Federal Reserve Bulletin, 1952-12

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

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WIN FIELD 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 Recent Credit Expansion. 1269-1275 Recent Central Banking Developments in Southeast Asia. 1276-1284 Current Events and Announcements. 1285 National Summary of Business Conditions. . 1286-1287 Financial, Industrial, Commercial Statistics, U. S. (See p. 1289 for list of tables) . 1289-1338 International Financial Statistics (See p. 1339 for list of tables) . 1339-1357 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 1358 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 1359 Federal Reserve Board Publications.. 1360-1363 Map of Federal Reserve Districts. . 1364 Index 1365-1386 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 3 8 December 1952 NUMBER 12 RECENT CREDIT EXPANSION Demand for credit has been large in 1952 rations, from balances accumulated for tax and growth in the total of long-term and payments. short-term credit outstanding has been sub- At commercial banks, loan expansion has stantial, particularly in recent months. Busi- been substantial in 1952. Commercial banks nesses and consumers have expanded their have also increased their portfolios of Govborrowing throughout the year to help fi- ernment securities, although the level of nance large expenditures for plant and their holdings has fluctuated considerably equipment, housing, and durable consumer since midyear, increasing in connection with goods. Business borrowing for seasonal and the major new financing operations of the other purposes has also been large in the last Treasury but subsequently declining somehalf of the year, following a less than sea- what as banks sold short-term Government sonal decline in the first half. Increased securities to other investors. The expansion borrowing by State and local governments in deposits of businesses and individuals to finance capital improvements has added which accompanied growth in bank credit further to the demand for credit. Since in 1952 has been largely in the form of time midyear the Federal Government has also deposits and only to a moderate extent in been a borrower. demand deposits—a development which con- To a considerable extent, credit expansion tributed to sustained high level activity withhas been financed with funds accumulated out further inflation. by individuals in savings institutions. There To obtain the additional reserves required has been a continuing large growth in sav- by total deposit expansion, member banks ings deposits, savings and loan shares, in- found it necessary to increase significantly surance and pension reserves, and certain their borrowing at the Federal Reserve other savings forms. In addition, State, local, Banks. Since borrowing from the Federal and foreign governments have supplied an Reserve is only a temporary means of adjustincreased amount of short-term funds to the ing a bank's reserve position, the increase in money market, and since midyear non- such borrowing exerted a restraining influfinancial corporations have bought large ence on monetary expansion. amounts of Treasury bills. Such funds have CREDIT DEMAND IN CAPITAL MARKETS become available from cash reserves and temporarily idle working balances, from cash The capital markets have supplied an exproceeds of financing operations completed ceptionally large volume of funds in 1952. in advance of actual disbursements for vari- During the first nine months the increase in ous capital projects, and, in the case of corpo- real estate mortgage indebtedness, together DECEMBER 1952 1269 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CREDIT EXPANSION with growth in long-term financing of busi- private placements with insurance companies ness corporations and State and local gov- for the first ten months of the year are estiernments, totaled an estimated 16.3 billion mated at 7.6 billion dollars, which exceeds dollars—nearly one-fifth more than in the the total for the full year 1950 or 1951. corresponding period last year. A smaller A somewhat higher level of business exgrowth in real estate mortgage indebtedness penditures for new plant and equipment, a this year was more than offset by greater marked decline in corporate funds retained increases in long-term corporate business and from operations, and the funding by some State and local government debt, as is shown companies of debt owed to commercial banks in the chart. In the case of business corpo- all contributed this year to an increased corrations, the increase this year was nearly porate demand for long-term financing, both two-fifths greater than last, while growth debt and equity. Business expenditures for in State and local government debt was more new plant and equipment, including those than twice that of 1951. of unincorporated concerns, are expected to reach a record high of about 27 billion dollars GROWTH IN LONG-TERM FINANCING for the year 1952. SELECTED TYPES While corporate funds retained from op- January-September erations (profits before taxes plus current Billions of Dollars depreciation accruals, less Federal income 16 STATE AND LOCAL tax and dividend payments) are estimated to GOVERNMENT have increased appreciably from the second to the third quarter, the total for the first 12 nine months of 1952 was probably about onethird less than in the same period of 1951. CORPORATE BUSINESS Some further increase is expected for the fourth quarter, but the volume of funds available from internal sources for the full year will be somewhat less than in 1951. Electric and gas utility companies have floated an especially large volume of securi- REAL ESTATE MORTGAGE ties this year, in part to place on a more permanent basis borrowing from banks for the initial financing of plant and equipment expenditures. Manufacturing concerns have 1951 1952 also issued substantial amounts of securities. NOTE.—Estimates by Federal Reserve on. basis of data from The principal issuers were in chemical, ma- Securities and Exchange Commission, Bond Buyer, Census Bureau, Home Loan Bank Board, and Department of Agriculture. Corporate business includes long-term debt and equity chinery, petroleum, and steel industries financing. where facilities are being expanded in ac- Corporate security issues. New capital cordance with defense program objectives raised by business through security issues in of increasing productive capacity for stra- 1952 has been much greater in volume than tegic materials and specialized equipment. in any recent year and may reach an all-time Relative costs have continued to favor debt high. Public offerings and take-downs on financing over common and preferred stock 1270 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CREDIT EXPANSION financing, although there have been in- reflected in a volume of new mortgage loans creased efforts to obtain equity capital, par- on small properties that was about one-tenth ticularly through issuance of debentures con- larger in the January-October period of 1952 vertible into stock. The treatment of in- than a year earlier. terest as a deductible expense for income tax Total outstanding mortgage debt, howpurposes and the yield and underwriting ever, has been increasing less rapidly this differentials necessary to attract investment year than in 1951. This reflects a much funds into equity shares continued to en- smaller volume of mortgages written on courage borrowing as a source of funds. commercial and multi-family residential Moreover, institutional investors, such as properties, as well as a larger volume of life insurance companies, commercial and repayments on outstanding mortgage debt. mutual savings banks, and pension and trust CONSUMER CREDIT funds, invest primarily in debt obligations, Consumer borrowing has risen sharply and these institutions have continued to following the suspension of consumer instalsupply the greater part of external long-term ment credit regulation on May 7. Expansion funds for business. Direct placements with has been concentrated in instalment credit. institutional investors, which have accounted With credit terms eased considerably, more for two-fifths of all corporate security issues durable goods purchases have been financed during the postwar period, continued in on credit, and more credit has been granted about that proportion during the first three on individual purchases. As shown in the quarters of 1952. chart, the increase in instalment credit out- State and local government borrowing. standing was rapid in May and June. It State and local governments accelerated expenditures for construction of schools, high- CONSUMER INSTALMENT CREDIT ways, and other public facilities in 1952. 16 The bulk of such capital expenditures is End of Month financed out of borrowed funds rather than Billions of Dollars current revenues, and preliminary estimates 15 for the year indicate that the amount of State and local government security issues may exceed 4.5 billion dollars, about one- 14 third more than last year. The volume of prospective issues already announced, together with those approved by voters in the 13 recent election, indicates a sustained large amount of State and local government fi- 12 nancing in 1953. Real estate mortgage credit. The number of new houses completed and sold during the first ten months of 1952 was somewhat smaller than in the same period of 1951, but i i i i i i i i I i i i i i i i i i i i 1.1 i i i i i i i J/y\J 10 transfers of existing properties were more 1950 1951 1952 numerous. In mortgage financing this was Oc N to O b T er E . .—Federal Reserve estimates. Latest data are for DECEMBER 1952 1271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CREDIT EXPANSION slackened somewhat in July and August, or redeemable for cash on March 18. This largely as a result of the prolonged steel issue was sold at an average rate of L72 per strike, which curtailed production of auto- cent. In November an additional 2 billion mobiles and some other consumer durable dollars of tax anticipation bills, acceptable goods. The increase since September has for taxes on June 15 or redeemable for cash again been very large. The ratio of con- on June 19, was auctioned at an average rate sumer instalment credit granted to expendi- of 1.85 per cent. Initially, both of the issues tures for durable goods is now back to pre- were acquired almost entirely by commercial war relationships. banks, with subsequent distribution made in the market to corporations and other in- FEDERAL TREASURY FINANCING vestors as they accumulated funds for tax payments due in March and June. The Federal Government, which on a cash basis had a balanced budget in the fiscal Some of the funds obtained through these year ending June 30, 1952, began in July to recent security issues have been absorbed by operate at a deficit. While the actual cash cash redemptions of maturing marketable deficit for the current fiscal year cannot be securities and the excess of redemptions over gauged accurately at this stage, it may sales of savings securities. The volume of amount to several billion dollars. Seasonal savings notes outstanding, after declining patterns in tax collections will probably almost a billion dollars in the first half of result in a cash deficit in the June-December the year, has since declined further, reflecting 1952 period in excess of the deficit for the a shift by corporate investors to marketable full fiscal year. During this half-year the securities, which under recent market condi- Treasury will probably have borrowed from tions have yielded higher returns. Followthe public a net amount of about 7 billion ing a change in savings bond terms in May, dollars. sales and redemptions (valued at issue price) The first borrowing for the fiscal year have come nearly into balance after a period 1953 was the sale on July 1 of over 4 billion of more than a year when redemptions exdollars of fully marketable bonds. These ceeded sales, sometimes by large amounts. bonds, which mature in 1958, were the Since May there has been a small increase in largest Treasury issue for new money since the amount of savings bonds outstanding, 1945. They were initially allotted almost reflecting the accrual of discount on bonds. entirely to nonbank subscribers, some of SOURCES OF LONG-TERM CREDIT whom financed their purchases through loans from commercial banks. In the period An increased proportion of the credit in immediately following the offering, banks 1952 has been supplied from savings acpurchased a large amount of these bonds in cumulated by individuals. Financial asthe market. sets of individuals have expanded greatly The remainder of the Treasury's recent through deposits in savings accounts at comfinancing program has been accomplished mercial banks and mutual savings banks, by temporary borrowing through tax antici- additions to shares in savings and loan assopation bills. Early in October the Treasury ciations, and growth in life insurance comissued 2.5 billion dollars of such bills ac- pany resources, as is shown in the chart. ceptable in payment for taxes next March 15 In the first ten months of 1952, this growth 1272 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CREDIT EXPANSION totaled 9.2 billion dollars, as compared with INCREASE IN ASSETS OF CERTAIN MAJOR INSTITUTIONAL INVESTORS 6.8 billion in the same period last year. In [In billions of dollars] addition to making a substantial volume of January-October funds available for investment by inter- Asset and institution mediary institutions, individuals have in- 1951 1952 creased their direct purchases of corporate Total assets 5.8 7.7 and State and local government securities. Business loans and securities 2.4 3.3 The increased volume of savings accumu- Life insurance companies 2.2 2.7 Mutual savings banks l 0.2 0.6 lated at major savings institutions other than Real estate mortgages 5.6 4.9 Life insurance companies 2.8 1.7 commercial banks has been used almost en- Mutual savings banks 1.4 1.2 Savings and loan associations 2 1.4 2.0 tirely to finance capital expenditures by United States Government securities -2.9 -0.9 businesses and consumers, with a particularly Life insurance companies -2.1 -0.7 Mutual savings banks -0.9 -0.3 large amount of credit granted to business Savings and loan associations 2 0.1 0.1 for plant and equipment outlays. In the first Other loans, investments, and assets 0.7 0.4 Life insurance companies 0.6 0.3 ten months of the year, these savings insti- S M a u v t in u g al s s a a n v d in l g o s a n b a a n s k so s ciations 2 0 (3 . ) 1 0 (3 . ) 1 tutions expanded their holdings of corporate 1 Includes changes in holdings of State and local government securities. 2 First nine months. GROWTH IN SAYINGS - SELECTED FORMS 3 Less than 50 million dollars. Source.—Institute of Life Insurance, Federal Reserve System, Home Loan Bank Board. 10 January - October Billions of Dollars TIME DEPOSITS: securities reflected the higher yields on cor- COMMERCIAL BANKS porate obligations, as compared with yields on mortgages, particularly Government in- MUTUAL SAVINGS sured and guaranteed mortgages. Acquisi- BANKS tions of FHA-insured mortgages by life insurance companies, for example, have been SAVINGS SHARESone-fourth smaller this year than last, and acquisitions of VA-guaranteed mortgages have been two-thirds smaller. For conventional mortgages, on which interest terms LIFE INSURANCE — are more flexible, acquisitions by life insurance companies have shown only a small decline. 1950 1951 1952 NOTE.—Data from Institute of Life Insurance, Home Loan BANK CREDIT EXPANSION Bank Board, and Federal Reserve. Increase in savings and loan shares estimated by Federal Reserve on basis of data for Total loans at commercial banks, exclud- January-September. Life insurance represents increase in total assets. ing interbank loans, increased about 4 billion securities by about 3.3 billion dollars, as is dollars during the first ten months of both shown in the table. This investment com- 1951 and 1952. From the middle of this pares with 2.4 billion in 1951. Holdings of year through October, however, such loans real estate mortgages by these institutions rose about 2% billion dollars, considerably increased 4.9 billion dollars in 1952—some- more than in the corresponding period of 1951. The recent loan expansion has been what less than last year. dominated by a large but essentially seasonal To a large extent the greater attraction of growth in loans to business enterprises and institutional investor funds into corporate 1273 DECEMBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CREDIT EXPANSION a sharp expansion in consumer instalment The growth in bank loans to businesses credit. Real estate and agricultural loans from midyear through October was largely have also increased. concentrated in those industries—food man- Business borrowing from commercial ufacturers, commodity dealers, and trade banks has been large since midyear, as is concerns—that customarily borrow in the shown in the chart, but the increase until fall. There was also an expansion in loans recent weeks was about the usual seasonal to petroleum and chemical companies and volume. From June through October, busi- to sales finance companies, the latter reflectness loans at weekly reporting banks in- ing the growth in consumer instalment creased about 1.7 billion dollars as compared credit. In the fall of 1951 there was a large with 1.4 billion during the same period of growth in credit to concerns engaged in de- 1951 and 2.7 billion in 1950. In November, fense and defense-related activities, mainly however, the expansion was considerably metal and metal product manufacturing and larger this year than last. Seasonal growth public utilities. This year, loans to these in business borrowing from banks usually concerns were fairly stable through October, begins about mid-July, quickens from about but increased thereafter. mid-August through mid-November, and Consumer instalment loans at commercial then slackens through mid-December. This banks have expanded rapidly since May year the rise began later than usual, lagged when regulation of the terms of such borin August, but picked up sharply thereafter. rowing was suspended. In the period May- October, consumer instalment credit at BANK LOANS banks increased 1.2 billion dollars, about half of the rise in total instalment borrowing 24 WEEKLY REPORTING BANKS by individuals over this period. Banks have Billions of Dollars 22 also financed consumer purchases indirectly through an increase in their lending to fi- 20 nance companies and retailers. Real estate loans at commercial banks 18 have increased more this year than last, but bank lending in this area continues to be 16 less than in the early postwar period. Increases in real estate loans have been pri- 14 marily at small and medium-sized banks. 8 Since midyear agricultural loans of banks OTHER have increased at a somewhat more rapid rate than a year ago. The rise has been REAL ESTATE primarily in Federally guaranteed loans made in connection with the price support SECURITY program for wheat. Commercial bank holdings of State and local government securities continued to ini i i i i 1 I i i i i i i i i i i i i i 1950 1951 1952 crease through August at about 100 million NOTE.—Business includes agricultural loans. Latest data are for November 26. dollars a month, approximately the rate of 1274 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CREDIT EXPANSION growth shown over the last several years. originally taken up almost wholly by com- Since August, however, total bank holdings mercial banks, which find it profitable to of these securities have declined somewhat, subscribe for such offerings to obtain Treasreflecting primarily a contraction at New ury tax and loan deposits. As the borrowed York City banks. funds have been drawn on by the Treasury, Commercial bank credit has played an however, banks have been under pressure to important role in the new financing opera- sell these or other short-term securities. tions carried out by the Treasury since mid- During October, as the chart shows, weekly 1952, as is shown in the chart. Initially, banks reporting banks increased their holdings of bought Government securities and subse- Government securities when the tax anticiquently sold the same or other Government pation bills were issued and thereafter sold securities to nonbank investors. Of the 4!/4 securities in the market to other investors. billion dollars of Treasury intermediate-term Total commercial bank holdings of Govbonds issued in early July, commercial banks ernment securities have increased since June, absorbed over half, largely through market largely at country banks. In the third purchases. In the three months July-Sep- quarter, Government security portfolios of tember, however, the weekly reporting banks these banks are estimated to have increased reduced sharply their holdings of short-term 800 million dollars, whereas holdings of Government securities, so that their total New York City banks declined 600 million, portfolios at the end of September were and the portfolios of other large city banks smaller than at the end of June. showed little net change. Treasury tax anticipation bills offered in Expansion of bank credit and deposits in early October and in late November were 1952 through November has not been accompanied by an increase in reserves sup- BANK FINANCING OF U. S. GOVERNMENT plied through Federal Reserve open market 40 operations. Member banks have been ob- WEEKLY REPORTING BANKS Billions of Dollars liged to borrow increasingly from the Federal Reserve Banks in order to maintain the reserve positions required by law. Member bank borrowing from the Federal Reserve outstanding in November averaged about 1.5 billion dollars, as compared with only 35 about 350 million dollars a year ago and about 500 million in the spring of this year. From the standpoint of the individual bank, borrowing is only a temporary source of reserve funds. As such borrowing increases, banks have a growing need to make other 30 adjustments that will restore their reserve 2 LOANS on positions. To make such adjustments, bor- GOV'T SECURITIES rowing banks are under pressure to liquidate assets or at least to curtail further credit 1950 1951 1952 expansion. NOTE.—Latest data are for November 26. DECEMBER 1952 1275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CENTRAL BANKING DEVELOPMENTS IN SOUTHEAST ASIA Postwar political changes in almost every Asian very high reserve ratios in the absence of central country have led to a variety of economic and finan- bank lending facilities. With the attainment of incial reforms. Prominent among these is the estab- dependence it was recognized that the stability, lishment or modification of central banks. New growth, and development of the domestic economy central banks have been established in no less than could be facilitated by the establishment of a more R\c countries in the area extending from the Philip- flexible credit and monetary system. pines to Pakistan, while in two other countries im- Establishment of a central bank. The Central Bank portant changes affecting existing central banks of the Philippines was one of the first of the new have been made. In most of these countries it is Asian central banks. Authorized by the Central still too early to tell how effective the central banks Bank Act of June 15, 1948, it commenced operaand the new powers of credit and monetary regu- tions early in 1949 as an entirely new institution, lation will prove to be. The purpose of this article not a replacement or modification of any existing is primarily to review the changes which have bank. The new Central Bank is a completely taken place and to examine the types of laws and Government-owned and controlled institution with institutions adopted to meet the central banking the statutory objective of maintaining monetary needs of the nations in this area.1 stability, preserving the international stability and Most of the changes have resulted from the emer- convertibility of the peso, and promoting the orderly gence of independent states and the redrawing of growth of production, employment, and real innational boundaries. Thus, central banks have been come. It performs banking operations only for set up for the first time in the Philippines, Ceylon, other banks and the Government, and is authorized Burma, and Pakistan. Indochina, previously served to deal directly with the public only in the course of by a bank of issue, has an entirely new institution its open market operations. In addition to sole created to meet the difficult problems arising from responsibility for the note issue, the Bank has broad the establishment of the three Associated States of regulatory authority over the credit and exchange Indochina. In India and Indonesia existing central operations of the banking system and has the right banks have been nationalized, and other important to examine all banks periodically. It has responsichanges have either been introduced or are now bility for developing and maintaining a market for under consideration. Government securities and serves as the Government's general fiscal agent and adviser on financial THE PHILIPPINES and economic matters. Before achieving independence in 1946, the Phil- Philippine central banking legislation gives conippines had not developed a central monetary and siderable attention to the problem of attaining cobanking authority. Broadly speaking, the Philipordination of monetary and fiscal policies. The pine peso was based on a 100 per cent U. S. dollar Secretary of Finance is a member of the seven-man reserve, and the currency was issued principally by Monetary Board which determines Central Bank the Philippine Treasury. Variations in the size of policy and is authorized to preside at its meetings. the issue corresponded with the rise and fall in the The Governor of the Bank, also a member of the country's U. S. dollar reserves, creating great diffi- Monetary Board, is an ex-officio member of the Naculty in cushioning the domestic economy from the tional Economic Council. These arrangements de- •deflationary effects of adverse short-term fluctuations rive from the idea that the Monetary Board should in the balance of payments. Such flexibility as existed was provided by the credit operations of the be in a position to influence Government policy. commercial banking system, which in turn were The legal tie between the peso and the U. S. restricted in part by the banks' need to maintain dollar was not entirely removed. Under the Executive Agreement between the United States and 1This article was written by Reed J. Irvine under the the Philippines, pursuant to the Philippine Trade direction of Arthur C. Bunce, Chief of the Far East Section Act of 1946, the approval of the President of the of the Board's Division of International Finance. 1276 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CENTRAL BANKING DEVELOPMENTS IN SOUTHEAST ASIA United States is required before the Philippines can type and amount of security to be required, (d) alter the exchange rate, suspend convertibility, or set an upper limit on the total loans or investrestrict the transfer of funds to the United States. ments a bank may hold, either in the aggre- Nevertheless, the Philippine international reserve is gate or by specific categories, or limit the rate of no longer restricted to dollars, and no minimum increase of such assets within a specified period of ratio between the size of the reserve and the amount time, and (e) require observance of minimum ratios of currency in circulation is prescribed by law. The of capital and surplus to volume of assets or speci- Republic is free to adjust the currency issue inde- fied categories of assets. pendently of balance-of-payments fluctuations. The Central Bank has the usual central bank au- The Philippines' balance of payments, which had thority to rediscount and lend against commercial been unfavorable in 1948, deteriorated very rapidly paper. Paper having relatively long maturity may in 1949, despite the imposition of import controls qualify as eligible for these purposes, the limit being early in the year. This was due to a drop in exports 180 days for acceptable paper resulting from comand a large capital outflow. To halt the alarming mercial transactions, and 270 days for bills related drain of foreign exchange reserves, the Philippine to processing and production. Advances may also Congress passed legislation instituting exchange con- be made against gold and securities for periods of trols in December 1949. On March 28, 1951, a 17 180 days. The maturity for advances secured by per cent tax on sales of foreign exchange was put acceptable collateral may be extended to a maximum into effect. Both of these measures received the of one year under special circumstances. In periods required approval of the President of the United of grave emergency the Monetary Board is author- States. ized to make advances secured by any collateral ap- The Bank possesses a number of anti-inflationary proved by at least five of its seven members. weapons, including the power to conduct open mar- The Bank is permitted to make provisional shortket operations, using securities of its own issue for term advances to the Government and its political this purpose when necessary. It may vary the dis- subdivisions to finance authorized expenditures, but count rate in accordance with the character and such advances may not exceed 15 per cent of the terms of the credit requested and the requirements borrower's average revenues for the three preceding of national monetary policy. It also has broad years and must be repaid before the end of the first power to alter reserve requirements on commercial quarter of the following fiscal year. The Bank is bank deposits. These may be varied within the also authorized to make loans to the Rehabilitation range of 10 to 50 per cent against demand deposits Finance Corporation under special circumstances. and 5 to 25 per cent against time deposits. The With these exceptions, the Bank may purchase reserves must ordinarily consist of deposits with the Government securities only for reasons of monetary Central Bank, but the Monetary Board may permit policy. However, under authority that expired part of the reserves to be held in the form of other June 30, 1951, the Bank was permitted to make loans assets. It has from the beginning permitted up to to the Government against the security of Governfive-eighteenths of the required reserves to be held ment bonds having a maximum maturity of 15 in the form of Government securities. When the years. The total of such loans could not exceed Monetary Board sees fit, it may bar further credit 200 million pesos and the uses to which the funds expansion by requiring maintenance of reserves as could be put were limited to productive and incomehigh as 100 per cent against any further increase producing projects or the amortization of external of deposits. debt. The Central Bank may also regulate specific Anti-inflationary measures. The Central Bank has types of credit. It may (a) set maximum rates of made only moderate use of its anti-inflationary interest, commissions, and charges which banks powers. The Bank publishes no discount rate, and may apply to different types of loans, (b) prescribe it is not known what, if any, variations have been minimum cash margins for opening letters of credit, made in the rates it has charged. In general comwith authority to relate the size of the required mercial banks have maintained substantial excess margin to the nature of the transaction to be fi- reserves, a condition which would operate to reduce nanced, (c) set maximum permissible maturities the influence of both the discount rate and open< for bank loans and investments and indicate the market operations on their lending policy. Reserve DECEMBER 1952 1277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CENTRAL BANKING DEVELOPMENTS IN SOUTHEAST ASIA requirements have remained at the level at which ously, the Ceylonese monetary system had been they were first set—18 per cent against demand de- under the supervision of a Currency Board, which posits, 5 per cent against time deposits, and 10 per maintained a 100 per cent foreign exchange reserve cent against deposit liabilities in foreign currencies. against the note issue. As in the Philippines, the In November 1949 the Bank imposed an 80 per domestic economy was unprotected from short-term cent margin requirement against letters of credit adverse fluctuations in the balance of payments. covering the import of specified nonessential goods, Since the domestic banking system was underand banks were prohibited from granting credit developed and the interests of existing banks lay facilities of any kind for financing such imports. largely in the financing of foreign trade, it was These measures were directed toward strengthening felt that a modern central bank would assist in both import controls and curbing speculative credit ex- the stabilization of the economy and the growth of pansion. In 1950 the Bank enjoined the Rehabili- banking and credit facilities necessary to the countation Finance Corporation from making further try's economic development. The background situaloans for residential construction. The Philippine tion was very similar to that which existed in the National Bank, a Government-owned commercial Philippines, and the newly adopted central banking bank, was ordered to halt the extension of credit legislation resembled the Philippine Act in many to Government agencies and to make no loans to the respects. public for speculative purposes. The Central Bank's The Bank is a State-owned institution, with overadvances to commercial banks were sharply con- all responsibility for its management, operations, and tracted, but inflation, fed by a large budget deficit, policy centered in a three-man Monetary Board did not abate. consisting of the Permanent Secretary to the Min- In the latter part of the year, a policy of encour- istry of Finance and two members appointed by the aging imports was adopted by the Government and Government, one of whom is the Governor of the the Central Bank encouraged credit expansion for Bank. The Governor is the only member expected this purpose. In the last half of 1951 the Bank to devote full time to the affairs of the Bank. adopted a more restrictive policy, especially with re- As in the Philippines, the 100 per cent foreign spect to letters of credit. It required that commer- exchange currency reserve requirement has been cial banks have net foreign exchange holdings, eliminated as a feature of the monetary system. excess reserves, cash in vaults, and securities in an The Monetary Board determines whether or not amount equal to at least 70 per cent of their total there is actual or potential overexpansion of the letters of credit outstanding. Nevertheless, bank currency or excessive drain on the foreign exchange credit continued to expand until late in the first reserves. The Board is required to watch certain half of 1952. economic indicators closely and to base its actions The National Government ran budgetary deficits on their movements rather than on any prescribed from 1949 to 1951, financed in part by Central Bank legal reserve requirement. short-term credits. During this period the Central Another important change in the monetary field Bank also utilized the special authority described is the redefinition of the value of the Ceylonese above to grant large long-term credits to both the rupee in terms of gold, and the removal of its tie Government and the Rehabilitation Finance Corpo- with the Indian rupee. The Central Bank may hold ration. As a result, by the end of 1951 the Bank foreign exchange reserves in gold and unspecified held 43 per cent of the total domestic public debt. foreign currencies, but the Act stipulates that the In the 1952 fiscal year the budget was in balance Bank should endeavor to hold at least a nuclear reserve in gold or in currencies freely convertible and no further demands were made upon Central into gold. Previously, the reserves had been limited Bank credit for budgetary purposes. The Bank's to Indian or sterling exchange. holdings of Government obligations have been relatively stable since May 1951. The powers of the Central Bank of Ceylon to administer credit regulations, to provide credit for CEYLON other banks, to examine banks, and to act as advisor Legislation establishing the Central Bank of Cey- as well as fiscal agent to the Government are genlon was enacted in December 1949, and the Bank erally parallel to those of the Philippine Central commenced operations on August 28, 1950. Previ- Bank. To promote monetary stability, it may ad- 1278 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CENTRAL BANKING DEVELOPMENTS IN SOUTHEAST ASIA just interest and discount rates, vary commercial the Government substantially reduced the floating bank reserve requirements within a range of 20 to debt held by commercial banks. The Central Bank 40 per cent for demand deposits and 5 to 20 per conducted open market operations which were cent for time deposits, engage in open market opera- moderately disinflationary. On the other hand, the tions, and apply selective credit regulations similar Bank imposed no new credit restrictions in 1951, to those authorized in the Philippine Central Bank and reversed its policy of discouraging the transfer Act. As in the Philippines the maximum maturities of overseas balances to Ceylon. The Bank decided for Central Bank loans against eligible securities that inflation had largely run its course and that a are 180 days and 270 days, depending on the nature long-run policy of encouraging the banks to invest of the security, but extensions of up to one year in Ceylon could be safely inaugurated. may be granted in time of deflation. The Bank's powers to lend to the Government BURMA are restricted. Provisional advances may not exceed The most recent central banking legislation 10 per cent of the estimated revenue of the Govern- adopted in Southeast Asia is that providing for the ment for the fiscal year in which they are made and reorganization of the Union Bank of Burma, which must be repaid within a maximum of six months. went into effect July 1, 1952. This legislation fol- The Central Bank of Ceylon may not underwrite lows the Philippine and Ceylonese pattern in many or subscribe to any issue of Government securities respects, but it has also been influenced by Indian with the exception of Treasury bills, though it may practice. purchase Government securities in the open market. Early postwar legislation. Before the war the Re- The Central Bank of Ceylon began operations serve Bank of India issued currency and performed in the midst of the post-Korean inflation, which was other central banking functions for Burma. This fed by both a substantial export surplus and a Gov- arrangement was upset by the war, the postwar ernment deficit. Although the Monetary Board did political and administrative changes resulting from not at that time find that any significant volume of Burma's attainment of independence and withcredit was being created for nonessential purposes, drawal from the British Commonwealth. The Curit cautioned the commercial banks against granting rency and Coinage Act of 1946 entrusted the issue such credit as long as the inflationary danger per- and management of the currency to a Currency sisted. The Central Bank also sought to retard the Board, located in London, which was required to expansion of domestic credit by discouraging com- maintain a 100 per cent reserve in sterling against mercial banks from bringing their overseas balances all notes and coins in circulation in Burma except to Ceylon. Total bank rupee reserves increased for a limited fiduciary issue. rapidly in the last quarter of 1950, reaching 210 per The Union Bank of Burma Act of 1947 provided cent of required reserves in December. In order new machinery to meet central banking needs. to reduce the risk of an unneeded expansion of The Union Bank of Burma, established on Janucredit, the Monetary Board raised the reserve re- ary 4, 1948, served as a banker's bank and fiscal quirements against demand deposits from 10 per agent for the Government, but had no control over cent to 14 per cent. This brought total reserves the currency issue and little effective influence over down to 147 per cent of the required minimum in credit. It had power to make credit available to January 1951. commercial banks in the form of advances against The Bank expressed the view in its Annual Re- specified types of collateral or through purchase or port for 1950 that the Government's fiscal policy rediscount of eligible commercial paper. Eligibility had been seriously inflationary and strongly urged was narrowly limited, however, and there was little that it be changed. In 1951 the budget was very demand for this service. The Bank's powers to nearly balanced and inflationary pressure was re- combat undesirable credit expansion were limited to duced. At the same time the Central Bank en- varying the bank rate, which had little effect in view deavored to make more effective use of credit and of the negligible demand for rediscount facilities. monetary policies. The Bank requested that com- There was no provision for commercial bank remercial banks refrain from subscribing to a long- serve requirements or for selective credit regulation. term loan floated by the Government. The loan Extension of central banking functions. Legislawas completely taken up by nonbank buyers, and tion in 1952 reorganized the Union Bank of Burma DECEMBER 1952 1279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CENTRAL BANKING DEVELOPMENTS IN SOUTHEAST ASIA and greatly extended its powers. It combined con- serves must ordinarily be held as cash deposits with trol of the note issue with other central banking the Union Bank, but the Bank may at its discretion functions and expanded the Bank's powers to regu- permit any part of the reserve to be held in the form late the supply and cost of credit. of other assets. Responsibility for the note issue passed from the The Bank also has several instruments of credit Currency Board to the Union Bank, and the cur- regulation which may be applied only with the aprency reserve requirement was altered. The Bank proval of the President of the Union of Burma. must maintain an international reserve consisting of They include authority to set (1) maximum rates gold or specified assets in foreign currencies equal of interest which commercial banks may charge for to an amount not less than 25 per cent of its lia- different types of loans and pay on various classes of bility on account of deposits and currency in circu- deposits, (2) maximum maturities for loans and lation. Since the ratio at the present time is far advances made by commercial banks and the types above 25 per cent, this requirement will not restrict and amounts of collateral to be required, (3) limits the operations of the Union Bank for the time being. on the rate of increase within specified periods of Policy decisions therefore have to be based on the loans, advances, and investments of banks either judgment of the authorities (as in the Philippines in the aggregate or in any specified classes of such and Ceylon) rather than on the stated minimum assets, and (4) minimum cash margins for opening figure. letters of credit by banks. The new Act liberalizes the eligibility require- Another new provision is that giving authority to ments of commercial paper presented to the Union the Union Bank to license banks and inspect them Bank for purchase, discount, or as collateral for periodically. The Bank may revoke the license of loans. Maximum acceptable maturities have been any commercial bank which it finds to be no longer increased from 90 to 180 days in the case of bills fulfilling the conditions under which it was licensed. and notes related to domestic trade, and the Board Under the new legislation the Union Bank may, of Directors of the Bank may suspend eligibility with the approval of the President of Burma, rerequirements in periods of emergency and make quire that each bank or class of banks hold assets loans or advances against any collateral it deems payable in Burma equivalent to a specified minisufficient. The Bank recently announced that its mum percentage of its total domestic liabilities. interest rate would be 2 per cent for advances against This provision takes account of a former complaint Government and Government-guaranteed securities that banks tended to hold and invest too small a and 3 per cent for loans secured by other types of proportion of their funds in Burma, thus depriving collateral. the country of much needed capital. The new law places no specific limit on the Union Despite serious internal disorders, the Govern- Bank's holdings of Government bonds, but short- ment of Burma has not incurred heavy budget defiterm budgetary advances to the Government are cits. Inflation has largely been avoided in the now limited to 15 per cent of the estimated revenue postwar period, and the Union Bank has not had of the Government for the fiscal year in which the occasion to invoke its anti-inflationary powers. advance is made and must be repaid within six INDIA months. The Bank is not barred from underwriting issues of Government securities or subscribing to Independence and partition of India brought a new issues, as is the Central Bank of Ceylon. The number of important changes in the ownership and Bank has expressed the belief that its unrestricted powers of the Reserve Bank of India, which was power to deal in Government securities will facilitate established in 1934. The Bank was originally orthe development of a substantial and expanding ganized as a quasi-public institution. Its entire market for them. Minimum reserve requirements capital was privately subscribed. Responsibility for against commercial bank deposits have been im- policy making and supervision of Bank operations posed for the first time, and made applicable to all rested with a Central Board of Directors having 16 banks operating in Burma. The Union Bank may members, half elected by the shareholders and half vary requirements between 8 per cent and 40 per appointed by the Government. Profits in excess cent against demand deposits, and between 3 per of approximately 6 per cent dividends to private cent and 15 per cent against time deposits. Re- shareholders went to the Central Government. 1280 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CENTRAL BANKING DEVELOPMENTS IN SOUTHEAST ASIA Nationalization of the Reserve Bank. In 1948 the ernment securities was eliminated in 1951. Power Reserve Bank was nationalized by legislation pro- to grant loans to other banks in time of emergency viding for the transfer of all its stock to Government was broadened by providing that such loans could ownership. The Reserve Bank of India Act of be made against any security the Reserve Bank 1934 was amended to take account of this change. considered sufficient. The maximum maturity al- The Central Board of Directors was reduced to 14 lowed for eligible paper derived from the financing members, all appointed by the Government. The of agricultural operations or the marketing of crops Government was authorized "to give such direc- was increased from 9 to 15 months in 1951, but no tions to the Bank as it may, after consultation with change was made in the 90-day maturity requirethe Governor of the Bank, consider necessary in ment for other forms of eligible paper. the public interest." Having been drafted in a period of deflation, the The Central Board of Directors is required to Reserve Bank of India Act did not originally place meet only six times a year, though meetings may be the same emphasis upon restraint of inflation as do held more frequently. The day-to-day operation of the postwar central banking acts of some other the Bank is entrusted to the Governor. In addition countries. The powers authorized in this Act to the Central Board there are four regional boards which might be used to combat inflation were the which may be called upon for advice or other as- adjustment of the bank rate and the conduct of sistance. Members of the regional boards are all open market operations. No provision was made Government appointees, and the law requires that for the more selective forms of credit regulation. appointments be made with regard to representation The law required commercial banks to maintain of the interests of the area, various economic groups, cash reserves against their deposit liabilities, but and the cooperative and indigenous banks. The the reserve ratios could be varied only by legislative Central Board determines the functions to be per- action and applied only to designated banks. formed by the local boards. The Reserve Bank's authority in this sphere was Definition of the value of the rupee in terms of broadened with the passage of the Banking Comsterling was eliminated by amendment of the Repanies Act of 1949. This Act empowers the Reserve Bank Act in 1947. The Central Government serve Bank, if it deems it desirable from the standwas given full authority to determine and vary the point of the public interest, to determine the policies exchange rate, subject to its obligations to the Interin relation to advances to be followed by banks national Monetary Fund. generally or by individual banks. This authority Responsibility for currency issue. The Reserve allows the Reserve Bank to determine the purposes Bank is responsible for the issue of all India's curfor which advances may or may not be made, the rency. The note issue must be fully covered by a margins to be maintained with respect to secured reserve, held in a separate Issue Department, comadvances, and the rates of interest which may be posed of gold, foreign exchange, rupee coin, domescharged on advances. A provision of this Act that tic securities, and eligible commercial paper. At became effective in March 1951 requires all banks least 40 per cent of this reserve must consist of to maintain liquid assets (cash, gold, or unencumgold and foreign exchange. The foreign exchange bered approved securities) equivalent to not less component, formerly limited to sterling, may now than 20 per cent of their total demand and time consist of specified assets denominated in the curliabilities in India. This did not supersede the rency of any foreign country belonging to the Interexisting cash reserve requirement of 5 per cent national Monetary Fund. The Bank may permit its against demand and 2 per cent against time liabiligold and foreign exchange holdings to fall below ties, which was extended to apply to all banks. The the required minimum with the prior approval of Reserve Bank is not given authority to vary rethe Government, but it is subject to a penalty as quired reserve ratios. long as the deficiency exists. Instruments of credit regulation. Amendments to This Act also gives the Bank broad powers to the Reserve Bank Act after 1948 somewhat ex- examine and license all banks doing business in panded the authority of the Reserve Bank to extend India. The Reserve Bank has made full use of this credit to the Government and to other banks. examining authority and has instituted a system of Statutory limitation of the Bank's holdings of Gov- periodic examination of all banks. DECEMBER 1952 1281 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CENTRAL BANKING DEVELOPMENTS IN SOUTHEAST ASIA The Reserve Bank has made relatively little use PAKISTAN of its new powers to influence credit and has ex- The State Bank of Pakistan, established on July 1, pressed the opinion that most banks have followed 1948, follows the model of the Reserve Bank of a cautious credit policy. Since September 1949, India, with certain variations. The Government of however, it has required commercial banks to sub- Pakistan was required to subscribe a minimum of 51 mit reports on all new credits exceeding a specified per cent of the Bank's capital, but the remainder figure, and in 1950 it issued directions designed to was taken up by private subscribers, who are entitled curb loans to speculators in jute and silver. In the to a minority voice in the Bank's management. summer of 1951 the volume of credit failed to follow The Government is authorized to appoint the Govthe normal pattern of contraction and in the au- ernor, Deputy Governor, and six directors, one of tumn, at the beginning of the next seasonal rise whom must be a Government official. Other sharein the demand for funds, the bank revived the use holders are given the right to elect three directors. of the traditional instruments of monetary regula- The Government has the right to supersede the tion—bank rate and open market policy. In No- entire Board of Directors if of the opinion that the vember 1951 the bank rate was raised from 3 per Board is failing to carry out any of its obligations. cent to 3.5 per cent and the Reserve Bank announced The management of the Bank may then be enthat it would not support Government securities trusted to such agency as the Government may except in special circumstances. These steps im- determine. The Government is not authorized, as mediately increased the cost and reduced the avail- in India, to give directions to the Bank, but it is in ability of credit. The Indian banks had long fol- a position to influence the Bank's management. lowed the practice of buying Government securities The State Bank is the sole bank of issue in in the slack season and selling them in the busy Pakistan. Its note issue must be backed fully by a season. The Reserve Bank's withdrawal from the reserve held in a separate Issue Department, at least market and the consequent decline in bond prices 30 per cent of which must consist of gold, silver, led the banks to seek their needed funds by borrow- and specified types of foreign exchange. The rest ing from the Reserve Bank, using their securities as may consist of rupee assets. The foreign exchange collateral. reserve requirement may be suspended by the Gov- The Reserve Bank took advantage of the resulting ernment without penalty to the Bank. credit stringency to introduce a plan designed to The State Bank is authorized to make funds increase the elasticity of the Indian credit structure available to designated banks and to local authoriby encouraging the use of commercial bills as col- ties through purchase and rediscount of eligible lateral for advances. Among other things, it set a commercial paper or through secured loans. Elipreferential interest rate for advances against the gible commercial paper is strictly defined and maxisecurity of eligible commercial paper at one-half mum maturities are limited to 90 days except for of one per cent below the bank rate. The plan, bills and notes drawn for the purpose of financing initially experimental and limited to large banks, agricultural operations, which must mature within was considered sufficiently successful to be con- nine months of their acceptance by the Bank. To tinued. meet emergencies, however, the Bank may at its The result of all these measures appears to have discretion accept commercial paper not endorsed by been a smaller expansion of the credit and money a designated bank and may make loans to banks supply than in the previous busy season and an against any collateral it deems satisfactory. earlier and more pronounced post-seasonal con- Advances to central, provincial, and State governtraction. Monetary policy alone does not, of course, ments may be made for three-month periods, with explain the decline in prices that India has experi- no restriction on amount. The volume of Governenced over the past year. The Reserve Bank has ment securities the Bank may hold at one time, observed, however, that "by and large . . . the new however, is limited to the aggregate of its capital monetary policy secured the objectives of preventing and reserve plus 60 per cent of its deposit liabilities. a large expansion of money supply during the busy This total has not yet been approached. season, and of enabling the Reserve Bank to have The instruments of credit regulation originally more effective control of the magnitude and purpose available to the State Bank were limited to the of bank advances." traditional authority to determine the conditions on 1282 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CENTRAL BANKING DEVELOPMENTS IN SOUTHEAST ASIA which it would make credit available and to carry State Bank has had to devote a large share of its out open market operations. Commercial bank efforts to the task of developing a sound banking reserve requirements were at first fixed by the law system and to the consolidation of its own organiat 5 per cent against demand and 2 per cent against zation and the improvement of its services. time liabilities, but this was later amended to give INDOCHINA the Bank authority to vary the requirements as it saw fit above these lower limits. Division of French Indochina into three states, The Banking Companies (Control) Act of 1948 Viet Nam, Laos, and Cambodia, which are indeextended the State Bank's powers to include provi- pendent within the framework of the French sion for more direct credit regulation. It also gave Union, gave rise to a need for a new system of the Bank broad supervisory authority over the bank- monetary regulation. The Bank of Indochina, a ing system. commercial bank, had held a monopoly of the note This Act authorizes the State Bank to issue di- issue privilege for many years. This was withdrawn rectives to other banks concerning the policy to be in January 1952, when the new Bank of Issue followed in making advances, the purposes for (Institut d'Emission) was established. which advances may or may not be made, the The powers of the Bank include the right to issue margins to be maintained in respect of secured notes, deal in foreign exchange (subject to French advances, and the rates of interest to be charged. exchange control regulations), serve as banker and Banks may be prohibited from entering into a fiscal agent for the three Associated States, and actransaction or class of transactions, or may be re- cept deposits from and grant advances to other quired to take such action as the State Bank may banks. The Bank is under the control of a 12-man think fit. The State Bank may examine banks, Board of Directors. The three Associated States grant or refuse licenses to operate, and order and France appoint three directors each. One of changes in the management of banking companies. the directors is selected as Chairman by mutual In short, the Bank is in a position to exert very agreement of the Associated States and France. He strong influence upon the policies and operations serves as a full-time official and is responsible for of Pakistan's banking system. the execution of the Board's decisions and the direc- The State Bank has made little use of its powers tion of the operations of the Bank. He may appoint to combat inflationary pressures in recent years, a Director General to whom he may delegate all but it reports that in the fiscal year 1951 it closely or part of his authority over the administration of examined the position of banks offering large the ordinary affairs of the Bank. In addition, problocks of securities for sale, and it has attempted to vision is made for a committee of four inspectors, curb credit for imports by imposing high deposit re- representing each of the Associated States and quirements against letters of credit. As in India France, to supervise and check on all the operations in the past, the seasonal expansion and contraction of the Bank and make reports to their respective of commercial credit has been based largely on the Governments. Central Bank's purchases and sales of Government As adviser and fiscal agent of the Associated securities. The State Bank has appreciated the States, the Bank's agreement to the terms of issue disadvantages of this system and has given much of State bonds is required. On request the Bank thought to encouraging the use of self-liquidating must assist in floating bond issues. It may cocredit instruments for this purpose. It has recently operate with the States in deciding questions announced a plan very similar to that adopted by connected with the balance of payments and the the Reserve Bank of India earlier this year to in- movement of prices and may volunteer advice on crease the use of commercial bills as collateral for such matters. The Bank also has responsibility for advances. It has not, however, indicated that its the administration of exchange controls. purchases of Government securities will be discon- The new Bank may open accounts for any banktinued, although it appears that this step was an ing institution, and it is permitted, as the economic important factor in the success of the plan in India. situation may require, to grant banks advances Disruption of the banking system at the time of against specified types of collateral, including desigpartition created major problems for Pakistan. nated public securities and negotiable instruments Faced with the withdrawal to India of the major arising from foreign trade transactions and appart of the area's banks and banking personnel, the proved by the Chairman or Director General of the DECEMBER 1952 1283 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CENTRAL BANKING DEVELOPMENTS IN SOUTHEAST ASIA Bank. Such advances are limited to 10 days and to this fund, subject to the unanimous approval of are renewable for two periods of the same duration. the directors. The Bank has no power to license other banks or Postwar inflation in Indochina has been fed printo exercise direct supervision over them. cipally by governmental budgetary deficits. The The currency may be issued in notes of different new Bank of Issue, in its position as adviser to the design for each of the Associated States. It is to be Governments of the Associated States, is concerned freely convertible into French francs at the official with the adoption of budgetary policies of less inparity. A reserve equivalent to at least 50 per cent flationary character. It is too early to judge whether of the note issue must be maintained by the Bank the Governments of the States involved and their in gold, French francs, or other foreign exchange. representatives on the Bank's Board of Directors This reserve must be held in interest-paying blocked will be able to overcome the obstacles they face. accounts with the French Treasury. Foreign exchange in excess of the amount required to carry on INDONESIA normal exchange operations must also be deposited The Java Bank served as the sole bank of issue with the French Treasury, with the exception of in the Netherlands East Indies from the time of its exchange received directly by the Associated States founding in 1828 until the transformation of that as gifts from foreign powers. The currency re- colony into the independent State of Indonesia in mains legally linked with the French franc, with 1949. It carried on an extensive commercial bankthe attendant absence of local control over exchange ing business in addition to central banking funcrates. tions. Although its shares were privately owned, As the organization of the Bank indicates, the the Government had authority to appoint the Bank's operation of a single central bank to serve three managing directors, supervise its operations, and autonomous States involves a number of delicate share in its profits. The Bank could influence the problems. One of the most difficult promises to be cost and availability of credit through its own loans the authorization of advances to the treasuries of and discounts and its bank rate, but it had no direct the Associated States. The law limits the total of power to control or supervise the policies and operasuch advances to the equivalent of 33 per cent of tions of other banks. Its own credit operations were the Bank's liability for currency in circulation dur- limited by the statutory requirement that it maining an undefined "initial period of operation." tain a gold reserve equal to a minimum of 40 per After this period, advances will be limited to 50 cent of its total demand liabilities. per cent of the Bank's gold and foreign exchange The attainment of independence by Indonesia in reserve. All advances must be secured by negotiable December 1949 was followed by changes affecting State bonds having a maximum maturity of three the Java Bank, but its structure and powers have months and renewable for periods of the same not yet been altered. Among the earlier developlength. No limit is placed on the number of re- ments were the replacement of a number of the newals. Decision on applications for grants may Bank's Dutch officials, including the President, by be made by the Board of Directors or delegated to Indonesians, and the lowering of the minimum gold an ad hoc committee composed of the Chairman reserve requirement against liabilities to 20 per cent of the Board and two directors, one from the appli- in January 1951. In July 1951, the Government cant State and one from a nonapplicant State. This revealed its intention to nationalize the Bank and committee's decisions are made by majority vote. offered to pay 120 per cent of par value for all In addition to these advances the Bank may grant privately held shares. Within a few months the credits to the States for expenditures in France in Government had acquired 97 per cent of the Bank's pursuance of economic development programs. stock, and in November 1951 an act was passed These credits are also authorized by an ad hoc com- authorizing the expropriation of the remaining mittee, and are limited to a sum equal to 20 per shares at the same level of compensation. cent of the largest annual exports of the applicant It was recognized at that time that it would be State for any year beginning with 1951. The Bank necessary to redefine the relationship between the is also responsible for the administration of the Bank and the Government and to revise the stat- Autonomous Fund for the Administration and utes governing the Bank. It was announced in Amortization of the Public Debt of the old Indo- October 1952 that a bill to accomplish this was chinese Treasury. The Bank may make advances under consideration. 