Federal Reserve Bulletin, 1952-10

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

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. CONTENTS PAGE Problems of Trade Equilibrium 1089-1097 Revised Series on Department Store Sales, Stocks, and Orders. 1098-1102 Member Bank Earnings, First Half of 1952 1103-1104 Law Department 1105 Current Events and Announcements 1106 National Summary of Business Conditions. 1107-1108 Financial, Industrial, Commercial Statistics, U. S. (See p. 1109 for list of tables) 1109-1159 International Financial Statistics (See p. 1161 for list of tables) 1161-1179 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1180 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 1181 Federal Reserve Board Publications 1182-1183 Map of Federal Reserve Districts 1184 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE TIN VOLUME 38 October 1952 NUMBER 10 PROBLEMS OF TRADE EQUILIBRIUM During the two years after the Commu- aggregate gold and dollar reserves of foreign nist aggression in Korea, the free world met countries since the first quarter of 1952. difficult problems of economic readjustment. In the United States, a surge of new inflation- BALANCE OF PAYMENTS OF THE UNITED STATES SELECTED COMPONENTS ary pressures was overcome and production ons of Dollars QUARTERLY Billions of DoJIc was expanded greatly in certain fields. Im- NET TRANSFERS OF GOLD AND DOLLAR BALANCES port trade reflected these developments. In TO FOREIGN COUNTRIES many other countries, sharp movements in the balance of payments dominated internal events, at first multiplying the forces of inflation and later, when payments turned adverse, adding urgency to efforts to stop internal inflation. In the initial period of expectation of commodity shortages, foreign countries' earnings of United States dollars rose sharply and their reserves of gold and dollar balances increased. After some lag, their expenditures of dollars in the United States increased beyond their receipts, leading to drains on their reserves. During the past year foreign countries have had to halt this rise in spending in order to keep their dollar expenditures in line with dollar outpayments from the United States. In various parts of the world the adjustment of dollar expenditures has been accomplished in different ways: partly through the action of market forces, backed by measures restricting monetary expansion, and partly j 0 through use of direct controls over interna- 1948 1950 1952 tional trade and payments. The adjustment NOTE.—Foreign countries include international institutions. Exports of goods and services are net after deduction of military has resulted, as is shown in the top section aid. U. S. Government economic grants and loans exclude miscellaneous unilateral transfers and short-term capital. of the chart, in some replenishment of the Sources same as for table on p. 1095. OCTOBER 1952 1089 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROBLEMS OF TRADE EQUILIBRIUM Along with the widespread reactivation of chandise imports since mid-1951 has been beanti-inflationary monetary policy that began low the high levels attained early in that in 1951, there has been growing interest in year. As compared with early 1950, howmany countries in the need to reestablish ever, import volumes have remained about a self-sustaining structure of foreign com- 10 per cent higher and average import prices merce, with greater freedom of trade. Prog- more than 25 per cent higher. ress in this direction faces serious impedi- The total outflow of dollars from major ments, but the difficulties that countries out- sources—including imports of goods and side the United States will have in achieving services, investment of long-term capital real equilibrium are somewhat lightened, as abroad, and economic or defense-support compared with the period just prior to mid- grants-in-aid—rose from an annual rate of 1950, by significant changes in the level and 15/2 billion dollars in the first half of 1950 composition of dollar outpayments from this to 20 billion in the first half of 1951, and country. was at an average rate of nearly 19 billion in the twelve months ending June 1952. THE SUPPLY OF DOLLARS 1949-52 Military expenditures for goods and services used abroad are included in the outpayments Of primary importance in the rising outshown in the chart on the preceding page, flow of dollar payments from 1949 to early but military aid to other countries is not. 1951 was the increase in United States im- Military aid, and the exports covered by it, ports. The import advance started when inrose to an annual rate of 2.3 billion dollars by dustrial production began to move up again the second quarter of 1952. in mid-1949, and was greatly accelerated when events in Korea brought world-wide FOREIGN DEVELOPMENTS AFFECTING fears of commodity shortages. Much of the UNITED STATES EXPORTS rise was in import prices rather than in physical volume. Price advances were ex- Exports of nonmilitary goods rose from treme for such commodities as rubber, wool, early 1950 through the end of 1951. Foreign and tin. demands, increasing after the slight reces- Imports into the United States passed their sion abroad in 1949, brought at first only a peak in the spring of 1951, following a series moderate rise in exports from this country. of anti-inflationary measures in this country. In part this was because international com- Industrial production, which had run much petitive positions had been altered by the ahead of consumer takings as business in- 1949 devaluations and in part because intenventories were being rapidly built up, ceased sive controls over dollar expenditures were to rise at that time. Despite increasing de- in force in many countries. In the first fense expenditures, personal incomes after year of the Korean war, a number of foreign taxes were increasing more slowly than countries relaxed those controls, partly in before, and personal consumption expendi- consequence of increased reserves and partly tures through most of 1951 remained below in anticipation of shortages and higher the level of the buying wave at the begin- prices. Meanwhile, inflation was generating ning of the year. In consequence of these larger import demands. In the worldwide and other developments—including lessen- commodity boom, prices, incomes, and exing fear of general war—the value of mer- penditures in many countries rose much 1090 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROBLEMS OF TRADE EQUILIBRIUM more than in the United States. A part of more prolonged and greater inflation in this increased world demand went for United some other countries. Exports to sterling States goods. The rise in exports from this area countries increased sharply throughcountry was interrupted only briefly in the out 1951, as shown in the chart. The summer of 1951, largely by seasonal factors. equally sharp rise in shipments to the non- Purchases of United States exports in what dollar-area countries of southern and eastern may be called the dollar area came to a sea- South America stopped sooner, but purchases sonal peak in the spring of 1951 and then by some countries in this area remained at leveled off, at about the time imports were unsustainable levels well into 1952. In these receding in this country. (The dollar area, two groups of countries, export earnings and as indicated in the note to the chart, includes reserves of foreign exchange had increased Canada and the Latin American republics substantially in the nine months after Korea except six South American countries.) In and, with some lag, official import policies the dollar area imports have not been closely promoted or permitted larger purchases of controlled, and the relatively early adjust- dollar and other goods. Private buying was ment of their purchases from the United greatly stimulated by credit conditions that States reflected the fact that internal price were relatively easy, and by incomes that levels in most of the countries rose no more continued to be inflated after world prices of than in this country. raw materials passed their peak early in 1951. UNITED STATES EXPORTS In India, where export duties had been greatly increased as an anti-inflationary measure in 1950, no significant rise in the money supply or internal prices occurred after mid- 1951. Elsewhere, however, as in Argentina, Brazil, and Chile, and in Australia, New Zealand, and South Africa, prices of domestically consumed products continued to rise and by mid-1952 were from 25 to 50 or more per cent over the levels of early 1950. Delays in the tightening of internal financial policies in these and other countries contributed significantly to prolongation of the rise in United States exports and conse- 100 quently to the drain on foreign gold and dollar reserves between mid-1951 and the early spring of 1952. NOTE.—Department of Commerce data for merchandise exports including re-exports. "Special category" exports are excluded for 1950-52. United States exports to continental Eu- Delimitation of the "dollar area" is necessarily arbitrary in part. The classification of the United Kingdom exchange con- rope in 1951 stayed well below the early trol is used here, according to which the following Western Hemisphere countries are outside the dollar area: Argentina, postwar levels, in consequence of European Brazil, Chile, Paraguay, Peru, and Uruguay. recovery and the continuing close controls Extension of the rise in total commer- over purchases of dollar goods. Exports of cial exports from the United States through- cotton and other agricultural products to the out 1951 may be explained partly by the United Kingdom and continental Europe OCTOBER 1952 1091 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROBLEMS OF TRADE EQUILIBRIUM reached a seasonal peak around the end of FOREIGN GOLD RESERVES AND DOLLAR BALANCES SELECTED COUNTRIES AND AREAS 1951. A sharp decline in total United States exports occurred after May 1952. For many products declines had begun as early as mid- UNITED KINGDOM AND 1951, while for others—especially commercial OTHER STERLING AREA/ exports of machinery—shipments in 1952 continued above the 1951 monthly average. The sharpness of the decline in total exports in the early summer was due in part to seasonal and other special factors affecting agricultural products and steel. After allowance for such factors as these, it is nevertheless clear that a significant downward adjustment has now been made NOTE.—Federal Reserve data; gold reserves partly estimated. by foreign countries in their purchases from Dollar balances include holdings of U. S. Government securities with original maturities of up to 20 months. No deduction is the United States. In many countries, espe- made for U. S. short-term claims on foreigners; such claims reported by banks in the United States increased significantly cially in the dollar area and in some cases in 1951-52 for Brazil (in "Other Latin America"). In the year ending June 30, 1952, this increase for Brazil was 263 in Europe, the adjustment was brought about million dollars. For explanation of "dollar area," see note to chart on p. 1091. by market forces. With incomes no longer 1951. The combined holdings of the Latin increasing rapidly and with wholesale prices American dollar-area countries continued to expected to stabilize or fall, buying of both rise as they had throughout the postwar domestic goods and imports was curtailed. period, while Canada's holdings increased by In some countries, however, internal demand 900 million dollars or about 60 per cent. was still excessive and their governments con- The relatively favorable experience of sidered it necessary to stiffen their direct con- Canada and the other dollar-area countries trols over imports. reflects certain features of their internal financial policies, their international financial THE POSITION OF CANADA AND OTHER relationships, and their production patterns. DOLLAR AREA COUNTRIES First, as noted on the preceding page, From mid-1950 to mid-1952 the aggregate these countries have been relatively sucgold reserves and dollar holdings of foreign cessful in avoiding inflation in the past countries showed a net increase of 2.75 bil- two years. This has helped them to hold lion dollars or about one-sixth. This increase down their sizable deficits in trade with the was very unevenly distributed among coun- United States and to maintain favorable paytries and among regions. There was a con- ments positions against countries outside tinued recovery in holdings of continental the dollar area. Western European countries. Sterling area Second, these countries ordinarily allow holdings, however, were 10 per cent smaller their nationals free use of dollar balances, at mid-1952 than two years earlier; the sharp although some of them maintain minor expostdevaluation rise of 1949-50 was followed, change restrictions on payments in their own as is shown in the chart, by a further increase currencies. Generally these countries do not in 1950-51 and a sharp decline after mid- have special payments agreements with other 1092 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROBLEMS OF TRADE EQUILIBRIUM countries; their importers pay dollars on mally large earnings in sterling from Britain each transaction. Under these conditions, and from overseas sterling countries. The the exporters of these countries, or their gold and dollar reserves of the United Kingbanks, can insist on dollar settlements for dom, which served as central reserves for the most transactions. sterling area, bore a heavy part of the impact Finally, the relatively strong economic of world deficits from mid-1951 to mid-1952. position of these countries in the past two CHANGES IN WESTERN EUROPE'S GOLD AND DOLLAR years, particularly as producers of metals, HOLDINGS AND RELATED FACTORS foodstuffs, forest products, and petroleum, [In millions of U. S. dollars} has been an important factor enabling them to earn large net receipts from countries out- Year ending June 30 — side the dollar area, despite the widespread Area and item 1951 1952 restrictions on dollar purchases. Available data do not permit precise meas- United Kingdom urement of the nondollar areas' over-all Change in official gold and dollar reserves +1,450 -2,180 deficit with the United States, Canada, and Related Factors U.K.'s gold and dollar deficit (—), or surplus (+), all other countries of the dollar area. How- in current and capital transactions outside EPU: * ever, consolidation of Canada's official bal- A B e m fo o r u e n r t e o c f e i a p i t d o 2 f . U . S . . g . r a . nt aid - 3 2 8 0 0 -1,83 2 0 5C After receipt of U. S. grant aid +360 -1,580 ance of payments estimates with those of the Dollar settlements (receipts +, payments —) on behalf of rest of sterling area +730 -28C United States, in such a way as to eliminate New gold purchased with sterling +250 +250 Dollar receipts (+) from, or payments (—) transactions between the two countries, in- to EPU for whole sterling area 3 + 110 -570 dicates that in 1951 the deficit in current pay- Other OEEG Countries ments of other countries with the United Change in gold reserves and total dollar States and Canada, covered by economic holdings +280 +790 Related Factors grants-in-aid and settlements with gold or Gold and dollar deficit (—), or surplus (-}-). in current and capital transactions dollars, reached about 3 billion dollars. The outside EPU: Before receipt of U. S. grant aid -1,570 -1,140 relatively small outflow of American capital A mount of aid 2 1,960 1,360 After receipt of U. S. grant aid +390 +220 to countries other than Canada appears to EPU dollar payments (—) to, or receipts (+) from U. K.3 -110 +570 have been counterbalanced by movements 1 Includes gold and dollar payments (—) on account of whole of foreign capital into the United States. sterling area, not allocated between U. K. and rest of area: 1950-51, —50 million dollars; 1951-52, —160 million. 2 Excludes military aid. Excludes ECA and MSA loans, which totaled 350 million dollars over the two years for U. K. and other SHIFTS IN PRODUCTION IN EUROPE OEEC countries and dependencies combined. 3 In partial settlement of U. K. (sterling area) surplus or deficit in European Payments Union, equivalent to 610 million dollars Europe incurred large deficits with the dol- (U. K. surplus) in 1950-51 and 1,510 million (U. K. deficit) in 1951-52. lar area in 1951 and the first half of 1952. Sources.—U. K. balance of payments White Papers, including Cmd. 8666, October 1952; Department of Commerce balance of The consequences of these deficits for Eu- p d a a y ta m ; e a n n t d s d F a e t d a e f r o al r U Re . s S e . r v e e c o e n s o t m im ic a t a e i s d ; f o E r u g ro o p ld e a r n e s P er a v y e m s e a n n ts d U do n l i l o a n r holdings of other OEEC countries, including dependencies and rope's gold and dollar reserves were miti- Bank for International Settlements. The gold and dollar deficits outside EPU are residuals derived from the other data. gated by the continued receipt of economic and defense support aid from the United Europe has achieved a remarkable recov- States, as the table shows. In the case of ery in industry and agriculture since the war. the continental countries after mid-1951, However, internal demand, stimulated in the moreover, potential drains were offset by a process of recovery, is still very great, espepartial conversion into dollars, through the cially for goods from the dollar area. The European Payments Union, of their abnor- existence of unsatisfied demands for dollar OCTOBER 1952 1093 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROBLEMS OF TRADE EQUILIBRIUM goods is amply evidenced by the present able for external payments, are already showstructure of trade and exchange restrictions ing their value also for facilitating the shifts in Europe. Also symptomatic are the trans- in production that are needed for export actions—some authorized and others unau- expansion. thorized—through which dollar goods are Developments in European business acprofitably sold in European markets in quan- tivity over the past year or more may be tities exceeding the amounts ordinarily interpreted as a first stage in the needed shift allowed to be imported. Such transactions of production. As in the United States, there occur, for example, under the so-called ex- was a leveling off of total activity, stemming port proceeds retention plans. To give their in part from the abatement of internal detraders a positive incentive to sell certain mands when inflation began to be halted. goods in the dollar area, some countries have Europe, moreover, was especially sensitive relieved them of the ordinary obligation to through its export markets to the worldsell their entire dollar proceeds for local cur- wide textile slump that started in 1951 when rency through official channels. The dollars postwar backlogs of demand had been retained can be used for imports beyond the worked off. Demands for inventory gave usual limits, and are bought and sold at way to inventory liquidation. Thus, aggrepremium rates outside the official markets. gate industrial production in Europe ceased advancing last year, and tended to stabilize With the reactivation of anti-inflationary at a high level. Inflationary excess demand monetary policy in the past year, and with for labor and other resources, so marked in continuing attention being given to fiscal the postwar recovery, became less evident in policy, the place that administrative controls 1951, with favorable consequences such as a now have in import policy has been increasmuch needed rise in exportable coal supplies. ingly questioned in Europe. The view has No serious unemployment developed—begained ground that less reliance should be yond the persistent maladjustments of labor placed on varying import quotas, and that countries could afford progressively lighter demand and supply that still present probcontrols over imports, without risking dis- WESTERN EUROPEAN INDUSTRIAL PRODUCTION astrous instability of monetary reserves, pro- INDEXES.1948 « TOO vided that internal inflation of demand could QUARTERLY be avoided. Efforts for real equilibrium in Europe's international payments along these lines are likely to result in curtailment of import demands. Continued expansion of Europe's exports is needed too. Such expansion will probably entail some shift in Europe's production, away from types of consumer goods hitherto easily salable at home, to machinery and other goods in growing demand overseas. Fiscal and credit policies which can operate to reduce internal financial incentives to import, thereby helping to keep the de- NOTE.—Organization for European Economic Cooperation combined indexes of production in all member countries, not mand for imports within the means avail- adjusted for seasonal variation. Second quarter of 1952 partly estimated by Federal Reserve. 1094 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROBLEMS OF TRADE EQUILIBRIUM lems for three major countries. Declining THE UNITED STATES AND WORLD ECONOMIC output in some fields such as textiles was EQUILIBRIUM accompanied, as the chart illustrates, by The difficulties that other countries face in rising production in other industries, in- achieving an equilibrium between import cluding machinery and other metal products. demands and export capabilities have been Success in the next stage of shifting and somewhat lightened not only by increased enlarging production, so that exports may earnings from the 10 per cent advance be increased, will require further new invest- since the immediate pre-Korea period in the ments and probably more difficult transfers physical volume of United States imports, of manpower. Moreover, defense demands but also by three other significant changes will have to be given certain priorities. Euro- in United States payments and trade. pean competitive power will depend on First, expenditures by the United States efficiency in producing and selling, as well as UNITED STATES BALANCE OF PAYMENTS general policies influencing prices. At the FIRST HALF 1952 AND 1950 same time, Europe's progress can be acceler- [In billions of dollars. Receipts, + ; payments, —] ated if potential demands for European goods Annual rate in Inin the dollar area and elsewhere can be re- first half year crease, Item or decrease leased by removal of unnecessary restrictions 1952P 1950 (-) on trade. Exports of goods and services Progress in these directions will depend Merchandise exports reported monthly 1 14.5 9.8 4.7 in part on the actions of international organ- Military aid exports and other adjustments 2.0 0.4 1.7 Private investment income,.... 1.7 1.4 0.3 izations such as the International Monetary Other exports of services 2.9 2.1 0.9 Fund and the Organization for European Total exports of goods and services 21.1 13.6 7.5 Economic Cooperation, with its offspring, Deduct: Military aid 2.0 0.2 1.7 the European Payments Union. These or- Total not covered by military aid +19.1 + 13.3 5.8 ganizations are already exerting a real influ- Major categories of dollar outence in encouraging policies for internal payments Merchandise imports reported monthly 10.8 7.6 3.2 financial stability. Cooperative efforts to U. S. Govt. purchases of goods for use abroad and other adpromote trade liberalization are providing justments 0.8 0.3 0.5 U. S. Govt. payments for services 1.5 0.5 0.9 some protection, for countries working to- Other imports of services 2.3 2.0 0.3 ward equilibrium, against discriminatory Total imports of goods and services 15.4 10.5 4.9 trade cuts by other countries. Private U. S. long-term capital.. 1.5 0.8 0.6 U. S. Govt. long-term capital.. . 0.7 0.2 0.5 If the main impetus to a further strong U. S. Govt. economic aid 2.0 3.9 -2.0 advance in European production over the Total -19.5 -15.4 4.0 next few years does not come from Europe's Other transactions, net receipts 2. +0.2 +0.2 0.0 exports, there is danger that internal pres- Net transfers of gold and dollars. +0.1 + 1.9 -1.8 sures will provide it through fresh inflation Gold (U. S. sales, + ; purchases, -1.3 +0.5 -1.8 * Increase in foreign holdings of favoring production for the domestic market. dollar balances 3 + 1.5 + 1.4 0.0 This would have serious consequences not P Preliminary. only for Europe's ability to meet its inter- 1 After deducting reported exports by Department of Defense under Mutual Security Program. national payments problems and to advance 2 Unilateral transfers other than economic and military aid, U. S. short-term capital, foreign capital other than dollar balances, toward currency convertibility, but also for an J d F e e r d ro er r a s l an R d e s o e m rv i e s si d o a n t s a . . Holdings of international institutions are included. Dollar balances include U. S. Government securities economic equilibrium in all parts of the with original maturities to 20 months. world. Source.—Department of Commerce data, except dollar balances. Details may not add to totals because of rounding. OCTOBER 1952 1095 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROBLEMS OF TRADE EQUILIBRIUM Government for goods and services used States will bring a rapid advance above presabroad, chiefly for national security pur- ent levels in this country's payments for poses, have risen substantially since early imports. 1950. By the first half of 1952 increases in The postwar rise brought United States the annual rates of such expenditures, as imports by 1948 to 2% per cent of the value may be seen in the table on the preceding of the gross national product, about the same page, totaled nearly ll/ 2 billion dollars, ap- ratio as in 1935-39. Measured by this relaproximately equal to the net decrease in dis- tionship, imports in the past two decades bursement rates for economic and defense- appear much smaller than in the 1910's and support grants and for long-term Govern- 1920's, when annual ratios of 4 or 5 per cent ment loans. Official statements indicate that were common. such purchases by the military establishment In 1951 and the first half of 1952 United are expected to increase further. States imports, exclusive of Government pur- Second, the rate of outflow of private long- chases for use abroad, were about 3% per cent term capital of American companies and of the value of the gross national product. investors is now about a half billion dollars The further advance in imports from 1948 a year larger than it was from 1948 to mid- to 1952 was substantially greater than the 1950. While this rise has occurred largely rise in value of domestic production, but in in the movement of capital to Canada, it very large part this difference can be traced also reflects increasing activity in many coun- to big price adjustments for a few imported tries by the International Bank for Recon- foods and materials in response to changed struction and Development, which finances conditions of demand and supply. The imthe larger part of its operations by sales of port price of coffee has doubled and in the securities in the United States. first half of 1952 prices of rubber and nonferrous metals were still considerably higher Third, the average dollar price that forthan in 1948. In contrast, the general level eign purchasers pay for United States exof domestic prices, and of many other import ports has increased by only about 15 per cent, prices, is only about 10 per cent above the while for United States imports the average 1948 level. price being paid to other countries, after When adjusted for price changes since declining from a peak in 1951, is still more than 25 per cent higher than in the first half 1948, import volumes have increased over-all of 1950. Although this change in price re- by only one-fifth, with the volume of semilationships may tend to stimulate demands manufactures and finished manufactures for United States goods, it does raise the showing an increase of about one-third. supply of dollars as compared with foreign From the latter part of 1950 onward, countries' needs. United States purchases of imports, with certain significant exceptions, have been extraordinarily stable. There have been wide UNITED STATES IMPORTS IN 1952 seasonal changes in imports of coffee, sugar, While relative changes in prices may have and cocoa, but the general trend of these has been such as to facilitate an approach to gen- also been stable. In certain groups of imeral equilibrium, there seems little prospect ports, however, there have been large fluctuthat economic developments in the United ations not of a seasonal character. The chart 1096 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROBLEMS OF TRADE EQUILIBRIUM UNITED STATES IMPORTS decline since May in prices of some metals ALL IMPORTS SELECTED GROUPS in the United States. Million* of Dollars Millions of Dolla INTERNAL MEASURES AND EXTERNAL -l/-\- \ 200 EQUILIBRIUM At present levels of trade, foreign countries are no longer losing reserves. The underlying disequilibrium in international trade and payments is not to be measured, however, by drains on reserves, or even by the size of those current deficits that are still being balanced off by grants-in-aid. Imports are still being held down in most deficit countries by trade and exchange controls, designed to prevent larger deficits from appearing. These controls are considered necessary because internal measures cannot quickly 1948 1950 1952 1948 1950 1952 NOTE.—Department of Commerce data for imports for con- achieve the needed expansion of exports and sumption. "Pulp, hides, vegetable oils, etc." consists of paper base stocks, inedible animal products, inedible vegetable oils, curtailment of import demands, and because and oilseeds. ''Other metals and ores" consists of nonferrous and ferro-alloy ores and metals. "Steel" consists of iron, and reserves at present levels afford too little prosteel-mill products; it excludes ore and scrap. "Chemicals" consists of industrial chemicals only. tection against potential short-run drains. shows the fluctuations of the various selected Progress toward dismantling exchange groups as well as their total. controls will depend on developments and The declines in value of some of the actions both in the United States and in selected groups of imports since the spring other countries. The problem presents itself of 1951 have been very striking. Some of most acutely in Europe and in other counthese declines appear to have run their tries with close financial ties to Europe, course, but further decreases may be in proswhere unsatisfiable demand for dollar goods pect for the value of rubber imports, and also is at present the greatest. One set of diffor steel imports since the resumption of steel ficulties will be reduced if financial policies production in the United States. in deficit countries help to moderate their in- Equally striking was the sharp rise this ternal demand for imports and to facilitate year in imports of metals and ores other than their production of goods salable on competiiron and steel. Because metal prices in this tive terms in world markets. Few countries., country were held or brought down by Govhowever, can even then afford to make their ernment action in 1951, while prices abroad reached higher levels or remained there own currencies more convertible—thereby longer, the share of total supplies coming to risking drains from their own gold and dolthe United States was reduced in the second lar reserves—unless they are paid for their half of 1951. The subsequent rise in volume exports in dollars, or in currencies made conof nonferrous metal imports reflected mainly vertible in turn by other countries, and unless the easing of demand abroad. Partly as a their exports are freed from inequitable or result of larger imports, there has been a unnecessary barriers in world markets. 1097 OCTOBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED SERIES ON DEPARTMENT STORE SALES, STOCKS, AND ORDERS The Board's monthly series on dollar amounts of been computed by using the year-to-year percentage department store sales, stocks, and orders has been changes shown for each month by the old sample. revised for the period 1939 to date.1 This is the These features are discussed in the sections below only department store series published by the Board and the revised figures are shown in the tables on that includes information on outstanding orders, pages 1100-1102. Figures on outstanding orders, new orders, and receipts. The principal features receipts, and new orders on both the old and new of the revision are as follows: bases are charted below. The revised series will (1) The sample of department stores reporting appear regularly in the statistical section of the in this series has been reconstituted to obtain pro- BULLETIN and in the monthly publication Federal portionate representation of the Federal Reserve Reserve Charts on Ban\ Credit, Money Rates, and Districts, as indicated by Census of Business data Business as well as in the regular monthly press on department store sales for the year 1948. releases. 1 (2) Monthly totals of sales, stocks, and outstand- This is the third major revision of a department ing orders for the new reporting group have been store series completed during the past 12 months. obtained for the period January 1950 to date. Cor- The two previous revisions related to the compreresponding monthly figures back through 1939 have hensive monthly indexes of sales and stocks and to the weekly index of sales, descriptions of which 1 This revision was made by Orville K. Thompson and may be found in the Federal Reserve BULLETIN Howard G. Smith of the Board's Division of Research and for December 1951 and April 1952, respectively. Statistics. DEPARTMENT STORE MERCHANDISING DATA 1950 1951 1952 1098 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED SERIES ON DEPARTMENT STORE SALES, STOCKS, AND ORDERS Revisions of the other principal department store on outstanding orders and new orders do not begin series—monthly departmental sales and stocks and until January 1940. monthly credit statistics—are in process, and may be Merchandising ratios. In order to permit more completed within six or eight months. analysis of department store trends, certain merchan- Revised reporting group. The stores in the new dising ratios have been compiled for the entire reporting group have accounted for about 50 per period covered by the series and will be published cent of estimated total department store sales in regularly in the future. The ratios are as follows: recent years. The new sample comprises about 325 (1) stocks to sales, (2) outstanding orders to sales, stores, compared with the 296 in the reporting (3) stocks plus outstanding orders to sales, and (4) panel when the series was begun in the early 1940's. receipts to sales. In recent years, reports on outstanding orders A ratio for any one month usually takes on sighave become available from an increasing number nificance only when it is compared with the ratio of stores, but the availability of such reports for some other month. Seasonal influences require has been, and still is, a limiting factor in the size the exercise of caution in comparing ratios for sucof the sample for this series. A large number of cessive months and suggest that it is often advisable stores regularly report monthly sales and stocks, but to limit comparisons to corresponding months of many, including the large national chains, do not different years. supply information on outstanding orders. Purposes of the monthly dollar series. This series In the selection of stores for the newr reporting is useful mainly because it includes information on group, special attention has been given to obtaining orders and receipts and thus provides a view of desub-groups that would be representative of the indi- partment store trade that is not otherwise given. vidual Reserve districts and also reflect their relative The orders figures furnish some basis for determinimportance in the national total. Also, with a view ing merchants' expectations regarding future busito improving coverage in outlying sections of metro- ness, while receipts throw some light on the rates at politan areas, additional suburban branches of which merchandise is delivered to department downtown department stores have been included stores. in the reporting group. Compilation and release of the figures in this se- The universe measured by this dollar series dif- ries in dollar form facilitate the construction of varifers moderately from that of the comprehensive ous ratios which reflect merchandising operations monthly sales and stocks indexes and of the weekly at department stores. Several such ratios, as noted sales index in that it excludes retail outlets of the above, will be compiled and published regularly by large national department store chains. the Board in the future. The ratios of stocks Computation of back data. The dollar volume fig- and/or outstanding orders to sales reflect purchasures on sales, stocks, and outstanding orders shown ing practices, and the ratio of receipts to sales indiin the tables on the following pages for the period cates whether goods are flowing into the store at a January 1950 to date are those reported by the new faster or slower pace than they are being sold. sample. Figures on receipts have been derived from Sales and stocks are included in this dollar series the reported data on sales and stocks, and figures on solely to permit comparison with changes in orders new orders have been derived from reported figures and receipts. They are not intended as substitutes on outstanding orders and the derived data on re- for the comprehensive monthly sales and stocks inceipts. The entire dollar series has been carried dexes. The latter are based upon considerably back to earlier years on the basis of the year-to-year larger samples and have been subjected to a numpercentage change shown for each month by the old ber of statistical refinements which increase their series. Whereas data on sales, stocks, and receipts reliability for use in appraising monthly trends in are available back to the beginning of 1939, figures department store sales and stocks. OCTOBER 1952 1099 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE MERCHANDISING DATA [Selected series, based on retail value figures] Amounts Merchandising (In millions of dollars) ratios l Month Outstand- New Stocks Sales 2 Stocks 2 ing Receipts 3 orders 3 Stocks Outstand- plus Receipts (total for (end of orders (total for (total to ing orders outstand- to month) month) (end of month) for sales to sales ing orders sales 8 month) month) to sales 1939 January 105 325 94 3.1 0.9 February 101 353 129 3.4 1.3 March 135 377 159 ? 8 1 2 April 135 377 135 2 8 1 0 May 135 368 126 2.7 0.9 June 128 344 104 2.7 0.8 JUly 93 324 73 3 4 0 8 August 114 349 139 3.1 1.2 September 149 387 187 2.6 1.3 October 156 421 190 2.7 1.2 November 162 448 189 2.8 1.2 December .. 257 352 161 1 .4 0.6 1940 Tanuarv 113 334 110 95 3.0 1.0 3.9 0.8 February . ... 107 372 108 145 143 3 4 1 0 4 4 1 4 March 137 390 93 155 140 2.8 0.7 3.5 1.1 April 135 388 85 133 125 2 9 0 6 3 5 1 0 Mav 140 380 78 132 125 2.7 0.6 3.3 0.9 June 132 349 96 101 119 2.6 0.7 3.4 0.8 julv 100 329 144 80 128 3 3 1 4 4 7 0 8 August 129 356 150 156 162 2.8 1.2 3.9 1.2 September 154 397 146 195 191 2.6 0.9 3.5 1.3 October 166 431 151 200 205 2 6 0 9 3.5 1.2 November 178 453 125 200 174 2.5 0.7 3.2 1.1 December . . 271 366 94 184 153 1 4 0 3 1 7 0 7 1941 January 123 349 126 106 138 2.8 1.0 3.9 0.9 February 117 381 140 149 163 3 3 1 2 4 4 1 3 March 147 408 142 174 176 2.8 1.0 3.7 1.2 April 166 415 153 173 184 2.5 0.9 3.4 1,0 May 164 412 172 161 180 2 5 1 0 3 6 1 0 June. 148 394 234 130 192 2.7 1.6 4.2 0.9 July 122 397 296 125 187 3 3 2 4 5 7 1 0 August 167 450 322 220 246 2.7 1.9 4.6 1.3 September 192 519 293 261 232 2.7, 1.5 4.2 1.4 October 183 591 246 255 208 3 2 1 3 4.6 1.4 November 196 603 194 208 156 3A 1.0 4.1 1.1 December . . 305 480 156 182 144 1 6 0 5 2 1 0.6 1942 January . 171 463 261 154 259 2 .7 1.5 4.2 0.9 February . . . ... 146 536 334 219 292 3 7 2.3 6.0 1.5 March 186 611 355 261 282 3.3 1.9 5.2 1.4 April 183 675 338 247 230 3.7 1.8 5.5 1.3 May . . . 165 713 286 203 151 4 3 1.7 6.1 1.2 June 159 703 243 149 106 4.4 1 .5 5.9 0.9 July .... 133 690 250 120 127 5 2 1.9 7.1 0.9 August 167 710 226 187 163 4.3 1.4 5.6 1.1 September 203 711 239 204 217 3.5 1.2 4.7 1.0 October 230 703 270 222 253 3.1 1.2 4.2 1.0 November 232 675 273 204 207 2 9 1 2 4 1 0.9 December 350 523 279 198 204 1.4 0.8 2.3 0.6 1943 January 172 501 363 150 234 2.9 2.1 5.0 0.9 February 196 490 419 185 241 2.5 2.1 ! 4.6 0.9 March 202 508 467 220 268 2 5 2 3 4.8 1.1 April 216 498 479 206 218 2.3 2.2 4.5 1.0 M!ay 198 506 589 206 316 2 6 3 0 5 5 1 0 June 204 511 706 209 326 2.5 3 4 6.0 1.0 July 162 537 731 188 213 3.3 4.5 7.8 1.2 August 183 597 665 243 177 3.3 3.6 6.9 1.3 September 221 630 606 254 195 2 9 2 7 5 6 1.1 October 250 640 592 260 246 2.6 2.4 4.9 1.0 November 283 623 603 266 277 2 2 2 1 4 3 0.9 December . . ... 365 508 540 250 187 1.4 1.4 2.9 0.7 NOTE.—For footnotes, see p. 1102. 1100 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE MERCHANDISING DATA—Continued [Selected series, based on retail value figures] Amounts Merchandising (In millions of dollars) ratios l Month Outstand- New Stocks Sales 2 Stocks 2 ing Receipts 3 orders 3 Stocks Outstand- plus Receipts (total for (end of orders (total for (total to ing orders outstand- to month) month) (end of month) for sales to sales ing orders sales * month) month) to sales 1944 January 183 517 558 192 210 2.8 3.0 5.9 1.0 February 184 559 553 226 221 3.0 3.0 6.0 1.2 March 244 573 514 258 219 2.3 2.1 4.4 1.1 April 222 567 494 216 196 2.6 2.2 4.8 1.0 May 239 565 559 237 302 2.4 2.3 4.7 1.0 June 215 555 618 205 264 2.6 2.9 5.4 1.0 July 175 547 666 167 215 3.1 3.8 6.9 1.0 August 215 608 623 276 233 2.8 2.9 5.7 1.3 September 252 627 603 271 251 2.4 2.4 4.9 1.1 October 280 655 621 308 326 2.3 2.2 4.6 1.1 November 327 626 659 298 336 1.9 2.0 3.9 0.9 December 416 488 678 278 297 1.2 1.6 2.8 0.7 1945 January 217 500 807 229 358 2.3 3.7 6.0 1.1 February 214 539 859 253 305 2 5 4.0 6.5 1.2 March 303 564 819 328 288 1.9 2.7 4.6 1.1 April 225 609 753 270 204 2.7 3.3 6.1 1.2 May 250 636 702 277 226 2.5 2.8 5.4 1.1 June 255 632 728 251 277 2.4 2.9 5.3 1.0 July 206 626 765 200 237 3.0 3.7 6.8 1.0 August 232 656 721 262 218 2.8 3.1 5.9 1.1 September 261 667 702 272 253 2.6 2.7 5.2 1.0 October 325 674 759 332 389 2.1 2.3 4.4 1.0 November 365 651 835 342 418 1.8 2.3 4.1 0.9 December 463 499 845 311 321 1.1 1.8 2.9 0.7 1946 January 244 527 940 272 367 2.2 3.9 6.0 1.1 February 258 575 1,029 306 395 2.2 4.0 6.2 1.2 March 325 627 1,030 377 378 1.9 3.2 5.1 1.2 April 344 692 945 409 324 2.0 2.7 4.8 .2 May 330 724 980 362 397 2.2 3.0 5.2 .1 June 330 745 1,098 351 469 2.3 3.3 5.6 .1 July 263 780 1,138 298 338 3.0 4.3 7.3 .1 August 329 850 1,088 399 349 2.6 3.3 5.9 .2 September 333 896 1,045 379 336 2.7 3.1 5.8 .1 October 372 958 924 434 313 2.6 2.4 5.1 .2 November 442 993 736 477 289 2.2 1.7 3.9 .1 December 568 837 614 412 290 1.4 1.1 2.6 0.7 1947 January. 278 824 647 265 298 3.0 2.3 5.3 1.0 February... 271 902 638 349 340 3.3 2.4 5.7 1,3 March 358 932 519 388 269 2.6 1.4 4.1 1.1 April 345 918 402 331 214 2.7 1.2 3.8 1.0 May 365 878 371 325 294 2.4 1.0 3.4 0.9 June 330 815 491 267 387 2.4 1.4 4.0 0.8 July 272 776 633 233 375 2.9 2.3 5.2 0.9 August 299 836 672 359 398 2.8 2.2 5.0 1.2 September 368 892 729 424 481 2.4 2.0 4.4 1.2 October 402 996 710 506 487 2.4 1.8 4.2 1.3 November 457 1,030 646 491 427 2.3 1.4 3.7 1.1 December. . . . 637 843 597 450 401 1.3 0.9 2.3 0.7 1948 January.. 297 858 659 312 374 2.9 2.2 5.1 1.1 February. 285 960 601 387 329 3.4 2.1 5.4 1.4 March. . . 384 1,026 442 450 291 2.7 1.2 3.8 1.2 April 358 1,018 372 350 280 2.8 1.0 3.9 1.0 May 367 985 354 334 316 2.7 1.0 3.6 0.9 June 365 923 482 303 431 2.5 1.3 3.8 0.8 July 290 884 581 251 350 2.0 5.1 0.9 August... . 323 953 586 392 397 1.8 4.8 1.2 September. 386 1,016 580 449 443 2.6 1.5 4.1 1.2 October. . . 424 1,090 546 498 464 2.6 1.3 3.9 1.2 November. 452 1,140 406 502 362 2.5 0.9 3.4 1.1 December. 645 896 319 401 314 1.4 0.4 1.9 0.6 NOTE.—For footnotes, see p. 1102. OCTOBER 1952 1101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE MERCHANDISING DATA—Continued [Selected series, based on retail value figures] Amounts Merchandising (In millions of dollars) ratios * Month Outstand- New Stocks Sales 2 Stocks 2 ing Receipts 3 orders 3 Stocks Outstand- plus Receipts (total for (end of orders (total for (total to ing orders outstand- to month) month) (end of month) for sales to sales ing orders sales » month) month) to sales 1949 January 292 856 407 252 340 2.9 1.4 4.3 0.9 February 276 924 401 344 338 3.3 1.4 4.8 1.2 March 346 994 332 416 347 2.9 1.0 3.8 1.2 April 374 986 249 366 283 2.6 0.7 3.3 1.0 May 349 945 216 308 275 2.7 0.6 3.3 0.9 June 339 858 296 252 332 2.5 0.9 3.4 0.7 July 252 804 413 198 315 3.2 1.6 4.8 0.8 August 308 850 444 354 385 2.8 1.4 4.2 1.1 September 359 927 531 436 523 2.6 1.4 4.1 1.2 October 374 1,028 480 475 424 2.7 1.3 4.0 1.3 November 433 1,068 376 473 369 2.4 0.9 3.3 1.1 December 630 858 326 420 370 1.4 0.5 1.9 0.7 1950 January 279 847 409 268 351 3.0 1.4 4.5 1.0 February 267 920 413 340 344 3.4 1.5 5.0 1.3 March 345 990 346 415 348 2.9 1.0 3.9 1.2 April 343 ,001 282 354 290 2.9 0.8 3.7 1.0 May 358 972 260 329 307 2.7 0.7 3.4 0.9 June 344 891 388 263 391 2.6 1.1 3.7 0.8 July 314 838 733 261 606 2.7 2.3 5.0 0.8 August 361 973 812 496 575 2.7 2.2 4.9 1.4 September 396 1,101 753 524 465 2.8 1.9 4.7 1.3 October 392 1,260 628 551 426 3.2 1.6 4.8 1.4 November 443 1,303 479 486 337 2.9 1.1 4.0 1.1 December 664 1,040 452 401 374 1.6 0.7 2.2 0.6 1951 January 365 1,076 708 401 657 2.9 1.9 4.9 1.1 February 310 1,178 700 412 404 3.8 2.3 6.1 1.3 March 375 1,299 503 496 299 3.4 1.3 4.8 1.3 April 339 1,346 361 386 244 4.0 1.1 5.0 1.1 May 371 ,291 314 316 269 3.4 0.8 4.3 0.9 June 354 ,187 410 250 346 3.4 1.2 4.5 0.7 July 280 1,139 477 232 299 4.1 1.7 5.8 0.8 August 341 1,181 430 383 336 3.4 1.3 4.7 1.1 September 376 1,208 446 403 419 3.2 1.2 4.4 1.1 October 426 1,249 447 467 468 2.9 1.0 4.0 1.1 November 483 1,249 405 483 441 2.6 0.8 3.4 1.0 December 664 1,006 319 421 335 1.5 0.4 2.0 0.6 1952 January 319 1,012 403 325 409 3.2 1.3 4.4 1.0 February 298 1,062 417 348 362 3.6 1.4 5.0 1.2 March 347 1,129 366 414 363 3.3 1.1 4.3 1.2 April 372 1,148 293 391 318 3.1 0.8 3.9 1.1 May 381 1,112 274 345 326 2.9 0.7 3.6 0.9 June 352 1,026 411 266 403 2.9 1.2 4.1 0.8 July 288 995 521 257 367 3.4 1.8 5.3 0.9 August 342 1,038 539 385 403 3.0 1.6 4.6 1.1 I 1 The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. 2 Figures are based on the sample described in the note below and are presented here solely to permit comparisons with changes in orders and receipts. For monthly movements of total department store sales and stocks, refer to the regular monthly mimeographed reports on sales (G.7.2.) and stocks (G.7.4.2), or the Federal Reserve BULLETIN. s Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. NOTE.—These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1951, sales by these stores accounted for about 50 per cent of estimated total department store sales. 1102 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 1952 In the first half of this year total earnings of all of 1952 they aggregated 788 million dollars, 91 milmember banks were larger than those reported for lion or 13 per cent more than in the first half of the first half of 1951; the increase was sufficient to 1951, and 48 million more than in the second half. offset increases in both expenses and provision for On an annual basis they were 15.2 per cent of total income and excess profits taxes. Net profits, after capital accounts as compared with 14.2 per cent for income taxes and profit and loss adjustments, were the first half of 1951 and 14.4 per cent for the 414 million dollars as compared with 381 and 375 entire year. million, respectively, for the two halves of 1951. Details of earnings, expenses, etc., for the first On an annual basis net profits were 8.0 per cent of half of 1952 and the two halves of 1951 are shown total capital accounts as compared with 7.6 per cent on page 1159 of this BULLETIN. for the full year 1951. Earnings. Current operating earnings continued Net current earnings before income taxes of all to increase and amounted to 1,978 million dollars member banks have been progressively larger in each half-year period since 1947.1 In the first half parisons of earnings in the first and second halves of a year, 1 Net current earnings are gross current operating earnings but they are sufficiently important to warrant care in interless gross current operating expenses, before adjustments for preting the results for any first half. For example, bonuses losses, recoveries, and transfers to and from valuation reserves, paid to officers and employees and losses and charge-ofTs are and before taxes on net income. usually reported in larger volume in the second half of a year Normal differences in some items do not invalidate com- than in the first. MEMBER BANK EARNINGS [Amounts in millions of dollars] 1948 1949 1950 1952 Item First Second First Second First Second First Second First half half half half half half half half half Earnings 1,379 1,450 1,460 1,525 1,557 1,707 1,771 1,898 1,978 On U. S. Government securities 436 419 423 436 435 430 406 426 441 On other securities 78 80 81 87 91 99 102 108 113 On loans 620 688 698 729 760 874 960 1,043 1,105 Service charges on deposit accounts.. 69 72 78 80 84 88 93 94 98 Other earnings 176 191 180 193 187 216 209 227 221 Expenses 866 930 914 975 965 1,055 1,075 1,157 1,190 Salaries and wages. 414 462 441 485 465 535 529 597 586 Interest on time deposits 125 126 130 131 135 136 146 160 176 Taxes other than on net income 44 46 46 50 54 55 58 5 7 59 Other expenses 283 296 297 308 310 329 342 344 370 Net current earnings before income taxes... 513 520 546 551 593 652 697 740 788 Recoveries and profits l 118 72 59 97 82 93 59 80 Losses and charge-offs 1. 96 100 70 96 67 81 86 116 71 Net additions to valuation reserves J 116 57 32 94 41 80 37 90 24 Profits before income taxes 419 435 503 458 566 584 633 614 751 132 200 Taxes on net income 127 107 143 169 252 239 337 326 384 Net profits 292 329 360 397 381 375 414 167 190 Cash dividends declared 2 140 154 146 155 170 200 185 6,925 6,918 6,903 6,892 6,873 6,840 Number of banks at end of period 6,815 1 Data for these items were obtained by combining earnings data on p. 1159 of this BULLETIN as described below: (a) Recoveries on securities and loans are a combination of recoveries credited to profits (shown in the body of the detailed table) with recoveries credited to valuation reserves (shown under memoranda items in the detailed table). The combined figures represent gross recoveries of member banks during the year regardless of the accounting methods of the individual banks. (b) Losses on securities and loans are a combination of losses charged against profits with losses charged to valuation reserves. These totals represent gross losses of member banks during the year regardless of the accounting methods of the individual banks. (c) Net additions to valuation reserves on securities an 1 loans represent the combination of four amounts given in the detailed tabl^: the sum of the two items that increase valuation reserves (transfers to reserves reported in the boiy of the detailed table plus recoveries credited to reserves reported as memoranda items) less the sum of the two items that decrease valuation reserves (transfers from reserves reported in the body of the detaile 1 ta' le plus losses charged to reserves reported as memoranda items). 2 Includes interest on capital notes and debentures. 1103 OCTOBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 1952 in the first half of 1952, an increase of 207 million resulted from larger time and savings deposit from the first half of 1951. The increase was largely balances and from a considerably higher average in earnings on loans, which were 145 million dollars rate of interest paid—a rise from 0.98 per cent for more than in the corresponding period last year. the first half of 1951 to 1.12 per cent for the first Earnings on United States Government securities half of 1952; this is the highest average rate rewere 35 million dollars more than in the first half ported since 1941. of 1951 and earnings on other securities were 11 Profits, recoveries, losses, and transfers to reserves. million more. Profits on securities sold were 17 million dollars Earnings on loans continued to be an increasing in the first half of 1952, a smaller amount than in proportion of total earnings, amounting to 56 per either half of 1951. Net losses and charge-ofls on cent of all earnings in the first half of 1952 as all securities amounted to 22 million dollars, somecompared with 54 per cent in the first half of last what less than the 26 million for the first half of year and 55 per cent for 1951 as a whole. For 1951 and less than half the 46 million for the income from United States Government securities, second half of last year. the corresponding percentage was 22, a decline from Net losses and charge-ofls on loans of 4 million 23 per cent in the first half of 1951. dollars were much smaller than the approximately The average annual rate of return on loans dur- 14 million reported in each of the two halves of ing the first half of 1952 increased to 4.44 per cent 1951. Additional provision for future losses on from 4.17 per cent during the first half of 1951 and loans and securities in the form of net additions to 4.26 per cent for the year. Holdings of all major valuation reserves aggregated 24 million dollars in categories of loans increased from June 1951 to June the first half of 1952, considerably less than the 37 1952; outstanding loans in the higher-yielding real million reported for the first half of 1951. To some estate and consumer categories increased 653 and extent this decline reflects the fact that some banks 617 million dollars, respectively, and holdings of have reached the reserve-for-bad-debt ceiling. the lower-yielding commercial and industrial loans Taxes and net profits. Reflecting the transactions increased 1,570 million. described above, profits before income taxes wrere Despite some shift to securities near the lower larger in the first half of 1952 than in either half end of the yield range, the average annual rate of of 1951, aggregating 751 million dollars as comreturn on United States Government securities repared with 633 million in the first half of 1951 and flected the generally higher level of short-term 614 million in the second. However, accruals and yields. The return increased to 1.72 per cent as payments of income and excess profits taxes were compared with 1.63 per cent for the first half of also larger. They amounted to 337 million dollars 1951 and 1.66 per cent for the year as a whole. as compared with 252 and 239 million, respectively, Holdings increased by slightly more than 2 billion in the two halves of 1951. Net profits aggregated dollars from June 1951 to June 1952; there was a 414 million dollars, 33 million more than in the decline of about half a billion in holdings of bonds first half of 1951 and 39 million more than in the which carried higher rates of return and an increase second half. of more than 2.5 billion in the lower-yielding bills, Cash dividends. The dollar amount distributed certificates, and notes. as cash dividends in the first half of each year con- Expenses. Total current operating expenses, extinued its gradual upward trend and amounted to cluding taxes on net income, aggregated 1,190 mil- 185 million dollars. This amount was about 45 lion dollars, 115 million more than in the correper cent of net profits, the same percentage of net sponding period of 1951. Salaries and wages accounted for just about half of 'total expenses and profits as was distributed in the first half of 1951. of the increase. Typically, however, this item was The yield on average total capital accounts was 3.6 a few million dollars less than in the second half per cent, as compared with 3.5 per cent for the of the preceding year. Interest on time deposits first half of last year. Dollar amounts distributed aggregated 176 million dollars, an increase of 30 and yields on total capital accounts are typically million from the first half of 1951. The increase smaller in the first half of a year than in the second. 1104 FEDERAL RESERVE BULLETIN 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 Regulation T proposes to make loans to prospective purchasers Arrangement for Credit by Brokers or Dealers for the purpose of financing the purchase of larger amounts of the investment trust shares. The shares The Securities Exchange Act of 1934 and Reg- would be pledged to secure the loan, and the borulation T issued thereunder, provide in substance rower would undertake to pay the principal and that any broker or dealer who is subject to the interest on the loan in monthly instalments. regulation shall not extend or maintain any credit The bank would furnish forms of a credit apon unregistered securities (i.e., securities not reg- plication and note to security dealers and their istered on a national securities exchange). The salesmen, who would then make them available to Act (section 7(c)) and the regulation (section the customers to whom they are selling or contem- 7 (a)) also provide in substance that any such plate selling the investment trust shares. When the broker or dealer shall not arrange for any extension forms had been completed and executed, the dealor maintenance of credit on unregistered securities. ers would return them to the bank. There are certain exceptions to these prohibitions, The bank would have complete discretion as to but they are not relevant to the present question. whether or not to approve any such application. The Board has been asked whether there would The bank would not pay any fees or commissions be a violation of the above-mentioned prohibition to the security dealers, although the dealers would, against arranging credit on unregistered securities of course, get the benefit of increased security sales if a broker or dealer who is subject to Regulation T that might result from operation of the plan. participated in a certain financing plan which a Upon consideration of the various aspects of the national bank has under consideration. The pro- proposed plan, the Board of Governors is of the posed plan would finance the purchase of shares opinion that if any broker or dealer who is subwhich are issued by so-called open-end investment ject to Regulation T participated in the plan in the trusts and which are not registered on any national manner contemplated, there would be an arrangsecurities exchange. ing for the extension or maintenance of credit on The shares are on continuous sale and can be unregistered securities in violation of section 7(c) acquired by periodic cash purchases without the of the Securities Exchange Act of 1934 and section need for any bank financing. However, the bank 7(a) of Regulation T. OCTOBER 1952 1105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Federal Reserve Bank of Dallas for the unexpired A meeting of the Presidents of the Federal Re- portion of the term ending December 31, 1953. serve Banks was held in Washington on September Mr. Bogle is engaged in livestock feeding, farming, 23 and 24, and on September 26 the Presidents met and ranching. He succeeded Mr. G. A. Frierson, with the Board of Governors. merchant and planter of Shreveport, Louisiana, On September 25 a meeting of the Federal Open who resigned. Market Committee was held. Mr. Bogle had been serving as a director of the The Federal Advisory Council held a meeting in El Paso Branch of the Federal Reserve Bank of Washington on October 5-7, 1952, and met with the Dallas since March 13, 1945. Board of Governors of the Federal Reserve System Revised Annual Industrial Production Indexes on October 7, 1952. Tentative new annual production indexes for Changes in the Board's Organization five groups of manufacturing industries (chemicals, With the suspension of Regulation X, the Board transportation equipment, ordnance, instruments, of Governors approved the discontinuance of the and miscellaneous) and for the mining industry Division of Selective Credit Regulation, which was groups, covering the period since 1947, have been established December 20, 1950, to administer Regu- developed in the course of revising the Board's inrations W and X and the V-Loan Program. dustrial production index. Completion of similar indexes for 16 groups of manufacturing industries To continue the functions under the V-Loan was announced in the BULLETIN for May 1952, Program, the Office of Defense Loans was estabpage 502. All of the new indexes, together with lished and Mr. Gardner L. Boothe II, formerly an tentative new totals for manufacturing and mining Assistant Director of the Division of Selective and information on weights, base period quantities, Credit Regulation, was appointed as Administrator, and sources of data, are available for distribution to Office of Defense Loans. interested persons for the purpose of obtaining Mr. Glenn M. Goodman was appointed an Ascritical comments prior to final review and pubsistant Director of the Board's Division of Examlication. None of the new indexes are for publicainations, effective September 23, 1952. Mr. Goodtion in their present form. man became associated with the Board in 1933 and The material is arranged by major industry had been serving as a Federal Reserve Examiner groups and may be obtained for a single group or since January 1, 1934. for all manufacturing and mining groups on re- Mr. Henry Benner, formerly an Assistant Diquest to the Division of Administrative Services, rector of the Division of Selective Credit Regu- Board of Governors of the Federal Reserve System, lation, was appointed an Assistant Director of the Washington 25, D. C. Division of Examinations effective September 23, Admission of State Banks to Membership in the 1952. Mr. Benner became associated with the Federal Reserve System Board of Governors in September 1950, in connec- The following State banks were admitted to tion with activities relating to Regulation X, after membership in the Federal Reserve System during having served approximately thirteen years with the period August 16, 1952 to September 15, 1952: the Federal Reserve Bank of Philadelphia. North Carolina Appointment of Class C Director Rockingham—Richmond County Bank. On October 2, 1952, the Board of Governors announced the appointment of Mr. Hal Bogle of South Dakota Dexter, New Mexico, as a Class C director of the Rapid City—Rapid City Trust Company. 1106 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled September 26 and released for publication September 30] Industrial production recovered sharply in August and major household appliances in August and and rose further in September to its previous post- September reflected earlier large inventory declines war high. In September, seasonally adjusted sales and increased consumer buying. at department stores are estimated to have declined Expansion in nondurable goods output in August following a marked rise in August, while expanded reflected principally greater than seasonal increases output has permitted some recovery in automobile at textile and paperboard mills. There was also a sales. Wholesale prices declined somewhat after sharp recovery in coke output, and petroleum remid-August reflecting largely heavy marketings of fining, which was already close to earlier peak livestock. Consumers' prices continued at record rates in August, rose further in September. Total levels. meat production since mid-August has averaged 8 per cent above a year ago, with production of INDUSTRIAL PRODUCTION beef and veal up by about a fourth and pork down The Board's index of industrial production in- considerably. creased to 215 in August from 193 per cent of the Minerals output has increased sharply in August 1935-39 average in July, reflecting mainly the rapid and September with resumption of iron ore mining return to full-scale operations at steel mills and a and marked gains in output of crude petroleum marked gain in nondurable goods output. Accord- and coal. ing to preliminary estimates industrial production has risen further in September to 223. CONSTRUCTION Steel production rose in August to 92 per cent Value of construction contract awards declined of rated capacity and by late September was sched- slightly in August as awards for public nonresiuled at a new record rate of 104 per cent. Activity dential work dropped sharply following three in machinery and transportation equipment in- months of steady increases. Value of new construcdustries showed only a limited recovery in August tion put in place was the same as in July, after but has apparently increased substantially in Sepallowance for seasonal influences. The number tember. Passenger auto assemblies this month are estimated to have totaled about 445,000 units, the PRICES AND TRADE largest monthly output since June 1951. A substantial pick-up in production of television sets INDUSTRIAL PRODUCTION 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 Seasonally adjusted series except for prices. Wholesale prices, Bureau of Labor Statistics indexes. Consumer prices, total retail sales, and disposable personal income, Federal Reserve indexes based on Bureau of Labor Statistics and 1948 1949 1950 195! 1952 1948 1949 1950 1951 1952 Department of Commerce data. Department store trade, Federal Reserve indexes. Monthly figures, latest shown are Federal Reserve indexes. Monthly figures, latest shown arc estimates for September. for August. OCTOBER 1952 1107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS of housing units started in August declined more August rate and, with output considerably exthan seasonally to 99,000 from 104,000 in July, but panded, dealers' stocks are being replenished. was 11 per cent larger than in August 1951. COMMODITY PRICES EMPLOYMENT The general level of wholesale commodity prices Employment in nonagricultural establishments, declined somewhat from mid-August to the third after allowance for seasonal changes, rose in August week of September. The major decreases were in to 46.8 million, an all-time high. In steel-consuming livestock and products owing partly to a considerindustries the number employed and employee able expansion in marketings of cattle. Prices of working time increased but remained below pre- industrial commodities generally showed little strike levels. Average hourly earnings of factory change. workers were up about one per cent from July to The consumers' price index rose further by .2 per $1.66—the level of other recent months. Unem- cent in August. Average prices of foods again ployment declined in August to 1.6 million, re- advanced and rents and fuel prices increased, while flecting in part the end of the steel strike and in prices of apparel declined slightly further. part seasonal factors. BANK CREDIT DISTRIBUTION Total bank credit outstanding at weekly report- Sales at department stores, which had shown a ing banks showed little change between midgreater than seasonal rise in August, increased less August and mid-September. All major types of than seasonally in the first three weeks of Sep- loans increased, but holdings of U. S. Government tember but remained close to year-ago levels. Re- securities declined. Business loans increased about flecting in part the rise in sales, seasonally adjusted three-quarters of a billion dollars, reflecting largely stocks at department stores are estimated to have credit for marketing crops as well as some borrowdeclined somewhat in August. Sales of new pas- ing in connection with tax payments in midsenger cars have risen from the sharply reduced September. Bank reserve positions continued tight until mid- BUSINESS LOANS AT MEMBER BANKS IN LEADING CITIES September and borrowings from the Federal Re- BILLIONS OF DOLLA 3 R .0 S serve generally exceeded excess reserves. Thereafter, borrowings were reduced as banks obtained reserve funds as a result of a decline in Treasury balances at the Reserve Banks and System purchases of U. S. Government securities in connection with the October 1 certificate refinancing. SECURITY MARKETS Yields on Treasury bills declined during the first three weeks of September, while yields on longterm Treasury bonds rose somewhat. The Treasury offered 2% per cent 14-month notes in exchange 1948 1949 1950 195f 1952 for the 10.9 billion dollars of certificates maturing Data for selected industries reported by over 200 of the largest weekly reporting member banks. "Metals" includes October I, 1952, and has also announced an offering metal products, machinery, and transportation equipment. "Petroleum, etc." includes coal, chemicals, and rubber prod- of 25 billion of 161-day tax anticipation bills to ucts. "Foods, etc." includes liquor and tobacco. Wednesday be dated October 8 and to mature March 18, 1953. figures, latest shown are for Sept. 17. 1108 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. . 1111-1112 Federal Reserve Bank rates; margin requirements; reserve requirements 1112-1113 Reserves and deposits of member banks. 1114 Federal Reserve Bank statistics. 1115-1117 Regulation V: guaranteed loans, fees, and rates 1117-1118 Bank debits and deposit turnover; Postal Savings System 1118 Money in circulation. 1119 Consolidated statement of the monetary system, deposits and currency 1120 All banks in the United States, by classes. 1121-1123 All insured commercial banks in the United States, by classes. 1124-1125 Weekly reporting member banks. 1126-1128 Life insurance company commitments. 1128 Commercial paper, bankers' acceptances, and brokers' balances. 1129 Money rates; bank rates on business loans; bond yields. 1130 Security prices and new issues. 1131-1132 Corporate sales, profits, and dividends 1132-1134 Treasury finance 1135-1137 Government corporations and credit agencies. 1138 Business indexes 1139-1148 Department store statistics. 1149-1152 Consumers' prices 1152 Wholesale prices 1153 Gross national product, national income, and personal income. . 1154-1155 Consumer credit statistics. 1156-1158 Member bank earnings. . 1159 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. OCTOBER 1952 1109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Billions of Dollars Wednesday Figures Billions of Dollars 30 30 25 20 15 10 TREASURY CASH AND DEPOSITS & i j ^^A^ n\^ 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 30 __ j ! 30 1 FEDERAL RESERVE CREDIT 25 HOLDINGS OF U- S GOVERNMENT SECURITIES - TOTAL 25 L-^ 5 DISCOUNTS AND ADVANCES ^^^^ —>^U 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Wednesday figures, latest shown are for Sept. 17. See page 1111. 1110 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period co D a a u n i d s n d - - ts U. S. s e G cu o r v it e ie rn s c m B e e r i t l n i l f t s i , - ot A h l e l r1 Total s G to o c ld k T s r t o c e u r i a u u n e n r n a r y g c t- d - s y - - M in c t u o io c l n a n i e r - y - T h c i u r o n a e r l g s a y d h s s - - F u T p e s r w r R e o d y e r i s e e t a v i - d r h t s e a e s - l - b p m N e o r e o s m d n it e - s - - c O s F o e R e a t e r u r c h e a d v - n - e l - e t r s Total qu R ir e e - d2 c E e x s - s1 vances Total Bonds cates, Banks and notes Wednesday figures: 1951—Aug. 1. 408 23,081 5,822 17,259 794 24,28221,759 4,663 27,842 1,308 557 1,175 19,099 18,430 669 Aug. 8. 20023,118 5,822 17,296 727 24.04621,759 4,665 27,904 1,298 203 1,016 72019,328 18,441 887 Aug. 15. 24223.151 5,822 17,329 967 24,360 21,800 ,666 27,925 1,288 495 1,113 71919,285 18,468 817 Aug. 22. 21423,084 5,822 17,262 877 24.175 21,800 ,667 27,932 1,292 434 1,096 71819,172 18,517 655 Aug. 29. 278 23,066 5,822 17,244 657 24,001 21,800 ,668 28,034 1,291 557 999 71718,871 18,485 386 Sept. 5. 24323.079 5,822 17,257 684 24,00621,854 ,672 28,262 1,299 408 1,022 71418,825 18,406 419 Sept. 12. 32523,108 5,822 17.286 951 24,38421,853 ,673 28.216 1,294 474 1,047 71319,167 18,555 612 Sept. 19. 35923,135 5,822 17,3131.28924,78321,934 4,674 28,140 ,285 477 923 73019,835 18,864 971 Sept. 26. 21623,474 5,822 17,652 988 24,677 22,013 4,676 28,137 ,288 1,024 73119,369 18,837 532 Oct. 3. 6924,039 5,825 18,214 922 25.03022,015 4,680 28,320 ,284 397 966 20,004 18,843 1,161 Oct. 10. 7924.072 5,825 18.247 875 25.02522,055 4,680 28,448 ,286 335 1,002 75019,939 18,868 1,071 Oct. 17. 6923,848 5,325 18.5231,20025,11722,105 4,681 28,385 ,296 326 975 85120,068 18,950 1,118 Oct. 24. 152 >3,666 5,325 18,341 ,02424,84122,144 4,683 28,301 291 509 886 85019,833 19.144 689 Oct. 31. 18623,552 5,325 18,227 690 24,42722,234 4,686 28,410 288 493 818 19,557 19,060 497 Nov. 7. 243 23,507 5,325 18.182 845 24,59522,284 4,686 28,534 ,291 452 843 19,667 18988 679 Nov. 14. 274 23.397 5,325 18.072 930 24,60222,283 4,688 28.601 .284 245 815 77619,850 18.976 874 Nov. 21. 22" 23,275 5,334 17 9411 .24324,745 22,333 4,689 28,701 ,285 364 800 77419.843 19,211 632 Nov. 28. 483 >3,239 5,334 17,905 957 24.67922,332 4,693 28,742 1,288 548 750 774 19,229 374 Dec. 5. 23,239 5,357 17,882 883 25,08122,381 4,699 28,891 1,292 501 787 77019,919 19,196 723 Dec. 12. 23.239 5,376 17,8631,031 24.980 22,382 4,700 29,037 1,284 266 740 19,964 19,317 647 Dec. 19. 44Q 23.239 5,334 17,9052.057 25,74522,491 4,703 29,263 1,269 6 776 20,798 19.767 1,031 Dec. 26. 23,503 5,342 18,1611,276 25,57622,621 4,704 29.403 1,289 289 880 83220,208 19,637 571 1952—Jan. 2. 5,344 18.3141.06224,82522,697 4.706 29,143 1,275 694 74520,364 19,685 679 Jan. 9. 19823,452 5.344 18,108 904 24,55422,772 4,707 28,800 1,280 69 771 74320,369 19,551 818 Jan. 16. 13523,119 5,344 17,7751 11824,37222,822 4,710 28,526 1.291 138 719 74420,488 19.590 898 Jan. 23 22,993 5,344 17,6491,01024,11622,872 4,711 28,342 1,280 11 663 74320,660 19.573 1,087 Jan. 30. 21022,785 5,344 17,441 711 23,70722,931 4,716 28,347 1,302 221 729 74220,013 19,455 558 Feb. 6. 28322,614 5,344 17,270 759 23.65622,990 4,717 28,378 1,317 52 728 74120,148 19,415 733 Feb. 13. 22,499 5,344 17.155 634 23 .75323,011 4,717 28,425 1,276 261 685 74120,094 19.30^ 790 Feb. 20. 454 22,4OOj 5,471 16,929 23,88723,071 4,721 28,387 1,308 491 749 73820,007 19.293 714 Feb. 27. 22,555 5,636 16,919 773 23,75023,110 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 35722.530 5,636 16,894 23,77823,291 4,726 28,452 1,296 639 841 78519,781 19.182 599 Mar. 19 126 22,825 5,636 17,1891,26524,21623.292 4,729 28,361 1,285 6 742 80321,038 19,627 1,411 Mar 26 17022,528 5,636 16,892 23,41323,291 4,731 28,329 1,282 7 736 20,276 19,500 776 Apr. 2. 130 22,514 5,636 16,878 23,40923,291 4,736 28.445 1,281 295 776 82719,812 19,166 646 Apr. 9. 16722.494 5,636 16,858 731 23,39323,293 4,736 28,526 1,273 381 763 82719,652 19,076 576 Apr. 16. 62222,467 5,136 17,331 1,02024,10923,293 4,737 28,436 1,288 520 853 82520,218 19,225 993 Apr. 23. 83022,372 5,136 17,236 771 23,97323,295 4,738 28,333 1,287 877 809 82419,875 19.087 788 Apr. 30. 67622,363 5,136 17,227 23,63223,297 4,739 28,460 1,284 450 784 74919,940 19,143 797 May 7. 1,04322,329 5,136 17,193 24,06723,297 4,739 28,523 1,286 749 762 74720,034 19,071 963 May 14. 67122,315 5,136 17,179 23,76423,297 4,739 28,497 1,293 516 796 19.953J 19,092 861 May 21. 49922,283 5,136 17,147 23,79423,298 4,739 28,483 1,279 384 813 20,127 19,181 946 May 28. 81622,273 5,136 17,137 653 23,74223,296 4,741 28,710 1,286 558 813 19,667 19,217 456 92622,378 5,136 17,242 24,07923,296 4,747 28,842 ,282 527 824 742 19,207 699 834 5,136 17,356 803 24,12823,297 4,750 28,830 ,284 507 834 19,978 19,226 752 541 5,136 17,861 24,82823,297 4,751 28,787 ,286 9 768 21,232 19.736 1,496 30722,564 5,136 17,428 23,75323,346 4,752 28,814 ,290 134 813 79320,006 19,621 385 48022,869 5,136 17,733 806 24,15523,346 4,755 29,180 ,277 90 760 79820,153; 20,104 49 68322,860 5,136 17,724 923 24,46523,347 4,754 29,148 ,264 38 906 799 20,413 20,008 405 97422,723 5,136 17,587 974 24,67123,348 4,756 28,988 ,271 307 988 797 20,422 19,973 449 1,07322,726 5,136 17,590 875 24,67423,350 4,756 28,884 ,275 482 1,016 797120,326 19,875 451 1,40322,844 5,136 17,708 660 24,90723,350 4,761 28,952 ,286 605 1,042 20,409 19,829 580 Aug. 6. 84322,977 5,163 17,814 620 24,44023,350 4,763 29,041 ,279 72220,260 19,675 585 Aug. 13. 77023,051 5,236 17,815 732 24,55323,344 4,764 29,051 ,277 1,057 718 20,136 19,692 444 Aug. 20. 979 23,032 5,236 17,796 24,81023,344 4,766 29,068 ,281 526 1,057 72120,267 19,652 615 Aug. 27. 89723,092 5,236 17,856 24,60323,344 4,768 29.129 1,276 707 1,084 72119,797 19,643 154 Sept. 3. 96823,182 5,236 17,946 24,81623,344 4,774 29,391 1,285 715 1,066 71719,760 I 19,511 249 Sept. 10. 88023,229 5,236 17,993 764 24,87223,344 4,776 29,364 1,279 347 948 71520,340 19,549 791 Sept. 17. 31323,740 5,236 18,504 25,24923,344 4,780 29,292 1,281 6 998 729 21,067j P19.863PI.204 Sept. 24. 40023,715 5,236 18,479 23,343 4,781 29,247 1,274 264 889 ,581! P19.834 J>247 P Preliminary. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. • 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. 1111 OCTOBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period c v o a D a a n u n i d s c 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 l t e l i t s f 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 u n n u e r n r g y c t a - - d y s - - M i c n t u o io l c n a n i e - r y - T h c i u r o n a e r l g s 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 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 e o R e a t e r u r c h e a d v - n - e l - e t r s Total qu R ir e e - d2 c E e x ss - 2 and notes End of period: 1929—June 29. . 1,037 216 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 2,356 2,333 23 1933—June 30. . 164 1,998 441 1,557 58 2,220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—Dec. 30. . 7 2,484 1,351 1,133 102 2,593 17,644 2,963 7,598 2,409 634 653 251 11,653 6,4445,209 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 9,365 3,085 1 1 9 9 4 4 5 6 — — D D e e c c . . 3 31 1 . . . . 2 1 4 6 9 3 ' ' 3 4 . , 3 2 5 6 C ? 9 7 4 5 7 3 2 2 3 2 , . 3 5 1 9 5 7 5 5 8 8 f 1 2 J 5 4 , . 0 0 9 9 1 3 2 2 0 0 . , 5 0 2 6 9 5 4 4, , 5 3 6 3 2 9 2 28 8 , P5 9 1 5 5 2 2 2 , , 2 2 8 7 7 2 9 3 7 9 7 3 1, 8 30 22 8 6 4 0 9 7 51 1 5 6 , , 9 1 1 3 5 9 1 1 5 4 . , 5 4 7 5 7 71, 5 4 6 5 2 8 1947—Dec. 31. . 85 >2,55<- 2,853 19,70^ 53< !3,181 22,754 4,562 28,868 ,336 870 961 563 17,899 16,4001,499 1948—Dec. 31.. 223 >3,33? 10,97712,356 542 !4,097 24,244 4,589 28,224 ,325 1,123 1,189 59020,479 19,2771,202 1949—Dec. 31.. 7FI8,88e 7.21811.66 536 9.49O 24,427 4,59V 27,60*' ,312 821 1,517 70616,568 15,5501,018 1950—June 30. . 43 18,331 5,61812,713 32« 18.703 24,231 4,607 27,156 ,298 950 1,431 77115.934 15,498 436 Dec. 30. . 67 >O,778 4.62016.158 1,371 »2,216 22,706 4.636 27.741 ,29T 668 1.460 71417 681 16,5091,172 1951—June 30.. 5322,98 6,82216,160 1,007 ->4,043 21,756 4,655 27,809 ,281 317 1,262 76519,020 18,604 416 1951—Sept 19023,734 5,822 17,912 1,13425,058 22,013 4,681 28,288 ,285 936 1,127 72719,391 18,822 569 Oct 18623.552 5,325 18,227 690 24.427 22,233 4,688 28.417 ,283 493 818 78019,557 19,060 497 Nov 62423,239 5,334 17,905 871 24,734 22,382 700 28,809 ,288 481 794 77219,670 19,180 490 Dec 1923.801 5,344 18.457 1,180 25.009 22,695 709 29 206 ,270 247 889 746 20.056 19,667 389 1952—Jan 32822,729 5,344 17,385 726 23.783 22,951 4,717 28 386 ,319 162 766 74120.077 19,443 634 Feb 59822,528 5,636 16,892 77823.904 23,191 4,727 28.465 ,287 558 796 73319,982 19,254 728 Mar 13322.514 5,636 16,878 623 23.270 23.291 4.736 28.473 ,277 169 845 80119.733 19,241 492 Apr 67622,363 5,136 17,227 593 23.632 23,298 4,730 28,464 ,281 450 784 74919,940 19,143 797 May 95 22,273 5,136 17,137 927 24,152 23,296 4,748 28,767 ,274 541 1,094 74319,778 19,187 591 June so22.906 5.136 17.770 586 23.551 23.346 4.754 29.026 ,283 333 846 78319,381 19,573 -192 S J A u e u l p g y t 1 1 , , 3 2 4 1 7 7 8 0 7 2 2 2 2 3 3 , , , 8 6 1 5 9 4 3 4 6 5 5 5, , , 1 2 2 3 3 3 6 6 6 1 1 1 7 7 8 , . , 7 9 4 1 1 5 7 0 8 6 5 75 9 7 1 9 72 2 2 4 5 4 , . . 8 7 2 2 4 1 1 7 6 P 2 2 2 3 3 3 . . . 3 3 3 4 4 5 2 4 0 > 4 4 4 , , , 7 7 7 6 7 8 2 6 7 3 2 2 2 8 9 9 , , , 9 2 4 7 9 l5 8 3 , , ,2 2 2 8 8 6 1 2 9 6 4 5 8 3 0 8 8 8 1, 9 8 1 9 8 5 1 1 7 7 7 7 2 2 1 3 3 8 2 2 20 0 0 , , . 4 0 3 1 6 2 1 6 3 P1 1 1 9 9 9 . , , 5 7 8 7 2 2 6 8 8 P 4 8 3 9 3 3 5 5 8 Averages of daily figures: 1951—Sept 33823.259 5,822 17.437 1,06724,664 21,906 4,674 28,213 ,284 576 1,055 72119,396 18,675 721 Oct 13123,834 5,551 18,283 1,01724,082 22,104 4,682 28.387 ,283 451 977 80219,868 18,952 916 Nov 34323,364 5,329 18,035 1,07824,785 22,208 4,688 28,612 ,286 436 867 77619,794 19,065 729 Dec 65723,409 5,352 18,057 1,38025.446 22,483 4,701 29,139 ,280 271 835 796 20,310 19,484 826 1952—Jan 20023,206 5,344 17,862 1 ,03824.444 22,824 4,709 28,637 .281 100 737 744 20,470 19,537 933 Feb 36522,552 5,432 17,120 900 23,826 23,030 4,719 28.406 ,294 352 799 73819,995 19,300 695 Mar 31422,634 5,636 16,998 942 23.890 23,278 4,728 28.437 ,283 333 845 790 20,207 19,322 885 Apr 36: 22,448 5,354 17,094 913 23,726 23.293 4,737 28,459 ,278 549 875 81819,777 19,127 650 May 57322,308 5,136 17,172 823 23,704 23,207 4,740 28,557 ,281 553 838 74519,767 19,139 628 June 58 22,617 5,136 17.481 941 24,144 23 3084,751 28,843 ,282 328 843 76720,140 19,431 709 July 1,09222,798 5,136 1 7.662 895 24,786 23.348 4,756 29,028 ,270 306 960 79120,535 19,926 609 Aug 1,05923,027 5,21* 17,811 738 24,824 23.346 4.765 29,088 1,276 501 1,044 72020,306 r19,657 Sept 72323,471 5,236 18,235 861 25,055 23.343 4,778 29,343 1,275 326 997 72120.514 T 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 are estimates. Back figures.—Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS * [Per cent per annum] [Per cent of market value] Nov. 1, 1933-Feb. 1, 1935- Effective Feb. 1, Mar. 30, Effec- Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Prescribed in accordance with 1947- 1949- tive Securities Exchange Act of 1934 Mar. 29, Jan. 16, Jan. 17, 1949 1951 1951 Savings deposits 2H Postal Savings deposits 2H Other deposits payable: Regulation T: In 6 months or more For extensions of credit by brokers In 90 days to 6 months. . . and dealers on listed securities 75 50 75 In less than 90 days 1 For short sales 75 50 75 Regulation U: NOTE.—Maximum rates that may be paid by member banks as For loans by banks on stocks 75 50 75 established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank 1 Regulations T and U limit the amount of credit that may be exmay not in any event exceed the maximum rate payable by State tended on a security by prescribing a maximum loan value, which is a banks or trust companies on like deposits under the laws of the State specified percentage of its market value at the time of the extension; the in which the member bank is located. Maximum rates that may be "margin requirements" shown in this table are the difference between paid by insured nonmember banks as established by the F.D.T.C., the market value (100%) and the maximum loan value. effective Feb. 1, 1936, are the same as those in effect for member banks. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and BULLETIN for March 1946, p. 295, and February 1947, p. 162. 1112 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annurnj Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances ( S s e e e c s u . r e 1 d 3 b a y n d e l 1 ig 3 i a b ) l 1 e paper Sec. 10(b)] (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Sept. 30 beginning— rate Sept. 30 beginning— rate Sept. 30 beginning— rate Boston Aug. 21,1950 2M Aug. 21,1950 Jan. 14, 1948 New York.... Aug 21,1950 H Aug. 21,1950 2 Oct. 30, 1942 Philadelphia.. Aug. 25.1950 H 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 y± Aug. 24,1950 Aug.24, 1950 Chicago Aug. 25,1950 2% Aug. 25.1950 Aug 13, 1948 St. Louis Aug. 23,1950 2Y± Aug. 23,1950 Jan. 12, 1948 Minneapolis. . Aug. 22,1950 2M Aug. 22.1950 Aug.23. 1948 Kansas City.. Aug. 25,1950 2U Aug. 25,1950 Jan. 19, 1948 D Sa a n l la F s rancisco A Au u g g . . 2 2 5 4 , ,1 1 9 9 5 5 0 0 2 2 M V* A Au u g g . . 2 2 4 5 , ,1 1 9 9 5 5 0 0 2 O Fe c b t . . 2 1 8 4 , , 1 1 9 9 4 4 2 8 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 2 Certain special rates to nonmember banks were in effect during the wartime period. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advance? under Section H)(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON MEMBER BANK RESERVE REQUIREMENTS ACCEPTANCES [Per cent per annum] [Per cent of deposits] Rate on In effect be- Previous Net demand deposits 1 Maturity Sept. 30 ginning—l rate Time Effective date deposits 91 1 - - 12 9 0 0 d d a a y y s s D D e e c c . . 1 1 8 8 , . 1 1 9 9 5 5 1 1 1M of change C re e c s n i e t t r y r v a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m ba e ( n m a k l b l s e ) r 121-180 days 2Ys Dec. 18, 1951 banks 1 Dates effective at Federal Reserve Bank of New York. 1917—June 21 13 10 7 3 NOTE.—Effective minimum buying rates on prime bankers' acceptances payable in dollars. Back figures.—See Banking and Monet iry 1936—Aug. 16.,,,,,,,,, 15 Statistics, Table 117, pp. 443-445. 1937—Mar. 1 22M May 1 26 20 6 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1938—Apr. 16 22M 1734 12 5 AND COMMITMENTS UNDER SECTION 13B OF THE FEDERAL RESERVE ACT 1941—Nov. 1 26 20 14 6 1942—Aug. 20 24 Maturities not exceeding five years Sept. 14 22 [In effect September 30. Per cent per annum] Oct. 3 20 1948—Feb. 27 22 June 11 24 To industrial or Sept. 16 16 2 7Vi commercial To financing institutions Sept. 24 26 22 :?* businesses 1949—May 1 i5 J M u a n y e 30 5 24 2 2 0 1 » 86 7 R F B e e d s a e e n r r k v al e On com O m n it- P O or n t i p o d u n i r s c c h o a u s n e t s s or com On mit - A A J A A u u u u u l g g g y g . . . 1 1 1 1 6 1 1 8 2 2 3 3 >£ 1 1 9 9 V2 1 1 1 3 2 4 2 2 5 6 loans l ments for which Re- ments Aug. 25 11* 1834 institu- maining Sept. 1 18 tion is portion 1951—Jan. 11 19 "6 obligated Jan. 16 23 13 26 Jan. 25 24 20 Feb. 1 14 Boston In effect Oct. 1, 1952 < .... 24 20 14 6 New York Philadelphia 8 1 Demand deposits subject to reserve requirements, which beginning Cleveland Aug. 23, 1935, have been total demand deposits minus cash items Richmond 8 in process of collection and demand balances due from domestic banks Atlanta (also minus war loan and series E bond accounts during the period Chicago 2^-5 Apr. 13. 1943-June30, 1947) S K M t a . i n n L s n o a e s u a is p C o i l t i y s . .. . . . . . 1H ( - 2 2 ) H ba 2 3 n k R R s e e . q q u ui i r r e e m m e e n n t t b b e e c c a a m m e e e e f f f f e e c c t t i i v v e e a a t t c c e o n u t n ra t l r y r es b e a r n v k e s. and reserve city Dallas San Francisco... 4 Present legal minimum and maximum requirements on net demand deposits—central reserve cities, 13 and 26 per cent; reserve cities, 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time 1 Including loans made in participation with financing institutions. deposits at all member banks, 3 and 6 per cent, respectively. 2 Rate charged borrower less commitment rate. Back figures.—See Banking and Monetary Statistics, Table 107, p. 400. 3 Rate charged borrower. < Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Charge of J£ per cent per annum is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. OCTOBER 1952 1113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Central reserve Central reserve week en M di o n n g t h W , e o d r nesday- b m a b A n e e k m l r l s - 1 N c e i w ty ban C k h s i- s b e c R a r i n v t e y k e - s b C a t o n r u y k n s - ] week en M di o n n g t h W , o e r dnesday b m a A b n e e k m l r l s - N c e i w ty ban C k h s i- s b e c R a r i n v e ty k e - s b C a t o n r u y k n s - l York cago York cago Total reserves held: Excess reserves: 1951—Tune 19,309 5,230 1,300 7,402 I 5,377 1951—June 834 106 219 501 July 19,229 5,028 1,294 7,439 5,469 July 756 9 162 586 1952— A Tu u n g e ust 2 1 0 9 , rl 1 7 4 4 0 5 4 , ,9 3 2 2 5 4 1 1 , , 2 3 9 1 7 7 7 7 , , 7 4 8 7 5 9 5 5 , . 7 4 1 7 4 3 1952— A Tu u n g e ust 7 7 0 0 4 9 38 5 1 13 4 5 8 5 5 5 4 0 4 July 20,536 5,474 1,365 7,911 5,786 July 609 -14 84 532 August.... 20,306 5,223 1,360 7,933 5, 790 August 649 5 129 513 Aug. 20 20,336 5,241 .357 7,931 5,806 Aug. 20 672 44 -1 105 524 Aug. 27 20,185 5,184 ,357 7,896 5,748 An?. 27 577 6 101 470 Sept. 3 20,171 5,151 ,357 7,904 5,759 Seat. 3 587 -14 -3 126 478 Sept. 10 20,283 5,095 ,348 7,926 5,915 Sept. 10 751 12 2 129 608 Sept. 17 20,626 5,220 ,370 8,072 5,964 Sent. 17 P866 30 184 P652 Sept. 24 21,036 5,446 ,414 8,172 6,004 Sept. 24 Pl.133 175 36 249 P673 Required reserves: Borrowings at Federa Reserve Banks: 1951—June 18,475 5,124 1,293 7,183 876 July 18,473 5,018 1,296 7,277 882 1951—June 170 25 3 73 69 August 18,470 4.919 1 ,297 7,331 July 194 71 7 77 39 1952—June 19,431 5,286 1,325 7,649 5,170 August 292 84 6 152 50 July 19,926 5,488 1,358 7,826 5,254 1952—June 579 169 23 278 109 August 19,657 5.218 1,359 7,804 5,277 July 1,077 225 82 634 136 August 1,032 227 41 581 183 Aug. 20 19,663 5 ,197 1,358 7,826 5.282 Aug. 27 19,608 5,178 1,357 .,795 5,278 Aug. 20 797 181 16 456 144 Sept. 3 19,583 5,165 1,359 7,778 5,281 Aug. 27 . . 1,056 141 50 677 188 Sept. 10 19,531 5,082 1,346 .,796 5,307 Sept. 3 1,167 191 73 701 202 Sept. 17 P19,761 5,190 1,371 7,888 Ph.312 Sept. 10 1,075 297 69 547 162 Sept. 24 P19.902 5,271 1,377 7,923 P5.331 Sept. 17 649 96 19 369 165 Sept. 24 282 3 6 165 108 P Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. Back figtires.—See Banking and Monetary Statistics, pp. 396-399. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve Item b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i n r t e v y k - e s C ba t o r n u y k n s - b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c a R e i r n e t v y k - e s C ba t o r n u y k n s - York cago York cago First half of August 1952 Second half of August 1952 Gross demand deposits: Total 105,253 23,190 5,933 40,314 35,817 104,911 22,866 5,952 40,377 35,716 Interbank 12,003 3,906 1,206 5,833 1,058 11,845 3,824 1,195 5,786 1,040 Other 93,250 19,283 4,728 34,481 34,758 93,066 19,042 4,758 34,591 34,675 Net demand deposits 2.. 92.651 21,386 5,378 35,165 30,722 92,307 21,076 5,372 3S,114 30,745 Time deposits 8 32,337 2,061 1 ,153 12,914 16,209 32,414 2,057 1,150 12,952 16,254 Demand balances due from domestic banks.. 6,028 30 123 1,820 4,046 5,912 42 121 1,823 3,926 Reserves with Federal Reserve Banks: Total 20,360 5,245 1,357 7,943 5,815 20,255 5,201 1,363 7,924 5,767 Required 19,698 5,256 1,360 7,808 5,274 19,619 5,182 1,358 7 ,800 5,280 Excess 662 -11 135 541 20 5 124 487 636 Borrowings at Federal Reserve Banks. 1,036 293 36 541 166 1,029 165 47 619 198 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. 1 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. 1114 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 1952 1952 1951 Sept. 24 Sept. 17 Sept. 10 Sept. 3 Aug. 27 Sept. Aug. Sept. Assets Gold certificates 21,445,501 ,445,50321,448,501 21,450,503 21,451,60221,448,50320,100,679 Redemption fund for F. R. notes... 694,321 697,658 697,659 698,253 696,253 695,320 698,254 674,005 Total gold certificate reserves ,146,92322,143,159 ,143,16: 22,146,754 22,146,756 22,146,92222,146,75 20,774,684 Other cash 344,837 339,80: 324,196 314,836 345,629 323,534 342,928 322,075 Discounts and advances: For member banks 355,143 276,300 843,330 931,553 860,531 431,544 1,281,911 190,272 U In . d F S u o . s r t G r n i o o a v l n 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 : 45 4, , 4 0 6 0 1 0 37,OOC 3 4 6 , . 6 50 1 0 3 3 4 6 , , 7 5 3 0 2 0 3 4 6 , , 4 5 7 0 4 0 4 4 5 , , 4 0 6 0 5 0 3 4 6 , , 6 5 5 00 9 " 5,604 Bills 418,200 4,608 555,500 480,100 397,500 397,200 436,200 i .057,772 Certificates: Special 459,000 No O te t s her. 568,073 22 5 2 6 51 8 6, , , 0 30 7 600 3 6 5 8 6 6 8 9 , , 0 2 7 1 3 61 5 1 , , 5 8 6 9 8 7 , , 0 91 7 6 3 1 5 1 , , 5 8 6 9 8 0 , ,2 0 1 7 6 3 1 5 2 , , 5 4 6 9 8 2 , , 0 4 7 6 3 61 5 1 , , 5 9 6 0 8 5 , , 0 5 7 U 31 4 1 , , 9 9 4 1 4 0 , , 2 1 2 6 5 5 Bonds 235,823 235,823 235,823 5,235,823 5,235,823 5,235,823 5,235,823 5,822,102 Total U. S. Government securities 714,56223,740,262 23,228,612 23,181,912 23,091,612 23,693,56223,145,61223,734,264 Total loans and securities 119,166 24,058,170 24,113,055 24,154,697 23,993,117 24,174,57124,468,68223,929,540 O U D F B . t a n u h R n c e e k o . r f l r n l p o a e o r s m c e t s t e m e e s d t f i s o s o r c e f e a s i s o g h t n h i e t b r e a m B n s k an s k .. s . . . ,8 2 1 4 6 6 9 5 1 2 6 , , , , 2 6 7 3 9 4 8 3 2 7 6 3 8 3 5,0 2 1 6 4 4 9 7 5 8 5 , , , , 1 6 6 1 3 9 2 6 2 8 9 0 6 3 ,5 2 1 4 7 5 8 5 3 6 8 , , , , 3 8 8 6 3 0 0 8 2 9 9 0 7 3 3,3 2 1 2 4 4 8 1 5 8 1 , , , , 4 2 6 5 9 1 8 5 2 6 3 4 9 3 3,2 2 1 2 4 3 8 1 5 8 0 , , , , 0 7 3 6 7 5 6 2 2 6 4 2 4 3 3, 2 3 1 6 4 4 7 8 5 3 6 , , , , 9 6 3 0 3 2 2 9 1 3 5 3 9 9 3,0 2 1 6 4 4 8 0 3 5 7 , , , , 7 9 9 3 1 8 8 2 0 3 1 5 3 0 3, 2 6 1 1 4 6 7 1 2 2 2 , , , , 3 3 9 9 3 1 3 9 9 8 5 9 9 0 Total assets. 50,977,013 52,097,777 50,645,071 50,413,262 50,171,341 50,479,02650,496,36949,115,980 Liabilities Federal Reserve notes 25,085,176 25,126,744 25,179,20025,200,462 24,966,441 25,215,34025,119,01824,147,791 Deposits: Member bank—reserve accounts 20,580,535 21,067,14820,340,065 19,760,286 19,796,525 20,066,45620,411,38319,390,624 U. S. Treasurer—general account 263,980 5,692 346,839 715,413 707,038 508,025 488,191 935,775 Foreign 728,180 821,399 788,612 814,734 849,147 706,988 811,731 701,534 Other '. \ . 161,114 176,652 158,650 250,662 235,317 173.804 344,718 424,997 Total deposits. 21,733,809 22,070,891 21,634,166 21,541,095 21,588,027 21,455,27322,056,02321,452,930 Deferred availability cash items 3,125,235 3,876,331 2,814,581 2,660,530 2,611,490 2,770,956 2,313,971 2,534,413 Other liabilities and accrued dividends. 18,162 15,831 15,715 16,444 17,573 16,456 15,461 17,277 Total liabilities 49,962,382 51,089,797 49,643,662 49.4t8.531 49,183,531 49,458,02549,504.47348,152,411 Capital Accounts Capital paid in 246,742 246,518 246,471 246,415 246,398 247,734 246,407 233,321 Surplus (vSection 7) , 538,342 538,342 538,342 538,342 538,342 538,342 538,342 510,022 Surplus (Section 13b) . 2 7,543 27,543 27,543 27,543 27,543 27,543! 27,543 27,543 Other capital accounts 202,004 195,577 189,053 182,431 175,527 207,382 179,604 192,683 —i Total liabilities and capital accounts 50,977 ,013 52 ,097 ,777 0,645,071 0,413,262 50,171,341 0,479,02650,496,369 49,115,980 Ratio of gold certificate reserves to «it-posit and F. R. note liabilities combined 'per cent).... 47.3 45.6 Contingent liability on acceptances purchased for foreign correspondents I2,875| 11,083 9,119 9,080 9,102 13,097 9,130 22.113 Industrial loan commitments 6,319! 6,245 6,169 6,048 6,295 6,328 6,154 6,477 Maturity Distribution of Loans and U. S. Government Securities 1 Discounts and advances—total 400,143 313,300 879,830 968,053 897,031 476,544 1,318,411 190,272 Within 15 days 287,125 250,890 814,208 872,600 770,649 345,981 1,157,404 181,724 16 days to 90 days 113,000 62,410 65,603 95,430 126,346 130,545 160,971 8,548 91 days to 1 year 18 19 23 36 18 36 Industrial loans—total 4,461 4J608 4,613 4,732 4,474 4,465 4,659 5,004 Within 15 days 1,028 1,105 671 650 734 495 653 453 16 days to 90 days , . 266 248 812 812 865 770 856 410 91 days to i year 2,623 2,749 2,620 2,851 2,414 3,007 2,590 3,340 Over 1 year to 5 years 544 506 510 419 461 193 560 801 U. S. Government securities—total 23,714,56223,740,26223,228,61223,181,91223,091,61223,693,56223,145,61223,734.264 Within 15 days 7,555,250 7,439,650 127,500 65,800 52,700 7,540,250 53,500 4,730,085 16 to 90 days 354,700 421,000 7,221,500 7,236,500 7,159,300 348,700 7,212,500 3,"687,279 91 days to 1 year 6,720,941 6,795,941 6,795,941 6,795,941 6,795,941 6,720,941 6,795,941 6,296,250 Over 1 year to 5 years 5,941,352 5,941,352 5,941,352 5,941,352 5,941,352 5,941,352 5,941,352 4,896,456 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 1,013,614 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 1 Callable U. S. Government securities classified according to nearest call date. OCTOBER 1952 1115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1952 [In thousands of dollars] | Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates.21,451,602 693,540 6,775,9751,226,2501,423,492 945,145 808,9454,487,893 553,182 328,763 785,377 645,085 2,777,955 Redemption fund for F. R. notes. 695,320 60,876 67,690 54,951 82,114 73,904 51,169 102,116 48,691 24,398 39,891 28,971 60,549 Total gold certificate reserves. . 22,146,922 754,416 6,843,6651,281,2011,505,6061,019,049 860,1144,590,009 601,873 353,161 825,268 674,056 2,838,504 Other cash. . , 323,534 29,667 59,664 18,594 25,920 20,988 24,929 60,852 14,603 6,334 12,966 12,439 36,578 Discounts and advances: Secured by U. S. Govt. securities. . . 431,226 3,900 16,755 10,285 22,045 51,650 24,025 78,930 34,635 20,70=: 95,760 42,900 29,636 Other 45.318 2,790 13,590 3,510 4,240 2,295 1,935 6,255 1,710 1,170 1,825 1,813 4,185 Industrial loans 4 465 3,845 86 447 87 U. S. Govt. securities 23,693,562 1,681,082 5,471,1991,489,1882,365,186 1,601,4001,371,3603,388,4401,284,167 754,1901,037,209 1,086,0182,164,123 Total loans and securities. . . 24,174,571 1,687,772 5,501,5441,506,8282,391,471 1,655,4311,397,7673,473,6251,320,512 776,152 1,134,794 1,130,7312,197,944 Due from foreign banks 23 1 1 7 2 2 1 1 3 1 1 1 1 2 F. R. notes of other Banks. 176,019 4,966 25,031 7,732 8,676 24,795 18,041 19,305 8,544 17,272 10,131 6,271 25,255 Uncollected cash items 3,343,399 263,237 654,871 213,797 295,243 291,086 199,223 520,810 138,841 96,818 186,93? 152,291 330,250 Bank premises... 45,625 976 7,731 3,013 4,707 4,806 3,877 6,631 3,089 1,0=10 2,33° 629 6,768 Other assets 268,933 21,295 61,093 16,655 26,925 18,070 16,200 37,844 14,053 8,32 7 11,808 12,534 24,129 Total assets 50,479,026 2,762,33013,153,6063,047,8224,258,5503,034,2262,520,152 8,709,0792,101,516 1,259,124 2,184,239 1,988,952 5,459,430 Liabilities F. R. notes 25,215,340 1,537.054 5,516,0731,767,2842,294,772 1,809,3991,393,5034,783,656 1,167,952 633,446 998,764 745,992 2,567,445 Deposits: Member bk.— reserve accts.20,066,456 822,711 6,407,528 917,393 1,517,412 837,504 861,2493,228,874 702,627 463,104 929,002 1,016,4892,362,563 U. S. Treas.— gen. acct.... 508,025 48,846 61,515 48,429 44,545 43,648 20,395 64,405 36,853 32,661 33,451 23,59C 49,687 Foreign 706,988 43,388 2 218,511 54,584 64,382 35,690 30,091 97,272 26,592 18,195 26,592 26,592 65,099 Other 173,804 4,617 110,433 1,222 3,088 3,474 1,861 2,772 6,777 1,31* 217 1,301 36,726 Total deposits... 21,455,273 919,562 6,797,987 1,021,6281,629,427 920,316 913,5963,393,323 772,849 515,276 989,262 1,067,972 2,514,075 Deferred availability cash items 2,770,956 240,093 543,484 180,558 237,052 248,412 165,398 387,842 117,609 81,606 154,711 132,959 281,232 Other liabilities and accrued aividends 16,456 889 4,552 927 1,819 794 735 2,528 711 849 645 641 1,366 Total liabilities. . 49,458,025 2,697,598 12,862,0962,970,3974,163,0702,978,9212,473,232 8,567,3492,059,1211,231,1772,143,382 1,947,5645,364,118 Capital Accounts Capital paid in. . 247,734 13,215 78,240 17,146 23,712 10,879 10,272 31,953 8,624 5,477 9,328 11,978 26,910 Surplus (Sec. 7).. 538,342 34,192 159,743 41,493 50,648 27,025 23,871 79,601 21,788 14,0*3 20,367 18,21f 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 capital accounts 207,382 14,314 46,208 14,297 20,114 14,052 12,015 28,747 11,462 7,334 10,025 9,893 18,921 Total liabilities and capital accounts 50,479,026 2,762,33013,153,6063,047,8224,258,5503,034,2262,520,1528,709,0792,101,516 1,259,1242,184,239 1,988,952 5,459,430 Reserve ratio 47.5% 30.7% 55.6% 45.9% 38.4% 37.3% 37.3% 56.1% 31.0% 30.7% 41.5% 37.2% 55.9% Contingent liability on acceptances purchased for foreign correspondents 13,097 798 34,110 1,004 1,185 657 554 1,790 489 335 489 489 1,197 Industrial loan commitments.. 6,328 2,006 843 71 2,240 787 381 1 After deducting $16,000 participations of other Federal Reserve Banks. 2 After deducting $488,460,003 participations of other Federal Reserve Banks. 3 After deducting $8,987,000 participations of other Federal Reserve Banks. 1116 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] Wednesday figures End of month 1952 1952 1951 Sept. 24 Sept. 17 Sept. 10 Sept.3 \ug. 27 Sept. Aug. Sept. F. R. notes outstanding (issued to Bank) 96 104 11926,123 959 26,131,999 26,054,951 95 ,955,218 26,130,702 96 012,965 95 ,096,415 Collateral held against notes outstanding: Gold certificates 13,204,000 13,214,000 13,214,00013,164,00013,139,000 13,204,000 13,164,000 12,349,000 Eligible paper 170,661 123,161 563,641 600,900 553,926 254,966 875,176 161,089 U. S. Government securities 13,600,000 13,550,00013,550,000 13,550,000 13,550,000 13,625,000 13,550,000 13,260,000 Total collateral 26,974,66126,887,16127,327,641 27,314,900 27,242,926 27,083,966 27,589,17625,770,089 EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1952 [In thousands of dollars] San Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F c r is a c n o - F. R. notes outstanding(issued to Bank) 26,130,702 1,590,769 5,756,358 1,824,609 2,362,3711,872,878 1,443,096 4,873,3571,215,718 645,0121,031,269 781,3602,733,905 Collateral held: Gold certificates13,204,000 400,000 4,520,000 750,000 735,000 490,000 510,000 2,930,000 270,000160,000 280,000 259,0001,900,000 Eligible paper.. 254,966 3,900 15,830 10,285 50,100 34,635 20,705 95,875 23,636 U. S. Govt. securities 13,625,000 1,300,000 1,400,0001,100,0001,650,0001,400,000 950,000 2,000,000 975,000 505,000 800,000 545,0001,000,000 Total collateral.. 27,083,966 1,703,900 5,935,830 1,860,2852,385,000 1,940,1001,460,000 4,930,0001,279,635 685,7051,175,875 804,000 2,923,636 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 Partici- W D e a d te n e ( s l d a a st y A a p t p p o p l i r c d o a a v t t i e e o d ns b p u r A t o v p 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] o o r f la p s e t r i d o a d y ) N b u e m r - Amount ( p a l m c e o t o m e u d - n t l ) s ( t a a m n o d u in n g t) 2 ( s a t m a o n u o d t u - i n n t g ) s ( t a t a u m o n t u i o d o t u i - n n n s g t) 3 Gua a r u a t t o n h t o e d r e a i d z te e l d oans o G u u t a s lo t r a a a n n n d t s e in ed g a A b v a o a d m i r d l r i a o o t b i w u o l n e e n t r a s t l o Date under guar- Portion antee agree- 1 1 9 94 4 5 4 3 3, , 5 4 1 8 1 9 5 5 2 4 5 4 , . 5 9 3 6 2 1 1,2 3 9 2 5 0 3 1 , ,9 8 9 9 5 4 4 1 , ,6 1 4 6 4 5 2 1 , ,0 7 8 0 6 5 N b u e m r - Amount a T m o o t u a n l t gu t a e r e a d n- out m st e a n n t d s ing 1946 3,542 565,913 4,577 554 8,309 2,670 1947 3,574 586,726 945 1,387 7,434 4,869 1948 3,607 615,653 335 995 1,643 1,990 1950 1949.. 3,649 629,326 539 2,178 2,288 2,947 1950 3,698 651,389 4,819 2,632 3,754 3,745 Dec. 31... 62 31,326 8,017 6,265 8,299 1951 1951 Aug. 31... 3,731 691,536 12,197 5,750 6,050 7,860 Mar. 31. .. 254 300,955 68,833 56,973 47,822 Sept. 30. . . 3,732 695,178 4,394 5,062 6,478 11,420 Apr. 30. .. 328 421,267 126,080 106,053 185,001 Oct. 31. .. 3,734 700,040 2,943 4,447 7,151 11,990 May 31. .. 402 514,626 183,610 151,858 205,629 Nov. 30. .. 3.736 706,215 3,073 4,505 6,361 12,064 June 30. . . 484 654,893 252,100 209,465 276,702 Dec. 31... 3,736 710,931 3,513 4,687 6,036 11,985 July 31... 568 828.584 325,299 267,715 349,905 Aug. 31.. . 658 L,052,337 405,043 332,618 384,852 1952 Sept. 30... 729 1,154,942 492,167 400,652 450,013 Oct. 31... 776 1,218,988 556,839 454,789 495,512 Jan. 31... 3,738 716,210 832 4,621 7,125 12,018 Nov. 30... 815 1,302,342 615,812 502,524 476,699 Feb. 29 1 741 721,144 772 4,957 6,845 10,307 Dec. 31... 854 L,395,444 675,459 546,597 472,827 Mar. 31... 3.741 725,787 108 5,296 6,467 10,474 Apr. 30. .. 3,743 730,482 571 5,207 6,536 10,339 1952 May 31 ... 3,743 734,049 235 5,211 6,083 10,262 June 30... 3,745 738,721 1,083 5,101 5,947 10,105 Jan. 31... 901 1,463,443 715,928 580,381 525,129 July 31 3 , 746 743,629 1,589 4.624 6,184 9,814 Feb. 29. .. 934 1,530,388 763,838 617,674 511,786 Aug. 31 ... 3,750 748,451 2,142 4,690 6,152 10,128 Mar. 31. .. 971 1,677,786 836,739 672,974 467.392 Apr. 30.. . 998 1,727,729 838,073 672,678 595,098 May 31.. . 1,023 1,787,755 870,174 695,814 601,752 1 Includes applications approved conditionally by the Federal Re- June 30.. . 1,050 1,867,643 883,262 703,774 615,139 serve Banks and under consideration by applicant. Julv 31... 1 ,066 1,922,388 909,688 726.452 648,065 2 Includes industrial loans past due 3 months or more, which are not Aug. 31.. . 1,092 2,023,403 907,899 725,943 692,067 included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 3 Not covered by Federal Reserve Bank commitment to purchase or NOTE.—The difference between guaranteed loans authorized and discount. sum of loans outstanding and additional amounts available to bor- NOTE .—The difference between amount of applications approved and rowers under guarantee agreements outstanding represents amounts the sum of the following four columns represents repayments of ad- repaid, guarantees authorized but not completed, and authorizations vances, and applications for loans and commitments withdrawn or expired or withdrawn. expired. 1117 OCTOBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEES AND RATES ESTABLISHED UNDER REGULATION V POSTAL SAVINGS SYSTEM ON LOANS GUARANTEED PURSUANT TO DEFENSE [In millions of dollars] PRODUCTION ACT OF 1950 AND EXECUTIVE ORDER NO. 10161 Assets Depos- [ In effect September 30] itors' Cash U. S. Cash End of month bal- in Govern- Fees Payable to Guaranteeing Agency by Financing Institution on ances J Total deposi- ment reserve Guaranteed Portion of Loan tory securi- fu e n tc d s ^ , banks ties Guarantee fee Percentage of Percentage of (percentage of any commitment 1943—December... . 1,788 1,843 10 1,716 118 loan guaranteed interest payable fee charged 1944—December.. . . 2,342 2,411 8 2,252 152 by borrower) borrower 1945—December... . 2,933 3,022 6 2,837 179 1946—December... . 3,284 3,387 6 3,182 200 1947—December 3,417 3,525 6 3,308 212 70 or less. . 10 10 1948—December... . 3,330 3,449 7 3,244 198 75 15 15 1949—December... . 3,188 3,312 7 3,118 187 80 20 20 1950—December... . 2,924 3,045 11 2,868 166 85 25 25 90.. .. 30 30 1951—June . 2,788 2,909 23 2,722 165 95 35 35 July 2,772 2,893 22 2,704 166 Over 95 40-50 40-50 August 2,754 2,877 23 2,680 173 September. . . 2,738 2,861 23 2,680 158 October 2,724 2,851 25 2,670 156 Maximum Rates Financing Institutions May Charge Borrowers November.... 2,714 2,842 25 2,649 168 [Per cent per annum] December... . 2,705 2,835 28 2,644 162 1952—January 2 ,695 2,825 30 2,638 158 Interest rate February 2,681 2,813 31 2,609 173 March 2,669 2,794 32 2,599 163 Commitment rate. April 2,651 2,778 32 2,598 147 May 2,633 2,761 33 2,574 153 Tune 2,617 2 ,746 33 2,557 156 July P2 ,603 August P2.587 Pv Pprreelliimmiinnaarryy.. 1 Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—'See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in million? of dollars] Annua rate of Debits to demand Annual rate of Debits to total deposit accounts, except turnovei of total deposit accounts, turnover of demand interbank accounts deposits, excent 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 1 centers City centers City * cities 2 City' cities » 1946 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 1 403.752 513 970 742.458 147,324 76 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—August 125 291 41,363 69,827 14,101 23 8 13 5 39,007 67,441 27.0 20.0 September 121,205 41,145 66,359 13,700 26.0 14.4 41,688 66,941 31.7 21.8 October .... 139,308 47,971 75,799 15,539 26 4 14 4 45,334 72,515 30.4 20.9 November 132,158 44,802 72,428 14,928 27 8 t5.4 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 21.4 139,977 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 Tulv 146,984 57,052 74,908 15,024 30 3 14 2 50,472 69,980 35.1 20.7 August 124,641 43,166 67,412 14,063 23.6 12.8 44,101 68,271 31.4 20.2 1 National series tor which bank debit figure are available beginning with 1919 8 Weekly reporting member bank series. This series was revised beginning July 3, 1945, and the deposits and debits of the new series for the first six months in 1946 are partly 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 tor 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. 1118 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 currency2 Large denomination currency * End of year or in cir- Unasmonth cula- sorted tion 1 Total Coin >$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 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 S23 30 60 4 1941 11.160 8,120 751 695 44 t 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 S88 4 12 2 1951—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 8 2 August 28,155 19,813 1,602 1,103 64 2 031 6,176 8,837 8,344 2,428 4,989 353 562 4 g 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 August 29,293 20,659 1,695 1,140 67 2,062 6,376 9,319 8,635 2,551 5,211 342 519 4 8 7 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. * Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 8 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416 UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation J Money Total out- held by standing, As security For Federal Au 1 g 9 . 5 2 31, g a o s g l i d a lv in e a s r n t d Tr c e a a s s h ury B R F a e n e d s k e e s r r v a a n e l d B R a a n e g k s e e s n r t a v s n e d Au 1 g 9 . 5 2 31, Tu 1 l 9 v 5 3 2 1, A 1 u 9 g 5 . 1 31, certificates agents Gold 23,344 22,184 21 ,160 Gold certificates 22,184 19,331 2,816 38 38 39 Federal Reserve notes 26.013 61 1,082 24,870 24,580 23,817 Treasury currency—total.... 4,776 s2,360 48 343 4,385 4,361 4,299 Standard silver dollars ... 492 261 32 4 195 193 183 Silver bullion 2,098 2,098 Silver certificates and Treasury notes of 1890. . 3 2,360 279 2,081 2,064 2,058 Subsidiary silver coin . 1,137 n ' 24 1,102 1,097 1,035 Minor coin ...... 404 5 398 396 384 United States notes 347 2 29 316 315 320 Federal Reserve Bank notes . . 220 (5) 3 217 218 239 National Bank notes. .... 77 (5) 1 77 77 80 Total—Aug. 31, 1952. (4) 24,544 1,269 19,331 4,240 29.293 July 31, 1952. . (4) 24,536 1 ,281 19,331 4,310 28,978'' Aug. 31, 1951 . . (4) 22,984 1 ,287 17,796 4,226 28^155 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. 1111. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 6 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. OCTOBER 1952 1119 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 * [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Bank credit Total assets, net— Treas- U. S. Government obligations l T ia o b t i a l l - Total Ca a p n i d tal Gold r c e u u n r r y c - y Total Lo n a e n t s, Total m C a e o r n m c d i - al R Fe e d se e r r v a e l Other O s ri e t t c h i u e e s - r ca i a n p t n i i e e d t t s al, c d u e r a p r n o e d s n i c ts y c m o n a u i c e n s - t c t . s, savings Banks banks 1929—June 29 4,037 2 019 58, 642 41,082 5 741 5,499 216 26 11,819 64 698 55,776 8,922 1933—June 30 4,031 2 286 42, 148 21,957 10328 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 1?8 417 101,288 74,262 7 867 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 56?, 160 837 43,023 107,086 81,199 22, 559 3 378 10,723 188 148 175,348 12,800 1948—Dec. 31 24,244 4 589 160, 457 48,341 100,694 74,097 23,333 3 264 11,422 189 290 176,121 13,168 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 1950—June 30 24,231 4 607 164 348 51,999 98,709 77,320 18,331 3 058 13,640 193 186 178,568 14,618 Dec. 30 22,706 4 636 171 667 60,366 96,560 72,894 20,778 2 888 14,741 199 009 184,385 14,624 1951—June 30 21,756 4 655 173 447 63,821 94,450 68,726 22,982 2 742 15,176 199 858 185,038 14,820 Aug. 29 21,800 4 700 174, 300 64,000 95,000 69,200 23,100 2 700 15,300 200 700 185,200 15,500 Sept. 26 22,000 4 700 176 400 65,000 95,900 69,700 23,500 2 700 15,400 203 000 187,300 15,700 Oct 31 22,200 4 700 178 300 65,800 97,000 70,800 73,600 7 700 15,500 ^OS200 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—Tan. 30 22,900 4 700 179 900 66,700 97,300 71,800 27,800 7 700 15,900 ?07 600 191,600 15,900 Feb. 27 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. 26 23,300 4 700 180 100 67,700 96,100 70,900 27,500 7 600 16,400 908 200 192,300 15,900 Apr. 30 23,300 4 700 179 900 68,100 95,200 70,200 22,400 2 600 16,600 207 900 192,200 15,700 May 28 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 30 23,346 4 754 182 980 69,712 96,266 70,783 22,906 2 577 17,002 211 080 194,960 16,120 July 30Pr 23,400 4 800 185 300 70,000 98,100 72,700 22,800 2 600 17,200 213 400 197,200 16,100 Aug. 27P 23,300 4 800 185 300 70,500 97,300 71,700 23,100 2 600 17,500 213 400 197,000 16,400 Deposits and Currency U.S. Governmentbalances Deposits adjusted and currency Date Total d F e b o p n a r o e e n i s t 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 n r n i c o n d k i m g a s s l - R F B e e a d A se n 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 m c k e i - a s l dep M b s o a a s u v n it i t k s n u s 3 g a s 4 l S S P a y o v s s i t n t e a m g l s o b r u C e a t n u n s c i r k d - y s e 1929—June 29 55,776 365 204 381 36 54,790 22,540 28 611 19,557 8,905 149 3,639 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 7,409 846 634 63,253 79,793 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 1 1 9 9 4 4 6 5 — — D D e ec c # . 3 3 i 1 1 18 7 0 1 ,6 8 5 0 7 6 ? 1 , ,8 1 8 4 5 1 ? 2 , ,2 2 7 8 2 7 2 3 4 , , 1 6 0 0 3 8 9 3 7 9 7 3 1 1 6 5 4 0 , , 0 7 0 9 4 3 8 7 3 S, ,3 8 1 5 4 1 4 5 8 3 4 9 5 6 2 0 3 3 0 3 , , 1 8 3 0 5 8 1 1 6 5 3 86 8 9 5 3 2 , ,9 2 3 8 2 3 2 2 6 6 , , 4 7 9 3 0 0 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 ?,,103 1,375 2,451 1,123 169,119 85,570 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 1950—Tune 30 178,568 ?,555 1,298 3,801 950 169,964 8S,040 59 739 36,719 19,923 3,097 25,185 Dec. 30 184,385. ?,518 1,293 2,989 668 176,917 92,777 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 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 7 100 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 7 779 779 3,615 247 185,984 98, 734 61,447 37,859 20,887 2,701 26,303 1952—Tan. 30 191,600 ? 100 1 300 2,800 200 185,200 97,900 61 700 38,000 21,000 2,700 25,600 Feb 27 191,500 7,200 1,300 3,900 700 183,400 9S 700 62,000 38,200 21,100 2,700 25,600 Mar. 26 192,300 2,200 1,300 5,800 (5) 182,900 94,800 62,400 38,500 21,300 2,700 25,700 Apr 30 192,200 ?,200 1,300 4,500 500 183,800 9S,100 62,700 38,600 21,400 2,700 25,900 May 28 192,900 2,300 1,300 4,400 600 184,400 95,300 63,000 38,900 21,600 2,600 26,000 June 30 194,960 2,319 1,283 6,121 333 184,904 94,754 63,676 39,302 21,755 2,619 26,474 July 30P r 197,200 ?,600 1,300 7,000 600 185,800 9S 700 63,800 39,400 21,900 2,600 26,200 Aug. 27? 197,000 2,600 1,300 6,200 700 186,200 95,800 64,100 39,600 22,000 2,600 26,300 ^Preliminary. r Revised. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3 Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4 Prior to June 30, 1947. includes a relatively small amount of demand deposits. 5 Less than 50 million dollars. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 1120 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 Total G u m ov . e e n s r t n . - O se t c h u e - r as C s a e s t h s l Total 1 b In an te k r - 1 De- Time 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 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 194Q—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 Aug. 29 148,950 64,470 84,480 69,230 15,250 37,090 171,100 12,200 101,110 57,790 14,360 14,634 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—May 28 156,150 68,920 87,230 70,450 16,780 39,350 179[310 12,200 106',400 60,710 14,940 14,608 June 30 157,528 69,742 87,786 70,783 17,002 41,667 184,130 13,513 109,247 61,369 15,039 14,599 July 30P' 160,200 70,360 89,840 72,650 17,190 40,010 183,450 12,740 109,170 61,540 15,020 14,605 Aug. 27P. 160,100 70,970 89,130 71,670 17,460 39,160 182,770 12,890 108,020 61,860 15,070 14,603 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—Dec. 31 2 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1948—Dec. 31 114,298 42,488 71,811 62,622 9,189 38,596 142,843 12,269 94,654 35,921 10,480 14,171 1949—Dec. 31 120,197 42,965 77,232 67,005 10,227 35,650 145,174 12,709 96,136 36,328 10,967 14,156 1950—Dec. 30 126,675 52,249 74,426 62,027 12,399 40,289 155,265 14,039 104,723 36,503 11,590 14,121 1951—Tune 30 126,045 54,821 71,224 58,521 12,703 37,384 151,457 11,946 102,507 37,004 11,951 14,107 Aug. 29 127,030 55,160 71,870 59,140 12,730 36,300 150,570 12,200 101,090 37,280 12,060 14,105 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—May 28 133,060 58,520 74,540 60,700 13,840 38,530 157,720 12,200 106,370 39,150 12,500 14,079 Tune 30 134,437 59,233 75,204 61,178 14,026 40,702 162,348 13,512 109,222 39,614 12,601 14,070 July 30P '•.... 136,760 59,720 77,040 62,900 14,140 39,260 161,560 12,740 109,140 39,680 12,580 14,076 Aug. 27P 136,550 60,210 76,340 61,960 14,380 38,380 160,770 12,890 107,990 39,890 12,630 14,074 All member banks: 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1945—Dec. 31. 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6,884 1946—Dec. 31 96,362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 6,900 1947—Dec. 31 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 81,785 28,340 8,464 6,923 1948—Dec. 31 95,616 36,060 59,556 52,154 7,402 34,203 121,362 11,641 80,881 28,840 8,801 6,918 1949—Dec. 31 101,528 36,230 65,297 56,883 8,414 31,317 123,885 12,097 82,628 29,160 9,174 6,892 1950—Dec. 30 107,424 44,705 62,719 52,365 10,355 35,524 133,089 13,447 90,306 29,336 9,695 6,873 1951—June 30. 106,563 46,866 59,698 49,108 10,590 33,244 129,737 11,347 88,678 29,712 9,987 6,859 Aug. 29 107,276 47,169 60,107 49,492 10,615 32,076 128,523 11,578 87,045 29,900 10,067 6,852 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—May 28 112,379 50,026 62,353 50,826 11,527 33,982 134,519 11,665 91,418 31,436 10,453 6,821 June 30 113,502 50,526 62,976 51,261 11,715 36,046 138,769 12,812 94,169 31,788 10,526 6,815 July 30P r. . . . 115,533 50,907 64,626 52,786 11,840 34,641 137,807 12,074 93,921 31,812 10,506 6,812 Aug. 27P 115,220 51,331 63,889 51,839 12,050 33,730 136,872 12,215 92,687 31,970 10,549 6,810 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 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 19=50—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 Aug. 29 21,920 9,310 12,610 10,090 2,520 790 20,530 1 20 20,510 2,300 529 Dec. 31 22,259 9,862 12,398 9,819 2,579 886 20,915 2 26 20,888 2,407 529 1952—May 28 23,090 10,400 12,690 9,750 2,940 820 21,590 2 30 21,560 2,440 529 Tune 30 23,091 10,509 12,582 9,606 2,976 966 21,782 2 26 21,755 2,438 529 Tuly 3Qpr.... 23,440 10,640 12,800 9,750 3,050 750 21 ,890 2 30 21 ,860 2,440 529 Aug. 27P 23,550 10,760 12,790 9,710 3,080 780 22,000 2 30 21,970 2,440 529 P Preliminary. r Revised. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. OCTOBER 1952 1121 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 Total Loans G U ov . e S r . n- Other assets 1 Total i b In an te k r - i a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - 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 L ,559 6,637 17,932 4,207 12,917 807 1,648 36 1945—Dec. 31 26,143 7,334 18,809 17,574 L ,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 L,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 L.242 7,261 25,216 4,464 19,307 1,445 2,259 37 1948—Dec. 31 18,759 8,048 10,712 9,649 1,063 7,758 24,024 4,213 18,131 1,680 2,306 35 1949—Dec. 31 19,583 7,550 12,033 10,746 L ,287 6,985 23,983 4,192 18,139 1,651 2 312 25 1950—Dec. 30 . . 20,612 9,729 10,883 8,993 1,890 7,922 25,646 4,638 19,287 1,722 2,351 23 1951—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 Aug. 29 20,048 10,179 9,869 7,877 .092 6,682 23,482 3,975 17,899 1,608 2,407 22 Dec. 31 21,379 11,146 10,233 8,129 2,104 8,564 26,859 4,832 20,348 1,679 2,425 22 1952—May 28 21,346 11,168 10,178 8,008 2,170 7,684 25,548 4,171 19,605 1,772 2,454 22 June 30 21,710 11,268 10,442 8,212 2,231 8,135 26,745 4,639 20,311 1,795 2,460 22 July 30? r 21,804 11,080 10,724 8,407 2,317 7,840 26,107 4,217 20,172 1,718 2,464 22 Aug. 27P 21,325 11,142 10,183 7,839 2,344 6,769 24,746 4,102 18,957 L.687 2,473 22 Chicago: 1939—Dec. 30 2,105 569 1,536 1,203 333 1.446 3,330 888 1,947 495 250 14 1941—Dec. 31 . 2,760 954 1,806 1,430 376 L,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 L.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 >,034 7,109 1,228 4,778 L.103 490 13 1951—june 30 5,520 2,215 3,305 2,742 564 L.898 6,921 1,040 4,756 L ,126 501 13 Aug. 29 5,427 2,280 3,147 2,610 537 ,906 6,783 1,120 4,549 L ,114 502 13 Dec. 31 5,731 2,468 3,264 2,711 552 >,196 7,402 1,307 4,952 L,143 513 13 1952—May 28 5,458 2,402 3,056 2,511 545 ,992 6,913 1,085 4,689 1,139 524 13 June 30 5,664 2,380 3,284 2,721 563 .899 7,027 1,182 4,681 L ,164 530 13 July 30*"1. . . . 5,805 2,432 3,373 2,802 571 2,077 7,198 1,180 4,877 L ,141 527 13 Aug. 27P 5,735 2,401 3,334 2,763 571 2,022 7,129 1,199 4,784 L.146 529 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 6,944 5,194 1,749 6,785 17,741 3,686 9,439 tL616 1,828 346 1941—Dec. 31 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 4,806 1,967 351 1945—Dec. 31 40,108 8,514 31,594 29,552 2,042 11,286 49,085 6,448 32,877 9,760 2,566 359 1946—Dec. 31 35,351 10,825 24,527 22,250 2,276 11,654 44,477 5,570 28,049 10,858 2,728 355 1947—Dec. 31 36,040 13,449 22,591 20,196 2,396 13,066 46,467 5,649 29,395 11,423 2,844 353 1948—Dec. 31 35,332 14,285 21,047 18,594 2,453 13,317 45,943 5,400 29,153 11,391 2,928 335 1949—Dec. 31 38,301 14,370 23,931 20,951 2,980 12,168 47,559 5,713 30,182 11,664 3,087 341 1950—Dec. 30 40,685 17,906 22,779 19,084 3,695 13,998 51,437 6,448 33,342 11,647 3,322 336 1951— A juunge . 3 2 0 9 4 3 0 9 , , 7 9 9 9 6 1 1 1 8 8 , , 7 5 9 5 2 8 2 2 1 2 , , 4 0 3 0 2 4 1 1 8 7 , ,6 2 5 7 9 1 3 3 , , 7 7 7 3 4 3 1 1 2 3 , , 5 1 0 7 1 5 4 4 9 9 , ,8 7 7 2 4 3 5 5 , , 2 5 6 0 4 9 3 32 2 , , 3 7 0 9 4 1 1 1 1 1 , ,8 9 1 1 9 0 3 3 , , 4 4 3 4 1 1 3 32 2 2 4 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—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 30 43,091 19,745 23,346 19,123 4,223 13,925 53,425 5,908 34,764 12,754 3,663 319 July 30P r 44,088 20,070 24,018 19,750 4,268 13,201 52,902 5,664 34,444 12,794 3,641 319 Aug. 27P 44,086 20,290 23,796 19,404 4,392 13,308 53,090 5,876 34,362 12,852 3,655 319 Country member banks: 1939—Dec. 30 10,224 4,768 5,456 3,159 2,297 4,848 13,762 598 7,312 5,852 1,851 5,966 1941—Dec. 31 12,518 5,890 6,628 4,377 2,250 6,402 17,415 822 10,335 6,258 1,982 6,219 1945—Dec. 31. ... 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1,223 29,700 12,494 2,525 6,476 1946—Dec. 31 35,412 8,004 27,408 24,572 2,836 10,151 43,066 1,091 27,921 14,053 2,757 6,494 1947—Dec. 31. 36,324 10,199 26,125 22,857 3,268 10,778 44,443 1,073 28,810 14,560 2,934 6,519 1948—Dec. 31 36,726 11,945 24,782 21,278 3,504 11,196 45,102 964 29,370 14,768 3,123 6,535 1949—Dec. 31 38,219 12,692 25,527 21,862 3,665 10,314 45,534 1,001 29,771 14,762 3,305 6,513 1950—Dec. 30 40,558 14,988 25,570 21,377 4,193 11,571 48,897 1,133 32,899 14,865 3,532 6,501 1951—June 30 40,448 15,858 24,590 20,247 4,343 10,779 47,877 936 31,840 15,101 3,658 6,500 Aug. 29 41,005 15,918 25,087 20,734 4,353 10,987 48,535 974 32,293 15,268 3,717 6,495 Dec. 31 42,444 16,296 26,148 21,587 4,561 13,292 52,288 1,309 35,449 15,530 3,760 6,484 1952—May 28 43,016 16,893 26,123 21,478 4,645 11,159 50,465 988 33,538 15,939 3,850 6,466 June 30 43,037 17,133 25,904 21,206 4,698 12,087 51,571 1,083 34,414 16,075 3,873 6,461 July 30P r 43,836 17,325 26,511 21,827 4,684 11,523 51,600 1,013 34,428 16,159 3,874 6,458 Aug. 27P 44,074 17,498 26,576 21,833 4,743 11,631 51,907 1,038 34,584 16,285 3,892 6,456 * 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. 1122 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 G U ov . e S r . n- Other assets 1 Total1 b In an te k r - i De- a c c a c p o i u ta n l ts ba o n f ks Total ment secu- mand Time obliga- rities tions All insured commercial banks: 1941—Dec. 31 49,290 21,259 ?8,031 ?1,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1948—Dec. 31 112,286 41,968 70,318 61,388 8,929 38,087 140,642 11,900 93,300 35,441 10,158 13,413 1949—Dec. 31 118,278 42,485 75,793 6S,820 9,974 35,207 143,138 12,368 94,914 35,856 10,645 13,429 1950—Dec. 30 ,822 51,723 73 099 60,986 12,113 39,821 153,288 13,744 103,499 36,045 11,263 13,432 1951—Dec. 31 no,820 57,256 73,564 60,533 13,031 44,176 162,908 14,777 110,382 37,749 11,902 13,439 1952—June 30 132,557 58,730 73,827 60,117 13,710 40,258 160,355 13,100 108,036 39,219 12,282 13,434 National member banks: 1941—Dec. 31 ?7,571 11,725 15,845 V> 039 3,806 14,977 39,458 6,786 ?4,350 8,322 3,640 5 117 1945—Dec. 31 69,312 13,925 ss,387 S1,250 4,137 20,114 84,939 9,229 S9,486 16,224 4,644 5,017 1948—Dec. 31 63,845 23,752 40,093 34,852 5,241 22,974 81,407 7,842 54,020 19,545 5,657 4,991 1949—Dec. 31 67,943 23,853 44,090 38,161 5,930 20,995 83,113 8,278 5S,034 19,801 5,920 4,975 1950—Dec. 30 7?,090 29,184 4?,906 3S,587 7,320 23,763 89,281 9,133 60,251 19,897 6,313 4,958 1951—Dec. 31 75,255 32,317 42,938 35,063 7,875 25,951 94,173 9,788 63,477 20,908 6,653 4,939 1952—june 30. 76,036 33,054 4?,982 34,604 8,378 23,928 92,720 8,584 ,255 21,880 6,879 4,925 State member banks: 1941—Dec. 31 1S,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1 502 1945—Dec. 31 37,871 8,850 29 021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1948—Dec. 31 M,771 12,308 19 463 17,301 2,161 11,228 39,955 3,799 ?6,862 9,295 3,144 1 927 1949_Dec. 31 33,585 12,378 ?1,207 18,722 2,484 10,322 40,772 3,819 77,594 9,359 3,254 1,917 1950—Dec. 30 ,334 15,521 19,813 16,778 3,035 11,762 43,808 4,315 30,055 9,438 3,381 1 915 1951—Dec. 31 36,992 17,243 19,748 16,558 3,191 13,301 46,843 4,637 32,491 9,715 3,565 1,901 1952—June 30 37,466 17,472 19 994 16,657 3,337 12,119 46,049 4,227 31,914 9,908 3,647 1,890 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 ? 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 L,063 4,448 18,119 244 1?,196 5,680 1,083 6,416 1948—Dec. 31 16,685 5,911 10 774 9,246 1,528 3,887 19,296 259 17,419 6,618 1,358 6,498 1949—Dec. 31 16,766 6,258 10 508 8,947 1,561 3,892 19,269 272 12,285 6,712 1,473 6,540 1950—Dec. 30 17,414 7,023 10 391 8 632 1,759 4,299 20,216 297 13,194 6,726 1,570 6,562 1951—Dec. 31 18,591 7,701 10 890 8,923 L.967 4,926 21,912 353 14,415 7,144 1,686 6 602 1952—June30 19,073 8,210 10 863 8 867 .996 4,215 21,606 289 13,867 7,450 1,757 6,622 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 1002 761 241 763 1,872 329 1,291 253 329 852 1945—Dec. 31 ... ,211 318 1 893 1 693 200 514 2,452 181 1,905 365 279 714 1948—Dec. 31 2 2 013 520 493 1 234 259 509 2,201 368 1,353 479 322 758 1949—Dec. 31. 1 919 481 438 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—Dec. 31 1 789 490 299 991 308 469 1,932 308 ,235 388 314 650 1952—June 30. 1880 503 377 1 061 317 443 1,993 412 1,186 396 320 636 All nonmember commercial banks: 1941—Dec. 31 7 233 3,696 3 536 ? 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 1? 277 1,262 4,962 20,571 425 14,101 6,045 1,362 7,130 1948—Dec. 31 2 18 698 6,431 1? 267 10 479 1,788 4,396 21,497 628 13,772 7,097 1,680 7,256 1949—Dec. 31 18 686 6,739 11 947 10 132 1,814 4,334 21,305 613 13,508 7,184 1,794 7,267 1950—Dec. 30 19 267 7,550 11 718 9 672 2,046 4,767 22,193 591 14,417 7,184 1,897 7.251 1951—Dec. 31 380 8,192 1? 189 9 914 2,275 5,395 23,843 661 15,650 7,533 1,999 7,252 1952—June 30 20 954 8,714 12 240 9 928 2,312 4,658 23,598 700 15,052 7,846 2,077 7,258 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 12 10,351 1,034 192 1948—Dec. 31 13312 4,109 9,202 7 795 1,407 684 12,772 1 14 12,757 1,334 193 1949—Dec 31 14 209 4 814 o 394 7 832 1,562 682 13,592 16 13,575 1,420 192 1950—Dec.30 1S 101 6,086 9,015 7 487 1,528 617 14,320 19 14,301 1,513 194 1951—Dec. 31 16 190 7,523 8 668 6 921 1,746 695 15,368 2 23 15,343 1,678 202 1952—June30 16 857 8,043 8 814 6 730 2,084 756 16,081 2 23 16,056 1,700 205 Noninsured miitual savings banks: 1941—Dec 31 8 687 4,259 /\ 428 3 075 1 353 642 8,744 6 8,738 1,077 496 1945—Dec 31 5 361 1 198 4 163 3 522 641 180 5,022 2 5,020 558 350 1948—Dec.31 2 6,083 1,577 4,506 3,680 826 194 5,633 3 5,631 665 339 1949—Dec 31 6,192 1,764 /J428 3,596 832 191 5,702 3 5,699 702 339 1950—Dec 30 6 245 2 050 4 194 7,380 814 180 5,711 3 5,708 734 335 1951—Dec 31 6 069 2,339 7,730 9, 897 833 191 5,547 3 5,544 729 327 1952—June 30 6,234 2,466 3, 768 2,876 892 209 5,702 3 5,699 738 324 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revision! in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. OCTOBER 1952 1123 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] Loansl Investments Total C m o e m r- - o p L r u o r c a c a n h r s a r y s f i i o n n r g g U. S. Government obligations O g b a- li- Cla c s a s l a l o n d d f a b te ank i m n lo a v e n a e n n d s t s t s - Total1 o c m c p i k l i i n u n a e a e g d - r n t l, - - - A t c g u a u r r l l i - - - b s e T r e o r o s c k u - rit o i T t e o h s - l R t o e a a e s t n a - e l s s l u C o m a o n n e s r - O lo th an e s r Total Total Bills C o c e f a r t t i e i n f D s i - - ire N c o t tes Bonds G t a e u n e a - d r- S p s t a i t i u o c o a n o a l b f t d n i e l - t s s - O r s i e t t h c ie e u s r pa- and ers debt- diviper deal- ed- sions ers ness AH insured commercial banks: 1941—Dec. 31. 49,290 21,259 9,214 1,450 614 662 4,773 4,! 45 28,031 21,046 988 3,159 12,7974,102 3,651 3,333 1945—Dec. 31. 121,809 25,765 9,461 1,314 3,164 3,606 4,677 1,351 2,191 96,043 88,912 2,455 19,071 16,045 51,321 22 3,8733,258 1948—Dec. 31. 112,286 41,968 18,7612,775 1,336 939 10,6664,907 2,992 70,318 61,388 2,821 10,065 3,39445,100 85,5093,420 1949—Dec. 31.118,278 42,485 16,9352,963 1,749 855 11,4056,0023,124 75,793 65,820 3,692 12,479 5,810 43,833 66,4003,574 1950—Dec. 30. 124,822 •51,723 21,776 2,823 1,789 1,036 13,389 7,6283,955 73 09960 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 7,7424,282 73,564 60,533 7,219 7,526 11,25634,511 21 8,9894,042 1952—June 30. 132,557 58,730 25,1763,562 2,106 942 14,8848,5264,385 73,827 60,117 6,090 7,65311,09935,251 25 9,6274,083 Member banks, total: 1941—Dec. 31. 43,521 18,021 8,671 972 594 598 3,494 3,e92 25,500 19,539 971 3,007 11,7293,8323,0902,871 1945—Dec. 31. 107,183 22,775 8,949 855 3,133 3,378 3,455 1,027 1,977 84,408 78,338 2,275 16,985 14,27144,792 163,2542,815 1948—Dec. 31. 95,616 36,060 17,631 1,800 1,324 834 8,2443,9332,658 59,556 52,154 2,588 7,999 2,800 38,761 54,480 2,922 1949—Dec. 31. 101,528 36,230 15,857 1,945 1,737 758 8,8344,776 2,809 65,297 56,883 3,389 10,409 5,08537,996 45,2743,140 1950—Dec. 30. 107,424 44,705 20,521 1,808 1,770 927 10,522 6,167 3,58562,719 52,365 3,665 1,468 14,05433,170 86,6403,714 1951—Dec. 31. 112,247 49,561 24,347 2,140 1,551 851 11,3346,195 3,86362,687 51,621 6,399 6,010 9,596 29,601 15 7,5283,538 1952—June 30. 113,502 50,526 23,732 2,264 2,084 829 11,6286,791 3,95062,976 51,261 5,423 6,134 9,46830,215 21 8,125 3,590 New York City:* 1941—Dec. 31. 12,896 4,072 2,807 8 412 169 123 5 4 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31. 26,143 7,334 3,044 2,453 1,172 80 76 509 18,809 17,574 477 '3,433 3,325 10,337 1 606 629 1948—Dec. 31. 18,759 8,048 5,642 3 1,102 225 224 313 636 10,712 9,649 589 1,183 365 7,512 563 500 1949—Dec. 31. 19,583 7,550 4,792 1,410 219 256 377 621 12,033 10,746 720 1,785 835 7,405 752 535 1950—Dec. 30. 20,612 9,729 6,328 1,421 285 442 540 850 10,883 8,993 824 250 1,711 6,206 2 1,123 767 1951—Dec. 31. 21,379 11,146 7,852 1,219 262 514 520 950 10,233 8,129 1,122 616 1,428 4,960 2 1,385 719 1952—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 1,430 256 153 903 119 182 193 1945—Dec. 31. 5,931 1,333 760 2 211 233 36 26 65 4,598 4,213 133 i',467 749 1,864 181 204 1948—Dec. 31. 4,799 1,783 1,412 4 71 63 51 115 88 3,016 2,633 183 275 217 1,958 210 174 1949—Dec. 31. 5,424 1,618 1,211 7 109 56 51 115 91 3,806 3,324 331 690 358 1,945 290 192 1950—Dec. 30. 5,569 2,083 1,567 9 110 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 l.i 12 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31. 40,108 8,514 3,661 205 427 1,503 1,459 433 826 31,594 29,552 1,034 6,982 5,653 15,878 5 1,126 916 1948—Dec. 31. 35,332 14,285 7,282 437 130 360 3,503 1,609 1,118 21,047 18,594 1,056 3,201 1,090 13,247 11,421 1,032 1949—Dec. 31. 38,301 14,370 6,704 457 183 309 3,742 1,965 1,212 23,931 20,951 1,189 4,180 2,124 13,457 1,727 1,254 1950—Dec. 30. 40,685 17,906 8,646 392 207 386 4,423 2,567 1,534 22,779 19,084 1,218 499 5,536 11,830 2,184 1,511 1951—Dec. 31. 42,694 19,651 10,140 513 203 347 4,651 2,512 1,578 23,043 19,194 2,524 2,493 3,640 10,528 82,458 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 l.i 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 42,505 1,160 1950—Dec. 30. 40,558 14,988 3,980 1,407 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 6,0993,046 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 6,3373,370 1,237 25,904 21,206 1,914 2,551 3,918 12,817 53,494 1,204 Insured nonmember commercial banks: 1941—Dec. 31. 5,776 3,241 543 478 20 64 1,282 854 2,535 1,509 17 152 1,069 271 563 462 1945—Dec. 31. 14,639 2,992 512 459 31 228 1,224 323 214 11,647 10,584 180 '2", 087 1,774 6,538 6 619 443 1948—Dec. 31. 16,685 5,911 1,131 975 12 105 2,426 975 334 10,774 9,246 234 2,066 594 6,349 3 1,030 498 1949—Dec. 31. 16,766 6,258 1,078 1,018 12 97 2,575 1,225 315 10,508 8,947 303 2,071 725 5,846 2 1,127 434 1950—Dec. 30. 17,414 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 1952—June 30. 19,073 8,210 1,445 1,298 22 113 3,262 1,735 434 10,863 8,867 668 1,519 1,631 5,046 4 1,503 493 For other footnotes see opposite page 1124 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 e s w e e R d a r r i e n v e t v r h k e - e a s s l v C a i a n u s l h t b m a w a B d n e n i o c a s t k l e t - h - i s s c * j m p u D o a d s a d t s e e n e i - - - t d d s * m D e I s n d o ti t - e c e p * r o b s a i F e t n i s o 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 a b i n i t o t d i d e c n i s a - s l c C h c o a e f e e e i f n t e c f r r c i d d s t k . - i ' s - , p a v n s a p i t I h d i d r n o o t i u d r n p c n a a i e o s s - l - , r s r - - , I b n a t n e k r- P U m G S e a o r a . n o e s n v v n d S t - - a - t . l v s S p i a u i o s t c n b a i l a o i d t d l t e n - i s - s p a v n s a p i t I h d d i r n o o t i u d r n p c n a a i s e o s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p l n - i t - s ings 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 97,048 12.969 1.381 3.344 8.288 3,147 95,604 427 278 1,485 35.986 30 11,902 1952—June 30. . 19,331 2,365 9,935 93,652 11,286 1,339 5,797 8,682 2,721 90,836 475 312 1,574 37,333 85 12,282 Member banks, total: 1941—Dec. 31.. 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1948—Dec. 31.. 20,406 1,486 5,674 72,152 10,098 1,480 2,122 5,850 1,962 70,947 63 111 927 27,801 45 8,801 1949—-Dec. 31.. 16,429 1,521 6,194 72,658 10,623 1,310 2,838 6,017 2,185 71,589 164 175 1,051 27,934 11 9,174 1950—Dec. 30.. 17,459 1,643 6,868 78,37011.669 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 83.100 12,634 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 10 20 1,206 195 2,120 1948—Dec. 31.. 5,643 117 67 15,773 2,904 1,278 445 241 750 16,695 31 14 20 1,646 25 2,306 1949—Dec. 31.. 4,462 112 68 15,182 2,996 1,084 640 196 895 16,408 113 38 24 1,590 2,312 1950—Dec. 30.. 4,693 118 78 15,898 3,207 1,162 451 258 1,087 17.490 268 37 37 1,647 70 2,351 1951—Dec. 31.. 5,246 159 79 16,439 3,385 1,128 858 321 1,289 17,880 318 43 22 1,614 5 2,425 1952—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. 31. . 1,021 43 298 2,215 L.027 8 127 233 34 2,152 476 288 1945—Dec. 31. . 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1948—Dec. 31.. 1,325 28 143 3,604 1,038 26 188 284 53 3,702 i ii 989 444 1949—Dec. 3i 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 L.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 60 617 10,987 3,087 1950—Dec. 30.. 6,806 519 2,206 27,938 6.174 217 976 2,575 852 28,938 57 60 631 10,956 3,322 1951—Dec. 31.. 7,582 639 2,356 29,489 6,695 192 1,124 2,550 822 30,722 90 85 714 11,473 4 3,521 1952—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 6,082 4 1,982 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1 1 9 9 4 4 8 9 — — D D e e c c . . 3 3 1 1 . . . . 5 4, , 3 7 7 3 1 6 9 8 0 5 1 8 3 4, , 0 6 0 1 2 9 2 2 7 7 , , 7 9 0 3 3 5 9 9 4 7 3 9 8 9 6 7 8 9 8 7 2 3 , , 9 0 2 5 5 8 5 5 1 7 0 9 2 2 5 5V,3 2 3 4 7 8 1 1 3 3 4 7 9 3 3 4 5 0 0 0 1 1 4 4 , , 3 2 6 8 9 9 1 1 1 2 3 3 , , 1 3 2 0 3 5 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 Insured nonmember commercial bank 8: 1941—Dec. 31 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 959 1945—Dec 3i 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5,579 7 1,083 1948—Dec, 31 . 453 3,273 12,059 246 8 201 1,332 151 10,736 6 6 153 6,459 8 1,358 1949—Dec. 31 463 3,273 11,918 261 6 213 1,402 153 10,517 5 6 182 6,524 3 1,473 1950—Dec. 30 503 3,596 12,729 286 5 265 1,492 174 11,262 6 6 210 6,510 3 1.570 1951—Dec. 3t 603 4,099 13,948 335 12 243 1,622 186 12,364 5 22 247 6,876 4 1,686 1952—June 30.. 544 3,466 13,305 273 10 357 1,694 166 11,649 6 24 270 7,156 17 1,757 1 Central reserve city banks. » 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.—Set Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. OCTOBER 1952 1125 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 l Investments For purchasing or carrying securties U. S. Government obligations Total Comloans mer- Date or month and cial, To brokers invest- indus- and dealers To others Real Loans Cer- Other ments Total x 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—August 70,250 32,682 19,335 254 956 129 567 5,563 453 5,88637,568 30,956 2,644 2,252 6,621 19,4396,612 1952—Tune. 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 August.... 75,519 35,516 20,776 3091,354 137 609 5,795 622 6,47340,003 32,423 2,777 3,410 5,97820,258 7,580 July 2... 77,491 36,472 20,567 1,3791,413 222 567 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 1,0311,335 214 563 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 6,402 40,750 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 5,96520,291 7,527 Aug. 13... 75,586 35,524 20,722 3151,450 136 568 5,795 633 6,46340,062 32,500 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. .. '75,497 '35,575 '20,926 2801,213 134 648 '5,810 620 '6,504 '39,92232,246 '2 ,709 '3,346 '5,992 '20,199 '7,676 Sept. 3... 75,188 35,685 21,017 2441,217 136 656 5,824 614 6,53739,503 31,932 2,582 3,211 5,99020,149 7,571 Sept. 10... 75,303 35,919 21,235 2641,199 131 651 5,859 586 6,55539,384 31,786 2,487 3,150 5,99320,156 7,598 Sept. 17. .. 76,019 36,505 21,516 2331,223 132 640 5,866 865 6,591 39,514 31,928 2,785 3,072 5,96520,106 7,586 Sept. 24. .. 75,532 36,296 21,606 1631,138 132 642 5,875 692 6,60839,236 31,685 2,574 3,070 5,941 20,100 7,551 New York City 1951—August 19,702 10,036 6,908 207 738 28 225 495 260 1,316 9,666 7,714 684 358 1,433 5,239 1,952 1952—June 21,205 11,126 7,579 454 997 19 205 429 275 1,34310,079 7,939 1,077 631 1,363 4,868 2,140 July 22 022 11,490 7,473 696 1,055 55 204 409 409 1,36610,532 8,253 810 761 1,364 5,318 2,279 August.... 21,109 11,100 7,544 181 1,101 26 223 403 401 1,39910,009 7,700 557 554 1,361 5,2282,309 July 2... 22,935 12,229 7,508 1,1441,066 68 207 419 615 1,37810,706 8,473 1,044 806 L .3595,2642,233 July 9... 22,133 11,654 7,497 8511,033 65 204 413 411 1,35610,479 8,184 737 768 ,361 5,318 2,295 July 16. .. 21,895 11,437 7,479 5971,049 61 202 407 458 1,36110,458 8,184 782 734 1,364 5,3042,274 July 23... 21,592 11,123 7,469 482 1,040 54 204 405 280 1,36610,469 8,187 735 738 1,375 5,339 2,282 July 30... 21,559 11,011 7,412 4051,086 28 204 403 279 1,37110,548 8,240 752 758 1,363 5,3672,308 Aug. 6... 21,278 11,202 7,475 2431,271 27 208 411 362 1,38310,076 7,779 503 613 L,361 5,302 2,297 Aug. 13... 21,140 11,111 7,522 1871,201 24 206 406 352 1,39110,029 7,720 509 572 1,359 5,2802,309 Aug. 20. .. 20,919 11,014 7,556 148 977 24 240 402 435 1,410 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 1,41110,027 7,691 658 531 1,362 5,140 2,336 Sept. 3... 20,755 10,935 7,620 132 956 28 244 398 324 1,413 9,820 7,539 594 454 1,367 5,124 2.281 Sept. 10... 20,765 11,016 7,732 152 936 25 239 408 299 1,405 9,749 7,464 570 395 1,373 5,126 2,285 Sept. 17. .. 21,205 11,426 7,850 144 972 24 234 400 566 1,416 9,779 7,513 681 384 L,346 5,102 2,266 Sept. 24... 21,029 11,301 7,873 101 896 24 233 399 535 1,420 9,728 7,463 649 358 1,344 5,112 2,265 Outside New York City 1951—August 50,548 22,646 12,427 47 218 101 342 5,068 193 4,570 27,902 23,242 1,960 1,894 5,188 14,2004,660 1952—June 53,318 23,908 13,046 142 244 78 352 5,273 238 4,911 29,410 24,275 2,827 3,058 4,579 13,811 5,135 July 54,611 24,279 13,125 217 291 144 361 5,335 155 5,02930,332 25,121 2,652 3,029 4,595 14,845 5,211 August.... 54,410 24,416 13,232 128 253 111 386 5,392 221 5,07429,994 24,723 2,220 2,856 4,617 15,0305,271 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 14,8615,210 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 14,921 5,225 Aug. 6... 54,374 24,337 13,182 139 246 118 363 5,363 233 5,07330,037 24,807 2,341 2,873 4,604 14,9895,230 Aug. 13... 54,446 24,413 13,200 128 249 112 362 5,389 281 5,07230,033 24,780 2,280 2,876 4,617 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 4,619 15,064 5,261 Aug. 27. .. '54,398 '24,503 '13,301 135 259 106 409 '5,416 164 '5,093 24,555 '2,051 '2,815 '4,630 '15,059 '5,340 Sept. 3... 54,433 24,750 13,397 112 261 108 412 5,426 290 5,124 29,683 24,393 1,988 2,757 1,62315,0255,290 Sept. 10. .. 54,538 24,903 13,503 112 263 106 412 5,451 287 5,150 29,635 24,322 1,917 2,755 4,620 15,030 5,313 Sept. 17. .. 54,814 25,079 13,666 89 251 108 406 5,466 299 5,175 29,735 24,415 2,104 2,688 4,619 15,004 5,320 Sept. 24... 54,503 24,995 13,733 62 242 108 409 5,476 157 5,188 29,508 24,222 1,925 2,712 1,59714,9885,286 r Revised. 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. 1126 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 i r e n a d t v - h l - k e s v C a a i u n sh lt m b a w a n d e i n o c s t - e k h ti s s c j p u m s o a d a t d e s e n - i - d t d s * s p p u n v c h a o a a o e i n i r d r l p r r d s a t - - - s - , - , S p s d s a i i o t u c i o n a v l b a n d i t - i l t e s - - s c C c O h a f e e e i e t n f e r c r f c d d t i . s k - i ' - s, U m G e . r o e n v n S - - t . s p p u v n c h a o a a o i e n i r d r l p r r d s a t - - - s - , - , S p s d s a i i o t u i c o n a v l b a n d i t - i l t e s - - s P U m G S e i a o n . r a o n e s g n v d v n S t s - - a - t . l m D t D e i o c s - e - man F e d i 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 * - k tions tions Total— Leading Cities 1951—August. . . 14,135 2,30550,350 50,986 3,425 1,341 2,81314,699 742 141 9,6201,246 381 574 6,724106,448 1952—June 14,999 962 2,38753,128 54,053 3,698 1,729 3,145 15,627 769 175 9,8241,258 452 976 7,016 128,404 July 15,014 937 2,38752,13553,110 3,598 1,671 5,732 15,683 772 182 9,9881,253 4681,245 7,024 120,452 August. . . 14,765 923 2,340 51,968 52,850 3,522 1,321 4,451 15,714 769 188 9,9851,309 4641,169 7,048 112,372 July 2... 14,884 899 2,52151,70852,818 3,705 2,060 6,914 15,689 763 17910,2771,248 4651,022 7,034 38,191 July 9... 14,984 972 2,39551,750 52,454 3,652 1,603 6,124 15,677 765 17910,2661,257 4671,101 7,025 22,376 July 16... 15,060 919 2,47552,00253,915 3,444 1,481 5,629 15,669 777 18210,2041,228 471 1,429 7,008 27,100 July 23... 14,995 935 2,30752,448 53,172 3,491 1,541 5,199 15,692 778 182 9,6921,226 471 1,209 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... 14,852 889 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 2,32851,76452,709 3,447 1,394 4,589 15,704 767 189 9,921 1,298 4661,267 7,043 27,849 Aug. 27... 14,521 '958'2,247 •52,409 •53,151'3,463 '1,264 4,090 15,724 766 190 9,6521,273 475 1,117 '7,051 '23,996 Sept. 3... 14,419 2,30452,27553,253 3,558 1,439 3,144 15,751 765 19010,1551,330 4801,240 7,076 22,682 Sept. 10...14,869 973 2,35852,92554,219 3,452 1,318 2,808 15,784 767 18810,5431,307 4891,151 7,071 24,802 Sept. 17...15,441 904 2,71353,22155,383 3,357 1,767 3,640 15,805 759 19211,1681,275 487 873 7,066 31,576 Sept. 24...15,150 932 2,64152,27453,344 3,334 1,405 4,477 15,846 759 19010,5221,301 492 703 7,073 28,693 New York City 1951—August. . . 4,960 125 15,36616,096 235 626 723 1,453 2,7801,030 314 2,364 39,007 1952-—June 5,474 197 16,50417,313 260 901 999 1,622 2,8551,039 340 471 2,407 55,385 July 5,365 182 15,77316,625 278 869 2,509 1,588 2,9141,023 353 382 2,417 50,472 August. . . 5,143 168 15,51316,257 273 573 1,699 1,551 2,8061,057 349 428 2,426 44,101 July 2 ... 5,088 184 15,72116,737 229 1,166 3,100 1,616 3,115 1,032 353 220 2,417 18,144 July 9... 5,402 194 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 2,852 1,079 340 502 2,429 11,776 Aug. 13... 5,115 174 15,32716,228 260 592 1,758 1,551 2,899 1,089 346 452 2,425 9,040 Aug. 20... 5,224 159 15,43416,234 247 610 1,680 1,544 2,783 1,044 351 447 2,426 10,763 Aug. 27... 5,003 173 15,87116,514 290 540 1,474 1,543 2,690 1,017 360 312 2,425 9,113 Sept. 3... 5,043 166 15,60516,399 271 617 1,109 1,551 2,832 1,074 366 443 2,428 8,954 Sept. 10... 5,165 180 15,77616,574 255 531 945 1,560 2,896 1,059 372 500 2,425 9,812 Sept. 17... 5,373 144 16,12917,162 278 869 1,062 1,559 3,216 1,024 373 315 2,421 12,733 Sept. 24... 5,412 145 15,68916,452 255 584 1,532 1,573 3,145 1,040 376 170 2,415 11,296 Outside New York City 1951—August. . . 9,175 2,276 34,984 34,890 3,190 715 2,090 13,246 719 6,840 95 260 4,360 67,441 1952—June 9,525 765 2,,354 36,62436,740 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,,336622 36,485 3,320 802 3,223 14,095 750 128 7,074 230 115 863 4,607 69,980 August. . . 9,622 755 2,30836,45536,593 3,249 748 2,752 14,163 745 133 7,179 252 115 741 4,622 68,271 July 2... 9,796 715 2,48835,9871 36,081 3,476 894 3,814 14,073 742 126 7,162 216 112 802 20,047 July 9... 9,582 778 2,,3364 36,118 36,078 3,360 799 3,363 14,084 743 126 7,302 230 116 721 4,606 13,277 July 16... 9,665 745 2,,4444 36,376 37,285 3,183 784 3,160 14,096 754 128 7,280 231 117 935 4,591 16,159 July 23... 9,575 759 22,,2276 36,547 36,572 3,200 764 2,982 14,109 756 127 6,896 226 117 912 4,604 16,200 July 30... 9,628 776 2,20836,782! 36,4083,382 764 2,792 14,112 756 131 6,733 244 117 973 4,613 15,042 Aug. 6... 9,622 724 2,315 36,444 36,130 3,424 747 2,768 14,149 749 129 7,205 245 114 693 4,622 15,719 Aug. 13... 9,632 769 2,409 36,51037,131 736 2,718 14,163 748 134 7,409 254 115 645 4,622 14,966 Aug. 20... 9,714 744 2,293 36,,333300 36,475 784 2,909 14,160 743 134 7,138 254 115 820 4,617 17,086 Aug. 27... '9,518 '785 •2,214 '36,538 •36,637 '3,173 '724 2,616 14,181 742 135 '6,962 256 115 '805 '4,626 '14,883 Sept. 3... 9,376 752 2,27536,670 36,854 3,287 822 2,035 14,200 740 135 7,323 256 114 797 13,728 Sept. 10... 9,704 793 2,32737,149 37 645 3,197 787 1,863 14,224 739 133 7,647 248 117 651 14,990 Sept. 17...10,068 760 2,66437,09238,221 3,079 898 2,578 14,246 732 137 7,952 251 114 558 18,843 Sept. 24... 9,738 787 2,599 36,58536,892 3,079 821 2,945 14,273 732 135 7,377 261 116 533 4,658 17,397 r Revised. 8 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. OCTOBER 1952 1127 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 and mining Comm'l Period » t l o F iq b a o u n a o c d o d c r , , o T a le p e a a x p n t t a h d i r l e e e r l s, p m e M r m r ( a y o a i e c e n d n t h t a c d u a a i n l c l l n . s d t - s ch r P l u e c e a e m o b u n t a b m r d i l o c e , , - a r l Other ( r T w e s a r t h a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u P p t t t ( r i o 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 i p h n f l 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 — trans, equip.) 1951—April-June. . -243 116 275 48 60 62 -421 63 175 44 8 186 18 July-Dec 932 -361 873 125 141 16 722 30 351 -98 37 2,769 2,372 1952—Jan.-June... -868 -73 1,111 176 76 -105 -634 -217 -2 18 -28 -546 -808 July-Sept. .. 320 64 -208 115 31 15 286 73 -77 22 115 754 822 Monthly: 1952—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 '345 Sept 176 7 6 18 18 50 144 141 50 3 26 639 680 Week ending: July 2 -37 -7 -44 3 e -22 -12 38 -167 —2 40 -214 -217 July 9 -1 -29 2 3 31 3 1 3 -8 6 13 July 16 -15 21 19 10 14 -10 8 -3 — 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 -5 -2 -12 22 -2 12 44 77 Aug. 27 56 8 1 23 8 16 -5 11 1 13 130 ••127 Sept. 3 18 -2 -3 1 -2 28 40 10 -2 -1 88 91 Sept. 10 38 io'' 12 8 10 35 56 1 3 16 187 218 Sept. 17.... 55 21 17 13 25 42 42 19 3 13 251 281 Sept. 24 66 ' -3 " -14 Q -4 17 40 4 21 -2 113 90 T Revised. 1 Sample includes about 210 weekly reporting member banks reporting changes in their larger loans; these banks hold nearly 90 per cent of total commercial and industrial loans of all weekly reporting member banks and about 70 per cent of those of all commercial banks. During April and May 1951 the coverage was smaller. 2 Figures for other than weekly periods are based on weekly changes during period. 3 Net change at all banks in weekly reporting series. OUTSTANDING COMMITMENTS OF LIFE INSURANCE COMPANIES TO ACQUIRE LOANS AND INVESTMENTS FOR DEFENSE AND NONDEFENSE PURPOSES * [In millions of dollars] Defense and defense-supporting Nondefense To others, on real estate mortgages State, Other To county, End of month Total Total P ut u i b li l t i y c R ro a a i d l- bu a s i i n n n d - ess Total bu a s i i n 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 ,687 383 300 1,005 2,709 963 1,648 650 649 349 108 May2 4,331 ,677 450 298 928 2,564 937 1,539 577 619 343 91 June 2.... 4,197 ,760 446 309 1,005 2,362 831 83 1,447 531 594 322 76 July2 4,055 ,757 450 297 1,011 2,221 752 80 1,390 484 566 340 77 August2. . 3,749 ,642 409 286 947 2,053 744 80 1,229 402 509 317 54 September 3,928 ,706 407 236 ,063 2,163 918 83 1,162 365 490 307 59 October... 4,037 ,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 1,559 1,842 901 88 852 205 332 315 37 April 4,158 2,181 512 158 1,511 1,946 980 85 881 200 352 329 31 1 With suspension of the Voluntary Credit Restraint Program, coverage and classification of these data are being revised. Pending such revision, publication of the series is temporarily discontinued. 2 Excludes business mortgage loans 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. 1128 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g Total Accept O b in i w l g l n s banks bo B u il g ls ht Others I U m S i n t n p a i t o t t o e e r s d ts E U S f x r n t p o a i o t m t e e r s d ts c D h e o a x l n l - g ar e G U s o h n o i i p t d e p p s d o e s d i t n o t b r s e e F d t i o n w r i e e n e i g n o n r States countries 1951—July 336 380 135 103 33 245 225 104 (2) 24 27 August 368 384 122 94 28 262 218 109 6 25 26 September 377 375 118 85 33 256 210 104 3 27 31 October 410 398 131 87 44 267 226 106 4 27 35 November 435 437 154 96 58 283 227 116 5 46 43 December 434 490 197 119 79 293 235 133 23 55 44 1952—January 480 492 193 127 66 300 235 135 23 52 48 February 517 493 188 121 67 305 234 135 27 46 51 March 534 458 177 120 57 282 228 138 6 36 51 April 544 422 150 110 40 272 211 135 6 22 48 May 510 430 155 121 34 275 197 136 37 17 43 June 495 416 148 108 40 268 195 126 45 15 36 July 539 450 171 122 49 279 200 126 73 17 34 August 550 454 169 113 56 285 212 119 74 20 30 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. 42?. 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 * Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in borrowed2 In partners' In firm (net)i and trading and trading banks Free Other investment investment In capital accounts accounts (net) and trading and trading accounts accounts accounts (net) 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 September. . M.29O 3 640 3 843 October.... a 1,291 3 653 3 853 November. . 3 1,279 3 649 3 805 December... 1,292 12 392 378 695 816 259 42 11 314 1952—January 3 1,289 3 633 3 809 February... 3 1,280 3 652 3 790 March 3 1,293 3 734 3 756 April 31,315 3818 3 756 May 31,312 «847 3 725 June 1,327 9 427 365 912 708 219 23 16 324 July 3 1,387 31,126 3 692 August 31,338 3 926 3 675 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). » As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): May, 33; July, 67; August, 48. 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. OCTOBER 1952 1129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESS BY BANKS IN SELECTED CITIES U. S. Government [Per cent per annum] Prime Prime securities (taxable) mo Y w n e e t e h a k r , , or m m 4 p - c o e a o r t n p o c m t e i h a r 6 - s , l - 1 a a d b c n e a a 9 c r c y n s 0 e e s ' k p s * - , t- M 3 a - r m ke o t nth o R n b a i n l t e l e s w 9 i m s - s t o o u n e t s 1 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 S 0 ,0 i , z 0 0 e 0 0 0 - o $ f $ 1 l 2 0 o 0 0 a 0 , n 0 ,0 0 0 0 0 -$ an 20 d 0 o ,0 v 0 e 0 r yield issues Annual averages: 19 cities: 1949 average 1.48 1.12 1.08 L.102 1.14 1.43 1942 2.2 4.4 3.2 2.2 2.0 1950 average 1.45 L.15 1.20 L.218 1.26 1.50 1943 2.6 4.4 3.4 2.5 2.4 1951 average 2.17 L.60 1.52 L.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—September. 2.19 L.63 1.63 1.646 1.71 1.93 1946 2.1 4.2 3.1 2.2 1.7 October. . . 2.21 L.63 1.54 L.608 1.74 2.00 1947 2.1 4.2 3.1 2.5 1.8 November. 2.25 1.63 1.56 L.608 1.68 2.01 1948 2.5 4.4 3.5 2.8 2.2 December.. 2.31 1.69 1.73 1.731 1.77 2.09 1949 2.7 4.6 3.7 3.0 2.4 1950 2.7 4.5 3.6 3.0 2.4 1952—January... 2.38 L.75 1.57 L.688 1.75 2.08 1951 3.1 4.7 4.0 3.4 2.9 February.. 2.38 t .75 1.54 L.574 1.70 2.07 March 2.38 L.75 1.59 L.658 1.69 2.02 Quarterly: April 2.35 L.75 1.57 L.623 1.60 1.93 19 cities: May 2.31 L.75 1.67 L.710 1.66 1.95 1951—Dec 3.27 4.78 3.49 3.03 June 2.31 L.75 1.70 .700 1.74 2.04 1952—Mar 3.45 4.85 3.66 3.24 July 2.31 L.75 1.81 L.824 1.89 2.14 June 3.51 4.90 3.72 3.29 August.... 2.31 L.75 1.83 .876 1.94 2.29 Sept 3.49 4.91 3.74 3.27 September. 2.31 L.75 1.71 L.786 1.95 2.28 New York City: 1951—Dec .01 4.37 3.91 3.34 2.87 Week ending: 1952—Mar .23 4.43 3.97 3.48 3.11 Aug. 30... 2.31 L.75 1.87 1.899 1.98 2.31 June 3.27 4.53 4.03 3.55 3.14 Sept. 6... 2.31 L.75 1.84 1.884 1.94 2.28 Sept 3.29 4.66 4.06 3.60 3.15 Sept. 13... 2.31 L.75 1.81 1.850 1.98 2.28 Sept. 20... 2.31 L.75 1.62 1.774 1.95 2.26 7 Northern and East- Sept. 27. . . 2.31 L.75 1.60 \.635 1.94 2.28 ern cities: 1951—Dec 3.23 4.81 4.04 3.46 3.03 1952—Mar 3.47 4.91 4.16 3.67 3.29 1 Monthly figures are averages of weekly prevailing rates. June 3.46 4.90 4.17 3.71 3.27 2 Series includes certificates of indebtedness and selected note and Sept 3.44 4.85 4.20 3.72 3.24 bond issues. 11 Southern and * Series includes selected note and bond issues. Western cities: Back figures.—See Banking and Monetary Statistics, Tables 120-121, 1951—Dec 3.67 4.95 4.15 3.62 3.35 pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1952—Mar 3.79 5.01 4.28 3.79 3.46 1947, pp. 1251-1253. June 3.90 5.05 4.33 3.86 3.63 Sept 3.84 5.04 4.31 3.82 3.56 NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND YIELDS * [Per cent per annum] Corporate (Moody's)* TT C Munic- Corpo- Govern- ipal rate By ratings 3y groups Year, month, or week t ( m e lo r e n m n g t ^ - g ( r h a i d g e h ) - 8 g ( r h a i d g e h ) - 4 Total Indus- Rail- Public Aaa Aa A Baa trial road utility Number of issues 1-8 15 9 120 30 30 30 30 40 40 40 1949 average . . . . 2.31 2.21 2.65 2.96 2.66 2.75 3.00 3.42 2.74 3.24 2.90 2.32 1.98 2.60 2.86 2.62 2.69 2.89 3.24 2.67 3.10 2.82 1951 average 2.57 2.00 2.86 3.08 2.86 2.91 3.13 3.41 2.89 3.26 3.09 1951—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 2.74 2.10 2.96 3.24 2.98 3.05 3.32 3.59 3.00 3.48 3.23 February 2.71 2.04 2.89 3.18 2.93 3.01 3.25 3.53 2.97 3.38 3.19 March 2.70 2.07 2.96 3.19 2.96 3.03 3.24 3.51 2.99 3.36 3.21 April 2.64 2.01 2.92 3.16 2.93 3.01 3.20 3.50 2.97 3.32 3.19 May 2.57 2.05 2.93 3 16 2.93 3.00 3.20 3.49 2 97 3.31 3.19 June 2.61 2.10 2.95 3.17 2.94 3.03 3.20 3.50 2.98 3.32 3.20 July 2.61 2.12 2.96 3.17 2.95 3.04 3.19 3.50 2.99 3.33 3.20 August 2 70 2.22 2 97 3 18 2 94 3.06 3 21 3.51 3 00 3 34 3 20 2.71 2.33 2.98 3.19 2.95 3.07 3.22 3.52 3.02 3.36 3.20 Week ending: Aug. 30 2 70 2.28 2.97 3.18 2.95 3.06 3.22 3.51 3 01 3 35 3 20 Sept. 6 2.67 2.28 2.96 3.18 2.94 3.06 3.21 3.52 3.01 3.35 3.20 Sept 13 2.68 2.31 2.96 3.18 2.94 3.06 3.21 3.52 3.01 3.35 3.20 Sept. 20 2 71 2.34 2.97 3.19 2.95 3.07 3.22 3.53 3 02 3 36 3.20 Sept 27 2.75 2.37 3.02 3.20 2.97 3.07 3.22 3.54 3.02 3.37 3.21 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on figures for Wednesday. 2 Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds -due or first callable after 15 years were included. 3 Standard and Poor's Corporation. * U. S. Treasury Department. e Moodv's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa «nd 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. 1130 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS » Bond prices Stock prices Common Volume of Standard and Poor's series Securities and Exchange Commission series trad- Ye o ai r , w m e o ek nth, m U G e e . r o n n v S - t - . 2 g M i ( r c h a i u i d p g n e a h - l ) - 8 g ( r C r h p a a o d i o t g r e e - - h )* - fe P r r r e e - d4 Tota ( l inde d t x I r u , n i a s - 1 - l 935 R r - o a 3 a i 9 d l- =10 u P 0 t u i ) li l b c it - y Total Tot M al anu D a f b a u c l r e t - ( u in ri d n N e d g x u o , n r - - 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 y c b l- - T a s a r f e n i n a r n c v d d e - - e , , M in i g n- s s h th a i a ( n o n o r i f g n d u e s - s 5 ) able ice Number of issues 1-8 15 17 15 416 365 20 31 265 170 98 72 21 28 32 14 1949 average. .. 102.73 128.9 121.0 176.4 121 128 97 98 128 132 116 147 139 98 161 129 1,037 1950 average. .. 102.53 133.4 122.0 181.8 146 156 117 107 154 166 150 180 160 107 184 144 2,012 1951 average. . . 98.85 133.0 117.7 170.4 177 192 149 112 185 207 178 233 199 113 208 205 1,684 1951—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 Nov 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 Sept 96.86 126.6 115.7 170.2 188 204 171 119 194 219 191 246 221 118 206 275 1,149 Week ending: Aug. 30. . 97.08 127.5 115.9 169.2 190 206 174 119 197 223 193 251 226 120 208 279 907 Sept. 6. . 97.44 127.5 116.1 170.5 192 208 175 120 198 224 194 252 225 120 208 276 1,084 Sept. 13.. 97.28 126.9 115.7 170.2 187 203 169 118 193 219 190 245 219 118 205 274 1,220 Sept. 20. . 96.89 126.2 115.8 170.1 186 202 168 118 193 217 189 244 219 118 206 274 1,085 Sept. 27.. 96.37 125.9 115.1 169.9 188 204 173 118 193 218 191 242 223 118 207 275 1,237 1 Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's series), which are based on figures for Wednesday. 2 Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds due or first callable after 15 years were included. 8 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. * 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 capital For refunding Total Domestic Domestic Year or month f ( i u 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 t o 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 i e e r e a s d n l - - l 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 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 i e e r e a s d n l - - l Total Co B n r a o p o n t o e n d . r d - a i s te Stocks e F i o g r n - 1943 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 68 i 603 82 86 1944 . 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2 466 2 178 288 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 105 1 1 9 9 4 4 7 8 3 1 0 9 , , 2 6 2 9 0 13 9 7 , , 0 56 8 6 5 9 7 , , 0 2 7 5 6 5 2 2 , , 6 2 0 2 4 8 2 2 3 9 9 44 4 6 , , 7 1 8 7 7 7 45 3 , , 2 5 6 6 9 7 1,2 9 1 0 9 8 6 1 8 0 2 1 , , 1 1 2 3 5 5 1 1 , , 9 13 4 5 8 4 8 4 2 4 7 2 6 2 8 1 2 ,4 8 8 4 2 1 , 2 1 5 9 7 9 28 2 3 8 177 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—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. ... 3 1,55531,249 1,109 376 56 677 453 224 93 306 306 11 144 151 142 Tune .... 1,403 1,245 1,239 615 38 587 406 180 6 158 155 11 141 3 3 8 "3 July.... 1,519 1,393 1,381 224 20 1,137 954 183 12 126 126 2 74 50 45 4" 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 figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. OCTOBER 1952 1131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Est g i r m os a s ted Esti n m et ated New money Retirement of securities proceeds 2 proceeds 3 Repayment Other Total P eq la u n ip t m an en d t W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red othe o r 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—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 9 3 70 24 May 1,116 1,097 925 735 189 126 126 38 9 June 848 836 747 553 194 38 38 46 5 July 1,200 1,182 1,131 971 161 32 32 12 7 August 352 344 218 166 53 113 107 5 4 9 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Manufacturing 5 C m o i m sc m e e ll r a c n ia e l o a u n s8 d Railroad Public utility ? Communication 8 R an e d a l f e in st a a n t c e ial Year or month Total Total Total Total Total Total net New Retire- net New Retire- net New Retire- net New Retire- net New Retire- net New Retirepro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments M 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 1,998 145 891 870 2 587 485 30 1949 1,391 851 44 338 229 28 456 441 11 2,615 2,140 234 567 505 49 593 440 35 1950 1,175 688 149 538 262 63 548 301 193 2,866 1,971 685 395 304 81 739 480 100 1951 3,066 2,617 221 518 337 56 332 297 34 2,570 2,317 104 605 594 5 515 368 66 1951—September 156 142 13 28 19 3 30 30 145 133 2 8 S 14 11 October . 306 263 10 40 26 18 16 1 197 179 15 15 62 48 November 214 180 21 46 22 76 61 15 273 260 6 37 37 14 11 December 480 428 26 39 28 2 22 22 266 251 14 25 24 23 18 2 1952—January 349 331 29 21 1 17 17 184 177 6 2 2 14 11 1 February 285 238 ""31 13 9 2 29 29 125 122 3 3 3 13 12 March 366 336 4 61 46 5 12 12 490 461 6 6 6 20 15 April 350 329 5 66 39 5 34 34 399 343 7 45 45 3 56 55 May 559 502 45 40 29 119 41 68 313 293 8 26 26 40 34 5 June 287 255 2 44 42 51 16 35 355 338 1 29 29 70 68 July 327 307 8 16 12 46 46 240 239 1 491 491 62 37 23 August 95 64 24 21 17 1 94 10 85 104 102 19 19 10 6 3 r 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. * Classifications for years 1938-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently similar for broad comparisons. See also footnotes 5 through 8. 5 Prior to 1948 this group corresponds to that designated "Industrial" in the old classification. 6 Included in "Manufacturing" prior to 1948. 7 Includes "Other transportation" for which separate figures are available beginning in 1948. 8 Included in "Public utility" prior to 1948. 9 Includes issues for repayment of other debt and for other purposes not shown separately. 10 Retirement of securities only. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a publication of the Board of Governors, 1132 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 ol 50 million dollars and over Assets of 10-50 million dollars (200 corporations) (81 corporations) (119 corporations) Year or quarter Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Annual 1939 10,621 1,212 999 725 9,008 1,071 883 656 1,613 141 116 69 1940 13,041 1,848 1,277 859 11,138 1,638 1,127 772 1,903 211 149 86 1941 18,342 3,165 1,523 951 15,691 2,778 1,329 854 2,651 387 194 96 1942 21,841 3,408 1,224 763 18,544 2,876 1,056 672 3,297 532 168 91 1943 28,312 3,693 1,263 779 24,160 3,111 1,097 688 4,152 582 167 91 1944 30,421 3 538 1,258 851 25,851 2,982 1,091 755 4,550 557 167 96 1945 26,600 2,429 1,132 864 22,278 1,976 964 764 4,322 453 168 100 1946 21,372 2,038 1,205 946 17,415 1,573 932 804 3 956 465 274 142 1947 30,869 4,104 2,524 1,170 25,686 3,423 2,105 1,000 5,183 681 420 170 1948 37,008 5,317 3,312 1,404 31,238 4,593 2,860 1,210 5,770 723 452 194 1949 36,738 5,038 3,101 1,660 31,578 4,506 2,768 1,474 5,160 531 332 186 1950 44,118 7,893 4,055 2,240 37,831 6,992 3,566 2,013 6,287 902 489 228 1951 51,067 8,557 3,411 1,986 43,389 7,492 2,975 1,754 7,678 1,066 436 232 Quarterly 1950—1 9,263 1,400 791 387 7,935 1,253 705 347 1,328 147 86 41 2 10,695 1,821 1,038 395 9,213 1,629 926 347 1,482 192 112 48 3 11,847 2,190 1,240 583 10,156 1,928 1,090 534 1,691 262 150 50 4 12,313 2,482 987 875 10,527 2,182 846 785 1,786 300 141 89 1951—1 12,711 2,238 878 469 10,811 1,951 765 420 1,899 287 113 48 2 13,047 2,219 839 475 11,079 1,928 724 421 1,968 291 115 54 3 12,297 1,964 762 475 10,443 1,716 658 422 1,854 248 103 53 4 13,013 2,137 932 567 11,055 1,897 827 490 1,957 240 105 77 1952—1. 12,760 1,940 815 482 10,812 1,715 727 430 1,948 225 88 52 2 12,629 1,622 622 476 10,625 1,416 537 422 2,004 206 85 54 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Electric: power Telephone Year or cjuarter r O e p v in e e r g n a u t e - 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 t s s d D e i n v d i- s r O e p v in e e n r g a u t e - 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 r O e p v i e n e r g n a u t e - 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 t s s d D e i n v d i- s Annual 1939 . . .. 3,995 126 93 126 2,647 629 535 444 1,137 231 189 164 1940 4,297 249 189 159 2,797 692 548 447 1,206 257 193 167 1941 5 347 674 500 186 3 029 774 527 437 1,334 297 187 162 1942 7,466 1,658 902 202 3,216 847 490 408 1,508 364 168 151 1943 9 055 2,211 873 217 3,464 913 502 410 1 691 420 176 156 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—l 1 985 114 2 56 61 1,378 351 2 930 146 787 116 2 71 62 2 2,238 243 2 152 53 1,322 321 2212 153 821 137 2 84 67 3 2 ,534 454 2 258 55 1,317 293 2 171 152 853 158 284 70 4 2,715 574 2318 142 1,415 339 2211 168 881 169 2 92 76 1951—1 2,440 229 2 104 101 1,504 413 229 157 904 175 2 90 77 2 2,596 275 2 146 63 1,419 344 195 161 918 174 2 92 79 3 2,583 250 2 124 53 1,423 320 168 162 931 160 2 72 81 4 2,772 505 2 320 111 1,521 403 226 181 976 182 286 81 1952—i 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 arc 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 : 942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). OCTOBER 1952 1133 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.): s 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 8,572 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 '1,023 Profits after taxes 1,887 2,542 2,000 688 773 592 510 497 428 565 501 337 Dividends 950 1,351 1,141 210 370 541 270 273 273 325 273 269 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 »-240t 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 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 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. * Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products (15); and miscellaneous (1). 8 Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). CORPORATE PROFITS, TAXES, AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates) [In billions of dollars] Year P b t r e a o f x o f e i r s t e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t e s s - d Quarter P b t e r 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 s d i h - s tr U p i r b n o u d fi t i t e s s - d 1940 9.3 2.9 6.4 4.0 2.4 1950—2 35.5 16 5 19 0 8 1 10 9 1941 17.2 7.8 9.4 4.5 4.9 3 44.3 20.6 23.7 9 3 14 4 1942 21.1 11.7 9.4 4.3 5.1 4 . 48.4 22.5 26.0 10.7 15.3 1943 25.1 14.4 10.6 4.5 6.2 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 7 8 4 6 5 2 3 3 2 1 4 0 3 3 9 . . . . . 5 3 8 5 7 1 1 1 1 9 1 1 3 3 . . . . . 6 2 9 5 0 2 1 1 1 8 0 3 0 8 . . . . . 5 7 9 5 8 4 4 6 5 7 . . . . . 7 6 7 8 3 1 1 6 3 8 2 3 . . . . . 1 8 1 6 0 1951— 3 4 2 1 4 3 3 5 8 9 3 0 . . . . 6 5 3 1 2 2 2 22 8 4 1 . . . . 2 4 5 8 2 1 1 1 1 7 6 8 . . . . 7 3 9 8 9 9 8 9 . . . . 2 6 3 0 1 8 9 7 3 . . . . 0 7 8 1 1949 27 1 10 8 16.3 7.5 8 8 1950 . 39.6 18.4 21.2 9.0 12 2 1952—1 42.7 24.7 18.1 8.9 9 2 1951 42.9 24.2 18.7 9.0 9.7 21 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. 1134 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 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 e b L s c _ t s 1 ' t Tota Total Bills c C e i a n e d t r d e n t s e i e f b s o i- s t f - Notes B e b l a l ig e n * i k B - on s d t B s r r i a e c n - t k ed v C i e b o r l n t e - - Total * b S i o n a n g v d s - s n s i T a o n a n a t g v d e x s - s S i p ss e u c e ia s l 1943—rj)ec 170,108 16S 877 1S1 80S 11 S730 13 07? 7? 843 11,175 55,591 12,550 36,574 27,363 8,586 12,703 1944—Dec 232,144 230,630 212, S6S 161,648 16,478 SO401 23,039 66,931 24,850 50,917 40,361 9,843 16,326 1945—Dec 278,682 778 11S 7SS 693 198 778 17,037 38 1SS 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 79,987 10,090 69,866 49,636 56,451 49,776 5,725 24,585 1947—Dec 256,981 7S6 900 ,7 SO 16S,7S8 1S,136 71 11,375 68,391 49,636 59,492 52,053 5,384 28,955 194g—Dec 252,854 800 718 86S 1S7 48? 1? 774 7,6 S7.S 7,131 61,966 49,636 61,383 55,051 4,572 31,714 1949—June 252,798 252,770 ,986 1SS,147 11 79,4?7 3,596 60,951 49,636 62,839 56,260 4,860 32,776 Dec 257,160 7S7,no 221 1SS,173 1?,319 79 8,249 55,283 49,636 66,000 56,707 7,610 33,896 1950—June 257 377 257 357 222,853 155,310 ,533 18,418 20 404 53 319 49 636 67 544 57 536 8 472 32,356 Dec . . 256,731 256,708 ,S7S IS?,4S0 13,677 S Ml 39,258 44,557 49,636 68,125 58,019 8,640 33,707 1951—june 255,251 7SS 218,198 H7 917 13 614 9 S09 35,806 42,928 36,061 13,573 66,708 57,572 7,818 34,653 1951—Sept 257,386 7S7 719 140 169 1S 617 IS 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 7S9,604 771 14? 741 18 100 78,017 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 7S9,77S ??1 749 14? 690 18 104 79 079 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 7S8,084 719 301 141 376 16863 79 079 18,450 40,942 36,042 12,018 65,907 57,680 6,911 36,493 Apr 258,337 258,292 719,356 141,870 17,46? 78 18,952 40 943 36 040 11 516 66,019 57,644 7 057 36,746 May 259,951 7S9 90S ??0 S40 14? 675 18 ?67 78 473 18,956 43,061 33,918 11,512 66,403 57,614 7,470 37,198 259,151 759 105 719,17.4 140,407 17,719 78,473 18,963 48,343 27,460 13,095 65,622 57,685 6,612 37,739 July 263,107 263,073 77? 963 144 340 17 78 170 18,971 52,579 27,407 13,145 65,478 57,709 6,440 37,945 263,225 763 186 77? 7 S3 144 148 17,706 78 019 18,974 52,579 27,369 13,186 65,419 57,753 6,330 38,307 Sept. 262,722 262,682 222,216 143,895 17,207 27,763 18,982 52,579 27,365 13,182 65,139 57,758 6,039 38,360 1 Includes fully guaranteed securities, not shown separately. 3 Includes noninterest-bearing debt, not shown separately. 3 Includes amounts held by Government agencies and trust funds, which aggregated 6,712 million dollars on Aug. 31, 1952. * Includes Treasury bonds and minor amounts of prewar and Postal Savings bonds. 6 Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING SEPTEMBER 30, 1952 [In millions of dollars] [O I n s s b u a e s i a s n o d f c d o a u i p ly o n s ta ra te te men A ts m o o o f f u n U d t o n l i l t a e r I d s s ] su S e ta a te n s d T co re u a p s o u n ry r . a te In A m m ill o io u n n s t Y m e o a n r t o h r a A s t t m a e o n n u o d d t u - i n o n t g f Funds receive p d e r fr io o d m sales during m t R io a e n t d u s e r a m it n i p e d - s period All Series Series Series All series EandH Fand J GandK series Treasury bills» Treasury bonds—Cont. 1945 48,183 12,937 9,822 595 2,520 5,558 Oct 2 1952 1,200 June 15, 1953-54 2 5,825 1946.. . 49,776 7,427 4,466 325 2,637 6,427 Oct 9 1952 1,400 June 15, 1953-54 2....2 8,662 1947 52,053 6,694 4,085 342 2,267 5,126 Oct. 16, 1952 1,400 June 15, 1953-55... 2 % 1,501 1948 55,051 7,295 4,224 498 2,573 5,144 Oct 23 1952 1,400 June 15, 1953-55'....2 510 1949 56,707 5,833 4,208 233 1,392 5,101 Oct. 30, 1952 1,500 June 15, 1953-55* 2 725 1950 58,019 6,074 3,668 417 1,990 5,840 Nov 6 1952 1,300 June 15, 1954-56*. .2)4 681 1951 57,587 3,961 3,190 124 646 5,651 N N N o o o v v v 2 2 1 0 8 3 1 1 1 9 9 9 5 5 5 2 2 2 1 1 1 , , , 3 3 5 0 0 0 0 0 1 S M M e a a p r r t . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 5 6 6 - - - 6 5 5 0 9 8 * * . . . . . . . 2 2 2 % % % 2 1 , ,4 6 9 4 1 8 9 1 2 1951— O Se c p t. t . .. 5 57 7 , , 5 4 0 8 1 8 3 2 3 7 4 3 2 2 7 3 4 0 1 7 0 3 5 6 0 3 4 9 1 0 0 D D e e c c 1 4 1, 1 1 9 9 5 5 2 2 1 1 , , 3 2 0 0 0 1 S M e a p r t . . 1 1 5 5 , , 1 1 9 9 5 5 7 6 - - 5 59 9 . . . . . . 2 2 * M 4 3,8 9 2 2 2 7 N D o e v c. .. 5 5 7 7 , , 5 5 5 8 2 7 2 3 9 1 7 6 2 2 5 6 4 8 9 9 3 3 9 4 3 4 6 0 4 1 Dec 18 1952 1,203 June 15, 1958 2% 4,245 1952—Jan.. . 57,664 441 364 16 61 493 Dec 26 1952 1,200 June 15, 1958-63*. .2% 919 Feb.. 57,682 339 288 10 42 411 June 15, 1959-62... 2M 5,281 Mar.. 57,680 331 284 9 38 428 Dec. 15, 1959-62*. .2^ 3,468 Apr.. 57,644 313 267 10 37 438 Dec. 15, 1960-65*. .2% 1,485 May. 57.614 292 253 8 30 423 Certificates June 15, 1962-67 . .2H 2,118 June. 57,685 364 293 15 56 431 Dec. 15, 1963-68*. .2H 2,829 July. 57,709 367 316 9 43 468 Oct. 1, 1952 IK 10,861 June 15, 1964-69*. .2)4 3,758 Aug.. 57,753 356 309 11 37 399 Dec 1, 1952 \% 1,063 Dec. 15, 1964-69*. .2)4 3,834 Sept.. 57,758 330 290 9 30 417 Feb. 15, 1953 IK 8,868 Mar. 15, 1965-70*. .2)4 4,752 June 1, 1953 1% 4,963 Mar. 15, 1966-71*. .2)4 2,975 Maturities and amounts outstanding September 30, 1952 Aug 15, 1953 2 2,008 June 15, 1967-72*. .2)4 1,898 S D e e p c t . . 1 1 5 5 , , 1 19 9 6 6 7 7 - - 7 7 2 2 * . . . . . 2 2 ) H 4 3 2 , , 8 7 5 1 1 6 m Y a e t a u r r o it f y se A ri i e l s E S a e n ri d e s H F S a e n ri d es J G S a e n ri d es K Treasury notes Postal Savings M M a ar r. . 1 1 5 5 , , 1 1 9 9 5 5 4 5 1 1 * H 4 4 5 , , 6 3 7 6 5 5 bonds 2 ^ 84 1 1 9 9 5 5 2 3 3 6 , , 2 2 1 4 0 7 3 5 , ,1 2 1 1 2 0 189 946 Dec 15, 1955 1% 6,854 1954 7,910 5,649 471 1,790 A O p ct r. 1 1 , 1 1 9 9 5 5 6 6 1 \H H 1,0 5 0 5 7 0 Panama Canal Loan. 3 50 1 1 9 9 5 5 5 6 6 4, , 9 7 5 3 1 6 4 2, , 2 4 1 0 8 6 4 5 9 7 2 5 2 1 , ,8 1 3 5 9 8 Apr. 1, 1957 1H 531 Tetal direct issues 143,895 1957 4,728 2,296 459 1,974 1958 4,797 2,491 237 2,070 1959 4,587 2,538 253 1,796 Treasury bonds G F u e a d r er a a n l t H ee o d u s s in e g c u A r d it m ie in s . 1 1 I9 9 9 6 6 6 0 2 1 1 4 4 5 , , , 1 3 0 0 3 3 7 8 9 12 2 1 , , , 8 9 3 9 7 4 2 2 3 4 3 1 6 3 9 7 2 6 2 1 1 , , , 7 2 2 7 5 5 3 0 9 Mar. 15-Sept. 15,1953.2 7,986 Various 39 1963 729 117 611 1964 449 93 356 1 Sold on discount basis. See table on Open-Market Money Rates, Unclassified -72 -72 p. 2 1 M 13 a 0 t . urity Dec. 15, 1954. * Partially tax exempt. Total .. . 57,758 35,055 3,882 18,822 3 Maturity Dec. 15, 1955. 6 Restricted. 1 Includes bonds with extended maturities totaling 668 million dollars. OCTOBER 1952 1135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and End of month in (i g n c g lu u d a - r- trust funds » Federal Com- Mutual Insur- Other S a t n a d te Individuals Miscelanteed Total Reserve mercial savings corpo- local laneous securi- Special Public Banks banks 2 banks rations govern- Savings Other 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 21,600 9,500 «49,100 14,300 11,100 1952—Apr 258,337 36,746 6,500 215,091 22,363 60,500 9,800 16,200 21,500 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 22,200 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 July 263,107 37,945 6,689 218,473 22,853 62,700 9,800 15,900 21,000 10,300 49,100 14,600 12,200 • Corrected. x Includes the Postal Savings System. 2 Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1952. $ Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES • [Interest-bearing public marketable securities. In millions of dollars] u. s. U. S. End of month s T t o a o u n t t a d - l - G a c g o i e e v n s t - . F e R e r e a d - l - C m c o i e a m r l - - M s tu av a u l - - I c a n o n s m c u e - r- Other End of month s T t o a o u n t t a d - l - G a c g o i e e v n s t - . F e R e r e a d - l - C m c o i e a m r l - - M s tu av a u l - - I c a n o n s m c u e - r- Other ing and serve banks1 ings panies ing and serve banks1 ings panies trust Banks banks trust Banks banks funds funds Type of Treasury bonds security: and notes, due or callable: To 1 1 1 ta 9 9 9 l 4 5 5 : 9 8 1 0 — — — 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 3 5 5 3 5 3 3 3 3 2 5 7 4 2 6 0 2 5 7 52 2 2 1 1 0 2 0 8 8 , , , , , 2 5 7 3 8 6 8 7 3 8 8 8 8 1 5 5 5 5 5 5 8 4 4 9 1, , , , , 5 9 8 8 1 7 1 9 5 4 2 5 3 6 8 1 1 1 8 7 0 0 0 8 2 8 7 1 7 5 8 7 4 7 4 0 2 4 1 1 1 1 1 1 6 2 8 8 0 3 5 8 1 7 6 6 3 3 7 4 2 5 2 4 4 4 4 4 3 4 2 3 1 , , , , , 3 4 5 6 7 9 2 5 6 6 9 9 8 3 3 Wi 1 1 1 t 9 9 9 h 4 i 5 5 n 9 0 1 — — — 1 D D D y J T e e e u e u c c c a n n r e : e . . . . . . . 3 3 2 1 1 8 7 5 4 0 . , , . , 6 9 3 3 5 3 8 0 1 0 1 7 5 9 8 3 7 4 2 9 6 0 9 1 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 4 5 6 , , , , , 0 0 6 0 7 1 0 4 8 9 4 1 5 3 3 2 2 4 4 1 6 3 3 2 5 7 0 8 0 1 1,0 4 3 9 7 4 6 2 6 8 4 0 6 8 7 1 1 3 2 5 0 0 , , , , , 3 6 7 7 8 0 2 8 4 1 0 2 5 7 9 1952—June 140,451 3 031 22,192 53,867 7 494 10 335 43,532 July 144,372 3 122 22,139 55,303 7 684 10 612 45,512 1952—June.... 25,210 14 1,620 16,826 327 677 5,746 Treasury bills: July.... 25,210 8 1,620 16,731 283 684 5,884 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 J u un l e y.... 1 1 7 7 , , 2 2 1 1 9 3 4 5 1 5 3 26 8 5 1 5 5 , ,3 8 8 2 2 8 1 8 0 0 3 5 58 9 4 61 1 0 0, , 8 2 4 7 7 0 1951— D Ju e n c e.. 3 2 1 8 . , 0 6 2 7 2 8 1 1 5 3 5 9 3 5 . ,1 8 0 7 2 82 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 4 7 8 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—T Ju un ly e .... 2 29 9 , , 4 4 4 3 2 4 1 1 3 2 0 8 5 5 , , 9 9 4 4 1 1 1 1 8 8 . , 3 3 5 5 2 5 1 1 3 3 8 3 6 7 8 0 9 1 4 4 , , 1 1 7 9 2 6 1951— D D J e e u c c ne... 2 9 5 9 , , , 5 3 0 0 7 7 9 8 3 4 1 9 7 1 3 2 2 , , , 1 3 7 9 3 9 4 4 3 6 2 1, , , 5 7 7 4 5 7 4 3 3 4 3 1 7 7 6 2 6 8 53 2 7 8 3 1 , , ,4 2 7 3 2 6 5 1 0 5-1 1 1 0 9 9 4 5 y 9 0 e — — ar D s J : e u c ne.... 1 1 8 5 , , 5 9 3 2 7 6 5 42 6 3 8 1 1 , , 3 1 8 4 8 8 6 5 , ,6 9 7 95 5 2 2 4 6 3 4 9 0 2 2 , , 2 0 3 5 0 5 4 4 , , 7 1 1 8 6 6 1952—June 28,423 60 11,821 6,877 120 454 9,091 Dec 17,411 412 982 7,329 2 125 1,948 4,615 July 28,170 58 11,883 6,611 84 449 9,085 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—June 13,272 524 1,070 3,268 2,092 2,183 4,135 Dec 39,258 10 12.527 15,833 136 707 10,045 July.... 17,516 619 1,070 5,527 2,396 2,482 5,422 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: Tre 1 1 1 a 9 9 9 s 4 5 5 u 9 0 2 r — — — y J D J b J u u e o u n l c n n y e d e . s . . . : . . . . 1 1 1 1 0 0 8 8 2 4 , , , , 9 9 7 7 7 9 6 5 1 5 3 8 5 5 , , 2 2 1 7 7 3 2 1 5 5 5 7 , , , , 6 2 5 5 1 1 6 6 8 8 8 8 3 3 1 1 9 8 0 0 , , , . 2 6 4 4 3 9 0 3 5 1 9 1 1 1 0 0 4 6 4 8 2 4 0 0 4 2 1 1 7 7 , , 5 2 3 3 7 4 3 3 9 9 2 2 2 2 2 2 5 5 , , , , 6 5 3 0 2 8 4 2 1 8 0 9 1 1 1 9 9 9 4 5 5 9 1 0 — — — D D D T Ju u e e e n n c c c e e, .. 4 4 4 3 3 5 5 3 0 0 , , , , , 0 0 0 5 0 1 8 8 9 2 2 4 4 9 3 4 4 4 2 2 , , , , , 4 6 4 6 7 4 8 8 2 2 1 2 2 9 6 3 2 2 1 1 , , , , , 3 4 5 3 5 9 1 4 9 0 7 5 9 3 8 3 4 2 2 2 , , , , , 8 0 9 7 7 9 8 3 8 4 2 7 1 2 0 6 7 5 7 5 , , , . , 5 1 1 2 3 8 3 8 7 8 8 0 0 6 9 1 1 1 7 7 3 3 2 , , , , , 5 0 4 3 2 0 2 8 0 9 7 7 5 8 3 1 1 1 1 1 0 3 3 3 0 , , , , , 0 5 5 8 9 3 9 2 2 8 4 0 4 8 9 1951— D D Ju e e n c c e 9 7 7 4 8 6 , , , 0 8 9 3 3 4 5 2 5 5 3 3 , , . 2 1 2 8 7 0 3 8 9 4 4 4 , , , 1 6 1 3 2 0 0 8 0 3 3 3 3 1 0 , , , 6 1 2 0 0 8 7 4 6 9 7 7 9 9 6 6 7 9 7 3 7 1 1 9 5 0 , , , 6 8 2 1 3 6 7 9 4 2 2 2 4 1 2 , , , 9 9 0 4 6 2 1 6 3 1952—T Ju un ly e .... 2 2 6 6 , , 7 6 0 5 7 5 2 2 , , 2 2 3 2 1 8 1 1 ,3 ,3 5 5 8 8 2 2 , , 6 6 8 6 1 8 4 4 , , 7 7 0 0 7 2 5 5 , , 7 7 1 1 1 6 1 9 0 , , 9 0 8 1 3 9 1952—June.... 75,660 2 877 4,422 30,695 7 221 8,941 21,504 July.... 79,852 2 982 4,422 32,872 7 474 9,238 22,865 * Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other" are residuals. i Includes stock savings banks. » Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below » Less than $500,000. 1136 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basis of daily statements of United States Treasury Cash operating income and outgo 3 Increase (+)or General fund of the Treasury (end of period) during period Assets y m 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 e d - g s i e - t s ( d u + e r f ) p i c l o u it r s c T e o a r t u c u c n - s 1 t t s, c C o i a l n c u e g - a n r t - 1 G d r e o b s t s G ba f e u l n a n e n d r c a e l f a g B e u n i e r a n n c a n l d e l - - Total F D e R e r e e a d p - l - osi d t S s e c p p i i a e n o l - s- O as t s h e e t r s T b t l o i i i a e 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 ) tg e o m s o r s e serve itaries Banks* Fiscal year: 1950 37 04 S 40,167 —3,122 +99 +483 +4,587 +2,047 S17 s,9?7 950 3 ?68 1 709 410 40 970 43,155 —2,185 1951 48,143 44,633 +3 510 +679 —214 —2 135 +1 839 7 3S7 7,871 338 s 680 1 8S3 514 S3,43945 804 +7 635 1952 6? ,1?9 66,145 —4,017 +147 —401 +3,883 —388 6 969 7 481 333 s 106 ? 041 512 68 093 67,956 +137 1951—Sept.. 6,209 5,163 +1,046 +37 +30 +709 +1,822 6 916 7,356 947 4 547 1 861 439 6,555 4,862 +1.693 Oct... 2,635 5,483 -2,847 -55 -86 +945 -2,042 4 874 5,311 493 3 021 1,798 437 2,855 5,801 -2,946 Nov... 3.521 5,17? -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 5,70^ +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 8,52f 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 4,878 5,622 -744 Sept. . 6,585 6,070 +515 +422 -229 -504 +204 7 156 7,557 508 5,217 1,832 401 DETAILS OF TREASURY RECEIPTS On basis of dail>statements ofUnited States Treasury On basis of reports by collectors of internal revenue Income taxes Deduct F o is r c m al o y n e th ar W he it l h d - n c M e e l o i l s u a - - s p E l m oy - - 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 e d - i a t n a g c x e o e m s e c C o ti o m o r n p e o i a r n n a - - d t a E a n s t d e - m E o a x i t s n h c c d i e e s r l e - Others internal ment ceipts ceipts of employ- ceipts profits gift ployers4 revenue receipts t m ax e e n s t 6 Withheld Other * taxes taxes ld t ii a C x U e U s IS Fiscal year: 1950 .... 10,07318,189 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 3,12048,143 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—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 897 3,021 826 174 383 5,153 52 147 4,953 814 2,330 807 65 763 Feb.... 3,057 1,943 805 703 131 6,194 195 446 5,553 4,172 1,464 311 66 754 Mar... 2,019 7,717 825 539 160 10,800 455 460 9,886 % 537 2,133 5,913 113 718 Apr. ... 978 3,191 849 268 152 5,187 612 252 4,323 ! 1,330 1,583 1,278 88 742 May... 3,009 549 828 582 197 4,688 403 476 3,809 3,955 221 351 80 750 June... 1,983 7,106 845 201 228 10,220 283 142 9,796 707 1,478 5,659 48 804 July . . . 1.007 1,435 949 204 236 3,649 151 182 3,316 1,539 393 958 84 863 Aug. .. . 2,995 445 862 540 177 4,585 102 434 4,050 4,012 93 357 70 780 Sept.... PI,750 4,029 877 *>290 164 6,875 55 235 6,585 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust and other accounts F o i r s c m al o y n e th ar Total t f i N e d o n e n a s - a - e l m s g O e r i p a c l t r m u i h t o r e a s - i r r t y y 7 n n I a a n e t o i c i t m o d e o n 8 r - 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 o e i r d n n n a t - - - s - a t c A u g t u o i r r l d e i - - S S g p o e i r r t a c c y o i m u a - r l s - T c t o f r r a e t u a u c o r n n s - s t s ts - Other ce R i e p S - t o s c i a c m v l c I e o e n S s u n - e t n - t c s t u s r p i t t u E e y r n x e d - s i- ce R i e p - ts m O v e I t e n h n s - e t t - s r 9 p tu E en r x e d - s i- Fiscal year: 1950 40,167 12,346 663 4,941 5,750 6,043 2,986 1,375 1,383 4,680 4,293 1,028 3,114 2,376 -1,430 3 857 1951 44,633 19,964 1,901 3,854 5,613 5,204 635 1,415 972 5,075 5,631 2,685 2,790 2.165 872 771 1952 66,145 39,106 4,110 2,831 5,859 4,697 1,219 1,424 1,304 5,593 6,424 2,982 3,506 2,382 654 1,517 1951—Sept. 5,163 2,628 262 188 580 365 36 58 496 550 421 193 243 475 323 99 Oct....... 5,483 3,166 289 247 497 406 206 187 87 398 179 59 253 190 —58 169 Nov 5,178 3,015 380 188 173 436 105 121 92 669 732 285 282 171 —38 291 Dec 5,627 3,070 323 261 1,057 386 49 88 64 330 550 81 278 142 —8 145 1952—Jan 5,455 3,414 350 120 228 428 194 158 78 486 246 221 326 146 189 29 Feb. .. 5,105 3,155 363 214 142 378 78 108 71 595 711 175 319 120 46 105 Mar 5,704 3,425 406 201 689 385 83 66 78 371 558 157 320 126 14 87 Apr 6,016 3,775 435 277 350 371 52 149 50 556 371 267 318 104 3 178 May 5,659 3,791 413 315 172 352 85 76 99 355 924 532 305 126 -22 — 122 June 6,930 3,699 375 337 1,518 339 187 148 80 248 521 356 306 505 293 262 July . 6,742 3,884 471 351 320 391 117 158 397 654 288 -24 310 450 333 137 Aug 5,018 2,971 514 266 183 354 126 109 94 401 853 366 323 106 31 162 Sept 6,070 P4,008 356 P143 559 343 P49 64 P432 322 51 317 105 i-i -355 P Preliminary. * Excess of receipts (+) or expenditures (—). 8 Excludes items in process of collection. * For description, see Treasury Bulletin for September 1947 and subsequent issues. 4 Prior to January 1952 represents income tax withheld, and employment taxes less amounts appropriated to Federal old-age and survivors insurance trust fund; beginning with January 1952, employment taxes withheld no longer separable. 8 Beginning with January 1952, includes social security taxes on self-employed persons. 6 These are appropriated directly to the Federal old-age and survivors insurance trust fund. 7 Composed of Atomic Energy Commission, maritime activities, and military assistance abroad. 8 Includes State Department. 9 Includes investments of Government agencies in public debt. OCTOBER 1952 1137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items 1 Liabilities, other than interagency items 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 e i a p e m t d s l d e s - s , i , - - - G U s ri e o t . c i v I e u S m n t s - . . v e e n O s r s t i t s e t - t i c h e u e s - r 2 L s e t m u t a q a r r n e u u n e n d i c d s p t - , , - O s a t e h s t - e s r a t F g u n a u u b r t n a e e y l 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 n e n v t S r - t - - . o v in P w a e t r t s e n i e t - r e l - y d U. S. All agencies: June 30, 1951 25,188 64913,504 1,719 2,185 3,474 2,999 659 1,378 932 22,533 315 Sept. 30, 1951 25,668 65913,906 1,515 2,236 3,472 3,025 854 1,399 949 22,962 322 Dec. 31, 1951 26,744 93114,422 1,461 2,226 3,463 3,358 882 1,369 1,161 23.842 329 Mar. 31, 1952 26,858 84414,422 1,322 2,422 3,451 3,406 991 1,214 1,247 24,010 349 Classification by agency. Mar. 31, 1952 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 449 371 7 140 283 25 Federal intermediate credit banks 811 739 8 745 58 Production credit corporations 55 10 (») 55 Agricultural Marketing Act 1 1 1 Federal Farm Mortgage Corp 34 32 (\ 33 Rural Electrification Administration 1,884 1,782 () 60 1,884 Commodity Credit Corporation 2,212 708 1,012 106 374 305 1,906 Farmers' Home Administration4 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 30 289 1 37 212 198 Office of the Administrator: Federal National Mortgage Association.. 2,068 2,053 ) 2,065 Other 89 20 35 31 Reconstruction Finance Corporation: Assets held for U. S. Treasury 5 805 1 147 591 61 805 Ex O p t o h r e tr I * mport Bank 2,3 80 3 1 8 () 2,3 7 2 0 2 5 8l 3 1 5 6 4 7 3 0 2,2 7 9 32 4 Federal Deposit Insurance Corp 1,425 2 1,409 14 122 1,303 A T l e l n o n t e h s e se r e 7 Valley Authority 8 1 , , 3 35 5 9 0 2 2 2 2 9 9 4,008 14 1 8 6 3,385 1,105 25 8 1 4 6 3 3 8 1 , ,3 2 1 8 6 6 329 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 i m F n r a a e e t e n t e d d d e k r i i . - s - t f o B t o i p a r v e n e c r k s a o s - - m C C C r o o o e m d r d p i i - t . t y t R A r E t i i f u l d o i e r c m n c a a - l . - F A H e a d o r r s m m m ' . e - H O C L e o o o w r m s a r 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 r i o c n o u i r o - c n c p n e - . - B p p I E o m a o x r n r - t - t k - o A th l e l r a c g A i e e l n s l - a D g 1 e e 9 c a n . 5 l c l 1 3 i , e 1 s , 32 739 373 710 1,784 595 6 4,239 4,161 2,053 121 189 2,363 2,142 To aid industry: Railroads 96 2 98 101 Other 402 70 473 488 To aid financial institutions: Banks Other 589 (\ 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. »Less than $500,000. * Includes Disaster Loans, etc., Revolving Fund. 6 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for tho Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 8 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. 3C, 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. 1138 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation I ( n p d h u y 1 s s 9 t i r 3 c i 5 a a l l - 3 v p 9 o r = o lu 1 d m 0 u 0 c e t ) i * o 1 n aw 1 C a 9 o r c 4 d n o 7 e s n - d t t 4 r r u 9 a ( c v c = t t a 1 i s l o 0 u n 0 e)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- Year or month Total r D ab u f 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 m p N t a e c u l g u m o e o r r l n n a y i - - - l t - - pr E o M m m d a u p e n c l n u o t t i f y o a - n c t w ur o i r n P r k g o a e l y r l s s - c 1 a 9 i = n r 3 l g 5 o 1 s 0 - a * 3 0 d 9 - 1 v ( s 9 = a r a 4 e l l u 7 1 e ta 0 e - s 4 i * 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 7 1 m d e - 0 4 i s - 0 t 9 3 y " Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 34 26 39 61 6 68 7 31 1 120 27 123 8 1920, 75 93 60 83 34 18 45 62.2 69 0 37 1 129 32 143 3 1921 58 53 57 66 30 27 32 55.4 52.8 24.0 110 30 127 7 1922 73 81 67 71 43 41 43 58.7 58 4 25 7 121 30 119 7 1923 88 103 72 98 45 49 42 64.6 66.9 32 6 142 34 121 9 1924 82 95 69 89 51 57 46 63 8 62 1 30 4 139 34 122 2 1925 90 107 76 92 66 75 59 65.5 64.2 32 1 146 36 125 4 1926 96 114 79 100 69 73 67 67.9 65.5 33 0 152 37 126 4 65 0 1927 . , . 95 107 83 100 69 71 68 68 2 64 1 32 4 147 37 124 0 62 0 1928 99 117 85 99 73 76 70 68.3 64.2 32.8 148 37 122.6 62.9^ 1929 110 132 93 107 63 52 70 71 3 68 3 35 0 152 38 122 5 61 9* 1930 91 98 84 93 49 30 62 67.0 59.5 28.3 131 35 119.4 56.1 1931 75 67 79 80 34 22 41 60 6 50 2 21 5 105 32 108 7 47 4 1932 58 41 70 67 15 8 20 53.7 42.6 14 8 78 24 97 6 42 1 1933 69 54 79 76 14 7 18 53 9 47 2 15 9 82 24 92 4 42 8 1934 75 65 81 80 17 7 24 59.0 55.1 20 4 89 27 95 7 48 7 1935 87 83 90 86 20 13 25 61 6 58 8 23 5 92 29 98 1 52 0 1936 103 108 100 99 30 22 35 66 2 63 9 27 2 107 33 99 1 52 5 1937 113 122 106 112 32 25 36 70.6 70.1 32 6 111 35 102 7 56 1 1938 89 78 95 97 35 27 40 66.4 59.6 25.3 89 32 100 8 51 1 1939 109 109 109 106 39 37 40 69 6 66.2 29 9 101 35 99 4 50 1 1940 125 139 115 117 44 43 44 73.6 71.2 34.0 109 37 100.2 51.1 1941 162 201 142 125 66 54 74 83.1 87.9 49.3 130 44 105 2 56 8 1942 199 279 158 129 89 49 116 91.2 103.9 72 2 138 50 116 6 64 2 1943 239 360 176 132 37 24 45 96.6 121.4 99.0 137 56 123 7 67 0 1944 235 353 171 140 22 10 30 95 3 118.1 102 8 140 62 125 7 67 6 1945 203 274 166 137 36 16 50 92.1 104.0 87.8 135 70 128.6 68.8 1946 170 192 165 134 82 87 79 95.1 97.9 81.2 132 90 139.5 78.7 1947 187 220 172 149 84 86 83 99 6 103 4 97 7 143 98 159 6 96 4 1948 192 225 177 155 102 98 105 101.6 102.8 105.1 138 104 171 9 104 4 1949 176 202 168 135 113 116 111 98.8 93.8 97.2 116 98 170 2 99 2 1950 200 237 187 148 159 185 142 101.4 99.2 111 2 128 105 171 9 103 1 1951 220 273 194 164 171 170 172 106.6 105.4 129.2 134 109 185 6 114 8 1950 December 218 216 268 197 157 177 179 176 104.8 104.7 105.6 127.4 140 109 178 8 112 1 1951 January .. 221 216 268 201 164 178 188 171 105.2 105.8 105.2 126.8 146 125 181.5 115.0 February 221 217 271 201 158 173 187 164 105.9 106.8 106.6 128.5 129 115 183 8 116 5 March 222 219 277 199 158 163 176 154 106.3 106.9 106.6 130.0 139 105 184.5 116 5 April 223 222 279 198 164 199 170 219 106.6 107.1 106.0 129.5 136 104 184.6 116.3 May 222 223 276 198 165 193 166 211 106.8 106.8 105.0 128.1 133 104 185 4 115 9 June 221 223 274 197 165 200 174 217 107.1 106.8 105.6 129.8 131 105 185 2 115 1 July 212 214 265 187 156 162 179 150 107.1 106.0 104.2 126.4 125 105 185 5 114 2 August 217 220 267 193 165 156 176 143 107.0 104.8 105.7 128.4 133 109 185 5 113 7 September 218 223 271 192 167 147 168 133 106.8 103.9 105.8 130.9 133 107 186 6 113 4 October 218 222 274 188 174 140 160 127 106.6 103.4 105.1 129.8 135 109 187 4 113.7 November 219 220 277 188 170 156 146 162 106.8 103.3 104.3 129.8 137 113 188 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 O February .. 222 218 284 190 167 156 163 152 107.0 103.8 103.6 131.0 136 106 187 9 112 5 M^arch 221 217 285 188 164 164 174 157 107.0 103.7 103.6 131 9 133 105 188 0 112 3 216 215 277 183 166 171 189 158 107.0 104.0 102.9 128.1 126 103 188 7 111 8 May 211 211 277 181 140 168 186 156 107.1 103.4 101.8 128.1 122 108 189.0 111.6 June 204 205 248 186 147 172 193 158 106.6 101.2 100.1 126.8 108 111 180 6 111 2 July 193 195 231 179 142 177 196 165 106.1 99.6 97.9 121.7 102 105 190.8 111.8 August P215 P218 P268 P190 Pi 59 207 193 217 P107.4 P1O2.7P1O3.5 130.6 125 P114 191.1 112.1 «223 «283 192 168 134 106 e Estimated; all estimates are those of the Federal Reserve. Preliminary. r Revised. * Average per working day. 1 For indexes by groups or industries, see pp. 1140-1143. 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. 1147. 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. * For indexes by Federal Reserve districts and for other department store data, see pp. 1150-1152. 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. OCTOBER 1952 1139 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Industrial Production—Total . .. . .. 217 218 218 219 218 221 222 221 216 211 204 193 v215 Manufactures—Total 226 228 226 228 228 231 232 231 225 224 214 202 P225 Durable Manufactures 267 271 274 Til 282 282 284 285 277 277 248 231 P26S Iron and Steel * 254 258 261 261 263 261 261 263 245 '246 142 141 P240 Pig iron 230 231 235 232 227 229 235 239 205 208 42 38 221 Steel . . 291 298 304 307 304 304 304 309 278 278 66 83 283 Open hearth 208 213 217 216 219 218 221 225 196 195 39 36 202 Electric 881 902 921 954 911 913 892 911 855 867 256 418 860 Machinery 328 336 340 347 358 359 360 359 354 353 352 331 v338 305 311 311 313 320 318 322 327 329 338 '340 288 P306 Automobiles (including parts) 223 226 223 216 221 218 219 222 227 '231 230 164 P184 (Aircraft; Railroad Equipment; Shipbuilding — Private Nonferrous Metals and Products . . 197 196 201 209 207 216 217 218 '218 216 210 202 P212 Smelting and refining 213 214 230 235 235 243 249 252 257 259 247 242 P2S\ (Copper smelting; Lead refining; Zinc smelting; Fabricating .. . 191 190 190 198 196 206 204 204 203 199 '195 185 P196 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) * Lumber and Products 146 146 149 157 154 159 162 158 152 142 146 141 vl49 Lumber 137 135 138 149 141 150 154 149 143 128 134 128 135 Furniture 165 167 171 172 178 175 176 175 170 168 169 164 P175 Stone Clay and Glass Products 228 228 219 212 219 217 224 222 220 217 222 214 P221 Glass products . . 234 232 214 199 208 210 223 224 225 '227 r246 242 P243 Glass containers .. . 249 246 222 204 216 223 239 239 242 243 269 266 261 Cement 222 219 217 219 242 233 257 244 238 230 222 215 231 Clay products 176 173 172 173 172 182 177 175 173 r168 171 158 P161 Nondurable Manufactures . . 193 192 188 188 185 189 190 188 183 '181 186 179 P190 Textiles and Products 170 163 154 157 152 157 160 152 144 151 154 147 P169 Textile fabric? 150 145 139 142 137 142 146 139 131 137 138 129 Cotton consumption 145 142 140 144 136 144 150 141 130 135 133 111 143 Rayon deliveries 360 334 293 289 283 296 294 288 280 287 312 343 369 Wool textiles 115 114 114 120 118 il6 122 112 108 i 17 112 103 Carpet wool consumption 58 63 86 94 90 120 133 123 117 113 75 71 Apparel wool consumption 132 132 119 122 121 110 116 110 110 123 125 .120 Wool and worsted yarn 117 117 114 120 115 109 117 108 103 112 113 103 Woolen yarn 108 108 108 116 112 108 114 103 96 108 106 97 Worsted varn 130 129 123 126 119 109 120 114 112 116 124 111 Woolen and worsted cloth 135 132 126 133 131 126 126 113 109 123 124 114 Leather and Products 99 100 91 89 88 100 107 108 102 105 103 91 Leather tanning 81 84 80 78 79 86 90 86 84 90 92 81 Cattle hide leathers ... 99 104 96 94 91 98 101 98 95 105 '106 91 Calf and kip leathers 44 51 51 51 59 64 73 68 72 67 69 60 Goat and kid leathers 65 56 53 53 60 70 72 69 64 67 67 71 Sheep and lamb leathers 56 64 67 69 71 71 74 72 69 72 79 66 Shoes 110 111 98 97 94 110 118 122 114 115 111 98 Manufactured Food Products 166 167 163 160 160 162 165 166 163 160 166 163 P163 Wheat flour 108 107 109 115 109 122 113 103 108 103 113 109 P108 Manufactured dairy products. . 148 143 140 137 136 137 138 142 146 148 147 145 148' Butter 77 72 71 64 62 65 66 71 73 73 69 70 69 Cheese 173 165 163 158 161 165 163 169 181 183 180 '176 179 Canned and dried milk ... 160 138 126 118 119 118 120 133 149 163 164 152 168 p Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 8 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 1140 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Manufactured Food Products—Continued Meat packing 162 168 157 168 163 162 182 179 165 146 148 147 158 Pork and lard 207 221 198 205 200 193 228 230 207 167 170 163 180 Beef 128 126 124 143 141 145 153 141 135 140 137 144 149 Veal 110 99 109 106 84 87 84 81 79 84 99 109 121 Lamb and mutton 65 64 74 75 69 80 85 85 79 76 78 68 77 Other manufactured foods 174 176 173 166 168 169 171 172 169 169 175 171 P170 Processed fruits and vegetables 139 152 163 121 123 128 133 150 146 M47 162 140 ^126 Confectionery 140 136 127 136 149 145 143 135 128 130 121 117 Other food products 188 189 183 183 183 184 185 184 183 181 '•187 189 P190 Alcoholic Beverages 178 184 178 188 176 174 171 170 157 150 152 162 151 Malt liquor 165 164 154 180 178 185 173 171 154 149 161 176 165 Whiskey 51 70 76 86 85 73 73 68 62 51 38 19 21 Other distilled spirits 492 335 265 262 253 336 327 292 298 231 185 198 234 Rectified liquors 223 332 358 292 225 150 193 208 205 214 207 224 175 Tobacco Products 183 277 185 194 147 176 175 174 184 178 189 172 186 Cigars 114 123 127 129 87 108 105 109 110 114 116 113 111 Cigarettes 252 239 259 262 204 244 244 243 259 245 264 240 261 Other tobacco products 73 70 44 84 60 67 68 59 62 64 65 54 68 Paper and Paper Products 196 197 196 191 184 187 193 192 185 182 181 160 188 Paper and pulp 189 192 191 187 182 185 189 188 181 175 176 154 179 Pulp 228 234 235 235 223 229 237 241 228 221 227 195 228 Groundwood pulp 132 137 130 112 116 111 114 117 110 108 121 124 132 Soda pulp 93 99 97 95 94 95 99 99 95 Q? 89 68 82 Sulphate and sulphite pulp 3 265 271 273 278 261 271 279 284 269 260 266 226 266 Paper 183 185 185 180 176 178 181 180 174 168 168 148 172 Paperboard 224 216 213 205 191 197 209 205 202 207 201 182 222 Fine paper 2 Printing paper 185 192 190 188 191 192 191 189 186 175 182 150 168 Tissue and absorbent paper 196 200 210 179 181 195 184 190 186 162 168 174 180 Wrapping paper 168 180 180 184 181 177 176 178 161 149 153 124 147 Newsprint 130 129 127 125 128 123 129 131 122 130 134 126 130 Paperboard containers (same as Paperboard) Printing and Publishing 174 179 177 175 174 175 177 177 175 170 176 157 165 Newsprint consumption 164 167 165 163 158 159 163 164 164 166 169 164 162 Printing paper (same as shown under Paper). . . Petroleum and Coal Products 265 266 269 276 281 281 281 278 r261 '209 r251 258 v?,77 Gasoline 213 214 212 214 215 211 212 210 205 157 216 225 P2?.S' Fuel oil 209 213 214 226 234 238 242 227 218 167 228 231 P234 Lubricating oil 200 187 200 196 192 188 177 183 177 124 185 174 Kerosene 208 216 214 230 224 243 208 223 211 133 199 226 Other petroleum products 2 ... Coke 187 185 185 185 185 188 188 204 r166 165 72 67 Bv-product coke 179 178 178 177 178 179 179 197 r16l 161 71 67 Beehive coke 457 411 452 467 456 464 459 420 r326 '311 "84 '52 165 Chemical Products 306 301 298 299 298 300 297 294 292 r292 '298 298 P297 Paints, 165 158 156 158 158 159 157 155 152 151 152 158 Pi 59 Ravon 393 358 346 331 317 322 299 269 267 270 307 325 P355 Industrial chemicals 557 560 556 563 563 562 562 563 559 '558 ••563 564 P548 Rubber Products 243 245 239 245 250 248 243 242 235 r242 r247 227 P240 Minerals—Total... 165 167 174 170 163 167 167 164 166 140 141 142 P159 Fuels 171 172 179 178 170 175 174 170 171 140 161 155 P162 Coal 123 125 138 141 125 136 123 111 110 100 96 84 93 Bituminous coal 134 137 147 152 135 147 135 122 119 107 102 91 102 Anthracite 77 79 104 99 86 91 77 68 74 73 74 57 61 Crude petroleum 194 195 199 196 193 194 199 199 201 159 193 190 P196 Metals 134 137 144 122 122 125 128 125 141 143 65 66 P142 Metals other than gold and silver 194 200 212 175 174 177 182 176 204 207 71 72 P204 Iron ore (Copper; Lead; Zinc) 2 Gold 49 49 47 45 44 47 47 48 47 51 52 54 Silver 58 58 62 65 70 72 76 78 77 75 71 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. OCTOBER 1952 1141 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] 195L 1952 Industry Aug. Sept. Oct. Nov Dec. Jan. Feb. Mar Apr. May June July Aug.. Industrial Production—Total 220 223 222 220 217 217 218 217 215 211 205 195 P218 Manufactures — Total 229 232 230 229 227 227 229 228 224 224 215 204 Durable IVIanufactures 269 273 276 277 280 280 281 283 277 278 249 232 p->70 Iron and Steel* 254 258 261 261 263 261 261 263 245 r246 142 141 P24O Pig iron 230 231 235 232 227 229 235 239 205 208 42 38 221 Steel 291 298 304 307 304 304 304 309 278 278 66 83 283 Open hearth 208 213 217 216 219 218 221 22S 196 195 39 36 202 Electric . .. 881 902 921 954 911 913 892 911 855 867 256 418 860 Machinery 328 336 340 347 358 359 360 359 354 353 352 331 P338 Transportation Eouipment .. 305 311 311 313 320 318 322 327 329 338 '340 288 P306 Automobiles (including parts) 223 226 223 216 221 218 219 222 227 '231 230 164 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 Nonferrous Metals and Products 197 197 201 209 207 216 217 218 r218 216 210 201 P212 Smelting and refining 213 214 230 236 235 243 249 252 257 260 246 241 P251 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 2 Fabricating 191 190 190 198 196 206 204 204 203 199 195 185 P\96 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 . . Lumber and Products . . .. .. . 158 158 158 155 141 142 148 149 152 145 155 150 P160 Lumber 154 153 151 146 122 125 133 135 143 133 148 143 152 Furniture 165 167 171 172 178 175 176 175 170 168 169 164 P175 Stone, Clay, and Glass Products 238 237 230 217 212 205 208 212 216 r224 r224 216 Glass products 241 236 219 200 197 207 218 224 225 240 234 P251 Glass containers 259 251 228 206 201 219 232 239 242 260 266 255 272 Cement 251 254 252 237 220 188 196 200 226 241 237 236 261 Clay products 182 180 182 179 177 169 168 167 168 167 170 160 ^167 Other stone and clay products 2 ... Nondurable Manufactures 197 199 193 191 185 184 186 184 180 180 187 181 P194 Textiles and Products 170 163 154 157 152 157 160 152 144 151 154 147 P169 Textile fabrics 150 145 139 142 137 142 146 139 131 137 138 129 Cotton consumption 145 142 140 144 136 144 150 141 130 135 133 111 143 Rayon deliveries 360 334 293 289 283 296 294 288 280 287 312 343 369 Wool textiles . . 115 114 114 120 118 116 122 112 108 117 112 103 Carpet wool consumption 58 63 86 94 99 120 133 123 117 113 75 71 Apparel wool consumption 132 132 119 122 121 110 116 110 110 123 125 120 Woolen and worsted yarn 117 117 114 120 115 109 117 108 103 112 113 103 Woolen yarn 108 108 108 116 112 108 114 103 96 108 106 97 Worsted yarn 130 129 123 126 119 109 120 114 112 116 124 111 ^^oolen and worsted cloth.. 135 132 126 133 131 126 126 113 109 123 124 114 Leather and Products 98 100 91 91 88 100 109 108 102 105 102 90 Leather tanning 80 83 80 81 79 86 96 86 84 90 90 77 Cattle hide leathers 96 102 97 98 91 100 109 98 95 105 102 86 Calf and kip leathers 47 50 52 52 58 62 77 67 69 64 70 60 63 57 53 52 61 70 74 68 66 66 68 70 Sheep and lamb leathers 58 62 67 73 67 66 81 70 68 77 78 62 Shoes 110 111 98 97 94 110 118 122 114 115 111 98 Manufactured Food Products 189 192 177 164 158 151 149 148 149 154 r165 174 P185 Wheat flour 107 117 115 116 108 122 114 101 104 99 109 108 Cane sugar meltings 2 Manufactured dairy products 215 169 128 98 95 86 97 116 152 197 217 215 214 Butter 85 69 61 49 49 54 58 64 75 94 95 '86 76 Cheese 194 169 146 119 116 122 134 152 188 245 256 r217 200 Canned and dried milk 164 127 102 85 92 95 108 131 168 227 227 176 173 Ice cream p Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 8 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 1142 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 Aug. Sept. Oct. Nov.Dec. Jan. Feb. Mar. Apr. May June July Aug. Manufactured Food Products—Continued 139 149 156 188 195 193 175 165 152 147 147 137 138 Pork and lard 159 174 186 240 264 253 223 214 188 167 170 144 139 Beef 130 136 135 148 141 148 140 128 127 140 134 146 150 Veal 108 109 124 114 79 81 74 76 78 88 99 109 118 Lamb and mutton 64 69 77 75 68 85 86 83 77 78 73 65 75 Other manufactured foods 200 209 192 174 166 157 155 153 151 '154 166 179 P194 Processed fruits and vegetables 263 297 210 111 96 83 84 82 89 '96 ••125 182 P239 151 175 167 161 150 149 144 125 107 100 89 96 Other food products 192 193 192 192 187 177 176 176 175 178 189 193 P194 Alcoholic Beverages 179 193 197 178 154 145 152 155 155 158 176 186 159 Malt liquor 188 166 143 139 142 151 155 159 162 170 203 220 188 Whiskey 51 70 76 86 85 73 73 68 62 51 38 19 21 Other distilled spirits 266 459 686 549 278 219 196 190 179 139 115 115 126 Rectified liquors 223 332 358 292 225 150 193 208 205 214 207 224 175 Tobacco Products .. 190 188 191 198 137 176 167 164 174 178 197 179 193 Cigars . . ... 114 123 127 129 87 108 105 109 110 114 116 113 111 Cigarettes 265 256 269 267 188 244 229 226 241 245 278 252 274 Other tobacco products 71 75 47 86 53 66 66 59 62 64 66 54 66 Paper and Paper Products 196 196 196 191 183 187 194 192 186 182 182 159 188 Paper and pulp 189 191 191 187 181 185 190 188 181 175 177 153 179 Pulp 226 232 233 236 223 230 238 242 230 222 227 193 226 116 122 121 119 117 116 119 125 121 117 122 110 116 Soda pulp .... 93 99 97 95 94 95 99 99 95 92 89 68 82 Sulphate and sulphite pulp ' 265 271 273 278 261 271 279 284 269 260 266 226 266 Paper 183 185 185 180 175 178 182 180 174 168 169 147 172 Paperboard 224 216 213 205 191 197 209 205 202 207 201 182 222 Fine paper 2 Printing paper 185 192 190 188 191 192 191 189 186 175 182 150 168 Tissue and absorbent paper 196 200 212 179 175 193 191 190 188 162 171 167 180 Wrapping paper 168 180 180 184 181 177 176 178 161 149 153 124 147 Newsprint 128 129 127 126 125 123 129 131 124 131 135 124 129 Printing and Publishing 166 180 181 183 178 170 175 180 180 174 175 145 157 Newsprint consumption . 147 168 173 178 166 148 159 171 174 173 168 141 146 Petroleum and Coal Products 265 266 269 276 281 281 281 278 r261 r209 '251 258 P277 Petroleum refining - Gasoline 213 214 212 214 215 211 212 210 205 157 216 225 P228 Fuel oil 209 213 214 226 234 238 242 227 218 167 228 231 P234 Lubricating oil 198 187 200 196 190 183 175 181 184 129 185 172 Kerosene 199 214 214 237 231 248 218 227 215 134 187 210 Other petroleum products 2 Coke 187 185 185 185 185 188 188 204 r166 165 72 67 By-product coke 179 178 178 177 178 179 179 197 r161 161 71 67 Beehive coke 457 411 452 467 456 464 459 420 r326 '311 84 52 165 Chemical Products 303 303 303 304 302 302 300 298 295 291 r296 294 P294 Paints 163 157 156 157 158 156 155 155 153 155 157 156 P157 Rayon 393 358 346 331 317 322 299 269 267 270 307 325 P355 Industrial chemicals . . 557 560 556 563 563 562 562 563 559 r558 564 Other chemical products2 Rubber Products 243 245 239 245 250 248 243 242 235 '242 r?47 227 P240 Minerals—Total .* 170 171 176 169 159 162 162 158 165 143 149 145 P164 Fuels ... . 171 172 179 178 170 175 174 170 171 140 161 155 P162 Coal 123 125 138 141 125 136 123 111 110 100 96 84 93 134 137 147 152 135 147 135 122 119 107 102 91 102 Anthracite 77 79 104 99 86 91 77 68 74 73 74 57 61 194 195 199 196 193 194 199 199 201 159 193 190 P196 Metals 167 166 163 115 89 88 91 90 130 159 74 82 P176 250 246 240 160 117 116 121 118 189 239 90 101 P260 Iron ore .. 403 388 354 185 94 94 98 94 238 349 41 70 (Copper* Lead" Zinc)2 Gold 54 56 55 50 46 45 43 43 42 44 48 52 Silver ... 57 59 62 65 70 73 77 80 77 74 68 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. 1143 OCTOBER 1952 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Totalx 101 107 103 104 98 100 102 104 103 104 107 71 87 Passenger automobiles * 112 115 108 104 93 91 96 103 109 110 114 47 68 Household goods, total 89 98 98 103 104 110 108 106 97 '99 101 97 107 Caroets 55 56 60 60 63 79 75 80 83 81 44 61 Furniture 97 97 98 101 105 104 103 102 105 ••108 108 110 109 Major appliances 86 96 88 93 100 97 95 98 82 85 89 74 95 Radios and television 95 123 135 149 130 164 158 141 118 115 136 135 141 ' Revised 1 Seasonal adjustment factors for passenger automobiles revised beginning January 1952. NOTE.—Figures for August 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 Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. ADJUSTED FOR SEASONAL VARIATION Total 12,967 12,855 12,789 12,776 12,803 12,816 12,835 12,832 12,862 12,794 12,519 12,319 12,701 Durable goods 7,303 7,265 7,248 7,264 7,261 7,256 7,285 7,281 7,331 '7,302 '6,967 6,717 7,091 Primary metal industries 1,171 1,162 1,154 1,143 1,152 1,156 1,154 1,148 1,143 i, 153 '760 742 1,056 Fabricated metal products..... 829 810 805 801 794 796 799 799 802 '806 '796 759 774 Machinery except electrical 1,221 1,225 1,248 1,261 1,263 1,276 1,275 1,267 1,276 1,263 1,253 1,210 1,195 Electrical machinery 714 711 700 707 712 718 720 715 714 '715 '709 702 722 Transportation equipment 1,198 1,211 1,205 1,234 1,235 1,235 1,251 1,266 1,288 1,307 1,322 1,171 1,211 Lumber and wood products 736 730 729 712 699 667 685 680 688 '635 '687 691 679 Furniture and fixtures 289 284 283 287 290 292 290 293 293 294 297 296 298 Stone, clay, and glass products. . 482 480 477 470 460 457 449 449 452 449 453 448 456 Instruments and related products 226 226 227 229 230 231 232 232 235 '233 '234 241 237 Misc. manufacturing industries. . 396 382 373 370 374 374 375 376 382 388 '395 397 398 Ordnance and accessories 41 44 47 50 52 54 55 56 58 59 61 60 65 Nondurable goods Textile-mill products 5,664 5,590 5,541 5,512 5,542 5,560 5,550 5,551 5,531 '5,492 '5,552 5,602 5,610 Apparel and other finished tex- 1,170 1,147 1,133 1,121 1,124 1,120 1,106 1,102 1,093 1.C 1,085 1,118 1,147 tiles 1,032 1,007 985 998 1,020 1,029 1,021 1,020 1,011 1,004 1,017 1,047 1,041 Leather and leather products. . . 336 321 317 319 325 330 335 336 339 344 346 344 343 Food and kindred products 1,154 1,148 1,158 1,132 1,133 1,144 1,159 1,161 1,155 1,153 1,166 1,164 1,144 Tobacco manufactures 81 82 82 79 83 82 81 81 83 83 82 83 87 Paper and allied products 421 418 411 407 406 403 402 399 398 400 405 402 404 Printing, publishing and allied industries 514 515 512 514 512 510 507 511 510 '510 512 513 513 Chemicals and allied products... 542 540 533 531 527 531 530 530 530 525 529 534 524 Products of petroleum and coal. 194 194 197 196 197 195 195 197 199 169 192 191 198 Rubber products 220 218 213 215 215 216 214 214 213 216 218 206 209 WITHOUT SEASONAL ADJUSTMENT Total 13,069 13,087 12,997 12,904 12,911 12,766 12,820 12,815 12,733 12,588 12,383 12,110 12,798 Durable goods 7,261 7,279 7,296 7,314 7,322 7,264 7,306 7,316 7,329 '7,262 '6,939 6,601 7,049 Primary Metal Industries 1,165 1,162 1,160 1,149 1,164 1,162 1,160 1,154 1,143 rl ,141 r756 731 1,051 Blast furnaces, steel works and rolling mills 575 573 570 558 573 570 570 567 558 '557 190 187 Fabricated Metal Products 817 810 809 805 806 804 807 80? 806 r798 r788 740 762 E M l a ec c t h r M i i n c e e a t r l a y l M w e a o x c c r h k e i p i n n t e g r E y l m ec a tr c ic h a i l nery... 1, 6 2 2 9 2 0 6 5 9 1, 2 7 2 3 0 1 1 7 9 1, 2 7 2 3 0 4 2 7 2 1, 2 7 2 4 1 5 1 8 5 1, 2 7 2 4 2 6 5 6 9 1, 2 7 2 4 2 7 7 5 6 1, 2 7 2 4 2 8 9 7 1 1, 2 7 2 4 2 8 9 2 0 1, 2 7 2 4 1 8 9 4 2 '1, ' 2 7 2 6 0 4 9 8 7 '1,2 '7 2 5 0 4 9 5 8 1, 2 6 1 4 8 9 2 1 8 1,1 7 8 0 3 4 Electrical apparatus (gen- 272 273 265 266 271 273 275 273 270 267 266 251 erating, etc.) 239 247 258 268 272 271 273 273 269 267 '266 263 Communication equipment. 1,198 1,211 1,205 1,234 1,235 1,235 1,251 1,266 1,288 ' 1,307 '1,322 1,171 1,211 Transportation Equipment Motor vehicles and equip- 675 679 667 655 645 633 634 643 663 '667 '671 525 ment 357 360 362 395 407 415 424 428 430 '437 '446 452 Aircraft and parts 754 745 740 719 696 654 668 670 678 '635 '694 691 696 Lumber and Wood Products.... 449 443 439 428 412 391 396 398 405 '387 '421 418 Sawmills and planing mills.. 285 285 289 294 296 296 296 296 292 287 288 284 294 Furniture and Fixtures 195 196 201 206 208 208 207 208 205 202 202 201 Household furniture 484 482 479 472 465 452 447 449 452 449 453 441 458 Stone, Clay, and Glass Products.. 224 226 228 230 232 232 233 234 236 '233 '234 233 235 Instruments and Related Products. 388 388 390 388 381 374 381 382 380 376 '379 371 390 Misc. Manufacturing Industries.. 41 44 47 50 52 54 55 56 58 58 61 60 65 Ordnance and Accessories For footnotes see following page. 1144 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Nondurable goods 5,808 5,808 5,701 5,590 5,589 5,502 5,514 5,499 5,404 5,326 '5,444 5,509 5,749 Textile-mill Products 1,152 1,136 1,133 1,132 1,141 1,131 1,123 1,113 1,093 r1,083 1,085 1,084 1,130 Broad-woven fabric mills... 561 551 546 544 548 540 527 518 507 503 '507 509 Knitting mills 212 205 209 209 211 209 210 210 210 209 212 209 Apparel and Other Finished Textiles 1,047 1,037 1,019 1,008 1,035 1,029 1,052 1,051 996 '959 '971 984 1,057 Men's and boys' furnishings. 238 239 238 233 235 228 233 238 239 »-238 240 239 Women's and misses' outerwear 295 284 270 279 296 300 309 306 275 252 '252 269 Leather and Leather Products.... 343 327 320 317 323 330 342 344 336 330 339 339 350 Footwear (except rubber)... 221 208 201 198 205 213 221 222 in 213 221 218 Food and Kindred Products 1,307 1,330 1,254 1,160 1,122 1,068 1,060 1,057 1,057 '1,074 '1,135 1,216 1,289 Meat products 233 235 236 246 252 246 244 239 233 230 232 234 Canning and preserving.... 305 330 238 145 120 106 105 104 114 122 152 214 Bakery products 192 193 195 192 190 187 187 189 186 183 '190 195 Tobacco Manufactures 84 89 89 85 85 82 80 78 77 77 78 78 90 Paper and Allied Products 419 416 413 411 410 405 404 401 398 398 403 394 402 Pulp, paper and paperboard 215 214 212 212 212 211 210 208 206 '206 '208 202 Printing, Publishing and Allied Industries . ... 509 515 517 519 520 510 507 508 507 r507 512 508 508 Newspapers 151 153 153 154 155 151 152 152 152 154 '155 153 Commercial printing . . 166 167 169 170 171 170 166 167 166 167 167 166 Chemicals and Allied Products... 531 543 544 542 538 536 538 538 530 517 513 513 514 Industrial organic chemicals. 174 175 172 173 171 170 168 168 163 161 163 167 Products of Petroleum and Coal.. 198 197 197 197 196 193 193 194 197 '168 '193 193 202 Petroleum refining 154 154 154 154 155 153 153 152 155 ni6 '157 159 Rubber Products 218 218 215 219 219 218 215 215 213 213 215 200 207 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 August 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 Aug. June July Aug. Aug. June July Aug. Aug. June July Aug. Total 64.32 '67.06 65.80 66.85 40.3 40.4 39.9 40.2 1.596 '1.660 1.649 1.663 Durable goods 69.55 '71.88 69.88 71.37 41.3 41.1 40.3 40.6 1.684 1.749 1.734 1.758 Primary metal industries 73.70 '71.21 71.59 71.28 40.9 '38. 7 39.1 37.4 1.802 '1.840 1.831 1.906 Fabricated metal products , 68.68 '70.01 68.04 69.21 41.3 '40.8 40.0 40.4 1.663 '1.716 1.701 1.713 Machinery except electrical 75.94 '79.09 77.05 78.09 43.0 '42.8 41.9 42.3 1.766 '1.848 1.839 1.846 Electrical machinery 66.34 '69.39 68.11 69.86 40.8 40.7 39.9 40.9 1.626 '1.705 1.707 1.708 Transportation equipment 76.36 '79.23 75.18 77.83 40.9 '40.8 39.3 40.2 1.867 '1.942 1.913 1.936 Lumber and wood products , 60.49 '64.50 62.42 64.35 40.9 42.1 40.8 41.3 1.479 '1.532 1.530 1.558 Furniture and fixtures 57.53 '60.04 58.49 61.09 40.8 40.9 40.2 41.5 1.410 '1.468 1.455 1.472 Stone, clay, and glass products 64.74 '65.97 65.12 66.59 41.5 40.8 40.2 40.8 1.560 '1.61 7 1.620 1.632 Instruments and related products 68.51 '72.23 70.89 72.32 41.9 '41.8 41.0 42.0 1.635 '1.728 1.729 1.722 Miscellaneous manufacturing industries 56.82 '60.36 59.48 61.60 40.1 40.4 40.0 41.4 1.417 '1.494 1.487 1.488 Ordnance and accessories 73.71 78.08 76.93 78.64 43.9 43.5 42.5 42.6 1.679 '1.795 1.810 1.846 Nondurable goods 57.91 '61.02 60.87 61.45 39.1 '39.6 39.4 39.8 1.481 1.541 1.545 1.544 Textile-mill products 48.08 '51.51 51.69 53.15 36.7 38.3 38.4 39.4 1.310 1.345 1.346 1.349 Apparel and other finished products.... 46.11 '45.27 45.70 47.84 35.8 36.3 36.1 37.2 1.288 '1.247 1.266 1.286 Leather and leather products 46.19 '50.48 50.28 52.79 36.4 '38.3 38.5 39.9 1.269 '1.318 1.306 1.323 Food and kindred products 61.15 '65.54 65.02 63.34 42.0 '42.2 42.0 41.1 1.456 '1.553 1.548 1.541 Tobacco manufactures 44.08 46.82 46.36 45.01 38.5 38.6 38.0 38.5 1.145 '1.213 1.220 1.169 Paper and allied products 64.84 '67.76 68.48 69.70 42.6 42.4 42.3 43.0 1.522 '1.598 1.619 1.621 Printing, publishing and allied products 75.54 '80.04 79.54 80.89 38.7 38.8 38.5 39.0 1.952 '2.063 2.066 2.074 Chemicals and allied products 68.18 '70.52 69.81 70.90 41.5 r41.0 40.4 40.7 1.643 '1.720 1.728 1.742 Products of petroleum and coal 80.55 '85.19 87.75 85.05 40.6 '40.9 41.1 39.8 1.984 '2.083 2.135 2.137 Rubber products 69.52 '75.30 73.71 76.22 40.7 '41.1 40.3 41.2 1.708 '1.832 1.829 1.850 ' Revised. NOTE.—Data are for production and related workers. Figures for August 1952 are preliminary. Back data are available from the Bureau of Labor Statistics. OCTOBER 1952 1145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in fa g c- Mining co C n o st n r t u r c a t c io t n ti p o u n b l a i n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1944 41,480 17,111 883 1,094 3,798 7,260 1,374 3,934 6,026 1945 40,069 15,302 826 1,132 3,872 7,522 1,394 4,055 5,967 1946 41,412 14,461 852 1,661 4,023 8,602 1,586 4,621 5,607 1947 43,371 15,247 943 1,982 4,122 9,196 1,641 4,786 5,454 1948 44,201 15,286 981 2,165 4,151 9,491 1,716 4,799 5,613 1949 43,006 14,146 932 2,156 3,977 9,438 1,763 4,782 5,811 1950 44,124 14,884 904 2,318 4,010 9,524 1,812 4,761 5,910 1951 46,401 15,931 920 2,569 4,144 9,804 1,883 4,759 6,390 SEASONALLY ADJUSTED 1951—August 46,555 15,893 914 2,601 4,143 9,822 1.895 4,791 6,496 September 46,465 15,801 912 2,587 4,157 9,791 1,908 4.783 6,526 October 46,415 15,748 914 2,630 4,173 9,770 1,917 4,746 6,517 November 46,482 15,761 916 2,581 4,169 9,827 1,926 4,758 6,544 December 46,608 15,811 916 2,569 4,161 9,893 1,931 4,749 6,578 1952—January 46,471 15,830 916 2,545 4,139 9,852 1,919 4,742 6,528 February 46,594 15,877 912 2,593 4,147 9,860 1,929 4,738 6,538 March 46,552 15,894 911 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 ••46,599 15,870 894 ••2,497 •"4,134 9,912 1,948 '4,772 6,572 June ••46,405 15,600 824 2,536 r4,129 ••9,961 1,957 ••4,792 6,606 July 46,200 15,397 789 2,544 4,088 9,957 1,963 4,786 6,676 August 46,756 15,782 859 2,572 4,153 9,935 1,971 4,798 6,686 UNADJUSTED 1951—August 46,724 16,008 922 2,809 4,190 9,641 1,914 4,839 6,401 September .. 46,956 16,039 917 2,768 4,178 9,781 1,898 4,831 6,544 October 46,902 15,965 917 2,761 4,166 9,893 1,898 4,770 6,532 November 46,852 15,890 917 2,633 4,165 10,109 1,907 4,734 6,497 December 47,663 15,913 916 2,518 4,161 10,660 1,912 4,702 6,881 1952—January 45,913 15,776 909 2,316 4,103 9,720 1,909 4,671 6,509 February 45,899 15,859 902 2,308 4,111 9,643 1,919 4,667 6,490 March 46,001 15,869 904 2,296 4,118 9,668 1,937 4,681 6,528 April 46,299 15,795 896 2,416 4,096 9,845 1,952 4,748 6,551 May ••46,329 15,654 893 ••2,522 ••4,131 9,773 1,958 ••4,796 6,602 June... ••46,348 15,463 r828 r2,663 ••4,157 r9,835 1,977 r4,840 6,585 July 46,037 15,196 797 2,722 4,129 9,785 1,992 4,858 6,558 August 46,916 15,891 868 2,778 4,201 9,752 1,991 4,846 6,589 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. August 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 as;e anc1 over] Civilian labor force Total civilian non- Employed * Not in the Year or month institutional labor force population 1 Tatal In nonagricul- In ployed Total tural industries agriculture 1944 93,220 54,630 53,960 45,010 8,950 670 38,590 1945 94,090 53,860 52,820 44,240 8,580 1,040 40,230 1946.. . .. 103,070 57,520 55,250 46,930 8,320 2,270 45,550 1947 106,018 60,168 58,027 49,761 8,266 2,142 45,850 1948.. 107,175 61,442 59,378 51,405 7,973 2,064 45,733 1949 108,156 62,105 58,710 50,684 8,026 3,395 46,051 1950 109.284 63,099 59,957 52,450 7.507 3 142 46.181 1951 108,976 62,884 61,005 53,951 7,054 1,879 46,092 1951—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 L.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 >,054 47,480 February 109,274 61,838 59,752 53,688 6,064 5,086 47,436 March 109,274 61,518 59,714 53,702 6,012 L.804 47,756 109,328 61,744 60,132 53,720 6,412 1,612 47,584 May 109,426 62,778 61,176 54,216 6,960 L.602 46 648 June 109,556 64,390 62,572 54,402 8,170 ,818 45,166 July 109,692 64,176 62,234 54,636 7,598 1,942 45,516 August 109,804 63,958 62,354 55,390 6,964 L 604 45,846 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. 2 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. 1146 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 dollarsl Nonresidential building Public works Month Total R b es u i i d ld e i n n t g ial Factories Commercial Educational Other an u d t il p it u ie b s lic 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 1,271.01,321.3 574.6 592.7 126.2 120.2 78.8 70.6 128.4 118.7 139.4 153.8 223.6 265.3 April 1,375.01,597.5 590.8 681.6 174.3 204.8 106.3 75.3 103.5 134.4 133.9 147.7 266.1 353.6 May 2,573.0 1,563.7 661.1 753.8 1,274.9 78.9 60.6 79.9 123.2 145.7 175.3 158.4 278.0 347.0 June . 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 92.2 150.1 122.4 146.9 208.1 295.2 340.5 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 f[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 Aug. July Aug. 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 . 80,214 85,405 74,304 Apr.. . . 1,350 1,375 1,598 354 456 636 996 919 961 New York 236,649 213,875 187,118 May. . . 1,348 2,573 1,564 389 1,474 558 959 1,099 1,006 Philadelphia 94,729 112,121 77,383 June.. . 1,345 1,439 1,489 428 583 559 917 856 930 Cleveland 160,000 170,016 150 112 July.... 1,420 1,423 1,511 460 636 619 960 787 893 Richmond 143,731 141,852 136,997 Aug.. . . 1,549 1,266 1,439 438 486 501 1,111 779 937 Atlanta 185,430 197,533 120,797 Sept 1,287 1,096 364 318 922 778 Chicago 234,225 250,592 246,103 Oct 1,136 1 072 308 ^10 828 76? St. Louis . . . 86 512 104 938 119 467 Nov 1,087 951 320 176 767 6?S Minneapolis 43,269 49,632 41,656 Dec 1,168 1,100 381 476 787 624 Kansas City 52,042 71,598 19,732 Dallas 121,924 113,723 92,142 Year. 14,501 15,751 4,409 6,122 10,0929,629 Total (11 districts) 1,438,725 1 511,285 1,265,811 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION Title ] loans Mortgages [In millions of dollars] Y m e o a n r t o h r Total p m P e r i r m e r o o t n v y p - t e - - l s S h c t t m o i r o o u m n a n c - l e - l 1 f h ( a - o T m I u t i D o s t i l l e e 4 y s - h R g ( o T a r e I u o n n i D s t u d t i l a n p e l g W h e ( o V V a T r u a r I e i s n t ) t a i 2 l - s n e n ' g d V ( h M t T i o a I n i i u r I t g 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 S l s i a o n s a n a o g v d n c s - i- 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 - 1 - Other8 ations 1947 1,787 534 (8) 446 808 1 1 1 1 9 9 9 9 5 4 4 5 1 8 9 0 3 3 4 * , , . 2 8 3 3 2 2 4 3 1 1 2 8 6 5 6 7 1 9 9 0 4 4 4 8 < 2 1 9 3 7 7 2 1 1 . , , 8 4 8 8 9 5 6 80 4 6 5 . 10 2 9 1 _ 1 1 1 , , , 8 0 3 2 3 3 3 78 6 1 9 2 1 0 2 i 3 3 i 1 1 1 1 9 9 9 9 3 3 3 3 6 9 7 8 — — — — D D D D e e e e c c c c 1 1 , , 1 7 3 7 9 9 6 7 9 3 5 1 4 6 9 2 0 3 3 2 2 4 0 8 2 3 7 7 8 8 1 1 1 1 5 9 1 4 6 2 0 9 3 2 1 4 1 4 1 2 2 1 8 1 3 7 5 2 5 7 3 1 9 2 5 3 0 7 3 3 1940—Dec 2,409 1,162 130 224 542 201 150 1951—Aug... 270 66 3 154 15 18 14 1941—Dec 3,107 1,465 186 254 789 234 179 Sept... 239 53 4 131 7 16 28 1942—Dec 3,620 1,669 236 276 1,032 245 163 Oct. . . 300 74 4 145 20 15 41 1943—Dec....... 3,626 1,705 256 292 1,134 79 159 Nov... 248 68 4 141 4 24 7 1944—Dec , 3,399 1,590 260 269 1,072 68 140 Dec... 227 65 3 125 9 10 15 1945—Dec 3,156 1,506 263 253 1,000 13 122 1952—Jan. . . 5 274 88 4 159 18 3 2 1946—June..... 3,102 1,488 260 247 974 11 122 Feb.... 5211 64 2 125 8 (*) 10 Dec 2,946 1,429 252 233 917 9 106 Mar... 5 207 61 2 124 7 5 8 Apr. . . 5 242 64 2 126 26 4 18 1947—June 2,860 1,386 245 229 889 8 102 May. . 5 249 71 2 128 15 7 18 Dec 2,871 1,379 244 232 899 7 110 June .. 5 273 102 2 134 6 2 18 July . . 6 269 73 3 147 14 7 15 1948—June 2,988 1,402 251 245 973 7 110 Aug. . . s 260 66 3 147 13 (3) 18 Dec 3,237 1,429 265 269 1,113 9 152 1949—June 3,894 1,587 305 323 1,431 21 227 1 Net proceeds to borrowers. Dec 4,751 1,771 378 416 1,828 52 305 2 Includes mortgages insured in connection with sale of Government owned war housing and insured loans to finance the manufacture of 1950—Dec 6,695 2,205 693 603 2,712 60 421 housing. 3 Less than $500,000. 4 Includes 6 million dollars of Class 3 loans (program terminated 1951—June 7,556 2,412 903 658 3,115 44 423 Feb. 28, 1950) and 1 million of Sec. 8 loans. Dec 8,212 2,554 1,072 689 3,453 71 373 6 Includes defense housing as follows (in millions of dollars): January, 1; February, 0.3; March, 0.5; April, 2; May, 7; June, 8; July, 10; 1 The RFC Mortgage Company, the Federal National Mortgage August 13. Association, the Federal Deposit Insurance Corporation, and the and N O d T o E n . o — t F ta ig k u e r e a s c c r o e u p n re t s o en f t p r g i r n o c s i s p a i l n s r u e r p a a n y c m e e w n r ts it t o e n n p d r u e r v i i n o g u s t ly h e in p s e u ri r o e d d Un 2 it I e n d c lu S d ta es te s m o H r o tg u a s g in e g co C m o p rp a o n r i a es ti , o f n i . nance companies, industrial banks loans Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. OCTOBER 1952 1147 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—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 104 n.a. n.a. 97 n.a. n.a. n.a. 7 39 26 13 July P104 n.a. n.a. P102 n.a. n.a. n.a. P2 42 29 13 August P99 n.a. n.a. PQ8 n.a. n.a. n.a. PI 38 25 13 September P98 n.a. n.a. P97 n.a. n.a. n.a. PI n.a. n.a. n.a. p Preliminary. n.a. Not available. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average = 100] Monthly—seasonally adjusted Monthly—unadjusted Annual Class 1951 1952 1951 1952 1950 1951 Aug. Mar. Apr. May June July Aug. Aug. Mar. Apr. May June July Aug. Total... 128 134 133 133 126 122 108 102 125 137 124 123 124 111 104 129 Coal 117 121 122 111 103 101 96 75 101 122 111 103 101 96 75 101 Coke 180 208 215 196 166 179 69 57 160 206 198 163 178 68 56 154 Grain 135 143 140 139 130 132 161 153 134 151 128 115 116 165 183 145 Livestock 68 69 67 66 73 66 56 56 65 64 53 65 59 45 45 61 Forest products 141 150 148 141 142 126 139 146 149 155 141 142 131 144 147 157 Ore 172 205 209 257 212 212 53 46 216 313 75 195 292 82 73 323 Miscellaneous 140 147 144 149 141 137 119 115 140 145 142 139 138 122 116 141 Merchandise, 1. c. 1 53 48 47 47 46 45 44 43 46 47 48 47 45 44 43 46 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 l Merchandise imports 2 Excess of exports Month 1950 1951 1952 1950 1951 1952 1950 1951 1952 Tanuary 741 974 Pl.253 623 1,025 P922 118 —51 P331 February 764 1,076 Pl,338 600 910 P892 164 166 P446 March 860 1,295 Pl.424 665 1,102 P963 195 193 P461 April 804 1,370 Pl.337 585 1,033 P932 219 r336 P405 May 830 1,354 Pl.467 659 1,018 P835 170 336 June . . . 877 1,297 Pl.164 687 930 P860 190 366 P3 04 Tuly 779 1,186 P1,013 709 895 P836 70 292 P177 August . . 762 Pl,269 820 P881 -59 P389 September 911 Pi,232 859 P721 52 P511 October. . . .. 906 PI,152 923 P834 — 16 P319 November 977 Pl,387 855 P819 122 P569 December 1,065 PI 438 867 P801 198 P637 January-July 5,654 8.551 P8.997 4,528 6,912 P6,240 1,126 1,639 P2.756 P Preliminary. r Revised. 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-July 1952, 864. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 1148 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district Year or month U S n t i a t t e e d s Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t nt - a c C a 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—August 109 108 106 111 108 121 113 '108 106 109 111 115 '104 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 96 102 104 108 116 100 98 98 104 114 105 May 108 101 96 107 103 116 127 104 102 104 112 128 118 June 111 103 98 107 112 122 138 105 111 100 114 132 114 July 105 106 95 106 105 106 120 97 99 104 114 123 110 August P114 P109 102 115 113 127 P131 110 P110 115 P119 127 116 UNADJUSTED 1951— August. ... 93 82 80 83 94 95 100 '95 95 '98 102 104 101 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 99 101 100 104 114 103 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 84 73 69 76 82 87 96 82 81 '84 93 104 96 August P98 P83 76 86 99 100 P115 97 P98 103 P110 114 112 STOCKSi 1946. . 77 85 85 81 78 80 75 73 77 74 74 69 73 1947 03 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—August 134 127 129 '129 130 '139 144 131 139 123 143 140 138 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 December... 119 115 115 120 118 130 133 117 119 106 121 125 119 1952—January.. 118 115 114 115 114 133 133 114 106 106 122 124 121 February 116 112 107 113 110 127 129 113 112 102 122 122 123 March 115 109 108 113 110 127 126 113 111 103 120 124 119 April 116 111 111 112 111 126 125 114 114 104 121 122 123 May 118 109 112 114 109 131 126 114 124 106 124 124 128 June 118 110 113 113 107 139 125 113 125 105 122 123 128 July 120 110 116 '114 113 140 129 118 120 '108 128 130 125 August P118 109 111 112 109 136 129 115 129 109 P128 P127 123 UNADJUSTED 1951—August 128 120 125 123 125 '136 141 124 135 117 134 137 132 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 March 120 112 113 119 116 136 132 118 118 107 126 131 122 April 122 114 116 121 117 136 132 118 122 109 127 129 129 May 120 112 115 116 111 135 127 116 124 108 126 125 132 June 112 102 105 105 100 127 120 107 118 100 119 114 126 July 110 99 102 '100 102 128 121 107 112 105 120 120 120 August p114 103 107 107 104 134 127 110 125 104 P121 P125 118 P Preliminary. ' Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. OCTOBER 1952 1149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Percentage Ratio of Index numbers change from a stocks to withoutseasonal ad justment. year ago (retail value) sales l 1941 average monthly sales = 100 2 Num- Department r b s e e t p o r o r r o e t s f - d p S u e a r r l i i e o n s d g m ( S e t o n o n d c t k o h s f ) July Sale pe s r d i u o r d ing Sto o c f k m s o a n t t h end ing Seven 1952 1951 1952 1951 July months July 1952 1951 1952 1952 1952 July June July July June July GRAND TOTAL—entire store » 359 0 -4 -14 3.7 4.3 MAIN STORE—total 359 0 -4 -14 4.0 4.7 155 194 155 622 646 728 Piece goods and household textiles 323 -4 -11 -21 4.3 5.2 149 160 154 636 667 808 Piece goods 301 -5 -5 -12 5.2 5.6 124 157 130 641 641 730 Silks, velvets, and synthetics 203 -8 -4 -11 5.8 6.0 96 109 104 556 485 628 Woolen yard goods 176 -9 -16 -22 11.5 13.4 78 48 85 893 823 1,228 Cotton yard goods 193 0 -2 -4 3.2 3.3 198 266 197 626 664 632 Household textiles 314 -3 -14 -26 3.9 5.0 164 162 170 634 672 860 Linens and towels 281 -2 -13 -17 4.7 5.5 143 147 146 664 740 806 Domestics—muslins, sheetings 259 -3 -18 -35 2.8 4.2 212 179 219 594 630 914 Blankets, comforters, and spreads 249 -6 y -26 4.5 5.7 142 164 151 638 628 864 Small wares 349 +1 0 -6 4.6 5.0 134 168 133 622 667 660 Laces, trimmings, embroideries, and ribbons... 204 -3 -1 +2 4.3 4.1 153 218 157 657 755 643 Notions 242 +2 0 + 1 4.0 4.0 196 266 193 774 824 772 Toilet articles, drug sundries 332 +2 +2 -5 3.9 4.2 132 150 130 516 551 543 Silverware and jewelry 319 + 1 -2 -11 6.2 7.1 126 182 125 788 851 887 Silverware and clocks 4 218 — 1 — 12 — 15 8.6 9.9 Costume jewelry 4 285 +5 +7 —5 3 4 3^8 Fine jewelry and watches * 75 —2 -8 — 11 10.3 11.4 Art needlework 238 -7 -5 -11 6.4 6.7 100 102 108 637 690 719 Books and stationery 278 +4 +3 -2 4.6 4.9 126 150 120 578 602 591 Books and magazines 131 2 +2 + 1 3.9 3.8 111 122 113 430 464 422 Stationery 244 +8 +4 -3 5.0 5.4 119 156 111 591 635 610 Women's and misses' apparel and accessories 356 +2 +1 -6 3.2 3.5 147 187 144 475 478 506 Women's and misses' ready-to-wear accessories. 356 0 0 -6 3.9 4.1 142 181 141 553 579 587 Neckwear and scarfs 316 + 14 +8 +2 2.6 2.9 179 231 157 464 501 453 Handkerchiefs 285 -6 -6 -14 5.3 5.8 80 94 85 421 421 496 Millinery 173 -6 0 y 2.1 2.1 64 99 68 131 131 144 Women's and children's gloves 328 -10 -3 -7 10.5 10.2 50 85 56 529 528 572 Corsets and brassieres 342 +6 +2 +1 3.3 3.4 236 302 222 775 827 765 Women's and children's hosiery 349 -12 -8 -6 3.1 2.9 93 121 106 290 310 308 Underwear, slips, and negligees 347 + 1 0 -10 2.9 3.3 181 211 180 531 579 587 Knit underwear 257 +2 -2 -8 3.0 3.4 225 253 221 687 762 755 S N i e lk g li a g n e d e s m , r u o s b li e n s , u a n n d d e r l w o e u a n r g , #in a g n d a p sl p ip a s rel.... 2 2 9 5 3 9 + -1 3 +4 0 - - 1 6 2 3 2 . . 0 3 3 2 . . 4 4 1 1 6 6 2 2 1 18 9 1 9 1 16 5 3 8 4 3 9 6 2 6 5 41 4 3 0 5 3 6 8 3 3 Infants' wear 332 +4 +6 -6 3.8 4.1 198 217 191 748 745 806 Handbags and small leather goods 339 +2 + 1 -4 3.2 3.4 115 167 113 371 409 385 Women's and children's shoes 244 +1 2 c 6.3 6.7 150 209 149 939 969 989 Children's shoes 4 213 — 1 0 -3 6.3 6.4 Women's shoes4 225 + 1 -3 —6 6 2 6.7 Women's and misses' ready-to-wear apparel.. . 356 +5 +2 -6 2.6 2.8 153 194 146 392 371 419 Women's and misses' coats and suits 345 -3 -4 -14 4.0 4.4 90 72 93 359 249 425 Coats 4 227 — 2 + 1 — 11 4.4 4.8 Suits4 219 —8 -13 —26 3 4 4 2 Juniors' and girls' wear 324 +4 +3 -5 2.9 3.2 165 215 158 474 420 496 Juniors' coats, suits, and dresses 276 +4 0 -10 2.1 2.4 167 223 160 347 305 380 Girls' wear 323 +5 +7 2 3.8 4.0 167 216 159 628 568 642 Women's and misses' dresses 348 + 1 +2 +2 1.5 1.4 155 242 154 237 305 231 Inexpensive dresses 4 258 + 1 +3 +7 1.1 1.0 Better dresses 4 272 -|-2 +2 -j-1 2 1 2.1 Blouses, skirts, and sportswear 348 + 11 +7 -5 2.2 2.6 253 318 228 563 563 595 Aprons, housedresses, and uniforms 298 + 12 +7 -5 1.4 1.7 215 292 191 301 377 317 Furs 266 -2 -8 "2 11.7 11.8 46 13 47 535 393 573 Men's and boys* wear 338 -3 -3 -10 5.2 5.7 136 230 139 708 771 795 Men's clothing 267 -8 y -10 6.2 6.3 133 217 144 815 878 917 Men's furnishings and hats 317 + 1 -2 -11 4.2 4.8 145 258 144 615 682 696 Boys' wear 311 +3 -9 6.2 6.7 112 160 113 689 689 767 Men's and boys' shoes and slippers 196 -2 -4 -11 6.0 6.6 142 236 145 854 942 961 Homefurnishings 327 1 -12 -22 4.6 5.8 188 212 191 859 901 1,103 Furniture and bedding 253 -5 -8 -15 4.2 4.7 196 201 205 816 859 965 Mattresses, springs, and studio beds 4 175 0 —4 —23 1 9 2.4 Upholstered and other furniture 4 185 -8 -10 -13 5.1 5.4 Domestic floor coverings 284 -17 -23 -28 6.5 7.4 127 146 154 829 869 1,154 Rugs and carpets 4 161 -19 -25 -31 6.7 7.8 Linoleum 4 99 -21 -12 -8 5.0 4.3 Draperies, curtains, and upholstery 305 -5 -7 -7 5.2 5.4 150 196 159 789 859 850 Lamps and shades 253 -8 -7 -8 5.4 5.5 126 145 137 689 744 748 China and glassware 257 -5 y 1 10.1 9.6 120 155 127 1,220 1,281 1,230 Major household appliances 244 +23 -15 -49 2.3 5.6 300 278 243 698 619 1,359 Housewares (including small appliances) 266 0 -8 -20 4.0 5.1 243 310 242 975 1,063 1,229 Gift shop 4 186 + 1 -4 -2 6.3 6.5 Radios, phonographs, television, records, etc.4. 232 + 13 -22 -54 3.2 7.8 Radios, phonographs, television4 174 + 19 -23 —63 2 6 8 1 Records, sheet music, and instruments 4. . . . 122 -5 -9 -10 6.8 7.1 Miscellaneous merchandise departments 322 0 -1 -24 3.2 4.1 167 191 167 527 532 694 Toys, games, sporting goods, cameras 300 +5 +3 -32 4.4 6.9 180 202 170 806 781 1,167 Toys and games 246 +8 +6 -41 4.4 8.1 146 157 135 640 652 1,090 Sporting goods and cameras 149 +3 + 1 -17 4.4 5.6 176 207 171 792 749 933 Luggage 275 0 +1 -6 3.3 3.5 237 311 237 780 852 832 Candy 4 191 —2 + 1 + 1 1.4 1.4 For footnotes see following page. 1150 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 l Num- Department r b s e t e p o r o r e o rt s f - d p S u e a r r l i i e o n s d g m ( S e t n o o d n c t k h o s f ) July 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 Seven 1952 1951 1952 1951 1 J 9 u 5 ly 2 mo 19 n 5 th 2 s 1 J 9 u 5 ly 2 1952 1951 July June July July June July BASEMENT STORE—total 195 -1 -1 -11 2.6 2.9 156 211 157 408 430 462 Domestics and blankets4 135 -7 -7 -24 2.7 3.3 Women's and misses' ready-to-wear 190 +1 +2 -8 2.0 2.2 154 208 152 314 327 340 Intimate apparel * 167 2 -3 -9 2.4 2.6 Coats and suits4 . ... 174 -9 0 -6 4.6 4.4 Dresses * 174 2 +2 -1 0.9 0.9 Blouses, skirts, and sportswear4 157 +6 +6 -13 1.6 2.0 Girls' wear * 122 +2 +5 -8 2.8 3.1 Infants' wear4 125 +3 +5 -5 3.3 3.5 Men's and boys' wear . . 161 -2 -2 -13 2.9 3.3 175 282 179 515 543 602 Me M n e 's n w 's e c a lo r4 thing 4 1 1 0 4 1 7 - - 8 3 - - 1 3 - -1 1 2 5 2 3. . 2 7 3 3 .4 1 Men's furnishings 4 121 0 -4 -17 2.4 2.8 Boys' wear 4 123 0 +3 -4 3.9 4.1 Homefurnishings . 106 -9 -8 -15 4.1 4.4 124 164 137 506 558 590 Shoes 120 + 1 -3 -3 4.1 4.2 126 177 126 517 563 526 NONMERGHANDISE—total * 175 +5 -1 (5) (5) (6) 73 +6 +5 (6) (5) (5) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. • For movements of total department store sales and stocks see the indexes for the United States on p. 1149. 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. DEPARTMENT STORE MERCHANDISING DATA WEEKLY INDEX OF SALES [Selected series, based on retail value figures1] [Weeks ending on dates shown. 1947-49 average = 100] [In millions of dollars] Without seasonal adjustment Reported data Derived date 1950 1951 1951 1952 Year or month m ( S t o f a o o n l t r e t a h s l ) m ( S e t o n o n d c t k h o s ) f s m ( t o e a O r o n n d u d n d e t t i r - h o n s f ) g R m ( e t o c f o o n e t r i t a p h l t ) s m o ( N o r t f o d o n e t e r w t a r h l s ) N De o c v . . 2 1 18 5 4 1 2 . . . . . . . . . . . . , , . .. . . . . 1 1 1 1 1 0 2 1 1 5 9 7 0 8 3 N De o c v . . 2 1 1 3 4 0 7 1 . . . . .1 1 1 1 1 6 2 2 2 3 1 7 1 3 0 J M u a n y e 2 1 1 2 2 5 9 6 . . . . . . . . . . , . . . . . . 1 1 1 1 1 0 9 9 3 0 0 9 5 May 2 1 1 3 4 3 0 7 1 1 1 I 9 9 0 1 l 7 9 5 l 7 9... .191 8 .191 9 . 108 June 7 Ill 1943 average... 221 546 563 220 242 16... .220 15 .213 16..., .106 14 116 1944 average... 246 574 596 244 256 23... .221 22 .228 23.... . 92 21 98 1945 average... 276 604 775 277 291 30... . 82 29 . 92 30.... . 89 28 91 1946 average... 345 767 964 373 354 July 7..., . 75 July 5 79 1947 average... 365 887 588 366 364 1951 1952 14..., . 83 12 83 1948 average... 381 979 494 386 363 21 . 81 19 82 1949 average... 361 925 373 358 358 Jan. 6... . 98 J;an. 5. . 78 28..., . 80 26 79 1950 average... 376 1,011 496 391 401 13... .105 12. . 92Aug. 4..., . 88 Aug. 2 87 1951 average... 390 1,201 460 388 376 20... .104 19. . 90 11 . 87 9 90 1951—Aug 341 1,181 430 383 336 27... . 96 26. . 83 18.... . 93 16 95 Sept 376 1,208 446 403 419 Feb. 3... . 81Feb. 2. . 84 25..., . 97 23 100 Oct 426 L.249 447 467 468 10... . 94 9. . 87Sept. 1 .105 30 110 Nov 483 L,249 405 483 441 17... . 94 16. . 89 8.... .100 Sept. 6 100 Dec 664 L.006 319 421 335 24... . 95 23. . 83 15.... .114 13 114 Mar. 3... . 99Mar. 1. . 85 22.... .111 20 113 1952—Jan 319 1,012 403 325 409 10... .105 8. . 88 29..., .114 27 112 Feb 298 L.062 417 348 362 17... .101 15. . 90Oct. 6.... .110 Oct. 4 116 Mar 347 1,129 366 414 363 24... .105 22. . 94 13.... .117 11 Apr 372 1,148 293 391 318 31... . 89 29. .101 20.... .116 18 May.... 381 1,112 274 345 326 Apr. 7... .101Apr. 5. .109 27.... .113 25 June.. . . 352 L.026 411 266 403 14. .. .100 12. .111 July.... 288 995 521 257 367 21... . 97 19. ..97 Aug P342 Pi ,038 *539 *385 P403 28... .101 26. .105 * Preliminary. 1 These figures are not estimates for all department stores in the NOTE.—For description and weekly indexes for back years, see United States. Figures for sales, stocks, and outstanding orders are BULLETIN for April 1952, pp. 359-362. based on actual reports from a group of department stores located in various cities throughout the country. Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. For back data, see pp. 1098-1102 of this BULLETIN. OCTOBER 1952 1151 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] A 19 u 5 g 2 . J 1 u 95 ly 2 1952 A 19 u 5 g 2 . 1 Ju 95 ly 2 19 8 52 A 19 u 5 g 2 . 1 J 9 u 5 ly 2 1 m 9 8 o 5 s 2 . A 19 u 5 g 2 . 1 Ju 95 ly 2 1952 United States.. P+2 +4 -1 Richmond .... p+5 +5 +2 Chicago-cont. Dallas-cont. B N N P D L N W S B P B o L B p e o o r o e o e r o s o r w w a r w w o i s w i t t v r w d t n s o l e c o i n a t g g l d n r e Y o n H t l B n e f e s - e o n i d o n t p e e n a A w e c r l d o c v r d r e n k e f r e e o t a n * rd . .. . . . . . . . . + + + + + + - - - - - - 1 4 1 8 2 5 / 2 7 8 3 3 0 + + + + + + + + + + - 1 1 1 1 1 - 4 2 2 5 1 3 4 4 0 0 4 + + + + - - - - - - 3 3 2 1 2 5 3 4 1 1 0 W A W A L H R B C C G N R R C y a s o n a h i o o h r a a i c h e l n l l d a a r n ' g s e t h u l e f e c r n e i s h s i e o m n m v l m g h r t o ' i e l r t o v s i n h b k k o b s l o s o o i n l g t u e t l n i n e r n o - l a o t e r d , e . S , o n g W w , n a S N S l n . . a e . V . C . . m . . C C . a . . . . . . . . P + + + + + + + + + + + + + 2 3 2 2 2 1 1 1 1 8 2 1 2 5 7 1 6 3 1 0 0 1 -2 + + + + + + + + + + + + + 2 3 2 2 1 1 6 7 2 7 3 7 0 7 0 7 1 7 3 0 + + + + + + + + + + + + - 1 1 1 1 2 6 6 3 2 2 3 2 3 8 1 1 0 1 S L F Q D D G G F L L M M E t. l o a o i v u e r r e i i a t n e a u r n s a l i t t L d t w e n l s n r i n t e i s n i o M o c d s S s a n v i y u v i o u R m g i o t B R i l n i k 1 l l i s o 1 i e l n a e a t c e e h y e p 1 k s . i 1 : . d . * . . s . . . . . . * . . , . . . P P P P P P + + + + + + + - + + - 1 1 4 5 1 P 1 8 7 6 2 6 7 5 0 0 i + + + + + + + + + + - - - 4 4 1 1 9 6 1 4 2 8 5 3 0 1 3 + + + + + - - - - - - - 4 3 4 2 6 2 5 2 4 5 4 0 1 e S S W F T F L L C D E H P B a a o r h o l o u o a o a n a e n o r s n c r l u k P c s t l p e s g a s n o e A A a o u n F t s o W r s o n s i B n n s o x r i n l g t f e a o C o i e a i 1 n e n l r c h e l c i t h r d o s h i i s i s . . c t l . . . i o . . . . . . . . . P P P P + + + - + + + + + + 1 + + - 1 4 1 2 2 7 8 1 2 8 1 2 6 8 6 1 + + + + + + + + + + + + 1 1 3 1 1 1 ' 6 9 2 2 8 7 8 8 8 0 3 0 2 + + + + + + + + + + + + 2 1 6 2 9 3 7 2 9 2 3 2 4 6 Newark * -10 -2 Huntington.... p-l +7 +2 St. Louis 1 +2 -2 +1 Area i P+6 + 1 + 1 A B l i b n a g n h y amton + -1 4 + + 1 5 0 + -4 1 Atlanta p+11 +10 +8 S S p t. r i L ng o f u i i e s l d Area. + + 1 1 + 3 1 +4 0 D A o n w g n e t l o es w 1 n Los P+2 -6 P S N P S U B E N R h y c o l u o e t i i m h i a r l u f w c c a a f g e g h i a a c d n r a h l e Y u e a o r e s k l s a o c t p e e e * t r h e a F r k l i p d a a 1 s y C l i l e i s . t . . y . . . . - - + + + 1 1 - - - 4 2 2 2 0 2 7 4 + + + + + + + + - - 2 3 2 3 7 7 2 3 5 9 0 - + + + + 1 -4 1 2 2 2 1 0 J O M S T A A M M B a t a i r u t c . o i o r l l m a g k m a a b n P m u s n n i p t i l o e s g d t n a i e a t t n o o g a e * l v m l h r i s a l e l b m e r u y * r * . g . . . . . . . . . .P + + + + + + + + + + 1 1 1 1 3 1 1 0 2 6 5 7 8 3 1 4 5 + + + + + + + + + - 3 1 1 4 1 1 1 2 6 6 0 1 7 2 7 6 + + + + + + + + + + 2 1 1 4 6 9 7 7 9 3 3 5 0 M S M G G S M M D i t i r r u o . e i a n a e n u l m n P n a n u n x k t d a t p e e h a u F a h a F - t F l p i a p o a s o o i l l o l l 1 l r s s l i . k i s s . s x . . . . . . . . , , + + + + + + + 1 2 4 1 1 6 1 0 1 + r+ + + + + 1 5 2 6 9 1 7 0 2 + + - - - - 1 1 1 1 4 3 0 0 W S O S S S R A S B a a a a i a e n v n n a c n k e s n r e r g l t a J F D k r a s e o s m B n i e r l i i d s a e e l d d e e e e e n s g e r n y a c o n 1 » L t a i n o 1 a s 1 o n d r . c s d * d o . i . n . » . o . . . + + + + + + + 1 6 4 2 8 2 5 1 + + + + + + 1 1 1 1 1 1 1 1 8 y 0 1 0 + + + + + + 5 2 6 3 5 4 C L T A S W Y T Y P R C C C C l p h a o r e l o a k i o o e e i e r n n i l a n l r v u r l i l e v n u o k c c n d k a t e n d e t o m a n i g * i e d l g o o l n n n s a f s a e s b n i i g t n - n n l e t i e u * B p » o a d l r i d s d h w t a 1 i J i l r 1 n a 1 r . . e » » . . 1 . . . . . . . P + + + + + + + + + - - 1 1 2 7 3 1 6 4 3 2 4 0 + + + + + + + + + + + + - 1 1 1 4 2 3 3 5 4 2 6 3 8 0 0 2 3 + + + + - - - - - 2 2 1 2 1 5 3 2 6 3 3 £. C S N J C N C M R C P M B K B a h a e o o h h e r a a n c a e v o i i w m i l t s a o k s c c r c u o a r h t t i x o s a i a e m n o n t d v a o v O n a g g l n i i n i b n a o l R * o r l a l l u n l o l e h l 1 e o e s o a u * 1 g n g a s e 1 1 * . . . . . . P P p P + + + + + + + + + + + + + - 1 2 1 2 1 1 l P 7 4 2 3 5 4 0 7 5 3 3 5 2 O "+ + + + + + + + + + 2 — - - 1 4 1 2 1 1 2 1 2 3 9 9 1 0 2 6 8 7 + + + + + + + + + + - - - 1 4 1 4 6 9 4 9 8 4 6 5 2 9 -j K L J T W O D P S O T H K o a S a u t o u m k e a u . p n i u e p l n n c l t l C s p a a b s c J e h i v s a h h n a e l r h k o a i e o o r a o t s s i a r s a i s n m o e s s C r e a p o C l i . n h t i C . t y . . y . i . . . t . . . y . . . . . + + + + + + + + + + + - - - 1 6 1 2 1 7 2 4 3 0 2 5 5 7 4 5 3" + + + + + + + - + + + + + 1 2 2 1 2 1 2 1 0 8 2 1 3 7 2 7 4 4 4 4 2 0 + + + + + + + + + - + - - — 1 3 9 3 9 2 3 1 2 1 1 1 1 7 V S S P S S T Y B E B N N t e a p o a a o v e a o l a o l c r i l e a a k t c l s l t t o k e r p i m l t e k i L n e j a l m a m a t o e a g a p t n n o t a n h k a a d e » n » a 1 a e d n * x l m i d City ». P p p P - + + + + + + - - 4 l 4 2 8 3 6 7 7 0 * ' + + + + + + + + + 1 1 1 1 6 2 7 1 8 0 0 1 1 3 0 - + - - - - - - - 6 2 3 1 1 3 1 4 1 0 P E i r t i t e s * burgh i + 0 1 + - 3 4 +2 F In o d r i t a W na a p y o n li e s 1 l . . . . . . -3 0 + + 1 2 0 + -4 1Dallas +6 +12 +6 Wheeling * +1 -4 Terre Haute »... p-l 0 0 Shreveport.... + 12 + 12 + 11 P Preliminary. " Revised. 1 Indexes for these cities may be obtained upon request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. 3 Seven months 1952. * Five months 1952. CONSUMERS' PRICES1 [Bureau of Labor Statistics index for moderate income families in large cities. 1935-39 average =»100] Year or month All items Food Apparel Rent a F n u d e l r , e e f l r e ig c e tr 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—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 M!ay 189.0 230.8 202.3 141.3 144.6 205.4 171.4 June 189.6 231.5 202.0 141.6 144.8 204.4 172.5 July 190.8 234 9 201.4 141.9 146.4 204.2 173 0 August 191.1 235.5 201.1 142.3 147.3 204.2 173.2 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. 1152 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] Y m e o a n r t o h r m c t o A i o m e l d l s - i- F p u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e c n o p l r x t d e - d e s - l - l H e s p u a k a r i n c i o t d n h d t d e s s e s - , r , p l t F O i e o m a i g u n r n w t a h i e g h d a - e l t e , l - r s r ,( : " a p i u o a h l c r l n c m o e a i d e t m l d s m s d - - od p R i u a b r t u c n i o e e b t d d r s s - - L w p u a b r u o c n o e m o t d d r s d - - p p a P u a a l r u l c n p o i l e t e d d p s d r - , , M m p u a r e c e n o t t t d d a a s l - l s p c u M m t a e r h i c n o r v i o a y t d n d e s - - - - F h o a h d t a o u b t u o u n h u l r r l r e d n e s e d - s e r i- -e s N t r t m t m a u a r o l l u r i e s l n a n i - c — c l - - - b m e b t o b f a r T u a a t e a a n c r t o c v n g d l e c - - e - u e s o d s - n c M e el o i l s u a - - s 1947 . . 96 4 100.0 98 ? 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 9S 7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104 4 101.6 96.1 1950 103.1 97.5 99 8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114 8 113.4 111 4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113 6 108.1 104.9 1951 August 113.7 110.4 111 ? 114.9 108.5 118.0 106.3 108.5 144.3 122.3 119.5 122.2 118.9 113.5 113,6 107.8 102.6 September 113.4 109.9 110.9 114.8 105.9 118.0 106.7 108.7 144.7 121.6 119.4 122.1 119.4 113.1 113.6 107.8 105.1 October . . .. 113 7 111.5 111 6 114.6 103.9 113.6 106.8 108.8 144.7 121.7 118.8 122.4 120.2 112.8 113.6 107.5 106.9 November 113.6 112.0 111 0 114.5 103.9 107.0 106.9 108.6 144.6 121.1 118.4 122.5 120.5 112.7 113 .6 107.5 108.9 December 113 5 111.3 110 7 114.6 104.0 105.1 107.4 108.4 144.3 120.3 118.4 122.5 120.7 112.7 112 8 108.1 109.8 1952 January 113.0 110.0 110 1 114.3 103.3 102.2 107.4 106.7 144.1 120.1 118.2 122.4 120.8 112.3 112 9 108.1 111.1 Februarv 112 5 107 8 109 S 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 ]March .. 112 3 108.2 109 ? 113.8 100.6 98.0 107.4 105.4 142.0 120.5 117.7 122.6 121.8 111.9 112 9 110.8 109.2 April 111.8 108.7 108.0 113.3 99.9 94.1 106.3 104.8 140.6 120.9 117.4 122.5 121.6 112.1 112 .8 110.8 109.5 |^f jjy 111 6 107.9 108 6 113.0 99.3 94.7 106.0 104.3 140.4 120.7 116.9 121.8 121.6 111.7 117 9 110.8 108.4 June 111 .2 107.2 108 5 112.6 99.0 95.9 105.9 104.3 133.4 119.9 116.7 121.1 121.3 111.6 113,8 110.8 108.1 July 111 8 110.2 110 0 112. 5 '98.9 96.2 106.0 104.2 130.0 120.2 115.3 121.9 121.4 111.6 113 8 110.8 105.5 August ... 112.1 109.9 110.5 112.9 99.2 96.5 105.5 104.0 128.3 120.3 115.6 123.8 121.4 111.6 113.8 110.8 108.9 i 1951 1952 1951 1952 Subgroup Subgroup Aug. June July Aug. Aug. June July Aug. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 89.4 124.2 128.2 126.1 Woodpulp . . 114 S 113.3 109.3 109.3 Grains . 95.8 95.4 94.9 96.9 Wastenaner 166.3 55.1 '•44.3 65.7 Livestock and poultry. 118.2 107.2 108.2 106.4 Paper 119.8 124.2 123.8 124.0 Plant and animal fibers. 119.9 118.7 115.3 114.9 PaDerboard n? 0 129.3 125.4 124.6 Fluid milk 103.9 103.5 ••107.0 107.9 Converted paper and paperboard 117 1 113.7 113.2 113.0 Eggs . . 119.8 81.0 112.9 116.1 Building paper and board . . . in 4 115.8 115.8 115.8 Hay and seeds 93.2 98.5 100.5 99.9 Metals and Metal Products: Other farm products 136.4 136.7 138.1 137.6 Iron and steel 1?3 1 122.4 122.3 127.0 Processed Foods: Nonferrous metals 121.6 120.0 124.0 123.6 Cereal and bakery products 106.7 106.7 106.5 106.4 Metal containers. 11 1 120.5 120.5 120.7 Meats, poultry and fish 117.5 110.1 110.6 112.3 Hardware 125.8 123.9 123.9 123.8 Dairy products and icecream 107.9 110.1 113.8 114.3 Plumbing equipment 122.4 118.0 118.1 118.1 Canned, frozen, fruits 8i vegetables. 103.3 103.5 103.9 105.3 Heating ecuipment 114.5 113.5 113.6 113.6 Sugar and confectionery 107.9 110.9 111.6 111.1 Fabricatec struc.metal products 116.3 115.4 115.4 115.4 Packaged beverage materials. 161.7 161.9 161.9 161.9 Fabricated nonstructural mete Other processed foods 123.7 118.4 126.6 125.4 products . .. 1?S 6 124.4 124.4 124.5 Textile Products and Apparel: Machinery and Motive Products: Cotton products 106.9 95.4 96.1 97.6 Agri. mach. and equipment 1?0 1 121.5 121.5 121 .5 Wool products 140.0 112.8 113.9 112.9 Cons. mach. and equipment.... 1?.S 7 125.4 125.4 125.4 Synthetic textiles • 94.0 88.6 '89.2 90.5 Metal working machinery . . . 1?S 0 127.9 129.0 129.0 Silk products 112.3 129.8 134.7 139.3 General purpose mach., etc 1?3 3 122.4 122.2 122.2 Apparel 104.5 100.3 r99.5 99.4 Miscellaneous machinery. 119 6 119.0 119.0 119.0 Other textile products ... 133.6 98.7 r94 4 90.4 Elec. mach. and equipment 1?? 1 120.0 119.9 119.9 Hides, Skins, and Leather Products: Motor vehicles 112.8 119.7 119.7 119.7 Hides and skins . . . . - - - 113.3 59.5 '61.8 63.7 Furniture; Other Household Durables: Leather . 118.7 88.9 89.3 89.3 Household furniture . 115 6 112.7 112.6 112.6 Footwear 122.0 111.0 110.6 110.6 Commercial furniture 1?4 9 123.2 123.2 122.5 Other leather products . 111.0 100.6 100.5 100.2 Floor covering 6 119.1 119.1 119.2 Fuel, Power, and Lighting Materials: Household appliarices 107.7 106.8 106.8 106.8 Coal 107.5 105.3 106.0 106.5 Radio, TV, and phonoerranhs. . . Q3 ? 93.8 93.8 93.8 Coke . . . . .. 124.3 124.3 124.3 124.3 Other household durable goods.. 117 3 119.3 119.4 119.5 Gas 98.0 102.0 101.4 101 .4 Nonmetallic Minerals—Structural: Electricitv 97 4 98 5 '•99.1 99 1 Flat glass 114 0 114 4 114.4 114 4 Petroleum and product"- - 110.8 109.6 109.4 108.3 Concrete ingredients 112.9 112.9 112.9 112.9 Chemicals and Allied Proc'ucts: Concrete products 112.4 112.4 112.4 112.4 Industrial chemicals. . 120.4 114.9 114.7 114.6 Structural clay products. 121.4 121.4 121.3 121.3 Paint and paint materials 107.4 107.0 106.9 106.8 Gypsum products 117.4 117.7 117.7 117.7 Drugs, Pharmaceuticals, cosmetics . 95.6 92.2 92.1 92.1 Prepared asphalt i•oofing. 105.4 106.0 106.0 106.0 Fats and oils, inedible. 70.4 52.0 49.8 47.5 Other nonmetallic mineraIs. ... 110.9 111.9 111.9 111.9 Mixed fertilizers. 107.4 108.7 108.7 108.7 \Tobacco Mfrs. and Bottled Beverages Fertilizer materials 107.2 109.9 110.7 110.9 Cigarettes 10S 7 107.3 105.7 105.7 Ru O bb t e h r e r a c n h d e m Pr ic o a d l u s c t a s n ' d products. 106.7 103.0 103.1 103.1 O Ci t g li a e r r s tobacco nrorhirts 1 1 0 0 7 1.5 6 1 9 1 8 4 . . 0 8 1 1 1 0 8 1. . 5 4 ; 1 11 0 8 2 . . 4 0 Crude rubber 194.6 •152.7 138.6 138.9 Alcoholic beverages 105 8 111.2 111.2 •111.2 Tires and tubes 133.9 L30.5 129.6 126.3 Nonalcoholic beverages 119.7 119.7 119.7 119.7 Other rubber pindiicf-R 131 .1 127.1 125.8 125.2 Miscellaneous: : Lumber and Wood Products: Toys, sporting goods, small arms 116.5 113.5 113.3 113.3 Lumber 121.7 L20.1 120.4 120.5 Manufactured animal feeds OS8 107.9 102.7 ;109.5 Millwork 129 8 126 4 126.8 127 2 Notions and accessories 101 4 91 5 91.5 90.8 Plvwood - - - - 116.9 LO5.7 105.8 105.8 Jewelry, watches, photo eoiiinment. 101 ? 101.0 101.1 •101.1 Other miscellaneous. 120.7 120.5 120.8 120.8 : r Revised. Source. - Bureau of Labor Statistics. Back figures.—See BULLETIN for March 1952. pp. 311-313. OCTOBER 1952 1153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Annual totals Seasonally b a y d j q u u st a e r d te r a s nnual rates 1951 1952 1929 1933 1939 1941 1947 1948 1949 1950 1951 2 3 4 1 2 Gross national product 103.8 55.8 91.3 126.4 233.3 259.0 258.2 284.2 329.2 329.3 330.9 337.1 339.4 343.2 Less: Capital consumption allowances. . 8.8 7.2 8.1 9.3 14.8 17.6 19.4 21.5 24.6 24.3 25.0 25.8 26.7 27.7 Indirect business tax and related liabilities 7 0 7.1 9.4 11.3 18.7 20.4 21.6 23.8 25.3 24.7 25.0 25.8 26.3 26.8 Business transfer payments 6 7 5 5 7 7 8 8 9 9 9 9 9 9 Statistical discrepancy — 1 1 2 1 4 1 6 .3 -3 2 2 - 7 1 4 5 7 0 — 8 — 1 9 n.a. Plus: Subsidies less current surplus of government enterprises 0) 5 1 — .1 0 0 .4 5 1 1 1 2 5 2 Equals: National Income 87.4 39.6 72.5 103.8 198.7 223.5 216.3 239.2 277.6 274.8 280.2 285.6 288.0 n.a. Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 24.7 31.7 29.2 34.8 41.6 41.2 41.9 42.5 42.7 n.a. Contributions for social insurance. . .2 .3 2.1 2.8 5.7 5.2 5.7 6.9 8.2 8.2 8.1 8.3 8.5 8.4 Excess of wage accruals over disbursements .0 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 .8 .8 .9 .9 .9 .9 .9 .9 Equals: Personal income 85.1 46.6 72.6 95.3 191.0 209.5 205.9 226.3 254.1 251.9 256.1 262.0 263.0 264.4 Less: Personal tax and related payments. . 2.6 1.5 2.4 3.3 21.5 21.1 18.6 20.8 29.1 28.7 29.0 30.4 32.5 32.9 Federal 1.3 .5 1.2 2.0 19.6 19.0 16.2 18.1 26.1 25.8 26.0 27.3 29.3 29.6 State and local . . . 1.4 1.0 1.2 1.3 1.9 2.1 2.7 3.0 3.0 3.0 3.1 3.2 3.3 2.5 Equals: Disposable personal income. 82.5 45.2 70.2 92.0 169.5 188.4 205.5 225.0 223.2 227.1 231.5 230.5 231.5 187.2 Less: Personal consumption expenditures 78.8 46.3 67.5 82.3 165.6 177.9 194.3 208.0 204.5 206.4 210.5 213.2 214.9 180.6 Equals: Personal savin j* 3 7 -1.2 2.7 9.8 3.9 10.5 11.2 17.0 18.7 20 7 21.1 17 3 16 5 6.7 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1951 1952 1929 1933 1939 1941 1947 1948 1950 1951 National income 87.4 39.6 72.5 103.8 198.7 223.5 216.3 239.2 277.6 274.8 280.2 285.6 288.0 n.a. Compensation of employees 50.8 29.3 47.8 64.3 128.0 140.2 139.9 153.4 178.9 178.2 181.0 183.4 186.5 186.9 Wages and salaries 2 50.2 28.8 45.7 61.7 122.1 134.4 133.4 145.6 169.9 169.3 172.1 174.3 177.4 177.8 Private 45.2 23.7 37.5 51.5 104.8 115.7 113.0 123.4 141.2 141.2 142.0 143.8 145.8 145.6 Military .3 .3 .4 1.9 4.1 4.0 4.2 5.0 8.6 8.5 9.1 9.6 n.a. n.a. Government civilian 4.6 4.9 7 8.3 13.2 14.7 16.1 17.2 20.1 19.6 21.0 20.9 n.a. n.a. Supplements to wages and salaries.. . .6 .5 2.1 2.6 5.9 5.8 6.6 7.8 9.0 9.0 8.9 9.1 9.0 9.2 Proprietors' and rental income *. .. 19.7 7.2 14.7 20.8 42.4 47.3 42.1 45.2 50.6 49.0 50.8 53.1 52.1 51.9 Business and professional 8.3 2.9 6.8 9.6 19.8 22.1 21.6 23.7 26.2 26.0 26.0 26.6 27.3 27.6 Farm 5.7 2.3 4.5 6.9 15.6 17.7 12.8 13.3 15.6 14.4 15.8 17.0 15.4 14.8 Rental income of persons 5.8 2.0 3.5 4.3 7.1 7.5 7.7 8.2 8.9 8.5 9.1 9.4 9.4 9.5 Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 24.7 31.7 29.2 34.8 41.6 41.2 41.9 42.5 42.7 n.a. Corporate profits before tax 9.8 .2 6.5 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 1.5 7.8 11.9 13.0 10.8 18.4 24.2 24.5 21.8 22.2 24.7 n.a. Corporate profits after tax 8.4 -.4 5.0 9.4 18.5 20.7 16.3 21.2 18.7 18.8 16.9 17.3 18.1 n.a. Inventory valuation adjustment.... -2.1 -.7 -2.6 -5.8 -2.1 2.1 -4.8 -1.3 -2.1 3.2 3.0 -.1 1.7 Net interest 6.5 5.0 4.2 4.1 3.5 4.3 5.0 5.8 6.4 6.4 6.5 6.6 6.7 6.9 n.a. Not available. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 1154 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates Annual totals by quarters 1951 1952 1929 1933 1939 1941 1947 1948 1949 1950 1951 2 3 4 1 2 Gross national product 103.8 55.8 91.3 126.4 233.3 259.0 258.2 284.2 329.2 329.3 330.9 337.1 339.4 343.2 Personal consumption expenditures 78.8 46.3 67.5 82.3 165.6 177.9 180.6 194.3 208.0 204.5 206.4 210.5 213.2 214.9 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 1 7.8 1.1 4.9 6 8 13.9 17.7 17.2 22.9 23.3 23.5 22.4 22.4 23.7 23.6 Residential nonfarm 3.6 .5 2.7 3.5 6.3 8.6 8.3 12.6 11.0 10.9 9.9 10.3 11.0 11.0 Other 4 2 7 2 2 3 3 7 6 9.1 9 0 10 3 12.3 12.6 12.5 12.1 12.7 12.6 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 25.7 25.7 Change in business inventories 1 6 — 1 6 4 3 9 — 8 5 0 —2 5 5 5 10 3 16.3 8 9 5.8 .6 1 Nonfarm only 1.8 -1.3 .3 3.4 1.4 3.7 -1.6 4.6 9.4 15.2 8.2 5.2 -.1 -.8 Net foreign investment .8 .2 .9 1.1 8.9 1.9 .5 -2.3 .2 -.2 1.1 2.6 1.9 .9 Government purchases of $*oods 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 7.9 7.8 12.8 15.6 18.2 19.7 21.7 21.6 21.7 22.3 23.2 23.0 5.9 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Year or month in s P o c e o n r m a - l e r T ec o e t i a p l ts4 b m T u d o e i r s n t s - a t e l s - Wag d p m i e n C u r o o g s o a d d t m r n i u i n i t d e c - y - s - sal D a i u r n i t s y r t d t i i u r e v d i s s e b i - s - bu S r i e n s t r r e d v i m u e ic s s e e - nts m G er o e n n v - - t i m n O c la t o h b m e o r r e8 i p n r r P c e a i o n r e n o m t t d o a - r e l s 6 ' i i n n d s D p t a o c e e i e n o n n v r r m d a d e i - - l s s e t m T p r e f a a e n y r n t - s s - 7 p b c e a i s u r o n L o n f s n t s o c e o i c u t i o r s n r a e r s n i a 8 l - - s l i a n g N t c u r o o i r c m n a u - l e l- 9 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .5 19.7 13.3 1.5 .1 76.8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .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.S 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—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 A 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 May 264.5 174.6 177.9 76. 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. 48.5 21.3 32.3 4.5 52.8 21.4 12.5 3.8 245.9 July 263.9 173.9 177.4 74.0 49.3 21.5 32.6 4.5 52.2 21.3 12.4 3.9 243 .4 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 8 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income*" is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 1 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 8 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. »Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. OCTOBER 1952 1155 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 E o n r d m o o f n y t e h ar co c T n r s o e u t d a m i l t er i c T m n r s o e e ta d t n a l i - t l t . Total A S u al t e o m cr o e b d i i l t e Other Loans! no c T m n r i o e e n t d n s a i t t l t al- p S l a o i y n a m n g s l e e 2 n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,031 4,424 2,792 1,267 1,525 1,632 2,607 530 J.544 533 1940 8,163 5,417 3,450 1,729 1,721 1,967 2,746 536 1,650 560 1941 8,826 5,887 3,744 1,942 1,802 2,143 2,939 565 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 11,758 729 1945 5,627 2,364 942 227 715 1,422 3,263 510 9R1 772 1946 8,677 4,000 1,648 544 1,104 2,352 4,677 749 3! 054 874 1947 11,862 6,434 3,086 1,151 1,935 3,348 5,428 896 3,612 920 1948 14,366 8,600 4,528 1,961 2,567 4,072 5,766 949 3,854 963 1949 16,809 10,890 6,240 3,144 3,096 4,650 5,919 L,018 3,909 992 1950 . 20,097 13,459 7,904 4,126 3,778 5,555 6,638 L.332 4,239 1,067 1951 20,644 13,510 7,546 4,039 3,507 5,964 7,134 1,436 4,587 1,111 1951—July 19,132 12,903 7,173 4,061 3,112 5,730 6,229 1,393 3,743 1,093 August 19,262 13,045 7,247 4,138 3,109 5,798 6,217 1,398 3,724 1,095 September 19,362 13,167 7,327 4,175 3,152 5,840 6,195 1,401 3,696 L.098 October 19,585 13,196 7,355 4,134 3,221 5,841 6,389 1,413 3,868 L.108 November 19,989 13,271 7,400 4,100 3,300 5,871 6,718 1,422 4,190 1,106 December 20,644 13,510 7,546 4,039 3,507 5,964 7,134 1,436 4,587 1,111 1952—January 20,126 13,314 7,322 3,962 3,360 5,992 6,812 1,445 4,253 1,114 February 19,717 13,185 7,158 3,927 3,231 6,027 6,532 1,448 3,967 1,117 March 19,565 13,156 7,047 3,891 3,156 6,109 6,409 L.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 May 20,293 13,806 7,421 4,171 3,250 6,385 6,487 1,431 3,921 t ,135 June 20,961 14,409 7,820 4,446 3,374 6,589 6,552 1,435 3,980 1,137 JulyP 21,220 14,751 8,048 4,606 3,442 6,703 6,469 1,444 3,891 L 134 August*7. . . . 21,393 14,907 8,129 4,620 3,509 6,778 6,486 1,461 3,891 1,134 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 l 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 p I c n l t a o o r d n i a m u a i n e l s - s - 8 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 ti a d r e s o i e r r n d n 3 - b m C a e n o r k c m 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 1,946 481 358 894 1951. 5,964 2,510 .268 301 229 542 176 938 4,198 2.437 528 417 947 1951—juiy 5,730 2,492 ,167 288 211 524 166 882 339 206 44 35 76 August 5,798 2,521 .181 293 217 531 167 888 389 210 49 40 90 September. . 5,840 2,524 ,203 296 221 533 169 894 351 183 42 35 78 October 5,841 2,522 .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 L268 301 229 542 176 938 354 292 50 42 84 1952—January.... 5,992 2.521 1,273 300 230 541 176 951 393 184 46 38 85 February. . . 6,027 2,542 1,275 301 232 545 176 956 373 181 46 37 91 March 6,109 2,593 1,285 303 235 553 177 963 429 216 52 41 95 April 6,220 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 June 6,589 2,838 1,346 330 254 614 183 1,024 497 248 56 44 122 Julyp 6,703 2,892 1,366 341 259 631 185 1,029 473 238 53 42 113 August P. . . . 6,778 2,927 1,377 346 263 646 187 1,032 419 210 50 41 105 » Preliminary. 1 Figures include only personal instalment cash loans an^l retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of August amounted to 130 million dollars, and other loans made during August were 19 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 8 Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans. 1156 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Con tinned CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] Automobile Other Repair Per- Depart- retail retail, and sonal y E m e n a o d r n t o o h f r in e m T g x o o c a t l b u a u i l d l t , e o - - s o m m t a r o n a e d r i d n e e l t r - s F s t t u u o r r r n e e i s - H s a a h t p o o n o p u r c l l s e d e i e s - - J s e t w o e re lr s y s r o t e A t o t h r a l e e l i r l s Year or month P . , c P P ha , u , s r r e - d D D lo J i a r r f e n W c s t c d h i p a r u s e d e r c t - d l e o r m t a - n n i o g z d l a 2 - - l m i p n a e s n n t 8 h a t lhouses Outstanding at end of period: 1949 4,416 854 915 922 781 944 1939 1,525 377 536 273 93 246 1950 5,645 1,143 1,223 1,267 905 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—July 5,430 1,086 1,230 1,068 886 1,160 1943 707 172 289 78 57 111 August 5,472 1,097 1,240 1,059 899 1,177 1944 691 183 293 50 56 109 September.... 5,440 1,105 1,239 1,004 911 1,181 1945 715 198 296 51 57 113 October 5,442 1,090 1,226 1,010 925 1,191 1946. . 1,104 337 386 118 89 174 November.... 5,436 1,079 1,209 1,017 937 1,194 1947 1,935 650 587 249 144 305 December 5,434 1,061 1,192 1,031 937 1,213 1948 2,567 R74 750 387 152 404 1949 3,096 1,010 935 500 163 488 1952—January 5,418 1,042 1,184 1,034 928 1,230 1950 3,778 1,245 1,029 710 794 February 5,412 1,038 1,186 1,016 924 1,248 1951 3,507 1,186 971 613 737 March 5,446 1,035 1,197 1,008 922 1,284 April 5,528 1,055 1,219 1,005 940 1,309 1951 May 5,744 1,130 1,270 1,036 969 1,339 July 3,112 1,022 854 590 646 Tune 6,027 1,217 1,331 1,086 1,005 1,388 August 3,109 1,015 859 590 645 Julyp 6,210 1,266 1,361 1,133 1,042 1,408 September. 3,152 1,028 870 600 654 August? 6,348 1,293 1,370 1,183 1,075 1,427 October. .. 3,221 1,056 890 607 668 November. 3,300 1,099 908 608 685 Volume extended dur- December . 3,507 1,186 971 613 737 ing month: 1952 1951—July 642 137 150 115 62 178 January... 3,360 t ,129 933 592 706 August 738 162 187 131 70 188 February.. 3,231 ,082 909 567 673 September.... 682 150 166 126 67 173 March. . . . 3,156 L.060 893 548 655 October 744 150 168 153 82 191 April 3,153 1,064 894 541 654 November 689 136 152 147 72 182 May 3,250 ,101 924 551 674 December 686 117 149 157 70 193 J J u u l n y e p 3 3 ,f3 44 7 2 4 , , 1 1 4 3 2 2 9 9 7 5 4 4 6 5 1 8 2 8 7 7 1 0 4 0 1952—January 714 131 170 146 57 210 August P . .. 3,509 ,164 991 626 728 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 June 1,001 243 240 177 101 240 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL Julyp 956 215 216 185 101 239 BANKS, BY TYPE OF CREDIT AugustP 847 176 178 169 102 222 [Estimates. In millions of dollars] CONSUMER INSTALMENT CREDITS OF INDUSTRIAL R m e e t n a t i l p i a n p s e ta r l J - R a e n p d air P i e n r s s t o a n l- a LOAN [ C E O sti M m P at A es N . IE I S n , m B i Y ll io T ns Y P o E f d O ol F la rs C ] REDIT Year or month Total modern- ment Retail instal- Repair Personal m A o u b to il - e Other l i o z a a n ti s o * n 2 l c o a a s n h s Year or month Total A m ut e o n - t paper 2 m iz o a a d n ti e d o r n n- i m n c s a e t s a n h l t mobile Other loans 12 loans Outstanding at end of period: Outstanding at end 1 1 1 9 9 9 4 5 5 9 0 1 3 3 4 4 0 9 3 4 1 . . . 2 1 0 1 1 9 1 1 3 8 8 . . . 6 9 5 6 8 7 3 1 9 . . . 2 1 7 5 5 5 5 4 6 . . . 4 9 5 1 1 1 3 4 3 7 7 1 . . . 9 5 1 o 1 1 1 f 9 9 9 4 5 5 p 9 0 1 eriod: 2 2 1 2 5 9 6 5 4. . . 7 9 3 4 6 5 3 3 7 . . . 2 5 9 3 4 4 1 7 1 . . . 4 3 1 6 7 7 . . . 5 2 3 1 1 1 2 3 1 0 7 3 . . . 6 6 3 1951— A O N S D Ju e o e u c l p c v t g y 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 3 4 3 4 0 8 0 9 9 0 4 1 5 1 6 2 . . . . . . 1 7 1 8 4 3 1 1 1 1 1 1 2 2 1 2 2 2 0 3 8 3 1 3 . . . . . . 2 9 9 9 9 1 8 7 7 7 7 7 1 7 1 3 0 5 . . . . . . 2 7 6 6 7 8 5 5 5 5 5 5 3 4 6 2 6 6 . . . . . . 7 5 8 9 5 1 1 1 1 1 1 14 4 4 4 4 4 7 1 3 6 4 6 . . . . . . 5 3 3 3 0 0 1951— A O S N D Ju e u o e c l p c t v g y t o e e u e m b m m s e t b b . b r e e e . . . r r r . . . 2 2 2 2 2 2 5 3 4 4 4 5 5 5 7 1 5 0 . . . . . . 4 3 4 3 5 3 6 6 6 6 6 6 3 3 3 3 3 0 . . . . . . 2 2 7 5 4 5 4 4 4 4 4 4 4 2 6 7 5 0 . . . . . . 5 4 1 3 6 8 7 7 7 7 7 7 . . . . . . 2 2 1 6 4 3 1 1 1 1 1 1 3 3 2 3 3 2 3 0 0 8 7 7 . . . . . . 2 2 7 5 6 0 1952— A J J A F M M J u u e a p u a a n l n b r g y y r e i u r c ? u l u a h s r a t y P r y . . . . . . 4 4 4 4 4 4 4 4 4 5 2 6 1 0 0 0 1 5 6 3 0 5 3 2 . . . . . . . . 7 8 9 6 1 1 2 5 1 1 1 1 1 1 1 1 4 4 1 1 2 1 3 1 9 5 8 8 6 6 8 6 . . . . . . . . 2 2 7 9 5 4 3 6 8 8 8 8 8 8 8 8 1 4 1 7 2 1 1 9 . . . . . . . . 2 2 7 4 5 4 1 1 5 5 5 5 6 6 5 5 7 8 3 0 6 5 6 5 . . . . . . . . 2 2 6 9 3 4 1 8 1 1 1 1 1 1 1 1 4 6 6 4 5 5 5 5 9 1 1 8 8 2 4 9 . . . . . . . . 9 9 3 6 6 3 6 8 1952— A J J A F M M J u u e a p u l n a a b n r y g y e r i u r p u l c u a s h a r t . y P r . . y . . . . . . . . . . . 2 2 2 2 2 2 2 2 5 6 8 7 5 9 8 6 7 3 0 6 8 1 2 5 . . . . . . . . 2 7 2 9 9 1 7 5 6 6 6 6 6 7 7 7 2 2 7 2 4 2 3 1 . . . . . . . . 4 6 7 5 6 5 0 0 4 4 4 5 5 5 5 5 7 8 5 7 7 2 8 0 . . . . . . . . 2 4 2 8 5 0 6 0 7 7 7 7 7 7 7 7 . . . . . . . . 2 5 0 1 4 2 0 0 1 1 1 1 1 1 1 1 5 4 4 3 4 5 4 4 0 2 0 9 6 2 4 9 . . . . . . . . 6 5 8 5 3 3 5 3 Vo d l u um rin e g e x m te o n n d t e h d : Volume extended 1951— O A N D S Ju e o e u c l p c v t y g t o e e u e m b m m s e t b b . b r e e e . . . r r r . . . 5 4 5 5 6 5 3 8 2 1 0 8 . . . . . . 6 5 3 2 0 4 1 1 1 1 1 1 4 6 9 3 4 7 . . . . . . 2 9 4 6 1 3 1 1 1 1 1 7 2 2 0 0 1 . . . . . . 6 2 8 4 4 8 3 4 4 4 3 5. . . . . . 2 4 8 1 5 1 2 2 2 2 2 2 2 5 1 0 4 4 . . . . . . 2 5 3 8 3 1 d 1 u 95 ri 1 n — g A O S N D J m u e o u e c l o p c v t y g t n o e e u e t m b m m s h e t : b b . b r e e e . . . r r r . . 4 3 4 4 3 3 3 5 1 2 9 7 . . . . . . 6 9 6 5 3 8 1 9 8 9 9 9 1 . . . . . . 6 9 4 3 0 5 6 6 6 5 7 7 . . . . . 2 6 2 9 0 7 0 0 0 0 0 0 . . . . . . 5 5 6 7 7 6 2 2 2 2 2 2 7 3 0 3 1 3 . . . . . . 2 6 9 3 5 3 1952— F A J J A M M J u u e a p u a n l a n b r g y y e i r u r ? u l c u a s h r a t . y P r . . . y . . . . . . . . . . 6 6 5 5 5 6 5 7 9 0 2 9 1 8 7 3 . . . . . . . . 2 5 7 5 2 8 8 5 2 2 2 1 1 1 1 1 7 4 5 9 6 5 8 4 . . . . . . . . 7 4 8 0 2 8 1 3 1 1 1 1 1 1 1 1 1 2 0 2 0 1 1 0 . . . . . . . . 6 9 6 2 3 1 8 3 6 3 3 4 6 5 6 6 . . . . . . . . 6 5 7 5 5 4 1 3 2 2 2 2 2 2 2 2 3 7 5 5 5 6 2 2 . . . . . . . . 6 3 0 9 0 0 8 9 1952— J A A J F M M J u u e a p u l a a n b n y r g y r e i u r p c u l u a h s a r t y r ^ y . . . . . . 4 3 4 4 3 4 4 4 1 2 5 8 7 9 8 2 . . . . . . . . 2 6 7 4 0 3 0 0 1 1 1 1 1 9 9 8 2 0 0 1 3 . . . . . . . . 2 9 1 2 2 1 3 0 6 5 5 7 8 8 7 7 . . . . . . . . 7 8 6 8 7 1 9 5 0 0 0 0 0 0 0 0 . . . . . . . . 7 5 6 7 8 5 8 8 2 2 2 2 2 2 2 2 4 3 6 5 3 4 4 6 . . . . . . . . 2 3 5 4 0 0 0 3 P Preliminary. > Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. OCTOBER 1952 1157 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 Charge Percentage change from corresponding Instalment accounts accounts from preceding month of preceding month year item 1 A 9 u 52 g P . J 1 u 95 ly 2 J 1 u 9 n 5 e 2 1 A 95 u 2 g ? . J 1 u 95 ly 2 1 T 9 u 5 n 2 e Year or month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n s e a c e s p e - - D s m e to p e a r n e rt t s - Net sales: 1951 Total +9 -8 -5 +2 + 12 + 11 July 18 11 12 46 Cash sales +8 -4 -8 -8 -6 -11 August 19 12 12 48 Credit sales: September 19 11 12 47 Instalment + 10 -10 -4 +7 +23 +23 October 21 12 12 50 Charge account + 11 -2 o -11 _2 -8 November 21 11 12 50 December 19 11 12 45 Accounts receivable, end of month: 1952 Total +3 + 1 +3 +14 +13 +9 January 19 10 13 47 Instalment + 1 + 1 +3 + 14 + 13 + 10 February 18 10 13 45 March 20 11 13 48 Collections during April 18 10 13 46 month: May 19 11 13 48 Total 0 + 1 -6 -5 -2 Q June 18 10 12 46 Instalment +2 0 -6 -3 -4 —8 July 17 10 12 46 August? 17 10 11 46 Inventories, end of month, at retail value. -1 -1 -4 -9 -12 -15 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—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 Julv . . 78 71 113 80 177 107 144 111 48 11 41 AugustP 89 81 136 90 179 108 145 100 48 11 41 P Preliminary. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1149. 1158 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS ALL MEMBER BANKS BY CLASSES, FIRST HALF OF THE YEAR, 1952 [Amounts in thousands of dollars] Central reserve All member banks city member banks Reserve Country city member member banks New York Chicago banks First half Second half First half of 1951 of 1951 of 1952 First half of 1952 Earnings 1,771,212 1,897,503 1,978,463 336,367 81,482 762,544 798,070 Interest on U. S. Government securities 406 317 425,603 441 429 64,967 23 452 163,404 189,606 Interest and dividends on other securities 102,347 108,419 113,298 20,989 5,707 40,978 45,624 Interest and discount on loans 946 745 1 027 580 1 087 023 176 987 39 390 428 526 442,120 Service charges and fees on loans 13,468 15,202 18,105 4,125 607 8,962 4,411 Service charges on deposit accounts . . ... 93,022 93,850 97,713 9,040 984 37,747 49,942 38,496 40,507 39,932 5,998 534 15,313 18,087 Trust department 83,928 98,493 91,479 32,699 7,367 34,026 17,387 Other current earnings 86,889 87,848 89,484 21,562 3,441 33,588 30,893 Expenses 1,074,507 1,157,439 1,190,294 176,233 45,870 467,714 500,477 Salaries—officers 176,267 199,031 191,889 24,521 6 369 63,797 97,202 Salaries and wages—others 352,437 397,602 393,640 77,272 15,153 163,592 137,623 Directors' and committee members' fees 8,893 10,257 9 856 829 117 1,827 7,083 Interest on time deposits . 145,637 159,899 176,385 8,136 7,028 77,876 83,345 Interest on borrowed money 3,842 5,235 6,432 1,729 684 3,095 924 Taxes other than on net income 57,854 57,104 58,501 6,670 2,367 24,478 24,986 Recurring depreciation . . 23,935 29,132 26,614 2,030 351 9,984 14,249 305,642 299,180 326,977 55,046 13,801 123,065 135,065 Net current earnings before income taxes . ... 696,705 740,064 788,169 160,134 35,612 294,830 297,593 Recoveries, profits, etc 60,982 87,642 61,872 13,781 8,684 21,902 17,505 On securities: Recoveries . 6,608 6,923 4,550 485 S24 2 ,031 1,510 Transfers from valuation reserves 5,681 5,255 11,624 2,069 3 140 5,674 741 Profits on securities sold or redeemed 19,937 31,944 17,486 3,764 2,058 7,121 4,543 On loans: R eco veries 7,638 9,939 7,816 1,015 561 1,701 4,539 Transfers from valuation reserves ... 8,224 17,398 9,241 3,550 1 57? 2,040 2,079 All other 12,894 16,182 11,155 2,898 829 3,335 4,093 124,757 214,100 99,222 13,802 7,079 36,315 42,026 On securities: Losses and charge-offs 26,704 45,399 18,159 1,626 201 7,214 9,118 Transfers to valuation reserves . 14,817 13,601 9,677 679 343 6,965 1,690 On loans: Losses and charge-offs 5,701 7,854 5,156 180 231 439 4,306 Transfers to valuation reserves 57,667 122,367 49,375 9,918 5 592 14,872 18,993 All other 19,868 24,879 16,855 1,399 712 6,825 7,919 Profits before income taxes 632,930 613,606 750,819 160,113 37,217 280,417 273,072 251,917 239,002 337,100 80,431 13,024 124,298 119,347 Federal 238,609 226,871 321,613 73,525 13 024 119,370 115,694 State 13,308 12,131 15,487 6,906 4,928 3,653 Net profits 381,013 374,604 413,719 79,682 24,193 156,119 153,725 170,228 200,276 185,201 44,289 8,565 74,227 58,120 On preferred stock * .. 1,273 1,314 1,188 32 34 232 890 168,955 198,962 184,013 44,257 8,531 73,995 57,230 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 1,418 667 3,238 1,029 2,094 115 On loans 10,560 14,494 12,906 1,815 1,482 5,021 4,588 Losses charged to reserves (not included in losses above): On securities 7,254 8,665 11,281 453 2,758 7,322 748 On loans 26,168 29,413 19,095 2,319 890 8,611 7,275 Number of officers at end of period . . 50,161 50,553 52,112 3,529 898 13,919 33,766 Number of employees at end of period 283,582 282,266 298,115 47,369 10,134 118,721 121,891 Number of banks at end of period 6,859 6,840 6,815 22 13 319 6,461 Ratios: Percentage of total capital accounts: « Net current earnings before income taxes 14.2 14.6 15.2 13.1 13.8 16.5 15.6 Net profits 7.8 7.4 8.0 6.5 9 4 8.7 8.1 Cash dividends declared l 3.5 4.0 3.6 3.6 3.3 4.1 3.1 Percentage of total assets: * Total earnings 2.51 2.6* 2.65 2.28 2.13 2.67 2.89 Net current earnings before income taxes .99 1.02 1.05 1.08 .93 1.03 1.08 Net profits .54 .52 .55 .54 .63 .55 .56 Percentage of earnings to related assets:2 Earnings on loans 4.17 4.35 4.44 3.24 3.34 4.47 5.38 Interest on TJ S Government securities 1.63 1.69 1.72 1.63 1.75 1.72 1.76 Interest and dividends on other securities 1.96 2.02 2.01 1.97 2.11 2.04 1.98 Total capital accounts to: Total assets 6.9 7.0 6.9 8.3 6.7 6.3 6.9 Total assets less Govt. securities and cash assets.... 16.8 16.7 16.4 17.7 17.3 14.7 17.5 Total deposits .... 7.6 7.6 7.6 9.5 7.4 6.8 7.5 23.0 23.0 23.1 7.9 16.3 23.9 31.0 Interest on time deoosits to time deoosits ' .98 1.05 1.12 .80 1.23 1.24 1.06 NOTE.—The figures of assets, deposits, and capital accounts used in computing ratios are averages of the amounts reported for the call dates at the beginning and end of each period plus the last-Wednesday-of-the-month figures for the intervening months. Data may not add to totals because of rounding. 1 Includes interest on capital notes and debentures. * Annual basis. 1159 OCTOBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States. . 1162-1167 Gold production. . 1167 Reported gold reserves of central banks and governments. . 1168 Gold movements; gold stock of the United States. 1169 International Monetary Fund and Bank. 1170 Central Banks 1170-1174 Money rates in foreign countries. 1175 Commercial banks. . 1176 Foreign exchange rates.. 1177 Price movements: Wholesale prices. 1178 Retail food prices and cost of living 1179 Security prices 1179 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. OCTOBER 1952 1161 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.1 Decrease Domestic Foreign From th J ro a u n g . h 2 — , 1935, Total b in a n U k . i n S g . s I e n c f u lo r w iti e o s f : se R cu et r u it r i n es: b In ro fl k o e w ra g in e Total o F f o f r ic e i i a g l n 2 F o o t r h e e ig r n In ti t o e n rn a a l - ab fu ro n a d d s 1 f f o u r n e d ig s n 3 o fu f n U d . s S 3 . balances 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 5,242.0 186.5 375.5 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 L,182.1 123.1 1949—Dec. 31 8,763.5 6,863.9 2,197.8 3,028.2 ,637.8 307.6 258.5 L.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—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 1L,741.0 186.3 617.0 754.4 124.1 Dec. 31 10,122.3 8,529.7 2,751.9 4,089.6 11,688.3 160.9 618.6 687.5 125.6 1952—Jan. 31 10,043.0 8,464.4 2,644.9 4,138.7 1L.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 J,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 10,471.6 9,199.1 3,219.9 4,285.8 1,693.3 90.7 621.1 429.6 131.1 June 30P 10,566.7 9,275.3 3,291.6 4,300.2 1,683.5 98.5 616.3 443.3 133.4 July 31P 10,897.9 9,587.9 3,627.3 4,204.1 1,756.6 87.3 629.4 463.6 129.7 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total foreign In- countries Date t t i e i n o r s n n t a a i- - l Official U K d n i o i n m t g ed - France N la e e n r t d - h- S la w e n r i d - tz 5 - Italy E v u Jt r n o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r in ica Asia o A th l e l r tutions and 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 1,216.61,057.9 193.7 1948—Dec. 31.. 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333 5 738.1 2,472.4 775.2 1,287.01,151.8167.4 1949—Dec. 31.. 1,657.8 5,960.2 2,908.1 574.4 171.6 170.5 576.9 303 6 717.0 2,513.9 869.1 1,436.7 961.0 179.5 1950— Dec. 31.. 1,722.2 66,922.6 3,425.9 6656.6 260.7 193.6 553.0 314 7 799.2 62,777.7 899.0 1,612.91,378.5 254.5 1951—Aug. 31.. 1,662.8 7,108.7 3,445.1 522.6 221.2 131.7 506.8 283 4 1,097.4 2,763.1 1,011.1 1,578.31,495.1261.0 Sept. 30 . 1,637.1 7,155.1 3,433.9 513.0 222.7 135.4 511 5 287 8 1,131.3 2,801.9 1,022.8 1,532.01,540.8257.6 Oct. 31 . 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 1,502.2 1,535.0 274.3 Nov. 30. 1,760.9 7,441.4 3,445.0 591.2 254.4 154.5 506 8 293 1 1,0861 2,886.1 1,250.1 1,461.61,555.8287.8 Dec. 31. 1,708.2 7,575.6 3,462.2 642.6 289.4 148.8 521 3 300 5 1,0212 2,923.7 1,307.1 1,437.81,609.6 297.4 1952—Jan. 31.. 1,700.9 7,517.7 3,355.2 644.6 252.8 153 7 521 6 290 2 997 8 2,860.7 1,316.5 1,400.71,635.7304.1 Feb. 29... 1,646.4 7,745.8 3,521.8 796.9 253.4 155 9 542 9 293.9 959 2 3,002.2 1,336.3 1,416.31,661.9 329 A Mar. 31.. 1,677.2 7,794.5 3,622.6 783.6 251.4 149 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 3,735.8 745.0 256.3 122 0 584 3 286 5 970 8 2,964.9 1,397.8 1,490.2 1,755.0316.6 May 31 . 1,713.3 8,239.9 3,930.2 756.8 267.2 155 9 599 6 278 5 1,004 7 3,062.7 1,496.0 1,529.31,826.0 325.9 June 30P. 1,703.4 8,326.0 4,001.9 793.4 299.2 203 0 600 8 266 8 1,028 6 3,191.9 1,490.8 1,516.31,794.5332.4 July 31 P. 1,776.5 8,565.5 4,337.6 848.0 346.2 242 2 616 3 291.7 1,056 2 3,400.5 1,534.3 1,540.81,758.66 331.3 P Preliminary. 1 Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement of funds shown in Table 1. 2 Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in accounts with the U. S. Treasury. 3 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are included in foreign securities. * "Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions (see footnote 2 above) as well as other banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. (Footnote 1 above also applies to this table.) 6 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date. 6 Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts, but which have been excluded in the past from reported liabilities. NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951, certain changes were made in the order and selection of the material published An explanation of the changes appears on p. 1202 of that issue. For further explanation and information on back figures see BULLETIN for August 1951, p. 1030. 1162 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 i s a - g B iu e m l- C v o z a s e k lo c i h a - - m De a n rk - l F a i n n d - m G a e n r y - Greece N w o a r y - l P an o- d t P u o g r a - l m R a u n - ia Spain S d w en e- USSR s Y la u v g i o a - ot A 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 1 19 9 4 4 8 7 — — D D eecc . 3 3 1 1 7 7 3 3 9 8 .1 8 1 1 2 2 4 8 .7 9 4 52 4 .7 8 3 1 0 9 . . 5 1 1 8 7 9 8 . . 5 9 3 2 4 1 . . 7 1 5 7 6 7 .7 2 4 3 7 7 .7 1 8 7 .0 7 1 1 3 2 . 6 8 4 5 9 8 . . 0 6 2 7 1 3 . 3 7 1 1 9 2 . . 9 1 1 1 3 1 8 9 . . 2 3 1949—Dec. 31.. 717.0 119.9 38.0 25.1 149.4 29.6 69.4 38.1 6.7 15.7 90.1 10.2 7.6 117.4 1950—Dec. 31. . 799.2 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—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 A 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.. 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 3QP. 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 July 31 P.1,056.2 51.6 143.5 .6 37.5 22.7 464.3 38.0 95.0 4.7 45.9 5.7 18.0 70.6 2.0 11.4 44.6 Table 2b.—Latin America Neth- Do- er- Date A L i m a c t a e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i R c u i a e b n - n - - G m u a a l t a e- M ic e o x- l I W a a n n n d e d d i s e s t s Peru l P p i R c u a e b n - o - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L ic a m th t a i e e 2 n r r lic Suri- ama nam 1946—Dec. 31 1,104.8 112 6 14 0 174.0 50.7 57.8 153.5 152.2 16.1 40 9 77.2 74 0 181 8 1947—Dec 31 1,216 6 236 2 17 8 104 7 46 3 46 1 234 7 139 2 14 9 41 8 70 3 78 0 186 5 1948—Dec. 31 1,287.0 215 8 17 1 123.7 55.6 54.0 219 A 146.7 24.3 52 6 71 8 121 7 184 1 1949—Dec. 31. 1,436.7 201.1 13.5 192.8 60.9 85.9 164.2 214.6 25.9 52.8 74.3 143.2 207 4 1950—Dec. 31. 1,612.9 301.8 20.4 226.0 79.5 53.4 259.1 42.7 25.4 207.1 30.2 60.2 59.2 16.i 75.1 85.2 71.3 1951—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. 1,532.0312.1 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 31. 1,529.3 167.8 24.4 89.8 52.0 80.7 318.1 51.5 39.7 177.3 28.4 55.9 70.5 37.2 90.4 140.4 105.1 June 30P 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 July 31 P1,540 8 130.7 23.2 97.2 58.4 77.6 321.2 51.2 36.4 205.1 79 1 57.1 73.3 32.6 101.5 129.9 116.2 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 IsraelJapan i P p h p 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 3 o A th l e l r A t l r u i a a s - - C g B o i e a n l n - go A E a n g n g y d l p o - - S U o o n u f i t o h n Other < Main- public tian Africa land Sudan 1946—Dec. 31 . 1,316.4 431.9 44 9 43.5 127.1 16.6 446 6 54.7 151.0 232.8 45.5 20.8 47.2 119.3 [947—Dec, 31. 1,057.9 229.9 39.8 62.4 69.3 31.3 488.6 37.6 99.0 193.7 30.6 25^0 46.4 91.8 1948—Dec. 31. 1,151 8 216.2 51 1 51.8 41 5 81 4 488 3 17 5 204 0 167.4 22 2 27.7 15.8 101 6 1949—Dec. 31. 961.0 110.6 83.9 63.3 15.7 214.6 297.3 9.8 165.7 179.5 32.4 61.6 6^0 79^5 1950—Dec. 31. 1,378.5 81.7 86.1 55.7 114.7 *20".3 ii!<5458.5 374.4 *48!2 14.3 111.9 254.5 19.1 ' 58J 75.6 44.0 57.7 1951—Aug. 31. 1,495.1 89.7 62.3 64.3157.4 25.8 16.7440.6 382.2 73.1 12.9 170.1 261.0 22.3 53.1 98.7 21.8 65.2 Sept. 30. 1,540.8 93.7 60 0 68.9 172.7 25.3 12.0492.4 369.4 80.0 12.0 154 5 257.6 22.4 50.3 104.8 11.6 68.5 Oct. 31. 1,535.0 90.0 60.1 59.8 128.0 21.0 13.5538.7 355.6 84.9 12.2 171.3 274.3 32.4 52.2 101.7 16.0 72.0 Nov. 30. 1,555.8 88.4 62.0 57.7129 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 62.1140.6 25.5 26.6596.0 329.7 96.7 14.1 168.4 297.4 38.5 54.5 110.7 7.0 86.8 1952—Jan. 31. 1,635.7 81.9 64.2 58.6 131.8 26.8 20.7636.2 328.2 108.8 13.6 164.8 304.1 32.3 54.3 121.0 9.1 87.3 Feb. 29. 1,661.9 81.6 64.4 59.4 127.4 26.9 19.3655.7 331.1 115.0 14.9 166.1 329.1 36.5 58.8 126.4 11.8 95.7 Mar. 31. 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 52.1171.1 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 . 1.826.0 80.2 62.7 67.3 190.2 23.5 37.8724.8 337.2 126.5 14.2 161.5 325.9 44.7 67.5 118.3 12.4 83.1 June 30v 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 July 31 P 1,758.6 76.3 68.1 58.6 158.0 24.7 26.8725.6 321.8 134.9 9.4 154.4 331.3 47.4 74.8 116.8 11.2 81.1 p Preliminary. 1 Beginning January 1950. excludes Austria. Czechoslovakia, and Poland, reported separately as of that date. 2 Beginning January 1950. excludes Dominican Republic. Guatemala. El Salvador, and Uruguay, reported separately as of that date 8 Beginning January 1948. includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 4 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. OCTOBER 1952 1163 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLB 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATBS, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Date Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T ur o o 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 23.4 49.1 7 0 21.1 118 9 248.6 27.5 514.3 127.0 31.5 1948—Dec. 31. 1 018.7 24 5 119.0 51.4 6.9 15.8 106 3 323.8 39.8 516.6 118.8 19.7 1949—Dec. 31. 827.9 37 2 51.8 5.2 3 8 22.6 98 5 219.2 37.6 411.1 139.7 20.4 1950—Dec. 31. 898.0 105 7 31.4 3.4 8 7 20.7 67 1 237.0 125.8 378.8 96.3 60.0 1951—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 Apr. 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 31. 1,038 7 42.0 11.6 3.3 7 3 24.9 79 1 168.2 69.5 652.2 117.4 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 July 31 P 1,042 0 33.6 11.6 3.8 8 0 28.0 68 5 153.4 49.7 707.9 105.2 25.8 Table 3a.—Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m D a e r n k - 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 1.1 .9 5 4 (3) 35 9 106 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—Aug 31 88.8 .2 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 (3) 39.6 4.8 3.1 28 3 .2 2.5 .8 18 8 5 4 3 9 4 0 1952—Tan 31 114.6 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 28.7 4.6 2.7 27.7 .1 1.5 1.2 13.5 4.2 .7 4.4 Apr 30 81.1 (3) 21 3 4 3 1 8 27 2 .1 1 8 1 0 12 6 3 6 2 4 4 9 May 31 79.1 17.6 3.9 3.4 26.9 .1 2.0 .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 July 3\P 68.5 W 13.6 3.6 2.8 23.7 .2 1.8 .7 14.3 3.1 .5 4.2 Table 3b.—Latin America Neth- 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 p m i D R c l u i i a e o b c n n - - - - G m u a a l t a e- M ic e o x- I l W n S a a e d u n n r e i r d d - e s i s - s t Peru l p P a i R c u m a e b n o - a - - f v S a E d a l l o - r g U u r a u y - V zu e e n l e a - O A L ic a m t a h t i e e 4 n r r 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 1 1 1 9 9 9 4 4 4 9 7 g — — — D D D e e e c c c > . 3 3 3 1 1 1 m .. m 4 5 5 1 1 1 1 6 4 . . . 1 6 3 6 5 7 5 3 2 . . . 2 6 4 2 2 2 . . . 0 7 3 1 1 1 6 6 3 5 5 6 . . . 8 4 9 2 1 1 7 5 5 . . . 8 2 5 3 3 2 2 1 2 . . . 1 6 6 1 2 8 0 7 3 8 . . . 5 1 6 5 7 7 2 3 3 . . . 2 0 8 1 1 1 . . . 1 5 3 4 4 5 . . . 3 8 4 4 4 5 . . . 7 3 6 2 2 1 6 5 5 . . 6 3 0 3 3 4 4 4 3 . . 5 1 7 1950—Dec. 31.. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 "i!9* "2.6' 70.6 1.3 11.0 3.1 "6!8' 8-9 49.4 14.6 1951—Aug. 31. . 429.5 8.9 8.2 112.4 15.5 42.7 42.0 1.8 3.0 68.6 1.2 12.2 2.6 4.1 11.3 80.5 14.7 Sept. 30. . 437.2 8.3 7.8 135.0 19.5 42.1 34.0 1.5 2.8 69.1 1.4 12.7 3.2 5.5 12.9 67.7 13.7 Oct. 31. . 463.8 9.3 7.2 155.6 20.6 43.0 30.1 1.7 3.4 74.1 1.1 13.9 3.1 7.5 13.4 66.9 13.1 Nov. 30.. 465.5 7.9 7.2 164.3 22.7 39.7 29.4 1.7 3.2 87.4 1.4 12.7 3.3 8.4 9.3 54.6 12.3 Dec. 31. . 489.3 7.6 7.5 185.0 24.8 43.7 32.3 1.8 3.8 90.6 1.2 11.8 3.0 9.5 10.5 41.7 14.5 1952—Jan. 31.. 520.3 7.9 7.1 207.3 26.2 39.3 29.6 2.2 4.0 109.1 1.2 12.0 4.2 9.9 11.8 34.9 13.7 Feb. 29. . 520.6 7.8 9.9 217.0 23.6 36.1 31.0 2.1 4.2 103.0 1.2 11.8 4.1 8.4 7.9 38.7 13.8 Mar. 31.. 570.2 8.6 8.1 234.9 29.3 33.8 56.6 2.1 4.2 101.1 1.2 11.5 3.9 7.5 19.1 33.1 15.1 Apr. 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 31.. 652.2 7.4 9.7 320.7 27.5 34.3 55.9 2.4 3.7 90.8 1.1 11.6 6.0 5.3 27.9 34.2 13.8 June 30*. 669.8 8.2 8.4 358.2 26.1 35.0 51.8 2.2 4.1 78.0 1.2 10.9 5.9 5.4 30.7 32.1 11.5 July 31*. 707.9 7.2 8.7 395.5 27.0 34.5 57.5 1.9' 3". 7 71.2 1.2 10.9 6.3 5.3 32.1 32.4 12.5 * Preliminary. 1 See footnote 1, p. 1162. 2 Beginning January 1950, excludes Austria, reported separately as of that date. «Leas than $50,000. 4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 1164 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 i a n 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 li 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 ia - 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 n o u i i f c t o a h n Others land Sudan 1946—Dec. 31 99 2 53.9 5 9 12 0 1 0 ? 20 ? 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 6'.6 18'.9 12.1 4.9 i 5* .9 13.9 60.0 40.8 4 4 .3 7.3 7.2 1951—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. . 117 4 8.1 1 8 9 4 6 10 6 30 1 12 27 4 3 2 1 6 12 1 31 5 12 7 7 8 2 4.8 6 1 June 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 July 31 P'. 105.2 8.1 .8 5.5 .5 10.3 27.4 10.4 6 9 2.3 16.7 16.3 25.8|| 9.6 8 2 .2 3.7 4.1 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES8 (Inflow of Foreign Funds) [In millionsof dollars] U. S. Government bonds and notes4 Corporate bonds anc stocks• Net Year or month Purchases Sales pur N ch e a t ses Purchases 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 a i s t s i t 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 8-683.0 859.8 761.0 98.7 1,533.3 2,117.6 -584.3 1951—Aueust 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 20.7 17.4 3.4 62.6 61.8 8 83 4 79 2 4 2 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 22.2 9.0 61.6 71.9 -10.3 92.8 94.1 -1.3 Tune* 40 3 40.0 2 62.9 68.0 —5 1 103 2 108 0 —4 8 July? 39.8 36.0 3.8 73.0 63.7 9.3 112.8 99.7 13.1 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES8 (Return of U. S. Funds) [In millions of dollars] Foreign stocks Foreign bonds Net Total Total purchases Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses purchases sales se fo c r u o e r i f i g ti n es 1946 65.2 65.6 -.4 755.9 490.4 265.5 821.2 556.1 265.1 1947 57.1 42.6 14.6 658.7 634.3 24.5 715.9 676.8 39.0 1948 81.7 96.7 -15.0 211.6 291.4 -79.8 293.3 388.2 -94.8 1949 88.8 70.8 18.0 321.2 311.5 9.8 410.1 382.3 27.8 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—August. . . 19.6 19.6 -.1 21.1 20.7 .4 40.7 40.3 .3 September 26.6 26.6 (7) 73.6 73.0 .6 100.2 99.6 .6 October. . 25.2 21.4 3.8 53.9 226.1 -172.2 79.1 247.5 -168.4 November 24.2 47.6 -23.5 73.7 39.6 34.2 97.9 87.2 10.7 December. 24.4 82.6 -58.2 38.1 46.8 -8.7 62.5 129.4 -66.9 1952—January.. 34.4 29.9 4.6 33.1 36.5 -3.5 67.5 66.4 1.1 February. 29.4 28.1 1.4 19.0 50.7 -31.7 48.4 78.7 -30.3 March.... 22.0 35.8 -13.8 21.5 23.4 -1.9 43.5 59.3 -15.8 April 28.9 44.9 -16.0 47.7 93.8 -46.1 76.6 138.7 -62.1 May 19.0 20.4 -1.4 40.3 189.6 -149.4 59.3 210.1 -150.8 June".... 19.3 22.9 -3.6 50.0 32.7 17.3 69.3 55.6 13.7 Jl 23.9 32.2 -8.4 52.8 24.2 28.7 76.7 56.4 20.3 P Preliminary. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. * Includes transactions of international institutions. * Through 1949 includes transactions in corporate bonds. * Through 1949 represents transactions in corporate stocks only. 8 Includes net sales of 554 million dollars by Canada. 7 Less than $50,000. OCTOBER 1952 1165 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES (Inflow of Foreign Funds) [Net sales, (—). In millions of dollars] Y m e o a n r t o h r n t a I u i n n t t i i t s o o e t n i r n - - a s l Total U K d n i o i n m t g ed - France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1946... -334.2 -36.9 -6.8 -26.5 -17.5 -.1 -10.8 -98.6 -16.4 6.3 -224.5 -1.0 1947... 74.5 -163.6 -8.9 -50.2 -98.2 13.0 -17.1 -14.1 -175.5 3.2 -3.5 10.0 2.2 1948... 7.6 -199.8 9.1 -82.8 -79.3 -40.0 2.6 -190.4 7.5 10.2 -23.3 -3.9 1949... 87.0 -11.8 20.9 -6.8 -25.5 44.2 1.5 2.2 36.5 -49.0 2.5 -2.1 .2 1950... 121.2 823.2 64.0 197.8 -6.3 19.0 -.7 73.8 347.5 458.2 30.1 -15.3 2.7 1951... -15.9 -568.4 21.4 6.0 -22.2 45.9 1.9 -43.8 9.2 -595.5 13.9 4.8 -.7 1951—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 -10A .1 Oct... -14.5 -229.4 -3.6 .4 -2.2 11.2 -.1 1.9 7.5 -235.9 3.9 -5.0 .1 Nov... 1.0 3.1 3.1 .6 -4.6 2.6 .2 .8 2.6 -1.7 1.2 .9 .1 Dec... .7 5.6 .7 -1.0 -4.3 .3 3.8 5.0 -7.6 3.1 0) .3 1952—Jan... .3 12.4 5.4 1.5 -1.7 10.4 — .1 -1.3 14.1 -3.1 2.3 -1.3 .4 Feb.. . -3.3 -11.2 -.7 .7 -2.7 -4.8 .2 .3 -7.0 -.9 -2.3 -1.1 .1 Mar... -.2 2.3 .4 -2.3 2.4 -.2 -1.2 1.4 -2.7 2.9 -2.1 .3 Apr.. . 4.2 .4 -.6 -2.6 -.1 .1 -.6 -3.3 3.6 4.1 0) — .2 May. . -1.6 1.3 0) -2.1 -1.9 .1 .7 -1.9 .7 -.4 .2 -.2 June P. -5.4 -.8 1.6 -3.0 3.0 -.2 1.2 1.7 -2.5 -4.8 -.2 .5 July?. 12.7 8.5 .6 -1.4 13.1 .3 .9 22.0 1.3 1.5 -12.3 .2 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia Y m e o a n r t o h r E O u t r h o e p r e t A ri u a s 2 - g B iu e m l- N w o a r y - o A th l e l r A L m i a c t e a i r n - l C o b m i o a - - Cuba M ic e o x- p P a R u m o a b e f n a - l - ic g U u r a u y - 2 A O L m i a t c h t e a i e r n r - Asia M C m F a h a o n o i i r 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 th si e a r land lic 1946 — 10.8 .6 2.2 -13.6 6.3 .1 1.7 6.8 4.5 -6.7 -224.5 -200.5 -22.5 — 1.9 .4 1947 — 14 1 — 9 —4 1 —9.2 -3.5 3 — .9 2 5 —6 9 1.5 10.0 -3.2 1 -2 7.0 7.5 1948 2.6 2.6 — .3 .3 10.2 2 -.8 2.9 -4.7 12.6 -23.3 -22.7 -A .4 -.9 1949 2 2 1 6 — 9 1 4 2 5 1 2 — 1 0 3 4 2 -2.1 -2.1 -7.2 .2 .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 .5 6.1 2.5 .8 2.6 1.5 4.8 -.2 .3 -2.1 6.8 1951—Aug. .. -42.6 -4.7 -3.6 -29.2 -5.0 — 1.3 -.1 -.3 -.3 .6 -.8 -.3 — .1 — .2 0) 0) .1 Sept... 1.0 1.2 0) -.2 3.8 -.5 -.2 .6 3.1 .1 .7 -10.1 .1 -10.0 0) -.2 Oct.... 1.9 2.0 0) -.5 3.9 -.3 .4 0) -.3 1.6 2.5 -5.0 .1 -5.0 0) -.1 Nov... .8 .7 -.2 .2 1.2 .8 .2 .1 -1.5 .7 .7 .9 0) 0) 0) .9 Dec. . . 3.8 0) 3.4 0) .4 3.1 .3 .1 1.6 .2 -.6 1.5 0) 0) -1.2 1.2 1952—Jan.. .. -1.3 .2 -.6 C1) -.9 2.3 A .1 1.0 1.1 .5 -.1 -1.3 0) 0) -1.1 — .3 Feb.... .3 0) .5 -.1 -.1 -2.3 -'.3 .3 -.2 -3.2 1.0 .2 -1.1 0) -.3 -.8 Mar. . . -1.2 0) -.1 .1 -1.3 2.9 .6 .5 2.0 -.1 -.1 -2.1 — .2 C1) -1.6 -.4 A M p a r y . . -.6 .7 0) .8 — 1 . . 5 3 - 4 .4 .1 -1.1 .4 .8 " - . . 8 7 1. . 4 4 — . 5 .2 1 1 . . 7 3 0) . .1 2 C (0 1) 0) — . 1 .1 June?.. 1.2 0) *4 ^ 6 —4 8 1.1 — 4 — 4 —5.9 3 4 .2 0) 0) July P. . .9 0) 2 -.8 0) 1.7 1.5 .3 -.2 .8 -.3 .5 .5 -12^3 -.4 -5.0 -7^5 .6 TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, (—). In millions of dollars] Y m e o a n r t o h r na I i n n ti t s o e t n i r - - al Total U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r tutions 1946 265.1 -20.9 -1.0 -7.0 -13.9 -.8 10.9 -32.6 187.6 131.3 .3 —21 4 1947 -249 3 288.3 -2.0 -3.1 -29.9 -14.9 -.3 15.6 -34.4 205.2 89.2 .5 27 8 1948 0) -94.9 -9.9 -4.3 -5.3 -35.4 .1 11.4 -43.4 -102.2 40.7 1.6 8.4 1949 -16.0 43.8 -13.5 .4 -.1 19.1 .4 24.6 30.8 -10.6 20.2 .8 2.6 1950 -3.6 -141.8 -6.1 -1.3 -4.7 17.2 .5 7.8 13.4 -190.0 29.8 1.0 3.9 1951 — 152 7 —224 3 -2.0 —4.1 2.8 14.2 1.2 16.4 28 5 -258.6 33 8 —36 0 7 9 1951—Aug .1 .2 .3 .2 -.7 1.0 0) .7 1.5 -1.6 0) 0) .4 Sept... -1.0 1.6 -.6 .8 .1 1.2 0) -1.1 .4 -2.2 3.8 -1.7 1.3 Oct.... -99.4 -69.0 .2 .8 .7 .2 0) 1.4 3.4 -76.5 5.4 -2.0 .6 Nov 10.7 .3 0) .4 1.4 (1) .3 2.5 9.2 2.6 —3.9 3 Dec. -66.9 -.1 .8 .2 .9 .1 2.9 4.6 -68.0 2.3 -6.8 .9 1Q.S2—Jan -1.4 2.5 .2 1.0 .7 2.3 .1 .6 4.9 2.8 -1.1 -4.4 .3 Feb.. . . .1 -30.4 -3.0 .4 .3 .7 0) .8 -.8 -30.6 2.3 -1.8 .6 Mar... . -4.4 -11.4 -.5 .2 .5 .4 -.2 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. .. -50.7 -100.1 -1.1 .5 -.2 1.0 2.1 2.3 -101.5 1.9 -3.0 .1 June?. . -.8 14.5 -1.1 .9 -3.9 -.1 -'.2 6.1 1.7 12.6 2.5 -2.7 .4 July?. . 0) 20.2 — 1.1 -.3 -6.7 -1.6 .4 -.4 -9.6 22.2 0) 7.4 .2 v Preliminary. i Less than $50,000. 2 Not available until 1950. 1166 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 (i) 1.1 — 1.6 2.0 7.5 1.0 .7 1947 . . — 11 3 -1 0 -1 4 —4.8 — 1 5 — 2 -.5 —9 3 -2.0 — .6 1.8 -1 4 1948 -19.3 -1.2 -2.5 -3.4 -10.7 .1 -3.2 -20.8 .1 1.2 .4 — .1 1949 .6 .1 -.5 .2 .9 .2 .1 1.0 .9 -1.3 -.2 .2 1950 8 0 — .1 — .1 2.5 .7 .4 — .2 3.0 -3.0 4.4 3.0 .6 1951 -6.1 .9 .4 .3 -4.8 .2 — .3 —3.3 2.8 -5.0 -.5 — .1 1951—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 0) October -7 5 -.7 .2 — 1.9 — 1.0 — .1 .2 -3.4 .4 -4.5 .5 November -.2 1.2 .6 .3 .1 °r .2 2.3 .1 -3.1 .5 December 1.5 .7 -.3 .7 C1) __ 2 .3 .3 1.3 0) -.4 1952—January -.2 -.8 -1.1 -1.7 -.5 0) .4 -3.7 1.1 2.2 .2 0) February 5.3 1.1 .8 1.0 4.8 .2 8.1 -2.1 -1.5 .5 March, . . 1 2 .2 .3 1.9 -2 7 .1 .2 (i) 1 8 .1 — .2 — .6 April -4.8 -1.3 — .9 -1.9 1.7 -.2 -2 -2.9 1.4 -2.6 -.8 (i) May 4 1 .4 .3 — 6 2 9 .2 — 5 2 6 -1 5 2 1 2 6 TuneP 2.3 1.0 .2 3.1 -2.1 .1 .1 2.2 -.3 .5 -.3 .2 Julyp 2-3.7 -1.6 -.1 .7 -1.1 — .2 .2 -2.1 .4 -2.0 2 .1 P Preliminary. 1 Less than $50,000. 2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 87.5; U. S. brokerage balances abroad, 34.7. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reported monthly Estimated Y m e o a n r t o h r pr U o o w u d S o t u s S r i c l R d d t e i i on r m e T o p o n o t r t a h te l l d y A So fr u ic th a d R e h s o ia A - fric A W a 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 n a - orth M a i n c e o d x - Sou C t o h b l i o a A m m - eri C ca hile r N ag ic u a a - 5 Au l s ia tr O a- the I r ndia8 $1 =15/21 grains of gold 9/10 fine: i. «., 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 S.8 1944. 777.0 701.5 429.8 20.7 18.4 12.7 35.8 102.3 17.8 19.4 7.1 7.9 23.0 6.6 1945. 738.5 683.0 427.9 19.9 18.9 12.1 32.5 94.4 17.5 17.7 6.3 7.0 23.0 5.9 1946. 756.0 697.0 417.6 19.1 20.5 11.6 51.2 99.1 14.7 15.3 8.1 6.4 28.9 4.6 1947. 766.5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6.1 1948. 798.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949. 833.0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950. 861.0 776.2 408.2 17.9 23.2 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951. '758.3 403.1 17.0 23.7 12.7 66.3 152.7 13.8 15.1 6.1 8.8 ••31.4 7.6 1951—July 62.5 34.4 .4 1.9 1.2 5.2 12.1 1.0 1.3 .5 .9 2.0 .7 August... . 65.7 34.6 .4 1.9 1.3 6.4 12.1 2.0 1,5 .5 .8 '2.7 .7 September. 63.3 33.3 .4 2.0 1.1 6.1 12.6 .8 1.3 .4 .8 '2.9 .7 October. . . '66.1 34.1 .5 2.0 1.1 6.3 13.2 2.0 1.2 .5 .7 '2.8 .7 November. '63.3 33.8 .4 2.0 .9 5.4 13.0 .8 1.2 .5 .7 '2.8 .7 December. '62.4 33.2 .5 2.1 1.0 4.9 13.2 1.2 .9 .4 '2.7 .7 1952—January... 62.5 34.2 .4 2.0 1.1 5.0 12.4 .5 1.6 .6 2.4 .6 February.. 61.0 32.2 .4 1.9 1.2 4.8 12.3 1.4 1.4 .4 2.6 .7 March 34.4 .3 1.9 1.2 4.6 12.8 1.2 .5 2.5 .7 April 33.8 5 2.0 1.3 5.0 12.7 1.6 2.8 .7 May 35.5 1.4 2.0 1.2 5.1 12.8 1.5 2.7 .7 June 34.1 1.5 1.9 1.2 5.5 12.5 .9 2.9 .7 July 35.5 1.8 1.2 6.4 13.1 1.3 .7 r Revised. Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 8 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. 1 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. OCTOBER 1952 1167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B iu el m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a en rk - E d c o u r a- USSR)* Treasury Total2 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—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 IVTay .. 23,296 23,502 268 650 23 317 886 42 321 31 22 Tune.... ?36,130 23,346 23,533 268 669 317 893 42 318 31 22 July 23,350 23,536 268 735 317 41 31 22 Aug ... 23,344 23 528 73 S 31 23 ! E m n o d n t o h f Egypt France 3 G m u a a l t a e- India Iran Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Pa ta k n is- Peru 1945—Dec 52 1,090 28 274 131 24 294 270 23 80 28 1946—Dec 53 796 28 274 127 28 <201 181 265 23 91 24 1947—Dec 53 548 27 274 142 58 M80 100 231 23 72 20 1948—Dec 53 548 27 256 140 96 42 166 23 52 14 20 1949—Dec 53 523 27 247 140 256 178 52 195 27 51 27 28 1950—Dec 97 523 27 247 140 256 208 208 311 29 50 27 31 1951—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 27 247 138 346 280 117 344 33 50 38 46 Tune.. . . 174 548 27 247 138 280 344 33 50 38 46 July .... 174 548 27 247 138 280 350 33 50 38 Aug 174 558 138 280 33 38 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l w a e n r i - t d z- T la h n a d i- Turkey U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S a In e ti t t o t e l n r e - a - l Fund ments 1 19 9 4 4 6 5 — — D D e e c c 433 1 12 3 9 9 1 3 4 9 1 11 1 1 0 4 3 8 8 2 1 L L . . 3 4 4 3 2 0 4 3 3 4 2 23 4 7 1 5 6 2 2 , , 4 6 7 9 6 6 2 1 0 9 0 5 2 2 0 1 2 5 15 3 3 9 2 1947—Dec 310 15 762 111 105 1,356 34 170 6 2,079 175 215 1,356 30 1948—Dec 236 15 183 111 81 ,387 34 162 • 1,856 164 323 L,436 36 1949—Dec 178 17 128 85 70 1,504 118 154 5 1,688 178 373 11,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 5 3,300 236 373 1L,495 167 1951—Sept 234 26 210 50 128 L.446 113 150 *3,269 252 373 1L.529 144 Oct 250 26 209 50 134 1,448 113 150 242 373 L,529 132 Nov.. . . 255 26 208 50 136 1,454 113 150 232 373 L,530 127 Dec 265 26 190 51 152 ,452 113 151 « 2,335 221 373 L.530 115 1952—Jan 265 26 190 51 179 L.438 113 150 '5 2,037 221 373 1,531 116 Feb 270 26 193 51 211 1,426 113 150 '61,771 211 373 1,532 126 Mar 274 26 169 51 214 L,432 113 150 51,700 211 373 1,532 143 Apr 274 26 164 51 214 1,413 113 150 & 1,662 211 373 1,532 151 May.... 274 30 161 51 210 1,410 113 153 s1,678 211 373 1,535 154 Tune... . 274 30 148 51 213 1,408 113 150 61,685 211 373 L.537 154 July .... 274 30 151 51 206 1,408 113 150 51,716 373 166 Aug 274 30 P159 51 202 150 M,672 373 181 P Preliminar•yy.. TT RReevviisseedd.. 1 Includes reippoorrtteedd ggoolldd hhoollddiinnggss ooff cceennttrraall bbaannkkss ;and governments and international institutions, unpublished holdings of various central banks and goverrnnmmeennttss,, eessttiimmaatteedd hhoollddiinnggss ooff BBrriittiisshh Exchange Equalization Account based on figures shown below under United Kingdom, and estimated ofEfincciaiall hhoollddiinnggss ooff ccoouunnttrriieess ffrroomm wwhhiicchh nnoo rreeppoorrttss aarree rreecceeiivveedd.. 2 Includes go\1l^d ii*n-\ TE7xvrc»Vhtra*nnrrg£fec SQtfaobKiilliirzrantf iionnn TFTuii-nt-i/d4. G(~lo.rlAdA i nin aocrt»ifvnero p no/-r»tritoirntn o rf\$ thfViiisc sF Tu7nntd-» r1is ion o-rt\ ri\¥n cirltu r»d1eiid A aiAn rITeI gfuolmaril osrt aotfi osftiiocfs 1 Vo0 nr \rg\ oclldtod A sAstto oocc k+k i-\ (r*(TlTr rre^eTaa*sfs u*»u*r•*ry myinr gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Tnreasury statement "TTViJfori Qfofoo ~\/tr\r>e*\T Hiifofonriincr and in Circulation, by Kinds.*' ink of France (holdings of French Exchange Stabilization Fund are not included). : 1946—Mar. 31, and 1947—Mar. 31. 1168 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Year or quarter Total K U in n g i d te o d m g B iu el m - France N la e e n r t d - h s - Po g r a t l u- S d w e e n - S l w a e n r i - t d z- E O ur t o h p e e r l Canada A t r i g n e a n- Cuba Mexico 1945 -452.9 31.1 278.5 -47.9 -86.8 -7.4 36.8 -224.9 -85.0 -23.8 1946 721 3 —' 2 14 2 — 10 0 80 2 —29 9 27 3 337 9 153 2 —30 0 36 9 1947 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727.5 -65.0 45.4 1948 1 510 0 734 3 69 8 15 8 40 7 63 0 3 0 —5 6 5 8 114 1 — 10 0 61 6 1949 193.3 446.3 -41.0 -23.5 14.0 -40.0 2-159.9 3.4 -49.9 -10.0 -16.1 1950 -1,725.2 -1,020.0 -55.0 -84 Y -79.8 -15.0 -22 .9 -38.0 -68.0 -100.0 28.2 -118.2 1951 75 2 469 9 -10 3 —20 0 —4 5 —34 9 -32 0 — 15 0 —60 1 — 10 0 —49 9 —20 0 —60 2 1949 Jan -Mar. . . 68 8 — 12 5 10 4 10 5 —5 0 — 13 7 3 4 2 3 Apr .-June 173.9 162.4 -31.0 -10.0 -11.2 7.9 July-Sept 101.5 283.9 3 5 -20.0 2-119.1 -io'.o -11.3 Oct.-Dec -151.0 2.5 -33.9 -5.0 -15.9 -49.9 -15.0 1950 Jan.-Mar -201.3 -80.0 -35.0 — 13 0 -12 A — 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 -ibb'.o 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 July-Sept 291.4 320.0 -5.0 -17.0 -3.5 -20.0 Oct -Dec 715 7 629 9 71 7 —5 0 — 1 1 1952 Jan -Mar. .... 557 3 520 0 20 2 22 5 — 10 1 11 3 Apr.-June 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 te 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 - O A c a e n s a d i n a ia A U So f n o r u i i f o c th n a o A th l e l r Period T e u r n e r d a y s o - fp T e o ri t o a d l i I i n n s c g to r o t e o c ld a t k a s l e g p e o o x N ( l - d p r ) 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 D ti t r c o i o o m d g n o u e 2 l c s d - - (-) 1945. . -37.9 -73.1 -27.8 s-188.3 3.7 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 5 5 4 6 8 7 1 0 9 . . . . . . . . . . . . - -6 1 - 2 2 1 4 4 4 2 5 0 . . . . . 2 1 . 9 4 7 - - 1 5 - - 0 9 3 0 - 8 . . . . 9 2 7 0 .0 - - 1 1 - 2 7 1 7 7 7 5 9 3 . . . 2 2 . 5 . . 0 1 4 5- - - 5 5 3 - 1 4 2 5 0 3 1 . . . . 1 . 1 4 . 1 7 0 4 2 1 9 5 9 5 1 9 4 2 8 6 3 5 . . . . . . 3 1 6 0 7 1 4- - - 8 4 2 1 1 7 4 2 1 . . . 9 9 0 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 2 7 5 6 3 4 . .... 2 2 2 2 2 2 0 0 0 2 2 1 , , , , , , 6 5 0 7 7 9 1 2 6 5 2 3 9 9 5 4 6 8 2 2 2 2 2 20 2 0 2 1 0 , , , , , 8 7 0 9 6 7 3 6 8 3 8 0 9 8 1 1 3 6 — 3 2 - - 1 7 5 , - 1 6 2 3 5 4 2 6 4 3 7 7 3 2 9 . . . 0 . 9 8 1 1 8 1 — - , 1 8 3 3 8 0 6 6 1 1 4 6 8 5 6 1 5 . . . . . . 3 9 7 5 3 4 - — — - 4 3 4 2 4 8 5 5 6 1 5 0 6 8 5 0 9 3 . . . . . 7 4 4 0 6 8 1 4 3 3 5 7 2 5 1 8 2 5 5 . . . . 3 0 8 4 2 8 1949 1948 24,244 24,399 1,530.4 1,680.4 -159.2 70.9 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 O Ju c l t y .- - D Se e p c t - - 1 1 6 . . 0 5 -50.0 -1 -2 1 . . 9 9 -4 -2 1 . . 2 0 4 1 8 9 . . 1 9 -2.0 .2 1951—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 a p n r . . - - M Ju a n r e -1 -2 2 . . 0 0 -10 -. . 9 4 1. . 0 2 3 9. . 2 9 -2 -2 6 . . 8 9 1952—Jan. . . 22,951 23,055 182.4 63.6 137.5 5.0 July-Sept -23.9 -.1 -13.9 -14.7 Feb... 23,190 23,377 321.5 150.3 152.2 4.8 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 Jan.-Mar -50.9 -11.7 -18.8 -28.0 July... 23,350 23,536 3.8 24.5 -31.4 6.4 A Ju p ly r. - - S Ju ep n t e 2 1 8 5 . . 0 0 -.9 -5 3 .0 .5 - - 3 2 . . 9 4 2 1 0 2 . . 3 7 - -3 2 1 5 . . 0 0 A Se u p g t . . . . . . 2 23 3 , , 3 3 4 4 2 4 2 23 3 , , 5 5 2 2 5 8 - -2 8 . . 8 0 ( ( 4 4 ) ) 5 - - 3 1 2 3 . . 6 8 6 (4 . ) 5 Oct.-Dec 30.1 -4.0 -25.0 19.2 1 See footnote 2 on opposite page. 1952 2 Yearly figures are estimates of United States Mint. For explana- J A a p n r . . - - M Ju a n r e .. . 10.0 -1 -7 7 . . 4 6 - - 3 2 . . 2 4 4 7 . . 3 2 t ti i o o 3 n n C t o h o f a n I m n g o t e e n r t i n h n a l c y t l i u o f d i n g e a u s l re M t s r a o s n e n s e e f e t p a r . r y o 1 f 1 F 6 u 6 7 n 8 , d 7 f . . o 5 o t m no il t l e i o 4 n . dollars gold subscrip- 4 Not yet available. 2 4 8 1 I I I I n n n n c c c c l l l l u u u u d d d d e e e e s s s s s s B s a a a a l l l e e n e s k s o o f f o f o 1 f r 1 1 8 4 I g 5 n . o 3 . t l 3 e d m r m n i t l a i o l l t i l o i i o o n E n n g d a y d l o p o l S l t l a l e a r t a s r t s s l o e o f m f f o g e l g o l n o o l t d w l s d . s t : o t o 1 It C 9 a 5 h l 0 y i , n . a 4 . 4.8 million a t u i c n o c 6 d n o e s G u , r o n e a l t d , a m r h i o m n e u c a l n d l r u t k e d u d i n i n s d g t e n o r o g t 4 e o , a l i 9 d n r 2 m c 8 h l a . u e 4 r d l k d e m d a f i o t l i l r n t i h o t t e n h h e e F d e o a g d c l o l e c a l r d o r a s u l s n t o R t o n e c o s k f S e r e o i v p f n e t t . t e h B r 3 e n a 0 a n U , t k i n s o 1 i 9 n f t 5 e o a d l 2 r . f i S n o t r s G a e t t i i o e t g l u s n d - . dollars; and 1951, 76.0 million. NOTE.—For back figures and description of statistics, see Banking 5 Includes sales of 45.0 million dollars of gold to Indonesia. and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. OCTOBER 1952 1169 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 1951 International Fund International Bank July Apr. Jan July June Mar Dec. June Gold 1,537 1,532 1,531 1,519 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1,319 1,283 1,322 1 ,316 United States 6 5 9 Other 4,420 4,460 4,408 4,327 Other 937 940 919 Unpaid balance of member subscriptions. 869 871 883 869 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 512 490 510 457 Member subscriptions 8,1541 8,154 8,152 8,037 Calls on subscriptions to capital stock 3. . 4 4 4 4 Accumulated net income -7 -7 -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 J Bonds outstanding 500 450 436 325 (Cumulative—millions of dollars) Liability on obligations sold under guar- Aug. July June Aug. antee 56 41 33 33 Loans—undisbursed 403 372 350 352 Other liabilities 5 10 6 Australian pounds 50.0 20.0 20.0 20.0 General reserve 58 55 50 42 Belgian francs. 11.4 11.4 11.4 11.4 Special reserve 28 26 24 20 Brazilian cruzeiros 37.5 63.0 88.0 65.5 Capital« 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 ro v n a e k r ian koruny. . 1 6 0. . 2 0 1 6 0. . 2 0 1 6 0. .0 2 1 6 0 . . 0 2 1 As of Aug. 31, 1952, the Fund had sold 847.0 million U. S. dollars; Egyptian pounds -5.5 -5.5 -5.5 -5.5 in addition, the Fund sold to the Netherlands 1.5 million pounds French francs 125.0 125.0 125.0 125.0 sterling in May 1947 and 300 million Belgian francs in May 1948, sold Indian rupees 100.0) 100.0 100.0 100.0 to Norway 200 million Belgian francs in June and July 1948, and sold Iranian rials 8.81 8.8 8.8 to Brazil 10 million pounds sterling in January 1951. Repurchases Netherlands guilders 48.1 75.2 75.2 '75'A amounted to 180.1 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 10.0| 10.0 5.0 2 Less than $500,000. Pounds sterling 300.0 300.0 300.0 300.0 1 Excludes uncalled portions of capital subscriptions, amounting to Yugoslav dinars 9.0 9.0 9.0 6,763 million dollars as of June 30, 1952, of which 2,540 million repre- Allother -1.6 -1.6 -1.6 -.9 sents the subscription of the United States. Total 712.3 735.0 750.0 736.0 CENTRAL BANKS A d ss e e p t a s r o tm f e is n s t ue Ass d e e ts p a o r f t m ba e n n k t ing Liabilities of bankingdepartment Bank of England Note (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Goldi a O ss t e h t e s r 2 N c a o o n t i d e n s a v c n o D a d n u is c n a - e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' Pub D li e c pcsit E s CA Other t c l i 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 1,250.0 13.5 5.1 317.4 1.238.6 260.7 5.2 52.3 17.8 1945—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 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec 31 2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 194g—Dec. 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec 28 . . .. .4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Sept. 26 .4 1,400.0 52.4 19.0 345.7 1,348.9 289.9 16.6 1.1 91.2 18.5 Oct 31 .4 1,400.0 49.7 20.8 356.0 L.351.8 303.9 14.5 7.2 93.1 17.8 Nov 28 .4 1,400.0 38.2 16.8 364.0 L.363.7 294.7 16.4 .6 89.4 18.0 Dec. 26 .4 1,450.0 14.1 18.2 389.2 ,437.9 299.8 13.4 .6 89.8 18.1 1952—Jan. 30 .4 * 1,400.0 48.1 7.9 343.7 1,353.8 277.8 15.5 .5 87.5 18.3 Feb 27 4 1,400.0 34.9 17.7 344.2 L,367.0 283.0 11.8 .4 83.1 18 5 Mar 26 .4 1,400.0 17.4 23.6 351.8 L.384.6 280.3 12.1 .5 81.3 18.5 Apr 30 4 « 1,450,0 41.9 27.4 306 1 1,410.0 273.0 10.7 .5 73.4 17 8 May 28 . .4 1,450.0 39.7 11.9 319.6 t,412 .2 270.0 10.1 .5 72.6 18.0 Tune 25 .4 41,500.0 59.8 21.2 309.6 1,442.1 275.7 10.6 13.6 72.5 18.1 Tuly 30 4 41 550 0 36.8 21.6 319 7 1,515.1 262.0 10.4 18.2 69.2 18 3 Aug. 27 .4 41,500.0 43.0 7.2 324.4 1,459.0 252.4 16.0 23.0 64.8 18.4 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. increased by 50 million on Apr. 1. June 25, and July 21. and decreased byf50 million on Aug. 27. For details on previous changes, see BULLETIN for February 1952, p. 212; February 1951, p. 238; February 1950, p. 254; Apriri949, 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. 1170 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of Canada Dom cia in l i g o o n v a e n rn d m p e ro n v t in- Deposits Sterling securities Other (F C ig a u n r a es d i i a n n m d i o ll l i l o ar n s s ) of Gold and S t U at n e i s ted O as t s h e e ts r circ N u o la t t e ion2 liab a i n li d ties dollars S te h r o m r t 1 - Other Ch b a a r n te k r s ed D g o o m m v e e i n n r t n io - n Other capital3 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 1941—DeCi 31 # 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31 .5 807.2 209.2 31.3 693.6 259 9 51.6 19 1 24 0 1943—Dec. 31 .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1 1 9 9 4 4 5 4 — — D D eecc. 3 3 0 1 1 15 7 6 2 . . 8 3 1,1 9 5 0 7 6 . . 3 9 6 5 8 7 8 3 . . 3 9 3 29 4 . . 5 3 1 1, , 1 0 2 3 9 6 . . 1 0 4 52 0 1 1 . . 2 7 1 1 5 2 3 . . 9 3 2 2 9 7 . . 8 7 2 1 0 9 9 8 . . 1 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 1,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31 .4 1,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31 74.1 1,781.4 227.8 42.5 1,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30 111.4 1,229.3 712.5 297.1 1,367.4 578.6 24.7 207.1 172.6 1951—Sept. 29 87.0 1,297.6 896.1 87.1 1,388.0 579.4 105.6 140.0 154.8 Oct. 31 96.5 1,317.5 956.4 83.1 1,406.5 588 3 210.3 83.3 165.0 Nov 30 128.8 1,137.8 1,043.1 79.2 1,407.2 633.8 66.0 92.5 189.5 Dec. 31 117.8 1,141.8 1,049.3 135.2 1,464.2 619.0 94.9 66 1 200.0 1952—Jan. 31 85.4 1,095.4 1,042.6 82.7 1,375.6 629.2 92.8 54 9 153.4 Feb 29 70.3 1,058.1 1,027.7 88.2 1,374.4 616.7 88.5 52.1 112.5 Mar. 31 60 1 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 Tuly 31 63.0 1,280.0 843.9 71.2 1,458.3 595.5 51.6 41.6 111.2 Aug 29 74.9 1,303.2 852.9 69.7 1,464.4 614.7 52.0 47.4 122.1 Assets Liabilities Bank of France Domestic bills G A o d v v e a r n n c m es e n to t6 Deposits 7 Other mill ( io F n ig s u o re f s f r in ancs) Gold 5 Fo e r x ei - gn Other ci N rc o u t l e a- li i a ti b e i s lchange Open Special Other Current Other assets 6 tion Govern- ECA Other ca a p n i d tal market 6 ment 1939—Dec. 28... 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 1,914 14,751 2,925 1940—Dec. 26... 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 844,986 1941—Dec. 31... 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 868,474 1942—Dec. 31... 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 821,318 1943—Dec. 30... 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 H5.596 1944—Dec. 28... 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27... 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26... 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31... 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30... 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949_Dec. 29... 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,6581,278,211 1,168 158,973 19,377 1950—Dec. 28... 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,8221,560,561 70 15,058 161,720 24,234 1951—Sept. 27... 191,447 131,284 225,418 9,231 540,751 160,400 481,039 235,2891,779,360 60 13,367 154,895 27,177 Oct. 31... 191,447 82,087 168,822 23,855 670,689 166,200 481,039 252,3031,827,781 62 16,240 166,453 25,905 Nov. 29... 191,447 31,888 153,650 32,015 716,710 160,300 481,039 199,5451,779,556 19 1,869 157,228 27,922 Dec. 27... 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,8301,841,608 29 10,587 166,226 41,332 1952—Jan. 31. .. 191,447 20,857 233,879 31,456 757,085 166,500 481,039 184,0641,866,693 57 7,157 156,405 36,015 Feb. 28... 191,447 15,607 245,014 29,280 850,733 174,400 481,039 126,4121,880,832 96 3.699 198,702 30,601 Mar. 27... 191,447 11,336 272,294 29,239 841,006 169,300 479,982 113,0991,861,681 22 15,783 188,767 41,448 Apr. 30... 191,447 13,634 273,149 22,984 799,004 171,100 500,982 139,7471,925,615 84 341 156,326 29,679 May 29... 191,447 15,808 274,111 26,128 841,897 169,000 479,982 118,7261,900,526 39 6.645 171,350 38,539 Tune 26... 191,447 16,991 254,301 21,871 831,044 168,000 479.982 110.5011,885,929 36 730 143.900 43,541 July 31 ... 191,447 20,077 258,560 11,779 835,599 167,800 479,982 184,9571,984,549 55 816 121.411 43.369 Aug. 28 ... 194,943 23,435 257,589 14,404 854,081 168,600 479,982 9169.852 1,969,553 13 9.039 137.403 46,878 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. * Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 6 For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 6 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8 Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941, 64.580; 1942, 16,857; 1943. 10,724. 9 Includes advance to Stabilization Fund, amounting to 49.7 billion francs on Aug. 28. 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. 1171' OCTOBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1952 1951 Central Bank 1952 (Figures as of last report (Figures as of last report date of month) Aug. July June Aug. date of month) Aug. July June Aug. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 814 81 87. Loans and discounts 354,303341,741346,294 262,241 Other gold and foreign exchange 112 279 1,924 Government loans and securities. 160,758161,57 161,811 141,557 Government securities 2,124 2,11 2,03- Other assets 87,116 89,884 97,736 104,245 Rediscounts and loans to banks.. 45,576 44,983 38,675 Note circulation 503,458 498,385497,505 408,240 Other assets 248 251 267 Deposits . 302,595295,437295,299 224,561 Currency circulation 17,680 17,622 15,113 Other liabilities and capital 63,58 61.093 62,409 69,136 Deposits—Nationalized 27,357 27,114 25,408 Central Bank of Costa Rica Other sight obligations 778 702 57: (thousands of colones): Other liabilities and capital.... 3,058 3,000 2,681 Gold 11,511 ,511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 80,896 ,101 97,369 27,658 tralia (thousands of pounds): Net claim on Int'l. Fund *. . . 7,031 ,031 7,031 7,030 Gold and foreign exchange 300,099280,220298,055 688,834 Loans and discounts 69,244 ,206 60,773 85,898 Checks and bills of other banks. . 4,58' 4,679 10,754 4,193 Securities 7,435 ,33, 7,405 8,184 Securities (incl. Government and Other assets 24,826 ,046 24,335 16,496 Treasury bills) 453,301458,840475,88' 358,757 Note circulation 115,371117,351118,288 101,798 Other assets 61,180 62,871 98,31' 71,044 Demand deposits 66,276 72,062 43,244 Note circulation 306,668303,168302,721 281,471 Other liabilities and capital 19,296 18,074 11,735 Deposits of Trading Banks: National Bank of Cuba Special 191,220194,920257,970 525,570 (thousands of pesos): Other 36,536 36,839 33,77 32,403 Gold 318,240 290,564 Other liabilities and capital 284,743271,683288,545 283,384 Foreign exchange (net) 70,290 99,645 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 149,447 133,974 Gold 98 98 98 51 Silver 34,988 42,588 Foreign exchange 1,209 903 559 358 Net claim on Int'l. Fund * 12,511 12,511 Loans and discounts 7,207 7,14. 7,206 5,327 Loans and discounts 16,643 1,053 Claim against Government 2,762 3,263 3,487 4,615 Credits to Government 22,794 10,478 Other assets 40 41 41 36 Other assets 33,548 27,635 Note circulation 8,686 8,566 8,491 7,190 Note circulation 423,471 378,810 Deposits—Banks 255 255 312 173 Deposits 226,712 232,199 Other 479 419 379 884 Other liabilities and capital 8,279 7,439 Blocked 1,896 2,211 2,210 2,139 National Bank of Czechoslovakia 6 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Goldi 36,760 36,760 33,468 30,399 Gold 69 69 69 69 Foreign claims and balances (net) 16,800 17,716 23,727 14,902 Foreign exchange 510 550 448 433 Loans and discounts 5,678 7,521 5,470 8,268 Contributions to Int'l. Bank. . . . 11 8 Consolidated Government debt.. 34,763 34,763 34,763 34,860 Loans and discounts 86 95 148 120 Government securities 8,261 7,690 10,007 3,833 Securities 437 435 432 130 Other assets 3,859 3,677 3,768 3,249 Govt. compensation account. . . . 3,517 3,542 3,831 3,925 Note circulation 95,465 97,175 94,671 90,248 Other assets 241 183 198 582 Deposits—Demand 1,326 1,620 1,540 1,948 Note circulation 1,643 1,670 1,681 1,561 ECA 1,394 1,449 1,250 780 Deposits—Government 1,500 1,505 1,870 1,812 Other liabilities and capital 7,936 7,882 13,742 2,534 Other 1,551 1,533 1,423 1,700 Central Bank of Bolivia—Mone- Other liabilities and capital 166 166 163 194 tary dept. (millions of bolivianos): (May): lentral Bank of the Dominican Gold at home and abroad 2 1,370 1,370 Republic (thousands of dollars): Foreign exchange (net) 956 654 Gold 12,066 12,066 12,066 8,056 Loans and discounts 1,464 1,975 Foreign exchange (net) 21,785 20,809 19,825 19,515 Government securities 1,838 723 Net claim on Int'l. Fund 4 1,250 1,250 1,250 1,250 Other assets 287 170 Paid-in capital—Int'l. Bank 42 42 42 40 Note circulation 4,355 4,006 Loans and discounts 206 336 488 212 Deposits 892 272 Government securities 8,395 8,395 8,395 6,217 Other liabilities and capital 669 614 Other assets 618 589 589 960 Central Bank of Ceylon (thousands Note circulation 32,996 31,469 31,147 26,296 of rupees): Demand deposits 9,998 10,669 10,186 9,138 F A o d r v e a ig n n c e e s x t c o h a G n o g v e ernment 8 529,4765 4 2 3 1 , , 0 91 0 4 0 6 r1 7 3 3 , , 9 5 7 1 2 4 Cent O ra th l e B r a li n a k b il o it f i e E s c a u n a d d c o a r pital 1,369 1,348 1,324 817 Government securities 40,966 32,762 3,252 (thousands of sucres): Other assets 3,207 2,865 1,839 Gold « 37,608 36,797 136,467 335,428 Currency in circulation 393,928 394,593 393,467 Foreign exchange (net)6 45,425 17,208 20,200 87,750 Deposits—Government 19,137 11,759 94,670 Net claim on Int'l. Fund * 18,757 18,757 18,757 18,758 Banks 125,817160,246 157,851 Credits—Government 28,607 27,724 !23,865 195,699 Other liabilities and capital 34,766 33,944 '46,589 Other 39,727 20,230 97,403 169,225 Central Bank of Chile (millions Other assets 53,360 41,978 00,652 200,332 of pesos): Note circulation 162,793 28,351 il5,127 507,165 Gold 1,109 1,109 1,108 1,304 Demand deposits—Private banks 67,099 65,465 77,096 147,399 F N o e r t e i c g la n i m ex o ch n a I n n g t e ' l. ( n F e u t) nd 4 2 1 2 0 1 1 2 1 2 6 1 6 2 22 3 1 6 2 1 4 0 5 7 Other liabilities and O c t a h p e i r tal 5 3 9 4 , , 4 1 8 0 8 4 4 2 4 4 , , 0 8 2 5 3 4 1 2 7 5 9 , , 2 9 1 1 0 3 2 1 3 1 7 5 , , 0 5 4 8 7 0 Discounts for member banks.... 2,287 2,147 1,562 1,351 National Bank of Egypt (thou- Loans to Government 665 665 665 675 sands of pounds): Other loans and discounts 9,026 8,452 8,770 5,613 Gold7 60,553 60,553 60,553 60,552 Other assets. 2,522 2,882 2,953 2,399 Foreign exchange 13,882 21,201 19,700 42,618 Note circulation 10,519 10,338 10,391 7,375 Foreign and Egyptian Deposits—Bank 2,345 2,697 2,280 1,669 Government securities 76,429 183,574292,020 310,508 Other 498 247 505 653 Loans and discounts 14,320 17,432 21,645 4,438 Other liabilities and capital 2,571 2,362 2,339 1,995 Advances to Government 3,664 Bank of the Republic of Colombia Other assets 3,087 2,661 '2,348 "2^445 (thousands of pesos): Note circulation 75,519 70,456 79,738 157,717 Gold and foreign exchange 41,685 35,938223,596 168,140 Deposits—Government 48,076 69,862 70,839 73,970 Net claim on Int'l. Fund 4 24,371 24,371 24,371 24,369 Other 26,132 21,986 22,206 167,038 Paid-in capital—Int'l. Bank 1,407 1,406 1,405 1,384 Other liabilities and capital.. *.. 22,207 23,118 23,482 21,836 * Latest month available. r 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 bolivianos per dollar. * Includes special loan under Bretton Woods Agreements Act. 4 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such tim« 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. * In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. ' 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. 1172 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) Aug. July June Aug. date of month) Aug. July June Aug. Central Reserve Bank of El Salva- Bank of Italy (billions of lire): dor (thousands of colones): Gold 4 4 4 4 Gold 73,753 73,821 73,886 64,544 Foreign exchange 39 38 34 34 Foreign exchange (net) 35, 735 40,559 46,961 67,331 Advances to Treasury 590 590 590 590 Net claim on Int'l. Fund l 1 ,566 1,566 1,566 1,565 Loans and discounts 7 59 ^47 7^9 265 Loans and discounts 18,643 14,520 10,856 4,928 Government securities 711 919 707 204 Government debt and securities.. 6,344 6,814 6,382 5,395 Other assets . . 873 816 793 652 Other assets . 1 393 1,265 1,440 1,642 Note circulation 1 968 1 7S9 1,209 1 118 Note circulation 81 ,019 81,647 82,278 74,035 Allied militarv notes 2 Deposits 49, 146 49,598 51,749 64,530 Deposits—Government 103 110 153 174 Other liabilities and capital 7,268 7,300 7,064 6,840 Demand 56 58 62 101 State Bank of Ethiopia 2 Other 401 394 3^9 276 Bank of Finland (millions of mark- Other liabilities and capital 100 86 87 79 kaa): Bank of Japan (millions of yen): Gold 5 Z6^ 5,865 5,865 4,475 991 020 1 150 Foreign assets (net) 12,577 14,684 16,584 12,090 Advances to Government 38,390 38,390 42,640 Clearings (net) 2,048 3 ,859 4,970 -1,922 Loans and discounts S36,553312,844 392,672 Loans and discounts 38,283 31,189 30,626 34,418 Government securities 135,838 138,650 129,618 Securities 1,145 1,086 1,070 984 Q2,938 109 638 38 748 Other assets 1 ,888 1,898 1,900 8,278 4S5 40 ^'"161294 414 706 Note circulation 45, 193 44,173 45,052 41,446 Deposits—Government 59,801 57,349 147,432 Deposits 2,355 395 2,482 1,829 Other 19 147 111 20 524 Other liabilities and capital 14,258 14,013 13,481 15,048 Other liabilities 40,358 38 8S8 22,166 Bank of German States The Java Bank (millions of rupiah): (millions of German marks): 459 497 388 Gold ^ 1,063 1.063 1,063 871 L O N F L o o o t o h r a a t e e e n n i r s s g c n a a i t r o s n c e s d u e x G t l c O B s d a o h t i v t a a i s h o e n n c e n r k o g r n s e u m nt e s nt . .. 1 3 2 2 s 1 0 , ' 6 8 3 0 2 7 7 1 6 3 8 3 4 0 5 7 9 7 1 9 0 9 0 8 3 2 2 8 9 1 , , , , , , 8 4 7 0 3 8 5 2 8 6 4 9 9 4 4 7 1 8 3 7 8 3 1 3 3 3 9 8 2 2 , , , , , , 1 1 4 5 8 0 5 2 5 1 2 2 6 0 7 7 7 3 0 2 9 5 6 9 2 4 9 8 2 1 1 1 , , , , , , , , 4 5 4 0 7 8 4 4 9 6 0 3 9 1 2 8 8 0 5 2 1 3 5 8 O F A O N L o o t d t o h h r a v t e e e e n a i r r s g n c n c l a i a i r e s a n c e s s b u d e x i t t l c l O o d s a i h t i t t i a s i G h e o n c s e o n o g r v a e u e n n ( r t d n s n m c e a t e ) p n i t tal 3 3 1 , , , 9 7 4 5 4 6 5 1 5 6 8 3 9 1 8 6 9 3 9 7 6 4 3 0 3 3 1 , , , 4 8 3 3 6 4 5 7 6 2 4 7 9 6 4 0 0 8 4 7 6 8 1 5 3 2 1 , , , 1 7 8 4 4 9 2 7 5 4 5 5 6 6 9 4 7 9 0 1 9 3 6 6 2 1 " , , 7 5 8 5 7 7 7 8 0 4 0 8 4 2 9 0 8 1 6 1 0 Bank O t o h f e r G li r a e b e i c li e t ie ( s b i a ll n io d n c s a p o i f t a d l r . ac . h . - . 1 847 1,820 1,806 3,080 Bank M o o f n e M ta e r x y i c r o e se (m rv i e l l 5 ions of pesos): 1,076 1,018 997 1,098 ma G e) o l : d and foreign exchange (net) . 1,5 1 2 1 3 4 1,4 1 0 2 3 5 9 1 7 9 1 8 " B A il u ls t h a o n r d iz d e i d s " c ou h n o t l s dings of secu- 2.8 5 8 0 3 5 2,6 5 0 0 1 2 2,5 4 0 7 3 0 2,8 4 4 8 1 0 Advances— O G t o h v e e r rnment 3 8 1 , , 3 6 8 8 3 7 9 3 7 3 8 2 , , 4 5 0 3 5 6 0 0 3 3 2 7 , , 4 0 2 1 3 1 5 3 9 O N D t e o h m te e r a c n a i d r s c s l u e i t a l s a b t i i l o i n ties 3 1, , 2 0 3 6 4 1 6 0 6 3 1 , , 0 0 4 2 5 2 3 0 2 3,0 4 9 1 9 7 3 2 6 2 1 . ,4 9 3 8 1 8 1 3 6 Note circulation . 2,042 1 ,945 1,926 Other liabilities and capital.... 4/4 470 473 412 Deposits—Government 820 862 835 Netherlands Bank (millions of Reconstruction and guilders): 6 810 6 856 4 595 Gold «... . . 1 999 1 375 1 1,177 Other 1 ,946 1,972 2,248 Silver (including subsidiary coin) 14 14 14 18 Other liabilities and capital 3,917 3,935 4,231 Foreign assets (net) .. 1,694 1,540 1,281 23 Ba q n u k e tz o a f l e G s) u : atemala (thousands of L G o o a v n t. s d a e n b d t d a i n sc d o s u e n c t u s ri . ties 1,75 3 5 8 1,92 3 0 4 2,10 4 0 6 3,2 4 5 7 1 4 Gold 27,228 27,228 27,229 Other assets 609 504 552 611 Foreign exchange (net) 14,007 16.678 9,530 Note circulation—Old 42 42 43 48 Gold contribution to Int'l. Fund . 1,250 1,250 1,250 New ,913 2.932 2,959 2,762 7,180 4,794 7,398 Deposits—Government 761 700 622 17,942 17,476 17,565 ECA 1, 062 1,067 1,027 1,685 38,896 40,527 36,230 Other 347 391 445 582 Coin 3,326 3,355 3,270 Other liabilities and capital 207 209 200 477 Deposits—Government 6,861 7,301 2,086 Reserve Bank of New Zealand Banks 6,884 5,854 10,393 (thousands of pounds): Other liabilities and capital 11,641 10,390 10,993 Gold 5,955 5,913 5,306 National Bank of Hungary 3 Foreign exchange reserve 20,719 22,444 79,688 Reserve Bank of India (millions of Loans and discounts 6,019 6,019 6,019 rupees): Advances to State or State un- Issue department: dertakings 53,073 54,812 51,445 Gold at home and abroad . . 400 400 400 Investments 37,187 32,187 22,675 Foreign securities 5,532 5,832 6,132 Other assets 1,074 4,7S8 3,190 Indian Govt securities 4,646 4,646 5,016 Note circulation 60 374 61 77S 60,374 Rupee coin 791 759 639 Demand deposits 51,684 56,385 101,311 Note circulation 11,041 11,288 11,583 Other liabilities and capital 6,915 8,017 6,638 Banking department: Bank of Norway (millions of kroner): Notes of issue department.... 329 350 604 Gold 747 747 242 Balances abroad 1,200 1,002 2,140 468 480 221 Bills discounted 13 103 83 42 30 2 Loans to Government 34 15 52 Loans and discounts 49 54 47 Other assets l,02C 1,342 1,000 45 46 46 Deoosits 2,342 2,351 3,703 Occupation account (net) 5,546 6,202 6,202 Other liabilities and capital.. . 253 459 177 61 53 129 Central Bank of Ireland (thousands Note circulation . 2,737 2,679 2,450 of pounds): 1 654 1 737 1,680 Gold 2,646 2,646 Banks 1 262 1 146 1 186 Sterling funds 55,333 50,174 ECA MSA 262 973 790 Note circulation 57,979 52,820 Other liabilities and capital. 543 573 784 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 s the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 For last available reDort (Tulv 1950). see BULLETIN for December 1950. r>. 1699. 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. OCTOBER 1952 1173 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) Aug. July June Aug. date of month) Aug. July June Aug. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Note circulation ,793 35,721 35,093 31,710 Issue department: Deposits—Government ,434 1,714 1,852 220 Gold at home and abroad... 81 81 81 44 Other ,892 2,570 2,538 3,256 Sterling securities 573 681 815 851 Other liabilities and capital ,039 23,592 22,747 18,632 Pakistan Goyt. securities. . . 809 752 766 605 Bank of Sweden (millions of kronor): Goyt. of India securities. ... 126 126 126 136 Gold 445 454 469 283 India currency 300 300 300 300 Foreign assets (net) ,334 1,319 1,358 651 Rupee coin 73 71 66 39 Net claim on Int'l. Fund * 88 88 88 Notes in circulation ,942 ,094 1,920 Paid-in capital—Int'l. Bank 11 11 10 Banking department: Swedish Govt. securities and ad- Notes of issue department. . 75 68 61 56 vances to National Debt Office5 ,562 2,741 3,454 Balances abroad 589 Other domestic bills and advances 302 269 258 267 Bills discounted 46 46 96 99 Other assets 728 741 798 499 Loans to Government 2 1 2 1 Note circulation ,121 4,051 4,097 3,577 Other assets 473 535 537 364 Demand deposits—Government.. 284 782 685 459 Deposits 495 552 594 1,016 Other 432 148 234 623 Other liabilities and capital. 102 98 102 92 Other liabilities and capital 632 641 654 594 Bank of Paraguay—Monetary dept. Swiss National Bank (millions of (thousands of guaranies): (May)* francs): Gold* 1,195 1.165 Gold ,798 5,813 5,815 5,982 F N o e r t e i c g la n i m ex o ch n a I n n g t e ' l. ( n F e u t) nd 2 95 5, , 2 6 6 4 1 2 12 5 2 , , 2 3 6 0 1 7 F L o o r a e n i s g n a n e d x c d h i a s n co ge unts 3 2 7 3 5 1 3 2 3 3 7 4 2 2 8 5 7 2 2 1 0 3 8 4 Paid-in capital—Int'l. Bank -1,042 -1,024 Other assets 75 80 76 77 Loans and discounts 307,349 156,107 Note circulation ,677 4,635 4,624 4,498 Government loans and securities. 63,748 16,656 Other sight liabilities ,602 1,629 1,609 1,704 Other assets 23,777 62,736 Other liabilities and capital 199 201 198 198 Cent O D N r t a e o h l m t e e R r a a n e l n d i s a d e b d r c i e v l o i p e t i o i n e B s s i i a t s a s s n n u k d e o c f a p P i e ta r l u 3 1 1 5 2 1 8 6 , , , 1 2 5 0 9 3 3 3 4 1 9 6 9 6 9 7 , , , 7 3 1 2 6 2 3 3 3Ce T n u t G r r a o k l l e d y B a (m nk il li o o f n s t h o e f p R o e u p n u d b s) l : ic of 419 419 419 419 (m O N N L D C L G il o o o t o e o l e h i a a t p n l t o d e e n n o t n c r r s s s s l a c i a i a b i n t a t o i o r s s u m n d c f s t d u e G i f s o t l o o o s d a o n n r l t i v e e i s i o t e I s c o g n n ) r o n : n t u I ' m l n n e . x t t e s ' F c n l . h u t t o a n B n d a b g n 2 a e k n 3 ks. . . , 2 3 2 5 8 3 3 8 5 4 9 6 6 3 5 4 2 9 2 7 1 1,2 2 2 3 5 8 8 1 7 9 4 6 6 9 7 4 2 0 2 7 4 1,2 2 3 6 6 1 0 6 4 7 3 7 2 0 7 4 9 2 7 3 0 O S O F L N D e o o o t t e c c h h r L a p l e u e e n o e e i r r r s a g s i c t i r n l a a t i i i i s s e r n a n c — s s b g d e e u s i x t l l G O d s i a c t i t o h t i s i e h l a o c d s e n n o r g a u e n n d ts a c n a d p ita fo l reign , , 2 7 7 1 1 1 6 1 2 3 6 8 5 8 8 3 7 2 9 7 3 5 1 1 , , 1 6 1 1 5 3 7 2 9 8 5 8 3 8 8 7 1 6 8 3 4 , , 6 2 1 1 1 4 1 3 0 2 5 0 4 0 2 1 2 7 3 8 4 9 0 1,3 9 2 5 1 1 3 6 9 7 8 5 4 1 2 5 9 2 1 3 1 5 Other liabilities and capital 313 320 235 Bank of the Republic of Uruguay Central Bank of the Philippines (thousands of pesos): (thousands of pesos): Gold 321,119 389,639 Gold 17314 16,926 11,289 Silver 9,600 9,892 Foreign exchange 438 958 474,401 531,024 Paid-in capital—Int'l. Bank 314 318 Net claim on Int'l. Fund 2 29 504 29,504 29,504 Advances to State and Govern- 165,939 148,861 O L D N D o t o e o h a m m t e e n r a e s c n s a i t d r s i c c s d u e s e t l e s a p c t o i u o s r n i i t t s ies 2 2 5 1 3 3 5 2 6 3 6 7 5 6 3 9 4 7 7 8 0 5 0 7 2 8 4 1 0 2 2 5 1 2 3 5 3 5 1 2 4 9 7 , , , , , 3 8 2 6 1 6 5 8 8 4 5 5 2 0 7 2 2 5 1 3 3 5 8 9 1 9 4 8 1 , , , , , 6 2 5 9 4 0 0 7 6 9 9 6 3 4 4 O O D N t t e o m h h p t e e e o e r r n s c i l t a i t o r s s b c a s — o n u e d s t l G s a i a e t o i s n o v d n e r d n i m sc e o n u t nts 4 3 3 3 2 6 0 5 8 7 3 6 9 1 , , , , , 0 3 4 5 6 0 0 4 2 9 1 4 6 9 3 3 3 3 3 5 1 0 9 5 1 5 5 8 4 , , , , , 2 7 6 7 4 3 1 2 9 1 2 7 7 7 6 Other liabilities and capital 139 680141,887 190,545 Other 39,609 437,751 Bank of Portugal (millions of Other liabilities and capital escudos): Central Bank of Venezuela (mil- Gold 4.407 3,882 lions of bolivares): Foreign exchange (net) 11,551 10,861 Gold ,141 1,141 1,141 1,141 Loans and discounts 671 531 Foreign exchange (net) 113 162 170 -158 Advances to Government 1,418 1,246 Other assets 71 64 73 117 Other assets. 579 635 Note circulation 854 854 867 739 Note circulation 8,813 8,493 Deposits 2 45 249 236 195 Demand deposits—Government.. 1,324 909 Other liabilities and capital 226 264 282 167 ECA 29 42 Bank for International Settle- Other 6,396 5,335 ments (thousands of Swiss gold Other liabilities and capital 2,064 2,377 francs): South African Reserve Bank Gold in bars 444507,473 71,640 437,196 (thousands of pounds): Cash on hand and with banks. . . 406 56,669 34,416 49,366 Gold * 52,318 74,264 Sight funds at interest 338 10,318 16,666 10,502 Foreign bills 65,911 66,945 Rediscountable bills and accept- Other bills and loans 16,622 6,751 ances (at cost) 233,770 153,290 132,833 Other assets 33,282 35,313 Time funds at interest 43, 44,952 46,598 32,544 Note circulation 86,265 79,611 Sundry bills and investments.... 205, 211,383295,741 343,857 Deposits 59,447 85,288 Funds invested in Germany 297, 297,201 297,201 297,201 Other liabilities and capital 22,420 18,375 Other assets 1, 1,372 1,332 1,430 Bank of Spain (millions of pesetas): Demand deposits (gold) 377, 339,137 341,195 308,573 Gold 558 555 665 Short-term deposits: Silver 374 374 377 378 Central banks—Own account.. 478. 469,905422,157 423,982 Government loans and securities. 15,886 ,775 15,650 15,707 Other 50. 55,660 53,437 78,451 Other loans and discounts 19.409 ,381 19,358 14,967 Long-term deposits: Special 228! 228,909 228,909 228,909 Other assets 26,930 ,508 26,291 22,102 Other liabilities and capital 269. 269,527 271,186 265,012 * 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. 8 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. 6 Includes small amount of non-Government bonds. NOTE.—For details relating to individual itema in certain bank statements, see BULLETIN for January 1950, p. 120, 1174 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— ef D fe a ct 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 A R 3 u a 1 t g e . eff D ec a t t i e ve ba C n e k n t o r f a — l A R 3 a u 1 t g e . eff D ec a t t i e ve In effect Dec. 31, Argentina SH Mar. 1, 1936 Italy 4 Apr. 6, 1950 1945 2 IK 2K iM Austria July 3, 1952 Japan 5.84 Oct. 1, 1951 Nov. 7, 1946 Belgium Sept. 13, 1951 Java 3 Apr. 1, 1946 Dec. 19 3 Bolivia Sept. 30, 1950 Mexico June 4, 1942 Jan. 10, 1947 Aug 27 3X Oct. 9 2% &3 2 Oct. 17, 1950 Netherlands.. 3 Aug. l, 1952 June 28 1948 1 [J Chile V*June 13, 1935 New Zealand. July 26, 1941 Sept. 6 July 18, 1933 Norway Jan. 9, 1946 Oct 1 3 Costa Rica.... Feb. 1, 1950 Pakistan 3 July 1. 1948 May 27, 1949. . i 41/ 4 July 14 1 4 Oct. 6 3% June 8, 1950 2H Denmark 5 Nov. 2, 1950 Peru 6 Nov. 13, 1947 Sept. 11 3H Ecuador 10 May 13, 1948 Portugal.... Jan. 12, 1944 Sept. 26 3 Egypt July 5, 1952 South Africa. Mar. 27, 1952 Oct. 27 . i ^ El Salvador... 3 2 Mar. 22, 1950 Spain 4 Mar. 18, 1949 Dec. 1 3 Apr. 17 1951. 4 July 5 3V Sept 13 3\i. Finland 5% Dec. 16, 1951 Sweden 3 Dec. 1, 1950 O N c o t v . . 1 8 1 2X 3 Germany 4 A N u o g v . . 2 9 1 , , 1 1 9 9 5 5 1 2 S T w ur it k z e e y rland.. I" N Fe o b v . . 2 26 6 , , 1 1 9 9 3 5 6 1 Nov. 9 4 Greece 12 July 12, 1948 United King- Jan 22 1952 31*1 India Nov. 15, 1951 dom 4 Mar. 12, 1952 Mar. 12 4 Ireland Mar. 25, 1952 USSR 4 July 1, 1936 May 29 , 15 A A u u g g . . 2 1 1 1 41/ 3 1 Rate established 10r] the Land Central banks. In effect Aug. 31, NOTE.—Changes sine:e Aug. 31: None. 1952 4 4 143^ 3M 3 3 IK OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Switzerland Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1942—Tuly .54 1.03 1.00 1.00 .50 1.62 3-5 H 1.25 1 19 9 4 4 4 3 — — T 7 u ui l v v . . 5 3 0 8 1 1 . . 0 0 3 3 1 1. . 0 0 0 0 1 1. . 1 0 3 4 . . 5 5 0 0 1 1 .4 .6 9 4 3-5 y2 1 1. . 2 2 5 5 1945—Tulv .36 1.03 1.00 1.13 .50 1.25 3-5 H 1.25 1946— Tulv .40 .53 .51 .63 .50 1.30 .52 L .31 2^-5 1.25 1947—Tulv .41 .53 .51 .63 .50 1.51 .52 L.09 2 3^-4^ 1.25 1948—Tuly .41 .56 .51 .63 .50 2.04 .56 L .35 2^2-41^ 1.63 1949—Tulv .51 .63 .52 .63 .50 P2.34 .43 .83 2H-4K 1.50 1950—July .51 .69 .51 .63 50 2.59 L .57 L. 10 2 3^-4^ 1.50 1951—July .77 .93 .51 .63 .50 2.57 L.39 .91 2K-43^ 1.50 1951—August .79 1.00 .51 .63 .50 2.64 .38 1.00 3-5 1.50 September.... .88 1.00 .51 .63 .50 2.56 L.24 LOO 3-5 1.50 October .93 1.00 .51 .63 .50 2.78 L .16 1.00 3-5 1.50 November.... .92 1.38 .84 .92 .69 3.27 1.17 LOO 3-5 1.50 December .89 1.50 .98 . 1.00 .75 3.50 1.21 LOO 3-5 1.50 1952—January .89 1.50 .97 1.00 .75 3.50 L. IS 1LOO 3-5 1.50 February .91 1.50 .99 1.00 .75 3.93 L.17 LOO 3-5 1.50 March .94 2.48 2.01 1.82 1.57 3.95 L.38 1LOO 3-5 1.50 April .98 3.00 2.35 2.25 2.00 3.88 L.40 1LOO 3-5 1.50 Mav 1.02 3.00 2.37 2.25 2.00 3.84 L .25 .90 3-5 1.50 June 1.08 3.00 2.43 2.25 2.00 3.66 .20 .75 3-5 1.50 July 1.11 3.00 2.46 2.25 2.00 3.84 .05 .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. OCTOBER 1952 1175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom * (11 London clearing Money at Treasury Deposits Other b m a i n ll k io s s . n t e s r F l o i f i n g g p u ) o re u s n d in s re C se a r s v h es c n a s l o h l t o i a c r n t e d B co il u ls n d te i d s- re d c e e p i o p s t i s t 2 Securities c L u o s a to n m s e to rs O as t s h e e t r s Total Demand Time li c a a b a p i n l i d i t t a i l es 1946—December 499 432 610 1,560 1,427 994 505 5,685 3,823 1,862 342 1947—December 502 480 793 1,288 1,483 1,219 567 5,935 3,962 1,972 396 1948—December 502 485 741 1,397 1,478 1.396 621 6,200 4,159 2,041 420 1949—December 532 571 1,109 793 1,512 1,534 579 6,202 4,161 2,041 427 1950—December 540 592 1,408 456 1,528 1,660 T35 6,368 4,262 2,106 550 1951—September 503 582 1,276 216 1,553 L.888 741 6,135 4,068 2,067 624 October 514 579 1,330 177 1,555 1,910 778 6,204 4,140 2,063 638 November 517 562 901 108 2,033 1,935 787 6,189 4,118 2,071 654 December 531 598 972 102 1,965 L,950 867 6,333 4,290 2,042 651 1952—January 521 605 965 66 1,954 1,928 824 6,204 4,173 2,031 659 February 492 526 856 15 1,944 1,945 804 5,893 3,923 1,971 689 March 492 526 854 1,935 L.959 789 5,887 3,914 1,974 667 April 501 512 883 1,934 1,967 821 5,994 3,952 2,042 623 May 491 518 936 1,932 1,901 713 5,903 3,840 2,063 587 Tune 504 537 1,064 1,917 L ,875 726 6,064 3 909 2,155 559 July 501 535 1,139 1,917 1,834 696 6,063 3,903 2,159 558 August 510 516 1,239 1,918 1,765 638 6,048 3,878 2,170 537 Assets Liabilities Canada Security Deposits payable in Canada E (1 n C 0 d a i c n n © h a f a m d r m i i t a l e n o l r i n o e d d t n h o s b l o l f a a i f g n rs u k ) r s e . s Cash Entire S ly e c i u n r i C ty ana lo d O a a n t s h e a r nd d a f a u n o l b e o d r r e a o f i n r n g a o s n d e m t Securities O as t s h e e t r s ci N r ti c o o u t n l e a- e T x o c t lu al ding i D n e te m rb an an d k de T po im si e ts li c a O a b a p t i n h l i d i t e t a i r e l s reserves loans discounts banks 1946—December. 753 136 1,507 132 4,232 1.039 21 6,252 2,783 3,469 1.525 1947—December 731 105 1,999 106 3,874 1,159 18 6,412 2,671 3,740 1,544 1948—December 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 1,537 1949—December 765 133 2,271 146 4,345 1,058 14 7,227 2,794 4,433 L.477 1950—December 824 134 2,776 171 4,286 1,304 7,828 3,270 4,558 1,667 1951—August . . .. 784 90 3,073 260 3,832 1,339 (i) 7,667 3,084 4,583 1,710 O Se c p to te b m er ber 8 7 3 8 5 8 1 11 0 1 7 3 3, , 0 0 3 4 4 5 2 1 1 8 7 2 3 3 , , 8 87 7 6 6 1 1 , , 2 4 4 0 2 3 (8) 7 7 , , 7 6 5 3 2 7 3 3, , 1 0 7 4 7 2 4 4 , , 5 5 9 7 5 5 1 L , , 6 6 3 8 9 8 November 843 96 3,123 166 3,894 1,423 (8) 7,829 3,213 4,616 1,715 December 907 107 3,028 227 3,876 1,464 (*) 7,896 3,284 4,612 L.714 1952—January 869 107 2,955 183 3,927 L.303 7,705 3,066 4,639 1,637 February 809 95 2,918 231 4,003 1,353 (8) 7,761 3,076 4,685 1,648 March 880 97 2,949 202 4,095 L.390 7,979 3,231 4,748 1,634 April 897 140 2,960 236 4,068 L.370 (3) 7,987 3,230 4 757 6R5 May 785 132 3,012 255 4,100 L,350 7,979 3,210 4,769 J .655 Tune 813 138 3,048 328 4,067 L, 453 oo 8,120 3,328 4,792 L ,727 July 847 145 3,053 279 4,134 ]L,278 8,079 3,243 4,836 1,658 Assets Liabilities France (4 o m f l i a m l r li g o o e n n s t b h a o f n f i g k f s u r . a r n e c s E s i ) n n d re C se a r s v h es Du b e a n f k ro s m B co ill u s n t d e i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- li c a O a b a p t i n h l i i d t e t a i r e l s 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—July 52,131 66,660 478,256 174,625 50,030 753,628 733,546 20,082 32,933 35,141 August 49,453 65,572 485,824 171,380 49,582 753,627 732,964 20,663 30,611 37,573 September 52,015 64,414 540,986 167,362 52,138 805,610 783,881 21,729 30,952 40,353 October 48,996 79,337 520,457 173,530 59,099 799,918 777,973 21,946 35,382 46,120 November 47,980 81,460 506,061 179,933 61,658 793,078 768,657 24,422 35,372 48,641 December 60,215 72,559 627,648 165,696 38,114 906,911 879,767 27,145 33,774 23,547 1952—January 53,133 75,407 534,792 189,098 36,548 831,691 801,854 29,837 30,433 26,854 February 50,662 73,868 538,245 183,504 38,310 827,946 796,396 31,551 30,414 26,227 March 48,669 75,148 555,883 174,048 40,219 834,482 802,481 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 75,533 618,190 172,693 43,093 891,422 861,703 29,719 27,025 39,893 June 50,436 72,818 554,963 193,942 44,463 848,354 819,030 29,324 25,529 42,738 J 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 ofh /% per cent after October 1945. * Less than $500,000. NOTE.—For details concerning data in earlier years, see BULLETIN for February 1952, p. 466; and for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 1176 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) (franc) (cruzeiro) British (dollar) Aus- Malay- Year or month Basic P e r n e t f i e a r l - Free ( t p r o a u l n ia d) n "B ot a e n s k " Official Free (d s o ia ll a 1 r) Official Free account 1946 29 773 321.34 2.2829 6 0602 95.198 93.288 1947 29 773 321.00 2.2817 5.4403 100.000 91.999 1948 29.773 321.22 2.2816 5.4406 100.000 91.691 1949 29 774 293.80 2.2009 2.1407 5.4406 42.973 97.491 92.881 1950 26.571 13.333 8.289 223.15 1.9908 1.9722 5.4406 32.788 90.909 91.474 1951 20.000 13.333 7.067 223.07 1.9859 21.9622 5.4406 32.849 94.939 1951—October 20.000 13.333 6.974 223.06 1.9838 5.4406 32.850 95.112 November 20.000 13.333 6.937 223.15 1.9838 5.4406 32.850 95.820 December 20.000 13.333 6.986 222.61 1.9838 5.4406 32.830 97.410 1952—January 20.000 13.333 6.979 221.92 1.9838 5.4406 32.691 99.490 February 20.000 13.333 7.115 222.00 1.9838 5.4406 32.662 99.869 March 20.000 13.333 7.172 223.03 1.9838 5.4406 32.783 100.375 April 20.000 13.333 7.164 224.10 1.9838 5.4406 32.921 101.891 May 20.000 13.333 7.169 223.24 1.9838 5.4406 32.752 101.615 June 20.000 13.333 7.183 221.88 1.9838 5.4406 32.505 102.086 July . 20.000 13.333 7.196 222.17 1.9842 5.4406 32.509 103.120 August 20.000 13.333 7.194 222.19 1.9879 5.4406 32.445 103.984 September 20.000 13.333 7.195 221.73 1.9920 5.4406 32.418 104.171 France Year or month Ceylon C sl z o e v c a h k o ia - m De a n 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 j409 30.155 20.581 37.813 1947 2.0060 20.864 .8407 30 164 20.577 37.760 1948 2.0060 20.857 .4929 .3240 30.169 18.860 37.668 1949 27.839 2.0060 19.117 .4671 .3017 27 706 12.620 34.528 1950 20.850 2.0060 14.494 .2858 23.838 20.870 11.570 26.252 1951 20.849 3 2.0060 14.491 4 .4354 .2856 23.838 20.869 4280.38 11.564 26.264 1951—October 20.850 3 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 26.270 December 20 840 14.492 .4354 .2856 23.838 20.861 280.38 11.567 26.287 1952—January 20 799 14.492 .4354 .2856 23.838 20.819 280.38 11.562 26.320 February 20.818 14.492 .4354 .2854 23.838 20.839 280.38 11.561 26.329 March . . 20 916 14.492 .4354 .2856 23.838 20.949 280.38 11.564 26.319 April 21.003 14,492 .4354 .2856 23.838 21.031 280.77 11.569 26.340 May . 20 961 14.492 .4354 .2856 6 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 20.893 278.85 11.623 26.317 September 20.854 .4354 .2856 20.866 278.26 11.623 26.291 Year or month Z (p e N o a e u la w n n d d ) N (k o r r o w n a e) y R P e ( p h p p i e i u n l s i o b e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S p o o fr u u i n t c h d a ) (k S d r w o en n e- a) e S (f r w r l a a i n t n c z d ) - ( U K p d n o i o u i n m t n g e d - d ) Ur (p u e g s u o a ) y 1946 322.63 20.176 4.0501 400.50 25.859 23.363 403.28 65.830 56.280 1947 . .. 322.29 20.160 4.0273 400.74 27.824 23.363 402.86 65.830 56.239 1948 350.48 20.159 4.0183 400.75 27.824 23.363 403.13 65.830 56.182 1949 365.07 18.481 '*49!723' 3.8800 366.62 25.480 23.314 368.72 65.830 56.180 42.553 1950 . 277.28 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 65.833 56.180 42.553 1951 277.19 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 65.833 56.180 42.553 1951—October 277.17 14.015 49.643 3.4598 278.38 19.327 22.916 279.94 65.833 56.180 42 553 November 277.27 14.015 49.643 3.4605 278.38 19.327 22.882 280.05 65.833 56.180 42.553 December 276.72 14.015 49.643 3.4726 277.79 19.327 22.900 279.49 65.833 56.180 42.553 1952—January 275.39 14.015 49.655 3.4874 276.95 19.327 22.880 278.15 65.833 56.180 42.553 February 275.36 14.015 49.677 3.4863 277.01 19.327 22.881 278.12 65.833 56.180 42.553 March 276.91 14.015 49.677 3.4888 278.55 19.327 22.947 279.67 65.833 56.180 42.553 April 277.96 14.015 49.677 3.4906 279.80 19.327 23.013 280.79 65.833 56.180 42.553 May 277.29 14.015 49.677 3.4898 279.03 19.327 23.078 280.07 65.833 56.180 42.553 June 275.71 14.015 49.677 3.4801 277.42 19.327 23.138 278.46 65.833 56.180 42.553 July 276.06 14.015 49.677 3.4793 277.78 19.327 23.240 278.82 65.833 56.180 42.553 August 276.09 14.015 49.677 3.4848 277.81 19.327 23.288 278.85 65.833 56.180 42.553 September 275.51 14.015 49.677 3.4878 277.23 19.327 23.320 278.27 65.833 56.180 42.553 1 Beginning Aug. 27, 1951, quotations on Straits Settlements dollar were discontinued and quotations on Malayan dollar substituted. The two rates had been identical for a considerable period. 2 Based on quotations through Sept. 19, 1951. 3 Based on quotations through Oct. 26, 1951. 4 Based on quotations beginning Oct. 29, 1951. 6 Based on quotations through May 8, 1952. 6 Based on quotations through Aug. 14, 1952. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1951, p. 1601; October 1950, p. 1419; January 1950, p. 123; October 1949, p. 1291; January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209. OCTOBER 1952 1177 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 t n a 7 0 i 0 - t t 4 e e ) 9 d s = ( C 1 = a 9 3 n 10 5 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 0 n 9 ) c = e (1 I 1 9 t 0 3 a 0 8 ly ) = ( a 1 J v 9 a e 3 p = r 4 a a 1 - g n 3 ) e 6 N ( l 1 e a 1 9 t n 0 4 h 0 8 d e ) s = r- S (1 w 1 9 e 0 3 0 d 5 ) e = n (A Sw u = l g a i 1 . t n 0 z 1 d 0 e 9 ) r 3 - 9 1941 57 116 110 153 9 136 2 172 171 1942 64 123 121 159 10 153 2 189 195 1943 67 128 146 163 12 2 196 203 1944 68 131 179 166 14 2 196 207 1945 69 132 199 169 20 4 194 205 1946 79 139 229 175 34 16 186 200 1947 96 163 242 192 52 "5,159" 48 199 208 1948 104 193 260 219 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—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 '5,255 349 142 321 221 May 112 225 406 328 145 5,168 348 140 321 220 June 111 227 405 328 143 5,127 348 139 P322 220 July 112 226 400 c327 ?144 P5,199 136 220 August 112 224 P325 P144 P5,219 P220 P Preliminary. r Revised. c Corrected. Sources.—See BULLETIN for January 1952, p. 108; August 1951, p. 1046; January 1950, p. 124; June 1949, p. 754; June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49=100) (1935-39=100) (1930=100) (1948=100) Year or month Raw and Fully and pr F o a d r u m cts Pr f o o c o e d s s sed co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p c a a t r u n t r l u e y - d fa c m c h a t ie u n f r u l e y - 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 f I in n t i r d s i u h al e s- d goods goods products 1941 . . . 46 n.a. 64 107 114 119 146 156 1942 59 n.a. 68 127 123 124 158 160 1943 69 n.a. 69 145 131 127 160 164 1944 69 n.a. 70 155 134 129 158 170 1945 72 n.a. 71 165 136 130 158 175 1946 83 n.a. 78 177 140 138 158 184 1947 100 98 95 190 164 162 165 207 1948 107 106 103 230 196 192 181 242 100 100 100 1949 93 96 101 226 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 265 238 242 247 P364 122 171 143 1951—August 110 111 115 263 237 245 258 P363 119 172 143 September 110 111 115 261 236 244 261 P363 121 171 142 October 112 112 115 259 236 243 263 P367 122 174 142 November 112 111 115 265 237 242 263 P368 124 177 142 December 111 111 115 267 236 240 266 P368 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 108 109 114 248 226 235 276 130 169 139 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 122 162 133 August 110 111 113 236 216 229 P287 P345 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. 1178 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- Year or U S n ta it t e e d si C a a da n- K d i o n m g- France N la e n th d e s r 2 - la er n - d Year or U S n ta it t e e d si C a a da n- K d i o n m g- (1949 N la e n th ds e r 2 - la er n - d month (1 = 9 3 1 5 0 - 0 3 ) 9 (1 = 9 3 1 5 0 - 0 3 ) 9 15 (J ,1 an 9 . 52 = 100) = (1 1 9 0 4 0 9 ) 1 ( 9 A 3 u 9 g = . month (1 = 9 3 1 5 0 - 0 3 ) 9 (1 = 9 3 1 5 0 - 0 3 ) 9 15 (J ,1 a 9 n 5 . 2 = 100) = (1 1 9 0 4 0 9 ) 1 ( 9 A 39 u 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 50 163 1949 202 203 76 100 ioo 174 1949 170 161 84 100 100 162 1950 205 211 82 111 in 176 1950 172 167 86 111 109 159 1951 227 241 91 128 121 181 1951 186 185 95 130 119 167 1951-August 227 251 93 127 124 182 1951-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 May 231 235 104 139 124 183 May . 189 187 102 145 119 171 June 232 237 109 137 P124 184 June 190 187 104 143 119 171 July 235 240 109 136 185 July 191 188 104 143 120 171 August 236 238 August... . 191 188 P119 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 i t t g 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 i e 2 n c n 1 e g i = m t d 1 e o b d 0 m e 0 r ) F (1 r 1 9 a 0 4 n 0 9 c ) e = 2 N l e a t n h d er s - ( U 1 S = 9 t n 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 ioo" 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—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 June 116.2 87.7 105.8 113.9 85.2 187.6 171.6 89.6 142 184 Julv 116.0 85.3 105.8 114.4 85.4 192.1 174.9 89.9 145 190 August 115.8 84.0 106.3 87.6 191.1 176.0 89.9 190 1951 ana previous years, nowever, are oasea on ena-oi-montn data ana are tnereiore not strictly comparaoie. 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 1179 OCTOBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WM. MCC. MARTIN, JR., Chairman M. S. SZYMCZAK JAMES K. VARDAMAN, JR. R. M. EVANS A. L. MILLS, JR. J. L. ROBERTSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary GEORGE S. SLOAN, Director MERRITT SHERMAN, Assistant Secretary C. C. HOSTRUP, Assistant Director KENNETH A. 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 GLENN M. GOODMAN, Assistant Director FREDERIC SOLOMON, Assistant General Counsel HENRY BENNER, Assistant Director HOWARD H. HACKLEY, Assistant General Counsel DIVISION OF BANK OPERATIONS OFFICE OF THE SOLICITOR ROBERT F. LEONARD, Director J. E. HORBETT, Assistant Director G. HOWL AND CHASE, Assistant Solicitor LOWELL MYRICK, Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION RALPH A. YOUNG, Director DWIGHT L. ALLEN, Director FRANK R. GARFIELD, Adviser on Economic Research H. FRANKLIN SPRECHER, JR., Assistant Director KENNETH B. WILLIAMS, Assistant Director SUSAN S. BURR, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES GUY E. NOYES, Assistant Director LISTON P. BETHEA, Director C. RICHARD YOUNGDAHL, Assistant Director JOSEPH E. KELLEHER, Assistant Director EDWIN J. JOHNSON, Assistant Director DIVISION OF INTERNATIONAL FINANCE ARTHUR W. MARGET, Director OFFICE OF DEFENSE LOANS LEWIS N. DEMBITZ, Assistant Director GARDNER L. BOOTHE, II, Administrator FEDERAL OPEN FEDERAL MARKET COMMITTEE ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman WALTER S. BUCKLIN, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman N. BAXTER JACKSON, NEW YORK DISTRICT MALCOLM BRYAN A. L. MILLS, JR. GEOFFREY S. SMITH, PHILADELPHIA DISTRICT C. E. EARHART J. L. ROBERTSON GEORGE GUND, CLEVELAND DISTRICT R. M. EVANS M. S. SZYMCZAK HUGH LEACH JAMES K. VARDAMAN, JR. ROBERT V. FLEMING, RICHMOND DISTRICT Vice President C. S. YOUNG WINFIELD W. RIEFLER, Secretary PAUL M. DAVIS, ATLANTA DISTRICT ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President WOODLIEF THOMAS, Economist GEORGE W. MITCHELL, Associate Economist V. J. ALEXANDER, ST. LOUIS DISTRICT EARLE L. RAUBER, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT 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 ROBERT G. ROUSE, Manager of System Open JAMES K. LOCHEAD, SAN FRANCISCO DISTRICT Market Account HERBERT V. PROCHNOW, Secretary 1180 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 J President Vice Presidents Bank of Deputy Chairman First Vice President (Vice Presid l e o n w ts e r in s e c c h ti a o r n g e o f o t f h b is r a p n a c g h e e ) s are listed in Boston. Harold D. Hodgkinson J. A. Erickson John J. Fogg Carl B. Pitman Ames Stevens Robert B. Harvey 3 O. A. Schlaikjer Alfred C. Neal E. O. Latham R. F. Van Amringe New York. Robert T. Stevens Allan Sproul H. A. Bilby H. V. Roelse William I. Myers William F. Treiber H. H. Kimball Robert G. Rouse L. W. Knoke V. Willis Walter S. Logan R. B. Wiltse A. Phelan J. H. Wurts Philadelphia... Warren F. Whittier Alfred H. Williams Karl R. Bopp P. M. Poorman C. Canby Balderston W. J. Davis Robert N. Hilkert J. V. Vergari4 E. C. Hill Richard G. Wilgus 2 Wm. G. McCreedy Cleveland. George C. Brainard Ray M. Gidney Wilbur T. Blair Martin Morrison John C. Virden Wm. H. Fletcher Roger R. Clouse Paul C. Stetzelberger A. H. Laning 3 Donald S. Thompson Richmond. Charles P. McCormick Hugh Leach N. L. Armistead K. Brantley W'atson John B. Woodward, Jr. J. S. Walden, Jr. R. W. Mercer 3 Edw. A. Wayne C. B. Strathy Chas. W. Williams Atlanta. Frank H. Neely Malcolm Bryan V. K. Bowman E. C. Rainey2 Rufus C. Harris L. M. Clark J. E. Denmark L. B. Raisty Harold T. Patterson Earle L. Rauber S. P. Schuessler Chicago. Franklin J. Lunding C. S. Young Allan M. Black L. G. Meyer John S. Coleman E. C. Harris Neil B. Dawes George W. Mitchell W. R. Diercks A. L. Olson W. A. Hopkins Alfred T. Sihler L. H. Jones 2 W. W. Turner St. Louis. Russell L. Dearmont Delos C. Johns FrederickL.Deming H. H. Weigel Wm. H. Bryce O. M. Attebeiy 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. Debus2 Clarence W. Tow Cecil Puckett Henry O. Koppang M. W. E. Park D. W. Woolley Dallas J. R. Part en R. R. Gilbert E. B. Austin L. G. Pondrom R. B. Anderson W. D. Gentry R. B. Coleman Harry A. Shuford J. L. Cook 3 Mac C. Smyth Watrous H. Irons San Francisco. Brayton Wilbur C. E. Earhart E. R. Millard Ronald T. Symms J 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 C. M. 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 Agrent. 2 Cashier. 3 Also Cashier. * Counsel. OCTOBER 1952 1181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS : The material listed below may be obtained from THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND the Division of Administrative Services, Board of FUNCTIONS. November 1947; reprinted July Governors of the Federal Reserve System, Wash- 1952. 125 pages. 75 cents per cloth-bound copy; in quantities of 10 or more copies for single shipington 25, D. C. Remittance should be made ment, 50 cents each. Paper-bound copies availpayable to the order of the Board of Governors able without charge. of the Federal Reserve System. BANKING STUDIES. Comprising 17 papers on bank- ANNUAL REPORT OF THE BOARD OF GOVERNORS OF ing and monetary subjects by members of the THE FEDERAL RESERVE SYSTEM. Issued each year. Board's staff. August 1941; reprinted October Available without charge upon request. 1952. 496 pages. Paper cover. $1.00 per copy; in quantities of 10 or more copies for single ship- FEDERAL RESERVE BULLETIN. Issued monthly. Subment, 75 cents each. scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa BANKING AND MONETARY STATISTICS. Statistics of Rica, Cuba, Dominican Republic, Ecuador, banking, monetary, and other financial develop- Guatemala, Haiti, Republic of Honduras, Mexico, ments. November 1943. 979 pages. $1.50 per Nicaragua, Panama, Paraguay, Peru, El Salvador, copy. No charge for available individual sections (unbound). Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere $2.60 per annum or A STATISTICAL STUDY OF REGULATION V LOANS. 25 cents per copy. Group subscriptions in the September 1950. 74 pages. 25 cents per copy; United States for 10 or more copies to one ad- in quantities of 10 or more copies for single shipdress, 15 cents per copy per month, or $1.50 for ment, 15 cents each. 12 months. THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS AND THEIR USE IN ECONOMIC ANALYSIS. Janu- FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY ary 1952. 175 pages. 25 cents per copy; in RATES, AND BUSINESS. Issued monthly. $6.00 quantities of 10 or more copies for single shipper annum including edition of historical supplement, 15 cents each. ment (listed below) available when subscription is entered or renewed. 60 cents per copy; in THE FEDERAL RESERVE ACT, as amended to November 1, 1946, with an Appendix containing proquantities of 10 or more copies of a particular visions of certain other statutes affecting the issue for single shipment, 50 cents each. (Do- Federal Reserve System. 372 pages. 50 cents per mestic rates) paper-bound copy; $1.00 per cloth-bound copy. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE COMPILATION OF FEDERAL AND STATE LAWS RELAT- CHARTS ON BANK CREDIT* MONEY RATES, AND ING TO BRANCH BANKING IN THE UNITED STATES. BUSINESS. Issued semiannually, usually April (July 1, 1951.) December 1951. 33 pages. and September. Annual subscription to monthly RULES OF ORGANIZATION AND RULES OF PROCEDURE— chart book includes one issue of supplement. Board of Governors of the Federal Reserve Sys- Single copies, 60 cents each; in quantities of 10 tem (with amendments). September 1946. 31 or more copies for single shipment, 50 cents each. pages. (Domestic rates) REGULATIONS OF THE BOARD OF GOVERNORS OF THE 1A more complete list, including periodic releases and FEDERAL RESERVE SYSTEM. Individual regulations reprints, appeared on pp. 726-29 of the June 1952 BULLETIN. with amendments. 1182 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS REVISED WEEKLY INDEX OF DEPARTMENT STORE (From Federal Reserve Bulletin unless preceded by an asterisk) SALES. April 1952. 4 pages. THE INTERNATIONAL MOVEMENT OF GOLD AND DOL- 1952 SURVEY OF CONSUMER FINANCES—CONSUMER LARS IN 1950. March 1951. 10 pages. PLANS FOR SPENDING AND SAVING. April 1952. 6 pages. PART I. CONSUMER EXPECTATIONS AS TO * THE TREASURY—CENTRAL BANK RELATIONSHIP IN FOREIGN COUNTRIES—PROCEDURES AND TECH- ECONOMIC TRENDS AND CONSUMER INVESTMENT NIQUES. November 1950. April 1951. 19 pages. PREFERENCES. July 1952. 17 pages. PART II. PUR- CHASES OF DURABLE GOODS AND HOUSES IN 1951 TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. AND BUYING PLANS FOR 1952. August 1952. 16 April 1951. 14 pages. pages. PART III. INCOME, SELECTED INVEST- HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING MENTS, AND SHORT-TERM DEBT OF CONSUMERS. THE INTRODUCTION OF REAL ESTATE CREDIT REGU- September 1952. 28 pages. (Also, similar sur- LATION. July 1951. 23 pages. veys for earlier years from 1946, 1947, 1948, 1949, SAVING IN THE DEFENSE ECONOMY. September 1950, and 1951 BULLETINS.) 1951. 5 pages. STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- NEW INDEX OF OUTPUT OF MAJOR CONSUMER ERNORS BEFORE SUBCOMMITTEE ON GENERAL DURABLE GOODS. October 1951. 6 pages. CREDIT CONTROL AND DEBT MANAGEMENT, MARCH CREDIT AND SALES REPORTED BY REGULATION W 11, 1952. April 1952. 4 pages. REGISTRANTS. October 1951. 12 pages. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. REVISED INDEXES OF DEPARTMENT STORE SALES AND 6 pages. STOCKS BY DISTRICTS. December 1951. 53 pages. EXCESS PROFITS TAXES OF COMMERCIAL BANKS. ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. June 1952. 18 pages. January 1952. 11 pages. REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- THE SECOND ARMAMENT BUDGET. February 1952. LATION X. June 1952. 18 pages. 9 pages. FINANCING OF LARGE CORPORATIONS IN 1951. June MONEY AND CREDIT IN 1951. February 1952. 9 1952. 6 pages. pages. INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS March 1952. 10 pages. AND BUSINESSES. July 1952. 2 pages. RECENT CHANGES IN GERMANY'S FOREIGN TRADE PROBLEMS OF TRADE EQUILIBRIUM. October 1952. BALANCE. March 1952. 7 pages. 9 pages. BANKING IN THE SOVIET UNION. April 1952. 8 REVISED SERIES ON DEPARTMENT STORE SALES, pages. STOCKS, AND ORDERS. October 1952. 5 pages. OCTOBER 1952 1183 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 ! «03^°H = BOUNDARIES OF FEDERAL RESERVE DISTRICTS I BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES ! 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis