Federal Reserve Bulletin, 1952-11

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

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. CONTENTS PAGE Expenditures in 1952. 1185-1192 National Summary of Business Conditions. 1193-1194 Financial, Industrial, Commercial Statistics, U. S. (See p. 1195 tor list of tables) 1195-1244 International Financial Statistics (See p. 1245 for list of tables) 1245-1263 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 1264 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 1265 Federal Reserve Board Publications. 1266-1267 Map of Federal Reserve Districts. 1268 Subscription Price of Bulletin Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE LLETIN VOLUME 38 November 1952 NUMBER 11 EXPENDITURES IN 1952 The gross national product for the year GROSS NATIONAL PRODUCT 1952 will set a new record, as will total personal income. Gains from the preceding Annual Rates Billions of Dollar year, however, will be substantially less than 350 in either 1950 or 1951. In the current quarter total expenditures and output are showing a considerable rise, reflecting strengthen- 300 ing of business and consumer demands and probably some increase in national security expenditures. 250 EXPENDITURES The smaller growth in national product for this year, in physical as well as dollar 200 terms, reflects the temperate nature of many 100 private demands during most of 1952, as the chart indicates, and a smaller increase in na- GOV'T PURCHASES tional security expenditures. It also reflects OF GOODS AND SERVICES 50 the already high utilization of manpower resources and productive capacity prevailing last year. Notwithstanding a high rate of resource utilization, prices in wholesale mar- 1948 1950 1952 kets will average moderately lower this year NOTE.—Department of Commerce quarterly estimates, adjusted for seasonal variation. Fourth quarter 1952 estimated than in 1951, while consumer prices will aver- by Federal Reserve. age somewhat higher. services will be a smaller proportion of con- Outlays for national security purposes will sumer incomes after taxes than in earlier show a substantial increase for the year as postwar years. Expenditures for business a whole. Following almost two years of plant and equipment may be somewhat sustained growth, however, such outlays higher than last year. Present indications changed little in the third quarter. Con- are that as many new housing units will be sumer spending will be moderately higher started as in 1951. than in 1951. After rising slowly in the first A major factor influencing economic dehalf of the year, consumer buying leveled velopments was the shift from record acoff in the third quarter but is showing a cumulation of nonfarm business inventories sizable rise in the current quarter. As in in die spring of 1951 to little change in the 1951, consumer expenditures for goods and first half of 1952. During this period the 1185 NOVEMBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 1952 decline in expenditures for inventory ac- Despite the recent expansion in sales and cumulation about equaled the rise in outlays output, there has been little upward pressure for national security. The reduced volume on prices. Prices of farm products, espeof buying for inventory was reflected in cur- cially livestock and cotton, and of a few basic tailment of output in some nondefense in- industrial commodities have declined furdustries and in lower prices for some indus- ther. Wholesale prices of commodities other trial materials and products. By midyear, than farm products and foods have been readjustment of inventories had been com- fairly stable since spring and in early Nopleted in many lines and incentives had vember were about 4 per cent below their developed for some expansion in ordering peak in March 1951. Consumer prices, after and production. rising slowly to a new high in August, have The steel strike in June and July resulted since leveled off. Retail prices of foods have eased a little, other goods have firmed, and in curtailed output in steel consuming inrents and services have continued to advance. dustries, including some making defense products, and sharp reductions of steel inventories. Following the settlement, output NATIONAL SECURITY OUTLAYS recovered rapidly. Federal expenditures for national security Gross national product showed a slight programs are currently about triple the preincrease for the third quarter, and a large advance is indicated for the current quarter. BUDGET EXPENDITURES FOR MAJOR NATIONAL Business stocks of steel and automobiles, SECURITY PROGRAMS X depleted by the strike, and of other non- [Annua1rates, in billions of dollars] defense goods, reduced by earlier production 1951 1952 cutbacks, are being rebuilt. Retail sales rose 1950 Type of expenditure 2nd Q. sharply in September and continued strong 2ndQ. 4th Q. 2nd Q. 3rd Q. in October. In October industrial produc- Total 17.5 37.0 43.8 52.1 51.9 tion reached a new postwar high, which is Defense Department— Military, total 11 A 27.4 36.6 42.2 42.2 being maintained in November. Output of Arniv 3.4 10.9 14.8 16.1 16.2 Navv 3.8 7.5 9.2 11.5 10.9 both durable and nondurable civilian goods Air Force 4.0 8.4 12.1 14.2 14.7 Office of the Secreis up substantially from spring levels. tary of Defense. . . .2 .6 .5 .4 .4 The labor market has also strengthened International security and foreign relations, in recent months. Nonfarm employment, total 4.9 6.9 5 0 6.5 6.2 Military assistance. . .2 1.6 2.2 2.8 3.3 Economic and techseasonally adjusted, which had been rela- nical assistance. . . 3.6 4.0 1.8 2.9 1.9 Other 2 1.1 1.3 1.0 .8 1.0 tively stable for a year at levels close to the Atomic Energy Com- June 1951 peak, increased by 600,000 between mission .6 1.3 1.5 2.0 1.8 Stockpiling of materials .4 .7 .4 1.5 1.1 May and September. Average hours of Other security programs 3 .2 .7 .4 -.1 .6 work in manufacturing increased appreciably 1 Budget expenditures differ somewhat in definition and amount in September. Unemployment in October from expenditures for goods and services as used in the national income accounts. On the latter basis security outlays in third amounted to 1.3 million, or 2 per cent of the quarter 1952 were 49.6 billion dollars (annual rate). 2 Includes mainly expenditures of the State Department and civilian labor force, and was lower than at the Export-Import Hank and those for government and relief in occupied areas and miscellaneous foreign aid. any time since World War II. Average 3 Includes mainly expenditures of Selective Service Commission, National Advisory Committee for Aeronautics, Federal Civil hourly earnings in manufacturing advanced Defense Administration, and expenditures under the Defense Production Act and for maritime activities of the Commerce Department. sharply in September. Source.—Daily Statement of the U. S. Treasury. 1186 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 1952 Korean rate, as the accompanying table in mid-1951 following a year and a half of shows. Such spending now amounts to sharp expansion. Such expenditures are about 15 per cent of total national product probably at a record level in the current quaras compared with 6 per cent before Korea. ter. In terms of physical volume, business Growth in security outlays during 1952, fixed investment in 1952 will about equal however, has been substantially smaller than last year's record and will be about one-tenth was anticipated at the beginning of the year larger than in 1948, the previous peak year. and very much less than occurred last year. Underlying the sustained high level of After rising substantially in early 1952, secu- total plant and equipment outlays have been rity outlays showed little change in the third divergent developments among the compoquarter but are apparently increasing in the nent industries, as can be seen in the chart. current quarter. In industries not directly related to the de- The bulk of the early expansion of national fense program, expenditures increased subsecurity outlays was for wages and salaries, stantially following the Korean outbreak but other services, and soft goods associated di- have generally declined since the middle or rectly with the build-up of the armed forces latter part of 1951. In some industries the and the staffing of defense agencies. This declines reflect large capacity and the modphase of the defense program was largely erate nature of demands for the output of completed by the end of 1951, when nearly these industries. In other industries they 3.5 million persons were in the armed forces, reflect restrictions on the use of materials and as compared with 1.5 million in June 1950. selective credit restraints. The easing of re- Increases in output of tanks, airplanes, and strictions on the use of scarce materials in other hard goods involved complex planning and production problems and provision of PLANT AND EQUIPMENT EXPENDITURES specialized facilities. These factors together with the basic decision to procure advanced Annually Billions of Dollars types of military equipment, even when this meant delaying production, retarded MANUFACTURING the expansion of hard goods output. Large COMMERCIAL increases in deliveries were occurring by DURABLES J AND MISCELLANEOUS the fall of 1951, however, and since that time expansion in deliveries has about CHEMICALS, RUBBER, AND equaled growth in total security outlays. PETROLEUM ELECTRIC AND GAS UTILITIES ^*- In the third quarter of this year hard goods deliveries, at an annual rate of about 24 billion dollars, were seven times as large as two years earlier and about three-fourths as large as the peak rate currently scheduled. OTHER RAILROADS NONDURABLES BUSINESS FIXED INVESTMENT MINING Outlays for nonresidential business con- 1948 1950 1952 1948 1950 1952 struction and producers' durable equipment NOTE.—Data are from Securities and Exchange Commission and Department of Commerce. Data for 1952 include third have remained near the high level reached and fourth quarter expenditures anticipated by business. NOVEMBER 1952 1187 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 1952 commercial construction in the third quarter apparently show a moderate increase for the of 1952 and the suspension of Regulation X in year 1952, after a record accumulation of 9.5 September may lead to some expansion in billion dollars in 1951 and 4.5 billion in 1950. commercial construction activity. Little change in inventory holdings in the Outlays for fixed investment in industries first half of this year, as shown in the chart, closely associated with the defense program was followed in the third quarter by renewed have generally leveled off during 1952, al- accumulation on a moderate scale, which is though for the year as a whole they will be probably continuing in the fourth quarter. appreciably larger than in 1951. In some in- Farm inventories will probably rise somedustries, such as mining and railroads, out- what less during the year than the 1 billion lays are declining, while in a few, such as dollars reported for 1951, largely because of electric utilities, primary nonferrous metals, a smaller increase in cattle herds. chemicals, petroleum, and rubber products, PRIVATE DOMESTIC INVESTMENT they have continued to increase. Work on defense-related investment proj- 35 Annual Rates Billions of Dollars ects certified for accelerated tax amortization PRODUCERS' 30 has been put in place in both 1952 and 1951 DURABLE EQUIPMENT at a rate of about 6 billion dollars a year. 25 The greater part of the 10 billion dollars of 20 work remaining on the 23 billion of projects so far approved under this program is sched- 15 uled to be completed during 1953. The largest capacity expansion programs in terms 10 OTHER of dollar outlays are in electric light and CONSTRUCTION —5 power; steel works, rolling mills, and blast 15 furnaces; railroad operating equipment; and CHANGE IN NONFARM 1 petroleum refining. The program also em- — BUSINES*> INVENTORIES 1 — 10 h braces such diverse industries as pulp mills, I. Great Lakes transportation, and synthetic • i l l. ill fibers. 1 "1 Industrial capacity generally has been expanded considerably since Korea, in addition 1 1 , , , 1 , , , 1 -5 to substantial growth in the earlier postwar 1948 1950 1952 None.—Department of Commerce quarterly estimates, adyears. By the end of 1952 increases in ca- justed for seasonal variation. Fourth quarter 1952 estimated by Federal Reserve. Changes in farm inventories are not pacity in basic industries as compared with shown. pre-Korean levels will amount to nearly 50 The composition of nonfarm inventories per cent for aluminum, 30 per cent for elechas changed since the spring of 1951 as sigtric power, and 15 per cent for steel and nificant reductions have occurred in some petroleum refining. areas while accumulation has continued in others. Manufacturers' inventories con- CHANGES IN BUSINESS INVENTORIES tinued to rise into the spring of 1952, though The physical volume of nonfarm business much less rapidly than in the year beginning inventories, measured at current prices, will with the Korean outbreak. The growth 1188 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 19 52 early this year reflected further expansion of dential markets, mortgage debt outstanding stocks in durable goods manufacturing, on 1- to 4-family properties has risen subespecially in those industries associated with stantially further in 1952. the defense program. Reductions in June The extent to which suspension of Reguand July of this year, reflecting the steel lation X in September and relaxation of asstrike, were followed by renewed expansion sociated FHA and VA restrictions on terms for durable goods industries as a whole, al- of mortgage lending may stimulate demand though at the end of September such stocks for housing cannot yet be ascertained. Loans were still below the earlier peak. In non- on Government-underwritten mortgages, durable goods industries, inventories declined especially VA-guaranteed, are difficult to obfrom late 1951 to mid-1952 but have since tain in many areas. Funds for conventional increased moderately in some areas, par- mortgage lending are readily available, but ticularly in apparel manufacturing. on terms apparently not much different from Following substantial liquidation in the those prevailing under Regulation X. Sussecond half of 1951, distributors' inventories pension of the restraints, however, may condeclined moderately further in the first half tribute to the availability of second mortgages of 1952, but more recently have increased. to supplement conventional financing of sales of higher priced houses. RESIDENTIAL CONSTRUCTION PERSONAL INCOME, CONSUMPTION EXPENDI- Private expenditures for nonfarm residen- TURES, AND SAVING tial construction in 1952 have been running at an annual rate of about 11 billion dollars Personal income, which increased slowly (seasonally adjusted), somewhat larger than in the first half of 1952, advanced sharply in the second half of last year but about the in August and September following settlesame as in 1951 as a whole. Total nonfarm ment of the steel strike. In the fourth quarhousing starts in the first 10 months of 1952 ter personal income will apparently be well were at an annual rate of over 1.1 million, above the third quarter level, and for the year about the same as for the year 1951 and one- as a whole is estimated at about 5 per cent fifth below the record 1950 total. above last year's record level. Expansion in Since World War II there has been a net wage and salary income accounts for the addition of more than 8 million units to the greater part of the rise. Income of farm prohousing supply, mainly from new construc- prietors is expected to be somewhat below tion. This expansion has more than kept the advanced level of last year, reflecting a pace with the high rate of new family forma- moderate decline in farm prices and an intion, and doubling-up has been reduced crease in production costs. Interest, divifrom an exceptionally high level to the lowest dends, and income of nonfarm proprietors on record. With many demands for hous- may be moderately larger than in 1951. ing already met, prospective buyers are being Disposable income, i.e., personal income more selective than earlier. The vacancy after taxes, is estimated to be about 4 per cent rate, however, remains low, and markets for larger this year than last year. This rise is both new and existing houses continue active slightly less than the growth in personal inwith prices generally stable at close to peak come because of further substantial increases levels. Reflecting the high activity in resi- in individual income tax rates that became NOVEMBER 1952 1189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 1952 effective late in 1951. When allowance is 4 per cent larger than in 1951, the same inmade for an increase of about 2 per cent in crease shown by disposable income. Real consumer prices and of about 1.7 per cent in takings appear to be at an all-time high, population, real disposable income per capita slightly above 1951, although takings of duin 1952 will be little changed from 1951. rable goods are apparently below the levels Total consumer expenditures increased of the preceding two or three years. moderately in each quarter from mid-1951 Although at record levels, personal conto mid-1952, as the chart shows. By early sumption expenditures in 1952 as a percent- 1952 such spending had exceeded the pre- age of disposable income will be about the vious peak of early 1951 in terms of dollar same as in 1951 and moderately higher than outlays, but not in terms of real takings. In in the second half of 1951, as may be seen the third quarter total spending was un- from the table. Since early last year the changed as sales of new automobiles were spending rate has been lower than in most reduced by the steel strike. A substantial prewar or postwar years. As compared with the 1946-1950 average, consumers this year PERSONAL INCOME AND CONSUMPTION have spent smaller proportions of their disposable incomes for furniture and house- 300 Annual Rates hold equipment, as well as for clothing and Billions of Dollars shoes, but a larger proportion for shelter and household operation. The proportion spent PERSONAL for food has shown little change. As in 1951, personal saving has been large, DISPOSABLE 250 INCOME. much of it taking such financial forms as f PERCENTAGE DISTRIBUTION OF DISPOSABLE PERSONAL INCOME 1951 1952, 200 S T e a p n U .- July- Tan- 1 1 9 9 4 5 6 0 - 1939 Dec.i Mar.i Personal consumption expenditures 92.2 90.9 96.6 95.1 96.2 Durable goods, total 10.9 11.1 14.4 12.5 9.5 Autos and parts 4.3 5.8 4.4 3.0 Furniture and household 150 equipment 4.8 5.0 6.7 6.0 4.8 Other 1.8 1.8 1.9 2.1 1.7 1948 1950 1952 NOTE.—Department of Commerce quarterly estimates, ad- Nondurable goods, total.... W 9 50.0 52.0 53.2 50.3 justed for seasonal variation. Fourth quarter 1952 estimated Clothing and shoes 8.7 8.9 9.5 10.5 10.0 by Federal Reserve. Fo e o r d a g a e n s d alcoholic bev- 31.2 30.5 31.4 31.5 27.5 Other 11.0 10.6 11.1 11.1 12.8 increase seems to be developing in the current Services, total 30.5 29.8 30.2 29.4 36.3 Household operation. . . 4.7 4.5 4.6 4.3 5.1 quarter, however, and supplies of consumer Housing 10.0 9.7 9.6 9.0 12.7 Other 15.8 15.5 15.9 16.1 18.5 goods are generally ample. Department store Personal saving 7.8 9.1 3.4 4.9 3.8 sales, seasonally adjusted, advanced sharply Disposable personal inin October to a new high for the year and come : Per cent 100.0 100.0 100 0 100.0 100.0 Billions of dollars 2232.4 2229.3*218.0 181.9 70.2 were well above the levels of a year earlier. Total consumption expenditures for the - Based on seasonally adjusted data. year as a whole are estimated to be about 2 Annual rates. Source.—Based on Department of Commerce data. 1190 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 1952 time deposits, savings and loan shares, and consumer demands and in part from efforts insurance and pension reserves. to replenish business inventories, which had Durable goods. In the first quarter of been substantially reduced after mid-1951. 1952 consumer expenditures for durable Nondurable goods and services. Total outgoods were at the lowest level since late 1949, lays for nondurable goods in 1952 are estione-fifth below the high level of early 1951. mated to be about 5 per cent larger than in The decline reflected reduced consumer de- 1951. After reaching a record level in the mands. Except for automobiles, reductions first quarter, purchases of nondurables in output were generally larger than re- showed little change in the second quarter, quired by restrictions on the use of mate- but increased moderately in the third and rials. Among the principal factors under- apparently also in the fourth quarter. Exlying restrained demand for durables were penditures for foods and alcoholic beverages consumer expectations of continued avail- have continued to rise and in the third quarability of goods, restrictions until May on ter were at a new high, about 5 per cent the use of instalment credit, and large above a year earlier. Much of this increase consumer stocks of relatively new du- reflected somewhat higher prices. Followrable goods. The number of passenger auto- ing a marked decline early in the year, mobiles in use, for example, rose from 25 outlays for clothing and shoes recovered million in mid-1946 to 39.5 million in mid- in late spring. Demand has remained rela- 1952, and the proportion of automobiles un- tively strong in recent months and, with der three years of age increased from less prices of clothing generally lower, real takthan 2 per cent to about 35 per cent. ings are currently higher than a year ago. In late spring, however, consumer pur- Consumer outlays for services in 1952 chases of automobiles, appliances, and tele- have continued the gradual upward trend of vision sets increased considerably, partly as earlier postwar years. Steady increases have a result of the relaxation of instalment credit occurred in both prices and real takings of terms following the suspension of Regula- housing, electricity, gas, and other services. tion W on May 7. Outstanding instalment CONCLUSION credit has risen substantially since then. Expenditures for durables declined sharply During 1952 an exceptionally high rate of in July and August as automobile sales were resource utilization for the economy as a reduced by the effects of the steel strike. whole has been maintained without resump- Automobile production recovered rapidly, tion of inflationary price trends. Some stabihowever, and in September and October lization measures have been relaxed or susreached the highest rate since June 1951, per- pended. A record output of goods and servmitting both an increase in sales and a re- ices, despite the steel strike, has permitted building of dealers' stocks. For the year as a further increase in production for national a whole, output may amount to about 4.3 mil- security purposes, continuation of a record lion passenger cars, as compared with the volume of business investment in plant and record of 6.7 million in 1950 and 5.3 million equipment, and a new high level of real in 1951. In recent months output of tele- takings by consumers. Within the price vision sets has risen sharply and of appliances structure there has been further adjustment moderately, resulting in part from stronger of the imbalances that developed in the pe- NOVEMBER 1952 1191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 1952 PRICE AND WAGE CHANGES SINCE KOREA riod immediately following the invasion of South Korea, as may be seen in the table. Percentage increase, or decrease (—) Average hourly earnings in manufacturing Group Tune March Decem- June have advanced moderately more than con- 1950 1951 ber 1951 1950 to to to to sumer prices in the past two and a half years. March Decem- October October 1951 ber 1951 1952 1952 Further expansion of expenditures for national security purposes is planned. In view Basic commodity prices. . . 43 -14 -13 7 of prospective additions to present large pro- Wholesale prices, all commodities 16 - 2 11 ductive capacity, the likely further growth in Farm products 24 - 5 - 6 11 Processed foods 16 - 1 - 2 12 Other commodities 15 - 2 - I 11 the civilian labor force and in productivity, Consumer prices, all items. 8 2 1 12 and the large stocks of goods held by both Foods 11 3 0) 14 Other commodities 8 2 0) 10 businesses and consumers, the economy ap- Rents and services 5 3 3 11 pears to be in a position to meet the require- Average hourly earnings in manufacturing 8 4 4 17 ments of the defense program as presently 1 Less than one-half of 1 per cent. planned and to satisfy somewhat larger pri- Source- -leased on Bureau of Labor Statistics data; October vate demands as they may develop. partly estimated by Federal Reserve. 1192 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled October 28 and released for publication October 30] Industrial output rose to new postwar highs in volume. Activity in industrial and military equip- September and October and construction activity ment lines generally increased. continued close to record levels. Retail sales gen- The increase in nondurable goods output in Seperally expanded. Wholesale commodity prices de- tember to a level slightly above a year ago resulted clined somewhat further after mid-September, and mainly from continued gains at textile and paper consumers prices are now slightly below their mills. Activity at chemical plants reached a new- August peak reflecting mainly lower food prices. postwar peak and there was a considerable rise in output of rubber products. INDUSTRIAL PRODUCTION Crude petroleum and coal output rose substantially in September and total minerals production The Board's index of industrial production in was at record levels. In October, petroleum output September rose substantially further to 225 per rose further, while coal mining was considerably cent of the 1935-39 average, as compared with 214 reduced, owing in part to work stoppages in the in August and 218 in September a year ago. In latter part of the month. addition to recovery of activity in metalworking industries to earlier advanced rates, output of some CONSTRUCTION nondurable goods and of mineral fuels showed large further increases. In October the total index Value of construction contracts awarded inis likely to rise somewhat further, with gains in creased sharply in September reflecting two large many lines partly offset by a substantial decrease awards for atomic energy projects totaling 923 in coal mining. million dollars. Value of work put in place was Steel production has continued to rise sharply maintained at the close-to-record summer level. and in October was scheduled at the record annual Housing starts totaled 98,000 as compared with rate of about 116 million ingot tons. Passenger 99,000 in August and 96,000 in September 1951. auto assembly in October continued at about the high September rates. Output of household dur- AGRICULTURE able goods expanded in September, owing mainly Cattle marketings have expanded further in to a sharp rise in production of television sets to a recent weeks, in part influenced by drought in rate almost double the curtailed second quarter EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS INDUSTRIAL PRODUCTION SICAL VOLUME, SEASONALLY ADJUSTED. 1935-39 • 100 -/- | i — • TRADE * > w^- MANUFACTURING ^DURABLE GOVERNMENT ^ _ -""" "/ \ "NO ^ NDURABLE^—- SERVICE . TRA/N D S U P T O IL R IT T IE A S TION CONSTRUCT i MINING i "~ , FINANCE I V ! 1 ! 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 Bureau of Labor Statistics data adjusted for seasonal varia- 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 tion by Federal Reserve. Proprietors, self-employed persons Federal Reserve indexes. Monthly figures, latest shown are and domestic servants are not included. Midmonth figures, estimates for October. latest shown are for September. NOVEMBER 1952 1193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS some areas, and hog marketings have also risen BANK CREDIT seasonally. Total meat production in October has Total credit outstanding at banks in leading been almost 15 per cent above the same month cities increased considerably between mid-Septemlast year. Crop prospects have improved and on ber and mid-October. The major part of the inthe basis of October 1 conditions were forecast at crease reflected bank purchases of. Treasury tax 3 per cent above the 1951 level. anticipation bills offered in early October. Bank loans to businesses also expanded, primarily for EMPLOYMENT seasonal needs. Food processors, commodity The labor market strengthened further in Sep- dealers, trade concerns, and metal manufacturers tember. Seasonally adjusted employment in non- were important borrowers. farm establishments rose to a new high of 47.1 Interest rates charged by commercial banks on million, 500,000 above the spring level. Substantial short-term business loans averaged 3.49 per cent in gains in employee working time in both durable the first half of September compared with 3.51 and nondurable goods industries brought the aver- per cent in the first half of June. Rates rose very age work week at factories to 41.1 hours, the high- slightly in New York City but declined elsewhere. est level for the year; average hourly earnings rose Bank reserve positions, which had eased tempomore than 2 cents to SI.69. Unemployment de- rarily in mid-September, again tightened somewhat clined in early September to 1.4 million, the lowest in late September and early October. Required of the postwar period. reserves of member banks increased sharply in early October as deposits expanded in connection with DISTRIBUTION bank payments for Treasury tax bills. Following a decline in September, seasonally SECURITY MARKETS adjusted sales at department stores increased in the Influenced by an active nonbank demand for first half of October and were close to the high short-term issues, yields on most United States Gov- August level. Automobile sales showed substanernment securities declined substantially during the tial recovery in September and in early October first three weeks of October. Yields on high-grade were at a high level for this season of the year; corporate bonds increased somewhat. Common dealers' stocks rose further. Total department stock prices continued to decline from their August store stocks, seasonally adjusted, continued to show highs. little change in September according to preliminary estimates; however, for furniture, television and household appliance departments a marked rise in SECURITY MARKETS stocks is indicated. PER CENT j ; COMMON STOCK PRICES PER C2EN0T0 COMMODITY PRICES 160 i — —• ; jti 160 The average level of wholesale prices has declined somewhat in October as a few basic com- '"l~\ T~ 120 i i modities—notably lead, zinc and cotton—developed 80 i '.. 80 new weakness and prices of livestock and meats j BOND YIELDS , continued to decrease. Prices of such basic com- 4 j CORPORATE 4 modities as hides and wool, which had dropped / ' ^—-**— sharply some months ago, have recently been sus- 3 3 •N '~itained, and prices of apparel and household goods U. S. GOVERNMENT*^*^*^ u have increased somewhat. L L i i ! The average level of consumers prices has de- \ 1 ' 1945 1946 1947 1948 1949 1950 1951 1952 clined slightly since mid-August, reflecting de- Common stock prices, Standard and Poor's Corporation; corcreases in retail food prices partly offset by rising porate bond yields, Moody's Investors Service; U. S. Government bond yields, U. S. Treasury Department. Weekly figures, tendencies for other consumer goods and services. latest shown are for Oct. 15, 1952. 1194 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. . 1197-1198 Federal Reserve Bank rates; margin requirements; reserve requirements 1198-1199 Reserves and deposits of member banks. . 1200 Federal Reserve Bank statistics.. 1201-1203 Regulation V: guaranteed loans, fees, and rates. . 1203-1204 Bank debits and deposit turnover; Postal Savings System. 1204 Money in circulation. 1205 Consolidated statement of the monetary system, deposits and currency. 1206 All banks in the United States, by classes. . 1207-1209 All insured commercial banks in the United States, by classes. 1210-1211 Weekly reporting member banks. 1212-1214 Life insurance company commitments.. 1214 Commercial paper, bankers' acceptances, and brokers' balances. 1215 Money rates; bank rates on business loans; bond yields 1216 Security prices and new issues.. 1217-1218 Corporate sales, profits, and dividends. . 1218-1220 Treasury finance . 1221-1223 Government corporations and credit agencies. 1224 Business indexes . 1225-1234 Department store statistics. 1235-1238 Consumers' prices 1238 Wholesale prices 1239 Gross national product, national income, and personal income. . 1240-1241 Consumer credit statistics. 1242-1244 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 Hunks and the member banks of the Federal Reserve System are derived from regular reports made to the Hoard; index numbers of production arc compiled by the Hoard on the basis of material collected by other agencies; figures ior 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. Hack figures for banking and monetary tables, together with descriptive text, may be obtained irom the Hoard's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier HULI.IITINS. NOVEMBER 1952 1195 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 25 20 20 15 15 10 10 TREASURY CASH AND DEPOSITS i | ^ 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 30 FEDERAL RESERVE CREDIT HOLDINGS OF U- S GOVERNMENT SECURITIES - TOTAL 2 r -. DISCOUNTS AND ADVANCES o L. 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Wednesday figures, latest shown are for Oct. 29. See page 1197. 1196 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 1.ank credit oulsiand ing \ MeMiiber bank reserve balat CCS Dale or period co D u is n - ts I'. S _ . s e G cu o r v it e i r e : n s ment All | I s G to o c ld k T r c c r u e n r a e * s y - M in c o u c l n a i e r - y - T c r a e s a h s- F u T p e r w r o y d e i s e t a d i r h t s a e s - l - ) m X er e o m n d - e - - O F R t e h e d - e - r a a n d d - c B er i t l i l f s i , other1! Total st o a u r t i dtion J i I g Us se R r e v e posits se a r c v e Total qu R ir e e d'2 c E e x ss - 2 vances Total Bonds cates, ing Banks counts 1 and notes ! Wednesday | figures: j ! 1951—Sept. 5.. 243 23 079i 5,82z 17,257 684 24,00621,854 4,672 28,262 1,299 408 1,022 714 18,825|! 18,406 419 Sept. 12. . 325 23,108! 5,822 17.286 951 24,38421,853 4.673 28,216 1,294 474 1,047 713 19.167JI 18.555 612 Sept. 19.. 359 23.135 5,822 17.313jl.289 24,78321,934 4,674 28,140 1,285 477 923 730 19,835 18.864 971 Sept. 26.. 216 23.474 5,822 17,652 988 24,67722,013 4,676 28.137 1,288 816 1,024 731 19.369 18.837 532 Oct. 3.. 69 24,039 5,825 18,214 922 25,03022,015 4,680 28,320 ,284 397 966 753 20,004 18,843 1,161 Oct. 10. . 79 24,072 5.825 18.247 875 25,02522,055 4,680 28,448 ,286 335 1.002 750 19,939 18.868 1 ,071 Oct. 17.. 69 23.848 5,325 18.523 1 .20025,11722,105 4,681 28,385 ,296 326 975 851 20.068 18,950 1,118 Oct. 24. . 152 23,666 5,325 18.341 1 .02424,84122,144 4,683 28.301 291 509 886 850 19,833 19.144 689 Oct. 31.. 186 13,552 5,325 18,227 690 24,42722,234 4,686 28,410 288 493 818 780 19,557 19.060 497 Nov. 7.. 243 23,507 5,325 18,182 845 24,59522,284 4,686 28,534 .291 452 843 778 19,667 18.988 679 Nov. 14. . 274 23.397 5.325 18,072 930 24,60222,283 4.688 28,601 .284 245 815 776 19,850 18 976 874 Nov. 21. . 227 23,275 5.334 17 9411 243 24,74522,333 4,68(J 28,701 .285 364 800 774 19.843 19.211 632 Nov. 28. . 483 23,2:39 5,334 17,905 957 24.67922,332 4.69.3 28.742 .288 54* 750 774 19,603 19.229 374 Dec. 5.. 959 23,239 5,357 17,882 883 25,08122,381 4,699 28,891 1,292 501 787 770 19,919 19.196 723 Dec. 12. . 710 23,239 5,376 17,863 1,031 24,98022.382 4 ,700 29,037 ,284 266 740 770 19,964I 19.317 647 Dec. 19. . 449 23,239 5,334 17,9052,057 25,745 22,491 4,703 29,263 .269 6 776 827 20,798!! 19 767 1 ,031 Dec. 26. . 797 23,503 5.342 18,161 1,276 125,57622,621 4,704 29,403 1,289 289 880 832 20,208!' 19 637 571 1952—Jan. 2.. 105 23,658 5,344 18,314 1,062 24.82522,697 4,706 29,143 ,275 8 694 745 20.364; 19 685 679 Jan. 9.. 198 23,452 5.344 18,108 904 24,55422,772 4,707 28,800 ,280 69 771 743 20,369j 19.551 818 Jan. 16.. 135 23,119 5,344 17,775 1,118 !24.37222.822 4,710 28,526 ,291 138 719 744 20,488 19,590 898 Jan. 23.. 112 22,993 5,344 17,649 1,010 24,11622,872 4,711 28,342 ,280 11 663 743 20,660 19,573 1.087 Jan. 30.. 210 22,785 5,344 17,441 711 23,707 22,931 4,716 28,347 1,302 221 729 742 20,013| 19,455 558 Feb. 6.. 283 22,614 5,344 17,270 759 123,65622,990 4,717 28,378 1,317 52 728 741 20,148i 19.415 733 Feb. 13.. 619 22,499 5.344 17,155 634 23 ,75323.011 4,717 28.425 ,276 261 685 741 j20,094 i 19.301 790 Feb. 20. . 454 22,400 5.471 16,929 1,033 23,887 23,071 4,721 28,387 1,308 491 749 738120,007 19.293 714 Feb. 27.. 422 22,555 5,636 16,919 773 23,75023,110 4,722 28,390 1,308 712 730 735|19,710 ; 19,224 486 Mar. 5.. 384 22,514 5,636 16,878 986 23,88323,290 4,726 28,464 ,296 670 895 787 19,787! 19,166 621 Mar. 12 . 357 22,530 5,636 16,894 891 J23 ,77823,291 4,726 28.452 1,296 639 841 785 19,781 19,181? 599 Mar. 19 126 22,825 5,636 17,189 1,265 ,24,21623.292 4,729 28,361 1.285 6 742 803 21.038 19,627 1 .411 Mar 26 170 22,528 5,636 16,892 715 23,41323,291 4,731 28,329 1,282 7 736 804 20,276 19,500 776 Apr. 2. . 130 22,514 5,636 16,878 766 23,40923,291 4,736 28,445 1,281 295 776 827 19,812 19,166 646 Apr. 9.. 167 22,494 5,636 16,858 731 23,39323,293 4,736 28,526 1,273 381 763 827 19,652 19,076 576 Apr. 16. . 622 22,467 5,136 17,331 1,020 24,10923,293 4,737 28,436 1,288 520 853 825 20,218 19,225 993 Apr. 23. . 830 22,372 5,136 17,236 771 123,97323,295 4,738 28,333 1,287 877 809 824 19,875 19,087 788 Apr. 30. . 676 22,363 5,136 17,227 593 23,632 23,297 4,739 28,460 1,284 450 784 749 19,940 19.143 797 May 7. . 1,043 22,329 5,136 17,193 695 24,067 23,297 4,739 28,523 ,286 749 762 747 20,034 19,071 963 Mav 14. . 671 22,315 5,136 17,179 7 79J |23.76423,297 4,739 28,497 1,293 516 796 745 19,953 19,092 861 May 21.. 499 22,283 5,136 17,147 1 ,013123,79423,298 4,739 28,483 I ,279 384 813 745 20,127 19.181 946 May 28. . 816 22,273 5,136 17,137 653 ,23,74223,296 4,741 28,710 1,286 558 813 745 19,667 19,217 450 June 4. . 926 22,378 5,136 17,242 775 24,079 23,296 4,747 28,842 1,282 527 824 742 19,906|i 19.207 699 June 11.. 834 22,492 5,136 17.356 803 i 124.12823,297 4,750 28.830 1,284 507 834 742 19,978 19,226 752 June 18. . 541 22,997 5,136 17,861 1 .289124,82823,297 4,751 28,787 1 ,286 9 768 794 21,232 19.736 1,496 June 25.. 307 22,564i 5,136 17,428 882 .23,75323,346 4,752 28.814 I ,290 134 813 793 20,006 19,621 385 July 2. . 480 22,869 5,136 17,733 806 J24,155 23,346 4,755 29,180 1 ,277 90 760 798 20,153! 20.104 49 July 9. . 683 22,860 5,136 17,724 923 124,46523,347 4,754 29,148 1,264 38 906 799 20,413 20.008 405 July 16. . 974 22,723 5,136 17,587 974 124,67123.348 4,756 28,988 1 ,271 307 988 797 20.422 ! 19.973 449 July 23.. 1 ,07322,726 5,136 17,590 875| i24,67423,350 4,756 28,884 1,275 482 1,016 797 20,326i 19.875 451 July 30.. 1,403 22,844 5,136 17,708 660 •24,907 23,350 4,761 28,952 1 ,286 605 1,042 724 20,409 19,829 580 Aug. 6. . 843 22,977 5 ,163 17,814 620 24,44023,350 4,763 29,041 1,2 79 270 982 722 20,260 19,675 585 Aug. 13.. 770 23,051 5,236 17,815 732 124.55323.344 4.764 29,051 1,277 422 1,057 718 20,136 19,692 444 Aug. 20. . 979 23,032 5,236 17,796 799 24,81023,344 4,766 29,068 1 ,281 526 1,057 721 20,267 19,652 61 5 Aug. 27.. 897 23,092 5,236 17,856 614 24.60323.344 4,768 29,129 1,276 707 1 ,084 721 19,797 19J643 154 Sept 3 968 ?3 18? 17,946 666 ••'4.816T\ 344 4,774 29,391 1 285 715 1,066 717 19 760 10 ^11 249 Sept. 10.. 880 23,2291! 5,236 17,993 764 •24,872 23.344 4,776 29.364 1,279 347 948 715 2(),340ii 19,549 791 Sept. 17.. 3\3 23,74(1 5.236 18.504 1,195 25,2*r>23,34-1 4.780 29,292 1 .281 6 998 729 21.067 i 19,957 1,110 Sept. 24. . 400 23,715 5,236 18,479 7421'24.85 723,343 4,781 29,24 7 1 ,274 264 889 72.620,581 : 19,901 680 Oct. 1 . . 544123,694' 4.522 19,172 725 24,96323,3421 4,787 29,417 1 ,287 523 884 882 20,098 19.762 336 Oct. 8.. 1,019! 23,663 1,522 19,141 702 •25,384123,3-U1 4,787 29,545 1 ,280 596 972 880 20,239i 19.567 672 Oct. 15.. 772123,66311 4,522 19,1411 891 25.325'23,341! 4,787 29,6171 1 ,276 212 854 881 20,613 20.089 524 Oct. 22.. 1,130i23.663! 4,522 19,11111 ,07425,867 23,3401 1.790i 29.511 1,281 618 929 878 20, 779'>19.988 J'791 Oct. 29.. 1,171 23,624 4,522• 19,102 710 •25,50523.3401 1.790| 29.540 1,289 588 891j 877 20,449>19.926 ! i P Preliminary. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 2 These figures are estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. NOVEMBER 1952 1197 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 d is c n d - - e ts s T U ot . a S l . s e G c B u o o r v n it e d i r e s n s m c c B e a e r i t n t l e i l t f s s i , , - ot A h l e l r1 Total s G to o c ld k T s r o c e t u i r a u n u n e r n g r 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 r w R e r d o y a e r i s e n e t v a i d - r h k t e s a e s s - l - b p m N e o r e o s m d n it e - s - - c O s F o e e R a t e r u r c h e a d v - n - e l - e t r s Total qu R ir e e - d2 Exand notes End of period: 1929—June 29. . 1,037 216 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 2,356 2,333 23 1933—June 30. . 164 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 1945—Dec. 31.. 249 24,262 94723,315 580 25,091 20.065 4,339 28,515 2,287 977 1,308 495 15,915 14,4571.458 1946—Dec. 31.. 16323.350 753 22.597 581 24.093 20.529 4.562 28.952 2.272 393 822 607 16,139 15.577 562 1947—Dec. 31.. 8522,559 2,85319,70^ 536 23,181 22,754 4,562 28,868 ,336 870 961 563 17,890 16,4001,499 1948—Dec. 31.. 22323,333 10,97712,356 542 24,097 24,244 4,589 28.224 ,325 1,123 1,189 59C 20,479 19.2771,202 1949—Dec. 31.. 7818,885 7.21R11.667 536 19,490 24,427 4,59* 27.600 ,312 821 1.517 706 16,56* 15,5501,018 1950—June 30. . 4318,331 5,61812,713 329 18,703 24,231 4.607 27.156 ,298 950 1.431 771 15,934 15,498 436 Dec. 30. . 6720,778 4.62016.158 1,371 22,216 22,706 4,636 27.741 ,203 668 1.460 714 17.681 16,5091,172 1951—June 30.. 5322,982 6,82216,160 1,00724,043 21,756 4,655 27.809 ,281 317 1,262 765 19,020 18,604 416 1951—Oct 186 23,552 5,32518,227 690 24,427 ,233 688 28,417 ,283 493 818 78019,557 19,060 497 Nov 624 23,239 5,33417,905 871 24,734 ,382 700 28,809 ,288 481 794 772 19,670 19,180 490 Dec 19 23,801 5,34418,457 1,18925,009 ,695 709 29,206 ,270 247 889 746 20,056 19,667 389 1952—Jan 32822,729 5,34417,385 726 23,783 ,951 717 28,386 ,319 162 766 74120.077 19,443 634 Feb 598 22,528 5,63616,892 778 23,904 191 727 28,465 ,287 558 796 73319,982 19,254 728 Mar 133 22,514 5,63616,878 623 23,270 ,291 736 28,473 ,277 169 845 801 19,733 19,241 492 Apr 676 22,363 136 17,227 593 23,632 ,298 739 28,464 ,281 450 784 74919,940 19,143 797 May 952 22,273 5.13617,137 927 24,152 ,296 748 28,767 ,274 541 1,094 74319,778 19,187 591 June 59 22,906 5,136 17,770 586 23,551 ,346 754 29,026 ,283 333 846 78319,381 19,573 -192 July 1,270 22,853 5,13617,717 699 24,821 ,350 762 28,978 ,281 638 991 72320,323 19,828 495 Aug 1,318 23,146 5,23617,910 751 25,216 ,344 776 29,293 1,260 488 1,157 71820,411 19,576 835 Sept All 23,694 5,23618.458 577 24,747 342 786 20.419 1.278 508 881 72320,066 10.747 319 Oct 1,591 23,575 4,52219,053 689 25,855P23.339 793P29.636 Pi,274 770 887 80520,616 P19.950 P666 Averages of daily figures: 1951—Oct 13123,834 5,551 18,283 1,01724,082 22,104 4,682 28,387 1,283 451 977 80219,868 18,952 916 Nov 34323,364 5,32918,035 1,07824,785 22,208 688 28,612 1,286 436 867 776 19,794 19,065 729 Dec 657 23,409 5,35218,057 380 25.446 22,483 701 29,130 1,280 271 835 796 20,310 19,484 826 1952—Jan 200 2133,206 5,34417,862 038 24.444 22.824 709 28,637 1.281 100 737 744 20.470 19,537 933 Feb 365 22,552 5,43217,120 900 23,826 23,030 719 28.406 1,294 352 790 73810,995 19,300 695 Mar 31422,634 5,63616,998 942 23,890 23,278 728 28,437 1,283 333 845 790 20,207 10,322 885 Apr 365 22,448 5,35417,094 913 23,726 23.293 737 28,450 1,278 540 875 818 10,777 19,127 650 May 57322,308 5,13617,172 823 23,704 23,207 740 28,557 1.281 553 838 74519,767 10,130 628 June 58522,617 5,13617,481 941 24,144 23.308 4,751 28,843 1,282 328 843 76720,140 10,431 709 July 1,092 22,798 5,13617.662 895 24,786 23,348 4,756 20,028 1.270 306 960 79120,535 10,026 609 Aug 1,059 23,027 5,21617,811 738 24,824 23,346 4.765 20,088 1,276 501 1,044 720 20,306 10,657 640 Sept 72323,471 5,23618,235 861 25,055 23.343 4.778 20,343 1,275 326 007 72120.514 19,736 778 Oct 1,093 23,657 4,52219,135 931 25,681 23,340 4,788 29,555 1,277 550 941 876 20,611 P Preliminary. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 2 These figures are estimated. Back figures.—See 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, 1035- Effective Feb. 1, Mar. 30. Effec- Jan. 31, 1035 Dec. 31, 1035 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 Postal Savings deposits 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 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.l.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. 1198 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member Federal Reserve Bank ad o v b a li n g c a e t s i ( o S s n e e s e c s u a . r n e 1 d d 3 d b a i y n s d c e o l 1 i u g 3 n i a b ts ) l 1 e o f p a a p n e d r Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances b o a b n l ( i k l g a s a s t s t i e o p c n a u s r r . e o d S f e t b c h y . e 1 d U 3 i ) r . e S c . t Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Oct. 31 beginning— rate Oct. 31 beginning— rate Oct. 31 beginning— rate Boston Aug. 21,1950 Aug. 21,1950 Jan. 14, 1948 2 New York.... Aug 21,1950 Aug. 21,1950 Oct. 30, 1942 Philadelphia. . Aug. 25,1950 Aug. 25,1950 Aug. 23, 1948 2 Cleveland Aug. 25,1950 Aug. 25,1950 Aug. 25, 1950 Richmond Aug. 25,1950 Aug. 25,1950 2 Oct. 28, 1942 4 Atlanta Aug. 24,1950 Aug. 24,1950 Aug. 24, 1950 2J^ Chicago Aug. 25,1950 Aug. 25,1950 Aug. 13, 1948 2 J^j St. Louis Aug. 23,1950 Aug. 23,1950 Jan. 12, 1948 2 Minneapolis. . Aug. 22,1950 Aug. 22,1950 Aug. 23, 1948 2H Kansas City.. Aug. 25,1950 Aug. 25,1950 Jan. 19, 1948 2 Dallas Aug. 25,1950 Aug. 25,1950 Feb. 14, 1948 2 San Francisco Aug. 24,1950 Aug. 24,1950 !Oct. 28, 1942 4 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 8 Certain special rates to nonmember banks were in effect during the wartime period. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116. pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON MEMBER BANK RESERVE REQUIREMENTS ACCEPTANCES [Per cent per annuml [Per cent of deposits] Maturity R O a c t t e . 3 o 1 n In g in ef n f i e n c g t — b e * - Pre ra v t i e ous Net demand deposits x Time Effective date deposits 1 9 2 1 1 1 - - - 1 1 9 2 8 0 0 0 d d d a a a y y y s s s D D D e e e c c c . . . 1 1 1 8 8 8 , , , 1 1 1 9 9 9 5 5 5 1 1 1 of change C r b e e c a s n i e n t t r y k r v a s 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 f m n a k l b l s e ) r 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 Monetary 1936—Aug. 16 15 Statistics, Table 117, pp. 443 445. 1937—Mar. 1 22M May 1 26 20 2 6 4 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1938—Apr. 16 22^ 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 October 31. Per cent per annum] Oct. 3 20 1 1948—Feb. 27 22 To industrial or June 11 24 commercial To financing institutions Sept. 16 16 2 7J4 businesses Sept. 24 26 22 1949—May 1 15 27 F R e e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or J M u a n y e 30 5 24 2 2 0 1 3 7 Bank lo O an n s 1 co m m O e m n n t i s t- fo P r o r w ti h o i n ch Re- c m om O en n m ts i • J A A A u u u u l g y g g . . . 1 1 1 1 1 6 23^ 19H 1 1 1 4 3 2 2 3 2 6 5 5 institu- maining Aug. 18 2w3 * 19 tion is portion Aug. 25 18}* obligated Sept. 1 18 1951—Jan. 11 23 19 36 Boston () Jan. 16 13 26 New York () Jan. 25 24 20 Philadelphia 8 Feb. 1 14 Cleveland 8 8 Richmond 8 In effect Nov. 1, 1952 «... 24 20 14 6 Atlanta 8 C St h . ic L a o g u o is ^5 («) Au 1 g D . e 2 m 3, a n 1 d 9 3 d 5 e . p o h s a i v ts e s b u e b e j n ec t t o t t o a l r e d se e r m ve a n r d e q d u e ir p e o m si e t n s ts m , i w n h u i s c h c a b s e h g i i n t n e i m ng s S K D M a a a i n l n n l s a n F a s e r s a a C n p c o it i l y s i c s o .. . . . . . 8 2H ( ( » ' - ) 5 ) i A ( n a p l 2 s p r o . R r o e 1 c m q 3 e , u i s n s i 1 u r 9 e o s 4 m f 3 w e c - o n a J r t l u l n e l b c e o e t a i c 3 o n a 0 n m . a a e n 1 n d 9 d e 4 f 7 s f d e ) e e . r c i m t e i s v a e n E d a b t b a o c l n a o d n u c n a e t s c r y c d o u u b e n a t f n s r k o d m s. u r d in o g m e t s h t e i c p b e a ri n o k d s 8 • Requirement became effective at central reserve and reserve city 1 Including loans made in participation with financing institution?. banks. 2 Rate charged borrower less commitment rate. 4 Present legal minimum and maximum requirements on net demand 3 Rate charged borrower. 4 Rate charged(« b)orrower but deposits—central reserve cities, 13 and 26 per cent; reserve cities, not to exceed 1 per cent above the discount rate. 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time » Charge of }4 per cent per annum is made on undisbursed portion deposits at all member banks, 3 and 6 per cent, respectively. of loan. Bark figures.—See Banking and Monetary Statistics, Table 118, pp 446-447. NOVEMBER 1952 1199 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 , o e r dnesday b m a b A 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 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 b A n e e m l k r l s - i 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 o t n r u k y n s - » York cago York cago Total reserves held: Excess reserves: 1951—July 19,229 5,028 1 ,294 7,439 5,469 1951—July 756 9 162 586 August 19,174 4,925 ,297 7,479 5,473 August 704 5 14S 550 September 19,396 5,029 ,307 7,526 5,534 September. 721 8 151 567 1952—July 20,536 5,474 ,365 7,911 5.786 1952—July 609 -14 84 532 August 20,306 5,223 ,360 7.933 5 ,790 August 649 5 129 513 September 20,514 5,256 ,369 8,009 5,880 September. 778 63 155 554 Sept. 17 20,626 5,220 ,370 8,072 5,964 Sept. 17.. 855 30 184 641 Sept. 24 21,036 5,146 ,414 8,1 72 6,004 Sept. 24.. 1 ,094 175 36 249 634 Oct. 1 20,276 5,297 ,360 7,937 5,682 Oct. 1.. •495 40 _2 94 363 Oct. 8 20,307 5,141 , 343 7,908 5.915 Oct. 8.. 672 7 —2 111 556 Oct. 15 20,761 5,254 1,385 8,145 5,977 Oct. 15.. 712 -2 -3 109 608 Oct. 22 20,912 5,262 1 ,378 8,181 6,091 Oct. 22.. P796 10 95 »704 Borrowings at Federal Required reserves: Reserve Banks: 1951—July 18,473 5,018 1 ,296 7,277 4,883 1951—July 194 71 7 77 39 August 18,470 4,919 1 ,297 7,331 4,923 August. . . . 292 84 6 152 50 September 18,675 5,021 1,312 7,374 4,967 September., 338 66 7 213 51 1952—July 19,926 5,488 1.358 7,826 5,254 1952—July 1,077 225 82 634 136 August 19,657 5,218 1 ,359 7,804 5,277 August 1,032 227 41 581 183 September 19,736 5,193 1,364 7,854 5,326 September., 683 117 30 384 151 Sept. 17 19,772 5,190 1,371 7,888 5,323 Sept. 17... . 6-19 96 19 369 165 Sept. 24 19,941 5,271 1,377 7,923 5,370 Sept. 24.... 282 3 6 165 108 Oct. 1 19,781 5,257 1 ,362 7,843 5,319 Oct. 1 498 20 9 321 148 Oct. 8 19,836 5,135 1 ,345 7,797 5,359 Oct. 8.... 933 76 96 599 162 Oct. 15 20,049 5,256 1,389 8,035 5,369 Oct. 15.... 1,187 241 114 653 179 Oct. 22 P20.116 5,252 1,391 8,086 '5,387 Oct. 22... . 894 82 82 587 143 P Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. Back figures.—See Banking and Monetary Statistics, pp. 396-399. 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 a R e i r n e t v y k - e s C ba t o r n u y k n s - b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i n r 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 September 1952 Second half of September 1952 Gross demand deposits: Total 105,613 22,634 5,947 40,727 36,306 107.272 23,396 6.073 41 .290 36,513 Interbank 12,401 3,911 1,231 6,161 1 ,098 12,655 4,135 1,237 6,155 1 ,127 Other 93,212 18.722 4,716 34,566 35,208 94,618 19,261 4.836 35,135 35,386 Net demand deposits 2 92,251 20,819 5,354 35 ,180 30,898 93,592 21,405 5.433 35,553 31 ,200 Time deposits 3 32,519 2,091 1 ,151 12,984 16,293 32,618 2 ,105 1 ,153 13,024 16,337 Demand balances due from domestic banks... 6,261 38 120 1,844 4,258 6,359 55 144 1 ,971 4,189 Reserves with Federal Reserve Banks: Total 20,298 5,127 1,347 7,950 5,875 20,730 5,386 1 ,392 8,068 5,885 Required 19,594 5,122 1,354 7,815 5,303 19.877 5,264 1,373 7.892 5 ,348 Excess 704 5 -7 135 571 853 122 19 175 537 Borrowings at Federal Reserve Banks 998 222 180 369 12 227 123 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report 1200 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 Knd of month 1052 1952 ; 1951 Oct. 29 Oct. 22 Oct. 15 Oct. 8 Oct. 1 Sept. Oct. Assets Gold certificates 21,423,101121,423,104:21 ,428,104'21 ,439,10021 .451 ,602'21 433,103.21 ,451,602 20.335.681 Redemption fund for F. R. notes 710.453J 713,038 711,225! 702.936J 695,3211 706.468; 695,320; 668,256 Total gold certificate reserves. 22 ,133 ,554J22 ,136 ,142:22,139,329,22 ,142 ,036,22 ,146,923i22 139,571 !22,146,922;21 ,003,937 Other cash 328,793! 323,84o| 322,0251 329.478J 327,619! 328,454, 323,534j 313,677 Discounts and advances: For member banks 1 ,125,703. 1,085,0291 726,654 973,578 498.949j ,546,404 431,544! 175,575 For nomnember banks, etc 45,000i 45,000| 45,000 45.000 45,000 45,000 45,000; 10,000 Industrial loans 4,210; 4,4011 4.293 4,290 4,381i 4,281! 4,465| 4,392 17. vS. Government securities: 1 i I Bills 332,200' 371,200! 366,200o1l 366,200 397.2OO1 283,200, 397,200' 310,445 Certificates: Jpecial Other i 4.995.716 4,995,716- 5,000,716! 5,OOO,716: 5,000,7K)1 4 995, 716'1? 492.466! 12 848,308 Notes (13,773.671113,773,671113,773.671J13,773,671113,773,67l|l3. 773,671 •' 5 568.073 5 068,073 Bonds 4,521,9751 4,521 ,975| 4,521,975! 4,521,975 4,521 ,975| 4, 521,975! 5 235,823: 5 325.22 7 Total U. S. Government securities 123 ,623 ,562\23 ,662 ,562123 ,662 ,5621,23,662 .562j23,693 ,562• 2, 574,562'23,693,562123,552,053 J | • ; .'. | Total loans and securities 24 , 798 ,475,24, 796,992.24,438 ,59029'24 ,685 ,430*24 ,241,892,251 70,247:24,, 174,571123 742,020 I Duo from foreign banks 23! 23| 23i 23 231 23' 231 33 F. R. notes of other Banks 178,926! 185,635! 160.887I 163,184 171,8,1881 180,443! 176,019! 164,207 Uncollected cash items 3,668,385! 4,253,041 4,814,041: 3.429.599J 3,724,2791 3, 328,069- 3 343,3991 3,354,872 Bank premises. . . 45,596] 45.657 45,659: 45,654: 45,608 45,583 45.625j 42,899 Other assets ! 145.356J 135,712, 127,29l| 120,126! 110,419 148,146! 268,933 118.576 Total assets . . .:5] .299,108151,877 ,042152 ,047 , 764,50,915 .530J50, 771.651 51 .340.536j50.479 ,O26J48,74O,221 Liabilities ! j | Federal Reserve notes . 25,340,435!25,307,977,25,387,64825,332,493|25,224,93225,426,18O!25,215,340124,260,606 Deposits: II I Member bank—reserve accounts !20,449,365,20, 778,859 20,612.801 20,238,585i20,098.262)20.615 ,560'2(),066,456|19 556,991 U. S. Treasurer—general account I 588,1591 618,219 212,4891 596,230 523,0321 770,116] 508,025! 492,712 Foreign I 654,529,1 683,6681 674,791! 722,737 721,656j 642,208, 706,988! 556,277 Other 236.,,00335 511 245,063 178,985, 248,598! 162,018 244,677! 173,8041 262,353 j- Total deposits . . .121,928,088 22,325,809121 679,066j21 ,806,150 21,504,968i22 ,272 ,561 j21 ,455,273;20,868,333 Deferred availability cash items ! 2 ,962 ,309j 3 ,183 .416 3 927,183! 2,731,47si 3,003 ,606! 2 643,010! 2 770,956 2,,669,543 Other liabilities and accrued dividends ! 18,379j 17,122! 17,853! 16,413! 16, 166 17,5391 16,456 16,066 j Total liabilities. . . . I J50,249,211150,834,324|51,011,750 49,886,534J49,749,672 359,290 49 458,025 47,814,548 Capital Accounts i Capital paid in \ 248,148 247,935 247,871 247,813! 247,749 248,166 247,734 234,990 Surplus (Section 7) : 538,342 538,342 538,342 538,342| 538,3421 538,3V2 538,342 510,022 Surplus (Section 13b) j 27.5431 27,543 27,5431 27,543! 27,543' 27,543! 27,543 27,543 Other capital accounts ' 235 ,8641 228,898 222,258] 215,298" 208,345 \ 167,195! 207,382 153,118 Total liabilities and capital accounts '51 ,299,108J51,877 ,042j52 047 .764150,915 ,530,50,771 ,651-51 340,536|50,479 ,026 48, 740,221 Ratio of gold certificate reserves to deposit and j i ! F. R. note liabilities combined (per cent) , 46.8 46.5! 47.0; 47.0! 47.4; 46.4 47.5| 46.5 Contingent liability on acceptances purchased i ' j for foreign correspondents j 15,5341 14,54()i 14,1721 14,068! 13,065 16,141 13,097 16,705 Industrial loan coininitments | 3,896j 5,9271 5,9601 5,9911 6,413 3,720 6,328 7,152 Maturity Distribution of Loans and U. S. Government Securities * | Discounts and advances —total j 1 170,703' 1,130,029 771,654, 1 018,578 543,949 . 591. ,404! 476,544j ,575 Within 15 days 1 020,2911 969,487 640,550; 897,005 414,4511 1 438.2481 345,981 , 608 16 days to 90 days ! 150,412j 160,542 131,099| 121,558' 129,480 153,156 130,545 ,464 Ind 9 u 1 s d tr a i y al s l t o o a n 1 s y - e - a t r otal •I- . ,2 . 1 . 0 .... 4,401 4.293J 4,29 i5 0 i 4,38 1 i 8 ! . . "4,281! 4,46 1 5 8 , 5 3 0 9 3 2 Within 15 days 3041 353 816i 365 504 i 332 j 495 492 16 days to 90 days 1,8291 1,722 1.4751 1,821 774; 1,6481 770 949 91 days to I year 1,750, 2,002! 1,822 1,922 2,9211 1,9541 3,007: 1,750 Over 1 year to 5 years 32 7: 324, 180 182 182. 34 7 i 1931 1, 201 U. S. Government securities—total 23 623,562:23,662,562'23,662,562123 662,562 23,693,562123 574,562123,693,562! 23,552,053 Within 15 (lays ; 203,700: 179,000! 202,000: 98,500! 82,500, 154,700 7,540,250 129,475 16 to 90 days j 128,500! 192,200! 164,200 267,700I 314,700! 128,500 348,700! 180,970 91 clays to 1 year ! 6 715,941! 6,715,941, 6,720,941! 6 720,941| 6,72(),94i! 6 715,941 6,,77:20,941|14,217 ,833 Over 1 year to 5 years [14 146,950| 14,146,95()! 14146,950114 146,950; 14146,95O!14 146,950 ,941,352 5,396,456 Over 5 years to 10 years j 1 070,224 1,070,224! 1,070,2241 1 070,224, 1,O7O,224j 1 070,224 ,070,224 1,013,614 Over 10 years \ 1 358,247 1,358,247 1,358,247| 1 358,247 1,358,247 1 358,247 ,072,095 2,613, 705 1 Callable U. S. Government securities classified according to nearest call date. NOVEMBER 1952 1201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1952 fin thousands of dollars] Item Total Boston Y N o e r w k I 1 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 Lo S u t i . s M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Assets Gold certificates. 21,433,103: 699,327 6,537,250 1,205,765,1,450,959 994,069 848,140 4,365,869 625,224 375,234 838,095 723.118 2,770,053 Redemption fund forF. R. notes. 706.4681 62,048 69,529 55.464 83,014! 76,654 50,392 105,97^ 50.363 24,755 39,640 28,740 59,892 Total gold certificate reserves. . 22,139,571 761,375 6,606.779 1,261,2291,533,973' 1,070.723 898,5324,471,846 675.587 399,989 877,735 751.8582,829,945 Other cash 328,454 30,631 65,015 18,378 25,617! 19,948 26,385 61,294 15,932 6,659 12,846 11,874 33,875 Discounts and advances: Secured by U. S. Govt. securities. . . 1,546,009 58.450 251.275 53,825 96,5 701 101.630 86.890 316,770 83,500 j 36,095 158,718 66,150 236,136 Other 45,395 2,790 13,590 3,510 4,140 2,295 1,935 6,255 1,710 1,170 2,105 1,710 4,185 Industrial loans.. 4,281 3,816 67 313 85 U. S. Govt. securities 23,574,562, 1,666,963 5,505,2471,476,6802,345,321 i 1,587,950'1,359,8423,359,981 1,273,382 747,855 1.028,49811,076,897 2,145,946 Total loans and securities 25,170,247 1,728,203 5,770,1121,537,8312,446,031 1,691,942 1,448.9803,683,006 1,358,592 785,2051,189,3211,144,7572,386,267 Due from foreign banks 23 1 17! 2 2 1 1 3 1 1. 1 1 2 F. R. notes of other Ranks.. . 180,443, 5,715 25,5511 11,207 8,973 26,473 21,345 16,707 8,516 12,240 9,199 8,607 25,910 Uncollected cash items 3,328,069' 254,650 580,522 214,047 324,718 273,523 222,257 539,388 159,470 98.017 180,675 152.550 328,222 O Ba th n e k r p a r s e se m ts ises... 1 4 4 5 8, , 1 5 4 8 6 3 1 ! 971 32 7 , , 4 7 6 2 2 8 3 8 , , 0 9 9 0 6 3 1 4 4 , ,6 6 6 7 7 3 4 9 , , 8 8 3 7 0 4 3 9, , 2 8 1 0 8 5 6,636 3 7 , , 0 5 6 3 8 4 4 1 , .0 5 5 0 7 0 2 6 , , 3 5 2 7 2 4 1 625 1 6 3 , , 7 1 7 2 2 1 12,929 21,176 7.188 Total assets 51,340,536 2,794,475 13.088,176 3,054,6934,358,6543,097,314 2,630,5238,800,056 2,228,700 1.307,698 2,278.673;2.O77,46O 5,624,114 Liabilities F. R. notes 25,426,180 1,531,898 5,545,085 ,779,2732,309,228 1,839,633 1,402,557 4,823,6801,199,178 638,876 1,005,885 2,596,440 Deposits: Member bk.— reserve accts.20,615,560, 894,346 6,342,196 937,895 1,559,594 868,751 910,7823,260,406 761,906 488,734 1,006,140; 1,057,6352,527,175 U. S. Treas — gen. acct. . . 770,116 39,918 101,477 42,812 87,784 79,372 55,646 82,483 60,335 52,908 57,3211 54,359 55,701 Foreign 642,208 40,461 2 186,675 50,903 60,039 33,283 28,062 90,711 24,799 16,968 24,799 24.799 60,709 Other 244,677 4,343 179.395 1,764 3,534 3,430 639 1,540 8,176 1,550 1,158 606 38,542 Total deposits.. . 22,272,561 979,068 6,809,743 1,033,374 1,710,951 984,836 995,129 3,435,140 855,216 560,1601,089,4181,137,3992,682,127 Deferred availability cash items 2,643,010, 220,838 448,499 166,632 245,476 219,758 187,649 403,061 133,624 81,506 143,701 142,628 249,638 Other liabilities and accrued dividends 17,539 951 4,571 962 2,216 877 854 2,888 758 590 723 682 1,467 Total liabilities. . 50,359,290'2,732,75512,807,898 2,980,2414,267,871 3,045,104 2,586,189 8,664,769 ,188,776 1,281,1322,239,7272,035,156 S.529,672 Capital Accounts Capital paid in. . 248,166 13,234 78,240 17,160 23,736 10,902 10,291 31,969 8,626 5,491 9,395 12,178 26,944 Surplus (Sec. 7). . 538,342! 34,192 159,743 41,493 50,648 27,025 23,871 79,601 21,788 14,063 20,367 18,210 47,341 Surplus (Sec. 13b) 27,543! 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1.30 71 2,140 Other capital J accounts 167,195: 11,283 34,976 11,310 15,393 10,934 9,410 22,288 8,989 5,939 8,047 10,609 18,017 Total liabilities and capital accounts 51,340,536 2,794,47513,088.1763,054,693 4,358,654 3,097,314 2,630,523 8,800,0562,228.700 1,307,698 2,278,6732,077,46015,624,114 Reserve ratio... . 46A%\\ ~ 30.3% 53.5% 44.8^ 38^2% 37.9% 37.53 54.1% 32.9% 33.4% 41.9%; 39.7%! 53.6% Contingent liability on acceptances purchased for foreign corre- i spondents I u.,141; 963 3 5,299 1,212 1,429 792 668 2,159 590 590 590 1,445 Industrial loan j commitments..! 3,72O!. 1,445 911 71 138 781 374 ii I 1 After deducting $16,000 participations of other Federal Reserve Banks. 2 After deducting S455,514,000 participations of other Federal Reserve Banks. • After deducting $10,842,000 participations of other Federal Reserve Banks. 1202 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 Item 1952 1952 1951 Oct.29 Oct. 22 Oct. 15 Oct.8 Oct. 1 Oct. Sept Oct. F. R. notes outstanding (issued to Bank) 26, 355,46826,319 84126,322,476 26,246,23426,150,61926,347,20226,130,70225,149,278 Co G ll o a l t d e ra c l e r h ti e f l i d c a a te g s ainst notes outstanding: n,179 00013,279 00013,179,000 n ,224 000 n ,204 000 n 179,0001S204 000P ,474,000 Eligible paper 577,783 612 579 411,991 536,650 244,021 960,764 254,966 136,396 U. S. Government securities 13, 790,000 13,775 00013,775,000 13,675,000 13,625,000 13,790,00013,625,00013,385,000 Total collateral 27,546,78327,666 579|27,365,991 27,435,65027,073,02127,929,764 27,083,966 25,995,396 EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1952 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F c S i r s a a c n n o - F. R. notes outstanding (issued to Bank) 26,347,202 1,598,517 5,786,0141,841,9732,379,8901,888,8161,460,503 4,917,5571,243,916649,7781,036,315789,738 2,754,185 Collateral held: Gold certificates13,179,000 400,000 4,520,000 750,000 760.000 510.000 510,000 2,850,000 280,000160,000 228800,,000000 259,0001,900,000 Eligible paper.. 960,764 58,450 242,215 53,825 101,630 83,500 36,095 159,113 225,936 U. S. Govt. securities 13,790,000 1,300,000 1,400,0001,100,000 ,400,000 1,000,000 2,100,000 975,000505,000 800,000 560,0001,000,000 Total collateral.. 27,929,764 1,758,450 6,162,2151,903,8252,410,000J2.011,630l,510,000;4,950,0001,338,500701,0951,239,113 819,000 3,125,936 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVB 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 as a t y A a p t p p o p l i r c d o a a v t t i e e o d ns b p u r A t o p v n - e o d t L o o u a t n - s C m om en m ts it- o in p f g a f t i i i n o n a n s n s t c i- - [Amounts in thousands of dollars] or last day com- standing2 out- tutions Guaranteed loans Guaranteed Additional of period) N b u e m r - Amount ( p am let o e u d n * t) (amount) ( s a t m an o d u i n n t g ) s ( t a a m o n u o d t u i - n n g t) 3 • L p* Jite au t t o h o d r a i t z e ed outs lo ta a n n d s ing a u b v n a o a d m i r e l r r a o o b w u g l n e u e t r a s t r o - 1 19 9 4 4 4 5. 3 3, , 5 4 1 8 1 9 5 5 2 4 5 4 , , 5 9 3 6 2 1 1 3 2 2 9 0 5 3 1,9 8 9 94 5 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 g P u o t a e rt r e i a d o n n - a o n u t t e m s e t e a n a n g t d s r i e n e g - 1946 3 542 565,913 4 577 554 8 309 2,670 1947 3,574 586,726 945 1,387 7,434 4,869 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 Sept.30. . . 3,732 695,178 4,394 5,062 6,478 11 ,420 Mar. 31 ... 254 300,955 68,833 56,973 47,822 Oct. 31 ... 3,734 700,040 2,943 4,447 7,151 11.990 Apr. 30. . . 328 421,267 126,080 106,053 185,001 Nov. 30. .. 3,736 706,215 3.073 4,505 6,361 12.064 May 31... 402 514,626 183,610 151,858 205,629 Dec. 31. .. 3,736 710,931 3,513 4,687 6,036 11,985 June 30.. . 484 654,893 252,100 209,465 276,702 July 31.. . 568 828,584 325,299 267,715 349,905 1952 Aug. 31. .. 658 ,052,337 405,043 332,618 384,852 vSept.30. . . 729 ,154.942 492,167 400,652 450,013 Jan. 31. .. 3,738 716,210 832 4,621 7.125 12,018 Oct. 31.. 776 ,218.988 556,839 454,789 495,512 Feb. 29... 3,741 721,144 772 4,957 6,845 10,307 Nov. 30... 815 ,302,342 615,812 502,524 476,699 Mar. 31. . . 3,741 725,787 108 5,296 6,467 10,474 Dec. 31.. 854 ,395,444 675,459 546,597 472,827 Apr. 30. .. 3,743 730,482 571 5.207 6,536 10,339 May 31. . . 3,743 734,049 235 5,211 6.083 10,262 1952 June 30... 3.745 738,721 1,083 5,101 5.947 10.105 July 31 ... 3 .746 743.629 1 .589 4.624 6.184 9.814 Jan. 31. .. 901 ,463.443 715,928 580,381 525,129 Aug. 31 ... 3.750 748.451 2.142 4.690 6.152 10.128 Feb. 29... 934 ,530,388 763,838 617,674 511,786 Sept.30. . . 3,750 752,042 1 ,370 4,496 6,327 9,978 Mar. 31... 971 .677,786 836,739 672,974 467.392 Apr. 30... 998 1,727,729 838,073 672,678 595,098 1 Includes applications approved conditionally by the Federal Re- J M u a n v e 3 30 1 . . . . . . 1 1 , , 0 0 2 5 3 0 1 , . 7 8 8 6 7 7 , , 7 6 5 4 5 3 8 8 7 8 0 3 , , 1 26 7 2 4 6 7 9 0 5 3 , , 8 7 1 7 4 4 6 6 0 1 1 5 , , 7 1 5 3 2 9 ser 2 v I e n c B lu an d k es s i a n n d d u s u t n ri d a e l r lo co an n s s id p e a r s a t ti d o u n e b 3 y m a o p n p t l h i s c a o n r t . more, which are not J A u u ly g. 3 3 1 1 . . . .. . 1 1 , . 0 0 6 9 6 2 2 , . 9 0 2 2 2 3 . , 3 4 8 0 8 3 9 9 0 0 9 7 , , 6 8 8 9 8 9 7 7 2 2 6 5 . , 4 9 5 4 2 3 6 6 4 9 8 2 , . 0 0 6 6 5 7 included in industrial loans outstanding in weekly statement of con- Sept.30. . .1,113 2,052,327 922,129 736.833 656,995 dition of Federal Reserve Banks. 8 Not covered by Federal Reserve Bank commitment to purchase cr discount. NOTE.—The difference between guaranteed loans authorized and NOTE.—The difference between amount of applications approved and sum of loans outstanding and additional amounts available to borthe sum of the following four columns represents repayments of ad- rowers under guarantee agreements outstanding represents amounts vances, and applications for loans and commitments withdrawn or repaid, guarantees authorized but not completed, and authorizations expired. expired or withdrawn. NOVEMBER 1952 1203 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PEES 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 October 31] itors' Cash U. S. Cash End of month bal- in Govern- Fees Payable to Guaranteeing Agency by Financing Institution on ances 1 Total deposi- ment reserve Guaranteed Portion of Loan tory securi- funds, banks ties e„(t.„c .'42 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 7 7 5 0 or less 1 10 5 1 10 5 1 1 9 9 4 4 8 9 — — D D e e c c e e m m b b e e r r . . . . . . . . 3 3, , 1 3 8 3 8 0 3 3, , 3 4 1 4 2 9 7 7 3 3 , , 1 2 1 4 8 4 1 18 9 7 8 80 20 20 1950—December 2,924 3,045 11 2,868 166 85 25 25 9 9 0 5 3 3 5 0 3 3 5 0 1951— A ju u iv gust 2 2 ,7 ,7 7 5 2 4 2 2 , , 8 8 7 9 7 3 2 2 2 3 2 2 , , 7 6 0 8 4 0 1 1 6 7 6 3 Over 95 40-50 40-50 September. . . 2,738 2,861 23 2,680 158 October 2,724 2,851 25 2,670 156 November.... 2,714 2,842 25 2,649 168 Maximum Rates Financing Institutions May Charge Borrowers December... . 2,705 2,835 28 2,644 162 [Per cent per annum] 1952—lanuarv 2,695 2,825 30 2,638 158 February 2,681 2,813 31 2,609 173 Interest rate March 2 .669 2,794 32 2,599 163 April 2,651 2,778 32 2,598 147 Commitment rate. May 2,633 2,761 33 2,574 153 Tune 2,617 2,746 33 2,557 156 |ulv P2,603 August P'2 S87 September P2.572 P Preliminary. 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.—Sec; Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits t< total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government \'ear or month Total, all Xew 140 Other New Other Xew Other Xew Other reporting York other reporting York reporting York leading York leading centers , City i centers l centers City centers City 2 cities 2 City 2 cities 2 1946 1,050,021 417,475 527,336 105 210 18 9 10 0 407,946 5?2 944 25 2 16 5 194 7 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 7--P.4 58 147,324 26 6 13 4 508,166 731 ,511 31 4 20 3 1951 1,57 7,857 551,889 854,050 171,917 ?6 9 14 5 540,990 837 491 32 2 21 7 i 1951 - September 121,205 41,145 66,359 13,700 26.0 14 4 41 688 66 941 31.7 21.8 October 139,308 !1 47,971 75.709 15,539 26 4 14 4 45.334 72 515 30 4 20 9 November 132,158 44,802 72,428 14,928 27.8 15.4 42,503 69,685 31.4 22.0 December 144.800 53,500 76,049 15,251 30.7 15.1 55 184 76,007 37.9 22.6 1952—January 138,520 48,106 74,953 15,462 26.4 14 4 45.425 71,986 30.1 20.6 February 128,022 45,375 68,738 13,908 27.8 14.5 44,419 67,466 32.5 21.4 139,977 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 3 144.769 54.922 74,948 14,899 30.9 14 8 55,385 73,019 38.6 22.2 Julv 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 September 139,078 49,278 74,608 15,192 28.8 14.6 47,798 71 ,343 34.6 21.5 1 National series for which bank debit figures are available beginning with 1919. 2 Weekly reporting member bank series. This series was revised beginning July 3, 1946, 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 1.942 through November 1947, 333 centers from December 1947 through December 1950, and for 342 centers beginning January 1951; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935. 1204 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency Large denomination currency 2 End of year or in cir- Unasmouth cula- | | sorted tion i Total Coin s $1 S2 §5 S10 $20 Total $50 $100 $500 $1 ,000 $5,000 $10,0001 1939 . 7,598 5,553 590 559 36 1.019 1,772 1,576 2,048 460 919 191 425 20 32 1940.. 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 1941, . 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1942 . . 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 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 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 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 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 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 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 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 1950.. 27,741 19,305 1.554 1 ,113 64 2,049 5.998 8.529 8,438 2,422 5,043 368 588 4 12 1951—August 28,155 19,813 1,602 1,103 64 2,031 6,176 8,837 8,344 2,428 4,989 353 562 4 8 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 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 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 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 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 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 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 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 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 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 July 28.078 20.308 1 .686 1 .120 67 2 ,034 6,201 0,100 8,582 2.531 5,172 344 522 4 August 20,203 20,650 1 .695 1 .140 67 2.062 6.376 0.310 8.635 2.551 5.211 342 510 4 September... 29,419 20,739 1,705 1 ,164 68 2,070 6,368 9,365 8,682 2,550 5,252 342 517 4 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Trcasur; as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money '.leld in the Treasury Money in circulation 1 Money Total out- held bv standing, As security For Federal Se 1 p 9 t. 5 2 30, 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 a v a n e l d B R a a n e g k s e e s n r t v a s n e d Se 1 p 9 t. 5 2 30, Au 1 g 9 . 5 2 31, Se 1 p 9 t. 5 1 30, !certificates agents Gold 23,342 1| 22,184 21,158 Gold certificates 22,184 19,331 2,816 37 38 39 Federal Reserve notes 26 131 68 1 ,001 24,971 24,870 23,024 Treasury currency—total 4,786 | *2,356 52 324 4,410 4,385 4,325 Standard s'lver dollars 402 254 30 3 196 195 185 Silver bullion 2,102 2,102 Silver certificates and Treasury notes of 1890. Z2,356 260 2,096 2,081 2,073 Subsidiary silver coin 1,144 9 26 1,108 1,102 1,044 Minor coin 406 1 4 401 308 387 I United States notes 347 3 26 318 316 310 Federal Reserve Bank notes 219 1 3 215 217 237 National Bank notes 77 1 76 77 80 Total—Sept. 30 1052 . . . . .. (4) 24,540 1 ,278 10,331 4,230 29,419 Ail"1 31 1952 (4) 24 544 1 260 19,331 4,240 29,203 Sept 30 1951 23.157 1,285 17,950 4,250 28,288 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. 1197. 2 Includes $156,030,431 held as reserve against United States notes and Treasury notes of 1800. 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. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890 —an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. NOVEMBER 1952 1205 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 tartly estimated except on cal1 dates. In million3 of iollar5 Assets Liabilities and Capital Bank credit Total assets, Date Treas- U. S. Government obligation3 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 n r m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca i a n p t n i e i e d t t s al, c d u e a r p r n o e d s n i c ts y c m o n a u i c e n s - t c t . s, savings Banks banks 1929—June 29 4 037 2,019 58,642 41 082 5,741 5,499 716 26 11,819 64 698 55,776 8,922 1933—June 30 4 031 2,286 42,148 91 957 10,328 8,199 1998 131 9,863 48 465 49 ,029 6,436 1939—nee. 30 . 17 644 2,963 54,564 79 157 ,105 19,417 7 484 1 204 9,302 75 171 68,359 6,812 1941—£)ec# 3i 77 737 3,247 64,653 76 605 79 ,049 25,511 7 754 1 784 8,999 90 637 87,811 7,826 1945—Dec. 31 90 065 4,339 167,381 SO387 198 ,417 101,288 74 767 7 867 8,577 191 785 180,806 10,979 1946—Dec. 31 70 529 4,562 158,366 35 765 in ,110 86,558 7.3 350 3 202 9,491 183 457 171,657 11,800 1947—T)ec 3i 99 754 4,562 160,832 023 107,086 81,199 79 559 3 328 10,723 188,148 175,348 12,800 194g—nee. 31 74 244 4,589 160,457 48 341 100,694 74,097 73 333 3 264 11,422 189 290 176,121 13,168 1949—j>c 31 24 427 4,598 162,681 49 604 100,456 78,433 18 885 3 138 12,621 19] 706 177,313 14,392 1950—June 30 74 231 4,607 164.348 51 999 98 ,709 77,320 18 331 3 058 13,640 186 178,568 14,618 Dec 30 99 706 4 636 171,667 60 366 96 ,560 72,894 90 778 7 888 14,741 199 009 184,385 14,624 1951—June 30 71 756 4,655 173,447 821 94,450 68,726 7? 982 742 15,176 199,858 185,038 14,820 Sept. 26 99 000 4,700 176,400 65 000 95 ,900 69,700 73 500 7 700 15,400 903 000 187,300 15,700 Oct 31 99 200 4 700 178,300 65 800 97,000 70,800 600 7 700 15 500 905 200 189,200 16,000 Nov. 28 ... 99 300 4,700 179,400 66 500 97,400 71,500 73 200 700 15,500 906 400 190,500 15,900 Dec 31 22 695 4,706 181,323 67 597 97,808 71,343 23 801 664 15,918 208, 724 ,404 15,320 1952—Tan 30 99 900 4 700 179,900 66 700 97,300 71,800 79 800 9 700 15,900 907 600 191,600 15,900 Feb. 27 100 4,700 179,300 67 000 96 ,200 71,100 7? 600 7 600 16,100 907 200 191,500 15,700 Mar. 26 23 300 4,700 180,100 67 700 96,100 70,900 22 500 2 600 16,400 208 200 192,300 15,900 Apr. 30. . . . 73 300 4,700 179.900 68 100 95,200 70,200 79 400 7 600 16,600 907 900 19?,200 15,700 May 28 73 300 4,700 180,600 68 500 95 ,300 70,500 77 300 7 600 16,800 908 700 197,900 15,800 Tune 30 346 4,754 182,980 69 712 96 ,266 70.783 9? 906 9 577 17,002 911 080 194,960 16,120 Tulv 30P 93 400 4 800 185,300 70 000 98 ,100 72,700 99 800 9 600 17,200 913 400 197,200 16,100 Aug. 27P 93 300 4 800 185,3 r>0 70 500 97 ,300 71,700 100 7 600 17,500 400 197,000 16,400 Sept. 24P 23 300 4,800 186,500 71 600 97,600 71,300 23 700 2 600 17,400 214 600 197,900 16,700 Deposits and Currency U. S. Government balances Deposits adjusted and currency Date Total d F e o b p n r a o e e n s i t k g it n s, T c u r a e r s 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 d a A s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m T b C e a i o r m n c m k e ia - s < l ep M s b o a a s v u n i i t t k s n u s g 3 a 4 s l S S P a y o v s s i t n t e a m g l s o b r u C e a t n n u s c i k r d y - s e 1929—June 29 55 776 365 204 381 36 54.790 99 ,540 78 611 19,557 8,905 149 3 639 1933—June 30 49 ,029 50 264 852 35 40.828 14.411 21 656 10,849 9, 621 1,186 4,761 1939—Dec. 30 • 68.359 1 ,217 2,409 846 634 63,253 29, 793 27 059 15,258 10,523 1,278 6,401 1941—Dec. 31 82,811 1,498 2,215 1 895 867 76,336 38,992 27 729 15,884 10,532 1,313 9,615 1 19 9 4 4 6 5 — — D j> e C c t . 3 3 1 1 1 1 7 8 1 0, ,6 8 5 0 7 6 2 1 , , 1 88 4 5 1 2 2, , 2 2 7 8 2 7 74 3,1 6 0 0 3 8 9 3 7 9 7 3 1 1 5 6 0 4 , ,0 7 0 9 4 3 83, ,8 3 5 1 1 4 4 5 8 3 4 9 5 6 7 0 3 3 0 3 , , 1 8 3 0 5 8 1 1 6 5, , 3 8 8 6 5 9 3 2, , 9 2 3 8 2 3 2 2 6 6 , , 4 7 9 3 0 0 1947—p>ec 3t 175 348 1 682 1 ,336 1 452 870 170,008 87,121 56 411 35.249 17,746 3,416 26 476 1948—Dec. 31 176,121 2,103 1,325 2,451 1,123 169,119 85,520 57,520 1 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 2,555 1,298 3,801 950 169,964 85,040 59,739 36,719 19,923 3,097 25,185 Dec. 30 184, 385 2,518 1 ,293 7,989 668 176,917 97,272 59 747 36,314 70,009 7,,923 25,398 19<51—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 Sept. 26 187,300 2,200 1,300 5,100 800 177,900 92,000 60,500 37,200 20.600 2,700 25,400 Oct. 31 189,200 2,100 1,300 3,700 500 181,600 95,000 60,900 37,500 20,700 2,700 25,700 Nov. 28 190,500 2,100 1,300 3,800 500 182,700 96,300 60,600 37,300 20,600 2,700 25,800 Dec 31 193,404 2,279 1,279 3,615 247 185,984 98,234 61,447 37,859 20,887 2,701 26,303 1952—Jan. 30 191,600 2,100 1 ,300 2.800 200 185.200 97,900 61,700 38,000 21,000 2,700 25,600 Feb. 27 191,500 2,200 1,300 3.900 700 183,400 95,700 62,000 38,200 21,100 2,700 25,600 Mar. 26 192,300 2,200 1,300 5,800 182,900 94,800 62,400 38,500 21,300 2,700 25,700 Apr 30 19? 200 2 200 1 300 4 500 500 183 800 95,100 69,700 38,600 71,400 9,700 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 Julv 30P 197 200 2 600 1 ,300 7,000 600 185,800 95.700 .800 39,400 71,900 9,600 26 200 Aug. 27P. . 197 ,000 2 ,600 1 .300 6.200 700 186,200 95 ,800 64,100 39,600 77,000 7.600 26 300 Sept. 24P 197,900 2,500 1,300 6,500 300 187,400 96,400 64,500 39,800 22,200 2,600 26,600 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. » Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. * Prior to June 30, 1947, includes a relatively small amount of demand deposits. 6 Less than 50 million dollars. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 1206 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S r . n- Other a C ss a e s t h s * Total i b In an te k r - i a c c T a c o p o i t u t a a n l l ts N b u £i o m n f k b s er Total ment secu- De- Time obliga- rities mand tions All banks: 1939_r)eo. 30 50,884 22,165 28.719 19,417 9.302 23.292 68,242 9,874 39 516 ?5 852 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. 3i 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 86S 13 033 05 727 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 S4,308 12,479 14,703 1949—Dec. 31 .. 140,598 49,544 91,054 78,433 1?,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 — Tune 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 Sept. 26 150,550 65,380 85,170 69,730 15,440 38,980 174.480 12,810 103,670 58.000 14,410 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—Tune 30 157,528 69,742 87,786 70,783 17,002 41.667 184 no 13 513 100 247 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 IS? 770 12 890 108 020 61 860 15 070 14 603 Sept. 24P 160,750 72,090 88,660 71,280 17,380 40,980 185,440 13,870 109,350 62,220 15,170 14,599 All commercial banks: 1939_Dec. 30 40,668 17,238 23,430 16,316 7,114 22.474 57 718 9,874 39 sn 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 ISO 997 14 065 105 921 30 241 8 950 14011 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. 31s 116,284 38,057 78,226 69,221 9.006 37,502 144 103 13,032 05 711 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 HS 174 12 709 06 136 36 328 10 967 14 156 1950—Dec. 30 126,675 52,249 74,426 62,027 1?,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 Sept. 26 128,550 55,960 72,590 59,690 12,900 38,170 153,870 12,810 103,650 37,410 12,090 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—Tune 30 134,437 59,233 75,204 61,178 14,026 40,702 16? 348 13,512 100 222 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 30 800 12 630 14 074 Sept. 24P 137,090 61,200 75,890 61,610 14,280 40,130 163,260 13,870 109,320 40,070 12,720 14,070 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 19,347 5,886 6,619 1945—Dec. 31 ... 107,183 22.775 84,408 78,338 6,070 29,845 199,670 13,640 01 820 ?4 210 7,589 (S884 1946—Dec. 31 96,362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78 920 ?7,190 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 1?1,362 11,641 80 881 98,840 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 00 306 99, 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 Sept. 26 108,559 47,875 60,684 49,940 10,744 33,763 131,452 12,153 89 312 29,987 10,084 6,848 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—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 Julv 30P 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 Sept. 24P 115,533 52,192 63,341 51,406 11,935 35,363 139,052 13,161 93 773 32,118 10,606 6,807 AlPmutual savings banks: 1939—Dec 30 10,216 4,927 5.289 3,101 2.188 818 10,524 3 10,521 1 30Q 551 1941—Dec. 31 . ... 10,379 4,901 5.478 3,704 1.774 793 10, 533 6 10,527 .241 548 1945—Dec 31 16 208 4,279 11,928 10,682 1.246 609 15,385 14 15 371 L. 592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16.869 1 16 16,853 ,784 541 1947—Dec. 31 » 18,641 4,944 13.696 11,978 1,718 886 17,763 17 17,745 1,889 533 1948—Dec. 31 19 395 5,686 13.709 11,476 9,233 878 18,405 1 17 18,387 .999 532 1949—Dec. 31 20,400 6,578 13,822 11 ,428 2,394 873 19,293 20 19.273 2,122 531 1950—Dec. 30 . 21,346 8,137 13,209 10,868 9,342 797 ?0,031 22 90,009 2,247 529 1951—Tune 30 21,697 9,020 12,677 10,205 ?,472 851 ?0,404 1 20 ?0,382 2,285 529 Sept. 26 22,000 9.420 12,580 10,040 2,540 810 20,610 1 20 20, 590 2,370 529 Dec. 31 22,259 9,862 12.398 9,819 2.579 886 20,915 2 26 20,888 2.407 529 1952—Tune 30 23,091 10,509 12,582 9.606 2,976 966 21,782 2 26 21,755 2,438 529 July 30P 23.440 10,640 12,800 9.750 3. 050 750 21.890 2 30 21,860 2 ,440 529 Aug. 21 y 23.550 10.760 12,790 9,710 3,080 780 22,000 2 30 21,970 2.440 5 ?0 Sept. 24P 23.6'SO 10,890 12,770 9,670 3,100 850 22,180 2 30 22.150 2,450 529 P Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commer cial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and non deposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for wThich asset and liabilit y data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insu ranee 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 m illion at all insured commercial banks. For other footnotes see following two pages. NOVEMBER 1952 1207 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 Cla a s n s d o d f a b te ank Total Loans G U ov . e S r . n- Other as C s a e s t h s l Total! b In an te k r - 1 a c c T a c o p o i t u t a a n l l ts N b u a m o n f k b s er 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 3i 12,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 807 1 648 36 1945—Dec. 3i 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 ,236 2,120 37 1946—Dec M 20 834 6,368 14,465 13,308 1,158 6,238 24,723 4,246 19,028 L.449 2 205 37 1947—Dec. 3i 20,393 7.179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 1,445 2,259 37 1948—Dec. 31 18,759 8,048 10,712 9,649 1,063 7,758 24,024 4,213 18,131 L.680 2,306 35 1949—Dec. 31 19,583 7,550 12,033 10,746 1,287 6,985 23,983 4,192 18,139 1,651 2,312 25 1950—Doc. 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—Juno 30 . 20,604 10,234 10,370 8,460 1,910 7,393 25,064 4,107 19,291 , 666 2,398 22 Sept. 26 20,475 10,468 10,007 7,974 2,033 7,128 24,420 4,154 18,641 ,625 2,399 22 Dec 31 21,379 11,146 10,233 8,129 2,104 8,564 26,859 4,832 20,348 .679 2 425 22 1952—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 Tulv 30P 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 1,687 2,473 22 Sept. 24?' 21,246 11,363 9,883 7,612 2,271 7,297 25,288 4,596 18,971 1,721 2,462 22 Chicago: 1939—Dec 30 2,105 569 1,536 1,203 333 1,446 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1 ,806 1,430 376 1,566 4,057 1,035 2,546 476 288 13 1945—Dec. 31 5,931 1,333 4,598 4,213 385 1,489 7,046 1,312 5,015 719 377 12 1946—Dec. 31 4,765 1 ,499 3,266 2,912 355 1,545 5,905 1,153 3,922 829 404 14 1947—Dec 31 5 088 1 ,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1948—Dec. 31 4,799 1,783 3,016 2,633 383 1,932 6,293 1 ,064 4,227 1,001 444 13 1949—Dec. 31 5,424 1 ,618 3.806 3,324 482 1,850 6,810 1,191 4,535 1,083 470 13 1950—Dec. 30 5,569 2,083 3,487 2,911 576 2,034 7,109 1,228 4,778 1,103 490 13 1951—june 30 5,520 2,215 3,305 2,742 564 1,898 6,921 1,040 4,756 1,126 501 13 Sept. 26 5,539 2.397 3,142 2,611 531 1 ,962 6,982 1,170 4,703 1,109 504 13 Dec. 31 5,731 2.468 3,264 2,711 552 2.196 7.402 1 ,307 4,952 1,143 513 13 1952—Tune 30 5,664 2,380 3,284 2,721 563 1.899 7,027 1 ,182 4,681 1,164 530 13 July 30P 5,805 2,432 3,373 2,802 571 2,077 7,198 1 ,180 4,877 1 ,141 527 13 Aug. 27P 5,735 2,401 3,334 2,763 571 2,022 7.129 1 ,199 4,784 1,146 529 13 Sept. 24P 5,679 2 ,399 3,280 2 ,709 571 2 .084 7,196 1,239 4,808 1 ,149 531 13 Reserve city member banks: 1939—Dec 30 12,272 5.329 6,944 5,194 1,749 6,785 17,741 3,686 9,439 4,616 1,828 346 1941—Dec. 31 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 4,806 1,967 351 1945—Dec. 31 40,108 8,514 31,594 29,552 2,042 11,286 49,085 6,448 32,877 9,760 2,566 359 1946—Dec. 31 35,351 10,825 24,527 22,250 2,276 11,654 44,477 5,570 28,049 10.858 2,728 355 1947—Dec. 31 . 36,040 13,449 22,591 20,196 2,396 13.066 46,467 5.649 29,395 11,423 2,844 353 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 1 19 9 5 5 1 0 — — T ne l c jn e 3 3 0 0 4 39 0 , , 9 6 9 8 1 5 1 1 7 8 , , 9 55 0 8 6 2 2 1 2 , , 4 7 3 7 2 9 1 1 7 9 , , 6 0 5 8 9 4 3 3 , , 7 6 7 9 4 5 1 13 3 , , 1 9 7 9 5 8 4 5 9 1 ,8 ,4 7 3 4 7 6 5, , 2 4 6 4 4 8 3 3 3 2 , , 3 7 4 9 2 1 1 1 1 1 , , 8 6 1 4 9 7 3 3, , 4 3 3 2 1 2 3 32 3 4 6 Sept 26 41,162 18,956 22,206 18,442 3 ,764 13,329 50,813 5,782 33,065 11,966 3,458 321 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—Tune 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 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 Sept. 24P 44,163 20,730 23,433 19,113 4,320 14,086 54,013 6,226 34,861 12,926 3,675 319 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 I949—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 Sept. 26 41,383 16,054 25,329 20,913 4,416 11.344 49,237 1,047 32,903 15,287 3,723 6,492 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—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 Tulv 30P 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 Sept. 24P 44,445 1.7,700 26,745 21,972 4.773 11,896 52,555 1,100 35,133 16,322 3.938 6,453 2 Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite pages. 1208 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 Investmen.s Other Class of bank Cash Total Number and date Total Loans Total G o m U o b v l . e i e g n S r a t . n - - O s ri e t t c h ie u e s - r assets 1 Total i b In an te k r ^ - m D a e n - d Time a c c a c p o i u ta n l ts ba o n f ks tions All insured commercial banks: 1941—Dec. 31 49,290 21,259 28,031 21,046 5,984 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 38,087 140,642 11,900 93,300 35,441 10 158 13 413 1949—Dec. 31 118,278 42,485 75,793 65,820 9,974 35,207 143,138 12,368 94,914 35,856 10,645 13,429 1950—Dec. 30 124,822 51,723 73,099 60,986 12,113 39,821 153,288 13,744 103,499 36,045 11 263 13 432 1951—Dec. 31 130,820 57.256 73,564 60,533 13,031 44.176 162.908 14,777 110.382 37,749 11,902 13.439 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 27,571 11,725 15,845 12,039 3.806 14,977 39.458 6,786 24,350 8,322 3 640 5 117 1945—Dec. 31 69,312 13,925 55,387 51,250 1,137 20,114 84,939 9,229 59,486 16,224 4.644 5,017 1948—Dec. 31 63,845 23,752 40,093 34 852 5,241 22,974 81,407 7,842 54,020 19,545 5 657 4 991 1949—Dec. 31 67,943 23,853 44,090 38,161 5,930 20,995 83,113 8,278 55,034 19,801 5,920 4 975 1950—Dec. 30 72,090 29,184 42,906 35,587 7.320 23,763 89,281 9,133 60,251 19,897 6,313 4,958 1951—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—Tune 30 76,036 33,054 42,982 34,604 8,378 23,928 92 ,720 8,584 62,255 21,880 6,879 4.975 State member banks: 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 ,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 194g—Dec. 31 31,771 12,308 19,463 17,301 2,161 11,228 39,955 3,799 26,862 9,295 3 144 927 1949—Dec. 31 33,585 12,378 21,207 18,722 2,484 10,322 40,772 3,819 27,594 9,359 3,254 917 1950—Dec. 30 35,334 15,521 19,813 16,778 3,035 11,762 43,808 4,315 30,055 9.438 3,381 .915 1951—Dec. 31 ... 36,992 17,243 19,748 16,558 3,191 13,301 46,843 4.637 32.491 9.715 3 565 901 1952—Tune 30 37,466 17,472 19,994 16,657 3.337 12,119 46,049 4,227 31,914 9,908 3,647 .890 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6,810 1945—Dec. 31 14,639 2,992 11,647 10,584 L,063 4,448 18,119 244 12,196 5,680 083 6 416 1948—Dec. 31 ... . 16,685 5,911 10,774 9,246 1,528 3,887 19,296 259 12,419 6,618 1,358 6,498 1949—Dec. 31 . 16,766 6,258 10,508 8,947 ,561 3,892 19,269 272 12,285 6,712 ,473 6,540 1950—Dec. 30 ... 17,414 7,023 10,391 8,632 ,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 ,967 4.926 21,912 353 14,415 7,144 .686 6,602 1952—Tune 30 19,073 8,210 10,863 8,867 ,996 4,215 21,606 289 13,867 7,450 .757 6,622 Noninsured nonmember commercial banks: 1941—Dec. 31 . 1,457 455 1,002 761 241 763 1,872 329 1.291 253 329 852 1945—Dec. 31 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1948—Dec. 31 2 2,013 520 1,493 1,234 259 509 2,201 368 1,353 479 322 758 1949—Dec. 31 1 ,919 481 1,438 1,185 253 442 2,036 341 1,223 472 321 727 1950—Dec. 30 1,853 527 1,327 1,040 286 468 1,976 294 1,224 458 327 689 1951_Dec. 31 1,789 490 1,299 991 308 469 1,932 308 ,235 388 314 650 1952—Tune 30 1,880 503 1,377 1,061 317 443 1,993 412 .186 396 320 636 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3,613 ,288 7,662 1945—Dec. 3) 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 ,362 7,130 1948—Dec. 31 2 18,698 6,431 12,267 10,479 ,788 4,396 21,497 628 13,772 7,097 L, 680 7,256 1949—Dec. 31 18,686 6,739 11,947 10,132 ,814 4,334 21,305 613 13,508 7,184 L, 794 7,267 1950—Dec. 30 19,267 7,550 11,718 9,672 ,046 4,767 22,193 591 14,417 7,184 ,897 7.251 1951—Dec 31 20,380 8,192 12,189 9,914 <•.,275 5,395 23,843 661 15,650 7,533 .999 7 2 52 1952—June 30 20,954 8,714 12,240 9,928 ,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 1*4 52 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 12 10,351 ,034 192 1948—Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 1 14 12,757 ,334 193 1949—Dec 31 14 209 4 814 9 394 7 832 1,562 682 13,592 16 13,575 420 192 1950—Dec 30 15,101 6,086 9,015 7,487 1,528 617 14,320 19 14,301 ,513 194 1951—Dec. 31 16,190 7,523 8,668 6,921 1,746 695 15,368 2 23 15,343 .678 202 1952—June 30 . . 16,857 8,043 8,814 6,730 7,084 756 16,081 2 23 16,056 1,700 205 Noninsured mutual savings banks: 1941—Dec 31 8 687 4,259 4 428 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 4 428 3,596 832 191 5,702 3 5,699 702 339 1950 Dec 30 6 245 2 050 4 194 3 380 814 180 5,711 3 5,708 734 335 1951—Dec. 31 6,069 2,339 3,730 2,897 833 191 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 ror iootnoies see preceding two pages. Back ffiigBu rde sM.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. NOVEMBER 1952 1209 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 Cla c s a s l a l o n d d f a b te ank i m T n lo a v o e n a e t n n d a s t s t l s - Total1 o C c m c p i l i o i n u n e a e m g d - r l n , - - - - A c tu g a u r r l l i - - - o p b L s T r r u e o o o r c c k a c a u - n h r r s a r i t y s i f i i e o n n s r g g l R t o e a a e s t n a - e l s u l C o m o an n e s - rO lo th an er s Total Total U S. Go C c v e a e r t t r e i n f D s i m - ir e e n c t t obligations G a u n a - r- S p O t a g t i o o a n o b a l f t d n - l i e i t s s - - O r s i e t t h c ie e u s r k p p a e e - r t d a e e n e r r a d s s l- o e t r h s - Bills o d n f e e e d b i s - n t s - - Notes Bonds teed d s s u i io v b n i - - s All insured commercial banks: 1941—Dec.31. 49 290 21,259 's.214 ,450 614 662 4,773 4,! 45 28,031 21,046 988 3 159 12,797 4,102 3,651 ,333 1 1 9 9 4 4 5 8 — — D D e e c c . . 3 3 1 1 . . 1 1 1 2 2 1 8 28 0 6 9 4 2 1 5 , , 9 7 6 6 8 5 1? , , 4 7 6 6 1 12 , , 3 7 1 7 4 5 3 1 , , 1 33 6 6 4 3,6 9 0 39 6 1 4 0 , , 6 6 7 6 7 6 f3 9 5 0 1 7 2 2 , ,9 1 9 9 2 19 7 6 0 , , 0 3 4 1 3 8 8 61 8 , ,9 3 1 8 2 8 2 2 , ,8 4 2 5 1 5 1 1 0 9 , ,0 0 7 6 1 5 1 3 6,0 3 4 9 5 4 4 5 5 1 , ,3 1 2 0 1 0 22 8 3 5 , . 8 5 7 0 3 9 , , 2 4 5 2 8 0 1949—Dec.31. 118 278 42,485 U ,9352,963 1,749 855 11,405 >002 3, 124 75,793 65,820 3,692 12,479 5 810 43,833 66,400 I,574 1 1 9 9 5 5 0 1 — — D D e e c c . . 3 3 0 1. . 1 1 2 3 4 0 8 8 2 2 2 0 5 5 1 7 , .2 7 5 2 6 3 2 25 1, , 7 7 7 4 6 4 2 3 , , 8 3 2 2 3 1 1 1 , , 7 5 8 7 9 1 ,0 9 3 60 6 1 14 3,3 4 8 5 9 0 7 7 16 7 2 4 8 2 3 4 , , 9 2 5 8 5 2 7 7 3 3 , , 0 5 9 6 9 4 6 6 0 0 , , 9 5 8 3 6 3 4 7 , , 1 2 1 1 8 9 7 1,9 5 3 2 2 6 1 1 6 \2 7 5 5 6 6 3 3 8 4 , ,5 1 1 6 1 8 2 1 1 1 8 7 , . 9 9 8 3 9 3 c 1 , ,0 1 4 7 2 9 1952—June 30. 132 557 58,730 2' .1763,5622,106 942 14 884 526 4,385 73,827 60, 117 6,090 7 653 11 099 35,251 25 9,6274,083 Member banks, total: 1941—Dec.31. 43 521 18,021 5.671 972 594 598 3 494 3,( 92 25 500 19,539 971 3 007 11.729 3,8323,090 ,871 1945—Dec.31. 107 183 22,775 8,949 855 3,133 3,378 3 455 027 I,977 84 408 78 338 2,275 16*985 14 271 44,792 163,254 ,815 1948—Dec.31. 95 616 36 060 1*r.631 1,8001,324 834 8 244 3 933 2.658 59 556 52 154 2,588 7 999 2 800 38,761 54,480 •,922 1949—Dec.31. 101 528 36 230 15,857 1,945 1,737 758 8 834 I 776 2,809 65 297 56 883 3,389 10 409 5 085 37,996 45,274 ,140 1950—Dec.30. 107 424 44 705 20,521 1,8081,770 927 10 522 6 1673,585 62 719 52 365 3,665 1 468 14 054 33 170 86.640 ;,714 1951—Dec.31. 112 247 49 561 24,347 2,140 1,551 851 11 334 6 1953,863 62 687 51 621 6,399 6 010 9 596 29,601 15 7.528 [,538 1952—June 30. 113 502 50 526 23,732 2,2642,084 829 11 628 6 791 3,950 62 976 51 261 5.423 6 134 9 468 30 215 21 8,125 3.590 New York City:* 1941—Dec. 31. 12 896 4 072 2,807 8 412 169 123 554 8 823 7 265 311 1 623 3 652 1.679 729 830 1945—Dec.31. 26 143 7 334 3,044 ? 4531,172 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 " "21,123 767 1951—Dec..31 21 379 11 146 7. RS7 1,219 262 514 520 950 10 233 s 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 \ 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 1 467 749 864 181 204 1 19 9 4 4 9 8 — — D i) eeoc#. 3 3 1 1 . . 4 5 4 7 2 9 4 9 1 1 6 7 1 8 8 3 1 1 , , 4 2 1 1 2 1 4 7 1 7 0 1 9 6 5 3 6 5 5 1 1 1 1 1 1 5 5 9 8 1 8 3 3 0 8 1 0 6 6 3 2 6 32 3 4 3 3 1 3 8 1 3 2 6 7 9 5 0 3 21 5 7 8 9 94 5 5 8 2 2 9 1 0 0 1 1 9 7 2 4 1950—Dec.30. 5 569 2 083 1,567 9 110 69 65 147 147 3 487 2 911 232 131 700 847 335 242 1951—Dec.31. 5 731 2 468 1,977 16 94 63 70 117 172 3 264 2 711 334 332 520 526 351 201 1952—June 30. 5 664 2 380 L, 856 11 166 61 67 116 150 3 284 2 721 366 371 494 490 363 201 Reserve city 1941—pec 31 15,347 7 105 3,456 300 114 194 1 527 j C12 8 243 6 467 295 751 4 248 1,173 956 820 1945—Dec.31. 40 108 8 514 3,661 205 427 1,503 1 459 433~ 826 31 594 29 552 1,034 6 982 5 653 15 878 c 1.126 916 1948—Dec.31. 35,332 14 285 7,282 437 130 360 3 503 1,609 1 11821 047 18 594 1,056 3 201 1 090 13 247 11,421 I.032 1949—Dec.31. 38,301 14 370 <5,704 457 183 309 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 3,646 392 207 386 4 423 2,567 534 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 2,512 578 23 043 19 194 2,524 2 493 3,640 10 528 82 ,4581,390 1952—June 30. 43,091 19,745 3,756 519 258 354 4,7992,746 617 23 346 19 123 2,080 2,520 3,65610 851 If 2,832 1,391 Country banks: 1941—Dec. 31. 12,518 5 890 1,676 659 20 183 1,823 1 e30 6 628 4 377 110 481 2 926 861 1 ,222I,028 1945—Dec.31. 35,002 5 596 1,484 648 42 471 1,881 492 578 29 407 26 999 63( "s,102 4,544 16 713 9 1,342 1,067 1948—Dec. 31. 36,726 11,945 3,2961,356 21 187 4,467 1, 895 817 24,781 21 278 760 3,340 1,128 16 046 A2,28f 1,217 1949—Dec.31. 38,219 12 692 3,150 1,480 36 173 4,7842,320 884 25 527 21 862 1,148 3, 753 1,768 15 189 I 2,505 1,160 1950—Dec. 30. 40,558 14,988 3,9801,407 33 187 5,5912,913 1 054 25,570 21,377 1,390 588 6,107 13,287 t 2,998 1,194 1951—Dec.31. 42,444 16,296 4,377 1.610 35 178 6,0993,046 1 163 26,148 21,587 2,418 2.568 4,008 12,587 c3,334 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 3,494 1,204 Insured nonmember commercial banks 1941—Dec.31. 5,77f 3,241 543 478 2( 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 61* 443 1948—Dec.31. 16,685 5,911 ,131 975 12 105 2,42f 975 334 10,774 9,246 234 2,06f 594 6.349 l,03( 498 1949—Dec.31 16,76f 6,258 1 ,078I,018 12 97 2,575 1.225 315 10,508 8.947 303 2,071 725 5,84f 2 1,127 434 1950—Dec.30 17.414 7,023 1,255 1,015 18 10( 2,872 1,461 37( 10,391 8,632 453 465 2,702 5,008 1,294 465 1951—Dec.31 18,591 7,701 1,397 1,181 2f 10( 3,121 1,546 4 \( 10,89( 8,923 82( 1,516 1,66( 4,921 6 1 ,462 505 1952—June30 19,073 ,210 1,445 1,298 22 113 3,262 1, 735 434 10, 863 8,86" 668 1,51< 1,631 5,04f 1 1,503 493 8 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for vatious loan item3 are shown gross (i. e., before deduction of valuation reserves); they do not add'to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 1210 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- Class a o n f d bank F s e w e d r i e v t r h e a s l Cash a w B n i c a t l e h - s m D d a e e n - - d In d t e e p r o b s a it n s k U. S. States C f e ie r d ti- vi I d n u d a i- ls, U G er . o n v S - - . S a t n a d tes vi I d n u d a i- ls, r B o o w r - - C t a a p l icall date s R er e v - e vault m Q J e _ O s - tic po ad si - ts G er o n v - - po a_ l i n ti a c j al o a f n fi aJ - p s a h rt i n p e s, r- I b n a t n er k - m an en d t p i o c l a i l t- p s a h r i t p n s e , r- ings co a u c n - ts . Banks banks *justed * Do- For- ment subdi- cers' and cor Postal subdi-and cormestic* eign visions checks, pora- Sav- visions poraetc. tions ings tions 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 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1948—Dec. 31.. 20,404 L.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 L.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 \8.665 11,561 97,048 12,969 ,381 3,344 8,288 3,147 95,604 427 278 1.485 35,986 30 11,902 1952—June 30.. 19,331 :>,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 L.24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1948—Dec. 31.. 20,406 1,486 5,674 72,152 10,098 1,480 2,122 5,850 1,962 70,947 63 111 927 27,801 45 8,801 1949—Dec. 31.. 16,429 1,521 6,194 72,658 10,623 1,310 2,838 6,017 2,185 71,589 164 175 1,051 27,934 11 9,174 1950—Dec. 30.. 17,459 1,643 6,868 78,370 11,669 1,437 2,523 6,400 2,724 78,659 341 183 1,121 28,032 79 9,695 1951—Dec. 31. . 19,912 2,062 7,463 83,100 12,634 1,369 3,101 6,666 2.961 83,240 422 257 1,238 29,128 26 10,218 1952—June 30. . 19,333 1,821 6,470 80,347 11,013 1,329 5,439 6,989 2.555 79,186 469 288 1,303 30,196 69 10,526 New York City: * 1941—Dec. 31.. 5,105 93 141 10,761 3.595 607 866 319 450 11.282 6 29 778 1,648 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 io 20 1,206 195 2,120 1948—Dec. 31.. 5,643 117 67 15,773 2,904 1,278 445 241 750 16,695 31 14 20 1,646 25 2,306 1949—Dec. 31.. 4,462 112 68 15,182 2,996 1,084 640 196 895 16,408 113 38 24 1,590 2,312 1950— Dec. 30.. 4,693 118 78 15,898 3,207 1,162 451 258 1,087 17,490 268 37 37 1,647 70 2.351 1951—Dec. 31.. 5,246 159 79 16,439 3,385 1,128 858 321 1,289 17,880 318 43 22 1.614 5 2.425 1952—June 30.. 5,266 168 92 16,070 3,193 1,096 1,651 305 1,079 17,275 350 53 21 1,721 20 2,460 Chicago: 1941—Dec. 31.. 1,021 43 298 2,215 1.027 8 127 233 34 2,152 476 288 1945—Dec. 31. . 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1948—Dec. 31.. 1,325 28 143 3,604 L.038 26 188 284 53 3,702 1 11 989 444 1 1 9 9 5 4 0 9 — — D £) eeCct. 3 3 i 0 . _ 1 1 , , 2 1 1 8 6 3 3 2 0 7 1 13 5 3 9 3 3 , , 7 9 9 5 7 4 I 1 ,1 1 7 5 7 1 4 4 0 8 2 1 5 7 8 4 2 28 8 4 6 6 7 0 0 3 4 , , 9 2 3 5 2 0 3 4 1 1 1 0 0 1 1 , , 0 0 6 8 9 9 4 4 7 9 0 0 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 L.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 1948—Dec. 31.. 5,736 858 3,619 27,703 943 8 688 2,925 510 25,248 13 49 350 14,369 12 3,123 1949—Dec. 31.. 4,371 901 4,002 27,935 979 9 797 3,058 579 25,337 13 73 400 14,289 11 3,305 1950—Dec. 30.. 4,745 976 4,450 30,581 1,111 10 922 3,282 715 27,980 12 82 443 14,339 9 3,532 1951—Dec. 31.. 5,676 1,231 4,862 33.051 1,285 11 876 3,554 783 30,234 13 125 491 14,914 16 3,760 1952—June 30.. 5,495 1,072 4,159 31,671 1,060 12 1,384 3,708 705 28,616 12 141 521 15,413 24 3,873 Insured nonmember commercial banks: 1941—Dec. 31.. 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 959 1 19 9 4 4 8 5 — — D D eecc . 3 3 1 1 3 4 9 5 1 3 3 3 , , 2 9 7 5 3 9 1 1 2 0 . .5 0 3 5 7 9 2 2 4 3 6 3 8 5 1,5 2 6 0 0 1 1,3 8 3 5 2 8 1 15 3 1 5 1 9 0 , , 6 7 4 3 3 6 6 6 4 6 1 9 5 7 3 6 5 , , 4 5 5 7 9 9 8 7 1 1 , ,0 3 8 5 3 8 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 1051—Dec. 31 603 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 2 Central reserve city banks. 3 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942. aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. NOVEMBER 1952 1211 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 average? of Wednesday figures. Tn million? of dollars! Loansl Investments For purchasing or carrying securities U. S. Governmentobligations Total Comloans mer- Date or month and cial, To brokers invest- indus- and dealers To others Real Loans Cer- Other ments Total 1 trial, estate to Other Total tifi- secuand loans banks loans cates rities agri- IT. S. Other U.S. Other Total Bills of in- Xotes Bonds2 cul- Govt. se- Govt. se- debttural ob- curi- ob- curi- edliga- ties liga- ties ness tions tions Total— Leaiing Cities 1951—September. 71,027 33,352 19,861 324 943 130 567 5,592 463 5,93437,675 31,008 2,675 2,359 6,643 19,3316,667 1952—July 76,633 35,769 ^0.598 913 1 ,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 3001 .354 137 609 5,795 622 6,47340,003 32.4?3 2,777 3,410 5,97820,258 7.580 September. 75,510 36,101 21,343 2261,194 133 647 5,856 689 6,57339,409 31,833 2,607 3,126 5,972 20,128 7,576 Aug. 6. . .75,652 35,539 20,657 382 1 .517 145 571 5,774 595 6,45640,113 32,586 2.844 3,486 5,965 20,291 7,527 Aug. 13... 75.586 35,524 20,722 315 1 ,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 20.709 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 39.922 32,246 2.709 3,346 5,99220,199 7,676 Sept. 3... 75,188 35.685 21.017 244 1 ,217 136 656 5,824 614 6.53739,503 31,932 2 ,582 3,211 5,99020,149 7,571 vSept. 10 . 7S 303 35 919 ?1,235 2641 . 109 131 651 5,859 586 6.55539,384 31,786 2,487 3,150 5,99320 1567,598 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 Oct. I5.. 75,773 36,680 21,671 1841,232 128 639 5,890 826 6,67039,093 31.579 2,513 2,617 6,32820,121 7,514 Oct. 8... 77,382 36,812 21,806 2671 .280 127 640 5,899 676 6,68040,570 33,077 4,086 2,536 6,352 20,103 7,493 Oct. 15. .. 77,629 37,292 22,054 2931 ,294 126 643 5,918 800 6,72740,337 32,848 3,968 2,495 6,33520,050 7,489 Oct. 22... 76,937 37,014 22,153 2581,199 115 642 5,932 547 6,73239,923 32,431 3,641 2,426 6,317 20,047 7,492 Oct. 29. .. 76,985 37,238 22,274 2701 .167 114 628 5,945 618 6,78439,747 32,361 3,610 2,433 6,261 20,057 7,386 New York City 1951—September. 20,040 10,355 7,147 280 725 31 224 516 246 1,328 9,685 7,698 635 399 1,454 5,210 1,987 1952—July 72 022 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 1811 ,101 26 223 403 401 1,399 10.009 7,700 557 554 I ,361 5,228 2.309 September. 20,938 11,169 7,769 132 940 25 238 401 431 1,413 9,769 7,495 624 398 1,357 5,116 2,274 Aug. 6. . . 21,278 11,202 7,475 2431 .271 27 208 411 362 1 ,38310,076 7,779 503 613 I ,361 5 ,3022,297 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 ,361 5,193 2,293 Aug. 27... 21,099 11,072 7,625 145 954 28 239 394 456 1,411 10,027 7,691 658 531 ,•562 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 .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 ,373 5,1 262.285 Sept. 17... 21,205 11.426 7,850 144 972 24 234 400 566 1 .416 0,779 7.513 681 384 , 346 .5 .1022,266 Sept. 24... 21,029 11,301 7,873 101 896 24 233 399 535 1 ,420 9,728 7 ,463 649 358 ,344 5.112 2,265 Oct. 1 ... 21,116 11,483 7,932 97 963 23 232 396 601 1 .419 9.633 7,411 605 281 ,405 5,120 2,222 Oct. 8... 21,520 11,515 7,986 1371,020 23 233 397 468 1 ,43110,005 7,795 1,089 248 ,371 5,0872,210 Oct. 15. .. 21,358 11,701 8,134 1571,042 23 238 397 459 1 ,430 9,657 7,468 833 251 ,353 5,031 2,189 Oct. 22... 20.998 11,559 8.180 162 943 21 230 396 381 1 .426 9,439 7.274 676 223 ,340 5,0352,165 Oct. 29. .. 21,041 11,609 8,228 173 919 21 220 395 394 1 ,439 9,432 7.356 738 252 ,328 5,0382,076 Outside New York City 1951—September. 50,987 22,997 12,714 44 218 99 343 5,076 217 4,606 27,990 23,310 2,040 1 ,960 5,189 14,1214,680 t952—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 5.302 221 5,074 29,904 24.723 2,220 2,856 4.617 15,030 5,271 September. 54,572 24,932 13,574 94 254 108 409 5,455 258 5,160 29,640 24.338 1,983 2,728 4,615 15,012 5,302 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 14,989 5,230 Aug. 13. .'. 54,446 24,413 13.200 128 249 112 362 5,389 281 5.072 SO,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 2,215 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 29.895;2 4.555 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 20.683124.393 1,988 2,757 4,623 15,025 5,290 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 15,0305,313 Sept. 17... 54,814 25,079 13,666 89 251 108 406 5 ,466 299 5.1 7529.735 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 4,597 14,9885,286 Oct. is.. 54,657i 25,197 13,739 87 269 105 407 5,494 225 5,251 29,460 24,168 1,908 2,336 4,923 15,001 5,292 Oct. 8... 55,862 25,297 13,820 130 260 104 407 5,502 208 5,24930,565 25.282 2,997 2,288 4.981 15,0165,283 Oct. 15... 56,271 25,591 13,920 136 252 103 405 5,521 341 5,29730,680 25,380 3,135 2.244 4,982 15 0195 300 Oct. 22... 55,939i 25,455 13,973 96 256 94 412 5,536 166 5,30630.484125,157 2,965 2,203 4,977 15,012 5,327 Oct. 29... 55,944 25,629 14,046 97 248 93 408 5,550 224 5.34530,315 25.005 2,872 2,181 4.933 15,0195.310 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. For other footnotes see opposite page. 1212 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 dollarsl Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserve: Bal- De- Indi- Indi- Date or month s B F w e e R a e r r i e a n t d v - h l k - e C va a i u n sh lt b m a w a n d e n o i c s t - k e h ti s : c ju p m a o s d a e t d s e n - i - t d d s 2 s p p u n c v h a o a a o e i n i r d l r p r r d s a t - - - s - , - , S p s d s a i i u o t c i o n a b v l a n d i t - i l t e - s - ? c C O c h a e f e e i t e n f e c r r f c d . t i d s k - i ' - s, m U G er . o e n v n S - - t . s p p u c n h v a o a a o n e i i r r d p l r r d a s t - - - s - , - , S p s d s a i i o t u i c o a n v b l a t n d i - e i l t - s - > P m G r S e a o . r a n o e n s v d v n t s - - a - t . l m D t D e i o s c - - eman F ei d o g r n - Time r B i o n o w g r s - - c C o i a a t u c a p - n - l ts B d i e t a b s n - 4 k tions tions ings Total—• Leading Cities 1951—September . 14,195 889 2,385 50,97.152,362 3,278 1,399 2,553 14,757 739 14710,0281,212 395 6,745108,629 1952—July 15.014 2,387 52.13553.110 3.598 .671 5.732 15,683 772 182 9,98811 ,253 4681 .245 7,024 120,452 August.... 1 1,765 2.3-ir . 968 . 85( 3,: ,32 15.714 769 188 9 98511 .300 464 1 ,1 69 7.048 112,372 September . 14,97(1 93; 2,50452,674 54.05C 3,425 ,482 3,517 15,797 762 19010,597 1,303 487 992 7,072 119,141 Aug. 6 14.85: 889 2.342 51,864 52,18.1 3,718 ,298 4.65015.713 773 18410,057 ,324 454 1 ,195 7,051 27,495 Aug. 13.... 1 4,74 94.' 2.442 SI,837 3.359 3.46C ,328 4.4 7615.714 772 189 10,308 ,343 461 1 ,097 7,04 7 24,006 Aug. 20.... 14,938 903 2,328 51,764 52,709 3,447 .394 4,58<>15.704 767 189 9.921 .298 4661 ,267 7,043 27,849 Aug. 27.... 14,521 958 2.24 52,409 53,151 3.463 ,264 4 ,09015,724 766 190 9,652 ,2 73 475 1 .117 7 ,051 23,996 Sept. 3.... 14.-11 918 2,304 52.275 53.25.' 3.558 ,439 3,14 1 IS, 751 765 190 i0,155 330 4801 .210 7,076 22.682 Sept. 10.... 1 4.86 973 2,358 52,925 54 .21' 3,452 .318 2 ,808 784 76 18810.543J1.307 4891.151 7.071 24,802 Sept. 17 15.4-11 90-1 2.713 53,221 ,383 3,35 .76 3 .64015.805 759 192 11 ,168i' 7 7 S 48 873 7 .066 31,576 Sept. 24.... 15,15( 932 2 ,641 52,2 74 53,344 3,334 , 405 4,47715,846 759 19010,522, !301 492 703 7,073 28,693 Oct. 1 •'»... 14,690 8 2,38652,317 53,835 3,515 1 .984 3.561 15,883 756 19010,434 .323 5041 ,055 7,100 29,997 Oct. 8.... 14,761 907 2,36952.167 53 ,218 3,372 1 ,599 4,68015,947 74 7 191 10,758! .329 5091 ,367 7,112 2 7,367 Oct. 15.... 15.048 935 2,68152,651 56,473 3,291. 1,732 4,419 15,957 739 191 11,489 ,33 5181,223 7,105 26,318 Oct. 22.... 15,252 925 2,39253,216 54.888 3,437 1,449 3,69515,985 737 191 10,721i ,342 5191 ,342 7,107 32,656 Oct. 29.... 15.022 2.326 >3,58654.799 3,561 1 .38C 3.45016,002 738 1 8910.297: .348 5301 ,398 7,126 28,277 New York City 1951—September . 5,124 135 15,670 16,460 242 639 785 1 ,472 43 2,867, 298 347 2,361 41,688 1952—July 5 5 . , 1 36 43 5 1 1 8 6 2 8 1 1. 5 5 , . 7 5 7 1 3 3 1 1 6 6 , . 6 2 2 5 5 7 2 27 7 3 8 8 5 6 7 < 3 2 1 , , 5 69 0 9 9 1 1 . . 5 5 5 8 1 8 2 2 , . 9 8 1 0 4 6 . 0 0 5 23 3 3 4 5 9 3 3 4 8 2 2 8 2 2 , , 4 4 1 2 7 6 5 44 0 , , 1 4 0 7 1 2 August 5,248 159 15,800 16,64 265 650 1,162 1 ,561 3,022 ,049 371 357 2,422 47,798 September . A A u ug g . . 1 6 3 . . . . . . . . 5 5 . , 2 1 3 1 < 5 1 16 7 5 4 1 1 5 5 , , 4 32 2( 7 1 1 6 6 . , 0 2 5 2 3 8 2 2 9 6 4 0 5 5 5 9 1 2 1 1 , , 7 88 5 2 8 1 1 . , 5 5 5 6 1 4 2 2. . 8 8 9 5 9 2 1 . , 0 0 7 8 9 9 3 34 4 6 0 4 5 5 0 2 2 2 2 , , 4 4 2 2 9 5 1 9 1 , . 0 7 4 7 0 6 Aug. 20.... 5.22-1 159 15,434 16.234 247 61 ( 1 ,680 1 ,544 2,783 ,044 351 44 7 2,426 10,763 Aug. 2 7.... 5,003 173 15,871 16,514 290 540 1,474 1 ,543 2,690 ,017 360 312 2,425 9,113 Sept. 3.... 5,0-13 166 16,399 271 617 1,109 1 ,551 2,832 .074 366 443 2.428 8,954 Sept. 10. ... 5 .165 180 16.574 255 531 945 1 ,560 2 ,896 . 059 372 500 2,425 9,812 Sept. 17.... 5,3 73 144 16,129 17.162 278 869 1.062 1 ,559 3,216 ,024 373 315 2.421 12,733 Sept. 24... . 5,412 145 15,689 16,452 255 584 1,532 1,573 3,145 ,040 376 170 2,415 11,296 Oct. I.... 5 ,051 136 15,591 16.701 312 1,068 1,205 1 ,560 3,084' ,074 385 333 2.430 12,450 Oct. 8.... 5,120 146 15,529 16,204 333 735 1 ,699 1 .579 3.006. .077 390 441 2,431 11,091 Oct. 15.... 5,170 145 1.5,468 17,051 334 862 1 ,509 1 ,562 3.147 , 088 395 422 2,431 10.133 Oct. 22.... 5,305 141 15,812 16,734 393 670 1,249 1 ,566 2.983i , 093 397 266 2,427 13,220 Oct. 29.... 5,132 151 40 .15,829 16,660 396 620 1 ,168 1 .566 2,843! ,103 407 349 2,429 11,486 Outside New York City 1951—September . 9,071 754 2,354 35,303 35,902 3,036 760 1,768 13,285 718 104 7,161! 207 272 4,384 66,941 1952—July 9,649 755 2.356 36,362 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 .308 36.455 36,593 3 .249 748 2,752 14,163 745 133 7 ,1 79 252 115 741 4,622 68.271 September. 9, 722 773 2 ,466 36,874 37,403 3,160 2,355 14,236 735 135 7,575 254 116 635 4,650 71,343 Aug. 6.... | 9,622 724 2,315 36.444 36,130 3,424 74 2.768 14,149 749 129 7.205 245 114 693 4,622 15,719 Aug. 13.... 9.632 769 2,409 36,510 37,131 3.200 736 2,718 14.163 748 134 7,409 254 115 645 4,622 14,966 Aug. 20.... 9.714 744 2,293 36,330 36.475 3,200 784 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 2,275 36,670 36,854 3,287 2.035 14.200 740 135 7,323 256 114 797 4,648 13,728 Sept. 10. ... 9,704 793 2,327 37,149 37,645 3,197 787 1 .863 14,224 739 133 7,647 248 117 4,646 14,990 Sept. 17.... 10.068 760 2 ,664 37,092 38,221 3.079 898 2,578 14,246 732 137 7.952 251 114 4,645 18.843 Sept. 24. ... 9,738 787 2 ,599 36,585 36,892 3,079 821 2,945 14,273 732 135 7.377J 261 116 533 4,658 17,397 Oct. I-"'... 9.639 739 2 ,345 36,726 37,134 3,203 916 4,323 729 135 7,350: 249 119 722 4,670 17,547 Oct. 8.... 9.64 1 761 2,323 36,638 37,014 3,039 864 4.368 718 136 7,7521 252 119 926 4.681 16,276 Oct. 15.... 9,878 790 2.633 37,183 39,422 2,957 870 4,395 710 137 8,342 249 123 801 4,674 16,185 Oct. 22.... 9.947 784 2,353 37,404 3S, 154 3,044 779 4,419 708 137 7,738! 249 122 ,076 4,680 19,436 Oct. 29.... 9.89!) 828 2 .286 57 38.139 3.165 760 4.436 709 136 7,454, 245 123 ,049 4,697 16,791 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, interb ink and U. S Government accounts. 5 Changes, particularly the increases in real estate loans and time deposits, are due in part to merger of nonreporting banks with a reporting bank in the Chicago District. Bark figure;-..—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BTLI.KTIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. NOVEMBER 1952 1213 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY^ [Xet declines, (—). In millions of dollars] Business of borrower Manufacturing anc mining Comm'l Period 2 t l o F i b q a o n u a o d c o d c r , , o T a le p e a a x p n t t a h d i r l e e e r l s, p m M r m a ( o a i c e d e n n h t u t d c i a a c n l l l . t - s s ch P l e c e a e m o u n t a m r d i l o c , , a - l Other ( r T w e s a r t h a n a a l o d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u P p t t t ( r i o u i i a l o n b r i n n c t t l i a s l ) i e . - c - s s C t t i r o o u n n c - - bu t o y s A t o p i h n l f e e l e s r ss c c h l N f a a i n e s e g s d t i e - s ch t i a a o n a n g t n d a g r d ' l ' l e l , — * ery and rubber trans. equip.) 1951—April-Tune. . -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—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 Oct 210 —54 111 42 36 122 262 —60 4 —8 665 668 Week ending: 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 10 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 -8 -4 17 40 4 21 -1 -2 113 90 Oct. 1 32 -7 -12 16 10 13 35 -12 11 -2 4 88 65 Oct. 8 55 -1 -14 54 11 23 71 -17 -40 -1 -4 138 135 Oct. 15 65 — 14 139 -30 12 35 49 12 -58 6 4 220 248 Oct. 22 34 -23 -7 3 8 20 58 8 12 -1 -17 94 99 Oct. 29 25 -11 5 -5 31 50 9 15 2 4 125 121 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. 8 Net change at all banks in weekly reporting series. OUTSTANDING COMMITMENTS OF LIFE INSURANCE COMPANIES TO ACQUIRE LOANS AND INVESTMENTS FOR DEFENSE AND NONDEFENSE PURPOSES * [In millions of dollars] Defense and defense-supporting Nondefense To others, on real estate mortgages State, End of month Total Total P ut u i b li l t i y c R ro a a i d l- b O u a s i t i n n h n d - e e r ss Total bu a s T i i n n n o d - ess Farm Nonfarm residential a c n n o i d u c i n m p t a y u l , dustry dustry VA FHA Con- Total guaran- in- venteed sured tional 1951—April». 4,504 1 .687 383 300 1,005 2,709 963 99 1 648 650 649 349 108 May 2 4,331 1,677 450 298 928 2,564 937 88 ,539 577 619 343 91 June * 4,197 1,760 446 309 .005 2,362 831 83 1,447 531 594 322 76 J A u u ly g u * st2 4 3, , 7 0 4 5 9 5 1 1, , 6 7 4 5 2 7 4 40 5 9 0 2 28 9 6 7 .0 9 1 47 1 2 2 , . 2 0 2 5 1 3 7 7 5 44 2 8 80 0 1 , , 2 3 2 9 9 0 4 4 0 8 2 4 5 50 6 9 6 3 31 4 7 0 5 7 4 7 September 3,928 1,706 407 236 ,063 2.163 918 83 1,162 365 490 307 59 October 4,037 1,867 395 204 ,268 2,119 945 96 1,078 316 452 310 51 November 4,394 2.112 353 192 ,567 2,238 955 98 1.186 276 437 473 44 December 4.175 2,019 310 170 1,539 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 I, 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. 1 Excludes business mortgage loans ot less than $100,000 each and foreign investments, which were not reported until September. NOTE.—Data for 45 companies, which account for 85 per cent of the assets of all United States life insurance companies; they were initiated by the Life Insurance Association of America in accordance with the Program for Voluntary Credit Restraint. 1214 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 S m i t n n p a i t t o t o e e r s d ts K U S f x t r n a o p i t m o 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 e o s d i t n ( t > b s r e F e t i d o w n r e i e n e i g n o n r States countries 1951—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—Tanuary 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 sso 454 169 113 56 285 212 119 74 20 30 September 565 454 166 106 61 288 232 108 60 24 31 1 As reported by dealers; includes some finance company paper sold in open market. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. 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 Debit Debit cre C di u t st b o a m la e n r c s e ' s 1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in borrowed2 In partners' In firm (net)i an a d c c t o r u ad nt i s ng an a d c c t o r u ad nt i s ng banks Free O (n th e e t) r a in n v d e t s r t a m d e in n g t a in n v d e s tr t a m d e i n n t g I a n c c c o a u p n it ts al accou nts accounts (net) 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 227 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 ,256 12 386 314 827 673 166 25 11 312 December... ,356 9 399 397 745 890 230 36 12 317 1951—June ,275 10 375 364 680 834 225 26 13 319 October 3 ,291 *653 «853 November. . t 1,279 '649 '805 December... ,292 12 392 378 695 816 259 42 11 314 1952—January ' 1,289 *633 '809 M Fe a b r r c u h ary. . . 3 3 , , 2 2 8 9 0 3 ' » 7 6 3 5 4 2 8 '7 7 9 5 0 6 April 3 ,315 '818 '756 May 3 ,312 '847 » 725 Tune ,327 9 427 365 912 708 219 23 16 324 July 3 13R7 31,126 '692 August 3 1 338 *926 3 675 31,333 8 891 '692 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): July, 67; August, 48; September, 39. 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. NOVEMBER 1952 1215 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESS BY BANKS IN SELECTED CITIES U. S. Government [Per cent per annum] Prime securities (taxable) Prime bankmo Y w n e e th e a k r , , or m m 4 p - o e a r t n p o c t e i h a 6 r s , l - 1 a a d c n a e 9 c r c y s e 0 e ' s p s 1 , t- M y 3 a i - e r m k ld e o t nth o R n b a i n l t l e e s w 9 i r s - n s t o o u n e 1 t s h 2 2 - 3 is - y s t e u o a e r s 5 - » Area and period lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ S 1 I 0 0 S 0 ,0 i , z 0 0 e 0 0 0 - of S S I l 2 o 0 0 a 0 0 n ,0 .0 0 0 0 0 - $ a 2 n 0 d 0 o ,0 v 0 e 0 r isvsues Annual averages: 19 cities: 1949 average. . . . 1.48 1.12 1 .08 1.102 1.14 1.43 1942 4.4 3.2 2.2 2.0 1950 average.... 1 .45 1.15 1 .20 1.218 1.26 1.50 1943 4.4 3.4 2.5 2.4 1951 average.... 2.17 1.60 1.52 1.552 1.73 1.93 1944 2.4 4.3 3.3 2.6 2.2 1945 2.2 4.3 3.2 2.3 2.0 1951—October. . 2.21 1.63 1.54 1.608 L .74 2.00 1946 2.1 4.2 3.1 2.2 1.7 November 2.25 1.63 1 .56 1.608 L .68 2.01 1947 2.1 4.2 3.1 2.5 1 .8 December. 2.31 1.69 1.73 1.731 1.77 2.09 1948 2.5 4.4 3.5 2.8 2.2 1949 2.7 4.6 3.7 3.0 2.4 1952—January.. 2.38 1.75 1.57 1 .688 1.75 2.08 1950 2.7 4.5 3.6 3.0 2.4 February. 2.38 1.75 1.54 1 .574 L. 70 2.07 1951 3.1 4.7 4.0 3.4 2.9 A M p a ri r l ch.... 2 2. . 3 3 5 8 1 1 . . 7 7 5 5 1 1. . 5 5 7 9 1 1 . . 6 6 5 2 8 3 L 1. . 6 6 0 9 2 1 . . 0 9 2 3 Quarterly: J J A M u u u l a n y g y e ust. . . 2 2 2 2 . . . . 3 3 3 3 1 1 1 1 1 1 1 1 . . . . 7 7 7 7 5 5 5 5 1 1 1 1 . . . . 8 6 8 7 1 7 3 0 1 1 1 1 . . 8 7 . . 7 8 2 1 7 0 4 0 6 0 1 1 . . . . 9 6 7 8 4 9 6 4 2 2 2 1 . . . . 0 9 1 2 4 5 4 9 19 1 1 c 9 9 5 i 5 t 1 i 2 — e — s : J D M u e n a c r e 3 3 3 . . . 5 4 2 1 5 7 . . . 8 9 7 5 0 8 4 4 4 . . . 2 0 1 1 5 6 3 3 3 . . . 7 6 4 2 6 9 3 3 3 . . . 2 2 0 9 4 3 September 2.31 1 .75 1.71 1.786 1.95 2.28 Sept 3.49 .91 4.22 3.74 3.27 October. . 2.31 1.75 1.74 1 .783 1.84 2.26 New York City: 1951—Dec 3.01 4.37 3.91 3.34 2.87 Week ending: 1952—Mar 3.23 4.43 3.97 3.48 3.11 Oct. 4.. 2.31 1.75 1.71 1.760 1.92 2.29 June 3.27 4.53 4.03 3.55 3.14 Oct. 11.. 2.31 1.75 1.79 1.829 1.90 2.29 Sept 3.29 4.66 4.06 3.60 3.15 Oct. 18.. 2.31 1.75 1.75 1.836 1.82 2.27 O N c o t v . 25 1. . . . 2 2 . . 3 3 1 1 1 1 . . 7 7 5 5 1 1. . 7 6 5 7 1 1 . . 7 7 5 3 7 5 1 L . 7 .8 9 2 2 2. . 2 2 4 3 7 N 19 o e 5 r r 1 t n h — e c r - n D it i e a e c s n : d East 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 8 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 (Moodyf s)5 u. s. Munic- Corpo- Govern- ipal rate By ratings By groups Year, month, or week ment (high- (high- (long- grade)8 grade)4 Total term)3 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 1950 average . . . ... 2.32 1.98 2.60 2.86 2.62 2.69 2.89 3.24 2.67 3.10 2.82 1951 average 2.57 2.00 2.86 3.08 2.86 2.91 3.13 3.41 2.89 3.26 3.09 1951—October 2.61 2 08 2 92 3 13 2.89 2 93 3.18 3.50 2.93 3.31 3.14 November 2.66 2.07 2.98 3.20 2.96 3.02 3.26 3.56 2.97 3.42 3.21 December 2.70 2.10 3.03 3 25 3.01 3.06 3.31 3.61 3.00 3.50 3.24 1952—January 2.74 2.10 2.96 3.24 2.98 3.05 3.32 3.59 3.00 3.48 3.23 February 2.71 2.04 2.89 3.18 2.93 3.01 3.25 3.53 2.97 3.38 3.19 March.... 2 70 2 07 2.96 3 19 2.96 3 03 3.24 3.51 2.99 3.36 3.21 April 2.64 2.01 2.92 3.16 2.93 3.01 3.20 3.50 2.97 3.32 3.19 Mav 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 Spntember .... 2 71 2 33 2 98 3 19 2 95 3 07 3,22 3 52 3 02 3.36 3.70 October 2.74 2.-12 3.01 3.22 3.01 3.08 3.24 3.54 3.05 3.39 3.22 Week ending: Oct. 4 2 78 2 39 3 02 3 21 2 99 3 08 3 23 3 53 3 03 3 38 3 21 Oct. 11 . .. 2 76 2 42 3 04 3 21 3.01 3 08 3.23 3.54 3.05 3.38 3.22 Oct 18 2.75 2.43 3.06 3.22 3.02 3.09 3.25 3.54 3.05 3.39 3.22 Oct. 25 2 73 2 43 3 06 3 K\ 3 02 3 09 3 26 3 55 3 07 3 40 3 23 Nov. 1 2.71 2.41 3.03 3.22 3.01 3.08 3.25 3.55 3.07 3.39 3 22 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. 4II. S. Treasury Department. 8 Moodv's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 1216 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 Commissior series trad- /ear, month, U, S. Mun- Cor- (index, 1935-39 = 00) (index, 1939=100) ing s or week Gov- icipal po- Pre- (in ern- (high- rate ferred* thoument2 grade)' (high- Manufacturing Trade, sands grade)* Total d t I r u n i s a - - l R ro a a i d l- u P t u i l l i b c i - ty Total Total D ab u l r e - N du o r n - - T p t r o i a o r n n ta s- - P u i l u t t i i y c b l- - a s a f e n n i r c n v d e - - , M in i g n- sha o r f es) able ice dumber 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 jO51 -Oct 98 22 131 3 116 9 167 0 185 202 155 115 191 216 185 244 203 114 214 244 f »O9 Nov 97.52 131.6 115.3 165.4 178 193 144 115 185 208 178 235 194 114 208 239 ^246 Dec 96.85 130.9 114.8 163.7 183 199 151 116 190 215 182 245 204 115 209 238 ,367 1952—Jan 96.27 130.8 115.5 164.1 187 204 155 117 195 222 185 255 211 116 209 246 ,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 ,283 Apr 97.95 132.7 116.2 172.2 184 199 165 117 191 215 181 245 217 116 203 298 ,'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. ... 08.40 130.4 116. ( 171 .1 102 210 175 117 199 225 192 256 226 117 208 289 L.096 AUK 07.0( 128. ( 115.8 160.0 101 208 175 119 199 225 194 254 228 120 210 278 995 Sept 06. 8f 126 r 115.7 170.2 188 204 171 110 194 210 101 246 22! 118 206 275 ,149 Oct 96.44 125.0 114.7 168.3 183 108 167 117 191 215 188 239 218 118 202 265 . 181 Week ending: Oct. 4. 95.04 125.5 115.0 160.2 186 201 160 118 192 216 100 240 219 118 204 269 ,036 Oct. 11. 96.17 124.9 114.8 169.4 186 201 169 118 102 217 101 241 216 118 204 266 ,088 Oct. 18. 96.33 124.8 11.4.3 168.0 183 108 166 117 100 214 187 238 219 117 201 266 ,480 Oct. 25. 06.64 124.8 114.4 166.9 181 .195 164 117 188 ?12 185 236 216 117 100 260 L. 104 Nov. 1. 96.8' 125.1 114.8 168.1 182 107 165 118 101 216 180 241 219 118 201 263 1,196 1 Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stock' (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. 3 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 ot median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6 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 Do ine,t.c Year or month f ( i u a n r n n n e e g d d - w ) - m T e ( f a e i o d o g n s t o r n d t a - - i ) l c Total S n m a p t i n a a c u d l t i - e - a c F e g ie e r e a s d n l - - l Total co n B 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 t o r n d t a - - i ) l c Total S n m a p t i n a a c u d l t i - e - a c F e g ie e r e a s d n l - l - Total Co n B r a p o o n o t n d e r d s a * te Stocks e F i o g r n - 2 1943 2 160 642 640 176 90 374 282 92 2 1 ,527 1 ,442 259 407 68 S" 603 82 86 1044 4,216 913 806 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 104 5 8,006 1 ,772 1 ,761 471 26 1,264 607 657 12 6,234 6,1 73 324 912 4.037 4,281 656 61 1046 8 645 4,645 4,635 052 127 3,556 2,084 1 ,472 10 4,000 3.895 208 734 2 OS3 2 3^2 601 105 1 1 0 0 4 4 7 8 " 1 0 0 , , 6 2 0 2 1 0 "7 9 , , 5 0 6 8 6 5 0 7 , , 0 2 7 5 6 5 2 2 , , 2 6 2 0 8 4 2 2 3 0 9 44 4 6 , , 7 1 8 7 7 7 ^ 3 5 , , 5 2 6 60 7 1,2 0 1 0 9 8 6 1 8 0 2 1 , 1 ,1 2 3 5 5 1 1 ,9 ,1 4 3 8 5 4 8 4 2 4 7 2 6 2 8 1 2 ,4 8 8 4 2 1 , 2 1 5 0 7 0 28 2 3 8 177 1040 9,753 8,160 8,131 2 ,803 233 5,005 4,125 971 29 1,593 1,402 104 943 445 393 52 101 1050 •MO, 000 8,214 8,103 3.370 394 4,330 3,138 1,200 111 "2,686 2,463 112 992 1 ,360 1 ,301 58 123 10S1 s 12,267 310,014 0,617 3,084 469 6,064 4.450 1,605 246 2,253 2,216 02 1 ,597 527 304 133 37 1951—Sept »1,075 s 881 731 265 40 427 370 56 50 194 194 4 170 20 14 6 Oct 1,202 970 945 368 107 470 272 198 26 322 322 18 288 16 11 2 1 006 866 866 207 569 197 140 140 4 89 47 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 30 538 437 101 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 ,003 004 144 38 812 610 102 0 87 81 4 63 13 1.3 6 Apr 1 ,551 1 ,249 1,237 452 80 704 535 170 12 303 200 2 257 40 ,36 4 4 May M ,555M ,240 1,109 376 56 677 453 224 03 306 306 11 141 151 142 8 June .... 1 ,403 1 ,245 1 ,230 615 38 587 406 180 6 158 155 11 141 3 3 ' "3 Julv.. . . 1,519 1 ,303 1 ,381 224 20 1 ,137 054 183 1.? 126 126 2 74 50 45 4' Aug 810 461 461 203 56 202 134 68 340 340 7 188 153 153 i 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of 17. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possession?. 3 These figures for 1947, 1950, 1951, September 1951, and May 1052 include 244 million dollar?, 100 million, 150 million, 100 million, and -17 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. NOVEMBER 1952 1217 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] T 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 of Total P eq la u n ip t m an e d nt W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other 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—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 Tuno 8-18 836 74 7 553 194 38 38 46 5 S A T e u u p l g v t u e s m t ber '1, " 3 - 4 1 0 2 6 9 8 3 "1 " 4 . 4 2 5 2 9 6 0 0 "1, '2 2 3 8 3 8 0 4 6 "1, '2 0 2 1 5 8 5 3 8 "1 " 9 8 6 8 0 5 "1 " 4 2 3 8 5 4 M " 4 3 l 5 4 9 3 5 " ' "1 1 » 4 \ 4 S "1 r8 0 7 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS* [In millions of dollars] Manufacturing 6 C m o i m sc m el e l r a c n i e a o l u a s n 6 d Railroad Public utility 7 Communication 8 R an e d a l f e in s a ta n t c e ial Year or month Total Total Total Total Total Total net New Retire- net New Retire- net New Retire- net New Retire- net New Retire- net New Retirepro- money ments 10 pro- moneyments 10 pro- money ments 10 pro- moneyments 10 pro- moneyments 10 pro- money ments10 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 *>01 981 704 129 571 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—October 306 263 10 40 26 18 16 1 197 179 15 15 62 48 November 214 180 21 46 22 76 61 15 273 260 6 37 37 14 11 December 480 428 26 39 28 2 22 22 266 251 14 25 24 23 18 2 1952—January 349 331 29 21 1 17 17 184 177 6 2 2 14 11 1 February .. 285 238 13 9 2 29 29 125 122 3 3 3 13 12 March 366 336 4 61 46 5 12 12 490 461 6 6 6 20 15 April 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 2S7 255 2 44 42 51 16 35 355 338 1 29 29 70 68 July "351 "32!) "9 "51 "45 r 46 46 "282 "280 1 "493 "493 "68 "41 "24 S A e u p sr t u e p m t ber 1S5 1 "S 31 9 "35 "3 1! 6 ) 16 9 1 4 2 1 1 2 0 S5 "1 1 2 9 2 7 " 1 1 9 2 4 0 f "2 1 2 8 " 1 2 8 2 " 2 1 5 4 1 "9 6 " 8 4 r Revised. ;ion to underwriters, agents, etc., and ' they are believed to be sufficiently 6 Included in "Manufacturing" prior to 1948. publication of the Board of Governors, 1218 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 o; 10 million dollars and over Assets o 50 million dollars and over Assets of 10-50 million dollars (200 corporations) (81 corporations) (119 corporations) Year or quarter Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Annual 1939 10,621 1,212 999 725 9,008 1,071 883 656 1,613 141 116 69 1940 . . . 13,041 1,848 1 ,277 859 11,138 1,638 1,127 772 1,903 211 149 86 1941 18,342 3,165 1,523 951 15,691 2,778 1,329 854 2,651 387 194 96 1942 21,841 3,408 1,224 763 18,544 2,876 1,056 672 3,297 532 168 91 1943 . . .... 28,312 3,693 1,263 779 24,160 3,111 1,097 688 4,152 582 167 91 1944 30,421 3,538 1,258 851 25,851 2,982 1,091 755 4,550 557 167 96 1945 26,600 2,429 1,132 864 22,278 1,976 964 764 4,322 453 168 100 1946 21,372 2,038 1,205 946 17,415 1,573 932 804 3,956 465 274 142 1947 30,869 4,104 2,524 1,170 25,686 3,423 2,105 1,000 5,183 681 420 170 1948 37,008 5,317 3,312 1,404 31,238 4,593 2,860 1,210 5,770 723 452 194 1949 36,738 5,038 3,101 1,660 31,578 4,506 2,768 1,474 5,160 531 332 186 1950 44,118 7,893 4,055 2,240 37,831 6,992 3,566 2,013 6,287 902 489 228 1951 51,067 8,557 3,411 1,986 43,389 7,492 2,975 1,754 7.678 1,066 436 232 Quarterly 1950—1 9,263 1,400 791 387 7,935 1,253 705 347 1,328 147 86 41 2 10,695 1,821 1,038 395 9,213 1,629 926 347 1,482 192 112 48 3 11,847 2,190 1,240 583 10,156 1,928 1,090 534 1,691 262 150 50 4 12,313 2,482 987 875 10,527 2,182 846 785 1,786 300 141 89 1951—1 12,711 2,238 878 469 10,811 1,951 765 420 1,899 287 113 48 2 13,047 2,219 839 475 11,079 1,928 724 421 .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 quarter r O e p v i e n e r n g a u t e - P b t r e a o f x o f e i r 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 n 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 Annual 1939 3,995 126 93 126 2,647 629 535 444 J .137 231 189 164 1940 4,297 249 189 159 2,797 692 548 447 L,206 257 193 167 1941 5,347 674 500 186 3,029 774 527 437 L 334 297 187 162 1942 7,466 1,658 902 202 3,216 847 490 408 1,508 364 168 151 1943 9 055 2,211 873 217 3,464 913 502 410 L 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 3,681 905 534 407 979 433 174 162 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—i 1,985 114 2 56 61 1,378 351 2 230 146 787 116 2 71 62 2 2 238 243 152 53 L ,322 321 2212 153 821 137 2 84 67 3 2,534 454 258 55 1,317 293 2 171 152 853 158 2 84 70 4 2,715 574 318 142 1,415 339 2211 168 881 169 2 92 76 1951—1 2,440 229 104 101 1,504 413 2 229 157 904 175 2 90 77 3 2 . . .. 2 2 , , 5 5 8 9 3 6 2 25 7 0 5 1 1 2 4 4 6 6 53 3 1 1 , , 4 4 1 2 9 3 3 3 2 4 0 4 2 2 1 1 6 9 8 5 1 16 6 2 1 9 93 1 1 8 1 16 7 0 4 2 2 7 9 2 2 8 7 1 9 4 2,772 505 320 111 1,521 403 2 226 181 976 182 286 81 1952—1 2,587 295 141 80 1,603 498 257 172 993 194 93 85 2 2,532 261 149 74 ,491 400 214 173 1,023 205 98 87 1 Certain tax accruals for the first six months of 1950 and 1951, required by subsequent increases in Federal income tax rates and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit a similar redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes. 2 As reported. NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets as of the end of 1946. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). NOVEMBER 1952 1219 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 1949 1950 1951 Nondurable goods Industries Total (94 corps.):8 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 ,048 1,188 1,260 1,338 ,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 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 ,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 88 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 519 847 998 168 194 341 250 237 210 301 232 240 Profits after taxes 320 424 367 93 107 145 90 82 73 123 81 82 Dividends 138 208 191 37 38 84 43 47 48 54 49 48 Automobiles and equipment (15 corps.): Sales 9,577 11,805 12,438 2,975 3,355 3,192 3,268 3,331 2,899 2,939 3,035 3,429 Profits before taxes 1,473 2,305 1,915 595 656 655 513 508 405 488 503 596 Profits after taxes 861 1,087 704 328 357 189 194 183 142 185 170 189 Dividends 451 671 479 91 232 258 122 119 119 119 116 114 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 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 f t i i t e s s d - 1940 9.3 2.9 6.4 4.0 2.4 1950—3 44.3 20.6 23.7 9.3 14.4 1941 17 2 7 8 9 4 4 5 4 9 4 48 4 22.5 26 0 10 7 15 3 1942 21 1 11.7 9.4 4.3 5 1 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 4 7 5 3 6 2 2 2 3 1 5 0 3 4 9 . . . . . 1 5 5 3 7 1 1 1 1 9 4 1 3 1 . . . . 6 2 4 5 .9 1 1 1 1 8 0 0 3 8 . . . . . 5 6 8 9 5 4 4 4 6 5 . . . . . 7 5 6 7 8 1 6 6 3 8 2 . . . . . 1 2 1 8 0 1 AC 1 2 3 4 1 4 5 3 3 3 0 9 8 . . . . 1 3 5 6 2 2 2 22 8 4 1 . . . . 2 4 5 8 2 1 1 1 1 8 6 7 . . . . 7 9 3 8 9 8 9 9 . . . . 2 6 0 3 1 9 8 7 3 . . . . 0 8 7 1 1948 33 8 13.0 20.7 7.3 13.6 1949 27 1 10 8 16 3 7 5 8 8 1952—1 42.7 24.7 18.1 8.9 9.2 1950 39 6 18.4 21 .2 9 0 12 2 2 '39.5 '22. <) M6.6 9.6 •7.0 1951 42.9 24.2 18.7 9.0 9.7 3 » 40.0 23.0 17.0 ().3 7.7 r Revised. 1 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. 1220 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 t a s l i d d T g i e r o r o b e t s t a c s l 2 t Tota 1 Total Bills c C e i a e n d t r e d n t s i e e f b s o i- s t f - Notes B e b l a l i e g 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 e t- - Total * b S i o n a n g v d s - s n s T i a o n a n a t g v d e x s - s S i p ss e u c e ia s l 1943—Dec 170,108 165,877 151.805 115,230 13,072 22,843 11,175 55,591 12,550 36,574 27,363 8,586 12,703 1944—Dec 232,144 230,630 212,565 161,648 16,428 30,401 23,039 66,931 24,850 50,917 40,361 9,843 16,326 1945— Dec 278 68> 278,115 255,693 198,778 17,037 38,155 22,967 68,403 52,216 56,915 48,183 8,235 20,000 i 94 6—Dec... 259,487 259,149 233,064 176,613 17,033 29,987 10,090 69,866 49,636 56,451 49,776 5,725 24,585 1947—Dec 256,981 256 900 225,250 165,758 15,136 21,220 11,375 68,391 49,636 59,492 52,053 5,384 28,955 1948—Dec 252,854 252,800 218,865 157,482 12,224 26,525 7,131 61,966 49,636 61,383 55,051 4,572 31,714 1949—[une 252,798 252,770 217,986 155.147 11,536 29.427 3,596 60,951 49,636 62,839 56,260 4,860 32,776 Dec 257,160 257,130 221,123 155,123 12,319 29,636 8,249 55,283 49,636 66,000 56,707 7,610 33,896 1950— fune 257,377 257,357 222,853 155.310 \3,533 18,418 20,404 53,319 49,636 67,544 57,536 8,472 32,356 Dec 256,731 256,708 220,575 152,450 13,627 5,373 39,258 44,557 49,636 68,125 58,019 8.640 33,707 1951--June 255,251 255.222 218,198 137,917 13,614 9,509 35,806 42,928 36,061 13,573 66,708 57,572 7,818 34,653 1951—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 Xov 259,647 259,604 221,391 142,741 18,100 28,017 18,406 42,167 36,050 12,062 66,588 57,552 7,737 35,862 Dec 259,461 259,419 221,168 142,685 18,102 29,078 18,409 41,049 36,048 12,060 66,423 57,587 7,534 35,902 1952—Tan 259,813 259,775 221,249 142,690 18,104 29,079 18,421 41,040 36,046 12.047 66,513 57,664 7,539 36,233 Feb 260,399 260,362 221,770 142,701 18,101 29,079 18,434 41,040 36,044 12,034 67,041 57,682 8,044 36,360 Mar 258,124 258,084 219,301 141,376 16,863 29.079 18,450 40,942 36,042 12,018 65,907 57,680 6,911 36,493 Apr 258,337 258,292 219,356 141,820 17,462 28,423 18,952 40,943 36,040 11,516 66,019 57,644 7,057 36,746 May 259,951 259,905 220,540 142,625 18,267 28,423 18,956 43,061 33,918 11,512 66,403 57,614 7,470 37.198 June 259,151 259.105 219,124 140,407 17,219 28,423 18,963 48,343 27,460 13,095 65,622 57,685 6,612 37,739 Tuly 263,107 263,073 222,963 144,340 17,213 28.170 18,971 52,579 27,407 13,145 65,478 57,709 6,440 37,945 AUK 263,225 263,186 222,753 144.148 17,206 28.019 18,974 52,579 27,369 13.186 65,419 57,753 6,330 38,307 Sept 262,722 262,682 2>2 216 143.895 17,207 27,763 18,982 52,579 27.365 13,18? 65.139 57,758 6,039 38,360 Oct 264,964 264,919 224,430 146,775 19,712 16,902 30,246 52,578 27,338 12,491 65,164 57,794 6,026 38,390 1 Includes fully guaranteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately. 3 Includes amounts held by Government agencies and trust funds, which aggregated 6,692 million dollars on Sept. 30, 1952. 4 Includes Treasury bonds and minor amounts of prewar and Postal Savings bonds. 5 Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING OCTOBER 31, 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 il p y 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 r u ea p s o u n r y rate 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 n o t g f Funds receive p d e f r r i o o m d sales during m t R io a e n t d u s e r m i a t n i p e d - s period All Series Series Series All series It and IIF and J GandK series Treasury bills1 Treasury bonds—Gont. 1945 48,183 12,937 9,822 595 2,520 5,558 Nov. 6 195? 300 June 15, 1953-54... . .2 5,825 1946 49,776 7,427 4,466 325 2,637 6,427 Nov. 13, 1952... ,501 June 15, 1953-543 . . .2 8,662 1947 52,053 6,694 4,085 342 2,267 5,126 Nov.20, 1952... , 300 June 15. 1953-55...21/£ 1,501 1948 55,051 7,295 4,224 498 2,573 5,144 Nov. 28, 1952. . 300 J u ne 15, 1953--55* . . .2 510 1949 56,707 5,833 4,208 233 1,392 5,101 Dec. 4 1952 300 June 15, 1953-55s. .. .2 725 1950 58,019 6,074 3,668 417 1,990 5,840 Dec. 11 1952 ,201 June 15, 1954-56*. . 681 1951 57,587 3,961 3,190 124 646 5,651 1 D ) e e c c . .2 1 6 8 , 1 1 9 9 5 5 2 2 . , 2 2 0 0 0 3 M M a a r r . . 1 1 5 5 , , 1 19 9 5 5 5 6 - - 6 5 0 8 * . . . . .2V% 2 1 , , 6 44 1 9 1 1951—Oct 57,501 334 274 10 50 410 J T a a n n . . 2 8 , , 1 1 9 9 5 5 3 3 . . . . . . , ,4 2 0 0 0 0 S S e e p p t t . .1 1 5 5 , , 1 19 9 5 5 6 6 - - 5 5 9 9 5 .. . . . 2 2% M 3,8 9 2 8 2 2 N D o e v c... 5 5 7 7, , 5 5 5 8 2 7 3 29 1 7 6 2 2 5 6 4 8 9 9 3 3 9 4 3 4 6 0 4 1 Jan. 15, 1953. .. 1,401 Mar. 15, 1957-59... 927 1952—Jan 57,664 441 364 16 61 493 Tan. 22, 1953... 1,402 June 15, 1958 2 % 4,245 Feb.. . . 57,682 339 288 10 42 411 Jan. 29, 1953... 1,501 June 15, 1958-635. .2% 919 Mar.... 57,680 331 284 9 38 428 Mar. 18, 1953-.. 2,502 June 15, 1959-62...2M 5,281 Apr.. . . 57,644 313 267 10 37 438 Dec. 15, 1959-62«. .234 3,468 May... 57.614 292 253 8 30 423 Dec. 15, 1960-653 .2H 1,485 June... 57,685 364 293 15 56 431 June 15, 1962-67 ..2]/2 2,117 July... 57,709 367 316 9 43 468 •"""til J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 3 4 - - 6 6 8 9 * ° . . 2 2 % }/?i 2 3 , , 8 7 2 5 9 8 A Se u p g t.... 5 5 7 7 , , 7 7 5 5 3 8 3 3 5 3 6 0 3 2 0 9 9 0 1 9 1 3 3 7 0 3 4 9 1 9 7 Dec. 1, 1952... 1,063 Dec. 15, 1964-69«..2;HJ 3.834 Oct 57,794 348 310 10 28 398 Feb. 15, 1953 .. 8,868 Mar. 15, 1965-70* .2^£ 4,737 June 1, 1953...• • 1 Vk 4,963 Mar. 15, 1966-71fi .23^ 2,971 Maturities and amounts outstanding October 31. 1952 Aug. 15 1953.. .2 2,008 15, 1967-726. 1,898 Sept.15*.1967-72..!2>i 2,716 Year of All Series Series Series Dec. 15, 1967-726. .2}/2 3,841 maturity series E and II F and J G and K Treasury notes D <v e l c a . r.15 1 , , 1 1 9 9 5 5 4 3 . . .....2H 1 4 0 , ,5 6 4 /5 2 Po b s o ta n l d S s s . ivings 2H 84 1952 3,137 3,137 Mar. 15. 1955 5.365 1953 6 241 5,109 189 944 Dec 15. 1955.. if! 6,854 1954 7,885 5,630 470 1,785 O A c p t r . . 1 1 , . 1 1 9 9 5 56 6 . . . . . . \% 1,0 5 0 5 7 0 Panama Canal Loan. 3 50 1 1 9 9 5 5 5 6 . . . 6 4 ,9 7 3 2 9 0 4 2 ,2 3 1 9 3 6 4 5 9 74 2 2 1 , ,8 1 3 5 2 2 Apr 1. 1957...::: 1A 531 Total direct issuea. 146,775 1957 4,714 2,288 458 1,968 Oct. 1, 1957... 722 1 1 9 9 5 5 8 9 4 4 ,5 7 6 8 9 0 2 2 , , 4 5 8 2 1 6 2 2 3 5 5 3 2 1 , ,7 0 9 6 0 3 Guaranteed securities 1960 5,016 i 2,326 437 2,253 1961 14.299 '2,858 195 1 ,246 Treasury bonds Federal Housing Admin. 1962 4,342 2,212 362 1,768 Mar. 15-Sept.l.S 1953 2 7,986 Various 43 1963 7?6 117 609 1964 486 103 383 1 Sold on discount basis. See table on Open-Market Money Rates, Unclassified -60 -60 I). 1216. 2 Tax anticipation .series. Total 57,794 i 35.116 3,885 18,793 3 Maturity Dec. 15, 1954. '-> Partially tax exempt. 4 Maturity Dec. 15, 1955. 6 Restricted. 1 Includes bonds with extended maturities totaling 661 million dollars. 1221 NOVEMBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and End of month in ( a s i g e n n t i c c t e g e u l s u u e r ) i d d a - r - - S i p ss t e r u c u e i s a s t l fun P i d s u s s b u 1 l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e n o r k m ci s a - a l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u i e e r - - s r c O a o t t r i h p o e o n r - s g m S o l a o v t e n c a e n d a t r t e l n s - S b a o v I n i n n d d g s i s vid se u O c a u t ls h ri e ti r es l M a i t n n o i v s e r c e s o e s u « - l s - 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2,800 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21,400 3,700 8,200 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3,218 100,221 6,189 41,100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 16,700 7.400 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 21,000 9,500 1946—Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,800 24,900 15,300 6,300 44,200 19,900 8,300 1947—Dec 256,981 28,955 5,404 222,622 22,559 68,700 12,000 23,900 14,100 7,300 46,200 19,300 8,600 1948—Dec 252,854 31,714 5,614 215,526 23,333 62,500 11,500 21,200 14,800 7,900 47,800 17,300 9.300 1949—Dec. 257.160 33,896 5,464 217,800 18,885 66,800 11,400 20,100 17,000 8,100 49,300 16,400 9.800 1950—June 257,377 32,356 5,474 219,547 18,331 65,600 11,600 19,800 19,000 8,700 49,900 16,600 10,100 Dec 256,731 33,707 5,490 217,533 20,778 61,800 10,900 18,700 20,800 8,800 49,600 15,400 10,800 1951—June 255,251 34,653 6,305 214,293 22,982 58,400 10,200 17,100 21,100 9,400 49,100 14,900 11,100 Dec 259,461 35,902 6,379 217,180 23,801 61,600 9,800 16,400 21,600 9,500 49,100 14,300 11.100 1952—May 259,951 37,198 6,524 216,229 22,273 61,100 9,800 15,900 ••21,600 9,900 49,000 r14,900 11,800 June 259,151 37,739 6,596 214,816 22,906 61,200 9,600 15,700 ••20,000 9,900 49,100 ••14,400 12,200 July 263,107 37,945 6,689 218,473 22.853 62,700 9,800 15,900 '2 0,800 10,300 49,100 '14,800 12,200 Aug 263,225 38,307 6,712 218,206 23,146 61,900 9.700 16,000 21,200 10,400 49,100 14,800 12,000 r Revised. 1 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. 3 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S, Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Interest-bearing public marketable securities. In millions of dollars] U. S. U. S. Total G ag o e v n t - . F e e ra d l - Com- M tu u al - Insur- Total G ag o e v n t - . F e e ra d l - Com- M tua u l - Insur- End of month out- cies Re- mer- sav- ance Other End of month out- cies Re- mer- sav- ance Other stand- and serve cial ings com- stand- and serve cial ings coming trust Banks banks1 banks panies ing trust Banks banks1 banks panies funds funds Type of Treasury bonds security: and notes, due or callable: To 1 1 t 9 9 a 5 l 5 : 1 ' 0 — — D D J J u e e u n c c n e e . . . . . . . 1 1 1 1 5 5 3 4 5 2 7 2 . . , , 3 4 9 7 2 7 4 2 5 1 4 4 3 3 5 5 , , . , 2 3 3 3 7 4 6 5 2 5 5 0 2 2 2 1 0 2 0 8 , , , . 2 5 7 3 6 8 7 3 8 8 8 1 5 5 5 5 4 1 4 8 , , , . 1 5 8 9 1 4 9 7 5 8 3 2 1 1 8 7 0 0 , , , , 2 8 8 1 5 7 8 4 4 7 0 4 1 1 1 1 2 1 6 8 , . , , 0 3 8 1 7 6 6 3 7 4 2 2 4 4 4 4 3 2 3 4 , , , , 3 5 6 4 9 5 6 2 9 8 3 9 Wi 1 1 t 9 9 hi 5 5 n 1 0 — — 1 D D y J J e e u u e c c a n n r e e : . . . . . . . . 3 3 2 1 8 7 5 0 , , , , 6 9 3 5 3 8 0 0 1 7 5 8 4 2 7 9 9 1 0 1 1 1 2 0 . , , 6 2 3 5 6 4 7 0 8 1 3 5 t 1 1 6 7 4 5 , , , , 7 0 6 0 9 0 4 8 3 1 5 3 4 2 4 1 6 2 3 5 7 0 0 1 1,0 3 9 7 4 6 2 8 4 0 6 7 1 1 2 5 0 0 , , , , 8 3 7 7 1 0 2 4 9 2 0 7 1952—Tune 140,451 3,031 22,192 53,867 7,494 10,33543,532 July.... 144,372 3,122 22,139 55,303 7,684 10,61245,512 1952—June 25,210 14 1,620 16,826 327 677 5,746 Aug 144,186 3,145 22,432 54,380 7,642 10.68845,899 July.... 25,210 8 1,620 16,731 283 684 5,884 Treasury bills: Aug 25,210 8 1,720 16,490 280 704 6,008 1950—June 13,533 3 3,856 3,703 35 90 5,846 Dec 13,627 35 1,296 3,888 33 474 7,901 1-5 years: 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 T u u l n y e .... 1 1 7 7 , , 2 2 1 1 9 3 4 5 1 5 3 2 8 6 1 5 5 5 , ,3 8 8 2 2 8 1 8 0 0 3 5 5 9 8 6 4 1 10 0 . , 8 2 4 7 7 0 1951— D J e u c ne.... 3 2 1 8 , , 0 6 2 7 2 8 1 1 5 3 5 9 3 5, , 1 8 0 7 2 8 2 1 0 8 , , 8 6 5 0 3 0 2 1 2 4 7 2 6 7 8 5 5 6 5 3 , , 1 9 6 9 9 4 Aug 17,206 39 436 4,722 74 584 11,351 1952—June.... 29,434 130 5,941 18,352 138 701 4,172 i^e 1 r 9 tm 50 c — at D e J s e u . c ne.... 1 5 8 , , 3 4 7 1 3 8 (») 7 5 2 , , 3 3 5 3 7 4 5 1 , ,5 3 4 5 4 4 64 7 38 5 2 3 7 1 , ,4 2 3 5 5 4 A Ju u l g y.... 2 2 9 9 , , 4 4 4 4 2 6 1 13 2 2 8 5 5 , , 9 9 4 4 1 1 1 1 8 8 , , 3 3 5 1 5 3 1 13 3 5 3 6 7 8 0 9 1 4 4 , , 1 2 9 2 6 4 1951—June.... 9,509 17 3,194 2,753 37 287 3,221 Dec 29,078 49 12,793 6,773 41 662 8,760 5— 1 1 9 0 5 y 0 e — ars J * une.... 15,926 423 1,148 5,675 2,439 2,055 4,186 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 Aug 28,019 64 11,906 6,335 90 474 9,150 Dec 11,156 309 1,014 2,436 1,925 1,656 3,816 Treasury notes: 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 Aug 17,516 632 1,070 5,834 2,354 2,498 5,128 Dec 18,409 3 5,068 10,465 67 316 2.490 1952—June.... 18.963 2 5,568 10,431 42 332 2,588 After 10 years: July.... 18,971 5,568 10,409 40 332 2,621 1950—June 45,084 4,482 2,349 4,092 7,130 13,507 13,524 Aug 18,974 1 5,568 10,390 39 336 2,640 1951— D J e u c ne.... 3 4 0 3 , , 0 5 2 9 3 9 4 2 , , 6 6 8 2 2 9 2 1 . ,3 5 9 0 7 8 2 2, , 7 9 8 3 1 2 5 7, , 1 3 8 8 0 9 1 7 2 , , 2 3 9 08 3 1 1 3 0 , , 9 5 8 3 9 4 Tre 1 a 9 s 5 u 0 r — y b Ju o n n e d . s . : . 102,795 5,273 5,618 38,691 10,624 17,249 25,340 Dec 30,012 2,726 1,415 2,740 5,276 7,027 10,828 1951— D D J e e u c c ne.... 9 7 7 4 8 6 , , , 0 8 9 3 3 4 5 2 5 5 3 3 , , , 1 2 2 7 8 0 8 3 9 4 4 4 , , , 1 1 6 0 3 2 8 0 0 3 3 3 0 1 3 , , ,6 1 2 0 0 8 7 4 6 9 7 7 , , , 9 6 9 9 6 7 7 7 3 1 1 9 5 0 , , , 8 6 2 1 3 6 7 9 4 2 2 2 1 4 2 , , , 9 9 0 4 6 2 1 6 3 1952— A J J u u u l g n y e . . . . . . . . 2 2 2 6 6 6 , , , 7 6 6 0 1 5 7 7 5 2 2 2 , , , 2 2 2 3 2 4 1 8 3 1 1 1 , , , 3 3 3 5 5 5 8 8 8 2 2 2 , , , 6 6 6 8 6 6 1 8 3 4 4 4 , , , 7 7 7 0 0 0 2 7 0 5 5 5 , , , 7 7 7 1 1 1 1 6 7 1 9 9 0 , , , 9 9 0 8 3 1 3 6 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 Aug 79,814 3,014 4,522 32,910 7,430 9,284 22,654 * 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. 1 Includes stock savings banks. 2 Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below 3 Less than $500,000. 1222 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 UnitedStates Treasury Cash operating 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 d e - g s i e - t s ( d u + e r f p ) i o c lu i r t 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- e d l - Total s F D e R e e r r e e a d v - p l - e 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 e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i ( E n o + x c u c o ) tg e o m s o r s e Banks2 itaries Fiscal year: 1950 37,045 40 167 —3 122 +99 +483 +4 587 +2,047 517 s 927 950 268 709 410 40 970<n155 —2 185 1951 48,143 44,633 +3,510 +679 —214 —2,135 + 1,839 7 357 7,871 338 s680 1 514 53,439 45 804 +7 635 1952 62 120 66 145 -4,017 + 147 —401 +3,883 -388 6 960 7,481 333 5 106 2,041 512 68,093 67,956 +137 1951—Oct... 2,635 5,483 -2,847 -55 -86 +945 -2,042 4 874 5,311 493 3 021 1,798 437 2,855 5,801 -2,946 Nov... 3,521 5,178 -1,658 +82 +20 +1,306 -250 4 624 5,147 481 2 901 1, 765 523 4,293 5,642 -1,348 Dec. 5,279 5,627 -347 +196 +7 -186 -329 4 295 4,816 321 2 693 1,801 521 5,642 5,621 +21 1952—Jan.. . 4,953 5,455 -501 -374 +103 +357 -415 3 879 4,306 162 2 048 2,096 427 5,183 5,473 —290 Feb... 5,553 5,105 +448 +186 -25 +587 +1,196 5,075 5,700 558 3 216 1,926 625 6,275 5,328 +947 Mar.. 9,886 5,704 +4,182 +106 -245 -2,278 + 1,765 6,84C 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 3,770 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 3,600 1,787 624 4,722 5,751 -1,029 June.. 9,796 6,930 +2,865 -192 -326 -800 + 1,548 6, 069 7,481 333 5,106 2,041 512 9,988 6,978 +3,010 July .. 3,316 6,742 -3,426 —17 +432 +3,968 +957 7,925 8,520 638 6 027 1,855 594 3,593 6,233 -2,640 Aug . . 4,05C 5,018 -968 +77 -195 + 113 -973 6,052 7,430 496 5, 100 1, 754 487 4,878 5,622 -744 Sept. . 6,585 6,070 +515 +422 -220 -504 +204 7, 156 7,557 508 5,217 1,832 401 6,898 6,066 +832 Oct. .. 3,099 6,383 -3,283 -252 +316 +2,238 -981 6,175 6,743 770 4,145 1,828 568 DETAILS OF TREASURY RECEIPTS On basis of daily statements of United States Treasury On basis of reports by collectors of internal revenue F o i r s c m al o y n e th ar W In i c t o h m - e taxes n c M e el o i l s u a - - s p E l m oy - - O r t e h - er T r o e t - al Refun D d e s du S c S e t 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 d r d a u n o a c l l d e - i a t n a g c x e o e m s e c C o ti o m o r n e p o i a n r n a - d - t a E a n s t d e - E o a x t n h c d i e s r e p b l y h o e y e l e d m rs - 4 Other *i r n e t v e e r n n u a e l t m ax en es t ceipts ceipts rec o ei f pts e t m m ax p e e l n o s t y 8 - ceipts Withheld Other 5 p t r a o x f e it s s ta g x if e t s l m a t n a is e x c o e e u s l- s Fiscal year: 1950 10,073 18,189 8,303 2,883 1,862 41,311 2,160 2,106 37,045 11,762 7,264 10,854 706 7,599 1951 13,535 24,218 9,423 3,931 2,263 53,360 2,107 3,120 48,143 15,901 9,908 14,388 730 8,704 1952 21,880 33,026 9,726 4,562 2,364 67,099 2,302 3,56062,120 21,313 11,545 21,467 833 8,971 1951—Oct. 780 828 885 46 169 2,708 41 32 2,635 1,227 215 512 52 831 Nov.... 2,177 254 805 505 21! 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.. . . 807 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 6.104 195 446 5,553 4,172 1 ,464 311 66 754 Mar. .. 2,010 7,717 825 539 160 10,800 455 460 9,886 537 2,133 5,013 113 718 Apr.... 078 3,101 840 268 152 5,1.87 612 252 4,323 1,330 1,583 1,278 88 742 May... 3,000 540 828 582 107 4,688 403 476 3,800 3,055 221 351 80 750 Tune ... 1 ,083 7,106 845 201 228 10,220 283 142 0,706 707 1,4 78 5,650 48 804 Tulv . .. 1 ,007 1,435 040 204 236 3,640 151 182 3,316 1 ,530 303 058 84 863 AUK. • • • 2,005 445 862 540 177 4,585 102 434 4,050 4,012 03 357 70 780 Sept.... 1,751 4,020 877 280 161 6.875 55 235 6,585 232 1,653 2,442 50 808 Oct i'997 1.214 923 P221 204 3,355 51 204 3,000 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of dailj' statements of United States Treasury Budget expenditures Trust and other accounts F o is r c m al o y n e th ar Total t f i N e d o n e n a s - - a e l m g s O e r i p a c l t r m u i h o t r e a s - i r r t y 7 y n n a I a e n t o i i c t m d o e o n - r i s 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 u n n t a - - - s - a t c A u g t u o i r r l d e i - - S S g p o e i r r t a c c y o i m u - a r l s - T c t o f r r a e t a u u c o r n n s - s t s ts - Other ce R i e p S - t o s c a ia c m l v c I e o e n S s u n - t e 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 e t n h n s - e t t - s r 9 p tu E en r x e d - s i- Fiscal vear: 1050 40,167 12,346 663 4,041 5,750 6,043 2,086 1,375 1,383 4,680 4,203 1,028 3,114 2,376 -1,430 3,857 1051 44,633 10,064 1 ,901 3,851 5,613 5,204 635 1,415 072 5,075 5,631 2,685 2.700 2,165 872 771 1952 66,145 3(), 106 4,110 2,831 5,850 4,607 1,210 1,424 1,304 5,503 6,424 2 ,082 3,506 2.382 654 1,517 1951—Qct 5,483 3,166 280 247 407 406 206 187 87 308 170 50 253 190 —58 169 Nov 5,178 3,015 380 188 173 436 105 121 92 660 732 285 282 171 -38 291 Dec 5,627 3,070 323 261 1,057 386 40 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 Fob 5.105 3,155 363 214 142 378 78 108 71 505 711 175 310 120 46 105 Mar 5,704 3,425 406 201 680 385 83 66 78 371 558 157 320 126 14 87 Apr 6,016 3,775 435 277 350 371 52 140 50 556 371 267 3!8 104 3 178 Mav 5,650 3,701 413 315 172 352 85 76 99 355 924 532 305 126 —22 — 122 Tune 6,030 3,600 375 337 1,518 330 187 148 80 248 521 356 306 505 203 262 Tulv 6,742 3,884 471 351 320 391 117 158 307 654 288 -24 310 450 333 137 \\\<r 5 018 2,071 514 266 183 354 126 100 94 401 853 366 323 106 31 162 Sept 6,070 4,008 356 133 550 343 40 116 64 442 322 51 317 105 -355 Oct 6,383 P3.728 482 ?! 46 572 354 Pi 03 P190 21 "697 282 37 312 119 -16 320 p Preliminary. l Excess of receipts (+) or expenditures (—). 2 Excludes items in process of collection. 3 For description, see Treasury Bulletin for September 1947 and subsequent issues. 4 Prior to January 1952 represents income tax withheld, and employment taxes less amounts appropriated to Federal old-age and survivors insurance trust fund; beginning with January 1952, employment taxes withheld no longer separable. 5 Beginning with January 1052, includes social security taxes on self-employed persons. 6 These are appropriated direetlv 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. NOVEMBER 1952 1223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items 1 Lia in b t i e li r t a ie g s e , n o cy th e it r e m th s an Corporation or agency Total Cash L c a e r o b e i a l v - e n - s m m C p s r t a l i i u o o a n i e a p e m t d s d l e - s s , i , - - - G U s ri e o t . c i v I e u S m n t s - . . v e e n s O r t s s i t 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 d n i c d s p t - , , - O s a t e h s t - e s r a t B F g u n a u u b o r t n a y e l e n d l r s e d y - d s d p , e a n O b y o e a t t h n b e - e l s e r , O li i a t t i b h e i e s l r - i U m G n e e r t . o e s n e v n t S r - - t - . o v in P w a e t r t s n e i e t - r e l - y d U. S. All agencies: Sept. 30, 1951 25,668 659 13,906 1,515 2,236 3,472 3,025 854 1,399 94922,962 322 Dec. 31, 1951 26,744 931 14.422 1,461 2,226 3.463 3,358 882 1.369 1.16123,842 329 Mar. 31, 1952 26,858 84414.422 1 ,322 2,422 3,451 3,406 991 1,214 1,24724,010 349 June 30, 1952 2 7,933 808"15,913 1.350 2,364 3,438 3,186 874 1 ,228 1,2!00 25,104 357 Classification by agency, June 30, 1952 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 412 340 112 275 24 Federal intermediate credit banks 939 866 857 71 Production credit corporations 52 ) (*) 52 Agricultural Marketing Act 1 00 1 PO 1 Federal Farm Mortgage Corp 29 1 30 Rural Electrification Administration 1 .829 65 1 .918 Commodity Credit Corporation 386 1 ,023 388 136 1,779 Farmers' Home Administration 4 495 27 1 536 Federal Crop Insurance Corp 5 28 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks , 003 653 311 412 333 Federal Savings and Loan Insurance Corp.. 214- 209 6 208 Public Housing Administration . 968 623 (••) 1.232 1 .931 Federal Housing Administration 4 74 32 286 1 224 207 Office of the Administrator: Federal National Mortgage Association.. ,081 2 .068 ) 2,078 Other 93 38 30 93 Reconstruction Finance Corporation: Assets held for U. S. Treasury 5 401 1 145 202 44 401 Other* 812 678 41 1 30 722 Export-Import Bank 2,431 2.389 ) 41 2,375 Federal Deposit Insurance Corp 1,431 3 1,421 () 7 108 1,323 Tennessee Valley Authority 1 ,403 209 18 1,170 6 1 ,360 All other 9,779 5,486 123 3,385 446 103 9,717 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY June 30, 1952 Purpose of loan M F C F a o e o r r d r m p . t . . b c i m F n r a a e e t e n t e d d e d k r i i . - s - t f o B t o i p a r v e n e r c k s a o s - - m C C C r o o o e d m r d p i i - t . t y t R A r E t if i u d l 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 - X M A F a e s o s d t r n ' . t l . . . P H A u i o d n b u m g l s i . c - 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 - n c c p n e - . - B p p I E o a m o x r n r t - - t k - o A th l e l r a c g A i e e l n l s - M ag 1 a e 9 a n r 5 l . c l 2 3 i , e 1 s , To aid agriculture 29 866 343 390 1.831 594 6 4,058 4,239 To aid home owners 2! 068 C) 119 201 2,387 2,363 To aid industry: Railroads 83 2 85 98 Other (•'0 395 -co- 70 464 473 To aid financial institutions: Banks CO Other 653 00 653 597 Foreign loans 58 2,389 \5, i 70 7,617 6,096 Other . . .. 624 61 116 801 731 Less: Reserve for losses (?) 3 3 2 99 1 38 7 15 3 173 Total loans receivable (net)... 29 866 340 386 1 ,829 495 2,068 623 653 679 2,389 5,557 15,913 14,422 1 Assets are shown on a net basis, i. e., after reserve for losses. 2 Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction and Development and its subscription of 2,750 million to the International Monetary Fund. 3 Less than $500,000. 4 Includes Disaster Loans, etc., Revolving Fund. 5 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 6 Includes figures for Smaller War Plants Corp., which is being liquidated by the Reconstruction Finance Corp. 7 See footnote 8. 8 Includes the Treasury loan to the United Kingdom (3.7 billion dollars) and, beginning with the balance sheet for June 30, 1952, lending by the Mutual Security Agency (1.5 billion). NOTE.—Statement includes figures for certain business-type activities of the I.J. S. Government. Comparability of the figures with those for earlier years has been affected by (1) the adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities included, that is, exclusion of the U. S. Maritime Commission beginning June 30. 1948 and inclusion of Mutual Security Agency beginning June 30, 1952. For back figures see earlier issues of the BUI.UCTIX and Banking and Monetary Statistics, Table 152, p. 517. 1224 L 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 v 1 s s 9 t i r 3 c i 5 a a l l - 3 v 9 p o r = l o u d 1 m u 00 c e t )* io 1 n aw 1 C a 9 o r c 4 d n o 7 e s n - d t 4 t r r 9 u a ( c c v = t t a i ? 1 o 0 n n 0 o)2 ICmplo " v 1 m 94 e 7 n - ts 4 9 a n = d 1 0 p 0 a " vrolls 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 r N 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 X p t a c e u l g u m o e o r r l n n a y - i - - l t - - pr E o M m d m a u p e n c l n u t o t i f y o a - n c tu w r o in r P r k g o a e l y r l s s - c 1 a 9 i = r n 3 l g 5 o 1 s a 0 * 3 d 0 9 - 1 v ( s 9 = a r a 4 e h l 7 t e 1 i a t s 0 ' i * ) 4 0 l 4 9 1 s p 9 u = r 3 i m c 5 1 e e - 0 s r 3 0 s 3 9 ' 1 p m 9 c = ri 4 o o c 7 1 m d e 0 - s i - 4 t 0 y 3 9 ! Ad- Unad-, Ad- Ad- Ad- .Ad- 1 Ad- Ad- Ad- Ad- Unad- L'n ad- Ad- Ad- I" nad- Unadjusted justed1 justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 .. . 7? 84 62 71 34 26 V, 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 901 107 76 92 66 75 59 65.5 64.2 32.1 146 36 125 4 96 114 79 100 69j 73 67 67 9 65 5 33 0 152 37 126 4 65 0 1027 . . . 95! 107 83 100 69 71 68 68.2 64.1 32.4 147 37 124 0 62 0 1928 991 117 85 99 73l 76 70 68 3 64 2 148 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' 1 98 84 93 49i 1 30 62 67 0 59 5 28 3 131 35 119 4 56 1 1931 67 79 80 34l 41 60.6 50.2 21.5 105 32 108.7 47 4 1932 5785 41 70 67 15 28 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 10! 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 i 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 239 360 176 132 371 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 170 192 165 134 821 87 79 95.1 97.9 81.2 132 90 139 5 78 7 1947 187! 220 172 149 84 ji 86 83 99.6 103.4 97.7 143 98 159 6 96.4 1948 1921 225 177 155 102 98 105 101.6 102.8 105.1 138 104 171 9 104 4 1949 1761 202 168 135 1131 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 i 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 M06 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 220i 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 Januarv 221 217 282 189 167 161 142 173 106.8 103.6 103.2 130.4 141 108 189.1 113.0 February .... 222 218: 284 190 167 156 163 152 107.0 103.8 103.6 131.0 136 106 187 9 112 5 March 221 217; 285 188 164 164 174 157 107.0 103.7 103.6 131 9 133 105 188 0 112 3 April . 216 215 277 183 166 171 189 158 107.0 104.0 102.9 128.1 126 103 188 7 111 8 Mav 21 1 211 277 181 1-10 168" 186 156 107.1 103.4 101.8 128. 1 122 108 189.0 111.6 Tune 204 205! "•247 186 147 172 193 158 M06.5 MOO. 8 r99.7 M26.4 108 111 189.6 111 2 Fulv .... 193 M.<)4 230 179 1 12 177 106 165 M06.0 r90.2 '•97.5 M21 . 1 102 105 190.8 11U8 •Yugu^t Ml 218 266 191 157 207 193 217 107.8 103.1 103 9 133 0 125 114 191 1 MP 2 September i>>25 J'230! "285 Pi 94 P 1 74 "206 Pi 83 ?'221 (> 108 .2"104.6 Pi 06.4 M39.8 134 *>106 190 8 111 7 October . .. e226 c230 "289 M95 M66 • 127 M15 e Estimated; all estimates are those of the Federal Reserve. v Preliminary. r Revised. * Average per working day. 1 For indexes by groups or industries, see pp. 1226-1229. 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. 1233. 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. Xonagricultural 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. 1236-1238. 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. NOVEMBER 1952 1225 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Industrial Production—Total . .... 218 218 219 218 221 222 221 216 211 204 193 214 P225 Manufactures—Total 228 226 228 228 231 232 231 225 224 214 202 224 P235 271 274 277 282 282 284 285 277 277 -247 '230 266 P2S5 Iron and Steell 258 261 261 263 261 261 263 245 246 r140 *139 241 r>266 Pig iron 231 235 232 227 229 235 239 205 208 42 38 221 242 Steel 298 304 307 304 304 304 309 278 278 66 83 283 310 Open hearth . . . . . .. 213 217 216 219 218 221 225 196 195 30 36 202 222 Electric 902 921 954 911 913 892 911 855 867 256 418 860 1013 Machinery . 336 340 347 358 359 360 359 354 353 352 '332 337 v352 Transportation Equipment 311 311 313 320 318 322 327 329 338 339 '285 298 r>336 Automobiles (including parts) 226 223 216 221 218 219 222 227 231 '229 '160 173 P226 (Aircraft; Railroad Equipment; Shipbuilding — Private 196 201 209 207 216 217 218 218 216 210 r201 213 v221 214 230 235 235 243 249 252 257 259 247 242 251 "248 (Copper smelting; Lead refining; Zinc smelting; Fabricating . . .. 190 190 198 196 206 204 204 203 199 195 '184 197 "210 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 146 149 157 154 159 162 158 152 142 146 141 148 P152 Lumber 135 138 149 141 150 154 149 143 128 134 128 135 P\3$ Furniture 167 171 172 178 175 176 175 170 168 169 164 174 P 180 Stone, Clay, and Glass Products 228 219 212 219 217 224 222 220 217 222 214 222 P224 Glass products 232 214 199 208 210 223 224 225 227 '247 '243 244 i>245 Glass containers 246 222 204 216 223 239 239 242 243 269 266 261 261 Cement 219 217 219 242 233 257 244 238 230 222 215 231 227 Clay products 173 172 173 172 182 177 175 173 168 '170 158 164 v\63 Nondurable Manufactures 192 188 188 185 189 190 188 183 181 186 179 191 ?194 Textiles and Products . . .. 163 154 157 152 157 160 152 144 151 154 117 170 P174 Textile fabric 145 139 142 137 142 146 139 131 137 138 120 152 Cotton consumption 142 140 144 136 144 150 141 130 135 133 111 143 145 Rayon deliveries 334 293 289 283 296 294 288 280 287 312 343 370 378 Wool textiles 114 114 120 118 116 122 112 108 117 112 103 123 Carpet wool consumption 63 86 94 90 120 133 123 117 113 75 71 120 Apparel wool consumption 132 119 122 121 110 116 110 110 123 125 .120 130 Wool and worsted varn 117 114 120 115 100 117 108 103 112 113 103 120 Woolen varn 108 108 116 112 108 114 103 96 108 106 07 1 12 Worsted varn 129 123 126 119 100 120 114 112 116 124 '112 131 Woolen and worsted cloth. 132 126 133 131 126 126 113 109 1?3 124 '113 1 23 Leather and Products 100 91 89 88 100 107 108 102 105 103 91 116 T eather tannins 84 80 78 79 86 90 86 84 00 92 81 07 Cattle hide leathers 104 96 94 91 98 101 08 05 105 106 01 110 Calf and kip leathers 51 51 51 59 64 73 68 72 67 60 60 70 Goat and kid leathers 56 53 53 60 70 72 69 64 67 67 71 67 Sheep and lamb leathers 64 67 69 71 71 74 72 60 72 70 66 80 Shoe" . 111 98 97 94 110 118 122 114 115 111 08 129 Manufactured Food Products . 167 163 160 160 162 165 166 163 160 166 '162 163 P166 Wheat flour 107 109 115 109 122 113 103 108 103 113 109 109 P\\0 Manufactured dairy products 143 140 137 136 137 138 142 146 148 147 145 148 148 Putter . . .. ... 72 71 64 62 65 66 71 73 73 60 70 60 71 pjieesp 165 163 158 161 165 163 160 181 183 180 176 '178 178 138 126 118 119 118 120 133 149 163 164 152 168 166 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. 3 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexe? through June 1051 are shown in preceding BULLETINS. 1226 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Manufactured Food Products—Continued M^eat packing 168 157 168 163 162 182 179 165 146 148 147 158 170 Pork and lard. . 221 198 205 200 193 228 230 207 167 170 163 180 200 Beef 126 124 143 141 145 153 141 135 140 137 144 140 151 Veal . . 99 109 106 84 87 84 81 79 84 00 100 121 125 64 74 75 69 80 85 85 79 76 78 68 7 7 87 176 173 166 168 169 171 172 160 169 175 171 171 "172 152 163 121 123 128 133 150 146 147 "161 140 123 "132 Confectionerv 136 127 136 149 145 143 135 128 130 121 117 134 189 183 183 183 184 185 184 183 181 "188 180 180 "180 Alcoholic Beverages 184 178 188 176 174 171 170 157 150 152 162 151 155 Malt liquor ... 164 154 180 178 185 173 171 154 140 161 176 165 160 Whiskev 70 76 86 85 73 73 68 62 51 3R 10 21 26 Other distilled snirits 335 265 262 253 336 327 292 298 231 185 10ft 234 148 332 358 292 225 150 193 208 205 214 207 224 175 263 Tobacco Products 177 185 194 147 176 175 174 184 178 189 172 186 187 Cigars 123 127 129 87 108 105 109 110 114 116 113 111 123 239 259 262 204 244 244 243 259 245 264 240 261 257 70 44 84 60 67 68 59 62 64 65 54 68 65 Paper and Paper Products 197 196 191 184 187 193 192 185 182 181 160 188 192 192 191 187 182 185 189 188 181 175 176 154 '180 181 Pulp 234 235 235 223 229 237 241 228 221 227 105 220 Groundvvood pulp 137 130 112 116 111 114 117 110 108 121 124 132 126 Soda pulp 99 97 95 94 95 99 99 95 02 80 68 &>. 83 Sulphate and sulphite pulp * 271 273 278 261 271 279 284 269 260 266 9^6 '267 257 Paper 185 185 180 176 178 181 180 174 168 168 148 172 175 Pa perboard 216 213 205 191 197 209 205 202 207 201 182 222 233 Fine r>aner ' Printing paper 192 190 188 191 192 191 189 \S6 175 IS? 150 168 165 Tissue and absorbent paper 200 210 179 181 195 184 190 186 16? 168 174 180 187 180 180 184 181 177 176 178 140 153 124 "148 146 Newsprint 129 127 125 128 123 129 131 122 130 134 126 130 126 Printing and Publishing 179 177 175 174 175 177 177 175 170 176 157 165 165 Newsprint consumption 167 165 163 158 159 163 164 164 166 169 164 162 166 Petroleum and Coal Products 266 269 276 281 281 281 278 261 209 251 '25 9 279 f'281 Gasoline 214 212 214 215 211 212 210 205 157 216 225 231 "233 Fuel oil 213 214 226 234 238 242 227 218 167 228 231 235 "234 Lubricating oil 187 200 196 192 188 177 183 177 124 1R5 174 181 Kerosene 216 214 230 224 243 208 223 211 133 199 226 230 Coke 185 185 185 185 188 188 204 166 165 72 67 160 177 By-product coke 178 178 177 178 179 179 197 161 161 71 67 168 174 Beehive coke 411 452 467 456 464 459 420 326 311 84 52 "184 200 Chemical Products 301 298 299 298 300 297 291 292 292 2 OS 208 303 r>308 Paints 158 156 158 158 159 157 155 152 151 "151 158 155 "152 358 346 331 317 322 299 269 267 270 307 325 354 "370 Industrial chemicals 560 556 563 563 562 562 563 559 558 563 564 560 "581 Rubber Products 245 239 245 250 248 243 242 235 242 '246 '226 243 r>254 Minerals—Total 167 174 170 163 167 167 164 166 140 147 142 156 "774 Fuels 172 179 178 170 175 174 170 171 140 161 155 161 »178 Coal 125 138 141 125 136 123 111 110 100 06 84 03 \33 Bituminous coal 137 147 152 135 147 135 122 119 107 102 91 102 144 Anthracite 79 104 99 86 91 77 68 74 73 74 57 61 88 Crude petroleum 195 199 196 193 194 199 199 201 159 193 190 194 "201 Metals 137 144 122 122 125 128 125 141 143 65 "tf* 131 P150 Metals other than gold and silver 200 212 175 174 177 182 176 204 207 71 "71 188 "222 (Copper; Lead; Zinc) 2 Gold 40 47 45 44 47 47 48 47 51 52 54 50 Silver 58 62 65 70 72 76 78 77 75 71 63 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. 1227 NOVEMBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Federal Reserve index numbers, 1935-39 average = 100] 1951 1952 Industry Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July AUR. Sept. Industrial Production—Total . . 223 222 220 2/7 2/7 218 2/7 215 211 205 '194 218 P230 Manufactures — Total 232 230 229 227 227 229 228 224 224 215 '203 228 I>239 Durable Manufactures 273 276 277 280 280 281 283 277 278 249 "231 268 /•287 Iron and Steel* 25,? 261 261 263 261 261 263 24 5 246 r140 r139 211 v?66 Pig iron 231 235 232 227 229 235 239 205 208 4? 38 2?1 242 Steel 298 304 307 304 304 304 309 278 278 66 83 2 S3 319 Open hearth 213 217 216 219 218 221 225 196 195 39 36 ?02 117 Electric 902 921 954 911 913 892 911 855 867 256 418 860 1013 Machinery 336 340 347 358 359 360 319 354 313 352 r332 337 "352 Transportation Equipment 311 311 313 320 318 322 327 329 338 '339 r28.5 298 "336 Automobiles (including parts) 226 223 216 221 218 219 222 2?7 231 '229 M60 173 ''226 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 . . Nonferrous Metals and Products 197 201 209 207 216 217 218 218 2/6 210 '200 213 :'221 Smelting and refining 214 230 236 235 243 249 252 257 260 246 >51 /'248 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 2 Fabricating 190 190 198 196 206 204 204 203 199 195 M84 197 r>210 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2. Lumber and Products 158 158 155 141 142 148 149 152 145 155 150 1.59 "164 Lumber 153 151 146 122 125 133 135 143 133 148 143 152 "156 Furniture 167 171 172 178 175 176 175 170 168 169 164 171 /'ISO Stone, Clay, and Glass Products 237 230 217 212 205 208 212 216 224 '225 216 232 "233 Glass products 236 219 200 197 207 218 224 225 240 '245 '235 '>$> />248 Glass containers 251 228 206 201 219 232 239 242 260 266 255 111 267 Cement 254 252 237 220 188 196 200 226 241 237 236 261 263 Clay products 180 182 179 177 169 168 167 168 167 r169 160 170 M6<) Other stone and clay products 2 Nondurable Manufactures 199 193 191 185 184 186 184 180 180 187 181 195 /•200 Textiles and Products 163 154 157 152 157 160 1*2 144 151 154 147 170 »174 Textile fabrics 145 139 142 137 142 146 139 131 137 138 129 152 Cotton consumption 142 140 144 136 144 ISO 141 130 135 133 143 145 Ravon deliveries 334 293 289 283 296 294 288 280 287 312 343 370 378 Nvion and silk consumption 2 Wool textiles 114 114 120 118 116 122 112 108 1 \1 ii2 103 123 Carpet wool consumption 63 86 94 99 120 133 123 117 113 75 71 120 Apparel wool consumption ... 132 119 122 121 110 116 110 110 123 125 120 139 Woolen and worsted yarn 117 114 120 115 109 117 108 103 11? 1 n 103 120 Woolen yarn 108 108 116 112 108 114 103 96 108 106 97 112 Worsted yarn 129 123 126 119 109 120 114 112 116 1?4 rl12 131 Woolen and worsted cloth 132 126 133 131 126 126 113 109 123 124 M13 123 100 91 91 88 100 109 108 102 105 102 90 116 Leather tanning 83 80 81 79 86 96 86 84 90 90 77 05 Cattle hide leathers 102 97 98 91 100 109 98 95 105 102 86 107 Calf and kip leathers 50 52 52 58 62 77 67 69 61 70 60 83 Goat and kid leathers 57 53 52 61 70 74 68 66 66 68 70 65 Sheep and lamb leathers 62 67 73 67 66 81 70 68 77 78 62 <).? Shoes . . 111 98 97 94 110 118 122 114 115 111 98 1?9 Manufactured Food Products.... 192 177 164 158 151 149 148 149 154 16.5 17 1 185 I>1 89 Wheat flour 117 115 116 108 122 114 101 104 99 109 108 108 ''120 Cane sugar meltings 2.. . Manufactured dairy products 169 128 98 95 86 97 116 152 197 217 215 2H 173 Butter 69 61 49 49 54 58 64 75 94 95 86 76 69 Cheese 169 146 119 116 122 134 152 188 245 256 217 100 182 Canned and dried milk 127 102 85 92 95 108 131 168 ?27 227 176 1 73 153 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. 3 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 1228 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July AUR. Sept. Manufactured Food Products—Continued Meat packing 149 156 188 195 193 175 165 152 147 147 137 138 154 Pork and lard 174 186 240 264 253 223 214 188 167 170 144 130 158 Beef 136 135 148 141 148 140 128 127 140 134 146 150 163 Veal . 109 124 114 79 81 74 76 78 88 90 109 118 138 69 77 75 68 85 86 83 77 78 73 65 75 03 Other manufactured foods . . 209 192 174 166 157 155 153 151 154 166 170 104 Processed fruits and vegetables 297 210 111 96 83 84 82 89 96 r124 182 234 " ~> S 7 Confectionery 175 167 161 150 149 144 125 107 100 80 06 141 Other food products 193 192 192 187 177 176 176 175 178 189 '192 103 "103 Alcoholic Beverages 193 197 178 154 145 152 155 155 158 176 186 Malt liquor 166 143 139 142 151 155 159 162 170 203 220 188 161 Whiskev 70 76 86 85 73 73 68 62 51 38 10 21 26 Other distilled spirits 459 686 549 278 219 196 190 179 139 115 11=; 1 >6 Rectified liquors 332 358 292 225 150 193 208 205 214 207 224 175 263 Tobacco Products 188 191 198 137 176 167 164 174 178 197 179 193 198 Cigars 123 127 129 87 108 105 109 110 114 116 113 Cigarettes 256 269 267 188 244 229 226 241 245 278 252 2 74 2 75 Other tobacco products 75 47 86 53 66 66 59 62 64 66 54 66 60 Paper and Paper Products 196 196 191 183 187 194 192 186 182 182 159 188 192 Paper and pulp 191 191 187 181 185 190 188 181 175 177 153 '180 181 Pulp 232 233 236 223 230 238 242 230 222 227 103 r2J7 218 Groundwood pulp 122 121 119 117 116 119 125 121 117 122 110 116 112 Soda pulp 99 97 95 94 95 99 99 95 02 80 68 83 Sulphate and sulphite pulp ' , 271 273 278 261 271 279 284 269 260 266 226 r267 Paper 185 185 180 175 178 182 180 174 168 169 147 172 175 Paperboard 216 213 205 191 197 209 205 202 207 201 182 ; 7 •) IMS Fine paper 2 Printing paper 192 190 188 191 192 191 189 186 175 182 150 168 165 Tissue and absorbent paper 200 212 179 175 193 191 190 188 162 171 167 180 187 Wrapping paper 180 180 184 181 177 176 178 161 140 153 124 M48 146 Newsprint 129 127 126 125 123 129 131 124 131 135 124 120 126 Paperboard containers (same as Paperboard) Printing and Publishing 180 181 183 178 170 175 180 180 174 175 14s) 166 Newsprint consumption 168 173 178 166 148 159 171 174 173 168 141 146 1 68 Printing paper (same as shown under Paper) Petroleum and Coal Products 266 269 276 281 281 281 278 261 209 251 '259 279 /• 'V / Petroleum refining - Gasoline 214 212 214 215 211 212 210 205 157 216 22=? "Ml n) \1> Fuel oil 213 214 226 234 238 242 227 218 167 228 231 ?35 />? 34 Lubricating oil 187 200 196 190 183 175 181 184 129 185 172 170 Kerosene 214 214 237 231 248 218 227 215 134 187 210 Other petroleum products 2. . . Coke 185 185 185 185 188 188 204 166 165 72 67 160 177 Bv-product coke 178 178 177 178 179 179 197 161 161 71 67 168 174 Beehive coke 411 452 467 456 464 459 420 326 311 84 52 M84 200 Chemical Products 303 303 304 302 302 300 298 291 296 )' 300 r>3!0 Paints 157 156 157 158 156 155 155 153 155 r156 156 1 "13 "150 Ravon 358 346 331 317 322 299 269 267 270 307 "370 Industrial chemicals 560 556 563 563 562 562 563 559 558 563 564 560 "581 Rubber Products 245 239 245 250 248 243 242 235 2-12 r246 r226 213 Minerals—Total 171 176 169 159 162 162 158 165 143 149 161 "779 Fuels 172 179 178 170 175 174 170 171 140 161 155 161 Coal 125 138 141 125 136 123 111 110 100 96 84 03 1331 Bituminous coal 137 147 152 135 147 135 122 119 107 102 01 102 144 Anthracite 79 104 99 86 91 77 68 74 73 74 57 61 88 Crude petroleum 195 199 196 193 194 199 199 201 159 103 100 104 Metals 166 163 115 89 88 91 90 130 74 '<?/ 161 r'lTO Metals other than gold and silver 246 240 160 117 116 121 118 189 239 00 '100 7.1.3 Iron ore 388 354 185 94 94 98 94 238 r348 41 70 381 426 (Copper: Lead; Zinc) 2 Gold 56 55 50 46 45 43 43 42 44 48 S2 vl Silver 59 62 65 70 73 77 80 77 74 68 61 For other footnotes see preced;ng page. NOTE.—For description and b cY figures see BULLETIN for October 1943, pp. 040-084, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. ()YEMBIL!> 1()52 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total i. 107 103 104 98 100 102 104 103 104 '108 71 84 122 Passenger automobiles * 115 108 104 93 91 96 103 109 110 114 47 63 125 Household goods, total 98 98 103 104 110 108 106 97 99 101 97 107 119 Carpets 56 60 60 63 79 75 80 83 81 44 61 76 Furniture 97 98 101 105 104 103 102 105 108 108 110 110 111 Major appliances 96 88 93 100 97 95 98 82 85 89 74 9 + 93 Radios and television 123 135 149 130 164 158 141 118 115 136 135 141 205 ' Revised. 1 Seasonal adjustment factors for passenger automobiles revised beginning January 1952. XOTE.—Figures for September 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July A iig. ADJUSTED FOR SEASONAL VARIATION Total , 12,855 12,789 12,776 12,803 12816 12835 12,832 12,862 12,794 -12,465 -12,265 12,749 12,936 Durable goods , 7,265 7,248 7,264 7,261 7256 7285 7,281 7,331 7,302 '6,916 -6,666 7,139 7,309 Primary metal industries , 1,162 1,154 1,143 1,152 1156 1154 1,148 1,143 1,153 '720 '713 1,112 1,146 Fabricated metal products 810 805 801 794 796 799 799 802 806 -777 '741 775 799 Machinery except electrical 1,225 1,248 1,261 1,263 1276 1275 1,267 1,276 1.263 -1,255 -1,212 1,203 1,193 Electrical machinery , 711 700 707 712 718 720 715 714 715 ••710 '704 723 748 Transportation equipment 1,211 1,205 1,234 1,235 1235 1251 1,266 1,288 1,307 -1,323 n,159 1,186 1,280 Lumber and wood products 730 729 712 699 667 685 680 688 635 '•690 '693 689 684 Furniture and fixtures 284 283 287 290 292 290 293 293 294 297 296 297 297 Stone, clay, and glass products . 480 477 470 460 457 449 449 452 449 453 448 456 460 Instruments and related products 226 227 229 230 231 232 232 235 233 n?>3 -240 238 238 Misc. manufacturing industries. 382 373 370 374 374 375 376 382 388 ••398 -400 401 402 Ordnance and accessories 44 47 50 52 54 55 56 58 59 r60 60 59 62 Nondurable goods 5,590 5,541 5,512 5,542 5560 5550 5,551 5,531 5,492 '5,549 -5,599 5,610 5,627 T A e p x p t a il r e e - l m a i n ll d p o r t o h d e u r ct f s inished tex- 1,147 1,133 1,121 1,124 1 120 1106 1,102 1,093 1,088 'I,082 '1,114 1,140 1,153 tiles 1,007 985 998 1,020 1029 1021 1,020 1,011 1,004 ,018 '1,048 1, 036 1,037 Leather and leather products. . 321 317 319 325 330 335 336 339 344 '347 344 350 344 Food and kindred products.. .. 1,148 1,158 1,132 1,133 1 144 1 159 1,161 1, 155 1, 153 -1, 169 ••1,167 1,142 1,139 Tobacco manufactures 82 82 79 83 82 81 81 83 83 82 83 83 83 Paper and allied products 418 411 407 406 403 402 399 398 400 405 -403 410 414 Printing, publishing and allied industries 515 512 514 512 510 507 511 510 510 '511 -512 513 512 Chemicals and allied products.. 540 533 531 527 531 530 530 530 525 '528 '533 524 528 Products of petroleum and coal 194 197 196 197 195 195 197 199 169 -189 -188 199 198 Rubber products 218 213 215 215 216 214 214 213 216 218 -207 213 219 WITHOUT SEASONAL ADJUSTMENT Total 13,087 12,997 12,904 12,911 12,766 12,820 12,815 12,733 12,588 -12,329 -12,059 12,846 13,159 Durable goods 7,279 7,296 7,314 7,322 7,264 7,306 7,316 7,329 7,262 '6,888 -6,550 7,096 7,322 Primary Metal Industries 1,162 1,160 1,149 1,164 /,162 1,160 1, 154 /,143 /.141 r716 '702 1,106 1,146 Blast furnaces, steel works and rolling mills 573 570 55: 573 570 570 567 558 557 '155 '163 546 Fabricated Metal Products 810 809 805 806 804 807 807 806 798 '769 '722 763 799 Machinery except Electrical 1,219 1,24. 1,255 1,269 /,276 1,281 1,280 1,282 1.269 rl,261 '1,200 1,191 1,187 Elect M ric e a t l a l M w a o c r h k i i n n e g r y machinery... 2 7 3 0 1 7 2 7 3 0 2 7 7 24 1 1 8 2 7 4 2 5 6 2 7 4 2 7 5 2 7 4 2 9 7 2 7 4 2 9 2 2 7 4 1 9 4 2 7 4 0 7 8 ' 2 7 4 0 8 6 ' 2 6 4 8 2 3 2 7 4 0 7 5 744 Ele e c ra tr t i i c n a g l , e a t p c p .) aratus (gen 2 2 7 4 3 2 2 6 5 5 8 2 2 6 6 6 8 2 2 7 7 1 2 2 27 7 1 3 2 2 7 7 5 3 2 27 7 3 3 2 26 7 9 0 2 2 6 6 7 7 ' 2 2 6 6 6 8 - 2 2 5 6 1 5 2 28 5 1 8 Communication equipment. 1,211 1,205 1,234 1,235 1,235 1,251 1,266 1,288 1,307 '1,323 '1,159 1,186 1,280 Transportation Equipment Motor vehicles and equip- 679 667 655 645 633 634 643 663 667 '672 '512 524 ment 360 36: 395 407 415 424 428 430 437 '447 -453 464 Aircraft and parts 745 740 719 696 654 668 670 678 635 '697 '693 706 698 Lumber and Wood Products.... 44. 439 428 41 391 396 398 405 387 '424 -421 431 Sawmills and planing mills. 285 289 294 296 296 296 296 292 287 28cS 284 293 298 Furniture and Fixtures 196 201 206 208 208 207 208 205 202 202 -202 208 Household furniture 48< 479 472 465 452 447 449 452 449 453 441 458 462 Stone, Clay, and Glass Products. 226 228 230 23. 232 233 234 236 233 '233 '232 236 238 Instruments and Related Products, 388 390 388 38. 374 381 382 38( 376 '382 '374 393 408 Misc. Manufacturing Industries. 44 47 50 5. 54 55 56 58 59 '60 60 59 62 Ordnance and Accessories For footnotes see following page. 1230 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept Nondurable goods 5,808 5,701 5,590 5,589 5,502 5,514 5,499 5,404 5,326 '5,441 5,509 5,750 5,837 Textile-mill Products 1,136 /, 133 /, 132 1,141 1,131 /, 123 1,1/3 1,093 1,083 r1,082 '/ ,081 1,123 1,141 Broad-woven fabric mills... 551 546 544 548 540 52 518 507 503 '506 509 520 Knitting mills 205 209 209 211 209 210 210 210 209 212 209 221 Apparel and Other Finished Textiles 1,037 1,019 /. 008 1,035 1,029 1,052 1,051 996 959 '972 '985 /. 052 1,068 Men's and boys' furnishings, 239 238 233 235 228 233 238 239 238 240 239 247 Women's and misses' outerwear 284 270 279 296 300 309 306 275 252 252 '2 70 295 Leather and Leather Products. . . . 327 320 31 323 330 342 344 336 330 '340 339 357 351 Footwear (except rubber)... 208 201 198 205 213 221 222 217 213 221 '219 I'M Food and Kindred Products 1,330 1,254 1,160 1,122 1,068 1,060 1,057 1,057 1,074 rl,138 '1.221 1.288 1,312 Meat products 235 236 246 252 246 244 239 233 230 232 234 232 Canning and preserving.. . . 330 238 145 120 106 105 104 114 122 '155 '218 289 Bakery products 193 195 192 190 187 187 189 186 183 190 195 193 Tobacco Manufactures 89 89 85 85 82 80 78 77 77 78 78 86 90 Paper and Allied Products 416 413 411 410 405 404 401 398 398 403 ^395 108 412 Pulp, paper and paperboard mills 214 212 212 212 211 210 208 206 206 '209 209 Printing, Publishing and Allied Industries 515 517 519 520 510 507 508 507 507 '511 r507 508 512 153 153 154 155 151 152 152 152 154 '154 153 154 Commercial printing 167 169 170 171 170 166 167 166 167 167 166 165 Chemicals and Allied Products... 543 544 542 538 536 538 538 530 517 r512 514 531 Industrial organic chemicals 175 172 173 171 170 168 168 163 161 163 .167 169 Products of Petroleum and Coil.. 197 197 197 196 193 193 194 197 168 '190 203 201 Petroleum refining 154 154 154 155 153 153 152 155 '155 r157 160 218 215 219 219 218 215 215 213 213 215 r201 211 219 Rubber Products r Revised. NOTIC.—Covers production and related workers only; data shown include all full- and part-time production and related workers \s who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for September 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 1952 1951 1952 1951 1952 Sept. July Aug. Sept. Sept. July Aug. Sept. Sept. July Aug. vSept. Total 65.49 '65.76 67.80 69.58 40.6 39.9 40.6 41.1 1.613 '1.648 1.670 1.693 Durable goods. 71.01 '70.05 72.92 75.45 41.6 '40.4 41.2 41.8 1.707 1.734 1.770 1.805 Primary metal industries '•72.23 79.^2 82.03 41.3 '30.6 40.9 41.2 . 835 .824 1.937 1 .991 Fabricated metal products '67.83 70.34 74.22 41 .7 '30.9 40.8 42.1 .682 . 700 . 721 1 . 763 Machinery except electrical 7 7.24 '•76.97 77.86 80.-45 43.2 4 1 .9 42.2 •13.0 .788 .837 .845 1 .871. Flectrical machinery 68.06 '68.28 70.18 72.91 41 .5 '•10.0 •10.9 42.0 .610 .707 .716 1 .736 Transportation equipment 77.43 '75.73 78.31 82.41 41.1 '39. -1 40.2 41.1 . 884 .922 .948 2.005 Lumber and wood products 61 .51 r62.81 66.22 66.64 40.6 '11.0 42. 1 12.1 .515 .532 .573 1 .583 Furniture and fixtures 58.-10 '58.37 60.40 62.20 41 .1 40.2 41.4 42.0 .421 .452 . 459 1 .481 Stone, clay, and glass products 65. 74 '65.41 67.65 68.52 41.5 r40.4 41 .4 41 .4 .581 . 619 . 634 1 .655 Instruments and related products 69.93 -70.62 1 .92 T3.O7 42.2 '••40.8 41.5 41.8 .657 .731 . 733 1. 748 Miscellaneous manufacturing industries.. 57.61 -58.94 60.68 61 .84 40.4 '30.8 10.7 41.2 .426 .481 .491 1 .501 Ordnance and accessories 76.47 T6.-16 74.38 78.87 44.2 42.5 41.3 42.7 . 730 . 799 .801 1 .84 7 Nondurable goods. 58.67 60.87 61.57 62.30 39.4 39.4 39.9 40.3 .489 . 545 . 543 1.546 Textile-mill products 48.74 '51 .65 53.42 54.42 36.9 38.4 39.6 40.1 .321 .345 .349 1.357 Apparel and other finished products 45.89 '45.68 48. 1 5 48.71 35.6 '36.0 37.3 37.5 .289 . 269 .291 1 .299 Leather and leather products 45.92 •49.97 52.11 51.24 35.9 38.5 39.6 38.5 .279 . 298 .316 1.331. Food and kindred products 62.06 r64. 78 63.25 64.04 42.8 '41.9 41 .1 41.8 .450 . 546 . 539 1.532 Tobacco manufactures •4-4.75 r46.28 47.67 46.30 39.5 38.0 39.4 39.4 1.133 '1.218 .210 1.175 Paper and allied products 65.57 r68.65 69.81 70.53 42.8 rV2A 43.2 43.4 1.532 1 .619 1 .616 1.625 Printing, publishing and allied products.. 77.69 P79.86 80.48 82.06 39.2 '38.6 38.9 39.3 1.982 '2.069 2.069 2.088 Chemicals and allied products 68.43 •70.08 70.72 71.10 41.7 MO. 6 40.9 41.7 1.641 '1.726 1 . 729 1.705 Products of petroleum and coal 83.21 •87.71 87.08 89.45 41.4 41 .1 40.5 41 .2 2.010 rl. 134 2.150 2.171 Rubber products 70. 18 •73.42 74.93 75.23 40.9 r40.1 41.1 41 .2 1.716 '1.831 1.823 1.826 r Revised. NOTE.— Data are for production and related workers. Figures for September 1952 are preliminary, Back data are available from the Bureau of Labor Statistics. NOVEMBER 1952 1231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in fa g c- Mining co C ns o t n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1944 41,480 17,111 883 1,094 3,798 7,260 1,374 3,934 6,026 1945 40,069 15,302 826 1,132 3,872 7,522 1,394 4,055 5,967 1946 41,412 14,461 852 1,661 4,023 8,602 1,586 4,621 5,607 1947 43,371 15,247 943 1,982 4,122 9,196 1,641 4,786 5 454 1948 44,201 15,286 981 2,165 4,151 9,491 1,716 4,799 5,613 1949 43,006 14,146 932 2,156 3,977 9,438 1,763 4,782 5,811 1950 44,124 14,884 904 2,318 4,010 9,524 1,812 4,761 5,910 1951 46,401 15,931 920 2,569 4,144 9,804 1,883 4,759 6,390 SEASONALLY ADJUSTED 1951—September 46,465 15,801 91/ 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 5S4 May. . 46,599 15,870 894 2,497 4,134 9,912 1,948 4,772 6,572 June '46,348 '15,547 '810 2 .536 '4,139 '9,964 1 ,957 '4 ,789 6,606 Julv '46,153 '15,351 '777 '2.543 '4,100 '9,959 '1,962 '4,785 6,676 August 46,900 15,866 879 2,575 4.154 9,972 1 .972 4,796 6,686 September 4 7,096 16,054 880 2,567 4,194 9,942 1 ,982 4,784 6,693 UNADJUSTED 1951—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 Time '46,292 '15.410 '814 r2 ,663 '4 ,168 '9,838 1 977 '4 837 6 585 Tiilv '45,992 '15.153 '784 '2.721 '4.141 '9,787 '1 ,991 '4,857 6,558 August 47,060 15,976 887 2.781 4.202 9.789 1 .992 4,844 6,589 September 47,579 16,284 885 2.747 4,216 9,931 1,972 4,832 6,712 LABOR FORCE. EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total Year or month c in iv s i t l i i t a u n t io n n o a n l - Employed 2 l N ab o o t r i n f o t r h c e e population 1 Total Total t I u n r a n l o i n n a d g u r s i t c r u ie l- s agric I u n lture ployed 1944 93,220 54,630 53,960 45,010 8,950 670 38 590 1945 94,090 53,860 52,820 44,240 8,580 1,040 40,230 1946 103,070 57,520 55,250 46,930 8,320 2 270 45 550 1947 106,018 60,168 58,027 49,761 8,266 2,142 45,850 1948 107,175 61,442 59,378 51,405 7,973 2,064 45,733 1949 108,156 62,105 58,710 50,684 8,026 3 395 46 051 1950 109.284 63,099 59,957 52,450 7,507 3,142 46,181 1951 108,976 62,884 61,005 53,951 7,054 1,879 46,092 1951—September 108,956 63,186 61,580 54,054 7,526 1,606 45,770 October 109,064 63,452 61,836 54,168 7 668 1 616 45 612 November. . . .. 109,122 63,164 61,336 54,314 7,022 1 828 45 958 December 109,200 62,688 61,014 54,636 6,378 1,674 46,512 1952—January 109,260 61,780 59,726 53,540 6,186 2,054 47,480 February 109,274 61,838 59,752 53.688 6,064 2,086 47,436 March 109,274 61,518 59,714 53,702 6,012 1 ,804 47,756 109,328 61,744 60,132 53,720 6,412 1,612 47,584 Mav 109,426 62,778 61,176 54,216 6,960 1,602 46 648 June 109,556 64,390 62.572 54,402 8,170 1,818 45,166 July 109,692 64,176 62,234 54,636 7,598 1 942 4 5 516 August 109,804 63,958 62,354 55,390 6,964 1,604 45 846 September 109,906 63,698 62.260 54,712 7.548 1,438 46,208 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. 1232 FEDERAL RESERVE BULLETIN' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works 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 81.0 104. 132.2 74.0 178.2 187.4 March 1,271.0 1321 .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 75 103.5 134.4 133.9 147.7 266 1 353.6 May 2,573 01 563.7 661.1 753.81,274.9 78.9 60.6 79 9 123.2 145.7 175.3 158.4 278.0 347.0 June... ... 1, 43941488 9 545 2 581 8 242.0 166.4 65 4 74 128.1 126.7 148.3 184.7 310.5 355.6 July 1 4?? 7 1 511.3 548.1 608.1 206.9 139.9 75.4 92 ? 150.1 122.4 146.9 208.1 295.2 340.5 August 1,265 81438.7 567.6 627.6 161.8 141 .5 65.5 94 2 127.9 145.4 123.8 138.9 219.3 291 .2 September 1, 0960') 029 2 479.7 518 122.5 995.1 80.0 87.1 98.5 87. 116.6 92.9 198.7 2-18.4 October 1,072 0 496.2 116.4 68.8 94.5 159.1 137.0 November . 951 443 9 96 5 48 4 79.0 123.1 160.2 December 1,099 5 346.1 115.1 43.1 136.0 163.9 295.2 Year 15,751 1 6,205.4 2,883.3 915.3 1,334.6 1,689.2 2,723.2 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. \V. 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 Jan 731 ,045 902 201 306 297 530 739 605 Sept. AllR. Sept. Feb 780 1,141 885 285 332 339 495 808 547 Mar.... ,300 ,271 1,321 481 418 554 819 852 767 Boston 78 31 S 80 214 57 4SS Apr.. . . ,350 1,375 1,598 354 456 636 996 919 961 New York 188,057 236,649 192,425 May. . . ,348 >,573 1 ,564 389 1 ,474 558 959 1,099 1,006 Philadelphia 74,375 94,729 56.593 June... ,345 1,439 1,489 428 583 559 917 856 930 Cleveland 114,768 160,000 107 955 July.... ,420 ,423 1 ,511 460 636 619 960 787 893 Richmond 93,648 1 13.731 102.214 S A e u p g t .. . . , ,2 5 8 4 7 9 1 1 ,2 ,0 6 9 6 6 1,439 4 36 3 4 8 4 3 8 1 6 8 501 1,1 9 1 2 1 2 7 7 7 7 9 8 937 A Ch tl i a c n ag ta o 5 1 7 7 8 4 ,6 1 2 0 9 8 2 1 3 8 4 5 , 4 2 3 25 0 2 1 0 1 4 0 . . 9 3 0 S 9 O Oct ,136 1,072 308 310 828 762 St Louis =518 3S> 86.51 > 66 506 Nov.. . ,087 951 320 326 767 625 Minneapolis 39,666 43,269 39.353 Dec .168 1 ,100 381 476 787 624 Kansas City 73 ,519 52.0-12 58.390 Dallas 95,766 121,924 99,805 Year. 14,501 15, 751 4,409 6,122 10,0929,629 Total (11 districts) 2,029,203 1 438.725 1,095,955 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION Title I loans Mortgages [In millions of dollars] Y m e o a n r t o h r Total p P m e r i r m e o r o t n v y p - t e - - ' s S h c t t m o i r o o u m n a n c - l e - l 1 f h ( a - o T m I u t D i o s t i l l e e y 4 s - h R g ( o T a r e I u o n n i I s t ) u d t i l a n p e l g W h e ( o V V a T r u r a e I i s n t ) t a i l 2 - s n e n ' g d V ( h M t T i o a n I i i u r I t g l y s I i l - e - ) End of month Total C m c o i e a m r l - - M s tu av a u - l - S l i a o n a n a g v d n s - I c a n o n s m c u e - r a F e g e r e a d n l - - Other2 banks ings associ- panies cies 1 banks ations 1947 1 ,787 534 (3) 446 808 1 19 9 4 4 9 8 3 3 , , 3 82 3 1 8 6 5 1 9 4 4 13 7 1 8 8 8 5 0 5 7 1 1 , , 8 3 3 3 6 9 12 1936— Dec. 365 228 8 56 41 5 27 1 1 9 9 5 5 1 0 4 ^ .3 2 4 2 2 i 6 7 9 0 4 8 2 < 9 7 2 1 , , 4 8 6 9 6 4 10 2 9 1 1,0 2 3 78 1 2 1 0 2 3 3 1 19 9 3 3 8 7 — — D D e e c c. . . 1,1 7 9 71 9 6 4 3 3 4 0 3 2 8 7 1 1 1 4 0 9 2 1 1 1 2 8 3 7 2 7 9 5 0 3 1939—Dec 1,793 902 71 192 342 153 133 1940— Dec.. . 2,409 1,162 130 224 542 201 150 1951—Sept... 239 53 4 131 7 16 28 1941—Dec 3,107 1,465 186 254 789 234 179 Oct. . . 300 74 4 145 20 15 41 1942—Dec 3,620 1,669 236 276 1 ,032 245 163 Nov... 248 68 4 141 4 24 7 1943—Dec 3,626 1,705 256 292 1.134 79 159 Dec... 227 65 3 125 9 10 15 1944—Dec .. 3,399 1,590 260 269 1 .072 68 140 1945—Dec 3,156 1.506 263 253 1 000 13 122 1952—Jan. . . •> 27 4 88 4 159 18 3 2 Feb.... 5 211 64 2 125 8 (8) 10 1946—June 3.102 1,488 260 247 974 11 122 Mar... 5 207 61 2 124 7 5 8 Dec. 2.946 1.429 252 233 917 Q 106 Apr. . . 5 242 64 2 126 26 4 18 May.. >> 249 71 2 128 15 7 18 1947—June. . 2,860 1,386 245 229 889 8 102 June .. »273 102 2 134 6 2 18 Dec 2.871 1,379 244 232 899 7 110 July . . 5 269 73 3 147 14 7 15 AUK.. . 5 ?.()() 66 3 1 17 13 (3) 18 1948—June 2.988 1 .402 251 245 973 7 110 Sent... •> 267 69 2 162 1 1 2 1 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 —Tune 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; September, 20. Association, the Federal Deposit Insurance Corporation, and the and N O do T E n . o — t F ta ig k u e re a s c c r o e u p n re t s o en f t pr g i r n o c s i s p a i l n s r u e r p a a n y c m e e w nt r s i tt o e n n p d r u e r v i i n o g u sl t y h e in p s e u ri r o e d d Un 2 it I e n d c lu S d t e a s 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 loan.s. 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. 123 NOVEMBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Year or month Total 1939 515 1941 706 1945 209 1946 671 1947 849 1948 932 1949 1 ,025 1950 1,396 1951 1,091 1951—November 75 December 61 1952—January 65 February 78 March 104 April 106 Mav 110 June 104 July •\utTiist September October lli Private Government-underwritten Rural Urban non- Public farm Total fam 1 i - ly fam 2- ily f M am ul i t l i y - Total FHA VA 359 156 458 373 20 66 57 158 158 434 272 620 533 28 58 87 220 220 134 75 208 185 9 15 1 47 41 6 404 267 663 590 24 48 8 152 69 83 480 369 846 740 34 72 3 440 229 211 525 407 914 763 46 104 18 393 291 102 589 436 989 792 35 162 36 466 361 105 828 568 1,352 1,151 42 159 44 686 486 200 595 496 1,020 892 40 88 71 413 264 149 39 36 72 64 3 6 2 27 18 9 31 29 60 51 2 6 1 23 14 9 36 29 62 54 3 5 3 23 16 7 43 35 74 65 3 6 3 26 17 9 45 91 79 4 8 13 28 19 9 59 47 96 85 4 7 9 38 26 12 61 49 101 90 4 7 9 38 26 12 56 47 97 87 4 7 7 39 26 13 52 50 101 90 4 7 2 42 29 13 n.a. n.a. n.a. n.a. n.a. 38 25 13 n.a. n.a. n.a. n.a. n.a. 42 28 14 ,101 n.a. n.a. P100 n.a. n.a. n.a. r>\ n.a. n.a. n.a. p Preliminary. n.a. Not available. NOTE.—Government underwritten units are those started under commitments of FITA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FIIA 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 Sept. Apr. May June July Aug. Sept. Sept. Apr. May June July Aug. Sept. Total 128 134 133 126 122 108 102 125 131 144 123 124 111 104 129 145 Coal 117 121 130 103 101 96 75 101 135 130 103 101 96 75 101 135 Coke 180 208 211 166 179 69 57 160 189 ?()<> 163 178 68 56 154 187 Grain 13S 143 132 130 132 161 153 134 123 148 115 116 165 183 145 138 Livestock 68 69 81 73 66 56 56 65 70 107 65 59 45 45 61 93 Forest products 141 150 142 142 126 139 146 149 140 153 142 131 144 147 157 151 Ore 172 205 205 212 212 53 46 216 235 308 195 292 82 73 323 352 Miscellaneous 140 147 143 141 137 119 115 140 144 15* 139 138 122 116 Ml 155 Merchandise, 1. c. 1 53 48 46 46 45 44 43 46 45 48 47 45 44 43 46 48 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Merchandise imports 2 Excess of exports Month 1950 1951 1952 1950 1951 1952 1950 1951 1952 fanuary 741 974 1,253 623 1,025 922 118 -51 331 February 764 1,076 1,338 600 910 892 164 166 446 March 860 1,295 1,424 665 1,102 964 195 193 460 April 804 1,370 1.338 585 1,033 932 219 336 406 May 830 1,354 1,462 659 1,018 835 170 336 628 June 877 1,297 1,164 687 930 860 190 366 3 OS July 779 1,186 1.016 709 895 837 70 292 179 August 762 1,269 Pl.070 820 881 *817 -59 389 P253 September 911 1,232 859 721 52 511 October 906 1,152 923 834 — 16 319 November 977 1,387 855 819 122 569 December 1 065 1,438 867 801 198 637 January-August 6,416 9,821 Pl0,065 5,349 7,793 P7,O6O 1,067 2,028 P3,005 P Preliminary. 1 Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments under the Mutual Security Program as follows (in millions of dollars): 1950, 282; 1951. 1,065; January-August 1952, 1,024. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 1234 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 ta i t te e d s j 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 an t t - a c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r is a a c n n o - SALESi 1946.. 90 92 91 87 88 92 90 89 90 88 90 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—September. M06 100 '100 107 108 112 106 105 101 112 115 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 Tune 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 114 109 102 115 113 127 131 ••111 110 115 119 127 116 September Pi 06 "101 95 105 105 111 P121 103 104 98 PI 08 119 115 UNADJUSTED 1951—September. . M12 110 M05 112 114 '117 117 114 111 112 M18 124 M09 October 112 105 108 114 115 121 117 11.1 111. 118 117 119 107 November. . m 129 131 144 140 145 140 132 130 120 131 144 125 December... 188 179 185 181 192 204 175 168 166 185 203 189 18-1 1952—January 83 51 80 81 87 80 90 81 81 72 86 95 83 February 83 82 82 83 83 94 81 80 83 85 93 86 March.." 92 75 86 97 95 96 110 89 89 80 93 105 90 April 103 87 94 103 104 .110 118 99 101 100 104 114 103 May 108 103 95 108 105 115 122 104 106 105 112 125 113 June 105 102 95 102 105 114 117 103 103 96 106 116 108 July 84 103 69 76 82 87 96 82 81 84 93 104 96 August 98 73 76 86 99 100 115 97 98 103 110 114 112 September. . . . "112 83 100 110 110 121 "I 26 110 110 107 P115 128 116 Pill STOCKSi 1946 85 85 81 78 80 75 73 77 74 74 69 73 1947 93 95 98 93 93 94 90 89 93 91 93 89 93 1948 107 105 105 107 107 105 108 111 106 110 108 110 107 1949 100 100 97 99 100 101 102 100 100 100 100 101 100 1950 100 1 10 104 108 106 114 120 110 112 104 113 112 110 1951 129 124 124 127 128 134 140 128 131 117 132 132 131 SEASONALLY ADJl.'STliD 1951—September 127 120 r\23 ' 1 25 125 M33 132 124 127 116 133 135 132 October 121 115 115 I1 / 117 127 130 121 119 113 123 125 124 November 117 112 115 115 114 125 130 115 114 107 117 120 1 19 December 119 115 115 120 118 130 133 117 119 106 121 125 119 1952—January 118 115 114 115 11 1 133 133 114 106 106 122 1 24 121 February 1 1 6 112 107 113 110 127 29 113 112 102 122 122 123 March.: 115 109 108 I 13 110 127 26 113 111 103 120 124 119 April 116 11 1 II J 111 126 25 114 114 104 121 122 123 May 118 109 112 1 14 109 131 126 114 124 106 124 124 128 Tune 1 18 110 113 113 107 139 25 113 125 105 122 123 128 July 120 110 116 114 113 140 29 118 120 108 128 130 125 August 118 109 111 112 109 136 29 115 129 109 127 127 123 September PI 20 Pi 09 110 113 112 132 130 118 132 Pi 13 PI 29 "131 126 UNADJl'STKD 1951—September 131 1 24 129 131 130 M37 137 127 135 117 138 135 October 134 130 130 135 131 143 142 131- 134 120 131- 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 1 15 106 1952—January 106 105 101 100 104 117 119 106 92 100 114 112 109 February 107 104 111 109 123 128 111 109 99 121 1 20 117 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 I 112 102 105 105 100 127 120 107 118 100 119 114 126 Inly | 110 99 102 100 102 128 121 107 112 105 .1 20 120 120 August j 114 103 107 107 104 134 127 110 125 104 120 125 118 September | *124 Pl 12 116 117 116 137 135 119 140 Pi 13 P129 Pi 34 129 p Preliminary. r Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. NOVEMBER 1952 1235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Percentage j Ratio of Index numbers change from a j stocks to without seasonal adjustment, year ago (retail value) I sales J 1041 average monthly sales = 100 2 b N e u r m o - f Saes Department stores dming report- period ing Aug. Kfcht 1952 ; 1O52 GRAND TOTAL—entire store 8 353 -2 -3 MAIN STORE—total 353 -2 "< -4 Piece ftoods and household textiles 317 4 Piece goods 206 -Hi il Silks velvets and synthetics • 100 Woolen vard goods . . 171 Cotton vard goods 100 — 3 ' — 14 Household textiles 300 — 3s -12 Linens and towels . . . . — 3 i —12 Domestics—muslins, sheetings 252 -5 i -16 Blankets comforters and spreads 7.} 7 — 7 ; _6 Small wares 344 0 Laces, trimmings, embroideries, and ribbons.... 200 -4 Notions 234 0 Toilet articles drug sundries ... 329 -2 4-1 Silverware and jewelrv 313 _4 —? Silverware and clocks 4 211 -11 Costume jewelrv 4 282 +2 + 7 Fine jewelrv and watches 4 74 — 1 > — 8 Art needlework ?33 -2 -4 Books and stationery 2 75 + 4 +3 Books and magazines • . .. 127 -5 4-1 +4 Women's and misses' apparel and accessories. 350 +2 + 1 Women's and misses' ready-to-wear accessories. . 350 0 0 Neckwear and scarfs 312 +13 4-9 Handkerchiefs 281 -7 —6 Millinerv. 160 -3 0 Women's and children's gloves 324 — 5 —3 Corsets and brassieres 336 +3 + 2 Women's and children's hosiery 3-13 — 9 343 r ' i Knit underwear . 248 -1 Silk and muslin underwear, and slips 280 Negligees, robes, and lounging apparel 255 ~7 Infants' wear 3 ?7 + 7 Handbags and small leather goods 333 Women's and children's shoes 238 Children's shoes 4 206 +4 Women's shoes 4 7 1 <) 4-1 Women's and misses' ready-to-wear apparel.. .. 340 Women's and misses' coats and suits 330 _7 Coats 4 224 Suits 4 218 Juniors' and girls' wear 317 Juniors' coats suits and dresses . • 2 70 Oirls* wear 316 Women's and misses' dresses 342 2S3 Better dresses 4 267 Blouses skirts and sportswear 341 Aprons housedresses and uniforms 205 Furs 254 IVflen's and hoys* wear . . . .. 332 Men's clothing 262 Men's furnishings and hats 314 Boys' wear 306 Men's and boys' shoes and slippers 102 Homef urnish ings 321 Furniture and bedding . .... 250 Mattresses springs and studio beds 4 173 Upholstered and other furniture 4 180 Domestic floor coverings . .. Rugs and carpets 4 160 Linoleum 4 96 Draperies curtains and upholstery 301 Lamps and shades 251 China and glassware 252 Major household appliances . . . 239 Housewares (including small appliances) 261 Gift shon 4 Radios, phonographs, television, records, etc.4. . 229 17? Records, sheet music, and instruments4 116 Miscellaneous merchandise departments 317 Tovs games sporting goods cameras 289 Tovs and games 244 144 Luggage Candy 4 ; ,86 7+++" Stocks Sales during Stocks at end (end of August period of month month) 1952 1951 1952 1951 Aug. 1952 1951 1952 Aug. July Aug. Aug. July Aug. -13 3.3 3.7 -14 3.4 4.0 185 155 189 646 622 753 -19 3.4 3.9 190 149 199 637 636 786 4.6 4.7 153 124 165 705 641 779 4.9 4.8 138 96 157 679 556 747 — 19 4.6 5 4 245 78 254 1 ,1 ?() 893 1 390 _tf 3.9 3.6 163 198 167 632 626 615 2 8 3 6 164 7 7f) 60' 634 70S — 18 3.6 4 2 166 14-3 172 591 664 I'i 7 7 275 212 290 531 59 + 778 43 185 142 189 623 638 813 4.2 4.4 150 134 152 632 622 679 +3 4.4 •1.2 151 153 157 670 657 657 4-7 4.3 4 1 182 196 189 788 774 770 — 6 3.7 3.9 136 132 138 499 516 533 — 13 5 4 5 9 150 126 155 801 788 918 -14 6.9 7. ^ 3.3 3 6 -20 9.0 10.0 — 10 4.9 5.3 137' ioo i 40 667 637 737 2 3.8 4.1 158 126 153 601 578 628 0 3.4 3.2 128 111 135 438 430 4 28 — 5 4.0 4.5 157 1 19 147 634 591 673 -8 2.7 3.0 194 147 190 532 475 576 3.5 3.8 172 142 171 610 553 658 2.4 2.8 220 179 195 535 46 I 541 — 14 4.6 4.9 96 80 435 4 ? 1 507 -9 1 .4 1 .4 141 64 146 100 131 218 -11 9.3 9.9 67 50 71 618 529 706 + 1 3.3 3.4 236 236 229 781 775 7 73 -9 2.9 2.9 109 93 1 19 315 290 347 — 10 3.3 3 4 168 181 176 550 531 615 -10 3.1 3.4 223 775 226 603 687 783 -11 3.5 3.7 141 162 151 409 192 565 — 9 2.8 2.8 1 13 162 154 393 366 433 -6 2.9 3.3 287 198 268 845 IS 903 — 6 2.7 3.0 149 1.15 144 408 435 -8 5 3 5 9 199 150 195 1 ,061 1 ,144 + 1 3.5 3.9 _ 7 —8 6 0 6 6 -8 2.1 2.3 217 153 210 450 39> 490 -3 -14 2.4 2.7 199 90 203 474 359 550 4-2 ' 4-1 — 13 2 1 2 4 — 1 5 — 11 — 22 2 9 3 2 4-6 i 4-4 -8 1 .7 1.9 317 165 299 533 4 74 575 4-4 4-1 -13 1 .4 1 .8 276 167 267 411 347 472 4-8 4-7 —4 1 .8 2.1 369 167 342 676 628 701 -1 + 2 -6 1.8 1 .9 162 155 164 287 237 304 0 +2 _7 1 3 1 4 0 + 2 -8 2.2 2.3 + 11 4-7 2. 1 2.4 300 253 271 618 563 651 + 2 4-7 -6 1 .9 2.0 158 215 154 294 301 310 +5 ! -5 -6 3.4 3.9 159 46 151 549 535 584 -1 > -3 -12 5.3 5.9 146 136 148 768 708 880 -3 ! -7 -14 6.9 7.8 134 133 137 915 815 1 ,086 -4 -2 -10 5.2 5.4 125 145 131 646 615 +6 +3 -10 3.4 4.1 225 112 213 779 689 868 + 1 -12 5.8 6.7 162 142 160 943 854 1,089 -7 -11 -20 3.9 4.5 213 188 230 826 859 1,036 -3 1 -7 -18 3.0 3.6 251 196 258 755 816 920 1 4 25 1 3 1 8 "1? 3.7 4.2 -9 ->2 4.7 5.9 179 127 197 845 829 1,168 -8 ! -?3 —30 4.7 6 1 -23 ' -13 -12 4.8 4.2 -7 4.9 4.9 164 150 175 804 789 866 — 7 4.4 4.4 158 126 167 696 689 748 -8 i -7 -2 8.1 7.7 149 120 161 1,206 1 .220 1,241 -6 -14 -44 2.4 4.1 252 300 267 615 698 1 ,063 — 6 — 17 4.1 4.6 236 243 250 966 975 1,172 i -4 -1 5 4 5 2 -24 -22 -46 2.8 3.9 — 7Q — 7t — 56 7 2 3 5 — 6 I —8 -10 5.7 6.0 ; -24 3.3 4.3 169 167 173 565 527 744 +3 -30 5.5 7.9 153 180 154 846 806 1,214 ! +3 +6 -38 5.8 9.6 126 146 123 727 640 1,170 1 -4 () -17 5. 1 6.0 158 176 164 808 792 980 i -1 I +1 -6 3. 1 3 3 237 237 241 740 780 794 ; -3 i +i -J. 1.1 1.1 For footnotes see following page. 1236 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 1 1941 average monthly sales =100 * Department r b N s e t e p o u r o r m e r o - s t f - d p S u e a r r l i i e o n s d g m ( S e t o n o d n c t k o h s f ) August 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 Eight 1952 1951 1952 1951 A 19 u 5 g 2 . mo 19 n 5 th 2 s A 19 u 5 g 2 . 1952 1951 Aug. July Aug. Aug. July Aug. BASEMENT STORE—total 194 -2 -1 -9 2.4 2.6 181 156 184 435 408 483 Domestics and blankets * 132 -6 -7 -17 2.2 2.4 Women's and misses' ready-to-wear 185 0 +2 -6 1.9 2.0 180 154 179 343 314 367 Intimate anoarel * 164 -4 — 7 2.4 2.4 Coats and suits * 171 0 0 -7 2.2 2.4 Dresses * 169 y 4-2 + 1 1 .2 1.1 Blouses skirts and sportswear * 1 S3 + 7 -i-6 — 1.' 1 .6 2 .0 Girls' wear * 120 +6 + 5 — 7 1 .5 1 .7 Infants' wear * 121 + 6 +6 -4 2.4 Men's and boys' wear 157 -1 -2 -11 2.9 3.2 193 175 196 559 515 630 Me M n e 's n w 's e c a l r o * thinff * 1 1 4 0 3 0 _ j. — - 3 j — — 1 9 3 3 3 .6 2 3 4 .0 5 Men's furnishings * 120 -. i -15 2.9 3.2 119 +9 +4 — 5 2.0 2.3 Homefurnishings 103 -10 -8 -14 3.4 3.6 149 124 165 507 506 588 Shoes 114 -2 -3 -7 3.9 4.1 149 126 152 581 517 617 NONMERCIIANDISE—total4 . . .. 168 -3 -1 Barber and beauty shop * . . .. 71 -3 (*} 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. 'A For movements of total department store sales and stocks see the indexes for the United States on p. 1235. 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. 5 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 Figures [Weeks ending on dates shown, 1947-49= 1001 Amounts (In millions of dollars) Ratios to sales ' ! | ! i m S (" a o f t l o o n e t r s t a h l 2 ) S m t ( o o e o c n n f k d t s h ) 2 i s O t i a n u n d g t - - j | c m e o R i n pt t s h : ) o m ( X r t o f d o o e n e t r w a r t s h l ) I i ! Scto.cks s o O t r i a d n u n g e t d r - s - S st o p t i a o u n i n n c g t d - s k - s ce R i e p - ts Wit 1 h 9 o 5 u 1 t seasonal adju 1 s 9 t 5 m 2 ent orders June 2 .95 May 31... . . .97 9 .108 Juno 7... .111 1943 average, 221 546 563 2?0 242 2.7 5.2 1 .0 16.... .106 14. . ...116 1944 average. 246 574 596 244 256 2.5 5.0 1.0 23 . . . .. .92 21 . . .. . . 98 1945 average. 276 604 775 277 291 3.0 5.3 .0 30 . . 89 28. . .. . .91 1946 average. 345 767 964 373 354 3.0 5.3 .1 July 7 . . . .. . 75 Tilly . . . 79 1947 average . 365 887 588 366 364 1 .7 4.3 .0 14.... . . 83 12... . . . 83 1948 average. 381 979 494 386 363 1 .4 4.1 .0 21 .81 i 19... . . . 82 1949 average. 361 925 373 358 358 1.1 3.8 .0 28.... .80 26... . . 79 1950 average . 376 .011 496 391 401 1 .4 4.2 .1 Aug. 4 .88 Aug. 2.... . .87 1951.average. 390 ,201 460 388 376 1 .3 4.4 .0 11 .... . . . 90 18 . 93 . 95 1951—Sept... 376 ,206 "•4-17 '418 1 .2 4.4 .1 25 .97 . .100 Ocx... . 426 ,249 447 ••469 1 .0 4.0 .1 vSept. 1. . .. 105 30.. .110 Nov.. . 483 ,249 405 483 441 0.8 3.4 1 .0 8 1 00 Sept. 6 . .100 Dec... 664 , 006 319 421 335 0.4 2.0 0.6 15 13. . ..114 1952--Jan.. . . 319 ,012 403 325 409 1.3 4.4 1 .0 22 20. . ..113 298 ,062 417 348 362 1 .4 5.0 1 .2 29.... .114 2 7. . . .112 Mar 347 ,129 366 414 363 1 .1 4.3 1.2 Oct. 6 .110 Oct. •1. . . .116 A M T In u p - l n i r y y e 3 3 3 2 8 5 7 8 1 2 2 8 , , , 9 1 1 0 9 1 2 4 5 2 6 8 2 2 4 5 1 7 9 2 1 4 3 1 3 3 2 2 9 4 6 5 1 5 6 7 3 3 3 4 6 0 1 2 7 3 8 6 0 0 1 1 . . . . 7 8 2 8 3 3 4 5 . . . . 1 6 9 3 0 0 0 1. . . . 1 9 9 8 Xov 2 2 1 3 7 0 3 . . . . . . . . . . . . . . .1 1 1 1 2 1 1 1 1 7 3 6 Xov. " 1 1 1 8 1 . . . . . '.'. . . . . . . 1 . . 1 1 1 1 2 2 2 5 6 4 2 S A e U p K t 342 , , 1 0 2 3 9 9 P -• 5 5 9 4 1 0 M r3 7 8 6 6 P ' . 4 S 0 2 5 7 P 1 i. 5 6 H 4 A .6 P 1 l. . 2 1 1 1 0 7.... . . 1 1 2 3 7 0 1 8 5 . . . . 24 . . . ..123 r> Preliminary. r Revised. 1 The first three ratios are of stocks and ..'or orders at the end of the month to sales during the month. NOTE.—For description and weekly The final ratio is based on totals of sales and receipts for the month. indexes for back years, see BULLETIN* 2 These figures are not estimates for all department stores in the United States. They are the actual for April 1952, pp. 359 -362. 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. 3 Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. NOTE.—For description and monthly figures, for back years, see BULLETIN for October 1952, pp. 1098- 1102. NOVEMBER 1952 1237 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] v 1 S 95 ep 2 t A 19 u 5 g 2 . 1952 1 S 9 e 5 p 2 t. A 19 u 5 g 2 . m 19 9 o 5 s 2 . S 19 e 5 p 2 t. ! 1 A 9 u 5 g 2 . m 19 9 o 5 s 2 . S 19 e 5 p 2 t. 19 9 52 United States. +3 +2 Richmond + +5 +3 Chicago-cont. Dallas +7 +6 +6 B L N D P B o L B o o e o o s w a r w o s t w t o w t s e l o n n t a l r H o n l t n e - o n a d n A w v c r e n e e n a + + + + + - 1 1 3 3 4 2 3 5 + + 1 + - 7 1 0 8 + + + - - 2 1 3 3 1 A W C C A W R H B o h a n s a a i a h l l a d l g n e s u t e r e e s i h i m l v m g r t r e i o s i s h n b s l o o t n l g t i o e r n o a - t e w , , S n o S n a n N l . e 1 . C . m . C . . . . . P + + (2 + 2 - + 1 ) 4 9 5 4 1 0 9 + + + + + + + 2 2 3 - 2 1 3 6 7 5 2 2 1 0 3 + + + + + + + - - 1 1 2 5 6 5 3 2 1 9 1 G M F L M G D D a l r r e e a i i e n a l s t n d e w r n s i t n o i M d s 1 a n i o u t g o B n R k * i J a e a n e y p e i s * * d . . s . . . . . * . . . . . . '+ + + 1 + - -4 4 1 4 5 2 i 3 J 1 j + + + + - - - 1. 5 4 1 6 8 2 1 j , - - + - - - 5 4 3 1 2 3 - 7 2 S W S F H C D E a o h l o o a a n r r r u l P c t p e l o s a A a u v W t s s o s e n o 1 n o p t C o r o * t h n r h r t i . i o . s . . . t . . . i . . . + + + + + + + + 3 1 1 1 6 7 5 6 3 1 0 2 + + + ++ + + + + 4 11 1 1 2 6 8 2 1 8 2 2 1 i + + + + + + + + 2 1 1 9 3 7 3 7 5 4 1 N N W S P N B e p r e e r w o o r w i w i r v d n c i a g g e d Y r B f s e k e o i t e e n p r e 1 l d c k o r d e f r o tl r .. d . . . .. + + + - - 1 5 2 3 2 0 -1 + - + + - 8 0 1 2 3 3 + - - - 1 1 4 2 N G L C R H R y o h o r i u c e n r a ' n h l e f c n t s o n m h i o ' l v n t k b k o o i g u e l n n l t r d e o . g W , n S .V . C a. . P + + + + + + + 1 9 5 1 6 8 9 7 ! l + + + + + + 2 1 1 8 1 3 4 1 0 + + + + + 1 1 3 3 4 0 1 1 S Q F L L P E t o . i a o u v t d r u i t L a t n l i u e n s c o S c v s y u a m R i v h l i l o i i s e t l c h l l k . e . ! . . . . . . . . + + + + + + - 5 1 2 6 3 7 7 7 , ' | | + + + + + 1 1 C 7 6 J 5 0 8i + + + + + - 2 6 2 4 5 4 8 0 S T L L P F B a h r o u o n a e s o c n k s s e g e n A o n r o s n B i n F f x l g i e e r e l a a l l c d n e h s c » i * sc .. o . . p + + + + + + 1 8 4 9 8 3 , - + + + 1 + -2 2 9 6 7 2 + + + + + -2 3 7 3 3 A B l i b n a g n h y amton.... +6 0 + -1 4 + 1Atlanta p+ + 12 1 + +4 S St t . . L L o o u u i i s s x A . r . e . a . . + + 2 2 + . 1 + + 1 1 D A o r w ea n t 1 own Los +5 +1 Buffalo * +5 2 0 Birmingham 1... + 15 +6 +8 Springfield.... -31 +1 +3 Angeles J + ]j +2J -5 N El i m ag i a ra ra Falls.. . +2 0 + + 2 4 + +2 1 M Mo o b n i t l g e omery. . . +| ! + + 1 1 0 8 + + 5 7 Memphis ». . . . +5! +1 +3 W A e n s g t s e i l d e e s l Los +3! +4| +2 C P S T L N P S U P W A T R R Y S C C C C Y E h l y p h o c e a o r r o o k a e e l t o i o i i e i i v r r e n i l u n h l w n c l a r u r l e c a i l a e e n u v o k c g k n e c h a d t a n d c d l t m o * n e a * h g e d n a i e Y i g u o e o n n l s n s f s n k e e l n s b s l a o i t p - t n l g e i d e c t e e l u n e B p r h o e a 1 l * t r k r s d d h » w a i p a t a 1 * 1 i i d * r s C n a l i . r i y e e i * . . t 1 . l y . . . . . . . . . . . . . . . P + + U + + + + + + + - 1 8 7 2 4 6 4 22 i 0 2 l 1 | ! 1 1 ! 1 \ ! ! | + - 1 — + + - 1 + + + . . - 2 0 2 4 3 7 2 3 3 6 1 , 1 ! i ' - + + + 1 + — + - - - - - - — - - - _ - 1 2 1 2 3 4 2 2 6 0 2 8 2 3 3 0 1 3 1 5 C O S T A J M A C S N N M C P M R C K J B P B h a a ^ t a a e o r h o u h e a a t r n . c i a c o e i l v l o i m w a l i s m t c g a o k a r c k s a r c u o a r P h m a t t i u t x n o s s n p i a e n m n o d t v g e a o o s O v n W d a g i a t l n i o i t t a n n b i o n o a J l a x R r e l a l l ^ l v a u n l l o r e h J ! e e o y i s s o l a u x n b x l g n e g e u a s e r J 1 * * . g * . . . . . . . . . . . . P + + + + + + + + + + 3 2 2 1 1 0 5 8 1 8 8 8 1 5 ! 1 ! ! ! i j i | i + + + + + + + + + + + + + 2 3 2 t 1 1 1 1 1 1 7 5 5 4 0 2 i 7 4 2 3 5 1 1 J | i + + + + + + + + + + + + + + 2 - - - 2 1 1 1 ( 4 3 3 • 4 9 5 7 4 6 8 4 2 0 > 1 0 0 M K S S G G D L W J O M T S O M P H K D a o S i t i a t u o r r u k o m . n n a u e i . p a u i e a e n p u l l n c n s t n n C l P p J a n a u a b c n e i a x h v s o e k t h e d n h a r h t l k e s a i e a h o o s r a o u t a i F a s a F i r e a p - n s t l F m o p a o s p a o s C C r o o l 1 e l o h a l l l l i r i s ! i s n i t . s t k s y C y . s . . . . . i . l t . . y . . . . p p + + + + + - - + - - - - = 8 8 h 2 0 6 1 5 ? 5 7 7 1 ! i i ! | i ! , i | ; 1 + + + + 1 + + - 1 + 1 + + + - . 7 S 6 2 6 1 3 2 0 5 4 - 1 2 ; , 1 i ! ; J ! i , r : | 1 + + • + + + + + - - - - 2 2 1 1 1 2 1 ± 2 4 2 1 1 ' 7 S S S v S V O S S S Y R T P E B B S S N N a a t a a B e p o a v a i o e a a a o n n v l c a a c l l r o k i e k n e a a t l c l s n r e t o t i r r e l k p i m e l k a F L t r D a J k n m e m j a a a l s m t o B o n r e a t g p a n e o i i n t a a a s d l e d k n 1 a l e d e n a e n e e i g e » e 1 r d n a ! y n l c a o n x J m * t a i d n C o a ! s J n d . r c i l d d . o t . i y n . x . 1 . o . . . + . + + + + + + + ++ + - - - - + 1 6 J 3 5 l 2 9 8 4 9 - 9 | 9 ' ! 6 6 0 4 1 j , , 1 | | 1 . i + + + - + + + - + + - 1 + 3 3 . 4 1 2 8 7 6 1 6 6 2 8 0 1 O ! j S | | 1 i i i ! + - + + + + - + - + - - - - 5 2 2 + 1 0 4 5 1 2 1 - 2 3 6 4 1 1 6 Pittsburgh 1. . . . +2 —5 Indianapolis l.. , +ii;'-+i2i +10 Wheeling i -1 +1 0 Terre Haute1.., P-10, -1, -1 +6 v Preliminary. r 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 Five months 1952. CONSUMERS' PRICES1 [Bureau of Labor Statistics index for moderate income families in large cities. 1935-39 average =100] Year or month All items Food Apparel Rent a F n u d e l, r e e f l r e ig ct e r r i a c t i i t o y n , fur H ni o s u h s in e gs Miscellaneous 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—Soptfmber 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—Tanuary 189.1 232.4 204.6 139.7 145.0 209.1 169.6 February 187 9 227.5 204.3 140.2 145.3 208 6 170 2 March . .. 188.0 227.6 203.5 140.5 145.3 207.6 170 7 April 188.7 230.0 202.7 140.8 145.3 206.2 171.1 May 189.0 230.8 202.3 141.3 144.6 205.4 171.4 1 une 189 6 231 .5 202.0 141.6 144.8 204 4 172 5 Tulv 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 September 190.8 233.2 202.3 142.4 147.6 205.0 1 73.8 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. 1238 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 A o i o e m l d s l i - - F p u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a 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 o e m a i g u n r w n t h a i e h g d a e - l t e , l - r s r , C c a p i u a o l h c r l c n m o a i e e t d l d m s s m d - - od p R i u a b t r c i u n o e e t d b r d s s - - L p w u a b r u o c n o e m o t d r d s d - - p a p P u a a l r u l c n p o i l t e d e d p s d r - , , M m p u a r e e c n o t t t d a d s a l - l s p c M u m t a e h r 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 r l r l r e d e n s e d - s e r i- - e s N t r t m t m a a u r o l l i r u s e l n n a i — c - c - l - - b m b e t o b f a T u r a t a a e a n c r t o c n v g l e d c - - e - u s e o d s - n c M e e l o i l s u a - - s 1947 96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95.6 93.9 98.0 100.8 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1951 September. 113.4 109.9 110.9 114.8 105.9 118.0 106.7 108.7 144.7' 121.6 119.4 122.1 119.4 113.1 113.6 107.8 105.1 October 113.7 111.5 111.6 114.6 103.9 113.6 106.8 108.8 144.7 121.7 118.8 122.4 120.2 112.8 113.6 107.5 106.9 November. 113.6 112.0 111.0 114.5 103.9 107.0 106.9 108.6 144.6 121.1 118.4 122.5 120.5 112.7 113.6 107.5 108.9 December. 113.5 111.3 110.7 114.6 104.0 105.1 107.4 108.4 144.3 120.3 118.4 122.5 120.7 112.7 112.8 108.1 109.8 1952 January... 113.0 110.0 110.1 114.3 103.3 102.2 107.4 106.7 144.1 120.1 118.2 122.4 120.8 112.3 112.9 108.1 111.1 February. . 112.5 107.8 109.5 114.2 102.1 99.5 107.2 105.9 143.1 120.3 118.3 122.6 122.0 112.4 112.9 110.8 111.4 March 112.3 108.2 109.2 113.8 100.6 98.0 107.4 105.4 142.0 120.5 117.7 122.6 121.8 111.9 112.9 110.8 109.2 April 111.8 108.7 108.0 113.3 99.9 94.1 106.3 104.8 140.6 120.9 117.4 122.5 121.6 112.1 112.8 110.8 109.5 May 111.6 107.9 108.6 113.0 99.3 94.7 106.0 104.3 140.4 120.7 116.9 121.8 121.6 111.7 112.9 110.8 108.4 Tune 111.2 107.2 108.5 112.6 99.0 95.9 105.9 104.3 133.4 119.9 116.7 121.1 121.3 111.6 113.8 110.8 108.1 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 .. . M 12 .2 109.9 110.5 r113.0 r99.1 96.5 r105.8 104.0 •127.8 ••120.5 115.6 '124.1 121 .4'111.5 113.8 110.8 108.9 September 111.7 106.4 110.5 113.1 99.5 96.5 106.1 104.0 126.3 120.4 115. 124.5 121.4 111.9 113.8 110.8 108.3 1951 1952 1951 1952 Subgroup Subgroup Sept. July Aug. Sept Sept. July Aug. Sept, Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 92.8 128.2 124.3 115.6 Wood pulp 114.5 109.3 109.3 109.3 Grains 96.6 94.9 96.9 96.9 Wastepaper 141.9 44.3 65.7 78.5 Livestock and poultry 116.2 108.2 106.4 99.3 Paper. 121.5 123.8 124.0 124.0 Plant and animal fibers 114.0 115.3 -115.0 113.3 Paperboard 132.0 125.4 124.6 124.6 Fluid milk 104.1 107.0 '110.1 112.1 Converted paper and paperboard. . 116.8 113.2 113.0 112.8 Eggs 125.6 112.9 '114.2 112.5 Building paper and board 113.4 115.8 115.8 115.8 Hay and seeds 93.5 100.5 99.9 96.4 \Metals and Metal Products: Other farm products 135.9 138.1 137.6 136.6 Iron and steel 123.1 122.3 ••127.2 127.4 Processed Foods: Nonferrous metals 122.0 124.0 '124.4 124.7 Cereal and bakery products 106.4 106.5 106.4 106.5 Metal containers 121 .1 120.5 120.7 123.9 Meats, poultry and fish 118.3 110.6 112.3 110.1 Hardware 125.8 123.9 123.8 123.8 Dairy products and ice cream 106.1 113.8 114.3 116.4 Plumbing equipment 121 .9 118.1 118.1 118.1 Canned, frozen, fruits & vegetables. 104.7 103.9 "105.1 106.1 Heating equipment 114.5 113.6 '113.7 113.7 Sugar and confectionery 107.6 111.6 r110.7 110.5 Fabricated struc. metal products. . 116.2 115.4 115.4 115.6 Packaged beverage materials 161 .7 161 .9 161.9 161 .9 Fabricated nonstructural metal Other processed foods 124.0 126.6 '125.2 127.6 products 124.3 124.4 '124.6 125.4 Textile Products and Apparel- Machinery and Motive Products: Cotton products 102.5 96.1 97.6 99.1 Agri. mach. and equipment 120.1 121.5 121.5 121.5 Wool products 129.8 113.9 ••113.3 112.2 Cons. mach. and equipment 123.7 125.4 '125.3 125.9 Synthetic textiles 92.9 89.2 90.5 90.0 Metal working machinery 125.7 129.0 '129.1 129.1 Silk products 1W.9 134.7 139.3 139.3 General purpose mach., etc 123.5 122.2 122.2 122.2 Apparel 104.1 99.5 r99.1 99.3 Miscellaneous machinery 119.5 119.0 '119.1 119.1 Other textile products 134.9 94.4 90.4 95.0 Elec. mach. and equipment 122.1 119.9 '119.8 119.8 Hides, Skins, and Leather Products: Motor vehicles 114.1 119.7 119.7 119.7 Hides and skins 111.5 61 .8 '64.4 64.1 Furniture; Other Household Durables: Leather 120.4 89.3 89.3 89.3 Household furniture 115.5 112.6 '112.5 112.6 Footwear 121.9 110.6 110.6 110.6 Commercial furniture 124.9 123.2 122.5 122.5 Other leather products 110.9 100.5 r100.1 99.9 Floor covering 128.2 119.1 '118.9 122.2 Fuel, Power, and Lighting Materials: Household appliances 108.0 106.8 106.8 106.9 Coal 108.4 106.0 106.5 107.7 Radio, TV, and phonographs 92 .9 93.8 '93.7 93.7 Coke 124.3 124.3 124.3 124.3 Other household durable goods 117.5 119.4 '119.4 119.5 Gas 98.4 101.4 p100.4 100.4 Nonmetallic Minerals—Structural: Electricity 98.0 99.1 MOO. 7 100.7 Flat glass 114.0 114.4 114.4 114.4 Petroleum and products 110.9 109.4 108.3 108.5 Concrete ingredients 112.9 112.9 112.9 112.9 Chemicals and Allied Products: Concrete products 112.4 112.4 112.4 112.7 Industrial chemicals 120.7 114.7 114.6 114.3 Structural clay products 121.4 121.3 121.3 121.3 Paint and paint materials 108.0 106.9 p106.9 107.0 Gypsum products 117.4 117.7 117.7 117.7 Drugs, Pharmaceuticals, cosmetics . 95.6 92 .1 92.1 92.1 Prepared asphalt roofing 105.4 106.0 106.0 106.0 Fats and oils, inedible 73.0 49.8 47.5 48.9 Other nonmetallic minerals 110.9 111.9 111.9 112.0 Mixed fertilizers 109.0 108.7 108.7 110.2 Tobacco Mfrs. and Bottled Beverages: Fertilizer materials 107.2 110.7 110.9 111.0 Cigarettes 105.7 105.7 105.7 105.7 Other chemicals and products 105.8 103.1 103.1 103.0 Cigars 101.5 101.5 102.0 102.4 Rubber and Products: Other tobacco products 107.6 118.4 118.4 118.4 Crude rubber 197.3 138.6 136.3 128.3 Alcoholic beverages 105.8 111.2 111 .2 111.2 Tires and tubes 133.9 129.6 126.3 126.3 Nonalcoholic beverages 119.7 119.7 119.7 119.7 Other rubber products 130.9 125.8 125.2 125.2 Miscellaneous: Lumber and Wood Products: Toys, sporting goods, small arms. . 116.3 113.3 '113.1 113.1 Lumber 120.9 120.4 120.6 120.6 Manufactured animal feeds 100.7 102.7 109.5 108.3 Millwork 129.7 .126.8 127.2 127.1 Notions and accessories 101 91 .5 90.8 90.8 Plywood 114.8 105.8 106.0 106.0 Jewelry, watches, photo equipment. 101 101.1 101 .1 101.1 Other miscellaneous 120.5 120.8 120.8 120.5 r Revised. Source.—Bureau of Labor Statistics. Back figures.—See BULLETIN for March 1952, pp. 311-313. 1239 NOVEMBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME. PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1951 1952 1929 1933 1939 1941 1947 1948 1949 1950 1951 3 4 1 2 3 Gross national product 103.8 55.8 91.3 126.4 233.3 259.0 258.2 284.2 329.2 330.9 337.1 '339.7 '342.6 343.4 Less: Capital consumption allowances. . 8.8 7.2 8.1 9.3 14.8 17.6 19.4 21.5 24.6 25.0 25.8 26.7 27.7 28.3 Indirect business tax and related liabilities 7.0 7.1 9.4 11.3 18.7 20.4 21.6 23.8 25.3 25.0 25.8 26.3 26.8 27.3 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 .0 -.8 r—1.6 .6 n.a. Plus: Subsidies less current surplus of government enterprises -.1 0) .5 .1 — .1 .0 .0 .4 5 .2 5 .2 -.2 Equals: National income . . .. 87.4 39.6 72.5 103.8 198.7 223.5 216.3 239.2 277.6 280.2 285.6 288.0 286.9 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 41.9 42.5 42 7 41.2 n.a. Contributions for social insurance. . .2 .3 2.1 2.8 5.7 5.2 5.7 6.9 8.2 8.1 8.3 8.5 8.4 8.6 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .8 -.6 .1 .0 A Plus: Government transfer payments. .. .9 1.5 2.5 2.6 11.1 10.5 11.6 14.3 11.5 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 5.0 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 9.2 9.3 8.9 9.6 9.3 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 95.3 191.0 209.5 205.9 226.3 254.1 256.1 262.0 263.0 264.4 268.9 Less: Personal tax and related payments. . 2.6 1.5 2.4 3.3 21.5 21.1 18.6 20.8 29.1 29.0 30.4 32.5 32.9 33.6 Federal 1.3 5 1.2 2.0 19 6 19 0 16 2 18 1 26 1 26.0 27.3 29 3 29.6 30.2 State and local 1.4 1.0 1.2 1.3 1.9 2.1 2.5 2.7 3.0 3.0 3.1 3.2 3.3 3.3 Equals: Disposable personal income 82.5 45.2 70.2 92.0 169.5 188.4 187.2 205.5 225.0 227.1 231.5 230 5 231.5 235.3 Less: Personal consumption expenditures 78.8 46.3 67.5 82.3 165.6 177.9 180.6 194.3 208.0 206.4 210.5 213.2 214.9 215.0 Equals: Personal saving 3.7 -1.2 2.7 9.8 3.9 10.5 6.7 11.2 17.0 20 7 21.1 17 3 16 5 20.3 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1951 1952 1929 1933 1939 1941 1947 1948 1949 1950 National income. 87.4 39.6 72.5 103.8 198.7 223.5 216.3 239.2 277.6 280.2 285.6 288.0 286.9 n.a. Compensation of employees 50.8 29.3 47.8 64.3 128.0 140.2 139.9 153.4 178.9 181.0 183.4 186.5 186.9 190.3 Wages and salaries 2 50.2 28.8 45.7 61.7 122.1 134.4 133.4 145.6 169.9 172.1 174.3 177.4 177.h 181.0 Private 45.2 23.7 37.5 51.5 104.8 115.7 113.0 123.4 141.2 142.0 143.8 145.8 145.6 148.3 Military .3 .3 .4 1.9 4.1 4.0 4.2 5.0 8.6 9.1 9.6 10.0 n.a. n.a. Government civilian 4.6 4.9 7.8 8.3 13.2 14.7 16.1 17.2 20.1 21.0 20.9 21.7 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 8.9 9.1 9.0 9.2 9.3 Proprietors' and rental income 8. . . . 19.7 7.2 14.7 20.8 42.4 47.3 42.1 45.2 50.6 50.8 53.1 52.1 51.9 52.5 Business and professional 8.3 2.9 6.8 9.6 19.8 22.1 21.6 23.7 26.2 26.0 26.6 27.3 27.6 27.5 Farm 5.7 2.3 4.5 6.9 15.6 17.7 12.8 13.3 15.6 15 17.0 15.4 14.8 15.2 Rental income of persons 5.8 2.0 3.5 4.3 7.1 7.5 7.7 8.2 8.9 9.1 9.4 9.4 9.5 9.8 Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 24.7 31.7 29.2 34.8 41.6 41.9 42.5 42.7 41.2 n.a. Corporate profits before tax , 9.8 .2 6.5 17.2 30.5 33.8 27.1 39.6 42.9 38.6 39.5 42.7 30.5 n.a. Corporate profits tax liability 1.4 .5 1.5 7.8 11.9 13.0 10.8 18.4 24.2 21.8 22.2 24.7 22.9 n.a. Corporate profits after tax 8.4 -.4 5.0 9.4 18.5 20.7 16.3 21.2 18.7 16.9 17.3 18.1 16.6 n.a. Inventory valuation adjustment .5 -2.1 -.7 -2.6 -5. -2.1 2.1 -4. -1.3 3.2 3.0 -.1 1.7 .6 Net interest 6.5 5.0 4.2 4.1 3.5 4.3 5.0 5.8 6.4 6.5 6.6 6.7 6.9 7.1 n.a. Not available. r Revised. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 8 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 1240 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 3 4 1 2 3 Gross national product 103.8 55.8 91.3 126.4 233.3 259.0 258.2 284.2 329.2 330.9 337.1 '339.7 '342.6 343.4 Personal consumption expenditures 78.8 46.3 67.5 82.3 165.6 177.9 180.6 194.3 208.0 206.4 210.5 213.2 214.9 215.0 Durable goods 9.4 3.5 6.7 9.8 21.4 22.9 23.8 29.2 27.1 25.5 25.3 25.2 26.4 24.2 Nondurable goods 37.7 22.3 35.3 44.0 95.1 100.9 99.2 102.8 113.5 113.2 116.2 118.0 117.8 118.9 Services 31.7 20.6 25.5 28.5 49.1 54.1 57.5 62.4 67.3 67.6 69.0 70.0 70.8 71.9 Gross private domestic investment 15 8 1 3 9.9 18.3 30.2 42.7 33.5 50.3 58.5 56.2 52.9 50.0 49.3 51.7 New construction l 7.8 1.1 4.9 6.8 13.9 17.7 17.2 22.9 23.3 22.4 22.4 23.7 23.6 23.0 Residential, nonfarm 3.6 .5 2.7 3.5 6.3 8.6 8.3 12.6 11.0 9.9 10.3 11.0 11.0 10.9 Other 4.2 .7 2.2 3.3 7.6 9.1 9.0 10.3 12.3 12.5 12.1 12.7 12.6 12.2 Producers' durable equipment 6.4 1.8 4.6 7.7 17.1 19.9 18.7 22.0 24.9 24.9 24.7 25.7 25.7 25.0 Change in business inventories. . . . 1.6 -1.6 .4 3.9 -.8 5.0 -2.5 5.5 10.3 8.9 5.8 .6 .1 3.7 Nonfarm only 1.8 — 1.3 .3 3.4 1.4 3.7 -1.6 4.6 9.4 8.2 5.2 — A -.8 3.0 Net foreign investment .8 .2 .9 1.1 8.9 1.9 .5 -2.3 .2 1.1 2.6 r2 2 rA -1.2 Government purchases of goods and services 8.5 8.0 13.1 24.7 28.6 36.6 43.6 41.9 62.6 67.3 71.2 74.4 78.0 77.9 1 3 2 0 5 2 16.9 15.8 21.0 25.4 22.2 40.9 45.5 48 9 51 2 54.9 54.8 O N t a h ti e o r nal security ) ,3 2.0 3 1 . . 9 3 1 3 3 . . 2 8 1 3 3 . . 8 3 1 5 6 . . 6 1 1 6 9 . . 6 3 1 3 8 . . 9 5 3 4 7 . . 2 1 4 4 1 . . 5 6 4 5 4 . . 1 3 4 5 6 . . 2 4 5 5 0 . . 1 3 4 5 9 . . 6 6 Less* Government sales 2 1.3 .6 .4 .2 .4 .5 .5 .4 .4 .4 State and local 7.2 5.9 7.9 7.8 12.8 15.6 18.2 19.7 21.7 21.7 22.3 23.2 23.0 23.1 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Less Year or month in s P c o e o n r m a - l e re T c o e t i a p l ts4 b m T u d o e i r s n t s - a e t l s - Wag d p m i e u n C r o o s g o a d t d m r n u i i i t n d e c - y - s - sal D a i r u n i t y r s t d i i t u e v r d i s s e i b - s - bu S r i e s n t e r r d v i m u e ic s s e e - nts m G er o e n v n - - t in O l c a t o b h o m e r r e5 i p n r r e P c a i n o e r n o m t t d a o - l e rs 8 ' i i n n d s p t a c o e e e n o n n r r d m d a e - l s s e t m T p r e f a a e n y n r t - s s - 7 p b c e a i s u o r n n o f s t n s o c c i o u t o i e r n r a r n i a - 8 l - s l i a n g N t c u r o o i r c 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 7.8 10.2 .6 20.8 9.9 3.1 .8 86.1 1947 191.0 119.9 122.0 54.3 35.1 15.3 17.2 2.4 42.4 14.5 11.8 2.1 170.8 1948 209.5 132.1 134.3 60.2 38.8 16.6 18.7 2.8 47.3 16.0 11 3 2.2 187.1 1949 205.9 131.2 133.4 56.9 38.9 17.2 20.4 3.1 42.1 17.1 12.4 2.2 188.7 1950 226.3 142.7 145.6 63.5 41.3 18.6 22.2 3.8 45.2 19.5 15.1 2.9 208.5 1951 254.1 166.5 169.9 74.9 45.9 20.3 28.7 4.2 50.6 20.4 12.4 3.4 233.6 1951—August 256.7 167.9 171 .2 74.8 46.5 20.4 29.5 4.2 51.5 20.5 12.6 3.3 235.5 September. . . . 257.3 168.8 172.1 75.7 46.3 20.4 29.7 4.2 50.9 21.0 12.4 3.3 236.4 October 261.7 170.5 174.0 75.9 46.5 20.7 30.9 4.3 53.4 20.8 12.7 3.5 239.1 November. . . . 260.9 171.3 174.8 75.8 46.5 20.8 31.7 4.2 52.5 20.5 12.4 3.5 239.5 December 263.4 172.6 176.0 77.5 46.7 20.8 31.0 4.3 53.3 21.1 12.1 3.4 240.7 1952—January 263.4 173.1 176.7 77.3 47.1 20.8 31.5 4.3 53.4 20.1 12.8 3.9 241.7 February 263.5 174.5 178.0 78.2 47.1 20.9 31.8 4.3 52.1 20.5 12.4 3.8 243.4 March 261.9 173.9 177.3 77.7 47.0 20.8 31.8 4.3 50.7 21.0 12.4 3.8 242.7 April 262.5 173.4 1 76.7 76.9 47.0 21.0 31.8 4.4 51.2 21.5 12.3 3.6 242.9 May 264.5 1 74.6 177.9 76.7 47.7 21 .3 32.2 4.4 51.7 21.5 12.6 3.6 244.9 June 266.7 175.8 179.3 77.2 48.5 21.3 32.3 4.5 52.8 21.4 12.5 3.8 245.9 July 263.9 1 73.9 177.4 74.0 49.3 21 .5 32.6 4.5 52.2 21 .3 12.4 3.9 243.4 August 269.6 179.0 182 .5 78.7 49.4 21.5 32.9 4.5 51.8 21.4 13.1 3.7 249 A r Revised. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income=" is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. s 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 o f 1950. Personal contributions are not included in personal income. 9 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 1241 NOVEMBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Noninstalment credit E o n r d m o o f n y t e h ar co c T n r o s e u t d a m i l t er i T m ns o e t t n a a l t l - Sale credit Loans 1 no T m ni o e n t n s a t t l al- p S l a o y in a m n g s l e e * 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 credit Total Automobile Other credit 1939 7,031 4,424 2,792 1,267 1,525 1.632 2,607 530 1.544 533 1940 8,163 5,417 3,450 1,729 1,721 1,967 2,746 536 1,650 560 1941 8,826 5,887 3,744 1,942 1,802 2,143 2,939 565 1,764 610 1942 5,692 3,048 1,617 482 1,135 1,431 2,644 483 1,513 648 1943 4,600 2,001 882 175 707 1,119 2,599 414 1,498 687 1944 4,976 2,061 891 200 691 1,170 2,915 428 1,758 729 1945 5,627 2,364 942 227 715 1.422 3,263 510 1.981 772 1946 8,677 4,000 1,648 544 1,104 2,352 4,677 749 3,054 874 1947 . .. 11,862 6,434 3,086 1,151 1,935 3,348 5,428 896 3,612 920 1948 14,366 8,600 4,528 1,961 2,567 4,072 5,766 949 3,854 963 1949 16,809 10,890 6,240 3,144 3,096 4,650 5,919 1,018 3,909 992 1950 20,097 13 459 7,904 4,126 3,778 5,555 6,638 1,332 4,239 L.067 1951 20,644 13,510 7,546 4,039 3,507 5,964 7,134 1,436 4,587 1,111 1951—August 19,262 13,045 7,247 4,138 3,109 5,798 6,217 1,398 3,724 1,095 September 19,362 13,167 7,327 4,175 3,152 5,840 6,195 1,401 3,696 1,098 October 19,585 13,196 7,355 4,134 3,221 5,841 6,389 1,413 3,868 1,108 November 19,989 13,271 7,400 4,100 3,300 5,871 6,718 1,422 4,190 1,106 December 20,644 13,510 7,546 4,039 3,507 5,964 7,134 1,436 4,587 1,111 1952—Tanuary 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 1,443 3,855 1 ,111 April 19 788 13,319 7,099 3,946 3,153 6,220 6,469 1,437 3 913 1,119 Mav 20.793 13.806 7,421 4,171 3,250 6,385 6,487 1 ,431 3,921 1,135 June 20,961 14.409 7,820 4,446 3,374 6,589 6,552 1 ,435 3,980 1.137 Tulv 21 213 14 745 8.039 4 597 3,442 6 706 6.468 1 ,4 13 3,801 1 .134 August P 21,436 1 4.040 8.149 4.634 3,515 6.791 6,496 1 .458 3 .902 1 ,136 September P. .. . 21.656 15,188 8,324 4,699 3,625 6.864 6,468 1,481 3,839 1,148 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) Insured Year or month Total b m C a e n o r k c m s ia - l i p S c l a o m o n a m a i n e l - l s I b n t a r d n ia u k l s s - 2 p I c n l t a o o r d n i m a 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 - m l i r o z e o a a a p n d n t a i d e s o i r r n 8 n- b m C a e n o r k c m s i - a 1 l p S c l a m o o n m a 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 t l n o o r d i i m a u a e n l s - s - * 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 [,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 .422 477 439 76 70 103 93 164 942 956 166 151 199 1946 2,352 956 597 117 98 153 109 322 1,793 1,231 231 210 286 1947 3,348 1,435 701 166 134 225 119 568 2,636 1,432 310 282 428 1948 4,072 1,709 817 204 160 312 131 739 3,069 1,534 375 318 577 1949 4,650 1,951 929 250 175 402 142 801 3,282 1,737 418 334 712 1950 5,555 2,431 1,084 291 203 525 157 864 3,875 1,946 481 358 894 1951 5,964 2,510 1,268 301 229 542 176 938 4,198 2,437 528 417 947 1951—August 5,798 2,521 1,181 293 217 531 167 888 389 210 49 40 O0 September. . 5,840 2,524 1,203 296 221 533 169 894 351 183 42 35 78 October 5,841 2,522 1,191 299 222 535 168 904 373 205 52 40 86 November .. 5,871 2,509 1,211 299 225 535 170 922 347 228 45 38 S3 December... 5,964 2,510 1,268 301 229 542 176 938 354 292 50 42 84 1952—January.... 5,992 2,521 1,273 300 230 541 176 951 393 184 46 38 85 February. . . 6,027 2,542 1,275 301 232 545 176 956 373 181 46 37 91 March 6,109 2,593 1,285 303 235 553 177 963 429 216 52 41 95 April 6,220 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 Julv 6,706 2,892 1,366 341 259 631 185 1,032 473 238 53 42 113 August P. . . . 6,791 2,931 1 ,377 346 263 647 187 1.040 418 211 50 41 105 September P . 6,864 2,970 1,374 352 264 662 193 1,049 423 195 51 40 102 P PPrreelliimmiinnaarryy.. 1 Figures include only personal instalment cash loans and retail automobile direct loan1? shown on the following pagej,,^, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of September, amounted iid.u t ou i1 3im1 mmuiull iouni mdaoilsl,ars, and other loans made during September were 16 million. 22 FFiigguurreess iinncclluuddee oonnllyy ppeerrssoonnaall iinnssttaallmmeenntt ccaasshh llooaannss, , rreettaaiil l aauuttoommoobbiilele ddiirreecct t llooaannss, , aanndd ootthheerr rreettaaiill ddiirreecctt llooaannss. , Direct retail instalment lIonannnss aarree onhbttnaiinnperdi bhyv driepdfluncrttiinnsg? aonn epssttiimmantfep ooff pnaapneprr pnunrrrchha<a?sfe»dH frfornmm totnttanl ] rerptafnili i ininstsatnlmimepnnt t pnanpnepr.r. 2 Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsuimer loans. 1242 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Automobile Other Repair Per- Depart- retail retail. and sonal y E m e n a o d r n t o o h f r in e m T g x o o c a t b lu a u i l l d 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 d e e i e s - - J s e t w o e re lr s y s o r t e A t o t h r a l e l e i r l s Year or month Total c P ha u s r e - d D lo i a r n ec s t c d h p a i a r u n e s r d c e - t d e lo m r t n a i o o n iz d n s a - 1 - 2 i m l c n o a s e a s t n n a h s t lhouses Outstanding at end of period: 1949 4,416 854 915 922 781 944 1939 1,525 377 536 273 93 246 1950 5,645 1 ,143 1,223 ,267 905 ,107 1940 1,721 439 599 302 110 271 1951 5,434 1,061 1,192 ,031 937 1,213 1941 1,802 466 619 313 120 284 1942 1,135 252 440 188 76 179 1951—August 5,472 1,097 1,240 ,059 899 1,177 1943 707 172 289 78 57 111 September... 5,440 1,105 1,239 ,004 911 1,181 1944 691 183 293 50 56 109 October 5,442 1 ,090 1 ,226 ,010 925 1.191 1945 715 198 296 51 57 113 November... 5,436 1,079 1,209 ,017 937 1,194 1946 1,104 337 386 118 89 174 December. . . 5,434 1,061 1,192 ,031 937 1,213 1947 1,935 650 587 249 144 305 1948 2,567 874 750 387 152 404 1952—January 5,418 1,042 1,184 ,034 928 1,230 1949 3 096 1,010 935 500 163 488 February.... 5,412 ||1 ,038 1,186 ,016 924 1 ,248 1950 3,778 ,245 1.029 710 794 March 5,446 1 ,035 1,197 ,008 922 1,284 1951 3,507 ,186 971 613 737 April 5,528 1 ,0551 ,219 . 005 940 1,309 May 5,744 I .130 1 ,270 ,036 969 1 ,339 1951 Tune 6,027 1 ,217 1 ,331 , 086 1 ,005 1 ,388 August... . 1 109 1,015 859 590 645 July 6,210 1 .2661 ,361 .133 1 .042 1 ,408 September. 3,152 ,028 870 600 654 AugustT> j 1 .373 . 1 83 1 ,075 1 .430 October. . . 3,221 1,056 890 607 668 September P. . 6.481 M ,327 1 ,383 .214 1 .101 1 ,456 November. 3,300 1,099 908 608 685 December . 3.507 ,186 971 613 737 Volume extended dur- 1952 ing month: January... 3,360 1,129 933 592 706 1951—August 738 162 187 131 70 188 February.. 3,231 ,082 909 567 673 September... 682 150 166 126 67 173 March 3,156 ,060 893 548 655 October 744 150 168 153 82 191 April 3,153 ,064 894 541 654 November... 689 136 152 147 72 182 May 3,250 ,101 024 551 674 December. . . 686 117 149 157 70 193 J T u il l 1 y 10 3 3 . - 3 1 7 4 4 2 , , 1 1 4 3 2 2 9 9 5 7 4 4 6 5 1 8 2 8 7 71 0 4 0 1952—January 714 131 170 146 57 210 August*1. .. 3.515 . 1 66 905 625 729 February.... 679 135 167 130 55 192 September*' 3,625 ,214 1,012 647 752 March 758 144 185 138 62 229 April 807 162 191 153 79 222 May 945 228 235 162 92 228 Tune 1 ,001 243 2!0 177 101 240 July 956 215 2 16 185 101 239 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL August?' 84 9 173 17S 175 101 222 BANKS, BY TYPE OF CREDIT September P. . 873 190 181 171 105 223 [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 t r a l 2 - R a e n p d air P i e n r s s t o a n l- al LOAN [ C E O st M im P a A te N s. IE I S n , m B i Y ll io T n Y s P o E f d O o F ll ar C s] REDIT Year or month Total modern- ment Retail instal- Repair Personal r A n u o t b o i - le Other l i o z a a n ti s o l n 2 l c o a a s n h s Year or month Total ment paper 2 mo a d n e d r n- in m s e ta n l t - Auto- /-.,, „ ization cash I mobile uther loans" loans Outstanding at end of period: Outstanding at end 1 1 1 9 9 9 5 4 5 1 9 0 3 3 4 4 9 0 3 1 4 . . . 2 0 1 1 1 9 1 1 3 8 8 . . . 6 5 9 81.2 5 5 5 4 5 6 . 5 4 9 1 1 1 4 3 3 7 7 1 . . . 5 9 1 o 1 1 f 9 9 4 5 p 9 0 e riod: 2 1 2 9 6 4 . . 9 7 5 4 7 3 . . 9 5 4 3 1 1 . . 1 4 6 7 . . 5 3 1 12 1 0 3 . . 6 3 1951 255.3 63.2 47.3 7.2 137.6 1951—August. . . . 391.7 123.1 71.6 53 7 143.3 O S N D e c o e p t c v o t e e e b m m m er b b b e e e r r r .. . . 4 4 4 3 0 0 0 9 4 1 6 2 . . . . 8 3 4 1 1 1 1 1 2 1 2 2 3 8 3 1 . . . . 9 9 9 9 8 7 7 7 5 1 3 7 . . . 2 6 7 8 5 5 5 5 6 6 6 4 . . . . 1 5 5 8 1 1 1 1 4 4 4 4 7 6 4 6 . . . . 5 3 0 0 1951— O S N D A e c u e o p t g c v o t e u e e b m s m m e t r b b b e e e r r r . . . . 2 2 2 2 2 4 5 5 4 4 5 5 7 0 1 . . . . . 4 3 3 3 5 6 6 6 6 6 3 3 3 3 3 . . . . . 2 4 2 7 5 4 4 4 4 4 6 7 2 5 4 . . . . . 1 3 6 4 5 7 7 7 7 7 . . . . . 6 2 2 4 3 1 1 1 1 1 3 3 3 2 3 3 7 0 0 8 . . . . . 2 6 7 2 5 1952—January . . . 402 .6 116.5 81.4 56.1 148.6 February... 403.9 116.3 81.4 56.3 149.9 1952—January ... 256.2 62.5 47.0 7.2 139.5 March 405.8 116.6 81.2 55.4 152.6 February... 257.7 62.4 47.4 7.1 140.8 April 410.7 119.2 81 .1 55.8 154.6 March 260.9 | 62.6 48.8 7.0 142.5 May 426.2 128.2 82.5 57.2 158.3 April 265.5 64.0 50.0 7.0 144.5 Tune 441 .1 138.4 84.7 58.2 159.8 May 273.2 67.7 52.2 7.0 146.3 J S A u e u l p y g t u e s m t b P. e r . P . 4 4 4 5 6 7 5 3 2 . . . 1 8 5 1 1 15 4 4 3 5 8 . . . 1 7 9 9 8 8 7 1 9. . . 1 2 0 6 6 6 3 0 6 . . . 9 3 6 1 1 16 6 6 1 1 2 . . . 3 4 9 S J A T u e u u l p n y g t e e u m s b ts e . r . P . 2 2 2 2 9 8 9 8 1 8 4 2 . . . . 9 1 0 7 7 7 7 7 3 2 4 1 . . . . 5 6 2 0 5 5 5 5 8 7 9 5 . . . . 6 5 8 2 7 7 7 7 . . . . 5 7 4 2 1 1 1 1 5 5 5 4 2 0 2 9 . . . . 3 6 3 3 Volume extended during month: Volume extended 1951—August. . . . 58.4 19.4 10.4 4.5 24 1 during month: ! O Se c p to te b m er ber . 6 51 0 . . 2 0 1 1 6 7 . . 2 3 1 1 2 0 . . 2 4 4 5 .2 1 2 2 0 5 . . 5 3 1951— S A e u p g t u e s m t ber. 3 4 7 2 . . 8 6 1 9 1 . . 4 5 6 7 . . 9 0 0 0 . . 6 6 2 2 0 3 . . 9 5 November . 52.3 14.6 11 .8 4.1 21 .8 October.... 41.3 9.6 7.7 0.7 23.3 December.. 53.6 13.1 12.8 3.4 24.3 November. 39.5 9.0 6.2 0.7 23.6 December.. 43.6 9.3 6.6 0.5 27.2 1952—January ... 52.5 14.3 11.8 3.5 22.9 February... 51 .8 15.2 10.1 3.7 22.8 1952—January ... 39.4 9.2 5.7 0.5 24.0 March 57.5 16.8 10.6 4.1 26.0 February... 38.3 8.9 5.7 0.5 23.2 April 58.8 18.1 10.3 5.4 25.0 March 42.2 9.1 7.1 0.6 25.4 S J J M A u u e u a l n p y g y e t u e s m t b f e . r . P . 6 6 6 6 7 9 4 0 9 3 . . . . . 2 7 0 2 5 2 2 2 2 1 1 4 7 5 9 . . . . . 4 7 8 0 4 1 1 1 1 1 1 1 2 2 2 . . . . . 2 9 3 6 2 6 6 6 6 6 . . . . . 6 5 9 5 3 2 2 2 2 2 3 5 7 3 5 . . . . 9 5 3 6 0 J S J A M A u u e p u l a n p y r y g e t i e l u m s b t" e . r . . P 4 4 4 4 4 4 2 7 5 1 8 1 . . . . . . 0 7 0 6 0 7 1 1 1 1 1 9 0 2 0 1 3 . . . . . . 2 6 2 1 3 0 6 8 8 7 7 7 . . . . . . 8 6 8 5 9 9 0 0 0 0 0 0 . . . . . . 8 7 7 8 8 9 2 2 2 2 2 2 3 4 3 6 6 4 . . . . . . 5 3 3 0 3 0 p Preliminary. 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. NOVEMBER 1952 1243 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 1- Percentage chanj. j | f P ro e m rc e c n o ta rr g e e s p c o h n an d c i r n e g j I Instalment accounts a C c h co ar u g n e ts from preceding j month of orecediug j month | year 1 S 9 ep 5 t 2 . " I j A 19 u 5 g 2 . I | 1 Tu 9 l 5 y 2 ; i S 1 e 9 p 52 t ' . ' A 19 u 5 g 2 . j | 1 J 9 u 5 ly 2 Vcar or month D s m e to p e r a n e r t s t- F s t t u o u r r r n e e i s - h p H s o l t o l i o d a u r n a s e c e p s e - - D s m e to p e r a n e r t s t- Net sales: Total 0 -8 i +8 August.... 19 12 12 48 Cash sales — i -* i 0 September. 19 11 12 47 Credit sales: October. . . 21 12 12 50 Instalment -10 + 14 + 8 November. 21 11 12 50 Charge account.... -4 -3 -9 December. . 19 11 12 45 Accounts receivable, end 1952 of month: ! January 19 10 13 47 Total +2 ; +3 ' +1 i +16 i +15 ! +13 i February 18 10 13 45 Instalment. -J-l : —1 • +1 i +15 ' +15 ! +13 i March 20 11 13 48 : ' : ' j ! April 18 10 13 46 Collections during May . 19 11 13 48 month: Tune 18 10 12 46 Total + 1 — 2 July 17 10 12 46 Instalment ) —1 August 17 11 11 46 September? 18 11 11 47 Inventories, end of j month, at retail value .' -9 -12 ? 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 Year or month Sales during month Total Cash Averages of monthly data: 1941 46 44 1942 53 57 1943 60 72 1944 67 82 1945 75 92 1946 93 105 1947 99 103 1948 . 103 103 1949 98 94 1950 101 93 1951 104 95 1951—August 90 83 September 101 90 October 113 101 November .... 129 115 December 177 167 1952—Tanuary 84 77 February . 79 72 March 91 83 A pril 99 90 Mav 100 90 Tune 93 84 Tulv 78 71 August 89 September? 101 OOOO 1947-49 average = 100 Percentage of total sales Accounts receivable Collections during at end of month month Cash Instal- Charge sales ment account Instal- Charge Instal- Charge Instal- Charge sales sales ment account ment account ment account 55 48 76 53 58 47 48 9 43 45 48 60 48 60 51 56 6 38 39 49 35 42 47 50 61 5 34 36 53 29 44 41 52 64 4 32 37 59 28 50 40 59 64 4 32 56 84 38 73 53 78 59 4 37 85 95 67 92 78 92 55 6 39 105 104 108 105 106 103 52 7 41 110 101 125 103 117 104 51 8 41 136 106 177 111 146 111 48 10 42 133 111 181 124 165 118 48 9 43 127 93 162 103 151 99 48 11 41 138 107 166 113 151 97 47 10 43 164 121 172 122 163 114 46 11 43 171 138 182 136 169 121 47 10 43 205 185 197 177 168 122 49 9 42 110 89 190 142 180 165 48 10 42 106 83 182 124 162 129 48 10 42 122 96 178 117 170 118 48 10 42 118 107 175 121 153 108 48 9 43 137 106 176 122 153 115 47 10 43 126 99 178 120 148 114 47 10 43 113 80 177 107 144 48 11 41 136 90 180 108 145 1 00 48 11 41 148 108 189 118 151 103 46 11 43 ? Preliminary. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1235. 1244 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTIC PAGE International capital transactions of the United States. . 1246-1251 Gold production. . 1251 Reported gold reserves of central hanks and governments. 1252 Gold movements; gold stock of the United States.. 1253 International Monetary Fund and Bank. 1254 Central Banks 1254-1258 Money rates in foreign countries. 1259 Commercial hanks 1260 Foreign exchange rates 1261 Price movements: Wholesale prices. 1262 Retail iood prices and cost oi living . 1263 Security prices 1263 Tab! •s on the following pages include the principal available statistics of current significance relating Id, international capital transactions of the United Slates, and financial developments abroad. Th :lata are compiled lor the most part from regularly published sources such as central and coinal bank statements and official statistical bulletins, some data are reported to the Board directly, l-'imi•es on international capital transactions of the United States are collected by the Vedcral Reserve l'i:nks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, JlJ.H. Hack figures for all except price tables, together with descriptive text, may be obtained from the Hoard's publication, Bun/yny> and Monetary Statistics. NOVEMBER 1952 1245 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 [Xet movement from United States, ( ). In millions of dollars] Increase in banking funds in U. S.1 Decrease Domestic Foreign From Jan. 2, 1935, in U. S. securities: securities: Inflow in through— Total Total o F f o fi r c 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 - a b b f a u r n o n k a d i d n s g J In f f o u fl r n o e d w ig s n o 3 f o R f f u e n U t d u s . r n 3 S. b b r a o l k a e n r c a e g s e 1946—Dec. 31 8,009.5 5,726.1 2,333.6 2,938.7 453.8 427.2 464.5 1,237.9 153.7 1947—Dec. 31 8.343 7 6,362 .3 1,121 8 2,998 5 2-242 0 186 5 375 5 1,276 9 142 4 1948—£>ec# 31 8,569.1 6,963.9 2,126.0 2.993.6 1,844.3 116.8 183.3 1,182.1 123.1 1949—Dec. 31 8.763 5 6,863.9 2,197 8 3.028 2 L,637 8 307 6 258 5 1,209 9 123 7 1950—Dec. 31 10,521.1 7,890.7 2,715.6 3,472.8 1,702.3 231.4 1,202.9 1,064.5 131.7 1951—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, '148.2 2,734 7 3,972 5 L,741 0 186 3 617 0 754 4 124.1 Dec 31 '10,140.7 '•8,548.1 '2,770.2 4,089.6 1,688.3 160.9 618.6 687.5 125.6 952—Jan. 31 10.043.0 8.464.4 j 2,644.9 4,138.7 ,680.9 133.4 631.3 688.6 125.4 F M eb a . r . 2 3 9 1 rl 1 () 0 . .2 2 0 3 8 6 .0 8 '8 8 , . 7 6 1 38 9 .2 2 2 2 .9 8 1 1 2 1 . 3 5 M 4 . 2 1 0 4 0 9 1 .6 ,6 6> 5 6 7 .3 5 1 1 6 2 4 5 .0 9 6 6 1 1 6 7 .4 8 6 64 5 2 8 . 3 5 1 13 3 1 0 . . 7 8 Apr. 30 10.268.6 8.829.1 3.025.5 4 .164 . <) ,638.7 109.7 622.4 580.4 127.0 May 31 10,471.6 9 .199.1 3.219.9 4.285.8 L, 693.3 90.7 621 .1 429.6 131.1 June 30 10,580.0 9.284.0 3,307.4 4.293.1 , 683.5 97.3 624.1 441 .3 133.4 lulv 31 P 10 903 7 9.5X7 9 3.62 7.3 4.204.1 ,756.6 87.3 637.2 461 .6 129.7 Aug. 31 P 9.759 .8 3,796 .2 4,189.7 1,773.9 60.0 670.1 491.8 125.4 111071 i i 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 i a - - l Official U K d n i o i n m t g ed - France N la e e n r t - d h s - S la w e n r i d - tz 5 - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i ic n a Asia o A th H er tutions and Official2 private 1946—Dec. 31.. 473.7 6.006.5 3,043.9 458.9 245 .9 224.9 372.6 267 .9 850.5 2,420.7 931.8 1,104.81,316.4232.8 1947—Dec. 31.. 2,262.0 4.854.4 1,832.1 326.2 167 .7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.61,057.9193.7 1948—Dec. 31.. 1,864.3 5,853.7 2,836.3 546.3 192 .8 122.8 538.9 333 .5 738.1 2,472.4 775.2 1,287.01,151.8167.4 i949—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 1,436.7 961.0179.5 1950—Dec. 31.. 1,722.2 "6,922.6 3,425.9 "656. 6 260 .7 193.6 553.0 314 .7 799.2 «2,777.7 899.0 1,612.91,378.5254.5 1951—Sept. 30. 1.637.1 7,155.1 3,433.9 513.0 222 .7 135.4 511. 5 287 .8 1,1313 2,801.9 ,022.8 1,532.01,540.8 257.6 Oct. 31 .. 1,763.3 7,413.1 3,480.1 543.2 270 .1 132.4 493.3 288 .2 1,116.5 2,843.7 ,257.8 1,502.21,535.0 274.3 Nov. 30. 1,760.9 7.441.4 3,445.0 591 .2 254 .4 154.5 506.8 293 .1 1,086 1 2,886.1 ,250.1 1,461.61,555.8 287.8 Dec. 31. . 1,708.2 '•7,594.0'3,480.5 642.6 289 .4 148.8 521. 3 300 .5 '1,022 2 '2,924.7 ,307.1 rl,455. 21,609.6 297. 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 ,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 ,336.3 1,416.3 ,661 .9329.1 Mar. 31.. 1,677.2 '7 ,796.1 3.622.6 783 6 251 .4 149 7 544 8 292 .1 ••9580 '•2,979.7 . 339.71,463. ,687.8325.9 Apr. 30.. 1,658.6 7,924.5 3,735.8 745 0 256 .3 122 0 584 3 286 .5 970.8 2,964.9 397 1,490.2 755.0316.6 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 ,496.0 1 ,529.3 ,826.C 325.9 June 30. . 1,703.4 8,334.6 4,017.7 793 2 299 .2 203 0 600 8 266 .8 1,028 0 3,192.0 ,503.0 1,516.3 ,790.0333.2 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 ,534.3 1,540.8 .758.6331.3 Aug. 31 P. 1,793.9 8,720.1 4,506.5 833 395 . 7 299 4 612 3 294 .7 1,079 5 3,515.0 ,528.1 1,572.9 1,733.3370.8 J» Preliminary. r Revised. 1 Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement of funds shown in Table 1. 2 Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in accounts with the U. S. Treasury. 3 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are included in foreign securities. 4 "Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions (see footnote 2 above) as well as other banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. (Footnote 1 above also applies to this table.) 8 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. 1246 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLI- 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES- -Continued [Amount.-? outstanding, in millions of dollars] Table 2a.—Other Europe Date K O u th ro er pe A tr u i s a - g B iu e m l- C v o z a s e k l c o 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 r1 1946—p(T 31 8=^0 5 159 5 66.5 22.2 7.1 49.3 123.5 39.0 8.9 16.4 172.6 60.5 12.4 112.5 1947—Dec. 31 .. 739.8 124.9 52 8 30.5 89 5 34.7 56.2 47.1 8.7 12.8 58.6 73.7 12.1 138.2 1948—Dec. 31 .. 738.1 128 7 44.7 19.1 178.9 21.1 77.7 37.7 7.0 13.6 49.0 21.3 19.9 119.3 1949—Dec. 31 .. 717.0 119.9 38.0 25.1 149.4 29.6 69.4 38.1 6.7 15.7 90.1 10.2 7.6 117.4 1950—Dec. 31 .. 799.2 41.9 128.2 "5 ".6* 45.5 18.3 221.6 32.3 43.6 4.2 45.7 6.1 21.3 115.3 4.0 13.2 52.4 1951—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 67 9 14 S 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.. '•1,022.2 57.1 134.7 1.3 45.3 27.0 405.6 45.8 99.7 2.8 40.7 6.1 17.1 r71.7 2.5 7.1 57.6 1952—Tan. 31.. 997.8 57.0 132.8 .7 44.0 30.0 395.1 38.9 97.7 2.4 40.7 6.0 16.6 64.3 4.2 7.7 59.5 Fob 29 959 2 55 4 136 6 .8 38.7 30.7 353.0 38.4 96.7 5.8 42 8 6.1 17.4 64 .4 4.9 8.7 58.8 Mar. 31 .. r958.0 54 0 r13? 1 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 Mav 31 .. 1,004.7 S3.1 155 0 .6 37.0 23 9 390 5 41 1 100 9 2 4 43 1 6 1 20 2 6S 8 2 2 7.8 55.1 Tune 30.. 1.028.9 49.5 137.5 .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 Tiilv 31". I.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 A UR. 31/'.1 079 5 f\() 7 142.0 .6 43.8 24 4 457 5 39 4 100 9 3 1 49 4 5 7 17 6 73 0 ? 1 12 6 46.5 ii Table 2b.—Latin America Neth- Do- erate A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i R c l u i i a e b c n n - - - G m u a a l t a e- M ic e o x- l I W S a a n u n n d e r d d i s i e s - t s Peru l P p a i R c u m a e n b o a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i a m c th t a e i e 2 n r r nam 1946 Dec 31 \ 104 8 11? c 14 0 174 0 SO 7 57 8 153 5 15? 2 16 1 40 0 77 2 71 0 181 8 1947 Dec 31 { °\6 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—]")oc 31 287 0 215 8 17 1 123 7 55 6 54 0 219 4 146 7 24 3 5? 71 8 PI 7 184* 1 1940 Doc T,\ \ 436 7 201 1 1 3 5 192 8 60 9 85 9 164 2 214 6 25 9 8 74 3 113 207 4 1950—Dec. 31. 1,612.9 301.8 20.4 226.0 79.5 53.4 259.1 42.7 25.4 207.1 30.2 60.2 59.2 16 1 75.1 85.2 71 .3 1951—Sept. 30 1,532 0 312.1 26.2 140.4 55.5 46.2 312.3 50.7 ?3 4 143.9 30.4 5? 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. »1,455.2 249.7 27.8 100.3 54.0 106.4 r263.6 45.8 '27.3 158.2 34.9 47.2 67.7 27 8 84.7 71.9 r87.8 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 A M p a r v . 3 3 1 0. . 1 1 , . 4 5 9 2 0 9 . . 2 3 1 1 7 6 7 7 . . 4 8 2 2 1 4 . . 4 7 9 8 8 9 . . 5 8 5 5 2 8 . . 0 6 9 8 1 0 . . 7 1 3 31 0 8 7 . . 1 4 5 5 3 1 . . 4 5 4 3 0 9 . . 0 7 1 1 5 7 0 7 . . 4 3 2 2 8 8. . 2 4 5 5 5 7. . 0 9 6 7 5 0 . . 6 5 4 3 2 7 „ 2 •> 9 9 3 0 . . 0 4 1 10 4 1 0.4 4 1 1 0 0 5 4. . 1 1 Tune 30. 1,516.3 146.8 24 .1 80.9 54.3 73.6 316.6 50.4 38.3 195.7 32 .2 56.5 73.3 36 8 97.6 1 ?9.8 109.2 Jnlv 31 J' 1.510.8 130 7 23 .2 97.2 58.4 77.6 321 .2 51.2 36.4 205.1 29 ,1 57.1 73.3 32 6 101.5 129 9 116.2 Aug. 31 r1,572.9 128.0 22.5 9? 0 61 .2 8r>.7 341 .4 49.9 34 4 237.8 35.5 58 S 73.7 30 5 96 3 108.3 116.2 Table 2c--Asia and All Other For- Egypt Date Asia M C m a h a n o i i d s n n a a - H K o o n n g g India I n n e d s o ia - Iran Israel Japan i p P p R u h p b e i i - l l n - i e c T la h n a d i- T k u ey r- O A t s h 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 g - o A E t a n i g n a g y d n l p o - - S A U o f n o u r f i i t o c h a n Other i 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 1047 Dec 31 , 05 7 9 229.9 39.8 62 .4 69.3 31 3 488 6 37 .6 99.0 193 .7 30.6 2S 0 46.4 91 8 1948—Dec 31 . ]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 JQ4<) Doc 31 961 !<) 110 6 83.9 63 .3 15.7 ?14 6 297 3 9.8 165 .7 179.5 32.4 61 6 6 0 79 5 1950—Dec! 31 '. ,378.5 8U7 86.1 55.7 114.7 26.3 H.6 458.5 374.4 48.2 14.3 111.9 254.5 19.1 *"58!1 75! 6 44.0 57.7 1951—Sept. 30. ,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. ,535.0 90.0 60.1 59.8 128.0 21 .0 13.5 538.7 355.6 84.9 12.2 171.3 274.3 32.4 52.2 101.7 16.0 72.0 Nov. 30. .555.8 88.4 62 .0 57.7 129.1 21.8 14.4 568.7 342.2 90.9 11 .4 169.1 287.8 36.8 52.6 101.2 13.6 83.7 Dec. 31 . ,609.6 87.4 62.4 62.1 140.6 25.5 26.6 596.0 329.7 96.7 14.1 168.4 207.4 38.5 54.5 110.7 7.0 85.8 1952—Tan. 31 . ,635.7 81.9 64.2 58.6 131 .8 26.8 20.7 636.2 328.2 108.8 13.6 164.8 304.1 32.3 54.3 121.0 9.1 87.3 Feb. 29. ,661 .9| 81.6 64 .4 59.4 127.4 26.9 19.3655.7 331 .1 115 . f) 14.9 166.1 329.1 36 5 58 8 126.4 11.8 95.7 Mar. 31 . .687.8i 78.6 67.8 46.3 111.0 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. ,755.0 80.1 65 .6 52.1 171 .1 23.8 2 7.6606.8 335.0 125.8 10.8 166.3 316.6i 36.7 62 .0 123.3 13.9 80.7 Mav 31 . .826.0 80.2 62 . 7 67.3 1 90.2 23.5 37.8 724.8 337.2 126.5 14.2 161 .5 325.9! 14.7 67.5 118.3 12.4 83.1 luno 30. ,790.0 76.5 65.9 56.7 1 76.5 21 .1 30.5 730.7 333 .0 126.8 20.6 151.7 333.2' 40.5 72.6 117.7 10.9 82.5 Tulv 31" ,758.6 76.3 6.S . 158.6 1 58.0 24.7 26 8725.6 321 .8 134.0 9.4 154.4 331 .3| 47.4 74 .8 116.8 11 .2 81.1 AUR. 31 P 1 ,7.33.3 80.4 69 .6 44.9 114.4 22.6 26.5 743.9 324.6 143.8 9.8 152.9 370.8; 81 .4 84.5 104.? 14.2 86.5 i P Preliminary. r Revised. 1 Beginning January 1050. excludes Austria. Czechoslovakia, and Poland, reported separately as of that date. 2 Beginning January 1050. excludes Dominican Republic. Guatemala. El Salvador, and Uruguay, reported separately as of that date. 3 Beginning January 1948. includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 4 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. NOVEMBER 1952 1247 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES1 [Amounts outstanding, in millions of dollars] Date Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1946—Dec. 31... 708.3 47.7 5.7 151.0 9.8 16.0 82.8 312.9 52.2 226.8 99.2 17.2 1947—Dec. 31... 948.9 29.2 23.4 49.1 7.0 21.1 118.9 248.6 27.5 514.3 127.0 31.5 1948—Dec. 31... 1,018.7 24.5 119.0 51.4 6.9 15.8 106.3 323.8 39.8 516.6 118.8 19.7 1949—Dec. 31... 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—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 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 42.0 11 .6 3.3 7.3 24.9 79.1 168.2 69.5 652.2 117.4 31.5 Tune 30.. 1,032. 36.2 11.7 3.1 9.8 30.4 68.8 160.2 53.9 669.6 118.0 30.4 July 31P . 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 Aug. 31 P. 1,069.3 32.2 9.2 3.3 9.8 24.6 66.5 145.7 55.0 716.5 128.4 23.7 Table 3a.—Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu el m - m D a en rk - l F a i n n d - m G a e n r y - Greece N w o a r y - t P u o g r a - l Spain S d w e e n - Y sl u av g i o a - ot A h l e l r * 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 () 35.9 1948—Dec. 31 . 106.3 21.4 .6 3.4 30.5 1.2 8.4 .7 2.9 1.4 6.0 29.8 1949—Dec. 31 . 98.5 19.3 .4 8.2 30.0 .7 7.4 .5 7.0 2.3 22.6 1950—Dec. 31. 67.1 21.5 3.2 2.2 25.4 .2 1.4 .5 1.6 6.9 4.0 1951—Sept. 30. 86.3 21.5 5.2 2.5 28.8 .2 1.8 14.2 4.1 1.9 5.2 Oct. 31 . 92.1 23.6 5.7 2.7 30.9 .1 1.7 17.1 4.3 1 .1 4.4 Nov. 30. 97.7 27.1 5.9 3.2 28.6 .5 1.1 16.8 6.2 3.5 4.2 Dec. 31. 111.2 39.6 4.8 3.1 28.3 .2 2.5 18.8 5.4 3.9 4.0 1952—Jan. 31. 114.6 42.9 4.0 3.6 30.1 2.0 1.0 19.0 5.2 2.4 4.2 Feb. 29. 103.0 33.7 4.6 4.1 27.9 1.6 .9 19.8 4.3 1.3 4.6 Mar. 31. 89.6 28.7 4.6 2.7 27.7 1.5 1.2 13.5 4.2 .7 4.4 Apr. 30. 81.1 21 .3 4.3 1.8 27.2 1 .8 1.0 12.6 3.6 2.4 4.9 May 31. 79.1 17.6 3.9 3.4 26.9 2.0 .8 14.6 3.2 2.7 3.8 Tune 30. 68.8 13.9 3.5 2.9 23.2 1.6 .8 14.3 2.7 2.3 3.6 July 31 P 68.5 13.6 3.6 2.8 23.7 1.8 .7 14.3 3.1 .5 4.2 Aug. 31 P. 66.5 11.5 2.2 2.2 25.7 1.8 .6 12.5 1.9 3.4 4.4 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 m p i D R c u i a e o b n n - - - - G m u a a l t a e- M ic e o x- I l W n a a e d n n e r i d d - e s s s t Peru l P p a i R c u m a e b n o - a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L ic a t m a h t i e e 4 n r r lic Surinam 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 26.2 104.7 Dpr 31 S14 ^ 6S 2 2 0 16S 8 27 8 32 6 108 6 52 2 1.1 4 3 4.7 15 .3 34.5 i Q4« Dec 31 S16 6 72 4 2 7 165 4 15 2 32 6 83.1 73 8 1 5 4 4 4 6 26 0 34^7 1949—Dec. 31. 411 .1 53 6 2.3 136.9 15.5 21.1 27.5 73.0 1.3 5.8 5.3 25 6 43 1 1950—Dec. 31. '.378.8 45.9 8.7 78.0 6.8 42.5 27.6 "{'.9' "2.6' 70.6 1.3 11.0 3.1 6.8 8.0 49.4 14.6 1951—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—Tan. 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 Mav 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 Tune 30.. 669.6 8.2 8.4 358.3 26.1 35.0 51 .8 2.2 4.1 78.0 1.2 10.9 5.9 5.4 30.5 32.1 11.5 July 31 P. 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 Aug. 31P. 716.5 7.6 6.8 403.9 23.0 37.6 49.5 1.8 3.2 91.7 1.1 10.7 3.3 5.3 25.7 32.4 13.0 P Preliminary. 1 See footnote 1, p. 1246. * Beginning Tanuary 1950, excludes Austria, reported separately as of that date. 3 Less than $50,000. 4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 1248 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 dollar?] Table 3c—Asia and All Other For- Egypt! mosa Phil- and Union j •> (41 pi Asia C M a h n a i d n in a - K H o o n n g g India I n n e d s o ia - Iran IsrcelJapan p ip R u p e b - i l n ic e T la h n a d i- T k u ey r- O A t s h ia e 1 r o A th l e l r t A ra u l s i - a Congo A E t n i g a g y n l p o - - A S f o r o u i f c t a h Other' land Sudan 1946 —Dec. 31 . Q9 2 53.9 5 9 (2.0 1.0 .2 20.2 1.4 4 6 17 2 3.4 .4 10.1 3.3 1947 —Dec. 31 P7 0 40 8 2 6 29 6 5 9 27.4 !7.7 5 31 5 9.0 .1 14.4 8.0 1948—Dec. 3\ . 118 8 24.2 3 4 -0.4 15.9 37 3 1 4 14 3 7 4.7 .4 7.9 6.8 1949—Dec. 3) . . 139 7 16 6 1 7 '7.4 .2 14 1 23 2 14.3 ^0 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"s .9 13. 9 60. 0 40.8 4 .3 7.3 7.2 1951—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 A 6.7 .2 6.8 5.6 Dec. 31.. 162.4 10.1 3 1 13 4 .3 9.3 30 0 12 29.3 2 5 6 51 6 41.9 22 8 e;7 !2 6.7 6.5 1952—Ian. 31.. 161.9 10.1 1 4 14 8 .4 8.9 35.9 8.6 29.1 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 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. 7i 17.7 7.2 .1 5.7 5.0 Apr. 30. . 144 o 8.6 4 ? 14 5 9 10 8 99 11 0 23 7 2 8 23 6 15 •^ 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.\ 12.5 27.4 3.2 1 .6 12. 1 31 .5 12.7 .8 2 4.8 6.1 Tune 30. . 118.0 7.3 2.4 6.5 1 .4 10.7 27 14.3 20.5 2"i 15.4 9.0 30. 4 12.0 8 7 '.2 4.7 4.9 Tulv 31 •» . 105 2 S.I .s 5 5 _ 5 10 3 27 4 10A 6.9 ">.3 16.7 1 6.3 25 8, 9.6 8 '?. 2 3.7 4.1 AUK. 31 " •. 128A | S.3 1 .3 4.2 .6 9.6 22.0 13.3 10.3 3. 5 37.0 17 4 23 7 8.0 7 () 3.F> 3.8 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES 8 (Inflow of Foreign Funds) [In millions of dollars] U. S. Government bonds and notes * 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 i a s t s t i e i e c 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 e -683.0 859.8 761.0 98.7 1,533.3 2,117.6 -584 3 losi—September 11 .1 56.1 -45.0 76.7 52.4 24.3 87.8 108.5 -20.7 October 20.7 282.5 -261.8 94 0 76.1 17.9 114.6 358.5 -243.9 November .. 20.7 17.4 3.4 62.6 61.8 .8 83 4 79 2 4 2 December 27.2 36.0 -8.8 64.1 53.7 10.4 91 .3 89.7 1 6 1952—January 20.2 12.7 7 .6 76.6 71.5 5.1 96 9 84.2 12.7 February 15.5 18.7 -3.2 68.3 79.6 -11.3 83.8 98 3 — 14 5 March 19.4 16.3 3.1 65 .7 68.1 -2.5 85.1 84.4 .6 April . 13.9 15.8 -2.0 76.2 69.2 7.0 90 1 85 0 5 0 May 31 .2 2 "> o 9 0 61 .6 71 .9 -10.3 92 .8 <M . 1 — I 3 Tune . . .. 39 6 32.0 7.7 63.6 68 3 —l 7 103 2 100 3 3 0 TM1V/> 39 .8 36.0 3.8 73.0 63. 7 9.3 112.8 99.7 13.1 A^gU^t^ 37.5 U.3 24.2 67.6 58.9 8.7 105 .1 32.9 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TFRM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES15 (Return of U. S. Funds) [In millions of dollarsl 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 cu r 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 1 1 1 1 9 9 9 9 4 4 4 5 9 8 7 0 17 5 8 8 1 3 7 8 . . . 8 1 8 .7 1 4 9 9 7 8 6 2 0 .2 . . . 7 6 8 - -2 1 1 1 4 5 8 4 . . 4 0 . . 0 6 3 6 2 5 2 1 8 5 1 1 9 8 . . . . 6 2 7 2 3 6 2 7 9 1 3 1 1 4 0 i . . . . 5 3 2 4 - - 1 7 2 2 9 1 4 9 . . . . 8 8 5 0 4 2 7 7 1 9 1 6 0 3 5 3 . . . . 1 9 3 0 3 3 9 6 S 8 0 7 2 8 8 6 . . . . 2 3 4 8 -9 3 2 4 9 7 .8 . . 0 8 1951 272.3 348.7 -76.4 500.4 801.0 -300.6 772.7 1,149.7 -145.4 1951—September 26.6 26.6 (7) 73.6 73.0 .6 100.2 99.6 -377.0 O N D c o e t c v o e e b m m e b r b e e r r 2 2 2 4 5 4 . . . 2 2 4 , 2 8 4 1 2 7 .6 . . 6 4 - - 5 2 8 3 3 . . . 2 5 8 3 5 7 8 3 3 . . . 1 9 7 2 3 4 2 9 6 6 . . . 1 6 8 -1 - 7 3 8 2 4 . . . 7 2 2 9 6 7 7 2 9 . . . 9 5 1 2 1 4 2 8 9 7 7 . . 4 2 .5 -1 -6 6 1 6 8 0 . . . . 9 4 7 6 1952—January 31.4 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 A J M M A T u u p a u a l y n r g y r i e c u l " h st P 2 2 2 2 1 1 8 2 3 4 9 9 . . . . . . 9 9 0 1 2 0 4 3 2 2 3 2 4 0 5 2 9 2 . . . . . . 9 2 4 8 8 1 - - -1 1 1 - - 1 8 0 3 6 2 . . 6 4 . . . . 8 0 4 0 2 4 4 5 5 5 1 0 7 2 2 6 . . . . . . 3 7 5 8 5 5 1 2 9 3 2 2 8 0 8 3 3 4 9 . . . . . 2 2 2 8 4 6 - - 1 - 4 4 2 2 2 1 6 9 8 2 8 . . . . . . 1 4 2 7 4 9 4 5 8 7 7 7 3 9 0 6 6 1 . . . . . . 5 3 6 5 7 7 2 13 5 6 5 5 1 8 9 6 0 0 0 . . . . 7 . 4 3 . 3 1 0 -1 - -6 1 5 2 3 1 2 5 0 0 0 1 . . . . . . 8 8 3 2 1 7 P Preliminary. Israe 1 l, B a e n g d i n T n h in a g il a J n a d n , u a re ry p or 1 t 9 e 4 d 8 , s e in p c a l r u a d te es ly P a a s k i o s f t a t n h , a t B d u a rm te a . , and Ceylon, previously included with India. Beginning January 1950, excludes Iranr 2 Beginning January 1950, excludes Belgian Congo, reported separately as of tluit date. s Includes transactions of international institutions. 4 Through 1949 includes transactions in corporate bonds. 6 Through 1949 represents transactions in corporate stocks only. • Includes net sales of 554 million dollars by Canada. 7 Less than $50,000. NOVEMBER 1952 1249 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 nillions of dollars] Inter- Y m e o a n r th or n t a u in t t i i s o o t n i 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 it n z d er- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1946 —334.2 —36.9 —6 8 —26 5 — 17 5 _ i — 10 8 —98 6 — 16.4 6 3 —224.5 — 1 0 1947 74.5 -163.6 -8^9 -5012 -98.2 13lo — 17.1 — 14! 1 -175!5 3^2 -3! 5 io!b 2.2 1948 7.6 -199.8 9.1 —82.8 — 79.3 —40.0 (i) 2.6 — 190.4 7.5 10.2 —23.3 —3.9 1949 . 87 0 — 11 8 20.9 —6 8 —25 5 44.2 1.5 2 2 36 5 —49 0 2 5 —2 1 2 1950 121 .2 823.2 64.0 19718 -6.3 19.0 7 73'.8 347^5 458'. 2 30 A -15.3 2^7 1951 -15.9 -568.4 21.4 6.0 -22.2 45.9 l'.9 -43.8 9.2 -595.5 13.9 4.8 -.7 1951—Sept. .. .3 -20.9 -2.5 -20.0 -1.4 11.0 .5 1.0 -11.6 -3.1 3.8 -10.1 .1 Oct.... -14.5 -229.4 -3.6 .4 -2.2 11.2 -.1 1.9 7.5 -235.9 3.9 -5.0 .1 Nov.... 1.0 3.1 3.1 .6 -4.6 2.6 .2 .8 2.6 j "7 1.2 .9 .1 Dec.... .8 .7 5.6 .7 -1.0 -4.3 .3 3.8 5.0 -7^6 3.1 0) .3 1952—Jan.... ,3 12.4 5.4 1.5 -1.7 10.4 -.1 -1.3 14.1 -3.1 2.3 -1.3 .4 Feb.. . . -3.3 -11 .2 -.7 .7 -2.7 -4.8 .2 .3 -7.0 -.9 -2.3 -1.1 .1 Mar.... .8 -.2 2.3 .4 -2.3 2.4 — .2 -1.2 1.4 -2.7 2.9 -2.1 .3 Apr.... .8 4 2 .4 -.6 -2.6 -.1 .1 -.6 -3.3 3.6 4.1 0) -.2 May... .3 -l r> 1 .3 0) -2.1 -1.9 .1 .7 -1.9 .7 -.4 .2 -.2 June... .6 2.4 2.4 1.6 -3.0 .7 -.2 1.2 2.6 4.4 -4.8 -.2 .5 julvp. . .4 12.7 8.5 .6 -1.4 13.1 .3 .9 22.0 I .3 1.5 -12.3 .2 Aug. P.. .9 32.0 7.0 .7 -.5 6.9 .4 .6 15.1 15.7 .9 0) .3 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia For- Y m e o a n r t o h r E O u t r h o e p r e t A ri u a s - 2 g B iu e m 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 n f - a l - ic g U u r a u y - 2 A O L m i a t c h t e a i e r n r - Asia M C m l a a h a n o n i i d s n d n a a - I n n e d si o a - P p p h R l u i i i n e l c b i - e - p- O A t s h i e a r 1946 -10.8 .6 2.2 -13.6 6.3 .1 1.7 6.8 4.5 -6.7 -224.5 -200.5 -22.5 -1 .9 .4 1947 -14.1 -.9 -4.1 -9.2 -3.5 .3 -.9 2.5 -6.9 1.5 10.0 -3.2 -1.3 7.0 7.5 1948 2.6 2.6 -.3 .3 10.2 .2 -.8 2.9 -4.7 12.6 -23.31 -22.7 A -.9 1949 2 2 1.6 -.9 1 .4 2.5 1.2 -1.0 .3 4.2 -2.1 -2.11 -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 -5.6 11.1 -15.3 -3.0 — .3 .9 -13.0 1951 -43.8 -1J.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—Sept... 1.0 1.2 0) -.2 3.8 — .5 -.2 .6 3.1 .1 -10.1 .1 -10.0 0) -.2 Oct.... 1.9! 0) 2.0 0) — .5 3.9 — .3 .4 0) -.3 1.6 2.'5 -5.0 .1 -5.0 0) -.1 Nov... 7 2 1 2 8 .2 — 1 5 7 7 9 0) 0) 0) .9 Pec. . . 3.'8 0) 3.4 0) .4 3.1 .3 .1 1.6 .2 -.6 1.5 0) 0) — 1.2 1.2 1952—Tan.... -1.31 -.6 0) — 9 2 V — 4 1 1 0 1 1 s — 1 — 1 3 0) -1.1 -.3 Feb.... .3! _ 1 —2 3, — 3 .3 — 2 —3 2 1 0 2 — 1 1 0) 0) -.3 -.8 Mar. . . -1.2: -.1 .1 -1.3 2.91 .6 .5 0) 2.0 -.1 -.1 -2.1 0) -1.6 -.4 A J A M T u U u p a n g I r v V o . . P . . P . . . . . . . . . . - I . . 6 . . . 2 9 6 7 1 : 1 1 1 0 0 ) ) f -.8 . . . . 8 4 4 2 0 0 0 - ) ) ) . ' 1 -1 1 . 3 . . . 5 6 2 7 -4 — 4 1 . . 8 . 1 5 9 . 1 1 4 ! 1 — - 1 . 1 1 . 4 . 3 1 .1 -A 1. . 3 8 - - A .8 . .7 8 - - 5 2 — 1 . . . 9 3 . 4 4 .3 - 1 .2 . . . 2 5 3 5 0) 1 1 . . . 7 4 . 5 3 — 0 0 \ ) ) 2 r 3 C 0 1 ) ) ! .1 2 — 0 0 ) ) 5.0 — — ( 0 0 ) 7 1 . .0 5 1 -.1 . . 8 1 6 I 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 th or n I a i n n ti t s o e t n i r - - al Total U K d n i o i n m t g ed - France N l e a t n h d e s r- Sw la it n z d er* Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e in r- Asia o A th l e l r tutions 1946 265.1 -20.9 -1.0 -7.0 -13.9 -.8 10.9 -32.6 187.6 131.3 .3 -21.4 1947 —249 3 288.3 -2.0 -3.1 -29.9 -14.9 -.3 15.6 -34.4 205.2 89.2 .5 27.8 1948 (i) -94.9 -9.9 -4.3 -5.3 -35.4 .1 11.4 -43.4 -102.2 40.7 1.6 8.4 1949 -16.0 43.8 -13.5 .4 -.1 19.1 .4 24.6 30.8 -10.6 20.2 .8 2.6 19S0 -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—Sept. .. -1.0 1.6 -.6 .8 .1 1.2 (0 -1.1 .4 -2.2 3.8 -1.7 1.3 Oct.... -99.4 -69.0 .2 .8 .7 .2 0) 1.4 3.4 -76.5 5.4 -2.0 .6 Nov. 10.7 .3 0) .4 1.4 0) .3 2.5 9.2 2.6 -3.9 .3 Dec -66.9 .8 .2 .9 .1 2.9 4.6 -68.0 2.3 -6.8 .9 1052—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 .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 .1 2.1 2.3 -101.5 1.9 -3.0 .1 June... -.8 12.5 -1.6 .9 -3.9 -.2 -.2 6.1 \ .2 11.2 2.5 -2.7 .4 July P. . 0) 20.2 1 —1.1 -3 -6.7 -1.6 .4 -.4 -9.6 22.2 0) 7.4 .2 Aug.P. . -1.1 31.3 | -1.0 i.'b -2.9 2.1 -.3 .2 -1.0 27.9 1.1 2.7 .6 p Preliminary. 1 Less than $50,000. 2 Not available until 1950. 1250 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 8.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) [In millions of dollars] United Nether- Switzer- Other Total Latin All Year or month Total Kingdom France lands land Italy Europe Europe Canada America Asia Other 1946 9.7 -.6 -2.9 -8.5 9.3 0) 1.1 -1.6 2.0 7.5 1.0 .7 1947 -11.3 -1.0 -1.4 -4.8 -1.5 -.2 -.5 -9.3 -2.0 -.6 1.8 -1.4 1948 -19.3 -1.2 -2.5 -3.4 -10.7 .1 -3.2 -20.8 .1 1.2 .4 -.1 1949 .6 .1 -.5 .2 .9 .2 .1 1.0 .9 -1.3 -.2 .2 1950 8.0 -.1 -.1 2.5 .7 .4 -.2 3.0 -3.0 4.4 3.0 .6 1951 -6.1 .9 .4 .3 -4.8 .2 -.3 -3.3 2.8 -5.0 -.5 -.1 1951—September 1.2 -.2 -.3 .6 .3 .2 .4 1.0 .1 .2 _ j October... -7.5 -.7 .2 -1.9 -1.0 _ < .2 -3.4 .4 -4.5 .5 November, -.2 1.2 .6 .3 .1 0) .2 2.3 .1 -3.1 -.1 .5 December. 1.5 .7 -.3 .7 0) -.5 -.2 .3 .3 1.3 0) — .4 1952—January... -.2 -.8 -1.1 -1.7 -.5 0) .4 -3.7 1.1 2.2 .2 0) February., 5.3 1.1 .8 1.0 4.8 .2 .2 8.1 -2.1 -1.5 .5 March, . .. 1.2 .2 .3 1.9 -2.7 .1 .2 0) 1.8 .1 -.2 -.6 April -4.8 -1.3 -.9 -1.9 1.7 -.2 — .3 -2.9 1.4 -2.6 -.8 0) May 4.1 .4 .3 -.6 2.9 .2 -.5 2.6 -1.5 2.1 .2 .6 June 2.3 1.0 .2 3.1 -2.1 .1 .1 2.2 -.3 .5 -.3 .2 July* -3.7 -1 .6 — \ .7 -1.1 -.2 .2 -2.1 .3 -2.0 -.2 .1 August" . . 2 -4.2 1.3 -.2 -3.4 -1.0 -.3 .3 -3.4 .6 .3 -1.7 -.1 P Preliminary. 1 Less than $50,000. 2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 82.6; U. S. brokerage balances abroad, 34.1. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reported monthly Estimated world Africa North and South America Other Y m e o a n r t o h r pr U o o u S d t u S si c R d t * e ion r m e T o p o n o t t r a h te l l d y A So fr u ic th a d R e h s o ia - A W fr e ic s a t 2 B C e o l n g g ia o n 3 S U t n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 5 Au l s ia tra- India3 $1=15/21 trains of gold 9/1Cfine: i. e.f an ourice of finegold =$1.5. 1941 1,265 6 1,110 4 504 3 27 8 32 4 19 6 209.2 187.1 28 0 23 0 9 3 7 5 52 4 10 0 1942 1,125.7 982.1 494.4 26.6 29.2 18.0 131.0 169.4 28.0 20.9 6.4 8 6 40.4 9.1 1943 871.5 774.1 448.2 23.0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26.3 8.8 1944 777.0 701.5 429.8 20.7 18.4 12.7 35.8 102.3 17.8 19.4 7.1 7 9 23.0 6.6 1945 738.5 683.0 427.9 19.9 18.9 12.1 32.5 94.4 17.5 17.7 6.3 7.0 23.0 5.9 1946 756.0 697.0 417.6 19.1 20.5 11.6 51.2 99.1 14.7 15.3 8.1 6 4 28.9 4 6 1947 766.5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6.1 1948 798.0 728.1 405.5 18.0 23 A 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 '857.5 776.2 408.2 17.9 23.2 12.0 80.1 155.4 14.3 13.3 6 7 8 0 30.4 6 7 1951 840.0 758.3 403.1 17.0 23.7 12.7 66.3 152.7 13.8 15.1 6.1 8.8 31 .4 7.6 1951—August 65 7 34.6 1.4 1.9 1.3 6.4 12.1 2.0 1.5 .5 .8 2.7 .7 September 63.3 33.3 L.4 2.0 1.1 6.1 12.6 .8 1.3 .4 .8 2.9 .7 October 66.1 34.1 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 L.5 2.1 1.0 4.9 13.2 1 .2 .9 .4 .8 2.7 .7 1952—Tanuary .. 62 .5 34.2 4 2.0 1.1 5.0 12.4 .5 1.6 .6 .7 2.4 .6 February 61 0 32 2 4 1 9 1.2 4.8 12.3 1.4 1 4 4 7 2 6 7 March 63.3 34.4 L.3 1.9 1 .2 4.6 12.8 1.4 1.2 .5 .7 2.5 .7 April 63 3 33 8 S 2 0 1.3 5.0 12.7 .9 1 .6 .4 7 2 8 7 Mav 66 2 35 5 4 2 0 1 2 5.1 12 8 2 1 1 5 5 8 2 7 7 I U11O 34.1 1.0 1.2 5 5 r> s 9 .8 2.9 .7 lulv 35 5 1 8 1 .2 6 4 13.1 1 .3 7 7 August .... 34.9 2.0 1.2 6.5 12.9 1.1 .7 .7 T Revised. Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars: 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 3 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures 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. 6 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. NOVEMBER 1952 1251 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B i e u l m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m 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—Oct 22.233 22,394 273 621 23 317 736 45 311 31 22 Nov 22,382 22,579 268 619 23 317 805 45 311 31 22 Dec 35,950 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Jan 22,951 23,055 268 631 23 317 860 45 311 31 22 Feb 23,190 23,377 268 610 23 317 868 45 311 31 22 Mar.. . . 36,010 23,290 23,428 268 624 23 317 874 45 321 31 22 Apr 23,297 23 450 268 638 23 317 877 45 321 31 22 May.... 23,296 23,502 268 650 23 317 886 42 321 31 22 Tune.... "36J3(")" 23,346 23,533 268 669 23 317 8<)3 42 318 31 22 Tulv 23,350 23,536 268 735 317 887 41 31 22 Aug 'M 1U 23.528 268 73 5 883 41 31 23 Sept P3><\ 'M0 ?3 5>5 718 892 42 31 23 E m n o d n t o h f Egypt France8 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 ay r- Pa ta k n is- Peru 1945—Dec 52 1,090 28 274 131 24 294 270 23 80 28 1946—Dec 53 796 28 274 127 28 4201 181 265 23 91 24 1947—Dec 53 548 27 274 142 58 * 180 100 231 23 72 20 1948—Dec 53 548 27 256 140 96 42 166 23 52 14 20 1949—Dec 53 523 27 247 140 256 178 52 195 27 51 27 28 1950—Dec 97 523 27 247 140 256 208 208 311 29 50 27 31 1951—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—Tan 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 27 247 138 346 280 70 344 33 50 38 46 July .... 174 548 27 247 138 '>80 3 SO 33 50 38 46 AUK 174 558 27 247 138 ^80 323 33 50 38 46 Sept 558 247 280 326 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 S d a or 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 194^—])ec 13 914 110 482 1,342 43 241 6 2,476 195 202 39 1946—Dec 433 12 939 111 381 1,430 34 237 3 2,696 200 215 15 32 1947—Dec 310 15 762 111 105 L, 356 34 170 6 2,079 175 215 1,356 30 1948—Dec 236 15 183 111 81 1,387 34 162 1 1,856 164 323 1,436 36 1949—Dec 178 17 128 85 70 1,504 118 154 * 1,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 6 3,300 236 373 1,495 167 1951—Oct. 250 26 209 50 134 1,448 113 150 242 373 1,529 132 Nov.. . . 255 26 208 50 136 L, 454 113 150 232 373 1,530 127 Dec 265 26 190 51 152 ,452 113 151 6 2,335 221 373 1,530 115 1952—Tan. 265 26 190 51 179 1,438 113 150 & 2,037 221 373 1,531 116 Feb 270 26 193 51 211 ,426 113 150 5 1,771 211 373 1,532 126 Mar 274 26 169 51 214 ,432 113 150 5 1,700 211 373 1,532 143 Apr 274 26 164 51 214 1,413 113 150 s 1,662 211 373 1,532 151 Mav.... 274 30 161 51 210 1,410 113 153 5 1 ,678 211 373 ,535 154 June 2 74 30 148 51 213 ,408 113 150 s 1,685 211 373 ,537 154 July .... 274 30 151 51 206 ,408 113 150 5 1,716 211 373 ,537 166 Aim 274 30 150 51 202 1,404 113 150 •"> 1 ,672 211 373 1.681 181 Sept. . . . 277 29 158 51 202 116 '» 1 ,685 373 183 v Preliminary. * Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 8 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." * Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). * Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31. 6 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see Table 160, p. 526 and pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 1252 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Year or quarter Total K U in n g i d te o d m g B iu e m l- France N la e e n r t d - h s - Po g r a t l u- S d w en e- S l w a e n r i - t d z- E O ur t o h p e e r l Canada A t r i g n e a n- Cuba Mexico 1945 . ... —452.9 31 .1 278.5 —47.9 —86 8 — 7 4 36 8 —224 9 — 85 0 —23 8 1946 721.3 -.2 14.2 -10.0 80.2 -29.9 27.3 337.9 153.2 -30.0 36.9 1947 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10 0 86 6 311 2 727 5 —65 0 45 4 1948 1,510.0 734.3 69.8 15.8 40.7 63.0 3.0 -5.6 _5.8 114.1 -10.0 £1.6 1949 193 3 446 3 —41 0 -23.5 14.0 —40 0 3 4 —49 9 — 10 0 — 16 1 1950 -1,725.2 -1,020.0 -55.0 -84.8 -79.8 -15.0 -22.9 -38.0 -68.0 -100.0 28.2 -118.2 1951 75.2 469.9 -10.3 -20.0 -4.5 -34.9 -32.0 -15.0 -60.1 -10.0 ' -49.9' -20.0 -60.2 1949 Jan -\Iar 68.8 — 12 5 10.4 10.5 -5.0 -13.7 3.4 2.3 Apr - Tune 173.9 162 .4 —31.0 — 10 0 — 11 2 7 9 Tulv-Seot 101 5 283 9 3 5 —20 0 — 10 0 — 113 Oct -Dec — 151 0 2.5 -33.9 —5 0 — 15 9 —49 9 — 15 0 1950 Jan -Mar -201.3 -80.0 -35.0 -13.0 -12.4 -15.8 inr _ Tline —30 4 — 20 0 —3 0 — 119 Tuly-Sept — 731 0 —580 0 -28 5 — 16.0 —25 6 3.4 8.2 -40.5 Oct -Dec. — 762.4 -360.0 -56.3 -79.8 -15.0 -4.0 —47. 1 — 100 0 20 0 —61 9 1951 Jan -Mar — 876.3 -400.0 -12.3 -91 .7 -4.5 -10.0 -15.0 -15.0 -44.3 —49 9 — P4 4 Apr -Tune — 55 6 — 80 0 2 0 — 15 0 — 11 2 — 10 0 64.1 Tuly-Sept 291.4 320.0 -5.0 -17.0 —3 5 —26 6 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 \r>T -1 une 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 m i a t c h t a e i e n r r - Oc A a e n s a i d n a ia U A So f n o r u i i f o c th n a ot A h l e l r Period T e u r n e r d a y s o - f p T e o ri t o a d l 1 I i n n s g c to o r t e o l c d a t k a se l g p e o x o N ld p rt e o i t o m rt r -g m o c c o l r r a r d e e r : a a k i n s s e d e e - d e- D t p i t r c o i o o m d g n u o e 2 l c s d - - 1945 -37.9 -73.1 -2 7.8 3-188.3 3.7 1946 -4.9 -9.2 25.0 13.7 94.3 22.9 1942 ?2,726 22,739 -23 0 315.7 —458.4 125 4 1947 25.1 —3.7 79.1 1 .0 256.0 11.9 1943 21,938 21.981 -757.9 68.9 -803.6 48.3 1 1 9 9 4 4 9 8 - 1 1 0 4 . . 7 4 - - 1 5 0 0 8 . . 0 0 — 13 7 .4 .5 -5 - 2 4 . . 1 1 4 1 9 9 8 5. . 7 6 -1 6 . . 6 9 1 1 9 9 4 4 5 4 2 2 0 0 , , 6 06 1 5 9 2 2 0 0 , , 6 0 3 8 1 3 -1 - ,3 5 4 4 9 7 . . 8 8 - -1 8 0 4 6 5 . . 3 4 - - 3 4 5 5 6 9 . . 7 8 3 3 2 5 . . 0 8 1 1 9 9 5 5 1 0 -6 2 4 2. . 2 8 - - 1 1 7 7. . 2 2 3- - 5 3 0 5 . . 1 4 5 1 2 3 . . 1 1 - -4 8 7 4 . . 2 0 1 1 9 94 4 7 6 .. . 2 2 0 2, , 7 5 5 2 4 9 2 2 0 2 , , 7 8 0 6 6 8 3 2,1 6 6 2 2 3 . . 1 1 1 , 3 8 1 6 1 6 . . 5 3 4 2 6 1 5 0 . . 4 0 5 75 1 .2 8 1948 24,244 24,399 1,530.4 1 ,680.4 —159.2 70.9 1949 1949 24,427 24,563 164.6 686.5 —495 7 67 3 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 J A a p n r . . - - M Tu a n r e 3.0 3.7 - - 2 6 . . 3 6 5 7 5 2 . . 6 0 . . 1 1 1951 22,695 22,873 52.7 —549.0 617.6 66.3 July-Sept -16.5 -50.0 -2.9 -2.2 48.1 -2.0 1951—Oct.... 22,233 22,394 229.9 -18.4 243.4 6.3 Oct.-Dec -1.0 -11.9 -41.0 19.9 Nov.. . 22,382 22,579 185.0 -2.1 1 88.4 5 .4 Dec. . . 22,695 22,873 294.1 6.5 289.9 4.9 1950 1952—Tan. . . 22,951 23,055 182.4 63 .6 137.5 5.0 J O A J a u c p n l t y r . . . - - - - M S D Ju e e a p n c r t e . . . . . . . . - - - 2 2 2 3 6 . . . 0 9 9 -1 -5 - - 0 . . . . 9 1 9 4 - - 1 2 3 2 1 . . . 9 8 0 3 9. . 2 9 - - 1 2 - - 2 2 4 6 . . . . 8 8 7 9 A M E M e p a a b r r y . . . . . . . . . . . 2 2 2 2 3 3 3 3 , , , , 2 2 1 2 9 9 9 9 7 6 0 0 2 2 2 23 3 3 3 , , , , 5 3 4 4 0 7 2 5 2 7 8 0 3 2 5 2 5 2 1 1 1 . . . . 6 5 0 9 1 1 9 2 5 5 6 7 7 0 . . . . 2 6 1 3 -1 - 1 7 0 2 5 3 5 7 2 . . . . 4 1 1 2 4 4 5 5 . . . . 6 8 1 0 June.. 23,346 23,533 30.5 36.6 19.3 5.5 1951 July... 23,350 23,536 3.8 24.5 -31 .4 6.4 J A T a u p n l r . y . - - - M S Ju e a n p r e t -5 1 0 5 . . . 9 0 0 -1 -5 1 3 . . . 0 5 7 1 | -1 - - 2 8 3 . . . 4 8 9 2 1 0 2 . . 3 7 - - - 2 3 2 8 1 5 . . . 0 0 0 A O Se u c p g t. t . . . . . . . . . 2 2 2 3 3 3 , , , 3 3 3 4 4 3 2 4 9 2 2 2 3 3 3 , , , 5 5 5 2 2 2 8 5 1 - - - 8 2 4 . . . 0 8 4 3 (4 3 3 ) . . 1 3 5 - - - 3 1 9 2 3 2 . . . 6 8 4 6 6 (4 . . ) 5 2 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 explanation of monthly figures see p. 1251. footnote 4. Jan.-Mar 10.0 -17.6 -3.2 4.3 3 Change includes transfer of 687.5 million dollars gold subscrip- Apr.-June -7.4 -2.4 7.2 tion to International Monetary Fund. 4 Not yet available. 1 Includes Bank for International Settlements. acc 5 o G u o n l t d , h in e c ld lu d u i n n d g e r g e ol a d r m h a e r l k d a f t o r t h t e h e F e a d c e c r o a u l n R t e o s f e r i v n e t e B rn a a n t k io s n f a o l r i f n o s re ti i t g u n - 2 Includes sale of 114.3 million dollars of gold to Italy. tions, amounted to 5.020.8 million dollars on Oct. 31, 1952. Gold 4 s I I n n c c l l u u d d e e s s s s a a l l e e s s o o f f 18 g 5 o . l 3 d m t i o l lio E n g y d p o t l la a rs s o f f o l g lo o w ld s : t o 1 C 95 h 0 i , n a 4 . 4.8 million under earmark is not included in the gold stock of the United States. 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. NOVEMBER 1952 1253 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 Sept. June Mar, Sept. Gold 1.53; 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 13| 6 5 11 Unpa O id t h b e a r lance of member subscriptions. 4,4 8 2 6 0 9 4,4 8 6 7 0 1 4,4 8 0 8 8 3 4,3 8 2 6 7 9 Inves O tm th e e n r t securities (U. S. Govt. obli- 1,035 937 940 944 Other assets 1 1 1 1 gations) 472 512 490 441 Member subscriptions 8,154 8.154 8,152 8,037 Calls on subscriptions to capital stock 2. . 4 4 4 4 Accumulated net income -7 -6 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 1,330 1,270 1,186 1,085 1951 Other assets 15 14 14 13 Net currency purchased * Bonds outstanding 496 500 450 336 (Cumulative—millions of dollars) Liability on obligations sold under guar- Sept. Aug. July Scot. antee 59 56 41 33 Loans—undisbursed 407 403 372 368 Other liabilities 7 7 5 4 Australian pounds 50 0 50.0 20.0 20.0 General reserve 63 58 55 46 B B e ra lg z i i a li n a n f r c a r n u c z s eiros 3 1 7 1 . 5 .4 3 1 7 1 .5 .4 6 1 3 1 .0 .4 6 1 5 1 .5 .4 S C p a e p c i i t a a l l 2 reserve 1,80 3 7 0 1,69 2 1 8 1,69 2 1 6 1,68 2 8 2 Chilean pesos 3.6 3.6 3.6 5.4 Czechoslovakian koruny 6.0 6.0 6.0 6.0 Danish kroner 10.2 10.2 10.2 10.2 1 As of Sept. 30, 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 8.8 8.8 8.8 to Brazil 10 million pounds sterling in January 1951. Repurchases Netherlands guilders 48.1 48.1 75.2 '75^4 amounted to 180.1 million dollars. Currencies the net transactions in T N u o r r k w i e sh g ia li n r a k s roner 10.0 10.0 10.0 9 5 . . 6 0 wh 2 i c E h x c a l m ud o e u s n t u n to ca l l e l s e s d th p a o n rt i o o n n e s m of il l c io a n p i a ta r l e s r u ep b o sc rt r e ip d ti u o n n d s, e r a m "A o l u l n o ti t n h g e r. t " o Pounds sterling 300.0 300.0 300.0 300.0 7,229 million dollars as of Sept. 30, 1952, of which 2.540 million repre- Yugoslav dinars 9.0 9.0 9.0 9.0 sents the subscription of the United States. All other -1.6 -1 .6 -1 .6 •( y Total 12.3 712.3 735.0 735.2 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 b e a n nk t ing Liabilities of banking department Bank of England Note (Fig p u o r u e n s d s in s m te i r l l l i i n o g n ) s of Gold* a O ss t e h t e s r 2 N c a o o n t i d e n s a v c n o a D d n u i c s n a - e t d s s - Se t c ie u s ri- ci t r io cu n l a a - Bankers' Pub D li e c posit E s CA Other t c i l O e i a a s p t b h i a i t e l n a i r - l d 1942—Dec 30 2 950.0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17 9 1943—Dec 29 2 1,100 0 12 5 2 5 307 9 1,088 7 234 3 10.3 60 4 17 9 1944—Dec. 27 .2 1,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec 26 .2 L,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 L,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec 31 2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18 1 1948—Dec 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 i7.4 92.1 18.1 1949—Dec. 28 .4 L,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 ,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Oct 31 4 ,400.0 49.7 20.8 356.0 1,351.8 303.9 14.5 7.2 93.1 17 8 Nov 28 4 ,400.0 38.2 16.8 364.0 ,363.7 294.7 16.4 .6 89.4 18.0 Dec. 26 .4 ,450.0 14.1 18.2 389.2 .437.9 299.8 13.4 .6 89.8 18.1 1952—Tan. 30 .4 4 |,400.0 48.1 7.9 343.7 1,353.8 277.8 15.5 .5 87.5 18.3 Feb. 27 .4 ,400.0 34.9 17.7 344.2 1,367.0 283.0 11.8 .4 83.1 18.5 Mar 26 4 ,400.0 17.4 23.6 351.8 1,384.6 280.3 12.1 .5 81.3 18.5 Apr. 30 .4 4 1,450.0 41.9 27.4 306.1 1,410.0 273.0 10.7 .5 73.4 17.8 Mav ?8 4 ,450 0 39.7 11 .9 319.6 1,412.2 270.0 10.1 .5 72.6 18 0 Tune 25 ... .4 4 ] .500.0 59.8 21.2 309.6 1,442.1 275.7 10.6 13.6 72.5 18.1 Tulv 30 .4 4 .550.0 36.8 21 .6 319.7 1,515.1 262.0 10.4 18.2 69.2 18.3 \u» 27 4 4 .500 0 43 0 7 9 324.4 1 ,459.0 252.4 16.0 23.0 64.8 18 4 Sept. 24 .4 1,500.0 57.8 5.2 ^. 5 1,444.1 2 75.7 11.1 24.2 67.0 18.5 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 transfer? 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 b\r150 lillion on Aug. 27. For details on previous changes, see Buu.i;nx for February 1952, p. 212: February 1951, p. 238; February 1950, p. 254 ; Aipril 1949, p. 450; and February 1948. p. 254. No TIC.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same puubblliiccaattiioonn. 1254 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets :Liabilities Dominion and provin- Bank of Canada cial government Deposits Sterling securities Other (F C ig a u n r a es d i i a n n m d i o l l l l i a o r n s s ) of Gold and S t U at n e i s ted O as t s h e e t r s circ N u o la t t e ion2 liab a i n l d ities 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 A 359 9 217.7 10.9 9.5 28 5 1941—Dec. 31 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31 .5 807.2 209.2 31.3 693 6 259.9 51.6 19.1 24 0 I943—Dec. 31 .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec 30 172.3 906 9 573.9 34.3 1,036 0 401.7 12.9 27.7 209 1 I945—Dec. 31 156.8 1,157.3 688.3 29.5 L,129.1 521.2 153.3 29.8 198.5 1946—Dec 31 1.0 L,197 4 708.2 42.1 ,186 2 565 5 60 5 93 8 42 7 1947—Dec. 31 2.0 1,022.0 858.5 43.7 L ,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31 .4 1,233.7 779.1 45.4 L,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31 74.1 L,781.4 227.8 42.5 L.307 4 541.7 30.7 126.9 119 2 1950—Dec. 30 111.4 1.229.3 712.5 297.1 L.367.4 578.6 24.7 207.1 172.6 1951—Oct. 31 96.5 ,317.5 956.4 83.1 ,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 I,374.4 616.7 88.5 52.1 112.5 Mar 31 60 1 ,179 9 882 2 106 8 ,393 2 656 5 14 6 66 1 98 6 Apr 30 .. 72,3 1,191.5 874.7 84.0 1,411 8 645.7 14.3 41.7 109 0 Mav 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 .251 3 817 8 76 1 .441 8 578 0 26 8 48 5 93 9 Tulv 31 63.0 ,280.0 843.9 71 .2 .458 3 595.5 51.6 41 6 111 .2 Ail" ?9 74 9 303 2 857 0 69 7 464 4 614 7 52 0 47 4 ])-> 1 Sept. 30 73.5 1,263.7 870.9 70.8 L.476.5 588.2 30.7 49.4 134.0 Assets Liabilities Ban (F k ig o u f r e F s r i a n nce Foreign Domestic bills G A o d v v e a r n n c m es e n t t o 6 Other Note Deposits 7 O lia t b h i e l r millions of francs) Gold s ex- circula- ities change m O ar p k e e n t 6 Special Other Current Other assets « tion G m ov e e n r t n- ECA Other ca a p n i d tal 1939—Dec. 28... 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 1,914 14,751 2,925 1940—Dec. 26... 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 844,986 1941—Dec. 31... 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 868,474 1942—Dec. 31... 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 821,318 1943—Dec. 30... 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 815,596 1944—Dec. 28... 75,151 42 12,170 48 18,592 15,850 475,447 20.892 572,510 748 37,855 7,078 1945—Dec. 27... 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26... 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31... 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30... 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29... 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 1,278,211 1,168 158,973 19,377 1950—Dec. 28... 182,785 162,017 136,947 34.081 393,054 158.900 481.039 212,822 1,560,561 70 15.058 161,720 24,234 1951—Oct. 31... 191,447 82,087 168,822 23,855 670,689 166,200 481,039 252,303 1,827,781 62 16,240 166,453 25,905 Nov. 29... 191,447 31,888 153,650 32,015 716,710 160,300 481,039 199,545 1,779,556 19 1,869 157,228 27,922 Dec. 27... 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,830 1,841,608 29 10,587 166,226 41,332 1952—Jan. 31... 191,447 20,857 233,879 31,456 757,085 166,500 481,039 184,064 1,866,693 57 7,157 156,405 36,015 Feb. 28. .. 191.447 15,607 245,014 20,280 850.733 174,400 481,039 126,412 1,880.832 96 3,699 198,702 30.601 Mar. 27... 191 ,447 11,336 272,204 29,239 841.006 169,300 4 79.082 113,090 1,861,681 22 15,783 188,767 41,448 Apr. 30... 191 ,447 13,634 273,149 22,984 799,004 171,100 500,982 139,74 7 1,925,615 84 341 156,326 29,679 Mav 29... 191,447 15.808 274,111 26,128 841.807 160.000 470,082 118.726 1,900.526 30 6.645 171 .350 38,539 Tune 26... 101.447 16.001 251.301 21.871 831.044 168.000 470.082 110.501 1.885.020 36 730 143.000 43,541 Julv 31 ... 101 .447 20.077 258.560 11.770 835.500 167.800 4 79.982 184.057 1.084 .540 55 816 121.411 43.369 Aim. 28 ... 10.1.04 3 23.435 257.580 14.40.1 S54.081 168.600 170.082 160.852 1.060,553 13 0.030 137.403 46.878 Sept. 25... 101 .013 27.613 2 70,264 31 ,781 812.416 166.300 170,082 °1 71 .2 741,062 ,2 70 83 539 129.755 61 .930 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1. 1940. gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1040. pp. 677-678). 5 For details on devaluations and other changes in the gold holding:* of the Fnnk of France, see BULLETIN for September 1951, p. 1211: September 1050. 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 item?, see BULLETIN for January 1050. p. 117, footnote 6. 7 Bediming January 1950. when the Bank of France modified the form of presentation of its statement, the figures under this heading art not strictly comparable with those shown for earlier dates. s Includes the following amount? (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 55.9 billion francs on Sept. 25. 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. 1255 NOVEMBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1952 1951 Central Bank 1952 1951 (Figures as of last report (Figures as of last report date of month) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 814 814 814 838 Loans and discounts 354,303341,741 2 74,968 Other gold and foreign exchange. -42 17 112 ,670 Government loans and securities. 160,758 161,574 141,409 Government securities 2,132 2,126 2,124 ,044 Other assets 87,116 89,884 102,119 Rediscounts and loans to banks. . 46,271 45,770 45,576 ,396 Note circulation 503,458498,385 412,627 Other assets 251 25 248 28 = Deposits 302,595 295,43 208,139 Currency circulation 17,970 17,818 1 7.68( ,286 Other liabilities and capital 63,587 61,093 89,427 Deposits—Nationalized 27,392 27,246 27,357 ,531 Central Bank of Costa Rica Other sight obligations 840 783 778 679 (thousands of colones): Other liabilities and capital 3,223 3,139 3,058 ,737 Gold 11 ,511 11,511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 72,918 80,896 92,101 22,365 tralia (thousands of pounds): Net claim on Int'l. Fund * 7,031 7,031 7,031 7,031 Gold and foreign exchange 298,643 300,099280.220 645,951 Loans and discounts 77,598 69,244 62,206 90,142 Checks and bills of other banks. . 5,374 4,587 4,679 5,,340 Securities 7,384 7,435 7,335 8,197 Securities (incl. Government and Other assets 24,765 24,826 24,046 15,852 Treasury bills) 462, 53,301 458,840 373,,286 Note circulation 116,741 115,371 117,351 101,955 Other assets 48,685 61 , 18( 62,871 79.984 Demand deposits 64,508 66,276 68.106 41,807 Note circulation 310,418 306,668303,168 284,,721 Other liabilities and capital 19,958 19,29(1 18,773 11,336 Deposits of Trading Banks: National Bank of Cuba Special 184,445 191 ,22C:194.920 514,,570 (thousands of pesos): (June) Other 37,574 36,536 36,830 32,883 Gold 318,240 310,564 Other liabilities and capital 283,21; 284,7-43271,683 272!386 Foreign exchange (net) 70,290 69,520 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 149,447 129,889 Gold 98 98 98 51 Silver 34,988 42,242 Foreign exchange 1,363 1,209 903 475 Net claim on Int'l. Fund 4 12,511 12,511 Loans and discounts 7,103 7,207 7,145 ,49. Loans and discounts 16,643 1 ,453 Claim against Government 2,529 2,762 3,263 ,690 Credits to Government 22,794 10,397 Other assets.. 38 40 41 36 Other assets 33,548 27,997 Note circulation 8,528 8,686 8,566 ,264 Note circulation 423,471 373,644 Deposits—Banks 227 255 255 305 Deposits 226,712 223,485 Other 485 47<J 419 618 Other liabilities and capital 5,2 79 7,445 Blocked 1,891 1,896 2,211 ,559 National Bank of Czechoslovakia * National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold* 35,897 36,760 36,760 Gold 69 69 69 69 Foreign claims and balances (net) 16,823 16,800 17,716 934 Foreign exchange 603 510 550 454 Loans and discounts 4,252 5,678 7,521 470 Contributions to Int'l. Bank. . . . 8 Consolidated Government debt.. 34,763 34,763 34,763 860 Loans and discounts 86 95 132 Government securities 9,131 8,261 7,690 772 Securities 441 437 435 135 Other assets 4,013 3,859 3,677 333 Govt. compensation account. . .. 3,513 3,517 3,542 3,924 Note circulation 94,411 95,465 97,175 437 Other assets 242 241 183 513 Deposits—Demand 1,433 1,326 1,620 626 Note circulation 1,681 1 ,643 1 ,670 1,578 ECA 1,358 1,394 1 ,449 957 Deposits—Government 1 ,497 1.500 1.505 1 ,797 Other liabilities and capital 7,676 7,936 7,882 237 Other 1,610 1 ,551 1,533 1,668 Central Bank of BoHvia—Mone- Other liabilities and capital 166 166 166 193 tary dept. (millions of bolivianos): (June)* Central Bank of the Dominican Gold at home and abroad 2 1,370 ,370 Republic (thousands of dollars): Foreign exchange (net) 1 ,056 750 Gold 12,071 12,066 12,066 8,056 Loans and discounts 1,510 ,016 Foreign exchange (net) 21 ,573 21,785 20.809 18,048 Government securities 1,830 ,857 Net claim on Int'l. Fund * 1,250 1 ,250 1,250 1,250 Other assets 333 125 Paid-in capital—Int'l. Bank 42 42 42 40 Note circulation 4,438 ,052 Loans and discounts 181 206 336 332 Deposits 943 443 Government securities 8.395 8,395 8.395 6,217 Other liabilities and capital 719 624 Other assets 632 618 589 977 Central Bank of Ceylon (thousands Note circulation 32,425 32,996 31,469 26,350 of rupees): Demand deposits 10,327 9,998 10,669 7,737 Foreign exchange 503,453 529,476 703 Other liabilities and capital 1,393 1 ,369 1.348 834 Advances to Government 8 M3 Central Bank of Ecuador Government securities 49,792 40,966 3 (thousands of sucres.): Other assets 3,781 3.207 2 Gold • 138,06 337,608336.797 335,488 Currency in circulation 393,671393,928 419 Foreign exchange (net)6 77,039145,425117,208 80,436 Deposits—Government 3,691 19,137 54 Net claim on Int'l. Fund * 18,757 18,757 18,757 18,758 Banks 123,681125,817 200 Credits—Government 83,842228.607227,724 186,102 Other liabilities and capital 35,983 34,766 '47. Other 36,587239,727220,230 177,107 Central Bank of Chile (millions Other assets 55,190 153,360141.978 203,908 of pesos): Note circulation 167,958562.793528,351 499,180 Gold 1,109 1 ,109 1,109 ,248 Demand deposits—Private bank? 81 ,344167.099165,465 140,420 Foreign exchange (net) 90 101 221 221 Other 50,575 159,488144,023 109,762 Net claim on Int'l. Fund * 221 221 166 107 Other liabilities and capital 09,605234,104224,854 252,436 Discounts for member banks. ... 2,464 2,287 2,147 ,859 National Bank of Egypt (thou- Loans to Government 665 665 665 675 sands of pounds): Other loans and discounts 9,318 9,026 8.452 ,418 Gold 7 60.553 60,553 60,552 Other assets 2,649 2,522 2 ,882 .397 Foreign exchange 13,882 21,201 35,378 Note circulation 11,154 10,519 10,338 ,855 Foreign and Egyptian Deposits—Rank 2,388 2,345 2,697 , 659 Government securities 276,429283,574 323,926 Other 306 498 247 357 Loans and discounts 14,320 17,432 5,390 Other liabilities and capital 2,667 2,571 2,362 ,055 Advances to Government 3,664 Bank of the Republic of Colombia Other assets 3,087 2,661 2,658 (thousands of pesos): Note circulation 175,519170,456 172,708 Gold and foreign exchange 241,685235,938 165 Deposits—Government 48,076 69,862 82,875 Net claim on Tnt'l. Fund * 24,371 24,371 24 Other 126,132121,986 151,132 Paid-in capital—Int'l. Bank 1,407 1,406 1 Other liabilities and capital 22,207 23,118 21,189 * Latest month available. f Revised. 1 On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc. J It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar. 1 Includes special loan under Bretton Woods Agreements Act. * This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 1 For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 8 In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. 7 Beginning April 1951, gold previously held in Issue Department revalued from 7.4375 grams of fine gold to 2.55187 grams of fine gold per Egyptian pound. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1952, p. 102; January 1951, p. 112; and January 1950, p. 118. 1256 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1952 Central Bank 1952 1951 (Figures as of last report (Figures as of last report date of month) Sept. Aug. July date of month) Sept. Aug. July Sept. Central Reserve Bank of El Salva- Bank of ftaly (billions of lire): dor (thousands of coiones): Gold 4 4 4 4 Gold 73.68S 73,753 73,821 Foreign exchang 39 39 38 36 Foreign exchange (net) 26."99 35.735 40.559 Advances to Treasury 590 590 500 590 Net claim on Int'l. Fund l 1 ,566 1 ,566 1 ,566 Loans and discounts 259 259 24 7 250 Loans and discounts 25.388 18,643 14.520 Government securities , 217 211 212 204 Government debt and securities.. 6,33Ci 6.344 6.814 Other assets , 808 823 816 686 Other assets 1 ,4 1 .393 1 ,265 NO'P circulation , 1,285 1 ,268 1,250 1.150 Note circulation 78,852 81.019 81 .647 Allied military notes 2 Deposits 49.0-18 49.146 49.598 Deposits—Government , 61 103 110 161 Other liabilities and capital 7,501 7.268 7,300 Demand , 54 56 58 74 State Bunk of Ethiopia 2 Other , 414 401 304 302 Bank of Finland (millions of mark- Other liabilities and capital 102 100 86 81 kaa): Bank of Japan (millions of yen): Gold 5 ,865 5 865 5 ,865 4 75 Cash and bullion 991 1 ,341 Foreign assets (net) 10,551 12.57 14.684 685 Advances to Government 38,300 41.440 Clearings Cnet) 1 .672 2 .0-18 3 .859 763 Loans and discounts , 336.553 383.756 Loans and discounts 39.2 71 38.2S3 31.189 240 Government securities 135.838 80.036 Securities 1 ,1 80 1 ,145 1 .086 045 Other assets , 02.038 38,246 Other assets 1 ,907 1 888 1 ,898 997 Note circulation 455.405 416,359 Note circulation •13.768 4 5.193 44.173 272 Deposits—Government 50.801 81,802 Deposits 1 ,793 2 .355 395 •114 Other 40.14 7 21,465 Other liabilities and capital 14.893 M ,258 14.013 863 Other liabilities 40.358 25,194 Bank of German States The Java Bank (millions of ruplah): (m D O F L L N G il o o o e t l o o i h r p a a t o l e e d e n n o n i r s s g s s c i n a i a t t o r o s s n c f e s — d u e x G G l t c G O s a d R o h e t i v o t a r i a s h o e m v n n c e n r k e o g a r n s r e u n m n n m e t m s n e t a n r t ks): 1 3 2 7 1 1 0 , . . , . , 9 9 4 8 8 2 1 8 9 5 8 9 2 3 2 5 2 8 : 1 S 0 3 2 0 4 3 1 2 3 2 8 1 0 . , , , , 6 3 1 8 2 4 7 0 7 8 6 7 3 5 1 0 3 5 1 8 7 9 0 9 9 0 0 9 2 3 8 2 1 . , , 0 . . 4 8 3 4 2 5 8 7 0 1 4 9 9 4 7 6 8 2 1 3 3 8 3 8 1 . . . . . , . 6 0 5 5 4 0 8 4 2 6 0 8 2 5 9 8 2 2 9 5 6 4 0 4 O F O N A G L D o o t t o d e o h h r a p v t l e e e e d n o a i r r s g n s c ' n i c l a i a t i r e s s a n c e s s — b u d e x i t l t c l K s o O a d i h t t i C i t a i G s e h o A n c s n e o g o r v e a u e n n r ( t d n s n m c e a t e ) p n i t tal , , 3 3 1 1 , , , . 2 6 4 2 6 4 6 7 0 9 4 0 8 8 9 2 1 6 1 1 2 9 5 6 2 5 3 3 3 1 1 , , , . 9 7 0 4 5 6 5 1 4 6 5 6 3 1 0 8 6 8 3 9 3 4 6 3 0 0 3 3 1 1 , . , . 4 3 3 4 6 7 5 8 0 4 4 7 0 0 6 2 6 6 1 7 4 6 5 8 8 0 3 2 1 , , 8 8 5 6 7 7 7 5 9 5 4 8 7 7 2 3 1 2 9 7 9 1 0 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 ap o i f t al d ra . c . h . - . 1 ,911 j 1 .8-1 1 .820 .874 Bank M o o f n e M ta e r x y ic r o e se (m rv i e l li 5 ons of pesos): 1 ,099 1,076 1 ,018 1 .139 ma O N D L G A e o ) o t e o d : h a l p v t d e e n o a r s s n a c i a c a i n t r s e s n d c s s — d u e — f l t o G s d a r G O t i e o i s i o o t v c g h n v o e n e e u r r n r e n n m x ts m c e h e n a n t n t ge (net) . 3 8 1 1 . . 8 . 2 . S 7 5 1 9 8 > 2 0 9 1 9 4 7 1 7 3 2 8 1 1 . . . . 3 6 0 . 8 1 5 8 3 4 8 2 1 2 7 3 2 9 0 1 3 7 . . . . , 4 1 1 8 2 1 1 3 3 2 7 0 1 2 6 5 8 S 56 O {Net O O h N D " B A e i t t e o l r h h r m u l t i l s e e e t t a i r r a h e a n c n o s l a n d i d i , r r s s a d c i s e b z l u e d i t i e l a t l c i s a d i B b s t t " i c i i l a e o o it n s n u i h k e n o a s t * l n s d d i ( n m c g a s il p l i i o o ta f n l s . se . c o . u f . - , 3 2 1 . . , 3 0 4 3 4 9 . 5 9 7 1 0 7 3 2 8 7 5 9 2 3 1 . . , 8 0 3 4 5 2 8 6 7 4 1 0 3 6 4 0 6 5 : 3 2 1 . . . 6 0 4 4 5 0 0 2 2 0 7 5 1 2 2 3 0 0 2 2 1 . . , 9 9 4 4 4 6 8 5 6 4 7 0 5 3 2 8 9 3 Reconstruction and guilders): Ot r h e e l r ief accts 6 1 . . 9 0 0 6 . 5 ; J 6 1 . 8 . 1 9 0 16 . . 3 2 2 7 0 1 S G il o v l e d r " (including subsidiary coin). 1,23 M ; 1 ,2 1 2 4 1 ,32 1 5 4 1.17 1 7 8 Other liabilities and capital. . . . 3,732 3,917 . 8001 Foreign assets (net) 1 ,984 1.604 1 ,540 58 Bank of Guatemala (thousands of Loans and discounts 40 38 34 469 quetzales): Govt. debt and securities 1 ,538 1 1 .9 20 3.237 Gold 2 7 . 2 2 8 .229 Other assets 645 600 504 594 Foreign exchange (net) 11.110 1-1 ,007 . 779 Note circulation—Old 41 42 4 2 47 Gold contribution to Int'l. Fund . 1 .2 SO 1 .2S0 .250 New t 988 2.013i 2 .932 2,755 Rediscounts and advances 7 .1 80 . 060 Deposits—Government 753 761 j 700 17 Other assets 18.528 17.012 . 569 KCA 1,120 1.062) 1 .062 1,722 Circulation—Notes 30,605 38.8)6 .211 Other 330 3471 391 506 Coin 3 3>6 3,326 . 265 Other liabilities and capital 21-1 207; 209 506 Deposits—Government 3,761 .367 [Reserve Bank of New Zealand Banks 7.28 1 6.88 1 .901 (thousands of pounds): Other liabilities and capital 11.653 11.611 .143 Gold 5,096i 5,955 5,365 National Bank of Hungary 3 Foreign exchange reserve 23.156 20.719 68.670 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 51 ,4 59 Gold at home and abroad 400 400 100 Tn vestments 36.182 32,182 31 ,440 Foreign securities ,38. 5.532 ,982 Other assets 1 ,256 1 .024 3 ,1 09 Tndian Govt. securities 4.646 4.646 ,681 Note circulation 59.568 60.374 60.566 Rupee coin 818 791 677 Demand deposits , 58,565 51.684 98,888 Note circulation 10,858 11.011 ,307 Other liabilities and capital 7.192 6,915 6,607 Banking department: Bank of Norway (millions of kroner): Notes of issue department. . . . 380 320 433 Gold , 242 242 242 Balances abroad 1,411 1 .200 , 1 70 Foreign assets (net) 4 14 468 294 Bills discounted 14 13 65 Clearing accounts (net) 52 42 9 Loans to Government 33 34 51 Loans and discounts , 46 49 44 Other assets 1 ,031 1 .020 . 1 03 Securities 45 45 46 Deposits 2.635 .3-1? . 706 Occupation account (net) 5,546 5,546 6.202 Other liabilities and capital. . . 243 253 217 Other assets 60 61 155 Central Bank of Ireland (thousands Note circulation 2.761 2,732 2,478 of pounds): Deposits—Government 1.946 1 .654 1 ,698 Gold 2.616 2,646 2.646 .646 Banks 902 1 .262 1 .1 53 Sterling funds 57.627 55,772 55.480 .372 FCA—MSA 271 262 813 Note circulation 60,273 58,418 58,135j .018 Other liabilities and capital 555 543 843 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net chiim" will equal the country's gold contribution. 2 For last available report duly 1950), see BULLETIN for December 1950. T>. 1699. "For last available report (February 1950). see BULLETIN for September 1950, p. 1263. 4 Gold revalued on Jan. 18. 1950, from .334087 to .233861 grams of fine gold per rupiah. 5 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 6 Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1952, p. 103; January 1951, p. 113. NOVEMBER 1952 1257 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1951 Central Bank 1952 1951 (Figures as of last report (Figures as of last report date of month) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees) : Other assets ,699 26,930 27,508 23,265 Issue department: Note circulation .,646 35,793 35,721 32,821 Gold at home and abroad... 81 81 81 44 Deposits—Government ,518 1 ,434 1,714 221 Sterling securities 482 573 681 851 Other ,036 2,892 2,570 2,987 Pakistan Goyt. securities. . . 900 809 752 655 Other liabilities and capital ,941 23,039 23,592 19,936 Govt. of India securities. ... 126 126 126 136Bank of Sweden (millions of kronor): India currency 300 300 300 300 Gold 444 445 454 283 Rupee coin 71 73 71 35 Foreign assets (net) ,315 1,334 1,319 918 Notes in circulation 1,875 ,886 1,942 ,972 Net claim on Int'l. Fund * 88 88 88 88 Banking department: Paid-in capital—Int'l. Bank 11 11 11 10 Notes of issue department. . 85 75 68 50 Swedish Govt. securities and ad- Balances abroad 643 vances to National Debt Office5 ,477 2,562 2,741 3,351 Bills discounted 2 46 46 99 Other domestic bills and advances 306 302 269 247 Loans to Government 1 2 1 2 Other assets 747 728 741 517 Other assets 455 473 535 309 Note circulation ,158 4,121 4,051 3,636 Deposits 433 495 552 992 Demand deposits—Government.. 500 284 782 822 Other liabilities and capital.. 111 102 98 110 Other 96 432 148 343 Central Bank of Paraguay* Other liabilities and capital 634 632 641 613 (thousands of guaranies): Swiss National Bank (millions of Gold 169 1,169 francs): Foreign exchange (net) 260 66,871 Gold , 799 5,798 5,813 5,977 Net claim on Int'l. Fund * 11 11 Foreign exchange 418 375 337 187 Paid-in capital—Int'l. Bank -1 075 — 1,042 Loans and discounts 231 231 234 177 Loans and discounts 676 75,663 Other assets 77 75 80 77 Government loans and securities. 317 19 220,822 Note circulation ,747 4,677 4,635 4,586 Other assets 154 285 200,381 Other sight liabilities ,577 1 ,602 1,629 1,633 Note and coin issue 340 898 333,933 Other liabilities and capital 200 199 201 199 Deposits—Government 63 214 68,205 Central Bank of the Republic of Other 146 500127,007 Turkey (millions of pounds): Other liabilities and capital 65 911 34,729 Gold 409 419 419 419 Central Reserve Bank of Peru Foreign exchange and foreign (millions of soles): clearings 100 85 86 113 Gold and foreign exchange 8 573 599 528 Loans and discounts ,756 1,713 1,534 1,456 Net claim on Int'l. Fund J 67 67 20 Securities 27 27 27 15 Contribution to Int'l. Bank 2 2 2 Other assets 102 132 91 86 Loans and discounts to banks. . . 317 285 315 Note circulation ,238 1,268 1,138 1,098 Loans to Government 848 842 714 Deposits—Gold 153 153 153 153 Other assets 215 233 244 Other 769 769 678 548 Note circulation ,333 1,361 ,191 Other liabilities and capital 232 187 188 291 Deposits 392 354 325 Bank of the Republic of Uruguay Other liabilities and capital 297 313 307 (thousands of pesos): (Tune)* Central Bank of the Philippines Gold 321,119 382,044 (thousands of pesos): Silver 9,600 9,830 Gold 17622 17,314 11, Paid-in capital—Int'l. Bank 314 318 Foreign exchange 455,214 438,958 510 Advances to State and Govern- 165.939 125,046 Net claim on Int'l. Fund 2 29,504 29,504 29, ment bodies 363,304 313.037 Loans 055 36,382 25! Other loans and discounts 427,001 385,823 Domestic securities 233 824233,908 231 Other assets 359,693 350,880 Other assets 151 770166,770 197. Note circulation 81 ,529 91,960 Note circulation 516 495 25,454 579 Deposits—Government 306,446 324,075 Demand deposits 277, 257,701 231 Other 539,609 449,184 Other liabilities and capital 139 139,680 195, Other liabilities and capital Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 4,413 ,026 Gold ,141 1,141 1,141 1,141 Foreign exchange (net) 11,601 ,086 Foreign exchange (net) 228 113 162 -76 Loans and discounts 639 645 Other assets 85 71 64 119 Advances to Government 1,419 ,247 Note circulation 855 854 854 740 Other assets 617 808 Deposits 290 245 249 210 Note circulation 8,915 ,567 Other liabilities and capital 310 226 264 234 Demand deposits—Government.. 1,353 992 Bank for International Settle- ECA 29 42 ments (thousands of Swiss gold Other 6,289 ,706 francs): Other liabilities and capital 2,104 ,505 Gold in bars 560, 555,444 507,473 439,705 South African Reserve Bank Cash on hand and with banks. . . 47, 72,406 56,669 47,518 (thousands of pounds): Sight funds at interest 10, 10,338 10.318 9,151 Gold * ,453 53.604 479 Rediscountable bills and accept- Foreign bills ,582 67,827 ,438 ances (at cost) 260, 219,057233,770 120.545 Other bills and loans 494 14,046 082 Time funds at interest 7? 43,506J 44,952 37,926 Other assets 914 32,538 547 Sundry bills and investments. . . . 197! 205.734211,383 33\,079 Note circulation ,027 87,463 163 Funds invested in Germany 297 297,2Oi!297,201 297,201 Deposits ,424 58,151 ,938 Other atsets 1 1,409i 1 .372 1 .349 Other liabilities and capital ,993 22,401 ,444 Demand deposits (gold) 401 662 377,426339,137 320,680 Bank of Spain (millions of pesetas): Short-term deposits: Gold 558 558 558 550 Central banks—Own account.. 503 421 4 78,654 469905 387,523 Silver 374 374 374 3 Other 41 426 50,108 55.660 81,882 Government loans and securities. 15,988 ,886 15,775 ,608 Long-term deposits: Special 228 9091228,909?28 909 228.909 Other loans and discounts 20,522 ,409 19,381 ,163 Other liabilities and capital 270 769 269,998269,527 265,479 * Latest month available. 1 The new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary Department of the Bank of Paraguay were transferred to the new institution. The Bank of Paraguay has been reconstituted as a governmentowned commercial bank. 2 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 3 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 4 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 5 Includes small amount of non-Government bonds. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120. 1258 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— eff D ec a t t i e ve U K d n i o i n m t g e - d France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S l w a e n r i - d tz- ba C n e k n tr o a f— l S R e 3 a p 0 te t. eff D ec a t t i e ve ba C n e k n tr o a f l — S R e 3 a p 0 te t. eff D ec a t t i e ve In effect Dec. 31, Argentina I* Mar. 1, 1936 Italy 4 Apr. 6, 1950 1945 2 3K IK 2K Austria Tuly 3, 1952 Japan 5.84 Oct. 1, 1951 N D o ec v . 1 7 9 , 1946 V B B e o l l g iv iu ia m 3H S S e e p p t t . . 3 1 0 3 , , 1 19 9 5 5 1 0 J M a e v x a ico 3 4^ J A u p n r e . 4 1 , , 1 1 9 9 4 4 2 6 Jan. 10, 1947 &2K Aug 27 3K Oct 9 2H&3 Canada 6 Oct. 17, 1950 Netherlands.. 3 Aug. 1, 1952 June 28 1948 15 Chile June 13, 1935 New Zealand. Tuly 26, 1941 Sept 6 3H&4 Colombia July 18, 1933 Norway Jan. 9, 1946 Oct 1 Costa Rica.... Feb. 1, 1950 Pakistan 3 3 July 1, 1948 May 27, 1949. 14^ July 14 1 4 4H Oct. 6 3H S O J S u e e c p p n t. t t e 2 2 1 7 6 8 1 , . 1950 2H 3H 3 D E E E l g c e u y n S a p m a d t l o v a r r a k dor. .. 1 3 4 5 0 K N M M Tu o a a l v r y y . . 2 1 2 3 5 2 , , , , 1 1 1 1 9 9 9 9 5 4 5 5 0 8 0 2 S S P P o p e o r u a r u i t t n h u A ga fr l i . c . a .. . 1 6 H . J N M M a o n a a v . r r . . . 2 1 1 1 7 3 2 8 , , , , 1 1 1 1 9 9 9 9 5 4 4 4 2 7 4 9 Dec 1 3 4 Apr. 17, 1951. 4 July 5 3 V Sept. 13 . 3M Finland Dec. 16, 1951 Sweden i* Dec. 1, 1950 Oct 11 3 France Nov. 9, 1951 Switzerland.. Nov. 26, 1936 Nov. 8 14K Aug. 21, 1952 Turkey Feb. 26, 1951 Nov 9 4 Greece 12 July 12, 1948 United King- Jan 22, 1952 3K India 3K Nov. 15, 1951 dom 4 Mar. 12, 1952 Mar. 12 4 Ireland 3K Mar. 25, 1952 USSR 4 July 1, 1936 May 29 15 A •\ l u l g R . 21 1 . . .. 3 1 Rate established for the Land Central banks. In effect Sept. 30, XOTF.—Changes since Sept. 30: Xone. 1952 i 4 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- Treasurv 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 1042—Aug .53 1 .03 1 .00 1.00 .50 1.66 3 fd i i^ 1043 \ui?. .50 1 .03 1 .00 1.11 .50 1 .62 .25 1044 -Aug .38 1 .03 1.00 1 .13 .50 1 .68 .25 1045--Aug. 36 1 03 1 .00 1.13 .50 1 50 1046- —-\UR. 40 . 53 .51 .63 .50 1 32 1 41 1 18 "> \/' - \ j/ 7- 1047- Aug .41 .53 .51 . 63 .50 1 .46 1.30 1 .00 25 1048--Aug .41 .56 .51 . 63 .50 1. . 88 1 .35 1 .06 2j|-4>! L.63 1040--Aug .51 .67 .52 63 .50 P2 06 1.25 .01 ^1-4jJ . 50 1050- -Aug .55 .60 .51 .63 .50 2.35 1 .44 .05 I .50 1051—Aug .70 1 .00 .51 .63 . 50 2.64 1.38 1.00 ~y3-5 L.50 1951- --September. . . . .88 1.00 .51 . 63 .50 2 .56 1.24 1 .00 3-5 . 50 October 03 1 .00 .51 .63 .50 2.78 1 16 1 00 3 -5 SO Xovember.... . 02 1 .38 .84 .02 .60 3.2 7 1 .17 1 .00 3-5 . 50 December .80 1.50 .98 1 .00 . 75 3 .50 1.21 1.00 3-5 .50 1052—January .89 1 .50 .97 1 .00 . 75 3 .50 1 .18 1 .00 3 5 . . 50 Februarv .01 1 .50 09 1 00 .75 3 .03 1.17 1 .00 3-5 . 50 March .04 2.48 2.01 1 .82 1 .57 3 .95 1.38 1 .00 3 -5 .50 April . 08 3.00 2.35 2.25 2.00 3.88 1.40 1.00 3-5 .50 Alav 1 02 3.00 2.37 2.25 2.00 3 .84 1.25 .00 3-5 50 Tune 1 .08 3 .00 2.43 2.25 2 .00 3.66 1.20 . 75 3-5 50 Julv 1.11. 3 .00 2.46 2.25 2 .00 3.84 1.05 . 75 3 • 5 .50 August 1 .10 3.00 2.46 2.25 2 .00 3.77 .85 .58 3- 5 50 v Preliminary. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 1 72, pp. 656-061, and for description of statistics see pp. 571-572 in same publication. NOVEMBER 1952 1259 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- receipts 2 Q c L u o s a to n m s e to rs O as t s h e e ts r 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 ,427 994 505 5,685 3,823 1,862 342 1947—December. 502 480 793 1,288 ,483 1,219 567 5,935 3,962 1,972 396 1948—December 502 485 741 1,397 ,478 1,396 621 6,200 4,159 2,041 420 1949—December 532 571 1,109 793 ,512 1,534 579 6,202 4,161 2,041 427 1950—December 540 592 1.408 456 ,528 1,660 T35 6,368 4,262 2,106 550 1951—October 514 579 1,330 177 ,555 1,910 778 6,204 4,140 2,063 638 November . . 517 562 901 108 ,033 1,935 787 6,189 4,118 2,071 654 December 531 598 972 102 ,965 1,950 867 6,333 4,290 2,042 651 1952—Tanuarv 521 605 965 66 ,954 1,928 824 6,204 4,173 2,031 659 February 492 526 856 15 ,944 1 ,945 804 5,893 3,923 1.971 689 March 492 526 854 ,935 1 ,959 789 5,887 3,914 1 ,974 667 April 501 512 883 ,934 1,967 821 5,994 3,952 2,042 623 Mav 491 518 936 ,932 1 ,901 713 5,903 3,840 2 ,063 587 Tn no 504 537 1 ,064 .917 1 ,875 726 6,064 3 .909 2,155 559 julv ^01 53^ 1 ,139 917 1 834 696 6 063 3 903 2 .1 59 558 Aii'ni^t 510 516 1 .°39 .918 1 .765 638 6,04 8 3.87S 2 .1 70 537 September 503 530 1 ,295 .921 1 .758 662 6,126 3 ,910 2,216 543 Assets Liabilities Canada Security Deposits payable in Canada (10 chartered banks. Entirely in Canada loans excluding interbank deposits Other En C d a i n n o a f m d m i i a l o n li n o t d n h o s l f o l i a f g r u s) res re C se a r s v h es Se lo cu an ri s ty d o i O a s n c t s o h u e a r n n t d s d a f a u b n o e d a r ) e r n f o i k n r g a o s n e d 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- Total Demand Time li c a a b a p i n l i d i t t a i l es 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 L.537 1949—December 765 133 2,271 146 4,345 1,058 14 7.227 2,794 4,433 1,477 1950—December 824 134 2,776 171 4,286 1,304 («) 7,828 3,270 4,558 1,667 1951—September 788 107 3,045 217 3,876 L,242 (») 7,637 3,042 4,595 1,639 October 835 111 3,034 182 3,876 ,403 (•) 7,752 3,177 4,575 ,688 November 843 96 3,123 166 3,894 1,423 (•) 7,829 3,213 4,616 1,715 December 907 107 3,028 227 3,876 1,464 (8) 7,896 3,284 4,612 1,714 1952— F T e an b u ru a a rv rv 8 8 6 0 9 9 1 9 0 5 7 2 2. , 9 9 1 5 8 5 2 1 3 8 1 3 4 3, , 9 0 2 0 7 3 1 1 , , 3 3 0 5 3 3 ( (3 ' ) ) 7 7, , 7 7 6 0 1 5 3 3 , , 0 0 6 7 6 6 4 4 , , 6 6 3 8 9 5 1 1 , , 6 6 3 4 7 8 March 880 97 2,949 202 4,095 L.390 (3) 7,979 3,231 4,748 1,634 A M p a r v il 8 7 9 8 7 5 1 1 3 4 2 0 3 2 . , 0 9 1 6 2 0 2 2 5 3 5 6 4 4 , , 0 1 6 0 8 0 , , 3 3 5 7 0 0 ( ( 3 ' ) ) 7 7 , . 9 98 7 7 9 3 3 , , 2 2 1 3 0 0 4 4 , , 7 7 6 5 9 7 1 I , , 6 6 8 5 5 5 lime Si 3 138 3.048 328 4.067 ,453 (*) 8.120 3.328 4,792 1,727 Tulv 84 7 M5 3,053 2 79 4. 134 ,278 (*) 8,079 3.243 4,836 ,658 August 828 1-17 3.018 260 4.139 ,306 (3) 8,075 3.205 4,870 ,652 1 Assets Liabilities France ;4 large banks. End Deposits Other of month figures in Cash Due from Bills dis- Loans Other Own liabilities millions of francs) reserves banks counted assets Total Demand Time ances ca a p n i d tal 1946—December 18,007 18,940 195,223 65,170 17,445 291,945 290,055 1.890 15,694 7,145 1947—December 22,590 19,378 219,386 86,875 27,409 341,547 338,090 3,457 25,175 8,916 1948—December . . . 45,397 35,633 354,245 126,246 34,030 552,221 545.538 6.683 30,638 12,691 1949—December 40,937 42,311 426,69C 129.501 29,843 627,266 615,204 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 -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 76*.657 24,422 35,372 48 641 December 60,215 72,559 627.648 165,696 38,114 906,911 87< ,767 27,145 33,774 23,547 1952—Tanuarv .. 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 79f ,396 31,551 30,414 26,227 March 48,669 75,148 555,883 174,048 40,219 834,482 80-5.481 32.002 28,953 30 531 April 45,646 72,94 7 556,1.SI 180,550 41,474 831 ,729 80f , 944 30,786 28,482 36,556 May 48,832 75,533 618,19( 172.693 43,093 891.,422 861, 703 29,719 27,025 39,893 Tune 50.436 72.818 554.963 193.9-12 44.-163 848,354 81< .030 20,324 25.529 42,738 July 45,999 70,090 560,877 196.665 45.990 846.689 817 . 569 29,120 23,811 49,121 1 » This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of % per cent after October 1945. » Less thaii $500,000. Xon:.- -For details concerning data in earlier years, see RULLKTIX for February 1952, p. 466; for back figures and figures on German commenial banks, see Banking and Monetary Statistics, Tables 168-171. pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 1260 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) Year or month Basic P e r n e t f i e a r l - Free (p t A r o a u u l n s i - a d) a " n c B o c t o a e n u s k n " t Official Free M (d s a o ia l l l a a i y r) - Official Free 1946 29 773 321.34 2.2829 6.0602 95.198 93.288 1947 29 773 321.00 2.2817 5 4403 100.000 91.999 1948 29 773 321 .22 2.2816 5.4406 100.000 91.691 1949 29.774 293.80 2.2009 2.1407 5.4406 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—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—Tanuarv 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 Tune 20.000 13.333 7.183 221.88 1.9838 5.4406 32.505 102.086 Tulv 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 October 20.000 13.333 7.196 222.55 1.9965 5.4406 32.499 103.681 France Year or month Ceylon C sl z o e v c a h k o ia - m D a en rk - Finland (franc) G (d e e r u m tsc a h n e y India Ireland Mexico e N rl e a t n h d - s (rupee) (koruna) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) Official Free 1946 2.0060 20.876 A409 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 * .4354 .2856 23.838 20.869 * 280'.38' 11.564 26.264 1951—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—Tanuarv 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 Mav 20.961 14.492 .4354 .2856 3 23.838 20.988 280.07 11.566 26.337 Tune 20 834 14 492 4354 28S6 20.870 2 78.46 11.561 26.317 July 20.871 14.492 .4354 .2856 20.892 278.82 11.574 26.324 A.ucjust ?0 875 e 14.492 .4354 2856 20.893 278.85 11.623 26.317 September 20 854 4354 2856 20.866 2 78.26 11.623 26.291 October 20.903 .4354 .2856 20.921 279.30 11.611 26.312 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 - ) ( S A p o o fr u u i n t c h d a ) (k S d r w o en n e- a) S e (f r w r l a a i n t n c z d ) - ( U K p d n o i o u i n m t n g e d - d ) Ur (p u e g s u o) ay 1946 322.63 20.176 4.0501 400.50 25.859 23.363 403.28 65.830 56.280 1947 322.29 20.160 4.0273 400.74 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 36S 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—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 42.552 1952—Tanuarv 2 75.39 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 2 76.91 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 Mav 277.29 14.015 49.677 3.4898 279.03 19.327 23.078 280.07 65.833 56.180 42.553 Tune 275.71 14.015 49.677 3.4801 277.42 19.327 23.138 278.46 65.833 56.180 42.553 Tulv 2 76.06 14.015 49.677 3.4 793 277.78 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 56.1 SO 42.553 October 276.53 14.015 49.677 3.4825 278.25 19.325 23.329 279.30 65.833 56.180 42.553 NOVEMBER 1952 1261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month (1 U S 94 1 n ta 7 0 i 0 t - t 4 e e ) d s 9 = ( C 1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 M (19 1 e 0 3 x 0 9 i ) c = o K U ( i 1 n 1 9 n g 0 3 i 0 t d 0 e ) o d = m F (1 r 1 9 a 0 4 n 0 9 c ) e = (1 I 9 1 ta 3 00 8 ly ) = ( a 1 J v 9 a e 3 p = r 4 a a - 1 g n 3 ) e 6 N (1 l e a 9 1 t n 4 0 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 z 0 d 1 0 e 9 ) r 3 - 9 1941 ... . 57 116 110 153 9 136 2 172 171 194? 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 20 > 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 19 SO 103 211 311 262 108 4,905 246 117 227 203 1951 115 240 386 320 138 5,581 342 143 299 227 1951—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—Tanuary 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> A M p a r v il 1 1 1 1 2 2 2 2 2 2 7 5 4 4 0 0 7 6 3 32 3 8 0 1 1 4 4 5 7 r5 5 , , 1 2 7 5 9 5 3 34 4 8 9 1 14 4 2 0 3 3 2 2 1 1 2 2 2 2 1 0 June 111 227 405 328 143 r5,133 348 139 322 220 July 112 226 400 32 7 144 5,199 351 136 P320 220 •\u<ru^t 112 224 400 325 144 "5 .219 137 i>319 220 September 112 393 322 M43 ?'22O v Preliminary. r Revised. Sources.—See BULLETIN for January 1952. p. 108; August 1951, p. 1046: Tanuary 1950. p. 124; Ju me 1949, p. 754; June 1948, p. 746; Julj> 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 Fullv 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 g c o a a t o u r n t d r u l e y s - d fa c m g h c o a t ie o u n f d r u l e y s - d Foods p I r n o tr d d ia u u l s c - ts Foods t p r I r i n o al d d u u ra s c - w ts p f I r in n o tr i d d s i u u a h l e s c - d ts; 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 194S 72 n.a. 71 165 136 130 158 175 1946 83 n.a. 78 177 140 138 158 184 1947 100 98 95 190 164 162 165 207 1948 107 106 103 230 196 192 181 242 100 100 100 1949 93 96 101 226 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 265 238 242 247 "364 122 171 143. 1951—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—Tanuary 110 110 114 263 233 240 277 P368 130 176 141 February 108 110 114 251 228 236 271 P363 133 172 141 March 108 109 114 248 226 235 276 P366 130 169 139 April 109 108 113 245 221 231 280 P358 130 166 138 Mav 108 109 113 244 220 228 280 P355 128 165 136 June 107 109 113 250 221 231 283 P352 127 163 134 Tulv 110 110 113 244 219 230 289 P3-18 122 162 133 August no 111 113 236 216 229 2S7 >'3-15 124 164 133 September 111 113 "224 283 "343 106 n.a. Not available. P Preliminary. Sources—See BULLKTIN for Tanuary 1952, p. 108; August 1951, p. 1046; July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1262 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 ilumbers United Switz- United Switz- United Can- King- France Nether- er- United Can- King- Nether- er- Year or States' ada dom lands 2 land Year or States i ada dom (1949 lands 2 land month (1935-39 (1935-39 (Jan. = 100) (1949 (AllR. month (1935-39 (1935-39 (Jan. = 100) (1949 (Aug. = 100) = 100) 15, 1952 = 100) 1939 = --=100) = 100) 15, 1952 = 100) 1939 = = 100) 100) = 100) 100) 1943 138 131 12 161 1943 124 118 12 148 1944 136 131 15 164 1944 126 119 16 151 1945 139 133 21 164 1945 129 119 22 153 1946 160 140 36 160 1946 140 124 35 152 1947 194 160 67 57 170 1947 160 136 77 57 158 1948 210 196 72 92 176 1948 172 155 82 90 163 1949 202 203 76 100 100 174 1949 170 161 84 100 100 162 1950 205 211 82 111 111 176 1950 172 167 86 111 109 159 1951 . . . 227 241 91 128 121 181 1951 186 185 95 130 119 167 1951-September. 227 251 94 129 124 183 1951-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 Mav 189 187 102 145 119 171 Tune 232 237 109 137 124 184 [une 190 187 104 143 119 171 Tulv 235 240 r108 136 P123 185 July 19! 188 104 143 120 171 August.. . . 236 238 107 140 J>\20 185 August.... 191 188 103 145 119 171 September. 233 P234 -"142 "186 September. 191 P187 P 146 P\20 "172 P Preliminary. r Revised. 1 Adjusted series reflecting allowances for rents of new housing units and, beginning January 1950, interim revision of series and weights. 2 Beginning January 1952, the index is based on data for 21 communities instead of 9 as heretofore. Sources.—See Bri.LHTix for August 1952. p. 961; Tanuary 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 specifiedj 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 l ( C 1 = a 9 3 n 1 5 0 a - 0 d 3 ) a 9 ( 1 K D 9 U i e 2 n c n 1 g e i = m t d 1 e o b 0 d 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 n t 3 a 1 i 5 t 0 t 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 c 1 e 0 2 0) 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 9?.O 240 1949 121 .0 107.6 126.5 100.0 106.8 121.4 109.4 87.6 100 219 1950 122.0 109.6 121.2 99.8 106.7 146.4 131 .6 90.0 92 217 1951 117.7 95.7 117.6 101.4 87.0 176.5 168.3 97.1 113 215 1951—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 July 116.0 85.3 105.8 114.4 85.4 192.1 174.9 89.9 145 190 August 115.8 84.0 106.3 114.8 87.6 191 .1 176.0 89.9 146 190 September .. . 115.7 P83.6 110.0 87.1 188.2 P171.6 91.2 192 p Preliminary. 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 2 Beginning August 1951, figures are revised to show monthly averages rather than end-of-month quotations. Yearly averages for 1951 and previous years, however, are based on end-of-month data and are therefore not strictly comparable. NOTE.—For sources and description of statistics, see BULLETIN for August 1952, p. 961; September 1951, p. 1219; March 1951, p. 357; June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121 NOVEMBER 1952 1263 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 PIOWARD H. HACKLEY, Assistant General Counsel DIVISION OF BANK OPERATIONS OFFICE OF THE SOLICITOR ROBERT F. LEONARD, Director J. E. HORBKTT, Assistant Director G. HOWLAND 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 SPREGIIER, JR., Assistant Director KENNETH B. WILLIAMS, Assistant Director SUSAN S. BURR, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES GUY E. NOYES, Assistant Director LISTON P. BETH FA, Director C. RICHARD YOUNGDAIIL, Assistant Director JOSEPH E. KELLEIIER, Assistant Director EDWIN f. JOHNSON, Assistant Director DIVISION OF INTERNATIONAL FINANCE ARTHUR W. MARGET, Director OFFICE OF DEFENSE LOANS LEWIS N. DEMBITZ, Assistant Director GARDNER L. BOOTIIE, II, Administrator FEDERAL OPEN FEDERAL MARKET COMMITTEE ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman WALTER S. BUCKLIX, 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. F.VANS M. S. SZYMCZAK HUGH LEACH JAMES K. VARDAMAN, JR. ROBERT V. FLEMING, RICHMOND DISTRICT Vice President C. S. YOUNG PALL M. DAVIS, ATLANTA DISTRICT WINFIELD W. RIEFLKR, Secretary ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President WOODLinF THONTAS, Economist GEORGE W. MITCHELL, Associate Economist V. J. ALEXANDER, ST. LOUIS DISTRICT EARLE L. RATBER, 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. LOGHEAD, SAN FRANCISCO DISTRICT Mar\et Account HERBERT V. PROCIINOW, Secretary 1264 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman l President Vice Presidents Bank of Deputy Chairman First Vice President {Vice 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 i b s 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. Wilgus2 Wm. G. McCreedy Cleveland. George C. Brainard Ray M. Gidney Wilbur T. Blair Martin Morrison John C. Virden Wm. H. Fletcher Roger R. Clouse Paul C. Stetzelberger A. H. Laning 3 Donald S. Thompson Richmond. Charles P. McCormick Hugh Leach N. L. Armistead K. Brantley Watson John B. Woodward, Jr. J. S. Walden, Jr. R. W. Mercer 3 Edw. A. Wayne C. B. Strathy Chas. W. Williams Atlanta. Frank H. Neely Malcolm Bryan V. K. Bowman E. C. Rainey 2 Rufus C. Harris L. M. Clark J. E. Denmark L. B. Raisty Harold T. Patterson Earle L. Rauber S. P. Schuessler Chicago. Franklin J. Lunding C. S. Young Allan M. Black L. G. Meyer John S. Coleman E. C. Harris Neil B. Dawes George W. Mitchell W. R. Diercks A. L. Olson W. A. Hopkins Alfred T. Sihler L. H. Jones 2 W. W. Turner St. Louis Russell L. Dearmont Delos C. Johns FrederickL.Deming H. H. Weigel Wm. H. Bryce O. M. 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. St roth man, Jr. H. G. McConnell Sigurd Ueland Kansas City Robert B. Caldwell H. G. Leedy P. A. Debus 2 Clarence W. Tow Cecil Puckett Henry O. Koppang M. W. E. Park D. W. Woolley Dallas. J. R. Parten R. R. Gilbert E. B. Austin L. G. Pondrom R. B. Anderson W. D. Gentry R. B. Coleman Harry A. Shuford J. L. Cook 3 Mac C. Smyth Watrous H. Irons San Francisco... Brayton Wilbur C. E. Earhart E. R. Millard Ronald T. Symms 3 William R. Wallace, Jr. H. N. Mangels H. F. Slade O. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE: BANKS Federal Reserve Federal Reserve Bank of Branch Vice Presidents Bank of Branch Vice Presidents New York Buffalo I. B. Smith Minneapolis.... Helena C. W. Groth Cleveland Cincinnati W. D. Fulton Pittsburgh J. W. Kossin Kansas City.... Denver G. A. Gregory Richmond Baltimore D. F. Hagner Oklahoma City R. L. Mathes Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham John L. Liles, Jr. Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville R. E. Moody, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit H. J. Chalfont San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock 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. 4 Counsel. NOVEMBER 1952 1265 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; ington 25, D. C. Remittance should be made in quantities of 10 or more copies for single shippayable to the order of the Board of Governors ment, 50 cents each. Paper-bound copies available 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 stall. 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 Uruguay, and Venezuela is $2.00 per annum or (unbound). 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 aflecting 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. 1266 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 # THE TREASURY—CENTRAL BANK RELATIONSHIP IN pages. PART I. CONSUMER EXPECTATIONS AS TO 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. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951. 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. 1267 NOVEMBER 1952 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 1 BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRi TORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis