Federal Reserve Bulletin, 1952-07

F E D E R AL E S E RV BULLETIN JULY 1952 i-»^* ,-vra /?*/^n_ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE The Monetary and Credit Situation. 731-737 Letter on Savings Bonds Program. 738 1952 Survey of Consumer Finances: Part I. Consumer Expectations as to Economic Trends and Consumer Investment Preferences. 739-755 Estimated Liquid Asset Holdings of Individuals and Businesses 756-757 The Balance Sheet of Agriculture, 1952. . 758-771 Law Department 772-774 Current Events and Announcements. 775-776 National Summary of Business Conditions. 777-778 Financial, Industrial, Commercial Statistics, U. S. (See p. 779 for list of tables) . 779-828 International Financial Statistics (See p. 829 for list of tables) . 829-847 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council . 848 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 849 Federal Reserve Board Publications . 850-851 Map of Federal Reserve Districts. . 852 Subscription Price of Bulletin Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 38 July 1952 NUMBER 7 THE MONETARY AND CREDIT SITUATION Credit and monetary developments re- Congress a year ago for houses in lower price flected as well as influenced the over-all eco- brackets. nomic stability that prevailed in the first half The Defense Production Act Amendments of the year. Altogether, expansion of bank of 1952, which became effective July 1, 1952, credit to private borrowers was smaller in discontinued authority for the regulation this period than in the same period of 1951. of consumer instalment credit and for the Nevertheless, the privately held money sup- Voluntary Credit Restraint Program. Auply declined less this year than it did last thority to control real estate construction year, partly because of a gold inflow rather credit was continued, but for residential than an outflow and a smaller decline in credit was made contingent upon the rate at bank holdings of Government securities. which new houses are started. The effect of The active money supply—demand deposits these amendments is to withdraw two supand currency—contracted moderately, while plementary instruments of selective credit the less active time deposits increased sub- restraint and to limit greatly the flexibility stantially. Seasonal factors, which usually with which a third can be administered in operate to hold down bank credit and mone- the event of a resurgence of inflationary prestary expansion in the first half of the year, sures. The Federal Reserve still has availincluded a drain on the private money sup- able, of course, its traditional instruments of ply from Federal income tax payments general credit policy, which influence priduring the first quarter and some run-off of marily the availability of bank reserves and business loans at banks, especially in the thereby the supply of credit and money. second quarter. Recently, developments have pointed With less strong private demands for bank toward some additional expansion in bank credit and a somewhat better balance be- credit and a resumption of growth in the tween output and final takings of products, money supply. The decline in business loans both Regulation W—governing consumer in- has stopped and the usual seasonal instalment credit—and the Voluntary Credit crease may soon begin. Consumer instal- Restraint Program were suspended. With ment credit has been rising again, reflectthe concurrence of the Housing and Home ing a pickup in consumer durable goods Finance Administrator, Regulation X was sales and a moderate increase in the proalso amended, primarily in order to apply portion of such sales financed by instalment to houses in all price ranges relaxation in credit. These changes may be attributed terms comparable to those prescribed by the in part to suspension of Regulation W. De- JULY 1952 731 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MONETARY AND CREDIT SITUATION mand for mortgage money has also been oped in consequence of seasonal or other strong, and offerings of corporate and State temporary pressures. and local government securities large. During the first quarter of this year the The Federal Government, which retired legally required reserves of banks declined debt on balance during the first half of the somewhat as a result of deposit contraction. year, has in recent weeks borrowed sub- During the same period banks obtained a stantial amounts through sales of Treasury substantial volume of new reserves from a bills and bonds, including 4*4 billion dollars continuation of the gold inflow and a return of intermediate-term bonds for which pay- flow of currency from circulation, as the ment was received on July 1. This financing chart shows. A large part of the reserves entailed a substantial increase in commercial thus made available was absorbed by a rebank credit—both in holdings of Govern- duction in Federal Reserve holdings of ment securities and in loans on such securi- Government securities. When the Federal ties. Federal Reserve holdings of Govern- Reserve sells Government securities, a corment securities and advances to member responding amount of commercial bank rebanks also increased in connection with this serve balances with the Reserve Banks is financing as well as to meet special seasonal extinguished. demands around the midyear period. MEMBER BANK RESERVES AND RELATED ITEMS During the remainder of the year the Billions Billion* Federal Government will need to borrow of Dollar* MONTHLY AVERAGES OF DAILY FIGURES of DolTon additional funds. At the same time, credit demands on the part of businesses, consumers, and State and local governments are likely to increase, in part seasonally. The extent to which these credit demands can be met outside the banking system will depend largely upon a continuing supply of savings and the availability of these savings for such investment. MONEY MARKET CONDITIONS AND BANK RESERVE POSITIONS Money market conditions have continued tight and bank reserve positions have remained under pressure thus far in 1952, particularly during the second quarter. There was some tendency toward ease in the first NOTE.—Latest data are for June. quarter as a result of seasonal and other In the second quarter of the year, the forces. Money market developments have gold inflow ceased and currency in circumirrored mainly the interplay of supply and lation again increased. These and other demand forces in the market. On occasion, factors exerted a drain on bank reserves. the Federal Reserve System has tempered ex- Some banks replenished their reserves by cess ease or stringency of funds that devel- borrowing the excess reserves of other banks 732 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MONETARY AND CREDIT SITUATION through the so-called Federal funds markets. row from Federal Reserve Banks to adjust Additions to the over-all supply of reserves their reserve positions has functioned as a were obtained through borrowing from Fed- restrictive force on credit and monetary exeral Reserve Banks. pansion. Banks, as a matter of prudent man- In the past year and a half member agement, are reluctant to rely on borrowed banks resorted to Federal Reserve discount funds for any extended period of time. Durfacilities to a greater extent than they had ing periods of indebtedness, consequently, for many years. During the first five months banks are under pressure to adjust their of this year, the daily average of outstanding lending and investing activities to repay Federal Reserve discounts and advances to such debt and to bring these operations in member banks was 362 million dollars, V/z line with reserve funds otherwise available. times the average amount in the same period Early this year some easing in money marlast year and almost four times that in the ket conditions and bank reserve positions as same period of 1950. Such borrowing, as can a result of seasonal and other factors resulted be seen from the preceding chart, fluctuated in a general downward drift in interest widely and at times exceeded a billion dol- rates, as can be seen from the chart. During lars. Another indication of the increased the second quarter short-term interest rates importance of resort to borrowing at the firmed again as bank reserve positions tight- Reserve Banks is the number of individual ened and credit and deposit expansion rebanks that have borrowed. In the first half sumed. These rates are directly affected by of both 1952 and 1951, over 900 different money market conditions. Tightening in banks utilized Federal Reserve discount long-term rates was moderated, in part by facilities as compared with about 600 in the the continuing large volume of savings seekfirst half of 1950. ing investment. The necessity for member banks to bor- SELECTED INTEREST RATES CREDIT EXPANSION MONTHLY Total outstanding debt increased further in the first half of 1952 despite some seasonal contraction in United States Government debt and business debt at banks. The . CORPORATE Aaa expansion was due mainly to continuing large demands for long-term funds to finance private and State and local government con- F.R DISCOUNT RATE - struction and business equipment expendi- | N.YC tures. Growth in private debt thus far this year _. * TREASURY BILLS has been largely in long-term form. Partly because of this, short-term credit demand has been less strong than in either of the preceding two years. Also, some long-term credit has been used, as it was earlier, to fund outstanding short-term debt and so has resulted NOTE.—Data are from Treasury Department, Moody's Investors Service, and the Federal Reserve. Latest data are for in a pay-off of bank loans. June. JULY 1952 733 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MONETARY AND CREDIT SITUATION Business capital and credit. Business cor- dropped of? somewhat. This has been due porations issued a record volume of securi- in part to the leveling off of working capital ties to obtain new capital in the first half requirements for the carrying of inventories, of the year. Bond issues continued to ex- accounts receivable, and the like. ceed stock issues by a substantial amount, The decline in the business loans of banks but the relative importance of stock financ- in the first half of 1952 occurred mainly in ing continued the steady increase of the the second quarter and was due in large past two years. Business also continued part to repayments by commodity dealers to obtain a large volume of long-term debt and by food, liquor, and tobacco processors, funds by private placement of security is- as is shown on the accompanying chart. Such sues with institutional investors, particularly concerns customarily pay off in the spring life insurance companies. The greater busi- of the year the bank debt incurred the previness demand for long-term funds has been ous fall to finance the movement and procdue in part to the continuation of large ex- essing of harvests. In addition, the bank penditures for relatively fixed purposes, for indebtedness of metal manufacturers and example, new plant and equipment. A more petroleum and chemical concerns, which detailed analysis of recent business financial had risen steadily and rapidly since early developments appeared in the May issue of 1951, leveled off in the second quarter. the BULLETIN. About mid-June, however, there was a sharp Although business demands for long-term increase in borrowing by businesses in most financing have continued large thus far in lines to meet quarterly income tax payments. 1952, their needs for short-term funds have Mortgage credit. The demand for mortgage credit has continued very large so far BUSINESS LOANS this year compared with most prior years. CUMULATIVE CHANGES SINCE JULY 3, 1951 MILLIONS OF DOLLARS WEEKLY MILLIONS OF DOLLARS The volume of new lending has continued 2000 2000 to exceed the record repayments of old debt, and outstanding debt has risen further, though somewhat less rapidly than in 1951. An important element in the strong demand for mortgage money has been continuation of active markets for residential properties. New housing starts, which have risen sharply since last winter, are now exceeding last year's high level, and sales and refinancing of old houses are close to the recent peak. The total volume of new mortgage lending this year has been much more in line with the volume of funds available from new savings and from repayments on existing loans than was the case early last year and in NOTE.—Data reported by over 200 of the largest weekly reporting member banks. Metals includes metal products, machinery, 1950. Consequently there has been a smaller and transportation equipment. Foods, etc., includes liquor and tobacco. Petroleum, etc., includes coal, chemicals, and rubber. volume of sales of Government securities by Latest data are for June 25. 734 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MONETARY AND CREDIT SITUATION financial institutions in order to obtain funds and local financing in early April. Commerfor additional private lending. cial banks have continued to absorb State and Savings and loan associations and life in- local government security issues in substansurance companies continue to be the largest tial volume, a trend resulting in part from holders of mortgage debt. Mortgage lend- the attractiveness of the tax exemption feaing by savings and loan associations has been ture of their income. rising sharply in recent months, while lend- Other types of credit. Among the other ing by commercial banks has been relatively types of credit outstanding, security loans stable for over a year. In recent years com- increased significantly in recent months. mercial banks have provided a declining This increase occurred mainly in the second proportion of the new mortgage funds made quarter and was due in part to an increased available by financial institutions. volume of transactions in Government se- Consumer credit. Total consumer credit curities and in part to a large volume of new outstanding declined seasonally in the first corporate and municipal security financing. quarter of the year. Since then, the out- Agricultural borrowing—both production standing volume of consumer credit has and mortgage credit—has increased somerisen quite rapidly. Consumer instalment what further this year but at a slower rate credit has been mainly responsible for the than last year. The rise has been somewhat recent increase, due in part to increased dur- less both at commercial banks and at Federal able goods sales based to some extent on credit agencies. the easing of instalment credit terms that followed the suspension of Regulation W TREASURY FINANCE on May 7. In May, consumer instalment During the first quarter of 1952 the Federal credit rose almost 450 million dollars, as com- Government was able, as a result of large pared with little change in the same month seasonal income tax receipts, to reduce its last year. Commercial banks were directly outstanding debt somewhat and also to responsible for almost one-half of this in- strengthen its cash position. In March and crease, and they financed indirectly a sub- June about 1.2 billion dollars of tax anticistantial part of the remainder through loans pation bills were redeemed either in cash or to finance companies and retailers. To some in payment of taxes by business corporations extent, this replaced bank financing of in- and others. In addition, some of the Treasventories by distributors and manufacturers. ury securities that matured during the period State and local government credit. State were redeemed for cash. Most of the maand local government financing has been in turing issues, however, were refunded with particularly large volume in recent months new short-term securities. due mainly to the continuation of capital In the second quarter the Treasury obexpansion programs. Sizable expenditures tained 1.6 billion dollars of new funds by on schools and public utilities have continued increasing a number of its weeky bill offerand, in addition, outlays for new highways ings by 200 million each. In addition, the and veterans' bonuses have picked up notice- Treasury obtained a little over 300 million ably since construction curbs were eased be- dollars from a new issue of 2% per cent nonginning in March and the Voluntary Credit marketable bonds. On July 1 it received pay- Restraint Program ceased to apply to State ment for 4!/4 billion dollars of 2% per cent JULY 1952 735 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MONETARY AND CREDIT SITUATION 6-year marketable bonds. More than 80 over the first half of 1952. The privately held per cent of the allotments on subscriptions money supply declined somewhat, as the for the latter bonds were to nonbank inves- table shows. It dropped considerably early tors. A considerable portion, however, was in the year, largely for seasonal reasons, and financed through bank loans or the bonds subsequently rose slowly but steadily. were sold to banks by the subscribers. Two factors that have tended to increase Over the half year redemptions of sav- the privately held money supply thus far this ings notes exceeded sales plus interest ac- year have been the rise in bank credit and cruals. The volume of savings bonds showed some inflow of gold. Such factors, however, little change over this period. Following the have been more than offset by others that May announcement of a revision in savings tended to decrease it. These included a debond terms enhancing their attractiveness to crease in Federal Reserve Bank holdings of investors, sales of these bonds increased some- Government securities and an increase in what. A joint statement made by the three commercial bank capital. In addition, there Federal bank supervisory agencies, the Super- was the usual seasonal shift in the ownervisors of State banks, and the American Bankers Association urging banks to use their CHANGES IN THE MONEY SUPPLY, WITH RELEVANT FACTORS facilities for informing the public about the [In billions of dollars] investment opportunities of the new bonds 1952 1951 appears on page 738 of this BULLETIN. Item 1st 2nd 1st The Federal Reserve System reduced its half half half holdings of Government securities signifi- Changes in the Money Supply cantly during most of the first half of the Privately held, total -0.7 + 11.3 -2.2 year in order to absorb reserves which other- Demand deposits adjusted -2.4 +9.3 -3.3 wise would have become available to com- Time deposits adjusted +1.9 + 1.5 +0.7 Currency outside banks -0.2 +0.5 +0.4 mercial banks through gold and currency U. S. Government deposits... +2.1 -2.7 +3.0 inflows and the reduction in required re- Total *... + 1.5 +8.5 +0.8 serves resulting from deposit contractions. (Sign indicates effect on Factors Affecting Money Supply money supply) Commercial bank holdings of Government Bank loans and investments other than securities were little changed over the half U. S. Government securities +2.7 +4.5 +3.9 Bank holdings of Government securities, year. In late June and early July, banks in- total -1 .4 +3.4 -2.1 Federal Reserve Banks -1.2 +0.8 +2.2 creased their holdings substantially by pur- Commercial banks (3) +3.0 -3.5 Mutual savings banks and postal chases of Treasury bills and other securities savings system -0.2 -0.5 -0.8 in the market, and by subscription to the Gold stock and foreign accounts +0.6 + 1.3 — 1.0 Other factors 2 -0.4 -0.7 (3) new issue of intermediate-term Treasury bonds. Federal Reserve holdings also in- 1 Excludes interbank deposits, items in process of collection, and bank vault cash. creased during this period. 2 Includes bank capital, miscellaneous bank assets and liabilities, and differences between deposits due to and from banks. 3 Less than 50 million dollars. NOTE.—Based on changes in assets and liabilities of all commer- CHANGES IN THE SUPPLY AND USE OF MONEY cial and savings banks, Federal Reserve Banks, the Postal Savings System, and Treasury currency funds. Details may not add to totals because of rounding. Data for the first half of 1952 are As a result of restraints on the availability preliminary estimates. of bank reserves and some seasonal slacken- ship of deposits, with those of the Federal ing in credit demand, both total bank credit Government rising and those of private and total bank deposits rose only moderately holders declining. This shift was due in 736 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MONETARY AND CREDIT SITUATION part to the concentration of personal and The sharp rise in time deposits at banks corporate Federal income tax payments in was indicative of continuing large individual the early months of the year, and in part saving, particularly in liquid forms. Shareto the sale of new Government securities. holdings in savings and loan associations As the Government spends its deposits have also increased sharply this year. during the coming months, these funds will become available for private spending or DEPOSIT TURNOVER saving, and their inflationary effects will de- OUTSIDE NEW YORK CITY Annual Rate pend, to a considerable extent, upon whether MONTHLY of Turnover 26 they are extinguished in repayment of bank debt or whether they continue as part of the private money supply. If the deposits are extinguished and the bank reserves thereby freed are absorbed, the effect will be restrictive. If the funds remain in the money supply, their inflationary effect will depend to a major degree on the form in which they are held, whether as inactive time deposits or active demand deposits, and, if the latter, on the rate of their use. In case they remain in the form of demand deposits, banks will continue to need a considerable volume of reserves in order to meet the requirements -v/Y, against such deposits, and such reserves will NOTE.—Seasonally adjusted rates, compiled by the Federal not be available as the basis for further credit Reserve Bank of New York. Deposits used are averages of demand deposits, except U. S. Government and interbank expansion. deposits, as reported weekly by member banks in leading cities. Latest data are for June and are partly estimated by the This year's decline in the private money Federal Reserve. supply has been concentrated in demand deposits at commercial banks. Currency in The rate of use, or turnover, of demand decirculation has shown little change. Time posits—the principal component of the deposits, mainly savings deposits at commer- money supply—has tended to rise somecial and mutual savings banks, have risen what over the first half of the year, as shown sharply as they had during the last three in the chart. This rise probably reflects conquarters of last year. tinuing moderate growth in spending ac- Currency in circulation declined about companied by little change in the money the usual seasonal percentage early in 1952, supply. In 1951 the turnover of demand but in recent months has had a more than deposits had declined fairly steadily after seasonal rise. This rise probably reflects reaching a peak in the first quarter. The growth in individual saving as well as larger current level of turnover is higher than in currency needs resulting from shifts in man- the forties, comparable to that in the midpower associated with the development of thirties, but still much lower than in the the country's defense efforts. twenties. 737 JULY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LETTER ON SAVINGS BONDS PROGRAM Following is the text of a letter sent to all commercial ban\s in the United States. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COMPTROLLER OF THE CURRENCY FEDERAL DEPOSIT INSURANCE CORPORATION NATIONAL ASSOCIATION OF SUPERVISORS OF STATE BANKS AMERICAN BANKERS ASSOCIATION Washington, D. C. June 18, 1952. To THE CHIEF EXECUTIVE OFFICER: Your business, and ours, is to help people face financial problems squarely and solve them realistically. This has led to a pay-as-you-go and save as-much-as-you-can policy during the defense emergency. This policy has paid dividends—more than 15 months of relatively stable prices in the face of rising defense expenditures. As essential spending for our defense continues to rise, maintaining a pay-as-you-go program becomes increasingly difficult. We must therefore continue to encourage the upward trend in savings. This is the people s method of minimizing the effects of inflation. United States Savings Bonds play an important part in the public's savings program. Savings Bonds can be sold and are being sold. Bankers have played an indispensable role in this great thrift program. More than 57 billion dollars are now outstanding—substantially more than at the end of 1945. About 2 million more payroll savers were signed up in 1951 by concerted efforts in business and industry. Sales of small denomination E bonds were up almost 25 per cent in the first four months of 1952. In order to show needed improvement in sales of the larger denominations, we solicit the same effective support by bankers to inform their customers as to the features of the improved Savings Bonds Series E, H, J, and K. The public should be informed that these series now carry improved investment yields which make them more attractive to larger as well as smaller denomination buyers. We endorse the Treasury's new Savings Bonds Program and we urge every banker to enlist personally in an intensified effort to promote the sale of these new and improved bonds. /S/ WM. MCCHESNEY MARTIN, JR. /S/ MAPLE T. HARL Chairman, Board of Governors of the Chairman, Federal Deposit Insurance Federal Reserve System Corporation /S/ PRESTON DELANO /S/ ALEX. CHMIELEWSKI Comptroller of the Currency President, National Association of Supervisors of State Banks /S/ C. FRANCIS COCKE President, American Bankers Association 738 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES PART I. Consumer Expectations as to Economic Trends and Consumer Investment Preferences x The substantial increase in aggregate consumer during 1951, was somewhat lower in relation to inincome in 1951 was widely although unevenly dis- come than in other postwar years. Contributing to tributed, according to the 1952 Survey of Consumer the moderation of spending in 1951 were the record Finances. The findings suggest that nearly half stocks of durable goods in the hands of consumers of the approximately 53 million spending units in and the feeling of a major part of the population the population were making more money at the end that conditions were not favorable for purchases of of 1951 than at the beginning. Fewer than one-fifth large durable goods, primarily because prices were were making less than a year earlier, which was too high to provide good values. as low a proportion as has been reported in any Consumers expected, on balance, little improvesurvey. Consumers, however, were considerably ment in their financial positions or in market condiaffected by increases in retail prices, income taxes, tions in 1952. Increases in income were anticipated and the contractual payments involved in expanded more frequently than decreases, but the proportion indebtedness. Together, these absorbed much of of consumers expecting prices to rise further was the increase in money income before taxes. About larger than the proportion expecting increases in as many people in early 1952 thought they were income. worse off financially than a year earlier as felt they Prospects for 1952 indicated by survey findings were better off. Substantial maintenance, on bal- were that consumer spending would continue at a ance, of consumer financial positions in 1951 was moderate level in relation to income as long as the noteworthy in view of the marked expansion of the attitude prevails that prices are too high. Since the defense program. survey was conducted, declines in prices of many Consumer spending, although at a very high level consumer durable goods have taken place, partly as a reaction to the curtailment of consumer demand. 1 This is the first in a series of articles presenting the re- It is possible that these declines may change or may sults of the Board of Governors' Survey of Consumer Finances in 1952. Other articles will appear in succeeding have changed people's views concerning the wisdom issues of the BULLETIN. of purchases in 1952. If this occurs or if incomes The present article was prepared by Irving Schweiger of rise more than was anticipated, purchases of major the Consumer Credit and Finances Section of the Board's Division of Research and Statistics. durable goods in the remainder of 1952 may be From the Board of Governors, general supervision of the greater than was indicated by consumers earlier in survey has been under the direction of Ralph A. Young, Dithe year. At the same time other prices and costs rector of the Division of Research and Statistics, and of Homer Jones, Chief of the Consumer Credit and Finances have risen and the volume of individual indebted- Section of the Division. The Division of Research and ness has increased, exerting greater demands upon Statistics has responsibility for planning the over-all content of the survey, analyzing survey results, and preparing the incomes. special articles reporting survey findings that appear in the Of particular interest during the current period BULLETIN. of latent danger of inflation are the survey findings From the University of Michigan, Rensis Likert, Director of the Institute for Social Research, and Angus Campbell, on consumer preferences in choosing investment Director of the Survey Research Center, were in general outlets for their saving. Most consumers continued charge of the survey. The Survey Research Center is a division of the Institute for Social Research of the University of in 1952 to prefer to put their funds into savings Michigan. Responsibility for detailed planning and super- accounts and savings bonds; that Is,, in types of asvision of the survey, including interviewing, editing, tabulasets whose value is relatively fixed. This preference tion of survey results, and preparation of Survey Research Center studies was carried by George Katona in collaboration was based mainly on considerations of safety and with John B. Lansing of the Survey Research Center staff. liquidity. At the same time, the proportion of Charles F. Cannell served as head of the field staff and Leslie Kish as acting head of the sampling section of the consumers who favor the type of investment that Center. A close working relationship is maintained with the involves risk of fluctuating value of principal, such staff of the Survey Research Center at all stages of the work, as common stock and real estate, increased someand this analysis of the survey tabulations has had the benefit of suggestions from the Center's staff. what, especially among people with large financial JULY 1952 739 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES resources. The growing preference for such assets consumer spending unit, defined as all persons livwas mainly because they were believed to yield a ing in the same dwelling and related by blood, higher return, while the extent to which they were marriage, or adoption, who pooled their incomes preferred as a hedge against inflation continued to for their major items of expense.3 Survey methbe limited. ods also permit tabulation of many survey results This article, the first in a BULLETIN series, pre- on a family basis, and some of the results will be sents part of the findings of the seventh annual presented on this basis.4 Survey of Consumer Finances sponsored by the This series of annual surveys has provided many Board of Governors of the Federal Reserve System new insights into consumer financial patterns, but and conducted for the Board by the Survey Re- it continues to be desirable to emphasize that the search Center of the University of Michigan. A survey method of obtaining consumer information preliminary report was published in the April 1952 is still experimental. The techniques employed BULLETIN. The current article is devoted to the are believed to give results that fall within a margin general economic outlook of consumers, to changes of sampling variation determinable in advance. in consumer attitudes on economic matters during Considerable further experience, however, derived the past year, and to preferences for various forms from surveys repeated under varying economic conof investment. Subsequent issues of the BULLETIN ditions, together with further careful statistical and will contain articles analyzing consumer expendi- analytical testing of results, will be needed to estabtures during 1951 and plans for 1952 and 1953 pur- lish fully the utility of the sample survey approach. chases of major durable goods and houses, changes Survey findings represent only one body of data in the distribution of income since the 1951 Survey, indicative of current tendencies in the economy and and ownership of liquid and nonliquid assets should always be viewed along with the wealth and consumer debt.2 of other statistics reported currently through various governmental and private organizations. GENERAL COMMENT ON SURVEY METHODS For a discussion of the sampling limitations of the survey, see the technical note at the end of this The general methods employed in this seventh article. Survey of Consumer Finances were similar in every major respect to those applied in previous surveys. CONSUMER EXPECTATIONS AS TO ECONOMIC TRENDS Field work was carried out largely in the first two months of the year. Accordingly, the survey find- Financial position of consumers. Increases in ings must be interpreted with special reference to money income before taxes during 1951 were about that period. This year approximately 2,800 inter- as numerous as in any postwar year, while decreases views were taken in 60 sampling areas distributed were at a postwar low. Nearly half of all nonfarm throughout the country, compared with about 3,400 spending units reported making more money in interviews in 66 areas last year. The effect of this early 1952 than a year earlier. The proportion makdecrease in sample size on the sampling errors ing less money was only one-third as large (see of the survey is indicated in tables in the technical Table 1). note at the end of this article. The rising level of consumer income was reflected As in previous surveys, the interview unit was the in the increase from $3,000 in 1950 to $3,200 in 1951 of the median (middlemost) income before 2 Previous surveys were conducted for the Board of Gov- taxes, a gain of about 7 per cent (see Table 2). ernors early in each of the years 1947-51 by the Survey The arithmetic average of income rose about 9 per Research Center and the results of those surveys were reported beginning with the June issue of the BULLETIN for cent, from $3,520 to $3,840. These compare with those years. A preliminary report on certain key points in each of the last three surveys, 1950-52, was published in the April BULLETIN. The first survey was made for the 8 If people contributed more than one-half of their income Board of Governors early in 1946 by the Division of Program to the family, it was considered that they pooled their Surveys, Bureau of Agricultural Economics, United States income. In addition, the wife of the head of the family, Department of Agriculture. The Survey Research Center or a family member under 18 years of age or earning staff currently in charge of the survey work was associated less than $10 a week, was always considered a member with the Division of Program Surveys at the time of the of the main spending unit. first survey. Results of that survey were reported in the * Families are defined as all persons living in the same June, July, and August 1946 issues of the BULLETIN under dwelling unit who are related by blood, marriage, or adopthe general title "National Survey of Liquid Assets." tion. 740 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 1 TABLE 2 CHANGE IN FINANCIAL SITUATION OF CONSUMERS INCOME GROUPING OF SPENDING UNITS1 [Percentage distribution] Percentage distribution of spending units Chang e e a r f l r i o e m r year Early Early Early July Early July Early M b o e n fo e r y e i t n a c x o e m s e 1951 1950 1949 1948 1947 1946 1952 1951 1950 1949 1949 1948 1948 Under $1 000 13 13 14 12 14 17 Current income: 1 $l,000-$l,999 15 17 19 18 22 23 More than a year $2,000-$2,999 18 19 21 23 23 25 ago 46 47 30 24 42 41 43 $3,000-$3,999 18 19 19 20 17 17 About the same.. . . 33 33 41 39 35 34 33 $4,000-$4,999. .. 15 12 11 12 10 8 Less than a year $5,000-$7,499 14 14 11 10 9 6 ago 17 18 27 36 21 22 21 $7,500 and over 7 6 5 5 5 4 Not ascertained 4 2 2 1 2 3 3 All cases 100 100 100 100 100 100 All cases 100 100 100 100 100 100 100 Median income $3,200$3,000 $2,700$2,840$2,530 $2,300 Opinion of own financial situation:2 Better off 33 32 32 24 33 25 29 1 Income data for each year are based on interviews during Same 29 29 32 36 35 30 28 January, February, and early March of the following year. Worse off 35 37 34 39 30 42 39 Uncertain 1 1 1 (3) 1 1 2 they were no better off financially while others Not ascertained.... 2 1 1 1 2 2 indicated improvement. All cases 100 100 100 100 100 100 100 About as many people reported that their fi- 1 Data refer to nonfarm spending units only, except for early nancial situation was worse in early 1952 com- 1951 and July 1949 when all units are included. The question was: "Are you making as much money now as you were a year pared with a year before as said it was better (see ago, more or less?" 2 The question was: "Would you say that you people are better Table 1). Many people believed that they were off or worse off financially than you were a year ago?" 3 No cases reported or less than one-half of 1 per cent. no better off with higher money incomes, primarily because prices and taxes had also :-;s;:n. an increase in the annual average of consumer Only half of the people who had income ::v rcas^s prices of about 9 per cent from 1950 to 1951, asduring 1951 felt that their financial situation was measured by the Department of Labor. Since per- improved (see Table 3). The proportion of farmsonal income taxes also rose substantially during ers feeling that they were better off increased con- 1951, it is apparent that prices rose somewhat more siderably as compared with the previous two years. than the average disposable income. Most of the (For additional details, see Tables 14 and 15 at rise in prices occurred in the latter part of 1950 and the end of this article.) early in 1951, while incomes continued to increase Expectations of income and price changes. Many throughout 1951. These developments accounted more people expected increases in income during for the feeling, expressed by many consumers, that 1952 than expected decreases (nearly 4 in 10 com- TABLE 3 RELATION BETWEEN CHANGE IN INCOME AND CHANGE IN FINANCIAL SITUATION * [Percentage distribution of spending units having specified change in income] ]Early 1952 Early 195 ]Early 1950 Opinion of change in own situation from year earlier Making About Making Making About Making Making About Making more the less more the less more the less now same now now same now now same now Better off 52 15 9 53 15 10 70 22 10 Same . ... 25 47 15 25 42 17 18 56 15 Worse off 20 35 73 21 41 71 10 21 74 Uncertain 1 (2) 1 (2) (2) 1 1 1 1 Not ascertained 2 2 1 1 1 (2) (2) All cases 100 100 100 100 100 100 100 100 100 Number of cases 1,244 851 428 1,607 1,138 602 973 1,269 789 1 Comparison of change from a year earlier in a spending unit's current level of income and in its opinion of its own financial situation. Excludes spending units that did not indicate whether their rate of income was higher or lower than a year earlier, and in 1950 also excludes all farmers. For questions asked, see footnotes 1 and 2, Table 1. 2 No cases reported or less than one-half of 1 per cent. JULY 1952 741 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES pared with less than 1 in 10), as is shown in Table mobiles and washing machines continued to be 4. This was true at all income levels although the widely held by consumers. The 6 in 10 who proportion expecting improvement in income expressed this view were a slightly larger proportended to increase as the level of income increased tion of the total group than they had been at the (see Table 16 at the end of this article). beginning of 1951. The chief reason for this view continued to be the feeling that prices were "too TABLE 4 high"; that good values would not be obtained. EXPECTED CHANGE IN INCOME1 Reports of poor personal finances or expectations [Percentage distribution of spending units] of bad times were given more frequently in early 1952 than a year earlier as a reason for not buying. Early Early Early Expected change 1952 1951 1950 Less than 3 in 10 consumers stated that this was a good time to buy, a decline of one-fourth since Increase ... 36 39 28 None 30 35 32 early 1951. The most frequent explanations for Decrease . . . 8 13 10 this belief were the expectation of rising prices or Uncertain 20 12 27 Not ascertained 6 1 3 of shortages, but the number with these expectations All cases 100 100 100 was substantially less than in early 1951. 1 Data for 1952 and 1950 are based on the question: "How about Relation between consumer views and buying plans. a year from now, do you think you people will be making more Survey data for the current and previous years money or less money than you are now, or what do you expect?" Data for 1951 are based on the question: "Now for the current tend to support the belief that consumer spending year, 1951, do you think your income will be larger, the same, or smaller than in 1950?" behavior is influenced by factors other than current income. Important among them are attitudes which About half of all consumer spending units exappear to be related consistently to plans to purchase pected prices of the things they buy to continue major consumer durable goods. These include: rising during the coming year, but substantially First, a consumer's appraisal of recent changes fewer held this view than did a year ago (see in his personal finances; second, and perhaps Table 5). There was little change in the very most important, what a consumer expects to small number of consumers that believed prices happen to his income in the immediate future; would fall but rather a substantial increase in the and finally, his own idea of whether a particular number expecting price stability (from less than period is a good time to buy. Price expectations, 2 in 10 in early 1951 to 3 in 10 in early 1952). on the other hand, appeared to have only a small The fact that more people expected prices to rise influence on consumer spending plans, as compared than expected an increase in income indicated that with the important effects of past price changes. consumers, on balance, were not expecting any im- Anticipations of income change in 1952 were provement in financial position during 1952. TABLE 5 TABLE 6 EXPECTED CHANGE IN CONSUMER PRICES CONSUMERS PLANNING PURCHASES OF MAJOR DURABLE GOODS [Percentage distribution of spending units] AS A PERCENTAGE OF ALL SPENDING UNITS HAVING SPECIFIED PRICE AND INCOME EXPECTATIONS1 Expected change 1952 1951 1950 1949 Expected price change 3 I I n n c c r r e e a a s s e e or no change 1 49 4 6 9 7 1 3 2 } • Expected income change 2 ca A s l e l s No change 2 30 16 36 Rise No rise Decrease or no change 3 2 1 6 20 Decrease 5 3 35 } » Uncertain 7 3 6 Increase 43 42 45 Not ascertained 3 1 2 15 N D o ec c re h a a s n e ge 2 2 4 5 2 2 7 6 2 2 3 3 2 All cases 100 100 100 100 All cases 32 32 31 1 Includes "some prices will stay the same, others will rise." 2 Includes "some prices will rise, others will fall." 1 Plans to purchase an automobile (new or used) and/or one or 3 Includes "some prices will fall, others will stay the same." more major household durable goods. Data refer to nonfarm spending units. 2 The question was "How about a year from now, do you think Attitude regarding major purchases. The attitude you people will be making more money or less money than you are now, or what do you expect?" that the current year would be a bad time to make 3 The question was "What do you think will happen to the prices of the things you buy during the year—do you think they purchases of major durable goods such as auto- will go up, or down, or stay about where they are now?" 742 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES closely related to plans for buying but there was in an area in which limited inquiries were made little evidence of any relationship between expected in both 1949 and 1951. As in the earlier surveys price changes and buying plans. As shown in the queries in 1952 were made only of consumer Table 6, more than 4 in every 10 consumers expect- spending units with income before taxes in the ing an increase in income planned to make at least preceding year of $3,000 and over. This, however, one major purchase, regardless of whether they focuses the exploration on that part of the popuexpected prices to go up or not. People who did lation which accounts for the greater proportion not expect their incomes to rise (no change or a of both the current and the accumulated saving. decrease) planned to buy with considerably lesser The queries related to the consumer's opinion of frequency (less than 3 in 10). For these people, the wisest use of funds among four representative also, it appeared to make little difference whether outlets: savings accounts, savings bonds, real estate, prices were expected to rise or not. It is also sig- and common stock.5 nificant that, in answering the question as to the Extension of the survey findings on investment wisdom of buying at this time, less than 1 in 5 of preferences sheds additional light on an important the consumers who expected prices to rise during aspect of consumer financial behavior during a 1952 was influenced by this to consider the present a good time to buy. These general relationships 5 In the 1952 Survey, the following questions were asked: also appear to have prevailed in preceding postwar "Suppose a man has money over and above what he needs for years. his expenses. What do you think would be the wisest thing for him to do with it nowadays: put it in a savings account, INVESTMENT PREFERENCES buy Government savings bonds with it, invest it in real estate, or buy common stock? Why do you make that choice?" The survey this year explored in some detail the Answers referring to "savings account" were interpreted to nature of consumer preferences for selected im- mean savings accounts in banks, savings and loan shares, postal savings, and credit union shares. Investment in "real portant types of assets in which saving may be inestate" refers primarily to real estate for other than ownervested. This extended the scope of survey findings occupancy. TABLE 7 INVESTMENT PREFERENCES WITHIN INCOME GROUPS [Percentage distribution of spending units] Money income before taxes 2 Preferred investment* $3,000 and over $3,000-$3,999 $4,000-$4999 $5,OO0-$7499 $7,500 and over 1952 19513 1949 1952 19513 1949 1952 19513 1949 1952 19513 1949 1952 19513 1949 Assets of fixed money value 65 69 79 73 80 86 69 70 80 61 65 74 44 46 64 Savings accounts 16 13 18 18 16 20 16 14 17 16 9 17 14 6 16 Savings bonds 43 49 54 50 54 59 46 48 56 38 51 49 26 37 43 Accounts or bonds 6 7 7 5 10 7 7 8 7 7 5 8 4 3 5 Assets of fluctuating money value 26 23 11 17 14 8 23 23 12 30 26 14 45 45 22 Common stock 8 6 2 4 2 1 7 6 3 8 6 3 19 16 7 Real estate . .. . .. 17 16 9 13 12 7 16 17 9 20 19 10 20 23 14 Common stock or real estate 1 1 2 1 1 6 6 1 Other4 6 5 8 4 3 4 5 2 7 8 7 10 9 8 10 Not ascertained 3 3 2 6 3 2 3 4 1 1 2 2 2 1 4 All cases . ... 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 5 1,7291,000 1,751 5 482 300 671 5 424 220 414 5 490 270 407 5333 150 259 1 In 1952 the question asked of spending units with incomes of $3,000 or more was: "Suppose a man has some money over and above what he needs for his expenses. What do you think would be the wisest thing for him to do with it nowadays: Put it in a savings account, buy Government savings bonds with it, invest it in real estate or buy common stock?" In 1949 and 1951 the question was: "Now I have one last question about how people save. Suppose a man has some money over and above what he needs for his expenses. What do you think would be the wisest thing for him to do with it nowadays: Put it in the bank, buy Government savings bonds with it, invest it in real estate, or buy common stock?" 2 Income groups relate to income in year prior to year specified. 3 Because in 1951 this information was requested on all farm schedules and on only one-half of the nonfarm schedules, the farmers were entered at one-half their normal weight. 4 Includes combinations of assets of fixed and fluctuating value and assets other than those listed above. s Approximate number of cases. JULY 1952 743 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES period when inflationary dangers, actual or poten- of $3,000 and over gave bonds as their first investtial, may exert an important influence on the pro- ment preference. By early 1951 the proportion portion of current income that is saved or the form had declined to 4 in 10 (see Table 8). This shift that saving takes. Changes in consumer invest- in preference is significant since holders of $2,000 ment preferences may affect not only the form in or more of "A-F" savings bonds, although few in which the current income is saved but also the number (6 per cent of all spending units), owned shifting of consumer assets from one form to an- roughly two-thirds of the total in early 1951. other. Many consumers maintain savings in several TABLE 8 forms, such as savings bonds, insurance, bank INVESTMENT PREFERENCES OF SPENDING UNITS WITH INCOMES accounts, and securities. Changes in attitude OF $3,000 AND OVER AND A-F SAVINGS BOND regarding investments occur, and over a period HOLDINGS OF $2,000 AND OVER1 of time these changes may be reflected in the [Percentage distribution of spending units] pattern of investment, with greater investment in the more favored forms of saving and less invest- Preferred investment2 1952 1951 1949 ment, or even disinvestment, in assets that have de- Assets of fixed money value. . 56 57 72 clined in favor. Savings accounts 11 9 6 Changes in investment preferences, 1949-52. Since Savings bonds 39 42 59 Accounts or bonds 6 6 7 early 1949 there has been a marked shift in invest- Assets of fluctuating money value 29 29 14 ment preferences of consumers from assets whose Common stock 13 8 7 Real estate 10 19 7 value is fixed toward assets whose value fluctuates. Common stock or real estate 6 2 This shift has not been consistent among various Other * 14 11 11 consumer groups in the population, and there have Preference not ascertained. 1 3 3 All cases. 100 100 100 even been reversals of attitude toward specific forms of assets. The general drift, however, has contin- N Pr u o m po b r e t r i o o n f o c f a s a e ll s spending units (per cent). 20 4 7 «2 6 26 217 ued (see Table 7). By early 1952 approximately 1 in every 4 consumers with incomes of $3,000 and « Estimated. 1 Money income in year prior to year indicated; A-F savings over preferred to invest in a type of asset whose bond holdings early in year indicated. 2 For questions asked, see footnote 1, Table 7. value fluctuated, such as real estate or common 3 No cases reported or less than one-half of 1 per cent. 4 Includes combinations of assets of fixed and fluctuating money stock; in early 1949, the proportion had been value and assets other than those listed above. 1 in 9. Change in 1949-50. During the two years from Change in 1951. From early 1951 to early 1952 early 1949 to early 1951 there was a substantial the selected assets whose value may fluctuate conincrease among nearly all groups queried in their tinued to gain in favor with consumers but the gain preference for each of the two types of fluctuating was much smaller than in the previous two-year value assets covered by the survey—real estate and period. common stock. This change in attitude possibly In 1951, however, there were substantial differoccurred largely in 1950, reflecting the international ences in the change of attitudes with regard to spesituation starting .with the Korean outbreak in mid- cific assets (see Table 7). Common stock continued 1950 and the change in the economic climate that to gain adherents among consumer investors in stemmed from it. 1951, while little further change in attitude toward Savings accounts experienced the largest decrease real estate was noted. Savings accounts regained in investment preference and this also possibly oc- much of the popularity that had been lost in the curred after mid-1950. There was also some de- preceding two-year period, but this was more than cline, but not as great, in the frequency with which offset by a lessened preference for savings bonds all people with incomes of $3,000 and over rated during 1951. The increase in interest rates at some savings bonds as their first investment choice. savings institutions during 1951 and the promo- Savings bonds did fall out of favor, however, with tional campaigns accompanying these changes may the small number of people who held large amounts explain, in part, the reversal in attitude toward sav- ($2,000 and over) of such bonds. In early 1949 ings accounts. The decline in the proportion of about 6 in 10 of such large holders with incomes people favoring savings bonds was somewhat greater 744 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 9 INVESTMENT PREFERENCES WITHIN INCOME AND OCCUPATIONAL GROUPS [Percentage distribution of spending units] Income $3,000-$4,999 2 Income $5,000 and over 2 Professional, managerial, Professional, managerial, Preferred investmentl nonfarm self-employed, All other occup.ations 3 nonfarm self-employed, All other occupations» and clerical and sales and clerical and sales 1952 1951 1949 1952 1951 1949 1952 1951 1949 1952 1951 1949 Assets of fixed money value 62 73 82 75 76 83 47 57 69 63 62 73 Savings accounts 14 17 17 18 14 20 16 9 17 14 8 16 Savings bonds 39 48 59 52 53 56 25 45 44 43 48 51 Accounts or bonds 9 8 6 5 9 7 6 3 8 6 6 6 Assets of fluctuating money value. 27 22 9 16 17 10 42 37 18 29 25 15 Common stock 9 4 3 4 4 1 16 11 6 8 6 2 Real estate 18 17 6 12 13 9 21 22 11 19 18 13 Common stock or real estate. (4) 1 (4) (4) (4) (4) 5 4 1 2 1 (4) Other5 6 2 7 4 3 6 9 5 10 7 11 9 Preference not ascertained 5 3 2 5 4 1 2 1 3 1 2 3 All cases 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 311 356 406 595 686 638 483 515 441 340 318 175 1 For questions asked, see footnote 1, Table 7. * Income groups relate to income in year prior to year specified. s Includes skilled, semiskilled, and unskilled workers, farm operators and laborers, unemployed and retired persons, students, housewives, persons engaged in police, fire, and other protective services, and spending units for which occupation of head was not ascertained. < No cases reported or less than one-half of 1 per cent. & Includes combinations of assets of fixed and fluctuating money value and assets other than those listed above. during 1951 than in the preceding two-year period, of the protection they offered against inflation. and again the decline appeared to be greatest among Frequently mentioned in the case of real estate people with substantial financial resources. As was the related point that it is tangible property. shown in Tables 7 and 9, consumer spending units (For details, see Table 10.) with incomes of $5,000 and over showed the most It is noteworthy that the predominant reason marked decline in preference for this asset, espe- given in early 1952 for preferring assets of fluctuatcially those in certain occupational groups (pro- ing value was their higher rate of return. Some fessional, managerial, nonfarm self-employed, and further gain in popularity of such assets took place clerical and sales). It should be pointed out that in the belief that they would furnish protection the survey in early 1952 preceded the recent up- against inflationary price rises but the gain was not ward revision in the yield of savings bonds. The large. The greater emphasis on rate of return indieffect of this change on consumer investment pref- cates either that more attention was being paid to erences is not known. this factor than heretofore or that people believed Reasons for investment preferences. The reasons the differences in return of various types of investgiven in early 1952 for preferring specific assets ment had been increasing. It is possible that a were broadly similar to those expressed in the desire to maintain purchasing power of investment two earlier years, even though there had been sub- income in the face of rising prices may have caused stantial changes since 1949 in the proportion of some investors to revise their previous scale of inpeople preferring each kind of asset. Savings bonds vestment objectives. were preferred chiefly for their safety, the rate of A further attempt was made to gain insight into return, and for patriotic reasons. Savings accounts the reasons for people's investment preferences by were chosen for their liquidity and convenience and asking consumers to choose between two assets of also for their safety and interest yield. Both real fixed value and also between an asset of fixed estate and common stock were selected because value and one of fluctuating value. Specifically, of their rate of return and, to a lesser extent, because consumers with incomes of $3,000 and over were JULY 1952 745 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 10 savings accounts to be more liquid. REASONS FOR INVESTMENT PREFERENCE WITHIN INCOME Consumers were also asked how their choice GROUPS * between bonds and savings accounts would be af- [Percentage distribution of spending units] 2 fected if the money might be needed within two or three years. Approximately 4 in every 10 spend- 1951 money income before taxes ing units said that this would affect their decision, Preferred investment and reason for preference and almost all of this group indicated preference $3,000 $3,000- $5,000 and over $4,999 and over for a savings account in these circumstances. The most frequent reasons were that savings accounts Savings bonds: Safety 28 30 25 were more liquid and would pay more interest than High yield 14 16 12 bonds in a two-to-three-year period. The recent Liquidity 2 3 2 Lack of liquidity 2 1 2 revision of savings bonds terms which increased Patriotism 9 10 8 Saving by payroll deduction 1 1 1 substantially the interest return for short-term hold- Other 4 4 3 ings might well change the attitude of some con- Savings account: Safety sumers (1 in 10) whose view was that savings High yield Liquidity accounts pay higher interest rates than bonds for Other short-term holdings. The importance to con- Common stock: sumers of the liquidity of their savings is also High yield Hedge against inflation, capital indicated by the response of the 6 in 10 spending gain Other units who said that their choice would not be af- Real estate: fected if they knew they might need the funds Safety High yield within two or three years. Their chief reason was Hedge against inflation, capital the belief that savings bonds and savings accounts gain Tangible investment were equally liquid. (For additional details, in- Other cluding those on the choice between savings bonds Preference or reasons for preference not ascertained 10 12 and common stock, see Tables 17 and 18 at the end Number of cases 1,729 906 823 of this article.) Investment in 1951. It should be noted that the 1 In the 1952 Survey, the following questions were asked of all spending units having incomes of $3,000 or more: "Suppose a survey findings related to the consumer's preferman has money over and above what he needs for his expenses. What do you think would be the wisest thing for him to do with ence, not his plans for investment. For some indiit nowadays: put it in a savings account, buy Government savings bonds with it, invest it in real estate, or buy common stock?" viduals, a shift in portfolio may not occur because c " o W m h p y a r d a o b le y o w u it m h a s k o e m t e h w at h a c t ho s i i c m e i ? l " a r d T a h t e a s e o b d t a a t i a n e a d r e f ro n m ot t p h r e e ci 1 s 9 e 5 ly 1 of a change in investment preferences. To the and 1949 Surveys because in those years respondents were asked extent that change does occur, it probably takes to evaluate each type of investment. 2 Because some spending units gave more than one reason for place over a period of time. New investment from their preferences, the sum of entries relating to various preferences will exceed 100 per cent. current saving probably reflects changes in prefasked to make a choice between savings bonds and erences relatively quickly while shifts in previous savings accounts and also between savings bonds investment come more slowly, if at all. and common stock, and to give reasons for their Survey data indicate that the income groups querchoices. Responses to these arbitrary sets of choices ied generally followed an investment policy that appear to shed further light on investment objec- was related to their investment preferences. Net intives. vestment in common stock was both more fre- Consumers whose first choice among the four quent and in considerably larger amounts, on the investment outlets had been a fluctuating value average, among people in high income groups asset generally preferred savings bonds to savings ($5,000 and over) than among people in medium accounts, largely because of the rate of return. income groups. The bulk of direct investment Thus, people who had preferred fluctuating value in common stock in 1951 appears to have been assets, primarily for their higher return, gave made by the $5,000 and over group. A small net weight to this factor even when the alternatives investment was also made by people with incomes were two fixed value assets. Those who chose of $3,000 to $4,999. Investment in real estate, by savings accounts in the paired comparison with acquiring or making additions to properties other savings bonds did so mainly because they felt than owner-occupied dwellings, also tended to 746 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES be more frequent and in larger amounts among the in large liquid asset holdings of these groups. higher income groups. During 1951, the frequency with which large The large increase during 1951 in liquid asset amounts of liquid assets ($2,000 and over) were holdings of consumers—savings bonds, savings and held declined among the groups with incomes of checking accounts, postal savings, and shares in sav- $5,000 and over, and appeared to increase among ings and loan associations and credit unions— lower income groups (see Table II).6 indicated by other financial data, was reflected in Maturing savings bonds. To throw further light an appreciably greater number of increases than on consumer attitudes toward savings bonds, the decreases in holdings at all income levels except survey obtained some information from consumers those under f 1,000 (see Table 19 at the end of at all income levels concerning their plans for savthis article). Thus, the general conclusion to be ings bonds maturing in 1952 and 1953. drawn from survey results is that the over-all in- Although the survey obtained reports representcrease in such holdings was widely distributed. ing approximately 70 per cent of all savings bonds The greater loss in popularity of fixed value estimated to be owned by consumers, maturing assets in 1951 among high income ($5,000 and over) than among medium income spending units 6 A more complete discussion of the survey findings on ownership of liquid assets will be presented in the third appeared to be reflected in the divergent changes article of this series. TABLE 11 TYPE AND SIZE OF LIQUID ASSET HOLDINGS WITHIN INCOME GROUPS * [Percentage distribution of spending units] Money income before taxes All spend- Type h o a l n d d i n s g ize of ing units Under $1,000 $1,(300-$2,999 $3,000-$4,999 $5,000 and 1952 1951 1949 1952 1951 1949 1952 1951 1949 1952 1951 1949 1952 1951 All types:2 Zero 31 28 29 60 53 56 44 39 38 21 19 19 8 4 $l-$499 30 30 28 17 24 24 28 31 29 38 37 35 26 22 $500-$l 999 19 23 22 11 13 12 16 19 21 22 27 25 26 29 $2,000-$4,999 12 11 12 6 6 5 8 7 8 14 12 14 20 22 $5,000 and over 8 8 9 6 4 3 4 4 4 5 5 7 20 23 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 U. S. savings bonds (Series A-F):« Zero 62 59 56 79 81 80 73 69 63 56 53 49 44 34 $l-$499 23 24 25 13 13 11 18 22 25 29 29 29 25 30 $500-$l,999 10 11 13 4 4 6 7 7 9 11 14 16 18 $2,000 and over 5 6 6 4 2 3 2 2 3 4 4 6 13 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 Savings accounts:4 Zero . 57 55 56 80 73 75 68 67 62 49 48 49 39 $l-$499 21 20 19 9 15 12 16 16 19 28 26 24 24 $500-$l,999 .... 12 14 14 5 6 9 10 11 12 13 16 15 16 $2,000 and over... . 10 11 11 6 6 4 6 6 7 10 10 12 21 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 Checking accounts: Zero 60 59 61 77 75 81 74 68 72 58 61 59 31 $l-$499 23 27 23 11 16 11 16 23 19 27 29 28 34 $500-$l,999 12 10 11 9 8 7 8 7 7 11 7 10 21 $2,000 and over... . 5 4 5 3 1 1 2 2 2 4 3 3 14 All cases . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases . . 2,820 3,415 3,510 278 418 416 814 1,081 1,294 906 1,042 1,101 822 00 00 100 36 20 ot ot ot ot Dver 1949 5 17 23 25 30 100 34 25 21 20 100 39 14 22 25 100 100 28 22 36 36 23 25 13 17 100 100 832 670 1 Liquid asset data are based on interviews in January, February, and early March oi year indicated. In 1952 respondents were asked for their balances on Jan. 1, 1952; in earlier surveys for balances at the date of interview. Income groups are based on annual money income before taxes in year prior to year indicated. 2 Includes all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions. Excludes currency. 3 Amounts for 1952, 1951, and 1949 are shown at 86 per cent, 83 per cent, and 80 per cent, respectively, of maturity value, except for recent purchases, which are shown at purchase price. * Includes savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions. JULY 1952 747 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES bonds were reported amounting to somewhat less to redeem, approximately one-third of the funds than 50 per cent of the amount estimated to mature was slated to be put in the bank or to pay off debt. in 1952-53 according to Treasury figures. This Last year, the proportion was about one-fourth. may indicate that many people are not familiar Plans indicate that the balance would be used to buy with the maturity dates of their savings bonds. homes, cars, and other durable goods, for general Some of the difference is no doubt due, however, living expenses, for investment in business, real to the omission from the survey of estates and trusts estate, or securities, and for other expenditures. as well as of some individuals such as transients and (For additional details on maturing savings bonds, servicemen who own maturing bonds. see Table 20 at the end of this article.) The large discrepancy between survey and Patterns of investment preference. The 1952 Sur- Treasury data indicates the need for caution in vey permits more detailed analysis than has been drawing conclusions from survey data on matur- possible heretofore of the relation of investment ing bonds. The validity of the following interpre- preferences to such factors as income, wealth (as tation of the data depends largely on whether peo- measured by major assets held), occupation, and ple's plans for bonds identified as maturing bonds size of community. apply also to bonds not identified. In general, the larger the income or the accumu- Consumers' plans in early 1952 for their maturing lated savings, the greater the preference for assets savings bonds appeared to be similar to those ex- of fluctuating value (see Tables 7 and 13 and also pressed a year earlier. There were indications of Tables 21 and 22 at the end of the article). In early some decline in the proportion of the funds planned 1952, for example, the proportions of spending units to be retained in savings bonds but the change was preferring common stock or real estate in the $7,500 very slight, as is shown in Table 12. Holders of and over income group was nearly three times more than one-third of the maturing bonds had that of the $3,000 to $3,999 income group (45 to 17 definite plans not to cash their bonds while plans per cent). to cash their bonds at maturity were expressed Attitudes toward specific types of fluctuating with regard to one-fourth of the total. Owners of value assets did not vary in the same manner. the balance (more than one-third) had no definite Preference for common stock was very infrequent plans. Holders of less than $500 of maturing in the income groups close to $3,000 and increased bonds showed less tendency to cash them than a fairly sharply and continuously at successively year ago, while the opposite was true for people higher income and wealth groups in the range with larger amounts maturing. shown by survey data. On the other hand, prefer- Of the maturing bonds involved in definite plans ence for real estate was relatively great in the lower income and wealth groups and, after increas- TABLE 12 ing moderately, leveled of! at higher groupings. Although the proportion of consumers favoring PLANNED USE OF MONEY RECEIVED FROM MATURING SAVING BONDS1 savings bonds as an investment tended to be smaller [Distribution of total amount of maturing savings bonds] as earnings or wealth increased, this investment outlet, rather than real estate or common stock, was Bonds maturing: preferred more frequently in every income group Planned use covered and in all but the largest wealth group 1952-53 1951-52 ($25,000 and over). Many consumers with very Retain savings bonds or reinvest in small asset holdings do not believe that they can Government bonds 37 41 Save or repay debts 7 5 conveniently purchase common stock or real estate Other outlays 2 16 16 Combination of above plans 4 7 other than their dwelling. In general, these findings No plans 32 29 on investment preferences by income and wealth Plans not ascertained 4 2 groups confirms the usual view that consumers, All cases 100 100 through their investment programs, first try gen- Number of cases 636 623 erally to meet the need for security and after that 1 Data for 1952-53 based on following questions asked in early need has been met try to increase their return by 1952: "Do you have any war or savings bonds whose 10 years will be up in 1952 or 1953?" "How much will these bonds amount investing in assets of normally higher yield bearing to?" "Have you made any plans about what you'll do when they a risk of fluctuating money value as to principal. mature?" "What are they?" Data for 1951-52 based on similar questions asked in early 1951. 3 Includes plans to purchase homes, farms, other real estate, People's attitudes toward investment outlets also businesses securities, automobiles, and other durable goods, and appeared to be influenced by the size of community plans for general expenditures. 748 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 13 INVESTMENT PREFERENCES IN RELATION TO INCOME AND MAJOR ASSETS [Percentage distribution of spending units] Preferred investment 1951 income before taxes Number of All and major assets in early 1952 l cases cases fl A u s c s t e u t a s t i o n f g fix A e s d s e m ts o o n f ey Other * Not money value5 value 3 ascertained $3,000 and over: All asset groups.. 6 1729 100 26 65 Under $1,000... . 802 100 20 71 $l,000-$9,999.... 518 100 26 65 $10,000 and over. 254 100 47 41 $3,000-$4,999: All asset groups.. 5 906 100 20 71 Under $1,000. ... 543 100 16 75 $l,000-$9,999 258 100 20 71 $10,000 and over, e 50 100 48 45 $5,000-$7,499: All asset groups.. 5490 100 31 61 Under $1,000.... 211 100 28 62 $l,000-$9,999.... 169 100 28 63 $10,000 and over 6 62 100 44 49 $7,500 and over: All asset groups.. 333 100 45 44 9 Under $1,000.... 6 48 100 30 65 5 $1,000-9,999 91 100 47 45 5 $10,000 and over 142 100 49 34 16 1 Major assets include liquid assets, stock in publicly held corporations, and real estate other than owner-occupied homes and farms. 2 Includes common stock and real estate. * Includes savings accounts and savings bonds. 4 Includes combinations of fixed and fluctuating value assets and assets other than those mentioned in notes 2 and 3. 6 Total includes units for which value of assets was not ascertained and thus exceeds sum of asset groups. 6 Because of small number of cases, these distributions should be used with care. 7 No cases reported or less than one-half of 1 per cent. in which they lived. The smaller the community, Savings bonds, on the other hand, were rated the greater, in general, was the popularity of invest- highly by both farm operators and employed perment in real estate and the lesser the preference for sons at both medium- and high-income levels. The common stock. This pattern doubtless reflects the preference of farm operators for savings bonds greater familiarity, and possible opportunity, that and their low rating of savings accounts is probpeople in smaller cities and the open country have ably explained in part by the low return obtained to invest in real estate. Working in favor of stock from savings accounts in country areas and in part investment in the larger cities, on the other hand, by historical factors. The lowest preference for is the greater familiarity of people in these centers savings bonds at all income levels was found among with such investment and the greater ease of inprofessional and self-employed persons. vesting in the larger cities (see Table 23 at the end Although popularity of common stock and real of this article). estate rose sharply in the past three years, and Variation in investment attitudes among people probably for similar reasons, each type of investin different occupations at the same income level was more marked than the differences shown by ment appealed to quite different groups. The occusize of community. Savings accounts were pre- pational groups most in favor of common stock at ferred most frequently by skilled and unskilled all income levels were the retired, professional, and workers while the lowest rating given this form clerical and sales groups. The chief proponents of of investment was that among farm operators. real estate investment were farm operators. TECHNICAL NOTE ON THE SAMPLING LIMITATIONS OF THE SURVEY Changes from year to year in survey findings viewed (sampling variation). Other factors which may result from many factors. Among the most affect findings, though important, would be as important of these are (1) actual changes in the prevalent in a complete census of the entire populabasic situation which it is the main objective of the tion as in a carefully selected sample. These insurvey to measure; and (2) random shifts due prin- clude such factors as reporting errors made by those cipally to the particular samples of persons inter- being interviewed, differences in the questionnaire JULY 1952 749 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES from year to year, differences in interpretation given A problem of interpretation arises when the difeither by the respondent to the question asked or ference between data from any two surveys is by the interviewer to the answer given, and differ- smaller than might be due to sampling variation ences in processing the data. alone. In some cases in the 1952 Survey the pro- In appraising changes in survey findings, it portion early this year of those intending to buy a must be kept in mind that the value of change certain commodity was slightly smaller than the determined from the survey represents the best proportion having similar intentions early in 1951. available (i.e., most probable) estimate of the true The difference was not statistically significant (less value. If differences are greater than may be than might result from sampling variation), but it attributed to chance variation in the selection of does not follow that there was no difference between the particular samples (see the accompanying table the two proportions. Nor does it follow necessarily of sampling errors of differences), one often as- that the proportion was smaller in 1952 than in sumes that a real change has taken place. 1951. What can be said is that the order of magnitude of the two proportions remained the same, but the chances of a decrease from 1951 to 1952 SAMPLING ERRORS OF DIFFERENCES1 are somewhat greater than of an increase. Differences required for significance (95 per cent proba- Sample surveys yield information which approxibility) in comparisons of percentages derived from successive Surveys of Consumer Finances and from two different sub- mates the true order of magnitude of data but do groups of the same survey. not produce exact values. Expressing the results in terms of an estimated number of spending units Size of sample or group Size of sample or of aggregate dollar amounts may imply an unor group 200 300 500 700 1,000 3,5002 warranted degree of certainty and is justified only because in this form the results are more easily For percentages from about 30 per cent interpreted and understood and, therefore, more to 70 per cent useful. It must be remembered, however, that 200 11 such magnitudes fall within a relatively large mar- 300 11 500 10 gin of error, and that the width of the margin 700.... 10 1,000. . 9 may have a bearing on the interpretation of the 2,800 3. 3.0 3,500. . 2.9 data. For percentages around 20 per cent and 80 per cent APPROXIMATE SAMPLING ERRORS OF SURVEY FINDINGS [Expressed in percentages] 200 (The chances are 95 in 100 that the central value lies within a 300 range equal to the reported percentage plus or minus the number 500 of percentage points shown below.) 700 1,000. . 2,800 3. 2.4 Number of interviews 3.500. . 2.2 Reported percentage Entire Entire For percentages around 10 per cent and sample sample 1,000 700 500 300 200 90 per cent of 3,500 J of 2,800 2 200 50 2.6 2.9 300 35 or 65 2.4 2.7 500 20 or 80 2.1 2.3 700 10 or 90 1.6 1.7 1,000. . 5 or 95 1.1 1.2 2,800 3. 1.8 3,500. . 1.6 1 Approximate size of entire sample of surveys prior to 1952. 2 Approximate size of entire sample of the 1952 Survey. For percentages around 5 per cent and 95 per cent These qualifications, both as to the significance 200 of the changes from one survey to the next and 300 as to the aggregate estimates presented, are im- 500 700 portant to keep in mind in using the data shown 1,000. . 2,800 3. 1.3 in the various tables and in appraising the results 3,500. . 1.2 presented throughout the series of articles. 1 The sampling error does not measure the actual error that is For a fuller discussion of the methods of the involved in specific survey measurements. It shows that—excep t for nonsampling errors, errors in reporting, in interpretation, etc.— survey and of the sampling and other limitations differences larger than those found in the table will arise by chance in only 5 cases in 100. of the data, see "Methods of the Survey of Con- 2 3 A A p p p p r r o o x x i i m m a a t t e e s s i i z z e e o o f f e e n n t t i i r r e e s s a am m p p l l e e o o f f s th u e rv 1 e 9 y 5 s 2 p r S i u o r r v t e o y . 1952. sumer Finances" in the July 1950 BULLETIN. 750 FEDERAL RESERVE BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 14 CHANGE IN FINANCIAL SITUATION WITHIN INCOME GROUPS [Percentage distribution of spending units] Money ncome before taxes2 All spending Opinion of change in own units Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 situation from year earlier * $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 Better off 33 32 23 17 29 31 31 32 32 31 35 38 40 38 43 49 Same 29 29 27 31 27 30 29 28 35 29 27 29 29 29 32 22 Worse off 35 37 47 50 40 38 38 38 30 38 34 30 28 30 23 28 Uncertain 1 1 1 1 1 1 1 1 1 Not ascertained 3 1 2 1 4 1 1 2 2 2 4 2 2 2 2 1 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1 Change reported in interviews during January, February, and early March of year indicated. 2 Income groups relate to income in year prior to year specified. * No cases reported or less than one-half of 1 per cent. TABLE 15 CHANGE IN FINANCIAL SITUATION WITHIN OCCUPATIONAL GROUPS [Percentage distribution of spending units] Professional and Managerial and Clerical and Skilled and Unskilled and Farm operator Opinion of change semiprofessional self-employed sales semiskilled service in own situation from year earlier l 1952 1951 1950 1952 1951 1950 1952 1951 1950 1952 1951 1950 1952 1951 1950 1952 1951 1950 Better off 40 46 47 37 37 35 42 41 47 35 34 38 27 32 27 43 34 20 Same 25 23 29 34 30 31 24 26 29 32 29 33 30 27 33 22 35 30 Worse off 30 29 22 27 32 32 30 32 22 29 34 27 40 39 38 33 29 50 Uncertain 1 1 1 1 1 1 1 1 1 1 1 1 Not ascertained 4 1 1 2 2 3 1 1 3 2 1 2 2 1 (2 1 (2) All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 261 269 287 378 485 466 430 477 486 776 902 895 281 289 344 216 388 409 1 Change reported in interviews during January, February, and early March of year indicated. 2 No cases reported or less than one-half of 1 per cent. TABLE 16 EXPECTED CHANGE IN INCOME WITHIN INCOME AND OCCUPATIONAL GROUPS [Percentage distribution of spending units] Expected changein income Number All of cases cases Group characteristic1 Increase None Decrease Uncertain Not ascertained 1952 1950 1952 1950 1952 1950 1952 1950 1952 1950 1952 1950 1952 1950 All nonfarm spending units 22,611 23,102 100 100 36 28 30 32 8 10 20 27 6 3 Money income before taxes:3 Under $1 000 225 333 100 100 23 19 34 32 9 10 25 35 9 4 $l,000-$l,999 314 513 100 100 29 29 32 27 8 7 21 33 10 4 $2,000-$2,999 424 608 100 100 35 29 34 32 8 10 20 25 3 4 $3,000-$3 999 446 584 100 100 39 27 29 34 8 12 19 26 5 1 $4,000-$4,999 407 379 100 100 44 31 27 35 6 10 18 23 5 1 $5,000-$7,499 . 474 412 100 100 41 33 26 32 11 12 18 22 4 1 $7,500 and over. 321 240 100 100 43 29 28 35 11 18 15 17 3 1 Occupation: Professional and semiprofessional. 261 287 100 100 51 42 25 31 11 12 19 1 S M e a lf n - a em ge p r l i o a y l ed . 2 1 2 5 4 4 1 1 0 0 0 0 1 1 0 0 0 0 3 4 1 9 3 2 2 4 1 4 3 2 1 3 2 9 3 \ 3 i Clerical and sales 430 486 100 100 55 24 31 6 7 11 20 4 Skilled and semiskilled 776 895 100 100 37 26 29 37 7 9 23 26 4 Unskilled and service . . . 281 344 100 100 31 20 27 29 10 11 26 37 6 Retired 176 180 100 100 5 4 59 55 10 11 19 23 7 ot ot» 7 1 Determined only for nonfarm spending units. The question asked was: "How about a year from now—do you think that you will be making more money or less money than you are now, or what do you expect?" 2 Total number of cases exceeds sum of cases for each income group because it includes spending units for which incomes were not ascertained. Total number of cases exceeds sum of occupational grouping because of inclusion of spending units headed by unemployed, housewives, students, and persons for whom occupation was not ascertained. 8 Income groups relate to income in year prior to year specified. JULY 1952 751 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 17 ATTITUDE TOWARD ALTERNATIVE INVESTMENTS WITHIN INCOME GROUPS [Percentage distribution of spending units] 1951 money income before taxes 1951 money income before taxes Alternative investment Alternative investment and preference1 $ o 3 a v , n 0 e d 0 r 0 $ $ 3 4 , , 0 9 0 99 0- $ $ 5 7 , , 0 4 0 99 0- $ o 7 a v , n 5 e d 0 r 0 and preference * $ o 3 a v , n 0 e d 0 r 0 $ $ 3 4 , , 0 9 0 99 0- $ $ 5 7 , , 0 4 0 99 0- $ o 7 a v , n 5 e d 0 r 0 Preference between savings Preference between savings bonds or savings accounts: bonds or common stock: Savings bonds 63 62 61 67 Savings bonds 72 76 68 58 Savings accounts 24 24 26 22 Common stock 14 10 17 30 None 6 6 7 7 None . . 1 2 3 Conditional 2 1 4 1 Conditional 3 3 4 4 Uncertain or not ascer- Uncertain or not ascertained . 5 6 2 3 tained 10 11 9 5 All cases 100 100 100 100 All cases 100 100 100 100 Number of cases 1,729 906 490 333 had say that?" "What it ape: your opu "Why is that?" 2 No cases reported or less than one-half of 1 per cent. TABLE 18 REASONS FOR PREFERENCE BETWEEN ALTERNATIVE INVESTMENTS WITHIN INCOME GROUPS [Percentage distribution of of spending units]1 1951 money income before taxes 1951 money income before taxes Alternative investment and Alternative investment and reason for preference2 $ o 3 a v , n 0 e d 0 r 0 $ $ 3 4 , , 0 9 0 99 0- $ $ 5 7 , , 0 49 0 9 0- $ o 7 a v , n 5 e d 0 r 0 reason for preference2 $ o 3 a v , n 0 e d 0 r 0 $ $ 3 4 , , 0 9 0 99 0- $ $ 5 7 , , 0 4 0 99 0- $ o 7 a v , n 5 e d 0 r 0 Savings bonds or savings Savings bonds or common accounts stock Reasons for preferring savings Reasons for preferring savings bonds: bonds: Safety 22 23 20 24 Safety 34 35 35 32 High yield 29 27 28 37 High yield 2 3 2 1 Liquidity 4 5 4 3 Liquidity 2 2 1 3 Lack of liquidity 5 4 7 5 Lack of liquidity (3) (3) (3) (3) Patriotism 16 16 16 16 Patrotism 4 3 Saving by payroll deduc- Other 4 4 4 3 tion 1 1 1 Other 3 3 4 Some reasons for not preferring savings bonds: Reasons for not preferring savings bonds: Reasons for preferring common Low yield stock: Lack of liquidity High yield 11 17 Disapproval of use of funds Hedge against inflation 2 7 by Government Makes more (not ascer- Other tained if yields or capital gains involved) Reasons for preferring savings Safety accounts: Other Safety 3 2 4 3 High yield 4 4 5 4 Reasons for not preferring com- Liquidity 15 16 16 12 mon stock: Other 3 3 3 3 Lack of safety 19 21 19 13 Unfamiliarity with stock . 24 25 24 17 Reasons for not preferring sav- Requirement of large reings accounts: sources Lack of safety Other Low yield 2 Excessive liquidity , Preference or reason not ascer- Other 2 tained 13 15 12 11 Reasons for preferring both. . . 3 Number of cases.... 1,729 906 409 333 Reasons for preferring neither. Not ascertained 11 1 Because some respondents advanced several reasons for their choices, the sum of the entries relating to their reasons will exceed 100 per cent. 2 For questions asked, see footnote 1, Table 17. 8 No cases reported or less than one-half of 1 per cent. 752 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 19 CHANGE IN LIQUID ASSET HOLDINGS OF SPENDING UNITS WITHIN INCOME GROUPS [Percentage distribution of spending units] Money ncome before taxes2 All spending Change in holdings J units $ U 1 n ,0 d 0 e 0 r $ $ 1 1 , , 0 9 0 9 0 9 - $ $ 2 2 , , 0 9 0 9 0 9 - $ $ 3 3 , , 0 9 0 9 0 9 - $ $ 4 4 , , 0 9 0 9 0 9 - $ $ 5 7 , , 0 4 0 9 0 9 - an $ d 7,5 o 0 v 0 er 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 Increase 34 29 14 12 25 21 29 24 39 32 40 35 42 43 58 54 Decrease 25 31 20 28 21 24 19 32 25 33 33 33 33 35 21 28 None ** 38 39 64 59 52 54 50 43 34 33 24 30 20 20 15 16 Some liquid assets 10 15 6 11 8 14 12 15 12 14 10 19 11 16 13 16 No liquid assets 4 28 24 58 48 44 40 38 28 22 19 14 11 9 4 2 Not ascertained 3 1 2 1 2 1 2 1 3 2 3 2 5 2 6 2 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases ' 2,820 3,415 278 418 359 514 455 567 482 601 424 441 490 538 332 294 1 Change during 1951 is based on holdings of liquid assets in early 1952 and a year earlier as reported by spending units during January- March 1952; change for other years is similarly computed. 2 Income groups relate to income in year prior to year specified. 3 Includes change in assets due to accrual of interest on U. S. savings bonds (Series A-F). 4 No liquid assets at beginning or end of period. 6 No cases reported or less than one-half of 1 per cent. 6 Total includes units for which income was not ascertained and thus exceeds sum of income groups. TABLE 20 MATURING SAVINGS BONDS HELD WITHIN INCOME GROUPS 1 [Percentage distribution of spending unitsj Money income before taxes Amount of savings bonds maturing All spending Under $2,000- $5,000 units $2,000 $4,999 and over 1951 1950 1951 1950 1951 1950 1951 1950 None 81 83 85 89 82 85 72 68 Some 17 16 14 10 17 14 26 30 $l-$99 4 4 4 3 5 4 5 5 $100-$199 3 4 3 3 4 3 3 5 $200-$499 5 3 4 1 4 3 7 9 $500-$999 2 2 2 1 2 2 4 4 $1 000 and over . . . 2 2 1 1 1 1 5 4 Undetermined amount 1 1 (2) 1 1 1 2 3 Not ascertained 2 1 1 1 1 1 2 2 All cases 100 100 100 100 100 100 100 100 Number of cases 2,820 33,415 637 932 1,360 1,609 823 832 1 Savings bonds maturing within the two years following the year for which income is given. 2 No cases reported or less than one-half of 1 per cent. 3 Total includes units for which income was not ascertained and thus exceeds sum of income groups. JULY 1952 753 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 21 INVESTMENT PREFERENCES WITHIN MAJOR ASSET GROUPS [Percentage distribution of spending units] Value of major assets owned 2 Preferred investment1 All $ u 3 n ,0 it 0 s 0 w a i n th d i o n v co er mes None $ U 1 n ,0 d 0 e 0 r $ $ 1 4 , , 0 9 0 9 0 9 - $ $ 5 9 , , 0 9 0 9 0 9 - $ $ 1 2 0 4 , , 0 9 0 9 0 9 - a $ n 2 d 5 , o 0 v 0 e 0 r Assets of fixed money value 65 79 69 68 55 48 34 Savings accounts 16 19 18 16 12 11 9 Savings bonds 43 53 46 44 35 32 23 Accounts or bonds 6 7 5 8 8 5 2 Assets of fluctuating money value 26 13 22 24 32 45 49 Common stock 8 2 6 9 13 12 18 Real estate 17 11 15 14 18 27 23 Common stock or real estate 1 (3) 1 1 1 6 8 Other 4 6 2 5 6 7 6 13 Preference not ascertained 3 6 4 2 6 1 4 All cases 100 100 100 100 100 100 100 Number of cases 1,729 184 618 403 115 114 140 1 For questions asked of consumers with incomes of $3,000 or more in 1951, see footenote 1, Table 7. 2 Includes value of liquid assets, stock in publicly held corporations, and real estate other than owner-occupied housing and farms, a No cases reported or less than one-half of 1 per cent. 4 Includes combinations of assets of fixed and fluctuating money value and assets other than those listed above. TABLE 22 INVESTMENT PREFERENCES WITHIN SPECIFIC ASSET GROUPS [Percentage distribution of spending units within specified asset group] Preferred investment 2 and V o a f lu sp e e c o i f f i m c a a j s o s r e t a s s o se w ts ned 1 b N e u r m o - f All Assets of fixec money value Assets of fluctuating money value Not Sav- Sav- Ac- Com- Real Stock Other 3 t a a s i c n e e r d - Total ings ac- ings counts Total mon es- or real counts bonds orbonds stock tate estate Major assets under $1,000: Liquid assets, under $1,000. 802 100 71 18 47 6 20 5 14 1 5 Major assets $l,000-$4,999: Liquid assets: Under $1,000 50 100 57 19 31 7 38 16 21 1 5 $l,000-$l,999 159 100 66 15 45 6 27 7 19 1 6 $2,000-$4,999 194 100 72 17 46 9 18 9 8 1 6 Major assets $5,000 and over: Liquid assets: Under $1,000 60 100 47 14 29 4 42 9 31 2 3 $l,000-$4,999 97 100 42 10 27 5 47 21 24 2 8 $5,000-$9,999 118 100 51 14 29 8 38 13 21 4 9 $10,000 and over 94 100 45 5 37 3 39 12 15 12 13 Major assets under $5,000: Common stock: None 1,150 100 71 18 47 6 21 5 15 1 5 Under $5,000 55 100 46 10 27 9 33 23 9 1 16 Major assets $5,000 and over: Common stock: None 260 100 54 11 37 6 36 6 28 2 5 Under $5,000 55 100 46 13 26 7 39 21 10 8 14 $5,000 and over 55 100 15 6 5 4 65 42 11 12 18 Major assets under $5,000: Real estate: 5 None 1,140 100 70 17 46 7 21 6 14 1 5 Under $5,000 65 100 67 19 48 29 9 20 W 1 Major assets $5,000 and over: Real estate:« None 145 100 51 6 37 8 38 22 13 3 8 Under $10,000 90 100 52 17 29 6 38 7 28 3 4 $10,000 and over 135 100 38 12 23 3 47 11 28 8 12 * Major assets include liquid assets, stock in publicly held corporations, and real estate other than owner-occupied homes and farms. 2 For questions asked of spending units with incomes of $3,000 or more in 1951, see footnote 1, Table 7. 3 Includes combinations of assets of fixed and fluctuating money value and assets other than those listed above. 4 No cases reported or less than one-half of 1 per cent. 5 Includes commercial property, nonfarm homes and farms not occupied by owners, apartment houses, etc. 754 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 23 INVESTMENT PREFERENCES IN RELATION TO INCOME WITHIN OCCUPATIONAL AND PLACE OF RESIDENCE GROUPS [Percentage distribution of spending units within specified groups] Preferred investmentl Num- All Assets of fixecmoney value Assets of fluctuating money value Group characteristic b c e a r s e o s f cases Sav- Sav- Ac- Com- Real Stock Other 2 t a a N s i c n o e e t r d - Total ings ac- ings counts Total mon es- or real counts bonds or bonds stock tate estate Occupation Income $3,000 and over: All occupations 3 1,729 100 65 16 43 6 26 8 17 1 6 Professional and semiprof essional 215 100 46 16 25 5 42 18 21 3 11 1 Self-employed 151 100 49 13 31 5 39 8 28 3 2 10 Managerial 136 100 54 12 35 7 33 10 16 7 11 2 Clerical and sales 292 100 63 16 35 12 30 13 17 (4) 6 1 Skilled and semiskilled.... 598 100 77 19 53 5 16 5 11 (4) 4 3 Unskilled and service 91 100 68 18 45 5 19 3 16 (4) 3 10 Farm operator 85 100 61 6 51 4 29 2 27 (4) 6 4 Retired 43 100 47 7 33 7 43 21 15 7 9 1 Income $3,000-$4,999: All occupations 3 906 100 71 17 48 6 19 5 14 (4) 5 Professional and semiprof essional I 6841 100 55 16 34 5 33 9 23 1 11 1 S M e a lf n - a e g m e p r l i o a y l ed | 100 63 } 14 } 44 } 5 ) 20 } 6 } u } w } 3 14 Clerical and sales 166 100 65 1 14 S 38 1 13 j 29 J io 19 (4) 5 1 Skilled and semiskilled 378 100 79 20 55 4 14 5 9 (4) 4 3 Unskilled and service 75 100 68 20 42 6 20 3 17 (4) 1 11 Income $5,000 and over: All occupations 3 823 100 55 15 34 6 35 12 20 3 9 Professional and semiprof essional 151 100 40 17 19 4 47 23 20 4 12 Self-employed 102 100 44 12 27 5 49 7 37 5 3 Managerial 104 100 44 12 25 7 40 14 16 10 14 Clerical and sales 126 100 60 21 30 9 32 19 13 (4) 8 Skilled and semiskilled.... 220 100 73 17 50 6 22 5 16 1 5 Place of Residence Income $3,000 and over: Metropolitan area 5 729 100 63 17 40 6 26 10 14 2 7 City, 50,000-600,000 303 100 68 15 45 8 25 9 15 1 4 Town, 2,500-50,000 314 100 66 14 44 8 25 5 17 3 7 Town, under 2,500 247 100 68 23 42 3 25 7 17 1 4 Open country 136 100 59 10 46 3 30 4 26 (4) 6 Income $3,000-$4,999: Metropolitan area 5 335 100 69 17 46 6 20 7 13 (4) 5 City, 50,000-600,000 159 100 73 17 47 9 18 7 11 (4) 4 Town, 2,500-50,000 166 100 74 14 51 9 17 2 14 6 Town, under 2,500 151 100 74 24 48 2 19 5 14 (4) 3 Open country 95 100 67 11 53 3 24 2 22 (4) 3 Income $5,000 and over: 6 Metropolitan area 5 394 100 57 17 34 6 33 14 16 3 9 City, 50,000-600,000 144 100 59 12 40 7 34 13 19 2 5 Town, 2,500-50,000 148 100 55 13 34 8 37 10 21 6 7 Town, under 2,500 96 100 53 22 28 3 39 11 25 3 7 1 For questions asked of consumers with incomes of $3,000 or more in 1951, see footnote 1, Table 7. 2 Includes combinations of assets of fixed and fluctuating money value and assets other than those listed above. 3 Total for all occupations includes units in occupations not shown separately and therefore exceeds sum of cases for occupations shown. 4 No cases reported or less than one-half of 1 per cent. 5 The 12 largest cities in the U. S. and their surrounding suburban and rural areas. 6 Distribution not shown for open country because of limited number of cases. JULY 1952 755 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED LIQUID ASSET HOLDINGS OF Total liquid assets—defined to include currency, tions in 1951 was large despite heavy investment bank deposits, savings and loan shares, and United in plant, equipment, and inventories, and reflected States Government securities—held by individuals mainly greater working capital needs. The bulk and businesses increased 10.3 billion dollars in 1951 of the added holdings was in the form of demand following the previous postwar record increase of deposits. Incomplete data indicate that the in- 7.2 billion in 1950. In percentage terms, the 1951 crease in liquid assets of unincorporated businesses increase was larger for businesses, especially for stemmed in part from larger income accompanied corporations, than for individuals. Unincorporated by decreased investment. businesses reversed a five-year trend by adding to Total personal saving during 1951 as measured their liquid assets in 1951 for the first time since by the Department of Commerce rose to a postwar 1945. Changes by type of asset and type of holder high. An increased rate of accumulation of liquid are shown in the following table. assets by individuals—6.3 billion dollars in 1951 compared with 3.4 billion in 1950, including trust ESTIMATED CHANGES IN LIQUID ASSET HOLDINGS funds—accompanied this expansion in saving. The OF INDIVIDUALS AND BUSINESSES additions in 1951 were mainly in the form of time deposits, savings and loan shares, and demand dei I n n c b r i e ll a io se n , s Pe in r c c r e e n a t s a e ge posits. Personal holdings of Government securities, Type of asset or holder of dollars other than in trust accounts, declined in 1951 as they did in 1950. 1951 1950 1951 1950 Estimates of liquid asset holdings of individuals and businesses as of December 31, 1951, and for Total 10.3 7.2 end-of-year and selected midyear dates beginning Type of asset December 1939, are presented in the accompany- Currency 0.9 ing table. These estimates cover the principal assets Demand deposits 4.9 2.0 3 Time deposits 2.1 0.5 1 which are most readily available for use in current Savings and loan shares 2.0 1.6 13 U. S. Gov't. securities 0.4 3.1 4 transactions. Currency and demand deposits are basic forms of cash, and time deposits, shares in Type of holder savings and loan associations, and Government Financial corporations, total 0.3 0.2 Currency and deposits x 0.1 0.2 securities are generally more readily convertible U. S. Gov't. securities 0.2 into cash than are other types of assets, although Nonfinancial corporations, total. . . 2.6 4.2 11 their conversion involves foregoing an interest Currency and deposits l 2.2 0.4 2 U. S. Gov't. securities 0.4 3.8 27 return and, in the case of securities, may sometimes Unincorporated business, total 1.1 -0.6 involve a capital loss. Currency and deposits l 1.4 The estimates include liquid assets held by indi- U. S. Gov't. securities -0.3 -0.6 -5 viduals (including farmers), unincorporated busi- Personal trust funds, total. 2.7 2.5 10 10 Currency and deposits * 0.4 0.4 15 17 nesses, and corporations other than insurance com- U. S. Gov't. securities.. 2.3 2.1 10 10 panies (see footnote 1 of table for groups excluded). Other personal, total 3.6 0.9 2 1 The figures, which are derived primarily from Currency and deposits x 5.8 3.1 5 3 U. S. Gov't. securities -2.2 -2.2 -6 -6 bank and Treasury reports, are approximations of amounts shown or implied in accounting records 1 Includes savings and loan shares. of the holders rather than amounts reported from 2 Less than one-half of 1 per cent. bank and Treasury records. The deposit estimates Larger additions to liquid asset holdings of indi- therefore differ somewhat from figures reported by viduals and businesses in 1951 than in 1950 re- banks and published among banking statistics. flected both increased saving and additional liquid- The basic classifications used and method of estiity needs and desires. The latter factors were par- mating are the same as those employed previously. ticularly responsible for the greater increase in Some revisions have been made in the estimates of cash holdings and the smaller additions to holdings Government security holdings from 1947 to 1950.1 of Government securities. The principal source of 1 See Federal Reserve BULLETINS for June 1945, February increased liquid assets in 1951, as in 1950, was 1946, November 1946, September 1947, June 1948, July expansion of bank credit to private borrowers. 1949, August 1950, and July 1951 for previously published Expansion of liquid asset holdings by corpora- estimates. 756 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES [In billions of dollars] 1939 1940 1941 1942 1943 1945 1946 1947 1949 1950 1951 Type of holder Dec. Dec. Dec. Dec. Dec. June Dec, June Dec June Dec, Dec. Dec. Dec. Dec. Dec.p Total i 69.0 74.7 85.4116.2 156.4 175.5 195.9 212.9 227.5 228.5 231.5 237.2 238.8 243.0 250.2 260.5 Currency 5. 6.6 8.9 13.1 18.0 20.0 22.6 24.2 25.5 25.5 25.7 25.4 25.0 24.3 24.3 25.2 Demand deposits 2 20.9 24.6 27.9 36.8 47.1 47.9 53.1 56.0 60.2 62.5 64.6 66.2 64.5 63.8 65.8 70.7 Time deposits 26.3 26.9 26.9 27.7 32.0 35.0 39.0 43.5 47.7 50.9 53.0 55.2 56.1 57.0 57.5 59.6 Savings & loan shares 3 4.0 4.2 4.5 4.8 5.4 5.8 6.2 6.7 7.2 7. 8.4 9.6 10.8 12.2 13.8 15.8 U. S. Govt. securities 4 12.0 12.4 17.2 33.8 53.9 66.8 75.0 82.5 86.9 81. 79.8 '80. '82.4 '85.7 89.2 Business holdings—total... 19.4 22.3 25.9 39.4 55.9 62.9 67.5 72.3 73.0 69.6 66.3 '64.6 '64.5 '66.7 '70.5 74.5 Currency 1.6 1.7 2.1 2.8 3.6 3.9 4.3 4.5 4.7 4.8 4.9 4 4.7 4.6 4.6 4.8 Demand deposits 12.5 15.5 16.6 21.7 28.9 29.4 31.3 33.7 33.7 34.7 33.5 33.9 33.7 34.2 34.6 38.0 Time deposits 2.0 2.0 2.0 2.1 2.3 2.5 2.7 2.9 3.1 3.2 3.4 3.5 3.5 3.5 3.6 3.7 Savings & loan shares 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 '0.3 0.4 0.4 U. S. Govt. securities 3.2 3.0 5.1 12.7 20.9 26.9 29.0 31.0 31.3 26.6 24.2 '22.1 '22.3 '24.1 '27.3 27.6 Corporations—total 13.0 15.0 17 A 27.1 38.6 43.1 44.7 47.2 45.1 41.9 38.9 '38.1 '39.3 '41.9 '46.3 49.2 Currency 0.7 0.7 0. 0.8 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 Demand deposits 9.5 11.7 12.4 16.0 20.9 21.4 22.1 24.0 22.1 22.9 21.8 22.2 22.7 23.1 23.7 26.0 Time deposits 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 Savings & loan shares.. 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 U. S. Govt. securities. . 2.1 1.9 3.5 9.6 16.0 20.0 20.9 21.5 21.3 17.2 15.3 '14.1 '14.8 '17.0 '20.8 21.4 Financial corporations— total5 1.7 1.8 2.5 3.1 3.1 4.1 4.8 4.7 4.3 4.5 '5.4 5.7 Demand deposits 1.1 1.2 1.3 1.2 1.3 1.3 1.5 1.6 2.0 2.1 2.1 2.2 2.2 2.3 2.5 2.6 Time deposits 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 U. S. Govt. securities. . 0.5 0.5 0.8 1.2 1.7 2.0 2.2 2.4 2.7 2.5 2.2 2.0 2.2 2.8 '2.8 3.0 Nonfinancial corporations —total 13.2 15.2 24.6 35.5 39.7 40.9 43.1 40.3 37.2 34.5 '33.1 '34.8 '36.7 '40.9 43.5 Currency 0.7 0.7 0.8 0.8 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 Demand deposits 8.4 10.5 11.1 14.8 19.6 20.1 20.6 22.4 20.1 20.8 19.7 20.0 20.5 20.8 '21.2 23.4 Time deposits 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 Savings & loan shares.. . 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 U. S. Govt. securities. . . 1.6 1.4 2.7 8.4 14.3 18.0 18.7 19.1 18.6 14.7 13.1 '12.1 '12.6 '14.2 '18.0 18.4 Unincorporated business— total 6.4 7.3 12.3 17.3 19.8 22.8 25.1 27.9 27.7 27.4 26.5 25.2 24.8 24.2 25.3 Currency 0.9 1.0 1.3 2.0 2.7 3.0 3.4 3.6 3.8 3.8 3.9 3 3.7 3.6 3.6 3.8 Demand deposits 3.0 3.8 4.2 5.7 8.0 8.0 9.2 9.7 11.6 11.8 11.7 11.7 11.0 11.1 10.9 12.0 Time deposits 1.3 1.3 1.4 1.6 1 .8 2.0 2.2 2.4 2. 2.7 2.8 2. 2.8 2.9 3.0 Savings & loan shares.. 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.3 U. S. Govt. securities. . 1.1 1.1 1.6 3.1 4.9 6.9 8.1 9.5 10.0 9.4 8.9 8.0 7.5 7.1 6.5 6.2 Personal holdings—total. 49.6 52.4 59.5 76.8 100.5 112.6 128.4 140.6 154.5 158.9 165.2 '172.6 174.3 176.3 179.7 186.0 Currency 4.2 4 6.8 10.3 14.4 16.1 18.3 19.7 20.8 20.7 20.8 20.6 '20.3 19.7 19.7 20.4 Demand deposits 8.4 9.1 11.3 15.1 18.2 18.5 21.8 22.3 26.5 27.8 31.1 32.3 30. 29.6 31.2 32.7 Time deposits 24.3 24.9 24.9 25.6 29.7 32.5 36. 40.6 44.6 47.7 49.6 51.7 52.6 53.5 53.9 55.9 Savings & loan shares.. . . 3.9 4.1 4.4 4.7 5.2 5.6 6.0 6.5 7.0 7.5 8.1 9.3 10.5 11.9 13.4 15.4 U. S. Govt. securities.... 8.8 9.4 12.1 21.1 33.0 39.9 46.0 51.5 55.6 55.2 55.6 '58.7 '60.1 '61.6 '61.5 61.6 Trust funds—total <* 4.5 4.7 5.6 6.9 10.0 11.7 13.4 14,7 15.9 17.8 19.' 21.6 22.9 24.0 26.5 29.2 Demand deposits 1.2 1.3 1.4 1.2 1.3 1.3 1.4 1.5 1.8 1.7 1.6 1.6 1.5 1.6 1.6 Time deposits 0.2 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.5 0.5 0.8 1.0 Savings & loan shares. 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0. 0.3 0.5 U. S. Govt. securities. 3.1 3.1 3.9 5.4 8.4 10.1 11.7 12.9 15.6 17.2 19.5 20.6 21.7 23.8 26.1 Other Personal—total 7. . . 45.1 53.9 69.9 90.5 100.9 115.0 125.9 138.6 141.1 145.8 '151.0 '151.4 '152.. '153., 156.8 Currency 4.2 4 6.8 10 14.4 16.1 18.3 19 20.7 20.8 20.6 '20.3 19.7 19.7 20.4 Demand deposits 7. 7.8 9.9 13.9 16.9 17.2 20.4 20.8 26.0 29.4 30.7 29.2 28.1 29.6 31.1 Time deposits 24.1 24 24.6 25.4 29.5 32.3 36.1 40.4 47.4 49.3 51.4 52.1 53.0 53.1 54.9 Savings & loan shares. 3. 4.1 4.4 4.6 5.1 5.5 5.9 6.4 7.4 7.9 9.1 10 11.6 13.1 14.9 U. S. Govt. securities. 5. 15. 24.6 29.8 34.3 38.6 39.6 38.4 '39 '39.5 '39.9 '37.7 35.5 ' Revised. P Preliminary. 1 Figures for banks, insurance companies, savings and loan associations, nonprofit associations, foreigners, and governmental bodies and agencies are not included in the totals shown. 2 These figures are estimates of demand deposit balances as they would appear on the records of depositors. They differ from figures based on bank records such as given in regular banking statistics. Depositor-record estimates are lower than bank-record estimates; for example, total demand deposits as of Dec. 31, 1951 on a holder-record basis (see table) amounted to 70.7 billion dollars while on a bank-record basis these deposits amount to 90.9 billion. This is because checks are constantly in the mail, i. e., deducted on a payor's records and not yet added on payee's records, and because checks are constantly in the process of collection, i. e., added to payee's deposits as per bank records and not yet deducted from payor's deposits as per bank records. 3 Private share capital in all operating savings and loan associations including private repurchasable shares, deposits, and investment certificates. * * Includes outstanding amounts of excess profits tax refund bonds beginning December 1945, and armed forces leave bonds beginning December 1947. 5 Includes real estate companies, finance and credit companies, insurance agencies (not carriers), investment trusts, security brokers and dealers, holding companies not otherwise classified, etc. 6 Includes only amounts administered by corporate trustees. 7 Includes holdings of farmers and professional persons. JULY 1952 757 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1952 * The major factual portion of the eighth in a Data relating to the inventories of real estate, series of annual reports on the financial condition livestock, crops, machinery, and household equipof agriculture, issued by the United States Depart- ment were prepared under the direction of the ment of Agriculture, is given below.2 The full following persons: Real estate—W. H. Scofield; report will be published as an Agriculture Informalivestock—A. V. Nordquist; crops—C. E. Bur\tion Bulletin of the Department of Agriculture. head, T. J. Kuzel\a, J. J. Morgan, John A. Hic\s; The study was prepared under the direction of machinery—E. W. Grove, Margaret F. Cannon; Norman J. Wall, Head of Division of Agricultural household equipment—Barbara B. Reagan. Finance, Bureau of Agricultural Economics, by F. L. Garloc\, A. S. Tostlebe, L. A. Jones, and Data relating to farm income and expenditures R. W. Bierman. were compiled under the direction of E. W. Grove. THE BALANCE SHEET IN GENERAL During 1951, agricultural assets valued at current Farm debts (excluding price-support loans by the prices rose to a new record. This was mainly Commodity Credit Corporation) increased 13 per because of higher prices. The value of the physical cent during 1951—more than in any other recent assets of agriculture increased about 10 per cent year. The dollar increase of farm assets exceeded during the year. Omitting price increases, the the increase in farm debts, however, and equities value of the physical assets increased only slightly of farmers and other owners of farm property also —perhaps 2 or 3 per cent—during 1951. rose to a new high. Farm debts have increased Bank deposits, currency, and United States sav- about 80 per cent since January 1, 1946. These ings bonds owned by farmers increased about 4 relationships do not necessarily reflect the situaper cent during 1951. Since the prices of commodi- tion of individual farmers. ties that farmers buy increased relatively more dur- Gross income from farm marketings and Goving the year, the amount of these assets owned by ernment payments made a new record in 1951, but farmers on January 1, 1952 had slightly less purfarm costs also were higher than ever before. As chasing power—about 1 per cent—than the smaller a result, net agricultural income, including the amount owned a year earlier. value of inventory gains, was a half billion dollars, 1 The balance sheet views agriculture as though it were or 2 per cent, below the record level of 1948. one large enterprise. It is an aggregate of individual series concerning farm assets and the claims to those assets. In effect it is comparable to a consolidated balance sheet of farm firms. It is not, however, a balance sheet of farm THE BALANCE SHEET operators, nor of people living on farms, nor of landlords. OF AGRICULTURE Rather it covers all the interests of all groups in farming, as well as financial assets of people living on farms. ASSETS CLAIMS In a country so vast and diversified, financial changes are ~$BIL. ^Financial wners' equities never entirely uniform, either for geographic areas or for Eg] Other physical Eg]Other debt individuals, so that even when the balance sheet accurately jfifl Farm real estate •|Real estate debt , reflects the aggregate, it does not reveal the differences in circumstances that are found in different States and regions Total or among individual farmers. Revisions have been made in the data in this year's report on the basis of the 1950 Census of Agriculture. Net effect of the revisions is to increase substantially the total physical valuation of agriculture, particularly for recent years. 2 For earlier reports in this series, see the Federal Reserve BULLETIN for September 1946, pp. 974-94; November 1947, pp. 1357-72; September 1948, pp. 1067-82; September 1949, 1940 pp. 1053-63; September 1950, pp. 1118-31; and September 1951, pp. 1090-1103. 758 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1952 ASSETS them to a higher level than had prevailed at the beginning of 1951. Total assets of American agriculture, including In part, however, the increased value of farm financial assets owned by farmers, reached a new assets resulted from larger physical inventories. As high of 169 billion dollars on January 1, 1952. reflected by valuations based on 1940 prices, the This was about 9 per cent above the valuation for inventory of livestock was 4 per cent higher on January 1, 1951.3 Each of the main types of physi- January 1, 1952 than a year earlier, and the invencal farm assets increased in value (Table 1). Higher tory of machinery and motor vehicles was 6 per prices were the main cause of the increases in farm cent higher (Table 2). Improvements and addireal estate, livestock, machinery and motor vehicles, tions were made to farm real estate and to houseand the sole cause of the increase in crops. Prices hold furnishings and equipment. The crop inof farm real estate and of machinery increased ventory, however, appears to have declined about throughout the year. Prices of crops and livestock 2 per cent. As a result of changes in prices and/or declined from February to late summer, but in- quantities, each of the types of physical farm assets creased during the fall months sufficiently to restore on January 1, 1952 reached the highest value ever recorded. 3 As a result of the 1950 Census of Agriculture, substantial The amount of financial assets owned by farmers changes have been made in the Balance Sheet valuations of farm real estate, livestock, and machinery and motor vehicles. increased about 992 million dollars, or 4.5 per cent, For farm real estate and for machinery and motor vehicles, during 1951. Farmers' holdings of deposits and the revisions cover the years 1941-51; for livestock they currency increased about 800 million dollars and cover the years 1945-51. TABLE 1 COMPARATIVE BALANCE SHEET OF AGRICULTURE, UNITED STATES, JANUARY 1, SELECTED YEARS, 1940-52 x [Dollar amounts in millions] Net change Item 1940 1945 1946 1950 1951 1952 (per cent) 1940-52 1951-52 ASSETS Physical assets: Real estate $33,642 2$54,939 2$61,842 2$75,830 2$86,528 $94,586 + 181 +9 Non-real-estate: Livestock 5,133 29 Oil 29 717 212 892 217 127 19 600 +282 + 14 Machinery and motor vehicles 3,118 26,288 26,295 213,016 213,728 15,308 +391 + 12 Crops stored on and off farms 3 2,645 6,396 6,030 7,837 27,857 8,884 +236 + 13 Household furnishings and equipment4.. 4,275 4,232 4,415 6,500 7,175 7,668 +79 +7 Financial assets: Deposits and currency 3,900 10,800 13,500 14,300 14,400 615,200 +290 +6 United States savings bonds 249 3,714 4 498 5,250 2 5 300 5,300 +2,029 0 Investments in cooperatives 826 21,188 2 1,333 2 2,037 22,226 « 2,418 + 193 +9 Total $53,788 2$96,568 2$107,630 2$137,662 2$154,341 5$168,964 +214 +9 CLAIMS Liabilities: Real estate debt .... $6,586 $4,933 $4,682 $5,407 $5,828 $6,300 -4 +8 Non-real-estate debt: To principal institutions: Excluding loans held or guaranteed by Commodity Credit Corporation. 1,504 1,622 1,671 2,838 3,372 4,071 + 171 +21 Loans held or guaranteed by Commodity Credit Corporation 445 683 277 1,719 806 578 +30 -28 To others 6 1,500 1,100 1,200 2,400 2,800 3,200 + 113 + 14 Total liabilities $10,035 $8,338 $7,830 $12,364 $12,806 $14,149 +41 +10 Proprietors' equities $43,753 2$88,230 2$99,800 2$125,298 2$141,535 5$154,815 +254 +9 Total $53,788 2$96,568 2$107,630 2$137,662 2$154,341 5$168,964 +214 +9 1 The margin of error of the estimates varies with the items. 2 Revised. See footnote 3 above. 3 Includes all crops held on farms for whatever purpose and crops held in bonded warehouses as security for Commodity Credit Corporation loans. The latter on Jan. 1, 1952, totaled 365 million dollars. Estimates for 1950 and earlier years of crops stored on farms have not been revised in line with the adjusted crop-production estimates that were based on the 1950 Census of Agriculture. 4 Estimated valuation for 1940 plus purchases minus depreciation since then. 5 Preliminary. 6 Tentative. Includes individuals, merchants, dealers, and other miscellaneous lenders. JULY 1952 759 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1952 TABLE 2 BALANCE SHEET OF AGRICULTURE WITH PHYSICAL ASSETS VALUED AT 1940 PRICES, JANUARY 1, SELECTED YEARS, 1940-52 [Dollar amounts in millions Net change Item 1940 1945 1946 1950 1951 1952 (per cent) 1940-52 1951-52 ASSETS Physical assets (1940 prices): Real estate $33,642 i$33,642 J$33,642 1 $33,642 i $33,642 1 $33,642 0 0 Non-real-estate: Livestock 5,133 5,606 25,392 2 4,786 24,918 5,120 (3) +4 Machinery and motor vehicles 3,118 2 4,140 2 4,263 2 6,086 2 6,502 6,891 + 121 +6 Crops stored on and off farms 4 2,645 3,144 2,910 3,340 2 3,004 2,936 + 11 -2 Household furnishings and equipment 5.. 4,275 4,232 4,415 6,500 7,175 7,668 +79 + 7 Financial assets (actual value): Deposits and currency 3,900 10,800 13,500 14,300 14,400 e 15,200 +290 +6 United States savings bonds 249 3,714 4,498 5,250 2 5,300 5,300 +2,029 0 Investments in cooperatives 826 21,188 2 1,333 2 2,037 22,226 62,418 + 193 +9 Total $53,788 2$66,466 2$69,953 2$75,941 2$77,167 6$79,175 +47 +3 CLAIMS Liabilities (outstanding amount): Real estate debt $6,586 $4,933 $4,682 $5,407 $5,828 $6,300 -4 H Non-real-estate debt: To principal institutions: Excluding loans held or guaranteed by Commodity Credit Corporation. 1,504 1,622 1,671 2,838 3,372 4,071 + 171 +21 Loans held or guaranteed by Commodity Credit Corporation 445 683 277 1,719 806 578 +30 -28 To others 1,500 1,100 1 ,200 2,400 2,800 3,200 + 113 + 14 Equities (residual balance) 43,753 258,128 2 62,123 263,577 264,361 6 65,026 +49 + 1 Total $53,788 2$66,466 2$69,953 2$75,941 2$77,167 6$79,175 +47 +3 1 1940 valuation of farm land and buildings. This figure does not reflect net physical improvements in farm buildings, or net depletion of productivity of agricultural lands. 2 Revised. See footnote 3, p. 759. 1 Decrease of less than one-half of 1 per cent. 4 Estimates for 1950 and earlier years of crops stored on farms have not been revised in line with the adjusted crop-production estimates that were based on the 1950 Census of Agriculture. s Not deflated. Estimated valuation for 1940 plus purchases minus depreciation. 6 Preliminary. the value of their equities in cooperative associa- from the rising costs of farming and from large tions rose about 200 million dollars. The redemp- expenditures by farmers and others for the purchase tion value of United States savings bonds owned by and improvement of farms and for livestock and farmers was about the same on January 1, 1952 as equipment. a year earlier. Notwithstanding the increase in farm debts, the combined equities of farm operators and non- CLAIMS operating owners of farms have increased each year of the postwar period except 1949, when declining A further increase in agricultural debt occurred prices caused values of assets to fall. On January during 1951. Farm-mortgage debt rose from about 1, 1952, these equities amounted to 155 billion 5.8 billion dollars on January 1, 1951 to about 6.3 dollars, or 91.6 per cent of the value of all farm billion on January 1, 1952; non-real-estate farm assets. debt (excluding CCC loans) rose from about 6.2 AGRICULTURAL INCOME billion to about 7.3 billion. Since January 1, 1946, farm-mortgage debt has increased about 35 per cent Net agricultural income, including Government and non-real-estate farm debt (excluding CCC payments to owners and operators of farms, inloans) about 153 per cent. During 1951, price- creased from 17.8 billion dollars in 1950 to about support loans of the Commodity Credit Corpora- 21.2 billion in 1951 according to preliminary estition to farmers dropped from 806 to 578 million mates (Table 3). Higher net income from agridollars, because of the smaller quantity of crops culture in 1951 resulted both from greater proplaced under loan. The expansion of farm debt duction and from higher prices, but mainly from in 1951, as in other postwar years, resulted mainly the latter. Total production of agricultural prod- 760 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1952 TABLE 3 COMPARATIVE INCOME STATEMENT FOR AGRICULTURE, UNITED STATES, 1940-511 [Amounts in millions of dollars] Item 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 HOW NET INCOME WAS OBTAINED Gross income from agriculture: Cash receipts from farm marketings 8,332 11,075 15,486 19,35820,37721,420 24,554 29,75430,22328,012 28,77332,792 Value of products retained on farms for home consumption 1,239 1,442 1,772 2,140 2,169 2,256 2,620 3,096 2,931 2,510 2,344 2,738 Rental value of farm homes 625 646 684 727 791 865 975 1,179 1,277 1,294 1,332 1,588 Total 10,196 13,163 17,942 22,225 23,33: 28,149 34,029 34,43131,816 32,449 37,118 Minus nonlabor production costs: Feed bought 998 1,089 1,625 2,135 2,42 7 2,704 3,022 3,692 3,865 3,080 3,226 3,774 Livestock bought, except horses and mules 530 650 900 948 839 1,057 1,217 1,416 1 ,646 1,607 2,088 2,864 Fertilizer and lime bought 261 292 352 423 476 510 620 685 717 782 821 924 Vehicle operation 584 645 812 932 1 ,068 1,115 1,310 1,572 1,799 1,884 2,073 1.964 Depreciation and maintenance 1,085 1,246 1,460 1,640 1,828 1,928 2,106 2,607 3,201 3,691 4,229 4,514 Taxes on real estate and tangible personalty 446 457 461 472 495 554 617 705 765 823 865 900 Seed bought 197 203 301 406 440 467 466 550 612 564 585 683 Miscellaneous 766 858 975 1,041 1,070 1,093 1,258 1,537 1.680 1,783 1,839 2,186 Total 4,867 5,440 6,886 7,997 8,643 9,428 10,616 12,764 14,285 14,214 15,726 17,809 Plus increases or minus decreases in inventory 3. 270 452 1,159 -176 -445 -391 -239 -2,185 1,318 -654 1,645 Total net income from agriculture.... 5,599 8,175 12,215 14,052 14,249 14,722 17,294 19,08021,464 16.948 17,47320,954 Plus Government payments 724 544 650 776 772 314 257 185 283 Total net income from agriculture and Government payments 6,323 8,719 12,865 15,025 15,46418,066 19,394 17,133 17,756 21,240 HOW NET INCOME WTAS DISTRIBUTED Wages to hired labor (cash and perquisites) . . . 1,031 1,254 1,642 2,039 2,213 2,31 2,563 2,846 3,082 2,949 2,858 3,095 Net rent and Government payments to landlords not living on farms 4 431 677 943 1,048 1,05 1,073 1,394 1,438 1,354 1,094 1,178 1,286 Interest to holders of farm mortgages 293 284 272 246 230 220 216 222 229 242 262 285 Returns to operators 4,568 6,504 10,008 11,364 11,525 11,854 13,893 14, J 17,056 12,848 13,458 16,574 Total net income from agriculture and Government payments 6,323 12,865. 14,697 15,464 18.06619,394 21,721 17,133 17,75621,240 RELATION OF TOTAL RETURNS TO REALIZED NET INCOME OF OPERATORS Total returns to operators 4,568 6,50410,008 11,364 11,525 11,854 13,893 14,888 17,056 12,848 13,458 16,574 Minus increases or plus decreases in inventory. . 270 452 1,159 -176 -445 -391 -239 -2,185 1,318 -654 750 1,645 Realized net income of farm operators 1,298 6,052 8,849 11,540 11,970 12,245 14,132 17,073 15,738 13,502 12,708 14,929 1 Revised series. 2 Preliminary estimates. ''• Market value, in terms of prices at end of year, of increase or decrease in physical quantities of crops and livestock. 4 After deduction of estimates for taxes, mortgage interest, and other expenses paid by such landlords. ucts for sale and for consumption in farm homes in 1950 and early 1951 by forces set in motion or increased about 4 per cent, whereas the prices re- magnified by the invasion of South Korea and by ceived for farm products increased nearly 18 per the subsequent acceleration and expansion of decent. Production of crops increased 3 per cent fense activities. Despite some softening in the compared with 4 per cent for livestock and livestock second and third quarters, prices in December as products. Prices for crops increased 14 per cent well as the annual average for 1951 remained above compared with 20 per cent for livestock and live- 1950. Thus the changes that occurred in the stock products. Balance Sheet of Agriculture during 1951 were in most instances similar in type and in origin to those INFLUENCE OF THE GENERAL ECONOMIC SITUATION that had occurred in the previous year. The parity Higher prices were the dominant influence that ratio for 1951 was 107 compared with 100 the year increased farm income in 1951 and raised the valua- before. tions of farm assets and equities to record levels on The higher prices received by farmers in 1951 January 1, 1952. Prices had been raised sharply resulted from changes in demand to which both JULY 1952 761 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1952 domestic and foreign buyers contributed. The products and for products manufactured from farmaggregate supply of farm products in 1951 did not produced raw materials was based on the recorddiffer greatly from that of the year before. The breaking amount of personal income available to index of the volume of farm marketings actually consumers after payment of personal taxes. In rose a little—from 145 (1935-39=100) in 1950 to 1951, disposable personal income amounted to 147 in 1951. But this modest increase in supply 225.0 billion dollars, about 10 per cent more than was more than offset by the increase in demand. in 1950. Domestic consumers apparently bought about the Export demand for farm products also was subsame volume of farm products, raw and processed, stantially higher in 1951 than the year before. The in 1951 as in 1950, though at higher prices. They monthly average of the index which measures the bought somewhat more food and tobacco. An in- quantity of agricultural products exported (1924crease in population estimated at about 1 per cent 29=100) rose from 90 in 1950 to 107 in 1951, or was accompanied by a per capita increase in food 19 per cent. This increase in the physical volume consumption, also estimated at 1 per cent. Per of agricultural exports, despite higher prices, recapita consumption of tobacco was about 2 per cent flected the desire of foreign governments and busihigher in 1951. Goods made from other farm nessmen to expand stocks of food and raw materials products may have been purchased in slightly in view of growing international tensions. It smaller quantities. probably also reflected the increase in dollar earn- This strength in consumer demand for farm ings by foreign countries. THE BALANCE SHEET IN DETAIL The foregoing has provided a summary analysis commonly measured by the change in the average of the balance sheet in general terms, an account value per acre. The United States index of average of the income position of agriculture, and an value on March 1, 1952 was 211 (1912-14=100) analysis of the influence of the general economic compared with 193 a year earlier. The Texassituation on the financial status of farmers. In Oklahoma region showed the largest increase what follows, each item of the balance sheet is —13 per cent—between March 1951 and March treated in detail. ASSETS CHANGES IN DOLLAR VALUE The assets fall into two general classes: (1) OF FARM LAND* Physical assets, both real estate and tangible personalty, and (2) financial assets, which include cash, bank deposits, United States savings bonds, and farmers' investments in cooperative associations. Farm real estate. The total value of farm real estate in the United States at the beginning of 1952 was estimated at 95 billion dollars.4 This is the largest value on record and accounts for 56 per cent of all the assets included in the balance sheet of agriculture. The increase in value during 1951 was about 8 billion dollars, or approximately 9.3 per cent. 1952. In the Lake, Mountain, and Pacific regions Changes in the value of farm real estate are the increase for each was only 7 per cent. By 4 As a result of data obtained from the 1950 Census of States, the largest increases during the year ended Agriculture, substantial revisions have been made in previous March 1952—14 per cent or more—occurred in estimates for the years 1941-51. These revisions have raised Maryland, North Dakota, Texas, and Delaware, the estimates of farm real estate values for recent years considerably above the earlier estimates. as shown in the map. 762 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1952 For the country as a whole, the sharp increase in in that area, such as poultry and some classes of land values stemmed in large part from higher fruits. prices for farm products. Other important factors Notwithstanding the rise in land values during were the demand for small farms for homes, the the year ended March 1952, the number of farms development of new oil fields in some areas, and that changed hands by voluntary sale was nearly the pressure of funds seeking investment. In some 5 per cent less than during the previous year. instances, these latter factors have tended to in- Activity increased, however, in the Northeast and crease the prices of farms beyond those justified Pacific regions, where many farms, or parts of by farm income alone. The increase in land values farms, were sold for residential purposes. In some during the year ended March 1952 was due pri- areas in which transfer activity was reduced, the chief factor was a lack of farms for sale. In other marily to a rise in prices, but improvement of the areas, the high prices of land and the uncertainties physical condition of farm real estate has also been as to future incomes produced a "wait and see" a factor. Buildings have been painted and reattitude. modeled, many new buildings have been built, Land values in March 1952, as compared with fences have been repaired, and land has been limed those of the prewar period (1935-39 average), were and fertilized. more than 200 per cent higher in nine States— In the Great Plains, where the rise in land values Ohio, Indiana, Illinois, Kentucky, Tennessee, North between March 1951 and March 1952 was relatively Carolina, Arkansas, Mississippi, and Wyoming. Inlarge, incomes from wheat and livestock have been creases of less than 100 per cent occurred in all of favorable. The increase in land values in western the New England States, California, Nevada, and North Dakota, where oil was recently discovered, Utah. In North Dakota, notwithstanding recent was especially large. The strength of land prices sharp increases, values on March 1, 1952 were only in the Southern Plains, including parts of Okla- 120 per cent above those of the prewar years. homa and Texas, is based on prospects for the 1952 Livestock on farms.5 A substantial increase in the crops and favorable prices. Throughout most of number of beef cattle and higher values per head the Southern States the interest in livestock producfor all cattle were the chief factors in raising the tion has resulted in a very strong demand for value of all livestock and poultry on farms to 19.6 pasture land. In some sections, such as near the billion dollars on January 1, 1952 (Table 4). This new atomic energy plant in South Carolina, inrepresented an increase of 14 per cent in total value dustrial expansion has created booming demand during 1951. for homesites. The smaller than average increases in farm real estate values in the Pacific region reflect 5 As a result of data obtained in the 1950 Census of Agriculture, substantial revisions were made in the previous the weakening of prices for commodities produced estimates for 1945-51. TABLE 4 LIVESTOCK ON FARMS: NUMBER AND VALUE BY CLASSES, UNITED STATES, JANUARY 1, SELECTED YEARS, 1940-52 [Number in thousands and value in millions of dollars] 1940 1945 i 1946 i 1950 1 1951 i 1952 Class Number Value Number Value Number Value Number Value Number' Value Number Value Cattle 68,309 2,770 85,573 5,722 82,235 6,263 77,963 9,630 82,025 13,161 88,062 15,733 Milk cows 24,940 1,428 27,770 2,761 26,521 2,977 23,853 4,219 23,722 5,183 23,407 5,855 Hogs 61,165 476 59,373 1,224 61,306 1,468 58.852 1,598 62,852 2,094 63,903 1,910 Horses 10,444 808 8,715 565 8,081 464 5,548 255 4,993 217 4,370 200 Mules 4,034 467 3,235 434 3,027 403 2,233 221 2,074 169 1,923 139 All sheep 2 52,107 329 46,520 399 42,362 411 29,826 532 30,635 808 31,725 883 Stock sheep 46,266 294 39,609 335 35,525 340 26,182 466 27,253 721 27,841 779 Chickens 438,288 265 516,497 626 523,227 663 456,549 623 442,657 645 453,498 694 Turkeys 8,569 18 7,082 41 7,862 45 5,124 33 5,091 33 5,835 41 Total 5,133 9,011 9,717 12,892 17,127 19,600 1 Revised series. See footnote 5 above. 2 Includes sheep and lambs on feed for market. JULY 1952 763 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1952 Numbers of each class of livestock, except horses peak of 56.2 million in 1942. At the beginning of and mules, were larger at the beginning of 1952 1952, the value of chickens on farms was 694 million than a year earlier. Values per head were higher dollars—8 per cent more than a year before. for cattle, horses, sheep, chickens, and turkeys, but Machinery and motor vehicles on farms.6 Prelimilower for hogs and mules. During 1951 the value nary estimates of the value of machinery and motor of each class of livestock, except hogs, horses, and vehicles on farms totaled 15.3 billion dollars on mules, increased. January 1, 1952—an increase of 12 per cent over Cattle on farms numbered 88 million head on that of 1951 (Table 5). January 1, 1952—6 million more than a year earlier The 1951 purchases of machinery and motor and a new high for cattle numbers. The average vehicles by farmers are tentatively estimated at a value of cattle at the beginning of 1952 was $179, record high of 3.6 billion dollars, exceeding those a gain of $19 during 1951. Dairy cattle numbered in 1950 by about 10 per cent. A large part of the 35.9 million head on January 1, 1952, or .3 million increase in 1951 reflected higher prices, but the more than a year before. Milk cows decreased in physical volume of purchases was probably up about number in 1951 for the seventh consecutive year, 3 per cent. The 3.6 billion dollars spent by farmers but numbers of young dairy stock on farms in- for machinery and motor vehicles last year included creased. About 52.2 million head of beef cattle were approximately 1,163 million spent for tractors, 304 on farms on January 1, 1952. The increase of 5.8 million for automobiles, 313 million for motormillion head during 1951 was one of the largest trucks, and 1,851 million for other farm machinery. ever made in one year. Substantially larger num- These expenditures accounted for about 11 per bers of cattle on feed during the 1951-52 season cent of farmers' gross cash income from marketings were responsible for part of the increase, but beef and Government payments in 1951. cows totaled 20.6 million head—an increase of 12 At the beginning of 1952, farmers owned 4,250,per cent in the last year. Numbers of beef cattle 000 tractors, or about 300,000 more than a year have increased regularly since 1948, when 41 milbefore; 2,350,000 trucks, or an increase of 70,000; lion were on farms. and 4,370,000 automobiles, a gain of 80,000. The On January 1, 1952 the total number of hogs on quantity of other machinery on farms increased farms was 63.9 million. Despite four consecutive about 6 per cent during 1951. years of increase this was still about 20 million be- The 15.3 billion dollars farmers had invested in low the record high reached on January 1, 1944.machinery and motor vehicles at the beginning of The number of sheep at the beginning of 1952—31.7 1952 was nearly five times the 3.1 billion dollars so million head—was slightly above the numbers in invested in 1940. Since 1940 average prices of each of the previous three years but well below the farm machinery and motor vehicles have almost doubled, but the figures indicate that farmers in TABLE 5 1952 have about two and a fifth times as much of FARM MACHINERY AND MOTOR VEHICLES: VALUE BY CLASSES, this equipment as in 1940. This increase of 121 UNITED STATES, JANUARY 1, 1940-52 per cent in the quantity of machinery and motor [In millions of dollars] vehicles on farms reflects the continuing trend Year Total » 2 Tractors m A ob u i t l o e - s 1 t M ru o c t k o s r - i O m t a h c e h r i n f e ar r m y toward increased farm mechanization. Crops stored on farms. Production of crops in 1940 3,118 501 900 301 1,358 1951 was exceeded only in 1948 and 1949. Not- 1941 3,575 557 970 340 1,650 1942 4,386 720 1,117 426 2,062 withstanding severe crop losses in some areas, yield 1 1 9 9 4 4 3 4 5 5, , 7 2 6 9 3 0 8 87 8 1 0 1 1 , , 1 1 3 6 9 1 5 67 8 2 1 2 2 , , 9 6 8 2 4 1 per acre for the country as a whole was second 1945 6,288 1,014 1,061 701 3,432 highest in history. Records or near records were 1946 6,295 1,069 935 650 3,562 1947 6,611 1,233 771 698 3,831 made in production of such crops as rice, hay, soy- 1948 8,397 1,729 798 950 4,838 1949 10,908 2,346 935 1,212 6,334 beans, and tobacco. Above-average crops of cotton, 1950 13,016 2,929 1,031 1,407 7,577 cottonseed, sorghum grain, and oats were produced. 1951 13,728 3,164 1,079 1,401 8,016 1952 15,308 3,670 1,176 1,475 8,922 6 Preliminary adjustments to the 1950 Census of Agricul- 1 Revised. See footnote 6. Data for automobiles and motor- ture have been made in expenditures and value of autotrucks include preliminary adjustments to the 1950 Census of Agriculture. mobiles and motortrucks. The revisions for automobiles 2 Also includes harness and saddlery. were substantial for some years. 764 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1952 Although the 1951 production of corn and wheat smaller than in 1951 and 15 per cent smaller than was below that of 1950, it was only slightly below in 1949 and 1950. The reduction in stocks of corn, the 1940-49 average. Crops for which production the principal feed grain, was mainly the result of in 1951 was well below average included barley, the smaller 1951 crop in the West North Central rye, peanuts, and potatoes. region. Farm stocks of corn on January 1, 1952 Much of the 1951 production moved ofl farms in that region were 19 per cent smaller than a year relatively fast and the physical quantity remaining earlier. Heavy feeding, due partly to the low feed on farms at the beginning of 1952 was 2 per cent value of soft corn, also contributed to reduced stocks less than a year earlier. Because of higher prices, in that area. however, the value of farm inventories, including Stocks of hay remaining on farms on January 1 crops sealed under Commodity Credit Corporation were valued at 1,738 million dollars, about 16 per loans, totaled 8/4 billion dollars. This was about a cent more than at the beginning of 1951. Prices billion dollars more than the value of crops on of hay were up 10 per cent and physical stocks farms a year earlier. about 5 per cent. Stocks on January 1, 1952 were The value of food grains—wheat, rye, buckwheat, only slightly below the record for that date in rice—stored on farms on January 1, 1952 was 767 1943. million dollars compared with 694 million at the Farm stocks of the various oil crops were valued beginning of 1951. The number of bushels of at 436 million dollars at the beginning of 1952, or these grains in 1952 was 350 million and in 1951, about 7 per cent higher than a year earlier. About 346 million. The prices at which these crops were two-thirds of the value of these crops consisted of valued were higher on January 1, 1952 than a year soybeans. Stocks of soybeans on farms (103 milearlier except for rice. lion bushels) were of record size. Total stocks of the food grains—stored both on The value of potatoes stored on farms increased and off farms—were smaller at the beginning of from 115 million dollars on January 1, 1951 to 171 1952 than at the beginning of 1951. Stocks of million on January 1, 1952. This increase in value wheat in all storage positions were about 14 per occurred despite a drop from 161 million to 97 milcent smaller than a year earlier. Total disappear- lion in the number of bushels stored on farms. ance of wheat during the 1951-52 year is expected At the beginning of 1952 the price of potatoes wras to be the largest since 1948. As a result, the carry- $1.76 a bushel compared with $0.71 a year earlier. over on July 1, 1952 will be about 250 million In 1950 potatoes were in surplus production, but bushels compared with 396 million on July 1, 1951 in 1951 the supply was relatively short. and 334 million bushels for the 1941-50 average. An important change during 1951 was the in- Domestic stocks of rye and buckwheat also are crease in value of cotton on farms, from 176 to 478 smaller than those of last year. Total stocks of million dollars, or 172 per cent. Physical quantities rice, however, were at record levels at the beginning on farms increased by about the same percentage. of 1952. The 1951 cotton crop was estimated at more than Of the crops remaining on farms at the begin- 15 million bales, compared with the 1950 crop of ning of the year, most important were the various 10 million bales. The price of cotton was about grains and roughages used for feeding livestock. the same on January 1, 1952 as on January 1, 1951. On January 1, 1952 they accounted for 75 per cent Crops owned by farmers stored off farms under of the value of all crops stored on farms. CCC loans. Farmers own a considerable volume of The total value of feed grains held on farms at crops in off-farm storage but estimates are available the beginning of 1952 was 4,268 million dollars only for what was pledged to the Commodity Credit compared with 4,037 million a year earlier. This Corporation as security for loans under the priceincrease, however, was the result of price alone. support program. On January 1, 1952 the value Farm stocks of each of the major feed grains— corn, oats, barley, and grain sorghums—were below of crops stored oft farms under CCC loans was 365 last year's level. As farmers have more livestock million dollars. This was about 60 million more and poultry in the first half of 1952 than they had than the amount on January 1, 1951 but not much in any of the last three years, stocks of feed grains more than a third of the value of crops under CCC per grain-consuming animal unit are 10 per cent loan on January 1, 1950. JULY 1952 765 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1952 Household furnishings and equipment. During TABLE 7 1951 the value of household furnishings and equip- PERCENTAGE INCREASE IN DEMAND DEPOSITS OF INDIVIDUALS ment on farms is estimated to have increased 7 per AND NONFINANCIAL BUSINESSES, BY FEDERAL RESERVE cent to about 7.7 billion dollars. Since 1945, with DISTRICTS, YEAR ENDED JANUARY 31, 1952 * continuing large incomes and increased supplies, [Per cent] the value of these goods has been increasing by more than half a billion dollars a year. Indivduals Nonfmancial In areas studied by the Bureau of Human Nu- District businesses Farmers Others trition and Home Economics, more than half of the expenditures by farm families for household Boston 18.0 3.7 7.1 New York 11.2 8.4 8.2 goods in recent years has been for equipment, in- Philadelphia . . 8.6 2.4 5.2 cluding such major items as stoves, refrigerators, Cleveland 8.9 8.3 12.4 Richmond 22.7 7.8 10.4 and washing machines. The spread of electrifica- Atlanta 7.2 7.0 10.7 Chicago 2.6 5.6 4.6 tion in agricultural areas has been a vital factor in St. Louis 6.9 3.8 7.3 Minneapolis 6.3 5.0 3.7 this development. Kansas Citv 2.3 6.9 7.9 Dallas 4.1 4.1 11.7 Bank deposits, currency, and United States savings San Francisco. 17.6 4.4 9.9 bonds. The liquid financial reserves of farmers are All districts. 7.3 6.0 8.1 estimated to have increased about 800 million dollars, or 4 per cent, during 1951 (Table 6). 1 Estimates based on Federal Reserve surveys of deposit ownership. Farmers increased their holdings of both demand deposits and time deposits, as well as of currency, cent in the demand deposits of nonflnancial busibut the redemption value of the United States nesses. The largest percentage increases in farmersavings bonds owned by farmers was about the owned demand deposits occurred in the Richmond, same on January 1, 1952 as a year earlier. Boston, and San Francisco Federal Reserve Districts; the smallest increases were in the Chicago TABLE 6 and Kansas City Districts. The currency and time deposits owned by LIQUID FINANCIAL ASSETS OWNED BY FARMERS, UNITED STATES, JANUARY 1, 1940-52 farmers are estimated to have increased 3 per cent and 2 per cent, respectively, during 1951. In billionsof dollars] Farmer-owned deposits and currency rose in Deposits United each year of the war period and in early postwar Year Total r C en u c r- y s S a t v a i t n e g s s years to a record high of 15.3 billion dollars on Demand1 Time bonds 2 January 1, 1948. From this point the amount of 1940 4.1 1.0 1.5 1.4 0.2 these assets declined to 14.3 billion on January 1, 1 19 9 4 4 2 1 4 5 . . 7 8 1 1 . . 5 1 2 1 . . 2 7 1 1. . 6 5 . . 4 5 1950. The next two years again brought increases, 1943 8.1 2.0 3.2 1.8 1.1 largely because of the higher prices which accom- 1944 11.0 2.7 4.0 2.0 2.3 1945 14.5 3.3 5.0 2.5 3.7 panied the Korean outbreak and the acceleration 1946 18.0 4.0 6.2 3.3 4.5 1947 19.4 4.0 7.3 3.6 4.5 of the defense program, so that the amount reached 1948 20.1 3.9 7.6 3.8 4.8 1949 19.8 3.8 7.2 3.8 5.0 15.2 billion on January 1, 1952. 1950 19.5 3.7 6.8 3.8 5.2 Savings bonds. Farmers bought and cashed 1951 19.7 3.6 7.0 3.8 5 3 1952 320.5 3.7 7.6 33.9 5.3 smaller amounts of savings bonds in 1951 than in any other recent year. The amount purchased was 1 Federal Reserve estimates, adjusted to a January 1 basis, are the smallest since 1941, and the amount cashed the used for 1944-52. 2 Redemption value. smallest since 1944. For the series A through E, 3 Preliminary. redemptions exceeded purchases in every region of Deposits and currency. Farmer-owned demand the country. Despite the excess of redemptions, deposits increased about 7 per cent during the year bonds held by farmers on January 1, 1952 had ended January 31, 1952 according to data compiled about the same redemption value as those held a by the Federal Reserve Banks (Table 7). This year earlier because of interest accruals. compares with increases of about 6 per cent in the Farmers' purchases of savings bonds dropped demand deposits of other individuals and 8 per sharply during both 1950 and 1951. This doubt- 766 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1952 less may be explained by the increase in their sold and inventories held. The combined net operating expenses and in their expenditures for worth of the production credit and Federal land farm real estate, livestock, machinery, and motor bank systems totaled nearly half a billion dollars vehicles. Increased income taxes were probably a on January 1, 1952. Increased loan volume and contributing factor with many farmers. The favorable loan experience have improved the net greater cash outlays required to acquire and operate worth of these systems throughout the last decade. farms since the Korean outbreak have not only The continued expansion of surplus and reserves caused farmers to reduce their purchases of savings of farmers' mutual fire insurance companies results bonds but have also led them to increase their mainly from increased insurance carried on higher borrowings and to carry larger working balances building valuations and from relatively low fire at banks. losses. The comparatively young rural electrifica- Net worth of farmers' cooperatives. Included with tion cooperatives have increased their net worths the financial assets in the Balance Sheet of Agri- largely through reduction of debt. culture are the equities that farmers and others own CLAIMS in cooperative associations. These equities are not liquid financial assets, but they represent an im- Claims on agricultural assets are of two general portant investment in businesses which directly classes: (1) Liabilities, which are divided into real facilitate the production and marketing of agri- estate and non-real-estate debt; and (2) equities, cultural products and the maintenance of the farm which represent the value of the residual rights in plant. As of January 1, 1952, the net worth of agricultural assets belonging to the proprietors— these associations has been estimated at 2.4 billion owner-operators, tenants, and landlords. Included dollars, or 9 per cent greater than a year earlier among these proprietors are individuals; financial (Table 8). institutions and other corporations; and Federal, More than half the net worth of all farm co- State, and local government agencies. operatives is in marketing and purchasing associa- Farm real estate debt. Farm-mortgage debt tions. The increase in the net worth of these asso- totaled an estimated 6.3 billion dollars on January ciations, 10 per cent during 1951 and 309 per cent 1, 1952. Although this was still 4 per cent below between 1940 and 1952, is related to increased the 1940 figure and 42 per cent below the all-time farm output and higher prices for both products high of 1923, it was the largest amount outstanding TABLE 8 FARMERS' FINANCIAL INTEREST IN SELECTED TYPES OF COOPERATIVES, UNITED STATES, SELECTED YEARS, JANUARY 1, 1940-52 [In millions of dollars] Type 1940 1945 1946 1950 1951 1952 Marketing associations 1 256 393 464 744 2 820 2 900 Purchasing associations * 74 194 229 372 2 412 2 450 Farmers' mutual telephone companies 3 23 23 23 23 23 23 Farmers' mutual irrigation companies 4 197 s 230 5 237 s 264 5 271 277 Farmers' mutual fire insurance companies 6 42 63 71 122 139 147 Rural electric cooperatives 7 (8) (8) (8) 92 110 2 131 Production credit system 9 . . 31 61 68 122 135 155 Federal land bank system 10 203 224 241 s 298 5 316 335 Total . . .... 826 s 1,188 s 1,333 s 2,037 5 2,226 22,418 1 Net worth excluding intercooperative investments. Based on data collected by the Farm Credit Administration. Estimates for 1950 were made by Farm Credit Administration; estimates for other years by Bureau of Agricultural Economics. 2 Preliminary. 3 Investment in plant and equipment less borrowed money. Figure used for each date is that for Jan. 1, 1938. United States Bureau of the Census, Census of Electrical Industries, 1937. 4 Net worth. Figure for 1940, from United States Bureau of the Census, Census of Irrigation of Agricultural Lands, 1940; estimate for 1950 based on preliminary data from the 1950 Census of Irrigation; estimates for other years made by Bureau of Agricultural Economics. 5 Revised. 6 Surplus and reserves. Data for 1940 from Farm Credit Administration; data for later years from Bureau of Agricultural Economics. 7 Data supplied by Rural Electrification Administration. 8 Not available. 9 Net worth excluding capital owned by production credit corporations. Data from Farm Credit Administration. 10 Net worth excluding capital and surplus paid into the Federal land banks by the Federal Government. There has been no Government capital or paid-in surplus in the Federal land banks since July 1, 1947. Data are taken from, or based on, reports of Farm Credit Administration. JULY 1952 767 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1952 TABLE 9 FARM-MORTGAGE DEBT: AMOUNT OUTSTANDING, JANUARY 1, 1940-52, AND PERCENTAGE CHANGE, 1940-52 AND 1951-52, BY LENDERS, UNITED STATES Federal Federal Farm Farmers Life Insured Individuals Year Total debt land Mortgage Home Ad- insurance commercial and banks* Corporation 12 ministration 3 companies 1 banks miscellaneous Amount Outstanding fin thousands of dollars] 1940.. 6,586,399 2,009,820 713,290 31,927 984,290 534,170 2,312,902 1941... 6,491,435 1,957,184 685,149 65,294 1,016,479 543,408 2,223,921 1942 ... 6,372,277 1,880,784 634,885 114,533 1,063,166 535,212 2,143,697 1943... 5,950,975 1,718,240 543,895 157,463 1,042,939 476,676 2,011,762 1944... 5,389,080 1,452,886 429,751 171,763 986,661 448,433 1,899,586 1945... 4,932,942 1,209,676 347,307 193,377 933,723 449,582 1,799,277 1946... 4.681 ,720 1,078,952 239,365 181,861 884,312 507,298 1,789,932 1947.... 4,777,355 976,748 146,621 189,300 890,161 683,229 1,891,296 1948..., 4,881,744 888,933 107,066 195,069 936,730 793,476 1 ,960,470 1949... 5,108,183 868,156 77,920 188,893 1,035,719 847,841 2,089,654 1950... 5,407,310 906,077 58,650 188,855 1,172,157 879,416 2,202,155 1951... 5,827,586 947,431 44,008 214,047 1,340,705 943,387 2,338,008 1952.. 6,299,576 994,128 32,778 233,374 1 ,525,411 980,436 2,533,449 Percentage Change 1940-52. -4.4 — 50 5 -95.4 631.0 55.0 83.5 9.5 1951-52.^ 8.1 , <:, -25.5 9.0 13.8 3.9 8.4 1 Includes purchase-money mortgages and sales contracts. 2 Loans were made for the Corporation by Land Bank Commissioner. Authority to make new loans expired July 1, 1947. 3 For 1940-41, tenant-purchase loans only. Beginning 1942, also includes farm-development (special real estate) loans; beginning 1944, farm-enlargement loans; beginning 1945, project-liquidation loans; and beginning 1951, farm-housing loans. Also includes similar loans from State Corporation trust funds. since 1942 (Table 9). During 1951 the increase The average size of mortgages recorded in 1951 amounted to 470 million dollars, or 8 per cent. varied considerably among lenders. The largest This sixth consecutive annual increase was the average recording—$11,260—was made by insurlargest, percentagewise, since 1920. ance companies; for other lenders, the average Higher sale values for farm real estate are appar- varied from $4,100 to $5,350. All lenders showed ently associated with the increase in mortgage debt. an increase in average size. The larger average In March 1952 average value per acre was 9 persize reflected in part a substantial increase in avercent above that of a year before. Farmers' expendi- age value per acre of farm real estate. The decline tures for buildings, motor vehicles, and farm ma- in number of mortgages recorded was associated chinery continued at record levels in 1951, and with a 5 per cent decline in the number of volunpart of these may have been financed by increases tary sales of farm real estate in 1951. in farm-mortgage debt. At the beginning of 1952, life insurance com- In the last half of 1951 there were some indica- panies held about 1,525 million dollars of farm tions that the sharp rise in farm-mortgage debt was mortgages. The rise in their holdings during 1951 slowing down. Both the number and dollar was 14 per cent, and this was the largest percentage amount of new mortgages recorded were less in increase for any lender in this field. For other the third and fourth quarters of 1951 than in the lenders, the increases were: Farmers Home Adsame quarters of 1950. ministration, 9 per cent; individuals and miscel- A substantial increase in the average size of new laneous lenders, 8 per cent; Federal land banks, borrowings was the chief factor responsible for the 5 per cent; and insured commercial banks, 4 per rise in farm-mortgage debt. The dollar amount of cent. The increase for the Farmers Home Adminfarm mortgages recorded during 1951 was up 7 istration was caused by an expansion of its farmper cent from 1950, although the number recorded housing loans as the total of its farm-owTnership was down 6 per cent. The average size of recording loans showed a small decline. All lenders except increased 14 per cent from $4,700 in 1950 to $5,350 Federal land banks and individuals and miscelin 1951. laneous lenders increased their farm-mortgage hold- 768 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1952 ings by a smaller percentage in 1951 than in 1950. This was about 18 per cent higher than on January Changes in 1951 in the distribution of farm- 1, 1951, and is believed to be a record high for this mortgage debt among the principal lenders con- time of year. This debt was 2^2 times that at the tinued a trend which has been in evidence for beginning of 1946, the first postwar year. more than a decade. The share of the debt held Expansion in non-real-estate credit during 1951 by Federal land banks has declined, whereas the resulted from further increases in prices, continued proportions held by the Farmers Home Adminis- high level of production, and heavy purchases of tration and life insurance companies have gradually goods, especially farm and home equipment. In increased. The proportions of the total held by some areas the high level of debt on January 1, insured commercial banks and by individuals and 1952 may have resulted partly from a larger-thanmiscellaneous lenders have been fairly constant for usual carry-over of 1951 loans caused by unfavorfive years but are higher than they were in 1940. able production or price conditions. Data from The rate of increase in farm-mortgage debt in Production Credit Associations indicate that the 1951 varied considerably by regions. The South- rise in non-real-estate farm debt in 1951 resulted eastern, Mountain, and Pacific States showed the mainly from an increase in the average size of highest rate—12 per cent. In the Northeastern loan made. New loans made by PCA's averaged States the increase was only 3 per cent, and in the Lake States 5 per cent. New Hampshire had a NON-REAL-ESTATE FARM LOANS 1 per cent increase, the smallest of any State, and Held by Banks and Federally Sponsored Agencies * the 24 per cent increase in Florida was the largest. Increases of 10 per cent or more occurred in 12 States. Prod, credit ass'ns t Of the total increase of 470 million dollars in All operating banks farm-mortgage debt in 1951, about 18 per cent was in the Corn Belt, 27 per cent was in the Mountain and Pacific States, and only 3 per cent was in the Northeastern States. Non-real-estate debt. On January 1, 1952 the nonreal-estate debt of farmers, excluding loans made 1910 1920 1930 1940 1950 or guaranteed by the Commodity Credit Corporation, totaled about 7.3 billion dollars (Table 10). TABLE 10 FARMERS' NON-REAL-ESTATE DEBT, UNITED STATES, JANUARY 1, 1940-52 [In billions of dollars] Total C C I o o n m r C c p l r m o u e r d d o a i d i t n t i i t o g y n - C C E o o x r C m p c r l m o e u r d d o a i i d t t n i i o g ty n g l P o u C C r a a i o o n c r r C m s a e p n - r m m o s e t r u e d a o a e p i d d t t d p i e i o o t y n b o rt y r O b s F a p t a h e g o n d e e n k b r e n s s y r c o l a i o a r l e e a n l s y d n d s m b L i o s l o o e c k a n e n d b ll c s y e a r r n e a s e d n x o i d t u s- s loans loans 1940 3.4 3.0 0.4 1.5 1.5 1941 3.9 3.3 0.6 1.6 1.7 1942 4.1 3 5 0.6 1 8 1 7 1943 4.0 3.2 0.8 1.7 1.5 1944 3 5 2 9 0 6 1 7 1 2 1945 3.4 2.7 0.7 1.6 1.1 1946 3.2 2.9 0.3 1.7 1.2 1947 3.6 3.5 0.1 2 0 1 5 1948 .... 4.2 4.1 0.1 2.3 1.8 1949 6.1 4.9 1.2 2.7 2.2 1950 6.9 5.2 1.7 2.8 2.4 1951 7 0 6.2 0.8 3 4 2 8 1952 7.9 7.3 0.6 4.1 3.2 1 Tentative estimates based on fragmentary data. JULY 1952 769 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1952 More than three-fourths of the non-real-estate NON-REAL-ESTATE FARM LOANS debt of farmers to the principal institutional lenders (HELD BY INSURED BANKS AND FEDERALLY SPONSORED AGENCIES) was owed to banks. About 14 per cent was owed Percentage Change, 1951-52* to Production Credit Associations, 2 per cent to the other financing institutions discounting with the Federal intermediate credit banks, and 8 per cent to the Farmers Home Administration. During 1951 the outstanding loans of banks and of PCA's and other institutions discounting with the Federal intermediate credit banks each expanded by about one-fourth. Debt owed to the Farmers Home Administration, however, decreased about 7 per cent. Part of this decrease resulted from a decline in outstanding balances of emergency crop and feed loans, rural rehabilitation loans, and loans of the 24 per cent larger in 1951 than in 1950. The num- Regional Agricultural Credit Corporation which have been under liquidation by the FHA for the ber of loans closed by PCA's decreased about 1 per last several years. But even the outstanding procent. duction and subsistence loans—the type now being That part of farmers' non-real-estate debt (exmade by FHA—showed a small decline during cluding CCC loans) owed to banks and the Fed- 1951. Repayments on these production and suberally sponsored lenders was 4.1 billion dollars. sistence loans continue heavy. In many areas they Changes in this debt since 1910 are shown in the have ofTset the new loans authorized by Congress. chart. For the United States during 1951, the increase in the non-real-estate debt held by these For the postwar period as a whole, January 1946 principal institutions was about 21 per cent. All to January 1952, the non-real-estate debt owed to States except Maine, New Jersey, and South Caro- insured commercial banks and the Federally sponlina experienced increases as shown on the map. sored lenders increased 143 per cent. All States The principal cause of the large decrease (19 per cent) in Maine was the sharp reduction in acreage NON-REAL-ESTATE FARM LOANS of potatoes which resulted from the elimination of HELD BY BANKS AND FEDERALLY SPONSORED AGENCIES, BY REGIONS* price supports for this commodity. In South Caro- MIDWESTERN lina the lower level of debt at the beginning of — 1952 probably reflects the liquidation of much debt that was still unpaid on January 1, 1951 because of t — the poor cotton crop of 1950. In New Jersey the non-real-estate debt at the beginning of 1952 was only 15*4 Per cent less than that of a year earlier. m • States showing the largest increases in non-realestate debt between January 1, 1951 and January • = 1 1, 1952, were California, Arizona, and Nevada— 43.1, 46.1, and 51.6 per cent, respectively. Both California and Arizona showed substantial increases between 1950 and 1951 in acreage of cotton grown under irrigation. These States also are important producers of livestock, as are Nevada, Utah, and Colorado, which experienced more than average increases in non-real-estate debt. In Iowa, Illinois, and Nebraska, where cattle feeding expanded during the last several years, increases of 29.0, 31.1, NOTE.—All major regions have shown increases during recent years in non-real-estate farm loans held by banks and and 33.4 per cent occurred in non-real-estate debt Federally sponsored lenders. Between Jan. 1, 1951 and Jan. 1, 1952, the loans of these lenders increased 5.5 per cent in the during 1951. Northeast, 15.3 per cent in the South, 21.4 per cent in the Midwest, and 32.2 per cent in the West. 770 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1952 showed increases in debt during this period but real-estate debt to the institutional lenders are the range was wide. In six States—Pennsylvania, shown in the preceding chart. Illinois, Iowa, Kansas, Colorado, and Arizona— Notwithstanding the record level of non-realthe postwar rise in non-real-estate debt was more estate debt, no widespread repayment difficulties than 200 per cent. In North Dakota the increase by farmers have been reported. In some individual in this debt was only 3.7 per cent. However, this instances, however, heavy debts have presented a problem. During early March 1952, a survey of small increase was the result of a sharp drop in old farm lenders was made in two areas: The western outstanding loans of the Farmers Home Adminis- Corn Belt, which suffered from a soft corn crop tration (some of which were canceled without full and lower livestock prices, and the Southwest, payment); loans of banks and PCA's showed subwhich has had a prolonged drought. In these two stantial increases here as elsewhere. The relatively areas, many lenders reported that farmers were not small increase in non-real-estate debt (56 per cent) in so good a financial condition as a year earlier in South Dakota can also be attributed to heavy and that a large number of operating loans were liquidation of old FHA loans. In several Southern not being paid so rapidly as originally had been States—South Carolina, Georgia, Alabama, and expected. There was no indication, however, that Mississippi—non-real-estate farm debt rose less any unusual action was necessary to protect their than 60 per cent between the beginning of 1946 investments, and most lenders planned to carry and the beginning of 1952. Some changes in types the loans another season at least. Nevertheless, a of farming in those States may involve relatively more cautious attitude toward extension of credit more long-term real estate credit than short-term apparently prevailed in these areas and many non-real-estate credit. The comparatively small lenders expected to grant less credit in 1952 than postwar increases in several New England States in 1951. Curtailment of credit for such purposes probably reflect the more stable nature of agricul- as purchases of unessential farm machinery was ture in that region. Longer trend changes in non- mentioned by many lenders as important. JULY 1952 771 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Purchase of Government Obligations by provides for the continuance of real estate credit Federal Reserve Banks regulations until June 30, 1953, such regulations were made subject to certain limitations which are Amendment to Section 14 (b) contained in a new section 607 added to the Defense By Act of Congress approved June 23, 1952, the Production Act. The provisions of the new law authority of the Federal Reserve Banks under with respect to credit controls are as follows: section 14(b) of the Federal Reserve Act to pur- SEC. 116. (a) Section 601 of the Defense Prochase and sell direct or fully guaranteed obligations duction Act of 1950, as amended, is hereby reof the United States directly from or to the United pealed. The heading of title VI of the Defense States, which would otherwise have expired on Production Act of 1950, as amended, is amended to June 30, 1952, was extended until June 30, 1954. read as follows: "TITLE VI—CONTROL OF The text of the Act is as follows: REAL ESTATE CREDIT", and the subheading of such title is amended to read as follows: "This PUBLIC LAW 405—82D CONGRESS title authorizes the regulation of real estate con- [CHAPTER 454—2D SESSION] struction credit only". The table of contents in the [H. R. 6909] first section of the Defense Production Act of 1950, as amended, is amended by striking out "con- AN ACT sumer and". To amend section 14 (b) of the Federal Reserve Act, as (b) Title VI of the Defense Production Act of amended. 1950, as amended, is amended by adding at the end Be it enacted by the Senate and House of Repre- thereof the following new section: sentatives of the United States of America in Con- "SEC. 607. Notwithstanding the provisions of gress assembled, That section 14(b) of the Federal sections 602 and 605 of this title, the authority of Reserve Act, as amended (U.S.C., 1946 edition, the President which is derived from said sections Supp. IV, title 12, sec. 355), is amended by striking to impose credit regulations relative to residential out "July 1> 1952" and inserting in lieu thereof property shall not be exercised with respect to ex- "July 1, 1954" and by striking out "June 30, 1952" tensions of credit made during any 'period of and inserting in lieu thereof "June 30, 1954." residential credit control relaxation', as that term is Approved June 23, 1952. herein defined, in such manner as to impose any Defense Production Act Amendments of down payment requirement in excess of 5 per centum of the transaction price. The President 1952 shall cause to be made estimates of the number of Credit Controls permanent, nonfarm, family dwelling units, the The Defense Production Act of 1950, which construction of which has been started during each would have expired June 30, 1952, was amended calendar month and, on the basis of such estimates, and extended by Act of Congress approved June he shall cause to be made estimates of the annual 30, 1952 (Public Law 429—82nd Congress). rate of construction starts during each such month, With respect to credit controls, section 601 of the after making reasonable allowance for seasonal vari- Defense Production Act, which contained authority ations in the rate of construction. If for any three for the control of consumer credit, was repealed, consecutive months the annual rate of construction and it was also provided that no voluntary pro- starts so found for each of the three months falls to gram or agreement for the control of credit shall a level below an annual rate of 1,200,000 starts per be approved or carried out under section 708 of year, the President shall cause to be published in the Defense Production Act. While the new law the Federal Register an announcement of the be- 772 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT ginning of a 'period of residential credit control Governors in relation to its assets and to its deposit relaxation,' which period shall begin not later than liabilities, except that if the bank does not have the first day of the second calendar month follow- capital stock and surplus equal to that required for ing such three consecutive months. Each such the establishment of a national bank it must be relaxation period may be terminated by the Presi- approved for deposit insurance under the Federal dent at any time after the annual rate of construc- Deposit Insurance Act. The new law also elimition starts thereafter estimated for each of any nates the requirement that in order for a national three consecutive months exceeds the level referred or State member bank to have an out-of-town to in the preceding sentence." branch it must have a capital stock of at least 500,- (c) Section 708 of the Defense Production Act of 000. Such a bank, however, must still have capital 1950, as amended, is amended by adding at the end equal to the total amount which would be required thereof the following new subsection: for the establishment of a national bank in each "(f) After the date of enactment of the Defense of the various places where its offices are located Production Act Amendments of 1952, no voluntary and must have the capital stock and surplus reprogram or agreement for the control of credit shall quired by State law in like circumstances. In addibe approved or carried out under this section." tion, under the new law a State member bank may not reduce its capital stock or establish any new branch in the head office city without the consent The Board of Governors of the Federal Reserve of the Board of Governors. The text of the Act System and the Housing and Home Finance is as follows: Agency on June 30, 1952, issued the following joint press release with respect to real estate credit PUBLIC LAW 543—82D CONGRESS regulations: [CHAPTER 753—2D SESSION] The Board of Governors of the Federal Reserve System and the Administrator of the Housing and [S. 2938] Home Finance Agency announced today that there AN ACT is no present change in Regulation X and companion real estate credit regulations resulting from To amend section 9 of the Federal Reserve Act, as amended, and section 5155 of the Revised Statutes, as amended, passage of the Defense Production Act Amend- and for other purposes. ments of 1952. Be it enacted by the Senate and House of Repre- The Board and the Administrator pointed out the sentatives of the United States of America in Constatement of the conference managers on the bill gress assembled, That the eleventh paragraph of that the amendments affecting Regulation X are section 9 of the Federal Reserve Act, as amended prospective and that procedures looking to the (U.S.C., title 12, sec. 329), is amended to read as possible subsequent relaxation of the regulations follows: do not begin to operate until the effective date of "No applying bank shall be admitted to memberthe Act, July 1, 1952. ship unless it possesses capital stock and surplus Capital Requirements of Member Banks which, in the judgment of the Board of Governors of the Federal Reserve System, are adequate in Amendments to Section 9 and Section 5155 relation to the character and condition of its assets On July 15, 1952, the President approved an Act and to its existing and prospective deposit liabiliof Congress amending section 9 of the Federal Re- ties and other corporate responsibilities: Provided, serve Act and section 5155 of the Revised Statutes That no bank engaged in the business of receiving of the United States relating to requirements for deposits other than trust funds, which does not admission of State banks to membership in the possess capital stock and surplus in an amount equal Federal Reserve System and to the requirements to that which would be required for the establishfor the establishment of branches by national and ment of a national banking association in the place State member banks. The new law would permit in which it is located, shall be admitted to membera State bank to become a member of the Federal ship unless it is, or has been, approved for deposit Reserve System when it has capital stock and sur- insurance under the Federal Deposit Insurance Act. plus adequate in the judgment of the Board of The capital stock of a State member bank shall not JULY 1952 773 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT be reduced except with the prior consent of the of the Federal Reserve System, as section 9 of the Board." Federal Reserve Act makes section 5136 applicable SEC. 2. (a) The third paragraph of section 9 of to State member banks. The text of the Act is as the Federal Reserve Act, as amended (U. S. C, title follows: 12, sec. 321, third paragraph), is further amended PUBLIC LAW 305—82D CONGRESS by adding at the end thereof a new sentence reading [CHAPTER 169—2D SESSION] as follows: "The approval of the Board shall likewise be obtained before any State member bank [S. 2085] may establish any new branch within the limits of AN ACT any such city, town, or village (except within the District of Columbia)." To further amend section 5136 of the Revised Statutes, as amended, with respect to underwriting and dealing in (b) Subsection (c) of section 5155 of the Revised securities issued by the Central Bank for Cooperatives. Statutes, as amended (U.S.C., title 12, sec. 36 Be it enacted by the Senate and House of Repre- (c)), is further amended by changing the last sentatives of the United States of America in Consentence of such subsection to read as follows: gress assembled, That the last sentence of para- "Except as provided in the immediately preceding graph seventh of section 5136 of the Revised sentence, no such association shall establish a branch Statutes, as amended (12 U.S.C., 24), is hereby outside of the city, town, or village in which it is amended by inserting "or the Central Bank for situated unless it has a combined capital stock and Cooperatives" after the word "Development"; by surplus equal to the combined amount of capital inserting "either of said banks" in lieu of the words stock and surplus, if any, required by the law of "said bank"; by inserting "at any one time" after the State in which such association is situated for the words "no association shall"; by deleting "at the establishment of such branches by State banks, any one time" after the word "exceeding"; and by or, if the law of such State requires only a miniinserting ", with respect to each issuer," after the mum capital stock for the establishment of such word "amount"; so that said sentence shall read as branches by State banks, unless such association follows: "The limitations and restrictions herein has not less than an equal amount of capital stock." contained as to dealing in and underwriting in- Approved July 15, 1952. vestment securities shall not apply to obligations issued by the International Bank for Reconstruc- Banks Dealing in Obligations of Central tion and Development or the Central Bank for Bank for Cooperatives Cooperatives which are at the time eligible for Amendment to Section 5136 purchase by a national bank for its own account: By Act of Congress approved April 9, 1952, the Provided, That no association shall at any one time last sentence of paragraph Seventh of section 5136 hold obligations issued by either of said banks as of the Revised Statutes of the United States was a result of underwriting, dealing, or purchasing for amended so as to permit national banks to deal in its own account (and for this purpose obligations and underwrite obligations issued by the Central as to which it is under commitment shall be deemed Bank for Cooperatives. Such transactions remain to be held by it) in a total amount, with respect to subject to the limitation of 10 per cent of the na- each issuer, exceeding 10 per centum of its capital tional bank's capital and surplus. Subject, of stock actually paid in and unimpaired and 10 per course, to any applicable provision of State law, the centum of its unimpaired surplus fund." permission also extends to all State member banks Approved April 9, 1952. 774 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings rence Clayton, which term expired February 1, A meeting of the Presidents of the Federal Re- 1952. Thereafter, I have continued to serve in my serve Banks was held in Washington on June 18, present capacity in accordance with the terms of 1952, and on June 19 the Presidents met with the the Federal Reserve Act. The Federal Reserve Board of Governors. Bank of Minneapolis has honored me with election as its President. The Board of Directors of On June 19 a meeting of the Federal Open that institution is anxious that I assume the office Market Committee was held. on July 1, 1952. Having served for thirty years as Resignation of Mr. Powell as a Member of the Board an employee and officer of that Bank, I have a of Governors and Retirement of Mr. Peyton natural strong desire to serve as its President. as President of the Federal Reserve Throughout my service as a Member of the Board Bank of Minneapolis of Governors of the Federal Reserve System I have Mr. Oliver S. Powell, who had been a member been mindful of the one admonition which you of the Board of Governors since September 1, gave me in appointing me to this position; namely, 1950, resigned effective June 30, 1952, to become that you wished the Federal Reserve System to President of the Federal Reserve Bank of Minnecontinue to operate in the manner contemplated by apolis. Prior to Mr. Powell's appointment as a the late Senator Carter Glass. In my work as a member of the Board of Governors, he had been Board Member and in the special assignment as serving as First Vice President of the Federal Re- Chairman of the Voluntary Credit Restraint Comserve Bank of Minneapolis since November 1936. mittee I have attempted to use my efforts and voice He became associated with the Reserve Bank's in favor of a sound and stable dollar and a vigorous Business Research Division in August 1920 and and effective system of private banking and finance. in June 1927 he became head of the Research De- It has been a memorable experience to participate in partment and Editor of its Monthly Business Rethe public service of the nation during the crucial view. In July 1936 he was appointed Vice Presimonths just past, and I wish, Mr. President, to dent. For many years Mr. Powell has been active express my appreciation of this opportunity which in banking and civic affairs and has headed various you afforded me. Reserve System committees on operating and re- Respectfully, lated problems. He was the first educational director of the Minneapolis Chapter of the Ameri- (Signed) OLIVER S. POWELL. can Institute of Banking and subsequently its The White House President. He also has been a lecturer at the Washington Graduate School of Banking, Rutgers University, June 30, 1952. the Central States School of Banking, University Dear Mr. Powell: of Wisconsin, and at the University of Minnesota. In accordance with the wishes expressed in your Mr. Powell's letter of resignation and the Presiletter of June twenty-sixth, I am accepting your dent's letter of acceptance follow: resignation as a member of the Board of Governors June 26, 1952. of the Federal Reserve System, effective June 30, The President, 1952. I am very glad to know that you will still The White House. play an important role in the operations of the Federal Reserve System as President of the Federal Mr. President: Reserve Bank of Minneapolis. This letter is to tender my resignation as a You have served as a member of the Federal Re- Member of the Board of Governors of the Federal serve Board with distinction and may take great Reserve System effective at midnight June 30, 1952. personal pride in the contribution of the Voluntary You will recall that you appointed me to serve the Credit Restraint Program under your leadership as remainder of the unexpired term of the late Law- an effective measure against inflation. JULY 1952 775 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS With every good wish for you in your new under- pointed Assistant Director. Mr. Noyes was aptaking, pointed Director of the Division of Selective Credit Regulation, effective March 1, 1951, and will con- Very sincerely yours, tinue to serve also in that capacity. (Signed) HARRY S. TRUMAN Mr. C. Richard Youngdahl also was appointed an Assistant Director of the Division of Research and Honorable Oliver S. Powell, Statistics, effective July 9, 1952. He became asso- Board of Governors of the ciated with that Division as an Associate Economist Federal Reserve System, on April 1, 1943, and on October 20, 1948, he was Washington, D. C. appointed Chief of the Banking Section. Prior to As President of the Federal Reserve Bank of his present appointment, he had been serving as. Minneapolis, Mr. Powell succeeded Mr. John N. Chief of the Government Finance Section since Peyton who retired effective June 30, 1952. Mr. November 22, 1949. Mr. Youngdahl recently com- Peyton was appointed Chairman of the Board and pleted a temporary assignment of several months Federal Reserve Agent at the Federal Reserve with the Federal Reserve Bank of New York where Bank of Minneapolis effective May 15, 1933, and he served as Acting Manager of the Securities Dehad served as President of the Bank since March partment. 1, 1936. Prior to Mr. Peyton's association with the Mr. Eliot J. Swan, Assistant Vice President of Reserve Bank he had been engaged in commercial the Federal Reserve Bank of San Francisco, who, banking for a number of years and had served for had been serving on a temporary assignment as two years as Commissioner of Banks for the State Acting Assistant Director of the Division of Selecof Minnesota. tive Credit Regulation, has reassumed his duties at the Reserve Bank. Changes in Board's Staff Mr. Guy E. Noyes was appointed an Assistant Admission of State Bank to Membership in the Director of the Division of Research and Statistics, Federal Reserve System effective July 9, 1952. He joined the Board's staff The following State bank was admitted to memon November 1, 1948, as Assistant to the Director bership in the Federal Reserve System during the of the Division of Research and Statistics and subperiod May 16, 1952 to June 15, 1952: sequently served as an Assistant Director of that Division. He was serving as Assistant Adminis- Louisiana trator of the Office of Real Estate Credit on December 20, 1950, when the Division of Selective Credit Metairie—Metairie Savings Bank & Trust Comv~ Regulation was created at which time he was ap- pany. 776 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled June 25 and released for publication June 27] Industrial production continued to decline in plies of aluminum and copper, the NPA in mid- May and June as labor disputes cut output sharply June substantially increased the amounts of these in steel and some other lines. Construction volume metals that small users may obtain beginning in was maintained close to record levels in May, and the third quarter, without requiring direct alloretail sales, mainly of durable goods, expanded. cations. Consumer prices rose further and were close to the A decrease of about 2 per cent in nondurable January high. Wholesale commodity prices changed goods production in May resulted mainly from little in May and declined somewhat in June. work stoppages at oil refineries, which were terminated by early June. Over-all activity at textile INDUSTRIAL PRODUCTION mills showed an important gain, while output of most other nondurable goods continued at earlier The Board's preliminary seasonally adjusted inlevels. dex of industrial production in May was 214 per cent of the 1935-39 average, down 2 points from Minerals production declined in May and June April and 8 points from last February and May as coal and crude petroleum output was reduced 1951. Reflecting mainly the work stoppage at steel owing partly to the steel and oil refining disputes. mills, a sharp further decline is indicated for June. Work stoppages resulted in a sharp curtailment of May output of durable goods was slightly lower iron ore mining in June. than in April owing largely to a labor dispute in the lumber industry and to small further curtail- CONSTRUCTION ments in activity in most industrial equipment Value of construction contract awards in May lines. Production of trucks and passenger autocontinued at the very high April level as awards for mobiles held steady, while output of major houseprivate construction increased further, offsetting hold durable goods declined somewhat further. the first decline this year in total public awards. As a result of the strike, steel production is esti- The number of housing units started totaled mated at about 20 per cent of rated capacity in 107,000 as compared with 108,000 in April, and June, as compared with 90 per cent in April and 101,000 in May 1951. Value of new construction May—also affected by work stoppages—and with work put in place during May was a record for the 102 per cent in March. Reflecting expanded supmonth, as was each preceding month this year. INDUSTRIAL PRODUCTION CONSTRUCTION CONTRACTS AWARDED PER CENT PHYSICAL VOLUME, SEASONALLY ADJUSTED, 1935-39 • 100 1948 1949 1950 1951 1952 1948 1949 '1950 1951 1952 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 Federal Reserve indexes. Monthly figures, latest shown are F. W. Dodge Corporation data for 37 Eastern States. for May. Monthly figures, latest shown are for May. JULY 1952 777 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS EMPLOYMENT effective. Meanwhile price ceilings on imported copper were suspended, lead prices were raised, Seasonally adjusted employment in nonagriculfollowing reductions in April and May, and prices tural establishments in May continued at 46.5 of raw cotton and textile products advanced. million, the same level as a year ago. The average The consumers' price index advanced .2 per cent factory work week at 40 hours was slightly above in May, to about the peak level of January 1952. the reduced April level; average hourly earnings Rents and prices of foods and miscellaneous servshowed little change. At 1.6 million in May, the ices increased while apparel and housefurnishings number unemployed was unchanged from a month were reduced further. earlier and a year ago. MONEY AND CREDIT DISTRIBUTION Bank credit outstanding increased somewhat Seasonally adjusted sales at department stores, during the latter part of May and early June, rewhich had increased moderately in May, continued flecting mainly bank purchases of U. S. Governto rise during the first two weeks in June. The ment, corporate, and municipal securities. Searise reflected a less than seasonal decline in apparel sonal repayments of loans by commodity dealers sales and a marked upward shift in sales of apand food, liquor, and tobacco manufacturers conpliances and television which had reached a low tinued, but in smaller volume. In mid-June there point in April. Sales by automotive dealers rose was a sharp expansion in business borrowing from substantially further in May. Pickup in automobanks associated with quarterly income tax paytive and household durable goods sales reflects in ments. part the May 7 suspension of credit controls under Regulation W. The total money supply increased in late May and early June owing largely to the bank credit COMMODITY PRICES expansion. Demand, time, and currency holdings The general level of wholesale commodity prices of businesses and individuals expanded. The declined somewhat in June. Wheat prices declined turnover of demand deposits outside New York as reports indicated a near record crop this year, City rose in May. one-third above last year, and there were decreases Bank reserve positions were tight up to midin prices of livestock. Prices of zinc were reduced June when they eased temporarily, principally as 23 per cent and the previously announced reduc- a result of seasonal Treasury operations and some tion in the RFC resale price for rubber became increase in Federal Reserve credit outstanding. PRICES AND TRADE SECURITY MARKETS 1947-49" iOO In the third week of June common stock prices regained the high level attained in the last week of January. Yields on Treasury bills increased steadily in late May and early June, and following a sharp decline in the midmonth, rose again to near the discount rate. Yields on certificates and notes increased while bond yields moved irregularly. On June 10 the Secretary of the Treasury announced the offering for cash of an intermediate bond in the amount of $3.5 billion, or thereabouts, and the offering in exchange for the certificates maturing July 1, 1952 of an 11-month 1% 80 80 per cent certificate maturing June 1, 1953. The 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 Seasonally adjusted series except for prices. Wholesale new bond, which was a 2% per cent issue to prices, Bureau of Labor Statistics indexes. Consumer prices, total retail sales, and disposable personal income. Federal mature in 1958, was heavily oversubscribed, and Reserve indexes based on Bureau of Labor Statistics and Department of Commerce data. Department store trade, Fed- allotments of $4.2 billion were made by the eral Reserve indexes. Monthly figures, latest shown are for May. Treasury. 778 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Member bank reserves, Reserve Bank credit, and related items. 781-782 Federal Reserve Bank rates, reserve requirements; margin requirements; fees and rates under Regulation V; terms under Regulation X 782-784 Federal Reserve Bank statistics . 785-787 Guaranteed Regulation V loans .... 787 Deposits and reserves of member banks .... .... 787-788 Bank debits and deposit turnover; Postal Savings System 788 Money in circulation . .. .... 789 Consolidated statement of the monetary system, deposits and currency 790 All banks in the United States, by classes . . 791-793 All insured commercial banks in the United States, by classes. 794-795 Weekly reporting member banks 796-798 Life insurance company commitments . 798 Commercial paper, bankers' acceptances, and brokers' balances 799 Money rates; bank rates on business loans; bond yields 800 Security prices and new issues . . . 801-802 Corporate sales, profits, and dividends 802-804 Treasury finance . . . 805-807 Government corporations and credit agencies 808 Business indexes ... . 809-818 Department store statistics 819-822 Consumers' prices 822 Wholesale prices . . . . .. 823 Gross national product, national income, and personal income 824-825 Consumer credit statistics 826-828 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. JULY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Billions of Dollars Wednesday Figures Billions of Dollars 30 25 20 20 15 15 10 10 I _j I L I I 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 30 FEDERAL RESERVE CREDIT HOLDINGS OF U- S GOVERNMENT SECURITIES • TOTAL 10 10 2 FEDERAL RESERVE FLOAT £_ j T| 0 1 » » > 2 -[ 1 1 1 - DISCOUNTS AND ADVANCES 0 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Wednesday figures, latest shown are for June 25. See page 781. 780 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period co D a a u n i d s n d - - ts U. S s . e G cu o r v it e ie rn s m c B e e r i t l n i l f s t i , - ot A h l e l r1 Total s G to o c ld k T s r t o c e r u a u e n u r n a r y c t d - - s y - - M in c t o u io c l n a i n e r - y - T h c i u r o n a e r l g s a y d h s s - - F u T p e s r w r o R e y d e r i s e e t a v d i r h - t s e e a s - - l b m p N e o r e o s m n d it - e s - - O s F e R e a t e r r c h e a d v - e - l - e r Total qu R ir e e - d2 ct : i x S - S2 vances Total Bonds cates, ing Banks counts notes Wednesday figures 1951—May 2.. 264 22,716 6,570 16,146 744 23,72421,755 4,643 27,255 ,294 707 1,226 697 18,942 18,486 456 May 9.. 422 22,544 6,618 15,926 740 23,70621,755 4,643 27,315 ,298 767 1,195 696 18,833 18,270 563 May 16.. 542 22,397 6,644 15,753 974 23,91321,755 4,643 27,287 ,297 745 1,214 695 19,072 18,306 766 May 23.. 226 22,413 6,713 15,700 772 23,41121,755 4,642 27,251 ,290 765 1,201 696 18,606 18,315 291 May 30.. 540 22,293 6,719 15,574 564 23,39621,755 4,642 27,461 ,294 620 1,217 693 18,508 18,202 306 June 6.. 12822,653 6,869 15,784 765 23,54621,756 4,644 27,520 1,303 139 1,102 684 19,198 18,335 863 June 13.. 17922,758 6,936 15,822 846 23,78321,756 4,647 27,499 1,289 129 1,095 686 19,487 18,417 1,070 June 20.. 165 22,806 6,736 16,0701,178 24,15021,755 4,648 27,479 1,285 433 1,099 774 19,482 18,642 840 June 27.. 220 22,843 6,809 16,034 852 23,91621,755 4,650 27,601 1,286 418 1,139 775 19,102 18,564 538 July 3.. 181 22,977 6,822 16,155 812 23,97021,756 4,654 27,948 1,287 179 1,014 764 19,189 18,556 633 July 11.. 236 23,092 5,822 17,270 938 24,26721,757 4,656 27,893 J,296 253 1,107 768 19,364 18,459 905 July 18.. 300 23,081 5,822 17,2591,223 24,60521,758 4,656 27,781 1,296 612 1,183 766 19,380 18,465 915 July 25.. 7823,057 5,822 17,235 928 24,06321,759 4,658 27,706 1,305 424 1,191 76719,088 18,440 648 Aug. 1.. 408 23,081 5,822 17,259 794 24,28221,759 4,663 27,842 1,308 557 1,175 72219,099 18,430 669 Aug. 8.. 200 23,118 5,822 17,296 727 24,04621,759 4,665 27,904 1,298 203 1,016 72019,328 18,441 887 Aug. 15.. 242 23,151 5,822 17,329 967 24,36021,800 4,666 27,925 1[,288 495 1,113 71919,285 18,468 817 Aug.22.. 214 23,084 5,822 17,262 877 24,17521,800 4,667 27,932 1,292 434 1,096 71819,172 18,517 655 Aug.29.. 278 23,066 5,822 17,244 657 24,00121,800 4,668 28,034 \,291 557 999 71718,871 18,485 386 Sept. 5.. 243 23,079 5,822 17,257 684 24,00621,854 4,672 28,262 11,299 408 1,022 71418,825 18,406 419 Sept.12.. 325 23,108 5,822 17,286 951 24,38421,853 4,673 28,216 1,294 474 1,047 71319,167 18,555 612 Sept.19.. 359 23,135 5,822 17,3131,289 24,78321,934 4,674 28,140 ,285 477 923 73019,835 18,864 971 Sept.26.. 216 23,474 5,822 17,652 988 24,67722,013 4,676 28,137 1,288 816 1,024 73119,369 18,837 532 Oct. 3.. 69 24,039 5,825 18,214 922 25,03022,015 4,680 28,320 1,284 397 966 75320,004 18,843 1,161 Oct. 10.. 79 24.072 5,825 18,247 875 25,02522,055 4,680 28,448 1,286 335 1,002 75019,939 18,868 1,071 Oct. 17.. 69 23,848 5,325 18,5231,200 25,11722,105 4,681 28,385 L,296 326 975 85120,068 18,950 1,118 Oct. 24.. 15223,666 5,325 18,3411,024 24,84122,144 4,683 28,301 L ,291 509 886 85019,833 19,144 689 Oct. 31.. 18623,552 5,325 18,227 690 24,42722,234 4,686 28,410 1,288 493 818 78019,557 19,060 497 Nov. 7. . 243 23,507 5,325 18,182 845 24,59522,284 4,686 28,534 1,291 452 843 77819,667 18,988 679 Nov. 14. . 274 23,397 5,325 18,072 930 24,60222,283 4,688 28,601 1,284 245 815 77619,850 18,976 874 Nov.21. . 227 23,275 5,334 17.9411,243 24,74522,333 4,689 28,701 1,285 364 800 77419,843 19,211 632 Nov.28. . 483 23,239 5,334 17,905 957 24,67922,332 4,693 28,742 L,288 548 750 77419,603 19,229 374 Dec. 5. . 959 23,239 5,357 17,882 883 25,08122,381 4,699 28,891 1,292 501 787 77019,919 19,196 '723 Dec. 12. . 71023,239 5,376 17,8631,031 24,98022,382 4,700 29,037 1,284 266 740 77019,964 19,317 647 Dec. 19. . 449 23,239 5,334 17,9052,057 25,74522,491 4,703 29,263 1,269 6 776 82720,798 19,767 1,031 Dec. 26. . 797 23,503 5,342 18,1611,276 25,57622,621 4,704 29,403 1,289 289 880 83220,208 19,637 571 1952—Jan. 2. 10523,658 5,344 18,3141,062 24,82522,697 4,706 29,143 1,275 8 694 74520,364 19,685 679 Jan. 9. 19823,452 5,344 18,108 904 24,55422,772 4,707 28,800 1,280 69 771 74320,369 19,551 818 Jan. 16. 13523,119 5,344 17,7751,118 24,37222,822 4,710 28,526 1,291 138 719 74420,488 19,590 898 Jan. 23. 112 22,993 5,344 17,6491,010 24,11622,872 4,711 28,342 1,280 11 663 74320,660 19,573 1,087 Jan. 30. 210 22,785 5,344 17,441 711 23,70722,931 4,716 28,347 1,302 221 729 74220,013 19,455 558 Feb. 6. . 283 22,614 5,344 17,270 759 23,65622,990 4,717 28,378 1,317 52 728 741 20,148 19,415 733 Feb. 13.. 619 22,499 5,344 17,155 634 23,75323,011 4,717 28,425 1,276 261 685 741 20,094 19,304 790 Feb. 20.. 454 22,400 5,471 16,9291,033 23,88723,071 4,721 28,387 1,308 491 749 738 20,007 19,293 714 Feb. 27.. 422 22,555 5,636 16,919 773 23,75023,110 4,722 28,390 L,308 712 730 735 19,710 19,224 486 Mar. 5. . 384 22,514 5,636 16,878 986 23,88323,290 4,726 28,464 1,296 670 895 787 19,787 19,166 621 Mar.12. . 357 22,530 5,636 16,894 891 23,77823,291 4,726 28,452 1,296 639 841 785 19,781 19,182 599 Mar. 19.. 126 22,825 5,636 17,1891,265 24,21623,292 4,729 28,361 1,285 6 742 803 21,038 19,627 1,411 Mar 26.. 170 22,528 5,636 16,892 715 23,41323,291 4,731 28,329 1,282 7 736 804 20,276 19,500 776 Apr. 2. . 13022,514 5,636 16,878 766 23,40923,291 4,736 28,445 1,281 295 776 827 19,812 19,166 646 Apr. 9. . 16722,494 5,636 16,858 731 23,39323,293 4,736 28,526 1,273 381 763 827 19,652 19,076 576 Apr. 16. . 622 22,467 5,136 17,3311,020 24,10923,293 4,737 28,436 1,288 520 853 825 20,218 19,225 993 Apr. 23. . 830 22,372 5,136 17,236 771 23,97323,295 4,738 28,333 1,287 877 809 824 19,875 19,087 788 Apr. 30. . 676 22,363 5,136 17,227 593 23,63223,297 4,739 28,460 1,284 450 784 749 19,940 19,143 797 May 7. 1,04322,329 5,136 17,193 695 24,06723,297 4,739 28,523 1,286 749 762 747 20,034 19,071 963 May 14. 671 22,315 5,136 17,179 779 23,76423,297 4,739 28,497 1,293 516 796 745 19,953 19,092 861 May 21. . 499 22,283 5,136 17,1471 01 S23,794">-*> 298 4,739 28,483 1,279 384 813 745 20,127 19,181 946 May 28.. 816 22,273 5,136 17,137 653 23,74223,296 4,741 28,710 1,286 558 813 745 19,667 19,217 450 June 4. 926 22,378 5,136 17,242 775 24,07923,296 4,747 28,842 1,282 527 824 742 19,906 19,207 699 June 11.. 834 22,492 5,136 17,356 803 24,12823,297 4,750 28,830 1,284 507 834 742 19,978 19,226 752 June 18.. 541 22,997 5,136 17,8611,289 24,82823,297 4,751 28,787 1,286 9 768 794 21,232 ^19,668p\ ,564 June 25.. 307 22,564 5,136 17,428 882 23,75323,346 4,752 28,814 1,290 134 813 793 20,006 P19.578 M28 P Preliminary. r Revised. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 5Wednesday figures and end-of-month figures (shown on next page) are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. JULY 1952 781 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period co D a a u n d is n d - - ts U. S. s e G cu o r v it e i r e n s m c B e e r i n l t l i t s fi , - ot A h l e l r1 Total s G to o c ld k T s r o c e t u r a u u n e r n r y c t a - - d y s - - M in c t u o io l c n a n i e r - y - T h c i u r o n a e r l g s y a d h s s - - F u T p e s r w R e o r d y e r i s e e t v a d i - r h t e s a e s - l - b p m N e o r e o s m d i n t e - s - - O s F e e R a t e r r c h e a d v - - e l - e r Total qu R ir e e - d2 c E e x ss - 2 vances Total Bonds cates, ing Banks counts notes End of period: 1929—June 29... 1,037 216 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 2,356 2,333 23 1933—June 30... 164 1.998 441 1,557 58 2,220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—Dec. 30. .. 7 2,484 1,351 1,133 102 2,593 17,644 2,963 7,598 2,409 634 653 251 11,653 6,444 5,209 1941—Dec. 31... 3 2,254 1,467 787 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 12,450 9,3653,085 1945—Dec. 31... 249 24,262 947 23,315 580 25,091 20,065 4,339 28,515 2,287 977 1,308 495 15,915 14,457 1,458 1946—Dec. 31. . . 163 23.350 753 22.597 581 24.093 20,529 4,562 28,952 2,272 393 822 607 16,139 15.577 562 1947—Dec. 31. . . 85 22,559 2,853 19,7O£ 536 23,181 22,754 4,562 28,868 1,336 870 961 563 17,899 16,400 1,499 1948—Dec. 31... 223 23,333 10,977 12,356 542 24,097 24,244 4,589 28,224 1,325 1,123 1,189 59C 20,479 19,277 1,202 1949—June 30. .. 103 19,343 7,780 11,563 250 19,69e 24,466 4,597 27,493 1,307 438 941 713 17,867 16,919 948 Dec. 31... 78 18,885 7,218 11,667 536 19,499 24,427 4,598 27,600 1,312 821 1,517 706 16,568 15,550 1,018 1950—June 30... 43 18,331 5,618 12,713 329 18,703 24,231 4,607 27,156 1,298 950 1,431 771 15,934 15,498 436 Dec. 30... 67 20,778 4,620 16,158 1,371 22,216 22,706 4,636 27,741 1,293 668 1,460 714 17,681 16,509 1,172 1951 -June 53 22.98Z 6,822 16,160 1,007 24,043 21,756 4,655 27,809 1,281 317 1,262 765 19,020 18,604 416 July 277 23,078 5,822 17,256 679 24,033 21,759 4,666 27,851 1,302 584 1,159 700 18,863 18,396 467 Aus 552 23,127 5,822 17,305 630 24,309 21,854 4,673 28,155 1,287 459 1,038 716 19,181 18,464 717 Sept 190 23,734 5,822 17,912 1,134 25,058 22,013 4,681 28,288 1,285 936 1,127 727 19,391 18,822 569 Oct 186 23,552 5,325 18,227 690 24,427 22,233 4,688 28,417 L,283 493 818 780 19,557 19,060 497 Nov 624 23,239 5,334 17,905 871 24,734 22,382 4,700 28,809 1,288 481 794 772 19,670 19,180 490 Dec 19 23,801 5,344 18,457 1,189 25,009 22,695 4,709 29,206 1,270 247 889 746 20,056 19,667 389 1952-—Jan 328 22,729 5,344 17,385 726 23,783 22,951 4,717 28,386 1,319 162 766 741 20,077 19,443 634 Feb 598 22,528 5,636 16,892 778 23,904 23,191 4,727 28,465 1,287 558 796 733 19,982 19,254 728 Mar 133 22,514 5,636 16,878 623 23,270 23,291 4,736 28,473 1,277 169 845 801 19,733 19,241 492 Apr 676 22,363 5,136 17,227 593 23,632 23,298 4,739 28,464 L ,281 450 784 749 19,940 19,143 797 Mt ay•* 952 22,273 5,136 17,137 927 24,152 23,296 4,748 28,767 L ,274 541 1,094 743 19,778 19,187 591 June 59 22,906 5,136 17,770 586 23,551 ^23,346 P4.755 P29.018 p1,291 333 846 783 19,381 ^19,541 P-160 Averages of datly figures: 1951—Apr 162 22,975 6,488 16,487 847 23,983 21,806 4,640 27,179 1,292 632 1,252 750 19,324 18,491 833 May 438 22,438 6,654 15,784 811 23,686 21,757 4,643 27,324 1,291 640 1,243 696 18,892 18,302 590 June 170 22,797 6,826 15,971 946 23,913 21,755 4,647 27,548 1,286 280 1,162 731 19,309 18,475 834 1952—Apr. 365 22,448 5,354 17,094 913 23,726 23,293 4,737 28,459 ?7K 549 875 818 19,777 19,127 650 May 573 22,308 5,136 17,172 823 23,704 23,297 4,740 28,557 1,281 553 838 745 19,767 r19,139 628 Jt. u•*•"n•'e 585 22,617 5,136 17,481 941 24,144 23,308 4,751 28,843 1,282 328 843 767 20,140 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Nov. 1, 1933-Feb. 1, 1935- Effective Net demand deposits 1 Jan. 31, 1935 Dec. 31, 1935Jan. 1, 1936 Time Effective date deposits S P O a o t v h s i t e n a r l g s d S e d a p v e o i p s n o i g t s s s i ts d p e a p y o a s b i l t e s : of change C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m b e a ( m n a k l b l s e ) r In 6 months or more V* In 90 days to 6 months. . . In less than 90 days 1938—Apr. 16 22^ 12 5 1 1941—Nov. 1 26 20 2 14 6 NOTE.—Maximum rates that may be paid by member banks as 1942—Aug. 20 24 established by the Board of Governors under provisions of Regula- Sept. 14 22 tion Q. Under this Regulation the rate payable by a member bank Oct. 3 20 may not in any event exceed the maximum rate payable by State 1948—Feb. 27 22 banks or trust companies on like deposits under the laws of the State June 11 24 in which the member bank is located. Maximum rates that may be Sept. 16 16 2 71/ paid by insured nonmember banks as established by the F.D.I.C., Sept. 24 26 22 3 7X effective Feb. 1, 1936, are the same as those in effect for member banks. 1949—May 1 15 May 5 24 21 37 June 30 20 36 July 1 '6 MARGIN REQUIREMENTS * Aug. 1 13 Aug. 11 23^ 193^ 35 [Per cent of market value] Aug. 16 12 25 Aug. 18 23 19 Feb. 1, Mar. 30, Effec- Aug. 25 22^ Prescribed in accordance with 1947- 1949- tive Sept. 1 22 18 2 Securities Exchange Act of 1934 M 1 a 9 r 4 . 9 29, Ja 1 n 9 . 5 1 1 6, Ja 1 n 9 . 5 1 1 7, 1951— J J a a n n . . 1 1 6 1 23 19 "ii 3 2 6 6 Jan. 25 24 20 Feb. 1 14 Regulation T: In effect July 1, 1952 *. ... 24 20 14 6 For extensions of credit by brokers and dealers on listed securities 75 50 75 Demand deposits subject to reserve requirements, which beginning For short sales 75 50 75 Aug. 23, 1935, have been total demand deposits minus cash items Regulation U: in process of collection and demand balances due from domestic banks For loans by banks on stocks 75 50 75 (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30. 1947). 1 Regulations T and U limit the amount of credit that may be ex- 2 Requirement became effective at country banks. 3 Requirement tended on a security by prescribing a maximum loan value, which is a became effective at central reserve and reserve city banks. specified percentage of its market value at the time of the extension; the 4 Present legal minimum and maximum requirements on net demand "margin requirements" shown in this table are the difference between deposits—central reserve cities, 13 and 26 per cent; reserve cities, the market value (100%) and the maximum loan value. 10 and 20 per cent: country. 7 and 14 per cent, respectively; on time Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, deposits at all member banks, 3 and 6 per cent, respectively. and BULLETIN for March 1946, p. 295, and February 1947, p. 162. Back figures.—See Banking and Monetary Statistics, Table 107, p. 400. 782 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVK BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances ( S s e e e c s u . r e 1 d 3 b a y n d e l 1 ig 3 i a b ) l 1 e paper [Sec. 10(b)] (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous June 30 beginning— rate June 30 beginning— rate June 30 beginning— rate Boston Aug. 21,1950 IK Aug. 21,1950 Jan. 14, 1948 New York.... Aug. 21,1950 IK 2)4 Aug. 21,1950 Oct.30, 1942 K Philadelphia. . Aug. 25,1950 IK 2M Aug. 25,1950 Aug.23, 1948 Cleveland Aug. 25,1950 IK Aug. 25,1950 Aug.25, 1950 2 Richmond.... Aug. 25,1950 IK 2U Aug. 25,1950 2 Oct.28, 1942 2K Atlanta Aug. 24,1950 IK 2M Aug. 24,1950 Aug.24, 1950 Chicago Aug. 25,1950 IK 2M Aug. 25,1950 Aug.13, 1948 St. Louis H Aug. 23,1950 IK 2M Aug. 23,1950 Jan. 12, 1948 2 Minneapolis. . Aug. 22,1950 IK 2M Aug. 22,1950 Aug.23, 1948 2K Kansas City.. Aug. 25,1950 IK Aug. 25,1950 Jan. 19, 1948 2 Dallas....... Aug. 25,1950 IK Aug. 25,1950 Feb.14, 1948 2 San Francisco Aug. 24,1950 Aug. 24,1950 2 Oct.28, 1942 4 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 2 Certain special rates to nonmember banks were in effect during the wartime period. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES AND COMMITMENTS UNDER SECTION 13B [Per cent per annum] OF THE FEDERAL RESERVE ACT Maturity R Ju a n t e e 3 o 0 n In g in ef n f i e n c g t — b e * - Pr r e a v t i e ous Maturities not exceeding five years [In effect June 30. Per cent per annum] 1- 90 days Dec. 18, 1951 91-120 days 2 Dec. 18, 1951 121-180 days 2H Dec. 18, 1951 To industrial or commercial To financing institutions 1 Dates effective at Federal Reserve Bank of New York. businesses NOTE.—Effective minimum buying rates on prime bankers' acceptances payable in dollars. Federal On discounts or Back figures.—See Banking and Monetary Statistics, Table 117, pp. Reserve purchases 443-445. Bank On On On commit- Portion commitloans 1 ments for which Re- ments FEES AND RATES ESTABLISHED UNDER REGULATION V institu- maining ON LOANS GUARANTEED PURSUANT TO DEFENSE tion is portion PRODUCTION ACT OF 1950 AND EXECUTIVE obligated ORDER NO. 10161 [In effect June 30] Boston K-iK () K-iK Fees Payable to Guaranteeing Agency by Financing Institution on New York 4-5 K-iM Guaranteed Portion of Loan Philadelphia V2-U4 8 Cleveland V2-1H Richmond MiX ( (2) ) Guarantee fee Percentage of Atlanta () Percentage of (percentage of any commitment Chicago X-iX 2K-5 2K-5 loan guaranteed interest payable fee charged St. Louis. ...... 1H-2X (3) by borrower) borrower Minneapolis.... Kansas City (2) Dallas 70 or less 10 10 San Francisco... 75 15 15 80 20 20 85 25 25 1 Including loans made in participation with financing institutions. 90 30 30 2 Rate charged borrower less commitment rate. 95 35 35 3 Rate charged borrower. Over 95 . .. 40-50 40-50 4 Rate charged borrower but not to exceed 1 per cent above the discount rate. 5 Charge of }4 Per cent per annum is made on undisbursed portion Maximum Rates Financing Institutions May Charge Borrowers of loan. [Per cent per annum] Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. Interest rate Commitment rate. JULY 1952 783 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT TERMS UNDER REGULATION X AND ASSOCIATED REGULATIONS OF FHA AND VA Regulation X terms as prescribed by the Board of Governors of the Federal Reserve System with the concurrence of the Housing and Home Finance Administrator and terms on loans insured or guaranteed by the Federal Housing Administration and the Veterans Administration as issued under the authority of the Housing and Home Finance Administrator under the provisions of the Defense Production Act of 1950, as amended, and Executive Order 10161, as amended. Va p lu er e f o a r m s i a ly le s u n p i r t ice Regula 1 ti - o n to X 4 -f a a n m d ily F H u A nitsand farm resi V d A ences (Reg M . r e X u si l d t a i e n - n u d c n e i F s t HA) ( N R o p e n r g o r u e p l s e a i r t d t i i o e e n n s t i l X al ) Maximum loan per family unit2 Maximum loan (in per cent of value unless otherwise specified) per property Not more than $7,000 95 100 per cent of sales price 90 (closing costs to be paid in cash) $7,001-$10,000. . . $6,300 plus 75 per cent $6,720 plus 90 per cent $6,300 plus 55 per cent of excess over $7,000 of sales price over $7,000, of excess over $7,000 (95-86) plus total amount (90-80) of closing costs (96-94 per cent of sales price3) $10,001-$12,000... $9,420 plus 84 per cent of sales price over $10,000, plus total amount $8,550 plus 55 per cent of closing costs $7,950 plus 54 per cent of excess over $10,000 (94-93 per cent of excess over $10,000 (86-75) of sales price3) (80-71) $12,001-$15,000.... $11,100 plus 45 per cent of (1) sales price over $12,000 and (2) closing costs (93-81 per cent of sales price plus closing costs) 50 per cent of value $15,001-$16,000... . $10,650 plus 50 per cent of excess over $15,000 $16,001-$20,000... (71-66) $11,300 plus 45 per cent of excess over $15,000 $12,900 plus 43 per cent (75-67) of (1) sales price over [$16,000 and (2) closing costs (81-72 percent of sales price plus closing costs) $20,001-$21,000... $13,150 plus 37 per cent of excess over $20,000 $21,OO1-$25,OOO. . . $14,000 plus 25 per cent $15,050 plus 30 per cent (66-60) of excess over $21,000 of (1) sales price over (67-60) $21,000 and (2) closing costs (72-65 per cent of sales price plus closing costs) Over $25,000. . 60 65 60 Maximum maturity (years) O N v o e t r m $ o 1 r 2 e , 0 t 0 h 0 an $12,000 2 2 5 0 4 4 2 2 0 5 > None specified } Amortization requirements Minimum annual reduction of 5 per cent of original loan Liquidation of loan by until amount outstanding is 50 per cent or less of prop- None specified under Reg- maturity through sub- All values.... .... erty value at time the loan was made or liquidation of ulation X; periodic pay- stantially equal periodic loan by maturity through substantially equal periodic ments satisfactory to Com- payments or payments payments or payments of principal missioner on FHA loans of principal Effective date.... .... June 11, 1952 * June 11, 1952 « June 11, 1952 « February 15, 1951 1 Properties generally described as commercial and recreational. 2 Maximum amount of loan insured by FHA may not exceed $14,000 on 1-family, $16,000 on 2-family, $20,500 on 3-family, $25,000 on 4-family residences, or $8,100 per unit on multi-unit projects. On existing 1- to 4-family units the loan amount may not exceed 80 per cent of value. 3 These percentages should be increased by the percentage that closing costs are of sales price. 4 Under special circumstances and with the approval of the Veterans Administrator, the maximum maturity may be 30 years. 6 For terms effective before June 11, 1952, see BULLETIN for October 1950, p. 1321, January 1951, pp. 31-32, and May 1952, p. 510. NOTE.—These regulations limit the amount of credit that may be extended in connection with certain types of real estate. Real estate credit terms on dwelling units programmed by the Housing and Home Finance Administrator in critical defense housing areas have been suspended or relaxed as provided by the Defense Housing and Community Facilities and Services Act of 1951 and as prescribed by the Administrator. For full explanation of the scope and provisions of Regulation X, see the Regulation, copies of which may be obtained from Federal Reserve Banks or branches. For similar information on regulations of the FHA and VA, consult the FHA or VA offices. 784 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1952 1951 June 25 June 18 June 11 June 4 May 28 June May June Assets Gold certificates 21,454,25021,416 ,419,252 1,426,25421,426,25421,452,25121,426,25219,859,402 Redemption fund for F. R. notes.... 690,815 681, 679,795 675,577 677,135 691,036 677,137 654,874 Total gold certificate reserves... 22,145,06522,097,592 ,099,047 2,101,83122,103,38922,143,28722,103,38920,514,276 Other cash 318,276 317,071 313,098 308,904 314,165 317,079 324,123 309,201 Discounts and advances: For member banks 298,557 533 407 833,611 925,836 815,306 44,04 951,116 53,018 For nonmember banks, etc.. 8,000 8 000 1,000 15,000 1,000 Industrial loans 4,920 4 730 '5^037 "A ',648 5,069 5,068 5,176 5,697 U. S. Government securities: Bills 82,000 135,000 247,700 174,500 82,000 381,100 82,000 527,050 Certificates: Special. 413,C Other 11 ,778,21611,745,^ ,540,306 11,499,806 11,486,806 11,820 71611,486,806 ,193,792 Notes 5,568,073 5,568,C ,568,073 5,568,073 5,568,073 5,568 073 5,568,073 ,439,248 Bonds 5,135,823 5,135,£ ,135,823 5,135,823 5,135,823 5,135 5,135,823 ,822,102 Total U. S. Government securities. . 22,564,11222,997, 22,378,202 22,905,71222,272,70222,982,192 Total loans and securities. . . 22,875,58923,543 349 23,308,68623,094,07722,969,82723,229,99423,040,907 Due from foreign banks 28 28 28 28 28 28 28 38 F. R. notes of other Batiks. . 157,374 152 533 142,604 137,118 138,929 157,716 142,456 127,541 Uncollected_ cash item-*. 4,0cH,396 5,047 ,543,039 3,517,199 3,292,582 3,117.886 3,497,186 ,446,465 Bank premises 44,959 45 000 44,936 44,825 44,740 44,931 44,745 41,634 Other assets 183,932 174 637 220,240 211,856 203,681 188,567 207,011 154,395 Total assets 49,816,619 49,693,54249,630,44749,191,59 48,939,321 47,634,457 Liabilities Federal Reserve notes 24,627,30224,592,37124,621,80324,628,04424,515,75 24,826,402 24,567,30223,630,168 Deposits: Member bank—reserve accounts 20,005,82521,231,61719,978,26419,906,11119,667,155 19,380,649 19,777,679 19,019,531 U. S. Treasurer—general account 134,103 9,179 506,803 527,129 558,130 332,951 540,536 317,009 Foreign , 595,480 599,781 623,114 607,582 597,032 548,153 598,771 870,021 Other . 218,09' 168,476 210,755 215,718 215,857 297,394 494,738 391,421 Total deposits. 20,953,505 22,009,053 21,318,936 21,256,540 21,038,174 20,559,147 21,411,724 20,597,982 Deferred availability cash items .... 3,214,105 3,763,227 2,745,224 2 , 746.806 2,644,226 2,536,747 2,574,929 2,444,876 Other liabilities and accrued dividends 21 ,229 19,113 19,854 17,991 18,969 12,034 17,699 12,911 Total liabilities 48,816,141 50,383,764 48,705,817 48,649,381 48,217,153 47,934,330 48,571,654 46,685,937 Capital Accounts Capital paid in 244,990 244,681 244,129 243,857 243,541 245,187 243,54' 231,308 Surplus fS'M-ti^n '<"•> 538,342 538,342 538,342 538,342 538,342 538,342 538,342 510,022 Surplus (St-ciMin i '» ) 2 7,543 27,543 27,543 2 7,543 27,543 27,543 Other capital d'.'.oi.-;*s 189,603 183.646 177,711 171,324 165,012 193,919 167,844 179,647 Total liabilities -A-A capital accounts 49,816,61 51,377,976 49,630,44749,191,591 48,939,321 49,548,932 Ratio of gold certificate reserves to deposit and F. R. note lMl.>!:t<>? combined (per cent). . . . 48.6 47.4 48.1 48.2 48.5 48.8 48.1 46.4 Contingent 'i^r:-'t\ -in Pfc^ptances purchased for foreign Torre?;,on'lents? 8,098 8,13.= 8,134 8.05C 8,045 8,06' 8,085 28,273 Industrial Ivan coJ;rr.u;.'(-nt? . ... ...... 6,450 6,425 6,143 6,59C 6,150 5,946 6,082 3,340 Maturity Distribution of Loans and U. S. Government Securities 1 Discounts and advance; -totai 306.557 541,407 833,611 925,836 816,306 59,047 952,116 53,018 Within 15 days , 279,037 512,859 804,845 876,025 763,058 37,191 897,618 39,512 16 days to 90 days , 27,501 28,529 28,747 49,811 53,248 15,408 54,498 13,410 91 days to 1 year 19 19 19 6.448 96 Industrial loans—total 4,920 4,730 5,037 4,648 5 ,069 5 ,068 5,176 5,697 Within 15 days. 1, 345 1, 404 856 886 847 789 882 759 16 days to 90 days 343 320 796 811 649 345 666 470 91 days to 1 year 2,100 1,911 2 ,163 2,015 2.301 2,962 2 ,358 3,675 Over 1 year to 5 vears 1,132 1,095 1 ,222 936 12 72 972 1,270 793 U. W S. i th G i o n v e 1 r 5 n d m a e y n s t securities—total 22,5 9 6 9 4 1 , , 1 6 1 6 2 6 , , 9 3 9 0 7 9 , , 2 5 1 6 2 6 22 4 2 9 1 1 9 , , 9 2 0 0 2 0 ,3 1 7 0 8 5 , , 2 5 0 0 2 0 22,272 702 , , 9 2 0 7 5 3 , , 7 2 1 6 2 6 ,272,702 ,9 1 8 2 2 5 , , 1 2 9 1 2 3 16 to 90 days 63,000 92,200 553,556 553,556 498,856 123,000 498,856 ,002,620 91 days to 1 year 12,425,775 ,511 77512,635,475 ,635,475 ,690,175 12,, 4_2„5,77512,690,175 ,833,709 Over 1 year to 5 years 5,941,352 ,941,352 941,352 ,941,352 ,941,352 5,941,352 5,941,352 ,878,166 Over 5 years to 10 years 1,070,224' ,070,224: 013,614 ,013,614 ,013,614 1,070,224 1,013,614 ,031,904 Over 10 years 2,072,095 ,072,095 128,705 ,128,705 ,128,705 2,072,095 2,128,705 ,110,580 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank) 25,703,644 25,565,475 25,534,198 25,441,329 25,383,96025,753,569 25,411,508 24,574,934 Collateral held against notes outstanding: Gold certificates 13 .,099,00013,249,000 13,149,000 13,129,000 13,099,000 13,149,000 13,099,00012,039,000 Eligible paper 190,874 439,693 604,587 666,7521 596,322 20,684 736,257 29,482 U. S. Government securities 13,375,000 13,275,000 13,275,000 13,275,000 13,175,000 13,375,000 13,175,00013,175,000 Total collateral. . . 26,664,874 26,963,69327,028,587 27,070,752 26,870,322 26,544,68427,010,257 25,243,482 1 Callable U. S. Government securities classified according to nearest call date. JULY 1952 785 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 30, 1952 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates.21,452,251 823,863 6,797,8611,209,6111,454,317 900,963 826,7634,413,310 544,401 342,933 819,688 678,6102,639,931 Redemption fund for F. R. notes. 691,036 62,024 72,208 55,077 78,028 72,703 47,367 103,785 48,221 24,575 38,269 27,339 61,440 Total gold certificate reserves. . 22,143,287 885,887 6,870,0691,264,6881,532,345 973,666 874,1304,517,095 592,622 367,508 857,957 705,9492,701,371 Other cash 317,079 21,234 61,498 18,060 28,555 17,385 30,571 58,487 17,187 5,976 10,886 11,495 35,745 Discounts and advances: Secured by U. S. Govt. securities. . . 38,598 2,070 5,785 3,220 16,150 1,385 370 65 5,200 550 2,803 1,000 Other 20,449 1,014 4,530 1,170 1,610 765 645 2,085 770 390 5,505 570 1,395 Industrial loans. 5,068 4,121 109 739 99 U. S. Govt. securities 22,905,712 1,615,122 5,398,3291,430,7572,272,385 1,538,5671,317,5533,255,4901,233,781 724,598 996,513 1,043,4072,079,210 Total loans and securities. . . 22,969,827 1,618,206 5,408,6441,439,2682,290,145 1,540,8261,319,3073,257,6401,239,751 725,637 1,004,8211,044,9772,080,605 Due from foreign banks 28 2 ig 2 3 1 1 4 1 1 1 1 3 F. R. notes of other Banks. 157,716 4,494 15,978 8,763 8,310 35,567 21,233 14,213 8,964 7,556 6,489 6,511 19,638 Uncollected cash items 3,117,886 297,512 627,025 203,262 297,414 263,806 194,024 492,618 106,035 77,858 155,577 129,122 273,633 Bank premises... 44,931 990 7,695 2,821 4,746 4,577 3,512 6,563 3,149 1,067 2,378 640 6,793 Other assets 188,567 15,187 42,828 11,683 18,911 12,868 11,143 26,192 9,966 5,865 8,468 8,620 16,836 Total assets 48,939,321 2,843,512 13,033,7452,948,5474,180,4292,848,6962,453,9218,372,812 1,977,6751,191,4682,046,577 1,907,3155,134,624 Liabilities F. R. notes 24,826,402 1,541,583 5,526,3051,751,0852,258,037 1,721,9361,352,2794,710,141 1,136,867 625,876 978,573 711,4792,512,241 Deposits: Member bk.— reserve accts. 19,380,649 847,878 6,321,699 862,935 1,441,483 800,581 868,1163,067,257 670,235 435,694 866,882 989,1542,208,735 U. S. Treas.— gen. acct.. . . 332,951 65,943 30,732 27,155 32,082 13,831 11,649 55,587 15,326 26,544 20,103 22,276 11,723 Foreign 548,153 34,447 2160,328 43,337 51,115 28,336 23,891 77,228 21,113 14,446 21,113 21,113 51,686 Other 297,394 28,525 202,626 2,178 5,115 2,918 2,412 7,534 5,176 2,775 1,676 953 35,506 Total deposits.. . 20,559,147 976,793 6,715,385 935,6051,529,795 845,666 906,0683,207,606 711,850 479,459 909,774 1,033,4962,307,650 Deferred avail. cash items.... 2,536,747 260,197 502,546 184,897 297,068 226,252 148,844 313,494 86,759 58,143 117,480 121,110 219,957 Other liab. and accrued div.... 12,034 920 3,269 582 1,623 582 564 1,740 566 438 449 414 887 Total liabilities. . 47,934,330 2,779,493 12,747,5052,872,1694,086,5232,794,4362,407,7558,232,9811,936,0421,163,9162,006,276 1,866,4995,040,735 Capital Accts. Capital paid in. . 245,187 13,177 76,887 17,091 23,609 10,731 10,100 31,873 8,578 5,466 9,243 11,886 26,546 Surplus (Sec. 7).. 538,342 34,192 159,743 41,493 50,648 27,025 23,871 79,601 21,788 14,063 20,367 18,210 47,341 Surplus (Sec. 13b) 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other cap. accts.. 193,919 13,639 42,291 13,305 18,643 13,155 11,433 26,928 10,746 6,950 9,554 9,413 17,862 Total liabilities and cap. accts. 48,939,321 2,843,512 13,033,7452,948,5474,180,4292,848,6962,453,921 8,372,8121,977,6751,191,4682,046,577 1,907,3155,134,624 Reserve ratio.... 48.8% 35.2% 56.1% 47.1% 40.5% 37.9% 38.7% 57.1%, 32.1% 33.2% 45.4% 40.5% 56.0% Cont. liab. on acforeign corresp. 8,069 502 32,417 632 745 413 348 1,125 308 210 308 308 753 Industrial loan commitments.. 5,946 1,396 915 61 2,367 805 402 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding(issued to Bank) 25,753,569 1,583,894 5,789,557 1,809,6042,330,653 1,804,3171,407,638 4,793,1331,173,668 640,3301,008,308 744,6832,667,784 Collateral held: Gold certificates13,149,000 400,000 4,470,000 750,000 810,000 43O,OOoi 485,0002,950,000 270,000 165,000 280,000 239,000 1,900,000 Eligible paper.. 20,684 2,154 4,935 3,220 1,385 5,300 550 3,140 U. S. Govt. sec. 13,375,000 1,300,000 1,400,0001,100,000 1,'575,6601,400,000 ' "950,6001,906,660 950,000 505,000 750,000 545,000 1,000,000 Total collateral.. 26,544,684 1,702,154 5,874,9351,853,2202,385,000 1,831,3851,435,000 4,850,0001,225,300 670,5501,033,140 784,0002,900,000 1 After deducting $20,000 participations of other Federal Reserve Banks. 2 After deducting $387,809,000 participations of other Federal Reserve Banks. 8 After deducting $5,652,000 participations of other Federal Reserve Banks. 786 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars] DEFENSE PRODUCTION ACT OF 1950 AND EXECUTIVE ORDER NO. 10161 Date (last A a p p p p li r c o a v ti e o d ns pr A o p v - ed Loans Commit- o p P f a a f t r i i t n o i a c n n i s - c- [Amounts in thousands of dollars] Wednesday to but not out- ments ing instior last day com- standing2 out- tutions Guaranteed loans Guaranteed Additional of psriod) N b u e m r - Amount ( p am let o e u d n t 1 ) (amount) ( s a t m an o d u i n n t g ) s ( t a a m o n u o d t u i - n n g t) 3 •J-v au to tho d r a i t z e ed outs lo ta a n n d s ing a b v a o a m i r l r a o o b w u l n e e t rs to JJaLC under guar- 1 1 9 9 4 4 5 4 3 3, , 5 4 1 8 1 9 5 5 2 4 5 4 , , 5 9 3 6 2 1 1,2 3 9 2 5 0 3 1, , 9 8 9 9 5 4 4 1 , ,6 1 4 6 4 5 2 1 , ,0 7 8 0 6 5 N b u e m r - Amount am To o t u a n l t g P u o t a e r e t r i a d o n n - a o n u t t e m s e t e a n a n g t d s r i e n e g - 1946 3,542 565,913 4,577 554 8,309 2,670 1947 3,574 586,726 945 1,387 7,434 4,869 1948 3,607 615,653 335 995 1,643 1,990 1950 1949 3,649 629,326 539 2,178 2 ,288 2 947 1950 3,698 651,389 4,819 2,632 3,754 3 ] 745 Oct. 31. .. 3 1,000 Nov.30. .. 23 13,585 2,340 2,232 3,335 1951 Dec. 31. .. 62 31,326 8,017 6,265 8,299 May 31. .. 3,721 667,988 3,578 5,255 3,643 5,999 1951 June 30. .. 3,724 671,432 3,221 5,762 3,740 6,199 July 31 ... 3,727 678,477 6,730 5.801 3,767 6,115 Jan. 31... 119 109,433 23,778 19,837 13,748 Aug. 31 ... 3,731 691,536 12,197 5,750 6,050 7,860 Feb. 28. . . 161 122,541 44,250 36,537 33,840 Sept.30... 3,732 695,178 4,394 5,062 6,478 11,420 Mar. 31. .. 254 300,955 68,833 56,973 47,822 Oct. 31 . . . 3,734 700,040 2,943 4,447 7,151 11,990 Apr. 30. .. 328 421,267 126,080 106,053 185,001 Nov. 30. . . 3,736 706,215 3,073 4,505 6,361 12,064 May 31... 402 514,626 183,610 151,858 205,629 Dec. 31. .. 3,736 710,931 3,513 4,687 6,036 11,985 June30. .. 484 654,893 252,100 209,465 276,702 1952 J A u u ly g. 3 3 1 1 . . . . . . 5 6 6 5 8 8 1 8 05 2 2 8 , , 3 5 3 8 7 4 3 4 2 0 5 5 , , 2 0 9 4 9 3 2 3 6 3 7 2 , , 7 6 1 1 5 8 3 3 4 8 9 4, , 8 9 5 0 2 5 Jan. 31. .. 3,738 716,210 832 4,621 7,125 12,018 O Se c p t. t. 3 3 1 0 . . . . . . 7 7 2 7 9 6 1 1, , 1 2 5 1 4 8 , , 9 9 4 8 2 8 4 5 9 5 2 6 , , 1 8 6 3 7 9 4 4 0 5 0 4 , , 6 7 5 8 2 9 4 49 5 5 0 , , 5 0 1 1 2 3 Feb. 29 3,741 721,144 772 4,957 6,845 10,307 Nov. 30. .. 815 1 302,342 615,812 502,524 476,699 Mar. 31. . . 3,741 725,787 108 5,296 6,467 10,474 Dec. 31.. . 854 1,395,444 675,459 546,597 472,827 Apr. 30. .. 3,743 730,482 571 5,207 6,536 10,339 May 31 ... 3,743 734,049 235 5,211 6,083 10,262 1952 1 Includes applications approved conditionally by the Federal Re- J F a e n b . . 3 2 1 9 . . . . . . 9 93 0 4 1 1 1 ,4 5 6 3 3 0 , , 4 3 4 8 3 8 7 7 1 6 5 3 , , 9 8 2 3 8 8 6 5 1 8 7 0 , , 6 3 7 8 4 1 5 5 1 2 1 5 , , 7 12 8 9 6 ser 2 v I e n c B lu an d k es s i a n n d d u s u t n ri d a e l r l c o o an n s s id p e a r s a t ti d o u n e b 3 y m a o p n p t l h i s c a o n r t . more, which are not A M p a r r . . 3 3 1 0 . .. . . . 9 9 7 9 1 8 1 1, ,7 6 2 7 7 7 , , 7 7 2 8 9 6 8 8 3 3 8 6 , ,7 0 3 7 9 3 6 6 7 7 2 2 , ,9 6 7 7 4 8 4 5 6 9 7 5 , , 3 0 9 9 2 8 included in industrial loans outstanding in weekly statement of con- May 31.. . 1,023 1 787,755 870,174 695,814 601,752 dition of Federal Reserve Banks. 3 Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between guaranteed loans authorized and NOTE.—The difference between amount of applications approved and sum of loans outstanding and additional amounts available to borthe sum of the following four columns represents repayments of ad- rowers under guarantee agreements outstanding represents amounts vances, and applications for loans and commitments withdrawn or repaid, guarantees authorized but not completed, and authorizations expired expired or withdrawn. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve b m a b A e n e m l k r l s - Ne c w ity ban C ks hi- b s c R a e i n r e t v y k - e s C ba t o r n u y k n s - b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R e a i r n t e v y k - e s C ba t o r n u y k n s - York cago York cago First half of May 1952 Second half of May 1952 Gross demand deposits: Total 102,309 22,783 5,643 39,060 34,824 102,819 23,161 5,673 39,272 34,712 Interbank 11,616 3,836 1,124 5,604 1,051 11,404 3,815 1,106 5,469 1,013 Other... ...... 90,694 18,947 4,518 33,457 33,772 91,415 19,346 4,567 33,803 33,699 Net demand deposits 2.. 89,716 7.0,865 5,074 33,932 29,846 90,102 21,136 5,069 33,989 29,909 Time deposits 3 31,704 2,024 1,146 12,633 15,902 31,831 2,070 1,147 12,675 15,938 Demand balances due from domestic banks... 5,858 36 118 1,803 3,900 5,721 40 118 1,820 3,743 Reserves with Federal Reserve Banks: Total 19,752 5,129 1,279 7,657 5,686 19,782 5,194 1,283 7,690 5,615 Required 19,092 5,129 1,287 7,544 5,132 19,184 5,197 1,285 7,558 5,144 Excess 660 -8 113 554 598 -j -2 132 471 Borrowings at Federal Reserve Banks. 585 136 51 293 106 348 115 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. JULY 1952 787 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND BORROWINGS POSTAL SAVINGS SYSTEM [Averages of daily figures. In millions of dollars] [In millions of dollars] Central reserve All city banks Re- Coun- Assets T w o e t e a k l e re n M s d e i o n r n v g t e h W s , o h e r d e n ld es : day b m a b n e e k m r s - * Y N o e r w k c C a h g i o - b s c a e i r n t v y k e s ba tr n y ksi End of month D a i n b t e c o a p e r l o s s - s ' - l Total d b C e t a o p i a n n o r s k y s h s i- G s U m e o t c v i . e e u e n s S r r t i n . - - r f e C u e s n t a e c d s r . h v s 2 , e 1951—May 18,892 4,964 1,277 7,282 5,369 1952—April 19,777 5,146 1,259 7,702 5,670 May 19,767 5,163 1,281 7,674 5,649 1943—December 1,788 1,843 10 1,716 118 1944—December.... 2,342 2,411 8 2,252 152 May 21 19,865 5,204 1 ,277 7,681 5,703 1945—December 2,933 3,022 6 2,837 179 May 28 19,674 5,174 1 ,283 7,670 5,547 1946—December... . 3,284 3,387 6 3,182 200 j une 4 19,779 5,235 1,296 7,635 5,612 1947—December 3,417 3,525 6 3,308 212 June 11 19,855 5,153 1,292 7,683 5,727 1948—December 3,330 3,449 7 3,244 198 June 18 20,255 5,324 1,333 7,806 5,792 lQ4q_December 3.188 3.312 7 3.118 187 June 25 20,355 5,383 1,352 7,867 5,753 1950—December 2,924 3,045 11 2,868 166 Excess reserves: 1951—February 2,877 2,998 11 2,835 152 1951—May 590 -10 -7 120 487 March 2,852 2,974 11 2,793 169 1952—April 650 2 -8 122 535 April 2,831 2,954 17 2,765 172 May 628 -1 — 5 123 511 J M u a n y e 2 2, . 7 8 8 0 8 8 2 2, , 9 9 0 3 9 3 2 2 1 3 2 2, , 7 7 2 4 2 8 1 1 6 6 5 4 May 21 690 20 2 122 550 July 2,772 2,893 22 2,704 166 May 28 508 -15 -2 113 412 August 2,754 2,877 23 2,680 173 June 4 594 23 -3 106 468 September.... 2,738 2,861 23 2,680 158 June 11 656 -20 -9 126 559 October 2,724 2,851 25 2,670 156 J T u u n n e e 2 1 5 8 P P 7 7 8 0 5 4 3 1 5 3 -1 5 1 1 3 1 1 9 P P5 61 73 4 D N e o c v e e m m b b e e r. r . . . . . . . P 2 2 , .7 7 O 14 1 2,842 25 2,649 168 Borrowings at Federal 1952—January P2,698 Reserve Banks: February P2,685 1951—May 438 193 18 157 70 March v2 670 1952—April 367 60 12 219 76 April . . . P2,656 May 563 105 26 321 111 Mav P2 637 May 21 357 20 2 250 85 J J M u u n n ay e e 2 1 4 8 1 9 5 8 2 1 4 6 6 6 3 2 0 6 4 7 5 4 4 25 8 1 4 3 3 9 5 4 2 8 3 1 1 1 3 2 4 6 8 1 1 2 P O I P n u r c e t l s u li t d m a e n i s d n i a r n e r g y s e . p rv ri e n c a i n p d a l, m r i e s p c r e e ll s a e n n e t o ed u s b w y o c r e k r i t n if g ic a fu te n s d s o f w d it e h p o T si r t e . asurer June 18 293 48 13 119 113 of United States, working cash with postmasters, accrued interest on June 25 189 5 4 92 88 bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. P Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. Back figures.—See Banking and Monetary Statistics, pp. 396-399. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government Year or month Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers City i centers x centers City centers City 2 cities 2 City* cities 2 1 1 9 9 4 4 6 6 — — o n l e d w s e se ri r e ie s s « 3 }l,050,021 417,475 527,336 105,210 18.9 10.0 { 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 52 4 2 9 , , 9 4 4 1 4 4 2 25 5 . . 2 5 1 1 6 6 , . . 5 9 1947 1,125,074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 23.6 12.9 445,221 660,155 27.2 19.2 1949 1,231,053 452,897 648,976 129,179 24.1 12.4 447,150 639,772 28.2 18.7 19S0 1,403,752 513,970 742,458 147,324 26.6 13.4 508,166 731,511 31.4 20.3 1951 1,577,857 551,889 854,050 171,917 26.9 14.5 540,990 837,491 32.2 21.7 1951—May 130,704 45,375 71,197 14,132 26.2 14.3 42,272 68,378 30.0 21.3 June 135,031 48,588 72,110 14,332 27.9 14.5 49,398 72,179 34.4 22.2 July 124,425 43,224 67,532 13,669 26.0 14.1 41,673 64,826 31.1 20.9 August 125.291 41,363 69,827 14,101 23.8 13.5 39,007 67,441 27.0 20.0 September 121,205 41,145 66,359 13,700 26.0 14.4 41,688 66,941 31.7 21.8 October 139,308 47,971 75,799 15,539 26.4 14.4 45,334 72,515 30.4 20.9 November 132,158 44,802 72,428 14,928 27.8 15.4 42,503 69,685 31.4 22.0 December 144,800 53,500 76,049 15,251 30.7 15.1 55,184 76,007 37.9 22.6 1952—January 138,520 48,106 74,953 15,462 26.4 14.4 45,425 71,986 30.1 20.6 February 128,022 45,375 68,738 13,908 27.8 14.5 44,419 67,466 32.5 21.4 March 139,977 50,180 75,089 14,708 27.9 14.6 50,213 74,545 34.0 22.0 April 139,141 52,057 72,607 14,476 28.8 14.1 49,745 70,189 34.4 21.1 May 135,955 49,535 71,898 14,522 27.4 13.9 49,830 71,485 34.3 21.3 1 National series for which bank debit figures are available beginning with 1919. 2 Weekly reporting member bank series. 3 Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June 1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947, 333 centers from December 1947 through December 1950, and for 342 centers beginning January 1951; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935. 788 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency Large denomination currency* End of year or in cir- Unasmonth cula- Borted tion i Total Coin 3$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000 $10,000 1933 .. . 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 , . 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15 410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25 307 17 580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946. .. . 28 952 20 437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8.578 2,435 5,056 382 689 4 11 3 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 2 1951—April 27,278 19,023 1,551 1 ,073 62 1,973 5,943 8.422 8,257 2,371 4,941 360 573 4 8 1 May 27,519 19,260 1,568 1,087 63 1,995 6,024 8,523 8,259 2,382 4,938 357 570 4 8 1 June 27,809 19,521 1,578 1,092 64 2,011 6,113 8,663 8,289 2,405 4,947 356 570 4 8 2 Julv . . 27,851 19,560 1,590 1,092 64 2,008 6,088 8,718 8,292 2,409 4,952 354 565 4 8 2 August 28,155 19,813 1,602 1,103 64 2,031 6,176 8,837 8,344 2,428 4,989 353 562 4 8 2 September... 28,288 19,896 1,616 1,124 64 2,038 6,181 8,874 8,393 2,437 5,034 353 557 4 8 2 October .... 28,417 19,955 1,631 1,132 65 2,041 6,160 8,927 8,463 2,452 5,092 353 554 4 8 2 November... 28,809 20,283 1,642 1,144 65 2,075 6,291 9,067 8,528 2,482 5,133 352 549 4 8 2 December. . . 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 2 1952—January 28,386 19,807 1,631 1,115 65 2,009 6,088 8,898 8,582 2,508 5,161 352 550 4 8 2 February.... 28,465 19,904 1,630 1,110 66 2,013 6,152 8,934 8,563 2,503 5,152 351 545 4 8 2 March 28,473 19,937 1,637 1,113 65 2,016 6,165 8,940 8,537 2,496 5,140 349 540 4 8 1 April . .. 28,464 19 936 1,651 1,114 66 2,004 6,141 8,960 8,529 2,498 5,137 347 535 4 9 1 May 28,767 20,231 1,665 1,132 67 2,040 6,261 9,066 8,537 2,508 5,142 346 530 4 8 1 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 Money in circulation 1 Money Total out- held by standing, As security For Federal M 1 a 9 y 5 2 31, g a o s g l i d a l v in a er s n t d Tr c e a a s s h ury B R F a e n e d s k e e s r r a v a n e l d B R a a n e g k s e e s n r t v a s n e d M 1 a 9 v 5 2 31, Ap 1 r 9 . 5 3 2 0, M 1 a 9 y 5 3 1 1, certificates agents Gold 23,296 22,141 21,155 Gold certificates 22 141 19,288 2,816 38 38 39 Federal Reserve notes 25,412 69 987 24,356 24,116 23,173 Treasury currency—total 4,748 ' ' *2', 354 51 324 4,373 4,310 4,306 Standard silver dollars 492 264 35 3 190 189 179 Silver bullion 2,090 2,090 Silver certificates and Treasury notes of 1890. . 32,354 263" 2^091'" ' " 2 ', 043 2 ', 096 " Subsidiary silver coin 1,113 9 21 1,083 1,073 1,013 Minor coin 403 5 7 392 389 376 United States notes 347 2 27 318 315 316 Federal Reserve Bank notes 225 1 3 222 223 245 National Bank notes 78 (5) 1 78 78 82 Total—May 31, 1952 (4) 24,496 1,274 19,288 4,126 28,767 Apr. 30, 1952 (4) 24,484 1,281 19,290 4,261 28,464' May 31 1951 (4) 22,880 1,293 17,692 4,123 27 519 * 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals for other end-of-month dates are shown in table above and totals by weeks in the table on p. 657. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 8 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. JULY 1952 789 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS 1 [Figures partly estimated except on call dates. In millions of dollars Assets Liabilities and Capital Total Bank credit assets, Date Treas- U.S. Government obligations l T ia o b t i a l l - Total Ca a p n i d tal Gold re c n ur c - y T»tal Lo n a et m, Total m C e a o r n c m d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca iia- p n n i e d t t a . l, c d u e r a p r n o e d s n i c ts y c m o a n u c i e - s n t c t . s, savings Banks banks 1 1 9 9 2 3 9 3 — — J TU u n n e e 3 2 0 9 4 4 , , 0 0 3 3 7 1 2 2 , , 0 2 1 8 9 6 4 5 ? 8, , 6 1 4 4 2 8 4 2 1 1 , , 0 9 8 5 2 7 1 5 0 , , 7 3 4 2 1 8 8 5 , , 1 4 9 9 9 9 1,9 2 9 1 8 6 1 2 3 6 1 1 9 1 , , 8 8 6 1 3 9 6 4 4 8 , , 6 4 9 6 8 5 5 4 5 2 , , 7 0 7 2 6 9 8 6 , , 9 4 2 3 2 6 1939— Dec 30 . .. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 3i 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec 3i # 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1946—Dec. 31 20,529 4,562 158,366 35,765 113,110 86,558 23,350 3,202 9,491 183,457 171,657 11,800 1947—Dec< 31 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1948—Dec 31 24,244 4,589 160,457 48,341 100,694 74,097 23,333 3,264 11,422 189,290 176,121 13,168 104.0 Tune 30 , 24,466 4,597 156,491 47,148 97,428 74,877 19,343 3,208 11,915 185,554 171,602 13,952 Dec 31 24,427 4,598 162,681 49,604 100,456 78,433 18,885 3,138 12,621 191,706 177,313 14,392 1950—June 30 24,231 4,607 164,348 51,999 98,709 77,320 18,331 3.058 13,640 193,186 178,568 14,618 Dec. 30. . .. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,385 14,624 1951—May 30 21,800 4,600 171,300 62,900 93,500 68,400 22,300 2,800 14,900 197,700 182,900 14,800 June 30 21,756 4,655 \1* ,447 63,821 94,450 68,726 22,982 2,742 15,176 199,858 185,038 14,820 July 25 21,800 4,700 17^,300 63,400 94,600 68,900 23,100 2,700 15,300 199,700 184,500 15,200 Aug. 29 21,800 4,700 174,300 64,000 95,000 69,200 23,100 2,700 15,300 200,700 185,200 15,500 Sept 26 22,000 4,700 176 400 65 000 95,900 69,700 23,500 2,700 15,400 203,000 187,300 15,700 Oct. 31 22,200 4,700 178,300 65,800 97,000 70,800 23,600 2,700 15,500 205,200 189,200 16,000 Nov. 28 22,300 4,700 179,400 66,500 97,400 71,500 23,200 2,700 15,500 206,400 190,500 15,900 Dec. 31 22,695 4,706 181,323 67,597 97,808 71,343 23,801 2 664 15,918 208,724 193,404 15,320 1952—Jan. 30P 22,900 4,700 179,900 66,700 97,300 71,800 22,800 2,700 15,900 207,600 191,600 15,900 Feb. 27P 23,100 4,700 179,300 67,000 96,200 71,100 22,600 2,600 16,100 207,200 191,500 15,700 Mar. 26P 23,300 4,700 180,100 67,700 96,100 70,900 22,500 2,600 16,400 208,200 192,300 15,900 Apr. 30P. . 23,300 4,700 179,900 68,100 95,200 70,200 22,400 2,600 16,600 207,900 192,200 15,700 May 28P. 23,300 4,700 180,600 68,500 95,300 70,500 22,300 2,600 16,800 208,700 192,900 15,800 Deposits and Currency U S. Government balances Deposits adjusted and currency Date Total d F e o b p n r a o e e n s i t k g it n s, T c u r a e r s y a h s- A s m b a t a e a v c r n n i c o n d k i m g a s s l - R F B e e a A d s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m b C T e a i o r n m c m k i e a s - l de M s p b a o a v u n s i t i k n u ts s g a 8 s * l S S P a y o v s s i t n t e a m g l s o b r u C e a t n u n s c i r k d - y s e 1929—June 29 55 776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1 19 9 3 3 9 3 _ — D j e un c e . 3 3 0 0 4 6 2 8 ,3 0 5 2 9 9 1,21 5 7 0 !,4 2 0 64 9 8 8 5 4 2 6 63 3 4 5 4 6 0 3 , , 8 2 2 5 8 3 2 1 9 4 , , 7 4 9 1 3 1 2 27 1 , , 0 6 5 5 9 6 1 1 0 5 , , 8 2 4 5 9 8 1 9 0 , , 6 5 2 2 1 3 1 1 , , 1 2 8 7 6 8 4 6, , 4 7 0 6 1 1 1941—Dec. 31 82,811 1,498 5,215 1,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9,615 1945—Dec 31 180 806 2,141 J.287 24,608 977 150,793 75,851 48.452 30,135 15,385 2,932 26,490 1946—Dec. 31 171,657 1,885 rJ.272 3,103 393 164,004 83,314 53,960 33,808 16,869 3,283 26,730 1947—Dec 31 175 348 1,682 ,336 1,452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 194g Dec 31 176 121 2,103 ,325 2,451 1,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 1049 June 30 171,602 1,927 ,307 2,304 438 165,626 81,877 58,483 36,292 18,932 3,259 25,266 Dec 31 177 313 2,150 L.312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 25,415 1950—June 30 178 568 2,555 ,298 3,801 950 169,964 85,040 59,739 36,719 19,923 3,097 25,185 Dec. 30 184,385 2,518 ,293 2,989 668 176,917 92,272 59,247 36,314 20,009 2,923 25,398 1951—May 30 182,900 2,500 1,300 4,800 600 173,700 89,500 59,300 36,300 20,200 2,800 24,900 June 30. 185,038 2,424 1,281 6,332 317 174,684 88,960 59,948 36,781 20,382 2,785 25,776 July 25.. 184,500 2,400 1,300 4,600 400 175,800 90,700 60,000 36,800 20,400 2,800 25,100 Aug. 29 185,200 2,300 1,300 4,100 600 177,000 91,400 60,300 37,100 20,500 2,800 25,300 Sept. 26 187,300 2,200 1,300 5,100 800 177,900 92,000 60,500 37,200 20,600 2,700 25,400 Oct. 31 189,200 2,100 1,300 3,700 500 181,600 95,000 60,900 37,500 20,700 2,700 25,700 Nov. 28 190,500 2,100 1,300 3,800 500 182,700 96,300 60,600 37,300 20,600 2,700 25,800 Dec. 31 193 404 2,279 1,279 3,615 247 185,984 98,234 61,447 37,859 20,887 2,701 26,303 1952—Jan 30P 191 600 2,100 L.300 2,800 200 185,200 97,900 61,700 38,000 21,000 2,700 25,600 Feb. 27P . 191,500 2,200 1,300 3,900 700 183,400 95,700 62,000 38,200 21,100 2,700 25,600 Mar. 26P 192,300 2,200 1,300 5,800 (6) 182,900 9'4,800 62,400 38,500 21,300 2,700 25,700 Apr 30P 192 200 2,200 1,300 4,500 500 183,800 95,100 62,700 38,600 21,400 2,700 25,900 May 2SP .... 192,900 2,300 1,300 4,400 600 184,400 95,300 63,000 38,900 21,600 2,600 26,000 P Preliminary. 1 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 Prior to June 30, 1947, includes a relatively small amount of demand deposits. 6 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. 790 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank U. S. as C s a e s t h s 1 Inter- a c c T a c p o o i t u t a n a l l t: N b u a m o n f k b s er Total Loans Govern Other Total i bank1 Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31. . . . 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—Dec. 312. .. 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1948—Dec. 31 133,693 48,174 85,519 74,097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1949—Dec. 31. . . . 140,598 49,544 91,054 78,433 12,621 36,522 164.467 12,710 96,156 55,601 13,088 14,687 1950—Dec. 30 148,021 60,386 87,635 72,894 14,741 41,086 175,296 14,039 104,744 56,513 13,837 14,650 1951—May 30. . . . 146,680 63,340 83,340 68,410 14,930 37,020 168.810 11,350 100,740 56,720 14,050 14,644 June 30.... 147,742 63,840 83,901 68,726 15,176 38,235 171,860 11,947 102,527 57,386 14,236 14,636 Dec. 31. . . . 154,869 67,608 87,261 71,343 15,918 45,531 185,756 15,087 111,644 59,025 14,623 14,618 1952—Feb. 27P. . . 154,790 67,630 87,160 71,060 16,100 39,820 178,770 12,900 106,240 59,630 14,690 14,615 Mar. 26P. . . 155,280 67,990 87,290 70,920 16,370 40,230 180,140 13,200 106,890 60,050 14,770 14,606 Apr. 30P. . . 155,250 68,490 86,760 70,210 16,550 40,050 179,360 12,340 106,670 60,350 14,890 14,602 May 28?... 156,150 68,920 87,230 70,450 16,780 39,350 179,310 12,200 106,400 60,710 14,940 14,608 All commercial banks 1939—Dec. 30 40,668 17,238 23,430 16,316 7.114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31. . . . 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—Dec. 31 2. . . 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1948—Dec. 31 114,298 42,488 71,811 62,622 9,189 38,596 142,843 12,269 94,654 35,921 10,480 14,171 1949—Dec. 31 120,197 42,965 77,232 67,005 10,227 35,650 145,174 12,709 96,136 36,328 10,967 14,156 1950—Dec. 30. . . . 126,675 52,249 74,426 62,027 12,399 40,289 155,265 14,039 104,723 36,503 11,590 14,121 1951—May 30. . . . 125,060 54,460 70,600 58,110 12,490 36,220 148,570 11,350 100.720 36,500 11,770 14,114 June 30.... 126,045 54,821 71,224 58,521 12,703 37,384 151,457 11,946 102,507 37.004 11,951 14,107 Dec. 31. . . . 132,610 57,746 74,863 61,524 13,339 44,645 164,840 15,086 111,618 38,137 12,216 14,089 1952—Feb. 27*\ . . 132,240 57,590 74,650 61,260 13,390 38,970 157,620 12,900 106.210 38,510 12,280 14,086 Mar. 26P. . . 132,530 57,840 74,690 61,120 13,570 39,380 158,810 13,200 106,860 38,750 12,340 14,077 Apr. 30P. . . 132,340 58,220 74,120 60,450 13,670 39,220 157,910 12,340 106,640 38,930 12,460 14,073 May 28P. . . 133,060 58,520 74,540 60,700 13,840 38,530 157,720 12,200 106,370 39,150 12,500 14,079 All member banks: 1939—Dec. 30. ... 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 1941—Dec. 31. ... 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38.846 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6,884 1946—Dec. 31 96,362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 6,900 1947—Dec. 31. ... 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 81,785 28,340 8,464 6,923 1948—Dec. 31 95,616 36,060 59,556 52,154 7,402 34,203 121,362 11,641 80,881 28.840 8,801 6,918 1949—Dec. 31.... 101,528 36,230 65,297 56,883 8,414 31,317 123.885 12,097 82,628 29.160 9,174 6,892 1950—Dec. 30. ... 107,424 44,705 62,719 52,365 10,355 35,524 133,089 13,447 90,306 29,336 9,695 6,873 1951—May 30. ... 105,650 46,554 59,096 48,693 10,403 31,990 126,953 10,866 86.772 29,315 9,846 6,865 June 30.... 106,563 46,866 59,698 49,108 10,590 33,244 129,737 11,347 88,678 29,712 9,987 6,859 Dec. 31.... 112,247 49,561 62,687 51,621 11,065 39,252 141,015 14,425 95,968 30,623 10,218 6,840 1952—Feb. 27*>. . . 111,771 49,364 62,407 51,294 11,113 34,216 134,370 12,325 91,141 30,904 10,271 6,834 Mar. 26P. . . 112,030 49,524 62,506 51,227 11,279 34,631 135.587 12,623 91 ,852 31.112 10,319 6,829 Apr. 30P. . . , 111,753 49,806 61,947 50,590 11,357 34,528 134,650 11,796 91,607 31,247 10,419 6,824 May 28? 112,379 50,026 62,353 50,826 11,527 33,982 134,519 11,665 91,418 31,436 10,453 6,821 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10.527 1,241 548 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 ,400 818 16,869 16 16,853 1,784 541 1947—Dec. 31 2. . . , 18,641 4,944 13,696 11,978 1,718 886 17,763 17 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 17 18.387 1,999 532 1949—Dec. 31 20,400 6,578 13,822 11,428 2,394 873 19.293 20 19,273 122 531 1950—Dec. 30 21,346 8,137 13,209 10,868 2,342 797 20,031 22 20.009 247 529 1951—May 30 21,620 8,880 12,740 10,300 2,440 800 20,240 20 20,220 280 530 June 30 21,697 9,020 12,677 10,205 2,472 851 20,404 20 20,382 285 529 Dec. 31 22,259 9,862 12,398 9,819 2,579 886 20,915 26 20,888 407 529 1952—Feb. 27*> 22,550 10,040 12,510 9,800 2,710 850 21 ,150 30 21,120 410 529 Mar. 26P 22,750 10,150 12,600 9,800 2,800 850 21,330 30 21,300 529 Apr. 3QP. . . . 22,910 10,270 12,640 9,760 2,880 830 21,4^0 30 21,420 2,430 529 May 2SP 23,090 10,400 12,690 9,750 2,940 820 21,590 30 21,560 2,440 529 million at all insured commercial banks. For other footnotes see following two pages. JULY 1952 791 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash c T ap o i t t a a l l Num of ber and date Total Loans G U ov . e S rn . - Other assets l Total i b In an te k r - i De- accounts banks Total ment secu- mand Time obliga- rities tions Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 6,043 4,772 1,272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 12,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 807 1,648 36 1945—Dec. 31 ... 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 ,236 2,120 37 1946—Dec. 31. . . < 20,834 6,368 14,465 13,308 1,158 6,238 24,723 4,246 19,028 ,449 2,205 37 1947—Dec. 31 20,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 ,445 2,259 37 1948—Dec. 31 18,759 8,048 10,712 9,649 1,063 7,758 24,024 4,213 18,131 ,680 2,306 35 1949—Dec. 31 19,583 7,550 12,033 tO,746 1,287 6,985 23,983 4,192 18.139 ,651 2,312 25 1950— Dec. 30. 20,612 9,729 10,883 8 993 1 ,890 7,922 25,646 4,638 19,287 .722 2,351 23 1951—Mav 30 19,930 9,939 9,991 8,144 1,847 6,875 23,711 4,011 18,104 ,596 2,357 22 June 30 20,604 10,234 10,370 8,460 1.910 7,393 25,064 4,107 19,291 .666 2,398 22 Dec. 31 21,379 11,146 10,233 8,129 2,104 8,564 26,859 4,832 20,348 ,679 2,425 22 1952—Feb. 27P 21,115 11,216 9,899 7,808 2,091 7.211 24,935 4,190 19,110 ,635 2,438 22 Mar. 26P 21,134 11.068 10,066 7,905 2,161 7,601 25,590 4,379 19,465 ,746 2,438 22 Apr. 30P 20,990 11,113 9.877 7.775 2,102 7,682 25.266 4,175 19.374 ,717 2,458 22 May 28P 21,346 11,168 10,178 8,008 2,170 7,684 25,548 4,171 19,605 1 ,772 2,454 22 Chicago: 1939—Dec. 30 2,105 569 1,536 1,203 333 i,446 3 330 888 1,947 495 250 14 1941- Dec. 31 .... 2,760 954 1,806 1,430 376 1,566 4,057 1,035 2.546 476 288 13 1945—Dec. 31 ...... 5,931 1,333 4,598 4,213 385 1,489 7.046 L ,312 5^015 719 377 12 1946—Dec. 31. 4,765 1,499 3,266 2,912 355 1.545 5,905 1,153 3,922 829 404 14 1947—Dec. 31., ,. 5,088 1,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1948—Dec. 31 , 4,799 1,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—Dec. 31 . 5,424 1,618 3,806 3,324 482 1,850 6,810 1,191 4,535 1,083 470 13 1950—Dec. 30 5.569 2,083 3,487 2,911 576 2,034 7.109 1,228 4,778 ,103 490 13 1951—Mav 30 5,368 2,206 3,162 2,617 545 1.913 6,706 1,038 4,573 L,095 495 13 June 30.. ... 5,520 2,215 3,305 2.742 564 1,898 6,921 1,040 4,756 .126 501 13 Deo. 31 .. 5,731 2,468 3,264 2,711 552 2,196 7,402 1,307 4,952 L ,143 513 13 1952—Feb. 27P 5,626 2,366 3,260 2,733 527 2,029 6.944 1,162 4,644 ,138 510 13 Mar. 26P 5,747 2,409 3,338 2,798 540 1,884 7,058 1,275 4,651 1,132 513 13 Apr. 30P 5,456 2,370 3,086 2.545 541 1 .994 6.877 .091 4.645 .141 520 13 May 28P 5,458 2,402 3,056 2,511 545 1,992 6,913 1,085 4,689 1,139 524 13 Reserve city member banks: 1939— Dec. 30 , , 12,272 5,329 6.944 5,194 1,749 6,785 17,741 3,686 9,439 4,616 1,828 346 1941—Dec. 31 ... 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 4,806 1,967 351 1945— Dec. 31 40,108 8,514 31,594 29,552 2,042 11,286 49,085 6,448 32,877 9,760 2.566 359 1946—Dec. 31 35,351 10,825 24,527 22,250 2,276 11,654 44,477 5,570 28,049 10,858 2,728 355 1947—Dec. 31 36,040 13,449 22,591 20,196 2,396 13,066 46,467 5,649 29,395 11,423 2,844 353 194g—Dec. 31. . .... 35,332 14,285 21,047 18,594 2,453 13,317 4S.943 5,400 29,153 11,391 2,928 335 1949—Dec. 31 38,301 14,370 23,931 20,951 2,980 12,168 47,559 5,713 30,182 11,664 3,087 341 1950 —Dec. 30 40,685 17.906 22,779 19,084 3.695 13 .998 51,437 6.448 33,342 11,647 3,322 336 1951—May 30 39,709 18,599 21,110 17,385 3,725 12,618 48,732 4,923 32,158 11,651 3,379 325 June 30. , . . . , 39,991 18,558 21.432 17.659 3,774 13.175 49,874 5,264 32,791 11.819 3,431 324 Dec. 31 42,694 19.651 23,043 19,194 3,849 15,199 54,466 6,976 35,218 12,272 3,521 321 1952— Feb. 27P 42,355 19,402 22,953 19,015 3,938 13,437 51,818 5.866 33,519 12,433 3,546 320 Mar. 26v 42,435 19,511 22,924 18,934 3,990 13,611 52,328 5,875 33,998 12.455 3,565 320 Anr. 30P 42,463 19.577 22,886 18,807 4.079 13,454 51.900 5,502 33.879 12.519 3,606 320 May 28P 42 ,559 19,563 22,996 18,829 4,167 13,147 51,593 5,421 33,586 12,586 3,625 320 Country member banks: 1939—Dec. 30 10,224 4,768 5,456 3,159 2,297 4,848 13,762 598 7,312 5,852 1,851 5,966 1941—Dec. 31 12,518 5,890 6,628 4,377 2,250 6,402 17,415 822 10,335 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1,223 29,700 12,494 2,525 6,476 1 1 9 9 4 4 7 6 — — D £) eecc-. 3 3 i 1. ..... 3 3 6 5 , ,4 3 1 2 2 4 1 8 0 , , 0 1 0 9 4 9 2 26 7 , , 1 4 2 0 5 8 2 2 4 2 , , 5 8 7 5 2 7 3 2 , , 2 83 6 6 8 1 1 0 0 , , 1 7 5 7 1 8 4 44 3 , , 4 0 4 6 3 6 1 1 ,0 0 9 7 1 3 2 2 7 8 , , 9 8 2 1 1 0 1 14 4 , , 5 0 6 5 0 3 2 2 , , 7 9 5 3 7 4 6 6, , 5 4 1 9 9 4 1948—Dec. 31 36,726 11,945 24,782 21,278 3,504 11,196 45,102 964 29,370 14,768 3,123 6,535 1 1 9 9 5 4 0 9 — — D £) eecc. . 3 3 i 0 3 4 8 0 , , 2 5 1 5 9 8 1 1 2 4 , , 6 9 9 8 2 8 2 2 5 5 , , 5 5 2 7 7 0 2 21 1 , , 3 8 7 6 7 2 3 4 , , 6 19 6 3 5 1 11 0 , , 5 3 7 1 1 4 4 48 5 , , 8 5 9 3 7 4 1 1 ,0 1 0 3 1 3 3 2 2 9, , 7 8 7 9 1 9 1 1 4 4 , . 7 8 6 6 2 5 3 3 , , 3 53 0 2 5 6 6, , 5 5 0 1 1 3 1951—May 30 40,643 15,810 24,833 20,547 4,286 10,584 47,804 894 31,937 14,973 3,615 6,505 Tune 30 40,448 15,858 24,590 20,247 4,343 10,779 47,877 936 31.840 15,101 3,658 6,500 Dec. 31...:.. 42,444 16,296 26,148 21,587 4,561 13,292 52,288 1,309 35.449 15,530 3,760 6,484 1952—Feb. 27? 42,675 16,380 26,295 21,738 4,557 11,539 50,673 1,107 33,868 15,698 3,777 6,479 Mar. 26P 42,714 16,536 26,178 21,590 4,588 11,535 50,611 1,094 33,738 15,779 3,803 6,474 Apr. 30P 42,844 16,746 26,098 21,463 4,635 11,398 50,607 1,028 33,709 15,870 3.835 6,469 May 28P 43,016 16,893 26,123 21,478 4,645 11,159 50,465 988 33,538 15,939 3,850 6,466 3 Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite page. 792 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date U. S. assets l Inter- a c c a c p o i u ta n l ts ba o n f ks Total Loans Govern- Other Total 1 bank^ De- Total ment mand Time obliga- AH insured commercial banks: 1941—Dec. 31. 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1948—Dec. 31. . . . . .112,286 41,968 70,3IS 61,388 8,929 38,087 140,642 11,900 93,300 35,441 10,158 13,413 1949—Dec. 31 118,278 42,485 75,793 65,820 9,974 35,207 143,138 12,368 94,914 35,856 10,645 13,429 1950—Dec. 30 124,822 51,723 73,099 60,986 12,113 39,821 153,288 13,744 103,499 36,045 11,263 13,432 1951—June 30. 124,132 54,306 69,825 57,427 12,398 36,960 149,461 11,582 101,328 36,551 11,622 13,437 Dec. 31 130,820 57,256 73,564 60,533 13,031 44,176 162,908 14,777 110,382 37,749 11,902 13,439 National member banks: 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 24,350 8,322 3,640 5,117 1945—Dec. 31 . 69,312 13,925 55,387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4,644 5,017 1948—Dec. 31. 63,845 23,752 40,093 34,852 5,241 22,974 81,407 7,842 54,020 19,545 5,657 4,991 1949—Dec. 31.. 67,943 23,853 44,090 38,161 5,930 20,995 83,113 8,278 55,034 19,801 5,920 4,975 1950—Dec. 30. . 72,090 29,184 42,906 35,587 7,320 23,763 89,281 9,133 60,251 19,897 6,313 4,958 1951—June 30. . 71,014 30,479 40,534 32,965 7,569 22,198 86,589 7,625 58,715 20,248 6,504 4,946 Dec. 31. . 75,255 32,317 42,938 35,063 7,875 25,951 94,173 9,788 63,477 20,908 6,653 4,939 State member banks: 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1948—Dec. 31 31,771 12,308 19,463 17,301 2,161 11,228 39,955 3,799 26,862 9,295 3,144 1,927 1949—Dec. 31 33,585 12,378 21,207 18,722 2,484 10,322 40,772 3,819 27,594 9,359 3,254 1,917 1950—Dec. 30 35,334 15,521 19,813 16,778 3,035 11,762 43,808 4,315 30,055 9,438 3,381 1,915 1951—June 30 35,550 16,386 19,163 16,143 3,020 11,046 43,149 3,722 29,963 9,464 3,483 1,913 Dec. 31 36,992 17,243 19,748 16,558 3,191 13,301 46,843 4,637 32,491 9,715 3,565 1,901 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6,810 1945—Dec. 31 14,639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 1,083 6,416 1948—Dec. 31 16,685 5,911 10,774 9,246 1,528 3,887 19,296 259 12,419 6,618 1,358 6,498 1949—Dec. 31 16,766 6,258 10,508 8,947 1,561 3,892 19,269 272 12,285 6,712 1,473 6,540 1950—Dec. 30. . ... 17,414 7,023 10,391 8,632 1,759 4,299 20,216 297 13,194 6,726 1,570 6,562 1951—June 30 17,585 7,446 10,139 8,330 1,810 3,718 19,741 235 12,650 6,857 1,637 6,581 Dec. 31 18,591 7,701 10,890 8,923 1,967 4,926 21,912 353 14,415 7,144 1,686 6,602 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1948—Dec. 31 2 2,013 520 1,493 1,234 259 509 2,201 368 1,353 479 322 758 1949—Dec. 31 1,919 481 1,438 1,185 253 442 2,036 341 1,223 472 321 727 1950—Dec. 30 1,853 527 1,327 1,040 286 468 1,976 294 1,224 458 327 689 1951—June 30 1,913 514 1,399 1,094 305 423 1,996 364 1,178 453 329 670 Dec. 31 1,789 490 1,299 991 308 469 1,932 308 1,235 388 314 650 AU'nonmember commercial banks: 1941—Dec. 31 7,233 3,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 ,130 1948—Dec. 31 2 18,698 6,431 12,267 10,479 1,788 4,396 21,497 628 13,772 7,097 1,680 7,256 1949—Dec. 31 18,686 6,739 11,947 10,132 1,814 4,334 21,305 613 13,508 7,184 1,794 7,267 1950—Dec. 30 19,267 7,550 11,718 9,672 2,046 4,767 22,193 591 14,417 7,184 1,897 7,251 1951—June 30 19,499 7,960 11,538 9,423 2,115 4,141 21,737 599 13,828 7,310 1,966 7,251 Dec. 31 20,380 8,192 12,189 9,914 2,275 5,395 23,843 661 15,650 7,533 1,999 7,252 Insured mutual savings banks: 1941—Dec. 31 1,693 642 1,050 629 421 151 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 10,351 1,034 192 1948—Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 12,757 1,334 193 1949—Dec. 31 14,209 4,814 9,394 7,832 1,562 682 13,592 13,575 1,420 192 1950—Dec. 30 15,101 6,086 9,015 7,487 1,528 617 14,320 14,301 1,513 194 1951—June 30 15,668 6,829 8,839 7,169 1,670 688 14,924 14,905 1,582 201 Dec. 31 16,190 7,523 8,668 6,921 1,746 695 15,368 15,343 1,678 202 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 4,428 3,075 1,353 642 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 4,163 3,522 641 180 5,022 5,020 558 350 1948—Dec. 31 2 6,083 1,577 4,506 3,680 826 194 5,633 5,631 665 339 1949—Dec. 31 6,192 1,764 4,428 3,596 832 191 5,702 5,699 702 339 1950—Dec. 30 6,245 2,050 4,194 3,380 814 180 5,711 5,708 734 335 1951—June 30 6,029 2,191 3,838 3,036 802 163 5,479 5,477 702 328 Dec. 31 6,069 2,339 3,730 2,897 833 191 5,547 5,544 729 327 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. JULY 1952 793 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Cla c s a s l a l n o d d f a b te ank i m T n lo a v o e n a e n t n d a s t s t l s - TotaP o C e m m c p i k p l i o i n u n a e e e a a m g d - r r n t l - , - - - - - A t c u g a u r r l l i - - - o > p a L T s e r r u n e r o o o r s d c c k c a a u - h n r r a s r it y s o f i e T i i t e o n r n h o s s r g g - l R t o e a a e s t n a - e l s s o C u a m o n n e s - rO lo t a h n e s r Total Total L B S il . l s Go C o d c v e f a e e r t b t r i e i n n t f D s - i - m - ir e e N n c t t o o te b s lig B at o io n n d s s G t a e u n e a - d r- S p d O t s a g i t i o u c i o a n o a b v l a b t f d - n i l e i l - t i - s s - - O r s i e t t h c ie e u s r deal- edper ers ness sions All insured commercial banks: 1941—Dec. 31. 49,290 21,259 9,214 1,450 614 662 4,773 4,i 45 28,031 21,046 988 3, 159 12,797 4,102 3 651 3,333 1945—Dec. 31 121,809 25,765 9,461 1,314 3,164 3,606 4,677 [ 351 2,19196 043 88 912 2,455 19 071 16,045 51,321 22 3 873 3,258 1948—Dec. 31 112,286 41,968 18,761 2,775 1,336 939 10,666 907 2,992 70,318 61,388 2,821 10 065 3,394 45, 100 85 509 3,420 1949—Dec. 31. 118,278 42,485 16,935 2,963 1.749 855 11,405 >002 3, 124 75,793 65,820 3,692 12 479 5,810 43.833 66 400 3,574 1950—Dec. 30.124,822 51,723 21 776 2,823 1,789 ,036 13 389 7 628 3,955 73 099 60 986 4,118 1 932 16,756 38, 168 11 7 933 4,179 1951—Dec. 31. 130,820 57,256 25,744 3,321 1,571 960 14,450 7 742 4,282 73 564 60 533 7,219 7 526 11,256 34,511 21 8 989 4,042 Member banks, total: 1 1 9 9 4 4 1 5 — — D D e e c c . . 3 3 1 1' 1 4 0 3 7 , , 5 1 2 8 1 3 2 1 2 8 ,7 02 7 1 5 8 8 6 9 7 4 1 9 9 8 7 5 2 5 3,1 5 3 9 3 4 3,3 5 7 98 8 3 3 , 4 4 9 5 4 5 I 0 3 2 , 7 ( 9 1 2 ,977 2 84 5,5 4 0 0 0 8 7 1 8 9 5 3 3 3 9 8 2,2 9 7 71 5 16 985 1 3 4 ,0 2 0 7 7 1 4 1 4 1, , 7 7 2 9 9 2 3,83 1 2 6 3 3 0 2 9 5 0 4 2 2 , , 8 8 7 1 1 5 1948—Dec. 31. 95,616 36,060 17 631 1,800 1,324 834 8 244 3 933 2,658 59 556 52 154 2,588 7 999 2,800 38,761 54 480 2,922 1949—Dec. 31. 101,528 36,230 15 857 1,945 1,737 758 8 834 4 776 2,809 65 297 56 883 3,389 10 409 5,085 37,996 45 274 3,140 1950—Dec. 30.107,424 44,705 20 521 1,808 1,770 927 10 522 6 167 3,585 62 719 52 365 3,665 1 468 14 054 33, 170 86 640 3,714 1951— Dec. 31. 112.247 49,561 24 347 2,140 1,551 851 11 334 6 195 3,863 62 687 51 621 6,399 6 010 9 596 29,601 15 7 528 3,538 1952—Mar. 31. 110,997 49,429 24 276 2,155 1,202 837 11 405 6 236 4,060 61 568 50 174 5,115 6 125 9 499 29,421 14 7 960 3,434 New York City:* 1941—£>ec< 3i m 12,896 4,072 2 807 8 412 169 123 554 8 823 7 265 311 1 623 3,652 1,679 729 830 1945—Dec. 31. 26,143 7,334 3 044 2,453 1,172 80 76 509 18 809 17 574 477 3 433 3 325 10,337 1 606 629 1948—Dec. 31. 18,759 8,048 5 642 *31,102 225 224 313 636 10 712 9 649 589 1 183 365 7,512 563 500 1 1 9 95 4 0 9 — — D £) eecc#. 3 3 1 0 . . 2 1 0 9 ,6 5 1 83 2 9 7, , 5 7 5 2 0 9 4 6 3 7 2 9 8 2 1 1 , , 4 4 1 2 0 1 2 2 1 8 9 5 2 44 5 2 6 3 5 7 4 7 0 6 8 2 5 1 0 1 1 2 0 0 8 3 8 3 3 10 8 9 7 9 4 3 6 8 7 2 2 4 0 1 2 7 5 8 0 5 1 8 7 3 1 5 1 6 7 , .4 20 0 6 5 2 1 7 1 5 2 2 3 5 7 3 6 5 7 1951 —Dec. 31 . 21.379 11,146 7 8S? 1 219 262 514 520 950 10 233 8 129 1,122 616 1 428 4,960 2 1 385 719 1952—Mar. 31. 20,892 10,940 7 914 954 243 472 518 1,013 9 953 7 741 927 671 1 411 4, 733 1 S17 695 Chicago:2 1 19 9 4 4 5 1 — — D D eecc#, 3 3i 1 t. 2 5 , , 7 9 6 3 0 1 1,3 9 3 54 3 7 7 3 6 2 0 6 2 2 4 1 8 1 23 5 3 2 2 3 2 6 26 96 65 4 1 8 5 0 9 6 8 4 1 4 2 3 1 0 3 2 1 5 3 6 3 1,467 7 1 4 5 9 3 9 8 0 6 3 4 119 1 1 8 8 2 1 2 1 0 9 4 3 1948—Dec. 31. 4,799 1,783 1 412 4 71 63 51 115 88 3 016 2 633 183 275 217 11958 210 174 1949—Dec. 31. 5,424 1,618 1 211 7 109 56 51 115 91 3 806 3 324 331 690 358 945 290 192 1950—Dec. 30. 5,569 2,083 1 567 9 110 69 65 147 147 3 487 2 911 232 131 700 11847 335 242 1951—Dec. 31. 5,731 2,468 1 977 16 94 63 70 117 172 3 264 2 711 334 332 520 526 351 201 1952—Mar. 31. 5,224 2,403 1 927 12 73 80 70 109 177 2 821 2 276 87 207 497 485 356 189 Reserve city banks: 1941—Dec. 31. 15,347 7,105 3 456 300 114 194 1 527 1,512 8 243 6 467 295 751 4,248 1,173 956 820 1945—Dec. 31. 40.108 8,514 3 661 205 427 1,503 1 459 433 826 31 594 29,552 1,034 6,982 5 653 15,878 c 1,126 916 1948—Dec. 31 35,332 14,285 7 282 437 130 360 3 503 1,609 1 118 21 047 18 594 1,056 3,201 1 090 13,247 11,421 1,032 1949—Dec. 31. 38,301 14,370 6 704 457 183 309 3 742 1,9651 212 23 931 20 951 1,189 4,180 2 124 13,457 ..... 1,727 1,254 1950 —Dec. 30. 40,685 17,906 8,646 392 207 386 4 423 2,567 1 534 22,779 19 084 1,218 499 5 536 11 ,830 2,184 1,511 1951—Dec. 31. 42,694 19,651 10 140 513 203 347 4 651 2,512 1 578 23,043 19 194 2,524 2,493 3 640 10 528 82,4581 ,390 1952—Mar. 31. 42,242 19,555 10,021 487 149 333 4 679 2,507 1 680 22 687 18 692 \2,023 2.550 3 594 10 515 102,670 1.325 Country banks: 1941—Dec. 31. 12,518 5,890 1,676 659 20 183 1,823 1,«30 6 628 4,377 110 481 2,926 861 222 1 028 1945—Dec. 31. 35,002 5,596 1,484 648 42 471 1,881 492 578 29,407 26,999 630 5,102 4,544 16 713 c,1,342 1,067 1948—Dec. 31. 36,726 11,945 3,296 1,356 21 187 4,467 1,895 817 24,781 21,278 760 3,340 1 128 16,046 42,286 1,217 1949—Dec. 31. 38,219 12,692 3,150 1,480 36 173 4,7842,320 884 25,527 21,862 1,148 3,753 1 768 15 189 42,505 1,160 1050—Dec. 30. 40,558 14,988 3,980 1,407 33 187 5,5912,9131 054 25,570 21,377 1,390 588 6 107 13 287 c 2,998 1,194 1951—Dec. 31. 42,444 16,296 4,377 1,610 35 178 6,0993,0461 163 26,148 21.587 2,418 2.568 4 008 12 587 c3,334 1,227 1952—Mar. 31. 42,638 16,531 4,414 1,655 25 181 6,1843,102 1 190 26,108 21,465 2,078 2,697 3 997 12 688 43,417 1,226 Insured nonmember commercial banks: 1941—Dec. 31. 5,776 3,241 543 478 20 64 1,282 854 2,535 1,509 17 152 1 069 271 563 462 1945—Dec. 31. 14,639 2,992 512 459 31 228 1,224 323 214 11,647 10,584 180 2,087 1,774 6 538 6 619 443 1948—Dec. 31. 16,685 5,911 1,131 975 12 105 2,426 975 334 10,774 9,246 234 2,066 594 6 349 1,030 498 1949—Dec. 31. 16,766 6,258 1,078 1,018 12 97 2,575 1,225 315 10,508 8,947 303 2,071 725 5 846 1,127 434 1950—Dec. 30. 17,414 7.023 1,255 1,015 18 100 2,872 1,461 370 10,391 8.632 453 465 2,702 5 008 1,294 465 1951—Dec. 31. 18,591 7,701 1,397 1,181 20 109 3,121 1,546 419 10,890 8,923 820 1,516 1,660 4 921 61,462 505 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total Ioan3 continue to be shown net. For other footnotes see opposite page. 794 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te ank F s B e s w e R R e d a r r i e v n e e t v r h - - e k e a s s l v C a i a n u s l h t b m a w a B d n e n i a o c s t k l e t - h - i s s c 3 j p m u D o a d s a d t s e e n e i - - - t d d s * m D e I s n d o t e t - i e c p r 8 c b >s a F e i n t i o s g k r n - m U G er . o e n v n S - - t . p v S s o i u a t l s a i b n i t o t d i d e c n i s a - s l c C h c o a f e e e e i f n t e f c r r c i d t d s k - . i ' s - , p a v s n a i p I t h d r d i n o o t i u d n r p c n a a i e o s s - l - , r s r - , I b n a t n e k r- P U m G S e i a o n r . a o n e s n g v v n d S t - s - a - t . l v S s p i a i u o s t c n a b i l a o d i t d l t e n - i s s - p a v n s a p i t I h d i d r n o o t i u d r n p n c a a i e s o s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p l n - i t - s 411 insured commercial banks: 1941—Dec. 31.. 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1948—Dec. 31. . 20,404 1,939 8,947 84,211 10,344 1,488 2,323 7,182 2,113 81,682 69 117 1,080 34,244 54 10,158 1949—Dec. 31.. 16,428 1,984 9,466 84,576 10,885 1,315 3,050 7,419 2,338 82,106 169 182 1,232 34,442 14 10,645 1950—Dec. 30.. 17,458 2,145 10,463 91,099 11,955 1,442 2,788 7,892 2,898 89,922 347 189 1,331 34,525 82 11,263 1951—Dec. 31.. 19,911 2,665 11,561 97,048 12,969 1,381 3,344 8,288 3,147 95,604 427 278 1,485 35,986 30 11,902 Member banks, total: 1941—Dec. 31.. 12,396 1.087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11.878 4 5,886 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1948—Dec. 31.. 20,406 1,486 5,674 72,152 10,098 1,480 2,122 5,850 1,962 70,947 63 111 927 27,801 45 8,801 1949—Dec. 31.. 16,429 1,521 6,194 72,658 10,623 1,310 2,838 6,017 2,185 71,589 164 175 1,051 27,934 11 9,174 1950—Dec. 30.. 17,459 1,643 6,868 78,370 11,669 1,437 2,523 6,400 2,724 78,659 341 183 1.121 28,032 79 9,695 1951—Dec. 31. . 19,912 2,062 7,463 83,100 12,634 1,369 3,101 6,666 2,961 83,240 422 257 1,238 29,128 26 10,218 1952—Mar. 31. . 19,586 1,772 6,372 78,753 10,841 1,308 5,409 6,816 2,219 77,007 446 272 1,291 29,556 299 10,385 New York City: 2 1941—Dec. 31. . 5,105 93 141 10,761 3.595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1948—Dec. 31.. 5,643 117 67 15,773 2,904 1,278 445 241 750 16,695 31 14 20 1,646 25 2,306 1949—Dec. 31.. 4,462 112 68 15,182 2,996 1,084 640 196 895 16,408 113 38 24 1,590 2,312 1950—Dec. 30.. 4,693 118 78 15,898 3,207 1,162 451 258 1,087 17,490 268 37 37 1,647 70 2,351 1951—Dec. 31.. 5.246 159 79 16,439 3,385 1.128 858 321 1,289 17,880 318 43 22 1,614 5 2,425 1952—Mar. 31. . 5,349 137 264 15,931 2,943 1,072 1,583 312 835 17,033 334 48 26 1,666 1 2,443 Chicago:1 1941—Dec. 31 . 1,021 43 298 2,215 L,027 8 127 233 34 2,152 476 288 1945—Dec. 31. 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1948—Dec. 31. . 1,325 28 143 3,604 1,038 26 188 284 53 3,702 i 11 989 444 1949—Dec. 31.. 1,183 27 159 3,797 1,151 40 258 286 60 3,932 4 10 1,069 470 1950—Dec. 30. 1,216 30 133 3,954 1,177 48 174 284 70 4,250 3 3 10 1,089 490 1951—Dec. 31.. 1,407 32 165 4,121 1,269 38 242 240 66 4,404 1 5 11 1,128 513 1952—Mar. 31. . 1,153 27 22 2,757 L, 454 35 455 252 89 2,779 5 4 11 1,099 ' "*79 516 Reserve city banks: 1941—Dec. 31.. 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.. 6,326 494 2,174 22,372 6,307 110 8.221 1,763 611 22,281 30 38 160 9,563 2 2,566 1948—Dec. 31.. 7,701 483 1,845 25,072 5,213 168 801 2,401 649 25,302 19 46 547 10,798 8 2,928 1949—Dec. 31.. 6,413 482 1,965 25,744 5,498 176 1,142 2,478 650 25.912 38 60 617 10,987 3,087 1950—Dec. 30.. 6,806 519 2,206 27,938 6,174 217 976 2,575 852 28.938 57 60 631 10,956 3,322 1951—Dec. 31.. 7,582 639 2,356 29,489 6,695 192 1,124 2,550 822 30,722 90 85 714 11,473 4 3,521 1952—Mar. 31. . 7,664 553 2,078 28,651 5,396 188 2,074 2,586 646 28,834 94 86 752 11,634 158 3,590 Country banks: 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1948—Dec. 31. . 5,736 858 3,619 27,703 943 8 688 2,925 510 25,248 13 49 350 14,369 12 3,123 1949—Dec. 31.. 4,371 901 4,002 27,935 979 9 797 3,058 579 25,337 13 73 400 14,289 11 3,305 1950—Dec. 30. . 4,745 976 4,450 30,581 1.111 10 922 3,282 715 27,980 12 82 443 14,339 9 3,532 1951—Dec. 31.. 5,676 1,231 4,862 33,051 1,285 11 876 3.554 783 30,234 13 125 491 14,914 16 3,760 1952—Mar. 31. . 5,420 1,054 4,007 31,413 1,048 13 1,297 3,666 650 28,360 13 134 503 15,157 61 3,836 Insured nonmember commercial banks: 1941—Dec. 31. . 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 959 1945—Dec. 31.. 