1284 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings man was Chairman of the Board and President, The Federal Advisory Council held a meeting in Wm. Cameron & Company, Waco, Texas. Washington on November 16-18, 1952, and met Death of Director with the Board of Governors of the Federal Reserve Mr. Ernest H. Hahne, President, Miami Uni- System on November 18. versity, Oxford, Ohio, who had served as a director A meeting of the Chairmen of the Federal Reof the Cincinnati Branch of the Federal Reserve serve Banks, which was also attended by members Bank of Cleveland since January 1, 1949, died on of the Board of Governors, was held on December November 25, 1952. 4-5, 1952. Admission of State Banks to Membership in the A meeting of the Presidents of the Federal Re- Federal Reserve System serve Banks was held in Washington on December The following State banks were admitted to mem- 7-9, 1952, and on December 9 the Presidents met bership in the Federal Reserve System during the with the Board of Governors. period September 16, 1952 to November 15, 1952: On December 8 a meeting of the Federal Open Market Committee was held. Colorado Englewood—Englewood State Bank. Election of Class B Director The Federal Reserve Bank of Dallas on Novem- New Yor\ ber 18, 1952, announced the election of Mr. D. A. Northport—Northport Trust Company. Hulcy, Chairman of the Board and President, Lone Tennessee Star Gas Company, Dallas, Texas, as a Class B Columbia—Farmers and Merchants Bank. director of the Bank for the unexpired portion of the term ending December 31, 1954, to succeed Mr. Wisconsin George H. Zimmerman, deceased. Mr. Zimmer- Three Lakes—The Peoples State Bank. DECEMBER 1952 1285 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS {Compiled November 26 and released for publication December 1] Industrial production in October and November tion was reduced further in October as a result of was slightly above the sharply advanced September electric power shortages and was about 9 per cent level. Average wholesale prices of industrial com- below the very high August level. modities remained steady, while prices of farm prod- Nondurable goods production showed a slight ucts and foods eased further. Consumers' prices decline in October, as textile mill activity was reshowed little change in October at a level slightly duced somewhat following marked recovery in the below their summer high. Bank loans to business summer and early fall. Output of paper and paperincreased sharply after mid-October. board, however, advanced further. Meat production was maintained in October and the first 3 weeks of INDUSTRIAL PRODUCTION November at levels well above those in the corre- Reflecting mainly continued gains in durable sponding period a year ago. Output of most other goods industries, the Board's index of industrial nondurables continued at about the levels of the production rose 1 point further in October to 227 preceding month. per cent of the 1935-39 average. In November a Minerals output declined in October and rose similar gain is likely. Since September, output at again in November, owing mainly to fluctuationsi n factories and mines has averaged about 3 per cent coal output. Crude petroleum production rose above the levels prevailing during 1951 and early throughout the period and output of metals was 1952. maintained in large volume. Steel ingot production in October and November was at a new record rate of 106 per cent of rated CONSTRUCTION capacity as of the beginning of this year. Activity Value of new construction work put in place, seain most metal fabricating industries also advanced sonally adjusted, during October was larger than further. Television production rose to the near- in other recent months. Value of contract awards record annual rate of about 10 million sets in late was below the near-record September total, which October and continued at this level in early Novem- included a large volume of atomic energy awards, ber. Passenger automobile assemblies were main- but was about one-fourth larger than in October tained at the high September-October rates until 1951. Housing starts in October rose to 101,000, mid-November but subsequently declined owing as compared with 98,000 in September, and were mainly to model changeovers. Aluminum produc- at a seasonally adjusted annual rate of 1,156,000. INDUSTRIAL PRODUCTION EMPLOYMENT PER CEilT PHYSICAL VOLUME, SEASONILLY ADJUSTED, 1935-39- 100 220 Seasonally adjusted employment in nonagricul- / TOTAL tural industries in October was maintained at the 180 record September level of 47.2 million. Employ- V /" \\ ment in manufacturing rose slightly to a new post- ANUFACTU RES'./ 140 war peak of 16.2 million, and average hours of work 220 k and hourly and weekly earnings increased further. X Unemployment declined again in October, to a new 180 postwar low of 1.3 million. DURABLE A 1/, JFACTURE MINERS MAN 140 DISTRIBUTION \\ Retail sales rose sharply further in October to a 100 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 level 9 per cent above a year earlier. Both durable Federal Reserve indexes. Monthly figures, latest shown are and nondurable goods shared in the October adfor November. 1286 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS vance, with the rise in automobile sales especially also continued to rise. The Treasury's issue of 2.5 marked. Department store sales in the first half billion dollars of tax anticipation bills in October of November were running below their high Octo- was bought at first largely by banks, but subseber level, on a seasonally adjusted basis. Stocks quently was purchased in substantial volume by at department stores are estimated to have con- corporations. Most of a second issue of such bills tinued little changed through October after sea- amounting to 2 billion dollars in mid-November sonal adjustment. was also taken up initially by the banking system. Member bank reserve positions tended to be fairly tight during the mid-October to mid-November pe- COMMODITY PRICES riod. Reserve drains resulted principally from a Wholesale prices continued to decline in Novemcurrency outflow and an increase in Treasury balber largely reflecting further decreases in prices of ances at the Reserve Banks. In addition, Federal cotton, livestock, and meats. Cotton has declined to Reserve System holdings of Government securities about 34 cents per pound since release in early No- were reduced somewhat. The average level of vember of a substantially larger crop estimate, and member bank borrowings exceeded 1% billion dolis now 8 cents below a year ago and 2 cents above lars over the period. the Federal support level. Prices of some industrial materials strengthened and prices of finished goods SECURITY MARKETS other than foods generally changed little. Common stock prices rose steadily in the first The consumers price index was about unchanged three weeks of November. Yields on high-grade in October. Small decreases in foods and textile corporate bonds receded to the levels of early Sepproducts were offset by advances in rents, fuels, and tember. Yields on Treasury bills and other shortservices. term Government securities increased substantially. BANK CREDIT In addition to tax anticipation bills the Treasury announced the offering of an additional amount of 2 Business borrowing from banks expanded sharply per cent certificates of indebtedness maturing in late October and the first three weeks of Novem- August 15, 1953, in exchange for the 1.1 billion ber. This expansion was more widely distributed dollars of 1 % per cent certificates maturing Decemthan the earlier rise wrhich had been concentrated in ber 1, 1952. such industries as food processing, commodity dealing, and trade where loans normally increase at this BUSINESS LOANS AT MEMBER BANKS .IN LEADING CITIES season of the year. Consumer and real estate loans -LIONS OF DOLLARS BILLIONS OF DOLLARS CONSTRUCTION CONTRACTS AWARDED 1948 1949 1950 1951 1952 Data for selected industries reported by over 200 of the largest weekly reporting member banks. "™---1" ----» ~J - ----' —J F. W. Dodge Corporation data for 37 Eastern Monthly figures, latest shown are for October. DECEMBER 1952 1287 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. . . 1291-1292 Federal Reserve Bank rates; margin requirements; reserve requirements 1292-1293 Reserves and deposits of member banks. . 1294 Federal Reserve Bank statistics 1295-1297 Regulation V: guaranteed loans, fees, and rates. . 1297-1298 Bank debits and deposit turnover; Postal Savings System. 1298 Money in circulation 1299 Consolidated statement of the monetary system, deposits and currency 1300 All banks in the United States, by classes 1301-1303 All insured commercial banks in the United States, by classes. . 1304-1305 Weekly reporting member banks 1306-1308 Life insurance company commitments 1308 Commercial paper, bankers' acceptances, and brokers' balances. . 1309 Money rates; bank rates on business loans; bond yields. . 1310 Security prices and new issues 1311-1312 Corporate sales, profits, and dividends.. 1312-1314 Treasury finance . 1315-1317 Government corporations and credit agencies. 1318 Business indexes . 1319-1328 Department store statistics. . 1329-1332 Consumers' prices . 1332 Wholesale prices . 1333 Gross national product, national income, and personal income. . 1334-1335 Consumer credit statistics... 1336-1338 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. DECEMBER 1952 1289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Jiliions of Dollars Wednesday Figures Billions of Dollars TREASURY CASH AND DEPOSITS 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 I I I FEDERAL RESERVE CREDIT HOLDINGS OF U S GOVERNMENT SECURITIES • TOTAL 0 |=i I ! — 'I - DISCOUNTS AND ADVANCES 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Wednesday figures, latest shown are for Nov. 26. See page 1291. 1290 FEDERAL RESERVE BULLETIN; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period co D a a u n i d s n d - - ts U. S. s e G cu o r v it e ie rn s c m B e e r i t l n i l f s t i , - ot A h l e l r Total s G to o c ld k T s r t o c e u r i a u e n n u r n a r y g c t d - - s y - - M in c t u o io c l n a n i e r - y - T h c i u r o n a e r l g s a y d h s s - - F u T p e s w r r e o R d y e r i s e e t a v i - r d h t s e a s e - l - b p m N e o r e o s m d n it e - s - - c O s F o e R e a t e r u c r h e a d v - n - e l - e t r s Total qu R ir e e - d2 c E e x s - s2 vances Total Bonds cates, Banks and notes Wednesday figures: 1951—Oct. 3. 69 24,039 5,825 18,214 922 25,030 22,015 4,680 28,320 ,284 397 966 75320,004 18,843 1,161 Oct. 10. 7924,072 5,825 18,247 875 25,02522,055 4,680 28,448 ,286 335 1,002 75019,939 18,868 1,071 Oct. 17. 69 23,848 5,325 18,5231,200 25,11722,105 4,681 28,385 ,296 326 975 85120,068 18,950 1,118 Oct. 24. 15223,666 5,325 18,3411,024 24,84122,144 4,683 28,301 291 509 886 85019,833 19,144 689 Oct. 31. 186 23,552 5,325 18,227 690 >4,42722,234 4,686 28,410 288 493 818 78019,557 19,060 497 Nov. 7. 243 23,507 5,325 18,182 845 24,59522,284 4,686 28,534 ,291 452 843 77819,667 18,988 679 Nov. 14. 274 23,397 5,325 18,072 930 24,60222,283 4,688 28,601 ,284 245 815 77619,850 18,976 874 Nov. 21. 22723,275 5,334 17.9411,243 24,74522,333 4,689 28,701 ,285 364 800 77419,843 19,211 632 Nov. 28. 483 23,239 5,334 17,905 957 24,679 22,332 4,693 28,742 ,288 548 750 77419,603 19,229 374 Dec. 5. 95923,239 5,357 17,882 883 25,08122,381 699 28,891 ,292 501 787 77019,919 19,196 723 Dec. 12. 71023,239 5,376 17,8631,031 24,980 22,382 700 29,037 ,284 266 740 77019,964 19,317 647 Dec. 19. 44923,239 5,334 17,905 2,05725,74522,491 ,703 29,263 ,269 6 776 82720,798 19,767 1,031 Dec. 26. 79723,503 5,342 18,161 ,27625,,576 22,621 ,704 29,403 ,289 289 880 83220,208 19,637 571 1952—Jan. 2. 10J23,658 5,344 18,3141,062 24,,825 22,697 ,706 29,143 ,275 8 694 74520,364 19,685 679 Jan. 9. 19823,452 5,344 18,108 904 24,554 22,772 ,707 28,800 ,280 69 771 743 20,369 19,551 818 Jan. 16. 13523,119 ,344 17,7751,118 24,37222,822 ,710 28,526 ,291 138 719 744 20,488 19,590 898 Jan. 23. 11222,993 ,344 17,6491,010 24,116 22,872 ,711 28,342 ,280 11 663 743 20,660 19,573 1,087 Jan. 30. 21022,785 5,344 17,441 711 23,70722,931 4,716 28,347 ,302 221 729 74220,013 19,455 558 Feb. 6. 28322,614 5,344 17,270 759 23,656 22,990 4,717 28,378 ,317 52 728 74120,148 19,415 733 Feb. 13. 61922,499 5,344 17,155 63423, ,011 4,717 28,425 ,276 261 685 741 20.,094 19,304 790 Feb. 20. 45422,400 5,471 16,9291,033 23,88723,071 4,721 28,387 ,308 491 749 738 20,007 19,293 714 Feb. 27. 42222,555 5,636 16,919 773 23,750 23,110 4,722 28,390 ,308 712 730 73519,710 19,224 486 Mar. 5. 38422,514 5,636 16,878 986 23,883 23,290 4,726 28,464 ,296 670 895 78719,787 19,166 621 Mar. 12. 35! 22,530 5,636 16,894 891 23,778 23,291 28,452 ,296 639 841 78519,781 19,182 599 Mar. 19. 12622,825 5,636 17,1891,265 24,216 23,292 28,361 ,285 6 742 803 21,038 19,627 1,411 Mar, 26. 17022,528 5,636 16,892 71J 23,413 23,291 4,731 28,329 ,282 7 736 804 20,276 19,500 776 Apr. 2. 13022,514 5,636 16,878 76623,409 23,291 4,736 28,445 ,281 295 776 82719,812 19,166 646 Apr. 9. 16 22,494 5,636 16,858 73123,393 23,293 4,736 28,526 ,273 381 763 82_7 ' 19,652 19,076 576 Apr. 16. 62: 22,467 5,136 17,3311,020 24.109 23,293 4,737 28,436 ,288 520 853 825 20,218 19,225 993 Apr. 23. 83022,372 5,136 17,236 77123,973 23,295 4,738 28,333 ,287 877 809 824I 19,875 19,087 788 Apr. 30. 67622,363 5,136 17,227 593 23,632 23,297 4,739 28,460 ,284 450 784 749• 19,940 19,143 797 May 7. 1,04 22,329 5,136 17,193 695 24,06723,297 4,739 28,523 ,286 749 762 74720,034 19,071 963 May 14. 67122,315 5,136 17,179 779 23,76423,297 4,739 28,497 ,293 516 796 74519,953 19,092 861 May 21. 49922,283 5,136 17,1471,013 23,794 23,298 4,739 28,483 ,279 384 813 745 20,127 19,181 946 May 28. 81622,273 5,136 17,137 653 23,74223,296 4,741 28,710 ,286 558 813 74519,667 19,217 450 June 4. 92622,378 5,136 17,242 77524,079 23,296 4,747 28,842 ,282 527 824 74219,906 19,207 699 June 11. 83422,492 5,136 17,356 803 24, 128 23,297 4,750 28,830 ,284 507 834 74219,978 19,226 752 June 18. 54122,997 5,136 17,8611,289 24,828 23,297 4,751 28,787 ,286 9 768 79421,232 19,736 1,496 June 25. 30' 22,564 5,136 17,428 882 23,75323,346 4,752 28,814 ,290 134 813 79320,006 19,621 385 July 2. 48022,869 5,136 17,733 806 24,155 23,346 4,755 29,180 ,277 90 760 79820,153 20,104 49 July 9. 68322,860 5,136 17,724 92324,465 23,347 4,754 29,148 ,264 38 906 799 20,413 20,008 405 July 16. 97422,723 5,136 17,587 974 """ 23,348 4,756 28,988 ,271 307 988 79720,422 19,973 449 July 23. 1,07322,726 5,136 17,590 875 24,674 23,350 4,756 28,884 ,275 482 1,016 79720,326 19,875 451 July 30. 1,40322,844 5,136 17,708 660 24,90723,350 4,761 28,952 ,286 605 1,042 72420,409 19,829 580 Aug. 6. 84322,977 5,163 17,814 620 24,440 23,350 4,763 29,041 ,279 270 982 72220,260 19,675 585 Aug. 13. 77023,051 5,236 17,815 732 24,553 23,344 4,764 29,051 ,277 422 1,057 718 20,136 19,692 444 Aug. 20. 97923,032 5,236 17,796 79924,81023,344 4,766 29,068 ,281 526 1,057 20,267 19,652 615 Aug. 27. 89'23,092 5,236 17,856 61424,60323,344 4,768 29,129 ,276 707 1,084 72119,797 19,643 154 Sept. 3. 96823,182 5,236 17,946 666 24,81623,344 4,774 29,391 ,285 715 1,066 19,760 19,511 249 Sept. 10. 88023,229 5,236 17,993 76424,87223,344 4,776 29,364 ,279 347 948 71520,340 19,549 791 Sept. 17. 31323,740 5,236 18,5041,195 25,249 ,344 4,780 29,292 ,281 6 998 72921,067 19,957 1,110 Sept. 24. 23,715 5,236 18,479 74224,85723,343 4,781 29,247 ,274 264 889 726 20,581 19,901 680 Oct. 1. 544 23,694 4,522 19,172 72, 24,963 23,342 4,787 29,417 ,287 523 884 882I 20,098 19,762 336 Oct. 8. 1,01923,663 4,522 19,141 70225,384 23,341 4,787 29,545 ,280 596 972 888800 20,239 19,567 672 Oct. 15. 77223,663 4,522 19,141 891 25,32523,341 4,787 29,617 ,276 212 854 881I 20,613 20,089 524 Oct. 22. 1,13023,663 4,522 19,1411,074 25,86723,340 4,790 29,511 1,281 618 929 887788 20,779 20,128 651 Oct. 29. 1,17123,624 4,522 19,102 71025,50523,340 4,790 29,540 1,289 588 891 877' 20,449 19,975 474 Nov. 5. 1,663 23,520 4,522 18,998 532 25,71423,339 4,794 29,748 1,278 789 893 805 20,334 19,884 450 Nov. 12. 1,583 23,567 4,522 19,045 546 25,69623,338 4,794 29,905 1,282 505 883 805 20,447 19,906 541 Nov. 19. 1,486 23.563 4,526 19,0371,143 26,193 23337 4,797 29,842 1,292 703 949 80320,738 P19.986 P752 Nov. 26. 1,615 23,761 4,528 19,233 925 26,30123,338 4,797 30,152 1,267 317 981 80120,917 ^20,314 P603 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. DECEMBER 1952 1291 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period v co D a a a n u n i d s c n d - - e ts s T U o . t a S l . s e G c B u o o r v n it e d i r e s n s m c c B e a e r i t n 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 y r t c a - - d y s - - M in c t u o io c l n a n i e r - y - T h c i u r o n a e r l g s a y d h s s - - F u T B p e s w r R e o r d y a e r i s e n e t v a i d - r h k t e s a e s s - l - b m p N e o r e o s m d n it e - s - - c O s F o e R e a t e r u r c h e a d v - n - e l - e t r s Total qu R ir e e - d2 c E e x ss - 1 and notes End of period: 1929—June 29. . 1,037 216 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 2,356 2,333 23 1933—June 30.. 164 1,998 441 1,557 58 2,220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—Dec. 30. . 7 2,484 1,351 1,133 102 2,593 17,644 2,963 7,598 2,409 634 653 25111,653 6,444 5,209 1941—Dec. 31. . 3 2,254 1,467 787 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 12,450 9,365 3,085 1945—Dec. 31.. 249 24,262 947 23,315 580 25,091 20,065 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 28,952 2,272 393 822 60716,139 15,577 562 1947—Dec. 31. . 8522,559 2,85319,706 536 23,181 22,754 28,868 1,336 870 961 56317,899 16,4001,499 1948—Dec. 31. . 22323,333 10,97712,356 542 24,097 23,244 28,224 1,325 1,123 1,189 590 20,479 19,2771,202 1949—Dec. 31. . 7818,885 7,21811,667 536 19,499 24,427 27,600 ,312 821 1,517 70616,568 15,5501,018 1950—June 30. . 4318,331 5,61812,713 329 18,703 24,231 27,156 ,298 950 1,431 77115,934 15,498 436 Dec. 30. . 67 20,778 4,62016,158 1,37122,216 22,706 27,741 ,293 668 1,460 71417,681 16,5091,172 1951—June 30. . 53 22,982 6,82216,160 1,00724,043 21,756 4,655 27,809 ,281 317 1,262 76519,020 18,604 416 1951—Nov 624 23,239 5,33417,905 871 24,734 382 700 28,809 ,288 481 794 77219,670 19,180 490 Dec 19 23,,801 5,34418,457 1,18925,009 695 709 29,206 ,270 247 889 746 20,056 19,667 389 1952—Jan 328 22,729 5,34417,385 726 23,783 951 717 28,386 ,319 162 766 74120,077 19,443 634 Feb 598 22,528 5 636 16,892 778 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 19,241 492 676 22,363 5,13617,227 593 23,632 298 739 28,464 ,281 450 784 74919,940 19,143 797 liay.'.'.".'. 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 5,13617,770 586 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 ,281 638 991 723 20,323 19,828 495 Aug 1,318 23,146 5,23617,910 751 25,216 344 776 29,293 ,269 488 1,157 718 20,411 19,576 835 Sept 47723,694 5,23618,458 577 24,747 342 786 29,419 ,278 508 881 723 20,066 19,747 319 Oct 1,591 23,575 4,52219,053 689 25,855 339 795 29,644 1,268 770 887 80520,616 19,996 620 Nov 1,895 23,821 4,52719,294 1,02426,740P23.337 801 *>30,228 Pl.268 378 1,056 80121,149 P20,282 P867 Averages of daily figures: 1951—Nov 34323,364 5,32918,035 1.07824,785 22,29b 4,688 28,612 1,286 436 867 77619,794 19,065 729 Dec 65723,409 5,35218,057 1,38025,446 22,483 4,701 29,139 1,280 271 835 796 20,310 19,484 826 1952—Jan 220000 23,206 5,34417,862 1,03824,444 22,824 4,709 28,637| 1.281 109 737 74420,470 19,537 933 Feb 36522,552 5,43217,120 909 23,826 23,039 4,719 28,406 1,294 352 799 73819,995 19,300 695 Mar 31422,634 5,63616,998 942 23,890 23,278 4,728 28,437 1,283 333 845 79020,207 19,322 885 Apr 36522,448 5,35417,094 913 23,726 23,293 4,737 28,459 1,278 549 875 818 19,777 19,127 650 May 573 22,308 5,13617,172 823 23,704 23,297 4,740 28,557 1,281 553 838 74519,767 19,139 628 June 58522,617 5,13617,481 941 24,144 23.308 4,751 28,843 1,282 328 843 76720,140 19,431 709 July 1,092 22,798 5,13617,662 895 24,786 23,348 4,756 29,028 1,270 306 960 79120,535 19,926 609 Aug 1,059 23,027 5,21617,811 738 24,824 23,346 4,765 29,088 1,276 501 1,044 720 20,306 19,657 649 Sept 72323,471 5,23618,235 861 25,055 23,343 4,778 29,343 1,275 326 997 72120,514 19,736 778 Oct 1,093 23,657 4,52219,135 931 25,681 23,340 4,788 29,555 1,276 550 941 876 20,611 19,963 648 Nov 1,577 23,638 4,52419,114 958 26,172 23,338 4,796 29,904 1,278 591 986 803 20,744 P Preliminary. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 8 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, 1935- Effective Feb. 1, Mar. 30, Effec- Jan. 31, 1935Dec. 31, 1935 Jan. 1, 1936 Prescribed in accordance with 1947- 1949- tive Securities Exchange Act of 1934 Mar. 29, Jan. 16, Jan. 17, 1949 1951 1951 Savings deposits 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 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.I.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. 1292 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances ( S s e e e c s u . r e 1 d 3 b a y n d e l 1 ig 3 i a b ) l 1 e paper [Sec. 10(b)] (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Nov. 30 beginning— rate Nov. 30 beginning— rate Nov. 30 beginning— rate Boston Aug. 21,1950 Aug. 21,1950 Jan.14, 1948 New York.... Aug. 21,1950 Aug. 21,1950 Oct.30, 1942 Philadelphia.. Aug. 25,1950 Aug. 25,1950 Aug.23, 1948 Cleveland Aug. 25.1950 Aug. 25,1950 Aug.25, 1950 Richmond Aug. 25,1950 Aug. 25,1950 Oct.28, 1942 Atlanta Aug. 24,1950 Aug. 24,1950 Aug.24, 1950 Chicago Aug. 25,1950 Aug. 25,1950 Aug.13, 1948 St. Louis Aug. 23,1950 Aug. 23,1950 Jan.12, 1948 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 2 Oct.28, 1942 4 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 2 Certain special rates to nonmember banks were in effect during the wartime period. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON MEMBER BANK RESERVE REQUIREMENTS ACCEPTANCES [Per cent per annum] [Per cent of deposits] Maturity R N a o t v e . o 3 n 0 In g i e n f n fe in ct g — be l - Pre ra v t i e ous Net demand deposits 1 Time Effective date deposits 91 1 - - 1 2 9 0 0 d d a a y y s s D D e e c c . . 1 1 8 8 . , 1 1 9 9 5 5 1 1 1M of change C re e c s n i e t t r y r v a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m ba e ( n m a k l b l s e ) r 121-180 days 2y8 Dec. 18. 1951 banks 1 Dates effective at Federal Reserve Bank of New York. 1917—June 21. .. 10 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... 17 May 1. . . 26 20 14 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1938—Apr. 16. .. 17 12 AND COMMITMENTS UNDER SECTION 13B OF THE FEDERAL RESERVE ACT 1941—Nov. 1. 26 20 14 1942—Aug. 20. 24 Maturities not exceeding five years Sept. 14. 22 [In effect November 30. Per cent per annum] Oct. 3. 20 1948—Feb. 27. 22 To industrial or June 11. 24 commercial To financing institutions Sept. 16. 16 businesses Sept. 24. 26 22 1949—May 1. 15 R F B e e d s a e e n r r k v a e l On On On p d u i r s c c h o a u s n e t s s or On J J A M u u u l n a y g y e . 30 5 1 1 . . . . 24 2 2 0 1 1 1 3 4 loans 1 co m m e m nt i s t- fo P r o w rti h o i n ch Re- c m om en m ts it- A A u u g g . . 1 1 1 6 . . institu- maining Aug. 18. 23 19 tion is portion Aug. 25. 22 18> obligated Sept. 1. 22 18 1951—Jan. 11. 23 19 36 Boston Jan. 16. 13 26 New York Jan. 25. 24 20 Philadelphia Feb. 1. ii* Cleveland Richmond In effect Dec. 1, 1952 4 24 20 14 Atlanta S C t h . ic L a o g u o is 1 Demand deposits subject to reserve requirements, which beginning Minneapolis.... Aug. 23, 1935, have been total demand deposits minus cash items Kansas City in process of collection and demand balances due from domestic banks Dallas (also minus war loan and series E bond accounts during the period San Francisco... Ap 2 r . R e 1 q 3 u , i 1 r 9 em 43 e - n J t u n b e e c 3 a 0 m , 1 e 9 e 4 f 7 f ) e . ctive at country banks. 3 Requirement became effective at central reserve and reserve city 1 Including loans made in participation with financing institutions. banks. 2 Rate charged borrower less commitment rate. 4 Present legal minimum and maximum requirements on net demand 3 Rate charged borrower. < Rate charged borrower 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 5 Charge of \i per cent per annum is made on undisbursed portion deposits at all member banks, 3 and 6 per cent, respectively. of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. DECEMBER 1952 1293 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 e ty 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 t o n r u y k n s - * York cago York cago Total reserves held: Excess reserves: 1951—August 19,174 4,925 1,297 7,479 5,473 1951—August.... 704 5 ' " -5' 148 550 1952— O O S S A e e c c u p p t t g o o t t u e e b b s m m e e t r r b b e e r r 2 2 2 1 1 0 0 0 9 9 , , , , , 5 3 6 3 8 1 0 9 6 1 4 6 6 8 1 5 5 5 5 5 , , , , , 2 0 2 2 2 2 2 2 1 5 5 9 3 5 6 1 1 11 L , , , , . 3 3 3 3 3 6 0 6 2 6 9 7 0 8 9 8 7 7 8 7 , , , , , 0 5 9 0 7 0 2 3 8 0 9 6 3 1 1 5 5 5 5 5 , , . , , 5 7 8 9 6 8 3 9 4 1 0 4 0 6 4 1952— O O S S A e e c c u p p t t g o o t t u e e b b s m m e e t r r b b e e r r 9 6 7 7 6 1 4 2 7 4 5 9 1 8 8 1 6 0 3 8 5 8 1 -4 6 8 1 2 1 1 1 1 9 2 5 5 2 9 9 5 1 5 5 5 5 5 6 5 8 1 5 7 4 8 3 3 Oct. 22 20,912 5,262 1,378 8,181 6,091 Oct. 22 741 10 -13 95 649 Oct. 29 20,548 5,229 1,377 8,105 5,838 Oct. 29 534 12 6 86 430 Nov. 5 20,509 5,169 1,345 8,083 5,912 Nov. 5 572 -2 -14 90 498 Nov. 12 20,623 5,134 1,361 8,084 6,044 Nov. 12 712 7 8 87 610 Nov. 19 20,728 5,145 L.347 8,161 6,075 Nov. 19 P75O 8 -5 110 P637 Nov. 26 20,874 5,253 1,384 8,249 5,988 Nov. 26 P631 -10 -3 85 P559 Borrowings at Federal Required reserves: Reserve Banks: 1951—August 18.470 4,919 1,297 7,331 4,923 1951—August 292 84 6 152 50 September 18,675 5,021 1,312 7,374 4,967 September 338 66 7 213 51 October 18,952 5,117 1,320 7,489 5,026 October 95 3 2 62 30 1952—August 19,657 5,218 1,359 7,804 5.277 1952—August 1,032 227 41 581 183 September 19,736 5,193 1.364 7.854 5,326 September 683 117 30 384 151 October 19,963 5,214 1,373 7,982 5,393 October 1,048 116 100 667 164 Oct. 22 20,171 5,252 L ,391 8,086 5,442 Oct. 22 894 82 82 587 143 Oct. 29 20,013 5,216 L.37O 8,019 5,408 Oct. 29 1,138 72 107 768 191 Nov. 5 19,937 5,171 1,359 7,993 5,414 Nov. 5 1,566 241 208 885 232 Nov. 12 19,911 5,127 L ,353 7,997 5,434 Nov. 12 1,535 177 249 909 200 Nov. 19 P19.978 5,137 ,352 8,051 P5,438 Nov. 19 1,408 186 249 780 193 Nov. 26 P20.244 5,263 1,387 8,165 P5,429 Nov. 26 1,456 159 293 812 192 * 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 OP MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve Item b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i 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 e a i r n e t v y k - e s C ba t o r n u y k n s - York cago York cago October 1952 October 1951 Gross demand deposits: Total 108,064 23,289 6,077 41,710 36,987 102,561 22,678 5,824 39,426 34,632 Interbank 12,821 4,058 1,274 6,316 1,173 12,450 4,013 1,196 6,122 1,119 Other 95,243 19,231 4,804 35,394 35,814 90,111 18,665 4,629 33,304 33,513 Net demand deposits 2 94,077 21,196 5,428 35,974 31,479 89,167 20,839 5,221 33,804 29,303 Time deposits 8 32,853 2,123 1,167 13,127 16,436 30,577 1,926 1,119 12,136 15,395 Demand balances due from domestic banks... 6,396 48 120 1,897 4,330 6,328 39 122 1,949 4,217 Reserves with Federal Reserve Banks: Total 20,611 5,215 1,369 8,081 5.946 19,868 5,225 1,328 7,701 5,614 Required 19,963 5,214 1,373 7,982 5,393 18,952 5,117 1,320 7,489 5,026 Excess 648 1 -4 99 553 915 108 212 588 Borrowings at Federal Reserve Banks 1,048 116 100 667 62 30 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. 1294 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1952 1952 1951 Nov. 26 Nov. 19 Nov. 12 Nov. 5 Oct. 29 Nov. Oct. Nov. Assets Gold certificates 21,418,10221,410,10221,420,10121,433,10321,423,10121,418,10121,433,10320,480,181 Redemption fund for F. R. notes.. 726,947 720,716 713,926 706,467 710,453 726,948 706,468 685,436 Total gold certificate reserves. 22,145,049 22 130,818 22,134,027 22,139,570 22,133,554 2:2,145,049 22,139,57121,165,617 Other cash 294,348 314,992 289,291 309,915 328,793 291,853 328,454 311,403 Discounts and advances: For member banks 1,569,926 1,441,454 1,538,427 1,618,004 1,125,703 1,849,986 1,546,404 624,105 For nonmember banks, etc.. 45,000 45,000 45,000 45,000 45,000 45,000 45,000 Industrial loans 3,786 3,580 4,150 3,927 4,210 3,838 4,281 "4,450 U. S. Government securities: Bills 441,250 253,250 275,450 228,200 332,200 501,750 283,200 116,970 Certificates: Special Other 5,018,416 5,009,916 4,995,716 4,995,716 4,995,716 5,018,416 4,995,716 12,719,598 Notes 13,773,671 13,773,671 13,773,671 13,773,671 13,773,671 13,773,671 13,773,671 5,068,073 Bonds 4,527,475 4,525,975 4,521,975 4,521,975 4,521,975 4,527,475 4,521,975 5,334,277 Total U. S. Government securities. 23,760,812 23,562,812 23,566,812 23,519,562 23,623,562 23,821,312 23,574,56223,238,918 Total loans and securities 25,379,52425,052,846 25,154,389 25,186,49324,798,475 25,720,136 25,170,24723,867,473 Due from foreign banks 23 23 23 23 23 23 23 33 F. R. notes of'other Banks. .. 159,093 165,484 154,979 156,895 178,926 154,911 180,443 186,620 Uncollected cash items 3,910,876 4,665,227 3,995,356 3,610,364 3,668,385 3,948,890 3,328,069 3,315,667 Bank premises 45,718 45,699 45,571 45,566 45,596 45,695 45,583 43,116 Other assets 180,739 170,861 161,883 153,607 145,356 185,034 148,146 156,557 Total assets. 52,115,370 52,545,950 51,935,519 51,602,433 51,299,108 52,491,591 51,340,536 49,046,486 Liabilities Federal Reserve notes 25,881,949 25,611,11425,633,766 25,499,509 25,340,435 25,948,710 25,426,180 24,680,067 Deposits: Member bank—reserve accounts.. 20,917,317 20,737,661 20,447,349 20,333,944 20,449,365 21,148,638 20,615,560 19,669,908 U. S. Treasurer—general account. 317,401 702,681 505,225 788,896 588,159 377,758 770, 480,990 Foreign 711,188 691,390 639,061 643,367 654,529 757,947 642, 569,963 Other 270,262 258,284 244,436 249,545 236,035 298,521 244, 224,411 Total deposits. 22,216,168 22,390,016 21,836,071 22,015,752 21,928,088 22,582,864 22,272,561 20,945,272 Deferred availability cash items 2,989,508 3,525,498 3,453,519 3,082,806 2,928,667 2,643,010 2,449,517 Other liabilities and accrued dividends. 20,292 19,094 19,165 18,494 19,068 17,539 17,678 Total liabilities. 51,107,917 51,545,722 50,942,521 50,616,561 50,249,211 51,479,309 50,359,290 48,092,534 Capital Accounts Capital paid in 248,568 248,333 248,250 248,217 248,148 248,620 248,166 235,319 Surplus (Section 7) 538,342 538,342 538,342 538,342 538,342 538,342 538,342 510,022 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 193,000 186,010 178,863 171,770 235,864 197,777 167,195 181,068 Total liabilities and capital accounts 52 ,115 ,370 52 ,545 ,950 51,935 ,519 51,602 ,433 51,299,10852,491,591 51,340,536 49,046,486 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 46.0 46.1 46.6 46.6 46.8 46.4 46.4 Contingent liability on acceptances purchased for foreign correspondents 17,379 17,373 17,100 16,445 15,534 17,408 16,141 18,163 Industrial loan commitments 4,091 4,292 3,886 3,882 3,896 4,045 3,720 6,361 Maturity Distribution of Loans and U. S. Government Securities l Discounts and advances—total. . . . ,614,926 486,454 1,583,427 ,663,004 ,170,703 ,894,986 ,591,404 624,105 Within 15 days ,431,985 313,176 1,433,206 ,514,657 ,020,291 ,700,327 ,438,248 596,425 16 days to 90 days 182,870 173,278 150,221 148,347 150,412 194,588 153,156 27,377 91 days to 1 year 71 71 303 Industrial loans—total 3,786 3,580 4,150 3,927 4^210 3,838 4,450 Within 15 days 306 313 315 309 304 321 332 660 16 days to 90 days 1,228 1,204 1,339 1,364 1,829 1,258 1,648 923 91 days to 1 year 2,077 1,737 2,163 1,921 1,750 2,084 1,954 1,640 Over 1 year to 5 years 175 326 333 333 327 175 347 1,227 U. S. Government securities—total ,760,812 23,562,81223,566,81223,519,56223,623,56223,821,31223,574,562 23,238,918 Within 15 days 149,000 78,800 176,500 137,500 203,700 209,500 154,700 16 to 90 days ,008,000 ,880,200 98,950 90,700 128,500 ,008,000 128,500 116,970 91 days to 1 year ,028,391 ,028,391 6,715,941 6,715,941 6,715,941 ,028,391 6,715,941 ,089,123 Over 1 year to 5 years ,146,950 14,146,95014,146,95014,146,95014,146,95014,146,950 .4,146,950 ,396,456 Over 5 years to 10 years ,070,224 070,224 ,070,224 ,070,224 ,070,224 ,070,224 1,070,224 ,013,614 Over 10 years , ,358,247 358,247 ,358,247 ,358,247 ,358,247 ,358,247 1,358,247 ,622,755 1 Callable U. S. Government securities classified according to nearest call date. DECEMBER 1952 1295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1952 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Assets Gold certificates.21,418,101 712,107 6,516,5761,238,4721,496,088 947,596 862,8314,406,337 531,632 347,710 801,841 725,1582,831,753 Redemption fund for F. R. notes. 726,948 63,323 77,124 56,134 82,052 80,630 49,741 115,018 50,068 25,613 39,405 28,513 59,327 Total gold certificate reserves. .22,145,049 775,430 6,593,7001,294,6061,578,1401,028,226 912,5724,521,355 581,700 373,323 841,246 753,6712,891,080 Other cash 291,853 23,244 49,892 13,791 21,239 21,290 25,657 53,018 18,708 6,123 12,370 11,750 34,771 Discounts and advances: Secured by U. S. Govt. securities. . . 1,847,836 47,790 300,865 62,765 104,170 124,030 94,600 416,800 136,925 51,555 175,512 43,894 288,930 Other 47,150 2,790 14,590 3,510 4,140 2,295 1,935 7,355 1,710 1,170 1,760 1,710 4,185 3 838 3 387 67 301 83 U. S. Govt. securities 23,821,312 1,675,282 5,661,8211,484,0502,357,025 1,595,8751,366,6283,376,7491,279,737 751,587 1,033,6311,082,2712,15<5,656 Total loans and securities 25,720,136 1,725,862 5,977,2761,553,7122,465,335 1,722,2671,463,4643,800,9041,418,372 804,3951,210,9031,127,8752,449,771 Due from foreign banks 23 1 1 7 2 2 1 1 3 1 1 1 1 2 other Banks... 154,911 4,872 17,665 6,310 7,336 32,855 21,135 13,338 8,016 7,820 7,087 6,832 21,645 items 3,948,890 310,554 742,491 240,552 315,235 346,583 274,566 574,122 204,390 108,941 227,878 216,764 386,814 Bank premises... 45,695 966 7,734 3,189 4,660 4,834 3,831 6,695 3,047 1,054 2,305 622 6,758 Other assets 185,034 15,830 41,069 11,288 18,404 12,409 11,264 25,837 9,527 5,686 8,177 8,910 16,633 Total assets.. . . 52,491,591 2,856,759 13,429,8343,123,4504,410,3513,168,4652,712,4908,995,2722,243,761 1,307,3432,309,9672,126,4255,807,474 Liabilities F. R. notes 25,948,710 1,579,537 5,697,7551,833,9352,356,681 1,875,8881,423,1914,906,792 1,219,728 646,2451,018,963 762,7212,627,274 Deposits: Member bk.— reserve accts.21,148,638 885,591 6,530,228 949,7431,596,103 893,516 948,6173,358,790 773,265 504,988 1,015,1201,076,4352,616,242 U. S. Treas.— gen. acct. . . 377,758 19,511 32,094 21,191 35,706 26,261 29,346 57,392 26,082 25,291 22,573 14,215 68,096 Foreign 757,947 43,970 2 262,907 55,318 65,246 36,169 30,496 98,579 26,950 18,439 26,950 26,950 65,973 Other 298,521 3,367 102,801 1,466 3,316 12,333 45,234 2,174 29,688 6,471 11,949 37,645 42,077 Total deposits.. . 22,582,864 952,439 6,928,0301,027,7181,700,371 968,2791,053,6933,516,935 855,985 555,1891,076,5921,155,2452,792,388 Deferred availability cash items 2,928,667 259,942 510,773 184,438 257,248 269,059 188,581 428,884 125,697 77,846 173,268 164,037 288,894 Other liabilities dividends 19,068 1,029 5,776 1,061 2,198 947 873 2,784 771 544 768 734 1,583 Total liabilities. . 51,479,309 2,792,947 13,142,3343,047,1524,316,4983,114,1732,666,3388,855,3952,202,1811,279,8242,269,5912,082,7375,710,139 Capital Accounts Capital paid in. . 248,620 13,245 78,318 17,179 23,812 10,969 10,336 32,081 8,633 5,495 9,410 12,198 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 1,307 2,140 Other capital accounts 197,777 13,364 42,120 13,137 18,387 12,949 11,183 26,766 10,638 6,888 9,462 11,973 20,910 Total liabilities and capital accounts 52,491,591 2,856,75913,429,8343,123.4504,410,3513,168,4652,712,4908,995,2722,243,7611,307,3432,309,9672,126,4255,807,474 Reserve ratio 45.6% 30.6% 52.2% 45.2%. 38.9% 36.2% 36.8% 53.7% 28.0% 31.1% 40.1% 39.3% 53.3% Contingent liability on acceptances purchased for foreign correspondents 17,408 1,078 3 5,278 1,356 1,599 886 747 2,416 660 452 660 660 1,616 Industrial loan commitments.. 4,045 1,955 751 71 126 775 367 1 After deducting $16,000 participations of other Federal Reserve Banks. 2 After deducting $495,022,000 participations of other Federal Reserve Banks. * After deducting $12,130,000 participations of other Federal Reserve Banks. 1296 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 Nov. 26 Nov. 19 Nov. 12 Nov. 5 Oct. 29 Nov. Oct. Nov. F. R. notes outstanding (issued to Bank). 26,771,24626,582,748 26,498,12526,367,544 26,355,468 26,837,269 26,347,20225,526,339 Collateral held against notes outstanding: Gold certificates 13,229,00013,179,00013,179,00013,179,00013,179,00013,264,00013,179,000 12,464,000 Eligible paper 911,476 885,779 907,892 971,019 577,783 1,166,452 960,764 520,275 U. S. Government securities 14,115,00014,015,00013,915,00013,790,00013,790,00014,115,00013,790,00013,600,000 Total collateral 28,255,476 28,079,779 28,001,89227,940,019 27,546,783 28,545,45227,929,764 26,584,275 EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1952 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in ol n i e s - K C an it s y as Dallas F c S r is a a c n n o - F. R. notes outstanding (issued to Bank) 26,837,269 1,625,830 5,932,0481,882,2052,437,2471,925,2701,486,734 4,990,5151,267,857 656,8921,046,513798,030 2,788,128 Collateral held: Gold certificates13,264,000 400,000 4,520,000 775,000 810,000 560,000 510,000 2,800,000 280,000160,000 280,000 269,0001,900,000 Eligible paper.. 1,166,452 47,790 291,795 62,765 119,130 136,925 51,555 175,562 280,930 U. S. Govt. securities 14,115,000 1,300,000 1,500,0001,100,0001,650,000 l,400,( 1,000,000 2,300,0001,000,000 505,000 800,000 560,0001,000,000 Total collateral.. 28,545,452 1,747,790 6,311,795 1,937,7652,460,000 2,079,] 1,510,0005,100,000 1,416,925716,5551,255,562829,000 3,180,930 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars] DEFENSE PRODUCTION ACT OF 1950 AND EXECUTIVE ORDER NO. 10161 Partici- Date (last A a p p p p li r c o a v ti e o d ns pr A o p v - ed Loans Commit- o p f a f t i i n o a n n s c- [Amounts in thousands of dollars] Wednesday to UcllC but not out- ments ing instior last day com- standing2 out- tutions Guaranteed loans Guaranteed Additional of period) N b u e m r - Amount ( p a l m et o e u d n t i ) (amount) ( s a t m an o d u i n n t g ) s (a ta m o n u o d t u i - n n g t) 3 T D -vate au t t o h o d r a iz te ed outs lo ta a n n d s ing a u b v n a o a d m r i e l r r a o o b w u g l n e u e t a rs t r o - 1 19 9 4 4 5 4 3 3 , , 4 5 8 1 9 1 5 5 2 4 5 4 , , 5 9 3 6 2 1 1,2 3 9 2 5 0 3 1 , ,9 8 9 9 5 4 4 1 , ,6 1 4 6 4 5 2 1 , , 7 08 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 e r i a d o n n - a o n u t t e m s e t e a n a n g t d s r i e n e g - 1946 3,542 565,913 4,577 554 8,309 2,670 1947 3,574 586,726 945 1,387 7,434 4,869 1948 3,607 615,653 335 995 1,643 1,990 1950 1949 3,649 629,326 539 2,178 2,288 2,947 1950 3,698 651,389 4,819 2,632 3,754 3,745 Dec. 31... 62 31,326 8,017 6,265 8 299 1951 1951 Oct. 31... 3,734 700,040 2,943 4,447 7,151 11,990 Mar. 31.. . 254 300,955 68,833 56,973 47 822 Nov. 30. .. 3,736 706,215 3,073 4,505 6,361 12,064 June 30. .. 484 654,893 252,100 209,465 276 702 Dec. 31... 3,736 710,931 3,513 4,687 6,036 11,985 July 31. .. 568 828,584 325,299 267,715 349 905 1952 Aug. 31... 658 1 052,337 405,043 332,618 384 852 Jan. 31... 3,738 716,210 832 4,621 7,125 12,018 S O e c p t. t.3 3 0 1 . . . .. . 7 7 2 7 9 6 1 1 2 1 1 5 8 4, , 9 9 4 8 2 8 4 5 9 5 2 6 , , 1 8 6 3 7 9 4 4 0 5 0 4 , , 6 7 5 8 2 9 4 4 5 9 0 5 0 51 1 2 3 Feb. 29... 3,741 721,144 772 4,957 6,845 10,307 Nov. 30... 815 1 302,342 615,812 502,524 476 699 Mar. 31... 3,741 725,787 108 5,296 6,467 10,474 Dec. 31... 854 1,395,444 675,459 546,597 472 827 Apr. 30. .. 3,743 730,482 571 5,207 6,536 10,339 May 31... 3,743 734,049 235 5,211 6,083 10,262 1952 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 1,463,443 715,928 580,381 525 129 Aug. 31... 3,750 748,451 2,142 4,690 6,152 10,128 Feb. 29... 934 1,530,388 763,838 617,674 511 786 Sept. 30. .. 3,750 752,042 1,370 4,496 6,327 9,978 Mar.31. .. 971 1,677,786 836,739 672,974 467 392 Oct. 31... 3,751 757,277 1,601 4,311 3,720 7,174 Apr. 30... 998 1,727,729 838,073 672,678 595 098 May 31... 1 023 1,787,755 870,174 695,814 601 752 1 Includes applications approved conditionally by the Federal Re- J J u u n ly e 3 31 0 . . . . . . 1 1,0 0 6 50 6 1 1 , ,9 8 2 6 2 7, , 6 3 4 8 3 8 9 8 0 8 9 3, , 2 6 6 8 2 8 7 7 0 2 3 6 , ,4 7 5 7 2 4 6 6 1 4 5 8 0 1 6 3 5 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 A Se u p g t . .3 3 0 1 . . . . . . 1 1 , , 0 1 9 1 2 3 2 2 , ,0 0 5 2 2 3, , 4 32 0 7 3 9 92 0 2 7 , , 1 8 2 9 9 9 7 7 2 3 5 6 , , 9 8 4 3 3 3 6 6 9 5 2 6 , , 0 9 6 9 7 5 included in industrial loans outstanding in weekly statement of con- Oct. 31. .. 1 130 2,069,697 993,856 811,132 591,762 dition of Federal Reserve Banks. 8 Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between guaranteed loans authorized and NOTE.—The difference between amount of applications approved and sum of loans outstanding and additional amounts available to borthe sum of the following four columns represents repayments of ad- rowers under guarantee agreements outstanding represents amounts vances, and applications for loans and commitments withdrawn or repaid, guarantees authorized but not completed, and authorizations expired. expired or withdrawn. DECEMBER 1952 1297 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEES AND RATES ESTABLISHED UNDER REGULATION V POSTAL SAVINGS SYSTEM ON LOANS GUARANTEED PURSUANT TO DEFENSE [In millions of dollars] PRODUCTION ACT OF 1950 AND EXECUTIVE ORDER NO. 10161 Assets Depos- [In effect November 30] End of month i b to a r l s - ' C i a n sh G U ov . e S rn . - Cash Fees Payable to Guaranteeing Agency by Financing Institution on ances 1 Total deposi- ment reserve Guaranteed Portion of Loan tory securi- funds, banks ties etc.* Guarantee fee Percentage of Percentage of (percentage of any commitment 1943—December 1,788 1,843 10 1,716 118 loan guaranteed in b te y r e b s o t r r p o a w y e a r b ) le fe b e o r c r h o a w rg e e r d 1 19 9 4 4 5 4 — — D D e e c c e e m m b b e e r r... . 2 2 , , 3 9 4 3 2 3 2 3 , ,0 4 2 11 2 6 8 2 2 , , 2 8 5 3 2 7 1 1 5 7 2 9 1946—December... . 3,284 3,387 6 3,182 200 1947—December 3,417 3,525 6 3,308 212 70 or less 10 10 1948—December... . 3,330 3,449 7 3,244 198 75 15 15 1949—December 3,188 3,312 7 3,118 187 80 20 20 1950—December 2,924 3,045 11 2,868 166 85 25 25 90 30 30 1951—August 2,754 2,877 23 2,680 173 95 35 35 September. . . 2,738 2,861 23 2,680 158 Over 95 40-50 40-50 October 2,724 2,851 25 2,670 156 November.... 2,714 2,842 25 2,649 168 December... . 2,705 2,835 28 2,644 162 Maximum Rates Financing Institutions May Charge Borrowers [Per cent per annum] 1952—January 2,695 2,825 30 2,638 158 February 2.681 2,813 31 2,609 173 March 2,669 2,794 32 2,599 163 Interest rate April 2,651 2,778 32 2,598 147 May 2,633 2,761 33 2,574 153 Commitment rate. June 2,617 2,746 33 2,557 156 July 2,601 2,751 33 2,554 164 August .... P2.587 September P2 572 October P2,561 P Preliminary. 1 Outstanding principal, represented by certificates of deposit. 1 Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government Year or month Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers Cityi centers l centers City centers City 2 cities 2 City* citiesJ 1946 1,050,021 417,475 527,336 105,210 18.9 10.0 407.946 522.944 25.2 16.5 1947 1,125,074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 23.6 12.9 445,221 660,155 27.2 19.2 1949 . ... 1,231,053 452,897 648,976 129.179 24 1 12.4 447,150 639,772 28.2 18.7 1950 1,403,752 513,970 742,458 147,324 26.6 13.4 508,166 731,511 31.4 20.3 1951 1,577,857 551,889 854,050 171,917 26.9 14.5 540,990 837,491 32.2 21.7 1951—October 139,308 47,971 75,799 15,539 26.4 14.4 45,334 72,515 30.4 20.9 November 132,158 44,802 72,428 14,928 27.8 15.4 42,503 69,685 31.4 22.0 December 144,800 53,500 76,049 15,251 30.7 15.1 55,184 76,007 37.9 22.6 1952—January 138,520 48,106 74,953 15,462 26.4 14.4 45,425 71,986 30.1 20.6 February 128,022 45,375 68,738 13,908 27.8 14.5 44,419 67,466 32.5 21.4 March 139,977 50,180 75,089 14,708 27.9 14.6 50,213 74,545 34.0 22.0 April 139,141 52.057 72,607 14,476 28.8 14.1 49,745 70,189 34.4 21.1 May 135,965 49,535 71,898 14,532 27.4 13.9 49,830 71,485 34.3 21.3 June 144.769 54,922 74,948 14,899 30.9 14.8 55,385 73,019 38.6 22.2 July 146,984 57,052 74,908 15,024 30.3 14.2 50,472 69,980 35.1 20.7 August 124,641 43,166 67,412 14,063 23.6 12.8 44,101 68,271 31.4 20.2 139,078 49,278 74,608 15,192 28.8 14.6 47,798 71,343 34.6 21.5 October 154,237 55,560 82,171 16,506 30.0 14.7 51,703 77,203 34.4 21.3 i National series for which bank debit figures are available beginning with 1919. J 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 1942 through November 1947, 333 centers from December 1947 through December 1950, and for 342 centers beginning January 1951; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935. 1298 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion x Total Coin $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 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 7,834 327 220 454 801 7 24 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 492 771 438 783 8 26 1947 28,868 20,020 1,404 ,048 65 2,110 6,275 9,119 8,850 548 070 428 782 5 17 1948 28,224 19,529 1,464 ,049 64 2,047 6,060 8,846 8,698 494 074 400 707 5 17 1949 27,600 19,025 1,484 ,066 62 2,004 5,897 8,512 578 435 056 382 689 4 11 1950 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951—September. 28,288 19,896 ,616 ,124 64 2,038 6,181 ,874 ,393 2,437 5,034 353 557 4 October. . . 28,417 19,955 .631 ,132 65 2,041 6,160 8,927 ,463 2,452 5,092 353 554 4 November. 28,809 29,283 ,642 ,144 65 2,075 6,291 9,067 ,528 2,482 5,133 352 549 4 December. 29,206 20,530 1,654 ,182 67 2,120 6,329 9,177 ,678 2,544 5,207 355 556 4 1952—January. . . 28,386 19,807 ,631 ,115 65 2,009 6,088 ,898 ,582 2,508 5,161 352 550 4 February.. 28,465 19,904 ,630 ,110 66 2,013 6,152 8,934 ,563 2,503 5,152 351 545 4 March.... 28,473 19,937 ,637 ,113 65 2,016 165 8,940 ,537 2,496 5,140 349 540 4 April 28,464 ;19,936 ,651 ,114 66 2,004 141 ,960 ,529 498 5,137 347 535 4 May 28,767 20,231 1,665 ,132 67 2,040 261 9,066 ,537 508 5,142 346 530 4 Tune 29,026 20,449 1,678 ,140 68 2,054 323 9,187 ,578 531 5,166 344 525 4 July 28,978 20,398 1,686 ,129 67 2,034 6,291 9,190 ,582 531 5,172 344 522 4 August.... 29,293 20,659 1,695 ,140 67 2,062 6,376 9,319 ,635 551 5,211 342 519 4 September. 29,419 20,739 1,705 .164 68 2,070 6,368 9,365 ,682 559 5,252 342 517 4 October. . . 29,644 20,897 1,722 ,175 68 2,074 405 9,453 ,749 2,577 5,304 342 514 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 Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation i Money Total out- held by standing, As security For Federal Oc 1 t 9 . 5 3 2 1, g a o s g l i d a l v in e a r s n t d Tr c e a a s s h ury B R F a e n e d k se e s r r v a a n e l d B R a a n e g k s e e s n r t v a s n e d Oc 1 t 9 . 5 3 2 1, Se 1 p 9 t. 5 2 30, O 1 c 9 t. 5 3 1 1, certificates agents Gold 23,339 22,177 21,162 Gold certificates 22,177 ''l9;324'' 37 37 39* Federal Reserve notes 26,347 62 " 1 ,101 25,184 24,971 24,043 Treasury currency—total 4,795 32,361 44 328 4,423 4,410 4,335 Standard silver dollars . ... 492 256 35 4 197 196 186 Silver bullion 2,104 2,104 Silver certificates and Treasury notes of 1890. 32,361 266 2,094 2,096 2,069 Subsidiary silver coin 1,150 5 24 1,121 1,108 1,056 Minor coin 409 1 4 404 401 390 United States notes 347 2 28 317 318 320 Federal Reserve Bank notes 217 (5) 3 214 215 234 National Bank notes 77 (5) (5) 76 76 80 Total—Oct. 31, 1952 (4) 24,538 1,268 19,324 4,245 29,644 Sept. 30, 1952 (4) 24,540 1,278 19,331 4,230 29^419 Oct. 31. 1951 (4) 23,382 1,283 18,188 4,182 28^417'' 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. 1291. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 3 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. DECEMBER 1952 1299 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Bank credit Total assets, net— Date Treas- U. S. Government obligations l T ia o b t i a l l - Total Ca a p n i d tal Gold ury ities deposits misc. cur- Loans, Com- Other and and acrency Total net Total m a er n c d ial R Fe e d se e r r v a e l Other s ri e t c ie u s - ca n p e it t al, currency co n u e n t ts, savings Banks banks 1929—June 29 ... 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64 698 55,776 8,922 1933—june 30 4,031 2,286 42,148 71,957 10,328 8,199 1,998 131 9,863 48 465 42,029 6,436 1939—Dec 30 17,644 2,963 54,564 ?9 ,157 73,105 19,417 7,484 1 204 9,302 75 171 68,359 6,812 1941—Dec 31 .... 22,737 3,247 64,653 76,605 79,049 25,511 7,254 1 284 8,999 90 637 82,811 7,826 1945—Dec. 31 20,065 4,339 167,381 30,387 178,417 101,288 74,262 7 867 8,577 191 785 180,806 10,979 1946—Dec 31 . . 20,529 4,562 158,366 35,765 in ,110 86,558 ,350 202 9,491 457 171,657 11,800 1947—Dec. 31 22,754 4,562 160,832 43,023 107,086 81,199 77,559 3 328 10,723 188 148 175,348 12,800 1948—Dec 31 24,244 4,589 160,457 48,341 100,694 74,097 71,333 264 11,422 189 290 176,121 13,168 1949—Dec. 31 24,427 4,598 162,681 49,604 100,456 78,433 18,885 3 138 12,621 191 706 177,313 14,392 1950—June 30 24,231 4,607 164,348 51,999 98,709 77,320 18,331 3 058 13,640 193 186 178,568 14,618 Dec 30 .... 22,706 4,636 171,667 60,366 96,560 72,894 70,778 7 888 14,741 199 009 184,385 14,624 1951—Tune 30 21,756 4,655 173,447 63,821 94,450 68,726 22,982 2 742 15,176 199 858 185,038 14,820 Oct 31 22 200 4,700 178,300 65,800 97,000 70,800 73,600 9 700 15 500 905 200 189 200 16,000 Nov. 28 22,300 4,700 179,400 66,500 97,400 71,500 23,200 2 700 15,500 206 400 190,500 15,900 Dec. 31 22,695 4,706 181,323 67,597 97,808 71,343 73,801 664 15,918 908 724 193,404 15,320 1952—Jan. 30 22,900 4,700 179,900 66,700 97,300 71,800 22,800 2 700 15,900 207 600 191,600 15,900 Feb 27 23,100 4,700 179,300 67,000 96,200 71,100 7?,600 9 600 16,100 907 200 191,500 15,700 Mar. 26 23,300 4,700 180,100 67,700 96 ,100 70,900 77,500 600 16,400 908 200 192,300 15,900 Apr 30 23 300 4,700 179,900 68,100 95 ,200 70,200 99 ,400 9 600 16 600 907 900 192 200 15 700 May 28 23,300 4,700 180,600 68,500 95,300 70,500 22,300 2 600 16,800 208 700 192,900 15,800 June 30 23,346 4,754 182,980 69,712 96,266 70,783 22,906 2 577 17,002 211 080 194,960 16,120 July 30P 23,400 4,800 185,300 70,000 98,100 72,700 ?9,800 7 600 17,200 913 400 197,200 16,100 Aug. 27P 23,300 4,800 185,300 70,500 97,300 71,700 73,100 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 Oct. 29P 23,300 4,800 188,900 72,900 98,600 72,400 23,600 2 600 17,300 217 000 199,900 17,100 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 i s t k g it n s, T c u r a e r s a y h s- A m s b a t a e a v c r n n i c o n d k i m g a s s l - R F B e e a A d s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m T b C e a i o r m n c m k e ia - s l dep M s b o a a s v u n it i t k s n u s g 3 a 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 r k 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 42,029 50 264 852 35 40,828 14,411 21 656 10,849 9,621 1,186 4,761 1939—Dec. 30 68,359 1,217 2,409 846 634 63,253 79,793 27 059 15,258 10 523 1,278 6,401 1941—Dec. 31 82,811 1,498 2,215 1,895 867 76,336 38,992 77 779 15,884 10 537 1,313 9,615 1945—Dec 31 180 806 2,141 2,287 94 ,608 977 150,793 7S,851 48 457 30,135 15 385 2,932 26,490 1946—Dec. 31 171,657 1,885 2,272 ,103 393 164,004 83,314 53 960 33,808 16 869 3,283 26,730 1947—Dec. 31 175,348 1,682 1,336 1,452 870 170,008 87,121 56 411 35,249 17 746 3,416 26,476 1943—Dec 31 176 121 2 103 1,325 9 451 1,123 169,119 RS,520 S7 520 35,804 18 387 3,329 26 079 1949—Dec. 31 177,313 2,150 1,312 3,249 821 169,781 85,750 58 616 36,146 19 273 3,197 25,415 1950—June 30 178,568 2,555 1,298 3,801 950 169,964 85,040 59 739 36,719 19 923 3,097 25,185 Dec. 30 184,385 2,518 1,293 ,989 668 176,917 97,272 59 247 36,314 20 009 2,923 25,398 1951—June 30 185,038 2,424 1,281 6,332 317 174,684 88,960 59 948 36,781 20,382 2,785 25,776 Oct. 31 189,200 2,100 1,300 ,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 70 600 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 ,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 69 ,000 38,200 71 100 2,700 25,600 Mar 26 192,300 2,200 1,300 ,800 (5) 182,900 94 ,800 67 400 38,500 21,300 2,700 25,700 Apr. 30 192,200 2,200 1,300 4,500 500 183,800 95 ,100 67,700 38,600 21,400 2,700 25,900 May 28 192,900 2,300 1,300 4,400 600 184,400 95 ,300 63,000 38,900 71 600 2,600 26,000 June 30 194,960 2,319 1,283 6,121 333 184,904 94,754 63,676 39,302 21, 755 2,619 26,474 July 30P 197,200 2,600 1,300 7,000 600 185,800 95 ,700 63 800 39,400 21,900 2,600 26,200 Aug 27P 197,000 2,600 1,300 6,200 700 186,200 95 ,800 64,100 39,600 77 000 2,600 26,300 Sept. 24P 197,900 2,500 1,300 6,500 300 187,400 96 ,400 64 500 39,800 22,7.00 2,600 26,600 Oct. 29P 199,900 2,500 1,300 5,300 600 190,200 98,600 64,900 40,100 22,200 2,600 26,700 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 8 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3 Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4 Prior to June 30, 1947, includes a relatively small amount of demand deposits. 6 Less than 50 million dollars. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 1300 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loansand investments Deposits Investments Other Class of bank Cash c T ap o i t t a a l l Num of ber and date Total Loans G U ov .S er . n- Other assets * Total 1 b In an te k r * - accounts banks De- Total o m bl e ig n a t - s ri e t c ie u s - mand Time tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—Dec. 31 2 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1948—Dec. 31 133,693 48,174 85,519 74,097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1949—Dec. 31 140,598 49,544 91,054 78,433 12,621 36,522 164,467 12,710 96,156 55,601 13,088 14,687 1950—Dec. 30 148,021 60,386 87,635 72,894 14,741 41,086 175,296 14,039 104,744 56,513 13,837 14,650 1951—Oct. 31 152,550 66,320 86,230 70,780 15,450 40,450 177,730 13,490 105,820 58,420 14,530 14,631 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—June 30 157,528 69,742 87,786 70,783 17,002 41,667 184,130 13,513 109,247 61,369 15,039 14,599 July 30P 160,200 70,360 89,840 72,650 17,190 40,010 183,450 12,740 109,170 61,540 15,020 14,605 Aug. 27P 160,100 70,970 89,130 71,670 17,460 39,160 182,770 12,890 108,020 61,860 15,070 14,603 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 Oct. 29P 163,200 73,470 89,730 72,400 17,330 41,220 187,260 13,810 110,800 62,650 15,260 14,591 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—Dec. 31 2 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1948—Dec. 31 114,298 42,488 71,811 62,622 9,189 38,596 142,843 12,269 94,654 35,921 10,480 14,171 1949—Dec. 31 120,197 42,965 77,232 67,005 10,227 35,650 145,174 12,709 96,136 36,328 10,967 14,156 1950—Dec. 30 126,675 52,249 74,426 62,027 12,399 40,289 155,265 14,039 104,723 36.503 11,590 14,121 1951—Oct. 31 130,480 56,750 73,730 60,850 12,880 39,650 157,060 13,490 105,800 37,770 12,200 14,102 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—June 30 134,437 59,233 75,204 61,178 14,026 40,702 162,348 13,512 109,222 39,614 12,601 14,070 July 30P 136,760 59,720 77,040 62,900 14,140 39,260 161,560 12,740 109,140 39,680 12,580 14,076 Aug. 27P 136,550 60,210 76,340 61,960 14,380 38,380 160,770 12.890 107.990 39,890 12,630 14,074 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 Oct. 29P 139,440 62,410 77,030 62,860 14,170 40,400 164,990 13,810 110,770 40,410 12,800 14,062 All member banks: 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6,884 1946—Dec. 31 96,362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 6,900 1947—Dec. 31 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 81,785 28,340 8,464 6,923 1948—Dec. 31 95,616 36,060 59,556 52,154 7,402 34,203 121,362 11,641 80,881 28,840 8,801 6,918 1949—Dec. 31 101,528 36,230 65,297 56,883 8,414 31,317 123,885 12,097 82,628 29,160 9,174 6,892 1950—Dec. 30 107,424 44,705 62,719 52,365 10,355 35,524 133,089 13,447 90,306 29,336 9,695 6,873 1951—Oct. 31 110,332 48,635 61,697 50,972 10,725 34,814 134,027 12,829 90,920 30,278 10,200 6,845 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 July 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 Oct. 29P 117,604 53,317 64,287 52,484 11,803 35,535 140,431 13,074 94,959 32,398 10,680 6,804 All mutual savings 1939—Dec# 30 10,216 4 927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1941—Dec> 31 10,379 4 901 5 478 3 704 1 774 793 10 533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 1 16 16,853 1,784 541 1947—Dec. 31 2 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 1 17 18,387 1,999 532 I 1 9 9 4 5 9 0 — —D D eecc#. 3 3 1 0 2 2 0 1 , 4 3 0 4 0 6 6 8 5 1 7 3 8 7 1 1 3 3 , 8 2 2 0 2 9 1 1 1 0 4 8 2 6 8 8 2 2 3 3 4 9 2 4 8 7 7 9 3 7 2 1 0 9 0 2 3 9 1 3 2 2 0 2 2 1 0 9 ,2 0 7 0 3 9 2 2 , 1 2 2 4 2 7 5 52 3 9 1 1951—Oct. 31 22,070 9,570 12,500 9,930 2,570 800 20,670 1 20 20,650 2,330 529 Dec. 31 22,259 9,862 12.398 9,819 2,579 886 20,915 2 26 20,888 2,407 529 1952—June 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. 27P 23,550 10,760 12,790 9,710 3,080 780 22,000 2 30 21,970 2,440 529 Sept. 24P 23,660 10,890 12.770 9,670 3.100 850 22,180 2 30 22,150 2,450 529 Oct. 29P 23,760 11,060 12,700 9,540 3,160 820 22,270 2 30 22,240 2,460 529 P Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. DECEMBER 1952 1301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Nuinber capital (>f and date Total Loans G U ov . e S rn . - Other assets l Total i b In an te k r - i accounts banks 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 ,296 6 043 4,772 1 272 6,703 14,509 4,238 9 533 736 1,592 36 1941—Dec. 31 12,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 1? 917 807 1,648 36 1945—Dec. 31 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 2,120 37 1946—Dec. 31 20 834 6,368 14,465 13,308 1,158 6,238 ?4,723 4,246 19 028 1,449 2,205 37 1947—Dec. 31 20,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 ,445 2,259 37 1948—Dec. 31 18 759 8,048 10,712 9,649 1,063 7,758 ?4,024 4,213 18 131 L.680 2,306 35 1949—Dec. 31 19,583 7,550 1?,033 10,746 1,287 6,985 ')^ ,983 4,192 18 139 [ ,651 2,312 25 1950—Dec 30 90 612 9,729 10 883 8,993 1 890 7,922 ?5 ,646 4,638 19 287 1,722 2,351 23 1951—Oct. 31 20,791 10,846 9,945 8,011 1,934 7,325 24,871 4,359 18,914 1,598 2,424 22 Dec. 31 21,379 11,146 10,233 8,129 2,104 8,564 26,859 4,832 20,348 L,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 July 30P 21 804 11,080 10,724 8,407 9 317 7,840 96,107 4,217 90 172 .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.24P 21,246 11,363 9,883 7,612 2,271 7,297 25,288 4,596 18,971 1,721 2,462 22 Oct. 29P 21,283 11,680 9,603 7,518 2,085 7,267 25,111 4,388 19,011 1,712 2 ,477 22 Chicago: 1939—Dec 30 2 105 569 1 536 1,203 333 1 .446 T,,330 888 1 ,947 495 250 14 1941—Dec. 31 2 760 954 1,806 1,430 376 1,566 4,057 1,035 ? 546 476 288 13 1945—Dec. 31 5,931 1,333 4,598 4,213 385 L.489 7,046 1,312 5 015 719 377 12 1946—Dec. 31 4 765 1,499 ,266 2,912 355 1,545 S,905 1,153 1 922 829 404 14 1947—Dec. 31 5,088 1,801 1,287 2,890 397 1,739 6,402 1,217 4 773 913 426 14 194g—Dec. 31 4 799 1,783 ,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—Dec. 31 5,424 1,618 ,806 3,324 482 L.850 6,810 1,191 4 535 1,083 470 13 1950—Dec 30 5 569 9,083 ,487 2,911 576 2,034 7.109 1,228 4 778 1,103 490 13 1951—Oct. 31 ... 5,523 2,357 ,166 2,640 526 1,970 6,919 1,145 4 648 1,126 507 13 Dec. 31 5,731 9,468 3,264 2,711 552 2,196 7,402 1,307 4 95?, 1,143 513 13 1952—June 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 L.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 Oct. 29P 5,839 2,444 3,395 2,827 568 2,119 7,215 1,240 4,812 1,163 534 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 1,616 1,828 346 1941—Dec. 31 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 1,806 1,967 351 1945—Dec 31 40 108 s,514 ^1,594 29,552 9 042 11,286 49,085 6,448 M 877 5.760 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 ?1,047 18,594 9,453 13,317 45,943 5,400 79 153 11,391 2,928 335 1949—Dec. 31 38,301 14,370 23,931 20,951 2,980 12,168 47,559 5,713 30,182 11,664 3,087 341 1950—Dec. 30 40,685 17,906 ?9,779 19,084 ,695 13,998 51,437 6,448 33 342 11,647 3,322 336 1951—Oct. 31 41,987 19,191 22.796 19,008 3,788 13,692 51,875 6,178 33 634 12,063 3,495 320 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 90.290 ?3.796 19,404 4,392 13,308 SS,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 Oct. 29P 45,381 91,2 76 94,105 19 761 4,344 14,004 54,766 6,289 422 13,055 3,711 319 Country member banks: 1939—Dec. 30 . . 10 224 4,768 ,456 3 159 9,297 4,848 n,762 598 7 312 5,852 1,851 S966 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 ?Q,407 26,999 9,408 10,632 4^,418 1,223 99 700 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 ?6,125 22,857 ,268 10,778 44,443 1,073 98 810 14,560 2,934 6 519 1948—Dec. 31 36,726 11,945 24,782 21,278 3,504 11,196 45,102 964 29 370 14,768 3,123 6 535 1949—Dec. 31 38,219 12,692 25,527 21,862 3,665 10,314 45,534 1,001 29 771 14,762 3,305 6 513 1950—Dec. 30 40,558 14,988 25,570 21,377 4,193 11,571 48,897 1,133 32 899 14,865 3,532 6 501 1951—Oct. 31 42,031 16,241 25,790 21,313 4,477 11,827 50,362 1,147 33 724 15,491 3,774 6,490 Dec. 31 42 444 16,296 96,148 21,587 4,561 13,292 S9,288 1,309 ^5 449 15,530 3,760 6,484 1952—June 30 43,037 17,133 95 ,904 21,206 4,698 12,087 51,571 1. 083 U 414 16,075 3,873 6,461 July 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 17,700 26. 745 21,972 4,773 11,896 52,555 1,100 35 133 16,322 3,938 6,453 Oct. 29P 45,101 17,917 27,184 22,378 4,806 12,145 53,339 1,157 35 714 16,468 3.958 6,450 ,'d in November 1947 by the Federal bank supervisory agencies A ad t de_, j ; . ,._ _f approximately 110 million dollars was banks. itual savings to nonmember commercial For other footnotes see preceding and opposite pages. 1302 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date assets 1 capital of 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 Total 1 b In an te k r - 1 m D a e n - d Time accounts banks tions All insured commercial banks: 1941—Dec. 31 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13 426 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1948—Dec. 31 112,286 41,968 70,318 61,388 8,929 38,087 140,642 11,900 93,300 35,441 10 158 13 413 1949—Dec. 31 118,278 42,485 75,793 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 4,137 20,114 84,939 9,229 59,486 16,224 4 644 5 017 1948—Dec. 31 63,845 23,752 40,093 34,852 5,241 22,974 81,407 7,842 54,020 19,545 5,657 4 991 1949—Dec. 31 67,943 23,853 44,090 38,161 5,930 20,995 83,113 8,278 55,034 19,801 5,920 4,975 1950—Dec. 30 72,090 29,184 42,906 35,587 7,320 23,763 89,281 9,133 60,251 19,897 6,313 4 958 1951—Dec. 31 75,255 32,317 42,938 35,063 7,875 25,951 94,173 9,788 63,477 20,908 6 653 4 939 1952—June 30 76,036 33,054 42,982 34,604 8,378 23,928 92,720 8,584 62,255 21,880 6,879 4,925 State member banks: 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1,502 194 5—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1 867 1948—Dec. 31 31,771 12,308 19,463 17,301 2,161 11,228 39,955 3,799 26,862 9,295 3,144 1,927 1949—Dec. 31 33,585 12,378 21,207 18,722 2,484 10,322 40,772 3,819 27,594 9,359 3,254 1,917 1950—Dec. 30 35,334 15,521 19,813 16,778 3,035 11,762 43,808 4,315 30,055 9,438 3,381 1 915 1951—Dec. 31 36,992 17,243 19,748 16,558 3,191 13,301 46,843 4,637 32,491 9,715 3,565 1,901 1952—June 30 37,466 17,472 19,994 16,657 3,337 12,119 46,049 4,227 31,914 9,908 3,647 1,890 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6 810 1945—Dec. 31 14,639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 1,083 6 416 1948—Dec. 31 16,685 5,911 10,774 9,246 1,528 3,887 19,296 259 12,419 6,618 1,358 6,498 1949—Dec. 31 16,766 6,258 10,508 8,947 1,561 3,892 19,269 272 12,285 6,712 1,473 6,540 1950—Dec. 30 17,414 7,023 10,391 8,632 1,759 4,299 20,216 297 13,194 6,726 1,570 6 562 1951—Dec 31 18,591 7,701 10,890 8,923 1,967 4,926 21,912 353 14,415 7,144 1 6K6 6 602 19S2—June 30 19,073 8,210 10,863 8,867 1,996 4,215 21,606 289 13,867 7,450 1,757 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 I949—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 1,235 388 314 650 1952—June 30 1,880 503 1,377 1,061 317 443 1,993 412 1,186 396 320 636 All nonmember commercial banks: 1941—Dec. 31 ... 7,233 3,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3,613 1,288 7 662 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1.362 7,130 1948—Dec. 31 2 18,698 6,431 12,267 10,479 1,788 4,396 21.497 628 13,772 7,097 1,680 7,256 1949—Dec 31 18,686 6,739 11,947 10,132 1,814 4,334 21,305 613 13,508 7,184 L,794 7 267 1950—Dec. 30 19,267 7,550 11,718 9,672 2,046 4,767 22,193 591 14,417 7,184 1,897 7.251 1951—Dec. 31 20,380 8,192 12,189 9,914 2,275 5,395 23,843 661 15,650 7,533 1,999 7 252 1952—June 30 20,954 8,714 12,240 9,928 2,312 4,658 23,598 700 15,052 7,846 >,O77 7,258 Insured mutual savings banks: 1941 Deo SI 1 693 642 1 050 629 421 151 1 789 1 789 164 52 1945—Dec. 31 10^846 3,081 7,765 7,160 606 429 10,363 12 10,351 1,034 192 1948—Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 1 14 12,757 1,334 193 1949—Dec. 31. 14,209 4,814 9,394 7,832 1,562 682 13,592 16 13,575 1,420 192 19S0 Dec 30 15 101 6 086 9 015 7 487 1 528 617 14 320 19 14 301 1 513 194 1951—Dec. 31 16,190 7,523 8,668 6,921 1,746 695 15,368 2 23 15,343 1,678 202 1952—June 30 .... 16,857 8,043 8,814 6,730 2,084 756 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 194S Dec 31 5 36i 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 SI 6,192 1,764 4,428 3,596 832 191 5,702 3 5,699 702 339 19S0 Dec 30 6 245 2 050 4 194 3 380 814 180 5,711 3 5,708 734 335 19S1—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. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions iries prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. DECEMBER 1952 1303 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 Com- Loans for U S. Government obligations Obli- Cla c s a s l a l o n d d f a b te ank i m n T lo a v o e n a e n t n d s a t s t l s - Total1 o e m c p i l i i n u n e e a g d - r l n , - - - A t c u g a u r r l l i - - - b o p s T r r u e o o r c c k c a u - h r r a r it y s T i i i e n n o s g g l R t o e a a e s t n a - e l s s l u C o m a o n n e s r -O lo th an er s Total Total C c e a r t t e if D s i- irect G a u n a - r- S p t a i t g i o c o a n o a a l t f d - n i e l t s s - Cu r s Mt i e n t - c i Ve e u \r s a - f 'ket" ers 3th- Bills of in- Notes Bonds teed subpa- and ers debt- diviper deal- ed- sions ers ness All insured commercial banks: 1941—Dec. 31. 49,290 21,259 9,214 1,450 614 662 4,773 4,! 45 28,031 21,046 988 3,159 12,7974,102 3,651 3,333 1945—Dec. 31. 121,809 25,765 9,461 1,3143,164 3,606 4,677 1,351 2,19196,043 88,912 2,45519',071 16,04551,321 22 3,8733,258 1949—Dec. 31. 118,278 42,485 16,9352,9631,749 855 11,4056,0023,124 75,793 65,820 3,692 12,479 5,81043,833 66,4003,574 1950—Dec. 30.124,822 51,723 21,7762,8231,789 1,03613,3897,6283,955 73,099 60,986 4,118 1,932 16,75638,168 11 7,9334,179 1951—Dec. 31. 130,820 57,256 25,7443,3211,571 960 14,4507,742 4,282 73,564 60,533 7,219 7,526 11,25634,511 21 8,9894,042 1952—June 30. 132,557 58,730 25,1763,5622,106 942 14,8848,5264,385 73,827 60,117 6,090 7,653 11,09935,251 25 9,6274,083 Member banks, total: 1941—Dec. 31. 43,521 18,021 8,671 972 594 598 3,494 3,t 92 25,500 19,539 971 3,007 11,7293,8323,0902,871 1945—Dec. 31. 107,183 22,775 8,949 855 3,1333,378 3,455 1,027 1,977 84,408 78,338 2,27516',985 14,27144,792 163,2542,815 1949—Dec. 31. 101,528 36,230 15,857 1,9451,737 758 8,8344,776 2,809 65,297 56,883 3,38910,409 5,08537,996 45,2743,140 1950—Dec. 30. 107,424 44,705 20,521 1,8081,770 927 10,5226,167 3,58562,719 52,365 3,665 1,468 14,05433,170 86,6403,714 1951—Dec. 31. 112,247 49,561 24,3472,1401,551 851 11,3346,195 3,86362,687 51,621 6,399 6,010 9,59629,601 15 7,5283,538 1952—June 30. 113,502 50,526 23,732 2,2642,084 829 11,6286,791 3,95062,976 51,261 5,423 6.134 9,46830,215 21 8,125 3,590 Sept. 5. 114,654 51,314 23,9732,4461,473 941 11,8557,0804,305 63,340 51,382 4,269 5,476 9,461 32,160 168,410 3,548 New York City:* 1941—jjec# 31 12,896 4 072 2 807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31. 26,143 7,334 3,044 2,453 1,172 80 76 509 18,809 17,574 477 3,433 3,325 10,337 1 606 629 1949—Dec. 31. 19,583 7,550 4,792 1,410 219 256 377 621 12,033 10,746 720 1,785 835 7,405 752 535 1950—Dec. 30. 20,612 9,729 6,328 1,421 285 442 540 850 10,883 8,993 824 250 1,711 6,206 2 1,123 767 1951—Dec. 31. 21,379 11,146 7,852 1,219 262 514 520 950 10,233 8,129 1,122 616 1,428 4,960 2 1,385 719 1952—June 30 21,710 U ,268 7,659 1,619 234 426 558 947 10,442 8,212 1,062 692 1,400 5,058 1,436 794 Sept. 5. 20,901 10,944 7,661 1,087 273 409 589 1,105 9,957 7^663 569 467 1,408 5,219 1,579 716 Chicago:* 1941—Dec. 31. 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1 19 9 4 4 9 5 — — D D eeCci. 3 3 1 1. 5 5 , ,4 9 2 3 4 1 1 1 , , 3 6 3 1 3 8 1,2 7 1 6 1 0 2 7 2 1 1 0 1 9 23 5 3 6 3 5 6 1 1 2 1 6 5 6 9 5 1 4 3 , , 5 8 9 0 8 6 4 3 ]3 2 2 1 4 3 3 1 3 3 1 3 4 4 6 6 9 7 0 3 7 5 4 8 9 1 1, , 9 8 4 6 5 4 2 1 9 8 0 1 2 1 0 9 4 2 1950—Dec. 30. 5,569 2,083 1 567 9 110 69 65 147 147 3 487 2 ,911 232 131 700 1,847 335 242 1951—Dec. 31. 5,731 2,468 1,977 16 94 63 70 117 172 3^264 334 332 520 1,526 351 201 1952—June 30. 5 664 2,380 1,856 11 166 61 67 116 150 3,284 2 721 366 371 494 1 490 363 201 Sept. 5. 5,738 2,419 1,872 11 147 67 68 121 178 3^319 2',749 314 341 517 1,578 360 210 Reserve city banks: 1941—Dec. 31. 15,347 7,105 3 456 300 114 194 1 527 1,' 12 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31. 40,108 8,514 3,661 205 427 1,503 1,459 433 826 31,594 29,552 1,034 6,982 5,653 15,878 5 1,126 916 1949—Dec. 31. 38,301 14,370 6,704 457 183 309 3,742 1,965 1,212 23,931 20,951 1,189 4, 180 2,124 13,457 1,727 1,254 1950—Dec. 30. 40,685 17,906 8,646 392 207 386 4,4232,567 1,534 22,779 19,084 1,218 499 5,536 11,830 j 2,184 1,511 1951—Dec. 31. 42,694 19,651 10,140 513 203 347 4,6512,512 1,578 23,043 19,194 2,524 2,493 3,640 10,528 82,458 1,390 1952—June 30. 43,091 19,745 9,756 519 258 354 4,7992,746 1,617 23,346 19,123 2,080 2,520 3,656 10,851 162,832 1,391 Sept. 5. 43,900 20,401 10,000 541 202 414 4,9232,874 1,753 23,499 19,169 1,503 2, 171 3,679 11,805 122,925 1,404 Country banks: 1941—Dec. 31. 12,518 5,890 1 676 659 20 183 1,823 1,130 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31. 35,002 5,596 1,484 648 42 471 1,881 492 578 29,407 26,999 630 5, 102 4,544 16,713 9 1,342 1,067 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 4 2,505 1,160 1950—Dec. 30. 40,558 14,988 3,980 1,407 33 187 5,5912,913 1,054 25,570 21,377 1,390 588 6,107 13,287 52,998 1,194 1951—Dec. 31. 42,444 16,296 4,377 1.610 35 178 6,0993,046 1,163 26,148 21,587 2,418 2,568 4,008 12,587 53,334 1,227 1952—June 30. 43,037 17,133 4,462 1,733 41 179 6,3373,370 1,237 25,904 21,206 1,914 2 551 3,918 12,817 53,494 1,204 Sept. 5. 44,115 17,550 4,440 1,893 36 187 6,4543,497 1,269 26,565 21,801 1,883 2 497 3,858 13,559 43,546 1,218 Insured nonmember commercial banks: 1941—Dec. 31. 5,776 3,241 543 478 20 64 1,282 854 2,535 1,509 17 152 1,069 271 563 462 1945—Dec. 31. 14,639 2,992 512 459 31 228 1,224 323 214 11,647 10,584 180 2 087 1,774 6,538 6 619 443 1949—Dec. 31. 16,766 6,258 1,078 1,018 12 97 2,575 1,225 315 10,508 8,947 303 2 071 725 5,846 2 1,127 434 1950—Dec. 30. 17,414 7,023 1,255 1,015 18 109 2,872 1,461 370 10,391 8,632 453 465 2,702 5,008 3 1,294 465 1951—Dec. 31. 18,591 7,701 1,397 1,181 20 109 3,121 1,546 419 10,890 8,923 820 1 516 1,660 4,921 6 1,462 505 1952—June 30. 19,073 8,210 1,445 1,298 22 113 3,262 1,735 434 10,863 8,867 668 1 519 1,631 5 ,046 4 1,503 493 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 1304 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b t a e nk F s B s e w e R e R d a r r i n e v e e t v r h k - - e e a s s l v C a i a n u s l h t b m a w B a d n e n i a o c s t l t - e k h - i s c s' j p m u D a o d s a t d s e e n e i - - - t d d s * m D e I s n d o ti - t e c e p * r o b s a i F e t n i o s g k r n - m U G er . o e n n v S - t - . p v s S o u i a t s l b i a n i t o d t i d c e n i a s - s l c C h c o e a f e e e i f t n e c r f r c i d k d s t . - i ' s - , p a v n s a i p t I d h r i d n o o u t i r d p n n c a a i e s o s - l - , r s r - , - I b n a t n er k - P m U G S e a o r a . n o e s n v n v d t S - - a - t . l v s S p i u a i s o t c n b i a l a o i d d t l t n e i - s - s p a v n s a p i t I h d i r d n o o t i u r d p n n c a a i s o e s - - l , r r s - , r B in o o w g r s - - c C o a t a u a c p n l - i t - s ings All Insured commercial banks: 1941—Dec. 31.. 12,396 1,358 8,570 37,845 ?,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 1949—Dec. 31.. 16,428 1,984 9,466 84,576 10,885 1,315 3,050 7,419 2,338 82,106 169 182 1,232 34,442 14 10,645 1950—Dec. 30.. 17,458 A2,145 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 A2,665 11,561 97,048 12.969 1,381 3.344 8.288 3,147 95,604 427 278 1,485 35,986 30 11,902 1952—June 30.. 19,331 I2,365 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 <?,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 64,154 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 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—Tune 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 Sept. 5. . 20,300 1,651 6,110 81,552 10,897 1,370 4,023 6,591 1,803 79,731 499 300 1,309 30,413 1,596 10,632 New York City: * 1 19 9 4 4 5 1 — — D £) e ec c . 3 3 i 1.. 5 4 , , 1 0 0 1 5 5 1 9 1 3 1 14 7 1 8 1 1 0 5 , , 7 0 6 6 1 5 5 $ .5 5 9 3 5 5 L. 6 1 0 0 7 5 6,9 8 4 66 0 3 23 1 7 9 1,3 4 3 5 8 0 1 1 5 1 , .2 7 8 1 2 2 1 6 7 10 2 2 9 0 1,2 7 0 7 6 8 195 2 1 t , 1 6 2 4 0 8 1949—Dec. 31 4,462 112 68 15,182 2,996 1.084 640 19C 895 16.408 113 38 24 1,590 2,312 1950—Dec. 30 4,693 118 78 15,898 J.2O7 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 J.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 5,193 1,096 1,651 305 1.079 17,275 350 53 21 1,721 20 2,460 Sept. 5. . 5,050 134 34 15,604 2,791 1,103 1,071 262 510 16,365 382 55 24 1,624 483 2,472 Chicago: 1941—DeC- 3i 1.021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31. . 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1949—Dec. 31.. 1,183 27 159 3,797 1.151 40 258 286 60 3,932 4 10 1,069 470 1950—Dec. 30. 1,216 30 133 3,954 1,177 48 174 284 70 4,250 3 3 10 1,089 490 1951—Dec. 31.. 1,407 32 165 4,121 1,269 38 242 240 66 4,404 1 5 11 1,128 513 1952—June 30.. 1,259 30 135 3,903 ,136 39 306 287 52 4,037 6 4 11 1,150 530 Sept. 5. . 1,332 26 118 3,928 1,188 42 260 285 53 4,039 4 4 11 1,134 101 532 Reserve city banks: 1941—Dec. 31. 4,060 425 2,590 11,117 i1,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.. 6,326 494 2,174 22,372 (),3O7 110 8,221 1,763 611 22,281 30 38 160 9,563 *'*2 2,566 1 1 9 9 5 4 0 9 — — D D e ec c > . 3 3 i 0.. 6 6 , , 8 41 0 3 6 4 5 8 1 2 9 2 1 , ,9 2 6 0 5 6 2 2 7 5 , , 9 74 3 4 8 6 5 A .4 7 9f 4 t 2 1 1 7 7 6 1,1 9 4 7 2 6 2 2, , 5 4 7 7 5 8 6 85 5 2 0 2 2 5 8 , , 9 9 1 3 2 8 3 5 8 7 6 6 0 0 6 63 1 1 7 1 1 0 0 , , 9 9 8 5 7 6 3 3 , , 0 3 8 2 7 2 1951—Dec. 31 .. 7,582 639 2,356 29,489 (),695 192 1,124 2,550 822 30,722 90 85 714 11,473 4 3,521 1952—Tune 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 Sept. 5.. 8,046 507 1,737 29,239 5,864 211 1,499 2,441 612 29,689 101 98 749 12,035 750 3,685 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 1949—Dec. 31.. 4,371 901 4,002 27,935 979 9 797 3,058 579 25,337 13 73 400 14,28c 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 Sept. 5. . 5,873 984 4,221 32,781 1,053 13 1,194 3,603 629 29,639 12 142 526 15,621 262 3,942 Insured nonmember commercial banks: 1 1 9 9 4 41 5 — — r D j e )ecc. . 3 3 1 i 3 2 9 7 1 1 2 3, , 9 3 5 2 9 5 1 4 0 , , 0 5 9 37 2 2 1 3 0 3 8 2 5 1,56 5 0 ? 6 8 1 5 1 8 1 6 3 8 5 9 3 , ,4 6 8 4 3 3 1 6 8 8 4 9 7 7 4 3 5 , , 2 5 7 7 6 9 6 7 1,0 9 8 5 3 9 1949—Dec. 31. 463 3,273 11,918 261 6 213 1,402 153 10,517 5 6 182 6,524 3 1,473 1950—Dec. 30 503 3,596 12,729 286 5 265 1,492 174 11,262 6 6 210 6,510 3 1.570 1951—Dec. 31 603 4,099 13,948 335 12 243 1,622 186 12,364 5 22 247 6,876 4 1,686 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 fitures — See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. DECEMBER 1952 1305 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans * Investments For purchasing or carrying securities U. S>. Governmentobligations Total Comloans mer- Date or month and cial, To brokers invest- indus- and dealers To others Real Loans Cer- Other ments Totall trial, estate to Other Total tifi- secuand loans banks loans cates rities agri- U. S. Other U.S. Other Total Bills of in- Notes Bonds2 cul- Govt. se- Govt. se- debttural ob- curi- ob- curi- edliga- ties liga- ties ness tions tions Total- Leading Cities 1951—October. . . 71,814 33, 790 20,403 151 955 126 564 5,631 511 5,92238 024 31,317 3,140 2 934 6,084 19,1596,707 1952—August. .. . 75,519 35,516 20,776 3091,354 137 609 5,795 622 6,47340 003 32,423 2,777 3 410 5,97820,258 7,580 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 20,1287,576 October. . . 76,941 37,007 21,992 2541,234 122 638 5,917 693 6,71939 934 32,459 3,564 2 501 6,31920,075 7,475 Sept. 3. .. 75,188 35,685 21,017 2441,217 136 656 5,824 614 6,53739 503 31,932 2,582 3 211 5,99020,1497,571 Sept. 10. .. 75,303 35,919 21,235 2641,199 131 651 5,859 586 6,55539 384 31,786 2,487 3 150 5,99320,156 7,598 Sept. 17. .. 76,019 36,505 21,516 2331,223 132 640 5,866 865 6,59139 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 6,608 39 236 31,685 2,574 3 070 5,94120,100 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 6,35220,103 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 6,31720,047 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 6,26120,057 7,386 Nov. 5. . .77,028 37,390 22,484 379 1,145 113 626 5,947 429 6,83239 638 32,292 3,557 2 420 6,292 20.023 7,346 Nov. 12. .. 76,997 37,720 22,727 3951,181 109 624 5,973 444 6,83239 277 32,015 3,358 2 416 6,20720,034 7,262 Nov. 19. . .77,110 37,916 22.862 3681,187 106 627 5,990 497 6,84539 194 31,859 3,316 2 447 6,099 19,997 7,335 Nov. 26. .. 78,458 38,063 22,876 5081,193 109 623 5,989 459 6,87240 395 33,039 4,485 2 424 6,11420,016 7,356 New York City 1951—October. . . 20,337 10,653 7,469 125 734 29 220 527 395 1,297 9 684 7,685 742 463 1,390 5,090 1 ,999 1952—August. . . . 21,109 11,100 7,544 1811,101 26 223 403 401 1,399 10 009 7,700 557 554 1,361 5,2282,309 September. 20,938 11,169 7.769 132 940 25 238 401 431 ,413 9 769 7,495 624 398 1,357 5,1162,274 October. . . 21,206 11,573 8,092 145 977 22 231 396 461 1,429 9 633 7,460 788 251 1,359 5,062 2,173 Sept. 3. .. 20,755 10,935 7,620 132 956 28 244 398 324 1,413 9 820 7,539 594 454 1,367 5,124 2.281 Sept. 10. . .20,765 11,016 7,732 152 936 25 239 408 299 1,405 9 749 7,464 570 395 1,373 5,1262,285 Sept. 17. . .21,205 11,426 7,850 144 972 24 234 400 566 1,416 9 779 7,513 681 384 1,346 5,102 2,266 Sept. 24. .. 21,029 11,301 7,873 101 896 24 233 399 535 1,420 9 728 7,463 649 358 1,344 5,112 2,265 Oct. 1. . .21,116 11,483 7,932 97 963 23 232 396 601 1,419 9 633 7,411 605 281 1,405 5,1202,222 Oct. 8. . .21,520 11,515 7,986 1371,020 23 233 397 468 1,431 10 005 7,795 1,089 248 1,371 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 1,353 5,0312,189 Oct. 22. .. 20,998 11,559 8,180 162 943 21 230 396 381 1,426 9 439 7,274 676 223 1,340 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 1,328 5,0382,076 Nov. 5. . .20,908 11,633 8,329 248 907 21 220 390 268 1,431 9 275 7,255 665 247 1,317 5,0262,020 Nov. 12. .. 20,894 11 815 8,416 267 957 20 220 400 292 1,424 9 079 7,101 581 241 1,240 5,039 1,978 Nov. 19. . .20,893 11,867 8,474 252 966 19 222 403 293 1,420 9 026 7,017 622 220 1,151 5,0242,009 Nov. 26. .. 21,464 11 900 8,479 327 964 23 216 395 242 1,436 9 564 7,545 1,166 220 1,129 5,030 2,019 Outside New York City 1951—October. . . 51,477 23 137 12,934 26 221 97 344 5,104 116 4,62528 340 23,632 2,398 2,471 4,694 14,0694,708 1952—August. . . . 54,410 24 416 13.232 128 253 111 386 5,392 221 5,074 29 994 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 5,16029 640 24,338 1,983 2,728 4,615 15,0125,302 October. . . 55,735 25 434 13,900 109 257 100 407 5,521 232 5,29030 301 24,999 2,776 2,250 4,960 15,0135,302 Sept. 3. . .54,433 24 750 13,397 112 261 108 412 5,426 290 5,12429 683 24,393 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 5,15029,635 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 5,17529 735 24,415 2,104 2,688 4,619 15,0045,320 Sept. 24. .. 54,503 24 995 13,733 62 242 108 409 5,476 157 5,18829 508 24,222 1,925 2,712 4,597 14,9885,286 Oct. I5 . .54,657 25 197 13,739 87 269 105 407 5,494 225 5,25129 460 24,168 1,908 2,336 4,923 15,0015,292 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. .. 55,939 25 455 13,973 96 256 94 412 5,536 166 5,30630,484 25,157 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 Nov. 5. . .56,120 25 757 14,155 131 238 92 406 5,557 161 5,40130,363 25,037 2,892 2,173 4,975 14,9975,326 Nov. 12. .. 56,103 25 905 14,311 128 224 89 404 5,573 152 5,40830,198 24,914 2,777 2,175 4,967 14,9955,284 Nov. 19. . .56,217 26 049 14,388 116 221 87 405 5.587 204 5,42530,168 24,842 2,694 2,227 4,948 14,9735,326 Nov. 26. .. 56,994 26 163 14,397 181 229 86 407 5,594 217 5,43630,831 25,494 3,319 2,204 4,985 14.9865,337 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. ? Includes guaranteed obligations. For other footnotes see opposite page. 1306 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r r i e a n d t v - h l k - e s v C a a i u n s l h t b m a w a n d e n o i c s t - e k h ti s s c j p m u o a s d a t d e s e n - i - d t d s 5 s p p u v n c h a o a a o e i n i r d r l p r r d s a t - - - s - , - , S p s d s a i i o u t i c o n a v l b a n i d t i - l t e - s - s I c C c O h a f e e e i e t n f e c r r f c d d i t . s k - i ' - s, U m G er . o e n v n S - - t . s p p u v n c h a o a a o e i n i r r d l p r r d s a t - - - s - , - , S p s d s a i i o u t i c o n a v l b a n d i t - i l t e - s - s P U m G S e i a o n r . a n o e s n g v d n v S t - s - a t - . l m D t D e i o c s - e - man F e d i o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p - n l - ts B d it e a s b n * - k tions tions Total- Leading Cities 1951—October... . 14,681 2,55851,41952,812 3,280 1,382 2 ,889 723 15110,580 6,783 117,849 1952—August 14,765 923 2,34051,96852,850 3.522 1,321 4,45115..714 769 188 9,9851,309 4641,169 7,048 112,372 September , 14,970 932 2 ,50452,67454,050 3,425 1,482 3,51715,797 762 19010,5971,303 487 992 7,072 119,141 October 14,955 924 2,43152,78754,642 3,435 1,629 3,96115,955 743 19110,7401,336 5161,277 7,110 128,906 Sept. 3... 14.419 918 2,30452,27553,253 3,558 1,439 3,14415,751 765 19010,1551,330 1,240 7,076 22,682 Sept. 10...14,869 973 2,35852,92554,219 3,452 1,318 2 ,80815,784 767 18810,5431.307 4891,151 7,071 24,802 Sept. 17...15,441 904 2,71353,22155,383 3,357 1,767 3,64015,805 759 19211,1681,275 487 873 7,066 31,576 Sept. 24... 15,150 932 2,64152,27453,344 3,334 1,405 4,47715,846 759 19010,5221,301 492 703 7,073 28,693 Oct. I5.. 14,690 875 ,38652,31753,835 3,515 1,984 3,56115,883 756 19010,4341,323 5041,055 7,100 29,997 Oct. 8... 14,761 907 ,36952,16753,218 3,372 1,599 4,68015,947 747 19110,7581,329 5091,367 7,112 27,367 Oct. 15... 15,048 935 ,68152,65156,473 3,291 1,732 4,41915,957 739 19111,4891,337 5181,223 7,105 26,318 Oct. 22... 15,252 925 ,39253,216 54,888 3,437 1,449 3,69515,985 737 19110,7211,342 5191,342 7,107 32,656 Oct. 29... 15,022 979 2,32653,586 54,799 3,561 1,380 3,45016,002 738 18910,2971,348 5301,398 7,126 28,277 Nov. 5... 14,846 907 2,39553,04054,915 3,686 1,594 3,06216,079 742 19210,7441,319 536 ,708 7,147 27,864 Nov. 12... 14,9201,021 2,534 5133,31256,351 3,541 1,722 2,93216,063 742 19410,9951,340 553 ,606 7,148 25,574 Nov. 19... 15,134 946 2,508 53,21955,082 3,482 1,681 3,34116,012 749 19510,9521.311 575 ,618 7,130 33,625 Nov. 26... 15,434 965 2,34853,960 55,584 3,555 1,689 4,68716,033 746 19510,3061,319 5751,617 7,140 29,513 New York City 1951—October 5,220 15,77316,513 332 631 982 3,0741,014 318 45,334 1952—August. . . 5,143 168 15,51316,257 273 573 1,699 1,551 2 ,8061,057 349 428 2,426 44,101 September 5,248 159 15,80016,647 265 650 1,162 1,561 3,0221,049 371 357 2,422 47,798 October... 5,156 144 15,64516,670 353 791 1,366 1,567 3,0131,087 395 362 2,430 51,703 Sept. 3... 5,043 166 15,60516,399 271 617 1,109 1,551 2,832 1,074 366 443 2,428 8,954 Sept. 10... 5,165 180 15,77616,574 255 531 945 1,560 2,896 1,059 372 500 2,425 9,812 Sept. 17... 5,373 144 16,12917,162 278 869 1 ,062 1,559 3,216 1,024 373 315 2,421 12,733 Sept. 24... 5,412 145 15,68916,452 255 584 1,532 1 ,573 3,14511,040 376 170 2,415 11,296 Oct. 1... 5,051 136 15,59116,701 312 1,068 1,205 1,560 3,0841,074 385 333 2,430 12,450 Oct. 8... 5,120 146 15,52916,204 333 735 1,699 1,579 3,0061,077 390 441 2,431 11,091 Oct. 15... 5,170 145 15,46817,051 334 862 1,509 1,562 3,1471,088 395 422 2,431 10,133 Oct. 22... 5,305 141 15,81216,734 393 670 1,249 1,566 2,9831,093 397 266 2,427 13,220 Oct. 29... 5,132 151 .15,82916,660 396 620 1,168 1,566 2,8431,103 407 349 2,429 11,486 Nov. 5... 5,221 150 15,53616,513 447 788 1,038 1 ,613 2,969 1.065 414 585 2,441 11,093 Nov. 12... 5,114 170 15,59216,898 384 879 980 1,604 3,045 1,087 429 400 2,441 9,794 Nov. 19... 5,193 150 15,65116,577 357 794 1,015 1,589 3,014 1,053 447 436 2,431 12,786 Nov. 26... 5,314 172 15,89116,928 342 821 1,642 1,633 2,901 1,056 449 339 2,429 11,925 Outside New York City 1951—October.... 9,461 746 2,526 35,646 36,299 2,948 751 1,90713,409 701 108 7,506 215 95 292 4,415 72,515 1952—August. . . , 9,622 755 2,308 36,45536,593 748 2,752 14,163 745 133 7,179 252 115 741 4,622 68,271 September. 9,722 773 2,46636,87437,403 832 2,355 14,236 735 135 7,575 254 116 635 4,650 71,343 October 9,799 780 2,38837,14237,972 838 2,595 14,388 715 137 7,727 249 121 915 4,680 77,203 Sept. 3... 9,376 752 2,275 36, ,854 822 2,035 14,200 740 135 7,323 256 114 797 4,648 13,728 Sept. 10... 9,704 793 2,327 37,149 37,645 787 1,863 14,224 739 133 7,647 248 117 651 4,646 14,990 Sept. 17...10,068 760 2,664 37,09238,221 898 2,578 14,246 732 137 7,952 251 114 558 4,645 18,843 Sept. 24..., 9,738 787 2,599 36,,585 36,892 3,079( 821 2,945 14,273 732 135 7,377 261 116 533 4,658 17,397 Oct. I5.. 9,639 739 345 36,72637,134 3,203 916 2,356 14,323 729 135 7,350 249 119 722 4,670 17,547 Oct. 8... 9,641 761 323 36,638 37,014 3,039 864 2,98114,368 718 136 7,752 252 119 926 4,681 16,276 Oct. 15... 9,878 790 633 37,18339,422 2,957 870 2,91014,395 710 137 8,342 249 123 801 4,674 16,185 Oct. 22..., 9,947 784 353 37,40438,154 ,044 779 2,44614,419 708 137 7,738 249 1221,076 4,680 19,436 Oct. 29..., 9,890 828 286 37,75738,139 ,165 760 2,28214,436 709 136 7,454 245 1231,049 4,697 16,791 Nov. 5..., 9,625 757 2,363 37,50438,402 3,239 806 2,024 14,466 712 137 7,775 254 1221,123 4,706 16,771 Nov. 12..., 9,806 851 2,49737,720 39,453 3,157 843 1,952 14,459 713 139 7,950 253 1241,206 4,707 15,780 N N o o v v . . 2 1 6 9 ..., 1 9 0 , , 9 1 4 2 1 0 7 7 9 9 6 3 2 2 , , 4 3 6 0 9 6 3 3 7 8 , 0 5 6 6 9 8 3 3 8 8 , , 6 5 5 0 6 5 3 3 , , 1 2 2 1 5 3 887 3 2 , , 0 32 4 6 5 1 1 4 4 , , 4 4 2 0 3 0 7 7 1 1 9 6 1 1 3 3 9 9 7 7, , 4 9 0 3 5 8 2 2 5 6 8 3 1 1 2 2 8 6 1 1 , , 1 2 8 7 2 8 4 4 , , 6 7 9 1 9 1 2 1 0 7 , , 8 5 3 8 9 8 8 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. 6 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. Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. DECEMBER 1952 1307 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY * [Net declines, (—). In millions of dollars] Business of borrower Manufacturing and mining Comm'l Period 2 t l o F iq b a o n u a o c d o d c r , , o a T l p e e a a p x n t a t h d i r l e e e r l s , , p m M r m ( a o a i e c n e d n t h t c d u a a h i l c l n s t - 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 o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u P p t t ( t r i o u i i a l o n b r i n c n t t l i a s h ) i e c - - s s C t t i r o o u n n c - - bu t o y s A t o i p h n f l e e l e s r ss c c h l N f a a i n e s e g s d t i e - s ch t i a a o n a n g t n d g a r d ' ' l e l l , 3 — ery and rubber trans, equip.) 1951—April-June. . -243 116 275 48 60 62 -421 63 175 44 8 186 18 July-Dec 932 —361 873 125 141 16 722 30 351 -98 37 2,769 2,372 1952—Jan.-June... -868 -73 1,111 176 76 -105 -634 -217 -2 18 -28 -546 -808 July-Sept. .. 320 64 -208 115 31 15 286 73 -77 22 115 754 822 Monthly: 1952—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 Nov 156 -17 67 47 3 91 112 65 69 -3 21 610 602 Week ending: 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 Nov. 5.... 43 5 31 5 19 45 46 34 -3 -1 225 210 Nov. 12 50 21 11 9 43 37 6 16 19 212 243 Nov. 19 46 -16 8 8 -4 19 19 21 12 -1 4 117 135 Nov. 26.... 17 -7 7 23 -2 9 11 -7 6 5.7 14 1 Sample includes about 210 weekly reporting member banks reporting changes in their larger loans; these banks hold nearly 90 per cent of total commercial and industrial loans of all weekly reporting member banks and about 70 per cent of those of all commercial banks. During April and May 1951 the coverage was smaller. 2 Figures for other than weekly periods are based on weekly changes during period. 3 Net change at all banks in weekly reporting series. OUTSTANDING COMMITMENTS OF LIFE INSURANCE COMPANIES TO ACQUIRE LOANS AND INVESTMENTS FOR DEFENSE AND NONDEFENSE PURPOSES * [In millions of dollars] Defense and defense-supporting Nondefense To others, on real estate mortgages State, End of month Total Total u P t u i b li l t i y c R ro a a i d l- b d u O u a s i t i s n n h n t d - e r e y r ss Total b d u u a s T i i n s n n o t d - r e y ss Farm Nonf V a A rm resi F d H en A tialI Con- a c n n o i d c u i n p m t a y u l , - Total guaran- in- venteed sured tional 1951—April2 4,504 1.687 383 300 1,005 2,709 963 99 1,648 650 649 349 108 May2 4,331 1,677 450 298 928 2,564 937 88 1,539 577 619 343 91 June2 4,197 1,760 446 309 1,005 2,362 831 83 1,447 531 594 322 76 July2 4,055 1,757 450 297 1,011 2,221 752 80 1,390 484 566 340 77 August2 . .. 3,749 1,642 409 286 947 2,053 744 80 1,229 402 509 317 54 September 3,928 1,706 407 236 1L,063 2,163 918 83 1,162 365 490 307 59 October 4,037 1.867 395 204 L,268 2,119 945 96 1,078 316 452 310 51 November 4,394 2,112 353 192 1,567 2,238 955 98 1,186 276 437 473 44 December 4,175 2,019 310 170 1,539 2,111 1,007 107 997 270 417 311 44 1952—January 4,144 1,983 302 137 1,544 2,114 1,053 99 962 257 409 295 46 February 4,101 2,111 419 158 1,534 1,937 969 102 866 222 346 298 54 Ivf arch 4,090 2,211 508 144 L,559 1,842 901 88 852 205 332 315 37 April 4,158 2,181 512 158 1,511 1,946 980 85 881 200 352 329 31 1 With suspension of the Voluntary Credit Restraint Program, coverage and classification of these data are being revised. Pending such revision, publication of the series is temporarily discontinued. 2 Excludes business mortgage loans of less than $100,000 each and foreign investments, which were not reported until September. NOTE.—Data for 45 companies, which account for 85 per cent of the assets of all United States life insurance companies; they were initiated by the Life Insurance Association of America in accordance with the Program for Voluntary Credit Restraint. 1308 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 n t n p a i t o t t o e e r s d ts E U S f x t r n p a o i o t m t e e r s d ts c D h e o a x l n l - g ar e G U s o h n o i i p t d e p p s d o e s d i t n o t b r s e e F d i t o n w r i e e n e i g n o n r States countries 1951—October 410 398 131 87 44 267 226 106 4 27 35 November 435 437 154 96 58 283 227 116 5 46 43 December 434 490 197 119 79 293 235 133 23 55 44 1952—January 480 492 193 127 66 300 235 135 23 52 48 February 517 493 188 121 67 305 234 135 27 46 51 March 534 458 177 120 57 282 228 138 6 36 51 April 544 422 150 110 40 272 211 135 6 22 48 May 510 430 155 121 34 275 197 136 37 17 43 June 495 416 148 108 40 268 195 126 45 15 36 July 539 450 171 122 49 279 200 126 73 17 34 August 550 454 169 113 56 285 212 119 74 20 30 September 565 454 166 106 61 288 232 108 60 24 31 October 591 449 155 103 52 294 237 114 30 40 28 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 Customers' Debit Debit credit balances 1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in borrowed2 In partners' In firm (net)i and trading and trading banks Free Other investment investment In capital accounts accounts (net) and trading and trading accounts accounts accounts (net) 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 December... 540 5 312 456 218 694 120 30 10 290 1947—June 552 6 333 395 223 650 162 24 9 271 December... 578 7 315 393 240 612 176 23 15 273 1948—June 619 7 326 332 283 576 145 20 11 291 December... 550 10 312 349 257 586 112 28 5 278 1949—June 681 5 419 280 493 528 129 20 9 260 December... 881 5 400 306 523 633 159 26 15 271 1950—June 1,256 12 386 314 827 673 166 25 11 312 December... 1,356 9 399 397 745 890 230 36 12 317 1951—June 1,275 10 375 364 680 834 225 26 13 319 October 3 1,291 3 653 3 853 November. . 8 1,279 8 649 3 805 December... 1,292 12 392 378 695 816 259 42 11 314 1952—January 3 1,289 8 633 3 809 February. .. 3 1,280 3 652 3 790 March 8 1,293 3 734 3 756 April 31,315 3 818 8 756 May 3 1,312 3 847 3 725 June 1,327 9 427 365 912 708 219 23 16 324 July 3 1,387 »1,126 3692 August 3 1,338 3 926 3 675 September. . 31,333 8 891 3 692 October 31,316 3 860 3 692 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): August, 48; September, 39; October, 31. 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. DECEMBER 1952 1309 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESS BY BANKS IN SELECTED CITIES U. S. Government [Per cent per annum] securities (taxable) mo Y w n e e t a e h r k , , or m m 4 p P - c e o a r o r t n p i o c m m t e i h a 6 r - e , s l - 1 a a d P b c n e a a r 9 c i r c y n m s 0 e e s k ' p s e - 1 , t- M 3 a - r m ke o t nth o n R b a i n l t e l e s w 9 i m s - s t o o u n e t 1 s h 2 2 - 3 is - y s t e u o a e r s 5 8 - Area and period lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 S 0 ,0 i , z 0 0 e 0 0 0 - o f $ $ 1 l 2 o 0 0 0 a 0 n ,0 ,0 0 0 0 0 - $ a 2 n 0 d 0 o ,0 v 0 e 0 r yield issues Annual averages: 19 cities: 1949 average 1.48 1.12 1.08 1.102 1.14 1.43 1942 2.2 4.4 3.2 2.2 2.0 1950 average 1.45 1.15 1.20 1.218 L .26 1.50 1943 2.6 4.4 3.4 2.5 2.4 1951 average 2.17 1.60 1.52 1.552 L.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—November. 2.25 1.63 1.56 1.608 1.68 2.01 1946 2.1 4.2 3.1 2.2 1.7 December.. 2.31 1.69 1.73 1.731 L .77 2.09 1947 2.1 4.2 3.1 2.5 1.8 1948 2.5 4.4 3.5 2.8 2.2 1952—January. . . 2.38 1.75 1.57 1.688 L .75 2.08 1949 2.7 4.6 3.7 3.0 2.4 February.. 2.38 1.75 1.54 1.574 L.70 2.07 1950 2.7 4.5 3.6 3.0 2.4 March 2.38 1.75 1.59 1.658 L.69 2.02 1951 3.1 4.7 4.0 3.4 2.9 April 2.35 1.75 1.57 1.623 L.60 1.93 May 2.31 1.75 1.67 1.710 L.66 1.95 Quarterly: June 2.31 1.75 1.70 1.700 L .74 2.04 19 cities: July 2.31 1.75 1.81 1.824 L .89 2.14 1951—Dec 3.27 4.78 4.05 3.49 3.03 August.... 2.31 1.75 1.83 1.876 L .94 2.29 1952—Mar 3.45 4.85 4.16 3.66 3.24 September. 2.31 1.75 1.71 1.786 L .95 2.28 June 3.51 4.90 4.21 3.72 3.29 October. . . 2.31 1.75 1.74 1.783 L .84 2.26 Sept 3.49 4.91 4.22 3.74 3.27 November. 2.31 1.75 1.85 1.862 L. 89 2.25 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 Nov. 1... 2.31 1.75 1.75 1.757 L .82 2.24 June 3.27 4.53 4.03 3.55 3.14 Nov. 8... 2.31 1.75 1.78 1.796 L.81 2.22 Sept , 3.29 4.66 4.06 3.60 3.15 Nov. 15. .. 2.31 1.75 1.83 1.843 L .85 2.25 Nov. 22... 2.31 1.75 1.87 1.877 L .93 2.25 7 Northern and East Nov. 29. .. 2.31 1.75 1.93 1.931 .96 2.27 ern cities: 1951—Dec 3.23 4.81 4.04 3.46 3.03 1952—Mar 3.47 4.91 4.16 3.67 3.29 1 Monthly figures are averages of weekly prevailing rates. June 3.46 4.90 4.17 3.71 3.27 2 Series includes certificates of indebtedness and selected note and Sept 3.44 4.85 4.20 3.72 3.24 bond issues. 11 Southern and 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 (Moody's)5 G U ov . e S rn . - M i u p n a i l c- C r o a r t p e o- By rstings 3y groups Year, month, or week ment (high- (high- (long- grade)8 grade)4 Total term)2 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—November 2 66 2 07 2 98 3 20 2.96 3.02 3.26 3.56 2 97 3 42 3 21 December . 2.70 2.10 3.03 3.25 3.01 3.06 3.31 3.61 3.00 3.50 3.24 1952—January 2 74 2.10 2.96 3 24 2 98 3.05 3.32 3 59 3 00 3 48 3 23 February 2.71 2.04 2.89 3.18 2.93 3.01 3.25 3.53 2.97 3.38 3.19 March . . . 2.70 2.07 2.96 3.19 2.96 3.03 3.24 3.51 2.99 3.36 3.21 April 2 64 2.01 2.92 3 16 2.93 3.01 3.20 3.50 2.97 3.32 3.19 May .. . 2.57 2.05 2.93 3.16 2.93 3.00 3.20 3.49 2.97 3.31 3.19 June ... 2 61 2.10 2.95 3 17 2.94 3.03 3.20 3.50 2.98 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 September ... 2 71 2 33 2 98 3 19 2 95 3 07 3 22 3 52 3 02 3 36 3 20 October 2.74 2.42 3.04 3.22 3.01 3.08 3.24 3.54 3.05 3.39 3.22 November . 2.71 2.40 2.98 3.20 2.98 3.06 3.24 3.53 3.05 3.37 3.19 Week ending: Nov. 1 2.71 2.41 3.03 3.22 3.01 3.08 3.25 3.55 3.07 3.39 3.22 Nov. 8 2.69 2.39 3.00 3.22 3.00 3.07 3.25 3.54 3.06 3.38 3.21 Nov. 15 2.71 2.40 2.98 3.21 2.98 3.06 3.24 3.54 3.05 3.37 3.19 Nov. 22 2.71 2.40 2.97 3.20 2.98 3.06 3.23 3.53 3.05 3.37 3.19 Nov. 29 2.71 2.40 2.96 3.19 2.97 3.05 3.23 3.52 3.05 3.35 3.18 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on figures for Wednesday. 2 Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds due or first callable after 15 years were included. 3 Standard and Poor's Corporation. 4 U. S. Treasury Department. 5 Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 1310 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices Common Volume of Standard and Poor'sseries Securities andExchange Commission series trad- Yea o r r , w m e o ek nth, m U G er e . o n n v S - t - . 2 g M i ( r c h a i u i p d g n a e h - l ) - 'g ( C r r p h a a o o i d t g r - e e - h ) - ' fe P r r r e e - d* Tota (i l nde d t x I r u , n i s a - 1 - l 935 R r - o 3 a a i 9 d l- =10 u P 0 t u i l ) i l b c i - ty Total To M tal anu D a f b a u c l r e t - ( u in ri d n N e d g x u o , r n - - 19 T 3 p 9 t r o i a = o r n 1 n ta s 0 - - 0) P u i l u t t i i y c b l- - T a s a r f e n i n a r c n v d d e - - e , , M in i g n- sh s t a h i a o ( n n o r i f g n d u e s s - • ) able ice Number of issues 1-8 15 17 15 416 365 20 31 265 170 98 72 21 28 32 14 1949 average . .102.73 128.9 121.0 176.4 121 128 97 98 128 132 116 147 139 98 161 129 1,037 L950 average... 102.53 133 4 122.0 181 8 146 156 117 107 154 166 150 180 160 107 184 144 2,012 1951 average. .. 98.85 133.0 117.7 170.4 177 192 149 112 185 207 178 233 199 113 208 205 1,684 1951—Nov 97 52 131 6 115 3 165 4 178 193 144 115 185 208 178 235 194 114 208 239 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 1,283 Apr.... 97.95 132.7 116.2 172.2 184 199 165 117 191 215 181 245 217 116 203 298 1,282 May. . . . 98.91 131.9 116.3 173.4 184 199 167 117 190 214 182 243 216 117 201 283 1,044 June 98.32 130.9 116.2 173.3 188 204 174 116 196 222 187 253 225 117 204 291 1,215 July.... 98.40 130.4 116.0 171.1 192 210 175 117 199 225 192 256 226 117 208 289 1,096 Aug 97.09 128.6 115.8 169.9 191 208 175 119 199 225 194 254 228 120 210 278 995 Sept 96.86 126.6 115.7 170.2 188 204 171 119 194 219 191 246 221 118 206 275 ,149 Oct 96.44 125.0 114.7 168.3 183 198 167 117 191 215 188 239 218 118 202 265 1,181 Nov 96.96 125.4 115.2 169.8 190 206 172 121 197 223 196 247 225 121 205 260 1,779 Week end ng: Nov. 1. 96.84 125.1 114.8 168.1 182 197 165 118 191 216 189 241 219 118 201 263 ,196 Nov. 8. 97.14 125.5 115.0 168.8 187 202 167 119 194 220 193 246 222 119 202 262 1,658 Nov. 15. 96.96 125.3 115.1 169.8 187 202 171 120 194 219 193 242 220 120 203 256 1,473 Nov. 22. 96.91 125.3 115.2 169.9 192 208 174 122 198 224 199 247 226 122 206 260 .920 Nov. 29. 96.84 125.3 115.6 170.6 194 210 178 123 201 228 201 253 233 124 210 261 2,028 1 Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's series), which are based on figures for Wednesday. 2 Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds due or first callable after 15 years were included. 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 of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 5 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For newcapita For refunding Total Domestic Domestic (new Total Total Year or month f i u a r n n n e g d d - ) - m e f ( a e i o d g n s r o n t d - i - ) c Total S n m a p t i n a c a u d t i l - e - a c F e g i e e r e a s d n l - - l Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o g r n - 2 m e ( a f e i d o g n s o r n d t - - i ) c Total S n m a p t i n a c a u d t l i - e - a c F e g i e e r e a s d n l - - l Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o gn r- 1943 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1 19 9 4 4 7 6 89 8 , , 6 6 9 4 1 5 s 4 7 , , 6 5 4 6 5 6 4 7 , , 6 2 3 5 5 5 2,2 9 2 5 8 2 2 1 3 2 9 7 4 3 , , 7 5 8 5 7 6 3 2 , , 5 08 6 4 7 1 1 , , 4 2 7 1 2 9 6 1 8 0 4 2, , 1 0 2 0 5 0 3 1 , ,9 8 4 9 8 5 20 44 8 4 7 2 3 2 4 2 1 , 9 ,4 5 8 3 2 2 1 , 3 ,1 5 9 2 9 6 28 0 3 1 1 17 0 7 S 1948 10,220 9,085 9,076 2,604 294 46,177 4 5,269 908 10 1,135 1,135 82 768 284 257 28 1949 9,753 8,160 8,131 2,803 233 5,095 4,125 971 29 1,593 1,492 104 943 445 393 52 101 1950 M0,900 8,214 8,103 3,370 394 4,339 3,138 1,200 111 »2,686 2,463 112 992 1,360 1,301 58 123 1951 312,267 310 014 9,617 3,084 469 6,064 4,459 1,605 246 2,253 2,216 92 1,597 527 394 133 37 1951—Sept «l,O75 3 881 731 265 40 427 370 56 50 194 194 4 170 20 14 6 Oct 1,292 970 945 368 107 470 272 198 26 322 322 18 288 16 14 2 Nov 1,006 866 866 297 569 371 197 .. „ . 140 140 4 89 47 23 24 Dec 1 053 842 838 276 562 361 201 211 205 19 102 83 83 6 1952—Jan 1,232 930 926 349 39 538 437 101 4 302 302 221 71 10 7 3 Feb 852 694 667 285 36 346 200 146 27 158 158 8 76 74 73 1 Mar 1 090 1 003 994 144 38 812 619 192 9 87 81 4 63 13 13 6 Apr 1,551 1,249 1,237 452 80 704 535 170 12 303 299 2 257 40 36 4 4 May.... •1,555 31,249 1,109 376 56 677 453 224 93 306 306 11 144 151 142 8 Tune 1 403 1 245 1,239 615 38 587 406 180 6 158 155 11 141 3 3 3 July... . 1,519 1,393 1,381 224 20 1,137 954 183 12 126 126 2 74 50 45 4 Aug 810 461 461 203 56 202 134 68 349 349 7 188 153 153 Sept 958 804 800 437 363 296 67 4 154 154 2 79 72 71 1 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 'These figures for 1947, 1950, 1951, September 1951, and May 1952 include 244 million dollars, 100 million, 150 million, 100 million, and 47 million, respectively, of issues of the International Bank for Reconstruction and Development. * Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. DECEMBER 1952 1311 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month E pr s o t g i c r m e o e s a d s te s d 2 E pr s o ti c n m e e e t a d te s d 8 Total N P e e q l w a u n i m p t m a o n n e d e n y t W ca o p rk it i a n l g Tot R al etirem B e o n n n t o d t o s e f a s n se d cur P it r i s e e t f s o e c r k red R o e th p e a r o y f m de e b n t t pu O r t p h o e s r es 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940. 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945. 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1946 6,900 6,757 3,279 2,115 1,164 2,868 2,392 476 379 231 1947. 6,577 6,466 4,591 3,409 1,182 1,352 1,155 196 356 168 1948 7,078 6,959 5,929 4,221 1,708 307 240 67 488 234 1949 6,052 5,959 4,606 3,724 882 401 360 41 637 315 1950 6,361 6,261 4,006 2,966 1,041 1,271 1,149 122 620 364 1951 7,741 7,607 6,531 5,110 1,421 486 391 96 363 226 1951—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 IVtay 1,116 1,097 925 735 189 126 126 38 9 June 848 836 747 553 194 38 38 46 5 July 1,309 1,290 1,234 1,053 180 34 34 14 8 August 428 420 280 215 65 125 119 5 5 10 September 463 456 386 288 98 48 45 3 14 7 October 1,049 1,034 775 519 255 94 92 3 157 9 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS* [In millions of dollars] ManufacturingB C m o i m sc m e e ll r a c n ia e l o u a s n 8 d Railroad Public utility 7 Communication 8 R an e d al f e in st a a n t c e ial Year or month Total Total Total Total Total Total net New Retire- net New Retire- net New Retire- net New Retire- net New Retire- net New Retirepro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments 10 pro- moneyments10 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 ceeds 9 1938 831 469 226 54 24 30 1,208 180 943 16 8 7 1939 584 188 353 182 85 97 1,246 43 1,157 102 9 88 1940 961 167 738 319 115 186 1,180 245 922 155 42 9 1941 828 244 463 361 253 108 1 340 317 993 94 55 18 1942 527 293 89 47 32 15 464 145 292 4 4 1943 497 228 199 160 46 114 469 22 423 21 13 4 1944 1,033 454 504 602 102 500 1,400 40 1,343 107 61 42 1945 1,969 811 1,010 1,436 115 1,320 2,291 69 2,159 206 85 65 1946 3,601 2,201 981 704 129 571 2,129 785 1,252 323 164 64 1947 2,686 1,974 353 283 240 35 3,212 2,188 939 286 189 24 1948 2,180 1,726 54 403 304 21 617 546 56 2,281 1,998 145 891 870 2 587 485 30 1949 1,391 851 44 338 229 28 456 441 11 2,615 2,140 234 567 505 49 593 440 35 1950 1,175 688 149 538 262 63 548 301 193 2,866 1,971 685 395 304 81 739 480 100 1951 3,066 2,617 221 518 337 56 332 297 34 2,570 2,317 104 605 594 5 515 368 66 1951—November 214 180 21 46 22 76 61 15 273 260 6 37 37 14 11 December 480 428 26 39 28 2 22 22 266 251 14 25 24 23 18 2 1952—January 349 331 29 21 1 17 17 184 177 6 2 2 14 11 1 February 285 238 31 13 9 2 29 29 125 122 3 3 3 13 12 March 366 336 4 61 46 5 12 12 490 461 6 6 6 20 15 April 350 329 5 66 39 5 34 34 399 343 7 45 45 3 56 55 May 559 502 45 40 29 119 41 ""68' 313 293 8 26 26 40 34 5 June 287 255 2 44 42 51 16 35 355 338 1 29 29 70 68 July 351 329 9 51 45 46 46 282 280 1 493 493 68 41 24 A Se u p g t u e s m t ber 1 1 8 3 5 2 1 8 3 9 1 3 3 5 9 3 1 6 9 3 1 1 6 1 1 9 1 4 2 1 1 2 0 ""85' 1 1 2 9 2 7 1 1 9 2 4 0 i' 2 1 2 8 2 1 2 8 2 1 5 4 1 9 6 4 8 October 579 445 19 14 12 1 15 13 1 333 220 67 26 25 1 67 59 5 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. * Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and . enses. * Classifications for years 1938-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently similar for broad comparisons. See also footnotes 5 through 8. 6 Prior to 1948 this group corresponds to that designated "Industrial" in the old classification. • Included in "Manufacturing" prior to 1948. 7 Includes "Other transportation" for which separate figures are available beginning in 1948. 8 Included in "Public utility" prior to 1948. • Includes issues for repayment of other debt and for other purposes not shown separately. 10 Retirement of securities only. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a publication of the Board of Governors, 1312 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 oi 10 million dollars and over Assets of 50 million dollars ind over Assets of 10-50 million dollars (200 corporations) (81 corporations) (119 corporations) Year or quarter Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s 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 t s s 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—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 L.691 262 150 50 4 12,313 2,482 987 875 10,527 2,182 846 785 L.786 300 141 89 1951—1 12,711 2,238 878 469 10,811 1,951 765 420 1,899 287 113 48 2 13,047 2,219 839 475 11,079 1,928 724 421 1,968 291 115 54 3 12,297 1,964 762 475 10,443 1,716 658 422 1,854 248 103 53 4 13,013 2,137 932 567 11,055 1,897 827 490 1,957 240 105 77 1952—1 12,760 1,940 815 482 10,812 1,715 727 430 1,948 225 88 52 2 12,606 1,618 r624 476 10,623 1,415 »-540 422 L,983 »"203 '84 54 3. 12,227 1,507 683 475 10,266 1,302 588 421 L ,961 205 95 54 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Electric power Telephone Year or quarter r O e p v in e e r g n a u t e - P b t 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 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 r O e p v i e n e r g n a u t e - P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1.137 231 189 164 1940 4,297 249 189 159 2,797 692 548 447 1,206 257 193 167 1941 5,347 674 500 186 3,029 774 527 437 1,334 297 187 162 1942 7,466 1,658 902 202 3,216 847 490 408 1,508 364 168 151 1943 9,055 2,211 873 217 3,464 913 502 410 1,691 420 176 156 1944 9,437 1,972 667 246 3,615 902 507 398 1,815 451 168 155 1945 8,902 756 450 246 3,681 905 534 407 979 433 174 162 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—2 2,238 243 * 152 53 1,322 321 2212 153 821 137 8 84 67 3 . .. 2,534 454 8 258 55 1,317 293 2 171 152 853 158 3 84 70 4 2,715 574 2 318 142 1.415 339 8211 168 881 169 2 92 76 1951—i 2,440 229 8 104 101 1,504 413 2 229 157 904 175 8 90 77 2 2,596 275 a 146 63 1,419 344 2 195 161 918 174 2 92 79 3 2,583 250 8 124 53 1,423 320 8 168 162 931 160 2 72 81 4 2,772 505 8 320 111 1,521 403 2 226 181 976 182 8 86 81 1952—1 2,587 295 141 80 1,603 498 257 172 993 194 93 85 2 2,532 261 149 74 1,491 400 214 173 1,023 205 98 87 3 2,633 368 208 66 1,513 382 207 177 1,037 182 88 91 ••Revised. 1 Certain tax accruals for the first six months of 1950 and 1951, required by subsequent increases in Federal income tax rates and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit a similar redistribution of accruals charged against fourth quarter 1950 profits to cover 1950 liability for excess profits taxes. 2 As reported. NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets as of the end of 1946. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). DECEMBER 1952 1313 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY [In millions of dollars] Annual Quarterly Industry 1951 i 1952 1949 1950 1951 Nondurable goods industries Total (94 corps.):2 Sales 12.853 14,777 17,371 3,958 4,085 4,349 ,288 4,294 4,441 4,335 4,216 4,361 Profits before taxes. 1.847 2,702 3,184 785 830 855 814 773 741 705 599 642 Profits after taxes... 1,213 1,513 1,411 467 395 368 342 334 368 314 '287 308 Dividends 710 889 845 213 334 199 202 203 242 210 '206 205 Selected industries: Foods and kindred products (28 corps.): Sales 3.323 3.492 3,873 980 913 025 901 942 1004 959 942 983 Profits before taxes 379 469 407 159 126 124 86 93 104 86 93 105 Profits after taxes 235 257 199 89 62 61 40 46 52 40 42 49 Dividends 135 143 140 34 45 31 35 32 42 32 32 Chemical and allied products (26 corps.): Sales 3,557 4,447 5,433 1 188 1 260 1,338 1.377 1.351 1.367 1,373 1,337 1,367 Profits before taxes 675 1,110 1,384 313 345 365 365 342 312 318 281 285 Profits after taxes 404 560 484 179 131 128 120 111 125 108 105 107 Dividends 312 438 355 113 174 84 85 87 100 87 87 Petroleum refining (14 corps.): Sales 3.865 4,234 4,999 1 172 1.204 1,204 1,246 1,345 ,318 1,275 1,325 Profits before taxes 525 650 861 187 209 217 203 218 222 204 147 165 Profits after taxes 406 442 516 130 130 123 118 127 148 129 111 114 Dividends 172 205 231 44 78 57 55 55 64 64 60 60 Durable goods industries Total (106 corps.):3 Sales 23,885 29,341 33.696 7.889 8 228 8.362 8.759 8,003 8,572 8,425 •8,390 7,866 Profits before taxes. 3,191 5,192 5,374 1,405 1,653 1,382 1,405 1,191 1,396 1,234 •1,019 865 Profits after taxes... 1,887 2,542 2,000 773 592 510 497 428 565 501 »-338 375 Dividends 950 1,351 1,141 370 541 270 273 273 325 273 ^70 270 Selected industries: Primary metals and products (39 corps.): Sales 8,187 10.446 12,501 2,718 2,965 3,044 3.198 3,034 3,226 3,073 2,38 2,605 Profits before taxes 993 1,700 2,092 455 547 525 557 492 519 425 '98 214 Profits after taxes 578 854 775 253 214 188 193 176 217 220 29 102 Dividends 285 377 380 80 157 85 86 120 86 Machinery (27 corps.): Sales 4.353 5,058 C6,167 1,269 1,493 ,480 1,563 1,434 1,690 1,590 "1,726 1,713 Profits before taxes. 519 847 998 194 341 250 237 210 301 232 '238 218 Profits after taxes... 320 424 367 107 145 90 82 73 123 81 91 Dividends 138 208 191 38 84 43 47 48 54 49 48 49 Automobiles and equipment (15 corps.): Sales 9,577 11,805 12,438 3,355 3,192 3,268 3,331 2,899 2,939 3,035 '3,427 2,681 Profits before taxes 1,473 2,305 1,915 656 655 513 508 405 488 503 59t 350 Profits after taxes 861 1,087 704 357 189 194 183 142 185 170 r191 144 Dividends 451 671 479 232 258 122 119 119 119 116 114 114 Certain tax accruals for the first six 15); and miscellaneous (1). 3 Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment ther than automobile (6); and miscellaneous (7). CORPORATE PROFITS, TAXES, AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates) [In billions of dollars] Year P b t r e a o f x o f e i r 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 s ts d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t s e s - d Quarter P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x t f e e i r s ts d C d e i a n v s d i h - s tr U p i r b n o u d fi i t t s e 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 $ 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 6 4 7 5 3 2 2 2 3 1 3 4 5 0 9 . . . . . 5 3 5 1 7 1 1 1 1 9 1 4 3 1 . . . . . 6 2 4 5 9 1 1 1 1 8 0 0 3 8 . . . . . 5 6 8 9 5 4 4 4 5 6 . . . . . 7 5 8 6 7 1 6 8 6 3 2 . . . . . 1 2 1 8 0 2 4 4 3 5 3 8 3 0 9 . . . . 6 1 3 5 2 2 2 2 8 4 2 1 . . . . 4 2 5 8 2 1 1 1 1 6 7 8 . . . . 7 9 3 8 8 9 9 9 . . . 2 0 3 6 1 8 9 7 3 . . . . 7 a 8 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 22.9 16.6 9.6 7 0 1951 42.9 24.2 18.7 9.0 9.7 31 '41.0 '23.5 '17.5 9.3 '8.2 f Revised. 1 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. 1314 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issues 3 Marketable Nonmarketable Total E m n o d n t o h f d T g e r o o b t s a t s 1 l d d g i e r r o b e s c t s 2 t Total Total Bills c C e i a n e d t r d e n t s e i e f b s o i- s t f - Notes B e b l a l ig e n * i k B - on s d B t s r r i a e c n - te k d v C i e b o r l n e t- - Total * b S i o n a n g v d s - s n s i T a o n a n a t g v d e x s - s S i p ss (; u c e ia s l 1943—Dec. 170 108 165 877 151,805 115 230 ^^ 07? 17 843 11 175 55,591 1? S50 16 S74 27,363 8,586 V>703 1944—Dec 232 144 230 630 212,565 161 648 16,428 30 401 23 039 66,931 24,850 50,917 40,361 9,843 16,326 1945—Dec 278 682 278 115 255,693 198 778 17,037 38 155 22 967 68,403 52,216 56,915 48,183 8,235 20,000 1946—Dec 259 487 259 149 233,064 176,613 17,033 29 987 10 090 69,866 49,636 56,451 49,776 5,725 24,585 1947—Dec 256 981 256 900 225,250 165,758 15,136 21 220 11 375 68,391 49,636 59,492 52,053 5,384 28,955 1948—Dec. 252 8S4 252 800 218 865 157,482 1?,224 ?6 S?S 7 131 61,966 49,636 61 55,051 4,572 31 714 1949—June .... 252 798 252 770 91 7986 155 147 11 536 ?9 4? 7 3 S96 60 9S1 49 636 6? 839 56,260 4,860 1? 776 Dec 257 160 257 130 221,123 155,123 12,319 29 636 8 249 55,283 49,636 66,000 56,707 7,610 33,896 1950—June 257 377 257 357 222,853 155,310 13,533 18 418 20 404 53,319 49,636 67,544 57,536 8,472 32,356 Dec 256 731 256 708 220,575 152,450 13,627 5 373 39 258 44,557 49,636 68,125 58,019 8,640 33,707 1951—June 255 ?S1 255 ??? 218 198j 137,917 H,614 9 S09 3S 806 4?,928 36,061 13,573 66 708 57,572 7,818 34 653 1951—Nov 259 647 259 604 221 391 142,741 18 100 ?8 017 18 406 <P 167 36 OSO 19 062 66,588 57,552 7,737 3S 86? Dec 259 461 259 419 221 168 142 68 S 18,10? ?9 078 18 409 41,049 36 048 ,060 66 4? 3 57,587 7,534 35 90? 1952—Jan. 259 8H 259 77S 221 249 142,690 18 104 ?9 079 18 4?1 41,040 36 046 1? 047 66 SH 57,664 7,539 16 ?33 Feb 260 399 260 362 221,776 142,701 18,104 29,079 18 434 41,040 36,044 12,034 67,041 57,682 8,044 36,360 Mar 258,124 258 084 219.301 i 141,376 16,863 29,079 18450 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 1S1 259 10S 219,124 140,407 17 91Q ?8 4?S 18963 48 343 ?7,460 n 09S 6S 6?? 57,685 6,612 11 739 July 263,107 263,073 222,963 144,340 17,213 28.170 18,971 52,579 27,407 13,145 65,478 57,709 6,440 37 945 Aug 263,225 263,186 222, 753 144,148 17,206 28,019 18.974 52,579 27,369 13.186 65,419 57,753 6,330 38,307 Sept. 262,722 262,682 222,216 143,895 17.207 27,763 18,982 52,579 27,365 13,182 65.139 57,758 6,039 38,360 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 Nov. 267,483 267,432 226,557 148,772 21,715 16,902 30,253 52,578 27,324 12,499 65,285 57,850 6,089 38,788 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 6,681 million dollars on Oct. 31, 1952. 4 Includes Treasury bonds and minor amounts of prewar and Postal Savings bonds. 6 Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING NOVEMBER 30, 1952 [In millions of dollars] [O I n ss b u a e s i a s n o d f c d o a u i p l o y n s t r a a t t e e m e A nt m s o o o u f f n d t U ol n la it I r e s s d s ] u e S t a a n te d s c o T u r p e o a n s u r r a y t . e In A m m o il u li n o t ns Y m e o a n r t o h r a A s t t p m a e o e n n u r o d i d t u o - i n d n o t g f Fu A n l d l s rec S ei e v r e ie d p s e f r r io o d m Se r s ie a s les d S u e r r i i n es g m t R io a e n t d A u s e r l m l i a t n i p e d - s series EandH Fand J Gand K series Treasury bills i Treasury bonds—Cortt 1945 . 48.183 12,937 9,822 595 2,520 5,558 Dec. 4, 1952.. 1,300 5,825 1946 49,776 7,427 4,466 325 2.637 6,427 Dec. 11, 1952.. 1,201 8,662 1947 52.053 6.694 4.085 342 2,267 5,126 Dec. 18, 1952.. 1,203 1,501 1948 55,051 7,295 4,224 498 2,573 5.144 J J D T a a a e n n n c . . . . 2 1 2 8 6 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 3 3 2 3 . . . . . . . . 1 1 1 1, , , 4 2 4 ,2 0 0 0 0 1 0 0 0 2 5 6 7 6 8 1 2 1 1 0 5 1 1 1 1 9 9 9 5 4 5 1 9 0 5 5 5 8 6 7 , . , 7 5 0 0 8 1 7 7 9 3 5 6 , , , 9 0 8 6 7 3 1 4 3 4 3 3, , , 1 6 2 9 6 0 0 8 8 4 2 1 1 3 2 7 3 4 1 1 , , 3 9 6 9 9 4 2 0 6 5 5 5 , , , 6 1 8 0 5 4 1 1 0 Jan. 22, 1953.. 1,402 1 .449 1951—Nov.... 57.552 316 268 9 39 364 Tan. 29, 1953.. 1,501 982 Dec... 57,587 297 254 9 34 401 Feb. 5, 1953.. 1,301 3,822 1952—Jan 57.664 441 364 16 61 493 Feb. 13, 1953.. 1,501 927 Feb.. . . 57.682 339 288 10 42 411 Feb. 19, 1953.. 1,301 4,245 Mar.... 57.680 331 284 9 38 428 Feb. 26, 1953.. 1,300 919 Apr.. .. 57,644 313 267 10 37 438 Mar. 18, 1953 2. 2,502 5,281 May... 57.614 292 250 9 33 423 June 19, 1953 2 2,002 3,468 June... 57,685 364 293 16 56 431 1,485 July... 57,709 367 316 9 43 468 2,117 Aug... . 57,753 356 309 11 37 399 Certificates 3 2 , , 7 8 5 2 8 9 S O e c p t t 5 5 7 7 , , 7 7 5 9 8 4 3 3 3 4 0 8 2 3 9 1 0 0 1 9 0 3 2 0 8 4 3 1 9 7 8 Dec. 1,1952 1% 1,063 3,834 Nov.... 57,850 303 271 9 23 346 Feb. 15, 1953 \% 8,868 4,729 J A u u n g e . 15 1 , , 1 1 9 9 5 5 3 3 1% 2 4 2 , , 9 0 6 0 3 8 2 1 , ,8 9 9 7 7 1 Maturities and amounts outstanding November 30, 1952 2,716 3,838 Year of All Series Series Series maturity series E and H F and J G and K Treasury notes Dec. 1,1953 2% 10,542 Postal Savings M Ma a r r. . 1 1 5 5 , , 1 1 9 9 5 5 4 5 1" 4 5 , , 6 3 7 6 5 5 bonds 234 84 1 1 9 9 5 5 2 3 3 6 , , 0 2 8 2 1 9 3 5 , , 0 1 8 0 1 0 189 940 Dec. 15, 1955 6,854 1954 7,872 5,624 469 1,778 A O p c r t. . 1 1 , , 1 1 9 9 5 5 6 6 1,0 5 0 5 7 0 Panama Canal Loan. 3 50 1 1 9 9 5 5 5 6. ... 4 6 , , 9 7 2 2 9 4 4 2, , 2 4 1 0 0 8 4 5 9 7 0 3 2 1 , 1 8 4 2 6 6 A O p ct r . . 1 1 . , 1 1 9 9 5 5 7 7 \Y2 5 7 3 2 1 9 Total direct issues 148,772 1 1 1 9 9 9 5 5 5 7 8 9 4 4 4 , , , 7 5 7 6 5 0 6 4 3 2 2 2, , , 5 4 2 1 7 8 8 5 3 4 2 2 5 5 3 8 2 5 2 1 1 , , 7 9 ,0 6 8 5 2 4 6 Guaranteed securities 1960 4,997 2,313 435 2 249 Treasury bonds Federal Housing Admin. 1 1 9 9 6 6 2 1 1 4 4 , , 5 2 2 7 1 0 1 2 2 , , 3 83 9 3 5 3 1 6 9 1 5 1 1 , 7 2 6 4 5 3 Sept. 15, 1953 2 7,986 Various 49 1963 723 116 607 1964 516 111 405 1 Sold on discount basis. See table on Open-Market Money Rates, Unclassified -34 -34 p. 1310. 2 Tax anticipation series. Total 57,850 35,206 3,885 18,760 3 Maturity Dec. 15, 1954. 5 Partially tax exempt. * Maturity Dec. 15, 1955. 6 Restricted. 1 Includes bonds with extended maturities totaling 656 million dollars. DECEMBER 1952 1315 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES , DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and End of month in (i g n c g lu u d ar - - trust funds * Federal Com- Mutual Insur- Other S a t n a d te Individuals Miscelanteed Total Reserve mercial savings corpo- local securi- Special Public Banks banks i banks panies rations govern- Savings Other ties) issues issues ments bonds securities 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2,800 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21,400 3,700 8,200 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3,218 100,221 6,189 41,100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 ••17,100 '7.000 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 ••21,400 '9,100 1946—Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,800 24,900 15,300 6,300 44,200 ••20,100 '8,100 1947—Dec 256,981 28,955 5,404 222,622 22,559 68,700 12,000 23,900 14,100 7,300 46,200 ••19,400 '8,400 1948—Dec 252,854 31,714 5,614. 215,526 23,333 62,500 11,500 21,200 14,800 7,900 47,800 ••17.600 '8.900 1949—Dec 257,160 33,896 5,464 217,800 18,885 66,800 11,400 20,100 17,000 8,100 49,300 ••16,800 '9,400 1950—June 257,377 32,356 5,474 219,547 18,331 65,600 11,600 19,800 19,000 8,700 49,900 '17,000 '9,700 Dec 256,731 33,707 5,490 217,533 20,778 61,800 10,900 18,700 20,800 8,800 49,600 '15,600 P10.500 1951—June 255,251 34,653 6,305 214,293 22,982 58,400 10,200 17,100 21,100 9,400 49,100 '15,300 '10,800 Dec 259,461 35,902 6,379 217,180 23,801 61,600 9,800 16,400 21,600 ••9,600 49,100 '14,500 '10,800 1952—June 259,151 37,739 6,596 214,816 22,906 '61,100 9,600 15,700 20,000 no,4oo 49,100 14,400 '11,700 July 263,107 37,945 6,689 218,473 22,853 62,700 9,800 15,900 20,800 '10,700 49,100 '14,900 '11,800 Aug 263,225 38,307 6,712 218,206 23,146 '61,800 9,700 16,000 21,200 ••10,800 49,100 14,800 '11,600 Sept 262,722 38,360 6,692 217,670 23,694 61,500 9,700 16,100 20,700 10,900 49,100 14,800 11,300 ' Revised l Includes the Postal Savings System. 2 Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1952. * Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES * Marketable Federal Debt, Direct and Fully Guaranteed [Par value 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 tu u al - Insur- End of month out- cies Re- mer- sav- ance Other End of month out- cies Re- mer- sav- ance Other st i a n n g d- and serve ba c n ia k l s* ings p c a o n m ie - s st i a n n g d- and serve ba ci n a k l s1 ings p c a o n m ie - s trust Banks banks trust Banks banks funds funds Type of Treasury bonds security: and notes, due or callable: To 1 1 1 ta 9 9 9 l 5 5 5 : 2 2 1 0 — — — D D J J J u u u e e n n n c c e e e ... 1 1 1 1 1 5 5 4 3 4 5 2 0 2 7 , , , , . 3 4 4 7 9 2 5 7 2 4 5 1 1 4 4 3 3 3 5 5 , , , , , 0 3 2 3 3 3 4 7 6 5 1 5 2 5 0 2 2 2 2 1 2 2 0 0 8 , , . , , 1 5 2 7 3 9 8 6 3 7 2 8 8 1 8 5 5 5 5 5 3 4 1 4 8 , , , , , 8 1 5 9 8 6 4 1 7 9 7 8 5 2 3 1 1 8 7 7 0 0 , , , , , 2 8 4 8 1 5 9 8 7 4 4 7 4 0 4 1 1 1 1 1 0 2 1 6 8 , , , , , 3 0 3 8 1 3 7 6 6 3 5 7 4 2 2 4 4 4 4 4 3 3 2 3 4 . , . , , 5 3 5 6 4 3 9 5 6 2 2 9 8 3 9 W 1 i 1 1 t 9 9 9 h 5 5 5 in 2 0 1 — — — 1 D D y J J J e e u u u e c c a n n n r e e e : . . . . . . . . . . . . 3 3 2 2 1 8 7 5 0 5 , , , , , 6 9 3 5 2 3 0 8 0 1 1 5 7 8 0 4 2 7 1 9 9 1 0 4 1 1 1 1 0 2 , , , , 6 6 2 3 5 6 2 4 7 0 8 0 1 3 5 1 1 1 1 7 5 4 6 6 , , , , , 0 6 0 8 7 0 4 2 8 9 1 5 6 3 3 2 4 4 3 1 6 2 3 2 5 7 7 0 0 1 1,0 3 9 6 7 4 6 2 7 8 4 0 6 7 7 1 1 5 5 2 0 0 , , , , , 8 7 3 7 7 1 4 0 2 4 9 2 0 6 7 Aug 144,186 3,145 22,432 54,380 7,642 10,68845,899 Sept.. . . 143,934 3,125 22,980 54,065 7,592 10,79545,377 Aug 25,210 8 1,720 16,490 280 704 6,008 Treasury bills: Sept.. . . 25,210 8 1,720 16,396 277 728 6,081 1950—June 13,533 3 3,856 3,703 35 90 5,846 Dec 13,627 35 1,296 3,838 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—June.... 17,219 41 381 5,828 103 596 10,270 1951—June.... 31,022 139 3,878 20.853 227 756 5,169 S A e u p g t 1 1 7 7 , , 2 2 0 0 6 6 4 3 4 9 4 39 3 7 6 4 4 , , 7 7 5 2 2 2 9 7 5 4 6 5 5 8 4 41 1 1 1 , , 3 2 5 6 1 4 1952—J D u e n c e 2 2 8 9 , , 6 4 7 3 8 4 1 1 5 3 5 0 5 5, , 9 1 4 0 1 2 1 1 8 8, , 3 6 5 0 2 0 1 1 4 3 2 8 6 7 8 0 5 1 3 4, , 1 9 7 9 2 4 Ce 1 rt 9 if 5 i 0 ca — t D e J s e u : c ne.... 1 5 8 , , 3 4 7 18 3 (•) 7 5 2 , , 3 3 5 3 7 4 5 1 , , 3 54 5 4 4 64 7 38 5 2 3 7 1 , ,4 2 3 5 5 4 A Se u p g t.. . . 2 2 9 9 , , 4 4 5 4 3 6 1 1 3 3 2 2 5 5, , 9 9 4 4 1 1 1 1 8 8 , , 2 3 5 1 2 3 1 1 3 3 5 3 7 71 0 1 1 4 4 , , 2 2 2 8 4 4 1951—June 9,509 17 3,194 2,753 37 287 3,221 1952— D J e u c ne.... 2 28 9 , , 4 0 2 7 3 8 4 6 9 0 1 11 2 , , 8 7 2 9 1 3 6 6, , 8 7 7 7 7 3 1 4 2 1 0 6 4 6 5 2 4 9 8 , , 0 7 9 6 1 0 5— 1 1 9 0 5 y 0 e — ar D s J e : u c ne.... 1 1 7 5 , , 4 9 1 2 1 6 4 41 2 2 3 1,1 9 4 8 8 2 5 7 , , 6 3 7 2 5 9 2 2, , 1 4 2 3 5 9 2 1 , ,9 0 4 5 8 5 4 4 , , 6 1 1 8 5 6 Aug 28,019 64 11,906 6,335 90 474 9,150 1951—June.... 15,962 376 1,032 6,273 2,009 1,858 4.414 Sept 27,763 52 12,492 6,054 65 471 8,629 Dec 11,156 309 1,014 2,436 1,925 1,656 3.816 Treasury notes: 1952—June 13,272 524 1,070 3,268 2,092 2,183 4,135 1950—June.... 20,404 29 3,500 11,204 154 403 5,114 Dec 39,258 10 12,527 15,833 136 707 10,045 Aug 17,516 632 1,070 5,834 2,354 2,498 5,128 1951—June.... 35,806 14 12,439 13.704 120 687 8,842 Sept.. . . 17,515 626 1,070 5,926 2,308 2,509 5,076 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: S A e u p g t.. . . 1 1 8 8 , , 9 9 8 7 2 4 1 1 5 5, , 5 5 6 6 8 8 1 1 0 0 , , 3 3 9 3 0 0 4 3 0 9 3 3 3 4 6 4 2 2 , , 6 6 9 4 9 0 1 1 9 9 5 5 0 1 — — D J J u u e n n c e e . . . . . . . . . . . 4 4 30 5 3 , , , 0 0 5 2 8 9 3 4 9 4 4 2 , , , 4 6 6 8 8 2 2 2 9 2 2 1 , , ,3 3 5 9 4 0 7 9 8 4 2 2 , , , 7 0 9 8 9 3 1 2 2 5 7 7 , , , 1 1 3 3 8 8 0 0 9 1 1 7 3 2 , , , 2 5 3 0 9 0 7 8 3 1 1 1 3 0 3 , , , 5 5 9 2 3 8 4 4 9 Tre 1 a 9 s 5 u 0 r — y D J b u e o n c n e ds: 1 9 0 4 2 , , 0 7 3 9 5 5 5 5, , 2 2 8 7 3 3 4 5 , ,6 6 1 2 8 0 3 3 8 3 , , 6 6 9 0 1 7 1 9 0 , , 9 6 6 2 7 4 1 1 5 7 , , 6 2 1 4 7 92 24 5 , , 9 3 4 4 1 0 1952— D J e u c ne.... 3 2 0 6 , , 0 7 1 0 2 7 2 2, , 2 7 3 2 1 6 1 1 , , 4 3 1 5 5 8 2 2, , 6 7 8 4 1 0 4 5 , , 7 2 0 7 7 6 7 5, , 7 0 1 2 1 7 1 1 0 0 , , 8 01 2 9 8 1 1 9 9 5 5 2 1 — — D J J e u u c n n e e . . . . . . . . 7 7 7 6 8 5 , , , 9 8 6 4 3 6 5 2 0 3 3 2 , , . 8 1 2 7 7 0 8 7 9 4 4 4 , , , 4 1 1 2 0 3 8 2 0 3 3 3 0 0 1 , , , 6 1 2 9 0 8 5 4 6 7 7 7, , , 2 6 9 2 9 7 1 7 3 1 8 9 0 , , , 9 8 2 4 3 6 1 9 42 2 2 1 2 1 , , , 9 0 5 6 2 0 6 3 4 A Se u p g t.. . . 2 2 6 6 , , 6 6 1 1 3 7 2 2 , , 2 2 3 4 6 3 1 1 , , 3 3 5 5 8 8 2 2 , , 6 6 5 6 6 3 4 4 , , 7 7 0 0 3 0 5 5 , , 7 7 1 1 2 7 9 9, , 9 9 4 3 8 6 Aug 79,814 3,014 4,522 32,910 7,430 9,28422,654 Sept.. .. 79,809 3,000 4,52232,899 7,382 9,316^2,690 * 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, s Less than $500,000. 1316 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY <3F TREASURY RECEIPTS, EXPENDITURES AND RELATED ITEMS [In millions of dollars] On basis of daily statements of United States Treasury Cash operating Increase (+) or General fund of the Treasury (end of period) income and outgo 3 decrease (—) during period Assets y m r e i o a s r n c a t o h l r c N e r i e e p - t ts B p t e u u e n x r d d e - g s i e - t s B ( d u + u e r f d p ) i o g c lu i e r t s t c T e o a r t u u c c n - . s 1 t t s, c C o i a l n u c e g - a n r t - 1 G d r e o b s t s G ba f e u l n a n e n d r c a e l f a g B e u n i e r a n n c a n l d e l - - Total F D e R e r e e a d - p l - osi d t S s e c p i p i a e n o l - s- a O s t s h e e ts r T b t l o i i i e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i ( E n o + x c u c o ) tg e o m s o r s e B s a e n rv k e s8 itaries Fiscal year: 1950 37,045 40,167 -3,122 +99 +483 +4,587 +2,047 5,517 5,927 950 3,268 1,709 410 40,97043,155 -2,185 1951 48,143 44,633 +3,510 +679 —214 -2,135 +1,839 7,357 7,871 338 5,680 1,853 514 53,43945,804 +7,635 1952 62,129 66,145 -4,017 +147 -401 +3,883 -388 6,969 7,481 333 5,106 2,041 512 68,09367,956 +137 1951—Nov... 3,521 5,178 -1,658 +82 +20 +1,306 -250 4,624 5,147 481 2,901 1,765 523 4,293 5,642 -1,348 Dec. 5,279 5,627 -347 +196 +7 -186 -329 4,295 4,816 321 2,693 1,801 521 5,642 5,621 +21 1952—Jan... 4,953 5,455 -501 -374 +103 +357 -415 3,879 4,306 162 2,048 2,096 427 5,183 5,473 -290 Feb... 5,553 5,105 +448 +186 -25 +587 +1,196 5,075 5,700 558 3,216 1,926 625 6,275 5,328 +947 Mar.. 9,886 5,704 +4,182 +106 -245 -2,278 +1,765 6,840 7,445 169 5,228 2,049 605 10,436 6,120 +4,316 Apr.. . 4,323 6,016 -1,693 -291 +329 +209 -1,447 5,393 6,108 450 3,779 1,879 715 4,689 5,972 -1,283 May.. 3,809 5,659 -1,850 +357 -91 +1,613 +28 5,421 6,046 569 3,690 1,787 624 4,722 5,751 -1,029 June.. 9,796 6,930 +2,865 -192 -326 -800 +1,548 6,969 7,481 333 5,106 2,041 512 9,988 6,978 +3,010 July .. 3,316 6,742 -3,426 -17 +432 +3,968 +957 7,925 8,520 638 6,027 1,855 594 3,593 6,233 -2,640 Aug . . 4,050 5,018 -968 +77 -195 + 113 -973 6,952 7,439 496 5.190 1,754 487 4,878 5,622 -744 Sept. . 6,585 6,070 +515 +422 -229 -504 +204 7,156 7,557 508 5,217 1,832 401 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 3,418 6,514 -3,097 Nov... 4,151 5,161 -1,009 +201 -243 +2,513 +1,461 7,636 8,155 396 5,984 1,775 519 DETAILS OF TREASURY RECEIPTS On basis of daily statements of United States Treasury On basis of reports by collectors of internal revenue Income taxes Deduct F o i r s c m al o y n e th ar p b W l y h o e y i e t l e d h m r - s - * Others i r n e n c M t v e e e e o l i r l n s u n a - u - s a e l t m p E a l x e m o n e y - s t - O ce r t i e h p - e ts r c T e r o i e p t - a t l s r R ec ef o e u i f p n t d s s e S t m S m a e o x c p e c e u l n i o s r a t i y f l l t - y c N e r i e e p - t ts W In i i d n th i a s v h u n i e r d d a l u d n o a - c l l d e - i a O t n a g c t x e h o e e m s r e 6 c C o t p i o m t o r a r o n e p x f o e i i a t s n r s n a - d - t t a a g E a n x i s t f d e e - t s l m E a o t n a a x i t s e n h x c c o d i e e e s u r s l e - s Fiscal year: 1950 10,073 18,189 8,303 2,883 1,862 41,311 2,160 2,10637,045 11,762 7,264 10,854 706 7,599 1951 13,53524,218 9,423 3,931 2,263 53,369 2,107 3,120 48,143 15,901 9,908 14,388 730 8,704 1952 21,88933,026 9,726 4,562 2,364 67,999 2,302 3,56962,129 21,313 11,545 21,467 833 8,971 1951— Nov.... 2,177 254 805 505 211 3,951 30 400 3,521 3,428 98 160 70 - 776 Dec... 1,361 2,916 823 322 155 5,576 31 266 5,279 275 310 2,649 77 712 1952—Jan 897 3,021 826 174 383 5,153 52 147 4,953 814 2,330 807 65 763 Feb.... 3,057 1,943 805 703 131 6,194 195 446 5,553 4,172 1,464 311 66 754 Mar... 2,019 7,717 825 539 160 10,800 455 460 9,886 537 2,133 5,913 113 718 Apr. ... 978 3,191 849 268 152 5,187 612 252 4,323 1.330 1,583 1,278 88 742 May... 3,009 549 828 582 197 4,688 403 476 3,809 3,955 221 351 80 750 June... 1,983 7,106 845 201 228 10,220 283 142 9,796 707 1,478 5,659 48 804 July . .. 1,007 1,435 949 204 236 3,649 151 182 3,316 1,539 393 958 84 863 Aug. .. 2,995 445 862 540 177 4,585 102 434 4,050 4,012 93 357 70 780 vSept... 1,751 4,029 877 289 164 6,875 55 235 6,585 232 1,653 2,442 59 808 Oct. . . 997 1,214 923 221 204 3,355 51 204 3,099 1,634 164 927 57 911 Nov... P3,085 436 888 ^636 219 4,731 47 533 4,151 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust„ and other accounts F o i r s c m al o y n e th ar Total t f i N e d o n e n a s - - a e l m g s O e r i p a c l t m r u i h t o r e a s - i r r t y y 7 n n I a a n e o ti c i t m o d e o n 8 r - i - c al I d n e o e t s n e b t r t - e i m V t s A r i t a o e i r d n n n a t - - - s - a t c A u g t u o i r r l d e i - - S S g p o e i r r t a c c y o m i 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 i c a m v l c I e o e n S s u n - e t n - t c s t u s r p i t t u E e y n r x e d - s i- ce R i e p - ts m O v I e e t n h n s - e t t - s r 9 p t E u en r x e d - s i- Fiscal year: 1950 40,167 12,346 663 4,941 5,750 6,043 2,986 1,375 1,383 4,680 4,293 1,028 3,114 2,376-1,430 3,857 1951 44,633 19,964 1,901 3,854 5,613 5,204 635 1,415 972 5,075 5,631 2,685 2,790 2,165 872 771 1952 66,145 39,106 4,110 2,831 5,859 4,697 1,219 1,424 1,304 5,593 6,424 2,982 3,506 2,382 654 1,517 1951—Nov. 5,178 3,015 380 188 173 436 105 121 92 669 732 285 282 171 —38 291 Dec 5,627 3,070 323 261 1,057 386 49 88 64 330 550 81 278 142 —8 145 1952—Jan. . 5,455 3,414 350 120 228 428 194 158 78 486 246 221 326 146 189 29 Feb 5,105 3,155 363 214 142 378 78 108 71 595 711 175 319 120 46 105 Mar 5,704 3,425 406 201 689 385 83 66 78 371 558 157 320 126 14 87 Apr. . 6,016 3,775 435 277 350 371 52 149 50 556 371 267 318 104 3 178 May 5,659 3,791 413 315 172 352 85 76 99 355 924 532 305 126 -22 -122 June 6,930 3,699 375 337 1,518 339 187 148 80 248 521 356 306 505 293 262 July.. 6,742 3,884 471 351 320 391 117 158 397 654 288 -24 310 450 333 137 5,018 2,971 514 266 183 354 126 109 94 401 853 366 323 106 31 162 Sept 6 070 4,008 356 133 559 343 49 116 64 442 322 51 317 105 -7 -355 Oct. . 6,383 3,723 482 142 572 354 192 191 21 705 282 37 312 119 -16 320 Nov 5,161 J>3,303 427 P126 185 345 P113 P124 93 444 886 392 307 89 90 -14 P Preliminary. x 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 1952, includes social security taxes on self-employed persons. 6 These are appropriated directly to the Federal old-age and survivors insurance trust fund. 7 Composed of Atomic Energy Commission, maritime activities, and military assistance abroad. 8 Includes State Department. 9 Includes investments of Government agencies in public debt. DECEMBER 1952 1317 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 x 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 m Co o m di - - I m nv e e n s ts t- Land, t B u a o r n e n d s d s d p , e a n b y o e a t n b e - l s e , U G er . o n v S - - . v P a r t i e - ly Corporation or agency Total Cash L c a e r o b e i a l v - e n - s m p s r t a l i i u a n i e a p e t d s l e s - s , , - G s U r e i o t . c i v e u S t s - . . O r s i e t t c i h e u e s - r * s e t m u t a q r r n e u u e n d i c s p t - , - O s a t e h s t - s er a F g n u u b t a e y ll r e y - d Other O li i a t t i b h e i e s l r - i m n e t e s e n t r t - o in w e t s e n t r e - d U. S. All agencies: Sept. 30, 1951 25,668 65913,906 1,515 2,236 3,472 3,025 1,399 949 22,962 322 Dec. 31, 1951 26,744 93114,422 1,461 2,226 3,463 3,358 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 27,933 808315,913 1,350 2,364 3,438 3,186 874 1,228 1, 5,104 357 Classification by agency, June 30, 1952 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 412 23 340 112 275 Federal intermediate credit banks.... 939 15 866 857 71 Production credit corporations 52 (4) 52 Agricultural Marketing Act 1 0) 1 () 1 Federal Farm Mortgage Corp........ 31 1 29 30 Rural Electrification Administration...... 1.918 24 ,829 () 65 () 1,918 Commodity Credit Corporation 1,915 15 386 ,023 104 388 136 1,779 Farmers' Home Administration 5 537 14 495 27 1 536 Federal Crop Insurance Corp 37 32 5 9 28 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,003, 653 311 258 412 0) 333 Federal Savings and Loan Insurance Corp. 214 209 6 208 Public Housing Administration 1,968 623 1,232 36 1,931 Federal Housing Administration 474 32 286 1 43 224 207 Office of the Administrator: Federal National Mortgage Association.. 2.081 2,068 ) 2,078 Other 93 38 30 93 Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 401 1 145 202 44 401 Other7 812 20 678 41 1 30 90 722 Export-Import Bank 2,431 2 2,389 (4) 41 57 2,375 Federal Deposit Insurance Corp 1,431 3 1,421 () 7 108 1,323 Tennessee Valley Authority 1,403 209 18 6 43 1,360 All other 9,779 236 5,486 123 3,385 1,170 103 62 9,717 446 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY June 30, 1952 Mar. 31, Purpose of loan M F C F a o e o r r d r m p . t . . b c m i F n r a a e e e t 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 c r 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 A R r E t i i f u d l o i e r m c n c a a - l . - F A H e a d o r r s m m m ' . e - M N 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 ic . - b h F l a o o e n m a d k n . e s R s n C t t e a F r i o c n o u i r o - n c c p n e - . - B p p E I o a m o x r n r t - - t k - ot A h l e l r a c g A i e e l n l s - ag 1 e 9 a n 5 l c l 2 i , es To aid agriculture ... 29 866 343 390 1,831 594 6 4,058 4,239 To aid home owners 2,068 0) 201 2,387 2,363 To aid industry: Railroads 83 2 85 98 To O a t i h d e r financial institutions: (4) 395 w 70 464 473 Banks Other 653 653 597 Foreign loans 58 2,389 85,170 7,617 6,096 Other 624 61 116 801 731 Less: Reserve for losses. 3 3 2 99 1 38 "W 7 153 173 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 See footnote 8. 4 Less than $500,000. s Includes Disaster Loans, etc., Revolving Fund. 6 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 7 Includes figures for Smaller War Plants Corp., which is being liquidated by the Reconstruction Finance Corp. 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 U. 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 the Mutual Security Agency beginning June 30, 1952. For back figures see earlier issues of the BULLETIN and Banking and Monetary Statistics, Table 152, p. 517. 1318 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] I ( n p d h u y 1 s s 9 t i r 3 c i a 5 a l l - 3 v p 9 o r = o lu 1 d m 0 u 0 c e t ) i * o n * aw 1 C a 9 o r c 4 d n o 7 e s n - d t t 4 r r u 9 a ( c v = c t t a 1 i s l o 0 u n 0 e)2 Employ 1 m 9 e 4 n 7 t - s 4 9 an = d 1 0 p 0 ayrolls 3 Freight D m ep e a n r t t- Con- W sa h l o e le- Year or month Total D f u M a - c a tu n r u N e d - s o u n - - M era in ls - Total R d t e e ia n s l i - - o A th l e l r N p t a e c u l g u m o o r r l n a y - i - - l - - pr E o M m d a u p n c l u t o i f y o a - n c t w ur o i r n P k g a e y rs - c 1 a 9 i = r n 3 l g 1 o 5 s 0 - a * 3 0 d 9 - 1 v ( s 9 = a r a 4 e l l 1 u 7 e ta 0 e - s i 4 0 * ) l 4 9 1 s p 9 u = ri 3 m c 1 5 e e 0 - s r 3 0 s 8 9 ' 1 p m 9 c = r 4 i o o c 1 7 m d e 0 - i s - 4 0 t y s 9 rable rable ment ment rolls Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justedjusted justed justed justed justed justed justed justed justed 1919 . . .. 72 84 62 71 34 26 39 61.6 68.7 31.1 120 27 123 8 1920 . . . 75 93 60 83 34 18 45 62.2 69.0 37.1 129 32 143.3 1921 58 53 57 66 30 27 32 55.4 52.8 24.0 110 30 127 7 1922 73 81 67 71 43 41 43 58.7 58.4 25.7 121 30 119.7 1923 88 103 72 98 45 49 42 64 6 66 9 32.6 142 34 121 9 1924 82 95 69 89 51 57 46 63.8 62.1 30.4 139 34 122 2 1925 ...... 90 107 76 92 66 75 59 65.5 64.2 32.1 146 36 125.4 1926 96 114 79 100 69 73 67 67.9 65.5 33,0 152 37 126.4 65.0 1927 95 107 83 100 69 71 68 68.2 64.1 32.4 147 37 124.0 62.0 1928 , . ,.».,.. 99 117 85 99 73 76 70 68.3 64.2 32.8 148 37 122.6 62.9 1929 110 132 93 107 63 52 70 71.3 68.3 35.0 152 38 122.5 61.9 1930 91 98 84 93 49 30 62 67.0 59.5 28.3 131 35 119 4 56.1 1931. . , 75 67 7Q 80 34 22 41 60.6 50.2 21.5 105 32 108.7 47,4 1932 58 41 70 67 15 g 20 53 7 42 6 14 8 78 24 97 6 42 1 1933 69 54 79 76 14 7 18 53.9 47.2 15.9 82 24 92 4 42 8 1934..... 75 65 81 80 17 7 24 59.0 55.1 20.4 89 27 95.7 48.7 1935 87 83 90 86 20 13 25 61 6 58.8 23.5 92 29 98 1 52 0 1936 103 108 100 99 30 22 35 66.2 63.9 27.2 107 33 99 1 52 5 1937 113 122 106 112 32 25 36 70.6 70.1 32.6 111 35 102.7 56.1 1938 89 78 95 97 35 27 40 66.4 59.6 25.3 89 32 100 8 51 1 1939 109 109 109 106 39 37 40 69.6 66.2 29.9 101 35 99.4 50.1 1940 125 139 115 117 44 43 44 73 6 71.2 34.0 109 37 100 2 51 1 1941 162 201 142 125 66 54 74 83.1 87.9 49.3 130 44 105.2 56.8 1942 199 279 158 129 89 49 116 91.2 103.9 72.2 138 50 116 6 64 2 1943 239 360 176 132 37 24 45 96.6 121.4 99.0 137 56 123.7 67.0 1944 235 353 171 140 22 10 30 95.3 118.1 102.8 140 62 125.7 67.6 1945 203 274 166 137 36 16 50 92.1 104.0 87.8 135 70 128 6 68 8 1946 170 192 165 134 82 87 79 95.1 97.9 81.2 132 90 139.5 78.7 1947 187 220 172 149 84 86 83 99,6 103.4 97.7 143 98 159 6 96 4 1948 192 225 177 155 102 98 105 101.6 102.8 105.1 138 104 171 9 104 4 1949 176 202 168 135 113 116 111 98 8 93 8 97.2 116 98 170 2 99 2 1950 200 237 187 148 159 185 142 101.4 99.2 111.2 128 105 171 9 103 1 1951 220 273 194 164 171 170 172 106.6 105.4 129.2 134 109 185 6 114.8 1951 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 8 130.9 133 106 186 6 113 4 October 218 222 274 188 174 140 160 127 106.6 103.4 105.1 129.8 135 109 187.4 113.7 November 219 220 277 188 170 156 146 162 106.8 103.3 104.3 129.8 137 113 188.6 113.6 December 218 217 282 185 163 166 145 180 107.1 103.5 104.4 132.9 133 109 189 1 113 5 1952 January 221 217 282 189 167 161 142 173 106.8 103.6 103.2 130.4 141 108 189 1 113 0 February 222 218 284 190 167 156 163 152 107 0 103 8 103.6 131.0 136 106 187 9 112 5 March 221 217 285 188 164 164 174 157 107.0 103.7 103.6 131.9 133 105 188.0 112.3 April .. 216 215 277 183 166 171 189 158 107.0 104.0 102.9 128.1 126 103 188 7 111 8 May 211 211 277 181 140 168 186 156 107.1 103.4 101.8 128.1 122 108 189.0 111.6 June 204 205 247 186 147 172 193 158 106.5 100.8 99.7 126.4 108 111 189.6 111.2 July 193 194 230 179 142 177 196 165 106 1 99 2 97.5 121.1 102 105 190 8 111 8 August 214 218 266 191 156 207 193 217 107.9 103.3 104.1 133.3 125 114 191.1 112.2 September 226 231 287 194 175 207 191 218 108.5 105.1 106.9 141.5 134 106 190.8 111.8 October P227 P231 ?294 P193 P165 ?209 H85 P225 P108.5 P105.5P107.2 143.3 128 P115 190.9 111.2 November «229 e230 e297 192 172 134 112 8 Estimated; all estimates are those of the Federal Reserve. Preliminary. 1 Revised. * Average per working day. 1 For indexes by groups or industries, see pp. 1320-1323. 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. 1327. 8 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumers' price index is the adjusted series, reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim revision of series and weights. < For indexes by Federal Reserve districts and for other department store data, see pp. 1330-1332. 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. DECEMBER 1952 1319 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Industrial Production—Total 218 219 218 221 222 221 216 211 204 193 214 226 P227 Manufactures—Total 226 228 228 231 232 231 225 224 214 202 '225 235 P238 Durable Manufactures 274 277 282 282 284 285 277 277 247 230 266 287 P294 Iron and Steell 261 261 263 261 261 263 245 246 140 139 '242 267 P276 Pig iron 235 232 227 229 235 239 205 208 42 38 221 242 247 Steel 304 307 304 304 304 309 278 278 66 83 283 319 332 Open hearth • • • . • 217 216 219 218 221 225 196 195 39 36 202 222 233 Electric 921 954 911 913 892 911 855 867 256 418 860 1013 1040 Machinery . . 340 347 358 359 360 359 354 353 352 '331 337 353 P362 Transportation E.ouipment • ••••• • 311 313 320 318 322 327 329 338 339 '287 r300 346 v356 Automobiles (including parts) . .... 223 216 221 218 219 222 227 231 229 '162 '175 239 P246 (Aircraft; Railroad Equipment; Shipbuilding — Private 201 209 207 216 217 218 218 216 210 201 213 221 P228 Smelting and refining 230 235 235 243 249 252 257 259 247 242 251 248 P250 (Copper smelting; Lead refining; Zinc smelting; 190 198 196 206 204 204 203 199 195 184 197 209 P219 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 149 157 154 159 162 158 152 142 146 141 148 155 P154 Lumber. 138 149 141 150 154 149 143 128 134 128 135 140 138 Furniture 171 172 178 175 176 175 170 168 169 "•165 175 183 P187 Stone, Clay, and Glass Products 219 212 219 217 224 222 220 217 222 214 '221 222 P222 Glass products 214 199 208 210 223 224 225 227 247 243 '243 245 P241 222 204 216 223 239 239 242 243 269 266 261 261 254 Cement 217 219 242 233 257 244 238 230 222 215 231 227 P231 Clay products 172 173 172 182 177 175 173 168 170 158 164 161 P158 Other stone and clay products 2 Nondurable Manufactures 188 188 185 189 190 188 183 181 186 179 191 194 P193 Textiles and Products 154 157 152 157 160 152 144 151 154 147 170 176 P172 Textile fabrics 139 142 137 142 146 139 131 137 138 129 152 158 ... Cotton consumption 140 144 136 144 150 141 130 135 133 111 143 145 142 Rayon deliveries 293 289 283 296 294 288 280 287 312 343 '369 '377 362 Nylon and silk consumption 2 Wool textiles 114 120 118 116 122 112 108 117 112 103 123 136 Carpet wool consumption 86 94 99 120 133 123 117 113 75 71 120 148 Apparel wool consumption 119 122 121 110 116 110 110 123 125 120 139 149 Wool and worsted yarn 114 120 115 109 117 108 103 112 113 103 120 129 108 116 112 108 114 103 96 108 106 97 112 119 Worsted yarn 123 126 119 109 120 114 112 116 124 112 131 143 126 133 131 126 126 113 109 123 124 113 123 135 91 89 88 100 107 108 102 105 103 91 116 112 Leather tanning 80 78 79 86 90 86 84 90 92 81 97 97 Cattle hide leathers 96 94 91 98 101 98 95 105 106 91 110 107 Calf and kip leathers 51 51 59 64 73 68 72 67 69 60 79 90 Goat and kid leathers 53 53 60 70 72 69 64 67 67 71 67 66 Sheep and lamb leathers 67 69 71 71 74 72 69 72 79 66 89 88 Shoes 98 97 94 110 118 122 114 115 111 98 129 123 Manufactured Food Products 163 160 160 162 165 166 163 160 166 162 163 166 P163 Wheat flour 109 US 109 122 113 103 108 103 113 109 109 108 P110 Cane sugar meltings 2 Manufactured dairy products 140 137 136 137 138 142 146 148 147 145 148 148 H6 Butter 71 64 62 65 66 71 73 73 69 70 69 71 73 Cheese 163 158 161 165 163 169 181 183 180 176 178 178 176 Canned and dried milk 126 118 119 118 120 133 149 163 164 152 168 166 155 v Preliminary. r Revised. i Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. a Series included in total and group indexes but not available for publication separately. 1 Because of a ^classification 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. 1320 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 Oct. Nov.Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactured Food Products—Continued 157 168 163 162 182 179 165 146 148 147 158 170 169 Pork and lard . . . .... 198 205 200 193 228 230 207 167 170 163 180 200 194 Beef 124 143 141 145 153 141 135 140 137 144 149 151 153 Veal 109 106 84 87 84 81 79 84 99 109 121 125 131 Lamb and mutton 74 75 69 80 85 85 79 76 78 68 77 87 96 Other manufactured foods 173 166 168 169 171 172 169 169 175 171 171 173 P168 163 121 123 128 133 150 146 147 161 »-138 121 137 P143 127 136 149 145 143 135 128 130 121 117 134 136 Other food products 183 183 183 184 185 184 183 181 188 189 ••190 189 P181 Alcoholic Beverages 178 188 176 174 171 170 157 150 152 162 151 155 162 Malt liquor 154 180 178 185 173 171 154 149 161 176 165 160 154 Whiskey 76 86 85 73 73 68 62 51 38 19 21 26 28 Other distilled spirits 265 262 253 336 327 292 298 231 185 198 234 148 182 Rectified liquors 358 292 225 150 193 208 205 214 207 224 175 263 325 185 194 147 176 175 174 184 178 189 172 186 187 190 Cigars 127 129 87 108 105 109 110 114 116 113 111 123 134 Cigarettes 259 262 204 244 244 243 259 245 264 240 261 257 258 Other tobacco products 44 84 60 67 68 59 62 64 65 54 68 65 66 Paper and Paper Products 196 191 184 187 193 192 185 182 181 160 188 192 203 Paper and pulp 191 187 182 185 189 188 181 175 176 154 180 181 192 Pulp 235 235 223 229 237 241 228 221 227 195 229 220 233 130 112 116 111 114 117 110 108 121 124 132 '125 125 Soda pulp 97 95 94 95 99 99 95 92 89 68 82 83 89 273 278 261 271 279 284 269 260 266 226 267 ••256 274 Paper 185 180 176 178 181 180 174 168 168 148 172 175 186 Paperboard 213 205 191 197 209 205 202 207 201 182 222 233 246 Printing paper 190 188 191 192 191 189 186 175 182 150 168 165 178 210 179 181 195 184 190 186 162 168 174 180 187 206 Wrapping paper 180 184 181 177 176 178 161 149 153 124 148 146 150 Newsprint 127 125 128 123 129 131 122 130 134 126 130 126 123 Printing and Publishing 177 175 174 175 177 177 175 170 176 157 165 165 176 165 163 158 159 163 164 164 166 169 164 162 166 173 Printing paper (same as shown under Paper) Petroleum and Coal Products 269 276 281 281 281 278 261 209 251 259 r280 281 v275 Gasoline 212 214 215 211 212 210 205 157 216 225 231 234 P228 Fuel oil 214 226 234 238 242 227 218 167 228 231 235 232 P228 200 196 192 188 177 183 177 124 185 174 181 179 214 230 224 243 208 223 211 133 199 226 230 208 Other petroleum products 2 Coke 185 185 185 188 188 204 166 165 72 67 169 177 180 178 177 178 179 179 197 161 161 71 67 168 174 178 452 467 456 464 459 420 326 311 84 52 184 299 252 Chemical Products 298 299 298 300 297 294 292 292 298 '299 r302 303 P303 Paints 156 158 158 159 157 155 152 151 151 n57 155 155 P156 Rayon 346 331 317 322 299 269 267 270 307 325 354 370 P359 Industrial chemicals 556 563 563 562 562 563 559 558 563 '565 ••565 565 P574 Rubber Products 239 245 250 248 243 242 235 242 246 ••225 '242 249 P246 Minerals—Total 174 170 163 167 167 164 166 140 147 142 156 175 P165 Fuels 179 178 170 175 174 170 171 140 161 155 161 180 P168 Coal 138 141 125 136 123 111 110 100 96 84 93 133 93 147 152 135 147 135 122 119 107 102 91 102 144 93 Anthracite 104 99 86 91 77 68 74 73 74 57 61 88 95 199 196 193 194 199 199 201 159 193 190 194 203 P205 Metals 144 122 122 125 128 125 141 143 65 65 131 149 P151 Metals other than gold and silver 212 175 174 177 182 176 204 207 71 71 188 219 P222 (Copper; Lead; Zinc) 2 Gold 47 45 44 47 47 48 47 51 52 54 50 Silver 62 65 70 72 76 78 77 75 71 63 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, end August 1940, pp. 753-771 and 825-882. 1321 DECEMBER 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Industrial Production—Total 222 220 2/7 2/7 218 217 215 211 205 194 218 231 P231 Manufactures — Total .. 230 229 227 227 229 228 224 224 215 203 228 240 P242 Durable Manufactures . . 276 277 280 280 281 283 277 278 249 '232 268 289 P296 Iron and Steel1 261 261 263 261 261 263 245 246 140 139 267 P276 Pig iron 235 232 227 229 235 239 205 208 42 38 221 242 247 Steel 304 307 304 304 304 309 278 278 66 83 283 319 332 Open hearth 217 216 219 218 221 225 196 195 39 36 202 222 233 Electric • 921 954 911 913 892 911 855 867 256 418 860 1013 1040 Machinery 340 347 358 359 360 359 354 353 352 r331 337 353 311 313 320 318 322 327 329 338 339 r287 "300 346 P356 Automobiles (including parts) 223 216 221 218 219 222 227 231 229 r162 r175 239 P246 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 Nonferrous Metals and Products 201 209 207 216 217 218 218 216 210 '201 213 221 P228 Smelting and refining 230 236 235 243 249 252 257 260 246 241 251 248 P250 (Copper smelting; Lead refining; Zinc smelting; Aluminum* Magnesium; Tin) 2 Fabricating 190 198 196 206 204 204 203 199 195 184 197 209 P219 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumotion)2 Lumber and Products 158 155 141 142 148 149 152 145 155 150 159 167 P163 Lumber 151 146 122 125 133 135 143 133 148 143 152 159 Furniture 171 172 178 175 176 175 170 168 169 '165 '175 183 ^187 Stone, Clay, and Glass Products 230 217 212 205 208 212 216 224 225 216 '231 232 P233 Glass products 219 200 197 207 218 224 225 240 245 235 249 Glass containers 228 206 201 219 232 239 242 260 266 255 272 267 262 Cement 252 237 220 188 196 200 226 241 237 236 261 263 267 Clay products 182 179 177 169 168 167 168 167 169 160 169 167 P167 Other stone and clay products 2 Nondurable Manufactures 193 191 185 184 186 184 180 180 187 181 195 200 P19S 154 157 152 157 160 152 144 151 154 147 170 176 P172 Textile fabrics 139 142 137 142 146 139 131 137 118 129 152 158 Cotton consumption 140 144 136 144 150 141 130 135 133 111 143 145 142 Rayon deliveries 293 289 283 296 294 288 280 287 312 343 r369 '377 362 Nylon and silk consumption 2. . Wool textiles 114 120 118 116 122 112 108 117 112 103 123 136 Carpet wool consumption 86 94 99 120 133 123 117 113 75 71 120 148 Apparel wool consumption 119 122 121 110 116 110 110 123 125 120 139 149 Woolen and worsted yarn 114 120 115 109 117 108 103 112 113 103 120 129 Woolen yarn 108 116 112 108 114 103 96 108 106 97 112 119 Worsted yarn 123 126 119 109 120 114 112 116 124 112 131 143 126 133 131 126 126 113 109 123 124 113 123 135 91 91 88 100 109 108 102 105 102 90 116 112 Leather tanning 80 81 79 86 96 86 84 90 90 77 95 95 Cattle hide leathers 97 98 91 100 109 98 95 105 102 86 107 105 52 52 58 62 77 67 69 64 70 60 83 88 Goat and kid leathers 53 52 61 70 74 68 66 66 68 70 65 67 67 73 67 66 81 70 68 77 78 62 92 86 Shoes 98 97 94 110 118 122 114 115 111 98 129 123 Manufactured Food Products 177 164 158 151 149 148 149 154 165 174 185 190 P175 Wheat flour 115 116 108 122 114 101 104 99 109 108 108 118 P117 Cane sugar meltings a 128 98 95 86 97 116 152 197 217 215 214 173 133 Butter 61 49 49 54 58 64 75 94 95 86 76 69 63 Cheese 146 119 116 122 134 152 188 245 256 217 199 182 158 Canned and dried milk 102 85 92 95 108 131 168 227 227 176 173 153 126 Ice cream p Preliminary. ' Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 8 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 1322 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 Oct. Nov.Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactured Food Products—Continued Meat P o pa rk c k a in n g d lard 1 1 5 8 6 6 2 1 4 8 0 8 2 1 6 9 4 5 2 1 5 9 3 3 2 1 2 7 3 5 2 1 1 6 4 5 1 1 5 8 2 8 1 1 6 4 7 7 1 14 7 7 0 1 1 3 4 7 4 1 1 3 3 9 8 1 1 5 5 8 4 1 1 8 6 3 9 Beef 135 148 141 148 140 128 127 140 134 146 150 163 167 V L e a a m l b and mutton . 1 7 24 7 1 7 1 5 4 6 7 8 9 8 8 1 5 8 7 6 4 8 7 3 6 7 7 8 7 8 7 8 8 9 7 9 3 1 6 0 5 9 1 7 18 5 1 9 3 3 8 1 1 4 0 9 0 Other O P C r o t m o n h a c f e n e e r u s c f f s t o e a i d o o c d n t f e u r p r r u r y i e o t d d s u f a c o t n o s d d s vegetables . . . .. 2 1 1 1 1 9 9 6 0 2 2 7 1 1 1 1 1 6 9 7 1 1 2 4 1 1 1 9 6 8 5 6 6 7 0 1 1 1 8 7 5 4 3 7 7 9 1 1 1 8 5 7 4 4 5 6 4 1 1 1 8 7 5 2 2 6 3 5 1 1 1 8 5 7 0 9 1 5 7 1 1 1 9 5 7 0 6 4 8 0 1 1 1 8 8 6 2 9 9 4 6 1 1 1 7 9 9 7 9 6 3 9 • 1 1 • 1 9 2 9 4 3 4 4 4 0 2 2 1 1 6 0 7 9 8 4 3 5 P P P 1 1 1 8 8 9 7 4 0 Alcoholic Beverages 197 178 154 145 152 155 155 158 176 186 159 159 173 Malt liquor 143 139 142 151 155 159 162 170 203 220 188 161 143 W O Re t h c h i t e s i r k f i e d e y i d s t l i i ll Q e u d o r s s pirits 3 6 5 8 7 8 6 6 2 5 9 8 4 2 6 9 2 2 8 2 7 5 5 8 2 1 1 7 50 9 3 1 1 7 9 9 3 3 6 2 1 6 0 9 8 8 0 2 1 6 0 7 2 5 9 2 1 5 1 3 4 1 9 2 1 0 3 1 7 8 5 2 1 2 1 1 4 5 9 1 1 2 7 2 5 1 6 2 26 0 2 3 2 6 4 3 7 2 2 2 8 5 Tobacco Products . 191 198 137 176 167 164 174 178 197 179 193 198 197 C O C i i t g g h a a e r r r e s t t t o e b s acco products . 2 1 4 6 2 7 9 7 2 1 8 6 2 6 7 9 1 8 5 8 3 7 8 2 1 6 4 0 6 4 8 2 1 6 2 0 6 9 5 2 1 2 5 0 9 6 9 2 1 4 6 1 2 1 0 2 1 4 6 1 4 5 4 2 1 6 1 7 6 6 8 2 1 5 5 1 2 3 4 2 1 6 1 7 1 4 6 2 1 6 7 2 9 5 3 2 1 6 7 3 8 4 1 Paper and Paper Products 196 191 183 187 194 192 186 182 182 159 188 '191 203 Paper P u a l n p d pulp 2 1 3 91 3 2 1 3 87 6 2 1 2 81 3 2 18 3 5 0 2 1 3 90 8 2 1 4 88 2 2 18 3 1 0 2 1 2 75 2 2 1 2 77 7 1 1 5 93 3 2 1 2 8 7 0 •• 1 2 8 1 1 7 2 1 3 9 2 2 121 119 117 116 119 125 121 117 122 110 116 112 116 S Su o l d p a h a p t u e l p and sulphite pulp 8 2 9 7 7 3 2 9 7 5 8 26 9 1 4 2 9 7 5 1 2 9 7 9 9 2 9 8 9 4 2 9 6 5 9 2 9 6 2 0 26 8 6 9 22 6 6 8 26 8 7 2 "2 8 56 3 27 8 4 9 Paper 185 180 175 178 182 180 174 168 169 147 172 175 186 Paperboard 213 205 191 197 209 205 202 207 201 182 222 233 246 F Pr i i n n e t i D n a g D e p r a * per 190 188 191 192 191 189 186 175 182 150 168 165 178 Tissue and absorbent paper 212 179 175 193 191 190 188 162 171 167 180 187 208 Wrapping paper 180 184 181 177 176 178 161 149 153 124 148 146 150 Newsprint .. . . .... 127 126 125 123 129 131 124 131 135 124 129 126 123 Printing and Publishing 181 183 178 170 175 180 180 174 175 145 157 166 ISO Newsprint consumption 173 178 166 148 159 171 174 173 168 141 146 168 182 Petroleum and Coal Products 269 276 281 281 281 278 261 209 251 259 '280 281 v275 Gasoline 212 214 215 211 212 210 205 157 216 225 231 234 P228 Fuel oil 214 226 234 238 242 227 218 167 228 231 235 232 P228 Lubricating oil 200 196 190 183 175 181 184 129 185 172 179 179 Kerosene 214 237 231 248 218 227 215 134 187 210 221 206 Coke 185 185 185 188 188 204 166 165 72 67 169 177 180 By-product coke 178 177 178 179 179 197 161 161 71 67 168 174 178 452 467 456 464 459 420 326 311 84 52 184 299 252 Chemical Products 303 304 302 302 300 298 295 291 296 295 '299 304 P308 Paints 156 157 158 156 155 155 153 155 156 ••155 153 153 P156 Rayon 346 331 317 322 299 269 267 270 307 325 354 370 P359 556 563 563 562 562 563 559 558 563 ••565 -565 565 P574 Rubber Products 239 245 250 248 243 242 235 242 246 '225 '242 249 v246 Minerals—Total 176 169 159 162 162 158 165 143 149 144 161 180 P168 Fuels 179 178 170 175 174 170 171 140 161 155 161 ISO P168 Coal . .... ... . 138 141 125 136 123 111 110 100 96 84 93 133 93 147 152 135 147 135 122 119 107 102 91 102 144 93 Anthracite 104 99 86 91 77 68 74 73 74 57 61 88 95 Crude petroleum 199 196 193 194 199 199 201 159 193 190 194 203 P2O5 Metals 163 115 89 88 91 90 130 159 *75 81 164 178 vl70 Metals othei than gold and silver 240 160 117 116 121 118 189 239 r91 "101 "244 265 P250 354 185 94 94 98 94 238 348 41 "71 381 "418 (Conner* Lead* Zinc} 2 Gold 55 50 46 45 43 43 42 44 48 52 54 Silver 62 65 70 73 77 80 77 74 68 61 61 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. DECEMBER 1952 1323 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total 103 104 98 100 102 104 103 104 108 71 84 121 124 Passenger automobiles 108 104 93 91 96 103 109 110 114 47 63 125 129 Household goods, total 98 103 104 110 108 106 97 99 101 '98 107 118 118 Carpets 60 60 63 79 75 80 83 81 44 61 76 81 *99 98 101 105 104 103 102 105 108 108 111 110 111 111 Major appliances 88 93 100 97 95 98 82 85 89 74 94 89 86 Radios and television 135 149 130 164 158 141 118 115 136 135 141 205 214 ' Revised. NOTE.—Figures for October 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 Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct ADJUSTED FOR SEASONAL VARIATION Total 12,789 12,776 12,803 12,816 12,835 12,832 12,862 12,794 12,465 12,268 12,783 12,994 13,048 Durable goods 7,248 7,264 7,261 7,256 7,285 7,281 7,331 7,302 6,916 '6,674 '7,176 7,376 7,438 Primary metal industries 1,154 1,143 1,152 1,156 1,154 1,148 1,143 1,153 720 686 '1,115 1,147 1,141 Fabricated metal products 805 801 794 796 799 799 802 806 777 '745 '779 803 815 Machinery except electrical 1,248 1,261 1,263 1,276 1,275 1,267 1,276 1,263 1,255 '1,215 '1,206 1,203 1,217 Electrical machinery 700 707 712 718 720 715 714 715 710 '706 '726 747 760 Transportation equipment 1,205 1,234 1,235 1,235 1,251 1,266 1,288 1,307 1,323 '1,169 '1,197 1,309 1,344 Lumber and wood products 729 712 699 667 685 680 688 635 690 '709 703 702 693 Furniture and fixtures 283 287 290 292 290 293 293 294 297 '297 297 300 299 Stone, clay, and glass products. . 477 470 460 457 449 449 452 449 453 448 '457 461 460 Instruments and related products 227 229 230 231 232 232 235 233 233 '238 '235 237 242 Misc. manufacturing industries.. 373 370 374 374 375 376 382 388 398 '401 '402 406 405 O T A e p r x d p t n a i N a l r e e n o - l c m n e a d i n l a u l d n r p d a o r b o t a h d c l e e c u r e c g s t f o s s i o n o r i d s ie h s s ed tex- 5 1 , , 5 13 4 4 3 1 7 5 1 , , 5 12 1 5 1 0 2 5 1 , , 5 12 5 4 4 2 2 5 1 , , 5 1 6 5 2 4 0 0 5 1 , , 5 1 5 5 0 5 0 6 5 1 , , 5 1 5 0 5 1 2 6 5 1 , , 5 0 3 9 5 1 3 8 5 1 , , 4 0 9 5 8 9 2 8 5 1 , , 5 08 4 60 2 9 ' 1 5 , , 1 5 1 6 9 4 4 0 ' 1 5 , , 1 6 5 4 0 9 0 7 5 1 , , 6 15 1 6 4 1 8 5 1 , , 6 15 1 62 4 0 tiles 985 998 1,020 1,029 1,021 1,020 1,011 1,004 1,018 '1,045 '1,033 1,032 1,024 Leather and leather products. . . 317 319 325 330 335 336 339 344 347 '345 '351 348 349 Food and kindred products 1,158 1,132 1,133 1,144 1,159 1,161 1,155 1,153 1,169 '1,163 '1 ,140 1,137 1,125 Tobacco manufactures 82 79 83 82 81 81 83 83 82 83 '84 83 83 Paper and allied products 411 407 406 403 402 399 398 400 405 403 '411 412 415 Printing, publishing and allied industries 512 514 512 510 507 511 510 510 511 512 513 514 517 Chemicals and allied products... 533 531 527 531 530 530 530 525 528 '532 '523 523 524 Products of petroleum and coal. 197 196 197 195 195 197 199 169 189 '189 '198 198 200 Rubber products 213 215 215 216 214 214 213 216 218 '208 '214 217 219 WITHOUT SEASONAL ADJUSTMENT Total 12,997 12,904 12,911 12,766 12,820 12,815 12,733 12,588 12,329 12,061 12,874 13,218 13,254 Durable goods 7,296 7,314 7,322 7,264 7,306 7,316 7,329 7,262 6,888 '6,559 '7,134 7,389 7,487 Primary Metal Industries 1,160 1,149 1,164 1,162 1,160 1,154 1,143 1,141 716 '676 '1, 109 1,147 1,147 Blast furnaces, steel works and rolling mills 570 558 573 570 570 567 558 557 155 '134 546 566 F M a a b c r h ic in a e te ry d M ex e c t e a p l t P E r l o e d c u tr c i t c s al 1,2 8 2 4 0 3 2 9 2 1,2 8 2 5 0 4 5 5 1 1, 8 2 2 0 4 6 6 5 9 1,2 8 2 7 0 4 4 6 7 1, 8 2 2 0 8 4 7 9 1 1, 8 2 2 0 8 4 7 0 9 1, 8 2 2 4 0 8 9 6 2 1, 7 2 2 9 6 4 8 9 7 1,2 7 2 6 6 4 1 9 8 '1, ' 2 2 7 4 0 2 2 3 6 rl, ' ' 7 2 1 ( 4 9 5 6 4 7 1,1 8 2 9 0 4 3 7 8 1,2 8 1 1 1 9 Metalworking machinery... 707 718 726 725 727 722 714 708 706 '685 '708 743 768 Electrical Machinery Electrical apparatus (gen- 265 266 271 273 275 273 270 267 266 '254 '260 270 erating, etc.) 258 268 272 271 273 273 269 267 268 265 '280 297 Communication equipment. 1,205 1,234 1,235 1,235 1,251 1,266 1,288 1,307 1,323 '1,169 '1,197 1,309 1,344 Transportation Equipment Motor vehicles and equip- 667 655 645 633 634 643 663 667 672 '521 '533 664 ment 362 395 407 415 424 428 430 437 447 '454 '465 445 Aircraft and parts 740 719 696 654 668 670 678 635 697 '709 '721 716 Lumber and Wood Products 439 428 412 391 396 398 405 387 42 4 '427 '438 433 Sawmills and planing mills.. 289 294 296 296 296 296 292 287 288 '285 293 301 305 Furniture and Fixtures 201 206 208 208 207 208 205 202 202 202 208 215 Household furniture 479 472 465 452 447 449 452 449 453 441 r459 463 462 Stone, Clay, and Glass Products.. 228 230 232 232 233 234 236 233 233 r230 r233 237 243 Instruments and Related Products. 390 388 381 374 381 382 380 376 382 '375 '394 412 423 Misc. Manufacturing Industries.. 47 50 52 54 55 56 58 59 60 60 59 61 62 Ordnance and Accessories For footnotes see following page. 1324 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 Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Nondurable goods 5,701 5,590 5,589 5,502 5,514 5,499 5,404 5,326 5,441 '5,502 '5,740 5,829 5,767 Textile-mill Products 1,133 1,132 1,141 1,131 1,123 1,113 1,093 1,083 1,082 1,081 1,123 1,142 1,154 Broad-woven fabric mills... 546 544 548 540 527 518 507 503 506 509 520 523 Knitting mills 209 209 211 209 210 210 210 209 212 209 221 225 Apparel and Other Finished Textiles 1,019 1,008 1,035 1,029 1,052 1,051 996 959 972 r1,049 1,063 1,060 Men's and boys' furnishings. 238 233 235 228 233 238 239 238 240 239 247 251 Women's and misses' outerwear 270 279 296 300 309 306 275 252 252 '294 292 Leather and Leather Products.... 320 317 323 330 342 344 336 330 340 r340 '358 355 352 Footwear (except rubber)... 201 198 205 213 221 222 217 213 221 219 '233 229 Food and Kindred Products 1,254 1,160 1,122 1,068 1,060 1,057 1,057 1,074 1,138 '1,215 * 1,279 1,311 1,216 M Ca e n a n t in p g ro a d n u d c ts preserving.... 2 2 3 3 8 6 2 1 4 4 6 5 2 1 5 2 2 0 2 1 4 0 6 6 2 1 4 0 4 5 2 1 3 0 9 4 2 1 3 1 3 4 2 1 3 2 0 2 2 1 3 5 2 5 n 2 n 34 ' 2 2 3 8 2 0 3 2 1 3 0 7 Bakery products 195 192 190 187 187 189 186 183 190 195 '194 194 Tobacco Manufactures 89 £5 £5 82 80 78 77 77 7,? 78 '87 90 91 Paper and Allied Products 413 411 410 405 404 401 398 398 403 395 r409 410 417 Pulp, paper and paperboard mills 212 212 212 211 210 208 206 206 209 '203 '210 207 Printing, Publishing and Allied Industries 517 519 520 510 507 508 507 507 511 507 508 514 522 Newspapers 153 154 155 151 152 152 152 154 154 '154 154 155 Commercial printing 169 170 171 170 166 167 166 167 167 165 165 166 Chemicals and Allied Products... 544 542 538 536 538 538 530 517 512 r511 '513 526 534 Industrial organic chemicals. 172 173 171 170 168 168 163 161 163 166 '168 168 Products of Petroleum and Coal.. 197 197 196 193 193 194 197 168 190 '191 r202 201 200 Petroleum refining 154 154 155 153 153 152 155 126 155 '158 '161 160 215 219 219 218 215 215 213 213 215 '202 '212 217 221 Rubber Products r Revised. NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for October 1952 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1951 1952 1951 1952 1951 1952 Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Total 65.41 67.80 70.09 70.80 40.5 40.6 41.3 41.5 1.615 1.670 1.697 1.706 Durable goods 71.10 '72.71 76.06 77.30 41.7 '41.1 42.0 42.4 1.705 '1.769 1.811 1.823 Primary metal industries 74.82 '79.21 83.73 86.60 41.2 '41.0 41.8 43.0 1.816 '1.932 2.003 2.014 Fabricated metal products 70.39 '69.99 73.74 74.68 41.7 '40.6 41.8 42.0 1.688 1.724 1.764 1.778 Machinery except electrical 77.86 '77.31 79.49 80.15 43.4 '41.9 42.6 42.7 1.794 1.845 1.866 1.877 Electrical machinery 68.27 '69.94 72.24 72.57 41.5 40.9 41.9 41.9 1.645 '1.710 1.724 1.732 Transportation equipment 77.14 '78.15 85.52 86.28 40.9 '40.1 42.4 42.5 1.886 '1.949 2.017 2.030 Lumber and wood products 62.32 '66.57 66.91 67.48 41.3 '42.0 41.9 42.2 1.509 '1.585 1.597 1.599 Furniture and fixtures 58.79 '60.44 62 A3 62.94 41.4 41.4 42.1 42.5 1.420 '1.460 1.483 1.481 Stone, clay, and glass products 65.93 '67.16 68.14 70.31 41.7 '41.2 41.2 41.8 1.581 '1.630 1.654 1.682 Instruments and related products 70.26 '71.61 74.23 76.48 42.3 '41.3 42.2 42.8 1.661 '1.734 1.759 1.787 Miscellaneous manufacturing industries 58.18 '60.66 63.05 63.70 40.6 '40.6 41.7 42.1 1.433 '1.494 1.512 1.513 Ordnance and accessories 75.50 '73.49 79.37 78.43 44.0 '41.1 42.9 42.6 1.716 '1.788 1.850 1.841 Nondurable goods 58.00 61.57 62.30 62.30 38.9 39.9 40.3 40.3 1.491 1.543 1.546 1.546 Textile-mill products 49.29 '53.25 54.46 55.28 37.2 '39.5 40.1 40.5 1.325 '1.348 1.358 1.365 Apparel and other finished products 43.70 '48.19 48.71 47.70 34.6 37.3 37.5 37.5 1.263 '1.292 1.299 1.272 Leather and leather products 45.31 '52.19 51.30 51.85 35.4 39.6 38.6 38.9 1.280 '1.318 1.329 1.333 Food and kindred products 61.91 '63.60 63.92 64.43 42.0 '41.3 42.0 41.7 1.474 '1.540 1.522 1.545 Tobacco manufactures 45.30 '47.71 47.80 48.00 39.7 39.4 39.9 40.2 1.141 '1.211 1.198 1.194 Paper and allied products 65.32 '69.30 70.77 72.28 42.5 '43.1 43.5 44.1 1.537 '1.608 1.627 1.639 Printing, publishing and allied products 76.27 '80.55 82.08 81.21 38.6 '38.8 39.2 38.8 1.976 '2.076 2.094 2.093 Chemicals and allied products 68.18 70.72 71.38 71.30 41.8 40.9 41.5 41.5 1.631 1.729 1.720 1.718 Products of petroleum and coal 81.72 '87.21 89.40 88.01 40.9 '40.6 41.2 40.8 1.998 '2.148 2.170 2.157 Rubber products 68.67 '73.51 74.36 70.17 40.3 '40.5 40.7 39.4 1.704 '1.815 1.827 1.781 r Revised. NOTE.—Data are for production and related workers, Figures for October 1952 are preliminary. Back data are available from the Bureau of Labor Statistics. DECEMBER 1952 1325 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1944 41,480 17,111 883 1,094 3,798 7,260 t .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—October ... 46,415 15,748 9H 2,630 4,173 9,770 1.917 4,746 6,517 46,482 15,761 916 2,581 4,169 9,827 1,926 4,758 6,544 December 46,608 15,811 916 2,569 4,161 9,893 1,931 4,749 6,578 1952—January 46,471 15,830 916 2,545 4,139 9,852 1,919 4,742 6,528 February 46,594 15,877 912 2,593 4,147 9,860 1,929 4,738 6,538 March 46,552 15,894 911 2,523 4,154 9,862 1,937 4,728 6,543 April 46,556 15,931 899 2,517 4,116 9,849 1,942 4,748 6,554 May 46,599 15,870 894 2,497 4,134 9,912 1,948 4,772 6,572 Tune 46 348 15,547 810 2,536 4,139 9,964 .957 4 789 6 606 July. '46,170 15,362 777 '2,544 '4,099 '9,965 1,964 r4,783 6,676 August r46,951 15,911 '878 r2,577 '4,153 r9,978 1,973 '4,795 6,686 September 47,206 16,128 869 2,582 4,195 9,981 1,982 4,776 6,693 October ... 47,220 16,190 855 2,558 4,227 9,958 1,991 4,742 6,699 UNADJUSTED 1951—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 ,919 4,667 6,490 March.. ... 46,001 15,869 904 2,296 4,118 9,668 ,937 4,681 6,528 April 46,299 15,795 896 2,416 4,096 9,845 ,952 4,748 6,551 Mav 46 329 15,654 893 2,522 4,131 9,773 .958 4,796 6 602 June 46,292 15,410 814 2,663 4,168 9,838 1,977 4,837 6 585 July '46,006 15,162 784 '2,722 '4,140 '9,792 1,993 '4,855 6,558 AugUvSt '47,106 16,015 887 '2,783 '4,201 '9,795 1,993 '4,843 6,589 September 47,693 16,361 874 2,763 4,217 9,970 1,972 4,824 6,712 October 47,705 16,406 858 2,686 4,220 10,084 1,971 4,766 6,714 r Revised. NOTE.—Data include all full- and part-time employees who workei during, or received pay for, the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. October 1952 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of theCensus estimates without seasonal aidjustment. Thousands of persons14 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 l Total In nonagricul- In ployed Total tural industries a*jriculture 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—October 109,064 63,452 61,836 54,168 7,668 1,616 45.612 November 109,122 63,164 61,336 54,314 7,022 1,828 45 958 December 109,200 62,688 61,014 54,636 6,378 1,674 46,512 1952—January 109,260 61,780 59,726 53,540 6,186 2,054 47,480 February 109,274 61,838 59,752 53,688 6,064 2,086 47,436 March 109,274 61,518 59,714 53,702 6,012 1,804 47 756 April 109,328 61,744 60,132 53,720 6,412 1,612 47,584 109,426 62,778 61,176 54,216 6,960 1,602 46,648 June . 109,556 64,390 62,572 54,402 8,170 1,818 45 166 July 109,692 64,176 62,234 54,636 7,598 1,942 45,516 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 October 110,074 63,146 61,862 54,588 7,274 1,284 46,928 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. 1326 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 1,045.2 90? 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 5 885 531 1 396 4 116.2 61.0 101.8 62 7 81 0 104. 132.2 74.0 178.2 187.4 March. ., 1,271.0 1 574.6 592 7 126.2 120.2 78.8 70 6 128 4 118.7 139.4 153.8 223.6 265.3 April 1 375 01 597 590 8 681 6 174 3 204.8 106.3 75 3 103 S 134.4 133.9 147.7 266.1 353.6 May 2,573.0 563.7 661 1 753 8 1,274.9 78.9 60.6 79 9 123 7 145.7 175.3 158.4 278.0 347.0 June 1,439.4 1 488 9 545.2 581 8 242.0 166.4 65.4 74 2 128 1 126.7 148.3 184.2 310.5 355.6 July 1,422.7 1 sn 548 1 608 1 206.9 139.9 75.4 92 150.1 122.4 146.9 208.1 295.2 340.5 August , 1,265.8 1 438.7 567.6 627.6 161.8 141.5 65.5 94 j 127 9 145.4 123.8 138.9 219.3 291.2 September 1,096 09 029 2 479 7 518 122.5 995.1 80.0 87 1 98 5 87.3 116.6 92.9 198.7 248.4 October 1 072 0 496 2 116 4 68.8 94 159.1 137 0 November 951.1 443.9 96.5 48.4 79 0 123.1 160.2 December . 1,099.5 346.1 115.1 43.1 136 0 163.9 295.2 Year 15,751.1 6,205.4 2,883.3 915.3 1,334 6 1,689.2 2,723.2 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership 1952 1951 Month 1950 1951 1952 1950 1951 1952 1950 1951 1952 Federal Reserve district Jan 731 1,045 902 201 306 297 530 739 605 Oct. Sept. Oct. Feb 780 1,141 885 285 332 339 495 808 547 Mar.. . . 1,300 1,271 1,321 481 418 554 819 852 767 Boston 95,402 78,315 54,244 Apr.. . . 1,350 1,375 1,598 354 456 636 996 919 961 New York 236,441 188,057 182,697 May. . . 1,348 2,573 1,564 389 1,474 558 959 1,099 1,006 Philadelphia 73,178 74,375 64,187 June... 1,345 1,439 1,489 428 583 559 917 856 930 Cleveland 114,626 114,768 103,899 July.... 1,420 1,423 1,511 460 636 619 960 787 893 Richmond 125,405 93,648 89.147 Aug.. . . 1,549 1,266 1,439 438 486 501 1,111 779 937 Atlanta 130,320 578,108 135,907 Sept 1,287 1,096 2,029 364 318 1,269 922 778 760 Chicago 233,315 174,629 183,670 Oct 1,136 1,072 1,321 308 310 410 828 762 911 St. Louis 83,225 518,352 69,978 Nov.. .. 1,087 951 320 326 767 625 Minneapolis 57,278 39,666 52,759 Dec 1,168 1,100 381 476 787 624 Kansas City 65,799 73,519 63,498 Dallas 105,969 95,766 72,045 Year. 14,501 15, 751 4,409 6,122 10,0929,629 Total (11 districts) . . 1,320,958 2,029,203 1,072,031 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION Title 1 loans Mortgages [In millions of dollars] Rental War and Mili- Year or Prop- Small 1- to 4- and Vet- tary month Total e im rty - h c o o m n- e f h a o m us il e y s h g o r u o s u i p ng h e o r u a s n i s n ' g h i o n u g s- Com- Mu- S in a g v s - Insur- Fedp m ro e v n e tl st t r io u n c- (T II it ) le (T I i I t ) le ( V T I it ) l 2 e ( V T I i I t I l ) e End of month Total m ci e a r l - s i t n u a g v a s - l l a o n a d n c a o n m ce - a e g r e a n l Other1 banks banks associ- panies cies * ations 1947 1 ,787 534 (8) 446 808 1948 3,338 614 7 880 1.836 1949 3,821 594 13 1,855 7 1,339 12 1936-—Dec.. 365 228 8 56 41 5 27 1950 4.342 694 • 7 2,466 21 1,031 123 1937—Dec. 771 430 27 110 118 32 53 1951 .. .. 3,221 708 29 1,894 109 278 203 1938—Dec...., 1,199 634 38 149 212 77 90 1939—Dec...... 1,793 902 71 192 342 153 133 1940—Dec. 2,409 1,162 130 224 542 201 150 1951 — Oct. . . 300 74 4 145 20 15 41 1941—Dec...... 3.107 1,465 186 254 789 234 179 Nov... 248 68 4 141 4 24 7 1942—Dec. , 3,620 1,669 236 276 1.032 245 163 Dec... 227 65 3 125 9 10 15 1943—Dec. . 3,626 1,705 256 292 1,134 79 159 1944—Dec.., 3,399 1,590 260 269 1,072 68 140 1952—Jan. . . 274 88 4 159 18 3 2 1945—Dec.... 3,156 1,506 263 253 1,000 13 122 Feb.... 5 211 64 2 125 8 («) 10 Mar... 5 207 61 2 124 7 5 8 1946—June 3,102 1,488 260 247 974 11 122 Apr. . . 5 242 64 2 126 26 4 18 Dec. 2,946 1,429 252 233 917 9 106 May. . '249 71 2 128 15 7 18 June .. 273 102 2 134 6 2 18 1947—June 2,860 1,386 245 229 889 8 102 July . . 269 73 3 147 14 7 15 Dec.. 2,871 1,379 244 232 899 7 110 Aug... » 260 66 3 147 13 (3) 18 Sept... 267 69 2 162 11 2 1 1948—June 2,988 1,402 251 245 973 1 110 Oct.... 5 306 69 3 185 22 (3) 9 Dec. ,. 3 237 1 .429 265 269 1 ,113 9 152 1949—June. . . 3,894 1,587 305 323 1,431 21 227 1 Net proceeds to borrowers. Dec...... 4,751 1,771 378 416 1,828 52 305 2 Includes mortgages insured in connection with sale of Government owned war housing and insured loans to finance the manufacture of 1950—Dec 6,695 2,205 693 603 2,712 60 421 housing. 3 Less than $500,000. 4 Includes 6 million dollars of Class 3 loans (program terminated 1951—June 7,556 2,412 903 658 3,115 44 423 Feb. 28, 1950) and 1 million of Sec. 8 loans. Dec 8,212 2,554 1,072 689 3,453 71 373 5 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; October 18. Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation. and do not take account of principal repayments on previously insured 2 Includes mortgage companies, finance companies, industrial banks loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title 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. DECEMBER 1952 1327 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Private Government-underwritten Rural Year or month Total Urban non- Public farm Total fam 1 i - ly fam 2- ily f M am ul i t l i y - Total FHA VA 1939 515 359 156 458 373 20 66 57 158 158 1941 706 434 272 620 533 28 58 87 220 220 1945 209 134 75 208 185 9 15 1 47 41 6 1946 671 404 267 663 590 24 48 8 152 69 83 1947 849 480 369 846 740 34 72 3 440 229 211 1948 932 525 407 914 763 46 104 18 393 291 102 1949 1,025 589 436 989 792 35 162 36 466 361 105 1950 1,396 828 568 1,352 1,151 42 159 44 686 486 200 1951 1.091 595 496 1.020 892 40 88 71 413 264 149 1951—November 75 39 36 72 64 3 6 2 27 18 9 December 61 31 29 60 51 2 6 1 23 14 9 1952—January 65 36 29 62 54 3 5 3 23 16 7 February 78 43 35 74 65 3 6 3 26 17 9 March 104 59 45 91 79 4 8 13 28 19 9 April 106 59 47 96 85 4 7 9 38 26 12 May .... 110 61 49 101 90 4 7 9 38 26 12 June 104 56 47 97 87 4 7 7 39 26 13 Tuly 103 52 50 101 90 4 7 2 42 29 13 August .. ... . .. 99 51 48 97 85 4 8 2 38 25 13 September P98 n.a. n.a. P97 n.a. n.a. n.a. Pi 42 28 14 October P101 n.a. n.a. P100 n.a. n.a. n.a. Pi 43 27 16 November P86 n.a. n.a. P83 n.a. n.a. n.a. P3 34 21 13 P Preliminary. n.a. Not available. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average = 100] Monthly—seasonally adjusted Monthly—unadj usted Annual Class 1951 1952 1951 1952 1950 1951 Oct. May June July Aug. Sept. Oct. Oct. May June July Aug. Sept. Oct. Total 128 134 135 122 108 102 125 134 127 146 124 111 104 129 145 138 Coal 117 121 134 101 96 75 101 135 93 134 101 96 75 101 135 93 Coke 180 208 206 179 69 57 160 189 188 202 178 68 56 154 187 185 Grain . 135 143 154 132 161 153 134 123 157 154 116 165 183 145 138 157 Livestock 68 69 83 66 56 56 65 70 76 128 59 45 45 61 93 117 Forest products 141 150 144 126 139 146 149 140 139 152 131 144 147 157 151 146 Ore 172 205 180 212 53 46 216 235 233 267 292 82 73 323 352 314 Miscellaneous 140 147 144 137 119 115 140 144 145 157 138 122 116 141 155 158 Merchandise, 1. c. 1 53 48 46 45 44 43 46 45 46 48 45 44 43 46 48 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 * Excess of exports Month 1950 1951 1952 1950 1951 1952 1950 1951 1952 January 741 974 1 .253 623 1,025 922 118 -51 331 February 764 1,076 1,339 600 910 '893 164 166 446 March 860 1,295 :L,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 L.463 659 1,018 835 170 336 628 June 877 1,297 1,164 687 930 r861 190 366 r304 July 779 1,186 1,016 709 895 '838 70 292 '178 August 762 ••1,270 1,074 820 881 817 -59 '390 257 911 1,232 p1.217 859 721 P877 52 r510 P340 October 906 1,152 923 834 — 16 319 November 977 rl,388 855 819 122 569 1,065 1,438 867 '800 198 r638 January-September 7,327 11,054 Pll.289 6,208 8,515 P7,939 1,119 2,539 P3,350 P Preliminary. r Revised. 1 Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments under the Mutual Security Program as follows (in millions of dollars): 1950, 282; 1951, 1,065; January-September 1952, 1,269. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 1328 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district Year or month U S n t i a t t e e d s Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A an t t - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas SALES * 1946 90 92 91 87 88 92 90 89 90 88 90 85 1947 . 98 99 99 96 97 97 96 98 97 98 98 94 1948 104 102 103 104 105 103 103 104 104 104 103 105 1949 98 99 98 100 98 100 101 97 98 99 99 102 1950 105 103 101 106 105 105 109 104 104 105 108 113 1951 109 105 105 109 111 112 115 108 105 104 111 117 SEASONALLY ADJUSTED 1951—October 109 103 103 '109 112 '113 112 105 104 110 114 November 113 106 104 109 114 118 122 110 109 107 116 129 December 109 106 103 105 109 109 120 109 107 104 113 122 1952—January 108 102 100 110 115 114 119 106 111 97 115 122 February . . 106 100 100 110 108 109 112 105 100 113 106 115 March 105 104 98 109 106 114 114 103 99 94 105 115 April 103 99 96 102 104 108 116 100 98 98 104 114 108 101 96 107 103 116 127 104 102 104 112 128 June • • 111 103 98 107 112 122 138 105 111 100 114 132 July 105 106 95 106 105 106 120 97 99 104 114 123 August 114 109 102 115 113 127 131 111 110 115 119 127 September 106 101 95 105 105 n\2 121 103 104 98 108 119 October ^115 P109 105 114 116 121 P126 113 114 110 P\\3 128 UNADJUSTED 1951—October r113 105 108 114 115 117 111 118 117 119 November 134 129 131 144 140 145 140 132 130 120 131 144 December ... 184 188 179 185 181 192 204 175 168 166 185 203 1952—January ... .... 83 81 80 81 87 80 90 81 81 72 86 95 February 83 75 82 82 83 83 94 81 80 83 85 93 March . . . 92 87 86 97 95 96 110 89 89 80 93 105 April 103 103 94 103 104 110 118 99 101 100 104 114 M^ay 108 102 95 108 105 115 122 104 106 105 112 125 June 105 103 95 102 105 114 117 103 103 96 106 116 July 84 73 69 76 82 87 96 82 81 84 93 104 August 98 83 76 86 99 100 115 97 98 103 110 114 September 112 111 100 110 110 121 126 110 110 ••108 115 128 October 110 120 119 128 P\32 116 120 124 ^120 134 STOCKSi 1946 77 85 85 81 78 80 75 73 77 74 74 69 1947 93 95 98 93 93 94 90 89 93 91 93 89 1948 107 105 105 107 107 105 108 111 106 110 108 110 1949 100 100 97 99 100 101 102 100 100 100 100 101 1950 109 110 104 108 106 114 120 110 112 104 113 112 1951 129 124 124 127 128 134 140 128 131 117 132 SEASONALLY ADJUSTED 1951—October 121 115 115 117 117 127 130 121 119 113 123 November 117 112 115 115 114 125 130 115 114 107 117 December 119 115 115 120 118 130 133 117 119 106 121 1952—January 118 115 114 115 114 133 133 114 106 106 122 February 116 112 107 113 110 127 129 113 112 102 122 March 115 109 108 113 110 127 126 113 111 103 120 April 116 111 111 112 111 126 125 114 114 104 121 May 118 109 112 114 109 131 126 114 124 106 124 June 118 110 113 113 107 139 125 113 125 105 122 July 120 110 116 114 113 140 129 118 120 108 128 August 118 109 111 112 109 136 129 115 129 109 127 September 120 109 110 113 112 132 130 118 132 113 129 October ?120 110 113 111 P130 133 118 130 113 UNADJUSTED 1951—October 134 130 130 135 131 143 142 134 134 120 134 November . . 133 132 132 133 128 139 145 133 125 119 133 December 108 108 106 105 104 114 116 109 105 97 108 1952—January 106 105 101 100 104 117 119 106 92 100 114 February .... . 113 107 104 111 109 123 128 111 109 99 121 March 120 112 113 119 116 136 132 118 118 107 126 April 122 114 116 121 117 136 132 118 122 109 127 May 120 112 115 116 111 135 127 116 124 108 126 June 112 102 105 105 100 127 120 107 118 100 119 July 110 99 102 100 102 128 121 107 112 105 120 August 114 103 107 107 104 134 127 110 125 104 120 September 124 112 116 117 116 137 135 119 140 113 129 October P134 P\23 124 130 124 145 131 147 120 P135 oC ot ot ot nC O San Fran- cisco 91 99 104 98 105 108 109 118 108 106 108 102 105 118 114 110 116 '114 118 '108 125 189 83 86 90 103 113 108 96 112 '115 117 73 93 107 100 110 131 124 119 125 119 124 121 122 123 124 119 122 123 124 128 123 128 130 125 127 123 131 126 134 136 136 135 132 115 106 112 109 120 117 131 122 129 129 125 132 114 126 120 120 125 118 134 129 P140 147 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. DECEMBER 1952 1329 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Percentage Ratio of Index numbers change from a stocks to without seasonal adjustment, year ago (retail value) sales i 1941 average monthly sales = 100 * Num- Department r b s e t e p o r o re r o t s f - d p S u e a r r l i i e o n s d g m ( S e t n o o d n c t k o h s f ) September Sale p s e ri d o u d ring Sto o c f k m s a o t n t e h nd ing S 1 e 9 p 5 t 2 . m N 1 o 9 i n n 5 t e 2 hs S 1 e 9 p 5 t 2 . 1952 1951 1952 1951 1952 1951 Sept. Aug. Sept. Sept. Aug. Sept. GRAND TOTAL—entire store 3 353 4-1 -3 -8 3.1 3.4 MAIN STORE—total 353 4-1 -3 -8 3.3 3.7 215 185 213 717 646 780 Piece £oods and household textiles 318 2 -9 -12 3.7 4.1 183 190 188 682 637 779 Piece goods 296 -5 -5 -4 3.8 3.7 193 153 203 729 705 763 Silks, velvets, and synthetics 200 -11 -6 -3 3.9 3.7 167 138 187 660 679 674 Woolen yard goods 172 -1 -11 -14 3.0 3.4 328 245 332 989 1,120 1,138 Cotton yard goods 191 4-3 -1 4-8 4.3 4.1 155 163 151 671 632 632 Household textiles 310 -1 -11 -16 3.6 4.3 182 213 184 664 602 797 Linens and towels 277 + 1 -10 -13 4.4 5.1 151 166 150 665 591 771 Domestics—muslins, sheetings 253 -10 -16 -22 3.4 3.9 185 275 206 634 531 798 Blankets comforters, and spreads 244 4-9 -4 -14 3.0 3.8 225 185 205 681 623 801 Small wares 344 4-5 4-1 -3 3.8 4.1 181 150 172 683 632 701 Laces, trimmings, embroideries, and ribbons.... 206 4-4 -1 4-5 3.7 3.7 203 151 195 749 670 717 Notions 236 4-3 0 4-3 3.4 3.4 245 182 237 841 788 816 Toilet articles, drug sundries 329 4-6 4-2 -3 3.4 3.8 154 136 146 528 499 546 Silverware and jewelry 314 4-1 -2 -7 4.9 5.3 179 150 177 872 801 932 Silverware and clocks * 215 -3 -10 -13 6.7 7 4 Costume jewelry * 280 4-4 4-6 4-2 3.0 3.1 Fine jewelry and watches 4 74 4-3 — 7 8.1 9.0 Art needlework 236 4-3 -3 — 5 4.3 4.7 162 137 157 700 667 739 Books and stationery 277 4-12 4-5 0 3.3 3.7 202 158 180 668 604 670 Books and magazines 127 4-15 4-2 4-2 2.8 3.1 177 128 154 488 438 488 Stationery 240 4-11 4-5 -1 3.5 4.0 209 157 188 741 634 744 Women's and misses' apparel and accessories. 350 +2 4-1 -1 2.5 2.6 238 194 234 603 532 605 Wo N m ec e k n w 's e a a n r d a m nd i ss s e c s a ' r f r s eady-to-wear accessories. 3 3 5 1 0 3 4 4 - - 2 8 0 4 -2 -5 3 2 . . 0 0 3 2 . . 1 1 3 2 3 2 0 6 2 1 2 7 0 2 3 2 0 2 5 2 6 66 8 2 2 5 6 3 1 5 0 6 6 9 3 0 1 Handkerchiefs 281 -2 4-9 -8 5.0 5.3 102 96 105 512 435 544 Millinery 160 0 0 4-6 0.8 0.7 293 141 292 229 199 219 Women's and children's gloves 325 -4 -3 -8 5.4 5.7 130 67 136 714 618 775 Corsets and brassieres 336 4-9 4-3 4-3 3.0 3.2 277 236 255 830 781 804 Women's and children's hosiery 342 -5 Q _2 2.4 2.4 141 109 148 348 315 354 Underwear slips and negligees 343 -2 -1 -3 3.8 3.9 174 168 177 667 550 683 Knit underwear 251 + 1 -1 -1 3.7 3.8 233 223 231 866 693 886 Silk and muslin underwear, and slips 292 -4 — 1 -4 4.1 4.1 149 141 155 606 499 631 Negligees, robes, and lounging apparel 258 -1 +2 -2 3.4 3.4 161 143 163 544 393 530 Infants' wear 329 +4 4-6 4-1 2.6 2.7 350 287 335 911 845 908 Handbags and small leather goods 334 4-4 4-2 2 2 1 2.2 221 149 212 462 408 468 Women's and children's shoes 239 4-2 -3 4.3 4.5 265 199 259 1,134 1,061 1,162 Children's shoes * 207 _? 0 -1 3.6 3.6 Women's shoes 4 219 4-4 -1 -4 4.4 4.8 Women's and misses' ready-to-wear apparel.. .. 350 4-2 4-2 4-1 2.1 252 217 248 519 450 510 Women's and misses' coats and suits 339 -4 -3 2.2 259 199 272 574 474 587 Coats 4 226 -3 0 -2 2.3 Suits 4 218 -9 -12 -10 1.7 1.7 Juniors' and girls' wear 318 4-1 4-3 4-4 1.9 1.9 328 317 325 633 533 604 Juniors' coats, suits, and dresses 272 -l 4-1 + 1 1.6 1.6 308 276 310 499 411 502 Girls' wear 317 4-2 4-6 4-7 2.2 2 1 373 369 365 825 676 762 Women's and misses' dresses . . 342 4-3 4-2 4-1 1.6 1.6 219 162 212 350 287 340 Inexpensive dresses * 257 +3 4-2 4-6 1.3 1.2 Better dresses * 271 4-4 +2 j 1.8 1 9 Blouses, skirts, and sportswear 341 +7 +7 4-3 1.8 1.9 360 300 337 651 618 620 Aprons, housedresses, and uniforms 294 +9 4-7 0 2.1 2.3 156 158 143 335 294 333 Furs 257 j -4 2 5.4 5.4 112 159 114 608 549 622 lien's and boys* wear 332 0 -9 4.9 5.4 179 146 180 883 768 970 Men's clothing 264 -1 -6 -15 5.8 6.7 177 134 179 1,017 915 1 ,196 Mien's furnishings and hats 315 4-1 7 -5 5.0 5.3 152 125 150 753 646 790 Boys' wear 309 2 4-2 -4 3.6 3.7 249 225 254 898 779 929 Men's and boys' shoes and slippers 192 +3 -9 5.3 6.0 191 162 186 1,015 943 1,121 Homefurnishings 321 -2 -10 -15 3.8 4 4 232 213 237 876 826 1,035 Fu M rn a it tt u r r e e s s a e n s d , s b p e r d in d g in s g , and s . t ud . io beds 4 2 1 4 7 9 5 + + 4 1 — -3 7 - - 1 1 4 1 3 1 . . 6 8 4 2 . . 3 1 220 251 216 797 755 928 Upholstered and other furniture 4 182 0 -9 -15 4.3 5 1 Domestic floor coverings 276 -3 -20 -23 4.3 5.4 202 179 208 862 845 1,121 Rugs and carpets 4 16? ^ — 21 —26 4 3 5 5 Linoleum 4 84 -9 -13 <-i 4.4 4 3 L D a ra m p p e s r i a e n s, d c s u h r a ta d i e n s s, and upholstery 3 25 0 2 0 4-2 ± - - 6 6 - - 4 8 3 4 . . 7 1 3 4 . . 9 3 2 1 1 9 2 8 1 15 6 8 4 2 20 0 6 9 8 7 6 4 7 0 6 8 9 0 6 4 9 7 0 9 9 3 China and glassware 244 -4 -6 7.5 7 4 167 149 174 1 264 1,206 1,279 Major household appliances . 239 -4 -13 -38 2.4 3.8 258 252 268 630 615 1,026 Housewares (including small appliances) 264 4-5 -6 -12 3.5 4.2 296 236 281 1,041 966 1,177 Gift shop 4 184 0 —4 4-3 5.4 5 2 Radios, phonographs, television, records, etc.4. 229 -19 -22 -35 2.2 2.8 Radios, phonographs, television 4 174 -21 -24 -40 1.7 2 3 Records, sheet music, and instruments4 123 — 20 -10 -24 4.8 5.1 Miscellaneous merchandise departments 319 + 1 -1 -16 3.9 4.7 178 169 176 699 565 826 To T y o s, y s g a a m nd e s, g a s m po e r s ting goods, cameras 2 2 4 9 4 9 4- 4 1 - 2 9 + 4- 7 3 - — 2 1 25 6 7 . . 5 1 1 9 0 . . 0 7 1 1 7 4 1 6 1 1 2 5 6 3 1 13 5 0 6 1 1 ,0 ,1 3 1 8 7 8 7 4 2 6 7 1 1 , , 3 3 6 9 4 4 Sporting goods and cameras 146 4-4 0 -12 5.6 6.6 168 158 162 950 808 1,068 Luggage . ... 271 4-1 -5 4.4 4 7 174 237 176 783 740 806 Candy4 184 -3 o 4-7 1.3 1.1 For footnotes see following page. 1330 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 2 Department r b N s e t e p o u r o r m e o rt s - f - d p S u e a r r l i i e o n s d g m ( S e t n o o d n c t k o h s f ) September Sal p es e r d io u d ring Sto o c f k m s o a n t t e h nd ing Nine 1952 1951 1952 1951 S 1 e 9 p 52 t. mo 19 n 5 th 2 s S 1 e 9 p 52 t. 1952 1951 Sept. Aug. Sept. Sept. Aug. Sept. BASEMENT STORE—total 194 0 -1 -3 2.3 2.4 211 181 210 496 435 511 Domestics and blankets4 132 -1 -6 -9 2.5 2.7 Women's and misses' ready-to-wear 185 + 1 +1 +2 1.9 1.8 214 180 213 399 343 394 Intimate apparel * 164 0 -3 2.4 2.5 Coats and suits * 171 -6 -1 +6 2.0 1.8 Dresses4 169 +6 +2 +4 1.3 1.3 Blouses, skirts, and sportswear * 153 +6 +6 -1 1.4 1.6 120 0 +4 +3 1.8 1.8 Infants' wear4 122 0 +5 +5 2.0 1.9 Men's and boys' wear 158 + 1 -1 -5 2.9 3.1 225 193 223 656 559 696 Men's wear4 144 +2 -2 -6 3.1 3.4 Men's clothing * 100 +5 -1 -4 3.3 3.6 Men's furnishings * 119 0 -4 -7 3.0 3.2 Boys' wear * 120 -3 +3 -2 2.3 2.3 Homef urnishlngs 105 -3 -8 -9 2.9 3.1 188 149 193 549 507 604 113 -2 -3 -4 3.5 3.6 176 149 180 622 581 643 NONMERCHANDISE—total * 172 +3 0 (5) (5) (5) Barber and beauty shop * 77 0 +3 (5) (5) (5) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 8 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocki index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 1329. 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 l Sales 2 Stocks 2 s O ta u n t d - - ce R ip e t - s 3 o N rd e e w rs 3 Out- S p to lu ck s s Without seasonal adjustment (t f o o t r al (e o n f d or i d n e g rs 2 (t f o o t r al (t f o o t r al Stocks st i a n n g d- st o a u n t d - - ce R i e p - ts 1951 1952 month) month) (end of month) month) orders ing month) orders June 2.... ..95 May 31... ...97 9 .108 June 7. . .. .111 1943average. 221 546 563 220 242 2.6 2.7 5.2 0 16.... .106 14. ... .116 1944average. 246 574 596 244 256 2.4 2.5 5.0 0 23.... ..92 21. .. . ..98 1945average. 276 604 775 277 291 2.3 3.0 5.3 0 30 89 28 91 1946average. 345 767 964 373 354 2.3 3.0 5.3 1 July 7 75 July 5 79 1947average. 365 887 588 366 364 2.5 1.7 4.3 0 14 83 12. ... . .83 1948average. 381 979 494 386 363 2.7 1.4 4.1 0 21 81 19 82 1949average. 361 925 373 358 358 2.7 1.1 3.8 0 28 80 26 79 1950average. 376 1,011 496 391 401 2.8 1.4 4.2 1.1 Aug. 4 88 Aug. 2. . .. . .87 1951average. 390 1,201 460 388 376 3.2 1.3 4.4 1.0 11 . .87 9. . ... .90 1951— N O o c v t.. .. 4 48 2 3 6 • 1 "1 , , 2 2 4 4 9 6 ' 4 4 0 4 5 8 ' ' 4 4 6 8 6 6 • ' • 4 4 4 6 3 7 2 2 . . 9 6 rl 0 . . l 8 4 3. . 4 0 1 1 . . 1 0 Sept. 2 1 5 1 8.... . . .1 . .9 9 0 7 3 5 2 3 1 0 3 6 . . . . . . . . . . . . . . . 1 . 1 9 0 1 5 0 0 Dec. 664 1,006 319 421 335 1.5 0.4 2.0 0.6 8.... .100 Sept. 6. . ...100 1952—Tan 319 1,012 403 325 409 3.2 1.3 4.4 1.0 15 .114 13. . .. .114 Feb 298 1,062 417 348 362 3.6 1.4 5.0 1.2 22.... .111 20... . .113 Mar 347 1,129 366 414 363 3.3 1.1 4.3 1.2 29 .114 27... . .112 Apr 372 1,148 293 391 318 3.1 0.8 3.9 1.1 Oct. 6.... .110 Oct. 4. . ...116 May 381 1,112 274 345 326 2.9 0.7 3.6 0 9 13.... .117 11... ..126 Tune 352 1,026 411 266 403 2.9 1.2 4.1 0.8 20.... .116 18... ..124 July 288 995 521 257 367 3.4 1.8 5.3 0.9 27.... .113 25... . .122 Aug 342 1,039 540 386 405 3.0 16 4.6 1.1 Nov. 3 .121 Nov. 1... ..115 Sept 386 1,129 593 476 529 2 9 1.5 4.4 1.2 10.... .127 8... ..118 Oct P448 Pl,226 P573 P545 P525 P2.7 Pl.3 P4.0 PI.2 17.... .130 15... ..130 24.... .123 22. .. . .134 The 1 2 P f T T i P n h h r a e e e l s l i e f r m i a r f s t i i i n t g o a u t r h i r y s e r . s e b e a a s r r e e a d t i n o o o s n t a e t r o r s e t R t i a m e o ls v f a i t o s s e e t f s o d s c . f a k o l s e r s a a a n ll n d d d / o e r r p e a c o r e r t i d m p e t e r s s n f t o a r t s t t t o h h r e e e s e m n in o d n t o t h h f e . th U e n i m te o d n t S h t a t t o e s s . a le T s h d e u y r in a g re th th e e m a o ct n u t a h l . Dec. 2 2 1 9 8 2 1 5 .... . . . . . 1 1 2 2 6 9 2 1 9 1 1 8 3 2 Dec. 2 2 2 1 7 6 0 3 9 . . . . . . . . . . . . 1 1 3 9 8 4 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. 8 Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived NOTE.—For description and weekly from receipts and reported figures on outstanding orders. indexes for back years, see BULLETIN NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098- for April 1952, pp. 359-362. 1102. DECEMBER 1952 1331 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] 1 O 9 c 5 t 2 . 1 S 9 e 5 p 2 t. m 19 1 o 5 0 s 2 . 1 O 9 c 5 t 2 . S 19 e 5 p 2 t. m 19 1 o 5 0 s 2 . 1 O 9 c 5 t 2 . S 19 e 5 p 2 t. m 19 1 o 5 0 s 2 . 1 O 9 c 5 t 2 . 1 S 9 e 5 p 2 t. m 19 1 o 5 0 s 2 . United States. +6 +3 0 Richmond .... p+7 +5 +3 Chicago-cont. Dallas +J2 +7 +7 B N N L S W P D P B o L B p r o o e o e o s o o r w a r w w o s t w i v r t o w n t s l c e o i n n g t a l d e r H o n B l t n f e s e - o n i a n d t e e n A w e v c l d c r d r e e n f e e n o a rd.. + + + + + + + + + + 1 4 7 9 3 5 1 4 4 5 8 + + + + + + + + - 1 1 3 2 2 2 3 3 3 4 5 0 + + + + -1 3 3 3 2 0 0 0 2 W G L N A W R C C R B H R y i o o h o a r a s a a c i e h n l l l r a a g n s h e t u e f e c n r i e s h o i m n m l m v h g o t r e i l v o i s n k b h k o b s l o i t n l g u t e n l i o r e o l - a t r e d e , w S o n g , n a N n S l . e x . . . m . . C C . . . . . . P P P P + + + + + + + + + + + + - 2 1 1 1 1 4 8 9 1 6 4 5 5 1 1 5 4 3 + + + + + + + + + + - - 2 1 1 1 4 2 9 6 5 7 6 9 4 0 1 0 1 + + + + + + + + + + + + - 2 1 1 2 9 5 4 4 1 1 4 3 5 0 1 1 S F L F L M G M E D D G t. o l i a v r e r e i t i a e n r a a l n s t t L d t w e l n s n r t e i n o M i o d s S s a n i u v o i u R m g o B t i i R n k J l s o i l i a l e n a t c e y h e p e k i s x x d . i . . . . s . . . . . 1 . , , P P + + + + + + + + + + + 1 4 2 1 1 1 8 0 2 3 6 2 5 2 0 5 0 1 + + + + + + + + + - - 1 1 4 4 7 3 2 5 6 2 3 1 4 + + + + + - - - 3 1 3 2 9 3 5 1 0 0 0 S T S W P F S H C D B E a a h h o u l a n o o a a n o r c k r r l u P c e t l e s p e s a o A a v o n r u W t s s s F e n o i s n f o x p i n i r t o e o C o a * r 1 l r n n t d h t h i c r o » i i s s c ti o .. . P P + + + + + + + + + + + - 1 2 2 2 1 1 1 5 8 2 3 7 3 5 4 1 2 3 3 + + + + + + + + + + + + 3 1 1 1 1 6 6 7 3 5 8 5 8 2 3 1 0 + + + + + + + + + + + + 1 2 1 1 4 4 3 7 7 2 9 4 5 4 1 1 New York +2 2 -6 Ch'ls'ton.W.Va. + 15 +8 + 11 Louisville 1.. .., +7 +5 Fresno x —3 +4 -2 Bridgeport1 + 10 -5 + 1 Huntington.... P+13 +1 +4 Paducah +32 +17 +28 Long Beach l.. . + 15 +8 +4 Newark J + 1 -1 -5 Quincy , 0 -5 Los Angeles P C A S T L A S N C C C T Y E N P S U W Y C R P R B E B h l p y c o h r a o l e l u o l o a e i r k i e i t o o i m b e e i n r h a i n r n v u i l i l f a n w l c r r u l c i a e v a l f n e u a g g e e o c k c n d g k h t i a a a n c d 1 e n d m t l n o r a h n a i g * i h e l e d Y a u o g a l o n n y e o r e n s a f s s a k e b n n s a s l * i g o t n c m t - n p i e e e l t e J u e d i B t » r p a o 1 d l e h r F a r s k t J d t h w p a o d i a 1 i 1 1 » a i r x n s C y J l n a . r i l e e » » i s . t 1 . . . . y . . . . . . . + + + + + + + + + + + + + + + + + + + + + + + + + — 1 1 1 1 1 4 2 4 4 5 8 7 2 6 9 8 7 5 8 3 8 4 7 3 4 4 0 0 2 0 3 1 + ( + + + + + + + + + + + + + + + + + - 2 - - - - 1 5 8 3 3 3 ) 6 2 2 6 5 2 4 2 2 4 7 1 4 2 2 2 0 0 0 1 0 1 + + + + + + + + + + + + - — - - - - - - - - - - 2 3 1 2 6 2 6 4 9 1 1 2 2 4 5 3 2 2 2 3 3 3 1 0 1 0 i A C J O A A S T S J N F M M M C M N C P B R M C K B B t a a h t l a e o a o h o i r u h a r a t e n c . a c o a i o e i r v o l l i m r s w i l t c m g a o a k k m s a a n c r b n c t u o r a h P a t t i x u m s n o s n t i a i p m e t n o t n d v i a g a l W o e o v O s g a d n g t n a e l n i i i o t a t n n i b n o o a o x l g R * a r e l a » a * 1 l v u n o l l m h e r h 1 e * o e y i s o s a l a u n x e l b l g m n e g e r u a y s e x r . * * . * 1 g x . . . . . . . . . . . . . . . . . . p P P + + + + + + + + + + + + + + + + + + + + + + + + + + + 3 2 2 1 1 1 1 1 1 1 1 1 1 1 1 9 4 9 8 8 8 5 9 4 9 8 2 6 0 1 2 2 0 7 9 2 3 6 5 0 3 1 + + + + + + + + + + + + + + + + + + + + + + + - - - - 1 2 2 3 1 1 1 1 1 1 1 1 1 1 1 1 1 6 3 9 8 2 8 3 8 8 5 5 3 0 8 2 0 1 5 5 5 3 4 8 5 1 + + + + + + + + + + + + + + + + + + + + +— - - - - 2 1 1 1 1 1 2 2 3 1 7 9 8 5 8 6 7 7 7 4 4 5 6 9 0 9 9 2 0 0 9 0 7 M K J S S L W S S S T S O O T M M G D D P M G H K a o S i p t i t t t a u o u k m r e u r o a u . n . . . n p e i a i r u e e a p l n n n l c u l t i m n l n s s C L L P J a a p a b n u n c e i h n v s x a a o k e n h h t e d l o a g o h r k t p a e i e s o a h s o a o a r t u f u u s a i F a h r F a e i i p s - n t m F l i i o p e i a o p a s s s o s s C C l o r o i l e l h a d o l l l » 1 l i A r i s i * s i n t . s k t s C y . . r . y . s . . e . i . . . . t l a . . . y . . . . . . . . , , P P P p + + + + - + + + + + + + + + + + + + + + - + - 1 1 1 9 1 4 3 3 6 5 8 8 7 3 3 2 8 5 4 9 2 3 2 3 5 1 0 ' + - + + + + + + + + + + + - - - - - - - - - 2 1 9 1 2 2 6 2 7 7 8 2 5 2 5 4 1 7 7 5 1 0 1 + + + + + + + + + + + + + + + + - - - 7 1 6 2 4 5 1 2 1 2 1 2 3 2 1 2 2 9 0 0 1 i S S S S S S V S S T Y W O P E D R B B A A S N N A B p a a a a a e t o a v o i a e a a o o e v n n n l c a a o c r l l i n k n r e k a a e w t c s l s l t n r t e e o k r g e g l i p m i r l t t e a k J L F D r k n a a n m a m s l a j e e e a o s m e B t o n » r e i g a t n p n l l i a t o i d s a o a e a e e l d h k d t e a l e d e n e e n n e » 1 s s w a g a e e r J n d y » x c n x o a n a : 1 m n t L i d C a o n a » s 1 o n r d . c L i 1 d s d o t . . o i y n s . . * 1 o . . . 1 . j P P P P + + + ( + + + + + + + + - 2 - - + - 8 2 6 1 1 P 1 ) 2 8 1 9 2 3 3 3 3 0 0 2 1 1 1 3 + + + + + + + + + + + + + + + + - - - - 1 1 3 6 5 1 9 5 4 9 2 3 8 9 8 3 5 1 1 1 6 2 + + + + + + + + + - - - - - - 3 5 2 2 4 1 3 3 6 2 6 6 4 1 0 1 0 Pittsburgh l +2 -1 -4 Indianapolis l.. . +6 -2 + 1 Wheeling » +2 +6 0 Terre Haute 1... +4 -10 0 P 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 Nine 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—October 187.4 229.2 208.9 138.2 144.6 210.4 166 6 November 188.6 231 4 207.6 138.9 144.8 210.8 168 4 December 189.1 232.2 206.8 139.2 144.9 210.2 169 1 1952—January 189.1 232.4 204.6 139.7 145.0 209.1 169.6 February 187.9 227 5 204.3 140.2 145.3 208 6 170 2 March 188.0 227.6 203.5 140.5 145.3 207.6 170 7 April 188.7 230.0 202.7 140.8 145.3 206.2 171.1 May • 189 0 230 8 202.3 141.3 144.6 205 4 171 4 June. . . . 189 6 231.5 202.0 141.6 144.8 204.4 172 5 July 190.8 234.9 201.4 141.9 146.4 204.2 173.0 191.1 235.5 201.1 142.3 147.3 204.2 173.2 September . . 190.8 233 2 202.3 142.4 147.6 205.0 173 8 October 190.9 232.4 202.1 143.0 148.4 204.6 174.4 1 Series is the adjusted one reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim revision of series and weights. Back figures.—Bureau of Labor Statistics, Department of Labor. 1332 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] Othercommodities 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 t a r a i e c n o p l r x t d e d - e s - l - l H e s p u a k a r i n c i o t d n h d t d e s s e s - , r , p l t F i o e m a i g u n r w n h e a i g d a e - l t , - l r s , C a p i u a l h c r l c n o a i e e t d l d m s s d - - p R u a b r u c n o e t d b d r s - - L w p u a b r u o n c o e m o t d d r s d - - p a p P u a a l r u l n c p o i l e t d e d p s d r - , ,M m p u a r e n e c o t t t d d a a s l - l s p c M u m t a e r h i c n o r v i o a y t d n d e s - - - - F h o a h d t a o u b t u o u n h u r l r l r e d e n s e d - e s r i- - e s N t r t m t m a a u r o l l i u r s e l n n a i c — - - c - l - b m b e t o b f a T u r a a t a e a n c r t o c n v g l d e c - - e - u e s o d s - n c M e e o l i l s u a - - s 1947 96.4 100.0 98 ? 95.: 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 7 101.2 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. ( 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.S 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 in 6 108.1 104.9 1951 October 113.7 111.5 111 6 114.( 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.^ 103.9 107.0 106.9 108.6 144.6 121.1 118.4 122.5 120.5 112.7 in 6 107.5 108.9 December 113,5 111.3 110 7 114. t 104.0 105.1 107.4 108.4 144.3 120.3 118.4 122.5 120.7 112.7 11? 8 108.1 109.8 1952 Tan.ua.rv 113 0 110.0 110 1 114.: 103.3 102.2 107.4 106.7 144.1 120 1 118 2 122.4 120.8 112.3 112 9 108 1 111 1 February 112.5 107.8 109 5 114.: 102.1 99.5 107.2 105.9 143.1 120.3 118.3 122.6 122.0 112.4 11? 9 110.8 111.4 March 112.3 108.2 109.2 113.2 100.6 98.0 107.4 105.4 142.0 120.5 117.7 122.6 121.8 111.9 11? 9 110.8 109.2 111.8 108.7 108 0 113.: 99.9 94.1 106.3 104.8 140.6 120.9 117.4 122.5 121.6 112.1 11? 8 110.8 109.5 May 111.6 107.9 108,6 113.( 99.3 94.7 106.0 104.3 140.4 120.7 116.9 121.8 121.6 111.7 11? 9 110.8 108.4 Tune 111.2 107.2 108 5 112.< 99.0 95.9 105.9 104.3 133.4 119 9 116 7 121 1 121.3 111.6 in 8 110.8 108.1 July 111.8 110.2 110 0 112.1 98.9 96.2 106.0 104.2 130.0 120.2 115.3 121.9 121.4 111.6 11.38 110.8 105.5 August 112 2 109 9 110.5 113.( 99.1 96.5 105.8 104.0 127 8 120 5 115 6 124 1 121.4 111 5 113 8 110 8 108 9 September 111.8 106.6 110.3 113.: 99.5 96.5 106.2 104.0 126.3 120.4 115.6 124.6 121.5 112.0 113.8 110.8 108.3 October 111.2 104.9 108.5 113. 99.2 96.6 107.2 103.9 126.0 120.3 115.5 124.3 121.3 112.1 114.4 110.8 108.4 1951 1952 1951 1952 Subgroup Subgroup Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce .... 96.1 124.3 115.6 111.7 Woodpulp 114 109.3 109 3 109 3 Grains 101.1 96.9 96.9 P95 0 WasteDaoer nn 0 65 7 78 5 71 2 Livestock and poultry .... 114.5 106.4 99.3 ;94.8 Paper 1 124 0 124 0 124 9 Plant and animal fibers 118.8 115.0 113.3 109.6 Paperboard... 131 7 124 6 124 6 124 6 Fluid milk 105.6 110.1 113.8 115.0 Converted paper and paperboard 116.6 113.0 112.6 112.2 Eggs 129.8 114.2 112.5 124.8 Building paper and board 113 4 115 8 115 8 115 8 Hay and seeds 96.9 99.9 96.4 96.7 Metals and Metal Products: Other farm proHurts 138.8 137.6 136.6 136.0 Iron and steel 1 127 2 127 5 127 3 Processed Foods: Nonferrous metals .. . . . 124 0 124.4 124 7 122.9 Cereal and bakery products. . 106.8 106.4 106.5 106.4 Metal containers 121 1 120.7 124.2 125.1 Meats, poultry and fish 119.5 112.3 109.4 104.3 Hardware . . 125 8 123 8 123 8 125 3 Dairy products and ice cream 108.5 114.3 116.4 115.9 Plumbing equipment 121 5 118.1 118 1 118 1 Canned, frozen, fruits & vegetables. 105.6 105.1 105.9 105.8 Heating equipmerit 114.6 113.7 113.7 113.7 Sugar and confectionery 105.8 110.7 110.5 110.7 Fabricated struc. metal products 115.9 115.4 115.6 115.6 Packaged beverage materials 161.9 161.9 161.9 161.9 Fabricated nonstructural metjil Other processed foods 122.0 125.2 127.6 124.1 products 124.3 124.6 125 6 125 9 Textile Products and Apparel: Machinery and Motive Products: Cotton products . . 100.8 97.6 «"98.9 99.3 Agri. mach. and equipment 120.2 121.5 121 .5 121.5 Wool products 120.8 113.3 112.4 113.2 Cons. mach. and equipme 123.6 125.3 125.8 125.9 Synthetic texties . . 91.5 90.5 r89.9 89 5 Mietal working machinerjj 126 7 129 1 129 2 129 2 Silk products. 122.5 139.3 139.3 140.0 General purpose mach., etc 123.7 122.2 122.3 121.8 Apparel 103.3 99.1 99 3 98 4 Miscellaneous machinery 6 119 i 119 2 119 4 Other textile products. 134.1 90.4 95.0 94.5 Elec. mach. and equipment 121.8 119.8 119.7 119.2 Hides, Skins, and Leather Products: Motor vehicles 116 0 119 7 119 7 119 7 Hides and skins 109.5 64.4 r64.4 65.0 Furniture; Other Household Durables: Leather 110.1 89.3 89 3 89 9 Household furniture 115 112 5 112 6 112 6 Footwear 119.4 110.6 110.6 110. t Commercial furniture 124 1 122 5 122 5 123 2 Other leather products 107.0 100.1 99.9 99 A\ Floor covering 126 7 118.9 122 4 122 4 Fuel, Power, and Lighting Materials: Household appliatices.. ... 107.9 106.8 107.3 107.3 Coal 108.7 106.5 107.6 113 .4: Radio, TV, and phonographs. . . 93.0 93.7 93.7 93.7 Coke 124.4 124.3 124.3 124.: Other household (durable goods.. 117.3 119.4 119.5 119.5 Gas 99.2 100.4 100.3 ioo.: Nonmetallic Minera.?—Strurtuml' Electricity 98.0 100.7 101 3 101 : Flat glass 114 0 114 4 114 4 114 4 Petroleum and products 110.9 108.3 108.5 108.' Concrete ingredients 112 9 112 9 112 9 113 0 Chemicals and Allied Products: Concrete products 112 4 112 4 112 7 112 7 Industrial chemicals 120.9 114.6 114.3 113 9 Structural clay products 121 /\ 121 3 121 3 124 0 Paint and paint materials.... 108.7 106.9 107.0 106.= Gypsum products .... 117 4 117 7 117 7 117 7 Drugs, pharma(:euticals, cosmetics . 95.6 92.1 92.1 92.1 Prepared asphalt roofing 105.4 106.0 106.0 106.0 Fats and oils, inedible 71.8 47.5 48.9 50.9 Other nonmetallic minerstls 11C.9 111.9 112.0 112.7 Mixed fertilizers 109.0 108.7 110.3 110.7 Tobacco Mfrs. and Bottled Lleverages: Fertilizer materials 107.5 110.9 111.0 111.0 Cigarettes 7 105 7 105 7 105 7 Other chemicals and products 105.8 103.1 103.0 103.0 Ci|Tars 98.0 102.0 102.4 102.4 Rubber and Products: Other tohnrrn nrnrlnrts 105 o 118 4 118 4 118 4 Crude rubber 197.3 136.3 128 3 126 6 Alcoholic beverages 105 s 111 2 111 2 HI 2 Tires and tubes 133.9 126.3 126.3 126.: Nonalcoholic beverages. 119.7 119.7 119.7 119.7 Other rubber products 130.8 125.2 125.2 125.2 Miscellaneous: Lumber and WooaI ProdutIs: Toys, sporting goods, small arms 116.1 113.1 113.1 113.2 L M u i m llw be o r rk 1 1 2 2 1 9 . . 1 5 1 12 2 7 0 . . 2 6 1 1 2 2 7 0 . 2 6 1 12 2 7 0 .3 7 N M o a t n io u n fa s c a tu n r d e d a c a c n e i " m e5 a n l r' p f s eeds 1 1 0 0 4 1 .4 1 9 0 0 9 .5 8 1 9 0 0 8 .3 8 1 9 0 0 8 .4 9 Plywood 114.3 106.0 106.0 106.1 Jewelry, watches,photo equipment, 101.2 101.1 101.0 101.0 Other miscellaneous 12C.3 120.8 120.8 120.8 r Revised. Source.—Bureau of Labor Statistics. Back figures,—See BULLETIN for March 1952, pp. 311-313. DECEMBER 1952 1333 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 -1.6 .6 n.a. Plus: Subsidies less current surplus of government enterprises -.1 0) .5 .1 — l 0 0 4 5 1 2 5 2 Equals: National income 87.4 39.6 72.5 103.8 198.7 223.5 216.3 239.2 277.6 280.2 285.6 288.0 286.9 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 -.4 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 12.0 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 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 1951 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 * 50.2 28.8 45.7 61.7 122.1 134.4 133.4 145.6 169.9 172.1 174.3 177.4 177.8 181.0 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 '... 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 15.8 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 39.5 n.a. Corporate profits tax liability.... 1.4 .5 1.5 7. 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 -5.8 -2.1 2.1 -4.8 -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. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 1334 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 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 99.2 102.8 113.5 113.2 116.2 118.0 117.8 118.0 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 13 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 1 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 — .1 -.8 3.0 Net foreign investment .8 .2 1.1 8.9 1.9 .5 -2.3 .2 1.1 2.6 2.2 -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 Federal 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 1.3 2.0 3 1 . . 9 3 1 3 3 . . 2 8 1 3 3 . . 8 3 1 5 6 . . 6 1 1 6 9 . . 6 3 1 3 8 . . 9 5 3 4 7 . . 2 1 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 o e n r m a - l e re T c o e t i a p l ts4 b m T u d o e r is n t s a - e t l s - Wag p m i e C n ro o g o a d d m n i u i n d t c - y - - sal D a i u r n t i y r s t d i i t u e v r d i s s e i b - s - bu S r i e s n t e r r d v i m e u 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 e8 i p n r r e c P a i o n e r n o m t t d o a - e l rs 6 ' i i n n d s p t a c o e e o n e n n r r m d d a e - s l s e t m T p r f e a a e n y n r t - s s - 7 p b e c a i s u r o n o n s f t s n o c c o i u o t i e r n r a r n i a 8 - l - s l i a n g N t c u r o o i r c m a n u l - e l- 9 dustries 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .5 19.7 13.3 1.5 .1 76.? 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .4 7.2 8.2 2.1 .2 43. C 1939 72.6 45.1 45.7 17.4 13.3 6.9 8.2 5 14.7 9.2 3.0 6 66.3 1941 95.3 60.9 61.7 27.5 16.3 7.S 10.2 6 20.8 9.9 3.1 8 86.1 1947 191.0 119.9 122.0 54.3 35.1 15.3 17.2 2.4 42.4 14.5 11.8 2.1 170.8 1948 209 5 132.1 134.3 60.2 38.8 16.6 18.7 2.8 47.3 16.0 11.3 2.2 187.1 1949 205.9 131.2 133.4 56.9 38.9 17.2 20.4 3.1 42.1 17.1 12.4 2.2 188.7 1950 .. 226 3 142 7 145.6 63.5 41.3 18.6 22 2 3.8 45.2 19.5 15.1 2.9 208.5 1951 . .. 254 1 166 5 169.9 74.9 45.9 20.3 28 7 4.2 50.6 20.4 12 A 3.4 233.6 1951—September 257.3 168.8 172.1 75.7 46.3 20.4 29.7 4.2 50.9 21.0 12.4 3.3 236.4 October . .. 261 7 170.5 174.0 75.9 46.5 20.7 30.9 4.3 53.4 20.8 12.7 3.5 239 1 November. . . . 260.9 171.3 174.8 75.8 46.5 20.8 31.7 4.2 52.5 20.5 12.4 3.5 239.5 December 263.4 172.6 176.0 77.5 46.7 20.8 31.0 4.3 53.3 21.1 12.1 3.4 240.7 1952—January 263 4 173.1 176.7 77.3 47.1 20.8 31 5 4.3 53.4 20.1 12.8 3.9 241.7 February 263.5 174.5 178.0 78.2 47.1 20.9 31.8 4.3 52.1 20.5 12.4 3.8 243.4 March 261.9 173.9 177.3 77.7 47.0 20.8 31.8 4.3 50.7 21.0 12.4 3.8 242.7 April 262 5 173 4 176.7 76.9 47.0 21 0 31 8 4 4 51 .2 21.5 12.3 3.6 242 9 May 264.5 174.6 177.9 76.7 47.7 21.3 32.2 4.4 51.7 21.5 12.6 3.6 244.9 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 263.9 173.9 177.4 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 3.7 249.4 September.... 273.8 181.9 185.3 81.6 49.3 21.6 32.8 4.5 53.4 21.4 12.9 3.7 253.0 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 8 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income" is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 6 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 8 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventors valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 9 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding Source.—Department of Commerce. DECEMBER 1952 1335 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Noninstalment credit End of year Total or month co c n r s e u d m it er i c T m n r o s e e t t d n a a i t l l t - Total A S u al t e o m cr o e b d i i l t e Other Loans' no c T m n r i o e e n t d n s a i t t l t al- p S l a o i y a n m n g s l e e 2 n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,031 4,424 2,792 1,267 1,525 1,632 2,607 530 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 1,067 1951 20,644 13,510 7,546 4,039 3,507 5,964 7,134 1,436 4,587 1,111 1951—September 19,362 13,167 7,327 4,175 3,152 5,840 6,195 1,401 3,696 1,098 October 19,585 13,196 7,355 4,134 3,221 5,841 6,389 1,413 3,868 1,108 November 19,989 13,271 7,400 4,100 3,300 5,871 6,718 1,422 4,190 1,106 December 20,644 13,510 7,546 4,039 3,507 5,964 7,134 1,436 4,587 1,111 1952—January 20,126 13,314 7,322 3,962 3,360 5,992 6,812 1 445 4,253 1,114 February 19,717 13,185 7,158 3,927 3,231 6,027 6,532 1 448 3,967 1,117 March . .. 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 May . . 20,293 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 July 21,213 14,745 8,039 4,597 3,442 6,706 6,468 1,443 3,891 1,134 August 21,433 14,939 8,149 4,634 3,515 6,790 6,494 1,456 3,902 1,136 September.... 21,661 15,196 8,339 4,708 3,631 6,857 6,465 1,470 3,848 1,147 Octoberp 22,311 15,595 8,669 4,892 3,777 6,926 6,716 1,494 4,071 1,151 9 Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. * Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Total b m C a e n o r k c m s ia - * l p S c l a o m o n a m a i n e l - l s I b n t a r d n i u a k l s s - 2 I p c n t l a o r o d n i a m u a i n e l s - s - 2 u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - I m l i r n o z e a o s a a p n u d t n i a d r e s o i e r r n d n 3 - b m C a e n o r k c m s ia - * l p S c l a o m o n a m a i n e l - l s b I a n tr n d i k a u s l s - 2 p I a c n l t n o o r d i i a m u a e n l s s - - 2 u C n r i e o d n i s t 1939 1,632 523 448 131 99 135 96 200 680 827 261 194 237 1940 1,967 692 498 132 104 174 99 268 1,017 912 255 198 297 1941 2,143 784 531 134 107 200 102 285 1,198 975 255 203 344 1942 . 1,431 426 417 89 72 130 91 206 792 784 182 146 236 1943 1,119 316 364 67 59 104 86 123 639 800 151 128 201 1944 1,170 357 384 68 60 100 88 113 749 869 155 139 198 1945 L.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 ?86 1947 3,348 1,435 701 166 134 225 119 568 2,636 1,432 310 282 428 1948 4,072 1,709 817 204 160 312 131 739 3,069 1,534 375 318 577 1949 4,650 1,951 929 250 175 402 142 801 3,282 1,737 418 334 712 1950 5,555 2,431 ,084 291 203 525 157 864 3,875 1,946 481 358 894 1951 5,964 2.510 1,268 301 229 542 176 938 4,198 2,437 528 417 947 1951—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 84 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 July 6,706 2,892 L,366 341 259 631 185 1,032 473 238 53 42 113 August 6,790 2,931 1,377 346 263 647 187 1,039 418 211 50 41 105 September P . 6,857 2,971 1,375 352 264 662 186 1,047 423 196 51 39 105 Octoberp .... 6,926 3,010 1,375 359 266 677 186 1 .053 454 209 55 45 113 p Preliminary. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of October, amounted to 132 million dollars, and other loans made during October were 24 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans*are obtained by deducting an estimate of paper purchased from total retail instalment paper. 3 Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans. 1336 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] Per- Depart- sonal y E m e n a o d r n t o o h f r in e m T g x o o c a l t b u u a i d l l t e , o - - s o m m t a r o n a e d r i n d e e l r - t s F s t t u u o r r r n e e i s - H s a a h t p o o n o p u r c l l s e d e i e s - - Je st w o e re lr s y s r o t e A t o h t r a l e l e i r l s Year or month Total instal- Outstanding at end of houses 1949..' 4 1939 1,525 377 536 273 93 246 1950 5 1940 1,721 439 599 302 110 271 1951 5 1941 1,802 466 619 313 120 284 1942 1,135 252 440 188 76 179 1951—September 5 1943 707 172 289 78 57 111 October 5 1944... 691 183 293 50 56 109 November... 5 1945 715 198 296 51 57 113 December 5 1946 1,104 337 386 118 89 174 1947 1,935 650 587 249 144 305 1952—January 5 1948 2,567 874 750 387 152 404 February 5 1949 3,096 1,010 935 500 163 4ftft March 5 1950 3,778 ,245 1,029 710 794 April 1951 3,507 ! ,186 971 613 737 May Tune 1951 July September. 3,152 1,028 870 600 654 August October... 3,221 1,056 890 607 668 September?.. November. 3,300 1,099 908 608 685 Octoberp December. 3,507 1,186 971 613 737 1952 Volume extended dur- January... 3,360 1,129 933 592 706 ing month: February.. 3,231 1,082 909 567 673 1951—September.... March.... 3,156 1,060 893 548 655 October April 3,153 1,064 894 541 654 November.... May 3,250 L ,101 924 551 674 December June 3,374 1,132 954 588 700 July 3,442 L ,142 974 612 714 1952—January August. **> 515 166 995 625 729 February September? 3,631 1,217 1,013 648 753 March October? .. 3,777 ,278 1,042 673 784 April May June July August CONSUMER INSTALMENT CREDITS OF INDUSTRIAL September?... BANKS, BY TYPE OF CREDIT October? [Estimates. In millions of dollars] R m e e t n a t i l p i a n p st e a r l J - R a e n p d air P i e n r s s t o a n l- al Year or month Total modern- ment m A o u b to il - e Other l i o z a a n ti s o n 12 l c o a a s n h s Outstanding at end of period: 1949 343.2 93.6 63.1 55.4 131.1 1950 391.0 118.5 79.7 54.9 137.9 1951 404.1 118.9 81.2 56.5 147.5 1951—September . 396.3 123.9 73.6 54.8 144.0 October 401.8 123.9 75.8 56.1 146.0 November . 402.4 121.9 77.7 56.5 146.3 December.. 404.1 118.9 81.2 56.5 147.5 1952—January ... 402.6 116.5 81.4 56.1 148.6 February... 403.9 116.3 81.4 56.3 149.9 March 405.8 116.6 81.2 55.4 152.6 April 410.7 119.2 81.1 55.8 154.6 May 426.2 128.2 82.5 57.2 158.3 June 441.1 138.4 84.7 58.2 159.8 July 455.1 145.7 87.2 60.9 161.3 August.... 463.5 148.9 89.1 63.6 161.9 September ? 472.8 153.1 91.0 66.3 162 A October P.. . 483.0 158.9 93.4 67.8 162.9 Volume extended during month: 1951—September . 51.2 16.2 10.4 4.1 20.5 October 60.0 17.3 12.2 5.2 25.3 November . 52.3 14.6 11.8 4.1 21.8 December.. 53.6 13.1 12.8 3.4 24.3 1952—January ... 52.5 14.3 11.8 3.5 22.9 February... 51.8 15.2 10.1 3.7 22.8 March 57.5 16.8 10.6 4.1 26.0 April 58.8 18.1 10.3 5.4 25.0 May 69.2 25.8 11.2 6.3 25.9 June 73.5 27.7 12.3 6.5 27.0 July 69.2 24.4 12.9 6.6 25.3 August.... 60.7 19.0 11.6 6.5 23.6 September P 64.0 21.4 12.2 6.9 23.5 Octoberp... 68.8 23.6 13.3 6.9 25.0 nC Automobile Other Repair retail retail, and pur- mod- c P ha u s r e - d ] l D oa ir n e s ct c d h a ir a n e s d c e t d lo t a io n n s12 l c o a a s n n g ,416 854 915 922 781 944 ,645 1,143 1,223 1,267 905 1,107 ,434 1,061 1,192 1,031 937 1,213 ,440 1,105 1,239 1,004 911 1,181 ,442 1,090 1,226 1,010 925 1,191 ,436 1,079 1,209 1,017 937 1,194 ,434 1,061 1,192 1,031 937 1,213 ,418 1,042 1,184 1,034 928 1,230 ,412 1,038 1,186 1,016 924 1,248 ,446 1,035 1,197 1,008 922 1,284 ,528 1,055 1,219 1,005 940 1,309 5,744 1,130 1,270 1,036 969 1,339 6,027 1,217 1,331 1,086 1,005 1,388 6,210 1,266 1,361 1,133 1,042 1,408 6,355 1,294 1,373 1,183 1,075 1,430 6,503 1,329 1,386 1,224 1,110 1,454 6,687 1,382 1,409 1,276 1,151 1,469 682 150 166 126 67 173 744 150 168 153 82 191 689 136 152 147 72 182 686 117 149 157 70 193 714 131 170 146 57 210 679 135 167 130 55 192 758 144 185 138 62 229 807 162 191 153 79 222 945 228 235 162 92 228 1,001 243 240 177 101 240 956 215 216 185 101 239 849 173 178 175 101 222 884 193 186 180 104 221 968 213 201 209 116 229 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL LOAN COMPANIES, BY TYPE OF CREDIT [Estimates. In millions of dollars] Retail instal- Repair Personal ment paper 2 and instal- Year or month TToottaall mmooddeerrnn-- ment m A o u b to il - e Other l i o z a a n ti s o n 12 l c o a a s n h s Outstanding at end of period: 1949 194.7 43.5 31.4 6.5 113.3 1950 226.9 57.9 41.1 7.3 120.6 1951 255.3 63.2 47.3 7.2 137.6 1951—September . 245.5 63.5 44.5 7.3 130.2 October 247.4 63.7 45.6 7.4 130.7 November . 250.3 63.4 46.1 7.6 133.2 December.. 255.3 63.2 47.3 7.2 137.6 1952—January ... 256.2 62.5 47.0 7.2 139.5 February... 257.7 62.4 47.4 7.1 140.8 March 260.9 62.6 48.8 7.0 142.5 April 265.5 64.0 50.0 7.0 144.5 May 273.2 67.7 52.2 7.0 146.3 June 282.7 71.0 55.2 7.2 149.3 July 288.1 72.6 57.5 7.4 150.6 August.... 291.9 73.5 58.6 7.5 152.3 September? 293.7 74.3 59.8 7.7 152.4 October?... 295.9 75.7 60.2 7.9 152.1 Volume extended during month: 1951—September . 37.8 9.4 6.9 0.6 20.9 October 41.3 9.6 7.7 0.7 23.3 November . 39.5 9.0 6.2 0.7 23.6 December.. 43.6 9.3 6.6 0.5 27.2 1952—January ... 39.4 9.2 5.7 0.5 24.0 February... 38.3 8.9 5.7 0.5 23.2 March 42.2 9.1 7.1 0.6 25.4 April 41.6 10.1 6.8 0.7 24.0 May 48.0 13.0 7.9 0.8 26.3 June 47.7 12.2 8.8 0.7 26.0 July 45.0 11.3 8.6 0.8 24.3 August.... 42.0 10.2 7.5 0.8 23.5 September? 40.8 9.7 6.9 0.9 23.3 October? . . 47.2 11.2 9.1 0.9 26.0 ? Preliminary. J Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. DECEMBER 1952 1337 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe fr r o c m en ta p g re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C c h co ar u g n e ts month month of preceding year Item 1 O 95 c 2 t P . S 1 e 95 p 2 t. A 19 u 5 g 2 . 1 O 95 c 2 t. ? S 1 e 95 p 2 t. A 19 u 5 g 2 . Year or month D s m e to p e r a n e r t s t- F s t t u o u r r r n e e i s - h H p s o l t o l i o d a u r n s a e c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1951 Total + 13 0 +8 +6 +8 +3 September 19 11 12 47 Cash sales + 12 -2 +8 -5 0 October 21 12 12 50 Credit sales: November 21 11 12 50 Instalment + 16 +3 +9 +12 + 15 +8 December 19 11 12 45 Charge account +5 -4 + 12 -6 -1 -9 1952 Accounts receivable, end January 19 10 13 47 of month: February 18 10 13 45 Total +4 +2 +3 +19 +16 +15 March 20 11 13 48 Instalment +3 + 1 + 1 +17 +15 + 15 A M p a r y il 1 1 8 9 1 1 0 1 1 1 3 3 4 4 6 8 Collections during June 18 10 12 46 To m ta o l nth: +4 +2 0 0 +1 -5 J A u u ly gust 1 1 7 7 1 1 1 0 1 1 2 1 4 4 6 6 Instalment +3 +2 +2 + 1 +2 -2 O Se c p to te b m er b ? er 1 1 8 8 1 1 1 1 1 11 2 4 5 7 0 Inventories, end of month, at retail value. +5 +3 -1 -3 -7 -9 P Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment 1947-49 average =100 Percentage of total sales Year or month Sales during month Ac a c t o e u n n d ts o r f e c m e o iv n a th ble Collec m tio o n n s t h during Cash Instal- Charge Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t sales m sa e le n s t ac s c a o le u s nt Averages of monthly data: 1941 46 44 55 48 76 53 58 47 48 9 43 1942 53 57 45 48 60 48 60 51 56 6 38 1943 60 72 39 49 35 42 47 50 61 5 34 1944 67 82 36 53 29 44 41 52 64 4 32 1945 75 92 37 59 28 50 40 59 64 4 32 1946 93 105 56 84 38 73 53 78 59 4 37 1947 99 103 85 95 67 92 78 92 55 6 39 1948 103 103 105 104 108 105 106 103 52 41 1949 98 94 110 101 125 103 117 104 51 8 41 1950 101 93 136 106 177 111 146 111 48 10 42 1951 104 95 133 111 181 124 165 118 48 9 43 1951—September . 101 90 138 107 166 113 151 97 47 10 43 October 113 101 164 121 172 122 163 114 46 11 43 November 129 115 171 138 182 136 169 121 47 10 43 December 177 167 205 185 197 177 168 122 49 9 42 1952—January 84 77 110 89 190 142 180 165 48 10 42 February 79 72 106 83 182 124 162 129 48 10 42 March 91 83 122 96 178 117 170 118 48 10 42 April 99 90 118 107 175 121 153 108 48 9 43 May 100 90 137 106 176 122 153 115 47 10 43 June 93 84 126 99 178 120 148 114 47 10 43 July 78 71 113 80 177 107 144 111 48 11 41 August 89 81 136 90 180 108 145 100 48 11 41 September 101 89 149 108 190 118 151 103 46 11 43 October? 116 102 178 124 201 128 159 118 46 11 43 p Preliminary. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1329. 1338 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. . 1340-1345 Gold production. . 1345 Reported gold reserves of central banks and governments. . 1346 Gold movements; gold stock of the United States. . 1347 International Monetary Fund and Bank. . 1348 Central Banks 1348-1352 Money rates in foreign countries. . 1353 Commercial banks. . 1354 Foreign exchange rates.. 1355 Price movements in principal countries Wholesale prices. . 1356 Consumers' price indexes. 1357 Security prices . 1357 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. DECEMBER 1952 1339 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES [Net movement from United States, (-). In millions of dollars] Increase in banking funds in U. S.1 Decrease Domestic Foreign From th J r a o n u . g h 2 — , 1935, Total Total o F f o fi r c e i i a g l» n F o o t r h e e ig r n In ti t o e n rn al a- a b in b f a u r n U n o k a . d i d n S s g . * s I e n f f c o u f u r l n o r e d w i i t g s i n o 3 es f : se o R f c f u u e n U t r d u i . t s r i S n e 8 . s: b I b n r a o f l l k o a e w n r c a e i g n 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—Dec. 31 8,569.1 6,963.9 2,126.0 2,993.6 1,844.3 116.8 183.3 1,182.1 123.1 1949— Dec. 31 8,763.5 6,863.9 2,197.8 3,028.2 1,637.8 307.6 258.5 1,209.9 123.7 1950—Dec. 31 10,521.1 7,890.7 2,715.6 3,472.8 1,702.3 231.4 1,202.9 1,064.5 131.7 1951—Oct. 31 10,114.5 8,422.3 2,769.8 3.909.1 1,743.4 211.3 612.9 743.7 124.3 Nov. 30 10,130.0 8,448.2 2,734.7 3,972.5 1,741.0 186.3 617.0 754.4 124.1 Dec. 31 10,140.7 8,548.1 2,770.2 4,089.6 1,688.3 160.9 618.6 687.5 125.6 1952—Jan. 31 10,043.0 8,464.4 2,644.9 4,138.7 1,680.9 133.4 631.3 688.6 125.4 Feb. 29 10,208.8 8,638.2 2,811.5 4,200.2 1,626.5 164.9 616.8 658.3 130.7 Mar. 31 10.236.0 8,719.2 2,912.3 4,149.6 1,657.3 125.0 617.4 642.5 131.8 Apr. 30 10,268.6 8,829.1 3,025.5 4,164.9 1,638.7 109.7 622.4 580.4 127.0 May 31 10,471.6 9,199.1 3,219.9 4,285.8 1,693.3 90.7 621.1 429.6 131.1 June 30 10,580.0 9,284.0 3,307.4 4,293.1 1,683.5 97.3 624.1 441.3 133.4 July 31 10,941.6 9,601.0 3,615.3 4,219.1 1,766.5 103.2 647.0 460.8 129.7 Aug. 31* 11,116.2 9,759.8 3,796.2 4,189.7 1,773.9 60.0 679.9 491.0 125.4 Sept. 30P 11,361.6 9,952.4 3,915.6 4,255.8 1,781.0 100.4 673.6 507.6 127.6 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total foreign In- countries Date t t i e i n o r s n n t a a i- l - Official U K d n o i 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 t - z « - Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r in ica Asia o A th ll er tutions and Official2 private 1946—Dec. 31... 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 931.8 1,104.81,316.4232.8 1947—Dec. 31... 2,262.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.61,057.9193.7 1948—Dec. 31... 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 1,287.01,151.8167.4 1949—Dec. 31... 1,657.8 5,960.2 2,908.1 574.4 171.6 170.5 576.9 303.6 717.0 2,513.9 869.1 1,436.7 961.0179.5 1950—Dec. 31... ,722.2 66,922.6 3,425.9 8656.6 260.7 193.6 553.0 314.7 799.2 62,777.7 899.0 1,612.91,378.5254.5 1951—Oct. 31 . . ,763.3 7,413.1 3,480.1 543.2 270.1 132.4 493.3 288.2 1,116.5 2,843.7 1,257.8 1,502.21,535.0274.3 Nov. 30. . ,760.9 7,441.4 3,445.0 591.2 254.4 154.5 506.8 293.1 1,086.1 2,886.1 1,250.1 1,461.61,555.8287.8 Dec. 31.. ,708.2 7,594.0 3,480.5 642.6 289.4 148.8 521.3 300.5 1,022.2 2,924.7 1,307.1 1,455.21,609.6297.4 1952—Jan. 31... L.700.9 7,517.7 3,355.2 644.6 252.8 153.7 521.6 290.2 997.8 2,860.7 1,316.5 1,400.71,635.7304.1 Feb. 29... L.646.4 7,745.8 3,521.8 796.9 253.4 155.9 542.9 293.9 959.2 3,002.2 1,336.3 1,416.31,661.9329.1 Mar. 31... 1,677.2 7,796.1 3,622.6 783.6 251.4 149.7 544.8 292.1 958.0 2,979.7 1,339.7 1,463.11,687.8325.9 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 1,397.8 1,490.21,755.0316.6 May 31 . . 1,713.3 8,239.9 3,930.2 756.8 267.2 155.9 599.6 278.51,004.7 3,062.7 1,496.0 1,529.31,826.0325.9 June 30. .. 1,703.4 8,334.6 4,017.7 793.2 299.2 203.0 600.8 266.81,028.9 3,192.0 1,503.0 1,516.31,790.0333.2 July 31... 1,786.5 8,568.6 4,325.6 848.1 344.3 241.2 617.5 291.71,058.3 3,401.0 1,540.3 1,538.01,757.7331.6 Aug. 31 P.. 1.793.9 8,720.1 4,506.5 833.5 395.7 299.4 612.3 294.71,079.5 3,515.0 1,528.1 1,572.91,733.3370.8 Sept. 30P.. 1,800.9 8,905.6 4,625.9 874.2 404.6 345.1 606.1 291.71,141.0 3,662.7 1,529.6 1,578.11,799.1336.0 P Preliminary. 1 Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement of funds shown in Table 1. 2 Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in accounts with the U. S. Treasury. s 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.) • 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. 1340 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2a.—Other Europe Date E O u th ro e p r e A tr u ia s- g B iu e m l- C v o z a s e k lo c i h - a - m D a en rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o d - t P u o g r a - l m R a u n - ia Spain S d w en e- USSR s Y la u v g i o a - ot A he ll r1 1946—Dec. 31.. 850.5 159.5 66.5 22.2 7.1 49.3 123.5 39.0 8.9 16.4 172.6 60.5 12.4 112.5 1 19 9 4 4 8 7 — — D D eecc . 3 3 1 1 # 7 7 3 3 9 8 .1 8 1 1 2 2 4 8 .7 9 4 5 4 2 . . 7 8 3 1 0 9 . . 5 1 1 8 7 9 8 . . 5 9 3 2 4 1 . . 7 1 5 7 6 7 . . 2 7 4 37 7 . . 7 1 8 7 .0 7 1 1 3 2 .8 6 4 5 9 8 . . 0 6 2 7 1 3 .7 3 1 19 2 .1 9 1 1 1 3 9 8 .2 3 1949—Dec. 31.. 717.0 119.9 38.0 25.1 149.4 29.6 69.4 38.1 6.7 15 7 90 1 10 2 7 6 117 4 1950—Dec. 31. . 799.2 'H'.9 128.2 "s'.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—Oct. 31.. 1,116.5 61.1 143.6 1.5 47.2 24.0 488.3 39.1 106.3 2.4 36.4 6.0 16.8 83.7 2.5 4.0 53.6 Nov. 30.. 1,086.1 62.9 145.1 1.5 46.7 27.9 455.9 41.5 98.6 2.6 35.4 6.0 18.4 80.3 2.3 8.2 52.7 Dec. 31.. 1,022.2 57.1 134.7 1.3 45.3 27.0 405.6 45.8 99.7 2.8 40.7 6.1 17.1 71.7 2.5 7.1 57.6 1952—Jan. 31.. 997.8 57.0 132.8 .7 44.0 30.0 395.1 38.9 97.7 2.4 40.7 6.0 16.6 64.3 4.2 7.7 59.5 Feb. 29.. 959.2 55.4 136.6 .8 38.7 30.7 353.0 38.4 96.7 5.8 42.8 6.1 17.4 64.4 4.9 8.7 58.8 Mar. 31.. 958.0 54.0 132.1 .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 May 31.. 1,004.7 53.1 155.0 .6 37.0 23.9 390.5 41.1 100.9 2.4 43.1 6.1 20.2 65.8 2.2 7.8 55.1 June 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 July 31.. 1,058.3 51.9 143.5 .6 37.5 22.7 464.3 38.7 96.1 4.7 45.9 5.7 18.0 70.6 2.0 11.4 44.6 Aug. 31 P. 1,079.5 60.7 142.0 .6 43.8 24.4 457.5 39.4 100.9 3.1 49.4 5.7 17.6 73.0 2.1 12.6 46.5 Sept. 30*>. 1,141.0 74.3 136.7 .9 51.0 25.9 486.2 39.8 104.1 2.2 50.9 5.7 20.3 77.6 5.1 14.1 46.1 Table 2b.—Latin America Neth- Do- er- Date A L i m a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- l I W a a n n n d e d d i s e s t s Peru l P p i R c u a e b n o - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i m c a th t a e i e 3 n r r lic Suri- ama nam 1946—Dec. 31. 1,104.8 112 6 14.0 174.0 50.7 57.8 153.5 152.2 16.1 40.9 77.2 74 0 181.8 [947—Dec. 31. 1,216.6 236.2 17.8 104.7 46.3 46.1 234.7 139.2 14.9 41.8 70.3 78.0 186.5 1948—Dec. 31. 1,287.0 215 8 17.1 123.7 55.6 54.0 219 .4 146 7 24.3 52 6 71 8 121.7 184.1 L949—Dec. 31. 1,436.7 201 1 13.5 192.8 60.9 85.9 164.2 214.6 25.9 52 8 74.3 143 2 207 4 1950—Dec. 31. 1,612.9 301.8 20.4 226.0 79.5 53.4 259.1 42.7 25.4 207.1 30.2 60.2 59.2 16.1 75.1 85.2 71.3 1951—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 54.0 106.4 263.6 45.8 27.3 158.2 34.9 47.2 67.7 27.8 84.7 71.9 87.8 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 Apr. 30. 1,490.2 177.4 21.7 98.5 58.6 91.1 307.4 53.4 40.0 150.4 28.2 57.0 65.6 42.5 93.0 101.4 104.1 May 31. 1,529.3 167.8 24.4 89.8 52.0 80.7 318.1 51.5 39.7 177.3 28.4 55.9 70.5 37.2 90.4 140.4 105.1 June 30. 1,516.3 146.8 24.1 80.9 54.3 73.6 316.6 50.4 38.3 195.7 32.2 56.5 73.3 36.8 97.6 129.8 109.2 July 31. 1,538.0 130.7 23.2 93.2 58.4 77.6 321.2 51.2 36.4 205.1 29.1 57.1 73.3 32.6 101.5 131.0 116.2 Aug. 31 P1,572.9 128.0 22.5 92.0 61.2 86.7 341.4 49.9 34.4 237.8 35.5 58.5 73.7 30.5 96.3 108.3 116.2 Sept. 30P1,578.1 129.7 21.2 88.8 58.1 88.3 321.4 46.6 32.4 232.7 38.7 56.5 78.4 25.4 90.8 154.3 114.7 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 IsraelJapan i p P p u h p b 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 8 o A th l e l r A t l r i u a a s - - C g B o i e a n l n g - o A E t a n i g n a g y d n l p o - - S U A o o f n u r f i i t o c h n a Other* land Sudan 1946—Dec. 31. 1,316.4 431.9 44.9 43.5 127.1 16.6 446.6 54.7 151.0 232.8 45.5 20.8 47.2 119.3 [947—Dec. 31. 1,057 9 229.9 39 8 62.4 69.3 31.3 488 6 37 6 99.0 193.7 30 6 25 0 46.4 91 8 1948—Dec. 31. L,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 10l!6 1949—Dec. 31. 961.0 110.6 83.9 63.3 15.7 214.6 297.3 9.8 165.7 179.5 32.4 61.6 6.0 79.5 1950—Dec. 31. 1,378.5 81.7 86.1 55.7 114.7 'i6!3 n'.6458.5 374.4 48'. 2 14.3 111.9 254.5 19.1 "58!l 75.6 44.0 57.7 1951—Oct. 31. 1,535.0 90.0 60.1 59.8 128.0 21.0 13.5538.7 355.6 84.9 12.2 171.3 274.3 32.4 52.2 101.7 16.0 72.0 Nov. 30. t.555.8 88.4 62.0 57.7 129 1 21.8 14.4 568.7 342.2 90.9 11.4 169.1 287.8 36.8 52.6 101.2 13.6 83.7 Dec. 31. 1,609.6 87.4 62.4 62.1 140.6 25.5 26.6 596.0 329.7 96.7 14.1 168.4 297.4 38.5 54.5 110.7 7.0 86.8 1952—Jan. 31. 1,635.7 81.9 64.2 58.6 131.8 26.8 20.7 636.2 328.2 108.8 13.6 164.8 304.1 32.3 54.3 121.0 9.1 87.3 Feb. 29. L.661.9 81.6 64.4 59.4 127.4 26.9 19.3655.7 331.1 115.0 14.9 166.1 329.1 36.5 58.8 126.4 11.8 95.7 Mar. 31. 1,687.8 78.6 67.8 46.3 141.0 25.7 19.8682.4 332.2 121.0 10.6 162.4 325.9 38.4 57.8 127.3 9.0 93.3 Apr. 30. L,755.0 80.1 65.6 52.1 171.1 23.8 27.6 696.8 335.0 125.8 10.8 166.3 316.6 36.7 62.0 123.3 13.9 80.7 May 31. 1,826.0 80.2 62.7 67.3 190.2 23.5 37.8 724.8 337.2 126.5 14.2 161.5 325.9 44.7 67.5 118.3 12.4 83.1 June 30. L,790.0 76.5 65.9 56.7 176.5 21.1 30.5 730.7 333.0 126.8 20.6 151.7 333.2 49.5 72.6 117.7 10.9 82.5 July 31. L,757.7 76.3 68.1 61.6 154.0 24.7 26.8 725.6 321.8 134.9 9.4 154.4 331.6 47.4 74.8 116.8 11.2 81.5 Aug. 31 P 1,733.3 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 84.5 104.2 14.2 86.5 Sept. 30P 1,799.1 84.7 71.4 59.2 87.3 18.3 22.1 772.6 319.7 157.9 8.8 197.2 336.0 54.1 90.4 91.6 11.4 88.4 parately as of that date. d Uruguay, reported separately as of that date, d with India. Beginning January 1950, excludes Irar, DECEMBER 1952 1341 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 ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia o A th l e l r 1946—Dec. 31 708.3 47 7 5.7 151 0 9.8 16.0 82.8 312.9 52.2 226.8 99.2 17.2 1947—Dec. 31 948.9 29 2 23.4 49 1 7.0 21.1 118.9 248.6 27.5 514.3 127.0 31.5 t948—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—Oct. 31 918.1 33 0 11.3 2 9 9.6 11.2 92.1 160.1 102.5 463.8 146.9 44.7 Nov. 30 943.1 34 7 11.0 3 9 8.8 7.5 97.7 163.6 118.3 465.5 153.0 42.6 Dec. 31 968.4 35 0 10.1 5 0 11.2 10.3 111.2 182.8 92.0 489.3 162.4 41.9 1952—Jan. 31 996.0 28 5 14.1 5 8 11.2 12.6 114.6 186.8 89.3 520.3 161.9 37.6 Feb. 29.... 964.4 32 8 14.1 5 6 10.3 14.4 103.0 180.2 72.4 520.6 154.6 36.7 Mar. 31 1,004.4 35 4 13.2 5.7 11.6 21.5 89.6 176.9 72.1 570.2 149.5 35.7 Apr. 30 1,019.7 33 5 13.8 3.4 8.6 23.5 81.1 163.9 76.4 601.1 144.8 33.5 May 31 1,038.7 42 0 11.6 3.3 7.3 24.9 79.1 168.2 69.5 652.2 117.4 31.5 June 30 1,032.1 36 2 11.7 3.1 9.8 30.4 68.8 160.2 53.9 669.6 118.0 30.4 July 31 1,026 2 30 9 11.6 3.8 8.0 28.6 67.2 150.0 45.1 700.1 105.2 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 Sept. 30P 1,029.0 26 8 9.3 2.6 8.4 19.6 75.1 141.8 63.9 658.3 141.6 23.4 Table 3a.—Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a en rk - l F a i n n d - m G a e n r- y Greece N w o a r y - t P u o g r a - l Spain S d w en e- Y sl u av g i o a - ot A he ll r » 1945—Dec.31 82.8 7.5 .5 6.2 30.4 12.4 3.3 1.0 7.2 4 9 (8) 9 5 1 1 1 9 9 9 4 4 4 g 7 9 — — — D D D e e e c c c . . 3 3 31 1 1 1 1 9 0 1 8 6 8 .9 5 3 2 1 1 1 5 9 . . . 4 0 3 2. . . 2 6 4 3 8 8. . . 2 4 0 3 3 3 0 0 0 . . . 5 5 0 1 1 0 . . . 2 6 7 9 8 7 . . 2 4 4 1. . 1 5 7 2 7 . . . 9 0 9 2 5 1 . . 4 3 4 « 6 (« ) 0 3 2 2 9 2 5 . . 6 9 8 1950—Dec. 31 67.1 .2 21.5 3.2 2.2 25.4 .2 1.4 .5 1.6 6.9 4.0 1951—Oct. 31 . . 92.1 (3) 23.6 5.7 2.7 30.9 .1 1.7 .6 17.1 4.3 1.1 4.4 Nov.30 97.7 27.1 5.9 3.2 28.6 .5 1.1 .7 16.8 6 2 3 5 4 2 Dec. 31 111.2 0) 39.6 4.8 3.1 28.3 .2 2.5 .8 18.8 5.4 3.9 4.0 1952—Jan. 31 114.6 (3) 42.9 4.0 3.6 30.1 .2 2.0 1.0 19.0 5.2 2.4 4.2 F M e a b r. 2 3 9 1 ... 1 8 0 9 3 . 6 0 (3) 3 2 3 8 . . 7 7 4 4 . . 6 6 4 2 .7 1 2 27 7 . . 7 9 1 1. 5 6 1.2 9 1 1 9 3 .5 8 4 4 .2 3 1 .7 3 4 4 .4 6 A M p a r y . 3 3 0 1 8 7 1 9 . . 1 1 (l) 2 1 1 7 . . 3 6 4 3. . 9 3 3 1 . . 4 8 2 2 7 6 . . 2 9 2 1 . . 0 8 1. . 0 8 1 1 2 4 . . 6 6 3 3 .6 2 2 2 .4 7 4 3 .9 8 June 30 68.8 (3) 13.9 3.5 2.9 23.2 1.6 .8 14.3 2.7 2.3 3.6 July 31 67 2 (3) 12.9 3.6 2.8 23.7 .2 1.8 .7 14.3 3 1 5 3 6 Aug.31P 66.5 .1 11.5 2.2 2.2 25.7 .2 1.8 .6 12.5 1.9 3.4 4.4 Sept.30P 75.1 .1 11.8 3.5 2.8 27.5 .2 2.0 .6 13.5 2.2 7.3 3.7 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 ia - Brazil Chile l C o b m i o a - - Cuba p m i D R c l u i i a e o c b n n - - - - G m u a a l t a e- M ic e o x- I l W n S a a e d u n n r e i r d d - e s i- s s t Peru l P p a i R c u m a e 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 - O A L ic a m t a h t i e e n < r r nam 1946—Dec. 31.. 226.8 41.8 2.3 49 8 14.6 26.4 25.7 25.5 .8 3.7 1.3 8.7 26.2 1947—Dec. 31.. 514.3 65.2 2.0 165.8 27.8 32.6 108.6 52.2 1.1 4.3 4.7 15.3 34.5 1948—Dec. 31.. 516.6 72 4 2 7 165 4 15 2 32.6 83.1 73.8 1 5 4 4 4 6 26.0 34 7 1949—Dec. 31.. 411.1 53.6 2.3 136.9 15.5 21.1 27.5 73.0 L.3 5.8 5.3 25.6 43 !l 1950—Dec. 31.. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 'iy "i'.6 70.6 L.3 11.0 3.1 "6i8" '*8!6' 49.4 14.6 1951—Oct. 31. . 463.8 9.3 7.2 155.6 20.6 43.0 30 1 1.7 3.4 74.1 l.l 13.9 3.1 7.5 13.4 66.9 13.1 Nov. 30. . 465.5 7.9 7 2 164.3 22.7 39.7 29 4 1.7 3.2 87.4 L.4 12.7 3.3 8.4 9.3 54.6 12.3 Dec. 31.. 489.3 7.6 7.5 185.0 24.8 43.7 32.3 1.8 3.8 90.6 L.2 11.8 3.0 9.5 10.5 41.7 14.5 1952—Jan. 31.. 520.3 7.9 7.1 207.3 26.2 39.3 29 6 2.2 4.0 109.1 L.2 12.0 4.2 9.9 11.8 34.9 13.7 Feb. 29. . 520.6 7.8 9.9 217.0 23.6 36.1 31.0 2.1 4.2 103.0 L.2 11.8 4.1 8.4 7.9 38.7 13.8 Mar. 31.. 570.2 8.6 8.1 234.9 29.3 33.8 56.6 2.1 4.2 101.1 L.2 11.5 3.9 7.5 19.1 33.1 15.1 Apr. 30. . 601.1 7.8 8.6 272.2 29.1 31.5 54.7 2.9 4.1 94.4 L.3 10.3 6.8 6.5 24.9 32.2 13.7 May 31.. 652.2 7.4 9.7 320.7 27.5 34.3 55.9 2.4 3.7 90.8 L.I 11.6 6.0 5.3 27.9 34.2 13.8 June 30.. 669.6 8.2 8.4 358.3 26.1 35.0 51.8 2.2 4.1 78.0 L.2 10.9 5.9 5.4 30.5 32.1 11.5 July 31. . 700.1 7.2 8.7 392.6 27.0 34.5 52.5 1.9 3.7 71.2 L.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 Sept. 30P. 658.3 8.6 6.2 374.7 21.6 32.1 33.6 1.8 2.8 92.0 1.2 10.3 3.7 5.1 20.6 31.7 12.4 P Preliminary. 1 See footnote 1, p. 1340. 2 Beginning January 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. 1342 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 Date Asia C a h n in d a H K o o n n g gIndia I n n e d s o ia - Iran IsnielJapan ip R p e in - e T la h n a d i- T k u e r y - O A t s h ia e * r ot A h l e l r t A ra u l s ia - g B ia ei n - A E n g g y l p o - - So o u f th Others Main- public Congo tian Africa land Sudan 1946—Dec. 31.. 99.2 53.9 5.9 12.0 1.0 .2 20.2 1.4 4.6 17.2 3.4 .4 10.1 3.3 1947—Dec. 31.. 127.0 40.8 2.6 29.6 .5 .9 27.4 17.7 7.5 31.5 9.0 .1 14.4 8.0 1948—Dec. 31.. 118.8 24.2 3.4 20.4 1.9 15.9 37.3 1.4 14.3 19.7 4.7 .4 7.9 6.8 1949—Dec. 31.. 139.7 16.6 3.7 17.4 .2 14.1 23.2 # 14.3 50.3 20.4 7.9 .2 4.5 7.7 1950—Dec. 31.. 96.3 18.2 3.0 16.2 .2 6!6 18'.9 12.1 4.9 1 .9 13.9 60.0 40.8 "44' .3 7.3 7.2 1951— N O o c v t. . 3 3 1 0 . . . . 1 1 4 5 6 3 . . 9 0 1 10 0 . . 1 3 3 3 . . 3 6 1 9 3 . .3 7 # . 4 4 8 8 . . 1 6 2 2 7 7. . 8 0 10 8. . 5 7 2 22 3 . . 6 0 2 2 . . 8 4 10. . 6 8 4 5 2 2 . . 9 9 4 4 4 2 . . 7 6 2 2 5 3 . . 3 4 6 6 9 7 . . 2 3 6 7 . . 8 6 4 5 . . 7 6 Dec. 31.. 162.4 10.1 3.1 13.4 .3 9.3 30.0 12.2 29.3 2.5 .6 51.6 41.9 22.8 5 7 .2 6.7 6.5 1952—Jan. 31.. 161.9 10.1 1.4 14.8 .4 8.9 35.9 8.6 29.1 2.1 .5 50.0 37.6 21.1 5 3 .1 6.3 4.7 Feb. 29.. 154.6 9.6 1.6 16.8 .5 9.0 32.4 8.8 27.2 2.9 .6 45.1 36.7 17.5 6 0 .1 6.0 7.0 Mar. 31.. 149.5 9.1 2.8 20.4 .7 10.1 30.3 9.1 22.6 3.7 13.8 26.9 35.7 17.7 7.2 .1 5.7 5.0 Apr. 30.. 144.8 8.6 4.2 14.5 .9 10.8 29.3 11.0 23.7 2.8 23.6 15.3 33.5 13.5 7 6 .2 7.0 5.1 May 31.. 117.4 8.1 1.8 9.4 .6 10.6 30.1 12.5 27.4 3.2 1.6 12.1 31.5 12.7 7 8 .2 4.8 6.1 June 30. . 118.0 7.3 2.4 6 1 4 10 7 27 7 14 3 20.5 2 7 15 4 9.0 30.4 12 0 8 7 .2 4.7 4.9 July 31 . . 105.2 8.1 .8 5.5 S 10 3 27 4 10 4 6.9 2 3 16 7 16.3 25.8 9 6 8 2 .2 3.7 4.1 Aug. 31P . 128 4 8.3 1.3 4 ? 6 9 6 22 Q 13 10 3 3 s 37 0 17 4 23 7 8 0 7 9 .5 3.5 3.8 Sept. 30P. 141.6 10.1 1.0 3.7 .7 9.3 22.8 10.1 5.3 3.8 55.7 19.2 23.4 8.2 6 9 .6 3.1 4.7 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES J (Inflow of Foreign Funds) [In millions of dollars] U.S. Government bonds and notes4 Corporate bonds anc stocks • Net Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses pu T rc o h t a a s l es T sa o l t e a s l p s d u e o c r m u c o h r e f i a s t s t i i e 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 6 -683.0 859.8 761.0 98.7 1,533.3 2,117.6 -584.3 1951—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 27.2 36.0 -8.8 64.1 53.7 10.4 91.3 89.7 1.6 1952—January .. . 20.2 12.7 7.6 76.6 71.5 5.1 96.9 84.2 12.7 February 15.5 18 7 -3.2 68.3 79.6 -11.3 83.8 98.3 — 14 5 March 19.4 16.3 3.1 65.7 68.1 -2.5 85.1 84.4 .6 April 13 9 15 8 -2 0 76.2 69.2 7.0 90.1 85.0 5 0 May 31.2 22.2 9.0 61.6 71.9 -10.3 92.8 94.1 -1.3 June ... 39 6 32 0 7 7 63 6 68 3 —4.7 103.2 100.3 3 0 July 39.1 29.2 9.9 76.8 63.7 13.1 115.9 93.0 22.9 August? 37.5 13.3 24.2 67.6 58.9 8.7 105.1 72.2 32.9 September? 35.0 15.7 19.3 53.3 78.9 -25.6 88.3 94.6 -6.3 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES 3 (Return of U. S. Funds) [In millions of dollars] Foreign stocks Foreign bonds Net Total Total purchases Year or month Net Net purchases sales for o ei f gn Purchases Sales purchases Purchases Sales purchases securities 1946 65.2 65.6 -.4 755.9 490.4 265.5 821.2 556.1 265.1 1947 57.1 42.6 14.6 658.7 634.3 24.5 715.9 676.8 39.0 1948 81.7 96.7 -15.0 211.6 291 A -79.8 293.3 388.2 -94.8 1949 88.8 70.8 18.0 321.2 311.5 9.8 410.1 382.3 27.8 1950 173.8 198.2 -24.4 589.2 710.2 -121.0 763.0 908.4 -145.4 1951 272.3 348.7 -76.4 500.4 801.0 -300.6 772.7 1,149.7 -377.0 1951—October. . 25.2 21.4 3.8 53.9 226.1 -172.2 79.1 247.5 -168.4 November 24.2 47.6 -23.5 73.7 39.6 34.2 97.9 87.2 10.7 December. 24.4 82.6 -58.2 38.1 46.8 -8.7 62.5 129.4 -66.9 1952—January. . 34.4 29.9 4.6 33.1 36.5 -3.5 67.5 66.4 1.1 February. 29.4 28.1 1.4 19.0 50.7 -31.7 48.4 78.7 -30.3 March.... 22.0 35.8 -13.8 21.5 23.4 -1.9 43.5 59.3 -15.8 April 28.9 44.9 -16.0 47.7 93.8 -46.1 76.6 138.7 -62.1 May 19.0 20.4 -1.4 40.3 189.6 -149.4 59.3 210.1 -150.8 June 19.2 29.8 -10.6 52.5 30.2 22.4 71.7 60.0 11.7 July 23.9 33.0 -9.1 52.8 24.2 28.7 76.7 57.2 19.5 August P .. 24.1 22.1 2.0 56.5 28.2 28.2 80.5 50.3 30.2 September 24.6 24.5 .2 38.9 22.5 16.4 63.6 47.0 16.6 P Preliminary. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 3 Includes transactions of international institutions. 4 Through 1949 includes transactions in corporate bonds. 5 Through 1949 represents transactions in corporate stocks only. 6 Includes net sales of 554 million dollars by Canada. DECEMBER 1952 1343 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES (Inflow of Foreign Funds) [Net sales, (—). In millions of dollars] Y m e o a n r t o h r n t I a u i n n t t i i t s o o e ti n r n - - a s l Total U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1946 -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 -50.2 —98.2 13.0 -17.1 — 14.1 -175.5 3.2 —3.5 10.0 2.2 1948 7.6 — 199 8 9.1 —82 8 — 79.3 —40.0 (i) 2.6 — 190 4 7.5 10.2 —23 3 —3 9 1949 87.0 -11.8 20.9 -6.8 —25.5 44 2 1.5 2 2 36.5 -49.0 2.5 -2.1 ,2 1950 121.2 823.2 64.0 197.8 -6.3 19.0 -.7 73.8 347.5 458.2 30.1 -15.3 2.7 1951 — 15.9 -568.4 21.4 6.0 —22.2 45.9 1.9 —43.8 9.2 -595.5 13.9 4.8 -.7 1951—Oct.... -14.5 -229.4 -3.6 .4 -2.2 11.2 -.1 1.9 7.5 -235.9 3.9 -5.0 .1 Nov 1.0 3.1 3.1 .6 -4.6 2.6 .2 .8 2.6 -1.7 1.2 .9 .1 Dec... .8 .7 5.6 .7 -1.0 -4.3 .3 3.8 5.0 -7.6 3.1 0) .3 1952—Jan.... .3 12.4 5.4 1.5 -1.7 10.4 -.1 -1.3 14.1 -3.1 2.3 -1.3 .4 Feb.. . . -3.3 -11.2 -.7 .7 -2.7 -4.8 .2 .3 -7.0 n -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 -1 6 1.3 0) -2.1 -1.9 .1 .7 -1.9 .7 -.4 -.2 June... .6 2.4 2.4 1.6 -3.0 .7 -.2 1.2 2.6 4.4 -4.8 — .2 .5 July... .4 22. 5 7.2 .6 -1.4 13.7 .3 .9 21.3 6.8 1.5 -7.3 .2 Aug.P. . .9 32.0 7.0 .7 -.5 6.9 .4 .6 15.1 15.7 .9 0) .3 Sept.?.. .9 -7.2 -8.4 -1.2 -2.3 8.3 .1 -.4 -4.0 .7 -3.8 .2 -.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 r u ia s 2 - g B iu e m l- N w o a r y - o A th l e l r A L m i a c t e a i r n - l C o b m i o a - - Cuba M ic e o x- p P a R u m o a b e f n - a l - ic g U u r a u y - 2 A O L m i a t c h t e a i e r n r - Asia M C m l a a h a n o n i i d s n d n a a - I n n e d s o ia - P p p h R l u i i i n e l c b i - e - p- O A th si e a r 1946 -10.8 .6 2.2 -13.6 6.3 .1 1.7 6.8 4.5 -6.7 -224.5 -200.5 -22.5 -1.9 .4 1947 — 14 1 -.9 -4.1 -9.2 -3.5 .3 — .9 2.5 -6.9 1.5 10.0 -3.2 — 1.3 7.0 7.5 1948 2.6 2.6 -.3 .3 10.2 .2 -.8 2.9 -4.7 12.6 -23.3 -22.7 -.1 .4 -.9 1949 . 2 2 1.6 -.9 1.4 2.5 1.2 — 1.0 .3 4 2 -2.1 -2.1 -7.2 .2 .5 4.4 1950 73.8 18.4 12.6 36.7 6.0 30.1 -1.2 24.6 .5 .1 -5.0 11.1 -15.3 -3.0 -.3 .9 -13.0 1951 —43 8 — 11 9 5.7 —38.1 5 13.9 .5 6.1 2 5 8 2 6 1 5 4.8 — .2 .3 -2.1 6.8 1951—Oct.... 1.9 2.0 0) -.5 3.9 .4 0) -.3 1.6 2.5 -5.0 .1 -5.0 0) — .1 N De o c v . .. . . . 3. . 8 8 8'* 3. . 4 7 0)' . . 2 4 3 1. . 2 1 . . * 3 8 . . 2 1 l!6 -1.5 .2 -.6 .7 1. . 5 7 0) .9 0 0 ) ) 0) - 0 1 ) .2 1. . 2 9 1952—Jan... — 1.3 2 — .6 (i) — .9 2.3 — .4 .1 1.0 1.1 .5 — 1 —1.3 C1) 0) -1.1 -.3 Feb.... .3 8 .5 -.1 -2.3 -.3 .3 -.2 -3.2 1.0 .2 -1.1 0) -.3 -.8 Mar. .. -1.2 -.1 .1 -1.3 2.9 .6 .5 0) 2.0 -.1 -.1 -2.1 -'.2 0) — 1.6 — .4 A A S J J M u u e u p a n p l g y r y t e . . . . ? . . P . . . . . . . . . . . - - 1 . . 4 6 . . . . 2 6 7 9 0 0 0 0 0 ) ) ) ) ) " - -. . 1 8 . . . . 8 2 4 4 0 C ) 1)' -1 1 . . 3 . . . 8 5 6 2 - - - 3 4 4 1 . . . 4 . . 8 8 . 1 5 9 — -1 - 1 1 . . 1 . 3 . . . 1 4 3 1 - - - 1 . . . 2 1 4 . . 3 8 - - - . . . 7 4 8 . . . 8 8 7 - - - 2 5 - 2 1 . . . . 3 . 8 9 3 . 4 4 - - 1 . . 2 8 . . . . 2 5 3 5 C1 1 1 ) . . . . 3 7 4 5 - 0 0 7 ) ) .3 8 0 - ) .4 . . 2 1 0 0 0 0 (l ) ) ) ) ) - - C 0 0 7 i ) 1 ) ! . ) 5 o 0 - ) .1 . . . 8 1 6 TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, (-). In millions of dollars] Y m e o a n r t o h r na I i n n ti t s o e t n i r - - al Total U K d n o i i n m t g ed - France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r tutions 1946 265.1 -20.9 -1.0 -7.0 -13.9 -.8 10.9 -32.6 187.6 131.3 .3 -21.4 1947 —249 3 288 3 -2 0 -3.1 -29.9 -14.9 — .3 15 6 —34 4 205 2 89 2 5 27 8 1948 (i) -94.9 —9.9 —4.3 -5.3 -35.4 .1 11.4 -43.4 -102.2 40.7 1.6 8 4 1949 -16.0 43.8 -13.5 .4 -.1 19.1 .4 24.6 30.8 -10.6 20.2 .8 2.6 1950 —3 6 -141.8 -6.1 — 1.3 -4.7 17.2 .5 7.8 13 4 — 190.0 29.8 1 0 3 9 1951 -152,7 -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—Oct -99.4 -69.0 .2 .8 .7 .2 0) 1.4 3.4 -76.5 5.4 -2.0 .6 Nov 10.7 .3 0) .4 1.4 0) .3 2.5 9.2 2.6 -3.9 .3 Dec... —66.9 — .1 .8 .2 .9 .1 2.9 4 6 —68.0 2.3 —6 8 9 1952— F Ja e n b -1.4 .1 -30 2 . . 4 5 -3. . 0 2 1. . 0 4 . . 7 3 2. . 3 7 o)'1 . . 6 8 - 4 .8 .9 -30 2 . . 6 8 -1 2 . . 1 3 - — 1 4 .8 .4 . . 3 6 Mar.... -4.4 -11.4 -.5 .2 .5 .4 2.8 3.1 -5.5 1.5 -5.0 -5.5 Apr 0) -62.2 .1 .5 .6 1.7 0)' .4 3.3 -71.2 1.0 -4.1 8.8 May... -50.7 -100.1 -1.1 .5 -.2 1.0 2.1 2.3 -101.5 1.9 -3.0 .1 June... -.8 12.5 -1.6 .9 -3.9 9 -.2 6.1 1.2 11.2 2.5 -2.7 .4 July.. . 0) 19.5 -1.1 -.3 -6.7 -l!6 .4 -.4 -9.6 21.4 0) 7.4 .2 Aug.'.. -1.1 31.3 -1.0 1.0 -2.9 2.1 -.3 .2 -1.0 27.9 1.1 2.7 .6 Sept.* 16.6 1.3 1.2 -.7 -.5 .1 .6 2.0 13.8 .6 .4 -.2 * Preliminary. 1 Less than $50,000. 2 Not available until 1950. 1344 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 -3.2 -20.8 .1 1.2 .4 -.1 1949 .6 .1 _ e .2 .9 2 .1 1.0 .9 -1.3 -.2 .2 1950 8.0 — .1 — A 2.5 .7 4 — .2 3.0 -3.0 4.4 3.0 .6 1951 -6.1 .9 .3 -4.8 .2 -.3 -3.3 2.8 -5.0 -.5 -.1 A 1951—October -7.5 -.7 .2 -1.9 -1.0 -.1 .2 -3.4 .4 -4.5 .5 -.5 November -.2 1.2 .6 .3 .1 0) .2 23 .1 -3.1 -.1 .5 December 1.5 .7 -.3 .7 C1) -.5 -.2 .3 .3 1.3 0) -.4 1952—January -.2 -1.1 -1.7 -.5 0) .4 -3.7 1.1 2.2 .2 0) February 5.3 1.1 .8 1.0 4.8 .2 8.1 -2.1 -1.5 .5 March 1.2 .2 .3 1.9 -2.7 .1 2 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 May 4.1 .4 .3 -.6 2.9 .2 - 5 2.6 -1.5 2.1 .2 June 2.3 1.0 .2 3.1 -2.1 .1 1 2.2 -.3 .5 -.3 .2 July -3.7 -1.6 -.1 .7 -1.1 -.2 .2 -2.1 .3 -2.0 -.2 .1 A Se u p g t u e s m t? ber? - 2 4 2 . . 2 2 -1 1 . . 7 3 -.2 .3 -3 -. . 7 4 -1 -. . 1 0 — . 3 .3 . . 1 3 - -3 1 .8 4 . .6 6 2. . 0 3 -1.7 P Preliminary. 1 Less than $50,000. 2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 83.1; U. S. brokerage balances abroad, 32 .4. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reported monthly Estimated world Africa North and South America Other Year or production month U ou S t S si R de * r m e T o p o n o t r t a h te l l d y A So fr u ic th a d R e h s o ia - A W fr e ic s a t 2 B C e o l n g g ia o n 3 U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 1 Au l s ia tra- India3 $1=15/21 t'rains of gold 9110fine: i. t., an outce of fine gold =$.35. 1941 1,265.6 1,110.4 504.3 27.8 32.4 19.6 209.2 187.1 28.0 23.0 9.3 7.5 52.4 10.0 1942 1,125.7 982.1 494.4 26.6 29 2 18.0 131.0 169.4 28.0 20.9 6.4 8.6 40.4 9.1 1943 871.5 774.1 448.2 23.0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26.3 8.8 1944 777 0 701.5 429.8 20.7 18 4 12.7 35.8 102.3 17.8 19.4 7.1 7.9 23.0 6.6 1945 738.5 683.0 427.9 19.9 18.9 12.1 32.5 94.4 17.5 17.7 6.3 7.0 23.0 5.9 1 19 9 4 4 7 6 7 76 5 6 6 . . 5 0 6 7 9 05 7 . . 5 0 4 39 1 2 7 . . 0 6 1 1 8 9 . . 3 1 2 1 0 9 .3 5 1 1 1 0 . . 6 8 5 7 1 5 . . 2 8 1 9 0 9 7 . . 1 5 1 1 6 4 . . 3 7 1 1 3 5 . . 4 3 5 8 . . 9 1 6 7 . . 4 4 3 2 2 8 . . 8 9 64. 16 1948 798.0 728 1 405 5 18 0 23 4 11.1 70.9 123.5 12.9 11.7 5.7 7 8 31.2 6.5 1949 833.0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950 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—September.. 63.3 33.3 1.4 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 1 4 2 0 .9 5.4 13.0 .8 1.2 .5 7 2.8 .7 December. . 62.4 33.2 1.5 2.1 1.0 4.9 13.2 1.2 .9 .4 .8 2.7 .7 1952—January... 62.5 34 2 1 4 2.0 1.1 5.0 12.4 .5 1.6 .6 7 2.4 .6 February 61.0 32.2 1.4 1.9 1.2 4.8 12.3 1.4 1.4 .4 .7 2.6 .7 March 63.3 34.4 1.3 1.9 1.2 4.6 12.8 1.4 1.2 .5 .7 2.5 .7 April .. 63 3 33 8 1 5 2 0 1.3 5.0 12.7 .9 1.6 .4 .7 2.8 .7 May 66.2 35.5 1.4 2.0 1.2 5.1 12.8 2.1 1.5 .5 .8 2.7 .7 June 34 1 1.5 1.9 1.2 5.5 12.5 .9 .4 .8 2.9 .7 July 35.5 1.4 1.8 1.2 6.4 13.1 1.3 7 .7 A Se u p g t u e s m t ber 3 3 4 4 7 9 1 6 2 2 .1 0 1 1. 2 2 6 6 .2 5 1 12 3 .4 9 1 i 8 7 .8 7 Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 3 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly figures reported by American Bureau of Metal Statistics, those for 1951 having been adjusted by subtracting from each monthly figure $297,000 so that the aggregate for the year is equal to the yearly estimate compiled by the United States Mint. 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. DECEMBER 1952 1345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f ota ( l e x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n rk - E d c o u r a- USSR)* Treasury 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—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 36,130 23,346 23,533 268 669 23 317 893 42 318 31 22 July 23,350 23,536 268 735 317 887 41 304 31 22 Aug 23 344 23 528 268 735 317 883 41 294 31 23 Sept. . . P36.210 23,342 23 525 268 718 317 892 42 280 31 23 Oct 23,339 23,521 713 42 31 23 E m n o d n t o h f Egypt France3 G m u a a l t a e- India Iran Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Pa ta k n is- Peru 1945—Dec. 52 1 090 28 274 131 24 294 270 23 80 28 1946—Dec..... 53 796 28 274 127 28 * 201 181 265 23 91 24 1947—Dec 53 548 27 274 142 58 * 180 100 231 23 72 20 1948—Dec.. . 53 548 27 256 140 96 42 166 23 52 14 20 1949—Dec 53 523 27 247 140 256 178 52 195 27 51 27 28 1950—Dec 97 523 27 247 140 256 208 208 311 29 50 27 31 1951—Nov 174 548 27 247 138 323 279 191 312 31 50 27 46 Dec 174 548 27 247 138 333 279 208 316 32 50 27 46 1952—Jan 174 548 27 247 138 339 279 207 316 32 50 27 46 Feb 174 548 27 247 138 346 279 206 317 32 50 38 46 Mar.. 174 548 27 247 138 346 279 185 340 32 50 38 46 Apr... 174 548 27 247 138 346 280 185 342 32 50 38 46 May.. 174 548 27 247 138 346 280 117 344 33 50 38 46 June.. 174 548 27 247 138 346 280 70 344 33 50 38 46 July .. 174 548 27 247 138 346 280 71 350 33 50 38 46 Aug 174 558 27 247 138 280 323 33 50 38 46 Sept 174 558 27 247 138 280 326 33 50 38 Oct 558 27 247 138 280 326 33 38 Inter- Bank fo E m n o d n t o h f Po g r a t l u- E v l a S do al r - 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 o in i m t g ed - g U u r a u y - V zu e e n l e a - n M a t t a i o o r n y n e a - l n S I a n e ti t t o t e l n r e - a - l Fund ments 1945—Dec. 13 914 110 482 J 14.7 43 241 5 2.476 195 202 39 1946—Dec 433 12 939 111 381 1,430 34 237 '2,696 200 215 15 32 1947—Dec 310 15 762 111 105 ,356 34 170 >2,079 175 215 1,356 30 1948—Dec 236 15 183 111 81 ,387 34 162 »1,856 164 323 ,436 36 1949—Dec 178 17 128 85 70 ,504 118 154 > 1,688 178 373 ,451 68 1950—Dec 192 23 197 61 90 ,470 118 150 3,300 236 373 1,495 167 1951—Nov.. . . 255 26 208 50 136 ,454 113 150 232 373 1,530 127 Dec 265 26 190 51 152 ,452 113 151 »2,335 221 373 L.530 115 1952—Jan 265 26 190 51 179 ,438 113 150 5 2,037 221 373 L.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 1,432 113 150 5 1,700 211 373 1,532 143 Apr 274 26 164 51 214 1,413 113 150 5 1,662 211 373 ,532 151 May 274 30 161 51 210 1,410 113 153 » 1,678 211 373 1,535 154 June 274 30 148 51 213 1,408 113 150 s 1,685 211 373 1,537 154 July .... 274 30 151 51 206 1,408 113 150 5 1,716 211 373 1,537 166 Aug 274 30 159 51 202 1,404 113 150 51,672 211 373 1,681 181 Sept 277 29 158 51 202 L,404 113 146 M.685 211 373 1,683 183 Oct 282 29 P159 51 190 143 1,767 373 1,691 187 P Preliminary. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3 Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4 Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31. 5 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see Table 160, p. 526 and pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 1346 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) Neth- Switz- Year or quarter Total K U in n g i d te o d m g B iu e m l- France la e n r d - s Po g r a t l u- S d w en e- la e n r- d E O ur t o h p e e r l Canada A t r i g n e a n- Cuba Mexico 1945 —452 9 31.1 278.5 —47.9 -86.8 -7.4 36.8 -224.9 -85.0 -23.8 1946 721.3 -.2 14.2 -10.0 80.2 -29.9 27.3 337.9 153.2 -30.0 36.9 1947 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727.5 -65.0 45.4 1948 1,510.0 734.3 69.8 15.8 40.7 63.0 3.0 -5.6 5.8 114.1 -10.0 61.6 1949 193.3 446.3 -41.0 -23.5 14.0 -40.0 2-159.9 3».4 -49.9 -10.0 -16.1 1950 -1,725.2 -1,020.0 -55.0 -84!8' -79.8 -15.0 -22.9 -38.0 -68.0 -100.0 28.2 -118.2 1951 75.2 469.9 -10.3 -20.0 -4.5 -34.9 -32.0 -15.0 -60.1 -10.0 -49.9 -20.0 -60.2 1949 Jan.-Mar 68.8 -12.5 10.4 10.5 -5.0 -13.7 3.4 2.3 Apr.-June 173.9 162.4 -31.0 -10.0 -11.2 7.9 July-Sept 101.5 283.9 3.5 -20.0 2-119.1 -10.0 -11.3 Oct -Dec. -151.0 2 5 —33 9 -5.0 -49.9 -15.0 1950 -15.9 Jan -Mar. —201 3 —80 0 —35 0 — 13 0 -15.8 Apr.-June -30.4 -20.0 -3.0 -11.9 July-Sept -731.0 -580.0 —28 5 -16.0 -25'.6' 3.4 8.2 -40.5 Oct -Dec. -762.4 -360.0 -56.3 -79.8 -15.0 -4.0 —-4 712.1.4 -100.0 20.0 -61.9 1951 Jan.-Mar. -876.3 -400.0 -12.3 -91.7 -4.5 -10.0 -15.0 -15.0 -44.3 -49.9 -124.4 Apr.-June -55.6 -80.0 2.0 — 15 0 — 11 2 — 10 0 64.1 July-Sept 291.4 320.0 -5.0 -17.0 -3.5 -20.0 Oct.-Dec 715.7 629.9 71 7 —5 0 -1.1 1952 Jan.-Mar 557.3 520.0 20.2 22.5 -10.1 11.3 Apr.-June 105.7 6 9 101.4 July-Sept -1.3 .3 NET GOLD PURCHASES BY THE UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued UNITED STATES [Negative figures indicate net sales by the United States] [In millions of dollars] (In millions of dollars at $35 per fine troy ounce) Gold stock at Ear- Y qu e a a r r 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 o A th l e l r p2riod T e u r n e r d a y s o - fp T e o ri t o a d l» I i n n s g c to o r to e c ld a t k a s l e g p e o o x N ld p rt e o i t o m rt r -g m o c c o l r r a r d e e r : a a k i n s s e d e e - d e- t p D i r t c o o i o m d g n u o e 1 l c s d - - 1945. -37.9 -73.1 -27.8 3-188.3 3.7 1 1 1 1 9 9 9 9 4 4 4 4 7 8 9 6 . . . . - - 1 2 1 4 4 5 0 . . . . 9 4 1 7 - - 1 5 - - 0 9 3 0 8 . . . . 2 7 0 0 - 2 7 1 7 5 9 3 . . 5 . . 0 1 4 -5 - 1 4 2 1 3 . . . . 1 1 0 7 4 2 1 9 9 5 9 4 8 6 5 . . . . 3 6 0 7 - 2 1 1 6 2 1 . . . 6 . 9 9 9 1 1 1 9 9 9 4 4 4 2 4 3. . 2 2 20 2 1 , , , 6 7 9 1 2 3 9 6 8 2 2 2 2 1 0 , , , 7 9 6 3 8 3 9 1 1 -1 - ,3 7 -2 4 5 3 9 7 . . . 0 8 9 -8 3 4 6 1 5 5 8 . . . 4 7 9 — - -4 8 4 0 5 5 3 9 8 . . .4 6 8 1 4 3 2 8 5 5 . . . 3 8 4 1 1 9 9 5 5 0 1 . . -6 22 4 . . 2 8 -.9 - -1 1 7 7 . . 2 2 5 - - 3 5 5 0 . . 4 1 5 1 2 3 . . 1 1 4 4 - - 4 8 7 4 . . 2 0 1 1 1 9 9 9 4 4 4 5 7 6 . . . 2 2 2 0 2 0 , , , 0 7 5 6 5 2 5 4 9 2 2 2 0 0 2 , , , 7 0 8 0 8 6 6 3 8 «2 - , 5 1 6 4 6 2 7 2 3 . . . 8 1 1 1 — ,8 3 1 6 1 0 1 6 6 . . 5 . 3 3 -3 4 2 5 6 1 6 5 0 . . . 4 0 7 3 5 7 1 2 5 . . . 2 0 8 1948 24,244 24,399 1,530.41,680 4 — 1592 70.9 1949 1949 24,427 24,563 164.6 686.5 —495 7 67.3 J A a p n r . . - - M Ju a n r e .. . 3.0 3 3 . . 6 7 - - 2 6 . . 3 6 5 7 5 2 . . 6 0 . . 1 1 1 19 9 5 5 1 0 . . 2 22 2 , , 6 7 9 0 5 6 2 22 2 , , 8 8 7 2 3 0 -1,74 5 3 2 . . 3 7 - - 3 5 7 4 1 9 . . 3 0 -1,3 6 5 1 2 7 4 6 8 6 0 6 . . 1 3 J O u c l t y . - - S D e e p c t . . . . . - - 1 1 6 . . 0 5 -50.0 -1 -2 1 . . 9 9 -4 -2 1 . . 2 0 4 1 8 9 . . 1 9 -2.0 .2 1951— D N e ov c . . . . . . 2 2 2 2 , , 3 6 8 9 2 5 2 2 2 2 , , 5 8 7 7 9 3 2 1 9 8 4 5 . . 1 0 -2 6 . . 1 5 2 1 8 8 9 8 4 9 4 5 . . 9 4 1950 1952—Jan. . . 22,951 23,055 182.4 63.6 137 5 5.0 J A J O u a c p n l t y r . . . - - - - D S M Ju e e a p n c r t e - - - - 1 2 2 2 2 3 6 . . . . 0 0 9 9 - - 1 - 5 0 . . 9 . 9 4 - - 2 1 2 3 1 . . . . 8 0 9 2 3 9. . 2 9 - - 1 2 - -2 2 4 6 . . . . 8 8 7 9 A F M M T e u p a a b n r r y . e . . . . . . . . . . . . 2 2 2 2 2 3 3 3 3 3 , , , , , 2 2 3 1 2 9 9 4 9 9 7 6 6 0 0 2 2 2 2 2 3 3 3 3 3 , , , , , 3 5 4 5 4 7 0 2 3 5 7 2 8 3 0 3 5 2 3 5 2 0 1 2 1 1 . . . . . 5 6 5 9 0 1 1 9 2 3 5 5 6 7 6 7 0 . . . . . 2 6 6 1 3 -1 - 1 7 0 2 5 1 5 3 7 2 9 4 3 2 1 1 4 4 5 5 5 . . . . . 8 6 1 0 5 1951 J A u u l g y . . . .. . 2 23 3 , , 3 3 4 5 4 0 2 2 3 3 , , 5 5 3 2 6 8 -8 3 . . 0 8 2 3 4. .1 5 - - 3 3 2 1 4 6 6 6 . . 4 5 A J Ju a p n l r y . . - - - M S Ju e a p n r t e . . . . . -5 2 1 0 8 5 . . . 9 0 0 -1 -5 1 3 . . . 0 7 5 -1 - -3 2 8 . . . 9 4 8 2 1 0 2 . . 3 7 - - - 2 2 3 5 8 1 . . . 0 0 0 N S O e o c p t v . t . . . . . . . . . 2 2 2 3 3 3 , , , 3 3 3 4 3 3 2 7 9 2 2 23 3 3 , , , 5 5 5 0 2 2 4 1 5 -1 - - 2 4 6 . . . 8 4 9 3 ( (4 * 3 ) ) .3 s - - - 9 1 2 2 3 9 4 8 0 6 6 . . 8 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. 1345, 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. July-Sept.. . . -2.0 .4 4 Not yet available. * Gold held under earmark at the Federal Reserve Banks for foreign 1 2 I I n n c c l l u u d d e e s s s B a a le n k o f f o 1 r 1 4 In .3 t e m rn il a l t io io n n a d l o l S la e r t s t l o e f m g e o n l t d s . to Italy. u a ti c n o c d n o e s u r , n e a t, a m r i m o n u c a n l r u k te d d i i n s g t n o o g t o 5 l , i d 0 n 4 c h 9 lu e .8 d ld e d m f o i i l r n l i o t t h n h e e d a g o c o l c l l a d o r u s s n t t o o c n o k f N o in f o t v t e . h r e n 3 a 0 U t , i n o 1 i n t 9 a e 5 l d 2 i . S n t s G a t t i o e t l u s d - . »Includes sales of 185.3 million dollars of gold to China. 4 Includes sales of gold to Egypt as follows: 1950, 44.8 million NOTE.—For back figures and description of statistics, see Banking dollars; and 1951, 76.0 million. and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. 6 Includes sales of 45.0 million dollars of gold to Indonesia. DECEMBER 1952 1347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [End-of-month figures. In millions of dollars] 1952 1951 1952 1951 International Fund International Bank Oct. July Apr. Oct. Sept. June Mar, Sept. Gold 1,691 1,537 1,529 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1,293 1,319 1,283 1,322 United States 13 6 5 11 Unpa O id th b e a r lance of member sub t s .. criptions. 4 1 , , 3 3 9 5 0 4 4,4 8 2 6 0 9 4,4 8 6 7 0 1 4,4 8 0 69 9 Inves O tm th e er nt securities (U. S. Govt. obli- 1,035 937 940 944 Other assets 1 1 1 1 gations) 472 512 490 441 Member subscriptions 8,737 8,154 8,154 8,137 Calls on subscriptions to capital stock 2. . 4 4 4 4 Accumulated net income -7 -7 -7 -6 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 1,330 1,270 1,186 1,085 1952 1951 Other assets 15 14 14 13 Net currency purchased 1 Bonds outstanding 496 500 450 336 (Cumulative—millions of dollars) Liability on obligations sold under guar- Oct. Sept. Aug. Oct. antee 59 56 41 33 Loans—undisbursed 407 403 372 368 Other liabilities 7 7 5 4 Australian pounds 50.0 50.0 50.0 20.0 General reserve 63 58 55 46 Belgian francs 11.4 11.4 11.4 11.4 Special reserve 30 28 26 22 Brazilian cruzeiros 37.5 37.5 37.5 65.5 Capital2 1.807 1,691 1,691 1,688 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 Oct. 31, 1952, the Fund had sold 847.0 million U. S. dollars; Egyptian pounds -5.5 -5.5 -5.5 -5.5 in addition, the Fund sold to the Netherlands 1.5 million pounds French francs 125.0 125.0 125.0 125.0 sterling in May 1947 and 300 million Belgian francs in May 1948, sold Indian rupees 100.0 100.0 100.0 100.0 to Norway 200 million Belgian francs in June and July 1948, and sold Iranian rials 8.8 8.8 8.8 to Brazil 10 million pounds sterling in January 1951. Repurchases Netherlands guilders 48.1 48.1 48.1 75*4 amounted to 180.1 million dollars. Currencies the net transactions in Norwegian kroner 9.6 which amount to less than one million are reported under "All other." Turkish liras 10.0 10.0 10.0 5.0 2 Excludes uncalled portions of capital subscriptions, amounting to 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 -1.7 Total. 712.3 712.3 712.3 735.2 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fig p u o r u e n s d i s n s t m er i l ll i i n o g n ) s of Gold* a O ss t e h t e s r 2 N c a o o n i t d e n s a v c n o a D d n u i c s n a - e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' Pub D li e c posit E s CA Other t c i l O i e a a s p t b h i a i t e l a n i r - l d 1942—Dec 30. .2 950.0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 2 1,100.0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 2 1,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 2 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec. 28 4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Nov. 28 4 1,400.0 38.2 16.8 364.0 1,363.7 294.7 16.4 6 89.4 18.0 Dec. 26 4 1,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 6 89.8 18.1 1952—Jan. 30 .4 4 1,400.0 48.1 7.9 343.7 1,353.8 277.8 15.5 .5 87.5 18.3 Feb. 27 .4 1,400.0 34.9 17.7 344.2 1,367.0 283.0 11.8 .4 83.1 18.5 Mar. 26 .4 1,400.0 17.4 23.6 351.8 1,384.6 280.3 12.1 .5 81.3 18.5 Apr. 30 .4 4 1,450.0 41.9 27.4 306.1 1,410.0 273.0 10.7 .5 73.4 17.8 May 28 .4 1,450.0 39.7 11.9 319.6 1,412.2 270.0 10.1 .5 72.6 18.0 June 25 .4 4 1,500.0 59.8 21.2 309.6 1,442.1 275.7 10.6 13.6 72.5 18.1 Tuly 30 .4 4 1,550.0 36.8 21.6 319.7 1,515.1 262.0 10.4 18.2 69.2 18.3 Aug. 27 .4 4 1,500.0 43.0 7.2 324.4 1,459.0 252.4 16.0 23.0 64.8 18.4 Sept. 24 .4 1,500.0 57.8 5.2 333.5 ,444.1 275.7 11.1 24.2 67.0 18.5 Oct. 29 .4 1,500.0 57.7 9.3 324.8 1,444.2 271.6 13.5 22.2 66.7 17.8 1 On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 8 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 by 50 million on Aug. 27. For details on previous changes, see BULLETIN for February 1952, p. 212; February 1951, p. 238; February 1950, p. 254; April 1949, p. 450; and February 1948, p. 254. NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 1348 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n r a es d i i a n n m d i o ll l i l o a n rs s ) of Gold tn S d S t e ta U rl t i n e n s i g ted securities O as t s h e e t r s circ N u o la t t e ion2 lia O b a t i n h li d e ti r es dollars S te h r o m 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. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 ,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 1,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 1,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 1,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 1,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 1.229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Nov. 30. 128.8 1,137.8 1,043.1 79.2 ,407.2 633.8 66.0 92.5 189.5 Dec. 31. 117.8 1,141.8 1,049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952—Jan. 31. 85.4 1,095.4 1,042.6 82.7 ,375.6 629.2 92.8 54.9 153.4 Feb. 29. 70.3 1,058.1 1,027.7 88.2 ,374.4 616.7 88.5 52.1 112.5 Mar. 31. 60.1 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 ,411.8 645.7 14.3 41.7 1(59.0 May 31 . 78.3 1,203.6 824.6 73.8 ,417.4 579.4 21.9 44.6 117.1 Tune 30 . 43.8 1,251.3 817.8 76.1 ,441.8 578.0 26.8 48. 93.9 July 31 . 63.0 1,280.0 843.9 71.2 ,458.3 595.5 51.6 41.6 111.2 Aug. 29. 74.9 1,303.2 852.9 69.7 ,464.4 614.7 52.0 47.4 122.1 Sept. 30. 73.5 1,263.7 870.9 70.8 ,476.5 588.2 30.7 49.4 134.0 Oct. 31. 42.8 1,286.7 896.1 103.4 ,485.6 668.8 18.8 56.0 99.8 Liabilities m B i a ll n i ( o F k n i g s o u f o r e f F s r fr i a n a n n c c e s) Gold s F c o h e r a e x n i - g g e n Domestic bills G A o d v v e a r n n c m es e n t t o 6 a O ss t e h t e s r 6 ci N r ti c o o u t n l e a- Deposits 7 O li i a a t t n i b h e d i e s l r - Open Special Other Current Other Govern- ECA Other capital market ment 1939—Dec. 28.. 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 1 914 14751 2,925 1940—Dec. 26. 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 77,202 844,986 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1 517 75272 868,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 ?9,935 821,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 ,137 815,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 ,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 8?,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 ,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 ,560,561 70 15.058 161.720 24,234 1951—Nov. 29. 191,447 31,888 153,650 32,015 716,710 160,300 481,039 199,5451,779,556 19 1,869 157,228 27,922 Dec. 27. 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,8301,841,608 29 10,587 166,226 41,332 1952—Jan. 31. 191,447 20,857 233,879 31,456 757,085 166,500 481,039 184,064 ,866,693 57 7,157 156,405 36,015 Feb. 28. 191,447 15,607 245,014 29,280 850,733 174,400 481,039 126,412 ,880,832 96 3,699 198,702 30,601 Mar. 27. 191,447 11,336 272,294 29,239 841,006 169,300 479,982 113,099 ,861,681 22 15,783 188,767 41,448 Apr. 30. 191,447 13,634 273,149 22,984 799,004 171,100 500,982 139,747 ,925,615 84 341 156,326 29,679 May 29. 191,447 15,808 274,111 26,128 841,897 169,000 479,982 118,726 ,900,526 39 6,645 171,350 38,539 Tune 26. 191,447 16,991 254,301 21,871 831,044 168,000 479,982 110,501 ,885,929 36 730 143,900 43,541 July 31 . 191,447 20,077 258,560 11,779 835,599 167,800 479,982 184,957 ,984,549 55 816 121,411 43,369 Aug. 28 . 194,943 23,435 257,589 14,404 854,081 168,600 479,982 169,852 ,969,553 13 9,039 137,403 46,878 Sept. 25. 194,943 27,613 270,264 31,784 812,416 166.300 479,982 171,274 ,962,270 83 539 129.755 61,930 Oct. 30. 194,943 28,815 283,717 48,089 872,793 171,100 479,982 '161,989 2,024,943 25 8,392 158,275 49,792 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 6 For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 6 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8 Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941, 64,580; 1942, 16,857; 1943. 10,724. 9 Includes advance to Stabilization Fund, amounting to 37.8 billion francs on Oct. 30. 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. DECEMBER 1952 1349 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) Oct. Sept. Au, Oct. date of month) Oct. Sept. Aug. Oct. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia— Cont. O Go th ld e r r g e o p l o d r t a e n d d s f e o p r a e r i a g t n e l e y xchange. 81 8 4 5 81 \ 4 81 1 4 7 1,3 8 3 2 6 9 L G o o a v n e s r n a m nd e n d t is lo c a o n u s n t a s nd securities 3 1 7 6 9 9 , , 4 j 98 3 1 7 6 6 1 , , 2 9 6 1 6 4 3 1 5 6 4 0 , , 3 7 0 5 3 8 2 1 9 5 1 1 , , 2 0 6 7 2 0 Government securities 2,125 2 ,13. 2,126 2,052 Other assets 85.089 86,854 87,116 101,846 Rediscounts and loans to banks.. 46,821 46,271 45,770 40,646 Note circulation 513,298507,131503,458 414,863 Other assets 210 251 257 292 Deposits 328,72 324,054 302,59. 275,015 Currency circulation 18,254 17,970 17,818 15,51 Other liabilities and capital.... 67,926 68,177 63,587 63,424 Deposits—Nationalized 27,693 27,39: 27,246 26,059 Central Bank of Costa Rica Other sight obligations 834 840 783 764 (thousands of colones): Other liabilities and capital 3,274 3,223 3,139 2,820 Gold 11,511 11 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 62,728 72 80,896 16,917 tralia (thousands of pounds): Net claim on Int'l. Fund 4 7,031 7 7,031 7,031 Gold and foreign exchange 309,175 298,643300,099 585,757 Loans and discounts 86,003 77 69,244 97,158 Checks and bills of other banks. 6,151 5,374 4,587 4,868 Securities 7,349 7. 7,435 8,182 Securities (incl. Government and Other assets 24,919 24, 24,826 23,652 Treasury bills) 439,997462,950453,301 433,319 Note circulation 117,999116. 115,371 103,248 Other assets 43,171 48,68. 61,180 84,565 Demand deposits 60,639 64 66,276 42,494 Note circulation 313,168310,418306,668 286,971 Other liabilities and capital 20,903 19, 19,296 18,709 Deposits of Trading Banks: National Bank of Cuba Special 157,595 184,445 191,220 508,570 (thousands of pesos): Other 39,419 37,574 36,536 25,348 Gold 279,998293,998 310,564 Other liabilities and capital 288,314 283,215284,743 287,621 Foreign exchange (net) 65,149 79,118 64,856 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 157,245 164,410 117,105 Gold 98 98 98 51 Silver 36,623 34,988 42,242 Foreign exchange 1,570 1,363 1,209 403 Net claim on Int'l. Fund 4 12,511 12,511 12,511 Loans and discounts 7,124 7,103 7,20' 5,650 Loans and discounts 36,374 16,006 4,692 Claim against Government 2,341 2,529 2,762 3,528 Credits to Government 30,673 22,675 10,217 Other assets 51 38 40 36 Other assets 36,872 31,402 28,127 Note circulation 8,583 8,528 8,686 7,326 Note circulation 421,601417,510 367,405 Deposits—Banks 298 22 255 211 Deposits 223,878228,611 215,252 Other 498 485 479 800 Other liabilities and capital 9,966 8,986 7,658 Blocked 1,804 1,891 1,896 1,330 National Bank of Czechoslovakia * National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold i 35,674 35,897 36,760 31,029 Gold 69 69 69 69 Foreign claims and balances (net) 17,323 16,823 16,800 16,493 Foreign exchange 567 603 510 459 Loans and discounts 4,113 4,252 5,678 7,248 Contributions to Int'l. Bank. . . . 8 Consolidated Government debt.. 34,763 34,763 34,763 34,860 Loans and discounts ' 81 ' '85" "86 134 Government securities 9,701 9,131 8,261 7,15 Securities 441 441 437 141 Other assets 4,087 4,013 3,859 3,451 Govt. compensation account.... 3,495 ,513 3,517 3,903 Note circulation 95,194 94,411 95,465 92,51 Other assets 245 242 241 590 Deposits—Demand 1,770 1,433 1,326 2,036 Note circulation 1,790 ,681 1,643 1,661 ECA 1,350 1,358 1,394 1,03' Deposits—Government 1,493 ,497 1,500 1,806 Other liabilities and capital 7,347 7,676 7,936 4,65: Other 1,445 ,610 1,551 1,657 Ce t n ar t y r a d l ep B t a . n (m k il o li f o n B s o o l f i v b i o a l — iv M ian o o n s e ) - : (June)1 len O tr t a h i e B r a li n a k b il o i f ti e t s h e a n D d o c m ap i i n ta i l can 171 166 166 183 Gold at home and abroad a 1,370 1,370 Republic (thousands of dollars): Foreign exchange (net) 1,056 635 Gold 12,076 12,071 12,066 12,066 Loans and discounts 1,510 1,018 Foreign exchange (net) 19,259 21,573 21,785 15,119 Government securities 1,830 1,856 Net claim on Int'l. Fund * 1,250 1,250 1,250 1,250 Other assets 333 10' Paid-in capital—Int'l. Bank 42 42 42 40 Note circulation 4,438 3,853 Loans and discounts 457 181 206 444 Deposits 943 495 Government securities 8,395 8,395 8,395 6,217 Other liabilities and capital 719 639 Other assets 827 632 618 995 Central Bank of Ceylon (thousands Note circulation 31,619 32,425 32,996 25,957 of rupees): Demand deposits 9,267 10,327 9,998 9,343 Foreign exchange 444,164 464,220503,453 684,347 Other liabilities and capital 1,419 1,393 1,369 833 Advances to Government 3 61,000 72,000 13,972 Central Bank of Ecuador Government securities 60,801 57,888 49', 792 3,252 (thousands of sucres): Other assets 5,897 4,950 3,781 2,407 Gold « 338,322 ,067337,608 335,578 Ce o n f t O G F D N C D p r o u o a e t e e i h r s s l l p t r e d c e r o o i c e o r s g s B l n u ) a n i l : c a t n i i s a m y n t e — b s x k i i o c f n l B G i o h n t o a c r i o a e i n I f n v m r s n k g e c t s e e a C r u ' n m l n l . h a ( m d b n t F i i l e e e c o u e r n t a n n ) t p d b ( i m a t * a n i l l k li s o . n . s .. 3 1 3 8 4 2 8 6 0 6 1 , , , , , , 2 2 0 8 1 9 0 1 2 3 7 0 1 1 2 5 1 5 8 1 0 0 6 4 3 1 3 9 6 2 5 7 2 1 3 , , , , , , 2 4 7 2 7 1 3 2 9 1 6 0 8 0 5 1 0 3 4 1 9 6 8 3 1 3 9 2 2 3 5 1 3 3 , , , , , , 2 1 6 9 6 6 2 1 0 8 9 8 7 8 2 0 9 7 1 3 1 1 1 1 4 1 r4 6 1 7 9 9 1 1 0 4 , , , , , , 5 1 2 7 8 2 3 1 0 0 3 0 8 4 4 0 2 5 4 7 9 8 4 7 Nati O N O N C D F o o n r t t o e e h h e r a t m t e d e e e l i c r r a i g t l c n a s n l a B i d i — i r s a m c a s e b d u e x n G O i e t l o k c l s a t o i p h n h t t v o i i a e e o e o I s n r s n n r i f g t n t a e s ' m — l n E . ( d e n g F O P n e c y u t r t t a i h p n ) v p 8 t e d a i r t t * e a ( . l t . h . b o . . a u . . n - ks 2 1 ! 1 6 5 2 7 7 1 O 6 2 3 8 8 9 8 8 5 9 9 , , , , , , , , , 5 7 4 1 9 7 8 0 7 8 2 1 5 1 5 7 0 9 6 3 2 6 0 7 2 5 6 209 , , , , , , , , , 5 6 9 1 3 8 7 5 0 7 0 5 9 4 4 5 8 3 5 5 8 2 0 4 7 7 9 2 2 5 2 1 1 1 1 3 6 3 2 6 5 5 1 4 2 4 9 8 7 9 3 8 5 , , , , , , , , , 7 7 6 1 0 4 7 3 4 9 2 0 9 8 5 0 2 6 3 7 7 9 8 7 4 5 0 4 2 2 1 1 1 1 8 0 6 8 1 9 3 1 7 9 5 6 0 5 0 5 5 8 , , , , , , , , , 1 4 9 9 1 5 9 3 7 9 8 6 0 2 5 3 4 5 1 7 5 7 9 4 8 8 8 O O L N D o t t e o h h a p te e e n o r r s s c i l a t i t o o r s s c a s — u G e n t l s B s o a t a v a i n e o n d r n k n d m is e c n o t unts 1 9 2 2 1 , , , , 7 6 8 6 0 5 6 1 6 0 4 7 9 8 3 1 9 2 2 1 , , , , 3 6 3 6 1 1 6 4 8 5 5 8 9 8 4 1 9 2 2 0 , , , , 5 0 3 5 6 2 2 4 1 6 2 6 5 9 5 3 8 5 1 , , , , 1 8 6 0 6 1 6 7 9 7 7 7 8 8 4 san F F G d o o o s G r r l e e o d o i i g g f ' v n n e p r o e a n u x n m n c d e h d n a s E t n ) g : g s y e e p c t u ia ri n ties 1 6 1 8 0 2 6 , , , 5 0 2 5 1 6 3 3 92 6 7 1 0 8 3 , , , 5 5 7 5 1 8 3 3 6 2 6 7 1 0 6 3 , , , 5 4 8 5 2 8 3 9 2 3 3 2 6 7 9 0 , , , 4 5 2 5 0 3 2 9 8 Other 328 306 498 408 Loans and discounts 20,899 15,665 14,320 8,728 Other liabilities and capital 2,726 2,667 2,571 2,354 Advances to Government 2,555 5,310 3,664 Bank of the Republic of Colombia Other assets 3,096 2,840 3,087 ''3,670 (thousands of pesos): Note circulation 88,578181,407175,519 184,121 Gold and foreign exchange 249,695 !48,547241,685 177,636 Deposits—Government 67,779 54,177 48,076 96,690 Net claim on Int'l. Fund * 24,371 24,371 24,371 24,369 Other 05,889 118,100126,132 134,666 Paid-in capital—Int'l. Bank 1,414 1,411 1,407 7,118 Other liabilities and capital 23,139 22,982 22,207 24,120 * Latest month available. r Revised. 1 On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc. 2 It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar. 3 Includes special loan under Bretton Woods Agreements Act. 4 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 5 For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 6 In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. 1 Beginning April 1951, gold previously held in Issue Department revalued from 7.4375 grams of fine gold ttoo 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. 1350 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1952 1951 Central Bank 1952 1951 (Figures as of last report (Figures as of last report date of month) Oct. Sept. Aug. Oct. date of month) Oct. Sept. Aug. Oct. Central Reserve Bank of El Salva- Bank of Italy (billions of lire): dor (thousands of colones): Gold 4 4 4 4 Gold 73,613 73,685 73,753 64,411 Foreign exchange 37 39 39 35 Foreign exchange (net) 20,312 26,999 35 ,735 43,047 Advances to Treasury 590 590 590 590 Net claim on Int'l. Fund 1 1 ,566 1 ,566 1 ,566 1,565 Loans and discounts 274 259 259 250 Loans and discounts 30,072 25,388 18,643 14,159 Government securities 227 217 211 187 Government debt and securities.. 6,595 6,336 6,344 5,578 Other assets 787 808 823 737 Other assets 1,379 1 ,427 1,393 1,657 Note circulation ,278 1,285 1,268 1,154 Note circulation 78,507 78,852 81,019 72,653 Allied military notes 2 Deposits 47,595 49,048 49,146 50,804 Deposits—Government 66 61 " 103 157 Other liabilities and capital 7,435 7,501 7,268 6,961 Demand 50 54 56 95 State Bank of Ethiopia 2 Other 417 414 401 317 Bank of Finland (millions of mark- Other liabilities and capital 107 102 100 77 kaa): Bank of Japan (millions of yen): Gold 5,865 5,865 5,865 5,420 Bullion 448 ^501 Foreign assets (net) 9,218 10,551 12,577 16,033 Advances to Government 38,390 41,243 Clearings (net) 3,243 1,672 2,048 846 Loans and discounts 351,904 378,830 S L e o c a u n r s i t a ie n s d discounts 38 1,172 39 1 , , 2 1 7 8 1 9 38 1 , , 2 1 8 4 3 5 28,8 9 5 4 9 0 O G t o h v e e r r n a m ss e e n ts t securities 1 1 3 0 1 6 , , 5 3 8 5 5 0 ' 8 •5 2 0 , , 3 9 7 9 3 9 Other assets 1,966 1,907 1,888 4,478 Note circulation 464,224 425,900 Note circulation 42,440 43,768 45,193 42,014 Deposits—Government 78,635 77,894 Deposits 2,703 1,793 2,355 1,223 Other 43,993 22,933 Other liabilities and capital 15,218 14,893 14,258 13,340 Other liabilities 41,823 27,220 Bank of German States The Java Bank (millions of rupiah): (m D O L L N F G il o o o e t l o o i h r a p a l o t e d e e n n o n i r s s s g s c i n a a i t t o r o s s n c e s f — d u e x G G t l c G O B s d a o h e t i v o a t a r i s h e o n m v n c e r n k e o g r n a s r e u n m n n m e t m s n e a t n r t ks): 1 4 2 1 7 0 1 , , , , , 6 , 2 2 8 4 2 8 5 7 7 5 0 6 8 1 6 8 5 1 7 2 8 8 2 7 4 8 1 3 2 0 7 1 1 , , , , , , 9 1 4 8 2 8 9 9 8 5 3 2 9 8 2 5 8 2 3 7 2 1 0 3 4 5 0 1 3 2 8 2 1 0 , , , , , , 3 4 2 1 6 8 0 7 7 8 5 4 7 6 3 0 3 5 1 9 0 9 9 8 9 7 0 3 8 2 8 2 1 1 , , , , , , , 9 7 9 4 3 3 9 3 8 8 1 3 6 4 9 4 1 9 5 3 4 8 5 2 4 O N O F A D L G o o t t d o 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 i n c a l i a t i r e s s a n c e s s — b u d e x i t t l c l E O s o a d i h t t C i t i a i s G e h o A n c s e n o g o r v e a u e n n r ( t d n n s m c e a t e ) p n i t tal. . . . 3 3 1 1 , , , , 6 6 3 4 2 6 0 7 1 9 0 2 9 2 6 6 5 4 0 6 2 5 7 3 0 3 0 3 3 1 1 , , , , 2 6 4 4 6 6 2 0 7 9 4 8 9 2 8 0 6 1 1 1 6 2 5 9 5 2 3 3 3 1 1 , , , , 7 4 6 9 5 4 0 5 1 6 9 1 8 6 5 8 3 6 6 3 4 3 7 3 9 9 0 2 1 1 , , , 5 8 6 9 0 4 7 7 3 2 3 6 0 1 7 6 2 8 8 7 0 4 8 8 Bank O t o h f e r G li r a e b e i c li e t ie ( s b i a ll n io d n c s a p o i f t al drach- 1,998 1 ,914 1 ,847 2 ,608Bank M o o f n e M ta e ry x ic re o s e ( r m v i e l l 5 ions of pesos): 1,079 1,099 1,076 ma O G A N L e o ) t o d o : h a l v t d e e n a r s n a c a c i a n r s e n d c s s u d e — f t l o s d a r O G t i e i s i t o o c g h n v o n e e u r r e n n x t m s ch e a n n t ge (net) . 3 2 8 1 1 , , , , , 6 4 2 9 6 1 0 1 0 6 2 3 3 6 2 9 2 8 3 2 8 1 1 , , , , , 3 2 9 5 1 6 1 4 1 0 4 4 9 6 5 0 9 3 3 2 8 1 1 , , , , , 2 8 1 5 1 7 9 0 8 8 2 9 1 1 9 2 7 7 3 2 2 7 1 , , , , , 5 2 0 3 1 0 9 0 0 6 9 4 1 9 8 5 4 8 O O D N " B A i t t e o l r h h m u l t i s e e e t t i r r a h e a c n o s l a n i d i , r r s a d i c s e b z l u e d t i i e l t a c l i s a d i s b t t " c i i i e l o o i s n u t h i n o e a s t l n s d d in c g a s p i o ta f l secu- 3 2 1 , , , 4 4 1 9 3 2 9 3 1 0 2 7 5 2 9 5 2 2 3 2 1 , , , 0 4 4 3 3 9 5 7 7 4 9 0 9 7 2 3 5 8 3 2 1 , , , 3 4 0 8 5 2 1 7 0 8 6 4 6 4 5 3 6 0 , , , 4 4 5 6 9 9 8 6 1 2 9 6 2 3 8 2 7 6 Deposits—Government 858 812 824 917 Netherlands Bank (millions of Reconstruction and guilders): relief accts 7,336 6,852 6,902 5,359 Gold' 1,235 1,235 1,222 ,182 Other 2,092 2,005 1,965 2,244 Silver (including subsidiary coin) 14 14 14 19 Other liabilities and capital 3,233 3,611 3,732 3,881 Foreign assets (net) 2,098 1,984 1,694 267 Bank of Guatemala (thousands of Loans and discounts 37 40 38 367 quetzales): Govt. debt and securities 1,495 1,538 1,755 ,187 Gold 27,228 27,228 27.228 27,228 Other assets 629 645 609 637 Foreign exchange (net) 11,452 10,747 11,119 6,227 Note circulation—Old 41 41 42 46 Gold contribution to Int'l. Fund . 1,250 1,250 1,250 1,250 New. . 2,946 2,988 2,913 ,841 Rediscounts and advances 8,073 8,491 7,595 7,749 Deposits—Government 800 753 761 1 Other assets 19,449 19,390 18,528 18,365 ECA 1,129 1,129 1,062 ,745 Circulation—Notes 40,486 39,634 39,695 36,672 Other 375 330 347 493 Coin 3,369 3 ,340 3,326 3,292 Other liabilities and capital 219 214 207 533 Deposits—Government 2,676 3,712 3,761 1 ,752Reserve Bank of New Zealand Banks 7,729 7,819 7,284 8,374 (thousands of pounds): Other liabilities and capital 13,193 12,601 11,653 10,728 Gold 6,008 5,996 5,418 National Bank of Hungary 3 Foreign exchange reserve 20,163 23,156 59,361 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 55,454 52,717 51,373 Gold at home and abroad 400 400 400 Investments 40,182 36,182 36,132 Foreign securities 5,382 5,382 5,982 Other assets 1,518 1,256 3,778 Indian Govt. securities 4,611 4,646 4,681 Note circulation 59,331 59,568 61,298 Rupee coin 830 818 690 Demand deposits 62,705 58,565 94,166 Note circulation 10,875 10,858 11,283 Other liabilities and capital.... 7,307 7,192 6,618 Banking department: Bank of Norway (millions of kroner): Notes of issue department.... 347 389 470 Gold 242 242 242 242 Balances abroad 1,515 1 ,411 1,981 Foreign assets (net) 493 469 444 324 Bills discounted 15 14 70 Clearing accounts (net) 64 50 52 -10 Loans to Government 33 33 50 Loans and discounts 41 43 46 41 Other assets 1,027 1 ,031 1 ,186 Securities 45 45 45 46 Deposits 2,690 2,635 3,523 Occupation account (net) 5,546 5,546 5,546 6,202 Other liabilities and capital. . 248 243 235 Other assets 71 69 60 165 Central Bank of Ireland (thousands Note circulation. . 2,747 2,751 2,761 2,488 of pounds): Deposits—Government 2,128 2,123 1,946 1,727 Gold 2 ,646 2,646 2,646 2,646 Banks 774 723 902 1,132 Sterling funds 59,383 57,627 55,772 53,189 ECA—MSA 299 289 271 836 Note circulation 62,029 60,273 58,418 55,835 Other liabilities and capital . . . 553 579 555 828 r Revised. 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund, Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 For last available report (July 1950), see BULLETIN for December 1950, p. 1699. 3 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 4 Gold revalued on Jan. 18, 1950, from .334987 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. DECEMBER 1952 1351 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank Central Bank 1952 1951 (Figures as of last report (Figures as of last report date of month) Oct. Sept. Au Oct. date of month) Oct. Sept. Aug. Oct. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets ,778 27,699 26,930 24,840 Issue department: Note circulation ,464 36,646 35,793 33,897 Gold at home and abroad... 81 81 81 44 Deposits—Government ,190 1,518 1,434 178 Sterling securities 437 482 573 901 Other ,219 3,036 2,892 3,085 Pakistan Goyt. securities. . 945 900 809 663 Other liabilities and capital ,083 23,941 23,039 21,591 Govt. of India securities. .. 126 126 126 128Bank of Sweden (millions of kronor): India currency 300 300 300 300 Gold 418 444 445 295 Rupee coin 70 71 73 33 Foreign assets (net) ,309 1,315 1,334 1,353 Notes in circulation 1,914 ,875 ,041 Net claim on Int'l. Fund * 129 88 88 88 Banking department: Paid-in capital—Int'l. Bank 11 11 11 10 Notes of issue department. . 48 85 75 29 Swedish Govt. securities and ad- Balances abroad 604 vances to National Debt Office1 ,552 2,477 2,562 3,054 Bills discounted 46 99 Other domestic bills and advances 309 306 302 238 Loans to Government 157 1 2 1 Other assets 724 747 728 542 Other assets 494 455 473 287 Note circulation ,292 4,158 4,121 3,755 Deposits 594 433 495 905 Demand deposits—Government.. 287 500 284 529 Other liabilities and capital.. 106 111 102 114 Other 225 96 432 673 Central'Bank of Paraguay 1 Other liabilities and capital 647 634 632 623 (thousands of guaranies): Swiss National Bank (millions of Gold 146 ,169 francs): Foreign exchange (net) 677 ,260 Gold ,805 5,799 ,798 5,986 Net claim on Int'l. Fund 2 11 11 Foreign exchange 443 418 375 194 Paid-in capital—Int'l. Bank 075 -1,075 Loans and discounts 227 231 231 214 Loans and discounts 676 ,676 Other assets 87 77 75 79 Government loans and securities. 324 142 317,197 Note circulation ,797 4,747 ,677 4,590 Other assets 200 935 ,285 Other sight liabilities ,560 1,577 ,602 1,684 Note and coin issue 345,906 ,898 Other liabilities and capital 203 200 199 199 Deposits—Government 70 ,214 Central Bank of the Republic of Other 128, ,500 Turkey (millions of pounds): Other liabilities and capital 112. ,911 Gold 402 409 419 420 Central Reserve Bank of Peru Foreign exchange and foreign (millions of soles): clearings 104 100 85 132 Gold and foreign exchange 3..... 573 510 Loans and discounts ,794 1,756 1,713 1,431 Net claim on Int'l. Fund 2 67 21 Securities 27 27 27 15 Contribution to Int'l. Bank 2 2 Other assets 106 102 132 72 Loans and discounts to banks. . . 317 312 Note circulation ,262 1,238 1,268 1,128 Loans to Government 848 702 Deposits—Gold 153 153 153 153 Other assets 215 179 Other 814 769 769 617 Note circulation ,333 ,182 Other liabilities and capital 203 232 187 172 Deposits 392 307 Bank of the Republic of Uruguay Other liabilities and capital 297 235 (thousands of pesos): Central Bank of the Philippines Gold 321,119 368,336 (thousands of pesos): Silver 9,487 9,677 Gold 18,294 17,958 17622 12,342 Paid-in capital—Int'l. Bank 314 318 Foreign exchange 454,626 458,189 455 214 498,049 Advances to State and Govern- 154,595 116,886 Net claim on Int'l. Fund 2 29,504 29 504 29 504 ment bodies 360,328 321,657 Loans 48,195 48 055 47 171 Other loans and discounts 458,074 384,054 Domestic securities 231,882231 824 230,846 Other assets 370,950 352,914 Other assets 150,353157 770 205,828 Note circulation 88,240 83,004 Note circulation 530,688527 495 580 017 Deposits—Government 309,871 310,159 Demand deposits 266,976274 126 244 705 Other 534,855 454,851 Other liabilities and capital 135,188140 368 199,018 Other liabilities and capital Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 430 168 Gold ,141 1,141 1,141 1,141 Foreign exchange (net) 522 271 Foreign exchange (net) 189 228 113 -103 Loans and discounts 778 701 Other assets 76 85 71 127 Advances to Government 422 251 Note circulation 866 855 854 759 Other assets 605 677 Deposits 274 290 245 216 Note circulation 035 807 Other liabilities and capital 266 310 226 190 Demand deposits—Government.. 441 106Bank for International Settle- ECA 29 42 ments (thousands of Swiss gold Other 118 802 francs): Other liabilities and capital 134 310 Gold in bars 571 835560,242555,444 404,550 South African Reserve Bank Cash on hand and with banks. .. 51 2 79 47,168 72,406 35,863 (thousands of pounds): Sight funds at interest 11 049 10,334 10,338 10,569 Gold4 ,453 ,959 Rediscountable bills and accept- Foreign bills ,582 ,290 ances (at cost) 280 352260,537219,057 173,302 Other bills and loans ,494 ,519 Time funds at interest 89,045 72,195 43,506 35,485 Other assets ,914 ,847 Sundry bills and investments.... 260.588 197,053205,734 262,542 Note circulation ,027 ,472 Funds invested in Germany 297,201297,201297,201 297,201 Deposits ,424 ,548 Other assets 1382 1,458 1,409 1,886 Other liabilities and capital ,993 ,596 Demand deposits (gold) 414: 797401,662377,426 217,181 Bank of Spain (millions of pesetas): Short-term deposits: Gold 559 558 558 550 Central banks—Own account.. 607 334503,421478,654 412,754 Silver 374 374 374 378 Other 40.247 41,426 50,108 96,478 Government loans and securities. 15,670 15, ,902 Long-term deposits: Special 228 909228,909 228,909 228,909 Other loans and discounts 21,576 ,081 Other liabilities and capital 271.443270,769269,998 266,076 * Latest month available. xThe 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. 6 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. 1352 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fec 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 la w e n r i - d tz- ba C n e k n tr o a f— l R O 3 a c 1 t t e . eff D ec a t t i e ve ba C n e k n tr o a f— l R O 3 a c 1 t t e . eff D ec a t t i e ve In effect Dec. 31, Argentina Mar. 1, 1936 Italy 4 Apr. 6, 1950 1945 2 Austria 6 July 3, 1952 Japan 5.84 Oct. 1, 1951 Nov. 7, 1946. . Belgium 3M Sept. 13, 1951 Java 3 Apr. 1, 1946 Dec 19 3 3 Bolivia Sept. 30, 1950 Mexico June 4, 1942 Jan. 10, 1947. . 6 &2M Aug. 27 Oct. 9 2H&3 Canada h Oct. 17, 1950 Netherlands.. 3 Aug. 1, 1952 June 28 1948 1 5 Chile June 13, 1935 New Zealand. July 26, 1941 Sept. 6 Colombia July 18, 1933 Norway Jan. 9, 1946 Oct 1 3 Costa Rica Feb. 1, 1950 Pakistan.... 3 2 July 1, 1948 May 27, 1949. . 4 July 14 14 Oct. 6 June 8, 1950 2)4 Denmark 5 Nov. 2, 1950 Peru 6 Nov. 13, 1947 Sept. 11 . ... Ecuador 10 May 13, 1948 Portugal.... Jan. 12, 1944 Sept 26 3 Egypt July 5, 1952 South Africa. 4 Mar. 27, 1952 Oct. 27 1 6 El Salvador... 32 Mar. 22, 1950 Spain 4 Mar. 18, 1949 Dec. 1 3 Apr 17 1951. 4 July 5 3}/ Sept. 13 Finland 5M Dec. 16, 1951 Sweden 3 Dec. 1, 1950 Oct. 11 3 France Nov. 9, 1951 Switzerland.. 1H Nov. 26, 1936 Nov. 8 2H Germany Aug. 21, 1952 Turkey Feb. 26, 1951 Nov. 9 4 Greece 12 July 12, 1948 United King- 3 Jan 22 1952 3 V India Nov. 15, 1951 dom 4 Mar. 12, 1952 Mar. 12 4 Ireland Mar. 25, 1952 USSR 4 July 1, 1936 May 29 z15 Aug 1 3 1 Rate established for the Land Central banks. Aug. 21 In effect Oct. 31, NOTE.—Changes since Oct. 31: None. 1952 4 4 3M 3 3 IK OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden S l w an it d zer- Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1942—September .53 1.03 1.00 1.05 .50 1.66 1.25 1943—September .46 1.03 1.00 1.07 .50 1.61 1.25 1944—September .38 1.03 01 1.13 .50 1.73 1.25 1945—'September .36 1.03 1.00 1.13 .50 1.41 1.72 1.08 1.25 1946—September .40 .53 .51 .63 .50 1.32 30 1.00 1.25 1947—September .41 .53 .51 .63 .50 1.44 08 .75 1.25 1948—September .41 .56 .51 .63 .50 2.84 .10 .84 1.63 1949—September .51 .69 .52 .63 .50 P2.03 .15 1.01 1.50 1950—September .62 .69 .52 .63 .50 2.22 .33 .91 1.50 1951—September 1.00 .51 .63 .50 2.56 .24 1.00 1.50 1951—October... .93 1.00 .51 .63 .50 2.78 .16 1.00 November .92 1.38 .84 .92 .69 3.27 . 17 1.00 December. .89 1.50 .98 1.00 .75 3.50 .21 1.00 1952—January. . .89 1.50 .97 1.00 .75 3.50 .18 1.00 1.50 February. .91 1.50 .99 1.00 .75 3.93 .17 1.00 1.50 March.... .94 2.48 2.01 1.82 57 3.95 .38 1.00 1.50 April .98 3.00 2.35 2.25 00 3.88 .40 1.00 1.50 May 1.02 3.00 2.37 2.25 00 3.84 .25 .90 1.50 June 1.08 3.00 2.43 2.25 00 3.66 .20 .75 1.50 July 1.11 3.00 2.46 2.25 00 3.84 .05 .75 1.50 August. . . 1.10 3.00 2.46 2.25 00 3.77 .85 .58 1.50 September 1.14 3.00 2.49 2.25 2.00 4.00 .85 .62 1.50 P Preliminary. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. 1353 DECEMBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom > ( b 11 a n L k o s. n do F n ig c u l r e e a s r i i n n g Cash M ca o ll n e a y n d at Bills dis- Treasury Loans to Other Deposits lia O b t i h li e t r ies millio s n te s r o li f n g p ) ounds reserves n s o h t o i r c t e counted receipts * customers assets Total Demand Time ca a p n i d tal 1945—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 194g—December 502 485 741 1,397 ,478 1,396 621 6.20C 4,159 2,041 420 1949—December 532 571 1,109 793 ,512 1.534 579 6,202 4,161 2,041 427 1950—December 540 592 1,408 456 ,528 1,660 735 6,365 4,262 2,106 550 1951—November 517 562 901 108 ,033 1,935 787 6,185 4,118 2,071 654 December .. . 531 598 972 102 ,965 1,950 867 6,333 4,290 2,042 651 1952—January 521 605 965 66 ,954 1,928 824 6,204 4,173 2,031 659 February 492 526 856 15 ,944 11,945 804 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 May 491 518 936 ,932 1,901 713 5,903 3,840 2,063 587 June 504 537 1,064 ,917 1,875 726 6,064 3,909 2,155 559 Tulv 501 535 1,139 ,917 1,834 696 6,063 3,903 2,159 558 August 510 516 1,239 ,918 L .765 638 6,048 3,878 2,170 537 503 530 1 295 921 1,758 662 6 12(5 3,910 2,216 543 October 498 500 1,122 2,142 1,759 676 6,167 3,948 2,219 530 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 l n i n o t d n h o s l f l o a i f g r u s r ) es Cash Security lo O an t s h e a r nd d a f a u n o b e d r r e f o i r n g a o n d e m t Securities O as t s h e e t r s ci N r ti c o o u t n l e a- Total Demand Time li c a a b a p i n l i i d t t a ie l s reserves loans discounts banks 1946—December 753 136 1,507 132 4,232 1.039 21 6,252 2,783 3,469 1.525 1947—December 731 105 1,999 106 3,874 1,159 18 6,412 2,671 3,740 1,544 194g—December 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 11,537 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 11,667 1951—October 835 111 3,034 182 3,876 ,403 8 7,752 3,177 4,575 1,688 November 843 96 3,123 166 ,894 1,423 7,829 3,213 4,616 1,715 907 107 3,028 227 3,876 1,464 7,89* 3,284 4,612 1,714 (•) 1952—January 869 107 2,955 183 3,927 1,303 7,705 3,066 4,639 1,637 February 809 95 2,918 231 4,003 1,353 («) 7,761 3,076 4,685 1,648 March 880 97 2,949 202 4,095 1,390 3 7,975 3,231 4,748 1,634 April 897 140 2,960 236 4,068 1,370 () 7,987 3,230 4,757 1,685 May 785 132 3,012 255 4,100 1,350 (*3) 7,975> 3,210 4,769 1,655 June 813 138 3,048 328 4,067 .453 () 8.12C) 3,328 4,792 1,727 July 847 145 3,053 279 4,134 1,278 8,075) 3,243 4,836 1,658 August 828 147 3,048 260 4,139 1,306 8,07 = 3,205 4,870 .652 September 843 135 3,093 250 4,202 1,383 m 8,191 3,290 4,901 1,716 Assets Liabilities France (4 o f l a m rg o e n t b h a f n ig k u s. r es E in nd Cash Due from Bills dis- Other Deposits Own lia O b t i h li e t r ies 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 55? 221 54.5.538 6,683 30,638 12,691 1949—December 40,937 42,311 426.69C) 129,501 29,843 627,266 619.204 8,062 26,355 15,662 1950—December 48,131 52,933 527,523 135,289 31,614 749,928 711.310 18,618 28,248 17,316 1951—September 52,015 64,414 540,98* 167,362 52,138 805,610 78'5,881 21,729 30,952 40,353 October 48,996 79,337 520,457 173,530 59,099 799,918 77'r,973 21,946 35,382 46,120 November . • 47,980 81,460 506,061 179,933 61,658 793,078 7611.657 24,422 35,372 48 641 December 60,215 72,559 627,648 165,696 38,114 906,911 879-767 27,145 33,774 23,547 53,133 75,407 534,792 189,098 36,548 831,691 801,854 29,837 30,433 26,854 50,662 73,868 538,245 183,504 38,310 877,946 79C>,396 31,551 30,414 26,227 March 48,669 75,148 555,883 174,048 40,219 834,482 801> 481 32,002 28,953 30 531 April 45,646 72,947 556,151 180,550 41,474 831,729 800.944 30,786 28,482 36,556 May 48,832 75,533 618,19C) 172,693 43,093 891,422 861 ,703 29,719 27,025 39,893 June 50,436 72,818 554,963 193,942 44,463 848,354 81<),030 29,324 25,529 42,738 July 45,999 70,090 560,877 196,665 45,990 846 689 81'7.569 29,120 23,811 49,121 August 46,383 69,715 624,62;? 177,289 43,318 890 582 860,668 29,915 19,221 51,525 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. s Less than $500,000. NOTE.—For details concerning data in earlier years, see BULLETIN for February 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 1354 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency Argentina Belgium Brazil Canada Year or month Basic P ( e p r n e e t f s i e a o r l ) - Free (p t A r o a u u l s n i - a d) (franc n ) "B ot a e n s k " Offic ( ia c l ruzeiro F ) ree M B (d r s o a i i l t l a l a i 1 a s y r h ) - Officia ( l dollar) Free account 1946.. 29.773 321.34 2.2829 6.0602 95.198 93.288 1947.. 29.773 321.00 2.2817 5.4403 100.000 91.999 1948.. 29.773 321.22 2.2816 5.4406 100.000 91.691 1949.. 29.774 293.80 2.2009 2.1407 5.4406 42.973 97.491 92.881 1950.. 26.571 13.333 8.289 223.15 1.9908 1.9722 5.4406 32.788 90.909 91.474 1951.. 20.000 13.333 7.067 223.07 1.9859 M.9622 5.4406 32.849 94.939 195 I—December. 20.000 13.333 6.986 222.61 1.9838 5.4406 32.830 97.410 1952—January... 20.000 13.333 6.979 221.92 1.9838 5.4406 32.691 99.490 February.. 20.000 13.333 7.115 222.00 1.9838 5.4406 32.662 99.869 March.... 20.000 13.333 7.172 223.03 1.9838 5.4406 32.783 100.375 April 20.000 13.333 7.164 224.10 1.9838 5.4406 32.921 101.891 May 20.000 13.333 169 223.24 1.9838 5.4406 32.752 101.615 June 20.000 13.333 183 221.88 1.9838 .4406 32.505 102.086 July 20.000 \3.333 196 222.17 1.9842 .4406 32.509 103.120 August 20.000 13.333 194 222.19 1.9879 .4406 32.445 103.984 September. 20.000 13.333 195 221.73 1.9920 5.4406 32.418 104.171 October. .. 20.000 13.333 196 222.55 1.9965 5.4406 32.499 103.681 November. 20.000 13.333 7.198 223.12 1.9979 5.4406 32.489 102.289 France Year or month Ceylon C sl z o e v c a h k o ia - m De a n r - k Finland (franc) G (d e e r u m tsc a h n e y India Ireland Mexico e N rl e a t n h d - s (rupee) (koruna) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) Official Free 1946 2.0060 20.876 .8409 30.155 20.581 37.813 1947 2.0060 20.864 .8407 30.164 20.577 37.760 1948 2.0060 20.857 .4929 .3240 30.169 18.860 37.668 1949 27.839 2.0060 19.117 .4671 .3017 27.706 12.620 34.528 1950 20.850 2.0060 14.494 .2858 23.838 20.870 11.570 26.252 1951.. 20.849 '2.0060 14.491 .4354 .2856 23.838 20.869 * 280.38 11.564 26.264 1951—December 20.840 14.492 .4354 .2856 23.838 20.861 280.38 11.567 26.287 1952—January 20.799 14.492 .4354 .2856 23.838 20.819 280.38 11.562 26.320 February 20.818 14.492 .4354 .2854 23.838 20.839 280.38 11.561 26.329 March 20.916 14.492 .4354 .2856 23.838 20.949 280.38 11.564 26.319 April 21.003 14,492 .4354 .2856 23.838 21.031 280.77 11.569 26.340 May 20.961 14.492 .4354 .2856 23.838 20.988 280.07 11.566 26.337 June 20.834 14.492 .4354 .2856 20.870 278.46 11.561 26.317 July 20.871 14.492 .4354 .2856 20.892 278.82 11.574 26.324 August 20.875 e 14.492 .4354 .2856 20.893 278.85 11.623 26.317 September 20.854 .4354 .2856 20.866 278.26 11.623 26.291 October 20.903 .4354 .2856 20.921 279.30 11.611 26.312 November 20.984 .4354 .2856 20.976 280.01 11.622 26.289 Year or month Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p h p p e i 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 c t d h a ) (k S d r w o e n n e a - ) S e (f r w r l a a i n t n c z d ) - ( U K p d n o i o u n i m t n g e d - d ) Ur (p u e g s u o a ) y 1946..... 322.63 20.176 4.0501 400.50 25.859 23.363 403.28 65.830 56.280 1947.. 322.29 20.160 4.0273 400.74 27.824 23.363 402.86 65.830 56.239 1948.. 350.48 20.159 4.0183 400.75 27.824 23.363 403.13 65.830 56.182 1949.. 365.07 18.481 49.723 3.8800 366.62 25.480 23.314 368.72 65.830 56.180 42.553 1950 277.28 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 65.833 56.180 42.553 1951... 277.19 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 65.833 56.180 42.553 1951—December. 276.72 14.015 49.643 3.4726 277.79 19.327 22.900 279.49 65.833 56.180 42.553 1952—January... 275.39 14.015 49.655 3.4874 276.95 19.327 22.880 278.15 65.833 56.180 42.553 February. 275.36 14.015 49.677 3.4863 277.01 19.327 22.881 278.12 65.833 56.180 42.553 March 276.91 14.015 49.677 3.4888 278.55 19.327 22.947 279.67 65.833 56.180 42.553 April 277.96 14.015 49.677 3.4906 279.80 19.327 23.013 280.79 65.833 56.180 42.553 May 277.29 14.015 49.677 3.4898 279.03 19.327 23.078 280.07 65.833 56.180 42.553 Tune 275.71 14.015 49.677 3.4801 277.42 19.327 23.138 278.46 65.833 56.180 42.553 July 276.06 14.015 49.677 3.4793 277.78 19.327 23.240 278.82 65.833 56.180 42.553 August 276.09 14.015 49.677 3.4848 277.81 19.327 23.288 278.85 65.833 56.180 42.553 September 275.51 14.015 49.677 3.4878 277.23 19.327 23.320 278.27 65.833 56.180 42.553 October. .. 276.53 14.015 49.677 3.4825 278.25 19.325 23.329 279.30 65.833 56.180 42.553 November 277.24 14.015 49.677 3.4818 278.96 19.323 23.330 280.01 65.833 56.180 42.553 1 Beginning Aug. 27, 1951, quotations on Straits Settlements dollar were discontinued and quotations on Malayan dollar substituted. The two rates had been identical for a considerable period. 2 Based on quotations through Sept. 19, 1951. 3 Based on quotations through Oct. 26, 1951. 4 Based on quotations beginning Oct. 29, 1951. 5 Based on quotations through May 8, 1952. 4 Based on quotations through Aug. 14, 1952. DECEMBER 1952 1355 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month (1 U S 94 1 n ta 7 0 i 0 - t t 4 e e ) s d 9 = ( C 1 = a 9 n 3 10 5 a 0 - d 3 ) a 9 M (1 1 9 e 0 3 x 0 9 i ) c = o K U ( i 1 n 1 9 n g 0 3 i 0 0 t d e ) o = d m F (1 r 1 9 a 0 4 0 n 9 ) c = e (1 I 9 1 t 3 0 a 8 0 l y ) = ( a 1 J v 9 a e 3 p = r 4 a a 1 - g n 3 ) e 6 N ( l 1 e a 1 9 t n 0 4 h 0 8 d e ) s = r- S (1 w 1 9 e 0 3 0 d 5 ) e = n (A Sw u = l g a i 1 . t n 0 z 1 d 0 e 9 ) r 3 - 9 1941 57 116 110 153 9 136 2 172 171 1942 64 123 121 159 10 153 2 189 195 1943 67 128 146 163 12 2 196 203 1944 68 131 179 166 14 2 196 207 1945 69 132 199 169 20 4 194 205 1946 79 139 229 175 34 16 186 200 1947 96 163 242 192 52 5 159 48 199 208 1948 . . 104 193 260 219 89 5,443 128 100 214 217 1949 99 198 285 230 100 5,170 209 104 216 206 1950 103 211 311 262 108 4,905 246 117 227 203 1951 115 240 386 320 138 5,581 '343 143 299 227 1951—October 114 240 395 329 146 5,451 359 143 306 227 November 114 239 403 329 151 5,462 359 144 317 226 December 114 238 402 330 152 5,454 356 145 318 228 1952—January 113 237 402 335 153 5,415 358 145 320 227 February . . 113 233 400 329 152 5,380 357 145 320 224 March 112 231 404 333 149 5,323 353 143 322 222 April 112 227 407 330 147 5,255 349 142 321 221 May 112 225 406 328 145 5,179 348 140 321 220 June 111 227 405 328 143 5,133 348 139 322 220 July . . 112 226 400 327 144 r5,200 351 136 320 220 A Se u p g t u e s m t ber 1 11 1 2 2 2 2 2 22 4 4 3 0 9 0 3 r3 3 2 2 3 5 P 1 1 4 43 4 5,236 r3 3 4 49 8 1 1 3 38 7 319 2 2 2 2 0 0 October 111 397 326 P141 P313 P218 P Preliminary. r Revised. Sources.—See BULLETIN for January 1952, p. 108; August 1951, p. 1046; January 1950, p. 124; June 1949, p. 754; June 1948, p.p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49=100) (1935-39=100) (1930=100) (1948=100) Year or month pr F o a d r u m cts Pr f o o c o e d s s sed co O m it t i m h e e s o r d- pr F o a d r u m cts R fa m p a c a w a tu r n t r a l u e y n - d d F f u a c m l h c l a y t ie u n f r a u l e y n - d 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 a d l d u r u a s c - w ts p f I i r n n o tr i d d s i u a h u l e s c - d t goods goods 1941 46 n.a. 64 107 114 119 146 156 1942 59 n.a. 68 127 123 124 158 160 1943 69 n.a. 69 145 131 127 160 164 1944 69 n.a. 70 155 134 129 158 170 1945 . 72 n.a. 71 165 136 130 158 175 1946 83 n a 78 177 140 138 158 184 1947 100 98 95 190 164 162 165 207 1948 107 106 103 230 196 192 181 242 100 100 100 1949 93 96 101 226 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 265 238 242 247 P364 122 171 143 1951—October 112 112 115 259 236 243 263 P367 122 174 142 November 112 111 115 265 237 242 263 P368 124 177 142 December 111 111 115 267 236 240 266 P368 129 174 141 1952—January 110 110 114 263 233 240 ' 277 P368 130 176 141 February 108 110 114 251 228 236 271 P363 133 172 141 March 108 109 114 248 226 235 276 P366 130 169 139 April 109 108 113 245 221 231 280 P358 130 166 138 May 108 109 113 244 220 228 280 P355 128 165 136 June 107 109 113 250 221 231 283 P352 127 163 134 July 110 110 113 244 219 230 289 P348 122 162 133 August 110 111 113 236 216 229 287 P345 124 164 133 September ••107 ••no 113 226 213 228 '284 P343 129 163 133 October 105 109 113 P221 293 P343 n.a. Not available. P Preliminary. r Revised. Sources.—See BULLETIN for January 1952, p. 108; August 1951, p. 1046; July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1356 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued CONSUMERS' PRICE INDEXES Food All items United Switz- United Switz- Y m e o a n r t o h r ( U S 1 = 9 n t a 3 1 i 5 t 0 te e 0 -3 d s ) 9 * C = ( a 1 1 a d 9 0 n 4 a 0 - 9 2 ) 1 K 5 d (J , i o 1 a n m 9 n g 5 . - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 e ) N l = ( e a 1 t n 1 9 h 0 d 4 e 0 9 s r ) - 1 ( l 9 A a e 39 n r u - d g = . Y m e o a n r t o h r ( U S 1 = 9 t n a 3 1 i 5 t t 0 e e - 0 3 d s ) 9 i C = ( a 1 a 1 d 9 n 0 4 a 0 - 9 2 ) 1 K 5 d (J , i o 1 a n m 9 n g 5 . - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N l = ( a e 1 t n 1 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 39 n r u - d g = . = 100) 100) = 100) 100) 1943 138 12 161 1943 124 74 12 148 1944 136 15 164 1944 126 75 16 151 1945 139 21 164 1945 129 75 22 153 1946 .. 160 36 160 1946 140 78 35 152 1947 194 67 57 170 1947 160 85 77 57 158 1948 210 72 92 176 1948 172 97 82 90 163 1949 202 100 76 100 100 174 1949 170 100 84 100 100 162 1950 205 103 82 111 111 176 1950 172 103 86 111 109 159 1951 227 117 91 128 121 181 1951 186 114 95 130 119 167 1951-October... 229 121 95 132 125 184 1951-October. .. 187 117 98 136 121 170 November. 231 123 96 137 123 184 November. 189 118 98 140 120 171 December. 232 123 97 139 122 184 December. 189 118 98 143 119 171 1952-January... 232 122 100 142 123 183 1952-January... 189 118 100 146 120 171 February.. 228 121 100 145 124 182 February.. 188 118 100 149 120 171 March.... 228 118 101 144 124 182 March.... 188 117 101 148 120 171 April 230 117 104 142 125 182 April 189 117 102 147 120 170 May 231 116 104 139 124 183 IVtay 189 116 102 145 119 171 June . 232 116 109 137 124 184 June 190 116 104 143 119 171 July 235 116 108 136 123 185 July 191 116 104 143 120 171 August.... 236 116 107 140 120 185 August.... 191 116 103 145 119 171 September. 233 116 106 142 123 186 September. 191 116 103 146 120 172 October. . . 232 115 P141 P123 October. . . 191 116 P120 1 r A x i d cJ j i u iii s iii t c e L d i y • series reflecting allowances for rents off nnew housing units and, beginning January 1950, interi Bureau of Statistics in October 1952. Sources.—See BULLETIN for August 1952, p. 961; January 1952, p. 109; August 1951, p. 1047; October 1950, p. 1421; J;Fanuary 1950, p. 125; July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month g U S r ( t n a h a d i ig t t e e e h ) d s * ( C 1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 ( 1 K D 9 U i e 2 n c n 1 e g i = m t d 1 e o b 0 d m e 0 r ) F (1 r 9 1 4 a 0 9 n 0 ) c = e » N l e a t n h d er s - ( U 1 S = 9 n t 3 a 1 i 5 0 t 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 1 c 0 e 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 92 0 240 1949 121.0 107.6 126.5 100.0 106.8 121.4 109.4 87.6 100 219 1950 122.0 109.6 121.2 99.8 106.7 146.4 131.6 90.0 '90 217 1951 117.7 95.7 117.6 101.4 87.0 176.5 168.3 97.1 '112 215 1951—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 83.6 110.0 116.9 87.1 188.2 171.6 91.2 147 192 October 114.7 84.3 109.0 87.6 183.4 163.6 90.3 191 r Revised. 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. NOTE.—For sources and description of statistics, see BULLETIN for November 1952, p. 1263; 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. DECEMBER 1952 1357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WM. MCC. MARTIN, JR., Chairman M. S. SZYMCZAK JAMES K. VARDAMAN, JR. R. M. EVANS A. L. MILLS, JR. J. L. ROBERTSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary GEORGE S. SLOAN, Director MERRITT SHERMAN, Assistant Secretary C. C. HOSTRUP, Assistant Director KENNETH A. KENYON, Assistant Secretary FRED A. NELSON, Assistant Director ARTHUR H. LANG, Chief Federal Reserve Examiner LEGAL DIVISION ROBERT C. MASTERS, Assistant Director GEORGE B. VEST, General Counsel GLENN M. GOODMAN, Assistant Director FREDERIC SOLOMON, Assistant General Counsel HENRY BENNER, Assistant Director HOWARD H. HACKLEY, Assistant General Counsel DIVISION OF BANK OPERATIONS OFFICE OF THE SOLICITOR ROBERT F. LEONARD, Director G. HOWLAND CHASE, Assistant Solicitor J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION RALPH A. YOUNG, Director DWIGHT L. ALLEN, Director FRANK R. GARFIELD, Adviser on Economic Research H. FRANKLIN SPRECHER, JR., Assistant Director KENNETH B. WILLIAMS, Assistant Director SUSAN S. BURR, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES GUY E. NOYES, Assistant Director LISTON P. BETHEA, Director C. RICHARD YOUNGDAHL, Assistant Director JOSEPH E. KELLEHER, Assistant Director EDWIN J. JOHNSON, Assistant Director DIVISION OF INTERNATIONAL FINANCE ARTHUR W. MARGET, Director OFFICE OF DEFENSE LOANS LEWIS N. DEMBITZ, Assistant Director GARDNER L. BOOTHE, II, Administrator FEDERAL OPEN FEDERAL MARKET COMMITTEE ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman WALTER S. BUCKLIN, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman N. BAXTER JACKSON, NEW YORK DISTRICT MALCOLM BRYAN A. L. MILLS, JR. GEOFFREY S. SMITH, PHILADELPHIA DISTRICT C. E. EARHART J. L. ROBERTSON GEORGE GUND, CLEVELAND DISTRICT R. M. EVANS M. S. SZYMCZAK HUGH LEACH JAMES K. VARDAMAN, JR. ROBERT V. FLEMING, RICHMOND DISTRICT Vice President C. S. YOUNG WINFIELD W. RIEFLER, Secretary PAUL M. DAVIS, ATLANTA DISTRICT ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President WOODLIEF THOMAS, Economist GEORGE W. MITCHELL, Associate Economist V. J. ALEXANDER, ST. LOUIS DISTRICT EARLE L. RAUBER, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT H. V. ROELSE, Associate Economist O. P. WHEELER, Associate Economist DAVID T. BEALS, KANSAS CITY DISTRICT CHAS. W. WILLIAMS, Associate Economist DEWITT T. RAY, DALLAS DISTRICT RALPH A. YOUNG, Associate Economist ROBERT G. ROUSE, Manager of System Open JAMES K. LOCHEAD, SAN FRANCISCO DISTRICT Market Account HERBERT V. PROCHNOW, Secretary 1358 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman 1 President Vice Presidents Bank of Deputy Chairman First Vice President (Vice Presid l e o n w ts e r i n s e c c h t a io r n g e o f o t f h b is r a p n a c g h e e ) s are listed in Boston. Harold D. Hodgkinson J. A. Erickson JJo hn JJ. Fooggg Carl B. Pitman Ames Stevens RRobb ert BB. Harvey 3 O. A. Schlaikjer Alfred C. Neal E. O. Latham RR . FF . VVa n AAmiringe New York. Robert T. Stevens Allan Sproul H. A. Bilby H. V. Roelse William I. Myers William F. Treiber H. H. Kimball Robert G. Rouse L. W. Knoke V. Willis Walter S. Logan R. B. Wiltse A. Phelan J. H. Wurts Philadelphia... Warren F. Whittier Alfred H. Williams Karl R. Bopp P. M. Poorman C. Canby Balderston W. J. Davis Robert N. Hilkert J. V. Vergari4 E. C. Hill Richard G. Wilgus * 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 Frederick L.Deming H. H. Weigel Wm. H. Bryce O. M. Attebery Dale M. Lewis J. C. Wotawa Wm. E. Peterson Minneapolis. . . Roger B. Shepard O. S. Powell H. C. Core Otis R. Preston Paul E. Miller E. B. Larson M. H. Strothman, Jr. A. W. Mills H. G. McConnell Sigurd Ueland Kansas City... Robert B. Caldwell H. G. Leedy P. A. Debus2 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 Agent. * Cashier. 3 Also Cashier. * Counsel. DECEMBER 1952 1359 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 copy; in quantities of 10 or more copies for single the Division of Administrative Services, Board of shipment, 50 cents each. Paper-bound copies Governors of the Federal Reserve System, Wash- available without charge. ington 25, D. C. Where a charge is indicated, remittance should be made payable to the order BANKING STUDIES. Comprising 17 papers on bankof the Board of Governors of the Federal Reserve ing and monetary subjects by members of the System. Board's staff. August 1941; reprinted October 1952. 496 pages. Paper cover. $1.00 per copy; ANNUAL REPORT of the Board of Governors of the in quantities of 10 or more copies for single ship- Federal Reserve System. Issued each year. ment, 75 cents each. Available without charge upon request. BANKING AND MONETARY STATISTICS, Statistics of FEDERAL RESERVE BULLETIN. Issued monthly. Subbanking, monetary, and other financial developscription price in the United States and its posments. November 1943. 979 pages. $1.50 per sessions, Bolivia, Canada, Chile, Colombia, Costa copy. No charge for individual sections (un- Rica, Cuba, Dominican Republic, Ecuador, bound). Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, A STATISTICAL STUDY OF REGULATION V LOANS. Uruguay, and Venezuela is $2.00 per annum or September 1950. 74 pages. 25 cents per copy; 20 cents per copy; elsewhere $2.60 per annum or in quantities of 10 or more copies for single ship- 25 cents per copy. Group subscriptions in the ment, 15 cents each. United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS 12 months. AND THEIR USE IN ECONOMIC ANALYSIS. January 1952. 175 pages. 25 cents per copy; in FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY quantities of 10 or more copies for single ship- RATES, and BUSINESS. Issued monthly. $6.00 ment, 15 cents each. per annum including edition of historical supplement (listed below) available when subscription THE FEDERAL RESERVE ACT, as amended to Novemis entered or renewed. 60 cents per copy; in ber 1, 1946, with an Appendix containing proquantities of 10 or more copies of a particular visions of certain other statutes affecting the issue for single shipment, 50 cents each. (Do- Federal Reserve System. 372 pages. 50 cents per mestic rates) paper-bound copy; $1.00 per cloth-bound copy. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE COMPILATION OF FEDERAL AND STATE LAWS RELAT- CHARTS ON BANK CREDIT, MONEY RATES, AND ING TO BRANCH BANKING IN THE UNITED STATES. BUSINESS. Issued semiannually, usually April (July 1, 1951.) December 1951. 33 pages. and September. Annual subscription to monthly chart book includes one issue of supplement. RULES OF ORGANIZATION AND RULES OF PROCEDURE Single copies, 60 cents each; in quantities of 10 —Board of Governors of the Federal Reserve or more copies for single shipment, 50 cents each. System (with Amendments). September 1946. (Domestic rates) 31 pages. THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND REGULATIONS OF THE BOARD OF GOVERNORS OF THE FUNCTIONS. November 1947; reprinted Novem- FEDERAL RESERVE SYSTEM. Individual regulations ber 1952. 125 pages. 75 cents per cloth-bound with amendments. 1360 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS PERIODIC RELEASES DEPARTMENT STORE MERCHANDISING DATA WEEKLY DEPARTMENT STORE SALES CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS, DEPARTMENT STORE SALES AND STOCKS, BY MAJOR BY INDUSTRY DEPARTMENTS CONDITION OF THE FEDERAL RESERVE BANKS DEPARTMENT STORE STOCKS CONDITION OF WEEKLY REPORTING MEMBER BANKS FOREIGN EXCHANGE RATES IN LEADING CITIES INTERDISTRICT SETTLEMENT FUND CONDITION OF WEEKLY REPORTING MEMBER BANKS NATIONAL SUMMARY OF BUSINESS CONDITIONS IN CENTRAL RESERVE CITIES OPEN-MARKET MONEY RATES IN NEW YORK CITY DEPARTMENT STORE SALES, BY CITIES RETAIL FURNITURE REPORT WEEKLY DEPARTMENT STORE SALES RETAIL INSTALMENT CREDIT AT FURNITURE AND WEEKLY FOREIGN EXCHANGE RATES HOUSEHOLD APPLIANCE STORES WEEKLY REVIEW OF PERIODICALS SALES FINANCE COMPANIES SEMIMONTHLY STATE MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM AND NONMEMBER BANKS THAT MAINTAIN DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER CLEARING ACCOUNTS WITH FEDERAL RESERVE BANKS BANKS (Also annual list) MONTHLY SEMIANNUAL—QUARTERLY ASSETS AND LIABILITIES OF ALL BANKS IN THE ALL BANKS IN THE UNITED STATES AND POSSESSIONS UNITED STATES —PRINCIPAL ASSETS AND LIABILITIES ASSETS AND LIABILITES OF ALL MEMBER BANKS, MEMBER BANK CALL REPORT BY DISTRICTS BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EX- MEMBER BANK LOANS CEPT INTERBANK ACCOUNTS PRELIMINARY EARNINGS OF MEMBER BANKS BUSINESS INDEXES SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORA- CONSUMER CREDIT TIONS CONSUMER INSTALMENT CREDITS OF COMMERCIAL ANNUAL BANKS BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EX- CONSUMER INSTALMENT CREDITS OF INDUSTRIAL CEPT INTERBANK ACCOUNTS BANKS IRREGULAR CONSUMER INSTALMENT CREDITS OF INDUSTRIAL LOAN COMPANIES DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND CONSUMER INSTALMENT LOANS OF THE PRINCIPAL STANDARD METROPOLITAN AREAS TYPES OF FINANCIAL INSTITUTIONS SELECTED LIST OF ADDITIONS TO THE RESEARCH DEPARTMENT STORE CREDIT LIBRARY DECEMBER 1952 1361 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS REVISION OF WEEKLY STATISTICS FOR MEMBER (From Federal Reserve Bulletin unless preceded by an asterisk) BANKS IN LEADING CITIES. June-July 1947. 9 pages. THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS REVISION OF NATIONAL INCOME AND PRODUCT STA- IN THE UNITED STATES. November 1938. 20 pages. TISTICS. September 1947. 12 pages. THE PAR COLLECTION SYSTEM OF THE FEDERAL RE- STERLING IN MULTILATERAL TRADE. September SERVE BANKS. February 1940. 8 pages. 1947. 8 pages. HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RE- BANKING ASSETS AND THE MONEY SUPPLY SINCE SERVE POLICY. April 1940. 11 pages. 1929. January 1948. 9 pages. GENERAL INDEXES OF BUSINESS ACTIVITY. June 1940. NEW COMMERCIAL BANKING OFFICES, 1936-1947. 7 pages. May 1948. 12 pages. FEDERAL RESERVE BANK LENDING POWER NOT DE- PENDENT ON MEMBER BANK RESERVE BALANCES. SALES FINANCE COMPANY OPERATIONS IN 1947. February 1941. 2 pages. July 1948. 6 pages. ADJUSTMENT FOR SEASONAL VARIATION. Descrip- THE PHILIPPINE CENTRAL BANK ACT and Text of tion of method used by Board in adjusting eco- the Act. In part a reprint from the August nomic data for seasonal variation. June 1941. 1948 BULLETIN. 36 pages. 11 pages. LATIN AMERICA'S POSTWAR INFLATION AND BALANCE COMMERCIAL AND INDUSTRIAL LOANS AT MEMBER OF PAYMENTS PROBLEMS. November 1948. 11 BANKS, April 16-May 15, 1942. August, Septem- pages. ber, and November 1942. 32 pages. NEW STATISTICS OF INTEREST RATES ON BUSINESS FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION. LOANS. March 1949. 10 pages. From August 1940, September 1941, and October 1943 issues of BULLETIN with supplementary data. MEASUREMENTS OF SAVINGS. November 1949. 8 October 1943. 120 pages. pages. ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28. CURRENCY ADJUSTMENTS. No- NoT£S ON FoREIGN September 1945. 2 pages. vember 1949. 14 pages. SURVEYS OF LIQUID ASSET HOLDINGS. September A STUDY OF INSTALMENT CREDIT TERMS. Decem- 1945. 7 pages. ber 1949. 8 pages. INDEX OF DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS. August 1946. 4 pages. FRENCH EXCHANGE STABILIZATION FUND. January 1950. 5 pages. BUSINESS LOANS OF MEMBER BANKS, March, May, June, July, and August 1947. 80 pages. RETAIL CREDIT SURVEY—1951. From June 1952 BULLETIN with supplementary information for COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL- 9 separate trades. (Also, Retail Credit Surveys— MENT FINANCING. March 1947. 6 pages. 1943, 1944, 1945, 1946, 1947, 1948, and 1949 from the June 1944, May 1945, June 1946, July VALUES AND LIMITATIONS OF CONSUMER FINANCIAL 1947, July 1948, June 1949, and June 1950 SURVEYS FOR ECONOMIC RESEARCH. March 1947. 9 pages. BULLETINS with supplementary information.) METHODS OF RESTRICTING MONETIZATION OF PUBLIC BRANCH BANKING IN THE UNITED STATES, 1939 and DEBT BY BANKS. April 1947. 4 pages. 1949. July 1950. 16 pages. 1362 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS DEFENSE LOAN POLICY. An announcement adopted 1952 SURVEY OF CONSUMER FINANCES—CONSUMER jointly by National and State Supervisors of banks PLANS FOR SPENDING AND SAVING. April 1952. 6 and other lending institutions. August 4, 1950. pages. PART I. CONSUMER EXPECTATIONS AS TO August 1950. 1 page. ECONOMIC TRENDS AND CONSUMER INVESTMENT PREFERENCES. July 1952. 17 pages. PART II. PUR- REVISED ESTIMATES OF CONSUMER CREDIT. Novem- CHASES OF DURABLE GOODS AND HOUSES IN 1951 ber 1950. 2 pages. AND BUYING PLANS FOR 1952. August 1952. 16 pages. PART III. INCOME, SELECTED INVEST- MEASUREMENT OF CONSUMER CREDIT. November MENTS, AND SHORT-TERM DEBT OF CONSUMERS. 1950. 9 pages. September 1952. 28 pages. (Also, similar surveys for earlier years from 1946, 1947, 1948, * THE TREASURY—CENTRAL BANK RELATIONSHIP IN 1949, 1950, and 1951 BULLETINS.) FOREIGN COUNTRIES—PROCEDURES AND TECH- NIQUES. November 1950. April 1951. 19 pages. BANKING IN THE SOVIET UNION. April 1952. 8 pages. TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. April 1951. 14 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES. April 1952. 4 pages. HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING THE INTRODUCTION OF REAL ESTATE CREDIT REGU- STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- LATION. July 1951. 23 pages. ERNORS BEFORE SUBCOMMITTEE ON GENERAL CREDIT CONTROL AND DEBT MANAGEMENT, MARCH SAVING IN THE DEFENSE ECONOMY. September 11, 1952. April 1952. 4 pages. 1951. 5 pages. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. NEW INDEX OF OUTPUT OF MAJOR CONSUMER 6 pages. DURABLE GOODS. October 1951. 6 pages. CREDIT AND SALES REPORTED BY REGULATION W EXCESS PROFITS TAXES OF COMMERCIAL BANKS. REGISTRANTS. October 1951. 12 pages. June 1952. 18 pages. VOLUNTARY ACTION TO HELP CURB INFLATION. REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- November 1951. 9 pages. LATION X. June 1952. 18 pages. REVISED INDEXES OF DEPARTMENT STORE SALES AND FINANCING OF LARGE CORPORATIONS IN 1951. June STOCKS. December 1951. 53 pages. 1952. 6 pages. ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS January 1952. 11 pages. AND BUSINESSES. July 1952. 2 pages. THE SECOND ARMAMENT BUDGET. February 1952. PROBLEMS OF TRADE EQUILIBRIUM. October 1952. 9 pages. 9 pages. MONEY AND CREDIT IN 1951. February 1952. 9 REVISED SERIES ON DEPARTMENT STORE SALES, pages. STOCKS, AND ORDERS. October 1952. 5 pages. INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951. RECENT CREDIT EXPANSION. December 1952. 7 March 1952. 10 pages. pages. RECENT CHANGES IN GERMANY'S FOREIGN TRADE RECENT CENTRAL BANKING DEVELOPMENTS IN BALANCE. March 1952. 7 pages. SOUTHEAST ASIA. December 1952. 9 pages. 1363 DECEMBER 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 J tn BOUNDARIES OF FEDERAL RESERVE DISTRICTS w BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES w BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK CITIES td FEDERAL RESERVE BRANCH CITIES c! Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pases Pages Acceptances, bankers': Australia: Buying rates.. ..43, 155, 265, 405, 509, 659, 783, Commonwealth Bank of: 891, 1019, 1113, 1199, 1293 Condition. . ... .102, 214, 328, 462, 580, 716, Open-market rates on 60, 172, 282, 422, 526, 676, 840, 954, 1076, 1172, 1256,1350 800, 908, 1036, 1130, 1216, 1310 Foreign exchange rates 107, 219, 333, 467, 585, Outstanding. 59, 171, 281, 421, 525, 675, 721, 845, 959, 1081, 1177, 1261, 1355 799, 907, 1035, 1129, 1215, 1309 Gold production 97, 209, 323, 457, 575, 711, Admission of State banks to membership 835, 949, 1071, 1167, 1251, 1345 in Federal Reserve System. .32, 257, 366, 776, 881, Austria: 1012, 1106, 1285 Austrian National Bank: Agricultural loans: Condition. . . 102, 214, 328, 462, 580, 716, Insured commercial banks 54, 166, 276, 416, 520, 840, 954, 1076, 1172, 1256, 1350 670, 794, 902, 1030, 1124, 1210, 1304 Discount rate 105,217,331,465,583, Agricultural products, prices of major crops 599 719, 843, 957, 1079, 1175, 1259, 1353 Agriculture: Automobiles, consumer buying 344 Balance sheet, 1952. . 758 Balance of payments: Crop reports 89 United States, first half of 1952 and 1950. . . 1095 National summary of business conditions 37, 884, Balance sheet and income statement: 1014, 1193 Large corporations in selected industries. . . 642 Ames, Edward, article on banking in the Balance sheet of agriculture, 1952... .758 Soviet Union 351 Bank credit: Anderson, Paul S., article on financing of Growth of .116,1273 large corporations in 1951. . . .638 National summary of business Annual Reports: conditions 37, 150, 885, 1014, 1108, 1194, 1287 Balance Sheet of Agriculture, 1952. . . .758 Bank credit and money supply: Board of Governors, publication of. . .1012 National summary of business conditions. .400, 504 Argentina: Bank debits: Central bank of: Study of use in economic analysis, Condition. . . . .102, 214, 328, 462, 580, 716, publication of . . 135 840, 954, 1076, 1172, 1256,1350 {See also Debits to deposit account) Discount rate 105, 217, 331, 465, 583, Bank deposits: {See Deposits) 719, 843, 957, 1079, 1175, 1259, 1353 Bank for International Settlements: Gold reserves 98, 210, 324, 458, 576, 712, Condition. .. 104, 216, 330, 464, 582, 718, 836, 950, 1072, 1168, 1252, 1346 842, 956, 1078, 1174, 1258, 1352 Foreign exchange rates 107, 219, 333, 467, 585, Gold reserves. ... 98, 210, 324, 458, 576, 712, 721, 845, 959, 1081, 1177, 1261, 1355 836, 950, 1072, 1168, 1252, 1346 Articles: {See Special Articles) Bank loans: {See Loans; Loans and investments) Asia: Bank premises: International capital transactions. .. .95, 207, 321, 455, Federal Reserve Banks 46, 158, 268, 408, 512, 662, 573, 709, 833, 947, 1069, 1165, 1249, 1343 786, 894, 1022, 1116, 1202, 1296 Recent central banking developments in Bank suspensions: Southeast . .1276 Changes in banking offices. .201, 940 Assessment on Federal Reserve Banks for During 1951 135 expenses of Board of Governors . .226 Bankers' acceptances: {See Acceptances, bankers') Assets, liquid, holdings of individuals and Bankers' balances: businesses, estimated . . 756 Insured commercial banks. . .55, 167, 277, 417, 521, 671, Assets and liabilities: 795, 903, 1031, 1125, 1211, 1305 Agriculture, 1952 759 Weekly reporting member banks: All banks in United States, by classes 51, 163, 273, New York City and outside. . . 57, 169, 279, 419, 413, 517, 667, 791, 899, 1027, 1121, 1207, 1301 523, 673, 797, 905, 1033, 1127, 1213, 1307 Commercial banks in United Kingdom, Banking: Canada and France 106, 218, 332, 466, 584, 720, Funds, foreign, increase in 844, 958, 1080, 1176, 1260, 1354 United States 92, 204, 318, 452, 570, 706, Federal Reserve Banks: 830, 944, 1066, 1162, 1246, 1340 All banks 45, 157, 267, 407, 511, 661, Offices: 785, 893, 1021, 1115, 1201, 1295 Changes in number of. . 201, 940 Each bank 46, 158, 268, 408, 512, 662, Number of . .58, 202, 941 786, 894, 1022, 1116, 1202, 1296 Soviet Union ... 351 Foreign central banks 100, 212, 326, 460, 578, 714, Banks: 838, 952, 1074, 1170, 1254, 1348 Consolidations 201, 940 Government corporations and credit Government securities held by . 66, 178, 288, 428, 532 T agencies 68, 180, 290, 430, 534, 684, 808, 682, 806, 914, 1042, 1136, 1222, 1316 916, 1044, 1138, 1224, 1318 Number of: Large corporations in selected By classes of banks. . .51, 163, 273, 413, 517, 667, industries . . 642 791, 899, 1027, 1121, 1207, 1301 DECEMBER 1952 1365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pages Pages Banks—Continued. Board of Governors—Continued. Number of—Continued. Statement submitted to Senate Committee on Bank- By districts and by States. .58, 202, 941 ing and Currency with recommendations with Changes 201,940 respect to extension of Defense Production Act Dec. 31, 1951 . . .567 of 1950 .244 Banks for cooperatives: Bogle, Hal, appointed Class C director at Dallas. .1106 Loans by 68, 180, 290, 430, 534, 684, 808, Bolivia: 916, 1044, 1138, 1224, 1318 Central Bank of: Barnett, J. B., Sr., director at Birmingham Condition 102, 214, 328, 462, 580, 716, Branch, death of .365 840, 954, 1076, 1172, 1256, 1350 Barnett, John B., Jr., appointed director Discount rate 105, 217, 331, 465, 583, 719, at Birmingham Branch . . .365 843, 957, 1079, 1175, 1259, 1353 Belgian Congo: Gold reserves 98,210,324,458,576,712, Gold production. .97, 209, 323, 457, 575, 711, 835, 836, 950, 1072, 1168, 1252, 1346 949, 1071, 1167, 1251, 1345 Bond yields: Belgium: Government, municipal and corporate. . . .60, 172, 282, Foreign exchange rates. 107, 219, 333, 467, 585, 721, 422, 526, 676, 800, 908, 1036, 1130, 1216, 1310 845, 959, 1081, 1177, 1261, 1355 Bonds: Gold movements 99, 211, 325, 459, 577, 713, New security issues. .61, 173, 283, 423, 527, 677, 801, 837, 951, 1073, 1169, 1253, 1347 909, 1037, 1131, 1217, 1311 National Bank of: Prices in principal countries 109, 221, 335, 469, 587, Condition 102, 214, 328, 462, 580, 716, 840, 723, 847, 961, 1083, 1179, 1263, 1357 954, 1076, 1172, 1256, 1350 Prices in United States 61, 173, 283, 423, 527, 677, Discount rate. .105, 217, 331, 465, 583, 719, 843, 801, 909, 1037, 1131, 1217, 1311 957, 1079, 1175, 1259, 1353 United States savings, sales and redemptions. . .65, 177, Gold reserves. . . .98, 210, 324, 458, 576, 712, 836, 287, 427, 531, 681, 805, 913, 1041, 1135, 1221, 1315 950, 1072, 1168, 1252, 1346 (See also Government securities) Benner, Henry, appointed Assistant Boothe Gardner L., II, appointed Administrator, Director of Division of Examinations. ... .1106 Office of Defense Loans . 1106 Bills discounted by Federal Reserve Banks: Borrowings: Insured commercial banks. .. .55, 167, 277, 417, 521, 671, All banks combined. . .41, 153, 263, 403, 507, 657, 781, 795, 903, 1031, 1125, 1211, 1305 889, 1017, 1111, 1197, 1291 Member banks at Federal Reserve Banks. .47, 159, 269, Maturity distribution. . .45, 157, 267, 407, 511, 661, 785, 409, 513, 663, 787, 895, 1023, 1114, 1200, 1294 893, 1021, 1115, 1201, 1295 Weekly reporting member banks: Member and nonmember banks. .45, 157, 267, 407, 511, New York City and outside. . . .57, 169, 279, 419, 661, 785, 893, 1021, 1115, 1201, 1295 523, 673, 797, 905, 1033, 1127, 1213, 1307 Board of Governors: Bottcher, Edwin C, appointed director at Birmingham Annual report, publication of . 1012 Branch .35 Assessment on Federal Reserve Banks Branch banks, domestic: for expenses of . 226 Number in operation, Dec. 31, 1951. 567 Division of Selective Credit Regulation, Number in United States, changes in 201, 940 discontinuance of 1106 Number of banking offices .58, 202, 941 Joint statement with bank supervisory authorities Branch banks, Federal Reserve System: on coordination of practices in fields of mutual Directors: (See Directors) or joint responsibility 877 Managing officers Ill, 223, 337, 471, 589, 725, 849, Members: 963, 1085, 1181, 1265, 1359 Martin, William McChesney, Jr.: Brazil: Reelected chairman of Federal Open Foreign exchange rates 107, 219, 333, 467, 585, 721, Market Committee 255 845, 959, 1081, 1177, 1261, 1355 Statement submitted to Senate Committee Gold reserves. .98, 210, 324, 458, 576, 712, 836, on Banking and Currency regarding 950, 1072, 1168, 1252, 1346 state of the economy 246 British Malaysia: Statement before Subcommittee on gen- Foreign exchange rates 107, 219, 333, 467, 585, 721, eral credit control and debt manage- 845, 959, 1081, 1177, 1261, 1355 ment 347 Britton, Russell H., Class A director at Boston, Mills, Abbott L. Jr., appointment of .256 death of 257, 652 Norton, Edward L., resignation of. . .255 Brokers and dealers in securities, loans to: Powell, Oliver S.: Insured commercial banks. ...54, 166, 276, 416, 520, 670, Resignation of 775 794, 902, 1030, 1124, 1210, 1304 Statement dissenting in Transamerica case.395 Weekly reporting member banks: Robertson, J. L., appointment of 256 New York City and outside. .56, 168, 278, 418, 522, Vardaman, James K., Jr., statement dissenting 672, 796, 904, 1032, 1126, 1212, 1306 in Transamerica case 392 Brokers' balances: Members and officers, list. .110, 222, 336, 470, 588, 724, Movement to United States from abroad. .92, 204, 318, 848, 962, 1084, 1180, 1264, 1358 452, 570, 706, 830, 944, 1066, 1162, 1246, 1340 Office of Defense Loans, establishment of 1106 Brown, Edward E., reelected President of Federal Ad- Publications of 112, 224, 338, 472, 590, 726, visory Council 255 850, 964, 1086, 1182, 1266, 1360 Budgets, second armament 124 Staff: (See Staff of Board) Burma, recent banking developments in. . . .1279 1366 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pages Pages Business conditions, national summary of. .36, 149, 258, 399, Central banks—Continued. 503, 653, 777, 884, 1013, 1107, 1193, 1286 Gold reserves. . . .98, 210, 324, 458, 576, 712, 836, Business expenditures and investment 475 950, 1072, 1168, 1252, 1346 Business indexes, monthly and yearly figures. .69, 181, 291, (See also Foreign banks) 431, 535, 685, 809, 917, 1045, 1139, 1225, 1319 Central reserve city member banks: Canada: Condition of insured commercial banks .54, 166, 276, Bank of: 416, 520, 670, 794, 902, 1030, 1124, 1210, 1304 Condition 101, 213, 327, 461, 579, 715, 839, Deposits. .52, 164, 274, 414, 518, 668, 792, 900, 953, 1075, 1171, 1255, 1349 1028, 1122, 1208, 1302 Discount rate. 105, 217, 331, 465, 583, 719, 843 Earnings and expenses: 957, 1079, 1175, 1259, 1353 1950 and 1951 . .489 Gold reserves 98, 210, 324, 458, 576, 712, 836, First half of 1952 1189 950, 1072, 1168, 1252, 1346 Reserves. .47, 159, 269, 409, 513, 663, 787, 895, Commercial banks, assets and liabilities. .106, 218, 332, 1023, 1114, 1200, 1294 466, 584, 720, 844, 958, 1080, 1176, 1260, 1354 Reserves and borrowings. . .48, 160, 270, 410, 514, 664, Cost of living, index numbers. . .109, 221, 335, 469, 587, 788, 896, 1024, 1114, 1200, 1294 723, 847, 961, 1083, 1179, 1263, 1357 Ceylon: Foreign exchange rates. . . .107, 219, 333, 467, 585, 721, Condition of Central Bank. . . .102, 214, 328, 462, 580, 845, 959, 1081, 1177, 1261, 1355 716, 840, 954, 1076, 1172, 1256, 1350 Gold movements .99, 211, 325, 459, 577, 713, 837. Foreign exchange rates 107, 219, 333, 467, 585, 721, 951, 1073, 1169, 1253, 1347 845, 959, 1081, 1177, 1261, 1355 Gold production 97, 209, 323, 457, 575, 711, 835, Recent banking developments in. 1278 949, 1071, 1167, 1251, 1345 Chairmen, Federal Reserve Banks: Internal financial policies 1092 Appointments for 1952 32 International capital transactions. .. .92, 204, 318, 452, List of. Ill, 223, 337, 471, 589, 725, 849, 963, 570, 706, 830, 944, 1066, 1162, 1246, 1340 1085, 1181, 1265, 1359 Retail food prices 109, 221, 335, 469, 587, 723, 847, Meetings: 961, 1083, 1179, 1263, 1357 May 5-6 .... . 502 Security prices 109, 221, 335, 469, 587, 723, 847, December 4-5 . 1285 961, 1083, 1179, 1263, 1357 Chandler, Harold L., elected Class A director at Wholesale prices in 108, 220, 334, 468, 586, 722, 846, Boston .652 960, 1082, 1178, 1262, 1356 Changes in number of banking offices in Capital: United States . 201, 940 Movement to United States. .92, 204, 318, 452, 570, Chart books: 706, 830, 944, 1066, 1162, 1246, 1340 Historical supplement to monthly, on bank credit, Capital accounts: money rates and business, revised edition. .366, 1012 Federal Reserve Banks: Charts: All banks combined. . .45, 157, 267, 407, 511, 661, Average down payment on instalment contracts 785, 893, 1021, 1115, 1201, 1295 compared with minimum down payment required Each bank .46, 158, 268, 408, 512, 662, 786, by Regulation W 494 894, 1022, 1116, 1202, 1296 Average maturity on instalment contracts com- Insured commercial banks. . .55, 167, 277, 417, 521, 671, pared with maximum maturity permitted by 795, 903, 1031, 1125, 1211, 1305 Regulation W . 492 Insured commercial banks in United States Balance of payments of United States. 228, 1089 and possessions, 1951 .566 Balance sheet of agriculture ..758 Weekly reporting member banks: Bank financing of U. S. Government. .1275 New York City and outside. .57, 169, 279, 419, 523, Banks loans . 1274 673, 797, 905, 1033, 1127, 1213, 1307 Business loans . 734 Capital requirements of member banks, amendments to Business loans at member banks in leading Section 9 of Federal Reserve Act and Section 5155 of cities 400, 504, 1108, 1287 Revised Statutes. 773 Business plant and equipment expenditures 576 Cash in vaults: Change in bank loans to business, by industry .479 Insured commercial banks. . .55, 167, 277, 417, 521, 671, Changes in bank debt of selected industries. .117 795, 903, 1031, 1125, 1211, 1305 Changes in dollar value of farm land. .762 Weekly reporting member banks: Consumer instalment credit. . 1271 New York City and outside. .57, 169, 279, 419, 523, Consumers prices .37, 259, 600 673, 797, 905, 1033, 1127, 1213, 1307 Consumer uses of funds 970 Cash income and outgo Construction contracts awarded. .149, 503, 377, 1287 of Treasury. . .67, 179, 289, 429, 533, 683, 807, Corporate liquidity . . .480 915, 1043, 1137, 1223, 1317 Corporate profits . .478 Central Bank for cooperatives, amendment to Section Department store merchandising data. . 1098 5136 of Revised Statutes relating to banks dealing Department store sales .359 in obligations of. .774 Deposit turnover, outside New York City .737 Central banks: Employment in nonagricultural Asia, recent banking developments in Southeast 1276 establishments 36, 258, 653, 1013, 1193 Assets and liabilities. .100, 212, 326, 460, 578, 714, 838, External sources of funds, 1951 .640 952, 1074, 1170, 1254, 1348 Federal budget receipts and expenditures. .124 Discount rates 105, 217, 331, 465, 583, 719, 843, Foreign gold reserves and dollar 957, 1079, 1175, 1259, 1353 balances .231. 233, 1092 DECEMBER 1952 1367 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pages Pages Charts—Continued. Circulars: Foreign trade, Federal Republic of Germany 238 Letter to be sent by Federal Reserve Banks to se- Foreign trade of Japan 14 lected member and nonmember banks transmit- Funds from operations as a percentage of large ting tax questionnaire 614 corporation outlays for inventories and fixed Savings bond program, letter to all commercial assets 639 banks in United States . . . 738 Germany's E.P.U. position 240 Clayton Act: Government debt and bank credit in Japan 19 Transamerica Corporation proceeding, findings as Gross national product 3, 1185 to the facts, conclusion and order 368 Growth in consumer financial assets and liabilities. 971 Clearing and collection: Growth in long-term financing-selected types 1270 Number of banks on par list, by districts and by Growth in savings-selected forms 1273 States 58, 202, 941 Industrial production 36, 149, 258, 399, 503, 653, Coins: 777, 884, 1013, 1107, 1193, 1286 Circulation of. . . .49, 161, 271, 411, 515, 665, 789, 897, Japanese money supply 19 1025, 1119, 1205, 1299 Japanese prices .... 12 Colombia: Loans at commercial banks . .885 Bank of Republic of: Member bank reserves and related Condition .102, 214, 328, 462, 580, 716, 840, items 40, 122, 152, 262, 402, 506, 656, 732, 780, 954, 1076, 1172, 1256, 1350 888, 1016, 1110, 1196, 1290 Discount rate. .105, 217, 331, 465, 583, 719, 843, Mortgage debt on nonfarm 1- to 4-family 957, 1079, 1175, 1259, 1353 houses 859 Gold reserves. .98, 210, 324, 458, 576, 712, 836, Non-real-estate farm loans, held by banks and fed- 950, 1072, 1168, 1252, 1346 erally sponsored agencies 769 Gold production. .97, 209, 323, 457, 575, 711, 835, Non-real-estate farm loans held by banks and fed- 949, 1071, 1167, 1251, 1345 erally sponsored agencies, by regions 770 Commercial banks: Non-real-estate farm loans, held by insured banks Assets and liabilities in United Kingdom, Canada, and federally sponsored agencies 770 and France 106, 218, 332, 466, 584, 720, 844, Ownership of demand deposits by individuals and 958, 1080, 1176, 1260, 1354 businesses 482 Condition of insured in United States, by Ownership of United States Government classes.. .54, 166, 276, 416, 520, 670, 794, securities . . 119 902, 1030, 1124, 1210, 1304 Output of major consumer durable goods. .595 Consumer instalment loans. .87, 199, 309, 449, 553, 703, Output of nondurable goods . . 596 827, 935, 1063, 1157, 1243, 1337 Output of selected materials . .597 Excess profits taxes of 602 Personal consumption expenditures. . .... 8 Insured, in United States and possessions 566 Personal income . . 259 Insured home mortgages held 77, 189, 299, 439, 543, Personal income and consumption 1190 693, 817, 925, 1053, 1147, 1233, 1327 Personal income, consumption and saving . 10, 342 Savings bond program, letter sent to all in Plant and equipment expenditures 1187 United States 738 Prices and trade 400, 504, 654, 778, 885, 1107 Prices of basic commodities. . 599 Commercial, industrial, and agricultural loans of weekly Private domestic investment. . . . .5, 1188 reporting member banks: Retail sales 644 New York City and outside .56, 168, 278, 418, 522, Security markets . .37, 1014, 1194 672, 796, 904, 1032, 1126, 1212, 1306 Selected business indexes 2, 593 Commercial loans: Selected business indexes, Federal Republic Insured, by classes. .54, 166, 276, 416, 520, 670, 794, of Germany 239 902, 1030, 1124, 1210, 1304 Selected interest rates 733 Commercial paper: Turnover of demand deposits 121 Open-market rates on. . .60, 172, 282, 422, 526, 676, 800, United States exports, to selected countries 908, 1036, 1130, 1216, 1310 and areas 1091 Outstanding. . . .59, 171, 281, 421, 525, 675, 799, 907, United States imports . . 1097 1035, 1129,1215, 1309 Value of new construction activity . . .856 Commitment fees under Regulation V . . .43, -155, 265, 405, Western European industrial production 1094 509, 659, 783, 891, 1019, 1113, 1199, 1293 Wholesale commodity prices 150 Commitments Wholesale prices of building materials. . . .855 Life insurance companies, to acquire loans and in- World gold reserves . .229 vestments for defense and nondefense purposes. .170, Chile: 280, 420, 524, 674, 798, 906, 1034, 1127, 1214, 1308 Central bank of: Under Section 13b, rates on . .43, 155, 265, 405, 509, Condition 102, 214, 328, 462, 580, 716, 840, 659, 783, 891, 1019, 1113, 1199, 1293 954, 1076, 1172, 1256, 1350 Committees: Discount rate. . . .105, 217, 331, 465, 583, 719, 843, Banking and Currency of Senate: 957, 1079, 1175, 1259, 1353 Statement submitted by Board of Governors Gold reserves . .98, 210, 324, 458, 576, 712, 836, with recommendations with respect to exten- 950, 1072,1168, 1252, 1346 sion of Defense Production Act of 1950 244 Gold production. . . .97, 209, 323, 457, 575, 711, 835, Statement submitted by Chairman Martin re- 949, 1071, 1167, 1251, 1345 garding state of the economy 246 1368 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pages Pages Committees—Continued. Consumer credit—Continued. Joint committee on the Economic Report, state- Discussion of . .1271 ment of Chairman Martin before Subcommittee Floor or wall furnaces 29 on general credit control and debt management. .347 Furniture store statistics 88, 200, 310, 450, 554, 704, Trust investment under Regulation F, creation of 828, 936, 1064, 1158, 1244, 1338 two or more . . 651 Instalment credit terms, changes in 491 Voluntary Credit Restraint: Instalment credits of commercial banks, by type Appointments to regional committees. . . .26, 365 of credit 87, 199, 309, 449, 553, 703, 827, 935, Changes in regional 253 1063, 1157, 1243, 1337 Recommendations to regional 252 Instalment loans outstanding. . . .86, 198, 308, 448, 552, Releases of 22, 252, 363, 501 702, 826, 934, 1062, 1156, 1242, 1336 Suspension of screening of State and local gov- Instalment loans made by principal lending instiernment financing 363 tutions 86, 198, 308, 448, 552, 702, 826, 934, Commodity Credit Corporation: 1062, 1156, 1242, 1336 Assets and liabilities. . .68, 180, 290, 430, 534, 684, 808, Instalment sale credit, excluding automobile 916, 1044, 1138, 1224, 1318 credit 87, 199, 309, 449, 553, 703, 827, 935, Loans by. . . .68, 180, 290, 430, 534, 684, 808, 916, 1063, 1157, 1243, 1337 1044, 1138, 1224,1318 Interpretations of Regulation W canceled or modi- Commodity prices: fied 134 National summary of business conditions. . .37, 150, 259, Maturity of Group D credit 497 400, 504, 654, 778, 885, 1014, 1108, 1194, 1287 Performance of contract secured or guaranteed 254 Comptroller of the Currency, joint statement on coordination of practices in fields of mutual or joint respon- Postwar use of consumer funds 967 sibility 877 Ratio of collections to accounts receivable. .88, 200, 310, Condition statements: 450, 554, 704, 828, 936, 1064, 1158, 1244, 1338 Commercial banks in United Kingdom, Canada, Regulation W suspended 497 and France. . . .106, 218, 332, 466, 584, 720, 844, 958, Total credit, by major parts 86, 198, 308, 448, 552, 1080, 1176, 1260, 1354 702, 826, 934, 1062, 1156, 1242, 1336 Federal Reserve Banks: Vent-a-hood, as home improvement or accessory. . .255 All banks combined. . . .45, 157, 267, 407, 511, 661, Verification of loan value 30 785,893, 1021, 1115, 1201, 1295 Verification of OPS ceiling price 133 Each bank 46, 158, 268, 408, 512, 662, 786, 894, Consumer finances, 1952 survey of: 1022, 1116, 1202, 1296 Part I, consumer expectations as to economic trends Foreign central banks 100, 212, 326, 460, 578, 714, and consumer investment preferences 739 838, 952, 1074, 1170, 1254, 1348 Part II, purchase of durable goods and houses in Government corporations and credit agencies. . .68, 180, 1951 and buying plans for 1952 861 290, 430, 534, 684, 808, 916, 1044, 1138, 1224, 1318 Part III, income, selected investments, and short- Insured commercial banks, classes of banks. .. .54, 166, term debts of consumers 974 276, 416, 520, 670, 794, 902, 1030, 1124, 1210, 1304 Consumer plans for spending and saving 341 Weekly reporting member banks: Consumers' prices, index for moderate income fami- New York City and outside 56, 168, 278, 418, lies 82, 194, 304, 444, 548, 698, 822, 930, 1058, 522, 672, 796, 904, 1032, 1126, 1212, 1306 1152, 1238, 1332 Conferences: (See Meetings) Cooperatives: Construction: Banks for, loans by. . .68, 180, 290, 430, 534, 684, 808, Materials and labor 853 916, 1044, 1138, 1224, 1318 National summary of business conditions . 36, 150, 259, Corporate bonds: 399, 503, 653, 777, 884, 1013, 1107, 1193, 1286 Yields on. . .60, 172, 282, 422, 526, 676, 800, 908, 1036, Private business . 856 1130, 1216, 1310 Public .856 Corporate profits, taxes, and dividends. . .64, 176, 286, 426, Residential . 856 530, 680, 804, 912, 1040, 1134, 1220,1314 Residential, private expenditures for. ... 1189 Corporate security issues: Volume of .855 Proposed use of proceeds: Construction contracts awarded: All issuers. . . .62, 174, 284, 424, 528, 678, 802, 910, By districts 77, 189, 299, 439, 543, 693, 817, 925, 1038, 1132, 1218, 1312 1053, 1147, 1233, 1327 Major groups of issuers. . . .62, 174, 284, 424, 528, By public and private ownership. . . .77, 189, 299, 439, 678, 802, 910, 1038, 1132, 1218, 1312 543, 693, 817, 925, 1053, 1147, 1233, 1327 Corporate stocks: By type of construction 77, 189, 299, 439, 543, 693, Prices in United States 61, 173, 283, 423, 527, 677, 817, 925, 1053, 1147, 1233, 1327 801, 909, 1037, 1131, 1217, 1311 Index of value of. . . .69, 181, 291, 431, 535, 685, 809, 917, 1045, 1139, 1225,1319 Corporations, financing of large in 1951 ... .638 Consumer credit: Corrections: Amendments to Regulation W: Change in statement with respect to extension of No. 5 . .29 Defense Production Act 366 No. 6 29 Correspondence: No. 7 ....367 Letter to all commercial banks in United States on Combination units 134 savings bond program 738 Contest prizes 30 Letter to be sent by Federal Reserve Banks to se- Court proceedings and suspension of licenses. . .28, 133, lected member and nonmember banks transmit- 254, 367, 497 ting tax questionnaire. . 614 1369 DECEMBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pages Tages Cost of living: Deaths: Consumers' price index for moderate income fam- Barnett, J. B., Sr., director at Birmingham Branch. .365 ilies. .82, 194, 304, 444, 548, 698, 822, 930, 1058, Britton, Russell H., Class A director at Boston. .257, 652 1152, 1238, 1332 Hahne, Ernest H., director at Cincinnati Branch. .1285 Index for principal countries. . .109, 221, 335, 469, 587, Handy, Ramon B., director at Denver Branch. .257, 365 723, 847, 961, 1083, 1179, 1263, 1357 Hosford, Willard D., Class B director at Kansas Costa Rica: City 32, 365 National Bank of: Mehornay, Robert L., Class C director at Kansas Condition. . .102, 214, 328, 462, 580, 716, 840, 954, City 365 1076, 1172, 1256, 1350 Patterson, Robert P., Class C director at New Discount rate. .105, 217, 331, 465, 583, 719, 843, York 135, 502 957, 1079, 1175, 1259, 1353 Quay, A. H., Class A director at Minneapolis 32 Country member banks: Zimmerman, George H., Class B director at Dal- Assets and liabilities of all banks in United las 1012,1285 States. .52, 164, 274, 414, 518, 668, 792, 900, 1028, Debit and credit balances of stock exchange firms. . 59, 171, 1122, 1208, 1302 281, 421, 525, 675, 799, 907, 1035, 1129, 1215, 1309 Condition. .54, 166, 276, 416, 520, 670, 794, 902, 1030, Debits to deposit accounts: 1124, 1210, 1304 Reporting centers, year and month. . .48, 160, 270, 410. Deposits and reserves. .47, 159, 269, 409, 513, 663, 787, 514, 664, 788, 896, 1024, 1118, 1204, 1298 895, 1023, 1114, 1200, 1294 Weekly reporting member banks: Earnings and expenses: New York City and outside. . . .57, 169, 279, 419, 1951 .489, 558 523, 673, 797, 905, 1033,1127,1213, 1307 First half of 1952 1159 Debt: Reserves and borrowings. . .48, 160, 270, 410, 514, 664, Government, volume and kind of securities. . .65, 177. 788, 896, 1024, 1114, 1200, 1294 287, 427, 531, 681, 805, 913, 1041, 1135, 1221, 1315 Court cases: Decker, E. G., Jr., appointed director at Baltimore Proceedings on violations of Regulation W. . . . 28 Branch .35 Transamerica Corporation, findings as to the facts, Defense emergency, impact of. .969 conclusion and order 368 Defense Production Act: Violations of Regulation W: (See Regulation W, Amendments of 1952 772 violations) Craft, Robert H., appointed Technical Consultant to Correction in statement 366 Federal Open Market Committee 502 Delegations of authority pursuant to amendments Credit: for 1952 882 Bank: (See Bank credit) Discussion of amendments of 1952 731 Consumer: (See Consumer credit) Recommendation of Board with respect to ex- Expansion of ... . 733, 1269 tension of . 244 Federal Reserve: Defense production loans: Chart. . .40, 152, 262, 402, 506, 656, 780, 888, 1016, Fees and rates on .43, 155, 265, 405, 509, 659, 783. 1110, 1196, 1290 891, 1019,1118, 1204, 1298 Outstanding, Wednesday figures. ..41, 153,263, 403, Guaranteed under Regulation V. . . .47, 159, 269, 409, 507, 657, 781, 889, 1017, 1111, 1197, 1291 513, 663, 787, 895, 1023, 1117, 1203, 1297 Review for 1951 .115 Defense regulations, publication of abstracts of. .136 Situation with regard to 731 Denmark: Credit control and debt management, summary of re- Foreign exchange rates. . .107, 219, 333, 467, 585, 721. plies by Chairman of the Board to questionnaire. . . .349 845, 959, 1081, 1177, 1261, 1355 Crop reports, by Federal Reserve districts. 89 National Bank of: Cuba: Condition. .102, 214, 328, 462, 580, 716, Gold purchase by United States from. .99, 211, 325, 840, 954, 1076, 1172, 1256J 1350 459, 577, 713, 837, 951, 1073, 1169, 1253, 1347 Discount rate . .105, 217, 331, 465, 583, 719, National Bank of: 843, 957, 1079,1175, 1259, 1353 Condition. . .102, 214, 328, 462, 580, 716, 840, 954, Gold reserves. 98, 210, 324, 458, 576, 712, 1076, 1172, 1256, 1350 836, 950, 1072, 1168, 1252, 1346 Gold reserves. .98, 210, 324, 458, 576, 712, 836, 950. Department of Agriculture: 1072, 1168, 1252, 1346 Balance sheet, 1952. 758 Currency: Department stores: Circulation, by denominations. . .49, 161, 271, 411, 515, Merchandising data .1151, 1237, 1331 665, 789, 897, 1025, 1119, 1205, 1299 Sales: Kinds of money in circulation. .49, 161, 271, 411, 515, By Federal Reserve districts and 665, 789, 897, 1025, 1119, 1205, 1299 by cities.. ..82, 194, 304, 444, 548, 698, 822, Outside banks. .50, 162, 272, 412, 516, 666, 790, 898, 930, 1058, 1152, 1238, 1332 1026, 1120, 1206, 1300 Index of value of 69, 181, 291, 431, 535, 685, Treasury, outstanding. .41, 153, 263, 403, 507, 657, 781, 809, 917, 1045, 1139, 1225,1319 889, 1017, 1111, 1197, 1291 Revised weekly index 359 Customers' debit balances. .59, 171, 281, 421, 525, 675, 799, Weekly index of 81, 193, 303, 443, 547, 697, 907, 1035, 1129, 1215, 1309 821, 929, 1057, 1151, 1237, 1331 Czechoslovakia: Sales, accounts receivable, and Foreign exchange rates. . . .107, 219, 333, 467, 585, 721, collections. 88, 200, 310, 450, 554, 704, 845, 959, 1081, 1177, 1261, 1355 828, 936, 1064, 1158, 1244,1338 1370 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pages Pages Department stores—Continued. Deposits—Continued. Sales and stocks: States and political subdivisions: By Federal Reserve districts 79, 191, 301, 441, Insured commercial banks. .55, 167, 277, 417, 521, 545, 695, 819, 927, 1055, 1149, 1235, 1329 671, 795, 903, 1031, 1125, 1211, 1305 By major departments 80, 192, 302, 442, Suspended banks 135 546, 696, 820, 928, 1056, 1150, 1236, 1330 Time, maximum rates on. . . .42, 154, 264, 404, 508, 658, Sales, stocks, and orders, revised series on 1098 782, 890, 1018, 1112, 1198, 1292 Sales, stocks, and outstanding orders 81, 193, 303, Treasury: 443, 547, 697, 821, 929, 1057, 1151, 1237, 1331 Chart 40, 152, 262, 402, 506, 656, Deposits: 780, 888, 1016, 1110, 1196, 1290 Adjusted, of all banks and currency With Federal Reserve Banks 41, 153, 263, 403, outside banks. .50, 162, 272, 412, 516, 666, 790, 507, 657, 781, 889, 1017, 1111, 1197, 1291 898, 1026, 1120, 1206, 1300 Turnover 48, 160, 270, 410, 514, 664, All banks in United States, by classes. .51, 163, 273, 413, 788, 896, 1024, 1118, 1204, 1298 517, 667, 791, 899, 1027, 1121, 1207, 1301 Weekly reporting member banks: Federal Reserve Banks: New York City and outside. .57, 169, 279, 419, 523 673, 797, 905, 1033, 1127, 1213, 1307 All banks combined. . . .45, 157, 267, 407, 511, 661, Deputy Chairmen, Federal Reserve Banks: 785, 893, 1021, 1115, 1201, 1295 Appointments for 1952 32 Each bank 46, 158, 268, 408, 512, 662, List of. 111, 223, 337, 471, 589, 725, 786, 894, 1022, 1116, 1202, 1296 849, 963, 1085, 1181, 1265, 1359 Foreign: Miller, Paul E., appointed at Minneapolis. ........ .32 Federal Reserve Banks. .46, 158, 268, 408, 512, 662, Puckett, Cecil, appointed at Kansas City. 365 786, 894, 1022, 1116, 1202, 1296 Wallace, William R., Jr., appointed at San Fran- Insured commercial banks, by cisco 34 classes 55, 167, 277, 417, 521, 671, Dick, James A., Jr., appointed director at El Paso 795, 903, 1031, 1125, 1211, 1305 Branch .35 Government: Directors, Federal Reserve Banks: Federal Reserve Banks, Bogle, Hal, appointed Class C at Dallas. 1106 each bank 46, 158, 268, 408, 512, 662, Britton, Russell H., Class A at Boston, 786, 894, 1022, 1116, 1202, 1296 death of 257, 652 Insured commercial banks. .55, 167, 277, 417, 521, Chairmen and Federal Reserve Agents appointed 671, 795, 903, 1031, 1125, 1211, 1305 for 1952 32 Weekly reporting member banks, New York (See also Chairmen, Federal Reserve Banks) City and outside 57, 169, 279, 419, 523, Chandler, Harold I., elected Class A at Boston 652 673, 797, 905, 1033, 1127, 1213, 1307 Class C, appointments for 1952 . .33 Insured commercial banks 55, 167, 277, 417, 521, Classes of .137 671, 795, 903, 1031, 1125, 1211, 1305 Deputy Chairmen appointed for 1952 32 Insured commercial banks in United States and Flodin, F. A., appointed Class C at Minneapolis. .. .32 possessions 566 Frierson, G. A., resignation as Class C at Dallas. .1106 Interest on, amendment to Regulation Q 650 Hosford, Willard D., Class B at Kansas City, Member banks: death of 32, 365 Classes of banks. . . .47, 159, 269, 409, 513, 663, 787, Hulcy, D. A., elected Class B at Dallas . 1285 895, 1023, 1114, 1200, 1294 List of .137 Mutual savings banks.. .53, 165, 275, 415, 519, 669, 793, Mehornay, Robert L., Class C at Kansas City, 901, 1029, 1123, 1209, 1303 death of 365 National banks ...53, 165, 275, 415, 519, 669, Miller, Max A., elected Class B at Kansas City. . 365 793, 901, 1029, 1123, 1209, 1303 Miller, Paul E., Class C at Minneapolis, appointed Nonmember banks: Deputy Chairman .32 Patterson, Robert P., Class C at New York, Chart ... .40, 152, 262, 402, 506, 656, death of 135, 502 780, 888, 1016, 1110, 1196, 1290 Puckett, Cecil, appointed Class C at Kansas City Commercial banks....53, 165, 275, 415, 519, 669, and designated Deputy Chairman 365 793, 901, 1029, 1123, 1209, 1303 Quay, A. H., Class A at Minneapolis, death of 32 In Federal Reserve Banks. . . .41, 153, 263, 403, 507, Wallace, William R., Jr., appointed Deputy Chair- 657, 781, 889, 1017, 1111, 1197, 1291 man at San Francisco 34 Insured commercial banks in United States Young, Philip, appointed Class C at New York. . 502 and possessions 566 Zelle, Edgar F., elected Class A at Minneapolis. 31 Ownership of demand . .482 Zimmerman, George H., Class B at Dallas, Postal savings: death of .1012, 1285 Consolidated condition statement.... 50, 162, 272, Directors, Federal Reserve Branch Banks: 412, 516, 666, 790, 898, 1026, 1120, 1206, 1300 Appointments for 1952 33 Depositors' balances and assets. . .48, 160, 270, 410, Barnett, John B., Jr., appointed at Birmingham. .365 514, 664, 788, 896, 1024, 1118, 1204, 1298 Barnett, J. B., Sr., Birmingham, death of. ... .365 Rates on 42, 154, 264, 404, 508, 658, Bogle, Hal, El Paso, appointed Class C 782, 890, 1018, 1112, 1198, 1292 director at Dallas 1106 Savings: Bottcher, Edwin C, appointed at Birmingham. . . .35 Interest rate on 42, 154, 264, 404, 508, 658, Decker, E. G., Jr., appointed at Baltimore.. .35 782, 890, 1018, 1112, 1198, 1292 Dick, James A., Jr., appointed at El Paso. .35 DECEMBER 1952 1371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pages Pages Directors, Federal Reserve Branch Banks—Continued. Earnings and dividends: Fletcher, Joel L., Jr., appointed at New Orleans... .35 Public utility corporations. . .63, 175, 285, 425, 529, 679, Gear, George R., appointed at Oklahoma City. .. .135 803, 911, 1039, 1133, 1219, 1313 Hahne, Ernest H.> Cincinnati, death of 1285 Earnings and expenses: Handy, Ramon B., Denver, death of 257, 365 All member banks by classes. . . .558, 1159 Hood, Clifford F., appointed at Pittsburgh 34 Federal Reserve Banks, 1951 . .31, 314 List of 138 Insured commercial banks in United MacDonald, D. K., appointed at Seattle 35 States and possessions . .566 Newcomer, Ralph S., appointed at Denver 365 Member banks: Nichols, Shuford R., appointed at Little Rock 35 1951 486, 555 Nielsen, Aksel, appointed at Denver .365 First half of 1952 . . 1103, 1159 Robertson, Caffey, appointed at Memphis. . . .35 National banks, 1951 ... 560 Taylor, Paul T., appointed at Charlotte 35 State member banks, 1951 561 White, Clayton G., appointed at Buffalo.. ..34 Economic developments and prospects, memorandum Directory: prepared by Division of Research and Statistics .248 Board of Governors 110, 222, 336, 470, 588, Ecuador: 724, 848, 962, 1084, 1180, 1264, 1358 Central bank of: Federal Advisory Council 110, 222, 336, 470, 588, Condition 102, 214, 328, 462, 580, 716, 724, 848, 962, 1084, 1180, 1264, 1358 840, 954, 1076, 1172, 1256,1350 Federal Open Market Committee 110, 222, 336, 470, Discount rate 105, 217, 331, 465, 583, 719, 588, 724, 848, 962, 1084, 1180, 1264, 1358 843, 957, 1079, 1175, 1259, 1353 Federal Reserve Banks and Gold reserves 98, 210, 324, 458, 576, 712, branches Ill, 223, 337,471, 589, 836, 950, 1072, 1168, 1252, 1346 725, 849, 963, 1085, 1181, 1265, 1359 Egypt: Discount rates: National bank of: Federal Reserve Banks 43, 155, 265, 405, 509, Condition 102, 214, 328, 462, 580, 716, 840, 659, 783, 891, 1019, 1113, 1199, 1293 954, 1076, 1172, 1256, 1350 Foreign central banks 105, 217, 331, 465, 583, Discount rate 1079, 1175, 1259, 1353 719, 843, 957, 1079, 1175, 1259, 1353 Gold reserves 98, 210, 324, 458, 576, 712, Discounts and advances: (See Bills discounted by 836, 950, 1072, 1168, 1252, 1346 Federal Reserve Banks) El Salvador: Dividends: Central reserve bank of: All member banks by classes: Condition 103, 215, 329, 463, 581, 717, 841, 955, 1077, 1173, 1257, 1351 1951 .. 555 Discount rate. . . .105, 217, 331, 465, 583, 719, 843, First half of 1952 1159 957, 1079, 1175, 1259, 1353 Corporate 63, 175, 285, 425, 529, Gold reserves. . . .98, 210, 324, 458, 576, 712, 836, 679, 803, 911, 1039, 1133, 1219, 1313 950, 1072, 1168, 1252, 1346 Federal Reserve Banks, 1951 31, 314 Employees: Insured commercial banks in United States and Government, number of Federal, State possessions 566 and local 76, 188, 298, 438, 542, 692, 816, Manufacturing corporations. .. .63, 175, 285, 425, 529, 924, 1052, 1146, 1232, 1326 679, 803, 911, 1039, 1133, 1219, 1313 Member banks, 1951. . .555 Member banks: Employment: 1948-1951 602 Construction, and wages. . . .855 1951 . . .486, 555 Factory employment: First half of 1952 1103, 1159 Business index 69, 181, 291, 431, 535, 685, 809, Division of Research and Statistics, memorandum on 917, 1045, 1139, 1225, 1319 recent economic developments and prospects 248 By industries. . . .74, 186, 296, 436, 540, 690, 814, Dominican Republic: 922, 1050, 1144, 1230, 1324 Condition of central bank 102, 214, 328, 462, 580, Labor force. . . . 76, 188, 298, 438, 542, 692, 816, 716, 840, 954, 1076, 1172, 1256, 1350 924, 1052, 1146, 1232, 1326 Dwelling units started, permanent nonfarm. . .544, 694, 818, National summary of business 926, 1054, 1148, 1234, 1328 conditions 36, 149, 258, 399, 654, 778, Earnings: 884, 1014, 1108, 1194, 1286 Corporations 63, 175, 285, 425, 529, 679, 803, Nonagricultural: 911, 1039, 1133, 1219, 1313 Business index 69, 181, 291, 431, 535, 685, Factory employees. . . .75, 187, 297, 437, 541, 691, 815, 809, 917, 1045,, 1139, 1225, 1319 923, 1051, 1145, 1231, 1325 Total in each classification. . .76, 188, 298, 438, 542, Insured commercial banks in 692, 816, 924, 1052, 1146, 1232, 1326 United States and possessions . .566 Production worker, in manu- Production workers in manufacturing facturing industries 436, 540, 690, 814, 922, 1050, industries 437, 541, 691, 815, 923, 1051, 1144, 1230, 1324 1145, 1231, 1325 England: (See United Kingdom) Ratios of all member banks, by classes 562 Europe: Ratios of all member banks, by Gold and dollar holdings and related factors 1093 Federal Reserve Districts .563 International capital transactions 93, 205, 319, 453, (See also Earnings and expenses) 571, 707, 831, 945, 1067, 1163, 1247, 1341 1372 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pages Pages Executive Orders: Federal Intermediate Credit Banks: 10373, amending Executive Order No. 10161, Loans by 68, 180, 290, 430, 534, with respect to real estate credit .882 684, 808, 916, 1044, 1138, 1224, 1318 Expenditures: Federal National Mortgage Association: 1951 . ... 1 Assets and liabilities 68, 180, 290, 430, 534, 1952 1185 684, 808, 916, 1044, 1138, 1224, 1318 Federal budget . .125 Federal Open Market Committee: Government, during 1951 .3 Craft, Robert H., appointed Technical Military, for 1950 and 1951 4 Consultant to . . . . 502 Treasury. . . .67, 179, 289, 429, 533, 683, 807, Meetings: 915, 1043,1137, 1223, 1317 February 29 and March 1.. .255 (See also Earnings and expenses) June 19 . .775 Export-Import Bank: September 25 .1106 Loans by. . 68, 180, 290, 430, 534, 684, 808, December 8 . 1285 Members: 916, 1044, 1138, 1224, 1318 Elected 255 Exports: Martin, Wm. McC, Jr., reelected Chairman. .255 Foreign developments affecting United States. .1090 Sproul, Allan, reelected Vice Chairman 255 Germany .... . 240 Members and officers, list... 110, 222, 336, 470, 588, Japan ... 15 724, 848, 962, 1084, 1180, 1264, 1358 United States surplus .228 Federal Register, subscription price... .136 Factory employment: (See Employment) Federal Reserve Act: Farm Credit Administration: Section 9, amendment relating to capital require- Assets and liabilities 68, 180, 290, 430, 534, ments of member banks 773 684, 808, 916, 1044, 1138, 1224, 1318 Section 14 (b), amendment to authorize purchase of Farm products: Government obligations by Federal Reserve Wholesale price indexes: Banks .772 Principal countries 108, 220, 334, 468, 586, Federal Reserve Bank notes: 722, 846, 960, 1082, 1178, 1262, 1356 Circulation and outstanding 49, 161, 271, 411, 515, United States 83, 195, 305, 445, 549, 665, 789, 897, 1025, 1119, 1205, 1299 699, 823, 931, 1059, 1153, 1239, 1333 Federal Reserve Bank of Minneapolis: Farmers Home Administration: Staff: Loans by 68, 180, 290, 430, 534, Peyton, John N., retirement as President. . . .776 684, 808, 916, 1044, 1138, 1224, 1318 Powell, Oliver S., appointment as President. 775 Fauver, Clarke L., appointment as Assistant in Board Federal Reserve Bank of New York: Members' Offices 31 Staff: Federal Advisory Council: Garvy, George, publication of study on devel- Meetings: opment of bank debits and clearings and February 17-19 ..255 their use in economic analysis . . . 135 May 18-20 ...652 Rounds, L. R., First Vice President, retire- October 5-7 .. . . .1106 ment of 257 November 16-18 .1285 Sproul, Allan, reelected Vice Chairman of Fed- Members: eral Open Market Committee 255 Brown, Edward E., reelected President 255 Treiber, William F., appointed First Vice Presi- Fleming, Robert V., reelected Vice President. . .255 dent 257 List of 110, 222, 336, 470, 588, Federal Reserve Bank of San Francisco: 724, 848, 962, 1084, 1180, 1264, 1358 Staff: Staff: Swan, Eliot J., appointed Acting Assistant Prochnow, Herbert V., reappointed secretary. . .255 Director of Division of Selective Credit Reg- Federal Deposit Insurance Corporation: ulation of the Board 31 Assets and liabilities 68, 180, 290, 430, 534, Return to duties after temporary assign- 684, 808, 916, 1044, 1138, 1224, 1318 ment with Board of Governors 776 Joint statement on coordination of practices in Federal Reserve Banks: fieMs of mutual or joint responsibility. .877 Assets and liabilites of 45, 157, 267, 407, 511, Federal Farm Mortgage Corporation: 661, 785, 893, 1021, 1115, 1201, 1295 Loans by 68, 180, 290, 430, 534, Branches: (See Branch banks, Federal Reserve 684, 808, 916, 1044, 1138, 1224, 1318 System) Federal Home Loan Banks: Capital and surplus of each bank .46, 158, 268, 408, 512, Loans by. 68, 180, 290, 430, 534, 662, 786, 894, 1022, 1116, 1202, 1296 684, 808, 916, 1044, 1138, 1224, 1318 Chairmen: (See Chairmen) Federal Housing Administration: Condition statement, each bank. .46, 158, 268, 408, 512, Assets and liabilities 68, 180, 290, 430, 534, 662, 786, 894, 1022, 1116, 1202, 1296 684, 808, 916, 1044, 1138, 1224, 1318 Deputy Chairmen: (See Deputy Chairmen) Insured home mortgages held by banks Directors: (See Directors) and others 77, 189, 299, 439, 543, Dividends 314 693, 817, 925, 1053, 1147, 1233, 1327 Earnings and expenses, 1951 31, 314 Loans insured by 77, 189, 299, 439, 543, Government securities held by. .66, 178, 288, 428, 532, 693, 817, 925, 1053, 1147, 1233, 1327 682, 806, 914, 1042, 1136, 1222, 1316 DECEMBER 1952 1373 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pages Pages Federal Reserve Banks—Continued. Food—Continued. Officers Ill, 223, 337, 471, 589, Wholesale prices: 725, 849, 963, 1085, 1181, 1265, 1359 Principal countries 108, 220, 334, 468, 586, Purchase of Government obligations by, 722, 846, 960, 1082, 1178, 1262, 1356 amendment to Section 14(b) of Federal United States S3, 195, 305, 445, 549, 699, Reserve Act . .772 823, 931, 1059, 1153, 1239, 1333 Salaries . . .314 Foreign banks: Surplus . .314 Commercial banks, condition of 106, 218, 332, 466, Federal Reserve Chart Book, historical 584, 720, 844, 958, 1080, 1176, 1260, 1354 supplement revised 366, 1012 Condition of central banks 100, 212, 326, 460, 578, Federal Reserve districts, map of. . . .114, 226, 340, 474, 592, 714, 838, 952, 1074, 1170, 1254, 1348 730, 852, 966, 1088, 1184, 1268, 1364 Deposits held by member banks Federal Reserve notes: by classes 55, 167, 277, 417, 521, 671, Circulation: 795, 903, 1031, 1125, 1211, 1305 All banks combined 45, 157, 267, 407, 511, 661, Deposits of weekly reporting member banks: 785, 893, 1021, 1115, 1201, 1295 New York City and outside 57, 169, 279, 419, Each bank, condition statement 46, 158, 268, 523, 673, 797, 905, 1033, 1127, 1213, 1307 408, 512, 662, 786, 894, 1022, 1116, 1202, 1296 Discount rates of central banks 105, 217, 331, 465, Each bank, Federal Reserve Agents' 583, 719, 843, 957, 1079, 1175, 1259, 1353 accounts. .46, 158, 268, 408, 512, 662, 786, Gold reserves of central banks 98, 210, 324, 458, 894, 1022, 1117, 1203, 1297 576, 712, 836, 950, 1072, 1168, 1252, 1346 Collateral security for 46, 158, 268, 408, 512, 662, Foreign countries: 786, 894, 1022, 1117, 1203, 1297 Gold reserves . 232 Federal Reserve Agents' accounts: Foreign deposits held by Federal Reserve Banks: All banks combined 45, 157, 267, 407, 511, 661, All Federal Reserve banks 45, 157, 267, 407, 785, 893, 1021, 1115, 1201, 1295 511, 661, 785, 893, 1021, 1117, 1203, 1297 Each bank. . . .46, 158, 268, 408, 512, 662, 786, 894, Each bank. 46, 158, 268, 408, 512, 662, 1022, 1116, 1202, 1296 786, 894, 1022, 1117, 1203, 1297 Foreign developments affecting United Outstanding and in circulation 49, 161, 271, 411, States exports 1090 515, 665, 789, 897, 1025, 1119, 1205, 1299 Foreign exchange rates 107, 219, 333, 467, 585, 721, Redemption fund: 845, 959, 1081, 1117, 1261, 1355 All banks combined. ...45, 157, 267, 407, 511, 661, Foreign trade: 785, 893, 1021, 1115, 1201, 1295 Germany . .237, 240 Each bank .46, 158, 268, 408, 512, 662, 786, Japan .14 894, 1022, 1116, 1202, 1296 Fox, Charles, article on ownership of Federal Reserve System: demand deposits .482 Admission of State banks to membership. .. .32, 257, France: 366, 776, 881, 1012, 1106, 1285 Bank of: Map. 114, 226, 340, 474, 592, 730, Condition. . . .101, 213, 327, 461, 579, 715, 852, 966, 1088, 1184, 1268, 1364 839, 953, 1075, 1171, 1255, 1349 Fees: Discount rate 105, 217, 331, 465, 583, 719, Guarantee and commitment under 843, 957, 1079, 1175, 1259, 1353 Regulation V 43, 155, 265, 405, 509, Gold reserves. . . .98, 210, 324, 458, 576, 712, 836, 950, 1072, 1168, 1252, 1346 659, 783, 891, 1019, 1118, 1204, 1298 Commercial banks, assets and Fiduciary powers: liabilities 106, 218, 332, 466, 584, 720, More than one trust investment committee. . .651 844, 958, 1080, 1176, 1260, 1354 Financing of large corporations in 1951. . . .638 Foreign exchange rates 107, 219, 333, 467, 585, 721, Finland: 845, 959, 1081, 1177, 1261, 1355 Bank of : Gold purchases by United States from 99, 211, 325, Condition 103, 215, 329, 463, 581, 717, 841, 459, 577, 713, 837, 951, 1073, 1169, 1253, 1347 955, 1077, 1173, 1257, 1351 International capital transactions 92, 204, 318, 452, Discount rate 105, 217, 331, 465, 583, 570, 706, 830, 944, 1066, 1162, 1246, 1340 719, 843, 957, 1079, 1175, 1259, 1353 Security prices, index numbers 109, 221, 335, 469, Foreign exchange rates 107, 219, 333, 467, 585, 587, 723, 847, 961, 1083, 1179, 1263, 1357 721, 845, 959, 1081, 1177, 1261, 1355 Wholesale prices in 108, 220, 334, 468, 586, 722, First Vice Presidents of Federal Reserve 846, 960, 1082, 1178, 1262, 1356 Banks, list of. ... .111, 223, 337, 471, 589, 725, Frechtling, John, article on survey of 849, 963, 1085, 1181, 1265, 1359 consumer finances . .861, 974 Fleming, Robert V., reelected, Vice President Freight carloadings: of Federal Advisory Council .255 Classes .78, 190, 300, 440, 544, 694, 818, Fletcher, Joel L., Jr., appointed director at 926, 1054, 1148, 1234, 1328 New Orleans Branch . . . .35 Index of. 69, 181, 291, 431, 535, 685, Flodin, F. A., appointed Class C 809, 917, 1045, 1139, 1225, 1319 director at Minneapolis . .32 Frierson, G. A., resignation as Class C Food: director at Dallas 1106 Retail prices, principal countries. . . .109, 221, 335, 469, Furniture store statistics 88, 200, 310, 450, 554, 704, 587, 723, 847 961, 1083, 1179, 1263, 1357 828, 936, 1064, 1158, 1244, 1338 ? 1374 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pages Pages Gear, George R., appointed director at Government securities—Continued Oklahoma City Branch. .135 Federal Reserve Bank holdings—Continued. Germany: Each bank. . .46, 158, 268, 408, 512, 662, 786, Condition of central banks. . .103, 215, 329, 463, 581, 894, 1022, 1116, 1202, 1296 717, 841, 955, 1077, 1173, 1257, 1351 Maturity distribution. . .45, 157, 267, 407, 511, 661, Discount rate. . ..105, 217, 331, 465, 583, 719, 785, 893, 1021, 1115, 1201. 1295 843, 957, 1079, 1175, 1259, 1353 Wednesday figures. .. .41, 153, 263, 403, 507, 657, Foreign exchange rates. . . .107, 219, 333, 467, 585, 721, 781, 889, 1017, 1111, 1197, 1291 845, 959, 1081, 1177, 1261, 1355 Insured commercial banks. . .54, 166, 276, 416, 520, 670, Foreign trade balance, recent changes in. .237 794, 902, 1030, 1124, 1210, 1304 Monetary statistics .239 Investments by weekly reporting Golay, Frank H., article on economic problems member banks: facing post-treaty Japan. .11 New York City and outside 56, 168, 278, 418, Gold: 522, 672, 796, 904, 1032, 1126, 1212, 1306 Earmarked. 99, 211, 325, 459, 577, 713, 837, 951. Ownership of direct and 1073, 1169, 1253, 1347 guaranteed. .66, 178, 288, 428, 532, 682, 806, 914, International flow, 1951 .227 1042, 1136, 1222, 1316 Movements of . 229 Purchase of Government obligations Movements, United States .99, 211, 325, 459, 577, by Federal Reserve Banks, amend- 713, 837, 951, 1073, 1169, 1253, 1347 ment to Section 14(b) of Federal Production: Reserve Act 772 United States. .99, 211, 325, 459, 577, 713, 837, Savings bond program, letter to 951, 1073, 1169, 1253, 1347 commercial banks in United World. .97, 209, 323, 457, 575, 711, 835, States 738 949, 1071, 1167, 1251, 1345 Savings bonds. .65, 177, 287, 427, 531, 681, 805, 913, Purchases from United States, 1951 .230 Reserves of central banks and 1041, 1135, 1221, 1315 governments. .98, 210, 324, 458, 576, 712, 836, Yields on. .60, 172, 282, 422, 526, 676, 8OO 7 950, 1072, 1168, 1252, 1346 908, 1036, 1130, 1216, 1310 Reserves, foreign. ....232 Greece: Stock: Bank of: Chart. . .40, 152, 262, 402, 506, 656, 780, Condition. .103, 215, 329, 463, 581, 717, 841. 888, 1016, 1110, 1196, 1290 955, 1077, 1173, 1257, 1351 United States, analysis of changes. . . .99, 211, 325, Discount rate. .105, 217, 331, 465, 583, 719, 843, 459, 577, 713, 837, 951, 1073, 1169, 1253, 1347 957, 1079, 1175, 1259, 1353 Wednesday figures. . . .41, 153, 263, 403, 507, 657, Grimwood, Gordon B., article on 781, 889, 1017, 1111, 1197, 1291 recent changes in Germany's foreign Gold certificates: trade balance 237 Federal Reserve Bank holdings: Gross, national product: All banks combined 45, 157, 267, 407, 511, 661, Discussion 2 785, 893, 1021, 1115, 1201, 1295 Relation with national income, Each bank. .46, 158, 268, 408, 512, 662, 786, personal income and saving. . . .84, 196, 306, 446, 550, 894, 1022, 1116, 1202, 1296 Outstanding and in circulation. . . .49, 161, 271, 411, 515, 700, 824, 932, 1060, 1154, 1240, 1334 665, 789, 897, 1025, 1119, 1205, 1299 Guatemala: Goodman, Glenn M., appointed Assistant Condition of Bank of. .103, 215, 329, 463, 581, 717, Director of Division of Examinations .1106 841, 955, 1077, 1257, 1351 Government corporations and credit agencies: Gold reserves. .98, 210, 324, 458, 576, 712, 836, 950, Assets and liabilities 68, 180, 290, 430, 534, 684, 808, 1072, 1168, 1252, 1346 916, 1044, 1138, 1224, 1318 Hahne, Ernest H., director at Loans by. . .68, 180, 290, 430, 534, 684, 808, Cincinnati Branch, death of .1285 916, 1044, 1138, 1224, 1318 Handy, Ramon B., director at Denver Government debt: Branch, death of .257, 365 Volume and kind of securities. . . .65, 177, 287, All, 531, Home Owners' Loan Corporation: 681, 805, 913, 1041, 1135, 1221, 1315 Loans by 68, 180, 290, 430, 534, 684, 808, 916, Government employees, number of Federal, 1044, 1138, 1224, 1318 State, and local 76, 188, 298, 438, 542, 692, 816, 924, 1052, 1146, 1232, 1326 Hood, Clifford F., appointed director Government expenditures during 1951.... 3 at Pittsburgh Branch .34 Government manual, publication of Hosford, Willard D., class B director new edition . . . 135, 1012 at Kansas City, death of .32, 365 Government securities: Hours and earnings of factory Bond prices. . . .61, 173, 283, 423, 527, 677, 801, employees 75, 187, 297, 437, 541, 691, 815, 923, 909, 1037, 1131, 1217, 1311 1051, 1145, 1231, 1325 Direct obligations, volume Housing and Home Finance Agency, and kind 65, 177, 287, 427, 531, 681, 805, press statement on relaxation on 913, 1041, 1135, 1221,1315 Government-supported housing credit.. . .1002 Federal Reserve Bank holdings: Hulcy, D. A., elected Class B director at Dallas. 1285 All banks combined . . .45, 157, 267, 407, 511, 661, Imports: 785, 893, 1021, 1115, 1201, 1295 Germany, volume of. 238 1375 DECEMBER 1952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pages Pages Imports—Continued. Index numbers—Continued. Gold movements to United States. ...99, 211, 325, 459, Wholesale prices—Continued. 577, 713, 837, 951, 1073, 1169, 1253, 1347 Groups of commodities. . . .83, 195, 305, 445, 549, Japan 15 699, 823, 931, 1059, 1153, 1239, 1333 United States in 1952 . 1096 Groups of commodities, Imports and exports: 1926-1952 311 Merchandise. . . 78, 190, 300, 440, 544, 694, 818, Principal countries. . . .108, 220, 334, 468, 586, 722, 926, 1054, 1148, 1234, 1328 T ,. 846, 960, 1082, 1178, 1262, 1356 Income: India: Cash, and outgo of U. S. Treasury. . . .67, 179, 289, 429, Foreign exchange rates. . . .107, 219, 333, 467, 585, 721, 533, 683, 807, 915, 1043, 1137, 1223, 1317 845, 959, 1081, 1177, 1261, 1355 Consumer, growth in . .341 Gold production. . . .97, 209, 323, 457, 575, 711, 835, National . .84, 196, 306, 446, 550, 700, 824, 949, 1071, 1167, 1251, 1345 932, 1060, 1154, 1240, 1334 Recent banking developments in 1280 Personal. . . .85, 197, 307, 447, 551, 701, 825, 933, Reserve Bank of: 1061, 1155, 1241, 1335 Condition 103, 215, 329, 463, 581, 717, 841, Personal, during 1951 8 955, 1077, 1173, 1257, 1351 Railroads 78, 190, 300, 440 Discount rate. . . .105, 217, 331, 465, 583, 719, 843, Taxes, Internal Revenue collections 67, 179, 289, 957, 1079, 1175, 1259, 1353 429, 533, 683, 807, 915, 1043, 1137, 1223, 1317 Gold reserves. . . .98, 210, 324, 458, 576, 712, 836, Indebtedness of consumers 973 950, 1072, 1168, 1252, 1346 Index numbers: Indochina, recent banking developments in 1283 Business indexes. . . .69, 181, 291, 431, 535, 685, 809, Indonesia, recent banking developments in ... . . 1284 917, 1045, 1139, 1225, 1319 Industrial advances by Federal Reserve Banks: Construction contracts awarded... .69, 181, 291, 431, All banks combined 45, 157, 267, 407, 511, 661, 785, 535, 685, 809, 917, 1045, 1139, 1225, 1319 893, 1021, 1115, 1201, 1295 Consumers' price, principal countries. .1357 Commitments. . . .46, 158, 268, 408, 512, 662, 786 V Consumers' price index for 894, 1022, 1116, 1202, 1296 moderate income families. .. .82, 194, 304, 444, 548, Each bank. . . .46, 158, 268, 408, 512, 662, 786, 698, 822, 930, 1058, 1152, 1238, 1332 894, 1022, 1116, 1202, 1296 Cost of living, principal countries. . . .109, 221, 335, 469, Maturity distribution. .45, 157, 267, 407, 511, 661, 785, 587, 723, 847, 961, 1083, 1179, 1263, 1357 893, 1021, 1115, 1201, 1295 Department stores: Number and amount 47, 159, 269, 409, 513, 663, Sales, adjusted. .69, 181, 291, 431, 535, 685, 809, 787, 895, 1023, 1117, 1203, 1297 917, 1045, 1139, 1225, 1319 Rates on loans and commitments 43, 155, 265, 405, Sales, revised weekly index . .359 509, 659, 783, 891, 1019, 1113, 1199, 1293 Sales, weekly 81, 193, 303, 443, 547, 697, 821, Industrial production: 929, 1057, 1151, 1237, 1331 Business index. .69, 181, 291, 431, 535, 685, 809, Sales and stocks, by Federal ^ . , , . 917, 1045, 1139, 1225, 1319 Reserve districts 79, 191, 301, 441, 545, 695, By industries: 819, 927, 1055, 1149, 1235, 1329 Adjusted for seasonal Sales and stocks, by major variation. . . .70, 182, 292, 432, 536, 686, 810, departments 80, 192, 302, 442, 546, 696, 820, 918, 1046, 1140, 1226, 1320 928, 1056, 1150, 1236, 1330 Without seasonal adjustment 72, 184, 294, 434, Sales, stocks, and orders, revised series 1098 538, 688, 812, 920, 1048, 1142, 1228, 1322 Factory employment, business Germany 238 index 69, 181, 291, 431, 535, 685, 809, Japan 13 917, 1045, 1139, 1225, 1319 National summary of business Freight carloadings: conditions 36, 149, 258, 399, 503, 653, 777, Adjusted 69, 181, 291, 431, 535, 685, 809, 884, 1013, 1107, 1193, 1285 917, 1045, 1139, 1225, 1319 Revised annual indexes 502, 1106 Classes. . . . 78, 190, 300, 440, 544, 694, 818, Wholesale price index. .108, 220, 334, 468, 586, 722, 846, 926, 1054, 1148, 1234, 1328 960, 1082, 1178, 1262, 1356 Industrial production : Instalment loans: (See Consumer credit) Adjusted for seasonal variation. . .70, 182, 292, 432, Insurance companies: 536, 686, 810, 918, 1046, 1140, 1226, 1320 Commitments to acquire loans and investments Physical volume. . . .69, 181, 291, 431, 535, 685, 809, for defense and nondefense purposes 170, 280, 420> 917, 1045, 1139, 1225, 1319 524, 674, 798, 906, 1034, 1127, 1214, 1308 Revised annual 502, 1106 Government securities held by 66, 178, 288, 428, 532, Without seasonal adjustment. . . 72, 184, 294, 434, 682, 806, 914, 1042, 1136, 1222, 1316 538, 688, 812, 920, 1048, 1142, 1228, 1322 Insured home loans held 77, 189, 299, 439, 543, 693, 817, 925, 1053, 1147, 1233, 1327 Retail food prices. .. .109, 221, 335, 469, 587, 723, 847, Insured commercial banks: 961, 1083, 1179, 1263, 1357 Earnings, 1951 in United States Security prices in principal countries. . . 109, 221, 335, and possessions 566 469, 587, 723, 847, 961, 1083, 1179, 1263, 1357 Loans and investments. . .54, 166, 276, 416, 520, 670. Stock prices 61, 173, 283, 423, 527, 677, 801, 794, 902, 1030, 1124, 1210, 1304 909, 1037, 1131, 1217, 1311 Interest rates: Wholesale prices: Business loans by banks in Commodities. .. .69, 181, 291, 431, 535, 685, 809, selected cities 60, 172, 282, 422, 526, 676, 800, 917, 1045, 1139, 1225, 1319 908, 1036, 1130, 1216, 1310' 1376 FEDERAL RESERVE BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pages Pages Interest rates—Continued. Kolb, Raymond C: Open-Market rates in New York City 60, 172, 282, Article on excess profits taxes of 422, 526, 676, 800, 908, 1036, 1130, 1216, 1310 commercial banks . . 602 Regulation Q, amendment to 650 Article on member bank earnings, 1951.. .486 Regulation V loans, guarantee Latin American Republics: fees and rates on 43, 155, 265, 405, 509, 659, 783, Gold movements 99, 211, 325, 459, S77, 713, 891, 1019, 1118, 1204, 1298 837, 951, 1073, 1169, 1253, 1347 Selected 123 International capital transactions 92, 204, 318, 452, Time deposits, maximum rates on. . . .42, 154, 264, 404, 570, 706, 830, 944, 1066, 1162, 1246, 1340 508, 658, 782, 890, 1018, 1112, 1198, 1292 Internal Revenue collections. . . .67, 179, 289, 429, 533, 683, Leading articles: 807, 915, 1043, 1137, 1223, 1317 Business credit demand in a defense period. . . .475 International capital transactions Consumer plans for spending and saving. . . .341 of the United States 92, 204, 318, 452, 570, 706, 830, Expenditures in 1951 1 944, 1066, 1162, 1246, 1340 Expenditures in 1952 1185 International Monetary Fund: International flow of gold and dollars, 1951. . . .227 Gold reserves 98, 210, 324, 458, 576, 712, 836, Monetary and credit situation . . 731 T , .. . . .. 950, 1072, 1168, 1252, 1346 Money and Credit in 1951 .. 115 International transactions: Postwar use of consumer funds. . . . . .967 Japan .14 Problems of trade equilibrium. ... . . 1089 Inventory: Real estate markets in 1952 . . .853 Manufacturing and trade. . . .477 Recent credit expansion . .1269 Investments: Recent output and price developments. . . . 593 All banks in the United States, Legislation: by classes 52, 164, 274, 414, 518, 668, 792, Banks dealing in obligations of Central Bank for 900, 1028, 1122, 1208, 1302 Insured commercial banks. . .54, 166, 276, 416, 520, 670, cooperatives, amendment to Section 5136 of Re- 794, 902, 1030, 1124,1210,1304 vised Statutes 774 Weekly reporting member banks: Capital requirements of member banks, amend- New York City and outside. . .56, 168, 278, 418, ments to Section 9 of Federal Reserve Act and 522, 672, 796, 904, 1032, 1126, 1212, 1306 Section 5155 of Revised Statutes 773 (See also Loans and investments) Defense Production Act, amendment of 1952 772 Iran: Federal Reserve Act, amendment to Section 14 (b) Gold reserves. . . .98, 210, 324, 458, 576, 712, 836, to authorize purchase of Government obligations _ _ , 950, 1072, 1168, 1252, 1346 by Federal Reserve Banks 772 Ireland: Life insurance companies: Central bank of: Commitments to acquire loans and investments for Condition. . . .103, 215, 329, 463, 581, 717, 841, defense and nondefense purposes. .. .170, 280, 420, 955, 1077, 1173, 1257, 1351 524, 674, 798, 906, 1034, 1127, 1214, 1308 Discount rate. .105, 217, 331, 465, 583, 719, 843, Loan and investment commitments, 957, 1079, 1175, 1259, 1353 voluntary credit restraint release... ..25 Foreign exchange rates 107, 219, 333, 467, 585, (See also Insurance companies) T+ . 721, 845, 959, 1081, 1177, 1261, 1355 Liquid asset holdings of individuals and Italy: ' ' businesses, estimated . . 756 Bank of: List of directors of Federal Reserve Banks Condition. . . .103, 215, 329, 463, 581, 717, 841, 955, 1077, 1173, 1257, 1351 and branches . . 137 Discount rate 105, 217, 331, 465, 583, 719, 843, Loans: 957, 1079, 1175, 1259, 1353 Agricultural: Gold reserves. . . .98, 210, 324, 458, 576, 712, 836, Insured commercial banks... .54, 166, 276, 416, 950, 1072, 1168, 1252, 1346 520, 670, 794, 902, 1030, 1124, 1210,1304 International capital transactions. . . .92, 204, 318, 452, Brokers and dealers in securities by 570, 706, 830, 944, 1066, 1162,1246,1340 weekly reporting member banks: Wholesale prices in 108, 220, 334, 468, 586, 722, 846, New York City and outside 56, 168, 278, 418, 960, 1082, 1178, 1262, 1356 522, 672, 904, 1032, 1126, 1212, 1306 Japan: Brokers or dealers to finance stock purchases 30 Bank of: Condition 103, 215, 329, 463, 581, Business, bank rates on 60, 172, 282, 422, 526, 717, 841, 955, 1077, 1173, 1257, 1351 676, 800, 908, 1036, 1130, 1216, 1310 Discount rate 105, 217, 331, 465, 583, Commercial, industrial, and agricultural, by 719, 843, 957, 1079, 1175, 1259, 1353 weekly reporting member banks: Economic problems facing 11 New York City and outside 56, 168, 278, 418, Wholesale prices in 108, 220, 334, 468, 586, 722, 522, 672, 796, 904, 1032, 1126, 1212, 1306 846, 960, 1082, 1178, 1262, 1356 Consumer instalments, made by principal Java, Bank of: lending institutions 86, 198, 308, 448, 552, 702, Discount rate. . . .105, 217, 331, 465, 583, 719, 843, 826, 934, 1062, 1156, 1242, 1336 957, 1079, 1175, 1259, 1353 Defense production, guarantee fees and Gold reserves. ... .98, 210, 324, 458, 576, 712, rates under Regulation V 43, 155, 265, 405, 509, 836, 950, 1072, 1168, 1252, 1346 659, 783, 891, 1019, 1118, 1204, 1298 Joint statements: Federal Housing Administration, insured by. . . .77, 189, Coordination of practices in fields of mutual or joint responsibility. .877 299, 439, 543, 693, 817, 925,1053, 1147, 1233,1327 DECEMBER 1952 1377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pases Pages Loans—Continued. Meetings—Continued. Government corporations and Federal Open Market Committee—Continued. credit agencies 68, 180, 290, 430, 534, June 19 775 684, 808, 916, 1044, 1138, 1224, 1318 September 25 1106 Industrial: {See Industrial advances) December 8 1285 Instalment 86, 198, 308, 448, 552, 702, 826, Presidents of Federal Reserve Banks: 934, 1062, 1156, 1242, 1336 February 27-29 255 Mortgage on 1- to 4-family properties. 858 June 18-19 . .775 Mortgage on residential real estate. . .860, 1271 September 23, 24, and 26. 1106 Real estate: December 7-9 1285 Voluntary credit restraint release. .24, 251, 363, 501 Mehornay, Robert L., Class C director at Weekly reporting member banks: Kansas City, death of. .365 New York City and outside 56, 168, 278, Member banks: 418, 522, 672, 796, 904, 1032, 1126, 1212, 1306 Branches 58, 202, 941 Loans and investments: Changes in number of banking offices 201, 940 All banks in United States, by classes. . . .52, 164, 274, Deposits and reserves of 47, 159, 269, 409, 414, 518, 668, 792, 900, 1028,1122, 1208, 1302 513, 663, 787, 895, 1023, 1114, 1200, 1294 Commercial banks, change 1951 and 1950 116 Earnings and expenses: Insured commercial banks 54, 166, 276, 416, 520, 1951 ... . . .486, 555 670, 794, 902, 1030, 1124, 1210, 1304 First half of 1952. . .1103, 1159 Life insurance companies, commitments to acquire Employees, 1951 555 for defense and nondefense purposes 170, 280, Loans and investments 51, 163, 273, 413, 517, 667, 420, 524, 674, 798, 906, 1034, 1127, 1214, 1308 791,899,1027, 1121, 1207, 1301 Member banks, by classes 52, 164, 274, 414, 518, Number of: 668, 792, 900, 1028, 1122, 1208, 1302 By classes. .. .51,163,273,413,517,667, Member banks, December 31, 1951 487 791,899,1027, 1121, 1207, 1301 Mutual savings banks 53, 165, 275, 415, 519, By districts and by States 58, 202, 941 669, 793, 901, 1029, 1123, 1209, 1303 End of 1951 486, 555 National banks. 53,165,275,415,519,669, Operating ratios, 1951 937 793, 901, 1029, 1123, 1209, 1303 Par list 58, 202, 941 Nonmember banks 53, 165, 275, 415, 519, Reserve requirements 42, 154, 264, 404, 508, 658, 669, 793, 901, 1029, 1123, 1209, 1303 782, 890, 1018, 1113, 1199, 1293 Weekly reporting member banks: Reserves, reserve bank credit, and New York City and outside 56, 168, 278, 418, related items 41, 153, 263, 403, 507, 657, 522, 672, 796, 904, 1032, 1126, 1212, 1306 781, 889, 1017, 1111, 1197, 1291 MacDonald, D. K., appointed director at Membership in Federal Reserve System: Seattle Branch .35 Admission of State banks .32, 257, 366, 776, 881, Manufactures: 1012, 1106, 1285 Industrial production, index of 69, 181, 291, 431, Amendments to Regulation H 1004 535, 685, 809, 917, 1045, 1139, 1225, 1319 Merchandise: Manufacturing industries: Exports and imports 78, 190, 300, 440, 544, Hours and earnings of production workers 75, 187, 297, 437, 541, 694, 818, 926, 1054, 1148, 1234, 1328 691, 815, 923, 1051, 1145, 1231, 1325 Mexico : Maps: Bank of: Federal Reserve System 114, 226, 340, 474, Condition 103, 215, 329, 463, 581, 592, 730, 852, 966, 1088, 1184, 1268, 1364 717, 841, 955, 1077, 1173, 1257, 1351 Margin accounts: Discount rate 105, 217, 331, 465, 583, Statistics of stock exchange firms. ...59, 171, 281, 421, 719, 843, 957, 1079, 1175, 1259, 1353 525, 675, 799, 907, 1035, 1129, 1215, 1309 Gold reserves 98, 210, 324, 458, 576, 712, Margin requirements: 836, 950, 1072, 1168, 1252, 1346 Table ... .42, 154, 264, 404, 508, 658, Foreign exchange rates 107, 219, 333, 467, 585, 721, 782, 890, 1018, 1112, 1198, 1292 845, 959, 1081, 1177, 1261, 1355 Masters, Robert C, appointment as Assistant Gold movements 99, 211, 325, 459, 577, 713, Director, Division of Examinations . .31 837, 951, 1073, 1169, 1253, 1347 Maturity distribution of loans and Gold production 97, 209, 323, 457, 575, 711, Government securities 45, 157, 267, 407, 511, 835, 949, 1071, 1167, 1251, 1345 661, 785, 893, 1021, 1115, 1201, 1295 Miller, Donald C, article on second Meetings: armament budget 124 Chairmen of Federal Reserve Banks: Miller, Max A., elected Class B director May 5-6 . . 502 at Kansas City .365 December 4-5 .1285 Miller, Paul E., appointed Deputy Chairman Federal Advisory Council: at Minneapolis .32 February 17-19 .255 Mills, Abbott L., Jr., appointed member of May 18-20 .. .652 Board of Governors .256 October 5-7 .1106 Minerals: November 16-18 .1285 Industrial production, index of 69, 181, 291, 431, Federal Open Market Committee: 535, 685, 809, 917, 1045, 1139, 1225, 1319 February 29-March 1 .255 Monetary and credit situation 731 1378 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pages Pages Money and credit: Netherlands—Continued. National summary of business conditions. .259, 654, 778 Foreign exchange rates 107, 219, 333, 467, 585, 721, 1951 115 845, 959, 1081, 1177, 1261, 1355 Money in circulation: Gold movements. . . .99, 211, 325, 459, 577, 713, 837, By denominations 49, 161, 271, 441, 515, 665, 951, 1073, 1169, 1253, 1347 789, 897, 1025, 1119, 1205, 1299 International capital transactions. .92, 204, 318, 452, 570, By kinds. . 49, 161, 271, 411, 515, 665, 706, 830, 944, 1066, 1162, 1246, 1340 789, 897, 1025, 1119,1205, 1299 Open-market rates 105, 217, 331, 465, 583, 719, 843, Chart. . . . . .40, 152, 262, 402, 506, 656, 957, 1079, 1175, 1259, 1353 780, 888, 1016, 1110, 1196, 1290 Retail food prices. . . .109, 221, 335, 469, 587, 723, 847, Weekly figures. . . .41, 153, 263, 403, 507, 657, 961, 1083, 1179, 1263, 1357 ,, , , 781, 889, 1017, 1111, 1197, 1291 Security prices, index numbers. .109, 221, 335, 469, 587, Money markets: 723, 847, 961, 1083, 1179, 1263, 1357 Conditions in . . 732 Wholesale prices 108, 220, 334, 468, 586, 722, 846, National summary of business conditions. . . .. .150 960, 1082, 1178, 1262, 1356 Review for 1951. . . ..122 New York Stock Exchange: Money rates: Customers' debit balances, money Business loans by banks. . . .60, 172, 282, 422, 526, 676, borrowed and related items. . . .59, 171, 281, 421, 525, 800, 908, 1036, 1130, 1216, 1310 675, 799, 907, 1035, 1129, 1215, 1309 Foreign countries 105, 217, 331, 465, 583, 719, Volume of trading on. 61, 173, 283, 423, 527, 677, 801, 843, 957, 1079, 1175, 1259, 1353 909, 1037, 1131, 1217, 1311 Open-market, New York City 60, 172, 282, 422, New Zealand: 526, 676, 800, 908, 1036, 1130, 1216, 1310 Foreign exchange rates. . . .107, 219, 333, 467, 585, 721, Money supply: 845, 959, 1081, 1177, 1261, 1355 Changes in. . . .736 Reserve Bank of: Expansion of .120 Condition. . . .103, 215, 329, 463, 581, 717, 841, Mortgages: 955, 1077, 1173, 1257, 1351 Insured Federal Housing Administration Discount rate. . . .105, 217, 331, 465, 583, 719, 843, mortgages held. .77, 189, 299, 439, 543, 693, 817, 957, 1079, 1175, 1259, 1353 925, 1053, 1147, 1233, 1327 Gold reserves. . . .98, 210, 324, 458, 576, 712, 836, Murff, G. R., Assistant Secretary of 950, 1072, 1168, 1252, 1346 Board, resignation of. . . .652 Newcomer, Ralph S., appointed Mutual savings banks: director at Denver Branch. . .365 Branches, number and changes. ... . .201, 940 Nicaragua: Deposits 53, 165, 275, 415, 519, 669, 793, 901, Gold production. . 97, 209, 323, 457, 575, 711, 835, 1029, 1123, 1209, 1303 949, 1071, 1167, 1251, 1345 Government securities held by. .66, 178, 288, 428, 532, Nichols, Shuford R., appointed director 682, 806, 914, 1042, 1136, 1222, 1316 at Little Rock Branch .35 Insured home loans held. . . 77, 189, 299, 439, 543, 693, Nielsen, Aksel, appointed director 817, 925, 1053, 1147, 1233, 1317 at Denver Branch 365 Loans and investments. . . .53, 165, 275, 415, 519, 669, Nonfarm dwelling units started. .544, 694, 818, 926, 1054, 793, 901, 1029, 1123, 1209, 1303 1148,'1234, 1328 National Association of Supervisors of State Banks, Nonmember banks: joint statement on coordination of practices in Branches 58, 202, 941 fields of mutual or joint responsibility 877 Changes in number of banking offices .201, 940 National bank notes, outstanding. . . .49, 161, 271, 411, 515, Deposits: XT .. . , . 665, 789, 897, 1025, 1119, 1205, 1299 Chart. . .40, 152, 262, 402, 506, 656, 780, National banks: ' ' ' 888, 1016, 1110, 1196, 1290 Changes in number of banking offices . . .201, 940 Classified and total. . . .53, 165, 275, 415, 519, 669, Deposits 53, 165, 275, 415, 519, 669, 793, 901, 793, 901, 1029, 1123, 1209, 1303 1029, 1123, 1209, 1303 Held by Federal Reserve Banks. . . .41, 153, 263, Earnings and expenses, 1951 560 403, 507, 657, 781, 889, 1017, 1111, 1197, 1291 Number of 53, 165, 275, 415, 519, 669, 793, 901, Earnings of insured commercial banks in the 1029, 1123, 1209, 1303 United States and possessions 566 Suspensions 1943-1951 .135 Loans and investments. . . .53, 165, 275, 415, 519, 669, Trust powers, creation of two or 793, 901, 1029, 1123, 1209, 1303 more trust investment committees Number of: under Regulation F. . . . .651 Commercial banks...53, 165, 275, 415, 519, 669, National summary of business 793, 901, 1029, 1123, 1209, 1303 conditions. . .36, 149, 258, 399, 503, 653, 777, 884, Offices in United States 58, 202, 941 XT , , , 1013, 1107, 1193, 1286 Par list ..58, 202, 941 Netherlands: Suspensions, 1943-1951 135 Bank of: Norton, Edward L., resignation as Condition. 103, 215, 329, 463, 581, 717, 841, member of Board . 255 955, 1077, 1173, 1257, 1351 Norway: Discount rate .105, 217, 331, 465, 583, 719, 843, Bank of: 957, 1079, 1175, 1259, 1353 Condition. . .103, 215, 329, 463, 581, 717, 841, Gold reserves. 98, 210, 324, 458, 576, 712, 836, 955, 1077, 1173, 1257, 1351 950, 1072, 1168, 1252, 1346 Discount rate. 105, 217, 331, 465, 583, 719, 843, Cost of living .109, 221, 335, 469, 587, 723, 847, 957, 1079, 1175, 1259, 1353 961, 1083, 1179, 1263, 1357 DECEMBER 1952 1379 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pages Pages Norway—Continued. Portugal—Continued. Bank of—Continued. Bank of—Continued. Gold reserves 98, 210, 324, 458, 576, 712, 836, Discount rates 105, 217, 331, 465, 583, 950, 1072, 1168, 1252, 1346 719 843, 957, 1079, 1175, 1259, 1353 Foreign exchange rates 107, 219, 333, 467, 585, 721, Gold reserves 98, 210, 324, 458, 576, 712, 836, 845, 959, 1081, 1177, 1261, 1355 950, 1072, 1168, 1252, 1346 Noyes, Guy E., appointed Assistant Director of Foreign exchange rates 107, 219, 333, 467, 585, 721, Division of Research and Statistics .776 845, 959, 1081, 1177, 1261, 1355 Obligations of Government, direct and Gold purchases by United guaranteed, maturities 65, 177, 287, 427, 531, 681, 805, States from 99, 211, 325, 459, 577, 713, 837 y 913, 1041, 1135, 1221, 1315 951, 1073, 1169, 1253, 1347 Open-market paper, insured commercial Postal savings deposits: banks 54, 166, 276, 416, 520, 670, 794, 902, Depositors' balances and assets. . . .48, 160, 270, 410, 514, 1030, 1124, 1210, 1304 664, 788, 896, 1024, 1118, 1204, 1298 Open-market rates: Insured commercial banks. . . .55, 167, 277, 417, 521, 671, Foreign countries. . . .105, 217, 331, 465, 583, 719, 843, 795, 903, 1031, 1125, 1211, 1305 957, 1079, 1175, 1259, 1353 Interest rate on. . .42, 154, 264, 404, 508, 658, 782, New York City. . . .60, 172, 282, 422, 526, 676, 800, 890, 1018, 1112, 1198, 1292 908, 1036, 1130, 1216, 1310 Weekly reporting member banks: Operating ratios of member banks, 1951. .937 New York City and outside. . .57, 169, 279, 419, 523, Orders: 673, 797, 905, 1033, 1127, 1213, 1307 Transamerica Corporation .391 Powell, Oliver S.: Ownership of demand deposits, article Appointment as President of Federal by Charles Fox 482 Reserve Bank of Minneapolis 775 Ownership of Government securities 66, 178, 288, 428. Resignation as Member of Board of 532, 682, 806, 914, 1042, 1136, 1222, 1316 Governors . . 775 Pakistan, State Bank of: Presidents of Federal Reserve Banks: Condition 104, 216, 330, 464, 582, 718, 842, List of. . . Ill, 223, 337, 471, 589, 725, 849, 956, 1078, 1174, 1258, 1352 963, 1085, 1181, 1265, 1359 Discount rate. . . .105, 217, 331, 465, 583, 719, 843, Meetings: 957, 1079, 1175, 1259, 1353 February 27-29 . .255 Gold reserves. . . .98, 210, 324, 458, 576, 712, 836, June 18-19 .775 950, 1072, 1168, 1252, 1346 September 23, 24, and 26. . . 1106 Review of operations 1282 December 7-9 . .1285 Pamphlets: {See Publications) Peyton, John N., resignation at Paper currency, circulation 49, 161, 271, 411, 515, 665, Minneapolis .776 789, 897, 1025, 1119, 1205, 1299 Powell, Oliver S., appointment at Par list, number of banks by districts Minneapolis 775 and by States .58, 202, 941 President of United States: Paraguay: Norton, Edward L., letter accepting Condition of central bank 104, 216, 330, 464, 582, resignation of . . 255 718, 842, 956, 1078, 1174, 1258, 1352 Powell, Oliver S., letter accepting Patterson, Robert P., Class C director resignation of .775 at New York, death of . . 135, 502 Press statements: Payrolls, factory: Joint release with Housing and Home Business index of 69, 181, 291, 431, 535, 685, 809, Finance Agency, on procedures to 917, 1045, 1139, 1225, 1319 carry out housing credit provisions Personal income. . . .85, 197, 307, 447, 551, 701, 825, of Defense Production Act Amendments 933, 1061, 1155, 1241, 1335 of 1952 882 Peru: Real estate credit regulations, no Central Reserve Bank of: present change in 773 Condition 104, 216, 330, 464, 582, 718, Suspension of program for voluntary 842, 956, 1078, 1174, 1258, 1352 credit restraint . . 501 Discount rate 105, 217, 331, 465, 583, 719, Suspension of Regulation X ... 1002 843, 957,1079, 1175, 1259, 1353 Taxation of commercial banks, ques- Gold reserves. . . .98, 210, 324, 458, 576, 712, 836, tionnaire distributed to banks 613 950, 1072, 1168, 1252, 1346 Voluntary credit restraint releases 22, 251, 363, 501 Peyton, John N., retirement as President of Prices: Federal Reserve Bank of Minneapolis. . . . .776 Recent developments 593 Philippine Republic: Retail food 109, 221, 335, 469, 587, 723, 847, Central Bank of the Philippines: 961, 1083, 1179, 1263, 1357 Condition 104, 216, 330, 464, 582, Securities in principal countries. . 109, 221, 335, 469, 587, 718, 842, 956, 1078, 1174, 1258, 1352 723, 847, 961, 1083, 1179, 1263, 1357 Foreign exchange rates 107, 219, 333, 467, 585, Wholesale commodity: 721, 845, 959, 1081, 1177, 1261, 1355 Business index. .69, 181, 291, 431, 535, 685, 809, Recent banking developments in 1276 917, 1045, 1139, 1225, 1319 Portugal: By groups of commodities . .83, 195, 305, 445, 549, Bank of: 699, 823, 931, 1059, 1153, 1239, 1333 Condition. . 104, 216, 330, 464, 582, 718, Index of . 108, 220, 334, 468, 586, 722, 846, 842, 956, 1078, 1174, 1258, 1352 960, 1082, 1178, 1262, 1356 1380 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pages Pages Procedures to implement joint statement Rates—Continued. issued by bank supervisory authorities .879 Regulation V loans, guarantee fees Prochnow, Herbert V., reappointed Secre- and rates. 43, 155, 265, 405, 509, 659, tary of Federal Advisory Council. . . . .255 783, 891, 1019, 1118, 1204, 1298 Production, recent output of goods. . . .593 Time deposits, maximum interest on . 42, 154, 264, Profits: 404, 508, 658, 782, 890, 1018, 1112, 1198, 1292 Large corporations. . . .63, 175, 285, 425, 529, 679, 803, Ratios of all member banks: 911, 1039, 1133, 1219, 1313 By classes 562 Member banks, 1950 and 1951. .489, 555 Public debt: By Federal Reserve districts 563 Volume and kind of securities. . .65, 177, 287, 427, 531, Ratios of country member banks. . .565 681, 805, 913, 1041, 1135, 1221, 1315 Ratios of reserve city member banks. .564 {See also Government securities) Real estate, loans on: Public Housing Administration: Insured commercial banks . . . .54, 166, 276, 416, 520, Loans by. . . . .68, 180, 290, 430, 534, 684, 808, 670, 794, 902, 1030, 1124, 1210, 1304 916, 1044,1138,1224, 1318 Weekly reporting member banks: Public utility corporations: New York City and outside 56, 168, 278, Earnings and dividends of. . .63, 175, 285, 425, 529, 679, 418, 522, 672, 796, 904, 1032, 1126, 1212, 1306 803, 911, 1039, 1133, 1219, 1313 Publications: Real estate credit: Abstracts of defense regulations. . . . 136 Amendments to Regulation X: Annual Report of Board of Governors 1012 Amendment No. 8. .27 Board of Governors, list . 112, 224, 338, 472, 590, 726, Amendment No. 9 . . .28 850, 964, 1086, 1182,1266, 1360 Amendment No. 10 .650 Development of bank debits and clear- Delegation of authority pursuant to Defense ings and their use in economic Production Act Amendments of 1952. 882 analysis . 135 Major additions or improvements. .498 Federal Register, subscription price . . 136 Markets in 1952 .853 Handbook of emergency defense activities. .136 Maximum maturity and refinancing. .133 Historical supplement to monthly Maximum maturity in resale .... .28 chart book on bank credit, money Nonconforming lease as additional rates, and business, revised edition. .366, 1012 collateral .497 Industrial production indexes, Publicly sponsored parking facilities. 499 revised annual , . 1106 Registrants under Regulation X .620 United States Government Manual, Regulation X, press statement that no new edition . 135, 1012 present change is contemplated. 773 Puckett, Cecil, appointed Class C director Suspension of Regulation X. .1002, 1004 at Kansas City and designated Deputy Trust companies .497 Chairman .365 Receipts: Quay, A. H., Class A director at Federal budget . 130 Minneapolis, death of. .32 Treasury, summary of operations. . . .67, 179, 289, 429, Questionnaires: 533, 683, 807, 915, 1043, 1137, 1223, 1317 Summary of replies of Board on Reconstruction Finance Corporation: general credit and debt management. 349 Assets and liabilities 68, 180, 290, 430, 534, 684, Tax, to be sent to selected list of 808, 916, 1044, 1138, 1224, 1318 member and nonmember banks .615 Loans by. . 68, 180, 290, 430, 534, 684, Railroads: 808, 916, 1044, 1138, 1224, 1318 Revenues, expenses and income of Registrants under Regulation X. . . . 620 Class I. 78, 190, 300, 440 Rates: Registration statement under Regulation X. .636 Acceptances, bankers' buying 43, 155, 265, 405, 509, Regulations, Board of Governors: 659, 783, 891, 1019, 1113, 1199, 1293 H, Membership of State banking institutions in Business loans by banks 60, 172, 282, 422, 526, the Federal Reserve System, as amended. 1004 676, 800, 908, 1036, 1130, 1216, 1310 Q, Payment of interest on deposits, Discount: amendment to 650 Central banks. . 105, 217, 331, 465, 583, T, Extension and maintenance of credit 719, 843, 957, 1079, 1175, 1259, 1353 by brokers, dealers, and members of Federal Reserve Banks 43, 155, 265, 405, national securities exchanges: 509, 659, 783, 891, 1019, 1113, 1199, 1293 Arrangement for credit by brokers Foreign exchange 107, 219, 333, 467, 585, 721, or dealers .1105 845, 959, 1081, 1177, 1261, 1355 U, Loans by banks for the purpose of Industrial loans and commitments . .43, 155, 265, 405, purchasing or carrying stocks registered 509, 659, 783, 891, 1019, 1113, 1199, 1293 on a national securities exchange: Open-market in certain foreign Bank loans to finance stock purchases. ... countries 105, 217, 331, 465, 583, 719, 843, V, Loan guarantees for defense production: 957, 1079, 1175, 1259, 1353 Guarantee fees and commitments Open-market in New York City 60, 172, 282, 422, under 43, 155, 265, 405, 509, 526, 676, 800, 908, 1036, 1130, 1216, 1310 659, 783, 891, 1019, 1118, 1204, 1298 Postal savings deposits 42, 154, 264, 404, 508, Loans guaranteed under. . . .47, 159, 269, 409, 513, 658, 782, 890, 1018, 1112, 1198, 1292 663, 787, 895, 1023, 1117, 1203, 1297 DECEMBER 1952 1381 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pages Pages Regulations, Board of Governors—Continued. Reserves—Continued. W, Consumer Credit: Gold, changes in foreign . .230 Amendment No. 5. ..28 Gold, of central banks and Amendment No. 6. . . .28 governments 98, 210, 324, 458, 576, Amendment No. 7 .367 712, 836, 950, 1072, 1168, 1252, 1346 Amendment No. 8. .367 Insured commercial bank with Combination units . . 134 Federal Reserve Banks 55, 167, 277, 417, Contest prizes .30 521, 671, 795, 903, 1031, 1125, 1211, 1305 Court proceedings and suspension Member banks: of licenses 28, 133, 254, 367, 497 Account with Federal Reserve Floor or wall furnaces . .29 Banks 46, 158, 268, 408, 512, 662, Interpretations canceled or modified.. .134 786, 894, 1022, 1116, 1202, 1296 Suspension of .497 By classes of banks 47, 159, 269, 409, 513, Verification of loan value . .30 663, 787, 895, 1023, 1114, 1200, 1294 Verification of OPS ceiling price.. .133 Excess, Wednesday figures 41, 153, 263, 403, Violations: 507, 657, 781, 889, 1017, 1111, 1197, 1291 Brandbo, W. EL, fined.. .254 Total held, all banks 41, 153, 263, 403, Castelli, P. J., fined .497 507, 657, 781, 889, 1017, 1111, 1197, 1291 Economy Appliance Company, Inc., Weekly reporting member banks: Albany, New York, fined. .497 New York City and outside 57, 169, 279, 419, Fitz, Clyde, fined .28 523, 673, 797, 905, 1033, 1127, 1213, 1307 H. Bartels, Inc., Philadelphia, Resignations: license suspended 254 Frierson, G. A., Class C director at Dallas. . 1106 Jet Appliance Co., New Orleans, fined. .254 Murff, G. R., as Assistant Secretary Kahn Motor Company, suspension of Board of Governors .652 of license . 133 Norton, Edward L., as Member of Kay, Sam, fined 497 Board of Governors .255 Kirchner Brothers, injunction against 254 Powell, Oliver S., as Member of Lange, Walter, fine and suspended Board of Governors 775 prison sentence .28 Townsend, J. Leonard, as Solicitor Minnesota Soft Water Company, of Board of Governors. 1012 Minneapolis, fined .367 Retail Credit Survey, 1951. 644 Rosen, Leonard, fined .254 Retail food prices 109, 221, 335, 469, 587, Rosens Incorporated, fined .254 723, 847, 961, 1083, 1179, 1263, 1357 Video Meters, Inc., San Francisco, Retirements: license suspended .367 Peyton, John N., President at Minneapolis ... 776 X, Real Estate Credit: Rounds, L. R., First Vice President at New York 257 Amendment No. 8. .27 Revenues, expenses and income of Amendment No. 9. .28 Class I railroads. . . 78, 190, 300, 440 Amendment No. 10. .650 Revised Statutes: Loans of registrants . 620 Section 5136, amendment relating to Maximum maturity in refinancing. .133 banks dealing in obligations of Maximum maturity in resale 28 Central Bank for cooperatives... 774 Press statement that no change in Section 5155, amendment relating to regulation is contemplated. 773 capital requirements of member banks. . 773 Registration statement .636 Rhodesia: Suspension of 1002, 1004 Gold production. .97, 209, 323, 457, 575, 711, Reserve city member banks: 835, 949, 1071, 1167, 1251, 1345 Condition. .52, 164, 274, 414, 518, 668, 792, Robertson, Caffey, appointed director 900, 1028, 1122, 1208, 1302 at Memphis Branch .35 Deposits and reserves 47, 159, 269, 409, 513, 663, Robertson, J. L., appointed Member of 787, 895, 1023, 1114, 1200, 1294 Board of Governors 256 Earnings and expenses, 1951 489, 557 Rounds, L. R., First Vice President at New York, retirement of .257 Reserves. . 48, 160, 270, 410, 514, Rural Electrification Administration: 664, 788, 896, 1024, 1114, 1200, 1294 Assets and liabilities 68, 180, 290, 430, 534, Reserve position of: 684. 808, 916, 1044, 1138, 1224, 1318 Commercial banks .121 Loans by. .... 68, 180, 290, 430, 534, 684, Foreign countries .233 808, 916, 1044, 1138, 1224, 1318 Member banks ... .732 Russia: Reserve requirements: Banking in the Soviet Union 351 Member banks, per cent of Discount rate. . .105, 217, 331, 465, 583, 719, deposits of 42, 154, 264, 404, 508, 658, 782, 890, 1018, 1113, 1199,1293 Salarie s: 843' 957> 1O79> 1175> 1259' 1353 Reserves: Federal Reserve Banks, 1951 .314 Federal Reserve Banks: Insured commercial banks in United All banks combined 45, 157, 267, 407, 511, States and possessions, officers and employees 566 661, 785, 893, 1021, 1115, 1201, 1295 Member banks: Each bank. .46, 158, 268, 408, 512, 662, 786, 1951 .486, 555 894, 1022, 1116, 1202, 1296 First half of 1952 1103, 1159 1382 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pages Savings, consumer, increase in. .342 Spain: Savings and loan associations: Bank of: Insured home mortgages held 77, 189, 299, 439, Condition 104, 216, 330, 464, 582, 718, 543, 693, 817, 925, 1053, 1147, 1233, 1327 842, 956, 1078, 1174, 1258, 1352 Savings bonds: Discount rate 105, 217, 331, 465, 583, Letter to all commercial banks in 719. 843, 957, 1079, 1175, 1259, 1353 United States on program 738 Gold reserves.. 98, 210, 324, 458, 576, Sales and redemptions 65, 177, 287, 427, 531, 712, 836, 950, 1072, 1168, 1252, 1346 681, 805, 913, 1041, 1135, 1221, 1315 Special articles: Savings deposits: Balance sheet of agriculture, 1952. . 758 Interest rates on. 42, 154, 264, 404, 508, 658, Banking in the Soviet Union .... 351 782, 890, 1018, 1112, 1198, 1292 Changes in instalment credit terms .491 Schweiger, Irving, article on 1952 Economic problems facing post-treaty Japan. 11 survey of consumer finances. 739, 974 Estimated liquid asset holdings of Securities: individuals and businesses 756 Domestic, inflow of foreign funds 92, 204, 318, Excess profits taxes of commercial banks... 602 452, 570, 706, 830, 944, 1066, 1162, 1246, 1340 Financing of large corporations in 1951. . .638 Foreign, return of United States funds. . . .92, 204, 318, Joint statement of supervisory agencies 452, 570, 706, 830, 944, 1066, 1162, 1246, 1340 on coordination of practices in fields Loans for purchasing or carrying: of mutual or joint responsibility 877 Insured commercial banks 54, 166, 276, 416, Member bank earnings, 1951 486 520, 670, 794, 902, 1030, 1124, 1210, 1304 Member bank earnings, first half of 1952. 1103 Weekly reporting member banks, Ownership of demand deposits 482 New York City and outside 56, 168, 278, Real estate loans of registrants under 418, 522, 672, 796, 904, 1032, 1126, 1212, 1306 Regulation X 620 Recent central banking developments in Securities exchange administration: southeast Asia 1276 Arrangement for credit by brokers or dealers. 1105 Recent changes in Germany's foreign trade Margin requirements under Regulations balance 237 T and U. 42, 154, 264, 404, 508, Recommendations with respect to extension of 658, 782, 890, 1018, 1112, 1198, 1292 Defense Production Act of 1950. 244 Security issues: Retail credit survey, 1951... . .644 Corporate, proposed use of proceeds 62, 174, 284, Revised series on department store sales, 424, 528, 678, 802, 910, 1038, 1132, 1218, 1312 stocks, and orders 1098 Corporate, review of.. .1270 Revised weekly index of department store Increase in 1951.... . .478 sales ' ... 359 New and refunding 61, 173, 283, 423, 527, Second armament budget. . 124 677, 801, 909, 1037, 1131, 1217, 1311 Statement by Chairman of Board of Governors Security markets: before Subcommittee on General Credit Bond and stock prices 61, 173, 283, 423, 527, Control and Debt Management. . . 34<7 677, 801, 909, 1037, 1131, 1217, 1311 Survey of Consumer Finances, 1952: National summary of business Part I, consumer expectations as to conditions. . . 37, 259, 400, 504, 654, economic trends and consumer 778, 885, 1014, 1108, 1194, 1287 investment preferences ......... Security prices: Part II, purchases of durable goods Principal countries 109, 221, 335, 469, and houses in 1951 and buying 587, 723, 847, 961, 1083, 1179, 1263, 1357 plans for 1952 861 Silver and silver certificates, outstanding Part III, income, selected investments and in circulation. . . . 49, 161, 271, 411, 515, 665, and short-term debts of consumers. 974 789, 897,1025, 1119,1205, 1299 Staff of Board of Governors: Smith, Howard G., article on revised series Ames, Edward, article on banking in the on department stores sales, stocks, and orders 1098 Soviet Union 351 Smith, Tynan, article on survey of Anderson, Paul S., article on financing consumer finances .861 of large corporations in 1951.... 638 South Africa: Benner, Henry, appointed Assistant Foreign exchange rates 107, 219, 333, 467, 585, Director of Division of Examinations 1106 721, 845, 959, 1081, 1177, 1261, 1355 Boothe, Gardner L., II, appointed Gold movements 99, 211, 325, 459, 577, 713, Administrator, Office of Defense Loans. 1106 837, 951,1073, 1169, 1253, 1347 Craft, Robert H., appointed Technical Gold production 97, 209, 323, 457, 575, 711, Consultant to Federal Open Market Committee 502 835, 949, 1071, 1167, 1251, 1345 Reserve bank: Fauver, Clarke L., appointment as Condition. 104, 216, 330, 464, 582, 718, Assistant in Board Members' offices. 31 842, 956, 1078, 1174, 1258, 1352 Fox, Charles E., article on ownership of Discount rate 105,217,331,465,583, demand deposits 482 719, 843, 957, 1079, 1175, 1259, 1353 Frechtling, John, article on survey of Gold reserves. .98, 210, 324, 458, 576, 712, consumer finances, 1952. .... . 861, 974 836, 950, 1072, 1168, 1252, 1346 Golay, Frank H., article on economic problems Soviet Union, banking in. .351 facing post-treaty Japan 11 DFXEMBER 1952 1383 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pages Pages Staff of Board of Governors—Continued. Stock exchange: Goodman, Glenn M., appointed Assistant Call loan renewals, open-market Director of Division of Examinations. .1106 rates in New York City . 60, 172, 282, 422, 526, 676, Grimwood, Gordon B., article on recent 800, 908, 1036, 1130, 1216,1310 changes in Germany's foreign trade balance 237 Customers' debit balances, money borrowed Irvine, Reed J., article on recent central banking and principal related items of firms developments in Southeast Asia. ...1276 carrying margin accounts . . . .59, 171, 281, 421, 525, Kolb, Raymond C: 675, 799, 907, 1035, 1129, 1215, 1309 Article on excess profits taxes of Volume of trading on New York commercial banks . 602 market. 61, 173, 283, 423, 527, 677, 801, Article on member bank earnings, 1951. .486 909, 1037,1131, 1217,1311 Masters, Robert C, appointment as Stocks: Assistant Director of Division of Examinations. .31 New security issues. . . .61, 173, 283, 423, 527, 677, 801, Miller, Donald C, article on second 909, 1037,1131, 1217,1311 Prices in principal countries 109, 221, 335, 469, 587, armament budget 124 723, 847, 961, 1083, 1179, 1263, 1357 Murff, G. R., Assistant Secretary, Prices in United States. .61,173,283 423,527,677,801, resignation of 652 909, 1037,1131, 1217, 1311 Noyes, Guy E., appointed Assistant Director Studies: of Division of Research and Statistics .776 Development of bank debits and Reil, Katharyne P., article on retail clearings and their use in credit survey, 1951 . 644 economic analysis, by George Garvy. . IOJ Schweiger, Irving, article on 1952 Surplus: survey of consumer finances .739, 974 Federal Reserve Banks: Smith, Howard G., article on revised All banks combined ... 45, 157, 267, 407, 511, 661, series on department store sales, 785, 893, 1021, 1115, 1201, 1295 stocks and orders . 1098 Each bank. . .46, 158, 268, 408, 512, 662, 786, Smith, Tynan, article on survey of consumer 894, 1022, 1116, 1202, 1296 finances, 1952 .861 1951 .314 Swan, Eliot J., appointed Acting Assistant Surveys: Director of Division of Selective Credit Consumer finances, 1952: Regulation .31 Part I, consumer expectations as Return to duties at Federal Reserve to economic trends and consumer Bank of San Francisco. .776 investment preferences ... . 739 Thompson, Orville K., article on revised Part II, purchases of durable series on department store sales, goods and houses in 1951 and stocks, and orders 1098 buying plans for 1952 . . .861 Townsend, J. Leonard, resignation as Solicitor. .1012 Part III, income, selected Warner, Doris P., article on real estate investments, and short-term loans of registrants under Regulation X. .620 debts of consumers .974 Webster, Philip M., article on changes in Retail credit, 1951 644 instalment credit terms .491 Suspensions of banks during 1951 . . 135 Youngdahl, C. Richard, appointed Assistant Swan, Eliot J., appointed Acting Assistant Director of Division of Research and Director of Division of Selective Credit Statistics 776 Regulation . . .31 State member banks: Return to duties at San Francisco. .776 Admission to membership in Federal Sweden: Reserve System 32, 257, 366, 776, 881, 1012, 1106, 1285 Bank of: Amendments to Regulation H. . 1004 Condition. .104, 216, 330, 464, 582, 718 842, Branches, number of 567 956, 1078, 1174, 1258, 1352 Deposits 53, 165, 275, 415, 519, 669, 793, Discount rate. .105, 217,331,465, 583, 719, 843, 901, 1029, 1123, 1209, 1303 957, 1079, 1175, 1259, 1353 Earnings and expenses, 1951 561 Gold reserves. .98, 210,324,458,576, 712,836, Number of 53, 165, 275, 415, 519, 669, 793, 950, 1072, 1168, 1252, 1346 901, 1029, 1123, 1209, 1303 Foreign exchange rates. . 107, 219, 333, 467, 585, 721,845, By States .567 959, 1081, 1177, 1261, 1355 Suspensions, 1934-1951 . . 135 Gold movements. . States and political subdivisions: .99, 211, 325, 459, 577, 713, 837, Deposits: 951, 1073, 1169, 1253, 1347 Open-market rates. Insured commercial banks, 105, 217, 331, 465, 583, 719,843, by classes 55,167,277,417,521,671,795, 957, 1079, 1175, 1259, 1353 903, 1031, 1125, 1211, 1305 Wholesale prices in. .108, 220, 334,468, 586, 722, 846, Weekly reporting member banks: New York City and outside .57, 169, 279, 419, Switzerland: 960, 1082, 1178, 1262, 1356 523, 673, 797, 905, 1033, 1127, 1213, 1307 Cost of living, index numbers . .109, 221, 335, 469, 587, Investments of insured commercial 723, 847, 961, 1083, 1179, 1263, 1357 banks in obligations of 54, 166, 276, 416, 520, 670, Foreign exchange rates 107, 219, 333, 467, 585, 721, 794, 902, 1030, 1124, 1210, 1304 845, 959, 1081, 1177, 126113,55 1384 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pages Pages Switzerland—Continued. Turkey: Gold purchases by United Central Bank of the Republic of: States from 99, 211, 325, 459, 577, 713, 837, Condition. . . . 104, 216, 330, 464, 582, 718, 842, 951, 1073, 1169, 1253, 1347 956, 1078, 1174, 1258, 1352 International capital Discount rate. . . . 105, 217, 331, 465, 583, 719, 843, transactions 92, 204, 318, 452, 570, 706, 830, 957, 1079, 1175, 1259, 1353 944, 1066, 1162, 1246, 1340 Gold reserves. . . .98, 210, 324, 458, 576, 712, 836, Open-market rates. . . 105, 217, 331, 465, 583, 719, 843, 950, 1072, 1168, 1252, 1346 957, 1079, 1175, 1259, 1353 Union of Soviet Socialist Republics: Retail food prices. . . .109, 221, 335, 469, 587, 723, 847, Discount rate 105, 217, 331, 465, 583, 719, 843, 961, 1083, 1179, 1263, 1357 957, 1079, 1175, 1259, 1353 Swiss National Bank: United Kingdom: Condition 104, 216, 330, 464, 582, 718, 842, Bank of England: 956, 1078, 1174, 1258, 1352 Condition. .100, 212, 326, 460, 578, 714, 838, Discount rate. .105, 217, 331, 465, 583, 719, 843, 952, 1074, 1170, 1254, 1348 957, 1079, 1175, 1259, 1353 Discount rate. . . .105, 217, 331, 465, 583, 719, 843, Gold reserves. . .98, 210, 324, 458, 576, 712, 836, 957, 1079, 1175, 1259, 1353 950, 1072, 1168, 1252, 1346 Gold reserves 98, 210, 324, 458, 576, 712, Wholesale prices in. .108, 220, 334, 468, 586, 722, 846, 836, 950, 1072, 1168, 1252, 1346 960, 1082, 1178, 1262, 1356 Commercial banks, assets and Taxes: liabilities. . .106, 218, 332, 466, 584, 720, 844, Corporate. . 64, 176, 286, 426, 530, 680, 804, 958, 1080, 1176, 1260, 1354 912, 1040, 1134, 1220, 1314 Cost of living, index numbers 109, 221, 335, 469, Excess profits, of commercial banks . . 602 587, 723, 847, 961, 1083, 1179, 1263, 1357 Internal revenue collections. . .67, 179, 289, 429, 533, 683, Foreign exchange rates 107, 219, 333, 467, 585, 807, 915, 1043, 1137, 1223, 1317 721, 845, 959, 1081, 1177, 1261, 1355 Taylor, Paul T., appointed director at Gold movements 99, 211, 325, 459, 577, Charlotte Branch ... .35 713, 837, 951, 1073, 1169, 1253, 1347 Thailand: International capital transactions. . . 92, 204, 318, 452, Gold reserves of central bank .98, 210, 324, 458, 576, 570, 706, 830, 944, 1066, 1162, 1246, 1340 712, 836, 950, 1072, 1168, 1252, 1346 Open-market rates 105, 217, 331. 465, 583, 719, Thompson, Orville K., article on revised 843, 957, 1079, 1175, 1259, 1353 series on department store sales, Retail food prices 109, 221, 335, 469, 587, 723, stocks, and orders . 1098 847, 961, 1083, 1179, 1263, 1357 Townsend, J. Leonard, resignation as Security prices, index numbers 109, 221, 335, 469, Solicitor of Board of Governors. . . . 1012 587, 723, 847, 961, 1083, 1179, 1263, 1357 Trade problems, discussion of 1089 Wholesale prices in 108, 220, 334, 468, 586, 722, 846, 960, 1082, 1178, 1262, 1356 Transamerica Corporation, findings as to United States: the facts, conclusion and order. . . .368 Cost of living, index number 109, 221, 335, 469, Treasury bills: 587, 723, 847, 961,1083, 1179, 1263, 1357 Federal Reserve Bank holdings. . .41, 153, 263, 403, 507, Gold movements. ... 99, 211, 325, 459, 577, 713, 657, 781, 889, 1017, 1111, 1197, 1291 837, 951, 1073, 1169, 1253, 1347 Insured commercial bank holdings 54, 166, 276, 416, Gold production. 97, 209, 323, 457, 575, 711, 520, 670, 794, 902, 1030, 1124, 1210, 1304 835, 949,1071,1167, 1251, 1345 Investments in, by weekly reporting Gold reserves.. . 98, 210, 324, 458, 576, 712, member banks: 836, 950, 1072, 1168, 1252, 1346 New York City and outside. . .56, 168, 278, 418, 522, Retail food prices 109, 221, 335, 469, 587, 723, 672, 796, 904, 1032, 1126, 1212, 1306 847, 961, 1083, 1179, 1263, 1357 Maturities of. . 65, 177, 287, 427, 531, 681, 805, Security prices, index of 109, 221, 335, 469, 587, 913, 1041, 1135, 1221, 1315 723, 847, 961, 1083, 1179, 1263, 1357 Open-market rate in New York City .60, 172, 282, 422, Wholesale prices in 108, 220, 334, 468, 586, 722, 526, 676, 800, 908, 1036, 1130, 1216, 1304 846, 960, 1082, 1178, 1262, 1356 Treasury currency outstanding, U. S. Government Organization Manual, Wednesday figures. .41, 153, 263, 403, 507, 657, 781, 889, 1017, 1111, 1197, 1291 new addition of. .135, 1012 Treasury Department: United States notes: Cash income and outgo. .67, 179, 289, 429, 533, 683, 807, Outstanding and in circulation 49, 161, 271, 411, 915, 1043, 1137, 1223, 1317 515, 665, 789, 897, 1025, 1119, 1205, 1299 Treasury financing: Uruguay: 1951 .118 Bank of the Republic of: First quarter of 1952 . . 735 Condition 104, 216, 330, 464, 582, 718, Fiscal year ending June 30, 1952. . . .1272 842, 956, 1078, 1174, 1258, 1352 Foreign exchange rates 107, 219, 333, 467, 585, 721, Treasury receipts and expenditures: 845, 959, 1081, 1177, 1261, 1355 Summary of 67, 179, 289, 429, 533, 683, 807, Gold purchases by United States 915, 1043, 1137, 1223, 1317 from. . 99, 211, 325, 459, 577, 713, Treiber, William F., appointed First Vice 837, 951, 1073, 1169, 1253, 1347 President at New York .. 257 Gold reserves 98, 210, 324, 458, 576, 712, Trust companies, real estate credit. ... ...497 836, 950, 1072, 1168, 1252, 1346 DECEMBER 1952 1385 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 38 Pages Pages Venezuela: Wallace, William R., Jr., appointed Deputy Central Bank of Chairman at San Francisco .34 Condition .104, 216, 330, 464, 582, 718, Warner, Doris P., article on real estate 842, 956, 1078, 1174, 1258, 1352 loans of registrants under Regulation X .620 Gold reserves ..98, 210, 324, 458, 576, 712, Webster, Philip M., article on changes 836, 950, 1072, 1168,1252, 1346 in instalment credit terms. .491 Gold imports to United States 99, 211, 325, 459, West Africa: 577, 713, 837, 951, 1073, 1169, 1253, 1347 Gold production 97, 209, 323, 457, 575, 711, Violations: 835, 949, 1071, 1167, 1251, 1345 Clayton Act by Transamerica Corporation White, Clayton G., appointed director at findings as to the facts, conclusion Buffalo Branch. ... .34 and order 368 Wholesale prices: Regulation W: (See Regulations, W, Violations) Commodity. 69, 181, 291, 431, 535, 685, 809, Voluntary credit restraint releases... .22, 251, 363, 501 917, 1045,1139, 1225, 1319 Amendment to program for voluntary Groups of commodities . ...S3, 195, 305, 445, 549, credit restraint 501 699, 823, 931, 1059, 1153, 1239, 1333 Appointments to regional voluntary Groups of commodities, 1926-1952 . .311 credit restraint committees.. .26 Principal countries . 108, 220, 334, 468, 586, Bulletin No. 2—business capital 722, 846, 960, 1082, 1178, 1262, 1356 expenditure financing .22 Yields on Government securities: Life insurance company loan and Average. 60, 172, 282, 422, 526, 676, investment commitments. .25 800, 908, 1036, 1130, 1216, 1310 Loans on real estate . . .24 Young, Philip, appointed Class C director Recommendations to regional committees .252 at New York . 502 Road ahead, statement released by Youngdahl, C. Richard, appointed Assistant National Committee .251 Director at Division of Research and Statistics .776 Suspension of program for voluntary Zelle, Edgar F., elected Class A director credit restraint .. 501 at Minneapolis .31 Suspension of screening of State and local Zimmerman, George H., Class B director at government financing .363 Dallas, death of. .1012, 1285 1386 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis