Federal Reserve Bulletin, 1953-01

F E D E R AL BULLETIN JANUARY 1953 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. CONTENTS PAGE Expansion in Economic Activity • 1-6 Current Events and Announcements 7-11 National Summary of Business Conditions 12-13 Financial, Industrial, Commercial Statistics, U. S. (See p. 15 for list of tables). . 15-66 International Financial Statistics (See p. 67 for list of tables) 67-85 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 86 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 87 Federal Reserve Board Publications 88-89 Map of Federal Reserve Districts 90 Subscription Price of Bulletin Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 39 January 1953 NUMBER 1 EXPANSION IN ECONOMIC ACTIVITY High and rising business activity with a resumption of the substantial rise that had continued stability in prices of finished goods begun in the second quarter. The rise had characterized the latter part of 1952. In- been interrupted during the summer, when dustrial production recovered rapidly follow- supplies of automobiles were sharply reduced ing settlement of the steel strike and reached by lack of steel. Accompanying this developa year-end rate about 8 per cent higher than ment and important output adjustments last spring. Marked gains in output of both earlier in other consumer lines, retail invendurable and nondurable goods occurred in re- tories were reduced through August, as sponse to increases in private demands as shown in the chart. Strengthening of con- Government expenditures for national secu- sumer demand after early 1952 contributed rity leveled off. Expansion of output in to renewed business buying and marked manufacturing and mining contributed to gains in production of consumer goods. Outincreased activity in transportation and utility industries. Agricultural output and SELECTED BUSINESS INDEXES marketings also expanded, and activity in J947-_49:1PO 140 the construction and service industries was maintained. Total employment reached a INDUSTRIAL PRODUCTION / PRICES new high and unemployment decreased to 120 ^ CONSUMER" new postwar lows. Growth in .employment was accompanied .^/ WHOLESALE by more overtime work beginning in Sep- / v^TOTAL " dfS EMPLOYMENT 100 tember and, with wage rates continuing upward, hourly and weekly earnings at fac- 140 ~~ DISPOSABLE tories increased sharply. Aggregate wage // ^W PERSONAL INCOME and salary income, which had been stable in jl RETAIL " the first half of 1952, subsequently rose substantially. Farm income, however, fell be- '/TOTAL ~ 120 low the levels of a year earlier. Total per- l/\l RETAIL SALES // sonal income at the end of the year ap- vy/ INVENTORIES proached an annual rate of 280 billion dol- 100 7 1 i , I 1 .,. lars, 6 per cent above the levels prevailing 1950 1952 1950 1952 from late 1951 to mid-1952. NOTE.—Seasonally adjusted series, except for prices. Indexes based on Department of Commerce value data for income, sales, Expansion in consumer spending to new and inventories; Bureau of Labor Statistics and Census Bureau data for employment, which includes agriculture and the armed highs during the latter part of 1952 was forces; and B.L.S. data for prices. December 1952 estimated. JANUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPANSION IN ECONOMIC ACTIVITY put of textile products began to increase as liberal credit terms and a greater consumer early as May, and output of major durable willingness to incur debt. Instalment credit items expanded during the autumn to a rate outstanding increased sharply beginning in about 30 per cent above last spring. Dis- May, and at the end of 1952 it was an estitributor demands for these and other con- mated 2.8 billion dollars higher than a year sumer goods were active, and there was some earlier. This increase compares with no replenishment of inventories. change in 1951 and a rise of 2.6 billion in The sustained high rate of new housing 1950. starts and further moderate increases in Strong consumer demands and increasing business outlays for plant and equipment output brought to an end the downward adalso contributed to the high and rising levels justment in distributors' inventories which of economic activity. Government outlays began in 1951. Inventory changes varied for military equipment were maintained at among lines, however, during the latter part about the rates reached in the spring. of 1952. Stocks held by apparel stores rose With total business inventories at a record steadily and approached the previous high level and industrial production at new postlevel of June 1951, but remained lower in war highs, demands for industrial materials relation to the rate of sales. Stocks at furniand finished products were being met in late ture and appliance stores, as well as at de- 1952 without any general upward tendency partment stores, showed little change. At in prices. A further moderate reduction in automotive stores, stocks recovered substanthe average level of wholesale prices reflected tially from the sharply reduced summer mainly marked declines in prices of some levels, accounting for the bulk of the expanagricultural products. Marketings of cattle sion in total retail inventories. expanded considerably and export demands, Automobiles. Output of automobiles was especially for cotton, were lower. Consumer stepped up considerably as soon as the flow prices showed little change, with foods easof steel permitted, and changeovers to new ing, as meat supplies increased, and rents models were completed more quickly than and prices of other services advancing. usual. After August strike losses were made EXPANSION IN CONSUMER BUYING up, and output for the year totaled 4.3 mil- A sharp rise in automobile sales after the lion cars—about as many as permitted under steel strike and a boom in television featured Federal limitation orders. Assemblies in developments in consumer goods markets. early January were maintained at an annual Retail sales of furniture, apparel, and most rate of about 5.3 million units. other consumer goods also were at advanced Of the 1,700,000 cars produced from Seprates, after a general rise beginning last tember through December, only 120,000 spring. As prices were relatively stable, the went to replenish dealers' stocks, as sales expansion in dollar sales indicated an im- were exceptionally strong for this season of portant increase in the physical volume of the year. Credit buying became a more imconsumer takings in the latter part of 1952. portant factor; an estimated 70 per cent of Marked gains in personal incomes begin- the number of new cars sold in the latter ning in late summer contributed to the part of the year were purchased on instalexpansion in consumer buying. The upturn ment, compared with 50 per cent in both in sales of durable goods also reflected more 1950 and 1951. Sales of used cars also rose FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPANSION IN ECONOMIC ACTIVITY substantially. Used car stocks increased to ing machines, continued much stronger than more normal levels by the end of the year, for refrigerators and ^electric stoves. Total and prices showed only seasonal weakness. retail sales of appliances in 1952 were about Household durables. By the fourth quar- equal to the 1951 volume, with inventories ter of 1952 output of major household dur- in 1952 showing a substantial reduction. able goods had increased substantially. As Total production of major appliances in 1952 indicated in the chart showing seasonally ad- was about 15 per cent below that of 1951, justed indexes, the sharpest rise from last but was rising sharply near the year-end. spring was in television, which more than doubled. Output of major appliances was RISE IN INDUSTRIAL ACTIVITY up 30 per cent and furniture and carpets 15 Strengthening in consumer buying, toper cent. gether with sustained large demands for con- OUTPUT OF CONSUMER DURABLES struction materials and for military and pro- 1950-5M00 ducers' equipment, led to a marked increase 150 f y\ TELEVISION in industrial production in the latter part of _ h/*\ AUTOMOBILES 1952. The Board's index of industrial production, was indicated to be about 235 per — 100 cent of the 1935-39 average at the year-end, as compared with a midyear rate around 205 and an earlier postwar high of 223. For — 50 the year as a whole industrial production averaged 219, or about the same as in 1951. Metals and metal products. The most pro- 150 nounced fluctuations in output during 1952 FURNITURE .. MAJOR AND CARPETS occurred in metals and metal products in- . A / \ ^l APPLIANCES dustries, as shown in the chart on the next r— 100 page. These were related in very large part to the prolonged steel labor dispute, which reduced steel output moderately last spring 50 and sharply at midyear. The poststrike re- 1950 1952 1950 1952 covery was swifter than had generally been NOTE.—Seasonally adjusted indexes. December 1952 estimated. Television production reached an annual expected and, with important new addirate of 10 million sets, the same unit rate tions to capacity coming into operation, steel as in the autumn of 1950. In the earlier output since early October has been at a period, however, more expensive phono- record annual rate of 115 million tons. Prograph combination models were a much duction for the year totaled 93 million tons, larger portion of the total. Consumer pur- 12 million less than in 1951. Capacity at chases of television—at a rate about equal to the beginning of 1953 was rated at 117.5 production—were stimulated by extension million tons, 9 million above a year ago. of reception areas, replacement of small During the long period of high levels of screen sets, and liberal credit terms. steel output that preceded the strike, metal Demand for newer types of appliances, fabricators had built up working stocks subsuch as freezers, driers, and automatic wash- stantially. This made it possible for most JANUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPANSION IN ECONOMIC ACTIVITY PRODUCTION OF MANUFACTURES dustries as compared with about one-tenth in 1947-49=100 early 1951. * 150 Nondurable goods. In the late spring of 1952 declining tendencies that had prevailed — 140 earlier in textiles, paper, and some other im- — 130 portant nondurable goods industries were TEXTILES, LEATHER, reversed, and in the latter part of the year PAPER, AND RUBBER - 120 output of nondurable goods was not far be- A^VA ALL low earlier records. Strengthening of con- _ / METALS AND Jl \ VT 110 sumer demands for apparel in the second I METAL PRODUCTS quarter of 1952, when large factory and — 100 distributor inventory accumulations of late 1950 and early 1951 had been substantially j*. I 90 1950 1952 1950 1952 liquidated, was quickly reflected in expan- NOTE.—Seasonally adjusted indexes. December 1952 estimated. sion of production throughout the textile manufacturers to maintain output through and apparel industries. At the year-end, June. In a number of lines that generally activity at textile mills was up 20 per cent are large steel consumers—notably autofrom the spring low. mobiles—activity was reduced sharply dur- In late summer and in the autumn of 1952 ing the summer. Sustained consumer dethere were gains among other nondurable mands during this period led to further goods industries. Shoe production rose marked reductions in distributors' stocks of sharply, exceeding the low year-ago levels by automobiles and of some other consumer about one-fifth after August, and activity in metal products. the rubber industries also increased substan- Over-all activity in machinery, transportatially. The curtailment in paperboard outtion equipment, and other metal fabricating put developed earlier than in other paper inindustries recovered by September to earlier dustries, persisted longer, and extended furhighs and continued to rise in later months. ther—reflecting mainly the sharp drop in The further rise reflected mainly the marked packaging needs as output of finished conexpansion in production of consumer goods sumer goods and of materials used in and also inventory replenishment at all their production was reduced. Similarly, stages of the fabricating process. Considerthe marked rise in paperboard output last able increase in activity was shown at facautumn was closely related to the broad tories producing metal products and other advance in consumer goods production. durable materials used by the construction industry. Output in producers' equipment PRICE CHANGES VARIED lines recovered in the latter part of 1952 to the sharply expanded rates which had been Changes in supply and demand in parmaintained from early 1951 until last sum- ticular markets have continued to result in mer. Production of military equipment was diverse price developments since mid-1952. leveling off, following the earlier rapid de- While consumer and business demands for fense build-up, and the defense share was many types of goods have increased, producaccounting for roughly one-fourth of total tion has expanded considerably and prices output in the metal and metal products in- of most finished goods have changed little in FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPANSION IN ECONOMIC ACTIVITY wholesale and retail markets. Decreases in smaller and domestic consumption is exprices of some industrial materials have been pected to continue only moderately greater. largely offset by increases in others. In Cotton prices have fallen one-fifth since markets for agricultural commodities, how- summer, to Federal support levels. Prices ever, supplies have expanded while export of the other basic crops and of butter and demands have been reduced, resulting in wool are also close to support levels, which sharp declines in prices of some products. are about 15 per cent above June 1950. Fed- Agricultural products. Average prices of eral loan and purchase activities have exfarm products have declined 9 per cent since panded considerably this season. last summer. In mid-December they were Record numbers of cattle on farms and 15 per cent below the 1951 peak and only slower building of herds contributed to an 6 per cent above the June 1950 (pre-Korean) increasing volume of marketings in 1952, level. Decreases were concentrated in prices 10 per cent larger than in 1951. With hog of cotton and livestock, shown on the chart. slaughter little changed, total meat produc- By early January livestock prices recovered tion was 5 per cent greater than in 1951. moderately, as marketings contracted sea- Average prices of livestock and meats desonally, but cotton declined somewhat clined sharply in the last half of 1952 to further and grains weakened. about the levels of early 1950. Decreases in prices of cattle for feeding or herd building PRICES OF FARM PRODUCTS 1947-49=100 were considerably greater than decreases in 140 higher grade slaughter cattle. Declines in wholesale beef prices were also much greater for the lower grades. Average prices of all LIVESTOCK 120 meats are down 17 per cent since summer, accounting for most of the 6 per cent decline in prices of all foods at wholesale. 100 Industrial commodities. Average wholesale prices of commodities other than farm products and foods have changed little in recent months. Following 15 months of fairly general decline, prices of most industrial materials stabilized at midyear as ALL OTHER 100 demands in this country strengthened. Also, speculative holdings abroad of such materials as burlap and hides apparently had been .,1 1. 80 largely liquidated by midyear. Average 1950 1952 1950 1952 prices of finished industrial products have NOTE.—B.L.S. midmonth indexes. "All other" series derived by Federal Reserve. December 1952 estimated. been unusually stable since early 1951. The cotton crop has turned out to be Prices of most metals continued at Federal larger than indicated earlier in the season. ceilings during 1951 and the first half of Total supplies—production and carryover 1952, reflecting the high rates of expenditures combined—however, are little larger than last for defense and producers' equipment; in late season, but exports have been substantially July ceiling prices of steel mill products, JANUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPANSION IN ECONOMIC ACTIVITY aluminum, copper, and brass mill products been considerably greater for goods than for were raised. Lead and zinc prices, which rents and services. had been reduced last spring as demands During most of the past three years—the eased, were reduced further in the autumn. period shown on the chart—changes in retail prices of foods and other consumer goods Among finished products, prices of prohave generally paralleled changes in wholeducers' machinery and trucks have generally sale prices of such goods. During the past continued at or above the highs reached in early 1951 and are one-sixth above June 1950. PRICE INDEXES COMPARED Federal price ceilings continue to be sig- 1947-49=100 130 nificant in markets for most of these goods, WHOLESALE RETAIL as well as in markets for the metals from MATERIALS & RENTS AND which they are fabricated. - -.EQUIPMENT — — SERVICES y^-L 120 Average wholesale prices of consumer goods other than foods are 3 per cent below ,/^FOODS the early 1951 high but 8 per cent above - no June 1950. Wholesale prices of apparel, /// OTHER ^Jf OTHER f/y CONSUMER // CONSUMER footwear, and carpets, which had declined _A GOODS _ ^ if GOODS _ 100 substantially from earlier highs, and furni- / s/ ture, appliances, and radios, which had declined only moderately or had been stable, NIA;""""*1"""""'"1"""^ 90 have strengthened since mid-1952. 1950 1952 1950 1952 NOTE.—Federal Reserve regrouping of B.L.S. wholesale and Consumer goods and services. The con- consumer price indexes. "Materials and equipment" includes raw and semi-finished foodstuffs as well as industrial materials sumer price index, which includes retail and producers' machinery and trucks. December 1952 estimated. prices of both goods and services, advanced year, and particularly since summer, changes in price indexes for meats have been larger to a new high last summer and has changed at wholesale than at retail—to an unusual little since. The easing in retail food prices degree. This reflected in part greater detoward the end of 1952 reflected increases clines in the lower grades of beef which are in supplies, in part seasonal, of meats, eggs, of less importance in the retail index. As and dairy products. Prices of most other compared with a year earlier, average wholeconsumer goods strengthened after midyear. sale prices of meats in mid-December were Rents and prices of other services purshown to be down 19 per cent and retail chased by consumers continued the uninprices were down 6 per cent. terrupted rise that began with the relaxation The divergent movements of the consumer of wartime controls in 1946, increasing 5 per and wholesale price indexes since early 1951, cent during 1952. The advance in rents acshown in the chart on page 1, are largely celerated in the final months of the year folaccounted for by the persistent rise in rents lowing suspension of controls in a number and in prices of other services, on the one of areas. While the chart shows the increase hand, and the decline in prices of materials, from the 1947-49 average to be greater for on the other hand. Averages of all finished rents and services than for goods, the in- goods prices, at wholesale and retail, have crease from pre-World War II levels has changed little during the past two years. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Earnings and Expenses of the Federal Reserve Banks Tables Published Annually and Semiannually, with in 1952 and 1951 Latest BULLETIN Reference Semiannually Issue Page A condensed comparative statement of earnings Banking offices: and expenses of the Federal Reserve Banks in 1952 Analysis of changes in number of Aug. 1952 940 On, and not on, Federal Reserve Par and 1951 is shown below. A detailed statement of List, number of Aug. 1952 941 earnings and expenses of each Federal Reserve Bank Annually in 1952 will appear in the February Federal Re- Bank suspensions Feb. 1952 135 serve BULLETIN. Ea F rn e i d n e g r s a l a R n e d s e e r x v p e e n B se a s n : ks Mar. 1952 314-315 Member banks: Calendar year May 1952 556-566 First half of year Oct. 1952 1159 Banks and branches, number of, by class Thousands of dollars and State May 1952 567-568 Item Operating ratios, member banks Aug. 1952 937-939 1952 1951 Deposit Data by Counties and Metropolitan Areas Current earnings 456,060 394,656 Current expenses 104,694 95,469 The Board of Governors now has available a Current net earnings 351,366 299,187 pamphlet showing the geographical distribution of Additions to current net earnings 12,195 425 bank deposits as of June 30, 1952. Data are given Deductions from current net earnings.... 611 12,553 for total deposits, demand deposits, and time de- Net additions or deductions ( —) 1,584 -2,128 posits of individuals, partnerships, and corporations. Net earnings before payments to U. S. A similar pamphlet was published by the Board Treasury 352,950 297,059 as of December 30, 1950. Copies of the new Paid U. S. Treasury (interest on F. R. notes) 291,934 254,874 pamphlet, entitled "Distribution of Bank Deposits T D r i a v n id sf e e n r d re s d to surplus (Sec. 7) 4 1 6 4 , , 3 6 3 8 4 2 2 1 8 3 , , 3 8 2 6 0 5 by Counties and Standard Metropolitan Areas," may be obtained upon request from the Board's Division of Administrative Services, Washington 1 Includes net profits of $1,992,000 in 1952 and net losses of $1,586,000 in 1951 on sales of U. S. Government securities. 25, D. C. Changes in BULLETIN Tables Resignations and Appointment of Class C Director and Chairman and Federal Reserve Agent A number of changes have been made in the con- On January 13, 1953, the Board of Governors tent and arrangement of BULLETIN tables on pages accepted the resignation of Mr. R. B. Anderson, 34 to 46. New tables are included on the major General Manager, W. T. Waggoner Estate, Vernon, assets of life insurance companies and of savings Texas, as a Class C director and Deputy Chairman and loan associations, selected assets and liabilities at the Federal Reserve Bank of Dallas. Mr. Anderof Government corporations and credit agencies, son resigned to accept appointment as Secretary of net change in outstanding corporate securities, curthe Navy. He had been serving since January 1, rent assets and liabilities of United States corpora- 1946. tions, and business expenditures on new plant and Mr. Robert T. Stevens, Chairman of the Board, equipment. The tables on Treasury receipts and J. P. Stevens and Company, New York, New York, expenditures and the Securities and Exchange Comwho had been serving as a Class C director and as mission data on new security issues have been ex- Chairman and Federal Reserve Agent at the Fedpanded considerably. Data on life insurance comeral Reserve Bank of New York since May 14, 1948, pany commitments and the Commercial and Finan- resigned effective January 19, 1953, to accept apcial Chronicle data on new security issues (pages pointment as Secretary of the Army. 1308 and 1311, respectively, of the BULLETIN for To succeed Mr. Stevens, the Board of Governors December 1952) have been deleted. appointed Mr. Jay E. Crane, Vice President, Stand- JANUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS ard Oil Company (New Jersey), New York, New pany, Los Angeles, California, whose term expired. York, effective January 20, 1953, as a Class C Mr. George W. Watkins, President, Snake River director of the Federal Reserve Bank of New York Equipment Company, Idaho Falls, Idaho, was apfor the unexpired portion of the three-year term pointed a director of the Salt Lake City Branch ending December 31, 1953, and designated him of the Federal Reserve Bank of San Francisco for Chairman and Federal Reserve Agent at the Bank the unexpired portion of the two-year term ending for the remainder of the current year. December 31, 1954. Mr. Watkins succeeded Mr. Mr. Crane was employed by the Federal Reserve Merle G. Hyer of Lewiston, Utah, who is engaged Bank of New York from December 6, 1915, through in livestock raising and farming, and whose term April 30, 1935, and served as an officer of the Bank expired. from January 1, 1919. Immediately prior to his Mr. Joseph Rosenblatt, President, The Eimco Corpresent appointment he had been serving since poration, Salt Lake City, Utah, was appointed ai January 1, 1949, as a Class B director of the Bank, director of the Salt Lake City Branch of the Federal elected by member banks of the Second Federal Reserve Bank of San Francisco for the unexpired Reserve District. portion of the two-year term ending December 31, 1953. Mr. Rosenblatt succeeded Mr. Frank M. Resignation of Class B Director Browning, President, Ogden Buick Sales Company, Mr. Marion B. Folsom, Treasurer and Director, Ogden, Utah, who resigned. Eastman Kodak Company, Rochester, New York, who had been serving as a Class B director of the Deaths of Directors Federal Reserve Bank of New York since July 15, Mr. J. A. McCrary, Vice President and Treasurer, 1949, resigned effective January 19, 1953, to accept J. B. McCrary Company, Inc., Atlanta, Georgia, appointment as Under Secretary of the Treasury. who had been serving as a Class B director of the Federal Reserve Bank of Atlanta since November Appointments of Branch Directors 16, 1914, died on January 8, 1953. Mr. Roy L. Patrick, President, Rock of Ages On December 18, 1952, the Board of Governors Corporation, Burlington, Vermont, who had been announced the appointment of Mr. John C. Baker, serving as a Class B director of the Federal Reserve President, Ohio University, Athens, Ohio, as a di- Bank of Boston since July 6, 1944, died on January rector of the Cincinnati Branch of the Federal Re- 14, 1953. serve Bank of Cleveland for the unexpired portion of the term ending December 31, 1954. Mr. Baker Admission of State Banks to Membership in the succeeded Mr. Ernest H. Hahne, President, Miami Federal Reserve System University, Oxford, Ohio, deceased. The following State banks were admitted to On January 19, 1953, the Board of Governors membership in the Federal Reserve System during announced the following appointments of directors: the period November 16, 1952 to December 15, Mr. Bryant Essick, President, Essick Manufactur- 1952: ing Company, Los Angeles, California, was ap- New Yor\ pointed a director of the Los Angeles Branch of New Hyde Park-—Bank of New Hyde Park the Federal Reserve Bank of San Francisco for the unexpired portion of the two-year term ending Utah December 31, 1954. Mr. Essick succeeded Mr. Fred G. Sherrill, Vice President, J. G. Bosweli Com- Ogden—Bank of Utah FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Appointments of Chairmen, Deputy Chairmen, and Directors The following designations and appointments at the Federal Reserve Banks and branches have been made by the Board of Governors of the Federal Reserve System. CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR 1953 Federal Reserve Ban\ Name of Appointee Boston Harold D. Hodgkinson of Boston, Massachusetts Philadelphia ^William }. Meinel of Huntingdon Valley, Pennsylvania Cleveland *John C. Virden of Shaker Heights, Ohio Richmond Charles P. McCormick of Baltimore, Maryland Atlanta Frank H. Neely of Atlanta, Georgia Chicago *John S. Coleman of Detroit, Michigan St. Louis Russell L. Dearmont of St. Louis, Missouri Minneapolis Roger B. Shepard of St. Paul, Minnesota Kansas City ^Raymond W. Hall of Kansas City, Missouri Dallas J. R. Parten of Houston, Texas San Francisco Brayton Wilbur of Burlingame, California DEPUTY CHAIRMEN FOR YEAR 1953 Boston Ames Stevens of North Andover, Massachusetts New York William I. Myers of Ithaca, New York Philadelphia C. Canby Balderston of Media, Pennsylvania Cleveland *Leo L. Rummell of Columbus, Ohio Richmond John B. Woodward, Jr., of Newport News, Virginia Atlanta Rufus C. Harris of New Orleans, Louisiana St. Louis Wm. H. Bryce of Memphis, Tennessee Minneapolis Paul E. Miller of St. Paul, Minnesota Kansas City Cecil Puckett of Denver, Colorado San Francisco William R. Wallace, Jr., of San Francisco, California FEDERAL RESERVE BANK DIRECTORS! (Appointed by the Board of Governors for three-year terms beginning January 1, 1953) Boston Harold D. Hodgkinson of Boston, Massachusetts New York Philip Young of Van Hornesville, New York Philadelphia ^Henderson Supplee, Jr., of Radnor, Pennsylvania Cleveland *Sidney A. Swensrud of Pittsburgh, Pennsylvania Richmond John B. Woodward, Jr., of Newport News, Virginia Atlanta Rufus C. Harris of New Orleans, Louisiana Chicago John S. Coleman of Detroit, Michigan St. Louis Russell L. Dearmont of St. Louis, Missouri Minneapolis F. A. Flodin of Iron Mountain, Michigan Kansas City ^Raymond W. Hall of Kansas City, Missouri Dallas J. R. Parten of Houston, Texas San Francisco Brayton Wilbur of Burlingame, California * Indicates position filled by a new incumbent. t Each Federal Reserve Bank has a Board of Directors consisting of nine members, divided into three classes, designated as Classes A, B, and C. The six A and B directors are elected by the member banks, and the three C directors are appointed by the Board of Govrnors. The terms of two of the elected directors and one of the appointed directors expire at the end of each year. JANUARY 1953 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Ban\ and Branch Name of Appointee FEDERAL RESERVE BANK BRANCH DIRECTORS!! New Yor\ Buffalo . . Edgar F. Wendt of Buffalo, New York Cleveland Cincinnati H. C. Besuden of Winchester, Kentucky Pittsburgh #Douglas M. Moorhead of North East, Pennsylvania Richmond Baltimore . . ... ^Howard M. Taylor, Jr., of Baltimore, Maryland Atlanta Birmingham Thad Holt of Birmingham, Alabama Jacksonville #Harry Smith of Winter Garden, Florida Nashville *Ernest Moench of Nashville, Tennessee New Orleans E. O. Batson of New Orleans, Louisiana St. Louis Little Rock Stonewall J. Beauchamp of Little Rock, Arkansas Louisville Smith D. Broadbent, Jr., of Cadiz, Kentucky Memphis #Henry Banks of Clarkedale, Arkansas Minneapolis Helena ... . JJohn E. Corette of Butte, Montana Kansas City Denver JG. Norman Winder of Craig, Colorado Oklahoma City *}Phil H. Lowery of Loco, Oklahoma Omaha *$Manville Kendrick of Sheridan, Wyoming Dallas Houston Charles N. Shepardson of College Station, Texas San Antonio D. Hayden Perry of Robstown, Texas San Francisco Seattle JRalph Sundquist of Yakima, Washington ft Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe. X Indicates appointment for two-year term beginning January 1, 1953. All other appointments are for three-year terms. * Indicates position filled by a new incumbent. The new appointees are as follows: Federal Reserve Bank of Philadelphia Mr. William J. Meinel of Huntingdon Valley, Pennsylvania, who has been serving as a Boardappointed director of the Federal Reserve Bank of Philadelphia since August 6, 1951, was designated Chairman and Federal Reserve Agent for the year 1953. Mr. Meinel served as a director of the Philadelphia Reserve Bank, elected by the member banks of that District, from January 1, 1947, to August 6, 1951. He is President and Chairman of the Board of the Heintz Manufacturing Company, Philadelphia, Pennsylvania. Mr. Henderson Supplee, Jr., of Radnor, Pennsylvania, was appointed a director of the Federal Reserve Bank of Philadelphia for a three-year term beginning January 1, 1953. Mr. Supplee is President of the Atlantic Refining Company, Philadelphia, Pennsylvania. Federal Reserve Bank of Cleveland Mr. John C. Virden of Shaker Heights, Ohio, who has been serving as a Board-appointed director of the Federal Reserve Bank of Cleveland and Deputy Chairman since January 1, 1951, was designated 10 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Chairman and Federal Reserve Agent for the year 1953. Mr. Virden is Chairman of the Board of the John C. Virden Company, Cleveland, Ohio. Mr. Leo L. Rummell of Columbus, Ohio, who has been serving as a Board-appointed director of the Federal Reserve Bank of Cleveland since January 1, 1949, was appointed Deputy Chairman for the year 1953. Mr. Rummell is Dean of the College of Agriculture, The Ohio State University, Columbus, Ohio. Mr. Sidney A. Swensrud of Pittsburgh, Pennsylvania, who has been serving as a Board-appointed director of the Pittsburgh Branch of the Federal Reserve Bank of Cleveland since February 3, 1949, was appointed a director of the Federal Reserve Bank of Cleveland for a three-year term beginning January 1, 1953. Mr. Swensrud is President of the Gulf Oil Corporation, Pittsburgh, Pennsylvania. Mr. Douglas M. Moorhead of North East, Pennsylvania, was appointed a director of the Pittsburgh Branch of the Federal Reserve Bank of Cleveland for a three-year term beginning January 1, 1953. Mr. Moorhead is engaged in farming. Federal Reserve Bank of Richmond Mr. Howard M. Taylor, Jr., of Baltimore, Maryland, was appointed a director of the Baltimore Branch of the Federal Reserve Bank of Richmond for a three-year term beginning January 1, 1953. Mr. Taylor is Vice President of the International Bedding Company, Baltimore, Maryland. Federal Reserve Bank of Atlanta Mr. Harry Smith of Winter Garden, Florida, was appointed a director of the Jacksonville Branch of the Federal Reserve Bank of Atlanta for a three-year term beginning January 1, 1953. Mr. Smith is associated with the Winter Garden Ornamental Nurseries, Inc., Winter Garden, Florida. Mr. Ernest Moench of Nashville, Tennessee, was appointed a director of the Nashville Branch of the Federal Reserve Bank of Atlanta for a three-year term beginning January 1, 1953. Mr. Moench is President of the Tennessee Tufting Company, Nashville, Tennessee. Federal Reserve Bank of Chicago Mr. John S. Coleman of Detroit, Michigan, who has been serving as a Board-appointed director of the Federal Reserve Bank of Chicago and Deputy Chairman since January 1, 1950, was designated Chairman and Federal Reserve Agent for the year 1953. Mr. Coleman is President of the Burroughs Adding Machine Company, Detroit, Michigan. Federal Reserve Bank of St. Louis Mr. Henry Banks of Clarkedale, Arkansas, was appointed a director of the Memphis Branch of the Federal Reserve Bank of St. Louis for a three-year term beginning January 1, 1953. Mr. Banks is engaged in farming. Federal Reserve Bank of Kansas City Mr. Raymond W. Hall of Kansas City, Missouri, was appointed a director of the Federal Reserve Bank of Kansas City for a three-year term beginning January 1, 1953, and designated Chairman and Federal Reserve Agent for the year 1953. He is Vice President and Controller of Hall Brothers, Inc., Kansas City, Missouri. Mr. Hall formerly was associated with the Federal Reserve Bank of Kansas City as Vice President and General Counsel from January 1, 1943, to June 1, 1943, when he was appointed Vice President, General Counsel and Secretary. He resigned effective January 31, 1945, to join the firm of Hall Brothers, Inc. Mr. Phil H. Lowery of Loco, Oklahoma, was appointed a director of the Oklahoma City Branch of the Federal Reserve Bank of Kansas City for a two-year term beginning January 1, 1953. Mr. Lowery is the owner and operator of the Lowery Hereford Ranch. Mr. Manville Kendrick of Sheridan, Wyoming, was appointed a director of the Omaha Branch of the Federal Reserve Bank of Kansas City for a two-year term beginning January 1, 1953. Mr. Kendrick is engaged in ranching. JANUARY 1953 11 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled December 29 and released for publication January 2] Industrial production, employment, and incomes Steel production continued at peak rates. Output increased somewhat further in November and of nonferrous metals except aluminum expanded December, and Christmas retail sales were in further in November, and lumber production record volume. Wholesale prices of agricultural showed much less than the usual seasonal decline. commodities declined further, while industrial Nondurable goods production rose somewhat commodities continued to show little change. Con- further in November to a level 5 per cent above a sumer prices in November increased slightly and year ago and close to earlier highs. Activity in were back at their August high. Bank credit ex- the textile, shoe, paper, and rubber products inpansion continued after mid-November, and com- dustries increased and was substantially greater mon stock prices rose further. than in the same period last year. Output of industrial chemicals and petroleum products rose to INDUSTRIAL PRODUCTION new record levels. Production of meat and other manufactured food products was maintained in The Board's industrial production index rose large volume. 4 points in November to a postwar record of 233 Coal output recovered in November following per cent of the 1935-39 average. Output of both the work stoppages in late October, and crude durable and nondurable goods expanded moderpetroleum production rose somewhat further. In ately further, and minerals production recovered early December, however, output of mineral fuels sharply to the high September level. Industrial declined moderately. Iron ore production since production in December was maintained at about August has been in record volume for this season. the November rate and was about 7 per cent above a year ago. CONSTRUCTION Activity in machinery industries generally expanded further in November. Output of house- Value of contract awards declined slightly in hold appliances and radio and television showed November, reflecting decreases in most types of substantial gains, with television output continuing awards for private construction. Total new conat unusually high levels in December. Despite struction work put in place declined less than some interruptions owing to model changeovers, seasonally from the advanced October level. passenger auto assembly during November and Housing starts were at a seasonally adjusted December was maintained at advanced rates. annual rate of 1,160,000, about the same as in October and substantially higher than a year ago. INDUSTRIAL PRODUCTION PHYSICAL VOLUME. SEASONALLY ADJUSTED, 1935-39 • 100 EMPLOYMENT Seasonally adjusted employment in nonfarm establishments rose again in November and was at a new high of 47.5 million. Average hours of work at factories were close to the high October level, and average hourly and weekly earnings continued to rise. Unemployment was little changed in November and at 1.4 million was close to the postwar low reached in October. DISTRIBUTION Seasonally adjusted sales at department stores 100 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 in November were a little below their high October Federal Reserve indexes. Monthly figures, latest shown are estimates for December. level but rose again in December. For the Christ- 12 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS mas season, department store sales were at a through purchases of tax anticipation bills in record and considerably above a year ago. Sales the latter part of November. of automobiles continued unusually large for this Member bank reserve positions tightened furtime of the year and dealers' stocks increased only ther in late November and early December, due moderately in November. principally to a seasonal flow of currency into circulation and an increase in required reserves. COMMODITY PRICES Member bank borrowings averaged above 1.5 billion dollars during the period. The Federal Re- The average level of wholesale prices continued serve also supplied some reserves through purchases to decline in December reflecting mainly decreases of Government securities, including some securities in prices of foodstuffs. Lead prices were raised, acquired under repurchase agreements with dealers. while prices of other industrial materials and In mid-December, reserve positions temporarily finished goods generally continued little changed. became somewhat easier as a result of the usual The consumer price index in November rose large pre-Christmas expansion in Reserve Bank very slightly to return to its August peak. Further float. increases in rents and prices of services in November were largely offset by decreases in apparel. SECURITY MARKETS Common stock prices advanced during the first BANK CREDIT three weeks of December to their highest level Business, consumer, and real estate loans at since October 1929. Yields on high-grade corporate commercial banks continued to increase in the bonds and long-term Government securities rose latter part of November and the first half of somewhat. Treasury bill rates increased sharply December. Banks also added to their holdings and reached 2.23 per cent on the new issue awarded of United States Government securities, largely on December 22. PRICES AND TRADE BUSINESS LOANS AT MEMBER BANKS IN LEADING CITIES 1947-49-100 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 140 24 TOTAL CHANGES FCR OUTSTANDING SELECTED INDUSTRIES (CUMULATIVE SI MARCH 28,195 Vi / / 1 METALS J PETROLEUM/ /-POODS ETC i V V J 80 n V^jCDEA r _ o E D R T S TY^ 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 Seasonally adjusted series except for prices. Wholesale prices. Data for selected industries reported by over 200 of the largest Bureau of Labor Statistics indexes. Consumer prices, total retail weekly reporting member banks. "Metals" includes metal products, sales, and disposable personal income. Federal Reserve indexes machinery, and transportation equipment. "Petroleum, etc." inbased on Bureau of Labor Statistics and Department of Commerce cludes coal, chemicals, and rubber products. "Foods, etc." includes data. Department store trade, Federal Reserve indexes. Monthly liquor and tobacco. Wednesday figures, latest shown are for figures, latest shown are for November. December 17. JANUARY 1953 13 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 17-18 Federal Reserve Bank rates; margin requirements; reserve requirements 18-19 Reserves and deposits of member banks 20 Federal Reserve Bank statistics 21-23 Regulation V: guaranteed loans, fees, and rates 23-24 Bank debits and deposit turnover; Postal Savings System 24 Money in circulation 25 Consolidated statement of the monetary system; deposits and currency. . 26 All banks in the United States, by classes 27-29 All insured commercial banks in the United States, by classes 30-31 Weekly reporting member banks 32-34 Commercial paper and bankers' acceptances 34 Life insurance companies; savings and loan associations 35 Government corporations and credit agencies 36-37 Security prices and brokers' balances 38 Money rates; bank rates on business loans; bond and stock yields 39 Treasury finance 40-43 New security issues 44 Business finance 45-46 Business indexes 47-56 Merchandise exports and imports 56 Department store statistics 57-60 Consumers' and wholesale prices 60-61 Gross national product, national income, and personal income 62-63 Consumer credit statistics 64-66 List of tables published in BULLETIN annually or semiannually, with references for latest data 7 Tables on the following pages include the principal statistics of current significance relating to financial and business developments in the United States. The data relating to Federal Reserve Banks, member banks of the Federal Reserve System, and department store trade, and the consumer credit estimates 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 from statements of the Treasury; the remaining financial data and other series on business activity are obtained largely from other sources. Back figures through 1941 for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for many other tables may be obtained from earlier BULLETINS. JANUARY 1953 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Billions of Dollars Wednesday Figures Billions of Dollars 10 -V—i 10 TREASURY CASH AND DEPOSITS! [J»V^^ 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 30 FEDERAL RESERVE CREDIT HOLDINGS OF U S GOVERNMENT SECURITIES • TOTAL 15 15 10 10 CZ 5 1 FEDERAL RESERVE FLOAT i- ^ » . j - ,_ ._ j ] j DISCOUNTS AND ADVANCES 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Wednesday figures, latest shown are for Dec. 24. See page 17. 16 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period v co a D a a n u n d is c n d - - e ts s T U ot . a l S. s e B G cu o o r n v i d t e i s r e n s c m c B e a e r i t t l n e i l f t s s i , , - ot A h l e l r1 Total s G to o c ld k T s r t c o e u r i a u n n e u r n r a g y 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 B p e s w r e R r o d y a e r i s e n e t v a i d - r h k t s e a e s s - l - b p m N e o r e o s m d n it e - s - - c O s F 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 Exand notes Wednesday figures: 1951--Nov. 7 243 23,507 5,325 18,182 845 24,59522,284 4,686 28,534 ,291 452 843 778 19,667 18.988 679 Nov. 14. 274 23,397 5,325 18,072 93024,60222,283 4,688 28.601 ,284 245 815 776 19.850 18.976 874 Nov. 21. 227 23,275 5.334 17,9411,24324,74522.333 4,689 28,701 ,285 364 800 774 19.843 19.211 632 Nov. 28. 483 23,239 5,334 17,905 957 24,67922,332 4.693 28,742 ,288 548 750 774 19,603 19.229 374 Dec. 5 959 23,239 5,357 17,882 88325,08122,381 4,699 28,891 ,292 501 787 770 19,919 19,196 723 Dec. 12, 710 23.239 5,376 17,8631,03124,980 22,382 4,700 29,037 ,284 266 740 770 19,964 19,317 647 Dec. 19 44923,239 5,334 17,9052,05725,74522,491 4,703 29.263 ,269 6 776 82720,798 19,767 1,031 Dec. 26. 79723,503 5,342 18,1611,27625,576 22,621 4,704 29.403 ,289 289 880 83220,208 19.637 571 195522 --Jan. 2 105 23,658 5,344 18,3141,06224,82522,697 4,706 29,143 ,275 8 694 74520,364 19,685 679 Jan. 9 198 23,452 5,344 18,108 904 24,55422,772 4.707 28.800 ,280 69 771 74320,369 19.551 818 Jan. 16 135 23,119 5.344 17,7751,11824,37222,822 4,710 28.526 ,291 138 719 74420.488 19.590 898 Jan. 23 112 22,993 5,344 17,6491,01024,116 22,872 4.711 28.342 ,280 11 663 74320,660 19,573 1,087 Jan. 30 210 22,785 5,344 17,441 711 23,70722,931 4,716 28.347 ,302 221 729 74220.013 19,455 558 Feb. 6. 283 22,614 5,344 17,270 75923.656 22,990 4,717 28.378 ,317 52 728 74120,148 19.415 733 Feb. 13. 619 22,499 5.344 17,155 634 23.753 ,011 4.717 28.425 ,276 261 685 74120,094 19,304 790 Feb. 20 454 22,400 5,471 16,9291,03323,88723,071 4,721 28.387 ,308 491 749 738 20,007 19,293 714 Feb. 27. 422 22,555 5,636 16,919 77323.750 23,110 4,722 28.390 ,308 712 730 73519,710 19.224 486 Mar. 5 384 22,514 5,636 16,878 986 23,883 23,290 4.726 28,464 ,296 670 895 787' 19.787 19,166 621 Mar. 12 357 22,530 5,636 16,894 891 23,778 23,291 4.726 28,452 .296 639 841 785! 19,781 19,182 599 Mar. 19 126 22,825 5,636 17,1891,26524,216 23,292 4,729 28.361 .285 6 742 803 21,038 19,627 1,411 Mar. 26 170 22,528 5,636 16,892 71523.413 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. 16722,494 5.636 16,858 73123,393 23,293 4,736 28.526 ,273 381 763 82719,652 19,076 576 Apr. 16. 62222,467 5,136 17,3311,02024,109 23,293 4,737 28.436 ,288 520 853 825 20,218 19,225 993 Apr. 23. 830 22,372 5,136 17,236 77123,973 23,295 4,738 28.333 ,287 877 809 82419,875 19.087 788 Apr. 30. 676 22,363 5,136 17,227 593 23,632 23,297 4,739 28.460 ,284 450 784 74919,940 19.143 797 May 7 1,04322,329 5,136 17,193 695 24,067 23,297 4,739 28,523 ,286 749 762 74720,034 19,071 963 May 14 67122,315 5,136 17,179 77923,764 23,297 4,739 28,497 ,293 516 796 74519,953 19,092 861 May 21. 499 22,283 5,136 17,1471,01323,794 23,298 4,739 28,483 ,279 384 813 74520,127 19,181 946 May 28. 816 22,273 5,136 17,137 653 23,74223,296 4,741 28,710 ,286 558 813 74519,667 19,217 450 June 4. 926 22,378 5,136 17,242 77524,079 23,296 4,747 28,842 ,282 527 824 74219,906 19,207 699 June 11. 834 22,492 5,136 17,356 803 24,128 23,297 4,750 28,830 .284 507 834 74219,978 19,226 752 June 18. 22,997 5,136 17,8611,28924,828 23,297 4,751 28,787 ,286 9 768 79421,232 19,736 1,496 June 25. 30722,564 5,136 17,428 882 23,753 23,346 4,752 28.814 ,290 134 813 79320,006 19,621 385 July 2. 48022,869 5,136 17,733 80624,155 23,346 4,755 29,180 ,277 90 760 798 20,153 20,104 49 July 9. 683 22,860 5,136 17,724 923 24.46523,347 4,754 29,148 ,264 38 906 79920,413 20,008 405 July 16. 974 22,723 5,136 17,587 97424,67123,348 4,756 28.988 1,271 307 988 79720,422 19,973 449 July 23. 073 22,726 5,136 17,590 87524,67423,350 4,756 28,884 1,275 482 1,016 79720,326 19,875 451 July 30. 403 22,844 5,136 17,708 660 24,90723,350 4,761 28,952 1,286 605 1,042 724 20,409 19,829 580 Aug. 6. 22,977 5,163 17,814 24,440 23,350 4,763 29,041 1,279 270 982 722 20,260 19,675 585 Aug. 13. 77023,051 5,236 17,815 732 23,344 4,764 29,051 1,277 422 1,057 718 20,136 19,692 444 Aug. 20. 97923,032 5,236 17,796 79924,810 23,344 4,766 29,068 1,281 526 1,057 72120,267 19,652 615 Aug. 27. 89723,092 5,236 17,856 614 24,60323,344 4,768 29,129 1,276 707 1,084 72119, 19,643 154 Sept. 3. 96823,182 5,236 17,946 666 24,816 23,344 4,774 29,391 ,285 715 1,066 71719,760 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. 313 23,740 5,236 18,5041,19525,249 23,344 4,780 29,292 .281 6 998 729 21,067 19,957 1,110 Sept. 24. 40023,715 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 72524,96323,342 4,787 29,417 ,287 523 884 882 20,098 19,762 336 Oct. 8. 1,019 23,663 4,522 19,141 70225,384 23,341 4,787 29,545 ,280 596 972 880 20,239 19,567 672 Oct. 15. 772 23,663 4,522 19,141 891 25,325 23,341 4,787 29,617 ,276 212 854 88120,613 20,089 524 Oct. 22. 130 23,663 4,522 19,1411,07425,86723,340 4,790 29,511 ,281 618 929 878 20,779 20,128 651 Oct. 29. ,17123,624 4,522 19,102 71025,505 23,340 4,790 29,540 ,289 588 891 87720,449 19,975 474 Nov. 5. ,66323,520 4,522 18,998 53225,714 23,339 4,794 29,748 ,278 789 893 805 20,334 19,884 450 Nov. 12. ,58323,567 4,522 19,045 546 25,696 23,338 4.794 29,905 ,282 505 883 805 20.447 19,906 541 Nov. 19. ,48623,563 4,526 19,0371,14326,193 23,337 4,797 29,842 ,292 703 949 803 20,738 20,073 665 Nov. 26. ,615 23,761 4,528 19,233 92526,30123,338 4,797 30,152 ,267 317 981 80120,917 20,409 508 Dec. 3. ,59123,968 4,539 19,4291,19126,75123,337 4,803 30,274 ,278 719 881 800 20,939 20,371 568 Dec. 10. ,75224,239 4,537 19,702 87026,860 23,337 4,804 30,370 ,280 645 1,036 20,868 20,288 580 Dec. 17. 1,022 24,469 4,533 19,9361,54727,039 23,277 4,806 30,487 ,269 371 937 860 21,198 P20.479 P719 Dec. 24. 1,728 24,613 4,530 20,0831,51927,860 23,186 4,809 30,732 ,266 665 930 86321,400 20,435 P965 Dec. 31. 156 24,697 4,522 20,175 971 25,,825 23,186 4,813 30,424 ,278 389 1,005 77719,950 '20,440P-490 pPreliminary. 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. JANUARY 1953 17 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 c a o D a a n u n d i c s n d - - e ts s T U o . t a S l . s e G c B u o o r v n i e t 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 he ll r* Total s G to o c ld k T s r o c e t u i r a n u u n e r n g r y t c a - - d y s - - M i c n t u o i c o l n a i n 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 a y e r i s n e e v t a i - d r h k t e s a e s s - l - b p m N e o r e o s m d n it e - s - - c O s F o e e R a t e r u r c h e a d v - n - e l - e t r s Total qu R ir e e - d2 c E e x ss - 2 and notes End of period 1929—June 29. 1,037 216 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 2,356 2,333 23 1933—June 30. 164 1,998 441 1,557 58 2,220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—Dec. 30. 7 2,484 1,351 1,133 102 2,593 17,644 2,963 7,598 2,409 634 653 25111,653 6, ,209 1941—Dec. 31. 3 2,254 1,467 787 104 2,361 22,737 3,247 11,160 2,215 867 1,360 29112,450 9,365 3,085 1945—Dec. 31. 249 24,262 947 23,315 58025,091 20,065 4,339 28,515 2,287 977 1,308 49515,915 14,4571,458 1946—Dec. 31. 163 23,350 753 22,597 58124,093 20,529 4,562 28,952 2,272 393 822 60716,139 15.577 562 1947—Dec. 31. 8522,559 2,85319,706 53623,181 22,754 4,562 28,868 ,336 870 961 56317,899 16,400 1,499 1948—Dec. 31 . 223 23,333 10,97712,356 54224,097 23,244 4,589 28,224 ,325 1,123 1,189 590 20,479 19,2771,202 1949—Dec. 31. 7818,885 7,21811,667 536 19,499 24,427 4,598 27,600 ,312 821 1,517 706 16,568 15 ,018 1950—June 30. 4318,331 5,61812,713 329 18,703 24,231 4,607 27,156 ,298 950 1,431 77115,934 15,498 436 Dec. 30. 6720,778 4,620 16,158 1,37122,216 22,706 4,636 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 Dec. 31 19 23,801 5,34418,457 1,18925,009 22,695 4,709 29,206 ,270 247 889 746 20,056 19,667 389 1952—Jan 328 22,729 5,34417,385 72623,783 951 717 28,386 ,319 162 766 74120.077 19,443 634 Feb 598 22,528 5,63616,892 77823,904 191 727 28,465 ,287 558 796 73319,982 19,254 728 Mar 133 22,514 5,636 16,878 623 23,270 291 736 28,473 ,277 169 845 80119,733 19,241 492 Apr 676 22,363 5,136 17,227 59323,632 298 739 28,464 ,281 450 784 74919,940 19,143 797 May 952 22,273 5,136 17,137 92724,152 296 748 28,767 ,274 541 1,094 74319,778 19,187 591 June.... 59 22,,906 5 17,770 58623,551 346 754 29,026 ,283 333 846 78319,381 19,573 -192 July.... 1,270 22,853 5,136 17,717 69924,821 350 762 28,978 ,281 638 991 723 20,323 19,828 495 Aug 1,318 23,146 5,23617,910 75125,216 344 776 29,293 ,269 488 1,157 718 20,411 19,576 835 Sept 47723,694 5,23618,458 57724,747 342 786 29,419 ,278 508 881 72320,066 19.747 319 Oct 1,59123.575 4.52219,053 68925,855 339 795 29,644 ,268 770 887 80520,616 19,996 620 Nov 1,89523,821 4,52719.294 1,02426,740 338 802 30,236 1,261 378 1,056 80121,149 20,354 795 Dec 15624,697 4,522 20,175 97125,825P23,186 813P30.424 I,278 389 1,005 77719,950 l0,440P-490 Averages of daily figures: 1951—Dec 657 23,409 5,352 18,057 1,38025,446 22,483 29,139 1,280 271 835 796 20,310 19.484 826 1952—Jan 200 23,206 5,344 17,862 1,03824,444 22,824 28,637 1.281 109 737 74420,470 19,537 933 Feb 365 22,552 5,432 17,120 90923,826 23,039 4,719 28,406 1,294 352 799 73819,995 19,300 695 Mar 314 22,634 5,636 16,998 942 23,890 23,278 4,728 28,437 1,283 333 845 79020,207 19,322 885 Apr 365 22,448 5,354 17,094 913 23,726 23.293 4,737 28,459 1,278 549 875 81819,777 19,127 650 May 573 22,308 5,136 17,172 823 23,704 23,297 4,740 28,557 1,281 553 838 74519,767 19,139 628 June.... 58522,617 5,136 17,481 941 24,144 23.308 4,751 28,843 1,282 328 843 767 20,140 19,431 709 July.. .. ,092 22,798 5,136 17,662 895 24,786 23,348 4,756 29,028 1,270 306 960 79120,535 19.926 609 Aug 059 23,027 5,216 17,811 73824,824 23,346 4,765 29,088 1,276 501 1,044 72020,306 19,657 649 Sept 72323,471 5,236 18,235 861 25,055 23,343 4,778 29,343 1,275 3?6 997 72120.514 19,736 778 Oct ,093 23,657 4,522 19,135 931 25,681 23,340 4,788 29,555 1,276 550 941 87620,611 19,963 648 Nov ,577123,638 4,524 19,114 958 26,172 23,338 4,796 29,904 1,277 591 986 803 20,744 20,087 657 Dec ,633'24,400 4,522 19,878 1,26627,299 23,276 4,806 30,494 1,271 569 1,035 832 21,180 I v Preliminary. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 2 These figures are estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS * [Per cent per annum] [Per cent of market value] Nov. 1, 1933-Feb. 1, 1935-Effective Feb. 1, Mar. 30, Effec- Jan. 31, 1935Dec. 31, 1935Jan. 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. I 18 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] obligations of the U. S. (Sees. 13 and 13a)1 (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Dec. 31 beginning—• rate Dec. 31 beginning— rate Dec. 31 beginning— rate Boston Aug. 21,1950 2X Aug. 21,1950 Jan. 14, 1948 New York Aug. 21,1950 2X Aug. 21,1950 2 Oct. 30, 1942 Philadelphia. . . Aug. 25,1950 2M Aug. 25,1950 234 Aug.23, 1948 Cleveland Aug. 25,1950 2% Aug. 25,1950 Aug.25, 1950 Richmond Aug. 25,1950 2H Aug. 25,1950 215* Oct. 28, 1942 Atlanta Aug. 24,1950 2X Aug. 24,1950 2H Aug.24, 1950 Chicago Aug. 25,1950 Aug. 25,1950 2H Aug. 13, 1948 St. Louis Aug. 23,1950 2M Aug. 23,1950 234 Jan. 12, 1948 M Ka in n n sa e s a p C o i l t i y s. . . . . . A A u u g g . . 2 2 2 5 , ,1 1 9 9 5 5 0 0 2M A A u u g g . . 2 25 2 , ,1 19 9 5 5 0 0 2X J A a u n g . .2 1 3 9 , , 1 1 9 9 4 4 8 8 Dallas Aug. 25,1950 22X Aug. 25,1950 234 Feb. 14, 1948 San Francisco.. Aug. 24,1950 Aug. 24,1950 234 2 Oct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 5 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 Statistices, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON MEMBER BANK RESERVE REQUIREMENTS ACCEPTANCES [Per cent per annum] [Per cent of deposits] Rate on In effect be- Previous Net demand deposits 1 Maturity Dec. 31 ginning—l rate Time Effective date deposits 1- 90 days IK Dec. 18. 1951 1% of change C re e s n e t r r v a e l Re c s i e ty rve Country me ( m al b l er 91-120 days Dec. 18, 1951 city banks banks banks) 12 1-180 days 2H Dec. 18, 1951 2 banks 1 Dates effective at Federal Reserve Bank of New York. 1917—June 21 13 10 7 3 anc N e O s T p E a . y — ab E l f e f e i c n t iv d e o ll m ar i s n . i mum Ba c b k u y f i ig n u g r r e a s. t — es S o ee n p B r a i n m k e in b g an a k n e d r s M ' a o c n c e e ta p r t y - 1936—Aug. 16 1934 15 ion Statistics, Table 117, pp. 443-445. 1937—Mar. 1 22M 1734 12M May 1 26 20 14 6 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1938—Apr. 16 22% 17^ 12 5 AND COMMITMENTS UNDER SECTION 13B OF THE FEDERAL RESERVE ACT 1941—Nov. 1 26 20 14 6 Maturities not exceeding five years 1942—Aug. 20 24 Sept. 14 22 [In effect December 31. Per cent per annum] Oct. 3 20 1948—Feb. 27 22 To industrial or June 11 24 commercial To financing institutions Sept. 16. .. 16 2 734 businesses Sept. 24 26 22 3 734 IQ49—May 1 15 27 Federal On discounts or May 5 24 21 37 Reserve purchases June 30 20 36 Bank lo O an n s l co m m O e m n n t i s t- fo P r o w rti h o ic n h Re- c m o O m en n m ts it- J A A A u u u u ly g g g . . . 1 1 l 1 6 1 2334 19H 1 1 1 3 4 2 2 2 3 6 5 5 institu- maining Aug. 18 23 19 tion is portion Aug. 25 22 J4 18^ obligated Sept. 1 22 18 1951—Jan. 11 23 19 36 Boston 234 Jan 16 13 26 New York 2^ X-i X 34 Jan. 25 24 20 Philadelphia. . . . 2*4 H-i X Feb. 1 14 Cleveland 234 34-1 X Richmond 2^ H-i X In effect Jan. 1, 1953 * 24 20 14 6 Atlanta 23^- M-iX () () S M K C t h a . i i n n c L n s a o a e g s u a o i p s C o i l t i y s. . . . . . . . 3 2 2 2 3 ^ 3 4 4 M X X - - - i i l X X X 2 1 3 H ( 4 ) ) - - 5 2 X 2^ ( - 3 5 ) i A n u 1 g p D ro e c 2 m e 3 s a , s n 1 o d 9 f 3 d c 5 e o , p l l o h e s a c i v t t i s e o n s b u e a b e n je n d c t d t o e to t m a l a r e n s d d e e r m b v a e a l n a r d n e c q e u d s i e r p d e o m u s e e i t n f s r t o s m m , i w n d h u o i s c m h c e a s b s t e i h c g in i b t n a e n i m n k g s s S D a a n l la F s rancisco... 2 2 3 3 4 4 y 3 2 4 - - \ 1 x x C ( 2 ) ) A (a p l 2 s r o . R e 1 m q 3 u i . n i 1 u r 9 e s m 4 3 w e n a J t r u n l b e o e a c 3 n a 0 m . a e n 1 9 d e 4 f 7 s f e ) e . r c i t e iv s e E a t b o c n o d u n a t c ry c ou b n a t n s ks d . uring the period 3 Requirement became effective at central reserve and reserve city * 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. 4 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 % 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. JANUARY 1953 19 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 All city banks Re- All city banks Re- Month, or mem- serve Coun- Month, or mem- serve Counweek ending Wednesday ber city try week ending Wednesday ber city try banksi New Chi- banks banks * banks x New Chi- banks banks1 York cago York cago Total reserves held: Excess reserves: 1951—September 19.396 5,029 1,307 7,526 5,534 1951—September 721 8 -5 151 567 October 19,868 5,225 1,328 7,701 5,614 October 915 108 8 212 588 November 19 794 5 061 1 Wk 7 730 5 688 November 729 6 _5 144 584 1952—September 20,514 5,256 1,369 8,009 5,880 1952—September 778 63 6 155 554 October 20,611 5,215 1,369 8,081 5,946 October 648 1 —4 99 553 November . 20,744 5,201 1,367 8,172 6,004 November 657 8 102 547 Nov. 19 20,728 5,145 1,347 8,161 6,075 Nov. 19 717 8 -5 110 604 Nov. 26 20,874 5,253 1,384 8,249 5,988 Nov. 26 573 -10 -3 85 501 Dec 3 20,959 5,361 1,392 8,246 5,960 Dec 3 588 33 -4 83 476 Dec. 10 . . 20 924 5,236 1 390 8 255 6,044 Dec 10 . 621 —26 _1 105 543 Dec. 17 12,172 5,369 1,411 8,307 6,086 Dec. 17 P715 34 —2 101 *582 Dec. 24 21,441 5,396 1,423 8,403 6,219 Dec. 24 P839 13 —2 138 P690 Borrowings at Federal Required reserves: Reserve Banks: 1951—September 18,675 5,021 1,312 7,374 4,967 1951—September 338 66 7 213 51 October 18,952 5,117 1,320 7,489 5,026 October . . 95 3 2 62 30 November 19,065 5,056 1,319 7,586 5,104 November 340 28 12 246 54 1952—September 19,736 5,193 1,364 7,854 5,326 1952—September 683 117 30 384 151 October 19,963 5,214 1,373 7,982 5,393 October 1,048 116 100 667 164 November 20,087 5,193 1,367 8,070 5,458 November 1,532 198 266 862 206 Nov. 19 20,011 5,137 1,352 8,051 5,471 Nov. 19 1,408 186 249 780 193 Nov. 26 20,302 5,263 1,387 8,165 5,487 Nov. 26 1,456 159 293 812 192 Dec. 3 . 20,371 5,328 1 396 8,163 5,484 Dec. 3 1,673 265 270 911 227 Dec. 10 20,302 5,261 1,391 8,149 5,501 Dec. 10 1,752 469 254 771 258 Dec 17 P20.458 5,334 1,414 8,206 P5.504 Dec. 17 1,501 418 173 641 269 Dec. 24 n0,603 5,383 1,425 8,266 P5.529 Dec. 24 1,443 473 235 482 253 P Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. Back figures.—See Banking and Monetary Statistics, pp. 396-399. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Remem- serve Coun- mem- serve Coun- Item ber city try ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago November 1952 November 1951 Gross demand deposits: Total 109,423 23,323 6,056 42,411 37,633 103,624 22,541 5,814 39,944 35,325 Interbank 12,934 4,029 1,259 6,424 1,222 12,625 3,954 1,182 6,301 1,189 Other 96,488 19,294 4,797 35,987 36,411 90,999 18,587 4,632 33,643 34,136 Net demand deposits 2 94,814 21,089 5,402 36,396 31,927 89,908 20,580 5,214 34,280 29,834 Time deposits 3 33,010 2,201 1,170 13,173 16,466 30,689 1,941 1,122 12,171 15,454 Demand balances due from domestic banks... 6,512 44 118 1,925 4,425 6,392 39 115 1,916 4,322 Reserves with Federal Reserve Banks: Total 20,744 5,201 1,367 8,172 6,004 19,794 5,061 1,314 7,730 5,688 Required 20,087 5,193 1,367 8,070 5,458 19,065 5,056 1,319 7,586 5,104 Excess 657 102 547 729 6 -5 144 584 Borrowings at Federal Reserve Banks 1,532 198 266 862 206 340 28 12 246 54 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. 20 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 Dec. 31 Dec. 24 Dec. 17 Dec. 10 Dec. 3 Dec. Nov. Dec. Assets Gold certificates 21,185,10221,210,10521,305,10121,376,104 21,415,10321,185,10221,418,10120,753,952 Redemption fund for F. R. notes.. 800,603 775,603 773,176 766,850 729,948 800,603 726,948 714,115 Total gold certificate reserves. 21,985,70521,985,70822,078,27722,142,95422,145,05121,985,70522,145,049 21468,067 Other cash 322,020 265,680 290,029 277,294 285,224 322,020 291,853 323,175 Discounts and advances: For member banks 126,879 1,691,924 985,942 1,707,632 1,546,198 126,879 1,849,986 19,347 For nonmember banks, etc 29,500 36,500 36,500 44,500 45,000 29,500 45,000 Industrial loans 3,892 3,891 3,690 3,461 3,622 3,892 3,838 4,637 U. S. Government securities: Bills 1,340,750 1,252,350 1,094,050 837,450 588,250 1,340,750 501,750 596,360 Certificates: Special Other 5,060,616 5,057,016 5,068,266 5,090,216 5,066,716 5,060,616 5,018,41612,792,798 Notes 13,773,67113,773,67113,773,67113,773,67113,773,67113,773,67113,773,671 5,068,073 Bonds 4,521,975 4,529,475 4,533,425 4,537,325 4,539,475 4,521,975 4,527,475 5,344,127 Total U. S. Government securities. 24,697,01224,612,51224,469,41224,238,662 23,968,11224,697,01223,821,312 23,801,358 Total loans and securities 24,857,28326,344,82725,495,54425,994,25525,562,93224,857,28325,720,136 23,825,342 Due from foreign banks.... 23 23 23 23 23 23 23 28 F. R. notes of other Banks. 239,458 192,404 184,382 182,869 164,827 239,458 154,911 201,141 Uncollected cash items 4,238,779 4,590,929 5,632,178 3,652,486 3,925,667 4,238,779 3,948,890 3,905,327 Bank premises 48,348 49,008 48,954 45,736 45,712 48,348 45,695 43,599 Other assets 160,878 152,832 143,606 196,887 188,613 160,878 185,034 133,157 Total assets. 51,852,49453,581,41153,872,99352,492,50452,318,049 51,852,49452,491,59149,899,836 Liabilities Federal Reserve notes 26,250,29926,446,359 26,225,90726,112,768 26,007,090 26,250,299 25,948,71025,064,109 Deposits: Member bank—reserve accounts.. 19,950,37221,399,11421,197,83320,867,85320,938,76119,950,37221,148,638 20,055,716 U. S. Treasurer—general account. 388,808 665,209 371,238 645,003 719,042 388,808 377,758 246,687 Foreign 549,959 728,689 729,031 719,505 734,003 549,959 757,947 526,375 Other 454,915 201,050 207,544 316,204 146,586 454,915 298,521 362,798 Total deposits. 21,344,054 22,994,72222,505,646 22,548,56522,538,392 21,344,054 22,582,86421,191,576 Deferred availability cash items 3,271,561 3,075,402 4,088,762 2,786,281 ,738,027 3,271,561 2,928,667 2,721,490 Other liabilities and accrued dividends. 14,923 23,871 21,468 22,269 19,501 14,923 19,068 13,809 Total liabilities. 50,880,837 52,540,354 52,841,783 51,469,88351,303,010 50,880,837 51,479,309 48,990,984 Capital Accounts Capital paid in 252,634 252,266 250,244 248,794 248,668 252,634 248,620 236,613 Surplus (Section 7) 584,676 538,342 538,342 538,342 538,342 584,676 538,342 538,342 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 106,804 222,906 215,081 207,942 200,486 106,804 197,777 106,354 Total liabilities and capital accounts. 51,852,494 53,581,41153,872,993 52,492,504 52,318,049 51,852,49452,491,59149,899,836 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 45.5 45.6 46.2 45.6 46.4 Contingent liability on acceptances purchased for foreign correspondents 19,792 19,140 18,141 18,138 17,364 19,792 17,408 20,913 Industrial loan commitments 3,211 3,366 3,779 4,007 3,940 3,211 4,045 6,036 Maturity Distribution of Loans and U. S. Government Securities * Discounts and advances—total.... 156,379 ,728,424 1,022 442 ,752,132 ,591,198 156,379 ,894,986 19,347 Within 15 days 117,875 ,672,776 938 710 ,593,641 ,462,194 117,875 ,700,327 11,215 16 days to 90 days 38,504 55,592 83 674 158,428 128,935 38,504 194,588 8,110 91 days to 1 year 56 58 63 69 71 22 Industrial loans—total 3,892 3,891 3 690 3,461 3,622 3,892 3,838 4,637 Within 15 days 256 1,066 1392 197 295 256 321 616 16 days to 90 days 1,987 642 129 1,281 1,283 1,987 1,258 689 91 days to 1 year 1,304 1,819 781 1,645 1,875 1,304 2,084 2,125 Over 1 year to 5 years 345 364 388 338 169 345 175 1,207 U. S. Government securities—total. 24697,012 24,612,512 24,46941224,238,66223,968,11224,697,01223,821,31223,801,358 Within 15 days 925,400 694,200 555 100 451,850 256,300 925,400 209,500 259,908 16 to 90 days 4 167,800 ,314,500 4,310 500 ,183,000 4,108,000 ,167,800 4,008,000 452,052 91 days to 1 year 10,520,141 ,520,14110,520 14110,520,14110,520,14110,520,141 3,028,391 ,344,823 Over 1 year to 5 years 6,655,200 ,655,200 6,655200 6,655,200 6,655,200 6,655,20014,146,950 ,102,256 Over 5 years to 10 years 1,070,224 ,070,224 1,070 224 ,070,224 ,070,224 070,224 1,070,224 ,013,614 Over 10 years 1,358,247 ,358,247 1,358 247 ,358,247 ,358,247 358,247 1,358,247 ,628,705 1 Callable U. S. Government securities classified according to nearest call date. 21 JANUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1952 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo St u . is M a i p n ol n i e s - Ka C n it s y as Dallas F c S i r s a a co n n * - Assets Gold certificates. 21,185,102 688,429 5,977,523 1,271,008 1,446,634 986,348 881,9014,430,854 636,609 327,606 896,784 715,296 2,926,110 Redemption fund forF. R. notes. 800,603 64,891 135,378 57,278 85,475 76,732 54,350 119.453 51,901 25,549 41,266 29,382 58,948 Total gold certificate reserves. . 21,985,705 753,320 6,112,901 1,328,286 1,532,1091,063,080 936,2514,550,307 688,510 353,155 938,050 744,678 2,985,0581 Other cash 322,020 22,031 64,362 18,317 21,491 27,616 27,229 54,784 19,662 5,879 12,294 12,311 36,044 Discounts and advances: Secured by U. S. Govt. securities. . . 126,680 385 106,015 3,175 1,470 4,200 1,315 3,260 125 500 1,205 30 5,000 Other 29,699 1,829 8,909 2,301 2,714 1,504 1,269 4,100 1,121 767 1,320 1,121 2,744 Industrial loans.. 3,892 3,469 56 232 135 U. S. Govt. securities 24,697,012 1,693,012 6,213,352 1,510,542 2,399,101 ,624,3641,391,0243,437,0281,302,581 764,4001,052,0821,101,591 2,207,935 Total loans and securities 24,857,283 1,695,226 6,328,276 1,519,487 2,403,2851,630,1241,393,840 3,444,3881,303,827 765,8021,054,6071,102,742 2,215,679 Due from foreign banks 23 1 l7 2 1 1 3 1 1 1 1 2 F. R. notes of other Banks... 239,458 5,996 32,307 16,086 12,312 50,711 33,771 23,133 12,218 10,298 8,503 11,220 22.903 Uncollected cash items 4,238,779 387,995 874,505 252,296 383,177 344,449 279,348 704,040 174,822 103,136 197,170 179,733 358,108. O Ba th n e k r p a r s e se m ts ises... 1 4 6 8 0 , , 3 8 4 7 8 8 1 4 1 , , 0 3 7 9 1 6 36 7 , , 6 2 4 9 2 2 3 9 , , 2 7 6 6 9 1 1 4 5 , , 7 7 4 3 6 3 1 4 0, , 8 8 8 3 7 9 9 3 , , 9 66 5 6 9 22 6 , ,6 9 8 5 1 2 3 8 , , 0 4 2 8 5 9 4 1 , ,0 9 5 7 1 8 2 7 , , 2 31 8 4 8 7,8 6 7 2 4 9 1 6 4, , 8 7 9 9 3 1 . Total assets.. . . 51,852,494 2,880,036 13,456,2923,147,504 4,372,8553,131,7072,684,0658,806,288 2,210,5541,244,300 2,220,2272,059,188 5,639,478; Liabilities F. R. notes 26,250,299 ,603,208 5,796,489 1,857,370 2,410,6571,887,0631,445,056 4,971,4151,230,998 650,8891,022,199 759,282 2,615,673. Deposits: Member bk.— reserve accts. 19,950,372 835,721 6,184,727 929,3181,497,699 849,025 895,5383,066,258 731,518 437,867 957,9071,051,212 2,513,582- U. S. Treas — gen. acct. .. 388,808 44,086 44,922 33,092 15,316 28,743 34,241 28,710 31,175 26,412 28,440 25,726 47,945- Foreign 549,959 32,457 M84.537 40.833 48,162 26,699 22,511 72,767 19,893 13,611 19,893 19,893 48,703. Other 454,915 10,013 334,153 7,092 11,270 7,707 5,586 13,177 14,404 4,190 4,039 1,374 41,910* Total deposits.. . 21,344,054 922,277 6,748,339 1,010,335 1,572,447 912,174 3,180,912 796,990 482,080 1,010,2791,098,205 2,652,140- Deferred avail- 957,876 ability cash items 3,271,561 293,075 628,042 205,923 299,246 280,791 519,440 142,973 84,762 149,141 156,977 273,954 Other liabilities 237,237 and accrued dividends 14,923 713 5,996 702 1,431 689 592 1,963 589 455 475 395 923- Total liabilities.. 50,880,837 2,819,273 13,178,866 3,074,330 4,283,7813,080,7172,640,7618,673,7302,171,5501,218,1862,182,094 2,014,859 5,542,690* Capital Accounts Capital paid in. . 252,634 13,612 80,139 17,186 24,215 11,013 10,408 32,342 8,800 5,719 9,477 12,238 27,485; Surplus (Sec. 7).. 584,676 36,462 167,503 43,578 54,064 29,248 25,803 84,628 23,628 15,131 21,925 25,381 57,325 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 106,804 7,678 22,465 7,921 9,789 7,380 6.331 14,159 6,055 4,191 5,594 5,403 9,83a Total liabilities and capital accounts 51,852,494 2,880,036 13,456,2923,147,504 4,372,8553,131,7072,684,065 8,806,288 2,210,5541,244,3002,220,227 2,059,1885,639,478; Reserve ratio 46.2% 29.8% 48.7% 46.3% 38.5% 38.0% 39.0% 55.8% 34.0% 31.2% 46.2% 40.1% 56.7% Contingent liability on acceptances purchased for foreign correspondents 19,792 1,227 3 5,977 1,544 1,821 1,009 851 2,751 752 515 752 752 1,841 Industrial loan commitments.. 3,211 1,136 751 70 125 769 36Ch 1 After deducting $16,000 participations of other Federal Reserve Banks. a After deducting $365,403,000 participations of other Federal Reserve Banks. 1 After deducting $13,815,000 participations of other Federal Reserve Banks. 22 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 Dec. 31 Dec. 24 Dec. 17 Dec. 10 Dec. 3 Dec Nov Dec 97 490 694 97 40 S 964 27,240,831 97 169 SS7 96 991 809 97,490 694 96 8S7,969 96 ,no S4S Collateral held against notes outstanding: Gold certificates 12,399,000 12,774,000 12,934,000 12 934,000 13,264,000 12,399,000 13,264,000 12,484 000 Eligible paper 120,554 1087,631 560,181 1 04 S,931 1,034,448 120,SS4 1 ,166,4^9 17 936 U. S. Government securities... *. 15,440,00015,040,000 14,740,000 14 740,000 14,115,000 15,440 000 14,115,000 14,050 000 Total collateral 27 9S9,55498 901 ,631 28,234,181 28 717 9S1 98 41.S 448 97 9S9 55428,545,452 26,551 936 EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1952 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F c S r is a a c n n o - F. R. notes outstanding (issued to Bank) 27,420,6941,660,206 6,063,9541,944,130 2,506,8641,966,2221,519,7115,122,2981,293,600 665,6431,060,282 805.579 2,812,205 Collateral held: j Gold certificates12,399,000 400,000 3,520,000 850,000 820,000 600,000 510,000 2,800,000 280,000170,000 2800,,000000 269,0001,900,000 Eligible paper.. 120.554 385 105,765 3,175 4,200 125 500 1,404 5,000 U. S. Govt. securities 15,440,0001,300,000 2,600,0001,100,0001,700,0001,400,0001,050,000 2,400,0001,025,000 505,000 800,000 560,000 1,000,000 Total collateral.. 27,959,554 L,700,385 6,225,7651,953,175 2,520,000 2,004,2001,560,000 5,200,0001,305,125 675,5001,081,404 829,000 2,905,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVB BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars] DEFENSE PRODUCTION ACT OF 1950 AND EXECUTIVE ORDER NO. 10161 Partici- W D e a d te n e ( s l d as a t y A a p t p p o p l i r c d o a a v t t i e e o d ns b p u r A t o p v n - e o d t L o o u a t n - s C m om en m ts it- o in p f g a f t i i i n o n a n s n s t c i- - [Amounts in thousands of dollars] or last day com- standing2 out- tutions Guaranteed loans Guaranteed Additional of period) pleted i (amount) standing out- authorized loans amount N b u e m r - Amount (amount) (amount) s ( t a a m nd o i u n n g t * ) Date to date outstanding a b v o ai r l r a o b w le e rs to under guar- 1 1 9 9 4 4 5 4 . ... 3 3 , , 5 4 1 8 1 9 5 5 4 25 4 , , 5 9 3 6 2 1 1 3 2 2 9 0 5 3 1, , 9 8 9 9 5 4 4 1 , ,6 1 4 6 4 5 2 1 , ,0 7 8 0 6 5 N b u e m r - Amount a T m o o t u a n l t g P u o t a e r e t r i a d o n n - a o n u t t e m s e t e a n n ag 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 Nov. 30. .. 3,736 706,215 3 073 4,505 6,361 12,064 Mar, 31... 254 300,955 68,833 56,973 47,822 Dec. 31... 3,736 710,931 3 513 4,687 6,036 11,985 Tune 30. .. 484 654,893 252,100 209,465 276,702 Sept. 30. . . 729 1,154,942 492,167 400,652 450,013 1952 Dec. 31... 854 1,395,444 675,459 546,597 472,827 Jan. 31... 3,738 716,210 832 4,621 7,125 12,018 1952 Feb. 29... 3,741 721,144 772 4,957 6,845 10,307 Mar. 31. .. 3,741 725,787 108 5,296 6,467 10,474 Jan. 31... 901 1,463,443 715,928 580,381 525,129 Apr. 30. .. 3,743 730,482 571 5,207 6,536 10,339 Feb. 29... 934 1,530,388 763,838 617,674 511,786 May 31... 3,743 734,049 235 5,211 6,083 10,262 Mar. 31... 971 1,677,786 836,739 672,974 467,392 June 30... 3,745 738,721 1 083 5,101 5,947 10,105 Apr. 30... 998 1,727,729 838,073 672,678 595,098 July 31... 3,746 743,629 1 589 4,624 6,184 9,814 May 31... 1,023 1,787,755 870,174 695,814 601,752 Aug. 31... 3,750 748,451 2 142 4,690 6,152 10,128 June 30.. . 1,050 1,867,643 883,262 703,774 615,139 Sept. 30. . . 3,750 752,042 1 370 4,496 6,327 9,978 July 31.. . 1 ,066 1,922,388 909,688 726,452 648,065 Oct. 31 ... 3,751 757,277 1 601 4,311 3,720 7,174 Aug. 31.. . 1,092 2,023,403 907,899 725,943 692,067 Nov. 30... 3,752 762,620 1 351 3,868 4,044 7,010 Sept. 30.. . 1,113 2,052,327 922,129 736,833 656,995 Oct. 31 ... 1,130 2,069,697 993,856 811,132 591,762 Nov. 30... 1,143 2,081,888 989,678 811,117 600,304 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not NOTE.—The difference between guaranteed loans authorized and included in industrial loans outstanding in weekly statement of con- sum of loans outstanding and additional amounts available to bordition of Federal Reserve Banks. rowers under guarantee agreements outstanding represents amounts 3 Not covered by Federal Reserve Bank commitment to purchase or repaid, guarantees authorized but not completed, and authorizations discount. expired or withdrawn. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. 23 JANUARY 1953 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 December 31] itors' Cash U. S. Cash Fees Payable to Gua G ra u n a t r e a e n i t n e g e d A P g o e r n t c io y n b o y f L F o in a a n ncing Institution on End of month an b c a e l- s l Total de to p in r o y si- G s m e o c v e u e n r r t i n - - r f e u e s n t e c d r . v * s, e banks ties Guarantee fee Percentage of Percentage of (percentage of any commitment 1943—December 1,788 1,843 10 1,716 118 loan guaranteed interest payable fee charged 1944— December.... 2,342 2,411 8 2,252 152 by borrower) borrower 1945—December 2,933 3,022 6 2,837 179 1946—December 3,284 3,387 6 3,182 200 1947—December 3,417 3,525 6 3,308 212 70 or less 10 10 1948—December 3,330 3,1149 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—September. . . 2,738 2,861 23 2,680 158 95 35 35 October 2,724 2,851 25 2,670 156 Over 95 40-50 40-50 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 1952—January 2,695 2,825 30 2,638 158 [Per cent per annum] February 2,681 2,813 31 2,609 173 March 2,669 2,794 32 2,599 163 April 2,651 2,778 32 2,598 147 Interest rate J M un ay e 2 2, , 6 6 1 3 7 3 2 2 , , 7 7 6 4 1 6 3 3 3 3 2 2, , 5 5 5 7 7 4 1 1 5 5 3 6 Commitment rate. July 2,601 2,751 33 2,554 164 August 2,586 2,758 34 2,554 170 September P2 572 October P2.561 November.... P2.552 v Preliminary. l Outstanding principal, represented by certificates of deposit. * 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] Annualrate of Debits to demand Annual rate of Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government Year or month Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers City i centers * centers City centers City » cities» City* cities * 1946 ... 1,050,021 417,475 527,336 105,210 18.9 10.0 407.946 522,944 25.2 16.5 1947 1,125.074 405,929 599,639 119.506 21.0 11.9 400.468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 23.6 12.9 445.221 660,155 27.2 19.2 1949 . 1,231,053 452,897 648.976 129,179 24 1 12.4 447,150 639,772 28.2 18.7 1950 1,403,752 513,970 742.458 147,324 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—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 September 139,078 49,278 74,608 15.192 28.8 14.6 47,798 71,343 34.6 21.5 October '154,239 55,560 82,171 '16.508 30.0 14.7 51,703 77,203 34.4 21.3 November 130,152 44,746 70,751 14.655 27.7 14.7 46,673 71,985 36.3 22.8 »• Revised 1 National series for which bank debit figures are available beginning with 1919. 2 Weekly reporting member bank series. This series was revised beginning July 3, 1946, and the deposits and debits of the new series for the first six months in 1946 are partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 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. 24 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 1 Total Coin 3 $1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 ,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 1,693 051 4,096 3,837 1,019 1,910 287 586 9 25 1943 20,449 14,871 1,019 909 70 1,973 194 5,705 5,580 1,481 2,912 407 749 9 22 1944 25,307 17,580 ,156 987 81 2,150 983 7,224 7,730 1,996 4,153 555 990 10 24 1945 28,515 20,683 1,274 ,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1946 28,952 20,437 1,361 ,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 1947 28,868 20,020 ,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1948 28,224 19,529 1,464 .049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 1949 27,600 19,025 1,484 ,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 1950 27,741 19,305 ,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951—October 28,417 19,955 1,631 ,132 65 2,041 6,160 8,927 8,463 2,452 5,092 353 554 4 8 November. .. 28,809 20,283 1,642 ,144 65 2,075 6,291 9,067 8,528 2,482 5,133 352 549 4 8 December. . . 29,206 20,530 1,654 ,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 1952—January 28,386 19,807 1,631 ,115 65 2,009 6,088 8,898 8,582 2,508 5,161 352 550 4 8 February 28,465 19,904 1,630 ,110 66 2,013 6,152 8,934 8,563 2,503 5,152 351 545 4 8 March 28,473 19,937 1,637 ,113 65 2,016 6,165 8,940 8,537 2,496 5,140 349 540 4 8 April 28,464 19,936 1,651 ,114 66 2,004 6,141 8,960 8,529 2,498 5,137 347 535 4 9 May 28,767 20,231 1,665 ,132 67 2,040 6,261 9,066 8,537 ,508 5,142 346 530 4 8 June 29,026 20,449 1,678 ,140 68 2,054 6,323 9,187 8,578 ,531 5,166 344 525 4 July 28,978 20,398 1,686 ,129 67 2,034 6,291 9,190 8,582 ,531 5,172 344 522 4 August 29,293 20,659 1,695 ,140 67 2,062 6,376 9,319 8,635 ,551 5,211 342 519 4 September... 29,419 20,739 1,705 ,164 68 2,070 6,368 9,365 8,682 ,559 5,252 342 517 4 October 29,644 20,897 1,722 ,175 68 2,074 6,405 9,453 8.749 ,577 5,304 342 514 4 November.. . 30,236 21,392 ,739 1,199 69 2,123 6,600 9,661 8,846 2,612 5,367 342 513 4 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 IInncclluuddeess unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. * Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money leld in the Treasury Money in circulation ! Money Total out- held by standing, As security For Federal No 1 v 9 . 5 2 30, g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B R F a e n e d s k e e s r r v a a n e l d B R a a n e g k s e e s n r t v a s n e d No 1 v 9 . 5 2 30, O 1 ct 9 . 5 3 2 1, No 1 v 9 . 5 1 30, certificates agents Gold 23,338 22,182 21,155 Gold certificates 22,182 19,329 2,816 37 37 39 Federal Reserve notes 26,837 61 1,043 25,733 25,184 24,428 Treasury currency—total 4,802 3 2,360 45 292 4,466 4,423 4,343 Standard silver dollars 492 253 37 4 197 197 187 Silver bullion 2.107 2,107 Silver certificates and Treasury notes of 1890.. 2 2,360 244 2,116 2,094 2,067 Subsidiary silver coin . . 1,154 4 16 1,135 1,121 1,064 Minor coin 411 1 3 407 404 391 United States notes . . ... 347 2 22 322 317 320 Federal Reserve Bank notes 215 2 212 214 233 National Bank notes 76 1 76 76 80 Total—Nov. 30 1952 (4) 24,542 1,261 19,329 4,151 30,236 Oct. 31, 1952 . . .. (4) 24,538 1,268 19,324 4,245 29,644 Nov. 30 1951 23,540 1,288 18,350 4,160 28,809 (*) 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals for other end-of-month dates are shown in table above and totals by weeks in the table on p. 17. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. « 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 haa no special significance and is not shown. See note for explanation of these duplications. 6 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. JANUARY 1953 25 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, Date Treas- U. S. Government obligations l T ia o b t i a l l - Total Ca a p nd ita 1 Gold r c e u u n r r y c - y Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca i a n p t n i e i e d t t s al, c d u e a r p r n o e d s n i c ts y c m o n a u i c e n s - t c t . s, savings Banks banks 1929—June 29 . 4,037 2,019 S8,642 41,082 5,741 5,499 216 26 11,819 64 698 55,776 8,922 1933—June 30 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30 17,644 2,963 S4,564 22,157 23,105 19,417 2,484 1,204 9,302 75 171 68,359 6,812 1941—Dec. 31 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191 785 180,806 10,979 1946—Dec. 31 20,529 4,562 ,366 35,765 113,110 86,558 23,350 3,202 9,491 183,457 171,657 11,800 1947—Dec 31 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188 148 175,348 12,800 194g—Dec. 31 24,244 4,589 160,457 48,341 100,694 74,097 23,333 3,264 11,422 189,290 176,121 13,168 1949—Dec 31 24,427 4,598 16?,681 49,604 100,456 78,433 18,885 3,138 12,621 191 706 177,313 14,392 1950—jime 30 24,231 4,607 164,348 51,999 98,709 77,320 18,331 3,058 13,640 193,186 178,568 14,618 Dec 30 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14 741 199 009 184 385 14,624 1951—June 30 21,756 4,655 173,447 63,821 94,450 68,726 22,982 2,742 15,176 199,858 185,038 14,820 Nov. 28 22,300 4,700 179,400 66,500 97,400 71,500 23,200 2,700 15,500 206,400 190,500 15,900 Dec 31 22,695 4,706 181,323 67,597 97,808 71,343 23,801 2,664 15,918 208,724 193,404 15,320 1952—Jan. 30 22,900 4,700 170,900 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 22,600 2,600 16,100 207 200 191,500 15,700 Mar 26 23,300 4,700 180,100 67,700 96,100 70,900 22,500 2,600 16,400 208,200 192,300 15,900 Apr. 30 23,300 4,700 170,900 68,100 95,200 70,200 22,400 2,600 16 600 207 900 192 200 15,700 May 28 23,300 4,700 180,600 68,500 95,300 70,500 22,300 2,600 16,800 208,700 192,900 15,800 June 30 23,346 4,754 18?,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 18S,300 70,000 98,100 72,700 22,800 2,600 17,200 213,400 197,200 16,100 Aug. 27P . 23,300 4,800 185,300 70,500 97,300 71,700 23,100 2,600 17,500 213,400 197,000 16,400 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 Nov. 26P 23,300 4,800 191,500 74,300 99,800 73,500 23,800 2,600 17,300 219,600 202,700 16,900 Deposits and Currency U S. Government balances Deposits adjusted and currency Date Foreign Total de b p n a o e n s t k its, T c u r a e r s a y h s- A m sa t a e v c n r i c o n d i m g a s l - R Fe e A d se e t r r v a e l Total d D e e p m os a i n ts d 2 Total m T C e i o r m m c e ia - l dep M s o a s v u it i t s n u g * a s l S P a o v s in ta g l s o r u C e t n u s c r i - d y e banks Banks banks banks * System banks 1929—June 29 55,776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1 19 9 3 3 9 3 — — D juence . 3 3 0 0 4 6 2 8 , ,3 0 5 2 9 9 1,21 5 7 0 ;J.4 2 0 64 9 8 8 5 4 2 6 6 3 3 5 4 4 6 0 3 , , 8 2 2 5 8 3 2 1 9 4 , , 7 4 9 1 3 1 2 2 1 7 , , 6 0 5 5 6 9 1 1 0 5 , , 8 2 4 5 9 8 1 9 0 , , 6 5 2 2 1 3 1 1 , , 1 2 8 7 6 8 4 6 , ,4 7 0 6 1 1 1941—Dec. 31 82,811 1,498 ',215 1,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9,615 1945—Dec. 31 180,806 2 141 <•I 287 24,608 977 150,793 75,851 48,452 30,135 15,385 2,932 26 490 1946—Dec. 31 171,657 1,885 <•>,272 3,103 393 164,004 83,314 53,960 33,808 16,869 3,283 26,730 1947—Dec. 31 175,348 1,682 L.336 1,452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 1948—Dec. 31 176,121 2,103 L ,325 2,451 1,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 1949—Dec. 31 177,313 2,150 1,312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 25,415 1950—June 30 178 568 2 555 L 298 3,801 950 169,964 85,040 59,739 36,719 19,923 3,097 25 185 Dec. 30 184,385 2,518 1,293 2,989 668 176,917 92,272 59,247 36,314 20,009 2,923 25,398 1951—June 30 .... 185,038 2,424 1,281 6,332 317 174,684 88,960 59,948 36,781 20,382 2,785 25,776 Nov. 28 190,500 2,100 1,300 3,800 500 182,700 96,300 60,600 37,300 20,600 2,700 25 800 Dec. 31 193,404 2,279 L ,279 3,615 247 185,984 98,234 61,447 37,859 20,887 2,701 26,303 1952—Tan 30 191,600 2,100 L,300 2,800 200 185,200 97,900 61,700 38,000 21,000 2,700 25,600 Feb. 27 191,500 2,200 1,300 3,900 700 183,400 95,700 62,000 38,200 21,100 2,700 25 600 Mar. 26 192,300 2,200 1,300 5,800 182,900 94,800 62,400 38,500 21,300 2,700 25,700 Apr 30 192,200 2,200 1,300 4,500 500 183,800 95,100 62,700 38,600 21,400 2,700 25,900 May 28 192,900 2,300 L 300 4,400 600 184,400 95,300 63,000 38,900 21,600 2,600 26 000 June 30 194,960 2,319 L ,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. 27* 197,000 2,600 1,300 6,200 700 186,200 95,800 64,100 39,600 22,000 2,600 26 300 Sept 24P 197,900 2,500 1,300 6,500 300 187,400 96,400 64,500 39,800 22,200 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 Nov. 26P 202,700 2,500 1,300 7,000 300 191,600 99,400 64,800 40,000 22,300 2,600 27,400 p Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 8 Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4 Prior to June 30, 1947, includes a relatively small amount of demand deposits. 6 Less than 50 million dollars. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 26 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S r . n- Other a C ss a e s t h s l Total i b In an te k r - x a c c T a c o p o t i u a ta n l l ts N b u a m o n f k b s er Total ment secu- De- Time obliga- rities mand tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—Dec. 312 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1948—Dec. 31 133,693 48,174 85,519 74,097 11,422 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—Nov. 28 153,980 66,990 86,990 71,450 15,540 39,920 178,200 13,330 106,690 58,180 14,540 14,625 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 Nov. 26P 165,490 74,670 90,820 73,490 17,330 42,620 190,620 13,880 114,190 62,550 15,280 14,586 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. 312 116,284 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—Nov. 28 131,860 57,270 74,590 61,630 12,960 39,160 157,540 13,330 106,670 37,540 12,200 14,096 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. 24 P 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 Nov. 26P 141,660 63,470 78,190 64,020 14,170 41,820 168,340 13,880 114,160 40,300 12,820 14,057 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 6,913 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—Nov. 28 111,428 49,104 62,324 51,527 10,797 34,315 134,245 12,651 91,480 30,114 10,205 6,843 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 Nov. 26P 119,564 54,283 65,281 53,486 11,795 36,896 143,478 13,120 98,006 32,352 10,700 6,801 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1941—Dec. 31 ... 10,379 4,901 5,478 3,704 1,774 793 10 533 6 10,527 1 241 548 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1946—Dec. 31. 17,704 4,526 13,179 11,778 1,400 818 16,869 1 16 16,853 1,784 541 1947—Dec. 31 * 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 1 17 18,387 1,999 532 1949—Dec. 31 20,400 6,578 13,822 11,428 2,394 873 19,293 20 19,273 2,122 531 1950—Dec. 30 21,346 8,137 13,209 10,868 2,342 797 20,031 22 20,009 2,247 529 1951—Nov. 28 22,120 9,720 12,400 9,820 2,580 760 20,660 1 20 20,640 2,340 529 Dec. 3\ 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 Nov. 26P 23,830 11,200 12,630 9,470 3,160 800 22,280 2 30 22,250 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. 27 JANUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES •—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash c T a o pi t t a a l l Num of ber and date Total Loans Total G o U m o b v l . e i S e g n r . a t n - - O s r e i t t c h i u e e s - r assets 1 Total i b In an te k r - i m D a e n - d Time accounts banks tions Central reserve city member banks: New York City: 1939—Dec 30 9,339 3,296 6,043 4,772 J.272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 3i 12,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 807 1,648 36 1945—Dec 31 26,143 7,334 18,809 17,574 11,235 6,439 30,121 4,657 24,227 1,236 2,120 37 1946—Dec. 31 20,834 6,368 14,465 13,308 1,158 6,238 24.723 4,246 19,028 1,449 2,205 37 1947—Dec. 31 20,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 1,445 2,259 37 1948—Dec. 31 .... 18,759 8,048 10,712 9,649 1,063 7,758 24,024 4.213 18,131 1,680 2,306 35 1949_Dec. 31 19,583 7,550 12,033 10,746 1,287 6,985 23,983 4,192 18,139 1,651 2,312 25 1950—Dec. 30 20,612 9,729 10,883 8.993 L.890 7.922 25,646 4,638 19,287 1.722 2,351 23 1951—Nov 28 20,798 10,931 9,867 7,909 .958 7,076 24,561 4,214 18,738 1 .609 2,415 22 Dec 31 21,379 11,146 10,233 8.129 2,104 8,564 26,859 4,832 20,348 1,679 2,425 22 1952—June 30. ... . 21,710 11,268 10,442 8,212 2,231 8,135 26,745 4,639 20,311 ,795 2,460 22 July 30P. . . . . 21,804 11.080 10,724 8.407 2,317 7,840 26,107 4,217 20,172 1,718 2,464 22 Aug. 27P . 21,325 11,142 10,183 7.839 2,344 6.769 24,746 4,102 18,957 ,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 Nov. 26P . 21,696 11,973 9,723 7,695 2,028 7,818 26,108 4,440 19,884 1,784 2,476 22 Chicago: 1939—Dec. 30 2,105 569 1,536 1,203 333 1.446 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1,806 1,430 376 ,566 4,057 1,035 2,546 476 288 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 3,266 2,912 355 L.545 5,905 1,153 3,922 829 404 14 1947—Dec. 31 5,088 1,801 3,287 2,890 397 11,739 6,402 1,217 4,273 913 426 14 1948—Dec. 31 4,799 1,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—Dec. 31 5,424 1,618 3,806 3,324 482 .850 6,810 1,191 4,535 1,083 470 13 1950—Dec. 30 5,569 2,083 3,487 2,911 576 2,034 7,109 1,228 4,778 1,103 490 13 1951—Nov. 28 . 5,554 2,403 3,151 2,621 530 1,978 6,986 1,143 4,724 ,119 509 13 Dec 31 5 731 2,468 3,264 2,711 552 2,196 7,402 1,307 4,952 L ,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 1,146 529 13 Sept. 24P 5,679 2,399 3,280 2,709 571 2,084 7,196 1,239 4,808 1,149 531 13 Oct. 29P 5,839 2,444 3,395 2,827 568 2,119 7,215 1,240 4,812 1,163 534 13 Nov. 26P 6,112 2,592 3,520 2,933 587 2,120 7,368 1,221 4,981 ,166 537 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 L1.616 1,828 346 1941—Dec. 31 . 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 4,806 1,967 351 1945—Dec 31 40 108 8 514 31,594 29,552 2,042 11,286 49,085 6,448 32,877 9,760 2,566 359 1946—Dec. 31 35,351 10,825 24,527 22,250 2,276 11,654 44,477 5,570 28,049 10,858 2,728 355 1947—Dec. 31 . 36,040 13,449 22,591 20,196 2,396 13,066 46,467 5,649 29,395 11,423 2,844 353 1948—Dec. 31 . 35,332 14,285 21,047 18,594 2,453 13,317 45,943 5,400 29,153 11,391 2,928 335 1949—Dec. 31 38 301 14,370 23,931 20,951 2,980 12,168 47,559 5,713 30,182 11,664 3,087 341 1950—Dec. 30 . 40,685 17,906 22,779 19,084 3.695 13,998 51,437 6,448 33,342 11,647 3,322 336 1951—Nov. 28 . . 42,475 19,459 23,016 19,195 3,821 13,528 51,950 6,127 33,769 12,054 3,512 321 Dec. 31 . 42,694 19.651 23,043 19,194 3,849 15,199 54,466 6,976 35,218 12,272 3,521 321 1952—June 30 43,091 19,745 23,346 19,123 4,223 13,925 53,425 5,908 34,764 12,754 3,663 319 July 30P . 44,088 20,070 24,018 19.750 4.268 13,201 52.902 5,664 34,444 12,794 3,641 319 Aug. 27P . 44,086 20,290 23.796 19,404 4.392 13.308 53,090 5.876 34.362 12,852 3.655 319 Sept. 24P . 44,163 20,730 23,433 19,113 4,320 14.086 54,013 6,226 34,861 12,926 3,675 319 Oct. 29P . 45,381 21,276 24,105 19,761 4,344 14,004 54,766 6,289 35,422 13,055 3,711 319 Nov. 26P . 46,104 21,627 24,477 20,127 4,350 14,585 55,923 6,278 36,604 13,041 3,720 319 Country member banks: 1939_Dec. 30 . 10,224 4,768 5,456 3,159 2,297 4,848 13,762 598 7,312 5,852 1,851 5,966 1941—Dec. 31 . . 12,518 5,890 6,628 4,377 2.250 6,402 17,415 822 10,335 6,258 1,982 6,219 1945—Dec. 31 . 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1,223 29,700 12.494 2,525 6,476 1946—Dec. 31 . 35,412 8,004 27,408 24,572 2,836 10,151 43,066 ,091 27,921 14,053 2,757 6,494 1947—Dec. 31 .... . 36,324 10,199 26,125 22,857 3,268 10,778 44,443 1,073 28,810 14,560 2,934 6,519 1948—Dec. 31 . 36,726 11,945 24,782 21,278 3,504 11,196 45,102 964 29,370 14,768 3,123 6,535 1949—Dec. 31 38,219 12,692 25,527 21,862 3,665 10,314 45,534 L.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—Nov. 28 . 42,601 16,311 26,290 21,802 4,488 11,733 50,748 ,167 34,249 15,332 3,769 6,487 Dec. 31 . 42,444 16,296 26,148 21,587 4,561 13,292 52,288 1,309 35,449 15,530 3,760 6,484 1952—June 30 ... . 43,037 17,133 25,904 21,206 4,698 12,087 51,571 1,083 34,414 16,075 3,873 6,461 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 Nov. 26P .... . 45,652 18,091 27,561 22,731 4,830 12.373 54,079 1,181 36,537 16,361 3,967 6,447 2 Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmemher commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite pages. 28 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] 1^oans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G m U ov e . e S n r . t n- O se t c h u e - r a C ss a e s t h s * Total i b In an te k r - i De- Time a c c T a c o p o t i u t a a n l l ts N b u a m o n f b ks er obliga- rities inand tions All insured commercial banks: 1941—Dec. 31 49,290 ,259 ?8,031 ,046 6,984 25,788 69,411 10,654 43,059 IS,699 6.844 IS,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 194g—Dec. 31 11?,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 4?,485 7S,793 65,820 9.974 35,207 143,138 12,368 94,914 .35 856 10,645 13,429 1950—Dec. 30 ,822 51,723 73 099 60 986 12,113 39,821 153,288 13,744 103,499 36,045 11,263 13,432 1951—Dec. 31 no,820 S7,256 73,564 60,533 13,031 44.176 16? 908 14,777 110,382 37,749 11,902 IS,439 1952—June 30 1.3?,557 58,730 7.3,827 60,117 13.710 40,258 160,355 13,100 108,036 39,219 12.282 13,434 National member banks: 1941—Dec. 31 ?7,571 11,725 15,845 1?,039 3,806 14,977 39,458 6,786 24,350 8 32? 3,640 s,117 1945—Dec. 31 69,312 13,925 ss,387 SI,250 4,137 20,114 84,939 9,229 59,486 16 224 4,644 s,017 1948—Dec. 31 63,845 ?3,752 40,093 .34,852 5,241 22,974 81 407 7,842 54,020 19 54 S 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 7?,090 ?9,184 4?,906 3S,587 7,320 23,763 89,281 9,133 60,251 19 897 6,313 4,958 1951—Dec. 31 75,255 3?,317 4? 938 35,063 7,875 25,951 94 173 9.788 63,477 20 908 5,653 4,939 1952—June 30 76,036 33,054 4?,982 34,604 3,378 23,928 9? 770 8,584 62,255 71 880 6,879 4,925 State member banks: 1941—Dec 31 IS,950 6,295 9.654 7,500 2,155 8,145 ,259 3,739 14,495 4 025 2,246 1 502 1945—Dec. 31. ... 37,871 8,850 29.021 ?7,089 •1,933 9,731 44 7,30 4,411 32,334 7 986 2,945 1 867 1948—Dec. 31 31,771 1?,308 19,463 17,301 2,161 11,228 39 955 3,799 26,862 9 ?9S 3,144 1,927 1949—Dec. 31 33,585 1?,378 ,207 18,722 2,484 10,322 40,772 3,819 27,594 9 359 3,254 1 917 1950—Dec. 30 35,334 IS,521 19,813 16,778 5,035 11,762 4.3 808 4,315 30,055 9 438 3,381 1,915 1951—Dec. 31 36,992 17,243 19,748 16,558 5,191 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 5,337 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 ,992 11 647 10,584 1,063 4,448 18 119 244 12,196 S680 1,083 ,416 1948—Dec. 31 16,685 5,911 10,774 9,246 1,528 3,887 19 796 259 12,419 6 618 1,358 ,498 1949—Dec. 31 16,766 6,258 10 508 8 947 L ,561 3,892 19 269 272 12,285 6 712 1,473 540 1950—Dec. 30 17 414 7,023 10 391 8 632 1,759 4,299 70 716 297 13,194 6 776 1,570 ,562 1951—Dec 31 18 591 7,701 10 890 8,923 1,967 4,926 912 353 14.415 7 144 1,686 602 1952—June 30 19 073 8,210 10 863 8 867 L.996 4,215 21 606 289 1,'*,867 7 450 1,757 e>622 Noninsured nonmember commercial banks: 1941—Dec. 31 1 457 455 1 002 761 241 763 1 87? 329 1,291 253 329 852 1945—Dec. 31 211 318 1 893 1 693 200 514 7 452 181 11,905 365 279 714 1948—Dec. 31 * 2 013 520 1 493 1 234 259 509 201 368 1,353 479 322 758 1949—Dec. 31 1 919 481 1 438 1 18S 253 442 2 036 341 1,223 47? 321 727 1950—Dec. 30 1 853 527 1 327 1 040 286 468 1 976 294 L.224 458 327 689 1951—Dec. 31 1 789 490 1 299 991 308 469 1 932 308 ,235 388 314 650 1952—June 30 1 880 503 1 377 1 061 317 443 1 993 412 ,186 396 320 636 All nonmember commercial banks: 1941—Dec 31 7 233 3 696 3 536 270 1,266 3,431 9 574 457 c5,504 3 613 1,288 7 662 1945—Dec. 31 16 849 3 310 13 539 1? 277 1,262 4,962 70 571 425 14t,101 6 045 1,362 7 130 1948—Dec. 31 * 18 698 6 431 1? 267 10 479 1,788 4,396 ?\ 497 628 rJ.772 7 097 1,680 7 256 1949—Dec. 31 686 6 739 11 947 10 137 1,814 4,334 71 305 613 1;5,508 7 184 1,794 7,267 1950—Dec. 30 19 267 7 550 11 718 9 672 !,046 4,767 77 193 591 14t,417 7 184 1,897 7 251 1951—Dec. 31 ?0 380 8 192 1? 189 9 914 "5,275 5,395 73 843 661 i«>,650 7 533 1,999 7 252 1952—June 30 ?0 954 8 714 17 240 9 928 .,312 4,658 73 598 700 15>,052 7 846 2,077 7 258 Insured mutual savings banks: 1941—Dec. 31 1 693 642 1 050 629 421 151 1,789 1,789 164 52 1945—Dec 31 10 846 3 081 7 765 7 160 606 429 10363 12 10351 I 034 192 1948—Dec 31 13 312 4 109 9 202 7 795 1,407 684 1? 772 1 14 1? 757 1,334 193 1949 Dec 31 14 209 4 814 9 394 7 832 1,562 682 13,592 16 13 575 L 420 192 1950—Dec 30 1S 101 6 086 9 015 7 487 1,528 617 14,320 19 14,301 1,513 194 1951—Dec 31 16 190 7 523 8 668 6 921 1,746 695 IS 368 2 23 IS 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 mijtual savings banks: 1941—Dec 31 687 4 259 4 428 3 075 1,353 642 8,744 6 8,738 \L 077 496 1945—Dec. 31 5,361 1 198 4,163 3,522 641 180 5,022 2 5,020 558 350 1948—Dec. 31* 6,083 1 577 4,506 3,680 826 194 5,633 3 5,631 665 339 1949—Dec 31 192 1 764 4 428 3,596 832 191 s,702 3 s,699 702 339 1950—Dec 30 6 245 050 4, 194 3,380 814 180 s,711 3 S,708 734 335 1951 Dec 31 069 2 339 730 2 897 833 191 s,547 3 s,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 in series prior to June 30, 1947, see BULLETIN for July 1«47 pp. 870-871. JANUARY 1953 29 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] Loansi Investments Cla c s a s l a l o n d d f a b te ank i m T n lo a v o e n a e t n d n a s t s t l s - Total1 o C e m m c p i k p l i o i n u n e a a e e a m g d - r l r n t - , - - - - - A c t g u a u r r l l i - - - o p b a L s e T r r u n e r o o o r s d c c k a c a u n - h r r s a r i y t o s f T e i i i t e o r n h n o s s r 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 U B S i . l ls Go C o d c v e f a e e r t b t r i e i n t n f D s - i - m - ir e e N n c t o t t o es blig B a o ti n o d n s s G t a e u n e a - d r- S p O d s t a i g t i u o i c o a n o b a v a l b f t d - l n i i e l - i t - s s - - O r s i e t t h c ie e u s r per deal- ed- sions ers ness All insured commercial banks: 1941—Dec.31. 49,290 21 259 ,214 ,450 614 662 4,773 4,i 45 28,031 21,046 988 3,159 12.797 4,102 3,651 l,333 1945—Dec.31. 121,809 25',765 >,461 [,3143,1643,606 4,677 [ t351 2, 191 96,043 88 912 2,455 19',071 16,045 SI,321 22 3,873 ;,258 1949—Dec.31. 118,278 42,485 16,9352,9631,749 855 11,405 6,002 3, 124 75,793 65 820 3,692 12,479 5,810 43 833 66,400 ;,574 1 1 9 9 5 5 0 1 — — D D e e c c . . 3 3 0 1. . 1 13 2 0 4 , ,8 8 2 2 2 0 5 5 1 7 , ,2 7 5 2 6 3 2 2 1 s , , 7 74 7 4 6 3 2, , 8 32 2 1 31 1, , 5 7 7 8 1 9 ,0 9 3 60 61 1 3 4 , , 3 4 8 5 9 0 7 7 f6 7 2 4 8 2 3 4 , , 9 2 5 8 5 2 7 7 3 3 , , 0 5 9 6 9 4 6 6 0 0 9 5 8 3 6 3 4 7 , , 1 21 1 9 8 7 1 , ,9 5 3 2 2 6 1 11 6, 2 7 5 5 6 6 3 3 8 4 5 1 1 6 1 8 2 1 1 1 8 7 , , 9 9 8 3 9 3 L : , .0 1 4 7 2 9 1952—June 30. 132,557 58,730 2' ,1763,5622,106 942 14,884 8 526 4,385 73,827 60 117 6,090 7,653 11,099 35 251 25 9,627 ,083 • Member banks, total: 1941—Dec.31. 43, 521 18,021 8,671 972 594 598 3,494 3,( 92 25,500 19 539 971 3 007 11 729 3,8323,090 ,871 1945—Dec.31. 107,183 22,775 8.949 855 3,1333,378 3,455 1 027 1,977 84,408 78 338 2,275 16,985 14 271 44 792 16 3,2542,815 1949—Dec.31. 101,528 36 230 ',857 1,9451,737 758 8,834 4 776 2,809 65,297 56 883 3,389 10,409 5,085 37 996 45,274 [,140 1950— Dec. 30. 107 424 44 705 20,521 1,8081,770 927 10 522 6 1673, 585 62,719 52,365 3,665 1 468 14 054 33 170 86,640 ,714 1951—Dec.31. 112,247 49 561 24,3472,1401,551 851 11 334 6 1953, 863 62,687 51 621 6,399 6 010 9 596 29 601 157,5283,538 1952—June 30. 113 502 50 526 23,7322,2642,084 829 11 628 ft791 3.950 62,976 51 261 5,423 6 134 9 468 30 21S 21 8,125 3,590 Sept. 5. 114 654 51 314 23,9732,4461,473 941 11 855 7 080 4,305 63 340 51 382 4,269 5 476 9 461 32 160 168,410 3,548 New York City:* 1 19 9 4 4 5 1 — — D D eecc#.3 31 1. 2 1 6 2 8 1 9 4 6 3 4 7 0 3 7 3 2 4 2 3 , , 8 0 0 4 7 4 8 2,4 4 5 12 3 1,1 1 7 6 2 9 1 8 2 0 3 76 554 509 1 8 8 8 8 2 0 3 9 17 7 2 5 6 7 5 4 3 4 1 7 1 7 3 433 3 1 6 32 2 5 3 1 3 0 6 3 5 3 2 7 1,679 1 6 7 0 2 6 9 8 62 3 9 0 1949—Dec.31. 19 583 7 550 4,792 1,410 219 256 377 621 12 033 10 746 720 1 785 835 7 405 752 535 1950—Dec.30. 20 612 9 729 6,328 1,421 285 442 540 850 10 883 8 993 824 250 1 711 6 206 ""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—Tune 30. 21 710 11 268 7,659 1,619 234 426 558 947 10 442 8 212 1,062 692 1 400 5 058 1,436 794 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—£)ec# 31 2 760 954 732 6 48 52 22 96 1 806 1 430 256 153 903 119 182 193 1945—Dec.31. 5 931 1 333 760 2 211 233 36 26 65 4 598 4 213 133 1 467 749 1 864 181 204 1949—Dec.31. 5 424 1 618 1,211 7 109 56 51 115 91 3 806 3 324 331 690 358 1 945 290 192 1950—Dec.30. 5 569 2 083 1,567 9 110 69 65 147 147 3 487 2 911 232 131 700 1 847 335 242 1951—Dec.31. 5 731 2 468 1,977 16 94 63 70 117 172 3 264 2 711 334 332 520 1 526 351 201 1952—June 30 5 664 2 380 1,856 11 166 61 67 116 150 3 284 2,721 366 371 494 1,490 363 201 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 c12 8 243 6 467 295 751 4,248 1,173 956 820 1945—Dec.31. 40 108 8 514 3,661 205 427 1,503 1 459 433 826 31 594 29,552 1,034 6 982 5 653 15,878 c 1,126 916 1949—Dec.31. 38 301 14 370 6,704 457 183 309 3 742 1,9651 212 23 931 20,951 1,189 4 180 2,12413,457 1,727 1,254 1950—Dec.30. 40 685 17 906 3,646 392 207 386 4 423 2,5671 534 22 779 19,084 1,218 499 5,536 11,83( i2,184 1,511 1951—Dec.31. 42 694 19 651 10,140 513 2 03 347 4 651 2,512 578 23 043 19,194 2,524 2 493 3,640 10,528 82,458 1,390 1952—June 30. 43 091 19 745 3,756 519 258 354 4,7992.746 617 23 346 19,123 2,080 2.520 3.656 10,851 162,832 1,391 Sept. 5. 43 900 20,401 10,000 541 202 414 4 923 2,874 1 753 23 499 19,169 1,503 2,171 3,679 11,805 122 ,9251,404 Country banks: 1941—Dec. 31. 12 518 5 890 1,676 659 20 183 1,823 1 30 6 628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec.31. 35,002 5,596 1,484 648 42 471 1,881 492 578 29 407 26,999 630 5,102 4,544 16,713 9 1,342 1,067 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 1,76815,189 1 2,505 1,160 1950—Dec.30. 40,558 14,988 3,9801,407 33 187 5,5912,9131 054 25,570 21,377 1,390 588 6,107 13,287 t 2,998 1,194 1951—Dec.31. 42,444 16,296 4,377 1,610 35 178 6,0993,0461 16326,148 21,587 2,418 2,568 4,008 12,587 c3,334 1,227 1952—June 30. 43,037 17,133 4,462 1,733 41 179 6,3373,3701 237 25,904 21,206 1,914 2.551 3.91812,817 1 3.494 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 3,85813,559 43,546 1,218 Insured nonmember commercial banks 1941—Dec.31. 5,776 3,241 543 478 20 64 1,282 8>4 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 A 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 ; 1,294 465 1951—Dec.31. 18,591 7.701 1,397 1,181 20 109 3,1211,546 419 10,890 8,923 820 1,516 1,660 4,921 ( 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 1 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. 30 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 (M c as a s l a l n o d d f a t b e ank F s B s e w e R R e 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 a B d n e n i o a c s t k l - e t h - i s s c 3 j p m u D o a d s a t d s e e e n i - - - t d d s 4 m D e I s n d o t e t i - c e p 3 r o b s a F i e n t i o s g k r n - m U G er o . e n v n S - - t . p v s S o i u a t s l b a i n i t o t d i d e c n i s a - s l c C h c o a e f e e e i f t n f c e c r r d i s t k d . - i ' s - , a p v n s a p i t I h d i d r n o o t i u d r n p n c a a i e s o s - l - , r s r - - , I b n a t n e k r- P m U G i e a n o S r n . o e g s n a n d v S t s - v a t - . - l v s S p i a u i s o t c n i b a l a o i d t d l t n e - i s s - p a v n s a p i t I h d i d r n o o t i u d r n p n c a a i e o s s - l - , r r s - - , r B i o n o w g r s - - c C o a t u a a c p n l - i t - s All Insured com" mercial banks: 1941—Dec. 31.. 12,396 1,358 8,570 37,845 9,823 673 1,761 3.677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.. 15.810 1,829 11,075 74,72212,566 248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1949—Dec. 31.. 16,426 1,984 9,466 84,57610,885 .315 3,050 7,419 2,338 82,106 169 182 1,232 34,442 1410,645 1950—Dec. 30.. 17,458 2,145 10,463 91,09911,955 ,442 2,788 7.892 2,898 89,922 347 189 1,331 34,525 8211,263 1951—Dec. 31.. 19,911 2,665 11,561 97,04812,969 ,381 3,344 8.288 3,147 95,604 427 278 1,485 35,986 3011,902 1952—June 30.. 19,331 2,365 9,935 93,65211,286 ,339 5,797 8,682 2,721 90,836 475 312 1,574 37,333 8512,282 Member banks, total: 1941—Dec. 31.. 12,396 ,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.. 15,811 ,438 7,117 64,18412,333 ,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1949—Dec. 31.. 16,429 ,521 6,194 72,65810,623 ,310 2,838 6,017 2,185 71,589 164 175 1,051 27,934 11 9,174 1950—Dec. 30.. 17,459 ,643 6,868 78,370 11,669 ,437 2,523 6,400 2,724 78,659 341 183 1,121 28,032 79 9,695 1951—Dec. 31.. 19,912 ,062 7,463 83,10012,634 ,369 3,101 6,666 2.961 83,240 422 257 1,238 29,128 26 10.218 1952—June 30.. 19,333 ,821 6,470 80,34711.013 ,329 5,439 6.989 2,555 79,186 469 288 1,303 30,196 10,526 Sept. 5. . 20,300 ,651 6,110 81,55210,897 ,370 4,023 6,591 1,803 79,731 499 300 1,309 30,4131,596 10,632 New York City:2 1941—Dec. 31.. 5,105 93 141 10,761 3.595 607 866 319 450 11.282 6 778 1,648 1945—Dec. 31.. 4,015 HI 78 15,065 3 535 ,105 6,940 237 1,338 15,712 17 1,206 195 2,120 1949—Dec. 31.. 4,462 112 68 15,182 2,996 ,084 640 196 895 16,408 113 1,590 2,312 1950—Dec. 30. 4,693 118 78 15,898 3,207 ,162 451 258 1.087 17,490 268 1,647 "70 2,351 1951—Dec. 31.. 5,246 159 79 16,439 3,385 ,128 858 321 1,289 17,880 318 1,614 5 2,425 1952—June 30.. 5,266 168 92 16,070 3,193 1,096 1.651 305 1,079 17,275 350 1,721 20 2,460 Sept. 5.. 5,050 134 34 15,604 2,791 1,103 1,071 262 510 16,365 382 1,624 483 2,472 Chicago: 1941—Dec. 31.. 1,021 298 2,215 1,027 127 233 2,152 476 288 1945—Dec. 31.. 942 200 3,153 1,292 1 552 237 3,160 719 377 1949—Dec. 31.. 1,183 159 3,797 1,151 258 286 3,932 1,069 470 1950— Dec. 30. 1,216 133 3,954 1,177 174 284 4,250 1,089 490 1951—Dec. 31.. 1,407 165 4,121 1,269 242 240 4,404 1,128 513 1952—June 30.. 1,259 135 3,903 1,136 306 287 4,037 1,150 530 Sept. 5.. 1,332 118 3,928 1,188 260 285 4,039 1,134 101 532 Reserve city banks: 1941—Dec. 31.. 4,060 425 2,590 11,117 4.302 54 491 1.144 286 11,127 104 243 4,542 1,967 1945—Dec. 31.. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 160 9,563 2,566 1949—Dec. 31.. 6,413 482 1,965 25,744 5,498 176 1,142 2,478 650 25,912 38 617 10,987 3,087 1950—Dec. 30.. 6,806 519 2,206 27,938 6,174 217 976 2,575 852 28,938 57 631 10,956 3,322 1951—Dec. 31.. 7,582 639 2,356 29,489 6,695 192 1,124 2,550 822 30,722 90 714 11,473 4 3,521 1952—June 30.. 7,312 551 2,083 28,703 5,624 182 2,097 2,689 719 29,258 101 751 11,913 25 3,663 Sept. 5. . 8,046 507 1,737 29,239 5,864 211 1,499 2,441 612 29,689 101 749 12,035 750 3,685 Country banks: 1941—Dec. 31.. 2,210 526 3,216 9,661 790 225 1,370 239 8,500 31 146 6,082 4 1,982 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 52 219 12,224 11 2,525 1949—Dec. 31.. 4,371 901 4,002 27,935 979 797 3,058 579 25,337 73 400 14,289 11 3,305 1950—Dec. 30.. 4,745 976 4,450 30,581 1,111 922 3,282 715 27,980 82 443 14,339 9 3,532 1951—Dec. 31. . 5,676 1,231 4,862 33,051 1,285 876 3,554 783 30,234 125 491 14,914 16 3,760 1952—June 30.. 5.495 1,072 4,159 31,671 1,060 1,384 3,708 705 28,616 141 521 15,413 24 3,873 Sept. 5.. 5,873 984 4,221 32,781 1,053 1,194 3,603 629 29,639 142 526 15,621 262 3,942 Insured nonmember commercial banks: 1941—Dec. 31.. 271 2,325 4,092 108 53 611 68 3,483 74 3,276 959 1 1 9 9 4 4 5 9 — —D D e e c c . . 3 3 1 1 . . . . 4 3 6 9 3 1 3 3 , . 2 9 7 5 3 9 1 1 1 0 , s5 9 3 1 7 8 2 2 6 3 1 3 1, 2 5 1 6 3 0 1, 8 4 5 0 8 2 1 1 5 3 3 5 1 9 0 , , 6 5 4 1 3 7 1 9 8 7 2 6 5 , . 5 5 2 7 4 9 1 1 , . 4 0 7 8 3 3 1950—Dec. 30.. 503 3,596 12,729 286 265 1,492 174 11,262 210 6,510 1.570 1951—Dec. 31.. 603 4,099 13,948 335 243 1,622 186 12,364 247 6,876 1,686 1952—June 30. . 544 3,466 13,305 273 357 1,694 166 11,649 270 7,156 1,757 5 Central reserve city banks. 3 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942. aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—Sec Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. JANUARY 1953 31 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] Loansl Investments For purchasing For carrying securities U. S. Government obligations Total Comloans mer- Date or month and cial, To brokers invest- indus- and dealers To others Real Loans Cer- Other ments Total 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—November 2,695 34,404 20,813 173 935 122 556 5,668 670 5,94738,291 31,665 3,521 2,994 5,95219,1986,626 1952—September. 5,510 36,101 21,343 2261,194 133 647 5,856 689 6,57339,409 1,833 2,607 3,126 5,97220,1287,576 October. . . 76,941 37,007 21,992 2541,234 122 638 5,917 693 6,719 39,93432,459 3,564 2,501 6,31920,0757,475 November. 77,398 37,772 22,737 4131,177 109 625 5,975 457 6,845 39,62632,301 3,679 2,427 6,17820,017 ,325 Oct. 15 75,773 36,680 21,671 1841,232 128 639 5,890 826 6,67039,09331,579 2,513 2,617 6,32820,1217,514 Oct. 8... 77,382 36,812 21,806 2671,280 127 640 5,899 676 6,680 40,.57033,077 4,086 2,536 6,35220,1037,493 Oct. 15... 77,629 37,292 22,054 2931,294 126 643 5,918 800 6,72740,33732,848 3,968 2,495 6,33520,050 7,489 Oct. 22... 76,937 37,014 22,153 2581,199 115 642 5,932 547 6,73239,92332,431 3,641 2,426 6,31720,0477,492 Oct. 29... 76,985 37,238 22,274 270 1,167 114 628 5,945 618 61784 39,74732,361 3,610 2.433 6,26120,0577,386 Nov. 5. 77,028 37,390 22,484 3791,145 113 626 5,947 429 6,83239,63832,292 3,557 2,420 6,29220,023 7,346 Nov. 12. .. 76,997 37,720 22,727 3951,181 109 624 5,973 444 6,83239,27732,015 3,358 2,416 6,20720,0347,262 Nov. 19. .. 77,110 37,916 22,862 3681,187 106 62 5,990 49' 6,84539,19 31,859 3,316 2,447 6,09919,9977,335 Nov. 26... 78,458 38,063 22,876 5081,193 109 623 5,989 459 6,87240,39533,039 4,485 2,424 6,11420,0167,356 Dec. 3... 78,266 38,051 22,949 4311,175 107 618 5,992 431 6,918 40,21532,947 4,460 2,445 6,06819,9747,268 Dec. 10. .. 78,353 38,282 23,136 4201,190 110 621 5,996 421 40,071 32,819 4,413 2,425 6,02819,9537,252 Dec. 17. .. 78,990 38,759 23,236 4791.220 114 638 5,984 630 7,029 40,23132,925 4,487 2,428 5,99820,0127,306 Dec. 24... 78,817 38,89! 23,308 5511 ,22' 123 648 6,007 515 7,078 39,92232,621 4,255 2,407 6,012 19,9477,301 New York City 1951—November. 20,309 10,812 7,550 139 716 213 519 490 1,301 9,49' 7,594 780 1,363 5,030 1,903 1952—September 20,938 11,169 7,769 132 940 238 401 431 1,413 9,76' 7,495 624 398 1,357 5,1162,274 October. . 21,206 11,573 8.092 97 231 396 461 1,429 9,633 7,460 788 251 1,359 5,0622,173 November 21,040 11,804 8,425 273 948 219 397 274 1,428 9,236 7,230 759 232 1,209 5,0302,006 Oct. 1. . 21,116 11,483 7,932 963 23: 396 601 1,419 9,633 7,411 605 281 1,405 5,1202,222 Oct. 8. . 21,520 11,515 7,986 13' 1,020 233 39 468 1,431 10,005 7,795 1,089 248 1,371 5,087 2,210 Oct. 15.. 21,358 11,70: 8,13 157l,04f 238 39 459 1,430 9,65 7,468 833 251 1,353 5,0312,189 Oct. 22.. 20,998 11,559 8,180 162 943 230 396 381 1,426 9,43< 7,274 676 223 1,340 5,035 2,165 Oct. 29. . 21,04 11,609 8,228 17 919 220 395 394 1,439 9,432 7,356 738 252 1,328 5,038 2,076 Nov. 5. . 20,908 11,633 8,329 248 90 220 390 268 1,431 9,275 7,255 665 247 1,317 5,0262,020 Nov. 12. . 20,894 11,815 8,416 26 95 220 400 292 1,42 9,07' 7,101 581 241 1,240 5,0391,978 Nov. 19. . 20,893 11.86" 8,474 25: 966 222 403 293 1,420 9,026 7,or 622 220 1,151 5,0242,009 Nov. 26. . 21,464 11,900 8.479 32 964 216 39, 242 1,436 9,564 1,166 220 1,129 5,0302,019 7,545 Dec. 3. . 21,49<; 11,950 8,569 331 944 208 397 21 1,446 9,54' 7,555 1,16; 249 1,113 5,0281,994 Dec. 10. . 21,58? 12,079 8,676 288 962 208 39. 226 1,480 9,5H 7,516 1,137 235 1,105 5,0391,994 Dec. 17. . 21,88 12,303 8.68( 336 971 225 378 342 1,513 9,57? 7,521 1,087 229 1,120 5,0852,057 Dec. 24. . 21,957 12.41C 8.721 385 977 229 383 32: 1,524 9,54 7,478 1,072 211 1,113 5,0822,069 Outside New York City 1951—November 52,386 23,592 13,263 219 94 343 5,149 180 4,64628,794 24,071 2,741 2,573 4,589 14,168 4,723 1952—September 54,57: 24,93: 13,574 94 254 108 409 5,455 258 5,16029.64C 24,338 1,983 2,728 4,615 15,012 5,302 October. . 55,73. 25,43^ 13,900 109 257 100 407 5,521 232 5,29030,301 24,999 2,776 2,250 4,960 15,0135.302 November 56,35) 25,96} 14,312 140 22' 88 406 5,578 183 5,41 30.39C 25,071 2,920 2,195 4,969 14,9875,319 Oct. 1«*. 54,65 25,19' 13,73 87 269 105 40' 5,494 225 5,25129.46C 24,168 1,908 2,336 4,923 15,0015,292 Oct. 8. .55,86: 25,29' 13,820 130 260 104 407 5,502 208 5,24930,565 25,28: 2,99 2,288 4,981 15,0165,283 Oct. 15. .56,27 25,59: 13,920 136 252 103 405 5,521 34 5,29730,68C 25,380 3,135 2,244 4,982 15,0195,300 Oct. 22. . 55,93" 25.45J 13,97. 96 256 94 412 5,536 166 5,306 30,484 25,15 2,965 2,203 4,977 15,0125,327 Oct. 29. . 55,94- 25.62< 14,046 97 248 93 408 5,550 224 5,34530,31 25,005 2,872 2,181 4,933 15,0195,310 Nov. 5. .56,12i 25,75' 14,155 131 238 92 406 5,557 161 5,40130,36- 25,03 2,892 2,173 4,97514,99 5,326 Nov. 12. .56,10^ 25.90; 14,31 128 22 89 404 5,573 152 5,40830,19, 24,914 2,777 2,175 4,96 14,9955,284 Nov. 19. . 56,21 26,049 14,388 116 221 87 405 5,587 204 5,42530,16? 24,842 2,694 2,227 4,94814,97.'5,326 Nov. 26. . 56,994 26,163 14.39 181 229 86 40' 5,594 21 5,43630,83 25,494 3,319 2,204 4,98514,9865,337 Dec. 3. .56,76' 26,10 14,380 100 231 86 410 5,595 214 5,47230,66i 25,392 3,295 2,196 4,955 14,9465,274 Dec. 10. .56,764 26,203 14,460 132 228 83 413 5,601 195 5,47730,56 25,303 3,276 2,190 4,923 14,9145,258 Dec. 17. .57,109 26,456 14,54 143 249 8 41 5,606 288 5,51630,65. 25,404 3,400 2,199 4,878 14,9275,249 Dec. 24. .56.861 26,485 14,587 166 250 78 41 5,62 193 5,55430,37 25,143 3,183 2,196 4,899 14,8655,232 1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. 2 Includes guaranteed obligations. For other footnotes see opposite page. 32 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 e a r r i e d a n t v - - h l k e s v C a a in u s l h t b m a w a d n e o n i c s t - k e h ti s s c j p u m o a s d a d e t s - e - n it d d s 8 s p p u n c v h a o a a o e i n i d r r r l r d p - - - s a t s - , - , p S s d s a i i o u t i c n o a v b l d a n i - t i l t e - s - s c C c O h a e f e e i n t e f e c r r d f c . d t i s k - i ' - s, U m G e . r o e n v - n S - t . s p p u n v c h a o a o a e i n i d r r r r d l p - - - a s t s - , - , p S s d s a i i o u t i c n o a v b l d a n i - t i l t e - s - s P m U G S e i a o n . r a o n e n v g s v d - n S - - t s a t . l m D t D e i o c s - - ema F e n o i d g r- n Time r B i o n o w g r - - s c C o i a a t u c a p - n - l ts B d i e t a s b n * - k tions tions Total— Leading Cities 1951—November.. 14,493 934 2,45852,455 54,061 3,413 1,422 1,999 14,942 716 157 10,5571,234 435 752 6,828 112,188 1952—September . 14,970 932 2,50452,674 54,050 3,425 1,482 3,517 15,797 762 190 10,5971,303 487 992 7,072 119,141 October 14,955 924 2,431 52,787 54,642 3,435 1,629 3,961 15,955 743 19110,740 1,336 551166 1,277 7,110 128,906 November.. 15,084 960 2,44653,383 55,483 3,566 1,672 3,506 16,047 745 19410,7491,322 5601,637 7,141 118,658 Oct. I5... 14,690 875 2,3_8..6 52,317 53,835 3,515 1,984 3,561 15,883 756 190 10,4341,323 504 1,055 7,100 29,997 Oct. 8.... 14,761 907 2,369 52,167 53,218 3,372 1,599 4,680 15,947 747 19110,7581,329 509 1,367 7,112 27,367 Oct. 15.... 15,048 935 2,681 56,473 3,291 1.732 4,419 15,957 739 19111,4891,337 518 11,223 26,318 Oct. 22.... 15,252 925 2,392 216 54,888 3,437 1,449 3,695 15,985 737 19110,7211,342 519 11,342 32,656 Oct. 29.... 15,022 979 2,326 53,586 54,799 3,561 1,380 3,450 16,002 738 189 10,2971,348 530»1,398 7,126 28,277 Nov. 5.... 14,846 907 2,39553,040 54,915 3,686 1,594 3,062 16,079 742 192 10,7441,319 536 1,708 7,147 27,864 Nov. 12.... 14,9201,021 2,53453,312 56,351 3,541 1,722 2,932 16,063 742 194 10,9951,340 5531,606 7,148 25,574 Nov. 19.... 15,134 946 2,50853,219 55,082 3,482 1,681 3,341 16,012 749 19510,9521,311 5751,618 7,130 33,625 Nov. 26.... 15,434 965 2,34853,960 55,584 3,555 1,689 4,687 16,033 746 19510,3061,319 5751,617 7,140 29,513 Dec. 3.... 15,385 966 2,371 54,39255,454 3,559 1,719 3,78416,027 751 19610,5951,324 5731,609 7,161 28,426 Dec. 10.... 15,3361,061 2,35455,12756,495 3,458 1,682 2,97016,062 751 19510,6071,328 5771,740 7,144 27,490 Dec. 17.... 15,5041,060 2,57455,816 57,827 3,464 1,767 3,07316,121 759 19511,1481,342 5761,270 7,146 34,825 15,638 946 2,481 54,705 56,708 3,532 1,655 3,508 16,177 759 196 10,9891,352 5721,814 7,157 35,937 Dec. 24.... New York City 5,064 157 15,91916,831 354 618 581 1,467 2,9361,014 340 293 2,375 42,503 1951—November.. 5,248 159 15,80016,647 265 650 ,162 ,561 3,0221,049 371 357 2,422 47,798 1952—September . 5,156 144 15,64516,670 353 791 ,366 ,567 3,0131,087 395 362 2,430 51,703 October 5,210 161 15,66816,729 383 821 ,169 ,610 2,9821,065 434 440 2,436 46,673 O O N O O O c c c c c o t t t t t . . . . . v em 2 2 1 8 1 9 b 2 5 . . e . . . . . . . . r . . . . . . . . . . . . 5 5 5 5 5 , , , , , 1 1 0 1 3 3 7 5 2 0 2 0 1 0 5 1 1 1 1 1 4 5 4 3 4 1 1 5 6 6 1 1 1 1 .1 5 5 5 5 5 , , , , , 5 8 5 4 8 9 1 2 6 2 1 2 9 8 9 1 1 1 1 1 7 6 6 6 6 , , , , , 0 7 2 7 6 5 0 0 3 6 1 1 4 4 0 3 3 3 3 3 9 9 3 1 3 3 6 3 2 4 1, 6 6 8 7 0 6 7 2 3 6 2 0 0 5 8 , , , , , 2 2 5 1 6 0 4 0 6 9 5 9 9 8 9 , , , , , 5 5 5 5 5 6 6 6 7 6 2 6 6 9 0 3 3 3 2 2 , , , , , 1 0 0 8 9 4 0 4 8 8 7 6 3 4 3 1 1 1 1 1 , , , , , 1 0 0 0 07 7 0 9 8 7 4 3 3 8 4 3 3 3 3 0 8 9 9 9 7 5 5 7 0 4 4 3 3 2 4 2 4 3 6 1 2 9 3 6 2 2 2 2 2 , , , , , 4 4 4 4 4 3 3 2 2 3 1 1 7 9 0 1 1 1 1 1 0 1 2 3 1 , , , , , 0 1 4 4 2 9 3 8 5 2 1 3 6 0 0 Nov. 5.... 5,221 150 15,53616,513 447 788 1,038 ,613 2,969 1,065 414 585 2,441 11,093 Nov. 12.... 5,114 170 15,59216,898 384 879 980 ,604 3,045 1,087 429 400 2,441 9,794 Nov. 19 5,193 150 15,65116,577 357 794 1,015 ,589 3,014 1,053 447 436 2,431 12,786 Nov. 26.... 5,314 172 15,89116,928 342 821 1,642 ,633 2,901 1,056 449 339 2,429 11,925 Dec. 3.... 5,418 160 16,13217,003 304 836 1,305 ,620 2,948 1,073 449 503 2,441 11,933 Dec. 10.... 5,252 188 16,36417,306 277 862 992 ,633 2,916 1,082 453 557 2,428 11,718 Dec. 17.... 5,385 191 16,80717,847 305 852 859 ,668 3,040 1,100 452 457 2,426 14,693 Dec. 24.... 5,232 165 16,14117,190 311 800 1,148 ,673 3,019 1,102 449 750 2,442 16,010 Outside New York City 1951—November.. 9,429 777 2,42536,536 37,230 3,059 804 1,41813,475 692 114 7,621 220 95 459 4,453 69,685 1952—September. 9,722 773 2,466 36,87437,403 3,160 832 2,355 14,236 735 135 7,575 254 116 635 4,650 71,343 October 9,799 780 2,38837,14237,972 3,082 838 2,595 14,388 715 137 7,727 249 121 915 4,680 77,203 November.. 9,874 799 2,40937,71538,754 3,183 851 2,337 14,437 715 139 7,767 257 1261,197 4,705 71,985 Oct. I5... 9,639 739 2,345 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 2,32336,63837,014 3,039 864 2,981 14,368 718 136 7,752 252 119 926 4,681 16,276 Oct. 15.... 9,878 790 2,63337,18339,422 2,957 870 2,910 14,395 710 137 8,342 249 123 801 4,674 16,185 Oct. 22.... 9,947 784 2,35337,40438,154 3,044 779 2,446 14,419 708 137 7,738 249 1221,076 4,680 19,436 Oct. 29.... 9,890 828 2,286 37,75738,139 3,165 760 2,282 14,436 709 136 7,454 245 1231,049 4,697 16,791 Nov. 5.... 9,625 757 2,36337,50438,402 3,239 806 2,024 14,466 712 137 7,775 254 1221,123 4,706 16,771 Nov. 12 9,806 851 2,497 37,72039,453 3,157 843 1,952 14,459 713 139 7,950 253 1241,206 4,707 15,780 Nov. 19 9,941 796 2,46937,56838,505 3,125 887 2,326 14,423 719 139 7,938 258 1281,182 4,699 20,839 Nov. 26.... 10,120 793 2,30638,06938,656 3,213 868 3,045 14,400 716 139 7,405 263 1261,278 4,711 17,588 Dec. 3.... 9,967 806 2,33438,26038,451 3,255 883 2,479 14,407 720 140 7,647 251 1241,106 4,720 16,493 Dec. 10.... 10,084 873 2,320 38,76339,189 3,181 820 1,978 14,429 720 139 7,691 246 1241,183 4,716 15,772 Dec. 17 10,119 869 2,53439,00939,980 3,159 915 2,214 14,453 728 139 8,108 242 124 813 4,720 20,132 Dec. 24.... 10,406 781 2,439 38,56439,518 3,221 855 2,36014,504 728 140 7,970 250 1231,064 4,715 19,927 8 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 4 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. 8 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. JANUARY 1953 33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY1 [Net declines, (-). In millions of dollars] ]Business of borrowei Manufacturing anc mining Comm'l Period t l o F iq b a o u n a o o d c d r c , , o T a le p e a a p x n t a t h d i r l e e e r l s , , p m e M m r r ( a y o a i e n e c n d t h t a c u d a a n l i l c . n l s d t - s ch r P l u e c e a e m o b u n t a b m r i d l c o e , , a r - l, Other ( r T w e s a r t h a n a a l o d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u p P t t ( t r i o i u i a l o n r b i n n c t t l i a s l i ) e . - c - s s C t t i r o o u n n c - - bu t o y s A t o i p h f n ll e e e r s ss c c h l N f a a ie n s e d g s t i e - s ch t i a a o n a n g t n d a r g d ' ' l l e l » , — 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-Dec.... 754 -40 1 250 36 141 662 544 -57 13 191 2,494 2,422 Monthly: 1952—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 Dec 68 -33 31 46 -34 —86 2 406 12 — 10 63 465 330 Week ending: 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 57 14 Dec. 3. . 49 -3 -14 6 -9 38 18 33 -14 5 1 109 73 Dec. 10. . 26 -5 25 105 3 3 -5 24 15 -6 5 191 187 Dec. 17.. 33 — 1 47 -85 -1 8 -27 80 39 -4 8 97 100 Dec. 24. . 32 -11 43 6 -10 -48 24 68 8 -3 19 127 72 Dec. 31.. -71 -13 -70 15 -18 -87 -7 202 -38 -2 30 -59 -102 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. 1 Figures for other than weekly periods are based on weekly changes during period. 1 Net change at all banks in weekly reporting series. COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of year or month sta p o n a u p d t e i - n r g1 st T a o n o u d t t a i - n l g Accepting banks Others Im in p t o o rts E f x r p o o m rts D e o x ll - ar G sh oo ip d p p s o e s d i t n c b t r s e e t i d n w i e n e n or Total O bi w ll n s bo B u il g ls ht T S T t n a if t A e H s T S T t n a if t A e r s i change United Foreign States countries 1945—December .... 228 227 169 74 94 58 162 29 (2) 29 7 1947—December 287 261 197 88 109 64 159 63 3 25 11 1948—December 269 259 146 71 76 112 164 57 1 25 12 1949—Dece mber 257 272 128 58 70 144 184 49 30 9 1950—December 333 394 192 114 78 202 245 87 2 28 32 1951—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 43 495 416 148 108 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 November 575 478 172 114 58 306 233 123 29 62 31 1 As reported by dealers; includes some finance company paper sold in open market. ' Less than $500,000. Back figures—Sec Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. 34 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS* UNITED STATES LIFE INSURANCE COMPANIES lln millions of dollars] Government securities Business securities Date a T s o s t e a t l s Total U S n ta i t t e e s d St lo at c e a l a 2 nd Foreign3 Total Bonds * Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e t r s End of year:1 1939 29,243 7,697 5.373 2,253 71 8,465 7,929 536 5,669 2,134 3,248 2,030 1940 30,802 8,359 5,857 2,387 115 9,178 8,624 554 5,958 2,060 3,091 2,156 1941 32,731 9,478 6,796 2,286 396 10,174 9,573 601 6,442 1,878 2,919 1,840 1942 34 931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 1,663 2,683 1,693 1943 37,766 14,994 12,537 1.773 684 10,494 9,842 652 6,714 1,352 2,373 1,839 1944 41,054 18,752 16,531 1,429 792 10,715 9,959 756 6,686 1,063 2,134 1.704 1945 44,797 22,545 20,583 1,047 915 11,059 10,060 999 6,636 857 1,962 1,738 1946 48,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7,155 735 1,894 1,808 1947 . . 51 743 22,003 20,021 945 1,037 16,144 14,754 1,390 8,675 860 1,937 2,124 1948 55,512 19,085 16,746 1,199 1,140 20,322 18,894 1,428 10,833 1.055 2,057 2,160 1949 59,630 17,813 15,290 1,393 1,130 23,179 21,461 1,718 12,906 ,247 2,240 2,245 1950 64 020 16 066 13,459 1,547 1,060 25,403 23 300 2,103 16,102 L.445 2,413 2,591 1951 68,292 13,670 11,011 1,737 922 28,214 25,988 2,226 19,314 1,633 2,587 2,874 End of month:5 1950—December 63,687 15,933 13,361 1,520 1,052 25,209 23,231 1,978 16,101 1,428 2,397 2,619 1951—October 67,181 13,940 11,254 1,720 966 27,464 25,400 2,064 18,928 1,578 2,563 2,708 November 67,476 13,761 11,122 1,716 923 27,638 25,549 2,089 19,099 1,590 2,565 2,823 December. 67 983 13,579 10,958 1,702 919 28,042 25,975 2,067 19,291 L ,617 2,575 2,879 1952—January 68,554 13 530 10,893 1,720 917 28,319 26,228 2,091 19,536 1,624 2,587 2,958 February 68,907 13,469 10,841 1,716 912 28,553 26,456 2,097 19,712 1,639 2,598 2,936 March 69,250 13,352 10,765 1,695 892 28,903 26,785 2,118 19,870 1,656 2,612 2,857 April 69,604 13,306 10,737 1,694 875 29,186 27,059 2,127 20,008 1,662 2,621 2,821 ]Vlay 69,959 13,020 10,463 1,697 860 29,594 27,456 2,138 20,175 1,674 2,633 2,863 June 70,334 12 853 10,309 1,706 838 29,895 27 745 2,150 20 335 1,693 2,646 2,912 July 70,774 12,894 10,324 1,748 822 30,191 28,039 2,152 20,505 L.706 2,656 2,822 August 71,123 12,898 10,347 1,752 799 30,314 28,165 2,149 20,643 L ,722 2,667 2,879 September 71,578 12,929 10,399 1,736 794 30,475 28,315 2,160 20,801 1,736 2,683 2,954 October 72,034 12 731 10,244 1,728 759 30,973 28 819 2,154 20,961 1,751 2,692 2,926 November 72,415 12,780 10,297 1,728 755 31,143 28,986 2,157 21,087 1,766 2,698 2,941 1 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. 2 Includes United States and foreign. * Central government only. 4 Includes International Bank for Reconstruction and Development. 6 These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values are not made on each item separately, but are included in total in "Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fad Book, 1952; end-of-month figures, The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES [In millions of dollars] Assets Assets E y n e d a r of Total Cash M ga o g r e t s - G m U o e v . n e t S r s n . e - - Other de S p h o a s r i e ts q E u n a d r t o e f r Total Cash M ga o g r e t s - G m U o e v . n e t S r s n . e - - Other de S p h o a s r i e ts curities curities 1939 5,597 274 4,126 73 1,124 4,118 1950—1 15,081 900 12,080 1,534 567 12,944 1940 5,733 307 4,415 71 940 4,322 2. ... 15,802 930 12,708 1,524 640 13,368 1941 6,049 344 4,823 107 775 4,682 3... . 16,072 698 13,247 1,484 643 13,219 1942 6,150 410 4,810 318 612 4,941 4.... 16,846 951 13,714 1,489 692 13,978 1943 6,604 465 4,793 853 493 5,494 1944 7,458 413 4,983 L ,671 391 6,305 1951—1.... 17,132 842 14,027 1,556 707 14,252 1945 8,747 450 5,521 1,420 356 7,365 2... . 17,940 945 14,603 1,565 827 14,930 1946 10,202 536 7,276 1,009 381 8,548 3... . 18,403 832 15,145 1,584 842 15,339 1947 11,687 560 8,971 1,740 416 9,753 4 19,150 1,065 15,596 1,607 882 16,079 1948 13,028 663 10,409 L.455 501 10,964 1949 14,622 880 11,714 L.462 566 12,471 1952—1.... 19,730 1,069 16,054 1,704 903 16,789 1950 16,846 951 13,714 1,489 692 13,978 2 20,701 1,169 16,845 1,683 1,004 17,587 1951P 19,150 1,065 15,596 1,607 882 16,079 3. ... 21,415 1,001 17,649 1,753 1,012 18,035 P Preliminary. Source.—Home Loan Bank Board. Figures for first three quarters of each year are estimates of the Federal Reserve based on data for insured associations compiled by the Federal Savings and Loan Insurance Corporation. * Figures for mutual savings banks are shown on pp. 27 and 29. Figures for savings and loan associations include share deposits. 35 JANUARY 1953 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] SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY 1 End of year End of quarter Asset or liability, and agency 1951 1952 1944 1945 1946 1947 1948 1949 1950 Loans, by purpose and agency: To aid agriculture, total 3,385 2,878 2,884 2,299 3,632 4,362 3,884 3,896 4,161 4,239 4,058 4,563 Banks for cooperatives 189 197 232 276 305 302 345 356 425 373 343 370 Federal intermediate credit banks.... 257 231 273 336 426 437 510 742 633 739 866 822 Federal land banks 2 1,220 1,088 986 Federal Farm Mortgage Corporation. 351 242 149 109 80 60 45 37 34 32 29 27 Farmers Home Administration 3 643 604 590 558 525 523 535 559 539 595 594 606 Rural Electrification Administration. 361 407 528 734 999 1,301 1,543 1,693 1,742 1,784 1,831 1,873 Commodity Credit Corporation 353 99 120 280 1,293 1,729 898 503 782 710 390 859 Other agencies 10 9 6 9 7 6 6 6 6 5 To aid home owners, total 1,237 896 659 556 768 1,25 1,528 1,981 2,142 2,363 2,387 2,437 Federal National Mortgage Assn 52 7 6 4 828 1,347 1,715 1,850 2,053 2,068 2,097 RFC Mortgage Corporation 4 81 24 6 Home Owners' Loan Corporation 2.. . 1,091 852 636 486 369 10 Reconstruction Finance Corporation. 12 12 10 6 1 177 168 137 124 123 121 119 117 Other agencies 1 1 1 65 22 24 35 141 169 189 201 223 To railroads, total 343 171 147 140 114 110 104 101 98 85 84 Reconstruction Finance Corporation. 321 205 153 145 138 112 108 102 99 96 83 82 Other agencies 21 18 18 3 3 3 2 2 2 2 2 2 To other industry, total 191 232 192 272 310 462 458 494 488 473 464 480 Reconstruction Finance Corporation 6. 118 149 151 241 272 423 400 422 415 400 393 412 Other agencies 73 83 41 31 38 38 58 72 74 73 72 67 To financing institutions, total 216 267 314 447 525 445 824 755 814 597 653 716 Reconstruction Finance Corporation. 66 60 14 7 6 8 8 8 8 8 Federal home loan banks 131 195 293 436 515 433 816 747 806 589 653 Other agencies 20 12 7 4 4 4 Foreign, total 225 526 2,284 5,673 6,102 6,090 6,078 6,133 6,110 6,096 7,617 7,826 Export-Import Bank 225 1,249 1,978 2,145 2,187 2,319 2,296 2,329 2,389 2,546 Reconstruction Finance Corporation 6. (8) 274 235 246 206 154 'l01 64 64 61 58 58 Other agencies9 800 3,450 3,750 3,750 3,750 3,750 3,750 •3,706 •5,170 5,222 All other purposes, total 1,237 707 714 584 484 531 720 779 731 801 933 Reconstruction Finance Corporation 6. 8 827 309 6 340 190 88 59 53 61 63 61 61 Public Housing Administration10 305 286 278 278 294 29 366 559 609 557 624 750 Other agencies 112 113 96 100 99 109 110 116 8 106 105 108 123 Less: Reserve for losses. 438 478 395 368 476 173 173 15. 448 185 178 150 Total loans receivable (net). ,290 6,649 9,714 11,692 12,733 14,422 14,422 15,913 6,387 13,228 3,906 16,890 Investments: U. S. Government securities, total 1,630 1,683 1,873 ,685 1,854 1,047 1,075 ,236 1,226 ,42, 2,364 2,371 Banks for cooperatives 43 43 43 48 43 43 43 43 43 43 43 43 Federal intermediate credit banks.. 39 43 47 48 44 74 46 67 51 48 49 61 Production credit corporations 60 67 70 72 66 39 4: 41 43 43 43 43 Federal land banks 2 220 145 136 Federal home loan banks. 144 118 14 139 274 275 199 249 384 311 298 Federal Savings and Loan Insurance Corp. 151 161 17 184 199 214 193 195 200 204 209 203 Home Owners' Loan Corppoorra;tion 2 15 15 1 1 1 8 Federal Housing Administration 87 106 122 13 144 188 244 27 285 289 286 299 Public Housing Administration 10 7 8 8 8 8 Reconstruction Finance Corporation 6 75 49 48 (7) 1 1 1 1 Federal Deposit Insurance Corporation.. . . 760 89 1,045 1,020 1,064 1,205 1,307 1,338 1,353 1,409 1,421 1,423 Other agencies 28 30 20 21 1 1 1 1 Investment in international institutions. 318 3,385 3,385 3,3 3,385 3,385 3,385 3,385 3,385 Other securities, total 424 325 133 107 88 87 78 66 53 51 Reconstruction Finance Corporation. 289 244 159 108 98 83 71 74 66 55 43 42 Production credit corporations 63 55 46 35 29 2: 16 1 11 10 8 Other agencies 71 26 24 11 6 1 1 (7) (7) Commodities, supplies, and materials, total.... 2,94: 2,288 1,265 822 627 1,549 1,774 1,515 1,461 1,322 1,350 1,377 Commodity Credit Corporation 1,450 1,034 463 448 437 1,376 1,638 1,238 1,012 1,023 1,034 Reconstruction Finance Corporation 6 1,053 1,131 667 235 157 142 108 140 1,174 147 186 194 Other agencies 438 122 134 . 138 3: 30 28 137 164 142 149 159 Land, structures, and equipment, total 16,23721,017 16,9 12,600 3,060 2,962 2,945 3,025 3,406 3,186 3,212 Public Housing Administration10 200 22.^ 204 1,448 1,352 1,248 1,25 3,358 1,242 1,232 1,216 Reconstruction Finance Corporation 6 6,526 6,919 2,861 35 630 61 605 584 1,""' 592 202 W U Te . a n S r n . e S M s h s i a e p e r p i i t V n im g a l e l A e C y d m o A m i u n m t i h s is t o r s r a i i o t t i n y o . n 2 2 3 5 , , 1 4 7 1 2 1 3 7 0 3 7 , , 3 8 7 9 1 2 5 3 1 3 7 , , 3 7 7 0 2 6 1 7 4 3 6 , , 3 5 7 0 0 5 5 4 7 793 83C 886 998 1, 5 0 9 4 4 8 1,105 l,17i 1,209 Other agencies " 262 1,948 2,044 1,793 189 168 206 189 465 46 58 586 Bonds, notes, and debentures payable (not guaranteed), total 1,395 1,113 1,252 68- 965 772 1,190 1,399 1,36< 1,214 1,2 1,301 Banks for cooperatives 2 8 33 69 70 7. Hi 11" 170 140 120 Federal intermediate credit banks 27 245 293 358 480 49C 52i 78' 674 74 = 864 Federal land banks2 818 792 756 Commodity Credit Corporation 212 Federal home loan banks 6 69 169 262 415 20 560 495 525 32 25 317 For footnotes see following page. 36 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items * Lia in b t i e li r t a ie g s e , n o cy th e it r e m th s an Bonds, notes, Date, and corporation or agency Total Cash L c a r e o b e i a l v - e n - s m m C p s r t a i l i u o o a n i a e p e m t d l s d e - s s , i , - - - G s r U i e o t . c i v e I u S m n s t - . . v e e n O s s t r t s e i - t t c h ie u e s - r L s e t m u t a q a r r n e u u n e n d i c d s p t - , , - O s a t e h s t - e s r a t F g u n a u b u r t n e a y e l d l e r s y - d d p e a O b y e a th n b e - le r O li i a t t i b h e i e s l r - i m U G n e e r t . o e s e n n t v S r - t - - . o i v n w P e a t r s t e n i e t - r e l - y d U.S. All agencies: 1944—Dec. 31.. 31,488 756 6,387 2,942 1,632 424 16,237 3,111 1,537 1,395 4,196 23,857 504 1945—Dec. 31.. 33,844 925 5,290 2,288 1,683 325 21,017 2,317 555 1,113 4, ,492 472 1946—Dec. 31.. 30,409 1,398 6,649 1,265 1,873 54716,924 1,753 261 1,252 3,58824,810 498 1947—Dec. 31 2. 30,966 1,481 9,714 822 1,685 3,53912,600 1,125 82 689 2,03728,015 143 1948—Dec. 31 2. 21,718 63011,692 627 1,854 3,518 3,060 335 38 965 1,66318,886 166 1949—Dec. 31.. 23,733 44112,733 1,549 2,047 3,492 2,962 509 28 772 1,72021,030 183 1950—Dec. 31. . 24,635 64213,228 1,774 2,075 3,473 2,945 499 23 1,190 1,19321,995 234 1951—Sept. 30 2. 25,668 65913,906 1,515 2,236 3,472 3,025 854 34 1,399 ,962 322 Dec. 31. . 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 1,369 1,16123,842 329 1952—Mar. 31. . 26,858 84414,422 1,322 2,422 3,451 3,406 991 38 1,214 1,24724,010 349 June 30 2. 27,933 80815,913 1,350 2,364 3,438 3,186 874 44 1,228 1,20025,104 357 Sept. 30. . 28,922 93216,890 1,377 2,371 3,436 3,212 704 39 1,301 1,43425,780 367 Classification by agency, Sept. 30, 1952 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 437 366 120 290 25 Federal intermediate credit banks. 936 822 864 60 Production credit corporations 52 52 Agricultural Marketing Act 1 1 () 1 Federal Farm Mortgage Corp 30 27 ( 29 Rural Electrification Administration. 1,987 1,871 1 69 1,986 Commodity Credit Corporation 2,223 856 1,034 102 220 490 1,733 Farmers Home Administration 3 615 510 29 7 608 Federal Crop Insurance Corp 41 9 2 39 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,042 25 715 298 317 383 () 342 Federal Savings and Loan Insurance Corp. 208 1 203 5 203 Public Housing Administration 2,092 105 751 1,216 16 2,076 Federal Housing Administration 478 55 33 1 38 225 215 Office of the Administrator: Federal National Mortgage Association. . 2,108 2,097 2,104 Other 110 47 107 Reconstruction Finance Corporation: Assets held for U. S. Treasury ™ 399 6 153 201 399 Other^ 819 14 695 41 1 770 Export-Import Bank 2,563 (7) 2,546 2,526 Federal Deposit Insurance Corp 1,438 1 () 1,423 () 1,344 A T l e l n n ot e h ss e e r e Valley Authority 9 1 , , 8 5 0 4 2 0 3 1 0 6 4 2 5,551 13 1 0 9 3,385 1, 4 2 5 0 3 9 9 1 , , 7 4 4 9 1 7 1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserves for losses. 2 Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies following repayment of the U. S. Government interest—Federal land banks after 19^6 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952. 3 This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currently on the Treasury Statement as "Disaster Loans, etc., Revolving Fund." 4 Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947. 6 Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during 1948, appear to have been included with "other" loans in the statement for Dec. 31, 1947. 6 Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." 7 Less than $500,000. 8 Foreign loans, except for the Export-Import Bank, are included with "other agencies" until 1945. 9 Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet for June 30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date). Repayment of 44 million on the Treasury loan to the U. K., received late in 1951, was covered into the Treasury early in 1952. 10 Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on the Treasury Statement with "other agencies" through 1947—were not transferred to the PHA until 1948. 11 Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 10. 12 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. 13 Includes figures for Smaller War Plants Corporation, which is being liquidated by the Reconstruction Finance Corporation. NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small ones—may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) the adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2). For back figures see Banking and Monetary Statistics, Table 152, p. 517. 37 JANUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices Common Volume Standard and Poor's series Securities and Exchange Commission series of Year, month, U. S. Mun- Cor- (index, 1935-39 «100) (index. 1939=100) itr r in a g aJ - 6 or week m G e e r o n n v - t - 8 g i ( r c h a i i p d g a e h l ) - ' g ( r r p h a a o i d t g - e e h ) - ' fe P r r r e e - d* Total d t I r u n i s a - - l R ro a a i d l- u P t u i li l b c i - ty Total Tot M al anu D a fa b u c l r e t - urin N d g u o r n - - T p t r o i a o r n n ta s- - P u i l u t t i i y c b l - - T a s a r f n e a i n r c n d v d e - e - , , M in i g n- s s t h h a a ( o n o i r f n d u e s s - ) able ice Number of issues 1-8 15 17 15 416 365 20 31 265 170 98 72 2! 28 32 14 1950 average . 102.53 133 4 122.0 181 8 146 156 117 107 154 166 150 180 160 107 184 144 2,012 1951 average 98.85 133.0 117 7 170.4 177 102 149 112 185 207 178 233 199 113 208 205 1,684 1952 average 97.27 129.3 115.8 169.7 188 204 169 118 195 220 189 249 221 118 206 275 1,313 1951 -Dec 96.85 130.9 114.8 163,7 183 199 151 116 190 215 182 245 204 115 209 238 1,367 1952—Jan 96.27 130.8 115.5 164.1 187 204 155 117 195 222 185 255 211 116 209 246 1,574 Feb 96.77 132.1 116.5 165.9 183 199 155 118 193 218 183 251 209 117 206 258 1,320 Mar 96.87 131.5 115.9 168 3 185 201 161 118 193 216 182 248 214 117 203 295 1,283 Apr 97.95 132.7 116.2 172.2 184 199 165 117 191 215 181 245 217 116 203- 298 1,282 May.. . 98.91 131.9 116.3 173.4 184 199 167 117 190 214 182 243 216 117 201 283 1,044 June 98.32 130.9 116.2 173.3 188 204 174 116 196 222 187 253 225 117 204 291 1,215 July.... 98.40 130.4 116.0 171.1 192 210 175 117 199 225 192 256 226 117 208 289 1,096 Aug 97.09 128.6 115.8 169.9 191 208 175 119 199 225 194 254 228 120 210 278 995 Sept 96.86 126.6 115.7 170.2 188 204 171 119 194 219 191 246 221 118 206 275 1,149 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 Dec 96.37 125.3 115.3 170.3 197 214 185 123 204 231 205 255 238 123 212 267 1,842 Week ending: Nov. 29. 96.84 125.3 115.C 170. ( 194 210 178 123 201 228 201 253 233 124 210 261 2,028 Dec. 6. 96.76 125.5 115. 170.9 195 211 179 124 201 227 200 252 233 124 212 266 1,680 Dec. 13. 96.75 125.5 115.4 170.7 196 213 183 123 204 231 206 254 237 123 214 265 1,925 Dec. 20. 96.39 125.3 115.3 170.. 197 213 186 123 204 232 206 255 241 123 213 268 1,908 Dec. 27. 95.86 125.1 115.0 170.f] 198 214 189 123 205 233 207 257 240 123 211 268 1,749 1 Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks vStandard 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 iividend. 8 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. 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 dollarsl Debit balances Credit balances Debit Debit cre C di u t s b to a m la e n r c s e ' s 1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in borrowed1 In partners' In firm (net)i an a d c c t o r u ad n i ts ng an a d c c t o r u a n d t i s ng banks Free O (n th e e t) r a in n v d e t s r t a m d e in n g t a in nd v e t s r t a m d e in n g t I a n c c c o a u p n it t a s l accounts accounts (net) 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—Tune 1 275 10 375 364 680 834 225 26 13 319 December... 1,292 12 392 378 695 816 259 42 11 314 1952—January 1 280 •633 «809 February. .. 1 280 8 652 «790 March 1 .293 »734 »756 April 1 .315 »818 8 756 May 1 .312 «847 «725 June 1.327 9 427 365 912 708 219 23 16 324 July 1 .387 81,126 8 692 August 1 338 8 926 8 675 September. . 1,333 8 891 3 6Q2 October 1 316 8 860 8 692 November. . 1 .147 3 878 «706 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). 8 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): September, 39; October, 31; November, 32. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article desciibes 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, Tables 143 and 144, pp. 501-503. 38 FEDERAL RESERVE BULLETIN 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] mo Y w n e e t a h e r k , , ©r m m 4 p P - c o e a r o r t n p i o c m m t e i h a r 6 - e s , l - 1 a a d P b c n a e a r 9 c r c i y n s m 0 e e s ' k p s e - 1 , t- M 3 a - r m ke o t n s t e h o c n R u b r i a n i l t t l e e s i w es 9 ( i m t - s a t s o x o u n a e 1 t b s h 2 l 2 e - ) 3 is - y s t e u o a e r 5 s - ' Ann A ua re l a a a v n e d ra g p e e s r : iod lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 S 0 ,0 , i 0 z 0 e 0 0 0 - o f $ $ 1 2 l 0 o 0 0 a 0 n ,0 ,0 0 0 0 0 - $ an 20 d 0 o ,0 v 0 e 0 r yield issues 19 cities: 1944 2.4 4.3 3.3 2.6 2.2 1945 2.2 4.3 3.2 2.3 2.0 1950 average 1.45 1.15 1.20 1.218 1.26 1.50 1946 2.1 4.2 3.1 2.2 1.7 1951 average 2.17 L.60 1 .52 1 552 1.73 1.93 1947 2.1 4.2 3.1 2.5 1.8 1952 average 2.33 1 .75 1.72 1.766 1.81 2.13 1 19 9 4 4 9 8 2 2. . 7 5 4 4 . . 4 6 3 3. . 7 5 3 2 . . 0 8 2 2 . . 4 2 1951—December.. 2.31 1.69 1.73 1.731 1.77 2.09 1 19 9 5 5 1 0 3 2 . . 1 7 4 4 . . 7 5 4 3 .6 0 3 3. . 0 4 2 2 . . 4 0 1952—January... 2.38 1.75 1.57 1.688 1.75 2.08 1952 3.5 4.9 4.2 3.7 3.3 February.. 2.38 L .75 1.54 1.574 1.70 2.07 Quarterly: March 2.38 1.75 1.59 1.658 L.69 2.02 19 cities: April 2.35 1.75 1.57 1.623 1.60 1.93 1952—Mar 3.45 4.85 4.16 3.66 3.24 May 2.31 1.75 1.67 1.710 1.66 1.95 June 3.51 4.90 4.21 3.72 3.29 June 2.31 L.75 1.70 1.700 .74 2.04 Sept 3.49 4.91 4.22 3 74 3 27 July 2.31 1.75 1.81 1.824 1.89 2.14 Dec 3.51 4.88 4.21 3.77 3.29 August.... 2.31 1.75 1.83 1.876 .94 2.29 September. 2.31 1.75 1.71 1.786 .95 2.28 New York City: October. . . 2.31 L.75 1.74 1.783 .84 2.26 1952—Mar 3.23 4.43 3 97 3 48 3.11 November. 2.31 .75 1 .85 1.862 .89 2.25 June 3.27 4.53 4.03 3 55 3.14 December.. 2.31 L.75 2.09 2.126 >.03 2.30 Sept 3.29 4.66 4 06 3.60 3.15 Dec 3.33 4.51 4.06 3.63 3.19 Week ending: 7 Northern and East- Nov. 29. .. 2.31 L.75 1.93 1.931 1.96 2.27 ern cities: Dec. 6... 2.31 L.75 2.01 2.049 ..00 2.26 1952—Mar 3.47 4 91 4.16 3.67 3.29 Dec. 13... 2.31 .75 2.07 2.091 ..02 2.26 June 3.46 4.90 4.17 3.71 3.27 Dec. 20. .. 2.31 .75 2.13 2.138 .04 2.32 Sept 3.44 4.85 4.20 3.72 3.24 Dec. 27. .. 2.31 L.75 2.22 2.228 .06 2.36 Dec 3.49 4.85 4.21 3.74 3.29 11 Southern and 1 Monthly figures are averages of weekly prevailing rates. Western cities: 'Series includes certificates of indebtedness and selected note and 1952—Mar 3.79 5.01 4.28 3.79 3.46 bond issues. June 3.90 5.05 4.33 3.86 3.63 1 Series includes selected note and bond issues. Sept 3.84 5 04 4 31 3 82 3 56 Dec 3.84 5.06 4.30 3.91 3.51 Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS [Per cent per annum] Bonds Industrial stocks Corporate (Moody's)5 Dividends/ E i a n r g n s - / Year, month, G U ov . e S r . n- M i u p n a i l c- C r o a r t p e o- By ratings By groups price ratio p ra r t ic io e or week ment (high- (hight ( e lo rm ng ) - 2 grade)3 grade)4 Total Indus- Rail- Public Pre- Com- Com- Aaa Aa A Baa trial road utility ferred6 mon 7 mon * Number of issues.. . 1-8 15 9 120 30 30 30 30 40 40 40 15 125 125 1950 average 2.32 1.98 2.60 2.86 2.62 2.69 2.89 3.24 2.67 3.10 2.82 3.85 6.51 14.61 1951 average 2.57 2.00 2.86 3.08 2.86 2.91 3.13 3.41 2.89 3.26 3.09 4.11 6.29 10.42 1952 average 2.68 2.19 2.96 3.19 2.96 3.04 3.23 3.52 3.00 3.36 3.20 4.13 5.55 1951—December. . . 2.70 2.10 3.03 3.25 3.01 3.06 3.31 3.61 3.00 3.50 3.24 4.28 5.56 10.90 1952—January 2.74 2.10 2.96 3.24 2.98 3.05 3.32 3.59 3.00 3.48 3.23 4.26 5.57 February.... 2.71 2.04 2.89 3.18 2.93 3.01 3.25 3.53 2.97 3.38 3.19 4.22 5.81 March 2.70 2.07 2.96 3.19 2.96 3.03 3.24 3.51 2.99 3.36 3.21 4.16 5.54 8.83 April 2.64 2.01 2.92 3.16 2.93 3.01 3.20 3.50 2.97 3.32 3.19 4.07 5.87 May 2.57 2.05 2.93 3.16 2.93 3.00 3.20 3.49 2.97 3.31 3.19 4.04 5.73 June 2.61 2.10 2.95 3.17 2.94 3.03 3.20 3.50 2.98 3.32 3.20 4.04 5.48 8.44 July 2.61 2.12 2.96 3.17 2.95 3.04 3.19 3.50 2.99 3.33 3.20 4.09 5.41 August 2.70 2.22 2.97 3.18 2.94 3.06 3.21 3.51 3.00 3.34 3.20 4.12 5.51 September.. . 2.71 2.33 2.98 3.19 2.95 3.07 3.22 3.52 3.02 3.36 3.20 4.12 5.63 8^72" October 2.74 2.42 3.04 3.22 3.01 3.08 3.24 3.54 3.05 3.39 3.22 4.16 5.62 November.. . 2.71 2.40 2.98 3.20 2.98 3.06 3.24 3 .53 3 .05 3.37 3.19 4.12 5.33 December. . . 2.75 2.40 2.99 3.19 2.97 3.05 3.22 3.51 3.04 3.34 3.19 4.11 5.14 Week ending: Nov. 29 2.71 2.40 2.96 3.19 2.97 3.05 3.23 3.52 3.05 3.35 3.18 4.10 5.33 Dec. 6 2.72 2.39 2.96 3.18 2.96 3.04 3.22 3.51 3.04 3.34 3.18 4.10 5.35 Dec. 13 2.72 2.39 2.98 3.19 2.97 3.04 3.22 3.51 3.04 3.33 3.19 4.10 5.28 Dec. 20 2.76 2.40 3.00 3.19 2.98 3.05 3.22 3.50 3.03 3.34 3.20 4.11 5.25 Dec. 27 2.79 2.41 3.02 3.19 2.98 3.06 3.23 3.50 3.04 3.35 3.20 4.12 5.23 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for Wednesday. Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings /price ratio). 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. » Standard and Poor's Corporation. * U. S. Treasury Department. 6 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. 6 Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, including 12 industrial and 3 public utility. 7 Moody's Investors Service. 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. 39 JANUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury unless otherwise noted. In millions of dollars] Summary Increase (+) or Budget receipts and Excess of receipts (+) decrease (—) General fund of the Treasury expenditures or expenditures ( —) during period (end of period) Deposits in Period rec N e e i t pts p t e u E n r x e d - s i- S ( d u + ( e r f ) - p i ) o c lu i r t s c T o o a a t r u n h c u n d e - s t r t s r o i e S n o b d a a f l e l g i e m m g e G s a n a p o t a c r i t v o k i n y o t n e d . n t s s C co i a l n e u c g a - n r t - p G d u r e b o b l s i t s c G ba f e u l n a n e n d r c a e l f a g B e u n e i r a n n c a n l d e l - - A a F v b . a l R i e l- . B In c e a o s n p s l k l r e o s o c f c - - S d it p e a e p r c o i i e s a s - l O s n a t e h e s t - t e s r funds tion Calendar year: 1949 38,122 41,714 -3,592 -362 -140 +234 +4,331 +471 4,679 841 94 2,557 1,187 1950 37,834 138,255 1 -422 i -38 +349 +87 -423 -447 4,232 690 129 2,344 1,069 1951 53,488 56,846 -3,358 +759 +56 -106 +2,711 +62 4,295 321 146 2,693 1,134 1952 65,523 71,366 -5,842 +49 -90 -319 +7,973 + 1,770 6,064 389 176 4,368 1 132 Fiscal year: 1949 38,246 40,057 -1,811 -420 -74 +366 +478 -1,462 3,470 438 103 1,771 1,159 1950 37,045 40,167 -3,122 +121 -22 +483 +4,587 +2,047 5,517 950 143 3,268 1,156 1951 48,143 144,633 1 +3,510 » +295 +384 -214 -2,135 + 1,839 7,357 338 250 5,680 1,089 1952 62,129 66,145 -4,017 +219 -72 -401 +3,883 -388 6,969 333 355 5,106 1,175 Semiannual totals: 1949—July-Dec. 17,675 20,974 -3,300 -14 +21 + 142 +4,360 + 1,209 4,679 841 94 2,557 1,187 1950—Jan.-June. 19,370 19,192 + 178 + 135 -43 +341 +227 +838 5,517 950 143 3,268 1,156 July-Dec.. 18,464 i19,063 i -599 » -173 +392 -254 -650 -1,285 4,232 690 129 2,344 1,069 1951—Jan.-June. 29,679 25,570 +4,109 +468 -8 +40 -1,486 +3,124 7,357 338 250 5,680 1,089 July-Dec.. 23,809 31,276 -7,467 +291 +64 -146 +4,197 -3,062 4,295 321 146 2,693 1,134 1952—Jan.-June. 38,320 34,869 +3,451 -72 -136 -255 -313 +2,674 6,969 333 355 5,106 1,175 July-Dec.. 27,204 36,497 -9,293 + 121 +46 -64 +8,286 -904 6,064 389 176 4,368 1,132 Monthly: 1951—Dec 5,279 5,627 -347 + 198 -2 +7 -186 -329 4,295 321 146 2,693 1,134 1952—Jan 4,953 5,455 -501 -369 -5 + 103 +357 -415 3,879 162 316 2,048 1,354 Feb. 5,553 5,105 +448 +310 -124 -25 +587 + 1,196 5,075 558 193 3,216 1,108 Mar 9,886 5,704 +4,182 + 166 -60 -245 -2,278 + 1,765 6,840 169 333 5,228 1,110 Apr 4,323 6,016 -1,693 -229 -63 +329 +209 -1,447 5,393 450 195 3,779 969 May 3,809 5,659 -1,850 +343 +14 -91 + 1,613 +28 5,421 569 125 3,690 1,037 June 9,796 6,930 +2,865 -293 +101 -326 -800 + 1,548 6,969 333 355 5,106 1,175 July 3,316 6,742 -3,426 -43 +26 +432 +3,968 +957 7,925 638 184 6,027 1,076 Aug . 4,050 5,018 -968 +6 +71 -195 + 113 -973 6,952 496 106 5,190 1,161 Sept 6,585 6,070 +515 +456 -34 -229 -504 +204 7,156 508 161 5,217 1,270 Oct 3,099 6,383 -3,283 -207 -45 +316 +2,238 -981 6,175 770 174 4,145 1,087 Nov 4,151 5,161 -1,009 + 127 +74 -243 +2,513 + 1,461 7,636 396 103 5,984 1,152 Dec 6,003 7,124 -1,121 -218 -46 -145 -41 -1,572 6,064 389 176 4,368 1,132 Budget expenditures Major national security programs Period Total Total 2 t f i N e o d n e n a s - - a e l a a M b a t s a n r s i o r i c l s y a i e t - d - n I t a i e n o n o c i t m a n d e o - a 3 r - ic - l A E C n m s to o i e o i m m r s n g - i - y c I d n e o e t s n e b t r t - A e i t V s i d r o t a m e r n n a t i - 4 s - n- m A p t c D u a e g u e r r n r l e t - - i - t - 6 g c S r p u o s a r r c e m o i i - t a - y s l 4 H n h a a i o o f n n n i m u - g d c s e e - P w u o b r l k i s c o P d f i f c e o ic f i s t - e t T c t o f r r a e t u a u c o r n n - s s s t ts - Other Calendar year: 1949 41 714 19,453 12,849 6,005 560 5,482 6,364 3,106 1,226 -123 1.577 536 1,425 2,669 1950 38,255 18,495 13,476 291 3,998 611 5,580 5,674 1,499 1,350 -17 1,591 643 961 2,477 1951 56 846 37,159 30,307 1,559 3,533 1,278 5,983 5,011 1,010 1,463 694 1,514 684 1,016 2,310 1952 71,366 P51.120 P43,227 2,975 P2.603 1,813 6,065 4,417 Pl.563 Pl.509 646 P1,598 775 Pl,193 P2,480 Fiscal year: 1949 40,057 19,083 12,158 6,278 647 5,339 6,789 2,658 1,110 -56 1,519 524 916 2,176 1950 40,167 17,949 12,346 44 4,941 524 5,750 6,043 2,986 1,375 -270 1,575 593 1,383 2,782 1951 . .. 44,633 25,882 19,964 884 3,845 908 5,613 5,204 635 1,415 460 L ,541 624 972 2,286 1952 66 145 46,319 39,106 2,228 2,831 1,648 5,859 4,697 1,219 1,424 614 1.565 740 1,305 2 402 Semiannual totals: 1949—July-Dec. 20,974 9,291 6,376 2,621 255 2,560 3,006 1,652 695 -95 903 209 1,226 1,528 1950—Jan.-June.. 19,192 8,659 5,970 • "44' 2,320 270 3,190 3,036 1,335 681 -175 673 384 157 1,253 July-Dec.. 19,063 9,836 7,505 247 1,679 341 2,390 2,638 164 670 158 918 260 804 1,224 1951—Jan.-June.. 25,570 16,046 12,459 637 2,166 567 3,223 2,567 470 745 302 623 364 168 1,062 July-Dec. . 31,276 21,113 17,848 921 1,367 711 2,761 2,445 540 718 392 891 320 848 1,249 1952—Jan.-June.. 34,869 25,206 21,258 1,306 1,464 937 3,099 2,253 679 706 222 674 420 457 1,154 Monthly: July-Dec. . 36,497 P25.915 vl1,969 1,669 Pl.138 876 2,966 2,164 P884 P802 424 P924 355 P737 P1,326 1951—Dec 5,627 3,688 3,070 199 261 118 1,057 386 49 88 -31 134 64 193 1952—Jan 5,455 3,941 3,414 187 120 137 228 428 194 158 85 113 78 230 Feb 5,105 3,765 3,155 195 214 151 142 378 78 108 43 104 240 71 175 Mar 5,704 4,104 3,425 226 201 141 689 385 83 66 -1 101 78 200 Apr 6,016 4,499 3,775 239 277 162 350 371 52 149 100 94 180 50 170 May 5,659 4,541 3,791 228 315 154 172 352 85 76 37 96 99 200 June 6,930 4,357 3,699 231 337 192 1,518 339 187 148 -42 166 80 178 July 6 742 4 695 3,884 293 351 140 320 391 117 158 41 157 175 397 292 Aug. 5,018 3,814 2,971 352 266 144 183 354 126 109 21 148 94 169 Sept 6,070 4,518 4,008 184 133 155 559 343 49 116 71 158 64 191 Oct 6,383 4,373 3,723 298 142 160 572 354 192 191 79 174 180 23 245 Nov 5,161 3,876 3,302 266 128 150 185 345 112 124 101 140 93 184 Dec 7,124 M,639 Pi,081 275 P118 127 1,146 378 P288 P104 112 P146 P67 P245 p Preliminary. 1 Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from budget expenditures, and included with other such investments under "Trust and other accounts." Adjustments for July-October 1950 investments were made by the Treasury in the November 1950 and January 1951 figures. s Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration. 3 Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other nonmilitary foreign aid programs, as well as State Department expenditures. * Excludes transfers to trust accounts, which are shown separately. 6 Excludes expenditures for forest development of roads and trails, which are included with public works, 40 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued [On basis of daily statements of United States Treasury, unless otherwise noted. In millions of dollars.} Treasury receipts Budget receipts, by principal sources Internal revenue collections (on basis of collectors' reports) Income Deduct Period p i W n l h e o a s b e m i u y n y t l e r h d d - a r - s n o c l e d - O a t t a g h x e e es r t n c e M e r e e i n e r n o l n i v u l - s u a a - e - - s l c a o p T a m n f l e o r a d o m r o y 8 x n i r e e e o - e o r r s n s s r c O e r t i e h p - e t r s b c T u e r o d i e p t g - a t e l s t A to t t p f p i a r u r o u p g o n i n a s e r l d d s o - t - - c fu e R r o n i e e p f d - - t s s b c u N e r d i e e p g - t t e s t W c I a h o n g e m i d e t l i d h e v i t - n a i a d x s n u u e d a s r O a l t o n h i l c n d e e - - r C p r c t a r a a o o i o t n x r n m i f p o d e - it o e s n s - t t a a g E a x n i s f t d e e - t s m E t l a a a o x is x n n u c c e d e i s e s s - l e - Calendar year: 1949 11,428 19,894 8,326 794 2,123 42,565 1,666 2,777 38,122 11,591 7,828 12,006 754 7,529 1950 13,775 17,361 8,771 770 1,980 42,657 2,667 2,156 37,834 12,963 7,384 9,937 658 8,150 1951 19,392 26,876 9,392 944 2,337 58,941 3,355 2,098 53,488 18,840 10,362 16,565 801 8,682 1952 P23.658 34,174 10,416 P902 2,639 71,788 3,814 2,451 65,523 Fiscal year: 1949 11,532 19,641 8,348 787 2,466 42,774 1,690 2,838 38,246 11,743 7,996 11,554 797 7,585 1950 12,180 18,189 8,303 776 1,862 41,311 2,106 2,160 37,045 11,762 7,264 10,854 706 7,599 1951 16,654 24,218 9,423 811 2,263 53,369 3,120 2,107 48,143 15,901 9,908 14,388 730 8,704 1952 21,889 33,026 9,726 994 2,364 67,999 3,569 2,302 62,129 21,313 11,545 21,467 833 8,971 Semiannual totals: 1949—July-Dec. . 5,613 7,670 4,311 323 921 18,838 850 314 17,675 5,657 1,761 5,889 351 3,911 1950—Jan.-June.. 6,566 10,520 3,992 453 941 22,472 1,256 1,846 19,370 6,105 5,503 4,965 356 688 July-Dec. . 7,209 6,841 4,779 317 1,039 20,185 1,411 311 18,464 6,858 1,881 4,971 303 4,462 1951—Jan.-June.. 9,445 17,376 4,644 494 1,223 33,184 1,709 1,796 29,679 9,043 8,027 9,416 427 4,241 July-Dec. . 9,947 9,499 4,748 449 1,114 25,757 1,646 302 23,809 9,798 2,335 7,149 374 4,440 1952—Jan.-June.. 11,942 23,526 4,978 545 1,251 42,242 1,922 2,000 38,320 1,515 9,210 14,318 459 4,531 July-Dec. . Pll.715 10,647 5,438 P357 1,388 29,546 1,891 451 27,204 Monthly: 1951—Dec 1,627 2,916 823 56 155 5,576 266 31 5,279 275 310 2,649 77 712 1952—Jan 897 3,021 826 26 383 5,153 147 52 4,953 814 2,330 807 65 763 Feb 3,057 1,943 805 258 131 6,194 446 195 5,553 4,172 1,464 311 66 754 Mar 2,019 7,717 825 79 160 10,800 460 455 9,886 537 2,133 5,913 113 718 Apr 978 3,191 849 17 152 5,187 252 612 4,323 1,330 1,583 1,278 88 742 May 3,009 549 828 105 197 4,688 476 403 3,809 3,955 221 351 80 750 June 1,983 7,106 845 59 228 10,220 142 283 9,796 707 1,478 5.659 48 804 July 1,007 1,435 949 22 236 3,649 182 151 3,316 1,539 393 958 84 863 Aug 2,995 445 862 106 177 4,585 434 102 4,050 4,012 93 357 70 780 Sept 1,751 4,029 877 54 164 6,875 235 55 6,585 232 1,653 2,442 59 808 Oct 997 1,214 923 17 204 3,355 204 51 3,099 1,634 164 927 57 911 Nov 3,085 436 888 104 219 4,731 533 47 4,151 3,968 109 352 51 795 Dec Pl.882 3,088 939 387 6,350 303 45 6,003 Treasury receipts—Continued Trust and other accounts In ( t o e n rn b a a l s r i e s v o e f n u c e o ll c e o c l t l o e r c s ti ' o r n e s p — or c t o s n ) t. r S e o ti c r i e a m l s e e n c t u , r a it n y d , Other accounts Period Excise and miscellaneous taxes Total1 insurance accounts Total Liquor Tobacco M an an d u e r x f e a c t c i a s t i e u le re rs r ' s' Other ce R i e p - ts I m nv e e n s ts t- Ex tu pe re n s di- m In e v n e t s s t - 3 Other » Calendar year: 1949 7,529 2,204 1,320 2,221 ,784 -362 5,512 1,965 3,584 -325 1950 8,150 2,419 1,348 2,519 ,864 -38 6,543 56 6,214 -22 -333 1951 8,682 2,460 1,446 2,790 ,986 +759 7,906 3,155 4,507 271 +786 1952 +49 8,315 3,504 4,942 329 +508 Fiscal year: 1949... 7,585 2,211 1,322 2,221 ,832 -420 5,185 2,311 2,884 -410 1950 7,599 2,219 1,328 2,245 ,806 + 121 6,266 -402 6,484 -62 1951 8,704 2,547 1,380 2,841 ,936 +295 7,251 3,360 3,752 196 +353 1952 8,971 2,549 1,565 2,824 2,032 +219 8,210 3,361 4,885 275 +530 Semiannual totals: 1949—July-Dec. . 3,911 1,191 663 1,121 936 -14 3,035 1,099 1,914 -36 1950—Jan.-June. . 3,688 1,028 665 1,125 870 + 135 3,231 -1,501 455770 -26 July-Dec.. . 4,462 1,391 683 1,394 994 -173 3,312 1,557 644 -22 -307 1951—Jan.-June. . 4,241 1,156 697 1,446 942 +468 3,939 1,803 108 219 +660 July-Dec. . 4,440 1,304 748 1,343 1,045 +291 3,967 1,352 ,398 52 + 126 1952—Jan.-June. . 4,531 1,245 817 1,481 988 -72 4,242 2,009 ,486 223 +404 July-Dec . . + 121 4,073 1 ,495 2,456 106 +105 Months: 1951—Dec 712 207 101 256 148 + 198 631 59 383 14 -j-23 1952—Jan 763 197 153 236 177 -369 355 222 430 189 + 117 Feb 754 210 123 262 159 +310 804 191 403 30 + 130 Mar 718 204 124 228 162 +166 655 153 414 18 +95 Apr 742 210 135 239 157 -229 433 256 407 14 + 15 May 750 204 134 243 169 +343 999 486 420 24 +273 June 804 220 148 273 163 -293 997 702 412 -52 -228 July 863 246 140 268 210 -43 707 307 410 1 -32 Aug 780 205 149 253 173 +6 930 361 403 36 -124 Sept 808 258 147 223 180 +456 399 53 399 -9 +500 Oct 911 285 157 248 221 -207 361 22 399 -1 -148 Nov 795 269 127 268 131 + 127 958 388 383 93 +34 Dec -218 718 363 462 -14 -125 P Preliminary. l Excess of receipts (+) or expenditures (—). 2 Consists of miscellaneous trust funds and accounts and deposit fund accounts-net. The latter reflects principally net transactions of partially owned Government corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government Departments. Investments of wholly owned Government corporations are included as specified in footnote 3, but their operating transactions are included in Budget expenditures. 3 Consists of net investments in public debt securities of partially owned Government corporations and agencies and other trust funds beginning with July 1950, which prior to that date are not separable from the next column; and, in addition, of net investments of wholly owned Government corporations and agencies beginning with November 1950, which prior to that date are included with Budget expenditures (for exceptions see footnote 1 on previous page). JANUARY 1953 41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars! Public issues 3 Marketable Nonmarketable E m n o d n t o h f d T g e r o b o t t s a s l » d d T g i e r o r o b e t s a c t s s l t Total Total Hills c C e i a n e d t r e d n t s e i e f b s o i s - t f - Notes B e b l l a i e g n i k * B - on s d t B s r r i a e c n - t k ed v C ib e o l r n e t- - Total 5 b S o a n v d - s n s i T a o n a n a g t v d x e s - s S is p s e u c e ia s l 1940—Dec 50,941 45,025 39,089 35,645 1 ,310 6,178 28,156 3,444 3,195 5.370 1941—Dec 64,262 57,938 50,469 41,562 2,002 5,997 33,563 8,907 6,140 ' "2,471 6,982 1942—Dec 112,471 108,170 98,276 76,488 6,627 10^534 9,863 44,519 4^945 21,788 15,050 6,384 9,032 1943—Dec 170,108 165,877 151,805 115,230 13,072 22,843 11,175 55,591 12,550 36,574 27,363 8,586 12,703 1944—Dec 232,144 230,630 212,565 161.648 16.428 30,401 23,039 66,931 24,850 50,917 40,361 9,843 16,326 1945—Dec 278,682 278,115 255,693 198.778 17,037 38,155 22,967 68,403 52,216 56,915 48,183 8,235 20,000 1946—June 269,898 269,422 245,779 189,606 17,039 34,804 18.261 66,043 53,459 56,173 49,035 6,711 22,332 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—June 258,376 258,286 227,747 168,702 15,775 25,296 8,142 69,852 49,636 59,045 51,367 5,560 27,366 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—June 252,366 252,292 219,852 160,346 13,757 22,588 11,375 62,990 49,636 59,506 53,274 4,394 30,211 Dec 252,854 252,800 218,865 157,482 12,224 26,525 7,131 61,966 49,636 61,383 55,051 4,572 31,714 1949—June 252,798 252,770 217,986 155,147 11,536 29,427 ' 3,596 60,951 49,636 62,839 56,260 4,860 32,776 Dec 257,160 257,130 221,123 155,123 12.319 29,636 8,249 55,283 49,636 66,000 56,707 7,610 33,896 1950—June 257,377 257,357 222,853 155,310 13,533 18,418 20,404 53,319 49,636 67,544 57,536 8,472 32,356 Dec 256,731 256,708 220,575 152,450 13,627 5,373 39,258 44,557 49,636 68,125 58,019 8,640 33,707 1951—June 255,251 255,222 218,198 137,917 13,614 9.509 35,806 42,928 36,061 13,573 66,708 57,572 7,818 34,653 Dec 259,461 259,419 221,168 142,685 18,102 29,078 18,409 41,049 36,048 12,060 66,423 57,587 7,534 35,902 1952—Jan 259,813 259,775 221,249 142,690 18.104 29,079 18,421 41,040 36,046 12,047 66,513 57,664 7,539 36,233 Feb 260,399 260,362 221,776 142,701 18,104 29,079 18.434 41,040 36,044 12,034 67,041 57,682 8,044 36,360 Mar 258,124 258,084 219,301 141,376 16.863 29,079 18,450 40,942 36,042 12,018 65,907 57,680 6,911 36,493 April 258,337 258,292 219,356 141,820 17,462 28,423 18,952 40,943 36,040 11,516 66,019 57,644 7,057 36,746 May 259,951 259,905 220,540 142,625 18,267 28,423 18,956 43,061 33,918 11,512 66,403 57,614 7,470 37,198 June 259,151 259,105 219,124 140,407 17,219 28,423 18,963 48,343 27,460 13,095 65,622 57,685 6,612 37,739 July 263,107 263,073 222,963 144,340 17,213 28,170 18,971 52,579 27,407 13,145 65,478 57,709 6,440 37,945 Aug 263,225 263,186 222,753 144,148 17,206 28,019 18,974 52,579 27,369 13,186 65,419 57,753 6,330 38,307 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 Dec 267,445 267,391 226,143 148,581 21,713 16,712 30,266 58,874 21,016 12,500 65,062 57,940 5,770 39,150 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 6,757 million dollars on Nov. 30, 1952. 4 Includes Treasury bonds and minor amounts of prewar and Postal Savings bonds. 5 Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held bythe public gross U. S. Government debt agencies and End of month in (i g n c g l u u a d r - - trust funds * Federal Com- Mutual Insur- Other S a t n a d te Individuals l M an is e c o e u l s a se n c t u ee ri d - Special Public Total R B e a s n er k v s e m ba e n rc k i s a 2 l s b a a v n in k g s s c a o n m ce - r c a o t r i p o o n - s go lo v c e a r l n- Savings Other investies) iss>ues issues panies ments bonds securities tors 3 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 1 1 9 9 4 4 1 2 — — £ D > eecc 1 6 1 4 2 2 4 6 7 2 1 9 6, , 9 0 8 3 2 2 3 2 , . 2 5 1 5 8 8 1 5 0 4 0 , , 7 2 2 2 2 1 2 6 . , 2 1 5 8 4 9 4 2 1 1 , , 1 4 0 0 0 0 3 4, ,7 5 0 00 0 1 8 1 , , 2 3 0 0 0 0 1 4 0, , 1 0 0 0 0 0 1,0 7 0 0 0 0 13 5, ,4 4 0 0 0 0 10 8, ,3 2 0 0 0 0 2,3 9 0 00 0 1 19 9 4 4 4 3 — — D i3 eecc< 2 1 3 7 2 0 1 1 0 4 8 4 1 1 2 6, , 3 7 2 0 6 3 4 5 , , 2 3 4 4 2 8 2 1 1 5 0 3 , , 4 1 7 6 0 3 1 1 1 8 , ,8 5 4 4 6 3 5 7 9 7 , , 9 7 0 0 0 0 6 8 , , 1 3 0 0 0 0 1 1 5 9 , , 1 6 0 0 0 0 2 1 1 6, , 4 4 0 0 0 0 4 2 , , 3 10 0 0 0 2 3 4 6, , 2 7 0 0 0 0 1 1 2 7, , 1 9 0 0 0 0 4 7, , 0 4 0 0 0 0 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—June 269 898 22,332 6,798 240,768 23,783 84.400 11,500 24,900 17,700 6,500 43,500 20,000 8,600 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—June 258 376 27,366 5,445 225,565 21,872 70,000 12,100 24,600 13,900 7,100 45,500 20,900 9,600 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—June 252 366 30,211 5,549 216,606 21,366 64,600 12,000 22,800 13,600 7,800 47,100 18,600 8,700 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—June 252 798 32,776 5,512 214,510 19,343 63,000 11,600 20,500 15,700 8,000 48,800 17,900 9,600 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 10,500 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—Jan 259,813 36,233 6,454 217,126 22,729 62,100 9,800 16,400 21,900 9,900 49,100 14,600 10,500 Feb 260,399 36,360 6,500 217,538 22,528 61,200 9,800 16,300 22,600 10,000 49,100 15,200 10,800 Mar 258,124 36,493 6,503 215,128 22,514 60,100 9,800 16,200 21,200 10,100 49,100 15,400 10,600 Apr 258,337 36,746 6,500 215,091 22,363 60,500 9,800 16,200 20,700 10,200 49,100 15,100 11,300 May 259,951 37,198 6,524 216,229 22,273 61,000 9,800 15,900 21,600 10,200 49,000 14,900 11,500 June 259,151 37,739 6,596 214,816 22,906 61,100 9,600 15,700 20,000 10,400 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 Oct 264,964 38,390 6,681 219,893 23,575 63,000 9,600 16,000 21,000 10,900 49,100 14,800 12,100 1 Includes the Postal Savings System. 2 Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1952. 3 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. 42 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT MARKETABLE PUBLIC SECURITIES OUTSTANDING DECEMBER 31, 1952 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills 1 Certificates Treasury bonds Treasury bonds—Cont. Jan. 2, 1953. 1,200 Feb. 15, 1953 . . 8,868 Sept. 15, 1953. . . .. . . .2 7,986 Dec. 15, 1963-68. . .2H 2,828 Tan. 8, 1953. 1 ,400 Tune 1, 1953. . 4,963 June 15, 1953-54.. . . .2 5,825 June 15, 1964-69 6.. 2 H 3,758 Jan. 15, 1953 . 1,401 Aug. 15, 1953. . 2,882 June 15, 1953-54 3 2 8,662 Dec. 15, 1964-69 6..2^ 3,834 Jan. 22, 1953. 1,402 June 15, 1953-55. 2 3^4 1,501 Mar. 15, 1965-70 6. .2^ 4,724 J F F a e e n b b . . . 2 1 5 9 3 , , , 1 1 1 9 9 9 5 5 5 3 3 3 . . . 1 1 1 , , , 5 3 5 0 0 0 1 1 1 Tr D M M e e a a c a r r . . s . u 1 1 r 5 5 1 y , , , n 1 1 1 9 9 o 9 5 5 t 5 5 4 3 e . . . s . . . ..2H 1 4 5 0 i , 5 3 6 4 6 7 2 5 5 J J M T u u u a n n n r e e e . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 5 4 3 3 - - - - 6 5 5 5 0 6 5 5 5 5 5 4. . ' • . . ' 2 . 2 . 1 2 2 / \ % i 2,6 6 5 7 1 8 1 2 1 1 0 5 S J D M u e e a n p c. e r t . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 7 7 6 7 - - - - 7 7 7 7 2 2 1 2 6 . 6 . « . . . . . 2 2 . .2 2 H 3 } j^ ^ 4 3 2 2 1 , , , , 8 7 9 8 3 1 6 9 6 7 6 7 F F e e b b . . 2 1 6 9 , , 1 1 9 9 5 5 3 3 . . 1 1 , , 3 3 0 0 1 0 O A D c p e t r c . . . 15 1 1 , , , 1 1 1 9 9 9 5 5 5 5 6 6 . . . . . . 6 1 , 8 0 5 0 4 7 S S M e e a p p r t t . . . 1 1 1 5 5 5 , , , 1 1 19 9 9 5 5 5 6 6 6 - - - 5 5 5 9 8 9 . . 5'.'. 2 2 H J^ 3 1 , , 8 4 9 4 2 8 9 2 2 P b o o s n ta d l s Savings 2)4 84 M M M a a a r r r . . . 1 1 5 8 2 , , , 1 1 19 9 9 5 5 5 3 3 3 . . . 1 , 5 2 3 0 0 0 2 0 1 A Oc p t r . . 1 1 , , 1 1 9 9 5 5 6 7 . . . . 5 7 3 4 1 2 J J M u u n n ar e e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 8 8 7 - . - 6 5 . 3 9 . . 5 . '•'• 2 2 % % 4,2 9 9 4 2 1 5 7 9 Pa T n o a t m al a d C ire a c n t a i l s s L u o es an. .3 148,58 5 1 0 Mar. 19, 1953 2 200 June 15, 1959-62.'•'.2\i 5,281 . Mar. 26, 1953. 1 ,200 Dec. 15, 1959-62...2H 3,468 Dec. 15, 1960-65 6..2% 1,485 Guaranteed securities June 19, 1953 n- 2 ,003 June 15, 1962-67...2V2 2,117 Federal Housing Admin. Various 52 1 Sold on discount basis. See table on Open-Market Money Rates, p. 39, 2 Tax anticipation series. 3 Maturity Dec. 15, 1954. 4 Maturity Dec. 15, 1955. 5 Partially ta:>ax exempt. 6 Restricted. 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] Total G U ag o . e S v n . t - , F e e ra d l - Com- M tua u l - c In o s m u p ra a n ni c e e s Total G a U g o . e S v n . t - . F e e ra d l - Com- M tua u l - c In o s m u p ra a n ni c e e s End of month out- cies Re- mer- sav- Other End of month out- cies Re- mer- sav- Other stand- and serve cial ings stand- and serve cial ings ing f t u ru nd st s Banks banks1 banks Life Other ing f t u ru nd st s Banks banks1 banks Life Other Type of Treasury bonds security: and notes, due or callable: Total:* Within 1 year: 1950—June 155,325 5,35018,33158,97210,87714,086 4,04643,663 1950 -June 10,387 70 505 7,001 151 84 276 2,300 Dec 152,471 5,36520,77854,89310,14412,746 4,11644,429 Dec 38,905 912,37314,645 230 263 66310,722 1951—June 137,944 3,27220,26851,515 8,254 8,227 3,85042,558 1951—June 37,631 4910,24115,083 467 336 70810,747 Dec 142,724 3,34522,58854,148 7,880 7,381 3,98343,399 Dec 25,508 21 1,66816,793 420 133 655 5,818 1952—June 140,451 3,03122,19253,867 7,494 6,451 3,88443,532 1952-June 25,210 14 1,62016,826 327 58 635 5,730 Sept 143,934 3,12522,98054,065 7,592 6,539 4,25645,377 Sept 25,210 8 1,72016,396 277 51 677 6,081 Oct 146,818 3,11423,49555,386 7,503 6,386 4,29146,643 Oct 25,160 8 1,72016,233 275 51 675 6,198 Treasury bills: 1950-June 13,533 3 3,856 3,703 35 26 64 5,846 1-5 years: Dec. 13,627 35 1,296 3,888 33 391 83 7,901 1950--June 51,802 327 5,11633,127 1,058 619 1,11210 443 1951—June 13,614 26 527 3,750 122 756 72 8,361 Dec 33,378 189 1,28524,534 568 398 744 5,660 Dec 18,102 50 596 6,773 71 428 10410,080 1951—June 31,022 139 3,87820,853 227 113 643 5,169 1952—June 17,219 41 381 5,828 103 504 9210,270 Dec 28,678 155 5,10218,600 142 119 566 3,994 1952-June 29,434 130 5,94118,352 138 123 567 4,183 Sept 17,206 44 397 4,752 95 548 10611,264 Oct 19,712 55 203 6,411 107 421 11412,401 Sept 29,453 132 5,94118,252 133 120 590 4,285 Certificates: Oct 40,718 13814,14719,160 149 125 671 6,328 1950—June 18,418 7 5,357 5,354 64 107 274 7,255 Dec. .. 5,373 (3) 2,334 1,544 7 1 52 1,4355-10 years: 1951—June 9,509 17 3,194 2,753 37 113 174 3,221 1950—June 15,926 423 1,148 5,675 2,439 1,129 926 4,186 Dec 29,078 4912,793 6,773 41 217 445 8,760 Dec 17,411 412 982 7,329 2,125 906 1,042 4,615 1952—June 28,423 6011,821 6,877 120 76 378 9,091 1951—June 15,962 376 1,032 6,273 2,009 842 1,016 4,414 Dec 11,156 309 1,014 2,436 1,925 712 944 3,816 Sept 27,763 5212,492 6,054 65 73 398 8,629 1952-June 13,272 524 1,070 3,268 2,092 1,090 1,087 4,141 Oct 16,902 37 4,996 4,790 34 67 319 6,659 Treasury notes: Sept 17,515 626 1,070 5,926 2,308 1,158 1,351 5,076 1950—June 20,404 29 3,50011,204 154 66 337 5,114 Oct 17,565 616 1,070 6,173 2,201 1,146 1,372 4,987 Dec 39,258 1012,52715,833 136 165 54210,045 1951—June 35,806 1412,43913,704 120 208 478 8,843 After 10 years: Dec 18,409 3 5,06810,465 67 1 315 2,490 1950—June 45,084 4,482 2,349 4,092 7,13012,114 1,39213,525 1952—June 18,963 2 5,56810,431 42 5 327 2,588 Dec 43,599 4,682 2,508 2,932 7,18010,778 1,53013,989 1951—June 30,023 2,629 1,397 2,781 5,389 6,056 1,23610,535 Sept 18,982 1 5,56810,330 40 3 341 2,699 Dec 30,012 2,726 1,415 2,740 5,276 5,758 1,26910,828 Oct 30,246 913,77411,262 58 8 427 4,708 1952—June 26,707 2,231 1,358 2,681 4,707 4,589 1,12210,019 Treasury bonds: 1950-June 102,795 5,273 5,61838,69110,62413,880 3,36925,340 Sent 26,613 2,236 1,358 2,656 4,703 4,579 1,133 9,948 Dec 94,035 5,283 4,62033,607 9,96712,180 3,43724,941 Oct 26,586 2,234 1,358 2,586 4,726 4,566 1,137 9,979 1951-June 78,832 3,178 4,10831,286 7,973 7,139 3,12522,023 Dec 76,945 3,209 4,13030,104 7,697 6,720 3,11921,966 1952—June 75,660 2,897 4,42230,695 7,221 5,855 3,08521,485 Sept 79,809 3,000 4,52232,899 7,382r5,906 3,41022,690j Oct 79,782 2,986 4,52232,889 7,293¥5,881 3,42922,782 1 * Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other" are residuals. 1 Includes stock savings banks. 2 Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 3 Less than $500,000. 43 JANUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES l [Estimates. In millions of dollars] Proposed uses of net proceeds, Gross proceeds, all issuers 2 all corporate issuers6 Noncorporate Corporate New capital Re- Y m e o a n r t o h r Total G m U o e v . n e S r t . 3 n- ag F e e e r n a d c l - y4 S n m a t i n a c u d t i - - e Others Total Total B P l o i u c n b l d y - s v P a r t i e - ly f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N on ew ey7 l M a c o e n u i l s e - s - - m b t R a i o e r e n f e n - k - t s m t i e i t c o i r e e u e f n s - r t pal offered placed pur- debt, poses etc.8 1938 5,926 2,480 115 1,108 69 2,155 2,044 1,353 691 86 25 903 681 7 215 1,206 1939 5,687 2,332 13 1,128 50 2,164 1,979 1,276 703 98 87 420 325 26 69 1,695 1940 6,564 2,517 109 1,238 24 2,677 2,386 1,628 758 183 108 762 569 19 174 1,854 1941 15,157 11,466 38 956 30 2,667 2,389 1,578 811 167 110 1,040 868 28 144 1,583 1942 35,438 33,846 1 524 5 1,062 917 506 411 112 34 647 474 35 138 396 1943 44,518 42,815 2 435 97 1,170 990 621 369 124 56 408 308 27 73 739 1944 56,310 52,424 1 661 22 3,202 2,670 1,892 778 369 163 753 657 47 49 2,389 1945 54,712 47,353 506 795 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1946 18,685 10,217 357 1,157 56 6,900 4,881 3,019 1,862 1,126 891 3,889 3,279 231 379 2,868 1947 19,941 10,589 2,324 451 6,577 5,035 2,888 2,147 761 778 5,115 4,591 168 356 1,352 1948 20,250 10,327 2,690 156 7,078 5,973 2,963 3,010 492 614 6,651 5,929 234 488 307 1949 21,110 11,804 216 2,907 132 6,052 4,890 2,435 2,455 424 736 5,558 4,606 315 637 401 1950 19,893 9,687 30 3,532 282 6,361 4,910 2,350 2,560 631 811 4,990 4,006 364 620 1,271 1951 21,265 9,778 110 3,189 446 7,741 5,690 2,364 3,326 838 1,214 7,120 6,531 226 363 486 1951—Oct.. 1,789 651 70 397 16 655 422 234 188 127 106 627 548 26 53 12 Nov. 1,638 655 0 302 8 673 403 240 163 166 105 617 570 18 29 43 Dec. 1,780 601 0 296 12 871 636 131 505 104 132 811 771 29 11 45 1952—Jan.. 2,194 1,024 0 564 1 605 474 278 196 83 48 587 559 13 15 Feb.. 1,698 967 0 222 31 478 314 59 255 10 154 433 413 7 13 36 Mar. 1,649 515 0 145 16 972 748 419 329 63 161 939 875 19 45 15 Apr.. 2,336 722 228 397 22 967 771 398 372 61 135 939 844 24 70 13 May. 2,494 928 0 396 54 1,116 870 544 327 83 163 971 925 9 38 126 June. 2,452 978 0 624 848 652 211 441 84 112 798 747 5 46 38 July. 6,441 4,898 0 226 1,309 1,119 787 332 33 157 1 ,256 1,234 8 14 34 Aug.. 1,175 544 0 201 2 428 348 125 223 29 50 295 280 10 5 125 Sept. 1,339 444 0 428 4 463 381 158 223 37 45 407 386 7 14 48 Oct.. 1,932 531 0 294 59 1,049 874 399 476 6 169 940 775 9 157 94 Proposed uses of net proceeds, by major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Railroad Public utility 9 Communication a R nd e al f in e a s n ta c t i e al month T c p n e o r e e o t d t a - s l i N c ta a e l p w i - o m R e e n ti t r s e - u T c p e n o r e e t o d t a - s l i N c ta a e l p w ™ - m R e e n ti t r s e - » T c p e n o r e e t o d t a - s l i N t c a a e l p w i - f m R e e n ti t r s e 1 - ] T c p e n o r e e t o d t a - s l i N c ta a e l p w - io m R e e n ti t r s e - n T c p e n o r e e t o d t a - s l i c ta a l p i - o m R e e n ti t r s e - n T c p n e o r e e o t d t a - s l i N c ta a e l p w i - ° m R e e n ti t r s e H - 1948. 2,180 2,126 54 403 382 617 561 56 2,281 2,135 145 891 587 557 30 1949. 1,391 1,347 44 338 310 456 445 11 2,615 2,381 234 567 517 593 558 35 1950. 1,175 1,026 149 538 474 548 356 193 2,866 2,181 685 395 314 739 639 100 1951. 3,066 2,846 221 518 462 56 332 298 34 2,570 2,466 104 605 600 515 449 66 1951—October... 306 297 10 40 40 18 17 1 197 197 15 15 62 62 November. 214 194 21 46 46 76 61 15 273 266 37 37 14 14 December. 480 454 39 37 22 22 266 251 25 25 23 21 1952—January... 349 29 28 n 17 184 178 2 2 14 13 February.. 285 253 31 13 12 29 29 125 122 3 3 13 13 March.... 366 362 4 61 55 12 12 490 484 6 6 20 20 April 350 345 5 66 61 34 34 399 398 47 45 56 56 J M u a n y e 5 2 5 8 9 7 2 5 8 1 5 4 4 2 5 4 4 4 0 4 4 0 4 1 5 1 1 9 5 1 1 6 3 3 5 1 5 3 3 3 5 0 5 5 2 2 6 9 2 2 6 9 4 7 0 0 3 7 5 0 July '351 342 '9 '51 51 46 46 '282 281 '493 493 '68 44 '24 August.... '132 97 '35 '36 34 94 10 85 '122 122 '22 22 '14 10 '4 September. 185 145 39 19 19 12 12 197 196 18 18 25 18 r Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Includes issues guaranteed. * Issues not guaranteed. 6 Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. 6 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant and equipment and working capital. 8 Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debt are included under the uses for which the bank debt was incurred. 9 Includes "Other transportation." 10 Includes all issues other than those for retirement of securities. 11 Retirement of securities only. Source.—Securities and Exchange Commission. 44 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual Quarterly Industry 1951 i 1952 1946 1947 1948 1949 1950 1951 1 . 2 3 4 1 2 3 Manufacturing Total (200 corps.): Sales 21,37230,86937,00836,73844,11851,067 12,711 13,047 12,297 13,013 12,760 12,606 12,227 Profits before taxes 2,038 4,104 5,317 5,038 7,893 8,557 2,238 2,210 1,964 2,137 1,940 1,618 1,507 Profits after taxes 1,205 2,524 3,312 3,101 4,055 3,411 878 839 762 932 815 624 683 Dividends 946 1,170 1,404 1,660 2,240 1,986 469 475 475 567 482 476 475 Nondurable goods industries (94 corps.) :2 Sales 8,940 11,313 13,407 12,853 14,777 17,371 4,349 4,288 4,294 4,441 4,335 4,216 4,361 Profits before taxes 1 426 1,787 2,210 1 847 2,702 3,184 855 814 773 741 705 599 ,642 Profits after taxes 908 1,167 1,475 1,213 1,513 1,411 368 342 334 368 314 287 308 Dura D bl i e v i g d o e o n d d s s in . . dustries (106 corps.):3 449 551 657 710 889 845 199 202 203 242 210 206 205 Sales .... 12 62319,502 23,56623,88529 34133,696 8,362 8,759 8,003 8,572 8,425 8,390 7,866 Profits before taxes 607 2,312 3,105 3,191 5,192 5,374 1,382 1,405 1,191 1,396 1,234 1,019 865 Profits after taxes 295 1,355 1,835 1,887 2,542 2,000 510 497 428 565 501 338 375 Dividends 494 615 746 950 1,351 1,141 270 273 273 325 273 270 270 Selected industries; Foods and kindred products (28 corps.): Sales 2,715 3,231 3,503 3,323 3,492 3,873 1,025 901 942 1,004 959 942 983 Profits before taxes 435 421 411 379 469 407 124 86 93 104 86 93 105 Profits after taxes 254 259 258 235 257 199 61 40 46 52 40 42 49 Dividends 105 128 136 135 143 140 31 35 32 42 32 33 32 Chemicals and allied products (26 corps.): Sales 2,550 3,108 3,549 3,557 4,447 5,433 1,338 1,377 1,351 1,367 1,373 1,337 1,367 Profits before taxes 463 547 656 675 1,110 1,384 365 365 342 312 318 281 285 Profits after taxes 283 337 409 404 560 484 128 120 111 125 108 105 107 Dividends ... 180 215 254 312 438 355 84 85 87 100 87 87 88 Petroleum refining (14 corps.): Sales . .. 2 080 2,906 3,945 3,865 4,234 4,999 1,204 1,204 1,246 1,345 1,318 1,275 1,325 Profits before taxes T 269 456 721 525 650 861 217 203 218 222 204 147 165 Profits after taxes . . . 214 350 548 406 442 516 123 118 127 148 129 111 114 Dividends 92 127 172 172 205 231 57 55 55 64 64 60 60 Primary metals and products (39 corps.): Sales 5,429 7,545 9,066 8,187 10,446 12,501 3,044 3,198 3,034 3,226 3,073 2,385 2,605 Profits before taxes 451 891 1,174 993 1,700 2,092 525 557 492 519 425 98 214 Profits after taxes 270 545 720 578 854 775 188 193 176 217 220 29 102 Dividends 211 247 270 285 377 380 88 85 86 120 88 87 86 Machinery (27 corps.): Sales 2 310 3 634 4 529 4,353 5,058 6,167 1,480 1,563 1,434 1,690 1,590 1,726 1,713 Profits before taxes 37 443 567 519 847 998 250 237 210 301 232 238 218 Profits after taxes -9 270 333 320 424 367 90 82 73 123 81 80 91 Dividends . . .. 97 113 125 138 208 191 43 47 48 54 49 48 49 Automobiles and equipment (15 corps.): Sales 3,725 6,692 8,093 9,577 11,805 12,438 3,268 3,331 2,899 2,939 3,035 3,427 2,681 Profits before taxes 37 809 1,131 1,473 2,305 1,915 513 508 405 488 503 596 350 Profits after taxes -8 445 639 861 1,087 704 194 183 142 185 170 191 144 Dividends 136 195 282 451 671 479 122 119 119 119 116 114 114 Public Utility Railroad: Operating revenue 7,628 8,685 9,672 8,580 9,473 10,391 2,440 2,596 2,583 2,772 2,587 2,532 2,633 Profits before taxes 271 777 1,148 700 1,384 1,260 229 275 250 505 295 261 368 Profits after taxes 287 479 699 438 783 693 104 146 124 320 141 149 208 Dividends 235 236 289 252 312 328 101 63 53 111 80 74 66 Electric power: Operating revenue 3 815 4,291 4,830 5,055 5,431 5,867 1,504 1,419 1,423 1,521 1,603 1,491 1,513 Profits before taxes 964 954 983 1,129 1,303 1,480 413 344 320 403 498 400 382 Profits after taxes . . . .. 638 643 657 757 824 818 229 195 168 226 257 214 207 Dividends 4S8 494 493 553 619 661 157 161 162 181 172 173 177 Telephone : Operating revenue 2,148 2,283 2,694 2,967 3,342 3,729 904 918 931 976 993 1,023 1,037 Profits before taxes 313 215 292 333 580 691 175 174 160 182 194 205 182 Profits after taxes 209 138 186 207 331 341 90 92 72 86 93 98 88 Dividends . 168 131 178 213 276 318 77 79 81 81 85 87 91 1 For manufacturing, certain tax accruals for the first six months of 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. For public utility corporations, 1951 quarterly profits after taxes are as reported. 2 Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). 3 Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are from reports of the Securities and Exchange Commission. 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). JANUARY 1953 45 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES ' UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] All types Bonds and notes Stocks Year or q Y u e a a r r t e o r r P b t r a e o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d f t i i t e s s - d quarter i N ss e u w es R m e e ti n r t e s - ch N a e n t ge i N ss e u w es R m e e ti n r t e s - ch N a e n t ge i N ss e u w es R m e e ti n r t e s - ch N a e n t ge 1 1 9 9 4 3 0 9 9 6 . . 3 5 2 1. . 5 9 5 6 . . 0 4 3 4 . . 8 0 * 1 2 . . 2 4 1 1 9 9 3 4 9 0 2 9 ,1 8 8 0 2 1 2, , 7 0 2 7 1 4 - — 5 2 3 7 9 3 9 1,9 4 3 7 9 7 2 2 5 81 5 4 0 - — 6 3 1 3 1 7 2 3 4 2 3 4 2 1 6 7 0 1 6 7 4 2 1 1 1 1 19 9 9 9 9 4 4 4 4 4 5 2 1 4 3 . 2 2 2 1 1 1 5 4 7 9 . . . . . 2 1 1 3 7 1 1 1 1 7 1 1 4 3 . . . . . 8 7 2 4 5 1 1 9 9 8 0 0 . . . . . 4 4 5 6 8 4 4 4 4 4. . . . . 7 3 7 5 5 4 5 3 6 6 . . . . . 1 2 9 8 1 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 1 5 4 3 2 3 6 1 1 , , , , 3 1 7 4 4 3 5 9 2 5 3 1 3 4 7 2 3 2 6 1 , , , , , 8 4 1 8 8 1 6 2 9 4 7 4 9 9 6 - — - - 3 7 4 - 3 2 1 9 7 8 4 3 6 5 9 2 2 4 , , 3 6 9 9 9 9 9 9 2 2 1 3 6 9 4 3 2 1 1 s 3 5 3 9 8 2 1 9 9 0 7 6 5 1 0 — - - - - 1 1 3 8 6 2 9 0 0 9 5 8 4 8 71 1 4 3 2 5 7 0 3 2 3 3 2 7 2 3 1 3 3 5 8 1 2 0 0 3 5 9 1 8 7 1 2 1 2 0 8 3 1 5 s 1 1 1 1 1 9 9 9 9 9 4 4 4 5 4 7 6 9 0 8 2 3 3 3 2 3 0 9 3 7 . . . . . 5 5 6 8 1 1 1 1 1 9 1 3 8 0 . . . . . 6 9 0 4 8 2 2 1 1 1 0 1 3 8 6 . . . . . 2 7 9 5 3 5 6 9 7 7 . . . . . 8 6 0 5 3 1 1 1 8 8 3 2 2 . . . . . 1 8 5 3 0 1 1 1 1 1 9 9 9 9 9 4 4 4 4 5 7 6 9 8 0 6 6 7 7 7 , , , , 8 1 7 5 8 3 8 7 2 2 0 0 4 2 1 1 ^ , , , , 7 8 5 6 S 9 7 8 2 O 8 5 4 3 O 4 2 4 5 3 , , , , , 3 3 8 8 7 8 5 5 8 2 2 9 6 4 6 4 5 4 5 4 , , , , 0 7 9 8 8 1 2 6 3 0 5 1 7 8 6 3 2 9 1 1 , , , 0 2 5 6 8 1 8 8 2 0 1 4 3 5 9 3 4 3 2 1 , , , , , 0 0 6 2 0 9 0 5 8 0 6 4 4 4 4 2 1 1 1 , , , , , 4 6 8 8 4 3 5 6 6 1 2 9 7 5 8 1,1 4 5 6 2 7 1 0 9 9 3 2 0 2 8 1 1 1 1 1 , , , , 2 3 2 5 3 8 5 7 2 6 5 2 1951 42.9 24.2 18.7 9.0 9.6 1951 9,137 2,704 6,433 5,687 2,042 3,644 3,450 662 2,788 1 1 9 9 5 51 2 — i 3 4 2 . . . . 4 3 4 3 8 3 9 0 . . . . 6 5 3 8 2 2 2 2 2 4 3 1 . . . . 2 5 6 8 1 1 1 1 7 7 8 6 . . . . 2 3 8 9 9 9 9 9 . . . . 2 3 0 3 9 8 7 7 . . . . 8 0 9 7 1951— 3 4 2 . . . . . . . . . . . . 2 2 1 , , , 7 7 4 9 4 7 2 9 7 6 5 7 5 2 7 2 6 8 1 1 1 , , , 9 9 1 5 7 4 1 1 0 1 1 1 , , , 0 4 7 7 0 5 7 6 8 4 3 5 9 9 8 3 8 2 1 1 , , 1 0 5 7 0 8 6 8 4 1,0 9 7 7 9 1 1 1 5 1 1 1 5 9 2 9 6 8 9 5 7 4 5 9 3 6 4 1952— 3 2 1 . i . . . . . . . . . . r3 4 3 9 2 9 . . . 0 7 5 -• 2 2 2 4 2 2 . . . 7 9 6 1 1 1 6 8 6 . . . 4 6 1 9 9 8 . . . 6 9 3 '7 9 7 . . . 2 1 0 1952— 2 3 1 . . . . . . . . . . . . 2 3 2 , , , 0 4 4 8 3 5 7 8 9 5 6 7 5 0 1 8 2 6 2 1 1 , , , 8 4 7 8 8 4 0 5 3 2 1 1 , , , 1 8 6 2 8 4 2 3 0 4 5 6 8 1 1 9 3 1 1 1 1 , , , 1 6 2 5 7 1 1 0 1 9 6 7 0 3 9 5 7 8 1 6 8 0 9 9 5 8 7 53 1 2 2 5 9 4i. .. 42.0 24.4 17.6 9.3 8.3 i Reflects cash transactions only. As compared with data shown on p. 44, new issues exclude foreign and include investment company offerings, sales of securities r Revised. held by affiliated companies or RFC, special offerings to employees, and also new i Figures except those for cash dividends, are esti- stock issues and cash proceeds connected with conversions of bonds into stocks. Remates of Council of Economic Advisers, based on tirements include the same types of issues, and also securities retired with internal preliminary data. funds or with proceeds of issues for that purpose shown on p. 44. Source.—Department of Commerce. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS 1 [Estimates, in millions of dollars] End of year Net Curren. assets Current liabilities or quarter w ca o p rk it i a n l g Total Cash U s e e . r c n S u m . r i G e ti n o e t s v- r N e a c o c e c te i o v s u a n a b n t l s e d 2 I t n o v ri e e n s - Other Total N a p c o a c t y e o a s u b n a l n t e s d 3 in l F i c a e o b d m i e l r i e t a i l t e a s x Other 1939 24.5 54.5 10.8 2.2 22.1 18.0 1.4 30.0 21.9 1.2 6.9 1940 27.5 60.3 13.1 2.0 24.0 19.8 1.5 32.8 23.2 2.5 7.1 1941 32 3 72 9 13 9 4.0 28.0 25.6 1 4 40 7 26 4 7 1 7 2 1942 36.3 83.6 17.6 10.1 27.3 27.3 1.3 47.3 26.0 12.6 8.7 1943 42 1 93 8 21 6 16.4 26.9 27.6 1 3 51 6 26 3 16 6 8 7 1944 45 6 97.2 21.6 20.9 26.5 26.8 1.4 51.7 26.8 15 5 9.4 1945 51.6 97.4 21.7 21.1 25.9 26.3 2.4 45.8 25.7 10.4 9.7 1946 56 2 108 1 ?2 8 15 3 30.7 37.6 1 7 51 9 31 6 8 5 11 8 1947 62.1 123.6 25.0 14.1 38.3 44.6 1 .6 61.5 37.6 10.7 13.2 1948 68.6 133.0 25.3 14.8 42.4 48.9 1.6 64.4 39.4 11.5 13.5 1949 . . . 72 4 130.9 26.4 17.0 41.9 44.2 1.4 58.5 35.7 9.7 13.1 1950 78 4 153 0 27 3 20.8 51.8 51.4 1 7 74.6 44 6 15 4 14 6 1951—2 82.2 162.6 27.8 21.1 53.5 58.2 2.0 80.4 48.3 17.3 14.8 3 83 0 166 6 28 3 21.2 55.4 59.6 2 1 83 6 49 4 18 7 15 4 4 82.6 170.7 29.4 21.6 56.4 61.2 2.1 88.1 52.5 20.2 15.4 1952—1 84 1 171 4 28 4 21 .2 57.0 62.5 2.2 87 3 52 7 18 5 16 1 2 85.7 169.6 29.7 20.0 57.1 60.7 2.1 84.0 51.7 16.0 16.3 3 86.9 175.8 30.0 20.8 62.0 60.7 2.3 88.9 54.9 16.6 17.5 i Excludes banks and insurance companies. 2 Includes amounts due from the U. S. Government. 3 Includes amounts due to the U. S. Government. Source.—'Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT * [Estimates, in millions of dollars] Trans- Manu- Trans- Year Total f M a i c a n t n u g u r- - M in i g n- r R o a a i d l s - p o t t o h t i h r o a t e n n a r - P u u t t i b i e l s l i i - c c m C at o u io m n n i - - s Trade Other 2 Quarter Total fa m a c in n i t n u g d - r- p i t r o n i a o r c i t n l l a - . - P u t u t i b i e l s l i i - c ot A he ll r3 rail ing roads 1939 5,512 1,943 326 280 365 520 302 1,392 384 1951—2.. . 6,665 3,043 814 936 1,872 1 1 9 9 4 4 5 6 1 8 4 , , 6 8 9 4 2 8 3 6, , 7 9 9 8 0 3 3 4 8 2 3 7 5 5 4 8 8 3 9 5 2 7 3 4 5 7 0 9 5 2 3 8 2 1 1 7 2 1 , ,0 6 7 9 4 4 1 1, , 8 3 2 0 2 4 3 4 . . . . . . 6 7 , , 7 4 1 2 5 1 3 3 , , 0 5 7 7 7 9 7 7 2 7 6 6 1 1 , , 0 1 4 1 2 7 1 1 , , 8 9 7 4 0 9 1 1 1 1 19 9 9 9 9 4 5 4 4 5 7 1 9 8 0 . . . . . . . . . . . . . . . . 2 2 2 2 1 6 0 0 2 9 , , , , , 3 6 6 0 2 3 1 0 5 8 2 2 5 9 5 1 9 8 7 7 1 , , , , , 1 4 1 7 1 3 9 4 3 0 4 1 9 0 3 6 9 8 7 7 9 1 8 0 9 1 1 2 7 2 1 1 1 1 , , , ,3 1 4 3 8 5 1 7 1 8 2 1 4 9 9 1 1 1 1 , , , , 4 2 2 2 8 9 1 8 9 8 2 2 5 8 7 3 3 3 2 1 , , , , , 1 8 3 5 5 2 5 0 3 4 5 5 9 3 9 1 1 1 1 1 , , , , , 3 7 1 3 3 4 4 0 9 2 4 2 4 9 0 3 3 3 3 2 , , , , , 1 4 8 9 8 5 9 9 5 7 8 4 6 7 4 2 2 2 1 1 , , , , , 1 1 2 7 9 7 3 8 9 3 7 6 6 6 0 1952— 2 3 4 1 . . 4 . . . . . . . . . 6 6 6 7 , , , , 9 2 2 4 1 9 2 2 3 8 8 0 3 3 3 2 , , , , 1 7 4 9 3 3 8 5 5 3 4 0 6 7 7 7 0 1 2 5 0 0 3 9 1,1 9 9 8 8 7 5 4 7 0 7 7 1 1 1 1 , , , , 7 6 7 7 1 6 1 0 5 8 3 8 1952 26,860 12,452 850 1,398 1,394 3,961 6,804 1953—14.. 6,519 3,275 642 996 1,607 1 Corporate and noncorporate business, excluding agriculture. 2 Includes service, finance, and construction. 3 Includes communications,, trade,, and othe^r... * Anticipated by business. Source.—Department of Commerce and Securities and Exchange Commission. 46 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction I ( n p d h u 1 y s s 9 t i r 3 c i 5 a a - l l 3 v 9 p o r = l o u d 1 m u 00 e c ) t * io 1 n aw 1 a 9 r c 4 d o 7 n e - d t 4 r 9 a (v = ct a 1 s l 0 u 0 e)5 Employ 1 m 94 e 7 nt - 4 a 9 n = d 1 p 00 ayrolls * Freight D m ep e a n r t t- Con- W sa h l o e lecarload- store sumers' com- Manu- Non- Manufacturing ings* sales* prices » modity factures agri- production workers 1935-39 (retail 1935-39 prices * Year or month Total r D ab u- le N r d a o u b n - l - e M er i a n l - s Total R d t e i e a n s l - i- ot A h l e l r m p t e c u l m u e o r n l y a - - t - l Em m p en lo t y- P ro a l y ls - = 100 1 v 9 = a 4 l u 1 7 e 0 -4 ) 0 * 9 = 100 19 = 4 1 7 0 -4 0 9 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 79 80 34 22 41 60.6 50.2 21.5 105 32 108 7 47 4 1932 58 41 70 67 15 8 20 53.7 42 6 14 8 78 24 97 6 42 1 1933 69 54 79 76 14 7 18 53.9 47.2 15.9 82 24 92 4 42 8 1934 75 65 81 80 17 7 24 59.0 55 1 20 4 89 27 95 7 48 7 1935 87 83 90 86 20 13 25 61.6 58.8 23.5 92 29 98.1 52.0 1936 103 108 100 99 30 22 35 66.2 63.9 27.2 107 33 99 1 52 5 1937 113 122 106 112 32 25 36 70.6 70.1 32.6 111 35 102 7 56 1 1938 89 78 95 97 35 27 40 66.4 59.6 25.3 89 32 100 8 51 1 1939 109 109 109 106 39 37 40 69.6 66 2 29.9 101 35 99 4 50 1 1940 125 139 115 117 44 43 44 73.6 71.2 34.0 109 37 100 2 51 1 1941 162 201 142 125 66 54 74 83.1 87.9 49.3 130 44 105 2 56 8 1942 199 279 158 129 89 49 116 91.2 103.9 72.2 138 50 116.6 64.2 1943 239 360 176 132 37 24 45 96.6 121.4 99.0 137 56 123 7 67 0 1944 235 353 171 140 22 10 30 95.3 118.1 102.8 140 62 125 7 67.6 1945 203 274 166 137 36 16 50 92.1 104.0 87.8 135 70 128.6 68.8 1946 170 192 165 134 82 87 79 95.1 97.9 81.2 132 90 139 5 78 7 1947 187 220 172 149 84 86 83 99.6 103.4 97.7 143 98 159 6 96 4 1948 192 225 177 155 102 98 105 101 6 102 8 105 1 138 104 171 9 104 4 1949 176 202 168 135 113 116 111 98.8 93.8 97.2 116 98 170 2 99*2 1950 200 237 187 148 159 185 142 101 4 99 2 111 2 128 105 171 9 103 1 1951 220 273 194 164 171 170 172 106.6 105.4 129.2 134 109 185 6 114 8 1951 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 Tune 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 ••215 218 '267 191 156 207 193 217 107.9 '•103.4 '104.2 133.3 125 114 191.1 112.2 September '227 231 ••289 194 175 207 191 218 108.5 '105.3 '107.1 '141.7 134 106 190.8 111.8 October 229 233 298 195 164 210 185 227 108.8 106.1 107.8 143.8 128 115 190.9 '111.1 November P233 P234 P300 P197 P175 P191 P182 P197P109.1 P106.9 P108.0 el44.1 134 P112 191.1 110.7 December «234 «233 "305 "197 «171 131 "116 « Estimated; all estimates are those of the Federal Reserve. Preliminary. r Revised. * Average per working day. 1 For indexes by groups or industries, see pp. 48-5L 2 Three-month moving average, based on F. W. D the Bureau of Labor Statistics. Nonagncultural employment covers employees only and excludes personnel in the armed forces. The conssuummeerrss ' pprriiccee iinnddeexx iiss tthhee aaddjju sted sseriee,s, reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 119955000,, iiinnnttteeerrriiimmm rrreeevvviiisssiiiooonnn ooofff ssseeerrriiieeesss aaannnddd wwweeeiiiggghhhtttsss,. « For indd exes by FFeddel raRl Reserved diiistricts and for other department store data, see pp. 58-60. 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. JANUARY 1953 47 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Industrial Production—Total. . . 219 215 221 222 221 216 211 204 193 '215 '227 229 P233 Manufactures—Total 228 228 231 232 231 225 224 214 202 225 '236 241 P243 Durable Manufactures 277 282 282 284 285 277 277 247 230 »-267 '289 298 P300 Iron and Steel1 261 263 261 261 263 245 246 140 139 *244 '270 280 P282 Pig iron . . . . 232 227 229 235 239 205 208 42 38 221 242 247 244 Steel 307 304 304 304 309 278 278 66 83 283 319 332 334 Open hearth 216 219 218 221 225 196 195 39 36 202 222 233 231 Electric 954 911 913 892 911 855 867 256 418 860 1013 1040 1064 Machinery 347 358 359 360 359 354 353 352 331 '336 '352 361 P368 313 320 318 322 327 329 338 339 287 300 '349 364 P360 Automobiles (including parts) 216 221 218 219 222 227 231 229 162 175 '243 257 P255 (Aircraft; Railroad Equipment; Shipbuilding — Private and Government) 2 Nonferrous Metals and Products 209 207 216 217 218 218 216 210 201 213 '224 234 P237 Smelting and refining 235 235 243 249 252 257 259 247 242 251 248 251 P251 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 2 Fabricating . 198 196 206 204 204 203 199 195 184 197 '215 228 P230 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) * Lumber and Products 157 154 159 162 158 152 142 146 141 155 155 P161 Lumber 149 141 150 154 149 143 128 134 128 135 140 138 146 172 178 175 176 175 170 168 169 165 175 183 189 P189 Stone, Clay, and Glass Products 212 219 217 224 222 220 217 222 214 221 222 224 Glass products 199 208 210 223 224 225 227 247 243 243 245 241 P234 Glass containers 204 216 223 239 239 242 243 269 266 261 261 254 242 Cement 219 242 233 257 244 238 230 222 21S 231 227 231 233 Clay products 173 172 182 177 175 173 168 170 158 163 160 161 P161 Nondurable Manufactures 188 185 189 190 188 183 181 186 179 191 194 195 P197 Textiles and Products 157 152 157 160 152 144 151 154 147 170 '177 172 P174 Textile fabrics . . 142 137 142 146 139 131 137 138 129 152 158 154 Cotton consumption 144 136 144 150 141 130 135 133 111 143 145 142 149 Rayon deliveries 289 283 296 294 288 280 287 312 343 369 377 361 356 Wool textiles 120 118 116 122 112 108 117 112 103 123 137 134 Carpet wool consumption 94 99 120 133 123 117 113 75 71 120 148 141 Apparel wool consumption 122 121 110 116 110 110 123 125 120 139 149 142 Wool and worsted yarn .. . . 120 115 109 117 108 103 112 113 103 120 130 127 Woolen yarn 116 112 108 114 103 96 108 106 97 112 121 117 ^^orsted yarn 126 119 109 120 114 112 116 124 112 131 144 140 Woolen and worsted cloth 133 131 126 126 113 109 123 124 113 123 136 138 Leather and Products 89 88 100 107 108 102 W> 103 91 116 112 112 Leather tanning 78 79 86 90 86 84 90 92 81 97 97 103 Cattle hide leathers 94 91 98 101 98 95 105 106 91 110 107 115 Calf and kip leathers 51 59 64 73 68 72 67 69 60 79 90 88 Goat and kid leathers 53 60 70 72 69 64 67 67 71 67 77 Sheep and lamb leathers 69 71 71 74 72 69 72 79 66 89 88 93 Shoes 97 94 110 118 122 114 115 111 98 129 123 118 120 Manufactured Food Products 160 160 162 165 166 163 160 166 162 *164 '167 164 P162 Wheat flour 115 109 122 113 103 108 103 113 109 109 108 109 Pill Cane sugar meltings s Manufactured dairy products 137 136 137 138 142 146 148 147 145 148 148 146 147 Butter 64 62 65 66 71 73 73 69 70 69 71 73 73 Cheese 158 161 165 163 169 181 183 180 176 178 178 176 191 Canned and dried milk 118 119 118 120 133 149 163 164 152 168 166 155 152 Ice cream 8 p Preliminary. ' Revised. i Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 8 Series included in total and group indexes but not available for publication separately. 1 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 48 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Manufactured Food Products—Continued Meat packing 168 163 162 182 179 165 146 148 147 158 170 169 170 Pork and lard 205 200 193 228 230 207 167 170 163 180 200 194 196 Beef 143 141 145 153 141 135 140 137 144 149 151 153 155 Veal 106 84 87 84 81 79 84 99 109 121 125 131 131 Lamb and mutton 75 69 80 85 85 79 76 78 68 77 87 96 89 Other manufactured foods 166 168 169 171 172 169 169 175 171 171 '174 171 Processed fruits and vegetables 121 123 128 133 150 146 147 161 138 '123 '140 148 P131 Confectionery 136 149 145 143 135 128 130 121 117 134 136 131 Other food products 183 183 184 185 184 183 181 188 189 190 189 184 P184 A Icoholic Beverages 188 176 174 171 170 157 150 152 162 151 155 162 180 Malt liquor 180 178 185 173 171 154 149 161 176 165 160 154 177 Whiskey 86 85 73 73 68 62 38 19 21 26 28 31 Other distilled spirits 262 253 336 327 292 298 231 185 198 234 148 182 133 Rectified liquors 292 225 150 193 208 205 214 207 224 175 263 325 369 Tobacco Products 194 147 176 175 174 184 178 189 172 186 187 190 181 Cigars 129 87 108 105 109 110 114 116 113 111 123 134 124 Cigarettes 262 204 244 244 243 259 245 264 240 261 257 258 249 Other tobacco products 84 60 67 68 59 62 64 65 54 68 65 66 57 Paper and Paper Products 191 184 187 193 192 185 182 181 160 188 192 203 205 Paper and pulp 187 182 185 189 188 181 175 176 154 180 181 192 194 Pulp '. 235 223 229 237 241 228 221 227 195 229 220 233 236 Groundwood pulp 112 116 111 114 117 110 108 121 124 132 125 125 108 Sulphate and sulphite pulp 3 2 9 7 5 8 2 9 6 4 1 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 2 8 6 9 6 2 6 2 8 6 26 8? 7 25 83 6 27 89 4 2 9 8 2 0 Paper 180 176 178 181 180 174 168 168 148 172 175 186 188 Paperboard 205 191 197 209 205 202 207 201 182 222 233 246 249 188 191 192 191 189 186 175 182 150 168 165 178 182 Tissue and absorbent paper 179 181 195 184 190 186 162 168 174 180 187 '206 193 Wrapping paper 184 181 177 176 178 161 149 124 148 146 150 161 Newsprint 125 128 123 129 131 122 130 134 126 130 126 Ml 121 Paperboard containers (same as Paperboard) Printing and Publishing 175 174 175 177 177 175 170 176 157 165 165 176 175 Newsprint consumption 163 158 159 163 164 164 166 169 164 162 166 173 169 Printing paper (same as shown under Paper) Petroleum and Coal Products 276 281 281 281 278 261 209 251 259 280 r282 279 Petroleum refining Gasoline 214 215 211 212 210 205 157 216 225 231 234 225 P233 Fuel oil 226 234 238 242 227 218 167 228 231 235 232 226 P235 Lubricating oil 196 192 188 177 183 177 124 185 174 181 179 182 Kerosene 230 224 243 208 223 211 133 199 226 230 208 207 Other petroleum products 2 Coke 185 185 188 188 204 166 165 72 67 169 177 '179 182 By-product coke 177 178 179 179 197 161 161 71 67 168 174 178 179 Beehive coke 467 456 464 459 420 326 311 84 52 184 299 '243 269 Chemical Products 299 298 300 297 294 292 292 298 299 302 r302 303 v307 Paints 158 158 159 157 1 55 1 52 1 51 151 1 57 '1 54 1 55 1 58 v\ S8 Rayon 331 317 322 299 269 267 270 307 32 5 354 370 3S7 O In t d h u e s r tr c i h a e l m c i h c e a m l i p c r a o ls ducts 2 563 563 562 562 563 559 558 563 565 '568 565 576 p[-QQ Rubber Products.... 245 250 248 243 242 235 242 246 225 242 254 P259 Minerals—Total 170 163 167 167 164 166 140 147 142 156 175 164 P175 Fuels 178 170 175 174 170 171 140 161 155 161 180 167 vl80 Coal 141 125 136 123 111 110 100 96 84 93 133 93 125 Bituminous coal 152 135 147 135 122 119 107 102 91 102 144 93 135 Anthracite 99 86 91 77 68 74 73 74 57 61 88 95 87 Crude petroleum 196 193 194 199 199 201 159 193 190 194 203 203 P2O7 Metals 122 122 125 128 125 141 143 65 65 131 145 v]48 Metals other than gold and silver 175 174 177 182 176 204 207 • 71 71 188 219 212 Iron ore (Copper; Lead; Zinc) 2 Gold 45 44 47 47 48 47 51 52 54 50 48 47 Silver 65 70 72 76 78 77 75 71 63 63 63 69 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. JANUARY 1953 49 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Industrial Production—Total 220 217 217 218 217 215 211 205 194 218 231 233 P234 Manufactures — Total 229 227 227 229 228 224 224 215 203 228 r241 245 P245 Durable Manufactures 277 280 280 281 283 277 27S 249 232 '269 '291 300 P301 261 263 261 261 263 245 246 140 139 r244 *270 280 P282 Pig iron 232 227 229 235 239 205 208 42 38 221 242 247 244 Steel 307 304 304 304 309 278 278 66 83 283 319 332 334 Open hearth 216 219 218 221 225 196 195 39 36 202 222 233 2.31 Electric 954 911 913 892 911 855 867 256 418 860 1013 1040 1064 347 358 359 360 359 354 353 352 331 *336 r352 361 313 320 318 322 327 329 338 339 287 300 '349 364 Automobiles (including parts) 216 221 218 219 222 227 231 229 162 175 '243 257 P255 (Aircraft; Railroad equipment; Shipbuilding—Private and Nonferrous Metals and Products 209 207 216 217 218 218 216 210 201 213 r224 234 P237 Smelting and refining 236 235 243 249 252 257 260 246 241 251 248 251 P252 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 2 Fabricating 198 196 206 204 204 203 199 195 184 197 '215 228 P230 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products 155 141 142 148 149 152 145 155 150 rl60 167 164 vl59 Lumber 146 122 125 133 135 143 133 148 143 152 159 151 143 Furniture 172 178 175 176 170 168 169 165 175 189 P189 175 183 Stone, Clay, and Glass Products 217 212 205 208 216 224 225 216 231 235 P227 212 232 Glass products 200 197 207 218 225 240 245 235 251 247 P?36 Glass containers 206 201 219 232 222349 242 260 266 255 272 224697 262 245 237 220 188 196 200 226 241 237 236 261 263 267 252 179 177 169 168 167 168 167 169 160 169 '166 170 P166 Other stone and clay products 2 Nondurable Manufactures 191 184 186 184 180 180 187 181 195 200 200 P200 Textiles and Products 157 152 157 160 152 144 151 154 147 170 rl77 172 vl74 Textile fabrics 142 137 142 146 139 131 137 138 129 152 158 154 Cotton consumption 144 136 144 150 141 130 135 133 111 143 145 142 149 Rayon deliveries 289 283 296 294 288 280 287 312 343 369 377 361 356 Nylon and silk consumption * . . Wool textiles 120 118 116 122 112 108 117 112 103 1?3 rJ37 134 Carpet wool consumption 94 99 120 133 123 117 113 75 71 120 148 141 Apparel wool consumption 122 121 110 116 110 110 123 125 120 139 149 142 Woolen and worsted yarn 120 115 109 117 108 103 112 113 103 120 '130 127 Woolen yarn 116 112 108 114 103 96 108 106 97 112 117 Worsted yarn 126 119 109 120 114 112 116 124 112 131 '144 140 Woolen and worsted cloth 133 131 126 126 113 109 123 124 113 123 '136 138 Leather and Products 91 88 100 109 108 102 105 102 90 116 112 Leather tanning 81 79 86 96 86 84 90 90 77 95 95 104 Cattle hide leathers 98 91 100 109 98 95 105 102 86 107 105 116 Calf and kip leathers 52 58 62 77 67 69 64 70 60 83 88 89 Goat and kid leathers 52 61 70 74 68 66 66 68 70 65 '66 77 73 67 66 81 70 68 77 78 62 92 86 93 Shoes 97 94 110 118 122 114 115 111 98 129 123 118 120 Manufactured Food Products 164 158 151 149 148 149 154 165 174 185 r191 177 P166 Wheat flour 116 108 122 114 101 104 99 109 108 108 118 115 p\ 11 Cane sugar meltings * Manufactured dairy products 98 95 86 97 116 152 197 217 215 214 173 13.3 106 Butter 49 49 54 58 64 75 94 95 86 76 69 63 55 Cheese 119 116 122 134 152 188 245 256 217 199 182 1 58 143 Canned and dried milk 85 92 95 108 131 168 227 227 176 173 153 126 109 Ice cream p Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 8 Series included in total and group indexes but not available for publication separately. 1 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately. Individual indexes through June 1951 are shown in preceding BULLETINS. 50 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 Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Manufactured Food Products—Continued Meat packing 188 195 193 175 165 152 147 147 137 138 154 169 190 Pork and lard 240 264 253 223 214 188 167 170 144 139 158 183 230 Beef 148 141 148 140 128 127 140 134 146 150 163 167 161 Veal 114 79 81 74 76 78 88 99 109 118 138 149 141 Lamb and mutton. 75 68 85 86 83 77 78 73 65 75 93 100 89 Other manufactured foods 174 166 157 155 153 151 154 166 179 '195 r205 190 Pi 75 Processed fruits and vegetables. 111 96 83 84 82 89 96 124 179 '234 -•2 72 191 P121 Confectionery 161 150 149 144 125 107 100 89 96 144 175 171 Other food products 192 187 177 176 176 175 178 189 193 194 193 193 Pl 93" Alcoholic Beverages. 178 154 145 152 155 155 158 176 186 159 159 173 163 Malt liquor 139 142 151 155 159 162 170 203 220 188 161 143 136 Whiskey 86 85 73 73 68 62 51 38 19 21 26 28 31 Other distilled spirits. 549 278 219 196 190 179 139 115 115 126 202 472 280 Rectified liquors 292 225 150 193 208 205 214 207 224 175 263 325 369 Tobacco Products. 198 137 176 167 164 174 178 197 179 193 198 197 184 Cigars 129 87 108 105 109 110 114 116 113 111 123 134 124 Cigarettes 267 188 244 229 226 241 245 278 252 274 275 268 254 Other tobacco products. 86 53 66 66 59 62 64 66 54 66 69 71 59 Paper and Paper Products. 191 183 187 194 192 186 182 182 159 188 191 203 205 Paper and pulp 187 181 185 190 188 181 175 177 153 180 181 192 194 Pulp 236 223 230 238 242 230 222 227 193 227 217 232 237 Groundwood pulp 119 117 116 119 125 121 117 122 110 116 112 116 114 Soda pulp 95 94 95 99 99 95 92 89 68 82 83 89 92 Sulphate and sulphite pulp s 278 261 271 279 284 269 260 266 226 267 256 274 280 Paper 180 175 178 182 180 174 168 169 147 172 175 186 188 Paperboard 205 191 209 205 202 207 201 182 222 233 246 249 Fine paper 2 Printing paper 188 191 192 191 189 186 175 182 150 168 165 178 182 Tissue and absorbent paper 179 175 193 191 190 188 162 171 167 180 187 208 193 Wrapping paper 184 181 W7 176 178 161 149 153 124 148 146 150 161 Newsprint 126 125 123 129 131 124 131 135 124 129 126 123 123 Paperboard containers (same as Paperboard). Printing and Publishing. 183 178 170 175 180 180 174 175 145 157 166 180 183 Newsprint consumption , 178 166 148 159 171 174 173 168 141 146 168 182 184 Printing paper (same as shown under Paper). Petroleum and Coal Products. 276 281 281 281 278 209 251 259 280 '282 279 V288 Petroleum refining 2 Gasoline 214 215 211 212 210 205 157 216 225 231 234 225 P233 Fuel oil 226 234 238 242 227 218 167 228 231 235 232 226 Lubricating oil 196 190 183 175 181 184 129 185 172 179 179 182 Kerosene 237 231 248 218 227 215 134 187 210 221 206 207 Other petroleum products 2. Coke 185 185 188 188 204 166 165 67 169 177 182 By-product coke 177 178 179 179 197 161 161 67 168 174 178 179 Beehive coke 467 456 459 420 326 311 52 184 299 '243 269 Chemical Products. 304 302 302 300 298 295 291 295 299 304 309 P312 Paints 157 158 156 155 155 153 155 156 155 '152 153 158 Rayon 331 317 299 269 267 270 307 325 354 370 357 P347 O In t d h u er s tr c i h a e l m c i h c e a m l i p c r a o ls ducts 2 563 563 562 562 563 559 558 563 565 '568 565 Rubber Products. . 245 250 248 243 242 235 242 246 225 242 '248 Minerals—Total. 169 159 162 162 158 165 143 149 144 161 180 166 >174 Fuels 178 170 175 174 170 140 161 155 161 180 167 PISO Coal. 141 125 136 123 111 110 100 96 84 93 133 93 125 Crud A B e n i p t t u e h m t r r a o in c l i e o t u u e m s coal. 1 1 9 5 9 9 2 6 1 1 8 3 9 6 5 3 1 1 4 9 9 7 1 4 1 1 3 9 7 5 9 7 1 1 6 2 9 8 2 9 2 1 0 1 7 1 9 4 1 15 0 7 9 7 3 1 1 0 9 7 2 3 4 1 9 5 9 1 7 0 1 1 6 0 9 1 2 4 2 1 0 8 4 3 8 4 20 9 9 3 3 5 P2 1 8 3 07 7 5 Metals. 115 89 88 91 90 130 159 75 81 164 178 164 v!41 Metals other than gold and silver. 160 117 116 121 118 189 239 91 101 244 265 I ( r C o o n p o p r e e r: Lead; Zinc) 2 185 94 94 98 94 238 348 41 71 381 418 Gold 46 55 Silver 70 64 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 Aueust 1940, pp. 753-771 and 825-882. JANUARY 1953 51 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total 104 98 100 102 104 103 '105 108 71 84 121 125 133 Passenger automobiles 104 93 91 96 103 109 110 114 47 63 '122 125 131 Household goods, total 103 104 110 108 106 97 99 101 98 '108 '120 124 136 Carpets . . 60 63 79 75 80 83 81 44 61 76 81 99 Furniture 101 105 104 103 102 '106 '110 '113 '113 '116 118 120 Major appliances 93 100 97 95 98 82 no9 89 74 94 89 91 110 Radios and television 149 130 164 158 141 118 85 136 135 141 205 214 237 115 »• Revised. NOTE.—Figures for November 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. ADJUSTED FOR SEASONAL VARIATION Total 12,776 12,803 12,816 12,835 12,832 12,862 12,794 12,465 12,268 12,795 13,019 13,128 13,228 Durable goods 7,264 7,261 7,256 7,285 7,281 7,331 7,302 6,916 6,674 '7,188 '7,403 7,504 7,583 Primary metal industries 1,143 1,152 1,156 1,154 1,148 1,143 1,153 720 686 '1,116 '1,155 1,158 1 ,16(> Fabricated metal products 801 794 796 799 799 802 806 777 745 '795 '820 838 852 Machinery except electrical 1,261 1,263 1,276 1,275 1,267 1,276 1,263 1,255 1,215 '1,193 '1,191 1.212 1,232 Electrical machinery 707 712 718 720 715 714 715 710 706 726 747 756 776 Transportation equipment 1,234 1,235 1,235 1,251 1,266 1,288 1,307 1,323 1,169 '1 ,192 '1,311 1 .367 1,372 Lumber and wood products 712 699 667 685 680 688 635 690 709 '709 '707 691 680 Furniture and fixtures 287 290 292 290 293 293 294 297 297 '299 '301 303 306 Stone, clay, and glass products. . 470 460 457 449 449 452 449 453 448 '456 '460 463 466 Instruments and related products 229 230 231 232 232 235 233 233 238 '240 '242 245 250 Misc. manufacturing industries.. 370 374 374 375 376 382 388 398 401 '403 '408 410 408 Ordnance and accessories 59 60 59 61 63 Nondurable goods 50 52 54 55 56 58 5,492 5,549 60 5,607 61 5,624 5,645 Textile-mill products 5,512 5,542 5,560 5,550 5,551 5,531 1,088 1,082 5,594 '1,137 '5,616 1 ,147 1 ,145 Apparel and other finished tex- 1,121 1,124 1,120 1,106 1,102 1,093 1,114 '1 .149 tiles 998 1,020 1,029 1021 1,020 1,011 1,004 1,018 1,045 '1,034 '1,033 1 ,026 1 ,048 Leather and leather products. . . 319 325 330 335 336 339 344 347 345 '350 348 351 356 Food and kindred products 1,132 1,133 1,144 ,159 1,161 1,155 1,153 1,169 1 ,163 1,140 1 ,137 1 ,140 1 ,136 Tobacco manufactures 79 83 82 81 81 S3 83 82 83 84 r84 83 81 Paper and allied products 407 406 403 402 399 398 400 405 403 '410 412 414 415 Printing, publishing and allied industries 514 512 510 507 511 510 510 511 512 '514 514 517 519 Chemicals and allied products... 531 527 531 530 530 530 525 528 532 523 523 525 525 Products of petroleum and coal. 196 197 195 195 197 199 169 189 189 201 '200 203 201 Rubber products 215 215 216 214 214 213 216 218 208 214 '216 218 210 WITHOUT SEASONAL ADJUSTMENT Total 12,904 12,911 12,766 12,820 12,815 12,733 12,588 12,329 12,061 '12,886 13,337 13,357 Durable goods 7,314 7,322 7,264 7,306 7,316 7,329 7,262 6,888 6,559 '7,146 '7,417 7,553 7,637 Primary Metal Industries 1,149 1,164 1,162 1,160 1,154 1,143 1,141 716 676 '/,110 rl,155 1,164 / , 175 Blast furnaces, steel works 558 573 570 570 567 558 557 155 134 '540 566 567 and rolling mills 805 806 804 807 807 806 798 769 726 r783 r820 842 856 Fabricated Metal Products 1,255 1,269 1,276 1,281 1,280 1,282 1.269 1,261 1,203 rl,181 '/,y<?5 1,206 1,226 E M l a ec c t h M r i i n c e e a t r l a y l M w e a o x c r c h k e i p i n n t e g r E y l m ec a tr c i h ca in l ery... 2 7 4 1 1 8 2 7 4 2 5 6 2 72 4 5 7 2 7 4 2 9 7 2 7 4 2 9 2 2 7 4 1 9 4 2 7 4 0 7 8 2 70 4 6 8 2 6 4 8 2 5 ' 7 2 0 4 8 4 ' 7 2 4 4 3 6 2 7 4 6 5 4 Electrical apparatus (gen- 266 271 273 275 273 270 267 266 254 '259 '269 274 erating, etc.) 268 272 271 273 273 269 267 268 265 '281 297 307 Communication equipment. 1,234 1,235 1,235 1,251 1,266 1,288 1,307 1,323 1,169 '/,192 '1,311 1,367 1,372 Transportation Equipment Motor vehicles and equip- 655 645 633 634 643 663 667 672 521 '525 664 691 ment 395 407 415 424 428 430 437 447 454 '466 '446 475 Aircraft and parts 719 696 654 668 670 678 635 697 709 '72/ 701 696 Lumber and Wood Products 428 412 391 396 398 405 387 424 427 '437 432 Sawmills and planing mills.. 294 296 296 296 296 292 287 288 285 r303 309 314 Furniture and Fixtures 206 208 208 207 208 205 202 202 202 '210 '216 221 Household furniture 472 465 452 447 449 452 449 453 441 '458 r462 465 468 Stone, Clay, and Glass Products.. 230 232 23, 233 234 236 233 233 230 r242 246 251 Instruments and Related Products. 388 381 374 381 382 380 376 38, 375 r41-f 428 428 Misc. Manufacturing Industries.. 50 52 54 55 56 58 59 60 60 59 61 61 63 Ordnance and Accessories.... For footnotes see following page. 52 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Nondurable goods 5,590 5,589 5,502 5,514 5,499 5,404 5,326 5,441 5,502 5,740 5,829 5,784 5,720 Textile-mill Products 1,132 1,141 1,131 1,123 1,113 1,093 1,083 1,082 1,081 rl, 120 rl, 138 1,147 1,156 Broad-woven fabric mills... 544 548 540 527 518 507 503 506 509 f-519 '522 524 Knitting mills 209 211 209 210 210 210 209 212 209 221 225 228 Apparel and Other Finished Textiles 1,008 1,035 1,029 1,052 1,051 996 959 972 982 r1,050 r1,064 1,062 1,058 Men's and boys' furnishings. 233 235 228 233 238 239 238 240 239 r249 '253 255 Women's and misses' outerwear 279 296 300 309 306 275 252 252 269 r292 '291 283 Leather and Leather Products.... 317 323 330 342 344 336 330 340 340 r357 355 355 354 Footwear (except rubber)... 198 205 213 221 222 217 213 221 219 '232 r228 224 Food and Kindred Products 1,160 1,122 1,068 1,060 1,057 1,057 1,074 1,138 1,215 1,279 '1,312 1,233 1,162 Meat products 246 252 246 244 239 233 230 232 234 232 235 Canning and preserving 145 120 106 105 104 114 122 155 211 280 '321317 226 Bakery products 192 190 187 187 189 186 183 190 195 194 194 194 Tobacco Manufactures . 85 85 82 80 78 77 77 78 78 87 TQJ 91 87 Paper and Allied Products 411 410 405 404 401 398 398 403 395 r408 410 416 419 Pulp, paper and paperboard mills .... 212 212 211 210 208 206 206 209 203 '209 '•206 208 Printing, Publishing and Allied Industries 519 520 510 507 508 507 507 511 507 r5O9 514 522 524 Newspapers 154 155 151 152 152 152 154 154 154 154 155 155 Commercial printing 170 171 170 166 167 166 167 167 165 165 166 169 Chemicals and Allied Products... 542 538 536 538 538 530 517 512 511 513 526 535 535 Industrial organic chemicals. 173 171 170 168 168 163 161 163 166 168 168 170 Products of Petroleum and Coal.. 197 196 193 193 194 197 168 190 191 '205 r203 203 202 Petroleum refining 154 155 153 153 152 155 126 155 158 161 '159 159 219 219 218 215 215 213 213 215 202 212 r216 220 .... 223 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 November 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 Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Total 65.85 '70.04 70.59 70.66 40.5 41.3 41.4 41.2 1.626 1.696 1.705 1.715 Durable goods. 71.05 76.06 76.76 76.24 41.5 42.0 42.2 41.8 1.712 1.811 1.819 1.824 Primary metal industries. . . 75.23 '82.28 82.59 82.40 41.2 '41.2 41.5 41.2 1.826 -1.997 1.990 2.000 Fabricated metal products. . 69.92 ••74.42 75.85 75.75 41.4 '42.0 42.4 42.2 1.689 '1.772 1.789 1.795 Machinery except electrical. 77.63 '80.27 80.87 80.75 43.2 '42.9 42.9 42.7 1.797 '1.871 1.885 1.891 Electrical machinery 69.10 ••72.32 72.83 72.30 41.8 '42.0 42.1 41.6 1.653 '1. 722 1.730 1.738 Transportation equipment. . 77.05 '85.36 85.96 84.62 40.7 '42.3 42.2 41.4 1.893 '2.018 2.037 2.044 Lumber and wood products 60.86 '66.39 66.35 64.65 40.6 '41.7 42.1 1.499 '1.592 1.576 1.554 Furniture and fixtures 58.81 '62.33 63.45 62.72 41.1 -•42.0 42.5 1.431 '1.484 1.493 1.497 Stone, clay, and glass products 65.03 '68.19 70.22 69.39 40.9 41.2 42.0 1.590 '1.655 1 .672 1.672 Instruments and related products 70.98 '74.49 75.05 75.74 42.5 '42.3 42.4 1.670 '1.761 1.770 1 .778 Miscellaneous manufacturing industries 58.71 '62.93 64.13 64.69 40.6 41.7 42.3 1.446 '1.509 1.516 1 .533 Ordnance and accessories 75.68 '80.22 79.05 78.64 43.9 42.9 42.5 42.1 1.724 '1.870 1.860 1.868 Nondurable goods. 59.07 '62.26 62.42 62.99 39.2 40.3 40.3 40.3 1.507 1.545 1.549 1.563 Textile-mill products 50.46 '54.55 55.26 55.02 37.8 '40.2 40.6 40.4 1.335 '1.357 1.361 1.362 Apparel and other finished products 45.12 '48.64 48.19 47.76 35.5 37.5 37.5 37.4 1.271 '1.297 1.285 1 .277 Leather and leather products 45.85 '51.09 50.98 50.48 35.6 '38.5 38.1 37.5 1.288 '1.327 1.338 1.346 Food and kindred products 63.34 '63.99 64.38 66.19 42.0 '42.1 41.7 42.0 1.508 '1 .520 1.544 1.576 Tobacco manufactures 42.26 '47.20 47.56 47.38 39.3 r39.8 40.1 38.9 1.177 '1.186 1.186 1.218 Paper and allied products 65.64 '70.99 71.56 72.41 42.4 43.5 43.9 44.1 1.548 '1.632 1.630 1.642 Printing, publishing and allied products. 77.09 '82.20 81.86 81.50 38.7 39.0 38.9 1.992 '2.097 2.099 2.095 Chemicals and allied products 68.72 '71.30 71.47 73.17 41.8 41.7 42.2 1.644 -1.718 1.714 1.734 Products of petroleum and coal 81.28 '89.03 87.64 87.48 40.7 40.8 40.5 1.997 '2.161 2.148 2.160 Rubber products 69.46 '74.32 74.34 77.80 40.5 40.8 41 .1 1.715 P1.826 1.822 1.893 r Revised. NOTE.—Data are for production and related workers. Figures for November 1952 are preliminary. Back data are available from the Bureau of Labor Statistics. 53 JANUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1944 41,480 17,111 883 1,094 3,798 7,260 1.374 3,934 6,026 1945 40,069 15,302 826 1,132 3,872 7,522 ,394 4,055 5,967 1946 41,412 14,461 852 1,661 4,023 8,602 ,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 L,763 4,782 5,811 1950 . . 44,124 14,884 904 2,318 4,010 9,524 .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—November 46,482 15,761 916 2,581 4,169 9,827 1,926 4,758 6,544 December 46,608 15,811 916 2,569 4,161 9,893 1,931 4,749 6,578 1952—January 46,471 15,830 916 2,545 4,139 9,852 J .919 4,742 6,528 February 46,594 15,877 912 2,593 4,147 9,860 ,929 4,738 6,538 March 46,552 15,894 911 2,523 4,154 9,862 ,937 4,728 6,543 April .. . 46,556 15,931 899 2,517 4,116 9,849 ,942 4,748 6,554 May 46,599 15,870 894 2,497 4,134 9,912 1,948 4,772 6,572 June 46,348 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 , 964 4,783 6,676 August »-46,970 •"15,924 »-889 -2,575 ••4, 160 '9,967 1,973 '4,796 6,686 September ••47,239 -16,155 '880 ••2,580 '•4,202 '9,971 1,981 '4,777 6,693 October.. . 47,338 16,274 868 2,570 4,247 9,968 1,989 4,742 6,680 November 47,492 16,400 874 2,535 4,234 9,999 ,990 4,748 6,712 UNADJUSTED 1951—November 46 852 15,890 917 2,633 4,165 10,109 .907 4,734 6,497 December .... 47,663 15,913 916 2,518 4,161 10,660 1,912 4,702 6,881 1952—Tanuary 45,913 15,776 909 2,316 4,103 9,720 1,909 4,671 6,509 February 45,899 15,859 902 2,308 4,111 9,643 1,919 4,667 6,490 March 46,001 15,869 904 2,296 4,118 9,668 1,937 4,681 6,528 April 46,299 15,795 896 2,416 4,096 9,845 1,952 4,748 6,551 May 46,329 15,654 893 2,522 4,131 9,773 1,958 4,796 6,602 June 46,292 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 August . . . '47,124 »-16,028 '897 ••2,781 '4,208 '9,784 1 ,993 '4,844 6,589 September '47,727 '•16,389 ••885 ••2,761 '4,224 '9,960 '1,971 '4,825 6,712 October 47,826 16,493 870 2,699 4,240 10,094 1,969 4,766 6,695 November 47,862 16,529 875 2,586 4,230 10,285 1,970 4,724 6,663 r Revised. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. November 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 FORCB, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total civilian non- Employed * Not in the Year or month i p n o s p ti u t l u a t t i i o o n n a * l Total Total In nonagricul- In p TT lo «» y r e r» d labor force tural industries agriculture 1944 93,220 54,630 53,960 45,010 8,950 670 38,590 1945 94,090 53,860 52,820 44,240 8,580 1,040 40,230 1946 103,070 57,520 55,250 46,930 8,320 2,270 45,550 1947 106,018 60,168 58,027 49,761 8,266 2,142 45,850 1948 107,175 61,442 59,378 51,405 7,973 2,064 45,733 1949 108,156 62,105 58,710 50,684 8,026 3,395 46,051 1950 . . 109,284 63.099 59,957 52,450 7,507 3,142 46 181 1951 108,976 62,884 61,005 53,951 7,054 1,879 46 092 1951—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 47 436 109,274 61,518 59,714 53,702 6,012 1,804 47,756 April 109,328 61,744 60,132 53,720 6,412 1,612 47 584 May 109,426 62,778 61,176 54,216 6,960 1,602 46 648 June 109,556 64,390 62,572 54,402 8,170 1,818 45,166 July 109,692 64,176 62,234 54,636 7,598 1,942 45 516 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 November 110,198 63,646 62,228 55,454 6,774 1,418 46,552 1 The number of persons in the armed forces, previously included in the total noninstitutional population and total labor force items, is no longer available for reasons of security. 8 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 54 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollarsl Nonresidential building Public works Total R b es u i i d ld e i n n t g ial and rj Month Factories Commercial Educational Other utilities 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 January J 045 7 902.1 420.9 337.7 130.4 110.1 121.1 55.7 84.6 98.1 126.8 93.9 161.3 206.7 February 1,140.5 885.2 531.1 396.4 116.2 61.0 101.8 62.2 81.0 104.2 132.2 74.0 178.2 187.4 March 1,271.01,321.3 574 6 592.7 126.2 120.2 78.8 70.6 128.4 118.7 139 4 153.8 223 6 265.3 April 1,375.01,597.5 590.8 681.6 174.3 204.8 106.3 75.3 103.5 134.4 133.9 147.7 266.1 353.6 May. 2,573.0 1,563.7 661 1 753.8 1,274 9 78.9 60.6 79.9 123.2 145.7 175 3 158.4 278.0 347.0 June 1,439.4 1,488.9 545.2 581.8 242.0 166.4 65.4 74.2 128.1 126.7 148.3 184.2 310.5 355.6 July . . . I,422.7 1,511.3 548 1 608 1 206.9 139.9 75.4 92.2 150.1 122.4 146.9 208.1 295.2 340.5 August 1,265.81,438.7 567.6 627.6 161.8 141.5 65.5 94.2 127.9 145.4 123.8 138.9 219.3 291.2 September . L,096 02,029 2 479 7 518 5 122 5 995.1 80.0 87.1 98.5 87.3 116 6 92 9 198.7 248 4 October 1,072.01,321.0 496.2 602.3 116.4 113.4 68.8 103.1 94.5 126.0 159.1 138.0 137.0 238.1 November 951 1 1,248 8 443 9 528 4 96 5 117.4 48.4 84.5 79 0 116 9 123.1 142 6 160 2 258 9 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 :ures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] ". 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 Nov. Oct. Nov. Jan 731 1,045 902 201 306 297 530 739 605 Feb.. . 780 1,141 885 285 332 339 495 808 547 Mar... ,300 1,271 1,321 481 418 554 819 852 767 Boston 83,576 95,402 96,669 Apr.. . L,350 1,375 1,598 354 456 636 996 919 961 New York 262,274 236,441 135,069 J M J u u a l n y y e . . . . . . . 1 , , ,3 3 4 4 4 2 5 8 0 2 1 1 , , , 4 4 5 3 2 7 9 3 3 1 1 1 , , , 5 5 4 6 1 8 4 1 9 3 4 4 8 2 6 9 8 0 1,4 5 6 7 8 3 4 3 6 5 5 6 5 5 1 8 9 9 9 9 9 1 5 6 7 9 0 1,0 8 7 9 5 8 9 6 7 1,0 9 8 0 3 9 6 0 3 P C R h l i e c il v h a e m d la e o n l n p d d hia 1 1 7 0 1 5 6 0 , , , 9 8 1 3 6 9 7 3 3 1 1 7 2 1 3 5 4 , , , 1 4 6 0 7 2 5 8 6 1 9 5 0 8 0 3 , , , 9 0 23 4 9 2 1 0 Aug.. . ,549 1,266 1,439 438 486 501 1,111 779 937 Atlanta 126,615 130,320 83,276 Sept... ,287 1,096 2,029 364 318 1,269 922 778 76C Chicago 192,761 233,315 149,738 Oct.... ,136 1,072 1,321 308 310 410 828 762 911 St. Louis 93,888 83,225 73,741 Nov 1,087 951 320 326 767 625 Minneapolis 35,962 57,278 39,703 Dec... 1,168 1,100 381 476 787 624 Kansas City 61,039 65,799 46,080 Dallas 99,695 105,969 74,517 Year. 14,501 15,751 4,409 6,122 10,0929,629 Total (11 districts) 1,248,803 1,320,958 951,056 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] INSURED FHA HOMB MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION Title ] loans Mortgages [In millions of dollars] Rental War and Mili- Y m e o a n r th or Total p m P e r i r m e r o o t n v y - p t e - - 1 s S h c t t m o i r o o u m n a n c - l e - l 1 f h ( a - o T m I u t I i o s t ) i l l e e 4 y s - h g ( o T a r I u o n i D s t u d i l p n e g h e ( o V V T r u a I e i s n t ) t i l 2 - s n e ' g V ( h t T i o a n I i u r I t g y I s le ) - End of month Total C m c o i e a m r l - - M s i t n u a g v u a s l - - S l i a o n a n a g v d n s - I c a n o n s m c u e - r- a F e g e r e a d n l - - Other1 banks banks associ- panies cies! ations 1947 . . 1,787 534 («) 446 808 1948 * 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 1 1 9 9 3 3 8 9 — — D D e e c c 1 1 , , 1 7 9 9 9 3 6 90 3 2 4 3 7 8 1 1 1 9 4 2 9 2 3 1 4 2 2 1 7 5 7 3 1 9 3 0 3 1940—Dec 2,409 1,162 130 224 542 201 150 1951-Nov... 248 68 4 141 4 24 7 1941—Dec 3,107 1,465 186 254 789 234 179 Dec... 227 65 3 125 9 10 15 1942—Dec 3,620 1,669 236 276 1,032 245 163 1943—Dec....... 3,626 1,705 256 292 1,134 79 159 1952—Tan. . . 5 274 88 4 159 18 3 2 1944—Dec 3,399 1,590 260 269 1,072 68 140 Feb.... 5 211 64 2 125 8 (») 10 1945—Dec 3,156 1,506 263 253 1,000 13 122 Mar... « 207 61 2 124 7 5 8 Apr. . . 6 242 64 2 126 26 4 18 1946—June 3,102 1,488 260 247 974 11 122 May. . 6 249 71 2 128 15 7 18 Dec 2,946 1,429 252 233 917 9 106 June .. 6 273 102 2 134 6 2 18 July . . 5 269 73 3 147 14 7 15 1947—June 2,860 1,386 245 229 889 8 102 Aug... 6 260 66 3 147 13 (3) 18 Dec 2,871 1,379 244 232 899 7 no Sept... e 267 69 2 162 11 2 1 Oct.... s 306 69 3 185 22 (3) 9 1948—June 2,988 1,402 251 245 973 7 110 Nov.. . 6 259 59 3 157 8 (3) 10 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; iThe RFC Mortgage Company, the Federal National Mortgage August, 13; September, 20; October, 18; November, 22. Association, the Federal Deposit Insurance Corporation, and the and N O do T E n . o — t F ta ig k u e re a s c c r o e u p n re t s o e f n t p r g i r n o c s i s p a i l n s r u e r p a a n y c m e e w nt r s i tt o e n n p d r u e r v i i n o g u sl t y h e in p s e u ri r o e d d Un 2 it I e n d c lu S d ta es te s m o H r o tg u a s g in e g co C m or p p a o n r i a e t s i , o f n i . nance companies, industrial bauks, 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. JANUARY 1953 55 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 1952 n,i3i n.a. n.a. Pl.074 n.a. n.a. n.a. P57 420 279 141 1952—January 65 36 29 62 54 3 13 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 July 103 52 50 101 90 4 7 2 42 29 13 August 99 51 48 97 85 4 8 2 38 25 13 September 101 53 48 '•99 87 5 8 r2 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 December . . P76 n.a. n.a. 72 n.a. n.a. n.a. 29 19 10 P Preliminary. n.a. Not available. r Revised. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average =100] Monthly—seasonally adjusted Monthly—unadjusted Annual Class 1951 1952 1951 1952 1950 1951 Nov. June July Aug. Sept. Oct. Nov. Nov. June July Aug. Sept. Oct. Nov. Total 128 134 137 108 102 125 134 128 134 140 111 104 129 145 138 138 Coal 117 121 140 96 75 101 135 93 123 140 96 75 101 135 93 123 Coke 180 208 218 69 57 160 189 188 195 218 68 56 154 187 185 195 Grain... . 135 143 159 161 153 134 123 157 147 156 165 183 145 138 157 144 Livestock 68 69 70 56 56 65 70 76 76 88 45 45 61 93 117 95 Forest products 141 150 152 139 146 149 140 139 152 149 144 147 157 151 146 149 Ore . 172 205 180 53 46 216 235 233 233 174 82 73 323 352 314 258 Miscellaneous 140 147 144 119 115 140 144 145 144 149 122 116 141 155 158 150 Merchandise, 1. c. 1. 53 48 46 44 43 46 45 46 46 47 44 43 46 48 48 47 r Revised. 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 1 Merchandise imports * Excess of exports Month 1950 1951 1952 1950 1951 1952 1950 1951 1952 f anuary 741 974 1,254 623 1,025 922 118 -51 '332 February 764 1,076 1,341 600 910 893 164 166 March 860 1,295 1,424 665 1,102 964 195 193 460 April 804 1,370 1,338 585 1,033 932 219 336 406 May 830 1,354 1,463 659 1,018 835 170 336 628 June 877 1,297 1,164 687 930 861 190 366 304 July . . 779 1,186 1,017 709 895 '839 70 292 178 August 762 1,270 1,075 820 881 817 -59 390 r258 September 911 1,232 1,219 859 721 877 52 510 341 October 906 1,152 Pi,191 923 834 P918 -16 319 P273 977 1,388 855 819 122 569 December 1,065 1,438 867 800 198 638 January-October .... 8,233 12,206 P12.486 7,130 9,348 P8.858 1,103 2,858 P3.628 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-October 1952, 1,423. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 56 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 i e i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t nt - a c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALES * 1946 90 92 91 87 88 92 90 89 90 88 90 85 91 1947 98 99 99 96 97 97 96 98 97 98 98 94 99 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 . 98 99 98 100 98 100 101 97 98 99 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 111 112 115 108 105 104 111 117 108 SEASONALLY ADJUSTED 1951—November . . . 113 106 '103 114 '119 122 '111 109 107 116 129 '119 December 109 106 103 105 109 109 120 109 107 104 113 122 108 1952—January 108 102 100 110 115 114 119 106 111 97 115 122 106 February 106 100 100 110 108 109 112 105 100 113 106 115 108 March 105 104 98 109 106 114 114 103 99 94 105 115 102 April 103 99 96 102 104 108 116 100 98 98 104 114 105 ]VIay 108 101 96 107 103 116 127 104 102 104 112 128 118 June 111 103 98 107 112 122 138 105 111 100 114 132 114 July 105 106 95 106 105 106 120 97 99 104 114 123 110 August 114 109 102 115 113 127 131 111 110 115 119 127 116 September 106 101 95 105 105 112 121 103 104 98 108 119 114 October 115 109 105 114 116 '120 126 113 114 110 113 128 118 November 98 109 113 114 128 108 106 107 P117 129 128 UNADJUSTED 1951 —November 134 129 140 '147 140 '133 130 120 131 144 '126 December 184 188 179 185 181 192 204 175 168 166 185 203 189 1952—January 83 81 80 81 87 80 90 81 81 72 86 95 83 February 83 75 82 82 83 83 94 81 80 83 85 93 86 March 92 87 86 97 95 96 110 89 89 80 93 105 90 April 103 103 94 103 104 110 118 99 101 r101 104 114 103 ]VIay 108 102 95 108 105 115 122 104 106 105 112 125 113 June 105 103 95 102 105 114 117 103 103 96 106 116 108 July 84 73 69 76 82 87 96 82 81 84 93 104 96 August 98 83 76 86 99 100 115 97 98 103 110 114 112 September 112 111 100 110 110 121 126 110 110 108 115 128 115 October . . . 119 111 110 120 119 128 132 116 '121 124 120 134 117 November PI 33 P127 123 143 139 140 145 129 126 120 P132 144 136 STOCKSi 1 1 9 9 4 4 7 6 9 77 3 9 85 5 9 85 8 8 9 1 3 9 78 3 9 80 4 9 75 0 8 73 9 9 77 3 9 74 1 9 74 3 6 8 9 9 9 73 3 1948 107 105 105 107 107 105 108 111 106 110 108 110 107 1949 100 100 97 99 100 101 102 100 100 100 100 101 100 1950 109 110 104 108 106 114 120 110 112 104 113 112 110 1951 129 124 124 127 128 134 140 128 131 117 132 132 131 SEASONALLY ADJUSTED 1951—November 117 112 '114 115 114 '123 130 115 114 107 117 120 119 December 119 115 115 120 118 130 133 117 119 106 121 125 119 1952—January .. . 118 115 114 115 114 133 133 114 106 106 122 124 121 February 116 112 107 113 110 127 129 113 112 102 122 122 123 March 115 109 108 113 110 127 126 113 111 103 120 124 119 April 116 111 111 112 111 126 125 114 114 104 121 122 123 May 118 109 112 114 109 131 126 114 124 106 124 124 128 Tune 118 110 113 113 107 139 125 113 125 105 122 123 128 July 120 110 116 114 113 140 129 118 120 108 128 130 125 August 118 109 111 112 109 136 129 115 129 109 127 127 123 September , 120 109 110 113 112 132 130 118 132 113 129 131 126 October 120 109 110 '114 111 130 133 118 130 113 124 129 134 November P120 Pill 111 113 113 132 136 118 P130 111 P130 127 UNADJUSTED 1951—November .... '132 132 '131 '134 128 '137 145 133 125 119 133 135 132 December 108 108 106 105 104 114 116 109 105 97 108 115 106 1952—January 106 105 101 100 104 117 119 106 92 100 114 112 109 February 113 107 104 111 109 123 128 111 109 99 121 120 117 March 120 112 113 119 116 136 132 118 118 107 126 131 122 April 122 114 116 121 117 136 132 118 122 109 127 129 129 Mav 120 112 115 116 111 135 127 116 124 108 126 125 132 June 112 102 105 105 100 127 120 107 118 100 119 114 126 July 110 99 102 100 102 128 121 107 112 105 120 120 120 August 114 103 107 107 104 134 127 110 125 104 120 125 118 September 124 112 116 117 116 137 135 119 140 113 129 134 129 October 134 123 124 '131 124 146 145 131 147 120 135 141 147 November Pi 36 P131 128 131 128 148 153 136 123 P140 P146 141 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. 57 JANUARY 1953 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 l 1941 average monthly sales = 100 * Num- Department r b s e t e p o r o re 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 ) October Sale p s er d i u od ring Sto of cks m a o t nt e h nd ing O 19 c 5 t 2 . m 1 T o 9 e n 5 n t 2 hs O 19 c 5 t 2 . 1952 1951 1952 1951 1952 1951 Oct. Sept. Oct. Oct. Sept. Oct. GRAND TOTAL—entire store 3 359 +3 -2 -3 3.0 3.1 MAIN STORE—total 359 +3 -2 -3 3.2 3.4 245 215 238 775 717 798 Piece goods and household textiles 321 -3 -8 -6 3.6 3.7 202 183 209 719 682 769 Piece coods 301 -5 -5 i 3.3 3.2 217 193 228 715 729 722 Silks velvets and synthetics 201 -12 -7 ^ 3.4 3.0 191 167 217 644 660 646 Woolen yard goods 174 +5 -8 -11 2.4 2.9 376 328 359 928 989 1,037 Cotton yard goods . . .... .... 191 -1 + 10 4.0 3.7 173 155 171 687 671 629 Household textiles 314 -2 -10 -9 3.6 3.9 197 182 202 719 664 791 Linens and towels . .. 280 -1 -9 -9 4.4 4.8 168 151 170 738 665 804 Domestics—muslins, sheetings 259 -14 -16 -9 3.8 3.6 175 185 205 665 634 731 Blankets comforters and spreads 247 + 10 _2 -8 2.8 3.3 256 225 233 714 681 773 Small wares . ... 351 +4 + 1 + 1 3.9 3.9 205 181 198 791 683 111 Laces, trimmings, embroideries, and ribbons 205 -1 +7 3.8 3.5 218 203 221 836 749 779 Notions 242 -1 0 +5 3.6 3.4 255 245 256 927 841 882 Toilet articles drug sundries 334 +8 +2 0 3.7 4.0 167 154 155 625 528 624 Silverware and iewelrv 321 -2 -2 -1 4.5 4.4 218 179 222 987 872 980 Costume lewelrv * 2 2 8 1 7 7 + — 1 1 + -9 6 +-85 2 6. . 1 9 6 2 . . 6 8 80 -13 -8 +5 7.4 6.2 Art needlework 239 0 -3 -5 3.6 3.8 201 162 201 731 700 759 Books and stationery 283 + 12 +5 +3 3.5 3.8 243 202 218 858 668 827 Books and magazines 129 + 14 +4 +5 2.9 3.1 207 177 181 589 488 553 Stationerv 244 + 11 +6 +2 3.7 4.1 236 209 213 885 741 876 Women's and misses' apparel and accessories. 356 +7 +2 +4 2.4 2.6 261 238 244 650 603 622 Wo N m ec e k n w 's e a a n r d a m nd is s s e c s a ' r r f e s ady-to-wear accessories. . 3 31 5 7 6 + + 6 8 + + 9 1 + + 1 2 6 3 2 . . 1 1 3 2 . . 2 0 3 2 7 4 2 5 2 33 2 0 6 3 2 4 3 3 2 7 7 4 9 8 5 6 6 8 6 2 2 6 7 8 2 2 5 Handkerchiefs 290 -5 4.8 4.9 131 102 135 637 512 660 M^illinery 166 +8 + 1 +7 0.8 0.8 266 293 247 218 229 190 Women's and children's gloves 329 + 12 -1 -4 3.8 4.4 213 130 190 800 714 826 Corsets and brassieres 342 +9 +4 +5 3.0 3.1 288 277 265 862 830 825 Women's and children's hosiery 349 i -7 2.4 2.4 166 141 167 392 348 399 Underwear slips and negligees 349 +2 -1 +3 3.7 3.7 214 174 210 796 667 774 Knit underwear 254 +4 -1 +4 3.4 3.4 289 233 278 1,006 866 980 Silk and muslin underwear, and slips 296 0 -1 + 1 4.0 3.9 180 149 180 712 606 707 Negligees, robes, and lounging apparel 262 +2 +2 +7 3.4 3.3 207 161 203 721 544 671 Infants' wear 333 + 10 +6 + 7 2.6 2.6 386 350 351 992 911 927 Handbags and small leather goods . ... 341 +8 +3 +4 2.4 2.5 227 221 211 555 462 533 Wo C m hi e l n d ' r s e n a ' n s d s h c o h e il s d 4 ren's shoes 2 2 1 4 1 4 + + 6 1 0 0 - — 1 1 4 4 . . 6 6 4 4 . . 9 8 251 265 237 1,154 1,134 1,145 Women's shoes * . .. 224 +7 -1 4.6 4.9 Women's and misses' ready-to-wear apparel.. .. 355 +8 +3 +6 2.0 2.0 278 252 257 545 519 509 Women's and misses' coats and suits 345 + 11 0 1.5 1.7 360 259 325 540 574 539 Coats * 229 + 16 +3 0 1.4 1.6 Suits 4 222 -6 -12 -4 1.8 1.7 Juniors' and girls' wear 320 + 12 +4 + 10 2.0 2.0 342 328 305 670 633 605 Juniors' coats, suits, and dresses 279 + 7 + 1 +7 1.6 1.6 312 308 291 502 499 468 Girls' wear 322 + 16 +8 + 12 2.3 2.4 396 373 341 900 825 800 Women's and misses' dresses 346 +2 +2 +8 1.8 1.7 219 219 215 389 350 359 267 +2 +2 + 11 1.4 1.3 Better dresses 4 275 +4 +2 +6 2.0 2.0 Blouses skirts and sportswear . . 346 + 11 +8 + 12 2.1 2.1 346 360 312 724 651 646 Aprons housedresses and uniforms 299 0 +6 +9 2.6 2.4 149 156 150 393 335 358 Furs 264 +4 0 3.6 3.7 165 112 159 592 608 583 Men's and boys' wear 337 +8 -1 -6 4.1 4.7 233 179 216 954 883 1,016 Men's clothing . 268 +7 -5 -14 4.1 5.1 256 177 240 1,045 1,017 1,218 Men's furnishings and hats 321 +7 -1 0 4.3 4.6 208 152 195 895 753 900 Boys' wear 314 + 14 +4 -2 3.3 3.9 277 249 243 924 898 935 Men's and boys' shoes and slippers .. . 196 +9 -2 -5 5.3 6.1 207 191 190 1,089 1,015 1,140 Homefurnishings 326 -4 -9 -11 3.4 3.7 267 232 278 912 876 1,010 Furniture and bedding 255 0 -6 -10 3.3 3.7 247 220 246 807 797 895 Mattresses sorincs and studio beds 4 175 0 -3 -7 1.8 1.9 Upholstered and other furniture 4 184 0 -8 -12 3.7 4.2 Domestic floor coverings 281 -6 -18 -20 3.4 4.0 251 202 268 862 862 1,071 Rugs and carpets * 161 -5 -19 -20 3.4 4.0 Linoleum * 117 -9 -13 -I 4.2 3.9 Draperies curtains and upholstery . 304 -2 -6 j 3.2 3.2 277 212 283 893 867 901 Lamps and shades 256 -4 -6 -1 3.2 3.1 256 198 266 811 740 810 China and glassware 257 -4 -6 -1 6.9 6.7 187 167 196 1,297 1,264 1,280 Major household appliances 243 -14 -13 -32 2.4 3.0 256 258 298 615 630 88 S Housewares (including small appliances) 305 +3 -5 -5 3.7 4.0 301 296 293 1,101 1,041 1,157 Gift shoo 4 190 -3 +6 5.2 5.0 Radios, phonographs, television, records, etc.4. . 231 -+12 1 -20 -25 2.1 2.4 Radios phonographs television * 175 -16 -23 -32 1.7 2.1 Records, sheet music, and instruments 4 122 +2 -9 -8 4.6 5.1 Miscellaneous merchandise departments 325 -3 -1 -5 3.8 3.9 213 178 219 816 699 867 Toys, games, sporting goods, cameras 305 +8 +4 -9 6.1 7.3 242 171 224 1,482 1,117 1,608 Toys and games 252 +9 +7 -11 6.2 7.6 243 146 224 1,508 1,038 1,698 Sporting goods and cameras 151 +5 + 1 -5 5.7 6.3 238 168 227 1,354 950 1,376 Luggage 277 2 0 +2 5.6 5.4 182 174 187 1,023 783 991 Candy 4 186 +6 + 1 + 13 1.1 1.1 For footnotes see following page. 58 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Percentage Ratio of Index numbers change from a stocks to without seasonal adjustment, year ago (retail value) sales » 1941 average monthly sales =100 2 Department r b N s e t e p o u r o r m o e 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 ) October Sal p es e r d io u d ring Sto o c f k m s o at n e th nd ing 1 O 9 c 5 t 2 . mo 1 T 9 n e 5 t n h 2 s 1 O 9 c 5 t 2 . 1952 1951 Oct. 1952 Sept. 1 O 9 c 5 t 1 . Oct. 1952 Sept. 1 O 9 c 5 t 1 . BASEMENT STORE—total 197 + 4 0 + 2 2.2 2.2 245 211 236 530 496 525 Domestics and blankets * 136 - 3 -6 + 1 2.4 2.4 Women's and misses' ready-to-wear 187 + 6 + 2 + 5 1.7 1.7 248 214 235 430 399 412 Intimate apparel * . . 166 + 2 + 1 2.4 2.4 Coats and. suits * 173 + 15 +2 + 8 1.2 1.2 Dresses * 171 - 4 +2 + 10 1.5 1.3 Blouses skirts and sportswear 4 155 + 6 +6 + 4 1.7 1.7 Girls' wear * 123 + 15 +6 + 6 1.6 1.8 Infants' wear * 123 + 7 +5 + 11 1.9 1.8 Men's and boys* wear 161 + 8 0 - 1 2.6 2.8 281 225 260 717 656 726 Men's wear * 147 + 7 -1 1 2.6 2 9 M M e e n n ' ' s s f c u lo rn th is in h g in * gs 4 1 1 0 1 2 8 + + 1 4 1 + -3 1 - - 2 3 2 2. . 7 4 2 2 .8 9 Boys' wear * 122 + 11 +4 + 3 2.2 2.4 Homef urnishlngs 105 - 4 -7 5 2.4 2.4 253 188 263 598 549 629 Shoes 117 + 2 2 - 2 3.7 3.8 177 176 174 650 622 645 NONMERCHANDISE—total« 175 + 10 + 1 (5) (5) (5) Barber and beauty shop * 73 _ 2 +3 I5) (5) (5) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 57. 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 * Without seasonal adjustment Out- Stocks m S ( a t f o o l o n e t r s a th l » ) S m t ( o o e o c n n f k d t s h ) 2 o m ( s e t r i n o a d n n d n e g r d t o s h - f ) 2 c m ( e t R o f i o o p n e t r t - a t s h l 8 ) o m ( N r t o f d o o e n e t w r a r t s h l ) 3 Stocks s o O t r i a d n u n e g t d r - s - s o t o p r i a d n u l n u e g t d s - rs - ce R i e p - ts July 2 1 1 7 1 4 951 . . . . 7 8 8 5 1 3 July 1 1 1 9 5 9 2 . . 5 2 . . . . . . . . . . 8 8 7 3 2 9 28.... ..80 26. .. ...79 1943 average 221 546 563 220 242 2.6 2.7 5.2 1.0 Aug. 4 88 Aug. 2 87 1944 average 246 574 596 244 256 2.4 2.5 5.0 1.0 11.... . .87 9 90 1945 average 276 604 775 277 291 2.3 3.0 5.3 1.0 18 93 16. . .. ..95 1946 average 345 767 964 373 354 2.3 3.0 5.3 1.1 25 97 23 100 1947 average 365 887 588 366 364 2.5 1.7 4.3 1.0 Sept. 1 .105 30... . .110 1948 average 381 979 494 386 363 2.7 1.4 4.1 1.0 8.... .100 Sept. 6. . .. .100 1949 average 361 925 373 358 358 2.7 1.1 3.8 1.0 15.... .114 13... ..114 1950 average 376 ^1,012 '495 391 401 2.8 1.4 4.2 1.1 22 .111 20... ..113 1951 average -391 1,201 '469 388 '377 3.2 1.3 4 4 1.0 29 .114 27. . .. .112 1951—Nov.. '484 1,249 '404 486 443 2.6 0.8 3.4 1.0 Oct. 6 .110 Oct. 4. . ...116 Dec... '666 '1,008 319 -425 -340 1.5 0.4 2.0 0.6 13 .117 11. .. . .126 20 .116 18... . .124 1952—Jan... r320 '995 '402 -307 -390 -3.1 1.3 4.4 1.0 27.... .113 25... ..122 Feb... '299 1,052 '416 -356 '370 -3.5 1 .4 -4.9 1.2 Nov. 3 .121 Nov. 1. . ...115 A M p a r r . . . . . ' • 3 •3 7 4 3 8 rl 1 , 1 ,1 3 1 7 9 - 2 3 9 6 3 5 - 3 4 9 1 1 5 - - 3 3 1 6 9 4 - - 3 3 . . 2 0 - 0 1 . . 8 0 - 4 3 . . 3 8 -1 1 . . 0 2 1 1 7 0.... . . 1 12 3 7 0 1 8 5 . . . .. . . .. . 1 1 3 1 0 8 May. , '382 1,102 '273 -347 '327 2.9 0.7 3.6 0.9 24 .123 22. .. ..134 June., -353 '1,017 '410 -268 '405 2.9 1.2 '4.0 0.8 Dec. 1 .161 29... ..138 July.. '289 rQ97 -520 -269 '379 3.4 1.8 '5.2 0.9 8 .191 Dec. 6 '195 Aug.. , '3,43 1,040 -539 386 405 3.0 1.6 4.6 1.1 15.... .213 13. . .. .223 Sept.. '387 1,131 -592 -478 -531 2.9 1.5 4.4 1.2 22 .228 20. . ...237 Oct... 448 1,230 573 547 528 2.7 1.3 4.0 1.2 29 . 92 27... . .146 Nov.. P462 Pl.273 *>458 P5O5 P390 P2.8 Pl.O Pl.l 1952 1953 P Preliminary. r Revised. Jan. 1 5 2. ... . .9 78 2 Jan. 1 3 0. 82 The * f T in h a e l f r i a rs ti t o t i h s r e b e a s r e a d t io o s n a to re ta o ls f o st f o s c a k l s e s a a n n d d /o r r e c o e r i d p e ts rs fo at r t t h h e e e m n o d n o th f . the month to sales during the month. 19 . .90 17 2 These figures are not estimates for all department stores in the United States. They are the actual 26...! ..83 24 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. r Revised. 3 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. 59 JANUARY 1953 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] I 1 \ 9 T 5 o 2 v. Oct. 1952 N 19 o 5 v 2 . Oct. m 19 1 o 5 1 s 2 . N 19 o 5 v 2 . ) 1 O 9 c 5 t r 2 . IJ™ ~ *- Xov.1 Oct. : , m 1 1 9 o 1 5 s 2 . B N U N L D N S W P P B o e n L B p o r o e e o o s w o o i r w a r w w o s w t t i v r t o w e t n s e l c o i n d n a t g l d e r Y o n H l t B n f e s - e o n o i d n t e e n a w e r A c l d c k v r d S n e e f r e t o e a n r a t d e . . . s . . . . . . - + + 1 - - - - - — 9 4 4 5 4 0 2 4 4 0 1 | j 1 + + + + + + + + + + + + 1 3 7 9 4 4 8 5 4 2 6 5 1 ! ' + + + + - - - 2 1 1 2 2 3 3j R W A G L N W C C H B R C R R ic y h a o i a s o h r o u a i h c e h l n l a l r a ' n s n e h t l m u e f e r c n i s s h i o n m m t l v m h g o o t ' e i i l t v o i n h k b n k o n o s b l o i n l g t d u e l n i n g r e o l - a t e r d , e . S t o n g W , o n a N n S l . . J e . V . . . . m . . C C a . . . . . . . , . . P v P p + - — + - + - + + + 1 - - 7 1 8 7 P 9 6 3 4 2 O 1 7 . 4 ; 2 l 1 ! ' : | + + + + 1 + + + + + 2 1 1 1 4 6 9 5 5 1 1 1 3 ' j ! + + + X + + + + + + 1 1 1 2 4 4 2 5 6 0 b 0 9 0 I | C L G M F G M F T D C I D P n h l o a e e r h r e e i a i d e i n o a r r n l s i t d c i t r w e c n s r r t a e i a n i a i d o M s n a a W n 1 g g o i u H a g o x t B o o n R k p a 1 i a l a l y e o n a u y e n p l e t i e s i e s 1 1 d . J 1 K . s . . . . l . . , , , P * P + - - n - 1 - - - - - - 4 3 1 r 3 9 5 5 7 5 ' , : ! : ! ! | ' + + + + + + + + + 1 + 1 2 1 4 3 0 6 5 5 $ 3 0 5 3 ! j j | - + + + - - - - - 1 4 3 3 2 0 3 2 2 0 0 0 1 S D S W F T F S P C E H B D a a a r h h o u a l o n o a e l a n o k r c r l r l u s P c e a t l p s e e F n a s o v A a o s n r u W t o s s s e r n o i s n f x o a p ! 1 i n t o e o n C o l l r * r c n d t h t h i i r s o 1 i c s o ti .. . P P P + + + + + + + - - - - - + - 2 4 2 6 1 5 7 8 7 8 4 6 4 \ \ 1 : ; j ; : 1 l ! + + + + + + + + + + + 1 + 2 - 1 2 1 1 2 - 1 5 2 5 3 3 4 1 3 7 3 8 2 3 2 ! i : ! ; . , + + + + + + + + + + + - + + 1 2 3 1 2 6 5 2 2 9 7 5 3 4 8 0 3 Bridgeport1... -6 + 10 0 p-5 +9 0 Long Beach x... ++99 ++1 515:: +5 C P A W T N S S N A C Y L U N P C P R E R C C B B h l y c o h e r a l u o l o e l e e a k t i i i o i m i b e e h i a r v n n u n l i f w a w n l c r l r c a a v l f n a u e g e o k d g c g c k h t i a a a c d a e l n n m t o a r n a e i h * i l e h a d Y u o a l e r n y o r n e n s s s k a n k a e b n l a s x g o t c - t n p n e e l m d e J u e B i t r ; p h d a e J r * a r k F s x h t a p i t d 1 a o a 1 1 i » i r s y C l l a . n r i l e e » i s . . t 1 . . . . y . . . . . . . - - - - 1 + + 1 I - - - - - - - - - - - - - 1 5 6 7 " 7 4 0 4 4 8 4 7 5 6 I I 2 2 2 1 1 i ! . j ! ! ! i ! , + + + + + - + + + + + + 1 1 + - ++ + + + + 1 1 5 1 1 7 2 8 4 8 5 4 8 4 3 2 2 4 8 0 4 ! 0 ! i ; i | ! , , ' ! 1 | ! ! + - + + + 1 - — - _ - — - - ? - 1 1 1 2 0 3 ; 2 3 / 0 0 0 0 2 1 rx / A J O S T A A S J N M M N C B M C M R M B K B t a a t a l a h o i o r a r u a e t n c . c o a a e o i r v l i l m w s t m l a g o a k k s m a c a r n b n o u a h P t t i u m x s n s o n i p t e n t o t m d n v i l o e o a v s O g a d n t n a e l i n i i a t t n n i n b o a o x l g a r R e l a l * l v n o u l l m h e i h 1 r e e o i s o s a l a u e * l l b g m n e g r a u s y e r * . ! 1 l g . . 1 . . . . . . . . . . . . . . P + + - + + + + + - — - - v 1 4 2 5 8 4 3 5 4 O 4 - 0 ; 2 ! ^ ' 1 ! ; ! + + + + + + + + + + + + + + + + 1 2 2 A 3 1 1 1 1 1 7 9 8 2 2 0 8 4 9 6 0 9 1 3 1 ! . ! , ; i | ! | ! i : ' + + + + + + + + + + + + + + + + T + + - 2 1 • 3 5 5 9 8 6 9 8 4 7 3 5 8 3 ? 7 j 7 3 7 o j | \ | i I \ ' l M K S L S S Q S G L S S G T M L M M D D P P H F E t a S i tp i t t i a u o a . o u o r r u e v o . u . . n t n e i a r u e d a u e p t i n r n u a l L t i m n s n C l n L L P p a n t b i u n u c e n n e v x a s o e k c t e d l a go o h r k t c p e s e v s S o a y u h o r a u fu a u a v i R a h r F F i i p m i - s n i t F h l l i i p o i e i s o a a l s » o s s o l s s e l r o o i e l l l l d o c t J e l l l i l r 1 A h C s l . s s i n k . k . s . . i . 1 r s . t . e y . . 1 . . . a . . . . . . . . . . . . . , , , ' • + - + - + + + - - - — _ - - - - - - - 2 1 I 7 2 3 4 5 8 4 4 1 2 f 8 5 3 0 3 ^ 1 0 ; ! l : , ; 1 . : | j , i . ! i 7 i ; + + + + + + + + + + + + + + + 4 1 + - 1 1 — 1 ' 4 3 1 9 5 1 4 5 0 8 5 . 2 2 8 0 3 2 4 2 2 7 ! 5 1 > ! 1 1 : 0 : ! , ' ; a 1 ! + + + + + _ + + + + + + + + — - - - - - 2 6 - 1 4 1 7 1 4 2 i 7 2 3 4 8 2 1 1 6 0 1 1 5 S S T O S S S S S W S V P E B L R B D A A S A N N B a e a a a t a p a o o o v a a e i o o e n n n l v a c a c s o r l k i l n r n e a a e t w s c l s l n t t r e e o r g k l g e p i m r t t e l k a A L F J D a a r k n n m s l a j e e e a a o s m e t B o n r e i a a g t p l n l n i J t o n i d s a a o e e l d e k d n t h a d e g e » n e e a e e n s 1 s w g e e a r 1 d e n y 1 n a c o n l 1 1 L m 1 l n * t a i n d e C o 1 a s o » n s d L r c i . x s d d o t o . . i y n s . * . J . o . . . P P P p + (2 + + + + + + + + + + - - ) 4 2 P 1 7 9 2 3 2 6 3 1 l 2 O O | ! . 7 | : : : ! j r j | l + + + r 1 + + + _ - + + + 1 _ - + + 1 0 3 3 r 6 4 3 3 3 2 3 2 1 0 8 0 3 : . 9 j 1 : l - ! ; ! : ; ! ! 3 — _ - + + + + + - - - + + 1 + - 1 2 + 5 3 2 1 1 3 6 5 4 0 1 3 8 5 Portsmouth + 12, +25, +8 Wichita — 91 r + li 0 Yakima1 -1: -8 -4 Springfield l. . . —4[ +6j +2 Kansas City... -4 +1! -1 P-9 -2\ -1 Toledo » -5, +9. Joplin + 1 Youngstown *.. + l! +3! -3 St. Joseph +2 Erie* -6! +3' + 1 Omaha + +i +-6 Pittsburgh * -8, +2: —5 Oklahoma City, -3! +5j +1 Wheeling i + 1' +2! 0 Tulsa +4; +10| +9 P Preliminary. »• Revised. 1 Indexes for these cities may be obtained upon request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. 3 Ten months 1952. CONSUMERS' PRICES1 [Bureau of Labor Statistics index for moderate income families in large cities. 1935-39 average *» 100] Year or month All items Food Apparel Rent a F n u d e l, r e e f l r e ig c e tr r i a c t i i t o y n , fur H ni o s u h s in e gs Miscellaneous 1929 122 5 132.5 115.3 141.4 112.5 111.7 104.6 1933 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1941 105.2 105 5 106.3 106.4 102.2 107.3 104.0 1942 116.6 123.9 124.2 108.8 105.4 122.2 110.9 1943 123.7 138.0 129.7 108.7 107.7 125.6 115.8 1944 125.7 136.1 138.8 109.1 109.8 136.4 121.3 1945 128.6 139.1 145.9 109.5 110.3 145.8 124.1 1946 139.5 159.6 160.2 110.1 112.4 159.2 128.8 1947 159.6 193.8 185.8 113.6 121.2 184.4 139.9 1948 171.9 210.2 198.0 121.2 133.9 195.8 149.9 1949 170.2 201.9 190.1 126.4 137.5 189.0 154.7 1950 171.9 204.5 187.7 131.0 140.6 190.2 156.5 1951 185.6 227.4 204.5 136.2 144.1 210.9 165.4 1951—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 August 191 1 235.5 201.1 142.3 147.3 204.2 173.2 September 190 8 233.2 202.3 142.4 147.6 205.0 173.8 October.. . 190 9 232 4 202 1 143.0 148 4 204.6 174.4 November 191.1 232.3 201.3 143.9 149.0 204.9 174.7 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. 60 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49=100] Other commodities Y m e o a n r t o h r m c t A o i o e m l d s l i - - F p u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a a t r a i c e n o p r l x t d e - d e s - l - l H e s p u a k a r i c n o i t d n h t d d e s s e - s , r , p l t F i e o m a i g u r n n w i h a e g d a e - t l l , - r s , C a p i u a l c r h 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 b d d r s - - L p w u a b r u o c n o e m o t d d r s d - - p p a P u a a l r u l c n p o i l e t d e d p s d r - , , M m p u a r e e c n o t t t d a d a s l - l s p c M u m t a e r h i c n o r v i o a t y n d d e s - - - - F h o a h d t a o u b t u o u n h u r l r l r d e e n s e d - s e r i- -e s N t r t m t m a u a r o l l r u i e l s n a n i c - — c - l - - b m b e t o b f a T u r a a t a e a n c r t o c n v g l e d 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 98.2 9S 3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95.6 93.9 98.0 100.8 1948 104.4 107.3 106.1 103 4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101 7 100.4 103.1 1949 99 2 92 8 9= 7 101 3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104 4 101.6 96.1 1950 103.1 97.5 99.8 105 0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106 9 102.4 96.6 1951 114.8 113.4 111 4 115 9 110.15 120.3 106.7 110.0 148.0 123,9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1951 November . 113 6 112.0 111 0 114 5 103.9 107.0 106.9 108.6 144.6 121.1 118.4 122.5 120.5 112.7 in 6 107.5 108.9 December 113,5 111.3 110.7 114 6 104. C 105.1 107.4 108.4 144.3 120.3 118.4 122.5 120.7 112.7 ii? 8 108.1 109.8 1952 January .. . 113 0 110.0 110.1 114 3 103.3 102.2 107.4 106.7 144.1 120.1 118.2 122.4 120.8 112.3 ii? 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 10?> ? 113 8 100.6 98.0 107.4 105.4 142.0 120.5 117.7 122.6 121.8 111.9 112 9 110 8 109 2 April 111.8 108.7 108.0 113 3 99.9 94.1 106.3 104.8 140.6 120.9 117.4 122.5 121.6 112.1 11? 8 110.8 109.5 May 111.6 107.9 108.6 113 0 99.3 94.7 106.0 104.3 140.4 120.7 116.9 121.8 121.6 111.7 11? 9 110.8 108.4 June •.. 111.2 107.2 108.5 112 6 99.C 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 5 98.9 96.2 106.0 104.2 130.0 120.2 115 3 121 9 121.4 111 6 113 8 110 R 105 5 August 112 2 109 9 110.5 113 0 99.1 96.5 105.8 104.0 127.8 120.5 115.6 124.1 121 A 111.5 in 8 110 108.9 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 m 8 110.8 108.3 October rlll 1 104 9 S113 0 99.2 '96.7 106.6 103.9 126.0 120.2 115 5'124 1 121.3 112.0 114 4 110 108 4 November 110.7 103.8 107.7 112 8 98. ( 97.8 106.4 103.5 126.5 119.7 1.5.5 123.9 121 .3 112.1 114.5 110.8 105.7 1 1951 1952 1951 1952 Subgroup Subgroup Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce .... 106.9 115.6 111.7 113.2 Woodpulp 114 5 109.3 109.3 108.8 Grains 103.9 96.9 95.0 96.5 Wastepaper 01 7 78.5 71 .2 65.7 Livestock and poultry . .. 108.5 99.3 94.8 93.0 Paper 19? 4 124.0 124.9 124.9 Plant and animal fibers 128.4 113.3 109.6 107.1 Paperboard 131 S 124.6 124.6 124 8 Fluid milk 107.7 113.8 114.8 114.4 Converted paper and paperboard.. 116 3 112.6 112.2 112.3 Eggs 131.5 112.5 124.8 117.6 Building paper and board 11 S4 115.8 115.8 117 6 Hay and seeds 101 .0 96.4 96.7 98.5 Metals and Metal Products: Other farm products 135.3 136.6 136.0 132.5 Iron and steel 1?S 1 127.5 127.3 127.0 Processed Foods: 1?,4 1 124.7 122.9 22.5 Cereal and bakery products 107.8 106.5 106.4 107.1 Metal containers 1?1 1 124.2 125.1 125.1 Meats, poultry and fish . . . 115.8 109.4 104.1 101.9 Hardware 1?S 8 123.8 125.3 125.3 Dairy products and ice cream 111.1 116.4 115.9 115.5 Plumbing equipm*nt. . . 121.3 118.1 118.1 118.1 Canned, frozen, fruits & vegetables. 106.1 105.9 105.9 105.9 Heating equipment 114.4 113.7 113.7 113.7 Sugar and confectionery 105.8 110.5 110.7 110.0 Fabricated struc. mptal nrnrinrrs 11 SQ 115.6 114.0 114.1 Packaged beverage materials. 161 .9 161.9 161 .9 161.9 Fabricated nonstructural metal Other processed f<"»nr1s 121.5 127.6 124.1 122.1 products 1?4 4 125.6 125.8 125 9 Textile Products and Apparel: Machinery and Motive Products: Cotton product3 102.3 98.9 ^99.2 98.4 Agri. mach. and equipment 120 2 121.5 121.5 121.6 Wool products 122.0 112.4 113.2 112.6 Cons. mach. and equipment 1?3*8 125.8 125.8 126.2 Synthetic textil 91 .5 89.9 89.5 89.1 Metal working machinery 128.0 129.2 129.1 128.9 Silk products 123.2 139.3 140.0 130.3 General purpose mach., efo- I'M 122.3 121 .8 121.8 Apparel 102 .3 99.3 98.4 98.3 Miscellaneous machinerv. . . 119 6 119 2 119 4 119 5 Other textile products. 134.2 95.0 94.5 86.9 Elec. mach. and equipment 122. 1 119.7 119.0 119.0 Hides, Skins, and LeatherProducts: Motor vehicles 116.3 119.7 119.7 Hides and skins 87.6 64.4 '65.4 69.9 Furniture; Other Household Durable.r Leather 100.3 89.3 r90.1 90.5 Household furniture . . 11S S 112.6 112 6 112 8 Footwear 118 0 110 6 110 6 111 0 Commercial furniture 122 8 122 5 123 2 123 2 Other leather products... . 105.7 99.9 '99.2 99.6 Floor covering PS 4 122.4 122 4 122 4 Fuel, Power, and Lighting Materials: Household appliances 107.9 107.3 107.2 107.2 Coal 108.8 107.6 113.3 113.4 Radio, TV, and pilonoeranhs . . 93 0 93.7 93.7 93.8 Coke 124.4 124.3 124.3 124.3 Other household durable goods 117 4 119.5 119 5 119 6 Gas 99 2 100 3 100 4 100 4 Nonmetallic Minerals—Structural: Klectricity 98.0 101.3 '98.5 98.5 Flat glass 114 0 114.4 114.4 114.4 Petroleum and products .. 110 9 108.5 108.5 108.1 Concrete ingredients 112 Q 112.9 113 0 112 9 Chemicals and Allied Products: Concrete products 112 4 112.7 112.7 112.7 Industrial chemicals 120.9 114.3 113.9 112.7 Structural clay prc">diirts 1?1 4 121 .3 124.0 124.0 Paint and paint materials 109 8 107 0 106 5 106 3 Gypsum products 117 7 117 7 117 7 117 7 Drugs, Pharmaceuticals, cosmetics . 95.0 92.1 '92.0 91.9 Prepared asphalt roofing. 105 4 106.0 106.0 106.0 Fats and oils, inedible 65.2 48.9 '51.0 53.2 Other nonmetallic mineraIs 111 1 112.0 112.7 114.4 Mixed fertilizers 109.0 110.3 110.7 110.4 Tobacco Mfrs. and Bottled Beverages: Fertilizer mater als 108 1 111 0 111 0 111.1 Cigarettes 105 0 105.7 105.7 105 7 Other chemicals and products. 105.9 103.0 103.0 102.9 Cigars 98 0 102.4 102.4 102.4 Rubber and Products? Other tobacco nrodncta 111 Q 118 4 118 4 118 4 Crude rubber.. 197.3 128.3 126.6 130.3 Alcoholic beverages 105 9 111 .2 111.2 111.2 Tires and tubes 133.9 126.3 126.3 126.3 Nonalcoholic beverages 119 7 119.7 119.7 119.7 Other rubber prr>Hnrts 130 8 125 2 125 2 124 6 Miscellaneous: Lumber and Wood Products: Toys, sporting goods, small arms.. 115 4 113.1 113.2 113.2 Lumber. . 120 8 120 6 120 2 120 0 Manufactured animal feeds 108 108 3 108 4 103 3 Mill work 129 1 127 2 127 7 127 S Notions and accessaries 101 /] 90 8 90 9 91 1 Plywood 109.4 106.0 106.1 102.3 Jewelry, watches, \)hoto equipment 101 2 101.0 101.0 101.0 Other miscellaneoi 120 7 120.8 120.8 120.8 ' Revised. Source.—Bureau of Labor Statistics. Back figures.—See BULLETIN for March 1952, pp. 311-313. JANUARY 1953 61 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] R E L A T I ON OF G R O SS N A T I O N AL P R O D U C T, N A T I O N AL I N C O M E. P E R S O N AL I N C O M E, A ND S A V I NG Annual totals Seasonally adjusted annual rates 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 — .1 .0 .0 .4 5 .1 .2 .5 .2 — .2 Equals: National income 87.4 39.6 72.5 103.8 198.7 223.5 216.3 239.2 277.6 280.2 285.6 288.0 286.9 n.a. Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 24.7 31.7 29.2 34.8 41.6 41.9 42.5 42.7 41.2 n.a. Contributions for social insurance. . .2 .3 2.1 2.8 5.7 5.2 5.7 6 9 8 2 8.1 8 3 8 5 8.4 8.6 Excess of wage accruals over disbursements . .. . ... .0 .0 .0 .0 .0 .0 .0 .0 0 .8 — .6 .1 .0 — .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 Equals: Personal saving 3.7 - 1 .2 2.7 9.8 3.9 10.5 6.7 11.2 17.0 20.7 21.1 17.3 16.5 20.3 N A T I O N AL I N C O M E, BY D I S T R I B U T I VE S H A R ES Annual totals Seasonally adjusted annual rates by quarters 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 2 50.2 28.8 45.7 61.7 122.1 134.4 133.4 145.6 169.9 172.1 174.3 177.4 177.8 181.0 Private 45.2 23.7 37.5 51 104.8 115.7 113.0 123.4 141.2 142.0 143.8 145.8 145.6 148.3 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 3... 19.7 7.2 14.7 20.8 42.4 47.3 42 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 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 1.5 7 11.9 13.0 10.8 18.4 24 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 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 3.2 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. 62 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Con tinned [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates Annual totals by quarters 1951 1952 1929 1933 1939 1941 1947 1948 1949 1950 1951 3 4 1 2 3 Gross national product 103.8 55.8 91.3 126.4 233.3 259.0 258.2 284.2 329.2 330.9 337.1 339.7 342.6 343.4 Personal consumption expenditures 78.8 46.3 67.5 82.3 165.6 177.9 180.6 194.3 208.0 206.4 210.5 213.2 214.9 215.0 Durable goods ... . . 9 4 3 5 6.7 9.8 21.4 22.9 23.8 29.2 27.1 25.5 25.3 25.2 26.4 24.2 Nondurable goods 37.7 22.3 35.3 44.0 95.1 100.9 99.2 102.8 113.5 113.2 116.2 118.0 117.8 118.9 Services 31.7 20.6 25.5 28.5 49.1 54.1 57.5 62.4 67.3 67.6 69.0 70.0 70.8 71.9 Gross private domestic investment 15 8 1 3 9.9 18.3 30 2 42.7 33.5 50.3 58.5 56.2 52.9 50.0 49.3 51.7 New construction l 7.8 1.1 4.9 6.8 13.9 17.7 17.2 22.9 23.3 22.4 22.4 23.7 23.6 23.0 Residential, nonfarm 3 6 5 2 7 3 5 6 3 8 6 8.3 12.6 11.0 9.9 10.3 11.0 11.0 10.9 Other 4.2 .7 2.2 3.3 7 6 9.1 9.0 10.3 12.3 12.5 12.1 12.7 12.6 12.2 Producers' durable equipment 6.4 1.8 4.6 7.7 17.1 19.9 18.7 22.0 24.9 24.9 24.7 25.7 25.7 25.0 Change in business inventories.... 1.6 -1.6 .4 3.9 -.8 5.0 -2.5 5.5 10.3 8.9 5.8 .6 .1 3.7 Nonfarm only 1.8 -1.3 .3 3.4 1.4 3.7 -1.6 4.6 9.4 8.2 5.2 -.1 -.8 3.0 Net foreign investment .8 .2 .9 1.1 8.9 1.9 .5 -2.3 .2 1.1 2.6 2.2 .4 -1.2 Government purchases of goods and services Federal 8 1. . 3 5 82..00 153..21 1264..97 2158..86 2316..06 4253..46 4221..29 6402..96 6457..53 4781..92 5714..24 5748..90 5747..89 O N t a h ti e o r nal security 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 Wage and salary disbursements Pro- dends personal Per- Other prietors' and Trans- contri- Non- Year or month sonal . labor and per- fer butions agriculincome r T ec o e t i a p l ts4 b m T u d o e i r s n t s a - e t l s - d p m in C u r o o g s o t d d m r i u i n i t - e c y - s - D i u n i t s r t d t i i u r e v i s s e b - - S i e n t r r d v i u e ic s s e - m G er o e n n v - t - income8 in re co n m ta e l 8 i i n n s t o c e o n r m a e l s e t m p e a n y t - s' i a s n o n f s o c c u i e r a r 8 - l in t c u o r m al e9 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .5 19.7 13.3 1.5 .1 76 8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .4 7.2 8.2 2.1 2 43 0 1939 72 6 45.1 45.7 17.4 13.3 6.9 8.2 5 14.7 9.2 3 0 6 66 3 1941 95.3 60.9 61.7 27.5 16.3 7.S 10.2 6 20.8 9.9 3.1 .8 86.1 1947 191 0 119 9 122.0 54.3 35.1 15.3 17.2 2.4 42.4 14.5 11 8 2 1 170 8 1948 209 5 132.1 134.3 60.2 38.8 16.6 18.7 2.8 47.3 16.0 11.3 2 2 187 1 1949. 205.9 131.2 133.4 56.9 38.9 17.2 20.4 3.1 42.1 17.1 12.4 2.2 188.7 1950 226 3 142 7 145.6 63.5 41.3 18.6 22 2 3.8 45 2 19 5 15 1 2 9 208 5 1951 254.1 166.5 169.9 74.9 45.9 20.3 28.7 4.2 50.6 20.4 12.4 3.4 233.6 1951_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 October 276.1 184.0 187.5 82.9 49.9 21.8 32.9 4.6 53.5 21.3 13.0 3.8 255.4 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 6 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 9 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. JANUARY 1953 63 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Noninstalment credit Total E o n r d m of o n y t e h ar co c n r s e u d m it er i c T m n r s o e e t t d n a a i l t l t - Total A S u al t e o m cr o e b d i i l t e Other Loans1 no c T n m 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 n 2 - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,031 4,424 2,792 1,267 1,525 1,632 2,607 530 1,544 533 1940. . 8,163 5,417 3,450 1,729 1,721 1,967 2,746 536 1,650 560 1941 8,826 5,887 3,744 1,942 1,802 2,143 2,939 565 1,764 610 1942 5,692 3,048 1,617 482 1,135 1,431 2,644 483 1,513 648 1943 . 4,600 2,001 882 175 707 1,119 2,599 414 1,498 687 1944 4,976 2,061 891 200 691 1,170 2,915 428 1,758 729 1945 5,627 2,364 942 227 715 1,422 3,263 510 1,981 772 1946 8,677 4,000 1,648 544 1,104 2,352 4,677 749 3,054 874 1947 11,862 6,434 3,086 1,151 1,935 3,348 5,428 896 3,612 920 1948 . 14,366 8,600 4,528 1,961 2,567 4,072 5,766 949 3,854 963 1949 16,809 10,890 6,240 3,144 3,096 4,650 5,919 1,018 3,909 992 1950 .. 20,097 13,459 7,904 4,126 3,778 5,555 6,638 1,332 4,239 L.067 1951 20,644 13,510 7,546 4,039 3,507 5,964 7,134 1,436 4,587 1,111 1951—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 L,106 December 20,644 13,510 7,546 4,039 3,507 5,964 7,134 1,436 4,587 L.lll 1952—January .... 20,126 13,314 7,322 3,962 3,360 5,992 6,812 1,445 4,253 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 L.119 "M.2iy . 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 21,657 15,193 8,339 4,708 3,631 6,854 6,464 1,469 3,848 1,147 October P 22,288 15,572 8,653 4,882 3,771 6,919 6,716 1,488 4,075 1,153 November? 22,798 15,883 8,910 5,034 3,876 6,973 6,915 1,513 4,246 1,156 ' Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Total b m C a e n o r k m ci s a - l l p S c l a o m o n a m a i n e l - l s I b n t a r d n ia u k l s s - 2 I p c n l t a o o r d n i a m a u 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 a s a p u n d t n a i r e d s o i e r r n d n 8 - b m C a e n o r k m ci s a - l l p S c l a m o o n a m a i n e l - l s b I a n tr n d i k a u s l s - 2 p I a c n l t o n o r d a i m i u a e n l s s - - 2 u C n r i e o d n it s 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 J.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 1,231 231 210 286 1947 3,348 1,435 701 166 134 225 119 568 2,636 1,432 310 282 428 1948 4,072 1,709 817 204 160 312 131 739 3,069 1,534 375 318 577 1949 4,650 1,951 929 250 175 402 142 801 3,282 1,737 418 334 712 1950 5,555 2,431 ,084 291 203 525 157 864 3,875 1,946 481 358 894 1951 5,964 2,510 ,268 301 229 542 176 938 4,198 2,437 528 417 947 195 I—October 5,841 2,522 ,191 299 222 535 168 904 373 205 52 40 86 November .. 5,871 2,509 ,211 299 225 535 170 922 347 228 45 38 83 December... 5,964 2,510 1,268 301 229 542 176 938 354 292 50 42 84 1952—January. ... 5,992 2,521 1,273 300 230 541 176 951 393 184 46 38 85 February. .. 6,027 2,542 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 L,320 319 246 589 181 L.004 479 236 52 44 116 June 6,589 2,838 1,346 330 254 614 183 L,024 497 248 56 44 122 July . .. 6,706 2,892 1,366 341 259 631 185 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 .. 6,854 2,971 1,375 352 264 662 186 1,044 423 196 51 39 105 October? ... 6,919 3,011 1,376 359 266 677 186 1,044 449 209 55 45 113 November?. 6,973 3,044 1,384 361 268 682 187 1,047 388 214 47 40 97 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 November amounted to 133 million dollars, and other loans made during November were 14 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 8 Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans. 64 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 [Estimates. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] Automobile Other Repair Per- Depart- retail retail, and sonal y E m e n a o d r n t o o h f r in e m T g x o o c a b l t u a u il d l t e , o - - s o m m t a r o n a e d r i d n e e l t r - s F s t t u u o r r r n e e i s - H s a a h t p o o n o p u r c l l s e d e i e s - - Je st w o e re lr s y s r o t e A t o t h r a l e e l i r l s Year or month Total c P ha u s r e - d D lo i a r n ec s t c d h p a ir a u n e s r d c e - t d l e o m r t a n i o o n iz d n s a 1 - - a i l m c n o a s a e s t n n a h s t lhouses Outstanding at end of period: 1949 4 416 854 915 922 781 944 1939 1,525 377 536 273 93 246 1950 5,645 1,143 1,223 1,267 905 1,107 1940 1,721 439 599 302 110 271 1951 5,434 1,061 1,192 1,031 937 1,213 1941 1 802 466 619 313 120 284 1942 1,135 252 440 188 76 179 1951—October 5,442 1,090 1,226 1,010 925 1,191 1943 707 172 289 78 57 111 November.... 5,436 1,079 1,209 1.017 937 1,194 1944 691 183 293 50 56 109 December. . . . 5,434 1,061 1,192 1,031 937 1,213 1945 715 198 296 51 57 113 1946 1,104 337 386 118 89 174 1952—January 5 418 1 ,042 1,184 1,034 928 1,230 1947 1,935 650 587 249 144 305 February 5,412 1,038 1,186 1,016 924 1,248 1948 2,567 874 750 387 152 404 March . 5 446 1,035 1,197 1 008 922 1,284 1949 .. 3,096 1,010 935 500 163 488 April 5,528 1,055 1,219 1,005 940 1,309 1950 3,778 1,245 1,029 710 794 May 5,744 1,130 1,270 1,036 969 1,339 1951 3,507 1,186 971 613 737 Tune . 6 027 1,217 1,331 1,086 1,005 1,388 July 6,210 1 ,266 1,361 1.133 1,042 1,408 Oct 1 o 9 b 5 e 1 r. .. 3,221 1,056 890 607 668 A Se u p g t u e s m t ber. ... 6 6 ,5 3 0 5 3 5 j 1 1 ,3 .2 2 Q 9 4 1 1 ,3 3 8 7 6 3 1 1 ,2 1 2 8 4 3 1 1 , , 0 1 7 1 5 0 1 1 ,4 4 5 3 4 0 November. 3,300 1,099 908 608 685 Octoberp 6,702 1,382 1.413 1 ,291 1,151 1,465 December. 3,507 1,186 971 613 737 November?.. . 6,845 1,422 1,439 1,339 1,173 1,472 1952 January... 3,360 1,129 933 592 706 Volume extended dur- February.. 3,231 1,082 909 567 673 ing month: March.... 3,156 1,060 893 548 655 1951_October 744 150 168 153 82 191 April 3,153 1,064 894 541 654 November 689 136 152 147 72 182 May 3,250 1,101 924 551 674 December.. .. 686 117 149 157 70 193 June 3,374 1,132 954 588 700 July . 3,442 1,142 974 612 714 1952—January 714 131 170 146 57 210 August.... 3,515 1 ,166 995 625 729 February 679 135 167 130 55 192 September. 3,631 1,217 1,013 648 753 March 758 144 185 138 62 229 October? . . 3.771 1 .278 1,045 666 782 807 162 191 153 79 222 November? 3,876 1,332 1,069 671 804 Mav . 945 228 235 162 92 228 June 1,001 243 240 177 101 240 July 956 215 216 185 101 239 August 849 173 178 175 101 222 September.... 884 193 186 180 104 221 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL October? 970 216 203 206 116 229 BANKS, BY TYPE OF CREDIT November?.. . 844 193 179 184 93 195 [Estimates. In millions of dollars] CONSUMER INSTALMENT CREDITS OF INDUSTRIAL Retail instal- LOAN COMPANIES, BY TYPE OF CREDIT ment paper s R a e n p d air P i e n r s s t o a n l- al [Estimates. In millions of dollars] Year or month Total modern- ment Retail instal- Repair Personal m A o u b to il - e Other l i o z a a n ti s o * n 2 l c o a a s n h s Year or month TToottaall m A o m u b t e o i n l - e t p„-a p O e t r h s er mm l . i o . z oo — a a a dd n n t e i e s d o r rn n n 12 -- ins l m c o t a a e a s l n n - h t s Outstanding at end of period: Outstanding at end 1 1 1 9 9 9 4 5 5 9 0 1 3 4 3 4 0 9 3 4 1 . . . 2 1 0 1 1 9 1 1 3 8 8 . . . 6 5 9 8 6 7 1 3 9 . . . 2 7 1 5 5 5 6 4 5 . . . 5 9 4 1 1 1 3 4 3 7 7 1 . . . 9 5 1 o 1 1 1 f 9 9 9 5 4 5 p 1 9 0 eriod: 2 2 1 5 2 9 5 6 4 . . . 9 3 7 4 6 5 3 3 7 . . . 2 5 9 3 4 47 1 1 . . . 3 4 1 6 7 7 . . . 5 2 3 1 1 1 2 3 1 0 7 3 . . . 6 6 3 1951— N D O o e ct c v o e e b m m er b b e e r r .. . 4 4 4 0 0 0 4 2 1 . . . 4 1 8 1 1 1 1 2 2 8 3 1 . . . 9 9 9 8 7 7 1 7 5 . . . 2 7 8 5 5 5 6 6 6 . . . 5 5 1 1 1 14 4 4 7 6 6 . . . 5 0 3 1951— D N O e o c c v t e e o m m be b b r e e . r r . . . . . . 2 2 2 5 5 4 5 0 7 . . . 3 4 3 6 6 63 3 3 . . . 2 4 7 4 4 4 5 6 7 . . . 6 1 3 7 7 7 . . . 4 6 2 1 1 1 3 3 3 0 3 7 . . . 7 2 6 1952— O J A S A J F M N M J u u e a e p c o u l a n a p n b y r t v y r g e t i u o r c e e l u a u b h m m r a s e y b b r t r y . e e ? . . r r . . . . . . . . . ? . . 4 4 4 4 4 4 4 4 4 4 4 8 8 6 5 0 2 0 0 7 4 1 3 5 3 6 5 5 3 2 2 1 0 . . . . . . . . . . . 0 7 2 5 1 9 8 6 8 1 7 1 1 1 1 1 1 1 1 1 1 1 1 5 4 1 1 2 1 3 4 6 5 9 8 8 5 6 6 6 0 8 8 3 . . . . . . . . . . . 2 2 9 2 7 5 4 3 6 9 1 8 9 9 8 8 8 8 8 9 8 8 1 3 7 1 4 1 1 4 1 9 2 . . . . . . . . . . . 2 2 4 7 4 4 1 0 1 5 1 6 6 5 5 5 6 6 6 5 5 5 7 0 3 5 9 6 8 6 6 7 5 . . . . . . . . . . . 8 9 6 2 4 2 0 3 1 3 8 1 1 1 1 1 1 1 1 1 1 1 6 6 6 6 6 5 5 4 4 5 5 2 1 2 2 1 2 9 9 8 8 4 . . . . . . . . . . . 9 9 4 4 3 6 8 9 6 6 3 1952— J O A J A S F M M N J u u e a e p c o u l a n a p n b y r t v y r e g t i u o r c e l e u a u b h m m r a e s y b b r r t y p e . e . . r r . . . . . . . P . . . . 2 2 2 2 2 2 2 2 2 2 2 9 9 7 6 8 5 5 8 6 9 9 5 3 8 8 6 7 2 5 0 1 3 . . . . . . . . . . . 2 9 1 2 7 7 9 7 9 9 5 6 6 6 6 6 7 7 7 7 7 7 4 2 2 7 5 2 2 3 6 4 1 . . . . . . . . . . . 7 4 6 6 7 5 0 5 4 3 0 4 4 4 6 5 5 5 5 6 5 5 0 7 7 8 5 1 7 8 2 0 9 . . . . . . . . . . . 2 2 4 2 0 8 7 5 6 0 3 7 7 7 7 8 7 7 7 7 7 7 . . . . . . . . . . . 1 2 0 4 2 9 5 0 7 0 0 1 1 1 1 1 1 1 1 1 1 1 . 4 4 3 4 4 5 5 5 4 5 5 2 0 9 4 0 9 2 2 6 2 2 . . . . . . . . . . . 5 8 6 5 5 4 3 8 3 3 1 Volume extended Volume extended during month: during month: 1951— D N O o e ct c v o e e b m m er b b e e r r .. . 5 6 5 3 0 2 . . . 6 0 3 1 1 1 4 3 7 . . . 6 1 3 1 1 1 1 2 2 . . . 2 8 8 4 3 5 . . . 4 2 1 2 2 2 4 1 5 . . . 3 8 3 1951— D N O o e c c v t e e o m m be b b r e e . r r . . . . . . 4 4 3 3 9 1 . . . 6 5 3 9 9 9 . . . 3 6 0 6 6 7 . . . 6 2 7 0 0 0 . . . 7 5 7 2 2 27 3 3 . . . 2 6 3 1952— S O F M A J J A N M J u u e a e p c o u a a n l p n b r t y v g r y e t u o i r c e e l u u a b h m m s r a e t y b b . r r y p e e . . r r . . . . . . . . . ? . . 6 6 5 5 6 5 5 6 6 5 7 6 8 4 0 1 9 9 2 7 3 8 . . . . . . . . . . . 2 8 2 7 0 8 2 5 5 5 8 2 2 2 2 2 1 1 1 1 1 1 3 7 1 4 5 5 9 6 9 8 4 . . . . . . . . . . . 6 7 4 4 2 8 0 3 8 1 3 1 1 1 1 1 1 1 1 1 1 1 1 3 2 0 2 0 1 2 0 1 0 . . . . . . . . . . . 6 2 2 3 9 1 7 3 6 8 3 3 3 4 6 6 6 6 6 5 6 5 . . . . . . . . . . . 7 9 5 5 6 9 5 1 1 3 4 2 2 2 2 2 2 2 2 2 2 2 6 3 5 7 2 3 5 2 5 5 1 . . . . . . . . . . . 5 0 0 0 6 8 9 9 0 3 1 1952— S J F J A M A M O N J u u e a e p u c o a l a n p n b y t r v g y r e t o i u r c e e l u b u a h m m s r e a t y r b b . r ? y e e . . r r . . . . . . . ? . . . 3 4 4 4 3 4 4 4 4 4 4 7 2 0 8 7 1 9 1 8 5 2 . . . . . . . . . . . 2 2 8 3 7 5 4 6 0 0 0 1 1 1 1 1 1 1 8 9 9 9 1 0 2 3 1 0 0 . . . . . . . . . . . 2 1 7 9 2 2 2 0 3 1 1 5 8 6 9 5 6 8 7 7 7 7 . . . . . . . . . . . 7 7 1 9 1 8 9 5 8 7 6 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . . . 7 5 9 7 8 8 9 5 6 8 8 2 2 2 2 2 2 2 2 2 2 2 3 3 4 6 6 4 6 3 2 5 4 . . . . . . . . . . . 2 5 3 0 0 9 0 4 3 3 0 ? Preliminary. } Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. 65 JANUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Coatfuf^ FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Percentage change Charge Percentage change from corresponding Instalment accounts accounts from preceding month of preceding month year Item Year or month Depart- Furni- h H o o ld u a se p - - Depart- 1 N 9 o 5 v 2 . * 1 O 9 c 5 t 2 . S 1 e 9 p 5 t 2 . 1 N 9 o 5 v 2 . ? 1 O 9 c 5 t 2 . S 1 e 9 p 52 t. s m to e r n e t s s t t u o r r e es p s l t i o a r n e c s e s m to e r n e t s Net sales: 1951 Total -5 +13 0 + 1 +8 +8 October 21 12 12 50 Cash sales -1 +13 -2 0 November 21 11 12 50 Credit sales: December 19 11 12 45 Instalment -6 + 16 +3 +7 + 15 + 15 Charge account -2 +7 -4 -9 -4 1952 January 19 10 13 47 Accounts receivable, end February 18 10 13 45 of month: March 20 11 13 48 Total +3 +4 +2 +20 + 19 + 16 April 18 10 13 46 Instalment +3 +4 + 1 +18 +18 +15 J M u a n y e 1 1 9 8 1 1 1 0 1 1 3 2 4 4 6 8 Collections during July 17 10 12 46 month: August 17 11 11 46 Total -2 +4 +2 -i i + 1 September 18 11 12 47 Instalment -2 +3 +2 +3 + 1 +2 O N c o t v o e b m er ber? 1 1 8 7 1 1 1 0 1 1 1 1 4 5 8 0 Inventories, end of month, at retail value. +1 +5 +3 -4 -3 -7 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 at c o e u n n d ts o r f e m ce o iv n a th ble Collec m tio o n n s t h during Cash I m ns e t n a t l- a C c h c a o r u g n e t Total Cash I m ns e t n al t - 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 sales sales Averages of monthly data: 1941 . . . 46 44 55 48 76 53 58 47 48 9 43 1942 . . 53 57 45 48 60 48 60 51 56 6 38 1943 60 72 39 49 35 42 47 50 61 5 34 1944 67 82 36 53 29 44 41 52 64 4 32 1945 75 92 37 59 28 50 40 59 64 4 32 1946 93 105 56 84 38 73 53 78 59 4 37 1947 . . 99 103 85 95 67 92 78 92 55 6 39 1948 103 103 105 104 108 105 106 103 52 7 41 1949 98 94 110 101 125 103 117 104 51 8 41 1950 101 93 136 106 177 111 146 111 48 10 42 1951 104 95 133 111 181 124 165 118 48 9 43 1951—October 113 101 164 121 172 122 163 114 46 11 43 November 129 115 171 138 182 \36 169 121 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 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 116 102 178 124 201 128 159 119 46 11 43 November? 120 108 173 127 211 138 160 123 47 11 42 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. 57. 66 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 68-73 Gold production , 73 Reported gold reserves of central banks and governments 74 Gold movements; gold stock of the United States 75 International Monetary Fund and Bank 76 Central Banks 76-80 Money rates in foreign countries 81 Commercial banks 82 Foreign exchange rates 83 Price movements in principal countries Wholesale prices 84 Consumers' price indexes 85 Security prices 85 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. JANUARY 1953 67 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.l Decrease Domestic Foreign From th r J o a u n g . h 2 — , 1935, Total Total o F f o fi r c e ia ig l n * F o o t r h e e ig r n In ti t o e n rn a a l - b a in b a fu r n U o n k a d . i d n s S g * . s I e n f f c o u f u l r n o e r d w i i t s g i n o e » s 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 fl l k o a e w n r c a e g i s n e 1946—Dec. 31 8,009.5 5,726.1 2,333.6 2,938.7 453.8 427.2 464.5 1,237.9 153.7 1947—Dec. 31 8,343.7 6,362.3 1,121 8 2,998.5 I,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—Nov. 30 10,130.0 8,448.2 2,734.7 3,972.5 L,741.0 186.3 617.0 754.4 124.1 Dec. 31 10,140.7 8,548.1 2,770.2 4,089.6 1,688.3 160.9 618.6 687.5 125.6 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 L.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 11,131.5 9,771.1 3,791.3 4,205.9 1,773.9 63.0 679.9 491.9 125.4 Sept. 30P 11,362.5 9,952.4 3,915.6 4,255.8 1,781.0 100.4 673.6 508.5 127.6 Oct. 31P 11,452.7 9,831.6 3,832.4 4,189.3 L,809.9 114.9 864.8 513.5 127.9 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total "oreign In- countries Date t t i e i n o r s n n t a i a - l - Official U K d n i o n i m t g e - d France N la e e n r t d - h s - S la w e n r i d - tz 5 - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e ti r n ica Asia ot A h l e l r tutions and Official 2 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 L.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 L.436.7 961.0179.5 1950—Dec. 31... 1,722.2 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—Nov. 30. . 1,760.9 7.441.4 3,445.0 591.2 254.4 154.5 506.8 293 1 1,086.1 2,886.1 1,250.1 1,461.61,555.8287.8 Dec. 31.. 1,708.2 7,594.0 3,480.5 642.6 289.4 148.8 521.3 300.5 1,022.2 2,924.7 1,307.1 L.455.21.609.6297.4 1952—Jan. 31... 1,700.9 7,517.7 3,355.2 644.6 252.8 153.7 521.6 290.2 997.8 2,860.7 1,316.5 L.400.71,635.7304.1 Feb. 29... 1,646.4 7,745.8 3,521.8 796.9 253.4 155.9 542.9 293.9 959.2 3,002.2 1,336.3 L,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 L.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 L.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 L,538.01,757.7331.6 Aug. 31. .. 1,793.8 8,731.4 4,501.6 833 7 305 6 299.4 612.0 294 91,083.5 3,519.1 1,528.1 1,570.01,743.5370.7 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 Oct. 31 P.. 1,829.9 8,755.8 4,542.7 889.0 348.4 384.3 623.9 305.71,205.0 3,756.2 1,373.3 1,520.71,784.1321.5 v 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. * 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. 1 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are included in foreign securities. « "Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions (see footnote 2 above) as well as other banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. (Footnote 1 above also applies to this table.) * 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. 68 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 [Amount3 outstanding, in millions of dollars] Table 2a.—Other Europe Date E O u th ro e p r e A tr u ia s- g B iu e m l- C v o z a s e k lo c i h a - - m De a n rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o d - t P u o g r a - l m R a u n - ia Spain S d w en e- USSR s Y la u v g i o a - ot A he H r1 1946—Dec. 31 _ 850.5 159.5 66.5 22.2 7.1 49.3 123.5 39.0 8.9 16.4 172.6 60.5 12.4 112 5 1947—Dec. 31.. 739.8 124.9 52.8 30.5 89.5 34.7 56.2 47.1 8.7 12.8 58.6 73.7 12.1 138.2 1948—Dec. 31. . 738.1 128.7 44.7 19.1 178.9 21.1 77.7 37.7 7.0 13.6 49.0 21.3 19.9 119.3 I949—Dec 31 717 0 119.9 38.0 25.1 149.4 29.6 69.4 38.1 6.7 15.7 90.1 10.2 7.6 117 4 1950—Dec. 31. . 799.2 41.9 128.2 5.6 45.5 18.3 221 6 32.3 43.6 "4'.2" 45.7 6.1 21.3 115.3 4.0 13.2 52.4 1951—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 Tuly 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. . 1,083.5 60.7 142.1 .6 43.8 24.4 457.5 39.4 101.0 3.1 49.3 5.7 17.6 77.0 2.1 12.7 46.5 Sept. 30P. 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 Oct. 31P. 1,205.0 77.7 128.3 .5 59.6 26.7 534.3 41.2 109.6 3.6 46.7 6.0 24.4 82.8 5.3 13.0 45.3 Table 2b.—-Latin America Neth- Do- er- Date A L i m a c t a e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- l W I 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 d al 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 a t e i e 2 r n r lic Suri- ama nam 1946 Dec. 31 t,104.8 112.6 14 0 174.0 50.7 57.8 153.5 152 ? 16 1 40 9 77 2 74.0 181.8 1947—Dec. 31 236 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'. l',287!o 215.8 17.1 123.7 55.6 54.0 219.4 146 7 24.3 52.6 71.8 121.7 184.1 1949—Dec. 31 1,436 7 201.1 13 5 192 8 60.9 85.9 164.2 214 6 25 9 52 8 74 3 143.2 207 4 1950—Dec. 31.' 1,612!9 301.8 20.4 226.0 79.5 53.4 259.1 42 7 25.4 207 1 30.2 60.2 59.2 16.1 75.1 85.2 7l!3 1951—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 Tune 30. 1,516.3 146.8 24.1 80.9 54.3 73.6 316.6 50 4 38.3 195 7 32.2 56.5 73.3 36.8 97.6 129.8 109.2 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. 1,570.0 128.3 22.5 87.9 61.2 85.4 341.4 49 9 34.4 238 0 35.5 58.5 74.5 30.5 97.3 108.3 116.2 Sept.30P 1,578.1 129.7 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 Oct. 31, 1,520.7 131.9 18.7 72.3 62.4 87.9 285.7 43 3 32.2 232 1 39.5 62.0 81.1 21.6 94.8 141.6 113.4 Table 2c.—Asia and All Other For- Egypt Date Asia C m a h n o i d s 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 h p i i l n - e T la h n a d i T k u e r y - Other o A th l e l r t A ra u l s ia - g B i e a l n - A E a n g n g y d l p o - - S U o o n u f i t o h n Other* Main- public Congo tian Africa land Sudan 1946 Dec. 31 1,316.4 431.9 44 9 43.5 127.1 16 6 446 6 54 7 151.0 232.8 45.5 20 8 47.2 119.3 1947—Dec! 31! 1,057.9 229.9 39.8 62.4 69.3 31.3 488^6 37^6 99.0 193^7 25^0 46^4 91.8 194g—Dec. 31. 1,151 8 216 2 51 1 51.8 41 5 81 4 488 3 17 5 204.0 167.4 22.2 27.7 15.8 101.6 1949—Dec. 31 961.0 110.6 83.9 63.3 15.7 214.6 297 3 9.8 165 7 179.5 32 4 61 6 6^0 79 5 1950—Dec. 31. 1,378.5 81.7 86.1 55.7 114.7 20]3 12 6458.5 374.4 "*48'.2 14.3 111.9 254.5 19.1 58.1 75.6 44.0 57.7 1951—Nov. 30. 1,555.8 88.4 62.0 57.7 129.1 21.8 14 4568.7 342.2 90.9 11.4 169.1 287.8 36.8 52.6 101.2 13.6 83.7 Dec. 31. 1,609.6 87.4 62.4 62.1 140.6 25.5 26 6596.0 329.7 96.7 14.1 168.4 297.4 38.5 54.5 110.7 7.0 86.8 1952—Jan. 31. 1,635.7 81.9 64.2 58.6 131.8 26.8 20 7636.2 328.2 108.8 13.6 164.8 304.1 32.3 54.3 121.0 9.1 87.3 Feb. 29. 1,661.9 81.6 64.4 59.4 127.4 26.9 19 3655.7 331.1 115.0 14.9 166.1 329.1 36.5 58.8 126.4 11.8 95.7 Mar. 31. 1,687.8 78.6 67.8 46.3 141.0 25.7 19 8682.4 332.2 121.0 10.6 162.4 325.9 38.4 57.8 127.3 9.0 93.3 Apr. 30. 1,755.0 80.1 65.6 52.1 171.1 23.8 27 6696.8 335.0 125.8 10.8 166.3 316.6 36.7 62.0 123.3 13.9 80.7 May 31. 1,826.0 80.2 62.7 67.3 190.2 23.5 37 8724.8 337.2 126.5 14.2 161.5 325.9 44.7 67.5 118.3 12.4 83.1 June 30. 1,790.0 76.5 65.9 56.7 176.5 21.1 30 5730.7 333.0 126.8 20.6 151.7 333.2 49.5 72.6 117.7 10.9 82.5 July 31. 1,757.7 76.3 68.1 61.6 154.0 24.7 26 8725.6 321.8 134 9 9.4 154.4 331.6 47.4 74 8 116.8 11.2 81.5 Aug. 31. 1,743.5 80.4 69.6 54.8 114.5 22.6 26.5 743.9 324.6 143 8 9.8 153.0 370.7 81.2 84 5 104.2 14.2 86.5 Sept. 3QP 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 Oct. 31* 1,784.1 84.0 69.6 58.1 64.9 20.1 27.9 767.5 320.1 166 6 9.7 195.8 321.5 50.1 96 6 72.1 13.3 89.4 v Preliminary. 1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 2 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 3 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 4 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. JANUARY 1953 69 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES^ [Amounts outstanding, inmillions of dollars] Date Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia o A th l e l r 1946—Dec. 3i 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 3i 948.9 29.2 23.4 49.1 7.0 21.1 118.9 248.6 27.5 514.3 127.0 31.5 1948—Dec. 31 1,018.7 24.5 119.0 51.4 6 9 15 8 106 3 323 8 39 8 516 6 118 8 19 7 1949—Dec 3i 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. 3i 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—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 1,066.3 32.2 9.2 3.3 9.8 24.6 66.5 145.7 53 3 715 2 128 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 Oct. 31P 1,014.5 35.8 10.9 2.7 8.0 16.4 79.0 152.9 73.7 632.9 132.8 22.2 Table 3a.—Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m D a en rk - l F a i n n d - m G a e n r y - Greece N w o a r y - t P u o g r a - l Spain S d w e e n - Y sl u av g i o a - ot A he ll r 2 1946—Dec.31 82 8 7.5 .5 6.2 30.4 12.4 3.3 1.0 7.2 4.9 (») 9.5 1947—Dec.31 118.9 15.0 2.2 8.0 30.5 10.6 9.2 1.1 .9 5 4 (i) 35 9 1948—jj)ec. 31 106.3 21.4 .6 3.4 30.5 1.2 8.4 .7 2.9 1.4 6 0 29.8 1949—Dec 31 98 5 19.3 .4 8.2 30.0 .7 7.4 5 7 0 2 3 (») 22 6 1950—Dec.31 67.1 .2 21.5 3.2 2.2 25.4 .2 1.4 .5 1.6 6.9 4 0 1951—Nov.30 97.7 .1 27.1 5.9 3.2 28.6 .5 1.1 .7 16.8 6.2 3.5 4.2 Dec. 31 111.2 (') 39.6 4.8 3.1 28.3 .2 2.5 .8 18.8 5.4 3.9 4.0 1952—Jan. 31 114.6 (l) 42.9 4.0 3.6 30.1 .2 2.0 1.0 19.0 5.2 2.4 4.2 Feb 29 103.0 (3) 33.7 4.6 4.1 27.9 1.6 .9 19.8 4.3 1 3 4 6 A M p a r r. 3 3 0 1 8 8 9 1 . . 6 1 («j 2 2 8 1 . . 7 3 4 4 . . 3 6 2 1 . . 7 8 2 2 7 7 . . 7 2 1 1 . . 5 8 1 1 . 2 0 1 12 3 .5 6 4 3 .2 6 2 .7 4 4 4 .4 9 May 31 79.1 .1 17.6 3.9 3.4 26.9 2.0 .8 14.6 3.2 2.7 3 8 June 30 68.8 (») 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.31 66.5 .1 11.5 2.2 2.2 25.7 .2 1.8 .6 12.5 1.9 3.4 4.4 Sept 30? . . . 75.1 .1 11.8 3.5 2.8 27.5 .2 2.0 6 13 5 2 2 7 3 3 7 Oct. 31? 79.0 1.0 13.2 2.8 3.8 28.0 .2 1.7 .5 12.6 3.3 8.0 3.8 Table 3b.—Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a e o b c n n - - - - G m u a a l t a e- M ic e o x- I l W n S a a e d u n n r e i r d d - e s i s - s t Peru l p P a i R c u m a e b n - o a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L ic a t m a h t i e e n 4 r r nam 1946—Dec. 31.. 226.8 41.8 2.3 49.8 14.6 26.4 25.7 25.5 .8 3.7 1.3 8.7 26.2 1947—Dec. 31.. 514.3 65.2 2.0 165.8 27.8 32.6 108.6 52.2 1.1 4.3 4.7 15.3 34.5 1948—Dec. 31.. 516.6 72.4 2.7 165.4 15.2 32.6 83.1 73.8 1.5 4.4 4.6 26.0 34.7 1949—Dec. 31.. 411.1 53.6 2.3 136.9 15.5 21.1 27.5 73.0 1.3 5.8 5.3 25.6 43.1 1950—Dec. 31.. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 "iy 70.6 1.3 11.0 3.1 "6*.8' ' '8.6 49.4 14.6 1951—Nov. 30. . 465.5 7.9 7.2 164.3 22.7 39.7 29.4 1.7 3.2 87.4 1.4 12.7 3.3 8,4 9.3 54.6 12.3 Dec. 31. . 489.3 7.6 7.5 185.0 24.8 43.7 32.3 1.8 3.8 90.6 1.2 11.8 3.0 9.5 10.5 41.7 14.5 1952—Jan. 31.. 520.3 7.9 7.1 207.3 26.2 39.3 29.6 2.2 4.0 109.1 1.2 12.0 4.2 9.9 11.8 34.9 13.7 Feb. 29.. 520.6 7.8 9.9 217.0 23.6 36.1 31.0 2.1 4.2 103.0 1.2 11.8 4.1 8.4 7.9 38.7 13.8 Mar. 31.. 570.2 8.6 8.1 234.9 29.3 33.8 56.6 2.1 4.2 101.1 1.2 11.5 3.9 7.5 19.1 33.1 15.1 Apr. 30.. 601.1 7.8 8.6 272.2 29.1 31.5 54.7 2.9 4.1 94.4 1.3 10.3 6.8 6.5 24.9 32.2 13.7 May 31.. 652.2 7.4 9.7 320.7 27.5 34.3 55.9 2.4 3.7 90.8 1.1 11.6 6.0 5.3 27.9 34.2 13.8 June 30.. 669.6 8.2 8.4 358.3 26.1 35.0 51.8 2.2 4.1 78.0 1.2 10.9 5.9 5.4 30.5 32.1 11.5 July 31.. 700.1 7.2 8.7 392.6 27.0 34.5 52.5 1.9 3.7 71.2 1.2 10.9 6.3 5.3 32.1 32.4 12.5 Aug. 31.. 715.2 7.6 6.8 403.9 23.0 34.2 51.6 1.8 3.2 91.7 1.1 10.7 3.3 5.3 25.7 32.4 13.0 Sept. 30*. 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 Oct. 31 P . 632.9 8.1 7.0 355.4 18.3 34.9 36.1 1.6 3.2 82.8 1.2 11.6 4.4 7.1 14.3 33.1 13.8 p Preliminary. 1 See footnote 1, p. 68. 2 Beginning January 1950, excludes Austria, reported separately as of that date. 3 Less than $50,000. * Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 70 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 3c.—Asia and All Other For- Egypt Date Asia C M m a h n o i a n d s in a a - K H o o n n g g India I n n e d s o ia - Iran IsraelJapan i p P p R u h p b e i i l l - n - ic e T la h n a d i- T k u ey r- A Ot s h ia e 1 r o A th l e l r t A ra u l s ia - C g B o i n e a g l n - o A E t a n i g n a g y d n l p o - - A S U f o r o n u i f c i t o a h n Other 2 : 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 "i'.s" .9 13.9 60.0 40.8 '"i!4' .3 7.3 7.2 1951—Nov. 30. . 153.0 10.1 3.3 13.3 .4 8.6 27.8 10.7 22.6 2.4 .8 52 .9 42.6 23.4 6.7 .2 6.8 5.6 Dec. 31. . 162.4: IO.I 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—Tan. 31.. 161.9; io.i 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. . 144.81 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 Mav 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 Tune 30. . 118.0 7.3 2.4 6.5 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 .5 10.3 27.4 10.4 6.9 2.3 16.7 16.3 25.8 9.6 8.2 .2 3.7 4.1 Aug. 31. . 128.4 8.3 1.3 4.2 .6 9.6 22.9 13.3 10.3 3.5 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 Oct. 31 P. 132.8• io.i 3.5 .9 10.1 18.7 12.6 6.4 3.4 51.0 15.3 22.2 8.7 6.7 .5 2.3 4.0 9 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES s (Inflow of Foreign Funds) [In millionsof dollars] U. S. Government bonds and notes 4 Corporate bonds anc stocks 5 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 e u o c r m c u o h r e f i a s t s i t e i e c s s 1946 414.5 684.2 -269.7 367.6 432.1 -64.5 782.1 1,116.3 -334.2 1947 344 8 283.3 61 5 226.1 376 7 — 150.6 570.9 659 9 — 89 1 1948 282.4 330.3 -47.9 369.7 514.1 -144.3 652.2 844.4 -192.2 1949 430.0 333 .6 96.4 354.1 375.3 -21.2 784.1 708.9 75.2 1950 1,236.4 294.3 942.1 774.7 772.3 2.4 2,011.1 1,066.6 944.4 1951 673.6 1,356.6 6-683.0 859.8 761.0 98.7 1,533.3 2,117.6 -584.3 1951—November 20.7 17.4 3.4 62.6 61.8 .8 83.4 79.2 4.2 December 27.2 36.0 -8.8 64.1 53.7 10.4 91.3 89.7 1.6 1952—January 20.2 12.7 7.6 76.6 71.5 5.1 96.9 84.2 12.7 February 15.5 18.7 -3.2 68.3 79.6 -11.3 83.8 98.3 -14.5 March 19.4 16.3 3.1 65.7 68.1 -2.5 85.1 84.4 .6 April 13.9 15.8 -2.0 76.2 69.2 7.0 90.1 85.0 5.0 May 31.2 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 October? 194.7 18.8 176.0 76.8 61.5 15.3 271.5 80.3 191.2 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 Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t si pu T rc o h t a a s l es T sa o l t e a s l p se f u o c r r u c o e h r i f i a g ti s n e e s s 1946 65.2 65.6 -.4 755.9 490.4 265.5 821.2 556.1 265.1 1947 57.1 42.6 14.6 658.7 634.3 24.5 715.9 676.8 39.0 1948 81.7 96.7 -15.0 211.6 291.4 -79.8 293.3 388.2 -94.8 1949 88.8 70.8 18.0 321.2 311.5 9.8 410.1 382.3 27.8 1950 173.8 198.2 -24.4 589.2 710.2 -121.0 763.0 908.4 -145.4 1951 272.3 348.7 -76.4 500.4 801.0 -300.6 772.7 ,149.7 -377.0 1951—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 24.1 22 7 1.4 57.9 28.2 29.7 82.0 50.9 31.1 September? 24.6 24.5 .2 38.9 22.5 16.4 63.6 47.0 16.6 October? 22.1 20.8 1.3 80.2 76.5 3.7 102.2 97.3 5.0 ? 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. JANUARY 1953 71 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 tu I a i n n t t i i t s o o e t n i n r - - 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 — .1 — 10.8 —98.6 — 16.4 6 3 —224.5 — 1.0 1947 74.5 — 163.6 -8.9 -50.2 —98.2 13.0 — 17 A — 14.1 —175.5 3^2 -3.5 10.0 2^2 1948 7.6 — 199 8 9.1 —82.8 — 79.3 —40.0 2.6 — 190.4 7.5 10.2 —23.3 —3.9 1949 87!o -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 1951—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 -.9 -2.3 -1.1 .1 Mar.... .8 -.2 2.3 .4 -2.3 2.4 -.2 -1.2 1.4 -2.7 2.9 -2.1 .3 Apr .8 4 2 .4 -.6 -2.6 -.1 .1 -.6 -3.3 3.6 4.1 0) -.2 May... .3 -1 6 1.3 0) -2.1 -1.9 .1 .7 -1.9 .7 -.4 .2 — .2 June... .6 2.4 2.4 1.6 -3.0 .7 -.2 1.2 2.6 4.4 -4.8 -.2 .5 July... .4 22.5 7.2 .6 -1.4 13.7 .3 .9 21.3 6.8 1.5 -7.3 .2 Aug.... .9 32.0 7.0 .7 -.5 6.9 .4 .6 15.1 15.7 .9 0) .3 Sept.P.. .9 -7.2 -8.4 -1.2 -2.3 8.3 .1 -.4 -4.0 .7 -3.8 .2 -.3 Oct.P. . 11.3 179.9 38.9 .1 -2.7 6.1 .2 2.9 45.6 131.8 1.1 1.2 .1 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia For- Y m e o a n r t o h r E O u t r h o e p r e t A ri u a s 2 - g B iu e m l- N w o a r y - o A th l e l r A L m i a c t e a i r n - l C o b m i o a - - Cuba M ic e o x- p P a R u m o a b e n f a - l - ic g U u r a u y - 2 A O L m i a t c h t e a i e r n r - Asia M C m l a a h a o n 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—Nov... .8 0) .7 -.2 .2 1.2 .8 .2 .1 -1.5 .7 .7 .9 0) 0) 0) .9 Dec... 3.8 0) 3.4 0) .4 3.1 .3 .1 1.6 .2 -.6 1.5 0) 0) -1.2 1.2 1952—Jan.... -1.3 .2 -.6 0) -.9 2.3 -.4 .1 1.0 1.1 .5 -.1 -1.3 0) -1.1 -.3 Feb.,.. .3 C1) .5 — .1 -2.3 -.3 .3 — .2 —3 2 1 0 2 — 1 1 — .3 -.8 Mar. .. -1.2 0) -.1 .1 -1.3 2.9 .6 .5 0) 2.0 -.1 — .1 -2.1 -.2 8 -1.6 -.4 Apr.... -.6 0) .8 -1.3 4.1 .4 .8 -.8 1.4 .5 1.7 0) .2 0) — .1 A J J S O M u u e c u n p a l t g y . t e y P . — . . . . P . . . . . . . - 2 1 . 4 . . . . 2 6 7 9 9 C 0 2 ) 1) .2 0 - - — . . 1 8 . . . 4 4 2 2 0 0 ) ) 2 - 1 .2 . . . . 8 5 6 2 9 - - - 4 3 1 1 . . . 4 . 8 8 . 5 9 l - - 1 — 1 - 1 . . . 1 . 1 3 . 1 3 2 - - — - 1 . . . 1 4 1 . 3 . " 2 3 - - . . 7 4 . . . 8 8 7 1 - - -2 5 - 2 . . . . 3 8 9 3 .4 8 — — - 1 .8 . . . 2 3 . 5 2 3 C1 1 1 ) . . . . 3 4 5 5 i - 0 — 7 1 ) . . 3 . . 2 2 2 .2 0 C 0 - 1 ) ) ) .4 .1 C 0 0 0 C ) ) ) 1 1 ) ) — - 0 0 0 7 ) ) ) 1 .5 .1 .0 0 l ) . . . . ' 8 1 l 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 n t a I u i n n t t i i t s o o e t n i r n - - a s l Total U K d n i o i n m t g ed - France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1946 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 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—Nov... 10.7 .3 0) .4 1.4 (i) .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—Jan.... -1.4 2.5 .2 1.0 .7 2.3 .1 .6 4.9 2.8 -1.1 -4.4 .3 Feb.... .1 -30.4 -3.0 .4 .3 .7 .8 -.8 -30.6 2.3 -1.8 .6 Mar.... -4.4 -11.4 -.5 .2 .5 .4 0) 2.8 3.1 -5.5 1.5 -5.0 -5.5 Apr 0) -62.2 .1 .5 .6 1.7 .4 3.3 -71.2 1.0 -4.1 8.8 May... -50.7 -100.1 -1.1 .5 -.2 1.0 0)' 2.1 2.3 -101.5 1.9 -3.0 .1 June... -.8 12.5 -1.6 .9 -3.9 -.2 -.2 6.1 1.2 11.2 2.5 -2.7 .4 July... ?.. 19.5 — 1.1 -.3 -6.7 -1.6 .4 -.4 -9.6 21.4 0) 7.4 .2 Aug.... 31.7 -1.0 1.0 -2.9 2.1 -.3 .2 -1.0 28.3 1.1 2.7 .6 Sept.P.. 16.6 1.3 1.2 -.7 -.5 .1 .6 2.0 13.8 .6 .4 -.2 Oct.P. . -57.5 62.5 4.0 .1 -.2 1.8 1.0 1.9 8.6 34.4 13.1 6.7 -.3 v Preliminary. i Less than $50,000. « Not available until 1950. 72 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 8.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) [In millions of dollars] United Nether- Switzer Other Total Latin All Year or month Total Kingdom France lands land Italy Europe Europe Canada America Asia Other 1946 9 7 — 6 -2 9 -8.5 9.3 (i) 1.1 — 1 6 2 0 7 5 1 0 7 1947 -11.3 -1.0 -1 4 -4.8 -1.5 — .2 -.5 -9.3 -2.0 -.6 1.8 —1.4 1948 -19.3 -1.2 -2.5 -3.4 -10.7 1 -3.2 -20.8 .1 1 2 4 — .1 1949 .6 .1 -.5 .2 .9 .2 .1 1.0 .9 -1.3 -.2 .2 1950 8 0 — .1 — .1 2.5 .7 4 — .2 3.0 -3.0 4 4 3 0 1951 -6.1 .9 .4 .3 -4.8 .2 — .3 -3.3 2.8 -5.0 -.5 — .1 1951—November -.2 1.2 .6 .3 .1 0) .2 2 3 .1 -3.1 -.1 .5 December 1.5 .7 -.3 .7 0) -.2 .3 .3 1.3 0) -.4 ^952—January .. ... -.2 -.8 -1.1 -1.7 -.5 0) 4 -3.7 1.1 2.2 .2 February 5.3 1.1 .8 1.0 4.8 .2 8.1 -2.1 -1.5 .5 ^1 March 1 2 2 3 1.9 -2.7 A 2 (i) 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 6 June 2.3 1.0 .2 3.1 -2.1 A 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 August —4 1 1 3 -.2 -3 4 -1.0 -.3 .3 -3 3 .6 4 — 1 7 — i September** 2.0 -1.7 .3 -.7 -.2 .3 .1 -1.8 .6 1.9 .8 .5 October? 2 .3 1.7 -.2 -.3 -.4 .1 .9 -1.8 .2 .6 .4 P Preliminary. 1 Less than $50,000. 2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 83.2; U. S. brokerage balances abroad, 32.2. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reported monthly Estimated Year or pro w d o u r c ld tion Africa North and South America Other month 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 * B C e o l n g g ia o n 8 U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 5 Au l s ia tra- India^ $1 ==15/21 grains of gold 9/10 fine: i. e., an ounce 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 1946. 756.0 697.0 417.6 19 1 20.5 11.6 51.2 99 1 14.7 15.3 8.1 6 4 28 9 4.6 1947. 766.5 705.5 392.0 18 3 19.3 10.8 75 8 107.5 16.3 13.4 5.9 7 4 32.8 6.1 1948. 798.0 728.1 405.5 18 0 23.4 11.1 70.9 123 5 12.9 11.7 5.7 7 8 31 2 6.5 1949. 833.0 753.2 409.7 18.5 23.1 12.9 67.3 144 2 14.2 12.6 6.3 7 7 31 3 5.7 1950. 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—October... 66.1 34.1 .5 2.0 1.1 6.3 13.2 2.0 1.2 .5 ,7 2.8 .7 November. 63.3 33.8 .4 2.0 .9 5.4 13.0 .8 1.2 .5 .7 2.8 .7 December. 62.4 33.2 .5 2.1 1.0 4.9 13.2 1.2 .9 .4 .8 2.7 .7 1952—January... 62.5 34.2 .4 2.0 1.1 5.0 12.4 .5 1.6 .6 .7 2.4 .6 February.. 61.0 32.2 .4 1.9 1.2 4.8 12.3 1.4 1.4 .4 .7 2.6 .7 March.... 63.3 34.4 .3 1.9 1.2 4.6 12.8 1.4 1.2 .5 .7 2.5 .7 April 63.3 33 8 .5 2.0 1.3 5.0 12.7 .9 1.6 .4 .7 2.8 .7 May 66.2 35.5 .4 2.0 1.2 5.1 12.8 2.1 1.5 .5 2.7 .7 June 34.1 .5 1.9 1.2 5.5 12.5 .9 .4 2.9 .7 July 35.5 .4 1.8 1.2 6.4 13.1 1.3 .6 3.2 .7 August 34.9 .6 2.0 1.2 6.5 12.9 1.1 .7 September. 34.7 1.4 2.1 1.2 6.2 13.4 1.0 .8 October. . . 35.4 2.1 1.1 6.8 14.1 .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. 8 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly figures reported by American Bureau of Metal Statistics, those for 1951 having been adjusted by subtracting from each monthly figure $297,000 so that the aggregate for the year is equal to the yearly estimate compiled by the United States Mint. 1 Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. JANUARY 1953 73 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 UnitedStates E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n r - k E d c o u r a- USSR)1 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 3J 19 1951—Dec 35,950 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Tan 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 June. ... 36,130 23,346 23,533 268 669 23 317 893 42 318 31 22 July 23,350 23,536 268 735 23 317 887 41 304 31 22 Aug 23 344 23 528 268 73"5 25 317 883 41 294 31 23 Sept... . P36,210 23,342 23,525 268 718 22 317 892 42 280 31 23 Oct 23,339 23,521 268 713 317 42 31 23 Nov 23,337 23,504 711 317 31 23 E m n o d n t o h f Egypt France8 G m u a a l t a e- India Iran Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o 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—Dec 174 548 27 247 138 333 279 208 316 32 50 27 46 1952—Jan 174 548 27 247 138 339 279 207 316 32 50 27 46 Feb 174 548 27 247 138 346 279 206 317 32 50 38 46 Mar 174 548 27 247 138 346 279 185 340 32 50 38 46 Apr 174 548 27 247 138 346 280 185 342 32 50 38 46 May.... 174 548 27 247 138 346 280 117 344 33 50 38 46 Tune.... 174 548 27 247 138 346 280 70 344 33 50 38 46 July .... 174 548 27 247 138 346 280 71 350 33 50 38 46 Aug 174 558 27 247 138 346 280 72 323 33 50 38 46 Sept. 174 558 27 247 138 280 326 33 50 38 Oct. 174 558 27 247 138 280 326 33 50 38 Nov. . . . 174 568 27 247 255 394 33 38 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l w a e n r i - t d z- T la h n a d i- Turkey U K d n i o i n m t g e - d g U u ru a - 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 1 .342 43 241 s 2.476 195 202 39 1946—Dec 433 12 939 111 381 ,430 34 237 • 2,696 200 215 15 32 1947—Dec 310 15 762 111 105 ,356 34 170 2,079 175 215 ,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 1,451 68 1950—Dec 192 23 197 61 90 ,470 118 150 3,300 236 373 ,495 167 1951—Dec 265 26 190 51 152 .452 113 151 2,335 221 373 1,530 115 1952—Jan. ... 265 26 190 51 179 ,438 113 150 2.037 221 373 1,531 116 Feb 270 26 193 51 211 ,426 113 150 1,771 211 373 1,532 126 Mar 274 26 169 51 214 ,432 113 150 L.700 211 373 1,532 143 Apr 274 26 164 51 214 ,413 113 150 ,662 211 373 ,532 151 May.... 274 30 161 51 210 ,410 113 153 1,678 211 373 ,535 154 June 274 30 148 51 213 ,408 113 150 ,685 211 373 ,537 154 July .... 274 30 151 51 206 ,408 113 150 1,716 211 373 ,537 166 Aug 274 30 159 51 202 1,404 113 150 1,672 211 373 .681 181 Sept 277 29 158 51 202 1,404 113 146 > 1,685 211 373 1,683 183 Oct 282 29 159 51 190 1,406 143 5 1,767 205 373 .691 187 Nov. . . 285 29 Pi 59 51 185 1,407 143 » 1,895 373 191 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. 74 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 x 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_i59 9 3 4 —49 9 — 10 0 — 16 1 1950 -1,725.2 -1,020.0 -55 0 -84.8 -79.8 -15.0 -22.9 -38.0 -68.0 -100.0 28 2 — 118 2 1951 75 2 469 9 — 10 3 —20 0 —4 5 —34 9 -32 0 — 15 0 —60 1 — 10 0 —49 9 —20 0 —60 2 1949 Jan -Mar 68.8 -12.5 10.4 10.5 -5.0 -13.7 3.4 2.3 Apr -June 173.9 162.4 -31.0 -10.0 -11.2 7.9 July-Sept. 101.5 283.9 3 5 -20.0 2-119.1 -10.0 -11.3 Oct.-Dec —151.0 2 5 -33.9 -5.0 -15.9 -49.9 — 15 0 1950 Jan.-Mar -201.3 -80.0 -35.0 -13.0 -12.4 — 15 8 Apr -June -30.4 —20 0 —3 0 -11.9 July-Sept -731.0 —580 0 -28.5 -16 0 -25.0 3.4 8 2 —40 5 Oct.-Dec -762.4 -360.0 -56.3 -79.8 -15.0 -4.0 -47.1 -100.0 20.0 -61.9 1951 Jan.-Mar -876.3 -400.0 -12.3 -91.7 -4.5 -10.0 -15.0 -15.0 -44.3 -49.9 — 124 4 Apr -June -55.6 -80.0 2.0 — 15 0 -11.2 -10.0 64.1 July-Sept 291 4 320 0 -5.0 -17.6 -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 -lune 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 A U So f n o r u i i f o c th n a o A th l e l r period T e u r n e r d a y s o - f p T e o ri t o a d l i I i n n s g c to o r t e o l c d a t k a s l e g p e o o x N ld r p t e o i t o m rt r -g m o c c o l r r a r d e e r : a a k i n s s e d e e - d e- t p D i t r c o i o o m d g n u o e 2 l c s d - - (-) 1945. -37.9 -73.1 -27.8 '-188.3 3.7 1 1 1 1 1 1 9 9 9 9 9 9 4 4 5 4 4 5 6 7 1 8 9 0 . . . . . . - - - 1 6 2 2 1 4 4 2 4 5 0 . . . 2 . 9 . 4 1 7 - - 1 5 - - 0 9 - 3 0 8 . . . . 9 . 2 7 0 0 - - 1 1 - 2 7 1 7 7 7 5 9 3 . . . . 5 . 2 . 2 0 1 4 5- - - 5 5 3 - 1 O 4 5 2 1 3 . . . . . . 1 4 l 1 0 7 2 4 1 5 9 9 5 1 9 2 4 8 6 3 5 . . . . . . 1 3 6 7 0 1 4 < - - - 8 4 2 1 1 4 7 6 2 1 . . . . . 6 . 0 9 2 9 9 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 2 6 7 3 5 4 . . . . 2 2 2 2 2 2 2 0 0 2 0 1 9 6 0 7 5 7 5 3 6 1 2 2 4 8 5 9 9 6 2 2 2 2 2 2 2 0 2 0 0 1 , , , , , , 8 6 7 7 0 9 6 3 3 0 8 8 8 1 9 6 1 3 - 8 1 2 - — ,3 7 — , 6 1 5 4 5 2 6 2 4 9 7 3 2 3 7 . . . . . 8 . 9 1 0 8 11 - — , 8 8 3 3 4 1 1 6 6 1 5 0 5 8 6 1 6 . . . . 4 9 5 3 . 7 3 — - - — 8 4 2 4 4 0 3 5 1 6 5 5 3 0 5 9 8 6 ^ . . 8 . 6 7 4 0 4 1 4 3 3 5 2 7 8 5 1 2 5 5 ^ . . . . 2 0 8 8 3 4 1948 24,244 24,399 1,530.4 1,680.4 — 159.2 70.9 1949 1949 24,427 24,563 164 6 686^5 —495 '. 7 67^3 J A Ju a p n l r y . . - - - S M T e u a p n r t e -16 3 . . 5 0 -50.0 -2 3 3 . . . 9 7 6 - - -2 2 6 . . . 2 3 6 4 5 7 8 5 2 . . . 1 6 0 -2.0 . . 1 1 1 1 1 9 9 9 5 5 5 1 0 2. . 2 2 23 2 2 , , ,6 7 1 9 0 8 5 6 6 2 2 2 3 2 2 , , , 2 8 8 5 7 2 2 3 0 -1,7 3 4 5 7 3 2 8 . . 3 9 7 — — 5 3 ( 7 4 4) 1 9 . . 3 0 -1 — ,3 6 5 3 1 2 0 7 ^ 4 4 . ^ 6 8 8 6 0 6 (4 . ) A 3 Oct.-Dec -1.0 -11.9 -41.0 19.9 .2 1952—Jan. . . 22,951 23,055 182.4 63.6 137.5 5.0 Feb... 23, 190 23,377 321.5 150.3 152.2 4.8 1950 Mar.. . 23,290 23.428 51.6 157.1 -103.1 4.6 Jan.-Mar.. -12.0 -10.4 .2 3.9 -26.9 Apr. . . 23,297 23,450 22.0 96.6 -75.4 5.0 A J O u p c l t y r . . - - - S J D u e e p n c t e . . . . - - 2 2 -2 3 6 . . . 0 9 9 -5 - - . . . 1 9 9 - - 1 2 3 2 1 . . . 9 8 0 9.2 -1 - - 2 2 4 . . . 8 8 7 J J M u u a l n y y e . . . . . . . 2 2 2 3 3 3 , , , 3 3 2 5 4 9 0 6 6 2 2 2 3 3 3 , , , 5 5 5 0 3 3 2 6 3 5 3 3 0 1 . . . 8 5 9 2 3 2 7 4 6 . . . 2 5 6 -3 2 1 1 7 9 . . . 4 1 3 5 5 6 . . . 5 1 4 Aug.. . 23,344 23,528 -8.0 3.1 -32.6 6.5 1951 S O e c p t. t . . . . . . 2 2 3 3 . , 3 3 4 3 2 9 2 23 3 , , 5 5 2 2 1 5 - - 2 4 . . 8 4 3 8 3 3 . . 3 5 - - 1 92 3 . . 4 8 6 6 . . 8 2 J A a p n r . . - - M Ju a n r e .. . -5 1 0 5 . . 9 0 -.9 -1 -5 1 . . 0 7 -1 -2 8 . . 4 8 12.7 - - 2 2 8 5 . . 0 0 N D o e v c. . .. . 2 2 3 3 , , 3 1 3 8 7 6 2 23 3 , , 2 5 5 0 2 4 -2 -1 5 6 2 . . 9 6 (4) .3 5 - - 2 2 6 9 3 . . 0 2 6 (4 . ) 0 July-Sept.. 28.0 3.5 -3.9 20.3 -31.0 Oct.-Dec. . 30.1 -4.0 -25.0 19.2 1 See footnote 2 on opposite page. 2 Yearly figures are estimates of United States Mint. For explana- 1952 tion of monthly figures see p. 73, footnote 4. 3 Change includes transfer of 687.5 million dollars gold subscrip- Jan.-Mar... 10.0 -17.6 -3.2 4.3 tion to International Monetary Fund. Apr.-June.. -7.4 -2.4 7.2 4 Not yet available. July-Sept.. -2.0 .4 -.1 5 Gold held under earmark at the Federal Reserve Banks for foreign account, including gold held for the account of international institu- 2 1 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 I . n 3 t e m rn il a li t o io n n d a o l l S la e r t s t l o e f m g e o n l t d s. to Italy. u ti n o d n e s r , e a a m rm ou a n r t k e d i s t n o o t 5 , i 3 n 1 c 3 lu .0 d e m d il i l n i o t n h e d o g l o l l a d r s s t o o n c k D o e f c . t h 3 e 1 , U 1 n 9 it 5 e 2 d . St G a o te ld s. 3 Includes sales of 185.3 million dollars of gold to China. NOTE.—For back figures and description of statistics, see Banking 4 Includes sales of gold to Egypt as follows: 1950, 44.8 million and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. dollars; and 1951, 76.0 million. 5 Includes sales of 45.0 million dollars of gold to Indonesia. 75 JANUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [End-of-month figures. In millions of dollars] 1952 1951 1951 International Fund International Bank Oct. July Apr, Oct. Sept. June Mar. Sept. Gold . ... 1,691 1,537 1,532 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 subscriptions. 4 1 , ,3 3 5 9 4 0 4,4 8 2 6 0 9 4,4 8 6 7 0 1 4,4 8 0 6 9 9 Inves O tm th e e n r t securities (U. S. Govt. obli- 1,035 937 940 944 Other assets 1 1 1 1 gations) 472 512 490 441 Member subscriptions 8,737 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 l Bonds outstanding 496 500 450 336 (Cumulative—millions of dollars) Liability on obligations sold under guar- Nov. Oct. Sept. Nov. 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 » As of Nov. 30, 1952, the Fund had sold 847.0 million U. S. dollars; Egyptian pounds -5.5 -5.5 -5.5 -5.5 in addition, the Fund sold to the Netherlands 1.5 million pounds French francs 125.0 125.0 125.0 125.0 sterling in May 1947 and 300 million Belgian francs in May 1948, sold Indian rupees 100.0 100.0 100.0 100.0 to Norway 200 million Belgian francs in June and July 1948, and sold Iranian rials 8.8 8.8 8.8 2.2 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 Turkish liras 10.0 10.0 10.0 5.0 which amount to less than one million are reported under "All other." Pounds sterling 300.0 300.0 300.0 300.0 2 Excludes uncalled portions of capital subscriptions, amounting to Yugoslav dinars 9.0 9.0 9.0 9.0 7,229 million dollars as of Sept. 30, 1952, of which 2,540 million repre- All other — 1.6 — 1.6 -1.6 -1.7 sents the subscription of the United States. Total. 712.3 712.3 712.3 727.8 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 s in s m te i r l l l i i n o g n ) s of Gold1 a O ss t e h t e s r 2 N c a o o n t i d n es a v c n o a D d n u is c n a - e t d s s - Se t c ie u s ri- ci t r i c o u n l 1 a- Bankers' Pub D li e c posit E s CA Other t c l i O i e a a s p t b h i a i t e l n a i r - l d 1942—Dec 30 2 950 0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec 29 .2 1,100.0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec 27 .2 1,250 0 13.5 5.1 317.4 1,238.6 260 7 5.2 52.3 17.8 1945—Dec 26 2 1,400 0 20 7 8 4 327 0 1,379 9 274.5 5.3 58.5 17.1 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. 194S—Dec. 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18. 1949—Dec 28 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18. 1950—Dec. 27 1,375 0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Dec. 26 1,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18. 1952—Jan. 30 * 1,400.0 48.1 7.9 343.7 1,353.8 277.8 15.5 .5 87.5 18.3 Feb. 27 1,400.0 34.9 17.7 344.2 1,367.0 283.0 11.8 .4 83.1 18.5 . Mar 26 1,400.0 17.4 23.6 351.8 1,384.6 280.3 12.1 .5 81.3 18.5 Apr. 30 .4 «1,450.0 41.9 27.4 306.1 L,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 * 1,500.0 59.8 21.2 309.6 L,442.1 275.7 10.6 13.6 72.5 18.1 July 30 .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 <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 1,444.1 275.7 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 Nov. 26 .4 1,500.0 40.5 9.9 357.6 1,461.4 275.4 15.4 26.6 72.6 18.0 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. s Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. • Notes issued less amounts held in banking department. < 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. 76 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets :Liabilities Dominion and provin- Bank of Canada cial government Deposits Sterling securities Other (F C ig a u n r a es d i i a n n m d i o l l li l o ar n s s ) of Gold and S t U at n e i s ted O as t s h e e t r s circ N u o la t t e ion2 liab a i n li d ties dollars S te h r o m r t x - 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 capital» 1939—Dec> 30 225.7 64.3 181.9 49.9 5.5 232 8 217.0 46 3 17.9 13 3 1940—Dec. 31 (4) 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec> 31 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31 .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31 .6 787.6 472.8 47.3 874 4 340.2 20.5 17.8 55.4 1944—Dec. 30 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec 31 156.8 1,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31 1.0 1,197.4 708.2 42.1 L.186.2 565.5 60.5 93.8 42.7 1947—Dec. 31 2.0 1,022.0 858.5 43.7 L.211.4 536.2 68.8 67.5 42.4 1948—Dec. 31 4 1,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31 74.1 1,781.4 227.8 42.5 1,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30 111.4 L.229.3 712.5 297.1 1,367 4 578 6 24 7 207.1 172.6 1951—Dec. 31 117.8 1,141.8 1,049.3 135.2 1,464.2 619.0 94.9 66.1 200.0 1952—Jan 31 85.4 1,095.4 1,042.6 82.7 1,375.6 629.2 92.8 54.9 153.4 Feb. 29 70.3 1,058.1 1,027.7 88.2 L.374.4 616.7 88.5 52.1 112.5 Mar. 31 60.1 L.179.9 882.2 106.8 1.393.2 656.5 14.6 66.1 98.6 Apr 30 72.3 1,191.5 874.7 84.0 1,411.8 645.7 14.3 41.7 109.0 May 31 78.3 1,203.6 824.6 73.8 1,417.4 579.4 21.9 44.6 117 1 Tune 30 43.8 1,251.3 817.8 76.1 1.441 .8 578.0 26.8 48.5 93.9 July 31 63 0 t,280 0 843 9 71 .2 1,458 3 595 5 51 6 41 6 111 2 Aug 29 . . . . 74.9 1,303.2 852.9 69.7 1,464 4 614.7 52.0 47.4 122.1 Sept 30 73.5 1,263.7 870.9 70.8 1,476.5 588.2 30.7 49.4 134.0 Oct 31 42 8 1,286 7 896.1 103 4 1 4S5; fi 668 8 18 8 56 0 99 8 Nov. 29 . . 67.6 .214 3 957.3 72.3 1,498.8 607.3 15.0 65.1 125.2 Assets Liabilities m B i a ll n i ( o F k n i g s o u f o r f e F s r f r a i a n n n c c e s) Gold* Fo e r x ei - gn Domestic bills G A o d v v e a r n n c m e e s n t t o 6 Other ci N rc o u t l e a- Deposits 7 O li i a t t i b h e i e s l r change m O ar p k e e n t 6 Special Other Current Other assets 6 tion G m ov e e n r t n- ECA Other ca a p n i d tal 1939—Dec. 28... 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 1,914 14,751 2,925 1940—Dec. 26... 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 844,986 1941—Dec. 31... 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 868,474 1942—Dec. 31... 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 821,318 1943—Dec. 30... 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 »15,596 1944—Dec. 28... 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27... 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26... 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31... 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30... 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29... 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,6581,278,211 1,168 158,973 19,377 1950—Dec. 28... 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,822 1,560,561 70 15.058 161,720 24,234 1951—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 1,866,693 57 7,157 156,405 36,015 Feb. 28... 191,447 15,607 245,014 29,280 850,733 174,400 481,039 126,412 1,880,832 96 3,699 198,702 30,601 Mar. 27... 191,447 11,336 272,294 29,239 841,006 169,300 479,982 113,099 1,861,681 22 15,783 188,767 41,448 Apr. 30... 191,447 13,634 273,149 22,984 799,004 171,100 500,982 139,747 1,925,615 84 341 156,326 29,679 May 29.. . 191,447 15,808 274,111 26,128 841,897 169,000 479,982 118,726 1,900,526 39 6,645 171,350 38,539 June 26... 191,447 16,991 254,301 21,871 831,044 168,000 479,982 110,5011,885,929 36 730 143,900 43,541 July 31 ... 191,447 20,077 258,560 11,779 835,599 167,800 479,982 184,957 1,984,549 55 816 121,411 43,369 Aug. 28 ... 194,943 23,435 257,589 14,404 854,081 168,600 479,982 169,852 1,969,553 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 1,962,270 83 539 129,755 61 ,930 Oct. 30. .. 194,943 28.815 283,717 48,089 872,793 171,100 479,982 161,9892,024,943 25 8,392 158,275 49,792 Nov. 27.. . 198,439 30,413 274,454 52,225 851,545 172,000 479,982 9154,1462,006,873 10 10,887 139,480 55,954 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). 5 For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 6 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8 Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941, 64,580; 1942, 16,857: 1943. 10,724 9 Includes advance to Stabilization Fund, amounting to 32.5 billion francs on Nov. 27. 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. 77 JANUARY 1953 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) Nov. Oct. Sept Nov. date of month) Nov. Oct. Sept Nov. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 814 814 814 Loans and discounts 390,,577 379,883376 259,524 Other gold and foreign exchange. 85 -42 1,081 Government loans and securities. 168,337' 169,498161. 150,701 Government securities ,125 2,132 2,058 Other assets 87,436 85,089 86 117,002 Rediscounts and loans to banks.. ,821 46,271 41,250 Note circulation 529,608 513,298 507 434,857 Other assets 210 251 316 Deposits 342,281328,727 324 263,479 Currency circulation ,254 17,970 16,020 Other liabilities and capital 68,676 67,926 68 63,251 Deposits—Nationalized ,693 27,392 25,827 Central Bank of Costa Rica Other sight obligations 834 840 763 (thousands of colones): Other liabilities and capital ,274 3,223 2,908 Gold 11,511 511 511 11,511 Commonwealth Bank of Aus- Foreign exchange 64,437 728 918 20,104 tralia (thousands of pounds): Net claim on Int'l. Fund * 7,031 031 031 7,031 Gold and foreign exchange 327,280 309,175 298,643 479,921 Loans and discounts '92,450 ,003 598 100,577 Checks and bills of other banks. . 5,625 6,151 5,374 5,341 Securities 7,349 349 384 8,272 Securities (incl. Government and Other assets 25,185 ,919 765 24,179 Treasury bills) 437,662 439,997 462,950 551,375 Note circulation 119,804 ,999 741 104,636 Other assets. 37,682 48,685 90,864 Demand deposits 66,198 639 508 47,307 Note circulation 315,668 313,168 310,418 291,221 Other liabilities and capital 21,961 903 958 19,731 Deposits of Trading Banks: National Bank of Cuba Special 157,595157 184,445 490,070 (thousands of pesos): Other 47,197 39 37,574 36,349 Gold 279, 310,564 Other liabilities and capital 287 789 288,314 283,215 309,861 Foreign exchange (net) 65, 55,771 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 157, 104,958 Gold 98 98 98 51 Silver 36, 42,173 Foreign exchange 1,981 ,570 1,363 451 Net claim on Int'l. Fund * 12, 12,511 Loans and discounts 6,396 ,124 7,103 6,153 Loans and discounts 36! 7,181 Claim against Government 2,854 ,341 2,529 3,602 Credits to Government 30. 10,214 Other assets 46 51 38 36 Other assets 36, 27,960 Note circulation 8,678 ,583 8,528 7,859 Note circulation 421, 360,511 Deposits—Banks 290 298 227 161 Deposits. 223 202,962 Other 570 498 485 583 Other liabilities and capital 9 7,857 Blocked 1,837 ,804 1,891 1,689 National Bank of Czechoslovakia 5 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold i 35,547 674 35,897 30,937 Gold 69 69 69 69 Foreign claims and balances (net) 17,600 323 16,823 18,948 Foreign exchange 630 567 603 590 Loans and discounts 4,246 113 4,252 7,545 Contributions to Int'l. Bank. . . . 11 Consolidated Government debt.. 34,763 ,763 34,763 34,860 Loans and discounts 85 81 85 95 Government securities 8,490 701 9,131 3,876 Securities 440 441 441 134 Other assets 4,088 087 4,013 3,576 Govt. compensation account. . .. 3,356 3,495 ,513 3,902 Note circulation 95,141 194 94,411 91 ,226 Other assets 403 245 242 650 Deposits—Demand 1,481 770 1 ,433 2,383 Note circulation 1,812 1,790 ,681 1,709 ECA 1,310 350 1,358 1 ,037 Deposits—Government 1,528 1,493 ,497 1,850 Other liabilities and capital 6,801 347 7,676 5,097 Other 1,472 1,445 ,610 1,713 Central Bank of Bolivia—Mone- Other liabilities and capital 171 171 166 181 tary dept. (millions of bolivianos): Central Bank of the Dominican Gold at home and abroad 2 1,490 1,370 Republic (thousands of dollars): Foreign exchange (net) 1,523 838 12,076 12,076 071 12,066 Loans and discounts 1 ,834 999 Foreign exchange (net) 19,702 19,259 573 14,915 Government securities 1,830 1,856 Net claim on Int'l. Fund < 1,250 1,250 250 1,250 Other assets. 328 113 Paid-in capital—Int'l. Bank 42 42 42 40 Note circulation 5,102 3,862 Loans and discounts 509 457 181 433 Deposits 1,078 672 Government securities 7,621 8,395 395 7,503 Other liabilities and capital 826 642 Other assets 1 ,756 827 632 885 Central Bank of Ceylon (thousands Note circulation 33,252 31,619 425 27,750 of rupees): Demand deposits 8,216 9,267 327 8,490 Foreign exchange 423,813444 164464,220 681,458 Other liabilities and capital. . . . 1,488 1,419 393 852 Advances to Government 3 74,000 61 000 72,000 rl3,972 Central Bank of Ecuador Government securities 55,528 60 801 57,888 3,252 (thousands of sucres.): Other assets 6,566 5 897 4,950 2,695 Gold • 338,555338,322338 067 335,601 Currency in circulation 383,111380 926392,281 404,126 Foreign exchange (net)6 238,983229,796177 039 73,237 Deposits—Government 6,000 6 054 5,713 67,339 Net claim on Int'l. Fund 4 18,757 18,757 18 757 18,758 Banks 130,587146 071 163,358 180,700 Credits—Government 189,963179,112 83.842 195,062 Other liabilities and capital 40,208 38 810 37,706 '49,210 Other 82,834205.872236 587 170,159 Central Bank of Chile (millions Other assets 166,121163 410155,190 188,035 of pesos): Note circulation 565,461569 005567,958 478,987 Gold ,110 1,109 1,189 Demand deposits)—Private banks 178,675178,956181 344 137,543 Foreign exchange (net) 105 90 135 Other 159,343158,586150, 575 111,130 Net claim on Int'l. Fund * 221 221 107 Other liabilities and capital 231,735228,723 605 253,191 Discounts for member banks.... ,238 2,464 1,728 National Bank of Egypt (thou- Loans to Government 664 665 674 sands of pounds): Other loans and discounts ,863 9,318 5,687 Gold ^ 60,553 60,553 60,553 Other assets.. ,619 2,649 3.181 Foreign exchange 19,977 12,013 31,966 Note circulation ,008 11,154 7,955 Foreign and Egyptian Deposits—Bank ,757 2,388 1,962 Government securities 275,886286,269 278,513 353,507 Other 328 306 460 Loans and discounts 23,167 20,899 15,665 23,704 Other liabilities and capital ,726 2,667 2,325 Advances to Government 7,364 2,555 5,310 Bank of the Republic of Colombia Other assets 4,706 3,096 2,840 ' 3,217 (thousands of pesos): Note circulation 195,668188,578181,407 203,679 Gold and foreign exchange 268,423249 248,547 202,867 Deposits—Government 67,695 67,779 54,177 124,426 Net claim on Tnt'l. Fund 4 24,372 24 24,371 24,370 Other 104,971105,889118, 100 121,192 Paid-in capital—Int'l. Bank... 1,419 1 1,411 7,122 Other liabilities and capital.... 23,319 23,139 22,982 23,649 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 Seotember 1950, p. 1262. 6 In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar. 7 Beginning April 1951, gold previously held in Issue Department revalued from 7.4375 grams of fine gold to 2.55187 grams of fine gold per Egyptian pound. NOTE.—-For details relating to individual items in certain bank statements, see BULLETIN for January 1952, p. 102; January 1951, p. 112; and January 1950, p. 118. 78 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) Nov. Oct. Sept Nov. date of month) Nov. Oct. Sept. Nov. Central Reserve Bank of £1 Salva Bank of Italy (billions of lire): dor (thousands of colones): Gold 4 4 4 Gold 73,551 73,613 73,685 64,344 Foreign exchange 4: 37 39 36 Foreign exchange (net) 15,87 20,312 26,999 32,939 Advances to Treasury 578 590 590 590 Net claim on Int'l. Fund » 1,566 1,566 1,566 1,566 Loans and discounts 27 274 259 240 Loans and discounts 34,081 30,072 25,388 16,703 Government securities 239 227 217 187 Government debt and securities.. 6,590 6,595 6,336 5,583 Other assets 783 787 808 755 Other assets 2,298 1,379 1,427 2,115 Note circulation 1,271 1,278 1,285 1,168 Note circulation 85,220 78,50' 78,852 75,077 Allied military notes 2 Deposits 41,25. 47,595 49,048 41,206 Deposits—Government 5 66 61 134 Other liabilities and capital.... 7,490 7,435 7,501 6,967 Demand , 53 50 54 80 State Bank of Ethiopia 2 Other 432 417 414 350 Bank of Finland (millions of mark Other liabilities and capital 108 107 102 77 kaa): Bank of Japan (millions of yen): Gold 5,863 5,865 5,865 5,865 Bullion 448 '501 Foreign assets (net) 8,502 9,218 10,551 16,83= Advances to Government 38,390 41,243 Clearings (net) 3,867 3,243 1,672 1 ,373 Loans and discounts 368,199 355,551 Loans and discounts 42,994 38,898 39,271 28,589 Government securities 105,754 83,970 Securities 1,165 1,172 1,189 962 Other assets , 125,065 '60,711 Other assets 1,926 1,966 1,907 3,702 Note circulation 463,009 432,540 Note circulation 45,497 42,440 43,768 44,053 Deposits—Government , 83,543 60,622 Deposits .... 3,261 2 ,703 1,793 2,168 Other 46,121 26,272 Other liabilities and capital 15,559 15,218 14,893 11,106 Other liabilities , 45,183 22,542 Bank of German States The Java Bank (millions of rupiah): (millions of German marks): Gold* 968 1,063 1,063 1,060 Gold 572 518 497 53 Foreign exchange (net) 256 225 441 597 Foreign exchange 4,282 4,284 3,985 2,119 Loans and discounts 738 763 685 576 Loans and discounts 2,597 2,467 2,951 4,32 Advances to Government 3,752 3,327 3,291 1,388 Loans to Government 7,953 7,882 7,824 8,544 Other assets 489 600 622 894 Other assets , 884 802 833 1,485 Note circulation 3,768 3,692 3,689 2,959 Note circulation !0,40l 10,257 10,122 9,198 Deposits—ECA 496 496 496 Deposits—Government 1,718 1,671 1,820 2,469 Other 1,151 1,140 1,202 813 Banks 1,941 1,758 1,983 2,017 Other liabilities and capital 787 650 715 743 Bank O t o h f e r G li r a e b e i c l O i e t t i h e ( s e b r i a l n li d o n c s a p o i f t a d l rach- 1,9 2 5 8 0 0 1, 2 9 6 9 8 8 1, 2 9 5 1 0 4 2,3 5 4 0 2 2 Bank M o o f n e M ta e ry x ic r o es e ( r m v i e l l 6 i ons of pesos): , 1,189 1,079 1,099 1,163 N Ba a q m n t u i a k O O C D o F G A O O N D L G G R e e t n o ) o i t t o e e d t o e t o o z o : r h h h h r a a l d p p l l v t a c f e d d e d e e e e n l i o o a u l i r r s r r e s g s n G s l c a c B c s a i i n l a c a l o n o a t i t ) i t u i a s e s s r s a : n d n i a u e s c s — n — o s a b d b t n e x e u — r n k f t i i t t t c l i o l l e G G s O — B s s R d i b a i h r G O t m t o i t e u o a i o t e a i a i s e f r N h e i o C t n o t c v v n n c a e g s h i s e v o n k e l d e g o o H o o n l e i r a e s n r r a e e t i u n a r n n n e u r f a n s n e n n s m m t d ( d n x t d t ( r a m o n s v t c u g e e c h e c a h c e c a n n c I t o a n a a n t ) n t t t r p u i s n p c t y t o i s e g i ' n t l t a s 3 e a . a n l l F d ( a n u s n e n d o t d ) f . . 4 2 2 1 1 1 3 8 1 2 8 3 3 2 3 7 3 7 9 1 1 1 1 , , , , , , , , , , , , , , , , , , 2 4 6 1 3 2 5 1 6 5 3 6 2 4 8 6 2 9 2 1 1 0 1 9 9 3 2 0 1 7 2 6 2 0 3 0 2 5 5 2 5 0 1 4 0 3 0 6 1 2 5 7 3 9 3 8 4 9 8 0 4 2 1 1 1 3 0 3 2 7 3 2 8 2 3 8 7 1 7 1 9 1 1 , , , , , , , , , , , , , , , , , , 2 3 4 6 1 4 2 7 0 2 8 4 9 6 2 3 4 6 1 0 3 6 9 8 7 0 1 2 7 0 5 5 2 5 4 6 3 2 3 9 3 3 9 6 8 6 2 6 2 8 9 3 3 9 0 2 8 9 6 2 3 2 1 1 1 3 3 9 2 3 8 7 2 7 3 2 6 0 9 1 8 1 1 , , , , , , , , , , , , , , , , , , 6 0 8 7 4 6 8 3 6 2 2 7 8 3 2 6 3 5 9 1 1 0 5 9 0 1 1 4 1 4 1 5 3 4 4 1 2 9 4 0 1 5 2 1 1 2 9 2 0 7 4 8 5 0 6 3 9 0 9 0 3 2 1 1 3 2 8 7 2 0 4 8 3 2 5 7 7 7 7 1 1 1 , , , , , , , , , , , , , , , , , , 1 3 5 4 2 5 9 0 9 2 2 6 2 6 2 0 2 7 7 1 3 1 3 3 3 6 5 5 7 9 1 8 3 4 2 4 6 7 8 9 2 4 3 4 2 0 7 9 2 5 6 5 3 8 0 1 7 9 0 4 R N e e ( g s t t u e h h F O G O S F N D G L O O G D i N r " B o e l o v A i o o d o t u t o e o t t i o r e o l h r e h l h r h r v a e l p l s m l u t v l t e i e d d e e e s e n e a e e r a t o t t i i B r s r i r r r a . s n g h n g s e a e ) c c n a n d n i o : l s a d ( d l n a i a i t d i i i , s n r r r s s d s e a s n a n c e c i a s s k — b b e b d c z u o x l u e s e d t t i i i l e s f l t c c t l l a l u O G o i E s a d s a i e d B i h a b s t d t f t t p t i " C t i n o a c i i i i a s s i e h e o o l o n o d n v N c A i n s s e n u n g t g u ( h o e k i r e n — s n e a n r o e u a w s e n e n s d t n l n u c s r d t O m d s d N t ) e b u i s ) Z ( l s n e s r : e m d c e i c g n i e w a t d r i s t a a i v p l i e l l p a e i s i a o t o r i a n y f n t l d a s c s l o e . c i . o n . u . f ) - . 2 3 1 1 1 3 1 1 , , , , , , , , 2 2 6 9 4 1 8 3 3 4 4 4 2 4 9 1 9 5 0 3 4 6 5 6 3 9 0 4 7 5 3 1 8 7 2 5 4 0 5 1 3 3 0 7 5 9 5 4 3 7 9 33 6 2 2 3 1 1 2 1 1 . , , , , , , , , , 3 0 3 9 6 2 4 8 0 1 1 3 4 2 9 2 4 6 7 0 2 1 3 9 4 4 2 0 9 1 3 9 7 0 2 3 1 5 9 9 9 7 1 0 5 9 6 9 8 5 5 2 2 4 5 9 2 20 6 2 3 1 1 2 1 1 1 , , , , , , , , , , 1 0 6 3 2 9 4 5 0 3 3 2 4 7 9 9 1 6 1 4 4 4 3 0 8 3 7 4 5 5 3 9 8 7 0 1 2 3 4 5 0 1 0 3 8 8 8 5 3 5 4 4 8 9 2 7 9 39 5 3 2 3 3 1 1 1 , , , , , , , , , 4 0 4 8 3 6 1 4 5 5 1 7 0 4 5 1 5 5 1 7 4 3 2 4 4 4 3 4 7 4 1 0 2 8 4 3 1 1 1 6 1 9 6 7 9 3 6 3 1 1 0 5 1 6 2 4 9 Reserve Bank of India (millions of Loans and discounts 6,019 6,019 6,019 rupees): Advances to State of State un- Iss N F I R G u n o u e o o d r p l t e i d e d e a i e g n e c a n p i t c r G a o c h s r o u i e o t n v m c l m a u t t . e e r i n i o s t a t e n i : e n c s d u ri a t b ie r s oad 1 4 5 0 , , , 5 4 8 3 7 1 8 4 2 0 1 4 0 2 5 1 4 5 0 , , , 6 4 3 8 8 1 8 7 0 3 1 0 0 2 5 1 4 5 1 , , , 6 4 6 8 2 8 9 3 0 2 1 8 0 2 6 O O D N In t t e o v d h h m t e e e e e s r r r a t t c n a m l a i d i k r s a e c s i b n n d u e i g t e t l l s s a i p s t t i o i e o s s n i ts and capital 4 5 6 7 2 2 0 3 7 1 , , , , , , 1 2 3 6 4 6 3 1 8 5 8 6 2 7 9 6 4 8 4 6 5 5 2 0 9 5 7 1 , , , , , , 3 7 1 4 3 5 3 0 8 1 0 5 1 5 2 4 8 7 4 5 6 8 6 6 4 4 2 2 , , , , , , 7 1 5 5 9 8 5 8 7 4 2 3 0 2 6 8 4 6 Ba O O L D N B B n o i t t a k e o l h h a l p l i t a s n e e e n o n r r s g s s d c i a i l o t e t d s i o s s f s a c s e b o e i G a p s i u t b l a s s o i n r u r t v o t i t e e e m e a s d r d d e n a n e m n t p : d e a n r t c t a m p e it n a t l . . . . . . . 2 1 1 , , , 4 2 8 5 1 5 1 7 8 3 1 4 2 0 1 5 4 5 2 2 1 1 , , , 2 3 6 0 5 2 4 4 3 9 1 1 8 7 3 7 0 5 5 3 1 1 , , , 4 3 2 2 9 3 8 6 1 5 5 8 5 2 4 0 6 7 8 Bank O S O F C L G e o o l t c o o e c h r a c l f e a u d e n u i N r r r s p g i i n t o n a a a i g t r e s n i a s w s o d a e s n a c s t s d y c e a i t o s s c ( u c c m n ( o o n i t u u l s e l n n i t o t ( ) t s n n e ( s n t ) o e f t ) kroner): 5, 4 2 5 9 4 4 6 4 4 7 3 2 5 4 1 6 1 5, 4 2 5 6 4 4 5 4 4 6 9 2 3 0 5 6 9 6, - 2 3 2 1 2 0 2 4 4 3 5 1 2 9 2 6 9 1 Central Bank of Ireland (thousands Note circulation 2,747 2,751 2,498 of rounds): Deposits—Government 2,128 2,123 1,761 Gold 2,646 2,6461 2,646 2,646 Banks 774 723 1,109 Sterling funds 61,250 59,383 57,627 55,344 ECA—MSA 299 289 860 Note circulation 63,896, 62,029 60,273 57,990 Other liabilities and capital 553 579 759 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. JANUARY 1953 79 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) date of month) Nov. Oct. Sept. Nov. Nov. Oct. Sept. Nov. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 32,700 28,778 27,699 25,086 Issue department: Note circulation 36,832 37,464 36,646 34,022 Gold at home and abroad... 81 81 81 44 Deposits—Government 4,480 1,190 1,518 1,307 Sterling securities 440 437 482 1,104 Other 3,418 3,219 3.036 2,737 Pakistan Goyt. securities. . . 992 945 900 665 Other liabilities and capital 28,645 25,083 23,941 20,493 Govt. of India securities.... 126 126 126 126 Bank of Sweden (millions of kronor): India currency 300 300 300 300 Gold 407 418 444 300 Rupee coin 68 70 71 29 Foreign assets (net) 1,331 1,309 1.315) 1,530 Notes in circulation 1,953 ,914 1,875 2,200 Net claim on Int'l. Fund s 129 129 88 88 Banking department: Paid-in capital—Int'l. Bank 11 11 11 10 Notes of issue department.. 54 48 85 68 Swedish Govt. securities and ad- Balances abroad 466 vances to National Debt Office1 2,549 2,552 2,477 3,128 Bills discounted 2 99 Other domestic bills and advances 310 309 306 244 Loans to Government 159 157 1 Other assets 708 724 747 578 Other assets 440 494 455 373 Note circulation 4,291 4,292 4,158 3,823 Deposits 547 594 433 878 Demand deposits—Government.. 350 287 500 858 Other liabilities and capital.. 106 106 111 128 Other 151 225 96 570 Central Bank of Paraguay * Other liabilities and capital 654 647 634 627 (thousands of guaranies): Swiss National Bank (millions of Gold 1,1.42 146 1 ,146 francs): Foreign exchange (net) 53,543 411 56,677 Gold 5,812 5,805 5,799 6,015 Net claim on Int'l. Fund 2 11 11 11 Foreign exchange 462 443 418 213 Paid-in capital—Int'l. Bank -1,095 075 -1,075 Loans and discounts 238 227 231 231 Loans and discounts •.-.••• 75,676 75 676 75,676 Other assets 82 87 77, 81 Government loans and securities. 328,867325 014324,142 Note circulation 4,842 4,797 4,747 4,683 Other assets 218,405222 783200,935 Other sight liabilities 1,547 1,560 1,577 1,656 Note and coin issue 350,588 724345,906 Other liabilities and capital 205 203 200 200 Deposits—Government 70,055 965 70,190 Central Bank of the Republic of Other 133,891 683128,890 Turkey (millions of pounds): Other liabilities and capital 122,015 594112,526 Gold 402 402 409 420 Central Reserve Bank of Peru Foreign exchange and foreign (millions of soles): (Aug.)* clearings 127 104 100 162 Gold and foreign exchange » 573 513 Loans and discounts 1,826 1,794 ,756 1,438 Net claim on Int'l. Fund 2 67 21 Securities 27 27 27 15 Contribution to Int'l. Bank 2 2 Other assets 123 106 102 73 Loans and discounts to banks. .. 317 296 Note circulation 1,267 1,262 ,238 1,139 Loans to Government 848 713 Deposits—Gold 153 153 153 153 Other assets.. 215 286 Other 829 814 769 610 Note circulation 1,333 1,173 Other liabilities and capital 255 203 232 207 Deposits 392 314 Bank of the Republic of Uruguay Other liabilities and capital. 297 344 (thousands of pesos): Central Bank of the Philipplines Gold... 321,119 353,107 (thousands of pesos): Silver 9,336 9,633 Gold 13.294 17,958 12,811 Paid-in capital—Int'l. Bank 314 318 Foreign exchange 454 58,189 481,278 Advances to State and Govern- 149,268 117,275 Net claim on Int'l. Fund 2 29 29,504 29,504 ment bodies 361,888 332,614 Loans 48 48,055 44,171 Other loans and discounts 464,863 386,255 Domestic securities 231 231,650 233,844 Other assets 362,898 349,727 Other assets. 150 157,137 213,279 Note circulation 86,562 80,663 Note circulation 530 527,147 573,249 Deposits—Government 318,715 305,037 Demand deposits 266 976 274,797 238,199 Other 538,613 463,775 Other liabilities and capital 135 188 140,546 203,440 Other liabilities and capital Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): 1,141 1,141 1,141 1,141 Gold ,450 4,430 4,272 Gold 162 189 228 -68 Foreign exchange (net) ,527 11,522 11,508 Foreign exchange (net) 71 76 85 128 Loans and discounts 821 778 737 Other assets 909 866 855 775 Advances to Government ,429 1,422 1,254 Note circulation 230 274 290 229 Other assets 556 605 590 Deposits 234 266 310 197 Note circulation ,149 9,035 8,876 Other liabilities and capital Demand deposits—Government.. ,556 1,441 908 Bank for International Settle- ECA 29 29 42 ments (thousands of Swiss gold Other ,924 6,118 6,344 francs): 585,413 571,835560,242 388,910 Other liabilities and capital ,126 2,134 2,192 Gold in bars 84,526 51,279 47,168 69,579 South African Reserve Bank Cash on hand and with banks... 8,211 11,049 10,334 10,564 (thousands of pounds): Sight funds at interest Gold* 219 55,880 73,837 Rediscountable bills and accept- 255,394 280,352260,537 137,797 Foreign bills ,050 60,073 61,709 ances (at cost) 87,736 89,045 72,195 38,657 Other bills and loans ,088 24,326 3,617 Time funds at interest 274,646 260,588 197,053 270,274 Other assets ,451 36,611 27,343 Sundry bills and investments 297,201 297,201297,201 297,201 Note circulation ,408 86,746 82,226 Funds invested in Germany 1,427 1,382 1,458 1 ,810 Deposits ,420 66,510 63,807 Other assets 454,906 414,797 40i,662 210,842 Other liabilities and capital ,979 23,634 20,472 Demand deposits (gold) Bank of Spain (millions of pesetas): Short-term deposits: Gold 559 559 558 550 Central banks—Own account.. 595,214 607,334503,421 416,843 Silver 374 374 374 378 Other 43,086 40,247 41,426 91,524 Government loans and securities. 15,955 ,670 15,988 15,837 Long-term deposits: Special 228,909228,909 228,909 228,909 Other loans and discounts 23,789 ,576 20,522 16,708 Other liabilities and capital 272,438 271,443270.769 266,674 * Latest month available. iThe 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, * This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 8 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 4 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. * 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— eff D ec a t t i e ve U K d n i o i n m t g e - d France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w e e n - S la w e n r i - d tz- ba C n e k n tr o a f— l N R 3 a o 0 t v e . eff D ec a t t i e ve ba C n e k n tr o a f— l N R 3 o a 0 t v e . eff D ec a t t i e ve In effect Dec. 31, Argentina 3H Mar. 1, 1936 Italy 4 Apr. 6, 1950 N D o e 1 c v 9 . 4 5 19 7, 1946. 2 3 iy2 2^ iy2 A B B o e u l l s g i t v i r u i i a a m 6 3 6 M S J S u e e p p ly t t . . 3 1 3 0 3 , , , 1 1 1 9 9 9 5 5 5 2 1 0 J J M a a e p v x a a i n co 3 4 5 M .84 J A O u p c n t r . e . 4 1 1 , , , 1 1 1 9 9 9 4 5 4 2 1 6 Jan. 10, 1947 1M &2M Aug 27 3H Oct 9 2^&3 Canada 2 Oct. 17, 1950 Netherlands.. 3 Aug. 1, 1952 June 28, 1948 15 Chile 4H June 13, 1935 New Zealand. July 26, 1941 Sept 6 3H&4 Colombia July 18, 1933 Norway Jan. 9, 1946 Oct 1 3 Costa Rica 4 Feb. 1, 1950 Pakistan 3 3 July 1, 1948 May 27, 1949. . 14M July 14 . 1 4 Oct. 6 3% June 8, 1950 Denmark 5 Nov. 2, 1950 Peru 6 Nov. 13, 1947 S S e ep p t t . 2 1 6 1 3% 3 E E c g u y a p d t or 1 3 0 H J M u a ly y 1 5 3 , , 1 1 9 9 5 4 2 8 P So o u r t t h u g A a fr l i . c . a .. . i 4 y% J M an a . r . 2 1 7 2 , , 1 1 9 9 5 4 2 4 Oct 27 *6 El Salvador... Mar. 22, 1950 Spain 4 Mar. 18, 1949 Dec. 1 3 Apr 17, 1951. 4 July 5 Sept 13 3\i. Finland Dec. 16, 1951 Sweden 3 Dec. 1, 1950 Oct. 11 3 *ty Nov. 9, 1951 Switzerland.. 1H Nov. 26, 1936 Nov. 8 Germany 2 Aug. 21, 1952 Turkey Feb. 26, 1951 Nov 9 . 4 12 July 12, 1948 United King- Jan. 22, 1952.. India Nov. 15, 1951 dom 4 Mar. 12, 1952 Mar 12 4 Ireland Mar. 25, 1952 USSR 4 July 1, 1936 May 29 15 Aug 1 3 1 Rate established for the Land Central banks. Aug 21 *4K In effect Nov. 30, NOTE.—Changes since Nov. 30: Belgium—Dec. 18, from 3}4 to 3 per cent. 1952 4 4 14^ 3H 3 3 iy2 OPEN-MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Netherlands Sweden land 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—October... .53 1.03 1.00 1.04 .50 1.61 1.25 1943—October.. . .43 1.03 1.00 1.00 .50 1.73 1.25 1944—October... .38 1.03 1.00 1.10 .50 1.73 1.25 1945—October... .36 .83 .75 .96 .50 1.25 1.30 1.00 1.25 1946—October... .40 .53 .51 .63 .50 1.29 n.07 1.25 1947—October... .41 .53 .51 .63 .50 1.64 c.95 1.38 1948—October... .41 .56 .51 .63 .50 2.09 c1.03 ".78 1.63 1949—October... .51 .69 .52 .63 .50 P2.25 .07 '.78 1.50 1950—October... .62 .69 .51 .63 .50 2.28 .27 .88 y 1.50 1951—October... .93 1.00 .51 .63 .50 2.78 .16 1.00 2 1.50 3-5 1951—November .92 1.38 .84 .92 .69 3.27 .17 1.00 1.50 December. .89 1.50 .98 1.00 .75 3.50 .21 1.00 1.50 1952—January.. .89 1.50 .97 1.00 .75 3.50 1.18 1.00 1.50 February. .91 1.50 .99 1.00 .75 3.93 1.17 1.00 1.50 March.... .94 2.48 2.01 1.82 1.57 3.95 1.38 1.00 1.50 April .98 3.00 2.35 2.25 2.00 1.40 1.00 1.50 May 1.02 3.00 2.37 2.25 2.00 1.25 .90 1.50 June 1.08 3.00 2.43 2.25 2.00 1.20 .75 1.50 July 1.11 3.00 2.46 2.25 2.00 1.05 .75 1.50 August. . . 1.10 3.00 2.46 2.25 2.00 3.77 .85 .58 1.50 September 1.14 3.00 2.49 2.25 2.00 4.00 .85 .62 1.50 October... 1.19 3.00 2.43 2.25 2.00 3.98 .84 .50 1.50 v Preliminary. c Corrected. 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. JANUARY 1953 81 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom * ( b 1 a 1 n L 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 ti r es 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 1946—December 499 432 610 1,560 1.427 >94 505 5,685 3,823 1,862 342 1947—December. 502 480 793 1,288 ,483 219 567 5,935 3,962 1,972 396 194g—December 502 485 741 1,397 ,478 396 621 6,200 4,159 2,041 420 1949—December 532 571 1,109 793 ,512 1,534 579 6,202 4,161 2,041 427 1950—December 540 592 1,408 456 ,528 1,660 735 6.368 4,262 2.106 550 1951—December 531 598 972 102 ,965 1,950 867 6.333 4,290 2,042 651 i Q52— T3nii3rv 521 605 965 66 ,954 1,928 824 6,204 4,173 2,031 659 February . • . 492 526 856 15 ,944 1,945 804 5,893 3,923 1,971 689 March 492 526 854 ,935 1,959 789 5,887 3,914 1,974 667 April . . 501 512 883 ,934 1,967 821 5,994 3,952 2,042 623 May 491 518 936 ,932 L,901 713 5,903 3,840 2,063 587 June 504 537 1,064 ,917 L ,875 726 6,064 3,909 2,155 559 July 501 535 1 ,139 ,917 1,834 696 6,063 3,903 2,159 558 August 510 516 1,239 .918 L, 765 638 6,048 3,878 2,170 537 September 503 530 1,295 1,921 758 662 6,126 3,910 2,216 543 October 498 500 1,122 2,142 759 676 6,167 3,948 2,219 530 November 503 516 1,142 2,138 755 655 6,183 3,949 2,234 526 Assets Liabilities Canada Security Deposits payable in Canada E (1 n C 0 d a i c n n o h a f a m d r m i t i a l e o n l r i n e o t d d n h o s b l o f l a a i f g n r u s k ) r s e . s re C se a r s v h E e n s tire S ly e l c o u i a n n r i s t C y ana d lo d i O a a sc n t o s h u e a n r n t d s d a f a u n b o l b e o d a r r e a n o f i n r k g n a o s s n e d m t Securities O as t s h e e t r s ci N r ti c o o u t n l e a- e T x o cl t u a d l ing i D n e te m rb a a n n d k de T po im sit e s li c a O a b a p t i n h l i d i t e t a r i l es 1946—December 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 1.525 1947—December 731 105 1,999 106 3,874 1.159 18 6,412 2,671 3,740 1,544 1948—December 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 1,537 1949—December 765 133 2,271 146 4,345 1,058 14 7,227 2,794 4,433 1,477 1950—December 824 134 2,776 171 4,286 1.304 7,828 3,270 4,558 1,667 1951—November . . . 843 96 3,123 166 3,894 1,423 8 7,829 3,213 4,616 1,715 December 907 107 3,028 227 3,876 1,464 7,896 3,284 4,612 1,714 1952—January 869 107 2,955 183 3,927 11,303 7,705 3,066 4,639 1,637 February 809 95 2,918 231 4,003 1,353 ( 3 ) 7,761 3,076 4,685 1,648 March 880 97 2,949 202 4,095 1,390 7,979 3,231 4,748 1,634 April 897 140 2,960 236 4,068 ,370 (3) 7,987 3,230 4,757 1,685 May 785 132 3,012 255 4,100 ,350 7,979 3,210 4,769 1,655 June 813 138 3,048 328 4,067 ,453 (3) 8,120 3,328 4,792 L.727 J A u u l g y ust 8 8 4 2 7 8 1 1 4 4 7 5 3 3 , , 0 0 4 5 8 3 2 2 6 7 0 9 4 4 , , 1 1 3 3 9 4 , .3 2 0 7 6 8 ( ( 3 3 ) ) 8 8, , 0 0 7 7 5 9 3 3, , 2 2 0 4 5 3 4 4 , , 8 8 3 7 6 0 L L. , 6 6 5 5 2 8 S O e c p to te b m er ber 8 8 7 4 9 3 1 1 3 3 0 5 3 3, , 2 0 1 9 2 3 2 27 5 8 0 4 4 , , 1 2 4 0 7 2 1 1, , 3 3 9 8 6 3 (3) 8 8 , , 3 19 1 1 9 3 3 ,4 2 1 9 8 0 4 4 ,9 9 0 0 1 1 L 1 . , 7 7 2 1 2 6 (3) Assets Liabilities France (4 o f l a m rg o e n t b h a n fi k g s u . r es E in nd Cash Due fronl 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 19,378 219,38* 86,875 27,409 341 547 338,090 3,457 25,175 8,916 1948—December 45,397 35,633 354,245» 126,246 34,030 552 221 545,538 6,683 30,638 12,691 1949—December .... 40,937 42,311 426,69() 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950—December 48,131 52,933 527,5255 135,289 31,614 749 928 731.310 18,618 28,248 17,316 1951—October 48,996 79,337 520,45*j 173,530 59,099 799 918 777,973 21,946 35,382 46,120 November 47,980 81,460 506,061 179,933 61,658 793 078 768,657 24,422 35,372 48,641 December 60,215 72,559 627,64£\ 165,696 38,114 906 911 879,767 27,145 33,774 23,547 1952—Tanuarv 53,133 75,407 534,792 189,098 36,548 831 691 801,854 29,837 30,433 26,854 February 50,662 73,868 538,2455 183,504 38,310 827 946 796,396 31,551 30,414 26,227 48,669 75,148 555,88;\ 174,048 40,219 834 482 802,481 32,002 28,953 30,531 April .. .. 45,646 72,947 556,151 180,550 41,474 831 729 800.944 30,786 28 482 36 556 48,832 75,533 618,190 172,693 43.093 891 422 86I . 703 29,719 27,025 39,893 June 50,436 72,818 554,96:? 193,942 44,463 848 354 819,030 29.324 25,529 42,738 July 45,999 70,090 560,87'7 196,665 45,990 846 689 817,569 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 September 48,279 67,886 584,55?I 183,491 44,415 855 024 824,874 30,150 17,810 55,794 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 Y% per cent after October 1945. 3 Less than $500,000. NOTE.—For details concerning data in earlier years, see BULLETIN for February 1952, p. 466; 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. 82 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 Canada Year or month Basic P ( e p r n e e t f s i e a o r l ) - Free ( t p A r o a u u l s n i - a d) (franc a " ) n c B o c t o a e u n s k n " t (c B ru ra ze z i i r l o) M B (d r a o s i l l i t l a a i a s y r h ) - Officia (d l ollar) Fre« C (r e u y p l e o e n ) 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 27.839 1950.. 26.571 13.333 8.289 223.15 1.9908 1.9722 5.4406 32.788 90.909 91.474 20.850 1951.. 20.000 13.333 7.067 223.07 1.9859 1.9622 5.4406 32.849 94.939 20.849 1952.. 20.000 13.333 7.163 222.63 1.9878 5.4406 32.601 102.149 20.903 1952—January 20.000 13.333 6.979 221.92 1.9838 5.4406 32.691 99.490 20.799 February 20.000 13.333 7.115 222.00 1.9838 5.4406 32.662 99.869 20.818 March 20.000 13.333 .172 223.03 1.9838 5.4406 32.783 100.375 20.916 April 20.000 13.333 .164 224.10 1.9838 5.4406 32.921 101.891 21.003 May 20.000 13.333 .169 223.24 1.9838 5.4406 32.752 101.615 20.961 June 20.000 13.333 .183 221.88 1.9838 5.4406 32.505 102.086 20.834 July 20.000 13.333 .196 222.17 1.9842 5.4406 32.509 103.120 20.871 August 20.000 13.333 .194 222.19 1.9879 5.4406 32.445 103.984 20.875 September 20.000 13.333 .195 221.73 1.9920 5.4406 32.418 104.171 20.854 October 20.000 13.333 .196 222.55 1.9965 5.4406 32.499 103.681 20.903 November 20.000 13.333 .198 223.12 1.9979 5.4406 32.489 102.289 20.984 December 20.000 13.333 7.198 223.58 1.9941 5.4406 32.523 103.002 21.024 France Year or month C slo ze 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 (koruna) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) Official Free 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 2.0060 19.117 .4671 .3017 27.706 12.620 34.528 1950 2.0060 14.494 .2858 23.838 20.870 11.570 26.252 1951 2.0060 14.491 .4354 .2856 23.838 20.869 280.38 11.564 26.264 1952 114.492 .4354 .2856 223.838 20.922 279.68 11.588 26.315 1952—January... 14.492 .4354 .2856 23.838 20.819 280.38 11.562 26.320 February.. 14.492 .4354 .2854 23.838 20.839 280.38 11.561 26.329 March.... 14.492 .4354 .2856 23.838 20.949 280.38 11.564 26.319 April 14,492 .4354 .2856 23.838 21.031 280.77 11.569 26.340 May 14.492 .4354 .2856 2 23.838 20.988 280.07 11.566 26.337 June 14.492 .4354 .2856 20.870 278.46 11.561 26.317 July 14.492 .4354 .2856 20.892 278.82 11.574 26.324 August 1 14.492 .4354 .2856 20.893 278.85 11.623 26.317 September. .4354 .2856 20.866 278.26 11.623 26.291 October. .. .4354 .2856 20.921 279.30 11.611 26.312 November. .4354 .2856 20.976 280.01 11.622 26.289 December. . .4354 .2856 21.025 280.59 11.623 26.277 Year or month Z (p e N o a u e la w n n d d ) N (k o r r o w n a e) y R P e ( p h p p i e i u n l s i o b e p ) l - ic ( P es o g c r a u t d l u o - ) ( A S p o o fr u u i n c t d h a ) (k S d r w o e n n e a - ) e S (f r w r l a a i n t n c z d ) - ( U K p d n o i o u i n m t n g e d d - ) Ur (p u e g s u o) ay 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 1952. 276.49 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 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 j 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 1 275.71 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 j 276.09 14.015 49.677 3.4848 277.81 19.327 23.288 278.85 65.833 56.180 42.553 September j 275.51 14.015 49.677 3.4878 111.23 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 j 277.24 14.015 49.677 3.4818 278.96 19.323 23.330 280.01 65.833 56.180 42.553 December i 277.81 14.015 49.677 3.4839 279.54 19.323 23.332 280.59 65.833 56.180 42.553 1 Based on quotations through Aug. 14, 1952. 2 Based on quotations through May 8, 1952. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1952, p. 1355. JANUARY 1953 83 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 n 1 ta 7 0 i 0 - t t 4 e e ) d 9 s = ( 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 n 9 g 0 3 i 0 t d 0 e ) o d = m F (1 r 1 9 a 0 4 n 0 9 ) c = e (1 I 1 9 t 0 a 3 0 8 ly ) = ( a 1 J = v 9 a e 3 1 p r 0 4 a a 0 - g n 3 ) e 6 N (1 l e a 1 9 t 0 n 4 h 0 8 d e ) s r = - S (1 w 1 9 e 0 3 d 0 5 ) e = n (A Sw u = l g a i 1 . t n z 0 1 d 0 e 9 ) r 3 - 9 1941 57 116 110 153 9 136 2 172 171 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—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 5,200 351 136 320 220 August 112 224 400 325 144 ••5,234 348 137 319 220 September 112 222 393 323 143 5,262 349 138 P316 220 October 111 221 397 326 P141 138 P313 218 November 111 222 395 324 P140 218 P Preliminary. *• Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 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 g a c w a o a t r o u n t d r a u l e y s n - d d F f u a c m g l h c l o a y i t e u o n f d r a u l e y s n - d d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d l d u u r s c a - w ts p f I r in n o tr i d d s i u h u al e s c - d t 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 ioo 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—November 112 111 115 265 237 242 263 P368 124 177 142 111 111 115 267 236 240 266 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 107 110 113 226 213 228 284 P343 129 163 133 October 105 109 113 221 210 228 293 P343 129 164 132 November 104 108 113 223 211 229 293 P340 n.a. Not available. * Preliminary. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 84 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 All items Food United Switz- United Switz- Year or month ( U S 1 = 9 n t a 3 1 i 0 5 t t e e 0 - d 3 s ) 9 C = ( a 1 a d 1 9 a 0 n 4 0 9 - ) 1 K 5 d ( , J i o a n 1 m n 9 g 5 . - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N l = ( e a 1 t 1 n 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 r n u 9 - d g = . ( U S 1 = 9 n t 3 a 1 i 5 t t 0 e e - 0 3 d s ) 9 = C ( a 1 a d 1 9 a 0 4 n 0 9 - ) 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 1 n 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 r n 9 u - d g = . = 100) 100) = 100) 100) 1943 124 74 12 148 138 12 161 1944 126 75 16 151 136 15 164 1945 129 75 22 153 139 21 164 1946 140 78 35 152 160 36 160 1947 160 85 •••-7j-• 57 158 194 67 57 170 1948 172 97 82 90 163 210 72 92 176 1949 170 100 84 100 ioo ' 162 202 100 76 100 100 174 1950 172 103 86 111 109 159 205 103 82 111 111 176 1951 186 114 95 130 119 167 227 117 91 128 121 181 1951—November 189 118 98 140 120 171 231 123 96 137 123 184 December 189 118 98 143 119 171 232 123 97 139 122 184 1952—January 189 118 100 146 120 171 232 122 100 142 123 183 February 188 118 100 149 120 171 228 121 100 145 124 182 March 188 117 101 148 120 171 228 118 101 144 124 182 April 189 117 102 147 120 170 230 117 104 142 125 182 May 189 116 102 145 119 171 231 116 104 139 124 183 June 190 116 104 143 119 171 232 116 109 137 124 184 July 191 116 104 143 120 171 235 116 108 136 123 185 August 191 116 103 145 119 171 236 116 107 140 120 185 September 191 116 103 146 120 172 233 116 106 142 123 186 October 191 116 104 145 P120 171 232 115 108 141 P123 186 November 191 116 104 P144 171 232 116 108 P140 186 TP Preliminary. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for Dece mber 1952, p. 1357. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( t n r h a a i ig t t d e e h e 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 g e i = m t d 1 e o b 0 d m e 0 r ) F (1 r 1 9 a 0 4 n 0 9 ) c = e N l e a t n h d e s r- ( U 1 S = 9 n t 3 a 1 i 5 t 0 t e e - 0 3 d s ) 9 ( C 1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 ( K 1 U 9 in 2 n 6 g i = d te 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—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 84.3 109.0 115.5 87.6 183.4 163.6 90.3 142 191 November. . . 115.2 84.9 108.3 89.9 189.8 167.3 89.9 194 NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1357. JANUARY 1953 85 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 (December 31, 1952) ALLAN SPROUL, Vice Chairman WALTER S. BUCKLIN, BOSTON DISTRICT MALCOLM BRYAN A. L. MILLS, JR. N. BAXTER JACKSON, NEW YORK DISTRICT C. E. EARHART J. L. ROBERTSON GEOFFREY S. SMITH, PHILADELPHIA DISTRICT R. M. EVANS M. S. SZYMCZAK GEORGE GUND, CLEVELAND DISTRICT HUGH LEACH JAMES K. VARDAMAN, JR. ROBERT V. FLEMING, RICHMOND DISTRICT C. S. YOUNG Vice President WINFIELD W. RIEFLER, Secretary PAUL M. DAVIS, ATLANTA DISTRICT ELLIOTT THURSTON, Assistant Secretary GEORGE B. VEST, General Counsel EDWARD E. BROWN, CHICAGO DISTRICT WOODLIEF THOMAS, Economist President GEORGE W. MITCHELL, Associate Economist V. J. ALEXANDER, ST. LOUIS DISTRICT EARLE L. RAUBER, Associate Economist H. V. ROELSE, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT 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 86 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 x President Vice Presidents Bank of Deputy Chairman First Vice President (Vice Presidents in charge of branches are listed in lower section of this page) Boston. Harold D. Hodgkinson J. A. Erickson John J. Fogg Carl B. Pitman Ames Stevens Alfred C. Neal Robert B. Harvey 3 O. A. Schlaikjer E. O. Latham R. F. Van Amringe New York. Jay E. Crane 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. . William J. Meinel Alfred H. Williams Karl R. Bopp P. M. Poorman C. Canby Balderston W. J. Davis Robert N. Hilkert J. V. Vergari4 E. C. Hill Richard G. Wilgus 2 Wm. G. McCreedy Cleveland. John C. Virden Ray M. Gidney Roger R. Clouse Martin Morrison Leo L. Rummell W. D. Fulton A. H. Laning 3 Paul C. Stetzelberger 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. Strathv Chas. W. Williams Atlanta. Frank H. Neely Malcolm Bryan V. K. Bowman E. C. Rainey 2 Rufus C. Harris Lewis M. Clark J. E. Denmark L. B. Raisty Harold T. Patterson Earle L. Rauber S. P. Schuessler Chicago. John S. Coleman C. S. Young Neil B. Dawes L. G. Meyer E. C. Harris W. R. Diercks George W. Mitchell W. A. Hopkins A. L. Olson L. H. Jones 2 Alfred T. Sihler W. W. Turner St. Louis Russell L. Dearmont Delos C. Johns Dale M. Lewis H. H. Weigel Wm. H. Bryce Frederick L. Deming Wm. E. Peterson J. C. Wotawa Minneapolis. . Roger B. Shepard O. S. Powell H. C. Core Otis R. Preston Paul E. Miller A. W. Mills E. B. Larson M. H. St roth man, Jr. H. G. McConnell Sigurd Ueland Kansas City. . Raymond W. Hall H. G. Leedy P. A. Debus 2 Clarence W. Tow Cecil Puckett Henry O. Koppang M. W. E. Park D. W. Woolley Dallas J. R. Part en R. R. Gilbert E. B. Austin L. G. Pondrom 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 Branch Vice Presidents Branch Vice Presidents Bank of Bank of New York Buffalo I. B. Smith Minneapolis.... Helena C. W. Groth Cleveland Cincinnati Wilbur T. Blair Pittsburgh J. W. Kossin Kansas City.. . . Denver G. A. Gregory Oklahoma City R. L. Mathes Richmond Baltimore D. F. Hagner 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. 2 Cashier. 3 Also Cashier. 4 Counsel. 87 JANUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS1 The material listed below may be obtained from THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND the Division of Administrative Services, Board of FUNCTIONS. November 1947; reprinted Novem- Governors of the Federal Reserve System, Wash- ber 1952. 125 pages. 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. Sub- banking, 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. REGULATIONS OF THE BOARD OF GOVERNORS OF THE 1A more complete list, including periodic releases and re- FEDERAL RESERVE SYSTEM. Individual regulations prints, appeared on pp. 1360-63 of the December 1952 BULLETIN. with amendments. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS pages. PART I. CONSUMER EXPECTATIONS AS TO (From Federal Reserve Bulletin unless preceded by an asterisk) ECONOMIC TRENDS AND CONSUMER INVESTMENT PREFERENCES. July 1952. 17 pages. PART II. PUR- DEFENSE LOAN POLICY. An announcement adopted jointly by National and State Supervisors of banks CHASES OF DURABLE GOODS AND HOUSES IN 1951 and other lending institutions. August 4, 1950. AND BUYING PLANS FOR 1952. August 1952. 16 August 1950. 1 page. pages. PART III. INCOME, SELECTED INVEST- MENTS, AND SHORT-TERM DEBT OF CONSUMERS. REVISED ESTIMATES OF CONSUMER CREDIT. Novem- September 1952. 28 pages. (Also, similar surber 1950. 2 pages. veys for earlier years from 1946, 1947, 1948, 1949, 1950, and 1951 BULLETINS.) MEASUREMENT OF CONSUMER CREDIT. November 1950. 9 pages. BANKING IN THE SOVIET UNION. April 1952. 8 pages. * THE TREASURY—CENTRAL BANK RELATIONSHIP IN FOREIGN COUNTRIES—PROCEDURES AND TECH- REVISED WEEKLY INDEX OF DEPARTMENT STORE NIQUES. November 1950. April 1951. 19 pages. SALES. April 1952. 4 pages. TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- April 1951. 14 pages. ERNORS BEFORE SUBCOMMITTEE ON GENERAL HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING CREDIT CONTROL AND DEBT MANAGEMENT, MARCH THE INTRODUCTION OF REAL ESTATE CREDIT REGU- 11, 1952. April 1952. 4 pages. LATION. July 1951. 23 pages. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. SAVING IN THE DEFENSE ECONOMY. September 6 pages. 1951. 5 pages. EXCESS PROFITS TAXES OF COMMERCIAL BANKS. NEW INDEX OF OUTPUT OF MAJOR CONSUMER June 1952. 18 pages. DURABLE GOODS. October 1951. 6 pages. REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- CREDIT AND SALES REPORTED BY REGULATION W LATION X. June 1952. 18 pages. REGISTRANTS. October 1951. 12 pages. FINANCING OF LARGE CORPORATIONS IN 1951. June VOLUNTARY ACTION TO HELP CURB INFLATION. 1952. 6 pages. November 1951. 9 pages. RETAIL CREDIT SURVEY—1951. From June 1952 BULLETIN with supplementary information for REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS. December 1951. 53 pages. 9 separate trades. (Also, Retail Credit Surveys— 1943, 1944, 1945, 1946, 1947, 1948, and 1949 ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. from the June 1944, May 1945, June 1946, July January 1952. 11 pages. 1947, July 1948, June 1949, and June 1950 BULLETINS with supplementary information.) THE SECOND ARMAMENT BUDGET. February 1952. 9 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. July 1952. 2 pages. MONEY AND CREDIT IN 1951. February 1952. 9 PROBLEMS OF TRADE EQUILIBRIUM. October 1952. pages. 9 pages. INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951. REVISED SERIES ON DEPARTMENT STORE SALES, March 1952. 10 pages. STOCKS, AND ORDERS. October 1952. 5 pages. RECENT CHANGES IN GERMANY'S FOREIGN TRADE RECENT CREDIT EXPANSION. December 1952. 7 BALANCE. March 1952. 7 pages. pages. 1952 SURVEY OF CONSUMER FINANCES—CONSUMER RECENT CENTRAL BANKING DEVELOPMENTS IN PLANS FOR SPENDING AND SAVING. April 1952. 6 SOUTHEAST ASIA. December 1952. 9 pages. JANUARY 1953 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 I BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES z Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis