277
373
366
386
358
391
390
395

256
291
354
364
363
358
401
379
398

2.4
2.3
2.3
2.5
2.7
2.7
2.8
3.2
2.9

2.5
3.0
3.0
1.7
1.4
1.1
1.4
1.3
1.2

5.0
5.3
5.3
4.3
4.1
3.8
4.2
4.4
4.1

1.0
1.0
I1

1952—July
August
September
October...
November
December.

'290
343
387
448
462
736

'998
1,040
L,131
1,230
L ,275
L ,018

'526
539
592
573
454
358

267
'385
478
547
507
479

'382
'398
531
528
388
383

3.4
3.0
2.9
2.7
2.8
1.4

1.8
1.6
1.5
1.3
1.0
0.4

'5.3
4.6
4.4
4.0
3.7
1.9

0.9
1.1
1.2
1.2
1.1
0.7

1953—January.. .
February..
March. . . .
April
May
June
July?

325
301
381
373
387
375
305

1,027
1,100
1,169
1,213
L.184
L ,102
1,080

452
455
401
324
321
459
523

334
374
450
417
358
293
283

428
377
396
340
355
431
347

3.2
3.7
3.1
3.3
3.1
2.9
3.5

1.4
1.5
1.1
0.9
0.8
1.2
1.7

4.6
5.2
4.1
4.1
3.9
4.2
5.3

1.0
1.2
1.2
1.1
0.9
0.8
0.9

i!o
1.0
1.0
1.1
1.0
1.0

P
Preliminary.
«• Revised.
1
The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of
sales 2and receipts for the month.
These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of
department stores located in various cities throughout the country. In 1952, sales by these stores accounted for about 50 per cent of estimated
total 3department store sales.
Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on
outstanding orders.
NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102.
WEEKLY INDEX OF SALES
[Weeks ending on dates shown, 1947-49 = 100]
Without seasonal adjustment
1950

1949

1952

1951

1950

1951

1952

1953

7
1 . . .104
. Oct.
Oct.
14....
8
102
21
15
100
28
22
101
29
102

112 Oct. 6
13
111
20
105
27
108

110 Oct. 4. ... 116 Apr. 1
104 Apr. 7. ... 101 Apr. 5
11
8
14
12
117
110
126
100
18
15
19
21. ... 97
116
88
124
25
22. ... 96
28
26
113
122
101
29
98

109 Apr. 4. . ..
11. .. .
111
18. . ..
97
25. .. .
105

118
97
105
104

109 Nov. 3
10
118
17
127
24
110

121 Nov. 1
115 May 6
8. ... 118
13
127
15
20
130
130
22
27
123
134
29
138

104 May 5
12
106
19
95
26
97

113 May 3
10
110
17
99
24
100

111 May 2. . ..
9. . .
117
16. . ..
99
23. .. .
105
30. . ..
97

114
128
105
112
97

161 Dec. 6
13
191
20
213
27
228
92

90 June
104
104
86

95 June
108
106
92
89

7. ... 111 June 6. . .
.
14
116
13. . .
21
98
20. . .
28
91
27. . ..

118
112
Ill
94

Nov.

5
12
19
26

108 Nov. 4
11
109
18
118
25....
113

Dec.

3
10
17
24. ..
31

154 Dec. 2
153 Dec.
9. ... 191
186
16
201
220
23
186
221
30
68
82
19sJ

1950

1
8
15
22
29
1952

Jan.

5
70 Jan. 6. . . . 98 Jan.
7
12
13
14
80
105
19
20
21. . . . 79
104
26
27
28
96

Feb.

3
4
78|Feb. 10....
11. . . . 82
80
17
18
24
76
25

1

4

Mar.

11
18. . .
25. ..

195 June 3
10
223
17
237
24
146

31
2
9
16
23
30

1953
78 Jan. 3
10
92!
17
90|
24
83
31

81 Feb. 2
84'Feb.
9. . . .
94
16
94
23
95
83

11

81 July 1. ... 91 July 7. . . . 75 July 5
8
14
12
89
75
83
15
19
21
92
91
81
22
28
26
86
104
80
29
87
102

7. ... 88 Aug. 5
102 Aug. 4
88 Aug. 2
9
14. . . .92
12. . . . 94
11. . . . 87
21
85
19
97
18
93
16
28
93
99
26
97
25
23
30

84 Mar. 3
99 Mar. 1
85 Mar. 7
96 Sept. 2. . . .107 Sept. 1
10.. . . 105
8. . . . 88
14.. . .100
9
8
87
102
16
101
15
90
91
17
21
109
127
15
22
28
23
22
96
24. . . .
105
94
112
111
31
89
101
29
30
110
29

79 July 4. . . .
83
11.. .. .
82
18. . . .
79
25. ... .

79
92
84
83

87 Aug. 1.. ... 86
8
92
90
95
15
95
100
22. . . .100
29... ..100
110

100 Sept. 5. . . .100
105 Sept. 6
13 ... 114
12
100
114
20
113
19. ..
27
26
112
111
114

NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362.

1006




FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES
[Percentage change from corresponding period of preceding year]
7
July June mos.
1953 1953 1953

Federal Reserve district,
area, or city

Federal Reserve district,
area, or city

P+5
+6 + 4 Richmond Dist. (Cont.)
Metropolitan Areas2~Cont.
Boston District. .
+5 +4
Norfolk-Portsmouth,
Va.
1
Richmond, Va.
Metropolitan Areas
1
Roanoke,
Va.
Portland, Maine
+8 +4 +8
Charleston, W. Va. 1
Lowell-Lawrence, Mass.. . + 10 + 11 + 10
New Bedford, Mass
+5 +8 +5 Cities
1
Worcester, M a s s . . . . .
+ 16 + 1 +4 Spartanburg, S. C . . .
Lynchburg, Va. 1
Cities
1
News, Va...
+5
Downtown Boston, Mass.
+ 1 + 1 Newport
1
+7
Springfield, Mass 1
+3 Huntington, W. Va. .
+2 + 10 + 1
Providence, R. I.
Atlanta District
+6
+6 +5 + 1 Metropolitan Areas21
New York District
Birmingham, Ala.
Metropolitan Areas2
Mobile, Ala
New York-Northeastern
Montgomery,
Ala1
New Jersey, N.Y. & N J1
+5 +4
0
New York City.
N. Y.
+5 +3 -2 Jacksonville,1 Fla.
1
Miami,
Fla.
Newark, N. J.
+7 +3
Buffalo, N . Y
+ 11 + 10 + 2 Orlando, Fla
Ptrsbg.-Tampa, Fla..
Buffalo City, N. Y.i. . . . + 11 + 10
+5 St.
St. Petersburg,
Fla
Niagara Falls, N. Y
+ 11 +6
+
10
Tampa.
Fla. 1
2
Binghamton, N. Y
+6 +
+2 +9
Atlanta, Ga.1
Rochester, N. Y.i
+ 11 +9 +8 Augusta, Ga
Syracuse, N. Y. 1
+ 15
Columbus, Ga
Cities
Macon, Ga.1
Albany, N. Y
0 Savannah, Ga
+1
Elmira, N. Y
+2 +7 +4 Baton Rouge, La.11
Poughkeepsie, N. Y
+3 +8 +6 New Orleans, La.
Schenectady, N. Y
+6 +7 +2 Jackson, Miss.1
1
Utica, N . Y
+4 + 11 +5 Chattanooga, Tenn.
...
Knoxville, Tenn.11
+9 +6 +4 Nashville, Tenn.
Philadelphia District....
Cities
Metropolitan Areas
Rome, Ga
Trenton, N. J
+3 +9 +7 Meridian,
Miss
Lancaster, Pa
10 + 7 Bristol, Tenn
+ 14 ++5
+?
Philadelphia, Pa
+8
+7
Reading, Pa
+8 +
Chicago District
Wilkes-Barre-Hazleton,
Pa
+5 +4 + 1 Metropolitan Areas
Wilmington. Del
+ 12 - 4
+ 1 Chicago, 111.1
Peoria, 111.1
City
Wayne, Ind. 1
York, Pa
+ 16 + 14 + 14 Fort
Indianapolis, Ind. 11.
Haute, Ind.
+9 +9 +5 Terre
Cleveland District
Des Moines, Iowa
1
Detroit, Mich.
Metropolitan Areas
Flint, Mich. 1
Akron, Ohio * l
+2 +4
1
Canton. Ohio
+ 15 + 12 +6 Grand Rapids, 1Mich. .
+4 + 11 + 7 Lansing, Mich. 1
Cincinnati, Ohio1 l
Columbus, Ohio 1
+5 + 12 +8 Milwaukee, Wis.1
Springfield, Ohio
+3 +2 -1 Green Bay, Wis.
Madison, Wis
0 +4
Toledo, Ohio 1
+4
1
-^-33 +20 + 17
Youngstown,
Ohio
6 St. Louis District. .
+7
Erie, Pa. 1
+
15
+
+5 +8
Wheeling, W. Va.1
Metropolitan Areas1
Little Rock, Ark. .
Cities
+8 +5 +3 Fort Smith, Ark.. .
Cleveland, Ohio 1 1
Evansville, Ind.. . .
+27
Portsmouth, Ohio
+21
+28
Louisville, Ky. 1 . . .
Pittsburgh, Pa. 1
+9 + 7 +3 St.
Louis, Mo
I
P+5
+2 Springfield, Mo..1 . .
Richmond District
Memphis, Tenn. . .
Metropolitan Areas2 1
Washington, D. C.
+ 1 - 5 -1 City
-4 Quincy, 111
-6
Downtown Wash., D. C,
-2
Baltimore, Md. 11
+2 - 2 + 1 Minneapolis District
+6
Asheville, N. C.
4
+
1
2
-4
Raleigh, N. C.1
-1
+2 Metropolitan Areas 1
1
Mpls-St. Paul, Minn.
0
Winston-Salem, N.
C.
.
.
4
+6
Minneapolis City.Minn. 1
Charleston, S. C.1 1
+5 - 1 0 +4
St. Paul City, Minn. 1 .. .
Columbia, S. C. 1
+5! + 1 + 7
+6 +2 + 7 Sioux Falls, S. D
Greenville, S. C.

Julv June

7

1953 1953 mos.
1953

United States

+4
+4
+ 10
+4
+3
+313

-4
-3

+5
+2
r-1

+4
-9
0

()

-1

P+6

+8
+3

P - 1

P+1

(3)

+7
+7
+7
+7
+9
—6
+5
+ 14

P+7

— 17
-5
^
-6

+ 11
+2

+2

P+8

+10

+5

+7
+ 11

-1

-6

-1

+ 13 +21
+ 10 + 5
+2

+9
+9

-2

+ 15 + 13
+ 19 +34
+ 10 + 17
P+25
+8
+5 +5
+ 10 +20
- 4 + 14
+2 + 8
+7

-3
-3

+1

+5 + 16
+ 1 +3
+5 + 10
- 1 + 10
+2
- 2 + 13
i

0

+4
+4
+5
0

Minneapolis Dist. (Cont.)
Cities
Mankato, Minn
Falls, Mont
+ 1 Great
Forks, N. D
+8 Grand
+6 Duluth-Superior,
Minn.-Wisc.1
La Crosse, Wise
0

+4

r

+6
+7
+9
+5
+5

July June
1953

1953

+3
-3
+3

+2

+8 • + 12

+3

+5
+3
-4

-3

0

+6

2

r+8

+2

+6
-3
+9 +22
- 3 + 14
0 +5
0 + 17
+ 1 + 13
+2
-8
- 3 + 15

+2
+9
+4
+5
+1
+4

-1

+5
+5

+3
+4
+5

+6

+4

+5
4 - 1 Kansas City District

-3

2

Metropolitan Areas
Denver, Colo
Pueblo, Colo
Topeka, Kans
+2 +4 Wichita, Kans
Joseph, Mo
+3 + 13 St.
Omaha, Nebr
+5 + 6 Oklahoma
City, Okla
-1
-12
+3 4 + 6 Tulsa, Okla
0
+6 Cities
+5 +5 Kansas City, Mo
+3 +6 Joplin, Mo
+6 + 15 Hutchinson. Kans
0
+3
Enid, Okla
—4

+1

+8 +9
+5 +4
+3 - 1
+8 + 11
+ 18 +6
+7 - 1

P+8

Federal Reserve district,
area, or city

+5

- 2 Dallas District

+6

0

+5

-16

+3
+6 Metropolitan Areas
+ 12 Shreveport, La
Tex
+6 Corpus Christi,
2
Dallas, Tex. 1
+9 El Paso, Tex
+ 11 Fort Worth, Tex
+ 7 Houston, Tex.1

0

+4
2 + 13
+4 + 15 + 12
+4
+7
+4
+5 +6
-3
-2
— 7 +2
+3 +7 +7
0
3
2
San Antonio, Tex
—1
- 1 1 +34
+7 Waco, Tex
+6 San Francisco District. . . P + 3 +7 +4
-1

2
Metropolitan Areas
-10
Phoenix, Ariz.11
-8
Fresno, Calif.
1
+9
Los
Angeles,
Calif.
1
+2
Downtown L. A., Calif.
+2
1
+5
Westside L. A., Calif. ..
+9
+ 13
Long Beach, Calif.1
+ 11
+6
Pasadena, Calif
+ 11
+ 1 Santa Monica, Calif
+ 1 Riverside and San Ber- + 11
+ 11
nardino, Calif
+9
+28
Sacramento, Calif.1
-6
+ 12 San Diego, Calif.1
-5
1
+ 13 San Fran.-Oakland, Calif.
0
1
4-2
San Francisco, Calif. ....1
0
+ 11
Oakland-Berkeley, Calif.
-1
Downtown
Oakland,
+1
-4
Calif.1
+5
+3
Vallejo, Calif 1
-2
San Jose, Calif. 1
-1
+ 1 Stockton, Calif.1
P+1
Portland, Ore.
0
+ 14 Salt Lake City,1 Utah i. . .
0
+3 Seattle, Wash.
+6
Wash.11
+5 Spokane,
0
Tacoma,
Wash.
+2

+6

+3 Cities

+1
+1
+2
+2
+3
-1

Tucson, Ariz
Bakersfield, Calif.1
Boise and Nampa, Idaho.
Twin Falls, Idaho
Idaho Falls, Idaho
Bellingham, Wash
Everett, Wash. 1
1
Walla Walla, Wash.
Yakima, Wash. 1

P-9

P+3

+6
+9
-4

(3)
-3
-6

P-3

+2
-2
-3
+ 1 +5
+ 10 + 1
+ 11 +5
+ 12 +4
+4 +50
+8
+ 19 + 14
0
+62
-3
+8 +4
+7 +3
+7 +4
+5 +3
+5
+ 11 +5
+ 15 +5
0 +5
+ 7 +5
+5 +4
+ 7 +6
+6 +5
+1
+2
0

+5
0

+4

-2
+25 4+18

+

+6

-3
-5'

r

P1 Preliminary.
Revised.
Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal
Reserve
Bank
in
the
district
in
which the area or city is located.
8
Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas.
3
Data not available.
*Six months 1953.

SEPTEMBER

1953




1007

DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR

DEPARTMENTS

[Based on retail value figures]

Ratio of
stocks1to
sales

Percentage
change from a
year ago
Number of
stores
report-

Department

3

Sales
during
period

Stocks
(end of
month)

Six
June months
1953
1953

June
1953

Federal Reserve"index numbers
without seasonal adjustment,
1941 average monthly sales = 1002

1952

1953
1953

Stocks at end
of month

Sales during
period

June

1953

1952

1952
June

May

June

June

May

June

362

+5

+2

+8

3 1

3.1

MAIN STORE—total

362

+6

+2

+8

3.4

3.3

205

210

194

692

737

646

Piece goods and household textiles

325

+4

0

+6

4.2

4.2

167

180

160

708

716

667

Piece goods
Silks velvets and synthetics
Woolen yard goods
Cotton yard goods

302

+3

-4

-1

3.9

4.0

161

188

157

627

667

641

4.4

+4

-2

15.9
2.4

19.2
2.5

105
57

141
56

109
48

469
900

514
725

200

+ 18
+7

284

309

266

677

765

485
823
664

Household textiles
Linens and towels
Domestics—muslins, sheetings
Blankets, comforters, and spreads

316

+5

+2
+3

4.4

4.2

170

179

162

742

746

4.8
4.2
4.0

5.0
3.6
3.8

159
184
169

153
209
177

147
179
164

758
782
684

739
781
692

672
740
630
628

GRAND TOTAL—entire store

Small wares

213
181

288
265
251

348

Laces, trimmings, embroideries, and ribbons . . . 205
Notions
246
332
Toilet articles, drug sundries
Silverware and jewelry
326
223
Silverware and clocks*
Costume jewelry4
289
91
Fine jewelry and watches*
Art needlework
240

I3

4.4

-8

0

+2
+ 10

0

+2
+23

+3
+3

+9
+5

+4
+4
+7
+ 10

-3
+1
+2

+4
+9
+3
+2

+ 13
+3
+ 10

+8

+8
+5

+8

+3
+4
+8

+8

+4
0

-1

+1

0

+5
<
+1

Books and stationery
Books and magazines
Stationery
Women's and misses' apparel and accessories.

285
136
249

+ 13
+11
+13

+10

359

+6

+3

+ 11
+10

Women's and misses' ready-to-wear accessories. .
Neckware and scarfs
Handkerchiefs
Millinery
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
Women's and children's shoes
Children's shoes*
Women's shoes*

359
319

+6
++4
17
+4

+3
+ 12

+8
+ 18

-2

-5

+ 12

+8

+ 10

+5

+3
+2

Women's and misses' ready-to-wear apparel....
Women's and misses' coats and suits. ..
Coats*
Suits*

357
348

+5
+4
+5
+3
+4
+2

285
169
332
348
349
353
257

303
274
340
342

—1

+2

+6
+8

+ 12
+9

3.8

4.0

181

182

168

697

727

667

3.4
3.2
3.5

3.4
3.1
3.6

228
276
160

248
288
159

218
266
150

789
891
563

847
923
592

755
824

4.3
5 5
2 6
7.7

4.7
6 0
2 8
8.0

201

196

182

865

900

851

6.2

6.7

112

113

102

694

711

690

4.0
3.7
4.0

4.0
3.8
4.1

169
136
177

166
136
164

150
122
156

674
506
709

704
540
706

602
464
635

478

2.6

2.5

199

223

187

526

571

3.2
2.2

3.2
2.2

192
271

213
333

181
231

624
597

674
699

579
501

4.2
1.3
6.2
2.7
2.7

4.4
1.4
6.2
2.7
2.6

98
103
83
338
119

110
135
121
322
145

94
99
85
302
121

418
138
518
912
321

449
163
553
938
356

421
131
528
827
310

+6
+ 10
+6

2 8
3 2
2.7
2.0

3 0
2.7
2.2

2.7

222
259

246
294

211
253

613
833

657
878

579
762

+2
+1
+4

+ 11
+7
+9

3.6
2.4

3.4
2.4

229
175

235
200

217
167

824
433

869
488

409

4.6
4 8
4.5

244

209 1,052

1,154

+9

4.7
50
4.6

969

+12

224

+4

+ 15
+
17
+24
+5

2.1
4 1
4 4
3.6

1.9
3.4
3 7
3.2

206
70

234
133

194
72

423
292

464
288

371
249

+ 18
+ 17
+ 19

2.1
1.4
2.9

1.9
1.4
2.6

237
246
236

268
285
257

215
223
216

495
362
673

538
402
718

420
305
568

1 3
0.9
1.7

256

294

242

323

394

305

2.0
1.4
28.6

1.2
0.9
1.8
1.8
1.3
30.4

345
295
14

330
305
27

318
292
13

687
434
412

779
481
403

563
377
393

819

904

771

985
878
'827
740
848
774
236 1,109 1,128

878
682
689

-1

+2
+4

0

+3

—2

+4

211
196

233
241

199
181

232

+6
+5
+7
+8
+7
+6
_3
+1
-7

Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear

330
289
329

+ 10
+ 11
+9

Women's and misses' dresses
Inexpensive dresses *
Better dresses*
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Furs

350
278
287

+6
+5
+8

352
303
259

+9
+1
+ 14

+7
+4
-6

+7
+6
+5
+21
+ 15
+8

341

+7

+4

+6

3.3

3.3

247

193

230

+7
+7
+9
+9

+4
+4
+4
+4

0

3.8
2.7
4 4

4.0
2.6
4 3

233
276
175

217
177
183

217
258
160

4.3

4.1

258

190

Men'8 and boys' wear
Men's clothing

Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers

253
228

234

240

279
325
318
206

551

+3

+3
00
-1

+9
+ 12
+ 14

575
401

618
481

540
413
745

942

For footnotes see following page.

1008




FEDERAL RESERVE

BULLETIN

DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
[Based on retail value figures]
Percentage
change from a
year ago

Department

Number of
stores
reporting

Ratio of
stocks to
sales i

Sales
during
period

Stocks
(end of
month)

Six
June months
1953
1953

June
1953

1953

+7
+ 10
+ 16
+ 10

4.3
4.4
2.3
5.2

Sales during
period

June

218

223

212

948

975

901

4.3
2.1
5.1

216

217

201

947

934

859

173

146

906

905

869

206
151
164
260
328

238
172
146
228
330

892
924
859
196
778
808
744
145
155 1,285 1,217 1,281
619
278
721
615
310 1,129 1,193 1,063

0
-1
0

-1
-1
-12

+5
+ 10

6.2
6.4
4.4

5.9
5.8
4.4

Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household applicances
Housewares (including small appliances)
Gift shop*

309
263
264
241
277
192

+5
+4
+6
+6
+9

0
-1

4.3
5.2
7.9
2.4
3.4
5.3

4.4
5.1
8.2
2.1
3.4
5.3

Radios, phonographs, television, records,
etc. 4 ..
Radios, phonographs, television4
Records, sheet music, and instruments 4

235
175
127

+4
+6
+1
+4
+7
+ 11
+ 17
+ 18
+4

4.3
3.8
6.1

3.3
2.7
6.8

-5
-8

332

+5

Toys, games, sporting goods, cameras
Toys and games
Sporting goods and cameras

313
253
158

+ 10
+ 11
+ 10

Luggage

284
192

+11

+5
+8
+3
+5
+3
+6
+7
0
+8
+8
' +5
-7
+9
+9
+7
+ 11
+ 11
+1
+5
+7
+5

Miscellaneous merchandise departments....

Candy 4
BASEMENT STORE—total
Domestics and blankets

4

W o m e n ' s and misses' ready-to-wear
4

Intimate apparel
Hosiery 4
Underwear, corsets
and brassieres 4
Coats and
suits 4
Dresses 4
Blouses, skirts, and sportswear 4
Girls' wear 4 4
Infants' wear
Aprons, housedresses, uniforms 4
Men's and boys' wear
Men's wear 4
Men's clothing 4 4
Men's furnishings
Boys' wear 4

201
140
190
168
126
127
177
176
164
127
126
119

169
156
110
132
124

Homefurnishings

108

Shoes

122

NONMERGHANDISE—total 4

189

Barber and beauty shop 4

80

0

+5
+3

1

+1
+1
+8
+8
+7

June

June

May

June

4.2

284
165
86

i

1952

May

Domestic floor coverings
Rugs and 4 carpets 4
Linoleum

+4
+6
+3

1953

June

+3
+8
+8
+8

+1

1952

1953

257
185
191

326

Stocks at end
of month

1952

Furniture and bedding
4
Mattresses, springs, and studio beds
Upholstered and other furniture 4

Homefurnishings

Federal Reserve index numbers
without seasonal adjustment,
1941 average monthly sales = 100 2

+8

2.9

2.8

200

201

191

575

673

532

+ 12
+ 19
+5

4.0
4.3
3.6

3.9
4.0
3.8

223
174
228

164
137
160

202
157
207

887
752
823

888
780
819

781
652
749

+3

+6
+3

3.0
1.3

2.8
1.4

307

247

945

852

+1
+2

+7

2.1

2.0

221

215

211

496

430

+15

3.0

2.8

0

+8

1.6

1.6

214

222

208

351

381

327

+1

2.8
0.8
1.4
1.9
2.6
1.4

2.1
2.1
2.0
2.8
0.7
1.2
1.8
2.6
1.2

+4

+6
+3
+ 10
+8
+8
+ 19
+ 16
+6
+6
+12

307

232

282

596

681

543

+3
+2
+5

+11
+8
+ 14

1.8
2.2
1.6

1.8
2.1
1.5

+7

+ 11
0

2.7

2.7

3.3

3.4

166

193

164

553

555

558

+4

3.1

3.2

185

172

177

582

649

563

(5)

(5)

(5)

-2

-3

+3
-3
-2

+5
+4
+3
-7

2

+1
+3
+1

1.9

912
457

c
x

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 3reversed.
For movements of total department store sales and stocks, see the indexes for the United States on p. 1005.
4
Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included
in group
and total indexes.
fi
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1952, sales and stocks
at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.

SEPTEMBER

1953




1009

PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.

1947-49 =100]

Housing
Year or
month

Transportation

Medical
care

Personal
care

Reading
and
recreation

Other
goods
and
services

97.2
102.6
100.1
101.2
109.0
111.8

55 6
64 9
67 8
72.6
76 3
83 7
97.1
103.5
99.4
98.1
106.9
105.8

90.6
100.9
108.5
111.3
118.4
126.2

94.9
100.9
104.1
106.0
111.1
117.3

97.6
101.3
101.1
101.1
110.5
111.8

95.5
100.4
104.1
103.4
106.5
107.0

96.1
100.5
103.4
105.2
109.7
115.4

107.6
107.6
108.1
107.9
108.0
108.2

111.8
111.9
112.1
112.8
113.3
113.4

105.3
105.1
105.8
105.6
105.2
105.1

126.8
127.0
127.7
128.4
128.9
128.9

118.0
118.1
118.8
118.9
118.9
119.3

111.9
112.1
112.1
112.3
112.4
112.5

107.0
107.0
107.3
107.6
107.4
108.0

116.0
115.9
115.9
115.8
115.8
115.9

107.7
108.0
108.0
107.8
107.6
108.0
108.1

113.4
113.5
114.0
114.3
114.7
115.4
115.7

104.6
104.6
104.7
104.6
104.7
104.6
104.4

129.3
129.1
129.3
129.4
129.4
129.4
129.7

119.4
119.3
119.5
120.2
120.7
121.1
121.5

112.4
112.5
112.4
112.5
112.8
112.6
112.6

107.8
107.5
107.7
107.9
108.0
107.8
107.4

115.9
115.8
117.5
117.9
118.0
118.2
118.3

All
items

Foods

1929 . . .

73.3

65.6

117 4

60 3

1933

55.3

41.6

83 6

45 9

1941
1942
1943
1944
1945
1946
1947
1948 . .
1949
1950 . . . .
1951
1952

62.9
69.7
74.0
75.2
76.9
83 4
95.5
102.8
101.8
102.8
111.0
113.5

52.2
61.3
68.3
67.4
68.9
79 0
95.9
104.1
100.0
101.2
112.6
114.6

95.0
101.7
103.3
106.1
112.4
114.6

88 4
90 4
90 3
90 6
90 9
91 4
94.4
100.7
105.0
108.8
113.1
117.9

97.6
100.0
102.5
102.7
103.1
104.5

88.8
104.4
106.8
110.5
116.4
118.7

97.2
103.2
99.6
100.3
111.2
108.5

1952—July. . .
Aug
Sept...
Oct
Nov...
Dec...

114.1
114.3
114.1
114.2
114.3
114.1

116.3
116.6
115.4
115.0
115.0
113.8

A14.4
114.6
114.8
115.2
115.7
116.4

117.9
118.2
118.3
118.8
119.5
120.7

104.2
105.0
105.0
105.0
105.4
105.6

115.6
119.0
119.6
121.1
121.6
123.2

1953—Jan....
Feb....
Mar....
Apr....
May...
June...
July...

113.9
113.4
113.6
113.7
114.0
114.5
114.7

113.1
111.5
111.7
111.5
112.1
113.7
113.8

116.4
116.6
116.8
117.0
117.1
117.4
117.8

121.1
121.5
121.7
122 .1
123.0
123.3
123.8

105.9
106.1
106.5
106.5
106.6
106.4
106.4

123.3
123.3
124.4
123.6
121.8
121.8
123.7

Other
shelter i

Rent

Total

Gas
and
electricity

Solid House- Housefuels
furnhold
and
ishoperafuel oil
ings
tion

Apparel

» Indexes for January 1953 and subsequent months will be published later.
NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used autombiles) and revised
weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100.
Source.—Bureau of Labor Statistics, Department of Labor.

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics, 1947-49 =100]
Other commodities
Year or
month

1947
1948
1949
1950
1951
1952

96
104
99
103
114
111

1952
J u ly
August
Seotember
October
December
1953
February
March
April
May

June
July

All
com- Farm
modi- products
ties

Processed
foods Total

Textile
products
and
apparel

Hides,
skins,
and
leather
products

Fuel,
power,
and
lighting
materials

Chem- Rubicals
ber
and
and
allied prodprod- ucts
ucts

100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0
107 3 106 1 103 4 104.4 102.1 107.1 103.8 102.1
92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9
1
97 5 99 8 105 0 99.2 104.6 103.0 96.3 120.5
8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0
6 107.0 108.8 113.2
99.8 97.2 106.6 104.5 134.0

4
4

111 8 110 2
109 9
112
111 8 106.6
104 9
111
110 7 103.6
109 6 99.2

110 0
110 5
110.3
108 5
107.7
104.3

109 9
109 6
110 0

105 5
105.2
104 1
103.2
104 3
103 3
105.5

99.6
97.9
99.8
109 4
97.3
109 ft, 97 8
'109 s '95 4
110 9
97.9

ToMa- Furnibacco
chin- ture Nonmemanuand
ery
Lum- Pulp, Metals and
facMisother tallic tures
ber paper, and
cellahousemoand
and metal tive
erals— and neous
hold
wood allied prod- prod- dura- struc- bottled
prod- prod- ucts
bevbles tural erages
ucts
ucts
ucts
93.7
107.2
99.2
113.9
123.9
120.3

98.6
102.9
98.5
100.9
119.6
116.5

91.3
103.9
104.8
110.3
122.8
123.0

92.5
100.9
106.6
108.6
119.0
121.5

95.6
101.4
103.1
105.3
114.1
112.0

93.9
101.7
104.4
106.9
113.6
113.6

98.0
100.4
101.6
102.4
108.1
110.6

100.8
103.1
96.1
96.6
104.9
108.3

106.0
105.8
106.2
106.6
106.7
107.2

104.2
104.0
104.0
103 9
103.5
103.3

130.0
127.8
126.3
126.0
126.4
127.7

120.2
120.5
120.4
120.2
119.7
119.7

115.3
115.6
115.6
115.5
115.5
115.9

121.9
124.1
124.6
124.1
123.9
124.0

121.4
121.4
121.5
121.3
121.4
121.4

111.6
111.5
112.0
112.0
112.1
112.3

113.8
113.8
113.8
114.4
114.5
114.6

110.8
110.8
110.8
110.8
110.8
110.«

105.5
108.9
108.3
108.4
105.7
105.1

113.1 98.8 97.3 107.8
113.1 98.5 98.0 108.1
113 4 97.5 98.1 108.4
113.2 97.4 97.9 107.4
113 6 97 6 100 4 107 1
'113 9 '97.4 '101.0 '108.3
114.8 97.3 100.0 111.3

103.6
103.6
104 2
105.5
105 5
'105.6
106.3

127.3
126.2
125.7
124.8
125 4
'125.0
124.7

120.5
121.1
121.7
122.2
121 8
'121.5
121.2

115.8
115.3
115.1
115.3
115.4
'115.8
115.8

124.0
124.6
125.5
125.0
125.7
'126.9
129.3

121.5
121.6
121.8
122.0
122 4
'122.9
123.2

112.7
112.9
113.1
113.9
114 1
'114.3
114.4

114.6
114.6
115.1
116.9
117 2
'118.1
119.4

112.2
111.9
114 8
114.8
114 8
114.9
115.6

103.0
101.2
101 7
98.5
99 7
'95 8
95.3

112 5
113 0
113.2
113 0
112.8
112.9

98.9
99.1
99.5
99.2
98.6
98.2

96.2
96.5
96.5
96.7
97.6
99.0

r
Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 311-313.

1010




FEDERAL RESERVE BULLETIN

PRICES—Continued
W H O L E S A L E P R I C E S , B Y G R O U P S O F C O M M O D I T I E S — C o n t i n u e d
[Index numbers of the Bureau of Labor Statistics, 1947-49 =100]
1952

1953

Subgroup

M

July
Farm

Processed

94.7
85.4
95.9
105.0
96.4
106.2
85.5
140.7

128.2
94.9
108.2
115.3
107.0
112.9
100.5
138.1

93
91
104
93
98
93
135.4

109.9
'84.2
86.8
104.0
93.1
106.5
89.8
136.7

106.5
110.6
113.8

109.0
93.8
107.9

107.9
91.6
107.7

108.5
97.0
110.0

103.9
111.6
161.9
126.6

1
1
1
1

103.7
•109.8
164.6
120.2

1
1
1
1

96.1
113.9
89.2
134.7
99.5
94.4

93.3
112.0
87.4
133.0
99.9
83.8

93.4
111.6
87.5
134.7
r9g 4
85.5

93.2
111.7
87.5
134.7
99.4
85.3

61.8
89.3
110.6
100.5

74.8
97.3
111.5
100.0

'76.3
98.0
111.7
'100.3

73.4
96.1
111.7
99.8

106.0
124.3
101.4
99.1
109.4

110.8
131.8
108.2
97.4
109.4

111.2
131.8
1r 0 8 . 2
98.5

111.9
131.8
108.2
98.5
116.8

Foods:

Textile

Products

and

Hides,

Skins,

and L e a t h e r

Power,

and L i g h t i n g

and Allied

.
.
.
.

8
8
8
3

114.7
106.9
92.1
49.8
108.7
110.7
103.1

118.0
106.1
93.1
49.9
110.7
112.9
103.0

119.2
106.1
93.1
46.6
110.7
110.6
'102.6

120.2
106.1
93.6
46.8
110.6
113.8
102.8

138.6
129.6
125.8

124.2
126.3
124.7

122.7
126.3
'124.5

121.1
126.3
124.5

120.4
126.8
105.8

121.0
132.0
112.4

'120.7
132.0
112.4

120.3
131.6
112.7

109.3
44.3
123.8
125.4

108.8
85.0
124.9
123.1

108
85
124
123

108.8
85.0
125.1
123.7

Products:

Crude rubber
Tires and tubes
Other rubber products.
and Wood

Products:

and A l l i e d

Woodpulp...
Wastepaper.
Paper
Paperboard..

Paper
Continued

and A l l i e d

and Metal

and Motive

prodmetal

and O t h e r

Household

C
C
O
A
N

Beverages:

113.2
115.8

111.4
123.0

"112.4
123.0

112.2
123.0

122.3
124.0
120.5
123.9
118.1
113.6

128.9
126.6
126.6
133.2
113.8
114.4

130.9
127.6
126.6
134.5
113.5
114.6

135.6
126.4
128.6
134.5
116.4
115.2

115.4

113.6

114.4

117.8

124.4

124.0

124.1

125.5

121.5

122.4

122.6

122.6

125.4
129.0

129.1
130.1

129.4
•131.3

129.6
131.8

122.2
119.0

123.8
122.0

124.9
•122 .4

125.7
123.a

119.9
119.7

122.6
118.6

'124.2
118.6

124.4
118.6

112.6
123.2
119.1
106.8
95.0
75.6
119.4

114.0
124.3
125.0
108.1
94.9
74.9
125.4

114.1
125.7
124.8
108.1
'95.4
•75.0
125.5

113.8
125.8
125.2
108.1
95.074.3
126.3

114.4
112.9
112.4
121.3
117.7
106.0
111.9

116.4
117.9
115.5
124.7
122.1
106.0
115.3

"122.9
118.2
115.5
•125.1
122.1
106.2
116.4

124.7
118.4
115.6
131.1
122.1
106.2
117.5

105.7
101.5
118.4
111.2
119.7

124.0
102.9
121.5
110.0
119.9

124.0
102.9
'120.7
110.0
120.6

124.0103.5
120.7
110.0
125.1

113.3
102.7
91.5
101.1
120.8

114.3
91.1
93.2
101.9
120.3

114.0
83.7
93.2
101.8
119.9

114.082.7
93.2
101.&
119.8

Minerals—Structural:

Flat glass
Concrete ingredients
Concrete products
S t r u c t u r a l c l a y p r o d u c t s . ..
Gypsum products
P r e p a r e d a s p h a l t r o o f i n g . ..
Other nonmetallic minerals.
Tobacco

July

Dura-

Household furniture
Commercial furniture
Floor covering
Household appliances
Radio
Television
Other household durable goods
Nonmetallic

June

Products:

Agriculturalmachinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles
Furniture
bles:

May

Products:

Iron and steel
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal
ucts
Fabricated nonstructural
products
Machinery

July
Products-

Converted paper and paperboard.
Building paper and board
Metals

1953

Manufactures

and

Bottled

igarettes
igars
ther tobacco products.
lcoholic beverages
onalcoholic beverages.

Miscellaneous:

Lumber..
Millwork.
Plywood.,
Paper,

4
9
9
7

Products:

Industrial chemicals
Paint and paint materials
Drugs, Pharmaceuticals, cosmetics.
Fats and oils,inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
and

0
0
6
1

Materials:

Coal
Coke
Gas
Electricity
Petroleum and products.
Chemicals

4.0
9.6
4.6
1.5

Products:

Hides and skins
Leather
Footwear
Other leather products.
Fuel,

0
0
6
2

Apparel:

Cotton products......
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products.

Pulp,

July
Pulp,

Cereal and bakery products
Meats, poultry, andfish
Dairy products and ice cream
Canned, frozen fruits,and vegetables
Sugar and confectionery
Packaged beverage materials....
Other processed foods

Lumber

June

Products:

Fresh and dried produce.
Grains
L i v e s t o c k a n d p o u l t r y . ..
P l a n t a n d a n i m a lf i b e r s . .
Fluid milk
Eggs
Hay and seeds
Other farm products

Rubber

ay

1952
Subgroup

Products:
.
.
.
.

8
0
7
2

Toys, sporting goods, small arms. .
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment
Other miscellaneous

••Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Backfigures.—SeeBULLETIN for March 1952, pp. 311-313.

SEPTEMBER 1953




1011

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

1953

1952
1929

Grose 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

103.8
8.8
7.0
.6
-.1
87.4

1933

7.1
.7
1.2
0)

11.3
.5
1.6

18.7
.7
.3

.1

-.1

39.6 103.8 198.7

85.1
2.6
1.3
1.4

1.5
.5
1.0

3.3
2.0
1.3

Equate: Disposable personal income

82.5

45.2

92.0

Equate: Personal saving

1949

1950

1951

1952

20.4
.7

21.6
.8
.2

23.7
.8
A

.0

A

-3.2
.0

216.3 240.6

25.7
.9
1.1
.4
278.4

29.2
5.7

36.0
6.9

28.1
.9
.5
.1
291.6

28.9
.9

29.3
.9

-1.4

1.6

-2.9

-.1

-.2

.0

28.0
.9

28.3
.9

1.8
.4

30.1
.9
n.a.

287.9 290.4 301.4 306.5
40.2 39.9 37.7 41.7 43.6 n.a.
9.0
8.8
8.7
9.0
8.6
8.6

.0
.0
.0
-.1
-.3
.0
.0
.0
.0
.0
.0
12.0 11.7 12.2 12.4 12.6 12.6
2.6 11.1 10.5 11.6 14.3
5.0
4.9
4.9
4.9
4.9
4.9
4.5
4.6
1.3
4.4
4.7
9.4
9.1
9.2
9.1
9.1
9.1
7.2
7.5
6.6
9.1
4.5
.9
.9
.9
.9
.9
.9
.7
.8
.7
.5
95.3 191.0 209.5 205.9 226.7 254.3 269.7 266.0 271.4 278.3 281.6 284.4

Less: Personal tax and related payments.
Federal
State and local
Less: Personal consumption expenditures

1948

223.5
24.7 31.7
5.7
5.2

14.6
2.8

.0
1.5
1.2
2.1
.7
46.6

Equate: Personal income

1947

55.8 126.4 233.3 259.0 258.2 286.8 329.8 348.0 345.1 345.3 361.1 362.0 372.4
9.3 14.8 17.6 19.4 21.6 24.2 27.0 26.9 27.0 28.2 28.2 29.2
7.2

10.3 - 2 . 0
.2
.3
.0
.9
1.0
5.8
.6

1941

78.8

46.3

82.3

3.

-1.2

9.8

21.5
19.6
1.9
169.
165.6
3.9

21.1
19.0
2.1

18.6
16.2
2.5

20.9
18.1
2.8

188.4 187.2 205.8 225.0
177.9 180.6 194.6 208.1
10.5

6.7

11.3

16.9

34.6
31.1

34.3
30.8

34.8
31.2

35.3
31.6

36.2
32.3

3.6

3.5

3.6

3.7

3.8

235.0 231.7 236.6 243.0 245.4
218.1 217.2 217.2 224.4 227.7
16.9

14.5

19.4

18.6

36.7
32.8
3.9
247.7
230.4
17.2

17.7

NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters

Annual totals

1952
1929

1933

1941

1947

1948

1949

1950

1953

1951

National income

87.4

Compensation of employees
Wages and salaries*
Private
Military
Government civilian
Supplements to wages and salaries...

50.8
50.2
45.2
.3
4.6
.6

Proprietors' and rental i n c o m e 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

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

45.4
23.6
13.3
8.5

50.7
26.1
15.5
9.1

51.2
26.3
14.8
10.0

51.5
26.3
15.3
10.0

51.5
26.1
15.2
10.2

51.1
26.7
14.0
10.3

50.8
27.0
13.4
10.4

Corporate profits and inventory
valuation adjustment
Corporate profits before tax
Corporate profits tax l i a b i l i t y . . . .
Corporate profits after tax
Inventory valuation adjustment....

10.3 - 2 . 0
9.8
.2
1.4
.5
8.4
-.4
.5 - 2 . 1

14.6
17.2
7.8
9.4
-2

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

36.0
41.0
18.2
22.7
-5.0

42.4
43.7
23.6
20.1
-1.3

40.2
39.2
20.6
18.6
1.0

39.9
38.2
20.1
18.0
1.7

37.7
37.0
19.4
17.5
.7

41.7
40.3
21.2
19.1
1.4

43.6 n.a.
44.4 n.a.
24.1 n.a.
20.3 n.a.
-.8
-.6

4.1

3.5

4.3

5.0

5.7

6.4

7.0

6.9

7.]

7.4

Net interest

6.5

39.6 103.8 198.7 223.5 216.3 240.6 278.4 291.6 287.9 290.4 301.4 306.5 n.a.
29.3 64 3 128.0 140.2 139.9 153.4 178.9 193.2 189.5 194.1 201.3 204.5 208.0
28.8 61.7 122.1 134.4 133.4 145.6 169.8 183.6 180.1 184.4 191.3 194.5 198.0
23.7 51.5 104.8 115.7 113.0 123.4 141.2 151.1 147.7 151.5 158.3 161.3 164.5
4.1
n.a.
.3
1.9
4.2
8.6 10.4 10.4 10.6 10.4 n.a.
4.0
5.0
n.a.
4.9
8.3 13.2 14.7 16.1 17.1 20.0 22.2 22.0 22.4 22.6 n.a.
.5
2.6
5.9
5.8
6.6
9.1
9.6
9.5
7.9
9.6 10.0 10.0 10.0

5.0

7.6

49.7
27.0
12.3
10.4

7.7

n.a.
Not available.
1
Less than 50 million dollars.
'Includes employee contributions to social insurance funds.
•Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.

1012



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
1933

1929

1947

1941

1948

1949

1950

1951

3

2

Gross national product

46 3

78 8
9 4
37.7
31 7

Durable goods
Nondurable goods
Services

Gross private domestic
investment . .
New construction 1
Residential nonfarm
Other
Producers' durable equipment
Change in business inventories....
Nonfarm only
Net foreign investment

Government purchases of
goods and services

Federal
National security
Other
Less: Government sales 2
State and local .

\

4

1

2

55.8 126.4 233.3 259.0 258.2 286.8 329.8 348.0 345.1 345.3 361.1 362.0 372.4

103.8

Personal consumption
expenditures

1953

1952

3.5

22.3
20 6

82 3 165.6 177.9 180 6 194 6 208.1 218 1 217.2 217 2 224 4 227.7 230.4
30.7
21.4 22.9 23.8 29.2 27.3 26.7 27.4 25.1 28.2 30.2
9.8
44.0 95.1 100.9 99.2 102.6 113.4 118.8 118.0 118.7 121.1 121.2 122.1
28.5 49.1 54.1 57.5
62.7 67.4 72.7 71.8 73.3 75.1 76.3
77.6

1.3
15.8
7 8
1.1
.5
3.6
.7
4 2
6.4
1.8
1.6 - 1 . 6
1.8 - 1 . 3

18.3
6.8
3.5
3.3
7.7
3.9
3.4

30.2
13.9
6.3
7.6
17.1
-.8
1.4

42.7
17.7
8.6
9.1
19.9
5.0
3.7

33.5
17.2
8.3
9.0
18.7
-2.5

— 1.6

52.5
22.7
12.6
10.1
22.3
7.5
6.6

58.6
23.1
11.0
12.2
24.6
10.9
9.6

52.5
23.4
11.1
12.3
25.4
3.7
3.1

49.6
23.4
11.0
12.4
25.6
.7
-.1

52.3
23.1
10.8
12.3
24.9
4.2
3.6

57.9
23.9
11.6
12.3
25.5
8.5
8.1

54.0
25.0
12.2
12.8
26.2
2.9
2.6

61.0
25.3
12.0
13.4
26.9
8.8
8.7

.8

.2

1.1

8.9

1.9

.5

-2.3

.3

-.2

.5

-2.0

-1.6

-2.1

-2.5

8.5
1 3

8.0
2.0

1.3

2.0

24.7
16.9
13.8
3.2

36.6
21.0
16.1
5.6

43.6
25.4
19.3
6.6

42.0
22 1
18.5
3 9

62.9
41.1
37.4
4.1

77.5
54 2
48.9
5.8

77.7
54.7
49.8
5.4

77.8
54 6
49.2
6.0

80.4
16.4
50.5
6.3

82.4
57 .4
51.6
6.5

5

7

7

5.9

7.8

28.6
15.8
13.3
3.8
1 3
12.8

23.2

24.0

24.9

24.6

7.2

6

4

2

4

5

5

15.6

18.2

19.9

21.8

23.4

23.0

83.5
58.9
53.5
6.0

PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries

Year or month

Wage and salary disbursements

Personal
Total
receipts4

Total
disbursements

Commodity
producing industries

Distrib- Service
utive
indus- industries
tries

Government

Other
labor
income8

Dividends
Proand
prietors'
perand
sonal
rental 6
income interest
income

1929
1933
1941
1947
1948
1949
1950
1951
1952

85.1
46.6
95.3
191.0
209.5
205.9
226.7
254.3
269.7

50.0
28.7
60.9
119.9
132.1
131.2
142.6
166.4
180.1

50.2
28.8
61.7
122.0
134.3
133.4
145.5
169.8
183.7

21.5
9.8
27.5
54.3
60.2
56.9
63.5
74.9
80.6

15.5
8.8
16.3
35.1
38.8
38.9
41.3
45.9
48.7

8.2
5.1
7.8
15.3
16.6
17.2
18.6
20.3
21.8

5.0
5.2
10.2
17.2
18.7
20.4
22.1
28.7
32.5

.5
.4
.6
2.4
2.8
3.1
3.9
4.3
4.7

20.8
42.4
47.3
42.1
45.4
50.7
51.2

1952—July
August
September. . . .
October
November....
December

266.3
271.3
276.4
277.3
277.2
280.6

176.7
181.9
184.8
186.6
187.8
188.7

180.3
185.4
188.4
190.2
191.4
192.5

75.8
80.6
83.8
84.7
85.6
87.0

49.5
49.5
49.4
50.0
50.0
50.1

22.2
22.2
22.3
22.4
22.5
22.6

32.8
33.1
32.9
33.1
33.3
32.8

4.7
4.7
4.9
5.0
5.1
5.1

1953—January
February
March
April
May
June
Julyp

280.5
281.0
283.6
282.7
284.7
286.3
288.1

188.8
190.9
192.4
192.8
194.2
195.6
197.3

192.8
194.6
196.2
196.6
198.0
199.5
201.2

86.8
88.0
88.8
88.8
89.3
89.8
90.9

50.2
50.6
50.9
51.0
51.7
52.2
52.5

22.7
22.8
23.2
23.4
23.5
23.9
24.1

33.1
33.2
33.3
33.4
33.5

5.1
5.1
5.1
5.1
5.1
5.1
5.1

33.6
33.7

Transfer
payments7

19.7

13.3

7.2

8.2
9.9

1.5
2.1
3.1

14.5
16.0
17.1
19.6
20.5
21.0

51.5
50.6
52.5
51.4
50.0
51.8
51.6
50.2
50.7
49.4
50.0
50.1
50.0

Less
personal
contriNonbutions agriculfor
tural
social
income9
insur-8
ance

11.8
11.3
12.4
15.1
12.5
12.9

.1
.2
.8
2.1
2.2
2.2
2.9
3.4
3.8

76.8
43.0
86.1
170.8
187.1
188.7
209.0
234.0
249.9

20.9
21.0
21.2
21.3
21.4
21.5

12.7
13.4
13.3
13.3
13.1
13.6

3.8
3.8
3.9
3.9
3.8
3.9

246.0
251.9
255.7
258.0
259.1
261.6

21.6
21.7
21.9
22.0
22.1

13.5
13.3
13.7
13.6
13.5
13.5
13.5

4.1
3.9
4.0
4.0
4.0
4.2
4.2

261.1
263.3
265.4
265.5
267.2
268.8
270.5

22.3

22.5

P1 Preliminary.
Includes construction expenditures for crude petroleum and natural gas drilling.
i
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
8
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.8 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
• 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, ai
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.
0
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

1953




1013

PAGE

International capital transactions of the United States

1016-1021

Gold production

1021

Reported gold reserves of central banks and governments

1022

Gold movements; gold stock of the United States

1023

International Monetary Fund and Bank

1024

Central Banks

1024-1028

Money rates in foreign countries

1029

Commercial banks

1030

Foreign exchange rates

1031

Price movements in principal countries:
Wholesale prices

1032

Consumers' price indexes

1033

Security prices

1033

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 1953




1015

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.1

Domestic
securities:
Inflow of
foreign
funds*

Foreign
securities:
Return
of U. S.
funds*

Total

Foreign
official2

Foreign
other

International3

Decrease
in U. S.
banking
funds
abroad 1

8,569.1
8,763.5
10,521.1
10,140.7

6,963.9
6,863.9
7.890.7
8.548.1

2,126.0
2,197.8
2.715.6
2.770.2

2,993.6
3,028.2
3.472.8
4,089.6

1,844.3
1,637.8
1,702.3
1,688.3

116.8
307.6
231.4
160.9

183.3
258.5
1,202.9
618.6

1,182.1
1,209.9
1.064.5
687.5

123.1
123.7
131.7
125.6

1952—June 30
July 31
Aug. 3 1 .
Sept. 30
Oct. 31
Nov. 30
Dec. 31

10,580.5
10,937.1
11,127.0
11,355.6
11,438.2
11,567.3
11,399.5

9,287.0
9,602.1
9,772.3
9,952.7
9,833.5
9,924.0
9,792.0

3,309.4
3,615.3
3,791.3
3,909.1
3,831.9
3,959.7
3,770.4

4,294.1
4,220.3
4,207.0
4,262.6
4,191.8
4,218.6
4,283.1

1,683.5
1,766.5
1,773.9
1,781.0
1,809.8
L.745.6
1,738.5

99.8
103.2
63.0
106.0
110.7
108.2
80.6

624.1
647.0
679.9
673.8
859.6
901.4
933.5

436.3
455.2
486.3
495.6
506.6
513.6
'469.6

133.4
129.7
125.5
127.6
127.9
120.1
123.8

1953—Jan.
Feb.
Mar.
Apr.
May
June

'II,385.4
'•11,245.3
'11,424.9
11,683.2
11,857.3
11,944.2

9,746.9
9,646.2
9,849.7
10,125.8
10,173.9
10,153.5

3,691.8
3,641.4
3,866.7
4,043.8
4,083.4
4,128.3

4,308.0
4,279.6
4,298.4
4,340.9
4,327.0
4,268.1

,747.1
L ,725 .2
L.684.7
,741.1
,763.5
,757.2

93.4
95.3
88.8
99.4
152.0
188.1

967.4
968.9
976.6
977.3
982.5
1,001.5

'450.4
"412.5
'389.0
361.1
429.6
482.3

127.3
122.4
120.7
119.5
119.3
118.7

From Jan. 2, 1935.
through—

1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.

31
31
31
31

31
28
31
30
31*
30P

Total

Inflow in
brokerage
balances

TABLE 2.—SHORT-TERM LIABILITIES T O FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES «
[Amounts outstanding, in millions of dollars]
Total Foreign
countries

In-

ternational
institutions8

Date

31...
31...
31...
31...

,864.3
,657.8
,722.2
,708.2

1952—June 3 0 . . .
July 3 1 . . .
Aug. 3 1 . . .
Sept. 3 0 . . .
Oct. 3 1 . . .
Nov. 3 0 . . .
Dec. 3 1 . . .

,703.4
L.786.5
L.793.8
1,800.9
L.829.7
1,765.6
1,758.4

1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.

1,767.1
L.745.2
1,704.6
1,761.0
1,783.5
1,777.1
June 30P . .

1953—Jan. 3 1 . . .
Feb.28...
Mar. 3 1 . . .
Apr. 30. ..
May3lP..

Official
and
private

7

Official*

United
NethKing- France erdom
lands

Switzerland «

Italy

122.8
170.5
193.6
148.8

538.9
576.9
553.0
521.3

333.5 738.1
303.6 717.0
314.7 799.2
300.5 1,022.2

Other
Total
Europe Europe

2,472.4
2,513.9
'2,777.7

Canada

Latin
America

Asia

All
other

775.2 1,287.0 1,151.8 167.4
869.1 1,436.7
961.0 179.3
899.0 1,612.9 1,378.5 254.3
1,307.1
,455.2 1,609.6 297.4

5,853.7
5,960.2
6,922.6
7,594.0

2,836.3
2,908.1
3,425.9
3,480.5

546.3
574.4
7656.6
642.6

192.8
171.6
260.7
289.4

8,337.7
8,569.7
8,732.5
8,905.9
8,757.9
8,912.5
8,787.6
8,734.0
8,655.1
8,899.2
9,118.9
9,144.5
9,130.5

4,019.7
4,325.6
4,501.6
4,619.4
4,542.2
4,670.0
4,480.7

793.4
849.2
834.8
866.5
890.1
976.3
817.9

299.2
344.3
395.6
404.0
348.4

203.0
241.2
299.4
345.1
384.3
337.3 343.1
342.6 203.1

600.8
617.5
612.0
614.3
624.0
627.7
641.8

266.8
291.7
294.9
291.9
305.7
326.2
308.9

1,028.9 3,192.2
1,058.3 3,402.1
1,083.5 3,520.3
1,141.4 3,663.1
1,207.9 3,760.5
1,243.1 3,853.8
1,259.3 3,573.5

1,503.0 1L.517.2
1,540.3 L,538.0
1,528.1 L.57O.O
1,530.1 L.580.7
1,373.3 1,520.7
1,356.5 1,561.2
1,420.7 L.612.9

,792.0
,757.7
,743.5
,795.1
,781.9
,812.9
,845.0

333.2
331.6
370.7
336.8
321.5
328.1
335.6

4,402.1
4,351.7
4,577.0
4,754.1
4,793.7
4,838.6

887.8
754.4
751.6
837.3
900.0
911.2

249.5
253.5
259.1
233.3
255.0
308.4

610.5
608.6
632.6
657.8
626.4
650.1

308.3
286.6
304.9
312.1
312.6
310.6

1,225.0
1,273.7
1,307.1
1,370.8
1,410.0
1,442.4

,855.3
1,442 .0 1,591.4
1,387.5 L,610.0 1,901.5
1,349.1 L.692.5 5,012.6
1,365.0 1 , 7 4 4 . 0 >,005.6
1,231.6 1 , 8 2 3 . 9
,962.5
1,119.4 1 , 8 0 0 . 7 1,936.0

353.7
358.4
359.1
361.5
378.4
384.1

210.4
221.1
230.7
231.5
244.1
267.6

2,924.7

3,491.5
3,397.8
3,485.9
3,642.7
3,748.1
3,890.3

T
p Preliminary.
Revised.
1
Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN
for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding
amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement
of funds
shown in Table 1.
2
Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their
tgencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in
accounts
with the U. S. Treasury.
8
Includes Bank for International Settlements, International Bank for Reconstruction and Development, International Monetary Fund, and
United Nations and other international organizations.
* Figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are
included in foreign securities.
*"Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in
not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate
foreign governments, central banks, and other official institutions (see footnote 2 above) as well as other banks, organizations, and individuals
domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. (Footnote 1 above also applies to this table.)
•7 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date.
Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts,
bat which have been excluded in the past from reported liabilities.
NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951,
certain changes were made in the order and selection of the material published. An explanation of the changes appears on p. 1202 of that issue.
For further explanation and information on back figures see BULLETIN for August 1951, p. 1030,

1016




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

128.7
1948_Dec. 3 1 . . 738.1
1949—Dec< 3i
717.0
119.9
1950—Dec. 31. . 799.2 41.9 128.2
1951—Dec. 3 1 . . 1.022.2 57.1 134.7

Ger- Greece Norway
many

Poland

Portugal

Rumania Spain

Sweden

Yugo- All
USSR slavia
other i

5.6
1.3

44.7
38.0
45.5
45.3

19.1
25.1
18.3
27.0

178.9
149.4
221 6
405.6

21.1
29.6
32.3
45.8

77.7
69.4
43.6
99.7

4.2
2.8

37.7
38.1
45.7
40.7

7.0
6.7
6.1
6.1

13.6
15 7
21.3
17.1

7.1

119.3
117 4
52'.4
57.6

21.3
22.7
24.4
25.9
26.7
26.7
28.5
32.9
28.6
26.1
26.9
29.7
34.3

453.1
464.3
457.5
486.2
534.3
544.7
551.1

41.7
38.7
39.4
39.8
41.2
42.8
47.3

94.6
96.1
101.0
104.1
109.6
109.4
110.3

2.6
4.7
3.1
2.2
3.6
1.8
3.4

40.6
45.9
49.3
51.0
46.7
49.9
57.4

6.0
5.7
5.7
5.7
6.0
6.1
6.1

18.5
18.0
17.6
20.4
24.4
21.4
19.2

68.4
70.6
77.0
77.6
82.8
84.5
91.0

2.0
2.0
2.1
5.1
4.8
2.1
1.7

10.7
11.4
12.7
14.1
13.0
13.4
12.0

47.6
44.6
46.5
46.4
45.3
45.0
45.2

531.5
552.2
585.7
626.8
645.7
682.8

50.7
53.8
57.1
62.0
66.5
70.7

106.8
116.9
115.9
116.6
119.2
109.1

2.3
2.3
2.4
2.1
2.2
2.0

47.8
54.6
54.9
55.1
57.7
57.2

6.1
6.1
5.8
5.8
5.8
5.8

20.2
19.0
17.6
18.2
22.7
19.3

86.6
93.0
89.2
88.7
88.4
86.7

3.5
3.4
2.8
1.6
1.3
2.2

12.1

44.2
45.3
44.3
44.7
45.8
46.9

1,028.9
1,058.3
1,083.5
1,141.4
1,207.9
1,243.1
1,259.3

49.5
51.9
60.7
74.3
77.7
84.9
91.1

137.5
143.5
142.1
136.7
131.8
140.2
123.9

.6
.6
.6
.9
.5
.5
.6

34.2
37.5
43.8
51.0
59.6
69.9
70.4

1953—Jan. 3 1 . . 1,225.0
Feb. 28. . 1,273.7
Mar. 31. . 1,307.1
Apr. 30. . 1,370.8
May 31 J>. 1,410.0
June 30^. 1,442.4

94.9
96.3
102.3
108.2
115.1
118.7

121.3
131.2
130.8
133.9
129.0
127.2

.6
.5
.6
.6
.6
.7

63.7
60.7
62.3
70.0
69.4
71.0

1952—June 30. .
July 3 1 . .
Aug. 3 1 . .
Sept. 30. .
Oct. 3 1 . .
Nov. 3 0 . .
Dec. 31. .

Finland

49.0 21.3
90 1 10 2
115.3 4 . 0
71.7 2 . 5

19.9
7 6
13.2

9.7
9.3
9.8

10.8
7.9

Table 2b.—Latin America

Latin
BoAmer- Argentina livia
ica

Date

Brazil Chile

31.
31.
31.
31

1 ,287 . 0
1 ,436 .7
I ,612 .9
1 ,455

215 .8
201 .1
301 . 8
749 7

17.1
13.5
20.4
27 8

123.7
192.8
226.0
100.3

1952—June 30
July 3 1 .
Aug. 3 1 .
Sept. 3 0 .
Oct. 3 1 .
Nov. 3 0 .
Dec. 3 1 .

1 ,517 .2
1 ,538 .0
1 ,570 .0
1 ,580 .7
1 ,520 .7
1 ,561 .2
1 ,612 . 9

146 . 8
130 .7
128 .3
129 .8
131 .9
146 .2
138 . 8

24.1
23.2
22.5
21.2
18.7
16.6
24.5

80.9
93.2
87.9
88.9
72.3
78.2
72.5

1953—Jan.
Feb.
Mar.
Apr.

1 ,591 .4 131 .7
,610 .0 142 .6
1 ,692 .5 142 .5
1 ,744 .0 152 .4
1 ,823 g 153 .3
1 ,800 • 7] 155 .6

1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.

31.
28.
31.
30.
May 31*

June

18.9 71.9
20.2 83.4
20.1 75.7
19.6 81.2
27.4 117.5
25.6 133.6

55. 6
60. 9
79. 5
54. 0

Colombia

54.0

Netherlands
West Peru
Indies
and
Surinam

RepubEl
lic of SalPan- vador
ama

146.7
214.6
25A' 207.1
27.3 158.2

24.3
25.9
30.2
34.9

52.6
52.8
60.2
47.2

71.8
74.3
59.2
67.7

16.1 *75
27.8 84 .7

Dominican Guate- MexReico
mala
public

Cuba

219
164
259
263

4
2
1 42 .7
6 45.8
6
2
4
4
7
2
2

Uruguay

Other
Vene- Latin
zuela America a

121 7
143 2

1
4
3
8

71 9

184
207
71
87

54. 3
73
58. 4
77
61. 2
85
58. 1
88
62. 4
87
69. 2
96
7 9 . 3 118

6
6
4
3
9
4
2

316
321
341
321
285
284
301

50.4
51.2
49.9
46.6
43.3
43.5
44.2

38.3
36.4
34.4
32.4
32.2
33.2
34.3

195.7
205.1
238.0
233.5
232.1
251.0
231.2

32.2
29.1
35.5
38.0
39.5
41.9
44.3

56.5
57.1
58.5
56.2
62.0
67.0
60.9

74.2
73.3
74.5
79.5
81.1
82.4
80.8

36.8 97 .6 129 8
32.6 101 .5 131 0
30.5 97 .3 108 3
25.4 91 .5 154.3
21.6 94 .8 141 6
19.9 92 . 8 126 2
25.6 94 .1 145 5

109
116
116
115
113
112
117

2
2
2
6
4
5
4

75. 7
82. 4
86. 2
89. 1
93. 1
88. 1

4
5
9
4
1
6

44.9
278.3 45.3
331 3 47.0
356 9 48.3
372 2 48.0
381.0 47.5

38.5
41.2
45.6
49.1
47.2
45.2

239.3
213.3
213.9
199.4
181.6
167.5

44.5
45.4
45.3
41.2
42.3
44.8

61.5
61.9
67.5
63.8
62.5
63.4

87.7
90.4
91.1
90.4
95.2
97.1

40.1
44.2
54.8
52.2
48.9
44.7

128
133
138
137
139
140

8
6
6
8
1
9

85 9
53 4
106 4

113
126
123
125
122
121

275 9

94 .2
97 .3
91 .7
94 .1
87 .2
87 .8

85.2

124
103
117
143
186
156

3
9
3
2
3
3

Table 2c—Asia and All Other
Formosa
PhilAll
and Hong
ippine Thai- Tur- Other3
Indoland key Asia other
China Kong India nesia Iran Israel Japan ReMainpublic
land

Asia

Date

Egypt
and
Union
Bel- AngloAus- gian
of
tralia Congo Egyp- South Other*
tian Africa
Sudan

1948—Dec.
1949 Dec.
1950—Dec!
1951—Dec.

31.
31
3l!
31.

1,151.8 216.2 51 .1 51.8
961.0 110 6 83 .9 63 3
1,378.5 81.7 86 .1 55.7
1,609.6 87.4 62 .4 62.1

41 . 5
15 7
114 .7 20 !3
140 .6 25 .5

81.4
214 6
458.5
ii!6
26.6 596.0

488.3
17.5 204.0 167.4 22 .2
297 3
9 8 165.7 179 5 32 .4
374! 4 " 4 8 .2 14.3 111.9 254.5 19 .1
329.7 96 .7 14.1 168.4 297.4 38 .5

1952—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
I953—j a n .
Feb.
Mar.
Apr.

30.
31.
31.
30.
31
30.
31.

1,792.0
1,757.7
1,743.5
1,795.1
1,781.9
1,812.9
1,845.0

76.5
76.3
80.4
84.7
83.3
80.3
76.4

65 .9
68 .1
69 .6
71 . 4
70 .2
70 .7
70 .9

58.7
61.6
54.8
55.2
54.1
55.0
64.6

176 .5 21 .1
154 . 0 24 .7
114.5 22 .6
87 .3 18 .3
64 .9 20 .1
60 . 0 18 .9
61 . 0 19 .2

30.5
26.8
26.5
22.1
27.9
19.3
18.8

730.7
725.6
743.9
772.6
767.5
789.1
808.0

333.0
321.8
324.6
319.7
321.8
315.1
315.1

126 . 8 20.6 151.7 333.2
134 .9
9 . 4 154.4 331.6
143 .8
9 . 8 153.0 370.7
157 .9
8 . 8 197.2 336.8
166 .6
9 . 7 195.8 321.5
176 .5 11.0 217.1 328.1
181 . 0
8 . 4 221.5 335.6

31.
28.
31.
30.

June

30P

1,855.3
1,901.5
2,012.6
2,005.6
1,962.5
1,936.0

73.5
72.8
70.7
72.1
72.1
71.3

72 . 0
71 .4
71 .4
70 .1
75 .3
72 1
-

70.2
75.1
76.3
85.3
92.2
87.4

26.2 821.6
22.7 862.8
15.4 897.1
15.3 892.6
16.4 883.0
16.5 893.7

309.6
313.7
324.8
327.9
326.1
307.4

186 .7
190 .4
193 .0
194 .8
192 .1
197 .5

353.7
358.4
359.1
361.5
378.4
384.1

M a y 31 P

p Preliminary.
January
January
Beginning January
^Beginning January

1
Beginning
2
Beginning
8

SEPTEMBER

1953




58 . 0
60 .7
67 .3
64 .3
58 .9
38 .4

16 .5
16 . 4
19 .3
19 .5
17 .1
17 .8

10.2 210.7
8 . 6 206.9
8 . 8 268.4
8 . 4 255.3
7 . 3 221.9
8 . 0 226.0

27.7
61.6
58.1 75!6
54.5 110.7

44.0

54 .1
50 .1
48 .4
47 .2

72.6 117.7
74.8 116.8
84.5 104.2
90.4 91.7
96.6 72.1
105.2 62.0
118.6 59.7

10.9
11.2
14.2
11.8
13.3
23.0
23.6

82.5
81.5
86.5
88.7
89.4
89.5
86.5

51 .1
52 .3
54 .8
58 .0
66 .4
67 .3

117.8
119.5
125.9
124.9
130.5
126.3

58.4
55.1
53.4
54.1
54.3
55.2

36.3
38.1
33.2
36.0
33.3
37.4

90.1
93.5
91.9
88.7
93.9
97.8

49 .5
47 .4

81.2

15.8 101.6
6.0
79 5
57.'7
7.0
86.8

1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date.
1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.
1950, excludes Iran, Israel, and Thailand, reported separately as of that date.
1950, excludes Belgian Congo, reported separately as of that date.

1017

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]
Date
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.

United
King- France
dom

Total

31.
31.
31.
31.

1,018.7
24.5
827.9 37.2
898.0 105.7
968.4 35.0

Netherlands

Switzerland

Italy

119.0
51.8
31.4
10.1

51.4
5.2
3.4
5.0

6.9
3.8
8.7
11.2

15.8
22.6
20.7
10.3

Other
Total
Europe Europe

Canada

Latin
America

Asia

All
other

106.3
98.5
67.1
111.2

323.8
219.2
237.0
182.8

39.8
37.6
125.8
92.0

516.6
411.1
378.8
489.3

118.8
139.7
96.3
162.4

19.7
20.4
60.0
41.9

1952—June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.,
Nov. 30.
Dec. 31.

1,029.6
1,026.2
1,066.3
1,023.4
1,018.7
1,021.1
1,048.7

36.2
30.9
32.2
26.8
35.8
33.8
30.3

11.7
11.6
9 2
9.3
9.4
7.6
31.9

3.1
3.8
3.3
2.6
2.7
4.4
4.4

9.8
8.0
9.8
8.4
8.0
9.2
7.1

30.4
28.6
24.6
19.6
16.4
17.2
17.8

68.8
67.2
66.5
75.1
79.0
82.7
81.9

160.2
150.0
145.7
141.8
151.4
154.8
173.4

51.4
45.1
53.3
58.3
73.7
73.8
62.3

669.6
700.1
715.2
658.3
638.6
641.8
662.0

118.0
105.2
128.4
141.6
132.8
127.9
128.6

30.4
25.8
23.7
23.4
22.2
22.8
22.4

1953—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31 P
June 30P

1,036.0
1,034.1
1,040.6
1,029.9
977.3
941.2

32.5
35.4
35.8
23.4
27.3
28.1

28.6
8.8
8.2
8.8
9.5
7.8

6.4
6.2
6.9
5.9
9.1
5.1

13.5
13.2
14.2
13.9
12.8
15.2

22.9
20.2
25.3
25.6
25.5
24.8

78.4
72.9
70.9
74.8
71.3
70.6

182.4
156.7
161.5
152.4
155.4
151.7

56.3
57.8
61.3
60.6
57.4
57.2

647.5
676.9
672.7
663.0
633.1
598.6

125.9
124.0
125.5
132.0
110.3
112.1

24.1
18.7
19.6
21.9
21.1
21.6

Germany

Greece

Norway

Portugal

Spain

Sweden

Yugoslavia

All
other2

6.0

3.9

29.8
22 6
4.0
4.0

2.3
.5
3.4
7.3
8.0
7.9
8.6

3.6
3.6
4.4
3.7
3.8
5.8
5.4

7 8
3.9
15
3.5
4.5
5.3

7 0
6.6
6.5
6.7
7.3
6.5

Table 3a.—Other Europe
Other
Europe

Date

Austria

Belgium

Denmark

21.4
19.3
21.5
39.6

.6
.4
3.2
4.8

3.4
8 2
2.2
3.1

30.5
30 0
25.4
28.3

1.2
7
.2
.2

8.4
7 4
1.4
2.5

.7
5
.5
.8

2.9
7.0
1.6
18.8

3.5
3.6
2.2
3.5
2.8
3.3
2.1

2.9
2.8
2.2
2 8
3.8
4 0
5.6

23.2
23.7
25.7
27.5
28.0
25.4
26.8

.1
.2
.2
.2
.2
.2
.2

1.6
1.8
1.8
2.0
1.7
1.8
1.9

.8
.7
.6
.6
.5
.6
.5

14.3
14.3
12.5
13.5
12.6
11.8
11.2

1.4
2 3
6.9
5.4
2.7
3.1
1.9
2.2
3.3
3 0
2.5

3.5
4.3
5.1
3.6
1.5
1.3

5 1
4.4
5 1
4.1
2.9
3.8

24 1
27.3
27 2
30.2
31.0
30.9

.2
.1
.3
.1
.2
.1

17
1.7
1.5
1.1
1.3
1.1

.5
.6
.5
.5
.5
.5

9 4
5.7
5.9
7.5
6.7
6.9

2 6
2.2
2 4
3.2
2.9
2.4

31
3i
31
31

106.3
98.5
67.1
111.2

1952—June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

68.8
67.2
66.5
75.1
79.0
82.7
81.9

.1
.1
1.0
1.0
.8

13.9
12.9
11.5
11.8
13.2
17.7
16.2

1953—Jan. 31
Feb 28
Mar. 31
Apr 30
May 31 P
June 30P

78.4
72.9
70.9
74.8
71.3
70.6

.3
.2
.2
.1
.1
.1

16.2
15.8
14.8
14.1
12.4
11.6

t948—Dec.
1949—Dec#
1950—Dec.
1951—Dec.

.2

Finland

Table 3b.—Latin America

Latin
BoAmer- Argentina livia
ica

Date

194g—Dec. 3i m . 516.6 72.4
1949—Dec. 31
411.1 53.6
1950—Dec. 3 1 . . 378.8 45.9
7.6
1951—Dec. 3 1 . . 489.3

2.7
2.3
8.7

669.6
700.1
715.2
658.3
638.6
Nov. 3 0 . . 641.8
Dec. 31.. 662.0

Brazil Chile

165.4
136.9
78.0
7.5 185.0

15.2
15.5

NetherDolands
minican Guate- Mex- West
Re- mala
ico Indies
and
pubSurilic
nam

Colombia

Cuba

83.1
27.5
27.6
32.3

1.9
1.8

2 6

Peru

Republic of
Panama

Other
El
Sal- Uru- Vene- Latin
vador guay zuela America *

24.8

32.6
21.1
42.5
43.7

3.8

73.8
73 0
70.6
90.6

30..
31..
31..
30..
31..

8.2
7.2
7.6
8.6
8.1
9.3
8.2

8.4
8.7
6.8
6.2
6.2
6.0
5.8

358.3
392.6
403.9
374.7
356.2
354.5
356.4

26.1
27.0
23.0
21.6
18.3
20.5
26.4

35.0
34.5
34.2
32.1
34.9
36.0
41.7

51.8
52.5
51.6
33.6
36.1
30.6
32.5

2.2
1.9
1.8
1.8
1.6
1.7
1.6

4.1
3.7
3.2
2.8
3.2
3.5
4.2

78.0
71.2
91.7
92.0
88.4
90.3
88.6

L.2
L.2
l.l
L.2
L.2
L.3
L.3

10.9
10.9
10.7
10.3
11.7
13.2
14.8

5.9
6.3
3.3
3.7
4.4
4.2
6.5

5.3
5.3
5.1
7.1
9.0
9.1

1953—Jan. 3 1 . .

647.5
7.4
676.9 7.2
7.1
672.7
663.0 7 . 7
633.1 10.2
598.6 9 . 0

6.5

10.7
13.4
14.6
15.4
10.2

353.2
383.3
370.7
382.7
364.4
324.3

23.4
19.4
19.0

36.4
36.8
37.8
38.9
39.8
47.7

26.5
30.7
37.8
34.9
27.2
27.0

1.8
2.3
2.9
2.8
2.7
2.9

4.4
4.9
4.4
4.5
3.1
3.2

94.2
94.5
96.1
86.9
83.0
88.3

1.4
1.9
2.1
2.2
2.5
2.1

15.7
17.2
14.7
12.5
13.7
14.3

5.7
5.0
4.2
5.4
4.9
5.4

8.5
6.8
4.9
5.0
3.4
4.0

1952—June
July
Aug.
Sept.
Oct.

Feb. 2 8 . .
Mar. 3 1 . .
Apr. 3 0 . .
May 31».
June 30*.

6.8

9.6
9.0

7.5

15
^
L.3
1.2

11.0
11.8

3.1
3.0

6.8
9.5

5 4

4.4
5.8

10.5

26.0
25 6
49.4
41.7

34.7
43.1
14.6
14.5

30.5
32.1
25.7
20.6
14.3
12.9
14.3

32.1
32.4
32.4
31.7
33.1
35.6
36.7

11.5
12.5
13.0
12.4
13.9
13.2
13.7

14.0

34.2
33.0
35.7
33.4
35.1
35.2

14.3
14.1
14.8
14.5
14.0
13.9

4.6

5 3
8.0

9.2
7.3
7.4
4.6
3.6

pPreliminary.
iSee footnote 1, p. 1016.
2
Beginning January 1950, excludes Austria, reported separately as of that date.
3Less than $50,000.
*Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.

1018




FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 3c—Asia and All Other

Date

Asia

1948—£)ec# 31.
1949—Dec# 3i
1950— Dec. 31
1951—Dec 31
1952—June 30. .
July 31
Aug. 3 1 . .
Sept. 3 0 . .
Oct. 3 1 . .
Nov. 30
Dec. 3 1 . .
1953—Jan. 3 1 . .
Feb. 28
Mar. 31. .
Apr. 30. .
May 3 1 P .
June 3 0 P .

118.8
139 7
96.3
162 4
118.0
105 2
128.4
141.6
132.8
127 9
128.6
125.9
124 0
125.5
132.0
110.3
112.1

ForPhilmosa
All
and Hong
ippine Thai- Tur- Other
Indoland key Asia1 other
China Kong India nesia Iran Israel Japan ReMainpublic
land
24.2
16 6
18 2
10 1
7.3

81
83
10.1
10.1
10 1
10.1
10.4
98
9.4
8.8
8.4
8.1

3 . 4 20.4
3 7 17 4
3 . 0 16 2
3 1 13 4
2.4
8
1.3

10
9

13

6.5

55

4.2
3.7
3.5

37

1.2
1.9

4.3
3.6

24

3 3

2.0
2.7
2.1
2.3

1.9
.2
.2
3
1.4
5
.6
.7
.9
7
.9
.8
6
.6
.6
.8
1.1

4.0
3.9
3.1
2.9

66
93
10.7
10 3
9.6
9.3

10.1
10 2
10.2
10.2
10 2
10.9
11.7
12.6
12.8

18 9
30 0
27.7
27.4
22.9
22.8
18.7
17 A
15.1
25.9
25.1
25.2
24.2
20.5
19.4

15.9
14.1
12.1
12.2
14.3
10 4
13.3
10.1
12.6
12.2
12.5
11.5
15.6
17.0
20.0
14.2
16.6

37.3
23.2
1.5

29.3
20.5
69
10.3

25

5.3

64
3 0
7.6

10.7
11.6
10.0
14.2
13.6
11.8

.9
.6

14.3
50.3
13.9
51.6

15.4
16.7
37.0
55.7
51.0
47.4
38.8
26.7
21.2
18.6
17.4
10.5
11.3

16 3
17.4
19.2
15.3
17.7
24.6
21.6
21.3
21.6
23.8
20.2
20.4

1.4

14.3

4.9

2.7

23
3.5
3.8
3.4

4 0
3.3
2.6
3.0
6.1
4.8
4.3
5.3

9.0

19.7
20.4
60.0
41.9
30.4
25.8
23.7
23.4
22.2
22.8
22.4
24.1
18.7
19.6
21.9
21.1
21.6

Egypt
and Union
Bel- AngloAus- gian
of
tralia Congo Egyp- South Others
tian Africa
Sudan
4.7
7.9

40.8
22.8
12.0
9.6
8.0
8.2
8.7

10.0
10.1
9.2
6.4
7.0
7.6
7.2
7.2

4.4
5.7
8.7
8.2
7.9
6.9
6.7
6.5
6.0
7.0
6.6
6.5
7.1
6.7
6.6

.4
2
.3
2
.2
2
.5
.6
.5
.1
.5
1.0
.8
.3
.9
1.0
.3

7.9
4.5
7.3
6.7
4.7

6.8
7.7
7.2
6.5
4.9

37

41

3.5
3.1
2.3

26

2.0
2.5
2.1
2.7
2.8
2.8
2.9

3.8
4.7
4.0

36

3.8
4.4
2.8
3.1
3.5
3.4
4.6

TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES •
(Inflow of Foreign Funds)
[In millions of dollars]
U. S. Government bonds and notes 4

1948
1949
1950
1951
1952
1952—June
July
August
September
October
November

.

1953—January
February
March
April
May*
JuneP

. . .
.

Net
purchases
of
domestic
securities

Corporate bonds and stocks*

Year or month
Purchases

Sales

Net
purchases

Purchases

Sales

Net
purchases

282.4
430.0
1.236.4
673 6
533.7
39 6
39.1
37 5
34.0
188.8
49.4
45.0
42.6
27.6
26.3
12 9
144.5
28.8

330.3
333.6
294.3
1,356.6
231.4
32 0
29.2
13 3
14.2
18.8
21.1
17.0
14.9
37.5
18.6
9 6
136.7
22.7

-47.9
96.4
942.1
-683.0
302.3
7.7
9.9
24 2
19.8
170.1
28.3
27.9
27.7
-9.8
7.7
3 3
7.8
6.1

369.7
354.1
774.7
859.8
850.3
63.6
76.8
67.6
53.3
77.2
69.8
93.7
81.8
76.2
85.8
71 3
61.7
63.9

514.1
375.3
772.3
761.0
837.7
68.3
63.7
58.9
79.2
61.5
56.3
89.4
75.6
64.9
85.8
73 9
64.3
51.1

-144.3
-21.2
2.4
98.7
12.6
-4.7
13.1
8.7
-25.9
15.7
13.5
4.3
6.2
11.3
(8)
—2 6
-2.7
12.9

Total
purchases

652.2
784.1
2,011.1
1,533.3
1,384.0
103.2
115.9
105.1
87.3
266.1
119.2
138.6
124.4
103.8
112.1
84.2
206.2
92.8

Total
sales

— 192.2
75 2
944.4
—584 3
314.9
3 0
22.9
32 9
-6.1
185.8
41.8
32.2
33.9
1.4

844.4
708.9
1,066.6
2,117.6
1,069.0
100.3
93.0
72.2
93.4
80.3
77.5
106.5
90.5
102.3
104.4
83 5
201.0
73.8

7.77
5.2

19.0

TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED
IN THE UNITED STATES, BY TYPES •
(Return of U. S. Funds)
[In millions of dollars]
Foreign stocks

Foreign bonds

Year or month

1948
1949
1950
1951
1952
1952—June
July
August...
September
October...
November
December
1953—January..
February.,
March
April
May*
JuneP....

Total
purchase

Purchases

Sales

Net
purchases

Purchases

Sales

Net
purchases

81.7
88.8
173.8
272.3
289.8
19.2
23.9
24.1
24.6
22.1
19.5
'26.8

96.7
70.8
198.2
348.7
329.6
29.8
33.0
22.7
26.8
20.8
16.5
20.9

-15.0
18.0
-24.4
-76.4
-39.8

211.6
321.2
589.2
500.4
495.3

-79.8
9.8
-121.0
-300.6
-182.1

293.3
410.1
763.0
772.7
785.1

-10.6
-9.1
1.4
-2.1

25.4
24.7
27.5
21.8
16.9
44.9

26.1
24.3
37.6
20.8
41.8
21.9

52.5
52.8
57.9
38.9
87.6
18.2
25.7
33.0
29.4
29.7
29.2
112.4
62.6

291.4
311.5
710.2
801.0
677.4
30.2
24.8
28.2
27.5
77.8
14.1
75.7

22.4
28.0
29.7
11.4
9.7
4.1
-49.9
-18.4
-38.4
-13.3
-29.0
93.4
29.7

71.7
76.7
82.0
63.6
109.6
37.7
'52.6
58.4
54.1
57.2
51.1
129.2
107.5

1.3
3.0

'5.9
-.7
.4
-10.1
1.0
-24.9
23.0

51.5
67.8
43.0
58.2
19.0
32.8

Total
sales

388.2
382.3
908.4
1,149.7

1,007.0
60.0
57.8
50.9
54.3
98.6
30.7
96.6
77.6
92.1
80.6
79.0
60.8
54.7

Net
purchases
of
foreign
securities

-94.8
27.8
-145.4
-377.0
-221.9
11.7
18.9
31.1
9.3
11.0
7.1
'-44.0
-19.2
-38.0
-23.4
-28.0
68.5
52.8

r
p1 Preliminary.
Revised.
Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date.
3
Beginning
January
1950,
excludes Belgian Congo, reported separately as4 of that date.
8
Includes transactions of international institutions.
Through 1949 includes transactions in corporate bonds.
6
Through 1949 represents transactions in corporate stocks only.
Less than $50,000.

SEPTEMBER 1953




1019

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES,
BY COUNTRIES
(Inflow of Foreign Funds)
[Net sales, (—). In millions of dollars]
Year or
month

International
institutions

United
Kingdom

Total

France

87 0
121.2
-15.9
14 7

—199.8
— 11.8
823.2
-568.4
300 2

20.9
64.0
21.4
70 4

1952—June...
July...
Aug
Sept....
Oct
Nov....
Dec

.6
.4
.9
.9
11.3
.9
.9

2.4
22.5
32.0
-7.0
174.5
40.9
31.3

2.4
7.2
7.0
-6.9
38.9
1.8
11.4

—82.8
-6.8
197.8
6.0
5.5
1.6
.6
.7
-1.2
.1
.5
1.2

1953—Jan....
Feb.. . .
Mar.. ..
Apr.. ..
Mayp..
June?. .

25.5
10.5
1.0
-1.2
5.2
1.3

8.4
-9.1
6.8

5.8
2.1
10.0
2.5
-.6
5.4

1.3
-.4
.6
.1
.4
2.0

1948
1949
1950
1951
1952

7.6

0)'

9.1

c

17.7

Nether- Switzerland
lands

-3.0
-1.4
-.5
-.3
-2.7
— .6
-2.2

—40.0
44.2
19.0
45.9
50 7
.7
13.7
6.9
8.3
5.4
5.3
4.5

-2.1
-1.3
-3.4
-5.4
— 9
-1.1

13.4
6.7
4.4
2.7
2.0
6.2

—79.3
—25 5
—6.3
-22.2
—21 9

Italy

(i)

1.5

Other
Europe

Total
Europe

Canada

2.6

—190.4
36 5
347.5
9.2
111 4
2.6
21.3
15.1
-.5
45.9
10.2
13.4

7.5
—49.0
458.2
-595.5
191 6

2.0
-7.7
-1.4
.1

20.4
-.5
10.0

-.2

12^4

.5

2 2
73.8
-43.8
6 2

-.2
.3
.4
.1
.2
— .1
-.3

1.2
.9
.6
-.4
3.9
3.3
-1.2

— .2
-.1
-1.2
.1

0)

Latin
America

All
other

Asia

—23.3
—2 1
—15.3
4.8
—9 5

—3.9

4.4
6.8
15.7
-2.3
126.1
27.2
16.3

10.2
2 5
30.1
13.9
4 7
-4.8
1.5
.9
-4.1
1.1
3.4
.1

-.2
-7.3

.5
.2
.3
-.3
.1
.2
.5

-10.3
-8.8
-3.8
-1.0
-.4
3.9

-1.1
-.4
.8
1.4
.8
.8

.3
.1
-.5

l!2
— .1
1.0

0)

.1

2

2.7
-.7
1 9

-.9
.6
.2
-1.0
-.5
.4

TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES
Other Europe; Latin America; and Asia

Year or
month

1948
1949 ..
1950
1951
1952

.

1952—Tune
July...
Aug
Sept.. .
Oct....
Nov. ..
Dec. ..
1953—Jan.. ..
Feb....
Mar....
Apr
Mayp..
JuneP. .

Other Aus- BelEurope tria 2 gium

Norway

2.6

-.3

2.6

— .9
1.6
12.6 36.7
5.7 - 3 8 . 1
6.0
-.5

2 2
18.4
73.8
-43.8 -U.9
.4
6.2
2

1 2
.9
.6
-.4
3.9
3.3
-1.2

8
8

2.0
-7.7
-1.4
.1

0)
0)
0)'
0)

0)

0)

4
-.8
.4
— .1
-.2
.6
-1.5

—l

1'.2
3.1
-.1

.9
.9
- . 1 -6.8
-.1
.2
.2
.2
.5
— .5
.1
.3

• • ( 1 ) "

Colombia

All Latin
other America

10.2

.3
1.4

Cuba

.2
1.2

2.5

6.0
.5
.3

30.1
13.9
4.7

-1.2
.5
-.8

6
1.8
.2
-.2
.9
-.3
.5

—4 8
1.5
.9
-4.1
1.1
3.4
.1

1 1
.3
-.1
-1.3
-.2
.4
-.1

.2
-.6
-1.5

-1.1
-.4
.8
1.4
.8
.8

— 1.3
-.3
-.1
.5

C 1 )'
-.6

-i

-A

-.8

-1.0
24.6
6.1
.2
— .4
-.2
1.3
-.1
3

o)'

-1.6

0)
.8
0)

-.3
5
'.3

Republic Uru- Other
Latin
8
of
Pan- guay America
ama

Mexico

2.9
.3

.5
2.5
2.6

-4.7
4.2

.1 - 5 . 0
.8
2.6
-6.5
2.7

— .4 - 5 9
.8
-.3
.7 - 2 . 3
.8 - 3 . 1
.1
.8
.3
2.3
1.1
.4
.4
-.2
-.3
.3

0)

.3
.5
1.2
-.8
- 1. 3

C)
0)

-.6
.4
.3 - . 3
.7
.2
.1 0)
— .5 - . 4
2.0
-.3

ForPhilipmosa
and Hong pine Other
China Kong Re- Asia

Asia

12.6
-2.1
11.1
1.5
6.6

-23.3
-2.1
-15.3
4.8
-9.5

4

—2
-7.3

"I

1.1
.6
.4

0)

-.6
.3
.2
1.2
-1.3

public

Mainland

\'.2
— .1
1.0

-22.7
-7.2
-3.0
-.2
-.3

K

.3
.1
-.5

0)
0)

A

0)

0)

.2
.1
.1

.4
.2
-1.2
.5
-1.0
5.5
.9 - 1 5 . 6
2.3
7.0 - 2 . 1
1.3 - 1 1 . 4
.7
.6
.1
.1
.2

-1.0
-7.5

C1)
0)

(9
0)
0)

0)

1.1

8

.3
.1
-.5
-.2
.2

0)
0)
0)
0)
0)

0)

.2

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]
Year or
month
1948
1949
1950
1951
1952

..

1952—Tune..
July. .
Aug.. ..
Sept
Oct.. .
Nov....
Dec....
1953—Jan
Feb.. ..
Mar
Apr... .
Mayp..
JuneP. .

Interinsti-

national

Total

United
Kingdom

—94.9
43.8
— 141.8
—224.3
-103.9

-9.9
-13.5
-6.1
-2.0
-4.4

-4.3

4.9

-12.8

12.5
18.9
31 .7
9.3
69.8
7.9
'•-43.3

-1.6
-1.1
-1.0
1.3
4.0
-.7
-1.1

.9
- 3
1.0
1.2
.1
-.1
-.4

-3.9
-6.7
-2.9
-.7
-.2

-19.2
-47.5
-23.3
-31.3
69.0
50.7

-.3
.3
2.9

.3
.3
.6
1.2
.4
.9

-1.5
1.4
.1
-.3

tutions

0)

-16.0
-3 6
-152.7
-118.1
-.8

0)

-.6

-58.8
-.8
-.7

0)

9.5
-.1
3.4
-.5
2.1

P Preliminary.
» Less than $50,000.

1020




r

0)

-1.1
21.7

France

Nether- Switzerland
lands
-5.3

.4

-.1

-1.3
-4.1

-4.7

2.8

-i

»-3.9

0)

-.4

-35.4
19.1
17.2
14.2
8.7

-.2
-1.6
2.1
-.5
1.8
.4
.7
2.1
1.1
.5
.5
2.2
2.8

Other
Europe

Total
Europe

Canada

Latin
America

.1
.4
.5
1.2
1.2

11.4
24.6
16.4
18.2

-43.4
30.8
13.4
28.5
15.9

—102.2
-10.6
—190.0
-258.6
-141.0

40.7
20.2
29.8
33.8
25.3

-.2
.4
-.3
.1
1.0

6.1
-.4
.2
.6
3.9
* .7
.3

1.2
-9.6
-1.0
2.0
10.6
.3
r
3.5

11.2
21.4
28.3
6.5
39.8
8.8
-46.0

.7
.5
5.2
1.7
.3
1.6

1.7
3.8
9.4
3.1
1.7
26.8

-18.3
-47.9
-32.6
-33.8
68.3
22.9

Italy

0)

.2
.4
.1
.1

0)
<l>

7.8

2.5

Asia

1 6
.8

1 0
-36 0
— 10 0

1.1
6
13.1
.2
2.3

-2.7
6.7
2.7
4
6.7
— 1.6
-3.9

1.1
1.9
1.3
3.1
.9
7.3

-4.1
-2.6
- 1 .7
-3.8
-2.1
-2.2

0)

All
other
8
2
3
7
6

4
6
9
9
0

4
2
6
— 2
-.3
.2
.7
.4
-2.6
3
.1
.2
-4.1

Revised.
' 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)

TABLE 9.—DEPOSITS AND OTHER DOLLAR ASSETS HELD
AT FEDERAL RESERVE BANKS FOR FOREIGN
CORRESPONDENTS *
[In millions of dollars]
Assets in custody

[In millions of dollars]

Year or month

1948
1949
1950
1951
1952
1952—June
July
August. . .
September
October...
November
December.
1953—January. .
February.
March
April
Mayp. . . .
June?. . . .

Total

Europe

-19.3

-20.8

.6
8.0

1.0
3.0

-6.1
-1.8

-3.3
-1.6

Canada

.1
.9

-3.0

2.8

-1.0

2.3

2.2

— .3

-3.7
-4.1

-2.1
-3.3
-1.8

.3
.6
.6

2.0
.3

.9

-7.8

-3.2

3.5

.3

-4.8
-1.7
-1.2

-4.7
-1.3

2

-.2

4.7
-.5

-.6

-4.9

3.7

1.5

-1.8
- 11. 2

C)

2.0
1.1
1.6

-4.4

.8
6.8

Latin

AmerAmerica

.3

1.2

-1.3
4.4
-5.0

C1)
3.5
-.6
-.2

.5

-.1
C1)
-1.8
1.3
1.0
-1.0
.1

1.0

-2.0

.4
1.9
.2

-2.4

2.1

.4
-.2
-.9
.6
.1

.7

-1.0
-1.1
-2.2

— 6
-1.7

P Preliminary.
9
1
Less than $50,000.
2
Amounts outstanding (in millions of dollars): foreign brokerage
balances in U. S., 79.5; U. S. brokerage balances abroad, 37.6.

Deposits

Date

Asia
and all
other

U. S. Government
securities 2

Miscellaneous 8

1951—Dec. 31

526

1,383

80

1952—Aug.
Sept.
Oct.
Nov.
Dec.

31
30
31
30
31

812
707
642
758
550

2,116
2,236
2,301
2,225
2,156

55
65
80
84
86

1953—Jan.
Feb.
Mar.
Apr.
May
June
Tuly
Aug.

31
28
31
30
31
30
31
31

586
511
536
506
515
527
566
524

2,182
2,170
2,246
2,425
2,455
2,449
2,378
2,588

85
89
90
97
95
101
95
95

1953—Aug. 5
Aug. 12
Aug. 19
Aug. 26

557
551
610
518

2,378
2,436
2,464
2,580

95
92
92
93

Represents dollar assets belonging to foreign monetary authorities
and the Bank for International Settlements. Excludes assets held for
the International Bank for Reconstruction and Development and
International Monetary Fund and earmarked gold. See footnote 4,
p. 1023, for total gold under earmark at Federal Reserve Banks for
foreign and international accounts.
2
U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
3
Includes bankers' acceptances, commercial paper, foreign and
international bonds.
NOTE.—For explanation of table and for back figures see BULLETIN
for May 1953, p. 474.

GOLD PRODUCTION
OUTSIDE USSR
[In millions of dollars]
Production reported monthly
Estimated
world
production Total
outside
reported
USSR*
monthly

Year or
month

1947
1948
1949
19"5O
1951
1952

..

.

1952—June

July
August
September.
October. . . .
November
December. .

1953

Tanuarv
February
Ivlarch
April
May

766 5
798.0
833.0
857 5
840.0

705.5
728.1
753.2
777 1
758.3
780.9
63.3
67 4
65.8
66 4
70.6
64 9
66.7

South
Africa

Rhodesia

Other

North and South America

Africa
West Belgian United
Africa1 Congo 2 States 3

$1 =i5*/n grains of gold 9/1 0
10.8
19.3
392.0
18.3
23.4
18.0
11.1
405.5
12.9
23.1
409.7
18.5
12.0
24.1
17.9
408 2
12.3
22.9
17.0
403.1
12.9
23.8
413.7
17.4

Canada

Colombia

fine: i. e., an ou nee of fine
75.8 107.5
16.3
12.9
70.9 123.5
14.2
67.3
144.2
14.3
80.1
155.4
66.3
153.7
13.8
16.1
67.4 156.5

34.1
35.5
34.9
34.7
35.4
34.3
34.6

1.5
1.4
1.6
1.4
1.5
1.5
1.4

1.9
1.8
2.0
2.1
2.1
2.1
2.1

L.2
?
L.2
?
L.I
1
.9

5.5
6.4
6.5
6.2
6.8
6.0
5.9

12.6
13.1
13.0
13.4
14.1
13.6
13.7

34.7
32.4
34 7
34 3
34 9
34 1

1.4
1.4
1 4
1 4

2.1
2.1
2 1
2 1

LI
1

4.5
4.3
5 2

1.4

2.1
2.1

13.0
12 A
13 3
12.9
12.9
12.7

1
1
0
1

Mexico

5.2
6.1
6.0

.8
1.4
1.0
1.4
2.9
1.2
1.1

Chile

Nica- Austra- India'
ragua *
lia

gold = $35.
13.4
5.9
5.7
11.7
6.3
12.6
6.7
13.3
15.1
6.1
6.2
14.8

7.4
7.8
7.7
8.0
8.8
8.9

32.8
31.2
31.3
30.4
31.3
34.3

6.1
6.5
5.7
6.7
7.9
8.9

.9
1.3
1.1
1.0
1.1
.3
1.8

.4
.7
.6
.6
.5
.5
.4

.8
.7
.7
.8
.7
.8
.8

2.9
3.3
2.4
2.8
3.6
2.9
3.3

.7
.7
.7
.8
.8
.7
.7

1.4
1.2
1 2
1 2

.6
.3

.7
.7
.7
.7

2.9
2.8
3 1

.6
6
6
7
.7
.7

1.1

1 0

.9
8

Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million.
Estimates of United States Bureau of Mines.
2
Reported by American Bureau of Metal Statistics.
3
Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics.
*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 thpse and othpr countries in the period 1910-1941, see Banking and Monetary Statistics, pp.
542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427.

SEPTEMBER 1953




1021

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
1947—Dec
1948—Dec
1949—Dec
1950— Dec
1951—Dec
1952—Aug
Sept
Oct
Nov
Dec...
1953—j an
Feb
Mar.. . .
Apr
May

June...
July

Estimated
United States
otal world
(excl.
USSR)* Treasury Total 2
34,550
34,930
35,410
35,820
35,960
36,210
'3>,270
36,330
P36.390

Argentina

Belgium

Bolivia

Brazil

Canada

Chile

22,754
24,244
24,427
22,706
22,695

22,868
24,399
24,563
22,820
22,873

322
143
216
216
268

597
624
698
587
621

23
23
23
23
23

354
317
317
317
317

294
408
496
590
850

45
43
40
40
45

23,344
23,342
23,339
23,337
23,186

23,528
23,525
23,521
23,504
23,252

268
268
268
268

735
718
713
711
706

25
22
26
23
21

317
317
317
317
317

883
892
885
887
896

22,986
22,662
22,563
22,562
22,537
22,463
22,277

23,079
22,751
22,649
22,639
22,590
22,521
22,353

709
701
702
690
695
696
701

21
21
21

317
317
317

Indonesia

Colombia

Cuba

Denmark

Ecuador

279
289
299
271
311

32
32
32
31
31

20
21
21
19
22

41
42
42
42
42

294
280
280
254
214

31
31
31
31
31

23
23
23
23
23

900
904
911
924
934
944
951

42
42
42
41
41
41
41

214
214
196

31
31
31
31
31
31
31

23
23
23
23
23
23

Mexico

Netherlands

New
Zealand

83
51
52
74

23-.

End of
month

Egypt

France8

Guatemala

1947—Dec
1948—Dec
1949—Dec
1950—Dec
1951—Dec

53
53
53
97
174

548
548
523
523
548

27
27
27
27
27

274
256
247
247
247

"178
209
280

142
140
140
140
138

58
96
256
256
333

100
42
52
208
208

231
166
195
311
316

23
23
27
29
32

72
52
51
50
50

14
27
27
27

20
20
28
31
46.

1952—Aug
Sept
Oct
Nov
Dec

174
174
174
174
174

558
558
558
568
573

27
27
27
27
27

247
247
247
247
247

280
280
280
255
235

138
138
138
138
138

346
346
346
346
346

72
87
104
105
144

323
326
326
394
544

33
33
33
33
33

50
50
50
50
50

38
38
38
38
38

46
46
46
46
46.

1953—Jan
Feb
Mar
Apr
May....
June....
July....

174
174
174
174
174
174
174

573
573
573
573
573
573
573

27
27
27
27
27
27

247
247
247
247
247
247

218
208
208
208
208
208
177

138
138
137
137
137
137
137

346
346
346
346

149
178
179
180

567
597
605
*>605
P605
P615
P662

33
33
33
33
33
33
33

55
55
55
55
55
55
55

38
38
38
38
38
38
38

46
46
46
46
46
46

End of
month

Portugal

El Salvador

South
Africa

Spain

Sweden

Switzerland

1947—Dec
1948—Dec
1949—Dec
1950—Dec
1951—Dec

310
236
178
192
265

15
15
17
23
26

762
183
128
197
190

111
111
85
61
51

105
81
70
90
152

,356
,387
,504
,470
,452

34
34
118
118
113

170
162
154
150
151

1952—Aug....
Sept
Oct
Nov
Dec

274
277
282
285
286

30
29
29
29
29

159
158
159
159
170

51
51
51
51
51

202
202
190
185
184

L.404
1,404
1,406
1,407
L.411

113
113
113
113
113

1953—Jan
Feb
Mar
Apr
May...
Tune. . .
July-

297
298
305
311
318
324

29
29
29
29
29
29
29

165
173
174
173
175
175
175

51
52
52
53
53
54

195
194
194
194
194
193
203

1,417
1,417
1,418
1,418
1,432
1,441

113
113
113
113
113

India

«180

Iran

Italy

Thailand

Turkey

United
Kingdom

Uruguay

Norway

Venezuela

Pakistan

Peru

Inter- Bank for
national InterMone- national
Settle-,
tary
menta
Fund

6
2,079
6

1,856
51,688
53,300
5
2,335

175
164
178
236 !
221

215
323
373
373
373

1,356
1,436
1,451
L.495
1,530

30
36
68
167
115

150
146
143
143
143

51,672
61,685
5
1,767
s
l,895
8
1,846

211
211
205
205
207

373
373
373
373
373

1,681
L,683
L.691
1,692
1,692

181
183
187
191
196

143
144
144
144
144
144
144

51,978
52,103
52,166
52,273
52,321
52,367
52,456

207
207
217
217
222
222

373
373
373
373
373
373
373

L.692
1,692
1,693
1,693
1,693
L,698
t 699

215
214
233
242
211
193
195

r
p1 Preliminary.
Revised.
Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various centraj
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated
official holdings of countries from which no reports are received
2
Includes gold in Exchange Stabilisation Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasurygold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement
"United
States Money, Outstanding and in Circulation, by Kinds."
8
Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
^Figure
as of Mar. 31.
5
Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank
of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Ranking and
Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subse-.
quent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back:
figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively.

1022




RESERVE BULLETIN

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
[Negative figures indicate net sales by the United States]
(In millions of dollars at $35 per fine troy ounce)

Year or quarter

1945
1946
1947
1948
1949
1950
1951

1952

Netherlands

Portugal

Total

United
Kingdom

Belgium

-452.9
721.3
2,864.4
1,510.0
193.3
-1,725.2
75.2
393.7

-.2
406.9
734.3
446.3
-1,020.0
469.9
440.0

31.1
14.2
222.8
69.8
-41.0
-55.0
-10.3
-3.8

-201.3
-30.4
-731.0
-762.4

-80.0
-580.0
-360.0

-35.0
-20.0

-876.3
-55.6
291 4
715.7

-400.0
-80.0
320.0
629.9

557.3
105.7
-1.3
-268.0

520.0

20.2

-80.0

-24.0

-100.0 - 5 . 0

-320.0
-40.0

-36.5
-3.4

-25.0 - 1 5 . 0
-15.0

France

-47.9
-10.0
130.8 116.0
40.7 63.0
14.0
-23.5
—79.8 -15.0
- 4 . 5 -34.9
-100.0 -5.0

278.5
264.6
15.8
-84.8
-20.0

Sweden

Switzerland

Other
Europe *

-86.8

-7.4
27.3
86.6
5.8

80.2 - 2 9 . 9
238.0
10.0
3.0 - 5 . 6
-22! 9

-32.0

-40.0
-38.0
-15.0
22.5

2

-159.9
-68.0
-60.1
-29.3

Canada

Argentina

Cuba

Mexico

36.8 -224.9 -85.0 - 2 3 . 8
337.9
153.2 -30.0
36.9
311.2
727.5 -65.0
45.4
114.1 -10.0
61.6
3.4 -49.9 -10.0 - 1 6 . 1
-100.0
28.2 - 1 1 8 . 2
-10.0 -49.9 -20.0 - 6 0 . 2
7.2 -20.0
87.7

1950
Jan.-Mar
Apr.-June... .
July-Sept
Oct.-Dec

-28.5
-56.3

- 7 9 . 8 -15.0

-3.0
-16.0
-4.0

-13.0
-25! 6

-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.
July-Sept..
Oct.-Dec..

-12 3 -91.7
2.0

-4.5

71.7

-10.0
-15 0
-5.0
-5.0

15.0 -15.0
17!6

-44.3
-11.2
-3.5
-1.1

—49.9

-10.0

—124.4
64.1
-20.0

1952
Jan.-Mar
Apr.-June....
July-Sept
Oct.-Dec

22.5

-10.1

11.3
101.4

6.9
.3
-20.0

-25.0

-54.9
-20.0

-28.1

1953
-599.1

Jan.-Mar..
Apr.-June.

-128.2

-10.0

-20.0
-25.0

-71.7
-18.8

NET GOLD PURCHASES BY THE UNITED STATES,
BY COUNTRIES—Continued

ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES

[Negative figures indicate net sales by the United States]

[In millions of dollars]

(In millions of dollars at $35 per fine troy ounce)

Year or
quarter

1945
1946
1947
1948
1949
1950
IQ51
1952

Uruguay

Venezuela

Other
Latin
America

Asia
and
Oceania
3

-37.9 -73.1
-9.2
—4.9
-3.7
25.1
10.7 - 1 0 8 . 0
- 1 4 . 4 —50.0
-64.8
— .9
22.2
14.9

- 2 7 . 8 -188.3
25.0
13.7
1.0
79.1
13.4
-4.1
—7.5
—52.1
-17.2
-35.4
- 1 7 . 2 «-50.1
-25.1
-4.8

-12.0
—2 0
-23.9
-26.9

-10.4
-.9
-.1
-5.9

.2
1.0
-13.9
-22.8

-11.7
—5.0
3.5
-4.0

-18.8
—2.4
-3.9
-25.0

-17.6
-7.4
—2.0
2.0

-3.2
-2.4
.4
.3

Union
of
South
Africa

Gold stock at
end of period
All
other

3.7
22.9
"94.3
256.0
11.9
6.9
498.6
195.7
-1.6
13.1 4 - 4 7 . 2
52.1 * - 8 4 . 0
11.5
-2.0

1950
Jan.-Mar
Apr -June
July-Sept
Oct.-Dec

3.9
9.2

-26.9
-2.8
-14.7
-2.8

1951
Jan.-Mar
Apr -June
July-Sept
Oct.-Dec

-50.9
15 0
28.0
30.1

— .9

"ii.i

20.3
19.2

-28.0
—25.0
-31.0

1952
Jan.-Mar

10.0

Tulv-Seot
Oct -Dec

4 8

4.3
7.2
— .1
-1.9

1953
Jan.-Mar

-10 0
-5 0

1
2

-3.6

-4.3
-1.2

Includes Bank for International Settlements.
Includes sale of 114.3 million dollars of gold to Italy.
'Includes sales of 185.3 million dollars of gold to China.
* Includes sales of gold to Egypt as follows: 1950, 44.8 million
dollars;
and 1951, 76.0 million.
8
Includes sales of 45.0 million dollars of gold to Indonesia.

SEPTEMBER

1953




Period

1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952

EarNet
marked DomesIncrease gold
imgold:
de- tic gold
in total
port or crease producgold
or
inexport
stock
tion
crease
(-)

Treasury

TotaH

22,726
21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
22,695
23,186

-23.0
22,739
315.7 -458.4 125.4
-757.9
21,981
68.9 -803.6 48.3
20,631 - 1 , 3 4 9 . 8 -845.4 -459.8 35.8
- 5 4 7 . 8 -106.3 —356.7 32.0
20,083
465.4 51.2
623.1 311.5
20,706
210.0 75.8
22,868 2 2,162.1 1,866.3
24,399 1,530.4 1,680.4 - 1 5 9 . 2
70.9
164.6 686.5 —495.7 67.*
24,563
22,820 - 1 , 7 4 3 . 3 - 3 7 1 . 3 -1,352.4 80.1
617.6 66.3
52.7 - 5 4 9 . 0
22,873
378.9 684.3 - 3 0 4 . 8 67.4;
23,252

(-)

1952—Aug.. . 23,344 23,528
Sept... 23,342 23,525
Oct.... 23,339 23,521
Nov... 23,337 23,504
D e c . . . 23,186 23,252

-8.0
-2.8
-4.4
-16.9
-252.6

23,079
22,751
22,649
22,639
22.590
22,521
22,353
^22,275

-172.8
-327.5
-102.5
-10.0
-48.7
-69.4
-168.0
P-77 .6

1953—Tan. . .
Feb...
Mar...
Apr. . .
May..
Tune..
July...
Aug.. .

22,986
22,662
22,563
22,562
22,537
22.463
22,277
^22,178

-32.6
-13.8
-92.4
—29.0
-263.2

6.5;1
6.2
6.8'
6.0
5.9-

- 2 . 2 -171.7
- 2 . 0 -324.1
3.5 - 1 0 6 . 5
-16.8
7.0
-48.9
.1
-68.5
-2.0
- . 5 -171.7
* -78.8
(3)

4.5
4.3
5.2
5.26.1
6.0
6.8
(3)

3.1
33.3
83.5
.3
8.1

P Preliminary.
*See footnote 2 on opposite page.
2
Change includes transfer of 687.5 million dollars gold subscription
to International Monetary Fund.
3
Not yet available.
* Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 6,300.0 million dollars on Aug. 31, 1953. Gold!
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Stitis'ics, Table 156, pp. 536-538, and pp. 522-523.

1023

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[End-of-month figures. In millions of dollars]
1953

1952

1953

International Fund

1952

International Bank
July

Gold
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Unpaid balance of member subscriptions,
Other assets
Member subscriptions
Accumulated net income

Apr.

Jan.

1,699 1 ,693 1,692 1,537
1,332
14,885
812
1
8,737

1 ,338
4 ,640
1 ,057
1
8 ,737

-8

1,288 1,319
4,395 4,420
1,354
869
1
1
8,737 8,154
-7

1953

Net currency purchased2
(Cumulative—millions of dollars)

July

July

June

1952
May

July

50.0 50.0 50.0 20.0
11.4 11.4 11.4 11.4
2.5
2.5
2.5
37.5 37.5 37.5 63.0
3.6
-1.8 -1.8 - 1 .
6.0
6.0
6.0
6.0
10.2 10.2 10.2 10.2
-5.5 -5.5 -5.5 -5.5
4.5
4.5
4.5
125.0 125.0 125.0 125.0
100.0 100.0 100.0 100.0
8.8
8.8
8.8
75.2
10.0 10.0 10.0 10.0
300.0 300.0 300.0 300.0
9.0
9.0
9.0
9.0
-1.6 -1.6 -1.6 -1.6

Australian pounds
Belgian francs
Bolivian bolivianos
Brazilian cruzeiros
Chilean pesos
Czechoslovakian koruny.
Danish kroner
Egyptian pounds
Finnish markkaa
French francs
Indian rupees
Iranian rials
Netherlands guilders....
Turkish liras
Pounds sterling
Yugoslav dinars
Allother

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 2resei ve
Capital

Mar.

Dec.

June

5
10
3
1,022 1,033 1,040

6
937

495
4

512
4

423
4

446
3

1,487 1,445 1,409 1,270
14
14
17
13
556
500
556
568
70
56
66
66
398
403
404
423
9
7
9
9
77
71
66
58
37
32
28
35
1,807 1,807 1,807 1,691

includes 5 million dollars receivable from a member country for
currency
adjustment.
2
As of July 31, 1953, the Fund had sold 872.7 million U. S. dollars;
in addition, the Fund sold to the Netherlands 1.5 million pounds
sterling in May 1947 and 30.0 million Belgian francs in May 1948, sold
to Norway 200 million Belgian fiancs in June and July 1948, and sold
to Brazil 10 million pounds sterling in January 1951. Repurchases
amounted to 252.2 million dollars. Currencies the net transactions in
which
amount to less than one million are reported under "All other."
3
Excludes uncalled portions of capital subscriptions, amounting to
7,229 million dollars as of June 30, 1953, of which 2,540 million represents the subscription of the United States.

665.9 665.9 665.9 735.0

Total.

CENTRAL BANKS

Bank of England
(Figures in millions of
pounds sterling)

Assets of issue
department
Other
assets 2

Gold*

Assets of banking
department
Notes
and
coin

Discounts
and advances

Securities

Liabilities of banking department
Note
circulation 3

Deposits
Bankers'

Public

ECA

Other

Other
liabilities and
capital
17.9
17.8
17.8
18.1
18.1
18.1
18.1
18.1
18.1

29
27
26
25
31
29
28
27
26

.2
.2
.2
.2
.2
.2
.4
.4
.4

1,100.0
1,250.0
1,400.0
L,450.0
1,450.0
1,325.0
L,350.0
1,375.0
1,450.0

12.5
13.5
20.7
23.4
100.8
36.1
33.7
19.2
14.1

2.5
5.1
8.4
13.6
15.2
16.7
14.8
29.2
18.2

307.9
317.4
327.0
327.6
331.3
401.1
489.6
384.0
389.2

1,088.7
1,238.6
1,379.9
1,428.2
1,349.7
1,293.1
1,321.9
1,357.7
1,437.9

234.3
260.7
274.5
278.9
315.1
314.5
299.2
313.5
299.8

10.3
5.2
5.3
10.3
18.6
11.7
11.6
15.4
13.4

17.4
97.9
.4
.6

60.4
52.3
58.5
57.3
95.5
92.1
111.2
85.0
89.8

1952—Aug. 27
Sept. 24
Oct. 29
Nov. 26
Dec. 31

.4
.4
.4
.4
.4

1,500.0
1,500.0
L,500.0
1,500.0
1,575.0

43.0
57.8
57.7
40.5
51.3

7.2
5.2
9.3
9.9
11.2

324.4
333.5
324.8
357.6
371.2

1,459.0
1,444.1
1,444.2
L,461.4
1,525.5

252.4
275.7
271.6
275.4
302.8

16.0
11.1
13.5
15.4
10.0

23.0
24.2
22.2
26.6
24.3

64.8
67.0
66.7
72.6
78.5

18.4
18.5
17.8
18.0
18.1

1953—Jan.
Feb.
Mar.
Apr.
May
June
July

.4
.4
.4
.4
.4
.4
A

,500.0
1,500.0
L.55O.O
1,550.0
L,550.0
1,600.0
4 L,625.0

52.9
37.3
63.3
38.2
19.8
62.2
29.0

6.5
7.1
6.2
13.8
6.0
8.1
10.7

343.2
389.9
359.0
354.8
384.9
346.9
369.1

1,448.9
1,464.7
1,488.8
,514.0
L.532.4
, 540.2
,598.8

274.5
292.6
288.3
261.8
260.3
276.7
274.8

11.5
9.8
14.6
13.8
15.7
9.8
9.8

32.2
44.6
32.0
39.5
45.7
44.5
38.4

66.1
68.8
75.0
73.9
71.0
68.2
67.5

18.3
18.4
18.5
17.8
18.0
18.1
18.3

1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.

28
25
25
29
27
24
29

4

x
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.
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes issued less amounts held in banking department.
4
Fiduciary issue decreased by 50 million pounds on Jan. 7 and 25 million on Jan. 14, and increased by 50 million on Mar. 25 and June 3 and
by 25 million on July 29. For details on previous changes, see BULLETIN for February 1953, p. 194.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication.

1024




FEDERAL RESERVE BULLETIN

CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)

Gold

Sterling
and United
States
dollars

Liabilities

Dominion and provincial government
securities

Deposits
Other
assets

Note
circulation2

Chartered Dominion
governbanks
ment

Other
liabilities
and
capital3

Short-1
term

Other

38.4
200.9
.5
.6
172.3
156.8
1.0
2.0
.4
74.1
111.4
117.8

448.4
391.8
807.2
787.6
906.9
1,157.3
1,197.4
1,022.0
1,233.7
1,781.4
1,229.3
1,141.8

127.3
216.7
209.2
472.8
573.9
688.3
708.2
858.5
779.1
227.8
712.5
1,049.3

12 A
33.5
31.3
47.3
34.3
29.5
42.1
43.7
45.4
42.5
297.1
135.2

359.9
496.0
693.6
874.4
,036.0
,129.1
,186.2
,211.4
,289.1
,307.4
,367.4
,464.2

217.7
232.0
259.9
340.2
401.7
521.2
565.5
536.2
547.3
541.7
578.6
619.0

10.9
73.8
51.6
20.5
12.9
153.3
60.5
68.8
98.1
30.7
24.7
94.9

19.1
17.8
27.7
29.8
93.8
67.5
81.0
126.9
207.1
66.1

28.5
35.1
24.0
55.4
209.1
198.5
42.7
42.4
43.1
119.2
172.6
200.0

1952—Aug. 29.
Sept. 30.
Oct. 31.
Nov. 29.
Dec. 31.

74.9
73.5
42.8
67.6
77.1

,303.2
,263.7
,286.7
,214.3
,459.8

852.9
870.9
896.1
957.3
767.2

69.7
70.8
103.4
72.3
77.3

,464.4
,476.5
,485.6
,498.8
,561.2

614.7
588.2
668.8
607.3
626.6

52.0
30.7
18.8
15.0
16.2

47.4
49.4
56.0
65.1
44.5

122.1
134.0
99.8
125.2
132.9

1953—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 30 .
June 30.
July 31.

64.3
72.0
65.5
68.0
59.3
66.4
74.9

,351.2
,411.9
,371.0
,436.6
,364.8
,405 5
,451.6

803.0
817.5
810.9
796.0
821.4
852.0
838.5

82.3
88.8
79.4
86.5
99.9
100.2
87.5

,479.6
,472.8
,493.4
,504.8
,517.9
,529.0
1,547.2

603.1
668.0
601.1
646.7
594.9
647.6
646.6

40.5
88.6
60.6
48.3
45.6
47.9
43.8

47.6
51.4
66.5
76.8
72.1
82.6
68.7

130.1
109.3
105.1
110.6
114.8
116.0
146.3

l940_Dec. 31.
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 31.
1944—Dec. 30.
1945—Dec. 31.
1946—Dec. 31.
1947—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.
1950—Dec. 30.
1951—Dec. 31.

(*>

Foreign
exchange

Domestic bills
Open
market6 Special

9.5
6.0

Liabilities

Assets
Bank of France
(Figures in
millions of francs) Golds

Other

Advances to
Government6

Other
assets6

Note
circulation

Deposits7
Government

Other

Current

Other

63,900
69,500
68,250
64,400
15,850

984
18,571 218,383
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 ,278,211
1,168
212,822 ,560,561
70
190,830 1,841,608
29

27,202
25,272
29,935
33,137
37,855
57,755
63,468
82,479
171,783
158,973
15,058 161,720
10,587 166,226

ECA

Other

Other
liabilities
and
capital
844,986
868,474
821,318
815,596
7,078
4,087
7,213
10,942
16,206
19,377
24,234
41,332

1940—Dec. 26.
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 30.
1944—Dec, 28.
1945—Dec. 27.
1946—Dec. 26.
1947—Dec. 31.
1948—Dec. 30.
1949—Dec. 29.
1950—Dec. 28.
1951—Dec. 27.

7,802
42
84,616
6,812
38
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
191,447 28,320 234,923

661
12
169
29
48
303
3,135
64
8,577
28,548
34,081
31,956

3,646
4,517
5,368
7,543
18,592
25,548
76,254
117,826
238,576
335,727
393,054
741,267

67,900
147,400
150,900
157,900
158,900
160,000

112,317
182,507
250,965
366,973
475,447
445,447
480,447
558,039
558,039
560,990
481,039
481,039

1952—Aug. 28.
Sept. 25.
Oct. 30.
Nov. 27.
Dec. 31.

194,943
194,943
194,943
198,439
200,187

23,435
27,613
28,815
30,413
31,068

257,589
270,264
283,717
274,454
274,003

14,404
31,784
48,089
52,225
57,042

854,081
812,416
872,793
851,545
937,459

168,600
166,300
171,100
172,000
172,000

479,982
479,982
479,982
479,982
479,982

169,852 1,969,553
171,274 1,962,270
161,989 2,024,943
154,146 2,006,873
159,727 2,123,514

13
83
25
10
27

9,039
539
8,392
10,887
897

137,403
129,755
158,275
139,480
137,727

46,878
61,930
49,792
55,954
49,305

1953—Jan. 29.
Feb. 26.
Mar. 26.
Apr. 30.
May 28.
Tune 25.
July 30.

200,187
200,187
200,187
200.187
200,187
200,187
200,187

16,040
16,502
16,734
14,700
14,896
15,088
2,275

262,363
263,286
252,386
281,119
291,555
281,415
262,811

55,681
48,658
41,544
32,627
28,494
20,630
15,341

915,903
929,291
911,458
923,968
926,296
926,024
960,622

175,000
185,300
199,400
199,400
199,600
199,700
200,000

501,982
504,982
504,982
546,482
534,982
554,982
650,482

124,578 2 ,065,210
121,445 2,067,257
122,995 2,051,991
153,101 2,127,140
129,412 2,065,483
118,300 2,054,347
139,754 2,163,216

56
55
10
60
64
46
70

730
3,479
498
312
18,525
16,838
18,883

128,731
146,509
128,788
165,572
182,849
182,828
193,516

57,008
52,350
68,399
58,500
58,501
62,276
55,788

1
Securities maturing in two years or less.
2
Includes notes held by the chartered banks, which constitute an
3
Beginning November 1944, includes a certain amount of sterling
4

important part of their reserves.
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 51940, pp. 677-678).
For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853;
and November
1936, pp. 878-880.
6
For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6.
7
Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are
not strictly
comparable with those shown for earlier dates.
8
Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400;
1941, 64,580; 1942, 16,857; 1943, 10,724.
NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645
and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication.
For last available report from the Reichsbank
(February 1945), see BULLETIN for December 1946, p. 1424.

SEPTEMBER

1953




1025

CENTRAL BANKS—Continued
1953

Central Bank
(Figures as of last report
date of month)

July

June

1952

May

Central Bank of the Argentine
Republic (millions of pesos):
1,537
1,358
Gold reported separately
906
882
Other gold and foreign exchange.
3,217
3,351
Government securities
52,425 51,917
Rediscounts and loans to banks. .
302
275
Other assets
22,282 21,914
Currency circulation
32,042 31,812
Deposits—Nationalized
495
576
Other sight obligations
3,568 3,482
Other liabilities and capital
Commonwealth Bank of Australia (thousands of pounds):
490,880 485,823 463,424
Gold and foreign exchange
Checks and bills of other banks.. 4,704 10,580 7,950
Securities (incl. Government and
431,892 463,193 424,931
Treasury bills)
53,633 71,838 87,472
Other assets
329,113 328,668 326 ,168
Note circulation
Deposits of Trading Banks:
292,930 301,865 301 ,865
Special
36,252 51,600 33,051
Other
349,302 322,693
322,813
Other liabilities and capital
Austrian National Bank (millions
of schillings):
100
100
100
Gold
4,323 3,544 2,965
Foreign exchange
6,329 6,424
6,283
Loans and discounts
2,167
1,973
1,853
Claim against Government
40
39
28
Other assets.
9,147
8,889
9,471
Note circulation
445
488
653
Deposits—Banks
398
346
388
Other
1,996
1,972
2,075
Blocked
National Bank of Belgium
(millions of francs):
35,041 34,778 34,767
Gold
Foreign claims and balances (net). 15,089 15,406 14,588
6,057
9,588 6,073
Loans and discounts
Consolidated Government debt.. 34,660 34,660 34,660
8,587
6,527
8,062
Government securities
4,485 4,206 4,165
Other assets
96,160
96,594
99,816
Note circulation
1,639
2,650
2,015
Deposits—Demand
147
289
172
ECA
4,923 3,705 3,291
Other liabilities and capital
Central Bank of Bolivia—Mone(Apr.)*
tary dept. (millions of bolivianos):
1,396
Gold at home and abroad
12,986
Foreign exchange (net)
2,325
Loans and discounts
2,192
Government securities
527
Other assets
7,537
Note circulation
1,073
Deposits
816
Other liabilities and capital
Central Bank of Ceylon (thousands
of rupees):
323,876 293 689 308,919
Foreign exchange
58,200 84 200 91,000
Advances to Government
136,427 170 796 153,691
Government securities
4,430
7,087 5, 047
Other assets
384,638 388 764 391,282
Currency in circulation
3,694
890 17. 614
Deposits—Government
99,280 107 581 123,921
Banks
Other liabilities and c a p i t a l . . . . 40,781 39 772 39,143
Central Bank of Chile (millions
of pesos):
1,271
1,374
1,383
Gold
117
156
181
Foreign exchange (net) 2
387
387
388
Net claim on Int'l. Fund
Discounts for member banks. . . . 2,149 1,922 2,346
4,020 4,020 4,059
Loans to Government
11,394 11,845 10,582
Other loans and discounts
2,598
1,707
2,501
Other assets
14,706 14,907 14,195
Note circulation
3,599
3,113
3,219
Deposits—Bank
1,052
1,102
611
Other
2,609
3,020
2,654
Other liabilities and capital
Bank of the Republic of Colombia
(thousands of pesos):
350,010 335,862 325,196
Gold and foreign exchange
24,373 24,373 24,373
Net claim on Int'l. Fund 2

July

814
112
2,124
45,576
248
17,680
27,357
778
3,058
280,220
4.679
458,840
62,871
303,168
194,920
36,839
271,683
98
903
7,145
3,263
41
8,566
255
419
2,211
36,760
17,716
7,521
34,763
7,690
3,677
97,175
1,620
1,449
7,882
1,370
1,183
1,425
1,830
371
4,606
836
739
529,476
40,966
3,207
393,928
19,137
125,817
34,766
1,109
221
166
2,147
665
8,452
2,882
10,338
2,697
247
2,362
235,938
24,371

1953

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 2
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 2
Loans and discounts
Credits to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
National Bank of Czechoslovakia3
National Bank of Denmark
(millions of kroner):
Gold
Foreign exchange
Loans and discounts
Securities
Govt. compensation account. . . .
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Central Bank of the Dominican
Republic (thousands of pesos):

June

May

360,920 356 ,511 337,119
199,842 192,359 184,677
97,758 97,399 '•96,778
542,964 549,083 520,724
404,467 375,873 361 ,437
85,473 '81,549 85,982
11,511
112,638
7,031
74,549
1,376
24,389
138,455
67,937
25,102

11,511
123,849
7,031
70,363
1,407
23,740
138,957
75,276
23,668

July

341,741
161,574
103,534
498,385
295,437
r
73,336

r

11,511
11,511
92,101
109,586
7,031
7,031
62,206
74,549
1,666
7,335
25,072
24,046
139,574 117,351
67.585
68,106
22,256
18,773
(Mar.)*
195,748 304,113
71,454
74,686
183,698 147,870
30,668 34,988
12,511
12,511
20,644
45,299
39,930 22,677
48,062
30,488
440,430 425,304
178,056 210,765
8,677
12,116

69
797
113
454
3,264
151
1,834
1.528
1,294
192

69
761
128
454
3,265
175
1,864
1,474
1,327
187

69
758
85
455
3,307
196
1,846
1,417
1,421
184

69
550
95
435
3,542
183
1,670
1,505
1,533
166

12,076 12,076 12,076
12,066
17,327 17,180 16,662
20,809
Foreign exchange (net) 2
1,250
1,250
1,250
Net claim on Int'l. Fund
1,250
898
1,017
328
336
Loans and discounts
9,950 9,950
8,395
Government securities
9,950
1,521 ••1,464 1,422
•"989
Other assets
32,873 33,137 32,754
31,469
Note circulation
8.325
7,749 7,031 10,669
Demand deposits
1,944 ••1,932 '1,905
1,706
Other liabilities and capital
Central Bank of Ecuador
(thousands of sucres):
Gold
339,145 339,110 336,797
159,931 191,857 117,208
Foreign exchange (net) 2
18,757
18,757 18,757
Net claim on Int'l. Fund
316,569 303,602 227,724
Credits—Government
193,317 171,923 220,230
Other
173,165 168,254 141,978
Other assets
565,566 568,608 528,351
Note circulation
187,810 175,391 165,465
Demand deposits—Private banks
222,993 233,295 144,023
Other
224,515 216,209 224,854
Other liabilities and capital
National Bank of Egypt (thouands of pounds):
Gold
60,553 60,553 60,553
60,553
Foreign exchange
23,238 25,288 23,076
21,201
Foreign and Egyptian
285,525 295,205 300,105 283,574
Government securities
Loans and discounts
11,719
9,173 10,040 17,432
Advances to Government
Other assets
2,453
2,129 2,966
2,661
Note circulation
176,246 180,193 184,493 170,456
Deposits—Government
64,127 71,655 73,838
69,862
Other
132,753 131,012 129,214 121,986
Other liabilities and capital
10,361 9,488 9,194 23,118

r
•Latest
month available.
Revised.
1
Represents chiefly bills secured by stocks of mined tin not yet sold in world markets.
2
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
•3For last available report (March 1950), see BULLETIN for September 1950, p. 1262.

1026




FEDERAL RESERVE BULLETIN

CENTRAL BANKS—Continued
C e n t r a l Bank
(Figures as of last report
date of month)

1953
July

June

1952
May

C e n t r a l Reserve B a n k of £1 Salvador (thousands of colones):
72,994 73,064 73,125
Gold
65,625 69,847 75,501
Foreign exchange (net)
x
1,566
1,566
1,566
Net claim on Int'l. Fund
16,285 11,468 10,100
Loans and discounts
4,162
6,465
4,522
Government debt and securities..
1,696
1,878
1,701
Other assets
86,541 87,201 88,679
Note circulation
68,051 69,219 69,487
Deposits
7,985
7,867
8,102
Other liabilities and capital
S a n k of F i n l a n d (millions of markkaa):
5,862
5,862
5,862
Gold
8,391
9,050
8,567
Foreign assets (net)
5,300
5,651
4,434
Clearings (net)
40,830
42,234
40,834
Loans and discounts
1,655
1,604
1,651
Securities
2,152
2,273 2,083
Other assets.
42,615 43,247 45,962
Note circulation
1,700
4,429
1,402
Deposits
Other liabilities and capital.*<;.. 18,278 18,485 18,179
2
B a n k of G e r m a n S t a t e s
(millions of German marks):
880
941
880
Gold
5,775
5,377 5,072
Foreign exchange
2,068
1,869
2,258
Loans and discounts
7,471
7,278 7,177
Loans to Government
994
945
938
Other assets
Note circulation
- . 11,040 10,831 10,757
1,473
1,407
1,382
Deposits—Government. *.
2,355
2,331
2,451
Banks
271
251
257
Other
1,628
1,773
1,714
Other liabilities and capital
B a n k of Greece (billions of drachmae):
4,307 4,392
Gold and foreign exchange (net) 3
123
117
Loans and discounts
8,053 8,784
Advances—Government
3,476 3,426
Other
2,088 2,090
Other assets
2,328 2,353
Note circulation
832
934
Deposits—Government
Reconstruction and
,700
6,976
relief accts
,095
2,290
Other
5,622
5,727
Other liabilities and capital
B a n k of G u a t e m a l a (thousands of
quetzales):
27,228 27,228
Gold
24,195 25,693
Foreign exchange (net)
1,250
1,250
Gold contribution to Int'l. Fund .
7,479 6,575
Rediscounts and advances
17,136 17,868
Other assets
43,513 43,515
Circulation—Notes
3,496 3,517
Coin
3,356 3,953
Deposits—Government
12,192 12,253
Banks
14,731 15,376
Other liabilities and capital
,
N a t i o n a l B a n k of H u n g a r y 4
- of- I- n d-i a (millions
[miiiio of
rve B a n k
rupees):
Issue department:
400
400
Gold at home and abroad.
5,932 6,132
Foreign securities
4,499 4,499
Indian Govt. securities
877
915
Rupee coin
Note circulation
11,381 11,589
Banking department:
365
318
Notes of issue d e p a r t m e n t . . .
1,200
976
Balances abroad
143
140
Bills discounted
34
33
Loans to Government
1,224
1,227
Other assets
2,475 2,202
Deposits
491
493
Other liabilities and c a p i t a l . . .
B a n k I n d o n e s i a 5 (millions of rupiah):
2,365 6 2,365
2,017
Gold. .
148
88
476
Foreign exchange (net)
588
586
599
Loans and discounts
5,292
3,678
3,995
Advances to Government

July

Central Bank
(Figures as of last report
date of month)

B a n k Indonesia—Cont.
Other assets
73,821
Note circulation
40,559
Deposits—ECA
1,566
Other
14,520
Other liabilities and capital
6,814 Central B a n k of I r e l a n d (thousands
1,265
of pounds):
81,647
Gold
49,598
Sterling funds
7,300
Note circulation
Bank of Italy (billions of lire):
Gold
5,865
Foreign exchange
14,684
Advances to Treasury
3,859
Loans and discounts
31,189
Government securities
1,086
Other assets
1,898
Note circulation
44,173
Deposits—Government
'293
Demand
r
14,114
Other
Other liabilities and capital
Bank of J a p a n (millions of yen):
492
Bullion
3,447
Advances to Government
2,868
Loans and discounts
8,398
Government securities
573
Other assets
9,843
Note circulation
1,781
Deposits—Government
2,093
Other
241
Other liabilities
1,820 Bank of Mexico (millions of pesos):
Monetary reserve 7
"Authorized" holdings of secu1,523
rities, etc
114
Bills and discounts
8,633
Other assets
3,389
Note circulation
1,877
Demand liabilities
2,042
Other liabilities and capital
820 N e t h e r l a n d s B a n k
(millions of
guilders):
6,810
Gold...
1,946
Silver (including subsidiary coin)
3,917
Foreign assets (net)
Loans and discounts
Govt. debt and securities
27,228
Other assets
14,007
Note circulation—Old
1,250
New
7,180
Deposits—Government
17,942
ECA
38,896
Other
3,326
Other liabilities and capital
6,861 Reserve B a n k of New Zealand
6,884
(thousands of pounds):
11,641
Gold
Foreign exchange reserve
Loans and discounts
Advances to State or State undertakings
400
Investments
5,532
Other assets
4,646
Note circulation
791
Demand deposits
11,041
Other liabilities and capital
B a n k of Norway (millions of kroner):
329
Gold
1,200
Foreign assets (net)
13
Clearing accounts (net)
34
Loans and discounts
1,020
Securities
2,342
Occupation account (net)
253
Other assets
Note circulation
1,063
Deposits—Government
705
Banks
377
ECA—MSA
3,428
Other liabilities and capital.

1952
July

June

May

July

145
4,767
496
2,983
617

668
3,860
496
1,344
541

2,646 2,646 2,646
60,685 60,709 61,232
63,331 63,355 63,878

2,646
55,489
58,135

4
50
570
281
262
698
1,257
81
54
369
103

4
38
590
247
212
816
1,259
110
58
394
86

190
4,814
495
1,042
539

4
54
568
277
261
713
1,287
36
59
379
115

198
4,909
495
1,155
418

4
52
569
307
262
702
1,248
109
61
364
114

448
37,374 37
421,516 419
141,471
135,841
512,806
117,815
60,530
45,499

448
399
,996
361
088
352
,761
,346
,832

448
'447
37,424
38,390
382,347 336,553
180,520 135,838
108,361 r 93,481
501,136 455,405
106,047
59,801
63,609
49,147
38,307
40,358

1,156

1,161

1,186

1,018

2,810
700

2,939
630

3,031

446
3,153
1,472
488

3,150
1,492
499

1,536
490

2,601
502
422
3,023
1,050
470

1,727
41
1,242
516
33
3,109
993
1,196
314
202

2,290
17
1,598
36
1,300
529
33
3,049
974
1,196
318
200

1,325
14
1,540
34
1.920
504
42
2,932
700
1,062
391
209

6,021
6,023
66,504 66,563
6,019
6,019

6,020
66,511
6,019

5,955
20,719
6,019

63,775 57,786
37,006 34,950
1,689
1,727
62,605 62,656
109,584 101,535
8,921
8,785

53,073
32,182
1,024
60,374
51,684
6,915

280
177
13
65
44
5,546
57
2,745
2,092
562
322

242
468
42
49
45
5,546
61
2,732

2,500
16
1,556
32
1,217
498
32
3,116
765
1,203
487
216

58,895
37,007
1,909
62,142
106,558
7,657
281
118
25
56
46
5,546
54
2,923
1,684
778
278

464

412

2,306
15

280
130
13
61
43
5,546
61
2,864
1,865
642
278
484

635
382
3,207

460

1,654
1,262
262
543

' Revised.
iThis figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
Combined figures for the Bank of German States and the nine Land Central Banks.
3The official exchange rate was adjusted from 15,000 to 30,000 drachmae per dollar, effective Apr. 9, 1953.
4
For last available report (February 1950), see BULLETIN for September 1950, p. 1263.
5
As of July 1, 1953, the Java Bank became the Bank Indonesia and established an Issue and a Banking Department. Figures shown represent
Issue and Banking Departments combined.
6Gold revalued in May 1953 from 4,265.35 rupiah to 12,796.05 rupiah per kilogram of fine gold.
7
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
2

SEPTEMBER 1953




1027

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad...
Sterling securities
Pakistan Govt. securities. . .
Govt. of India securities
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department. .
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital..
Central Bank of Paraguay 1
(thousands of guaranies):
Gold
Foreign exchange (net) 2
Net claim on Int'l. Fund
Loans and discounts
Government loans and securities.
Other assets
Note and coin issue
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of Peru
(millions of soles):
Gold and foreign exchange
Net claim on Int'l. Fund 2
Loans and discounts to banks. . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund 2
Loans
Domestic securities
Other assets
Circulation—Notes
Coin
#
Demand deposits
Other liabilities and canital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
ECA
Other
Other liabilities and capital
South African Reserve Bank
(thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities
Other loans and discounts

1953
July

June

1952
May

July

81
424
1,088
126
300
69
2,000

81
421
1,191
126
300
66
2,081

81
421
1,191
126
300
67
2,073

81
681
752
126
300
71
1,942

88

104
19
103
457
548
134

113
9
104
413
509
130

68
46
1
535
552
98

1,138
60,151
11
198,666
349.909
•248,361
424,830
75,386
134,950
'223,072

1,169
'67,551
11
75,663
'222,598
'148,765
'333,697
'22,968
'133,468
'25,623

520
67
439
867
'153
1,466
342
237

599
67
285
842
'235
1,361
354
313

18,813 18,813
448,014 464 ,451
29,504 29,504
35,860 36,380
232,236 234 ,310
149,205 151,112
545,179 565 ,019
87,316 87,760
227,482 228,871
'53,654 •52,919

17,314
438,958
29,504
36,382
233,908
166,770
525,454
91,563
257,701
'48,117

4,775 4,734 4,696
12,101 12,070 11,978
667
685
708
1,429
1,426
1,427
671
607
693
8,961 8,762 8,732
1,675
1,717
1,868
6
6
6
6,902 7,039 6,771
2,094 2,089 2,040

4,413
11,601
639
1,419
617
8,915
1,353
29
6,289
2,104

61,977
41,430
21,165
42,070
92,296
53,774
20,572

61,968
47,802
16,713
39,057
91,500
55,718
18,323

53,604
67,827
14,046
32,538
87,463
58,151
22,401

596
581
338
355
15,717 15,985
20,758 21,175

558
374
15,775
19,381

106
518
621
91

517
67
343
,009
174
,490
357
263

62,168
34,246
23,640
42,586
93,349
50,818
18,474

Central Bank
(Figures as of last report
date of month)

1953
July

June

1952
May

Bank of Spain—Cont.
29,292 27,813
Other assets
36,244 36,416
Note circulation
1,604
1,672
Deposits—Government
3,489 3,504
Other
Other liabilities and capital
25,296 24,386
Bank of Sweden (millions of kronor):
427
Gold
448
426
1,189
,280
1,250
Foreign assets (net)
129
129
129
Net claim on Int'l. Fund 2
Swedish Govt. securities and ad- 3
2,334
vances to National Debt Office
,376 2,427
362
366
355
Other domestic bills and advances
'821
'847
864
Other assets
,267 4,327 4,223
Note circulation
132
275
208
Demand deposits—Government..
202
134
257
Other
'705
'711
721
Other liabilities and capital
Swiss National Bank (millions of
francs):
,049 6,009 5,970
Gold
534
518
525
Foreign exchange
214
217
Loans and discounts
218
63
80
Other assets
75
,837 4,814
4,791
Note circulation
,815
1,794
Other sight liabilities
1,809
208
200
Other liabilities and capital
204
Central Bank of the Republic of
Turkey (millions of pounds):
402
Gold
402
402
Foreign exchange and foreign
215
195
clearings
186
1,640
Loans and discounts
,711
1,623
26
Securities
26
26
112
Other assets
125
174
1,239
Note circulation
,282
1,239
Deposits—Gold
153
153
153
Other
705
712
656
309
290
Other liabilities and capital
372
Bank of the Republic of Uruguay
(thousands of pesos):
(Mar.)*
Gold
328,977
Silver
,
9,046
Advances to State and Govern161,605
ment bodies
338,594
Other loans and discounts
521,967
Other assets
420,200
Note circulation
95,163
Deposits—Government
354,868
Other
489,958
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
1,141
1,141
Gold
,141
279
246
Foreign exchange (net)
244
90
90
88
Other assets
925
932
919
Note circulation
276
249
253
Deposits
309
297
300
Other liabilities and capital
Bank for International Settlem e n t s (thousands of Swiss gold
francs):
598 ,339 590,348 647 ,149
Gold in bars
Cash on hand and with banks. . . 53 ,733 60,943 46,372
4 ,014 4,730 4,176
Sight funds at interest
Rediscountable bills and accept212
,379 222,270 257 ,055
ances (at cost)
116 ,072 49,110 28,429
Time funds at interest
194
670 202,455 187,773
Sundry bills and investments....
297
297,201 297,201
Funds invested in Germany
1
1,318
1,433
Other assets
419 473 420,651 455,066
Demand deposits (gold)
Short-term deposits:
Central banks—Own account.. 501 710 448,588 454,029
54 127 54,124 56,116
Other
228 909 228,909 228,909
Long-term deposits: Special
273 681 276,104 275,468
Other liabilities and capital

July

27,508
35,721
1,714
2,570
23,592
454
1,319
2,741
269
'844
4,051
782
148
'734
5,813
337
234
80
4,635
1,629
201
419
86
,534
27
91
,138
153
678
188
321,119
9,664

158,063
362,916
-•441,165
355,946
87,670
304,560
-•544,750
1,141
162
64
854
249
264
507,473
56,669
10,318
233,770
44,952
211,383
297,201
1,372
339,137
469,905
55,660
228,909
269,527

*! Latest month available.
' Revised.
The new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary Department
of
the
Bank
of
Paraguay
were
transferred
to the new institution.
2
This figure represents the amount of the countrv's subscription to the Fund less the bank's local currency liability to the Fund.
3
Includes small amount of non-Government bonds.

1028




FEDERAL RESERVE BULLETIN

MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective

Central
bank of—

SwitzNethUnited
erKing- France Ger- Bel- er- Swedom
many gium lands den land

In effect Dec. 31,
1947
June 28 1948
Sept. 6
Oct
1
May 27, 1949.
July 14
Oct. 6. .
June 8 1950
Sept. 11.
Sept. 26
Oct. 27. .
Dec. 1
Apr 17, 1951
July 5
Sept 13
Oct. 11
Nov 8
Nov. 9
Jan. 22 1952
Mar. 12
May 29
Aug. 1 . . . .
Aug 21
Dec. 1 8 . . .
Jan. 8, 1953. .
Apr. 7 . .
June 11
In effect July 31,
1953

2

2H&3

IX

15

2X

IX

3X &4

Rate
July
31

Argentina
Austria . . .
Belgium
Bolivia

3
6

Central
bank of—

Date
effective

Mar. 1,
Mar. 26,
Dec. 18,
Sept. 30,

Rate
July
31

Date
effective

Ireland
Italy
Japan
Mexico

Mar. 25,1952
4
Apr. 6, 1950
5.84 Oct. 1, 1951
June 4, 1942

Oct. 17, 1950
July 23, 1953
June 13, 1935

Netherlands .
New Zealand.
Norway
Pakistan. . . .

2X

Nov. 2,
M a y 13,
July 1.
Mar. 22.
Dec. 16,

1950
1948
1952
1950
1951

Peru
Portugal....
South Africa.
Spain
Sweden

6

Nov. 9, 1951

Switzerland..
Turkey
United Kingdom
USSR

1936
1953
1952
1950

141/
14
3%

2X
1

2
3

Ceylon
Chile
Colombia
Costa Rica... .

3*/
3
6

4
4

3

July 18, 1933
Feb. 1, 1950

1X
2 V£

3

Apr.

7, 1953

July 26, 1941
Jan. 9, 1946
July 1, 1948

4
3

2X

Denmark . . . .
Ecuador
Egypt....
El Salvador. . .
Finland

3Vi.

4

3X

4

5
10
3

2X
4
4
3

Nov. 13,
Jan. 12,
Mar. 27,
Mar. 18,
Dec. 1,

1947
1944
1952
1949
1950

Nov. 26,
Feb. 26,
Mar. 12,
July 1,

1936
1951

15
3
14H
14

4

4

2i/

13^

3

2X

4

France
Germany
Greece
India
Indonesia

3

3

12
3

June 11, 1953
July 12, 1948
Nov. 15, 1951
Apr.

1, 1946

IX

3

4
4

1952
1936

1
Rate established for the Land Central banks.
NOTE.—Changes since July si: IN one.

OPEN MARKET RATES
[Per cent per annum]

Month

France

United Kingdom

Canada

Netherlands

Sweden

Switzerland

Treasury
bills
3 months

Bankers'
acceptances
3 months

Treasury
bills
3 months

Day-today
money

Bankers'
allowance
on deposits

Day-today
money

.50
.39
.36
.39
.41
.41
.51
.51
.75
1.08

1.03

.69
.69
3.00

1.00
.00
.00
.50
.51
.51
.52
.51
.51
2.43

1.06
.13
.13
.63
.63
.63
.63
.63
.63
2.25

.50
.50
.50
.50
.50
.50
.50
.50
.50
2.00

1.67
1.58
.74
1.32
1.45
2.02
P2.46
2.52
2.52
3.66

.42
.46
.36
.32
.44
.39
.20

1.00
.86
.84
.83
.81
1.00
.75

1.25
.25
.25
.25
.25
.50
.52
.50
.50
.50

1952—July
August....
September.
October
November.
December..

.11
.10
.14
.19
.21
.35

3.00
3.00
3.00
3.00
3.00
3.00

2.46
2.46

2.25

2.49
2.43
2.38
2.41

2.25
2.25
2.25

2.00
2.00
2.00
2.00
2.00
2.00

3.84
3.77
4.00
3.98
3.98
3.93

1.05
.85
.85
.84
.87
.92

.75
.58
.62
.50
.54
.58

.50
.50
.50
.50
.50
.50

1953—January...
February..
March
April
May
June

.35
.47
.50
.53
1.53
1.70

3.00
3.00
3.00
3.00
3.00
3.00

2.39
2.42
2.40
2.41
2.38
2.37

2.25
2.25
2.25
2.25
2.25
2.25

2.00
2.00
2.00
2.00
2.00
2.00

3.97
4.10
3.93
4.05
4.22
3.94

.83
.81
.90
.93
.64
.57

.54
.50
.51
.71
.52
.50

.50
.50
.50
.50
.50
1.50

1943—June
3—June
19444—June
19455—June
1946—"Tune
1947—June
1948—June
1949—June
1950—Tune
1951—June
1952—June

1.03
1.03
.53
.53
.56
.63

2.25
2.25

Treasury
bills
3 months

Day-today
money

Loans

up to
3 months

Private
discount
rate

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

1953




1029

COMMERCIAL BANKS
United Kingdom l
(11 London clearing
banks. Figures in
millions of pounds
sterling)

Assets
Cash
reserves

Liabilities

Money at
call and Bills dis- Treasury
Loans to
deposit2 Securities customers
short
counted receipts
notice

1947—December.
1948—December.
1949—December.
1950—December.
1951—December.

502
502
532
540
531

480
485
571
592
598

793
741
,109
,408
972

1952—August....
September
October...
November
December.

510
503
498
503
549

516
530
500
516
529

1953—January...
February..
March
April
May
Tune
July

498
491
497
498
498
514
510

515
456
472
454
464
469
460

Deposits

Other
assets

Total

Demand

Time

1,483
1,478
1,512
1,528
1.965

,219
,396
,534
,660
,950

567
621
579
735
867

5,935
6,200
6,202
6,368
6,333

3,962
4,159
4,161
4,262
4,290

1,972
2,041
2,041
2,106
2.042

396
420
427
550
651

,239
,295
,122
,142
,248

1,918
1,921
2,142
2,138
2,148

,765
,758
,759
,755
,764

638
662
676
655
748

6,048
6,126
6,167
6,183
6,460

3,878
3,910
3,948
3,949
4,232

2,170
2,216
2,219
2,234
2,228

537
543
530
526
528

,204
.046
,024
,010
,080
,209
,244

2,148
2,130
2,122
2,119
2,123
2,136
2,140

,764
,783
,811
,825
,784
,778
,742

659
649
641
664
654
673
633

6,259
6,029
6,053
6,060
6,083
6,299
6,247

4,025
3,836
3,873
3,860
3,896
4,040
3,990

2,234
2,192
2,179
2,200
2,187
2,259
2,257

528
525
515
511
520
481
483

1,288
1,397
793
456
102

Assets
C anada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)

Liabilities

Security
loans
abroad
and net Securities
Other due from
loans and foreign
discounts banks

Deposits payable in Canada
excluding interbank deposits

Entirely in Canada
Cash
reserves

Security
loans

Other
liabilities
and
capital

Other
assets

Notes3

18
16
14

Other
liabilities
and
capital

Total

Demand

Time

6,412
7,027
7,227
7,828
7,896

2,671
2,970
2,794
3,270
3,284

3,740
4,057
4,433
4,558
4,612

,544
,537
,477
,667
,714

1947—December.
1948—December.
1949—December.
1950—December.
1951—December.

731
749
765
824
907

105
101
133
134
107

1,999
2,148
2,271
2,776
3,028

106
144
146
171
227

3,874
4,268
4,345
4,286
3,876

.159
,169
,058
,304
,464

1952—July
August. . .
September
October...
November
December.
1953—January. .
February.
March....
April
May
June

847
828
843
879
827
916

145
147
135
130
121
155

3,053
3,048
3,093
3,212
3,350
3,289

279
260
250
278
308
326

4,134
4,139
4,202
4,147
4,006
3,955

,278
,306
,383
,396
,424
,516

8,079
8,075
8,191
8,319
8,291
8,421

3.243
3,205
3,290
3,418
3,376
3,497

4,836
4,870
4,901
4,901
4,916
4,924

,658
,652
,716
,722
,746
,736

835
877
851
897
822
903

135
141
140
152
138
123

3,293
3,301
3,394
3,508
3,526
3,576

308
330
322
345
331
331

3,981
4,042
4,082
4,135
4.024
3,956

,321
,342
,394
,380
1,402
1,509

8,188
8,310
8,458
8,642
8,486
8,634

3,244
3,301
3,391
3,535
3,386
3,508

4,945
5,008
5,067
5,107
5,100
5,126

,684
,724
,724
,774

Assets

France
(4 large banks. End
of month figures in
millions of francs)

,755
1,764

Liabilities

Cash
reserves

Due from
banks

Bills discounted

Loans

1947—December
1948—December
1949—December
1950—December
1951—December

22,590
45,397
40,937
48,131
60,215

19,378
35,633
42,311
52,933
72,559

219,386
354,245
426,690
527,525
627.648

1952—June
July
August
September
October
November
December v

50,436
45,999
46,383
48,279
45,375
47,709
51,147

72,818
70,090
69,715
67,886
67,846
68,646
68,269

1953—January
February
March
April
May

47,150
46,436
46,064
48,314
48,079

69,200
68,971
75,743
83,702
84,973

Deposits
Time

Own
acceptances

Other
liabilities
and
capital

338,090
545,538
619,204
731,310
879,767

3,457
6,683
8,062
18,618
27,145

25,175
30,638
26,355
28,248
33,774

8,916
12,691
15,662
17,316
23,547

848,354
846,689
890,582
855,024
863,250
914,021
896,076

819,030
817,569
860,668
824,874
831,713
882,233
864,033

29,324
29,120
29,915
30,150
31,536
31,789
32,043

25,529
23,811
19,221
17,810
18,292
20,222
24,957

42,738
49,121
51,525
55,794
60,713
64,388
66,225

907,691
900,626
900.928
910,867
962,225

873,232
864,734
864.528
873,209
924,151

34,459
35,892
36,400
37,658
38,074

27,216
27,960
27,291
29,219
29,618

32,932
34,321
38,019
42,878
43,750

Other
assets

Total

Demand

86,875
126,246
129,501
135,289
165,696

27,409
34,030
29,843
31,614
38,114

341,547
552,221
627,266
749,928
906,911

554,963
560,877
624,623
584,558
595,383
666,402
636,427

193,942
196,665
177,289
183,491
185,930
163,992
169,508

44,463
45,990
43,318
44,415
47,721
51,882
61,909

642,991
638,377
630,601
634,643
690,729

174,912
174,329
175,934
174,379
166,926

33,586
34,793
37,896
41,925
44,885

*1 Preliminary.
This table represents aggregates offiguresreported 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.
8
In January 1950, the Bank of Canada assumed responsibility for these notes.
NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication.

1030




FEDERAL RESERVE BULLETIN

FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or month
Basic

Preferential

1947
1948
1949
1950
1951
1952

29 773
29.773
29 774
26 571
20.000
20.000

13.333
13.333
13.333

1952—September
October
November
December

20
20
20
20

1953—January
February
March
April
May
June
Tuly
August

Year or month

"Bank
notes"
account

Free

8.289
7.067
7.163

321 00
321.22
293.80
223.15
223.07
222.63

2 2817
2.2816
2.2009
1.9908
1.9859
1.9878

13.333
13 333
13.333
13 333

7.195
7 196
7.198
7 198

221.73
222 55
223.12
223 58

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

7.198
7.198
7.198
7 198
7.198
7 198
7 198
7.197

224.13
224.62
224.35
224 43
224.25
224 19
224 32
224.30

Ceylon
(rupee)

Denmark
(krone)

000
000
000
000

1947
1948
1949
1950
1951
1952

27 839
20 850
20.849
20 903

1952—September
October
. .
November
December
1953—January
February
March
April
May
June
July
August

Year or month

Belgium
(franc)

Australia
(pound)

20.864
20 857
19.117
14 494
14.491
2
14 492

Finland
(markka)

Official

Free

British
Malaysia
(dollar)

Canada
(dollar)
Official

Free

100 000
100 000
97.491
90.909

91 999
91 691
92.881
91 474
94.939
102.149

42.973
32.788
32.849
32.601

1.9920
1.9965
1.9979
1 9941

5.4406
5 4406
5.4406
5 4406

32.418
32 499
32 489
32 523

104
103
102
103

1.9934
1.9966
1.9976
1 9971
2.0019
2 0007
2.0011
2.0006

5 4dnfi
5.4406
12.5173
5.4406
2 3024
5 4406
2 2113
5.4406
2.2508
5 4406
2 0794
5.4406
2 3078
5.4455
2.5003

32.560
32.612
32 586
32 589
32.585
32 579
32 582
32.610

103.014
102.302
101 666
101 655
100.559
100 546
100 782
101.180

Free

.8^ 07

Brazil
(cruzeiro)

5 4AM
5.4406
5.4406
5.4406
5.4406
5,4406

France
(franc)
Official

In cents per unit of foreign currency]

2.1407
1.9722
1.9622

Germany
(deutsche
mark)

India
(rupee)

23 838
23.838
3 23 838

Ireland
(pound)

Mexico
(peso)

Netherlands
(guilder)

New
Zealand
(pound)

30.164
30 169
27.706
20 870
20.869
20 922

280.38
279 68

20 577
18 860
12 620
11 570
11.564
11 588

37 760
37 668
34 528
26 252
26.264
26 315

322 29
350 48
365 07
277 28
277.19
276 49

.4354
4354

.3240
.3017
.2858
.2856
2856

20.854
20 903
20.984
21.024

.4354
.4354
.4354
.4354

.2856
.2856
.2856
.2856

20.866
20.921
20.976
21.025

278.26
279.30
280.01
280.59

11.623
11.611
11.622
11.623

26.291
26.312
26.289
26.277

275.51
276.53
277.24
277.81

21.068
21.088
21.061
21.067
21.046
21.041
21.047
21.067

.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354

.2856
.2856
.2856
.2856
.2856
.2856
.2855
.2855

21.074
21.089
21.061
21.069
21.049
21.044
21.051
21.073

281.28
281.90
281.56
281.66
281.43
281.35
281.53
281.50

11.625
11.620
11.614
11.608
11.564
11.561
11.589
11.620

26.281
26.269
26.321
26.335
26.340
26.334
26.321
26.322

278.50
279.11
278.78
278.87
278.65
278.57
278.74
278.71

Norway
(krone)

PhilipPortupine
gal
Republic (escudo)
(peso)

South
Africa
(pound)

Sweden
(krona)

.4929
.4671

Switzerland
(franc)

United
Kingdom
(pound)

Uruguay*
(peso)

1947
1948
1949
1950
1951
1952

20.160
20.159
18 481
14.015
14 015
14.015

49 723
49.621
49 639
49.675

4.0273
4.0183
3 8800
3.4704
3.4739
3.4853

400.74
400.75
366 62
278.38
278.33
278.20

27.824
27.824
25.480
19.332
19.327
19.326

23.363
23.363
23 314
23.136
23.060
23.148

402.86
403.13
368 72
280.07
279.96
279.26

65 830
65 830
65 830
65 833
65 833
65.833

56.239
56 182
56 180
56.180
56 180
56.180

42 553
42 553
42 553
42.553

1952—September
October
November
December

14.015
14.015
14.015
14.015

49.677
49.677
49.677
49.677

3.4878
3.4825
3.4818
3.4839

277.23
278.25
278.96
279.54

19.327
19.325
19.323
19.323

23.320
23.329
23.330
23.332

278.27
279.30
280.01
280.59

65.833
65.833
65.833
65.833

56.180
56.180
56 180
56.180

42.553
42.553
42 553
42.553

1953—January

14.015
14.015
14.015
14 015
14.015
14.015
14.015
14.015

49.677
49.677
49.677
49.677
49.677
49 676
49.677
49.676

3.4872
3.4856
3.4842
3.4882
3.4903
3.4897
3.4896
3.4897

280.23
280.84
280.51
280.61
280.38
280.30
280.47
280.45

19.323
19.323
19.323
19.323
19.323
19.323
19.323
19.323

23.311
23.318
23.317
23.329
23.329
23.331
23.333
23.334

281.28
281.90
281.56
281.66
281.43
281.35
281.53
281.50

565.833
«65.833
65.833
65 833
65.833
65 833
65 833
65.833

556.180
556.180
56.180
56 180
56.180
56 180
56.180
56.180

542.553
542.553
42.553
42.553
42.553
42 553
42.553
42.553

April

. .

May

June
July
August

171
681
289
002

636.025
35.547
34 205
33.633
33 270
32 994
34.001

1
Based
2
Based
3
Based
4

on quotations beginning Feb. 25, 1953.
on quotations through Aug. 14, 1952.
on quotations through May 8, 1952.
Rate applied (except free rate) depends upon type of merchandise. In addition to the rates shown, a fifth rate is being certified; the August
average for this rate was 53.1914.
fiQuotations not available Jan. 28 through Feb. 9, 1953.
6
Free rate, based on quotations beginning Feb. 10, 1953.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1952, p. 1355.

SEPTEMBER

1953




1031

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]

Year or month

1943
1944
1945
1946
1947
1948
1949.
1950
1951
1952

United
States
(1947-49
= 100)

Mexico
(1939 =
100)

Canada
(1935-39
= 100)

United
Kingdom
(1930 =
100)

France
(1949
= 100)

67
68
69
79
96
104
99
103
115
112

128
131
132
139
163
193
198
211
240
226

146
179
199
229
242
260
285
311
386
400

163
166
169
175
192
219
230
262
320
328

12
14
20
34
52
89
100
108
138
145

1952—July
August
September
October
November
December

112
112
112
111
111
110

225
224
222
220
222
221

400
400
393
397
395
393

327
325
323
326
324
328

1953—January
February
March
April
May
June
July

110
110
110
109
110
'110
111

222
221
222
220
220
222
221

387
384
386
387
393
391
397

328
324
328
333
331
P330
P330

.

.

Japan
(1934-36
average
= 1)

Italy
(1938 =
100)

Netherlands
(1948
= 100)

Sweden
(1935 =
100)

Switzerland
(Aug. 1939
= 100)
203

104
117
143
140

196
196
194
186
199
214
216
227
299
317

351
348
348
347
343
342

136
137
138
138
138
139

320
319
316
314
304
305

220
220
220
218
218
217

349
351
351
350
350

137
136
136
134
135
134

303
302
301
300
P299

215
214
214
212
214
213
P213

5,159
5,443
5,169
4,897
5,581
5,270

2
2
4
16
48
128
209
246
343
349

ioo"

144
144
143
141
140
141

5,200
5,234
5,265
5,272
5,292
5,287

141
139
140
139
139
P139
P137

5,264
5,243
5,264
5,234
P5.253

207
205
200
208
217
206
203
227
220

r
P Preliminary.
Revised.
NOTE.—For sources and references concerning changes in tne structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.

WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]

United States
Year or month

United Kingdom

Canada
(1935-39=100)

(1947-49=100)
Other
Farm
Processed commodproducts
foods
ities

Farm
products

Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods

Foods

Industrial
products

1943
1944
1945
1946
1947
1948
1949
1950
1951.
1952

na
n.a.
n.a.
na
98
106
96
100
111
109

69

145

127

160

164

70
71
78
95
103
101
105
116
113

131

69
72
83
100
107
93
98
113
107

155
165
177
190
230
226
237
269
247

134
136
140
164
196
197
213
238
219

129
130
138
162
192
199
211
242
231

158
158
158
165
181
197
221
247
284

170
175
184
207
242
249
286
P364
P352

1952—July
August
September
October
November
December

110
110
107
105
104

110
111
110
109
108

113
113
113
113
113

254
243
232
228
229

218
216
212
210
211

230
229
228
227
228

289
287
284
293
293

»348

99

104

113

229

210

228

297

1953—January
February

100
98
100
97
98
95
98

106
105
104
103
104
103
106

113
113
113
113
114
114
115

226
223
221
215
217
219
219

209
208
210
206
206
207
207

229
229
229
228
228
230
230

297
300
302
318
317
316
P315

69

April
May
June
July

Netherlands
(1948 = 100)

(1930=100)

P345

»343
»343
»340
'344
*341
P337
P337

Foods

Industrial raw
products

Industrial
finished
products

100

100

100

101
112
122
129

108
128
171
166

104
116
143
135

122
124
129
129
131

162
164
163
164
163

133
133
133
132
132

132

162

132

128
127
124
122
124

160
159
159
157
157

132
132
132
131
131

124

155

131

n.a. Not available.
v Preliminary.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.

1032




FEDERAL RESERVE BULLETIN

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Ccm*f>ffie<*
CONSUMERS' PRICE INDEXES
All items

Year or month

United
States
(1947-49
= 100)1

Canada
(1949
= 100)

United
Kingdom
(Jan.
15,1952
= 100)

Food

France
(1949
= 100)

1945
1946
1947
1948
1949
1950
1951
1952

77
83
96
103
102
103
111
114

75
78
85
97
100
103
114
116

77
82
84
86
95
103

22
35
57
90
100
111
130
145

1952—July
August. . .
September
October. .
November
December.

114
114
114
114
114
114

116
116
116
116
116
116

104
103
103
104
104
105

1953—January..
February.
March. . .
April....
May
Tune
July

114
113
114
114
114
115
115

116
116
115
115
114
115
115

104
105
105
106
106
107

Netherlands
(1949
= 100)

Switzerland
(Aug.
1939 =
100)

United
States
(1947-49
= 100) "

Canada
(1949
= 100)

United
Kingdom
(Jan.
15, 1952
= 100)

France Netherlands
(1949
(1949
= 100)
= 100)

Switzerland
(Aug.
1939 =
100)

100
103
117
117

67
72
76
82
91
105

21
36
57
92
100
111
128
141

100
111
121
123

164
160
170
176
174
176
181
184

116
117
115
115
115
114

116
116
116
115
116
114

108
107
106
108
108
109

136
140
142
141
140
141

123
120
123
123
122
122

185
185
186
186
186
186

113
112
112
112
112
114
114

114
113
112
111
110
111
113

109
110
111
113
113
114

141
142
141
140
141
141

123
124
123
124
125
127

184
183
183
182
183
184
P184

100
109
119
120

153
152
158
163
162
159
167
171

69
79
96
104
100
101
113
115

143
145
146
145
144
145

120
119
120
120
119
120

171
171
172
171
171
171

146
146
145
145
146
145

120
120
120
120
121
121
121

170
170
169
169
170
170

P Preliminary.
1
These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see
BULLETIN for December 1952, p. 1357.

SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks

Bonds
Year or month

Number of issues. . .

United
States
(high
grade)

Canada
(1935-39
= 100)

17

United
Kingdom
(December
1921=100)

France
(1949
= 100)

Netherlands

14

United
States
(1935-39
= 100)

Canada
(1935-39
= 100)

United
France
Kingdom
(1926=100) (1949=100)
295

Netherlands

27

480

103

278

1946
1947
1948
1949
1950
1951
1952

123.4
122.1
118.3
121.0
122.0
117.7
115.8

117.2
118.5
105.0
107.6
109.6
95.7
86.1

132.1
130.8
129.9
126.5
121.2
117.6
108.3

131.5
120.0
106.4
100.0
99.8
101.4
111.1

109.0
105.6
107.1
106.8
106.7
87.0
85.6

139.9
123.0
124.4
121.4
146.4
176.5
187.7

115.7
106.0
112.5
109.4
131.6
168.3
173.1

96.2
94.6
92.0
87.6
90.0
97.1
91.1

100
90
112
143

195
233
240
219
217
215
192

1952—August
September . . .
October
November...
December

115.8
115.7
114.7
115.2
115.3

84.0
83.6
84.3
84.9
84.7

106.3
110.0
109.0
108.3
109.0

114.8
116.9
115.5
115.0
114.6

87.6
87.1
87.6
89.9
91.6

191.1
188.2
183.4
189.8
197.0

176.0
171.6
163.6
167.3
168.4

89.9
91.2
90.3
89.9
91.0

146
147
142
141
141

190
192
191
194
196

1953—January
February
March
April
May
Tune
July

114.5
114.0
113.4
111.7
109.8
108.8
110.7

84.5
84.2
84.1
84.1
83.6
82.9
82.9

109.1
109.7
110.5
111.3
111.4
112.2
111.5

114.3
112.7
111.9
112.6
113.2
112.9

93.6
96.3
95.8
98.0
99.7
101.2
102.7

197.6
195.9
198.0
190.0
189.6
182.8
185.5

172.3
169.0
170.0
160.8
159.8
156.8
160.7

92.0
92.0
93.2
92.3
91.1
91.1
91.6

151
153
150
150
153
153

201
207
206
203
206
207
214

87

60

NOTE,—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952. p. 1357.

SEPTEMBER

1953




1033

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
M. S. SZYMCZAK
R. M. EVANS

ELLIOTT THURSTON,

W M . MCC. MARTIN, JR., Chairman
JAMES K. VARDAMAN, JR.
A. L. MILLS, JR.
J. L. ROBERTSON

Assistant to the Board

WINFIELD W. RIEFLER,
WOODLIEF THOMAS, Economic Adviser to the Board
ALFRED K. CHERRY, Legislative Counsel

OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary

Assistant to the Chairman

DIVISION OF EXAMINATIONS
GEORGE S. SLOAN, Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H. LANG, Chief Federal Reserve Examiner
ROBERT C. MASTERS, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director

LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
HOWARD H. HACKLEY, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel

DIVISION OF BANK OPERATIONS

DIVISION OF RESEARCH AND STATISTICS

DIVISION OF PERSONNEL ADMINISTRATION

RALPH A. YOUNG, Director
FRANK R. GARFIELD, Adviser on Economic Research
KENNETH B. WILLIAMS, Assistant Director

SUSAN S. BURR, Assistant Director

GUY E. NOYES, Assistant Director
C. RICHARD YOUNGDAHL, Assistant Director
DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
LEWIS N. DEMBITZ, Assistant Director

ROBERT F. LEONARD, Director

J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
DWIGHT L. ALLEN, Director

H. FRANKLIN SPRECHER, JR., Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
JOSEPH E. KELLEHER, Assistant

Director
OFFICE OF DEFENSE LOANS
GARDNER L. BOOTHE, II, Administrator
OFFICE OF THE CONTROLLER
EDWIN J. JOHNSON, Controller

FEDERAL OPEN
MARKET COMMITTEE
W M . M C C . MARTIN, JR., Chairman
ALLAN SPROUL, Vice Chairman
J. A. ERICKSON
A. L. MILLS, JR.
R. M. EVANS
O. S. POWELL
W. D. FULTON
J. L. ROBERTSON
DELOS C. JOHNS
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
WM. J. ABBOTT, JR., Associate Economist

L. MERLE HOSTETLER, Associate Economist

J. MARVIN PETERSON, Associate Economist
H. V. ROELSE, Associate Economist
PARKER B. WILLIS, Associate Economist
RALPH A. YOUNG, Associate Economist

G. ROUSE, Manager of System Open
Market Account

ROBERT

1034




FEDERAL
ADVISORY COUNCIL
ERNEST CLAYTON,

BOSTON DISTRICT

HENRY C. ALEXANDER,

N E W YORK DISTRICT

GEOFFREY S. SMITH,

PHILADELPHIA DISTRICT

GEORGE GUND,

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

CHARLES J. CHANDLER,

KANSAS CITY DISTRICT

D E W I T T T. RAY,

DALLAS DISTRICT

JOHN M. WALLACE,

SAN FRANCISCO DISTRICT

HERBERT

V. PROCHNOW, Secretary
FEDERAL RESERVE BULLETIN

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman x
Bank of
Deputy Chairman

Vice Presidents

President
First Vice President

(Vice Presidents in charge of branches are listed in
lower section of this page)

John J. Fogg
Robert B. Harvey 3
E. O. Latham
H. A. Bilby
H. H. Kimball
L. W. Knoke
A. Phelan
H. V. Roelse

Carl B. Pitman
O. A. Schlaikjer
R F.
F Van
V Amringe
A i
R.
Robert G. Rouse
T. G. Tiebout
V. Willis
R. B. Wiltse
J. H. Wurts

Boston....

Harold D. Hodgkinson
Ames Stevens

J. A. Erickson
Alfred C. Neal

New York.

Jay E. Crane
William I. Myers

Allan Sproul
William F. Treiber

Philadelphia...

William J. Meinel
C. Canby Balderston

Alfred H. Williams
W. J. Davis

Cleveland.

John C. Virden
Leo L. Rummell

Roger R. Clouse
W. D. Fulton
3
Donald S. Thompson A. H. Laning
Martin Morrison

Richmond.

Charles P. McCormick
John B. Woodward, Jr.

Hugh Leach
Edw. A. Wayne

N. L. Armistead
Aubrey N. Heflin
Upton S. Martin
R. W. Mercer 3

Atlanta.

Frank H. Neely
Rufus C. Harris

Malcolm Bryan
Lewis M. Clark

V. K. Bowman
E. C. Rainey 2
J. E. Denmark
L. B. Raisty
Harold T. Patterson Earle L. Rauber
S. P. Schuessler

Chicago.

John S. Coleman
Bert R. Prall

C. S. Young
E. C. Harris

Neil B. Dawes
W. R. Diercks
W. A. Hopkins
L. H. Jones *

L. G. Meyer
George W. Mitchell
A. L. Olson
Alfred T. Sihler
W. W. Turner

St. Louis

Russell L. Dearmont
Wm. H. Bryce

Dale M. Lewis
Wm. E. Peterson

H. H. Weigel
J. C. Wotawa

Minneapolis. . .

Roger B. Shepard
Paul E. Miller

Delos C. Johns
Frederick L. Deming
O. S. Powell
A. W. Mills

H. C. Core
E. B. Larson
H. G. McConnell

. Marvin Peterson
tis R. Preston
M. H. Strothman, Jr.
Sigurd Ueland

Kansas City...

Raymond W. Hall
Cecil Puckett

H. G. Leedy
Henry O. Koppang

ohn T. Boysen 2
. W. E. Park

Clarence W. Tow
E. D. Vanderhoof
D. W. Woolley

Dallas.

J. R. Parten
Robert J. Smith

W. D. Gentry

E. B. Austin
J. L. Cook 3
Watrous H. Irons

L. G. Pondrom
Harry A. Shuford
Mac C. Smyth

E. R. Millard
H. F. Slade

Ronald T. Symms 3
O. P. Wheeler

San Francisco..

Brayton Wilbur
William R. Wallace, Jr.

Karl R. Bopp
P. M. Poorman
Robert N. Hilkert J. V. Vergari4
E. C. Hill
Richard G. Wilgus 2
Wm. G. McCreedy

C. E. Earhart
H. N. Mangels

H. E. J. Smith
Paul C. Stetzelberger
C. B. Strathy
K. Brantley Watson
Chas. W. Williams

VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVEI BANKS
Federal Reserve
Bank of

Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis

New York
Cleveland
Richmond
Atlanta

Chicago
St. Louis

1

Branch

Also Federal Reserve Agent.

SEPTEMBER

1953




2

Vice Presidents

Federal Reserve
Bank of

I. B. Smith
R. G. Johnson
J. W. Kossin
D. F. Hagner
R. L. Cherry
John L. Liles, Jr.
T. A. Lanford
R. E. Moody, Jr.
E. P. Paris
R. A. Swaney
C. M. Stewart
C. A. Schacht
Paul E. Schroeder

Minneapolis....

Cashier.

3

Branch
Helena

Vice Presidents
C. W. Groth

Kansas C i t y . . . . Denver
Oklahoma City
Omaha

G. A. Gregory
R. L. Mathes
L. H. Earhart

Dallas

C. M. Rowland
W. H. Holloway
W. E. Eagle

El Paso
Houston
San Antonio

San Francisco... Los Angeles
Portland
Salt Lake City
Seattle

Also Cashier.

4

W. F. Volberg
J. A. Randall
W. L. Partner
J. M. Leisner

Counsel.

1035

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. Where a charge is indicated,
remittance should be made payable to the order
of the Board of Governors of the Federal Reserve
System.
ANNUAL REPORT of the Board of Governors of the

Federal Reserve System. Issued each
Available without charge upon request.

year.

T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND

FUNCTIONS. November 1947; reprinted June
1953. 125 pages. 75 cents per cloth-bound copy;
in quantities of 10 or more copies for single
shipment, 50 cents each. Paper-bound copies
available without charge.
BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the
Board's staff. August 1941; reprinted October
1952. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single
shipment, 75 cents each.

FEDERAL RESERVE BULLETIN. Issued monthly. Sub-

scription price in the United States and its pos- BANKING AND MONETARY STATISTICS. Statistics of
banking, monetary, and other financial developsessions, Bolivia, Canada, Chile, Colombia, Costa
ments. November 1943. 979 pages. $1.50 per
Rica, Cuba, Dominican Republic, Ecuador,
copy. No charge for individual sections (unGuatemala, Haiti, Republic of Honduras, Mexico,
bound).
Nicaragua, Panama, Paraguay, Peru, El Salvador,
Uruguay, and Venezuela is $2.00 per annum or A STATISTICAL STUDY OF REGULATION V LOANS.
20 cents per copy; elsewhere $2.60 per annum or
September 1950. 74 pages. 25 cents per copy;
25 cents per copy. Group subscriptions in the
in quantities of 10 or more copies for single
United States for 10 or more copies to one adshipment, 15 cents each.
dress, 15 cents per copy per month, or $1.50
T H E DEVELOPMENT OF BANK DEBITS AND CLEARfor 12 months.
INGS AND THEIR
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY

RATES, AND BUSINESS. Issued monthly. $6.00
per annum including edition of historical supplement (listed below) available when subscription
is entered or renewed. 60 cents per copy; in
quantities of 10 or more copies of a particular
issue for single shipment, 50 cents each. (Domestic rates)
HISTORICAL

SUPPLEMENT

TO FEDERAL

RESERVE

CHARTS ON BANK CREDIT, MONEY RATES, AND

BUSINESS. Issued semiannually, usually April
and September. Annual subscription to monthly
chart book includes one issue of supplement.
Single copies, 60 cents each; in quantities of 10
or more copies for single shipment, 50 cents
each. (Domestic rates)
1
A more complete list, including periodic releases and
reprints, appeared on pp. 684-687 of the June 1953

BULLETIN.

1036




USE IN ECONOMIC ANALYSIS.

January 1952. 175 pages. 25 cents per copy; in
quantities of 10 or more copies for single shipment, 15 cents each.
T H E FEDERAL RESERVE ACT, as amended to Novem-

ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.
COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING W I T H I N THE UNITED

STATES.
pages.

(July 1, 1951.)

December 1951. 33

RULES OF ORGANIZATION AND RULES OF PROCEDURE

—Board of Governors of the Federal Reserve
System (with Amendments). September 1946.
31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE

FEDERAL RESERVE SYSTEM. Individual regulations

with amendments.

FEDERAL RESERVE BULLETIN

FEDERAL RESERVE BOARD
REPRINTS

INFLUENCE OF CREDIT AND MONETARY MEASURES ON

(From Federal Reserve Bulletin unless preceded by an asterisk)

ECONOMIC STABILITY.

REVISED INDEXES OF DEPARTMENT STORE SALES AND

STOCKS. December 1951. 53 pages.
T H E SECOND ARMAMENT BUDGET.

March 1953. 16 pages.

FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA-

BILITY.

May 1953. 7 pages.

February 1952.
INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952.

9 pages.
MONEY AND CREDIT IN 1951.

February 1952.

9

pages.
RECENT CHANGES IN GERMANY'S FOREIGN TRADE

BANKING IN THE SOVIET UNION.

March 1953. 8 pages. (Also similar article from
March 1952 BULLETIN.)
REVISION OF CONSUMER CREDIT STATISTICS.

1953.

BALANCE. March 1952. 7 pages.
April 1952.

8

pages.

April

19 pages.

*DETAILED DESCRIPTION OF SOURCES AND METHODS
USED IN REVISION OF SHORT- AND INTERMEDIATE-

REVISED WEEKLY INDEX OF DEPARTMENT STORE

SALES.

April 1952. 4 pages.

STATEMENT BY CHAIRMAN OF THE BOARD OF GOVERNORS BEFORE SUBCOMMITTEE ON GENERAL
CREDIT CONTROL AND DEBT MANAGEMENT, MARCH

11, 1952. April 1952. 4 pages.
6 pages.
PROFITS

TERM CONSUMER CREDIT STATISTICS (supplemen-

tary details for item listed above), April 1953.
25 pages.
T H E TRANSITION TO FREE MARKETS.

BANKS.

RESERVE

BANK

RESPONSIBILITIES.

May

1953. 5 pages.
UNITED

TAXES OF COMMERCIAL

April 1953.

6 pages.
FEDERAL

CHANGES IN INSTALMENT CREDIT TERMS. May 1952.

EXCESS

PUBLICATIONS

STATES POSTWAR INVESTMENT IN LATIN

AMERICA.

May 1953. 6 pages.

June 1952. 18 pages.
REAL ESTATE LOANS OF REGISTRANTS UNDER REGU-

LATION X. June 1952. 18 pages.
RETAIL CREDIT SURVEY—1951.

OUTLOOK OF CONSUMERS.

From June 1952

BULLETIN with supplementary information for
9 separate trades. (Also, Retail Credit Surveys—
1943, 1944, 1945, 1946, 1947, 1948, and 1949
from the June 1944, May 1945, June 1946, July
1947, July 1948, June 1949, and June 1950
BULLETINS with supplementary information.)
PROBLEMS OF TRADE EQUILIBRIUM.

October 1952.

9 pages.
REVISED

SERIES

STORE

SALES,

October 1952. 5 pages.

RECENT CREDIT EXPANSION.

December

1952.

16 pages.

AND BUYING PLANS FOR 1953. July 1953. 12 pages.
PART III. HOUSING OF CONSUMERS. August 1953.
10 pages. PART IV. N E T WORTH OF CONSUMERS,

EARLY 1953. September 1953. 16 pages. SELECTED PRELIMINARY FINDINGS OF THE 1953
SURVEY OF CONSUMER FINANCES. March 1953.

2 pages. Also, similar surveys for earlier years
from 1946, 1947, 1948, 1949, 1950, 1951, and

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE

CORPORATIONS.

July 1953. 12 pages.

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
CENTRAL

SOUTHEAST ASIA.

BANKING

DEVELOPMENTS

IN

December 1952. 9 pages.

CREDIT AND MONETARY REVIEW FOR 1952.

THE

June 1953.

PURCHASES OF DURABLE GOODS IN 1952

7

pages.

1953.

PART II.

1952 BULLETINS.)
ON DEPARTMENT

STOCKS, AND ORDERS.

RECENT

1953 SURVEY OF CONSUMER FINANCES—PART I. T H E
GENERAL FINANCIAL POSITION AND ECONOMIC

February

7 pages.

MONETARY SYSTEM OF THE UNITED STATES.

February 1953. 16 pages.
SEPTEMBER 1953




AND BUSINESSES. July 1953. 2 pages. (Also
similar article from July 1952 BULLETIN.)
RECENT

CREDIT AND MONETARY

DEVELOPMENTS.

July 1953. 8 pages.
THE

BALANCE

SHEET

OF AGRICULTURE,

1953.

August 1953. 13 pages.

1037

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FEDERAL RESERVE SYSTEM
BOUNDARIES

OF FEDERAL RESERVE

DISTRICTS

AND THEIR BRANCH TERRITORIES

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BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

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FEDERAL RESERVE BANK CITIES

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