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5,579 7 1,083 1948—Dec. 31 453 3,273 12,059 246 8 201 1,332 151 10,736 6 6 153 6,459 8 1,358 1949—Dec 31 463 3,273 11,918 261 6 213 1,402 153 10,517 5 6 182 6,524 3 1,473 1950—Dec. 30 503 3,596 12,729 286 5 265 1,492 174 11,262 6 6 210 6,510 3 1,570 1951—Dec 31 603 4,099 13,948 335 12 243 1,622 186 12,364 5 22 247 6,876 4 1,686 2 Central reserve city banks. 3 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942. aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. JULY 1952 795 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 Investments For purchasing or carrying securities U. S. Government obligations Com- Total merloans cial, To brokers Date or month i m n a v n e e d n s t t s - Total i t n a ri d n a u d l s , - and dealers To others e l R o st a e a n a t l s e b L a o t n o a k n s s O lo t a h n e s r Total c C t a i e f t i e r - - s O s ri e t t h c ie e u s r a c g ul r - i- G U o . v S t . . Other S U o .S v . t.Other Total Bills o d f e b in t- - Notes Bonds8 tural l o ig b a - - curi- l o ig b a - - n e e d s - s tions ties tions ties Total- Leading Cities 1951—May 69,589 32,584 19,152 2451,097 123 607 5,452 5,93437,005 30,485 1,764 8,12420,5976,520 1952—March. . . 73,678 34,807 21,305 207 940 102 559 5,646 582 6,01338,871 31.873 3,988 3,696 5,93918,250 6,998 April 73,109 34,743 20,988 ,111 104 565 5,669 466 6,03138.366 31 ,217 3,457 3,623 .,89918,238 7',149 May 73,402 34,741 20,649 1,161 93 567 5,682 457 6,11538,661 31,520 3,454 3,724 .,90018,4427,141 Apr. 2. . 73,111 34,795 21,172 2061,072 116 561 5,657 540 6,02138,316 31,163 3,415 3,611 5,917 18,220 7 153 Apr. 9. . 72,917 34,724 21,049 2641,062 103 560 5,658 550 6,02738,193 31,006 3,289 3,567 5,910 18,240 7187 Apr. 16. . 73,108 34,679 21,051 312 104 103 567 5,677 399 6,01538,429 31,244 3,523 3,611 5,89618,214 185 Apr. 23. . 73,076 34,746 20,872 474 ,160 102 568 5,679 404 6,03638,33031,216 3,435 3,640 5,90018,2417,114 Apr. 30. . 73,333 34,770 20,796 537 ,158 93 567 5,674 438 6,05638,563 31,456 3,624 3,684 5,87418,2747,107 May 7. . 73,168 34,659 20,723 597 110 91 568 5,675 380 6,06438,509 31,389 3,416 3,733 5,90418,336 7,120 May 14. . 73,230 34,745 20,707 559 128 93 568 5,684 480 6,07538,485 31,397 3,385 3,711 5,912 18,3897,088 May 21. . 73,365 34,696 20,636 4551,176 94 568 5,678 504 6,13538,66931,577 3,473 3,725 5,92718,4527,092 May 28. . 73,846 34,863 20,530 6541,231 93 566 5,690 463 6,18738,983 31,719 3,544 3,728 5,92318,,524 7,264 June 4. . 73,725 34,634 20,424 1,272 93 562 5,686 382 6,19539,091 31,903 3,681 3,695 5,94318,5847,188 June 11.. 73,956 34,679 20,518 533 ,176 92 559 5,696 420 6,23639,27732,060 3,856 3,692 5,94818,564 7,217 June 18. . 75,000 35,257 20,776 5591,218 102 552 5,703 618 6,28139.743 32,407 4,020 3,706 5,93718,7447,336 June 25. . 75,413 35,565 20,784 7231,298 103 5,722 6,30539, J 32,488 4,057 3,664 5,94118,8267,360 New York City 1951—May 19,865 9,944 6,727 185 837 466 1,333 9,921 8,083 493 1,682 5,9081,838 1952—March. . . 20,986 11,137 7,932 174 739 215 470 428 ,329 9,849 7,752 1,077 646 1,364 4,6652,097 April 2 2 0 0 , , 7 6 6 4 5 4 1 1 1 1 , ,0 0 2 2 8 0 7 7 , , 7 5 0 5 9 4 4 28 2 9 8 8 9 8 3 8 0 2 2 1 1 2 5 4 4 4 6 5 4 2 2 7 9 2 4 . ,3 3 3 1 5 9 9 9 . , 6 7 1 4 6 5 7 7 , ,6 4 6 6 5 8 9 8 4 6 5 7 6 6 5 3 6 0 1 1 , , 3 3 6 6 6 5 4 4, ,6 6 0 9 6 8 2 2 , , 1 0 4 8 8 0 May Apr. 2. . 20,805 11,127 7,815 181 861 214 469 419 ,317 9,678 7,493 884 633 1,356 4,6202,185 Apr. 9. . 20,635 10,996 7,744 204 856 215 470 343 ,312 9,639 7,454 842 634 1,368 4,610 2,185 Apr. 16. . 20,499 10,933 7,745 249 888 216 465 197 ,322 9,566 7,380 803 632 1,367 4,5782,186 Apr. 23. . 20,522 11,039 7,631 370 924 215 462 267 320 9,483 7,389 796 620 1,374 4,5992,094 Apr. 30. . 20,761 11,046 7,612 443 912 213 453 243 ,325 9,715 7,626 1,010 631 1,363 4,622 2,089 May 7.. 20,623 10,981 429 890 213 450 238 1,325 9,642 7.571 862 688 1,368 4,6532,071 May 14. . 20,642 11,017 404 910 214 449 301 1,323 9,625 7,576 887 660 ,371 4,6582,049 May 21.. 20,678 10,977 351 939 213 441 300 1,344 9,701 7,660 950 648 ,370 4,6922,041 May 28. . 21,119 11,106 7,508 529 979 209 440 250 1,348 10,013 7,856 1,083 629 ,374 4,7702,157 June 4. . 20,949 10,969 7,474 4391,011 209 431 225 1,338 9,980 7,892 1,054 621 ,377 840 2,088 June 11.. 20,960 10,961 7,510 404 950 208 432 276 1,339 9,999 7,891 1,038 638 ,371 4,8442,108 June 18. . 21,322 11,198 7,662 438 983 199 428 295 1,347 10,124 7,941 1,075 632 ,352 4,8822,183 June 25. . 21,591 11,376 7,670 5361,043 205 425 303 1,348 10,215 8,033 1,140 632 ,355 4,9062,182 Outside New York City 1951—May 49,724 22,640 12,425 60 260 4,986 4,60127,084 22,402 1,271 6,44214,6894,682 1952—March. . . 52,692 23,670 13,373 33 201 344 5,176 154 4,68429,02224,121 2,911 3,050 4,57513,5854,901 April 52,465 23.715 13,279 69 223 350 5,205 172 4,71228,75023,749 2,590 2,993 4,53413,6325,001 May 52,637 23,721 13,095 138 231 355 5,237 185 4,78028,91623,85= 2 ,509 3,068 4,53413,7445,061 Apr. 2. 52,306 23,668 13,357 25 211 347 5,188 121 4,70428,63823,670 2,531 2,978 4,56113,6004,968 Apr. 9. 52,282 23,728 13,305 60 206 345 5,188 207 4,71528,55423,552 2,447 2,933 4,54213,6305,002 Apr. 16. 52,609 23,746 13,306 63 216 351 5,212 202 4,693 28,86323,864 2,720 2,979 4,52913,6364,999 Apr. 23. 52,554 23,707 13,241 104 236 353 5,217 137 4,716 28,84723,827 2,639 3,020 4,52613,6425,020 Apr. 30. 52,572 23,724 13,184 94 246 354 5.221 195 4,73128,84823,830 2,614 3,053 4,51113,6525,018 May 7. 52,545 23,678 13,130 168 220 355 5,225 142 4,73928,867 23,818 2,554 3,04 = 4,53613,6835,049 May 14. 52,588 23,728 13,136 155 218 354 5,235 179 4,75228,86023,821 2,498 3,051 4,54113,7315,039 May 21. 52,687 23,719 13,092 104 237 355 5,237 204 4,79128,96823,917 2,523 3,077 4,55713,7605,051 May 28. 52,727 23,757 13,022 12 252 35 5,250 213 4,839 28,97023,; 2,461 3,099 4,54913,7545,107 June 4. 52,776 23,665 12,950 132 261 353 5,255 157 4,85729,111 24,011 2,627 3,074 4,56613,7445,100 June 11. 52,996 23,718 13,008 129 226 351 5,264 144 4,89729.27824,169 2,81? 3,054 4,57713,7205,109 June 18. 53,678 24,059 13,114 121 235 353 5,275 323 ,61924,466 2,94.' 3,074 4,58513,8625,153 June 25. 53,822 24,189 13,114 187 255 349 5,297 324 4,95729,633 24,455 2,917 3,032 4,58613,9205,178 1 Figures for various loan items are shown gross (i. c, before deduction of valuation reserves); they do not add to the total, which is shown net. 8 Includes guaranteed obligations. 796 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or mont B s F w e R e e a r r i e d a n t v - - h l k e s v C a a i u n sh lt b m a w a n d e o n i c s t - e k h t s i s c j p u m o s d a a t d e s e n - - i d t d s * s p p u v n h c a o a a o i e n i d r r r r p l d - - - s a t s - , - , S p s d s a i i o u t i c n o a v b l a d n i t - i l t e - s - s c C O c h a e f e e n i t e f c e r d r f c . t i d s - i k ' - s, U m G e . r o e n v - n S - t . s p p u n v c h a o a a o e i n i d r r r l r p d - - - s a t s - , - , S p s d s a i i o u t i c n o a v b l d a n i - t i l t e - s - s P U m G S e i a o n . a r o n e n v v s g d n - S - - t s a t . l m D t D e i o c s - e - man F e o i d g r- n Time r B i o n o w g r- - s c C o i a a t u c a p - n - l ts B d i e t a b s n - 4 k tions tions Total— Leading Cities 1951—May 13,864 832 2,22349,797 50,304 3,801 1,300 14,483 130 8,9311,344 640 6,623110,650 1952-March... 14,899 873 2,557 52,733 !3,695 3,452 1,506 2,92115,385 757 17010,274 ,229 415 681 6,908124,758 April 14,646 855 2.40951,723 S2.494 3,761 1.596 3,24515,414 765 170 9.838 ,246 423 762 6,948119,934 May. . . . 14,767 891 2,317 12,218 52,737 3,954 1,571 2,99815,501 775 174 9,552 ,242 426 991 6,996121,315 Apr. 2... 14,475 819 2,652 51,16251,729 3,710 1,533 3,66615,385 764 16910,380 ,232 430 464 6,935 30,682 Apr. 9... 14,401 875 2,35651,176 1,602 3,589 1,418 3,34515,405 766 17010,005 ,263 425 568 6,942 25,747 Apr. 16... 14,918 866 2,501 51,82353,561 3,671 1,514 3,13715,413 765 17210,136 ,241 420 848 6,939 27,364 Apr. 23... 14,701 873 2,25452,153 2,664 3,767 1,860 2,89315,421 763 171 9,337 ,249 4171,059 6,947 28,325 Apr. 30... 14,735 845 2,281 52,30352,913 4,070 1,656 3,18415,444 767 172 9,334 ,243 421 869 6,975 28,271 May 7... 14,784 850 2,24551,88751,798 4,014 1,432 2,70515,472 763 173 9,708 1,221 1,210 6,997 28,224 May 14... 14,709 910 2,437 51,95553,222 3,910 1,365 2,92815,470 779 171 9,901 1,203 423 949 6,991 26,121 May 21... 14,952 864 2,291 52,17052,775 3,871 1,755 3,44115,508 777 175 9,421 1,265 425 792 6,990 29,688 May 28... 14,624 940 2,29652,86353,152 4,021 1,735 2,91715,554 780 175 9,179 1,281 1,014 7,005 27,444 June 4... 14,691 937 2,30452,51653,227 3,809 1,516 2,69115,583 774 174 9,624 1,277 1,084 7,017 24,595 June 11... 14,691 990 2,36353,20254,368 3,600 1,372 2,25815,608 770 176 9,770 1,245 4541,051 7,015 25,693 June 18... 15,809 942 2,532 53,92455,334 3,570 2,044 3,20215,634 770 17510,262 1,243 4571,056 7,013 33,114 June 25... 14,806 977 2,35052,87053,285 3,812 1 ,984 4,42915,681 762 178 9,641 1,265 454 711 7,021 29,379 New York City 1951—May 4,949 127 31 581 1,476 2,704 1,111 261 317 2,330 42,272 1952—March 5,389 133 48 16,28617,119 238 704 1,080 1,556 1,023 315 203 2,394 50.213 A M p ay ril 5 5 , , 2 3 0 5 9 8 1 1 3 4 1 2 3 6 3 41 1 5 6 , , 8 0 7 6 5 0 1 1 6 6 , , 7 7 0 6 2 4 3 3 2 5 3 2 8 7 2 9 5 6 1 1, , 0 0 6 1 5 8 1 1 , , 5 5 5 7 6 9 2,776 1 1 , , 0 0 3 3 0 3 3 3 1 2 9 0 3 3 1 7 5 2 2 2, , 4 4 1 0 1 3 4 4 9 9 , , 7 8 4 3 5 0 Apr. 2 ... 5,032 127 197 15,90316,686 302 675 1,235 1,571 2,997 1,011 326 69 2,400 12,637 Apr. 9... 4,999 137 27 15,60516,266 317 663 1,042 1,553 2,940 1,050 321 241 2,401 10,745 Apr. 16... 5,380 131 34 15,74316,797 299 712 943 1,548 2,925 1,023 317 483 2,402 11,313 Apr. 23... 5,333 132 31 16,03216,779 312 1,075 871 1,545 2,734 1,033 314 434 2,402 11,804 Apr. 30... 5,300 127 32 16,09016,982 385 853 1,001 1,565 2,803 1,031 316 350 2,411 11,671 May 7... 5,318 132 26 15,91016,422 373 689 904 ,556 2,795 1,005 317 536 2,412 11,813 May 14... 5,314 139 35 15,87416,749 330 606 1,126 ,560 2,819 995 317 337 2,412 10,425 May 21... 5,453 129 38 16,04816,809 303 1.027 1,229 ,579 2,747 1,055 319 214 2,413 11,913 May 28... 5,347 166 16,41117,077 403 979 1,000 ,619 2,741 1,076 329 400 2,407 11,476 June 4... 5,425 193 16,24016,974 289 733 938 ,604 2,753 1,062 334 600 2,411 10,507 Tune 11... 5,218 212 16,40917,268 265 615 743 ,615 2,760 1,028 342 464 10,389 June 18... 5,923 184 16,99617,937 234 1,131 808 ,630 3,037 1,021 344 535 14,314 June 25... 5,330 197 16,37017,071 250 1,127 1,507 ,639 2,871 1,046 341 285 2,404 12,282 Outside New York City 1951—May 8,915 2,192 34,36234,088 3,508 2,36713,007 6,227 233 323 4,293 68,378 1952—March 9,510 740 2,509 36,44736,576 3,214 802 1,84113,829 730 122 7,278 206 100 478 4,514 74,545 April 9,43 724 2,34535,84835,792 3,438 800 2,22713,858 739 121 6,958 216 104 447 4,545 70,189 May 9,409 749 2,284 36,15835,973 3,602 746 1,93313,922 750 125 6,776 209 106 619 4,585 71,485 Apr. 2... 9,443 692 2,45535, ,043 3,408 858 2,431 13,814 737 121 7,383 221 104 395 4,535 18,045 Apr. 9... 9,402 738 2,32935,57135,336 3,272 755 2,303 13,852 739 121 7,065 213 104 327 4,541 15,002 Apr. 16... 9,538 735 2,46736,08036,764 3,372 802 2,194 13,865 737 123 7,211 218 103 365 4,537 16,051 Apr. 23... 9,368 741 2,22336,12135,885 3,455 785 2,022 13,876 739 122 6,603 216 103 625 4,545 16,521 Apr. 30... 9,435 718 2,249 36,21335,931 3,685 803 2,183 13,879 743 123 6,531 212 105 519 4,564 16,600 May 7... 9,466 718 2,219 35,97735,376 3,641 743 1,80113,916 738 124 6,913 216 104 674 4,585 16,411 May 14... 9,395 771 2,40236,08136,473 3,580 759 1,802 13,910 754 122 7,082 208 106 612 4,579 15,696 May 21... 9,499 73 < 2,25336,12235,966 3,568 728 2,212 13,929 752 126 6,674 210 106 578 4,577 17,775 May 28... 9,277 774 2,26436,45236,075 3,618 756 1,917 13,935 755 126 6,438 205 106 614 4,598 15,968 June 4... 9,266 744 2,271 36,27636,253 3.52C 783 1,753 13,979 749 6,871 215 108 484 4,606 14,088 Tune 11... 9,473 778 2,33436,79337,10C 3,335 757 1,515 13,993 748 124 7,010 217 112 587 4,606 15,304 Tune 18... 9,886 758 2,497 36,92837,397 3,336 913 2,394 14,004 748 123 7,225 222 113 521 4,608 18,800 June 25... 9,476 780 2,314 36,50036,214 3 ,562 857 2,922 14,042 74C 125 6,770 219 113 426 4,617 17,097 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 4 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basiss, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. JULY 1952 797 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY AND PURPOSE' [Net declines, (—). In millions of dollars] Business of borrower Purpose of loan 3 Manufacturing and mining Comm'l, Period * t l o F i b q a o n a u o c d o d c r , , o T a le e p a a x p n t t a h d il r e e e r s l , p m e M r m r ( a o y a i e c n e n d t h t a c d u a a i n l l c n l . s d t - s ch r P l u e c e a e m b o u n t a b m r d i l o c e , , a - r l Other ( r T w e a s r t h a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s f p i S c n a o a a n m l n i e c e s - e s u P p t t t ( r u i o i i a l o n b r i n c n t t l s i a l i ) e - . c - s s o C t t a t i r o n h o u d n n e c - r - c c h l N f a a i n e s e d s g t i e - s D a p f n o e s e d f r u n e t s p i d n e - n e s - g e - de N f o en n s - e c c h l N f a a i n e s e s g d t i e - s ch t i o a a a n g t n n d a r d g ' l ' l l , e < trans. equip.) 1951—April-June.. -243 116 275 48 60 62 -421 63 175 52 186 399 -56 343 18 July-Dec... 932 -361 873 125 141 16 722 30 351 -61 2,769 1,131 1,641 2,773 2,372 1952—Jan.-June... -868 -73 1,111 176 76 -105 -634 -217 -2 -10 -546 808 Monthly: 1952—March -191 8 288 49 33 36 -119 54 55 -7 205 214 -9 205 207 April -295 -35 41 -26 5 20 -131 3 -70 -12 -499 18 -517 -499 -568 Jvlay —116 — 57 29 —34 —7 — 118 35 19 26 —223 —266 June -35 2 93 44 ""i6" 5 -53 70 59 49 249 254 Week ending: Apr. 2.... -96 1 5 -27 6 -6 -23 7 -43 2 -173 -18 -154 -173 -192 Apr. 9.... -23 3 -13 7 -10 -2 -29 -37 -15 -7 -126 -13 -113 -126 -123 Apr. 16.... -60 A 57 15 19 21 -44 21 -4 -5 15 41 -26 15 2 Apr. 23.... -53 -18 -4 -32 -4 -1 -10 5 -15 -13 -144 -29 -116 -144 -179 Apr. 30.... -64 -17 -4 12 -7 8 -25 6 8 12 -71 38 -109 -71 -76 May 7.... -31 -3 10 -4 2 7 -42 11 -23 4 -69 -73 May 14 —28 — 7 10 11 2 -23 — 12 15 5 —20 -16 May 21.... -44 -24 13 6 -1 -4 -28 15 10 4 -53 -71 May 28.... -13 -23 -4 -46 -3 -17 -26 21 17 14 -81 -106 June 4.... -37 4 -32 -8 -16 -11 -27 15 -13 18 -108 -106 June 11 — 7 —3 62 16 17 12 — 12 — 19 15 10 90 94 June 18'.'.'.! 24 5 53 43 17 9 -12 57 43 13 251 258 June 25.... -14 o 10 —7 -1 -5 2 17 13 9 17 8 1 Sample includes about 220 weekly reporting member banks reporting changes in their larger loans as to industry and purpose; these banks hold nearly 95 per cent of total commercial and industrial loans of all weekly reporting member banks and about 70 per cent of those of all commercial banks. During April and May 1951 the coverage was smaller, and some banks were classifying only the new loans, and not repayments, as to purpose. 2 Monthly, quarterly, and semiannual figures are based on weekly changes during period. 3 Purpose classification of loans discontinued after April 30, 1952. 4 Net change at all banks in weekly reporting series. OUTSTANDING COMMITMENTS OF LIFE INSURANCE COMPANIES TO ACQUIRE LOANS AND INVESTMENTS FOR DEFENSE AND NONDEFENSE PURPOSES * [In millions of dollars] Defense and defense-supporting Nondefense To others, orI real estate mortgages State, Other To county, End of month Total Total P ut u i b li l t i y c R ro a a i d l- bu a si n n d ess Total bu a si n n d ess Nonfarm residential a n n i d c i m pa u l du i s n t - ry du i s n t - ry Farm VA FHA Con- Total guaran- in- venteed sured tional 1951—April 2 4,504 1,687 383 300 1,005 2,709 963 99 1,648 650 649 349 108 May 2 4,331 1,677 450 298 928 2,564 937 88 1,539 577 619 343 91 June 2.... 4,197 1,760 446 309 1,005 2,362 831 83 1,447 531 594 322 76 July 2 4,055 1,757 450 297 1,011 2,221 752 80 1,390 484 566 340 77 August2. . 3,749 1,642 409 286 947 2,053 744 80 1,229 402 509 317 54 September 3,928 1,706 407 236 1,063 2,163 918 83 1,162 365 490 307 59 October... 4,037 1,867 395 204 1,268 2,119 945 96 1,078 316 452 310 51 November 4,394 2,112 353 192 1,567 2,238 955 98 1,186 276 437 473 44 December. 4,175 2,019 310 170 1,539 2,111 1,007 107 997 270 417 311 44 1952—January. . 4,144 1,983 302 137 1 ,544 2,114 1,053 99 962 257 409 295 46 February. 4,101 2,111 419 158 1,534 1,937 969 102 866 222 346 298 54 March. . . 4,090 2,211 508 144 1,559 1,842 901 88 852 205 332 315 37 April 4,158 2,181 512 158 1,511 1,946 980 85 881 200 352 329 31 1 With suspension of the Voluntary Credit Restraint Program, coverage and classification of these data are being revised. Pending such revision, publication of the series is temporarily discontinued. 2 Excludes business mortgage loans ot less than $100,000 each and foreign investments, which were not reported until September. NOTE.—Data for 45 companies, which account for 85 per cent of the assets of all United States life insurance companies; they were initiated by the Life Insurance Association of America in accordance with the Program for Voluntary Credit Restraint. 798 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a - i l ng Total Accept O b in i w l g l n s banks bo B u il g ls ht Others 2 I U S m i n t n p a i t o t t o e e r s d ts E U S f x n t r p a o i o t m t e e r s d ts c D h e o a x l n l - g ar e G U s o h n o i i p t d e p p s d o e s d i t n o t b r s e e F d i t o n w r i e e n e i g n o n r States countries 1951—April 387 456 170 119 52 285 288 111 2 24 31 May 364 417 143 108 35 274 259 102 1 22 33 June 331 425 162 120 42 263 267 104 (3) 22 31 July 336 380 135 103 33 245 225 104 (3) 24 27 August 368 384 122 94 28 262 218 109 6 25 26 September 377 375 118 85 33 256 210 104 3 27 31 October 410 398 131 87 44 267 226 106 4 27 35 November 435 437 154 96 58 283 227 116 5 46 43 December 434 490 197 119 79 293 235 133 23 55 44 1952—January 480 492 193 127 66 300 235 135 23 52 48 February 517 493 188 121 67 305 234 135 27 46 51 March 534 458 177 120 57 282 228 138 6 36 51 April 544 422 150 110 40 272 211 135 6 22 48 May 510 430 155 121 34 275 197 136 37 17 43 1 As reported by dealers; includes some finance company paper sold in open market. 'None held by Federal Reserve Banks except on Mar. 31, 1951, and on Apr. 30, 1951, when their holdings were $1,996,000 and $178,000, respectively. 8 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances 1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in borrowed2 In partners' In firm (net)i and trading and trading banks Free Other investment investment In capital accounts accounts (net) and trading and trading accounts accounts accounts (net) 1943—June .... 761 9 190 167 529 334 66 15 7 212 December... 789 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 December... 540 5 312 456 218 694 120 30 10 290 1947—June 552 6 333 395 223 650 162 24 9 271 December... 578 7 315 393 240 612 176 23 15 273 1948—June 619 7 326 332 283 576 145 20 11 291 December... 550 10 312 349 257 586 112 28 5 278 1949—June 681 5 419 280 493 528 129 20 9 260 December... 881 5 400 306 523 633 159 26 15 271 1950—June 1,256 12 386 314 827 673 166 25 11 312 December... 1,356 9 399 397 745 890 230 36 12 317 1951—June 1,275 10 375 364 680 834 225 26 13 319 July 31 266 1 672 8 825 August . 81,260 8 624 8816 September 31,290 8 640 »843 October 8 1 291 8 653 8 853 November 3 1 279 8 649 8 805 December... 1,292 12 392 378 695 816 259 42 11 314 1952—January 31 289 3 633 3 809 February 3 1 280 3 652 8 790 M^arch 3 1 293 3 734 3 756 April 31,315 3818 3 756 May 31,312 3 847 3 725 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 8 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): March, 39; April, 38; May, 33. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. JULY 1952 799 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESS BY BANKS IN SELECTED CITIES U. S. Government [Per cent per annum] Prime securities (taxable) Prime bankmo Y w n e e th a e r k , , or m m 4 p - c e o a o r t n p o c m t e i h a r 6 - , s l - 1 a a d c n e a 9 c r c y s 0 e e s ' p s l , t- M y 3 a i - r e m k ld e o t nth o i n R s b s a i n u l t l e e e s w s 9 i m s - s t o o u n e 1 s th 2 2 - 3 is - y s t e u o a e r s 5 - 3 Area and period lo A a l n l s $ $ 1 1 0 ,0 ,0 00 0 - 0 $ $ 1 1 0 0 S 0 ,0 i , z 0 0 e 0 0 0 - of $ $ 1 l 2 0 o 0 0 a 0 , n 0 ,0 0 0 0 0 - $ an 2 d 0 0 o ,0 v 0 e 0 r Annual averages: 19 cities: 1949 average 1.48 1.12 1.08 1.102 1.14 .43 1942 2.2 4.4 3.2 2.2 2.0 1950 average 1.45 1.15 .20 1.218 .26 L.50 1943 2.6 4.4 3.4 2.5 2.4 1951 average 2.17 1.60 .52 1.552 .73 L.93 1944 2.4 4.3 3.3 2.6 2 2 1945 2.2 4.3 3.2 2.3 2.0 1951—June 2.31 1.63 .45 1.499 .79 1.00 1946 2.1 4.2 3.1 2.2 1 .7 July 2.31 1.63 .56 1.593 1L .74 L .94 1947 2.1 4.2 3.1 2.5 1.8 August.... 2.26 1.63 1.62 1.644 L .70 L .89 1948 2.5 4.4 3.5 2.8 2.2 September. 2.19 1.63 L .63 1.646 .71 L.93 1949 2.7 4.6 3.7 3.0 2.4 October. . . 2.21 1.63 L .54 1.608 L.74 2.00 1950 2.7 4.5 3.6 3.0 2.4 November. 2.25 1.63 L .56 1.608 L .68 2.01 1951 3.1 4.7 4.0 3.4 2.9 December.. 2.31 1.69 L.73 1.731 L.77 >.O9 Ouarterlv: 19 cities: 1952—January... 2.38 1.75 1.57 1.688 .75 1.08 19=51—.sept 3 06 4.74 3 .99 3.36 2 78 February. . 2.38 1.75 L .54 1.574 L .70 2.07 Dec 3.27 4.78 4.05 3.49 3.03 March 2.38 1.75 L .59 1.658 L .69 1.02 April 2.35 1.75 .57 1.623 .60 L.93 1952—Mar.. 3.45 4.85 4.16 3.66 3.24 May 2.31 1.75 1.67 1.710 .66 .95 June 3.51 4.90 4.21 3.72 3.29 June 2.31 1.75 1.70 1 .700 .74 2.04 New York City: 1951—Sept 2.79 4.35 3.72 3.18 2.64 Week ending: Dec 3.01 4.37 3.91 3.34 2.87 May 31.... 2.31 1.75 .70 1.728 .67 L.97 June 7.... 2.31 1 .75 1.73 1 .737 L . 69 .99 1952—Mar 3.23 4.43 3.97 3.48 3.11 Tune 14.... 2.31 1.75 .71 1.753 .72 >.02 June 3.27 4.53 4.03 3.55 3.14 June 21.... 2.31 1 .75 L .58 1.626 .74 1.05 7 Northern and East- June 28 2.31 1.75 L .74 1.682 .81 2.09 ern cities: 1951—Sept 3 .06 4.81 3.97 3.24 2.82 1 Monthly figures are averages of weekly prevailing rates. Dec 3 ?3 4.81 4.04 3 .46 3 03 2 Series includes certificates of indebtedness and selected note and 1952—Mar.. 3.47 4.91 4.16 3.67 3 29 bond issues. June 3.46 4.90 4.17 3.71 3.27 3 Series includes selected note and bond issues. 11 Soutliern and Back figures.—See Banking and Monetary Statistics, Tables 120-121, Western cities: pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1951—Sept 3.47 4.89 4.17 3.55 3.04 1947, pp. 1251-1253. Dec 3.67 4.95 4.15 3.62 3.35 1952—Mar 3.79 5.01 4.28 3 .79 3.46 June.. 3.90 5 .05 4.33 3 .86 3 .63 NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND YIELDS1 [Per cent per annum] Corporate ^Moody's)i Year, month, or week G t ( m U o e lo r v . e m n e n S g r ) t . n - 2 - M g ( r h i u a p i d n g a e i h l c ) - - 3 g C ( r h r o a a i r d g t p e e h o ) - - 4 Total By ratings Indus- 3y R g a r i o l- ups Public Aaa Aa A Baa trial road utility Number of issues 1-8 15 9 120 30 30 30 30 40 40 40 1949 average 2 31 2 21 2 65 2 96 2 66 2 75 3.00 3.42 2 74 3 24 2 90 1950 average 2.32 1.98 2 60 2 86 2.62 2.69 2.89 3 24 2.67 3 10 2.82 1951 average . . 2.57 2.00 2 86 3.08 2 86 2.91 3 13 3 41 2.89 3.26 3.09 1951—june 2.65 2.22 2.95 3 16 2 94 2 99 3 21 3.49 2 96 3 33 3.18 July .... 2 63 2 18 2 93 3 17 2 94 2 99 3 23 3 53 2 97 3 36 3 19 August 2.57 2 04 2 86 3.12 Z. OO 2 92 3.18 3.51 2 92 3.31 3.13 September 2 56 2 05 2 85 3 08 2 84 2 88 3 15 3.46 2 89 3 27 3 09 October 2.61 2.08 2 92 3.13 2.89 2 93 3 18 3.50 2.93 3 31 3.14 November 2.66 2.07 2.98 3.20 2 96 3 02 3.26 3.56 2.97 3 42 3.21 December . . .. 2 70 2 10 3 03 3 25 3 01 3 06 3 31 3 61 3 00 3 50 3 24 1952—January . . 2 74 2 10 2 96 3 24 2 98 3 05 3 32 3 59 3 00 3 48 3 23 February 2.71 2.04 2 89 3 18 2 93 3 01 3 25 3 53 2 97 3 38 3.19 March 2 70 2 07 2 96 3 19 2 96 3 03 3 24 3 51 2 99 3 36 3 21 April 2 64 2 01 2.92 3 16 2 93 3 01 3.20 3.50 2 97 3 32 3 19 May 2.57 2.05 2.93 3.16 2.93 3.00 3.20 3.49 2.97 3.31 3.19 June 2.61 2.10 2.95 3.17 2.94 3.03 3.20 3.50 2.98 2.32 3.20 Week ending: May 31 2.60 2.07 2.95 3.16 2.93 3.01 3.20 3.49 2 .98 3.31 3.19 June 7 2.62 2.08 2.95 3.16 2.93 3.02 3.20 3.50 2.98 3.31 3.19 Tune 14 2 61 2 10 2 95 3 16 2 93 3 02 3 20 3 50 2 98 3 32 3 19 June 21 2.61 2.11 2.95 3.17 2.94 3 .03 3.20 3.51 2.99 3 .33 3.19 June 28 2.62 2.12 2 .96 3.17 2 .93 3 .03 3.20 3.50 2.98 3.33 3.19 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on figures for Wednesday. 2 Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds due or first callable after 15 years were included. 3 Standard and Poor's Corporation. 4 U. S. Treasury Department. 5 Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively. Back figures.—See Bankinz and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945. pp. 483-490, and October 1947, pp. 1251-1253. 800 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS Bond prices Stock prices Common Volume of Standard and Poor's series Securities and Exchange Commission series trad- Ye o ar r , w m e o ek nth, m U G e e r . o n n v S - t - . 2 g M i ( r c h a i u i d p g n a e h - l ) - 1 g ( r C r p h a a o o i d t g r e - e - h ) - 1 fe P r r r e e - d* Tota ( l inde d t x I r u , n i a s - 1 - l 935 R r - o a 3 a i 9 d l- =10 u P 0 t u i ) l l i b c it - y Total Tot M al anu D a fa b u c l r e t - ( u in ri d n N e d g x u o , r n - - 19 T 3 p 9 t r o i a = o r n n 1 ta s 0 - - 0) P u i l t u t i i y c b l- - T a s a r f e n i a n r n c d v d e - e - , , M in i g n- s s t h h a i a o ( n n o r i f g n d u e 5 s - s) able ice Number of issues 1-8 15 17 15 416 365 20 31 265 170 98 72 21 28 32 14 1949 average. .. 102.73 128.9 121.0 176.4 121 128 97 98 128 132 116 147 139 98 161 129 1,037 1950 average. . . 102.53 133.4 122.0 181.8 146 156 117 107 154 166 150 180 160 107 184 144 »,012 1951 average.. . 98.85 133.0 117.7 170.4 177 192 149 112 185 207 178 233 199 113 208 205 :,684 1951—June. . . . 97.62 128.6 116.6 167.9 172 187 142 110 179 200 169 229 188 110 201 186 1,305 July 97.93 129.4 116.2 166.7 173 188 139 112 182 204 170 236 188 111 202 195 1,333 Aug 98.90 132.1 117.1 169.4 182 198 147 114 190 215 179 249 196 114 206 219 11,463 Sept 99.10 132.0 118.0 168.5 187 205 153 116 195 220 185 253 204 115 215 231 L916 Oct 98.22 131.3 116.9 167.0 185 202 155 115 191 216 185 244 203 114 214 244 11,802 Nov 97.52 131.6 115.3 165.4 178 193 144 115 185 208 178 235 194 114 208 239 11,246 Dec 96.85 130.9 114.8 163.7 183 199 151 116 190 215 182 245 204 115 209 238 1,367 1952—Jan 96.27 130.8 115.5 164.1 187 204 155 117 195 222 185 255 211 116 209 246 1,574 Feb 96.77 132.1 116.5 165.9 183 199 155 118 193 218 183 251 209 117 206 258 1,320 Mar 96.87 131.5 115.9 168.3 185 201 161 118 193 216 182 248 214 117 203 295 1,283 Apr 97.95 132.7 116.2 172.2 184 199 165 117 191 215 181 245 217 116 203 298 L ,282 May. . . . 98.91 131.9 116.3 173.4 184 199 167 117 190 214 182 243 216 117 201 283 ,044 June 98.32 130.9 116.2 173.3 188 204 174 116 196 222 187 253 225 117 204 291 ,215 Week ending: May 31. . 98.55 131 .5 116.1 173.5 184 200 169 117 191 215 182 246 218 117 201 283 L ,025 June 7.. 98.29 131.3 116.1 173.4 185 200 173 117 194 219 186 250 224 118 202 286 1,253 Tune 14.. 98.33 130.9 116.1 173.4 187 204 174 116 195 221 185 253 224 116 203 294 1,235 Tune 21. . 98.39 130.7 116.2 173.8 188 205 174 116 196 222 188 254 224 117 203 290 1,134 June 28. . 98.29 130.5 116.2 172.4 190 207 175 116 198 224 190 256 227 117 206 292 1,205 1 Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's series), which are based on figures for Wednesday. 2 Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds due or first callable after 15 years were included. 8 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 5 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475. 479, 482, and 486. respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For new capita For refund ng Total Domestic Domestic (new and Total Total Year or month f i u r n n e g - d ) - m e f ( a e i d o g n s o r n d t - - i ) c Total S n m a p t i n a c a i d i t i l - e - a c F e g i e e r e a s d n l - - i Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o g r n - 2 m e ( a f e i o d g n s r o n d t - - i ) c Total S n m a p t i n a c a u d t l i - e - a c F e g i e e r e a s d n l - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stocks e F ig o n r- 2 1943 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 105 1947 3 9,6913 7,566 7,255 2,228 239 4,787 3,567 1,219 68 2,125 1 ,948 44 422 1,482 1,199 283 177 1948 10,220 9,085 9,076 2 ,604 294 4 6,1774 5,269 908 10 1,135 1,135 82 768 284 257 28 1949 9,753 8,160 8,131 2 ,803 233 5 ,095 4,125 971 29 1,593 1 ,492 104 943 445 393 52 ioi 1950 •U0,900 8,214 8,103 3,370 394 4,339 3,138 1,200 111 32,686 2 ,463 112 992 1 ,360 1,301 58 123 1951 a 12,267 310,014 9,617 3,084 469 6,064 4,459 1,605 246 2,253 2,216 92 1,597 527 394 133 37 1951—May 1,171 951 871 407 60 404 314 89 80 220 220 4 198 18 12 6 June.... 1,391 1,162 1,142 280 89 774 627 146 20 229 229 3 137 89 82 7 July. 946 820 812 319 8 485 334 151 8 126 126 2 93 31 31 Aug 677 485 451 151 300 199 101 34 192 192 1 172 20 20 Sept 31,075 3 881 731 265 40 427 370 56 50 194 194 4 170 20 14 6 Oct 1,292 970 945 368 107 470 272 198 26 322 322 18 288 16 14 2 J^OY 1,006 866 866 297 569 371 197 140 140 4 89 47 23 24 Dec 1,053 842 838 276 562 361 201 4 211 205 19 102 83 83 6 19 52—Jan 1,232 930 926 349 39 538 437 101 4 302 302 221 71 10 7 3 Feb 852 694 667 285 <36 346 200 146 27 158 158 8 76 74 73 1 Mar 1 ,090 1 ,003 994 144 38 812 619 192 9 87 81 4 63 13 13 " 6 Apr 1,551 1,249 1,237 452 80 704 535 170 12 303 299 2 257 40 36 4' 4 c Corrected. 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 3 These figures for 1947, 1950, 1951, and September 1951 include 244 million dollars, 100 million, 150 million, and 100 million, respectively, of issues of the International Bank for Reconstruction and Development. 4 Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. JULY 1952 801 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month E pr s o t g i c r m e o e s a d s te s d 2 E pr s o ti c n m e e e t a d te s d 3 N P e l w a n m t o an ne d y Working Retirem B e o n n t d o s f a n se d cur P it r i e e f s erred R ot e h p e a r o y f m de e b n t t pu O r t p h o e s r es Total equipment capital Total notes stock 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1946 6,900 6,757 3,279 2,115 1,164 2,868 2,392 476 379 231 1947 6,577 6,466 4,591 3,409 1,182 1,352 1,155 196 356 168 1948 7,078 6,959 5,929 4,221 1,708 307 240 67 488 234 1949 6,052 5,959 4,606 3,724 882 401 360 41 637 315 1950 6,361 6,261 4,006 2,966 1,041 1,271 1,149 122 620 364 1951 7,741 7,607 6,531 5,110 1,421 486 391 96 363 226 1951—May 670 661 587 433 153 37 28 9 14 24 June... .... 861 847 714 471 242 63 54 9 58 12 July 531 521 469 350 119 30 26 3 18 5 August. 508 500 436 342 94 24 21 3 27 14 September 390 381 343 286 58 18 18 15 5 October 655 639 548 404 144 12 10 2 53 26 November 673 660 570 488 83 43 42 1 29 18 December 871 856 771 682 90 45 42 2 11 29 1952—January 605 595 559 487 72 8 8 15 13 February . . 478 469 413 278 134 36 35 1 13 7 March. 972 954 875 655 221 15 15 45 19 April .. 805 789 688 490 197 16 13 3 64 22 May 947 929 755 617 139 136 136 35 3 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS * [In millions of dollars] Manufacturing 5 C m o i m sc m el e l r a c n i e a o l u a s n 8 d Railroad Public utility 7 Communication 8 R an e d al f e in st a a n t c e ial Year or month Total Total Total Total Total Total net New Retire- net New Retire- net New Retire- net New Retire- net New Retire- net New Retirepro- moneyments 10 pro- moneyments 10 pro- money ments 10 pro- moneyments 10 pro- moneyments 10 pro- money ments 10 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 1938 831 469 226 54 24 30 1,208 180 943 16 8 7 1939 584 188 353 182 85 97 1,246 43 1,157 102 9 88 1940 961 167 738 319 115 186 1,180 245 922 155 42 9 1941 828 244 463 361 253 108 1,340 317 993 94 55 18 1942 527 293 89 47 32 15 464 145 292 4 4 1943 497 228 199 160 46 114 469 22 423 21 13 4 1944 1,033 454 504 602 102 500 1,400 40 1,343 107 61 42 1945 1,969 811 1,010 1,436 115 1,320 2,291 69 2,159 206 85 65 1946 3,601 2,201 981 704 129 571 2,129 785 1,252 323 164 64 1947 2,686 1,974 353 283 240 35 3,212 2,188 939 286 189 24 1948 2,180 1,726 54 "403" "364" 2i 617 546 56 2,281 1,998 145 891 870 2 587 485 30 1949 1,391 851 44 338 229 28 456 441 11 2 615 2,140 234 567 505 49 593 440 35 1950 1,175 688 149 538 262 63 548 301 193 2,866 1,971 685 395 304 81 739 480 100 1951 3,066 2,617 221 518 337 56 332 297 34 2,570 2,317 104 605 594 5 515 368 66 1951—May 339 307 6 56 42 14 14 14 200 194 2 3 3 48 27 15 June 384 336 19 52 37 5 26 26 259 242 3 3 2 124 72 36 July 154 124 17 36 21 12 18 18 188 186 1 51 51 74 70 August 230 198 17 22 16 3 9 9 209 198 4 3 3 27 12 September 156 142 13 28 19 3 30 30 145 133 2 8 8 14 11 October 306 263 10 40 26 18 16 1 197 179 15 15 62 48 November 214 180 21 46 22 76 61 15 273 260 6 37 37 14 11 December 480 428 26 39 28 2 22 22 266 251 14 25 24 23 18 2 1952—January 349 331 •••• — 29 21 1 17 17 184 177 6 2 2 14 11 1 February 285 238 13 9 2 29 29 125 122 3 3 3 13 12 March 366 336 4 61 46 5 12 12 490 461 6 6 6 20 15 April 244 226 5 47 30 1 34 34 376 313 8 43 40 46 44 May 503 448 45 13 11 123 31 81 243 221 8 22 22 25 21 3 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and expenses. 4 Classifications for years 1938-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently similar for broad comparisons. See also footnotes 5 through 8. 5 Prior to 1948 this group corresponds to that designated "industrial" in the old classification. 6 Included in "Manufacturing" prior to 1948. 7 Includes "Other transportation" for which separate figures are available beginning in 1948. 8 Included in "Public utility" prior to 1948. 9 Includes issues for repayment of other debt and for other purposes not shown separately. 10 Retirement of securities only. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a publication of the Board of Governors. 802 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS MANUFACTURING CORPORATIONS [In millions of dollars] Assets of 10 million dollars and over Assets of 50 million dollars and over Assets of 10-50 million dollars (200 corporations) (81 corporations) (119 corporations) Year or quarter Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Annual 1939 10,621 1,212 999 725 9,008 1,071 883 656 1,613 141 116 69 1940 13,041 1,848 1,277 859 11,138 1,638 1,127 772 1,903 211 149 86 1941 18,342 3,165 1,523 951 15,691 2,778 1,329 854 2,651 387 194 96 1942 21,841 3,408 1,224 763 18,544 2,876 1,056 672 3,297 532 168 91 1943 28,312 3,693 1,263 779 24,160 3,111 1,097 688 4,152 582 167 91 1944 30,421 3,538 1,258 851 25,851 2,982 1,091 755 4,550 557 167 96 1945 26,600 2,429 1,132 864 22,278 1,976 964 764 4,322 453 168 100 1946 21,372 2,038 1,205 946 17,415 1,573 932 804 3,956 465 274 142 1947 30,869 4,104 2,524 1,170 25,686 3,423 2,105 1,000 5,183 681 420 170 1948 37,008 5,317 3,312 1,404 31,238 4,593 2,860 1,210 5,770 723 452 194 1949 36,738 5,038 3,101 1,660 31,578 4,506 2,768 1,474 5,160 531 332 186 1950 44,118 7,893 4,055 2,240 37,831 6,992 3,566 2,013 6,287 902 489 228 1951 51,067 8,557 3,411 1,986 43,389 7,492 2,975 1,754 7,678 1,066 436 232 Quarterly 1950—1 9,263 1,400 791 387 7,935 1,253 705 347 1,328 147 86 41 2 10,695 1,821 1,038 395 9,213 1,629 926 347 1,482 192 112 48 3 11,847 2,190 1,240 583 10,156 1,928 1,090 534 1,691 262 150 50 4 12,313 2,482 987 875 10,527 2,182 846 785 1,786 300 141 89 1951—1 12,711 2,238 878 469 10,811 1,951 765 420 1,899 287 113 48 2 13,047 2,219 839 475 11,079 1,928 724 421 1 ,968 291 115 54 3 12,297 1 ,964 762 475 10,443 1,716 658 422 1,854 248 103 53 4 13,013 2,137 932 567 11,055 1,897 827 490 1,957 240 105 77 1952—1. 12,797 1 ,942 756 482 10,847 1,717 668 430 1 ,951 225 PUBLIC UTILITY CORPORATIONS fin millions of dollars] Railroad Electric power Telephone Year or quarter r O e p v in e e r g n a u t e - P b t e r a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s r O e p v i e n e r g n a u t e - P b t e r a o f x o f e i r t s e s P t a r a f o x t f e e i r s ts d D e i n v d i- s O re p v i e n e r n g a u t e - P b t r e a o f x o f e i r a t e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Annual 1939. 3,995 126 93 126 2,647 629 535 444 1,137 231 189 164 1940 4,297 249 189 159 2,797 692 548 447 1,206 257 193 167 1941 . . . 5,347 674 500 186 3,029 774 527 437 1,334 297 187 162 1942 7,466 1,658 902 202 3,216 847 490 408 1,508 364 168 151 1943 , 9,055 2,211 873 217 3,464 913 502 410 1,691 420 176 15C- 1944 9,437 1,972 667 246 3,615 902 50? 398 1,815 451 168 155 1945 8 902 756 450 246 3.681 905 534 407 1,979 433 174 162 1946 7,628 271 287 235 3,815 964 638 458 2,148 313 209 168 1947 . 8 685 777 479 236 4/291 954 643 494 2,283 215 138 131 1948 9,672 1.148 699 ?8Q 4,830 983 657 493 2,694 2«2 186 178 1949 8 580 700 438 252 5.055 1,129 757 553 2,967 333 207 213 1QSO . . 9,473 1,384 783 312 5 431 1,303 824 619 3,342 580 331 2 76 1951 . .... . 10,391 1,260 693 328 5,867 1 ,480 818 661 3,729 691 341 318 Quarterly 1950—i 1,985 114 2 56 61 1.378 351 2 230 146 787 116 2 7| 62 2 2,238 243 2 152 53 1,322 321 2212 153 821 137 2 84 67 3 2,534 454 2 258 55 1.317 293 2171 152 853 158 2 84 70 4 2,715 574 2 318 142 1,415 339 2 211 168 881 169 2 Q2 76 1Q51—i 2,440 229 2 104 101 1,504 413 2 229 157 904 175 2 90 7? 2 2,596 275 2 146 63 .419 344 2 195 161 918 174 2 92 79 3 2,583 250 2 124 53 1,423 320 2 168 162 931 160 2 72 81 4 2,772 505 2 320 111 1,521 403 2 226 181 976 182 2 86 81 1952—1 2,587 '295 141 '•SO 1,603 498 257 172 993 194 93 85 r Revised. 1 Certain tax accruals for the first six months of 1950 and 1951, required by subsequent increases in Federal income tax rates and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit a similar redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes. 2 As reported. NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets as of the end of 1946. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). JULY 1952 '803 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY [In millions of dollars] Annual Quarterly Industry 1951 i 1952 1949 1950 1951 Nondurable goods industries Total (94 corps.):* Sales 12,853 14,777 17,371 3,265 3,469 3,958 4,085 4,349 4,288 4,294 4,441 4,355 Profits before taxes 1,847 2,702 3,184 505 582 785 830 855 814 773 741 709 Profits after taxes 1,213 1,513 1,411 301 350 467 395 368 342 334 368 312 Dividends 710 889 845 167 175 213 334 199 202 203 242 210 Selected industries: Foods and kindred products (28 corps.): Sales 3,323 3,492 3,873 771 828 980 913 1,025 901 942 1004 962 Profits before taxes 379 469 407 83 101 159 126 124 86 93 104 88 Profits after taxes 235 257 199 48 58 89 62 61 40 46 52 41 Dividends 135 143 140 31 34 34 45 31 35 32 42 32 Chemical and allied products (26 corps.): Sales 3,557 4,447 5,433 950 1,048 1,188 1,260 1,338 1,377 1,351 1,367 1,373 Profits before taxes 675 1,110 1,384 206 247 313 345 365 365 342 312 318 Profits after taxes 404 560 484 113 138 179 131 128 120 111 125 108 Dividends 312 438 355 73 79 113 174 84 85 87 100 87 Petroleum refining (14 corps.): Sales 3,865 4,234 4,999 960 989 1,113 1,172 1,204 1,204 1,246 1,345 1,318 Profits before taxes 525 650 861 121 133 187 209 217 203 218 222 204 Profits after taxes 406 442 516 86 96 130 130 123 118 127 148 126 Dividends 172 205 231 42 42 44 78 57 55 55 64 64 Durable goods industries Total (106 corps.):' Sales 23,885 29,341 33,696 5,998 7,226 7,889 8,228 8,362 8,759 8,003 8,572 8,443 Profits before taxes 3,191 5,192 5,374 895 1,239 1,405 1,653 1,382 1,405 1,191 1,396 1,234 Profits after taxes 1,887 2,542 2,000 489 688 773 592 510 497 428 565 445 Dividends 950 1,351 1,141 221 210 370 541 270 273 273 325 273 Selected industries: Primary metals and products (39 corps.): Sales 8,187 10,446 12,501 2,200 2,562 2,718 2,965 3,044 3,198 3,034 3,226 3,090 Profits before taxes 993 1,700 2,092 298 400 455 547 525 557 492 519 425 Profits after taxes 578 854 775 165 223 253 214 188 193 176 217 162 Dividends 285 377 380 66 73 80 157 85 86 120 Machinery (27 corps.): Sales 4,353 5,058 4,604 1,100 1,196 1,269 1,493 1,480 1,563 1,434 1,690 1,590 Profits before taxes 519 847 998 144 168 194 341 250 237 210 301 232 Profits after taxes 320 424 367 79 93 107 145 90 82 73 123 81 Dividends 138 208 191 49 37 38 84 43 47 48 54 49 Automobiles and equipment (15 corps.): Sales 9,577 11,805 12,438 2,283 2,975 3,355 3,192 3,268 3,331 2,899 2,939 3,035 Profits before taxes 1,473 2,305 1,915 398 595 656 655 513 508 405 488 503 Profits after taxes 861 1,087 704 213 328 357 189 194 183 142 185 170 Dividends 451 671 479 90 91 232 258 122 119 119 119 116 1 Certain tax accruals for the first six months of 1950 and 1951, required by subsequent increases in Federal income tax rates and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit a similar redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes. a Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products (15); and miscellaneous (1). 8 Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment ether than automobile (6); and miscellaneous (7). CORPORATE PROFITS, TAXES, AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates) [In billions of dollars] Year P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t e s s - d Quarter P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t e s s - d 1940 9.3 2.9 6.4 4.0 2.4 1950—2 '35.5 16.5 19.0 '8.1 10.9 1941 17.2 7.8 9.4 4.5 4.9 3 '44.3 '20.6 '23.7 '9.3 14.4 1942 . .. 21.1 11.7 9.4 4.3 5.1 4 '48.4 '22.5 '26.0 10.7 15.3 1943 25.1 14.4 10.6 4.5 6.2 1944 24.3 13.5 10.8 4.7 6.1 1945 19.7 11.2 8.5 4.7 3.8 1951—1 '50.1 '28.4 '21.7 '8.6 13.1 1946 23.5 9.6 13.9 5.8 8.1 2 '43.3 '24.5 18.8 '9.0 9.8 1947 30.5 11.9 18.5 6.6 12.0 3 '38.6 '21.8 16.9 '9.2 '7.7 1948 33.8 13.0 20.7 7.3 13.6 4 '39.5 '22.2 17.3 '9.3 '8.0 1949 ••27.1 '10.8 16.3 »7.5 '8.8 1950 »-39.6 18.4 '21.2 '9.0 12.2 1952—1 i '42.0 '24.2 17.8 '8.9 '8.9 1951 '42.9 '24.2 18.7 '9.0 '9.7 2i 40.5 23.3 17.2 9.6 7.6 r Revised. 1 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. 804 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issues3 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s t a s l i d d T g i e r o r o b e t s a c t s 2 l t Total Total Bills c C e i a e n d t r e d n t s e i e f b o s i- s t f - Notes B e b l a l ig e n * i k B - on s d t B s r r i a e c n - t k ed v C i e b o r l n t e - - Total 5 b S i o n a n g v d s - s n s i T a o n a n a t g v d e x s - s S i p ss e u c e ia s l 1943—Dec 170 108 165 877 151,805 115,230 13,072 22,843 11,175 55 591 12,550 36,574 27,363 8,586 12,703 1944—Dec 7M 144 230 630 212,SfSS 161 648 16 47,8 30,401 73 039 66 931 74 850 50,917 40,361 9,843 16,326 1 1 1 9 9 9 4 4 4 7 5 6 — — — D D rj e e e c c c 2 2 9 5 S 7 9 6 8 ,9 6 4 8 8 8 1 ? 7 2 2 2 7 5 5 8 9 6 9 1 1 0 4 1 0 9 S2 2 2 3 5 2 3 5 5 , , , 6 0 2 9 5 6 3 4 0 1 1 1 6 9 7 8 5 6 ,7 6 7 5 1 7 8 3 8 1 1 1 7 7 5,1 0 0 3 3 3 6 7 3 3 2 7 8 9 1, , 2 9 1 2 8 S 0 7 S ? 1 1 7 0 1,3 9 0 7 6 9 7 0 5 6 6 6 8 9 8,3 4 8 9 0 6 3 6 1 4 4 5 9 ? 9,6 6 7 3 3 1 6 6 6 5 5 5 9 6 6 , , , 4 9 4 9 1 5 2 5 1 4 4 5 8 2 9 , , , 0 7 1 5 7 8 3 6 3 5 8 5 , , , 3 2 7 8 3 2 4 5 5 2 2 2 8 4 0 , , , 9 5 0 5 8 0 5 5 0 1948—Dec 2S2 854 252 800 218,86S 157,482 17 ??4 76 s?s 7,131 61,966 49,636 61,383 55 051 4 572 31 714 1949—June 252,798 252 770 217,9S6 1 SS147 11 S36 ?9 477 3 S96 60 9S1 49 636 62,839 56,260 4,860 32,776 Dec 257,160 257 130 221,123 155,123 12,319 29,636 8,249 55,283 49,636 66,000 56,707 7,610 33,896 1950—June 257,377 257 357 222,853 155,310 13,533 18,418 20,404 53,319 49,636 67,544 57,536 8,472 32,356 Dec 2S6 731 2S6 708 220 S7S 152 4S0 13,627 5 ^l^ 39,258 44,557 49,636 68 125 58 019 8 640 33 707 1951—June 255,251 255 222 218,198 137,917 13,614 9,509 35,806 42,928 36,061 13,573 66,708 57,572 7,818 34,653 1951—July 255,685 255 657 218,618 139,279 14,413 9,524 36,360 42,923 36,058 12,571 66,768 57,538 7,926 34,707 Aug. 256,677 256 644 219,174 139 741 1S 01? 14 740 31 010 4? 9?3 36 0S6 1? S70 66,864 57,509 8,041 35,146 Sept ?S7 386 257 3 S3 219,371 140 169 15 617 15,317 31 013 47 168 36 054 17 567 66,585 57,488 7,775 35,637 Oct 258,336 258 298 220,325 141,753 16,849 28,016 18,669 42,167 36.053 12,065 66,506 57,501 7,705 35,615 Nov. . . . 259,647 259 604 221,391 14? 741 18 100 78 017 18406 47 167 36 050 17 067 66,588 57,552 7,737 35,862 Dec 259 461 259 410 221,168 14? 68S 18 10? ?9 078 18 409 41 049 36 048 17 060 66,423 57,587 7,534 35,902 1952—Jan ?S9 813 259 775 221 ?49 14?,690 18,104 79,079 18,471 41,040 36,046 17,047 66,513 57,664 7,539 36,233 Feb 260,399 260 36? 221 776 14? 701 18 104 79 079 18 434 41 040 36 044 1? 034 67,041 57,682 8,044 36,360 Mar ?S8 174 258 084 219 301 141 376 16,863 79,079 18 450 40 94? 36 047 17 018 65,907 57,680 6,911 36,493 Apr. • 258,337 258 ?9? 219 3S6 141 8?0 17 46? ?8 4? 3 18 9S7 40 943 36 040 11 516 66,019 57,644 7,057 36,746 May ?S9 9S1 259 905 220 540 14? 6? 5 18,767 78,473 18 956 43,061 33 918 11 ,51? 66,403 57,614 7,470 37,198 June 259,151 259,105 219 124 140,407 17,219 28,423 18,963 48,343 27,460 13,095 65,622 57,685 6,612 37,739 1 Includes fully guaranteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately. 3 Includes amounts held by Government agencies and trust funds, which aggregated 6,524 million dollars on May 31, 1952. * Includes Treasury bonds and minor amounts of prewar and Postal Savings bonds. 5 Includes Series A investment bonds, depositary bonds, and Armed Forces Leave bonds, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING JUNE 30, 1952 [In millions of dollars] [On basis of daily statements o o f f d U o n ll i a te rs d ] States Treasury. In millions Amount Funds received from sales during Redemp- Year or sta o n u d t- ing period maturities Issue and coupon rate Amount Issue and coupon rate Amount month at p e en ri d o d of se A ri l e l s E S a e n ri d e H s F S e a r n ie d s JG S a e n ri d e K s se A r l i l es Treasury bills» Treasury bonds—Cont. 1945 . . .. 48,183 12,937 9,822 595 2,520 5,558 July 3,1952 ,202 Dec. 15, 1952-54 2 8,662 1946 49,776 7,427 4,466 325 2,637 6,427 July 10, 1952 ,402 Dec. 15, 1952-55 3..2K 1,501 1947 52,053 6,694 4,085 342 2,267 5,126 July 17, 1952 ,401 Dec. 15, 1952-55 2 510 1948 55,051 7,295 4,224 498 2,573 5,144 July 24, 1952 ,401 Mar. 15, 1953 * 2 7,986 1949 56,707 5,833 4,208 233 1,392 5,101 July 31, 1952 ,503 June 15, 1953-556. .. 2 725 1950 58,019 6,074 3,668 417 1,990 5,840 Aug. 7, 1952 ,303 June 15, 1954-566. .2H 681 1951 57,587 3,961 3,190 124 646 5,651 Aug. 14, 1952 ,501 Mar. 15, 1955-60". .2% 2,611 Aug. 21, 1952 ,303 Mar. 15, 1956-58... 2^ 1,449 1951—June... 57,572 290 244 8 38 476 Aug. 28, 1952 ,300 Sept. 15, 1956-596. .2% 982 July... 57,538 311 258 8 45 482 Sept. 4, 1952 ,300 Sept. 15, 1956-59... 2 M 3,822 Aug 57,509 314 267 8 38 437 Sept. 11, 1952 ,201 Mar. 15, 195 7-59... 2 % 927 Sept.... 57,488 273 230 7 36 390 Sept. 18, 1952 ,202 June 15, 1958-636. .2% 919 Oct 57,501 334 274 10 50 410 Sept. 25, 1952 ,200 June 15, 1959-62... 2M 5,282 Nov.... 57,552 316 268 9 39 364 D D e e c c . . 1 1 5 5 , , 1 1 9 9 5 6 9 0 - - 6 6 2 5 6 6 . . . . 22^ ^1 3 1 , ,4 4 8 6 5 8 1952— D Ja e n c.. .. 5 5 7 7 , , 5 6 8 6 7 4 4 2 4 9 1 7 3 2 6 5 4 4 1 9 6 3 6 4 1 4 4 0 9 1 3 C J A O D S e u e e u c r l p c t y g t . t . i . . f i 1 c 1 5 1 1 1 a , , , , , t 1 e 1 1 1 1 9 s 9 9 9 9 5 5 5 5 5 2 2 2 2 2 1 1 \ \ 1 5 1 1 0 , , , , 0 8 2 8 5 3 6 1 6 8 2 3 6 1 3 J S J J D M M D u u u e e e n a a n n p c c r r e e e t . . . . . 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 6 6 6 6 6 6 6 6 7 6 5 2 7 4 4 3 - - - - - - - - 7 7 7 6 7 6 6 6 2 1 0 7 2 9 9 8 6 6 6 . 6 6 6 . . . . . . . . . . . . 2 2 2 2 2 2 2 } ) } ^ ^ ^ ^ 4 4 4 , 4 3 2 3 3 1 2 2 , , , , , , , , 7 9 7 0 8 7 8 1 1 1 7 0 3 3 5 1 4 6 6 0 0 5 9 8 M J A F M u e p a n a b M r y r e . . . . . . a . . . . . t . . u . . . . . rit 5 5 5 5 5 ie 7 7 7 7 7 s , . , , , 6 6 6 6 6 a 8 8 1 4 8 n 2 5 4 4 0 d amo 3 3 3 3 2 u 6 9 3 3 1 n 4 2 9 1 3 tsout 2 2 2 2 2 st 9 6 8 8 5 a 3 7 4 8 3 nding J 1 1 1 u 9 8 5 0 0 ne 30, 4 3 3 5 3 1 2 8 7 6 9 0 52 4 4 4 4 4 1 2 3 3 2 1 8 1 8 3 Feb. 15, 1953 1 8,868 Dec. 15, 1967-726. .2 3,878 Year of All Series Series Series maturity series E and H Fand J Gand K Postal Savings Treasury notes Mar. 15, 1954 4,675 bonds 2Y2 92 1952 3,420 3,420 Mar. 15, 1955 5,365 1953 6,280 5,133 191 956 Dec. 15, 1955 6,854 1954 7,960 5,674 473 1,814 Apr. 1, 1956 1,007 Panama Canal Loan. 3 50 1955 . . . 6,794 4,439 494 1 860 Oct. 1, 1956 550 1956 4,989 2,231 578 2,181 Apr. 1,1957 512 Total direct issues 140,407 1957 4,770 2,317 462 1 991 1958 4,851 2,520 239 2,092 1959 4,643 2,573 255 1,814 Guaranteed securities 1960 5,110 2,398 438 2 274 Treasury bonds Federal Housing Admin. 1 1 9 9 6 6 2 1 1 3 4 , , 4 4 1 9 8 1 i 3 1, , 2 0 6 3 5 0 3 1 6 9 5 8 1 1 , , 7 2 8 6 7 3 Dec. 15, 1952-54 2.... 2 5,825 Various 44 1963 741 120 621 1964 314 65 249 1 Sold on discount basis. See table on Open-Market Money Rates, Unclassified -95 "_195 p. 800. 2 Maturity June 15, 1954. 5 Partially tax exempt. Total 57,685 34,905 3,877 18,902 3 Maturity June 15, 1955. « Restricted. 4 Maturity Sept. 15, 1953. 1 Includes bonds with extended maturities totaling 696 million dollars. JULY 1952 805 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par valuein millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and End of month in ( a s i g e n n t i c c t e g e u l s u u e r ) i d d a - r - - S i p ss t e r u c u e i s a s t l fun P i d s u s s b u l l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e n o r k m ci s a - * l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r - - s r c O a o t t r i h o p e o n r - s g m o S l a o v t e n c a e n d a t r t e l n s - S b a o v I n i n n d d g s i s vid se u O c a u t ls h ri e t r ies l M a i t n n o i v s e r c e s o e s u s - l s - 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2,800 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21,400 3,700 8,200 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3,218 100,221 6,189 41,100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 16,700 7,400 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 21,000 9,500 1946—Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,800 24,900 15,300 6,300 44,200 19,900 8,300 1947—Dec 256,981 28,955 5,404 222,622 22,559 68,700 12,000 23,900 14,100 7,300 46,200 19,300 8,600 1948—Dec 252.854 31,714 5,614 215,526 23,333 62,500 11,500 21,200 14,800 7,900 47,800 17,300 9.300 1949—Dec 257,160 33,896 5,464 217,800 18,885 66,800 11,400 20,100 17,000 8,100 49,300 16,400 9,800 1950—June, .. 257,377 32,356 5,474 219,547 18,331 65,600 11,600 19,800 19,000 8,700 49,900 16,600 10,100 Dec 256,731 33,707 5,490 217,533 20,778 61,800 10,900 18,700 20,800 8,800 49,600 15,400 10,800 1951—June , , 255,251 34,653 6,305 214,293 22,982 58,400 10,200 17,100 21,100 9,400 49,100 14,900 11,100 Dec 259,461 35,902 6,379 217,180 23,801 61,600 9,800 16,400 21,400 9,500 49,000 14,500 11,100 1952—Jan 259,813 36.233 6,454 217,126 22,729 62,100 9,800 16,400 22,100 9,700 49,100 14,600 10,600 Feb 260,399 36,360 6,500 217,538 22,528 61,300 9,800 16,300 23,200 9,700 49,100 14,800 10,800 Mar 258,124 36,493 6,503 215,128 22,514 60,200 9,800 16,200 22,200 9,800 49,100 14,800 10,500 Apr 258,337 36,746 6,500 215,091 22,363 60,500 9,800 16,200 21,300 9,900 49,100 14,600 11,500 1 Includes the Postal Savings System. 2 Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on Dec. 31, 1951. 3 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S, Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Interest-bearing public marketable securities. In millions of dollars] U. S. u. s. End of month s T t o a o u n t t a d - l - G a c g o i e e v n s t - . F e R e r e a d - l - C m c o i e a m r l - - M s tu av a u l - - I c a n o n s m c u e - r- Other End of month s T t o a o u n t t a d - l - G a c g o i e e v n s t - . F e R e r e a d - l - C m c o i e a m r l - - M s tu av a u l - - I c a n o n s m c u e - r- Other ing and serve banks1 ings panies ing and serve banks1 ings panies trust Banks banks trust Banks banks funds funds Type of Treasury bonds security: and notes, due or callable: To 1 1 1 ta 9 9 9 l 4 5 5 : 9 2 0 1 — — — D D D J Ju e e e u c c c n n e e . . . . . . . . 1 1 1 1 1 5 5 5 3 4 5 5 2 7 2 , , , . , 1 3 4 9 7 3 2 7 4 2 8 5 1 4 4 5 5 3 3 5 , , , , , 2 3 3 3 3 7 6 5 4 2 2 5 0 5 7 2 2 2 1 1 0 2 0 8 8 , , . , , 7 5 2 3 8 7 8 6 3 8 8 8 8 1 5 5 5 5 5 5 8 4 4 1 9 , , , , , 9 8 1 5 8 7 9 4 1 5 2 3 8 5 6 1 1 1 8 7 0 0 0 , , , , , 2 8 1 7 8 5 7 4 7 8 2 4 4 7 0 1 1 1 1 1 2 8 6 1 8 . , , , , 0 1 8 3 5 7 3 6 6 3 7 2 2 4 5 4 4 4 4 4 3 3 4 2 1 , , , , , 3 4 6 5 7 9 2 5 6 6 9 9 8 3 3 Wi 1 1 1 t 9 9 9 h 4 i 5 5 n 9 0 1 — — — 1 D D D y J J e e e u u e c c c a n n r e e : . . . . . . . . 3 3 2 1 1 8 7 5 0 4 , , , , , 6 9 3 5 3 3 0 8 0 1 1 5 7 8 9 2 3 4 7 1 9 6 9 0 1 1 1 2 0 , , , 6 2 3 8 5 6 4 7 7 0 8 1 3 8 5 1 1 1 9 7 6 4 5 , , , , , 0 0 7 6 0 1 0 9 4 8 4 1 3 5 3 4 2 4 2 1 2 6 3 3 5 0 7 0 8 1 1,0 9 4 3 7 4 2 6 6 8 4 6 0 8 7 1 1 3 2 5 0 0 , , , , , 6 3 8 7 7 8 0 1 2 4 5 0 9 2 7 1952—Mar.. . . 141,413 3,469 21,300 52,779 7,852 11,22144,792 Apr 141,862 3,46721,649 53,119 7,813 11,17244,642 1952—Mar.. . . 24,485 9 1,620 16,177 369 769 5,541 Treasury bills: Apr 24,485 13 1,620 16,184 367 754 5,547 1949—Dec 12,319 11 4,829 3,514 15 70 3,880 1950—June 13,533 3 3,856 3,703 35 90 5,846 1-5 years: Dec 13,627 35 1,296 3,888 33 474 7,901 1949—Dec 35,067 186 1,922 24,907 1,121 ,641 5,290 1951—June.... 13,614. 26 527 3,750 122 829 8,360 1950—June.... 51,802 327 5,116 33,127 1,058 1L.73110,443 Dec 18,102 50 596 6,773 71 532 10,080 Dec 33.378 189 1,285 24,534 568 1,142 5,660 1952— A M p a r r 1 17 6 , , 4 8 6 6 2 3 5 6 9 0 5 5 , , 4 8 8 4 7 6 1 1 1 0 5 7 6 8 7 4 7 01 1 0 0 , , 6 52 0 5 9 1951— D J e u c ne.... 3 2 1 8 . , 0 6 2 7 2 8 1 1 5 3 5 9 3 5. . 1 8 0 7 2 8 2 1 0 8 . , 8 6 5 0 3 0 2 1 2 4 7 2 6 7 8 5 5 6 5 3 , , 1 9 6 9 9 4 Ce 1 1 r 9 9 ti 4 5 fi 9 0 c — — at D e J s e u : c ne.... 2 1 9 8 , , 6 4 3 1 6 8 48 7 6 5 , , 2 3 7 5 5 7 1 5 1 , , 3 5 5 20 4 1 6 6 4 9 6 38 3 2 31 7 0 , , 2 99 5 1 4 1952— A M p a r r 3 2 0 9, , 6 1 4 4 5 8 1 14 4 1 8 5 5 , , 4 9 4 4 1 1 1 1 9 9 , , 0 02 0 9 1 1 1 7 7 2 1 7 71 1 2 4 4 4 , , 1 1 8 4 2 1 1951— D D J e e u c c ne.... 2 5 9 9 , . , 3 5 0 7 0 7 3 9 8 (8) 4 1 9 7 1 3 2 2 , , , 1 3 7 9 3 9 4 4 3 2 6 1 . , ,5 7 7 4 5 7 4 3 3 4 3 1 7 7 6 2 6 8 53 2 7 8 3 1 , , , 2 4 7 3 2 6 5 1 0 5-1 1 1 0 9 9 4 5 y 9 0 e — — ar D s J : e u c ne.... 1 1 8 5 , , 5 9 3 2 7 6 4 5 2 6 3 8 1 1 , , 3 1 8 4 8 8 6 5, , 6 9 7 9 5 5 2 2 . , 6 4 4 3 0 9 2 2 . , 0 2 5 3 5 0 4 4 , , 7 1 1 8 6 6 1952—Mar 29,079 88 11,810 6,901 114 627 9,539 Dec 17,411 412 982 7,329 2,125 1,948 4,615 Apr 28,423 72 11,659 6,863 107 523 9,199 1951—June... 15,962 376 1,032 6,273 2,009 1,858 4.414 Treasury notes: Dec 11,156 309 1,014 2,436 1,925 1,656 3,816 1949—Dec... 8,249 15 562 5,569 107 244 1,752 1950—June.... 20,404 29 3,500 11,204 154 403 5,114 1952—Mar 11,155 321 1,014 2,443 1,865 L,664 3,848 Dec 39,258 10 12,527 15,833 136 707 10,045 Apr 11,155 322 1,014 2,448 1,848 L,668 3,855 1951—June.... 35,806 14 12.439 13,704 120 687 8,842 Dec 18,409 3 5,068 10,465 67 316 2,490 After 10 years: 1952— A M p a r r.. . . 1 18 8 , , 9 4 5 5 2 0 3 2 5 5 , , 0 5 6 6 8 8 1 1 0 0 , , 4 4 1 6 4 4 6 6 5 8 3 3 3 2 2 9 2 2, , 5 5 7 1 1 8 1 1 9 9 4 5 9 0 — — D D J e e u c c ne.... 4 4 4 5 5 3 , , , 0 0 5 8 8 9 4 4 9 4 4 4 , , , 4 6 4 8 8 4 2 2 1 3 2 2 , , . 5 3 5 4 9 0 9 8 3 3 4 2 , , , 0 9 8 9 3 8 2 2 7 6 7 7 , , , 1 5 1 3 8 8 0 0 8 1 1 1 3 3 2 , , . 5 4 3 0 8 0 7 5 8 1 1 1 3 3 3 , , , 5 0 9 2 9 8 4 0 9 Tr 1 1 e 9 a 9 s 4 5 u 9 0 r — — y D J b u e o c n n e d . s . : .. 1 10 0 2 4 , , 7 7 9 5 5 8 5 5 , , 2 2 1 7 7 3 7 5 , , 2 61 1 8 8 3 3 9 8 , , 2 6 3 9 5 1 1 1 0 0 , , 4 6 8 2 0 4 1 17 7 , , 2 5 4 7 9 92 2 5 5 , , 0 3 2 4 9 0 1951— D Ju ec ne.... 3 3 0 0 , , 0 0 1 2 2 3 2 2 , , 7 6 2 2 6 9 1 1 . , 3 4 9 1 7 5 2 2 , , 7 7 4 8 0 1 5 5 , , 2 3 7 8 6 9 7 7, . 0 2 2 9 7 3 1 1 0 0 , ,5 8 3 2 4 8 1951— D D J e u e c c ne.... 9 7 7 4 8 6 , , , 8 0 9 3 3 4 2 5 5 3 5 3 , , , 1 2 2 7 8 0 8 3 9 4 4 4 , , . 6 1 1 2 0 3 0 8 0 3 3 3 3 1 0 , , , 6 2 1 0 8 0 7 6 4 9 7 7 , , , 9 6 9 6 9 7 7 7 3 1 1 9 5 0 , , , 8 6 2 3 1 6 7 9 4 2 2 2 1 4 2 , , , 9 9 0 4 6 2 1 6 3 1952— A M p a r r 3 3 0 0 , , 0 0 0 0 7 5 2 2 , , 8 8 1 2 3 6 1 1 , , 4 4 1 1 5 5 2 2 , , 7 71 5 4 0 5 5 , , 2 2 1 0 3 8 5 5 , , 7 6 5 5 7 8 1 1 1 1 , , 0 1 9 4 5 8 1952—Mar 76,842 3,289 4,422 29,900 7,551 9,57322,107 Apr 76,841 3,302 4,422 29,968 7,530 9,46022,159 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Includes stock savings banks. 2 Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 3 Less than $500,000. 806 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basis of daily statements of United States Treasury Cash operating income and outgo 3 Increase (+)or General fund of the Treasury (end of period) during period Assets y m F e i o a s r n c a t o h l r c N e r i e e p - t ts B p t e u u e n x r d e d - g s i e - t s B ( d u + u e r f ) d p i g c l o u i e t r s t c T e o a r t u c c u - n . s 1 t t s, c C o i a l n u c e g - a n r t - 1 G d r e o b s t s G ba f e u l n a n e n d r c a e l f a g B e u n i e r a n n c a n l d e l - - Total F D e R e r e e a d p - l - osi d t S s e c p i p i a e n o l - s- a O s t s h e e ts r T b t l o i i i e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i ( E n o + x c u o c ) tg e m o o s r s e B s a e n rv k e s2 itaries Fiscal year: 1950 M 045 40 167 —3,122 +99 +483 +4 587 +2 047 s S17 s 927 950 ?68 1,709 410 40 97043 155 —2 185 1951 48,143 44 +3,510 +679 —214 —2,135 + 1,839 7 SS7 7 871 338 680 1 514 53,43945 804 +7,635 1952 129 66 14S —4,017 + 147 —401 +3 883 -388 069 7 481 333 s 106 ,041 512 1951—June 7,089 5,969 + 1,119 +284 +43 + 129 +1.574 7 357 7,871 338 5 680 1,853 514 7,367 '5,223 +2,144 July 2,571 4,739 -2,168 + 11 -14 +435 -1,737 5 620 6,032 584 3 694 1,754 412 2,854 4.843 -1,989 Aug 3,594 5,087 -1,493 -\-83 -103 +988 -525 5 095 5,431 459 3 244 1.727 336 4,600 5.565 -965 Sept 6,209 5,16.1 + 1,046 +37 +30 +709 +1,822 6 916 7,356 947 4 547 1.861 439 6,555 4.862 +1,693 Oct. 2,635 5,483 -2.847 -55 -86 +945 -2,042 4 874 5,311 493 3 021 1.798 437 2,855 5,801 -2,946 Nov., .1,521 5,178 -1,658 +82 +20 +1,306 -250 4 624 5,147 481 2,901 1,765 523 4,293 5,642 -1,348 Dec . 5,279 5,627 -347 +196 +7 -186 -329 4 295 4,816 321 2 693 1,801 521 5,642 5,621 +21 1952—Jan. . 4,953 5,455 -501 -374 + 103 +357 -415 3 879 4,306 162 2,048 2,096 427 5,183 5,473 -290 Feb... 5,553 5,105 +448 + 186 -25 +587 + 1,196 5 075 5,700 558 3,216 1,926 625 6,275 5,328 +947 Mar.. 9,886 5,704 +4,182 +106 -245 -2,278 +1,765 6 840 7,445 169 5,228 2,049 605 10,436 6,120 +4,316 Apr.. . 4,323 6,016 -1,693 -291 +329 +209 -1,447 5 393 6,108 450 3,779 1,879 715 4,689 5,972 -1,283 May.. 3,809 5,659 -1,850 +357 -91 + 1,613 +28 5 421 6,046 569 3,690 1,787 624 4,722 5,751 -1,029 June. . 9,796 6,930 +2,865 -192 -326 -800 + 1,548 6 969 7,481 333 5,106 2,041 512 DETAILS OF TREASURY RECEIPTS On basis of daily statements of UnitedStates Treasury On basis of reports by collectors of internal revenue F o i r s c m al o y n e th ar b W I y h n e c i e t l o m d h m - - e t O ax th es er in n c M t e e e l o i r l s u a n - - s al t m p E a l x e m o e n y - s t - O ce r t i e h p - e t r s c T e r o i e p t - a t l s Ref o u f n D d e s du e S c m S e t o c p c u l i o r a i y l t - y c N e r i e e p - t ts In i d n i a s v u n i d r d a u n o a c l l e d - i a t n a g c x e o e m s e c C o t p i o m o r r o n e p f o i i a t n r s n a - d - t a g E a n i s t f d e t - l m E a o n a i x t s e n h c c o d e i e s u r l e - s ployers* revenue receipts t m ax e e n s t B Withheld Other taxes taxes taxes Fiscal year: 1950 10,073 18,189 8,303 2,883 1,862 41,311 2,160 2,106 37.045 11,762 7,264 10,854 706 7,599 1951 13,53524,218 9.423 3,931 2,263 53,369 2.107 3.120 48 143 15.901 9.908 14.388 730 8.704 1952 P21.88733,026 9,726 *>4,565 2,364 67,999 2,302 3,56962,129 1951—June.. . 1,123 5,065 719 423 273 7,603 234 280 7,089 256 i.195 J,908 47 660 July. . 726 983 722 177 225 2,833 88 175 2,571 1 158 321 596 56 709 Aug. 2.130 404 806 596 228 4.165 55 516 3,594 3,600 116 290 66 771 Sept.... 1,128 4,115 707 449 126 6,524 57 258 6,209 110 1,276 2,942 52 641 Oct. .. 780 828 885 46 169 2,708 41 32 2,635 1,227 215 512 52 831 Nov— 2,177 254 805 505 211 3,951 30 400 3,521 3,428 98 160 70 776 Dec... 1,361 2,916 823 322 155 5,576 31 266 5,279 275 310 2,649 77 712 1952—Jan 4 89763,021 826 174 383 5,153 52 147 4,953 814 62,330 807 65 763 Feb.... 3,057 1,943 805 703 131 6.194 195 446 5,553 4,172 1,464 311 66 754 Mar. . . 2,019 7,717 825 539 160 10,800 455 460 9,886 537 2,133 5,913 113 718 Apr. ... 978 3,191 849 268 152 5,187 612 252 4,323 1,330 1,583 1,278 88 742 May.. . 3,009 549 828 582 197 4,688 403 476 3,809 3,955 221 351 80 750 June... Pl.981 7,106 845 P203 228 10,220 283 142 9,796 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust and other accounts F o i r s c m al o y n e th ar Total t f i e N d o n e n a s - - a e l m g s O e r i p a c l t m u r i h t o r e a s - i r r t y 7 y n n a I a e n t o i i c t m d o o e n r - 8 ic - al I d n e o e t s n e b t r t - e i m V t s A r i t a o e i r d n n n a t - - - s - a t c A u g t u o i r r l d e i - - S S g p o e i r r t a c c y o i m u - a r l s - c T t o f r r a e t u a u c o r n n s - s t s ts - Other ce R i e p S - t o s c a ia c m v l c I e o e S n s u n - e t n - t c s t u s ri p t t u E e y n r x e d - s i- ce R i e p - ts m O v e I t e h n n s - e t ts r 9 p tu E e r n x e d - s i- Fiscal year: 1950 40,167 12,346 663 4,941 5,750 6,043 '2,986 1,375 1,383 r4,680 4,293 1,028 3,114 2,376 -1,430 3,857 1951 44,633 19,964 1,901 3,854 5,613 5,204 635 1,415 972 5,075 5,631 2,685 2.790 2,165 872 771 1952 66,145 ^39,089 4,110 5,859 4,697 P1,220 Pl.424 ^1,304 ?>5,610 6,424 2,982 3,506 2,382 654 1,517 1951—June 5,969 2,496 290 642 1,557 383 92 105 (10) 403 570 346 261 433 317 -205 July 4,739 2,930 210 232 232 433 40 114 67 480 293 128 264 117 -22 28 Aug 5,087 3,040 304 252 222 419 104 150 41 556 919 526 291 160 -66 245 Sept 5,163 2,628 262 188 580 365 36 58 496 550 421 193 243 475 323 99 Oct 5,483 3,166 289 247 497 406 206 187 87 398 179 59 253 190 -58 169 Nov 5,178 3,015 380 188 173 436 105 121 92 669 732 285 282 171 -38 291 Dec 5,627 3,070 323 261 1,057 386 49 88 64 330 550 81 278 142 -8 145 1952—Jan 5,455 3,414 350 120 228 428 194 158 78 486 246 221 326 146 189 29 Feb 5,105 3,155 363 214 142 378 78 108 71 595 711 175 319 120 46 105 Mar 5,704 3,425 406 201 689 385 83 65 78 371 558 157 320 126 14 87 Apr 6,016 3,775 435 277 350 371 52 149 50 556 371 267 318 104 3 178 May 5,659 3,791 413 315 172 352 85 76 99 355 924 532 305 126 -22 -122 June 6,930 P3,681 375 P337 1,518 339 80 P265 521 356 306 505 293 262 1 Excess of receipts (+) or expenditures (—). 2 Excludes items in process of collection, 3 For description, see Treasury Bulletin for September 1947 and subsequent issues, i Prior to January 1952 represents income ta JULY 1952 807 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items * Liabilities, other than interagency items Corporation or agency Total Cash L c a e r o b e i a l v - e n - s m m C p s r t a l i i u o o a n i e a p e m t d d s l e - s s , i - , - - G U s ri e o t . c i v I e u S m n t s - . . v e e n O s r t s i s t e t - t i c h e u e s - r ! L s e t m u t a q a r r n e u n u e d n i c d s p t - , , - O s a t e h s t - e s r a t B F g n u a u b u o t r n a e y l e n d l r e s d y - d s d p , e a n O b y o e a t t h n b e e - l s e r , O li i a t t i b h e i e s l r - i U m G e n e r . t o e s n e n v t S r - t - - . o v in P w a e t r t s e n i e t - r e l - y d U. S. All "agencies: June 30, 1951 25,188 649 13,504 1,719 2,185 3,474 2,999 659 1,378 93222,533 315 Sept. 30, 1951 25,668 65913,906 1,515 2,236 3,472 3,025 854 1,399 94922,962 322 Dec. 31, 1951 26.744 93114.422 1,461 2.226 3.463 3.358 88? 1.369 1.161 23.842 320 Mar. 31, 1952 26,858 84414,422 1,322 2,422 3,451 3,406 991 1,214 1,247 24,010 349 Classification by agency, Mar. 31, 1952 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 449 371 140 283 25 Federal intermediate credit banks 811 739 745 58 Production credit corporations 55 10 55 Agricultural Marketing Act 1 1 () 1 Federal Farm Mortgage Corp 34 32 (sj 33 Rural Electrification Administration 1,884 1,782 () 60 1 1,884 Commodity Credit Corporation 2,212 708 1,012 106 374 305 1,906 Farmers' Home Administration 4 583 491 25 2 580 Federal Crop Insurance Corp 31 2 3 28 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,003 589 384 329 350 () 324 Federal Savings and Loan Insurance Corp. 211 204 6 205 Public Housing Administration 1,903 557 1,242 12 Federal Housing Administration 447 30 289 1 37 212 1,891 Office of the Administrator: 198 Federal National Mortgage Association.. 2,068 ) 2,053 3 2,065 Other 89 20 35 1 Reconstruction Finance Corporation: Assets held for U. S. Treasury 5 805 2 1 147 591 61 805 Others 801 7 705 1 35 70 732 Export-Import Bank 2,338 (3) 2,322 16 43 2,294 Federal Deposit Insurance Corp 1,425 () 1,409 () 14 122 1,303 .A Te H n n o e th ss e e r e t Valley Authority 8 1 , ,3 3 5 5 9 0 2 2 2 2 9 9 4,008 14 1 8 6 3,385 1, 3 1 2 0 9 5 251 8 4 6 3 3 8 1 , ,3 2 1 8 6 6 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Mar. 31, 1952 Purpose of loan M F C F a o e o r r d r m p . t. . b m c i F n r a a e e e t n t e d d d e k r i i . - s - t f o B t o p i a r v e n e r c k s a o s - - m C C C r o o o e d m r d p i i - t . t y t R A r E t i i f u l d o i e r c m n c a a - l . - F A H e a d o r r s m m m ' . e - N M A g F a a s a t o e i g s l d r o n e t . n - . - P H A u i o d n b u m g l s ic . - b h F l a o o e n m a d k n . e s R s n C t t e a F i r o c n o u i r o - n c c p n e - . - B p p I E o a m o x r n r t - - t k - o A th l e l r a c g A i e e l n l s - a D g 1 e e 9 c a n . 5 l c l 1 3 i , e 1 s , 32 739 373 710 1,784 595 6 4,239 4,161 To aid home owners 2,053 121 189 2,363 2,142 To aid industry: (3) 96 2 98 101 Other C3) 402 70 473 488 To aid financial institutions: Banks (3) Other 589 8 597 814 61 "l ,329 '3,706 6,096 6,110 Other .... 557 63 110 731 779 T PW Reserve for losses 2 3 2 104 1 46 7 9 173 173 Total loans receivable (net)... 32 739 371 708 1,782 491 2,053 557 589 706 2,322 4,074 14,422 14,422 1 Assets are shown on a net basis, i. e., after reserve for losses. 2 Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction and Development and its subscription of 2,750 million to the International Monetary Fund. 3 Less than $500,000. * Includes Disaster Loans, etc., Revolving Fund. 6 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 6 Includes figures for Smaller War Plants Corp., which is being liquidated by the Reconstruction Finance Corp. 7 Figures for one small agency are for date other than Mar. 31. NOTE.—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recent years has been affected by (1) the adoption of a new reporting form and the substitution of quarterly for monthly reports beginning Sept. 30 1944, and (2) the exclusion of figures for the U. S. Maritime Commission beginning June 30, 1948. For back figures see earlier issues of the BULLETIN and Banking and Monetary Statistics, Table 152, p. 517. 808 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted ' and "unadjusted" refer to adjustment of monthly figures for seasonal variation] I ( n p d h u y s s t i r c i a a l l v p o ro lu d m uc e) t * io * n aw C a o r c d n o e s n d t t r r u ( a c v c t a t io u n e)2 Employ 1 m 94 e 7 nt - 4 a 9 n = d 1 0 p 0 ayrolls3 1935-39=100 1947-49=130 D m ep e a n r t t- Whole- Freight Con- sale Year or month Total r D ab f u M a l - e c a tu n r u N r e d a - s o b u n l - e - M era in ls - Total R d t e i e a n s l i - - o A th l e l r m N p t a e c u l g u m o e o r r l n n a - y i - - l t - - pr E o M m d m a u p e n c l n u t o t i f y o a - n c t w ur o i r n P r k g o a e l y r l s s - c 1 a 9 i = r n 3 l g o 1 5 s 0 a - * 3 d 0 9 - 1 u 9 = s ( e 4 v a ) a 1 7 l * e l 0 - - 4 s 4 0 9 1 s p 9 u = ri 3 m c 1 5 e e 0 - s r 3 0 s 3 9 ' 1 p m 9 = c r 4 i o o c 7 1 m d e 0 - i s - 4 0 t y • 9 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 34 26 39 61.6 68.7 31.1 120 27 123 8 1920 75 93 60 83 34 18 45 62.2 69.0 37 1 129 32 143 3 1921 58 53 57 66 30 27 32 55.4 52.8 24.0 110 30 127 7 1922 73 81 67 71 43 41 43 58.7 58.4 25.7 121 30 119 7 1923 88 103 72 98 45 49 42 64.6 66.9 32.6 142 34 121 9 1924 . . 82 95 69 89 51 57 46 63.8 62.1 30.4 139 34 122 2 1925 90 107 76 92 66 75 59 65.5 64.2 32.1 146 36 125 4 1926 96 114 79 100 69 73 67 67.9 65.5 33.0 152 37 126.4 65.0 1927 ... 95 107 83 100 69 71 68 68.2 64.1 32 A 147 37 124 0 62 0 1928 99 117 85 99 73 76 70 68.3 64.2 32.8 148 37 122 6 62.9 1929 110 132 93 107 63 52 70 71.3 68.3 35.0 152 38 122 5 61 9 1930 91 98 84 93 49 30 62 67.0 59.5 28.3 131 35 119 4 56.1 1931 75 67 79 80 34 22 41 60.6 50.2 21.5 105 32 108 7 47 4 1932 . . 58 41 70 67 15 8 20 53.7 42.6 14.8 78 24 97 6 42 1 1933 69 54 79 76 14 7 18 53.9 47.2 15.9 82 24 92 4 42 8 1934 75 65 81 80 17 7 24 59.0 55.1 20 4 89 27 95 7 48 7 1935 87 83 90 86 20 13 25 61.6 58.8 23.5 92 29 98 1 52 0 1936 103 108 100 99 30 22 35 66.2 63.9 27.2 107 33 99 1 52.5 1937 113 122 106 112 32 25 36 70.6 70.1 32 6 111 35 102 7 56 1 1938. . . . . .. 89 78 95 97 35 27 40 66.4 59.6 25.3 89 32 100 8 51 1 1939 109 109 109 106 39 37 40 69.6 66.2 29.9 101 35 99 4 50.1 1940 125 139 115 117 44 43 44 73.6 71.2 34.0 109 37 100 2 51 1 1941... 162 201 142 125 66 54 74 83.1 87.9 49.3 130 44 105 2 56 8 1942 199 279 158 129 89 49 116 91.2 103.9 72.2 138 50 116 6 64.2 1943 239 360 176 132 37 24 45 96.6 121.4 99.0 137 56 123 7 67 0 1944 235 353 171 140 22 10 30 95.3 118.1 102.8 140 62 125 7 67.6 1945 203 274 166 137 36 16 50 92.1 104.0 87.8 135 70 128 6 68 8 1946 170 192 165 134 82 87 79 95.1 97.9 81.2 132 90 139 5 78 7 1947 187 220 172 149 84 86 83 99.6 103.4 97.7 143 98 159 6 96.4 1948 192 225 177 155 102 98 105 101.6 102.8 105.1 138 104 171 9 104 4 1949 176 202 168 135 113 116 111 98.8 93.8 97.2 116 98 170 2 99 2 1950 200 237 187 148 159 185 142 101.4 99.2 111.2 128 105 171 9 103.1 1951 220 273 194 164 171 170 172 106.6 105.4 129.2 134 109 185 6 114 8 1950 September 211 216 251 194 163 172 200 153 103.8 103.3 105.2 120.5 134 108 174 6 107 1 October 216 220 261 196 166 160 177 149 104.3 104.5 106.2 124.3 137 103 175.6 107.7 November 215 215 260 195 160 163 171 159 104.5 104.4 105.5 124.0 136 103 176 4 109.3 December 218 216 268 197 157 177 179 176 104.8 104.7 105.6 127.4 140 '109 178.8 112.1 1951 January 221 216 268 201 164 178 188 171 105.2 105.8 105.2 126.8 146 125 181.5 115.0 February 221 217 271 201 158 173 187 164 105.9 106 8 106.6 128.5 129 115 183 8 116 5 March 222 219 277 199 158 163 176 154 106.3 106.9 106.6 130.0 139 105 184 5 116 5 April 223 222 279 198 164 199 170 219 106.6 107.1 106.0 129.5 136 104 184.6 116.3 May 222 223 276 198 165 193 166 211 106.8 106.8 105.0 128.1 133 104 185 4 115 9 June 221 223 274 197 165 200 174 217 107.1 106.8 105.6 129.8 131 105 185 2 115 1 July 212 214 265 187 156 162 179 150 107.1 106.0 104.2 126.4 125 105 185.5 114.2 August 217 220 267 193 165 156 176 143 107.0 104.8 105.7 128.4 133 109 185 5 113 7 September . . . 218 223 271 192 167 147 168 133 106.8 103.9 105.8 130.9 133 107 186.6 113.4 October 218 222 274 188 174 140 160 127 106.6 103.4 105.1 129.8 135 '109 187 4 113.7 November .... 219 220 277 188 170 156 146 162 106.8 103.3 104.3 129.8 137 188 6 113 6 December 218 217 282 185 163 166 145 180 107.1 103.5 104.4 132.9 133 109 189.1 113.5 1952 January 221 217 282 189 167 161 142 173 106.8 103.6 103.2 130.4 141 108 189.1 113.0 February 222 218 '284 190 167 156 163 152 107.0 '103.8 '103.6 '131.0 136 106 187.9 112.5 March 217 '284 188 '164 164 174 157 106.9 '103.7 '103.5 '131.4 133 105 188.0 112.3 April 216 215 277 183 166 '171 '189 '158 106.8 103.8 102.8 127.8 126 103 188.7 '111.8 May P214 276 180 P161 P190 P155 P106.8 P103.2 P101.5 e127.2 122 P108 189.0 111.6 June •202 «204 e246 •184 e145 108 «108 e Estimated; all estimates are those of the Federal Reserve. P Preliminary. ' Revised. * Average per working day. 1 For indexes by groups or industries, see pp. 810-813. 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. 817. 3 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumers' price index is the adjusted series, reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim revision of series and weights. 4 For indexes by Federal Reserve districts and for other department store data, see pp. 820-822. 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. JULY 1952 809 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1935-39 average= 100] 1951 1952 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Industrial Production—Total . . . .. 222 221 212 217 218 218 219 218 221 222 '221 216 P214 Manufactures—Total 233 231 222 226 228 226 228 228 231 232 '231 225 P223 Durable Manufactures 276 274 265 267 271 274 277 282 282 '284 '284 277 Iron and Steell 263 261 253 254 258 261 261 263 261 '261 '263 245 P245 Pig iron 234 235 230 230 231 235 232 227 229 235 239 205 Steel 301 296 293 291 298 304 307 304 304 304 309 278 279 Open hearth 217 213 215 208 213 217 216 219 218 221 225 196 196 Electric 897 884 850 881 902 921 954 911 913 892 911 855 870 Machinery 336 338 328 328 336 340 347 358 359 '360 '359 352 P348 Transportation Equipment 310 307 293 305 311 311 313 320 318 '322 '325 329 P334 Automobiles (including parts) 248 238 216 223 226 223 216 221 218 r219 '221 229 P233 (Aircraft; Railroad Equipment; Shipbuilding — Private and Government) 2 .. Nonferrous Metals and Products 206 205 199 197 196 201 209 207 216 217 218 219 P217 Smelting and refining . ... 227 226 226 213 214 230 235 235 243 249 252 257 P257 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 2 Fabricating 197 197 188 191 190 190 198 196 206 204 204 204 P201 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) 2 Lumber and Products 163 153 141 146 146 149 157 154 159 162 158 152 P141 Lumber 158 147 131 137 135 138 149 141 150 154 149 143 128 Furniture 173 164 160 165 167 171 172 178 175 176 175 170 P167 Stone, Clay, and Glass Products 236 239 237 228 228 219 212 219 217 224 222 220 P218 Glass products 242 250 260 234 232 214 199 208 210 r223 224 226 P227 Glass containers 257 269 285 249 246 222 204 216 223 239 239 242 243 Cement 231 235 226 222 219 217 219 242 233 257 244 238 230 Clay products 184 184 177 176 173 172 173 172 182 177 176 172 P168 Other stone and clay products - Nondurable Manufactures 198 197 187 193 192 188 188 185 189 190 188 183 Pi 80 Textiles and Products.... 190 185 160 170 163 154 157 152 157 160 152 144 P149 Textile fabrics 169 164 138 150 145 139 142 137 142 146 139 131 Cotton consumption 164 157 123 145 142 140 144 136 144 150 141 130 135 N Ra v y lo o n n a d n e d li v s e il r k ie s consumption 2 . . . . 377 378 379 360 334 293 289 283 296 r295 288 '280 289 Wool textiles 144 137 100 115 114 114 120 118 116 122 112 108 Carpet wool consumption 101 87 27 58 63 86 94 99 120 133 123 117 Apparel wool consumption . . .. 163 153 117 132 132 119 122 121 110 116 110 113 Wool and worsted yarn 141 135 105 117 117 114 120 115 109 117 108 103 Woolen yarn 120 119 92 108 108 108 116 112 108 114 103 98 Worsted yarn 171 157 123 130 129 123 126 119 109 120 114 112 Woolen and worsted cloth 163 159 124 135 132 126 133 131 126 126 113 109 Leather and Products 97 99 85 99 100 91 89 88 100 107 108 102 Leather tanning 88 89 75 81 84 80 78 79 86 90 86 84 Cattle hide leathers 104 109 91 99 104 96 94 91 98 101 98 95 Calf and kip leathers 56 51 42 44 51 51 51 59 64 73 68 72 Goat and kid leathers 80 73 58 65 56 53 53 60 70 72 69 64 Sheep and lamb leathers 55 50 54 56 64 67 69 71 71 74 72 69 Shoes 103 106 92 110 111 98 97 94 110 118 122 114 Manufactured Food Products 167 165 164 166 167 163 160 160 162 165 '166 163 P157 Wheat flour 109 103 107 108 107 109 115 109 122 113 103 108 Cane sugar meltings 2 Manufactured dairy products 148 150 150 148 143 140 137 136 137 138 142 146 148 Butter 72 75 77 77 72 71 64 62 65 66 71 73 73 Cheese 174 183 180 173 165 163 158 161 165 163 169 181 185 C Ic a e n c n r e e d a m an 2 d dried milk 164 168 169 160 138 126 118 119 118 120 133 149 163 810 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Federal Reserve index rmmben, 1935-39 average =100] 1951 1952 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactured Food Products—Continued Meat packing . . . 149 145 152 162 168 157 168 163 162 182 179 165 146 Pork and lard 181 188 187 207 221 198 205 200 193 228 230 207 167 Beef 134 110 126 128 126 124 143 141 145 153 141 135 140 Veal 79 95 107 110 99 109 106 84 87 84 81 79 84 Lamb and mutton 52 66 70 65 64 74 75 69 80 85 85 79 76 Other manufactured foods 176 175 173 174 176 173 166 168 169 171 ••172 169 P164 Processed fruits and vegetables 166 160 147 139 152 163 121 123 128 ••133 150 144 P131 Confectionery 132 130 127 140 136 127 136 149 145 143 135 128 Other food products 186 186 188 188 189 183 183 183 184 185 183 182 P179 Alcoholic Beverages . . 179 178 175 178 184 178 188 176 174 171 170 157 150 Malt liquor .. 157 155 163 165 164 154 180 178 185 173 171 154 149 Whiskey 117 104 78 51 70 76 86 85 73 73 68 62 51 Other distilled spirits 560 604 474 492 335 265 262 253 336 327 292 298 231 Rectified liquors 174 174 197 223 332 358 292 225 150 193 208 205 214 Tobacco Products 172 171 161 183 177 185 194 147 176 175 174 184 178 Cigars .. . . 105 115 98 114 123 127 129 87 108 105 109 110 114 Cigarettes 239 233 225 252 239 259 262 204 244 244 243 259 245 Other tobacco products 64 66 57 73 70 44 84 60 67 68 59 62 64 Paper and Paper Products 212 208 190 196 197 196 191 184 187 193 192 185 182 Paper and pulp 200 198 183 189 192 191 187 182 185 189 188 181 175 Pulp 233 235 230 228 234 235 235 223 229 237 241 228 221 Groundwood pulp 115 123 137 132 137 130 112 116 111 114 117 110 108 Soda pulp . . ... 99 88 78 93 99 97 95 94 95 99 99 95 92 Sulphate and sulphite pulp 3 274 275 269 265 271 273 278 261 271 279 284 269 260 Paper 195 193 176 183 185 185 180 176 178 181 180 174 168 Paperboard 256 247 217 224 216 213 205 191 197 209 205 202 207 Printing paper 186 180 167 185 192 190 188 191 192 191 189 186 175 207 204 204 196 200 210 179 181 195 184 190 186 162 Wrapping paper 170 177 165 168 180 180 184 181 177 176 178 161 149 Newsprint 121 128 129 130 129 127 125 128 123 129 131 122 130 Printing and Publishing 176 171 166 174 179 177 175 174 175 177 177 175 170 Newsprint consumption 166 163 166 164 167 165 163 158 159 163 164 164 166 Petroleum and Coal Products 263 263 262 265 266 269 276 281 281 281 r278 266 P203 Gasoline 207 212 211 213 214 212 214 215 211 212 210 205 Fuel oil 210 215 213 209 213 214 226 234 238 242 227 218 Lubricating oil 193 194 195 200 187 200 196 192 188 177 183 177 Kerosene . ... 201 205 209 208 216 214 230 224 243 208 223 211 Coke 186 187 183 187 185 185 185 185 188 188 204 179 By-product coke 178 179 178 179 178 178 177 178 179 179 197 175 Beehive coke 456 476 388 457 411 452 467 456 464 459 420 329 329 Chemical Products 298 302 305 306 301 298 299 298 300 r297 294 293 P294 Paints 160 161 167 165 158 156 158 158 159 r157 155 153 p\52 Rayon 378 385 392 393 358 346 331 317 r323 299 »-269 267 269 Industrial chemicals... 538 548 554 557 560 556 563 563 562 r562 563 561 P560 Rubber Products 247 251 243 243 245 239 245 250 248 243 *244 237 P234 Minerals—Total 165 165 156 165 167 174 170 163 167 167 164 166 P161 Fuels 168 169 160 171 172 179 178 170 175 174 170 171 P163 Coal 118 123 97 123 125 138 141 125 136 123 111 110 100 Bituminous coal 126 133 105 134 137 147 152 135 147 135 122 119 107 Anthracite 83 86 66 77 79 104 99 86 91 77 68 74 73 Crude petroleum 192 191 192 194 195 199 196 193 194 199 199 201 Metals 151 145 132 134 137 144 122 122 125 128 125 141 P147 Metals other than gold and silver ... 216 209 187 194 200 212 175 174 177 182 176 P205 Iron ore (Copper; Lead; Zinc) 2, ... Gold 56 52 52 49 49 47 45 44 47 47 48 Silver 76 73 67 58 58 62 65 70 72 76 78 77 For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JULY 1952 811 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Federal Reserve index numbers, 1935-39 average =100] 1951 1952 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Industrial Production—Total 223 223 214 220 223 222 220 217 217 218 217 215 P214 Manufactures — Total 233 232 223 229 232 230 229 227 227 r229 r228 224 v223 Durable Manufactures 277 276 266 269 273 276 277 280 -•280 '281 '283 277 Iron and Steel1 263 261 253 254 258 261 261 263 261 r261 r263 245 P245 Pig iron 234 235 230 230 231 235 232 227 229 235 239 205 Steel 301 296 293 291 298 304 307 304 304 304 309 278 279 Open hearth. 217 213 215 208 213 217 216 219 218 221 225 196 196 Electric 897 884 850 881 902 921 954 911 913 892 911 855 870 Machinery 336 338 328 328 336 340 347 358 359 '360 r359 352 P348 Transportation Equipment. 310 307 293 305 311 311 313 320 318 r325 329 P334 Automobiles (including parts) 248 238 216 223 226 223 216 221 218 '221 229 P233 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 Nonferrous Metals and Products 206 205 199 197 197 201 209 207 216 217 218 P217 Smelting and refining 227 225 225 213 214 230 236 235 243 249 252 257 P257 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 2 , Fabricating , 197 188 191 19Q 190 198 196 206 204 204 204 P201 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products. 168 164 151 158 158 158 155 142 148 149 152 P145 Lumber... 165 163 146 154 153 151 146 122 125 133 135 133 Furniture. 173 164 160 165 167 171 172 178 175 r176 175 170 P167 Stone, Clay, and Glass Products. 242 241 239 238 237 230 217 212 205 •208 '211 216 P224 Glass products 255 248 251 241 236 219 200 197 207 218 224 226 Glass containers 275 266 273 259 251 228 206 201 219 232 239 242 260 Cement 242 251 248 251 254 252 237 220 188 196 200 226 241 Clay products 184 184 179 182 180 182 179 177 169 168 '168 167 *>168 Other stone and clay products2 . Nondurable Manufactures. 197 197 188 197 199 193 191 185 184 186 184 181 P179 Textiles and Products 190 185 160 170 163 154 157 152 157 160 152 P!49 Textile fabrics 169 164 138 150 145 139 142 137 142 146 139 131 Cotton consumption 164 157 123 145 142 140 144 136 144 150 141 130 135 Rayon deliveries 377 378 379 360 334 293 289 283 296 '295 288 280 289 Nylon and silk consumption 2.. . Wool textiles 144 137 100 115 114 114 120 118 116 122 112 108 Carpet wool consumption. . 101 87 27 58 63 86 94 99 120 133 123 117 Apparel wool consumption. 163 153 117 132 132 119 122 121 110 116 110 113 Woolen and worsted yarn. . 141 135 105 117 117 114 120 115 109 117 108 103 Woolen yarn 120 119 92 108 108 108 116 112 108 114 103 98 Worsted yarn 171 157 123 130 129 123 126 119 109 120 114 112 Woolen and worsted cloth.. 163 159 124 135 132 126 133 131 126 126 113 109 Leather and Products. 97 98 83 98 100 91 91 88 100 109 108 102 Leather tanning 88 86 71 80 83 80 81 79 86 96 86 84 Cattle hide leathers 104 105 86 96 102 97 98 91 100 109 98 95 Calf and kip leathers 54 52 42 47 50 52 52 58 62 77 67 69 Goat and kid leathers 78 74 57 63 57 53 52 61 70 74 68 66 Sheep and lamb leathers. 59 50 50 58 62 67 73 67 66 81 70 68 Shoes 92 110 98 97 94 118 122 114 103 106 111 110 Manufactured Food Products. 176 189 177 164 158 149 148 149 P151 159 165 192 151 Wheat flour 106 107 115 116 108 114 101 104 P100 Cane sugar meltings 2 104 99 117 122 Manufactured dairy products. 196 221 221 215 169 128 98 95 86 97 116 152 197 Butter 93 104 94 85 69 61 49 49 54 58 64 75 94 Cheese 233 259 221 194 169 146 119 116 122 134 152 '188 248 Canned and dried milk... 228 232 196 164 127 102 85 92 95 108 131 168 227 Ice cream 1949. A description of the new methods 5 but not available tor publication separately. ata used to measure changes in production, the sulphate pulp and sulphite pulp ser avail gh June 1951 are shown in preceding BULLETINS. 812 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Federal Reserve index numbers, 1935-39 average = 100] 1951 1952 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactured Food Products—Continued ^leat packing 149 144 141 139 149 156 188 195 193 175 165 152 147 Pork and lard. . . .. 181 188 165 159 174 186 240 264 253 223 214 188 167 Beef 134 107 127 130 136 135 148 141 148 140 128 127 140 Veal 82 95 107 108 109 124 114 79 81 74 76 78 88 Lamb and mutton 53 62 67 64 69 77 75 68 85 86 83 77 78 Other manufactured foods 159 165 181 200 209 192 174 166 157 155 153 151 P150 Processed fruits and vegetables 108 123 191 263 297 210 111 96 83 84 83 88 P85 Confectionery . . . .. .... 102 96 104 151 175 167 161 150 149 144 125 107 Other food products 182 188 191 192 193 192 192 187 177 176 176 175 P175 Alcoholic Beverages 180 191 190 179 103 197 178 154 145 152 155 155 158 Malt liquor . 179 195 204 188 166 143 139 U2 151 155 159 162 170 Whiskey . . . 117 104 78 51 70 76 86 85 73 73 68 62 51 Other distilled spirits .... 336 374 275 266 459 686 549 278 219 196 190 179 139 Rectified liquors 174 174 197 223 332 358 292 225 150 193 208 205 214 Tobacco Products 172 178 167 190 188 191 198 137 176 167 164 174 178 Cigars 105 115 98 114 123 127 129 87 108 105 109 110 114 Cigarettes 239 245 236 265 256 269 267 188 244 229 226 241 245 Other tobacco products 65 67 57 71 75 47 86 53 66 66 59 62 64 Paper and Paper Products 212 209 189 196 196 196 191 183 187 194 192 186 182 Paper and pulp 201 199 182 189 191 191 187 181 185 190 188 181 175 Pulp 234 235 228 226 232 233 236 223 230 238 242 230 222 Groundwood pulp 124 124 122 116 122 121 119 117 116 119 125 121 117 Soda pulp 99 88 78 93 99 97 95 94 95 99 99 95 92 Sulphate and sulphite pulp 3 274 275 269 265 271 273 278 261 271 279 284 269 260 Paper .... 195 193 175 183 185 185 180 175 178 182 180 174 168 Paperboard . . . . 256 247 217 224 216 213 205 191 197 209 205 202 207 Fine paper 2 Printing paper 186 180 167 185 192 190 188 191 192 191 189 186 175 Tissue and absorbent paper 207 208 196 196 200 212 179 175 193 191 190 188 162 Wrapping paper 170 177 165 168 180 180 184 181 177 176 178 161 149 Newsprint 122 129 126 128 129 127 126 125 123 129 131 124 131 Printing and Publishing 179 170 155 166 180 181 183 178 170 175 180 180 174 Newsprint consumption . .. 172 161 143 147 168 173 178 166 148 159 171 174 173 Petroleum and Coal Products 263 263 262 265 266 269 276 281 281 281 r278 266 P203 Petroleum refining' Gasoline 207 212 211 213 214 212 214 215 211 212 210 205 Fiiel oil . . . . 210 215 213 209 213 214 226 234 238 242 227 218 Lubricating oil.... 201 194 193 198 187 200 196 190 183 175 181 184 Kerosene . . 203 193 194 199 214 214 237 231 248 218 227 215 Other petroleum products 2 Coke 186 187 183 187 185 185 185 185 188 188 204 179 By-product coke 178 179 178 179 178 178 177 178 179 179 197 175 Beehive coke 456 476 388 457 411 452 467 456 464 459 420 329 329 Chemical Products 298 300 301 303 303 303 304 302 302 '300 298 296 P294 Paints . . 165 165 165 163 157 156 157 158 156 155 155 154 P157 Rayon . . 378 385 392 393 358 346 331 317 ••323 299 r269 267 269 Industrial chemicals 538 548 554 557 560 556 563 563 562 ••562 563 561 P560 Other chemical products2 . . Rubber Products 247 251 243 243 245 239 245 250 248 243 r244 237 P234 Minerals—Total 168 169 161 170 171 176 169 159 162 162 158 165 P163 Fuels 168 169 160 171 172 179 178 170 175 174 170 171 P163 Coal 118 123 97 123 125 138 141 125 136 123 111 110 100 Bituminous coal 126 133 105 134 137 147 152 135 147 135 122 119 107 Anthracite 83 86 66 77 79 104 99 86 91 77 68 74 73 Crude petroleum 192 191 192 194 195 199 196 193 194 199 199 201 Metals 166 171 166 167 166 163 115 89 88 91 r90 131 P161 Metals other than gold and silver 248 256 247 250 246 240 160 117 116 121 118 189 Iron ore 365 392 384 403 388 354 185 94 94 98 94 238 (Copper: Lead; Zinc) 2 Gold 49 48 50 54 56 55 50 46 45 43 43 76 70 66 57 59 62 65 70 73 77 80 77 For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JULY 1952 813 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF MAJOR CONSUMER DURABLE GOODS (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1947-49 average =100] 1951 1952 Product group May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total1 129 125 100 101 107 103 104 98 noo '102 '104 103 103 Passenger automobiles * 140 140 111 112 115 108 104 93 '91 -96 '103 109 109 Household goods, total 117 108 88 89 98 98 103 104 110 108 106 98 97 Carpets 82 70 47 55 56 60 60 63 79 75 80 83 Furniture 109 102 102 97 97 98 101 105 104 103 '102 105 105 Major appliances . . 115 111 78 86 96 88 93 100 97 95 98 83 81 Radios and television 153 133 98 95 123 135 149 130 164 158 141 119 118 ' Revised. 1 Seasonal adjustment factors for passenger automobiles revised beginning January 1952. NOTE.—Figures for May are preliminary. For description see BULLETIN for October 1951, pp. 1235-1240. Tables of back data, including unadjusted indexes for these series, and indexes for certain component series may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D. C. PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] 1951 Industry group or industry May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May ADJUSTED FOR SEASONAL VARIATION Total 13,211 13,204 13,106 12,967 12,855 12,789 12,776 12,803 12,816 12,835 12,823 12,840 12,759 Durable goods 7,449 7,440 7,352 7,303 7,265 7,248 7,264 7,261 7,256 '7,285 '7,275 7,316 7,291 Primary metal industries 1,174 1,178 1,173 1,171 1,162 1,154 1,143 1,152 1,156 1,154 '1,148 1,146 1,154 Fabricated metal products 859 852 834 829 810 805 801 794 796 r799 '799 803 802 Machinery except electrical 1,236 1,246 1,247 1,221 1,225 1,248 1,261 1,263 1,276 1,275 1,264 1,268 1,251 Electrical machinery 714 708 705 714 711 700 707 712 718 '720 '716 714 712 Transportation equipment 1,233 1,237 1,187 1,198 1,211 1,205 1,234 1,235 1,235 ••1,251 '1,263 1,283 1,306 Lumber and wood products 764 765 748 736 730 729 712 699 667 '685 '680 686 648 Furniture and fixtures 309 295 296 289 284 283 287 290 292 290 293 292 292 Stone, clay, and glass products. . 484 485 485 482 480 477 470 460 457 '449 '449 451 452 Instruments and related products 222 223 229 226 226 227 229 230 231 '232 '232 234 231 Misc. manufacturing industries. . 422 417 410 396 382 373 370 374 374 '375 375 382 385 Ordnance and accessories 32 34 38 41 44 47 50 52 54 55 56 57 58 Nondurable goods 5,762 5,764 5,754 5,664 5,590 5,541 5,512 5,542 5,560 5,550 5,548 5,524 5,468 T A e p x p t a il r e e - l m a i n ll d p o ro th d e u r c t f s inished tex- 1,212 1,205 1,203 1,170 1,147 1,133 1,121 1,124 1,120 '1,106 '1,101 1,091 1,083 tiles 1,045 1,047 ,053 1,032 1,007 985 998 1,020 1,029 1,021 '1,018 1,008 995 Leather and leather products. . . 345 351 341 336 321 317 319 325 330 335 335 338 339 Food and kindred products 1,184 1,177 ,170 1,154 1,148 1,158 1,132 1,133 1,144 '1,159 '1,159 1,154 1,132 Tobacco manufactures 80 80 80 81 82 82 79 83 82 81 81 83 82 Paper and allied products 426 428 427 421 418 411 407 406 403 '402 '401 399 398 Printing, publishing and allied industries 513 512 512 514 515 512 514 512 510 '507 511 509 509 Chemicals and allied products... 539 544 548 542 540 533 531 527 531 '530 '530 530 526 Products of petroleum and coal. 195 197 196 194 194 197 196 197 195 195 197 199 187 Rubber products 223 223 224 220 218 213 215 215 216 214 215 213 217 WITHOUT SEASONAL ADJUSTMENT Total 12,993 13,064 12,885 13,069 13,087 12,997 12,904 12,911 12,766 12,820 12,807 12,712 12,559 Durable goods 7,406 7,409 7,226 7,261 7,279 7,296 7,314 7,322 7,264 '7,306 '7,310 7,314 7,251 Primary Metal Industries 1,162 1,172 1,155 1,165 1,162 1,160 1,149 1,164 1,162 1,160 '1,154 1,146 1,142 Blast furnaces, steel works and rolling mills 565 572 572 575 573 570 558 573 570 570 '567 Fabricated Metal Products 850 843 813 817 810 809 805 806 804 r807 '807 807 794 Machinery except Electrical 1, 2 2 2 4 8 2 1, 2 2 3 5 3 2 1, 2 2 3 3 2 5 1, 2 2 2 0 5 9 1, 2 2 3 1 1 9 1, 2 2 3 4 2 2 1, 2 2 4 5 1 5 1, 2 2 4 6 5 9 1, 2 2 4 7 7 6 1, ' 2 24 8 9 1 1, ' 2 24 7 9 7 1,2 2 7 4 4 8 1,257 Metalworking machinery... 707 704 684 696 707 707 718 726 725 '727 '723 714 705 Electrical Machinery Electrical apparatus (gen- 270 275 271 272 273 265 266 271 273 275 272 270 erating, etc.) 247 241 230 239 247 258 268 272 271 273 273 268 Communication equipment. 1,233 1,237 1,187 1,198 1,211 1,205 1,234 1,235 1,235 '1,251 '1,263 1,283 1,306 Transportation Equipment Motor vehicles and equip- 752 738 684 675 679 667 655 645 633 '634 '639 662 ment 318 333 347 357 360 362 395 407 415 424 427 429 Aircraft and parts 764 773 748 754 745 740 719 696 654 r668 '670 676 648 Lumber and Wood Products 449 456 443 449 443 439 428 412 391 396 398 406 Sawmills and planing mills.. 301 286 284 285 285 289 294 296 296 296 296 291 285 Furniture and Fixtures , 211 197 196 195 196 201 206 208 208 '207 '208 205 Household furniture 484 485 478 484 482 479 472 465 452 '447 '449 451 452 Stone, Clay, and Glass Products.. 222 223 221 224 226 228 230 232 232 '233 '234 235 231 Instruments and Related Products. 409 400 383 388 388 390 388 381 374 '381 381 380 373 Misc. Manufacturing Industries.. 32 34 38 41 44 47 50 52 54 55 56 57 58 Ordnance and Accessories For footnotes see following page. 814 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] 1951 1952 Industry group or industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Nondurable goods 5,587 5,655 5,659 5,808 5,808 5,701 5,590 5,589 5,502 5,514 '5,497 5,398 5,308 Textile-mill Products 1,206 1,205 1,167 1,152 1,136 1,133 1,132 1,141 1,131 '1,123 r1,112 1,091 1,078 Broad-woven fabric mills... 574 588 574 561 551 546 544 548 540 '527 '518 507 Knitting mills 222 216 210 212 205 209 209 211 209 210 210 209 Apparel and Other Finished Textiles 998 1,000 990 1,047 1,037 1,019 1,008 1,035 1,029 1,052 r1,049 993 950 Men's and boys' furnishings. 253 245 233 238 239 238 233 235 228 ••233 238 239 Women's and misses' outerwear 249 255 271 295 284 270 279 296 300 ••309 '306 274 Leather and Leather Products.... 331 344 336 343 327 320 317 323 330 342 343 335 325 Footwear (except rubber)... 210 222 215 221 208 201 198 205 213 221 222 217 Food and Kindred Products 1,099 1,146 1,225 1,307 1,330 1,254 1,160 1,122 1,068 r1,060 '1,056 1,057 1,059 Meat products 229 233 236 233 235 236 246 252 246 244 240 235 Canning and preserving.... 137 154 226 305 330 238 145 120 106 ••105 104 113 Bakery products 190 192 192 192 193 195 192 190 187 187 '187 184 Tobacco Manufactures 74 76 75 84 89 89 85 £5 82 80 78 77 76 Paper and Allied Products 424 426 418 419 416 413 411 410 405 '404 399 396 Pulp, paper and paperboard mills 213 215 214 215 214 212 212 212 211 210 210 206 Printing, Publishing and Allied Industries 510 512 507 509 515 517 519 520 510 '507 508 506 506 Newspapers 152 152 151 151 153 153 154 155 151 152 152 152 Commercial printing 168 169 167 166 167 169 170 171 170 '166 167 166 Chemicals and A Hied Products... 531 528 526 531 543 544 542 538 536 '538 '538 530 518 Industrial organic chemicals 170 172 172 174 175 172 173 171 170 168 168 163 Products'of Petroleum and Coal.. 194 198 198 198 197 197 197 196 193 193 194 197 186 Petroleum refining 151 154 154 154 154 154 154 155 153 153 152 155 Rubber Products 220 220 217 218 218 215 219 219 218 215 216 213 214 ' 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 May 1952 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earning (dollars per week) (per week) (dollars per hour) Industry group 1952 1951 1952 1951 1952 May Mar. Apr. May May Mar. Apr. May May Mar. Apr. May Total 64.55 67.19 65.83 66.32 40.7 40.6 39.8 40.0 1.586 1.655 1.654 1.658 Durable goods. 69.60 72.55 71.03 71.11 41.8 41.6 40.8 40.8 1.665 1.744 1.741 1.743 Primary metal industries. . . 75.02 •75.91 70.64 70.29 41.7 '41.1 38.6 38.2 1.799 '1.847 1.830 1.840 Fabricated metal products. . 69.18 '71.52 69.73 70.48 41.8 41.8 40.8 41.0 1.655 '1.711 1.709 1.719 Machinery except electrical. 76.30 80.08 78.58 78.57 43.6 43.5 42.8 42.7 1.750 1.841 1.836 .840 Electrical machinery 66.57 '69.96 68.82 68.65 41.5 41.3 40.6 40.5 1.604 '1.694 1.695 .695 Transportation equipment. . 74.97 '80.00 78.74 78.11 40.9 '41.3 40.8 40.6 1.833 '1.937 1.930 .924 Lumber and wood products 59.72 '59.70 61.28 60.65 41.5 '40.5 40.8 41.4 1.439 '1.474 1.502 .465 Furniture and fixtures 56.28 '60.71 59.67 60.19 40.4 41.3 40.7 41.0 1.393 '1.470 1.466 .468 Stone, clay, and glass products 65.11 '65.64 65.04 65.76 41.9 41.0 40.6 41.0 1.554 '1.601 1.602 1.604 Instruments and related products 68.78 -71.04 70.20 71.15 42.3 "41.4 41.1 41.2 1.626 '1.716 1.708 1.727 Miscellaneous manufacturing industries. 57.39 "60.34 59.00 60.74 40.7 '40.8 40.0 40.6 1.410 '1.479 1.475 1.496 Ordnance and accessories 72.45 "79.08 77.17 77.96 43.2 44.4 43.4 43.6 1.677 '1.781 1.778 1.788 Nondurable goods. 57.93 60.09 58.91 59.60 39.3 39.3 38.5 38.8 1.474 1.529 1.530 1.536 Textile-mill products 51.37 51.32 49.89 50.65 38.8 38.1 37.2 37.6 1.324 1.347 1.341 1.347 Apparel and other finished products... . 43.56 "47.36 43.61 45.05 35.3 r36.8 35.0 1.234 '1.287 1.246 1.241 Leather and leather products 45.38 "50.39 48.32 48.41 35.4 38.7 37.0 1.282 '1.302 1.306 1.319 Food and kindred products 60.40 "63.42 63.23 65.18 41.6 '41.1 40.9 1.452 '1.543 1.546 1.563 Tobacco manufactures 42.49 "43.85 41.23 42.18 36.6 36.6 34.5 35.3 1.161 '1.198 1.195 1.195 Paper and allied products 65.92 "67.35 65.21 65.86 43.4 42.6 41.3 41.5 1.519 '1.581 1.579 1.587 Printing, publishing and allied products. 75.66 "79.19 78.32 79.85 38.7 '38.8 38.3 38.8 1.955 '2.041 2.045 2.058 Chemicals and allied products 68.14 "69.01 69.25 70.11 41.7 '41.2 41.1 41.0 1.634 '1.675 1.685 1.710 Products of petroleum and coal 81.31 -81.77 81.93 72.42 40.9 40.6 40.4 35.8 1.988 '2.014 2.028 2.023 Rubber products 68.56 73.40 71.68 69.74 41.3 '40.6 39.8 39.2 1.660 '1.808 1.801 1.779 r Revised. NOTE.—Data are for production and related workers. Figures for May 1952 are preliminary. Back data are available from the Bureau of Labor Statistics. JULY 1952 815 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] Transporta- Federal Year or month Total M t a u n r u in fa g c- Mining co C ns o t n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1944 41,480 17,111 883 1,094 3,798 7,260 1,374 3,934 6,026 1945 40,069 15,302 826 1,132 3,872 7,522 1,394 4,055 5,967 1946 41,412 14,461 852 1,661 4,023 8,602 1,586 4,621 5,607 1947 43,371 15,247 943 1,982 4,122 9,196 1,641 4,786 5,454 1948 44,201 15,286 981 2,165 4,151 9,491 1,716 4,799 5,613 1949 43,006 14,146 932 2,156 3,977 9,438 1,763 4,782 5,811 1950 44,124 14,884 904 2,318 4,010 9,524 1,812 4,761 5,910 1951 . 46,401 15,931 920 2,569 4,144 9,804 1,883 4,759 6,390 SEASONALLY ADJUSTED 1951—May 46,507 16,081 916 2,572 4,140 9,821 1,865 4,765 6,347 June 46,626 16,097 923 2,558 4,132 9,857 1,874 4,787 6,398 July. .. . . 46,602 16,026 899 2,574 4,134 9,837 1,880 4,780 6,472 August 46,555 15,893 914 2,601 4,143 9,822 1,895 4,791 6,496 September 46,465 15,801 912 2,587 4,157 9,791 1,908 4,783 6,526 October 46,415 15,748 914 2,630 4,173 9,770 1,917 4,746 6,517 November 46,482 15,761 916 2,581 4,169 9,827 1,926 4,758 6,544 December 46,608 15,811 916 2,569 4,161 9,893 1,931 4,749 6,578 1952—Tanuary 46,471 15,830 916 2,545 4 139 9,852 1,919 4,742 6,528 February '•46,594 15,877 912 '2,593 '4,147 '9,860 1,929 '4,738 6,538 March '46,534 15,883 906 '2,527 '4,155 '9,854 1,936 '4,730 6,543 April 46,507 15,905 901 2,517 4,126 9,815 1,941 4,748 6,554 May 46,498 15,819 892 2,473 4,139 9,893 1,947 4,763 6,572 UNADJUSTED 1951—May . 46,226 15,853 915 2,598 4,137 9,683 1,874 4,789 6,377 June... „ 46,567 15,956 927 2,686 4,161 9,732 1,893 4,835 6,377 July . 46,432 15,813 906 2,754 4,176 9,667 1,908 4,852 6,356 August 46,724 16,008 922 2,809 4,190 9,641 1,914 4,839 6,401 September 46,956 16,039 917 2,768 4,178 9,781 1,898 4,831 6,544 October 46,902 15,965 917 2,761 4,166 9,893 1,898 4,770 6,532 November 46,852 15,890 917 2,633 4,165 10,109 1 ,907 4,734 6,497 December 47,663 15,913 916 2,518 4,161 10,660 1,912 4,702 6,881 1952—January 45,913 15,776 909 2,316 4,103 9,720 1,909 4,671 6,509 February '45,899 15,859 '902 '2,308 '4,111 '9,643 1,919 '4,667 6,490 March '45,983 15,858 899 '2,300 '4,119 '9,660 1,936 '4,683 6,528 April 46,249 15,769 897 2,416 4,106 9,811 1,951 4,748 6,551 May 46,234 15,609 891 2,498 4,136 9,754 1,957 4,787 6,602 r Revised. NoffE.—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. May 1952 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total Year or month c i p n i o v s p i t l i u i t a u la n t t i i o n o n o n a n * l - Total Total In E n m on p a lo g y ri e c d u l * - In p U l n o e y m ed - l N ab o o t r i n f o t r h c e e tural industries agriculture 1944 93,220 54,630 53,960 45.010 8,950 670 38,590 1945 94,090 53,860 52,820 44,240 8,580 1,040 40,230 1946 103,070 57,520 55,250 46,930 8,320 2,270 45,550 1947 106,018 60,168 58,027 49,761 8,266 2,142 45 850 1948.. 107,175 61,442 59,378 51,405 7,973 2,064 45,733 1949 108,156 62,105 58,710 50,684 8,026 3,395 46,051 1950 109,284 63,099 59,957 52,450 7,507 3,142 46,181 1951 108,976 62,884 61,005 53,951 7,054 1 879 46 092 1951—May 108,832 62,803 61,193 53,753 7,440 1,609 46,029 June. . . . . 108,836 63,783 61,803 53,768 8,035 1,980 45,053 July 108,856 64,382 62,526 54,618 7,908 1 856 44 474 August 108,896 64,208 62,630 54,942 7,688 1,578 44,688 September 108,956 63,186 61,580 54,054 7,526 1,606 45,770 October 109,064 63,452 61,836 54,168 7,668 1,616 45,612 November . . 109,122 63,164 61,336 54,314 7,022 1,828 45,958 December 109,200 62,688 61,014 54,636 6,378 1,674 46,512 1952—January 109,260 61,780 59,726 53,540 6,186 2,054 47,480 February 109,274 61,838 59,752 53,688 6,064 2,086 47 436 March ... 109,274 61,518 59,714 53,702 6 012 1 804 47 756 109,328 61,744 60,132 53,720 6,412 1 612 47 584 May 109,426 62,778 61,176 54,216 6,960 1,602 46,648 1 The number of persons in the armed forces, previously included in the total noninstitutional population and total labor force items, is no longer available for reasons of security. 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 816 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky ]Mountains, as reported by the K.W. Dodge Corporation. Value cf contracts in millions of dollars] Nonresidential building Residential Public works Total building and public Month Factories Commercial Educational Other utilities 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 January . . 1,045.2 902.1 420.9 337 7 130.4 110.1 121 1 55 7 84.6 98.1 126.8 93 9 161.3 206.7 February 1,140.5 885.2 531 1 396 4 116 2 61 0 101 8 62 9 81 0 104.2 132 2 74 0 178 2 187 4 March 1,271.0 1 321.3 574.6 592 7 126.2 120 2 78 8 70 6 128.4 118.7 139.4 153 8 223.6 265.3 April . . 1,375 01 597.5 590 8 681 6 174 3 204 106 75 103 5 134 4 133 9 147 7 266 1 353 6 May 2,573.0 1 563.7 661 1 753 8 1,274.9 78 9 60 6 79 9 123.2 145.7 175 3 158 4 278 0 347 0 June 1,439 4 545 2 242 0 65 128 1 148 3 310 5 July 1,422.7 548.1 206.9 75 4 150.1 146 9 295 2 August 1,265.8 567 6 161.8 65 5 127.9 123.8 219.3 September.,. ... 1,096.0 479.7 122 5 80 0 98 5 116 6 198 7 October 1,072.0 496.2 116.4 68 8 94.5 159.1 137.0 November.. 951.1 443 9 96 5 48 4 79 0 123 1 160 2 December 1,099.5 346.1 115.1 43 1 136.0 163.9 295.2 Year 15,751.1 6,205.4 2,883.3 915 3 1,334.6 1,689.2 2,723.2 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership 1952 1951 Month 1950 1951 1952 1950 1951 1952 1950 1951 1952 Federal Reserve district May Apr. May Jan 731 1,045 902 201 306 297 530 739 605 Feb.. . . 780 1,141 885 285 332 339 495 808 547 Mar.. . . 1,300 1,271 1,321 481 418 554 819 852 767 Boston 106,005 84,710 105,330 Apr.. . . 1,350 1,375 1,598 354 456 636 996 919 961 New York 244,053 293,921 287,641 May. . . 1,348 2,573 3891,474 9591,099 Philadelphia 95,602 101,983 105,236 June.. . L,345 1,439 428 583 917 856 Cleveland 157,630 139,772 206,337 July.... 1,420 1,423 460 636 960 787 Richmond 134,944 145,786 743,910 Aug.. . . 1,549 1,266 438 486 1,111 779 Atlanta 156,230 176,809 163,735 Sept 1,287 1,096 364 318 922 778 Chicago 248,460 207,782 210,405 Oct 1,136 1,072 308 310 828 762 St. Louis 98,329 180,415 471,601 Nov.... 1,087 951 320 326 767 625 Minneapolis 46,634 51,174 55,751 Dec.. . . L.168 1,100 381 476 787 624 Kansas City 98,698 74,846 62,630 Dallas 177,075 140,319 160,385 Year. 14,501 15,751 4,409 6,122 10,0929,629 Total (11 districts) 1,563,660 1,597,517 2,572,961 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOMB MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Title 1loans Mortgsiges Y m e o a n r t o h r Total p m P e r i r m r o e o t v n p y - e t - 1 - s S h c t t m o i r o o u m n a n c - l e - l 1 f h ( a - o T m I u t i D o s t i l l e e 4 y s - h R g ( o T a r e I u o n n I i s t u ) d t i l a n p e l g W h e ( o V V a T r u a r e I i s n ) t t a i l 2 - s n e n ' g d V h ( M t T i o a n I i u i r I g t l y I s l i ) e - - End of month Total b C m a c o n i e a m k r l - s - b M s i t a n u a n g v a u k s l - - s a a S l s i a t o n s a i n a o g o v d n c s n - i s - p I c a n a o n n s m c u i e e - r s - a c F e g i e r e e a d s n l - 1 - Other2 1947 1,787 534 (3) 446 808 1936—Dec 365 228 8 56 41 5 27 1948 3,338 614 7 880 1,836 1937—Dec 771 430 27 110 118 32 53 1949 3,821 594 13 1,855 7 1,339 12 1938—Dec 1,199 634 38 149 212 77 90 1950 . . 4,342 694 * 7 2,466 21 1,031 123 1939—Dec 1,793 902 71 192 342 153 133 1951 3,221 708 29 1,894 109 278 203 1940—Dec 2,409 1,162 130 224 542 201 150 1941—Dec 3,107 1,465 186 254 789 234 179 1942—Dec 3,620 1,669 236 276 1,032 245 163 1951—May. 271 52 2 165 16 36 1943—Dec 3,626 1,705 256 292 1,134 79 159 June.. 255 54 2 146 6 31 "l6 1944—Dec 3,399 1,590 260 269 1,072 68 140 July... 274 76 2 146 17 19 13 1945—Dec 3,156 1,506 263 253 1,000 13 122 Aug... 270 66 3 154 15 18 14 Sept... 239 53 4 131 7 16 28 1946—June 3,102 1,488 260 247 974 11 122 Oct. .. 300 74 4 145 20 15 41 Dec 2,946 1,429 252 233 917 9 106 Nov... 248 68 4 141 4 24 7 Dec... 227 65 3 125 9 10 15 1947—June 2,860 1,386 245 229 889 8 102 Dec 2,871 1,379 244 232 899 7 110 1952—Tan. . . 5 274 88 4 159 18 3 2 Feb.... « 211 64 2 125 8 (3) 10 1948—June 2,988 1,402 251 245 973 7 110 Mar... «2O7 61 2 124 7 5 8 Dec 3,237 1,429 265 269 1,113 9 152 Apr. . . «242 64 2 126 26 4 18 May. . 249 71 2 128 15 7 18 1949—June 3,894 1,587 305 323 1,431 21 227 Dec 4,751 1,771 378 416 1S828 52 305 'I N n e c t l u p d r e o s c e m ed o s r tg to a g b e o s rr i o n w su e r r e s d . in connection with sale of Government 1950—Dec 6,695 2,205 693 603 2,712 60 421 o h w o * u n s I e i n d n c g l w u . d a e r 3 s h L 6 o e u s m s s i n i t l h g li a o n a n n $ d d 5 o 0 i l n 0 la s ,0 u rs 0 r e 0 d o . f lo C a l n a s s s to 3 f l i o n a a n n s c e (p th ro e g m ram an uf te a r c m tu i r n e a t o e f d 1951— D Ju e n c e 8 7 , , 2 5 1 5 2 6 2 2 , , 4 5 1 5 2 4 1,0 9 7 0 2 3 6 6 5 8 8 9 3 3 , , 1 4 1 5 5 3 4 7 4 1 3 4 7 2 3 3 Feb. 28, 1950) and 1 million of Sec. 8 loans. * Includes defense housing as follows (in millions of dollars): Jan- 1 The RFC Mortgage Company, the Federal National Mortgage uary, 1; February, 0.3; March, 0.5; April, 2; May, 7. Association, the Federal Deposit Insurance Corporation, and the and N O d T o E n . o — t F ta ig k u e r e a s c c r o e u p n re t s o e f n t p r g i r n o c s i s p a i l n s r u e r p a a n y c m e e w n r ts i tt o e n n p d r u e r v i i n o g u s t ly h e in p s e u ri r o e d d Un 2 it I e n d c lu S d ta es te s m o H r o tg u a s g in e g co C m o p rp a o n r i a es ti , o f n i . nance companies, industrial banks, loans. Figures include some* reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place Federal Housing Administration. JULY 1952 817 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Private Government-underwritten Rural Year or month Total Urban non- Public farm Total fam 1- ily fam 2- ily f M am ul i t l i y - Total FHA VA 1939 515 359 156 458 373 20 66 57 158 158 1941 706 434 272 620 533 28 58 87 220 220 1945 209 134 75 208 185 9 15 1 47 41 6 1946 671 404 267 663 590 24 48 8 152 69 83 1947 849 480 369 846 740 34 72 3 440 229 211 1948 932 525 407 914 763 46 104 18 393 291 102 1949 . . 1,025 589 436 989 792 35 162 36 466 361 105 1950 1,396 828 568 1,352 1,151 42 159 44 686 486 200 1951 1,091 595 496 1,020 892 40 88 71 413 264 149 1951—July 91 46 45 87 76 3 8 4 34 22 12 August 89 46 43 88 78 3 8 1 32 21 11 September 96 49 47 95 81 4 10 1 30 20 10 October 90 44 46 89 80 3 6 1 32 20 12 November 75 39 36 72 64 3 6 2 27 18 9 December 61 31 29 60 51 2 6 1 23 14 9 1952—Tanuary 65 36 29 62 54 3 5 3 23 16 7 February 78 43 35 74 65 3 6 3 26 17 9 March 104 59 45 91 79 4 8 13 28 19 9 April P108 n.a. n.a. Pgg n.a. n.a. n.a. 10 38 26 12 May P107 n.a. n.a. P99 n.a. n.a. n.a. 38 26 12 June n.a. n.a. Pgg n.a. n.a. n.a. P7 n.a. n.a. n.a. UclSCU UiL lVdlliS L1U5CU liil Ul lilclLlUll. WLilCI llglUCS U.X C CBLUHclLCU Uy JJUlCoL 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 adjustec Monthly—unadj usted Annual v^iass 1951 1952 1951 1952 1950 1951 May Jan. Feb. Mar. Apr. May May Jan. Feb. Mar. Apr. May Total 128 134 133 141 136 133 126 122 135 128 126 124 123 124 Coal 117 121 111 133 120 111 103 101 111 133 120 111 103 101 Coke 180 208 210 203 192 196 166 179 208 214 203 198 163 178 Grain 135 143 141 146 140 139 130 132 124 146 137 128 115 116 Livestock 68 69 64 67 72 66 73 66 57 64 57 53 65 59 Forest products 141 150 154 155 146 141 142 126 160 139 140 141 142 131 Ore 172 205 212 256 277 257 212 212 296 64 69 75 195 292 Miscellaneous 140 147 148 151 149 149 141 137 149 138 140 142 139 138 Merchandise, 1 c. 1. . . 53 48 48 46 49 47 46 45 48 44 47 48 47 45 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-33. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports * Merchandise imports 2 Excess of exports Month 1950 1951 1952 1950 1951 1952 1950 1951 1952 fanuary 741 974 Pl,251 623 1,024 P922 118 -50 P329 February 764 1,076 P1,331 600 910 P892 164 166 P438 March 860 1,295 Pl.418 665 1,102 P963 195 194 P454 April 804 1,370 PI,331 585 1,033 P932 219 337 P399 M^ay 830 P1,354 659 P1,018 170 P337 June 877 Pl.297 687 P930 190 P367 July 779 Pi,186 709 P894 70 P292 August 762 Pi,269 820 P881 —59 P3 89 September 911 Pi,232 859 P721 52 P511 October 906 Pl,152 923 P834 — 16 P318 November . . 977 Pi,386 855 P818 122 P568 December 1,065 Pl,438 867 P800 198 P637 January-April 3,169 4,715 P5,330 2,474 4,068 P3.709 695 647 P1,620 P Preliminary. 1 Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments; under the Mutual Security Program as follows (in millions of dollars): 1950, 282; 1951, 1,065; January-April 1952, 392. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 818 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district Year or month U S n t i a t t e e d s Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t nt - a c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALES» 1946 90 92 91 87 88 92 90 89 90 88 90 85 91 1947 98 99 99 96 97 97 96 98 97 98 98 94 99 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 100 101 97 98 99 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 111 112 '115 108 105 104 111 117 108 SEASONALLY ADJUSTED 1951—Mav 104 100 100 104 104 '111 '108 '106 98 100 104 111 '102 June 105 98 108 103 106 110 '115 101 98 98 104 113 103 July 105 106 103 105 107 105 '113 101 104 101 104 114 '107 109 108 106 111 108 121 '113 107 106 109 111 115 '105 September 107 100 101 107 108 109 '112 106 105 101 112 115 '107 October 109 103 103 108 112 114 '112 109 105 104 110 114 '109 November 113 106 104 109 114 118 '122 110 109 107 116 129 '118 December 109 106 103 105 109 109 '120 109 107 tO4 113 122 '1C8 1952—January 108 102 100 110 115 114 '119 106 111 97 115 122 '106 February 106 100 100 110 108 109 '112 105 100 113 106 115 108 March 105 104 98 109 106 114 '114 103 99 94 105 115 102 April 103 99 '96 102 104 108 '115 100 98 98 104 114 '105 IVIay P108 P102 96 107 103 P116 *>128 104 102 104 pin 128 118 UNADJUSTED 1951—May 103 101 98 105 106 109 '104 '106 102 101 104 109 98 June 99 98 105 99 100 103 '98 99 90 94 97 100 97 July 84 73 74 76 84 86 '90 86 85 81 85 96 93 August 93 82 80 83 94 95 '100 94 95 97 102 104 101 September 113 110 106 112 114 118 '117 114 111 112 119 124 108 October 112 105 108 114 115 121 '117 111 111 118 117 119 107 November 134 129 131 144 140 145 '140 132 130 120 131 144 125 December 184 188 179 185 181 192 '204 175 168 166 185 203 189 1952—January 83 81 80 81 87 80 '90 81 81 72 86 95 83 February 83 75 82 82 83 83 '94 81 80 83 85 93 86 M[arch 92 87 86 97 95 96 '110 89 89 80 93 105 90 April 103 103 '94 103 104 110 '118 99 101 '100 104 114 103 May P107 no3 95 108 105 P115 P123 104 106 105 P112 125 113 STOCKSi 1946 77 85 85 81 78 80 75 73 77 74 74 69 73 1947 93 95 98 93 93 94 90 89 93 91 93 89 93 1948 . . . 107 105 105 107 107 105 108 111 106 110 108 110 107 1949 100 100 97 99 100 101 102 100 100 100 100 101 100 1950 110 110 104 108 111 114 120 110 112 104 113 112 110 1951 129 124 124 127 134 134 140 128 131 117 132 132 131 SEASONALLY ADJUSTED 1951—May 136 129 128 '133 145 137 146 134 140 123 141 140 137 June 136 131 131 132 146 145 141 133 143 122 141 138 136 Tulv 138 130 133 134 144 146 140 139 139 124 141 141 139 134 127 129 130 136 140 144 131 139 123 143 140 138 September 128 120 122 126 132 135 132 124 127 116 133 135 132 October 121 115 115 117 122 127 130 121 119 113 123 125 124 117 112 115 115 114 125 130 115 114 107 117 120 119 December 119 115 115 120 116 130 133 117 119 106 121 125 119 1952—Tanuary .... . 118 115 114 115 114 133 133 114 106 106 122 124 121 February 116 112 107 113 110 127 129 113 112 102 122 122 123 March 115 109 108 113 110 127 126 113 111 103 120 124 119 April 116 111 111 112 111 126 125 114 114 104 121 122 123 May P118 109 112 114 109 131 126 114 124 106 P124 124 128 UNADJUSTED 1951—May 139 132 ••132 136 148 142 148 136 140 126 144 141 142 June . . 129 122 122 123 137 133 135 125 136 117 137 128 133 July 127 117 117 116 129 134 132 125 129 120 133 129 134 129 120 125 123 131 138 141 124 135 117 134 137 132 September 132 124 129 131 137 139 137 127 135 117 133 138 135 October 135 130 130 135 137 143 142 134 134 120 134 136 136 133 132 132 133 128 139 145 133 125 119 133 135 132 December 107 108 106 105 102 114 116 109 105 97 108 115 106 1952—January . . ... . 106 105 101 100 104 117 119 106 92 100 114 112 109 February 113 107 104 111 109 123 128 111 109 99 121 120 117 March 120 112 113 119 116 136 132 118 118 107 126 131 122 April 122 114 116 121 117 136 132 118 122 109 127 129 129 May P120 112 115 116 111 135 127 116 124 108 P126 125 132 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. JULY 1952 819 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Percentage Ratio of Index numbers change from a stocks to without seasonal adjustment, year ago (value) saes1 1941 average monthly sales = 100 2 Num- Department r b s e t e p o r o r e r o t s f - d p S u e a r r l i i e o n s d g ( m S e t n o o d n c t k o h s f ) April Sa p es e ri d o u d ring Sto o c f k s m a o t n t e h nd Four 1952 1951 1952 1951 Apr. months Apr. 1952 1951 1952 1952 1952 Apr. Mar. Apr. Apr. Mar. Apr. GRAND TOTAL—entire store 3 358 +7 -6 -17 3.3 4.2 MAIN STORE—total 358 +6 -6 -17 3.5 4.5 203 194 190 722 714 861 Piece goods and household textiles .. 321 -9 -14 -23 4.6 5.4 155 165 171 717 697 930 Piece goods 299 -4 -5 -14 3.8 4.2 195 231 203 737 736 854 Silks velvets and synthetics 200 -3 -10 3.5 3.8 172 257 176 603 752 667 Woolen yard goods 179 -6 -17 -22 7.4 9.0 97 205 103 727 768 956 Cotton yard goods 193 -i 0 -15 3.0 3.4 280 268 289 843 819 988 Household textiles 312 — 13 -20 —27 5.2 6.3 135 133 155 706 682 975 Linens and towels 279 -11 -17 -20 6.0 6.6 124 123 139 740 721 916 Domestics—muslins sheetings 254 -17 -26 -31 4.8 5.8 142 153 171 689 694 996 Blankets, comforters, and spreads 244 -9 -10 -34 4.7 6.4 131 127 145 615 626 932 Small wares 349 +8 + 1 -9 4.3 5.1 166 159 154 708 687 775 Laces, trimmings, embroideries, and ribbons.... 205 +9 0 -3 3.2 3.6 278 234 254 885 856 918 Notions 241 +5 + 1 -7 3.4 3.9 259 210 246 884 872 951 Toilet articles drug sundries 330 + 12 + 1 -7 3.8 4.6 146 144 131 562 551 607 Silverware and jewelry 319 +7 -3 -13 5.8 7.0 160 149 150 919 902 1,053 Silverware and clocks 4 216 — 13 — 16 — 17 8.8 9 3 Costume jewelry 4 286 +24 +9 -10 3.2 4.4 Fine jewelry and watches4 77 +1 -8 9.8 10.8 Art needlework . . . 237 -10 -15 6.4 6.8 113 142 125 720 689 837 Books and stationery 277 + 12 +4 -3 4.2 4.9 153 164 137 647 612 665 Books and magazines 132 +2 +4 +9 3.7 3.4 123 178 121 457 489 419 Stationery 245 + 17 +4 4.4 5.6 146 149 125 651 644 702 Women's and misses' apparel and accessories. 355 + 19 + 1 -10 2.4 3.2 234 220 197 559 571 623 Women's and misses' ready-to-wear accessories.. 355 +23 0 -12 2.9 4.0 228 205 185 652 656 736 Neckwear and scarfs . . . 314 +32 +6 -2 1.9 2.6 321 278 243 626 669 633 Handkerchiefs 287 +23 -5 -19 4.2 6.4 110 94 90 467 476 587 Millinery 162 +43 +3 -4 0.7 1.1 263 243 183 189 272 196 Women's and children's gloves 330 +54 0 -10 2.8 4.8 204 150 133 574 602 639 Corsets and brassieres 341 + 13 i -12 2.9 3.8 287 265 253 843 810 948 Women's and children's hosiery 348 +7 -7 -19 2.4 3.1 150 143 141 355 339 437 Underwear, slips, and negligees 346 +7 -2 -17 3.4 4.4 189 170 176 647 609 773 Knit underwear 257 +7 -6 -15 3.6 4.5 233 218 219 834 794 982 Silk and muslin underwear, and slips 294 +8 -1 -20 3.4 4.7 178 156 164 622 597 768 Negligees, robes, and lounging apparel 261 +5 +6 -10 2.9 3.3 172 161 164 493 446 540 Infants' wear 332 +29 +9 -13 2.7 4.0 302 287 234 808 822 930 Handbags and small leather goods 338 +38 +3 -10 2.2 3.3 222 184 161 479 498 534 Women's and children's shoes 248 +28 -3 -6 4.1 5.6 270 238 210 1,113 1,119 1,187 Children's shoes 4 214 +74 +3 -9 3.4 6.6 Women's shoes * 225 +20 —4 -6 4.3 5.4 Women's and misses' ready-to-wear apparel.. .. 355 +2 -8 1.9 2.4 240 235 210 459 483 502 Women's and misses' coats and suits 343 -3 -12 1.3 1.6 261 293 243 347 437 392 Coats 4 229 +5 +2 —8 1.2 1.4 Suits 4 222 +6 -13 —20 1.4 1.9 Juniors' and girls' wear 321 +33 +5 -10 1.7 2.5 297 321 223 508 558 561 Juniors' coats, suits, and dresses. . . . 263 + 18 + 1 -10 1.4 1.8 293 312 247 404 442 450 Girls' wear . . 320 +55 +9 -9 2.1 3.5 321 345 207 662 713 734 Women's and misses' dresses 345 + 10 +4 -4 1.6 1.9 248 210 225 402 399 419 Inexpensive dresses4 261 + 12 +4 -10 1.3 1.6 Better dresses 4 272 +8 +3 + 1 2.0 2.1 Blouses, skirts, and sportswear 344 + 16 +6 -10 2.6 3.3 268 236 231 695 656 767 Aprons housedresses and uniforms 296 +9 +5 -14 2.1 2.6 222 181 203 462 430 535 258 +9 -9 +4 6.8 7.1 52 84 47 351 422 347 Men's and boys' wear .... 336 +18 -5 -13 4.7 6.3 180 160 152 835 819 972 Men's clothing 263 +3 -10 -8 5.6 6.3 177 171 172 992 972 1,083 Men's furnishings and hats 319 +15 -5 -17 4.7 6.5 154 131 134 721 698 883 Boys' wear 307 +56 +7 -16 3.0 5.7 251 220 161 765 798 913 Men's and boys' shoes and slippers 196 +21 -9 -13 5.4 7.6 189 167 156 1,022 1,020 1,173 Homef urnishings 325 -15 -18 -23 5.0 5.4 195 201 230 968 956 1,264 Furniture and bedding . . . 250 -16 -11 -16 5.0 5.0 186 191 222 930 950 1,112 M Up a h tt o r l e s s t s e e re s, d s a p n ri d n g o s t , h e a r n d f u s r t n u i d tu io re b 4 eds 4 . . . 1 1 7 8 6 4 — -1 8 12 -1 -8 3 - - 3 1 1 4 2 5. . 7 6 3 5 . . 3 4 Domestic floor coverings 279 — 26 -29 -28 5.8 5.9 165 171 224 950 943 1 318 Rugs and carpets4 163 —29 —31 -32 5.9 6.1 Linoleum 4 . . 100 — 14 — 10 -17 4.3 4.4 Draperies, curtains, and upholstery. .... 302 — 10 -8 -12 4.3 4.4 203 201 225 874 896 998 Lamps and shades 255 -14 -14 4.7 4.7 172 171 199 811 758 940 China and glassware 258 —9 —6 + 1 8.5 7.7 147 151 161 1,248 1,215 1 240 Major household appliances 240 — 17 -37 -44 4.7 7.0 167 207 201 789 826 1,394 Housewares (including small appliances) 266 -5 -12 -24 4.1 5.1 280 259 296 1,140 1,123 1,502 Gift shop 4 185 c — 7 6.2 6.4 Radios, phonographs, television, records, etc.4. . 229 -30 -33 -54 4.4 6.6 Radios, phonographs television 4 164 -28 -34 -60 3.9 7.1 Records, sheet music, and instruments 4 128 -6 -8 -11 5.7 6.1 Miscellaneous merchandise departments 321 +14 -2 -22 3.2 4.7 201 171 176 644 623 821 Toys, games, sporting goods, cameras 298 +20 + 1 -28 5.4 9.0 158 115 132 853 787 1,188 Toys and games 244 +34 +5 -36 4.9 10.2 130 96 97 629 616 992 Sporting goods and cameras 152 +9 -19 6.0 8.1 153 110 140 919 790 1,147 Luggage 271 0 0 -13 5.3 6.1 169 152 169 891 835 1,020 Candy 4 189 +96 +4 -9 0.8 1.6 For footnotes see following page. 820 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Percentage Ratio of Index numbers change from a stocks to without seasonal adjustment, year ago (value) sales » 1941 average monthly sales =100 l Department r b N s e t e p o u r o r m o e r s t - f - d p S u e a r r l i i e o n s d g m ( S e t o n o d n c t k o h s f ) April Sale p s e r d io u d ring Sto o c f ks m a o t n e th nd ing Four 1952 1951 1952 1951 A 19 p 5 r 2 . m 1 o 9 n 5 th 2 s A 19 p 5 r 2 . 1952 1951 Apr. Mar. Apr. Apr. Mar. Apr. BASEMENT STORE—total 201 +13 -1 -17 2.2 3.0 221 202 196 479 481 580 Domestics and blankets 4 135 -9 -10 -29 3.3 4.3 Women's and misses' ready-to-wear 188 +20 +3 -13 1.5 2.0 240 216 200 369 381 426 D C In o r t e a i s m t s s e a a s t e n « d a p s p u a it r s e 4 l * . 1 1 1 7 7 6 2 4 6 + + + 2 1 6 1 5 + + -4 2 5 -1 -7 5 y 0 2 1 . . . 9 3 1 2 1 1 . . . 9 2 4 Blouses, skirts, and sportswear 4 156 + 16 +5 -17 1.9 2.6 Girls' wear 4 124 +61 +8 -16 1.4 2.7 Infants' wear4 . . . 123 +32 +9 -19 2.0 3.2 Men's and boys' wear 160 +15 0 -22 2.7 3.9 229 206 199 610 602 779 Men's wear * 145 +4 -2 -22 2.9 3.9 iMen's clothing 4 100 +7 +2 -20 2.8 3.7 Men's furnishings4 . .. ... 118 + 1 -6 -24 3.0 4.0 Boys' wear * 121 +60 +6 -19 1.9 3.7 Homefurnishings. . 105 -15 -9 -21 3.4 3.6 177 183 208 596 594 742 Shoes 119 +24 -4 -8 3.3 4.4 196 162 158 650 656 692 NONMERCHANDISE—total *.. . 180 +5 -1 (B) (B) (5) Barber and beauty shop 4 75 + 11 +8 (5) (5) (5) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 8 For movements of total department store sales and stocks see the indexes for the United States on p. 819. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included n group and total indexes. 6 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1951, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of^the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. SALES, STOCKS, ORDERS, AND RECEIPTS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES » [Weeks ending on dates shown. 1947-49 average = 100] [In millions of dollars] Without seasonal adjustment Reported data Derived data 1 Out- New 1950 1951 1951 1952 Year or month m ( S o t f a o o n l t r e t a h s l ) m ( S e t o n o n d c t k h o s ) f s m ( t o e a r o n n d n d d e t i r o h n s ) f g R m ( e o t c f o o n e t r i t a p h l ) ts m o ( r o t f o d o n t e r t a r h l s ) Aug. 1 1 5 2 9 . . . 1 9 0 9 2 4 7 Aug. 1 1 4 1 8 . . . . . . . . . . . . . . . 8 8 9 7 8 3 Feb. 1 1 3 0 7 . . .. . . . . . . . . . . . 9 9 8 4 4 1Feb. 1 9 2 6 . . . 8 8 8 9 7 4 26 . 99 25... .. 97 24... .. 95 23 . 83 1943 average... 204 509 530 203 223 Sept 2 .107 Sept 1. . .. .105 Mar. 3... . . 99Mar. 1 . 85 1944 average... 227 535 560 226 236 9 .102 8... . .100 10. .. . .105 8 . 88 1945 average... 255 563 729 256 269 16 .127 15... . .114 17. . .. .101 15 . 90 1946 average. . 318 715 909 344 327 23 .111 22. .. . .111 24. .. . .105 22 . 94 1947 average... 337 826 552 338 336 30 .110 29... ..114 31... .. 89 29 .101 1948 average... 352 912 465 356 335 Oct. 7 112 Oct 6 110 Apr 7 101 Apr. 5 109 1949 average... 333 862 350 331 331 14 .111 13. . .. .117 14. .. . .100 12.'.'.'. ! 111 1950 average... 347 942 466 361 370 21 .105 20. . .. .116 21. . .. . 97 19 97 1951 average... 358 1,114 425 355 345 28 .108 27... . .113 28. .. . .101 26 .105 Nov. 4 .109 Nov. 3. . ...121 May 5... ..113 May 3 .111 1951—May 339 '1,192 '293 ••292 '248 11 .118 10... ..127 12... ..110 10 .117 June 326 1,112 386 '246 '339 18 127 17. . .. 130 19 . .. . 99 17 99 July 257 1,069 434 214 262 25.... .110 24... ..123 26... . .100 24 .105 Aug..... 309 1,106 395 346 307 Dec. 2. . . ..153 Dec. 1 . .161 June 2. . . 95 31 97 Sept 343 1,117 404 354 363 9 .191 8... . .191 9. . ...108 June 7.... '111 Oct 388 1,152 408 423 427 16 .220 15... ..213 16... ..106 14.... .116 Nov 442 1,147 373 437 402 23. ... .221 22. .. . .228 23. .. . . 92 21 98 Dec 608 929 292 390 309 30. 82 29. .. 92 30... . 89 28 91 1952—Jan 291 910 379 272 359 July 7. . .. . 75July 5 79 Feb 271 956 386 317 324 1951 1952 14. .. . . 83 12 Mar 317 1,027 332 388 334 21. .. . . 81 19 Apr 340 1,036 274 349 291 Jan. 6 . 98Jan. 5. . .. . 78 28.. .. . 80 26 May P345 Pi,007 P251 P316 P293 13 .105 12... .. 92 20 .104 19... . . 90 P Preliminary. r Revised. 27 . 96 26... .. 83 1 These figures are not estimates for all department stores in the b U a n s i e t d e d o S n ta a t c e t s u . a l F re ig p u o r r e t s s f f o ro r m s al t e h s e , s 2 t 9 o 6 c k s s t , o r a e n s d . o R ut e s c t e a i n p d ts in g o f o g r o d o e d rs s a a r r e e r Revised. derived from the reported figures on sales and stocks. New orders NOTE.—Revised series; for description and weekly indexes for back are derived from estimates of receipts and reported figures on out- years, see BULLETIN for April 1952, pp. 359-362. standing orders. Back figures.—Division of Research and Statistics. JULY 1952 821 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] May Apr. 1952 1952 »+s +9 +3 + 18 ++54 +3 +2 + 1 -1 +2 0 +4 —4 +7 c +2 +4 +2 +2 +6 -6 +6 -9 -1 +2 -2 +3 + 1 +6 — 1 +7 +8 +9 P-1 +6 -3 0 -4 +8 +3 -2 +8 -2 +5 l/C 5 May Apr. May Apr. May Apr. 1952 1952 1952 1952 1952 1952 1952 1952 1952 United States. -3 Richmond .... +8 +15 +1 Chicago- cont. Dallas-cont. N B N L W D N S P B P B o e L p B r o o r e o e o o o w s r i w a w w r o s w i d t v r w t n t o s e c g o i l n g t l d e n r a Y n e o B H l t f e s e - n o p n i o n t e e n a w d o e A r c l d c v r d r . k e n e . f r t e * o e n r a d . . . . . . . . . . . + + + + + + + + + 2 2 1 1 1 6 3 8 5 9 9 4 0 + + - + - - — — — — 7 1 4 2 5 1 3 9 4 4 c L R R C A W A G N W C R C B H y i o h h a o o s r n a a c i a e h n l a l a l r ' d n g h l s e t u e f e n c r e s i s h o i e m n m l v m h o g ' r t e i l t r v o s i k b n h k o o s b l s o o i n l e g t u n n l i t r e n o l - a o t e r d . , e , S n o g W w , n a S N S l . n . e 1 V . . . . C m . . a . C C , . . . . . . , + + + + + + + + + + + + + 3 1 1 1 1 1 1 1 8 1 8 4 6 4 7 0 6 4 7 2 + + + + + + + + + + + + + 3 2 2 2 2 2 2 1 1 1 1 1 9 0 4 5 0 0 6 0 0 8 5 9 7 + + + + + + — + + + — 1 1 2 9 4 5 2 4 4 1 1 5 S Q L L F E L M F G D D G M t. o o i l v a u r e r e t a i i u e n r a a i s t n l t L d t n w l e i n n s r t e s i c n i o o M d s S s v a n i y v u o i u R m i g B t o i l n R i k i l l o i s i e l * a e n a t e c h e y p e l k s i x d 1 1 . . . s . . . x . . P P P P + + + + + + + + + - 2 1 1 1 1 1 9 0 9 1 1 1 2 + + + + + + + + + + + — 2 1 1 4 9 4 6 9 4 : 6 1 7 0 1 + + + + -9 2 1 2 1 S F L L T P S W F B D C H E a r a h o o u o l a o n a o e a n s o n c k r l r P u s c t l g s e p e n F o a s A s A o n r u W t o s s r n B i n o s n f x a i l g n i e o t e n C e a o * r l l l c d c t h n e i h h r s i s . i i o c x s . . . o t . . i . . . . . P P P P + + + + + + + + + + 1 + + 2 3 2 2 1 1 1 1 8 8 7 9 9 0 3 5 5 9 0 0 + + + + + + + + + + + + 2 2 3 1 3 1 1 1 1 1 1 5 1 5 3 5 4 2 0 7 5 / 1 + + + + + + + + - + + - - 2 1 1 1 5 6 2 8 5 3 1 1 1 9 1 A N B Bu l e i b n f w f a g a a n l h r o y k a m i * ton.... + + + 9 9 8 r - - — 2 7 0 7 A B H t i l u r a m n n t i t i n a n g g h t a o m n . l. ... p+ + + 1 9 9 8 + + + 2 2 2 0 6 0 + + 4 6 S S S M p t t . . e r i m L L n o g o p f u u h i i i e i s s s l d ! l Area. P P + + + 1 5 7 5 7 + + + + 1 1 • 9 0 6 + + -1 7 1 W D A A o e n r w s e g t a n s e i t l d * o e e s w x L n o L s os P P + + 2 5 4 + + 1 1 2 2 P C S A T Y C C C C S L W Y T S P P R U R N N E h l p o y h o a c o l r k a o i l o e e o t e i e i r i n m e l r i n a i h u n l a r u w v l c i l r e v c l a u n c k o n g a c d g t e h n a e k i d a e c m o i n t e g a r a d i d h n e l g i Y o n l u o a n n s a f s r a s e k e s e b n n s i a - * g t o n t n t e l i l e c e B u e i e a o p p r d l l e d r t s F i r k d t a w h * h a p i 1 J a r x 1 i * d n s i C r a * l . a e i y l . i e » s . x . t l . . . . y . . . . . . . . . . . . . . . 1 . . . . . + + + + + + + + + + + + + + + + + + + + + - 1 1 1 2 2 2 1 2 8 9 4 8 2 4 4 2 6 6 8 3 9 5 3 4 9 6 5 0 0 5 - + - - - + + - - - — - + - — - - - — - - 1 - 5 3 6 4 2 4 5 2 4 4 5 7 3 7 0 4 2 3 0 4 5 1 1 C N C P J A N C K J S A S M O T C R B M B M M M a a h e t h a a h a r o n e a u o r t c . c e a o o i i o l l i s w m i v t m a o g s k l k a c a r a c b c o n h r P u t t x a u i s s m o a n n a i p e o n t i t v d e v o m o O l n s a g n a g d t a l g e i i i a t t n i n 1 n o n l o o a J R r a e l o b l * v l i o l n l e m a r 1 J e e o u i s . o . . h a l u s b * e g * l . . n . . g e . r u a . . . . s . y e . . . r . . l 1 . . l g . . . . l . ' P P + + + + + + + + + + + + + + + + + + + + + + - - 3 5 2 2 2 1 2 1 2 1 1 1 1 1 1 1 1 1 4 3 4 5 6 3 6 7 7 5 9 7 3 0 5 2 8 2 5 1 4 5 + + + + + + + + + + + + + + + + + + + + + + + 2 1 2 6 2 2 2 3 4 3 4 2 2 3 2 1 1 1 1 5 7 4 7 7 5 8 2 1 0 2 7 6 1 3 0 0 9 6 6 0 0 5 9 + + + + + + + + - - + + - - + + + - + - 2 1 5 5 5 3 1 1 1 7 3 5 3 4 2 7 6 6 6 1 0 6 1 2 K M J O O W S T L T S P K D D H S G G M M o a S t i u u a t o k m i a e u u r r . o p . i n i a n u e l p a e l n c n n t u l l s J a C n a b P p s n a c u n e i h s v n a x o h n h a k t l e h d k a r a t i e e e o s a o o h t r s s a u a i r F a a e a F i n s m - t F l o p p a p o s a C s C r o o h l e a i l o o l i l l r i s » s t l n i t k y i C s y . s s . i . . . . l t . y . . . . . . . + + + + + + + + + + - + + + + + + + + + 1 + 1 1 1 1 1 1 7 9 3 1 2 9 5 9 3 4 8 4 3 0 7 1 2 5 4 1 '+ + + + + + + + r 1 + + + + + + + + + + + + 2 + 2 2 1 1 1 1 7 2 2 5 9 6 4 9 2 9 7 3 3 8 3 3 8 4 0 3 1 2 - + - - 1 - + + - - - + - - - 2 9 3 2 7 5 5 3 2 1 6 0 1 2 0 0 2 0 1 S S T Y S E P S S V B S S S B O R N N p e S a A a a o a a t B a v e a o a i a o a l n n n o c v c a r l k l i a e a k e n t l c s l t t o n r k e i i e r p m t g l r l e L k J a F D n m r k m l a a a j e a e o e m s t o B g a r a n n e p n i l o t a i s a a e e k h l e d n a d t d i e e e n a e n l g s J e a x d e r n x y n a c 1 o m n i x * t C i a d n o a s i l n . d i r c t l d d o . y . i n * . . * o . . . . P P P P P P + + + + + + + ( + + + + + + + + - + 2 2 2 9 1 1 1 1 1 4 4 ) 8 5 4 7 7 1 3 2 2 6 2 1 1 + + + + + + + + + + + + + + - + + 2 2 1 1 2 1 1 1 1 4 9 9 9 7 6 2 5 2 1 0 4 3 7 3 3 + - - - - + - - + + + - - + + - 7 9 4 2 6 4 4 4 6 2 3 2 3 1 1 1 Erie l + 13 +3 Fort Wayne 1. +20 -7 Pittsburgh l. . .. +3 -8 Indianapolis l., +7 + 12 -1 Dallas +14 +13 +4 Wheeling i + 12 -2 Terre Haute i. P+5 + 13 0 Shreveport.... +26 + 18 + 12 P Preliminary. r Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. 3 January 1952. 4 Four months 1952. CONSUMERS' PRICES1 [Bureau of Labor Statistics index for moderate income families in large cities. 1935-39 average =100] Year or month All items Food Apparel Rent a F n u d e l, r e e f l r e ig ct e r r i a c t i i t o y n , fur H ni o s u h s in e gs Miscellaneous 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1933 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1941 105.2 105.5 106.3 106.4 102.2 107.3 104.0 1942 116.6 123.9 124.2 108.8 105.4 122.2 110.9 1943 123.7 138 0 129.7 108.7 107.7 125 6 115 8 1944 125.7 136.1 138.8 109.1 109.8 136.4 121.3 1945 128.6 139.1 145.9 109.5 110.3 145.8 124.1 1946 139.5 159.6 160.2 110.1 112.4 159.2 128.8 1947 159.6 193.8 185.8 113.6 121.2 184.4 139.9 1948 171.9 210 2 198 0 121.2 133.9 195.8 149 9 1949 170.2 201.9 190.1 126.4 137.5 189.0 154.7 1950 171.9 204 5 187 7 131 0 140.6 190 2 156 5 1951 185.6 227.4 204.5 136.2 144.1 210.9 165.4 1951—May 185.4 227.4 204.0 135.4 143.6 212.6 165.0 June 185.2 226 9 204 0 135.7 143.6 212 5 164 8 July 185.5 227.7 203.3 136.2 144.0 212.4 165.0 August 185.5 227.0 203.6 136.8 144.2 210.8 165.4 September 186.6 227.3 209.0 137.5 144.4 211.1 166 0 October 187.4 229.2 208.9 138.2 144.6 210.4 166.6 November . 188.6 231 4 207.6 138.9 144.8 210 8 168 4 December 189.1 232.2 206.8 139.2 144.9 210.2 169.1 1952—January 189.1 232.4 204.6 139.7 145.0 209.1 169.6 February 187.9 227.5 204.3 140.2 145.3 208.6 170.2 IMarch 188.0 227.6 203.5 140.5 145.3 207.6 170.7 April 188.7 230.0 202.7 140.8 145.3 206.2 171.1 May 189.0 230.8 202.3 141.3 144.6 205.4 171.4 1 Series is the adjusted one reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim revision of series and weights. Back figures.—Bureau of Labor Statistics, Department of Labor. 822 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49 =100] Other commodities c M hi a n - - F t u u r r n e i- Non- b T ac o c - o Y m e o a n r t o h r m c t A o i o e m l d s l i - - F p u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e c n o p l r x t e d - d e s - l - l H e s p u a k a r i n c o i t d n h t d d e s s e s - , r , p l t F i e o m a i g u n r n w h i a e g d a e l t - l , - r s ,C a p i u a l c h r l c n o a i e e t d l d m s s d - - p R u a b r u n c o e b t d d r s - - L w p u a b r u o c n o e m o t d d r s d - - p a p P u a a l r u l c n p o i l e t e d d p s d r - , , M m p u a r e c n e o t t t d d a a s l - l s p u m t a e r i c n o r v o y t d d e - s - h o a h d a o b t o u n h u l l r e d e s d - e s r - e s t r t m t m a a u r l l u i r e l s n a i - c — c - l - b m e t o b f a u r a t a e a n r t c n v g l e d - e u e - s d s - n c M e e o l i l s u a - - s 1947 96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95.6 93.9 98.0 100.8 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1951 April 116.3 117.5 111.8 117.1 115.5 126.5 106.5 111.5 151.5 126.6 119.7 123.3 118.6 115.4 113.7 108.4 105.7 May 115.9 115.7 112.3 116.8 114.8 126.2 106.2 111.3 151.3 126.1 119.8 123.2 118.6 115.3 113.6 108.4 103.0 June 115.1 113.9 111.3 116.2 112.9 124.7 106.3 110.2 148.3 124.6 120.2 122.7 118.6 115.0 113.6 108.4 102.8 July 114.2 111.1 110.7 115.7 111.6 122.3 106.5 108.8 144.3 123.5 120.2 122.3 118.8 114.4 113.6 107.9 103.7 August. . . . 113.7 110.4 111.2 114.9 108.5 118.0 106.3 108.5 144.3 122.3 119.5 122.2 118.9 113.5 113.6 107.8 102.6 September. 113.4 109.9 110.9 114.8 105.9 118.0 106.7 108.7 144.7 121.6 119.4 122.1 119.4 113.1 113.6 107.8 105.1 October.... 113.7 111.5 111.6 114.6 103.9 113.6 106.8 108.8 144.7 121.7 118.8 122.4 120.2 112.8 113.6 107.5 106.9 November. 113.6 112.0 111.0 114.5 103.9 107.0 106.9 108.6 144.6 121.1 118.4 122.5 120.5 112.7 113.6 107.5 108.9 December., 113.5 111.3 110.7 114.6 104.0 105.1 107.4 108.4 144.3 120.3 118.4 122.5 120.7 112.7 112.8 108.1 109.8 1952 January... 113.0 110.0 110.1 114.3 103.3 102.2 107.4 106.7 144.1 120.1 118.2 122.4 120.8 112.3 112.9 108.1 111.1 February. . 112.5 107.8 109.5 114.2 102.1 99.5 107.2 105.9 143.1 120.3 118.3 122.6 122.0 112.4 112.9 110.8 111.4 March 112.3 108.2 109.2 113.8 100.6 98.0 107.4 105.4 142.0 120.5 117.7 122.6 121.8 111.9 112.9 110.8 109.2 April '111.8 108.7 108.0 113.3 99.9 '94.1 106.3 104.8 140.6 '120.9 117.4 122.5 121.6 '112.1 112.8 110.8 109.5 May 111.6 108.1 108.6 113.0 99.4 94.5 106.5 104.0 140.4 120.6 117.1 121.8 121.6 111.4 112.8 110.8 108.5 1952 1951 1952 Subgroup Subgroup May Mar. Apr. May May Mar. Apr. May Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 103.8 123.9 127.3 128.9 Woodpulp 115.5 114.5 113.3 113.3 Grains 98.3 102.0 100.9 98.8 Wastepaper 197.7 70.0 70.0 55.1 Livestock and poultry 119.8 105.2 106.6 108.9 Paper 117.1 123.8 123.5 123.5 Plant and animal fibers 159.9 118.9 119.6 114.2 Paperboard 132.0 130.3 130.3 130.0 Fluid milk 100.7 110.3 108.1 105.6 Converted paper and paperboard. 117.7 115.0 115.0 115.0 Eggs 100.5 76.6 81.7 74.3 Building paper and board 113.4 113.4 113.8 114.7 Hay and seeds 108.5 97.1 95.5 96.0 Metals and Metal Products: Other farm products 139.8 138.6 136.7 136.9 Iron and steel 122.9 123.2 123.0 122.8 Processed Foods: Nonferrous metals 125.4 124.9 '124.8 122.0 Cereal and bakery products 106.8 107.5 107.4 107.0 Metal containers 121.1 120.5 120.5 120.5 Meats, poultry and fish 118.1 111.0 109.4 112.1 Hardware 125.8 126.8 '126.9 126.9 Dairy products and ice cream.... 106.5 113.3 112.2 110.6 Plumbing equipment 123.2 116.7 116.3 116.0 Canned, frozen, fruits & vegetable! 105.8 104.9 104.6 104.5 Heating equipment 114.8 114.0 113.9 113.8 Sugar and confectionery 108.2 107.2 109.4 109.2 Fabricated struc. metal products. 118.7 115.5 115.4 115.4 Packaged beverage materials.... 161.1 163.1 161.9 161.9 Fabricated nonstructural metal Other processed foods 123.4 116.0 107.8 112.9 products 126.0 124.4 124.4 124.4 Textile Products and Apparel: Machinery and Motive Products: Cotton products 117.8 99.6 98.6 97.2 Agri. mach. and equipment 120.3 121.8 121.6 121.5 Wool products 161.8 111.8 109.2 112.1 Cons. mach. and equipment 123.6 124.9 124.9 124.9 Synthetic textiles 98.7 87.3 '86.7 86.7 Metal working machinery 125.2 127.9 127.9 127.9 Silk products 124.9 129.1 128.4 128.8 General purpose mach., etc 123.4 123.0 123.1 123.1 Apparel 104.1 101.6 101.2 100.8 Miscellaneous machinery 119.2 119.4 119.3 119.3 Other textile products 147.3 107.0 110.0 98.6 Elec. mach. and equipment 121.8 121.5 120.9 120.9 Hides, Skins, and Leather Products: Motor vehicles 112.1 120.0 119.7 119.7 Hides and skins 130.3 59.6 49.7 58.2 Furniture; Other Household Durables: Leather 137.4 87.6 84.4 83.4 Household furniture 117.4 113.4 113.4 113.1 Footwear 122.9 115.9 '112.9 111.2 Commercial furniture 124.9 123.0 123.0 123.2 Other leather products 115.8 101.9 100.2 100.4 Floor covering 149.3 126.1 126.8 120.8 Fuel, Power, and Lighting Materials: Household appliances 107.9 107.4 107.8 107.1 Coal 107.8 108.7 '104.9 104.8 Radio, TV, and phonographs.... 92.6 90.7 90.7 90.7 Coke 124.3 124.3 124.3 124.3 Other household durable goods... 117.2 117.6 117.7 118.4 Gas 98.2 105.7 '106.6 106.6 Nonmetallic Minerals—Structural: Electricity 98.0 99.1 99.1 99.1 Flat glass 114.0 114.0 114.4 114.4 Petroleum and products 110.2 110.6 '109.5 109.9 Concrete ingredients 112.9 113.2 112.9 112.9 Chemicals and Allied Products: Concrete products , 112.4 112 A 112 A 112.4 Industrial chemicals 121.2 117.0 116.8 114.6 Structural clay products 121.4 121 A 121.3 121.4 Paint and paint materials 109.5 107.9 108.0 107.3 Gypsum products , 117 A 117.7 117.7 117.7 Drugs, Pharmaceuticals, cosmetics 95.6 93.1 92.7 92.5 Prepared asphalt roofing , 105.4 98.6 98.6 98.6 Fats and oils, inedible 103.6 47.3 42.6 46.0 Other nonmetallic minerals , 110.9 111.2 111.9 111.9 Mixed fertilizers 106.2 108.6 108.6 108.6 Tobacco Mfrs. and Bottled Beverages: Fertilizer materials 105.3 109.6 109.8 111.5 Cigarettes 105.7 107.3 107.3 107.3 Other chemicals and products 109.9 104.1 103.0 103.0 Cigars 101.5 98.0 98.0 98.0 Rubber and Products: Other tobacco products 107.6 114.8 114.8 114.8 Crude rubber 232.5 187.9 182.7 182.7 Alcoholic beverages 107.0 111.2 111.2 111.2 Tires and tubes 133.9 133.4 '133.0 133.0 Nonalcoholic beverages 119.7 119.7 119.7 119.7 Other rubber products 131.0 128.8 128.2 127.6 Miscellaneous: Lumber and Wood Products: Toys, sporting goods, small arms. . 116.8 113.7 113.5 113.5 Lumber 126.0 120.7 121.3 121.0 Manufactured animal feeds 96.7 109.5 110.2 108.3 Millwork 131.1 126.8 126.4 126.4 Notions and accessories 101.4 98.5 96.1 94.4 Plywood 117.7 105.6 105.6 105.6 Jewelry, watches, photo equipment 100.9 100.9 101.0 101.0 Other miscellaneous 120.7 120.9 121.0 121.0 p Revised. Source.—Bureau of Labor Statistics. Back figures.—See BULLETIN for March 1952, pp. 311-313. JULY 1952 823 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 Annual totals Seasonally b a y d j q u u st a e r d t er a s nnual rates 1951' 1933 1947 1948 1949' 1950' 1951' Gross national product 103.8 55.8 91.3 126.4 233.3 259.0 258.2 284.2 329.2 319.6 329.3 330.9 337.1 339.4 Less: Capital consumption allowances. . 8.8 7.2 8.1 9.3 14.8 17.6 19.4 21.5 24.6 23.4 24.3 25.0 25.8 26.7 Indirect business tax and related liabilities 7.0 7.1 9.4 11.3 18.7 20.4 21.6 23.8 25.3 25.7 24.7 25.0 25.8 26.3 S B t u a s t i i n st e i s c s a l t r d an is s c f r e e r p a p n a c y y ments .6 1. . 2 7 .5 .5 . . 3 7 -3.2 .7 .8 -.7 .8 .9 . . 7 9 5. . 7 9 . . 9 0 .9 n. a . . 9 Plus: Subsidies less current surplus of 1.4 1 .6 .2 1.4 government enterprises — .1 0) -.1 .0 .4 .7 1.1 .1 .2 .5 .1 .0 .5 Equals: National income. . 87.4 39.6 198.7 223.5 239.2 69.6 274.8 280.2 285.6 72.5 103.8 216.3 277.6 Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 24.7 31.7 29.2 34.8 41.6 40.7 41.2 41.9 Contributions for social insurance. . .2 .3 2.1 2.8 5.7 5.2 5/7 6.9 8.2 8.1 8.2 8.1 8.5 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .1 _ 2 .1 Plus: Government transfer payments. . . .9 1.5 2.5 2.6 11.1 10.5 11.6 14.3 11.5 11.3 11 ^6 11.6 11.7 Net interest paid by government. . 1.0 1.2 1.2 1.3 4.4 4.5 4.6 4.7 4.9 4.8 4.9 4.9 5.0 Dividends 5.8 2.1 3.8 4.5 6.6 7.2 7.5 9.0 9.0 8.6 9.0 9.2 8.9 Business transfer payments .6 .5 .5 .7 .7 .8 .9 .9 .9 .9 .9 Equals: Personal income. 85.1 46.6 72.6 95.3 191.0 209.5 205.9 226.3 254.1 246.2 251.9 256.1 262.0 263.0 Less: Personal tax and related payments. . 2.6 1.5 2.4 3.3 21.5 21.1 18.6 20.8 29.1 28.2 28.7 29.0 32.5 Federal 1.3 .5 1.2 2.0 19.6 19.0 16.2 18.1 26.1 25.3 25.8 26.0 29.3 1.4 1.2 1.3 2.1 2.5 2.7 3.0 3.2 State and local 1.0 1.9 2.9 3.0 3.0 82.5 70.2 92.0 188.4 187.2 205.5 225.0 231.5 230.5 Equals: Disposable personal income. 45.2 169.5 218.0 223.2 227.1 78.8 67.5 82.3 177.9 180.6 194.3 208.0 210.5 213.2 Less: Personal consumption expenditures 46.3 165.6 210.5 204.5 206.4 3.7 2.7 9.8 10.5 6.7 11.2 17.0 21.1 17.3 Equals: Personal saving -1.2 3.9 7.5 18.7 20.7 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals Seasonally b a y d j q u u st a e r d t er a s nnual rates 1951 * 1952 r 1929 1933 1939 1941 1947 1948 1949 ' 1950' 1951 r 1 2 3 4 1 National income. . 87.4 39.6 72.5 103.8 198.7 223.5 216.3 239.2 277.6 269.6 274.8 280.2 285.6 n.a. Compensation of employees 50.8 29.3 47.8 64.3 128.0 140.2 139.9 153.4 178.9 172.9 178.2 181.0 183.4 186.5 Wages and salaries 2 50.2 28 8 45 .7 61.7 122.1 134.4 133.4 145 .6 169.9 163.9 169.3 172.1 174.3 177.4 Private 45.2 23.7 37.5 51.5 104.8 115.7 113.0 123.4 141 .2 137.6 141.2 142.0 143.8 145.8 Military .3 .3 .4 1.9 4.1 4.0 4.2 5.0 8.6 7.4 8.5 9.1 9.6 n.a. Government civilian 4.6 4.9 7.8 8.3 13.2 14.7 16.1 17.2 20.1 18.9 19.6 21.0 20.9 n.a. Supplements to wages and salaries.... .6 .5 2.1 2.6 5.9 5.8 6.6 7.8 9.0 8.9 9.0 8.9 9.1 9.0 Proprietors' and rental income 3. . . . 19.7 7.2 14.7 20.8 42.4 47.3 42.1 45.2 50.6 49.7 49.0 50.8 53.1 52.1 Business and professional 8.3 2.9 6.8 9.6 19.8 22.1 21.6 23.7 26.2 26.2 26.0 26. C 26.6 27.3 Farm 5 7 2 3 4 5 6 9 15 6 17 7 12 8 13 3 15 6 15 1 14.4 15.8 17.0 15.4 Rental income of persons 5.8 2.0 3.5 4.3 7.1 7.5 7.7 8.2 8.9 8.5 8.5 9.1 9.4 9.4 Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 24.7 31.7 29.2 34.8 41.6 40.7 41.2 41.9 42.5 n.a. Corporate profits before tax 9.8 .2 6.5 17 .2 30.5 33.8 27.1 39.6 42.9 50.1 43.3 38.6 39.5 n.a. Corporate profits tax liability 1.4 5 1.5 7.8 11.9 13.0 10.8 18.4 24.2 28.4 24.5 21.8 22.2 n.a. Corporate profits after tax 8.4 -A 5.0 9.4 18.5 20.7 16.3 21.2 18.7 21.7 18.8 16.9 17.3 n.a. Inventory valuation adjustment -2.1 —. 7 -2.6 -5.8 -2.1 2.1 -4.8 -1.3 -9.4 -2.1 3.2 3.0 -.1 Net interest 6.5 5.0 4.2 4.1 3.5 4.3 5.0 5.8 6.4 6.3 6.4 6.5 6.6 6.7 n.a. Not available. r Revised. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 824 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally b a y d j q us u t a e r d t er a s nnualrates 1951 r 1952 r 1929 1933 1939 1941 1947 1948 1949 r 1950 r 1951 r 1 2 3 4 1 Gross national product 103.8 55.8 91.3 126.4 233.3 259.0 258.2 284.2 329.2 319.6 329.3 330.9 337.1 339.4 Personal consumption expenditures 78.8 46.3 67.5 82.3 165.6 177.9 180.6 194.3 208.0 210.5 204 5 206 4 210 5 213 2 Durable goods 9.4 3.5 6.7 9.8 21 A 22.9 23.8 29.2 27.1 31.3 26.3 25.5 25.3 25.2 Nondurable goods , . 37.7 22.3 35.3 44.0 95.1 100.9 99.2 102.8 113.5 113 3 111 3 113 2 116 2 118 0 31.7 20.6 25.5 28.5 49.1 54.1 57.5 62.4 67.3 65.9 66.9 67.6 69.0 70.0 Cross private domestic investment 15 8 1 3 9.9 18.3 30.2 42.7 33.5 50.3 58.5 59 8 65 2 56 2 52 9 50 0 New construction l 7.8 1.1 4.9 6.8 13.9 17.7 17.2 22.9 23.3 24.7 23.5 22 4 22 4 23 7 Residential, nonfarm 3.6 .5 2.7 3.5 6.3 8.6 8.3 12.6 11.0 12.8 10.9 9.9 10.3 11.0 Other . . . 4.2 .7 2.2 3.3 7.6 9.1 9.0 10.3 12.3 11.9 12 6 12 5 12.1 12.7 Producers' durable equipment .... 6.4 1.8 4.6 7.7 17.1 19.9 18.7 22.0 24.9 24.8 25.4 24.9 24.7 25.7 Change in business inventories. . . . 1.6 -1.6 .4 3.9 -.8 5,0 -2.5 5.5 10.3 10.3 16.3 8.9 5.8 .6 Nonfarm only 1.8 -1.3 .3 3.4 1.4 3.7 -1.6 4.6 9.4 9.0 15.2 8.2 5.2 -.1 Net foreign investment .8 .2 .9 1.1 8.9 1.9 .5 -2.3 .2 -2.7 -.2 1.1 2.6 1.9 Government purchases of goods and services 8.5 8.0 13.1 24.7 28.6 36.6 43.6 41.9 62.6 51.9 59.8 67.3 71.2 74.4 Federal 1 3 2 0 5 2 16 9 15 8 21.0 25.4 22.2 40.9 30 8 38 3 45 5 48 9 51.2 O N t a h ti e o r nal security \ 11 .3i 2.0 3 1 . . 9 3 1 3 3 . . 2 8 1 3 3 . . 8 3 1 5 6 . . 6 1 1 6 9 . . 6 3 1 3 8 . . 9 5 3 4 7 . . 2 1 2 3 7 . . 5 6 3 3 4 . . 7 9 4 4 1 . . 5 6 4 5 4 . . 1 3 4 5 6 . . 2 4 Less: Government sales2 . .. (3) (8) (3) (3) 1.3 .6 .4 .2 .4 .3 .3 .5 .5 .4 State and local 7.2 5.9 7.9 7.8 12.8 15.6 18.2 19.7 21.7 21.1 21.6 21.7 22.3 23.2 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages anc1 salaries Divi- Less Year or month in s P c o o e n r m a - l e re T c o e t i a p l ts4 b m T u d o e r i n t s s a - e t l s - Wag d p m i e C n u ro o g s o a d d t m r n i u i i n d t e c - y - s - sal D a i r u n t i y r s t d i i t u e v r d s i s e b i - s - bu S r i e s n t r e r d v i m u e ic s s e e - nts m G er o e n v n - - t in O l c a t b o h o m e r r e5 i p n r r e P c a i o n e n ro m t t d o a - l e rs 6 ' i i n n d s p t a c o e e e o n n n r r m d d a e - l s s e t m T p r e f a a e n y n r t - s s - 7 p b e c a i s u r o n o n s f t n s o c c o i u o t i e r n r a r n i a - 8 l - s l i a n g N t c u r o o i r c m n a u l - e l- 9 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .5 19.7 13.3 1.5 .1 76.8 1933 46.6 28 7 28.8 9 8 8.8 5.1 5.2 A 7.2 » I 2.1 2 43.0 1939 72 6 45 1 45.7 17.4 13.3 6,9 8,2 5 14.7 9 2 3 0 6 66.3 1941. 95.3 60 9 61.7 27 5 16 3 7 S 10 2 6 20 8 9 9 3 1 s 86 1 1947 191.0 119 9 122.0 54.3 35.1 15.3 17 2 2 4 42.4 14 5 11.8 2.1 170.8 1948 209.5 132.1 134 3 60 2 38.8 16 6 18 7 2 8 47.3 16 0 It .3 2 2 187.1 1949 r 205 9 131 2 133 4 56.9 38 9 17.2 20.4 3.1 42 1 17 1 12 4 2 2 188 7 1950' 226.3 142.7 145.6 63.5 41.3 18.6 22 2 3.8 45.2 19.5 15.1 2.9 208.5 1951 r 254.1 166.5 169.9 74.9 45.9 20.3 28.7 4.2 50.6 20.4 12.4 3.4 233.6 1951—April'- 250.0 164.4 167.7 74.9 45.3 20.1 27.4 4.2 49.1 20.3 12.0 3.3 230.5 May r 251.4 165.3 168.9 75.1 45.5 20.3 28.0 4.2 49.0 20.3 12.6 3.6 232.5 Tune r 254.3 168.2 171.6 75.4 47.0 20.4 28.8 4.2 48.8 20.4 12.7 3.4 235.4 July 254.5 167.3 170.7 75.0 46.3 20.4 29.0 4.2 50.1 20.4 12.5 3.4 234.0 August r 256.7 167.9 171.2 74.8 46.5 20.4 29.5 4.2 51.5 20.5 12.6 3.3 235.5 Septemberr. . . 257.3 168.8 172.1 75.7 46.3 20.4 29.7 4.2 50.9 21.0 12.4 3.3 236.4 Octoberr 261 .7 170.5 174.0 75.9 46.5 20.7 30 9 4.3 53.4 20.8 12.7 3.5 239.1 Novemberr. . . 260 9 171 .3 174.8 75.8 46.5 20.8 31.7 4.2 52.5 20.5 12.4 3.5 239.5 Decemberr.., . 263.4 172.6 176.0 77.5 46.7 20.8 31.0 4.3 53.3 21.1 12.1 3.4 240.7 1952—January 263.4 173.1 176.7 77.3 47.1 20.8 31 .5 4.3 53.4 20.1 12.8 3.9 241.7 Februaryr. . . . 263.5 174.5 178.0 78.2 47.1 20.9 31.8 4.3 52.1 20.5 12.4 3.8 243 .4 Marchr 261 .9 173 .9 177.3 77.7 47.0 20.8 31.8 4.3 50.7 21.0 12.4 3.8 242.7 April 262 .5 1 73.4 176.7 76.9 47.0 21.0 31.8 4.4 51.2 21.5 12.3 3.6 242.9 r Revised. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income" is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 6 Include,5? compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 9 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. JULY 1952 825 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Noninstalment credit End of year Total or month co c n r s e u d m it er i c T m n r s o e e t t d n a a i t l l t - Total A S u al t e o m cr o e b d i i l t e Other Loans * no c T m n r i o e e n t d n s a i t t l t al- p S l a o i y n a m n g s l e e 2 n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,031 4,424 2,792 1,267 1,525 1,632 2,607 530 J .544 533 1940 8,163 5,417 3,450 1,729 1,721 1,967 2,746 536 1,650 560 1941 . . 8,826 5,887 3,744 1,942 1,802 2,143 2,939 565 L,764 610 1942 5,692 3,048 1,617 482 1,135 1,431 2,644 483 1,513 648 1943 4,600 2,001 882 175 707 1,119 2 599 414 1,498 687 1944 4,976 2,061 891 200 691 1,170 2,915 428 1,758 729 1945 5,627 2,364 942 227 715 1,422 3,263 510 9R1 772 1946 8,677 4,000 1,648 544 1,104 2,352 4,677 749 3,054 874 1947 11,862 6,434 3,086 1,151 1,935 3,348 5,428 896 3,612 920 1948 14,366 8 600 4,528 1,961 2,567 4,072 5,766 949 3,854 963 1949 16,809 10,890 6,240 3,144 3,096 4,650 5,919 1,018 3,909 992 1950 20,097 13,459 7,904 4,126 3,778 5,555 6,638 L.332 4,239 1,067 1951. . . 20,644 13,510 7,546 4,039 3,507 5,964 7.134 L.436 4,587 L ,111 1951—April 19,126 12,904 7,270 3,934 3,336 5,634 6 222 11,392 3,744 1,086 May 19,207 12,920 7,248 3,980 3,268 5,672 6,287 1,398 3,793 L.096 June 19,256 12,955 7,234 4,041 3,193 5,721 6,301 L.399 3,804 1,098 July 19,132 12,903 7,173 4,061 3,112 5,730 6,229 1,393 3,743 1,093 August 19,262 13,045 7,247 4,138 3,109 5,798 6,217 1.398 3,724 1,095 September 19,362 13,167 7,327 4,175 3,152 5,840 6,195 1,401 3,696 1,098 October 19,585 13,196 7,355 4,134 3,221 5,841 6,389 1,413 3,868 1,108 November 19,989 13,271 7,400 4,100 3,300 5,871 6,718 1,422 4,190 1,106 December 20,644 13,510 7,546 4,039 3,507 5,964 7,134 1,436 4,587 1,111 1952—January 20,126 13,314 7,322 3,962 3,360 5,992 6,812 1,445 4,253 1,114 February 19,717 13,185 7,158 3,927 3,231 6,027 6,532 1,448 3,967 L .117 March 19,560 13,156 7,047 3,891 3,156 6,109 6,404 1,443 3,855 1,106 April? 19,784 13,320 7,109 3,954 3,155 6,211 6,464 1,438 3,913 1,113 May? 20,258 13,767 7,393 4,147 3,246 6,374 6,491 1,441 3,925 1,125 p Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end ofperiod) (during period) Year or month Total b m C a e n o r k m c s ia - l l p S c l a o o m n m a a i n e l - l s I b n t a r d n i u a k l s s - 2 p I c n t l a o o r d n i a m a u i n e l s - s - 2 u C n r i e o d n i s t l M l a e n n i e s d c o e e u r l s s - m I l i r o n z e o a a a s p n u d n ti a d e r s o i e r n r n d 3 - b m C a e n o r k c m s ia - l l p S c l a o m o n a m i a n e l - s l b I a n tr n d i k a u s l s - 2 p I a c n l t n o o r d i i a m u a e n l s s - - 2 u C n r i e o d n i s t 1939 1,632 523 448 131 99 135 96 200 680 827 261 194 237 1940 1,967 692 498 132 104 174 99 268 1,017 912 255 198 297 1941 ... 2,143 784 531 134 107 200 102 285 1.198 975 255 203 344 1942 1,431 426 417 89 72 130 91 206 792 784 182 146 236 1943 1,119 316 364 67 59 104 86 123 639 800 151 128 201 1944 1,170 357 384 68 60 100 88 113 749 869 155 139 198 1945 1,422 477 439 76 70 103 93 164 942 956 166 151 199 1946 2,352 956 597 117 98 153 109 322 1,793 1,231 231 210 286 1947 3.348 1,435 701 166 134 225 119 568 2,636 1,432 310 282 428 1948 4,072 1,709 817 204 160 312 131 739 3,069 1.534 375 318 577 1949. . . . 4,650 1.951 929 250 175 402 142 801 3,282 1,737 418 334 712 1950 5,555 2,431 1,084 291 203 525 157 864 3,875 1.946 481 358 894 1951 5,964 2,510 L.268 301 229 542 176 938 4,198 2,437 528 417 947 1951—April 5,634 2,497 L,119 286 205 514 161 852 340 184 41 31 72 May 5,672 2,506 1,131 288 207 518 162 860 359 198 44 33 82 June 5,721 2,515 1,151 288 209 522 164 872 356 204 44 35 86 July 5,730 2,492 L,167 288 211 524 166 882 339 206 44 35 76 August 5,798 2,521 1,181 293 217 531 167 888 389 210 49 40 90 September. . 5,840 2,524 1,203 296 221 533 169 894 351 183 42 35 78 October 5,841 2,522 1,191 299 222 535 168 904 373 205 52 40 86 November .. 5,871 2.509 1,211 299 225 535 170 922 347 228 45 38 83 December... 5.964 2,510 1,268 301 229 542 176 938 354 292 50 42 84 1952—January. . . . 5,992 2,521 1,273 300 230 541 176 951 393 184 46 38 85 February. . . 6,027 2,542 1,275 301 232 545 176 956 373 181 46 37 91 March 6,109 2,593 1,285 303 235 553 177 963 429 216 52 41 95 April? 6,211 2,642 1,302 307 239 568 179 974 429 211 50 39 103 May? 6,374 2,722 1,327 319 245 589 182 990 473 235 52 44 117 p Preliminary. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of "other retail direct loans not shown separately. Other retail direct loans outstanding at the end of May amounted to 117 million dollars, and other loans made during May were 16 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 3 Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans. 826 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Automobile Other Repair Per- Depart- retail retail, and sonal y E m e nd o a r nth o o f r in e g m T x o o c t b a l a i u u l l , e d t - o- s o m m t a r a e o n d d i r nt e l e r - s F s t u t u o r r r n e e i s - H s a a h o t p n o o u p r l c l s d e e i s - e- J s e t w o e r l es ry s o r t e t A o t h ll r a er e il s Year or month Total c P h u as r- ed D lo ir a e ns ct c d h p i a a r u nd e s r- c e t d l e o m r t a n i o o n iz d n s a - 12 - i l m c n o a e s a t s n h n t a s lhouses Outstanding at end of period: 1949 4,416 854 915 922 781 944 1939 1,525 377 536 273 93 246 1950 5,645 1,143 ,223 ,267 905 1,107 1940 1,721 439 599 302 110 271 1951 5,434 1,061 ,192 ,031 937 1,213 1941 1,802 466 619 313 120 284 1942 1,135 252 440 188 76 179 1951—April 5,490 ,072 ,242 ,153 875 1,148 1943 .. 707 172 289 78 57 111 May 5,489 ,083 ,248 ,123 882 1,155 1944 691 183 293 50 56 109 June 5,481 ,090 ,246 ,098 883 1,164 1945 715 198 296 51 57 113 July 5,430 ,086 ,230 1,068 886 1,160 1946 1,104 337 386 118 89 174 August 5.472 ,097 ,240 1,059 899 1,177 1947 1,935 650 587 249 144 305 September... 5,440 ,105 ,239 1,004 911 1,181 1948 2,567 874 750 387 152 404 October 5,442 ,090 ,226 1,010 925 1,191 1949. 3,096 L.010 935 500 163 488 November... 5,436 ,079 ,209 1,017 937 1,194 1950 3,778 1,245 1,029 710 794 December. . . 5,434 ,061 ,192 1,031 937 1,213 1951 3,507 1,186 971 613 737 1952—January 5,418 ,042 ,184 1,034 928 1,230 1951 February 5,412 ,038 ,186 1,016 924 1,248 April 3,336 1,103 905 636 692 March 5,446 ,035 ,197 1,008 922 1,284 M ay 3,268 1,084 890 616 678 April? 5,528 ,055 ,219 1,005 940 1,309 June. 3,193 1,055 874 602 662 Mayp 5,730 ,122 1,034 969 1,339 July 3,112 1,022 854 590 646 August... . 3,109 1,015 859 590 645 Volume extended dur- September. 3,152 1,028 870 600 654 ing month: October. . . 3,221 1,056 890 607 668 1951—April 625 118 153 125 56 173 NTovember. 3,300 1,099 908 608 685 May 683 140 166 132 65 180 December . 3,507 1,186 971 613 737 June 666 143 160 115 64 184 1952 July 642 137 150 115 62 178 January... 3,360 L ,129 933 592 706 August 738 162 187 131 70 188 February.. 3,231 1,082 909 567 673 September... 682 150 166 126 67 173 March.... 3,156 1,060 893 548 655 October 744 150 168 153 82 191 Aprils 3,155 1,064 894 542 655 November... 689 136 152 147 72 182 Mayp 3,246 ,094 924 554 674 December... 686 117 149 157 70 193 1952—January 714 131 170 146 57 210 February.... 679 135 167 130 55 192 March 758 144 185 138 62 229 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL April P 807 162 191 153 79 222 BANKS, BY TYPE OF CREDIT Mayp 92 7 218 230 155 92 227 [Estimates. In millions of dollars] CONSUMER INSTALMENT CREDITS OF INDUSTRIAL R m e e ta n il t p i a n p st e a r 2 l- Re a p n a d ir P i e n r s s t o a n l- al LOAN [ C Es O ti M m P at A es N . IE I S n , m B i Y lli o T ns Y P o E f d O ol F la rs C ] REDIT Year or month Total modern- ment Retail instal- Repair Personal m A o u b t i o- le Other l i o z a a n ti s o 1 n 2 l c o a a s n h s Year or month Total Au m t e o- nt paper 2 m i o z a d a n t e d i r on n- i m n c s a e t s a n h l t mobile Other loans * 2 loans Outstanding at end of period: Outstanding at end 1 1 19 9 9 5 4 5 1 9 0 3 3 40 4 9 4 3 1 . . . 1 2 0 1 1 9 1 1 3 8 8 . 6 9 5 6 8 7 1 3 9 . . . 2 1 7 5 5 5 4 6 5 . . 5 4 9 1 1 1 3 4 3 7 7 1 . . . 9 5 1 o 1 1 1 f 9 9 9 5 4 5 1 9 0 period: 2 2 1 5 2 9 6 5 4 . . . 7 9 3 4 6 5 3 7 3.2 9 5 3 4 4 1 7 1 . . . 1 3 4 6 7 7 . . . 5 3 2 1 1 1 2 3 1 0 7 3 . . . 6 6 3 1951—A O J J A S N D M p u u e c e o a u r l y n y p t c e v il o g t e e b e m u m e m b s b r b e . t e . e r r r . . . . . 4 4 3 3 4 3 3 3 3 0 0 9 0 9 8 8 8 8 4 2 1 1 6 5 5 2 4 4 8 7 0 3 1 4 1 7 1 1 1 1 1 1 1 1 1 1 2 2 1 2 2 2 1 1 9 3 1 8 3 3 0 6 8 . . 6 9 9 2 5 0 9 9 1 8 7 7 7 7 7 7 7 7 0 1 3 5 4 1 7 5 2 . . . . 2 7 3 9 2 7 6 6 8 5 5 5 5 5 5 5 5 5 4 6 6 2 6 3 2 1 2 . . . 1 7 6 . 5 5 9 8 3 8 1 1 1 1 1 1 1 1 1 4 4 4 4 4 4 3 3 3 7 6 3 4 6 1 9 9 9 . . . . . . . 5 3 3 3 0 0 9 . . 9 1 1951—A J A O J D S N M p u u e c e o u r l n y t p a c e v il o g t e e y b e m u m e m . b s b r b . e . t . e . e r r r . . . . . . 2 2 2 2 2 2 2 2 2 5 2 5 4 4 3 4 3 3 5 7 0 5 5 1 2 8 0 . . . . . . . 3 4 3 5 3 4 6 . 1 6 6 6 6 5 6 6 6 5 5 9 3 3 7 9 3 3 3 0 . . . . 2 5 5 4 2 2 7 8 8 4 4 3 4 4 3 4 4 4 0 4 2 9 6 0 9 7 5 . . . . . . . . . 1 8 5 4 8 6 3 0 6 6 7 7 7 7 7 7 7 7 . . . . . . 9 1 . 1 . 0 3 2 4 2 6 1 1 1 1 1 1 1 1 1 3 2 3 3 3 2 2 2 2 0 3 0 7 8 3 7 5 4 . . . . . . . . . 2 7 2 6 4 5 0 9 8 1952— A M F M e a p J a b r r a r y c i h u n l P ? a u . r . y a . . .. . r . y . . . . 4 4 4 4 4 1 2 0 0 0 6 0 3 5 2 . . . . . 2 7 9 8 6 1 1 1 1 1 1 2 1 1 1 9 8 6 6 6 . . . . 2 2 3 6 5 8 8 8 8 8 1 1 2 1 1 . . . . . 1 2 5 4 4 5 5 5 5 5 6 7 5 6 5 . . . . . 2 1 3 8 4 1 1 1 1 1 5 5 4 4 5 8 2 9 8 4 . . . . . 3 6 9 6 6 1952— A F M M e a a p J b r y r a r c p i u . n h l a p . u r . . y a . . . .. r . y . . . 2 2 2 2 2 6 6 7 5 5 5 0 6 2 7 . . . . . 5 2 9 7 8 6 6 6 6 6 7 2 2 4 2 . . . . . 6 4 5 0 7 4 4 5 5 4 8 2 0 7 7 . . . . . 1 8 0 4 0 7 7 7 7 7 . . . . . 0 0 0 2 1 1 1 1 1 1 4 4 4 3 4 2 0 4 9 6 . . . . . 5 8 5 0 5 Volume extended during month: Volume extended 1951—A J J S O N D M A p u u c e e a u r o y l n y t c e i p l o g e v b t m u e e e b s r m e m t . . r . b b . . . , . e . e r r . . , 5 4 5 6 5 4 4 4 5 8 1 0 2 4 9 8 3 8 . . 6 5 2 4 0 8 9 3 3 1 1 1 1 1 1 1 1 1 6 4 3 5 9 5 3 7 4 . . . 1 3 9 2 2 4 1 6 6 1 1 1 1 1 2 1 2 0 8 7 7 0 7 . . 4 8 2 4 8 8 6 8 3 4 3 4 4 3 3 3 3 5 . . . . 1 3 9 8 2 4 1 5 8 2 2 2 2 2 2 2 2 2 2 4 4 5 1 1 0 0 2 . . . . . . . 3 3 8 5 5 7 0 2 1 d 1 u 9 r 5 i 1 ng — A J A O J S N D M m p u e c u e u a r o l o y y p t c g i n l n o t e v u t b e m e st e h e m : b . r m b e . . . e r r .. b . .. er , 4 3 3 4 3 4 3 3 3 3 9 2 6 1 5 4 7 2 . . . . . . . . . 1 6 5 6 3 9 8 8 4 11 9 9 9 9 9 8 8 7 . . . . . 3 0 0 8 4 5 4 6 9 6 4 4 6 6 4 5 7 7 . . . . . . . 2 0 9 2 9 2 6 4 7 0 0 0 0 0 0 0 0 0 . . . . . . 5 4 6 7 5 5 5 6 2 2 2 2 2 2 2 2 2 0 1 1 1 3 3 7 0 3 . . . . . . . . . 2 7 3 3 5 6 2 9 3 1952— A F M M p e a r b J r i r a c l h ? u n ar u y a ... ry . .. 6 5 5 5 5 9 8 7 1 2 . . . . . 2 8 5 8 5 2 1 1 1 1 5 8 5 6 4 . . . . . 8 1 2 8 3 1 1 1 1 1 0 0 1 0 1 . . . . . 1 2 3 6 8 3 6 3 4 5 . . . . . 1 7 5 3 4 2 2 2 2 2 5 6 5 2 2 . . . . . 9 0 0 9 8 1952 A F M M — p e a a r J r y b i p c l a h ? ru n a u r a y ry .. . , .. 3 4 4 4 3 2 7 8 1 9 . . . . . 2 7 3 6 4 1 1 9 8 9 0 3 . . . . 1 2 . 9 1 0 5 5 6 7 7 . . . . . 7 7 7 1 8 0 0 0 0 0 . . . . . 7 5 6 5 8 2 2 2 2 2 3 6 5 4 4 . . . . . 2 2 4 0 0 P Preliminary. l Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. JULY 1952 827 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE » Pe fr r o c m en t p ag re e c e c d h i a n n g ge f m P ro e o m r n c t e h c n o t o a r f r g e e p s r p e c o c h n e a d d n i i g n n e g g Instalment accounts a C c h c a o r u g n e ts month year Item Year or month Depart- Furni- h H o o ld u s a e p - - Depart- 1 M 95 a 2 y P A 19 p 5 r 2 . M 19 a 5 r 2 . 1 M 95 a 2 y ? A 19 p 5 r 2 . M 19 a 5 r 2 . s m to e r n e t s s t t u or r e e s p s l t i o a r n e c s e s m to e r n e t s Net sales: Total +23 +3 +5 + 14 + 1 -6 April 18 11 11 47 Cash sales + 17 -3 +3 -5 -8 -8 May 18 11 11 49 Credit sales: June 19 11 12 49 Instalment +27 +2 +9 +26 +9 +2 July 18 11 12 46 Charge account + 11 +6 + 1 -9 -22 August 19 12 12 48 September 19 11 12 47 Accounts receivable, end October , 21 12 12 50 of month: November 21 11 12 50 Total +4 0 _2 +4 -2 -4 December 19 11 12 45 Instalment +3 0 +5 0 -2 1952 Collections during January 19 10 13 47 month: February 18 10 13 45 Total +5 -6 +4 -3 -8 -8 March 20 11 13 48 Instalment.. +8 -7 +7 + 1 -7 -5 April 18 10 13 46 May P 19 11 13 47 Inventories, end of month, at retail value. -3 +2 +4 -16 -16 -16 P Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1947-49 average =100 Percentage of total sales Year or month Sales during month A a c t c o e u n n d ts o r f e m ce o iv n a th ble Collec m tio o n n s t h during Cash I m ns e t n a t l- a C c h c a o r u g n e t sales sales sales Total Cash I m ns e t n al t - a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t Averages of monthly data: 1941 46 44 55 48 76 53 58 47 48 9 43 1942 ... 53 57 45 48 60 48 60 51 56 6 38 1943 60 72 39 49 35 42 47 50 61 5 34 1944 67 82 36 53 29 44 41 52 64 4 32 1945 75 92 37 59 28 50 40 59 64 4 32 1946 93 105 56 84 38 73 53 78 59 4 37 1947 99 103 85 95 67 92 78 92 55 6 39 1948 103 103 105 104 108 105 106 103 52 7 41 1949 . 98 94 110 101 125 103 117 104 51 8 41 1950 101 93 136 106 177 111 146 111 48 10 42 1951.. 104 95 133 111 181 124 165 118 48 9 43 1951—April 91 83 109 98 186 116 167 113 48 9 43 May 100 91 nn 109 178 118 163 114 48 8 44 June 95 91 100 171 115 161 114 50 8 42 July 75 71 103 76 163 103 148 106 50 9 41 August 90 83 90 93 162 103 151 99 48 11 41 September 101 90 127 107 166 113 151 97 47 10 43 October 113 101 138 121 172 122 163 114 46 11 43 November 129 115 164 138 182 136 169 121 47 10 43 December 177 167 171 185 197 177 168 122 49 9 42 205 1952—January 84 77 110 89 190 142 180 165 48 10 42 February 79 72 106 83 182 124 162 129 48 10 42 March 91 83 122 96 178 117 170 118 48 10 42 April 99 90 118 107 175 121 153 108 48 9 43 May? 100 91 13 7 106 176 122 153 115 47 10 43 P Preliminar y. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 819. 828 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States 830-835 Gold production 835 Reported gold reserves of central banks and governments 836 Gold movements; gold stock of the United States 837 International Monetary Fund and Bank 838 Central Banks 838-842 Money rates in foreign countries 843 Commercial banks 844 Foreign exchange rates 845 Price movements: Wholesale prices 846 Retail food prices and cost of living 847 Security prices 847 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. JULY 1952 829 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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.i Decrease Domestic Foreign in U. S. securities: securities: Inflow in From th J ro a u n g . h 2 — , 1935, Total Foreign Foreign Interna- b f a u n n k d in s g In fo fl r o e w ig n of o R f e U tu . r n S. b b r a o l k a e n r c a e g s e Total official2 other tional abroad * funds 3 funds 3 1946— Dec. 31 8,009.5 5,726.1 2,333.6 2,938.7 453.8 427.2 464.5 1,237.9 153.7 1947—Dec 31 8,343.7 6,362.3 1,121.8 2,998.5 2.242 0 186.5 375.5 1,276.9 142.4 1948—Dec. 31 8,569.1 6,963.9 2,126.0 2,993.6 1,844.3 116.8 183.3 1,182.1 123.1 1949—Dec. 31 8,763.5 6,863.9 2,197.8 3,028.2 1,637.8 307.6 258.5 1,209.9 123.7 1950—Dec 31 10,521.1 7,890.7 2,715.6 3,472.8 1,702.3 231.4 1,202.9 1,064.5 131.7 t951—May 31 10,271 6 7,604 3 2,589.5 3,453 4 1,561 4 215 4 1,401.2 929.2 121.6 June 30 10,235.6 7,901.1 2,746.4 3,526.3 1,628.3 190.3 1,115.9 895.6 132.7 July 31 10,100.9 7,797.0 2,598.1 3,541.6 1,657.3 189.4 1,070.8 911.2 132.6 Aug 31 10,119 4 8,017.4 2,734.8 3,639 7 1,642 9 181.9 877.4 912.1 130.6 Sept. 30 10,171.3 8,038.1 2,723.6 3,697.4 1,617.2 231.9 856.8 912.7 131.8 Oct 31 10 115 1 8,422 3 2,769 8 3,909 1 L,743 4 211 3 612 9 744.3 124.3 Nov. 30 10,130 6 8,448.2 2,734.7 3,972.5 1,741.0 186.3 617.0 755.0 124.1 Dec. 31 10,122.9 8,529.7 2,751.9 4,089.6 .688.3 160.9 618.6 688.1 125.6 1952—Jan. 31 10,043.6 8,464.4 2,644.9 4,138.7 1,680.9 133.4 631.3 689.2 125.4 Feb. 29 10,209.4 8,638.2 2,811.5 4,200.2 1,626.5 164.9 616.8 658.9 130.7 Mar. 31P 10,264.0 8,711.4 2,910.1 4,144.2 1,657.1 145.6 617.2 658.0 131.8 Apr. 30P 10,288.8 8,827.8 3,025.1 4,164.0 1,638.7 101.7 624.4 606.9 128.0 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total foreign In- countries Date t t i e i n o r s n n t a a i- - l Official U K d n i o i n m t g ed - France N la e e n r t d - h s - S la w e n r i d - tz * - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r in ica Asia o A th l e l r tutions and Official 2 private 1946—Dec. 31... 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 931.8 1,104.81,316.4232.8 1947—Dec. 31... 2,262.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.61,057.9 193.7 1948—Dec. 31... 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 1,287.01,151.8167.4 1949—Dec. 31... 1,657.8 5,960.2 2,908.1 574.4 171.6 170.5 576.9 303.6 717.0 2,513.9 869.1 1,436.7 961.0 179.5 1950—Dec. 31... :1,722.2 66,922.6 3,425.9 6656.6 260.7 193.6 553.0 314.7 799.2 62,777.7 899.0 1,612.91,378.5254.5 1951—May 31... L.581.4 6,777.0 3,299.8 622.5 191.9 133.4 498.2 289.8 863.4 2,599.3 818.1 L,714.01,387.2258.5 June 30... 1,648.3 7,006.9 3,456.7 620.1 246.3 134.8 509.3 276.0 930.7 2,717.3 964.4 1,672.91,399.1253.3 July 31... 1,677.3 6,873.9 3,308.4 545.6 218.3 132.0 499.9 289.4 972.6 2,657.9 931.8 L.614.31,410.3259.4 Aug. 31... 1,662.8 7,108.7 3,445.1 522.6 221.2 131.7 506.8 283.4 1,097.4 2,763.1 1,011.1 1,578.31,495.1261.0 Sept. 30 .. ,637.1 7.155.1 3,433.9 513.0 222.7 135.4 511.5 287.8 1,131.3 2,801.9 1,022.8 1,532.01,540.8257.6 Oct. 31 . . ,763.3 7,413.1 3,480.1 543.2 270.1 132.4 493.3 288.2 1,116.5 2,843.7 1,257.8 1,502.21,535.0274.3 Nov. 30. . 1,760.9 7,441.4 3,445.0 591.2 254.4 154.5 506.8 293.1 1,086.1 2,886.1 1,250.1 L.461.6 1,555.8287.8 Dec. 31.. 1,708.2 7,575.6 3,462.2 642.6 289.4 148.8 521.3 300.5 1,021.2 2,923.7 1,307.1 1,437.81,609.6297.4 1952—Jan. 31... 1,700.9 7,517.7 3,355.2 644.6 252.8 153.7 521.6 290.2 997.8 2,860.7 1,316.5 1,400.7 1,635.7304.1 Feb. 29... 1,646.4 7,745.8 3,521.8 796.9 253.4 155.9 542.9 293.9 959.2 3,002.2 1,336.3 1,416.31,661.9329.1 Mar. 31*.. 1,677.0 7,788.5 3,620.4 785.3 251.3 149.8 543.9 292.1 956.1 2,978.5 1,335.7 1,459.61,688.8325.9 Apr. 30P. . 1,658.6 7,923.3 3,735.4 744.3 256.2 122.7 583.4 286.5 969.6 2,962.7 1,397.8 1,489.61,756.5316.6 P Preliminary. 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 agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in accounts with the U. S. Treasury. 3 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are included in foreign securities. 4 "Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions (see footnote 2 above) as well as other banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. (Footnote 1 above also applies to this table.) 5 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date. 6 Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts, but which have been excluded in the past from reported liabilities. NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951, certain changes were made in the order and selection of the material published. An explanation of the changes appears on page 1202 of that issue. Far further explanation and information on back figures see BULLETIN for August 1951, p. 1030 830 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 Date O Eu th ro e p r e A tr u ia s- g B iu e m l- C v o z a s e k lo c i h - a - m De a n rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o d - t P u o g r a - l m R a u n - ia Spain S d w e e n - USSR s Y la u v g i o a - ot A he ll r1 1946—Dec. 31. . 850 5 159.5 66.5 22.2 7.1 49.3 123.5 39.0 8.9 16 4 172.6 60.5 12.4 112.5 1947—Dec. 31. . 739 8 124.9 52.8 30.5 89.5 34.7 56.2 47.1 8.7 12 8 58.6 73.7 12.1 138.2 1948—Dec. 31. . 738 1 128.7 44.7 19.1 178.9 21.1 77.7 37.7 7.0 13 6 49.0 21.3 19.9 119.3 1949—Dec. 31 . . 717 0 119.9 38.0 25.1 149.4 29.6 69.4 38.1 6.7 15 7 90.1 10.2 7.6 117.4 1950—Dec. 31. . 799 2 'H'.9 128.2 ' '5 6 45 .5 18.3 221.6 32.3 43.6 ' 'i'.i' 45.7 6.1 21 3 115.3 4.0 13.2 52.£ 1951—May 31 863 4 41.2 121 6 2 9 48.0 22.2 303.6 38.0 62.2 3.8 44.0 6 1 16 3 92.8 2 9 9 2 48.8 June 30 . 930 7 43 9 124.2 3 \ 44.7 22 5 357.5 38.6 60.5 3.3 45.6 5.9 18 3 99.4 5.0 6.5 51.8 July 31 . 972.6 44.9 129.6 3 4 41.5 26.3 403.6 38.2 65.5 3.6 42 9 6.0 15 8 94.5 4 7 4.2 48.0 Aug. 31. . I,097 4 54.6 138.4 2 1 39.9 27.5 481.4 40.4 99.9 2.1 41.5 5.7 14 0 88 8 3 5 4,2 53.4 Sept.30.. I,131 3 57.4 132.9 2 0 44.6 23.1 502.5 41 1 103.0 2.3 47.9 6 0 14 4 89 3 4 1 5.3 55.6 Oct. 31. . 1,116 5 61.1 143.6 1 5 47.2 24.0 488.3 39.1 106.3 2.4 36.4 6.0 16 8 83.7 2.5 4.0 53.6 Nov. 30.. 1.086 1 62 9 145.1 1 5 46.7 27.9 455.9 41.5 98.6 2.6 35.4 6.0 18 4 80.3 2.3 8.2 52.7 Dec. 31.. 1,021 2 57.1 134.7 1 3 45.3 27.0 405.6 45.8 99.7 2.8 40.7 6.1 17 1 70.7 2.5 7.1 57.6 1952—Jan. 31.. 997 8 57.0 132.8 7 44.0 30.0 395.1 38.9 97.7 2.4 40.7 6.0 16.6 64.3 4.2 7.7 59.5 Feb. 29. . 959 2 55.4 136.6 8 38.7 30.7 353.0 38.4 96.7 5.8 42.8 6.1 17 4 64.4 4.9 8.7 58.8 Mar. 31P. 956 1 54.0 129.9 7 38.9 26.9 361.8 41.0 104.4 2.5 41.8 6.2 17 9 62.5 2.7 7.1 57.9 Apr. 30?. 969 6 54.9 134.1 7 37.6 23.8 380.2 41.9 100.7 2.1 40.0 6.1 17.7 65.5 2.4 7.6 54.2 Table 2b.—Latin America Neth- Do- er- Date A L i m a c t a e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- l W I a a n n n d e d d i s e s t s Peru l P p i R c u a e b n o - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L ic m a th a t e i e 2 n r r lic Suri- ama nam 1946—Dec. 31 .1,104.8 112.6 14 0 174.0 50 7 57.8 153.5 152.2 16.1 40.9 77.2 74.0 181 8 1947—Dec. 31. 1,216.6 236.2 17 8 104.7 46 3 46.1 234.7 139.2 14.9 41.8 70.3 78.0 186 5 1948—Dec. 31 .1,287.0 215.8 17 1 123.7 55 6 54.0 219.4 146.7 24.3 52.6 71.8 121.7 184 1 1949—Dec. 31. 1,436.7 201.1 13 5 192.8 60 9 85.9 164.2 214.6 25.9 52.8 74.3 143.2 207 4 1950—Dec. 31. 1,612.9 301.8 20 4 226.0 79 5 53.4 259.1 ' 42". 7 25.4' 207.1 30.2 60.2 59.2 16 1 75. 1 85.2 71 3 1951—May 31. 1,714.0 353.2 19 7 241.7 76 6 66.2 327.9 48.7 29.2 109.9 25.6 57.9 53.9 46 8 74.4 87.2 95 2 June 30. 1,672.9 343.7 24 7 212.4 69 9 58.1 327.9 51.3 29.5 123.8 25.0 54.3 58.1 50 6 74.6 75.6 93 2 July 31. 1,614.3 330.9 22 2 171.5 57 8 50.9 354.3 53.2 28.5 111.2 28.2 52.8 62.0 46 1 83.2 74.6 86 9. Aug. 31. 1,578.3 320.3 21 6 151.4 56.2 52.1 336.7 53.0 26.0 128.2 27.7 54.5 66.3 41 7 80.6 74.7 87 5 Sept. 30. 1,532.0 312.1 26 2 140.4 55 5 46.2 312.3 50.7 23.4 143.9 30.4 52.9 58.7 37 7 79.7 76.3 85 5 Oct. 31. 1,502 ? 299 5 24 1 132.8 52 5 61 0 305.2 44.2 21.9 150 4 30.2 51 2 64.6 32 9 79 1 68.0 85 4 Nov. 30. 1,461 6 277.1 25 0 110.1 47 6 79.7 284.7 43.6 22.8 159.3 31 2 48.6 65.6 28 5 83.0 68 1 86 6 Dec. 31. 1,437.8 249.7 27 8 100.3 54 0 106.4 251.7 45.8 24.4 158.2 34.9 47.2 67.7 27 8 84.7 71.9 85 1 1952—Jan 31 1,400 7 225 9 23 6 98.5 56 ^ 97.6 253.1 46.1 32.1 147 0 31 5 49 5 63.1 36 5 75.2 67.4 97 1 Feb. 29. 1,416.3 212.9 23.6 118.2 59 5 96.3 265.5 48.9 35.9 134.0 31.3 48.8 65.7 39 0 76.8 64.5 95 4 Mar. 31P 1,459.6 188.5 21 4 98.5 57 2 95.9 287.3 50.5 39.5 170.4 28.8 56.3 67.9 43 7 83.4 66.5 103 7 Apr. 1,489.6 177.4 21 7 98.5 58 6 91.1 307.0 53.4 40.0 150.4 28.2 57.0 65.6 42 5 93.0 101.3 104 1 TabU 2c—Asia and All Other For- Egypt Date Asia M C m a h a n o i i d s n n a a - K H o o n n g g India I n n e d s o ia - Iran IsraelJapan i p P p R u h p e b i i - l l n - i e c T la h n a d i- T k u e r y - O A t s h ia e r 8 o A th l e l r A t l r u i a a s - - C g B o i e a n l n g - o A E t a n i g n a g y d n l p o - - S A U o f o n u r f i i t o c h a n Other4 land Sudan 1946—Dec. 31 . 1,316.4 431.9 44.9 43.5 127.1 16.6 446.6 54.7 151.0 232 .8 45.5 20.8 47.2 119.3 ! 1 9 9 4 4 7 8 — — Y D ) eecc . 3 3 1 1 . 1 1 ,1 0 5 5 1 7 . 8 9 2 2 2 1 9 6 .2 9 3 5 9 1 . . 8 1 6 5 2 1 . . 4 8 4 69 1 .5 3 3 8 1 1 .4 3 4 4 8 8 8 8 .3 6 3 1 7 7 .5 6 2 9 C 9 4 . . 0 0 1 1 9 6 3 7 . . 7 4 3 2 0 2 .2 6 2 n 5 ' . . i 0 4 1 6 5^ 4 8 1 9 0 1 1 ^ 8 6 > I 1 9 9 4 5 9 0— — D i)eecc#. 3 31 1 . . 1,3 96 7 1 8 . . 5 0 1 8 1 1 0 . . 7 6 8 8 3 6 . . 9 1 6 5 3 5. . 7 3 1 1 1 5 4 . . 7 7 20.3 12.64 2 5 1 8 4 . . 5 6 2 3 9 7 7 4 .4 3 48.2 1 9 4 .3 8 1 16 1 5 1 .9 7 2 17 5 9 4 .5 5 3 1 2 9 .1 4 " 's8*!i 6 7 1 5 .6 6 4 6 4 .0 0 s 79 i' .i 5 ; 1951—May 31 . 1,387.2 78.6 61.1 73.0 124.2 25.8 22.7348.8 414.5 63.8 18.2 156.6 258.5 19.9 51.6 105 1 16.2 65.6 June 30. 1,399.1 79.2 61.9 80.2 135.8 26.6 19.7342.8 403.7 65.9 12.3 171.2 253.3 26.2 55.0 89 4 16.8 65.9- July 31. 1,410.3 84.3 61.4 75.1 152.9 26.5 16.2356.9 396.1 67.8 14.3 158.6 259.4 23.6 55.4 98 9 17.3 64.2 Aug. 31. 1,495.1 89.7 62.3 64.3 157.4 25.8 16.7440.6 382.2 73.1 12.9 170.1 261.0 22.3 53.1 98.7 21.8 65.2 Sept. 30. 1,540.8 93.7 60.0 68.9 172.7 25.3 12.0492.4 369.4 80.0 12.0 154.5 257.6 22.4 50.3 104.8 11.6 68.5 Oct. 31. 1,535.0 90.0 60.1 59.8 128.0 21.0 13.5538.7 355.6 84.9 12.2 171.3 274.3 32.4 52.2 101.7 16.0 72.0 Nov. 30. 1,555.8 88.4 62.0 57.7 129 1 21.8 14.4568.7 342.2 90.9 11.4 169.1 287.8 36.8 52.6 101.2 13.6 83.7 Dec. 31. 1,609.6 87.4 62.4 62.1 140.6 25.5 26.6596.0 329.7 96.7 14.1 168.4 297.4 38.5 54.5 110.7 7.0 86.8 1952—Jan. 31. 1,635.7 81.9 64.2 58.6 131.8 26.8 20.7636.2 328.2 108.8 13.6 164.8 304.1 32.3 54.3 121.0 9.1 87.3 Feb. 29. 1,661.9 81.6 64.4 59.4 127.4 26.9 19.3655.7 331.1 115.0 14.9 166.1 329.1 36.5 58.8 126.4 11.8 95.7 Mar. 31 v 1,688.8 78.6 67.8 47.4 141.0 25.7 19.8682.4 332.2 121.0 10.6 162 .4 325.9 38.4 57.8 127.3 9.0 93.3 Apr. 30P 1,756.5 80.1 65.6 52.1 170.4 23.8 29.9696.8 335.0 125.8 10.8 166.2 316.6 36.7 62.0 123.4 13.9 80.6 P Preliminary. 1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 2 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 3 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 4 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. JULY 1952 831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES1 [Amounts outstanding, in millions of dollars] Date Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1946—Dec. 31... 708.3 47.7 5.7 151.0 9.8 16.0 82.8 312.9 52.2 226.8 99.2 17.2 1947—Dec. 31. .. .... 948.9 29.2 23.4 49.1 7.0 21.1 118.9 248.6 27.5 514.3 127.0 31.5 1948—Dec. 31. ... .... 1,018.7 24.5 119.0 51.4 6.9 15.8 106.3 323.8 39.8 516.6 118.8 19.7 1949—Dec. 31... .... 82 7.9 37.2 51 .8 5.2 3.8 22.6 98.5 219 .2 37.6 411 .1 139.7 20.4 1950—Dec. 31. 898.0 105.7 31.4 3.4 8.7 20.7 67.1 237 !o 125.8 378.8 96.3 60.0 1951—May 31 .. 913.9 98.8 7.0 3.9 11.0 55 .1 82.7 258.5 116.7 371.5 104.5 62.7 June 30... 939.0 110.2 7.4 3.5 10.5 52.9 87.9 2 72.4 117.3 386.6 102.9 59.9 July 31.... 939.9 103.7 8.2 3.4 10.7 29.3 89.8 245.2 119.3 401.3 117.6 56.6 Aug. 31. ... 947.5 87.0 13.3 3.8 8.3 18.0 88.8 219.2 101 .9 429.5 141.0 55.9 Sept. 30... 897.4 52.0 11.0 2.9 9 .2 13.2 86.3 174.7 101.0 437.2 128.7 55.9 Oct. 31... 918.1 33.0 11.3 2.9 9.6 11.2 92 .1 160.1 102.5 463 .8 146.9 44.7 Nov. 30. .. 943 .1 34.7 11.0 3.9 8.8 7.5 97.7 163.6 118.3 465 .5 153.0 42.6 Dec. 31 968.4 35.0 10.1 5.0 11 .2 10.3 111.2 182.8 92.0 489.3 162.4 41.9 1952—Tan. 31.. 996.0 28.5 14.1 5.8 11.2 12.6 114.6 186.8 89.3 520.3 161.9 37.6 Feb. 29... . 964.4 32.8 14.1 5.6 10.3 14.4 103.0 180.2 72.4 520.6 154.6 36.7 Mar. 31P. . . 983.8 35.4 13.2 5.7 11.0 21 .5 89.6 176.3 72.1 550.2 149.5 35.7 Apr. 30P... 1,027.7 35.9 13.8 3.4 8.6 23.5 81.2 166.3 82.0 601 .1 144.8 33.5 Table 3a.—Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- C v o z a s e k l c o i h a - - m D a en rk - l F a i n n d - m G a e n r- y Greece N w o ay r- l P an o d - t P u o g r a - l m R an u i - a Spain S d w en e- USSR Y sl u a g v o ia - ot A h l e l r2 1946—Dec. 31 .. 82.8 7.5 5 6.2 30.4 12.4 3.3 1 .0 .1 7.2 4.9 (3) (3) 9.5 1947—Dec. 31.. 118.9 15.0 2.2 8.0 30.5 10.6 9.2 1.1 (3) .9 5.4 .1 (3) 35.9 1948—Dec. 31 .. 106.3 21.4 .6 3.4 30.5 1.2 8.4 .7 (8) 2.9 1 .4 (3) 6.0 29.8 1949—Dec. 31 .. 98.5 19.3 ' .4 8.2 30.0 .7 7.4 .5 7.0 7.0 2.3 (3) (3) 15.6 1950—Dec. 31. . 67.1 "".2 21.5 "(3)" 3.2 2.2 25.4 .2 1 .4 "(3)" .5 (3) 1.6 6.9 (3) 3.9 1951—May 31.. 82.7 (3) 19.7 (3) 7.3 6.3 25.9 .1 2.3 (3) 1.3 (3) 7.0 8.2 .2 4.3 June 30. . 87.9 (3) 18.8 .2 6.2 6.2 25.4 .1 2.3 (3) 1.3 (3) 13.6 7.4 ' " (3) " ' 1.7 4.7 Julv 31. . 89.8 (3) 18.7 (3) 4.1 5.1 25.9 .1 2.1 .1 1.0 (3) 20.2 6.2 C3) 1.7 4.7 Aug. 31. . 88.8 2 15 2 (3) 4.1 5.0 26 A 2 2.0 (3) 1.0 (3) 23.5 4.9 (3) 1 .5 4.9 Sept. 30. . 86.3 '.2 21.5 (3) 5.2 2.5 28.8 .2 1 .8 .1 .8 (3) 14.2 4.1 1 .9 5.) Oct. 31. . 92.1 (3) 23.6 (3) 5.7 2.7 30.9 .1 1.7 (3) .6 (3) 17.1 4.3 ' ('») 1.1 4.3 Nov. 30. . 97.7 .1 27.1 (3) 5.9 3.2 28.6 .5 1.1 (3) .7 (3) 16.8 6.2 3.5 4.1 Dec. 31. .111.2 (3) 39.6 (3) 4.8 3.1 28.3 2 2.5 (3) .8 (3) 18.8 5.4 "oo" 3.9 4.0 1952 —Tan. 31. . 114.6 (3) 42.9 (3) 4.0 3.6 30.1 .2 2.0 (3) 1.0 (3) 19.0 5.2 2.4 4.1 Feb. 29. . 103.0 (3) 33.7 (3) 4.6 4.1 27.9 .1 1 .6 (3) .9 (3) 19.8 4.3 1.3 4.5 Mar. 31 P. 89.6 .2 28.7 (3) 4.6 2.7 27.7 .1 1.5 (3) 1.2 (3) 13.5 4.2 .7 4.4 Apr. 30P. 81.2 (3) 21.4 (3) 4.3 1.8 27.2 .1 1.8 (3) 1.0 (3) 12.6 3.6 "(*)" 2.4 4.9 Table 3b.-—Latin America Nethte A L m i a c t e a i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i D R c u i a o e b n n - - - - G m u a a l t a e- M ic e o x- I l W n a a e d n n r e i - d d e s s s t Peru l P p i R c u a e n b o - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L ic a m t a h t i e e 4 n r r lic Suri- ama nam 1946—Dec. 31.. 226.8 41.8 2.3 49.8 14.6 26.4 25.7 25.5 .8 3.7 1 .3 8.7 26.2 1947—Dec. 31 .. 514.3 65.2 2.0 165.8 27.8 32.6 108.6 52.2 1 .1 4.3 4.7 15.3 34.5 1948—Dec. 31 .. 516.6 72.4 2 7 165.4 15.2 32.6 83.1 73.8 1.5 4.4 4.6 26.0 34.7 1949—Dec. 31 411 .1 53.6 2^3 136.9 15 5 21 1 27 5 73 0 1 3 5 8 5 3 25 6 43 1 1950—Dec. 31 . '. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 1.9 2.6 70.6 1.3 11.0 3.1 6^8 s'.o' 49! 4 14.6 1951—May 31. . 371.5 9.9 6.7 85.3 10.0 55.0 40.3 2.1 2.8 56.4 1.6 13.5 2.7 3.3 11.0 56 9 14.1 June 30.. 386.6 9.5 8.1 95.2 12.9 48.0 38.8 2.0 2.6 58.6 1.4 12.6 2.5 3.0 10.4 67.1 13.9 July 31 .. 401.3 10.0 7.1 104.5 12.3 45.9 50.6 2.0 2.7 60.4 1.4 11 .1 2.6 3.8 9.9 62.6 14.4 Aug. 31. . 429.5 8.9 8.2 112.4 15.5 42.7 42.0 1.8 3.0 68.6 1 .2 12.2 2.6 4.1 11.3 80.5 14.7 Sept. 30. . 437.2 8.3 7.8 135.0 19.5 42.1 34.0 1.5 2.8 69.1 1.4 12.7 3.2 5.5 12.9 67.7 13.7 Oct. 31 . . 463.8 9.3 7.2 155.6 20.6 43.0 30.1 1.7 3.4 74.1 1 .1 13.9 3.1 7.5 13.4 66.9 13.1 Nov. 30. . 465 .5 7 9 7.2 164.3 22.7 39.7 29.4 1 .7 3.2 87.4 1.4 12.7 3.3 8.4 9.3 54.6 12.3 Dec. 31. . 489.3 7.6 7.5 185.0 24.8 43.7 32.3 1 .8 3.8 90.6 1 .2 11 .8 3.0 9.5 10.5 41.7 14.5 1952—Jan. 31.. 520.3 7.9 7.1 207.3 26.2 39.3 29.6 2.2 4.0 109.1 1.2 12.0 4.2 9.9 11.8 34.9 13.7 Feb. 29. . 520.6 7.8 9.9 217.0 23.6 36.1 31.0 2.1 4.2 103.0 1.2 11 .8 4.1 8.4 7.9 38.7 13.8 Mar. 31 P. 550.2 8.6 8.1 234.9 29.3 33.8 36.6 2.1 4.2 101.1 1.2 11.5 3.9 7.5 19.1 33.1 15.1 Apr. 30P. 601.1 7.8 8.6 272.2 29.1 31.5 54.7 2.9 4.1 94 .4 1.3 10.3 6.8 6.5 24.9 32.2 13.7 P Preliminary. 1 See footnote 1, p. 830. 2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of thatt date, 3 Less than $50,000. 4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reppoorrted separately as of that date. :832 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 For- Egypt Date Asia C m a h o n i s d n a a H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i P p R h p e i i l - n - e T la h n a d i- T k u ey r- O A t s h i e a r 1 o A th l e l r t A ra u l s ia - C g B o i n e a g l n - o A E a n g n g y d l p o - - S U o o n u f i t o h n Other' Main- public tian Africa land Sudan 1946—pec 31. 99 2 53 9 5.9 12.0 1 .0 ? 20 2 1.4 4 6 17 2 3.4 .4 10.1 3.3 1947—Dec. 31 127 0 40 8 2 6 29.6 5 .9 27.4 17.7 7.5 31. 5 9.0 .1 14.4 8.0 1948—Dec. 31.. 118 g 24.2 3.4 20. 1.9 15.9 37 3 1.4 14 3 19 7 4.7 ,4 7.9 6.8 1049—i)ec 31.. 139.7 16.6 3.7 17.4 .2 14.1 23 2 14.3 50 3 20 4 7.9 .2 4 5 7[7 1950— Dec. 31.. 96'.3 18.2 3.0 16.2 .2 ' 6!6 12.1 4.9 i!s* .9 13.9 60.0 40.8 4.4 .3 7.3 7.2 1951—May 31. . 104.5 8.4 4.4 17.5 .3 7.9 30 0 8.2 6.7 3.8 .8 16.6 62.7 41.8 5.8 .3 8.6 6.2 Ijvne 30. 102 9 8 •^ 3 1 15 7 2 7 4 22 9 9 9 5 3 1 6 22 8 59 9 36 4 7 0 4 9 4 6 6 July 31.. 117.6 8.3 4.3 13.3 .3 7.1 21 6 11.1 14.0 3.7 .8 33.1 56.6 32.4 7.3 .8 9.4 6.8 Aug. 31.. 141.0 10.2 3.0 14.6 .2 6.6 24 0 7.9 22.7 4.4 .8 46.3 55.9 30.9 7.7 .5 9.3 7.4 Sept. 30.. 128.7 10.2 3.2 12.1 .4 7.5 25 7 8.5 19.0 3.9 .8 37.3 55.9 27.9 7.7 3.9 8.5 7.9 Oct. 31.. 146.9 10.3 3.6 9.7 .4 8.1 27.0 8.5 23.0 2.8 10.6 42.9 44.7 25.3 6.9 .3 7.6 4.7 Nov. 30.. 153.0 10.1 3.3 13.3 .4 8.6 27 8 10.7 22.6 2.4 .8 52 9 42.6 23.4 6.7 .2 6.8 5.6 Dec. 31.. 162.4 10.1 3.1 13.4 .3 9.3 30 0 12.2 29.3 2.5 .6 51.6 41.9 22.8 5.7 .2 6.7 6.5 1952—Tan. 31.. 161.9 10.1 1.4 14.8 .4 8.9 35 9 8.6 29.1 2.1 .5 50.0 37.6 21.1 5.3 .1 6.3 4.7 Feb. 29. . 154.6 9.6 1.6 16.8 .5 9.0 32 4 8.8 27.2 2.9 .6 45.1 36. 7i 17.5 6.0 .1 6.0 7.0 Mar. 31P. 149.5 9. 1 2.8 20.4 .7 10.1 30 3 9.1 22.6 3.7 13.8 26.9 35.V 17.7 7.2 .1 5.7 5.0 Apr. 30P. 144.8 7.9 5.0 14.5 .9 10.8 29.3 11.0 23.7 2.8 23.6 15.3 33. 5 13.5 7.6 .2 7.0 5.1 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES • (Inflow of Foreign Funds) [In millions of dollars] U. S. Government bonds and notes4 Corporate bonds anc stocks * Net Total Total purchases Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses purchases sales s d e o c m u o r e f i s t t i i e c s 1946 414.5 684.2 -269.7 367.6 432.1 -64.5 782.1 1,116.3 -334.2 1947 344.8 283.3 61 5 226.1 376.7 -150.6 570.9 659.9 —89 1 1948 282.4 330.3 -47.9 369.7 514.1 -144.3 652.2 844.4 -192.2 1949 430 0 333 6 96 4 354.1 375.3 -21.2 784.1 708.9 75 2 1950 1,236.4 294.3 942.1 774.7 772.3 2.4 2,011.1 1.066.6 944.4 1951 673.6 1,356.6 6-683.0 859.8 761.0 98.7 1,533.3 2,117.6 -584.3 1951—May 46 7 42 3 4 4 82.2 71 9 10 4 128.9 114.1 14 8 Tune 210 2 492 4 —282 2 55 4 58 5 —3 1 265.6 550 9 —285 2 July 30 0 79 3 —49 4 51.6 47.3 4.2 81.5 126 7 —45 1 August 25.7 226.7 -201.1 68.0 60.3 7.7 93.7 287.0 -193.3 September . 11 1 56 1 —45 0 76 7 52.4 24.3 87.8 108.5 —20 7 October 20 7 282 5 —261 8 94.0 76.1 17.9 114.6 358.5 -243.9 November 20.7 17.4 3.4 62.6 61.8 .8 83.4 79.2 4.2 December 27 2 36 0 — 8 8 64.1 53.7 10.4 91.3 89.7 1 6 1952—Tanuary 20.2 12.7 7.6 76.6 71.5 5.1 96.9 84.2 12.7 February. . . .. 15.5 18.7 -3.2 68.3 79.6 -11.3 83.8 98.3 -14.5 Mi archp 19 2 16 3 2 9 65 7 68 1 —2 5 84 9 84 4 4 April P . 13.9 13.7 .1 75.2 68.1 7.1 89.1 81.9 7.2 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 Net Total Total purchases Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses purchases sales se fo c r u o e r i f i g ti n es 1946 65.2 65.6 — .4 755.9 490.4 265.5 821.2 556.1 265 1 1947 57.1 42.6 14 6 658.7 634.3 24.5 715.9 676.8 39 0 1948 81 7 96 7 — 15 0 211 6 291,4 —79.8 293.3 388.2 —94 8 1949 88.8 70.8 18.0 321.2 311.5 9.8 410.1 382.3 27 8 10.50 173.8 198.2 —24.4 589.2 710.2 -121.0 763.0 908.4 — 145 4 1951 272.3 348.7 -76.4 500.4 800.4 -300.0 772.7 1,149.1 -376 4 1951 — \fav 24 6 17 7 6 9 24 5 75 3 -50 9 49.1 93.0 —44 0 June . . 17.7 16.4 1 2 39.1 73.9 -34.8 56.8 90.4 —33 6 July 16.4 18.1 — 1.7 45.4 28.2 17 3 61.8 46,2 15 6 August 19 6 19 6 — 1 21 1 20 1 1.0 40.7 39.7 9 September 26.6 26.6 (7) 73.6 73.0 .6 100.2 99.6 6 October 25.2 21.4 3.8 53.9 226.1 -172.2 79.1 247.5 -168.4 November 24 2 47 6 -23 5 73.7 39.6 34.2 97.9 87.2 10 7 "Dprpmber 24.4 82.6 -58 2 38.1 46.8 -8.7 62.5 129.4 — 66.9 1952—Tsmnnrv 34 4 29 9 4 6 33 1 36.5 -3.5 67.5 66.4 1 1 February 29.4 28.1 1 4 19.0 50.7 -31.7 48.4 78.7 —30 3 March? 18.8 30.3 -11.4 29.4 18.9 10.5 48.3 49.2 -.9 Aprils 28.9 44.9 -16.0 43.7 78.8 -35.0 72.6 123.7 -51.1 P Preliminary. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. » Includes transactions of international institutions. 4 Through 1949 includes transactions in corporate bonds 6 Through 1949 represents transactions in corporate stocks only. • Includes net sales of 554 million dollars by Canada. 7 Less than $50,000. JULY 1952 833 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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] Y m e o a n r t o h r na I i n n ti t s o e t n i r - - al Total U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L i m a c t a e in r- Asia o A th l e l r tutions 1946 -334 2 -36.9 -6.8 -26.5 -17 5 j -10.8 -98.6 -16.4 6.3 —224 5 -1 0 1947 74.5 -163.6 -8.9 -50.2 -98.2 13.0 -17.1 -14.1 -175.5 3.2 -3.5 10.0 2.2 1948 7 6 — 199 8 9.1 -82.8 -79 3 -40 0 (i) 2.6 -190.4 7.5 10.2 —23 3 —3 9 1949 87.0 -11.8 20.9 -6.8 -25.5 44.2 1.5 2.2 36.5 -49.0 2.5 -2.1 .2 1950 121 2 823 2 64.0 197 8 —6 3 19 0 -.7 73.8 347.5 458.2 30 1 — 15 3 2 7 1951 -15.9 -568.4 21.4 6.0 -22.2 45.9 1.9 -43.8 9.2 -595.5 13.9 4.8 -.7 1951—May.. . 2.3 12.5 -2.9 1.3 -.1 4.6 .3 -4.6 -1.4 -3.6 3.1 14.7 -.4 J J u u n ly e. . . . . . - -1 6 1 1 . . 2 9 -2 -3 2 4 3 . . 0 4 -13 1 . . 0 6 - - 1 3 3 5 . . 9 8 - - 6 5 . . 0 3 2 5. . 8 7 . . 1 6 -5.4 .6 - - 5 1 6 1 . . 7 3 -1 -2 5 5 6 . . 3 4 -10 1 . . 7 7 . . 5 9 .1 i Aug... . -18.6 -174.8 8.6 .4 -2.7 5.4 -.2 -42.6 -31.0 -142.2 -1.3 -.1 Sept... .3 -20.9 -2.5 -20.0 -1.4 11.0 .5 1.0 -11.6 -3.1 3.8 -10^1 .1 Oct.. . . -14.5 -229.4 -3.6 .4 -2.2 11.2 -.1 1.9 7.5 -235.9 3.9 -5.0 .1 Nov.... 1.0 3.1 3.1 .6 -4.6 2.6 .2 .8 2.6 -1.7 1.2 .9 .1 Dec.. . . .8 .7 5.6 .7 -1.0 -4.3 .3 3.8 5.0 -7.6 3.1 0) .3 1952—Jan.. .. .3 12.4 5.4 1.5 -1.7 10.4 -.1 -1.3 14.1 -3.1 2.3 -1.3 .4 Feb.. . . -3.3 -11.2 -.7 .7 -2.7 -4.8 .2 .3 -7.0 - 9 -2.3 -1.1 .1 Mar. P.. .8 -.4 2.3 .4 -2.3 2.4 -.2 -1.2 1.4 -2.9 2.9 -2.1 .3 Apr.P. . .8 6.4 .6 -.6 -2.6 2.7 .1 -1.1 — .9 3.4 4.1 0) -.2 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia Re- For- Y m e o a n r t o h r E O u t r h o e p r e t A ri u a s - 2 g B iu e m l- N w o a r y - S d w en e- o A th l e l r A L m i a c t e a i r n - Brazil Cuba M ic e o x- p P a u m o a b n f a l - ic S d a o E l r v l a 2 - A O L m i a t c h t e a i e r n r - Asia M C m a h a n o i i d s n n a a - Japan O A t s h i e a r land 1946 — 10 8 6 2.2 —3.4 -10.2 6.3 — .4 1.7 6.8 4.5 —6 2 —224.5 —200.5 (i) —24.0 1947 — 14 1 __ .9 -4.1 -2.5 -6.6 -3.5 -1.4 Q 2.5 -6.9 3.2 10.0 —3 2 8.5 4.7 1948 2.6 2.6 -2 .2 .1 10.2 .6 -.'8 2.9 -4.7 12.2 -23.3 -22.7 .1 -.7 1949 .. 2 2 1 6 -.9 .4 1.1 2.5 2 -1.0 .3 4.2 - 7 —2.1 — 7 2 5 0 .1 1950 73.8 18.4 12.6 36.7 -1.1 7.1 30.1 -.1 24.6 .5 .1 10.9 -5.9 -15.3 -3.0 -13.7 1.3 1951 -43.8 -11.9 5.7 -38.1 0) .5 13.9 1.6 6.1 2.5 .8 -10.9 13.9 4.8 -.2 .1 4.8 1951—May... -4.6 -1.9 -.5 -2.7 .1 .5 3.1 1.0 -.9 -.3 .4 0) 2.9 14.7 .3 .1 14.4 June.. . -5.4 -7.3 .9 1.8 — . 1 -.6 -10.7 0) 0) .8 -.2 -10.9 -.4 .5 — . 1 0) .6 July... .6 .1 .2 C1) .1 .1 1.7 0) .3 .2 -1.6 0) 2.7 .9 2 0) .7 Aug.. . -42.6 -4.7 -3.6 -29.2 0) -5.0 -1.3 .1 -.3 -.3 .6 C1) -1.3 -.1 -.2 0) .1 Sept... 1.0 0) 1.2 C1) -.3 .1 3.8 C1) 2 .6 3.1 0) .2 -10.1 .1 0) -10.1 Oct.. . . 1.9 .4 2.0 0) 0) -.5 3.9 .5 '.4 0) -.3 0) 3.4 -5.0 .1 0) -5.0 Nov. . . .8 0) .7 — 2 0) .3 1.2 .1 .2 .1 -1.5 0) 2.2 .9 0) C1) .9 Dec. . . 3.8 0) 3.4 0)' C1) .4 3.1 0) .1 1.6 .2 0) 1.2 0) 0) 0) -.1 1952—Jan -1.3 .2 -.6 0) (0 Q 2.3 .1 .1 1.0 1.1 0) 0) -1.3 C1) 0) -1.4 Feb.. .. .3 (x) .5 -.1 0) -A -2.3 0) .3 -.2 -3.2 0) .9 -1.1 .1 -.1 -1.1 Mar. P.. -1.2 0) -.1 .1 .1 -1.4 2.9 0) .5 0) 2.0 0) .4 -2.1 -.2 0) -2.0 Apr.P. . -1.1 (0 .8 -.1 .1 -1.9 4.1 .1 .8 -.8 1.4 0) 2.6 0) 2 .1 -.2 TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, (—). In millions of dollars] Y m e o a n r t o h r n t a I u i n n t t i i t s o o e t n i r n - - a s l Total U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1946 265 1 -20.9 -1.0 -7.0 -13.9 -.8 10.9 -32.6 187.6 131.3 3 —21 4 1947 -249.3 288.3 -2.0 -3.1 -29.9 -14.9 -.3 15.6 -34.4 205.2 89.2 .5 27 8 1948 0) -94.9 -9.9 -4.3 -5.3 -35.4 .1 11.4 -43.4 -102.2 40.7 1.6 8 4 1949 .. — 16 0 43.8 -13.5 .4 -.1 19.1 .4 24.6 30.8 -10.6 20.2 .8 2 6 1950 -3.6 -141.8 -6.1 -1.3 -4.7 17.2 .5 7.8 13.4 -190.0 29.8 1.0 3 9 1951 -152.7 -223.7 -2.0 -4.1 2.8 14.2 1.2 16.4 28.5 -258.0 33.8 -36.0 7.9 1951—May... -.1 -43.9 -2.1 .2 .2 1.8 .1 1.2 1.5 -40.4 3.9 -8.9 .1 J Ju u l n y e.. . -3 1 3 5 . 6 6 -.2 .1 -.4 .2 -.6 .2 1. . 8 3 0) 7 1. . 4 5 8 1 . . 8 7 -3 1 7 6 . . 6 4 3 4 .9 2 - — 9 6 .1 9 .4 2 Aug .1 .8 .3 .2 -.7 1.0 0) .7 1.5 -1.0 0) 0) .4 Sept... -1.0 1.6 -.6 .8 .1 1.2 0) -1.1 .4 -2.2 3.8 -1.7 1.3 Oct.... -99.4 -69.0 .2 .8 .7 .2 0) 1.4 3.4 -76.5 5.4 -2.0 .6 Nov.... 10.7 .3 0) .4 1.4 0) .3 2.5 9.2 2.6 -3.9 3 Dec -66.9 -.1 .8 .2 .9 .1 2.9 4.6 -68.0 2.3 -6.8 .9 1Q.S2—Jan.... -1.4 2.5 .2 1.0 .7 2.3 .1 .6 4.9 2.8 -1.1 -4.4 .3 Feb.. . . .1 -30.4 -3.0 .4 .3 .7 0) .8 -.8 -30.6 2.3 -1.8 .6 Mar. P.. .1 -1.0 -.5 .2 .5 .4 7.6 7.9 -5.5 1.5 -5.0 .1 Apr. P.. 0) -51.1 .1 .5 .6 1.7 C1)' 0) 2.9 -59.8 1.0 -4.1 8.8 P Preliminary. » Less than $50,000. 2 Not available until 1950. 834 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 8.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) [In millions of dollars] United Nether- Switzer- Other Total Latin All Year or month Total Kingdom France lands land Italy Europe Europe Canada America Asia Other 1946 9.7 -.6 -2.9 -8.5 9.3 « 1.1 -1.6 2.0 7.5 1.0 .7 1947 -11 3 — 1.0 — 1.4 -4.8 — 1.5 -.5 -9.3 —2 0 — 6 1.8 — 1 4 1948 -19.3 -1.2 -2.5 -3.4 -10.7 .1 -3.2 -20.8 .1 1.2 .4 — .1 1949 6 .1 -.5 .2 .9 .2 .1 1.0 .9 — 1.3 — .2 2 1950 8.0 -.1 — .1 2.5 .7 .4 -.2 3.0 -3.0 4.4 3.0 .6 1951 —6.1 .9 4 .3 -4.8 .2 -.3 -3.3 2 8 -5.0 -.5 — .1 1951—May -4.5 -1.5 -.5 -.6 1.2 -.4 — .6 -2.4 -.2 -2.5 .2 .4 June 11.1 2.5 .2 3.2 2.5 .1 .7 9.2 2.8 -.5 -.4 0) J A u u ly gust < - - 2 . . 1 0 -.5 .1 -.8 .5 -2.7 .8 — -.3 .7 -.2 .1 - — 1.0 .1 -4.9 .2 -1 -. . 2 0 2. . 1 3 -.2 .7 .6 September 1.2 -.2 -.3 .6 .3 .2 .4 1.0 .1 .2 -.1 .3 October -7.5 -.7 .2 -1.9 -1.0 K .2 -3.4 .4 -4.5 .5 November -.2 1.2 .6 .3 .1 .2 2.3 .1 -3.1 -.1 .5 December 1 5 .7 — .3 .7 (i) -.2 .3 .3 1 3 (i) — 4 1952—January -.2 -.8 -1.1 -1.7 -.5 0) .4 -3.7 1.1 2.2 .2 0) February 5.3 1.1 .8 1.0 4.8 .2 .2 8.1 -2.1 -1.5 .5 .4 A M p a r r i c l h ? P 2-3 1 .8 2 -1.3 .2 .3 Q -1 1 . . 9 9 -2 1 . . 7 7 .1 2 -.3 .2 -2 (i . ) 9 2 1 .4 8 -2.6 1 - — .8 2 — 0) 6 P Preliminary. 1 Less than $50,000. 2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 87.1; U. S. brokerage balances abroad, 36.0. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reported monthly Estimated world Africa North and South America Other Year or production month U ou S t S si R d * e r m e T o p o n o t t r a h te l ly d A So fr u ic th a d R e h s o ia - A W fr e ic s a t 2 B C e o l n g g ia o n 3 U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 5 Au l s ia tra- India3 $1= 15/21 grains of gold 9/10fine: i. e., an ounce of finegold =$. 1941 1,265 6 1,110.4 504.3 27.8 32 A 19.6 209.2 187.1 28.0 23 0 9 3 7 5 52.4 10 0 1942 1,125.7 982.1 494.4 26.6 29.2 18.0 131.0 169.4 28.0 20.9 6.4 8.6 40.4 9.1 1943 871 5 774 1 448.2 23 0 19.7 15.8 48.8 127.8 22.1 19 8 6 1 7 7 26 3 8 8 1944 777.0 701.5 429.8 20.7 18.4 12.7 35.8 102.3 17.8 19.4 7.1 7.9 23.0 6.6 1945 738 5 683 0 427 9 19 9 18.9 12.1 32.5 94.4 17.5 17 7 6 3 7 0 23 0 5 9 1946 756.0 697.0 417.6 19.1 20.5 11.6 51.2 99.1 14.7 15.3 8.1 6.4 28.9 4.6 1947 766 5 705 5 392 0 18 3 19.3 10.8 75.8 107.5 16 3 13 4 5 9 7 4 32 8 6 1 1948 798 0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949 833 0 753 2 409 7 18 5 23.1 12.9 67.3 144.2 14.2 12 6 6 3 7 7 31 3 5 7 1950 861.0 776.2 408.2 17.9 23.2 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6 7 1951 403 1 17 0 23.7 12.7 '•66.3 152.7 15 1 6 1 8 8 30 5 7 6 1951—April '62 7 33 2 1 4 2.0 1.0 '5.2 12.7 1.0 1 5 .6 8 2 6 7 May r63.7 34.6 1.4 1.9 1.1 r5.2 12.9 1.0 1.4 .5 .7 2.5 .6 June r62.1 33.9 1.4 1.9 1.1 '5.6 12.7 1.0 1 3 5 6 2.3 6 July . . 34.4 1.4 1.9 1.2 12.1 1.3 .5 .9 2 0 7 August 34.6 1.4 1.9 1.3 '6.4 12.1 1.5 .5 .8 2.6 .7 September.. 33.3 1.4 2.0 1.1 12.6 1.3 .4 .8 2.8 .7 October 34 1 1.5 2.0 1.1 '6.3 13.2 1.2 .5 .7 2 7 7 November 33 8 1 4 2 0 9 '5 4 13.0 1 2 5 7 2 7 7 December . 33.2 1.5 2.1 1.0 13.2 .9 .4 .8 2.6 .7 1952—January . 34 2 1 4 2.0 rl.l 5.0 12.4 1 6 7 2 4 February 32.2 1.4 1.9 1.2 4.8 12.3 1 4 .7 2.6 .7 March 34.4 1.9 1.2 4.6 12.8 1.2 .7 .7 April 33 8 2.0 1.3 5.0 12.7 7 .7 r Revised. Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 3 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures reported by United States Mint. Monthly figures reported by American Bureau of Metal Statistics, those for 1951 having been adjusted by subtracting from each monthly figure $297,000 so that the aggregate for the year is equal to the yearly estimate compiled by the United States Mint. 5 Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. JULY 1952 835 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f ota ( l e x w cl o . rld A t r i g n e a n- g B iu el m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a en rk - E d c o u r a- USSR)* Treasury Total« 1945—Dec 33,770 20,065 20,083 1,197 716 22 354 361 82 127 191 38 21 1946—Dec 34,120 20,529 20,706 1,072 735 22 354 543 65 145 226 38 21 1947—Dec.. . . 34,550 22,754 22,868 322 597 23 354 294 45 83 279 32 20 1948—Dec 34,930 24,244 24,399 143 624 23 317 408 43 51 289 32 21 1949—Dec.. . . 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35,820 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—June. . . 35,930 21,756 21,872 288 586 23 317 652 45 281 31 22 July 21,759 21,852 288 595 23 317 671 45 281 31 22 Aug.. . . 21,854 21,986 288 608 23 317 681 45 291 31 22 Sept 35,990 22,013 22.164 276 638 23 317 691 45 311 31 22 Oct 22,233 22,394 273 621 23 317 736 45 311 31 22 Nov 22,382 22,579 268 619 23 317 805 45 311 31 22 Dec.. . . 35,950 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Tan 22,951 23,055 268 631 23 317 860 45 311 31 22 Feb 23,190 23,373 268 610 23 317 868 45 311 31 22 Mar P36.000 23,290 23,428 268 624 317 874 45 321 31 22 Apr 23,297 23,450 268 638 317 45 31 22 May 23,296 23,502 650 317 42 31 22 E m n o d n t o h f Egypt France 3 G m u a a l t a e- India Iran Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Pa ta k n is- Peru 1945—Dec 52 1,090 28 274 131 24 294 270 23 80 28 1946—Dec 53 796 28 274 127 28 *201 181 265 23 91 24 1947—Dec 53 548 27 274 142 58 <180 100 231 23 72 20 1948—Dec 53 548 27 256 140 96 42 166 23 52 14 20 1949—Dec 53 523 27 247 140 256 178 52 195 27 51 27 28 1950—Dec 97 523 27 247 140 256 208 208 311 29 50 27 31 1951—June 143 548 27 247 138 256 229 228 311 31 50 27 46 July.... 174 548 27 247 138 256 229 195 311 31 50 27 46 Aug 174 548 27 247 138 256 229 193 311 31 50 27 46 Sept.. . . 174 548 27 247 138 281 229 191 311 31 50 27 46 Oct 174 548 27 247 138 292 279 190 312 31 50 27 46 Nov.. . . 174 548 27 247 138 323 279 191 312 31 50 27 46 Dec 174 548 27 247 138 333 279 208 316 32 50 27 46 1952—Jan 174 548 27 247 138 339 279 207 316 32 50 27 46 Feb 174 548 27 247 138 346 279 206 317 32 50 46 Mar.... 174 548 27 247 138 279 340 32 50 46 Apr.. .. 174 548 27 247 138 280 342 32 50 46 Alay 548 247 138 280 344 33 21 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l w a e n r i - t d z- T la h n a d i- Turkey U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S a In e ti t t o t e l n r e - a - l Fund ments 1 19 9 4 4 6 5 — — D £) e e c c 433 1 1 3 2 9 9 1 3 4 9 1 1 1 1 1 0 4 3 8 8 2 1 1 1 , , 3 4 4 3 2 0 4 3 3 4 2 23 4 7 1 5 6 2 2 , , 4 6 7 9 6 6 2 1 0 9 0 5 2 2 0 1 2 5 15 3 3 9 2 1947—Dec 310 15 762 111 105 1,356 34 170 5 2,079 175 215 1,356 30 1948—Dec 236 15 183 111 81 1,387 34 162 « 1,856 164 323 1,436 36 1949—Dec 178 17 128 85 70 1,504 118 154 5 1,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 5 3,300 236 373 1,495 167 1951— J Ju u n l e y.... 2 2 1 1 7 7 2 2 6 6 2 21 1 0 0 6 6 0 1 1 1 2 2 9 9 1 1, , 4 4 5 5 4 1 1 1 1 1 3 5 1 1 5 5 0 0 5 3,867 2 2 6 7 9 9 3 3 7 7 3 3 1 1, , 5 5 1 1 9 8 1 1 5 5 5 1 Aug 224 26 210 61 129 1,447 113 150 257 373 1,529 143 Sept.. . . 234 26 210 50 128 1,446 113 150 252 373 1,529 144 Oct 250 26 209 50 134 1,448 113 150 5 3,269 242 373 1,529 132 Nov 255 26 208 50 136 1,454 113 150 232 373 1,530 127 Dec 265 26 190 51 152 1,452 113 151 221 373 1,530 115 5 2,335 1952—Jan 265 26 190 51 179 1,438 113 150 5 2,036 221 373 1,531 116 Feb 270 26 193 51 211 1,426 113 150 5 1,770 211 373 1,532 126 Mar.... 274 26 169 51 214 1,432 113 150 5 1,700 211 373 1,532 143 Apr 274 26 164 51 214 1,413 113 150 211 373 1,532 151 May.. . . 274 30 51 210 1 410 153 373 154 P Preliminary. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3 Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4 Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31. 5 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see Table 160, p. 526 and pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for 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. 836 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 Total K U in n g i d te o d m g B iu e m l- France N la e e n r t d - h s - Po g r a t l u- S d w en e- S l w a e n r i - t d z- E O ur t o h p e e r l Canada A t r i g n e a n- Cuba Mexico 1945 -452.9 31.1 278.5 —47 9 -86.8 -7.4 36.8 -224.9 -85.0 -23.8 1946 . . 721.3 —; 2 14.2 -10.0 80.2 -29.9 27.3 337.9 153 2 —30 0 36 9 1947 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727.5 -65.0 45.4 1948 1,510 0 734.3 69.8 15.8 40.7 63.0 3.0 -5.6 5.8 114 1 — 10 0 61 6 1949 193.3 446.3 -41.0 -23.5 14.0 -40.0 2-159.9 3.4 -49.9 -10.0 — 16.1 1950 — 1,725 2 -1,020.0 -55.0 -84.8 -79 8 — 15,0 -22.9 - 38.0 —68 0 — 100 0 28 2 — 118 2 1951 . 75.2 469.9 -10.3 -20.0 —4.5 —34.9 -32.0 -15.0 —60.1 -10.0 -49.9 —20 0 —60 2 1949 Jan -Mar 68.8 -12.5 10.4 10.5 —5.0 -13.7 3 4 2 3 Anr -Tune 173 9 162 4 —31 0 — 10 0 — 11 2 7 9 July-Sept 101.5 283.9 3.5 -20.0 2-119.1 -10.0 -11.3 Oct.-Dec -151.0 2.5 -33 9 -5.0 -49.9 -15.0 1950 -15.9 }an.-Mar. -201.3 -80.0 -35.0 — 13.0 — 15.8 Apr.-June...... ... -30.4 -20.0 -3.0 — 11.9 July-Sept — 731 0 -580.0 —28 5 -16.0 -25.0 — 132 .44 8 2 —40 5 Oct.-Dec -762.4 -360.0 -56.3 -79 8 -15.0 -4.0 -47.1 -100.0 20.0 -61.9 1951 Jan.-Mar.. —876.3 -400.0 -12.3 —91.7 —4.5 -10.0 -15.0 -15.0 —44.3 -49.9 — 124.4 Apr - June —55 6 —80 0 2 0 — 15 0 — 11 2 — 10 0 64 1 Tuly-Sept 291 4 320 0 -5 0 -17.0 -3 5 -20 0 Oct -Dec 715 7 629 9 71 7 —5 0 — 1 1 1952 Jan -Mar 557.3 520.0 20.2 22.5 -10.1 11.3 NET GOLD PURCHASES BY THE UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued 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) Gold stockat Ear- Y qu e a a r r t e o r r g U u r a u y - V zu e e n l e a - A O L m i a t c h t a e i e n r r - Oc A a e n s a i d n a ia A U So f n o r u i i f o c th n a o A th l e l r P< :riod T e r n e d a s o - f period I in n s g c t o o r t e o l c d a k t s a e l g p e o o x N ld p rt e o i t o m rt r -g m o c c o l r r a r d e e r : a a k i n s s e d e e - d e- p D ti t r c o i o o m d g n o u e 2 l c s d - ury Total i 1945 -37.9 —73.1 -27.8 8-188.3 3.7 1946 —4 9 —9.2 25.0 13.7 94.3 22 9 1 1 1 9 9 9 4 4 4 7 8 9 -1 2 1 4 5 0 . . . 4 1 7 -1 -5 - 0 3 0 8 . . . 7 0 0 - 7 7 1 9 3 . . 5 1 4 -5 -4 2 1 . . . 1 1 0 2 4 1 9 5 9 8 6 5 . . . 6 0 7 - 1 1 6 1 . . 6 . 9 9 1 1 1 9 9 9 4 4 4 3 2 4 . . 2 2 2 2 1 0 , , , 7 9 6 2 3 1 6 8 9 2 2 2 2 0 1, , , 9 7 6 8 3 3 1 9 1 — — 1 - , 2 7 3 5 4 3 7 9 . . 0 . 9 8— 3 8 6 1 4 8 5 5 . . . 9 7 4 — — — 4 4 8 5 5 0 8 3 9 . . . 4 6 8 1 4 3 2 5 8 5 * . . 3 4 8 1950 —64 8 -17 2 -35.4 13.1 4—47 2 1945. 20,065 20,083 -547.8 -106.3 -356.7 32.0 1951 22.2 -.9 -17.2 « -50.1 52.1 4-84.0 1 19 9 4 4 7 6 2 2 0 2 , , 5 7 2 5 9 4 2 2 0 2 , , 7 8 0 6 6 8 t 2, 6 1 2 6 3 2 . . 1 1 1,8 3 6 11 6 . . 5 3 4 2 6 1 5 0 . . 4 0 5 75 1 * .2 8 1949 1 1 9 9 4 4 8 9 . . 2 2 4 4 , , 4 24 2 4 7 2 2 4 4 , , 3 5 9 6 9 3 1,5 1 3 6 0 4 . . 4 6 1,6 6 8 8 0 6 . .5 4 — — 4 1 9 5 5 9 . . 7 2 6 70 7 ^ .3 9 J A a p n r . - - M Ju a n r e 3.0 3 3 . . 7 6 - -6 2 .3 6 5 7 5 2 . . 6 0 . . 1 1 1 1 9 95 5 0 1 . . 2 22 2 , , 6 7 9 0 5 6 2 2 2 2 , , 8 8 2 7 0 3 — 1,7 5 4 2 3 .7 .3— -5 3 4 7 9 1 . , 0 3 -1.3 6 5 1 2 7 . . 4 6 r6 8 6 0 .3 1 July-Sept -16.5 -50 0 -2.9 - 2.2 48.1 -2.0 1951—June.. 21,756 21,872 10.4 -37.6 46.3 '5.6 Oct.-Dec. -1.0 -11 9 - 41 0 19 9 .2 July... 21,759 21,852 -19.2 -16.2 -8.8 r5.2 Aug. .. 21,854 21,986 133.1 -3.7 137.0 '6.4 1950 Sept... 22,013 22,164 178.0 10.9 176.7 r6.\ Oct.... 22,233 22,394 229.9 -18.4 243.4 ••6.3 Jan.-Mar — 12 0 — 10.4 3.9 -26.9 Nov... 22,382 22,579 185.0 -2.1 188.4 -2.0 -.9 1.0 9.2 -2.8 Dec.. . 22,695 22,873 294.1 6.5 289.9 r4!o J O u c l t y - - S D e e p c t - — 2 2 3 6 . 9 9 -5 -. . 1 9 - -2 1 2 3 . . 8 9 -1 -2 4 . . 8 7 1952— F Ja e n b . . . . . . 2 2 3 2 , , 1 9 9 5 0 1 2 2 3 3, , 0 3 5 7 5 3 3 1 1 8 7 2 . . 5 4 1 6 5 3 0 . . 6 3 1 1 3 52 7 . . 2 5 4 5 . . 8 0 1951 A M p a r r . .. . . . 2 23 3 , , 2 2 9 9 7 0 2 2 3 3 , , 4 4 5 2 0 8 2 5 2 5. . 6 0 1 9 5 6 7 . . 6 1 -1 - 0 7 3 5 . . 1 4 4 5 . . 6 0 Jan.-Mar -50.9 -11.7 -18.8 -28.0 May. . 23,296 23,502 51.9 27.2 27.1 5.1 Apr.-June 15.0 -.9 -5.0 -2.4 12.7 -25.0 June.. 23,346 23,533 30.5 (4) 5 19.3 (4) Tuly-Sept 28.0 3.5 -3.9 20.3 -31.0 Oct -Dec 30.1 -4.0 -25.0 19.2 r Revised. 1 See footnote 2 on opposite page. 1952 2 Yearly figures are estimates of United States Mint. For explanation of monthly figures see p. 835, footnote 4. Jan -Mar 10.0 -17.6 -3.2 4.3 8 Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund. 4 Not yet available. 1 Includes Bank for International Settlements. 5 Gold held under earmark at the Federal Reserve Banks for foreign 2 Includes sale of 114.3 million dollars of gold to Italy. account, including gold held for the account of international institu- 8 Includes sales of 185.3 million dollars of gold to China. tions, amounted to 4,850.6 million dollars on June 30, 1952. Gold * Includes sales of gold to Egypt as follows: 1950, 44.8 million under earmark is not included in the gold stock of the United States. dol 8 l a I r n s c ; l u a d n e d s 1 sa 9 l 5 e 1 s , o 7 f 6 . 4 0 5 . m 0 il m lio il n li . on dollars of gold to Indonesia. an N d O M T o E n . e — ta F ry o r S b ta a t c is k t ic fi s g , u T re a s b l a e n d 1 56 d , e s p c p r . i p 5 t 3 io 6 n - 5 o 3 f 8 , s a ta n t d i st p i p c . s , 5 2 se 2 e - 52 B 3 a . nking JULY 1952 837 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [End-of-month figures. In millions of dollars] 1952 1951 1952 1951 International Fund International Bank Jan. Oct. July Jan Mar. Dec. Sept. Mar Gold 1,531 1,529 1,519 1,495 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1,322 1,322 1,316 1,304 United States 5 8 11 6 Other 4,408 4,409 4,327 4,229 Other 940 945 944 920 Unpaid balance of member subscriptions. 883 869 869 1,003 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 490 510 441 466 Member subscriptions 8,152 8,137 8,037 8,037 Calls on subscriptions to capital stock 3. . 4 4 4 4 Accumulated net income -71 -6 -6 -5 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 1,186 1,113 1,085 938 1952 1951 Other assets 14 10 13 12 Net currency purchased 1 Bonds outstanding 450 436 336 311 (Cumulative—millions of dollars) Liability on obligations sold under guar- May Apr. Mar. May antee 41 33 33 30 Loans—undisbursed 372 350 368 279 Other liabilities 5 10 4 3 Australian pounds 20.0 20.0 20.0 20.0 General reserve 55 50 46 38 Belgian francs 11.4 11.4 11.4 11.4 Special reserve 26 24 22 18 Brazilian cruzeiros 103.0 103.0 103.0 65.5 Capital3 , 1,691 1,688 1,688 1,668 Chilean pesos 3.6 5.4 5.4 8.8 Czechoslovakian koruny. 6.0 6.0 6.0 6.0 Danish kroner 10.2 10.2 10.2 10.2 1 As of May 31, 1952, the Fund had sold 806.1 million U. S. dollars; Egyptian pounds -5.5 -5.5 -5.5 -5.5 in addition, the Fund sold to the Netherlands 1.5 million pounds French francs 125.0 125.0 125.0 125.0 sterling in May 1947 and 300 million Belgian francs in May 1948, sold Indian rupees 100.0 100.0 100.0 100.0 to Norway 200 million Belgian francs in June and July 1948, and sold Iranian rials to Brazil 10 million pounds sterling in January 1951. Repurchases Mexican pesos 22^5 amounted to 86.7 million dollars. Currencies the net transactions in Netherlands guilders 75.2 75.2 75.2 75.4 which amount to less than one million are reported under "All other." Norwegian kroner 9.6 2 Less than $500,000. Turkish liras 5.0 5.0 5.0 3 Excludes uncalled portions of capital subscriptions, amounting to Pounds sterling 300.0 300.0 300.0 300.0 6,763 million dollars as of Mar. 31, 1952, of which 2,540 million repre- Yugoslav dinars 9.0 9.0 9.0 9.0 sents the subscription of the United States. All other -1.7 -1.7 -1.7 -.9 Total. 771.7 771.7 762.0 CENTRAL BANKS Assets of issue Assets of banking Liabilities oibanking department department department Bank of England Note (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Gold* a O ss t e h t e s r 2 N c a o o n t i d e n s a v c n o a D d n u i s c n - a e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' Pub D li e c posit E s CA Other t c i l O i e a a s p t b h i i a t e l a n i r - l d 1942—Dec 30 2 950 0 27 7 3 5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec 29 .2 1,100.0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17,9 1944—Dec 27 2 J.250.0 13.5 5.1 317.4 L.238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 1,400.0 20.7 8.4 327.0 L379.9 274.5 5.3 58.5 17.8 1946—Dec 25 .2 L,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 1,325.0 36.1 16.7 401.1 L,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec 28 4 1,350.0 33.7 14.8 489.6 L.321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 L,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—June 27 .4 1,400 0 51.8 7.9 360 0 1,349.3 290.1 20.4 4.4 86.6 18.1 July 25 .4 1,400.0 20.1 7.7 390.8 1,380.9 294.4 14.8 2.3 88.9 18.3 Aug 29 .4 1,400 0 42.9 29.7 337.7 1,358.0 273.6 18.5 .9 98.9 18.5 Sept. 26 .4 1,400.0 52.4 19.0 345.7 1,348.9 289.9 16.6 1.1 91.2 18.5 Oct. 31 .4 1,400.0 49.7 20.8 356.0 1,351.8 303.9 14.5 7.2 93.1 17.8 Nov 28 .4 1,400.0 38.2 16.8 364.0 1,363.7 294.7 16.4 .6 89.4 18.0 Dec. 26 .4 1,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18.1 1952—Jan. 30 .4 41,400.0 48.1 7.9 343.7 1,353.8 277.8 15.5 .5 87.5 18.3 Feb. 27 .4 1,400.0 34.9 17.7 344.2 1,367.0 283.0 11.8 .4 83.1 18.5 Mar 26 .4 1,400 0 17.4 23.6 351.8 L.384.6 280.3 12.1 .5 81 3 18 5 Apr. 30 .4 4 .450.0 41.9 27.4 306.1 1,410.0 273.0 10.7 .5 73.4 17.8 May 28 .4 1,450.0 39.7 11.9 319.6 1,412.2 270.0 10.1 .5 72.6 18.0 1 On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 Fiduciary issue decreased by 50 million pounds on Jan. 16 and increased by 50 million on Apr. 1. For details on previous changes, see BULLETIN for February 1952, p. 212; February 1951, p. 238; February 1950, p. 254; April 1949, p. 450; and February 1948, p. 254. NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of Canada Dominion and provincial government Deposits (F C ig a u n re a s d i i a n n m d i o l l li l o ar n s s ) of Gold an S d S t e t U a rl t n i e n i s t g ed securities O as t s h e e ts r circ N u o la t t e ion2 lia O b a t i n h li d e ti r es dollars S te h r o m rt 1 - Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other capital3 ment 1939—Dec 30 . . 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31 (4) 38.4 448.4 127.3 12 A 359.9 217.7 10.9 9.5 28 5 1941—Dec. 31 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31 .5 807.2 209 2 31 3 693 6 259.9 51.6 19 1 24 0 1943—Dec. 31 .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55 4 1944—Dec 30 . . 172.3 906 9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 I945—Dec. 31 156.8 1,157.3 688.3 29.5 1,129.1 521.2 153.3 29 8 198 5 1946—Dec 31 1.0 1,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31 2.0 L,022.0 858.5 43 7 1,211 4 536.2 68.8 67 5 42 4 1948—Dec 31 .4 1,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31 74 1 1,781.4 227.8 42.5 1,307 4 541.7 30.7 126 9 119 2 1950—Dec. 30 . 111.4 1,229.3 712.5 297.1 1,367.4 578.6 24.7 207.1 172.6 1951—june 30 116.8 1,335.2 846.3 104.1 1,351.3 590.7 75.3 220 1 165 0 July 31 116.8 1,327.4 872.5 118.6 1.370.5 558.2 91.1 212.6 202.9 Aug 31 100.0 1,349.6 888.1 119 8 1,370.7 580.4 115 0 185 7 205 8 Sept. 29 87.0 1,297.6 896.1 87.1 1,388.0 579.4 105.6 140.0 154.8 Oct 31 96 5 1,317.5 956.4 83 1 1,406 5 588.3 210 3 83 3 165 0 Nov 30 128.8 1,137.8 1,043.1 79.2 1,407.2 633.8 66.0 92.5 189.5 Dec 31 . . .. 117.8 1,141.8 1,049.3 135.2 1,464.2 619.0 94.9 66.1 200.0 1952—Jan. 31 85.4 1,095.4 1,042.6 82 7 1,375.6 629.2 92.8 54 9 153.4 Feb 29 70.3 1,058.1 1,027.7 88.2 1,374.4 616.7 88.5 52.1 112.5 Mar 31 60 1 I,179.9 882 2 106 8 1,393 2 656 5 14 6 66 1 98 6 Apr. 30 72.3 1.191.5 874.7 84.0 1,411.8 645.7 14.3 41.7 109.0 May 31 78.3 1,203.6 824.6 73.8 1,417.4 579.4 21.9 44.6 117.1 Assets Liabilities m B i a ll n ( io F k n i g s o u f o r e f F s r f i r a n a n n c c e s) Gold s F c o h e r a x e n - i g g e n m O ar p k e e n t D 6 om S e p s e t c ic ia l bills Other Cu G A r o r d e v v n e a t r n n c m e O e s n t t h t o e 8 r a O ss t e h t e s r 6 ci N r ti c o o u t n l e a- G m ov e e n r t n- De E po C s A its 7 Other c O l a i i a a t p t n i b h e i d i t e s l a r - l 1939—Dec. 28... 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 1,914 14,751 2,925 1940—Dec. 26... 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 844,986 1941—Dec. 31... 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 868,474 1942—Dec. 31... 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 821,318 1943—Dec. 30... 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 815,596 1944—Dec. 28... 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27... 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26... 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31... 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30... 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29... 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,6581,278,211 1,168 158,973 19,377 1950—Dec. 28... 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,822 1,560,561 70 15,058 161,720 24,234 1951—June 28... 191,447 161,802 196,435 12,164 458,572 157,600 481,039 235,0371,660,842 66 16,432 190,056 26,701 July 26... 191,447 154,610 232,873 5,967 454,608 145,800 481,039 250,441 1,699,190 74 19,703 166,020 31,798 Aug. 30...191,447 145,195 236,169 1,256 472,894 160,600 481,039 245,129 1,754,151 96 6,980 146,012 26,490 Sept. 27...191,447 131,284 225,418 9,231 540,751 160,400 481,039 235,2891,779,360 60 13,367 154,895 27,177 Oct. 31... 191,447 82,087 168,822 23,855 670,689 166,200 481,039 252,3031,827,781 62 16,240 166,453 25,905 Nov. 29... 191,447 31,888 153,650 32,015 716,710 160,300 481,039 199,5451,779,556 19 1,869 157,228 27,922 Dec. 27... 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,8301,841,608 29 10,587 166,226 41,332 1952—Jan. 31 ...191,447 20,857 233,879 31,456 757,085 166,500 481,039 184,0641,866,693 57 7,157 156,405 36,015 Feb. 28... 191,447 15,607 245,014 29,280 850,733 174,400 481,039 126,412 1,880,832 96 3,699 198,702 30,601 Mar. 27... 191,447 11,336 272,294 29,239 841,006 169,300 479,982 113,099 1,861,681 22 15,783 188,767 41,448 Apr. 30... 191,447 13,634 273,149 22,984 799,004 171,100 500,982 139,7471,925,615 84 341 156,326 29,679 May 29... 191,447 15,808 274,111 26,128 841,897 169,000 479,982 118,7261,900,526 39 6,645 171,350 38,539 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 6 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. JULY 1952 839 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1952 1951 Central Bank 1952 1951 (Figures as of last report (Figures as of last report date of month) May Apr. Mar. May date of month) May Apr. Mar. May Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont, Gold reported separately 814 874 Loans and discounts 323,077 288,080 265,349 227,835 Other gold and foreign exchange. 80f 2,467 Government loans and securities. 156,840 156,100 155,495 134,775 Government securities 2,108 1,974 Other assets 108,557 118,430 119,421 S3,256 Rediscounts and loans to banks. . 43,441 36,893 Note circulation 473,363 454,588 457,435 392,815 Other assets 3?7 ?73 Deposits 310 705 316 77S797 39? 232 46S Currency circulation 17,184 14,264 Other liabilities and capital 65,207 63,100 60,827 56,296 Deposits—Nationalized 26,564 24,954 Central Bank of Costa Rica Other sight obligations 89f 766 (thousands of colones): Other liabilities and capital 2 851 2 497 Gold 11 511 11 511 11 511 11 511 Commonwealth Bank of Aus- Foreign exchange 91,822 92,464 86,188 12 866 tralia (thousands of pounds): Net claim on Int'l. Fund 4 7,031 7,031 7,031 7,029 Gold and foreign exchange 313 364 47S 707 783 Loans and discounts 57 025 S7 841 61 913 89 839 Checks and bills of other banks. . 9,492 6,513 11,091 Securities . . 7,577 7,577 7,619 10,621 Securities (incl. Government and Other assets 24,162 24,276 24,409 16,673 Treasury bills) 573,630 598,898 361,301 Note circulation 117,550 116,765 115,844 103 777 Other assets 140,085 111,271 98,992 Demand deposits 62,090 64,931 64,186 32 909 Note circulation 303,971 297,471 270,270 Other liabilities and capital 19,488 19,004 18,641 11,853 Deposits of Trading Banks: National Bank of Cuba Special 432,170 434,170 586,420 (thousands of pesos): Other 30 47S 30 ?1Q 34 03S Gold 3?0 564 270 56? Other liabilities and capital.... 769 956 ?76 797 288 44? Foreign exchange (net) 65 299 96 033 Austrian National Bank (millions Foreign exchange (Stabilization of schillings) * Fund) 948 96 684 Gold 98 98 98 Silver 40 351 40 988 Foreign exchange 642 665 667 288 Net claim on Int'l. Fund 4 12 511 12,507 Loans and discounts 6,745 6,541 6,424 4,348 Loans and discounts 16 379 1,879 Claim against Government 3,491 3,393 3,335 4,445 Credits to Government 12 277 11,845 Other assets 42 42 41 39 Other assets 27 294 30,971 Note circulation .... 8.348 8 ?91 8 77? 6 406 Note circulation 409 770 374 674 Deposits—Banks 233 235 314 150 Deposits 198 026 180,152 Other 370 774 ?Q3 551 Other liabilities and capital 7 8?6 6 643 Blocked 2,067 1,937 1,736 2,064 National Bank of Czechoslovakia 5 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold 1 3?,485 31 886 31 187 29 433 Gold 69 69 69 69 Foreign claims and balances (net) 24,298 24,316 24,785 8,318 Foreign exchange . . . 439 408 412 435 Loans and discounts 6,131 7,780 5,795 11 151 Contributions to Int'l. Bank. . . . 11 11 11 6 Consolidated Government debt. 34 763 34 763 34 763 34 860 Loans and discounts 83 110 100 94 Government securities 9 34 S 10 15? 8 007 3 603 Securities 431 431 378 148 Other assets 3,639 3 370 3,663 3 869 Govt. compensation account. . . . 3 870 3 872 3 872 3 966 Note circulation 94 401 95 773 93 138 86 781 Other assets 19S 700 719 461 Deposits—Demand 1 1 573 1 5 S3 2 00 S Note circulation 1 702 1 693 1 688 1 593 ECA 1 308 1 70S 1 ?41 14.0 Deposits—Government 791 1 840 1 1 769 Other liabilities and capital.... 13 667 13 67 7 12 ?67 2 307 Other 1 442 1 405 1 357 1 632 Central Bank of Bolivia—Mone- Other liabilities and capital 163 163 146 184 tary dept. (millions of bolivianos): (Feb.)* Central Bank of the Dominican Gold at home and abroad 2 1,370 1 370 Republic (thousands of dollars): Foreign exchange (net) 693 '4-5? Gold 17 066 17 066 12 066 6 056 Loans and discounts 1 1 941 Foreign exchange (net) 20 855 20 610 20 18 487 Government securities 1 845 725 Net claim on Int'l. Fund 4 1 250 1 250 1 250 1 250 Other assets 255 148 Paid-in capital—Int'l. Bank 42 41 41 40 Note circulation 4 115 3 776 Loans and discounts 545 390 770 78 Deposits 606 266 Government securities 6 895 6 895 6 895 6 217 Other liabilities and capital 665 r594 Other assets 632 666 720 1 081 Central Bank of Ceylon (thousands Note circulation 29 794 29 992 29 912 25 290 of rupees): Demand deposits 10 685 10 137 9 736 7 173 Foreign exchange 571 383 566 051 600 692 679 132 Other liabilities and capital 1 807 1 790 1 771 747 Advances to Government3 24 000 28 964 22 964 "•13972 Central Bank of Ecuador Government securities 27 513 12 827 3 526 (thousands of sucres): Other assets 3 437 4 086 3 809 8S? Gold « 36 ?4S 336 173 335 ,965 334 511 Currency in circulation 402 925 409 133402 514 400 308 Foreign exchange (net)6 10 658 76,159 53,758 143 577 Deposits—Government 6 897 6 828 23 197 62 015 Net claim on Int'l. Fund 4 18 758 18,758 18,758 18 757 Banks 83 ?S0 51 069 61 641 187 8?4 Credits—Government 34 940 40 0S7 ?,36 060 214 156 Other liabilities and capital . 33 761 44 898 43 638 808 Other 69 473 6? 609 81 719 123 530 Central Bank of Chile (millions Other assets 96 380 89 030 78,327 174 547 of pesos): Note circulation 99 243 470 33? 477 719 480,678 Gold 1 096 1,210 1 215 1 475 Demand deposits—Private banks 65,318 48,953 45,923 140,231 Foreign exchange (net) 218 265 270 349 Other. . 41,686 38,455 39,047 128,305 Net claim on Int'l. Fund 4 221 107 107 1 Other liabilities and capital 60,205 64,991 47,392 259,864 Discounts for member banks.... 1 961 1,830 1 935 1,013 National Bank of Egypt (thou- Loans to Government 670 670 670 680 sands of pounds): Other loans and discounts 7 39? 7 044 6 719 5,4S7 Gold 7 60, 553 60 553 43 371 Other assets 3 069 3 089 3 140 2,43? Foreign exchange 19,365 18,456 51,926 Note circulation 9 310 9 056 8 861 7,359 Foreign and Egyptian Deposits—B O a th n e k r 2 2 6 1 0 2 4 2 j 4 7 2 9 0 0 2,4 3 3 ?0 5 1 , 4 6 1 9 0 3 Lo G an o s v e a r n n d m d e i n s t c o s u e n cu ts rities 0 75 8,8 87 2 5 6 3 2 1 7 1 , ,8 2 0 7 2 4 32 1 8 2 , ,4 7 2 4 6 8 Other liabilities and capital 2 2 451 7 440 1 ,94 S Other assets ... . 107 7 873 2 094 Bank of the Republic of Colombia Note circulation 87,398 90,044 173,464 (thousands of pesos): Deposits—Government 00 740 97,443 112 506 Gold and foreign exchange 3S 07 7 46 080 743 88S 209,960 Other 07 910 17 478 131 199 Net claim on Int'l. Fund 4 24 371 24,371 24,371 24,369 Other liabilities and capital 21, 129 20,943 21, 347 Paid-in capital—Int'l. Bank 1 404 1,402 7,132 1,381 of fine gold per franc. led at a rate of 60 bolivianos per dollar. to the Fund. Until such time 2.55187 grams of fine gold per Egyptian pound. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1952, p. 102; January 1951, p. 112; and January 1950, p. 118. 840 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued I Central Bank 1952 1951 Central Bank 1952 1951 (Figures as of last report (Figures as of last report date of month) May Apr. Mar. May date of month) May Apr. Mar. May Central Reserve Bank of El Salvador (thousands of colones): Bank of Italy (billions of lire): Gold 73,946 64,013 64,075 57 Gold 4 4 4 Foreign exchange (net) 50,076 63,087 62,658 91 789 Foreign exchange 36 35 37 79 Net claim on Int'l. Fund * 1 ,566 1,566 1,566 1,565 Advances to Treasury 590 590 590 590 Loans and discounts . , 9,248 10,488 1C,474 918 Loans and discounts 226 761 257 773 Government debt and securities.. 6,375 6,369 6,111 4,906 Government securities 211 200 200 7.15 Other assets 1,334 1,531 1,350 I 783 Other assets 786 797 799 513 Note circulation 82,150 84,895 88,380 78 Note circulation 1,204 1,196 1,204 1,066 53,389 55,050 SO 7S7 72 761 2 Other liabilities and capital 7,006 7,109 7,096 6,496 Deposits—Government 152 193 186 176 State Bank of Ethiopia J Demand 55 93 71 67 Bank of Finland (millions of mark- Other 368 331 352 252 kaa): Other liabilities and capital 73 73 74 60 Gold 5,865 5,865 5 86S 4 47S Bank of Japan (millions of yen): Foreign assets (net) 19,022 18,628 20,375 890 Cash and bullion 1,077 1 088 1,139 1,034 Clearings (net) 6,269 6,930 6,427 -347 Advances to Government 38, 390 38 390 39,670 47,645 Loans and discounts 26,877 23,296 71 305 40 78S Loans and discounts 979 940 987 S89 374 865 384 730 Securities 960 990 1,017 967 Government securities 153,650 150 868 99 .677 127, 736 Other assets 1,892 1 ,919 2 708 6 SS1 Other assets 114 091 97 892 160 174 37 997 Note circulation 46,579 44,338 44,044 39,055 Note circulation 444,003 467 487 457,576 399,332 1,547 1,125 1,706 1,648 Deposits—Government 61,405 47 479 97,197 155,774 Other liabilities and capital 12,759 12,164 11,446 12,114 Other . 41,202 74 676 25,683 23,389 Bank of German States Other liabilities 40,540 41 791 45,015 16.148 (millions of German marks): The Java Bank (millions of rupiah): Gold . . .. 259 190 116 Gold 4 1, 063 1 063 1,060 871 Foreign exchange 2,713 2,498 2,230 1,678 Foreign exchange (net) 1,209 1 134 1,052 621 Loans and discounts 3,129 3,440 4,118 4,370 Loans and discounts 237 716 677 426 Loans to Government 8,963 9,361 9,228 9,324 Advances to Government 2,177 1 977 2,248 1,999 Other assets 610 640 577 1,421 Other assets . . . 850 936 1,031 529 Note circulation 9,748 9,644 9,544 7,867 Note circulation 3,462 3 377 3,165 2,770 Deposits—Government 2,120 2,113 2,436 2,430 Deposits—ECA 496 496 496 Banks 1,739 2,143 2,082 1,813 Other 1,223 1 166 1,034 978 Other 264 280 250 1,315 Other liabilities and capital 355 287 1,372 696 Other liabilities and capital 1,803 1,949 1,957 3,368 Bank of Mexico (millions of pesos): Bank of Greece (billions of drach- Monetary reserve 5 1,042 1 080 1,110 1,093 mae): "Authorized" holdings of secu- Gold and foreign exchange (net) . 1,372 1,325 492 rities, etc. ... 2,521 7 651• 2,783 2,935 Loans and discounts 167 190 195 Bills and discounts 634 485 356 Advances—Government 8,069 7,978 5 903 Other assets 447 523 577 490 Other 3,353 3,453 3 233 Note circulation 3,034 3,081 3,126 2,732 Other assets 1,877 1,90(1 1 479 Demand liabilities 1 134 1,238 314 1 639 Note circulation 2,021 1,901 1 701 Other liabilities and capital 475 469 465 507. Deposits—Government 907 962 974 Netherlands Bank (millions of Reconstruction and guilders): 6,373 6,7.17 4 104 Gold 6 1 303 1^97 1 788 1 177 Other 2,098 2,209 1 904 Silver (including subsidiary coin) 15 16 16 17 Other liabilities and capital 3,439 3,557 2 620 Foreign assets (net) .. 1,184 1 059 1,027 154 Sank of Guatemala (thousands of Loans and discounts 38 45 109 170 quetzales): Govt debt and securities 2,100 7 100 2,850 3,178 Gold 27,228 27,228 27,228 27 7.29 Other assets 499 467 446 591 Foreign exchange (net) 17,495 22,445 22,749 r14 250 Note circulation—Old 43 44 44 50 Gold contribution to Int'l. Fund . 1,250 1,250 1,250 1 250 New 2,870 2,932 2,951 2,709 Rediscounts and advances 5,095 4,815 5,210 4 982 Deposits—Government 624 379 369 Other assets 19,020 18,678 18,280 19 525 ECA 1,027 1 07 7 1 804 1,470 Circulation—Notes 41,154 39,212 40,075 36 912 Other 367 376 343 6S6 Coin 3,359 3,399 3,393 3 795 Other liabilities and capital 207 777 401 Deposits—Government 3,690 4,984 4,702 2 179 Reserve Bank of New Zealand Banks 6,094 11,425 12,469 10 596 (thousands of pounds) * Other liabilities and capital... . 15,790 15,398 14,078 r] 4 254 Gold 5,873 5 749 5,714 5,071 National Bank of Hungary 8 Foreign exchange reserve 25,464 23,424 22,266 73,971 Reserve Bank of India (millions of Loans and discounts 6,019 6,019 6,019 6,832 rupees): Advances to State or State un- Issue department: dertakings 54,701 55,985 56,321 56,537 Gold at home and abroad 400 400 400 Investments 37 187 32 18? 34 18? 10 974 Foreign securities 6,032 6 032 6 987 Other assets 2, 636 3 001 3,789 4, 653 Indian Govt. securities 4,646 4 646 5 166 Note circulation 61 876 67 600 67 ,705 58,413 Rupee coin ... 752 691 572 57 070 ,974 S8 8S7 97 403 Note circulation 11,458 11 411 12 863 Other liabilities and capital 7,980 7,786 7,233 7,222 Banking department: Bank of Norway (millions of kroner): Notes of issue department.... 372 358 257 Gold 242 747 242 243 Balances abroad 969 1 199 1 764 Foreign assets (net) 473 438 433 ?84 Bills discounted 110 37 36 33 18 16 -12 Loans to Government 11 9 77 Loans and discounts 62 57 49 58 Other assets 1,506 1 936 1 161 Securities 46 46 46 46 Deposits 2,607 3 181 2 947 Occupation account (net) 6 707 6 90? 6 707 6 70? Other liabilities and capital. . . 362 359 343 Other assets 59 56 61 142 dentral Bank of Ireland (thousands Note circulation 2,573 2,589 2,558 2,293 of pounds): Deposits—Government 1,999 1,913 1,946 2,073 Gold 2,646 2,646 2 646 2 646 Banks 1,012 1 0?4 1 078 976 Sterling funds 55,552 56,205 56 458 49, 3S1 FCA MSA 966 9S4 949 706 Note circulation 58,199 58,851 59 104 51, 997 Other liabilities and capital 568 578 569 91 5 r Revised. 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 For last available report (July 1950), see BULLETIN for December 1950, p. 1699. 3 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. * Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per rupiah. 8 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 8 Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1952, p. 103; January 1951, p. 113 JULY 1952 841 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1952 1951 Central Bank 1951 (Figures as of last report (Figures as of last report date of month) May Apr. Mar. May date of month) May Apr. Mar. May State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Note circulation ,299 35,533 35,599 30,711 Issue S G t d o e e l r d p li a n a r g t t m h se o e c m n u t e r : it a i n e d s abroad... ,0 8 1 1 6 ,0 8 1 1 7 8 4 5 4 2 O D t e h p e o r s i l t i s a — bil O G it t o i h e v s e e r a rn n m d e c n a t pital , , , 9 7 5 3 0 4 4 6 0 2 2 2 2 , , , 3 5 5 1 3 3 2 0 8 2 2 2 2 , , , 4 9 3 5 7 4 4 6 6 1 3 8 , , 7 4 8 7 7 6 2 1 4 Pakistan Govt. securities. . . 665 715 653 Bank of Sweden (millions of kronor): Govt. of India securities 126 126 138 Gold 463 472 472 285 I R n u d p ia e e c c u o rr in ency 30 6 0 6 30 6 0 6 3 4 0 3 0 F N o e r t e i c g la n i m as s o e n t s I n (n t' e l. t ) Fund * ,34 8 6 8 1,24 8 6 8 1,32 8 8 8 279 Notes in circulation ,182 ,214 1,975 Paid-in capital—Int'l. Bank 11 11 11 Banking department: Swedish Govt. securities and ad- Notes of issue department. . 72 91 53 vances to National Debt Office8 ,729 2,690 2,439 3,778 Balances abroad 641 Other domestic bills and advances 276 256 279 241 Bills discounted 103 99 Other assets 786 853 851 514 O O L D o t t e h h a p e e n o r r s s i l a t i t o s s a s b e G i t l s i o t v ie e s r n a m nd e n c t apital.. 7 7 9 7 0 2 9 0 8 7 6 9 6 5 2 3 1 1 , 3 0 9 2 2 5 6 1 5 O N D t e o h m t e e r a c n l i d i r a c b u d i l e l a i p t t i o i e o s s n i t a s n — d O G c t o a h p v e i e r t r a n l ment.. , , 0 9 6 6 1 2 9 2 8 1 6 4,0 8 6 1 2 6 1 1 1 6 8 0 3,9 8 5 1 6 9 8 9 6 4 8 3, 4 6 5 4 2 8 8 0 2 8 0 7 Bank of Paraguay—Monetary dept. Swiss National Bank (millions of Ce ( n th t O F O D N L G N P G r o o a o a t t e e o o o u h h i r a l t m v l t s d e e e e d n a e - i c R r r a * s g n i r l a n n a n e n d l a a n d i i s m s s a n m d c e e s b d a d e o r e x i c p e n t v f o c l o s d i p i t e h n t i g t i o i n a a s e u l B s I n c l o s a n i — i o g a a t s r t s a e u n s n a ' I n u l n s n k . n ( d e t i a n s t F e o n ' e c l s u f d . t a ) ) n : p B s P d i e a e t 2 c a n r u l k u rities. 3 3 1 - 6 2 5 9 0 1 2 1 5 3 8 3 5 7 1 1 6 , , , , , , , , , 0 , 2 1 6 7 5 7 3 1 2 4 9 6 4 7 3 4 4 0 9 2 5 1 2 7 4 9 8 3 3 2 2 1 1 - 7 6 2 5 6 2 0 1 7 3 0 4 9 5 9 2 1 0 5 5 5 8 7 8 2 6 4 6 4 7 5 3 6 4 8 2 2 1 - 4 6 5 9 3 1 1 1 5 0 3 3 5 6 7 4 1 , , , , , , , , , , 0 2 8 1 7 7 4 8 1 8 6 4 8 2 6 3 4 2 5 7 1 4 8 5 3 6 7 8 4 4 1 1 - - 3 2 5 8 2 3 7 1 2 2 0 8 4 2 9 3 1 , , , , . , , , , 0 3 , 2 1 4 2 8 8 3 0 1 7 5 7 6 2 5 8 0 6 1 7 9 3 8 3 6 4 0 5 Ce T f n r u a t O O O F F G G N L n r r o o o a c t o o t t k o h h h r r s l a l l t e e e d d e ) e e e n y : i i r B r r s g g c n n a s a l ( i a i m i r s n a n g c e s b k d i h u e x e l i t l x t l c l i s d a o i c h o l t t i f i h i a n i s a e o a n s c b s t n n g o h i o g a l e u e i f e n n t i d p t e R s s o a c e n u a p d n p u d it b s a f ) l o l : i r c e i o g f n 5, , , 8 6 5 4 2 1 2 4 7 2 3 9 2 9 2 4 9 7 4 5 1 , , , 5 6 8 4 3 2 1 7 8 3 1 3 0 9 7 9 2 6 6 9 7 7 9 4 5 1 , , , 6 5 9 4 2 2 1 9 9 2 1 3 4 9 7 2 1 0 4 6 9 3 6 4 6 1 , , , 0 4 9 2 3 1 1 3 3 1 3 9 9 9 7 1 7 9 0 8 4 8 8 (m C N G L il o o l o e i a t n l o d n t n c r s s l a i a b n a o i u n d m f t d i f s o o o o d n n r l i e e s i t s I c g o ) n o n : t u I ' n n l e . x t t s ' F c l . h u t o a B n n d a b g n a 2 e k n 3 ks. . . 2 64 1 21 4 2 2 2 6 1 6 2 5 5 2 1 2 64 2 1 7 1 4 2 2 6 0 9 2 7 9 0 2 S O N L e o t o c c h a t l u e e n e r r s a i c r t a i a i i r s e n n c s s g d u e s t l s d at i i s o c n ounts , , 1 4 1 1 1 2 2 2 0 2 6 7 6 5 1 1 , , 4 1 1 3 2 9 2 0 7 1 3 7 9 1 1, , 1 4 1 3 6 3 2 9 4 6 4 3 7 - ) 1 l ! 1,1 9 1 7 6 8 4 1 3 2 4 9 5 Loans to Government 842 833 788, 666 Deposits—Gold 153 153 153 153 Other assets 210 258 263 126 Other 593 633 657 568 Note circulation 1,267 1,230 1,206 1,159 Other liabilities and capital 256 178 191 158 Deposits 370 428 383 371 Bank of the Republic of Uruguay Other liabilities and capital 294 335 345 190 (thousands of pesos): (Jan.)* C Ba e ( n n th k t O F O N D L D N G r o o o o t t a e e o o u h h r a t l l m m t s e o d e e e n a i c f r r a B e s g n l c n s a n a a l d i t d i i r s i s n m a P c c e s b k d u x e o o i s e l t c o f r l e s a i p h o n t t c t p o u f a i i u e e o n I s g r s s n n i t g i a t o h t t e s a l i ' s e e n l ) . s d : F P (m c u h a n i i p l d l l i i i t o p 2 a n p l s i ne o s f 4 2 5 2 1 1 7 2 2 3 5 5 1 3 5 6 9 9 6 4 5 1 1 2 , , , , , , , , , 8 8 3 1 8 5 7 1 8 1 9 7 1 6 0 3 6 8 1 2 1 5 4 4 0 6 0 4 2 5 2 1 1 7 2 4 3 6 4 1 3 4 1 9 1 9 8 3 4 3 8 , , , , , , , , , 6 4 7 8 5 7 9 3 3 8 7 2 6 5 8 0 0 2 1 3 7 4 3 0 6 4 7 5 2 6 2 1 1 5 5 2 3 0 7 1 5 9 6 1 9 4 3 4 8 8 , , , , , , , , , 7 5 9 4 5 5 6 8 4 8 2 5 7 0 4 3 4 0 3 7 9 8 4 5 3 0 0 Cent S A O O O G P N D r i a d o a t t t e o l m h i h h v l v l p t d d e e e e e a o e - r r r r B n i n s c n i c a l l t a i t o i r e s s n a c b c a s s — b k a u o n e i p t d s l t l O G s a o i i i o t t a t e t i o f a i s n S h e o v l s d e t n — V e a r a r t d e n I e n i n n m d s a t e c ' e n z c o l. n d u a u t p B e n i G l t a t a s a n o l k v ( e m r i n l - - 3 3 3 3 3 4 1 3 8 0 5 5 4 9 3 9 6 8 9 2 9 0 1 1 , , , , , , , , , 6 3 1 0 7 3 2 6 1 3 6 2 5 6 3 9 5 4 4 1 7 4 0 7 2 5 6 4 3 3 4 3 4 2 3 3 1 1 4 1 6 7 1 2 1 4 0 4 6 6 4 7 2 0 7 3 , , , , , , , , , 3 3 1 2 3 3 6 6 5 8 1 2 6 3 9 4 0 2 9 7 8 3 9 8 5 8 4 6 4 9 escudos): lions of bolivares): Gold 4,420 4,448 3,823 Gold ,141 1,141 1,141 1,141 O F O A L N D o o t t d o e h h r a m v t e e e e n a i r r a s g n c n n l a c i a d i r s e a n c e s s b d u e d x i t t l c e l o s d a i h p t t i i a o i s G e o n c s s o n o g i t v a e u s e n n — ( r d t n n s O E G e m c C t t o a h ) e A p v e n i e r t t r a n l ment.. 1 8 6 2 1 1 1 , , , , , , 4 5 9 6 5 0 0 6 6 1 4 8 8 8 5 3 4 3 8 3 7 2 5 2 4 0 1 8 6 2 1 1 1 , , , , , , 1 4 5 6 2 9 5 7 2 0 4 4 7 0 5 3 4 1 3 3 6 9 2 8 7 8 1 8 2 5 0 1 , , , , , 2 2 2 5 5 8 2 2 6 5 4 6 6 7 6 1 6 5 7 4 3 6 4 0 0 4 4 Ba f m n ra k e O F O G N D n n o c t t o e o h h r t s l p f t e s d e e ) e o o i : r r r g s i c ( n i n a l i t t i r s s h a I c b e s o b n u x e a i u t t l c r l s a s e i s h t a t r i a i n e n o n s d n a g s e a t i n o o ( d n f n e c a t S a l ) w pi i t S s a s e l t g t o le ld - 471,6 2 8 2 3 8 2 1 3 6 7 3 2 1 8 3 2 461,4 8 2 1 2 7 5 9 8 8 7 3 3 1 9 6 438, - 4 2 8 2 5 9 6 6 7 2 3 4 6 0 9 468, - 4 2 7 1 1 4 9 9 4 1 7 7 6 2 4 7 0 South African Reserve Bank Cash on hand and with banks. . . 100',082 79,193 91,161 36,432 (th O F O N O G D o o t o t t o e u h h h r l p t s e d e e e e a o i r r r g n * s c i n d a l b i t i r s s s i a c l b s b l u o e i s i l t f l l l s a a i s t p t n i i e o d o s u n l n a o d n a d s n ) s : capital 6 3 5 6 2 8 1 5 0 8 6 1 3 7 , , , , , , , 8 2 0 3 2 8 3 0 3 1 1 5 0 2 1 6 6 7 6 6 4 6 3 5 8 2 7 1 9 3 9 2 2 6 8 , , , , , , , 7 6 2 7 6 1 3 5 0 9 5 7 7 1 1 2 2 3 8 6 7 1 9 2 7 7 0 1 3 5 5 4 7 7 3 , , , , , , , 3 5 2 4 3 8 0 7 6 8 2 2 6 6 1 1 3 1 3 6 2 S T S F O R D i u u i e t e g m a h n n d m h n e d d i e t c s r a r s e c y f n f a s u u o i d s r b n n u s v ( i d d n d a e l e s l s t t e t s s a s p t c a b a a e o o t n l t d s e s d i i t n t i ) i b s n i n t i n e t l ( e l r G v g s r e o e e e s a l s t s r d n t m t ) d m a n a e y c n c t e s p . t . - .. 2 2 3 1 9 2 3 8 8 1 4 5 7 2 8 7 1 , , ! , , , ,9 6 8 3 7 2 2 2 2 3 2 4 9 2 1 3 1 2 7 4 1 7 6 , , , , , , , 8 2 5 2 7 9 0 7 5 6 0 1 9 2 7 6 8 1 3 8 3 2 2 3 1 9 0 3 1 5 3 7 5 3 7 1 5 , , , , , , , 8 6 2 0 4 4 8 2 5 6 0 2 3 6 8 7 1 1 5 4 4 2 2 1 3 6 9 9 1 4 5 7 9 8 5 4 , , , , , , , 4 2 9 1 2 6 0 0 0 9 2 6 5 8 1 1 5 3 4 4 6 Bank O S O G G i t t o o o l h h v l f v d e e e e r r S r r p n a lo m s a a s i e n e n n t s s t ( a m l n o i d l a l n i d o s i n s a s c n o o d u f n s p e ts e c s u e r t i a ti s e ) s : . 2 1 1 7 5 9 , , , 5 3 7 9 8 5 7 3 4 6 5 7 0 8 8 2 2 1 0 6 5 , , , 3 5 2 7 0 7 5 3 2 2 7 3 3 6 4 2 2 1 0 6 5 , , , 2 4 7 5 3 0 7 6 5 7 2 5 7 3 8 2 1 1 1 5 5 , , , 3 6 8 1 7 7 6 9 2 5 8 4 8 7 0 S L O h o t C h o n e r g e t r n - - t t t l e e r i r a a r m m b l i b l d i a d t e n i e e p k p s o s o — s a s i n i t t O d s O s : : w t c S h n a p e p e r a i c t c i a a c l l ount.. 4 2 2 7 7 2 7 1 0 9 8, , , 9 3 5 0 7 3 9 1 5 2 4 2 3 2 7 7 5 8 0 5 , , , , 1 9 1 3 0 7 2 9 6 2 2 5 2 7 6 9 8 6 9 , , , , 2 3 9 5 5 0 6 0 7 9 8 0 6 2 2 1 6 2 1 9 5 8 8 , , , , 9 6 9 8 8 3 0 7 1 9 9 4 * Latest month available. 1 As of Mar. 5, 1951, gold revalued from .287595 to .148112 grams of fine gold per guarani. 2 This figure represents the amount of the bank's subscription to the Fund less the bank's local cuirency liability to the Fund, Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 3 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 4 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 5 Includes small amount of non-Government bonds. NOTE.—For details relating to individual items iu certain bank statements, see BULLETIN for January 1950. p 120, 842 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— eff D e a ct t i e ve U K d n i o i n t m g ed - France Ger- Bel- N la e e n r t - d h s - S d w en e- S la w e n r i - t d z- ba C n e k n t o r f a — l R M 3 a a 1 t y e ef D fec a t t i e ve ba C n e k n t o r f a — l R M 3 a a 1 t y e eff D e a ct t i e ve In effect Dec. 31, Argentina Mar. 1, 1936 Japan Oct. 1, 1951 No 1 v 9 . 45 7, 1946. . 2V2 A B u el s g t i r u ia m 3M S D e e p c t . . 1 6 3 , , 1 1 9 9 5 5 1 1 J M a e v x a ico J A u p n r. e 4 1 , , 1 1 9 9 4 46 2 Dec. 19 Bolivia 6 Sept. 30, 1950 Netherlands.. Jan. 22, 1952 Jan. 10, 1947. Aug. 27 Oct. 9 Canada Oct. 17, 1950 New Zealand. July 26, 1941 June 28, 1948. . Chilee June 13, 1935 Norway Jan. 9, 1946 Sept. 6 Colombia. . July 18, 1933 Pakistan July 1, 1948 Oct. 1 Costa Rica. Feb. 1, 1950 Peru Nov. 13, 1947 May 27, 1949. . July 14 Oct. 6 June 8, 1950. . Denmark. .. 5 Nov. 2, 1950 Portugal.... Jan. 12, 1944 Sept. 11 Ecuador.... 10 May 13, 1948 South Africa. Mar. 27, 1952 Sept. 26 El Salvador. 3 Mar. 22, 1950 Spain Mar. 18, 1949 Oct. 27 Finland Dec. 16, 1951 Sweden Dec. 1, 1950 Dec. 1 Apr. 17, 1951. . July 5 Sept. 13 France Nov. 9, 1951 Switzerland.. Nov. 26, 1936 Oct. 11 Germany. . . May 29, 1952 Turkey Feb. 26, 1951 Nov. 8 2H Greece July 12, 1948 United King- Nov. 9 India Nov. 15, 1951 dom Mar. 12, 1952 Jan. 22, 1952.. Ireland Mar. 25, 1952 USSR July 1, 1936 Mar. 12 •4" Italy Apr. 6, 1950 May 29 In effectMay 31 1952 1 Rate established for the Land Central banks. NOTE.—Changes since May 31: Austria—'July 3, from 5 to 6 per cent. OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Switzerland Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1942—April .54 1.03 1.01 1.00 .50 L74 3-5^ 1.25 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 5 4 4 4 4 4 4 4 0 8 9 3 5 6 7 — — — — — — — — A A A A A A A A p p p p p p p p r r r r r r r r i i i i i i i i l l l l l l l l . . . . . . . . 5 4 3 4 4 3 3 5 1 1 7 9 1 9 7 0 1 1 1 . . . . . . . 0 0 0 6 5 5 5 5 3 3 9 8 3 6 3 3 1 1 1 . . . . . . . . 0 0 0 5 5 5 5 5 1 1 1 1 1 1 1 1 1 1 1 . . . . . . . . 1 0 0 6 6 6 6 6 3 3 3 0 3 3 3 3 . . . . . . . . 5 5 5 5 5 5 5 5 0 0 0 0 0 0 0 0 L L L L 1 1 1 1 . . . . 4 2 6 7 0 4 1 6 7 5 6 3 0 1 2 4: 1 1 1 1 . . . . . 5 2 3 4 9 9 9 8 4 0 1 1 L . . . . 2 2 1 9 5 5 3 4 0 1 2 2 2 2 iy y y y y 2 3 3 2 2 2 2 - - s ~ - 4 - - ^ ± 5 \ s . y y y y y 2 2 2 y 2 2 2 1 1 1 L 1 L 1 L . . . . 2 5 2 5 2 2 6 ? 5 0 5 0 5 5 3 5 1951—April .76 .69 .51 .63 .50 1.60 1.55 L24 2^-4^ L50 3-5 1951—May .76 .69 .51 .63 .50 ! .61 1.50 L.07 3-5 150 June .75 .69 .51 63 .50 I 52 1.39 1.00 3-5 I 50 July .77 .93 .51 63 .50 >.57 1.39 .91 3-5 1.50 August .79 L.00 .51 .63 .50 >.64 1.38 LOO 3-5 1 50 September.... .88 LOO .51 .63 .50 > 56 1 24 LOO 3-5 L50 October .93 LOO .51 .63 .50 >.7S 1 16 LOO 3-5 1.50 November.... .92 L38 .84 .92 .69 5.27 1 17 LOO 3-5 L50 December .89 L50 .98 1.00 .75 5.50 1.21 LOO 3-5 L50 1952—January .89 L50 .97 1.00 .75 5.50 1.18 LOO 3-5 1L50 February .91 1L50 .99 1.00 .75 5.93 1.17 LOO 3-5 1L .50 March .94 '.48 2.01 1.82 1.57 5.95 1.38 LOO 3-5 1L50 April .98 5.00 2.35 2.25 2.00 5.88 1.40 LOO 3-5 1L.50 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941 see Banking and Monetary Statistics. Table 17?, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. JULY 1952 843 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom * (11 London clearing Money at Treasury Deposits Other b m a i n ll k io s s . n t e s r F l o i f i n g g p u ) o re u s n d in s re C se a r s v h es c n a s l o h l t o i a c r n t e d B co il u ls n t d e i d s- re d c e e p i o p s t i s t 2 Securities c L u o s a to n m s e to rs O as t s h e e t r s Total Demand Time li c a a b a p i n l i d i t t a i l es 1946—December. 499 432 610 1,560 1,427 994 505 5,685 3,823 1,862 342 1947—December. 502 480 793 1,288 1,483 ,219 567 5,935 3,962 1,972 396 1948—December. 502 485 741 1,397 1,478 ,396 621 6,200 4,159 2,041 420 1949—December. 532 571 1,109 793 1,512 ,534 579 6,202 4,161 2,041 427 1950—December. 540 592 1,408 456 1,528 ,660 735 6,368 4,262 2,106 550 1951 —June 501 594 ,172 290 1,550 ,895 797 6.167 4,099 2,068 633 July 514 583 ,250 290 1,552 ,861 756 6,174 4,086 2,088 631 August.... 515 573 ,185 306 1,549 ,863 755 6,133 4,061 2,072 612 September , 503 582 ,276 216 1,553 ,888 741 6,135 4,068 2,067 624 October 514 579 ,330 177 1,555 ,910 778 6,204 4,140 2,063 638 November . 517 562 901 108 2,033 ,935 787 6,189 4,118 2,071 654 December . 531 598 972 102 1,965 ,950 867 6,333 4,290 2,042 651 1952—January.. 521 605 965 66 1,954 ,928 824 6,204 4,173 2,031 659 February.. 492 526 856 15 1 ,944 ,945 804 5,893 3,923 1,971 689 March.... 492 526 854 1 ,935 ,959 789 5,887 3,914 1,974 667 April 501 512 883 1,934 ,967 821 5,994 3,952 2,042 623 May 491 518 936 1,932 ,901 713 5,903 3,840 2,063 587 Assets Liabilities Canada E (1 n C 0 d a i c n n o h a f a m d m r i t i a l e o n l r i n o e t d d n h o s l b f o l a i a f g n r u s k ) r s e . s re C se a r s v h E e n s tire S ly e lo c i a u n n r i s t C y ana l d o d i O a a sc n t o s h u e a n r n t d s d S a f a u n b e o l b e o d c a r r e a u n o f i n r k r g n a i o s s d n t e m y t Securities O as t s h e e t r s ci N r ti c o o u t n l e a- e D T x e o c p t l a u o l d s i i n ts g p i D a n y e te a m r b b a l a e n n d i k n d C e a p T n o i a m s d i e t a s li c a O a b a p t i n h l i d i t e t a i r e l s 1946—December. 753 136 1,507 132 4,232 ,039 21 6,252 2,783 3,469 ,525 1947—December. 731 105 1,999 106 3,874 ,159 18 6,412 2,671 3,740 ,544 1948—December. 749 101 2,148 144 4,268 ,169 16 7,027 2,970 4,057 ,537 1949—December. 765 133 2,271 146 4,345 ,058 14 7,227 2,794 4,433 477 1950—December. 824 134 2,776 171 4,286 ,304 ( 7,828 3,270 4,558 ,667 1951—May 760 92 066 188 3,886 ,379 7,686 3,097 4,589 ,684 June 781 82 061 206 3,838 ,288 7,591 3,032 4,559 ,664 July 798 84 043 209 3,840 ,349 7,658 3,078 4,580 ,665 August ... 784 90 073 260 3,832 ,339 7,667 3,084 4,583 ,710 September 788 107 3,045 217 3,876 ,242 7,637 3,042 4,595 ,639 October... 835 111 3,034 182 3,876 ,403 7,752 3,177 4,575 ,688 November 843 96 3,123 166 3,894 ,423 7,829 3,213 4,616 ,715 December . 907 107 3,028 227 3,876 ,464 7,896 3,284 4,612 ,714 1952—January . . 869 107 2,955 183 3,927 ,303 7,705 3,066 4,639 ,637 February. 809 95 2,918 231 4,003 ,353 7,761 3,076 4,685 ,648 March... . 880 97 2,949 202 4,095 ,390 7,979 3,231 4,748 ,634 April 897 140 2,960 236 4,068 ,370 7,987 3,230 4,757 ,685 Assets Liabilities France (4 o m f l i a m l r l g i o o e n n t s b h a o f n f i k g f s u r . a r e n s c E s i ) n nd re C se a r s v h es Du b e a n f k ro s m B c i o ll u s n t d e i d s- Loans O as t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- li c a O a b a p t i n h l i d i e t t a r i l es 1946—December.. 18,007 18,940 195,223 65,170 17,445 291,945 290,055 1,890 15,694 7,145 1947—December.. 22,590 19,378 219,386 86,875 27,409 341,547 338,090 3,457 25,175 8,916 1948—December.. 45,397 35,633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—December.. 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950—December.. 48,131 52,933 527,525 135,289 31,614 749,928 731,310 18,618 28,248 17,316 1951 —April 47,539 65,445 490,676 160,293 41,237 748,810 728,559 20,252 30,678 25,702 May...... 48,809 63,440 475,054 166,984 46,169 739,071 719,405 19,666 33,354 28,033 June 47,856 62,305 522,657 159,958 47,815 777,219 756,997 20,222 32,544 30,828 July 52,131 66,660 478,256 174,625 50,030 753,628 733,546 20,082 32,933 35,141 August... . 49,453 65,572 485,824 171,380 49,582 753,627 732,964 20,663 30,611 37,573 September. 52,015 64,414 540,986 167,362 52,138 805,610 783,881 21,729 30,952 40,353 October. .. 48,996 79,337 520,457 173,530 59,099 799,918 777,973 21,946 35,382 46,120 November. 47,980 81,460 506,061 179,933 61,658 793,078 768,657 24,422 35,372 48,641 December. . 60,215 72,559 627,648 165,696 38,114 906,911 879,767 27,145 33,774 23,547 1952—January.. 53,133 75,407 534,792 189,098 36,548 831,691 801,854 29,837 30,433 26,854 February. 50,662 73,868 538,245 183,504 38,310 827,946 796,396 31,551 30,414 26,227 March. . . 48,669 75,148 555,883 174,048 40,219 834,482 802,482 32,002 28,953 30,531 1 This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, ex cept in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of % per cent after October 1945. 3 Less than $500,000. NOTE.—For details concerning data in earlier years, see BULLETIN for February 1952, p. 466; and 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. 844 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Belgium Brazil Canada Year or month Basic P ( e p r n e e t f s i e a o r l ) - Free (p t A r o a u u l n s i - a d) (franc a ) " n c B o c t o a e u n s k n " t Offic ( ia c l ruzeiro F ) ree M B (d r s a o i i a l l t l a i a s i y r h ) - Officia ( l dollar) Free 1946 29.773 321.34 2.2829 6.0602 95.198 93.288 1947... 29.773 321.00 2,2817 5.4403 100.000 91.999 1948 29 773 321 22 2 2816 5 4406 100 000 91 691 1949 . 29.774 293.80 2.2009 2.1407 5.4406 42,973 97.491 92.881 1950 26.571 13.333 8.289 223.15 1.9908 1.9722 5.4406 32.788 90.909 91.474 1951 . ... 20 000 13.333 7.067 223.07 1.9859 51.9622 5.4406 32.849 94.939 1951_JUly 20.000 13.333 7.159 223.13 1.9864 1.9788 5.4406 32.850 94.252 August 20.000 13.333 7.103 223.01 1.9890 1.9876 5.4406 32.850 94.700 September 20.000 13.333 6.952 223.01 1.9866 1 1.9876 5.4406 32.850 94.706 October 20.000 13.333 6.974 223.06 1.9838 5.4406 32.850 95.112 November 20 000 13.333 6 937 223.15 1.9838 5 4406 32 850 95.820 December 20.000 13.333 6.986 222.61 1.9838 5.4406 32.830 97.410 1952—January 20.000 13.333 6.979 221.92 1.9838 5.4406 32.691 99.490 February 20 000 13 333 7 115 222 00 1 9838 5 4406 32 662 99 869 March 20.000 13.333 7.172 223.03 1.9838 5.4406 32.783 100.375 April 20 000 13 333 7 164 224 10 1 9838 5 4406 32 921 101 891 May 20.000 13.333 7.169 223.24 1.9838 5.4406 32.752 101.615 June 20.000 13.333 7.183 221.88 1.9838 5.4406 32.505 102.086 France Year or month Ceylon C slo ze v c a h k o ia - m D a en rk - Finland (franc) G (d e e r u m tsc a h n e y India Ireland Mexico e N rl e a t n h d - s (rupee) (koruna) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) Official Free 1946 . .. 2.0060 20.876 8409 30.155 20.581 37.813 1947 2.0060 20.864 8407 30.164 20 577 37.760 1948 2.0060 20 857 .4929 .3240 30 169 18.860 37.668 1949 27 839 2.0060 19.117 .4671 .3017 27.706 12 620 34.528 19S0 20 850 2 0060 14 494 2858 23 838 20 870 11 570 26 252 1951 20.849 8 2.0060 14.491 4.4354 .2856 23.838 20.869 4280.38 11.564 26.264 1951—juiy 20 850 2 0060 14 484 2856 23 838 20 870 11 561 26 286 August 20 850 2 0060 14 492 .2856 23 838 20 870 11 568 26 280 Seotember 20 850 2 0060 14 492 2856 23 838 20 870 11 571 26 278 October 20 850 *2 0060 14 492 * .4354 .2855 23 838 20.870 4280 38 11 563 26.267 November . . 20.850 14.492 .4354 .2856 23.838 20.870 280.38 11.569 26.270 December 20.840 14.492 .4354 .2856 23.838 20.861 280.38 11.567 26.287 1952—January 20 799 14 492 .4354 .2856 23 838 20 819 280 38 11 562 26.320 February 20 818 14 492 .4354 .2854 23 838 20 839 280 38 11 561 26 329 March 20 916 14.492 .4354 .2856 23.838 20.949 280.38 11.564 26.319 A M p a r y il 2 2 1 0 9 0 6 0 1 3 1 1 4 4 4 4 9 9 2 2 .4 4 3 3 5 5 4 4 .2 2 8 8 5 5 6 6 6 2 2 3 3 8 8 3 3 8 8 2 2 1 0 9 0 8 3 8 1 2 2 8 8 0 0 0 7 7 7 1 1 1 1 5 5 6 6 9 6 2 ?6 6 3 3 3 4 7 0 June 20 834 14.492 .4354 2856 20.870 278.46 11.561 26.317 Year or month Z (p e N o a e u la w n n d d ) N (k o r r o w n a e) y R P e ( p h p p i e i u n l s i o b e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S p o o fr u u i n t c h d a ) (k S d r w o en n e- a) e S (f r w r l a a i n t n c z d ) - ( U K p d n o i o u i n m t n g e d - d ) Ur (p u e g s u o) ay 1946 322.63 20.176 4.0501 400.50 25.859 23.363 403.28 65.830 56.280 1947 . 322 29 20 160 4 0273 400 74 27 824 23 363 402 86 65 830 56.239 1948 350.48 20.159 4.0183 400.75 27.824 23.363 403.13 65.830 56.182 1949 . 365 07 18 481 49 723 3.8800 366.62 25 480 23 314 368 72 65 830 56 180 42 553 1950 , 277.28 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 65.833 56.180 42,553 1951 277.19 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 65.833 56.180 42.553 1951—juiy 277.25 14.015 49 643 3.4827 278.38 19.327 23.038 280.02 65.833 56.180 42.553 August 277 11 14 015 49 643 3 4727 278 38 19 327 23 015 279 88 65 833 56 180 42 553 September 277.10 14.015 49.643 3.4644 278 38 19.327 22.963 279.88 65.833 56.180 42.553 October 277.17 14 015 49 643 3.4598 278.38 19 327 22 916 279.94 65.833 56 180 42.553 November 277.27 14.015 49.643 3.4605 278.38 19.327 22 882 280.05 65.833 56.180 42.553 December 276.72 14 015 49.643 3.4726 277.79 19.327 22.900 279.49 65.833 56.180 42.553 1952—Tanuary 275.39 14.015 49.655 3.4874 276.95 19.327 22.880 278.15 65.833 56.180 42.553 February 275.36 14.015 49.677 3.4863 277.01 19.327 22.881 278.12 65.833 56.180 42.553 March . ... 276.91 14.015 49 677 3 4888 278.55 19.327 22 947 279.67 65.833 56.180 42.553 April 277.96 14.015 49.677 3.4906 279.80 19.327 23.013 280.79 65.833 56.180 42.553 May 277.29 14 015 49 677 3 4898 279 03 19 327 23 078 280 07 65 833 56.180 42 553 Tune ... 275.71 14.015 49.677 3.4801 277.42 19.327 23.138 278.46 65.833 56.180 42.553 1 Beginning Aug. 27, 1951, quotations on Straits Settlements dollar were discontinued and quotations on Malayan dollar substituted. The two rates had been identical for a considerable period. 2 Based on quotations through Sept. 19, 1951. 8 Based on quotations through Oct. 26, 1951. 4 Based on quotations beginning Oct. 29, 1951. • Based on quotations through May 8, 1952. 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 1951, p. 1601; October 1950, p. 1419; January 1950, p. 123; October 1949, p. 1291; January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209. JULY 1952 845 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month (1 U S 94 n 1 ta 7 0 i 0 t - t 4 e e ) d 9 s = ( C 1 = a 9 n 3 1 5 0 a 0 - d 3 ) a 9 M (1 1 9 e 0 3 x 0 9 i ) c = o K U ( i 1 n n 1 9 g 0 3 it 0 d 0 e ) o d = m F (1 r 1 9 a 0 4 n 0 9 ) c = e (1 I 9 1 t 3 0 a 8 0 l y ) = ( a 1 J v 9 a e 3 p r 4 a a D - g n 3 e 6 N (1 l e a 1 9 t 4 0 n h 8 0 d e ) s r = - S (1 w 1 9 e 0 3 0 d 5 ) e = n (A Sw u = l g a i 1 . t n 0 z 1 d 0 e 9 ) r 3 - 9 1941 57 116 110 153 9 136 2 172 171 1942 64 123 121 159 10 153 2 189 195 1943 67 128 146 163 12 2 196 203 1944 68 131 179 166 14 2 196 207 1945 69 132 199 169 20 4 194 205 1946 79 139 229 175 34 16 186 200 1947 96 163 242 192 52 5,159 48 199 208 1948 104 193 260 119 89 5 443 128 100 214 217 1949 99 198 285 230 100 5.170 209 104 216 206 1950 103 211 311 262 «08 4 905 246 117 227 203 1951. 115 240 386 320 138 5,581 342 143 299 227 1951—May. . 116 242 394 320 141 5.677 349 146 302 231 June 115 243 400 321 138 5,595 344 145 305 228 July 114 244 396 320 135 5.557 340 142 305 224 August 114 242 388 324 134 5,526 348 142 304 222 September. 113 240 393 325 138 5,438 353 142 304 223 October.. . 114 240 395 329 146 5,451 359 143 306 227 November. 114 239 403 329 151 5,462 359 144 317 226 December. 114 238 402 330 152 5,454 356 145 318 228 1952—January 113 237 402 335 153 5,415 358 145 320 227 Februaary 113 233 400 329 152 5,380 357 145 320 224 March 112 231 404 333 149 5,320 P353 143 322 222 April 112 227 407 P330 147 142 P321 221 May 112 225 P328 P321 220 P Preliminary. Sources.—See BULLETIN for January 1952, p. 108; August 1951, p. 1046; January 1950, p. 124; June 1949, p. 754; June 1948. p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included intotal index above] United States Canada United Kingdom Netherlands (1947-49=100) (1935-39=100) (1930=100) (1948=100) Year or month pr F o a d r u m cts Pr f o o c o e d s s sed co O i m t t m h ie e o s r d- pr F o a d r u m cts R f m a a p g c a a w o t r n o u t d a u r l s n - e y d d F f u c m a l g h c l a o i t y n o e u f d u a r l s - e n y d d Foods pr I o t n r d d i u u a s c l - ts Foods t p r r I i o n a d d l u u s c r - t a s w p f r I i o t n n r d d i i s u u a h c s l e t - d s 1941 46 n.a. 64 107 114 119 146 156 1942 , 59 n a 68 127 123 124 158 160 1943 69 n.a. 69 145 131 127 160 164 t944. 69 n.a. 70 155 134 129 158 170 1945 . . . 72 n a 71 165 136 130 158 175 1946 83 n.a. 78 177 140 138 158 184 1947 100 98 95 190 164 162 165 207 1948 107 106 103 230 196 192 181 242 100 100 100 1949 93 96 101 226 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 112 128 116 1951 113 111 116 265 238 242 247 P364 122 171 143 1951—May 116 112 117 265 239 244 242 P368 123 176 147 June 114 111 116 273 244 244 247 P367 123 173 145 July 111 111 116 277 243 246 252 P361 118 170 144 August 110 111 115 263 237 245 258 P363 119 172 143 September 110 111 115 261 236 244 261 P363 121 171 142 October 112 112 115 259 236 243 263 122 174 142 November 112 111 115 265 237 242 263 124 177 142 111 111 115 267 236 240 266 P36S 129 174 141 ' 1952—January 110 110 114 263 233 240 277 P368 130 176 141 February 108 110 114 251 228 236 271 133 172 141 March 108 109 114 248 226 235 '276 P366 130 169 139 April 109 108 113 245 221 231 280 P358 131 166 138 May 108 109 113 244 220 228 P280 P355 n.a. Not available. P Preliminary. r Revised. Sources.—See BULLETIN for January 1952, p. 108; August 1951, p. 1046; July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 846 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers' [Index numbers United Switz- United Switz- Y m e o a n r t o h r ( U S 1 = 9 n t 3 a 1 i 5 t 0 t e - 0 e d 3 ) s 9 i (1 C = 9 a 3 a d 1 5 0 n a - 0 - 3 ) 9 1 K d 5 ( o J , i 1 a n m 9 n g 5 . 2 - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 e ) N l = ( a e 1 n t 1 9 h 0 d 4 e 0 s 9 r ) - 1 ( l 9 A a e 39 r n u - d g = . Y m e o a n r t o h r ( U S 1 = 9 n t 3 a 1 i 5 t 0 t e - 0 e d 3 ) s 9 i (1 = C 9 a 3 a 1 d 5 0 n a - 0 - 3 ) 9 1 K d 5 ( o J , i 1 a n m 9 n g 5 . 2 - 2 F = ( r 1 a 1 9 n 0 4 c 0 9 ) e N l = ( e a 1 t n 1 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 39 r n u - d g = . = 100) 100) = 100) 100) 1943 138 131 12 161 1943 124 118 12 148 1944 136 131 15 164 1944 126 119 lt> 151 1945 139 133 21 164 1945 129 119 22 153 1946 160 140 36 160 1946 140 124 35 152 1947 . 194 160 67 57 170 1947 160 136 77 57 158 1948 210 196 72 92 176 1948 172 155 82 90 163 1949 202 203 76 100 ioo 174 1949 170 161 84 100 100 162 1950 205 211 82 111 in 176 1050 172 167 86 111 109 159 1951 227 241 91 128 121 181 1951 ... 186 185 95 130 119 167 1951-May 227 235 90 129 124 179 1951-May 185 182 94 129 122 166 June 227 240 91 127 123 180 June 185 184 95 129 121 166 July 228 250 93 127 127 181 July 186 188 95 130 122 167 August 227 251 93 127 124 182 August.... 186 189 96 131 121 168 September. 227 251 94 129 124 183 September. 187 190 97 133 121 169 October... 229 250 95 132 125 184 October. .. 187 190 98 136 121 170 November. 231 250 96 137 123 184 November. 189 191 98 140 120 171 December. 232 249 97 139 122 184 December. 189 191 98 143 119 171 1952-January... 232 250 100 142 123 183 1952-January... 189 192 100 146 120 171 February.. 228 248 100 145 124 182 February.. 188 191 100 149 120 171 March.... 228 242 101 144 124 182 March.... 188 189 101 148 120 171 April 230 240 104 142 182 April.. 189 189 102 147 120 170 M.ay 231 235 104 P139 183 May 189 187 102 171 P Preliminary. r Revised. 1 Adjusted series reflecting allowances for rents of new housing units and, beginning January 1950, interim revision of series and weights. 2 These new indexes, which have replaced the former "interim" indexes, are weighted indexes made up of 51 commodity categories, including 19 food groups. Figures from June 1947 through December 1951 are derived from the former "interim" series. A detailed description of the new index is given in the Ministry of Labour Gazette, March 1952, pp. 113-114. Sources—See BULLETIN for January 1952, p. 109; August 1951, p. 1047; October 1950, p. 1421; January 1950, p. 125; July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month g U S r ( t n a h a d i i t g t e e e h ) d s 1 ( C 1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 ( 1 K D 9 U i e 2 n c n 1 e g i = m t d 1 e o b d 0 m e 0 r ) F (1 r 1 9 a 0 4 n 0 9 ) c = e N l e a t n h d e s r- ( U 1 S = 9 n t 3 a 1 i 5 t 0 t e - e 0 3 d s ) 9 ( C 1 = a 9 3 n 1 5 a 0 - 0 d 3 ) a 9 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) 1 (D 9 F 3 e r 8 c a e = n m 1 c 0 b e 0 e ) r N l e a t n h d e s r- Number of issues. . . 17 87 60 14 416 105 278 295 27 1944 118.7 103.0 127.5 136.8 99.8 83.8 88.6 265 1945 121.6 105.2 128.3 138.3 121.5 99.6 92.4 1946 123.4 117.2 132 1 131.5 109 0 139.9 115.7 96.2 875 195 1947 122.1 118.5 130.8 120.0 105 6 123.0 106.0 94.6 L ,149 233 1948 118.3 105.0 129.9 106.4 107.1 124.4 112.5 92.0 1,262 240 1949 121.0 107 6 126.5 100.0 106.8 121.4 109.4 87.6 1,129 219 1950 . . 122.0 109 6 121 2 99 8 106 7 146.4 131 6 90.0 1,030 217 1951 . .. 117.7 95.7 117.6 101.4 87.0 176.5 168.3 97.1 1,259 215 1951—June 116.6 95 0 117 5 100 6 87.6 171.7 160.7 99.4 1,188 212 July 116.2 95 5 116 9 101 2 84.1 172.8 162 0 97.6 1,185 208 August...... 117.1 95.3 116 6 102.0 80 3 181.5 169.7 96.5 1,300 207 September. 118.0 95.2 116.5 103 8 78.1 187.3 179,8 97 4 1,413 212 October. ... 116.9 94 6 116.3 103.5 81 3 185 0 183.3 99.0 1.479 215 November.. . 115.3 92.8 115.0 103.1 80.3 177.7 174.0 97.3 1,406 207 December. . . 114.8 89.3 110.9 103.7 78.3 182.5 177.3 94.9 1,465 206 1952—January 115.5 88.2 110.4 103.7 80.0 187.1 181.7 95.0 ,624 204 February.... 116.5 87.8 110.5 104.1 81.5 183.2 179.5 92.8 L.694 198 March 115.9 86.9 107.3 104.5 83.3 185.2 177.6 90.5 1,597 191 April 116.2 86.7 108.5 105.4 83.9 183.6 175.8 91.6 L ,567 185 May 116.3 88.8 108.6 P112.2 84.5 183.7 169.0 92.0 185 P Preliminary. 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. NOTE.—For sources and description of statistics, see BULLETIN for September 1951, p. 1219; March 1951, p. 357; June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. 847 JULY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WM. MCC. MARTIN, JR., Chairman M. S. SZYMCZAK JAMES K. VARDAMAN, JR. R. M. EVANS A. L. MILLS, JR. J. L. ROBERTSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary GEORGE S. SLOAN, Director MERRITT SHERMAN, Assistant Secretary C. C. HOSTRUP, Assistant Director KENNETH A. KEN YON, Assistant Secretary FRED A. NELSON, Assistant Director ARTHUR H. LANG, Chief Federal Reserve Examiner LEGAL DIVISION ROBERT C. MASTERS, Assistant Director GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel DIVISION OF BANK OPERATIONS HOWARD H. HACKLEY, Assistant General Counsel ROBERT F. LEONARD, Director J. E. HORBETT, Assistant Director OFFICE OF THE SOLICITOR LOWELL MYRICK, Assistant Director J. LEONARD TOWNSEND, Solicitor G. HOWLAND CHASE, Assistant Solicitor DIVISION OF PERSONNEL ADMINISTRATION DWIGHT L. ALLEN, Director DIVISION OF RESEARCH AND STATISTICS H. FRANKLIN SPRECHER, JR., Assistant Director RALPH A. YOUNG, Director FRANK R. GARFIELD, Adviser on Economic ResearchDIVISION OF ADMINISTRATIVE SERVICES KENNETH B. WILLIAMS, Assistant Director LISTON P. BETHEA, Director SUSAN S. BURR, Assistant Director JOSEPH E. KELLEHER, Assistant Director GUY E. NOYES, Assistant Director EDWIN J. JOHNSON, Assistant Director C. RICHARD YOUNGDAHL, Assistant Director DIVISION OF SELECTIVE CREDIT REGULATION DIVISION OF INTERNATIONAL FINANCE GUY E. NOYES, Director ARTHUR W. MARGET, Director GARDNER L. BOOTHE, II, Assistant Director LEWIS N. DEMBITZ, Assistant Director HENRY BENNER, Assistant Director FEDERAL OPEN FEDERAL MARKET COMMITTEE ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman WALTER S. BUCKLIN, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman N. BAXTER JACKSON, NEW YORK DISTRICT MALCOLM BRYAN A. L. MILLS, JR. GEOFFREY S. SMITH, PHILADELPHIA DISTRICT C. E. EARHART J. L. ROBERTSON GEORGE GUND, CLEVELAND DISTRICT R. M. EVANS M. S. SZYMCZAK HUGH LEACH JAMES K. VARDAMAN, JR. ROBERT V. FLEMING, RICHMOND DISTRICT Vice President C. S. YOUNG WINFIELD W. RIEFLER, Secretary PAUL M. DAVIS, ATLANTA DISTRICT ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President WOODLIEF THOMAS, Economist GEORGE W. MITCHELL, Associate Economist V. J. ALEXANDER, ST. LOUIS DISTRICT EARLE L. RAUBER, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT O. P. WHEELER, Associate Economist CHAS. W. WILLIAMS, Associate Economist DAVID T. BEALS, KANSAS CITY DISTRICT JOHN H. WILLIAMS, Associate Economist DEWITT T. RAY, DALLAS DISTRICT RALPH A. YOUNG, Associate Economist ROBERT G. ROUSE, Manager of System Open JAMES K. LOCHEAD, SAN FRANCISCO DISTRICT Market Account HERBERT V. PROCHNOW, Secretary 848 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman 1 President Vice Presidents Bank of Deputy Chairman First Vice President (Vice Presid l e o n w ts e r i n s e c c h ti a o r n g o e f o t f h i b s r p a a n g ch e e ) s are listed in Boston. Harold D. Hodgkinson J. A. Erickson JJ ohn JJ . Foogg Carl B. Pitman Ames Stevens RRobb ert BB. Harvey 3 O. A. Schlaikjer Alfred C. Neal E. O. Latham RR . FF. VVa n AAmiringe New York. Robert T. Stevens Allan Sproul H. A. Bilby H. V. Roelse William I. Myers William F. Treiber H. H. Kimball Robert G. Rouse L. W. Knoke V. Willis Walter S. Logan R. B. Wiltse A. Phelan J. H. Wurts Philadelphia... Warren F. Whittier Alfred H. Williams Karl R. Bopp P. M. Poorman C. Canby Balderston W. J. Davis Robert N. Hilkert J. V. Vergari4 E. C. Hill Richard G. Wilgus 2 Wm. G. McCreedy Cleveland. George C. Brainard Ray M. Gidney Wilbur T. Blair Martin Morrison John C. Virden Wm. H. Fletcher Roger R. Clouse Paul C. Stetzelberger A. H. Laning 3 Donald S. Thompson Richmond. Charles P. McCormick Hugh Leach N. L. Armistead K. Brantley Watson John B. Woodward, Jr. J. S. Walden, Jr. R. W. Mercer 3 Edw. A. Wayne C. B. Strathy Chas. W. Williams Atlanta. Frank H. Neely Malcolm Bryan V. K. Bowman E. C. Rainey2 Rufus C. Harris L. M. Clark J. E. Denmark L. B. Raisty Harold T. Patterson Earle L. Rauber S. P. Schuessler Chicago. Franklin J. Lunding C. S. Young Allan M. Black L. G. Meyer John S. Coleman E. C. Harris Neil B. Dawes George W. Mitchell W. R. Diercks A. L. Olson W. A. Hopkins Alfred T. Sihler L. H. Jones 2 W. W. Turner St. Louis. Russell L. Dearmont Delos C. Johns FrederickL.Deming H. H. Weigel Wm. H. Bryce O. M. Attebery Dale M. Lewis J. C. Wotawa Wm. E. Peterson Minneapolis. . , Roger B. Shepard O. S. Powell H. C. Core Otis R. Preston Paul E. Miller E. B. Larson M. H. Strothman, Jr. A. W. Mills H. G. McConnell Sigurd Ueland Kansas City Robert B. Caldwell H. G. Leedy P. A. Debus 2 John Phillips. Jr. Cecil Puckett Henry O. Koppang M. W. E. Park Clarence W. Tow D. W. Woolley Dallas. J. R. Part en R. R. Gilbert E. B. Austin L. G. Pondrom R. B. Anderson W. D. Gentry R. B. Coleman Harry A. Shuford J. L. Cook 3 Mac C. Smyth Watrous H. Irons San Francisco... Brayton Wilbur C. E. Earhart E. R. Millard Ronald T. Symms ; William R. Wallace, Jr. H. N. Mangels H. F. Slade O. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Bank of Branch Vice Presidents Bank of Branch Vice Presidents New York Buffalo I. B. Smith Minneapolis.... Helena C W. Groth Cleveland Cincinnati W. D. Fulton Pittsburgh J. W. Kossin Kansas City.... Denver G. A. Gregory Oklahoma City R. L. Mathes Richmond Baltimore D. F. Hagner Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham John L. Liles, Jr. Dallas El Paso C M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville R. E. Moody, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit H. J. Chalfont San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock CM. Stewart Portland S. A. MacEachron Louisville C A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. ^Also Cashier. * Counsel. JULY 1952 849 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS1 The material listed below may be obtained from BANKING AND MONETARY STATISTICS. Statistics of the Division of Administrative Services, Board of banking, monetary, and other financial develop- Governors of the Federal Reserve System, Wash- ments. November 1943. 979 pages. $1.50 per ington 25, D. C. Remittance should be made copy. No charge for available individual sections payable to the order of the Board of Governors (unbound). of the Federal Reserve System. RULES OF ORGANIZATION AND RULES OF PROCEDURE— FEDERAL RESERVE BULLETIN. Issued monthly. Sub- Board of Governors of the Federal Reserve Sysscription price in the United States and its pos- tem (with amendments). September 1946. 31 sessions, Bolivia, Canada, Chile, Colombia, Costa pages. Rica, Cuba, Dominican Republic, Ecuador, THE FEDERAL RESERVE ACT, as amended to Novem- Guatemala, Haiti, Republic of Honduras, Mexico, ber 1, 1946, with an Appendix containing pro- Nicaragua, Panama, Paraguay, Peru, El Salvador, visions of certain other statutes affecting the Uruguay, and Venezuela is $2.00 per annum or Federal Reserve System. 372 pages. 50 cents per 20 cents per copy; elsewhere $2.60 per annum or paper-bound copy; $1.00 per cloth-bound copy. 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one ad- THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND dress, 15 cents per copy per month, or $1.50 for FUNCTIONS. November 1947; reprinted April 12 months. 1951. 125 pages. 75 cents per cloth-bound copy; in quantities of 10 or more copies for single ship- FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY ment, 50 cents each. Paper-bound copies avail- RATES, AND BUSINESS. Issued monthly. $6.00 able without charge. per annum including historical supplement listed below, or 60 cents per copy. In quantities DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND of 10 or more copies of a particular issue for STANDARD METROPOLITAN AREAS, as of Decemsingle shipment, 50 cents each. (Domestic rates) ber 30, 1950. July 1951. 125 pages. A STATISTICAL STUDY OF REGULATION V LOANS. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE September 1950. 74 pages. 25 cents per copy; CHARTS ON BANK CREDIT, MONEY RATES, AND in quantities of 10 or more copies for single ship- BUSINESS. 113 charts. April 1952 edition. Anment, 15 cents each. nual subscription to monthly chart book includes supplement; single copies, 60 cents each. In COMPILATION OF FEDERAL AND STATE LAWS RELATquantities of 10 or more copies for single ship- ING TO BRANCH BANKING IN THE UNITED STATES. ment, 50 cents each. (Domestic rates) (July 1, 1951.) December 1951. 33 pages. BANKING STUDIES. Comprising 17 papers on bank- THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS ing and monetary subjects by members of the AND THEIR USE IN ECONOMIC ANALYSIS. Janu- Board's staff. August 1941; reprinted March ary 1952. 175 pages. 25 cents per copy; in 1949. 496 pages. Paper cover. $1.00 per copy; quantities of 10 or more copies for single shipin quantities of 10 or more copies for single ship- ment, 15 cents each. ment, 75 cents each. REGULATIONS OF THE BOARD OF GOVERNORS OF THE 1A more complete list, including periodical releases and FEDERAL RESERVE SYSTEM. Individual regulations reprints, appeared on pp. 726-29 of the June 1952 BULLETIN. with amendments. 850 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS 1952 SURVEY OF CONSUMER FINANCES—CONSUMER (From Federal Reserve Bulletin unless preceded by an asterisk) PLANS FOR SPENDING AND SAVING. April 1952. 6 pages. PART I. CONSUMER EXPECTATIONS AS TO THE INTERNATIONAL MOVEMENT OF GOLD AND DOL- LARS IN 1950. March 1951. 10 pages. ECONOMIC TRENDS AND CONSUMER INVESTMENT PREFERENCES. July 1952. 17 pages. (Other * THE TREASURY—CENTRAL BANK RELATIONSHIP IN articles on the 1952 Survey will appear in sub- FOREIGN COUNTRIES—PROCEDURES AND TECH- sequent issues of the BULLETIN. Also, similar NIQUES. November 1950. April 1951. 19 pages. survey for 1946 from June-September 1946 TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. BULLETINS, 28 pages; for 1947 from June-August April 1951. 14 pages. and October 1947 BULLETINS, 48 pages; for 1948 from June-September and November 1948 BUL- HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING LETINS, 70 pages; for 1949 from June-November THE INTRODUCTION OF REAL ESTATE CREDIT REGU- 1949 and January 1950 BULLETINS, 124 pages; for LATION. July 1951. 23 pages. 1950 from April and June-December 1950 BUL- SAVING IN THE DEFENSE ECONOMY. September LETINS, 106 pages, which includes THE METHODS 1951. 5 pages. OF THE SURVEY OF CONSUMER FINANCES; for 1951 from June-September and December 1951 BUL- NEW INDEX OF OUTPUT OF MAJOR CONSUMER LETINS, 86 pages. DURABLE GOODS. October 1951. 6 pages. CREDIT AND SALES REPORTED BY REGULATION W STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- REGISTRANTS. October 1951. 12 pages. ERNORS BEFORE SUBCOMMITTEE ON GENERAL CREDIT CONTROL AND DEBT MANAGEMENT, MARCH REVISED INDEXES OF DEPARTMENT STORE SALES AND 11, 1952. April 1952. 4 pages. STOCKS BY DISTRICTS. December 1951. 53 pages. ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. January 1952. 11 pages. 6 pages. THE SECOND ARMAMENT BUDGET. February 1952. EXCESS PROFITS TAXES OF COMMERCIAL BANKS. 9 pages. June 1952. 18 pages. MONEY AND CREDIT IN 1951. February 1952. 9 pages. REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- LATION X. June 1952. 18 pages. INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951. March 1952. 10 pages. FINANCING OF LARGE CORPORATIONS IN 1951. June RECENT CHANGES IN GERMANY'S FOREIGN TRADE 1952. 6 pages. BALANCE. March 1952. 7 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS BANKING IN THE SOVIET UNION. April 1952. 8 AND BUSINESSES. July 1952. 2 pages. pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE BALANCE SHEET OF AGRICULTURE, 1952. July 1952. SALES. April 1952. 4 pages. 14 pages. 851 JULY 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

oo FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES II ;T== BOUNDARIES OF FEDERAL RESERVE DISTRICTS r1 BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES 5 w ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM W <S> FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES OCTOBER I, 1945 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis