Full text of Federal Reserve Bulletin : September 1953
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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 o oo FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES j w o = = BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES if BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES