Federal Reserve Bulletin, 1952-08

F E D E R AL E S E R VE BULLETIN AUGUST 1952 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 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 Real Estate Markets in 1952 853-860 1952 Survey of Consumer Finances: Part II. Purchases of Durable Goods and Houses in 1951 and Buying Plans for 1952. 861-876 Joint Statement of the Executive Committee of the National Association of Supervisors of State Banks, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System. 877-881 Current Events and Announcements 881 Law Department. 882-883 National Summary of Business Conditions. 884-885 Financial, Industrial, Commercial Statistics, U. S. (See p. 887 for list of tables). 887-941 International Financial Statistics (See p. 943 for list of tables) 943-961 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 962 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 963 Federal Reserve Board Publications. 964-965 Map of Federal Reserve Districts. 966 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 38 August 1952 NUMBER 8 REAL ESTATE MARKETS IN 1952 Construction and real estate activities are quirements of Regulation X under the law continuing at high levels in 1952. The phys- extending the Defense Production Act will ical volume of new construction remains at a be a factor in plans of builders and prospecrecord level; output of building materials tive buyers; and expiration of Federal rent and employment in the construction indus- controls in many areas on September 30, as try are large; markets for residential and well as Federal actions to provide housing in business properties, both old and new, are defense areas, will affect real estate markets. generally strong. Extension of home mort- At the recent high levels, shifts have taken gage credit continues in large volume, and place in some activities and markets. An outstanding mortgage debt, which is already increase in construction for public ownership almost three times as large as at the end of and a continued large volume of construction the war, is still rising. Construction costs, for private business purposes have offset dematerials prices, and real estate values have clines in other types. Limitations on the use been generally stable at or close to record of materials needed for the defense program levels, and construction wage rates have risen have been accompanied by some temporary further. adjustments in construction practices. The The relative stability in real estate and number of old houses purchased has risen construction markets for over a year has re- somewhat, while the number of new houses flected the effects on sustained demands of completed and purchased has declined. As general credit measures, selective restraints a result, an increase in lending on existing on the use of credit and materials, and other residential properties has offset a moderate public policies, as well as the general availa- reduction in credit extended on new. bility of supplies. Contract awards, plans of CONSTRUCTION MATERIALS AND LABOR business and Government for construction, and consumers' buying intentions, all of During the first half of this year building which will influence activities in coming materials and labor, with few exceptions, months, suggest that most markets related to were readily available; prices were generally real estate will continue strong. Various steady, close to or above earlier record levels; other recent developments will also affect and wage rates in construction trades adactivities to some degree. The reduction in vanced further. Defense needs for critical steel supplies as a result of the strike will metals were below earlier expectations, and hold back some types of construction for a with the expansion in supplies, allocations time; uncertainty concerning the future re- of copper, aluminum, and steel for civilian AUGUST 1952 853 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE MARKETS IN 1952 construction were increased. Domestic out- Manufacturers' stocks of fabricated metal put of refined copper has been large, and building products, perhaps reflecting anticiimports have been rising following the re- pation of shortages of critical metals and a vision in domestic ceiling prices on imported smaller volume of demand than had been copper. Early in August, the National Pro- expected, have increased markedly from the duction Authority relaxed substantially re- low levels prevailing at the end of 1950. strictions on the use of copper and aluminum This spring and summer, inventories of in nondefense construction. plumbing fixtures and equipment have been Steel production was at a new record level two to four times as large as a year earlier, in March. As a result of work stoppages in and supplies of most types of heating equipearly April and early May and the recent ment have also been larger. prolonged strike, however, a marked change Production of lumber and some lumber has occurred in the supply situation. Effecproducts, including hardwood flooring and tive October 1, NPA has required steel mills softwood plywood, showed little more than to set aside from 5 to 100 per cent of the seasonal change this spring, at a level somevarious types of steel produced to meet dewhat lower than last year. Manufacture of fense needs. millwork declined more than output of most Output and supplies. Output of most other lumber products, and man-hours building materials was exceptionally large worked in this industry were one-fifth lower during 1950 and early 1951. About the in the first half of 1952 than in the first half middle of 1951 stocks in the hands of manuof 1951. Man-hours worked in the producfacturers began to accumulate rapidly as tion of plumbing and heating supplies have new orders and shipments declined below also declined and in the first half were about production. Since then, output has declined one-sixth lower than a year earlier. Cement gradually and is now moderately below the production, on the other hand, has continued very high level of a year ago, but stocks of at the mid-1951 record level, while output most items are still not far below postwar of clay products has shown divergent moverecord levels. ments, with brick and tile considerably below Stocks of, lumber at mills and concentration last year and clay sewer pipe at last year's yards reached a postwar high at the beginhigh level. ning of this year and since then have Prices of materials. Prices of building changed little. Retail lumber stocks, which materials, reflecting the strength of demand declined substantially during the last half of and in some cases the influence of price con- 1951, increased less than seasonally this trols, have been generally stable for about spring. Stocks of lumber products in the a year close to record levels. In July wholehands of manufacturers, some of which increased by from 60 to 150 per cent during sale prices of building materials were 10 per 1951, have been declining but are still sub- cent higher than at the time of the Korean stantially larger than last summer. Cement outbreak but 2 per cent below the spring stocks also increased considerably, reaching 1951 peak. The major changes during the a new peak early this spring. Since then, past year, as can be seen from the chart, manufacturers' stocks have declined in the have been in lumber and lumber products, usual seasonal pattern. plumbing equipment, and asphalt roofing. 854 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE MARKETS IN 1952 WHOLESALE PRICES OF BUILDING MATERIALS to contractors have varied among the cities 1947-49=100 for which such information is available, but for most materials have changed little this year. Construction employment and wages. Employment in contract construction has been maintained this year at about 2.5 million workers, seasonally adjusted, a slightly smaller number than the record employed in the summer and autumn of 1951. All types of such labor, skilled and unskilled, are reported to be available throughout the country, whereas a year ago bricklayers and plasterers were reported in short supply in some areas. Perhaps reflecting in part this ready availability of workers, employers have been less willing than formerly to meet demands for 1950 1952 1948 1950 1952 increased wages and other benefits, and Data from Bureau of Labor Statistics. The "total" line is a special index of wholesale prices of building materials, not strikes have been more frequent this spring part of the monthly index of wholesale prices. Most of the items in the groups shown, which are components of the index and summer than in other recent years. In of wholesale prices, are also included in the special index, in some cases with different weights. Among materials included in "total" but not shown on the chart are plywood, building general, however, work stoppages have not paper, and a number of metals and nonmetallic minerals. Latest figures shown are for June, except "total" which is a Federal been long and costs have not been greatly Reserve estimate for July. affected. During the first half of 1952 union wage rates in the building trades increased At wholesale, prices of lumber and lumber 3 per cent, about the same as in the first half products declined after the first quarter of of 1950 and 1951. Most of the change oc- 1951 from their earlier advanced levels, and curred in late May and June. Average since the beginning of this year have rehourly earnings in contract construction were mained 5 per cent lower than in the spring relatively stable throughout the first five of 1951. Prices of particular lumber items months of this year at about $2.25, some 6 per have moved quite differently from the avercent higher than a year earlier. age, as can be seen in the chart. Plumbing equipment prices, probably reflecting the CONSTRUCTION VOLUME large accumulation of stocks, declined mod- New construction was in record volume in erately until May, then rose slightly and in the first seven months of 1952, despite a less June were 4 per cent below the earlier peak. than seasonal rise during the spring and Prices of most other types of building mate- summer. Increases in public construction rials have been generally steady since the offset small declines in private work. Total beginning of 1951 at all-time high levels. expenditures in this period, at a seasonally Following settlement of the strike, steel price adjusted annual rate of 33 billion dollars, increases averaging $5.65 per ton, or about were 5 per cent larger than a year earlier, the 5 per cent, were announced on July 25. increase representing mainly the rise in con- Prices charged by building materials dealers struction costs. AUGUST 1952 855 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE MARKETS IN 1952 Public construction. The increases in pub- tion may continue in large volume or inlic construction expenditures this year have crease when defense restrictions are relaxed. been most marked in connection with de- Private business construction. Private exfense work. Outlays for atomic energy penditures on construction for business purplants and other publicly owned industrial poses have changed little since last summer. facilities have increased substantially. Ex- Expenditures by public utility companies, penditures for military construction, as is which in recent years have been substantially shown in the chart, have risen very sharply larger than those of other types of business from 10 million dollars a month before enterprise, have continued to increase, reflect- Korea to about 150 million in recent months, ing further expansion in electric power, gas, and it seems likely that expenditures will be and telephone facilities. Monthly outlays for close to this high level for some time. industrial plant, which doubled in the year following the Korean invasion, have shown VALUE OF NEW CONSTRUCTION ACTIVITY little change during the past year, and by SEASONALLY ADJUSTED Millions of Doll Millions of Dollai now much of the private industrial expansion for defense purposes has been completed. The substantial decline in expenditures for commercial structures during 1951, largely as a result of Federal restraints on the use of credit and critical materials, was mainly in construction of stores and other retail facilities. Outlays for such construction and for warehouses and office buildings have been fairly stable this spring and summer. Residential building. Changes in total expenditures for private construction in recent years have reflected largely changes in residential building activity, as can be seen in the chart. During the spring and summer of 1951 residential building activity rose Joint estimates of the Departments of Commerce and Labor, much less than usual from the advanced adjusted for seasonal variation by the Department of Commerce. Latest figures shown are for July. level maintained in the winter by the many plans and financial arrangements made Expenditures for highways and public earlier in anticipation of regulation of real housing have been about one-seventh and estate credit. Such activity declined less than one-half, respectively, above year-ago levels, seasonally this winter and since late spring while other nondefense public expenditures has been larger than a year ago. In the first have been about the same as in other recent half of 1952 expenditures for private residenyears. Construction of some school, hospital, tial construction were 7 per cent smaller administrative, and other public buildings than in the first half of 1951, but 9 per cent has been deferred as a result of restrictions larger than in the second half. on the use of materials. The need for such The number of new housing units started buildings is very great, and public construc- in the first half of 1952 totaled 566,000, com- 856 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE MARKETS IN 1952 NONFARM DWELLING UNITS STARTED Number of units started (in thousands) Distribution of privately financed units, by type of financing (per cent) Privately financed Government underwritten Other Period Total f P i u na b n li c c e l d y Total 2 1 - u f - a n m a it n s i d ly f M u am n u i l i t t l s i y - Total Total in F s H u A re - d gua V ra A nt - eed m f i i n n o c a r l n n t u g o c d a t i i g n n e g g d , Annually 1948 931 18 914 810 104 100 43 32 11 57 1949 1025 36 989 827 162 100 47 36 11 53 1950 1396 43 1352 1193 159 100 50 35 15 50 1951 1091 71 1020 933 88 100 41 26 15 59 Quarterly 1950—1st 279 3 276 236 40 100 45 32 13 55 2nd 427 6 420 372 49 100 45 32 13 55 3rd 407 13 394 352 42 100 53 38 15 47 4th 283 21 262 234 29 100 56 38 18 44 1951—1st 260 11 249 227 22 100 46 29 17 54 2nd 330 50 280 257 23 100 44 29 15 56 3rd 276 6 270 245 26 100 36 24 12 64 4th 225 5 221 203 18 100 39 25 14 61 1952—1st 247 20 227 208 19 100 34 23 11 66 2nd 319 24 295 270 25 100 38 26 12 62 NOTE.—Data are from the Department of Labor, Federal Housing Administration, and Veterans Administration. Only new permanent family dwelling units built in nonfarm areas are represented; single-person accommodations, conversions, trailers, and all temporary structures are excluded. Data for FHA-insured and VA-guaranteed units represent those on which a first compliance inspection has been made by these agencies. Figures for type of structure in second quarter 1952 partly estimated by Federal Reserve. pared with 590,000 in the corresponding rental units has been started in recent months months of 1951 and a record 706,000 in the under FHA defense, military, and cooperafirst half of 1950. The small decrease from tive housing programs. the level of a year ago resulted mainly from Fewer public housing starts were authorthe decline in public starts, as can be seen in ized in the first seven months of 1952 than a the table. year earlier, reflecting chiefly the fact that an Privately financed housing starts during unusually large number was acted on in June the spring, close to 100,000 a month, were last year. Most of the public starts since slightly higher than last year. In July private mid-1950 have been undertaken with Federal starts rose counterseasonally to 102,400, sub- assistance under the Housing Act of 1949 stantially more than in July 1951. Units whereas earlier in the postwar period pracstarted under arrangements for FHA-in- tically all were under separate State and sured or VA-guaranteed financing have con- municipal programs in New York, Connectistituted a smaller proportion of total pri- cut, an4 Massachusetts. Under recently vate starts this year than in other postwar enacted legislation the maximum number of years, about 36 per cent compared with 45 Federally aided public housing starts has per cent in the first half of 1950 and 1951. been set at 35,000 for the current fiscal year; Multi-family unit starts decreased sharply this compares with 50,000 in fiscal year 1952. in 1951, following the expiration of FHA authority to insure mortgages under section REAL ESTATE TRANSFERS AND DEBT 608 of the National Housing Act, and con- The number of new nonfarm houses comtinued at a low level during the first half pleted and sold in the first half of this year of this year. An increasing number of was smaller than in other recent periods— AUGUST 1952 857 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE MARKETS IN 1952 about 400,000 compared with over 500,000 ing continued to account for a much larger in each half of 1951 and an exceptional proportion of credit extended on new houses 650,000 in the six months following the than on old—more than one-half compared Korean outbreak. This reduced volume of with one-sixth. On both old and new sales reflects the lower level of starts in late houses, however, Federally underwritten 1951 and early 1952 compared with a year loans were somewhat less important this earlier, a change in the attitudes of prospec- year than in other recent periods, reflecting tive purchasers toward buying before com- in part the reduced attractiveness to lenders pletion, and the increased effectiveness of of FHA-insured and VA-guaranteed mortcredit restraints. The increase in starts since gages and since early spring the reduced last winter, recent modification of credit ability of the Federal National Mortgage regulations, and continued high levels of Association to provide a secondary market personal income suggest that sales of new for such mortgages. houses will continue at a high level or increase in the months ahead. MORTGAGE LOANS MADE ON 1- TO 4-FAMILY PROPERTIES The market for existing houses, according [In billions of dollars] to trade reports, is not so strong this year as On existing Government properties underwritten in other recent years. Properties are reported On new t l o o w b e a s s k e i l n li g n g p r m ic o e r s e t s h l a o n w ly fo r a m n e d rl y fu . rth N er e v b e e r - - Period Total e p r r t o ie p s - fi c n p h T a u a n o r s c - e e o p p F o t u h o s r e e r - r s e p n r O r t e o i w n e p s - e e p r x O i r t n o i i n s g e p t s - theless, transfers of old houses in the first half of 1952—about 850,000—were somewhat Annually 1949 11.1 4.1 4.8 2.1 2.1 1.5 more numerous than in either half of 1951 1950 16.0 6.3 6.9 2.9 3.5 2.1 1951 16.0 6.4 6.7 2.9 3 9 1 7 and about the same as in the near-record Semiannually second half of 1950. 1949—1st 5.0 1 .7 2.3 1.0 1.0 .7 Mortgage lending. Gross new lending on 2nd 6.0 2.4 2.5 1.1 1.1 .8 1- to 4-family properties during the first 1950— 2 1 n st d 8 7 .2 8 3 2 . . 7 5 3 3 .3 6 1 1 .4 5 2 1 .5 0 1 .9 1 half of 1952 totaled about 8 billion dollars, 1951—ist 7 9 3 1 3 4 1 4 2 0 9 2nd 8.1 3.3 3.4 1.5 1.9 .8 the same as in each half of 1951. This vol- 1952—1st. 8.0 2.6 3.9 1.5 1.4 .9 ume of lending, shown in the table, has resulted from the large, though reduced, num- NOTE.—Figures on total mortgage loans made are from Home Loan Bank Board except for 1951 and 1952, which are Federal Reserve estimates. Figures for loans made on new properties and ber of new houses purchased; the close to on existing properties are tentative Federal Reserve estimates based on data from Government and other sources. Government record number of purchases of old houses; underwritten 1 oans made are loans insured by the Federal Housing Administration and those guaranteed or insured by the Veterans and the continued large volume of refinanc- Administratio ? ing to secure better terms, additional funds, Regulation X and the associated regulaor for other purposes. Also, the average tions of the FHA and VA were relaxed for mortgage loan made on both old and new houses in the lower price brackets in Septemhouses has risen considerably further this ber 1951 as required by Public Law 139, year, perhaps reflecting in part some change and in June 1952 similar changes were in the areas of high market activity and some made for higher priced houses. The curshift to the purchase of higher priced prop- rent requirements are summarized in the erties. table on page 892 of this BULLETIN. The Government insured and guaranteed lend- Defense Production Act Amendments of 858 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE MARKETS IN 1952 1952 continued authority for these regula- family and commercial properties increased tions until June 30, 1953. It also provided, by only half a billion dollars—considerably that if, in each of three successive months, less than in the comparable period a year the number of dwelling units started is earlier—reflecting in part the reduced volume smaller than 100,000, after allowance for of construction of these types of buildings. usual seasonal variation, a "period of residen- Farm mortgage debt, which has expanded tial real estate credit control relaxation" shall much more slowly than urban mortgage be declared, during which minimum down debt during the postwar period, increased payments required by the regulations may somewhat less this year than last year. not exceed 5 per cent. After such a period Federally insured and guaranteed debt on of relaxation has been declared, required 1- to 4-family houses increased proportionminimum down payments may not be in- ately more than the uninsured debt in the creased again until the number of dwelling first half of 1952, but the difference was units started, seasonally adjusted, has ex- much smaller than in other recent years. ceeded 100,000 in each of three successive VA-guaranteed debt increased by a billion months. dollars to almost WA billion and FHA- Outstanding mortgage debt. Outstanding insured debt by less than half as much to 10 mortgage debt secured by 1- to 4-family billion. In mid-1952, such Government houses expanded by about 3.2 billion dollars underwritten debt accounted for somewhat in the first half of 1952 to 57 billion on June over two-fifths of all mortgage debt out- 30, as is shown in the chart. Debt on multistanding on 1- to 4-family houses, about the same as at the end of 1951. MORTGAGE DEBT ON NONFARM 1- TO 4- FAMILY HOUSES Investors in residential mortgages. The ANNUALLY Billions of Dollars mortgage portfolios of private institutional mortgage investors and of the Federal National Mortgage Association have expanded further, as shown in the table on the following page, but changes in holdings have differed among types of investors. The 2.3 billion dollar increase in holdings of savings and loan associations in the year ending June 1952 was the largest for any corresponding period, and the increases of 2 billion and 1.4 billion at life insurance companies and mutual savings banks were exceeded only during the preceding year. At commercial banks the net addition to holdings was about 700 million dollars, the smallest in two years. The Federal National Mortgage Associa- 1930 tion, in supporting the Government under- Data on outstandings at end of period and new loans made during period are from Home Loan Bank Board except for 1951 written mortgage market, expanded its and 1952 which are Federal Reserve estimates. Apparent retirements during period are derived from these data. Latest figures mortgage holdings by 500 million dollars shown for new loans made and apparent retirements are annual rates in first half of 1952; for debt outstanding, amount on June during the year ended June 1952. Most of 30, 1952. AUGUST 1952 859 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE MARKETS IN 1952 its purchases were VA-guaranteed mort- chase of such mortgages—of which 362 milgages. Sales of mortgages were very small, lion remained out of an original 600 millittle more than 5 million dollars in any lion—were made available for over-themonth. Early in April funds for the pur- counter purchase of other mortgages, but chase of mortgages, except those written on such purchases had not been resumed by programmed defense, military, or disaster August 13. The Act limits purchases of housing, were practically exhausted. There- mortgages other than those on defense, miliafter, purchases dropped sharply from their tary, and disaster housing to mortgages inearlier average of 60 million dollars a month sured or guaranteed on or after March 1, to about 6 million monthly in the May-July 1952. It also limits the amount of such mortperiod. gages that any lender may sell to FNMA to not more than half of the FHA and half of RESIDENTIAL REAL ESTATE MORTGAGE LOANS HELD BY the VA mortgage loans made between SELECTED TYPES OF FINANCIAL INSTITUTIONS March 1, 1952, and the date of sale. Previ- [In billions of dollars] ously, lenders might sell to FNMA all of Private institutions Fed- the VA loans they had made during speci- T s o e t - al, Sav- N er a a - l fied periods. l i e n c s t t e i d - i a n n g d s in L s i u fe r- Com- M tua u l - t M io o n r a t l - The net growth in institutional investtu- loan ance mer- sav- gage tions asso- com- b c a i n a k l s ings Acsisao-- ments in residential mortgages over the past cia- panies banks tions tion twelve months has been facilitated by the large flow of savings into financial institu- 1948—June 30 27.6 9.7 5.9 7.6 4.3 .1 Dec. 31 30.2 10.3 6.8 8.1 4.8 .2 tions. Time deposits at commercial and 1949—June 30 32.1 10.8 7.5 8.2 5.1 .5 mutual savings banks have grown steadily Dec. 31 34.9 11.6 8.2 8.7 5.6 .8 1950—June 30 38.7 12.7 9.3 9.5 6.1 1.1 as have individuals' equities in life insurance Dec. 31 43.5 13.7 11.0 10.4 7.1 1.3 reserves. The situation has been similar at 1951—June 30 47.5 14.6 12.6 10.9 7.8 1.6 31 51.1 15.6 13.8 11.3 8.6 1.8 savings and loan associations where net new 1952—June 30 54.4 16.9 14.6 11.6 9.2 2.1 share purchases in the first half of 1952 exceeded 1.5 billion dollars, almost one-third NOTE.—Figures for sayings and loan associations are from o H f o m Li e f e L I o n a s n u r B an an c k e a B n o d a r H d; o l m if e e i L n o s a u n ra n B c a e n k c om Bo p a a r n d ie ; s c , o f m ro m m e r I c n ia s l t it a u n t d e more than in the previous six months and mutual savings banks, from the Federal Deposit Insurance Corporation; Federal National Mortgage Association, from Housing about two-thirds larger than in the comand Home Finance Agency. June 30, 1952 figures for all private institutions and June 30 figures for all years for savings and loan parable period a year ago. Even so, with associations and life insurance companies are estimated by Federal Reserve. lending on mortgages at record levels, as- The Housing Act of 1952, approved on associations' borrowings from Federal Home July 14, provided an additional 900 million Loan Banks have exceeded repayments since dollars of funds for FNMA to make advance April, with the result that advances outcommitments to purchase mortgages on de- standing from the Banks to member institufense, military, and disaster housing. Au- tions have been increasing again, following thorized funds previously set aside for pur- steady declines earlier this year. 860 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES PART II. Purchases of Durable Goods and Houses in 1951 and Buying Plans for 1952 x Consumers continued to purchase automobiles, quality than increasing the size of stocks. This other durable goods, and houses at very high rates situation was clearly evident in the case of autoin 1951. For the first time in the postwar period, mobiles. The proportion of consumer spending however, there was no increase in such purchasers units owning automobiles did not increase in over the preceding year. While numbers of con- 1951 following steady increases in the preceding sumers acquiring major household items and years covered by the surveys. However, purchases houses were as large as in 1950, approximately one of more than 4 million new cars and scrappage of million fewer purchased automobiles. The decline a larger number of old ones reduced the average in buying of automobiles occurred primarily in age of cars considerably. By early 1952 the prothe new car market. The number of used car portion of automobiles three years old or less was purchasers remained about as high in 1951 as in larger than it was before World War II. There 1950. These findings, together with other survey were no cars between 7 and 10 years of age at the information on purchases and ownership by various beginning of this year while the proportion of cars groups, throw light upon the underlying trends in 10 years old or more was larger than prewar. The markets for durable goods. oldest cars (10 years or more) therefore may be At the end of World War II, consumer stocks expected to decline in relation to the total number of durable goods and houses were low in both in use. quantity and quality, especially in relation to con- Consumers are now purchasing new models of sumer incomes and liquid asset holdings. High household appliances to replace postwar as well rates of production during the postwar period have as prewar acquisitions, and are continuing to enpermitted consumers to build up their stocks to a large their stocks of new types of appliances such point where the most urgent demands are now as television sets, clothes dryers, and dishwashers. satisfied. By early 1951 automobiles were owned For a standard item such as mechanical refrigby 32 million spending units, about 60 per cent of erators, ownership appears to have been quite genall spending units. Television sets, which have eral in early 1952 and more than two-thirds of those been produced in volume for only about four years, owned were postwar models. For a new item, like were owned by nearly 16 million spending units— a television set, ownership is still far from general, 30 per cent of the total number. About 23 million despite substantial purchases. nonfarm families owned their own homes. While the number of families owning homes In 1951, as compared with preceding postwar increased about half a million in 1951, the proyears, consumer demand for durable goods genportion of families owning homes changed little erally was directed more toward improving the because of the increase in the total number of fami- 1 This is the second in a series of articles presenting the lies. Postwar expansion of home ownership has results of the Board of Governors' 1952 Survey of Consumer been substantial as a result of postponed demand Finances. The first article in the series, covering the general financial position, expectations, and investment preferences during the war, a high rate of family formation, of consumers, appeared in the July BULLETIN. A final high levels of income, and large accumulations of article analyzing the distribution of incomes and the asset liquid assets. Ample supplies of mortgage money, holdings of consumers will appear in a subsequent issue of the BULLETIN. Discussion of the sampling procedure and and especially the favorable terms available to limitations of the survey is given in a technical note to the veterans, have also been of considerable importance first article. The present article was prepared by Tynan Smith and in the postwar housing market. The stimulus of John Frechtling of the Consumer Credit and Finances Section special credit terms for veterans appears to continue of the Board's Division of Research and Statistics. A close to be of importance on the basis of plans to purworking relationship is maintained with the staff of the Survey Research Center at all stages of the work and this chase houses in 1952. analysis has had the benefit of suggestions from the Center's In early 1952 the proportion of spending units staff, particularly John B. Lansing, James N. Morgan, and Kent Winter. planning to buy automobiles during the coming AUGUST 1952 861 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES year was slightly larger than in early 1951. Plans goods. Most consumers thought that the coming to buy houses were about the same, and plans to year would be a bad time to buy durable goods bebuy furniture and major household appliances were cause they expected high prices to prevail. somewhat less frequent than a year earlier. These buying plans indicate that consumer demand in AUTOMOBILES 1952, as in 1951, is less strong than in previous Purchases in 1951. In the population represented postwar years. This is consistent with the high by the survey, the number of consumer spending quality and large stocks of durable goods and units purchasing automobiles declined in 1951 for houses in the hands of consumers. To some ex- the first time in the postwar period. The number tent it may reflect also consumer reaction to in- of purchasers of new and used cars fell to about creased taxes and higher prices of other consumer 11.6 million from the 1950 level of 12.7 million. TABLE 1 CONSUMER INTENTIONS TO BUY AND ACTUAL PURCHASES OF NONFARM HOUSES AND DURABLE GOODS * s P p e e r n c d e i n n t g a g u e n o it f s E o s f t i ( s m i p n e a n t m e d d i i l n li g n o u n u m s) n b it e s r exp M en e d d i i t a u n re 2 exp A e v n e d r i a t g u e re 2 Es e ( t x i i n p m e a b n t i d l e l i d i t o u n r t s o e ) s tal Type of purchase Planning Making Planning Making Expected Actual Expected Actual Expected Actual pur- pur- pur- pur- pur- pur- pur- pur- pur- purchases chases chases chases 3 chasers chasers chasers chasers chasers chasers House:4 1952 E N x e i w sting * 5 2 1 . . 8 6 0 1 . . 8 3 }$9,800 kio.ooo } $21.0 1951 K N x e i w sti . ng 5 5 2 1. . 8 3 3 1 . . 5 4 0 1 . . 9 1 0 1 . . 7 7 |r9,000 $8,500 9,300 $9,300 18.6 $21.8 1950 N Ex e i w sting 5 5 4 1. . 7 0 2 1 . . 9 7 0 1 . . 8 9 0 1 . . 8 4 } 7,500 8,500 7,900 9,400 21.3 20.7 1949 E N x e i w sting 2 2 . . 9 1 2 1 . . 2 3 1 1 . . 3 0 0 1 . . 6 0 1 7,000 5,900 8,200 7,000 18.5 11.2 Automobile: 6 1952 8.5 4.5 (V) (7) 6 5 1 1 1 9 9 9 5 5 5 1 0 0 8 1 1 4 7 2 . . . 6 1 4 2 2 1 4 . . 9 5 3 6 7 . . . 7 4 6 1 1 1 2 . . 6 7 ( ( ( 7 7 7 ) ) ) 1 1 , , 4 4 0 2 0 0 0 0 (7) ) ) rl 1 , , 3 3 6 8 0 0 1 9 5 0 . . 3 8 0 m 16 . .0 2 New 1 a 9 u 4 t 9 omobile: 13.0 21.6 6.6 11.4 (7) 1,400 (7) 1,330 10.5 15.1 1952 4.3 2.3 2 ,300 2,420 5.6 1951 4.0 8.2 2.1 4.4 1,970 2,220 2,140 2,396'' 4.5 10.3 1950 7.4 10.1 3.8 5.2 1,920 2,110 1,990 2,220 7.6 11.7 1950 8 8.7 4.5 1,920 1,990 8 9 1949 8 5 8 6 4.3 4 5 1 ,990 2,090 2,060 2,190 8 8 9 9 Used automobile: 1952 4.2 2.2 600 700 1.6 1951 3.1 13.7 1.6 ""i'.i" 590 600 770 790 1.3 5.7 1 1 9 95 5 0 0 8 5 5 . . 9 0 14.4 3 2 . . 1 6 7.5 5 54 4 0 0 550 6 6 5 5 0 0 '730 2 1 . . 0 7 '5.5 1949 4.5 13.0'' 2.3 6.9 630 710 760 1.7 5.2 Furniture and major house- o66'" hold appliances: 1952 19.6 10 3 290 370 3.8 1951 21 .7 42.1 11.3 22.3 300 360 380 4 1 8 5 1950 24 4 '41.8 12.7 21 8 290 228800 390 350 5 0 7 6 1949 23.3 39.5 11.8 20.5 250 250 340 350 4.0 7.1 r Revised. 1 Planned purchases for year 1952 and actual purchases during 1951 were ascertained from interviews made during January-early March 1952. Similar information for previous years was obtained by surveys made early in 1951, 1950, and 1949. Planned purchases for a given year are based on reports of spending units that said they definitely or probably would buy during year and on a few reports that purchases had been made in given year prior to interview. For automobiles and houses, reports generally indicated whether a new or used model would be purchased; cases where consumers were undecided on this point are distributed equally between the two categories. 2 Refers to total expenditure before deduction of value of trade-ins or existing assets sold. 3 In the case of automobiles, figures in this column represent the proportion of all spending units that bought cars during the given year and still owned them at the time of interview. Data on expenditure for automobiles refer (1) only to the most recent car purchase during the given year in the case of spending units that bought more than one car but owned only one at the time of interview and (2) only to the more expensive car purchase during the given year in the case of spending units that bought more than one car and owned two or more at the time of interview. 4 Refers to nonfarm houses and percentage of nonfarm spending units only. Farm operators are excluded from housing figures inasmuch as their purchases of housing are usually incidental to their purchases of farm land. 5 Data concerning plans to buy houses in 1950, 1951, and 1952 are not completely comparable with earlier data because of changes in coding procedures which tended to reduce somewhat the proportions of prospective buyers relative to earlier years. Nevertheless, a larger proportion of spending units appear to have been probable or definite buyers in 1950 than in 1949 and a smaller proportion in 1951 than in 1950. 6 Includes both new and used automobiles. 7 Data not available. 8 Changes in coding procedures in the 1950, 1951, and 1952 surveys somewhat reduced the percentage of spending units in the "will probably buy" category. This italicized line gives adjusted data for 1950 which are comparable with the 1949 data. 862 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES The decrease was almost entirely among new car used cars was about as large in 1951 as in 1950 (see buyers. The number of spending units that bought Table 1). TABLE 2 ACTUAL PURCHASERS OF CONSUMER DURABLE GOODS WITHIN VARIOUS GROUPS [Purchasers as a percentage of spending units within groups] Furniture and major New automobiles Used automobiles household appliances Croup characteristic 1950 1949 1951 1950 1949 1951 1950 All spending units 10 14 13 42 42 39 Money income before taxes: Under $1,000 1 0) 1 6 7 3 21 14 18 $l,000-$l,999 3 2 4 10 14 10 25 32 28 $2,000-$2,999 4 6 5 14 17 17 38 34 41 $3,000-$3,999 7 9 8 20 19 17 47 51 47 $4,000-$4,999 10 13 10 17 19 18 49 51 50 $5,000-$7,499 15 25 21 16 13 13 59 59 53 $7,500 and over 30 40 33 4 6 67 65 55 Age of head of spending unit: 18-24 4 3 7 20 18 22 33 36 35 25-34 9 12 10 20 21 18 52 49 52 35-44 11 13 11 17 18 15 47 50 49 45-54 10 14 9 12 12 11 42 43 38 55-64 7 7 7 38 38 27 65 and over 4 2 2 24 21 18 Occupation of head of spending unit: Professional and semiprofessional. 15 21 16 10 10 11 45 48 49 Managerial and self-employed.... 16 17 19 13 12 9 55 51 44 Clerical and sales 9 16 10 12 12 11 42 42 35 Skilled and semiskilled 8 10 7 19 20 21 50 48 47 Unskilled 3 2 3 15 15 10 33 37 36 Farm operator 11 9 14 12 17 11 41 38 43 All other 2 3 4 3 7 9 9 25 28 26 1 No cases reported or less than one-half of 1 per cent. ? Includes spending units headed Ly retired and unemployed persons and by students, housewives, and persons whose occupations were not ascertained. TABLE 3 PRICE PAID AND NET OUTLAY BY AUTOMOBILE PURCHASERS [Percentage distribution of purchasers] Price 1951 1950 Net outlay l New automobile: New automobile: Under $1,500 2 1 Under $500 5 3 $l,500-$l,999 26 38 $500-$899 15 14 $2,000-$2,499 32 33 $900-$l,299 23 15 $2,500-$2,999 24 21 $l,300-$l,799 24 34 $3,000 and over 14 7 $l,800-$2,299 21 22 Not ascertained 2 $2,300 and over 9 11 Not ascertained 3 1 All cases. 100 100 All cases 100 100 Median.. $2,220 $2,120 Average. . $2,390 $2,220 Median 3 $1,400 $1,590 Average 3 $1,440 $1,540 Used automobile: Used automobile: Under $500 41 43 Under $500 50 54 $500-$999 22 24 $500-$899 24 23 $l,000-$l,499 21 17 $900-$l,299 16 15 $1,500 and over 15 12 $1,300 and over 8 7 Not ascertained 1 4 Not ascertained 2 1 All cases. . . 100 100 All cases 100 100 Median.. . $600 $550 Median 4 $500 $490 Average. . . $790 $700 Average 4 $570 $550 1 Net outlay is price of car less amount received on any trade-in or from the sale of a previously owned car. 2 No cases reported or less than one-half of 1 per cent. 3 Median and average net outlays for new cars in 1949 were $1,510 and $1,480, respectively. 4 Median and average net outlays for used cars in 1949 were $470 and $580, respectively. AUGUST 1952 863 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES There appears to have been some decline from 1950 to 1951 despite an increase in average price.2 1950 in the proportions of spending units in most This change was due primarily to the increased income groups that bought new automobiles. importance of trade-ins in the 1951 automobile Among spending units with incomes of $5,000 or market and to the fact that a larger proportion of more, a group which has accounted for approxi- trade-ins were late model cars. About 4 in 10 new mately half of the new car purchases in recent years, car buyers in 1951 made net outlays of less than a smaller proportion purchased new automobiles in $1,300 as compared with 3 in 10 in 1950 (see Table 1951 than in 1950. On the other hand, the pro- 3). The average net outlay of used car buyers reportion of spending units in this group purchasing mained virtually unchanged from 1950 to 1951. used cars increased slightly in 1951 (see Table 2). 2 Net outlay is the purchase price less the value of the This suggests that some consumers in the upper trade-in or amount received from the sale of a car previously income group who might otherwise have purchased owned. a new automobile actually purchased a used automobile because of comparative price considerations. TABLE 5 The proportion of spending units in the income METHOD OF FINANCING AUTOMOBILES, FURNTTURF. AND group below $5,000 that bought used automobiles MAJOR HOUSEHOLD APPLIANCES, AND HOUSES fell slightly in 1951 as compared with 1950. [Percentage distribution of purchasers] Prices paid for both new and used automobiles were higher in 1951 than in 1950, according to Method of financing 1951 1950 1949 the survey. The median (.middlemost) price Automobile: l paid by new car buyers increased approximately Full cash (including trade-in allow- $100 while the median price for used cars increased ances) 44 47 50 Instalment credit and/or other borrowby a smaller amount. Among new car buyers the ing 55 r5S '49 proportion that paid $2,500 or more rose from 3 Method not ascertained 1 n r\ A 1 cases 100 100 100 in 10 in 1950 to 4 in 10 in 1951. The proportion of used car buyers paying $1,000 or more also Number of cases.... 635 874 784 tended to be greater in 1951 than in 1950 (see New automobile: Full cash (including trade-in allow- Table 3). ances) 52 54 56 Instalment credit and/or other borrow- The frequency of buyers who either traded in ing . 47 46 43 Method not ascertained 1 (2) 1 or sold a car has been much higher among new All cases... 100 100 100 than among used car buyers during the postwar Number of cases... 295 415 351 period (see Table 4). In 1951 about 80 per cent Used automobile: of the new car buyers and about 60 per cent of Full cash (including trade-in allowthe used car buyers disposed of a car through Ins a t n a c l e m s) ent credit and/or other borrow- 39 41 47 trade-in or sale. ing 60 57 52 Method not ascertained 1 2 1 Average net outlay for new cars declined from All cases 100 100 100 Number of cases 338 458 433 TABLE 4 Furniture and major household appli- TRADE-INS AND SALES IN CONNECTION WITH AUTOMOBILE ances : Full cash (including trade-in allow- PURCHASES ances) 47 49 46 Instalment credit and/or other borrow- [Percentage distribution of purchasers] ing 52 50 54 Method not ascertained 1 1 (2) Type of B u n s u e e w y d e r a c s n a o d rs f B ne u w ye r c s a o rs f B us u e y d e r c s a o rs f Numbe A r l o l f c c a a se se s. s . . . .. 1 1 ,2 0 1 0 5 rl, 1 4 0 7 0 1 '1 1 , 0 4 0 05 transaction House:3 195119501949195119501949195119501949 Full cash 9 15 17 Mortgage 89 84 83 Traded-in a car 57 53 49 67 70 60 52 41 41 Method not ascertained 2 1 (2) S N o e l i d t h a e r car 3 1 0 0 38 7 3 1 7 4 1 1 4 5 22 6 2 1 2 7 39 7 49 8 4 1 7 2 All cases... 100 100 100 Not ascertained. . . 3 2 0) 4 2 1 2 2 0) Number of cases 129 166 107 All cases 100 100 100 100 100 100 100 100 100 Number of cases. . .635 858 787 295 400 351 338 458 436 1 r I R n e c v lu is d e e d s . both new and used automobiles. 2 No cases reported or less than one-half of 1 per cent. 1 No cases reported or less than one-half of 1 per cent. •'Includes both new and existing nonfarm houses. 864 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES Survey findings indicate little change between liquid asset holdings of less than $500 at the be- 1950 and 1951 in the proportion of car buyers that ginning of the year used credit in about 6 in 10 used instalment or other credit in financing their cases while those with liquid asset holdings of purchases. In both years, slightly less than 5 in 10 $2,000 or more used credit in only about 1 in 10 new car purchasers and about 6 in 10 used car pur- cases. chasers made use of credit (see Table 5). There Net outlay is probably more significant than purwas, however, some decline from 1950 to 1951 in chase price in determining the use of credit since it the proportion of the purchase price borrowed by is this net amount which purchasers have to provide those who bought on credit. This change doubt- from income and liquid assets or credit. Among less reflected to some extent the influence of Gov-purchasers of used cars in 1951, credit was used ernment regulation of instalment credit terms. much more frequently when the net outlay was Regulation was in effect throughout 1951 but only large than when it was small. The difference was in the last few months of 1950. Another factor less marked among purchasers of new cars. tending to reduce the proportion borrowed was the Ownership. The proportion of spending units decline in average net outlay on new cars. owning cars in early 1952 was not significantly dif- The frequency with which credit is used to ferent from the 60 per cent reported in early 1951. finance purchases of automobiles is affected by sev-During the previous two years, survey data had ineral interrelated factors, the more important of dicated an annual increase in automobile ownership which are the income of the purchaser, his liquid of nearly 10 per cent. The small increase in car asset holdings, the price of the car, and the net out- ownership in 1951 indicates that purchases of new lay. Most purchasers of high priced new auto- automobiles were largely offset by scrapping of mobiles have large incomes and substantial liquid older cars. asset holdings, and trade in their cars frequently. The age distribution of automobiles changed With a relatively small net outlay and adequate substantially between 1951 and 1952. Cars more financial resources, such purchasers use credit infre- than seven years old accounted for 36 per cent of all quently. At the other extreme, purchasers of low cars owned early this year as compared with 47 per cent in early 1951 (see Table 6). The proportion priced used automobiles are often persons with of cars no more than three years old increased, small, and perhaps irregular, incomes, and little or notwithstanding a slight decline in the proportion no liquid assets. The unfavorable financial position of cars one year old. This slight decline reflected of these buyers and the undesirability of low priced the falling off in sales of new cars in 1951 as comused cars as collateral limit the availability of credit. pared with a year earlier. The most frequent use of credit is by purchasers By early 1952, the proportion of automobiles of high priced used cars. These buyers are largely three years old or less owned by urban families was in the middle income group, and their frequent use larger than in 1941 (see Table 7). The proportion of credit reflects their moderate liquid asset holdings and favorable income position. Automobile buyers TABLE 6 in this group generally have a relatively large net AGE OF AUTOMOBILES OWNED WITHIN POPULATION COVERED outlay since they tend to hold cars longer than BY SURVEY buyers in the upper income group. Among these [Percentage distribution of automobiles] spending units, however, variations in liquid asset holdings and net outlay play an important part in Age of automobile l 1952 1951 1949 determining the use of credit. 3 years or less 44 39 28 1 year or less 14 17 12 Probably the most important factor in determin- 2 to 3 years 30 22 16 ing the use of credit for financing an automobile More than 3 years 56 61 72 purchase is the amount of liquid asset holdings. 4 to 7 years 20 14 (2) More than 7 years 36 47 72 Most purchases of automobiles involve a large ex- All cases 100 100 100 penditure which cannot be financed out of current income. Consequently, purchasers at any income 1 Automobiles owned at time of interview in January-March 1952 were classified for age as follows: 1 year or less—1951 and 1952 level are likely to have to borrow if they do not models; 2 to 3 years—1949 and 1950 models; 4 to 7 years—1946, 1947, and 1948 models; more than 7 years—1945 models and earlier. have liquid assets upon which to draw. The survey Ages of automobiles at time of previous surveys were similarly shows that in 1951 automobile purchasers with com 2 N pu o te c d a . ses because of cessation of production in war period. AUGUST 1952 865 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES of cars more than seven years old was twice as TABLE 8 large in early 1952 as in 1941, and in 1952 all in AUTOMOBILE OWNERSHIP WITHIN REGIONAL INCOME GROUPS 1 this age group were more than 10 years old. The [Percentage distribution of spending units] relatively large number of very old automobiles in early 1952 is the heritage of the wartime stop- Owns p m a o g s e t o o f f c t a h r e s p e r od o u ld ct i c o a n r . s w W il i l t h b in e a s n cr o a t p h p e e r d f e a w n d ye t a h r e s 19 b 5 e 1 fo m re r o e n t g a e i x o y e n s i n a c n o d me b N c e a u r s m e o s - f c A as l e l s 1 auto- 2 or D o n w o o e t n s mobile more age distribution may be expected to approach closer to the prewar pattern. All income groups: All regions 2,820 100 56 4 40 North East 788 100 47 2 51 TABLE 7 North Central 1,051 100 65 5 30 South 623 100 49 4 47 West 358 100 65 7 28 AGE OF AUTOMOBILE OWNED BY URBAN FAMILIES 1 Under $3,000: [Percentage distribution of newest cars owned] All regions 1,091 100 36 1 63 North East 271 100 23 1 76 Age of automobile 1952 1951 1950 1949 1941 S N o o u r t t h h Central 3 3 7 2 0 4 1 1 0 0 0 0 4 3 8 2 2 1 5 6 0 7 West .. 126 100 43 3 54 3 y 1 2 e t a y o e rs a 3 r o y o r e r l a e l r s e s s ss 3 4 1 2 9 7 4 2 2 4 2 2 3 1 1 8 9 9 2 1 1 9 3 6 4 2 1 2 3 9 $3 A N ,0 l o 0 l r 0 r t - e h $ g 4 i E o ,9 a n 9 s s t 9: 9 28 0 7 6 1 1 0 0 0 0 5 7 8 0 4 2 2 4 6 0 Mo 4 M r e o to r t e 7 h a t y h n e a a n 3 r s 7 ye y a e r a s rs 3 5 1 6 1 5 4 5 1 0 6 6 5 6 6 6 2 7 7 1 0 1 4 5 1 0 8 8 W S N o o e u r s t t t h h Central 3 1 1 5 1 5 1 2 6 1 1 1 0 0 0 0 0 0 7 7 7 6 8 2 9 3 5 2 2 1 3 1 3 $5,000 and over: All cases 100 100 100 100 100 All regions 823 100 78 11 11 North East 230 100 73 5 22 1 For derivation of age of automobiles from model year informa- S N o o u r t t h h C .. entral 3 1 3 4 0 3 1 1 0 0 0 0 8 7 2 3 1 1 2 7 1 6 0 tion, see note 1, Table 6. Data in this table are based on the West 120 100 82 10 8 newest automobile owned by each family. For discussion of 1941 data, see Supplementary Table 1, note 1, p. 876. Regional information on automobile ownership was obtained for the first time in the 1952 survey.3 The frequency of car ownership in early 1952 was much lower in the Northeastern part of the country than in other regions at all levels of income (see Table 8). In this area the population is concentrated in large cities and metropolitan areas served lar plans in early 1951. The median price expected by well-established systems of public transportation, for 1952 purchases was $2,300, more than $300 and so the ownership of an automobile is less nec- above that in 1951 (see Table 1). Those planning essary than in other regions. Furthermore, the to buy used cars in 1952 expected to pay about the congested streets and highways of densely populated same as in 1951. areas limit the advantages and increase the cost Nearly 80 per cent of the consumer spending of automobile ownership. units that had fairly definite plans to buy in 1952 Planned purchases. A somewhat larger propor- already owned automobiles. More than 8 in 10 tion of the spending units expressed fairly definite of those planning to buy a new automobile alplans to buy automobiles in 1952 than in 1951 (see ready owned a car while 7 in 10 of those planning Table 1). The increase occurred primarily among to buy a used automobile owned a car. The prospending units planning to buy used cars. If spend- portion of prospective used car buyers that already ing units that were thinking of buying a car in owned cars was substantially greater than in prethe coming year but were still undecided are in- vious postwar years, and most of this group had cluded, there appears to have been little difference prewar models. The importance of frequent between the 1951 and the 1952 level of buying plans. trade-ins to the new car market is indicated by the Consumers planning in early 1952 to buy new finding that more than half of the prospective buyers cars expected to pay more than those having simi- of new automobiles owned cars less than three years old. 3 The sample design of the survey has been gradually Changes in consumer incomes and prices since altered over the past four years to permit a limited number of tabulations on a broad regional basis. early 1952 and the suspension of Government regu- 866 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES lation of consumer instalment credit may already the previous year. There was a decline in the numhave altered consumers' dispositions to buy. An- ber of spending units purchasing refrigerators and other development that may affect the automobile an increase in the number purchasing furniture (see market is the recent work stoppage in the steel Table 9). Purchases of television sets, washing industry, which has curtailed the availability of machines, and radios were reported with about the steel for automobile production. same frequency in 1951 as in the previous year. A Some indication of longer run demand for auto- substantial increase in the number of spending units mobiles may be obtained from the fact that, early reporting purchases of "other electrical appliances" in 1952, 14 per cent of all consumer spending units probably reflected the strong growth trend of newer expressed definite or tentative intentions to buy an appliances such as dishwashers, dryers, air condiautomobile in 1953. This was approximately the tioners, and dehumidifiers. same proportion of spending units that expressed The distribution of purchasers of furniture and an intention to purchase a car in 1952, although major household appliances among income, age, and plans expressed for the later year of necessity are occupational groups was similar in 1951 to that more tentative. of 1950 (see Tables 10 and 11). As in previous Continuation of the upward trend in the propor- years, purchasers of major household durables, extion of trade-ins is suggested by the finding that cept radios, were relatively more frequent in the spending units already owning cars constituted a upper than in the lower income groups. somewhat larger proportion of prospective buyers Family status is an important element in the dein 1953 than in 1952. mand for most household durable goods. Young married people (under 45 years of age) bought all FURNITURE AND MAJOR HOUSEHOLD APPLIANCES types of major household appliances and furniture Purchases in 1951. According to the survey, con- relatively more frequently than did other groups in sumers purchased furniture and major household 1951, as in the previous year (see Table 12). Those appliances about as frequently in 1951 as in 1950 without children were the most frequent purchasers (see Table 1). The median expenditure by pur- of basic household items such as furniture, rechasers of these goods was also about the same as in frigerators, and stoves, while those with children TABLE 9 ACTUAL AND PLANNED PURCHASES OF FURNITURE AND SPECIFIED HOUSEHOLD APPLIANCES a Actual purchases Planned purchases Type of purchase 1951 1950 1949 1952 1951 1950 Furniture: Percentage of spending units 14.3 12.6 14.1 8.7 8.2 9.6 Estimated number of spending units (in millions) . 7.6 6.5 7.3 4.6 4.2 5.0 Median expenditure $210 $215 $210 $260 $290 $250 Radio: Percentage of spending units 5.3 -5.7 7.7 1.2 2.7 2.2 Estimated number of spending units (in millions). 2.8 '3.0 4.0 0.6 1.4 1.1 Median expenditure $50 $45 $55 $40 $100 $100 Television set: Percentage of spending units 12.0 11.8 5.6 5.6 5.1 6.6 Estimated number of spending units (in millions). 6.3 6.1 2.9 2.9 2.6 3.4 Median expenditure $300 $300 $330 $300 $250 $260 Refrigerator:2 Percentage of spending units 11.7 13.4 13.1 4.6 5.1 6.0 Estimated number of spending units (in millions). 6.2 7.0 6.8 2.4 2.6 3.1 Median expenditure $265 $270 $260 $289 $290 $245 Washing machine: Percentage of spending units 5.7 r6.4 5.1 1.8 2.7 3.0 Estimated number of spending units (in millions). 3.0 3.3 2.7 1.0 1.4 1.6 Median expenditure $185 $175 $145 $190 $200 $165 r Revised. 1 Planned purchases in 1952 and actual purchases in 1951 were ascertained from interviews made during January-early March 1952. Similar information for previous years was obtained by surveys made early in the respective years. In each case, the percentage of spending units expecting to buy includes those who had purchased in the given year prior to being interviewed, those who said they definitely would buy, and those who said they probably would buy. 2 Includes home freezers. AUGUST 1952 867 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 10 INCOMES OF ACTUAL AND PROSPECTIVE PURCHASERS OF CONSUMER DURABLE GOODS [Percentage distribution of spending units] Actual purchasers Prospective purchasersl Type of purchase N be u r m o - f All Under $1,000-$2,000-$3,000-$4,000- $5,000 b N e u r m o - f All Under $1,000-$2,000-$3,000-$4,000- $5 a , n 0 d 00 cases buyers $1,000 $1,999 $2,999 $3,999 $4,999 over cases buyers $1,000 $1,999 $2,999 $3,999 $4,999 over ___ Automobile:2 1952 250 100 6 7 16 19 16 36 1951 635 ioo 4 9 14 22 18 33 145 100 5 10 13 20 18 34 1950 859 100 4 11 17 21 16 31 464 100 4 11 16 20 16 33 1949 787 100 3 13 22 21 14 27 499 100 4 9 16 23 16 32 New automobile: 1952 ....... 131 100 4 3 11 16 12 54 1951 "295" "ioo" 6 ""8" "14" 18 "53" 80 100 3 5 8 14 24 46 1950 400 100 1 3 10 16 16 54 284 100 3 8 12 14 17 46 1949 351 100 2 8 14 16 13 47 325 100 1 5 8 22 19 45 Used automobile: 1952 104 100 7 12 23 20 19 19 1951 "338" "ioo" ""'e" 11 18 "27" 18 "26" 57 100 7 17 18 29 10 19 1950 458 100 6 17 22 25 16 14 160 100 6 17 22 28 15 12 1949 436 100 4 15 28 25 15 13 151 100 7 17 30 23 11 12 Furniture and major household appliances:3 1952 577 100 7 11 16 17 19 30 1951 1,216 100 6 9 16 20 17 32 421 100 3 11 17 23 13 33 1950 1,490 100 4 14 15 24 15 28 885 100 5 12 19 25 15 24 1949 1,407 100 6 14 22 22 14 22 840 100 6 11 21 25 15 22 Television set: 1952 474 100 5 6 13 20 23 33 1951 376 100 2 5 12 21 17 43 1950 445 100 2 5 10 23 21 39 250 100 3 6 10 26 20 35 1949 221 100 2 2 16 26 14 40 104 100 (5) 2 6 21 23 48 Distribution of spendingunits b N c e a u r s m e o s - f s u p i A n e n n i l g t l d s - 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 - an $ d 5 ,0 o 0 v 0 er 1951 2,820 100 13 15 18 18 14 22 1950 3,415 100 13 17 19 ]9 12 20 1949 3 512 100 14 19 21 9 11 16 e Estimated. 1 Includes those who had purchased in given year prior to interview, those who said they definitely would buy, and those who said they probably would buy. Number of cases sharply reduced in 1951 by omission of one-half of nonfarm sample. Because of small number of cases, the income distribution of prospective automobile purchasers in 1951 should be used with caution. 2 Includes both new and used automobiles. 3 Includes television sets. 4 Data not available. 5 No cases reported or less than one-half of 1 per cent. NOTE.—Distribution of prospective purchasers in 1952 and actual purchasers in 1951 are related to distribution of income in 1951. Data for earlier years are similarly related. Table therefore reflects shifts in distribution of both purchasers and income. were the most frequent purchasers of washing income groups. Only 4 in 10 of the purchasers machines. having incomes of less than $3,000 paid cash for all Instalment credit appears to have been used to such items, as compared with 8 in 10 of those with about the same extent for the purchase of furni- incomes of $7,500 or more (see Table 13). ture and major household appliances in 1951 as in The use of instalment credit to acquire household 1950. Approximately 4 in 10 purchasers used in- durable goods was also related to the amount of stalment credit to finance the purchase of all items liquid asset holdings at the beginning of 1951 and bought, while another 1 in 10 bought some items the size of the net expenditure. As liquid asset for cash and some on instalment. holdings increased, the proportion of purchasers In 1951, as in prior years, the use of instalment using instalment credit declined, probably because credit for the purchase of household durable goods purchasers preferred to draw upon their liquid aswas more frequent among lower than among higher sets rather than to pay credit charges. Instalment FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 11 AGE AND OCCUPATION OF ACTUAL PURCHASERS OF CONSUMER DURABLE GOODS [Percentage distribution of spending units] All spending units (Purchasers and non- New automobiles Used automobiles Furniture and major Group characteristic purchasers) household appliances 1951 1950 1949 1951 1950 1949 1951 1950 1949 1951 1950 1949 Age of head of spending unit: 18-24 9 9 10 4 2 8 13 10 17 7 7 9 25-34 23 22 23 25 27 26 34 31 32 28 26 31 35-44 21 23 22 30 29 27 27 29 25 '24 27 27 45-54 . 19 18 18 23 26 20 17 15 16 19 19 18 55-64 13 15 14 10 12 12 6 9 7 12 14 9 65 and over 13 13 12 7 4 6 2 5 2 8 7 5 Not ascertained. 2 0) 1 1 0) 1 1 1 1 2 0) 1 All cases 100 100 100 100 100 100 100 100 100 100 100 100 Occupation of head of spending unit: Professional and semiprofessional 7 6 7 13 12 12 5 4 6 7 7 8 Managerial and self-employed 11 13 12 21 21 26 10 11 8 14 15 13 Clerical and sales 13 13 13 15 20 15 12 11 11 13 13 12 Skilled and semiskilled 30 30 27 28 29 21 43 42 45 36 35 33 Unskilled and service 13 10 12 4 2 4 14 10 9 10 9 11 F A a ll r m ot h o e p r e 2 r a . tor 1 9 7 1 9 9 20 9 1 7 2 8 8 1 7 5 8 8 1 1 0 2 1 8 3 1 9 1 1 8 3 1 1 0 3 All cases... 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 2,820 3,415 3,512 295 400 351 338 415 436 1,216 1,490 1,407 1 No cases reported or less than one-half of 1 per cent. 2 Includes spending units headed by retired and unemployed persons and by students, housewives, and persons whose occupations were not ascertained. TABLE 12 EFFECT OF FAMILY STATUS ON PURCHASES OF HOUSES AND SELECTED DURABLE GOODS [Purchasers as percentage of all spending units within groups] Type of purchase Family status of spending unit Non-farm New au- Used au- Tele- Washing Refriger- Furnihouse * tomobile tomobile vision set Radio machine ator2 ture 1951195019511950195119501951195019511950195119501951195019511950 Single person: Age 18-44 1 1 6 6 13 11 4 4 7 6 1 (3) 3 4 10 5 Age 45 and over .... 1 1 4 4 4 3 4 3 4 1 (3) 5 7 6 6 Married:4 2 A A A g g g e e e 1 1 1 8 8 8 - - - 4 4 4 4 4 4 , , , n 3 1 o - o 2 c r h c m i h l o i d l r r d e e r n e c n h u i n u ld d n r e d e r e n r 1 u 8 1 n 8 der 18 11 4 9 7 13 1 1 8 7 3 } 2 2 3 1 2 2 2 2 0 4 }, 1 « 5 1 1 1 6 8 4 6 8 5 8 1 9 8 4 22 2 1 1 0 6 7 } 3 2 0 2 2 2 1 0 5 4 A A g g e e 4 4 5 5 o o r r o o v v e e r r , , n 1 o o r c h m il o d r r e e n c h u i n ld d r e e r n 1 u 8 nder 18 3 3 4 5 i'i 1 1 1 3 1 6 6 1 9 3 1 1 5 3 1 1 2 4 6 5 6 4 5 5 7 1 1 3 5 1 1 6 5 1 9 3 1 1 0 1 1 Nonfarm house purchasers as a percentage of nonfarm spend 1 i 1 ng units. 2 Includes home freezers. 3 No cases reported or less than one-half of 1 per cent. * Age refers to head of spending unit. credit was used proportionately less when the net among items. The proportion of purchasers using expenditure amounted to less than f 100 or to $1,000 credit varied from 51 per cent for furniture to 43 or more than when it was between these amounts. per cent for refrigerators (see Table 14). The Very large purchases were most frequently made by latter was the only major household durable to show the higher income groups that did not find it neces- a decline in the proportion of credit purchasers in sary to use instalment credit to the same extent as 1951. For purchases of all types of household the lower income groups. durable goods on credit, down payments tended to The role played by instalment credit differed be a larger proportion of the purchase price than AUGUST 1952 869 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 13 METHOD OF FINANCING FURNITURE AND MAJOR HOUSEHOLD APPLIANCES [Percentage distribution of spending units within income groups] Money income before taxe3 All spending Method of financing units Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 Cash for all items 20 20 10 7 11 12 14 14 17 21 23 21 28 35 54 55 Instalment credit for all items... 18 17 9 5 12 17 18 16 26 25 19 24 25 15 5 7 Cash for some items*instalment credit for others 4 4 2 1 2 2 4 4 4 5 7 5 5 8 8 3 No items boughtl 58 59 79 87 75 69 64 66 53 49 51 50 42 42 33 35 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 2,820 3,415 278 418 359 514 454 567 482 601 424 441 490 538 333 294 1 Includes cases for which information concerning items purchased and method of financing was not ascertained. These cases account for about one-half of 1 per cent of all cases. TABLE 14 stations are located in large cities, ownership of receiving sets is more frequent in urban areas. PERCENTAGE OF PURCHASERS OF FURNITURE AND SPECIFIED HOUSEHOLD APPLIANCES BUYING ON INSTALMENT CREDIT1 About half of all spending units in metropolitan areas owned television sets early in 1952 as com- Type of purchase 1951 1950 1949 1948 1947 pared with about one-fourth of those in smaller cities and less than one-tenth of those in the open F R u a r d n io iture 4 5 5 1 4 3 7 2 4 4 9 2 42 34 country (see Table 15). T R e e l f e r v ig is e i r o a n to r set 4 4 8 3 4 5 4 4 4 5 7 8 44 35 The level of consumer income also afiects televi- Washing machine 45 42 57 sion set ownership. At the beginning of this year about 1 in 10 spending units with incomes of less 1 Purchasers that bought two items of the same type, one for credit and one for cash, were classified as credit purchasers. than $2,000 owned sets. This proportion ranged 2 Data not available. upward to nearly 6 in 10 of the spending units with incomes of $7,500 or more (see Table 15). in 1950 when credit terms were not subject to Gov- When classified by family status, the highest ernment regulation through most of the year. frequency of television set ownership (4 in 10) was Ownership of television sets and refrigerators. among spending units consisting of married per- Heavy postwar buying of major household durable goods has substantially increased the quantity and TABLE 15 quality of consumer stocks. Some items, such as radios, washing machines, and refrigerators, have OWNERSHIP OF TELEVISION SETS, EARLY 1952 [Percentage distribution of spending units within groups] already undergone a period of rapid expansion and have now become almost standard household items, Num- Group characteristic ber of All while others, such as television sets, dishwashers, cases cases and clothes dryers, are relatively new products All spending units. . .2,820 which are still subject to strong growth trends. 1951 money income be- The survey this year obtained information on the fore taxes: Under $1,000 278 distribution of ownership of two major household $l,000-$l,999 359 $2,000-$2,999 454 appliances, television sets and refrigerators, the $3,000-$3,999 482 $4,000-$4,999 424 former representing a new product and the latter a $5,000-$7,499 490 $7,500 and over 333 well-established product. Place of residence of Ownership of television sets increased rapidly spending unit: Metropolitan area. . .1,051 after volume production was first attained in 1949 City, 50,000 or more. 480 City, 2,500-50,000. . . 502 and by early 1952 about one-third of the spending Town, under 2,500... 420 units had acquired sets. Since most television Open country 367 o ooooooo ooooo o ooooooo ooooo Owns Does not Not television own tele- ascerset vision set tained 30 69 1 4 94 2 10 89 1 17 82 1 32 67 1 47 52 1 54 45 1 59 40 1 51 48 1 26 72 2 23 76 1 21 77 2 8 90 2 870 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES sons with children. Television appears to have a special appeal to spending units headed by skilled and semiskilled workers. About 4 in 10 of this group owned television sets, as large a proportion as among spending units headed by self-employed and managerial employees with a higher level of income. Ownership of mechanical refrigerators was reported by nearly 7 in 10 spending units in early 1952. An even larger proportion had the use of mechanical refrigeration equipment because many apartment houses and rental dwellings include refrigerators as part of the rented property. Nearly 9 in 10 spending units with incomes of $4,000 or more owned refrigerators (see Table 16). The proportion was somewhat smaller among the lower income groups, but it was 5 in 10 even among spending units with incomes below $3,000. TABLE 16 OWNERSHIP OF REFRIGERATORS WITHIN INCOME GROUPS 1 [Percentage distribution of spending units] 1951 b e m fo o r n e e y ta x in e c s ome N b c e a u r s m e o s - f ca A s l e l s All spending units... 2,820 Under $1,000 278 $l,000-$l,999 359 $2,000-$2,999 454 $3,000-$3,999 482 $4,000~$4,999 424 $5,000-$7,499 490 $7,500 and over... 333 o ooooooo o ooooooo pared with farm owners is probably attributable to their lower level of income. Ownership of refrigerators is somewhat more frequent among spending units in the North Central and Western regions than in other parts of the country. In these two regions, about three-fourths of the spending units owned refrigerators as compared with about two-thirds in the Northeastern and Southern regions. In the Northeast, rental of dwellings equipped with refrigerators is probably more common than in other regions. In general, somewhat newer refrigerators were owned by spending units in the Southern region than in other regions. This suggests that refrigerator ownership has developed more recently in this area than in other parts of the country. A large proportion of the refrigerators owned by spending units early in 1952 were recent models. About 6 in 10 were postwar models and about 3 in 10 were less than three years old. There was little variation with income in the age of refrigerators owned. The purchase of used refrigerators appears to Refrigerator play a small, but significant, role in the refrigerator No Not Pur- Pur- refrig- ascer- market. Somewhat more than 1 in 10 of the owners chased chased erator tained in early 1952 had purchased used refrigerators. new used As would be expected, this proportion was some- 56 12 31 1 what larger among the lower income groups, and 24 10 66 reached about one-fourth in the case of spending 39 12 49 units with incomes below $3,000. It should be 51 13 35 1 61 14 23 2 remembered in this connection that used refrigera- 75 11 14 77 9 13 1 tors are frequently included with the sale of houses. 77 9 14 Buying plans for 1952. I early 1952, consumers n 1 Ownership as determined at time of interview in early 1952 expressed intentions to purchase furniture and marelated to 1951 income. 2 No cases reported or less than one-half of 1 per cent. jor household appliances during the coming year somewhat less frequently than they had a year Renters as well as home owners frequently have earlier (see Table 1). Consumers' buying plans for their own refrigerators. About 9 in 10 nonfarm 1952 as expressed at the beginning of the year were home owners had refrigerators at the beginning based upon their outlook and expectations at that of 1952 compared with nearly 6 in 10 renters. This time. In interpreting such plans, therefore, it should would indicate that refrigerators are not provided in be remembered that a majority of consumers many rented dwellings. Farm owners reported thought that 1952 would be a bad time to buy cars owning a refrigerator in about 8 in 10 cases, and and major durable goods because prices were too farm tenants in about 5 in 10 cases. The lower fre- high. Numerous price reductions on household quency of refrigerator ownership among farm appliances and the suspension of Government reguowners than among owners of nonfarm homes re- lation of instalment credit terms have occurred flects the lag in acquisition of major household ap- since the survey was made and have probably alpliances by farm families. Electrification has ready altered the situation in the direction of come only recently in many farming areas and has strengthening consumer demand for durable goods. yet to reach 15 per cent of the farms. The lower Other developments during 1952, such as labor disfrequency of ownership among farm tenants com- putes or an important change in the internaronal AUGUST 1952 871 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES situation, could further alter the demand for con- much less than in the previous year; the median sumer durable goods. expected price fell from $100 in early 1951 to $40 The decline in prospective demand for furniture at the beginning of this year (see Table 9). This and major household appliances as reported early appears to indicate that the prospective demand for in 1952 appears to reflect largely a decline in plans radios is largely for portable and table models. to buy washing machines, radios, and refrigerators. Intentions to buy other items within the year were NONFARM HOUSES expressed with about the same frequency as in early Purchases in 1951. Survey findings indicate that 1951. in 1951 about 2.4 million spending units purchased Almost one-fourth of the spending units that exnonfarm houses for owner occupancy. Demand pressed an intention to buy a television set during for housing has been active throughout the postwar 1952 already owned a set. Many consumers probperiod as incomes have continued to rise and the ably wish to obtain newer sets with larger screens. population and number of families have grown If before the end of the year television transmisrapidly. Funds for the purchase of houses have sion is brought into many areas not now serviced, been available from large current incomes, substanit is probable that the demand for television sets tial liquid assets accumulated during and since the will be much stronger than was indicated by conwar, and mortgage credit on terms favorable to the sumer buying intentions early in the year. borrower. The trend toward suburban living, and On the average, consumers expected to spend the shift in population among different sections of about the same amount for durable goods purchases the country exemplified by the large increase on the in 1952 as in the previous year (see Table 1). West Coast, have also sustained the demand for Median expected prices for individual items were houses. about the same, except for radios. Consumers who An estimated 700,000 purchasers bought new expected to buy radios in 1952 expected to spend houses in 1951 and about 1,700,000 bought existing—that is previously occupied—houses (see TABLE 17 Table I).4 The median and average prices which PRICES OF ACTUAL AND PROSPECTIVE PURCHASES OF HOUSES these purchasers paid for their houses, $8,500 and AND CONSUMER DURABLE GOODS $9,300 respectively, did not vary greatly from [Percentage distribution of purchasers] 1950. Apparently a larger proportion of purchases fell in the range $7,500 to $10,000 in 1951 Actual Prospective purchasers purchasers l than in 1950—more than one-fifth as compared Price with one-seventh (see Table 17). 1951 1950 1949 1952195119501949 Apparently a larger proportion of purchasers in House:2 1951 than in 1950 borrowed to finance their house Under $5,000 24 28 36 12 15 22 21 purchases (see Table 5). Since the number of house $5,000-$7,499 15 16 21 20 17 23 26 $7,500-$9,999 22 14 18 13 18 21 17 buyers interviewed in any one survey is small, any $10,000 and over 37 42 24 50 43 28 30 Not ascertained 2 (3) 1 5 7 6 6 conclusions must be drawn cautiously. The pro- All cases... 100 100 100 100 100 100 100 portion of purchasers that borrowed, however, has Number of cases 129 166 107 119 122 176 159 4 Estimates of purchases of previously occupied houses Furniture and other household appliances:4 based on the Surveys of Consumer Finances agree quite Under $100 14 13 18 9 8 8 13 closely with the estimates, based largely on financial data,, $100-$199 15 14 19 10 11 16 15 appearing on p. 858 of the leading article in this BULLETIN.. $200-$299 24 24 21 19 16 ?4 17 $300-$499 26 27 22 23 21 24 21 The latter estimates of new house purchases, based on $500-$999 14 17 14 10 11 12 12 units started as well as financial data, are appreciably higher $1,000 and over 5 3 5 5 4 7 4 than the survey estimates of houses purchased for owner Not ascertained 2 2 1 24 29 9 18 occupancy. These differences arise from several sources, im- All cases... 100 100 100 100 100 100 100 portant among which is probably the difficulty of getting an adequate survey sample in new residential areas. This, Number of cases 1,216 1,490 1,407 577 421 885 840 may result in some understatement of new house purchases in survey findings. Another source of difference is that the 1 Includes those who purchased in given year prior to being estimates on p. 858 include 1- to 2-family houses purinterviewed, those who said they definitely would buy, and those who said they probably would buy. chased, whereas the survey estimates include 1- to 4-family 2 Includes both new and existing nonfarm houses. houses purchased for owner occupancy. Differences in the 8 4 N Pr o ic c e a s se re s fe r r e p t o o r t t e o d t a o l r v l a e l s u s e th o a f n s u o c n h e -h g a o l o f d s o f b o 1 u p g e h r t c b e y n t a . spending definition of nonfarm units, sampling errors, and estimating: unit before allowances for trade-ins. errors also contribute to differences in the two sets of data. 872 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES increased each year since 1948. The amount bor- steadily with the age of the head of the family. rowed has usually been a substantial proportion of About two-thirds of the families headed by perthe price. About 4 in 10 purchasers in 1951 bor- sons 55 years and older owned their homes, while rowed 80 per cent or more of the price of the less than 20 per cent of those headed by persons house and another 2 in 10 borrowed from 60 to 80 18-24 years of age owned their homes. Over the per cent. In dollar terms, about one-third borrowed period covered by the surveys, the proportions of $7,500 or more and one-fourth borrowed between owners in the various age groups have not varied $5,000 and $7,500. appreciably from year to year, except in the age The steady increase in the frequency of home group 25-34. This group includes a large proownership among spending units containing vet- portion of veterans who have been able in recent erans has depended both on the favorable credit years to finance house purchases on very favorterms available to them and on the fact that vet- able terms. In early 1952, 49 per cent of families erans are in an age group that is active in the containing veterans owned their own homes in conhousing market. trast to 42 per cent in early 1950. The increase Home ownership. About 54 per cent of all non- in the proportion of home ownership among other farm families owned their homes in early 1952 nonfarm families has been less. (see Table 18). This was approximately the same The presence of children in a family was assoproportion as was estimated for 1951 but signifi- ciated with a higher frequency of home ownership. cantly above the 49 per cent in early 1948, the first More than half of the spending units with children year for which survey data were available. and headed by married persons less than 45 years The frequency of home ownership increases old owned homes in 1952, while only about one- TABLE 18 HOME OWNERSHIP BY NONFARM FAMILIES 1 [Percentage distribution of nonfarm family units within specified groups] Number of cases Home-owning Rent-paying Neither Group characteristic 1952 1951 1950 1952 1951 1950 1952 1951 1950 1952 1951 1950 All nonfarm families 2,313 2,649 2,670 54 54 51 42 41 44 Family income in preceding year (before taxes): Under $1,000 152 225 268 48 50 43 40 36 41 16 $l,000-$l,999 228 319 372 44 46 35 49 45 56 9 $2,000-$2,999 323 352 472 39 44 47 56 51 49 4 $3,000-$3,999 359 450 538 54 50 50 45 47 48 2 $4,000-$4,999 364 372 363 55 59 55 43 38 43 2 $5,000-$7,499 488 557 392 63 61 65 36 38 33 2 $7,500 and over 379 361 233 76 75 71 23 24 27 2 Occupation of head of family: Professional and semiprofessional 261 235 254 41 41 45 52 Managerial and self-employed 378 471 441 69 65 66 28 33 31 3 Clerical and sales 430 352 349 48 45 44 51 54 54 2 Skilled and semiskilled. . . . 776 804 765 55 55 55 44 43 43 2 Unskilled and service 281 218 294 34 37 36 56 47 49 16 Retired 178 208 176 64 70 69 30 26 25 6 Age of head of family: 18-24... 96 101 120 16 15 18 80 79 76 25-34. . . 497 525 585 41 37 33 56 58 62 35-44. . . 543 635 626 52 52 51 45 45 45 45-54. . . 494 554 555 62 65 60 36 30 35 55-64. . . 328 450 402 67 68 65 29 28 28 65 and over. 303 368 354 65 65 65 28 30 Veteran status: No veteran of World War II in family '1,615 1,979 1,957 56 57 54 40 38 41 One or more veterans of World War II in family. , 640 694 49 44 42 49 53 54 « Estimated. 1 In this table, families include single-person units. Comparable data for 1949 are given in the Federal Reserve BULLETIN for September 1949, Table 1, p. 1040. AUGUST 1952 873 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES third of the spending units without children and than other sections (see Table 20). This reflects headed by married persons in this age group owned the high degree of urbanization in this region; homes (see Table 19). Since families usually re- in metropolitan areas and large cities a smaller tain their homes after their children have grown proportion of families own their own homes than up and left, the presence or absence of children in smaller communities. The disproportion is made little difference in home ownership for spend- fairly small for families having incomes of $5,000 ing units headed by married persons 45 years and or more, but it amounts to one-third for families older. having lower incomes. On a regional basis, the Northeast contains rela- Planned purchases. About the same proportion of tively fewer home owners at each income level consumers in early 1952 expressed plans to purchase houses during the coming year as had such plans at the beginning of 1951. In both years, ap- TABLE 19 proximately 4 per cent of all nonfarm spending HOME OWNERSHIP BY SPENDING UNITS WITHIN FAMILY units expressed definite or probable plans to buy a STATUS GROUPS, EARLY 1952 home (see Table 21). In early 1951, however, a [Percentage distribution of nonfarmspending units] larger proportion than at the beginning of this year were "undecided" as to whether to buy a Family status N b c e a u r s m e o s - f c A as l e l s H o i o w n m g n e - - R p i e a n n y g t - - Neither house. Consumers in general expected to pay more for Single person: 1 their houses in 1952 than in 1951. The median Age 18-44 307 100 18 78 4 Age 45 and over 305 100 55 39 6 expected price rose $800 to $9,800 and the aver- Married:2 age expected price rose approximately the same Age 18-44, no children amount. under 18 197 100 35 64 ± Age 18-44, children un- The same characteristics are apparent among der 18 768 100 52 44 4 Age 45 or over, no children under 18 560 100 68 28 4 Age 45 or over, children TABLE 21 under 18 262 100 70 29 1 ACTUAL AND PROSPECTIVE PURCHASERS OF NONFARM HOUSES 1 Includes widowed, separated, or divorced people. WITHIN VARIOUS GROUPS 2 Age refers to head of spending unit. [Purchasers as a percentage of all nonfarm spendingunits within groups] TABLE 20 Actual Prospective * HOME OWNERSHIP BY FAMILIES WITHIN REGIONAL Group characteristic INCOME GROUPS 1 1951 1950 1949 1952 1951 1950 [Percentage distribution of family units] All nonfarm spending units. 5 5 4 4 4 6 1951 b e f f a o m re il y ta x in e c s ome N b c e a u r s m e o s - f All H o i o w n m g n e - - R p i e a n n g y t - - Neither Mo ta n x e U e y n s : d i 2 n e c r o $ m 1 e ,0 b 0 e 0 fore 1 1 1 (3) (3) 4 $l,000-$l,999 2 2 1 3 2 $2,000-$2,999 4 5 2 2 4 6 All income groups: $3,000-$3,999 5 7 5 5 4 7 North East 681 100 45 52 $4,000-$4,999 9 5 5 6 4 9 North Central 827 100 62 35 $5,000 and over 7 6 6 9 8 8- South 501 100 51 43 Age of head of spending West 304 100 60 37 unit: Un W N N S d o o o e e u r r r s t t t t h h $ h 3 E C ,0 a e 0 s n 0 t t : ral 2 2 1 2 0 8 8 2 9 8 4 1 1 1 1 0 0 0 0 0 0 0 0 3 4 5 5 0 1 4 2 4 6 4 4 9 4 0 3 1 6 6 5 0 2 4 3 6 5 1 5 5 5 5 8 5 - - - - - a 2 3 4 5 6 4 n 4 4 4 4 d over 2 3 9 4 2 6 2 3 2 5 7 7 ( 4 4 3 4 1 3) 4 2 7 7 1 1 4 4 5 7 1 1 9 4 6 5 7 1 $3,000-$4,999: Veteran status: North East 220 100 42 55 Veteran of World War North Central 264 100 60 39 II in unit 9 7 5 8 7 11 South 142 100 55 44 No veteran of World West 97 100 61 37 War II in unit 3 4 3 3 3 4 $5,000 and over: North East 266 100 64 36 1 Includes those who had bought in given year prior to interview, North Central 333 100 71 28 those who said they definitely would buy, and those who said they South 145 100 70 29 probably would buy. West 123 100 66 33 2 Prospective purchases in 1952 and actual purchases in 1951 are related to 1951 income. Data for earlier years are similarly related. 1 For definition of regions, see Table 8, footnote 1. 3 No cases reported or less than one-half of 1 per cent. 874 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 22 ACTUAL AND PROSPECTIVE PURCHASERS OF NONFARM HOUSES, BY INCOME, AGE, AND VETERAN STATUS "* [Percentage distribution of nonfarm spending units] All nonfarm spending units Actual purch£isers Prospective purchasers Group characteristic 1951 1950 1949 1951 1950 1949 1952 1951 1950 Age of head of spending unit: 18-24 9 9 11 4 5 9 3 10 12 25-34 23 22 24 41 31 26 36 39 39 35-44 21 23 22 26 32 30 34 23 23 45-54 19 18 18 11 17 26 20 21 12 55 and over 26 28 25 16 15 7 7 7 13 Not ascertained 2 2 2 1 All cases 100 100 100 100 100 100 100 100 100 Veteran status: Veteran of World War II in unit 28 25 27 50 36 40 52 42 50 No veteran of World War II in unit 70 74 73 50 63 58 47 57 50 Not ascertained 2 1 1 2 1 1 All cases 100 100 100 100 100 100 100 100 100 Money income before taxes: Under $1 000 11 11 12 3 3 4 1 8 $l,000-$l,999 15 17 19 5 7 8 5 11 6 $2,000-$2,999 18 18 22 15 19 15 8 17 21 $3,000-$3,999 18 20 19 18 31 27 20 20 25 $4,000-$4,999 15 13 12 27 14 16 20 13 18 $5,000 and over 23 16 32 26 30 47 38 22 All cases. . 100 100 100 100 100 100 100 100 100 Number of cases 2,604 3,027 3,102 129 -165 107 119 122 176 r Revised. 1 Includes new and existing nonfarm houses. 2 No cases reported or less than one-half of 1 per cent. prospective as among past house buyers. Spending About 4 in 10 prospective buyers already owned units containing veterans planned to buy with houses. Although the samples involved are small, greater frequency than other units and accounted this apparently represented an increase over the for one-half of the prospective buyers (see Tables proportion of prospective 1951 buyers owning 21 and 22). About 6 in 10 prospective buyers houses. Such a shift reflects in part the large adwere spending units with children headed by per- ditions to the supply of houses and the increase in sons 18 to 44 years old. Units with 1951 incomes home ownership since the war. of $4,000 or more accounted for almost 70 per When asked about their longer run plans, about cent of prospective buyers, although they consti- 8 per cent of nonfarm spending units expressed at tuted only about 40 per cent of all nonfarm spend- least tentative plans to buy a house in 1953. While ing units. These higher income units made up these plans are necessarily more subject to change a larger proportion of prospective buyers in early than plans for the current year, they indicate a 1952 than in previous years (see Table 22). substantial market for housing next year. (Supplementary Tables 1 and 2 are given on the following page.) AUGUST 1952 875 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 1 AUTOMOBILE OWNERSHIP WITHIN RURAL AND URBAN FAMILY INCOME QUINTILES 1 [Automobile owners as percentage of all families in group] All families Urban families Rural families Families ranked by annual income before taxes 1952 2 19512 I9492 19413 1952 2 19512 1949 2 19413 1952 2 19512 1949 2 1941 3 All cases 65 65 56 58 61 62 52 54 72 71 64 65 Highest fifth 90 87 79 85 90 85 77 84 95 95 89 90 Second. .... 82 78 72 70 83 79 68 72 89 89 81 83 Third 73 73 55 59 69 67 54 59 79 76 63 73 Fourth 51 55 43 50 56 53 40 40 62 55 57 55 Lowest fifth 29 33 29 27 18 24 18 17 35 42 33 23 1 Data for 1952, 1951, and 1949 were obtained in the Surveys of Consumer Finances. They relate to automobiles owned at time of interview and to income in previous year. Data for 1941 were estimated from information obtained in Family Spending and Saving in Wartime (Bureau of Labor Statistics, Bulletin No. 822, April 1945) and Rural Family Spending and Saving in Wartime (U. S. Department of Agriculture, Miscellaneous Publication No. 520, June 1943). The surveys covering 1952, 1951, and 1949 differ somewhat from the survey covering 1941 in definition of automobile ownership and family unit, in the universe covered, and in sampling methods. The figures in this table cannot be used to measure precise changes in automobile ownership. The sampling errors of the differences (at the 95 per cent level of probability) for the proportion of car owners in each quintile of urban, rural, and all families are estimated to be 9-10, 10-11, and 6-7 percentage points, respectively. This estimate of sampling error takes only sampling variability into account. Reporting errors and differences in definitions and methodology are not taken into account. The 1941 definition of car ownership (ownership at any time during the year) makes for a somewhat higher frequency of ownership in 1941 relative to 1952, 1951, and 1949 (ownership at time of interview). All families (including single-person families) were ranked by size of annual money income before taxes in 1951, 1950 and 1948, and then classified in fifths (quintiles). For 1941, the rankings were derived from an open-end distribution of families among various income size groups by a process of freehand graphic interpolation of cumulative frequency distributions. Urban and rural families were similarly ranked and classified. It is believed that the data show with reasonable accuracy the nature of certain changes in the pattern of ownership during this period. 2 Ownership of an automobile at time of interview indicated by some member of the family. 3 Ownership in some period during 1941 of an automobile used wholly or partly as a family car. Excludes cars used exclusively for business purposes. SUPPLEMENTARY TABLE 2 AGE OF AUTOMOBILE OWNED BY URBAN FAMILIES WITHIN INCOME QUINTILES1 [Percentage distribution of cars within family income quintiles] 2 Highest fifth Second fifth Third fifth Fourth fifth Lowest fifth Age of automobile 3 1952 1949 1941 1952 1949 1941 1952 1949 1941 1952 1949 1941 1952 1949 1941 3 years or less... ... 68 53 68 49 29 44 41 18 29 29 10 19 35 9 9 1 year or less 31 24 36 13 12 15 10 8 12 9 5 4 10 3 9 2 to 3 years 37 29 32 36 17 29 31 10 17 20 5 15 6 O 25 More than 3 years 32 47 32 51 71 56 59 82 71 71 90 81 91 91 65 4 to 7 years 4 16 0 25 14 0 46 15 0 52 14 0 45 0 24 More than 7 years.... 16 47 7 37 71 10 44 82 19 57 90 36 11 91 67 54 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1 Data for early 1952 and 1949 were obtained in the 1952 and 1949 Surveys of Consumer Finances. They relate to latest model automobile owned at time of interview and to income in the previous year. Data for 1941 were estimated from information obtained in Family Spending and Saving in Wartime (Bureau of Labor Statistics Bulletin No. 822, April 1945). The surveys covering 1952 and 1949 differed somewhat from the survey covering 1941 in definition of automobile ownership and the family unit, in the universe covered, and in sampling methods. The figures in this table cannot be used to measure precise changes in automobile ownership. However, it is believed that the data show with reasonable accuracy the nature of certain broad changes in the pattern of ownership during this period. 2 All urban families (including single-person families) were ranked by size of annual money income before taxes in 1951, 1948, and 1941, respectively, and then classified in fifths or quintiles. The rankings for 1941 were derived from the distribution of urban families among various income size groups. 3 For derivation of age of automobile from model year information, see Table 6, note 1. 4 An insignificant number of automobiles were in this age group as of early 1949 because of the cessation of production during the war. 876 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOINT STATEMENT OF THE EXECUTIVE COMMITTEE OF THE NATIONAL ASSOCIATION OF SUPERVISORS OF STATE BANKS, THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE COMPTROLLER OF THE CURRENCY, AND THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COORDINATION OF PRACTICES IN FIELDS OF MUTUAL OR JOINT RESPONSIBILITY The Executive Committee of the National As- posit Insurance Corporation insurance and Federal sociation of Supervisors of State Banks and the Reserve membership and will conduct their super- Federal Deposit Insurance Corporation have con- visory powers with a view to minimizing the insidered, through joint conferences, matters of mu- surance risks of the Federal Deposit Insurance tual interest touching upon bank capitalization, Corporation and maximizing the ability of those meetings of bank examiners with boards of direc- State banks which are Federal Reserve members tors, problem banks, and internal audit and controls to take advantage of their Federal Reserve memof banking institutions. While the matters which bership. gave rise to these conferences concerned only the The Comptroller of the Currency has the sole Supervisors of State Banks and the Federal Deposit charter power over national banks, the sole right Insurance Corporation, the Comptroller of the Cur- to authorize or deny branches of such banks if rency and the Federal Reserve Board were invited permitted by State law, and the primary power and participated in the discussions and lent valu- over national banks as to solvency and sound manable advice and counsel during the conferences and agement, including disciplinary action. In case of join in the understandings reached as a matter of deliberate violation of law by a national bank, suit desirable public policy. may be brought in the name of the Comptroller of In preparing this statement with respect to the the Currency for the forfeiture of the bank's coordination of the practices of the several agencies charter. He has special and additional concern for in fields of mutual or joint responsibility, it is in- adequate capitalization and sound management due tended, of course, that each agency will fully carry to the obligations of his office to the Federal Deposit out the duties and responsibilities vested in it by Insurance Corporation and the Federal Reserve statute, and all the agencies mutually recognize the System which agencies are automatically involved statutory prerogatives of the others. when a national bank is chartered and which nor- State banking authorities have the sole right to mally do not examine or exert disciplinary action charter State banks, the right to authorize or deny over national banks. branches of such banks if permitted by State law. The Federal Deposit Insurance Corporation has Federal Deposit Insurance Corporation, in the case the sole responsibility for granting to or withholdof nonmember insured State banks, must give its ing deposit insurance from nonmember State prior approval to the establishment and operation banks and of withdrawing insurance protection of any new branch of such banks, and in the case from insured banks. Normally, the Federal Deof out-of-town branches of State member banks, the posit Insurance Corporation examines only insured Board of Governors must authorize any new branch State nonmember banks and normally it exerts inof such banks. State banking authorities have the fluence toward adequate bank capitalization and primary power over State banks as to solvency, sound management of such banks through State capital adequacy, and sound management, includ- banking departments in the interest of protecting ing disciplinary action. State authorities also have depositors and reducing the loss exposure of the the final sanction of revocation of State bank Federal Deposit Insurance Corporation. charters. State banking authorities recognize the The Board of Governors of the Federal Reserve protection and benefits derived from Federal De- System has the sole power to grant to or to with- AUGUST 1952 877 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOINT STATEMENT hold Federal Reserve membership from State banks bank for deposit insurance, the Board of Directors and to withdraw membership privileges from State of the Federal Deposit Insurance Corporation is banks. Federal Reserve authorities normally ex- required by statute to give consideration to the amine only State member banks and normally exert adequacy of the bank's capital structure as well as influence towards adequate capitalization and sound to the other factors specified in the law. The Fedmanagement of such banks through State banking eral Reserve authorities have the power to admit departments in the interest of maintaining a sound any newly chartered State bank to membership if credit structure and maximizing the ability of it has minimum capital funds required by the Na- State member banks to use their membership tional Bank Act or they can refuse to admit to privileges. They recognize a special and additional membership a newly chartered bank whose capital concern as to adequate capitalization and sound funds seem inadequate in their judgment. There management of State member banks due to their should be consultation between appropriate Fedobligation to the Federal Deposit Insurance Corpo- eral and State authorities if the prospective bank ration which agency is automatically involved by is to have a State charter and is to become an inthe granting of Federal Reserve membership to a sured bank or a member of the Federal Reserve State bank and which normally does not examine System and between all Federal authorities if the or exert disciplinary action over State member bank is to have a national charter. banks. In determining the adequacy of capital of new In the case of problem banks, it should be theinstitutions the agencies should use at least a threeobjective of the agencies directly concerned to year projection of the probable amount of deposits achieve and maintain close liaison in working out and should take into account other factors, such as solutions of the problems. Periodic consultations type of community, overbanking, ability to generate should be held to lay plans for such disciplinary earnings sufficient to provide adequate compensaor corrective action as may be necessary. It would tion for good management and the accumulation of be expected that the State supervisory authority additional capital funds for future growth, risk would take the lead in carrying out the appropriate asset ratio, etc., as well as any other factors required disciplinary or corrective policies where State- by law. chartered institutions are concerned, although the We believe that much good can come from con- Federal agency involved would retain its right to sultations between supervisory agencies on matters act independently if circumstances warranted. of mutual interest. To better provide for such con- As to new banks, the State banking authority has sultations, it is agreed that a standing committee, the power to charter any new State bank which consisting of one official representative of each of has capital funds sufficient to meet requirements of the four supervisory entities referred to in the first State law and the commissioner's judgment as to paragraph of this statement, shall be organized and adequacy, likewise, in such circumstances, to au- that this committee shall hold at least two meetings thorize any new branch of a State bank when per- a year in Washington, D. C. mitted by State law. Federal Deposit Insurance We acknowledge also the benefits that may often Corporation, in the case of nonmember insured flow from conferences between bank managements State banks, must give its prior approval to the and bank examiners or other agency officials. establishment and operation of any new branch of Where these conferences are sought by institutions such banks, and, in the case of out-of-town branches at the conclusion of examinations or at other times, of State member banks, the Board of Governors their requests should be readily granted. must authorize any new branch of such banks. The primary responsibility for calling discipli- The Comptroller of the Currency has the power to nary conferences with problem institutions rests charter any national bank which has capital funds with the supervisory agency primarily responsible sufficient to meet the requirements of the National for solvency and sound management, that is, the Bank Act and the Comptroller's judgment; also, Comptroller of the Currency or the State banking in such circumstances, to authorize any national department. Where the problem bank is a State bank branch if permitted by State law. Before member bank or a nonmember insured State bank, approving the application of a State nonmember the appropriate Federal agency may call a discipli- 878 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOINT STATEMENT nary meeting, if the State banking authority does /S/ MAPLE T. HARL, not call such meeting. Chairman, Federal Deposit Insurance Boards of directors of banks should be en- Corporation. couraged through the examination procedure to interest themselves in the adequate audit and internal control of their institutions. Boards of direc- /S/ PRESTON DELANO, tors of banks too small to maintain competent Comptroller, Office of the Comptroller internal audit staffs should be encouraged to em- of the Currency. ploy qualified outside auditors for periodic inspection of their banks' affairs. /S/ WM. MCC. MARTIN, JR., Chairman, Board of Governors of the /S/ WILLIAM A. LYON, Chairman of the Executive Committee, Federal Reserve System. National Association of State Bank Supervisors. July 3, 1952. PROCEDURES TO IMPLEMENT THE JOINT STATEMENT 1. Circumstances under which examiners or super- pected that the State supervisory authority would visors hold meetings with boards of directors of banks. take the lead in disciplinary or corrective action l(a) Whenever a board of directors or a group although the Federal agency involved would retain of directors requests a meeting with the bank ex- its right to act independently if circumstances waraminers at the close of an examination, the requests ranted. should be granted. 3. In problem banks a decision as to whether a l(b) The supervisory agencies may well con- disciplinary conference should be held is usually sider encouraging boards of directors to take ad- made after the examination report is filed. For vantage of visits by examiners to obtain the first- problem State banks the decision as to where the hand views of the examiner as to the condition of conference is to be held would normally be made their bank. Much valuable information can be by the State bank supervisor. Normally, the Fedgained from an informal discussion during which eral Reserve Bank or the Federal Deposit Insurance the examiner would have an opportunity to bring Corporation would be invited to have a representato bear his broad experience in the examination of tive at such disciplinary conference, depending on banks of many kinds in a way which he would not whether the bank is a State member bank or a nonfeel free to do in a formal examination report. member insured State bank. The appropriate Fed- 2. In the case of problem State banks, it should eral agency has the power to call a disciplinary be an objective of the agencies to achieve ever closer meeting at a place which it may decide, if the State liaison between the State banking supervisor and banking authority does not call such a meeting for the appropriate Federal agency in working out a problem bank. In such a case the State authority solutions of the problems. A problem bank may be would be invited to participate. in that category for a variety of causes, such as 4. In unusual circumstances, where an immediate management deficiencies, weak assets, insufficient conference is needed with a board of directors of a capital funds, lack of adequate internal audit con- State bank, the State bank examiner would nortrols, etc. mally take the initiative. If the State bank ex- The State agency and the appropriate Federal aminer declines to do so, the appropriate Federal agency should compare their lists of problem banks examiner is free to call such a meeting, in which and the reasons why the banks are on the problem case he would notify his district chief and the State list. It would be hoped that the thinking of the bank supervisor's office. State and Federal agencies would be alike in the great majority of cases although each agency II. Methods of providing adequate bank capital would retain its independence of judgment where funds. there might be differences of opinion. A. In the case of a new ban\— The State agency and the appropriate Federal agency would discuss the desirable steps to be taken 1. There should be consultation between approto correct the problem situation. It would be ex- priate Federal and State authorities if the prospec- 879 AUGUST 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOINT STATEMENT tive bank is to have a State charter and is to become 2. For State banks the State bank supervisor an insured bank or a member of the Federal Re- would normally see to it that steps are taken to serve System and between all Federal authorities if improve the protection afforded depositors either the bank is to have a national charter. through special attention devoted to strengthening 2. In determining the adequacy of capital of new capital or through urging upon the institutions a institutions the agencies should use at least a three- lesser degree of risk taking in loans and investyear projection of the probable amount of deposits ments. and should take into account other factors, such as C. In the case of problem ban\s due to insuffitype of community, overbanking, ability to gencient capital funds— erate earnings sufficient to provide adequate compensation for good management and the accumula- 1. In the case of a national bank, if the undertion of additional capital funds for future growth, capitalized position cannot be corrected through risk-asset ratio, etc., as well as any other factors use of the measures utilized in the case of modrequired by law. erately under-capitalized banks, the Comptroller 3. The State banking authority has the power to of the Currency must weigh the risk inherent in a charter any State bank which has capital funds specific situation and determine whether a closer sufficient to meet requirements of State law and the degree of supervision is required. commissioner's judgment as to adequacy. 2. The State supervisor normally would take 4. Before approving the application of a State corrective action in the case of State banks but nonmember bank for deposit insurance, the Board would welcome support from the appropriate Fedof Directors of the Federal Deposit Insurance eral agency. Under such circumstances the Federal Corporation is required by statute to give considera- authority would act independently only in the event tion to the adequacy of the bank's capital structure that its statutory responsibility is not fully disas well as to the other factors specified in the law. charged by the action of the State agency. In the 5. The Federal Reserve authorities have the latter case, the Federal agency would keep the State power to admit any newly chartered State bank to agency informed as to its recommendations and membership if it has the minimum capital funds plan of action. required by the National Bank Act or they can re- III. Methods of improving bank audit and control fuse to admit to membership a newly chartered procedures. bank whose capital funds seem inadequate in their judgment. Usually the Federal Reserve authorities 1. An important part of the solution of obtaining agree with the Federal Deposit Insurance Corpora- better internal controls in banks is to achieve a tion judgment as to minimum adequate capital greater understanding on the part of some directors funds, but in doubtful cases, they discuss the merits and officers as to what are adequate methods. There carefully with the Federal Deposit Insurance Corpo- is need for a long-range program on this score. ration and act independently in unusual cases. The matter should be brought to the attention of 6. The Comptroller of the Currency has the bank directors and officers repeatedly and a good power to charter any national bank which has vehicle for such education is the examination report capital funds sufficient to meet the requirements of of the bank. the National Bank Act and the Comptroller's 2. The board of directors of a bank can maintain judgment. better control of the bank's operations with a view to honesty, efficiency and accuracy if experienced B. In the case of moderately under-capitalized outside auditors are occasionally employed to audit ban\s— the balance sheet, systems and controls and pref- 1. The Comptroller of the Currency endeavors erably to verify loans, mortgages and deposits. It to obtain additional capital through the sale of is not proposed that external audits be used as a new common stock, or to obtain correction through substitute for internal auditing in banks which are a reduction in the volume of those risk assets sub- large enough to maintain an audit staff but rather ject to the greatest degree of risk plus such correc- as a supplementary procedure for the more comtion as may be possible in the form of retained plete protection of the bank and its directors. For earnings. banks too small to have a regular audit staff, it is FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOINT STATEMENT obvious that a periodic inspection by qualified out- /S/ MAPLE T. HARL, side auditors should be of great value. The cost Chairman, Federal Deposit Insurance of such outside audits for the typical small bank Corporation. would seem a small annual figure to pay for providing this valuable additional measure of protec- /S/ PRESTON DELANO, tion to the bank and its board of directors, and Comptroller, Office of the Comptroller from the standpoint of increasing the efficiency of of the Currency. the bank's operations. /S/ WM. MCC. MARTIN, JR., /S/ WILLIAM A. LYON, Chairman, Board of Governors of the Chairman of the Executive Committee, Federal Reserve System. National Association of State Bank Supervisors. July 3, 1952. CURRENT EVENTS AND ANNOUNCEMENTS Admission of State Bank to Membership in the Federal Reserve System The following State bank was admitted to mem- California bership in the Federal Reserve System during the Mar Vista—Mar Vista Commercial and Savings period June 16, 1952 to July 15, 1952: Bank. AUGUST 1952 881 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 Real Estate Credit struction of which has been started during each calendar month, and, on the basis of such estimates, Delegations of Authority Pursuant to Defense Production Act Amendments of 1952 make estimates of the annual rate of construction starts during each such month, after making reason- Pursuant to section 607 of the Defense Producable allowance for seasonal variations in the rate of tion Act as added by the Act of June 30, 1952, the construction. The Secretary shall transmit the said President on July 14, 1952, issued Executive Order estimates to the Board of Governors of the Federal 10373 amending Executive Order 10161, delegating Reserve System. certain authority to the Secretary of Labor and the (c) The concurrence of the Housing and Home Board of Governors of the Federal Reserve System Finance Administrator specified in section 501 (b) with respect to estimates of housing starts and reof this Executive order shall not be necessary to the quired announcements provided for by the amendprescribing, changing, or suspending of the proments to the law. The text of the Executive Order visions of any regulation of the Board of Governors follows, together with the text of a joint release of the Federal Reserve System issued pursuant to issued by the Board of Governors and the Housing section 501 hereof with respect to extensions of and Home Finance Agency July 15, 1952, with credit during any "period of residential credit conrespect to this matter. trol relaxation" announced pursuant to the said EXECUTIVE ORDER 10373 section 607, and the requirements of section 502 (b) hereof shall not be applicable during any such AMENDING EXECUTIVE ORDER NO. 10161 WITH REperiod. SPECT TO REAL ESTATE CREDIT HARRY S. TRUMAN. By virtue of the authority vested in me by the The White House, Constitution and statutes, including the Defense July 14, 1952. Production Act of 1950, as amended, and as President of the United States, it is ordered that Execu- JOINT RELEASE tive Order No. 10161 of September 9, 1950, 15 F. R. OF THE 6105-6108, as amended, shall be, and it is hereby, BOARD OF GOVERNORS OF THE FEDERAL RESERVE. further amended by adding the following at the SYSTEM end of Part V thereof: AND Sec. 503. (a) Except as otherwise provided in HOUSING AND HOME FINANCE AGENCY section 503(b) of this Executive order, the func- The Board of Governors of the Federal Reserve tions conferred upon the President by section 607 System and the Administrator of the Housing and of the Defense Production Act of 1950, as amended, Home Finance Agency announced today the proare hereby delegated to the Board of Governors of cedures that will be followed in carrying out the the Federal Reserve System. The Board shall per- new housing credit provisions of the Defense Proform the functions delegated by this subsection sub- duction Act Amendments of 1952 and of the new ject to the concurrence of the Housing and Home Executive Order implementing those provisions. Finance Administrator and upon the basis of esti- Under the amendments to the Defense Producmates made pursuant to section 503(b) of this tion Act, if housing starts for any consecutive three Executive order. months fall below an annual rate of 1,200,000, (b) The Secretary of Labor shall, pursuant to residential credit controls shall be relaxed so as section 607 of the Defense Production Act of 1950, not to require a down payment of more than 5 per as amended, make estimates of the number of per- cent of the transaction price. The amendments manent, non-farm, family dwelling units the con- further provide that such relaxation shall begin FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT not later than one month after the expiration o£ months, starts are below a seasonally adjusted anthe consecutive three months during which housing nual rate of 1,200,000, then the Federal Reserve starts were at an annual rate of under 1,200,000. Board,*with the concurrence of the HHFA Admin- The amendments to the Defense Production Act istrator, will announce a period of residential credit authorize the President to estimate the rate of control relaxation to begin not more than a month housing starts and to announce the beginning or after the termination of the three-month period. termination of a period of relaxed credit controls. For example, if housing starts during June, July, This authority has been delegated by the President, and August are below a seasonally adjusted annual in amendments to Executive Order 10161, to the rate of 1,200,000 for each of those months, the Department of Labor with respect to estimates of period of credit control relaxation would begin not starts and to the Federal Reserve Board and the later than October 1. HHFA with respect to required announcements. Such a period of relaxation could be terminated Acting under that delegation, the following pro- by the Board, with the concurrence of the Admincedures have been determined upon: istrator, any time after construction starts during Housing starts will be estimated, for purposes three consecutive months exceeded an annual rate of possible credit relaxation under the amendments, of 1,200,000. beginning with starts for the month of June 1952. The authority of the Federal Reserve Board and These estimates will be made by the Labor De- the Administrator of the Housing and Home partment's Bureau of Labor Statistics, which will Finance Agency to administer credit controls realso make estimates of the annual rate of starts mains unchanged until a period of credit control each month adjusted for seasonal variations in the relaxation has been announced, the two agencies rate of construction. The housing to be counted pointed out. Both agencies made it clear, howin the estimate shall consist of permanent, nonfarm, ever, that no change in the down payment requirefamily dwelling units. BLS will transmit its esti- ments on residential properties is contemplated at mates to the Federal Reserve Board. this time, particularly in view of the fact that these If the estimates show that for three consecutive requirements were modified as recently as June 11. AUGUST 1952 883 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled July 28'and released for publication July 30] Industrial production and rail freight traffic de- machinery industries held steady in June at a creased sharply further during June and most of July level somewhat below the first quarter, and output owing mainly to the effects of the steel dispute, but of aircraft and other military equipment continued recovery began following settlement of this dispute to increase. towards the end of the month. Activity in construc- Output of nondurable goods rose in June reflecttion and other industries was generally maintained ing a further expansion in activity at textile mills in June and July. Wholesale prices changed little and resumption of operations at oil refineries. Acand consumer prices rose to a new high. tivity in most other nondurable goods industries changed little. INDUSTRIAL PRODUCTION Minerals production in June and July, while The Board's production index in June was 203 above the sharply reduced May level, was more than per cent of the 1935-39 average, as compared with 10 per cent below April, as iron ore mining was cur- 211 in May and 222 in February. The further drop tailed to levels about four-fifths below a year ago in June reflected work stoppages at steel works and and coal output was reduced further. The drop in iron ore mines. In July the index is expected to crude petroleum production during the refinery decrease about 10 points reflecting curtailments in shutdowns in May was considerably greater than steel consuming industries and reduced operations estimated earlier, and in June and July crude oil because of vacation schedules in some other indusoutput has remained moderately below the April tries. level. Durable goods production declined 10 per cent in June as steel mill activity was curtailed to 18 per CONSTRUCTION cent of capacity as compared with 90 per cent in Value of construction contract awards declined April and May. Steel production was scheduled at slightly in June reflecting a decrease in private about 15 per cent of capacity during most of July awards. New work put in place continued close to but increased substantially at the end of the month. record levels. The number of housing units started, Activity in most steel consuming industries was at 106,000, was little changed from that in each of maintained through June and inventories were re- the three preceding months. duced rapidly. Passenger auto assemblies were virtually unchanged but in July have been reduced EMPLOYMENT three-fifths to about 160,000 units. Activity in Seasonally adjusted total employment in nonagricultural establishments showed only a small INDUSTRIAL PRODUCTION decline in June, as employment outside the steel PHYSICAL VOLUME. SEASONALLY ADJUSTED, 1935-39 • IOO industry was generally maintained. The average work week at manufacturing plants rose somewhat to 40.4 hours and average hourly earnings remained at $1.66. Unemployment increased seasonally by about 200,000 in June, but was 150,000 below a year ago. By mid-July, claims for unemployment compensation were substantially above the June level, mainly because of layoffs in various steel-consuming lines. AGRICULTURE Crop production in 1952 is expected to be about 100 100 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 4 per cent larger than last year, according to official Federal Reserve indexes. Monthly figures, latest shown are for June. reports based on July 1 conditions. Marked in- 884 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS creases are forecast in output of wheat and corn, eggs—rose seasonally and rent and other services with some rebuilding of stocks in prospect. Milk advanced further, while prices of housefurnishings and egg ouput decreased in June reflecting largely declined. above normal temperatures. Meat production in BANK CREDIT July has remained somewhat above year-ago levels. Bank credit expanded substantially in the early DISTRIBUTION part of July, reflecting financing associated with Treasury borrowing and further increases in instal- Department store sales in the first three weeks of ment borrowing by consumers, State and local gov- July were slightly above year-ago figures but were ernment financing, real estate financing, and farm down somewhat from June on a seasonally adjusted borrowing. Bank reserve positions continued genbasis. Sales of television sets and appliances conerally tight in late June and the first half of July tinued strong. Department store stocks showed owing in large part to a currency outflow and an about the usual seasonal change through June. increase in required reserves associated with seasonal Sales of passenger autos decreased in June and, Treasury financing operations. Discounts at the owing mainly to the reduced supplies of new cars, Federal Reserve Banks increased and the rate on a further more marked drop apparently occurred Federal funds remained high. in July. Interest rates charged by commercial banks on COMMODITY PRICES short-term business loans averaged 3.51 per cent in the first half of June compared with 3.45 per cent The general level of wholesale commodity prices in the first half of March. The largest rate inchanged little from mid-June to the fourth week creases occurred in the southern and western secin July. There were advances in prices of foodtions of the country, while rates declined in some stuffs—particularly eggs and hogs—textile prodnorthern and eastern cities. ucts, and nonferrous metals, while steel scrap, rubber, cotton, burlap, tallow, and feedstuffs declined. SECURITY MARKETS Following settlement of the steel dispute, ceiling Common stock prices generally rose during the prices for finished steel were raised about 6 per cent. first half of July, reaching on July 16 their highest The consumers price index rose .3 per cent in level since April 1930. Yields on short-term U. S. June to a new high. Prices of food—meat and Government securities rose during the latter part of June and the first three weeks of July, the rate on PRICES AND TRADE new Treasury bill issues reaching 1.88 per cent, the 1947-49 = 100 highest level since early January. LOANS AT COMMERCIAL BANKS tib 60 jf BUSINE 55 TOTAL / r \ \^ 50 / / EAL ESTATE \ 100 45 80 U V s CONSUMER S** _• - 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 10 / Seasonally adjusted series except for prices. Wholesale prices, Bureau of Labor Statistics indexes. _ Consumer prices, total retail sales, and disposable personal income. Federal Reserve 35 indexes based on Bureau of Labor Statistics and Department of 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 Commerce data. Department store trade, Federal Reserve Federal Reserve data. Monthly figures, latest shown are indexes. Monthly figures, latest shown are for June. for June. AUGUST 1952 885 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items. 889-890 Federal Reserve Bank rates, reserve requirements; margin requirements; tees and rates under Regulation V; terms under Regulation X 890-892 Federal Reserve Bank statistics 893-895 Guaranteed Regulation V loans 895 Deposits and reserves of member banks 895-896 Bank debits and deposit turnover; Postal Savings System 896 Money in circulation 897 Consolidated statement of the monetary system, deposits and currency 898 All banks in the United States, by classes 899-901 All insured commercial banks in the United States, by classes 902-903 Weekly reporting member banks 904-906 Life insurance company commitments 906 Commercial paper, bankers' acceptances, and brokers' balances 907 Money rates; bank rates on business loans; bond yields. 908 Security prices and new issues 909-910 Corporate sales, profits, and dividends 910-912 Treasury finance 913—915 Government corporations and credit agencies. 916 Business indexes 917—926 Department store statistics 927-930 Consumers' prices 930 Wholesale prices 931 Gross national product, national income, and personal income 932—933 Consumer credit statistics 934—936 Member bank operating ratios, 1951 937-939 Changes in number of banking offices in the United States. 940 Number of banking offices on Federal Reserve par list and not on par list 941 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. AUGUST 1952 887 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Billiops of Dollars Wednesday Figures Billions of Dollars 15 10 10 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 30 FEDERAL RESERVE CREDIT HOLDINGS OF U S GOVERNMENT SECURITIES - TOTAL 10 FEDERAL RESERVE FLOAT DISCOUNTS AND ADVANCES 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Wednesday figures, latest shown are for July 30. See page 889. 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 i r e n s c m B e e r i t l n i l f t s i , - ot A he ll r* Total s G to o c ld k T s r t o c e u r i a u n u e n r n a y r g c t d - - s y - - M in c t u o io c l n a n i e r - y - T h c i r u n o a e r g l s a y d h s s - - F u T p e s r w R r o e d y e r i s e e t a v i - d r h t s e a e s - - l b p m N e o r e o s m d n it e - s - - c O s F o e R e a t e r u r c h e a d v - n - e l - e t r s Total qu R ir e e - d2 Exvances Total Bonds cates, Banks and notes Wednesday figures: 1951—June 6. 128 22,653 6,869 15,784 765 23,54621,756 4,644 27,520 1,303 139 1,102 68419,198 18,335 865 June 13. 179 22,758 6,936 15,822 846 23,78321,756 4,647 27,499 1,289 129 ,095 68619,487 18,417 1,070 June 20. 16522,806 6,736 16,0701,17824,15021,755 4,648 27,479 1,285 433 ,099 77419,482 18,642 840 June 27. 220 22,843 6,809 16,034 852 23,916 21,755 4,650 27,601 1,286 418 ,139 77519,102 18,564 538 July 3. 18122,977 6,822 16,155 812 23,970 21,756 4,654 27,948 ,287 179 ,014 76419,189 18,556 633 July 11. 236 23,092 5,822 17,270 93824,26721,757 4,656 27,893 ,296 253 ,107 76819,364 18,459 905 July 18. 300 23,081 5,822 17,2591,22324,605 21,758 4,656 27,781 ,296 612 ,183 76619,380 18,465 915 July 25. 78 23,057 5,822 17,235 928 24,063 21,759 4,658 27,706 ,305 424 ,191 76719,088 18,440 648 Aug. 1. 40823,081 5,822 17,259 79424,28221,759 4,663 27,842 ,308 557 ,175 72219,099 18,430 669 Aug. 8. 200 23,118 5,822 17,296 72724,046 21,759 4,665 27,904 ,298 203 ,016 72019,328 18,441 887 Aug. 15. 242 23,151 5,822 17,329 96724,360 21,800 4,666 27,925 ,288 495 ,113 71919,285 18,468 817 Aug. 22. 21423,084 5,822 17,262 87724,175 21,800 4,667 27,932 ,292 434 ,096 71819,172 18,517 655 Aug. 29. 27823,066 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 ,299 408 ,022 71418,825 18,406 419 Sept. 12. 325 23,108 5,822 17,286 951 24,384 21,853 4,673 28,216 ,294 474 ,047 71319,167 18,555 612 Sept. 19. 359 23,135 5,822 17,3131,28924,783 21,934 4,674 28,140 ,285 477 923 730 19,835 18,864 971 Sept. 26. 216 23,474 5,822 17,652 98824,67722,013 4,676 28,137 ,288 816 1,024 73119,369 18,837 532 Oct. 3. 69 24,039 18,214 922 25,030 22,015 4,680 28,320 ,284 397 966 75320,004 18,843 1,161 Oct. 10. 79 24,072 18,247 875 25,02522,055 4,680 28,448 ,286 335 1,002 75019,939 18,868 1,071 Oct. 17. 69 23,848 5,325 18,5231,20025,11722,105 4,681 28,385 ,296 326 975 85120,068 18,950 1.118 Oct. 24. 152 23,666 5,325 18,3411,02424,84122,144 4,683 28,301 291 509 886 85019,833 19,144 689 Oct. 31. 186 23,552 5,325 18,227 69024,42722,234 4,686 28,410 288 493 818 78019,557 19,060 497 Nov. 7. 243 23,507 5,325 18,182 845 24,59522,284 4,686 28,534 ,291 452 843 77819,667 18,988 679 Nov. 14. 274 23,397 5,325 18,072 930 24,602 22,283 4,688 28,601 ,284 245 815 77619,850 18,976 874 Nov. 21. 22723,275 5,334 17.9411,24324,74522,333 4,689 28,701 ,285 364 800 77419,843 19,211 632 Nov. 28. 48323,239 5,334 17,905 957 24,679 "2"2,332 4,693 28,742 ,288 548 750 77419,603 19,229 374 Dec. 5. 959 23,239 5,357 17,882 88325,08122,381 4,699 28,891 ,292 501 787 77019,919 19,196 723 Dec. 12. 71023,239 5,376 17,8631,03124,98022,382 4,700 29,037 ,284 266 740 77019,964 19,317 647 Dec. 19. 44923,239 5,334 17,9052,05725,74522,491 4,703 29,263 ,269 6 776 82720,798 19,767 1,031 Dec. 26. 79723,503 5,342 18,1611,27625,57622,621 4,704 29,403 ,289 289 880 83220,208 19,637 571 1952— 2. 10523,658 5,344 18,3141,06224,82522,697 4,706 29,143 ,275 8 694 74520,364 19,685 679 9. 198 23,452 5,344 18,108 90424,,554 22,772 4,707 28,800 ,280 69 771 74320,369 19,551 818 16. 13523,119 5,344 17,7751,11824,372 22,822 4,710 28,526 ,291 138 719 74420,488 19,590 898 Jan. 23. 11222,993 5,344 17,6491,01024,11622,872 4,711 28,342 ,280 11 663 74320,660 19,573 1,087 Jan. 30. 21022,785 5,344 17,441 71123,70722,931 4,716 28,347 ,302 221 729 74220,013 19,455 558 Feb. 6. 28322,614 5,344 17,270 75923,65622,990 4,717 28,378 ,317 52 728 74120,148 19,415 733 Feb. 13. 61922,499 5,344 17,155 63- 23,75323,011 4,717 28,425 ,276 261 685 74120,094 19,304 790 Feb. 20. 45422,400 5,471 16,9291,03323,88723,071 4,721 28,387 ,308 491 749 738 20,007 19,293 714 Feb. 27. 42: 22,555 5,636 16,919 77323,75023,110 4,722 28,390 ,308 712 730 73519,710 19,224 486 Mar. 5. 384 22,514 5,636 16,878 986 23,88323,290 4,726 28,464 ,296 670 895 78719,787 19,166 621 Mar. 12. 35722,530 5,636 16,894 891 23,77823,291 4,726 28,452 ,296 639 841 78519,781 19,182 599 Mar. 19. 126 22,82. 5,636 17,1891,26524,21623,292 4,729 28,361 ,285 6 742 803 21,038 19,627 1,411 Mar, 26. 17022,528 5,636 16,892 71523,41323,291 4,731 28,329 ,282 736 80420,276 19,500 776 Apr. 2. 13022,514 5,636 16,878 76623,,409 23,291 4,736 28,445 ,281 295 776 82719,81 19,166 646 Apr. 9. 16' 22,494 5,636 16,858 73123,39323,293 4,736 28,526 ,273 381 763 82719,652 19,076 576 Apr. 16. 62222,467 5,136 17,3311,02024,109 23,293 4,737 28,436 ,288 520 853 82520,218 19,225 993 Apr. 23. 83022,372 5,136 17,236 77123,97323,295 4,738 28,333 ,287 87 809 82419,875 19,087 788 Apr. 30. 67622,363 5,136 17,22' 593 23,63223,297 4,739 28,460 ,284 450 784 19,940 19,143 797 May 7. 1,043 22,329 5,136 17,193 695 24,06' 23,297 4,739 28,523 ,286 749 762 74720,034 19,071 963 May 14. 67122,315 5,136 17,179 77923,76423,297 4,739 28,497 ,293 516 796 74519,953 19,092 861 May 21. 49922,283 5,136 17,1471,01323,79423,298 4,739 28,483 ,279 384 813 74520,127 19,181 946 May 28. 81622,273 5,136 17,13 653 23,74223,296 4,741 28,710 ,286 558 813 74519,667 19,217 450 June 4. 92622,378 5,136 17,242 775 24,07923,296 4,747 28,842 ,282 527 824 74219,906 19,207 699 June 11. 83422,492 5,136 17,356 803 24,12823,297 4,750 28,830 ,284 507 834 74219,978 19,226 752 June 18. 54122,997 5,136 17,8611,28924,82823,297 4,751 28,787 ,286 9 768 794 21,232 19,736 1,496 June 25. 30' 22,564 5,136 17,428 23,75323,346 4,752 28,814 ,290 134 813 793 20,006 19,621 385 July 2. 48022,869 5,136 17,733 80624,15523,346 4,755 29,180 ,277 90 760 798 20,153 20,104 149 July 9. 22,860 5,136 17,274 923 24,46523,347 4,754 29,148 ,264 38 906 799 20,413 20,008 405 July 16. 974 22,723 5,136 17,58; 974 24,67123,348 4,756 28,988 ,271 30 988 797 20,422 P19.844 P578 Tuly 23. 1,07322,726 5,136 17,590 875 24,674 23,350 4,756 28,884 ,275 482 1,016 79720,326 19,810 P516 July 30. 1403 22,844 5,136 17,708 66024,90 23,350 4,761 28,952 ,286 605 1,042 72420,409 P19,772 P637 p Preliminary. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 2 Wednesday figures and end-of-month figures (shown on next page) are estimates. Back figures,—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 889 AUGUST 1952 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 c v o D a a a u n n d is c n d - - e ts s T U ot . a S l . s e G c B u o o r v n it e d i r e s n s m c c B e a e r i t n l t e i l t f s s i , , - ot A h l e l r1 Total s G t o o l c d k T s r o c e t u i r a u n u n e r n r g y t c a - - d y s - - M in c t u o i c o l n a i n e r - y - T h c r i u o n a e r l g s a d y s s h - - F u T B p e s r w R r e o d y a e r i s e n e t v a d i - r h k t e s a e s s - l - b p m N e o r e o s m d n it e - s - - c O s F e o R e a t e r u r c h e a d v - n - e l - e t r s Total qu R ir e e - d2 Exand 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 ,998 44! 1,557 58 2,220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—Dec. 30. .. 7 ,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 ,254 1,467 787 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 12,450 9,365 3,085 1945—Dec. 31. . . 249 ,262 94723,315 580 25,091 20,065 4,339 28,515 2,287 977 1,308 495 15,915 14,457 1,458 1946—Dec. 31. . . 163 ,350 75342.597 581 24,093 20,529 4,562 28.952 2,272 393 822 607 16,139 15.577 562 1947—Dec. 31. . . 8522,559 2,85319,70f 536 23,181 22,754 4,562 28,868 ,336 870 961 563 J 7,899 16,400 1,499 1948—Dec. 31. .. 223 333 10,97712,356 542 24,097 24,244 4,589 28,224 ,325 1,123 1,189 59C 20,479 19 27?1,202 1949—Dec. 31. . . 78 885 7 218 11,667 536 19.499 24,427 4,598 27,600 ,312 821 1,51? 70f 16,568 15,550 1,018 1950—June 30. .. 43 331 5,61812,713 329 18,703 24,231 4,607 27,156 ,298 950 1,431 771 15,934 15,498 436 Dec. 30. .. 67 778 4,62016,158 1,371 22,216 22,706 4,636 27 741 ,293 668 1,460 714 17.681 16,500 1,172 1951 -June..,,.. 53 6,82216,160 1,007 24,043 21,756 4,655 27,809 ,281 317 1,262 765 19,020 18,604 416 1951^ July 277 ,078 5,82217,256 679 24,033 21,759 666 27,851 ,302 584 1,159 18,863 18,396 467 Aug 552 ,127 5,82217,305 630 24,309 21,854 673 28,155 ,287 459 1,038 716 19,181 18,464 717 Sept 190 23,734 5,82217,912 1,13425,058 22,013 681 28,288 ,285 936 1,127 727 19,391 18,822 569 Oct 186 ,552 5,32518,227 690 24,427 22,233 688 28,417 ,283 493 818 78019,557 19,060 497 Nov 624 ,239 5,33417,905 871 24,734 22,382 700 28,809 ,288 481 794 772 19,670 19,180 490 Dec 19 ,801 5,34418,457 1,189 25,009 22,695 709 29,206 ,270 247 889 74620.056 19,667 389 1952—Jan 328 ,729 5,34417,385 726 23,783 22,951 717 28,386 ,319 162 766 74120.077 19,443 634 Feb 598 ,528 5,63616,892 778 23,904 23,191 727 28,465 .287 558 796 73319,982 19,254 728 Mar 133 ,514 5,63616,878 623 23,270 23,291 736 28.473 ,277 169 845 801 19,733 19,241 492 Apr 676 ,363 5,13617,227 593 23,632 23,298 739 28,464 1,281 450 784 74919.940 19,143 797 May 95222,,27 5,13617,137 927 24,152 23,296 748 28,767 1,274 541 1,094 74319,778 19,187 591 June 59 ,906 5,13617,770 586 23,551 23,346 754 20,026 1 .283 333 846 783 19,381 19,513 -192 July 1,270 ,853 5,13617,717 699 24,821P23,350 761 P28.975 Pi,282 638 991 72320,323 P19,75O P573 Averages of daily figures: 1951—May 43822,438 6,65415,784 811 23,686 21,757 643 27,324 1,291 640 1,243 696 18,892 18,302 590 June 17022,79 6,82615,971 946 23,913 21,755 27,548 1,286 280 1,162 731 19,309 18,475 834 July 19423,059 6,11316,946 1,032 24,285 21,757 4,656 2 7,859 1.291 405 1,158 75619,229 18,473 756 1952—May 57322,308 5,13617,172 823 23,704 23,29 4,740 28,557 1,281 553 838 745 19,767 19,139 628 * June 58522,61 5,13617,481 941 24,144 23,308 4,751 28.843 1 ,282 328 843 76720,140 19,431 709 July 1.09:22,798 5,13617,662 895 24.786 23,348 4,756 29,0: 1 ,270 306 960 79120,535 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, 1935Dec. 31, 1935Jan. 1, 1936 Time Effective date deposits S O P a o t v h s i t e n a r l g d s S e a d 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 : 2H V2 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 ba e ( n m a k l b l s e ) r In 6 months or more In 90 days to 6 months. . . In less than 90 days 2% 1938—Apr. 16 22M 17^ 12 5 1941—Nov. 1 26 20 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 paid by insured nonmember banks as established by the F.D.I.C., Sept. 24 26 22 effective Feb. 1, 1936, are the same as those in effect for member banks. 1949—May 1 "15 »7 May 5 24 21 * 7 June 30 ... 20 »6 July 1 14 MARGIN REQUIREMENTS * Aug. 1 13 [Per cent of market value] A A u u g g . . 1 1 6 1 23^ 12 35 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 Mar. 29, Jan. 16, Jan. 17, 1951—Jan. 11 23 19 36 1949 1951 1951 Jan. 16 13 Jan. 25 24 20 Feb. 1 14 Regulation T: In effect Aug. 1, 1952 *.... 24 20 14 6 For extensions of credit by brokers and dealers on listed securities 75 50 75 1 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. 890 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE 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 July 31 beginning— rate July 31 beginning— rate July 31 beginning— rate Boston Aug. 21,1950 Aug. 21,1950 Jan. 14,1948 2 New York.... Aug. 21,1950 Aug. 21,1950 2 Oct. 30,1942 I" Philadelphia.. Aug. 25,1950 Aug. 25,1950 Aug. 23,1948 Cleveland Aug. 25,1950 Aug. 25,1950 Aug. 25,1950 A Ri t c la h n m ta ond A A u u g g . . 2 2 5 4 , , 1 1 9 9 5 5 0 0 A A u u g g . . 2 2 5 4 , , 1 1 9 9 5 5 0 0 2 A O u ct g . . 2 2 4 8 , ,1 1 9 9 4 5 2 0 4 2V2 Chicago Aug. 25,1950 Aug. 25,1950 Aug. 13,1948 St. Louis Aug. 23,1950 Aug. 23,1950 Jan. 12,1948 2 2 Minneapolis. . Aug. 22,1950 Aug. 22,1950 Aug. 23,1948 Kansas City.. Aug. 25,1950 Aug. 25,1950 Jan. 19,1948 2 Dallas Aug. 25,1950 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 l t y e 3 o 1 n In g i e n f n fe in ct g — be 1 - Pre ra v t i e ous Maturities not exceeding five years [In effect July 31. Per cent per annum] 1- 90 days Dec. 18, 1951 1M 91-120 days 2 Dec. 18, 1951 IK 121-180 days 2H Dec. 18, 1951 2 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 com O m n it- Portion co O m n mitloans 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 July 31] Boston 8 Fees Payable to Guaranteeing Agency by Financing Institution on New York Guaranteed Portion of Loan Philadelphia 8 Cleveland Richmond Guarantee fee Percentage of Atlanta Percentage of (percentage of any commitment Chicago loan guaranteed interest payable fee charged St. Louis by borrower) borrower Minneapolis.... Kansas City.... 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 th<» discount rate. 5 Charge of }£ 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. AUGUST 1952 891 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. 1- to 4-family units and farm residences Multi-unit Nonresidential Value or sales price residences properties 1 per family unit Regulation X and FHA VA (Reg. X and FHA) (Regulation X) Maximum loan per family unit 2 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, $8,550 plus 55 per cent plus total amount $7,950 plus 54 per cent of excess over $10,000 of closing costs of excess over $10,000 (86-75) o ( f 9 4 s - a 9 l 3 es p p e r r i c c e e 3 n ) t (80-71) $12,OO1-$15,OOO..., $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 per cent of sales price plus closing costs) $20,001-$21,000.... 1 $13,150 plus 37 percent of excess over $20,000 $21,001-$25,000 $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) Not more than $12,000 25 Over $12,000 20 4 20 > None specified \ 25 Amortization requirements All values.... e u M r n t i t y n i l i v m a a m u l m u o e u a a n n t t n o t u i u m a t l s e r t e a t d h n e u d c i l n t o i g a o n n is o w 5 f a 0 5 s p p m e e r a r d c c e e e n n o t t r o o l r f i q l o e u r s i i s g d i o a n f t a io l p n l r o o o a p f n - u m N l o e a n n ti e t o s n s s p a e X t c is i ; f f i a e p c d e t o r u i r o y n d d i t e c o r C R p o a e m y g - - - s m L t i a a q n t u u t i i r d a i l a t l y t y i o e n t q h u r o o a f u l g l p h o e a r n i s o u d b b i y c loan by maturity through substantially equal periodic missioner on FHA loans payments or payments payments or payments of principal of principal Effective date June 11, 1952 5 June 11, 1952 June 11, 19525 February 15, 1951 1 Properties generally described as commercial and recreational. * 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. »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. «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. 892 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 1952 1951 July 30 July 23 July 16 July 9 July 2 July June July Assets Gold certificates 21,452,25221,452,25221,452,25221,474,25121,464,25221,452,25321,452,25119,843,402 Redemption fund for F. R. notes.... 694,092 696,979 697,216 689,150 690,626 694,090 691,036 660,639 Total gold certificate reserves... 22,146,34422,149,23122,149,468 222,163,40122,154,878 22,146,34322,143,28720,504,041 Other cash 349,985 350,112 343,073 316,945 304,804 350,772 317,079 340,343 Discounts and advances: For member banks 1,388,235 1,058,096 958,661 667,549 464,570 1,255,135 44,047 276,651 For nonmember banks, etc 15,000 15,000 15,000 15,000 15,000 15,000 15,000 Industrial loans 4,728 4,638 4,713 4,780 4,951 4,592 5,068 "5,741 U. S. Government securities: Bills 199,400 154,500 162,500 254,800 345,800 265,400 381,100 565,692 Certificates: Special Other 11,940 867,216 11,856,216 ,901,516 11,819 11,883,216 11,820,716 ,196,892 Notes 5,568 568,073 ,568,073 ,568,073 5,568, 5,568,073 5,568,073 13,493,248 Bonds 5,135 135,823 135,823 ,135,823 5,135 5,135,823 5,135,823 ,822,102 Total U. S. Government securities. 22,843,512 22,725,612 22,722,612 22,869,212 22,852,512 22,905,712 23,077,934 Total loans and securities 24,251,475 23,803,34623,700,986 23,547,541 23,353,73324,127,239 22,969,827 23,360,326 Due from foreign banks.... 23 23 23 23 28 23 28 38 F. R. notes of other Banks. 193,394 196,875 185,799 158,070 146,995 199,019 157,716 154,554 Uncollected cash items 3,267 ,578,065 4,172,632 ,572,065 3,772,627 3,175,286 ,117,886 ,960,497 Bank premises 45 219 45,678 45,594 45,466 45,451 45,202 44,931 41,991 Other assets 207 015 198,631 190,898 182,956 175,261 208,188 188,567 185,160 Total assets. 50,461,151 50,321,961 50,788,47349,986,467 49,953,777 50,252,072 48,939,321 47,546,950 Liabilities Federal Reserve notes 24,817,264 24,749,457 24,833,640 24,948,33324,961,070 24,842,58324,826,40223,726,167 Deposits: Member bank—reserve accounts.. 20,408,544 20,326. 20422,008 20 412,869 20 152,77120,323, 19,380,649 ,863,283 U. S. Treasurer—general account. 605,083 481. 307,485 38,270 90,438 637, 332,951 584,321 Foreign 784,646 765 700,493 638,231 575,580 723, 548,153 840,290 Other 256,889 249 288,399 267,620 184,235 266 297,394 318,400 Total deposits. 22,055,162 21,823,492 21,718,385 21,356,990 21,003,02421,951 20,559,147 20,606,294 Deferred availability cash items 2,612,394 2,707 3,203,061 2,654,141 ,971,204 2,481 2,536,747 ,287,368 Other liabilities and accrued dividends. 14,577 14 13,223 13,283 11,588 12,034 14,143 Total liabilities. 49,499,397 49,295,08149,768,309 48,972,74748,946,886 49,289,376 47,934,330 46,633,972 Capital Accounts Capital paid in 246,187 246,115 245,814 245,634 245,460 246,232 245,187 232,559- Surplus (Section 7) 538,342 538,342 538,342 538,342 538,342 538,342 538,342 510,022 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 149,682 214,880 208,465 202,201 195,546 150,579 193,919 142,854 Total liabilities and capital accounts. 50,461,151 50,321,961 50,788,47349,986,467 49,953,77 50,252,072 48,939,321 47,546,95Q Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).... 47.2 47.6 47.6 47.9 47.3 48.8 46.3 Contingent liability on acceptances purchased for foreign correspondents 9,096 9,138 9,129 9,080 9,094 9,098 8,069 24,836 Industrial loan commitments 6,086 6,426 6,531 6,442 6,000 6,185 5,946 3,767 Maturity Distribution of Loans and U. S. Government Securities * Discounts and advances— total.... ,403,235 ,073,096 973,661 682,549 479,570 ,270,135 59,047 276,651 Within 15 days ,321,845 994,207 914,400 624,525 431,313 ,182,208 37,191 262,395 16 days to 90 days 81,330 78,829 59,184 57,539 48,242 87,867 15,408 14,181 91 days to 1 year 60 60 77 485 15 60 6,448 75 Industrial loans—total 4,728 4,638 4,713 4,780 4,951 4,592 5,068 5,741 Within 15 days 660 796 850 737 743 649 789 342 16 days to 90 days 845 843 963 1,017 995 824 345 906 91 days to 1 year 3,003 2,777 2,676 2,801 2,990 2,901 2,962 3,866 Over 1 year to 5 years 220 222 224 225 223 218 972 627 U. S. Government securities—total. 22,843,512 22,725,612 22,722,612 22,860,212 22,869,212 22,852,512 22,905,712 ,077,934 Within 15 days 324,400 193,500 190,500 310,100 293,600 308,400 273,266 ,797,083 16 to 90 days 6,956,500 986,500 ,062,000 7,106,500 93,500 5,956,500 123,000 ,668,842 91 days to 1 year 6,478,941 ,461,941 ,386,441 6,359,941 398,441 6,503,941 425,775 ,591,359" Over 1 year to 5 years 5,941,352 941,352 ,941,352 5 941,352 941,352 5,941,352 941,352 ,878,166 Over 5 years to 10 years 1,070,224 070,224 070,224 1 070,224 070,224 1,070,224 070,224 ,031,904 Over 10 years 2,072,095 072,095 ,072,095 2 072,095 072,095 2,072,095 072,095 ,110,580* Federal Reserve Notes—Federal Reserve Agents* Accounts F. R. notes outstanding (issued to Bank).. 25,804,625 25 ,888,480 25,940,894 25,896,629 25,822,60825,787,225 25,753,569 24,706,795 Collateral held against notes outstanding: Gold certificates 13,094,00013,094,000 13,094,000 13,194,000 13 149,000 13,094,00013,149,000 12,184,000 Eligible paper 922,158 598,131 685,603 379,734 292,355 885,683 20,684 256,145 U. S. Government securities 13,475,000 13,475,000 13,475,000 13,375,000 13,375,000 13,475,00013,375,00013,225,000' Total collateral. 27,491,15827,167,13127,254,603 26,948,734 26,816,35527,454,68326,544,684 25,665,145 1 Callable U. S. Government securities classified according to nearest call date. AUGUST 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 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.21,452,253 696,845 6,621,5981,187,0731,406,404 885,119 881,1534,572,123 538,717 357,179 879,261 681,0022,745,779 Redemption fund forF. R. notes. 694,090 61,695 70,849 54,454 77,581 79,967 47,042 103,312 48,073 24,521 38,170 27,237 61,189 Total gold certificate reserves. . 22,146,343 758,540 6,692,4471,241,5271,483,985 965,086 928,195 4,675,435 586,790 381,700 917,431 708,239 2,806,968 Other cash 350,772 29,561 62,863 19,417 34,295 18,397 32,501 63,035 20,556 8,710 11,616 11,338 38,483 Discounts and advances: Secured by U. S. Govt. securities. . . 1,253,380 11,000 462,340 93,210 137,450 87,825 36,300 153,870 87,005 18,000 97,874 22,800 45,706 Other 16,755 966 4,530 1,170 1,555 765 745 2,188 1,085 390 1,396 570 1,395 Industrial loans.. 4,592 3,794 91 611 96 U. S. Goyt. securities 22,852,512 1,590,095 5,470,3711,420,5882,256,233 1,527,6311,308,188 3,245,0941,225,012 719,448 989,430 1,035,9902,064,432 Total loans and securities. . . 24,127,239 1,602,061 5,937,2411,518,7622,395,238 1,616,3121,345,8443,401,152 1,313,102 737,934 1,088,7001,059,360 2,111,533 Due from foreign banks 23 1 1 7 2 2 1 1 3 1 1 1 1 2 F. R. notes of other Banks. 199,019 5,451 25,760 10,949 9,551 41,672 21,016 15,259 6,883 17,658 8,555 8,224 28,041 Uncollected cash items 3,175,286 314,197 560,748 192,762 269,844 242,975 197,578 512,081 138,123 94,441 180,824 155,136 316,577 O Ba th n e k r p a r s e se m ts ises... 45,202 985 7,706 1 2 2 , , 9 8 5 4 0 9 2 4 0 , ,9 7 3 3 7 3 1 4 4 , , 7 2 3 6 1 0 1 3 2 , , 5 4 7 5 2 1 6,564 1 3 0 , , 1 9 2 8 9 9 6 1 , ,0 4 6 2 4 8 2 9 , , 3 1 6 8 2 5 9,9 6 0 3 1 6 1 6 8, , 8 7 3 7 2 0 208,188 16,601 46,403 29,452 Total assets 50,252,072 2,727,397 13,333,1752,999,218 4,218,5852,903,4342,541,158 8,702,8812,079,573 Liabilities F. R. notes 24,842,583 1,529,200 5,500,855 1,752,0982,251,853 1,726,3381,356,636 4,738,9151,138,188 620,375 986,181 22,030 2,519,914 Deposits: Member bk.— reserve accts.20,323,406 843,487 6,505,790 914,398 1,521,932 915,9983,250,055 718,051 472,107 987,893 1,011,4562,332,636 U. S. Treas.— gen. acct... . 637,546 36,301 178,565 49,374 60,360 40,059 27,535 92,283 40,319 32,189 35,208 23,023 22,330 Foreign 723,641 43.586 2 232,930 54,834 64,676 35,853 30,229 97,717 26,714 18,278 26,714 26,714 65,396 Other 266,979 5,197 201,405 1,441 3,960 3,002 1,863 4,680 8,310 2,847 1,222 742 32,310 Total deposits.. . 21,951,572 928,571 7,118,690 1,020,0471,650,928 928,517 975,6253,444,735 793,394 525,421 1,051,0371,061,9352,452,672 Deferred avail. cash items.... 2,481,171 207,907 432,707 152,527 224,484 196,436 164,618 383,490 108,050 75,524 142,561 129,546 263,321 Other liab. and accrued div.... 14,050 971 4,039 697 1,652 685 663 2,157 627 428 557 511 1,063 Total liabilities. . 49,289,376 2,666,649 13,056,2912,925,369 4,128,9172,851,9762,497,542 8,569,2972,040,259 1,221,7482,180,336 1,914,0225,236,970 Capital Accts. Capital paid in. . 246,232 13,187 77,113 17,177 23,691 10,817 10,176 31,852 8,630 5,470 9,313 11,937 26,869 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.. 150,579 10,358 32,709 10,690 14,323 10,267 8,807 20,702 8,375 5,582 7,521 7,359 13,886 Total liabilities and cap. accts. 50,252,072 2,727,397 13,333,1752,999,218 4,218,5852,903,434 2,541,158 8,702,8812,079,573 1,247,9362,218,674 1,952,8355,327,206 Reserve ratio.... 47.3% To.9% 53.0% 44.8? 38.0% 36.4% 39.8% 57.1% 3O4% 33.3% 45.0% 39.7% 56.4% Cont. liab. on accept, purch.— foreign corresp. 9,098 564 3 2,747 710 837 464 1,265 346 846 Industrial loan commitments.. 6,1851 "I 1,759 915 61 2,255 800 395 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank) 25,787,225 1,582,000 5,752,4391,802,8452,323,915 1,809,2541,410,3634,837,670 1,176,147 638,222 1,015,405 752,1222,686,843 Collateral held: Gold certificates13,094,000 400,000 4,520,000 750,000 810,000 450,000 485,000 2,900,000 270,000 170,000 280,000 259,000 1,800,000 Eligible paper.. 885,683 11,036 447,940 93,210 84,725 87,320 18,000 98,046 45,406 U. S. Govt. sec.13,475,000 ,300,000 1,400,0001,100,0001,575,6661,400,000 950,666 2,000,666 950,000 505,000 750,000 545,000 1,000,000 Total collateral..27,454,683 1,711,036 6,367,9401,943,210 2,385,0001,934,7251,435,000 4,900,000 1,307,320 693,0001,128,046 804,000 2,845,406 1 After deducting $16,000 participations of other Federal Reserve Banks. 2 After deducting $$490,694,000 participations of other Federal Reserve Banks, s After deducting $6,351,000 participations of other Federal Reserve Banks. 894 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 W Da ed te n e ( s l d as a t y A a p t p p o p l i r c d o a a v t t i e e o d ns b p u r A o t p v n - e o d t L o o u a t n - s C m om en m ts it- o in p P f g a a f t r i i i t n o n i a c n s n i s t - c i- - [Amounts in thousands of dollars] or last day com- standing2 out- tutions Guaranteed loans Guaranteed Additional of period) N b u e m r - Amount ( p am let o e u d n t i ) (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) 8 Date au t t o h o d r a iz te 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 under guar- Portion antee agree- 1 19 9 4 4 5 4 3 3 , , 4 5 8 1 9 1 5 5 2 4 5 4 , , 5 9 3 6 2 1 1 3 2 2 9 0 5 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 a T m o o t u a n l t gu t a e r e a d n- out m st e a n n t d s ing 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 June 30. .. 3,724 671,432 3 221 5,762 3,740 6,199 1951 July 31. .. 3,727 678,477 6 730 5 801 3,767 6,115 Aug. 31... 3,731 691,536 12 197 5,750 6,050 7,860 Jan. 31... 119 109,433 23,778 19,837 13,748 Sept.30. .. 3,732 695,178 4 394 5,062 6,478 11,420 Feb. 28. .. 161 122,541 44,250 36,537 33,840 Oct. 31. .. 3,734 700,040 2 943 4,447 7,151 11,990 Mar. 31. .. 254 300,955 68,833 56,973 47,822 Nov. 30. .. 3,736 706,215 3 073 4,505 6,361 12,064 Apr. 30... 328 421,267 126,080 106,053 185,001 Dec. 31. .. 3,736 710,931 3 513 4,687 6,036 11,985 May 31... 402 514,626 183,610 151,858 205,629 June 30. .. 484 654,893 252,100 209,465 276,702 1952 July 31... 568 828,584 325,299 267,715 349,905 Aug. 31.. . 658 1,052,337 405,043 332,618 384,852 Jan. 31 . . . 3,738 716,210 832 4,621 7,125 12,018 Sept. 30. .. 729 1,154,942 492,167 400,652 450,013 Feb. 29. .. 3,741 721,144 772 4,957 6,845 10,307 Oct. 31. .. 776 1,218,988 556,839 454,789 495,512 Mar. 31 . . . 3,741 725,787 108 5,296 6,467 10,474 Nov. 30... 815 1,302,342 615,812 502,524 476,699 Apr. 30... 3,743 730,482 571 5,207 6,536 10,339 Dec. 31. .. 854 1,395,444 675,459 546,597 472,827 May 31. .. 3,743 734,049 235 5,211 6,083 10,262 June 30... 3,745 738,721 1 083 5.101 5 .947 10,105 1952 ser J 1 v I I e n n c c B l l u a u n d d k e e s s s i a a n n p d d p u l s u i t c n r a i d t a e i l o r n lo c s o a n n a s s p i p d p r e a o r s v a t t e i d d o u n e c b o 3 y n m d a i o t p i n o p t n l h i a s c l a l o y n r t . m by o r t e h , e w h F i e c d h e r a a r l e R no e t - J F A M a e p n a b r . . r . . 3 3 2 3 1 1 9 0 . . . . . . . . . . . . 9 9 9 9 7 9 3 0 1 8 4 1 1 1 1 1 , , , , 6 7 4 5 7 2 6 3 7 7 3 0 , , , , 7 7 4 3 8 2 4 8 6 9 3 8 8 8 7 7 3 3 6 1 6 8 3 5 , , , , 7 0 8 9 3 7 3 2 9 3 8 8 6 6 6 5 7 7 1 8 2 2 7 0 , , , , 9 6 6 3 7 7 7 8 4 8 4 1 4 5 5 5 6 1 9 2 7 1 5 5 , , , , 3 7 1 0 9 2 8 9 2 9 6 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. 8 Not covered by Federal Reserve Bank commitment to purchase or June 30.. . 1,050 1,867,643 883,262 703,774 615,139 discount. NOTE.—The difference between amount of applications approved and NOTE,—The difference between guaranteed loans authorized and the sum of the following four columns represents repayments of ad- sum of loans outstanding and additional amounts available to borvances, and applications for loans and commitments withdrawn or rowers under guarantee agreements outstanding represents amounts expired. repaid, guarantees authorized but not completed, and authorizations expired or withdrawn. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve m A em ll - city banks s R er e v - e Coun- m A em ll - city banks s R er e v - e Counba b n er ks New Chi- b c a i n ty ks ba tr n y ks ba b n er ks New Chi- b c a i n ty ks banks York cago York cago First half of June 1952 Second half of June 1952 Gross demand deposits: Total 103,370 23,098 5,736 39,444 35,091 105,342 23,988 5,933 40,321 35,100 Interbank 11,633 3,820 1,148 5,630 1,036 11,857 3,980 1,187 5,650 1,040 Other 91,736 19,279 4,588 33,814 34,056 93,485 20,008 4,746 34,671 34,060 Net demand deposits 2 90,354 21,129 5,147 34,043 30,035 92,080 21,863 5,318 34,803 30,096 Time deposits 8 . . 31,981 2,112 1,157 12,716 15,996 32,106 2,133 1,156 12,780 16,036 Demand balances due from domestic banks... 5 ,909 45 112 1,825 3,927 5,980 42 126 1,909 3,902 Reserves with Federal Reserve Banks: Total 19,812 5,157 1 ,291 7,669 5 696 20,468 5,492 1 ,343 7,901 5,732 Required 19,239 5,198 1,305 7,571 5,165 19,624 5,375 1,346 7,728 5,176 Excess 573 -41 -14 97 531 844 117 -3 173 556 Borrowings at Federal Reserve Banks 715 218 37 326 134 443 119 8 231 85 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. * Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. 895 AUGUST 1952 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 week en M di o n n g t h W , o e r dnesday b m a b A n e e k m l r l s - i N c e i w ty ban C k h s i- b s c R e a i r n t e v y k - e s C ba o tr n u y n k - si End of month D it e o p r o s s ' - Cash Assets U. S. Cash York cago bal- in Govern- reserve ances * Total deposi- ment funds, tory securi- etc.* Total reserves held: banks ties 1951—June 19,309 5,230 1,300 7,402 5,377 1952—May 19,767 5,163 1,281 7,674 5,649 June 20,140 5,324 1,317 7,785 5,714 1943—December. 1,788 1,843 10 1,716 118 1944—December. 2,342 2,411 8 2,252 152 June 18 20,255 5,324 1,333 7,806 5,792 1945—December. 2,933 3,022 6 . 2,837 179 June 25 20,355 5,383 1,352 7,867 5,753 1946—December. 3,284 3,387 6 3,182 200 July 2 20,275 5,476 1,335 7,834 5,630 1947—December. 3,417 3,525 6 3,308 212 July 9 20,746 5,593 1,351 7,951 5,851 1948—December. 3,330 3,449 7 3,244 198 July 16 20,649 5,514 1,358 7,978 5,799 1949—December. 3,188 3,312 7 3,118 187 July 23 20,519 5,415 1,350 7,926 5,828 1950—December. 2,924 3,045 11 2,868 166 Excess reserves : 1951—January... 2,901 3,022 11 2,858 153 1951—June 834 106 7 219 501 February.. 2,877 2,998 11 2,835 152 1952—May 628 -1 -5 123 511 March 2,852 2,974 11 2,793 169 June 709 38 -8 135 544 A M p a r y il 2 2 , , 8 8 3 0 1 8 2 2 , , 9 9 5 3 4 3 2 1 1 7 2 2 , , 7 7 6 4 5 8 1 1 7 6 2 4 June 18 783 35 5 131 612 June 2,788 2,909 23 2,722 165 June 25 700 13 -1 119 569 July 2,772 2,893 22 2,704 166 July 2 595 33 -6 111 457 August.... 2,754 2,877 23 2,680 173 July 9 702 -11 -4 114 603 September. 2,738 2,861 23 2,680 158 July 16... P694 13 4 122 P555 October... 2,724 2,851 25 2,670 156 July 23 P656 -15 -9 98 P582 November. 2,714 2,842 25 2,649 168 December. 2,705 2,835 28 2,644 162 Borrowings at Federal Reserve Banks: 1952—January . . . P2.698 1951—June 170 25 3 73 69 February P2,685 1952—May 563 105 26 321 111 March P2,670 June 579 169 23 278 109 A M p a r y il P P 2 2 , .6 6 3 56 7 June 18 293 48 13 119 113 June P2,619 June 25 189 5 4 92 88 July 2 740 213 30 420 77 J J J u u u l l l y y y 2 1 9 3 6 1 1 1 , , , 1 0 1 0 0 3 0 6 8 2 2 1 4 8 9 8 3 3 1 3 5 0 1 5 6 6 6 6 9 2 2 3 3 4 1 1 14 0 3 6 4 8 2 1 P I O P n u r c e l t u s li t d m a e n i s n d a i r n r e g y se . p rv r e in c a i n p d a l, m r i e s p ce r l e l s a e n n e t o e u d s b w y o c r e k r i t n if g i c f a u te n s d s o f w d it e h p o T si r t e . asurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. P Preliminary. Back figures.—See Banking and Monetary Statistics, p. 519; for 1 Weekly figures of excess reserves of all member banks and of description, see p. 508 in the same publication. 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* centers * centers City centers City 2 cities * City« cities 2 1 19 9 4 4 6 6 — — n ol e d w s e se r r ie ie s s » 8 }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 5 4 2 9 2 , , 4 9 1 4 4 4 2 2 5 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 1950 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—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 r135,965 49,535 71,898 r14,532 27.4 13.9 49,830 71,485 34 3 21 3 June 144,769 54,922 74,948 14,899 30.9 14.8 55,385 73,019 38.6 22.2 r Revised. 1 National series for which bank debit figures are available beginning with 1919. > Weekly reporting member bank series. 8 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. 896 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 currencya Large denomination currency1 End of year or in cir- Unasmonth cula- sorted tion^ Total Coin »$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 ,342 ,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 ,326 ,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 ,359 ,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 ,501 ,530 399 707 135 265 18 8 1937 6,550 5,015 537 505 33 905 1,560 ,475 ,542 387 710 139 288 6 12 7 1938 , 6,856 5,147 550 524 34 946 1,611 ,481 ,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 ,019 1,772 ,576 ,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 ,129 2,021 ,800 ,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 ,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 ,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 ,019 909 70 ,973 5,194 5,705 5,580 ,481 2,912 407 749 9 22 2 1944 25,307 17,580 ,156 987 81 ,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 ,274 ,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 28,952 20,437 ,361 ,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947 28,868 20,020 ,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948 28,224 19,529 ,464 ,049 64 2,047 6.060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949 27.600 19,025 .484 ,066 62 2,004 5,897 8.512 8.578 2,435 5,056 382 689 4 11 3 1950 27,741 19,305 .554 ,113 64 2,049 5.998 8,529 8.438 2,422 5,043 368 588 4 12 2 1951—May 27,519 19,260 ,568 ,087 63 1,995 6,024 8,523 8,259 2,382 4,938 357 570 4 8 1 June 27,809 19,521 ,578 ,092 64 2,011 6,113 8,663 8,289 2,405 4,947 356 570 4 8 2 July 27,851 19,560 ,590 ,092 64 2,008 6,088 8,718 8,292 2,409 4,952 354 565 4 8 2 August... 28,155 19,813 ,602 ,103 64 2,031 6,176 8,837 8,344 2,428 4,989 353 562 4 8 2 September... 28,288 19,896 ,616 ,124 64 2,038 6,181 8,874 8,393 2,437 5,034 353 557 4 8 2 October 28,417 19,955 ,631 ,132 65 2,041 6,160 8,927 8,463 2,452 5,092 353 554 4 8 2 November... 28,809 20,283 ,642 ,144 65 2,075 6,291 9,067 8,528 2,482 5,133 352 549 4 8 2 December. .. 29,206 20,530 ,654 ,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 ,631 ,115 65 2,009 6,088 8,898 8,582 508 5,161 352 550 4 8 2 February.... 28,465 19,904 ,630 ,110 66 2,013 6,152 8,934 8,563 503 5,152 351 545 4 8 2 March. . . 28,473 19,937 ,637 ,113 65 2,016 6,165 8,940 8,537 496 140 349 540 4 8 1 April 28,464 19,936 ,651 ,114 66 2,004 6,141 8,960 8,529 498 5,137 347 535 4 9 1 May 28,767 20,231 1,665 ,132 67 2,040 6,261 9,066 8,537 508 5,142 346 530 4 1 June .... 29,026 20,449 1,678 ,140 68 2,054 6,323 9,187 8,578 2,531 5,166 344 525 4 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. « 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 l Money Total out- held by standing, As security For Federal Ju 1 n 9 e 5 3 2 0, g a o s g l i d a lv i n e a s r 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 v a a n e l d B R a a n e g k s e e s n r t a v s n e d Ju 1 n 9 e 5 3 2 0, M 1 a 9 y 5 3 2 1, Ju 1 n 9 e 5 3 1 0, certificates agents Gold 23,346 22,181 21,165 Gold certificates 22,181 19,328 2,816 38 38 39 Federal Reserve notes . 25,754 64 1,085 24,605 24,356 23,456 Treasury currency—total 4,754 3 2,347 54 317 4,383 4,373 4,314 Standard silver dollars 492 254 43 3 191 190 180 Silver bullion 2,093 2,093 Silver certificates and Treasury notes of 1890.. 2 2,347 258 2,089 2,091 2,093 Subsidiary silver coin 1,118 5 20 1,093 1,083 1,020 Minor coin 403 3 6 393 392 378 United States notes 347 2 26 318 318 318 Federal Reserve Bank notes . . . . 223 (5) 2 221 222 243 National Bank notes 78 (5) 1 77 78 81 Total—June 30, 1952 (4) 24,528 1,283 19,328 4,218 29,026 May 31 1952 (4) 24,496 1,274 19,288 4,126 28,767 June 30, 1951 (4) 22,895 1,281 17,699 4,197 27,809 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. 889. ''Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. JTo 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. * 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. AUGUST 1952 897 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 CaDital Bank credit Total assets, U. S.Government obligations Total Capital Treas- liabil- Total and Gold r c e u u n r r c y - y Total Lo n a e n t s, Total m C a e o n r m c 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 i a n p t n i e i e t d t s al, c d u e a r p r n o e d s n i c ts y c m o n a u i c e s n - t c ts . , savings Banks banks 1929—June 29 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 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 31 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. 31 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 1 OAO June 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—June 30 21,756 4,655 173,447 63,821 94,450 68,726 22,982 2,742 15,176 199,858 185,038 14,820 July 25 21,800 4,700 173,300 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. 30? 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 June 25P 23,300 4,800 182,500 69,600 96,000 70,800 22,600 2,600 17,000 210,600 195,000 15,600 Deposits and Currency U. S. Governmentbalances Deposits adjusted and currency Total d F e b o p n r a o e e n i s 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 n r 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 T C e a i o r m n m c k i e a - s l dep M b s s a a o v u n i i t t k n s u s g 3 a s 4 l S S P a y o v s s i t n e ta m g l s o b r u C e a t n n u s c i k r 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 1933—june 30 42,029 50 264 852 35 40,828 14,411 21,656 10,849 9,621 1,186 4,761 1939—Dec. 30 68,359 1,217 2,409 846 634 63,253 29,793 27,059 15,258 10,523 1,278 6,401 1941—Dec. 31 82,811 1,498 2,215 1,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9,615 1945—Dec. 31 180,806 2,141 2,287 24,608 977 150,793 75,851 48.452 30,135 15,385 2,932 26,490 1946—Dec 31 ... 171,657 1,885 2.272 3,103 393 164,004 83,314 53,960 33,808 16,869 3,283 26,730 1947—Dec 31 175,348 1,682 1,336 1,452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 1948 Dec. 31 176,121 2,103 1,325 2,451 1,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 104.0 Tune 30 171,602 1,927 1,307 2,304 438 165,626 81,877 58,483 36,292 18,932 3,259 25,266 Dec. 31 177,313 2,150 1,312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 25,415 1950—June 30. .. 178 568 2,555 1,298 3,801 950 169.964 85,040 59,739 36,719 19,923 3,097 25,185 Dec. 30 184,385 2,518 1,293 2,989 668 176,917 92,272 59,247 36,314 20,009 2,923 25,398 1951—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 11,300 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 1L.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 11,279 3,615 247 185,984 98,234 61,447 37,859 20,887 2,701 26,303 1952—Jan. 30P 191,600 2,100 1,300 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 ,300 5,800 182,900 94,800 62,400 38,500 21,300 2,700 25,700 Apr. 30P 192,200 2,200 L,300 4,500 500 183,800 95,100 62,700 38,600 21,400 2,700 25,900 May 28P 192,900 2,300 .300 4,400 600 184,400 95,300 63,000 38,900 21,600 2,600 26,000 June 25P 195,000 2,300 1,300 5,900 100 185,300 95,800 63,500 39,100 21,800 2,600 26,000 v 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. 8 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. 5 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. 898 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] Loansand investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S r . n- Other as C s a e s t h s l Total 1 b In an te k r - 1 a c c T a c p o o i t u t a a n l l ts N b u a m o n f k b s er Total ment secu- De- Time obliga- rities mand 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 ,415 165 612 14065 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 ,474 161,248 ,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—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 1S,918 4S,531 185 756 1S,087 111 644 59,025 14,623 14,618 1952—Feb. 27? 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 ,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 28P 156,150 68,920 87,230 70 450 16,780 39,350 179 310 ,200 106 400 60,710 14,940 14,608 June 25P 157,890 70,100 87,790 70 840 16,950 40,460 182,540 12,690 108,650 61,200 14,990 14,604 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—Tune 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 IS,339 44,645 164,840 15,086 111 618 38,137 12,216 14,089 1952—Feb. 27P 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 June 25P 134,770 59,570 75,200 61,230 13,970 39,490 160,740 12,690 108,620 39,430 12,530 14,075 All member banks: 1939—Dec. 30 33,941 13,962 19,979 14 328 S,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 I945—Dec. 31 107,183 22,775 84,408 78 338 6,070 79,845 129,670 ,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 I947—Dec. 31 97,846 32,628 65,218 57914 7,304 3?,845 122 528 ,403 81 785 28,340 8,464 6,923 1948—Dec. 31 95,616 36,060 59,556 5? 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 5? 365 10,355 ,524 133,089 13,447 90 306 29,336 9,695 6,873 1951—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. 27P 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 S1227 11,279 ,631 135,587 ,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 28P . . . 112,379 50,026 62,353 50826 11,527 33,982 134,519 11,665 91 418 31,436 10,453 6.821 June 25P 114,026 50,955 63,071 51,430 11,641 34,770 137,267 12,151 93,447 31,669 10,479 6,820 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 3 101 ,188 818 10,524 3 10,521 1,309 551 1941—Dec. 31 . ... 10,379 4,901 5,478 704 1,774 793 10,533 6 10,527 1,241 548 I945—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 1,400 818 16,869 1 16 16,853 1,784 541 1947—Dec. 31 2 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 1 17 18,387 1,999 532 1949—Dec 31 20 400 6 578 13,822 11,428 ,394 873 19 293 20 19,273 2,122 531 1950—Dec. 30 . ... 21,346 8,137 13,209 10 868 2,342 797 20,031 22 20,009 2,247 529 1951—June 30 21,697 9 020 12,677 10 205 2,472 851 20,404 1 20 20,382 2,285 529 Dec. 31 22,259 9,862 12,398 9,819 2,579 886 20,915 2 26 20,888 2,407 529 1952—Feb. 27P 22,550 10,040 12,510 9,800 2,710 850 21,150 2 30 21,120 2,410 529 Mar. 26P 22,750 10,150 12,600 9,800 2,800 850 21,330 2 30 21,300 2,430 529 Apr. 30P 22,910 10,270 12,640 9,760 2,880 830 21,450 2 30 21,420 2,430 529 May 28P 23,090 10,400 12,690 9,750 2,940 820 21,590 2 30 21,560 2,440 529 June 25P 23,120 10,530 12,590 9,610 2,980 970 21,800 2 30 21,770 2,460 529 P Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. AUGUST 1952 899 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 ot it a a l l Num of ber and date Total Loans Total G o m U b ov l e . i e S g n r a . t n - - O s ri e t t c h ie u e s - r assets 1 Total i b In an te k r - i m D a e n - d Time accounts banks 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 30 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 1.236 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 1,445 2,259 37 1948—Dec. 31. .... 18,759 8,048 10,712 9,649 1,063 7,758 24,024 4,213 18,131 1,680 2,306 35 1949—Dec. 31 19.583 7,550 12,033 10,746 L.287 6,985 23,983 4,192 18.139 1,651 2,312 25 1950—Dec. 30 20,612 9,729 10,883 8,993 1,890 7,922 25,646 4,638 19,287 1,722 2,351 23 1951—May 30 19,930 9,939 9,991 8,144 1,847 6,875 23,711 4,011 18,104 1,596 2,357 22 June 30 . ... 20,604 10,234 10,370 8,460 .910 7,393 25,064 4,107 19,291 1,666 2,398 22 Dec. 31 21,379 11,146 10,233 8,129 2,104 8,564 26,859 4,832 20,348 1,679 2,425 22 1952—Feb. 27*, 21,115 11,216 9,899 7,808 2,091 7,211 24,935 4,190 19,110 1,635 2,438 22 Mar. 26* 21,134 11,068 10,066 7,905 2,161 7,601 25,590 4,379 19,465 1,746 2,438 22 Apr. 30P 20,990 11,113 9,877 7,775 2,102 7,682 25,266 4,175 19,374 1,717 2,458 22 May 28* 21,346 11,168 10,178 8,008 2,170 7,684 25,548 4,171 19,605 1,772 2,454 22 June 25P 21,833 11,449 10,384 8,193 2,191 7,732 26,191 4,282 20,117 1,792 2,451 22 Chicago: 1939_Dec. 30 2,105 569 1,536 1,203 333 1.446 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 1,312 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 L.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 J.034 7,109 1,228 4,778 1,103 490 13 1951—May 30 5,368 2,206 3,162 ' 2,617 545 1,913 6,706 1,038 4,573 1,095 495 13 June 30 5,520 2,215 3,305 2,742 564 1,898 6,921 1.040 4,756 1,126 501 13 Dec. 31 5,731 2,468 3,264 2,711 552 J.196 7,402 1,307 4,952 1,143 513 13 1952—Feb. 27* 5,626 2,366 3,260 2,733 527 5,029 6,944 1,162 4,644 1,138 510 13 Mar. 26* 5,747 2,409 3,338 2,798 540 1,884 7,058 1,275 4,651 1,132 513 13 Apr. 30* 5,456 2,370 3,086 2,545 541 1,994 6,877 1,091 4,645 1,141 520 13 May 28* 5,458 2,402 3,056 2,511 545 1,992 6,913 1,085 4,689 1,139 524 13 June 25P 5,688 2,468 3,220 2,664 556 > ,015 7,070 1,184 4,738 1,148 526 13 Reserve city member banks: 1939_Dec. 30 12,272 5,329 6,944 5,194 1,749 tS.785 17,741 {.686 9,439 i1.616 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 1948—Dec. 31 35,332 14,285 21,047 18,594 2,453 13,317 45,943 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. 27* 42,355 19,402 22,953 19,015 3,938 13,437 51,818 5,866 33,519 12,433 3,546 320 Mar. 26* 42,435 19,511 22,924 18,934 3,990 13,611 52,328 5,875 33,998 12,455 3,565 320 Apr. 30* 42,463 19,577 22,886 18,807 4,079 13,454 51,900 5,502 33,879 12,519 3,606 320 May 28* 42,559 19,563 22,996 18,829 4,167 13,147 51,593 5,421 33,586 12,586 3,625 320 June 25P 43,373 19,900 23,473 19,240 4,233 13,478 52,941 5,671 34,577 12,693 3,642 320 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 1946—Dec. 31.... 35,412 8,004 27,408 24,572 2,836 10,151 43,066 1,091 27,921 14,053 2,757 6,494 1947—Dec. 31 36,324 10,199 26,125 22,857 3,268 10,778 44,443 1,073 28,810 14,560 2,934 6 519 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 1949—Dec. 31 38,219 12,692 25,527 21,862 3,665 10,314 45,534 1,001 29,771 14,762 3,305 6,513 1950—Dec. 30 40,558 14,988 25,570 21,377 4,193 11,571 48,897 1,133 32,899 14,865 3,532 6,501 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 June 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. 26* 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. 30* 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 June 25* 43,132 17,138 25,994 21,333 4,661 11,545 51,065 1,014 34,015 16,036 3,860 6,465 2 Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite page. 900 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY GLASSES *—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 Total Loans G U ov . e S r . n- Other assets x Total i b In an te k r - i a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - r s i e t c ie u s - m D a e n - d Time tions All insured commercial banks: 1941—Dec. 3i 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 70,318 61,388 8,929 38,087 140,642 11,900 93,300 35,441 10,158 13,413 1949—Dec. 3i 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 3o. 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 194g—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 L 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 L.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 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 * 2,013 520 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 All 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 7,130 1948—Dec. 31 * 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 KS4. 52 1945—Dec. 31 10,846 3,081 7,765 7,160 429 10,363 12 10,351 1,034 192 1948—Dec. 31. 13,312 4,109 9,202 7,795 1,407 684 12,772 1 14 12,757 L,334 193 1949—Dec 31 14,209 4,814 9,394 7,832 1,562 682 13,592 16 13,575 L,420 192 1950—Dec. 30 15,101 6,086 9,015 7,487 1,528 617 14,320 19 14,301 L ,513 194 1951—June 30 15,668 6,829 8,839 7,169 1,670 688 14,924 1 18 14,905 1,582 201 Dec. 31 16,190 7,523 8,668 6,921 1,746 695 15,368 2 23 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 6 8,738 ft77 496 1945—Dec 31 5 361 1,198 4,163 3,522 641 180 5,022 2 5,020 558 350 1948—Dec. 31 2 6,083 1,577 4,506 3,680 826 194 5,633 3 5,631 665 339 1949—Dec 31 6 192 1,764 4 428 3 596 832 191 5,702 3 5,699 702 339 1950—Dec 30 6 245 2,050 4,194 3,380 814 180 5,711 3 5,708 734 335 1951 Tune 30 6 029 2 191 3 838 3 036 802 163 5,479 2 5,477 702 328 Dec 31 6,069 2,339 3,730 2,897 833 191 5,547 3 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. AUGUST 1952 901 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 Com- p L u o rc a h n a s s f i o n r g U. S. Government obligations Obli- 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 l t s - Total1 o d m c p i u i n e e a d g r l n , - - - A t c u g a u r r l l i - - - b o r • T r o e o c c k u a - r r r i y ti T i e n o s g l R t o e a a e s t n a - e l s s lo u C a m o n n e s - r O lo t a h n e s r Total Total C c e a r t t e if D s i- irect G a u n a - r- S p t a g t i i o c o a n o a l a f t d - n i e l t s - sO s ri e t t h c ie u e s r - *ket~ ers oth- Bills of in- Notes Bonds teed subpa- and ers debt- diviper deal ed- sions ers ness All insured commercial banks: 1941—Dec. 31. 49,290 21,259 9,214 1,450 614 662 4,773 4,^ 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 1,351 2,191 96,043 88,912 2,455 19,071 16,045 51,321 22 3,8733,258 1948—Dec. 31. 112,286 41,968 18,761 2,775 1,336 939 10,666 4,907 2.992 70,318 61,388 2,821 10,065 3,394 45,100 85,5093,420 1949—Dec. 31. 118,278 42,485 16,935 2,963 1.749 855 11,405 6,002 3,124 75,793 65,820 3,692 12,479 5,810 43.833 66,4003,574 1950—Dec. 30. 124,822 51,723 21,776 2,823 1,789 1 03613 3807,6283,955 73.099 60.986 4,118 1 93216.756 38,168 II 7.9334,179 1951—Dec. 31. 130,820 57,256 25,744 3,321 1,571 960 14,450 7,7424,282 73,564 60,533 7,219 7,526 11,25634,511 21 8,9894,042 Member banks, total: 1941—Dec. 31. 43,521 18,021 8,671 972 594 598 3,494 3,( 92 25,500 19.539 971 3,007 11,729 3,832 3,090 2,871 1945—Dec. 31. 107,183 22,775 8,949 855 3,133 3,378 3,455 1,027 1,977 84,408 78.338 2,275 16,985 14,271 44,792 16 3,2542,815 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 5,08537,996 45,274 3,140 1950—Dec. 30. 107,424 44,70520,521 1,808 1,770 927 10,522 6,167 3,58562,719 52 365 3 665 1 .46814.054 33.170 86,640 3.714 1951—Dec. 31. 112,247 49,56124,347 2,140 1,551 851 11,334 6,195 3,86362,687 51,621 6,399 6,010 9,596 29,601 15 7,5283,538 1952—Mar. 31. 110,997 49,42924,276 2,155 1,202 837 11,405 6,2364,060 61,568 50,174 5,115 6,125 9,499 29,421 14 7,9603,434 New York City:* 1941—Dec. 31. 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 1949—Dec. 31. 19,583 7,550 4,792 1 .410 219 256 377 621 12,033 10.746 720 1,785 835 7.405 752 535 1950—Dec. 30. 20,612 9,729 6,328 1,421 285 442 540 850 10,883 8.993 824 250 1,711 6.206 ' 21,123 767 1951—Dec. 31. 21,379 11,146 7,852 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 1,517 695 Chicago:2 1941—Dec. 31. 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1945—Dec, 3i 5,931 1,333 760 2 211 233 36 26 65 4,598 4,213 133 1,467 749 1,864 181 204 1948—Dec. 31. 4,799 1,783 1,412 4 71 63 51 115 88 3,016 2,633 183 275 217 1,958 210 174 1949—Dec. 31. 5,424 1,618 1,211 7 109 56 51 115 91 3,806 3,324 331 690 358 1,945 290 192 1950—Dec. 30. 5,569 2,083 1,567 9 no 69 65 147 147 3,487 2,911 232 131 700 1,847 335 242 1951—Dec. 31. 5,731 2,468 1,977 16 94 63 70 117 172 3,264 2,711 334 332 520 1,526 351 201 1952—Mar. 31. 5,224 2,403 1,927 12 73 80 70 109 177 2,821 2,276 87 207 497 1,485 356 189 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 5 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 1,965 1,212 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 ' i2,184 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 82,458 1,390 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 1,130 6,628 4,377 110 481 2,926 861 1,222 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 9 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 4 2,286 1,217 1949—Dec. 31. 38,219 12,692 3,150 1,480 36 173 4,784 2,320 884 25,527 21,862 1,148 3.753 1,768 15,189 4 2,505 1,160 1950—Dec. 30. 40,558 14,988 3,980 1,407 13 187 5,591 2.913 1 .05425,570 21,377 1,390 588 6,107 13.287 5 2.998 1,194 1951—Dec. 31. 42,444 16,296 4,377 1,610 35 178 6,0993.046 1,163 26,148 21,587 2,418 2,568 4,008 12,587 53,334 1,227 1952—Mar. 31. 42,638 16,531 4,414 1,655 25 181 6,184 3,102 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 3 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 2 1,127 434 1950—Dec. 30. 17,414 7023 1,255 1 ,015 18 109 2,872 1,461 370 10.391 8.632 453 465 2 702 5.008 3 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 6 1,462 505 * 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 loans continue to be shown net. For other footnotes see opposite page. 902 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 Re- Cla c s a s l a l o n d f d a b te ank F s B s e w e R e d a r r i v e n 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 B a d n e n a o i 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 e n i - - - t d d s 4 m D e I s n d o ti t - e c e p * r o b s a i F e n t i o s g k r n - U m G er . o e n v n S - - t . p v s S o i u a t l s i b a n i t o t d i d e c n i s - a s l c C h c o a e f e e e i f n t e c f r r c d i d t s k . - i ' s - , p a v n s a p i t I h d d r i n o o t i u d r n p c n a a i e o s s - - l , r r s - - , I b n a t n e k r- P m U G S e i a o n r . a n o e s g n v d n v S t s - - a t - . l v s p S i a u i o s t c n b i a l a o d i t d l t n e - i s s - p a v n s a p t i I h d i d r n o o t i u d r n p c n a a i s e 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 n - l i t - s Ml 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 ,24823,740 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 ,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 ,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 ,442 2.788 7 892 2 8^8 89,922 347 189 1,331 34 525 82 11,263 1951 —Dec. 31. . 19,911 2,665 11,561 97,04812,969 ,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 ,24322,179 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 ,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 72,65810,623 ,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 78,37011,669 L ,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 L.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 78,75310,841 ,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 L.105 6,940 237 1,338 15,712 17 io 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 L.O72 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 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31. 942 36 200 3,153 1,292 20 t .552 237 66 3,160 719 377 1948—Dec. 31 . 1,325 28 143 3,604 1,038 26 188 284 53 3,702 1 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 ?8* 70 4.250 10 1 OSQ 490 1951—Dec. 31.. 1,407 32 165 4,121 1,269 38 242 240 66 4,404 I 5 11 1 .128 513 1952—Mar. 31. . 1,153 27 22 2,757 1,454 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 38 617 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 8? 443 14.339 9 3,532 1051—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. * 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. AUGUST 1952 903 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] Loans» Investments For purchasing or carrying securities U. S. Government obligations Com- Total mer- Date or month in l m o a v n a e e n d n s s t t s - Total i i t n c a r i i d n a a d u l l , , s- a T n o d b d r e o a k l e e r r s s 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 t a c u g u r r l a i - - l G U t l i i o o o g . b S n v a - - s . t. O c t s u t i h e e r - s e i- r G l U t o i i o g o . b v S a n - - t . s .O c t s u t i e h e r - s e i- r Total Bills o d n f e e e d b i s - n t s - - Notes Bonds* Total— Leading Cities 1951—June 69,900 32,579 19,128 254 1,032 126 603 5,516 452 5,924 37,321 30,781 2,375 792 7,690 19,9246,540 1952—April 73,109 34,743 20,988 3581,111 104 565 5,669 466 6,031 38,366 31,217 3,457 3,623 5,899 18,2387,149 May 73,402 34,741 20,649 5661,161 93 567 5,682 457 6,115 38,661 31,520 3,454 3,724 5,900 18,4427,141 June 74,523 35,034 20,625 5961,241 97 557 5,702 513 6,254 39,489 32,214 3,904 3,689 5,942 18,6797,275 May 7... 73,168 34,659 20,723 5971,110 91 568 5,675 380 6,064 38,509 31,389 3,416 3,733 5,904 18,3367,120 May 14. .. 73,230 34,745 20,707 5591,128 93 568 5,684 480 6,075 38,485 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 6,135 38,669 31,577 3,473 3,725 5,927 18,4527,092 May 28... 73,846 34,863 20,530 6541,231 93 566 5,690 463 6,187 38,983 31,719 3,544 3,728 5,923 18,5247,264 June 4... 73,725 34,634 20,424 5711,272 93 562 5,686 382 6,195 39,091 31,903 3,681 3,695 5,943 18,5847,188 June 11. . . 73,956 34,679 20,518 5331,176 92 559 5,696 420 6,236 39,277 32,060 3,856 3,692 5,948 18,5647,217 June 18. .. 75,000 35,257 20,776 5591,218 102 552 5,703 618 6,281 39,743 32,407 4,020 3,706 5,937 18,7447,336 June 25... 75,413 35,565 20,784 7231,298 103 554 5,722 627 6,305 39,848 32,488 4,057 3,664 5,941 18,8267,360 July 2... 77,491 36,472 20,567 1,379 1,413 222 567 5,726 759 6,393 41,019 33,582 3,734 3,885 5,947 20,0167,437 July 9... 76,728 35,862 20,580 1,0311,335 214 563 5,737 583 6,373 40,866 33,364 3,420 3,838 5,957 20,1497,502 July 16... 76,643 35,757 20,637 8081,310 211 564 5,739 670 6,374 40,886 33,402 3,483 3,792 5,962 20,1657,484 July 23... 76,191 35,441 20,626 7261,305 197 565 5,753 423 6,402 40,750 33,256 3,361 3,736 5,961 20,1987,494 July 30. .. 76,115 35,315 20,581 6221,366 153 564 5,764 386 6,436 40,800 33,267 3,313 3,700 5,966 20,2887,533 New York City 1951—June 20,098 10,064 6,743 212 795 24 255 486 348 1,341 10,034 8,173 878 174 1,542 5,5791,861 1952—April 20,644 11,028 7,709 289 888 23 215 464 294 1,319 9,616 7,468 867 630 1 .365 4,6062,148 May 20,765 11,020 7,554 428 930 17 212 445 272 1,335 9,745 7,665 945 656 1,366 4,6982,080 June 21,205 11,126 7,579 454 997 19 205 429 275 1,343 10,079 7,939 1,077 631 L.363 4,8682,140 May 7... 20,623 10,981 7,593 429 890 16 213 450 238 1,325 9,642 7,571 862 688 1,368 4,6532,071 May 14... 20,642 11,017 7,571 404 910 18 214 449 301 1,323 9,625 7,576 887 660 1,371 4,6582,049 May 21. .. 20,678 10,977 7,544 351 939 18 213 441 300 1,344 9,701 7,660 950 648 1,370 4,6922,041 May 28... 21,119 11,106 7,508 529 979 17 209 440 250 1,34810,013 7,856 1,083 629 1,374 4,7702,157 June 4... 20,949 10,969 7,474 4391,011 17 209 431 225 1,338 9,980 7,892 1,054 621 1,377 4,8402,088 June 11... 20,960 10,961 7,510 404 950 17 208 432 276 1,339 9,999 7,891 1,038 638 1,371 4,8442,108 June 18... 21,322 11,198 7,662 438 983 21 199 428 295 1,34710,124 7,941 1,075 632 1,352 4,8822,183 June 25... 21,591 11,376 7,670 5361,043 21 205 425 303 1,34810,215 8,033 1,140 632 1,355 4,9062,182 July 2... 22,935 12,229 7,508 1,144 1,066 68 207 419 615 1,37810,706 8,473 1,044 806 1,359 5,2642,233 July 9... 22,133 11,654 7,497 8511,033 65 204 413 411 1,356 10,479 8,184 737 768 1,361 5,3182,295 July 16. .. 21,895 11,437 7,479 5971,049 61 202 407 458 1,361 10,458 8,184 782 734 1,364 5,3042,274 July 23... 21,592 11,123 7,469 4821,040 54 204 405 280 1,366 10,469 8,187 735 738 1,375 5,3392,282 July 30. .. 21,559 11,011 7,412 4051,086 28 204 403 279 1,37110,548 8,240 752 758 1,363 5,3672,308 Outside New York City 1951—June .. 49,802 22,515 12,385 42 237 102 348 5,030 104 4,583 27,287 22,608 1,497 618 6,148 14,3454,679 1952—April 52,465 23,715 13,279 69 223 81 350 5,205 172 4,712 28,750 23,749 2,590 2,993 4,534 13,6325,001 May 52,637 23,721 13,095 138 231 76 355 5,237 185 4,780 28,916 23,855 2,509 3,068 4,534 13,7445.061 June 53,318 23,908 13,046 142 244 78 352 5,273 238 4,911 29,410 24,275 2,827 3,058 4,579 13,8115,135 May 7... 52,545 23,678 13,130 168 220 75 355 5,225 142 4,739 28,867 23,818 2,554 3,045 4,536 13,6835,049 May 14... 52,588 23,728 13,136 155 218 75 354 5,235 179 4,752 28,860 23,821 2,498 3,051 4,541 13,7315,039 May 21... 52,687 23,719 13,092 104 237 76 355 5,237 204 4,791 28,968 23,917 2,523 3,077 4,557 13,7605,051 May 28... 52,727 23,757 13,022 125 252 76 357 5,250 213 4,839 28,970 23,863 2,461 3,099 4,549 13,7545,107 June 4... 52,776 23,665 12,950 132 261 76 353 5,255 157 4,857 29,111 24,011 2,627 3,074 4,566 13,7445,100 June 11... 52,996 23,718 13,008 129 226 75 351 5,264 144 4,897 29,278 24,169 2,818 3,054 4,577 13,7205,109 June 18... 53,678 24,059 13,114 121 235 81 353 5,275 323 4,934 29,619 24,466 2,945 3,074 4,585 13,8625,153 June 25... 53,822 24,189 13,114 187 255 82 349 5,297 324 4,957 29,633 24,455 2,917 3,032 4,586 13,9205,178 July 2... 54,556 24,243 13,059 235 347 154 360 5,307 144 5,015 30,313 25,109 2,690 3,079 i,588 14,7525,204 July 9... 54,595 24,208 13,083 180 302 149 359 5,324 172 5,017 30,387 25,180 2,683 3,070 4,596 14,8315,207 July 16. .. 54,748 24,320 13,158 211 261 150 362 5,332 212 5,013 30,428 25,218 2,701 3,058 4,598 14,8615,210 July 23... 54,599 24,318 13,157 244 265 143 361 5,348 143 5,036 30,281 25,069 2,626 2,998 4,586 14,8595,212 July 30. .. 54,556 24,304 13,169 217 280 125 360 5,361 107 5,065 30,252 25,027 2,561 2,942 4,603 14,9215,225 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. 1 Includes guaranteed obligations. 904 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 month B s w F e R e a e r r i e a n d t v h - l k - e s v : a a i u n s l h t m b a w a n d e n i c o s t e k - h ti s s c p m u o a d s a d t s e n e i - - t d d s 8 s p p u v n h c a o a a o i e n i d r r p l r r d s a t - - - s - , - , S p s d s a i o i t u c i o n a v l a b n i d t i l t - e - s - s c C O c h a f e e e i e n t f e r r c f c d i t s d . k - i ' - s, U m G er . o e n v n S - - t . s p p u n v h c a o a a o e i n i r d r p l r r d s a t - - - s - , - , p S s d s a i i o t u c i o n a v l a b n i d t i l t - e - s - s P m U G S e i a o n r a n . o e g n s v n v d S t s - - a t - . l m D t D i e o c s e - - man F ei d o g r n - Time r B i o n o w g r s - - c C o i a t u a c a p n - l - ts B d it e a s b n 4 - k tions tions Total- Leading Cities 1951—June... . 14,360 2,42150,55351,338 3,598 1,325 3,34214,593 746 134 9,2211,316 341 378 6,664121,577 1952—April 14,646 855 2,40951,72352,494 3,761 1,596 3,245 15,414 765 170 9,8381,246 423 762 6,948119,934 May 14,767 891 2,31752,21852,737 3,954 1,571 2,998 15,501 775 174 9,5521,242 426 991 6,996121,315 June 14,999 962 2,38 53,12854,053 3,698 1,729 3,145 15,627 769 175 9,8241,258 452 976 7,016 128,404 May 7... 14,784 850 2,24551,88751,798 4,014 1,432 2,705 15,472 763 173 9,7081,221 4211,210 6,997 28,224 May 14.., 14,709 910 2,43751,95553,222 3,910 1,365 2,928 15,470 779 171 9,901 ,203 423 949 6,991 26,121 May 21... 14,952 864 2,29152,17052,775 3,871 1,755 3,441 15,508 777 175 9,4211,265 425 792 6,990 29,688 May 28... 14,624 940 2,29652,86353,152 4,021 1,735 2,917 15,554 780 175 9,1791,281 4351,014 7,005 27,444 June 4.., 14,691 937 2,30452,51653,227 3,809 2,691 15,583 774 174 9,6241,277 4421,084 7,017 24,595 June 11.., 14,691 990 2,36353,20254,368 3,600 2,258 15,608 770 176 9,7701,245 4541,051 7,015 25,693 June 18.., 15,809 942 2,53253,92455,334 3,570 2,044 3,202 15,634 770 17510,2621,243 4571,056 7,013 33,114 June 25.. 14,806 977 2,35052,87053,285 3,812 1,984 4,429 15,681 762 178 9,6411,265 454 711 7,021 29,379 July 2... 14,884 899 2,52151,70852,818 3,705 2,060 6,914 15,689 763 17910,2771,248 4651,022 7,034 38,191 July 9.., 14,984 972 2,39551,75052,454 3,652 1,603 6,124 15,677 765 17910,2661,257 4671,082 7,025 22,376 July 16.., 15,060 919 2,47 52,00253,915 3,444 1,481 5,62915,669 777 18: 10,2041,228 4711,429 7,008 27,100 July 23.., 14,995 935 2,30752,44853,172 3,491 1,541 5,199 15,692 778 18: 9,6921,226 4711,209 7,022 26,829 15,148 957 2,23 52,76653,189 3,698 1,668 4,79315,687 779 185 9,5021,304 4681,491 7,029 26,834 July 30... New York City 5,303 132 15,81316,619 240 589 1,091 1,506 2,8581,087 255 129 2,341 49,398 1951—June 5,209 131 15,87516,702 323 796 1,018 1,556 2,880 1,030 319 315 2,403 49,745 1952—April 5,358 142 16,06016,764 352 825 1,065 1,579 2,776 1,033 320 372 2,411 49,830 May 5,474 197 16,50417,313 260 901 999 1,622 2,855 1,039 340 471 2,407 55,385 J M M M M u a a a a n y y y y e 2 2 1 1 7 8 4 . . . . . . . . . 5 5 5 5 , , , , 3 3 3 4 1 1 4 5 4 8 7 3 1 1 1 1 3 2 6 3 2 9 6 9 1 1 1 16 6 5 5 , , , , 4 0 9 8 1 4 1 7 1 8 0 4 1 1 1 1 6 6 6 7 , , , , 4 7 8 0 2 4 0 7 2 9 9 7 3 3 3 4 7 0 0 3 3 3 3 0 1, 6 6 9 0 8 7 0 2 9 9 6 7 1 1 1 , , , 9 2 1 0 2 0 2 0 4 9 6 0 1 1 1 1 , , , , 5 5 6 5 7 6 1 5 9 0 9 6 2 2 2 2 , , , , 7 8 7 7 4 1 9 4 7 9 5 1 1 1 1 , , , 9 0 0 0 9 0 5 7 5 5 5 6 3 3 3 3 1 1 1 2 7 7 9 9 3 5 4 2 3 3 0 1 7 6 0 4 2 2 2 2 , , , , 4 4 4 4 1 1 0 1 2 2 7 3 1 1 1 1 1 1 0 1 , , , , 8 4 9 4 1 2 1 7 3 5 3 6 June 4.. 5,425 193 16,24016,974 289 733 938 1,604 2,75. 1,062 334 600 2,411 10,507 June 11... 5,218 212 16,40917,268 265 615 743 1,615 2,760 1,028 342 464 2,409 10,389 June 18.. 5,923 184 16,99617,937 234 1,131 808 1,630 3,037 1,021 344 535 2,405 14,314 June 25.. 5.330 197 16,37017,071 250 1,127 1,507 1,639 2,871 1,046 341 285 2,404 12,282 July 2.. 5,088 184 15,72116,737 229 1,166 3,100 1,616 3,115 1,032 353 220 2,417 18,144 July 9.., 5,40: 194 15,63: 16,376 292 804 2,761 1,59. 2,964 1,027 351 380 2,419 9,099 July 16.. 5,391 174 15,62616,630 261 697 2,469 1,573 2,924 997 354 494 2,417 10,941 July 23... 5,420 176 15,90116,600 291 777 2,217 1,583 2,796 1,000 354 297 2,418 10,629 July 30... 5,520 181 15,98416,781 316 904 2,001 1,575 2,769 1,060 351 518 2,416 11,792 Outside New York City 1951—June 9,057 730 2,38' 34,74034,719 3,358 736 2,251 13,087 721 6,363 86 249 4,323 72,179 1952—April 9,437 724 2,34535,84835,792 3,438 800 2,22 13,858 739 121 6,958 216 104 447 4,545 70,189 May 9,409 749 2,284 36,15835,973 3,602 746 1,933 13,922 750 125 6,776 209 106 619 4,585 71,485 June 9,525 765 2,354 36,624 36,740 3,438 828 2,146 14,005 746 123 6,969 219 112 505 4,609 73,019 May 7... 9,466 718 2,21935,97735,376 3,641 743 1,801 13,916 738 124 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 12 7,082 208 106 612 4,579 15,696 May 21... 9,499 735 2,25336,12235,966 3,568 728 2,21: 13,929 752 126 6,674 210 106 578 4,577 17,775 May 28... 9,277 774 2,264 36,452 36,075 3,618 756 1,917 13,935 755 126 6,438 205 106 614 4,598 15,968 June 4.. 9,266 744 2,27136,27636,253 3,520 783 1,753 13,979 749 125 6,871 215 108 484 14,088 June 11.. 9,473 778 2,33436,79337,100 3,335 757 1,515 13,993 748 124 7,010 217 112 587 15,304 June 18.. 9,886 758 2,49736,"9"2"8 37,397 3,336 913 2,394 14,004 748 123 7,225 222 113 521 18,800 June 25.. 9,476 780 2,31436,50036,214 3,562 857 2,922 14,042 740 125 6,770 219 113 426 4,617 17,097 July 2... 9,796 71 2,48835,98!36,081 3,476 894 3,814 14,073 742 126 7,162 216 112 802 4,617 20,047 July 9... 9,58: 778 2,364 36,11836,078 3,360 799 3,363 14,084 743 126 7,302 230 116 702 4,606 13,277 July 16.. 9,665 745 2,44436,37637,285 3,183 784 3,16014,096 754 128 7,280 231 117 935 4,591 16,159 July 23.. 9,575 759 2,27636,54736,572 3,200 764 2,98 14,109 756 12 6,896 226 117 912 4,604 16,200 July 30.. 9,628 776 2,20836,78236,408 3,382 764 2,792 14,112 756 131 6,733 244 117 973 4,613 15,042 •* Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised jbasis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. AUGUST 1952 905 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 [Net declines, (—). In millions of dollars] Business of borrower Manufacturing anc mining Comm'l, Period 2 t l o F i b q a o u n a o d c o d c r , , o T a le p e a a x p n t t a h d i r l e e e r l s, p m e M r m r ( a o y a i e c e n d n t h t a c d u a a i l n c l l n . s d t - s ch r P l u e c e a e m o b u n t a b m r d i l o c e , , a - r l Other ( r T w e s a r t h a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u P p t t t ( r i o i u i a l o n r b i n n c t t l i a s l ) i e . - c - s s C t t i r o o u n n c - - bu t o y s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e d g s t i e - s ch t i a a o n a n g t n d g a r d ' e ' l l l , — 3 trans. equip.) 1951—April-June. . -243 116 275 48 60 62 -421 63 175 44 8 186 18 July-Dec 932 -361 873 125 141 16 722 30 351 -98 37 2,769 2,372 1952—Jan.-June. . . -868 -73 1,111 176 76 -105 -634 -217 -2 18 -28 -546 -808 Monthly: 1952—March — 191 8 288 49 33 36 -119 54 55 1 -7 205 207 April -295 -35 41 -26 6 20 -131 3 -70 17 -29 -499 -568 May — 116 -57 29 -34 -7 -118 35 19 22 4 -223 -266 June -35 2 93 44 16 5 -53 70 59 15 34 249 254 July -24 20 -109 29 6 -32 59 -32 -165 6 53 -189 -203 Week ending: May 7. -31 -3 10 -4 2 7 -42 11 -23 4 -69 -73 May 14. ... -28 -7 10 11 2 7 -23 -12 15 9 Hi" -20 -16 May 21.... -44 -24 13 6 -1 -4 -28 15 10 5 -1 -53 -71 May 28 -13 -23 -4 -46 -3 -17 -26 21 17 5 9 -81 -106 June 4. ... -37 4 -32 -8 -16 -11 -27 15 -13 1 17 -108 -106 June 11.... -7 -3 62 16 17 12 -12 -19 15 2 8 90 94 June 18. ... 24 5 53 43 17 9 -12 57 43 8 5 251 258 June 25.... -14 -3 10 -7 -1 -5 -2 17 13 4 5 17 8 July 2 -37 -7 -44 3 -5 -22 -12 38 -167 -2 40 -214 -217 July 9.... — 1 -29 2 3 31 3 1 3 Q 6 13 Tuly 16. ... -15 2i" 19 10 14 -10 8 -3 -13 12 14 57 57 July 23 22 2 -18 7 —6 25 -27 10 -2 -3 7 -11 July 30. ... 6 8 -37 6 3 -3 7 -43 3 -5 9 -46 -45 1 Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold nearly 95 per cent of total commercial and industrial loans of all weekly reporting member banks and about 70 per cent of those of all commercial banks. During April and May 1951 the coverage was smaller. 2 Figures for other than weekly periods are based on weekly changes during period. 3 Net change at all banks in weekly reporting series. OUTSTANDING COMMITMENTS OF LIFE INSURANCE COMPANIES TO ACQUIRE LOANS AND INVESTMENTS FOR DEFENSE AND NONDEFENSE PURPOSES * [In millions of dollars] Defense and defense-supporting Nondefense To others, on real estate mortgages State, End of month Total Total P ut u i b li l t i y c R ro a a i d l- b d O u u a s i t n n s i h n t d - e r e r y ss Total b d u u a s T i n i n s n o t d - r e y ss Farm Nonf V a A rm resi F d H en A tial Con- a c n n o d i u c i n p m t a y u l , - Total guaran- in- venteed sured tional 1951—April2 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 L.O78 316 452 310 51 November 4,394 2,112 353 192 1,567 2,238 955 98 .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 ]VIarch 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. 906 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 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 r t 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 t i o n w r i e n e e ig n o n r States countries 1951—Mav 364 417 143 108 35 274 259 102 1 22 33 June 331 425 162 120 42 263 267 104 (2) 22 31 July 336 380 135 103 33 245 225 104 (2) 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 June 495 416 148 108 40 268 195 126 45 15 36 1 As reported by dealers; includes some finance company paper sold in open market. 2 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 x 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 an a d c c t o r u ad nt i s ng an a d c c t o r u ad nt i s ng banks Free O (n th et e ) r a in n v d e t s r t a m d e in n g t a in n v d e t s r t a m d e in n g t I a n c c c o a u p n it t a s l accounts accounts (net) 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 IQ50—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 1,266 •672 »825 August 1,260 »624 »816 September. . 1,290 »640 •843 October 1,291 *653 «853 November. . 1,279 »649 »805 December... 1,292 12 392 378 695 816 259 42 11 314 1952—January »1,289 3 633 3 809 February. . . 1,280 3 652 3 790 March 1,293 3 734 3 756 April 1,315 3818 3 756 May 1 312 3 847 s 725 June 1,327 9 427 365 912 708 219 23 16 324 .iiCU Uy U. O. VjrOVei HillCllL SCCLUilies WwcalSs {(ImII llmLUillllUiolina s VoIi iaoiiars;: /\prn, ^»; iviay, 33. NOTE.—For explanation of these figguurreess sseeee ""SSttaattiissttiiccs on Margin Accounts" in BULLETIN for September 1936. The artic:le describes the miuectuhiouud buyy wwhiiiucjhii tuhuec fiiigguuriecss adriee duecruivvecdu aann-d4 r-e•*p—or*tendA , Ad;i-s*t-ii-nguishes the table from a "statement of financial condition," and explaiins that the last ccoolluummnn iiss nnoott ttoo bbee ttaakkeenn aass rreepprreesseennttiinngg tthhee aaccttuuaall nneet t ccaappiittaall oofi tthhee rreeppoorrttiinngg ffiirrmmss.. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figurres prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. 907 AUGUST 1952 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) mo Y w n e e t a e h r k , , or m m 4 p P - c o e a r o r t n i p o c m m t e i h a r - e 6 s , l - 1 a a d b c n e a a 9 c r c y n s e 0 e ' s k p s - l , t- M y 3 a i - r e m k ld e o t nth o n R b a il n t l e e s w 9 i m - s t s o o u n e t 1 s h 2 2 - 3 is - y s t u e o a e r s 5 3 - Area and period loans $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 S 0 ,0 i , z 0 0 e 0 0 0 - of $ $ 1 l 2 o 0 0 0 a 0 n ,0 ,0 0 0 0 0 - $ a 2 n 0 d 0 o ,0 v 0 e 0 r issues Annual averages: 19 cities: 1949 average 1.48 L. 12 1.08 L.102 1.14 .43 1942 2.2 4.4 3.2 2.2 2.0 1950 average 1.45 L.15 1.20 L.218 1.26 .50 1943 . . . 2 6 4 4 3.4 2 5 2.4 1951 average 2.17 1.60 1.52 L.552 1.73 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—July 2.31 L.63 1.56 L.593 1.74 .94 1946 2.1 4.2 3.1 2.2 1.7 August.... 2.26 L.63 1.62 L.644 1.70 .89 1947... . . 2.1 4 2 3.1 2.5 1 .8 September. 2.19 L.63 1.63 L.646 1.71 .93 1948 2.5 4.4 3.5 2.8 2.2 October. . . 2.21 L.63 1.54 L.608 1.74 .00 1949 . 2.7 4.6 3.7 3.0 2.4 November. 2.25 L.63 1.56 L.608 1.68 >.01 1950 2.7 4.5 3.6 3.0 2.4 December.. 2.31 L.69 1.73 L.731 1.77 ..09 1951 . 3 1 4.7 4.0 3.4 2.9 1952— J A M F M J u e a p n a a n b r y r e i u r c l u a h r a y r . y . . . . 2 2 2 2 2 2 . . . . . . 3 3 3 3 3 3 5 8 8 1 1 8 L L L L L L . . . . . . 7 7 7 7 7 7 5 5 5 5 5 5 1 1 1 1 1 1 . . . . . . 5 5 5 6 5 7 9 7 4 7 7 0 L L 1 L L . . . . . . 7 7 6 5 6 6 1 0 5 7 8 2 0 0 8 4 8 3 1 1 1 1 1 1 . . . . . . 6 7 7 6 7 6 9 5 0 0 4 6 1 1 . ' . . . . . . . 0 0 0 0 9 9 7 2 8 4 5 3 Qu 1 a 9 r 1 1 t c e 9 9 i r 5 5 t l i 1 2 y e — — : s: J D S M u e e n a p c e r t 3 3 3 3 . . . . 4 2 0 5 5 7 6 1 4 4 4 4 . . . . 8 7 9 7 5 4 0 8 4 3 4 4 . . . . 9 2 0 1 9 1 5 6 3 3 3 3 . . . . 7 3 4 6 2 6 9 6 3 3 3 2 . . . . 2 0 2 7 9 3 4 8 July 2.31 L.75 1.81 L.824 1.89 .14 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 July 5.... 2.31 L.75 1.75 1,788 1.85 .09 1952—Mar. . 3.23 4.43 3.97 3.48 3.11 July 12.... 2.31 L.75 1.77 L.793 1.88 ..11 June 3.27 4.53 4.03 3.55 3.14 July 19 2.31 L.75 1.81 L.810 1.88 .12 July 26.... 2.31 L.75 1.84 1.850 1.91 ..16 7 Northern and East- Aug. 2 2.31 1.75 1.86 L.877 1.89 ?.20 19 e 5 r 1 n — c S it e ie p s t : 3.06 4.81 3.97 3.24 2.82 Dec. 3.23 4.81 4.04 3.46 3.03 1 Monthly figures are averages of weekly prevailing rates. 1952—Mar 3.47 4.91 4.16 3.67 3.29 2 Series includes certificates of indebtedness and selected note and June 3.46 4.90 4.17 3.71 3.27 bond issues. 11 Southern and 3 Series includes selected note and bond issues. Western cities: Back figures.—See Banking and Monetary Statistics, Tables 120-121, 1951—Sept 3.47 4.89 4.17 3.55 3.04 pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October Dec. 3 67 4 95 4.15 3.62 3.35 1947, pp. 1251-1253. 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 YIELDS i [Per cent per annum] Corporate (Moody's)1 Year, month, or week G t ( m U e o lo r v . e m n e n S g r ) t . n - 2 - M g ( r h i a u p i d g n a e h i l c ) - 1 - g C ( r h r o a a i r d g t p e e h o ) - - 4 Total By ratings Indus- By R g a r i o l- ups Public Aaa Aa Baa trial road utility Number of issues 1-8 15 120 30 30 30 30 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 2.86 2.62 2.69 2.89 3.24 2.67 3.10 2.82 1951 average. ... 2.57 2.00 3.08 2.86 2.91 3.13 3.41 2.89 3.26 3.09 1951—July 2.63 2.18 3.17 2.94 2.99 3.23 3.53 2.97 3.36 3.19 August. . . 2.57 2.04 3.12 2.88 2.92 3.18 3.51 2.92 3.31 3.13 September 2.56 2.05 3.08 2.84 2.88 3.15 2.89 3.27 3.09 October... 2.61 2.08 3.13 2.89 2.93 3.18 2.93 3.31 3.14 November 2.66 2.07 3.20 2.96 3.02 3.26 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 »3.32 3.20 July 2.61 2.12 2.96 3.17 2.95 3.04 3.19 3.50 2.99 3.33 3.20 Week ending: July 5... 2.62 2.12 2.96 3.17 2.94 3.03 3.19 3.50 2.98 3.33 3.19 July 12... 2.61 2.12 2.97 3.17 2.95 3.03 3.19 3.50 2.98 3.32 3.20 July 19... 2.59 2.12 2.97 3.17 2.95 3.04 3.19 3.50 2.99 3.33 3.20 July 26... 2.60 2.13 2.96 3.18 2.95 3.05 3.20 3.50 2.99 3.34 3.20 Aug. 2... 2.63 2.13 2.96 3.18 2.94 3.05 3.20 3.51 2.99 3.34 3.20 c Corrected. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on figures for Wednesday. a 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 Standard and Poor's Corporation. < U. S. Treasury Department. 5 Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and A a groups have been reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 908 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS i Bond prices Stock prices Common Volume of Standard and Poor's series Securities and Exchange Commission series trad- Year, month, U.S. Mun- Cor- (index, 1935-39 =LOO) (index, 1939=100) ing* or week po- p.. (in gov- lcipai rate ir re- thouern- (high- ferred' Manufacturing Trade, sands ment8 grade)*grade)1 In- Pub- Trans- Pub- fin- of Total d tr u ia s- l R ro a a i d l- ut l i i l c ity Total Total D ab u l r e - N du o r n - - p t o io r n ta- u i l t t i i y c l- a s a e n n r c v d e - , M in i g n- shares] 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 2,012 1951 average... 98.85 133.0 117.7 170.4 177 192 149 112 185 207 178 233 199 113 208 205 1,684 1951—July 97.93 129.4 116.2 166.7 173 188 139 112 182 204 170 236 188 111 202 195 Aug 98.90 132.1 117.1 169.4 182 198 147 114 190 215 179 249 196 114 206 219 ,463 Sept. ... 99.10 132.0 118.0 168.5 187 205 153 116 195 220 185 253 204 115 215 231 ,916 Oct . 98 22 131.3 116.9 167.0 185 202 155 115 191 216 185 244 203 114 214 244 ,802 Nov. 97.52 131.6 115.3 165.4 178 193 144 115 185 208 178 235 194 114 208 239 ,246 Dec 96.85 130.9 114.8 163.7 183 199 151 116 190 215 182 245 204 115 209 238 ,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 L,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 1,282 May 98.91 131.9 116.3 173.4 184 199 167 117 190 214 182 243 216 117 201 283 L.044 June 98.32 130.9 116.2 173.3 188 204 174 116 196 222 187 253 225 117 204 291 1,215 July 98.40 130.4 116.0 171.1 192 210 175 117 199 225 192 256 226 117 208 289 1,096 Week ending: July 5.. 98.25 130.5 116.2 171.3 192 210 176 117 199 226 192 258 228 117 208 296 1,326 July 12. . 98.31 130.5 116.1 170.9 191 208 174 117 198 225 191 256 226 117 208 290 1,020 July 19. . 98.58 130.5 115.9 171.5 192 210 174 117 198 224 191 254 224 117 208 281 1,094 July 26. . 98.57 130.3 115.9 170.9 192 210 174 117 200 227 193 258 227 117 209 288 1,024 Aug. 2. . 98.08 130.3 115.9 171.0 193 211 177 117 201 228 196 258 230 119 210 286 1,110 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. * Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. * Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For newcapital For refunding Total Domestic Domestic Year or month f ( i u a n r n n n e e g d d - w ) - m T e f ( a e i o o d g n s r o t n d t - a - i ) c l Total S n m a p t i n a c a u d i t l - - e a c F e g i e e r e a s d n l - x - 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 T e ( f a e i o d o g n s o r t n d t - a - i ) c l Total S n m a p t i n a c a u d i t l - - e a c F e g i e e r e a d s 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 i o g r n - 1 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 1S 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 39,691 3 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 *6,177 4 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 52 101 1950 3 10,900 8,214 8,103 3,370 394 4,339 3,138 1,200 111 S2,686 2,463 112 992 1,360 1,301 58 173 1951 *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 M 1951—July. . . . 946 820 812 319 8 485 334 151 8 126 126 2 93 31 31 Auc 677 485 451 151 300 199 101 34 192 192 1 172 20 20 Sept * 1,075 8 881 731 265 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 Nov 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 1952—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 May.... 3 1,55531,249 1,109 376 56 677 453 224 93 306 306 11 144 151 142 8 June .... 1,403 1,245 1,239 615 38 587 406 180 6 158 155 11 141 3 3 3 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, September 1951 and May 1952 include 244 million dollars, 100 million, 150 million, 100 million and 47 million, respectively, of issues of the International Bank for Reconstruction and Development. «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. 909 AUGUST 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 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 t s e d 2 E pr s o ti c n m e e e t a d t s e d 3 Total N P e e q l w a u n i m p t m o a n n e e d n y t W ca o p rk it i a n l g Tot R al etirem B e o n n n t o d t o s e f s a n se d cur P it r i s e e t f s o e c r k red R o e th 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 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—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 O Se c p to te b m er ber 3 65 9 5 0 3 63 8 9 1 3 54 4 8 3 4 2 0 8 4 6 1 5 4 8 4 1 1 2 8 1 1 8 0 2 1 " 5 1 3 5 26 5 November. . 673 660 570 488 83 43 42 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 IVlarch 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 6 d Railroad Public utility 7 Communication 8 R an e d a l 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- money ments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 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' "304 617 546 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—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 i' 197 179 15 15 62 48 D N e o c v e e m m b b e e r r 2 4 1 8 4 0 4 1 2 8 8 0 2 2 6 1 4 3 6 9 2 2 2 8 2' 2 7 2 6 2 6 2 1 2 26 7 6 3 2 2 5 6 1 0 1 6 4 3 2 7 5 3 2 7 4 2 1 3 4 1 1 1 8 2' 1952—January 349 331 29 21 1 17 17 184 177 6 2 2 14 11 1 February 285 238 31 13 9 2 29 29 15 125 122 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 31 243 221 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 notation, 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, 910 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 0: 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 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 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—li 9,263 1,400 791 387 7 935 1,253 705 347 1 328 147 86 41 10,695 1,821 1,038 395 9,213 1,629 926 347 1,482 192 112 48 11,847 2,190 1,240 583 10,156 1,928 1,090 534 1,691 262 150 50 12,313 2,482 987 875 10,527 2,182 846 785 1,786 300 141 89 1951—1 J 12,711 2,238 878 469 10,811 1,951 765 420 1,899 287 113 48 2 l 13,047 2,219 839 475 11,079 1 928 724 421 1 968 291 115 54 12,297 1,964 762 475 10,443 1,716 658 422 1,854 248 103 53 41 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 89 62 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Electric power Telephone Year or quarter r O e p v in e e r n g a u t e - P b t e r a f o x o f e r it 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 r O e p v in e e r n g a u t e - P b t e r a f o x o f e r it s e s P t a a r f o x te f e i r s ts d D e i n v d i- s r O e p v in e e r n g a u t e - P b t r a e o f x o f e i r t s e s P t a r a f o x te f 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 J .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 L.334 297 187 162 1942 7.466 1,658 902 202 3,216 847 490 408 L.508 364 168 151 1943 .... . 9,055 2,211 873 217 3,464 913 502 410 1,691 420 176 156 1944 9,437 1,972 667 246 3,615 902 507 398 1,815 451 168 155 1945 .... 8,902 756 450 246 3,681 905 534 407 Q7O 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 1 148 699 289 4,830 983 657 493 2,694 292 186 178 1949 8 580 700 438 252 5,055 1,129 757 553 2,967 333 207 213 1950 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—1 1,985 114 2 56 61 1,378 351 2 230 146 787 116 2 71 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 2211 168 881 169 2 92 76 1951—1.. 2,440 229 2 104 101 1,504 413 2 229 157 904 175 2 90 77 3 2 . 2 2, , 5 5 8 9 3 6 2 2 7 50 5 2 2 1 1 4 2 6 4 6 53 3 1 1 , , 4 4 2 1 3 9 3 3 2 4 0 4 2 2 1 1 6 9 8 5 1 1 6 6 2 1 9 93 1 1 8 1 1 6 7 0 4 2 2 7 9 2 2 8 7 1 9 4 2,772 505 2 320 111 1,521 403 2 226 181 976 182 2 86 81 1952—1 . 2,587 295 141 80 1,603 498 257 172 993 194 93 85 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). 911 AUGUST 1952 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 1950 1 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 88 85 86 120 88 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 wmilar redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes. * Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied product* (IS); and miscellaneous (1). •Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). CORPORATE PROFITS, TAXES, AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates) [In billions of dollars] Year 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 f t i 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 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 7 8 6 5 4 3 2 2 3 1 0 3 4 3 9 . . . . . 5 5 3 7 8 1 1 1 1 9 3 1 1 3 . . . . . 6 2 5 9 0 2 1 1 1 8 0 0 3 8 . . . . . 5 7 8 9 5 4 4 5 6 7 . . . . . 7 7 6 8 3 1 1 3 6 8 2 3 . . . . . 8 1 1 0 6 1951— 3 4 1 2 4 5 3 3 3 9 8 0 . . . . 3 5 6 1 2 2 2 2 8 4 1 2 . . . . 4 2 5 8 2 1 1 1 1 8 7 6 . . . . 7 8 9 3 9 8 9 9 . . . . 6 2 0 3 1 9 8 7 3 . . . . 8 0 7 1 1949 27.1 10.8 16.3 7.5 8.8 1950 39.6 18.4 21.2 9.0 12.2 1952—1 '42.7 '•24.7 '18.1 8.9 ••9.2 1951 42.9 24.2 18.7 9.0 9.7 2i p41.0 '23.7 '17.3 9.6 ••7.7 r Revised. i Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. 912 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 iessues3 Marketable Nonmarketable E m nd o nth of d T g e o ro b t s a t s * l d d T g i e o r r o b t e s a t s l c 2 t Total Total Bills c C e i a n e d t r d e 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 B t s r r a i e- n c k ted v C i e b o r l n e t- - Total« 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—J3ec 170, 108 165 877 151, 80S 115 ?30 13 07? ?? 843 11 17S ssS91 1? ,sso 36,574 27,363 8,586 12,703 1944—Dec 232, 144 230 630 212, 565 161 ,648 16 ,428 30 401 23 ,039 66 ,931 24 ,850 50,917 40,361 9,843 16,326 1945—Dec 278, 68? 278 11S 255, 693 198 778 17 037 38 1SS ?? 967 68 403 S? ,?16 56,915 48,183 8,235 20,000 1946—Dec 259 487 259 149 233, 064 176 ,613 17 ,033 29 987 10 ,090 69 ,866 49 ,636 56,451 49,776 5,725 24,585 1947—Dec 256 981 256 900 225, ?S0 165 ,758 1S ,136 ?1 ??0 11 37S 68 391 49 ,636 59,492 52,053 5,384 28,955 1948—Dec 252 854 252 800 218, 865 157 ,482 12 ,224 26 525 7 ,131 61 ,966 49 ,636 61,383 55,051 4,572 31,714 1949—june 252 798 252 770 217, 986 155 ,147 11 ,536 ?9 4? 7 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 3S7 222, 8S3 155 ,310 n, 533 18 418 ?0 ,404 S3 ,319 49 ,636 67,544 57,536 8,472 32,356 Dec 256 731 256 708 220, 575 152 ,450 13 ,627 5 373 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 68S 255 6S7 218, 618 139 ,?79 14 ,413 9 S?4 36 360 4? ,9?3 36 ,0S8 1?, S71 66,768 57,538 7,926 34,707 256 677 256 644 219 174 139 741 1S,01? 14 740 31 010 4? 9?3 36 0S6 1? S70 66,864 57,509 8,041 35,146 Sept. . .. 257 386 257 3S3 219 3?1 140,169 1S,617 1S 317 31,013 4?,168 36,0S4 1?, S67 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 259 647 259 604 221 391 142 ,741 18 ,100 ?8 017 18 ,406 4? ,167 36 ,0S0 1?,062 66,588 57,552 7,737 35,862 Dec 259 461 259 419 221 168 142 ,685 18 ,102 29 .078 18 ,409 41 ,049 36 ,048 12,060 66,423 57,587 7,534 35,902 1952 —Jan 259 ,813 259 ,775 221 249 142 ,690 18 ,104 29 ,079 18 ,421 41 ,040 36 ,046 12,047 66,513 57,664 7,539 36,233 Feb 260 399 260 36? 221 776 142 ,701 18 ,104 ?9 079 18 ,434 41 ,040 36 ,044 1?,034 67,041 57,682 8,044 36,360 Mar 258 ,124 258 ,084 219 301 141 ,376 16 ,863 29 ,079 18 ,450 40 ,942 36 ,042 12,018 65,907 57,680 6,911 36,493 Apr. . . 258 ,337 258 ,99? 219 3S6 141 ,8?0 17 ,462 ?8 ,4?3 18 ,95? 40 ,943 ^6 ,040 11,516 66,019 57,644 7,057 36,746 May 259 9S1 259 90S 220 S40 142,6?S 18,?67 ?8 4? 3 18 9S6 43,061 3S 918 11 S1? 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 July 263 ,107 263 ,073 222 963 144 ,340 17 ,213 28 ,170 18 ,971 52 ,579 27 ,407 13,145 65,478 57,709 6,440 37,945 1 Includes fully guaranteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately. 8 Includes amounts held by Government agencies and trust funds, which aggregated 6,596 million dollars on June 30, 1952. 4 Includes Treasury, bonds and minor amounts of prewar and Postal Savings bonds. 6 Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING JULY 31, 1952 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions Redempof dollars] Amount Funds received from sales during tions and Year or out- period maturities Issue and coupon rate Issue and coupon rate Amount month a s t t a e n n d d i n o g f All Series Series Series All period series EandH F andjGandK series Treasury bills * Treasury bonds—Cont. 1945 48,183 12,937 9,822 595 2,520 5,558 Aug. 7, 1952 June 15, 1953-54 2 5,825 1946 49,776 7,427 4,466 325 2,637 6,427 Aug. 14, 1952 June 15, 1953-54 2.... 2 8,662 1947 52,053 6,694 4,085 342 2,267 5,126 Aug. 21, 1952 June 15, 1953-55... 2% 1,501 1948 55,051 7,295 4,224 498 2,573 5,144 Aug. 28, 1952 June 1953-55 3 2 510 1949 56,707 5,833 4,208 233 1,392 5,101 Sept. 4, 1952 June 15, 1953-554 2 725 1950 58,019 6,074 3,668 417 1,990 5,840 S Se e p p t t . . 1 1 1 8 , , 1 1 9 9 5 5 2 2 J M u a n r e . 1 1 5 5 , , 19 1 5 9 4 5 - 5 5 - 6 6 4. 04 . .. 2^ 2K 2,6 6 1 8 1 1 1951 57,587 3,961 3,190 124 646 5,651 Sept. 25, 1952 Mar. 15, 1956-58... 2^ 1,449 1951—July. ..57,538 311 258 8 45 482 O O c c t t . . 9 2 , , 1 1 9 9 5 5 2 2 S Se e p p t. t . 1 1 5 5 , , 1 1 9 9 5 5 6 6 - - 5 5 9 9 . 4 .. . m22^ % 3,8 9 2 8 2 2 S A e ug pt.... 5 57 7 , , 4 5 8 0 8 9 3 2 1 7 4 3 2 2 6 3 7 0 8 7 3 3 8 6 3 4 9 3 0 7 Oct. 16, 1952 Mar. 15, 1957-59... 2% 927 Oct.... 57,501 334 274 10 50 410 Oct. 23, 1952 June 15, 1958 2% 4,245 Nov 57,552 316 268 9 39 364 Oct. 30, 1952 June 15, 1958-634. .2% 919 Dec... 57,587 297 254 9 34 401 June 15, 1959-62... 2M 5,281 1952—Jan 57,664 441 364 16 61 493 Dec. 15, 1959-626. .2M 3,468 Feb.... 57,682 339 288 10 42 411 Dec. 15, 1960-654. .2% 1,485 Mar.... 57,680 331 284 9 38 428 C J F A O D S e u e e e u r c n b p c t t g e . . i . t . f . i 1 1 c 1 5 1 1 a 5 1 , , , , , t , 1 1 e 1 1 1 1 9 9 s 9 9 9 9 5 5 5 5 5 5 2 2 3 3 2 2 \ I \ 1 I Y \ K y % K % % % J S J D D J M M u u e e u e a a c n n p n . e c r e r 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 4 7 5 7 6 3 2 4 - - - - - - - - 6 7 9 7 6 6 7 7 6 7 2 0 8 2 1 9 5. 6 6 6 6 . . . 6 . . . . . . . . . 2 . . . . 2 2 2 ^ i 2 2 2 H % 3 3 ^ y J ^ ^ 2 i 4 2 2 3 3 1 2 2 , , , , , , , , 7 7 9 7 8 9 8 1 1 6 9 0 5 3 2 1 6 0 0 9 5 5 9 8 M J J A u u p a n l M r y y e . a . . . . t . . . . u . . . . rit 5 5 5 5 i 7 7 7 7 es , , , . 7 6 6 6 a 8 0 4 1 5 9 4 4 nd amou 3 3 2 3 n 6 9 6 1 ts 7 2 4 3 outst 2 2 2 3 a 1 5 6 9 n 6 3 7 3 ding July 1 1 8 9 0 5 31, 1952 3 3 5 4 0 7 6 3 4 4 4 4 3 6 3 2 8 8 1 3 Dec. 15, 1967-725. #2K 3,860 m Y a e t ar u ri of ty se A r ll ies E S a e nd r ies H F S a er n i d es J G S a e nd r ies K Treasury notes Postal Savings M M a a r r . . 1 1 5 5 , , 1 1 9 9 5 5 4 5 . . . . . .. . bonds 2Y2 84 1 1 9 9 5 5 2 3 3 6, , 2 3 6 4 3 6 5 3 , , 1 3 2 4 1 6 1Q0 952 Dec. 15, 1955.... 1954 7,949 5,672 472 1,804 Apr. 1, 1956 Panama Canal Loan. 3 1955 6,775 4,429 493 1,853 Oct. 1,1956 1 1956 4,978 2,227 578 2,172 Apr. 1,1957.... Total direct issues 1957 4,756 2,310 461 1,985 1958 4,833 2,510 238 2,084 1959. .. 4,624 2,561 255 1,808 Treasury bonds Guaranteed securities 1 1 9 9 6 6 1 0 1 5 4 , , 0 4 87 31 12 2 , , 9 3 76 79 4 1 4 9 0 8 2 1 , , 2 2 6 5 8 8 Federal Housing Admin. 1962 3,655 1,509 364 1,783 [Mar. 15-Sept. 15,1953.2 Various 1963 737 119 618 1964 365 74 291 1 Sold on discount basis. See table on Open-Market Money Rates, Unclassified -90 -90 p. 908. 2 Maturity Dec. 15, 1954. * Partially tax exempt, Total 57,709 34,950 3,883 18,876 s Maturity Dec. 15, 1955. 5 Restricted. 1 Includes bonds with extended maturities totaling 685 million dollars. AUGUST 1952 913 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and End of month in (i g n c g lu u d ar - - trust funds : Federal Com- Mutual Insur- Other S a t n a d te Individuals Miscelanteed Total Reserve mercial savings ance corpo- local laneous securi- Special Public Banks banks 2 banks com- rations govern- Savings Other investies) issues issues panies ments bonds securities tors ' 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—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 May 259,951 37,198 6,524 216,229 22,273 61,100 9,800 15,900 22,000 9,900 49,000 14,600 11,800 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 i a o n u n t g t a d - l - G a t a c r g o i n u e e v d s n s t t - . B s F e R e a e r r e n a d v - l k - e s b C m a c o n i e a m k r l - s - 1 b M s i t a n u a n g v u a k s l - - s p I c a n a o n n s m c u i e e - r s - Other End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u n i e e v d s n s t t - . B s F e R e a e r r e n a d v - l k - e s b C m a c o n i e a m k r l - s - 1 b M s i t a n u a n g u v a k s - - l s p I c a n a o n n s m c u i e e - r s - Other 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 1 1 0 — — — D D D T J e e e u u c c c n n e e . . . . . . . . 1 1 1 1 1 5 5 3 4 5 5 5 7 2 2 , , , . , 1 3 4 9 7 3 2 7 4 2 8 5 1 4 4 3 3 5 5 5 . , , , . 2 3 3 3 3 7 4 2 6 5 2 5 7 5 0 2 2 2 1 1 2 0 0 8 8 , . , , , 5 7 2 3 8 8 7 6 3 8 8 8 8 1 5 5 5 5 5 5 8 1 9 4 4 , , , , , 9 5 8 1 8 7 1 5 4 9 2 5 6 8 3 1 1 1 8 7 0 0 0 , , , , , 2 8 8 7 1 7 5 8 7 4 7 4 0 2 4 1 1 1 1 1 2 8 1 6 8 , , , , , 0 1 3 8 5 7 3 6 6 3 7 2 2 4 5 4 4 4 4 4 3 2 1 3 4 , . , , , 3 5 7 6 4 9 5 6 6 2 9 8 3 3 9 Wi 1 1 1 t 9 9 9 h 4 5 5 in 9 0 1 — — — 1 D D D J J y u e e e u e c c c n a n r e e : . . . . . . . . 3 3 2 1 1 7 8 5 4 0 . , , , , 6 9 5 3 3 3 0 0 8 1 1 5 8 7 9 4 2 3 7 9 1 9 6 0 1 1 1 0 2 , , , 6 2 3 8 5 6 4 7 0 7 8 1 3 5 8 1 1 1 9 7 6 5 4 , , , , , 0 0 7 0 6 0 1 9 8 4 1 4 3 3 5 2 4 4 2 1 6 3 2 3 5 7 8 0 0 1 1,0 3 4 9 7 4 6 8 2 6 4 0 7 6 8 1 1 3 2 5 0 0 , , , , , 6 8 3 7 7 1 8 4 0 2 9 5 7 2 0 1952—Apr 141,862 3,467 21,649 53,119 7,813 11,17244,642 May.... 142,668 3,49021,559 53,715 7,788 10,88845,228 1952—Apr 24,485 13 1,620 16,184 367 754 5,547 Treasury bills: May. . . 24,485 14 1,620 16,197 367 731 5,556 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 1,641 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 1,731 10,443 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— M Ap a r y . . . 1 1 7 8 , , 4 2 6 6 2 7 8 6 3 0 82 6 5 , , 0 8 5 4 6 6 1 1 3 0 7 7 8 76 4 7 0 1 1 1 0 , , 1 6 4 0 2 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 3 5, . 1 9 6 9 9 4 Ce 1 1 r 9 9 ti 5 4 f 0 i 9 c — — at J D e u s e : n c e 2 1 9 8 , , 6 4 3 1 6 8 48 7 6 5, , 3 2 5 7 7 5 1 5 1 , , 3 5 5 2 4 0 1 6 6 4 9 6 38 3 2 3 1 7 0 , , 2 99 5 1 4 1952—A M p a r y. . . 3 30 0 , , 1 1 5 4 2 8 1 1 4 3 1 6 5 5, . 9 9 4 4 1 1 1 1 9 9 , , 0 0 0 2 1 0 1 1 7 6 1 6 7 71 1 2 5 4 4 , , 1 1 8 7 2 4 Dec 5,373 2.334 1,544 7 53 1,435 1951— D J e u c ne.... 2 9 9 , , 5 07 0 8 9 4 1 9 7 1 3 2 . , 1 7 9 9 4 3 2 6 , , 7 7 5 7 3 3 4 3 1 7 6 2 6 8 2 7 8 3 , ,2 7 2 6 1 0 5— 1 1 1 9 9 0 4 5 y 9 0 e — — ar D J s: e u c ne.... 1 1 8 5 , , 5 9 3 2 7 6 5 42 6 3 8 1 1 , , 3 14 8 8 8 6 5, , 6 9 7 9 5 5 2 2 , , 4 6 3 4 9 0 2 2, , 0 2 5 3 5 0 4 4 , , 7 1 1 8 6 6 1952—Apr 28,423 72 11,659 6,863 107 523 9,199 Dec 17,411 412 982 7,329 2,125 1,948 4,615 May . . . 28,423 70 11,487 6,870 118 517 9,361 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—Apr 11,155 322 1,014 2,448 1,848 1,668 3,855 Dec 39,258 10 12,527 15,833 136 707 10,045 May. . . 11,154 323 1,014 2,465 1,786 1,671 3,895 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: Tr 1 e 9 a 5 su 2 r — y M A b p o a r n y d . s : . . 1 1 8 8, , 9 9 5 5 2 6 2 2 5 5 , , 5 56 6 8 8 1 1 0 0 , , 4 4 3 1 8 4 6 6 1 5 3 3 3 3 2 3 2 2 , , 5 5 7 5 1 4 1 1 9 9 4 5 9 0 — — D D J e e u c c ne.... 4 4 43 5 5 , , , 5 0 0 9 8 8 9 4 4 4 4 4 , , , 4 4 6 4 8 8 1 2 2 3 2 2 , , , 5 3 5 9 4 0 3 9 8 4 3 2 , , , 0 8 9 9 8 3 2 7 2 6 7 7 , , , 1 5 1 3 8 8 0 0 8 1 1 1 3 3 2 , , , 4 5 3 8 0 0 5 7 8 1 1 1 3 3 3 , , , 5 9 0 2 9 8 4 0 9 1949—Dec 104,758 5,217 7,218 39,235 10,480 17,579 25,029 1951—June.... 30,023 2,629 1.397 2,781 5,389 7,293 10,534 1950—June 102,795 5,273 5,618 38,691 10,624 17,249 25,340 Dec 30,012 2,726 1,415 2,740 5,276 7,027 10,828 1951— D J D u e e n c c e 9 7 7 4 8 6 , , , 0 8 9 3 3 4 5 2 5 3 5 3 , , , 1 2 2 7 8 0 8 3 9 4 4 4 , , , 1 1 6 0 3 2 8 0 0 3 3 3 3 0 1 , , . 6 1 2 0 0 8 7 4 6 9 7 7 , , , 9 6 9 6 9 7 7 7 3 1 1 9 5 0 , , , 8 6 2 1 3 6 7 9 4 2 2 2 4 1 2 , , , 9 9 0 4 6 2 1 6 3 1952—A M p a r y. . . 3 3 0 0 , , 0 0 0 0 5 1 2 2 , , 8 8 2 3 6 3 1 1 , ,4 4 1 1 5 5 2 3 , ,0 7 6 5 9 0 5 5 , , 2 2 0 0 8 8 6 6, , 4 6 7 5 5 8 1 1 1 1 , , 1 0 4 0 8 1 1952—Apr 76,841 3,302 4,422 29,968 7,530 9,460 22,159 May . . . 76,837 3,304 4,422 30,313 7,466 9,25822,07'4 * 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. 8 Less than $500,000. 914 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 basisof daily statements of United States Treasury Cash operating income and outgo 3 Increase (+) or General fund of the Treasury (end of period) decrease (—) during period Assets y F e i a s r c a o l r N re e - t Bu ex d - get s B u u r d p g lu e s t T a r c u - st C i l n e g ar- a B n a c l e - Deposits in Total Cash i E n x co ce m ss e month ceipts p t e u n re d s i- ( d + ef ) i c o it r c e o t u c n .* ts, co a u c- nt1 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 g e u i e r n n a n d l - Total F e R e r e a d - l - d S e c p p ia e o l - s- O as t s h e e ts r b t l i i i e a li s - - co in m - e o C u a t s g h o ( o + u ) tg o o r Banks2 itaries Fiscal year: 1950 37,045 40,167 —3,122 +99 +483 +4,587 +2,047 5,517 5,927 950 3,268 1,709 410 40,97043,155 —2 ,185 1951 48,143 44,633 +3,510 +679 —214 —2,135 + 1,839 7,357 7,871 338 5.680 1,853 514 53.43945,804 +7,635 1952.. 62,129 66,145 —4,017 +147 —401 +3,883 -388 6,969 7,481 333 5,106 2,041 512 68,09367,956 +137 1951—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 5,163 +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... 3,521 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 9,988 6,978 +3,010 July .. 3,316 6,742 -3,426 -17 +432 +3,968 +957 7,925 8,520 638 6,027 1,855 594 DETAILS OF TREASURY RECEIPTS On basis of daily statements of United States Treasury On basis of reports by collectors of internal revenue Income taxes Deduct F o i r s c m al o y n e t a h r p b W l y h o e y i e t l e m d h r - s - 4 Other i r n e n c M t v e e e e o l i r l n s u n a - u s - a e l t m p E a l x e m o n e y - t s - O ce r t i e h p - e ts r c T e r o i e p t - a t l s r R e e c f o e u i f p n t d s s e S t m S m a e o x c p e c e u l n i o s r a t i y 6 l t - y c N e r i e e p - t ts W In i i d n t i h a s v u h n i d r e d a l u d n o a c l l e d - i a t n O a g c x e t o e h m s er e c C o t p i o m t o r a r o n e p x f o e i a i n t s r n s a - d - t t a a g E a n x i s f t d e e t - s l m E a o t n a a i x t s e n h x c c o d e e i e s s r u l e - s 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 13,535 24,218 9.423 3,931 2,263 53,369 2,107 3,120 48,143 15.901 9,908 14,388 730 8.704 1952 21,889 33,026 9,726 4,562 2,364 67,999 2,302 3,569 62,129 21,313 11,545 21,467 833 8,971 1951—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 4 897• 3,021 826 174 383 5,153 52 147 4,953 814 «2,330 807 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 ... 1,983 7,106 845 201 228 10,220 283 142 9,796 707 1,478 5,659 48 804 July . .. PI,010 1,435 949 P200 236 3,649 151 182 3,316 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 N e 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 7 y y n n a I a e n t o i i c t d m o e o 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 t a - - - 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 - T c 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 r p i t t u E e y n r x e d - s i- ce R i e p - ts m O v e I e t n h n s - e t t - s r 9 p tu E en r 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 4,680 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 39,106 4,110 2,831 5,859 4,697 1,219 1,424 1,304 5,593 6,424 2,982 3,506 2,382 654 1,517 1951—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 *66 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 3,699 375 337 1,518 339 187 148 80 248 521 356 306 505 293 262 July 6,742 *>3,900 471 P342 320 391 P116 *>159 P404 P639 288 -24 310 450 333 137 P Preliminary. e Correction. 1 Excess of receipts (+) or expenditures (—). 8 Excludes items in process of collection. 3 For description, see Treasury Bulletin for September 1947 and subsequent issues. 4 Prior to January 1952 represents income tax withheld, and employment taxes less amounts appropriated to Federal old-age and survivors insurance trust fund;"beginning with January 1952, employment taxes withheld no longer separable. 5 These are appropriated directly to the Federal old-age and survivors insurance trust fund. 6 Beginning with January 1952, includes social security taxes on self-employed persons. 7 Atomic Energy, Maritime activities, and military assistance abroad. 8 Includes State Department. 9 Includes investments of Government agencies in public debt. / AUGUST 1952 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 1 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 s d l e - s s , i , - - - G U r s i e o t . c i v e I u S m n t s - . . v e e n O s r t s i s t e - t t c i h e u e s - r 2 L s e t m u t a q a r r n e u u n e d n i c d s p t - , , - O s a t e s h t - s er \ t a B F g u n a u u b o r t n a e e l y n d l s r e 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 n e e r . t o e s e n v n 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 64913,504 1,719 2,185 3.474 2.999 659 1,378 932 22,533 315 Sept. 30, 1951 25,668 65913,906 1,515 2,236 3,472 3,025 854 1,399 949 22,962 322 Dec. 31, 1951 26,744 14.422 1 .461 2.226 3.463 3.358 882 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 F P e ro d d e u ra c l t i i o n n t e c r r m ed ed it i a c t o e r p c o re r d at it i o b n a s nks 81 5 1 5 739 10 (3) 745 5 5 8 5 Agricultural Marketing Act 1 (3) 1 Federal Farm Mortgage Corp 34 32 () 33 Rural Electrification Administration 1,884 1,782 () 60 1,884 Commodity Credit Corporation 2,212 708 1,012 106 374 305 1,906 Farmers' Home Administration * 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 1,003 384 329 350 () 324 Federal Savings and Loan Insurance Corp 211 204 6 205 Public Housing Administration 1,903 557 12 Federal Housing Administration 447 30 289 37 212 1,8 1 9 9 1 8 Office of the Administrator: Federal National Mortgage Association.. 2,068 ) 2,053 ) 2,065 Other 89 20 35 31 Reconstruction Finance Corporation: Assets held for U. S. Treasury 5 805 2 1 147 591 61 805 Other 6 J801 7 705 1 1 35 70 732 Export-Import Bank 2,338 (3) 2,322 ) 16 43 2,294 Federal Deposit Insurance Corp 1,425 () i',409 () 14 122 1,303 A Te l n lo n t e h ss e e r e 7 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 10 29 5 251 8 4 6 3 3 8 1 , , 2 31 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 m r p . t. . b c m i F n r a a e e t e n t e d d d e k r i i . - s - t f o B t o i p a r v e n e c r k s a o s - - C m C C r o o o e d m r d p i i - t . t y t R A r E t if i u l d o i e r c m n c a a - l . - F A H e a d r o r s m m m ' . e - H O C L e o o o w rs m r a n ' p n - e . 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 o n 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 c 9 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 ' 'i',053 ""\2\ 189 2,363 2,142 To aid industry: Railroads 96 2 98 101 Other (3) 402 70 473 488 To aid financial institutions: Banks (3) Other 589 8 597 814 Foreign loans 61 2,329 3,706 6,096 6,110 Other 557 63 110 731 779 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 Reconstructioa and Development and its subscription of 2,750 million to the International Monetary Fund. 3 Less than $500,000. 4 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. 517 916 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] Construction I ( n p d h u y 1 s s 9 t i r 3 c i a 5 a l l - 3 v p 9 o r = l o u 1 d m 0 u 0 c e t ) i * o 1 n aw 1 a 9 c r 4 d o 7 e n - d 4 t r 9 a ( c v = t a s 1 lu 0 e 0 )2 Employ 1 m 9 e 4 n 7 t - s 4 9 an = d 1 0 p 0 ayrolls 3 Depart- Whole- Freight ment Con- sale carload- sumers' comyear or month f M ac a tu n r u e - s Min- Resi- All N a c g u o r l n - i- - pro M d a u n c u ti f o a n c t w ur o in rk g ers 19 i = n 3 g 1 5 s 0 - * 3 0 9 1 u 9 s ( e 4 a v ) l 7 * a e - l s - 4 * 9 1 p 9 = r 3 i c 5 1 e 0 - s 3 0 3 9 1 p m 9 r 4 i o c 7 d e - i s 4 t y 3 9 Total r D ab u l - e N ra d o b u n l - e - erals Total d ti e a n l - other p m t e u l m o e r n a y - l t - Em m p e l n o t y- P ro a l y ls - = 100 = 100 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 32.4 147 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 7« 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 October 216 22C 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 4 105.5 124.0 136 103 176.4 109.3 218 216 268 197 157 177 179 176 104.8 104.7 105.6 127.4 140 109 178.8 112.1 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 \pril 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 5 113.7 218 223 271 192 167 147 168 133 106.8 103.9 105.8 130.9 133 107 186.6 113 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 219 220 277 188 170 156 146 162 106.8 103.3 104.3 129.8 137 113 188.6 113.6 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 221 217 '285 188 164 164 174 157 no7 o 103 7 '103 6 r\31 9 133 105 188.0 112.3 April 216 215 277 183 166 171 189 158 '106.9 '103.9 '102.9 '127.9 126 103 188.7 111.8 May 211 212 277 '181 141 168 186 156 107.0 103.5 101.9 128.2 122 108 189.0 111.6 June . . . P203 P204 ?248 P185 P146 P173 ?190 P162 P106 5 P101 0 P99 9 e126 4 108 pill 189.6 111 .3 July e192 e194 e227 •180 •142 102 c105 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. 918-921. 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. 925. 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. 928-930. 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. AUGUST 1952 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 June ' July Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. ! May June Industrial Production—Total... 221 212 217 218 218 219 218 221 222 221 216 211 '203 Manufactures— Total 231 222 226 228 226 228 228 231 232 231 225 224 213 Durable Manufactures 274 265 267 271 274 277 282 282 284 285 277 277 *248 Iron and Steel 1 261 253 254 258 261 261 263 261 261 263 245 245 P!42 Pig iron 235 230 230 231 235 232 227 235 239 205 Steel 296 293 291 298 304 307 304 304 304 309 278 278' Open hearth. 213 215 208 213 217 216 219 218 221 225 196 195 Electric 884 850 881 902 921 954 911 913 892 911 855 870 Machinery 338 328 328 336 340 347 358 359 360 359 352 352 '351 Transportation Equipment. 307 293 305 311 311 313 320 318 322 r327 329 338 >344 Automobiles (including parts) 238 216 223 226 223 216 219 r222 229 233 '233 (Aircraft; Railroad Equipment; Shipbuilding—Private and Government) * Nonferrous Metals and Products. 205 199 197 196 201 209 207 216 217 218 219 220 '210 Smelting and refining 226 226 213 214 230 235 235 243 249 260 P247 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) * Fabricating 197 188 191 190 190 198 196 206 204 203 (Copper products: Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) * Lumber and Products. 153 141 146 146 157 154 159 162 158 152 141 146 Lumber... 147 131 137 135 138 149 141 150 154 149 143 128 134 Furniture. 164 160 165 167 171 172 178 175 176 175 169 167 169 Stone, Clay, and Glass Products. 239 237 228 228 219 212 219 217 224 222 220 217 '222 Glass products 250 260 234 232 214 199 208 210 223 224 226 228 •246 Glass containers 269 285 249 246 222 204 216 223 239 239 242 Cement 235 226 222 219 217 219 242 233 257 244 238 230 222 Clay products 184 177 176 173 172 173 172 182 177 175 164 '166 Other stone and clay products 2. . . Nondurable Manufactures.... 197 187 193 192 188 188 185 189 190 188 183 181 Textiles and Products. 185 160 170 163 154 157 152 157 160 152 144 151 P!58 Textile fabrics 164 138 150 145 139 142 137 142 146 139 131 137 Cotton consumption 157 123 145 142 140 144 136 144 150 141 130 135 133 N Ra y y lo o n n a d n e d li v s e il r k ie s consumption 2... 378 379 360 334 293 289 283 296 288 280 287 312 Wool textiles 137 100 115 114 114 120 118 116 122 112 108 118 Carpet wool consumption . . 87 27 58 63 86 94 90 120 133 123 117 120 Apparel wool consumption. 153 117 132 132 119 122 121 110 116 110 110 123 Wool and worsted yarn 135 105 117 117 114 120 115 109 117 108 103 112 Woolen yarn , 119 92 108 108 108 116 112 108 114 103 '96 108 Worsted yarn , 157 123 130 129 123 126 119 109 120 114 112 117 Woolen and worsted cloth., 159 124 135 132 126 133 131 126 126 113 109 123 Leather and Products. 99 85 99 100 91 89 88 100 107 108 102 105 Leather tanning 89 75 81 84 80 78 79 86 90 86 84 90 Cattle hide leathers 109 91 99 104 96 94 91 98 101 98 95 105 Calf and kip leathers 51 42 44 51 51 51 59 64 73 68 72 67 Goat and kid leathers 73 58 65 56 53 53 60 70 72 69 64 67 Sheep and lamb leathers. 50 54 56 64 67 69 71 71 74 72 69 72 Shoes 92 110 98 97 94 110 122 114 115 106 111 118 Manufactured Food Products. 164 166 163 160 160 162 166 163 160 vl62 165 167 165 Wheat flour 107 108 109 115 109 122 103 108 103 P112 Cane sugar meltings * 103 107 113 Manufactured dairy products. 150 150 148 143 140 137 136 137 138 142 146 148 147 Butter 75 77 77 72 71 64 62 65 66 71 73 73 68 Cheese 183 180 173 165 163 158 161 165 163 169 181 183 180 Canned and dried milk... 168 169 160 138 126 118 119 118 120 133 149 163 164 Ice cream * p Preliminary. r Revised. i Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 8 Series included in total and group indexes but not available for publication separately. 3 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS 918 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 numbers, 1935-39 average =100] 1951 1952 Industry Tune July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May fune Manufactured Food Products—Continued Meat packing 145 152 162 168 157 168 163 162 182 179 165 146 148 Pork and lard . 188 187 207 221 198 205 200 193 228 230 207 167 170 Beef 110 126 128 126 124 143 141 145 153 141 135 140 137 Veal .. . . 95 107 110 99 109 106 84 87 84 81 79 84 99 66 70 65 64 74 75 69 80 85 85 79 76 78 Other manufactured foods .... 175 173 174 176 173 166 168 169 171 172 169 168 170 160 147 139 152 163 121 123 128 133 150 r143 143 136 Confectionery 130 127 140 136 127 136 149 145 143 135 128 130 Other food products 186 188 188 189 183 183 183 184 185 '184 r183 182 186 A Icoholic Beverages 178 175 178 184 /7c? 188 176 174 171 170 157 150 152 Malt liquor .... 155 163 165 164 154 180 178 185 173 171 154 149 161 Whiskey 104 78 51 70 76 86 85 73 73 68 62 r51 38 Other distilled spirits 604 474 492 335 265 262 253 336 327 292 298 231 185 174 197 223 332 358 292 225 150 193 208 205 214 207 Tobacco Products 171 161 183 177 185 194 147 176 175 174 184 178 189 Cigars 115 98 114 123 127 129 87 108 105 109 110 114 116 Cigarettes . . 233 225 252 239 259 262 204 244 244 243 259 245 264 66 57 73 70 44 84 60 67 68 59 62 64 65 Paper and Paper Products 208 190 196 197 196 191 184 187 193 192 185 182 182 Paper and pulp 198 183 189 192 191 187 182 185 189 188 181 175 176 Pulp 235 230 228 234 235 235 223 229 237 241 228 221 227 Groundwood pulp 123 137 132 137 130 112 116 111 114 117 110 108 121 Soda pulp 88 78 93 99 97 95 94 95 99 99 95 92 89 Sulphate and sulphite pulp 3 275 269 265 271 273 278 261 271 279 284 269 260 266 Paper 193 176 183 185 185 180 176 178 181 180 174 168 169 Paperboard 247 217 224 216 213 205 191 197 209 205 202 207 201 Fine paper 2 Printing paper 180 167 185 192 190 188 191 192 191 189 i86 175 182 Tissue and absorbent paper 204 204 196 200 210 179 181 195 184 190 186 162 167 Wrapping paper 177 165 168 180 180 184 181 177 176 178 161 149 153 Newsprint 128 129 130 129 127 125 128 123 129 131 122 130 134 Printing and Publishing 171 166 174 179 177 175 174 175 177 177 175 170 176 Newsprint consumption 163 166 164 167 165 163 158 159 163 164 164 166 169 Petroleum and Coal Products 263 262 265 266 269 276 281 281 281 278 '263 213 v257 Petroleum refininc 2 Gasoline ... 212 211 213 214 212 214 215 211 212 210 205 157 P213 Fuel oil 21S 213 209 213 214 226 234 238 242 227 218 167 P225 Lubricating oil 194 195 200 187 200 196 192 188 177 183 177 124 Kerosene 205 209 208 216 214 230 224 243 208 223 211 133 Other petroleum products * Coke 187 183 187 185 185 185 185 188 188 204 179 By-product coke ... 179 178 179 178 178 177 178 179 179 197 175 Beehive coke 476 388 457 411 452 467 456 464 459 420 329 329 83 Chemical Products... 302 305 306 301 298 299 298 300 297 294 293 293 v297 P R a a i y n o t n s ... 3 1 8 6 5 1 3 1 9 6 2 7 3 1 9 6 3 5 3 1 5 5 8 8 3 1 4 5 6 6 3 1 3 5 1 8 3 1 1 5 7 8 r3 1 2 5 2 9 2 1 9 5 9 7 2 1 6 5 9 5 2 1 6 5 7 3 2 1 5 7 2 0 P 3 1 0 5 6 5 Industrial chemicals . .. 548 554 557 560 556 563 563 562 562 563 561 558 P557 Other chemical products 2 Rubber Products . . 251 243 243 245 239 245 250 248 243 '242 r234 238 v241 Minerals—Total 163 156 165 167 174 170 163 167 167 164 166 141 P146 Fuels 169 160 171 172 179 178 170 175 174 170 171 140 vl60 Coal 123 97 123 125 138 141 125 136 123 111 110 100 96 Bituminous coal 133 105 134 137 147 152 135 147 135 122 119 107 102 Anthracite 86 66 77 79 104 99 86 91 77 68 74 73 74 Crude petroleum . . . 191 192 194 195 199 196 193 194 199 199 201 159 P191 Metals 145 132 134 137 144 122 122 125 128 125 141 r>147 P65 Metals other than gold and silver 209 187 194 200 212 175 174 177 182 176 204 P214 P71 (Copper* Lead' Zinc) 2 Gold . . . . . .. 52 52 49 49 47 45 44 47 47 48 47 51 Silver 73 67 58 58 62 65 70 72 76 78 77 For other footnotes see preceding page. NOTE.—For description and back figuies 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. 919 AUGUST 1952 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Industrial Production—Total ... 223 214 220 223 222 220 217 217 218 217 215 212 P204 Manufactures — Total . 232 223 229 232 230 229 227 227 229 228 224 224 P214 Durable Manufactures .. 276 266 269 273 276 277 280 280 281 283 277 278 P249 Iron and Steel * ... 261 253 254 258 261 261 263 261 261 263 245 245 P142 Pig iron 235 230 230 231 235 232 227 229 235 239 205 Steel 296 293 291 298 304 307 304 304 304 309 278 278 P57 Open hearth . . 213 215 208 213 217 216 219 218 221 225 196 Electric 884 850 881 902 921 954 911 913 892 911 855 870 M achinery 338 328 328 336 340 347 358 359 360 359 352 352 v35l Transportation Equipment 307 293 305 311 311 313 320 318 322 r327 329 338 P344 Automobiles (including parts) 238 216 223 226 223 216 221 218 219 r222 229 233 P233 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 Nonferrous Metals and Products 205 199 197 197 201 209 207 216 217 218 219 220 P210 Smelting and refining 225 225 213 214 230 236 235 243 249 252 257 260 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 2 Fabricating 197 188 191 190 190 198 196 206 204 204 r203 203 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products . ... .. .. .... 164 151 158 158 158 155 141 142 148 149 152 145 P155 Lumber 163 146 154 153 151 146 122 125 133 135 143 133 148 Furniture 164 160 165 167 171 172 178 175 176 175 169 167 P169 Stone Clay and Glass Products 241 239 238 237 230 217 212 205 208 '212 216 223 P224 Glass products 248 251 241 236 219 200 197 207 218 224 226 240 P244 Glass containers 266 273 259 251 228 206 201 219 232 239 242 260 266 Cement 251 248 251 254 252 237 220 188 196 200 226 241 237 Clav oroducts * 184 179 182 180 182 179 177 169 168 167 166 164 P165 Other stone and clay products 2 ... . Nondurable Manufactures 197 188 197 199 193 191 185 184 186 184 180 180 Textiles and Products 185 160 170 163 154 157 152 157 160 152 144 151 P158 Textile fabrics 164 138 150 145 139 142 137 142 146 139 131 137 Cotton consumption 157 123 145 142 140 144 136 144 150 141 130 135 133 N Ra y y lo o n n a d n e d li v s e il r k ie c s onsumption 2 378 379 360 334 293 289 283 296 r294 288 280 287 312 Wool textiles 137 100 115 114 114 120 118 116 122 112 108 118 Carpet wool consumption 87 27 58 63 86 94 99 120 133 123 117 120 Apparel wool consumption 153 117 132 132 119 122 121 110 116 110 110 123 Woolen and worsted yarn 135 105 117 117 114 120 115 109 117 108 103 112 Woolen yarn 119 92 108 108 108 116 112 108 114 103 108 Worsted yarn 157 123 130 129 123 126 119 109 120 114 112 117 ^^oolen and worsted cloth 159 124 135 132 126 133 131 126 126 113 109 123 Leather and Products 98 83 98 100 91 91 88 100 109 108 102 105 Leather tanning 86 71 80 83 80 81 79 86 96 86 84 90 Cattle hide leathers 105 86 96 102 97 98 91 100 109 98 95 105 Calf and kip leathers 52 42 47 50 52 52 58 62 77 67 69 64 Goat and kid leathers 74 57 63 57 53 52 61 70 74 68 66 66 Sheep and lamb leathers 50 50 58 62 67 73 67 66 81 70 68 77 Shoes 106 92 110 111 98 97 94 110 118 122 114 115 Manufactured Food Products 165 176 189 192 177 164 158 151 149 148 149 154 P161 Wheat flour 99 106 107 117 115 116 108 122 114 101 104 99 PIOS Cane sugar meltings 2 IVlanufactured dairy products 221 221 215 169 128 98 95 86 97 116 152 197 217 Butter 104 94 85 69 61 49 49 54 58 64 75 94 94 Cheese 259 221 194 169 146 119 116 122 134 152 188 245 255 Canned and dried milk ... 232 196 164 127 102 85 92 95 108 131 168 227 227 Ice cream P Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 8 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 920 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Manufactured Food Products—Continued Meat packing 144 141 139 149 156 188 195 193 175 165 152 147 147 Pork and lard 188 165 159 174 186 240 264 253 223 214 188 167 170 Beef . 107 127 130 136 135 148 141 148 140 128 127 140 134 Veal 95 107 108 109 124 114 79 81 74 76 78 88 99 Lamb and mutton 62 67 64 69 77 75 68 85 86 83 77 78 73 Other manufactured foods . . 165 181 200 209 192 174 166 157 155 153 151 153 P161 Processed fruits and vegetables 123 191 263 297 210 111 96 83 84 '82 '87 93 P104 Confectionery . . 96 104 151 175 167 161 150 149 144 125 107 100 Other food products 188 191 192 193 192 192 187 177 176 176 175 178 P188 A Icoholic Beverages ... 191 190 179 193 197 178 154 145 152 155 155 158 176 Malt liquor .... 195 204 188 166 143 139 142 151 155 159 162 170 203 Whiskey 104 78 51 70 76 86 85 73 73 68 62 51 38 Other distilled spirits 374 275 266 459 686 549 278 219 196 190 179 139 115 Rectified liquors 174 197 223 332 358 292 225 150 193 208 205 214 207 Tobacco Products 178 167 190 188 191 198 137 176 167 164 174 178 197 Cigars 115 98 114 123 127 129 87 108 105 109 110 114 116 Cigarettes 245 236 265 256 269 267 188 244 229 226 241 245 278 Other tobacco products. 67 57 71 75 47 86 53 66 66 59 62 64 66 Paper and Paper Products . . 209 189 196 196 196 191 183 187 194 192 186 182 182 Paper and pulp 199 182 189 191 191 187 181 185 190 188 181 175 177 Pulp 235 228 226 232 233 236 223 230 238 242 230 222 227 Groundwood pulp 124 122 116 122 121 119 117 116 119 125 121 117 122 Soda pulp 88 78 93 99 97 95 94 95 99 99 95 92 89 Sulphate and sulphite pulp ' 275 269 265 271 273 278 261 271 279 284 269 260 266 Paper 193 175 183 185 185 180 175 178 182 180 174 168 169 Paperboard 247 217 224 216 213 205 191 197 209 205 202 207 201 Printing paper 180 167 185 192 190 188 191 192 191 189 186 175 182 Tissue and absorbent paper 208 196 196 200 212 179 175 193 191 190 188 162 171 Wrapping paper 177 165 168 180 180 184 181 177 176 178 161 149 153 Newsprint ... 129 126 128 129 127 126 125 123 129 131 124 131 135 Paperboard containers (same as Paperboard) Printing and Publishing 170 155 166 180 181 183 178 170 175 180 180 174 175 Newsprint consumption 161 143 147 168 173 178 166 148 159 171 174 173 168 Petroleum and Coal Products 263 262 265 266 269 276 281 281 281 278 r263 213 P257 Petroleum refining 2 Gasoline 212 211 213 214 212 214 215 211 212 210 205 157 P213 Fuel oil . . 215 213 209 213 214 226 234 238 242 227 218 167 P225 Lubricating oil 194 193 198 187 200 196 190 183 175 181 184 129 Kerosene 193 194 199 214 214 237 231 248 218 227 215 134 Other Detroleum Droducts ^ Coke 187 183 187 185 185 185 185 188 188 204 179 By-product coke 179 178 179 178 178 177 178 179 179 197 175 Beehive coke 476 388 457 411 452 467 456 464 459 420 329 329 83 Chemical Products 300 301 303 303 303 304 302 302 300 298 296 292 P294 Paints 165 165 163 157 156 157 158 156 155 155 154 156 P\59 Rayon 385 392 393 358 346 331 317 '322 299 269 267 270 P306 Industrial chemicals 548 554 557 560 556 563 563 562 562 563 561 558 Other chemical products * Rubber Products 251 243 243 245 239 245 250 248 243 r242 r234 238 P241 Minerals—Total 169 161 170 171 176 169 159 162 162 158 165 143 P148 Fuels 169 160 171 172 179 178 170 175 174 170 171 140 P160 Coal . .... 123 97 123 125 138 141 125 136 123 111 110 100 96 Bituminous coal 133 105 134 137 147 152 135 147 135 122 119 107 102 Anthracite 86 66 77 79 104 99 86 91 77 68 74 73 74 Crude petroleum .... 191 192 194 195 199 196 193 194 199 199 201 159 Metals .... 171 166 167 166 163 115 89 88 91 90 r130 P164 P80 Metals other than gold and silver 256 247 250 246 240 160 117 116 121 118 189 P245 P99 Iron ore 392 384 403 388 354 185 94 94 98 94 238 364 (Copper: Lead; Zinc) 2 Gold 48 50 54 56 55 50 46 45 43 43 42 44 Silver 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. 921 AUGUST 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF MAJOR CONSUMER DURABLE GOODS (Adjusted jor Seasonal Variation) [Federal Reserve index numbers, 1947-49 average =100] 1951 1952 Product group June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total1. 123 100 101 107 103 104 98 100 102 104 103 104 106 Passenger automobiles * 140 111 112 115 108 104 93 91 96 103 109 110 110 Household goods, total 108 88 89 98 98 103 104 110 108 106 98 102 Carpets 70 47 55 56 60 60 63 79 75 80 83 81 Furniture 102 102 97 97 98 101 105 104 103 102 105 107 107 Major appliances 111 78 86 96 88 93 100 97 95 98 '82 85 84 Radios and television 133 98 95 123 135 149 130 164 158 141 118 115 136 r Revised. 1 Seasonal adjustment factors for passenger automobiles revised beginning January 1952. NOTE.—Figures for June 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 1952 Industry group or industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June ADJUSTED FOR S1ASONAL VARIATION Total 13,204 13,106 12,967 12,855 12,789 12,776 12,803 12,816 12,835 12,832 12,852 12,805 12,491 Durable goods 7,440 7,352 7,303 7,265 7,248 7,264 7,261 7,256 7,285 •7,281 '7,323 7,316 6,978 Primary metal industries 1,178 1,173 1,171 1,162 1,154 1,143 1,152 1,156 1,154 1,148 1,146 1,162 787 Fabricated metal products 852 834 829 810 805 801 794 796 799 799 '802 805 805 Machinery except electrical 1,246 1,247 1,221 1,225 1,248 1,261 1,263 1,276 1,275 1,267 1,270 1,259 1,245 Electrical machinery 708 705 714 711 700 707 712 718 720 ••715 714 716 705 Transportation equipment 1,237 1,187 1,198 1,211 1,205 1,234 1,235 1,235 1,251 1,266 1,287 1,308 1,330 Lumber and wood products 765 748 736 730 729 712 699 667 685 680 686 642 667 Furniture and fixtures 295 296 289 284 283 287 290 292 290 293 292 293 297 Stone, clay, and glass products. . 485 485 482 480 477 470 460 457 449 449 451 448 452 Instruments and related products 223 229 226 226 227 229 230 231 232 232 '235 235 236 Misc. manufacturing industries. . 417 410 396 382 373 370 374 374 375 ••376 382 389 394 Ordnance and accessories 34 38 41 44 47 50 52 54 55 56 '58 59 60 Nondurable goods 5,764 5,754 5,664 5,590 5,541 5,512 5,542 5,560 5,550 '5,551 '5,529 5,489 5,513 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- 1,205 1,203 1,170 1,147 1,133 1,121 1,124 1,120 1,106 1,102 1,092 1,088 1,089 tiles 1,047 1,053 1,032 1,007 985 998 1,020 1,029 1,021 1,020 1,010 1,004 1,012 Leather and leather products. . . 351 341 336 321 317 319 32 330 335 '336 '339 344 346 Food and kindred products 1,177 1,170 1,154 1,148 1,158 1,132 1,133 1,144 1,159 1,161 1,155 1,153 1,153 Tobacco manufactures 80 80 81 82 82 79 83 82 81 81 83 83 82 Paper and allied products 428 427 421 418 411 407 406 403 402 '399 '398 400 403 Printing, publishing and allied industries 512 512 514 515 512 514 512 510 507 511 '510 510 509 Chemicals and allied products... 544 548 542 540 533 531 527 531 530 530 530 525 530 Products of petroleum and coal. 197 196 194 194 197 196 197 195 195 197 199 166 172 Rubber products 223 224 220 218 213 215 215 216 214 '214 213 216 217 WITHOUT SEASONAL ADJUSTMENT Total 13,064 12,885 13,069 13,087 12,997 12,904 12,911 12,766 12,820 12,815 12,724 12,599 12,357 Durable goods 7,409 7,226 7,261 7,279 7,296 7,314 7,322 7,264 7,306 '7,316 '7,321 7,276 6,950 Primary Metal Industries 1,172 1,155 1,165 1,162 1,160 1,149 1,16- 1,162 1,160 1,154 1,146 1,150 783 Blast furnaces, steel works and rolling mills 572 572 575 573 570 558 573 570 570 567 560 563 Fabricated Metal Products 843 813 817 810 809 805 806 804 807 807 r806 797 797 Machinery except Electrical 1,252 1,235 1,209 1,219 1,242 1,255 1,269 1,276 1,281 '1,280 r1,276 1,265 1,251 Metalworking machinery... 233 232 225 231 232 241 245 247 249 249 '249 247 Electrical Machinery 704 684 696 707 707 718 726 725 727 r722 714 709 701 Electrical apparatus (gen- 275 271 272 273 265 266 271 273 275 '273 270 268 erating, etc.) 241 230 239 247 258 268 272 271 273 273 268 267 Communication equipment. 1,237 1,187 1,198 1.211 1,205 1,234 1,235 1,235 1,251 r1,266 '1,287 1,308 1,330 Transportation Equipment Motor vehicles and equip- 738 684 675 679 667 655 645 633 634 '643 '665 672 ment 333 347 357 360 362 395 407 415 424 '428 429 434 Aircraft and parts 773 748 754 745 740 719 696 654 668 670 676 642 674 Lumber and Wood Products 456 443 449 443 439 428 412 391 396 398 406 394 Sawmills and planing mills.. 286 284 285 285 289 29 296 296 296 296 291 286 288 Furniture and Fixtures 197 196 195 196 201 206 208 208 207 208 205 202 Household furniture 485 478 484 482 479 47, 465 45, 447 449 451 448 452 Stone. Clay, and Glass Products.. 223 221 224 226 228 230 23, 23, 233 234 *236 235 236 Instruments and Related Products. 400 383 388 388 390 388 381 374 381 r382 380 377 378 Misc. Manufacturing Industries.. 34 38 41 44 47 50 52 54 55 56 59 60 Ordnance and Accessories For footnotes see following page. 922 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Nondurable goods 5,655 5,659 5,808 5,808 5,701 5,590 5,589 5,502 5,514 '5,499 '5,403 5,323 5,407 Textile-mill Products 1,205 1,167 1,152 1,136 1,133 1,132 1,141 1,131 1,123 * 1,113 '1,092 1,083 1,089 Broad-woven fabric mills... 588 574 561 551 546 544 548 540 527 518 507 503 Knitting mills 216 210 212 205 209 209 211 209 210 210 '210 209 Apparel and Other Finished Textiles 1,000 990 1,047 1,037 1,019 1,008 1,035 1,029 1,052 rl,051 r995 959 Men's and boys' furnishings. 245 233 238 239 238 233 235 228 233 238 239 237 Women's and misses' outerwear 255 271 295 284 270 279 296 300 309 306 274 253 Leather and Leather Products 344 336 343 327 320 317 323 330 342 r344 r336 330 339 Footwear (except rubber)... 222 215 221 208 201 198 205 213 221 222 217 213 Food and Kindred Products 1,146 1,225 1,307 1,330 1,254 1,160 1,122 1,068 1,060 >• 1,057 ' 1,058 1,074 1,124 Meat products 233 236 233 235 236 246 252 246 244 '239 '234 231 Canning and preserving 154 226 305 330 238 145 120 106 105 104 113 120 Bakery products 192 192 192 193 195 192 190 187 187 189 '187 184 Tobacco Manufactures 76 75 84 89 89 85 85 82 80 78 77 77 78 Paper and Allied Products 426 418 419 416 413 411 410 405 404 '401 '398 398 401 Pulp, paper and paperboard mills 215 214 215 214 212 212 212 211 210 '208 206 207 Printing, Publishing and Allied Industries 512 507 509 515 517 519 520 510 507 508 '507 507 509 Newspapers 152 151 151 153 153 154 155 151 152 152 152 153 Commercial printing 169 167 166 167 169 170 171 170 166 167 166 167 Chemicals and Allied Products... 528 526 531 543 544 542 538 536 538 538 530 517 514 Industrial organic chemicals, 172 172 174 175 172 173 171 170 168 168 163 161 Products of Petroleum and Coal.. 198 198 198 197 197 197 196 193 193 194 197 165 173 Petroleum refining 154 154 154 154 154 154 155 153 153 152 155 122 220 217 218 218 215 219 219 218 215 213 213 214 Rubber Products ' 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 June 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 earnings (dollars per week) (per week) (dollars per hour) Industry group 1951 1952 1952 1952 June Apr. May June June Apr. May June June Apr. May June Total 65.08 65.83 66.61 66.98 40.7 39.8 40.2 40.4 1.599 1.654 1.657 1.658 Durable goods. 70.27 71.03 71.72 71.76 41.8 40.8 41.1 41.1 1.681 1.741 1.745 1.746 Primary metal industries. . . 76.03 '71.08 72.57 70.07 41.8 '38.8 39.4 38.5 1.819 1.832 1.842 .820 Fabricated metal products. . 69.43 '69.64 70.78 70.99 41.8 '40.7 41.2 41.2 1.661 •1.711 1.718 .723 Machinery except electrical. 76.65 ••78.50 78.94 78.84 43.5 42.8 42.9 42.8 1.762 -1.834 1.840 .842 Electrical machinery 67.15 ••69.11 68.94 70.32 41.5 '40.7 40.6 41.1 1.618 1.698 1.698 .711 Transportation equipment. . 75.14 -•78.28 79.53 79.35 40.4 '40.6 41.1 40.9 1.860 "1.928 1.935 .940 Lumber and wood products 61.51 '61.36 60.07 63.09 41.9 40.8 41.2 41.7 1.468 1.504 1.458 .513 Furniture and fixtures 56.03 '59.40 59.49 60.08 40.4 '40.6 40.8 40.9 1.387 '1.463 1.458 .469 Stone, clay, and glass products 65.25 '65. 00 65.48 65.77 41.8 40.6 40.9 40.8 1.561 '1.601 1.601 .612 Instruments and related products 69.44 -70.63 71.98 72.79 42.6 '41.4 41.8 42.0 1.630 "1.706 1.722 .733 Miscellaneous manufacturing industries. 57.85 '59.11 60.35 60.48 40.8 '40.1 40.5 40.4 1.418 •1.474 1.490 .497 Ordnance and accessories 71.02 '76.94 78.40 77.78 42.4 '43.3 43.8 43.6 1.675 '1.777 1.790 .784 Nondurable goods. 58.47 '58.75 59.56 60.68 39.4 '38.4 38.9 39.4 1.484 1.530 1.531 .540 Textile-mill products 51.07 49.89 50.82 51.59 38.6 37.2 37.7 38.3 1.323 1.341 1.348 .347 Apparel and other finished products... . 44.05 43.61 45.10 45.27 35.3 35.0 36.4 36.3 1.248 1.246 1.239 .247 Leather and leather products 46.90 '48.40 48.45 50.81 36.7 37.0 37.1 38.2 1.278 •1,308 1.306 .330 Food and kindred products 61.80 '62.96 64.14 65.08 41.9 '40.7 41.3 41.8 1.475 •1,547 1.553 .557 Tobacco manufactures 44.49 41.23 45.44 47.42 37.9 34.5 37.9 39.0 1.174 1.195 1.199 1.216 Paper and allied products 65.56 '65.45 66.46 67.52 43.1 '41.4 41.8 42.2 1.521 '1,581 1.590 1.600 Printing, publishing and allied products. 75.82 '78.16 79.67 79.44 38.8 '38.2 38.6 38.6 1.954 '2,046 2.064 2.058 Chemicals and allied products 68.72 '69.38 69.73 70.52 41.7 '41.2 40.9 41.0 1.648 '1.684 1.705 1.720 Products of petroleum and coal 81.20 '82.09 75.16 85.20 40.7 40.4 37.3 41.1 1.995 '2,032 2.015 2.073 Rubber products 71.27 '70.94 72.24 73.28 41.9 '39.5 40.0 40.2 1.701 '1.796 1.806 1.823 r Revised. NOTE.—Data are for production and related workers. Figures for June 1952 are preliminary. Back data are available from the Bureau of Labor Statistics. 923 AUGUST 1952 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 n o st n r t u r c a t c io t n ti p o u n b a li 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—June 46,626 16,097 923 2,558 4,132 9,857 1,874 4,787 6,398 46,602 16,026 899 2,574 4,134 9,837 1,880 4,780 6,472 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—January 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 '46,552 15,894 '2,523 '4,154 '9,862 1,937 '4,728 6,543 April '46,513 15,919 '900 '2,510 '4,118 '9,821 1,943 4,748 6,554 May 46,589 15,886 895 2,492 4,141 9,883 1,949 4,771 6,572 June 46,375 15,575 858 2,534 4,141 9,912 1,958 4,791 6,606 UNADJUSTED 1951—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 '46,001 15,869 '904 '2,296 '4,118 '9,668 '1,937 '4,681 6,528 April '46,258 15,784 897 '2,410 '4,098 '9,817 1,953 4,748 6,551 May 46 320 15,671 894 2,517 4,138 9,744 1,959 4 795 6 602 June 46,322 15,440 862 2,661 4,170 9,787 1,978 4,839 6,585 r Revised. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. June 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 1 l - Total Employed * Unem- l N ab o o t r i n f o t r h c e e Total t I u n r a n l q i n n a d g u r s i t c r u ie l- s agric I u n lture ployed 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—June 108,836 63,783 61,803 53,768 8,035 1,980 45,053 July 108,856 64,382 62,526 54,618 908 1,856 44,474 August 108,896 64,208 62,630 54,942 688 1,578 44,688 September 108,956 63,186 61,580 54,054 526 1,606 45,770 October... 109,064 63,452 61,836 54,168 668 1,616 45,612 November 109,122 63,164 61,336 54,314 022 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 April , 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 June 109,556 64,390 62,572 54,402 8,170 1,818 45,166 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. 8 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. 924 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 F. W. Dodge Corporation. Value of contracts in millions of dollars) Nonresidential building Public works Total R b e u si i d ld e i n n t g ial and public Month Factories Commercial Educational Other utilities 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 January L.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 1,140.5 885.2 531.1 396.4 116.2 61.0 101.8 62.2 81.0 104.2 132.2 74.0 178.2 187.4 March 1,271.01,321.3 574.6 592.7 126.2 120.2 78.8 70.6 128.4 118.7 139.4 153.8 223.6 265.3 April 1,375.01,597.5 590.8 681.6 174.3 204.8 106.3 75.3 103.5 134.4 133.9 147.7 266.1 353.6 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.. . . . L.439.4 545.2 242.0 65.4 128.1 148.3 310.5 July 1,422.7 548.1 206.9 75.4 150.1 146.9 295.2 August L.265.8 567.6 161.8 65.5 127.9 123.8 219.3 September .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 lv5.751.1 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 June May June 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.... . . . 105,392 106,005 110,897 Apr.. . . 1,350 1,375 1,598 354 456 636 996 919 961 New York 203,203 244,053 169,486 May. . . 1,348 2,573 1,564 389 1,474 558 959 1,0991,006 Philadelphia 105,070 95,602 58,967 June... 1,345 1,439 1,489 428 583 559 917 856 930 Cleveland 150,210 157,630 147,174 July.... 1,420 1,423 460 636 960 787 Richmond 150,472 134f944 147,793 AUK. 1,549 1,266 438 486 1,111 779 Atlanta 205,265 156,230 187,004 Sept 1,287 1,096 364 318 922 778 Chicago 211 ,351 248,460 280,263 Oct 1,136 1,072 308 310 828 762 St. Louis 116,664 98,329 94,084 Nov.. 1,087 951 320 326 767 625 Minneapolis 59,247 46,634 71,474 Dec 1,168 1,100 381 476 787 624 Kansas City . .. 67,051 98,698 56,902 Dallas 114,925 177,075 115,388 Year. 14,501 15,751 4,409 6,122 10,092 9,629 Total (11 districts) 1,488,850 1 563,660 1,439,432 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 Mortgages Y m e o a n r t o h r Total p m P e i r r m e r o o t n v y p - t e - - l 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 D i o s t i l l e e y 4 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 I e i s n t ) t a i l 2 - s n e n ' g d V h ( M t T i o a I n i i u r I t l g I y i s l - ) e - End of month Total b C m a c o i n e a m r k l - s - b M s i t a n u a n u g v a k - s - l s a a S l i s a o t n s a n i 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 n s l - 1 - Other5 1947 1,787 534 (8) 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 u 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—June. . 255 54 2 146 6 31 16 1943—Dec 3,626 1,705 256 292 1,134 79 159 July... 274 76 2 146 17 19 13 1944—Dec 3,399 1,590 260 269 1,072 68 140 Aug... 270 66 3 154 15 18 14 1945—Dec 3,156 1,506 263 253 1,000 13 122 Sept... 239 53 4 131 7 16 28 Oct. .. 300 74 4 145 20 15 41 1946—June 3,102 1,488 260 247 974 11 122 Nov... 248 68 4 141 4 24 7 Dec....... 2,946 1,429 252 233 917 9 106 Dec... 227 65 3 125 9 10 15 1952—Jan. . . «274 88 4 159 18 3 2 1947—J D u e n c e 2 2, , 8 8 7 6 1 0 1 1 , , 3 3 8 7 6 9 2 2 4 4 4 5 2 23 2 2 9 8 8 8 9 9 9 8 7 1 1 0 1 2 0 Feb.... « 211 64 2 125 8 (3) 10 Mar... «207 61 2 124 7 5 8 1948—June 2,988 1,402 251 245 973 7 110 Apr. . . 5 242 64 2 126 26 4 18 Dec 3,237 1,429 265 269 1,113 9 152 May. . 6 249 71 2 128 15 7 18 June.. 6 273 102 2 134 6 2 18 1949—June 3,894 1,587 305 323 1,431 21 227 Dec 4,751 1,771 378 416 1,828 52 305 1 Net proceeds to borrowers. 2 Includes mortgages insured in connection with sale of Government 1950—Dec 6,695 2,205 693 603 2,712 60 421 owned war housing and insured loans to finance the manufacture of housing. » Less than $500,000. 1951—June 7,556 2,412 903 658 3,115 44 423 4 Includes 6 million dollars of Class 3 loans (program terminated Dec 8,212 2,554 1,072 689 3,453 71 373 Feb. 28, 1950) and 1 million of Sec. 8 loans. 8 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; June 8. Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation, and do not take account of principal repayments on previously insured a Includes mortgage companies, finance 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 TI) 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. AUGUST 1952 925 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 1- 2- Multi- Total family family family 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—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—January 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 106 59 47 96 85 4 7 9 38 26 12 May P107 n.a. n.a. P99 n a. n.a. n.a. P8 38 26 12 June P106 n.a. n.a. P99 n.a. n.a. n.a. P7 39 26 13 July P104 n.a. n.a. P102 n.a. n.a. n.a. P2 n.a. n.a. n.a. p Preliminary n.a. Not available. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average =100] Monthly—seasonally Eidjustec Monthly—unadj usted Annual ^iass 1951 1952 1951 1952 1950 1951 June Feb. Mar. Apr. May June June Feb. Mar. Apr. May June Total 128 134 131 136 133 126 122 108 137 126 124 123 124 111 Coal 117 121 120 120 111 103 101 96 120 120 111 103 101 96 Coke 180 208 217 192 196 166 179 69 212 203 198 163 178 68 Grain . . . 135 143 123 140 139 130 132 161 125 137 128 115 116 165 Livestock 68 69 61 72 66 73 66 56 49 57 53 65 59 45 Forest products . ... 141 150 152 146 141 142 126 139 158 140 141 142 131 144 Ore 172 205 207 277 257 212 212 53 321 69 75 195 292 82 I^Iiscellaneous 140 147 144 149 149 141 137 119 148 140 142 139 138 122 Merchandise 1 c 1 53 48 47 49 47 46 45 44 47 47 48 47 45 44 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 irevenue data of the Interstate Commerce Commission., MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports 2 Excess of exports Month 1950 1951 1952 1950 1951 1952 1950 1951 1952 January 741 974 Pl.252 623 1,024 P922 118 -50 P330 February 764 1,076 Pl,333 600 910 P892 164 166 P441 March 860 1.295 Pl.421 665 1,102 P963 195 194 P458 April .. . 804 1,370 Pi,334 585 1,033 P933 219 337 P402 May 830 1,354 Pl,461 659 1,018 P835 170 337 P626 June 877 1,297 687 P930 190 P367 July 779 1,186 709 P894 70 P292 August 762 1,269 820 P881 -59 P389 September 911 1,232 859 P721 52 P511 October 906 1,152 923 P834 — 16 P318 November 977 1,386 855 P818 122 P568 December 1,065 V1.438 867 P800 198 P637 January-May 3,998 6,070 P6,801 3,133 5,086 P4,545 866 984 P2,257 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-May 1952, 622. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 926 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 3oston Y N o e r w k P a p h d h i e i l l a - - C l l a e n ve d - 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 a M p i o 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 — 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 August 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 109 106 103 105 109 109 120 109 107 104 113 122 If8 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 May 108 101 96 107 103 116 127 104 102 104 112 128 118 June . . Pill P103 98 107 112 P122 P\3S 105 111 p\00 P114 132 114 UNADJUSTED 1951—June 99 98 105 99 100 103 98 99 90 94 97 100 97 July 84 73 74 76 84 86 co 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 Kebruary 83 75 82 82 83 83 94 81 80 83 85 93 86 March 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 Mav. . . 108 102 95 108 105 115 122 104 106 105 112 125 113 June P105 P103 95 102 105 114 P117 103 103 P96 P106 116 107 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 M09 110 104 108 M06 114 120 110 112 104 113 112 110 1951 129 124 124 127 M28 134 140 128 131 117 132 132 131 SEASONALLY ADJUSTED 1951—June n35 131 131 132 M36 rl44 141 133 143 122 141 138 136 July M37 130 133 134 M36 146 140 139 139 124 141 141 139 August 134 127 129 130 '130 140 144 131 139 123 143 140 138 September M27 120 122 126 r\25 135 132 124 127 116 133 135 132 October 121 115 115 117 rl\7 127 130 121 119 113 123 125 124 November 117 112 115 115 114 125 130 115 114 107 117 120 119 December 119 115 115 120 "118 130 133 117 119 106 121 125 119 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 118 109 112 114 109 131 126 114 124 106 124 124 128 June ^118 P110 113 113 107 139 125 113 125 105 P123 P!23 128 UNADJUSTED 1951—June rl28 122 122 123 r128 '131 135 125 136 117 137 128 133 July r126 117 117 116 '122 134 132 125 129 120 133 129 134 August rl28 120 125 123 M25 138 141 124 135 117 134 137 132 September M31 124 129 131 '130 139 137 127 135 117 133 138 135 October M34 130 130 135 M31 143 142 134 134 120 134 136 136 November 133 132 132 133 128 139 145 133 125 119 133 135 13? December nos 108 106 105 '104 114 116 109 105 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 120 112 115 116 111 135 127 116 124 108 126 125 132 June P112 P102 105 105 100 127 120 107 118 100 P119 P114 126 p Preliminary. r 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. 927 AUGUST 1952 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) sales ! 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 o n o n d c t k h o s f ) May Sale p s e r d i u o r d ing Sto o c f k m s o a n t t e h nd ing Five 1952 1951 1952 1951 May months May 1952 1952 1952 May Apr, May May Apr. May GRAND TOTAL—entire store 3 357 + 1 -4 -16 3.1 3.7 MAIN STORE—total 357 + 1 -5 -16 3.3 4.0 210 203 208 699 722 831 Piece goods and household textiles 321 0 -12 -23 3.7 4.9 185 155 185 695 717 903 Piece goods 299 -3 -4 -13 3.4 3.9 200 195 207 697 737 802 Silks, velvets, and synthetics 201 -3 -3 -10 3.4 3.7 155 172 160 536 603 597 Woolen yard goods 176 -6 -17 -26 13.4 17.0 55 97 59 737 727 992 Cotton yard goods 191 -4 -1 -9 2.4 2.5 320 280 332 764 843 851 Household textiles 312 +2 -16 -28 3.9 5.4 180 135 177 696 706 967 Linens and towels 278 -3 -15 -20 4.7 5.7 155 124 159 730 740 909 Domestics—muslins, sheetings 254 +5 -22 -34 3 2 5.1 209 142 200 678 689 1,030 Blankets, comforters, and spreads 244 +5 -7 -32 3.6 5.5 180 131 171 645 615 948 Small wares 348 +5 +2 -8 3.7 4.2 185 166 176 689 708 750 Laces, trimmings, embroideries, and ribbons... 206 + 1 0 -2 3.0 3.1 266 278 262 792 885 806 Notions 241 0 -4 3.0 3.1 287 259 291 853 884 889 Toilet articles, drug sundries 330 +9 +3 -6 3.4 4.0 164 146 151 562 562 599 Silverware and jewelry 316 +3 -1 -12 4.5 5.3 196 160 191 893 919 1,020 Silverware and clocks 4 218 -3 -14 -17 6.7 7.8 Costume jewelry 4 280 + 10 +9 -7 2.5 3.0 Fine jewelry and watches 4 75 -7 -5 -9 7.8 Art needlework 237 -2 -3 -15 7.1 115 113 117 708 720 831 Books and stationery 276 +8 +5 -2 3.9 4.3 164 153 152 635 647 653 Books and magazines 130 +5 +4 +4 3.6 3.6 136 123 129 491 457 477 Stationery 244 +8 +5 -5 4.0 4.5 161 146 149 643 651 674 Women's and misses' apparel and accessories 354 + 1 + 1 -7 2.4 2.7 218 234 215 530 559 571 Women's and misses' ready-to-wear accessories. 354 + 1 0 -9 3.0 3.3 212 228 209 627 652 684 Neckwear and scarfs 313 + 10 + 7 -1 2.0 2.2 290 321 265 586 626 586 Handkerchiefs 286 -3 -4 -18 3.8 4.4 116 110 120 445 467 549 Millinery 151 -3 +2 +2 1.1 1.1 143 263 148 163 189 158 Women's and children's gloves 328 -4 -1 -8 4.1 4.3 133 204 138 547 574 590 Corsets and brassieres 340 +8 + 1 -6 2.8 3.2 303 287 281 842 843 897 Women's and children's hosiery 347 -6 -13 2.1 2.4 155 150 161 334 355 384 Underwear, slips, and negligees 346 +4 0 -14 2.5 3.0 246 189 237 623 647 722 Knit underwear 252 + 7 -3 -13 2.7 3.3 302 233 282 809 834 939 Silk and muslin underwear, and slips 292 +2 0 -17 2.5 3.1 231 178 227 586 622 712 Negligees, robes, and lounging apparel 258 +4 +5 -3 2.1 2.2 236 172 227 490 493 503 Infants' wear 331 +2 + 7 -9 3.3 3.7 236 302 231 786 808 867 Handbags and small leather goods 335 + 1 +2 -6 2.2 204 222 203 458 479 487 Women's and children's shoes 245 -1 -2 -5 4.6 237 270 240 1,079 1,113 1,136 Children's shoes 4 215 -6 + 1 -6 4.9 Women's shoes 4 224 0 -3 -6 Women's and misses' ready-to-wear apparel.. . 354 +2 + 2 -5 225 240 222 425 459 448 Women's and misses' coats and suits 341 +2 -3 -13 149 261 146 266 347 304 Coats 4 224 +8 +3 -13 Suits4 217 -10 -13 -16 2 Juniors' and girls' wear 316 +2 +4 -5 2. 254 297 250 489 508 515 Juniors' coats, suits, and dresses 274 + 1 + 1 -7 1 274 293 <=272 380 404 H03 Girls' wear 319 +3 +8 ^ 2 239 321 233 631 662 663 Wo I B n m e e t e x t n e p r ' e s n d a s r n i e v d s e s e m d s r i 4 s e s s e s s e ' s d 4 resses 3 2 2 4 5 7 5 7 0 + — -2 2 1 + + + 3 2 3 + + 2 4 1 1 1 . . . 7 3 0 1 1 1 . . . 3 7 0 278 248 280 373 402 366 A F B u p lo r r s u o s n e s s , , h s o k u ir s t e s d , r a e n s d se s s , p o an rt d s w u e n a if r orms 3 2 2 5 9 4 3 6 4 + + 5 9 0 + + 4 5 - + - 1 7 1 3 1 2 1 3 . . . 5 3 4 1 2 4 1 . . . 6 7 2 3 2 0 8 2 3 6 9 2 22 6 5 2 8 2 2 2 8 2 8 7 7 8 4 3 6 8 4 8 7 0 4 4 3 6 5 6 9 1 2 5 4 3 7 9 8 3 1 3 1 Men's and boys' wear 336 0 -12 4.7 5.3 184 180 184 856 835 973 Men's clothing 263 -2 -9 5.0 5.4 199 177 203 992 992 1,089 Men's furnishings and hats 319 +2 -3 -14 4.4 5.3 172 154 169 766 721 893 Boys' wear 308 -3 +5 -12 4.3 4.8 174 251 179 758 765 866 Men's and boys' shoes and slippers 200 +5 -6 -13 5.1 6.2 194 189 185 994 1,141 Homefurnishings 325 0 -15 -25 4.0 5.3 231 195 232 933 968 1,241 Furniture and bedding 250 0 -9 -18 3.9 4.8 220 186 221 930 ,066 Mattresses, springs, and studio beds 4 174 +6 -5 -32 2.0 3.2 Upholstered and other furniture 4 182 -4 -11 -16 4.6 5.2 Domestic floor coverings 280 -9 -25 -30 4.7 6.1 188 165 208 885 950 1,270 Rugs and carpets 4 163 -9 -27 -34 4.7 6.4 Linoleum 4 98 -9 -10 -20 3.4 3.9 Draperies, curtains, and upholstery 302 ~5 -8 -10 3.7 3.9 241 203 254 892 874 986 Lamps and shades 253 2 -6 -12 4.2 4.7 187 172 190 778 811 890 China and glassware 256 -3 -6 -1 7.6 7.4 157 147 161 1,196 1,248 1,211 Major household appliances 238 +20 -28 -49 2.8 6.7 262 167 219 744 789 1,479 Housewares (including small appliances) 267 -2 -10 -22 3.6 4.5 315 280 321 1,126 1,140 1,460 Gift shop 4 182 — 2 -4 -8 5.2 5.5 Radios, phonographs, television, records, etc.4. 229 + 13 -28 -55 3.7 9.3 Radios, phonographs, television 4 161 +20 -28 -62 3.0 9.7 Records, sheet music, and instruments 4. . . . 121 -5 -8 —9 6.4 6.6 Miscellaneous merchandise departments.... 319 +5 -1 -23 3.0 4.1 213 201 202 633 644 826 Toys, games, sporting goods, cameras 298 +6 +3 -29 5.0 7.4 161 158 152 802 853 1,125 Toys and games 242 +3 +5 -38 5.4 8.8 128 130 125 684 629 1,101 Sporting goods and cameras 149 +8 + 1 -18 4.7 6.2 165 153 152 776 919 948 Luggage 271 + 11 +3 -11 3.3 4.2 269 169 242 902 891 1,021 Candy4 188 +6 +4 -2 1.2 1.3 For footnotes see following page. 928 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 1 1941 average monthly sales =100 2 Num- Department r b s e t e p o r o r e o 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 n o o d n c t k o h s f ) May Sale p s e r d io u d ring Sto o c f k m s o at n t e h nd ing M 19 a 5 y 2 m F o 19 n iv 5 t e h 2 s M 19 a 5 y 2 1952 1951 1952 1951 1952 1951 May Apr. May May Apr. May BASEMENT STORE—total 196 -1 -1 -13 2.2 2.5 214 221 216 470 479 547 Domestics and blankets 4 134 +5 -8 -30 2.6 3.9 Women's and misses1 ready-to-wear 188 -1 +2 -10 1.6 1.8 222 240 224 358 369 397 Intimate apparel4 165 0 -3 -12 2.0 2.3 Coats and suits4 172 +2 +2 -11 1.3 1.4 D I B G n l r i f o r e a l u s s n s s ' t e e s w s s ' , 4 e w s a k e r4 i a r r t s 4 , and sportswear 4 1 1 1 1 7 5 2 2 2 5 3 4 + - - - 1 1 3 4 + + + + 5 6 2 7 - - - 1 1 1 2 2 1 2 0 2 2 1 . . . . 9 7 0 4 0 2 3 2 . . . . 9 0 2 0 Men's and boys' wear 160 -5 -1 -14 2.9 3.3 217 229 228 638 610 758 Men's wear 4 146 -5 -3 -15 2.9 3.2 Men's clothing 4 100 —4 + 1 -12 2.9 3.2 Mien's furnishings 4 119 -6 -6 -17 2.8 3.2 Boys' wear 4 121 -6 +4 -13 3.1 3.4 Homefurnishings 105 -3 -8 -17 2.8 3.3 201 177 207 564 596 674 Shoes 117 -5 -4 -5 3.6 3.6 171 196 180 619 650 642 NONMERCHANDISE—total4 176 -2 Barber and beauty shop 4 73 0 +6 c Corrected. 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. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 927. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. s 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 STORES1 [Weeks ending on dates shown. 1947-49 average = 100] [In millions of dollars] Without seasonal adjustment Reported data Derived data * Year or month m ( S t o 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 O r o n n d u n d d e t t i r - h o n s ) f g R m ( e t o c f o o n e t r t i a p h l t ) s m o ( N r t o f o d o e n t e r w t a r h l s ) Sept. 1 1 2 9 6 950 . . . 1 1 1 0 0 2 2 7 7 Sept. 1 1 8 1 5 9 . . . 5 . . . 1 . . . . . . . . . 1 1 1 0 1 0 5 4 0 Mar. 1 1 1 3 0 7 9 . . . 5 . . . 1 . . .. . . . . . 1 1 0 0 9 5 1 9Mar. 1 1 8 5 1 952 . . . 9 8 8 0 8 5 23 .111 22. .. . .111 24. .. ..105 22 . 94 L943 average... 204 509 530 203 223 30 .110 29... ..114 31... . . 89 29 .101 1944 average... 227 535 560 226 236 Oct. 7 .112Oct. 6. . .. .110Apr. 7... ..101 Apr. 5 .109 [945 average... 255 563 729 256 269 14 .111 13... ..117 14. . .. .100 12 .111 L946 average... 318 715 909 344 327 21 .105 20... ..116 21... . . 97 19 97 [947 average... 337 826 552 338 336 28 .108 27. . .. .113 28... ..101 26 .105 i948 average... 352 912 465 356 335 Nov. 4. ... .109Nov. 3... ..121 May 5. . ...113 May 3 .111 L949 average... 333 862 350 331 331 11 .118 10... ..127 12... ..110 10 .117 1950 average... 347 942 466 361 370 18.... .127 17 . 130 19. ... 99 17 . .99 [951 average... 358 ,114 425 355 345 25 .110 24... ..123 26. . .. .100 24 .105 Dec. 2 .153Dec. 1. ... .161June 2... . . 95 31 97 1951—June 326 1,111 '385 246 '337 9 .191 8... ..191 9. . .. .108June 7 .111 July ... 257 1,069 434 '215 '264 16 .220 15. . ...213 16... . .106 14.... .116 Aug 309 L,106 395 346 307 23 221 22 228 23 92 21 . . .98 Sept 343 1,117 404 354 363 30 . 82 29. .. . . 92 30... .. 89 28.... ..91 O N c o t v 3 4 8 4 8 2 1 1 , , 1 1 5 4 2 7 4 37 0 3 8 4 4 2 3 3 7 4 4 2 0 7 2 1951 1952 July 1 7 4 . . . . . . . . . . 8 7 3 5July 1 5 2 7 8S 9 Dec 608 929 292 390 309 21... . . 81 19 82 1952— F M Ja e a n b r 3 2 2 1 7 9 7 1 1 1,0 9 9 2 5 1 7 6 0 3 3 3 3 8 7 2 6 9 3 3 2 8 1 7 8 7 2 3 3 3 3 2 5 4 4 9 Jan. 2 1 0 6 3 .. . . . 1 1 0 0 9 5 4 8Jan. 1 1 5 9 2 . . . . . . . . . . 9 7 9 2 8 0 Aug. 2 1 4 1 8 . . . . . . . . . . 8 8 87 8 0 Aug. 2 9 6 2 ... . . . . . 8 7 7 9 Apr 340 1,036 274 349 291 27 Q6 26. .. . . 83 18. . .. 93 16. .. May.... 345 1,008 252 317 295 Feb. 3 . 81Feb. 2... .. 84 25... . . 97 23 June.. . . P320 P947 P380 ?259 *>387 10 . 94 9... .. 87 17 . 94 16. . ... 89 v Preliminary. r Revised. 24 . 95 23... .. 83 1 These figures are not estimates for all department stores in the United States. Figures for sales, stocks, and outstanding orders are based on actual reports from the 296 stores. Receipts of goods are NOTE.—For description and weekly indexes for back years, see derived from the reported figures on sales and stocks. New orders BULLETIN for April 1952, pp. 359-362. are derived from estimates of receipts and reported figures on outstanding orders. Back figures.—Division of Research and Statistics. 929 AUGUST 1952 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] T 19 u 5 n 2 e M 195 a 2 y 19 6 52 1 Ju 95 n 2 e M 195 ay 2 m 19 6 o 5 s 2 . J 1 u 9 n 5 e 2 M 19 a 5 y 2 m 19 6 o 5 s 2 . T 19 u 5 n 2 e M 19 a 5 v 2 N B U N N S W N L P D P B B o e n L p B r o o e e r o e o s w i o o r i w a r w w w t o s t w i d r v e t o w t n s c l e g o d a i n n t g a l e r H d e n o Y r B l t n f e s k - o e p n i o a d n t e e n w o A e v r c * d l c r S r d k e n e f r t e t o n e a . . 1 r . . a t . . d e . . . s . . . . . . . P - - 1 + + + + + 1 — _ - - 4 1 6 4 0 2 3 4 3 3 0 0 2 1 .+ + + + + + + + + + - - - 5 1 4 5 2 4 4 3 2 5 3 7 1 0 + + + - - - - - — - - - - — « 7 3 3 2 2 3 2 3 4 1 1 5 7 R A A L W W G N C H C C R R H B R ic y o i h s o h n o r a a h a u a i c e h m n l l l a d r a ' n g s n h e l t u e f e c o r n e i s s h o i e n m m t l v n m h r g o t ' e i l i r d t v s o i n k b h k o n o s b l s o o i n l g u t e l n t i n g e r n o l - a o t e r d , e . , S t o n g W w , o n S a N n S l n . e . * V . . . . C m . . . . C C . a . . . . . . . . . . . . . p + + + + + - + + + + + 1 + + 2 1 1 1 1 0 5 1 3 2 3 9 8 0 1 3 0 1 0 7 + + + + + + + + + + + + + + + + + 3 1 1 1 1 1 1 1 1 4 8 8 9 6 4 5 1 2 7 4 7 0 6 8 2 1 4 + + + — + + + + + + + + + + - 2 1 1 1 5 3 2 6 3 2 1 0 1 2 4 2 1 1 5 S C F Q L L L S F G M D G M E D t h . t o o l i a u v r e . r e i i a t i u e n r a c i s n l a t t L t d L n w e i l r s n a t n e s i o n o i c M o d g s a v S n s i y u i u o o R u t i v g m o B i i l R n - k s s o i l 1 i e a * i l e n a c x y l t c e . k p 1 e e h . o . i s 1 . . J J . d n . . . . . . . . s . . . . . . . . . . t . . . l . P P P + + + + + + + + + + - - — - 1 8 1 1 6 2 3 2 1 4 6 2 3 1 0 4 2 3 1 + + + + + + + + + + + - - 2 1 2 3 1 5 7 9 5 0 9 2 0 1 2 j 1 1 + + + + + - - - - - — - — - — 4 5 3 1 8 1 5 2 3 3 3 1 5 5 8 S D T F L L S W P F B C D E H a a A a r h o o o u l n a o a o e l a n o s n c k r r l r l u P s c t a e l s e p g e F n A o s a a A a s o n r u t s o W - s s r n B n i o s J c n o f a x i g n i i o e n t e o C e 1 n a o l l c l r d c h t n e i . t h s r s i h c l i o s o . . t l . . . i . . . . . . . . . P P P p P + + + + + + + < + + + + + - 2 1 4 1 1 1 1 a 1 5 4 1 0 5 > 7 5 1 5 9 8 3 + + + + + + + + + + + + + + 2 2 3 2 2 1 1 1 1 1 1 8 7 4 4 9 0 9 3 8 0 5 0 9 0 4 + + + + + + + + + + + - + 2 1 4 2 9 7 4 2 2 0 1 1 9 1 9 A E B B l u l i m b n ff a g i a n r l h a o y a m i ton... + - - - 1 1 3 3 + + + + 2 4 2 2 - — 6 0 0 1 A M B tl i a o rm n bi t i a l n e gham l... p+ + + 1 2 5 9 4 + + + 2 1 9 3 8 + + + 1 7 5 5 S S M t p . e r m L in o p g u h f i i s i s e 1 A l . d r . . e . . a . . . . p + + - 1 4 1 5 1 + + + 1 5 7 7 + + + 4 3 1 W D A A o e n n w s g g t n s e e i t l l d o e e e s s w x 1 n L o L s os P-1 - 4 1 + + 2 5 1 + 1 P C S S N N P A T L R U S T Y W Y C C P R C C E P h l p y o c h o i a r e r o o l k i e e a o i t o i t e i i e a r i h n v u r n l i l w a c n l r u t r e l c i a e l v a n g u e s o k g e n c c d k h a t n a d d e l c 1 b m t a o n a g n i h i d e e Y a g o o e l u i n n r u n s f s k s e a e n s b l a n 1 i o g t s n t r p - n l c i t e e d e u e 1 g e p r B o a h d 1 l e t x r F r k s 1 d h h w a t p i a a : i a J i 1 d x s r C J n 1 a i l . . r y . i . l . i e e s K . . . . . t 1 . 1 . . . y . . . . . . . . . . . . , . . . . . . p - + + + + + + + + + - - - - - - 1 - - - 1 4 2 6 6 1 2 1 1 2 9 3 3 2 9 6 2 9 9 0 0 0 0 0 + + + + + + + + + + + + + - - - - - - — — - 2 3 4 2 1 1 1 6 8 8 3 2 3 6 8 9 6 6 1 7 0 6 9 3 - + + + + 1 - — - - - - — - - - - - - - — _ 3 2 4 2 6 4 3 4 4 4 3 1 2 2 2 3 3 3 0 0 4 7 f 7 ^ : C J O S A A J F T S N C P M C M N C K M R M I B B a n a h t e o a a h o o h r r u a a e t n . c c d a e o i i o v l i l r m i w s t l m c g a o k a k s a a c r i t c n u o r P a h a t a t i x u m s n o s n i a p e n t o m t d n v W g a e n o o v O s g n d a g t a l i n i i o a t t a n n i b n o o o a 1 l 1 R a r e l l a a p 1 l v n u l l o m e i r l h l y o e e o i s s o l a u n J l e b l * g i n e g e r s u a s y e r l . . l * 1 1 g . . * . . . . . . . . . . . . . . . . P p + + + + + + + + + + + + + + + + + + + + - — - 4 3 1 2 2 l 1 1 1 1 1 1 1 1 1 1 0 8 8 8 4 5 8 2 1 0 1 1 1 8 3 7 5 6 5 7 5 + + + + + + + + + + + + + + + + + + + + + + 5 2 _ - 2 2 3 1 1 1 1 1 1 1 1 1 1 8 2 2 9 7 4 5 6 6 3 7 5 3 4 0 4 2 0 7 5 2 5 5 1 8 + + + + + + + + + + + + + + + + + + + - - - - - 2 4 4 2 6 1 4 4 8 9 4 8 7 4 5 9 7 2 7 7 1 1 1 1 9 1 M K D J O O S S L T W S T G G M M D D P H K a o a S i i t t a u u o k m r r u e a u o n n . . p i l a i u a e e l p n l n l n c u l t n s l n s C a P a a p b n a J u c e i n h v s a x a e k s n h h t e d l a o r h k t a e i s e a o o h a r o a t u s a F i a r s F a p i s - n t F m l o p a e o a s o s C o r o l i e l p a l o l l i l r C s i * s s h i n k t s C . i . y . s t . . i y . . . t . l . . . . y . . . . . . . . . p + + + - - + ( + + + + + + 1 1 - _ - - — 1 2 1 1 8 4 6 4 6 0 _ 8 ) 6 6 4 3 2 0 2 j 0 6 1 5 9 + + + + + + + + + + + + + + + + + + + + + - 1 1 1 1 1 1 1 1 7 4 3 9 3 4 9 3 5 8 4 9 4 1 1 0 2 1 7 5 2 - + + + + + 1 - - - - - - - - - 4 3 6 9 1 3 1 4 1 4 2 0 5 2 7 0 1 0 0 ^ 2 1 S S S S S S V S S T Y O P E R B B S N N B a a a a e t a p o a o v a e i a a o n n n v l a c a c r l o l i k e a a e k t c l s l n t t r e o r e k l i p m r t l e i k a J F L D r a k n m l a j e m a a o s m B e t o r n e g a p n i a t o i n s a a e l d t k a h d a e d n e e i n e x n e g a 1 e a r e x d n y l c n o l n a m * * t C i d a a n o * s J. n r d i c 1 d t d o y . . i n . . l l . o . . . p p p p + + + + + + + - - - - - - - + 1 2 2 l 7 1 1 5 6 4 2 2 3 7 0 3 1 i + + + + + + + + + + + + + + + + - 2 1 1 1 1 1 4 8 8 2 7 4 5 7 3 7 1 1 2 6 2 2 + + + + + + - - - - - - - - - 4 5 3 4 7 3 6 2 6 4 2 5 2 2 1 2 Wheeling l +4 +5 Terre Haute 1... +2 +5 0 Shreveport.... +4 +26 + 10 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. «January 1952. 4 Five 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 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 March 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 June.... 189.6 231.5 202.0 141.6 144.8 204.4 172.5 J UIXL. X KJ S . \J ^^1 , U ^V« . V JL-M..A.* 1 Series is the adjusted one reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim asion of series and weights. Back figures.— Bureau of Labor Statistics, Department of Labor. 930 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 Y m e o a n r t o h r m c t A o o ie m d l s l i - - F p u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a t a r a i c e n o p r l x t d e d e - s - l - l H s p e u a k a r i n c o i d t n h d t d e s s e - s , r , p l t F i e o a m i g u n r n w h a i e g d a e - t l - , l r s , C a p i u a l h c r l c n o a e i t e d l d m s s d - - p R u a b r u n c o e t d b r d 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 t e d e d p s d r - . , M m p u a r e e c n o t t t d d a s a l - l s p c u M t m a e h r i c n o r v i o a y t n d d e s - - - - h F o a h d t a o u b t u o u n h u r l r l r d e n s e e d - s e r i- - e s N r t t m t m a a u r o l l i r u s e l n n a i — c - c - l - - b m b e t o b f a T r u a a t a e a n c r t o c v n g l d e c - - e - u e s o d s - n c M e el o i l s a u - - 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 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, 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 113 110.4 111.2 114.9 108.5 118.0 106.3 108.5 144.3 122.3 119.5 122.2 118.9 113.5 113.6 107.8 102.6 September 113 109.9 110.9 114.8 105.9 118.0 106.7 108.7 144.7 121.6 119.4 122.1 119.4 113.1 113.6 107.8 105.1 October 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. April 111.8 108.7 108.0 113 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. May 111 .6'107.9 108.6 113.0 r99 3 »"94.7 '106.0 '•104.3 140.4 '120.7 -•116.9 121. 121.6 ••111.7 '112.9 110.8 nos, June 111.3 107.3 108.7 112.6 99.0 95.9 106.0 104.3 133.6 119.9 116.7 121.1 121.5 111.6 113.8 110.8 108.1 1951 1952 1951 1952 Subgroup Subgroup June Apr. May June June Apr. May June Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce. . 94.2 127.3 128.9 124.3 Woodpulp 115.5 113.3 113.3 113.3 Grains 94.7 100.9 98.8 95.4 Wastepaper 222.8 70.0 55.1 55.1 Livestock and poultry 119.9 106.6 108.9 107.2 Paper 117.6 123.5 123.5 124.2 Plant and animal fibers. . . 155.6 119.6 114.2 118.7 Paperboard 132.0 130.3 -129.8 129.3 Fluid milk 101.0 108.1 104.3 104.0 Converted paper and paperboard. . 117.4 115.0 114.5 113.7 106.1 81.7 74.3 81.0 Building paper and board 113.4 113.8 115.8 115.8 Hay and seeds 102.5 95.5 96.0 98.5 Metals and Metal Products: Other farm products 138.7 136.7 137.1 136.7 Iron and steel 122.9 123.0 122.8 122.4 Processed Foods: Nonferrous metals 123.2 124.8 122.0 120.2 Cereal and bakery products 106.2 107.4 107.0 106.7 Metal containers 121.1 120.5 120.5 120.5 Meats, poultry and fish 117.2 109.4 112.1 110.8 Hardware 125.8 126.9 126.9 123.9 Dairy products and ice cream 106.5 112.2 110.6 110.1 Plumbing equipment 122.9 116.3 116.0 118.0 Canned, frozen, fruits & vegetables. 104.4 104.6 -104.2 103.9 Heating equipment 114.6 113.9 113.7 113.6 Sugar and confectionery 109.7 109.4 109.2 110.9 Fabricated struc. metal products. . 118.7 115.4 115.4 115.4 Packaged beverage materials 161.1 161 .9 161.9 161.9 Fabricated nonstructural metal Other processed foods 122.5 107.8 -112.8 118.4 products 126.0 124.4 124 A 124.4 Textile Products and Apparel: Machinery and Motive Products: Cotton products 116.0 98.6 97.2 95.4 Agri. mach. and equipment 120.3 121.6 121.5 121.5 Wool products 151.7 109.2 111.7 112.8 Cons. mach. and equipment 123.6 124.9 -125.3 125.3 Synthetic textiles 98.0 86.7 r86.8 88.6 Metal working machinery 124.7 127.9 -128.0 128.0 Silk products 133.7 128.4 128.8 129.8 General purpose mach., etc 123.4 123.1 123.1 123.1 Apparel 103.7 101.2 100.8 100.5 Miscellaneous machinery 119.1 119.3 -119.2 119.1 Other textile products 151.5 110.0 98.6 98.7 Elec. mach. and equipment 121.8 120.9 120.8 120.2 Hides, Skins, and Leather Products: Motor vehicles 112.2 119.7 119.7 119.7 Hides and skins 129.4 49.7 '58.1 59.5 Furniture; Other Household Durables: Leather 132.6 84.4 '"84.5 88.9 Household furniture 116.5 113.4 113.1 113.0 Footwear 122.6 112.9 ••111.1 111.0 Commercial furniture 124.9 123.0 123.2 123.2 Other leather products 100.2 a oo.3 100.5 Floor covering 146.9 126.8 120.9 120.1 Fuel, Power, and Lighting Materials: Household appliances 108.1 107.8 107.3 107.3 Coal 108.1 104.9 -104.9 105.3 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 117.2 117.7 119.3 119.3 Gas 97.2 106.6 -104. 2 104.2 Nonmetallic Minerals—Structural: Electricity 98.0 99.1 '98.0 98.0 Flat glass 114.0 114.4 114.4 114.4 Petroleum and products 110.4 109.5 109.9 109.6 Concrete ingredients 112.9 112.9 112.9 112.9 Chemicals and Allied Products: Concrete products 112.4 112.4 112.4 112.4 Industrial chemicals 120.9 116.8 -115.1 114.9 Structural clay products 121.4 121.3 121.4 121.4 Paint and paint materials 108.7 108.0 107.3 107.0 Gypsum products 117.4 117.7 117.7 117.7 Drugs, Pharmaceuticals, cosmetics . 95.7 92.7 '92.2 92.2 Prepared asphalt roofing 105.4 98.6 98.6 106.0 Fats and oils, inedible 88.5 42.6 ••47.2 52.0 Other nonmetallic minerals 110.9 111.9 111.9 111.9 Mixed fertilizers 106.2 108.6 108.6 108.6 Tobacco Mfrs. and Bottled Beverages: Fertilizer materials 103.5 109.8 111.5 109.9 Cigarettes 105.7 107.3 107.3 107.3 Other chemicals and products 109.8 103.0 103.0 103.0 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 216.4 182.7 182.7 152.7 Alcoholic beverages 107.0 111.2 111.2 111.2 Tires and tubes 133.9 133.0 133.0 130.5 Nonalcoholic beverages 119.7 119.7 119.7 119.7 Other rubber products 131.1 128.2 127.6 127.6 Miscellaneous: Lumber and Wood Products: Toys, sporting goods, small arms. . 116.6 113.5 113.5 113.5 Lumber 124.2 121.3 121.1 120.0 Manufactured animal feeds 96.3 110.2 108.3 107.9 Millwork 130.9 126.4 126.4 126.4 Notions and accessories 101.4 96.1 r91.5 91.5 Plywood 117.7 105.6 105.6 105.7 Jewelry, watches, photo equipment. 100.9 101.0 101.0 101.0 Other miscellaneous 120.7 121.0 121.0 120.5 r Revised. Source.—Bureau of Labor Statistics. Back figures.—See BULLETIN for March 1952, pp. 311-313. AUGUST 1952 931 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 Seasonally adjusted annual rates Annual totals by quarters 1951 1952 1929 1933 1939 1941 1947 1948 1949 1950 1951 2 3 4 1 2 Gross national product 103.8 55.8 91.3 126.4 233.3 259.0 258.2 284.2 329.2 329.3 330.9 337.1 339.4 343.2 Less: Capital consumption allowances. . 8.8 7.2 8.1 9.3 14.8 17.6 19.4 21.5 24.6 24.3 25.0 25.8 26.7 27.7 Indirect business tax and related liabilities ... 7.0 7.1 9.4 11.3 18.7 20.4 21.6 23.8 25.3 24.7 25.0 25.8 26.3 26.8 Business transfer payments 6 7 5 5 7 7 8 8 9 9 9 9 .9 .9 Statistical discrepancy -.1 1.2 1.4 1.6 .3 -3.2 .2 -.7 1.4 5.7 .0 -.8 -1.9 n.a. Plus: Subsidies less current surplus of government enterprises -.1 0) .5 .1 -.1 .0 .0 .4 .5 1.1 .1 .2 .5 .2 Equals: National income 87.4 39.6 72.5 103.8 198.7 223.5 216.3 239.2 211.6 274.8 280.2 285.6 288.0 n.a. 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 41.2 41.9 42.5 42.7 n.a. Contributions for social insurance. . .2 .3 2.1 2.8 5.7 5.2 5.7 6.9 8.2 8.2 8.1 8.3 8.5 8.4 Excess of wage accruals over disbursements 0 o 0 0 0 0 0 0 0 — 2 8 — 6 1 0 Plus: Government transfer payments. . . .9 1.5 2.5 2.6 11.1 10.5 11.6 14.3 11.5 11.6 11.6 11.5 11.7 11.6 Net interest paid by government. . 1.0 1.2 1.2 1.3 4.4 4.5 4.6 4.7 4.9 4.9 4.9 5.0 5.0 5.0 Dividends 5.8 2.1 3.8 4.5 6.6 7.2 7.5 9.0 9.0 9.0 9.2 9.3 8.9 9.6 Business transfer payments .6 .7 .5 .5 .7 .7 .8 .8 .9 .9 .9 .9 .9 .9 Equals: Personal income 85.1 46.6 72.6 95.3 191.0 209.5 .205.9 226.3 254.1 251.9 256.1 262.0 263.0 264.4 Less: Personal tax and related payments. . 2.6 1.5 2.4 3.3 21.5 21.1 18.6 20.8 29.1 28.7 29.0 30.4 32.5 32.9 Federal 1.3 .5 1.2 2.0 19.6 19.0 16.2 18.1 26.1 25.8 26.0 27.3 29.3 29.6 State and local 1.4 1.0 1.2 1.3 1.9 2.1 3.0 3.0 3.0 3.1 3.2 3.3 2.5 2.7 Equals: Disposable personal income. 82.5 45.2 70.2 92.0 169.5 188.4 225.0 223.2 227.1 231.5 230.5 231.5 187.2 205.5 Less: Personal consumption expenditures 78.8 46.3 67.5 82.3 165.6 177.9 208.0 204.5 206.4 210.5 213.2 214.9 180.6 194.3 Equals: Personal saving • . . .. 3 7 -1 2 2 7 9 8 3 9 10 5 17.0 18.7 20 7 21 1 17.3 16 5 6 7 11.2 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1951 1952 1939 1947 1948 National income. 87.4 39.6 72.5 103.8 198.7 223.5 216.3 239.2 277.6 274.8 280.2 285.6 288.0 n.a. Compensation of employees 50.8 29.3 47.8 64.3 128.0 140.2 139.9 153.4 178.9 178.2 181.0 183.4 186.5 186.9 Wages and salaries 2 50.2 28.8 45.7 61.7 122.1 134.4 133.4 145 .6 169.9 169.3 172.1 174.3 177.4 177.8 Private 45.2 23.7 37.5 51.5 104.8 115.7 113.0 123.4 141.2 141.2 142.0 143.8 145.8 145.6 Military .3 .3 .4 1.9 4.1 4.0 4.2 5.0 8.6 8.5 9.1 9.6 n.a. n.a. Government civilian 4.6 4.9 7.8 8.3 13.2 14.7 16.1 17.2 20.1 19.6 21.0 20.9 n.a. n.a. Supplements to wages and salaries .6 .5 2.1 2.6 5.9 5.8 6.6 7.8 9.0 9.0 8.9 9.1 9.0 9.2 Proprietors' and rental income 3. . . . 19.7 7.2 14.7 20.8 42.4 47.3 42.1 45.2 50.6 49.0 50.8 53.1 52.1 51.9 Business and professional 8.3 2.9 6.8 9.6 19.8 22.1 21.6 23.7 26.2 26.0 26.0 26.6 27.3 27.6 Farm 5.7 2.3 4.5 6.9 15.6 17.7 12.8 13.3 15.6 14.4 15.8 17.0 15.4 14.8 Rental income of persons 5.8 2.0 3.5 4.3 7.1 7.5 7.7 8.2 8.9 8.5 9.1 9.4 9.4 9.5 Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 24.7 31.7 34.8 41.6 41.2 41.9 42.5 42.7 n.a. Corporate profits before tax 9.8 .2 6.5 17 30.5 33.8 39.6 42.9 43.3 38.6 39.5 42.7 n.a. Corporate profits tax liability .... 1.4 .5 1.5 7 11.9 13.0 18.4 24.2 24.5 21.8 22.2 24.7 n.a. Corporate profits after tax 8.4 -.4 5.0 9.4 18.5 20.7 21.2 18.7 18.8 16.9 17.3 18.1 n.a. Inventory valuation adjustment.... .5 -2.1 -.7 -2.6 -5. -2.1 -4 -1.3 -2.1 3.2 3.0 -.1 1.7 Net interest 6.5 5.0 4.2 4.1 3.5 4.3 5.0 5.8 6.4 6.4 6.5 6.6 6.7 6.9 n.a. Not available. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOT E.—Details may not add to totals because of rounding. Source.—Department of Commerce. 932 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 Seasonally adjusted annual rates Annual totals by quarters 1951 1952 1929 1933 1939 1941 1947 1948 1949 1950 1951 2 3 4 1 2 Gross national product 103.8 55.8 91.3 126.4 233.3 259.0 258.2 284.2 329.2 329.3 330.9 337.1 339.4 343.2 Personal consumption expenditures 78.8 46.3 67.5 82.3 165.6 177.9 180.6 194.3 208.0 204.5 206.4 210.5 213 2 214.9 9.4 3.5 6.7 9.8 21.4 22.9 23.8 29.2 27.1 26.3 25.5 25.3 25.2 26.4 Nendurable goods 37.7 22.3 35.3 44.0 95.1 100.9 99.2 102.8 113.5 111.3 113.2 116.2 118 0 117.8 31.7 20.6 25.5 28.5 49.1 54.1 57.5 62.4 67.3 66.9 67.6 69.0 70.0 70.8 Gross private domestic investment 15.8 1.3 9.9 18.3 30.2 42.7 33.5 50.3 58.5 65.2 56.2 52.9 50 0 49.3 7.8 1.1 4.9 6.8 13.9 17.7 17.2 22.9 23.3 23.5 22.4 22.4 23.7 23.6 Residential nonfarm 3 6 .5 2.7 3.5 6.3 8.6 8.3 12.6 11.0 10.9 9.9 10.3 11 0 11 0 Other 4.2 .7 2.2 3.3 7.6 9.1 9.0 10.3 12.3 12.6 12.5 12.1 12.7 12.6 Pr®ducers' durable equipment 6 4 1.8 4.6 7.7 17.1 19.9 18.7 22.0 24.9 25 4 24.9 24 7 25 7 25 7 Change in business inventories.... 1.6 -1.6 .4 3.9 -.8 5.0 -2.5 5.5 10.3 16.3 8.9 5.8 .6 .1 Nonfarm only 1 8 — 1.3 .3 3.4 1.4 3.7 -1.6 4.6 9.4 15.2 8 2 5 2 — 1 — 8 Net foreign investment . .8 .2 .9 1.1 8.9 1.9 .5 -2.3 .2 -.2 1.1 2 6 1 9 9 Government purchases of good 8 and services 8.5 8.0 13.1 24.7 28.6 36.6 43.6 41.9 62.6 59.8 67.3 71.2 74.4 78.0 Federal 1 3 2 0 5.2 16.9 15.8 21.0 25.4 22.2 40.9 38 3 45.5 48 9 51 2 54 9 O N t a h ti e o r nal security } 1.3 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 3 3 4 . . 7 9 4 4 1 . . 5 6 4 5 4 . . 1 3 4 5 6 . . 2 4 5 5 0 . . 1 3 Less: Government sales2 ... (*) 1.3 .6 .4 .2 .4 .3 .5 .5 4 4 State and local 7.2 5.9 7.9 7.8 12.8 15.6 18.2 19.7 21.7 21.6 21.7 22.3 23.2 23.0 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Less Wage and salary disbursements Pro- dends personal Per- Other prietors' and Trans- contri- Non- Year or month sonal labor and per- fer butions agriculincome re T c o e t i a p l ts4 b m T u d o e r i t n s s a - e t l s - d p m i C n u ro o g s o d t d m r u i i i n t - e c y - s - D i u n t i r s t d i i t u e v ri s s e b - - S i e n t r r d v i u e ic s s e - m G er o e n v n - - t income6 in re co n m tal e6 i i n n s t c o e o n r m a e l s e t m p e a n y t - s7 a i s n o n f s o c c u i e r a r - 8 l in t c u o r m al e9 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 .4 7.2 8.2 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 7.8 10.2 6 20.8 9.9 3.1 .8 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 11.3 2.2 187 1 1949 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. . . 254 1 166.5 169.9 74.9 45.9 20.3 28.7 4.2 50.6 20.4 12 A 3.4 233.6 1951 May . .. 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 June 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 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 September. . . . 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 October 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 November. . . . 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 December 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 A 173.1 176.7 77.3 47.1 20.8 31.5 4.3 53.4 20.1 12.8 3.9 241.7 February 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 March 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 262.5 173.4 176.7 76.9 47.0 21.0 31.8 4.4 51.2 21.5 12.3 3.6 242.9 May 264.5 174.6 177.9 76.7 47.7 21.3 32.2 4.4 51.7 21.5 12.6 3.6 244.9 1 Includes construction expenditures for crude petroleum and natural gas drilling. a Consists of sales abroad and domestic sales of surplus consumption goods and materials. 8 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income" is equal to total disbursements less employee contributions to social insuraaee. Such contributions are not available by industries. • Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans readjustment allowances and other payments, as well 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. • 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. 933 AUGUST 1952 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 Total E o n r d m of o n y t e h ar 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 LoansJ 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 n s - 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 M43 2,939 565 1,764 610 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 L.422 3,263 510 .981 772 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 1,332 4,239 1,067 1951 20;644 13,510 7,546 4,039 3,507 5,964 7,134 1,436 4,587 J .ill 1951—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 1,399 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 1,117 March r19,565 13,156 7,047 3,891 3,156 6,109 r6,409 1,443 3 855 L 111 April 19,788 13,319 7,099 3,946 3,153 6,220 6,469 1,437 3,913 1,119 May? 20,298 13,811 7,421 4,171 3,250 6,390 6,487 1,431 3,921 1,135 JuneP 20,941 14,404 7,795 4,433 3,362 6,609 6,537 1,432 3,972 1,133 p Preliminary. r Revised. 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 of period) (during period) Year or month Total b m C a e n o r k c m s ia - l i p S c l a o m o 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 l t a o o r d n i a m u a 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 is e d c o e e u r l s s - m I l i r o n z e a o a a s p n d u t n i a d e r s o i e r r n * d n- b m C a e n o r k c m s ia - * l p S c l a o m o n a m i a n e l - l s 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 1,268 301 229 542 176 938 4,198 2,437 528 417 947 1951—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 1,167 288 211 524 166 882 339 206 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 L ,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 December... 5,964 2,510 1,268 301 229 542 176 938 354 292 50 42 84 1952—January. ... 5,992 2,521 L ,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 6,220 2,642 1,302 307 239 568 179 983 429 211 50 39 103 MayP 6,390 2,726 L.320 319 246 589 181 1,009 479 236 52 44 116 June? 6,609 2,840 1,346 330 254 614 183 1,042 496 248 56 44 123 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 June amounted to 120 million dollars, and other loans made during June 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. 934 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 n a o d r n t o o h f r in e m T g x o o c a l t b u a u i d l l t e , o - - s o m m t a r o n e a d r n i d e e l t r - s F s t t u u o r r r n e e i s - H s a a h t p o o n o p u r c l l s e d e i e s - - Je st w o e re lr s y s o r t e A t o h t r a l e e l i r l s Year or month Total c P ha u s r e - d D lo i a r n ec s t c d h p a ir a u n e s r d c e - t d l e o m r t n a i o o n iz d n s a - 1 - 2 i m l c n o a s a e s t n n a h s t 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 1,223 1,267 905 107 1940 1,721 439 599 302 110 271 1951 5,434 1,061 1,192 1,031 937 ,213 1941 1,802 466 619 313 120 284 1942 1 135 252 440 188 76 179 1951—May 5,489 1,083 1,248 1,123 882 ,153 1943 707 172 289 78 57 111 June 5,481 1,090 1,246 1,098 883 ,164 1944 691 183 293 50 56 109 July 5,430 1,086 1,230 1,068 886 ,160 1945 .. . 715 198 296 51 57 113 August 5,472 1,097 1,240 1,059 899 ,177 1946 1,104 337 386 118 89 174 September... 5,440 1,105 1,239 1,004 911 ,181 1947.. 1,935 650 587 249 144 305 October 5,442 1,090 1,226 1,010 925 ,191 1948 2,567 874 750 387 152 404 November... 5,436 1,079 1,209 1,017 937 ,194 1949 3,096 1,010 935 500 163 488 December.. . 5,434 1,061 1,192 1,031 937 ,213 1950 3,778 1,245 1,029 710 794 1951 . 3,507 1,186 971 613 737 1952—January 5,418 1,042 1,184 1,034 928 ,230 February.... 5,412 1,038 1,186 1,016 924 ,248 1951 March 5.446 1,035 1,197 1,008 922 ,284 May 3,268 1,084 890 616 678 April 5,528 1,055 1,219 1,005 940 ,309 June.. . 3,193 1,055 874 602 662 May? 5,744 1,130 1,270 1.036 969 ,339 J A u u ly gust 3 3 , , 1 1 1 0 2 9 1 1 , , 0 0 2 1 2 5 8 8 5 59 4 5 5 9 90 0 6 6 4 45 6 June? 6,026 1,214 1,331 1,087 1,005 ,389 September. 3,152 1,028 870 600 654 Volume extended dur- October... 3,221 1,056 890 607 668 ing month: November. 3,300 1,099 908 608 685 1951—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 1,129 933 592 706 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 April 3,153 1,064 894 541 654 November... 689 136 152 147 72 182 Mayp 3,250 1,101 924 551 674 December... 686 117 149 157 70 193 June P.... 3,362 1,132 952 580 698 1952—January 714 131 170 146 57 210 February.... 679 135 167 130 55 192 March 758 144 185 138 62 229 April 807 162 191 153 79 222 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL May? 945 228 235 162 92 228 BANKS, BY TYPE OF CREDIT June? 1,001 244 239 176 101 241 [Estimates. In millions of dollars] CONSUMER INSTALMENT CREDITS OF INDUSTRIAL R m e e t n a t i l p i a n p s e ta r l 2 - R a e n p d air P i e n r s s t o a n l- al LOAN [ C E O sti M m P at A es N . IE I S n , m B i Y ll io T n Y s P o E f d O ol F la rs C ] REDIT Year or month Total modern- ment Retailinstal- Repair Personal m A o u b to il - e Other l i o z a a n ti s o * n 2 l c o a a s n h s Year or month Total ment paper 2 mo a d n e d rn- i m ns e ta n l t - Auto- ization cash mobile Other loans J 2 loans Outstanding at end of period: Outstanding at end 1949 343.2 93.6 63.1 55.4 131.1 of period: 1 1 9 9 5 5 0 1 3 4 9 0 1 4 . . 0 1 1 1 1 1 8 8 . . 5 9 8 7 1 9 . . 2 7 5 56 4 . . 5 9 1 14 3 7 7 . . 5 9 1 1 1 9 9 9 4 5 5 9 0 1 2 2 1 5 2 9 5 6 4 . . . 3 9 7 4 5 6 3 3 7 . . . 2 5 9 3 4 4 1 1 7 . . . 4 1 3 6 7 7 . . . 5 2 3 1 1 1 2 3 1 0 7 3 . . . 6 6 3 1951—May 384.4 118.0 74.2 52.3 139.9 J J A O S N D u u e o u e c l n p y c v t g e t o e e u e m b m m s e t b b . b r e e . e . . r r r . . . 4 4 4 3 3 3 3 0 0 0 9 9 8 8 4 2 1 1 6 5 5 . . . . . . . 1 4 7 8 3 0 1 1 1 1 1 1 1 1 1 2 2 2 2 2 1 0 9 1 3 3 3 8 . . . . . . . 2 6 9 1 9 9 9 8 7 7 7 7 7 7 1 2 0 1 3 7 5 . . . . . . . 2 9 7 6 6 7 8 5 5 5 5 5 5 5 2 2 3 4 6 6 6 . . . . . . . 6 9 7 8 1 5 5 1 1 1 1 1 1 1 3 4 4 4 4 4 4 9 4 1 3 6 7 6 . . . . . . . 9 0 5 3 3 0 3 1951— J J A O S N D M u u e u o e c l n a p y c t v g y e t o e e u e m b m m s e t b b . b r e e . e . . r r r . . . 2 2 2 2 2 2 2 2 5 3 3 3 4 4 4 5 5 0 5 2 7 5 1 0 . . . . . . . . 6 3 4 4 6 5 3 3 5 5 6 6 6 6 6 6 9 3 3 9 3 0 3 3 . . . . . . . . 2 2 2 8 7 5 5 4 3 3 4 4 4 4 4 4 9 9 2 0 4 5 6 7 . . . . . . . . 6 8 4 8 5 6 1 3 7 7 7 7 7 7 7 7 . . . . . . . . 1 2 1 0 4 6 2 3 1 1 1 1 1 1 1 1 3 2 3 2 3 2 2 3 0 3 4 5 0 8 7 7 . . . . . . . . 2 2 9 7 8 5 0 6 1952—January . . 402.6 116.5 81.4 56.1 148.6 A J F M M u e p a a b n r r y i r c e l P u h . ? , a . . r . . . y . . . . . . . . 4 4 4 4 4 1 2 0 0 4 6 0 3 5 1 . . . . . 2 7 9 8 1 1 1 1 1 1 1 3 2 1 1 9 8 8 6 6 . . . . . 2 2 4 3 6 8 8 8 8 8 1 4 1 2 1 . . . . . 2 7 4 5 1 5 5 5 5 5 7 5 8 6 5 . . . . . 2 2 4 3 8 1 1 1 1 1 4 5 5 5 5 9 2 9 8 4 . . . . . 9 6 8 3 6 1952— A F M J e a p a n b r r i u r c l u a h a ry r y . . . . 2 2 2 2 2 2 6 6 7 5 5 8 3 0 5 6 7 2 . . . . . . 2 2 9 5 7 7 6 6 6 6 6 7 2 2 4 7 2 1 . . . . . . 6 4 7 5 0 0 4 4 4 5 5 5 7 8 5 7 2 0 . . . . . . 2 2 4 8 0 0 7 7 7 7 7 7 . . . . . . 2 0 1 2 0 0 1 1 1 1 1 1 3 4 4 4 4 4 9 2 0 9 4 6 . . . . . . 5 5 8 3 5 3 Volume extended during month: Volume extended 1951— J J O A S N D M u u e o c e u n l a p y c t v g y e t o e e u e b m m m s e t b b . b r e e . e . . r r r . . . 5 4 4 6 4 5 5 5 3 0 8 1 9 8 2 8 . . . . . . . . 6 2 0 8 5 3 4 3 1 1 1 1 1 1 1 1 5 6 9 5 4 7 4 3 . . . . . . . . 2 2 4 6 9 3 6 1 1 1 1 1 1 8 7 7 2 0 0 1 2 . . . . . . . . 3 8 6 2 4 4 8 8 3 3 4 4 3 4 5 3 . . . . . . . 2 5 9 1 4 1 8 8 2 2 2 2 2 2 2 2 2 1 0 2 4 5 4 1 . . . . . . . . 2 5 5 0 1 3 3 8 d 1 u 95 ri 1 n — g J A S O J N D M m u u e o u e c l n a p o y c v t g y e t n o e e u e t m b m m s h e t : b b . b r e e e . . . r r r . . . 4 3 3 3 4 3 4 3 3 2 4 6 7 5 9 1 . . . . . . . . 6 6 8 1 8 9 5 3 1 9 9 9 8 8 9 9 1 . . . . . . . . 4 6 9 0 8 0 3 5 4 4 5 6 7 6 7 6 . . . . . . . . 2 2 9 9 2 0 7 6 0 0 0 0 0 0 0 0 . . . . . . . . 5 5 5 6 6 7 7 5 2 2 2 2 2 2 2 2 1 1 3 0 1 3 7 3 . . . . . . . . 7 5 3 2 9 3 6 3 1952--J A F J M M a u e p n a n a b r r u y i e r c l a ? u ? h r . . a y r . . y . . . . . . . . , , 6 5 5 5 5 7 9 7 1 2 8 3 . . . . . . 2 5 8 5 5 8 2 2 1 1 1 1 7 5 8 5 6 4 . . . . . . 7 8 2 1 8 3 1 1 1 1 1 1 2 0 1 0 0 1 . . . . . . 2 3 1 3 6 8 3 4 5 6 6 3 . . . . . . 5 7 1 3 4 5 2 2 2 2 2 2 7 5 6 5 2 2 . . . . . . 0 9 0 0 8 9 1952— J A F M M J u e a p n a n b r y e i r u r l ? c u a 3. h a r . y r . .. y .. . . . . . 3 3 4 4 4 4 8 2 9 1 8 7 . . . . . . 2 3 4 7 6 0 1 1 1 8 9 9 3 0 2 . . . . . . 9 1 2 2 0 1 5 5 6 7 8 7 . . . . . . 7 7 1 8 8 9 0 0 0 0 0 0 . . . . . . 5 6 7 5 8 7 2 2 2 2 2 2 3 4 4 6 5 6 . . . . . . 2 3 4 0 0 0 P Preliminary. J Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. AUGUST 1952 935 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 RECEIVABLE1 Percentage change f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C c h co ar u g n e ts from preceding month of preceding month year Item 1 J 9 u 5 n 2 e P M 19 a 5 y 2 A 19 p 5 r 2 . 1 J 9 u 5 n 2 e P M 19 a 5 y 2 A 19 p 5 r 2 . Year or month D s m e to p e r a n e r t s t- F s t t u o u r r r n e e i s - h p H s o l t l o i o d a u r n e s a c e s p e - - D s m e to p e r a n e r t s t- Net sales: 91 Total -6 +23 +3 + 11 + 14 + 1 May 18 11 11 49 Cash sales -9 + 18 -3 -11 -4 -8 June , 19 11 12 49 Credit sales: July 18 11 12 46 Instalment -5 +27 +2 +21 +26 +9 August 19 12 12 48 Charge account -8 + 7 +6 -10 -9 September 19 11 12 47 October 21 12 12 50 Accounts receivable, end November 21 11 12 50 of month: December , 19 11 12 45 Total +3 +4 0 +9 +4 _2 Instalment +3 +3 0 + 10 +5 0 1952 January 19 10 13 47 Collections during February 18 10 13 45 month: March 20 11 13 48 Total -6 +5 -6 -9 -3 -8 April 18 10 13 46 Instalment — 7 +8 y -8 + 1 -7 May 19 11 13 48 June? 18 10 12 46 [nventories, end of month, at retail value. -5 -3 +2 -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 ][ndex numbers, without seasonal adjustmenit, 1947-49 average =100 Percentage of total sales Year or month Total Sa C le a s s h during I m n m s e o t n a n t l t - h a C c h c a o r u g n e t A I a m c n t c s e o t e n a u n t l n d - t s o r f e a c C m c e h c o iv a o n r a u t g b h n e l t e C I m n o s l e t l n e a c t l m - tio o n n s t a h C c d h c u a o r r i u g n n e g t C sa a l s e h s I m n sa s e l t e n a s t l- a C c s h c a a o le r u g s 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—May 100 91 112 109 178 118 163 114 48 8 44 June 95 91 103 100 171 115 161 114 50 8 42 July 75 71 90 76 163 103 148 106 50 9 41 August 90 83 127 93 162 103 151 99 48 11 41 September 101 90 138 107 166 113 151 97 47 10 43 October . 113 101 164 121 172 122 163 114 46 11 43 November 129 115 171 138 182 136 169 121 47 10 43 December 177 167 205 185 197 177 168 122 49 9 42 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 90 137 106 176 122 153 115 47 10 43 JuneP 93 84 127 99 178 120 147 114 47 10 43 p Preliminary. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 92 7. 936 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1951 AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS [Expressed in percentages] Federal Reserve district All Item tr d i i c s t - s B to o n s- Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Summary ratios Percentage of total capital accounts: Net current earnings before income taxes. . 14.6 10.6 11.6 10.6 12.8 13.7 16.1 15.3 15.0 17.3 17.7 17.7 15.9 Profits before income taxes 12.6 9.0 9.9 9.5 11.2 12.6 13.8 13.2 12.9 15.2 15.7 14.7 13.9 Net profits 9.0 6.2 6.9 6.9 8.1 8.6 9.4 9.7 9.5 10.4 11.3 10.7 9.3 Cash dividends declared 3 0 2 7 2 5 2 5 2 6 3 0 3 2 2 8 3 0 3.7 3.8 3.8 3.2 Percentage of total assets: Total earnings 2.90 3.01 2.95 2.88 2.79 2 89 3 05 2 66 2 70 3 10 2 98 3 04 3 21 Net current earnings before income taxes. . 1.06 .94 .93 1.03 1.02 1.07 1.13 .96 1.06 1.12 1.24 1.19 1.03 Net profits 67 56 56 .68 .66 .68 .68 .62 .68 .69 .81 .73 .59 Sources and disposition of earnings Percentage of total earnings: Interest on U. S. Government securities. . . 25.6 23.1 26.5 28.6 28.0 23.6 21.2 30.4 27.4 25.3 23.0 19.6 21.1 Interest and dividends on other securities. . 5.7 5.3 6.7 7.4 6.6 4.8 6.0 5.4 5.9 4.9 4.6 5.5 3.8 Earnings on loans 55.9 53.4 53.8 54.3 54.6 60.6 58.5 51.1 56.0 51.7 59.0 63.2 59.5 Service charges on deposit accounts 6.2 9.7 7.2 3.9 4.9 4 8 6.9 6.8 4 4 6 9 7 4 5 9 7 5 Other current earnings 6 6 8 5 5 8 5 8 5 9 6 9 7 4 6 3 6.3 11.2 6.0 5.8 8.1 Total earnings. . . 100.0 100.0 100.0 100.0 .100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31 1 32 3 31.5 27.2 27.2 29.0 31.7 31.4 31.2 31.1 33.7 34.3 33.5 Interest on time deposits 9.8 10.5 13.1 14.4 13.1 12 A 7.3 10.8 7.1 11.0 4.0 1.8 13.8 Other current expenses 22.6 25.9 23.8 22.8 23.1 21.7 23.7 21.5 22.9 21.6 20.8 24.3 20.6 Total expenses 63.5 68.7 68.4 64.4 63.4 63.1 62.7 63.7 61.2 63.7 58.5 60.4 67.9 Net current earnings before income taxes 36.5 31.3 31.6 35.6 36.6 36.9 37.3 36.3 38.8 36.3 41.5 39.6 32.1 Net losses including transfers 4 4 4 7 4 2 3 5 4.3 2.6 4.8 4.6 5.0 4.1 4.3 6.3 3.9 Taxes on net income 8.9 7.8 8.0 8.5 8.5 10.7 10.0 8.1 8.7 9.7 10.2 8.7 9.4 Net profits 23.2 18.8 19.4 23.6 23.8 23.6 22.5 23.6 25.1 22.5 27.0 24.6 18.8 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities. . . 1.81 1.82 1.85 1.96 1.86 1.86 1.76 1.76 1.79 1.83 1.78 1.73 1.69 Interest and dividends on other securities. . 2.50 2.43 2.29 2.73 2.46 2.75 2.63 2.30 2.48 2.24 2.48 2.78 2.72 Net losses including transfers on total securities .07 .08 .06 .05 .07 .05 .06 .08 .08 .07 .06 .07 .05 Return on loans: Earnings on loans.... 5.63 5.16 5.17 5.22 5.24 5.52 6.03 5.21 5.64 5.54 6.31 6.88 5.85 Net losses on loans 1. . . .11 .07 .06 .05 .08 .04 .13 .05 .14 .06 .16 .39 .10 Distribution of assets Percentage of total assets: U. S. Government securities 38.2 36.2 39.8 40.4 40.3 35.1 33.8 43.1 38.8 41.0 35.9 31.3 36.3 Other securities 7.5 7.8 9.1 8.9 8.4 6.1 7.6 7.5 7.3 7.2 6.6 6.6 5.3 Loans 29.8 32.0 31.7 30.7 29.8 32.6 30.4 26.8 27.8 29.5 29.1 29.0 33.3 Cash assets 23.6 22.8 18.3 18.9 20.7 25.1 27.1 21.9 25.4 21.5 27.9 32.2 24.1 Real estate assets ... .7 1.1 1 .0 .9 .7 1.0 .9 .5 .6 .6 .4 .8 .9 Other ratios Total capital accounts to: Total assets 7.8 9.4 8.5 10.2 8.4 8.1 7.3 6.5 7.3 6.8 7.2 7.1 6.7 Total assets less Government securities and cash assets 22.1 24.5 21.9 26.6 23.5 21.6 20.4 21.3 22.6 19.7 21.9 21.0 18.3 Total deposits 8.5 10.6 9.5 11.5 9.2 8.9 8.0 7.0 8.0 7.4 7.9 7.8 7.2 Time to total deposits 30.2 30.5 44.6 47.7 41.3 33.0 22.1 33.7 21.0 35.5 10.9 5.9 32.5 Interest on time deposits 2 1.0 1.0 .9 1.0 .9 1.1 1.0 .9 .9 1.0 1 .1 1.0 1.4 Trust department earnings to total earnings2. 3.3 4.6 3.1 3.8 3.7 3.6 2.6 2.7 2.6 2.7 2.5 2.4 4.5 Number of banks" 6,815 322 735 631 685 475 353 1,007 492 476 749 630 260 1 "Net losses on loans" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries credited to net profits plus recoveries credited to valuation reserves. Transfers to and from valuation reserves are excluded. 2 Banks with no time deposits, or no trust department earnings, as the case may be, were excluded in computing this average. 3 The ratios for 25 member banks in operation at the end of 1951 were excluded from the compilations because of unavailability of data covering the complete year's operations, certain accounting adjustments, lack of comparability, etc. NOTE.—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding ratios computed from aggregate dollar amounts shown in the May 1952 issue of the BULLETIN. Such differences result from the fact that each bank's figures have an equal weight in calculation of the averages whereas the figures of the many small and medium-sized banks have but little influence on the aggregate dollar amounts. Averages of individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks, while ratios based on aggregates show combined results for the banking system as a whole and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems. Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1951. Balance sheet figures used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for Dec. 30, 1950, and June 30 and Oct. 10, 1951, except for a limited number of banks for which all three reports were not available; such reports as were available were used in those instances. Savings deposits are included in the time deposit figures used in these tables. Banks with no time deposits (341 in number) are included with the banks having ratios of time to total deposits of less than 25 per cent. No figures are shown for groups of less than three banks. 937 AUGUST 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1951—Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS [Expressed in percentages] Size group—total deposits (in thousands of dollars) Ratio of time deposits to total deposits (per cent) All 1 a ,0 n 0 d 0 1 2 , , 0 0 0 0 0 0 - 2 5 , , 0 0 0 0 0 0 - 5 1 , 0 0 ,0 0 0 0 0 - 10,000-2 5 5 0 , , 0 0 0 0 0 0 - i0,000- Over Under 25-50 50-75 75 under Summary ratios Percentage of total capital accounts: Net current earnings before income taxes 14.6 11.5 13.6 14.4 15.5 15.6 16.0 17.2 15.7 16.4 13.8 12.1 9.4 Profits before income taxes 12.6 10.2 12.3 12.8 13.0 13.1 13.2 14.5 13.1 14.2 12.0 10.6 7.9 Net profits 9.0 8.1 9.7 9.5 8.2 7.9 8.2 7.6 10.1 8.4 7.8 5.9 Cash dividends declared 3.0 2.7 3.0 3.0 3.0 3.1 3.1 3.0 3.6 3.5 2.8 2.5 2.5 Percentage of total assets: Total earnings 2.90 3.27 3.06 2.89 2.84 2.79 2.74 2.62 2.45 2.85 2.93 2.87 Net current earnings before income taxes 1.06 1.16 1.14 1.06 1.03 .99 .96 .97 .95 1.14 1.02 .96 .88 Net profits .67 .81 .80 .70 .59 .53 .48 .47 .47 .72 .63 .63 .56 Sources and disposition of earnings Percentage of total earnings: Interest on U. S. Government securities 25.6 21.4 24.7 26.1 26.4 25.2 24.8 25.0 23.9 26.1 27.8 31.7 Interest and dividends on other securities 5.7 4.2 4.9 5.8 6.5 6.4 6.0 4.9 5.5 5.2 5.7 6.6 9.7 Earnings on loans 55.9 63.6 59.0 56.4 53.7 51.5 51.6 52.4 51.9 56.9 55.2 55.4 51.8 Service charges on deposit accounts 6.2 5.3 5.6 6.1 7.0 7.3 6.7 6.0 4.3 7.0 6.2 4.7 2.2 Other current earnings 6.6 5.5 5.6 6.4 8.1 10.5 11.9 13.3 7.0 6.8 5.5 4.6 5.8 Total earnings. ... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.1 34.0 30.5 30.3 30.7 31.4 31.4 30.8 33.4 30.3 27.5 24.0 Interest on time deposits 9.8 7.6 31.8 10.3 10.7 10.7 9.2 7.3 6.7 3.5 12.2 18.7 26.1 Other current expenses 22.6 23.5 9.1 22.2 22.8 23.0 24.3 23.9 23.0 23.1 22.8 21.4 19.1 Total expenses 63.5 65.1 22.1 63.0 63.8 64.4 64.9 62.6 60.5 60.0 65.3 69.2 63.0 Net current earnings before income taxes 36.5 34.9 37.0 37.0 36.2 35.6 35.1 37.4 39.5 40.0 34.7 32.4 30.8 N Ta e x t e l s o s o s n e s n i e n t c l i u n d co in m g e transfers. v. 4 8. . 9 4 3 6 . . 5 6 3 7 . . 3 2 4 8. . 3 0 9 5 . . 7 4 1 5 0 . . 3 8 1 5 1 . . 6 6 1 5 3 . . 7 4 1 6 4 . . 0 1 4 9. . 8 9 4 8. . 7 3 3 7 . . 4 4 4 6. . 2 9 Net profits 23.2 24.8 26.5 24.7 21.1 19.5 17.9 18.3 19.4 25.3 21.7 21.6 19.7 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities 1.81 1.91 1.89 1.83 1.79 1.74 1.70 1.63 1.62 1.75 1.83 1.9: 2.00 Interest and dividends on other securities 2.50 3.27 2.89 2.48 2.25 2.10 2.15 2.05 2.31 2.56 2.45 2.45 2.52 Net losses including transfers on total securities .07 .04 .03 .06 .09 .10 .09 .11 .09 .0 .0 .06 .07 Return on loans: Earnings on loans ... 5.6. 6.58 6.05 5.70 5.49 5.20 4.84 4.63 4.07 5.96 5.41 5.30 5.11 Net losses on loans l .11 .23 .13 .11 .11 .05 .05 .05 .03 .16 .08 .04 .19 Distribution of assets Percentage of total assets: U. S. Government securities. . . 38.2 33.3 37.3 38.7 39.6 38.2 37.9 35.4 36.2 39.4 40.5 42.9 Other securities 7.5 5.3 6.1 7.6 9.1 8.4 6.7 6.2 6.7 7.8 8.7 11.7 Loans 29.8 32.8 30.8 29.6 28.6 28.5 29.6 29.8 31.7 28.2 30.6 31.8 30.1 Cash assets 23.6 27.9 25.1 23.4 21.9 21.6 22.6 24.3 25.4 28.1 21.3 18.0 14.7 Real estate assets .7 .6 .6 .7 .9 1.0 1.0 .6 .9 .6 Other ratios Total capital accounts to: Total assets 10.5 7.8 7.1 6.7 6.3 5.8 7.8 8.5 10.1 Total assets less Government securities and cash assets... . 22.1 29.3 25.3 22.4 19.7 19.1 17.4 16.5 17.5 22.5 21.5 22.0 27.0 Total deposits 8.5 11.8 9.7 8.5 7.7 7.3 6.9 6.3 6.9 8.0 8.6 9.3 11.4 Time to total deposits 30.2 24.1 28.3 31.0 33.6 33.6 28.9 22.8 19.3 10.7 38.0 57.6 79.6 Interest on time deposits 2 1.0 1.1 1.1 1.0 1.0 .9 .9 .9 .9 1.0 1.0 1.0 1.0 Trust department earnings to total earnings 2 3.3 1.7 l.i 2.3 4.5 5.1 6.6 3.9 3.3 2.0 1.2 Number of banks 3 6,815 465 1,301 2,384 1,243 807 291 140 184 2,919 2,581 1,270 45 For footnotes see p. 937. 938 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1951—Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK [Expressed in percentages] Banks with ratios of time Ranks with ratios of time Banks with ratios of time to total deposits of to total deposits o: to total deposits of under 25per cent 25-50 per cent 50 per cent and over All Size group—total deposits (in thousands of dollars) groups 1,000 1,000- 5,000- Over 1,000 1,000- 5,000- Over 1,000 1,000-5,000- Over under 5.000 2 5,000 25,000 under 5,000 25,000 25,000 under 5,000 25,00025,000 Summary ratios - Percentage of total capital accounts: • Net current earnings before in- j come taxes 14.6 13.1 16.1 18.1 16.7 9.7 13.1 15.0 15.7 9.4 11.8 12.5 14.4 Profits before income taxes. 12.6 11.4 14.3 15.1 14.0 8.7 11.7 12 7 12.9 8.9 10.7 10.4 12.0 Net profits 9 0 9.1 10.9 9.8 7.9 6.8 8.7 S.3 7.8 6.9 S.I 7.2 7.7 Cash dividends declared . 3.0 3.1 3.7 3.3 3.3 2.1 2.6 3.0 3.2 2. 1 2.4 2.6 3.0 Percentage of total assets: Total earnings 2.90 3.38 2.89 2.76 2.49 3.13 3.00 2.85 2.79 3.12 2.99 2.86 2.86 Net current earnings before income taxes 1 .06 1.29 1.17 1.10 .98 .99 1.. 05 1.00 .94 .98 .99 .91 .85 Net profits. . 67 .88 .79 .60 .47 .71 .70 .56 .47 .73 .68 .53 .48 Sources and disposition of earnings Percentage of total earnings: Interest on U. S. Government securities .... 25.6 18.5 24.4 25.1 23.9 23.8 25.9 26.7 26.3 27.5 27.5 28.7 28.4 Interest and dividends on other securities 5. 7 3.6 5.2 5.7 5.2 5.0 5.3 6.3 6.1 5.2 6.2 7.9 6.3 Earnings on loans 55.9 66.2 57.5 53.7 53.3 61.4 57.4 52.5 49.8 58.1 57.1 52.1 50.8 Service charges on deposit accounts 6.2 6.3 7.0 8.0 5.3 4.4 5.7 7.2 6.6 3.2 4.2 5.4 6.0 Other current earnings 6 6 5 4 5 9 7 5 1? 3 5 4 5 7 7 3 11 9 6 0 s o 5 9 8 S Total earnings. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.1 36.4 33.8 32.5 31.3 31.5 29.9 30.3 31.3 29.8 27.1 27.4 29.9 Interest on time deposits. 9.8 2.4 3.2 4.1 4.5 12.2 12.5 12.0 11.6 18.5 19.1 18.8 19.4 Other current expenses. . 22.6 23.5 22.5 23.6 24.4 24.8 22.5 22.8 23.4 20.7 21.0 21.9 21.4 Total expenses. . 63.5 62.3 59.5 60.2 60.2 68.5 64.9 65.1 66.3 69.0 67.2 68.1 70.7 Net current earnings before income taxes 36. 5 37.7 40.5 39.8 39.8 31.5 35.1 34.9 33. 7 31.0 32.8 31.9 29.3 Net losses including transfers 4.4 4.5 4.2 6.1 5.8 2.7 3.7 5.0 5.8 1.4 2.9 4.9 4.4 Taxes on net income. 8.9 6.8 8.5 11.6 14.6 6.2 7.7 10.0 10.7 6.4 7.0 8.1 8.3 Net profits 23.2 26.4 27.8 22.1 19.4 22.6 23.7 19.9 17.2 23.2 22.9 18.9 16.6 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities 1 SI 1 8? 1 76 1 7 * 1 .63 ? 00 1 89 1 77 1 69 9 04 1 96 1 85 1 71 Interest and dividends on other securities ? 50 3 34 ? 68 9 1 S 9 ?3 3 16 ? 64 "> 18 2 11 3 23 '? 50 2 28 2 .04 Net losses including transfers on total securities. . .07 .05 .05 .10 .10 .05 .06 .09 .09 .01 .05 .09 .07 Return on loans: Earnings on loans. . S 63 7 27 6 21 5 70 4 37 5 78 S 60 5 ?5 4 79 S 58 5 39 5 11 4.94 Net losses on loans l. .11 .32 16 .16 .06 .13 .09 .06 .02 .05 .06 .03 .01 Distribution of assets Percentage of total assets: U. S. Government securities. 38.2 30.5 36.8 37.6 34.5 35.6 38.7 40.4 40.9 39.3 40.1 41.8 41.6 Other securities / . ^ 4.6 6.6 8.0 6 2 6.0 6.9 8.9 8.8 6.4 8.1 10.6 9.2 Loans 29.8 31.9 27.7 26.9 30.8 34.1 31.3 29.2 29.4 33.7 32.6 29.9 30.9 Cash assets 23.6 32.5 28.2 26.7 27.4 23.3 22.2 20.4 19.5 19.9 18.4 16.7 17.0 Real estate assets. •7 .5 .6 .8 .8 .9 .8 .9 1.1 .7 . 7 .9 1.0 Other ratios Total capital accounts to: Tot?l assets 7 8 10 2 7 6 6 4 6 ? 10 6 8 4 7 0 6 3 11 0 8 8 7 7 6 3 Total assets less Government securities and cash assets 22.1 29.8 23.9 19.4 17.2 28.3 23.3 19.2 17.0 29.7 22.9 20.3 19.8 Total deposits 8.5 11.6 8.3 6.9 6.7 12.0 9.3 /. i 6.8 12.5 9.8 8.5 6.9 Time to total deposits 30.2 7.3 9.4 13.5 13.7 38.6 38.3 37.8 36.3 59.4 58.7 57.8 54.5 Interest on time deposits 2 . . 1 0 1 i 1 0 9 9 1 ] 1 0 9 1 1 1 i 1 0 1 0 Trust department earnings to total earnings 2 3.3 .6 1.9 2.9 5.7 .5 1.9 3.2 5.1 (4) 1.5 2.2 2.5 Number of banks s 6,815 259 1,619 692 349 141 1,268 942 230 65 798 417 35 4 No ratios are shown for groups of less than three banks. For other footnotes see p. 937. AUGUST 1952 939 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for last date shown are preliminary] Commercial and stock savings banks and nondeposit trust companies Mutual savings banks All Member banks Nonmember banks banks Total i Na- m S e t m at b e er Total su I r n e - d 2 insured 2 sur I e n d - 1 insured Banks (head offices) Dec. 31, 1933 15,029 6,011 5,154 857 8,439 8,439 579 Dec. 31, 1934 16.063 6,442 5 ,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941 14.825 6,619 5,117 1,502 7,661 6,810 851 52 496 Dec. 31, 1946 14,585 6,900 5,007 1 ,893 7,147 6,457 690 191 350 Dec. 31, 1947 a 14,714 6,923 5,005 1 ,918 7,261 6,487 783 194 339 Dec. 31, 1950 14,650 6,873 4,958 1,915 7,251 6,562 689 194 335 Dec. 31, 1951 14,618 6.840 4.939 1 ,901 7,252 6,602 650 202 327 June 30, 1952 14,599 6,815 4,925 1 ,890 7,258 6,622 636 205 324 Branches and additional offices Dec. 31, 1933 2,911 2,081 ,121 960 705 705 125 Dec. 31, 1934 3,133 2,224 ,243 981 783 4 783 * 126 Dec. 31, 1941 3 ,699 2,580 .565 1,015 984 932 52 32 103 Dec. 31, 1946 4,138 2,913 ,781 1,132 1 ,068 .006 62 115 42 Dec. 31, 1947 3 4,332 3 ,051 ,870 1 ,181 1 ,110 ,043 67 124 47 Dec. 31, 1950 5 ,056 3,589 2,230 1 ,359 1 ,254 ,202 52 152 61 Dec. 31, 1951 5,383 3,837 2,370 1 ,467 1,316 ,275 41 165 65 June 30, 1952 5 ,540 3 ,959 2,453 1 ,506 1 ,343 ,300 43 170 68 Changes, Jan. 1-June 30, 1952 Banks New Banks 5 +40 + 10 +8 +2 +30 +26 +4 Suspensions -1 -1 Consolidations and absorptions: -2 Banks converted into branches -44 -19 -17 2 Volu O nt t a h r e y r liquidations 6. . -8 — -4 5 -3 - - 1 3 Interclass bank changes: Conversions— National into State + 1 +3 +3 Federal Reserve membership: 7 Admissions of State banks . +2 + 2 — 2 -2 Withdrawals of State banks -5 — 5 +5 +5 Federal deposit insurance: 8 Admissions of State banks . + 11 -11 +3 -3 Net increase or decrease . -19 -25 -14 -11 +6 +20 -14 +3 -3 Number of banks, June 30, 1952 . . 14,599 6,815 4,925 1 ,890 ,258 6,622 636 205 324 Branches and additional offices 9 De novo branches + 106 +97 I +68 +44 +24 +29 +28 + 1 +5 +4 Banks converted into branches . +44 +44 11 +38 +23 + 15 +6 +5 + 1 Discontinued -9 -8 !| -5 — 3 -3 Interclass branch changes: National to State member. + 1 State member to national. . + 1 — 1 State member to nonmember 2 +2 Nonmember to national +5 +5' — 5 —5 Nonmember to State member. +3 +3 Net increase or decrease. + 141 + 133 + 107 +69 +38 +26 +24 +2 +5 +3 Number of branches and additional offices June 30, 1952 5 ,365 3,800 ! 2.313 1,487 1,327 1 ,284 43 170 68 Banking facilities 10 | Established + 16 + 15 + 14 + 1 + 1 + 1 Number of banking facilities, June 30, 1952 175 159 140 19 16 16 1 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks that became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only once in "all banks." 2 Federal deposit insurance did not become operative until Jan. 1, 1934. 8 As of June 30, 1947, the series was revised to conform (except that it excludes possessions) with the number of banks in the revised all bank series announced in November 1947 by the Federal bank supervisory authorities. The revision resulted in a net addition of 115 banks and 9 branches. 4 Separate figures not available for branches of insured and noninsured banks. 5 Exclusive of new banks organized to succeed operating banks. 6 Exclusive of liquidations incident to succession, conversion, and absorption of banks. 7 Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; they are included under "conversions." 8 Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "interclass bank changes." 9 Covers all branches and other additional offices (excluding banking facilities) at which deposits are received, checks paid, or money lent. 10 Banking facilities are provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government at military and other Government establishments. Three of these banking facilities are, in each case, operated by two national banks, each bank having separate teller windows; each of these facilities is counted as one office only. These figures do not include branches that have also been designated by the Treasury Department as banking facilities. Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. 940 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total ?anks on On pxr list which checks are Not on par list drawn, and their (nonmember) Federal Reserve branches and offices l Total Member Nonmember district or State Banks a B nd ra n o c ff h ic e e s s2 Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s United States total: Dec. 31 1946 14,043 3,981 11,957 3,654 6,894 2 ,913 5,063 741 2 086 327 Dec. 31, 1947 14,078 4,148 12,037 3,823 6,917 3,051 5,120 772 2^041 325 Dec. 31, 1948 14,072 4,333 12,061 4,015 6,912 3,197 5.149 818 2,011 318 Dec. 31, 1949 14,051 4,562 12,178 4,289 6,887 3,387 5,291 902 1,873 273 Dec. 31, 1950 14,015 4,824 12,162 4,534 6,868 3,589 5.294 945 1 ,853 290 Dec. 31, 1951 13,987 5,145 12,158 4,843 6,835 3,837 5,323 1 .006 1,829 302 June 30, 1952 P . ... 13,968 5,293 12,145 4,986 6,810 3 ,959 5,335 1,027 1 ,823 307 By districts and by States June 30, 1952? District Boston 470 377 470 377 322 300 148 77 New York 850 1 ,022 850 1 ,022 727 937 123 85 Philadelphia 825 201 825 201 627 155 198 46 Cleveland ,096 360 1 ,096 360 677 314 419 46 Richmond ,004 617 809 464 475 287 334 177 195 153" Atlanta ,222 250 627 209 357 179 270 30 595 41 Chicago. . 2,480 647 2 ,480 647 1 ,009 288 1 ,471 359 St. Louis .... ,463 169 1 ,138 107 495 65 643 42 325 62 Minneapolis ,276 1 13 677 71 476 28 201 43 599 42 Kansas City , 753 24 1 ,744 24 752 13 992 11 9 Dallas ,037 70 937 61 633 42 304 19 100 9' San Francisco. . 492 1 ,443 492 1 ,443 260 1 ,351 232 92 State Alabama 229 30 133 30 95 30 38 96 Arizona 12 68 12 68 5 51 7 17 Arkansas 230 21 109 5 68 2 41 3 i 2 i California 193 1 ,017 193 1,017 119 965 74 52 Colorado. . . 150 4 150 4 93 3 57 1 Connecticut. 104 62 104 62 63 54 41 8 Delaware 35 26 35 26 15 11 20 15 District of Columbia. . 19 47 19 47 15 37 4 10 Florida. . 203 9 148 8 74 8 74 55 Georgia. 403 51 119 48 65 44 54 4 284 Idaho 40 62 40 62 21 57 19 5 Illinois.. . 891 3 889 3 512 3 37 7 '2 ' Indiana. . . 481 121 481 121 237 64 244 57 Iowa 663 164 663 164 160 503 164 Kansas. . 608 2 606 2 215 "i' 391 "2" Kentucky. 377 54 377 54 112 34 265 20 Louisiana. 167 86 64 63 49 55 15 8 IO3' Maine 63 76 63 76 38 40 25 36 Maryland 156 142 156 142 73 82 83 60 Massachusetts 175 193 175 193 138 172 37 21 Michigan. . . 430 263 430 263 231 206 199 57 Minnesota... 679 6 267 6 206 6 61 412 Mississippi. 202 71 42 15 31 7 11 160 e Missouri. 593 1 529 1 178 1 351 64 Montana. . . 1 10 110 84 26 Nebraska. . 410 2 410 2 139 2 271 Nevada 8 211 8 21 6 19 2 2 New Hampshire 74 2 74 2 52 1 22 1 New Jersey 312 182 312 182 269 159 43 23 New Mexico... 51 23 51 23 34 6 17 17 New York 613 844 613 844 530 782 83 62 North Carolina. 208 247 99 99 53 55 46 44 iO9 148 North Dakota 151 22 62 6 42 20 6 89 16 Ohio 654 258 654 258 418 226 236 32 Oklahoma. 384 1 376 1 224 1 152 8 1 Oregon 69 107 69 107 29 94 40 13 Pennsylvania 943 241 943 241 714 210 229 31 Rhode Island 13 55 13 55 8 44 5 11 South Carolina 149 59 68 54 33 44 35 10 81 " 5 South Dakota. 169 51 71 25 62 22 9 3 98 26 Tennessee. 295 109 211 96 84 72 127 24 84 13 Texas 913 13 863 13 580 13 283 50 Utah 54 33 54 33 30 31 24 "l ' Vermont.... 67 12 67 12 39 5 28 7 Virginia 316 122 312 122 204 69 108 53 4" ' Washington ... 118 159 118 159 51 149 67 10 West Virginia 181 180 109 71 1 Wisconsin 551 151 551 151 164 21 387 130 Wyoming 52 52 39 13 ?' Preliminary. x Excludes mutual savings banks, on a few of which some checks are drawn. 2 Branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military reservations and other Government establishments (see BULLETIN for August 1952, p. 940, footnotes 9 and 10). Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports. AUGUST 1952 941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States 944-949 Gold production 949 Reported gold reserves of central banks and governments 950 Gold movements; gold stock of the United States 951 International Monetary Fund and Bank 952 Central Banks 952-956 Money rates in foreign countries 957 Commercial banks 958 Foreign exchange rates 959 Price movements: Wholesale prices 960 Retail food prices and cost of living 961 Security prices 961 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. AUGUST 1952 943 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 SINCB JANUARY 2, 1935, BY TYPES [Net movement from United States, (-). In millions of dollars] Increase in banking funds in U. S. * Decrease Domestic Foreign From t h J ro a u n g . h 2 — . 1935, Total Total o F f o fi r c e ia ig l n 2 F o o t r h e e ig r n In ti t o e n rn al a- a b in b f a u r n U o n k a d . i d s n S g J . s I e n f f c o u f u l r n o e r d w i i s g ti n e 3 o s f : se o R f c f u u e n U t r d u i . s t r i S n e 3 . s: b I b n r a o fl l k o a e w n r c a e g i s n e 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 1951—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 '"10,118.8 8,017.4 2,734.8 3,639.7 1,642.9 181.9 877.4 ••911.5 130.6 Sept. 30 '10,170.7 8,038.1 2,723.6 3,697.4 1,617.2 231.9 856.8 ••912.1 131.8 Oct. 31 r10,114.5 8,422.3 2,769.8 3,909.1 1,743.4 211.3 612.9 124.3 Nov. 30 ^10,130.0 8,448.2 2,734.7 3,972.5 1,741.0 186.3 617.0 '754:4 124.1 Dec. 31 10,122.3 8,529.7 2,751.9 4,089.6 1,688.3 160.9 618.6 '•687.5 125.6 1952—Jan. 31 10,043.0 8,464.4 2,644.9 4,138.7 ,680.9 133.4 631.3 '688.6 125.4 Feb. 29 10,208.8 8,638.2 2,811.5 4,200.2 L.626.5 164.9 616.8 '658.3 130.7 Mar. 31 10,234.3 8,717.6 2,912.3 4,148.0 ,657.3 125.0 617.4 642.5 131.8 Apr. 30P 10,273.6 8,827.8 3,025.1 4,164.0 ,638.7 101.7 624.6 591.4 128.0 May 31P 10,468.1 9,196.5 3,221.0 4,282.3 ,693.3 94.9 606.4 439.1 131.1 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES4 [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 e - d France N la e e n r t d - h s - S la w e n r i d - t z s - 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 i i n ca Asia o A th ll er tutions and Official* 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 1,104.8 ,316.4 232.8 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 1,216.6 ,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 1,287.0 ,151.8 167 A 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 1,612.9 ,378.5 254.5 1951—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 1,672.9 ,399. 253.3 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 1,614.3 ,410.3 259.4 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 1,578.3 ,495. 261.0 Sept. 30 . . 1,637.1 7,155.1 3,433.9 513.0 222.7 135.4 511.5 287.8 1,131.3 1,022.8 1,532.0 ,540.8 257.6 Oct. 31 . . 1,763.3 7,413.1 3,480.1 543.2 270.1 132.4 493.3 288.2 1,116.5 2,843, 1,257.8 1,502.2 ,535.0 274.3 Nov. 30. . 1,760.9 7,441.4 3,445.0 591.2 254.4 154.5 506.8 293.1 1,086.1 ,886 1,250.1 1,461.6 ,555.8 287 Dec. 31. . 1,708.2 7,575.6 3,462.2 642.6 289.4 148.8 521.3 300.5 1,021.2 ,923 1,307.1 1,437.8 , 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 1,316.5 1,400.7 635.7 304.1 Feb. 29.., 1,646.4 7,745.8 3,521 796.9 253.4 155.9 542.9 293.9 959.2 3,002 1,336.3 1,416.3 661 .9329.1 Mar. 31... 1,677.2 7,794.5 3,622 783.6 251.4 149.7 544.8 292.1 956.4 2,978.0 1,339.7 1,463.1 687.8 325.9 Apr. 30P.. 1,658.6 7,923.3 3,735 744.3 256.2 122.7 583.4 286.5 969.6 2,962.7 1,397.8 1,489.6 756.5 .6 May 31 P. 1,713.3 8.237.4 756.8 267.2 155.9 599.6 278.6 1,004.7 3,062.8 1,496.0 1,528.7 824.0325.59 P Preliminary. r Revised. 1 Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement of funds shown in Table 1. 2 Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their 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. For further explanation and information on back figures see BULLETIN for August 1951, p. 1030. 944 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 E O u 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 en e- USSR s Y la u v g i o a - ot A h l e l 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 ' 4 i ! 9128.2 5.6 45 .5 18.3 221.6 32.3 43.6 ' 4.2 45.7 6.1 21.3 115.3 4.0 13.2 52.4 1951—Tune 30. . 930 7 43 9 124.2 3.1 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 1,097.4 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. .1,131 .3 57.4 132.9 2.0 44.6 23.1 502.5 41.1 ! 03.0 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—Tan. 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. 31. . 956.4 54 0 130 4 7 38 9 26 9 361 841 0 104 4 2 5 41 8 6 2 17 9 62 4 2 5 7 1 57.9 Apr. 30P. 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 May 31 P. 1,004.7 53.1 155.0 .6 37.0 23.9 390.5 41.1 100.9 2.4 43.1 6.1 20.2 65.8 2.2 7.8 55.1 Table 2b.—Latin America Neth- Do- er- Date A L m i 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 I W a n a d n n 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 - A O L ic m a th a t e i e 2 n r r lic Suri- arrd nam 1945—Dec. 31 1, 1048 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 l 1 Q 94 4 9 g — __ D ]3 eeCci. 3 3 1 l! 1, ,2 4 8 3 7 6 . .o 7 2 2 1 0 5 1 ! . 8 1 1 1 7 3 . . 1 5 1 19 2 2 3 8 7 6 55 0 .9 6 5 8 4 5 . . 0 9 2 1 1 6 9 4 4 2 2 1 1 4 4 6 . . 6 7 2 24 5 .9 3 5 52 2 .8 6 7 7 1 4 3 8 1 1 4 2 3 1 . . 2 7 2 1 0 8 7 4 ! . 1 4 1950—Dec. 31. I,612.9 301.8 20.4 226 0 79.5 53.4 259 1 42! 7 25 !i'207.1 30.2 60.2 59 2 16!T '75.1 85.2 71.3 1951—Tune 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 A 52.9 58 7 37.7 79 7 76.3 85.5 Oct. 31 1,502 0 299 5 24.1 132 8 52.5 61.0 305 7 44.2 21.9 150.4 30.2 51 2 64 6 32.2 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—Tan. 31. 1,400.7 225.9 23.6 98 5 56.5 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 ? 59 5 96 3 265 5 48 9 35 9 134 0 31 3 48 8 6S 7 39 0 76.8 64.5 95.4 Mar. 3l! 1, 463 !1 189.4 21.4 99 6 57.3 95.0 288 3 50.5 39.5 171 .9 28.8 56.3 67 9 43.7 83.5 66.5 103.6 Apr. 30P 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 May 31P 1,528. 167.8 24.4 89 8 52.0 80.7 318 1 51.5 39.7 177.3 28.4 55.9 70 5 37.2 89.9 140.4 105.1 Table 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 - H K o o n n g g [ndia I n n e d s o ia - Iran IsraelJapan i p P p R u h p b e i i - l l n - i e c T la h n a d i- T k u ey r- O A t s h ia e r 3 o A th l e l r A t l r i u 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 Other 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 1947—Dec. 31. 1,057.9 229.9 39 8 62.4 69 3 31.3 488.6 37 6 99 0 193 7 30 6 25.0 46.4 91.8 1948—Dec. 31 1,151 8 216.2 51 .1 51.8 41.5 81.4 488.3 17.5 204.0 167 4 22.2 27.7 15 8 101.6 1949—Dec. 31. 961.0 110.6 83.9 63.3 15.7 214.6 297.3 9.8 165.7 179 5 32.4 61.6 6.0 79.5 1950—Dec. 31. 1,378.5 81.7 86.1 55.7 114.7 20.3 li!6 458.5 374.4 48!i 14.3 111.9 254 5 19.1 58. i 75.6 44.0 57.7 1951—Tune 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 16.7 440.6 382.2 73.1 12.9 170.I 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 13.5 538.7 355.6 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 14.4 568.7 342.2 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 26.6 596.0 329.7 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 20.7 636.2 328.2 108.8 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. 1,687.8 78.6 67.8 46.3 141.0 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. 30? 1,756.5 80.1 65.6 52.1 170.4 23.8 29.9 696.8 335.0 125.8 10.8 166.2 316.6 36. 7 62.0 123.4 13.9 80.6 May 31P 1,824.0 80.2 62.7 67.3 189.7 23 5 37.8 726.3 334.2 126.5 14.2 161.5 325 9 44. 7 68.1 117.7 12.4 83.1 1• B1.1e gV.1i1n11n11i1n1CgL 1 JJ a•nuary 1950, excludes Au AUGUST 1952 945 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 * [Amounts outstanding, in millions of dollars] Date Total U K d n o i i n m t g ed - 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.. 827.9 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 67.1 237.0 125.8 378.8 96.3 60.0 1951—June 30.. 939.0 110.2 7.4 3.5 10.5 52.9 87.9 272.4 117.3 386.6 102.9 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 A 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—Jan. 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. 31. . 1,004.4 35.4 13.2 5.7 11.6 21.5 89.6 176.9 72.1 570.2 149.5 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 May 31 P. 1,034.4 37.6 11.6 3.5 7.3 24.9 80.3 165.1 69.5 649.6 118.8 31.5 Table 3a.—Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu el m - C o z s e l c o h - - m D a e r n k - l F a i n n d - Ger- Greece Nor- l P a o n - d t P u o g r a - l m R an u i - a Spain S d w e e n - USSR Y sl u a g v o ia - ot A h l e l r2 vakia 1946—Dec. 31.. 82.8 7.5 .5 6.2 30.4 12.4 3.3 1.0 7.2 4.9 9.5 1 1 1 1 9 9 9 9 4 4 4 5 7 8 9 0 — — — — D D D D e e e e c c c c . . . . 3 3 3 3 1 1 1 1 . . . . . . . . 1 1 9 6 1 0 8 7 8 6 . . . . 5 1 9 3 2 2 1 1 1 1 9 5 . . . . 5 4 3 0 3 2 . . . . 2 2 4 6 2 3 8 8 . . . . 2 2 4 0 3 3 3 2 0 0 0 5 . . . . 5 5 0 4 1 1 0 . . . . 2 6 7 2 9 8 7 1 . . . . 2 4 4 4 1. . . . 1 5 5 7 2 7 1 . . . . 9 6 0 9 2 6 5 1 . . . . 3 9 4 4 6().0 3 2 1 3 9 5 5 . . . . 9 8 9 6 1951—June 30. 87.9 18.8 .2 6.2 6.2 25.4 .1 2.3 1.3 13.6 7.4 7 July 31. 89.8 18.7 (*) 4.1 5.1 25.9 .1 2.1 1.0 20.2 6.2 7 Aug. 31. 88.8 15.2 () 4.1 5.0 26.4 .2 2.0 1.0 23.5 4.9 5 Sept. 30. 86.3 21.5 5.2 2.5 28.8 .2 1.8 .8 14.2 4.1 9 Oct. 31. 92.1 23.6 5.7 2.7 30.9 .1 1.7 .6 17.1 4.3 1 Nov. 30. 97.7 27.1 5.9 3.2 28.6 .5 1.1 .7 16.8 6.2 3.5 Dec. 31. 111.2 39.6 4.8 3.1 28.3 .2 2.5 18.8 5.4 3.9 4.0 •(«)' 1952—Jan. 31. 114.6 42.9 4.0 3.6 30.1 .2 2.0 1.0 19.0 5.2 2.4 4.1 Feb. 29. 103.0 33.7 4.6 4.1 27.9 .1 1.6 .9 19.8 4.3 1.3 4.5 Mar. 31. . 89.6 28.7 4.6 2.7 27.7 .1 1.5 1.2 13.5 4.2 .7 4.4 Apr. 30P, 81.2 21.4 4.3 1.8 27.2 .1 1.8 1.0 12.6 3.6 2.4 4.9 May 31 P. 80.3 18.7 3,9 3.4 26.9 .1 2.1 14.6 3.2 2.7 3.8 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 i - a Brazil Chile l C o b m o ia - - Cuba p m i D R c u li e o i a b c n - - n - - G m u a a l t a e- M ic e o x- I l W n S a a e d u n n r e i r d d - e s i- s s t Peru l P p a i R c u m a e b n - - o a - f v S a E a d l l - or 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 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 i.9 ' '2.'6 70.6 1.3 11.0 3.1 6.8 ' 8.6 49 .4 14.6 1951—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 A 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. . 570.2 8.6 8.1 234.9 29.3 33 .8 56.6 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 May 31P. 649.6 7.4 9.7 318.8 27 .5 34 .3 55.9 2.4 3.7 89.8 1.1 11.6 6.0 5.3 28 .1 34 .2 13.8 P Preliminary. 1 See footnote 1, p. 944. 2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. » Less than $50,000. 4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 946 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 mosa Phil- and Union Date Asia C M a h n a i d n in a - H K o o n n g gIndia I n n e d s o ia - Iran IsraelJapan i p p R u p b e- i l n i e c T l h a a nd i- T k u ey r- O A t s h i e a r 1 ot A h ll er t A r u al s- ia C g o B i n e a l n - go A E t n g i g a y n l p o - - A S f o r of u ic t a h Other2 land Sudan 1946—Dec. 31.. 99.2 53.9 5.9 12.0 1.0 .2 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.. 118.8 24.2 3.4 20.4 1.9 15.9 37.3 1.4 14 3 19.7 4.7 .4 7.9 6.8 1 1 9 9 4 5 9 0 — — D D e e c c . . 3 3 1 1 . . . . 1 9 3 6 9 . . 3 7 1 18 6 . . 2 6 3 3 . . 7 0 1 16 7 . . 2 4 . . 2 2 ' 6*.6 *18l9 1 1 4 2 . . 1 1 23 4 . . 2 9 V.s' 14.3 .9 5 1 0 3.9 3 2 6 0 0 . . 4 0 40 7 . . 8 9 4.4 . .3 2 4 7 . . 5 3 7 7. . 2 7 1951—June 30.. 102.9 8.3 3 1 15 7 .2 7.4 22.2 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—Jan. 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 36.7 17.5 6.0 .1 6.0 7.0 Mar. 31.. 149.5 9 1 2 8 20 4 7 10 1 30 3 9 1 22 6 3 7 13 8 26 9 35.7 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 May 31*>. 118.8 7.3 2.5 9.4 .6 10.6 30.2 13.8 27.4 3.2 1.6 12.1 31.5 12.7 7.8 2 4.8 6.1 T A B LE 4 .- P U R C H A S ES A ND S A L ES BY F O R E I G N E RS OF L O N G - T E RM D O M E S T IC S E C U R I T I E S, BY T Y P ES 5 (Inflow oi Foreign Funds) [In minions of dollarsj U. S. Government bonds and notes4 Corporate bonds and stocks 5 Net Total Total purchases Year or month Purchases Sales pur N ch et ases Purchases Sales pur N ch et ases purchases sales s d e o c m u o r e f i s ti t e ic 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—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 — 10 7 October 20.7 282.5 -261.8 94.0 76.1 17.9 114.6 358.5 -2 43.9 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 19S2—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 March 19 4 16 3 3 1 65.7 68.1 -2.5 85 1 84 4 6 AprilP 13 9 13.7 .1 75.2 68.1 7.1 89.1 81.9 7 2 Mayp. . 31.2 37.7 -6.5 59.8 71.4 -11.7 91.0 109.1 -18.2 T A B LE 5 . — P U R C H A S ES A ND S A L ES BY F O R E I G N E RS OF L O N G - T E RM F O R E I GN S E C U R I T I ES O W N ED IN T HE U N I T ED S T A T E S, BY T Y P E S3 (Return of U. S. Funds) [In millions of dollars] Foreign stocks Foreign bonds Net Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch et ases pur T c o h t a al ses T s o a t le a s l p s u e fo c r u r c of e r h i i a t gn s i e e s s 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 1950 . . . 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—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 '20.7 '.4 40.7 '40.3 r 3 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 December 24.4 82.6 -58.2 38.1 46.8 -8.7 62.5 129.4 -66.9 1952—January 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 ... 22 0 35.8 -13.8 21.5 23.4 -1.9 43.5 59.3 — 15 8 AprilP 28.9 44.9 -16.0 43.7 78.8 -35.0 72.6 123.7 — 51 1 Mayp 19.0 20.4 -1.4 35.6 186.5 -150.9 54.6 206.9 -152.3 v Preliminary. r Revised. 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. 3 Includes transactions of international institutions. * Through 1949 includes transactions in corporate bonds. 5 Through 1949 represents transactions in corporate stocks only. 8 Includes net sales of 554 million dollars by Canada. 7 Less than $50,000. AUGUST 1952 947 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 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 ed - 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 —334.2 —36 9 —6.8 —26 5 — 17.5 — .1 -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 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 \'.9 -43.8 9.2 -595.5 13.9 4.8 j 1951—June... -61.9 -223.4 -13.0 -35.8 -5.3 2.7 .1 -5.4 -56.7 -156.4 -10.7 .5 -A July... -11.2 -34.0 1.6 -13.9 -6.0 5.8 .6 .6 -11.3 -25.3 1.7 .9 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 Oct.... -14.5 -229.4 -3.6 .4 -2.2 11.2 -.1 1.9 7.5 -235.9 3.9 -5.0 Nov 1.0 3.1 3.1 .6 -4.6 2.6 .2 .8 2.6 -1.7 1.2 .9 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.... .8 -.2 2^3 .4 -2.3 2.4 -.2 -1.2 1.4 -2.7 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 Mayp. . .3 -18.5 1.3 0) -3.1 -1.9 .1 .7 -2 9 -7.2 -.4 -7.8 -.2 TABLE 6a. -DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia 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 ay r- o A th ll er L i a c t a in l C o b m i o a - - Cuba M ic e o x- p P a R u m a o b e n f a - l - ic g U u r a u y - 2 A O L m i a t c h t e a i e r n r - M C m l F a a h a o n o n i i d r s n d n - a a - I n n e d s o ia - P p p h R l u i i i n e l b c i - e - p- O A t s h i e a r 1946... — 10 8 .6 2.2 — 13.6 6.3 .1 1.7 6.8 4.5 -6.7 -224.5 -200.5 — 22.5 — 1.9 .4 1947 — 14.1 — .9 —4.1 —9.2 —3 5 .3 — .9 2 5 —6.9 1.5 10 0 —3 2 — 1 .3 7.0 7.5 1948 . 2^6 2 6 — 3 .3 10 2 2 -.8 2.9 -4.7 12.6 -23.3 -22.7 — 1 .4 — 9 1949 2.2 1.6 -.9 1.4 2.5 1.2 -1.0 .3 4.2 -2.1 -2.1 -7.2 .2 4.4 1950 73.8 ' ISA 12.6 36.7 6.0 30.1 -1.2 24.6 .5 .1 ' -5'.6 11.1 -15.3 -3.0 -.3 '9 -13.0 1951 —43.8 — 11.9 5.7 —38.1 .5 13.9 . 5 6.1 2.5 .8 2.6 1.5 4.8 — .2 .3 -2.1 6.8 1951—June.. . -5.4 -7.3 .9 1.8 -10.7 .1 C1) .8 -.2 .4 -11.8 . 5 -.1 -1.0 1.5 July... .6 .1 2 0) ^3 1.7 0) .3 2 -1.6 -.2 2.8 .9 .2 (i) .1 .7 Aug... -42.6 -4.7 -3^6 -29.2 -5.0 -1.3 -.3 — .3 .6 -.8 -.3 — 1 — .2 (i) .1 Sept... 1.0] 0) 1.2 0) _ 2 3.8 — 5 _ 2 .6 3.1 .1 . 7 -10.1 .1 -10.0 (i) -.2 Oct 1.9 .4 2.0 0) -.'5 3.9 -'3 A 0) -.3 1 .6 2.5 -5.0 .1 -5.0 (\) -.1 Nov.. . .8 0) .7 2 .2 1.2 .8 .2 .1 -1.5 . 7 . 7 .9 (1) 0) C1) .9 Dec. . . 3.8 0) 3.4 0)' .4 3.1 .3 .1 1.6 2 -.6 1.5 0) (0 -1.2 1.2 1952—Jan.. . . -1.3 .2 -.6 0) — .9 2.3 -.4 .1 1.0 1.1 .5 -.1 -1.3 C1) (i) -1.1 -.3 Feb.. .. .31 (l) .5 — .1 1 -2.3 -.3 .3 -.2 -3.2 1.0 .2 — 1.1 .1 (i) -.3 -.8 Mar. . . -1.2 (l) -.1 .1 -1.3 2.9 .6 .5 0) 2.0 — . 1 — .1 -2.1 -.2 C1) -1.6 -.4 Apr.P. . — 1.11 C1) .8 -.1 -1.8 4.1 .4 .8 -.8 1.4 .5 1.7 0) .2 0) 0) -.1 Mayp . • ? 0) •2 i1) .5 -.4 -1.1 -.1 -.7 .4 -.2 1.3 -7.8 .1 -8.0 .1 .1 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 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 ed - France N l e a t n h d e s r- Sw la it n z 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 tutions 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 (i) -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—June.. . -33.6 -.2 .2 -.6 1.8 0) 7.5 8.8 -37.6 3.9 -9.1 .4 July. 15.6 .1 -.4 .2 .3 1.4 1.7 16.4 4.2 —6 9 2 Aug... . .1 r.2 .3 .2 -.7 1.0 C1) .7 1.5 '-1.6 0) 0) .4 Sept... -1.0 1.6 -.6 .8 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 (i) .4 1.4 (1) .3 2.5 9 2 2.6 —3 9 3 Dec. -66 9 .8 .2 .9 .1 2.9 4.6 -68.0 2.3 —6 8 9 1952—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 (l) .8 -.8 -30.6 2.3 -1.8 .6 M M Ap a a r y r . . P ? . . . . . . . -5 - C 4 0 1 . . ) 4 0 -1 - - 1 5 0 1 1 2 . . . 4 1 3 -1 -. . 5 1 .1 . . . 5 5 2 -.2 . . 5 6 1 1 . . . 0 7 4 0)' .1 2 1 0 . . ) 8 1 3 2 1 . . . 9 1 3 -1 -5 - 0 5 9 2 . . . 5 8 1 1 1 1 . . . 9 5 0 - - - 3 4 5 . . . 6 1 0 -5 8 . . 5 . 8 1 P Preliminary. " Revised. 1 Less than $50,000. 2 Not available until 1950. 948 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 0) 1.1 -1.6 2.0 7.5 1.0 .7 1947 -11.3 -1.0 -1.4 -4.8 -1.5 -.2 -.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 A .3 -4.8 .2 -.3 -3.3 2.8 -5.0 -.5 — .1 1951—June 11.1 2.5 .2 3.2 2.5 .1 .7 9.2 2.8 -.5 -.4 0) July -.1 -.5 .5 .8 -.7 .1 -.1 .2 -1.0 .3 -.2 .6 August -2.0 .1 -.8 -2.7 -.3 -.2 -1.0 -4.9 -.2 2.1 .7 .3 September 1.2 -.2 -.3 .6 .3 .2 .4 1.0 .1 .2 -.1 October -7.5 -.7 .2 -1.9 -1.0 -.1 .2 -3.4 .4 -4.5 .5 November 2 1.2 .6 .3 .1 0) .2 2.3 .1 -3.1 — \ .5 December l!5 .7 -.3 .7 0) -.5 -.2 .3 .3 1.3 0) -.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 March, 1.2 .2 .3 1.9 -2.7 .1 .2 0) 1.8 .1 -.2 -.6 April? -3.8 -1.3 -.9 -1.9 1.7 -.2 -.3 -2.9 2.4 -2.6 Q 0) May? 23.1 .4 .3 -.6 2.9 .2 -.5 2.6 -2.5 2.1 .2 .6 I P Preliminary. 1 Less than $50,000. 2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 85.8; U. S. brokerage balances abroad, 31.5. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reported monthly Estimated Year or pro w d o u r c ld tion Africa North and South America Other month outside Total USSR* r m ep o o n r th te l d y A So fr u ic th a d R e h s o i - a A W fr e i s c t a2 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 'irains ofgold 9/1C) fine: i. t•., an ourice of finegold =£.35. 1941 1,265.6 1,110 4 504.3 27.8 32.4 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—May . 63.7 34.6 L.4 1.9 1.1 5.2 12.9 1.0 L.4 .5 .7 2.5 .6 June 62.7 33.9 L.4 1.9 1.1 5.6 12.7 1.0 [.3 .5 .6 2.3 .6 July 34.4 L.4 1.9 1.2 5.2 12.1 L.3 .5 .9 2.0 .7 August .. . 34 6 4 1.9 1 3 6 4 12 1 s 5 8 2 6 7 September 33.3 L.4 2.0 1.1 6.1 12.6 .3 .4 .8 2.8 .7 October.... 34.1 s 2.0 1.1 6 3 13.2 .5 7 2 7 7 November . 33.8 L.4 2.0 .9 5.4 13.0 L.2 .5 .7 2.7 .7 December 33.2 L.5 2.1 1.0 4.9 13.2 .9 .4 .8 2.6 .7 1952—Tanuary... . 34.2 4 2.0 1.1 5.0 12.4 6 .7 2 4 6 February 32 2 4 1.9 1.2 4 8 12 3 4 7 2 6 7 March. ... 34.4 1.3 1.9 1.2 4.6 12.8 L.2 .7 2.5 .7 April 33 8 2 0 1 3 5 0 12 7 6 7 7 May 35 5 2.0 1.2 5.1 12.8 .8 .7 Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 3 Reported by American Bureau of Metal Statistics, 4 Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly figures reported by American Bureau of Metal Statistics, those for 1951 having been adjusted by subtracting from each monthly figure $297,000 so that the aggregate for the year is equal to the yearly estimate compiled by the United States Mint. 8 Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. AUGUST 1952 949 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 tota ( l e x w cl o . rld A t r i g n e a n- g B i e u l m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n rk - E d c o u r a- USSR)» Treasury Total 2 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 2 7Q 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—juiy 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—Jpn 22,951 23,055 268 631 23 317 860 45 311 31 22 Feb 23 190 '23,377 268 610 23 317 868 45 311 31 22 Mar . . . *>36,000 23,290 23,428 268 624 23 317 874 45 321 31 22 Apr 23,297 23,450 268 638 23 317 877 45 321 31 22 May.. . 23,296 23,502 268 650 317 886 42 321 31 22 June 23,346 23.533 669 317 893 318 31 22 1 E m n o d n t o h f Egypt France3 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 4201 181 265 23 91 24 1947—Dec 53 548 27 274 142 58 4 180 100 231 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—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 38 46 Mar.... 174 548 27 247 138 346 279 185 340 32 50 38 46 Apr.. .. 174 548 27 247 138 280 342 32 50 38 46 May.. . . 174 548 27 247 138 280 344 33 50 38 June.. . . 548 27 247 138 280 344 33 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 I e n ti t t o t e l n r e - a - l Fund ments 1945—Dec 13 914 110 482 L.342 43 241 5 2,476 195 202 39 1946—Dec 433 12 939 111 381 1,430 34 237 52,696 200 215 15' 32 1947—Dec 310 15 762 111 105 L.356 34 170 5 2.079 175 215 1.356 30 1948—Dec 236 15 183 111 81 1,387 34 162 6 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 6 3,300 236 373 1,495 167 1951—July 217 26 210 61 129 L.454 113 150 269 373 1,519 155 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 5 3^269 252 373 1,529 144 Oct 250 26 209 50 134 1,448 113 150 242 373 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 5 2,335 221 373 1,530 115 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 & 1,700 211 3 73 1,532 143 Apr 274 26 164 51 214 1,413 113 150 211 373 1 ,532 151 May.... 274 30 161 51 210 1 410 113 153 373 1,535 154 June 30 148 ?13 150 5 1,685 373 154 P Preliminary. c Corrected. 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. 950 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NBT GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) 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 o 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 Apr -June 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 -15.9 —49.9 -15 0 1950 Jan.-Mar.,...,. -201.3 -80.0 -35 0 -13.0 -12.4 -IS. 8 Apr -June —30 4 -20.0 —3.0 — 11.9 Tulv-SeDt — 731 0 —580 0 —28 5 -16 0 -25 0 3 4 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 - Tune —55 6 -80 0 2.0 -15 0 -11 2 -10.0 64 1 July-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 stock at 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 U A So f n o r u i i f o c th n a o A th l e l r iriod T e u r n e r d a y s o - f p T e o ri t o a d l * I in n s g c to o r t e o l c d a k ta se l g p e o o x N ld r p t e o i t o m rt r - g m o c c o l r r a r d e e r : i a a k n s s d e - e e d e- D p ti t r c o i o o n d g r - 1 o u e l c s 2 d - - 1945 -37 9 —73.1 -27.8 3 3.7 1 t 1 1 1 1 9 Q 9 9 9 9 4 4 4 5 4 5 6 8 9 7 1 0 . - - 6 1 2 1 4 4 5 0 4 7 9 8 7 1 -1 - - — 5 0 9 - 8 0 3 . . . 9 2 0 0 7 - -1 1 — 2 7 1 7 7 5 9 3 7 . . . . 2 2 0 1 4 5 * - — - 5 5 1 3 2 0 5 1 3 4 0 7 1 1 1 4 2 1 5 9 9 9 5 1 4 5 2 8 6 3 . . . . 3 1 1 6 0 7 4 4 - - - 4 8 2 1 1 7 4 6 2 1 . . . . 6 9 2 9 9 0 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 4 3 2 6 5 7 . . . . . 2 2 2 2 2 2 2 0 2 0 1 0 , , , , , , 7 7 6 0 9 5 5 2 6 1 3 2 4 6 5 9 8 9 2 2 2 2 2 2 2 1 0 0 2 0 , , , , , , 6 0 9 7 7 8 3 8 8 0 3 6 1 3 1 6 9 8 — S2 — - 1 , 5 — , 1 6 3 7 4 6 2 4 5 2 7 2 3 3 9 7 . 8 0 9 8 1 11 — — . 3 3 8 8 1 6 1 1 4 6 0 8 1 5 5 6 6 9 4 3 3 5 7 — - - - 3 4 8 4 2 4 5 5 0 6 1 5 6 8 3 5 0 9 6 8 4 0 4 7 1 4 3 3 5 2 7 2 1 8 5 5 5 3 8 0 2 R 4 1949 1 19 9 4 4 9 8 . . 2 24 4 , , 4 2 2 4 7 4 2 2 4 4 , , 3 5 9 6 9 3 1,5 1 3 6 0 4. . 6 4 1 6 68 8 6 0 4 5 — -4 1 95 592 7 6 7 7 0.9 3 Jan -Mar . 3.6 -2 .3 72.0 .1 1050. ....... 22,706 22,820 -1,743.3 -371 -1 ,352 4 80 1 Apr.-June........ 3 0 3.7 —6 6 55.6 .1 1951 22,695 22,873 52.7 —549 0 617 66 3 July-Sept — 16 -50.0 —2.9 -2 7 48.1 -2.0 1951—July.. . 21 ,759 21,852 — 192 -16 2 -8 8 5 2 Oct -Dec 0 — 11.9 —41 0 19.9 .2 Aug. .. 21 .854 21,986 133.1 -3 7 137 0 6 4 Sept... 22,013 22.164 178 0 10 9 176 7 6 1 1950 Oct.... 22,233 22,394 229 9 -18 4 243 4 6 3 Nov... 22,382 22,579 185.0 1 188 4 5 4 Jan -M^ar — 120 — 10 4 3.9 -26.9 Dec. . 22,695 22,873 294.1 6 5 289 9 4 9 A J O u p c l r y t . - - - S J D u ep n e t e c... - - - 2 2 2 6 3 0 9 9 -5 - -. . . 9 1 9 - -2 1 2 3 1 . . 8 9 0 9.2 -1 - - 2 2 4 . . . 8 8 7 1952— F M Ja e a n b r . . . . . . . . . 2 2 2 3 2 3 , ,9 1 2 5 9 9 1 0 0 C 2 2 2 3 3 3 , , . 3 0 4 7 5 2 7 5 8 C 1 3 " 2 8 5 1 1 2 . . 4 5 6 1 1 6 5 5 3 0 7 3 6 ] -1 1 1 0 3 5 3 7 2 2 5 1 4 5 4 0 8 6 1951 A M p a r v . . . . . 2 2 3 3, . 2 2 9 9 6 7 2 2 3 3 , ,5 4 0 5 2 0 2 5 2 1 . 0 9 9 27 6 ( 2 \ — 2 7 75.4 1 5 5 0 1 A Ja p n r . - - M Ju a n r e . ... -5 1 0 5 9 0 — .9 -1 -5 1 . . 0 7 -18 .4 8 12.7 - - 2 2 8 5 . . 0 0 J Ju u l n y e . . . . . 2 2 3 3 . , 3 3 4 5 6 0 2 2 3 3, , 5 5 3 3 6 3 30 3 5 8 36.6 5 -3 1 1 0 3 4 5 (* 5 Tuly-Sept 28 0 3.5 -3 9 20.3 -31.0 Oct.-Dec 30 1 -4.0 -25 .0 19.2 c Corrected. 1 See footnote 2 on opposite page. 1952 2 Yearly figures are estimates of United States Mint. For explanation of monthly figures see p. 949, footnote 4. Jan -Mar.. .... 10 0 -17.6 .2 4.3 3 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- 3 Includes sales of 185.3 million dollars of gold to China. tions, amounted to 4,882.0 million dollars on July 31, 1952. Gold 4 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 6 l a I r n s c ; lu a d n e d s 1 sa 9 l 5 e 1 s , o 76 f . 4 0 5 m .0 i l m lio il n li . on dollars of gold to Indonesia. and N O M T o E n . e — ta F ry o r S b ta a t c i k st ic fi s g , u T re a s b l a e n d 1 5 d 6 e , s p c p ri . p 5 t 3 io 6 n - 5 o 38 f , s a ta n t d is p ti p c s, 5 2 s 2 ee -5 2 B 3 a . nking 951 AUGUST 1952 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 International Fund International Bank Jan. Oct. July Jan, June Mar. Dec. June 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 6 5 9 Other 4,408 4,409 4,327 4,229 Other 937 940 919 Unpaid balance of member subscriptions. 883 869 869 1,003 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 512 490 510 457 A M c e c m um be u r l a s t u e b d s c n r e ip t t i i n o c n o s me. 8,1 - 5 7 2 8,1 - 3 6 7 8,0 - 3 6 7 8,0 - 3 5 7 L C o a a ll n s s o n ( i s n u c b l. s c u r n ip d t i i s o b n u s r s to e d c a p p o it r a t l i o s n to s c k a n 3. d . 4 4 4 4 inch obligations sold under Bank's guarantee) 1,270 1,186 1,113 1,037 1952 1951 Other assets 14 14 10 19 Net currency purchased 1 Bonds outstanding 500 450 436 325 (Cumulative—millions of dollars) Liability on obligations sold under guar- June May Apr. June antee 56 41 33 33 Loans—undisbursed 403 372 350 352 Other liabilities 7 5 10 6 Australian pounds 20.0 20.0 20.0 20.0 General reserve 58 55 50 42 Belgian francs 11.4 11.4 11.4 11.4 Special reserve 28 26 24 20 Brazilian cruzeiros 88.0 103.0 103.0 65.5 Capital3 1,691 1,691 1,688 1,668 Chilean pesos 3.6 3.6 5.4 5.4 C D z a e n c i h sh o s k lo ro v n ak er ian koruny. 1 6 0 . . 0 2 1 6 0 . . 0 2 1 6 0 . . 0 2 1 6 0 . . 0 2 1 As of June 30, 1952, the Fund had sold 807.0 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 8.8 8.8 8.8 to Brazil 10 million pounds sterling in January 1951. Repurchases Netherlands guilders 75.2 75.2 75.2 75.4 amounted to 102.4 million dollars. Currencies the net transactions in Norwegian kroner 9.6 which amount to less than one million are reported under "All other." Turkish liras 5.0 5.0 2 Less than $500,000. Pounds sterling 300.0 300.0 300.0 300.0 8 Excludes uncalled portions of capital subscriptions, amounting to Yugoslav dinars 9.0 9.0 9.0 9.0 6,763 million dollars as of June 30, 1952, of which 2,540 million repre- All other -1.6 -1.7 -1.7 -.9 sents the subscription of the United States. Total. 750.0 764.9 771.7 736.0 CENTRAL BANKS A d ss e e p t a s r o tm f e is n s t ue Ass d e e ts p a o r f t m ba e n n k t ing Liabilities o: banking department Bank of England Note (Fig p u o r u e n s d s in s m te i r l l l i i n o g n ) s of Goldi a O ss t e h t e s r 2 N c a o o n t i d n es 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 io cu n l 3 a- Bankers' Pub D li e c posit E s CA Other t c i l O e i a a s p t b h i i a t e l a n i r - l d 1942—Dec. 30 .2 050 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 I,250 0 13.5 5 1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—r)ec 26 2 I 400 0 20 7 8 4 327.0 1,379.9 274.5 5.3 58.5 17 8 1946—Dec. 25 .2 1,450.0 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 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec. 28 .4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—July 25 4 L,400 0 20.1 7.7 390.8 1,380.9 294.4 14.8 2.3 88.9 18.3 Aug. 29 .4 I.400.0 42.9 29.7 337.7 L,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 ,437.9 299.8 13.4 .6 89.8 18.1 1952—Tan 30 4 4 .400 0 48.1 7.9 343.7 .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 1,384.6 280.3 12.1 .5 81.3 18.5 Apr. 30 .4 41,450.0 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 June 25 .4 41,500.0 59.8 21.2 309.6 1,442.1 275.7 10.6 13.6 72.5 18.1 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 and on June 25. 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. 952 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n re ad s i i a n n m do il l l l i a o r n s s ) of Gold an S d d S t o e t U a l r l l t a n i e n r i s s t g ed S te h r o m r s t * - ecuritie O s ther a O s t s h e e ts r circ N u o la t t e ion2 Ch b a a r n te k r s ed D g o o m m v e e i n n rn t io - n Other l c ia O a b a p t i n h i l t i d e t a i r l e 3 s 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. 38.4 448.4 127.3 12.4 359.9 217.7 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 1945—Dec. 31. 156.8 ,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 ,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 1,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 ,233.7 779.1 45 4 1,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31 . 74.1 ,781.4 227.8 42.5 1,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 ,229.3 712-5 297.1 1,367.4 578.6 24.7 207.1 172.6 1951—July 31 , 116,8 ,327.4 872.5 118.6 ,370 5 558.2 91.1 212.6 202.9 Aug. 31. 100.0 ,349.6 888.1 119.8 ,370.7 580.4 115.0 185.7 205.8 Sept. 29. 87.0 ,297.6 896.1 87.1 ,388.0 579,4 105.6 140.0 154.8 Oct. 31. 96.5 ,317.5 956 4 83.1 ,406.5 588.3 210.3 83.3 165.0 Nov. 30. 128.8 ,137.8 1,043.1 79.2 ,407.2 633.8 66.0 92.5 189.5 Dec. 31. 117.8 ,141.8 1,049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952—Jan. 31 . 85.4 ,095.4 ,042.6 82.7 ,375.6 629.2 92.8 54.9 153.4 Feb. 29. 70.3 ,058.1 ,027.7 88.2 ,374.4 616.7 88.5 52.1 112.5 Mar. 31. 60 1 ,179.9 882.2 106.8 ,393.2 656.5 14.6 66.1 98.6 Apr. 30. 72.3 ,191.5 874.7 84.0 1,411.8 645.7 14.3 41.7 109.0 May 31 . 78.3 ,203.6 824.6 73.8 1,417.4 579.4 21.9 44.6 117.1 June 30 . 43.8 1,251 .3 817.8 76.1 1,441.8 578.0 26.8 48.5 93.9 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 5 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 b l ills Other Cu G A rr o d e v v n e a t r n n c m e O s e n t t t h o e 6 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 i e 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 S21,318 1943—Dec. 30... 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 H5.596 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 28,548 335,727 157,900 560,990 112,658 1,278,211 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—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 9,231 540,751 160,400 481,039 235,289 1 ,779,360 60 13,367 154,895 27,177 Oct. 31... 191,447 82,087 168,822 23,855 670,689 166,200 481,039 252,303 1,827,781 62 16,240 166,453 25,905 Nov. 29... 191,447 31,888 153,650 32,015 716,710 160,300 481,039 199,545 1,779,556 19 1,869 157,228 27,922 Dec. 27... 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,830 1,841,608 29 10,587 166,226 41,332 1952—Jan. 31. . . 191,447 20,857 233,879 31,456 757,085 166,500 481,039 184,064 1,866,693 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 22,984 799,004 171,100 500,982 139,747 1,925,615 84 341 156,326 29,679 May 29... 191,447 15,808 274,111 26,128 841,897 169,000 479,982 118,726 1,900,526 39 6.645 171,350 38,539 June 26... 191,447 16,991 254,301 21,871 831,044 168,000 479,982 110,501 1,885,929 36 730 143,900 43,541 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 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. 953 AUGUST 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1952 Central Bank 1952 1951 (Figures as of last report (Figures as of last report date of month) June May Apr. June date of month) June May Apr. June Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 814 814 874 Loans and discounts 346,294323,077288,080 259,060 Other gold and foreign exchange. 463 541 2,389 Government loans and securities. 161,811156,840156,100 135,872 Government securities 2,119 2,114 1,993 Other asseti 97,736108,557118,430 79,613 Rediscounts and loans to banks. . 44,149 44,158 37,115 Note circulation 497,505473,363454,588 423,992 Other assets 33. 327 282 Deposits 295,299310,705316,775 197,792 Currency circulation 17,434 17,260 14,56 Other liabilities and capital 62,409 65,207 63,100 66,608 Deposits—Nationalized 26,683 26,965 24,887 Central Bank of Costa Rica Other sight obligations 80 838 565 (thousands of colones): Other liabilities and capital 2,952 2,890 2.634 Gold. . . 11,511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 97,369 92,464 32,456 tralia (thousands of pounds): Net claim on Int'l. Fund 4 7,031 7,031 6,188 Gold and foreign exchange 298,05. 305,877313,364 719,551 Loans and discounts 60,77 57,841 82,419 Checks and bills of other banks. . 10,754 8,82. 9,492 7,691 Securities 7,405 7,577 9,285 Securities (incl. Government and Other assets 24,335 24,276 15,783 Treasury bills) 475,887 514,173 573,630 363,087 Note circulation 118,288117,550116,765 105,376 Other assets 98,317 129,220 140,085 82,901 Demand deposits 72,062 62,090 64,931 42,316 Note circulation 302,721300,471303,971 275,270 Other liabilities and capital 18,074 19,488 19,004 9,950 Deposits of Trading Banks: National Bank of Cuba Special 257,970370,670432,170 559,320 (thousands of pesos): Other 33,777 21,433 30,475 28,318 Gold 320,564320,564 280,564 Other liabilities and capital 288,54, 265,521269,956 310,322 Foreign exchange (net) 72,067 66,588 96,033 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 147,325137,116 113,282 Gold 98 98 51 Silver 34,988 40,014 43,970 Foreign exchange 559 642 665 310 Net claim on Int'l. Fund 4 12,511 12,511 12,511 Loans and discounts 7,206 6,74i 6,541 4,720 Loans and discounts 16,156 15,385 1,316 Claim against Government 3,487 3,491 3,393 4,444 Credits to Government 12,887 12,880 10,871 Other assets 41 42 42 38 Other assets 33,849 27,353 27,740 Note circulation 8,491 8,348 8,291 6,598 Note circulation 427,053418,846 374,076 Deposits—Banks 312 233 235 192 Deposits 214,918205,466 205,392 Other 379 370 274 612 Other liabilities and capital 8,378 8,099 6,822 Blocked 2,210 2,067 1,937 2,162 National Bank of Czechoslovakia 5 National Bank of Belgium [National Bank of Denmark (millions of francs): ! (millions of kroner): Gold i 33,468 32,485 31,886 29,307 Gold 69 69 69 69 Foreign claims and balances (net) 23,727 24,298 24,316 10,768 Foreign exchange 448 439 408 406 Loans and discounts 5,470 6,131 7,780 9,901 I Contributions to Int'l. Bank. . . . 11 11 11 8 Consolidated Government debt.. 34,763 34,763 34,763 34,860 >l Loans and discounts 148 83 110 108 Government securities 10,007 9,345 10,152 3,214 i Securities 432 431 431 143 Other assets 3,768 3,639 3,370 3,795 | Govt. compensation account.... 3,831 3,870 3,872 3,942 Note circulation 94,671 94,401 95,773 86,814 j Other assets 198 195 200 526 Deposits—Demand 1,540 1,285 1,573 2.413 | Note circulation 1,681 1,702 1,693 1,620 ECA 1,250 1,308 1,295 268 Deposits—Government 1,870 1,791 1,840 1,774 Other liabilities and capital 13,742 13,667 13,627 2 ,349i Other 1,423 1,442 1,405 1,620 Central Bank of Bolivia—Mone- j Other liabilities and capital 163 163 163 188 tary dept. (millions of bolivianos): Central Bank of the Dominican Gold at home and abroad 2 1,370 1,370 ! Republic (thousands of dollars): Foreign exchange (net) 831 '571 ! Gold 12,066 12,066 12,066 8,056 Loans and discounts 1,439 1,960 \ Foreign exchange (net) 19,825 20,855 20,610 18,499 Government securities 1,843 724! Net claim on Int'l. Fund 4 1,250 1,250 1,250 1,250 Other assets 267 1 | Paid-in capital—Int'l. Bank 42 42 41 40 Note circulation 4,220 3,887 | Loans and discounts 488 545 390 107 Deposits 862 27! j Government securities 8,395 6,895 6,895 6,217 Other liabilities and capital 668 '619i Other assets 589 632 666 968 Central Bank of Ceylon (thousands Note circulation 31,147 29,794 29,992 26,133 of rupees): Demand deposits 10,186 10,685 10,137 8,247 Foreign exchange 521,914 ,383566,051 649,888 Other liabilities and capital 1,324 1,807 1,790 758 Advances to Government 3 43,000 ,000 28,964 13,972 Central Bank of Ecuador Government securities 32,762 ,513 12,827 68 (thousands of sucres): Other assets 2,865 ,437 4,086 1,245 Gold 6 136,467336,245336,123 334,862 Currency in circulation 394,593 402,925 409,133 389,281 Foreign exchange (net)6 20,200110,658 76,159 82,570 Deposits—Government 11,759 6, 6,828 43,979 Net claim on Int'l. Fund 4 18,757 18,758 18,758 18,757 Banks 160,246183. 151,069 187,199 Credits—Government 23,865234,940240,052 225,728 Other liabilities and capital 33,944 33 44,898 ••44.714 Other 97,403169,473 62,609 148,550 Central Bank of Chile (millions Other assets 00,652196,380 89,030 180,098 of pesos): Note circulation 15,127 499,243470,332 485,741 Gold 1,096 1,210 1 ,346 Demand deposits—Private banks 77,096165,318 48,953 134,099 Foreign exchange (net) 218 265 180 Other 25,210 41,686 38,455 123,452 Net claim on Int'l. Fund 4 221 107 107 Other liabilities and capital 79,913260,205264,991 247,273 Discounts for member banks.... 1,961 1,830 931 National Bank of Egypt (thou- Loans to Government 670 670 675 sands of pounds): Other loans and discounts 7,392 7,044 6,309 Gold ^ 60,553 60,553 60,553 49,771 Other assets 3,069 3,089 2,437 Foreign exchange 19,700 19,216 19,365 48,113 Note circulation 9,310 9,056 7,469 Foreign and Egyptian Deposits—Bank 2,212 2,420 1,550 Government securities !92,020 196,539 108,826 315,460 Other 604 290 1,064 Loans and discounts 21,645 26,729 25,825 7,950 Other liabilities and capital 2,501 2,451 1,902 Other assets 2,348 3,325 2,107 2,308 Bank of the Republic of Colombia Note circulation 79,738 .82,422 87,398 170,820 (thousands of pesos): Deposits—Government 70,839 84,833 00,240 88,544 Gold and foreign exchange 223,596 135,027246,080 188,096 Other 22,206 17,624 07,910 143,050 Net claim on Int'l. Fund * 24,371 24,371 24,371 24,369 Other liabilities and capital 23,482 21,482 21,129 21,188 Paid-in capital—Int'l. Bank 1,405 1,404 1,402 1,381 r Revised. * On Aug. 17, 1950, goid reserve revalued from .0202765 to .0177734 grams of fine gold per franc. 2 It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar. 3 Includes special loan under Bretton Woods Agreements Act. 4 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 6 For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 6 In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. 7 Beginning April 1951, gold previously held in Issue Department revalued from 7.4375 grams of fine gold to 2.55187 grams of fine gold per Egyptian pound. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1952, p. 102; January 1951, p. 112; and January 1950, p. 118. 954 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1952 Central Bank 1951 (Figures as of last report (Figures as of last report date of month) June May Apr. June date of month) June May Apr June Central Reserve Bank of El Salvador (thousands of colones): Bank of Italy (billions of lire): Gold 73,886 73,946 64,013 64,682 Gold 4 4 4 4 Foreign exchange (net) 46,961 50,076 63,087 82,806 Foreign exchange 34 36 35 30 Net claim on Int'l. Fund * 1,566 1,566 1,566 1,565 Advances to Treasury 590 590 590 590 Loans and discounts 10,856 9,248 10,488 782 Loans and discounts 239 226 261 293 Government debt and securities.. 6,382 6,375 6,369 5,636 Government securities 202 211 200 206 Other assets 1,440 1,334 1,531 1,419 Other assets 793 786 797 539 Note circulation 82,278 82,150 84,895 77,089 Note circulation 1,209 1,204 1,196 1,086 Deposits 51,749 53,389 55,050 73,341 Allied military notes 2 Other liabilities and capital 7 ,064 7 ,006 7,109 6,459 Deposits—Government 153 152 193 181 State Bank of Ethiopia 2 Demand 62 55 93 74 Bank of Finland (millions of mark- Other. , 352 368 331 253 kaa): Other liabilities and capital.... 87 73 73 66 Gold 5,865 5,865 5,865 4,475Bank of Japan (millions of yen): Foreign assets (net) 16,584 19,022 18,628 1,201 Cash and bullion 1,077 1,088 1,082 Clearings (net) 4,970 6,269 6,930 -1,644 Advances to Government 38,390 38,390 42,645 Loans and discounts 30,626 26,877 23,296 42,326 Loans and discounts. 279,940 287,589 407,955 Securities 1,070 960 990 970 Government securities 153,650150,868 129,177 Other assets 1 ,900 1,892 1,919 7,480 Other assets. 114,091 97,892 37,089 Note circulation 45,052 46,579 44,338 39,670 Note circulation. 444,003462,482 407,704 Deposits 2,482 1,547 1,125 2,896 Deposits—Government 61,405 47,429 172,011 Other liabilities and capital 13,481 12,759 12,164 12,242 Other 41,202 24,626 20,015 Bank of German States Other liabilities 40,540 41,291 18,217 (millions of German marks): The Java Bank (millions of rupiah): Gold 388 259 190 Gold 4 1,063 1 ,063 1,063 871 Foreign exchange 3,113 2,713 2,498 1,799 Foreign exchange (net) 963 1,209 1,134 612 Loans and discounts 3,569 3,129 3,440 4,446 Loans and discounts 251 237 216 514 Loans to Government 8,422 8,963 9,361 9,251 Advances to Government 2,849 2,177 1,927 1,832 Other assets 576 610 640 1,461 Other assets , 746 850 936 554 Note circulation 9,805 9,748 9,644 8,189 Note circulation , 3,750 3,462 3,327 2,809 Deposits—Government 2,020 2,1.20 2,113 2,292 Deposits—ECA 496 496 496 Banks 2,157 1,739 2,143 1,839 Other 1,157 1,223 1,166 880 Other 279 264 280 1,344 Other liabilities and capital 469 355 287 ' 694 Other liabilities and capital 1,806 1,803 1,949 3,294 Bank of Mexico (millions of pesos): Bank of Greece (billions of drach- Monetary reserve 5 997 1,042 1,080 1,053 mae): "Authorized" holdings of secu- Gold and foreign exchange (net) . 1 ,403 1,454 1,372 760 rities, etc 2,503 2,521 2,651 2,764 Loans and discounts 125 140 167 189 Bills and discounts 470 634 535 379 Advances—Government 8,550 8,160 8,069 6,717 Other assets 492 447 523 510 Other 430 3,370 3,353 3,519 Note circulation , 3,013 3,034 3,081 2,766 Other assets.. . . , 2 ,063 1 ,827 1,877 2,535 Demand liabilities 976 1,134 1,238 1,446 Note circulation 1 ,945 1 ,985 2,021 1,790 Other liabilities and capital 473 475 469 493 Deposits—Government 862 899 907 885 Netherlands Bank (millions of Reconstruction and guilders): relief accts 6,856 6,619 6,373 4,452 Gold e 1,303 1,303 1,297 1,177 Other 1,972 2,060 2,098 2,266 Silver (including subsidiary coin). 14 15 16 17 Other liabilities and capital 3,387 3,439 4,327 Foreign assets (net) 1,281 1,184 1,059 122 Bank of Guatemala (thousands of Loans and discounts 46 38 45 199 quetzales): Govt. debt and securities...... 2,100 2,100 2,100 3,260 Gold 27,228 27,228 27,228 27,229 Other assets 552 499 467 615 Foreign exchange (net) 16,678 17,495 22,445 13,446 Note circulation—Old 43 43 44 49 Gold contribution to Int'l. Fund . 1,250 1,250 1,250 1,250 New 2,959 2,870 2,932 2,693 Rediscounts and advances 4,794 5,095 4,815 5,331 Deposits—Government 622 624 379 Other assets 17,476 19,020 18,678 17,241 ECA 1,027 1,027 1,027 i , 549 Circulation—Notes 40,527 41,154 39,212 37,110 Other 445 367 376 644 Coin 3,355 3,359 3,399 3,314 Other liabilities and capital 200 207 225 454 Deposits—Government 7,301 3,690 4,984 2,318 Reserve Bank of New Zealand Banks 5,854 6,094 11,425 11,189 (thousands of pounds): Other liabilities and capital 10,390 15,790 15,398 '•10,565 Gold 5,913 5,873 5,749 5,157 National Bank of Hungary 3 Foreign exchange reserve 22,444 25,464 23,424 78,539 Reserve Bank of India (millions of Loans and discounts 6,019 6,019 6,019 6,495 rupees): Advances to State or State un- Issue department: dertakings 54,812 54,701 55,985 54,033 Gold at home and abroad 400 400 400 Investments 32,182 32,182 32,182 7,974 Foreign securities 6,032 6,032 6,782^ Other assets 4,258 2,636 3,001 4,199 Indian Govt. securities 4,646 4,646 5,166 Note circulation 61,225 61,876 62,600 59,804 Rupee coin 749 752 575 Demand deposits 56,385 57,020 55,974 90,075 Note circulation 11,366 11,458 12,575 Other liabilities and capital 8,017 7,980 7,786 6,518 Banking department: Bank of Norway (millions of kroner): Notes of issue department.... 460 372 348 Gold, 242 242 243 Balances abroad 845 969 ,793 Foreign assets (net) 473 438 137 Bills discounted 48 110 21 Clearing accounts (net) 33 18 -13 Loans to Government 8 11 75 Loans and discounts 62 57 59 Other assets 1,384 1 ,506 ,179 Securities 46 46 46 Deposits 2,341 2,607 ,098 Occupation account (net) 6,202 6,202 6,202 Other liabilities and capital.. . 405 362 318 Other assets , 59 56 130 Central Bank of Ireland (thousands Note circulation , 2.573 2,589 2,376 of pounds): Deposits—Government , 1,999 1,913 1,865 Gold 2,646 2,646 2,646 2,646 Banks , 1.012 1,024 1,044 Sterling funds 55,333 55,552 56,205 49,469 ECA—MSA 966 954 742 Note circulation 57,979 58,199 58,851 52,115 Other liabilities and capital 568 578 777 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 time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. ^For last available report (July 1950), see BULLETIN for December 1950, p. 1699. 8 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. B 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. 955 AUGUST 1952 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) June Apr. June date of month) June Apr. June State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Note circulation 35,299 35.533 30,987 Issue department: Deposits—Government 1 ,934 2,312 1 ,131 Gold at home and abroad... 81 81 44 Other 2,706 2 .530 3,461 Sterling securities 916 1,016 852 Other liabilities and capital 22.538 20,607 Pakistan Goyt. securities. . . 665 665 603 Bank of Sweden (millions of kronor): Bank N G I R i n n u o o d g p t v i e a e t s d . e c e o i c u n p f o r a r c i I r n e n i t r n m d c c i u e y a l n a s t t : e io c n urities. . . . 2 , 3 1 0 6 0 2 9 9 0 6 2 2.1 3 1 8 6 0 2 2 6 0 6 , 3 1 9 0 4 2 3 0 3 4 8 S F N G P w o a o e i r t l e d e d d - i c g i i l s n a n h i m c a G a s p s o o e i n v t t t a s . I l n — s (n e t' c e I l. u n t ) r t F i 'l t u . i e n B s d a a 2 n n k d ad- ,3 4 5 6 8 1 8 9 8 1 1 , 4 3 6 8 4 1 3 8 6 1 1 , 4 2 7 8 4 n 2 8 6 5 2 0 8 4 4 N Ba o l t a e n s ce o s f a is b s r u o e a d department. . 65 61 5 6 5 Ot v h a er n c d e o s m t e o s N tic a t b i i o ll n s a a l n D d e a b d t v a O n f c fi e c s e5 ,6 2 8 5 8 8 2 . 2 7 2 7 9 6 2.6 2 0 5 0 6i . 3,7 2 1 4 8 9 Bills discounted 99 Other assets 798 786 853 508 O Lo th a e n r s a to ss e G ts overnment 679 700 374 4 N D o em te a c n i d r cu d l e a p ti o o s n its—Government.. ,0 6 9 8 7 5 3 1 , , 0 9 1 6 8 2 4 ,0 86 2 6 ! 1 3,5 6 3 0 0 5 Deposits 730 779 ,029 Other. 234 96 110 530 Other liabilities and capital.. 111 92 119 Other liabilities and capital 654 621 61 8 597 Ba ( n th k o o u f s a P n a d r s a o g f u a g y u — ara M ni o e n s e ): tary dept. Swiss National Bank (millions of Gold1 1 ,1 95 1,195 , 165 fra G nc o s ld ): , ,815 5,822 5 ,836 6,001 O F G N N P L o a o t o o e h i r a t v t d e e e n e - i c r s g i r l a n n a n a a n i m s n d m c e s d a e e x c p n t c o s o d t i h n i t i n a a s l n I c l o n — i o g a s t e u n s ' I u l n s . n ( e t a n s t F ' n e l u . d t ) n B s d e a 2 c n u k rities. 3 3 - 1 2 9 6 0 1 1 3 5 3 7 5 . , . , , , , 0 2 1 6 7 3 7 6 4 0 4 4 7 4 1 2 3 2 9 7 8 2 2 1 - 2 6 7 6 0 1 0 9 7 3 5 2 , , , , , , , 0 2 5 5 5 7 2 6 5 6 2 4 4 9 1 6 3 5 6 8 5 1 1 - 3 4 7 1 1 2 1 9 6 , , , , , , , 3 2 0 6 7 3 9 1 5 0 2 9 4 0 5 6 1 3 3 5 7 Cent O O O F N L r o a o t t t o h h h r l a t e e e e e n i r r r B s g c n a a s l i a i i r s n a n g c s e k b d h u e x i t t l c l s a d o i h l t t i f i i a i s a e o n c s b t n o g h il a e u e i n n t i d t e R s s c e a p p u it b a l l ic of , . 6 6 2 2 1 2 0 5 8 9 7 4 9 2 7 8 6 2 2 3 8 2 9 4 1 . . 5 2 3 6 1 3 8 0 9 7 7 6 2 7 7 9 9 4 1 , , 4 2 1 1 8 6 0 9 9 7 1 9 8 8 0 6 0 Demand deposits 126,293129,864 60 554 Turkey (millions of pounds): Cent O ra th l e R r e li s a e b r i v li e t ie B s a a n n k d o c f a p P it e a r l u 5,534 54,087 61,261 F G o o r l e d ign exchange and foreign 419 (m O N C L D G L N il o o o o t l e e o i h a a t p l n t o d e e n n o t n c r r s s s s l a i c i a b a n a i t t o i o r s s u d n m c f s t d u e i G f s o t l o o o s d a o n n r l t i v e e i s i o e t I s c g o n n r ) o n : n t u I ' m l n n e . t x e t s ' F n c l . u t h t o a n B n d b a g n 2 a e k n 3 ks. . . 1,2 2 3 8 2 8 1 7 6 4 9 7 4 4 0 2 1.2 2 3 2 6 8 6 1 4 7 4 1 2 7 2 2 0 4 0 1 2 1, 2 4 2 6 8 2 3 1 6 2 3 5 2 0 5 5 8 3 8 1 2 , 3 7 7 1 7 1 1 0 2 8 9 1 8 2 3 0 0 6 2 6 Bank O S O L N D e o t t e o o c c h h a p f t l u e e e n o e r r r t s a s i c h t r i a l a i i t i e i r e s s n n a c s s — g b d R u e s i l t l e G O s d a i p t t i o i t i s u e h o l c d s e b n o r l u a i n n c d ts o f c a U p r i u ta g l u . a . y ... , , 4 1 2 6 1 1 1 0 2 0 3 2 0 4 5 9 0 2 1 7 8 4 3 1 1 . , 5 2 1 4 1 1 1 2 9 5 ? 0 1 5 2 6 7 3 6 5 2 3 6 1 1 . . 1 6 1 1 1 4 2 3 9 2 0 7 5 3 1 3 3 9 8 3 7 7 1 . 9 2 5 1 1 2 5 8 9 9 5 7 1 8 1 6 5 3 3 0 5 4 B C a e ( n n t k h t O O F N D N D O L G r o o o t t a o o t e o e u h h h r a t l l m m t s e o d e e e e n a i f c r r r a e s B g n l c n s n a a l l a d i t d i i i r s i s n a m P a c c e s b b k d u o e x o i i s t e l r c o l l f s e a i i p h n t o t t c t p u o i i f a i u e e o e n s I g r s s n n i s t g i a t o t h t s e a a l i ' s e e n n l ) . s d d : F ( P m c c u h a a n i p i p l d l l i i i i t t o p 2 a a n l l p s i ne o s f 4 5 2 1 1 7 2 3 5 3 2 5 4 1 1 4 9 2 9 4 7 1 6 , , , , , , , , , 4 8 2 3 5 6 1 9 8 3 0 5 8 2 2 4 0 8 8 6 1 0 5 2 6 7 4 7 0 5 4 2 2 5 1 1 7 3 4 4 5 3 2 2 1 0 9 4 5 3 5 9 4 6 , . . , , . , . . 2 9 46 0 9 1 8 4 4 2 2 . 1 7 1 3 2 2 5 5 3 1 5 6 4 9 9 6 1 1 5 2 , , , , , , , , , 8 8 1 3 8 5 3 7 1 8 7 9 3 1 1 0 6 3 8 6 1 5 2 1 5 4 4 0 0 6 2 5 2 6 1 1 0 3 3 8 3 2 7 1 1 2 0 3 4 9 9 4 0 0 . . . , . . .2 9 6 3 4 5 9 5 7 1 7 1 3 4 5 0 3 7 5 0 6 O 6 7 3 9 6 0 9 4 | Ce ( n th t O O S A O G P N D r o i a a t t d o t e o u l m h h h i v l l p v t s d d e e e e e a o a e - r r r r B n i n s n c n i d c a t l l a i t o i r s e s s n a c b c a s s — b k a u o e n o i p t s d l f l t G s O a o i i i o t t t a e p o i t a f i s n e h S e o l v s d — e s n t V e a o r r a d t I s e n e n n ) i n m d : s t e a c ' e z n l o c . n d u a u t p e B n i l t G a t a s a n o l k v ( e m r i n l - - 3 4 3 3 5 3 1 ( 2 2 8 0 0 4 6 5 M 1 6 1 9 3 9 3 5 7 a . . . , , . , , r . 4 0 5 2 3 9 6 3 6 1 . 1 3 5 6 1 9 5 0 2 ) 1 3 5 2 6 8 8 0 0 * 0 9 3 4 3 2 3 4 1 1 1 2 4 8 2 7 0 4 1 9 1 0 4 4 0 0 9 0 , , . , , , , , , 8 2 3 2 6 5 3 6 9 3 3 2 1 7 0 4 2 7 8 1 1 8 2 8 1 4 6 7 2 0 escudos): lions of bolivares): Gold 4,415 4,420 Gold .141 .141 1 ,141 Foreign exchange (net) 11,598 11 ,644 Foreign exchange (net) 170 93 -42 O N D L A o t o d e h a m v te e n a r a s n c n c a i a d r e s n c s s d u e d t t l e o s d a p t i i s G o o c s n o o it v u s e n — r ts n G m o e v n e t rnment.. 8 1 1 , , , 5 6 5 8 4 4 5 9 7 1 0 7 9 6 7 8 1 1 , , , 5 6 9 5 4 6 4 8 8 1 3 3 7 2 8 O O N D t t e o h h p t e e e o r r s c i l a i t i r s s a c s b u e i t l l s a it t i i e o s n and capital 2 2 8 8 3 6 7 2 6 7 3 2 3 8 2 3 6 7 2 8 3 2 8 2 1 7 5 8 8 1 9 6 3 3 7 1 1 4 3 1 4 8 0 9 0 EC A 29 52 Bank for International Settle- Other 6,142 6,030 ments (thousands of Swiss gold S B o a ( u n th k t O O O O F N D G h o o o t t t t e o o u h h h h r l A p f t s d e e e e e e o a i f r r r r S * g n s r c p i n . d a l i l b i t i . i c r s s s a i a a . c a l b . s i b b l u n n o e i s i i l t l f l l l s a i i a s R ( t t t p n m i i i e e e d o o i s s s n u l e l l n a a i o r o n n d a v n d d s n e s ) s : c c o B a a f p a p p i n i t t e k a a s l l etas): 3 2 5 8 6 7 1 0 1 7 2 5 8 0 6 , , , , , , , , 0 2 1 1 2 4 7 0 7 1 2 9 8 5 8 9 1 5 9 7 0 4 0 9 3 6 8 6 2 5 1 0 5 2 3 6 1 8 7 , , , , , , , , 8 0 8 3 2 2 3 0 0 0 1 5 1 3 2 8 1 6 6 6 7 6 4 5 , , , , , , , 4 6 8 8 0 2 8 8 7 8 4 4 4 4 2 9 0 6 3 3 0 fra S T O G C S F D R n i u u i c a o t e e g m a h n s n s d l m h n d h e ) d d e i t : c r s a r s e i c o y n f f n a s u o u n i d s r h n n u b s v ( h i d d n d a e a l e a s l s t t t e r s s a s n s p t c b a a d a e o o t n l t d s e s d a i i p t n n i i b s n n i d t i e t n l e ( l r G w v g s r e e o e e s i a s l t t r s d h n t m t ) d m b a n a a e y n c n c k t e s s p . . . t . - . . . 2 4 2 3 1 9 9 7 5 4 4 3 1 7 5 3 1 1 6 4 6 \ . , ,2 3 4 6 2 5 7 1 0 3 9 1 6 9 4 9 1 2 0 6 6 8 1 5 2 4 3 1 1 C2 9 7 3 2 8 0 1 8 7 1 4 5 8 0 1 7 1 . . . , , , . . , 2 6 6 6 7 7 0 9 6 6 0 8 3 9 0 8 8 2 5 1 3 2 8 4 ? 7 1 2 2 - 2 3 1 9 2 4 2 3 6 7 1 1 7 1 2 4 6 9 7 1 , , , , . . , , . 2 8 2 5 7 0 1 9 4 7 0 5 1 2 6 9 9 2 7 1 6 3 3 8 3 8 7 4 2 2 2 1 9 3 6 5 4 0 7 7 3 4 2 6 7 8 1 0 , , , , , , , , , 3 2 8 4 4 5 3 8 6 9 0 0 5 3 2 8 4 5 1 3 1 9 5 9 9 8 0 S O O G G i o t t o l h h v l v d e e e e r r r r n a lo m s a s e e n n t s s t a l n o d a n d s i s a c n o d u n se ts curities. 2 1 1 7 5 9 , , , 3 5 7 9 8 7 5 4 3 6 7 5 8 0 8 2 2 1 0 6 5 , , , 3 5 2 0 7 7 5 2 2 3 7 3 6 4 3 , , , 8 2 0 6 3 6 6 1 6 7 5 6 5 2 8 S O L 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 l b i b li d a d t e i n 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 2 7 2 5 2 3 1 8 ' 9 1 0 8 9 6 4 2 2 7 2 7 7 1 8 0 9 , , , , 3 9 2 5 7 0 3 9 1 9 5 3 4 2 2 3 2 7 7 5 8 0 5 . . . , 9 9 1 1 9 0 3 7 3 9 2 6 4 2 2 7 2 6 1 5 8 5 7 , , , , 7 9 8 4 5 0 4 1 2 9 9 8 * Latest month available. c Corrected. 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 currency liability to the Fund. Until such time as '•he Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 3 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 4 On Dec. 31, 1949. gold revalued from 172 to 248 shillings per fine ounce. 5 Includes small amount of non-Government bonds. NOTE —For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120. 956 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 ec a t t i e ve U K d n i o n i m t g e - d Francem G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w e e n - S la w e n r i - d tz- ba C n e k n t o r f a — l J R u 3 a n 0 t e e eff D ec a t t i e ve ba C n e k n t o r f a — l J R u 3 a n 0 t e e eff D ec a t t i e ve In effect Dec. 31, Argentina Mar. 1, 1936 Japan 5.84 Oct. 1, 1951 No 1 v 9 . 4 5 7,1946.. 2 1H i* 2V2 A Be u l s g t i r u ia m 3M S D e e p c t . . 1 6 3 , , 1 19 9 5 5 1 1 J M a e v x a ico 3 *H A Ju p n r e . 4 1 , , 1 1 9 9 4 46 2 J D a e n c . . 1 1 0 9 , . 1 . 9 . 4 . 7 . . . . . Bolivia 6 Sept. 30, 1950 Netherlands.. 3V2 Jan. 22, 1952 &2M Aug. 27 33^ Oct. 9 2^&3 Canada 2 Oct. 17, 1950 New Zealand. July 26, 1941 June 28, 1948. i 5 Chile \y June 13, 1935 Norway Jan. 9, 1946 Sept. 6 3H&4 Colombia ... 2 July 18, 1933 Pakistan 3 3 July 1, 1948 -Oct. 1 3 Costa Rica 4 Feb. 1, 1950 Peru 6 Nov. 13, 1947 May 27, 1949. . July 14 O Ju c n t. e 8 6 , 1950. s ., 3M Denmark 5 Nov. 2, 1950 Portugal.... lH Jan. 12, 1944 Sept. 11 3% Ecuador 10 May 13, 1948 South Africa. Mar. 27, 1952 Sept. 26 i 3 El Salvador. .. 3 Mar. 22, 1950 Spain 4 Mar. 18, 1949 ,Oct. 27 16 Finland Dec. 16, 1951 Sweden 3 Dec. 1, 1950 Dec. 1 3 Apr. 17, 1951. . 4 J S u e l p y t . 1 5 3 3 3 y H 2 France 4 Nov. 9, 1951 Switzerland.. iH Nov. 26, 1936 .Oct. 11 "m 3 Germany May 29, 1952 Turkey Feb. 26, 1951 Nov. 8 Greece 12 July 12> 1948 United King- Nov. 9 4 India 3H Nov. 15, 1951 dom 4 Mar. 12, 1952 Jan. 22, 1952. . 3H Ireland Mar. 25, 1952 USSR 4 July 1, 1936 Mar. 12 4 Italy Apr. 6, 1950 May 29 .... 15 In effect Tune 30, 1952 4 4 15 3H 3K 3 1 Rate established for the Land Central banks, NOTE.—Changes since June 30: Austria—July 3, from 5 to 6 per cent; Netherlands—Aug. 1, irom 33^2 to 3 per cent, OPEN-MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Netherlands Sweden land 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—Mav .54 1 03 1 00 1 03 50 1.62 3-51^ 1 ?s 1943—Ma > .50 1.03 1.00 1.07 .50 1.66 3-5 Y2 l"25 1944—Ma> .39 1 03 1 00 1 13 50 1.61 3-5}4 L .25 1945—Ma j .37 1.03 1.00 1.03 .50 1.38 2U-5 .25 1946—Ma> .39 .53 .51 .63 .50 1.34 " * *i .27 ^93 2K-4K L .25 1 1 9 9 4 4 8 7 — — M M J a O ^ . . 4 4 1 1 . . 5 5 6 3 . . 5 5 1 1 . . 6 6 3 3 . .5 5 0 0 2 1 . . 1 4 2 6 1 1. . 3 4 3 5 1. . 0 9 8 4 2y2-^y2 1 L . . 2 5 5 0 J 949—Ma^ .50 .63 .52 .63 .50 2.43 1.28 1.03 2H-4K .63 1950—Ma> .51 .69 .51 .63 .50 2.68 1.45 1.03 2^-4^ .50 1951 —Ma) .76 .69 .51 .63 .50 2.61 1.50 1.07 3-5 .50 1951—June .75 .69 .51 .63 .50 2.52 1.39 1.00 3-5 50 July .77 .93 .51 .63 .50 2.57 L.39 .91 3-5 L 50 August .79 1.00 .51 .63 .50 2.64 1.38 1 00 3-5 L 50 September.... .88 L.00 .51 .63 .50 2.56 1.24 1.00 3-5 ,50 October....... .93 L.00 .51 .63 .50 2.78 L.16 1.00 3-5 L.50 November.... .92 L .38 .84 .92 .69 3.27 1.17 1.00 3-5 .50 December .89 L.50 .98 1.00 .75 3.50 L.21 1.00 3-5 1.50 1952—January . ... .89 L.50 .97 1.00 .75 3.50 L.18 1.00 3-5 1.50 February .91 L.50 .99 1.00 .75 3.93 L.17 1.00 3-5 1.50 March .94 2.48 2.01 1.82 1.57 3.95 1.38 1.00 3-5 1.50 April .98 3.00 2.35 2.25 2.00 3.88 L.40 1.00 3-5 1.50 May 1.02 3.00 2.37 2.25 2.00 3.84 1.25 .90 3-5 1.50 NOTE.—For monthly figure* on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics. Table 172, pp 656-661, and for description of statistics see pp. 571-572 in same publication. 957 AUGUST 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom » ( b 1 a 1 n L ks o . n do F n i g c u l r e e a s r i i n n g Cash M ca o ll n e a y n d at Bills dis- T d r e e p a o su si r t y Securities Loans to Other Deposits lia O b t i h li e t r ies millions of pounds reserves short counted receipts 2 customers assets and sterling) notice Total Demand Time capital 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 1,219 567 5,935 3,962 1,972 396 1948—December 502 485 741 1,397 1,478 1,396 621 6,200 4,159 2,041 420 1949—December 532 571 1,109 793 1,512 1,534 579 6,202 4,161 2,041 427 1950—December 540 592 1,408 456 1,528 1,660 735 6,368 4,262 2,106 550 1951—juiy 514 583 1,250 290 1,552 1,861 756 6,174 4,086 2,088 631 August . . 515 573 1,185 306 1,549 1,863 755 6,133 4,061 2,072 612 September 503 582 1,276 216 1,553 1,888 741 6,135 4,068 2,067 624 October...... 514 579 1,330 177 1,555 1,910 778 6,204 4,140 2,063 638 November 517 562 901 108 2,033 1,935 787 6,189 4.118 2,071 654 December 531 598 972 102 1,965 1,950 867 6,333 4,290 2,042 651 1952—January 521 605 965 66 1,954 1,928 824 6,204 4,173 2,031 659 February 492 526 856 15 1,944 1,945 804 5,893 3,923 1,971 689 March 492 526 8", 4 1 .93 5 1,959 789 5,887 3,914 1,974 667 April 501 512 883 1,934 1,967 821 5,994 3,952 2,042 623 Mav 491 518 936 1 .932 1,901 713 5,903 3,840 2 ,063 587 June 504 537 1,064 1,917 1,875 726 6,064 3 ,909 2,155 559 Assets Liabilities Canada Security Deposits payable in Canada E (1 n C 0 d a i c n n o h a f a d m r m i t i a e l o n l r i n e o t d d n h o s l b f l o a a i f g r n u s k ) r s e . s re C se a r s v h E es ntire S ly e l o 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 a f a u b n o b e o d a r r e a n o f i n k r g a n o s s d n e m t Securities O as t s h e e ts r ci N r t c i o o u t n e a- e T x o c t l a u l ding D in e t m er a b n a d nk dep T o im si e ts li c a O a b a p t i n h l i d i t e t a r ie l s 1946—December 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 1,525 1947—December 731 105 1,999 106 3,874 1,159 18 6,412 2,671 3,740 1,544 1948—December 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 1,537 1949—December 765 133 2,271 146 4,345 1,058 14 7,227 2.794 4,433 1,477 1 Q«50—December 824 134 2,776 171 4,286 1,304 (") 7,828 3,270 4,558 1,667 1951—June 781 82 3,061 206 3,838 1,288 rtt 7,591 3,032 4,559 1,664 July 798 84 3,043 209 3,840 1,349 («) 7,658 3,078 4,580 1,665 August 784 90 3,073 260 3.832 1,339 (•) 7,667 3,084 4,583 1,710 September 788 107 3,045 217 3,876 1,242 (8) 7,637 3,042 4,595 1,639 October 835 111 3,034 182 3,876 L,403 (8) 7.752 3,177 4,575 1,688 November 843 96 3.123 166 3,894 1,423 00 7,829 3,213 4,616 1,715 December . . 907 107 3,028 227 3,876 L.464 (3) 7,896 3,284 4,612 1,714 1952—January 869 107 2,955 183 3,927 1,303 (3) 7,705 3,066 4,639 1,637 February 809 95 2,918 231 4,003 1,353 (3) 7.761 3,076 4,685 1,648 March . 880 97 2,949 202 4,095 1.390 (3) 7,979 J 3,231 4,748 1,634 April 897 140 2.960 236 4,068 1,370 00 7,987 3,230 4,757 1 ,685 Mav 785 132 3,012 255 4,100 1,350 (3) 7,979 3,210 4,769 1,655 Assets Liabilities France (4 o f l a m rg o e n t b h a n fi k g s u . r es E in nd Cash Due from Bills dis- Loans Other Deposits ac O c w ep n t- lia O b t i h li e t r ies Total Demand Time ances capital 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 19,378 219,38£ 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 42,311 426,69f 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—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 66,660 478,25e 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 64,414 540,98C 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 c802,481 32,002 28 953 30 531 April 45 ,646 72,947 556,151 180,550 41,474 831 729 800,944 30,786 28,482 36,556 c Corrected. 1 This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of % per cent after October 1945. 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. 958 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 ( t p 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 l l t a l a i a 1 s 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 21.9622 5.4406 32.849 94.939 1951—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 2 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 ^larch 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 Tune 20 000 13 333 7 183 221 88 1 9838 5 4406 32 505 102 086 July 20.000 13.333 7.196 222.17 1.9842 5.4406 32.509 103.120 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 8109 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 1950 20.850 2.0060 14.494 .2858 23!838 20.870 11.570 26.252 1951 20.849 32.0060 14.491 4.4354 .2856 23.838 20.869 4 280.38 11.564 26.264 1951—August 20 850 2 0060 14 492 2856 23 838 20 870 11 568 26 280 September.. 20.850 2.0060 14.492 .2856 23.838 20.870 11.571 26.278 October 20.850 32.0060 14 492 * .4354 .2855 23.838 20.870 4 280.38 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 April 21.003 14.492 .4354 .2856 23.838 21.031 280.77 11.569 26.340 May.... 20.961 14.492 .4354 .2856 5 23.838 20.988 280.07 11.566 26.337 Tune 20 834 14 492 4354 2856 20 870 278 46 11 561 26 317 Tulv 20 871 14.492 .4354 .2856 20.892 278.82 11.574 26.324 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 e o s g c r a u tu l d - 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—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 Time 275.71 14.015 49.677 3.4801 277.42 19.327 23.138 278.46 65.833 56.180 42.553 July 276.06 14.015 49.677 3.4793 277.78 19.327 23.240 278.82 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. 3 Based on quotations through Oct. 26, 1951. 4 Based on quotations beginning Oct. 29, 1951. 8 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. AUGUST 1952 959 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 1 n ta 7 0 i 0 - t t 4 e e ) 9 d 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 i 0 t d 0 e ) o d = m F (1 r 1 9 a 0 4 n 0 9 ) c = e (1 I 1 9 t 0 3 a 0 8 ly ) = ( a 1 J v 9 a e 3 p r 4 a a D - g n 3 e 6 N ( l 1 e a 1 9 t 0 n 4 h 0 8 d e ) s r = - S (1 w 1 9 e 0 3 d 0 5 ) e = n (A Sw u = l g a i 1 . t n z 0 1 d 0 e 9 ) r 3 - 9' 1941. 57 116 110 153 9 136 2 3 72 171 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. 104 193 260 219 89 5,443 128 100 214 217 1949. 99 198 285 230 100 5,170 209 104 216 206 1950. 103 211 311 262 108 905 246 117 227 203 1951. 115 240 386 320 138 581 342 143 299 227 1951—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 February.. 113 233 400 329 152 5,380 357 145 320 224 March 112 231 404 333 149 '"5,323 353 143 322 222 April 112 227 407 330 147 5,256 349 142 ^321 221 May 112 225 406 328 145 P5,166 348 140 i>32l 220 June 111 227 405 P328 P143 220 P Preliminary. r Revised. Sources.—See BULLETIN for January 1952, p. 108; August 1951, p. 1046; January 1950, p. 124; June 1949 p. 754; June 1948. p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49=100) (1935-39=100) (1930=100) (1948=100) Year or month Raw and Fully and 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 uc m ts fa m p c a a t r n u t u r l - e y d f c m a h c a i t e n u f u r l - e y d Foods pr I o t n r d d i u u al s c - ts Foods ] ; t p r I i r n a o d l d u u r s c a - t w s f I i n t n r i d i s u a h s l e - d goods goods products 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 1944 69 n.n. 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 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 265 238 242 247 *364 122 171 143 1951—June 114 111 116 273 244 244 247 *>367 123 173 145 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 P367 122 174 142 November 112 111 115 265 237 242 263 P368 124 1 142 December 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 P363 133 1 141 March 108 109 114 248 226 235 276 P366 130 169 139 April 109 108 113 245 221 231 280 P358 '130 166 138 May 108 109 113 244 220 228 280 P355 128 165 136 June 107 109 113 250 221 231 283 P352 • 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. 960 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 th or ( U S 19 n ta 3 i 5 t t e e - s d 3 9 x (1 C 9 a a 3 da 5 n - - 39 K (J i a n n g . - F = r a 1 n 00 ce ) N l ( e a 1 t n 9 h d 4 e s 9 r- ( l A a er n u - d g. Y m e o a n r t o h r ( U S 19 n ta 3 i t 5 t e e - s d 3 9 i (1 C 9 a 3 a da 5 n - - 39 K d ( o J i m a n n g . 2 - F = ( r 1 a 1 9 n 0 4 0 c 9 e ) N l ( e a 1 t n 9 h d 4 e s 9 r- l (A a er n u - d g. = 100) = 100) 15,1952 = 100) 1939 = = 100) = 100) 15,1952 = 100) 1939 = = 100) 100) = 100) 100) 1943 138 131 12 161 1943 124 118 12 148 1944 ....... 136 131 15 164 1944 . . . 126 119 16 151 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 76 100 100 174 1949 170 161 84 100 100 162 19S0 205 211 82 111 111 176 1950 172 167 86 111 109 159 1951 227 241 91 128 121 181 1951 186 185 95 130 119 167 1951-June 227 240 91 127 123 180 19Sl-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-Tanuary... 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 230 240 104 142 125 182 April 189 189 102 147 120 170 Mar 231 235 104 139 183 May 189 187 102 145 119 171 June 232 237 P124 184 June 190 187 M43 P119 171 p Preliminary. 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 foooodd ggrroouuppss.. FFiigguurreess ffrroomm JJuunnee 11994477 tthhrroouugghh DDeecceemmbbeerr 11995511 aarree ddeerriivveedd ffr om tthh e ff ormer ""initetrii"m " seir ies. AA d deettialidle dd sdcesrcirtiipotnio no fo ft hth neww iinnddeexx iiss ggiivveenn iinn tthhee MMiinniissttrryy ooff LLaabboouurr GGaazzeettttee,, MMaarrcchh 11995522,, pppp.. 111133--111144.. Sources.—See BULLETIN for Tanuary 1952, p. 109; August 1951, p. 1047; October 1950, p. 1421; Tanuary 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 * ( C 1 = a 9 n 3 1 5 0 a - 0 d 3 ) a 9 ( 1 K D 9 U i e 2 n c n 1 g e i = m t d 1 e o b d 0 m e 0 r ) ( F 19 r 1 4 a 0 9 n 0 ) c = e N l e a t n h d e s r- ( U 1 S = 9 t n 3 a 1 i 5 0 t t e e - 0 3 d s ) 9 ( C 1 = a 9 n 3 1 5 0 a - 0 d 3 ) a 9 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) (19 F 4 r 9 a = n 1 c 0 e 0 2 ) 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 96.2 195 1947 122 1 118 5 130 8 120 0 105 * 123 0 106.0 94.6 233 1948 118.3 105 0 129 9 106 4 107 i 124 4 112 5 92.0 240 1949 121.0 107 6 126.5 100 0 lOfc 8 121 4 109.4 87.6 100 219 1950 122.0 109 6 121.2 99 8 106 7 146 4 131 6 90.0 92 217 1951 117.7 95 7 '117.6 101.4 87.0 176.5 168.3 97.1 113 215 1951—Julv 116.2 95 5 116 9 101 2 84 1 172,8 162 0 97 6 106 208 August 117.1 95 3 116 6 102 0 80 3 181 5 169 7 96 5 117 207 September... 118 0 95 2 116 5 103 8 78 1 187 3 179 8 97 4 127 212 October 116 9 94 6 116 3 103 5 81 3 185 0 183 3 99 0 133 215 November.. . 115.3 92 8 115.0 103 1 80 3 177 7 174 0 97.3 125 207 December. . . 114.8 89.3 110.9 103.7 78.3 182.5 177.3 94.9 131 206 1952—January 115.5 88.2 110.4 103.7 80.0 187.1 181 7 95.0 146 204 February.. . . 116.5 87.8 110.5 104.1 81.5 183.2 179.5 92.8 152 198 March 115.9 86.9 107.3 104.5 83.3 185.2 177.6 90.5 144 191 April 116.2 86.7 108.5 105.4 83.9 183.6 175.8 91.6 141 185 May 116.3 88.8 108.6 112.0 84.5 183.7 169.0 92.0 134 185 June 116.2 87.7 105.8 P114.1 85.2 187.6 171 .6 89.6 P145 184 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. - The French National Institute of Statistics has shifted this index to a new base period, but methods of calculation and composition have not been changed. 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. AUGUST 1952 961 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. KENYON, 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 Research DIVISION 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 i 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 PAUL M. DAVIS, ATLANTA DISTRICT WINFIELD W. RIEFLER, Secretary 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 H. V. ROELSE, Associate Economist DEWITT T. RAY, DALLAS DISTRICT RALPH A. YOUNG, Associate Economist JAMES K. LOCHEAD, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Secretary 962 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 Preside lo n w ts e r in s e c c h ti a o r n g e o f o t f h b is r a p n a c g h e e ) s are listed in Boston. . . Harold D. Hodgkinson J. A. Erickson John J. Fogg Carl B. Pitman Ames Stevens Robert B. Harvey 3 O. A. Schlaikjer Alfred C. Neal E. O. Latham R. F. Van Amringe 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. Rainey 2 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. Parten 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 3 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 Richmond Baltimore D. F. Hagner Oklahoma City R. L. Mathes 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. 3 Also Cashier. 4 Counsel. AUGUST 1952 963 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— Board of Governors of the Federal Reserve Sys- FEDERAL RESERVE BULLETIN. Issued monthly. Subscription 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 stafT. 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. 964 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- ECONOMIC TRENDS AND CONSUMER INVESTMENT LARS IN 1950. March 1951. 10 pages. PREFERENCES. July 1952. 17 pages. PART II. PUR- * THE TREASURY—CENTRAL BANK RELATIONSHIP IN CHASES OF DURABLE GOODS AND HOUSES IN 1951 FOREIGN COUNTRIES—PROCEDURES AND TECH- AND BUYING PLANS FOR 1952. August 1952. 16 NIQUES. November 1950. April 1951. 19 pages. pages. (Other articles on the 1952 Survey will appear in subsequent issues of the BULLETIN. Also, TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. similar survey for 1946 from June-September 1946 April 1951. 14 pages. BULLETINS, 28 pages; for 1947 from June-August HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING and October 1947 BULLETINS, 48 pages; for 1948 THE INTRODUCTION OF REAL ESTATE CREDIT REGU- from June-September and November 1948 BUL- LATION. July 1951. 23 pages. LETINS, 70 pages; for 1949 from June-November SAVING IN THE DEFENSE ECONOMY. September 1949 and January 1950 BULLETINS, 124 pages; for 1951. 5 pages. 1950 from April and June-December 1950 BUL- LETINS, 106 pages, which includes THE METHODS NEW INDEX OF OUTPUT OF MAJOR CONSUMER OF THE SURVEY OF CONSUMER FINANCES; for 1951 DURABLE GOODS. October 1951. 6 pages. from June-September and December 1951 BUL- CREDIT AND SALES REPORTED BY REGULATION W LETINS, 86 pages. REGISTRANTS. October 1951. 12 pages. STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- REVISED INDEXES OF DEPARTMENT STORE SALES AND ERNORS BEFORE SUBCOMMITTEE ON GENERAL STOCKS BY DISTRICTS. December 1951. 53 pages. CREDIT CONTROL AND DEBT MANAGEMENT, MARCH 11, 1952. April 1952. 4 pages. ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. January 1952. 11 pages. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. THE SECOND ARMAMENT BUDGET. February 1952. 6 pages. 9 pages. EXCESS PROFITS TAXES OF COMMERCIAL BANKS. MONEY AND CREDIT IN 1951. February 1952. 9 June 1952. 18 pages. pages. REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951. LATION X. June 1952. 18 pages. 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. BANKING IN THE SOVIET UNION. April 1952. 8 ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS pages. AND BUSINESSES. July 1952. 2 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE BALANCE SHEET OF AGRICULTURE, 1952. July 1952. SALES. April 1952. 4 pages. 14 pages. AUGUST 1952 965 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES S W ===== BOUNDARIES OF FEDERAL RESERVE DISTRICTS I BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis