Federal Reserve Bulletin, 1952-09

F E D E RA E S E R VE BULLETIN SEPTEMBER 1952 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. CONTENTS PAGE Postwar Use of Consumer Funds 967-973 1952 Survey of Consumer Finances: Part III. Income, Selected Investments, and Short-term Debt of Consumers 974-1001 Real Estate Credit 1002-1003 Law Department 1004-1011 Current Events and Announcements 1012 National Summary of Business Conditions. 1013-1014 Financial, Industrial, Commercial Statistics, U. S. (See p. 1015 for list of tables) 1015-1064 International Financial Statistics (See p. 1065 for list of tables) 1065-1083 Board of Governors and Staff:; Open Market Committee and StafT; Federal Advisory Council 1084 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 1085 Federal Reserve Board Publications 1086-1087 Map of Federal Reserve Districts. 1088 Subscription Price of Bulletin Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 38 September 1952 NUMBER 9 POSTWAR USE OF CONSUMER FUNDS Consumer spending and saving decisions food, clothing, and rent account for the were stabilizing factors in the economy dur- largest part of all consumer uses of funds. ing the second year of the defense emergency, Capital outlays for new homes, automobiles, offsetting in part the increasing diversion of and other durable goods are another imporoutput to national security purposes. During tant use of funds, as are transactions that add much of the first year after the outbreak of to consumer holdings of financial assets. hostilities in Korea, consumer spending Payment of personal taxes is now a substanadded to inflationary pressures in markets tial item. Finally, investments in their own for many goods and services. During the enterprises are a use of funds by proprietors second defense year consumer expenditures of farms and other unincorporated busifor nondurable goods and services kept pace nesses. Shifts in consumer preferences, parwith rising incomes, but purchases of new ticularly as between outlays for capital homes and of consumer durable goods were goods and additions to financial assets, have smaller than in the preceding 12 months and contributed greatly to postwar changes in the flow of consumer funds into financial general economic activity. assets was substantially larger. Consumer expenditures for new homes Consumer indebtedness of all types conand durable goods were large and generally tinued to increase from the high level outincreasing throughout the period July 1946 standing at the time of the Korean outbreak. through June 1950. Even during the mod- The growth in debt, however, was slower in erate recession of 1948-49, consumer capital the second defense year than in the first, and outlays declined less and recovered earlier was not much above the average for the four than business investment expenditures. For postwar years before June 1950. The increase the pre-Korean period as a whole, the value in consumer holdings of financial assets, on of consumer purchases of capital goods averthe other hand, was considerably greater aged almost three and a half times the rein the past year than in the earlier periods. stricted wartime rate. MOVEMENT TOWARD PREWAR PATTERNS Expenditures for nondurable goods and The ways consumers dispose of funds ob- services, which had increased in the war tained from personal income, borrowing, and period, rose further in early postwar years. sales of assets reflect a wide range of needs, The relative increase from wartime levels, preferences, and requirements. Expenditures however, was much smaller than the rise in for nondurable goods and services such as consumer outlays for capital goods, produc- 967 SEPTEMBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR USE OF CONSUMER FUNDS CONSUMER USES OF FUNDS, SELECTED PERIODS Principal differences in the pattern of [Percentage distribution] consumer use of funds before and after the July Year ending war were the substantially larger part of the 1946 June 30 Use 1938-41 1942-45through total paid out in personal taxes and the June 1950 1951 1952 P smaller part accounted for by purchases of nondurable goods and services. The rise in Personal taxes 3.4 10.1 9.4 10.4 11.6 Nondurable goods and personal tax payments, reflecting higher services 78.8 63.2 71.0 68.5 68.3 Durable goods 9.3 4.7 10.6 12.0 9.5 New homes 3.4 .8 3.2 4.5 3.6 income taxes carried over from the war Net increase in financial assets 5.0 16.0 4.8 4.1 5.9 period as well as higher levels of employ- Net increase in unincorporated business ment and income, brought the ratio of equities l (2) 5.2 (2) (2) .7 Other 3 (2) (2) .9 .5 personal taxes to total consumer uses of Total uses of funds .... 100.0 100.0 100.0 100.0 100.0 funds above 9 per cent from about 3.5 Annual average, in billions of dollars 81.3 157.7 212.6 253.8 271.8 per cent in the prewar years. The smaller proportion of funds used for P Preliminary. 1 Increase in business assets of farms and other unincorporated nondurable goods and services reflected businesses less depreciation of business assets and increase in business liabilities. Personal activities of farmers and other pro- mainly the relatively slow rise in utility prices prietors, such as payments of personal taxes, consumption expenditures, and increases in personal holdings of financial assets, are included with activities of other consumers in the appropriate and the continuation of rent controls in many lines of the table. 2 A net decrease (net source of funds to consumers) in this period. areas after the war. Expenditures for non- 3 Includes increases in assets of nonprofit organizations and statistical discrepancy (outlays not accounted for). durable goods rose rapidly in early postwar NOTE.—Columns may not add to 100 per cent because of rounding. Basic data from U. S. Department of Commerce and Secur- years, owing in part to sharp increases in ities and Exchange Commission, with supplementary estimates by Federal Reserve. food and apparel prices. In the four years after the war, purchases of food, clothing, tion of which had been cut back sharply and other nondurable goods averaged more during the war. In contrast to the high level than two and a half times prewar levels and of expenditures for capital goods, consumer were about the same relative share of all use of funds to acquire financial assets was consumer uses of funds as in prewar years. substantially below the high wartime rate. Consumer expenditures for services, al- The assets acquired included liquid assets though twice prewar levels, were a substansuch as currency and bank deposits, United tially smaller share of the total. States Government securities and savings and loan shares, and other financial claims PERSONAL CONSUMPTION EXPENDITURES, SELECTED PERIODS such as private insurance and pension re- IN CONSTANT (1939) PRICES serves, and corporate and municipal securi- [In billions of dollars] ties. Annual Year ending In important respects these postwar average June 30 changes brought the allocation of consumer Type of expenditure July 1946 funds closer to the pattern prevailing in 1938-41 1942-45through 1951 1952P June prewar years. As is shown above in the table, 1950 funds allocated to durable goods, new homes, Total expenditures.... 69.8 80.3 100.9 109.5 109.1 and financial assets respectively were about Durable goods 7.3 5.2 12.7 15.4 12.4 the same proportion of all consumer uses Nondurable goods... 36.5 44.1 50.0 52.0 53.7 Services 26.1 31.1 38.2 42.2 43.0 of funds in the four years preceding Korea P Preliminary. as they had been in the four years just before NOTE.—Details may not add to totals because of rounding. Basic data from U. S. Department of Commerce and Council of World War II. Economic Advisers; July 1946 through June 1950 estimates by Federal Reserve. 968 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR USE OF CONSUMER FUNDS Even after differential price movements decline as a share of all consumer uses of are taken into account, expenditures for non- funds. durable goods and services lagged behind In part, the increase in consumer expendiother postwar uses of consumer funds. As tures reflected the higher level of retail prices, is shown in the second table, purchases of but even in terms of constant prices the nondurable goods and services increased volume of new homes and durable goods approximately 40 per cent, in terms of con- purchased was considerably larger than in stant (1939) prices, while outlays for durable the previous year and well above the average goods rose some 75 per cent. The number for the four pre-Korean years. The correof new homes purchased increased almost sponding rise for nondurable goods and 90 per cent. services was much more moderate. Despite the increase in consumer spending IMPACT OF THE DEFENSE EMERGENCY and in personal tax payments, incomes and borrowing were sufficiently large to permit Invasion of South Korea in June 1950 consumers as a group to continue acquiring accelerated the increase in consumer expendifinancial assets at the relatively high rate of tures, particularly for items expected to be the preceding four years. most affected by military requirements. Consumer purchases of new homes and durable MODERATION OF DEMAND FOR HOMES goods, which had reached the highest point AND DURABLE GOODS of the pre-Korean period in the first half of 1950, rose sharply in the following three As the impact of anti-inflation measures months. Demand for durable goods abated applied by the Government became increasin the autumn of 1950, but increased again ingly felt throughout the economy, consumers altered their disposition of funds with news of military reverses toward the considerably. Reaction from earlier intensive end of the year and in the early months of buying and heavy borrowing, higher tax 1951. Peaks reached in the second round payments, and the effectiveness of restraints of spending were below those of the earlier on new borrowing were reflected in a decline buying period, and by the second quarter of in consumer expenditures for capital goods. 1951 purchases of durable goods had declined In the second year of Korean hostilities, these to about their immediate pre-Korean level. expenditures were about 15 per cent smaller For the entire first year after the invasion, than in the preceding year; they declined expenditures for new homes and durable from a sixth to about an eighth of all congoods amounted to 20 per cent more than sumer uses of funds. Expenditures for in the previous year and some 40 per cent nondurable goods and services increased more than the average for the preceding four somewhat, and were about the same proporyears. The increases were greater for new tion of all consumer uses of funds as in homes than for consumer durable goods and, the first year after the Korean invasion. in durable goods, they were more rapid for The proportion of consumer funds used to automobiles than for home furnishings. acquire financial assets rose sharply, as is Expenditures for nondurable goods and serv- shown in the chart on the following page, ices were 15 per cent above their average for and personal tax payments continued to inthe earlier postwar years, but continued to crease. SEPTEMBER 1952 969 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR USE OF CONSUMER FUNDS CONSUMER USES OF FUNDS assets and 3 billion of other financial claims, while their total indebtedness rose less than one billion dollars a year. This growth in financial wealth was an important factor enabling consumers to satisfy deferred demands in the postwar period as the production of homes, automobiles, and other durable goods expanded. Nevertheless, the record volume of spending in postwar years did not reduce aggregate consumer holdings of financial wealth. Con- 20 - 58 tinued high incomes and the availability of credit to finance purchases enabled consumers as a group to add moderately to liquid asset holdings and to acquire substantial amounts of other financial assets such Source.—Basic data from U. S. Department of Commerce and Securities and Exchange Commission, with some items as insurance reserves and corporate securities. estimated by Federal Reserve. "Other" includes net increase in unincorporated business equities. The major postwar shift in the financial Consumer expenditures for homes and activities of consumers has been the sharp durable goods, although smaller than in the increase in all types of borrowing, as is shown first year of Korean hostilities, represented in the chart on the opposite page. From a substantial dollar amount and physical mid-1946 to June of this year, mortgages and volume of purchases. Expenditures for durother liabilities incurred in purchases of able goods alone in constant (1939) prices, homes, goods, services, and securities inwhile down almost a fifth from the precedcreased almost 8 billion dollars a year, about ing 12 months, were almost as large as the a third less than the rise in their holdings of very high average for the four years precedall financial assets, but almost twice as much ing Korea. The number of new homes as additions to consumer holdings of liquid purchased in the second year of hostilities assets. was also about a fifth below the peak rate Service charges on this indebtedness infor the first defense year although about creased more rapidly than personal income a fifth above the average in earlier postwar or liquid assets. Rough estimates of required years. amortization and interest payments on all CHANGES IN FINANCIAL POSITION consumer liabilities indicate a tripling of Postwar shifts in consumer spending have annual debt service charges over the entire been reflected in a substantial adjustment in postwar period, an increase from about onethe financial position of consumers. War- twentieth of personal income soon after the time developments—high incomes, scarcities end of the war to about one-tenth in the first of consumer goods, and price controls—en- half of 1952. To some extent, these larger abled consumers to add substantially to their fixed charges replaced consumer expendiholdings of financial assets. From the end tures for comparable services; for example, of 1941 through 1945 consumers acquired mortgage amortization and interest paymore than 22 billion dollars a year of liquid ments were made in lieu of rental payments. 970 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR USE OF CONSUMER FUNDS GROWTH IN CONSUMER.FINANCIAL ASSETS AND LIABILITIES shares. Altogether, the growth of liquid and other financial assets amounted to some- , Billions'of Dollars Annual Averages Billions of Dollars 30 30 what more than 10 billion dollars a year and WAR PERIOD POSTWAR PERIOD 1942- 1945 July 1946 thru June 1952 exceeded the average increase in indebted- OTHER ness by more than a third. FIN A NCI At. ASSETS" First year of defense emergency. The flow of consumer funds into financial assets continued at a high rate in the first year after JJQUID ASSETS the invasion of Korea, but the composition of asset accumulation changed sharply. The increase in holdings of liquid assets—currency, bank deposits, Government securities, and savings and loan shares—amounted to only about one-third of the average annual increase in the preceding four years. The Source.—Federal Reserve estimates based pn data from U. S. smaller flow into liquid assets was largely Housing and Home Finance Agency, Securities and Exchange Commission, and others. attributable to reduced purchases and in- They also represented for some consumers creased redemptions of Government securia means of financing capital expenditures ties. Currency and demand deposit balances which could not easily have been made out of increased substantially, but time deposits current income or accumulated liquid asset were almost unchanged. Saving and loan holdings. shares continued to grow at about the pre- Postwar changes before Korea. A consid- Korean rate. erable part of the increase in consumer indebtedness occurred in the postwar years GROWTH IN CONSUMER FINANCIAL ASSETS, SELECTED PERIODS before the beginning of the defense emer- [In billions of dollars] gency. In the course of spending almost 120 Annual Year ending average June 30 billion dollars for new homes and durable goods from mid-1946 to mid-1950, consumers Type of asset July 1946 increased their indebtedness 30 billion dol- 1942-45 through 1951 1952P June lars, an average of 7.5 billion dollars a year. 1950 The increase in total liabilities during this Total financial assets * 25.2 10.2 10.5 16.1 period was almost twice the increase in con- Liquid assets 22.2 3.9 1.4 7.3 Currency and bank deposits. . 10.8 1.4 1.8 4.9 sumer liquid asset holdings, and estimated Savings and loan shares .7 1.3 1.5 2.6 U. S. Government securities. 10.7 1.2 -1.9 -.2 service charges on the growing indebtedness Other 3 1 6 3 9 1 8.8 rose faster than personal income or liquid Private insurance and pension reserves 3.4 4.6 5.7 5.7 Corporate securities 2 -.2 .2 1.2 2.0 asset holdings. In the same period, however, Other3 . .. i 1.5 2.2 1.1 consumers also added more than 6 billion P Preliminary. dollars a year in other financial assets—al- 1 Excludes estimated changes in financial assets owned directly by unincorporated businesses, nonprofit organizations, and credit most 5 billion in private insurance and pen- unions. Estimated changes in assets of self-administered pension plans are included in "private insurance and pension reserves." sion reserves, and more than a billion and a 2 Changes are calculated as purchases minus sales of securities in each period and do not measure the change in market value of half in other financial claims such as cor- sec 3 u I r n it c i l e u s d e h s e ld S . tate and local government securities, credit union shares, mortgages, and credit balances due from security dealers. porate securities, State and local government NOTE.—Details may not add to totals because of rounding. obligations, mortgages, and credit union Federal Reserve estimates based on data from Securities and Exchange Commission and others. 971 SEPTEMBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR USE OF CONSUMER FUNDS Consumer additions to other types of finan- used to acquire financial assets increased cial assets increased at well above earlier substantially. Almost half of the rise was rates. The flow of funds into private in- accounted for by increases in consumer holdsurance and pension reserves rose by a fourth, ings of liquid assets, as compared with only and consumer net purchases of corporate about one-eighth in the preceding 12 months. securities registered one of the largest 12- At midyear 1952, consumer holdings of month increases on record. All told, the liquid assets amounted to approximately 175 increase in financial assets exceeded 10 bil- billion dollars. In addition to the growth in lion dollars, about the same rate as the aver- these assets, private insurance reserves conage for the preceding four years. tinued to expand and another sharp rise occurred in net purchases of corporate secu- Reflecting the large volume of expendirities. The flow of consumer funds into all tures for homes and durable goods in this types of financial assets exceeded 16 billion period, consumer liabilities increased condollars. siderably, although somewhat less than Reduction in consumer expenditures for financial assets. Most of the rise in liabilities capital goods was accompanied by a slower occurred in the second half of 1950, and rate of growth in consumer indebtedness. brought a substantial increase in debt service Mortgages and other consumer liabilities charges. Personal tax payments also rose, increased 8 billion dollars, as compared with following the higher rates imposed in late more than 9 billion in the preceding year. 1950. Tax payments and debt service charges About one-seventh of the increase in liabilitogether amounted to approximately oneties was attributable to the rapid rise in confourth of personal income in the first half sumer instalment credit, largely for the purof 1951 as compared with about one-fifth in chase of automobiles and other durable the half year before the Korean invasion. goods, following suspension of Regulation Income after taxes and debt servicing in- W early in May of this year. creased, but no more than the prices of goods Financing patterns. Postwar changes in and services purchased by consumers. the disposition of consumer funds and the Second defense year. In the second year methods by which expenditures were of the defense emergency, consumer emphafinanced have modified the structure of sis shifted from the purchase of capital goods consumer indebtedness. Changes were printo the acquisition of financial assets. Prior cipally in the source of funds rather than the satisfaction of the most urgent demands for purpose of borrowing, as is shown in the consumer capital goods and the attendant table on the following page. rise in consumer liabilities were important Mortgages accounted for some 70 per cent factors underlying the shift. More immediof the 77 billion dollars owed by consumers ate considerations were the continued availaat mid-1952, a slightly larger proportion bility of most types of consumer goods dethan at the end of World War II. Consumer spite threatened shortages and the restraints credit to finance purchases of goods and exerted on credit financing of homes and services represented more than a quarter of durable goods. the indebtedness at mid-1952 as compared Expenditures for new homes and durable with a fifth at the end of 1945. Loans to goods fell well below those of the previous finance purchases of securities, which deyear, while the amount of consumer funds clined after the last war loan drive in 1945, 972 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR USE OF CONSUMER FUNDS INDEBTEDNESS OF CONSUMERS, SELECTED DATES one-half in December 1945. The relative [Estimated amounts outstanding, in billions of dollars] share owed to other lenders, such as merchants, security dealers, and finance com- December 31 June 30 Type of debt and panies, has dropped accordingly, although creditor 1939 1945 1946 1950 1951 1952? the dollar amount owed to such lenders has Total indebtedness l. 21.5 27.7 29.8 59.6 68.9 76.8 doubled since the end of the war. The For purchase of: growth of consumer borrowing from finan- Real estate 12.5 18.8 20.5 39.3 46.9 53.1 Goods and services 7.0 5.6 6.7 17.7 19.3 21.0 cial institutions reflects the increasing share Other 2.0 3.3 2.6 2.6 2.7 2.7 of residential real estate credit supplied by Type of creditor: Financial institu- institutional lenders. In the 12 months endtion 2 10.6 15.5 38.9 46.4 52.4 Other 10.9 12.2 20.7 22.5 24.4 ing in June 1952, these lenders supplied P Preliminary. about 75 per cent of the net funds borrowed 1 Categories of indebtedness refer to the principal purpose for which loans were obtained. Real estate debt excludes estimated by consumers. amounts of mortgages on 1- to 4-family dwellings owed by other than owner-occupants. Debt incurred in purchases of goods and Financial institutions not only supply the services is the Federal Reserve series on total consumer credit. Other indebtedness includes security loans owed to banks and bulk of consumer financing but also receive security brokers and dealers, and share loans owed to savings and loa 2 n I n a c s l s u o d c e ia s ti c o o n m s. mercial and mutual savings banks, life insurance most of the consumer funds applied to financompanies, credit unions, and savings and loan associations. 3 Data not available. cial uses. The flow to institutions in the Source.—Federal Reserve estimates, based on data from U. S. Housing and Home Finance Agency, Securities and Exchange form of deposits, net premium payments, Commission, and others. and share purchases exceeded 13 billion dolhave increased little in recent years. In lars last year, or more than four-fifths of all June 1952 they represented less than 4 consumer financial uses of funds. This per cent of all consumer liabilities. proportion has increased in recent years. The share of consumer debt held by finan- The flow of consumer funds into other financial institutions—banks, life insurance com- cial uses has also increased, but less sharply panies, savings and loan associations, and than the flow to financial institutions. Recredit unions—has grown substantially since ductions in holdings of United States Govthe end of the war. It amounted to more ernment securities have partly offset subthan two-thirds of all consumer liabilities in stantial additions to consumer holdings of June 1952 as compared with little more than corporate securities. SEPTEMBER 1952 973 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES Part III. Income, Selected Investments, and Short-term Debt of Consumers1 This article presents survey information on creased. Consumers in the upper half of the scale changes over the postwar period in the income, also had increases in income but tended to add to selected investments, and short-term debt of con- their other investments rather than to liquid assumers. The picture of changes in consumer finan- sets. cial positions shown by these data, although far The Consumer Finances Survey made early this from complete, helps to clarify many phases of year showed that more than half of total conconsumer finances. sumer holdings of corporate stock, nonfarm businesses, and real estate other than homes was owned The largest increases in income in the postwar by spending units with incomes of $5,000 or more. period appear to have taken place among con- This group represented about one-fifth of all sumers in the middle section of the income scale. spending units and received nearly half of aggre- According to survey data, the income of this gate income. segment of the population was nearly 40 per cent Postwar expansion of durable goods purchases higher in 1951 than in 1946, a somewhat larger has resulted in a sharp rise in consumer shortincrease than the rise in prices and Federal income term debt. Survey data indicate that plans to buy taxes in this period. Consumer groups at the top consumer durable goods in 1952 were relatively and bottom of the income scale apparently did not more frequent among spending units that owed have this large an increase. On the average, there considerable amounts than among spending units seems to have been little change in the real income with no short-term debt. of consumers in the five years referred to, although money income rose during that period. The INCOME increase in national defense needs in recent years has been met by a growth in the total output of Continued expansion of economic activity in 1951 the economy without a reduction in real incomes. and a higher average price level than in 1950 con- The rise in consumer money income before tributed to a 19 billion dollar increase in consumer taxes since the end of the war has been greater, money income before taxes, on the basis of survey data.2 This substantial increase was widely disrelatively, than the expansion in consumer holdings of liquid assets, which had increased greatly in the Survey data indicate that aggregate consumer income rose war period. Consumers in the lower half of the from 183 billion dollars in 1950 to 202 billion in 1951, income scale generally increased their liquid as- roughly the same percentage increase shown by Department of Commerce estimates when adjusted to the survey unisets at about the same rate as their incomes inverse and definition of income. In both years, the figures obtained by the survey amounted to more than 90 per cent 1 This is the third and last of a series of articles presenting of the Commerce Department estimate. the results of the Board of Governors' 1952 Survey of Con- 3 The interview unit of the survey is the spending unit, sumer Finances. The first article in the series, covering the defined as all persons living in the same dwelling and begeneral financial position, expectations, and investment pref- longing to the same family who pool their incomes to meet erences of consumers, appeared in the July BULLETIN. The their major expenses. The estimated number of spending second article, devoted to durable goods expenditures in units in the survey population as of February 1 of each year 1951 and buying plans for 1952 and 1953, appeared in the was 53.1 million in 1952, 52.0 million in 1951 and in 1950, August BULLETIN. Discussion of the sampling procedure 50.6 million in 1949, 49.0 million in 1948, 46.6 million in and limitations of the survey is given in a technical note to 1947, and 46.0 million in 1946. the first article. The estimated number of family units, which include all The present article was prepared by Irving Schweiger and related persons living in the same dwelling, was 47.0 million John Frechtling of the Consumer Credit and Finances Sec- in 1952, 45.9 million in 1951, 45.2 million in 1950, 44.0 tion of the Board's Division of Research and Statistics. A million in 1949, 42.6 million in 1948, 40.8 million in 1947, close working relationship is maintained with the staff of and 39.8 million in 1946. the Survey Research Center at all stages of the work and It should be kept in mind that data on income changes this analysis has had the benefit of suggestions from the rely upon the respondents' recollection of income for a period Center's staff, particularly John B. Lansing, Harold Guthrie, covering two years and are therefore subject to considerable and Eva Mueller. memory error. 974 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 1 INCOME GROUPING OF SPENDING UNITS AND OF TOTAL MONEY INCOME BEFORE TAXES * [Percentage distribution] 1951 1950 1949 1948 Money income before taxes Sp u e n n i d ts ing i m n T c o o o n t m a e l y e Sp u e n n i d ts ing i m n T c o o o n t m a e l y e Sp u e n n i d t i s ng i m n T c o o o n t m a e l y e Sp u e n n i d ts ing i m n T c o o o n t m a e l y e Under $1,000.. . . 13 1 13 2 14 2 12 2 $l,00O-$l,999. . . 15 6 17 7 19 9 18 8 $2,000-$2,999. . . 18 12 19 13 21 16 23 16 $3,00Q-$3,999. . . 18 16 19 18 19 19 20 20 $4,000-$4,999. . . 15 17 12 16 11 15 12 15 $5,000-$7,499. . . 14 22 14 23 11 19 10 17 $ $1 7 0 ,5 ,0 0 0 0 0 - $ a 9 n , d 9 9 o 9 v . e . r . 3 4 26 3 3 21 2 3 20 3 2 All cases.... 100 100 100 100 100 100 100 Median income 2, $3,200 $3,000 $2,700 $2,840 Mean income 3... $3,820 $3,520 $3,270 $3,450 1 Income data for each year are based on interviews during January, February, and early March of the following year. 2 Median income is that of the middle spending unit in a ranking of all units by size of income. 3 Mean income is the average obtained by dividing aggregate money income before taxes by number of spending units. tributed. About 27 million or more than half of income between 1950 and 1951 (see Table 2). The the approximately 53 million spending units in the only other major occupational grouping with a population received higher incomes in 1951 than substantial increase over 1950 in both median and in 1950. This was as large as any corresponding mean income was the skilled and semiskilled proportion found in the postwar period. Lower workers. In most of the other major occupational incomes in 1951 were received by nearly 9 million groups gains were not distributed evenly. Unskilled spending units.3 and service workers were the only group with no The effect of these changes was to raise the in- increase in either measure of average income in come of the median (middlemost) spending unit 1951 compared with 1950. from $3,000 in 1950 to $3,200 in 1951. Mean in- In the postwar period, changes in money income come (arithmetic average for all spending units) have varied considerably among occupations both rose from $3,520 to $3,820, as is shown in Table 1. in timing and in amount. Entrepreneurial groups, Survey data indicate that spending units headed self-employed and managerial persons and farm by managerial and self-employed persons had the operators, reached income peaks early in the largest dollar increases in both median and mean postwar period as prices rose very rapidly. De- TABLE 2 MEAN AND MEDIAN INCOMES WITHIN OCCUPATIONAL GROUPS Mean income * Median income 2 Occupation of head of spending unit 1951 1950 1949 1948 1947 1946 1951 1950 1949 1948 1947 1946 All spending units $3,820 $3,520 $3,270 $3,450 $3,290 $2,870 $3,200 $3,000 $2,700 $2,840 $2,530 $2,300 Professional and semiprofessional 6,020 5,630 5,350 5,140 5,450 4,940 4,500 4,500 4,000 4,000 4,000 4,000 Managerial and self-employed. . . 7,100 5,790 5,630 6,300 6,730 5,920 4,780 4,500 4,500 4,500 4,500 3,700 8 960 6,580 5,960 (3) (3) (3) ,350 4,950 (3) (3) (3) Self-employed 5,820 5,330 5,400 (3) 4,180 4,100 (3) (3) (3) Clerical and sales 3,920 3,910 3,260 3,350 3,220 2,900 3,410 3,200 2,800 3,000 9,900 9,600 Skilled and semiskilled 3,970 3,530 3,350 3,470 3,120 2,820 3,800 3,600 3,200 3,300 3,000 2,700 Unskilled and service 2,320 2,350 2,200 ,280 1,900 1,730 7,100 2,100 2,100 7,100 1,750 1,600 Farm operator 2 660 2,480 2,570 9,690 2,080 1,890 1,880 1,900 1,500 ,800 1,500 1,300 Other4 2,330 2,020 2,040 2,030 2,010 1 Mean income is the average obtained by dividing aggregate money income before taxes by number of spending units. 2 Median income is that of middle spending unit when units are ranked by size of money income before taxes. 3 Data not available. 4 Includes spending units headed by housewives, protective service workers, unemployed persons, and students. SEPTEMBER 1952 975 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 3 PERCENTAGE OF TOTAL MONEY INCOME BEFORE TAXES RECEIVED BY EACH TENTH OF THE NATION'S SPENDING UNITS WHEN RANKED BY SIZE OF INCOME 1 Spending units By each tenth Cumulative Lowest income within group ranked by size of income before taxes 1951 1950 1949 1948 1947 1951 1950 1949 1948 1947 1951 1950 1949 1948 1947 Highest tenth 31 29 30 31 33 31 29 30 31 33 $6,600 $6,210 $5,800 $6,000 $5,700 Second 15 15 15 15 15 46 44 45 46 48 5,060 4,950 4,500 4,500 4,200 Third 12 13 12 12 12 58 57 58 58 60 4,330 4,080 3,760 3,750 3,500 Fourth 10 11 11 10 10 69 68 68 68 70 3,700 3,550 3,200 3,200 3,000 Fifth 9 9 9 9 9 78 77 78 76 78 3,200 3,000 2,700 2,840 2,530 Sixth 8 8 8 8 7 85 85 85 84 86 2,660 2,510 2,290 2,400 2,100 Seventh 6 6 6 6 6 92 91 91 90 91 2,090 1,990 1,810 2,000 1,700 Eighth 5 5 5 5 4 96 96 96 95 96 1,450 1,430 1,280 1,500 1,200 Ninth 3 3 3 3 3 99 99 99 99 99 850 830 710 860 750 Lowest tenth 1 1 1 1 1 100 100 100 100 100 (2) (2) (2) (2) (2) 1 Income data for each year are based on interviews during January, February, and early March of the following year. It is possible that the proportion of income received by the highest tenth of income receivers is underestimated by several percentage points in all years. Because samples of approximately 3,500 spending units have been used in these surveys, it cannot be expected that a completely representative sample of the highest dollar incomes was obtained. 2 Data not available. NOTE.—Detailed figures may not add to cumulative totals because of rounding. dines in average income for each of these groups smallest increases in mean income before taxes in set in thereafter and continued until 1951, when this five-year span, approximately 20 per cent, their incomes again rose substantially. Survey were indicated for the self-employed and mandata suggest that in 1951 their mean incomes were agerial group combined and the professional and still slightly below the peaks reached by self-em- semiprofessional group. ployed businessmen in 1947 and by farm operators Distribution of income. The shift toward a more in 1948. even distribution of money income before taxes Incomes of other occupations changed more that had taken place in the previous three years slowly but more steadily than entrepreneurial in- apparently did not continue in 1951 (see Table 3). comes. The steadiest rate of increase was found Survey data indicate that there was little change among skilled and semiskilled workers. In all, from 1950 to 1951 in the shares of income received the average of this group rose from $2,820 in 1946 by each income tenth of the population. to f 3,970 in 1951, an increase of about 40 per cent. Survey data also provide information on the This was the largest percentage rise of any major average income of each income tenth of the populaoccupational group during this period. The tion during the entire postwar period (see Table 4). TABLE 4 AVERAGE INCOME OF EACH TENTH OF NATION'S SPENDING UNITS WHEN RANKED BY SIZE OF INCOME WITH PERCENTAGE INCREASE SINCE 1946 Average money income before taxes 1 Percentage increase since 1946 Spending units ranked by size of income 1951 1950 1949 1948 1947 1946 1951 1950 1948 1947 Highest tenth $11,710 $10,090 $9,740 $10,660 $11,020 $9,100 29 11 7 17 21 Second 5,750 5,430 5,070 080 4,870 4,240 36 28 20 20 15 Third 4,720 4,470 4,090 110 3,850 3,420 38 31 20 20 13 Fourth 4,030 3,820 3,460 490 3,260 2,920 38 31 18 20 12 Fifth 3,460 3,270 2,970 040 2,800 2,500 38 31 19 22 12 Sixth 2,940 780 2,520 590 2,340 2,130 38 31 18 22 10 Seventh 2,410 230 2,030 180 1,910 1 ,740 39 28 17 25 10 Eighth 1,790 700 1,540 730 1,450 1,340 34 27 15 29 8 Ninth 1,120 130 1,010 140 1,020 900 24 26 12 27 13 310 340 260 480 390 410 -24 -17 -37 17 -5 Lowest tenth 2. . . 460 490 410 540 ( All spending units 3,820 3,530 3,270 3,450 3,290 2,870 33 23 15 » Average (mean) income has been computed for each income tenth (decile) as well as for whole population. Sampling error, which was approximately $180 for whole population, is not yet available for individual tenths. It will be much larger than $180 for the highest tenth and much smaller for the middle tenths. 2 Negative incomes caused by farm or business losses are included in upper line and excluded in lower line. * Data not available. 976 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES It should be noted that these comparisons are use- that average real income was about the same in ful primarily as guides to major trends since they both years. Some small gain appears to have been are subject to a sizable sampling error, especially realized, however, among middle income groups, at the top and bottom of the income scale. It is or, in 1951 figures, among the half of all spending also worth noting that many spending units shift units with incomes between $2,660 and $5,060. from one income tenth to another from year to Disposable income. With about 10 per cent of year. An indication of the movement of in- consumer income allocated to the payment of Feddividual spending units up and down the income eral income taxes, it is useful to ascertain the inscale between 1950 and 1951 is provided in Sup- cidence of this tax. From the data provided by the plementary Table 1 at the end of this article. survey, it is possible to estimate in rough fashion From 1946 through 1951, the average income of the Federal personal income tax liability for each all spending units in the population increased from spending unit. The estimates are computed on the $2,870 to $3,820 or somewhat more than 30 per basis of money income before taxes, the size, cent. The increase was largest, amounting to composition, and age of each spending unit, and nearly 40 per cent, at the middle part of the dis- the number of persons not living in the dwelling tribution. Less than average increases took place occupied by the spending unit who were dependent both at the top and the bottom. The average in- on the spending unit for support. come of the lowest tenth actually declined, owing It should be stressed that these income tax estipartly to a greater volume of farm and nonfarm mates are only approximations; that they refer not business losses in 1951. Less frequent doubling up to payments but to liabilities, apart from those on of members of low income families as the housing capital gains or losses; and that State and local insituation improved in the postwar period, and the come taxes are not included.4 In part because of consequent breaking up of spending units, also lack of information concerning deductions larger tended to lower the average income of the bottom than the standard minimum, the estimates of tax income group. Despite the fact that the highest liabilities tend to be somewhat high. tenth had the largest percentage rise in average in- Rising incomes as well as higher tax rates come between 1950 and 1951, this grouping had a were reflected in a substantial increase in tax smaller percentage increase in average income from liabilities in 1951. Approximately the same pro- 1946 through 1951 than the next lower seven-tenths portion of spending units (7 in every 10) had some of the population. tax liability in 1951 as in 1950 but the amount of Increases in money income before taxes, how- the tax was considerably larger in 1951. As can ever, do not necessarily mean gains in purchasing be seen in Table 5, tax liabilities of $500 or more power. Consumer prices have also risen substan- were indicated for 25 per cent of all spending units tially since 1946 and income taxes have been low- in 1951 compared with 16 per cent in 1950. The ered and then raised. The net effect of these distribution of the tax load in 1951 among the price and tax changes is difficult to measure but various income fifths appears to have been similar some approximation of over-all changes in real to that in 1950. In both years the fifth of the income appears possible. spending units with the largest incomes obtained According to the Consumers' Price Index of the somewhat less than half of total income before Department of Labor, the average price of goods and taxes and accounted for about two-thirds of total services bought by consumers with moderate in- Federal income taxes (see Table 6). comes in large cities was 33 per cent higher in 1951 Income after taxes (disposable income) was of than in 1946. The average income of all spending course lower than income before taxes. Taxes units rose by about this same percentage. Federal 4 For a detailed description of the method of estimating personal income tax payments appear to have ab- tax liability and disposable income from survey data, see sorbed slightly more than 10 per cent of income be- Federal Reserve BULLETIN, August 1950, pp. 961-62. The U. S. Department of Commerce estimates disposable fore taxes in 1951 and slightly less than 10 per cent income for its national income series by deducting from perin 1946, according to Department of Commerce sonal income actual Federal personal income tax payments data. The difference is sufficiently small on the (not liabilities), including taxes on capital gains and losses. The deductions also include other tax and nontax payments average to be ignored without seriously affecting to governments, chief of which are Federal estate and gift the analysis. These over-all comparisons indicate taxes and State and local personal tax and nontax payments. SEPTEMBER 1952 977 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

19 52 SURVEY OF CONSUMER FINANCES TABLE 5 ESTIMATED FEDERAL PERSONAL INCOME TAX LIABILITY OF SPENDING UNITS WITHIN INCOME GROUPS [Percentage distribution of spending units] t Money income before taxes Estimated tax All income Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 liability J groups $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 None 31 32 91 95 68 63 34 34 13 12 3 4 2 m 1 (;> $l-$49 3 5 8 4 4 8 6 10 3 5 1 3 1 $5O-$99 .. 4 7 1 1 8 13 6 5 10 13 2 3 (2) 1 (") $100-$199 10 12 14 16 19 18 18 22 6 13 2 3 1 $200-$499 27 28 6 35 33 48 47 57 60 18 33 1 $50O-$999 18 12 8 1 31 17 71 61 14 24 $l,000-$l,999. . . 5 3 7 1 57 53 $2,000-$4,999. . . 1 1 16 15 $5,000 and over. 1 10 7 Not ascertained. "(2)" "oo" All cases.... 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases.2,820 3,415 279 418 358 514 454 567 482 601 424 441 490 538 333 294 1 No adjustment for capital gains or losses, which are excluded from money income. 2 No cases reported or less than one-half of 1 per cent. TABLE 6 DISTRIBUTION OF CONSUMER INCOME AND INCOME TAX BY INCOME QUINTILES [Per cent] Money income Federal personal Disposable before taxes income tax 2 income 3 Spending units ranked by size of income l 1951 1950 1949 1951 1950 1949 1951 1950 1949 Highest Quintile 46 44 45 68 65 68 42 42 43 Second 23 24 23 17 19 17 24 24 24 Third 16 17 17 10 10 9 18 18 17 Fourth 11 11 11 5 5 5 12 12 12 Lowest quintile 4 4 4 (4) 1 1 4 4 4 All cases 100 100 100 100 100 100 100 100 100 1 Annual money income before taxes. 2 Estimated Federal personal income tax liability, without adjustment for capital gains or losses, which are excluded from money income. 3 Money income less estimated Federal personal income tax liability. 4 Less than one-half of 1 per cent. TABLE 7 DISPOSABLE INCOME GROUPING OF SPENDING UNITS AND OF TOTAL DISPOSABLE MONEY INCOME [Percentage distribution] 1951 1950 1949 1948 Disposable income Total Total Total Total Spending disposable Spending disposable Spending disposable Spending disposable units money units money units money units money income income income income Under $1 000 13 2 13 2 15 2 12 2 $l,000-$l,999 17 7 19 9 21 11 21 10 $2,OOO-$2 999 20 15 21 16 23 19 25 20 $3,000-$3,999 20 21 20 22 18 21 19 21 $4 0Q0-$4 999 14 18 13 17 11 16 11 15 $5,OOO-$7 499 12 20 10 19 8 16 8 15 $7,500 and over 4 17 4 15 4 15 4 17 All cases 100 100 100 100 100 100 100 100 Median disposable income $2,970 $2,850 $2,600 $2,700 Mtean disposable income $3,390 $3,220 $3,000 1 Data not available. 978 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES lowered median income to $2,970 from $3,200 over-all consumer balance sheet, and the asset items, and mean income to $3,390 from $3,820 (see Tables except for liquid assets, are types held by relatively 1 and 7). few consumers. The proportions of spending units The progressive Federal income tax reduced the owning directly the several types of business inproportion of total income obtained by the highest vestments range from 7 per cent for corporate income tenth in 1951. The share was reduced stock to 14 per cent for real estate other than from 31 per cent for the highest tenth before taxes owner-occupied houses. Survey data indicate, howto less than 28 per cent for the highest tenth after ever, that the overlap in these investments is not subtaxes (see Table 8). stantial and that roughly 3 in every 10 spending units own one or more of these four types of busi- TABLE 8 ness assets. Assets not covered include equity in PERCENTAGE OF TOTAL MONEY INCOME RECEIVED BY EACH owner-occupied housing and in life insurance and TENTH OF THE NATION'S SPENDING UNITS WHEN pension reserves, which are widely held. A fuller RANKED BY SIZE OF INCOME report on the net worth of consumers as of early 1950 was published in the December 1950 Federal Money income Money income after Spending units be i f n o c r o e m F e ed ta e x ral F (d e i d s e p r o a s l a b i l n e c o i m nc e o m ta e x )2 Reserve BULLETIN. ran o k f e i d n co by m e s ! ize Liquid assets. The number of spending units 1951 1950 1949 1951 1950 1949 owning some liquid assets (denned as United States Government bonds, savings and checking accounts, Highest tenth 31 29 30 28 27 28 Second 15 15 15 15 15 15 and shares in savings and loan associations and F T o h u ir r d th 1 1 2 0 1 1 3 1 1 1 2 1 1 1 3 1 1 1 3 1 1 1 3 1 credit unions; but excluding currency) in early 1952 Fifth 9 9 9 9 10 9 is estimated at 37 million, roughly 1 million less Sixth 8 8 8 8 8 8 Seventh 6 6 6 7 7 7 than the postwar peak in early 1951, although about Eighth 5 5 5 5 5 5 Ninth 3 3 3 3 3 3 3 million more than in early 1946. Growth in the Lowest tenth. 1 1 1 1 1 1 number of spending units between early 1946 and All cases . . . . 100 100 100 100 100 100 1952, which resulted in part from undoubling in 1 Ranking based on size of money income before or after tax, as housing accommodation, also made possible an inind 2 i c N a o te d a d b ju y s t t m he e n c t o lu fo m r n c a h p e i a ta d l i n g g a s i . ns or losses, which are excluded crease from 12 to 16 million in the number without from money income figures. For method of estimating disposable any of the types of liquid assets surveyed. income, see "Distribution of Consumer Income in 1949," Federal Reserve BULLETIN, August 1950, pp. 961-62. A slight decline in 1951 in the proportion of spending units owning liquid assets renewed a Additional information concerning sources of income, composition of income groups, income by TABLE 9 regions, and disposable income, as well as some survey information about family income, is pre- SIZE OF LIQUID ASSET HOLDINGS OF SPENDING UNITS * sented in Supplementary Tables 2-16 at the end [Percentage distribution of spending units] of this article. Size of holding 2 1952 1951 1950 1949 1948 1947 SELECTED INVESTMENTS Zero 31 28 31 29 27 24 The 1952 survey obtained information on selected $1-$199 17 16 16 16 15 14 $200-$499 13 14 11 13 13 12 components of the balance sheets of consumers. $500-$999 9 11 10 11 12 14 $l,000-$l,999 . 10 12 10 11 12 14 These included liquid assets, corporate stock, in- $2,000-$4,999 12 11 13 12 12 14 $5,000-$9,999 5 5 6 5 5 5 vestment in farm or nonfarm business, real estate $10,000 and over 3 3 3 3 4 3 other than owner-occupied houses, and short-term All cases 100 100 100 100 100 100 consumer debt. The survey brings up to date Median holding: information on liquid assets and on the major All units $230 $300 $250 $300 $350 $470 All units with assets $720 $710 $810 $790 $820 $890 types of business investment through which consumers help to determine the character and the 1 Liquid asset groupings refer to holdings on Jan. 1, 1952 and it time of interviews in January, February, and early March of functioning of the economy. It also furnishes for vfT-io-r \raoro i n ri 100 f £ir1 the first time crude estimates of the distribution of ownership of certain of these assets. vings ana loan associations anu creuit unions, cxcuirjesj curncy. Data for 1949 do not include shares in credit unions, which The items covered represent only part of the e relatively small in aggregate amount and not likely to affect SEPTEMBER 1952 979 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 10 LIQUID ASSET HOLDINGS WITHIN INCOME GROUPS [Percentage distribution of spending units] All spending units Money income before taxes2 Size of holding l 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 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 Zero 31 28 60 53 48 46 41 32 24 24 17 13 11 5 2 $l-$499 30 30 17 24 25 29 31 33 40 38 35 34 34 28 11 $500-$l,999 19 23 11 13 15 16 16 23 19 24 27 32 26 31 25 27 $2 000-$4 999 12 11 6 6 7 5 9 8 11 10 17 15 19 20 24 25 $5,000 and over 8 8 6 4 5 4 3 4 6 4 4 6 10 16 38 40 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 2,820 3,415 278 418 359 514 455 567 482 601 424 441 490 538 332 294 1 Liquid asset data are based on interviews in January, February, and early March of years indicated. In 1952 respondents were asked for their balances on Jan. 1, 1952; in the earlier survey for balances at the date of interview. Liquid assets include all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions. Excludes currency. 2 Income groups refer to money income before taxes in year prior to year indicated. 3 No cases reported or less than one-half of 1 per cent. postwar trend which had been interrupted only some increase in the frequency with which large in 1950. The decline, from 72 to 69 per cent of all amounts of liquid assets ($2,000 or more) were spending units, brought the proportion to about reported by low and middle income groups (less the same figure as in early 1950 (see Table 9). than $5,000). This development was reflected in There was a small increase, however, in the aver- an increase in the share of total assets accounted for age liquid asset holding. by the three-tenths of the population with the lowest The proportion of consumers owning liquid incomes (see Table 11). This continued a trend assets declined at almost all income levels in 1951 in which this group has increased its share of total (see Table 10). Nevertheless, there appeared to be liquid assets from 11 per cent in early 1946 to 16 per cent at the beginning of this year, the largest for any postwar year. In part, this trend has re- TABLE 11 sulted from an increase at these income levels in the number of retired persons with sizable amounts of PROPORTION OF LIQUID ASSETS HELD BY EACH TENTH OF THE liquid assets. The number of businessmen with NATION'S SPENDING UNITS WHEN RANKED BY SIZE OF INCOME * temporarily low incomes but relatively large liquid assets has also tended to increase as business con- Spending units Percentage of liquid assets ditions have become more competitive. ranked by money income The only occupational group to show a substanbefore taxes 1952 1951 1950 1949 1948 1947 tial increase in its median liquid asset holding in Highest tenth . ... 39 36 35 44 43 39 1951 was the managerial and self-employed group Second 11 15 13 11 14 15 (see Table 12). This increase was consistent with Third 9 10 10 9 8 9 Fourth 8 6 8 8 7 7 the fact that this group also had the largest increase Fifth 7 7 8 6 5 7 Sixth 5 6 6 6 6 7 in income during 1951. Seventh 5 6 7 6 4 5 Eighth 5 5 5 3 4 4 Relation of liquid assets to income. Since con- Ninth 5 4 4 4 4 4 Lowest tenth 6 5 4 3 5 3 sumer income grew more rapidly than consumer All cases 100 100 100 100 100 100 holdings of liquid assets in the postwar period, there was a substantial decline in the ratio of con- 1 Liquid asset data refer to holdings on Jan. 1, 1952 and at time of interviews in January, February, and early March of other years sumer liquid assets to money income before taxes. indicated. Spending units are ranked in order of their incomes It is useful to examine data obtained by successive in year prior to year specified. 980 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 12 TYPE AND SIZE OF LIQUID ASSET HOLDINGS WITHIN OCCUPATIONAL GROUPS 1 [Percentage distribution of spending units] P a ro n f d e s s s e io m n i a - l M a a n n d a g s e e r lf i - al Cl a e n ri d cal Sk a i n ll d ed Uns a k n i d lled Farm Retired Type and size of holding professional employed sales semiskilled service operator 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 All types:2 Zero 10 6 12 10 18 14 32 31 54 47 31 28 42 36 $l-$499 35 29 25 31 37 41 34 33 29 27 25 27 9 17 $500-$l 999 23 33 23 27 26 27 20 23 12 17 20 23 14 18 $2,000-$4,999 18 18 18 16 13 10 11 9 4 7 14 13 15 16 $5,000 and over 14 14 22 16 6 8 3 4 1 2 10 9 20 13 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 U. S. savings bonds (series A-F): 3 Zero 50 40 47 46 55 50 61 59 84 77 62 62 61 62 $l-$499 28 30 24 24 31 33 24 26 13 17 22 23 15 16 $500-$l,999 11 19 16 16 11 12 12 11 2 4 11 9 12 12 $2,000 and over 11 11 13 14 3 5 3 4 1 2 5 6 12 10 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Savings accounts (in banks only):4 Zero 38 38 54 54 41 39 54 53 65 62 82 79 67 61 $l-$499 27 18 17 15 31 34 25 24 23 19 6 8 4 11 $500-$l 999 18 28 9 15 18 16 12 15 10 12 5 6 11 10 $2,000 and over 17 16 20 16 10 11 9 8 2 7 7 7 18 18 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Checking accounts: Zero 31 26 28 27 55 55 73 74 86 86 38 38 65 62 $l-$499 . .. 42 51 30 41 33 35 19 21 11 11 25 30 13 19 $500-$l,999 19 18 26 22 9 7 7 4 2 2 23 22 13 13 $2,000 and over 8 5 16 10 3 3 1 1 1 1 14 10 9 6 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Median asset holdings $700 $1,020 $1,140 $860 $370 $400 $150 $200 0 $20 $300 $290 $410 Number of cases 273 269 364 485 430 477 780 902 280 289 215 388 178 219 1 Liquid asset data refer to holdings on Jan. 1. 1952 and at time of interviews in January, February, and early March of 1951. 2 Includes all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions. Excludes currency. 3 BBonds recently purchased included at purchase price; others estimated at 86 per cent of maturity value in 1952 and 83 per cent iinn 11O9C4 51 E 1 x . cludes postal savings and shares in savings and loan associations and credit unions. 5 Data not available. surveys for any light they may shed on this aspect rate of personal saving in 1951 and 1952 was acof consumers' financial positions.5 companied by an increase in the flow of saving A high rate of personal saving during the war into liquid types of assets, although the percentcontributed to a very sharp expansion in liquid age increase in liquid assets was still less than that asset holdings by individuals. At the end of the for personal income. war, the ratio of liquid assets to income for individ- Survey data indicate that since 1948 the decline uals was probably at a record high for modern times. In the postwar period, a lower rate of per- It is necessary to caution that the survey findings based sonal saving, at least until 1951, and substantial on the relationship of two aggregates are subject to very net investment by individuals in other types of large sampling and reporting errors. The over-all trend assets, tended to keep the increase in personal liquid regarding the ratio of liquid assets to money income before taxes shown by the survey data is in general conformity asset holdings to a small figure. The rise in the with ratios indicated by independent aggregate data, although tending to overstate the decline. 5 In this article, liquid assets are related to money income Available evidence indicates that the total of consumer before taxes. The survey data regarding liquid assets differ liquid asset holdings obtained by the survey amounts to in several respects from roughly similar material presented in roughly two-thirds of a comparable aggregate estimated from the leading article of this BULLETIN. Important among these Treasury and banking statistics. This comparison is not at differences is the fact that survey data exclude, and the lead- all precise. Differences in coverage and in concepts between ing article includes, consumer holdings of currency and all the two types of estimates may account for some part of the liquid assets held in personal trust accounts. difference. SEPTEMBER 1952 981 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 13 their increased investment in farm and nonfarm business, in corporate stock, and in real estate. RELATION OF AGGREGATE LIQUID ASSETS TO AGGREGATE This increase reflected the changes in investment INCOME preferences at various income levels as reported Aggregate liquid assets as a in the July BULLETIN. In broad terms, high income percentage of aggregate money Group income before taxes : groups ($5,000 or more) have tended since early 1949 to shift strongly in preference from fixed value 1952 1951 1950 1949 1948 assets, such as bank accounts and savings bonds, to risk-type assets such as real estate and common stock All spending units 42 45 54 53 58 because of the latter's higher yield and as an anti- Money income before taxes: Under $1 000 204 166 172 100 151 inflation hedge. Middle income groups ($3,000 to $l,000-$l,999 55 50 57 47 59 $2 000-$2 999 35 40 51 45 41 $5,000) showed this tendency to a considerably $3,000-$3,999 36 29 42 38 42 $4,000-$4,999 27 34 41 39 40 lesser extent and it is reasonable to assume that $ $7 5 ,0 S 0 0 0 0 - $ a 7 nd ,4 9 o 9 v er .... 3 5 5 3 4 6 5 0 5 6 0 9 5 7 5 5 5 8 6 3 consumers with incomes of less than $3,000, who Money income tenth: 2 were not questioned on this point, had little if any Highest 53 57 63 74 74 change in preference of this nature. The transfer Second 31 43 45 39 55 Third 30 37 45 41 39 of a large volume of liquid assets into trust accounts, Fourth 32 26 39 40 41 Fifth 32 31 45 33 34 which are relatively illiquid and are not covered by Sixth 30 35 39 44 49 Seventh . ... 36 44 66 50 40 the survey, probably also had a considerable effect Eighth 45 46 61 33 52 Ninth 75 53 70 69 74 upon the ratios of upper income groups. Lowest 288 263 286 121 247 Survey data also permit calculation of a ratio of 1 Liquid assets at beginning of specified year as a percentage of liquid assets to money income before taxes for each pre 2 v S i p o e u n s d y in e g a r's u n m it o s n e a y r e i n f c i o rs m t e r b a e n f k o e re d ta b x y e s s . ize of previous year's spending unit. This type of ratio is subject money income before taxes, then divided into tenths. to much smaller sampling errors than are ratios based on aggregate data for the population or for in ratio of liquid assets to income has been concen- groups within the population. Ratios for intrated among spending units above the $3,000 in- dividual spending units have been calculated for come level and has been greatest above the $5,000 the latest survey only and relate liquid asset holdincome level. The lowest income group (less than ings at the beginning of 1952 to income in 1951. $1,000), on the other hand, appears to have in- The median ratio of liquid asset holdings to ancreased its ratio since 1948 (see Table 13). This nual money income for the population is approxidivergence may be attributed in part to factors mately 10 per cent, although the ratio of total liquid related to shifts of consumers among income levels. asset holdings of consumers to total personal in- First is the recent rise to high income status of come is more than 40 per cent. Both ratios would many consumers who have not yet had the oppor- of course be higher if data were available on curtunity to accumulate large amounts of liquid assets. rency holdings. Somewhat less than 50 per cent Second is the greater frequency at low income of all spending units did not have liquid assets of levels of consumers who had previously ac- the types surveyed, or had them in an amount cumulated large asset holdings while enjoying equal to less than 5 per cent of annual income (see higher incomes. The somewhat greater volume Table 14). On the other hand, 1 in every 9 of business losses reported by spending units in spending units had liquid assets equal to or greater recent years has also tended to lower the average than income in 1951 and 1 in 20 had liquid assets income of the bottom income group, thereby tend- equal to at least two years' income. ing to raise its ratio of liquid assets to income. Among income groups, the median ratio of liquid Some in the lowest income group, such as retired assets to income tended to increase steadily as inpersons, will probably remain permanently in this come increased. Large holdings in relation to ingroup. Others, such as businessmen or farmers come (100 per cent or more of annual income) were with temporary business reverses, may move into most frequent at the extremes of the income disother income groups. tribution (incomes of less than $2,000 and of $7,500 The factor of possibly the greatest significance or more). Such large holdings were relatively in explaining the decline in ratio of liquid assets most frequent among retired persons, whose into income for higher income consumers has been comes were generally small, and least frequent 982 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 14 RELATION OF LIQUID ASSETS TO INCOME WITHIN SPECIFIED GROUPS, EARLY 1952 x [Percentage distribution of spending units] Liquid assets as a percentage of money income before taxes Num- All Group characteristic b c e a r s e o s f cases Zero 5 p t L e h r e a s c n s ent pe 5 r - 1 c 9 ent p 2 e 0 r - c 3 e 9 nt p 4 e 0 r - c 5 e 9 nt p 6 er 0 - c 9 e 9 nt p o e r r 1 m 0 c 0 o e r n e t a a N v b a l o e i t l- 2 All spending units 2,820 100 31 15 19 10 1951 money income before taxes: Under $1,000 278 100 61 1 5 5 3 3 18 $l,000-$l,999 359 100 49 9 11 6 3 6 16 $2,000-12,999 454 100 41 15 16 8 6 5 9 $3,000-$3,999 482 100 24 22 22 11 4 7 10 $4,000-$4,999 424 100 17 18 28 13 7 10 6 $5,000-$7,499 490 100 11 22 26 14 10 9 8 $7,500 and over 333 100 2 9 26 23 12 11 17 Occupation of head of spending unit: Professional and semiprofessional 263 100 11 16 32 13 6 9 13 (3) Self-employed 223 100 14 11 21 12 12 9 20 1 Managerial 154 100 8 12 25 16 7 15 17 Clerical and sales 430 100 19 16 26 17 6 8 8 () Skilled and semiskilled 776 100 31 20 21 11 6 6 5 (*) Unskilled and service 282 100 54 15 14 7 4 2 4 () Farm operator 215 100 32 15 9 6 11 16 Retired 178 100 43 4 5 3 54 Family status of spending unit: Single person: Age 18-44 317 100 34 13 18 14 Ma A r g r e ie 4 d 5 :4 and over 316 100 33 7 10 11 27 Age 18-44, no children under 18 213 100 23 23 24 4 Age 18-44, children under 18 842 100 30 21 25 10 4 Age 45 or over, no children under 18 616 100 22 15 10 13 23 1 Age 45 or over, children under 18. 302 100 35 18 11 8 7 (*) Others5 122 100 59 11 6 5 5 () 1 Liquid assets at beginning of 1952 as a percentage of 1951 money income before taxes. 2 Includes spending units with zero or negative incomes. 3 No cases reported or less than one-half of 1 per cent. 4 Both husband and wife in spending unit. 5 Includes spending units with or without children from which husband or wife was absent. TABLE 15 LIQUID ASSET HOLDINGS WITHIN REGIONAL INCOME GROUPS 1 [Percentage distribution of spending units] Size of holding 1951 money income before taxes, and region N c u a m o s f e b s er c A as l e l s Zero $l-$499 $ $ 1 5 , 0 9 0 9 - 9 $ $ 2 4 , , 0 9 0 9 0 9 - a $ n 5 d , 0 o 0 v 0 er All income groups: North East 788 100 25 31 22 15 7 North Central 1,051 100 23 31 22 14 10 South 623 100 51 24 12 8 5 West . 358 100 19 35 21 12 13 Under $3,000: North East 271 100 42 29 16 10 3 North Central 370 100 35 28 21 9 7 South 325 100 68 19 8 3 2 West 126 100 35 33 11 11 10 $3,000-$4,999: North East 287 100 16 38 25 14 7 North Central 351 100 20 38 22 16 5 South .. .. 156 100 34 34 19 11 2 West 112 100 13 43 25 10 9 $5,000 and over: North East . . .... 230 100 8 23 28 26 15 North Central 330 100 7 27 27 18 21 South 142 100 12 27 19 22 20 West 120 100 5 27 29 17 22 1 Survey regions are defined as follows: North East includes New England, the Middle Atlantic States, and Delaware; North Central includes West North Central and East North Central States; South includes East South Central, West South Central, and South Atlantic States other than Delaware; West includes the Mountain and Pacific Coast States. The sampling errors of data based on the same number of cases are generally somewhat greater for regions than for the nation. Sampling errors of regional data in this survey approximate sampling errors of national data based on half as many cases. SEPTEMBER 1952 983 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES among skilled and unskilled workers. In gen- than $3,000 accounting for approximately oneeral, older persons had the highest ratios of liquid sixth of the total. The frequency of such real estate assets to income. ownership rose from 7 per cent in the lowest income Regional data. The survey provides for the first group (less than $1,000) to approximately 39 per time liquid asset data for four broad geographic cent in the highest income group ($7,500 or more). regions. Survey findings indicate that consumers The value of the real estate owned also tended to in the Western and North Central regions have be much greater in the higher income groups than the largest asset holdings while those in the South in the lower income groups (see Table 16). have the smallest. The disparity between the South Owners of large holdings accounted for nearly and other regions arises primarily among con- the same proportion of total real estate holdings sumers with incomes of less than $5,000. Above as was the case with other business investments. It this income level, there is little difference among is estimated that the 5 per cent of spending units the regions (see Table 15). with holdings of $10,000 or more accounted for Additional information concerning the liquid more than two-thirds of the total holdings of inassets of spending units, with some data for vestment real estate. Additional information refamilies, is given in Supplementary Tables 17-21 garding the value of real estate is presented in at the end of this article. Supplementary Table 22. Real estate. The most widely held of the four Corporate stock. Although consumers have inditypes of business investments covered was real estate cated a growing preference for investment in corother than owner-occupied homes and farms. Ap- porate stock in recent years, ownership of this asset proximately 1 in every 7 consumer spending units has tended to remain limited to a relatively small owned some such real estate in early 1952. Most group.6 As of early 1952, common and preferred frequently, it was a one- or two-family house, a stock in corporations open to public investment (sofarm or extra farmland, or a lot. More wide- called open or publicly held corporations) were spread ownership of real estate than of corporate owned by 7 per cent of the approximately 53 milstock was consistent with the finding reported in lion spending units in the population, or, on a the July BULLETIN that substantially more con- family basis, by 8 per cent of the approximately 47 sumers preferred investment in real estate than in million families. This was about the same prostock. portion of spending units as in early 1950 and Survey data indicate that ownership of real estate early 1949. In all, nearly 4 million spending other than homes and farms was more widely dis- units owned stock in publicly held corporations tributed among the various income groups than early this year. Previous surveys have indicated was corporate stock or private business interests. that on the average there are four individual stock- The income groups below $7,500 owned somewhat more than half of the total reported value of such 6 For details on trends in investment preferences, see "Consumer Expectations as to Economic Trends and Consumer Inreal estate, with consumers having incomes of less vestment Preferences," Federal Reserve BULLETIN, July 1952. TABLE 16 VALUE OF REAL ESTATE OTHER THAN OWNER-OCCUPIED HOMES AND FARMS, EARLY 1952 x [Percentage distribution of spending units within income groups] Value of real estate Number Did 1951 money income of All not Owned before taxes cases cases own Under $1,000- $5,000- $10,000- $25,000 Not ascer- $1,000 $4,999 $9,999 $24,999 and over tained All spending units 2,820 100 86 14 Under $1,000 278 100 93 7 () $l,000-$l,999.. .. 359 100 90 10 $2,000-$2,999 454 100 88 12 1 $3,000-$3,999.. .. 482 100 90 10 1 $4,000-14,999... . 424 100 86 14 1 $5,000-$7,499.. . . 490 100 81 19 4 $7,500 and over. . 333 100 61 39 15 1 Includes real estate other than owner-occupied farms and owner-occupied 1- and 2-family houses. Value reported in early 1952 in relation to previous year's income. 2 No cases reported or less than one-half of 1 per cent. 984 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES holders for every three spending units that report TABLE 18 holding stock. It can be estimated on this basis that SIZE OF STOCKHOLDINGS * approximately 5 million individuals in the survey [Percentage distribution of spending units] universe owned some stock in early 1952. As has been stated in reporting the findings of previous Early Earlv Early surveys, this should be considered a rough mini- Amount of stock held 1952 1950 1949 mum estimate. None 2 93 93 92 Half of the spending units owning stock in pub- Some 7 7 8 licly held corporations reported that they had in- Under $500 2 2 3 $500-$999 .. . .. 1 1 1 vested in one company; one-third held stock in $l,000-$4,999 2 2 2 from two to five corporations; and one-seventh $ $ 5 25 ,0 ,0 0 0 0 0 -$ a 2 n 4 d 9 o 99 ver 1 1 1 I (3 1 ) owned shares in six or more companies (see Table Not ascertained (3) 00 (3) 17). All cases 100 100 100 Consumer Finance Survey findings indicate that Number of cases 2,820 3,512 3,510 in 1952, as in earlier years surveyed, the majority 1 Includes common and preferred stock of corporations open to of stockholders owned relatively small amounts of investment by general public. Excludes stock of privately held corporations. corporate stock (see Table 18). There is some 2 Includes the one-half of 1 per cent of all spending units for evidence, however, that the value of stock owned which stock ownership was not ascertained. 3 No cases reported or less than one-half of 1 per cent. has tended to increase since early 1949. This re- NOTE.—Details may not add to totals because of rounding. flects both net new investment by consumers and a rise in the average market value of stock in the ownership in early 1952 may also be attributed to period covered. For example, stockholdings of the 3 per cent of spending units with incomes of $1,000 or more were reported by 56 per cent of $10,000 or more in 1951. Additional information those owning stock in early 1952 compared with 44 regarding stock ownership is presented in Suppleper cent in early 1949. Data from several surveys mentary Table 24 at the end of this article. indicate that increased personal investment in cor- Survey findings regarding stock ownership can porate stock in recent years has resulted primarily be compared with similar data provided in a spefrom an increase in the amount invested rather cial study by The Brookings Institution conducted than in the number of investors. in early 1952 for the New York Stock Exchange. From the information obtained concerning value The two studies appear to have obtained simiof holdings in publicly held corporations, it can be lar results. The Brookings study found that 9.5 per estimated that the 1 per cent of all spending units cent of all family units held stock in publicly owned that owned $10,000 or more of stock accounted for corporations as compared with 8 per cent according at least two-thirds of the total value of stock re- to the Survey of Consumer Finances. The differported. A minimum of two-thirds of total stock ence is within the limits of sampling error.7 The Brookings study also found that 46 per cent of individual stockholders owned stock in only one company, 41 per cent in from two to five com- TABLE 17 panies, and 13.5 per cent in six or more companies. DIVERSIFICATION OF STOCKHOLDINGS The comparable percentages from the Consumer [Percentage distribution of stockholding spending units] 7 The difference in findings for the country as a whole Number of corporations represented l Early 1952 Early 1949 is mainly due to differences in findings for the South with respect to the proportion of families that own stock—4.2 per 1 50 54 cent according to the Survey of Consumer Finances and 7.8 2 . .. 15 per cent according to the Brookings study. For the three 3 10 4-5 9 j other regions combined—the Northeast, the North Central, 6-8 7 and the West—the results of the two studies were similar— 9 or more 6 > 14 9.5 per cent and 9.8 per cent respectively. Not ascertained 3 3 There are certain differences between these surveys, such All cases 100 100 as the inclusion by the Brookings study and exclusion by this survey of people living in hotels, rooming houses, and tourist Number of cases 380 347 camps. The known differences between the surveys, however, do not appear to have made their findings incompa- » Includes common and preferred stock of corporations open to rable. The Brookings study, entitled Share Ownership in the investment by the general public. Excludes stock of privately United States, was prepared by L. H. Kimmel. held corporations. SEPTEMBER 1952 985 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 19 VALUE OF UNINCORPORATED NONFARM BUSINESSES WITHIN INCOME GROUPS, EARLY 1952 [Percentage distribution of spending units] Value * 1951 b e m fo o r n e e y t ax in e c s ome N c u a m o s f e b s er ca A s l e l s o D n w o id t n Owned Under $1,000- $5,000- $10,000- $25,000 Not ascer- $1,000 $4,999 $9,999 $24,999 and over tained All spending units . . 2,820 100 93 7 1 2 1 1 1 1 Under $1,000 2 78 100 99 1 1 $1 000-$ 1 999 359 100 98 2 1 1 $2,000-$2,999 454 100 95 5 1 1 1 1 1 $3,000-$3,999 482 100 94 6 3 2 1 (*) $4,000-$4,999 424 100 92 8 4 1 1 1 &5,000-$7,499 490 100 89 11 1 3 3 2 1 1 $7 500 and over 333 100 79 21 2 2 5 9 3 1 In the case of a partnership, refers to value of interest held by spending unit. 2 No cases reported or less than one-half of 1 per cent. Finances Survey for spending units (not individ- Survey data indicate that the 2.5 per cent of all uals) were 50, 33, and 14, with 3 per cent not spending units having an interest of $10,000 or ascertained. Survey information on the value of more in an unincorporated business in early 1952 stock in open or publicly held corporations has no accounted for well over two-thirds of the aggregate counterpart in the Brookings study. value of these business interests. For additional Interest in nonfarm business. A full or part finan- information on ownership of nonfarm businesses, cial interest in a nonfarm unincorporated business see Supplementary Table 25 at the end of this was reported at the beginning of 1952 by nearly 7 article. per cent of all spending units or roughly 3.5 million. Interest in a farm. Of the more than 4.5 million An additional 750,000 spending units reported farm operators in early 1952, approximately twohaving a financial interest in a privately held cor- thirds owned the farms on which they were living poration.8 (see Table 20). Consumers who own but do not The rate of turnover of small businesses is re- operate farms are excluded from these data, having flected by the survey finding that roughly 250,000 been included in the section on ownership of real spending units terminated their interest in a busi- estate other than owner-occupied homes and farms. ness during 1951. The median value of owner-operated farms in As with other investment assets, an interest in early 1952, taking land, buildings, machinery, and an unincorporated nonfarm business was reported relatively more frequently in higher income groups TABLE 20 than in other income groups. According to information concerning the value of business interest, TENURE OF FARM OPERATING SPENDING UNITS, EARLY 1952 which was obtained only for unincorporated busi- [Percentage distribution of farm operating spending units] nesses, the higher the income group the larger the a S v p e e r n a d g i e n g v a u lu n e it s o f w i t t h h e i i n n c v o e m st e m s en o t f ( $ s 7 e ,5 e 0 0 T a o bl r e m 1 o 9 r ) e . Tenure o s A p p l e e l n ra f d a t i i r n n m g g 1951 b e m fo o re n e t y a x in es come units Under $2,000 owned nearly half of the reported value of unincor- $2,000 and over porated businesses. This proportion would be in- Own: creased considerably if data for privately held cor- In full 63 60 67 porations could be included. Interests in these In part 5 5 4 Rent: corporations were held much more frequently at As full renter 1 0) 1 high than at low income levels and, according to As tenant or sharecropper. . 26 29 23 information from previous surveys, in considerably Other 2 5 6 5 larger average amount. All cases 100 100 100 Number of cases 217 99 118 8 Having a financial interest in a privately held corporation means having a controlling or a large financial interest. 1 No cases reported or less than one-half of 1 per cent. This is more restrictive than simply owning shares, which was 2 Includes related secondary spending units and cases in which reported by approximately 1,250,000 spending units. farm has been sold. 986 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES inventory into account, fell between $15,000 and businesses or classed as farm operators owed non- $20,000. About one-third were worth at least mortgage debts incurred primarily for consumption. $30,000 while fewer than one-tenth were valued at Two-thirds of these debts were for amounts less less than $5,000. than $500, and three-fourths represented less than Farm operators who did not own their land 20 per cent of the 1951 income of the debtor. (renters, tenants, and sharecroppers) generally had Federal Reserve estimates based on reports of some investment in the operation in the form of lenders indicate that consumer debt increased more machinery or inventory. In somewhat more than rapidly than personal income from the end of 1945 half the cases, this equity amounted to less than to the end of 1950.9 As a result, the ratio of total $2,500 as of early 1952. For about one-fifth of short-term consumer debt outstanding to annual nonowning farm operators, however, the equity personal income rose from about 3 per cent at the amounted to $10,000 or more (see Supplementary end of 1945 to about 9 per cent at the end of 1950, Table 23 at the end of this article). a ratio only slightly less than those of the immediate prewar years. This ratio declined to about 8 per SHORT-TERM CONSUMER DEBT cent at the end of 1951, reflecting an increase in consumer incomes and little change in outstanding Debt data in the 1952 survey have been calcudebt during the period of instalment credit regulalated only for short-term debt of nonbusiness spendtion. ing units. Mortgage debt was not covered and Expansion of consumer debt during the postwar responses by farm operators and owners of nonperiod was closely tied to the increase in volume farm businesses were excluded. A more complete description of the problems arising in defining the 9 Changes in the treatment of consumer debt make yeardebts covered in this section is given in the tech- to-year comparisons of survey data on debt inadvisable, as is explained in the technical note at the end of this article. nical note at the end of this article, which also Aggregate data based on lenders' reports provide a better describes differences between debt data from the basis for year-to-year comparisons of consumer debt than do 1951 and 1952 surveys. survey data because of greater consistency of definition and coverage. Although these aggregate data cover a somewhat Debts incurred for consumption purposes have larger population and differ slightly in definition from the risen steadily from their low level at the end of the survey data, the debts included in the survey are such a large proportion of those included in the lender data that the war. At the beginning of 1952, more than 50 per latter are believed to furnish a reliable guide to year-to-year cent of all spending units other than those owning movements in the consumer debt of the survey population. TABLE 21 CONSUMER DEBT IN RELATION TO INCOME AND EXPENDITURES FOR DURABLE GOODS 1 [Percentage distribution of nonbusiness spending units] 2 Consumer debt as percentage of income ta 1 x 95 es 1 f , o m a r n o d d n u e n y ra e b t i n le c e o x m p g e o e n o d d b i s e tu fo re re s N of u m ca b s e e r s c A as l e l s Has no 1-9 10-19 20 per cent Not debt per cent per cent and over ascertained Income under $3,000: No expenditure 595 100 68 18 5 7 $1-$199 136 100 41 39 14 5 $200-$499 110 100 34 29 18 18 $500 and over 64 100 28 9 21 37 Income $3,000-$4,999: No expenditure 302 100 58 31 5 4 $1-$199 98 100 39 45 4 9 $200-$499 184 100 29 51 15 4 $500-$999 95 100 18 34 21 25 $1,000 and over. . . . 96 100 21 21 27 30 Income $5,000 and over: No expenditure. . . . $l-$499 $500-$999 $1,000 and over SEPTEMBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 22 CONSUMER DEBT IN EARLY 1952 * [Percentage distribution of ncntusiness spending units within specified groups] 2 Amount of consumer debt Group characteristic b c N a e u s r e m s o - 3 f c A as l e l s s d c u e N o m b n o e t - 4 r s S c u d o o m e m n b e - t e r $l-$99 $ $ 1 1 0 9 0 9 - $ $ 2 4 0 9 0 9 - $ $ 5 9 0 9 0 9 - $ o 1 a , v n 0 e d 0 r 0 t a a N s i c n o e e t r d - All nonbusiness spending units 2,327 100 49 51 13 14 1951 money income before taxes: Under $1,000 212 100 68 32 22 3 5 1 $l,000-$l,999 303 100 60 40 16 9 9 3 1 $2,000-$2,999 399 100 47 53 15 9 13 11 4 $3,000-$3,999 420 100 38 62 14 13 18 8 7 $4,000-$4,999 366 100 40 60 7 9 22 14 8 $5,000-$7,499 404 100 39 61 7 9 17 17 10 $7,500 and over 223 100 54 46 2 11 16 Liquid asset holdings: None 597 100 42 58 18 10 14 10 $1-$199 388 100 32 68 13 12 20 13 $200-$499 308 100 40 60 12 10 20 10 $500-$999 242 100 46 54 15 8 15 8 $l,000-$l,999 249 100 70 30 8 3 9 6 $2,000-$4,999 315 100 66 34 9 5 9 5 $5,000 and over 225 100 81 19 5 7 2 1 Occupation of head of spending unit: Professional and semiprofessional 252 100 51 49 11 7 11 13 Managerial 121 100 56 44 5 5 9 18 Clerical and sales 415 100 51 49 11 10 12 9 Skilled and semiskilled 761 100 37 63 13 11 19 12 Unskilled and service 275 100 43 57 19 9 17 6 Retired 176 100 78 22 13 1 2 2 Other e 327 100 57 43 14 10 5 Age of head of spending unit: 18-24 208 100 46 54 19 11 11 12 25-34 525 100 31 69 13 10 22 15 35-44 494 100 41 59 12 11 17 10 45-54 434 100 47 53 14 10 15 6 55-64 303 100 64 36 11 7 5 65 or over 305 100 79 21 13 1 2 Family status: Single person: Age 18-44 291 100 60 40 17 5 1 Ma A r g ri e e d 4 : 5 7 or over 296 100 75 25 13 2 1 Age 18-44, no children under 18. 179 100 40 60 5 24 16 6 Age 18-44, children under 18... 668 100 25 75 12 13 21 17 10 Age 45 or over, no children under 18 477 100 65 35 10 5 11 3 5 Age 45 or over, children under 18 217 100 38 62 17 12 14 10 9 Others 113 100 43 57 29 10 11 5 1 1 Excludes debts secured by mortgages and debts for business purposes to banks, loan companies, and credit unions. 2 Excludes spending units headed by farm operators and owners of part or all of an unincorporated business or privately held corporation. 3 Total number of cases exceeds sum of various groups because of inclusion of cases for which relevant characteristics were not ascertained. 4 Includes the less than one-half of 1 per cent of all spending units for which debt status was not determined. 5 No cases reported or less than one-half of 1 per cent. 6 Includes spending units headed by self-employed artisans, housewives, protective service workers, unemployed persons, or students 7 Both husband and wife in spending unit. 8 Includes spending units with or without children from which husband or wife is absent. of sales and to the broadening of the market for It is significant that, at all levels of income, a durable goods. Survey data indicate that with relatively larger proportion of spending units with the increase in purchases of automobiles (new debt than without debt planned to buy a car or and used) from 5 million in 1946 to approximately some other durable good during 1952. This was 12 million in both 1950 and 1951, the proportion of true even among spending units whose debts at the total bought on credit increased from about the beginning of 1952 amounted to 20 per cent or one-fifth to more than one-half. There was a similar more of their 1951 incomes. The pattern of buying rise in use of credit to buy household appliances plans and consumer debt probably resulted in part and furniture. from the activities of younger families, among FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES whom accumulation of household appliances and TABLE 24 furniture continues at a high rate for a number of SPENDING UNITS, AGGREGATE MONEY INCOME, AND years. AGGREGATE CONSUMER DEBT, BY INCOME GROUPS Factors related to consumer indebtedness. At all [Percentage distribution] levels of income, the proportion of spending units that reported consumer debt at the beginning of 1951 Spending 1951 Consumer money income money income debt, early 1952 was larger among purchasers of durable goods before taxes units * before taxes 2 1952 3 than among nonpurchasers (see Table 21). Further Under $1,000 12 2 2 illustrating this point, it was found that approxi- $l,000-$1.999 15 6 5 $2,000-$2,999 19 14 17 mately three-fourths of the younger married couples $3,000-$3,999 19 18 21 $4,000-$4,999 15 19 19 with children reported consumer debt. In contrast, $5,000-$7,499 14 23 25 only one-fourth of the older single persons owed $7,500 and over 6 18 11 such debt (see Table 22). All cases 100 100 100 Changes in income are often accompanied by 1 Excludes spending units headed by farm operators and owners the incurrence of debt. Both spending units whose of part or all of an unincorporated business or privately held corporation. incomes increased and those whose incomes de- 2 Excludes incomes of spending units described in note 1. 3 Excludes mortgages and debts for business purposes to banks, creased between 1950 and 1951 reported consumer loan companies, and credit unions. debt with greater frequency than spending units experiencing little change in income (see Table 23). The relatively high frequency of debt among spendmitments or to change their patterns of consumping units with increases in income may reflect in tion. part their desire to take immediate advantage of A smaller proportion of aggregate consumer their greater ability to purchase durable goods. debt than of income was accounted for by the Spending units whose incomes fall may borrow highest income group at the beginning of 1952.10 because they find it difficult to reduce prior com- The 6 per cent of nonentrepreneurial spending units with 1951 income of $7,500 or more owed 11 per cent of the aggregate consumer debt while TABLE 23 receiving 18 per cent of the income (see Table 24). CONSUMER DEBT IN RELATION TO INCOME CHANGE Z Consumer debt at the beginning of 1952 was [Percentage distribution of nonbusines>s spending units within specifiedgroups 2 reported by a larger proportion (60 per cent) of spending units with incomes of $3,000 to $7,499 No Some than of units at higher or lower income levels. Num- con- con- 1951 money income before taxes, ber All sumer sumer The proportion ranged downward to 32 per cent for with change from 1950 of cases debt, debt, cases earlv early spending units with incomes less than $1,000 (see 1952 3 1952 Table 25), in part reflecting the limited ability of Under $3,000: these groups to service debt. Larger by 25 per cent or more. . . 177 100 52 48 Somewhat larger 220 100 52 48 Spending units owning large amounts of liquid No substantial change 303 100 65 35 Smaller 177 100 56 44 assets reported consumer debt much less frequently $3,000-$4,999: than those with small holdings. Spending units Larger by 25 per cent or more. . . 125 100 34 66 without liquid assets, however, reported debt with Somewhat larger 322 100 37 63 No substantial change 203 100 46 54 less frequency than those having moderate holdings Smaller 110 100 38 62 ($1-$199). The low frequency of debt among $5,000 and over: Larger by 25 per cent or more. . . 129 100 25 75 units without liquid assets reflects the large pro- Somewhat larger 275 100 47 53 No substantial change 141 100 54 46 portion of very low income units in the group. Smaller * 54 100 46 54 Short-term debts exceeded liquid asset holdings inc 1 o C m o e n s b u e m fo e r r e d ta e x bt e s i n b e e t a w rl e y e n 1 9 1 5 9 2 5 i 0 n a r n e d la t 1 io 9 n 5 1 t o w i c th ha in n g 1 es 9 5 i 1 n i m nc o o n m ey e 10 The finding of the 1951 survey that the total debt of groups. 2 Excludes spending units headed by farm operators and owners spending units was distributed similarly to total money of part or all of an unincorporated business or privately held cor- income applied to all debt, including mortgage and busiporation. ness debt, and to all spending units. The difference between 3 Includes the less than one-half of 1 per cent of all spending the 1951 finding and the one discussed above indicated the units for which debt status was not determined. 4 This distribution should be used with caution because of the greater importance of mortgage and business debts in the small number of cases involved. higher than in the lower income groups. 989 SEPTEMBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 25 RELATION OF CONSUMER DEBT TO INCOME, EARLY 1952 x [Percentage distribution of nonbusiness spending units within specified groups] Consumer debt as percentage of money income before taxes Number Group characteristic of All cases 2 cases Zeros per 1 - c 9 ent pe 1 r 0 - c 1 e 9 nt pe 2 r 0 - c 3 e 9 nt 40 a n p d e r o v c e e r nt asce N rt o a t ined All nonbusiness spending units 4. . 2,327 100 48 29 1951 money income before taxes: Under $1,000 212 100 68 15 7 4 $l,000-$l,999 303 100 60 21 9 6 $2,000-$2,999 398 100 47 28 10 10 $3,000-$3,999 420 100 38 38 10 9 $4,000-$4,999 365 100 40 34 15 9 $5,000-$7,499 404 100 40 35 16 5 $7,500 and over 222 100 54 26 10 6 Occupation of head of spending unit: Professional and semiprofessional 252 100 51 27 11 9 Managerial 121 100 56 24 9 10 Clerical and sales 415 100 51 28 11 7 Skilled and semiskilled 761 100 37 36 13 9 Unskilled and service 275 100 43 29 14 9 Retired 176 100 78 11 4 2 Others 291 100 58 24 6 Family status: Single person: Age 18-44 291 100 60 25 Age 45 or over 296 100 73 17 Married: i Age 18-44, no children under 18 179 100 41 29 17 Age 18-44, children under 18 668 100 25 39 17 13 Age 45 or over, no children under 18. .. 477 100 65 20 6 5 Age 45 or over, children under 18 217 100 39 37 14 Other 8 113 100 44 39 1 Consumer debt at the beginning of 1952 as a percentage of 1951 money income before taxes. 2 Total number of cases exceeds sum of various groups because of inclusion of cases for which relevant characteristics were not ascertained. 3 Includes the less than one-half of 1 per cent of all spending units for which debt status was not determined. 4 Excludes spending units headed by farm operators and owners of part or all of an unincorporated business or privately held corporation. 5 No cases reported or less than one-half of 1 per cent. 6 Includes spending units headed by self-employed artisans, housewives, protective service workers, unemployed persons, or students. 7 Both husband and wife present in spending unit. 8 Includes spending units with or without children from which husband or wife is absent. for about 70 per cent of all debtors. Among debt outstanding was about $105 and the median debtors with incomes below $3,000, the correspond- $50. It should be noted that these data relate to ing proportion exceeded 80 per cent, and at in- medical debts and do not refer to total medical comes of $7,500 or more, it was about 50 per cent. expenses. Medical debt. In 1952, the Survey of Consumer Variation among spending units in the frequency Finances determined for the first time the amount of medical debt is greatest among family status owed on medical bills. About 19 per cent of all groups (see Table 26). This variation may be spending units (including farm operators, owners explained by differences in the number of persons of businesses, and nonbusiness spending units) reported debts to doctors, dentists, or hospitals for needing medical care, by the greater need of dental and medical services.11 The average (mean) children for medical care, and by variations in the use of funds for other purposes, such as the pur- 11 These figures exclude debt to banks and other institutions incurred to meet medical expenses. The medical debt of non- chase of durable goods. Medical debts were most business spending units is included here and also as a com- frequently reported by younger married couples ponent of the short-term consumer debt of this group rewith one or more children under 18. ported earlier in this section. 990 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES TABLE 26 DEBTS ON MEDICAL BILLS, EARLY 1952 1 [Percentage distribution of spending units within specified groups] Number Group characteristic of cases cases All spending units 2,820 100 1951 money income before taxes: Under $1,000 278 100 $l,000-$l,999 359 100 $2,000-$2,999 454 100 $3,000-$3,999 482 100 $4,000-$4,999 424 100 $5,000-$7,499 490 100 $7,500 and over 333 100 Occupation of head of spending unit: Professional and semiprofessional. . 273 100 Managerial. 152 100 Self-employed 212 100 Clerical and sales 430 100 Skilled and semiskilled 780 100 Unskilled and service 280 100 Farm operator 215 100 Retired 178 100 Other 3 266 100 Age of head of spending unit: 18-24 218 100 25-34 . 634 100 35-44 619 100 45-54 547 100 55-64 382 100 65 or over 362 100 Family status: Single person: Age 18-44 317 100 Age 45 or over 316 100 Married: 4 Age 18-44, no children under 18. . 213 Age 18-44, children under 18 842 Age 45 or over, no children under 18 616 Age 45 or over, children under 18.. 302 Other 5 122 88888 Amount of debt No debt Some debt $l-$99 $100-$199 $200 and Not ascerover tained 81 19 14 3 2 « 83 17 14 2 1 82 18 13 1 3 1 78 22 17 2 3 78 22 17 2 3 81 19 12 4 3 82 18 12 4 2 m 86 14 10 2 2 m 88 12 9 2 1 84 16 8 2 6 90 10 6 2 2 81 19 14 3 2 77 23 16 4 3 79 21 14 2 4 1 77 23 18 2 3 87 13 10 1 2 79 21 17 1 2 1 76 24 21 2 77 23 16 3 4 77 23 16 3 3 1 82 18 12 4 2 87 13 9 1 2 1 87 13 11 1 1 89 11 10 1 87 13 9 2 1 89 11 9 1 1 70 30 21 4 5 89 11 8 1 2 76 24 18 4 2 73 27 23 1 3 5 U In U c L l U u d II e U s J U s ^ p U e IU n d C i J n ,i-X g \~ i u V n V i 11 t -_ s V il w l OJ i ^ t /V h -lX ^J.1 o IJ r .^ w L4.1J. i J-L t -» hout children from which husband or wife is absent. APPENDIX TECHNICAL NOTE ON CONSUMER DEBT DATA The comparability of survey data regarding debts questions rather than one omnibus question usually of consumers has been affected by year-to-year result in more complete coverage of a total, the changes in the number of questions asked on this changes regarding medical debt and charge acsubject, in the emphasis concerning specific com- counts probably tended respectively to increase and ponents of debt, in the wording and placement of to decrease the total debt reported by consumers in the questions, and in the processing of the data. 1952 as compared with 1951. A shift in emphasis resulted in explicitly ex- Extensive changes between 1951 and 1952 were cluding mortgage indebtedness from the debt also made in the phrasing and the placement in the section of the 1952 questionnaire. Additional questionnaire of the questions regarding debt. All changes in emphasis between 1951 and 1952 were debt questions were concentrated in a single group the insertion of a specific question on outstanding in the 1952 questionnaire. In previous years, outmedical bills and the elimination of a specific ques- standing debt had been derived from questions tion on charge account balances with stores other placed at a number of points deemed appropriate. than grocery stores. Since a number of specific For example, questions on the financing of pur- SEPTEMBER 1952 991 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES chases of durable goods in the previous year and The 1952 data entitled "consumer debt" incoron subsequent payments on instalment contracts porated several modifications from the 1951 data were asked immediately following questions re- entitled "non-real-estate debt." The 1952 data exlating to purchases of cars and other durables. The clude spending units classified as farm operators or association in the 1951 questionnaire of debt and owners of unincorporated businesses or privately purchase questions probably resulted in more com- held corporations in an attempt to obtain debt data plete coverage of consumer debt than in the fol- that would reflect more clearly the activities of lowing year when a single question referred to the spending units as consumers. Also, the 1952 data results of all past instalment transactions. In 1952, exclude only mortgage debt while non-real-estate in addition to the question on medical debts, debt in 1951 excluded any form of debt incurred in single questions covered instalment debts, other repairing or improving real estate. Furthermore, debts to banks, loan companies, and credit unions, in 1952 a question was included to determine and and other debts to private individuals, life insur- exclude the amount, if any, of the noninstalment ance companies, and miscellaneous lenders. Use debt to banks and loan companies which was inof these questions may have moderated the limita- curred for business or farm purposes. In 1951, tion of coverage resulting from the disassociation debts of this nature were not identified and could of debt and purchase questions. not be excluded. SUPPLEMENTARY TABLE 1 1950 INCOMES OF SPENDING UNITS WITHIN 1951 INCOME GROUPS1 [Percentage distribution] 1951 money income before taxes 1950 money income before taxes All spend- Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 ing units $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over Under $1,000.. . 15 73 26 6 3 1 1 $l,000-$l,999. . . 14 12 50 21 6 2 1 () $2,000-$2,999. . . 18 2 9 55 27 6 3 $3,000-$3,999. . . 18 1 3 7 49 36 11 1 $4,000-$4,999. . . 12 1 1 5 41 28 4 $5,000-$7,499... 9 1 6 45 17 $7,500 and over. 5 () () 1 3 63 Not ascertained. 9 11 11 7 12 All cases. . .. 100 100 100 100 100 100 Number of cases. 2,820 279 358 454 482 424 490 333 1 Based on reports of spending units interviewed early in 1952 concerning annual incomes in both 1950 and 1951. As shown in table, the 1950 income of 9 per cent of all spending units could not be determined at the beginning of 1952. 2 No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY TABLE 2 INCOME CHANGE RELATED TO INCOME IN YEAR BEFORE CHANGE 1 [Percentage distribution of spending units] Money income before taxes irL year previousto change Change in money income Under $1,000- $2,000- $3,000- $4,000- $5,000 $7,500 before taxes $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 Income larger 47 48 48 50 57 52 56 52 60 52 50 43 44 44 By 25 per cent or more 31 29 24 23 21 17 17 14 15 15 10 12 9 17 Somewhat . . 16 19 24 27 36 35 39 38 45 37 40 31 35 27 No substantial change 34 31 32 30 27 28 26 28 25 30 28 32 26 33 Income smaller 15 18 16 19 15 19 17 19 14 18 18 23 24 20 Somewhat ... 9 12 9 11 11 12 13 14 9 14 13 14 13 12 By 25 per cent or more 6 6 7 8 4 7 4 5 5 4 5 9 11 8 Not ascertained 4 3 4 1 1 1 1 1 1 (2) 4 2 6 3 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 294 418 345 536 439 582 498 615 349 378 342 397 241 236 1 In approximately one-tenth of the cases for the 1952 and 1951 surveys, money income for the "year previous to change" was not ascertained. These cases are not included in this table. 2 No cases reported or less than one-half of 1 per cent. 992 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 3 INCOME CHANGE RELATED TO INCOME IN YEAR AFTER CHANGE 1 [Percentage distribution of spending units] Money income before taxes in year after change Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 Change in money $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over income before taxes 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 to to to to to to to to to to to to to to 1951 2 1950s 1951 2 1950 3 1951 2 1950 3 1951 2 1950s 1951 21950 3 1951 2 1950 3 1951 2 1950 3 Income larger 31 30 43 43 49 48 55 52 60 58 67 61 54 61 By 25 per cent or more 18 14 21 19 17 18 20 15 17 16 26 26 19 30 Somewhat 13 16 22 24 32 30 35 37 43 42 41 35 35 31 No substantial change 38 36 31 33 29 29 27 31 22 26 21 24 24 27 Income smaller 26 32 21 22 18 21 15 16 14 14 8 13 10 7 Somewhat 11 14 13 12 13 15 13 13 11 11 6 10 7 6 By 25 per cent or more 15 18 8 10 5 6 2 3 3 3 2 3 3 1 Not ascertained 5 2 5 2 4 2 3 1 4 2 4 2 12 5 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 279 418 358 514 454 567 482 601 424 441 490 538 333 294 1 Based on changes in money income before taxes as reported by spending units early in 1952 and early in 1951. 2 Income change from 1950 to 1951 related to 1951 income. 3 Income change from 1949 to 1950 related to 1950 income. SUPPLEMENTARY TABLE 4 INCOME CHANGES OF SPENDING UNITS WITHIN OCCUPATIONAL AND AGE GROUPS 1 [Percentage distribution of spending units] Change inmoney income before taxes Group characteristic b N c e a u r s m e o s - f c A as l e l s Total Inc p o o B e r m r y m e c 2 o e la 5 n re r t ger S w o h m a e t - s c t h s a N u a n b n o t - i g a e l Total Incom S w o e h m a s e t m - alle p o r B e r r y m c 2 o e 5 r n e t t a a N s i c n o e e t r d - All spending units: 1950-51 2 ,820 100 52 20 32 28 16 11 5 4 1949-50 3,415 100 49 19 30 30 19 12 7 Occupation of head of spending unit: Professional and semiprofessional: 1950-51 273 100 54 19 35 23 16 11 5 1949-50 269 100 60 24 36 27 12 8 4 - Managerial: 1950-51 152 100 53 11 42 32 9 7 2 6 1949-50 235 100 48 16 32 40 11 8 3 1 Self-employed: 1950-51 212 100 35 18 17 31 20 9 11 14 1949-50 250 100 45 25 20 31 18 11 7 6 Clerical and sales: 1950-51 430 100 65 25 40 20 13 10 3 2 1949-50 477 100 57 19 38 24 17 13 4 2 Skilled and semiskilled: 1950-51 780 100 62 21 41 23 12 10 2 3 1949-50 901 100 58 22 36 28 12 10 2 2 Unskilled and service: 1950-51 280 100 51 21 30 27 17 13 4 5 1949-50 289 100 49 19 30 30 19 12 7 2 Farm operator: 1950-51 215 100 44 20 24 21 30 16 14 5 1949-50 388 100 40 18 22 23 34 17 17 3 Age of head of spending unit: 18-24 years: 1950-51 218 100 70 47 23 11 15 11 4 4 1949-50 269 100 73 43 30 13 12 9 3 2 25-34 years: 1950-51 634 100 60 21 39 20 15 10 5 5 1949-50 711 100 58 21 37 21 19 12 7 2 35-44 years: 1950-51 619 100 56 17 39 25 15 12 3 4 1949-50 . . 781 100 53 19 34 30 16 10 6 1 45-54 years: 1950-51 . . 547 100 49 18 31 30 17 12 5 4 1949-50 659 100 44 16 28 32 21 14 7 3 55-64 years: 1950-51 382 100 41 11 30 36 17 10 7 6 1949-50 540 100 40 12 28 37 20 14 6 3 65 years or over: 1950-51 362 100 31 14 17 43 22 13 9 4 1949-50 434 100 31 10 21 43 24 13 11 2 1 Based on changes in money income before taxes as reported by spending units early in 1952 and early in 1951. 993 SEPTEMBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES ' SUPPLEMENTARY TABLE 5 INCOME GROUPING OF SPENDING UNITS WITHIN OCCUPATIONAL GROUPS 1 [Percentage distribution] P a ro n f d e s s s e i m on i a - l Managerial Self-employed Cl a e n ri d cal Sk a i n l d led Un a sk n i d lled ope F r a a r t m or * Other » Money income professional sales semiskilled service before taxes 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 Under $1,000 1 37 $1,000-11,999 11 27 $2,000-12,999 16 14 $3,000-$3,999 12 10 $4,000-$4,999 15 6 $5,000-$7,499 21 5 $7,500 and over 24 2 All cases... 100 100 100 100 100 100 100 100 100 100 100 100 100 100 ioo; 100 Median income $4,500 $4,500 $5 s$4,950 $4,180 5$4,100 $3,410 $3,200 $3,800 $3,600 $2,100 $2,100 $1,880 $1,900 $1,500 $1,300 Mean income $6,020 $5,630 $8 $6,580 $5,820 $5,330 $3,920 $3,910 $3,970 '$3,530 $2,320 '$2,350 $2,660 $2,480 $2,36012,030 Number of cases 273' 152 2351 212 250 430 477 780 902 280 289 215 606 r Revised. 1 Income data for each year are based on interviews during January, February, and early March of the following year. All the occupational groupings are in terms of the occupation of the head of the spending unit. 2 Income for farm operators is not directly comparable with income for other groups because of the large amount of nonmoney income that farmers produce for their own consumption. 3 Includes spending units headed by retired and unemployed persons and by students, housewives, and persons whose occupations were not ascertained. 4 No cases reported or less than one-half of 1 per cent. 5 Estimated from distributions of spending units by income groups. The median for the combined self-employed and managerial group was $4,500 in both 1950 and 1951. SUPPLEMENTARY TABLE 6 INCOME DISTRIBUTION OF SPENDING UNITS HAVING SPECIFIED CHARACTERISTICS, 1951 [Per cent] Money income before taxes Number Group characteristic ca o s f es i g n r c A o o u l m l ps e $ U 1 n ,0 d 0 e 0 r $ $ 1 1 , , 0 9 0 9 0 9 - $ $ 2 2 , , 0 9 0 9 0 9 - $ $ 3 3 , , 0 9 0 9 0 9 - $ $ 4 4 , , 0 9 0 9 0 9 - $ $ 5 7 , , 0 4 0 9 0 9 - $ o 7 a v , n 5 e d 0 r 0 All spending units 2,820 100 13 15 18 18 15 14 Number of income receivers in spending unit: One 2,200 100 15 16 18 19 14 11 Two or more 611 100 5 12 16 13 18 27 Age of head of spending unit: 18-24 216 100 21 26 29 13 6 4 1 25-34 619 100 5 10 22 24 18 16 5 35-44 612 100 7 11 15 21 18 20 8 45-54 535 100 9 14 15 16 17 17 12 55-64 371 100 13 16 18 14 14 15 10 65 or over 351 100 36 26 15 10 4 5 4 Race of head of spending unit: White 2,582 100 10 14 17 19 16 16 Negro 195 100 31 29 27 9 2 1 Family status of spending unit: Single person: Age 18-44 317 100 19 24 30 18 4 4 Age 45 or over 316 100 38 25 16 9 5 5 Married: Age 18-44, no children under 18 213 100 5 17 17 20 26 8 Age 18-44, children under 18 842 100 4 17 24 21 19 7 Age 45 or over, no children under 18 .. 616 100 12 15 16 15 15 16 11 Age 45 or over, children under 18.... 302 100 6 14 14 16 16 20 14 Place of residence of spending unit: Metropolitan area l 1,051 100 7 13 18 17 16 19 10 Other urban area 2 982 100 12 13 19 18 15 15 8 Rural area 3 787 100 19 19 17 20 12 9 4 Region:4 North East 788 100 6 15 20 20 17 16 North Central 1,051 100 11 13 16 19 16 17 South 623 100 24 18 18 15 10 9 6 West 358 100 7 14 18 16 17 18 10 1 Includes the 12 largest cities in the United States and their surrounding suburban and rural areas 2 Includes cities of 2,500 population or more, but not metropolitan. 3 Includes towns of less than 2,500 population and open country. These figures are especially influenced by exclusion of nonmoney income of farmers. 4 For definition of regions, see Table 15, footnote 1, p. 983. 994 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 7 CHARACTERISTICS OF SPENDING UNITS WITHIN INCOME GROUPS [Percentage distribution of spending units] Money income before taxes Group characteristic Al g l r i o n u c p o s me $ U 1 n ,0 d 0 e 0 r $ $ 1 1 , , 0 9 0 9 0 9 - $ $ 2 2 , , 0 9 0 9 0 9 - $ $ 3 3 , , 0 9 0 9 0 9 - $ $ 4 4 , , 0 9 0 9 0 9 - $ $ 5 7 , , 0 4 0 9 0 9 - a $ nd 7 ,5 o 0 v 0 er 1951 1950 19511950195119501951195019511950195119501951195019511950 Number of income receivers in spending unit: None 0) 1 2 3 0) C1) 0) 0) C1) <?) 0) 0) (l) 0) C1) O T N w n o e t o a o s r c e m rt o a r i e ned 20 7 2 8 ) 2 0 7 5 4 ) 8 C 9 9 1) 0 8 1 7 ) 0 8 1 2 7 1 7 0 3 ) 8 ? 0 0 0 ) 8 0 ?0 0 ) 8 0 1 5 5 ) 7 C 7 7 8 1) 7 0 7 7 3 ) 3 6 0 4 6 ) 4 6 0 0 0 ) 4 5 0 7 3 ) 70 7 7 8 ) 7 0 7 6 4 ) All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Age of head of spending unit: 18-24 . . 9 9 15 7 15 is 14 16 6 6 3 4 2 3 1 25-34 23 22 9 9 14 16 28 25 30 31 28 25 26 27 16 10 35-44 22 22 12 7 16 17 18 21 26 ?S ?7 33 30 9Q 26 3? 45-54 19 18 14 13 17 16 15 15 17 16 22 22 23 23 32 32 55-64 12 15 13 16 14 17 13 13 10 16 13 n 13 16 17 18 65 or over 13 13 36 48 22 19 10 9 8 5 4 3 5 2 6 8 Not ascertained 2 1 1 C1) 2 0) 2 1 3 1 3 0) 1 0) 2 0) All cases. . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Race of head of spending unit: White 88 90 73 85 80 80 83 91 94 94 96 93 99 97 97 98 Negro 10 8 24 13 18 17 15 9 5 5 2 3 1 2 1 2 Other 1 1 2 1 1 1 1 0) C1) 1 1 1 C1) 0) 0) 0) Not ascertained 1 1 1 1 1 2 1 0) 0) 1 3 0) 2 0) All cases. . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Occupation of head of spending unit: S P M e ro a lf n f e a e s g m s e i p o r l i n o a a v l l e d a nd se . m . iprofessional 4 7 7 }»6 C C 1 1 ) ) }' 6 5 1 }* 3 6 2 6 }- 2 3 5 }.o 5 4 7 7 }» 6 1 9 6 0 } 1 » 0 2 1 1 3 7 7 J4 1 9 9 S U C k l n e i s l r l k i e c i d l a l l e a d a n n d a d n s d s e a m s le e is s r k v i i l c l e ed 3 1 1 0 3 3 3 1 0 9 3 1 5 6 7 4 2 8 2 1 1 5 0 4 1 1 1 9 0 9 9 1 1 9 7 8 2 31 0 04 4 1 1 5 5 1 4 1 8 9 3 1 5 6 5 0 4 1 9 5 2 4 1 4 3 6 3 1 2 8 7 1 1 1 3 3 ( 1 l) 5 S Farm operator 9 9 21 ?1 12 11 7 9 9 S 4 5 4 S 6 6 Retired 6 7 21 24 14 11 5 5 2 3 1 3 2 2 4 3 Other 10 12 24 34 12 18 9 9 7 7 5 6 4 4 6 3 Not ascertained 1 1 3 0) 1 1 1 0) 1 0) 1 1 2 1 C1) 0) All cases. . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Family status of spending unit: Single person: Age 18-44 .... 12 13 18 13 19 23 20 26 12 10 3 5 3 3 2 l M A ar g r e ie 4 d 5 :2 or over 11 14 33 46 19 19 10 9 5 6 4 6 4 4 4 5 Age 18-44, no children under 18 7 9 3 ? 3 6 7 8 7 10 10 14 13 17 w8 A A g g e e 1 1 8 8 - - 4 4 4 4 , , 3 1 o 2 r c m h o il r d e r e c n h i u ld n r d e e n r u 1 n 8 der 18 } 30 20 9 }8 4 3 },« 1 6 1 1 1 7 0 }*0 3 1 0 1 is 2 1 9 3 }40 2 1 7 1 2 1 18 0 A A O N g g t o h e e t e 4 4 r a 5 5 s 3 c o o er r r t a o o i v v n e e e r r d , , 1 n o o r c h m il o d r r e e n c h u il n d d r e e r n 1 u 8 nder 18. .. 2 1 4 0 5 1 2 1 1 3 1 1 6 9 4 9 23 3 6 2 1 1 0 2 0 1 23 9 3 1 9 6 2 8 20 2 8 1 1 4 5 7 0 1 1 2 8 3 1 43 2 1 1 4 8 1 2 1 2 2 5 1 2 1 2 2 4 3 2 0 2 2 1 3 1 6 8 1 All cases. 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Place of residence of spending unit: Metropolitan area 4 .... 31 31 17 70 26 ?4 37 79 79 35 35 38 42 39 44 38 Other urban area 5. ... . . 35 35 M ?4 31 34 36 37 34 37 36 39 36 38 37 41 Rural area 6 34 34 51 56 43 42 32 34 37 28 29 23 22 23 19 21 All cases... 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 2,8203,415 279 418 358 514 454 567 482 601 424 441 490 538 333 292 1 No cases reported or less than one-half of 1 per cent. 2 Both husband and wife in spending unit. 3 For 1951 includes spending units with or without children from which husband or wife is absent. This group was included with single persons in 1950. 4 The 12 largest cities in the United States and their surrounding suburban and rural areas. 5 Includes cities of 2,500 population or more, but not metropolitan. 6 Includes towns of less than 2,500 population and open country. 995 SEPTEMBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 8 AVERAGE FEDERAL PERSONAL INCOME TAX LIABILITY IN RELATION TO AVERAGE MONEY INCOME BEFORE TAXES WITHIN INCOME CLASSES1 Money income before taxes Av b e e r f a o g r e e i t n a c x o 2 me in A co v m er e a g ta e x p A os v a e b r l a e g e i n d c i o s m - e pe I r n c c e o b n m e t f a e o g r e e t a o t x a f x i a n 3 s c o a me 1951 1950 1951 1950 1951 1950 1951 1950 Under $1,000* $ 430 $ 460 () () $ 430 $ 460 1 () $l,000-$l,999 1,470 1,490 40 40 1,420 1,460 3 $2,000-$2,999 2,500 2,470 140 120 2,360 2,350 6 5 $3,000-$3,999 3,450 3,450 240 200 3,210 3,250 7 6 $4,000-$4,999 4,430 4,390 390 330 4,040 4,070 9 7 $5,000-$7,499 5,890 5,850 660 570 5,230 5,280 11 10 $7,500 and over 13,850 12,590 ,050 ,070 10,800 10,520 20 16 All spending units 3,820 3,520 440 300 3,380 3,220 12 1 Arithmetic averages. Federal income tax liability is estimated for each spending unit on the basis of income, age, and family status. Estimates assume use of standard deductions. No adjustment for capital gains and losses. Disposable income plus income tax liability may not equal income before tax because amounts have been rounded to nearest $10. 2 Sampling error, which was $180 for average income before tax of all spending units in 1950, is not available for individual class intervals in that year or for any class in 1951. It will be much larger than $180 for the highest class and much smaller for the middle classes. 3 Percentages have been rounded to nearest integer. 4 Includes spending units with negative incomes because of farm or business losses. 6 Less than $5.00. 6 Less than one-half of 1 per cent. SUPPLEMENTARY TABLE 9 SUPPLEMENTARY TABLE 10 INCOME RECEIVED FROM UNINCORPORATED FARM AND DISTRIBUTION OF TOTAL MONEY INCOME BEFORE AND AFTER NONFARM BUSINESS FEDERAL INCOME TAX, BY INCOME GROUPS BEFORE TAX [Percentage distribution of spending units] Percentage of total money income Spending units re- Perce o n f tage Farm operators l cei u v n in in g c i o n r c p o o m ra e t e f d rom M b o e n fo e r y e i t n a c x o e m s e spe u n n d it i s ng F B e e d f e o r r a e l t e a A r x a f t l e (d r i n i F s c p o e o m d s - a e - Net income bu n s o i n n f e a s r s m es 2 income tax able income)1 1951 1950 1949 1951 1950 1949 1951 1950 1951 1950 1951 1950 Negative 10 8 14 6 3 10 Under $500 3 13 16 19 9 1 6 Under $1,000 13 13 1 2 2 2 $500-$999 16 17 11 3 6 8 $l,000-$l,999 15 17 6 7 6 8 $l,000-$l,999 20 18 20 9 13 13 $ $ 2 3 , , 0 0 0 0 0 0 - - $ $ 2 3 , , 9 9 9 9 9 9 1 1 8 8 1 1 9 9 1 1 2 6 1 1 3 8 1 1 2 7 1 1 4 9 $ $3 2 , , 0 0 0 0 0 0 - - $ $ 3 2 , , 9 9 9 9 9 9 1 1 4 1 1 7 7 1 7 3 }» 1 1 3 2 1 1 4 5 $ $ $ $ 4 5 7 10 , , , 0 0 5 ,0 0 0 0 0 0 0 0 0 - - - $ $ $ a 4 7 9 , , , n 9 4 9 d 9 9 9 9 9 9 over. . . . 1 1 4 3 4 5 1 1 3 3 2 4 2 1 2 7 2 2 1 1 3 6 2 2 1 2 3 8 2 1 1 3 6 8 $ $ $ N 1 4 5 o 0 , , 0 t 0 , 0 0 0 a 0 0 0 s 0 - - c $ $ e a 4 9 r n , , t 9 9 a d 9 9 in 9 9 o e v d er. . . . 5 8 2 1 6 8 2 1 3 4 8 1 2 1 0 9 5 4 2 1 1 4 5 1 2 1 4 7 7 6 All cases 100 100 100 100 100 100 All cases 100 100 100 100 100 100 1 No adjustment for capital gains or losses, which are excluded 1 Income refers to farm money income only and excludes nonf in ro c m om m e, o s n e e e y " i D nc i o st m ri e b u fi t g io u n re s o . f C F o o n r s m um et e h r o d I n o c f o m es e t im in a t 1 i 9 ng 4 9, d " i s F po ed sa e b ra le l mo 2 n 1 e 9 y 5 f 0 a r a m n d i n 1 c 9 o 5 m 1 e d a i n st d ri n b o u n ti f o a n rm s d e if a f r e n r i n f g ro s. m 1949 distribution in Reserve BULLETIN, August 1950, pp. 961-62. that self-employed artisans (persons whose investments in their businesses are small) are excluded. 3 Includes spending units owning businesses which furnished no income during year. SUPPLEMENTARY TABLE 11 ESTIMATED FEDERAL PERSONAL INCOME TAX LIABILITY OF FAMILY UNITS1 [Percentage distribution of family units] Estimated tax liability 2 1951 1950 1949 1948 None 30 32 35 32 $l-$49 3 5 6 5 $50-$99 4 6 7 8 $100-$199 9 10 12 13 $200-$499 25 26 25 25 $500-$999 19 15 11 12 $l,000-$l,999 7 5 3 3 $2,000-$4,999 2 1 1 1 $5,000 and over 1 (3) (3) 1 All cases . . ... 100 100 100 100 1 Includes single-person families. 2 No adjustment for capital gains or losses, which are excluded from money income. 3 No cases reported or less than one-half of 1 per cent. 996 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 12 INCOME RECEIVED FROM SPECIFIED SOURCES BY SPENDING UNITS WITHIN INCOME AND OCCUPATIONAL GROUPS, 19511 [Percentage distribution of spending units] 1951 money income before taxes Occupation of head of spending unit All Source of income s u p i n e n n i g t 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 -$ $ 5 7 , , 0 4 0 9 0 9 - $7 o a , v n 5 e d 0 r 0 P p s s r r i a e o o o n m f f n d e e a i s s - l - - p S l e o e m y lf - e - d M ag ia a e l n r- - C s a i a c l n l e a e d r l s - S s s k k a e i i n m l l d l l e e i- d d s s k U a e i i n c r n l e d v l - e - d F o a p a to e rm r r - t R ir e e - d sional Wages and salaries: None 22 57 35 14 11 10 11 31 14 65 3 1 1 5 72 84 $l-$99 1 6 1 1 1 1 1 1 6 2 $100-$499 4 16 5 2 1 1 1 1 (2) 6 2 1 1 7 10 4 $500-$999 5 20 8 2 2 1 1 3 5 4 2 12 5 2 $l,000-$l,999 11 1 51 11 2 2 1 2 11 7 6 14 7 28 5 3 $2,000-$2,999 15 70 10 3 2 1 14 4 11 23 19 25 1 2 $3,000-$4,999 27 73 82 10 3 26 7 25 36 48 19 2 $5,000 and over 15 74 62 32 5 54 20 22 3 1 Not ascertained 1 1 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Pensions and allowances, etc.:» None 78 61 67 78 82 86 88 89 90 84 94 87 84 78 87 25 $l-$99 2 2 1 3 2 1 (2) (2) (2) (2) 3 2 2 1 $100-$499 8 16 6 6 8 6 6 3 6 4 8 8 4 13 $500-$999 7 20 13 5 5 4 3 2 2 6 2 6 3 8 2 33 $l,000-$l,999 4 1 12 6 2 3 2 2 1 2 3 2 3 4 20 $2,000-$2,999 1 2 1 1 5 $ $ 3 5 , , 0 0 0 00 0 - a $ n 4 d ,9 9 o 9 ver 1 2 1 1 1 3 Not ascertained 1 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Interest, dividends, etc.:4 None 89 93 94 90 93 88 86 60 79 84 74 89 94 96 86 79 $l-$99 4 3 2 6 4 6 5 4 8 3 5 2 4 3 8 5 $100-$499 4 3 2 3 3 4 5 13 7 7 7 6 2 1 3 9 $500-$999 1 1 1 1 1 1 4 3 2 2 1 2 2 $l,000-$l,999 1 1 (2) (2) 1 1 5 1 2 3 1 1 2 $2,000-$2,999 1 3 1 3 1 $3,000-$4,999 3 1 1 2 $5,000 and over 1 1 8 1 4 3 Not ascertained All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Rent other than from roomers and boarders:B None 89 89 89 93 95 88 85 78 90 79 88 93 92 94 93 72 $l-$99 1 1 1 1 1 1 2 1 1 1 1 1 1 1 3 $100-$499 5 8 6 2 2 6 6 3 2 9 5 2 5 2 3 11 $500-$999 3 2 3 2 1 3 3 4 2 4 2 2 1 2 4 $l,000-$l,999 (2) 1 1 1 1 2 6 3 3 2 1 1 1 (2) 2 $2,000-$2,999 1 1 1 2 1 1 1 1 1 5 $3,000-$4,999 1 2 1 1 $5,000 and over 1 3 1 1 1 3 Not ascertained 1 1 1 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 2,820 279 358 454 482 424 490 333 273 212 152 430 780 280 215 178 receive money from other rent?" If yes, "How much was it after allowing for expenses? SEPTEMBER 1952 997 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 13 INCOME GROUPING OF FAMILY UNITS AND OF TOTAL MONEY INCOME BEFORE TAXES 1 [Percentage distribution] 1951 1950 1949 1948 Money income before taxes F u a n m its il 2 y i m n T c o o o n t m a e l y e F u a n m its il 2 y i m n T c o o o n t m a e l y e F u a n m its il 2 y i m n T c o o o n t m a e l y e F u a n m its il 2 y i m n T c o o o n t m a e l y e Under $1,000 11 1 11 1 13 2 11 2 $l,000-$l,999 13 4 15 6 15 6 15 6 $2,000-$2,999 16 9 16 10 18 12 20 12 $3,000-$3,999 17 14 18 16 19 18 20 18 $4,000-$4,999 15 16 13 14 12 14 12 14 $5,000-$7,499 17 24 18 26 15 23 14 21 $ $1 7 0 ,5 ,0 0 0 0 0 -$ a 9 n ,9 d 9 9 over 6 5 } » 4 5 } « 4 4 } " 4 4 } « All cases. . 100 100 100 100 100 100 100 100 Median income $3,530 $3,400 $3,100 $3,120 Mean income. . .. $4,320 $3,990 $3,750 $4,020 Number of cases 2,501 3,029 3,069 3,068 1 Income data for each year are based on interviews during January, February, and early March of the following year. Family units are defined as all persons living in the same dwelling who are related by blood, marriage, or adoption. 2 Includes single-person family units. SUPPLEMENTARY TABLE 14 DISPOSABLE INCOME GROUPING OF FAMILY UNITS AND OF TOTAL DISPOSABLE MONEY INCOME [Percentage distribution] 1951 1950 1949 1948 Disposable income Total Total Total Total Family disposable Family disposable Family disposable Family disposable units money units money units money units money income income income income Under $1,000 11 1 12 13 2 11 2 $l,000-$l,999 14 5 16 7 16 7 17 7 $2 000-$2 999 18 12 18 12 22 16 22 16 $3,000-$3,999 . . . .. 20 18 20 19 19 19 20 19 $4,000-$4,999 15 18 13 17 12 16 12 15 $5,OOO-$7 499 15 24 14 23 12 21 12 20 $ $ 7 10 ,5 0 0 0 0 0 -$ a 9 n ,9 d 9 9 over 4 3 } » 4 3 } « 3 3 } » 6 21 All cases 100 100 100 100 100 100 100 100 Median disposable income $3,330 $3,220 $2,950 $3,000 Mean disposable income $3,810 $3,640 '$3,450 0) Number of cases 2,501 3,029 3,069 3,068 SUPPLEMENTARY TABLE 15 SIZE OF FAMILIES WITHIN INCOME GROUPS [Percentage distribution of family units] Annual money income before taxes Number of persons in family unit Al g l r i o n u c p o s me $ U 1 n ,0 d 0 e 0 r $ $ 1 1 , , 0 9 0 9 0 9 - $ $ 2 2 , , 0 9 0 9 0 9 - $ $ 3 3 , , 0 9 0 9 0 9 - $ $ 4 4 , , 0 9 0 9 0 9 - $ $ 5 7 , , 0 4 0 9 0 9 - $ o 7 a v , n 5 e d 0 r 0 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 1951 1950 One 12 12 41 45 21 19 14 13 9 7 3 4 2 2 3 1 Two 29 29 35 28 34 38 33 33 26 26 28 27 25 27 24 21 Three 21 21 8 11 19 18 18 18 23 24 27 25 26 26 23 22 Four 19 19 5 7 8 11 17 17 22 24 25 19 23 23 28 27 Five or more 19 19 11 8 18 14 18 19 19 19 17 25 24 22 22 29 Not ascertained 0) 0) 0) 1 0) 0) C1) 0) 1 0) C1) 0) C1) 0) C1) 0) All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 2,501 3,029 202 334 269 397 352 420 395 495 383 400 505 595 395 388 1 No cases reported or less than one-half of 1 per cent. 998 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 16 AMOUNT OF INCOME RECEIVED FROM SPECIFIED SOURCES, 1951 [Percentage distribution of spending units] Rent2 Wages Pensions, Unincor- Professional Interest. Amount of income sa a la n r d ies t c i b o o e n n n s t e , r f i e i b t t s u c , - .1 Ro a o n m d ers Other n b p o u o n s r i f a n a t e r e m s d s em o p t p h ra l e o c r y ti s m c e e l e , f n - t Farming 3 a t n d r d u iv st r i d o e f y u n a n d lt d s i s , e , s boarders None 22 78 95 89 94 95 88 89 Some 78 22 5 11 6 5 12 11 $ $ N $ 5 1 l e - 0 0 g $ 0 0 a 9 - - t 9 $ $ iv 9 4 e 9 9 9 9 . 4 5 ..... 2 7 7 3 i 1 2 5 1 } « ( ( 4 4 ) ) ( ( 4 4 1 1 ) ) } \ 1 •4 4 1 " $l,000-$l,999 11 4 (4) 1 1 1 2 1 $2,000-$2,999 15 1 (4) } 2 1 1 (4) $ $ $ $ U 3 1 4 5 n 0 , , , 0 0 0 d ,0 0 0 0 e 0 0 t 0 0 e 0 - - - r $ $ $ m a 3 4 9 n , , , i 9 9 9 d n 9 9 9 e 9 9 9 o d ve a r mount.. } 2 ( 1 4 7 4 1 ) (4) } C ( ( ( O 4 4 4 ) ) ) } } (< i ! (4 1 1 1 ) ) ( ( ( 1 4 4 4 ) ) ) } * ( ( 4 4 ) ) ) w ( ( 1 4 4 ) ) Not ascertained.... (4) (4) (4) (4) (4) (4) (4) (4) All cases 100 100 100 100 100 100 100 100 1 Includes income from old-age pensions, retirement pay', annuities, unemployment compensation, welfare payments, alimony, regular 1N11VoJ U UVcU a11s\^Ve sill VVrJeJllXp. o11 Vrltll ed1UX liollri l^ le*-* sJ sJ IVtihll KaJ.*-n 11.1, oW JJn>wAe CX-'half of 1 per cent. SUPPLEMENTARY TABLE 17 PROPORTION OF LIQUID ASSETS HELD BY INCOME GROUPS OF SPENDING UNITS 3 Percentage distribution of spending units Money income before taxes 1951 1950 1949 1948 1947 Under $1,000 13 13 14 12 14 $l,000-$l,999 15 17 19 18 22 $2,000-$2,999 18 19 21 23 23 $3,000-$3,999 18 19 19 20 17 $4,000-$4,999 15 12 11 12 10 $5,000-$7,499 14 14 11 10 9 $7,500 and over. 7 6 5 5 All cases. . 100 100 100 100 l/C Proportion of liquid assets held 1946 1952 1951 1950 1949 1948 1947 17 7 6 6 4 6 5 23 8 8 9 7 10 11 25 10 11 15 14 12 17 17 14 12 15 14 13 16 8 11 12 11 11 9 12 6 18 23 18 18 16 13 4 32 28 26 32 34 26 100 100 100 100 100 100 100 100 1 Refers to liquid assets held on January 1 in 1952 and at time of interviews in other years. SUPPLEMENTARY TABLE 18 SUPPLEMENTARY TABLE 19 PROP@RTION OF LIQUID ASSETS HELD BY EACH TENTH OF THE MEDIAN LIQUID ASSET HOLDINGS OF SPENDING UNITS WITHIN NATION'S SPENDING UNITS WHEN RANKED BY INCOME GROUPS * SIZE OF LIQUID ASSET HOLDINGS 1 Percentage Proportion of liquid assets distribution nf Spending units ranked Money income spending units by size of holding before taxes 1952 1951 1950 1949 1948 1951195019491948 Highest tenth. 65 65 64 66 66 Second 18 17 19 17 17 Under $1,000. . 13 13 14 12 Third 9 9 9 9 8 $l,000-$l,999.. 15 17 19 18 Fourth 5 5 5 5 5 $2,000-$2,999.. 18 19 21 23 Fifth 2 3 2 2 3 $3,000-$3,999.. 18 19 19 20 Sixth 1 1 1 1 $4,000-$4,999. . 15 12 11 12 Seventh (2) (2) (2) (2) (2) $5,000-$7,499.. 14 14 11 10 Eighth 0 (2) 0 (2) (2) $7,500 and over 7 6 5 Ninth 0 0 0 0 0 Lowest tenth 0 0 0 0 0 All cases. . 100 100 100 All cases 100 100 100 100 100 i/C Median liquid asset holding within income group 1952 1951 1950 1949 $ 0$ o$ 0S 0 10 30 10 80 50 190 160 150 200 250 350 2 70 450 530 500 500 680 1,000 1,130 1,350 3,050 3,860 4,270 4,500 100 $ 240$ 300$ 250$ 300 1 Median liquid asset holding is amount held by middlemost unit in a ranking of spending units within each income group in order of 1 Liquid asset data refer to holdings on Jan. 1, 1952 and at time the size of their holdings of liquid assets. Income groups relate to of interviews in January, February, and early March of other years income of year previous to interview, and amount of liquid assets indicated. represents holdings on Jan. 1, 1952 and at time of interviews in 2 Less than one-half of 1 per cent. January, February, and early March in other years indicated. 999 SEPTEMBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 20 SIZE OF LIQUID ASSET HOLDINGS WITHIN FAMILY INCOME GROUPS 1 [Percentage distribution of family units] Money income before taxes All family units Size of holding Under $1,000 $1,000-$2,999 $3,000-$4,999 $5,000 and over 1952 1951 1950 1952 1951 1950 1952 1951 1950 1952 1951 1950 1952 1951 1950 Zero . . 29 27 29 63 57 56 46 42 41 21 20 21 8 4 5 $l-$499 29 29 27 15 20 22 28 28 27 37 38 32 25 23 20 $500-$l,999 20 23 20 8 13 10 13 18 16 23 27 24 26 28 27 $2,000-$4,999 13 12 14 7 6 7 8 7 10 13 12 15 22 22 24 $5,000 and over 9 9 10 7 4 5 5 5 6 6 3 8 19 23 24 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 2,501 3,029 3,069 202 335 376 621 817 930 778 894 927 900 983 836 1 Liquid asset data are based on interviews in January, February, and early March of year indicated. In 1952 respondents were asked for their balances on Jan. 1, 1952; in earlier surveys for balances at the date of interview. Income groups are based on annual money income before taxes in year prior to year indicated. For data on spending unit basis, see Table 10. SUPPLEMENTARY TABLE 21 INCOMES OF SPENDING UNITS INITIATING OR EXHAUSTING LIQUID ASSET HOLDINGS 1 [Percentage distribution of spending units within specified groups] Spending units initiating Spending units exhausting liquid asset holdings liquid asset holdings 2 Money income before taxes 1951 1950 1949 1948 1951 1950 1949 1948 Under $1,000 9 13 12 8 14 17 15 12 $1 000-$l,999 20 25 23 18 25 25 25 21 $2,000-$2,999 19 15 27 35 20 23 26 29 $3 000-$3 999 22 21 19 21 15 21 23 24 $4,000-$4,999 . .. . . 14 12 8 8 16 9 7 6 $5,000-$7,499 14 12 10 7 10 4 2 7 $7 500 and over 2 2 2 Not ascertained 1 1 2 1 All cases 100 100 100 100 100 100 100 100 Number of cases . . . . 136 138 113 90 62 109 120 191 1 Based on interviews in January, February, and early March following year specified. In 1952 respondents reported holdings of liquid assets as of Jan. 1, 1951 and 1952, whereas in earlier surveys they reported holdings at time of interview in current and preceding year. These data are based on relatively few cases and are only rough approximations. 2 Includes spending units formed during year specified which did not possess liquid assets at time of interview early in following year. 3 No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY TABLE 22 SUPPLEMENTARY TABLE 23 OWNERSHIP OF REAL ESTATE OTHER THAN OWNER-OCCUPIED VALUE OF FARM ASSETS, EARLY 1952 x HOMES AND FARMS, 1952 AND 1950 [Percentage distribution of farm operating spending units] {.rercentage aistriDution oi spending' unitsj Value of real estate 1952 None ownedl 86 Some owned 14 Under $1,000 1 $l,000-$4,999 4 $25,000 and over Not ascertained All units Number of cases u ot ot Value of assets o O pe w r n a e to r r N o o p n e - r o a w to n r er 1950 Under $2,500 1 59 8 1 4 6 $ 4S 5 9 0 Kf 0 \C 0 \ -$ $L 7 A . 4 O 9 Q 9 O 6 7 3 7 $7,500-$9,999 8 3 4 $10,000 and over 68 22 5 Not ascertained 10 6 2 All cases 100 100 Number of cases 146 69 100 100 2,820 3,512 1 Includes farm, machinery,and inventory. 1 Includes a few cases in which ownership was not ascertained. 2 No cases reported or less than one-half of 1 per cent. 1000 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1952 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 24 AMOUNT OF STOCK HELD BY SPENDING UNITS WITHIN SPECIFIED GROUPS, EARLY 1952 [Percentage distribution of spending units] Amount of stock held 2 Num- Group characteristic ber of All None J Some cases cases Under $500- $1,000-$5,000-$10,000- $25,000 Not as- $500 $999 $4,999 $9,999 $24,999 and over certained All spending units 2,820 100 93 7 2 1 2 1 1 o w 1951 money income before taxes: Under $1,000 278 100 98 2 1 (3) 1 (3) (3) (3) (3) $l,000-$l,999 359 100 95 5 3 (3) 1 (3) 1 (3) (3) $ $ 2 3 , , 0 0 0 0 0 0 - - $ $ 2 3 , , 9 9 9 9 9 9 4 48 5 2 4 1 1 0 0 0 0 9 9 6 5 4 5 2 1 1 1 2 1 (3 1 ) ( ( 3 3 ) ) ( ( 3 3 ) ) ( ( 3 3 ) ) $4,000-$4,999 424 100 94 6 1 1 2 1 (3) (3) 1 $5,000-$7,499 490 100 89 11 3 1 4 1 (3) 1 1 $7,500 and over. . 333 100 69 31 4 2 8 4 6 5 2 Occupation of head of spending unit: Professional and semiprofessional. 273 100 85 15 4 1 4 3 2 1 (*) Managerial 152 100 82 18 1 1 6 3 4 2 1 Self-employed 212 100 84 16 5 1 5 1 2 2 (3) Clerical and sales 430 100 92 8 1 1 3 (3) 1 1 1 Skilled and semiskilled . ....... 780 100 95 5 2 1 2 (3) (3) Unskilled and service . ... 280 100 99 1 1 (3) (3) (3) (3) (3) (3) Farm operator.... 215 100 94 6 3 1 1 (3) 1 (3) (3) Retired 178 100 90 10 2 1 2 1 (3) 2 2 Age of head of spending unit: 18-24 218 too 97 3 I 1 1 (3) (3) (3) (3) 25-34 634 100 97 3 1 (3) 1 (3) (3) 1 35-44 619 100 94 6 2 1 2 1 ( ) (3) (3) 45-54 547 100 92 8 2 (3) 3 1 1 1 (3) 55-64 ... . 382 100 88 12 2 1 3 1 2 2 1 65 or over 362 100 89 11 3 1 3 1 (3) 1 2 1 Includes the less than one-half of 1 per cent of all spending units for which ownership of stock was not ascertained. 2 Includes common and preferred stock of corporations open to investment by general public. Excludes stock of privately held corporations. 3 No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY TABLE 25 OWNERSHIP OF NONFARM BUSINESSES WITHIN INCOME GROUPS ' [Percentage distribution of spending units] Unincorporated Privately held Num- Did Owned 2 business corporation Money income before taxes ber of All cases cases 1952 1949 1952 1949 1952 1949 All spending units . 100 92 1 2 s Under $1,000. 278 100 97 97 3 3 3 $l,000-$1.999. . 359 100 97 95 3 5 4 1 $2,000-$2,999. . 454 100 95 95 5 5 $3,000-83,999. . 482 100 94 94 6 6 5 1 $4,000~$4,999. . 424 100 91 91 9 9 7 1 2 $ $7 5 , , 5 0 0 0 0 0 - a $ n 7 d ,4 9 o 9 v . e . r . . 4 33 9 3 0 1 1 0 0 0 0 8 7 6 0 3 1 0 4 2 4 3 3 I 2 1 7 9 3 9 1 4 4 1 Ownership of business early in specified year in relation to money income before taxes in previous year. 2 Figures in these two columns are not always the sum of corresponding figures in later columns because of inclusion here of spending units that reported ownership of both unincorporated businesses and privately held corporations as well as units for which type of business owned was not ascertained. 3 No cases reported or less than one-half of 1 per cent. 1001 SEPTEMBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT SUSPENSION OF REGULATION X The Board of Governors of the Federal Reserve Regulation X was first issued in October 1950, System today suspended Regulation X—Real Estate under authority of the Defense Production Act Credit—in connection with its announcement of of 1950 and Executive Order 10161 providing for a period of real estate credit control relaxation pre- regulation of real estate credit terms to restrain scribed by the 1952 Amendments to the Defense inflation and conserve defense-needed materials. It Production Act. The suspension of Regulation was suspended in view of mandatory provisions in X, effective September 16, 1952, applies to credit the 1952 Amendments to the Defense Production terms on both residential and nonresidential prop- Act. These amendments required that a period of erties. Conventional mortgage loans are, of course, residential credit control relaxation be announced if still subject to basic State and Federal statutes govestimated residential construction starts for three erning real estate loans by financial institutions. consecutive months were below a seasonally ad- The Board's action related only to real estate justed annual rate of 1,200,000 units. Information credit not insured or guaranteed by the Governhas been received from the Secretary of Labor that ment. A statement on terms that will apply to the seasonally adjusted annual rate of housing Government aided real estate credit is being issued separately by the Housing and Home Finance Ad- starts, as estimated for this purpose, was less than ministrator, Raymond M. Foley, who concurred 1,200,000 units in each of the months of June, July, in the Board's announcement. and August, 1952. RELAXATION ON GOVERNMENT-SUPPORTED HOUSING CREDIT 2 Following certification by the Secretary of Labor of the suspension of Regulation X on conventional that new nonfarm housing starts have been below residential credit. an annual rate of 1,200,000 units for three consecu- The effect of these relaxations on governmenttive months, Raymond M. Foley, Administrator of aided credit follows: the Housing and Home Finance Agency, today FHA Insured Mortgages: Minimum down instructed the Federal Housing Administration, payment requirements will revert to those fixed the Veterans Administration, and the U. S. Depart- by the National Housing Act and regulatory ment of Agriculture to relax down payment re- limitations. These range upward from 5 per quirements on home loans aided or made by the cent for one- to four-family units, increasing Federal government. as the valuation or acquisition cost of the property increases. Down payment requirements The certification by the Secretary of Labor and ranging from 5 to 40 per cent, previously imthe credit relaxations were made in accordance posed in line with Regulation X on convenwith requirements of the Defense Production Act tional loans, will no longer apply. Amendments of 1952. Relaxation on government- Commissioner Walter L. Greene, of the supported housing credit was made simultaneously Federal Housing Administration, also anwith announcement by the Federal Reserve Board nounced that the maximum FHA-insured loan for single-family dwellings will be $14,000. He 1 Statement for the press by the Board of Governors of stated this limitation is designed to increase the Federal Reserve System, dated Sept. 15, 1952, for immediate release. incentive for builders to work in the moderate 2 Statement to the press by the Housing and Home and lower-priced housing fields. Finance Agency, dated Sept. 15, 1952, for immediate release. For multi-unit projects, the maximum FHA- 1002 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT insured loan will be 90 per cent per unit on this is necessary to prevent hardship to a veteran. the first $7,000 of value, the same as under The credit relaxations were ordered under proprevious regulations, plus 60 per cent, instead visions of the Defense Production Act Amendments of the previous 55 per cent, on the value in of 1952, which provide that the President may imexcess of $7,000. Maximum FHA-insured pose down payment restrictions of no more than loans on cooperative projects also revert to 5 per cent (except where other statutes may require those fixed under Section 213 of Title II of higher limits) when the annual rate of new nonthe National Housing Act. These are 90 to farm homebuilding falls below 1,200,000 units for 95 per cent of replacement cost, depending on three consecutive months. Authority to carry ©ut the proportion of veterans in the cooperative. this requirement was delegated by the President to the Federal Reserve Board in connection with VA-Guaranteed Home Loans: Minimum conventional residential credit and to Housing and down payment requirements will be 5 per cent, Home Finance Administrator Raymond M. Foley as permitted by law, on all housing priced for government-aided or government-made housing above $8,400, instead of increasing up to 35 loans. Action followed certification by the Secreper cent on higher-priced houses as previously tary of Labor that the Bureau of Labor Statistics required. For houses priced above $7,000 but has found that new nonfarm home starts for the not more than $8,400, the down payment minimonths of June, July and August have been less mum is 4 per cent, approximately the same than the 1,200,000 annual rate. The Act authoras the previous requirements. No down payizes the restoration of credit controls if home conment is required on houses priced at $7,000 or struction for three consecutive future months should less. However, closing costs, up to 4 per cent equal or exceed the 1,200,000 annual rate. of the price, must be paid in cash on houses "We are not yet out of the inflationary danger at $7,000 or less. zone," Mr. Foley said, "and therefore we feel that Farm Housing Loans: The Farmers Home the controls specifically authorized by Congress in Administration in the U. S. Department of the amendments to the Defense Production Act Agriculture will announce later the adjust- should be retained in the government-aided field. ments to be made in terms for farm housing We hope that the more liberal credit terms thus loans as a result of the new relaxations. available will be used wisely by the total industry, The relaxed terms will be made effective on Sep- so as not to result in an inflationary upsurge in tember 16 and will apply to all mortgages not housing prices, nor in a speculative wave of starts. executed prior to that date. Outstanding commit- We would be much happier if we are not conments on which a mortgage has not yet been exe- fronted with conditions that make necessary reimcuted may be amended under the new terms on posing Regulation X and related restrictions under application by the lender to the agency issuing the the formula set by Congress." commitment. (Tables are available on request which give the The relaxations do not change the maximum maximum mortgage amount and minimum down time allowed for paying off government-aided mort- payment requirements which now apply compared gages. These limits are 25 years on houses valued to those previously in effect on FHA-insured and at $12,000 or less, and 20 years for higher priced VA-guaranteed home loans.)3 properties, except that the Veterans Administra- "These requests should be addressed to the Housing and tion may approve a longer period if it finds that Home Finance Agency, Washington 25, D. C. SEPTEMBER 1952 1003 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 3. a. Effective September 16, 1952, Regulation X is suspended. Suspension of Regulation X b. The suspension of Regulation X was adopted The Board of Governors of the Federal Reserve by the Board after consideration of all relevant System, in connection with its announcement of matter, including recommendations received from a period of real estate credit control relaxation, time to time from industry and trade association suspended Regulation X, relating to real estate representatives and others. Section 709 of the Decredit, effective September 16, 1952. The Board's fense Production Act of 1950, as amended, prostatement for the press appears on page 1002 of this vides that the functions exercised under such Act issue of the BULLETIN, and the text of the Board's shall be excluded from the operation of the Adminannouncement is as follows: istrative Procedure Act (60 Stat. 237), except as to the requirements of section 3 thereof. NOTICE OF SUSPENSION Issued by the Board of Governors of the Federal Reserve State Bank Membership System with the concurrence of the Housing and Home Finance Administrator. Amendments to Regulation H 1. a. The Secretary of Labor has transmitted to The Board of Governors of the Federal Reserve the Board of Governors of the Federal Reserve System effective September 1, 1952, amended Regu- System the estimates required to be made by Seclation H, entitled "Membership of State Banking tion 607 of the Defense Production Act of 1950, Institutions in the Federal Reserve System," so as as amended, and Section 503 of Executive Order to make the regulation conform to changes in the No. 10161, as amended. law made by the Act of July 15, 1952, relating to b. The Secretary of Labor, on the basis of his capital requirements for admission of State banks estimates of the number of permanent, nonfarm, to membership in the Federal Reserve System and family dwelling units, the construction of which to the capital requirements for the establishment of has been started during each of the three calendar branches by State member banks. The text of the months, June, July, and August, 1952, has estiregulation follows: mated the annual rate of construction starts during each such months, after making reasonable allow- REGULATION H ance for seasonal variations in the rate of con- As amended, effective September 1, 1952 struction. MEMBERSHIP OF STATE BANKING INSTITUc. The annual rate of construction starts so esti- TIONS IN THE FEDERAL RESERVE SYSTEM mated by the Secretary of Labor for each of the said three months was at a level below an annual AUTHORITY FOR REGULATION rate of 1,200,000 starts per year. This regulation is based upon and issued pursuant 2. In view of the foregoing, as required by Secto provisions of section 9 of the Federal Reserve tion 607 of the Defense Production Act, as amended, Act and related provisions of law. and Section 503 of Executive Order No. 10161, as amended, the Board of Governors of the Federal SECTION 1. DEFINITIONS Reserve System, with the concurrence of the Hous- For the purposes of this regulation— ing and Home Finance Administrator, hereby (a) The term "State bank" means any bank or announces the beginning of a "period of residen- trust company incorporated under a special or gential credit control relaxation" which period shall eral law of a State or under a general law for the begin on September 16, 1952. District of Columbia, any mutual savings bank 1004 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (unless otherwise indicated), and any Morris Plan (1) A State bank, other than a mutual savbank or other incorporated banking institution en- ings bank, must possess capital stock and surgaged in similar business.1 plus which, in the judgment of the Board, are (b) The term "mutual savings bank" means a adequate in relation to the character and condibank without capital stock transacting a savings tion of its assets and to its existing and prospecbank business, the net earnings of which inure tive deposit liabilities and other corporate wholly to the benefit of its depositors after payment responsibilities: Provided, That no bank enof obligations for any advances by its organizers, gaged in the business of receiving deposits other and in addition thereto includes any other banking than trust funds, which does not possess capital institution the capital of which consists of weekly stock and surplus in an amount equal to that or other time deposits which are segregated from which would be required for the establishment all other deposits and are regarded as capital stock of a national banking association in the place in for the purposes of taxation and the declaration of which it is located, shall be admitted to memdividends. bership unless it is, or has been, approved for (c) The term "Board" means the Board of Gov- deposit insurance under the Federal Deposit ernors of the Federal Reserve System. Insurance Act. (d) The term "board of directors" means the (2) A mutual savings bank must possess governing board of any institution performing the surplus and undivided profits not less than the usual functions of a board of directors. amount of capital required for the organiza- (e) The term "Federal Reserve Bank stock" in- tion of a national bank in the place w7here it is cludes the deposit which may be made with a situated. Federal Reserve Bank in lieu of a subscription for The minimum capital required for the organizastock by a mutual savings bank which is not pertion of a national bank, referred to hereinbefore in mitted to purchase stock in a Federal Reserve Bank, connection with the capital required for admission unless otherwise indicated. to membership in the Federal Reserve System, is as (/) The terms "capital" and "capital stock" mean follows: common stock, preferred stock, and legally issued capital notes and debentures purchased by the Reconstruction Finance Corporation which may be If located in a city or town Minimum with a population— Capital considered capital and capital stock for purposes of membership in the Federal Reserve System under Not exceeding 6,000 inhabitants. . $ 50,000 Exceeding 6,000 but not exceeding 50,000 the provisions of section 9 of the Federal Reserve inhabitants 100,000 Act. Exceeding 50,000 inhabitants (except as stated below) 200,000 In an outlying district of a city with a popu- SECTION 2. ELIGIBILITY REQUIREMENTS lation exceeding 50,000 inhabitants; provided State law permits organization of Under the terms of section 9 of the Federal State banks in such location with a capi- Reserve Act, as amended, to be eligible for ad- tal of $100,000 or less 100,000 mission to membership in the Federal Reserve System— With certain exceptions not here applicable, a national bank must have surplus equal to 20 per 1 Under the provisions of section 19 of the Federal Reserve cent of its capital in order to commence business. Act, national banks, or banks organized under local laws, located in Alaska or in a dependency or insular possession or any part of the United States outside the continental United SECTION 3. INSURANCE OF DEPOSITS States are not required to become members of the Federal Any State bank becoming a member of the Fed- Reserve System but may, with the consent of the Board, become members of the System. However, this Regulation H eral Reserve System which is engaged in the busiis applicable only to the admission of banks eligible for ad- ness of receiving deposits other than trust funds mission to membership under section 9 of the Federal Reserve and which is not at the time an insured bank under Act and does not cover the admission of banks eligible under section 19 of the Act. Any bank desiring to be admitted to the provisions of the Federal Deposit Insurance Act, the System under the provisions of section 19 should comwill become an insured bank under the provisions municate with the Federal Reserve Bank with which it desires to do business. of that Act on the date upon which it becomes a SEPTEMBER 1952 1005 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT member of the Federal Reserve System.2 In the amended so as to authorize it to purchase stock in case of an insured bank which is admitted to mem- a Federal Reserve Bank.3 bership in the Federal Reserve System, the bank will (d) Execution and filing of application. Each apcontinue to be an insured bank. plication made under the provisions of this section and the exhibits referred to in the application blank SECTION 4. APPLICATION FOR MEMBERSHIP shall be executed and filed, in duplicate, with the (a) State bank, other than a mutual savings bank. Federal Reserve Bank of the district in which the A State bank, other than a mutual savings bank, applying bank is located. applying for membership, shall make application on Form F.R. 83A to the Board for an amount of SECTION 5. APPROVAL OF APPLICATION capital stock in the Federal Reserve Bank of its (#) Matters given special consideration by Board. district equal to six per cent of the paid-up capital In passing upon an application, the following matstock and surplus of the applying institution. ters will be given special consideration. (b) Mutual savings bank. A mutual savings bank (1) The financial history and condition of applying for membership shall make application the applying bank and the general character on Form F.R. 83B to the Board for an amount of of its management; capital stock in the Federal Reserve Bank of its (2) The adequacy of its capital structure in district equal to six-tenths of one per cent of its relation to the character and condition of its total deposit liabilities as shown by the most recent assets and to its existing and prospective deposit report of examination of such institution preceding liabilities and other corporate responsibilities; its admission to membership, or, if such institution and its future earnings prospects; be not permitted by the laws under which it was organized to purchase stock in a Federal Reserve (3) The convenience and needs of the com- Bank, on Form F.R. 83C, for permission to deposit munity to be served by the bank; and with the Federal Reserve Bank an amount equal (4) Whether its corporate powers are conto the amount which it would have been required sistent with the purposes of the Federal Reserve to pay in on account of a subscription to capital Act. stock. (£) Procedure for admission to membership after (c) Mutual savings bank which is not authorized approval of application. If an applying bank conto purchase stock of Federal Reserve Bank at time forms to all the requirements of the Federal Reserve of admission. If a mutual savings bank be admitted Act and this regulation and is otherwise qualified to membership on the basis of a deposit of the for membership, its application will be approved required amount with the Federal Reserve Bank subject to such conditions as may be prescribed in lieu of payment upon capital stock because the pursuant to the provisions of the Federal Reserve laws under which such bank was organized do not Act. When the conditions prescribed have been at that time authorize it to purchase stock in the accepted by the applying'bank, it should pay to the Federal Reserve Bank, it shall subscribe on Form Federal Reserve Bank of its district one-half of the F.R. 83D for the appropriate amount of stock in amount of its subscription and, upon receipt of the Federal Reserve Bank whenever such laws are advice from the Federal Reserve Bank as to the required amount, one-half of one per cent of its 2 In the case of a State bank which is engaged in the busi- paid-up subscription for each month from the ness of receiving deposits other than trust funds and which at the time of its admission to membership in the Federal Reserve System is not an insured bank, the Board is required 3 The Federal Reserve Act provides that, if the laws under under the provisions of sections 4 and 6 of the Federal De- which any such savings bank was organized be not amended posit Insurance Act to issue a certificate to the Federal Deposit at the first session of the legislature following the admission Insurance Corporation to the effect that the bank is a member of the savings bank to membership so as to authorize muof the Federal Reserve System and that consideration has tual savings banks to purchase Federal Reserve Bank stock, been given to the financial history and condition of the bank, or if such laws be so amended and the bank fail within six the adequacy of its capital structure, its future earnings pros- months thereafter to purchase such stock, all of its rights pects, the general character of its management, the con- and privileges as a member bank shall be forfeited and its venience and needs of the community to be served by the membership in the Federal Reserve System shall be termibank, and whether or not its corporate powers are consistent nated in the manner prescribed in section 9 of the Federal with the purposes of the Federal Deposit Insurance Act. Reserve Act. 1006 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT period of the last dividend.4 The remaining half which authorizes the Board to permit applying of the bank's subscription shall be subject to call State banks to become members of the Federal when deemed necessary by the Board. The bank's Reserve System "subject to the provisions of this membership in the Federal Reserve System shall Act and to such conditions as it may prescribe purbecome effective on the date as of which a certifi- suant thereto," the Board, except as hereinafter cate of stock of the Federal Reserve Bank is issued stated, will prescribe the following conditions of to it pursuant to its application for membership or, membership for each State bank hereafter applying in the case of a mutual savings bank which is for admission to the Federal Reserve System, and. not authorized to subscribe for stock on the date in addition, such other conditions as may be as of which a certificate representing the acceptance considered necessary or advisable in the particular of a deposit with the Federal Reserve Bank in case— place of a payment on account of a subscription 1. Such bank at all times shall conduct its to stock is issued to it pursuant to its application business and exercise its powers with due refor membership. gard to the safety of its depositors, and, except with the permission of the Board of Governors SECTION 6. PRIVILEGES AND REQUIREMENTS OF of the Federal Reserve System, such bank shall MEMBERSHIP not cause or permit any change to be made in Every State bank while a member of the Federal the general character of its business or in the Reserve System— scope of the corporate powers exercised by it (a) Shall retain its full charter and statutory at the time of admission to membership.6 rights subject to the provisions of the Federal Re- 2. The net capital and surplus funds of such serve Act and other Acts of Congress applicable to bank shall be adequate in relation to the charmember State banks, to the regulations of the acter and condition of its assets and to its de- Board made pursuant to law, and to the conditions posit liabilities and other corporate responsiprescribed by the Board and agreed to by such bilities. bank prior to its admission; The acquisition by a member State bank of the (b) Shall enjoy all the privileges and observe all assets of another institution through merger, conthe requirements of the Federal Reserve Act and solidation, or purchase may result in a change in other Acts of Congress applicable to member State the general character of its business or in the scope banks and of the regulations of the Board made of its corporate powers within the meaning of pursuant to law which are applicable to member condition numbered 1, and if at any time a bank State banks; subject to such condition anticipates making any (c) Shall comply at all times with any and all such acquisition a detailed report setting forth all conditions of membership prescribed by the Board the facts in connection with the transaction shall in connection with the admission of such bank to be made promptly to the Federal Reserve Bank of membership in the Federal Reserve System; and the district in which such bank is located. (d) Shall not reduce its capital stock except If at any time, in the light of all the circumwith the prior consent of the Board.5 stances, the aggregate amount of a member State bank's net capital and surplus funds appears to be SECTION 7. CONDITIONS OF MEMBERSHIP 6 For many years, the Board prescribed, as standard condi- Pursuant to the authority contained in the first tions of membership, a condition which, in general, proparagraph of section 9 of the Federal Reserve Act, hibited banks from engaging as a business in the sale of real estate loans to the public and certain conditions relating 4 In the case of a mutual savings bank which is not per- to the exercise of trust powers, including one which promitted by the laws under which it was organized to purchase hibited self-dealing in the investment of trust funds. The stock in a Federal Reserve Bank, it shall deposit with the elimination of these conditions as standard conditions of Federal Reserve Bank an amount equal to the amount which membership does not reflect any change in the Board's posiit would have been required to pay in on account of a sub- tion as to the undesirability of the practices formerly proscription to capital stock. hibited by such conditions; and attention is called to the fact 5 This applies to capital stock of all classes and to capital that engaging as a business in the sale of real estate loans to notes and debentures legally issued and purchased by the the public or failing to conduct trust business in accordance Reconstruction Finance Corporation which, under the Federal with the applicable State laws and sound principles of trust Reserve Act, are considered as capital stock for purposes of administration may constitute unsafe or unsound practices membership. and violate condition numbered 1. SEPTEMBER 1952 1007 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT inadequate, the bank, within such period as shall bia), it must obtain the approval of the Board. be deemed by the Board to be reasonable for this 2. Before any nonmember State bank having purpose, shall increase the amount thereof to an a branch or branches established after February amount which in the judgment of the Board shall 25, 1927, beyond the corporate limits of the be adequate in relation to the character and condi- city, town, or village in which the bank is tion of its assets and to its deposit liabilities and situated is admitted to membership in the Fedother corporate responsibilities. eral Reserve System, it must obtain the approval of the Board for the retention of such SECTION 8. ESTABLISHMENT OR MAINTENANCE OF branches. BRANCHES 3. A member State bank located in a State (a) In general. Every State bank which is or which by statute law permits the maintenance hereafter becomes a member of the Federal Reserve of branches within county or greater limits System is subject to the provisions of section 9 of may, with the approval of the Board, establish the Federal Reserve Act relating to the establish- and operate, without regard to the capital ment and maintenance of branches7 in the United requirements of section 5155 of the Revised States or in a dependency or insular possession Statutes, a seasonal agency in any resort comthereof or in a foreign country. Under the pro- munity within the limits of the county in visions of section 9, member State banks establish- which the main office of such bank is located ing and operating branches in the United States for the purpose of receiving and paying out beyond the corporate limits of the city, town, or deposits, issuing and cashing checks and drafts, village in which the parent bank is situated must and doing business incident thereto, if no bank conform to the same terms, conditions, limitations, is located and doing business in the place where and restrictions as are applicable to the establish- the proposed agency is to be located; and any ment of branches by national banks under the pro- permit issued for the establishment of such visions of section 5155 of the Revised Statutes of the an agency shall be revoked upon the opening United States relating to the establishment of of a State or national bank in the community branches in the United States, except that the where the agency is located. approval of any such branches must be obtained 4. Except as stated in the immediately prefrom the Board rather than from the Comptroller ceding paragraph, in order for a member State of the Currency. The approval of the Board must bank to establish a branch beyond the corporate likewise be obtained before any member State bank limits of the city, town, or village in which it establishes any branch after July 15, 1952, within the is situated, the aggregate capital stock of the corporate limits of the city, town, or village in member State bank and its branches shall at which the parent bank is situated (except within no time be less than the aggregate minimum the District of Columbia). Under the provisions of capital stock required by law for the establishsection 9, member State banks establishing and ment of an equal number of national banking operating branches in a dependency or insular posassociations situated in the various places where session of the United States or in a foreign country such member State bank and its branches are must conform to the terms, conditions, limitations, situated.8 and restrictions contained in section 25 of the Fed- 5. A member State bank may not establish eral Reserve Act relating to the establishment by a branch beyond the corporate limits of the city, national banks of branches in such places. town, or village in which it is situated unless (£) Branches in the United States. such establishment and operation are at the 1. Before a member State bank establishes 8 The requirement of this paragraph is met if the aggrea branch (except within the District of Colum- gate capital stock of a member State bank having branches is not less than the total amount of capital stock which would 7 Section 5155 of the Revised Statutes of the United States be required for the establishment of one national bank in provides that: "(f) The term 'branch' as used in this section each of the places in which the head office and branches of shall be held to include any branch bank, branch office, the member State bank are located, irrespective of the numbranch agency, additional office, or any branch place of busi- ber of offices which the bank may have in any such place. ness located in any State or territory of the United States or There are no additional capital requirements for additional in the District of Columbia at which deposits are received, or branches within the city, town, or village in which the head checks paid, or money lent." office is located. 1008 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT time authorized to State banks by the statute (e) Application for approval of foreign branches. law of the State in question by language spe- Any member State bank desiring to establish such cifically granting such authority affirmatively a branch and any nonmember State bank applying and not merely by implication or recognition. for membership and desiring to retain any such 6. Any member State bank which, on Feb- branch established after February 25, 1927, should ruary 25, 1927, had established and was actually submit a request for the approval by the Board of operating a branch or branches in conformity any such branch to the Federal Reserve Bank of with the State law is permitted to retain and the district in which the bank is located. Any such operate the same while remaining a member of request should be accompanied by advice as to the Federal Reserve System, regardless of the the scope of the functions and the character of the location of such branch or branches. business which are or will be performed by the 7. The removal of a branch of a member branch and detailed information regarding the State bank from one town to another town policy followed or proposed to be followed with constitutes the establishment of a branch in reference to supervision of the branch by the head such other town and, accordingly, requires the office; and the bank may be required in any case approval of the Board. The removal of a to furnish additional information which will be branch of a member State bank from one loca- helpful to the Board in determining whether to tion in a town to another location in the same approve such request. town will require the approval of the Board SECTION 9. PUBLICATION OF REPORTS OF MEMBER if the circumstances of the removal are such BANKS AND THEIR AFFILIATES 9 that the effect thereof is to constitute the estab- (a) Reports of member banks. Each report of lishment of a new branch as distinguished from condition made by a member State bank, which is the mere relocation of an existing branch in the required to be made to the Federal Reserve Bank immediate neighborhood without affecting the of its district as of call dates fixed by the Board of nature of its business or customers served. Governors of the Federal Reserve System, shall be (c) Application for approval of branches in United published by such member bank within twenty days States. Any member State bank desiring to estab- from the date the call therefor is issued. lish a branch should submit a request for the ap- The report shall be printed in a newspaper pubproval by the Board of any such branch to the lished in the place where the bank is located or, Federal Reserve Bank of the district in which the if there be no newspaper published in the place bank is located. Any nonmember State bank apwhere the bank is located, then in a newspaper pubplying for membership and desiring to retain lished in the same or in an adjoining county and in any branch established after February 25, 1927, general circulation in the place where the bank is beyond the corporate limits of the city, town, or located. The term "newspaper," for the purpose village in which the bank is situated should subof this regulation, means a publication with a genmit a similar request. Any such request should eral circulation published not less frequently than be accompanied by advice as to the scope of the once a week, one of the primary functions of which functions and the character of the business which is the dissemination of news of general interest. are or will be performed by the branch and detailed information regarding the policy followed or pro- 9 Under the provisions of section 9 of the Federal Reserve Act, reports of condition of member State banks which, posed to be followed with reference to supervision under that section, must be made to the respective Federal of the branch by the head office; and the bank may Reserve Banks on call dates fixed by the Board of Governors of the Federal Reserve System "shall be published by the be required in any case to furnish additional inforreporting banks in such manner and in accordance with mation which will be helpful to the Board in deter- such regulations as the said Board may prescribe." mining whether to approve such request. Section 9 also provides that the reports of affiliates of a member State bank which are required by that section to be (d) Foreign branches. Before a member State furnished to the respective Federal Reserve Banks "shall be bank establishes a branch in a foreign country, or published by the bank under the same conditions as govern its own condition reports." The term "affiliates," as used dependency or insular possession of the United in this provision of section 9, under the express terms of that States, it must have a capital and surplus of section, includes "holding company affiliates as well as $1,000,000 or more and obtain the approval of the other affiliates," but a member State bank is not required to furnish to a Federal Reserve Bank the report of an affili- Board. ated member bank. SEPTEMBER 1952 1009 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT The copy of the report for the use of the printer "none" appears on the report furnished to the for publication should be prepared on the form Federal Reserve Bank may be omitted in the pubsupplied or authorized for the purpose by the lished statement of the affiliate, provided that if Federal Reserve Bank. The published information the word "none" is shown against all of the items shall agree in every respect with that shown on the appearing under such caption in the report furface of the condition report rendered to the Federal nished to the Federal Reserve Bank the caption Reserve Bank, except that any item for which no "Financial relations with bank" shall appear in the amount is reported may be omitted in the published published statement followed by the word "none." statement. All signatures shall be the same in the All signatures shall be the same in the published published statement as in the original report sub- statement as in the original report submitted to the mitted to the Federal Reserve Bank, but the sig- Federal Reserve Bank, but the signatures may be natures may be typewritten or otherwise copied on typewritten or otherwise copied on the report for the report for publication. publication. A copy of the printed report shall be submitted to A copy of the printed report shall be submitted the Federal Reserve Bank attached to the cer- to the Federal Reserve Bank attached to the certifitificate on the form supplied or authorized for the cate on Form F.R. 220a. purpose by the Federal Reserve Bank. (£) Reports of affiliates.10 Each report of an SECTION 10. VOLUNTARY WITHDRAWAL FROM FEDERAL. RESERVE SYSTEM affiliate of a member State bank, including a holding company affiliate, shall be published at the (a) General. Any State bank desiring to withsame time and in the same newspaper as the affili- draw from membership in a Federal Reserve Bank ated bank's own condition report submitted to the may do so after six months' written notice has been Federal Reserve Bank, unless an extension of time filed with the Board;11 and the Board, in its disfor submission of the report of the affiliate has cretion, may waive such six months' notice in any been granted under authority of the Board of individual case and may permit such bank to with- Governors of the Federal Reserve System. When draw from membership in a Federal Reserve Bank,, such extension of time has been granted, the report subject to such conditions as the Board may preof the affiliate must be submitted and published scribe, prior to the expiration of six months from before the expiration of such extended period in the date of the written notice of its intention to withdraw. the same newspaper as the condition report of the (£) Notice of intention of withdrawal. Any State bank was published. bank desiring to withdraw from membership in a The copy of the report for the use of the printer Federal Reserve Bank should signify its intention* for publication should be prepared on Form F.R. to do so, with the reasons therefor, in a letter ad- 220a. The published information shall agree in dressed to the Board and mailed to the Federal every respect with that shown on the face of the Reserve Bank of which such bank is a member. report of the affiliate furnished to the Federal Any such bank desiring to withdraw from member- Reserve Bank by the affiliated member bank, except ship prior to the expiration of six months from the that any item appearing under the caption "Finandate of written notice of its intention to withdraw cial relations with bank" against which the word should so state in the letter signifying its intention to withdraw and should state the reason for its 10 Section 21 of the Federal Reserve Act, among other desire to withdraw prior to the expiration of six. things, provides as follows: "Whenever member banks are required to obtain reports from affiliates, or whenever affili- months. ates of member banks are required to submit to examina- Every notice of intention of a bank to withdraw tion, the Board of Governors of the Federal Reserve System or the Comptroller of the Currency, as the case may be, may from membership in the Federal Reserve System* waive such requirements with respect to any such report or examination of any affiliate if in the judgment of the said 11 Under specific provisions of section 9 of the Federal' Board or Comptroller, respectively, such report or examina- Reserve Act, however, no Federal Reserve Bank shall, except tion is not necessary to disclose fully the relations between upon express authority of the Board, cancel within the same such affiliate and such bank and the effect thereof upon the calendar year more than twenty-five per cent of its capital3 affairs of such bank." Therefore, of course, in any case stock for the purpose of effecting voluntary withdrawals, where the Board of Governors waives the filing of a report during that year. All applications for voluntary withdrawals of an affiliate of a member State bank, no publication of a are required by the law to be dealt with in the order in which report of such affiliate is required. they are filed with the Board. 1010 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT and every application for the waiver of such notice be presumed to have abandoned its intention of should be accompanied by a certified copy of a withdrawing from membership and will not be resolution duly adopted by the board of directors permitted to withdraw without again giving six of such bank authorizing the withdrawal of such months' written notice or obtaining the waiver of bank from membership in the Federal Reserve such notice. System and authorizing a certain officer or certain (d) Withdrawal of notice. Any bank which has officers of such bank to file such notice or applica- given notice of its intention to withdraw from tion, to surrender for cancellation the Federal Re- membership in a Federal Reserve Bank may withserve Bank stock held by such bank, to receive and draw such notice at any time before its stock has receipt for any moneys or other property due to been canceled and upon doing so may remain a such bank from the Federal Reserve Bank and to member of the Federal Reserve System. The notice do such other things as may be necessary to effect rescinding the former notice should be accompanied the withdrawal of such bank from membership in by a certified copy of an appropriate resolution duly the Federal Reserve System. adopted by the board of directors of the bank. Notice of intention to withdraw or application for waiver of six months' notice of intention to SECTION 11. BOARD FORMS withdraw by any bank which is in the hands of a All forms referred to in this regulation and all conservator or other State official acting in a such forms as they may be amended from time capacity similar to that of a conservator should be to time shall be a part of this regulation. accompanied by advice from the conservator or other such State official that he joins in such notice 12 A bank's withdrawal from membership in the Federal Reserve System is effective on the date on which the Federal or application. Reserve Bank stock held by it is duly canceled. Until such (c*) Time and method of effecting actual withdrawal. stock has been canceled, such bank remains a member of the Upon the expiration of six months after notice Federal Reserve System, is entitled to all the privileges of membership, and is required to comply with all provisions of intention to withdraw or upon the waiving of of law and all regulations of the Board pertaining to member such six months' notice by the Board, such bank banks and with all conditions of membership applicable to it. Upon the cancellation of such stock, all rights and privmay surrender its stock and its certificate of memileges of such bank as a member bank shall terminate. bership to the Federal Reserve Bank and request Upon the cancellation of such stock, and after due provithat same be canceled and that all amounts due to sion has been made for any indebtedness due or to become it from the Federal Reserve Bank be refunded.12 due to the Federal Reserve Bank, such bank shall be entitled to a refund of its cash paid subscription with interest at the Unless withdrawal is thus effected within eight rate of one-half of one per cent per month from the date months after notice of intention to withdraw is of last dividend, the amount refunded in no event to exceed the book value of the stock at that time, and shall likewise first given, or unless the bank requests and the be entitled to the repayment of deposits and of any other Board grants an extension of time, such bank will balance due from the Federal Reserve Bank. SEPTEMBER 1952 1011 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Publication of the Annual Report of the Assistant General Counsel and on December 28, Board of Governors 1947, he was appointed Associate General Counsel. The Thirty-eighth Annual Report of the Board With the creation of the Office of the Solicitor on of Governors of the Federal Reserve System, cover- December 6, 1948, he was appointed Solicitor. ing operations for the calendar year 1951, is available Mr. Townsend's services will continue to be for distribution. Copies may be obtained upon available to the Board of Governors on a part-time request from the Division of Administrative Servbasis during the pendency in the courts of the ices, Board of Governors, Washington 25, D. C. Clayton Act proceeding against Transamerica Cor- Historical Supplement to Monthly Chart Book on Bank poration. Credit, Money Rates, and Business Death of Director The historical supplement to the monthly Fed- Mr. George H. Zimmerman, Chairman of the eral Reserve Chart Book on Money Rates, Bank Board and President, Wm. Cameron and Company, Credit, and Business has been brought up to date, Waco, Texas, who had served as a Class B director primarily to meet the needs of colleges and uni- of the Federal Reserve Bank of Dallas since April versities. The new edition is now available for 24, 1951, died on August 29, 1952. distribution on the terms indicated in the last para- New Edition of U. S. Government Manual graph. The format and the charts included, of which The 1952-53 edition of the United States Governthere are 113 pages, are the same as in the April ment Organization Manual is off the press and may 1952 edition. A few charts for which the indexes be purchased from the Superintendent of Docuhave been shifted to a new base period are shown ments, Government Printing Office, Washington on the new basis. In most cases the charts cover 25, D. C, for $1 a copy. the period beginning with 1919 or some earlier The Manual is published by the Federal Register year. All charts include the latest data available Division, National Archives and Records Service, on September 18, 1952. General Services Administration. It contains sec- Single copies of this supplement may be pur- tions descriptive of the agencies in the legislative,, chased for 60 cents each; in quantities of 10 or judicial and executive branches of the Government. more for shipment to one address, there is a spe- Supplemental information includes (1) brief decial price of 50 cents per copy. Orders should be scriptions of quasi-official agencies and selected sent to the Division of Administrative Services, international organizations, (2) charts of the more Board of Governors of the Federal Reserve Sys- complex agencies, and (3) appendixes relating to tem, Washington 25, D. C. abolished or transferred agencies and to governmental publications. Change in Board's Staff Admission of State Banks to Membership in the Mr. J. Leonard Townsend resigned as Solicitor Federal Reserve System of the Board of Governors, effective August 31, The following State banks were admitted to in order to accept a position as Vice President and membership in the Federal Reserve System during Director of the Pan American Sulphur Company, the period July 16, 1952 to August 15, 1952: with headquarters at Dallas, Texas. Mr. Townsend was Assistant Solicitor of the Missouri Securities and Exchange Commission when he be- St. Joseph—The First Trust Company. came associated with the Board of Governors as Assistant General Attorney on March 1, 1945. A Ohio year later Mr. Townsend's title was changed to Fairborn—The Farmers and Merchants Bank. 1012 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled August 26 and released for publication August 28] Steel production and over-all industrial activity July while appliances decreased about 15 per cent. have shown substantial recovery in August from Steel production was at about the June level of 18 the sharply reduced July rate, and the volume of per cent of capacity, but expanded to 99 per cent construction has continued at close-to-record levels. of capacity by the fourth week of August. Sales at department stores have expanded in early Output of nondurable goods decreased in July August, while sales of automobiles have apparently owing mainly to vacation schedules in textiles and continued near the restricted July rate. Wholesale some other industries. Rayon deliveries rose subprices have advanced slightly since early July, and stantially further. Paperboard production—followconsumer prices have reached a new record level. ing the usual July curtailment—increased in early August to the highest rate since last autumn, and INDUSTRIAL PRODUCTION petroleum refining activity increased to a new record level. The Board's index of industrial production declined further in July to 191 per cent of the 1935-39 Minerals production in August will be substanaverage, but is estimated to have recovered in tially above the reduced level of recent months^ August to about the May level. Steel and iron ore owing mainly to the restoration of iron ore proproduction have increased rapidly following settle- duction. Crude petroleum output has also inment of the dispute at the end of July, and gains in creased but coal production is being sharply curother industries have been fairly widespread. tailed in the last week of August by a work stoppage. Activity in durable goods industries was reduced further in July, owing mainly to curtailments in CONSTRUCTION steel consuming industries. Over-all activity in the Value of construction contracts awarded showed machinery industries decreased about 5 per cent. little change in July as an increase in awards for Much sharper curtailments occurred in the automo- public construction offset a small decline in private bile and railroad equipment industries. Production awards. The number of housing units started was of passenger automobiles and trucks amounted to 104,000, a seasonally adjusted annual rate of 1,088,about 200,000 in July as compared with 519,000 in 000 as compared with 1,063,000 in June. Total June; in the third week of August output was up dollar volume of new construction put in place markedly and for the month may approach 300,000 in July was a record for the month. vehicles. Output of television was unchanged in EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS INDUSTRIAL PRODUCTION SEASON ~ AL 1 LY 1ADJUSTE HYSICAL VOLUME, SEASON* ^ »«->», /T OTAL \ ! 140 ... GOVERWENT ^ 220 SER TRANSPORTAT ON AgD UTILITIES MINER* NCE 0 I [ 1 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 Bureau of Labor Statistics data adjusted for seasonal varia- 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 tion by Federal Reserve. Proprietors, self-employed persons Federal Reserve indexes. Monthly figures, latest shown are and domestic servants are not included. Midmonth figures, for July. latest shown are for July. SEPTEMBER 1952 1013 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS EMPLOYMENT year ago. Passenger automobile sales in early August remained near the considerably reduced Seasonally adjusted employment in nonagricul- July rate, as new car supplies continued low. tural establishments declined further in July, as shut-downs in steel consuming industries about COMMODITY PRICES doubled the number of workers idled by the steel strike. The average work week at factories was The general level of wholesale commodity prices reduced by one-half hour and average hourly earn- advanced slightly from early July to the third ings were down slightly. In mid-August, however, week of August, reflecting increases in some farm, initial claims for unemployment compensation, at food, and textile products. Also, following con- 179,000 were almost 200,000 below the peak of clusion of new wage agreements, prices of steel mid-July. and aluminum products were raised about 5 per AGRICULTURE cent and prices of steel scrap and nonferrous metals strengthened. Crop prospects declined in July, particularly for The consumers price index rose further by .6 tobacco, feeds, and pasture, and total output as per cent in July to a new high. Average prices of of August 1 was forecast at only 1 per cent above foods also reached a new high—3 per cent above last year. In August rains have fallen in many year-ago levels. Rents and prices of other services dry areas. Beef production has increased and total and of fuels also increased, while apparel prices meat output in the first three weeks of August has declined further. been 4 per cent above the year-ago level. Production of milk and eggs in July continued smaller BANK CREDIT than a year ago. Total outstanding bank credit declined some- DISTRIBUTION what from mid-July to mid-August. Bank holdings of U. S. Government securities, bank loans Department store sales showed a more than on such securities, and loans to manufacturers of seasonal increase in the early part of August, folmetal products decreased. The effect of these lowing a decrease in July of 5 per cent, according declines on total bank credit was offset to some to the Board's seasonally adjusted index. Stocks at extent by increases in other types of loans and inthe end of July were indicated by preliminary data vestments. to be somewhat higher, after seasonal adjustment, Bank reserve positions continued generally tight than at the end of June, but 12 per cent below a for the period, with discounts at the Federal Reserve fluctuating around a high level and with the SECURITY MARKETS rate on Federal funds remaining just below the discount rate. A number of important money market banks raised their lending rates on stock market call money by J4 Per cent. SECURITY MARKETS 80 Yields on Government securities rose during the first half of August, then declined somewhat in the following week. The average rate of discount on the new bills issued August 14 was 1.90 per cent, but market rates on bills stayed below this level. Early in August the Treasury received subscriptions for a 1-year 2 per cent certificate of in- 1945 1946 1947 1948 1949 1950 1951 1952 debtedness to mature August 15, 1953 offered in Common stock prices, Standard and Poor's Corporation; corporate bond yields, Moody's Investors Service; U. S. Govern- exchange for 2.4 billion dollars of 1% per cent cerment bond yields, U. S. Treasury Department. Weekly figures, tificates maturing August 15 and September 1, 1952. latest shown are for Aug. 13, 1952. 1014 FEDERAL RESERVE BULLETIN 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 1017-1018 Federal Reserve Bank rates, reserve requirements; margin requirements; fees and rates under Regulation V; terms under Regulation X 1018-1020 Federal Reserve Bank statistics 1021-1023 Guaranteed Regulation V loans 1023 Deposits and reserves of member banks 1023-1024 Bank debits and deposit turnover; Postal Savings System 1024 Money in circulation 1025 Consolidated statement of the monetary system, deposits and currency 1026 All banks in the United States, by classes. 1027-1029 All insured commercial banks in the United States, by classes. 1030-1031 Weekly reporting member banks. 1032-1034 Life insurance company commitments 1034 Commercial paper, bankers' acceptances, and brokers' balances 1035 Money rates; bank rates on business loans; bond yields 1036 Security prices and new issues 1037-1038 Corporate sales, profits, and dividends 1038-1040 Treasury finance 1041-1043 Government corporations and credit agencies 1044 Business indexes 1045-1054 Department store statistics 1055-1058 Consumers' prices 1058 Wholesale prices 1059 Gross national product, national income, and personal income 1060-1061 Consumer credit statistics 1062-1064 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. 1015 SEPTEMBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Billions of Dollars Wednesday Figures Billions of Dollars 15 10 -V—i 10 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 30 I I I FEDERAL RESERVE CREDIT HOLDINGS OF U- S GOVERNMENT SECURITIES • TOTAL 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Wednesday figures, latest shown are for Aug. 27. See page 1017. 1016 FEDERAL RESERVE BULLETIN 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 v co D a a a n u n i d s c n d - - e ts s T U ot . a l S. s e B G cu o o r n v i d t e i s r e n s c m c B e a e r i t t l n e i l f t s s i , , - ot A h l e l r1 Total s G to o c ld k T s r t o c e r u i a u e u n n r n a r g y c t d - - s y - - M in c t u o io l c n a n i e r - y - T h c i u r o n a e r g l s a y d h s s - - 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 i - d r h k t s e 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 o e R e a t e r u c r h e a d v - n - e l - e t r s Total qu R ir e e - d2 c E e x ss - * and notes Wednesday figures: 1951—July 3. 18122,977 6,822 16,155 812 23,970 21,750 4,654 27,948 1,287 17V 1,014 76419,189 18,556 633 July 11. 236 23,092 5,822 17,270 938 24,26721,757 4,656 27,893 1,296 253 1,107 76819,364 18,459 905 July 18. 30023,081 5,822 17,2591,223 24,60521,758 4,656 27,781 1,296 612 1,183 76619,380 18,465 915 July 25. 7823,057 5,822 17,235 928 24,06321,759 4,658 27,706 1,305 424 1,191 76719,088 18,440 648 Aug. 1. 40823,081 5,822 17,259 79424,28221,759 4,663 27,842 1,308 557 1,175 72219,099 18,430 669 Aug. 8. 20023,118 5,822 17,296 72724,04621,759 4,665 27,904 1,298 203 1,016 72019,328 18,441 887 Aug. 15. 24223,151 5,822 17,329 967 24,360 21,800 4,666 27,925 1,288 495 1,113 71919,285 18,468 817 Aug. 22. 21423,084 5,822 17,262 87724,17521,800 4,667 27,932 1,292 434 1,096 71819,172 18,517 655 Aug. 29. 27823,066 5,822 17,244 657 24,00121,800 4,668 28,034 1,291 557 999 71718,871 18,485 386 Sept. 5. 24323,079 5,822 17,257 684 24,006 21,854 4,672 28,262 1,299 408 1,022 71418,825 18,406 419 Sept. 12. 32523,108 5,822 17,286 951 24,384 21,853 4,673 28,216 1,294 474 1,047 71319,167 18,555 612 Sept. 19. 359 23,135 5,822 17,3131,289 24,,783 21,934 4,674 28,140 1,285 477 923 73019,835 18,864 971 Sept. 26. 21623,474 5,822 17,652 988 24,67722,013 4,676 28,137 1,288 816 1,024 73119,369 18,837 532 Oct. 3. 6924,039 5,825 18,214 922 25,03022,015 4,680 28,320 1,284 397 966 75320,004 18,843 1,161 Oct. 10. 7924,072 5,825 18,247 87525,025 22,055 4,680 28,448 1,286 335 1,002 75019,939 18,868 1,071 Oct. 17. 6923,848 5,325 18,5231,200 25,11722,105 4,681 28,385 1,296 326 975 85120,068 18,950 1,118 Oct. 24. 15223,666 5,325 18,3411,024 24,84122,144 4,683 28,301 1 291 509 886 85019,833 19,144 689 Oct. 31. 18623,552 5,325 18,227 69024,,427 22,234 4,686 28,410 1 288 493 818 78019,557 19,060 497 Nov. 7. 24323,507 5,325 18,182 845 24,59522,284 4,686 28,534 1,291 452 843 77819,667 18.988 679 Nov. 14. 27423,397 5,325 18,072 93024,60222,283 4,688 28,601 1,284 245 815 77619,850 18,976 874 Nov. 21. 22723,275 5,334 17,9411,243 24,74522,333 4,689 28,701 1,285 364 800 77419,843 19,211 632 Nov. 28. 48323,239 5,334 17,905 95724,679 22,332 4,693 28,742 1,288 548 750 77419,603 19,229 374 Dec. 5. 95923,239 5,357 17,882 88325,08122,381 4,699 28,891 1,292 501 787 77019,919 19,196 723 Dec. 12. 71023,239 5,376 17,8631,031 24,98022,382 4,700 29,037 1,284 266 740 77019,964 19,317 647 Dec. 19. 44923,239 5,334 17,9052,05725,74522,491 4,703 29,263 1,269 6 776 82720,798 19,767 1,031 Dec. 26. 79723,503 5,342 18,1611,276 25,576 22,621 4,704 29,403 1,289 289 880 83220,208 19,637 571 1952—Jan. 2. 10123,658 5,344 18,3141,062 24,82522,697 4,706 29,143 1,275 8 694 74520,364 19,685 679 Jan. 9. 198 23,452 5,344 18,108 90424,55422,772 4,707 28,800 1,280 69 771 74320,369 19,551 818 Jan. 16. 13523,119 5,344 17,7751,118 24,37222,822 4,710 28,526 1,291 138 719 74420,488 19,590 898 Jan. 23. 11222,993 5,344 17,6491,010 24,11622,872 4,711 28,342 1,280 11 663 74320,660 19,573 1,087 Jan. 30. 21022,785 5,344 17,441 71123,707 22,931 4,716 28,347 1,302 221 729 74220,013 19,455 558 Feb. 6. 28322,614 5,344 17,270 75923,65622,990 4,717 28,378 1,317 52 728 74120,148 19,415 733 Feb. 13. 619 22,499 5,344 17,155 634 23,75323,011 4,717 28,425 1,276 261 685 74120,094 19,304 790 Feb. 20. 45422,400 5,471 16,9291,033 23,88723,071 4,721 28,387 1,308 491 749 73820,007 19,293 714 Feb. 27. 42222,555 5,636 16,919 77323,75023,110 4,722 28,390 1,308 712 730 73519,710 19,224 486 Mar. 5. 38422,514 5,636 16,878 986 23,88323,290 4,726 28,464 1,296 670 895 78719,787 19,166 621 Mar. 12. 35!22,530 5,636 16,894 891 23,77823,291 4,726 28,452 1,296 639 841 78519,781 19,182 599 Mar. 19. 22,825 5,636 17,1891,265 24,21623,292 4,729 28,361 1,285 6 742 803 21,038 19,627 1,411 Mar, 26. 17022,528 5,636 16,892 71523,41323,291 4,731 28,329 1,282 7 736 80420,276 19,500 776 Apr. 2. 13022,514 5,636 16,878 76623,409 23,291 4,736 28,445 1,281 295 776 82719,812 19,166 646 Apr. 9. 22,494 5,636 16,858 73123, ,293 4,736 28,526 1,273 381 763 82719,652 19,076 576 Apr. 16. 22,467 5,136 17,3311,020 24,109 23,293 4,737 28,436 1,288 520 853 82520,218 19,225 993 Apr. 23. 83022,372 5,136 17,236 77123,973 23,295 4,738 28,333 1,287 877 809 82419,875 19,087 788 Apr. 30. 67622,363 5,136 17,227 593 23,63223,297 4,739 28,460 1,284 450 784 74919,940 19,143 797 May 7. 1,04322,329 5,136 17,19. 695 24,06723,297 4,739 28,523 1,286 749 762 74720,034 19,071 963 May 14. 67122,315 5,136 17,179 77923,764 23,297 4,739 28,497 1,293 516 796 74519,953 19,092 861 May 21. 49922,283 5,136 17,14' 1,013 23,794 23,298 4,739 28,483 1,279 384 813 745 20,127 19,181 946 May 28. 81622,273 5,136 17,13 65323,74223,296 4,741 28,710 1,286 558 813 74519,667 19,217 450 June 4. 92622,378 5,136 17,242 77524,07923,296 4,747 28,842 1,282 527 824 19,906 19,207 699 June 11. 83422,492 5,136 17,356 803 24,128 23,297 4,750 28,830 1,284 507 834 742 19,978 19,226 752 June 18. 54122,99' 5,136 17,8611,289 24,82823,297 4,751 28,787 1,286 9 768 794 21,232 19,736 1,496 June 25. 307 22,564 5,136 17,428 88223,75323,346 4,752 28,814 1,290 134 813 793 20,006 19,621 385 July 2. 48022,869 17,733 80624,15523,346 4,755 29,180 1,277 90 760 798 20,153 20,104 r49 July 9. 68322,860 ^17,724 92324,46523,347 4,754 29,148 1,264 38 906 799 20,413 20,008 405 July 16. 97422,723 5,136 17,587 97424,67123,348 4,756 28,988 1,271 307 988 797 2-0,422 19,973 449 July 23. 1,07322,726 17,590 875 24,674 23,350 4,756 28,884 1,275 482 1,016 79720,326 19,875 451 July 30. 1,40322,844 17,708 66024,90723,350 4,761 28,952 1,286 605 1,042 72420,409 19,829 580 Aug. 6. 84322,97' 5,163 17,814 62024,44023,350 4,763 29,041 1,279 270 982 722 20,260 19,675 585 Aug. 13. 77023,051 5,236 17,815 73224,55. 23,344 4,764 29,051 1,277 422 1,057 718 20,136 19,692 444 Aug. 20. 97923,032 5,236 17,796 79924,81023,344 4,766 29,068 1,281 526 1,057 721 20,267*>19,617 P650 Aug. 27. 89'23,092 5,236 17,856 61424,60323,344 4,768 29,129 1,276 707 1,084 19,797 P19.645 P152 r Revised. 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. 1017 SEPTEMBER 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 v co a D a a n u n d i c s n d - - e ts s T U o . t 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 t l e i l t f s s i , , - ot A h l e l r1 Total s G to o c ld k T s r o c e t u i r a n u n u e r n g r y c t a - - d y s - - M in c t u o io c l n a n i e r - y - T h c i u r o n a e r g l s a y d h s s - - F u T B p e s w r R e r o d y a e r i s e n e t v a i d - 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 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 c E e x ss - 8 and notes End of period: 1929—June 29. . i,037 216 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 2,356 2,333 23 1933—June 30. . 164 1,998 441 1,557 58 2,220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—Dec. 30. . 7 2,484 1,351 1,133 102 2,593 17,644 2,963 7,598 2,409 634 653 251 11,653 6,4445,209 1941—Dec. 31. . 3 2,254 1,467 787 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 12,450 9,3653,085 1945—Dec. 31. . 24924,262 94723,315 580 25,091 20,065 4,339 28,515 2,287 977 1,308 495 15,915 14,4571,458 1946—Dec. 31.. 16323.350 753 22.597 581 24,093 20.529 4,562 28,952 2,272 393 822 607 16,139 15.577 562 1947—Dec. 31. . 8522,559 2,85319,706 536 23,181 22,754 4,562 28,868 ,336 870 961 563 17,899 16,40(1,499 1948—Dec. 31. . 22323,333 10,97712,356 542 24,097 24,244 4,589 28,224 ,325 ,123 1,189 59C20,479 19,2771,202 1949—Dec. 31.. 7818,885 7,21811,667 536 19.499 24,427 4,598 27.60C ,312 821 1,517 70f 16,568 15,5501,018 1950—June 30. . 4318,331 5,61812,713 329 18,703 24,231 4,607 27,156 ,298 950 1,431 771 15,934 15,498 436 Dec. 30.. 6720,778 4,62016.158 1,371 22,216 22,706 4,636 27.741 ,293 668 1.460 714 17.681 16,5001,172 1951—June 5322,98z 6,82216,160 1,00724,043 21,756 4,655 27,809 ,281 317 1,262 765 19,020 18,604 416, 1951—Aug 55223,127 5,82217,305 630 24,309 854 673 28,155 ,287 459 1,038 71619,181 18,464 717 Sept 190 23,734 5,82217,912 1,13425,058 013 681 28,288 ,285 936 1,127 72719,391 18,822 569» Oct 186 23,552 5,32518,227 690 24,427 233 688 28,417 ,283 493 818 78019,557 19,060 497 Nov 624 23,239 5,33417,905 871 24,734 382 700 28,809 ,288 481 794 77219.670 19,180 490> Dec 19 23,801 5,34418,457 1,18925,009 695 709 29,206 ,270 247 889 746 20,056 19,667 389- 1952—Jan 32822,729 5,34417,385 726 23,783 951 717 28,386 ,319 162 76 74120.077 19,443 634. Feb 59822,528 5,63616,892 778 23,904 191 727 28,465 ,287 558 796 73319,982 19,254 728, Mar 133 22,514 ,63616,878 623 23,270 291 ,736 28,473 ,277 169 845 801 19,733 19,241 492 Apr 676 22,363 5,13617,227 593 23,632 298 739 28,464 ,281 450 784 74919,940 19,143 797 May 95222,273 17,137 927 24,152 296 748 28,767 ,274 541 1,094 74319,778 19,187 591 June 59 22.,906 17,770 586 23,551 346 754 29,026 ,283 333 846 78319,381 •19,573 -192 July 1,27022,853 17,717 699 24,821 350 762 28,978 ,281 638 991 723 20,323 19,828 495; Aug 1,318 23,146 5,23617,910 751 25,216P23.344 t772P29.281 Pi,277 488 1,157 718 20,411 P19.587 P824 Averages of daily figures: 1951—June 170 22,797 6,826 15,971 946 23,913 21,755 4,647 27,548 1,286 280 1,162 73119,309 18.475 834i July 194 23,059 6,113 16,946 1,03224,285 21,757 4,656 27,859 1,291 405 1,158 756» 19,229 18,473 756, Aug 29223,123 5,822 17,301 848 24,263 21,790 4,666 27,951 1,288 483 1,104 719• 19,174 18,470 704 1952—June 58522,617 5,136 17,481 941 24,144 23,308 4,751 28,843 1,282 328 843 767' 20,140 19,431 709 July 1,09222,798 5,136 17,662 895 24,786 23,348 4,756 29,028 1,270 306 960 791L 20,535 19,926 609.- Aug 1,059 23,027 5,216 17,811 738 24,824 23,346 4,765 29,087 1,276 501 1,044 720 20,306 For footnotes see preceding page. MAXIMUM RATES ON T1MB DEPOSITS MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Nov. 1, 1933-Feb. 1, 1935- Effective Net demand deposits 1 Jan. 31, 1935 Dec. 31, 1935Jan. 1,1936 Time Effective date deposits, S O P a o t v h s i t e n a r l g d s S e d a p v e o i p s n o i g t s s s i ts d p e a p y o a s b . i l t e s : I* 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 ( m n a k l b l s e ) r In 6 months or more In 90 days to 6 months. . . In less than 90 days 1 1938—Apr. 16 22M 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 «6 MARGIN REQUIREMENTS * Aug. 1 13 [Per cent of market value] A A u u g g . . 1 1 1 6 23^ MX 12 » » 5 5 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 «6 1949 1951 1951 Jan. 16 13 Jan. 25 24 20 Feb. 1 14 Regulation T: In effect Sept. 1, 1952 *... 24 20 14 6 For extensions of credit by brokers Fo a r n s d h o d r e t a l s e a r l s e s on listed securities 7 7 5 5 5 5 0 0 7 7 5 5 Au 1 g D . e 2 m 3, a n 1 d 9 3 d 5 e , p o h s a i v t e s s b u e b e j n e ct t o t t o a l r e d se e r m ve a n r d e q d u e ir p e o m si e t n s ts m , i w n h u i s c h c a b s e h g i i n t n em in s g 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. 8 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,^ 1018 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 corpora- Advances secured by Government tions other than member Federal Reserve Bank ad o v b a li n g c a e t s i ( o S s n e e s e c s u a . r n e 1 d d 3 d b a i y n s d c e o l 1 i u g 3 n i a b ts ) l 1 e o f p a a p n e d r Other s S e e c c u . re 1 d 0 ( a b d )] vances b o a b n l ( i k l g a s a s t s t i e o p c n a u s r r . e o d S f e t b c h y . e 1 d U 3 i ) r . e S c . t Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Aug. 31 beginning— rate Aug. 31 beginning— rate Aug. 31 beginning— rate Boston Aug. 21,1950 Aug. 21,1950 Jan.14, 1948 New York.... Aug. 21,1950 Aug. 21,1950 2 Oct.30, 1942 Philadelphia.. Aug. 25,1950 Aug. 25,1950 Aug.23, 1948 Cleveland Aug. 25,1950 Aug. 25,1950 Aug.25, 1950 Richmond Aug. 25,1950 Aug. 25,1950 2 Oct.28, 1942 Atlanta Aug. 24,1950 Aug. 24,1950 Aug.24, 1950 Chicago Aug. 25,1950 Aug. 25,1950 Aug.13, 1948 St. Louis Aug. 23,1950 Aug. 23,1950 Jan. 12, 1948 Minneapolis. . Aug. 22,1950 Aug. 22,1950 Aug.23, 1948 Kansas City.. Aug. 25,1950 Aug. 25,1950 Jan. 19, 1948 Dallas Aug. 25,1950 Aug. 25,1950 Feb. 14, 1948 San Francisco Aug. 24,1950 Aug. 24,1950 2 Oct.28, 1942 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 1 ^a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. 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 A R u a g te . 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 August 31. Per cent per annum] 1- 90 days Dec. 18, 1951 91-120 days \* Dec. 18. 1951 1% 121-180 days 2H Dec. 18. 1951 To industrial or commercial To financing institutions 1 Dates effective at Federal Reserve Bank of New York. busin 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 com On mit loans * 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 August 31] Boston Fees Payable to Guaranteeing Agency by Financing Institution on New York Guaranteed Portion of Loan Philadelphia.... 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.... 8 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 8 Rate charged borrower. Over 95 40-50 40-50 « Rate charged borrower but not to exceed 1 per cent above th<; dis count rate. 5 Charge of M per cent per annum is made on undisbursed portion Maximum Rates Financing Institutions May Charge Borrowers of loan. [Per cent per annum] Back figures.—See Banking and Monetary Statistics, Table It8. pp. 446-447. Interest rate Commitment rate. H SEPTEMBER 1952 1019 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 uniti 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, o $ f 8 ,5 e 5 x 0 c e p ss lu ( s o 8 v 6 5 e - 5 7 r 5 p $ ) e 1 r 0 , c 0 e 0 n 0 t o o p (9 f f l u 4 s c s - a l 9 o l t 3 e o s s i t n p a p g l e r r i a c c c m o e e s 3 o ) n ts u t nt I o $ f 7 ,9 e 5 x 0 c e p ss lu ( s o 8 v 0 5 e - 4 7 r 1 p $ ) e 1 r 0 , c 0 e 0 n 0 t $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 per cent >of excess over $20,000 $21,001-$25,000... $14,000 plus 25 per cent $15,050 plus 30 per cent 1 (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 4 25 V None specified J 25 Over $12,000 20 Amortization requirements Minimum annual reduction of 5 per cent of original loan None specified under Reg- Liquidation of loan by- All values... u er n t t y i l v a a m lu o e u n at t o ti u m ts e t a t n he d in lo g a n is w 5 a 0 s p m er a d c e e n o t r o r l iq le u s i s d a o t f i o p n r o o p f - u m l e a n ti t o s n s a X tis ; f a p c e to ri r o y d t i o c C p o a m y- - s m ta a n tu ti r a i l t l y y e t q h u ro a u l g p h e r s io u d b i - c loan by maturity through substantially equal periodic missioner on FHA loans payments or payments payments or payments of principal of principal Effective period... June 11, 1952- June 11, 1952- June 11. 1952- February 15, 1951- September 15, 1952 5 September 15, 1952 & September 15, 1952 September 15, 1952 1 Properties generally described as commercial and recreational. 1 Maximum amount of loan insured by FHA may not exceed $14,000 on 1-family, $16,000 on 2-family, $20,500 on 3-family, $25,000 on 4-family residences, or $8,100 per unit on multi-unit projects. On existing 1- to 4-family units the loan amount may not exceed 80 per cent of value. 3 These percentages should be increased by the percentage that closing costs are of sales price. * Under special circumstances and with the approval of the Veterans Administrator, the maximum maturity may be 30 years. * For terms effective before June 11, 1952, see BULLETIN for October 1950, p. 1321, January 1951, pp. 31-32, and May 1952, p. 510. * Regulation X was suspended effective Sept. 16, 1952, and the associated regulations relating to FHA and VA loans were relaxed, asdescribed on p. 1002. 1020 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1952 1951 Aug. 27 Aug. 20 Aug. 13 Aug. 6 July 30 Aug. July Aug. Assets Gold certificates 21,450,50321,453,50121,457,25421,457,25321,452,25221,448,50321,452,25319,936,180 Redemption fund for F. R. notes.. 696,253 695,238 693,063 696,404 694,092 698,254 694,090 675,196 Total gold certificate reserves... 22,146,75622,148,73922,150,31722,153,65722,146,344 22,146,757 22,146,343 20,611,376 Other cash 345,629 345,085 335,438 338,390 349,985 342,928 350,772 330,730 Discounts and advances: For member banks 860,531 942,498 733,602 827,582 1,388,235 1,281,911 1,255,135 552,486 U In . d F S u o . s r t G r n i o o a v n l e m l r o n e a m m ns e b n e t r s b e a c n u k r s i , t i e . e t s . c : . . . 36 4 , , 5 4 0 7 0 4 3 4 6 , , 4 5 8 00 2 36 4 , , 5 5 0 3 0 4 1 4 5 , , 4 0 5 0 9 0 1 4 5 , , 7 0 2 0 8 0 3 4 6 , , 6 5 5 0 9 0 1 4 5 , , 5 0 9 0 2 0 5,693 Bills 397,500 375,000 375,000 384,400 199,400 436,200 265,400 615,942 Certificates: Special Other 11,890,216 11,853,216 11,872,216 11,860,716 11,940,216 11,905,516 11,883,216 4,850,575 Notes 5,568,073 5,568,073 5,568,073 5,568,073 5,568,073 5,568,073 5,568,073 11,838,465 Bonds 5,235,823 5,235,823 5,235,823 5,163,423 5,135,823 5,235,823 5,135,823 5,822,102 Total U. S. Government securities. 23,091,612 23,032,112 23,051,112 22,976,612 22,843,512 23,145,612 22,852,512 23,127,084 Total loans and securities... 23,993,117 24,015,592 23,825,748 23,823,65324,251,475 24,468,68224,127,239 23,685,263 Due from foreign banks 23 23 23 23 23 23 23 38 F. R. notes of other Banks. 180,662 182,838 183,259 181,907 193,394 187,911 199,019 163,491 Uncollected cash items 3,221,074 3,742,400 ,686,797 3,202,003 3,267,696 3,060,783 3,175,286 ,726,373 Bank premises 45,324 45,434 45,341 45,216 45,219 45,300 45,202 42,231 Other assets 238,756 231,059 225,827 215,962 207,015 243,985 208,188 195,696 Total assets 50,171,341 50,711,170 50,452,750 49,960,81150,461,15150,496,369 50,252,07247,755,198 Liabilities Federal Reserve notes 24,966,44124,916,05824,889,67924,880,44124,817,26425,119,01824,842,58324,020,366 Deposits: Member bank—reserve accounts. . 19,796,52520,267,016 20135,77520,259,50920408,54420411,383 20,323,40619,180,672 U. S. Treasurer—general account. 707,038 525,981 421,7 269,922 605,083 488,191 637,546 459,321 Foreign 849,147 839,161 863,737 726,628 784,646 811,731 723,641 760,441 Other 235,317 217,885 192,518 255,071 256,889 344,718 266,979 277,921 Total deposits. . 21,588,027 21,850,043 21,613,828 21,511,130 22,055,162 22,056,023 21,951,572 20,678,355 Deferred availability cash items 2,611,490 2,947,751 2,959,771 2,586,111 2,612,394 2,313,971 2,481,171 ,102,418 Other liabilities and accrued dividends. 17,573 15,883 14,738 14,935 14,577 15,461 14,050 15,535 Total liabilities. 49,183,53149,729,73549,478,016 48,992,617 49,499,397 49,504,473 49,289,376 46,816,674 Capital Accounts Capital paid in 246,398 246,384 246,352 246,288 246,187 246,407 246,232 233,093 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 175,527 169,166 162,497 156,021 149,682 179,604 150,579 167,866 Total liabilities and capital accounts 50,171,34150,711,170 50,452,750 49,960,81150,461,151 50,496,369 50,252,072 47,755,198 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).. .. 47.6 47.4 47.8 47.2 46.9 47.3 46.1 Contingent liability on acceptances purchased for foreign correspondents. . 9,102 9.136 9,026 9,093 9,096 9,130 9,098 23,812 Industrial loan commitments. 6,295 6,277 6,287 6,107 6,086 6,154 6,185 6,050 Maturity Distribution of Loans aitidU. S. Government Securities 1 Discounts and advances—total 897,031 978,998 770,102 842,582 1,403,235 1,318,411 1,270,135 552,486 Within 15 days 770 649 794 219 657 597 746,230 1,321,845 1,157,404 1,182,208 530,780 16 days to 90 days 126,346 184,733 90,901 96,292 81,330 160,971 87,867 21,706 91 days to 1 year 36 46 21,604 60 60 36 60 Industrial loans—total 4,474 4,482 4,534 4,459 4,728 4,659 4,592 5,693 Within 15 days 734 775 648 655 660 653 649 467 16 days to 90 days 865 872 1,031 1,103 845 856 824 916 91 days to 1 year . .. 2,414 2,619 2.635 2,481 3,003 2,590 2,901 3,478 Over 1 year to 5 years 461 216 220 220 220 560 218 832 U. S. Government securities—total 23,091,612 23,032,112 23,051,112 22,976,612 22,843,512 23,145,612 22,852,512 23,127,084 Within 15 days 52,700 50,500 204,800 217,200 324,400 53,500 308,400 127,600 16 to 90 days 7,159,300 7,102,000 7,147,100 7,184,700 6,956,500 7,212,500 6,956,500 7,760,734 91 days to 1 year .. 6,795,941 6,795,941 6,615,541 6,491,041 6,478,941 6,795,941 6,503,941 6,218,100 Over 1 year to 5 years s,941,352 s,941,352 S,941,352 S,941,352 S,941,352 5,941,352 5,941,352 4,878,166 Over 5 years to 10 years 1,070,224 1,070,224 1,070,224 1,070,224 1,070,224 1,070,224 1,070,224 1,031,904 Over 10 years 2,072,095 2,072,095 2,072,095 2,072,095 2,072,095 2,072,095 2,072,095 3,110,580 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank) 25,955,218 25,862,035 25,810,912 25,801,439 25,804,625 26,012,965 25,787,22524,936,612 Collateral held against notes outstanding: Gold certificates 13,139,000 13,294,000 13,094,000 13,094,000 13,164,000 13,094,000 12,259,000 Eligible paper 553,926 474,656 597,465 922,158 875,176 885,683 436,193 U. S. Government securities 13,550,000 13,475,000 13,475.000 13,475,000 13,550,000 13,475,000 13,225,000 Total collateral 27,242,926 27,463,44127,243,656 27,166,46527,491,158 27,589,17627,454,68325,920,193 1 Callable U. S. Government securities classified according to nearest call date. SEPTEMBER 1952 1021 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 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 ve d - m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c S r i a s a c n n o Assets Gold certificates.21,448,503 698,635 6,643,027 ,164,090 ,417,387 932,420 881,040 4,485,345 525,708 362,235 875,195 701,2852,762,136 Redemption fund for F. R. notes. 698,254 61,225 69,053 55,588 82,657 76,446 51,496 102,624 47,846 24,453 38,000 28,071 60,795 Total gold certificate reserves. .22,146,757 759,860 6,712,0801,219,678 1,500,0441,008,866 932,536 4,587,969 573,554 386,688 913,195 729,3562,822,931 Other cash 342,928 32,052 64,237 18,763 30,350 21,028 27,563 61,057 18,176 8,494 12,398 12,387 36,423 Discounts and advances: Secured by U. S. Govt. securities. . . 1,280,973 56,675 239,570 85,615 80,591 79,690 30,130 239,600 82,180 10,525 104,761 23,300 248,336 Other 37,438 2,263 11,023 2,847 3,558 1,862 1,620 5,123 1,902 949 1,510 1,387 3,394 Industrial loans.. 4,659 3,868 81 615 95 U. S. Goyt. securities 23,145,612 1,638,409 5,385,815 1,451,386 2,305,1471,560,7501,336,548 3,307,0801,237,434 735,0451,010,880 ,058,4502,118,668 Total loans and securities. . . 24,468,682 1,697,347 5,636,4081,543,716 2,389,2961,642,3831,368,9133,551,8031,321,516 746,6141,117,1511,083,1372,370,398 Due from foreign banks 23 1 1 7 2 1 1 3 1 1 1 1 F. R. notes of other Banks. 187,911 6,859 21,269 11,680 7,264 28,325 22,820 15,130 7,994 23,281 9,043 7,287 26,959 Uncollected cash items 3,060,783 213,698 533,345 196,783 272,422 269,624 238,010 482,779 129,096 99,647 175,035 175,138 275,206 O B t a h n e k r p a r s e s m ets ises... 2 4 4 5 3, , 9 3 8 0 5 0 19, 9 51 8 7 0 54 7 , ,7 7 1 5 6 1 1 2 5, , 0 9 4 5 2 8 24 4 , , 5 7 2 2 5 0 1 4 6 , ,4 7 5 2 6 0 1 3 4 , , 6 5 6 05 5 34 6 , ,6 5 1 7 9 3 1 3 2 , , 1 6 0 4 9 5 7 1, , 0 6 6 0 2 2 1 2 0, , 7 3 9 4 1 7 11, 6 5 3 2 2 7 22 6 , , 0 7 5 7 1 2 Total assets 50,496,369 2,730,31413,029,813 3,008,6224,228,6232,991,4032,608,013 8,739,933 2,066,0911,273,389 2,019,4655,560,742 Liabilities F. R. notes 25,119,018 1,530,058 5.537,722 1,763,528 2,278,2031,770,7441,373,1114,781,6021,149,197 630,537 999,754 737,9372,566,625 Deposits: Member bk.— reserve accts.20,411,383 875,186 6,291,805 926,6711,524,536 874,474 912,6973,272,901 712,965 480,618 981,8961,022,5112,535,123 U. S. Treas.— gen. acct 488,191 20,957 60,172 37,544 45,009 30,656 41,925 66,067 25,618 35,691 52,311 30,087 42,154 Foreign 811,731 49,501 2 254,432 62,275 73,453 40,718 34,331 110,978 30,339 20,758 30,339 30,339 74,268 Other 344,718 3,279 184,453 1,287 3,452 15,293 50,778 2,304 7,593 4,850 1,276 35,519 34,634 Total deposits... 22,056,023 948,923 6,790,862 1,027,7771,646,450 961,1411,039,7313,452,250 776,515 541,9171,065,8221,118.4562,686,179 Deferred avail. cash items.... 2,313,971 187,654 413,284 140,698 209,518 205,359 149,170 366,006 98,994 73,045 134,096 122,360 213,787 Other liab. and accrued div 15,461 895 4,077 913 1,839 771 713 2,395 487 839 655 597 1,280 Total liabilities.. 49,504,473 2,667,53012,745,945 2,932,916 4,136,010 2,938,0152,562,7258,602,2532,025,1931,246,338 2,200,3271,979,350 5,467.871 Capital Accts. Capital paid in. . 246,407 13,196 77,148 17,190 23,696 10,823 10,186 31,882 8,641 5,470 9,325 11,951 26,899 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.. 179,604 12,385 39,658 12,534 17,263 12,191 10,469 24,768 9,948 6,445 8,805 8,647 16.491 Total liabilities and cap. accts. 50,496,369 2,730,31413,029,813 3,008,6224,228,6232.991,4032,608,013 8,739,9332,066,0911,273,3892,239,9612,019,4655,560,742 Reserve ratio.... 46.9% 30.7% 54.4% 43.7% 38.2% 36.9% 38.6% 55.7% 29.8% 33.0% 44.2% 39.3% 53.7% Cont. liab. on accept, purch.— foreign corresp. 9,130 564 32,777 710 837 464 391 1,265 346 237 346 346 847 Industrial loan commitments.. 6,154 1,969 700 61 2,242 794 388 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank) 26,012,965 1,597,175 5,774,2301,812,6252,357,5781,838,385 1,436,1574,860,648 1,189,962 643,220 1,024,742 771,7802,706,463 Collateral held: Gold certificates13,164,000 400,000 4,520,000 750,000 735,000 470,000 510,000 2,900,000 270,000 170,000 280,000 259,0001,900,000 Eligible paper.. 875,176 56,675 217,060 85,615 75,640 82,495 10,525 104,830 242,336 U. S. Govt. sec.13,550,000 1,300,000 1,400,000 1,100,000 1,650,666 1,400,000 950,666 2,000,666 950,000 505,000 750,000 545,6661,000,000 Total collateral.. 27,589,176 1,756,675 6,137,060 1,935,6152,385,000 1,945,640 1,460,000 4,900,000 [,302,495 685,5251,134,830 804,000 3,142,336 1 \fter deducting $16,000 participations of other Federal Reserve Banks. 2 After deducting $557,283,000 participations of other Federal Reserve Banks. 3 After deducting $6,353,000 participations of other Federal Reserve Banks. 1022 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 Applications Partici- W D e a d te n e ( s l d as a t y a t p o p r d o a v t e e d 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 f g a f t i i i n o n a n s n 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) (amount) ( s a t m an o d u i n n t g ) s ( t a a m o n u o d t u i - n n g t) 3 •pjate 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 LJ under guar- 1 19 9 4 4 5 4 3 3, , 5 4 1 8 1 9 5 5 2 4 5 4 , , 5 9 3 6 2 1 1,2 3 9 2 5 0 3 1 , ,9 8 9 9 5 4 4 1 , ,6 1 4 6 4 5 2 1' , , 7 0 0 8 5 6 N b u e m r - Amount a T m o o t u a n l t g P u o t a e rt r e i a d o n n - a o n u t t e m s e t e a n a n g t d s r i e n e g - 1946 3 542 565,913 4,577 554 8,309 2 ,670 1947 3,574 586,726 945 1,387 7,434 4*369 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 July 31... 3,727 678,477 6,730 5,801 3,767 6,115 1951 Aug. 31... 3,731 691,536 12,197 5,750 6,050 7,860 Sept. 30. . . 3,732 695,178 4,394 5,062 6,478 11,420 Jan. 31... 119 109,433 23,778 19,837 13,748 Oct. 31... 3,734 700,040 2,943 4,447 7,151 11,990 Feb. 28... 161 122,541 44,250 36,537 33,840 Nov. 30. .. 3,736 706,215 3,073 4,505 6,361 12,064 Mar. 31... 254 300,955 68,833 56,973 47,822 Dec. 31. . . 3,736 710,931 3,513 4,687 6,036 11,985 Apr. 30... 328 421,267 126,080 106,053 185,001 May 31... 402 514,626 183,610 151,858 205,629 1952 June30... 484 654,893 252,100 209,465 276,702 July 31... 568 828,584 325,299 267,715 349,905 Jan. 31... 3,738 716,210 832 4,621 7,125 12,018 Aug. 31... 658 1,052,337 405,043 332,618 384,852 Feb. 29... 3,741 721,144 772 4,957 6,845 10,307 Sept.30... 729 1,154,942 492,167 400,652 450,013 Mar. 31... 3,741 725,787 108 5,296 6,467 10,474 Oct. 31... 776 1,218,988 556,839 454,789 495,512 Apr. 30... 3,743 730,482 571 5,207 6,536 10,339 Nov.30... 815 1,302,342 615,812 502,524 476,699 May 31. .. 3,743 734,049 235 5,211 6,083 10,262 Dec. 31... 854 1,395,444 675,459 546,597 472,827 June 30. .. 3,745 738,721 1,083 5,101 5,947 10,105 July 31 . . 3,746 743,629 1,589 4,624 6,184 9,814 1952 1 Includes applications approved conditionally by the Federal Re- J F a e n b . . 2 3 9 1. .. .. . 9 9 3 0 4 1 1 1, ,5 4 3 6 0 3 , , 3 4 8 4 8 3 7 7 6 1 3 5 , ,9 8 2 3 8 8 6 5 1 8 7 0 , , 6 3 7 8 4 1 5 5 2 1 5 1 , , 1 7 2 8 9 6 ser 2 v I e n c B lu an d k es s i a n n d d u s u t n ri d a e l r lo co an n s s i p d a er s a t t d io u n e b 3 y m a o p n p t l h i s c a o n r t . more, which are not A M p a r r . .3 3 1 0 . .. .. . 9 9 9 7 8 1 1 1 , , 6 7 7 2 7 7 , , 7 7 8 2 6 9 8 8 3 3 6 8 , , 7 0 3 7 9 3 6 6 7 7 2 2 , ,9 6 7 7 4 8 4 5 6 9 7 5 , , 3 0 9 9 2 8 i d n i c t 3 i l o u N n d o e t o d f c o i F n v e e d i r n e e r d d a u l s b t R y r i e a F s l e e r d l v o e e a r a n B l s a R o n e u k s t s e s . r t v a e n d B in a g n k i n c o w m e m ek i l t y m e s n ta t te to m p e u n r t ch o a f se c o o n r - J J M u u l a n y y e3 3 3 1 0 1 . . . . . .. . . 1 1 1 , , , 0 0 0 6 5 2 6 0 3 1 1 1 , , , 7 9 8 8 2 6 7 2 7 , , , 7 3 6 5 8 4 5 8 3 9 8 8 0 7 8 9 3 0 , , , 2 1 6 6 7 8 2 4 8 6 7 7 9 0 2 5 6 3 , , , 8 4 7 5 1 7 2 4 4 6 6 6 4 1 0 8 1 5 , , , 7 0 1 5 6 3 2 5 9 discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of ad- NOTE.—The difference between guaranteed loans authorized and vances, and applications for loans and commitments withdrawn or sum of loans outstanding and additional amounts available to bor expired. rowers under guarantee agreements outstanding represents amounts repaid, guarantees authorized but not completed, and authorization? expired or withdrawn. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve m b A e e m l r l - city banks s c R e i r e t v y - e C t o r u y nbanks New Chi- banks banks York cago First half of July 1952 Second half of July 1952 Gross demand deposits: Total 107,590 24,833 5,953 40,966 35,837 106,114 23,980 5,980 40,548 35,606 Interbank 12,205 4,010 1,197 5,911 1,087 11,779 3,836 1,181 5,713 1,049 Other 95,385 20,823 4,756 35,054 34,751 94,335 20,144 4,799 34,835 34,557 Net demand deposits 2 93,858 22,634 5,349 35,320 30,555 93,372 22,070 5,386 35,230 30,686 Time deposits * 32,192 2,108 1,158 12,841 16,086 32,263 2,089 1,150 12,882 16,142 Demand balances due from domestic banks... 6,213 46 125 1,924 4,119 5,933 37 120 1,874 3,902 Reserves with Federal Reserve Banks: Total 20,624 5,528 1,369 7,914 5,814 20,452 5,424 1 ,361 7,908 5,760 Required 19,989 5,559 1,353 7,834 5,243 19,867 5,422 1,362 7,819 5,264 Excess 635 -31 15 80 571 585 1 89 495 Borrowings at Federal Reserve Banks 968 114 1,179 221 117 685 156 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. SEPTEMBER 1952 1023 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 T w o e t e a k l e re n A s d e l i o n r n g v t e h s W , h o e e r d l n d e s : day b m a b A n e e k m l r l s - i Y N c o e i r w t k y ban c C k a h s g i- o b s c R a e i r n e t v y - k e s b C a o t n r u y k n s - l End of month a D i n b t e c o a p e r l o s s - s ' 1 - Total d b C e t a o p i a n n o r s y k s h A s i- sse G t s s U m e o t c v i . e e u e n s S r r t i n . - - r f e C u e s n t a e c d s r 8 h s v , e 1951—July 19,229 5,028 294 439 469 1952—June 20,140 5,324 317 785 714 July 20,536 5,474 365 911 786 1943—December 1,788 1,843 10 1,716 118 1944—December 2,342 2,411 8 2,252 152 July 16 20,649 5,514 1,358 7,978 5,799 1945—December 2.933 3,022 6 2,837 179 J Ju u l l y y 3 2 0 3 2 20 0 , , 4 5 0 1 8 9 5 5, , 4 4 3 1 1 5 1 1, , 3 3 6 5 9 0 7 7 , , 8 9 9 2 9 6 8 7 2 1 8 0 1 1 9 9 4 4 6 7 — —D D e e c c e e m m b b e e r r 3 3. , 4 2 1 8 7 4 3 3 , , 3 5 8 2 7 5 6 6 3 3, , 1 3 8 0 2 8 2 21 0 2 0 Aug. 6 20,368 5,330 1,365 7,908 5,765 1948—December 3,330 3,449 7 3,244 198 Aug. 13 20,338 5,194 1,358 7,949 5,838 1949—December 3.188 3,312 7 3,118 187 Aug. 20 20,336 5,241 1,357 7,931 5,806 1950—December. . .. 2.024 3.045 11 2,868 166 1951—January 2,901 3,022 11 2,858 153 Kxcess reserves: February 2,877 2,998 11 2,835 152 1951—July 756 9 162 586 March 2,852 2,974 11 2,793 169 1952—June 709 38 135 544 April 2,831 2,954 17 2,765 172 July 609 -14 84 532 May 2,808 2,933 21 2,748 164 June 2,788 2,909 23 2.722 165 July 16 690 13 4 122 551 July 2,772 2,893 22 2,704 166 July 23 628 -15 -9 98 554 August 2,754 2,877 23 2,680 173 July 30 577 23 10 92 452 September 2,738 2,861 23 2,680 158 Aug. 6 633 15 -5 123 500 October 2,724 2,851 25 2,670 156 Aug. 13 651 -36 5 124 558 November.... 2,714 2,842 25 2,649 168 Aug. 20 44 -1 105 P531 December.... 2.705 2,835 28 2,644 162 Borrowings at Federal 1952—January 2,695 2,825 30 2,638 158 Reserve Banks: February 2,681 2,813 31 2,609 173 1951—July 194 71 7 77 39 March P2 670 1952—June 579 169 23 278 109 April P2.656 July 1,077 225 82 634 136 May P2.637 June P2.619 July 16 1,100 283 55 624 138 July vl,603 Tuly 23 1,138 193 106 693 146 July 30 1,227 216 145 693 173 A A A u u u g g g . . . 2 1 0 6 3 1, 9 2 7 1 5 9 7 7 8 4 2 1 0 8 3 4 1 0 3 4 1 6 4 6 6 4 4 4 5 6 9 6 9 1 1 1 7 6 4 4 9 4 2 1 P O I P n u r c e t l s u li t d m a e n i s d n i a r n e r g y s e . p rv ri e n c a i n p d a l, m r i e s p c r e e ll s a e n n e t o ed u s b w y o c r e k r i t n if g ic a fu te n s d s o f w d it e h p o T si r t e . asurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. 9 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 a centers City centers City' cities 2 City* cities 3 1946 3 1,050,021 417,475 527,336 105,210 18.9 10.0 407,946 522,944 25.2 16.5 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 1.40 V 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—-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 ?9,007 67,441 27.0 20,0 September 121,205 41,145 66.359 13.700 26.0 14.4 41,688 66,941 31.7 21.8 October 139,308 47,971 75,799 15,539 26.4 14.4 45,334 72,515 30.4 20.9 November 132,158 44,802 72.428 14,928 27.8 15 4 42,503 69,685 31.4 22.0 December 144,800 53,500 76,049 15.251 30.7 15.1 55,184 76,007 37.9 22.6 1952—January 138,520 48,106 74,953 15,462 26.4 14.4 45,425 71,986 30.1 20.6 February 128,022 45,375 68,738 13,908 27.8 14.5 44,419 67,466 32.5 21.4 March 139,977 50,180 75,089 14,708 27.9 14.6 50,213 74,545 34.0 22.0 April 139,141 52,057 72,607 14,476 28.8 14.1 49,745 70,189 34.4 21.1 May 135,965 49,535 71,898 14,532 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 July 146,984 57,052 74,908 15,024 30.3 14.2 50,472 69,980 35.1 20.7 1 National series for which bank debit figures are available beginning with 1919. 1 Weekly reporting member bank series. 3 Deposits and debits for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947, 333 centers from December 1947 through December 1950, and for 342 centers beginning January 1951; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935. 1024 FEDERAL RESERVE BULLETIN 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 currencyi Large denomination currency* End of year or in cir- Unasmonth cula- sorted tion i 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 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 .. 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 ... 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949 27.600 19,025 1,484 1,066 62 2,004 5.897 8.512 8,578 2,435 5,056 382 689 4 11 3 1950 27,741 19,305 1,554 1,113 64 2,049 5.998 8.529 8,438 2,422 5,043 368 588 4 12 2 1951—June. 27,809 19,521 1,578 1,092 64 2,011 6,113 8,663 8,289 2,405 4,947 356 570 4 8 2 July 27,851 19,560 1,590 1,092 64 2,008 6,088 8,718 8,292 2,409 4,952 354 565 4 g 2 August.. 28,155 19,813 1,602 1,103 64 2,031 6,176 8,837 8,344 2,428 4,989 353 562 4 8 2 September... 28,288 19,896 1,616 1,124 64 2,038 6,181 8,874 8,393 2,437 5,034 353 557 4 8 2 October 28,417 19,955 1,631 1,132 65 2,041 6,160 8,927 8,463 2,452 5,092 353 554 4 8 2 November... 28,809 20,283 1,642 1,144 65 2,075 6,291 9,067 8,528 2,482 5,133 352 549 4 8 2 December. .. 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 2 1952—January 28,386 19,807 1,631 1,115 65 2,009 6,088 8,898 8,582 2,508 5,161 352 550 4 8 2 February.... 28.465 19,904 1,630 1,110 66 2,013 6,152 8,934 8,563 2,503 5,152 351 545 4 8 2 March 28,473 19,937 1,637 1,113 65 2,016 6,165 8,940 8,537 2,496 5,140 349 540 4 8 1 April 28,464 19,936 1,651 1,114 66 2,004 6,141 8,960 8,529 2,498 5,137 347 535 4 9 1 May 28,767 20,231 1,665 1,132 67 2,040 6,261 9,066 8,537 2,508 5,142 346 530 4 8 1 June 29,026 20,449 1,678 1,140 68 2,054 6,323 9,187 8,578 2,531 5,166 344 525 4 8 1 July 28,978 20,398 1,686 1,129 67 2,034 6,291 9,190 8,582 2,531 5,172 344 522 4 8 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures—See Banking ana Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation x Money Total out- held by standing, As security For Federal Ju 1 ly 95 3 2 1, g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B F R a e n e d k se 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 v a s n e d Ju 1 ly 9 5 3 2 1, Ju 1 n 9 e 5 2 30, Ju 1 l 9 y 5 3 1 1, certificates agents Gold 23,350 22,184 21,166 Gold certificates 22,184 2,816 38 38 39 Federal Reserve notes 25,787 64" 1,144 24,580 24,605 23,526 Treasury currency—total.... 4,762 ^ 2,352 50 351 4,361 4,383 4,286 Standard silver dollars 492 257 39 3 193 191 182 Silver bullion 2,095 2,095 Silver certificates and Treasury notes of 1890.. * 2,352 288 2,064 2,089 2,060 Subsidiary silver coin 1,126 22 1,097 1,093 1,027 Minor coin 403 2 5 396 393 382 United States notes 347 2 30 315 318 314 Federal Reserve Bank notes 221 3 218 221 241 National Bank notes 78 77 77 81 Total—July 31, 1952 i 24,536 1,281 19,331 4.310 28,978 June 30, 1952 24,528 1,283 19,328 4,218 29^026 July 31, 1951 22,880 1,302 17,688 4,291 27,851 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals for other end-of-month dates are shown in table above and totals by weeks in the table on p. 1017. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 8 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. • Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. * Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement SEPTEMBER 1952 1025 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS 1 [Figures partly estimated except on call dates. In millions of dollars Assets Liabilities and Capital Bank credit Total assets, Date Treas- U. S. Government obligations l T ia o b ta il l - Total Ca a p n i d tal Gold c u u r r y - Loans, Com- Other i a t n ie d s de a p n o d sits m a i c s - c. rency Total net Total m a er n c d ial R Fe e d se e r r v a e l Other s r e it c i u es - ca n p e it t al, currency co n u e n t 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 I933_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 16(1,457 48,341 100,694 74,097 23,333 3,264 11,422 189,290 176,121 13,168 1949 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 loco D T e u c n . e 3 3 0 0,,., t x.. x 2 2 2 4 , ,2 7 3 0 1 6 4 4 , , 6 6 0 3 7 6 1 1 7 6 1 4. ,6 3 6 4 7 8 6 5 0 1 , , 3 9 6 9 6 9 9 9 6 8 , , 5 7 6 0 0 9 7 7 2 7 , . 8 3 9 2 4 0 2 1 0 8 , , 7 3 7 3 8 1 3 2 . , 0 8 5 8 8 8 1 14 3 , , 7 6 4 4 1 0 1 1 9 9 9 3 , , 0 1 0 8 9 6 1 1 8 7 4 8 , , 3 5 8 6 5 8 1 1 4 4 , , 6 6 2 1 4 8 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 4,700 171,300 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 \76 ,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 18(1,100 67,700 96,100 70,900 22,500 2,600 16,400 208,200 192,300 15,900 Apr. 30P 23,300 4,700 179,900 68,100 95,200 70,200 22,400 2,600 16,600 207,900 192,200 15,700 May 28P 23,300 4,700 180,600 68,500 95.300 70,500 22.300 2,600 16,800 208,700 192,900 15,800 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 July 30P 23,400 4,800 185,200 70,000 98,000 72,600 22,800 2,600 17,200 213,300 197,300 16,000 Deposits and Currency U. S. Government balances Deposits adjusted and currency Date Total d F e b o p n a r e o e n t s i k g it n s, T c u r a e r s a y h s- A s m b a t a e a v c r n n i o n c 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 T b C e a i o r m n c m k i e a - s l dep M b s o a a s 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 t i t n e a m g l s o b r u C e a t n u n s c i r k d y - s e 1929—June 29 55,776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 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 1949 Dec. 31 177,313 2,150 1,312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 25,415 178,568 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 1,300 4,600 400 175,800 90,700 60,000 36,800 20,400 2,800 25,100 Aug. 29 185,200 2,300 1,300 4,100 600 177,000 91,400 60,300 37,100 20,500 2,800 25,300 Sept. 26 187,300 2,200 1,300 5,100 800 177,900 92,000 60,500 37,200 20,600 2,700 25,400 Oct. 31 189,200 2,100 1,300 3,700 500 181,600 95,000 60,900 37,500 20,700 2,700 25,700 Nov. 28 190,500 2,100 1,300 3,800 500 182,700 96,300 60,600 37,300 20,600 2,700 25,800 Dec. 31 193,404 2,279 1,279 3,615 247 185,984 98,234 61,447 37,859 20,887 2,701 26,303 1952—Jan. 30P 191,600 2,100 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 1,300 5,800 182,900 94,800 62,400 38,500 21,300 2,700 25,700 Apr. 30P 192,200 2,200 1,300 4,500 500 183,800 95,100 62,700 38,600 21,400 2,700 25,900 May 28P 192,900 2,300 1,300 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 July 30P 197,300 2,500 1,300 6,800 600 186,100 96,100 63,800 39,400 21,900 2,600 26,200 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. * 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. 6 Less than 50 million dollars. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 1026 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 .S er . n- Other as C s a e s t h s x Total i 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 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—Dec. 31 2 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1948—Dec. 31 133,693 48.174 85,519 74.097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1949—Dec. 31 140,598 49,544 91,054 78,433 12,621 36,522 164,467 12,710 96,156 55,601 13,088 14,687 1950—Dec. 30 148,021 60,386 87,635 72.894 14,741 41,086 175,296 14,039 104,744 56,513 13,837 14,650 1951—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 July 25 147,870 63,750 84,120 68,850 15,270 37,740 171,020 12,390 101,150 57,480 14,270 14,637 Dec. 31 154,869 67.608 87,261 71.343 15,918 45,531 185,756 15,087 111,644 59,025 14,623 14,618 1952—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 12,200 106,400 60.710 14,940 14,608 Tune 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 July 30P 160,080 70,280 89,800 72,570 17,230 40,120 183,460 12,600 109,340 61,520 15,030 14,605 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 * 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 July 25 126,070 54,590 71,480 58,720 12,760 36,920 150,560 12,390 101,130 37,040 11,980 14,108 Dec. 31 132,610 57,746 74,863 61,524 13,339 44.645 164,840 15,086 111,618 38,137 12,216 14,089 1952—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 Tune 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 July 30P . . 136,610 59,620 76,990 62,810 14,180 39,360 161,560 12,600 109,310 39,650 12,570 14,076 All member banks: 1939—Dec. 30 33.941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1945—Dec. 31 107.183 22.775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6,884 1946—Dec. 31 96,362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8 095 6,900 1947—Dec. 31 97,846 32,628 65.218 57,914 7,304 32,845 122.528 12,403 81,785 28,340 8,464 6,923 1948—Dec. 31 95,616 36,060 59,556 52.154 7,402 34,203 121,362 11,641 80,881 28,840 8,801 6,918 l949_Dec. 31 101,528 36,230 65.297 56,883 8,414 31 ,317 123,885 12,097 82,628 29.160 9,174 6,892 1950—Dec. 30 107,424 44,705 62.719 52,365 10,355 35,524 133.089 13,447 90,306 29,336 9,695 6,873 1951— Ju julnye 3 2 0 5 1 1 0 0 6 6, , 5 5 0 6 2 3 4 4 6 6 , , 8 6 6 5 6 8 5 5 9 9 . . 6 8 9 4 8 4 4 4 9 9 , , 1 20 0 9 8 1 10 0 , , 6 5 3 9 5 0 3 32 3 , , 6 2 0 4 7 4 1 1 2 2 9 8 , , 7 6 3 0 7 5 1 1 1 1 , , 3 7 4 8 7 1 8 87 8 ] 1 6 0 7 5 8 2 2 9 9 , , 7 7 1 1 2 9 1 9 0 ,0 9 0 8 3 7 6 6 , , 8 8 5 5 6 9 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—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 50.826 11,527 33,982 134,519 11,665 91,418 31,436 10,453 6,821 Tune 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 July 30P 115,533 50,907 64,626 52,786 11,840 34,641 137,807 12,063 93,921 31,823 10,506 6,812 All mutual savings 1939—Dec. 30. 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 11,928 10.682 1,246 609 15,385 14 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 1 16 16,853 1,784 541 1947—Dec. 312 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 2,394 873 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 July 25 21,800 9,160 12,640 10,130 2,510 820 20,460 1 20 20,440 2,290 529 Dec. 31 22,259 9,862 12,398 9,819 2,579 886 20,915 2 26 20,888 2,407 529 1952—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 July 30P 23,470 10,660 12,810 9,760 3,050 760 21,900 2 30 21,870 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 nondep«sit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. SEPTEMBER 1952 1027 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 Total Number and date U.S. assets x Inter- a c c a c p o i u ta n l ts ba o n f ks Total Loans Govern- Other Total i bank^ Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 6,043 4,772 1,272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 12,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 807 1,648 36 1945—Dec. 31 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 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 1,449 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 1,287 6,985 23,983 192 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—June 30 20,604 10,234 10,370 8,460 1,910 7,393 25,064 4,107 19,291 1,666 2,398 22 July 25 20,001 10,089 9,912 7,918 1,994 6,816 23,695 4,157 17,940 1,598 2,396 22 Dec. 31 21,379 11,146 10,233 8,129 ,104 8,564 26,859 4,832 20,348 1,679 2,425 22 1952—Apr. 30* 20,990 11,113 9,877 7,775 ,102 7,682 25,266 4,175 19,374 1,717 2,458 22 May 28* 21,346 11,168 10,178 8,008 ,170 7,684 25,548 4,171 19,605 1,772 2,454 22 June 25* 21,833 11,449 10,384 8,193 ,191 7,732 26,191 4,282 20,117 1,792 2,451 22 July 30* 21,804 11,080 10,724 8,407 2,317 7,840 26,107 4,203 20,172 1,732 2,464 22 Chicago: 1939—Dec. 30 2,105 569 1,536 1,203 333 1,446 3,330 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 1,739 6,402 1,217 4,273 913 426 14 1948—Dec. 31 4,799 1,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—Dec. 31 5,424 1,618 3,806 3,324 482 1,850 6,810 1,191 4,535 1,083 470 13 1950—Dec. 30 5,569 2,083 3,487 2,911 576 2,034 109 1,228 4,778 1,103 490 13 1951—June 30 5,520 2,215 ,305 2,742 564 1,898 6,921 1,040 4,756 1,126 501 13 July 25 5,422 2,235 3,187 2,648 539 1,906 ,788 1,151 4,527 1,110 497 13 Dec. 31 5,731 2,468 3,264 2,711 552 2,196 7,402 1,307 4,952 1,143 513 13 1952—Apr. SOP 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 25* 5,688 2,468 3,220 2,664 556 2,015 7,070 1,184 4,738 1,148 526 13 July 30* 5,805 2,432 3,373 2,802 571 2,077 7,198 1,181 4,877 1,140 527 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 6,944 5,194 1,749 6,785 17,741 686 9,439 4,616 1,828 346 1941—Dec. 31 15,347 7,105 8,243 6,467 1,776 8,518 22,313 460 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 ,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—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 July 25 40,434 18,517 21,917 18,174 3,743 12,810 49,807 5,499 32,467 11,841 3,429 323 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—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 25* 43,373 19,900 23,473 19,240 4,233 13,478 52,941 5,671 34,577 12,693 3,642 320 July 30P 44,088 20,070 24,018 19,750 4,268 13,201 52,902 5,665 34,444 12,793 3,641 319 Country member banks: 1939—Dec. 30 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,558 14,988 25,570 21,377 4,193 11,571 48,897 1,133 32,899 14,865 3,532 6,501 1951—June 30 ,448 15,858 24,590 20,247 4,343 10,779 47,877 936 31,840 15,101 3,658 6,500 July 25 ,645 15,817 24,828 20,469 4,359 11,075 48,315 974 32,171 15,170 3,681 6,498 Dec. 31 ,444 16,296 26,148 21,587 4,561 13,292 52,288 1,309 35,449 15,530 3,760 6,484 1952—Apr. 30* ,844 16,746 26,098 21,463 4,635 11,398 50,607 1,028 33,709 15,870 3,835 6,469 May 28* ,016 16,893 26,123 21,478 4,645 11,159 50,465 988 33,538 15,939 3,850 6,466 June 25* ,132 17,138 25,994 21,333 4,661 11,545 51,065 1,014 34,015 16,036 ,860 6,465 July 30*..... ,836 17,325 26,511 21,827 4,684 11,523 51,600 1,014 34,428 16,158 3,874 6,458 2 Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite pages. 1028 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans Total G o U m o b v l . e i e g n S r a t n . - - O r s i 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 a c c a c p o i u ta n l ts ba o n f ks tions All insured commercial banks: 1941—Dec. 31. .... 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 f ,844 13,426 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 04,015 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. 31 118,278 42,485 75,793 65,820 9,974 35,207 143,138 12,368 94,914 35,856 1(1,645 13,429 1950—Dec. 30 124,822 51,723 73,099 60,986 12,113 39,821 153,288 13,744 03,499 36,045 11,263 13,432 1951—June 30 124,132 54,306 69,825 57,427 12,398 36,960 149,461 11,582 01,328 36,551 11,622 13,437 Dec. 31 130,820 57,256 73,564 60,533 13,031 44,176 162,908 14,777 10,382 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 ?,640 5,117 1945—Dec. 31 69,312 13,925 55,387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4,644 5,017 1948—Dec. 31 63,845 23,752 40,093 34,852 5,241 22,974 81,407 7,842 54,020 19,545 c;.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 ,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 £,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 t,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 7,945 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 .1,144 1,927 1949—Dec. 31 33,585 12,378 21,207 18,722 2,484 10,322 40,772 3,819 27,594 359 .1,254 1,917 1950—Dec. 30 35,334 15,521 19,813 16,778 3,035 11,762 43,808 4,315 30,055 438 .1,381 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 •a,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 ,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 ,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 • ,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 ,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 'I,570 6,562 1951—Tune 30 17,585 7,446 10,139 8,330 1,810 3,718 19,741 235 12,650 6,857 1,637 6,581 Dec. 31 . 18,591 7,701 10,890 8,923 1,967 4,926 21,912 353 14,415 7,144 1,686 6,602 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1948—Dec. 31 2 2,013 520 1,493 1,234 259 509 2,201 368 1,353 479 322 758 1949—Dec. 31 1,919 481 1,438 1,185 253 442 2,036 341 1,223 472 321 727 1950—Dec. 30 1,853 527 1,327 1,040 286 468 1,976 294 1,224 458 327 689 1951—June 30 1,913 514 1,399 1,094 305 423 1,996 364 1,178 453 329 670 Dec. 31 1,789 490 1,299 991 308 469 1,932 308 1,235 388 314 650 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 13,772 097 1,680 7,256 1949—Dec. 31 18,686 739 11,947 10,132 1,814 4,334 21,305 613 13,508 184 ,794 7,267 1950—Dec. 30... 19,267 550 11,718 9,672 2,046 4,767 22,193 591 14,417 184 1,897 7,251 1951—June 30 19,499 7,960 11,538 9,423 2,115 4,141 21,737 599 13,828 310 11,966 7,251 Dec. 31. .. 20,380 8,192 12,189 9,914 2,275 5,395 23,843 661 15,650 7,533 L.999 7,252 Insured mutual savings banks: 1941—Dec. 31 1,693 642 1,050 629 421 151 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 10,351 ,034 192 1948—Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 12,757 ,334 193 1949—Dec. 31. . . 14,209 4,814 9,394 7,832 1,562 682 13,592 13,575 1,420 192 1950—Dec. 30. .. 15,101 6,086 9,015 7,487 1,528 617 14,320 14,301 ,513 194 1951—June 30. .. 15,668 6,829 8,839 7,169 1,670 688 14,924 14,905 ,582 201 Dec. 31. . . 16,190 7,523 8,668 6,921 1,746 695 15,368 15,343 1,678 202 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 4,428 3,075 1,353 642 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 4,163 3,522 641 180 5,022 5,020 558 350 1948—Dec. 31 2 6,083 1,577 4,506 3,680 826 194 5,633 5,631 665 339 1949—Dec. 31. .. 6,192 1,764 4,428 3,596 832 191 5,702 5,699 702 339 1950—Dec. 30 6,245 2,050 4,194 3,380 814 180 5,711 5,708 734 335 1951—June 30. .. 6,029 2,191 3,838 3,036 802 163 5,479 5,477 702 328 Dec. 31. .. 6,069 2,339 3,730 2,897 833 191 5,547 5,544 729 327 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1--77, pp1. . *1«6-23; 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. 887'0-887711.. SEPTEMBER 1952 1029 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 r a c n h s a s f in o g r U. S. Government obligations Obli- Class of bank T lo o a t n a s l m ci e a r l, - o s r e c c a u r r r it y i i e n s g Direct t g io a- ns cal a l n d d ate i m n a v e n e n d s t t s - Total1 o e m i p p k l i n u n a e a e g d - r n - t - - - A t c u g a u r r l l i - - - b d a T e r e n o r o a s d k l - - o e T t r h o s - l R t o e a a e s t - n a e l s s l u C o m o a n n e - s r O lo th an e s r Total Total Bills C o d c e e f a e r d t b t i e i - n t f s - i - - Notes Bonds G t a e u n e a - d r- S p d s a i t o u i c o a n v a l b f t d i i e l - - t s - O r s i e t t h c ie e u s r per ers ness sions All insured commercial i banks: 1 1941—Dec. 31. 49,290121,259 9,214 1 ,450 614 662 4,773 4,545 28,031 21 ,046| 988 3,159 12,7974,102 3,651 3,333 1945—Dec. 31. 121,809 25,765 9,461 1,314 3,164 3,606 4,677 1,351 2,19196,043 88,912!2,455 19,071 16,045 51 ,321 22|3,8733,258 1948—Dec. 31. 112,286141,968 18,7612,775 1,336 939 10,666 4,907 2,992 70,318 61,388 2,821 10,065 3 ,39445,100 815,5093,420 1949—Dec. 31. 118,278 42,485 16,9352,963 1,749 855 11,405 6,002 3,124 75,793 65,820 3,692 12,479 5,81043,S33 616,4003,574 1950—Dec. 30. 124,822 51,723 21,7762,823 1,789 1,036 13,389 7,6283,95573,099 60,986 4,118 1,932 16,75638,168 11 7,9334,179 1951—Dec. 31. 130,820;57,256 25,7443,321 1,571 960 14,450 7,742 4,282 73,564 60,533 7,219 7,526 11,25634,511 21 8,989 4,042 Member banks, total: 1941—Dec. 31. 43,521 18,021 8,671 972 594 598 3,494 3,f 92 25,500 19,539 971 3,007 11,7293,8323,090 2,871 1945—Dec. 31. 107,183 22,775 8,949 855 3,1333,378 3,455 1,027 1,977 84,408 78,338!2,275 16,985 14,27144,792 163,254 2,815 1948—Dec. 31. 95,616 36,060 17,6311,800 1,324 834 8,244 3,933 2,65859,556 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 8,8344,776 2,809 65,297 56,88313,38910,409 5,08537,996 45,274 3,140 1950—Dec. 30. 107,424 44,705 20,521 1,808 1,770 92 710,522 6,167 3,58562,719 52,365 3,665 1,468 14,05433,170 g6,640 3,714 1951—Dec. 31. 112,247 49,561 24,3472,140 1,551 851 11,334 6,195 3,86362,687 51.621 6,399 6,010 9,59629,601 15 7,528 3,538 1952—June 30. 113,502 50,526 23,7322,2642,084 829 11,6286,791 3,95062,976 51,261 5,423 6,134 9,46830,215 21 8,125 3,590 New York City:"1 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 1 1 9 9 4 4 8 5 — — D o eecc . 3 3i 1. 2 1 6 8 , , 1 7 4 5 3 9 8 7 , 0 3 4 3 8 4 3 5, , 6 0 4 4 2 4 " "3 2 1 ,1 4 0 5 2 31,1 2 7 2 2 5 22 8 4 0 31 7 3 6 5 63 0 6 9 1 1 8 0, , 7 8 1 0 2 9 1 9 7 , , 6 5 4 74 9 4 5 7 8 7 9 3 1 , , 1 4 8 3 3 3 3,3 3 2 6 5 5 1 7 0 , . 5 3 1 3 2 7 1 6 5 0 6 6 3 6 5 2 0 9 0 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 6,206 211,123 767 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 2il,385 719 1952—June 30. 21,710 11,268 7,659 1,619 234 426 558 947 10,442 8,212 1,062 692 1,400 5,058 1 ,436 794 Chicago:'2 1941—Dec. 31. 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 1 82 193 1945—Dec. 31. 5,931 1,333 760 2 211 233 36 26 65 4,598 4,213 133 1,467 749 1 ,864. ... 183 204 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 9 110 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—June 30. 5,664 2,380 1,856 11 166 61 67 116 150 3,284 2,721 366 371 494 1 ,490 363 201 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 5,53611,830 12,184 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 g2,458 1,390 1952—June 30. 43,091 19,745 9,756 519 258 354 4,799 2,746 1,617 23,346 19,123 2,080 2,520 3,656 10,851 162,832 1,391 Country banks: 1941—Dec. 31. 12.518 5,890 1,676 659 20 183 1,823 1 t;30 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 42,286 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 3,9801,407 33 187 5,591 2,913 1,054 25,570 21,377 1,390 588 6,107 13,287 52,998 1,194 1951—Dec. 31. 42,444 16,296 4,377 1,610 35 178 6,099 3,046 1,163 26,148 21,587 2,418 2,568 4,008 12,587 53,334 1,227 1952—June 30. 43,037 17,133 4,462 1,733 41 179 6,337 3,3701,237 25,904 21,206 1,914 2,551 3,918 12,817 53 ,4941,204 [nsured 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 7,023 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. 1030 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 n e e v t 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 n d e n i a c o s t k l e t - h - i s s c 8 j p m u D o a d s a t d s e e n e 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 F i e n t i o s g k r n - U m G er . o e n n v S - t - . p v s S o i u a t l s b i a n i t o t d i d e c n i s a - s l c C h c o a f e e e e i f n t e c f r r c i d t s k d . - i ' s - , p a v n s a i p I t d h r i d n o o t u i d n r p n c a a i e o s s - l - , r s r - , I b n a t n e k r- P U m G S i e a o n r a n . o e g s n v n d v S t s - - a t - l v s S p i a u i s o t c n b i a l a o i d t d l t n e - i s s - p a v n s a p i I t h d i d r n o o t i u d r n p n c a a i e s o s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p n l - i t - s All insured commercial banks: 1941—Dec. 31.. 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1948—Dec. 31.. 20,404 1,939 8,947 84,211 10,344 1,488 2,323 7,182 2,113 81,682 69 117 1,080 34,244 54 10,158 1949—Dec. 31.. 16,428 1,984 9,466 84,576 10,885 1,315 3,050 7,419 2,338 82,106 169 182 1,232 34,442 14 10,645 1950—Dec. 30.. 17,458 2,145 10,463 91,099 11,955 1,442 2,788 7,892 2,898 89,922 347 189 1,331 34,525 82 11,263 1951—Dec. 31.. 19,911 2,665 11,561 97,04812,969 1,381 3,344 8,288 3,147 95,604 427 278 1,485 35,986 30 11,902 Member banks, total: 1941—Dec. 31.. 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,24322,179 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 1,480 2,122 5,850 1.962 70,947 63 111 927 27,801 45 8,801 1949—Dec. 31.. 16,429 1,521 6,194 72,65810,623 1,310 2,838 6,017 2,185 71,589 164 175 1,051 27,934 11 9,174 1950—Dec. 30.. 17,459 1,643 6,868 78,37011,669 1,437 2,523 6,400 2,724 78,659 341 183 1,121 28,032 79 9,695 1951—Dec. 31. . 19,912 2,062 7,463 83,10012,634 1,369 3,101 6,666 2.961 83,240 422 257 1,238 29,128 26 10,218 1952—June 30.. 19,333 1,821 6,470 80,347 11,013 1,329 5,439 6,989 2,555 79,186 469 288 1,303 30,196 69 10,526 New York City: * 1941—Dec. 31. . 5,105 93 141 10,761 3.595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31. . 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 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—June 30.. 5,266 168 92 16,070 3,193 1,096 1,651 305 1,079 17,275 350 53 21 1,721 20 2,460 Chicago:1 1941—Dec. 3i 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 1,552 237 66 3,160 719 377 1948—Dec. 31. . 1,325 28 143 3,604 1,038 26 188 284 53 3,702 1 ii 989 444 1949—Dec. 31.. 1,183 27 159 3,797 1,151 40 258 286 60 3,932 4 10 1,069 470 1950—Dec. 30. 1,216 30 133 3,954 1,177 48 174 284 70 4,250 3 3 10 1,089 490 1951—Dec. 31.. 1,407 32 165 4,121 1,269 38 242 240 66 4,404 1 5 11 1,128 513 1952—June 30.. 1,259 30 135 3,903 1,136 39 306 287 52 4,037 6 4 11 1,150 530 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 6C 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—June 30. . 7,312 551 2,083 28,703 5,624 182 2,097 2,689 719 29,258 101 90 751 11,913 25 3,663 Country banks: 1941—Dec. 31.. 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6s082 4 1,982 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1948—Dec. 31.. 5,736 858 3,619 27,703 943 8 688 2,925 510 25,248 13 49 350 14,369 12 3,123 1949—Dec. 31.. 4,371 901 4,002 27,935 979 9 797 3,058 579 25,337 13 73 400 14,289 11 3,305 1950—Dec. 30. . 4,745 976 4,450 30,581 1,111 10 922 3,282 715 27,980 12 82 443 14,339 9 3,532 1951—Dec. 31. . 5,676 1,231 4,862 33,051 1,285 11 876 3,554 783 30,234 13 125 491 14,914 16 3,760 1952—June 30. . 5,495 1,072 4,159 31,671 1,060 12 1,384 3,708 705 28,616 12 141 521 15,413 24 3,873 [nsured 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 1 19 9 4 4 8 5 — — D D eecc . 3 3 1 1 3 4 9 5 1 3 3 3 , , 9 2 5 7 9 3 1 1 0 2t, 5 0 3 5 7 9 2 24 3 6 3 8 5 1,5 2 6 0 0 1 1,3 8 3 5 2 8 1 15 3 1 5 1 9 0 , , 6 73 4 6 3 6 6 4 6 1 9 5 7 3 6 5 , , 4 5 5 7 9 9 8 7 1 1 , 3 0 5 8 8 3 1949—Dec. 31 463 3,273 11,918 261 6 213 1,402 153 10,517 5 6 182 6,524 3 1,473 1950—Dec. 30 503 3,596 12,729 286 5 265 1,492 174 11,262 6 6 210 6,510 3 1 ,570 1951—Dec. 31 603 4,099 13,948 335 12 243 1,622 186 12,364 5 22 247 6,876 4 1,686 2 Central reserve city banks. 3 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942. aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. SEPTEMBER 1952 1031 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 1 Investments For purchasing or carrying securities U. S. Governmentobligations Total Comloans mer- Date or month and cial, To brokers invest- indus- and dealers To others Real Loans Cer- Other ments Total i trial, estate to Other Total tifi- secuand loans banks loans cates rities agri- U. S. Other U.S. Other Total Bills of in- Notes Bonds2 cul- Govt. se- Govt. se- debttural ob- curi- ob- curi- edliga- ties liga- ties ness tions tions Total— Leading Cities 1951—July 70,142 32,673 19,067 420 1,021 128 579 5,544 479 5,89537,469 30,818 2,405 1,541 7,383 19,4896,651 1952—May 73,402 34,741 20,649 566 1,161 93 567 5,682 457 6,115 38,661 31,520 3,454 3,724 5,900 18,442 7,141 June 74,523 35,034 20,625 5961,241 97 557 5,702 513 6,25439,489 32,214 3,904 3,689 5,942 18,679 7,275 July 76,633 35,769 20,598 9131,346 199 565 5,744 564 6,39540,864 33,374 3,462 3,790 5,95920,163 7,490 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 18,584 7,188 June 11. .. 73,956 34,679 20,518 5331,176 92 559 5,696 420 6,23639,277 32,060 3,856 3,692 5,948 18,564 7,217 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 18,744 7,336 June 25... 75,413 35,565 20,784 7231,298 103 554 5,722 627 6,30539,848 32,488 4,057 3,664 5,941 18,826 7,360 July 2... 77,491 36,472 20,567 1,379 1,413 222 567 5,726 759 6,39341,019 33,582 3,734 3,885 5,947 20,016 7,437 July 9... 76,728 35,862 20,580 1,031 1,335 214 563 5,737 583 6,37340,866 33,364 3,420 3,838 5,957 20,149 7,502 July 16. .. 76,643 35,757 20,637 8081,310 211 564 5,739 670 6,37440,886 33,402 3,483 3,792 5,962 20,165 7,484 July 23. . 76,191 35,441 20,626 7261,305 197 565 5,753 423 6,40240,750 33,256 3,361 3,736 5,961 20,198 7,494 July 30. .. 76,115 35,315 20,581 6221,366 153 564 5,764 386 6,43640,800 33,267 3,313 3,700 5,96620,288 7,533 Aug. 6... 75,652 35,539 20,657 3821,517 145 571 5,774 595 6,45640,113 32,586 2,844 3,486 5,965 20,291 7,527 Aug. 13. .. 75,586 35,524 20,722 3151,450 136 568 5,795 633 6,46340,062132,500 2,789 3,448 5,97620,287 7,562 Aug. 20. .. 75,344 35,427 20,799 2591,235 133 647 5,802 640 6,471 39,917)32,363 2,764 3,362 5,98020,257 7,554 Aug. 27. .. 75,480 35,563 20,919 2801,213 134 648 5,805 620 6,50339,917 32,246 2,711 3,350 5,99020,195 7,671 New York City 1951—July 20,020 10,149 6,791 357 794 26 233 493 279 1,317 9,871 7,916 730 310 1,549 5,327 1,955 1952—May 20,765 11,020 7,554 428 930 17 212 445 272 1,335 9,745 7,665 945 656 1,366 4,698 2,080 June 21,205 11 ,126 7,579 454 997 19 205 429 275 1,343 10,079 7,939 1,077 631 1,363 4,868 2,140 July 22,022 11,490 7,473 6961 ,055 55 204 409 409 1,366 10,532 8,253 810 761 1 .364 5,318 2,279 June 4... 20,949 10,969 7,474 4391,011 17 209 431 225 I ,338 9,980 7,892 1 ,054 621 1,377 4,840 2,088 June 11... 20,960 10,961 7,510 404 950 17 208 432 276 ,339 9,999 7,891 1,038 638 1,371 4,844 2,108 June 18.. . 21,322 11,198 7,662 438 983 21 199 428 295 1,347 10,124 7,941 1,075 632 1,352 4,882 2,183 June 25... 21,591 11,376 7,670 5361,043 21 205 425 303 1,348 10,215 8,033 1,140 632 1,355 4,906 2,182 July 2... 22,935 12,229 7,508 1,144 1,066 68 207 419 615 1,378 10.706 8,473 1,044 806 .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 I ,361 5,318 2,295 July 16. .. 21,895 11,437 7,479 5971.049 61 202 407 458 ,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 I ,375 5,3392,282 July 30. .. 21,559 11,011 7,412 4051,086 28 204 403 279 ,371 10,548 8,240 752 758 1,363 5,3672,308 Aug. 6. . .21,278 11,202 7,475 2431,271 27 208 411 362 ,383 10,076 7,779 503 613 1,361 5,3022,297 Aug. 13. .. 21,140 11,111 7,522 1871,201 24 206 406 352 ,391 10,029 7,720 509 572 1,359 5,2802,309 Aug. 20. .. 20,919 11,014 7,556 148 977 24 240 402 435 ,410 9,905 7,612 559 499 1,361 5,193 2,293 Aug. 27. .. 21,099 11,072 7,625 145 954 28 239 394 456 ,411 10,027 7,691 658 531 ,362 5,140 2,336 Outside New York City 1951—July 50,122 22,524 12,276 63 227 102 346 5,051 200 4.578 27,598 22,902 1,675 1 ,231 5,834 14,162 4,696 1952—Mav 52,637 23.721 13,095 138 231 76 355 5,237 185 4,780 28,916 23,85;5 2,509 3,068 4,534 13,744 5 ,061 Tune ... 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 13,811 5.135 July 54,611 24,279 13,125 217 291 144 361 5,335 155 5,029 30,332 25,121 2,652 3,029 4,595 14,8455.211 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 13,744 5,100 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 13,862 5,153 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 4,588 14,752 5,204 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 14,861 5,210 July 23... 54,599 24,318 13,157 244 265 143 361 5,348 143 5,03630,281 25,069 2,626 2,998 4,586 14,859 5,212 July 30. .. 54,556 24,304 13,169 217 280 125 360 5,361 107 5,06530,252 25,027 2,561 2,942 4,603 14,9215,225 Aug. 6. . . 54,374 24,337 13,182 139 246 118 363 5,363 233 5,07330,037 24,807 2,341 2,873 1,604 14,989 5,230 Aug. 13. .. 54,446 24,413 13,200 128 249 112 362 5,389 281 5,07230,033 24,780 2,280 2,876 1,617 15,007 5,253 Aug. 20. .. 54,425 24,413 13,243 111 258 109 407 5,400 205 5,061 30,012 24,751 2,205 2,863 1,619 15,0645,261 Aug. 27. .. 54,381 24,491 13,294 135 259 106 409 5,411 164 5,09229,890 24,555 2,053 2,819 1,628 15,0555,335 1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. 2 Includes guaranteed obligations. 1032 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 n a d t v - h l k - e s v C a a i u n s l h t b m a w a n d e n o i c s t - e k h ti s s c j p u m o a s d a t d e s e n - i - t d d s 3 s p p u n v h c a o a a o e i n i r d l r p r r d a s t - - - s - , - , S p s d s a i i o u t c i o n a v b l a n i d t - i l t e s - - s c C c O h a e f e e i e t n f e c r r f c d d i . t s k - i ' - s, m U G er . o e n v n S - - t . s p p u n c h v a o a a o e n i i r r p d l r r d a s t - - - s - , - , S p s d s a i i o u t c i o n a v l b a n i d t - i l t e - s - s P m U G S i e a o n r a . n o e g s n v d n v t S s - - a t - . l m D t D e i o c s - e - ma F n ei d o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p - n l - ts B d i e t a s b n 4 - k tions tions Total— Leading Cities 1951—July 14,207 2,348 49,858 50,716 3,498 1,377 3,50814,675 139 9,512 1,278 379 536 6,701 106,499 1952—May 14,767 891 2,317 52218 52,737 3,954 1,571 2,99815,501 775 174 9,552 1,242 426 991 6,996 121,315 June 14,999 962 2,387 53,128 54,053 3,698 1,729 3,14515,627 769 175 9,824 1,258 452 976 7,016 128,404 July 15,014 937 2,38752,13553,110 3,598 1,671 5,73215,683 772 182 1,253 4681,245 7,024 120,452 June 4... 14,691 937 2,304 52,516 53,227 3,809 1,516 2,691 15,583 774 174 9,6241,277 4421,084 7,017 24,595 June 11... 14,691 990 2,363 53,20254,368 3,600 1,372 2,258 15,608 770 176 9,7701,245 4541,051 7,015 25,693 June 18... 15,809 942 2,532 53,,924 55,334 3,570 2,044 3,202 15,634 770 17510,2621,243 4571,056 7,013 33,114 June 25... 14,806 977 2,350 52,870 53,285 3,812 1,984 4,429 15,681 762 178 9,641 1,265 454 711 7,021 29,379 July 2 ... 14,884 899 2,52151,708 52,818 3,705 2,060 6,914 15,689 763 17910,2771,248 4651,022 7,034 38,191 Tuly 9... 14,984 972 2,395 51,750 52,454 3,652 1,603 6,124 15,677 765 17910,2661,257 467 1,101 7,025 22,376 July 16... 15,060 919 2,47552,00253,915 3,444 1,481 5,629 15,669 777 18210,2041,228 4711 ,4297,008 27,100 July 23... 14,995 935 2,30752,44853,172 3,491 1,541 5,199 15,692 778 182 9,6921,226 4711,209 7,022 26,829 July 30... 15,148 957 2,23752,76653,189 3,698 1,668 4,793 15,687 779 185 9,5021,304 4681,491 7,029 26,834 Aug. 6... 14,852 2,34251,86452,183 3,718 1,298 4,650 15,713 773 18410,0571,324 4541,195 7,051 27,495 Aug. 13... 14,747 943 2,44251,83753,359 3,460 1,328 4,476 15,714 772 18910,3081,343 4611,097 7,047 24,006 Aug. 20... 14,938 903 2,328 51,76452,709 3,447 1,394 4,589 15,704 767 189 9,9211,298 4661,267 7,043 2 7,849 14,522 957 2,24252,38753,125 3,471 1,263 4,090 15,717 766 190 9,6601,273 4751,116 7,049 23,991 Aug. 27... New York City 5,109 129 15,30516,096 247 643 1,126 1,477 2,8341,064 284 331 2,354 41,673 1951—July 1952—May. 5,358 142 16,06016,764 352 825 1,065 1,579 2,776 1,033 320 372 2,411 49,830 June. 5,474 197 16,50417,313 260 901 999 1,622 2,855 1,039 340 471 2,407 55,385 July.. 5,365 182 15,77316,625 278 869 2,509 1,588 2,914 1,023 353 382 2,417 50,472 June 4... 5,425 193 16,24016,974 289 733 938 1,604 2,7531,062 334 600 2,411 10,507 June 11... 5,218 212 16,40917,268 265 615 743 1,615 2,7601,028 342 464 2,409 10,389 June 18... 5,923 184 16,99617,937 234 1,131 808 1,630 3,0371,021 344 535 2 ,405 14,314 June 25... 5,330 197 16,37017,071 250 1,127 1,507 1,639 2,8711,046 341 285 2,404 12,282 July 2 ... 184 15,72116,737 229 1,166 3,100 1,616 3,115 1,032 353 220 2,417 18,144 July 9... 5,402 194 15,63216,376 292 804 2,761 1,593 2,964 1,027 351 380 2,419 9,099 July 16... 5,395 174 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 Aug. 6... 5,230 165 15,42016,053 294 551 1,882 1,564 2,8521,079 340 502 2,429 11,776 Aug. 13... 5,115 174 15,32716,228 260 592 1,758 1,551 2,8991,089 346 452 2,425 9,040 Aug. 20... 5,224 159 15,43416,234 247 610 1,680 1,544 2,7831,044 351 447 2,426 10,763 Aug. 27... 5,003 173 15,87116,514 290 540 1,474 1,543 2 ,6901,017 360 312 2,425 9,113 Outside New York City 1951—July 9,098 732 2,31834,55334,620 734 2,382 13,198 716 97 6,678 95 4,347 64,826 1952—May 9,409 749 2,28436,15835,973 3,602 746 1,933 13,922 750 125 6,776 209 106 619 4,585 71,485 June 9,525 765 2.35436,62436,740 3,438 828 2,146 14,005 746 123 6,969 219 112 505 4,609 73,019 July 9,649 755 2,356 36,36236,485 3,320 802 3,223 14,095 750 128 7,074 230 115 863 4,607 69,980 June 4. 9,266 744 2,271 36,27636,253 3,520 783 1,753 13,979 749 125 6,871 215 108 484 4,606 14,088 June 11. 9,473 778 2,334 36,79337,100 3,335 757 1,515 13,993 748 124 7,010 217 112 587 4,606 15,304 June 18. 9,886 758 2,497 36,92837,397 3,336 913 2,394 14,004 748 123 7,225 222 113 521 4,608 18,800 June 25. 9,476 780 2,314 36,50036,214 3,562 857 2,922 4,042 740 125 6,770 219 113 426 4,617 17,097 July 2. 9,796 715 35,98736,081 894 3,814 4,073 742 126 7,162 216 112 802 4,617 20,047 July 9. 9,582 778 364 36,11836,078 799 3,363 14,084 743 126 7,302 230 116 r721 4,606 13,277 July 16. 9,665 745 2,444 36,37637,285 784 3,160 14,096 754 128 ,280 231 117 935 4,591 16,159 July 23. 9,575 759 2,27636,54736,572 764 2,982 14,109 756 127 ,896 226 117 912 4,604 16.200 July 30. 9,628 776 2,208 36,78236,408 764 2,792 14,112 756 131 6,733 244 117 973 4,613 15,042 Aug. 6... 9,622 724 2,315 36,44436,130 3,424 747 2,76814,149 749 129 7,205 245 114 693 4,622 15,719 Aug. 13... 9,632 769 2,409 36,510 37,131 200 736 2,71814,163 748, 134 7,409 254 115 645 4,622 14,966 Aug. 20... 9,714 744 2,293 36,33036,475 200 784 2,90914,160 743 134 7,138 254 115 820 4,617 17,086 Aug. 27... 9,519 784 2,209 36,51636,611 3,181 723 2,616 4,174 742 135 6,970 256 115 804 4,624 14,878 r Revised. 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 4 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. Back figures,—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692. and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. SEPTEMBER 1952 1033 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 INDUSTRY1 [Net declines, ( —). In millions of dollars] Business of borrower Manufacturing anc mining Comm'l Period 2 l F i a q o n u o d o d r , , T ap e a x p n t a d i r le el s, p m M r m ( a o a i e c e n d n t h t c d u a a i l c l l n . s t - s ch P l e c e e m o u t a m r i l o c , , - al Other ( r T w e s a r t h a n a a l o 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 u i 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 p i 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 ' ' l e l l , 3 — tobacco leather ery and and trans. rubber 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—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 Aug 167 37 -105 68 7 -3 83 -37 38 12 36 304 338 Week ending: 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 c -22 -12 38 -167 2 40 -214 -217 July 9.... — 1 —29 2 3 31 3 1 3 -8 6 13 July 16 -15 "ii" 19 10 14 -10 8 -13 12 14 57 57 July 23. ... 22 -2 -18 7 -6 25 -27 10 -3 -3 7 -11 July 30. ... 6 8 -37 6 3 -3 7 -43 3 -5 9 -46 -45 Aug. 6.... 42 12 -63 43 4 -1 38 -1 2 8 3 86 76 Aug. 13 24 12 -15 -1 -1 -5 32 -19 3 6 9 44 65 Aug. 20 46 4 -28 4 4 c -2 -12 22 -2 12 44 77 Aug. 27.... 56 8 1 23 8 16 -5 11 1 13 130 120 i 1 Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold nearly 95 per cent of total commercial and industrial loans of all weekly reporting member banks and about 70 per cent of those of all commercial banks. During April and May 1951 the coverage was smaller. 2 Figures for other than weekly periods are based on weekly changes during period. Net change at all banks in weekly reporting series. OUTSTANDING COMMITMENTS OF LIFE INSURANCE COMPANIES TO ACQUIRE LOANS AND INVESTMENTS FOR DEFENSE AND NONDEFENSE PURPOSES * [In millions of dollars] Defense and defense-supporting Nondefense To others, on real estate mortgages State, Other To county, End of month Total Total u P t u i b li l t i y c R ro a a i d l- bu a s i i n n n d - ess Total bu a s i n i n n d - ess Nonfarm residential a n n i d c ip m a u l dustry dustry Farm VA FHA Con- Total guaran- in- venteed sured tional 1951- •April 2 4,504 1,687 383 300 1,005 2,709 963 99 1,648 650 649 349 108 May 2 4,331 1,677 450 298 928 2,564 937 88 1,539 577 619 343 91 June 2.... 4,197 1,760 446 309 ,005 2,362 831 83 1,447 531 594 322 76 July 2 4,055 1,757 450 297 ,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 ,063 2,163 918 83 1,162 365 490 307 59 October... 4,037 1,867 395 204 ,268 2,119 945 96 1,078 316 452 310 51 November 4,394 2,112 353 192 ,567 2,238 955 98 1,186 276 437 473 44 December. 4,175 2,019 310 170 ,539 2,111 1,007 107 997 270 417 311 44 1952—•January. . 4,144 1,983 302 137 ,544 2,114 1,053 99 962 257 409 295 46 February. 4,101 2,111 419 158 ,534 1,937 969 102 866 222 346 298 54 March. . . 4,090 2,211 508 144 ,559 1,842 901 88 852 205 332 315 37 April 4,158 2,181 512 158 ,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 of less than $100,000 each and foreign investments, which were not reported until September. NOTE.—Data for 45 companies, which account for 85 per cent of the assets of all United States life insurance companies; they were initiated by the Life Insurance Association of America in accordance with the Program for Voluntary Credit Restraint. 1034 FEDERAL RESERVE BULLETIN 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 p o a u p t e - r Total Accepting banks G s o h o ip d p s e s d t o b re e d tw i e n e n or standing1 sta o n u d t i - ng Im in p t o o rts E f x r p o o m rts Dollar points in Others United United ex- Total O bi w ll n s bo B u il g ls ht States States change United Foreign States countries 1951—June 331 425 162 120 42 263 267 104 (2) 22 31 Tuly 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 Tune 495 416 148 108 40 268 195 126 45 15 36 July 539 450 171 122 49 279 200 126 73 17 34 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 1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in borrowed2 In partners' In firm (net)* an a d c c t o r u ad nt i s ng an a d c c t o r u a n d t i s ng banks Free O (n th e e t) 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 ts al 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 1950—June....... 1,256 12 386 314 827 673 166 25 11 312 December... 1,356 9 399 397 745 890 230 36 12 317 1951—June 1,275 10 375 364 680 834 225 26 13 319 August... . 31,260 •624 »816 September. 3 1,290 «640 »843 October 3 1,291 «653 *853 November. . s1,279 «649 »805 December... 1,292 12 392 378 695 816 259 42 11 314 1952—January 3 1,289 8 633 8 809 February. . . 31,280 «652 8 790 March...... 31,293 8 734 s 756 April 31,315 8818 3 756 May 31,312 3 847 8 725 Tune 1,327 9 427 365 912 708 219 23 16 324 July 31.387 3 1,126 3 692 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): April, 38; May, 33; July, 67. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. SEPTEMBER 1952 1035 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] securities (taxable) Prime Prime bank- Year, com- ers' Size of loan mo w n e th ek , or m m 4 p - e o a r t n p c o t e i h a r 6 s , l - 1 a a d c n a 9 c c y 0 e e s p s 1 , t- M y 3 a i - e r m k ld e o t nth o R n b a i n l t l e e s w 9 i m - s t s o o u n e 1 t s h 2 2 - 3 is - y s t u e o a e r s 5 8 - Area and period lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 0 ,0 ,0 0 0 0 0 - $ $ 1 2 0 0 0 0 ,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 1.12 1.08 1.102 1.14 1.43 1942 2.2 4.4 3.2 2.2 2.0 1950 average 1.45 1.15 1.20 1.218 1.26 1.50 1943 2.6 4.4 3.4 2.5 2.4 1951 average 2.17 1.60 1.52 1.552 1.73 1.93 1944 2.4 4.3 3.3 2.6 2.2 1945 2.2 4.3 3.2 2.3 2.0 1951—August 2.26 1.63 1.62 1.644 1.70 1.89 1946 2.1 4.2 3.1 2.2 1.7 September. 2.19 1.63 ] .63 1.646 1.71 1.93 1947 2 1 4.2 3.1 2.5 1 .8 October. . . 2.21 1.63 1.54 1.608 1.74 2.00 1948 2^5 4.4 3.5 2.8 2.2 November. 2.25 1.63 ]L .56 1.608 1.68 2.01 1949 2.7 4.6 3.7 3.0 2.4 December.. 2.31 1.69 L .73 1.731 1.77 2.09 1950 2.7 4.5 3.6 3.0 2.4 1951 3.1 4.7 4.0 3.4 2.9 1952— F A J M J M J u u e a p a n a l b n r y y r e i r u c l u a h a ry ry . . . . . 2 2 2 2 2 2 2 . . . . . . . 3 3 3 3 3 3 3 8 5 8 8 1 1 1 1 1 1 1 1 1 1 . . . . . . . 7 7 7 7 7 7 7 5 5 5 5 5 5 5 L L L L L L L . . 5 8 . . . . . 6 5 5 5 7 9 1 7 4 7 7 0 1 1 1 1 1 1 1 . . . . . . . 5 6 6 7 6 7 8 7 2 1 8 5 0 2 4 3 0 8 8 0 4 1 1 1 1 1 1 1 . . . . . . . 7 7 6 7 6 6 8 0 5 9 4 6 0 9 2 2 2 2 2 1 1 . . . . . . . 0 9 0 9 0 0 1 7 5 2 3 4 8 4 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 . . . . 2 4 0 5 7 5 6 1 4 4 4 4 . . . . 7 8 7 9 8 5 4 0 4 4 4 3 . . . .9 0 1 2 9 5 6 1 3 3 3 3. . . . 7 6 4 3 2 6 9 6 3 2 3 3 . . . . 2 2 0 7 4 9 3 8 August.... 2.31 1.75 L .83 1,876 1.94 2.29 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 Aug. 2.... 2.31 1.75 L.86 1,877 1.89 2.20 1952—Mar 3.23 4.43 3.97 3.48 3.11 Aug. 9 2.31 1.75 L.85 1.860 1.92 2.27 June 3.27 4.53 4.03 3.55 3.14 A A A u u u g g g . . . 3 2 1 0 3 6 . . . .. .. . 2 2 2 . . . 3 3 3 1 1 1 1 1 1 . . . 7 7 7 5 5 5 1 1 1 . . . 7 8 8 9 7 1 1 1 1 . . . 9 8 8 9 4 0 9 1 3 1 1 1 . . . 9 9 9 3 3 8 2 2 2 . . . 2 3 3 9 0 1 7 N 19 o e 5 r r t 1 n h — e c r S i n t e i p e a s n t : d East' 3.06 4.81 3.97 3.24 2.82 Dec 3.23 4.81 4.04 3.46 3.03 2 1 S M e o ri n es th l i y n c f l i u g d u e r s e s c a e r r e ti f a ic v a e t r e a s g e o s f o i f n d w e e b e t k e l d y n e p s r s e v a a n il d in g s el r e a c te te s d . note and 1952— J M un a e r 3 3 . . 4 4 7 6 4 4 . . 9 9 0 1 4 4. . 1 1 7 6 3 3 . . 6 7 7 1 3 3 . . 2 2 7 9 bond issues. 11 Southern and 8 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 1 [Per cent per annum] Corporate (Moody's)* U. S. Govern- Munic- Corpoment ipal rate By ratings By groups Year, month, or week t ( e lo r n m g ) - ' g ( r h a ig d h e) - ' g ( r h a i d g e h ) - 4 Total Indus- Rail- 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 .60 2.86 2.62 2.69 2.89 3.24 2.67 3.10 2.82 1951 average 2.57 2.00 .86 3.08 2.86 2.91 3.13 3.41 2.89 3.26 3.09 1951—August 2.57 2.04 2.86 3.12 2.88 2.92 3.18 3.51 2.92 3.31 3.13 September 2.56 2.05 2.85 3.08 2.84 2.88 3.15 3.46 2.89 3.27 3.09 October 2.61 2.08 2.92 3.13 2.89 2.93 3.18 3.50 2.93 3.31 3.14 November 2.66 2.07 2.98 3.20 2.96 3.02 3.26 3.56 2.97 3.42 3.21 December 2.70 2.10 3.03 3.25 3.01 3.06 3.31 3.61 3.00 3.50 3.24 1952—January 2.74 2.10 2.96 3.24 2.98 3.05 3.32 3.59 3.00 3.48 3.23 February 2.71 2.04 2.89 3.18 2.93 3.01 3.25 3.53 2.97 3.38 3.19 March 2.70 2.07 2.96 3.19 2.96 3.03 3.24 3.51 2.99 3.36 3.21 April 2.64 2.01 2.92 3.16 2.93 3.01 3.20 3.50 2.97 3.32 3.19 May 2.57 2.05 2.93 3.16 2.93 3.00 3.20 3.49 2.97 3.31 June 2.61 2.10 2.95 3.17 2.94 3.03 3.20 3.50 2.98 3.32 July 2.61 2.12 2.96 3.17 2.95 3.04 3.19 3.50 2.99 3.33 August 2.70 2.22 2.97 3.18 2.94 3.06 3.21 3.51 3.00 3.34 Week ending: Aug. 2 2.63 2.13 2.96 3.18 2.94 3.05 3.20 3.51 2.99 3.34 3.20 Aug. 9 2.69 2.14 2.96 3.18 2.95 3.05 3.20 2.52 3.00 3.34 3.20 Aug. 16 2.72 2.21 2.97 3.18 2.94 3.06 3.20 3.51 3.00 3.34 3.20 Aug. 23 2.69 2.25 2.97 3.18 2.95 3.06 3.21 3.51 3.01 3.34 3.20 Aug. 30 2.70 2.28 2.97 3.18 2.95 3.06 3.22 3.51 3.01 3.35 3.20 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on figures for Wednesday. 2 Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds due or first callable after 15 years were included. 8 Standard and Poor's Corporation. 4 U. S. Treasury Department. 8 Moodv's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 1036 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS ! Bond prices Stock prices Common Volume of Standard and Poor's series Securities and Exchange Commission series trad- Yea o r r , w m e o ek nth, m U G er . e o n n S v - t - . 2 g M i ( r c h a i u i p d g n a e h - l ) - '£ C r p a & o o t r - e - fe P r r re e d - * Tota (i l nde d t x I r u , n i a s - 1 - l 935 R r - o a 3 a i 9 l d - =10 u P 0 t u ) l i i l b c it - y Total Tot M al anu D a fa b u c l r e t - ( u in r d in N e d a g x b u o , l r n e - - 19 T 3 p 9 t r o i a = o r n n t 1 a s 0 - - 0) P u i l t u t i i c y b l- - T a s a r f e n i i c a n r n c e d v d - e - e , , M in i g n- s s t h a h i a o ( n n o i r f n g d u e 1 s s - ) 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—Aug 98.90 132.1 117.1 169.4 182 198 147 114 190 215 179 249 196 114 206 219 1,463 Sept 99.10 132.0 118.0 168.5 187 205 153 116 195 220 185 253 204 115 215 231 1,916 Oct 98.22 131.3 116.9 167.0 185 202 155 115 191 216 185 244 203 114 214 244 1,802 97.52 131.6 115.3 165.4 178 193 144 115 185 208 178 235 194 114 208 239 1,246 Dec 96.85 130.9 114.8 163.7 183 199 151 116 190 215 182 245 204 115 209 238 1,367 1952—Jan 96.27 130.8 115.5 164.1 187 204 155 117 195 222 185 255 211 116 209 246 1,574 Feb 96.77 132.1 116.5 165.9 183 199 155 118 193 218 183 251 209 117 206 258 1,320 Mar 96.87 131.5 115.9 168.3 185 201 161 118 193 216 182 248 214 117 203 295 1,283 Apr 97.95 132.7 116.2 172.2 184 199 165 117 191 215 181 245 217 116 203 298 1,282 May. . . . 98.91 131.9 116.3 173.4 184 199 167 117 190 214 182 243 216 117 201 283 1,044 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 Aug 97.09 128.6 115.8 169.9 191 208 175 119 199 225 194 254 228 120 210 278 995 Week ending: Aug. 2. . 98.08 130.3 115.9 171.0 193 211 177 117 201 228 196 258 230 119 210 286 1,110 Aug. 9. . 97.20 130.1 115.9 170.5 193 211 178 119 201 228 196 257 231 120 212 281 1,101 Aug. 16. . 96.82 128.8 115.7 169.9 192 209 177 118 198 225 195 252 228 120 210 271 1,014 Aug. 23. . 97.12 128.1 115.7 170.0 190 206 173 119 197 222 192 250 225 120 208 273 949 Aug. 30. . 97.08 127.5 115.9 169.2 190 206 174 119 197 223 193 251 226 120 208 279 907 1 Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's series), which are based on figures for Wednesday. 2 Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds due or first callable after 15 years were included. 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. * Average daily volume of trading in stocks on the New York Stock Exchange. Back figures—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For new capita For refunding Total Domestic Domestic Year or month f ( u i a n n r 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 t i l - e - a c F e g ie e r e a s d n l - - i Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o g r n - 2 m T e ( a f e i o d o g n s r t o n d t a - i - ) c l Total S n m a p t i n a c a u d l i t - - e a c F e g i e e r e a s d n l - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stocks e F 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 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 10S 1947 39,691 37,566 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 29446,177 45,269 908 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 »10,900 8,214 8,103 3,370 394 4,339 3,138 1,200 111 32,686 2,463 112 992 1,360 1,301 58 123 1951 M2,267 310,014 9,617 3,084 469 6,064 4,459 1,605 246 2,253 2,216 92 1,597 527 394 133 37 1951—July 946 820 812 319 8 485 334 151 8 126 126 2 93 31 31 Aug 677 485 451 151 300 199 101 34 192 192 1 172 20 20 Sept 3 1,075 »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. .. . 31,555 3 1,249 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 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. 4 Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figure! subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. SEPTEMBER 1952 1037 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 af net proceeds Year or month Est g i r m os a s ted Esti n m et ated New money Retirement of securities proceeds 2 proceeds 3 Repavment Other Total P eq la u n ip t m an e d nt W ca o p rk it i a n l g Total Bo n n o d t s e a s nd Pr s e t f o e c rr k ed other o f debt purposes 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—July 531 521 469 350 119 30 26 3 18 5 August 508 500 436 342 94 24 21 3 27 14 September . . . 390 381 343 286 58 18 18 15 5 October 655 639 548 404 144 12 10 2 53 26 November 673 660 570 488 83 43 42 1 29 18 December 871 856 771 682 90 45 42 2 11 29 1952—January 605 595 559 487 72 8 8 15 13 February . . 478 469 413 278 134 36 35 1 13 7 March 972 954 875 655 221 15 15 45 19 April '•967 ••951 -844 -613 -232 -13 rg 3 -70 -24 May ••1,116 -1,097 -925 -735 -180 -126 -126 -38 -9 Tune 848 836 747 553 194 38 38 46 .5 Julv 1,200 1,182 1,131 971 161 32 32 12 7 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Manufacturing 5 C m o i m sc m el e l r a c n i e a o l u a s n 8 d Railroad Public utility 7 Communication 8 R an e d al f e in st a a n t c e ial Year or month Total Total Total Total Total Total net New Retire- net New Retire- net New Retire- net New Retire- net New Retire- net New Retirepro- moneyments 10 pro- moneyments 10 pro- 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 21 617 546 56 2,281 1,998 145 "89i' "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—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 S O e c p to te b m er ber 3 1 0 5 6 6 2 1 6 4 3 2 1 1 3 0 4 2 0 8 2 1 6 9 3 3 1 0 8 3 1 0 6 i 1 19 4 7 5 1 1 3 7 3 9 2 1 8 5 1 8 5 1 6 4 2 4 1 8 1 November 214 180 21 46 22 76 61 15 273 260 6 37 37 14 11 December 480 428 26 39 28 2' 22 22 266 251 14 25 24 23 18 2 1952— F Ja e n b u ru ar a y ry 3 2 4 8 9 5 3 2 3 3 1 8 • •• — 2 1 9 3 21 9 2 1 2 1 9 7 2 1 9 7 1 1 8 2 4 5 1 1 7 2 7 2 6 3 2 3 2 3 1 1 4 3 1 1 1 2 1 March 366 336 4 61 46 5 12 12 490 461 6 6 6 20 15 A M p a r y il - - 3 5 5 5 0 9 - - 3 5 2 0 9 2 45 5 - - 6 4 6 0 - - 3 2 9 9 -5 -11 3 9 4 -4 3 1 4 "'-68' - - 3 3 9 1 9 3 - - 3 2 4 9 3 3 -7 8 - -2 4 6 7 - -2 4 6 5 -3 - -4 5 0 6 - - 3 5 4 5 "'-5' J Ju u l n y e 3 2 2 8 7 7 3 2 0 5 7 5 8 2 4 1 4 6 4 1 2 2 4 5 6 1 4 1 6 6 35 3 24 5 0 5 3 2 3 3 8 9 1 1 49 2 1 9 4 2 9 9 1 6 7 2 0 3 6 7 8 '23' *• Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and expenses. 4 Classifications for years 1938-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently similar for broad comparisons. See also footnotes 5 through 8. 6 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. • 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. 1038 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 oi 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 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 Annual 1939 10,621 1,212 999 725 9,008 1,071 883 656 1,613 141 116 69 1940 13,041 1,848 1,277 859 11,138 1,638 1,127 772 1 903 211 149 86 1941 . . 18,342 3,165 1,523 951 15,691 2,778 1,329 854 2,651 387 194 96 1942 21,841 3,408 1,224 763 18,544 2,876 1,056 672 3,297 532 168 91 1943 28,312 3,693 1,263 779 24,160 3,111 1,097 688 4,152 582 167 91 1944 30,421 3,538 1,258 851 25,851 2,982 1,091 755 4,550 557 167 96 1945 26 600 2,429 1 132 864 22,278 1,976 964 764 4 322 453 168 100 1946 21,372 2,038 1,205 946 17,415 1,573 932 804 3,956 465 274 142 1947 30,869 4,104 2,524 1,170 25,686 3,423 2,105 1,000 5,183 681 420 170 1948 . . . 37,008 5,317 3,312 1,404 31,238 4,593 2,860 1,210 5,770 723 452 194 1949 36,738 5; 038 3,101 1,660 31,578 4,506 2,768 1,474 5,160 531 332 186 1950 44,118 7,893 4,055 2,240 37,831 6,992 3,566 2,013 6,287 902 489 228 1951 51,067 8,557 3,411 1,986 43,389 7,492 2,975 1,754 7,678 1,066 436 232 Quarterly 1950—1 9,263 1,400 791 387 7,935 1,253 705 347 1,328 147 86 41 2 10,695 1,821 1,038 395 9,213 1,629 926 347 1,482 192 112 48 3 11,847 2,190 1,240 583 10,156 1,928 1,090 534 1,691 262 150 50 4 12,313 2,482 987 875 10,527 2,182 846 785 1,786 300 141 89 1951—1 12 711 2 238 878 469 10,811 1,951 765 420 1,899 287 113 48 2 13,047 2,219 839 475 11,079 1,928 724 421 1,968 291 115 54 3 12,297 1,964 762 475 10,443 1,716 658 422 1,854 248 103 53 4 13,013 2,137 932 567 11,055 1,897 827 490 1,957 240 105 77 1952—i r12 760 rl 940 r815 482 r10,812 rl,715 r727 430 r\ 94g 225 r52 2. 12,629 1,616 622 476 10,625 1,410 537 422 2,004 206 85 54 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Electric power Telephone Year or quarter Operat- Profits Profits Divi- Operat- Profits Profits Divi- Operat- Profits Profits Divirev in e g nue b t e a f x o e r s e t a a f x te e r s dends b t e a f x o e r s e t a a f x te e r s dends rev in e g nue b t e a f x o e r s e t a a f x te e r s dends Annual 1939 3,995 126 93 126 2,647 629 535 444 1,137 231 189 164 1940 4,297 249 189 159 2,797 692 548 447 1,206 257 193 167 1941 5,347 674 500 186 3,029 774 527 437 1,334 297 187 162 1942 7,466 1,658 902 202 3,216 847 490 408 1,508 364 168 151 1943 9,055 2,211 873 217 3,464 913 502 410 1,691 420 176 156 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 1,979 433 174 162 1946 7,628 271 287 235 3,815 964 638 458 2,148 313 209 168 1947 8,685 777 479 236 4,291 954 643 494 2,283 215 138 131 1948 9,672 1,148 699 289 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 3,342 580 331 276 1951 10,391 1,260 693 328 5,867 1,480 818 661 3,729 691 341 318 Quarterly 1950—1 . 2 1 , ,9 2 8 3 5 8 2 1 4 1 3 4 2 2 1 5 5 6 2 6 5 1 3 1 1 , ( 3 3 2 7 2 8 3 3 5 2 1 1 2 2 2 2 1 3 2 0 1 1 5 4 3 6 8 7 2 8 1 7 1 1 3 1 7 6 2 2 8 7 4 1 6 6 2 7 3. . . 2 ,534 454 2 258 55 1,317 293 2 171 152 853 158 2 84 70 4. . . 2,715 574 2318 142 1,415 339 2 211 168 881 169 2 92 76 1951—1 . . . 2,440 229 2 104 101 1,504 413 2229 157 904 175 2 90 77 2. . . 2,596 275 2 146 63 1,419 344 2 195 161 918 174 2 92 79 3. . . 2,583 250 2 124 53 1,423 320 2 168 162 931 160 2 72 81 4. . . 2,772 505 2 320 111 1,521 403 2 226 181 976 182 2 86 81 1952—1 . . . 2,587 295 141 80 1 ,603 498 257 172 993 194 93 85 2. . . 2 ,532 261 149 74 1,491 400 214 173 1,023 205 98 87 r Revised. 1 Certain tax accruals for the first six months of 1950 and 1951, required by subsequent increases in Federal income tax rates and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit a similar redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes. 2 As reported. NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets as of the end of 1946. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). SEPTEMBER 1952 1039 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 3,469 3,958 4,085 4,349 4,288 4,294 4,441 '4,335 4,216 Profits before taxes 1,847 2,702 3,184 582 785 830 855 814 773 741 '705 599 Profits after taxes 1,213 1,513 1,411 350 467 395 368 342 334 368 '314 285 Dividends 710 889 845 175 213 334 199 202 203 242 210 205 Selected industries: Foods and kindred products (28 corps.): Sales 3,323 3,492 3,873 828 980 913 1,025 901 942 1004 '959 942 Profits before taxes 379 469 407 101 159 126 124 86 93 104 '86 93 Profits after taxes 235 257 199 58 89 62 . 61 40 46 52 '40 42 Dividends 135 143 140 34 34 45 31 35 32 42 32 32 Chemical and allied products (26 corps.): Sales 3,557 4,447 5,433 1,048 1,188 1,260 1,338 1,377 1,351 1,367 1,373 1,337 Profits before taxes 675 1,110 1,384 247 313 345 365 365 342 312 318 281 Profits after taxes 404 560 484 138 179 131 128 120 111 125 108 105 Dividends 312 438 355 79 113 174 84 85 87 100 87 87 Petroleum refining (14 corps.): Sales 3,865 4,234 4,999 989 1,113 1,172 1,204 1,204 1,246 1,345 1,318 1,275 Profits before taxes 525 650 861 133 187 209 217 203 218 222 204 147 Profits after taxes 406 442 516 96 130 130 123 118 127 148 '129 111 Dividends 172 205 231 42 44 78 57 55 55 64 64 60 Durable goods industries Total (106 corps.):* Sales 23,885 29,341 33,696 7,226 7,889 8,228 8,362 8,759 8,003 8,5721 '8,425 8,413 Profits before taxes 3,191 5,192 5,374 1,239 1,405 1,653 1,382 1,405 1,191 1,396' 1.234 1,017 Profits after taxes 1,887 2,542 2,000 688 773 592 510 497 428 565 '501 337 Dividends 950 1,351 1,141 210 370 541 270 273 273 325 2 73 269 Selected industries: Primary metals and products (39 corps.): Sales 8,187 10,446 12,501 2,562 2,718 2,965 3,044 3,198 3,034 3,226 '3,073 2,385 Profits before taxes 993 1,700 2,092 400 455 547 525 557 492 519 425 99 Profits after taxes 578 854 775 223 253 214 188 193 176 217 '220 29 Dividends 285 377 380 73 80 157 88 85 86 120 87 Machinery (27 corps.): Sales 4,353 5,058 4,604 1,196 1,269 1,493 1,480 1,563 1,434 1,690 1,590 1,746 Profits before taxes 519 847 998 168 194 341 250 237 210 301 232 234 Profits after taxes 320 424 367 93 107 145 90 82 73 123 81 82 Dividends 138 208 191 37 38 84 43 47 48 54 49 48 Automobiles and equipment (15 corps.): Sales 9,577 11,805 12,438 2,975 3,355 3,192 3,268 3,331 2,899 2,939 3,035 3,429 Profits before taxes 1,473 2,305 1,915 595 656 655 513 508 405 488 503 596 Profits after taxes 861 1.087 704 328 357 189 194 183 142 185 170 189 Dividends 451 671 479 91 232 258 122 119 119 119 116 114 '' RReevviisseedd.. 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 t similar redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes. 2 Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied product! (15); and miscellaneous (1). 8 Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment •ther than automobile (6); and miscellaneous (7). CORPORATE PROFITS, TAXES, AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates) [In billions of dollars] Year 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 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 s ts d C d e i a n v sh i d - s t U p r r i n o b d f u i i t s t - s ed 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 5 4 7 8 6 2 2 3 3 1 3 4 3 0 9 . . . . . 5 3 5 8 7 1 1 1 1 9 1 3 3 1 . . . . . 6 2 5 0 9 2 1 1 1 8 0 3 0 8 . . . . . 5 7 9 8 5 4 4 5 6 7 . . . . . 7 7 6 8 3 1 1 6 3 8 3 2 . . . . . 1 1 8 6 0 1951— 2 3 4 1 4 3 3 5 3 8 9 0 . . . . 3 6 5 1 2 2 2 2 4 8 1 2 . . . . 5 4 2 8 2 1 1 1 1 6 7 8 . . . . 7 9 3 8 9 8 9 9 . . . . 2 6 3 0 1 9 8 7 3 . . . . 8 1 7 0 1949 27.1 10.8 16.3 7.5 8.8 1950 39.6 18.4 21.2 9.0 12.2 1952—1 42.7 24.7 18.1 8.9 9.2 1951 42.9 24.2 18.7 9.0 9.7 2i 41.0 23.7 17.3 9.6 7.7 1 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. 1040 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 issues 3 Marketable Nonmarketable Total E m n o d n t o h f d T g e r o o b t s a t s 1 l d d g i e r r o b e s c t s s t Total Total Bills c C i a n e t r d e t s e if b o i- t f - Notes Bank Bond B s ank v C i e b o r l n t e - - Total 6 S in a g v s - s T a a n a v d x - S i p ss e u c e ia s l edness e b l l ig e4 i- str r i e c - ted bonds n i o n t g e s s 1943—Dec 170,108 165,877 151,805 115,230 13,072 22,843 11,175 55,591 12,550 36,574 27,363 8,586 12,703 1944—Dec 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 278,682 278,115 255,693 198,778 17,037 38,155 22,967 68,403 52,216 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 256,981 256,900 225,250 165,758 15,136 21,220 11,375 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 29,427 3,596 60,951 49,636 62,839 56,260 4,860 32,776 Dec 257,160 257,130 221,123 155,123 12,319 29,636 8,249 55,283 49,636 66,000 56,707 7,610 33,896 1950—June 257,377 257,357 222,853 155,310 13,533 18,418 20,404 53,319 49,636 67,544 57,536 8,472 32,356 Dec 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—Aug 256,677 256,644 219,174 139,741 15,012 14,740 31,010 42,923 36,056 12,570 66,864 57,509 8,041 35,146 Sept 257,386 257,353 219,321 140,169 15,617 15,317 31,013 42,168 36,054 12,567 66,585 57,488 7,775 35,637 Oct 258,336 258,298 220,325 141,753 16,849 28,016 18,669 42,167 36,053 12,065 66,506 57,501 7,705 35,615 Nov 259,647 259,604 221,391 142,741 18,100 28,017 18,406 42,167 36,050 12,062 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 260,399 260,362 221,776 142,701 18,104 29,079 18,434 41,040 36,044 12,034 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 258,337 258,292 219,356 141,820 17,462 28,423 18,952 40,943 36,040 11,516 66,019 57,644 7,057 36,746 May 259,951 259,905 220,540 142,625 18,267 28,423 18,956 43,061 33,918 11,512 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 Aug 263,225 263,186 222,753 144,148 17,206 28,019 18,974 52,579 27,369 13,186 65,419 57,753 6,330 38,307 1 Includes fully guaranteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately. 3 Includes amounts held by Government agencies and trust funds, which aggregated 6,689 million dollars on July 31, 1952. 4 Includes Treasury bonds and minor amounts of prewar and Postal Savings bonds. 5 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 AUGUST 31, 1952 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions Amount Funds received from sales during Redemp- Issue and coupon rate Am o o f u n d t ollar I s s ] sue and coupon rate Amount Y m e o a n r t o h r a s t t p a e o e n n u ri d d t o - i d o n f g All Serie p s erio S d eries Series m tio a n t A u s r l a l it n ie d s series EandH Fand J Gand K series Treasury bills * Treasury bonds—Cont. 1945 48,183 12,937 9,822 595 2,520 5,558 Sept. 4, 1952 ,300 June 15, 1953-54 2 5,825 1946 49,776 7,427 4,466 325 2,637 6,427 Sept. 11, 1952 ,201 June 15, 1953-542 2 8,662 1947 52,053 6,694 4,085 342 2,267 5,126 Sept. 18, 1952 ,202 Tune 15, 1953-55...2M 1,501 1948 55,051 7,295 4,224 498 2,573 5,144 Sept. 25, 1952 ,200 June 15, 1953-55 3.... 2 510 1949 56,707 5,833 4,208 233 1,392 5,101 Oct. 2, 1952 ,200 June 15, 1953-554. ...2 725 1950 58,019 6,074 3,668 417 1,990 5,840 Oct. 9, 1952 ,400 fane 15, 1954-56*. .?H 681 1951 57,587 3,961 3,190 124 646 5,651 O O Oc c c t t t . . . 3 2 1 0 3 6 , , , 1 1 1 9 9 9 5 5 5 2 2 2 , , , 5 4 4 0 0 0 0 0 0 S M M e a p a r r t . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 6 6 5 - - - 5 6 5 9 0 8 4 4 . . . . . . 2 . 2 2 V % % 2 2 611 1951— S A e u p g t . . . . . . . . 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 6 8 4 3 3 9 7 0 Nov. 6, 1952 ,300 Sept. 15, 1056-59... 2 M Oct.. . . 57,501 334 274 10 50 410 N N o o v v . . 2 1 0 3 , , 1 1 9 9 5 5 2 2 , , 3 5 0 0 0 1 J M u a ne r. 1 1 5 5 , , 1 19 9 5 5 8 7 -59... 2 2 % % 4,2 9 4 2 5 7 N D o e v c . . . . . . . 5 5 7 7, , 5 5 5 8 2 7 3 2 1 9 6 7 2 2 5 6 4 8 9 9 3 3 4 9 4 3 0 6 1 4 Nov. 28, 1952 ,300 June 15, 195S-634. .2% 1952—Jan 57,664 441 364 16 61 493 June 15, 1959-62.. .M 281 Feb 57,682 339 288 10 42 411 Dec. 15, 1959-625. .2 Mar.... 57,680 331 284 9 38 428 Dec. 15, 1960-654. . 485 Apr.. . . 57,644 313 267 10 37 438 Certificates June 15, 1962-67 . . 11R May.. . 57.614 292 253 8 30 423 Sept. 1, 1952 \% 262 Dec. 15, 1963-68*. .2 F29 June.. . 57,685 364 293 15 56 431 O De c c t. . 1 1 , , 1 1 9 9 5 5 2 2 \ i % y8 1 1 0 , , 0 8 6 6 3 1 D T e u c n . e 1 1 5 5 , , 1 1 9 9 6 6 4 4 - - 6 6 9 9 6 ' . . . . 2 2H H ?5 i 8 5 J A u u l g y . . . . . . . 5 5 7 7 , . 7 7 0 5 9 3 3 3 5 6 6 7 3 3 1 0 6 9 1 9 1 4 3 3 7 4 39 6 9 8 Feb. 15, 1953 IK 8,868 Mar, 15, 1965-705. -2M ,752 June 1, 1953 1% 4,963 Mar. 15, 1966-716. ^H ,976 Maturities and amounts outstanding August 31, 1952 Aug. 15, 1953 2 2,003 June 15, 1967-726. .2H , 899 S D e e p c. t . 1 1 5 5 , . 1 1 9 9 6 6 7 7 - - 7 7 2 2 * . . . . .2 2 } ^ 4 2 3, , 8 7 5 16 2 Year of All Series Series Series maturity series E and H Fand J G and K Treasury notes Postal Savings M M a a r r . . 1 1 5 5 , , 1 1 9 9 5 5 5. 4 ..., , 4 5 , , 6 3 7 6 5 5 bonds 2}4 84 1 1 9 9 5 5 2 3 3 6 , , 2 2 7 4 5 6 3 5 , , 2 10 7 8 5 190 949 Dec. 15, 1955 6,854 1954 7,935 5,666 472 1,797 Apr. 1, 1956... . 1,007 Panama Canal Loan. 3 50 1955 6,756 4,418 492 1 ,846 Oct. 1, 1956 550 1956 4,965 2,223 577 2 165 Apr. 1, 1957 .1 523 Total direct issues 144,148 1957 4,742 2,303 460 1 ,980 1958 4,815 2,501 238 2,077 1959 4,605 2,550 254 1,802 Guaranteed securities 1960 5,063 2,360 439 2,264 Treasury bonds Federal Housing Admin. 1 19 9 6 6 2 1 !4 3 , , 3 8 8 8 1 3 12 1 . ,7 9 4 3 3 1 3 1 6 9 3 6 1 1, 7 ,2 7 5 7 4 Mar. 15-Sept. 15,1953.2 7,986 Various 38 1963 732 118 614 1964 412 85 327 1 Sold on discount basis. See table on Open-Market Money Rates, Unclassified -59 -59 p. 2 1 M 03 a 6 t . urity Dec. 15, 1954. 4 Partially tax exempt. Total 57,753 35,019 3,882 18,852 3 Maturity Dec. 15, 1955. 5 Restricted. 1 Includes bonds with extended maturities totaling 676 million dollars. SEPTEMBER 1952 1041 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 ( a s i g e n n c c t g e u lu u e ri d d a - - r- Sp t e r c u i s a t l fun P d u s b : lic Total R F B e e a d s n e e r k r v a s e l m b C a e n o r k m ci s a - 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u ie e r - - s r c O a o t t r i h p o e o n r - s go S l a o v t n c a e d a t r e l n- Sav I i n n d g i s vidu O a t l h s er l M a i t n n o i v s e r c e s o e s u 3 - l s ties) issues issues ments bonds securities 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 n1,600 9,500 49,000 rl4,300 11,100 1952—Mar 258,124 36,493 6,503 215,128 22,514 60,200 9,800 16,200 '•22,400 9,800 49,100 n4,600 10,500 Apr 258.337 36,746 6,500 215,091 22,363 60,500 9,800 16,200 r21,500 9,900 49,100 --14.400 11,500 May 259,951 37,198 6,524 216,229 22,273 61.100 9,800 15,900 >"22,2OO 9,900 49,000 '14,400 11,800 June 259,151 37,739 6,596 214,816 22,906 61,200 9,600 15,700 20,300 9,900 49,100 14,100 12,200 r Revised. l 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 a n 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 s n 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 i n e e v d s n s t t - . B s F e e R a e r r e n a d v - l k - e s b C m a c o i n e a m k r l - s - 1 b M s i t a n u a n g v a u 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 2 0 1 — — — D D D J J u u e e e n n c c c e e . .. 1 1 1 1 1 5 5 5 3 4 5 5 2 7 2 , , , , , 1 3 4 9 7 3 2 7 4 2 8 5 1 4 4 5 5 3 3 5 , , . , , 2 3 3 3 3 7 4 6 5 2 2 5 5 0 7 2 2 2 1 1 2 0 0 8 8 , , . , , 5 7 2 3 8 8 7 6 3 8 8 8 8 1 55 5 5 5 5 8 9 4 4 1 , , , , . 9 8 1 8 5 7 5 4 1 9 2 6 8 5 3 1 1 1 8 7 0 0 0 , , , . , 2 8 7 8 1 5 7 8 7 4 4 2 7 4 0 1 1 1 1 1 6 2 1 8 8 , , , , , 8 0 3 1 5 6 6 7 3 3 2 4 7 2 5 4 4 4 4 4 3 3 2 4 1 , , , , , 3 6 5 4 7 9 5 6 2 6 9 8 3 9 3 W 1 i 1 1 t 9 9 9 h 4 5 i 5 n 9 1 0 — — — 1 D D D y J J e u e e u e c a c n n c r e e : . . . . . . . . . . . 3 3 2 1 1 7 8 5 0 4 , , , , , 6 9 5 3 3 3 8 0 0 1 1 7 5 8 9 3 4 2 7 9 6 9 1 0 1 1 1 0 2 , , , 6 2 3 8 5 6 4 7 7 0 8 1 3 8 5 1 1 1 9 7 6 5 4 , , , , , 0 0 7 0 6 1 0 9 4 8 4 1 3 5 3 4 2 4 2 1 6 2 3 3 5 7 0 8 0 1 1,0 3 9 4 7 4 6 2 6 8 4 0 6 8 7 1 1 3 2 5 0 0 , , , , , 6 3 8 7 7 8 0 1 2 4 5 0 9 2 7 1952—May 142,668 3,49021,559 53,715 7.788 10.88845,228 June... . 140,451 3,031 22,192 53,867 7,494 10,33543,532 1952—May. . . 24.485 14 1,620 16,197 367 731 5,556 Treasury bills: June 25,210 14 1,620 16,826 327 677 5,746 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— J M un a e y . . . 1 1 7 8 , ,2 2 6 1 7 9 4 8 1 3 38 8 1 2 6 5 , , 0 8 5 2 6 8 1 1 3 0 7 3 5 7 9 6 6 7 1 1 0 1, , 1 2 4 7 2 0 1951— D Ju ec ne.... 3 2 1 8 . , 0 6 2 7 2 8 1 1 5 3 5 9 3 5, . 1 8 0 7 2 8 2 1 0 8 . , 8 6 5 0 3 0 2 1 2 4 7 2 6 7 8 5 5 6 5 3 . , 1 9 6 9 9 4 Ce 1 1 rt 9 9 i 4 5 fi 9 0 c — — ate D J s u 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 31 7 0 , , 2 9 5 9 4 1 1952— J M un a e y. . . 3 2 0 9 , , 1 4 5 3 2 4 1 1 3 3 6 0 5 5 . , 9 9 4 4 1 1 1 1 8 9 , . 3 0 5 2 2 0 1 1 3 6 8 6 7 70 1 1 5 4 4, , 1 1 7 7 2 4 Dec 5,373 2.334 1,544 7 53 1,435 1951— D Ju ec ne.... 2 9 9 . , 5 0 0 78 9 4 1 9 7 1 3 2 , , 1 7 9 9 4 3 6 2 , ,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 0 9 9 4 5 y 9 0 e — — ar D s J : e u c ne.... 1 1 8 5 , , 5 9 3 2 7 6 5 42 6 3 8 1 1 , , 3 1 8 4 8 8 6 5 , , 9 67 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—May . . . 28.423 70 11,487 6.870 118 517 9,361 Dec 17,411 412 982 7,329 2,125 1,948 4,615 June.... 28,423 60 11,821 6,877 120 454 9,091 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—May. . . 11,154 323 1,014 2,465 1,786 1,671 3.895 Dec 39,258 10 12,527 15,833 136 707 10,045 June 13,272 524 1,070 3,268 2,092 2,183 4,135 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 1 1 a 9 9 9 s 5 4 5 u 2 9 0 r — — y — J M D b J u o e u n a c n n y e d e . s . . : . . . . 1 1 1 1 0 0 8 8 2 4 , , , , 9 9 7 7 5 6 9 5 6 3 5 8 5 5 , , 2 2 1 7 7 3 2 2 5 5 7 5 , , , , 2 6 5 5 1 1 6 6 8 8 8 8 3 3 1 1 9 8 0 0 , , , , 2 6 4 4 3 9 3 3 5 1 8 1 1 1 0 0 , , 6 48 2 6 4 0 4 1 2 1 1 7 7 , , 5 2 3 3 7 4 3 3 9 9 2 3 2 2 2 2 5 5 , , , , 5 5 3 0 5 8 4 2 4 8 0 9 1 1 1 9 9 9 4 5 5 9 0 1 — — — D D D J J e e e u u c c c n n . e e. . . . . . . . 4 3 4 4 3 0 5 0 5 3 , , . , , 0 0 0 0 5 1 8 2 8 9 2 4 3 4 9 4 4 4 2 2 , , , , , 4 4 6 7 6 4 8 8 2 2 1 2 2 6 9 3 2 2 1 1 , , , , , 3 4 3 5 5 9 1 4 0 9 7 5 9 8 3 3 4 2 2 2 , , , , , 0 8 9 7 7 9 3 8 8 4 2 2 1 0 7 6 7 5 5 7 , , , , , 1 5 1 2 3 3 8 8 7 8 0 0 8 6 9 1 1 1 7 7 3 3 2 , , , , , 0 5 4 2 3 2 0 8 9 0 7 7 5 8 3 1 1 1 1 1 3 0 3 3 0 , , , , , 5 5 0 9 8 3 2 9 8 2 4 4 0 9 8 1951— D D J e u e c c ne.... 9 7 7 4 8 6 , , , 8 0 9 3 3 4 2 5 5 3 3 5 , , , 1 2 2 7 0 8 8 9 3 4 4 4 , , , 6 1 1 2 0 3 0 8 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 3 1 6 9 7 4 2 2 2 1 2 4 , , , 9 9 0 4 6 2 1 6 3 1952— J M un a e y. . . 3 2 0 6 , ,7 0 0 0 7 1 2 2, , 2 8 3 3 1 3 1 1 , , 4 3 1 5 5 8 3 2 , ,6 0 8 6 1 9 4 5 , , 7 2 0 0 7 8 6 5. , 7 4 1 7 1 5 1 1 0 1, , 0 0 0 1 1 9 1952—May . . . 76,837 3,304 4,422 30,313 7,466 9,25822,074 June.... 75,660 2,877 4,422 30,695 7,221 8,941 21,504i * 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, s Less than $500,000. 1042 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basis of daily statements of United States Treasury Cash operating Increase (+) or General fund of the Treasury (end of period) during e ^ —; Assets period y m e o ar n t o h r c N e r i e e p - t ts B p t e u u e n x r d d e - g s i e - t s B ( d u + u e r f d ) p i o g c lu i e r t s t c T e o a r t u c u c n - . s 1 t t s, c C o i a l n u e c g - a n r t - 1 G d r e o b s t s G ba f e u l n a n e n d r c a e l f a g B e u n i e r a n n c a n l d e l - - Total s F D e R e e r r e e a d v - p l - e osi d i t S s t e c a p p i i r a e n o i l - e s s - O as t s h e e ts r T b t l o i i i e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i ( E n o + x c u ) c o t o e g m s o r s e Banks' 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 40,970 43,155 —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 4394.5 «O4. +7 635 1952 62 129 66,145 -4,017 + 147 —401 +3 883 — 388 6 969 7,481 333 5,106 2 041 512 68 093 ^7 (Kfi +137 1951—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 -1-945 -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 3,593 6,233 -2,640 Aug . . 4,050 5,018 -968 +77 -195 + 113 -973 6,952 7,439 496 5,190 1,754 487 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 th ar W he it l h d - Other n c M e e o l i l s u a - - s m p E l e m o n y - t - O r t e h - er T r o e t - al Refunds S S e o c c u i r a i l ty N re e - t In i d n i a s v u n i r d d a u n o a c l l d e - i a t n a g c x e o e m s e c C o ti o m o r n e p o i a n r n a - d - t a E a n s t d e - m E o a i x t s n h c c d i e e s r l e p b l y o y e e m rs - 4 i r n ev te e r n n u a e l taxes ceipts ceipts rece of ipts e t m m ax p e e l n o s t y 6 - ceipts Withheld Other p t r a o x f e it s s ta g x if e t s l * C a t l A n a A x e *— o e \J s u U s i* Fiscal year: 1950 10,073 18,189 8,303 2,883 1,862 41,311 2,160 2,10637,045 11,762 7,264 10,854 706 7,599 1951. 13,53524,218 9,423 3,931 2,263 53,369 2,107 3,120 48.143 15,901 9,908 14,388 730 8,704 1952 21,88933,026 9,726 4,562 2,364 67,999 2,302 3,56962,129 21,313 11,545 21,467 833 8,971 1951—-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 62,330 807 65 763 Feb.... 3,057 1,943 805 703 131 6,194 195 446 5,553 4,172 1,464 311 66 754 Mar... 2,019 7,717 825 539 160 10,800 455 460 9,886 537 2,133 5,913 113 718 Apr. ... 978 3,191 849 268 152 5,187 612 252 4,323 1,330 1,583 1,278 88 742 May... 3,009 549 828 582 197 4,688 403 476 3,809 3,955 221 351 80 750 June... 1,983 7,106 845 201 228 10,220 283 142 9,796 707 1,478 5,659 48 804 July . . . 1,007 1,435 949 204 236 3,649 151 182 3,316 1,539 393 958 84 863 Aug. .. . P2,996 445 862 *>539 177 4,585 102 434 4,050 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements ofUnited States Treasury Budget expenditures Trust and other accounts F o i r s c m al o y n e th ar Total t f i e N d o n e n a s - a - e l m s g O e r i p c a l t u r m i h t o r e a s - i r r t y y 7 n n I a a e n o t i i c t m d o e o n r - 8 i - c 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 i e o d r n n t n a - - - s - a t c A g u t u o i r r l d i - e - S S g p o e i r r t c c a y o i u m - a r l s - T c t o f r r a e t a u u c o r n - s n s t s ts - Other ce R i e p S - t o s c a ia c m l v c I e o n e S s u n - e t n - t c s t u s ri p t t E u e y n r x e d - s i- c R ei e p - ts m O v I e e t n h n s - t e t - s r 9 p t E u 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—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 5,704 3,425 406 201 689 385 83 66 78 371 558 157 320 126 14 87 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 Tune 6,930 3,699 375 337 1,518 339 187 148 80 248 521 356 306 505 293 262 July 6,742 P3,902 471 P351 320 391 117 158 397 P635 288 -24 310 450 333 137 Aug 5,018 P2,950 514 P256 183 354 P126 P112 94 P429 853 366 323 106 31 162 P Preliminary. 1 Excess of receipts (+) or expenditures ( —). 2 Excludes items in process of collection. 3 For description, see Treasury Bulletin for September 1947 and subsequent issues. 4 Prior to January 1952 represents income tax withheld, and employment taxes less amounts appropriated to Federal old-age and survivor* 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. SEPTEMBER 1952 1043 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 Lia in b t i e li r t a ie g s e , n o cy th e it r e m th s an Bonds, notes, Corporation or agency Total Cash L c a r e o b e i a l - v e n - s m m C p s r t a i l i u o o a n i e a p e m t d s d l e - s s , i - , - - G U s ri e o t . c i v I e u S m n t s - . . v e e n s O r t s i s t e - t t i c h e u e s - r '- L s e t m u t a q a r r n e u u n e d n i c d s p t - , , - O s a t e s h t - e s r a t F g u n a u u b r t n a e y l e d l r e s y - d d p e a O b y e a th n b - e le 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 93222,533 315 Sept. 30, 1951 25,668 65913,906 1,515 2,236 3,472 3,025 854 1,399 ,962 322 Dec. 31, 1951 26,744 93114,422 1,461 2,226 3.463 3,358 882 1.369 1.16123,842 320 Mar. 31, 1952 26,858 84414,422 1,322 2,422 3,451 3,406 991 1,214 1,24724,010 349 Classification by agency, Mar. 31, 1952 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 449 371 140 283 25 Federal intermediate credit banks 811 739 745 58 Production credit corporations 55 10 55 Agricultural Marketing Act 1 1 1 Federal Farm Mortgage Corp 34 32 1 () 33 Rural Electrification Administration ,884 1,782 () 60 1,884 Commodity Credit Corporation ,212 708 1,012 106 374 305 1,906 Farmers' Home Administration 4 583 491 25 2 580 Federal Crop Insurance Corp 31 2 3 28 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,003 589 384 329 350 324 Federal Savings and Loan Insurance Corp. 211 204 6 205 Public Housing Administration 1,903 557 1,242 12 1,891 Federal Housing Administration 447 30 1 37 212 198 Office of the Administrator: Federal National Mortgage Association.. 2,068 2,053 2,065 Other 89 20 35 Reconstruction Finance Corporation: Assets held for U. S. Treasury 5 805 1 147 591 61 805 Other e 801 705 1 1 35 70 732 Export-Import Bank 2,338 () 2,322 16 43 2,294 A T F e e l n d lo n e t r e h a s l s e e r D e 7 e V po a s ll i e t y I n A s u u t r h a o n r c i e t y Corp 8 1 1 , , , 4 3 3 2 5 5 5 9 0 2 2 2 2 9 9 2 4,008 ( 1 ) 4 1 8 6 i',409 3,385 1, 3 1 2 0 9 5 25 1 1 8 4 1 4 2 6 3 2 3 8 1 1 , , , 3 2 3 0 1 8 3 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 e t 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 r c k s a o s - - m C C C r o o o e d m r d p i i - t . t v 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 o r r s m m m ' . e - H C O L e o o o w r m s 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 n o u i r o - n c c p n e - . - B p p I E o a m o x r n r t - - t k - o A th l e l r a c g A i e e l n l s - a D g 1 e e c 9 a n . 5 l c l 1 3 i , e 1 s , To aid agriculture 32 739 373 710 1,784 595 6 4.239 4,161 To aid home owners 2,053 « 121 189 2,363 2,142 To aid industry: Railroads 96 2 98 101 Other m 402 70 473 488 To aid financial institutions: Banks Other '"589 8 597 814 Foreign loans 61 2,329 3,706 6,096 6,110 Other 557 63 110 731 779 Less: Reserve for losses 2 3 2 104 46 7 9 173 173 Total loans receivable (net)... 32 739 371 708 1,782 491 2,053 557 589 706 2,322 4,074 14,422 14,422 1 Assets are shown on a net basis, i. e., after reserve for losses. 2 Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction and Development and its subscription of 2,750 million to the International Monetary Fund. 8 Less than $500,000. * Includes Disaster Loans, etc.. Revolving Fund. 8 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for tht Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 6 Includes figures for Smaller War Plants Corp., which is being liquidated by the Reconstruction Finance Corp. 7 Figures for one small agency are for date other than Mar. 31. NOTE.—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recent years has been affected by (1) the adoption of a new reporting form and the substitution of quarterly for monthly reports beginning Sept. 30, 1944, and (2) the exclusion of figures for the U. S. Maritime Commission beginning June 30, 1948. For back figures see earlier issues of the BULLETIN and Banking and Monetary Statistics, Table 152, p. 517. 1044 FEDERAL RESERVE BULLETIN 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 l n aw 1 a 9 r c 4 d o 7 e n - d 4 t r 9 ( a v c = a t3 L u O e O )2 Employ 1 m 9 e 4 n 7 t - s 4 a 9 n = d 1 0 p 0 ayrolls 3 Freight D m ep e a n r t t- Con- W sa h l o e le- Vear or month Total r D ab f u M l a - e c a tu n r u N r e a d - s o b u n l - e - M era in ls - Total R d t e i e a n s l i - - o A th l e l r p m N t a e c u l g m u o e o r r l n n a y i - - - l - t - pr E o M m d m a u p e n c l n u t o i t f y o a - n c t w ur o i r n P r k g o a e l y r ls s - c 1 a 9 i = r n 3 l g o 5 1 s 0 - a * 3 d 0 9 - 1 v ( s 9 = a r a 4 e l l u 1 7 t e a 0 e - s i 4 * ) 0 l 4 9 1 s p 9 u = r 3 i m c 5 1 e e - 0 s r 3 0 s 3 9 ' 1 p m 9 c = r 4 i o o c 1 7 m d e 0 - i s 4 - 0 t 3 y 9 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 . 72 84 62 71 34 26 39 61.6 68.7 31.1 120 27 123.8 1920 75 93 60 83 34 18 45 62.2 69.0 37.1 129 32 143.3 1921 58 53 57 66 30 27 32 55.4 52.8 24.0 110 30 127 7 1922... 73 81 67 71 43 41 43 58.7 58.4 25.7 121 30 119.7 1923 88 103 72 98 45 49 42 64.6 66.9 32.6 142 34 121 9 1924 82 95 69 89 51 57 46 63.8 62.1 30.4 139 34 122 2 1925 90 107 76 92 66 75 59 65.5 64.2 32.1 146 36 125.4 1926 96 114 79 100 69 73 67 67.9 65.5 33.0 152 37 126.4 65.0 1927 95 107 83 too 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 JV 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 November 215 215 260 195 160 163 171 159 104.5 104.4 105.5 124.u 136 103 176 4 109.3 December 218 216 268 197 157 177 179 176 104.8 104.7 105.6 127 A 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 0 221 217 271 201 158 173 187 164 105.9 106.8 106.6 128.5 129 115 183 8 116 5 March .. 222 219 277 199 158 163 176 154 106.3 106.9 106.6 130.0 139 105 184 5 116 5 April 223 222 279 198 164 199 170 219 106.6 107.1 106.0 129.5 136 104 184 6 116 3 May 222 223 276 198 165 193 166 211 106.8 106.8 105.0 128.1 133 104 185 4 115 9 June 221 223 274 197 165 200 174 217 107.1 106.8 105.6 129.8 131 105 185 2 115 1 July 212 214 265 187 156 162 179 150 107.1 106.0 104.2 126.4 125 105 185 5 114 2 August 217 220 267 193 165 156 176 143 107.0 104.8 105.7 128.4 133 109 185 5 113 7 September 218 223 271 192 167 147 168 133 106.8 103.9 105.8 130.9 133 107 186 6 113 4 October 218 222 274 188 174 140 160 127 106.6 103.4 105.1 129.8 135 109 187 4 113 7 November 219 220 277 188 170 156 146 162 106.8 103.3 104.3 129.8 137 113 188 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 221 217 285 188 164 164 174 157 107.0 103.7 103.6 131.9 133 105 188.0 112.3 April 216 215 277 183 166 171 189 158 '107.0 104.0 102.9 128.1 126 103 188 7 111 8 May 211 '211 277 180 140 168 186 156 107.1 103.6 101.9 128.2 122 108 189.0 111.6 June 204 205 248 186 147 172 193 158 106.7 101.3 100.2 126.8 108 111 189 6 rlH 2 July P191 P192 ^224 P180 P143 P180 P196 P169 P105.9 P98.7 P97.O 120.7 102 *>105 190 8 111 8 August «212 •215 '264 189 •157 125 •114 e Estimated; all estimates are those of the Federal Reserve. P Preliminary. r Revised. * Average per working day. 1 For indexes by groups or industries, see pp. 1046-1049. 2 Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of Research and Statistics. For monthly data (dollar value) by groups, see p. 1053. 3 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumers' price index is the adjusted series, reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim revision of series and weights. 4 For indexes by Federal Reserve districts and for other department store data, see pp. 1056-1058. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for department store sales, December 1951, pp. 1490-1515. SEPTEMBER 1952 1045 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Industrial Production—Total 2/2 2/7 218 218 219 218 221 222 221 216 211 204 P191 Manufactures—Total 222 226 228 226 228 228 231 232 231 225 224 214 P200 Durable Manufactures. 265 267 271 274 277 282 282 284 285 277 277 248 Iron and Steel1. . . . . 253 254 258 261 261 263 261 261 263 245 245 142 P127 Pig iron 230 230 231 235 232 227 229 235 239 205 208 42 Steel ... 293 291 298 304 307 304 304 304 309 278 278 66 P55 Open hearth 215 208 213 217 216 219 218 221 225 196 195 39 Electric 850 881 902 921 954 911 913 892 911 855 '867 256 Machinery 328 328 336 340 347 358 359 360 359 352 P334 293 305 311 311 313 320 318 322 327 329 338 339 P262 Automobiles (including parts) .. 216 223 226 223 216 221 218 219 222 '227 '232 230 (Aircraft; Railroad Equipment; Shipbuilding — Private and Government) s Nonferrous Metals and Products 199 197 196 201 209 207 216 217 218 219 210 P206 Smelting and refining 226 213 214 230 235 235 243 249 252 257 '259 247 P242 (Copper smelting; Lead refining; Zinc smelting; Fabricating 188 191 190 190 198 196 206 204 204 203 '199 196 P191 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) * Lumber and Products 141 146 146 149 157 154 159 162 158 152 r142 146 r141 Lumber 131 137 135 138 149 141 150 154 149 143 128 134 128 Furniture 160 165 167 171 172 178 175 176 175 '170 '168 169 P164 Stone, Clay, and Glass Products 237 228 228 219 212 219 217 224 222 220 217 222 P217 Glass products 260 234 232 214 199 208 210 223 224 '225 228 247 P246 Glass containers 285 249 246 222 204 216 223 239 239 242 243 269 266 Cement 226 222 219 217 219 242 233 257 244 238 230 222 215 C O l t a h y e r p s r t o o d n u e c t a s nd clay products 2 177 176 173 172 173 172 182 177 175 '173 '167 171 P163 Nondurable Manufactures 187 193 192 188 188 185 189 190 188 183 '180 186 P180 Textiles and Products 160 170 163 154 157 152 157 160 152 144 151 154 P144 Textile fabrics 138 150 145 139 142 137 142 146 139 131 137 138 Cotton consumption 123 145 142 140 144 136 144 ISO 141 130 135 133 111 N Ra y y lo o n n a d n e d li v s e il r k ie s consumption 2 379 360 334 293 289 283 296 294 288 280 287 312 342 Wool textiles 100 115 114 114 120 118 116 122 112 108 '117 112 Carpet wool consumption 27 58 63 86 94 99 120 133 123 117 '113 75 Apparel wool consumption 117 132 132 119 122 121 110 116 110 110 123 125 Wool and worsted yarn 105 117 117 114 120 115 109 117 108 103 112 113 Woolen yarn 92 108 108 108 116 112 108 114 103 96 108 106 Worsted yarn 123 130 129 123 126 119 109 120 114 112 '116 124 Woolen and worsted cloth 124 135 132 126 133 131 126 126 113 109 123 124 Leather and Products 85 99 100 91 89 88 100 107 108 102 105 103 Leather tanning 75 81 84 80 78 79 86 90 86 84 90 92 Cattle hide leathers 91 99 104 96 94 91 98 101 98 95 105 107 Calf and kip leathers 42 44 51 51 51 59 64 73 68 72 67 69 Goat and kid leathers 58 65 56 53 53 60 70 72 69 64 67 67 Sheep and lamb leathers 54 56 64 67 69 71 71 74 72 69 72 79 Shoes 92 110 111 98 97 94 110 118 122 114 115 111 Manufactured Food Products 164 166 167 163 160 160 162 165 166 163 160 166 P161 Wheat flour .... 107 108 107 109 115 109 122 113 103 108 103 113 P112 Cane sugar meltings 2 Manufactured dairy products 150 148 143 140 137 136 137 138 142 146 148 147 145 Butter 77 77 72 71 64 62 65 66 71 73 73 '69 70 Cheese 180 173 165 163 158 161 165 163 169 181 183 180 175 Canned and dried milk 169 160 138 126 118 119 118 120 133 149 163 164 152 Ice cream 2 p Preliminary. ' Revised. i Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. * 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. 1046 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Manufactured Food Products—Continued Meat packing 152 162 168 157 168 163 162 182 179 165 146 148 147 Pork and lard 187 207 221 198 205 200 193 228 230 207 167 170 163 Beef 126 128 126 124 143 141 145 153 141 135 140 137 144 Veal 107 110 99 109 106 84 87 84 81 79 84 99 109 Lamb and mutton 70 65 64 74 75 69 80 85 85 79 76 78 68 Other manufactured foods 173 174 176 173 166 168 169 171 172 169 M69 175 P170 Processed fruits and vegetables 147 139 152 163 121 123 128 133 150 r146 162 P130 Confectionery 127 140 136 127 136 149 145 143 135 128 130 121 Other food products . ... 188 188 189 183 183 183 184 185 184 183 ••181 188 P188 Alcoholic Beverages ... 175 178 184 178 188 176 174 171 170 157 150 152 162 M[alt licjuor ... 163 165 164 154 180 178 185 173 171 154 149 161 176 Whiskey 78 51 70 76 86 85 73 73 68 62 51 38 19 Other distilled spirits 474 492 335 265 262 253 336 327 292 298 231 185 198 Rectified liquors 197 223 332 358 292 225 150 193 208 205 214 207 224 Tobacco Products 161 183 177 185 194 147 176 175 174 184 178 189 172 Cigars 98 114 123 127 129 87 108 105 109 110 114 116 113 Cigarettes . . .. 225 252 239 259 262 204 244 244 243 259 245 264 240 Other tobacco products 57 73 70 44 84 60 67 68 59 62 64 65 54 Paper and Paper Products 190 196 197 196 191 184 187 193 192 185 182 rl81 160 Paper and pulp 183 189 192 191 187 182 185 189 188 181 175 176 154 Pulp 230 228 234 235 235 223 229 237 241 228 221 227 195 Groundwood pulp 137 132 137 130 112 116 111 114 117 110 108 121 124 Soda pulp 78 93 99 97 95 94 95 99 99 95 92 89 68 Sulphate and sulphite pulp 3 269 265 271 273 278 261 271 279 284 269 260 266 226 Paper 176 183 185 185 180 176 178 181 180 174 168 148 Paperboard 217 224 216 213 205 191 197 209 205 202 207 201 182 Fine paper * Printing paper 167 185 192 190 188 191 192 191 189 186 175 182 150 Tissue and absorbent paper 204 196 200 210 179 181 195 184 190 186 162 168 174 Wrapping paper 165 168 180 180 184 181 177 176 178 161 149 153 124 Newsprint 129 130 129 127 125 128 123 129 131 122 130 134 126 Printing and Publishing 166 174 179 177 175 174 175 177 177 175 170 176 157 Newsprint consumption 166 164 167 165 163 158 159 163 164 164 166 169 164 Printing paper (same as shown under Paper) Petroleum and Coal Products 262 265 266 269 276 281 281 281 278 263 r211 252 v258 Petroleum refining * Gasoline 211 213 214 212 214 215 211 212 210 205 157 216 P226 Fuel oil 213 209 213 214 226 234 238 242 227 218 167 228 P229 Lubricating oil 195 200 187 200 196 192 188 177 183 177 124 185 Kerosene 209 208 216 214 230 224 243 208 223 211 133 199 Other petroleum products * Coke 183 187 185 185 185 185 188 188 204 179 By-product coke 178 179 178 178 177 178 179 179 197 175 Beehive coke 388 457 411 452 467 456 464 459 420 329 329 83 47 Chemical Products 305 306 301 298 299 298 300 297 294 r292 r291 297 Paints ... 167 165 158 156 158 158 159 157 155 r152 ••151 152 P159 Rayon 392 393 358 346 331 317 322 299 269 267 270 307 Industrial chemicals 554 557 560 556 563 563 562 562 563 r559 ••557 562 P545 Other chemical products * Rubber Products 243 243 245 239 245 250 248 243 242 r235 r239 245 P235 Minerals—Total 156 165 167 174 170 163 167 167 164 166 r140 147 P143 Fuels 160 171 172 179 178 170 175 174 170 171 140 161 Coal 97 123 125 138 141 125 136 123 111 110 100 96 84 Bituminous coal 105 134 137 147 152 135 147 135 122 119 107 102 91 Anthracite 66 77 79 104 99 86 91 77 68 74 73 74 57 Crude petroleum 192 194 195 199 196 193 194 199 199 201 159 193 P192 Metals 132 134 137 144 122 122 125 128 125 141 143 P65 v67 Metals other than gold and silver 187 194 200 212 175 174 177 182 176 204 207 P74 Iron ore (Copper; Lead; Zinc) 8, Gold 52 49 49 47 45 44 47 47 48 47 51 Silver 67 58 58 62 65 70 72 76 78 77 75 For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. SEPTEMBER 1952 1047 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] Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Industrial Production—Total . 214 220 223 222 220 217 217 218 217 215 211 205 vl92 Manufactures — Total 223 229 232 230 229 227 227 229 228 224 224 215 P201 Durable Manufactures 266 269 273 276 277 280 280 281 283 277 278 249 P225 Iron and Steel* 253 254 258 261 261 263 261 261 263 245 245 142 Pig iron 230 230 231 235 232 227 229 235 239 205 208 42 Steel Open hearth. 2 21 9 5 3 2 2 9 0 1 8 2 21 9 3 8 3 21 0 7 4 3 2 0 1 7 6 3 2 0 1 4 9 3 2 0 1 4 8 304 3 22 0 5 9 2 1 7 9 8 6 2 1 7 9 8 5 66 Electric 850 881 902 921 954 911 913 892 911 855 r867 39 Machinery 328 328 336 340 347 358 359 360 359 r354 r353 256 Transportation Equipment. 293 305 311 311 313 320 318 322 327 329 338 352 v262 Automobiles (including parts) 216 223 226 223 218 219 222 r227 r232 339 P139 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 230 Nonferrous Metals and Products 199 197 197 201 209 207 216 217 218 219 Smelting and refining 225 213 214 230 236 235 243 252 257 260 246 P241 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 188 191 190 190 198 196 206 204 204 203 P191 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products 151 158 158 158 155 149 152 145 155 P150 Lumber... 146 154 153 151 146 122 125 133 135 143 133 148 143 Furniture. 160 165 167 171 172 178 175 176 175 170 168 169 Stone, Clay, and Glass Products. 239 238 237 230 217 212 205 208 212 216 223 225 Glass products 251 241 236 219 200 197 207 218 224 '225 240 245 P238 Glass containers 273 259 251 228 206 201 219 232 239 242 260 266 255 Cement 248 251 254 252 237 220 188 196 200 226 241 237 236 Clay products 179 182 180 182 179 177 169 168 167 168 166 170 Other stone and clay products 2. Nondurable Manufactures. 188 197 199 193 191 185 184 186 184 180 180 187 Textiles and Products 160 170 163 157 152 157 160 152 144 151 P144 Textile fabrics 138 150 145 139 142 137 142 146 139 131 137 138 Cotton consumption 123 145 142 140 144 136 144 150 141 130 135 133 111 N Ra y y lo o n n a d n e d li v s e il r k ie s consumption 2.. . 379 360 334 293 289 283 296 294 288 280 287 312 342 Wool textiles 100 115 114 114 120 118 116 122 112 108 117 112 Carpet wool consumption. . 27 58 63 86 94 99 120 133 123 117 113 75 Apparel wool consumption. 117 132 132 119 122 121 110 116 110 110 123 125 Woolen and worsted yarn. . 105 117 117 114 120 115 109 117 108 103 112 113 Woolen yarn 92 108 108 108 116 112 108 114 103 96 108 106 Worsted yarn 123 130 129 123 126 119 109 120 114 112 116 124 Woolen and worsted cloth.. 124 135 132 126 133 131 126 126 113 109 123 124 Leather and Products. 83 98 100 91 91 100 109 108 102 105 102 Leather tanning 71 80 83 80 81 79 86 96 86 84 90 90 Cattle hide leathers 86 96 102 97 98 91 100 109 98 95 105 102 Calf and kip leathers 42 47 50 52 52 58 62 77 67 69 64 70 Goat and kid leathers 57 63 57 53 52 61 70 74 68 66 66 68 Sheep and lamb leathers. 50 58 62 67 73 67 66 81 70 68 77 78 Shoes 92 110 98 97 94 110 122 114 115 111 118 111 Manufactured Food Products. 176 189 177 164 158 151 148 149 154 192 149 166 W Ca h n e e a t s u f g lo a u r r meltings 2 106 107 117 115 116 108 114 101 104 109 Pill Manufactured dairy products. 221 215 169 128 98 95 86 97 116 152 197 217 215* Butter 94 85 69 61 49 49 54 58 64 • 75 94 '95 85 Cheese 221 194 169 146 119 116 122 134 152 188 245 '256 215 Canned and dried milk... 196 164 127 102 85 92 95 108 131 168 227 227 176 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. * Series included in total and group indexes but not available for publication separately. 1 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. 1048 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Manufactured Food Products—Continued ^leat packing 141 139 149 156 188 195 193 175 165 152 147 147 137 Pork and lard 165 159 174 186 240 264 253 223 214 188 167 170 144 Beef 127 130 136 135 148 141 148 140 128 127 140 134 146 Veal 107 108 109 124 114 79 81 74 76 78 88 99 109 Lamb and mutton 67 64 69 77 75 68 85 86 83 77 78 73 65 Other manufactured foods 181 200 209 192 174 166 157 155 153 151 153 166 177 Processed fruits and vegetables 191 263 297 210 111 96 83 84 82 '89 '95 124 M69 Confectionery 104 151 175 167 161 150 149 144 125 107 100 89 Other food products 191 192 193 192 192 187 177 176 176 175 178 190 P192 .A Icoholic Beverages 190 179 193 197 178 154 145 152 155 155 158 176 186 Malt liquor 204 188 166 143 139 142 151 155 159 162 170 203 220 Whiskey 78 51 70 76 86 85 73 73 68 62 51 38 19 Other distilled spirits 275 266 459 686 549 278 219 196 190 179 139 115 115 Rectified liquors 197 223 332 358 292 225 150 193 208 205 214 207 224 Tobacco Products . . . 167 190 188 191 198 137 176 167 164 174 77,? 197 179 Cigars 98 114 123 127 129 87 108 105 109 110 114 116 113 Cigarettes ... 236 265 256 269 267 188 244 229 226 241 245 278 252 Other tobacco products 57 71 75 47 86 53 66 66 59 62 64 66 54 Paper and Paper Products 189 196 196 196 191 183 187 194 192 186 182 182 159 Paper and pulp 182 189 191 191 187 181 185 190 188 181 175 177 153 Pulp 228 226 232 233 236 223 230 238 242 230 222 227 193 Groundwood pulp . 122 116 122 121 119 117 116 119 125 121 117 122 110 Soda pulp. 78 93 99 97 95 94 95 99 99 95 92 89 68 Sulphate and sulphite pulp 3 269 265 271 273 278 261 271 279 284 269 260 266 226 Paper 175 183 185 185 180 175 178 182 180 174 168 169 147 Paperboard 217 224 216 213 205 191 197 209 205 202 207 201 182 Printing paper 167 185 192 190 188 191 192 191 189 186 175 182 150 Tissue and absorbent paper 196 196 200 212 179 175 193 191 190 188 162 171 167 Wrapping paper 165 168 180 180 184 181 177 176 178 161 149 153 124 Newsprint. . 126 128 129 127 126 125 123 129 131 124 131 135 124 Paperboard containers (same as Paperboard) Printing and Publishing 155 166 180 181 183 178 170 175 180 180 174 175 145 Newsprint consumption 143 147 168 173 178 166 148 159 171 174 173 168 141 Petroleum and Coal Products 262 265 266 269 276 281 281 281 278 263 r211 252 «,. Petroleum refining J Gasoline 211 213 214 212 214 215 211 212 210 205 157 216 P226 Fuel oil 213 209 213 214 226 234 238 242 227 218 167 228 P229 Lubricating oil 193 198 187 200 196 190 183 175 181 184 129 185 Kerosene 194 199 214 214 237 231 248 218 227 215 134 187 Other petroleum products 2 Coke 183 187 185 185 185 185 188 188 204 179 By-product coke 178 179 178 178 177 178 179 179 197 175 Beehive coke 388 457 411 452 467 456 464 459 420 329 329 83 47 Chemical Products 301 303 303 303 304 302 302 300 298 r295 295 P291 Paints 165 163 157 156 157 158 156 155 155 r153 r155 157 P157 Rayon 392 393 358 346 331 317 322 299 269 267 270 307 P324 Industrial chemicals 554 557 560 556 563 563 562 562 563 r559 r557 562 Other chemical products 2 Rubber Products 243 243 245 239 245 250 248 243 242 r235 r239 245 v235 Minerals—Total 161 170 171 176 169 159 162 162 158 165 143 149 P145 Fuels 160 171 172 179 178 170 175 174 170 171 140 161 P156 Coal . 97 123 125 138 141 125 136 123 111 110 100 96 84 Bituminous coal 105 134 137 147 152 135 147 135 122 119 107 102 91 Anthracite 66 77 79 104 99 86 91 77 68 74 73 74 57 Crude petroleum 192 194 195 199 196 193 194 199 199 201 159 193 P192 Metals 166 167 166 163 115 89 88 91 90 130 159 P80 Metals othei than gold and silver 247 250 246 240 160 117 116 121 118 189 239 P99 P98 Iron ore 384 403 388 354 185 94 94 98 94 238 (Copper: Lead; Zinc) 2 Gold 50 54 56 55 50 46 45 43 43 42 44 Silver 66 57 59 62 65 70 73 77 80 77 74 For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. SEPTEMBER 1952 1049 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF MAJOR CONSUMER DURABLE GOODS (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1947-49 average =100] 1951 1952 Product group July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total1 100 101 107 103 104 98 100 102 104 103 104 107 69 Passenger automobiles x 111 112 115 108 104 93 91 96 103 109 110 114 44 Household goods, total 88 89 98 98 103 104 110 108 106 97 98 101 97 F C u a r r n p i e t t u s re 1 4 0 7 2 9 5 7 5 9 5 7 6 6 9 0 8 1 6 0 0 1 1 6 0 3 5 1 7 0 9 4 10 7 3 5 1 8 0 0 2 1 8 0 3 5 1 8 0 1 7 1 4 0 4 8 111 Major appliances 78 86 96 88 93 100 97 95 98 82 85 89 76 Radios and television 98 95 123 135 149 130 164 158 141 118 115 136 126 1 Seasonal adjustment factors for passenger automobiles revised beginning January 1952. NOTE.—Figures for July are preliminary. For description see BULLETIN for October 1951, pp. 1235-1240. Tables of back data, including unadjusted indexes for these series, and indexes for certain component series may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25. D. C. PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] 1951 1952 Industry group or industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July ADJUSTED FOR SEASONAL VARIATION Total 13,106 12,967 12,855 12,789 12,776 12,803 12,816 12,835 12,832 12,862 12,813 12,529 12,213 Durable goods 7,352 7,303 7,265 7,248 7,264 7,261 7,256 7,285 7,281 '7,331 '7,320 6,975 6,630 Primary metal industries 1,173 1,171 1,162 1,154 1,143 1,152 1,156 1,154 1,148 1,143 1,158 753 735 Fabricated metal products 834 829 810 805 801 794 796 799 799 802 805 795 742 Machinery except electrical 1,247 1,221 1,225 1,248 1,261 1,263 1,276 1,275 1,267 1,276 1,265 1,254 1,235 Electrical machinery 705 714 711 700 707 712 718 720 715 714 716 710 704 Transportation equipment.... 1,187 1,198 1,211 1,205 1,234 1,235 1,235 1,251 1,266 1,288 1,308 1,324 1,062 Lumber and wood products... 748 736 730 729 712 699 667 685 680 ••688 '644 699 700 Furniture and fixtures 296 289 284 283 287 290 292 290 293 '293 '294 297 298 Stone, clay, and glass products 485 482 480 477 470 460 457 449 449 '452 '449 453 457 Instruments and related prod ucts 229 226 226 227 229 230 231 232 232 235 '234 235 240 Misc. manufacturing industries. 410 396 382 373 370 374 374 375 376 382 '388 394 398 Ordnance and accessories 58 38 41 44 47 50 52 54 55 56 59 61 59 Nondurable goods '5,531 5,754 5,664 5,590 5,541 5,512 5,542 5,560 5,550 5,551 '5,493 5,554 5,583 Textile-mill products 1,093 Apparel and other finished tex- 1,203 1,170 1,147 1,1*3 1,121 1,124 1,120 1,106 1,102 1,089 1,085 1,111 tiles 1,053 1,032 1,007 985 998 1,020 1,029 1,021 1,020 1,011 1,006 1,019 1,040 Leather and leather products. . . 341 336 321 317 319 325 330 335 336 339 344 346 351 Food and kindred products 1,170 1,154 1,148 1,158 1,132 1,133 1,144 1,159 1,161 1,155 1,153 1,165 1,148 Tobacco manufactures 80 81 82 82 79 83 82 81 81 83 83 82 84 Paper and allied products 427 421 418 411 407 406 403 402 399 398 400 405 401 Printing, publishing and allied industries 512 514 515 512 514 512 510 507 511 510 '511 512 516 Chemicals and allied products.. 548 542 540 533 531 527 531 530 530 530 525 529 529 Products of petroleum and coal 196 194 194 197 196 197 195 195 197 199 166 193 194 Rubber products 224 220 218 213 215 215 216 214 214 213 216 218 209 WITHOUT SEASONAL ADJUSTMENT Total 12,885 13,069 13,087 12,997 12,904 12,911 12,766 12,820 12,815 12,733 12,606 12,393 12,004 Durable goods 7,226 7,261 7,279 7,296 7,314 7,322 7,264 7,306 7,316 '7,329 '7,280 6,947 6,514 Primary Metal Industries 1,155 1,165 1,162 1,160 1,149 1,164 1,162 1,160 1,154 '1,143 rl,146 749 724 Blast furnaces, steel works and rolling mills 572 575 573 570 558 573 570 570 567 '558 '561 182 F M a a b c r h ic in a e te r d y M ex e c t e a p l t P E r l o e d ct u r c ic ts al 1, 8 2 1 3 3 5 1, 8 2 1 0 7 9 1, 8 2 1 1 0 9 1, 8 2 0 4 9 2 1, 8 2 0 5 5 5 1, 8 2 0 6 6 9 1, 8 2 0 7 4 6 1, 8 2 0 8 7 1 1, 8 2 0 8 7 0 rl, 2 8 8 0 2 6 '1, 7 2 9 7 7 1 1, 7 2 8 6 7 0 1, 7 2 2 2 3 3 Elect M ric e a t l a l M w a o c r h k i i n n e g ry machinery... 2 6 3 8 2 4 2 6 2 9 5 6 2 7 3 0 1 7 2 7 3 0 2 7 2 7 4 1 1 8 2 7 4 2 5 6 2 7 4 2 7 5 2 7 4 2 9 7 2 7 4 2 9 2 2 7 4 1 9 4 2 7 4 0 7 9 2 7 4 0 8 6 683 Electrical apparatus (gen- 271 272 273 265 266 271 273 275 273 270 '267 266 erating, etc.) 230 239 247 258 268 272 271 273 273 '269 267 267 Communication equipment. 1,187 1,198 1,211 1,205 1,234 1,235 1,235 1,251 1,266 r1,288 1,308 1,324 1,062 Transportation Equipment Motor vehicles and equip- 684 675 679 667 655 645 633 634 643 '663 '670 674 ment 347 357 360 362 395 407 415 424 428 '430 '435 444 Aircraft and parts 748 754 745 740 719 696 654 668 670 '678 '644 706 700 Lumber and Wood Products 443 449 443 439 428 412 391 396 398 '405 394 428 Sawmills and planing mills.. 284 285 285 289 294 296 296 296 296 r2Q2 '287 288 286 Furniture and Fixtures 196 195 196 201 206 208 208 207 208 205 202 202 Household furniture 478 484 482 479 472 465 452 447 449 '452 '449 453 450 Stone, Clay, and Glass Products.. 221 224 226 228 230 232 232 233 234 236 r234 235 232 M In i s s t c ru . m M e a n n ts u fa a c n t d u r R in e g la ted I n P du ro st d r u ie c s ts .. . 3 3 8 8 3 38 4 8 1 3 4 8 4 8 39 4 0 7 38 5 8 0 38 5 1 2 3 5 7 4 4 38 5 1 5 38 5 2 6 38 5 0 8 '3 5 7 9 6 37 6 8 1 37 5 2 9 Ordnance and Accessories For footnotes see following page. 1050 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Nondurable goods 5,659 5,808 5,808 5,701 5,590 5,589 5,502 5,514 5,499 '5,404 '5,326 5,446 5,490 Textile-mill Products 1,167 1,152 1,136 1,133 1,132 1,141 1,131 1,123 1,113 r1,093 r1,084 1,085 1,078 Broad-woven fabric mills... 574 561 551 546 544 548 540 527 518 507 503 506 Knitting mills 210 212 205 209 209 211 209 210 210 210 209 212 Apparel and Other Finished Textiles 990 1,047 1,037 1,019 1,008 1,035 1,029 1,052 1,051 r996 '961 973 978 Men's and boys' furnishings. 233 238 239 238 233 235 228 233 238 239 237 240 Women's and misses' outerwear 271 295 284 270 279 296 300 309 306 '275 '254 253 Leather and Leather Products.... 336 343 327 320 317 323 330 342 344 336 330 339 346 Footwear (except rubber)... 215 221 208 201 198 205 213 221 222 217 213 221 Food and Kindred Products 1,225 1,307 1,330 1,254 1,160 1,122 1,068 1,060 1,057 '1,057 '1,073 1,134 1,198 Meat products 236 233 235 236 246 252 246 244 239 '233 '230 232 Canning and preserving 226 305 330 238 145 120 106 105 104 114 '122 152 Bakery products 192 192 193 195 192 190 187 187 189 '186 184 191 Tobacco Manufactures 75 84 89 89 85 85 82 80 78 77 77 78 79 Paper and Allied Products 418 419 416 413 411 410 405 404 401 398 398 403 393 Pulp, paper and paperboard mills 214 215 214 212 212 212 211 210 208 '206 207 209 Printing, Publishing and Allied Industries 507 509 515 517 519 520 510 507 508 507 '508 512 511 Newspapers 151 151 153 153 154 155 151 152 152 152 '154 154 Commercial printing 167 166 167 169 170 171 170 166 167 166 '167 167 Chemicals and Allied Products... 526 531 543 544 542 538 536 538 538 530 517 513 508 Industrial organic chemicals. 172 174 175 172 173 171 170 168 168 163 161 163 Products of Petroleum and Coal.. 198 198 197 197 197 196 193 193 194 197 165 194 196 Petroleum refining 154 154 154 154 154 155 153 153 152 155 '123 153 Rubber Products 217 218 218 215 219 219 218 215 215 213 213 215 203 r Revised. NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for July 1952 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1951 1952 1951 1952 1951 1952 July May June July July May June July July May June July Total 64.24 66.61 66.98 65.84 40.2 40.2 40.4 39.9 1.598 1.657 1.658 1.650 Durable goods 68.79 '71.76 71.80 69.67 40.9 41.1 41.1 40.2 1.682 '1.746 1.747 1.733 Primary metal industries 74.76 '•73.02 71.55 67.26 41.1 '39.6 39.1 37.1 1.819 '1.844 1.830 1.813 Fabricated metal products 67.98 70.78 69.80 68.85 41.0 41.2 40.7 40.5 1.658 1.718 1.715 1.700 Machinery except electrical 75.42 '78.88 78.87 77.08 43.0 '42.8 42.7 41.8 1.754 '1.843 1.847 1.844 Electrical machinery 66.13 '68.82 69.35 67.46 40.4 40.6 40.7 39.8 1.637 '1.695 1.704 1.695 Transportation equipment 74.33 '79.49 78.96 77.02 39.9 41.1 40.7 39.7 1.863 '1.934 1.940 1.940 Lumber and wood products 57.43 '59.74 64.37 63.72 39.8 '41.0 42.1 41.7 1.443 '1.457 1.529 1.528 Furniture and fixtures 55.74 '59.75 60.00 58.52 39.7 '40.9 40.9 40.0 1.404 '1.461 1.467 1.463 Stone, clay, and glass products 65.04 '65.52 65.85 64.72 41.4 40.9 40.8 40.1 1.571 '1.602 1.614 1.614 Instruments and related products 68.18 '71.85 72.13 71.60 41.8 '41.7 41.6 41.1 1.631 '1.723 1.734 1.742 Miscellaneous manufacturing industries 56.46 '60.47 60.44 59.33 39.9 40.5 40.4 39.9 1.415 '1.493 1.496 1.487 Ordnance and accessories 73.10 78.40 78.08 76.22 43.1 43.8 43.5 42.3 1.696 1.790 1.795 1.802 Nondurable goods 58.48 '59.52 60.87 61.26 39.3 38.9 39.5 39.5 1.488 '1.530 1.541 1.551 Textile-mill products 49.58 '50.71 51.44 51.42 37.7 37.7 38.3 38.2 1.315 '1.345 1.343 1.346 Apparel and other finished products... . 45.10 '44.98 45.30 46.03 35.4 '36.3 36.3 36.1 1.274 1.239 1.248 1.275 Leather and leather products 47.12 '48.49 50.22 50.33 37.1 37.1 38.1 38.6 1.270 '1.307 1.318 1.304 Food and kindred products 61.65 '63.97 65.73 66.17 42.2 41.3 42.3 42.2 1.461 '1.549 1.554 1.568 Tobacco manufactures 44.03 '45.40 46.82 49.46 37.6 37.9 38.6 39.6 1.171 '1.198 1.213 1.249 Paper and allied products 65.44 '66.38 67.80 67.90 42.8 41.8 42.4 42.2 1.529 '1.588 1.599 1.609 Printing, publishing and allied products 75.50 '79.75 79.93 79.99 38.6 38.6 38.8 38.7 1.956 '2.066 2.060 2.067 Chemicals and allied products 69.01 '69.56 70.39 70.33 41.6 '40.8 40.9 40.7 1.659 1.705 1.721 1.728 Products of petroleum and coal 84.06 75.16 84.37 86.46 41.8 37.3 40.7 40.9 2.011 2.015 2.073 2.114 Rubber products 70.81 '72.74 74.48 75.27 41.0 '40.1 40.7 41.2 1.727 '1.814 1.830 1.827 r Revised. NOTE.—Data are for production and related workers, Figures for July 1952 are preliminary. Back data are available from the Bureau of Labor Statistics. SEPTEMBER 1952 1051 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 i t on 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 ,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—July ... 46,602 16,026 899 2,574 4,134 9,837 1.880 4,780 6,472 August 46,555 15,893 914 2,601 4,143 9,822 1,895 4,791 6,496 September 46,465 15,801 912 2,587 4,157 9,791 1,908 4,783 6,526 October ... 46,415 15,748 914 2,630 4,173 9,770 1,917 4,746 6,517 November 46 482 15,761 916 2,581 4,169 9,827 .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 M^arch 46,552 15,894 911 2,523 4,154 9,862 1,937 4,728 6,543 April '46,556 '15,931 '899 '2,517 '4,116 '9,849 '1,942 4,748 6,554 May '46,625 '15,896 '894 '2 ,495 '4,137 '9,912 '1,948 4,771 6,572 June 46,435 15,624 824 2 ,536 4,134 9,962 1,958 4,791 6,606 July 46,104 15,305 783 2,550 4,083 9,953 1,967 4,787 6,676 UNADJUSTED 1951—July 46,432 15,813 906 2,754 4,176 9,667 1,908 4,852 6,356 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 M^arch. 46,001 15,869 904 2,296 4,118 9,668 1,937 4,681 6,528 April '46,299 '15,795 '896 '2,416 '4,096 '9,845 '1,952 4,748 6,551 May '46,355 '15,680 '893 '2,520 '4,134 '9,773 '1,958 4,795 6,602 June 46,378 15,487 827 2 ,663 4,163 9,836 1,978 4,839 6,585 July 45,941 15,104 790 2 ,729 4.124 9,781 1,996 4,859 6,558 r Revised. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. m July 1952 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over) Civilian labor force Total civilian non- Employed * Not in the Year or month i p n o s p ti u t l u a t t i i o o n n a * l Total Unem- labor force 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—July 108,856 64,382 62,526 54,618 7,908 1,856 44,474 August 108,896 64,208 62,630 54,942 7,688 1,578 44,688 September 108,956 63,186 61,580 54,054 7,526 1,606 45,770 October... 109,064 63,452 61,836 54,168 7,668 1,616 45,612 November 109,122 63,164 61,336 54,314 7,022 1,828 45,958 December. 109,200 62,688 61,014 54,636 6,378 1,674 46,512 1952—January.., 109,260 61,780 59,726 53,540 6,186 2,054 47,480 February., 109,274 61,838 59,752 53,688 6,064 2,086 47,436 March 109,274 61,518 59,714 53,702 6,012 1,804 47,756 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 July 109,692 64,176 62,234 54,636 7,598 1,942 45,516 1 The number of persons in the armed forces, previously included in the total noninstitutional population and total labor force items, is no longer available for reasons of security. 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 1052 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 es u i 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 1,045.2 902.1 420.9 337.7 130.4 110.1 121.1 55.7 84.6 98.1 126.8 93.9 161.3 206.7 February 1,140.5 885.2 531.1 396.4 116.2 61.0 101.8 62.2 81.0 104.2 132.2 74.0 178.2 187.4 March 1,271.0 1,321.3 574.6 592.7 126.2 120.2 78.8 70.6 128.4 118.7 139.4 153.8 223.6 265.3 April 1,375.0 1,597.5 590.8 681.6 174.3 204.8 106.3 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.. . 1,439.4 1,488.9 545.2 581.8 242.0 166.4 65.4 74.2 128.1 126.7 148.3 184.2 310.5 355.6 July 1,422.7 1,511.3 548.1 608.1 206.9 139.9 75.4 92.2 150.1 122 A 146.9 208.1 295.2 340.5 August 1,265.8 567.6 161.8 65.5 127.9 123.8 219.3 September 1,096.0 479.7 122.5 80.0 98.5 116.6 198.7 October 1 072.0 496 2 116 4 68 8 94 5 159 1 137 0 November.. 951.1 443.9 96.5 48.4 79.0 123.1 160.2 December 1,099.5 346.1 115.1 43.1 136.0 163.9 295.2 Year 15,751.1 6,205.4 2,883.3 915.3 1,334.6 1,689.2 2,723.2 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership 1952 1951 Month 1950 1951 1952 1950 1951 1952 1950 1951 1952 Federal Reserve district July June July 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 85,405 105,392 79,404 Apr.. . . ,350 1,375 1,598 354 456 636 996 919 961 New York 213,875 203,203 235,241 May. . . ,348 2,573 1,564 389 1,474 558 959 1,099 1,006 Philadelphia. . . . 112,121 105,070 127,421 June... 1,345 1,439 1,489 428 583 559 917 856 930 Cleveland 170,016 150,210 142,821 July.... 1,420 1,423 460 636 960 787 Richmond 141,852 150,472 152,504 Aug.. . . 1,549 1,266 438 486 1,111 779 Atlanta 197,533 205,265 190,972 Sept. L ,287 1,096 364 318 922 778 Chicago 250,592 211,351 220,334 Oct 1,136 1,072 308 310 828 762 St. Louis 104,938 116,664 74,615 Mov 1,087 951 320 326 767 625 Minneapolis 49,632 59,247 46,246 Dec.. . . 1,168 1,100 381 476 787 624 Kansas City 71,598 67,051 53,251 Dallas 113,723 114,925 99,851 Year. 14,501 15,751 4,409 6,122 10,0929,629 Total (11 districts) 1,511,285 1,488,850 1,422,660 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO, BY CLASS OF INSTITUTION Title 1loans Mortgages [In millions of dollars] Y m e o a n r th or Total p m P e i r r m e r o o t n v y p - t e - 1 - s S h c t t o m i r o o u m n a n c - l e - l 1 h f ( a - o T m I u t D i o s t i l l e 4 e y s - h R g ( o T a r e I u o n n I i s u t ) d t i l a n p e l g W h e ( o V V a T r u a r e I i s n ) t t a i l » - s n e n ' g d V h ( M t T i o a I n i i u r I g t l y I s l i ) 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 g v a u k s l - - s a a S l s i a t o n s a i n a o g o v d n c s n - i s - p I c a n a o n s n m c u i e e - r s - a c F e g i e e r e a d s n l - - i Other2 1947 1,787 534 (i) 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 ii 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 1951—July... 274 76 2 146 17 19 13 1942—Dec , 3,620 1,669 236 276 1,032 245 163 Aug... 270 66 3 154 15 18 14 1943—Dec 3,626 1,705 256 292 1,134 79 159 Sept... 239 53 4 131 7 16 28 1944—Dec....... 3,399 1,590 260 269 1,072 68 140 Oct... 300 74 4 145 20 15 41 1945—Dec....... 3,156 1,506 263 253 1,000 13 122 Nov... 248 68 4 141 4 24 7 Dec... 227 65 3 125 9 10 15 1946—June..... 3,102 1,488 260 247 974 11 122 2,946 1,429 252 233 917 9 106 1952—Tan. . . 6 274 88 4 159 18 3 2 Feb.... «211 64 2 125 8 (3) 10 1947—June . 2,860 1,386 245 229 889 8 102 Mar... « 207 61 2 124 7 5 8 Dec....... 2,871 1,379 244 232 899 7 110 Apr. . . 6 242 64 2 126 26 4 18 May. . 6 249 71 2 128 15 7 18 1948—June. 2,988 1,402 251 245 973 7 110 June.. 6 273 102 2 134 6 2 18 Dec 3,237 1,429 265 269 1,113 9 152 July . . « 269 73 3 147 14 7 15 1949—June 3,894 1,587 305 323 1,431 21 227 Dec 4,751 1,771 378 416 1,828 52 305 2 1 I N n e c t l u p d r e o s c e m ed o s r tg to a g b e o s rr in o s w u e r r e s d . in connection with sale of Government 1950—Dec 6,695 2,205 693 603 2,712 60 421 o h w o 4 u n s I e n i d n c g lu w . d a e r • s L h 6 o e s u s m s i t i n h l g l a i o n a n n $ d 5 d 0 o i 0 l n l , a s 0 u r 0 s r 0 e . d o f lo C a l n a s s s to 3 f l i o n a a n n s c e (p th ro e gr m am an u t f e a r c m tu i r n e a t o e f d 1951— D Ju e n c e 8 7 , , 2 5 1 5 2 6 2 2 , , 4 5 1 5 2 4 1,0 9 7 0 2 3 6 6 5 8 8 9 3 3 , , 1 4 1 5 5 3 4 7 4 1 3 4 7 2 3 3 Feb. 28, 1950) and 1 million of Sec. 8 loans. 6 Includes defense housing as follows (in millions of dollars): Jan- i The RFC Mortgage Company, the Federal National Mortgage uary, 1; February, 0.3; March, 0.5; April, 2; May, 7; June, 8.; July, 10. Association, the Federal Deposit Insurance Corporation, and the and N O do T E n . o — t F ta ig k u e re a s c c r o e u p n re t s o e f n t p r g i r n o c s i s p a i l n s r u e r p a a n y c m e e w nt r s i tt o e n n p d r u e r v i i n o g u sl t y h e in p s e u ri r o e d d Un J it I e n d c lu S d ta es te s m o H r o tg u a s g in e g co C m or p p a o n r i a e t s i , o f n i . nance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. SEPTEMBER 1952 1053 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Private Government-underwritten Rural Year or month Total Urban non- Public farm Total fam 1 i - ly fam 2- ily f M am ul i t l i y - Total FHA VA 1939 515 359 156 458 373 20 66 57 158 158 1941 706 434 272 620 533 28 58 87 220 220 1945 209 134 75 208 185 9 15 1 47 41 6 1946 671 404 267 663 590 24 48 8 152 69 83 1947 849 480 369 846 740 34 72 3 440 229 211 1948 932 525 407 914 763 46 104 18 393 291 102 1949 1,025 589 436 989 792 35 162 36 466 361 105 1950 1,396 828 568 1,352 1,151 42 159 44 686 486 200 1951 1,091 595 496 1,020 892 40 88 71 413 264 149 1951—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 110 61 49 101 90 4 7 9 38 26 12 June ... ... P106 n.a. n.a. P99 n.a. n.a. n.a. P7 39 26 13 July Pi 04 n.a. n.a. P102 n.a. n.a. n.a. P2 42 29 13 August P98 PI p Preliminary n.a. Not available. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average =100] Monthly—seasonally adjusted Monthly—unadjusted Annual Class 1951 1952 1951 1952 1950 1951 July Feb. Mar. Apr. May June July July Feb. Mar. Apr. May June July Total 128 134 125 136 133 126 122 108 102 130 126 124 123 124 111 104 Coal 117 121 97 120 111 103 101 96 75 97 120 111 103 101 96 75 Coke 180 208 215 192 196 166 179 69 57 209 203 198 163 178 68 56 Grain 135 143 130 140 139 130 132 161 153 156 137 128 115 116 165 183 Livestock 68 69 61 72 66 73 66 56 56 50 57 53 65 59 45 45 Forest products 141 150 143 146 141 142 126 139 146 143 140 141 142 131 144 147 Ore 172 205 203 277 257 212 212 53 46 325 69 75 195 292 82 73 Miscellaneous 140 147 142 149 149 141 137 119 115 143 140 142 139 138 122 116 Merchandise, 1. c. 1 53 48 45 49 47 46 45 44 43 44 47 48 47 45 44 43 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-33. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports 2 Excess of exports Month 1950 1951 1952 1950 1951 1952 1950 1951 1952 January 741 974 Pl.253 623 1,025 P922 118 -51 P331 February . . 764 1,076 Pl,335 600 910 P892 164 166 P443 March 860 1,295 Pi,421 665 1,102 P963 195 193 P458 April 804 1,370 Pi,337 585 1,033 P933 219 337 P404 May 830 1,354 Pi,466 659 1,018 P835 170 336 P631 June 877 1,297 Pl.162 687 930 P860 190 366 P3 02 July 779 1,186 709 P895 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 P319 November 977 1,387 855 P819 122 P569 December 1,065 1.438 867 P801 198 P637 January-June . 4,875 7,366 P7.974 3,819 6,018 P5.405 1,057 1,348 P2.569 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-June 1952, 735. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 1054 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 United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALESi 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—July 105 106 103 105 107 105 113 100 104 101 104 114 106 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 .... 109 106 103 105 109 109 120 109 107 104 113 122 108 1952—January. 108 102 100 110 115 114 119 106 111 97 115 122 106 February 106 100 100 110 108 109 112 105 100 113 106 115 108 March 105 104 98 109 106 114 114 103 99 94 105 115 102 April 103 99 96 102 104 108 rll6 100 98 98 104 114 105 May 108 101 96 107 103 116 127 104 102 104 112 128 118 Tune. . . 111 103 98 107 112 122 138 105 111 100 114 132 114 July P105 P106 95 106 105 106 P120 97 99 104 P114 123 110 UNADJUSTED 1951—July 84 73 74 '75 84 86 90 '85 85 81 85 96 93 93 82 80 83 94 95 100 94 95 97 102 104 101 September... 113 110 106 112 114 118 117 114 111 112 119 124 108 October 112 105 108 114 115 121 117 111 111 118 117 119 107 November 134 129 131 144 140 145 140 132 130 120 131 144 125 December 184 188 179 185 181 192 204 175 168 166 185 203 189 1952—January 83 81 80 81 87 80 90 81 81 72 86 95 83 February 83 75 82 82 83 83 94 81 80 83 85 93 86 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 10^ May. 108 102 95 108 105 115 122 104 106 105 112 125 113 June 105 103 95 102 105 114 117 103 103 96 106 116 108 July P84 P73 69 76 82 87 P96 82 81 83 P93 104 96 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 109 110 104 108 106 114 120 110 112 104 113 112 110 1951 129 124 124 127 128 134 140 128 131 117 132 132 131 SEASONALLY ADJUSTED 1951—juiy .... 137 130 133 '•132 136 145 140 139 139 124 141 141 139 August 134 127 129 130 130 140 144 131 139 123 143 140 138 September 127 120 122 126 125 135 132 124 127 116 133 135 132 October 121 115 115 117 117 127 130 121 119 113 123 125 124 November 117 112 115 115 114 125 130 115 114 107 117 120 119 119 115 115 120 118 130 133 117 119 106 121 125 119 118 115 114 115 114 133 133 114 106 106 122 124 121 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 Tune . 118 no 113 113 107 139 125 113 125 105 122 123 128 July P120 110 116 112 113 140 129 118 120 109 P129 130 125 UNADJUSTED 1951—July 126 117 117 116 122 133 132 125 129 120 133 129 134 August 128 120 125 123 125 138 141 124 135 117 134 137 132 September 131 124 129 131 130 139 137 127 135 117 133 138 135 October 134 130 130 135 131 143 142 134 134 120 134 136 136 November . . 133 132 132 133 128 139 145 133 125 119 133 135 132 December 108 108 106 105 104 114 116 109 105 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 Inarch 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 112 102 105 105 100 127 120 107 118 100 119 114 126 July PllO 99 102 99 102 128 121 107 112 105 P121 120 120 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. 1055 SEPTEMBER 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 change from a year ago (retail value) Num- ber of Sales Department stores during report- period June 1952 GRAND TOTAL—entire store 8 356 -3 MAIN STORE—total 356 -3 Piece doods and household textiles 320 -8 Piece ffoods 297 -8 Silks velvets and synthetics 201 -11 Woolen yard goods 176 -16 Cotton yard goods .. 191 -6 Household textiles 312 -8 Linens and towels 276 — 12 Domestics—muslins sheetings 256 -6 Blankets comforters and spreads 245 -6 Small wares 348 -7 Laces, trimmings, embroideries, and ribbons 202 -6 240 -3 Toilet articles drug sundries 332 -5 Silverware and jewelry 317 -8 Silverware and clocks 4 . .. 216 -12 Costume jewelry 4 283 0 Fine iewelrv and watches 4 73 -20 Art needlework . 235 -12 Books and stationery 275 -6 Books and magazines 129 -11 239 Women's and misses' apparel and accessories. 353 Women's and misses' ready-to-wear accessories. . 350 Neckwear and scarfs 312 Handkerchiefs 284 l^illinery . . 159 Women's and children's gloves 327 Corsets and brassieres 339 Women's and children's hosiery 346 Underwear slips and negligees. . .. 346 Knit underwear 253 Silk and muslin underwear and slips 291 Negligees, robes, and lounging apparel 255 Infants' wear 329 Handbags and small leather goods 340 243 Children's shoes 4 212 Women's shoes * 222 Women's and misses' ready-to-wear apparel.... 352 Women's and misses' coats and suits 342 Coats * 226 Suits * 220 Juniors' and girls' wear 320 Juniors' coats, suits, and dresses 273 (girls' wear 319 Women's and misses' dresses 345 Inexpensive dresses 4 256 Better dresses * 269 Blouses skirts, and sportswear 344 Aprons housedresses and uniforms 295 Furs 252 lien's and boys' wear 334 Men's clothing 270 lien's furnishings and hats . ... 318 Boys' wear 306 193 Homef urnishings 324 Furniture and bedding 253 Mattresses sorincs and studio beds 4 174 Upholstered and other furniture 4 182 Domestic floor coverings 278 RUGTS and carDets 4 164 Linoleum 4 82 Draperies curtains and upholstery 302 Lamps and shades 253 China and glassware 257 M!ajor household appliances 243 Housewares (including small appliances) 265 Gift shop 4 181 Radios, phonographs, television, records, etc.4. . 232 Radios phonographs television 4 172 Records, sheet music, and instruments4 121 Miscellaneous merchandise departments 319 Toys games sporting goods, cameras 285 Toys and games 240 Sporting goods and cameras 148 273 Candy4 189 1 l-f PC ©PCO Ratio of Index numbers stocks to without seasonal adjustment, sales 1 1941 average monthly sales =100 a Stocks (end of June Sales during Stocks at end month) period of month Six June 1952 1951 1952 1951 months 1952 1952 1951 1952 June May June June May June -4 -15 3.1 3.5 -5 -15 3.3 3.8 194 210 200 646 699 765 -11 -23 4.2 5.0 160 185 174 667 695 868 -5 -13 4.1 4.3 157 200 171 641 697 739 —4 — 12 4.4 4.5 109 155 123 485 536 546 -17 -27 17.2 19.5 48 55 57 823 737 1,165 —2 —6 2.5 2.5 266 320 282 664 764 715 -15 -28 4.2 5.3 162 180 176 672 696 933 — 14 — 19 5 0 5.4 147 155 168 740 730 912 -20 -35 3.5 5.1 179 209 190 630 678 983 -7 -31 3.8 5.2 164 180 174 628 645 905 0 -5 4.0 3.9 168 185 180 667 689 701 -1 + 1 3.4 3.2 218 266 232 755 792 744 0 3.1 3.0 266 287 273 824 853 832 +2 -4 3.7 3.6 150 164 158 551 562 573 -3 -11 4.7 4.8 182 196 199 851 893 945 -13 -15 6.1 6.3 +7 -5 2.7 2.9 -9 -8 7.8 6.8 — 13 6.8 6.9 102 115 115 690 708 790 +3 0 4.0 3.8 150 164 159 602 635 599 +2 +6 3.8 3.2 122 136 137 464 491 451 +4 -2 4.1 4.0 156 161 161 635 643 632 +1 -6 2.6 2.7 187 218 188 478 530 510 0 -7 3.2 3.3 181 212 186 579 627 622 +7 0 2.2 2.4 231 290 211 501 586 499 -12 -6 -16 4.4 4.7 94 116 107 421 445 501 -11 0 +6 1.3 1.1 99 143 111 131 163 126 -13 -2 -6 6.2 5.7 85 133 98 528 547 559 +5 +2 —3 2.7 3.0 302 303 286 827 842 844 -13 -7 -10 2.6 2.4 121 155 139 310 334 343 0 0 -12 2.7 3.1 211 246 211 579 623 654 < -2 -12 3.0 3.4 253 302 256 762 809 866 + 1 0 -15 2.7 3.2 199 231 197 540 586 634 0 +4 -1 2.3 2.3 181 236 181 413 490 412 -1 +6 -7 3.4 3.7 217 236 218 745 786 811 -5 + 1 -2 2.4 2.4 167 204 175 409 458 419 -3 -5 4.6 4.7 209 237 215 969 1,079 1,021 -6 0 —6 4.8 4.8 —2 —3 _5 4 6 4 7 +3 +2 -6 1.9 2.1 194 225 189 371 425 394 — -1 2 9 5 4 — -1 4 — -1 2 12 3 3 .4 7 3 3 .2 2 72 149 89 249 266 283 — 16 — 13 — 17 3 1 3 1 -1 +3 -5 1.9 2.0 215 254 218 420 489 444 -4 0 -7 1.4 1.4 223 274 '232 305 380 C329 +3 4-7 —4 2 6 2 8 216 239 211 568 631 600 +2 +3 +3 1.3 1.2 242 278 237 305 373 293 +5 +3 + 1 0.9 0.9 +2 +6 1.8 1.6 +9 +6 — 7 1.8 2.1 318 303 292 563 684 605 +17 +6 -13 1.3 1.7 292 286 249 377 440 429 -19 -8 —6 31.2 26.9 13 29 16 393 387 440 -2 -3 -11 3.3 3.7 230 184 234 771 856 867 -5 -7 -9 4.0 4.2 217 199 228 878 992 974 + 1 -2 -13 2.6 3.0 258 172 256 682 766 784 4-3 —9 4.3 4.5 160 174 169 689 758 769 + 1 -5 -11 4.0 4.5 236 194 234 942 994 1,054 -5 -13 -24 4.2 5.3 212 231 223 901 933 1,189 -6 Q — 18 4 3 4 9 201 220 213 859 868 1,053 -3 -5 -30 2.1 2.9 -7 -11 -18 5.1 5.7 -15 -24 -29 5.9 7.1 146 188 173 869 885 1,225 — 15 —26 —33 5 9 7 4 -18 — 11 — 15 4 4 4 2 -8 -8 -8 4.4 4.4 196 241 213 859 892 933 -14 -7 -8 5.1 4.8 145 187 170 744 778 815 -12 <i 0 8 3 7 3 155 157 176 1,281 1,196 1,280 +28 -20 -52 2.2 6.0 278 262 217 619 744 1,298 -9 -22 3.4 4.1 310 315 333 1,063 1,126 1,375 -8 -5 —4 5 5 5 3 -2 -25 -57 3.4 7.8 4-2 —27 —64 2 9 8 3 -18 -9 -12 6.4 6.0 -4 -1 -23 2.8 3.4 191 213 199 532 633 699 +3 +3 -30 3.9 5.7 202 161 196 781 802 1,123 +9 +6 -40 4.1 7.5 157 128 144 652 684 1,092 0 -15 3.6 4.2 207 165 212 749 776 898 -3 4-1 -6 2.7 2.8 311 269 322 852 902 907 -13 +2 0 1.4 1.3 For footnotes see following page. 1056 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 (retail value) sales » 1941 average monthly sales =100 2 Department r b N s e t e p o u r o r m e r o s t - f - d p S u e a r r l i i e o n s d g m ( S e t o n o d n c t k o h s f ) June 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 Six 1952 1951 1951 J 1 u 95 n 2 e mo 19 n 5 th 2 s J 1 u 95 n 2 e 1952 1951 June May June June May June BASEMENT STORE—total. 197 -1 -1 -12 2.0 2.3 211 214 212 430 470 494 Domestics and blankets 4.. . 134 -4 -7 -28 2.8 3.8 Women's and misses' ready-to-wear. 189 +2 +2 -9 1.6 1.8 208 222 204 327 358 359 Intimate apparel4 166 -2 -3 -10 2.1 2.3 Coats and suits 4 173 -15 + 1 0 2.8 2.4 Dresses 4 174 +4 +3 -6 0.8 0.9 Blouses, skirts, and sportswear 4. . . . 156 +8 +6 -16 1.2 1.6 Girls' wear 4 122 +2 +5 -9 1.8 2.0 Infants' wear 4 125 0 +6 -9 2.6 2.9 Men's and boys' wear. . 160 -2 -2 -15 1.9 2 2 282 217 287 543 638 654 Men's wear 4 146 -2 -3 -16 1.8 2.1 Men's clothing 4. . . 100 -5 -1 -11 2.1 2.3 Men's furnishings 4. 119 — 1 — 5 -20 1.5 1.9 Boys' wear 4 121 -1 +3 -12 2.8 3.1 Homef urnishings 1G6 -14 3.4 3.6 164 201 179 558 564 646 Shoes 119 -3 -4 -4 3.2 3.2 177 171 182 563 619 581 NONMERCHANDISE—total4.. . 174 0 -1 Barber and beauty shop 4 -3 +4 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. 1055. 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. 6 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1951, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. SALES, STOCKS, ORDERS, AND RECEIPTS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES » [Weeks ending on dates shown. 1947-49 average = 100] [In millionsof dollars] Without seasonal adjustment Reported cat a Derived data l Out- New 1950 1951 1951 1952 Year or month m ( S t o f a o o n l t e r t a h s l ) m ( S e t o n o n d c t k h o s ) f s m ( t o e a r o n n d n d d e t i r h o n s ) f g R m ( e o t c f o o n e t r i t a p h l t ) s m o ( r o t f d o o n e t r t r a h ; l ? ) Oct. 2 1 7 4 1 . . . . . . . . . . . . . . . 1 1 1 0 1 1 5 2 1 Oct. 2 1 6 0 3 . . . . . . . . . . . . . . 1 1 .1 1 1 1 7 0 6 Apr. 2 1 1 7 4 . . . 1 1 0 0 9 1 0 7 Apr. 1 1 5 2 9 . . . . . . . . .. . . . . . 1 1 .9 1 0 7 1 9 28... ..108 27... ..113 28 .101 26. .. . .105 1943 average... 204 509 530 203 223 Nov. 4. . .. .109Nov. 3... . .121 May 5 .113May 3... . .111 1944 average... 227 535 560 226 236 11... ..118 10... . .127 12 .110 10... . .117 1 1 9 9 4 4 6 5 a a v v e e r r a a g g e e . . . . . . 3 2 1 5 8 5 5 7 6 1 3 5 9 7 0 2 9 9 3 2 4 5 4 6 3 2 2 6 7 9 2 1 5 8 ! . . . ! . ]! 1 1 1 27 0 2 17 4 . . .. .. . . . ! 1 l2 3 3 0 2 1 6 9.... .10 99 0 2 17 4... ..10 9 5 9 1947 average... 337 826 552 338 336 Dec. 2. . ...153 Dec. 1. . ...161 June 2 . 95 31... . . .97 1948 average... 352 912 465 356 335 9. . .. .191 8. . .. .191 9 .108June 7... ..111 1949 average... 333 862 350 331 331 16... ..220 15... . .213 16 .106 14... . .116 1 19 9 5 5 1 0 a a v v e e r r a a g g e e . . . . . . 3 3 4 5 7 8 1,1 9 1 4 4 2 4 4 6 2 6 5 3 3 6 5 1 5 3 3 7 4 0 5 2 3 3 0 . ! . . . . .! 2 8 21 2 2 29 2 . . . . . . . . . . 2 9 2 2 8 2 3 3 0.... . 9 8 2 9 2 2 1 8... ...9 9 1 8 July 7 . 75July 5. . .. . .79 1951—July '258 '1.068 -•133 '216 '263 1951 1952 14.... . 83 12. .. . . .83 Aug..... 309 1,106 395 '347 '309 21 . 81 19... . . .82 Sept...,. 343 1.117 404 354 363 Jan. 6. . . 98 Jan. 5. .. 78 28.... 80 26 79 Oct 388 1S152 408 423 427 13! . '.. !l05 12. . .. . 92 Aug. 4 . 88Aug. 9 87 Nov 442 1,147 '375 437 '104 20. . .. 104 19. . .. . 90 11 . ... 87 9 90 Dec... 608 929 292 390 '307 27. . .. . 96 26. . .. . 83 18 . 93 16 95 1952—Jan 291 910 379 272 359 Feb. 3... .. 81Feb. 2... .. 84 25 . 97 23. .. . .100 Feb 271 956 '387 317 '325 10. . .. . 94 9. . ... 87 Sept. 1 .105 30. . .. .110 Mar 317 1,027 332 388 r333 17... .. 94 16. . ... 89 8 .100Sept. 6. . .. .100 M Ap a r y. . .. 3 3 4 4 5 0 1 1 , . 0 03 0 6 8 2 2 5 7 2 4 3 3 1 4 7 9 2 2 9 9 5 1 Mar. 2 3 4 . . . . . .. . 9 9 5 9Mar. 23 1 . . . . . ... 8 8 5 3 2 1 2 5.... . .1 1 1 1 1 4 2 13 0... Tune.. . . 320 945 384 257 389 10... . .105 8. .. .. 88 29 .114 27... July.... P262 P920 P472 P237 P325 17. . .. .101 15... .. 90 24. .. ..105 22. . ... 94 p Preliminary. ' Revised. 31... . . 89 29... ..101 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. SEPTEMBER 1952 1057 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] Tulv June 7 Tulv June 7 Tulv June 7 1952 1952 1952 1952 1952 1952 1952 1952 1952 June 1952 United States. P+4 +1 -1 Richmond p+5 +5 +2 Chicago-cont. Dallas-cont. N B N N D L N S W P P B B o e L p B r o o e o e e o r w s o o r v w a r i w w o s w t i v r t d y o w t n s l e c o a i n n g a t g l d e r Y o n r H t B l n f e e s k e o - n i o d n t p e e n a w e A r l c l d o c k v r d n e e r f r e o e tl n r a .. d . . . . . . . . . + + + + ( + + + + + - - - 2 1 1 1 2 4 1 1 ) 2 2 5 4 4 1 0 4 0 - - + + + + 1 - - 1 - - - 2 6 3 4 2 4 0 3 3 4 0 1 3 + + - - - - - — - - - + 2 2 3 3 6 2 - 8 7 3 = 1 0 5 1 A W W A L H R C G N H B C R R C y s a h o n i a o o r a h u a i c h e l n l g l a d a r n ' n s e h t u l e f e c r n e e i s h s i t o n m m v l m g h r r t o i ' e i l t v o s i s n n h b k k o s o l b o o t i n l g g t u e o l n i n e r n o l - a t t e r w d , e . S , o o n g W , n n a n S N l S . . e 1 . V . . C m . . C C a . . . . . . . . . P P + + + + + + + + + + + + - + 2 3 2 2 + 1 1 7 6 6 7 7 3 7 0 0 7 3 7 1 3 0 r + + r + + + - + + + + + + + 1 2 1 3 1 1 1 0 6 3 3 2 8 1 1 0 1 0 3 0 5 + + + + + + + + + + + + - - 1 1 1 2 2 2 2 8 2 4 3 2 3 4 7 2 1 0 S L F F G G L Q D D M M L S E t. l o t a o i v r e r u e . i i a t n e a r u s n l a i t t L d t w e L n n s l i r t n e i s n i o M d c o o s a s S n v i y u o v u u i R g i m o B t R n i l i k i l l s o i s l : e e a a n l i c e e ! t p y e k * . h . i 1 s : d . . . . . . * . . s . . . . . . . . . . . . . * P P P + + + + + + + + + + + - - - 1 1 4 4 2 5 3 9 8 6 2 3 4 0 0 1 1 + + + + r + + + + + + - - - - 2 3 6 3 1 1 1 1 2 2 9 6 3 1 0 2 1 4 4 + + + + + + + - - - - - - - - 4 7 3 4 4 4 7 7 2 3 3 1 3 1 1 S F S W T L F L P C D H E B a A a r o h o u o l a o n o a e a n o s r c n k r r u l P c s t e p s e g e l n s o A a A o a a n r u t o W s s n s o i B s F n o f n * x 1 n x g i e r t e o C e a a i o l : l r d c n h n e t h c r s i h i i i o s s . . c t . l . i . o . . . . . . . . . P p + + + + + + + + + + + + + 3 1 1 1 1 1 7 8 8 1 6 9 8 8 8 0 0 2 2 2 ! | + + + + + + + + + + + + + - 1 2 1 1 1 1 1 4 7 7 5 5 0 1 8 5 5 2 9 5 1 + + + + + + + + + + + + - 2 1 1 3 3 8 2 9 4 2 6 2 2 1 0 0 8 A B E B l l u i m b n ff a g i a n r l h a y o a m i ton... + + + + 1 2 5 7 0 + - - 3 1 3 + -5 0 0 1 A M B tl i a o rm n bi t i l a n e gham l... + + - 1 4 1 0 7 + + + 2 1 9 4 5 + + + 1 4 7 5 S S M t p . e r m L in o p g u h f i i i s s e l A l . d r . . e . . . a . . . + + -3 6 1 + + - 1 4 1 1 5 + + 4 3 0 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 l l n L o L s os P + — 1 6 0 ! — -1 13 + -7 2 P C A S L Y S T N T W C C C Y N P S U P C R R h l p y c h o o a e r l o i k a o e o e o i t i e i n e r h i a v n l i u r l a n w l r c u r l i c e l a v u n a c e g o e k n c d g k h a t n a d d e l i c m n o t a n a g e i * d h e a Y n g o o l e n u r n e s f s a s e k n n s b n a l i * g t o c s - t n p l e t i e e a u d e i B e p t o r d l h x e r 1 a t F r s k 1 d h w i a p i d 1 a l 1 i a ! r 1 s y n C a 1 l r . i . l e e i s . . l t l 1 . . . . y . . . . . . . . + + + + + + + + + + + + + + + + + + - - - - 2 9 9 8 2 1 1 1 3 3 2 4 5 6 3 3 7 0 3 5 3 4 2 0 2 3 0 - + + + + + + + + + 1 - - - - - - - 6 1 1 4 1 6 2 9 6 9 9 9 7 3 2 2 2 0 0 0 0 2 0 - + + + + + + + 1 - — — - - - - - - - - - - 1 4 2 3 3 3 3 3 3 1 2 1 4 3 4 3 2 0 1 1 y 5 7 C J O S A T A S N J N C K P M M C M R M C B B a h a t a e a h o o r e h a r u t n a c . c a o e i i o v l l i m i w s t m l c o g a k a k s a a c r c n o u r a h P a t t i x u m s n o s n i a p e n t m o t n d v a g o e o v s O g g n d a t a l i n i i a o t t n n i b n o o o a x l R a i r e l a x l v * n u l o l m l e r h e 1 e o * i s o s l a u e 1 l x b g n e g r u a s y e r . x x g x l . . . . . . . . . . . . . P + + + + + + + + + + - + + + + + + + + 1 - _ - — 3 1 5 4 1 1 1 1 1 1 1 1 2 2 9 2 4 2 6 9 7 1 2 2 1 0 7 3 6 6 8 7 + + + + + + + + + + + + + + + + + + + - - - 4 2 3 1 1 1 1 1 1 1 1 1 1 1 2 1 2 8 8 8 2 4 5 1 1 5 0 7 7 6 5 8 5 1 C 3 1 + + + + + + + + + + + + + + + + + + - - - - 2 4 4 4 4 1 1 6 5 2 9 3 9 7 2 9 8 8 2 4 4 5 1 2 0 8 M K S J S O O S L T W T M G G D D P H M K o a S i i t t a u u o k m r r u e o u a n . . i p a n i u e a e l p n n l n u c l t n n l s C P p a a a n s b J u c n e i h v x s a e k a h t h n e d a o l r h t k a e i e a o h o r a a o s u t s a i a s r F p F i a - s n t F m l o p e o o s a a s C r o o i e p l a l o l C i l r i l * s l h i n k t s . s C s i . . . y . t s . . . . y i J . . . . . t . . . . . . . . y . . . . . . . . + + + + + + + + - + + + + + + + + + 1 - - 2 2 2 2 1 2 2 1 1 1 0 8 2 4 9 7 3 2 6 4 4 4 4 7 0 1 2 7 0 + + - - + + + + + + + + - 1 1 - - - - - - 8 2 4 2 1 6 9 1 1 6 0 6 8 6 3 8 4 4 1 0 0 5 6 - + + + + + + + + + 1 - - - - - — - 8 1 1 2 4 2 2 2 1 4 3 9 2 0 0 0 2 1 1 1 4 S T Y S S S S S V S S O P R E B B S N N B a a a a a t e p o a o i a e v a a o n n v n l a c a c o r l l i k e a k a t e c l s l n t r t e o k e l r i m p l t i e r a k J F L D r a n m k l a j m a e a o s m t e o B n r g a p n e i a o n i t s a a e d a h k d a d l e e t n n e i e n g a e l 1 a e e r n 1 d 1 c n o l y n a m i i t i C d 1 o a n a s x n r d . c i 1 d d o t . . i y n . . x 1 . o . . . '+ + + 4 + + + + + + - 1 1 1 7 1 1 1 1 1 1 6 0 3 1 0 8 1 | | + ' + + - - - - - + 1 + + + - - 1 1 1 5 1 2 2 3 7 3 2 7 4 0 1 + + + + + + - - - - - 4 1 4 3 6 4 3 6 4 2 4 0 2 2 c Erie1 +3 -1 +2 Fort Wayne 1... + 10 -4 -4 Pittsburgh * -4 +3 -6 Indianapolis 1.. . +2 +8 + 1Dallas +12 +12 +6 Wheeling J -4 +4 -1 Terre Haute *... P0 +2 0 Shreveport.... +12 +4 +11 P Preliminary. r Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. 3 six months 1952. * Five months 1952. CONSUMERS' PRICES1 [Bureau of Labor Statistics index for moderate incomefamilies in large cities. 1935-39 average =100] Year or month All items Food Apparel Rent a F n u d e l i-e e f l r e ig ct e r r i a c t i i t o y n , fur H ni o s u h s in e gs Miscellaneous 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1933 92 4 84.1 87.9 100.7 100.0 84 2 98.4 1941.. . . 105 2 105.5 106.3 106 4 102 2 107 3 104 0 1942 116.6 123.9 124.2 108.8 105.4 122.2 110.9 1943 123 7 138 0 129.7 108.7 107 7 125 6 115 8 1944 125.7 136.1 138.8 109.1 109.8 136.4 121.3 1945 128.6 139.1 145.9 109.5 110.3 145.8 124.1 1946 139 5 159.6 160.2 110.1 112 4 159 2 128 8 1947 159.6 193.8 185.8 113.6 121.2 184.4 139.9 1948 171.9 210.2 198.0 121.2 133.9 195.8 149.9 1949 170 2 201.9 190.1 126.4 137 5 189 0 154 7 1950 171.9 204.5 187.7 131.0 140.6 190.2 156.5 1951 185.6 227.4 204.5 136.2 144.1 210.9 165.4 1951_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 Tune 189.6 231.5 202.0 141.6 144.8 204.4 172.5 July 190.8 234.9 201.4 141.9 146.4 204.2 173.0 1 Series is the adjusted one reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim revision of series and weights. Back figures.—Bureau of Labor Statistics, Department of Labor. 1058 FEDERAL RESERVE BULLETIN 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 i o e m l d s l i - - F p u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e c n o p l r x t d e - d e s - l - l H e s p u a k a r i c n o t i d n h t d d e s s e s - , r , p l t F i e o m a i g u n r w n h i a 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 i e e t d l d m s s d - - p R u a b r u c n o e b t d d r s - - L w p u a b r u o c n o e m o t d d r s d - - p a p P u a a l r u l c n p o i l e t e d d p s d r - , , M m p u a r e e c n o t t t d d a a s l - l s p c M u t m a e r h i c n o r v i o a y t n d d e - s - - - F h o a h d t a o u b t u o u n h u r l r l r d e e n s e d - s r e i- - e s N t r t m t m a a u r o l l i u r e l s n n a i c - — - c l - - b m b e t o b f a T u r a a t a e a n c r t o c n v g l e c d - - e u e - s o d s - n c M e e o l i l s u a - - s 1947 96.4 100.0 98.2 95 3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95.6 93 9 98.0 100.8 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101 7 100.4 103.1 1949 99 2 92.8 95.7 101 3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104 4 101.6 96.1 19S0 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 6 108.1 104.9 1951 July 114.2 111.1 110.7 115 7 111.6 122.3 106.5 108.8 144.3 123.5 120.2 122.3 118.8 114.4 in 6 107.9 103.7 August 113.7 110.4 111.2 114 9 108.5 118.0 106.3 108.5 144.3 122.3 119.5 122.2 118.9 113.5 113 6 107.8 102.6 September 113 4 109 9 110.9 114.8 105.9 118.0 106.7 108.7 144.7 121.6 119.4 122.1 119.4 113.1 in 6 107.8 105.1 October 113.7 111.5 111.6 114 6 103.9 113.6 106.8 108.8 144.7 121.7 118.8 122.4 120.2 112.8 in 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 11? 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 112.5 107.8 109.5 114 102.1 99.5 107.2 105.9 143.1 120.3 118.3 122.6 122.0 112.4 112.9 110.8 111.4 M!arch .. 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 11? 9 110.8 109.2 April 111.8 108.7 108.0 113 3 99.9 94.1 106.3 104.8 140.6 120.9 117.4 122.5 121.6 112.1 11? 8 110.8 109.5 T^Iay 111 6 107 9108.6 113 f) 99.3 94.7 106.0 104.3 140.4 120.7 116.9 121 8121.6 111 7112 9 110.8 108.4 Tune .. 111.2 107.2 108.5 112.6 99.0 95.9 105.9 104.3 133.4 119.9 116.7 121 1121.3 111.6 in 8 110.8 108.1 July 111.8 110.2 110.0 112.6 99.4 96.2 105.9 104.2 130.4 120.2 115.5 121.9 121.3 111.6 113.8 110.8 105.5 1951 1952 1951 1952 Subgroup Subgroup July May June July July May June July Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce . . . 90.8 128.9 124.2 128.2 Woodpulp 114 S 113.3 113 3 109.3 Grains 94.3 98.8 95.4 94 9 Wastepaper 224 1 55 1 55 1 55 1 Livestock and poultry 118.6 108.9 107.2 108.2 Paper. 118 123 5 124 2 123 8 Plant and animal fibers 137.1 114.2 118.7 115.3 Paperboard 132.0 129.8 129.3 125.4 Fluid milk . . 102.5 104.3 103.5 106.7 Converted paper and paperboard 117.1 114.5 113.7 113.2 Eggs 106.2 74.3 81.0 112.9 Building paner and board . . . in 4 115.8 115 8 115.8 Hay and seeds. 95.-8 96.0 98.5 100.5 Metals and Metal Products: Other farm prorinrts 137.2 137.1 136.7 138.3 Iron and steel. 123 0 122.8 122.4 122.3 Processed Foods' Nonferrous meta 121 5 122 0 120 0 123 9 Cereal and bakery products 106.2 107.0 106.7 106.5 Metal containers. ... 1 120 5 120 5 120 5 Meats, poultry and fish 116.8 112.1 110.1 110.6 Hardware 125 8 126.9 123.9 123.9 Dairy products and ice cream. 106.7 110.6 110.1 113.8 Plumbing equipment 122.6 116.0 118.0 118.1 Canned, frozen, fruits & vegetabies 103.5 104.2 103.5 103.9 Heating equipmerit 114 4 113.7 113 5 113.6 Sugar and confectionery 109.5 109.2 110.9 111.6 Fabricated struc. metal products. . 117.3 115.4 115.4 115.4 Packaged beverage materials. 161.8 161.9 161.9 161.9 Fabricated nonstructural metal Other processed foods 122.2 112.8 118.4 126.6 products 126 0 124.4 124.4 124.4 Textile Products and Apparel: Machinery and Motive Products: Cotton products 113.0 97.2 95.4 96.1 Agri. mach. and equipment 120.1 121.5 121.5 121.5 Wool products 145.5 111.7 112.8 113.9 Cons. mach. and equipment 123.7 125 3 125 4 125 4 Synthetic textiles 96.7 86.8 88.6 89.4 Metal working machinery - . . - 7 128.0 127.9 127.9 Silk products 116.1 128.8 129.8 134.7 General purpose mach., etc 123.4 123.1 122.4 122 A Apparel 105.0 100.8 100.3 100.5 Miscellaneous machinery 119.6 119.2 119.0 119.0 Other textile products. 141.0 98.6 98.7 95.7 Elec. mach. and equipment 122 2 120.8 120.0 120.0 Hides, Skins, and T.ealhpvProducts: Motor vehicles 112's 119.7 119.7 119.7 Hides and skin3 124.0 58.1 59.5 61.9 Furniture; Other Household Durables: Leather 127.7 84.5 88.9 89.3 Household furniture . 115 9 113 1 112 7 112 6 Footwear 122 1 111 1 111 0 110 6 Commerci3 furniture 124 Q 123 2 123 2 123 2 Other leather products . . 114.1 100.3 100.6 100.6 Floor covering 149 120.9 119 1 119.1 Fuel, Power, and Lighting Materails: Household appliaiices . . 107.6 107.3 106.8 106.8 Coal 107 2 104.9 105 3 105 9 Radio TV, and plinnncrnnliQ 93 6 90 7 r93 8 93 8 Coke 124.3 124.3 124.3 124.3 Other household durable goods 117 119.3 119 3 119.4 Gas 97.5 104.2 102.0 102.0 Nonmetallic Minerals—Structural: Electricity 98.5 98.0 98.5 Flat glass 114 0 114.4 114.4 114.4 Petroleum and products 110.8 109.9 109.6 109.4 Concrete ingredients .. . 112 0 112.9 112 9 112 .9 Chemicals and Allied Products: Concrete products 112.4 112.4 112.4 112.4 Industrial chemicals . 120.4 115.1 114.9 114.7 Structural clay products 4 121.4 121 .4 121 .4 Paint and paint materials 107.8 107.3 107.0 106.9 Gypsum products 117.4 117.7 117.7 117 .7 Drugs, Pharmaceuticals cosmetics . 95.6 92.2 92.2 92.1 Prepared asphaltroofme 105 4 98.6 106.0 106.0 Fats and oils, inedible 70.0 47.2 52.0 49.8 Other nonmetallic minerals 110 0 111 9 111 9 111 9 Mixed fertilizers 106.7 108.6 108.7 108.7 Tobacco Mfrs. and Bottled Beverages: Fertilizer materials 107 1 ill 5 109 9 110 7 Cigarettes. 10S 7 107 3 107 3 107 3 Other chemicals and products 108.3 103.0 103.0 103.1 Cigars 101 98.0 98 0 98.0 Rubber and Products: Other tobacco products 107 6 114.8 114.8 114.8 Crude rubber .... 194.6 182.7 152.7 138.6 Alcoholic beverages 106 1 111 2 111 2 111 2 Tires and tubes 133.9 L33.0 130.5 129.6 Nonalcoholic beverages ... 119 7 119.7 119.7 119.7 131.3 127.6 127.1 127.0 Miscellaneous: Lumber and Wood Products: Toys, sporting goods, sm£ill arms 116.5 113.5 113.5 113.5 Lumber 123.0 21.1 120.1 120.4 Manufactured animal feeds 98.0 108.3 107.9 102.7 Mill work . . 130.4 26.4 126.4 126.8 Notions and accessories 101 4 91 5 91 5 91 5 Plywood . 116.9 05.6 105.7 105.7 Jewelry, watches,photo equipment. 101.2 101.0 101.0 101.1 Other miscellaneoLIS 120.7 121.0 120.5 120.8 ' Revised. Source.—Bureau of Labor Statistics. Back figures.—See BULLETIN for March 1952, pp. 311-313. SEPTEMBER 1952 1059 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 1929 1933 1939 1941 1947 1948 1950 1951 2 3 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 25.8J 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. Si 26.3 26.8 S B t u a s t i i n st e i s c s a l t r d an is s c f r e e r p a p n a c y y ments .6 .7 1. . 4 5 1. . 6 5 . . 3 7 . 7 . . 2 8 -.7 .8 .9 5. . 7 9 . . 9 0 .9 -1.9 .9 n.a. .9 Plus: Subsidies less current surplus of -.1 1.2 —3.2 1.4 government enterprises 0) .5 A -.1 .0 .4 1.1 .1 .2 .5 .2 .0 .5 Equals: National income 87.4 39.6 72.5 103.8 198.7 216.3 239.2 274.8 280.2 285.6 288.0 n.a. 223.5 277.6 Less: Corporate profits and inventory valuation adjustment -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. . .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 .0 .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 .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 1.4 1.0 1.2 1.3 2.1 2.5 2.7 3.0 3.0 3.0 3.2 State and local 1.9 3.1 3.3 82.5 45.2 70.2 92.0 188.4 187.2 205.5 225.0 223.2 227.1 230.5 Equals: Disposable personal income. 169.5 231.5 231.5 78.: 46.3 67.5 82.3 177.9 180.6 194.3 208.0 204.5 206.4 213.2 Less: Personal consumption expenditures 165.6 210.5j 214.9 3.7 -1.2 2.7 9.8 10.5 6.7 11.2 17.0 18.7 20.7 17.3 Equals: Personal saving 3.9 21.11 16.5 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1951 1952 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. 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 20.1 19.6 21.0 20.9 n.a. n.a. Supplements to wages and salaries.. . .6 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. 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 29.2 34.8 41.6 41.2 41.9 42 42.7 n.a. Corporate profits before tax 9.8 .2 17.2 30.5 33.8 27.1 39.6 42.9 43.3 38.6 39 42.7 n.a. Corporate profits tax liability.... 1.4 .5 7. 11.9 13.0 10.8 18.4 24.2 24.5 21.8 22 24.7 n.a. Corporate profits after tax 8.4 -.4 9.4 18.5 20.7 16.3 21. 18.7 18.8 16.9 17.3 18.1 n.a. Inventory valuation adjustment. . . . -2.1 -2.6 -5.8 -2.1 2.1 -4. -1.3 -2.1 3.2 3 -.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. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 1060 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 1933 1939 1941 1947 1948 1949 1950 1951 Gross national product 103.8 55.8 91.3 126.4 233.3 259.0 258.2 284.2 329.2 329.3 330.9 337.1 339.4 343.2 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 Durable goods 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 Nondurable 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 Services 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 New Construction l 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 12.6 Producers' 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 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 .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 -.8 Net foreign investment .2 .9 1.1 8.9 1.9 .5 -2.3 .2 -.2 1.1 2.6 1.9 .9 Government purchases of goods and services 8.5 8.0 13.1 24.7 28.6 36.6 43.6 41.9 62.6 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 National security 1.3 13.8 13.3 16.1 19.3 18.5 37.1 34.9 41.6 44.3 46.4 50.3 Other 2.0 3.9 3.2 3.8 5.6 6.6 3.9 4.2 3.7 4.5 5.1 5.2 5.1 Less: Government sales 2.... () () 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 Year or month in s P c o e o n r m a - l e re T c o e t i a p l ts4 b m T u d o e r i t n s s a - e t l s - Wag d p m i e C u n r o o g s o a d t d m n r i u i i n d t e - c y - s - sal D a i u r n t i y r s t d i i t u e v r d i s s e b i - s - bu S r i e s n t r e r d v i m u e ic s s e e - nts m G er o e n n v - t - in O l c a t b o h o m e r r e6 i p n r r P e c a i n o e r n o m t t d o a - l e rs 6 ' i i n n d s p t a c o e e e n o n n r r d m d a e - l s s e t m T p r e f a a e n y n r t - s s - 7 p b e c a i s u r o n o n s f t n s o c c o i u t o i e r n r a r n i a 8 - l - s l i a n g N t c u r o o i r c n m a u - l l e - ' 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 4 3 4 233.6 1951—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 263.4 173.1 176.7 77.3 47.1 20.8 31.5 4.3 53.4 20.1 12.8 3.9 241.7 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 Mav 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 June 266.7 175.8 179.3 77.2 48.5 21.3 32.3 4.5 52.8 21.4 12.5 3.8 245.9 1 Includes construction expenditures for crude petroleum and natural gas drilling. s Consists of sales abroad and domestic sales of surplus consumption goods and materials. 1 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income-" is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. * Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 9 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. SEPTEMBER 1952 1061 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 l t l t - Total A S u al t e o m cr o e b d i i l t e Other Loans 1 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 y in a m n g s l e e n 2 - 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 1.544 533 1940 8,163 5,417 3,450 1,729 1,721 1,967 2,746 536 1,650 560 1941 8,826 5,887 3,744 1,942 1,802 2,143 2,939 565 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 .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 ,067 1951 20,644 13,510 7,546 4,039 3,507 5,964 7,134 1,436 4,587 ,111 1951—june 19,256 12,955 7,234 4,041 3,193 5,721 6,301 1,399 3,804 ,098 July 19,132 12,903 7,173 4,061 3,112 5,730 6,229 1 .393 3,743 ,093 August .. 19,262 13,045 7,247 4,138 3,109 5,798 6,217 1,398 3,724 ,095 September 19,362 13,167 7,327 4,175 3,152 5,840 6,195 L.401 3,696 1,098 October 19,585 13,196 7,355 4,134 3,221 5,841 6,389 L.413 3,868 1,108 November 19,989 13,271 7,400 4,100 3,300 5,871 6,718 L.422 4,190 1,106 December 20,644 13,510 7,546 4,039 3,507 5,964 7,134 L.436 4,587 L.lll 1952—January 20,126 13,314 7,322 3,962 3,360 5,992 6,812 1,445 4,253 L ,114 February 19,717 13,185 7,158 3,927 3,231 6,027 6,532 I ,448 3,967 1,117 March . .. 19,565 13,156 7,047 3,891 3,156 6,109 6,409 1,443 3,855 1,111 April 19,788 13,319 7,099 3,946 3,153 6,220 6,469 1,437 3,913 1,119 IVtay 20,293 13,806 7,421 4,171 3,250 6,385 6 487 .431 3,921 1,135 JuneP 20,958 14,405 7,813 4,446 3,367 6,592 6,553 1,436 3,980 1,137 JulyP 21,200 14,732 8,021 4,602 3,419 6.711 6,468 1,442 3,891 1,135 P Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end 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 a m a i n e l - l s I b n t a r d n i u a k l s s - 2 I p c n t l a o r o 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 - I m l i r n o z e a o s a a p n u d n t a i d r e s o i e r r n d n 3 - b m C a e n o r k m c s ia - 1 l p S c l a m o o n a m a i 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 ,084 291 203 525 157 864 3,875 .946 481 358 894 1951 5,964 2,510 ,268 301 229 542 176 938 4,198 2,437 528 417 947 1951—June 5,721 2,515 ,151 288 209 522 164 872 356 204 44 35 86 July 5,730 2,492 ,167 288 211 524 166 882 339 206 44 35 76 August 5,798 2,521 1,181 293 217 531 167 888 389 210 49 40 90 September. . 5,840 2,524 1,203 296 221 533 169 894 351 183 42 35 78 October 5,841 2,522 1,191 299 222 535 168 904 373 205 52 40 86 November .. 5,871 2,509 1,211 299 225 535 170 922 347 228 45 38 83 December... 5,964 2,510 1,268 301 229 542 176 938 354 292 50 42 84 1952—January. ... 5,992 2,521 1,273 300 230 541 176 951 393 184 46 38 85 February. . . 6,027 2,542 L ,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 May 6,385 2,726 1,320 319 246 589 181 1,004 479 236 52 44 116 Tune? 6,592 2,838 1,346 330 254 614 183 1,027 497 248 56 44 122 JulyP 6,711 2,890 1,365 340 259 631 185 1,041 471 240 53 42 113 * Preliminary. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of the retail direct loans not shown separately. Other retail direct loans outstanding at the,end of July amounted to 123 million dollars, and other loans made during July were 18 million. * Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 8 Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans. 1062 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 r f in e m T g x o o c a b t lu a u il l d t e , o - - s m m t a o n a e r i n d e l t - s F s t t u u o r r r n e e i s - H a a h p o n o p u c l l s d e i e - - J s e t w or e e lr s y s r o t e t A o h t r a l e l e i r l s Year or month Total ch P a 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 l m n c o a s a e s t n n a h s t lorder stores houses 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 1,107 1940 1,721 439 599 302 110 271 1951.. 5,434 1,061 1,192 1,031 937 1,213 1941 1,802 466 619 313 120 284 1942 .. 1,135 252 440 188 76 179 1951—June 5,481 1,090 1,246 1,098 883 1,164 1943 707 172 289 78 57 111 July 5 430 1,086 1,230 1,068 886 1,160 1944 691 183 293 50 56 109 August 5,472 1,097 1,240 1,059 899 1,177 1945 715 198 296 51 57 113 September.... 5,440 1,105 1,239 1,004 911 1,181 1946 1,104 337 386 118 89 174 October 5 442 1,090 1,226 1,010 925 1,191 1947 1 935 650 587 249 144 305 November.... 5,436 1,079 1,209 1,017 937 1,194 1948 2,567 874 750 387 152 404 December.. . . 5,434 1,061 1,192 1,031 937 1,213 1949 3,096 1,010 935 500 163 488 1950 3,778 1,245 1,029 710 794 1952—January 5,418 1 ,042 1.184 1,034 928 1,230 1951 3,507 1,186 971 613 737 February 5.412 1,038 1.186 1,016 924 1,248 March . ... 5,446 1,035 1,197 1,008 922 1,284 1951 April 5,528 1,055 1,219 1,005 940 1,309 June. 3,193 1,055 874 602 662 May 5,744 1,130 1,270 1,036 969 1,339 July 3,112 1,022 854 590 646 June? 6,027 1,217 1,331 1,086 1,005 1,388 August.... 3,109 1,015 859 590 645 Julyp 6,202 1,272 1,360 1,121 1,042 1,407 September. 3,152 1,028 870 600 654 October. .. 3,221 1,056 890 607 668 Volume extended dur- November. 3,300 1,099 908 608 685 ing month: December. 3,507 1,186 971 613 737 1951—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 A M p a r r il ch.... 3 3 , , 1 1 5 5 6 3 1 1 , , 0 0 6 6 0 4 8 8 9 9 4 3 5 5 4 4 8 1 6 6 5 5 5 4 O N c o t v ob e e m r ber.... 6 7 8 4 9 4 1 13 5 6 0 1 15 6 2 8 1 14 5 7 3 8 7 2 2 1 1 9 8 1 2 May 3,250 1,101 924 551 674 December.... 686 117 149 157 70 193 June P.... 3,367 1,132 954 582 699 July? 3,419 1,142 971 596 710 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 May 945 228 235 162 92 228 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL June? 1,001 243 240 177 101 240 BANKS, BY TYPE OF CREDIT Julyp 949 217 214 178 101 239 [Estimates. In millions of dollars] CONSUMER INSTALMENT CREDITS OF INDUSTRIAL Retail instal- LOAN COMPANIES, BY TYPE OF CREDIT ment ]Daper 2 Repair Personal [Estimates. In millions of dollars] and instal- Year or month Total modern- ment Retail instal- Repair Personal m A o u b to il - e Other l i o z a a n ti s o l n 2 l c o a a s n h s Year or month TToottaall ment paper 2 mmoo a dd n ee d rrnn-- i m ns e ta n l t - Auto- ization cash mobile Other loans 2 2 loans Outstanding at end of period: Outstanding at end 1 1 19 9 9 5 5 4 1 0 9 3 4 3 4 0 9 3 4 1 . . . 2 1 0 1 1 9 1 1 3 8 8 . . . 6 5 9 6 8 7 1 3 9 . . . 2 1 7 5 5 56 5 4 . . . 5 4 9 1 1 1 4 3 3 7 1 7 . . . 1 5 9 o 1 1 1 f 9 9 9 4 5 5 p 9 1 0 eriod: 2 2 1 5 2 9 5 6 4 . . . 3 7 9 4 5 6 3 3 7 . . . 5 2 9 3 4 4 1 1 7 . . . 1 4 3 6 7 7 . . . 5 3 2 1 1 1 2 1 3 0 3 7 . . . 6 3 6 1951— J A O N D S J u u e o e u c l n p c y 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 3 4 4 3 3 3 0 0 0 8 8 9 9 4 1 5 2 1 6 5 . . . . . . . 1 1 7 8 3 4 0 1 1 1 1 1 1 1 1 2 2 2 1 2 2 8 0 3 1 9 3 3 . . . . . . . 2 9 1 6 9 9 9 8 7 7 7 7 7 7 1 0 1 3 2 7 5 . . . . . . . 2 7 6 7 6 9 8 5 5 5 5 5 5 5 6 6 3 6 2 4 2 . . . . . . . 5 5 7 1 6 8 9 1 1 1 1 1 1 1 4 4 4 3 4 4 4 7 3 6 9 1 4 6 . . . . . . . 5 3 3 9 3 0 0 1951—J J A O D S N u u e e o u c n p l c v t g y t e e o e u e m m b m s e t b b b . r e e e . . r r . r . . . 2 2 2 2 2 2 2 5 3 5 3 4 4 4 5 5 0 2 1 5 7 . . . . . . . 3 4 3 6 5 3 4 6 6 6 6 6 5 6 3 3 0 3 3 3 9 . . . . . . . 2 5 4 5 7 2 8 4 4 4 4 3 4 4 6 7 0 2 4 5 9 . . . . . . . 1 3 8 5 6 4 8 7 7 7 7 7 7 7 . . . . . . . 6 2 2 1 3 4 1 1 1 1 1 1 1 1 3 3 3 3 2 2 2 3 0 0 7 8 5 7 . . . . . . . 2 7 2 6 5 9 0 1952— J A J F M M J u u a e p l a a n n b y r y i r u r p e l c u a P h r a y . . . r . . . y . . . . . . . . . . 4 4 4 4 4 4 44 0 0 1 0 5 2 1 5 3 0 2 6 4 . . . . . . 8 2 9 7 6 9 .1 1 1 1 1 1 1 1 1 2 1 4 1 3 1 6 8 9 5 6 8 6 . . . . . . . 5 2 2 6 3 4 6 8 8 8 8 8 8 8 1 1 4 7 1 1 2 . . . . . . . 2 1 7 1 4 4 5 5 5 5 5 6 5 5 7 8 0 5 6 6 5 . . . . . . . 2 2 9 1 4 3 8 1 1 1 1 1 1 1 5 4 5 4 5 5 6 2 9 8 8 4 9 1 . . . . . . . 6 9 3 6 6 8 3 1952— A J J M F M J u u a e p l a a n b n r y y r i u r p e l c u a P h r a y . . r . . . y . . . . . . . . . . . 2 2 2 2 2 2 2 6 6 7 5 5 8 8 3 0 5 7 6 2 7 . . . . . . . 2 7 9 2 5 7 6 6 6 6 6 6 7 7 2 7 2 2 4 2 1 . . . . . . . 0 7 5 4 6 6 0 4 4 4 5 5 5 5 7 8 5 7 2 0 7 . . . . . . . 2 2 8 4 0 0 0 7 7 7 7 7 7 7 . . . . . . . 2 1 0 2 4 0 0 1 1 1 1 1 1 1 4 3 4 4 5 4 4 2 9 0 9 4 6 0 . . . . . . . 5 5 8 3 5 3 6 Volume extended during month: Volume extended 1951—J D J O A S N u u e e o u c n p l c v t g y t e e o e u e m m b m s e t b b b . r e e e . . r r . r . . . 5 4 4 5 6 5 5 3 8 8 1 0 8 2 . . . . . . . 6 5 2 8 4 3 0 1 1 1 1 1 1 1 3 4 6 9 5 4 7 . . . . . . . 1 2 9 4 6 6 3 1 1 1 1 1 7 7 2 2 0 0 1 . . . . . . . 6 8 2 8 4 4 8 4 3 3 3 4 5 4 . . . . . . . 2 1 1 4 5 8 9 2 2 2 2 2 2 2 2 4 1 0 4 5 1 . . . . . . . 2 3 5 5 1 3 8 d 19 u 5 r 1 in — g J A J S O N D m u u e o u e c p n l o c v t g y t e n e o e u e m t m b m s h e t b b : b . r e e e . . r r . r . . . 4 3 3 4 3 4 3 3 6 9 2 7 5 1 . . . . . . . 1 6 5 6 8 9 3 1 9 9 9 9 8 9 1 . . . . . . . 0 3 6 9 0 4 5 4 5 6 6 6 7 7 . . . . . . . 9 2 2 6 9 7 0 0 0 0 0 0 0 0 . . . . . . . 5 5 6 7 5 7 6 2 2 2 2 2 2 2 1 1 3 7 3 0 3 . . . . . . . 7 3 5 2 6 9 3 1952— A J J F M M J u u a e p l a a n b n r y y i u r r p e l c u a P r h a y . . r . . . . y . . . . . . . . . . 6 6 5 5 5 7 5 9 9 7 1 8 3 2 . . . . . . . 2 1 5 5 8 8 5 2 2 2 1 1 1 1 7 4 5 8 6 5 4 . . . . . . . 7 4 8 1 2 8 3 1 1 1 1 1 1 1 2 2 0 1 0 1 0 . . . . . . . 9 1 2 3 3 8 6 6 6 6 3 3 4 5 . . . . . . . 6 5 3 1 5 7 4 2 2 2 2 2 2 2 5 7 5 6 2 2 5 . . . . . . . 2 0 9 0 9 8 0 1952— J J A F M M J u u a e p l a n a n b y r y u e i r r P l c u ? a . r h a y r . y .. . . . . ., 3 4 3 4 4 4 4 2 8 8 7 4 9 1 . . . . . . . 2 7 7 3 0 4 6 1 1 1 1 9 9 8 2 0 1 3 . . . . . . . 1 2 9 2 1 3 0 5 5 6 8 8 7 7 . . . . . . . 7 7 1 8 8 9 4 0 0 0 0 0 0 0 . . . . . . . 5 7 6 5 7 8 8 2 2 2 2 2 2 2 4 3 6 6 5 4 4 . . . . . . . 2 2 3 0 4 0 0 P Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. SEPTEMBER 1952 1063 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Percentage change f P ro e m rc e c n o t r a r 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 Year or month Depart- Furni- h H o o ld u s a e p - - Depart- 1 J 9 u 5 l 2 y ? J 1 u 9 n 5 e 2 M 19 a 5 y 2 1 J 9 u 5 l 2 y ? J 1 u 9 n 5 e 2 M 19 a 5 y 2 s m to e r n e t s st t o u r r e e s p s l t i o a r n e c s e s m to e r n ea t Net sales: 1951 Total Q -5 +23 + 12 + 11 + 14 June 19 11 12 49 Cash sales -4 -8 + 18 -11 July 18 11 12 46 Credit sales: August 19 12 12 48 Instalment -11 -4 +27 +21 +23 +26 September 19 11 12 47 Charge account -1 -8 + 7 -8 O N c o t v o e b m er ber 2 2 1 1 1 1 2 1 1 1 2 2 5 5 0 0 Accounts receivable, end December , 19 11 12 45 of month: Total + 1 +3 +4 + 13 +9 +4 1952 Instalment + 1 +3 +3 + 13 + 10 +5 January 19 10 13 47 February 18 10 13 45 Collections during March 20 11 13 48 month: April 18 10 13 46 Total +J -6 +5 _? -9 -3 May 19 11 13 48 Instalment -6 +8 -4 -8 + 1 June 18 10 12 46 Julyp 17 10 13 46 Inventories, end of month, at retail value. -1 -4 -3 -12 -15 -16 P Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1947-49 average = 100 Percentage of total sales Accounts receivable Collections during Year or month Sales during month at end of month month Cash Instal- Charge sales ment account Instal- Charge Instal- Charge Instal- Charge sales sales Total Cash ment account ment account ment account 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—June 95 91 103 100 171 115 161 114 50 8 42 July 75 71 '91 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 June 93 84 126 99 178 120 148 114 47 10 43 July P. . 71 114 80 177 107 144 111 48 11 41 p Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1055. 1064 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States. . 1066-1071 Gold production. 1071 Reported gold reserves of central banks and governments. . 1072 Gold movements; gold stock of the United States. . 1073 International Monetary Fund and Bank. 1074 Central Banks 1074-1078 Money rates in foreign countries. 1079 Commercial banks. 1080 Foreign exchange rates.. 1081 Price movements: Wholesale prices. . 1082 Retail food prices and cost of living. 1083 Security prices 1083 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. SEPTEMBER 1952 1065 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES [Net movement from United States, (-). In millions of dollars] Increase in banking funds in U. S.J Decrease Domestic Foreign From th J r a o n u . 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 n o k a d . i d n s S g . » s I e n f f c o u f u l r n o r e d w i ig t s i 3 n e o s f : se o R f c f u u e n U t r d u i . t s r i 3 S n es . : 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—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 10,114.5 8,422.3 | 2,769.8 3,909.1 1,743.4 211.3 612.9 743.7 124.3 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 1,680.9 133.4 631.3 688.6 125.4 Feb. 29 10,208.8 8,638.2 2,811.5 4,200.2 1,626.5 164.9 616.8 658.3 130.7 Mar. 31 10,234.3 8,717.6 2.912.3 4.148.0 1,657.3 125.0 617.4 642.5 131.8 Apr. 30 10,268.6 8,829.1 3.025.5 4.164.9 1,638.7 109.7 622.4 580.4 127.0 May 31 P 10,454.8 9,196.5 3.221 0 4.2S2.3 1,693 .3 94.9 604.3 428.0 131.1 June 30* 10,548.3 9,275.3 3.291.6 4.300.2 1.683.5 98.5 599.4 441.7 133.4 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 i a - - 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 tz 5 - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r in ica Asia o A th ll er tutions and Official2 private 1946—Dec. 31.. 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 931.8 1,104.81,316.4232.8 1947—Dec. 31.. 2,262.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.61,057.9193.7 1948—Dec. 31.. 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 1,287.01,151.8167.4 1949—Dec. 31.. 1,657.8 5,960.2 2,908.1 574.4 171.6 170.5 576.9 303.6 717.0 2,513.9 869.1 1,436.7 961.0 179.5 1950—Dec. 31.. 1,722.2 66,922.6 3,425.9 6656.6 260.7 193.6 553.0 314.7 799.2 82,777.7 899.0 1,612.91,378.5254.5 1951-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 1,614.31,410.3259.4 Aug. 31.. 1,662 8 108.7 3,445.1 522.6 221.2 131.7 506.8 283.4 1,097.4 2,763.1 1,011.1 1,578.31,495.1261.0 Sept. 30 . 1,637.1 155.1 3,433.9 513.0 222.7 135.4 511.5 287.8 1,131.3 2,801.9 1,022.8 1,532.01,540.8" 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 2,843.7 1,257.8 1,502.21,535. .3 Nov. 30. 1.760.9 7,441.4 3,445.0 591.2 254.4 154.5 506.8 293 1 1,086.1 2,886.1 1,250.1 1,461.61,555.8 287.8 Dec. 31. . 1,708.2 7,575.6 3,462.2 642.6 289.4 148.8 521.3 300.5 1,021.2 2,923.7 1,307.1 1,437.81,609.6297.4 1952—Jan. 31.. 1,700.9 7,517.7 355.2 644.6 252.8 153.7 521.6 290.2 997.8 2,860.7 1,316.5 1,400.71,635.7304.1 Feb. 29.. 1,646.4 7,745.8 521.8 796.9 253.4 155.9 542 9 293.9 959.2 3,002.2 1,336.3 1,416.31,661. 1 Mar. 31.. 1,677.2 7,794.5 622.6 783.6 251.4 149.7 544.8 292.1 956.4 2,978.0 1,339.7 1,463.11,687.8 325.9 Apr. 30. . 1.658.6 7,924.5 735.8 745 .0256 3 122.0 584.3 286.5 970.8 .964.9 1,397.8 1,490.21,755.0 316.6 May 31 P 1,713.3 8,237.4 931.3 756.8 267.2 155.9 I 599.6 278.6 1,004 ,062.8 1,496.0 1,528.71,824.0325.9 June 30?. 1,703.4 8,326.0 4,001.9 793.4 299.2 203.0 i 600.8 266. S 1.028.6 3,191.9 1,490.8 1,516.31,794.5332.4 f x-ieiiiuiiicii y. 1 Certain of the movement figures in Table 1 have b f1Vi_J±.r1_m*_1 sU.U LOIUV(^F Loilot tt^nllloH-tVeJ. U1ia at^bOfo vUle^ lUaUlsilolg aVJp • pV~Jl. ieLIsL l^tCoUO tVhJ.iWsll iiCtllaCVbl lCeLU.)l\JCX\A CLLIVJ. tilt. lUlUgU OU USiUlai ICO dl-lVJ. UX1J.V-.CO Ui \J • O. 5 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of ttrh.at date, 6 Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in ssppecific trust accounts, which have been excluded in the past from reported liabilities. ./ith the BULLETIN for September 1951, certa mges appears on page 1202 of that issue. For 1066 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 D a en 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 he ll r* 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. 3i 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 2l!3 19^9 119!3 1949—Dec 3i 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 41.9 128.2 5.6 45.5 18.3 221.6 32.3 43.6 "i'.'i 45.7 6.1 21^3 115.3 4^0 13.2 52.4 1951—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 41.1 103.0 2.3 47.9 6.0 14.4 89.3 4.1 5.3 55.6 Oct. 31. . 1,116.5 61.1 143.6 1.5 47.2 24.0 488.3 39.1 106.3 2.4 36.4 6.0 16.8 83.7 2.5 4.0 53.6 Nov. 30.. 1,086.1 62 9 145.1 1.5 46.7 27.9 455.9 41.5 98.6 2.6 35.4 6.0 18.4 80.3 2.3 8.2 52.7 Dec. 31.. 1,021.2 57.1 134.7 1.3 45.3 27.0 405.6 45.8 99.7 2.8 40.7 6.1 17.1 70.7 2.5 7.1 57.6 1952—Jan. 31.. 997.8 57.0 132.8 .7 44.0 30.0 395.1 38.9 97.7 2.4 40.7 6.0 16.6 64.3 4.2 7.7 59.5 Feb. 29. . 959.2 55.4 136.6 .8 38.7 30.7 353.0 38.4 96.7 5.8 42.8 6.1 17.4 64.4 4.9 8.7 58.8 Mar. 31. . 956.4 54.0 130.4 .7 38.9 26.9 361.8 41.0 104.4 2.5 41.8 6.2 17.9 62.4 2.5 7.1 57.9 Apr. 30. . 970.8 54.9 134.1 . 7 37.6 23.8 380.2 41.9 100.5 2.1 41.6 6.1 17.7 65.3 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 June 30P. 1,028.6 49.2 137.5 .6 34.2 21.3 453.1 41.7 94.6 2.6 40.6 6.0 18.5 68.4 2.0 10.7 47.6 Table 2b.—Latin Aiinerica Neth- 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 D R c l u i i a o e c b n n - - - - G m u a a l t a e- M ic e o x- l W I S a a n e u n n d r e r d d - i s i e - s t s 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 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 n * r r nam 1946—Dec. 31. 1,104.8 112.6 14.0 174.0 50.7 57 8 153.5 152.2 16.1 40.9 77.2 74.0 181 8 1947—Dec 31 1,216 6 236 2 17 8 104.7 46.3 46 1 234.7 139 2 14 9 41 8 70.3 78.0 186 5 1948—Dec! l,287'.O 215'.8 17.1 123.7 55.6 54 0 219.4 146! 7 24!3 52!6 71.8 121 184 1 1949—Dec. 31 1,436 7 201 1 13.5 192.8 60.9 85 9 164.2 214 6 25 9 52 8 74 3 143.2 207 4 1950—Dec. 31. 1,612.9 301.8 20.4 226.0 79.5 53 4 259.1 42! 7 '25 i' 207.1 30.2 60.2 59.2 16 1 75.1 85.2 71.3 1951—July 31. 1,614.3 330.9 22.2 171.5 57.8 50 9 354.3 53.2 28 5 111.2 ?8 2 52.8 62.0 46 1 83 2 74 6 86 9 Aug. 31. 1,578.3 320.3 21.6 151.4 56.2 52 1 336.7 53.0 26 0 128.2 27.7 54.5 66.3 41 7 80.6 74.7 87 5 Sept. 30. 1,532.0 312.1 26.2 140.4 55.5 46 2 312.3 50.7 23 4 143.9 30.4 52.9 58.7 37 7 79.7 76.3 85 5 Oct. 31. 1,502.2 299.5 24.1 132.8 52.5 61 0 305.2 44.2 21 9 150.4 30.2 51.2 64.6 32.2 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—Jan. 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 23.6 118.2 59.5 96.3 265.5 48.9 35 9 134.0 31.3 48.8 65.7 39 0 76.8 64.5 95 4 Mar. 31. 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. 30. 1,490.2 177.4 21.7 98.5 58.6 91 1 307.4 53.4 40 0 150.4 28.2 57.0 65.6 42 5 93.0 101.4 104 1 May 31P 1,528.7 167.8 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 June 30? 1,516.3 146.8 24.1 80.9 54.3 73 6 316.6 50.4 38 3 195.7 32.2 56.5 73.3 36 8 97.6 129.8 109 2 TabU 2c--Asia and All Other For- Egypt Date Asia C m a h n o i d s n a a K H o o n n g g India I n n e d s o ia - Iran Israel lapan i P p R h p e i i - l n - e T la h n a d i- T k u ey r- O A t s h i e a r 8 o A th l e l r A tr u a s - - C g B o i e a n l n g - o A E a n g n g y d l p o - - S U o o n u f i t o h n Other4 Main- public lia tian Africa land Sudan 1946—Dec. 31 . 1,316.4 431.9 44.9 43.5 127 .1 16 6 446 6 <4 7 151 0 232 8 45 ,. 20.8 47.2 119.3 1947—Dec. 31! 1,057.9 229.9 39.8 62.4 69.3 31 488 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 ^ 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 'io!3 12.6458 5 374.4 48.2 14.3 111.9 254.5 19 1 * *5s!i 75.6 44.0 57.7 1951—July 31. 1,410.3 84.3 61.4 75.1 152.9 26.5 16.2356 9 396.1 67.8 14.3 158.6 259.4 23 6 55.4 98.9 17.3 64.2 Aug. 31. 1,495.1 89.7 62.3 64.3 157.4 25.8 16.7440 6 382.2 73.1 12 9 170.1 261 0 22 3 53.1 98.7 21.8 65.2 Sept. 30. 1,540.8 93.7 60 0 68.9 172.7 25.3 12.0492 4 369.4 80.0 12!o 154.5 257.6 22 4 50.3 104.8 11.6 68.5 Oct. 31. 1,535.0 90.0 60 1 59.8 128.0 21.0 13.5538 7 355.6 84.9 12.2 171.3 274.3 32 4 52.2 101.7 16.0 72.0 Nov. 30. 1,555.8 88.4 62.0 57.7 129 1 21.8 14.4568 7 342.2 90.9 11.4 169.1 287.8 36 8 52.6 101.2 13.6 83.7 Dec. 31. 1,609.6 87.4 62.4 62.1 140.6 25.5 26.6596 0 329.7 96.7 14.1 168.4 297.4 38 5 54.5 110.7 7.0 86.8 1952—Ian. 31. 1,635.7 81.9 64.2 58.6 131.8 26.8 20.7636 2 328.2 108.8 13.6 164.8 304.1 32.3 54.3 121.0 9.1 87.3 Feb. 29. 1,661.9 81.6 64.4 59.4 127.4 26.9 19.3655 7 331.1 115.0 14.9 166.1 329.1 36 5 58.8 126.4 11.8 95.7 Mar. 31. 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. 1,755.0 80.1 65.6 52.1 171.1 23.8 27.6696 8 335.0 125.8 10.8 166.3 316.6 36 7 62.0 123.3 13.9 80.7 May 31 P 1,824.0 80.2 62.7 67.3 189.7 23.5 37.8726 3 334.2 126.5 14.2 161.5 325.9 44 7 68.1 117.7 12.4 83.1 June 30* 1,794.5 76.5 69.7 56.7 176.5 21.1 30.5731 4 333.0 126.8 20.6 151.7 332.4 49 5 72.6 117.7 10.1 82.5 separately as of that date. ' lg January 1950, excludes Irar Isra SEPTEMBER 1952 1067 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 in i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L i m 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 A 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—July 31 939.9 103.7 8.2 3.4 10.7 29.3 89.8 245.2 119.3 401.3 117.6 56.6 Aug. 31 947.5 87.0 13.3 3.8 8.3 18.0 88.8 219.2 101.9 429.5 141.0 55.9 Sept. 30 897.4 52.0 11.0 2.9 9.2 13.2 86.3 174.7 101.0 437.2 128.7 55.9 Oct. 31 918.1 33.0 11.3 2.9 9.6 11.2 92.1 160.1 102.5 463.8 146.9 44.7 Nov. 30 943.1 34.7 11.0 3.9 8.8 7.5 97.7 163.6 118.3 465.5 153.0 42.6 Dec. 31 968.4 35.0 10.1 5.0 11.2 10.3 111.2 182.8 92.0 489.3 162.4 41.9 1952—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 Aor. 30 1,019.7 33.5 13.8 3.4 8.6 23.5 81.1 163.9 76.4 601.1 144.8 33.5 May 31P 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 June 30P 1,030.9 32.3 11.7 3.3 9.8 30.4 71.5 159.2 51.9 669.8 119.6 30.4 Table 3a.—Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a en rk - l F a i n n d - m G a e n r- y Greece N w o a r y - t P u o g r a - l Spain S d w en e- Y sla u v g i o a - ot A he ll r 2 1946—Dec 31 82.8 7.5 .5 6.2 30.4 12.4 3.3 1.0 7.2 4.9 9.5 1947—Dec 31 118 9 15 0 2 2 8 0 30 5 10 6 9 2 1 l 9 5 4 (3) 35 9 1948—Dec 31 106.3 21.4 .6 3.4 30.5 1.2 8.4 .7 2.9 1.4 6.0 29.8 1949—Dec 31 98.5 19.3 .4 8.2 30.0 .7 7.4 .5 7.0 2.3 22.6 1950—Dec 31 67 1 .2 21 5 3.2 2.2 25 4 .2 1 4 5 1 6 6 9 4 0 1951—July 31 89 8 (3) 18 7 4 1 5.1 25 9 .1 2 1 1 0 20 2 6 2 1 7 4 8 Aug 31 88.8 15.2 4.1 5.0 26.4 .2 2.0 1.0 23.5 4.9 1.5 5.0 Sept 30 86.3 .2 21.5 5.2 2.5 28.8 .2 1.8 .8 14.2 4.1 1.9 5.2 Oct 31 92.1 23.6 5.7 2.7 30.9 .1 1.7 .6 17.1 4.3 1.1 4.4 Nov. 30 97.7 .1 27.1 5.9 3.2 28.6 .5 1.1 .7 16.8 6.2 3.5 4.2 Dec 31 111 2 39 6 4 8 3 1 28 3 .2 2 5 8 18 8 5 4 3 9 4 0 1952—Jan 31 114 6 (3) 42 9 4.0 3 6 30 1 .2 2 0 1 0 19 0 5 2 2 4 4 2 Feb. 29 103.0 33.7 4.6 4.1 27.9 .1 1.6 .9 19.8 4.3 1.3 4.6 Mar. 31 89.6 .1 28.7 4.6 2.7 27.7 .1 1.5 1.2 13.5 4.2 .7 4.4 Apr. 30 . .. 81.1 21.3 4.3 1.8 27.2 .1 1.8 1.0 12.6 3.6 2.4 4.9 May 31P 80.3 .1 18.7 3.9 3.4 26.9 .1 2.1 .8 14.6 3.2 2.7 3.8 June 30P 71.5 16.5 3.5 2.9 23.2 .1 1.6 .8 14.3 2.7 2.3 3.6 Table 3b.—Latin America Neth- Do- er- Date 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 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- I l W n a a d n n e i d d e s s s t Peru l p P i R c u a e b n - o - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L ic a t m a h t i e e n * r r lic Suri- ama nam 1946—Dec. 31. . 226.8 41.8 2.3 49.8 14.6 26.4 25.7 25.5 .8 3.7 1.3 8.7 26.2 1947—Dec. 31 514 3 65 2 2.0 165.8 27.8 32.6 108.6 52.2 1 1 4 3 4 7 15.3 34 5 1948—Dec. 31.. 516.6 72.4 2.7 165.4 15.2 32.6 83.1 73.8 1.5 4.4 4.6 26.0 34.7 1949—Dec. 31. 411.1 53 6 2.3 136.9 15.5 21.1 27.5 73.0 ^ 5 8 5 3 25.6 43.1 1950—Dec. 31.. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 1.9 2.6 70.6 L.3 11.0 3.1 6.8 8.0 49.4 14.6 1951—July 31. . 401.3 10.0 7.1 104.5 12.3 45.9 50.6 2.0 2.7 60.4 L.4 11.1 2.6 3.8 9.9 62.6 14.4 Aug. 31. . 429.5 8.9 8.2 112.4 15.5 42.7 42.0 1.8 3.0 68.6 L.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 L.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 L.I 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 L.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 L.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 L.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 L.2 11.5 3.9 7.5 19.1 33.1 15.1 Apr. 30. . 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 L.I 11.6 6.0 5.3 28.1 34.2 13.8 June 30P. 669.8 8.2 8.4 358.2 26.1 35.0 51.8 2.2 4.1 78.0 L.2 10.9 5.9 5.4 30.7 32.1 11.5 P Preliminary. 1 See footnote 1, p. 1066. 2 Beginning January 1950, excludes Austria, reported separately as of that date. 1 Less than $50,000. 4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 1068 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 3c.—Asia and All Other For- Egypt Date Asia C M m a h n o a i s d n in a a - H K o o n n g gIndia I n n e d s o ia - Iran IsraelJapan i p P p R u h p b e i i l - n l - i e c T la h n a d i- T k u e r y - O A t s h ia er 1 ot A h l e l r t A ra u l s i - a C g B o i n e a g l n - o A E t a n i g n a g y d n l p o - - A S U f o r o n u i f i c t o a h n Other* 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 1949—Dec. 31.. 139.7 16.6 3.7 17.4 .2 .... ... •. 14.1 23.2 14.3 50.3 20.4 7.9 .2 4.5 7.7 1950—Dec. 31.. 96.3 18.2 3.0 16.2 .2 "o\6 18l9 12.1 4.9 ' us' .9 13.9 60.0 40.8 "41i' .3 7.3 7.2 1951—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. 30.. 144.8 8.6 4.2 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 P. 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 June 30P . 119.6 7.3 2.4 6.5 1.4 10.7 27.9 15.8 20.5 2.7 15.4 9.0 30.4 12.0 8.7 .2 4.7 4.9 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES8 (Inflow of Foreign Fonda) [In millions of dollars) U. S. Government bonds and notes4 Corporate bonds and stocks8 Net Year or month Purchases Sales pur N ch e a t ses Purcha Sales pur N ch e a t ses pu T rc o h t a a s l es T sa o l t e a s l p s d u e o r c m c u o h r e f i a s t s t i e e ic s 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 -683.0 859.8 761.0 98.7 1,533.3 2,117.6 -584.3 1951—July 30.0 79.3 -49.4 51.6 47.3 4.2 81.5 126.7 -45.1 August. . . 25.7 226.7 -201.1 68.0 60.3 7.7 93.7 287.0 -193.3 September 11.1 56.1 -45.0 76.7 52.4 24.3 87.8 108.5 -20.7 October.. . 20.7 282.5 -261.8 94.0 76.1 17.9 114.6 358.5 -243.9 November 20.7 17.4 3.4 62.6 61.8 .8 83.4 79.2 4.2 December. 27.2 36.0 -8.8 64.1 53.7 10.4 91.3 89.7 1.6 1952—January.. 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 April 13.9 15.8 -2.0 76.2 69.2 7.0 90.1 85.0 5.0 May?. . . . 31.2 37.7 -6.5 59.8 71.4 -11.7 91.0 109.1 -18.2 June?.... 40.3 40.0 .2 62.9 68.0 -5.1 103.2 108.0 -4 8 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES3 (Return of U. S. Funds) [In millions of dollars] Foreign stocks Foreign bonds Net Total Total purchases Year or month Net Net purchases sales for o ei f gn Purchases Sales purchases Purchases Sales purchases securities 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 '801.0 -300.6 772.7 '1,149.7 -377.0 1951—July 16.4 18.1 -1.7 45.4 28.2 17.3 61.8 46.2 15.6 August 19.6 19.6 -j 21.1 20.7 .4 40.7 40.3 .3 September 26. 26.6 C7) 73.6 73.0 .6 100.2 99.6 .6 October 25. 21.4 3.8 53.9 226.1 -172.2 79.1 247.5 -168.4 November 24. 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 April 28.9 44.9 -16.0 47.7 93.8 -46.1 76.6 138.7 -62.1 Mayp 19.0 20.4 -1.4 35.6 186.5 -150.9 54.6 206.9 -152.3 June? 19.3 22.9 -3.6 50.0 32.7 17.3 69.3 55.6 13.7 P Preliminary. T 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. 4 Through 1949 includes transactions in corporate bonds. 5 Through 1949 represents transactions in corporate stocks onlv. 6 Includes net sales of 554 million dollars by Canada. 7 Less than $50,000. SEPTEMBER 1952 1069 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES (Inflow of Foreign Funds) [Net sales, (—). In millions of dollars] Y m e o a n r t o h r n t I a u i n n t t i i t s o o e t n i r n - - a s l Total U K d n i o i n m t g e - d France N l e an th 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 —2t . 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\ 7 13 0 — 17 1 — 14 — 175 5 3 2 —3 5 10.0 2.2 1948 7 6 -199.8 9.1 -82.8 -793 -40.0 (i) 2' ^ -190.4 7.5 10.2 —23.3 —3.9 1949 87.0 -11.8 20.9 -6.8 .5 44.2 1.5 2.2 36.5 -49.0 2.5 -2.1 .2 1950 . 121 2 823.2 64.0 197 8 —6 3 19.0 — .7 73.8 347 5 458 2 30 1 — 15.3 2 7 1951 -15.9 -568.4 21 A 6.0 -22 .2 45.9 1.9 -43 .8 9.2 -595.5 13.9 4.8 — .7 1951—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 I 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 A 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 A -2.3 2.4 -.2 -1 .2 1.4 —2.7 2.9 -2.1 .3 Apr.. .. .8 4.2 .4 -.6 —2.6 -.1 .1 —.6 -3.3 3.6 4.1 0) -.2 May*. . .3 -18.5 1.3 0) -3.1 -1.9 .1 .7 -2.9 -7.2 -.4 -7.8 — .2 June?. . .6 -5.4 -.8 1.6 -3.0 3.0 _ 2 1.2 1.7 -2.5 -4.8 2 .5 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia For- Y m e o a n r t o h r E O u t r h o e p r e t A ri u a s - 2 g B iu e m 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 R u a b e n - l - ic g U u i a "U y - 2 A O L m i a t c h t e a i e r n r - Asia M C m a h a n o i i d s n n a a - I n n e d s o ia - P p p h R u i i n e l b i - e - p- O A t s h i e a r ama land lic 1946 — 10 8 .6 2 2 — 13 6 6.3 .1 1.7 6.8 4.5 —6.7 —224.51 —200 5 —22.5 _l 9 4 1947 — 14 1 .9 -4.1 -9.2 -3.5 .3 -.9 2.5 -6.9 1.5 io.o! -3.2 — 1.3 7.0 7.5 1948 2.6 2^6 -7 .3 10.2 .2 -.8 2.9 -4.7 12.6 -23.3 -22.7 .4 -.9 1949 . 2 2 1.6 — .9 1.4 2.5 1.2 -1.0 .3 4.2 —2.1 — 7.2 2 .5 4 4 1950 73.8 18.4 12.6 36.7 6.0 30.1 -1.2 24.6 .5 .1 -5.0 11.1 -15.3 -3.0 -.3 .9 -13.0 1951 —43.8 11.9 5.7 —38.1 .5 13.9 6 1 2 5 8 ? 6 1 5 4 8, — 2 3 —? 1 6 8 1951—July... .6 .1 .2 C1) .3 1.7 0) .3 2 -1.6 -.2 2.8 .9 .2 0) .1 .7 Aug... -42.6 -4.7 -3 .6 -29.2 -5.0 -1.3 -.1 -.3 -'.3 .6 -.8 -.3 -.1 — 2 CO 0) .1 Sept... 1.0 C1) 1.2 C1) -.2 3.8 c; -.2 .6 3.1 .1 . 7 -10.1 '.1 -10.0 (i) -.2 Oct.... 1.9 .4 2.0 C1) — 5 3.9 — 3 .4 0) -.3 1.6 2.5 -5.0 .1 -5.0 0) -.1 Nov... .8 0) .7 '.2 1.2 '.8 .2 -1.5 .7 .7 .9 0) 0) 0) .9 Dec. . . 3.8 0) 3.4 Q)'2 A 3.1 .3 .1 1.6 .2 -.6 1.5 0) C1) -1 .2 1.2 1952—Jan... . -1.3 .2 _ .6 0) -.9 2.3 -.4 .1 1.0 1.1 .5 -.1 -1.3 0) f!) -1 .1 -.3 Feb.. .. .3 0) .5 -.1 — . l -2.3 -.3 .3 -.2 -3.2 1.0 2 -l.i! .1 (l) —.3 -.8 Mar. . . -1.2 —.1 .1 -1.3 2.9 .6 .5 0) 2.0 -.1 -.1 —2 1 -.2 (I) -1 .6 -.4 Apr.. .. -.6 C1) .8 — .1 -1.3 4.1 .4 .8 -.8 1.4 .5 1.7 2 ( ) 0) — # I May* . 7 0) 2 0) .5 -.4 -1.1 — .1 -.7 .4 -.2 1.3 -7.8 . 1 -8.0 .1 A June,.. U2\ .2 'A -.1 .6 -4.8 1.1 -.4 — .4 -5.9 .3 .4 i •2 (}) -1 .0 0) TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, ( —). In millions of dollars] Y m e o ar n 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 r t o a p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1946 . 265.1 -20.9 -1.0 -7.0 -13.9 -.8 10.9 -32.6 187.6 131.3 .3 —21 4 1947 -249.3 288.3 -2.0 -3.1 -29.9 -14.9 -.3 15.6 -34.4 205.2 89 2 .5 27.8 1948 (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 1 1 9 9 5 5 0 1 — - 1 3 52 .6 7 r— -1 2 4 2 1 4 .8 3 - - 6 2 . . 1 0 - - 1 4 . . 3 1 -4 2 . . 7 8 1 1 7 4 . . 2 2 1. . 2 5 1 7 6 . . 8 4 2 1 8 3 . . 5 4 '• - - 1 2 9 58 0 .0 6 2 33 9 .8 8 -36 1.0 0 3 7 . 9 9 1951—July. .. 15.6 .1 -.4 .2 .3 .1 1.4 1.7 16.4 4.2 -6.9 .2 Aug .2 .3 2 -.7 1.0 0) . 7 1.5 -1.6 0) 0) A Sept... -i!o 1.6 — .6 '.8 .1 1.2 0) — 1.1 .4 -2.2 3.8 -1.7 1.3 Oct.... -99.4 -69.0 .2 .8 .7 .2 0) 1.4 3.4 -76.5 5.4 -2.0 .6 Nov... 10.7 .3 0) .4 1.4 0) .3 2.5 9.2 2.6 -3.9 .3 Dec —66 9 — l .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 0) .8 -.8 -30.6 2.3 -1.8 .6 Mar... . -4.4 -11.4 -.5 .2 .5 .4 2.8 3.1 -5.5 1.5 -5.0 -5.5 Apr... . 0) -62.2 .1 .5 .6 1.7 0)" .4 3.3 -71.2 1.0 -4.1 8.8 May?.. -50.0 -102.3 -1.1 .5 -.2 1.0 1.1 1 .3 -102.1 1.9 -3.6 .1 -.8 14.5 -1.1 .9 -3.9 -.1 -'.2 6.1 1.7 12.6 2.5 -2.7 .4 P Preliminary. r Revised. i Less than $50,000. 2 Not available until 1950. 1070 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 .2 .9 .2 .1 1.0 .9 -1.3 -.2 .2 1950 8.0 -.1 r 2.5 .7 .4 -.2 3.0 -3.0 4.4 3.0 .6 1951 -6.1 .9 -.1 .3 -4.8 .2 -.3 -3.3 2.8 -5.0 -.5 -.1 .4 1951—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 (i) 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 -.1 !5 December 1.5 .7 — .3 .7 (i) -.2 .3 .3 1.3 (i) — 4 1952—January -.2 -.8 -1.1 -1.7 -.5 0) .4 -3.7 1 1 2.2 .2 0) A F M e p a b r r i r l c u h a , ry -4 5 1 . . 8 3 2 -1 1 . . 3 1 2 -.9 .8 3 -1 1 1 . . 9 0 9 — 4 1 2 . . 8 7 7 -.2 .1 — . . . 2 2 3 -2 8 (i . ) . 9 1 -2 1 1 . . 1 4 8 - - 1 2 . . 5 6 .1 — -. 8 . . 5 2 — 0 ) .4 6 Mayp 4.1 .4 .3 -.6 2.9 .2 c 2.6 -1.5 2.1 .2 .6 June** 22 3 1.0 2 3.1 -2.1 A .1 2.2 -.3 .5 -.3 2 P Preliminary. 1 Less than $50,000. 2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 88.0; U. S. brokerage balances abroad, 31.5. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reported monthly Estimated Year or world Africa North and South America Other month pr U o o u S d t S u si R c d t e i i on r m e T o p o n o t t r a h te l ly d A So fr u ic th a d R e h s o i - a A W fr e ic s a t 2 B C e o l n g g ia o n 3 U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 5 Au l s ia tra- India3 $1 '15/21 grains of gold 9/10 fine: i. e., an ounce of fine gold =$35. 1941 1 265.6 .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 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, 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 757.4 403.1 17.0 23.7 12.7 66.3 152.7 13.8 15.1 6.1 30.5 7.6 1951—June 62.7 33.9 1.4 1.9 1 1 5.6 12.7 1.0 .3 .5 2.3 .6 July 62.5 34.4 1.4 1.9 1.2 5.2 12.1 1.0 .3 .5 2.0 .7 August 65 .7 34.6 1.4 1.9 1.3 6.4 12.1 2.0 .5 .5 2 .6 .7 September.. 63.3 33.3 1.4 2.0 1.1 6.1 12.6 .8 .3 .4 2.8 .7 October 66.0 34.1 1.5 2.0 1.1 6.3 13.2 2.0 .2 .5 2.7 .7 November.. 63.2 33.8 1.4 2.0 .9 5.4 13.0 .8 .2 .5 2.7 .7 December. . 62.3 33.2 1.5 2.1 1.0 4.9 13.2 1.2 .9 .4 2.6 .7 62.5 34.2 1.4 2.0 1.1 5.0 12.4 .5 1.6 .6 2.4 .6 February. 61.0 32.2 1.4 1.9 1.2 4.8 12.3 1.4 1.4 .4 2.6 .7 March. . . 34.4 1.3 1.9 1.2 4.6 12.8 1.2 2.5 .7 April 33.8 1.5 2.0 1.3 5.0 12.7 1.6 .7 May 35.5 2.0 5.1 12.8 1.5 .7 June 34.1 .7 Gold production in USSR: No regular government statistics cn gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 3 Reported by American Bureau of Metal Statistics, 4 Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly figures reported by American Bureau of Metal Statistics, those for 1951 having been adjusted by subtracting from each monthly figure $297,000 so that the aggregate for the year is equal to the yearly estimate compiled by the United States Mint. 8 Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. SEPTEMBER 1952 1071 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f ota ( l e x w cl o . rld A t r i g n e a n- g B iu el m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m 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 83 279 32 20 1948—Dec.. . . 34,930 24,244 24,399 143 624 23 317 408 43 51 289 32 21 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35,820 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—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—Jan 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 . . . 36,010 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 23.533 268 669 317 893 42 318 31 22 July.... 23.350 23,536 735 31 22 II '""" 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 28 181 265 23 91 24 1947—Dec 53 548 27 274 142 58 *180 100 231 23 72 20 1948—Dec 53 548 27 256 140 96 42 166 23 52 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—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 27 247 138 346 280 185 342 32 50 38 46 May.. . . 174 548 27 247 138 280 344 33 50 38 46 Tune.... 174 548 27 247 138 280 344 33 50 38 46 July . . . 5-*8 280 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 t t i t t o e le n r - - al Fund ments 1945—Dec. 13 914 110 482 1,342 43 241 52,476 195 202 39 1946—Dec 433 12 939 111 381 1,430 34 237 5 2,696 200 215 15 32 1947—Dec 310 15 762 111 105 1,356 34 170 52,079 175 215 1,356 30 1948—Dec 236 15 183 111 81 1,387 34 162 5 1,856 164 323 1,436 36 1949—Dec 178 17 128 85 70 1,504 118 154 s 1,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 5 3,300 236 373 1,495 167 1951—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 8 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 fi 1,700 211 373 1,532 143 Apr.. . . 274 26 164 51 214 1,413 113 150 5 1,662 211 373 1,532 151 May... 274 30 161 51 210 1,410 113 153 6 1,678 373 1,535 154 Tune... 30 148 51 213 1,408 113 150 s 1,685 373 154 July . . . 30 206 150 5 1,716 166 eminent. (Gold reserves of Bank Exchange Equalization Account.) 1072 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 * Canada A t r i g n e a n- Cuba Mexico 1945 -452.9 31.1 278.5 -47.9 -86.8 -7.4 36.8 -224.9 -85.0 -23.8 1946 721.3 " — [2 14.2 -10.0 80]2* -29.9 27.3 337.9 153.2 -30.0 36.9 1947 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727.5 -65.0 45.4 1948 1,510 0 734.3 69.8 15.8 40 7 63 0 3.0 —5 6 5 8 114 1 — 10 0 61 6 1949 193 3 446 3 -41 0 -23 5 14 0 —40 0 2—159 9 3 4 —49 9 — 10 0 —16 1 1950 -1,725.2 1,020.0 -55.0 -84.8 -79.8 —15.0 -22.9 -38,0 -68.0 -100.0 28.2 -118.2 1951 75.2 469.9 -10.3 -20.0 -4.5 —34.9 -32.0 -15.0 -60.1 -10.0 -49.9 -20.0 -60.2 1949 Jan -Mar... 68 8 -12.5 10 4 10 5 —5 0 —13.7 3 4 2 3 Apr.-June 173.9 162.4 31,0 -10.0 —11.2 July-Sept 101.5 283,9 3.5 -20.0 « —119.1 -10.0 —11.3 Oct.-Dec. . ... -151.0 2.5 —33 9 -5.0 -15.9 —49 9 -15,0 1950 -201.3 -80.0 -35.0 —13.0 —12.4 —15.8 Apr -June . -30.4 -20.0 —3.0 -11.9 July-Sept -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 -June —55 6 - 80 0 2 0 — 15 0 — 11 2 —10 0 64 1 Tulv-Seot 291 4 320 0 -5 0 -17 0 —3.5 -20,0 Oct -Dec 715.7 i 629.9 71 7 -5.0 -1.1 1 1952 Jan -Mar. . •. 557.3 520.0 20.2 22.5 -10.1 11.3 105.7 6.9 101.4 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 i m a t c h t a e i e n r r - Oc A a e n s a d i n a ia A U So f n o r u i i f o c th a n o A th l e l r Period T e r n e d a 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 t s a e 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 : a a k i n s s e d e e - d e- p t D i t r c o i o o m d g n o u e l c 2 s d - ury (-) 1945 -37.9 -73.1 -27.8 3-188.3 3.7 1 1 1 9 9 9 4 4 4 7 6 8 . - 2 1 4 5 0 . . 9 1 7 1 - - 0 9 3 8 . . 2 7 0 2 7 13 5 9 . . 0 1 4 - 1 4 1 3 . . 0 7 1 2 40 9 5 8 4 6 .0 6 3 2 1 6 2 1 .9 9 9 1 1 9 9 4 4 3 2 . . .. ... 2 2 2 1 , , 7 9 2 3 6 8 2 21 2 , , 9 7 8 3 1 9 -7 — 5 2 7 3 , 9 0 3 6 15 8 .9 7 — -8 4 0 5 3 8 . . 6 4 1 4 25 8 .3 4 1949 ........... -14,4 -50.0 ~7 5 -52.1 195.7 -1.6 1944 . . . 20,619 20,631 -1,349.8 -845.4 -459.8 35 8 1950 -64 8 — 17 2 -35 4 13.1 4—47 2 1945. 20,065 20,083 -547.8 -106.3 -356,7 32.0 1951 22.2 -.9 — 17.2 6 —50.1 52.1 4-84.0 1 1 9 9 4 4 6 7 2 2 0 2 , , 5 7 2 5 9 4 2 2 0 2 , , 7 8 0 6 6 8 82,1 6 6 2 2 3 1 1 1 3 8 1 6 1 6 .5 3 4 21 6 0 5 .4 0 5 75 1 .2 8 1948.. , 24,244 24,399 1,530.4 1.680.4 -159.2 70.9 1949 1949 24,427 24,563 164 6 686 5 -495.7 67 3 Jan.-Mar 3 6 -2.3 72 0 .1 1950. 22,706 22,820 -1.743.3 -371.3 -1,352.4 80.1 Apr -June 3.0 3.7 -6.6 55.6 1 1951 22,695 22,873 52.7 -549.0 617.6 66.3 July-Sept -16.5 —50'.6 2 9 -2.2 48.1 -2.0 1951—Aug. .. 21,854 21,986 133.1 -3.7 137.0 6.4 Oct.-Dec. . -1.0 -11 9 -41.0 19 9 .2 Sept... 22,013 22,164 178.0 10.9 176.7 6.1 Oct.... 22,233 22,394 229 9 -18.4 243.4 6.3 1950 Nov... 22,382 22,579 185.0 -2.1 188.4 5.4 Dec... 22,695 22,873 294.1 6.5 289.9 4.9 J A T a u p n l r v . - - - M S Ju e a n p r e t . . . . .. - - — 2 1 3 2 2 . . . 9 0 0 -1 - — 0 . . 9 4 .1 -13 1 . . . 9 0 2 3 9. . 2 9 - -1 2 4 6 2 . . . 7 9 8 1952— F Ja e n b . . . . . . 2 23 2 , , 1 9 9 5 0 1 2 2 3 3 , , 0 3 5 7 5 7 3 1 2 8 1 2 . . 5 4 1 6 5 3 0 . . 6 3 1 1 3 5 7 2. . 2 5 4 5 . . 8 0 Oct.-Dec -26 9 -5.9 -22.8 -2.8 Mar.. . 23,290 23,428 51.6 157.1 -103.1 4.6 Apr. . . 23,297 23,450 22.0 96.6 -75.4 5.0 1951 May. . 23,296 23,502 51.9 27.2 27.1 5.1 June.. 23,346 23,533 30.5 36.6 19.3 5.5 J A an p . r - . M -J a u r. ne........ -5 1 0 5 . . 9 0 ' —'.9 - 1 5 1 . . 0 7 -1 -2 8 . . 4 8 12*7 - - 2 2 8 5 . . 0 0 J A u u l g y . . . .. . 2 2 3 3 , , 3 3 4 5 4 0 2 2 3 3 , , 5 5 3 2 6 8 -8 3 . . 0 8 2 (4 4.5 5 - - 3 3 1 2 . . 4 6 ( 6 4 . ) 4 Tuly-Sept 28.0 3.5 -3.9 20.3 -31.0 Oct -Dec 30.1 -4.0 -25.0 19.2 1 See footnote 2 on opposite page. 2 Yearly figures are estimates of United States Mint. For explana- 1952 tion of monthly figures see p. 1071, footnote 4. 3 Change includes transfer of 687.5 million dollars gold subscrip- Jan -Mar 10.0 -17.6 -3.2 4.3 tion to International Monetary Fund. Apr.-June -7.4 — 2.4 7.2 4 Not yet available. 5 Gold held under earmark at the Federal Reserve Banks for foreign account, including gold held for the account of international institu- 1 Includes Bank for International Settlements. tions, amounted to 4,914.6 million dollars on August 31, 1952. Gold 2 Includes sale of 114.3 million dollars of gold to Italy. under earmark is not included in the gold stock of the United States. 4 3 I I n n c c l l u u d d e e s s s s a a l l e e s s of o f 1 8 g 5 o . l 3 d m t i o ll io E n g y do pt l lar a s s o f f o l g lo ol w d s : t o 1 C 95 h 0 in , a 4 . 4.8 million an N d 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 r . i p 5 t 3 io 6 n - 5 o 3 f 8 , s a ta n t d i st p i p c . s , 5 2 se 2 e - 52 B 3 a . nking dollars; and 1951, 76.0 million. 6 Includes sales of 45.0 million dollars of gold to Indonesia. SEPTEMBER 1952 1073 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (End-of-month figures. In millions of dollars] 1952 1951 1952 1951 International Fund International Bank Apr. Jan. Oct. Apr. June Mar. Dec. June Gold 1,532 1,531 1,529 1,495 Gold (2) Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States . .. 1 ,283 1 322 1 322 1,313 United States 5 5 g 9 Other 4,460 4,408 4,409 4,315 Other 937 940 945 919 Unpaid balance of member subscriptions. 871 883 869 907 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 512 490 510 457 M^ember subscriptions 8,154 8,152 8,137 8,037 Calls on subscriptions to capital stock 3. . 4 4 4 4 Accumulated net income . y y -6 -6 Loans (incl. undisbursed portions and incl. 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- July June May July antee 56 41 33 33 Loans—undisbursed 403 372 350 352 Other liabilities 7 5 10 6 20 0 20 0 20 0 20 0 General reserve 58 55 50 42 11 4 11 4 11 4 114 Special reserve 28 26 24 20 63.0 88.0 103.0 65.5 Capital3 1,691 1,691 1,688 1,668 Chilean pesos 3.6 3.6 3.6 5.4 C D z a e n c is h h o s k lo r v o a n k e i r an koruny 1 6 0 . 0 2 1 6 0 . 0 2 1 6 0 . 0 2 1 6 0 . 0 2 1 As of July 31, 1952, the Fund had sold 817.0 millionU. 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 12 7.4 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 *io!6 5.0 2 Less than $500,000. Pounds sterling 300 0 300 0 300 0 300 0 3 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 2,540million repre- All other -1.6 -1.6 -1.7 o sents the subscription of the United States. Total 735.0 750.0 764.9 736.0 CENTRAL BANKS A d ss e e p t a s rt o m 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 Li,abilities of bankingdepartment 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 Gold* a O ss t e h t e s r 2 N c a o o n i t d e n s a v c n o a D d n u i s c n a - e t d s s - Se ti c e u s ri- c t ir io cu n l 3 a- Bankers' Pub D li e c posit E s CA Other t c i l O i e a a s p t b h a i i t e l n a i r - d l 1942—Dec 30 2 950 0 27 7 3 5 267 9 923 4 223.4 9.0 48.8 17 9 1943—Dec. 29 .2 1,100.0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec 27 2 I 250 0 13 5 5 1 317 4 1,238 6 260.7 5.2 52.3 17.8 194"5 Dec 26 .2 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec 25 2 L 450 0 23 4 13 6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec 29 2 1,325.0 36.1 16.7 401.1 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 L,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Aug 29 .4 1,400.0 42.9 29.7 337.7 1,358.0 273.6 18.5 .9 98.9 18.5 Sept. 26 .4 L,400.0 52.4 19.0 345.7 1,348.9 289.9 16.6 1.1 91.2 18.5 Oct. 31 .4 1,400.0 49.7 20.8 356.0 1,351.8 303.9 14.5 7.2 93.1 17.8 Nov. 28 .4 1,400.0 38.2 16.8 364.0 1,363.7 294.7 16.4 .6 89.4 18.0 Dec 26 4 1,450 0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18.1 1952—Tan. 30 .4 4 L,400.0 48.1 7.9 343.7 1,353.8 277.8 15.5 .5 87.5 18.3 Feb 27 .4 ,400 0 34 9 17.7 344.2 1,367.0 283.0 11.8 .4 83.1 18 5 Mar. 26 .4 ,400.0 17.4 23.6 351.8 1,384.6 280.3 12.1 .5 81.3 18.5 Apr 30 4 4 450 0 41 9 27 4 306 1 1,410 0 273 0 10.7 .5 73.4 17 8 May 28 .4 ,450.0 39.7 11.9 319.6 1,412.2 270.0 10.1 .5 72.6 18.0 Tune 2 5 .4 4 ,500.0 59.8 21.2 309.6 1.442.1 275.7 10.6 13.6 72.5 18.1 Julv 30 .4 4 ,550.0 36.8 21 .6 319.7 1,515.1 262.0 10.4 18.2 69.2 18.3 1 On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19. 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 Fiduciary issue decreased by 50 million pounds on Jan. 16 and increased by 50 million on Apr. 1, June 25, and July 21. For details on previous changes, see BULLETIN for February 1952, p. 212; February 1951, p. 238; February 1950, p. 254; April 1949, p. 450; and February 1948, p. 254. NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 1074 FEDERAL RESERVE BULLETIN 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 r a es d i i a n n m d i o ll l i l o a n rs s ) of Gold an S d S te t U a rl t n i e n i s t g ed securities O as t s h e e ts r circ N u o la t t e ion2 lia O b a t i n h l d i e ti r es dollars S te h r o m rt l - Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other capital • ment 1939—Dec. 30 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31 (4) 38.4 448.4 127.3 12 4 359 9 217.7 10 9 9 5 28 5 1 19 9 4 4 2 1 — — D D e e c c . 3 3 i 1 200 . . 5 9 3 8 9 0 1 7 .8 .2 2 2 1 0 6 9 .7 .2 3 3 3 1 . . 5 3 4 6 9 9 6 3. . 6 0 2 2 3 5 2 9 . . 0 9 5 7 1 3 . . 6 8 1 6 9 . . 0 1 3 2 5 4 . . 1 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 } n.lri O 401.7 12.9 27.7 209.1 1945—Dec. 31 156.8 1,157.3 688.3 29.5 L,129.1 521.2 153.3 29.8 198.5 1946—Dec 31 1.0 1,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31 2.0 1,022.0 858.5 43.7 L.211.4 536.2 68.8 67.5 42.4 194g—Dec. 31 .4 1,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31 74.1 1,781.4 227.8 42.5 1,307.4 541.7 30.7 126 9 119 2 1950—Dec. 30 111.4 1,229.3 712-5 297.1 1,367.4 578.6 24.7 207.1 172.6 1951—Aug. 31 100.0 1,349.6 888.1 119.8 1,370.7 580.4 115.0 185 7 205.8 Sept 29 87.0 1,297.6 896.1 87.1 L,388.0 579.4 105.6 140.0 154.8 Oct. 31 96.5 1,317.5 956.4 83 1 1,406.5 588.3 210.3 83 3 165 0 Nov 30 128.8 1,137.8 1,043.1 79.2 1,407.2 633.8 66.0 92.5 189.5 Dec 31 117.8 1,141.8 1,049.3 135.2 1,464.2 619.0 94.9 66.1 200.0 1952—Jan 31 85.4 1,095.4 1,042 6 82 7 1,375 6 629.2 92 8 54 9 153 4 Feb. 29 70.3 1,058.1 1,027.7 88.2 1,374.4 616.7 88.5 52 1 112.5 Mar 31 60.1 1,179.9 882.2 106.8 1,393.2 656.5 14.6 66.1 98.6 Apr 30 72.3 1,191.5 874 7 84 0 1,411 8 645.7 14 3 41 7 109 0 May 31 78.3 1,203.6 824.6 73.8 1,417.4 579.4 21.9 44.6 117.1 Tune 30 43.8 1,251 .3 817.8 76.1 1,441.8 578.0 26.8 48.5 93.9 July 31 63.0 1,280.0 843.9 71.2 1.458 3 595.5 51.6 41.6 111.2 Assets Liabilities m B i a ll n i ( o F k n i g s o u f o r e f F s r fr i a n a n n c c e s) Gold s Fo e r x ei - gn Domestic bills G A o d v v e a r n n c m es e n t t o 8 Other ci N rc o u t l e a- Deposits 7 O li i a t t i b h e i e s l r change m O ar p k e e n t 6 Special Other Current Other assets 6 tion G m ov e e n r t n- ECA Other ca a p n i d tal 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 «44,986 1941—Dec. 31... 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 868,474 1942—Dec. 31... 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 821,318 1943—Dec. 30... 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 815,596 1944—Dec. 28... 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27... 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26... 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31... 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30... 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29... 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 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—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 Tune 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 July 31 ... 191,447 20,077 2 58,560 11,779 835,599 167.800 479,982 9184,957 1,984,549 816 121.411 43,369 55 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). B 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. 9 Includes advance to Stabilization Fund, amounting to 32.5 billion francs on July 31. NOTE.—For back figures on Bank of Canada and Bank of France, see< Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank. (February 1945), see BULLETIN for December 1946, p. 1424. SEPTEMBER 1952 1075 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) July June May July date of month) July June May July 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 341 741 346 ,294 393 ,077 257 ,368 Other gold and foreign exchange. 279 463 2,165 Government loans and securities 161,57^ 161,811 156,840 135,630 Government securities ? 11? ? 119 2 003 Other assets 89 97,736 108,557 83 883 Rediscounts and loans to banks. . 44 983 44 149 37 661 Note circulation 498 385 497 505 473 363 410 ,181 Other assets 251 332 293 Deposits 295,437 295,299 310,705 204,422 Cnrrencv circulation 17,622 17,434 14,794 Other liabilities and capital 61,093 62,409 65,207 69,554 Deposits—Nationalized 27,114 26,683 25,060 Central Bank of Costa Rica Other siffht obligations 702 807 539 (thousands of colones): Other liabilities and capital 3 000 95? 603 Gold 11 511 11 511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 99 101 97 369 91 8?9 30 ,476 tralia (thousands of pounds): Net claim on Int'l. Fund 4 7,031 7,031 7,031 6,088 Gold and foreign exchange 780 ,770 798 055 305 877 710 ?3? Loans and discounts 6? 60 773 57 83,166 Checks and bills of other banks. . 4 679 10 754 8 8? 5 5,063 Securities 7,335 7,405 7 577 8 219 Securities (inch Government and Other assets 046 ,335 ,162 15,838 Treasury bills) 458 840 475 887 514 173 34? ,668 Note circulation 117 351 118 288 117 550 103 701 Other assets 6? ,871 98 317 19Q ,220 82 570 Demand deposits 68 106 72 062 62 090 41 311 Note circulation 303,168 302,721 300,471 277,721 Other liabilities and capital 18,773 18,074 19,488 10,286 Deposits of Trading Banks: National Bank of Cuba Special 194,920 257,970370,670 533,570 (thousands of pesos): Other 36 830 33 777 433 33 653 Gold 3^0 564 280 564 Other liabilities and capital ?71 683 788 545 765 571 295 590 Foreign exchange (net). 79 ,067 116 310 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) . 147,325 129,648 Gold 98 98 98 51 Silver 34,988 43,486 Foreign exchange 903 5 59 64^ Net claim on Int'l Fund 4 511 12 511 Loans and discounts 7,145 7 6 745 4,918 Loans and discounts 16 156 1 245 Claim against Government 3,763 3,487 3 491 4 574 Credits to Government 1? 887 10 Other assets 41 41 42 37 Other assets 33 849 27 509 8,566 8,491 8 348 6 796 Note circulation 497 053 379 777 Deposits—Banks 255 312 233 171 Deposits 214 918 234 855 O Bl t o h c e k r ed 2,2 4 1 1 1 9 2,2 3 1 7 0 9 2,0 3 6 7 7 0 2,2 5 3 7 8 7 Nati O on th a e l r B li a a n b k il it o ie f s C a z n e d c h c o a s p l i o t v al akia 5 8 378 7 163 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold1. 36,760 33 468 3? 485 29 749 Gold 69 69 69 69 Foreign claims and balances (net) 17,716 73 ,777 74 798 12 580 Foreign exchange 550 448 439 425 Loans and discounts 7 5 470 6 9 334 Contributions to Int'l Bank 11 11 8 Consolidated Government debt.. 34 763 34 763 34 763 34 860 Loans and discounts 95 148 83 112 Government securities 7 690 10 007 9 345 3 757 Securities 435 43"? 431 131 Other assets 3,677 3,768 3 639 3,112 Govt. compensation account.... 3 542 3 831 3 870 3 942 Note circulation 97 175 94 671 94 401 88 Other assets 183 198 195 539 Deposits—Demand 1 6?0 1 540 1 ?85 1 546 Note circulation 1 670 1 681 1 702 1 569 ECA 1 449 1 7 50 308 570 Deposits—Government 1 505 870 1 791 802 Other liabilities and capital 7 88? 13 74? 13 667 2 446 Other 1 1 423 1 442 1 670 Central Bank of Bolivia—Mone- Other liabilities and capital 166 163 163 185 tary dept. (millions of bolivianos): (Apr.)* Central Bank of the Dominican Gold at home and abroad 2 1,370 1 370 Republic (thousands of dollars): Foreign exchange (net) 831 513 Gold 066 066 12 066 8 056 Loans and discounts 1 ,439 1 975 Foreign exchange (neO 809 19 825 855 19 177 Government securities 1 843 724 Net claim on Int'l. Fund 4 1 250 1 250 1 250 1 250 Other assets 267 160 Paid-in capital—Int'l. Bank 42 42 42 40 Note circulation 4 3 936 Loans and discounts 336 488 545 212 Deposits 862 194 8 395 8 395 6 895 6 217 Other liabilities and capital 668 613 Other assets 589 589 632 992 Central Bank of Ceylon (thousands Note circulation 31 469 31 147 29 794 26 226 of rupees): Demand deposits 10 669 10 186 10 685 8,918 Foreign exchange 529 476 521 914571 383 677 105 Other liabilities and capital 1 348 1 324 1,807 801 Advances to Government 3 43 000 24 000 r13 972 Central Bank of Ecuador Government securities 40 966 32 762 27 513 2 706 (thousands of sucres): Other assets 3 ?07 2 865 3 437 1 6?8 Gold » 36 797 36 467 336 945 334, 993 Currency in circulation 393 928394 593402 925 397 245 Foreign exchange (net)6 17, 208 20200 10, 658 69, 110 Deposits—Government 19 137 11 759 6 897 90 625 Net claim on Int'l. Fund * 18, 757 18,757 18, 758 18, 757 Banks 95 817 60 ?46 83 250 162 081 Credits—Government 724 93 865 34 940 188 362 Other liabilities and capital 34 766 33 944 33 261 '45 460 Other ?0 ?30 97 403 69 473 171, 057 Central Bank of Chile (millions Other assets 41 978 00 659 96 380 181, 855 of pesos): Note circulation 351 1 5127 499 243 488, 385 Gold 1 109 1 108 1 096 1 314 Demand deposits—Private banks 65, 465 77 096 65, 318 136, 423 Foreign exchange (net) 221 736 718 198 Other 44 41 686 107, 554 Net claim on Int'l. Fund i 166 221 221 107 Other liabilities and capital 24, 854 79, 913 60, 205 231, 772 Discounts for member banks.... 2 147 1 562 1,961 1 695 National Bank of Egypt (thou- Loans to Government. ... 665 665 670 675 sands of pounds): Other loans and discounts 8 45? 8 770 7 39? 5 304 Gold7.. 60, 553 60 553 60, 552 Other assets 9 88? 953 3 069 2, 33? Foreign exchange 19 700 19 216 46 010 Note circulation . ... 10 338 10 391 9,310 359 Foreign and Egyptian Deposits—B O a th n e k r 2 6 94 9 7 7 2 2 5 8 0 0 5 2, 2 6 1 0 2 4 t 8 4 4 9 6 7 Lo G an o s v e a r n n d m d e i n s t c o s u ec n u ts rities 92, 0 64 2 5 0 96, 5 7 3 2 9 9 309 5 , 4 9 9 0 7 5 Other liabilities and capital ? 36? 7 339 2 501 1,994 Other assets 9 348 3,325 2, 623 Bank of the Republic of Colombia Note circulation . ... 79, 738 82, 422 160, 295 (thousands of pesos): Deposits—Government ... . 70, 839 84 833 85, 441 Gold and foreign exchange 35, 938 773 596 35 0?7 181, 524 Other 99 206 17, 624 156 065 Net claim on Int'l. Fund 4 24, 371 24, 371 24, 371 24, 369 Other liabilities and capital 23, 482 21, 482 22, 786 Paid-in capital—Int'l. Bank 1,406 1,405 1,404 1,383 * Latest month available. ' Revised. 1 On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc. 2 It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivinaonso per dollar. * Includes special loan under Bretton Woods Agreements Act. * This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. * 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. 1076 FEDERAL RESERVE BULLETIN 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) July June May July date of month) July June May July Central Reserve Bank of El Salvador (thousands of colones): Bank of Italy (billions of lire): Gold 73 891 73 886 73 946 64 610 Gold 4 4 4 4 Foreign exchange (net) 40,559 46,961 50,076 75,364 Foreign exchange 38 34 36 32 Net claim on Int'l. Fund 1 1,566 1,566 1,566 1,565 Advances to Treasury 590 590 590 590 Loans and discounts 14 5?0 10 ,856 9,?48 ?,785 Loans and discounts 747 239 ?96 961 Government debt and securities.. 6,814 6,38? 6,375 5,60? Government securities 717 202 211 70S 1 965 1 440 1 334 1 406 Other assets 816 793 786 603 Note circulation 81 ,647 82 ,278 82,150 75 803 Note circulation 1 759 1,209 1,704 1 118 40 S98 51 749 S3 389 68 918 Allied military notes 2 Other liabilities and capital 7,300 7,064 7 006 6,610 Deposits—Government 110 153 1S? 1SQ State Bank of Ethiopia 2 Demand 58 62 55 89 Bank of Finland (millions of mark- Other 394 352 368 269 kaa): Other liabilities and capital 86 87 73 64 Gold 5,865 5,865 5,865 4,475 Bank of Japan (millions of yen): Foreign assets (net) . . 14 684 16 S84 19 099 5 663 Cash and bullion 1,020 1 077 1,147 Clearings (net) 3 8S9 4 970 6 ?69 -1 711 Advances to Government 38,390 38 390 49 640 Loans and discounts 31 189 30,626 ?6 877 37,611 Loans and discounts 312,844779,940 390 060 Securities 1 086 1 070 960 9SS Government securities 138,650 153 6S0 130 388 Other assets 1 898 1 900 1 89? 9,480 Other assets 102,638 114 091 31 968 Note circulation 44 173 4S 0S9 46 S79 39 896 Note circulation 461,224 444 003 409 ,026 39 S ? 48? 1 S47 1 949 Deposits—Government 57,349 61 40 S 147 9 34 14 013 13 481 12 759 15,399 Other 36,111 41,20? 19 894 Bank of German States Other liabilities 38,858 40,540 ?0 ,1?0 (millions of German marks): The Java Bank (millions of rupiah): Gold 497 388 259 Gold4 1 ,063 1,063 1,063 871 3 447 3 113 2 713 ? 098 Foreign exchange (net) 70S 963 1 ?09 730 Loans and discounts 2 868 3 569 3 1?9 4,194 Loans and discounts 377 251 937 493 Loans to Government 8 398 8 4?9 8 963 9 SS6 Advances to Government 3 498 2,849 ? 177 1 793 573 576 610 1 470 Other assets 668 746 8S0 6S6 Note circulation 9,843 9 805 9 748 8,384 Note circulation 3, 860 3,750 3,46? 7 947 1 781 ? 090 2 1?0 ? 593 Deposits—ECA 496 496 496 2 093 2 157 1 739 1,846 Other 1 344 1,157 1,??3 830 Other 241 279 264 1,286 Other liabilities and capital 541 469 355 695 Other liabilities and capital 1,820 1 806 1 803 3,210 Bank of Mexico (millions of pesos): Bank of Greece (billions of drach- Monetary reserve 5 1 ,018 997 1,042 1,060 mae): "Authorized" holdings of secu- Gold and foreign exchange (net) . 1 403 1 454 935 rities, etc 2, 601 2,503 2,521 2,715 Loans and discounts 19S 140 191 Bills and discounts S09 470 634 461 Advances—Government 8 5 SO 8 160 6 40? Other assets 49? 492 447 493 Other 3 430 3 370 3 S9S Note circulation 3 09 3 3,013 3 034 9 797 Other assets 2 063 1 8?7 ? 347 Demand liabilities 1,OSO 976 1 134 1 443 Note circulation 1 945 1 985 1,770 Other liabilities and capital 470 473 475 489 Deposits—Government 862 899 851 Netherlands Bank (millions of Reconstruction and guilders): relief accts 6 856 6 619 4,426 Gold 8 1 375 1,303 1,303 1,177 Other 1 97? ? 060 2 03 S Silver (including subsidiary coin). 14 14 1S 17 Other liabilities and capital 3 935 3 387 4,321 Foreign assets (net) 1 ,540 1,281 1,184 41 Bank of Guatemala (thousands of Loans and discounts 34 46 38 503 quetzales): Govt. debt and securities . . 1 ,920 2,100 2,100 3,262 Gold 27,778 27 2?8 27 278 27,279 Other assets 504 552 499 644 Foreign exchange (net) 14 007 16 678 17 495 17 09? Note circulation—Old 49 43 43 48 Gold contribution to Int'l. Fund . 1,250 1 250 250 1,250 New 2, 932 2,959 2,870 2,806 Rediscounts and advances 7 180 4 794 5 09 S 6 9S9 Deposits—Government 700 622 694 Other assets 17,942 17 476 19 020 17,6?9 ECA 1 06? 1,027 1,0?7 1,696 Circulation—Notes 38,896 40 527 41 154 36,256 Other 391 445 367 677 Coin 3,326 3 355 3 359 3,268 Other liabilities and capital 209 200 207 487 Deposits—Government 6 861 7 301 3 690 2 818 Reserve Bank of New Zealand Banks 6,884 5 854 6 094 10,949 (thousands of pounds): Other liabilities and capital 11 641 10 390 15 790 11 859 Gold 5,913 5,873 5,203 National Bank of Hungary 3 Foreign exchange reserve 22,444 25,464 78,943 Reserve Bank of India (millions of Loans and discounts 6,019 6,019 6,235 rupees): Advances to State or State un- Issue department: dertakings 54,812 54,701 51,99Q Gold at home and abroad 400 400 400 Investments 32,182 3? 189 11 974 Foreign securities s 839 6 039 6 9S9 Other assets 4,258 ? 636 3 S10 Indian Govt. securities 4 646 4 646 5 166 Note circulation 61,225 61 876 60 ,694 Rupee coin 7S9 749 603 Demand deposits 56,385 57 090 90 769 Note circulation. ... 11 288 11 366 12 016 Other liabilities and capital 8,017 7,980 6,401 Banking department: Bank of Norway (millions of kroner): Notes of issue department. . . . 350 460 385 Gold.... ... 242 247 243 Balances abroad 1 00? 845 2 174 Foreign assets (net) 480 473 187 Bills discounted 103 48 ?8 Clearinff accounts (net^ 30 3S Q Loans to Government 15 8 57 Loans and discounts 54 6? 49 Other assets 1 34? 1 384 996 Securities 46 46 46 Deposits 9 3S1 9 341 3 31S OccuDation account (net^ 6,202 6 ?09 6 909 Other liabilities and capital.. . 459 405 ?51 53 59 191 Central Bank of Ireland (thousands Note circulation... . 2,679 2,573 7,431 of pounds): 1,737 1,999 1,754 Gold 9 646 9 646 9 646 Banks 1,146 1,012 1 116 Sterling funds ss 333 ss SS9 49 886 ECA—MSA 973 966 769 57 979 58, 199 52 532 Other liabilities and capital 573 568 770 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 For last available report (July 1950), see BULLETIN for December 1950, p. 1699. 3 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. < Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per rupiah. 8 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 6 Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1952, p. 103; January 1951, p. 113 SEPTEMBER 1952 1077 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) July June May July date of month) July June May July State Bank of Pakistan (millions of rup I B s e a s e u n s e k ) S G N I R G P : i n n t d a u o o o e d g k e l p t v r i d e i p l a e t s i d s . a e n t a e c a r o g i t p c u t n n f m o a r h s r i c e r I o G e n e n t i c m n m n r o d u c t c y e i r : u e y a i t n l t . a a i s t e n t s : e i s d e o c c n u u a r b r i i t r t i i o e e s a s . d . . . . . . . . . 2, 3 0 8 7 1 1 0 6 8 6 9 2 5 0 6 1 6 6 4 2, 3 0 9 6 1 0 6 6 9 1 8 2 0 9 5 6 1 2 6 3 8 5 1 5 0 4 5 4 3 1 0 2 5 4 6 B B a a n n k k FF O D GG N P N o a o o t e e o o o h i r l p f t t d d f e d e e o S i - r cc gg i s S ll w n c i aa n l p t i i ii e r a s m c a a c d — b a i s u i e n p s l o l n G O i e — i a t n t t o t i t a s ( e h i v C m I o l I s e t — e ( n ( n r ' i o n) l a r t l . n n l e ' n I l i t m n . o t d ) . t n FF e ' s l c n u . a t o n B f p d i k a * t r n a o k n l . . o . . r . . . ) . : .3 4 1 5 8 1 9 4 8 1 3 2 2 5 2 1 1 , , , , , 5 7 8 3 0 4 3 4 5 5 9 6 8 1 8 7 3 2 8 9 8 1 2 3 2 5 4 1 1 . , , , , 4 7 2 3 5 9 6 0 4 9 8 4 3 1 3 9 6 6 8 0 4 1 3 1 3 1 9 , , , 2 6 2 6 6 1 7 2 8 9 4 6 4 9 0 7 8 9 Bank of O O D N P L B B o a i a t t e o l h h a l r p l t a s e e e n a o n r r s s g s d c i l u a i e o t t i s o s s a s a f c s b y o e a G i i — s u t l b s i s o n r t u i v M o t e e e e a s d o r d d n a n e m n e p d t e a a n r c r y t t a m p d i e t e a n p l t t . . "" 5 5 9 1 3 6 9 0 6 7 2 1 4 2 " " 6 7 1 9 7 6 3 1 6 9 5 0 1 , 4 5 0 0 6 9 9 8 7 2 0 9 7 7 1 S O O O N D w t t t e o v h h h m e t a e e e e d n r r r a i c c s n d l a h i e d i o r s a s c m s G b u d e t i o e l t o e l a s s i p v t N t t i o i i t e c o . a s s n t b i s i t e a i s o l c n — l n u s d a r O a G l i c n t t i D o a h d e v p e s e a e i r b d t a r a t n n v l m d a O n f e a c f n i d e c t - s e .. 6 . , 0 7 2 6 7 7 1 5 4 4 8 6 4 4 1 1 1 2 9 1 8 4 2 , , 0 6 2 6 2 6 7 9 8 8 5 3 5 9 7 8 5 8 4 4 8 2 3 1 , . , 9 7 2 6 0 7 6 2 2 7 9 1 8 1 2 6 6 9 8 6 3 3, , 4 2 6 5 5 5 5 8 4 1 2 3 9 2 2 1 7 6 4 2 6 (thousands of guaranies): Swiss National Bank (millions of Cent F N P O O G L D N G r o a o a t t e e o o o h h i r a t l m t v d l e e e e n d e - i c R r r a s g i i r l a n n a n e n a l a n d i i s m s a n m c d e e s b a d d e r x e i c p n v e c t o l o d s i i p t h e n t t . i i o i a a n s e l B n s I l c o s — i n g i o a a t s t s a e u n n s ' I n u l n s k n . ( d e t a n t s F ' o n e l c u . f d t a ) n p B P s d i e a e t c 2 a n r u l k u rities. 3 3 1 - 2 9 1 6 0 2 1 5 5 3 1 3 7 1 6 , 5 , , , , , , , 0 , , 2 6 7 1 3 1 7 2 5 4 6 4 7 0 4 9 4 9 3 2 1 2 7 3 9 8 3 5 4 1 1 1 - 5 8 6 1 8 4 1 1 5 2 6 4 5 6 8 1 6 , , , , , , , , , , 2 0 7 1 5 2 7 7 3 6 6 0 0 6 1 8 8 2 6 1 1 1 1 5 5 2 3 6 9 7 Ce T f n r u a t F O O O G G L N n r r o o c a o o t t t k o h h h r s a l l l t e e d d ) e e e e n y i : r B r r g s c n a s a l ( a i i i m r s n a n g c e s b k d i h u e x l i t l t l c l i s d a i o h o l t t i i i f a n i s a e o n c s b s t n g o i h o a e l u i e f n n t i d t p e R s s o c e u a p n p u d it b s a ) l l : ic of , . ,6 6 8 3 2 2 4 2 3 1 1 3 3 0 8 9 5 3 9 7 4 1 0 4 5 1 , , , 6 8 6 4 2 2 1 1 2 0 5 1 8 9 7 5 4 9 2 9 7 8 6 4 5 1 , , , 2 8 4 2 5 6 1 3 2 8 2 7 4 9 7 2 9 2 9 4 9 7 8 6 4 1 , , , 4 0 4 7 1 1 1 1 1 4 6 7 5 9 8 9 1 9 9 8 4 9 3 Ce ( n m t O N C L L N O G D i r l o o o a l o t t o e e i h h a a l p t n l o t d e e e n n o t n c r r r B s s s s l a i c a i b a l a n a i t t o i i r o s s u n n a m d c f s t b d k u e i G s f i o t l o o l o s a d o i n o n r t l t i v e i e i f s e o t i e s I c g o s ) n r n o t n : n h t a u I m ' n e n l n e . d t t x e s ' F n P c l . c h u t t h a o a B n i p n d l a b i i g t n p a 2 a e k n p l 3 k in s. e s . . 1, 2 3 2 3 3 5 8 6 3 8 1 4 5 9 6 3 5 3 2 2 1 4 9 7 1,2 2 2 3 3 5 8 8 1 9 7 4 6 2 6 9 7 2 4 7 0 4 0 2 , 2 2 3 2 8 6 2 1 4 1 9 7 4 2 6 2 2 0 4 2 0 4 1 7 , 2 6 3 7 1 1 2 7 5 5 0 2 2 9 2 1 1 2 1 2 0 7 2 8 Ba ( n th k S O O F L N D o e o o t t e o u o c c h h r a p t s f l e u e e e n e o a i r r r t s a g n s i c h t r i n d a l i a t i i i e s e r s n s a n c — s s g b d R u e e o s i x t l f l G O e s a d i c t p t p i o h t i i s h e e o u l a c d s e s n n b o o r g a u l s i e n n ) c d : t s o a c f n a d p U i r ta f u o l g re u i a g y n , , 5 1 6 1 1 3 3 7 2 9 8 8 5 4 8 8 7 6 1 8 3 , , 4 1 6 2 1 1 1 0 2 3 0 2 0 4 5 9 0 1 2 7 8 4 3 (A 1 1 o , , r 5 2 1 4 1 1 1 . 9 5 2 1 2 0 5 2 ) 3 6 7 2 5 6 3 6 * 1, 6 2 9 2 1 1 1 4 7 3 8 5 2 6 1 1 3 0 3 0 2 0 5 (thousands of pesos): Gold 321,119 409,387 Gold 16,926 16,461 11,067 Silver 9,556 10,043 Foreign exchange 474,401470,908 523,146 Paid-in capital—Int'l. Bank 314 316 Net claim on Int'l. Fund 2 29,504 29,504 29,504 Advances to State and Govern- Loans 21,365 24,365 29,609 ment bodies 62 .226 150,899 Domestic securities 234,680234,716 231,760 Other loans and discounts 147 ,127 300,896 Other assets 157,147 153,593 185,879 Other assets 411,646 357,247 Note circulation 539,282 545,411 611,406 Note circulation 361,335 360,210 Demand deposits 252,855249,026 210,170 Deposits—Government 83,732 109,921 Other liabilities and capital 141,887 135,110 189,388 Other 202.156 311,408 Bank of Portugal (millions of Other liabilities and capital 14.764 447,250 escudos): Central Bank of Venezuela (mil- Gold 4,407 4,415 lions of bolivares): O F A N D L o o t d o e h r a m v t e e e n a i r a s g n c n n c a i a d e r s n c e s s d u e d x t t l c e o s a d h p t i a i o s G o n c s n o g i o t v e u s e — n ( r t n n s E G e m C t o ) e A v n e t rnment.. 1 8 1 1 1 , , , , 5 5 8 6 4 3 5 7 7 1 2 1 2 1 1 9 9 3 8 4 1 8 1 1 1 , , . 8 6 5 5 5 4 2 7 9 5 9 4 1 9 9 7 8 6 0 7 Bank F O N D O G o e t o t o h h r p l f t e d e e e o o i r r g r s c i n a l i t i r s s a I c e s b n u e x i t l t c l s a i e h t t r i a i e o n n s n g a a e t n io ( d n n e c a t a l ) p it S al ettle- 1, 2 2 1 8 1 4 8 3 6 7 7 2 1 6 7 0 3 1,1 2 3 2 8 4 1 2 6 3 7 1 1 2 3 8 2 1, - 2 1 7 1 1 9 7 4 7 3 2 4 6 1 0 9 1 Other 6,396 6,142 ments (thousands of Swiss gold So ( u th t O G h o o t u h A l s d e a f r n * r d i l c i s a a b n o i f li R t p ie e o s s u e n a r d n v d s e ) : c B a a p n it k al 5 2 2, . 3 0 1 6 8 4 57 2 , , 2 0 1 9 5 9 .338 fra S G C n i c a o g s s l h d ) h t : i o f n u n n b h d a a s r n s d at a i n n d t e w re i s t t h banks. . . 4 3 7 1 4 1 6 , . , 4 6 0 1 6 4 0 6 04 1 7 1 0 1 7 0 . . , 6 9 0 8 8 8 3 7 2 47 5 5 4 7 , , , 8 0 3 5 4 9 3 7 3 Bank O O F N O D o t t t o e o h h h r p t f e e e e e o i r r r S g s c i p n a l b i t i r s s a i a c l b s b i l u e i n s i l t l l l s a i a s ( t t n m i i e o d s i n l l l a i o o n a n d n s s c o a f p p it e a s l etas): 3 6 8 5 2 1 5 3 6 9 2 6 , , . , , , 9 2 4 2 6 4 1 6 2 4 8 2 1 5 2 7 2 0 3 8 6 2 7 1 0 5 8 1 0 6 , , , , , , 0 1 2 4 1 7 7 2 9 5 8 8 1 9 7 4 0 0 , , , . . , 0 9 1 1 0 1 4 1 1 1 8 6 2 6 9 9 7 3 T S O F R D u u i e t e m a h n n d m n e d d i e c s r a r s e c y n f a s o u i d s r b n u s ( i v d n d a e l e l s t t t e s a s s p b t c a a e o o l n t d e s s d i i t t n ) b i s i n t n i e l ( v l r G g s e e o s e s a l t r t d n m m ) d a e a n n c y t c s e . p . t . - . 2 2 3 1 9 9 4 4 5 5 7 1 6 3 1 , . , , , , 7 2 1 5 3 2 4 0 9 3 9 9 1 1 5 2 8 0 2 3 2 1 2 8 3 9 8 1 5 4 7 8 1 , , , , , . 6 2 6 7 6 7 2 0 3 6 0 9 1 1 2 4 5 8 3 2 3 1 3 9 3 0 3 4 7 1 4 9 1 , , , , , , 2 1 0 2 3 3 0 9 2 8 8 9 1 5 3 6 0 3 O S O G G i t o 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 n e 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 c urities. j 2 1 1 9 5 7 , , , 3 3 7 5 5 8 7 7 5 0 1 4 5 8 8 2 1 1 6 9 5 , , , 2 3 5 3 6 9 7 5 5 5 1 7 5 8 0 2 1 1 9 5 7 , , , 8 9 7 3 5 6 4 7 3 5 8 8 0 ,3 6 8 65 9 | 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 b l i b li d a d t e n i e e p k p s o s o — s a s i n i t t O s d O s : : w t c S h n a p e p r e a i c t c i a a c l l ount.. 4 2 2 2 2 5 7 8 2 3 1 , . . , 4 9 1 1 3 0 5 8 7 9 7 6 ) | 4 2 2 7 7 7 2 1 0 9 8 . . , , 3 2 5 9 7 9 3 0 1 3 5 9 2 5 2 6 3 0 2 4 5 8 7 , , , , 1 3 9 8 3 4 0 1 5 5 9 0 ,538 * Latest month available. 1 As of Mar. 5, 1951, gold revalued from .287595 to .148112 grams of fine gold per guarani. 2 This figure represents the amount of the bank's subscription to the Fund less the bank's local 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. 3 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 4 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 5 Includes small amount of non-Government bonds. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120. 1078 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 i n m t g e - d France m 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 en e- S l w a e n r i - d tz- ba C n e k n t o r f a — l R J 3 u a 1 l t y e eff D ec a t t i e ve ba C n e k n t o ra f— l R Ju 3 a l 1 t y e eff D ec a t t i e ve In effect Dec. 31, Argentina Mar. 1, 1936 Italy 4 Apr. 6, 1950 No 1 v 9 45 7 1946 2 1H 334 X2A 2V, iy 2 A Be u l s g t i r u ia m 3 6 M 2 J S u e l p y t . 1 3 3 , , 1 1 9 9 5 5 2 1 J J a a p va an 3 5.84 O Ap ct r . . 1 1 , , 1 1 9 9 4 5 6 1 Dec. 19 Bolivia 6 Sept. 30, 1950 Mexico 434 June 4, 1942 Jan. 10, 1947 &2M Aug 27 334 Oct 9 234 &3 Canada 2 Oct. 17, 1950 Netherlands.. Jan. 22, 1952 June 28, 1948. . 15 Chile June 13, 1935 New Zealand. July 26, 1941 Sept 6 Colombia 4 July 18, 1933 Norway Jan. 9, 1946 O M c a t y . 2 1 7, 1949. . 3 1434 Costa Rica 4 Feb. 1, 1950 Pakistan.... 3 3 July 1. 1948 July 14 1 4 Oct. 6....... 3H June 8, 1950 2Y2 Denmark. . 5 Nov. 2, 1950 Peru 6 Nov. 13, 1947 S Se e p p t t . 2 1 6 1 3% 3 E E c g u y a p d t or 10 J M ul a y y 1 5 3 , , 1 1 9 9 4 5 8 2 P So o u r t t h u A ga fr l i . c . a .. . 4 J M a a n r . . 2 1 7 2 , , 1 1 9 9 5 4 2 4 Oct. 27 1 6 El Salvador. .. 3 Mar. 22, 1950 Spain 4 Mar. 18, 1949 Dec 1 3 Apr 17 1951. 4 July 5 Sept 13 3H Finland 5*A Dec. 16, 1951 Sweden 3 Dec. 1, 1950 Oct. 11 .... 3 France Nov. 9, 1951 Switzerland.. Nov. 26, 1936 Nov. 8 2H 15 May 29, 1952 Turkey 3 2 Feb. 26, 1951 Nov. 9 4 Greece 12 July 12, 1948 United King- J M a a n r . . 1 2 2 2, 1952.. 4 334 I Ir n e d l i a a nd 334 M No a v r . . 1 2 5 5 , , 1 1 9 9 5 5 1 2 US d S o R m 4 4 J M u a ly r. 12 1 , , 1 1 9 9 5 3 2 6 May 29 , 15 In effect Julv31, 1952 * 15 3 134 N 1 O R T at E e . — es C ta h b a l n is g h es e d s i f n o c r e t J h u e l y L a 3 n 1 d : G C e e r n m t a ra n l y — ba - n A k u s g . . 21, from 5 to 434", Netherlands—Aug. 1, from 3V2 to 3 per cent. OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden S l w an it d zerivlonth 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—-Tune .54 1.03 1.00 1.00 .50 1.58 3-5 y2 1.25 1943—June .50 1.03 1 .00 1.06 .50 1.67 3-534 1.25 1944—Tune .39 1.03 1.00 1.13 .50 1.58 1.25 1945—Tune .36 1.03 1.00 1.13 .50 .74 2^-5 1.25 1946— Tune .39 .53 .50 .63 .50 1.32 " " 1'. 42 ' " " Y.oo' 2 34-434 1.25 1947—June .41 .53 .51 .63 .50 1 .45 1.46 .86 2 34-434 1.25 1948—Tune .41 .56 .51 .63 .50 2.02 1.36 .84 2 34-4 34 1 .50 1949—June .51 .63 .52 .63 .50 P2A6 1.32 .83 2 34-4>£ 1.52 1950—June. ...... .51 .69 .51 .63 .50 2 .52 1.44 .81 234-41^ 1.50 1951—June. . 75 .69 .51 .63 .50 2.52 1.39 1.00 3-5 1.50 1951—July .77 .93 .51 .63 .50 2.57 1.39 .91 3-5 1.50 August...... .79 1.00 .51 .63 .50 2.64 1.38 1.00 3-5 1 "ili September.... .88 1.00 .51 ,63 .50 2.56 1.24 1.00 3-5 1.50 October .93 1.00 .51 .63 .50 2.78 1.16 1.00 3-5 1 50 November.... .92 1.38 .84 .92 .69 3.27 1.17 1.00 3-5 1.50 December .89 1.50 .98 1.00 .75 3.50 1.21 1.00 3-5 1.50 1952—January .89 1.50 .97 1.00 .75 3.50 1.18 1.00 3-5 1 50 February .91 1.50 .99 1.00 .75 3.93 1.17 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 1.40 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 June.. 1.08 3.00 2.43 2.25 2.00 3.66 1.20 .75 3-5 1.50 P Preliminary. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172 pp. 656-661, and for description of statistics see pp. 571-572 in same publication. SEPTEMBER 1952 1079 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom > (11 London clearing Money at Treasury Deposits Other b m a i n ll k io s. n s F of i g p u o re u s n d in s re C se a r s v h es ca s l h l o a r n t d B co il u ls n t d e i d s- re d c e e p i o p s t i s t 2 Q c L u o s a to n m s e to rs O as t s h e e ts r liab a i n l d ities sterling) notice Total Demand Time capital 1946—December 499 432 610 1,560 ,427 ?94 505 5,685 3,823 1,862 342 1947—December 502 480 793 1,288 ,483 1 219 567 5,935 3,962 1,972 396 194g—December 502 485 741 1,397 ,478 1,396 621 6,200 4,159 2,041 420 1949—December 532 571 1,109 793 ,512 1,534 579 6,202 4,161 2,041 427 1950—December . 540 592 1,408 456 ,528 1,660 735 6,368 4,262 2,106 550 515 573 1,185 306 ,549 1,863 755 6,133 4,061 2,072 612 503 582 1,276 216 ,553 1,888 741 6,135 4,068 2,067 624 October 514 579 1,330 177 ,555 1,910 778 6,204 4,140 2,063 638 November 517 562 901 108 ,033 1,935 787 6,189 4,118 2,071 654 December. 531 598 972 102 ,965 1,950 867 6,333 4,290 2,042 651 1952—January 521 605 965 66 ,954 1,928 824 6,204 4,173 2,031 659 February . . 492 526 856 15 ,944 1,945 804 5,893 3,923 1,971 689 ]Vtarch 492 526 854 ,935 1,959 789 5,887 3,914 1,974 667 April 501 512 883 ,934 1,967 821 5,994 3,952 2,042 623 May 491 518 936 ,932 1,901 713 5,903 3,840 2,063 587 Tune 504 537 1,064 ,917 .875 726 6,064 3 909 2,155 559 July 501 535 1,139 ,917 1,834 696 6,063 3,903 2,159 558 Assets Liabilities Canada E (1 n C 0 d a i c n n o h a f a m d m r i i t a l e o n l r i n o e d t d n h o s l b f o l a i a f g n r u s k ) r s e . s re C se a r s v h E e n s tire S ly e lo c i a u n n r i s t C y ana l d o d i O a s a c n t o s h u e a n r n t d s d S a f a u b n e o l b e o d c a r r e a u n o f i n r k r g n a o i s s d n t e m y t Securities O as t s h e e ts r ci N t r i c o o u t n l e a- e D T x o e c p t lu a o l d s i i n ts g p i D a n y e te m a r b b a le a n n d i k n d C e a T p n o i a m s d i e t a s li c a O a b a p t i n h l i d i e t t a r ie l s 1945—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 194g—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 1950—December 824 134 2,776 171 4,286 1,304 (•) 7,828 3,270 4,558 1,667 1951—juiy 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 (') 7,637 3,042 4,595 1,639 October 835 111 3,034 182 3,876 1,403 (») 7,752 3,177 4,575 1,688 November 843 96 3,123 166 3,894 1,423 (') 7,829 3,213 4,616 1,715 December 907 107 3,028 227 3,876 1,464 0) 7,896 3,284 4,612 1,714 1952—January .... 869 107 2,955 183 3,927 1,303 (8) 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 A I M V p a l r a y i r l c h . .. . . . 8 8 7 9 8 8 7 0 5 1 1 9 3 4 7 2 0 2 2 3, , , 0 9 9 1 4 6 2 9 0 2 2 2 0 3 5 2 6 5 4 4 4 , , , 0 0 1 9 6 0 5 8 0 1 1 L , , . 3 3 3 5 9 7 0 0 0 ( ( ( 3 8 3 ) ) ) 7 7 7 , , , 9 9 9 8 7 7 7 9 9 3 3 3 , , , 2 2 2 3 1 3 1 0 0 4 4 4 , , , 7 7 7 4 5 6 8 7 9 1 1 1 , , , 6 6 6 3 8 5 4 5 5 June 813 138 3,048 328 4,067 1,453 (3) 8,120 3,328 4,792 1,727 Assets Liabilities France (4 large banks. End Deposits Other of month figures in Cash Due frorrl Bills dis- Loans Other Own liabilities millions of francs) reserves banks counted assets Total Demand Time ances ca a p n i d tal 1946 —December 18,007 18,940 195,223 65,170 17,445 291,945 290,055 1,890 15,694 7,145 1947 —December 22,590 19,378 219,386 86,875 27,409 341,547 338,090 3,457 25,175 8,916 1948 -December 45,397 35,633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949 —December 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950 December 48,131 52,933 527,525 135,289 31,614 749,928 731,310 18,618 28,248 17,316 1951—june 47,856 62,305 522,657 159,958 47,815 777 219 756,997 20,222 32,544 30,828 Julv 52,131 66,660 478,256 174,625 50,030 753,628 733,546 20,082 32,933 35 141 August... .... 49,453 65,572 485,824 171,380 49,582 753,627 732,964 20,663 30,611 37,573 September 52,015 64,414 540,986 167,362 52,138 805,610 783,881 21,729 30,952 40,353 October 48,996 79,337 520.457 173,530 59,099 799,918 777,973 21,946 35,382 46 120 November 47,980 81,460 506,061 179,933 61,658 793 078 768,657 24,422 35,372 48 641 December 60,215 72,559 627,648 165,696 38,114 906,911 879,767 27,145 33,774 23,547 1952—Tanuary 53,133 75,407 534,792 189,098 36,548 831 691 801,854 29,837 30,433 26,854 February 50,662 73,868 538,245 183,504 38,310 827,946 796,396 31,551 30,414 26 227 March 48.669 75,148 555,883 174,048 40,219 834,482 802,481 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 May 48,832 75,533 618.19C 172,693 43,093 891,422 86L ,703 29,719 27,025 39,893 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. ** LLeessss tthhaann $$55U0U0,U,0U0U0.. NOTE.—For details concerning data in earlier years, see BULLETIN for February 1952, p. 466; and for back figures and figu=_ires on German ommercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 55(66-571 in same tublication. 1080 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 (peso) Aus- (franc) (cruzeiro) British (dollar) Malay- Year or month tralia sia * Basic P e r n e t f i e a r l - Free (pound) a " n c B o c t o a e u n s k n " t Official Free (dollar) Official 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 "ii! 973 97.491 92.881 1950 26.571 ' 'l3!333' " '8!289' 223.15 L.9908 1.9722 5.4406 32.788 90.909 91.474 1951.. 20.000 13.333 7.067 223.07 L.9859 M.9622 5.4406 32.849 94.939 1951—September 20 000 13 333 6.952 223 01 L.9866 21.9876 5.4406 32.850 94.706 October 20.000 13.333 6.974 223.06 L.9838 5.4406 32.850 95.112 November 20.000 13.333 6.937 223.15 L.9838 5.4406 32.850 95.820 December. 20.000 13.333 6.986 222.61 L.9838 5.4406 32.830 97.410 1952—January 20.000 13.333 6.979 221.92 L.9838 5.4406 32.691 99.490 Februarv 20.000 13.333 7.115 222.00 L.9838 5.4406 32.662 99.869 March 20.000 13.333 7.172 223.03 .9838 5.4406 32.783 100.375 April 20.000 13.333 7.164 224.10 L.9838 5.4406 32.921 101.891 May 20.000 13.333 7.169 223.24 L.9838 5.4406 32.752 101.615 June 20.000 13.333 7.183 221.88 L.9838 5.4406 32.505 102.086 July 20.000 13.333 7.196 222.17 L.9842 5.4406 32.509 103.120 August 20.000 13.333 7.194 222.19 1.9879 5.4406 32.445 103.984 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 20.876 409 30.155 20.581 37.813 1947.. 2.0060 20.864 .84-07 30.164 20.577 37.760 1948... 2 0060 20 857 .4929 3240 30 169 18.860 37.668 1949.. ' '2 7'!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 3 2.0060 14.491 4 .4354 .2856 23.838 20.869 4280.38 11.564 26.264 1951—September. . 20.850 2.0060 14.492 .2856 23.838 20.870 11.571 26.2 78 October 20.850 s 2.0060 14.492 ' *4 !4354' .2855 23.838 20.870 '4280.38' 11.563 26.267 November 20.850 14.492 .4354 .2856 23.838 20.870 280.38 11.569 26.2 70 December. 20.840 14.492 .4354 .2856 23.838 20.861 280.38 11.567 26.287 1952—January. . . 20.799 14.492 .4354 I .2856 23.838 20.819 280.38 11.562 26.320 Februarv 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 s 23.838 20.988 280.07 11 .566 26.337 June 20.834 14.492 .4354 .2856 20.870 278.46 11.561 26.317 July 20.871 14.492 .4354 .2856 20.892 278.82 11.574 26.324 August. . 20.875 e 14.492 .4354 .2856 20.893 2 78.85 11.623 26.317 • Year or month Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P e ( p h p p i e i u n l s i o b e p ) l - ic ( P es o g c r a u t l d u o - ) ( S A p o o fr u u i n t c h d a ) (k S d r w e o n n e- a) S e (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 2 7.824 23.363 402.86 65.830 56.230 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. 2 77.19 14.015 49.639 3.4739 278.33 19.32 7 23.060 2 79.96 65.833 56.180 42.553 1951—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 . 2 76.72 14.015 49.643 3.4726 277.79 19.327 22.900 279.49 65.833 56.180 42.553 1952—January... 275.39 14.015 49.655 3.4874 2 76.95 19.327 22.880 278.15 65.833 56.180 42.553 Februarv 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 June 275.71 14.015 49.677 3.4801 277.42 19.327 23.138 278.46 65.833 56.180 42.553 Tuly. . . 276.06 14 015 49.677 3.4793 277 78 19 327 23 240 2 78 82 65 833 56 180 42 553 August 276.09 14.015 49!677 3.4848 277'.81 19!327 23.288 278!85 65.833 56.180 42.553 I ^Beginning Aug. 27, 1951, quotations on Straits Settlements dollar were discontinued and quotations on Malayan dollar's!ubstituted. The :wo rates had been identical for a considerable period. j i2d B le a s s e u d ct u o n u c q re u ii o t l a u t c i n o i n ic s a t i h i r u o x u g a h c o S i e is p i t u . e 1 ia 9 u , ic 1 9 p 5 e 1 i . 3 Based on quotations through Oct. 26, 1951. 4 Basedon quotations beginning Oct. 29, 1951. 5 Based on quotations through May 8, 1952. 6 Based on quotations through Aug. 14, 1952. ;ee pp. 572-573 in same p. 1601; October 1950 SEPTEMBER 1952 1081 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 ) d 9 s = ( C 1 = a 9 n 3 1 5 0 a 0 - d 3 ) a 9 M (1 1 9 e 0 3 x 0 9 i ) c = o K U ( i 1 n 1 n 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 9 1 t 3 0 a 8 0 ly ) = ( a 1 J v 9 a e 3 p r 4 a a - g n 3 e 6 N (1 l e 9 a 1 4 t 0 n 8 h 0 d e ) s = r- S (1 w 1 9 0 e 3 0 d 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 2 172 171 1942 64 123 121 159 10 153 2 189 195 1943 67 128 146 163 12 2 196 203 1944 68 131 179 166 14 2 196 207 1945 69 132 199 169 20 4 194 205 1946 . . .... 79 . 139 229 175 34 16 186 200 1947 96 163 242 192 52 5,159 48 199 208 1948 104 193 260 219 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 4,905 246 117 227 203 1951 . .... 115 240 386 320 138 5,581 342 143 299 227 1951—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 P5,168 348 140 321 220 June 111 227 405 328 P143 P5,127 348 139 P322 220 July 112 226 400 337 P144 P220 PP PPrreelliimmiinnaarryy.. 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 pr F o a d r u m cts Pr f o o c o e d s s sed co O m it t i m h e e s o r d- pr F o a d r u m cts R fa m p a c w a a t r u n t r a u l e y n - d d F f u a c m l h c l a y i t e u n f r a u l e y n - d d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d l d r u u a s c w - ts p f I i r n n o tr i d d s i u a h u l e s c - d ts goods goods 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 P364 122 171 143 1951—juiy 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 *>367 122 174 142 November 112 111 115 265 237 242 263 J>368 124 177 142 December 111 111 115 267 236 240 266 129 174 141 1952—January 110 110 114 263 233 240 277 P368 130 176 141 February 108 110 114 251 228 236 271 P363 133 172 141 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 127 163 134 July 110 110 113 244 219 230 289 P348 n.a. Not available. P Preliminary. Sources.—See BULLETIN for January 1952, p. 108; August 1951, p. 1046; July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1082 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- Y m e o a n r t o h r ( U S 1 = 9 n t 3 a 1 i 5 t 0 t e 0 - e d 3 ) s 9 i (1 = C 9 a 3 a d 1 5 0 n a - 0 - 3 ) 9 1 K 5 d (J , i o 1 n a m 9 n g 5 . - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 e ) N la = e (1 n t 1 9 h d 0 4 s e 0 9 r ) 2 - 1 ( l 9 A a e 39 r n u - d g = . Y m e o a n r t o h r ( U S 1 = 9 n t 3 a 1 it 5 0 t e - 0 e d 3 ) s 9 i (1 = C 9 a 3 a 1 d 5 0 n a - 0 - 3 ) 9 1 K 5 d ( , J i o 1 n a m 9 n g 5 . - 2 F = ( r 1 a 1 9 n 0 4 c 0 9 ) e N la = ( e 1 n t 1 9 h d 0 4 s e 0 9 r ) 2 - 1 ( l 9 A a e 39 r n u - d g = . = 100) 100) = 100) 100) 1943 138 131 12 161 1943 124 118 12 148 1944 136 131 15 164 1944 . 126 119 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 "ioo' 162 1950 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-July 228 250 93 127 127 181 1951-July 186 188 95 130 122 167 August 227 251 93 127 124 182 August 186 189 96 131 121 168 September. 227 251 94 129 124 183 September. 187 190 97 133 121 169 October... 229 250 95 132 125 184 October. .. 187 190 98 136 121 170 November 231 250 96 137 123 184 November. 189 191 98 140 120 171 December, 232 249 97 139 122 184 December. 189 191 98 143 119 171 1952-January... 232 250 100 142 123 183 1952-January... 189 192 100 146 120 171 February.. 228 248 100 145 124 182 February.. 188 191 100 149 120 171 March.... 228 242 101 144 124 182 March.... 188 189 101 148 120 171 April 230 240 104 142 125 182 April 189 189 102 147 120 170 Mav 231 235 104 139 124 183 May 189 187 102 145 119 171 June 232 237 109 137 P\24 184 June 190 187 104 143 119 171 July 235 240 P136 P1S5 July 191 188 *>143 P171 P Preliminary. 1 Adiusted series reflecting allowances for rents of new housing units and, beginning January 1950, interim revision of series and weights. 2 Beginning January 1952, the index is based on data for 21 communities instead of 9 as heretofore. Sources.—See BULLETIN for August 1952, p. 961; January 1952, p. 109; August 1951, p. 1047; October 1950, p. 1421; January 1950, p. 125; July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. 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 ig t t e e e h ) d s * ( C 1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 ( 1 K D 9 U 2 i e 1 n c n e g i m = t d e 1 o b d 0 m e 0 r ) F (1 r 1 9 a 0 4 n 0 9 c ) e = 2 N l e a t n h d e s r- ( U 1 S = 9 n t 3 a 1 i 5 t t 0 e - e 0 3 d s ) 9 ( C 1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) (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 122.1 118.5 130.8 120.0 105.6 123.0 106.0 94.6 233 1948 118.3 105.0 129.9 106.4 107.1 124.4 112.5 92.0 240 1949 121.0 107.6 126.5 100,0 106.8 121.4 109.4 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—August 117.1 95.3 116.6 '101.8 80.3 181.5 169.7 96.5 113 207 September... 118.0 95.2 116.5 103.1 78.1 187.3 179.8 97.4 123 212 October 116.9 94.6 116.3 104.2 81.3 185.0 183.3 99.0 132 215 November.. . 115.3 92,8 115.0 103.3 80.3 177.7 174.0 97.3 127 207 December, . . 114.8 89,3 110.9 103.3 78.3 182.5 177.3 94.9 129 206 1952—January 115.5 88.2 110.4 103.5 80.0 187.1 181.7 95.0 139 204 February. . . . 116.5 87.8 110.5 103.3 81.5 183.2 179.5 92.8 149 198 March 115.9 86.9 107.3 105.2 83.3 185.2 177.6 90.5 149 191 April 116.2 86.7 108.5 105.3 83.9 183.6 175.8 91.6 144 185 May 116.3 88.8 108.6 110.7 84.5 183.7 169.0 92.0 136 185 Tune 116.2 87.7 105.8 113.9 85.2 187.6 171.6 89.6 142 184 Julv 116.0 85.3 105.8 P114.2 85.4 192.1 174.9 89.9 P145 190 P Preliminary. r Revised. 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 2 Beginning August 1951, figures are revised to show monthly averages rather than end-of-month quotations. Yearly averages for 1951 and previous years, however, are based on end-of-month data and are therefore not strictly comparable. NOTE.—For sources and description of statistics, see BULLETIN for August 1952, p. 961; September 1951, p. 1219; March 1951, p. 357; June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121 , SEPTEMBER 1952 1083 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 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 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 H. V. ROELSE, Associate Economist O. P. WHEELER, Associate Economist DAVID T. BEALS, KANSAS CITY DISTRICT CHAS. W. WILLIAMS, 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 1084 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 l President Vice Presidents Bank of Deputy Chairman First Vice President (Vice Preside lo n w ts e r in s e c c h t a io 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. Whit tier 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. WTilgus 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 * 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 A. W. Mills E. B. Larson M. H. Strothman, Jr. H. G. McConnell Sigurd Ueland Kansas City. Robert B. Caldwell H. G. Leedy P. A. Debus 2 Clarence W. Tow Cecil Puckett Henry 0. Koppang M. W. E. Park 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 : 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 J. A.Randall 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. * Counsel. SEPTEMBER 1952 1085 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS1 The material listed below may be obtained from BANKING AND MONETARY STATISTICS. Statistics of the Division of Administrative Services, Board of banking, monetary, and other financial develop- Governors of the Federal Reserve System, Wash- ments. November 1943. 979 pages. $1.50 per ington 25, D. C. Remittance should be made copy. No charge for available individual sections payable to the order of the Board of Governors (unbound). of the Federal Reserve System. RULES OF ORGANIZATION AND RULES OF PROCEDURE— FEDERAL RESERVE BULLETIN. Issued monthly. Sub- Board of Governors of the Federal Reserve Sysscription price in the United States and its postem (with amendments). September 1946. 31 sessions, Bolivia, Canada, Chile, Colombia, Costa pages. Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, THE FEDERAL RESERVE ACT, as amended to Novem- Nicaragua, Panama, Paraguay, Peru, El Salvador, ber 1, 1946, with an Appendix containing pro- Uruguay, and Venezuela is $2.00 per annum or visions of certain other statutes affecting the 20 cents per copy; elsewhere $2.60 per annum or Federal Reserve System. 372 pages. 50 cents per 25 cents per copy. Group subscriptions in the paper-bound copy; $1.00 per cloth-bound copy. United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND 12 months. FUNCTIONS. November 1947; reprinted April 1951. 125 pages. 75 cents per cloth-bound copy; FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY in quantities of 10 or more copies for single ship- RATES, AND BUSINESS. Issued monthly. $6.00 ment, 50 cents each. Paper-bound copies availper annum including edition of historical suppleable without charge. ment (listed below) available when subscription is entered or renewed. 60 cents per copy; in DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND quantities of 10 or more copies of a particular STANDARD METROPOLITAN AREAS, as of Decemissue for single shipment, 50 cents each. (Dober 30, 1950. July 1951. 125 pages. mestic rates) 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. Issued semiannually, usually April ment, 15 cents each. and September. Annual subscription to monthly chart book includes one issue of supplement. COMPILATION OF FEDERAL AND STATE LAWS RELAT- Single copies, 60 cents each; in quantities of 10 ING TO BRANCH BANKING IN THE UNITED STATES. or more copies for single shipment, 50 cents each. (July 1, 1951.) December 1951. 33 pages. (Domestic rates) THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the AND THEIR USE IN ECONOMIC ANALYSIS. January 1952. 175 pages. 25 cents per copy; in Board's staff. August 1941; reprinted March quantities of 10 or more copies for single ship- 1949. 496 pages. Paper cover. $1.00 per copy; ment, 15 cents each. in quantities of 10 or more copies for single shipment, 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. 1086 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. PART III. INCOME, SELECTED INVEST- MENTS, AND SHORT-TERM DEBT OF CONSUMERS. TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. September 1952. 28 pages. Also, similar sur- April 1951. 14 pages. vey for 1946 from June-September 1946 BUL- HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING LETINS, 28 pages; for 1947 from June-August THE INTRODUCTION OF REAL ESTATE CREDIT REGU- and October 1947 BULLETINS, 48 pages; for 1948 LATION. July 1951. 23 pages. from June-September and November 1948 BUL- LETINS, 70 pages; for 1949 from June-November SAVING IN THE DEFENSE ECONOMY. September 1951. 5 pages. 1949 and January 1950 BULLETINS, 124 pages; for 1950 from April and June-December 1950 BUL- NEW INDEX OF OUTPUT OF MAJOR CONSUMER LETINS, 106 pages, which includes THE METHODS DURABLE GOODS. October 1951. 6 pages. OF THE SURVEY OF CONSUMER FINANCES; for 1951 CREDIT AND SALES REPORTED BY REGULATION W from June-September and December 1951 BUL- REGISTRANTS. October 1951. 12 pages. LETINS, 86 pages. REVISED INDEXES OF DEPARTMENT STORE SALES AND STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- STOCKS BY DISTRICTS. December 1951. 53 pages. ERNORS BEFORE SUBCOMMITTEE ON GENERAL CREDIT CONTROL AND DEBT MANAGEMENT, MARCH ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. 11, 1952. April 1952. 4 pages. January 1952. 11 pages. THE SECOND ARMAMENT BUDGET. February 1952. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. 9 pages. 6 pages. MONEY AND CREDIT IN 1951. February 1952. 9 EXCESS PROFITS TAXES OF COMMERCIAL BANKS. pages. June 1952. 18 pages. INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951. REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- March 1952. 10 pages. LATION X. June 1952. 18 pages. RECENT CHANGES IN GERMANY'S FOREIGN TRADE FINANCING OF LARGE CORPORATIONS IN 1951. June BALANCE. March 1952. 7 pages. 1952. 6 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. SEPTEMBER 1952 1087 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 =^ BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES if BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM © FEDERAL RESERVE BANK CITIES GO • FEDERAL RESERVE BRANCH CITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis