Federal Reserve Bulletin, 1953-02

F E D E R AL R E S E R VE FEBRUARY 1953 ^>«s^>~ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 39 February 1953 NUMBER 2 CREDIT AND MONETARY REVIEW FOR 1952 Bank credit expanded substantially in in the year by System purchases of securi- 1952, the growth accelerating late in the ties under agreements with dealers to repuryear. All major types of loans increased, chase after specified short periods of time. and banks added moderately to their port- Both of these are temporary methods of obfolios of United States Government securi- taining reserves. Member bank borrowing ties. exerts a restraining influence on further ex- Accompanying the expansion in loans tensions of credit by the borrowing banks. and investments, total deposits and currency Federal Reserve lending to member banks also rose considerably. Growth in time de- and acquisitions of securities under repurposits, a principal form in which individuals chase agreements are flexible methods of save, was the largest since 1946, while pri- meeting temporary stringency in the money vately held demand deposits and currency market such as usually occurs in December; expanded much less than in the last two they not only relieve the short-run strain years. United States Government deposits but later counteract automatically the ease increased markedly during the year. which may follow. During December, Fed- Reflecting in part pressing demands for eral Reserve credit increased by as much as funds from both private and government ll/i billion dollars, including the increase in sectors of the economy, bank reserve posi- repurchase agreements and borrowings and tions were under pressure throughout most some outright purchases of Treasury bills. of 1952. As a result of the deposit growth, By the third week of January all the repurlegally required reserves rose significantly. chase contracts had been completed and bor- Moreover, an accelerated flow of currency rowings had been considerably reduced. into circulation, due in large part to a further Thus seasonal needs for bank reserves were rise in business activity, incomes, and saving, met and, as they diminished, the additional caused a direct drain upon bank reserves. credit was extinguished. To the extent that A gold inflow early in the year and some credit demands were of a continuing nature, outright purchases of Government securities member banks remained in debt to the by the Federal Reserve partially offset this System. drain. Additional reserves were supplied The discount rates of the Reserve Banks through a large increase in member bank were raised around the middle of January borrowing at the Reserve Banks, and late from 1% to 2 per cent. FEBRUARY 1953 91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONETARY REVIEW FOR 1952 BANK CREDIT EXPANSION greater extent, in mutual savings banks and other savings institutions. After declining moderately in the early months of 1952, outstanding credit at com- Loans. Rapid growth in bank loans in mercial banks expanded sharply during the 1952, as is shown in the table, began in the remainder of the year. The increase in the second quarter with a sharp increase in final quarter was especially large, account- "other loans to individuals," largely coning for almost 60 per cent of the year's ex- sumer loans. Renewed expansion in this pansion of 9 billion dollars. area, after many months of little change, coincided with a substantial rise in consumer Both the slackening in credit early in the buying and the suspension of Regulation W year and the subsequent sharp increase reflected in part seasonal influences, particularly in loans to business. In this respect the LOANS AND INVESTMENTS OF ALL COMMERCIAL BANKS changes in total bank credit in 1952 fol- [In billions of dollars] lowed a familiar postwar pattern. Expan- Out- Increase, or decrease ( —) sion in the second half of the year also re- stand- Type of loan ing sulted to an important degree from a gen- or investment De 1 c 9 . 5 3 2 1, Year q 1 t s r t . q 2n tr d . q 3 t r r d . q 4 t t r h . erally strong demand from consumers, busi- Total loans and innesses, and the Federal Government. Under- vestments 141.4 9.0 -0.3 2.2 2.1 5.0 lying the private demand was an expansion U. S. Gov't. securities. . 63.2 1.7 -0.4 0.1 0.4 1.6 Other securities x 14.1 0.8 0.3 0.4 0.3 -0.2 of economic activity that began with a Total loans. 64.1 6.5 -0.2 1.7 1.4 3.6 pick-up of consumer buying in the spring Business 27.9 2.0 -0.1 -0.5 0.8 1.8 and then, after settlement of the steel strike, A Re g a ri l c e u s lt t u a r te al 1 3 5 . . 9 8 0 1. . 2 5 0 (2 . ) 1 0 0 . . 3 3 0 0 . . 4 3 0 (2 . ) 4 spread to various lines of business. Federal Security 3.2 0.6 -0.3 0.8 -0.6 0.7 Other loans to dividuals 12.7 2.3 0.1 0.8 0.6 0.7 demand for credit reflected the deficit opera- Other 1.6 ) -0.1 0.1 -0.1 0.2 tions that began in July. 1 Mainly State and local government bonds. 2 Less than 50 million dollars. The course of the expansion of bank NOTE.—Table excludes interbank loans. Total loans are after, and types of loans are before, deductions for valuation reserves. credit during 1952, both for the total and for All figures are partly estimated for all dates except December 31. 1951 and June 30, 1952. Details may not add to totals due to the various types, was discussed in consider- rounding. able detail in the December BULLETIN as early in May. These loans to individuals part of an analysis of the over-all growth in expanded throughout the balance of the long- and short-term credit and of the bank year, with a total increase of over 2 billion and nonbank sources of such financing. dollars or approximately 20 per cent. Other That article provides an important backloans to individuals increased more in 1952, ground for the current review of bank credit relatively, than any other type of bank and monetary developments. It indicates loan or investment. Banks also made funds that a substantial part of the increase in total available to consumers indirectly through credit in 1952 was in response to demands leans to finance companies and distributors. for long-term financing from real estate The increase in such loans was substantial, owners, corporate business, and State and especially in the closing months of the year. local governments. These demands were Bank lending to businesses accounts for a met in large part from savings accumulated major part of total bank credit, and the by individuals in commercial banks and, to a seasonal expansion in such lending that 92 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONETARY REVIEW FOR 1952 begins in the summer and runs through BANK LOANS - SELECTED INDUSTRIES December is usually a major factor in the Cumulative Change from June 1951 Millions of Dollars expansion of bank credit in the latter part of the year. The rise in the last half of 1952 2000 was somewhat greater than usual. In No- 400 — vember and December it was substantially in excess of normal seasonal proportions. The chart shows for 1952 and the last half of 1951 the business groups that accounted - 800 for a substantial part of the borrowing. In both years such nondefense groups as food, liquor, and tobacco manufacturers, commodity dealers, and trade concerns showed seasonal increases. Late in 1952 sales finance, petroleum, and chemical companies also increased their borrowing. Borrowing by manufacturers of metals and related products and by public utilities, which had increased considerably in 1951 and early 1952, showed only moderate changes thereafter. SEPT. DEC. MAR. JUNE SEPT DEC. MAR. JUNE Growth in bank lending on real estate NOTE.—Data reported by over 200 of the largest weekly reporting member banks. Foods, etc., includes liquor and tobacco. was considerably greater in the second half Metals, etc., includes metal products, machinery, and transportation equipment. Petroleum, etc., includes coal, chemicals, and than in the first half of the year. Loans for rubber. Public utilities include transportation. Latest data are for January 28. agricultural purposes also increased somewhat in the latter part of the year when Fed- the Treasury and from the market, and erally guaranteed loans were made in con- also increased loans to customers to finance nection with the price support program for purchases of such securities. After the offerwheat. ings, security loans were repaid and banks Investments, With the Federal Govern- sold Government securities to other inment beginning to operate at a deficit in vestors. Security loans also increased in July, Treasury borrowing from the public November and December as dealers bought (investors other than United States Govern- Government securities from banks which ment agencies and trust funds) rose approxi- were selling in order to meet heavy credit mately 4 billion dollars during 1952. Its demands at the time. deposit balances, however, increased 1.8 The 1952 rise in commercial bank holdbillion dollars over the year. Commercial ings of Government securities extended bank holdings of Government securities throughout the country and among most rose by about 1% billion dollars during the classes of banks. In the first half of the year year and Federal Reserve and nonbank in- these holdings were little changed. In late vestor holdings each increased by about one June and early July, however, they increased billion. substantially as banks purchased Treasury At times of new Treasury financing, com- bills and other securities in the market and mercial banks bought securities directly from subscribed to the new issue of intermediate- FEBRUARY 1953 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONETARY REVIEW FOR 1952 term Treasury bonds. Late in July banks 1946, when saving started to decline from added further to their holdings of inter- its high wartime rate. Individuals increased mediate-term bonds by market purchases. their saving in practically all forms last year, From July through September, city bank but the increase was particularly large in the portfolios of Government securities declined case of time deposits. It was also large in as holdings of short-term Government secu- the case of shareholdings in savings and loan rities were reduced sharply. Country banks, associations, equities in insurance and penhowever, continued to increase their total sion reserves, and holdings of corporate holdings slightly. Treasury tax anticipation securities. bill offerings in early October and late No- Government deposits increased almost 2 vember were originally taken up almost en- billion dollars in 1952 to a level of about tirely by commercial banks. After the October offering, banks sold the major por- DEPOSITS AND CURRENCY tion of their takings to nonbank investors. BILLIONS OF DOLLARS At the year-end, however, a substantial pro- DEMAND DEPOSITS / TIME DEPOSITS _ ADJUSTED / 100 - - 70 portion of the November offering was still in bank portfolios. In January 1953 there was a further marked decrease in holdings \ 1952 ^^ / of Government securities by city banks. 95 - 65 1 ~ 1952^^^"^^ Bank investment in State and local government securities in the latter part of 1952 was an exception to the pattern of credit _ ^^ - 90 - 60 expansion. Following a substantial growth through August, bank holdings of such securities declined somewhat. 55 GROWTH IN DEPOSITS AND CURRENCY Total bank deposits and currency outside banks continued to rise last year, reflecting the substantial increase in bank credit as well as larger personal savings. The growth was particularly marked in the case of time MAR. JUNE MAR. JUNE SEPT. DEC. deposits. Demand deposits declined con- NOTE.—Monthly data, partly estimated. Deposits are for all banks in the United States. Demand deposits adjusted exclude siderably and in large part seasonally in the U. S. Government and interbank deposits and items in. process of collection. Time deposits include deposits in the Postal Savings System and in mutual savings banks; they exclude first quarter and then increased fairly stead- U. S. Government and interbank deposits. Figures are for last Wednesday of month except for June and December call dates. ily thereafter, as is shown in the chart, while Figures for last six months of 1952 are preliminary. currency holdings generally rose throughout the year. The increase in demand deposits 6 billion at the year-end. This increase was and currency was particularly marked in the due in large part to substantial anticipatory fourth quarter when bank credit also had its financing late in the year. The ultimate sharpest rise. effect of this financing on privately held Time deposits of commercial and mutual deposits will not be determined until the savings banks increased over 4 billion dol- funds are spent by the Treasury. The funds lars in 1952, the largest annual increase since will augment private balances at first, but 94 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONETARY REVIEW FOR 1952 later they may be used in a number of ways changes in member bank reserves in 1952 including private spending, investment, or and the major factors affecting such reserves. debt retirement. Such funds might pre- To an increasing extent, additions to the clude the necessity for private borrowing supply of bank reserves came through borthat would otherwise occur. rowing by member banks from the Federal Privately held demand deposits and cur- Reserve Banks and through temporary purrency are particularly significant from the chases of securities by the Federal Reserve standpoint of the effect of the money supply from dealers under repurchase contracts. on the volume of spending in the economy. Federal Reserve holdings of securities pur- A more detailed discussion of money and chased outright increased by less than half the factors influencing its supply is included a billion dollars over the year. in an article on pages 98 to 109 of this BULLE- TIN. Private demand deposits and currency MEMBER BANK RESERVES AND RELATED ITEMS holdings rose about 4 billion dollars, or 3 Billions of Dollars per cent, last year following increases of 6 MEMBER BANK RESERVES TOTAL per cent in each of the two preceding years. Demand deposits increased approximately 3 billion dollars, or 3 per cent, in 1952, and currency holdings, 1% billion, or 5 per cent. 15 The currency rise reflected increased business activity, incomes, and saving, which CURRENCY IN CIRCULATION r 30 continued to expand the need for paper money and coins. This is evidenced by the fact that practically all of the increase occurred in currency of a denomination of OF U. F S . . R G . O H V O 'T L D SE IN C G U S RITIES 25 $20 or less. The significance of the continued, though diminished, rate of growth in private demand deposits and currency is affected by the accompanying substantial 20 increase in time deposits and other liquid 5 claims. F. R. DISCOUNTS The rate of use or turnover of demand deposits in 1952, in contrast to their quan- 1951 1952 '53 tity, fluctuated around the average for 1951. NOTE.—Wednesday figures; latest are for January 28. In the case of such deposits at banks in leading cities outside New York, the rate has On the average, total reserves rose about a averaged about 21% times a year since late billion dollars from December 1951 to De- 1950. cember 1952. These were entirely absorbed into legally required balances with the Fed- PRESSURE ON BANK RESERVE POSITIONS eral Reserve System to support deposit Reserve positions of member banks were growth. Excess reserves, averaging about under pressure throughout most of 1952 800 million dollars in December of each year, as a result of the monetary expansion were held almost entirely by banks outthat occurred. The chart shows weekly side the reserve cities. They represented in FEBRUARY 1953 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONETARY REVIEW FOR 1952 part working balances which under existing half billion dollars to Federal Reserve holdcircumstances cannot be fully invested in ings of Government securities purchased outthe short-term money market. right, one-half billion of securities bought In addition to the billion dollar increase in under repurchase agreements with dealers, legally required reserves last year, the major and a billion dollar increase in member bank factor adding to the demand for bank re- borrowings from the Reserve Banks. The serves was the continuing flow of currency outright purchases of Government securities into circulation, which totaled more than 1*4 together with the reserves supplied by the billion dollars over the year. The additional gold inflow offset the greater part of the reserves needed over the year to back the impact on bank reserve positions of the curdeposit expansion, to provide additional cur- rency outflow. The reserves needed to suprency, and to meet small drains from other port the deposit expansion had to be obfactors were supplied mainly by a half billion tained through an increase in borrowing at dollar addition to reserves through a gold the Federal Reserve Banks. inflow and a 2 billion dollar increase in Reserve Bank credit. SELF-LIMITING EXPANSION OF FEDERAL RESERVE CREDIT Additions to bank reserves from the inflow of gold occurred early in the year. Gold had In the early part of 1952, Federal Reserve begun to flow into the United States in the holdings of Government securities declined third quarter of 1951, and this movement as demands for currency and credit showed continued through the first quarter of 1952, a seasonal decline. The Federal Reserve purreflecting in part a balance of international chased Government securities at times during payments due this country on current ac- the remainder of the year, during periods of count and in part an increase in foreign funds Treasury refunding operations as well as held in this country. Thereafter the nation's during periods of temporary money market gold stock was relatively stable, while foreign strain. In some cases these periods coindeposits at commercial banks and foreign cided. While these needs determined the holdings of United States Government secu- timing of purchases, the net increase in rities increased substantially. The net effect System holdings of Government securities for on bank reserves was negligible. the year as a whole was less than the total The gold inflow in late 1951 and early demand for Federal Reserve credit to meet 1952 resulted in large part from worsen- the currency drain and the growth in reing in the balance of payments position of quired reserves. the United Kingdom and the rest of the Substantial open market purchases ocsterling area. Cessation of the inflow and curred during refunding operations in Febsubsequent building up of official foreign ruary, June, August, and September. The balances in this country reflected an improve- Federal Reserve also purchased substanment in the payments position of these areas. tial amounts of Government securities in Toward the end of the year foreign countries December to relieve the temporary money were beginning to acquire gold from the market strain that would have resulted from United States. the sharp preholiday currency outflow and The increase in Federal Reserve credit last an increase in required reserves. A large year consisted of an addition of roughly one- part of these purchases, however, involved 96 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONETARY REVIEW FOR 1952 agreements with Government security deal- restrained in extending additional credits or ers to repurchase the securities after a speci- to reduce credits. As one bank liquidates fied period. Accordingly, they automatically assets to reduce indebtedness, some other provided, when money market conditions bank may find itself short of reserves and permitted, for the extinguishment of the re- needing to borrow. Thus, although total serves that were created through the original borrowing of all member banks may conpurchases. tinue large, individual borrowing banks are Federal Reserve purchases of Government constantly under pressure to make essential securities under repurchase agreements rose reserve adjustments through changes in their to almost 900 million dollars in the last week credit policies. of December, compared with just over 300 Member bank borrowing averaged about million a year earlier. By the third week 1.6 billion dollars in December as compared in January of this year all the repurchase with less than one-half billion in 1951 and agreements had been completed. the first half of 1952. Borrowing by mem- Federal Reserve operations in the Governber banks in December was the largest ment securities market, as indicated, met since 1921. only a part of the demand for reserve credit that developed in 1952. At various times, During the past two years the Federal Reparticularly after midyear, many individual serve has moved toward greater reliance on banks were under the necessity of obtaining influencing the cost, availability, and supply additional reserves by borrowing from the of credit through the discount mechanism, Federal Reserve Banks and ultimately liqui- a mechanism that puts pressure on banks dating other assets. When a bank is in to limit credit expansion and makes them debt, it is under pressure to reduce that more responsive to changes in the discount indebtedness and hence is likely to be more rate. 97 FEBRUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MONETARY SYSTEM OF THE UNITED STATES1 Credit and monetary policy, the primary func- The second function refers to the fact that money tion of the Federal Reserve System, exerts its is held as a store of generalized purchasing power influence on the levels of economic activity and to be drawn on in the near or distant future. Inprices largely through its effect on the volume, deed, the actual process of payment requires a very availability, and cost of credit. The results of the short time, and currency and demand deposits are policy are reflected in the quantity of money and always held for some period of time by their rein the introduction of new money into the monetary cipients in anticipation of the next use as a medium system. For this reason, an essential preface to the of exchange. While held, they provide a store of study of credit and monetary policy is a considera- liquidity for their owners. The store-of-purchastion of the meaning of money and of the factors ing-power function can also be performed by an influencing the quantity of money. asset that does not itself serve as a means of pay- This article serves as an introduction to later ment if there is confidence that it can be converted articles considering the purposes, instruments, and into currency or demand deposits without undue effects of credit and monetary policy by providing loss or great delay. Time deposits with coma brief description of the working of the monetary mercial and mutual savings banks meet this system in the United States. It considers the nature requirement. The existence of liquid assets of of money and the assets which may be appropriately this nature makes possible smaller holdings of classified as money; major factors entering into media of exchange in relation to the volume of changes in the quantity of money; general forces payments. underlying the need of the economy for money; The third function refers to the fact that prices and the nature of reserve banking measures that and debts are generally expressed in terms of the influence expansion of the money supply. monetary unit—in the United States, in terms of the dollar. The dollar, which is defined by law in DEFINITION OF MONEY terms of a weight of gold, is the unit for valuing Money is defined in terms of the functions it per- current goods and for stating obligations due in forms. Definitions of money differ in accordance the future. with the emphasis given to particular functions. Standard of value. The concept of money as a Usually money is defined in terms of one or more standard of value is abstract. It has no direct useof its three main functions: (1) as a medium of fulness in the measurement of the quantity of exchange; (2) as a store of purchasing power; and money. Prices and debts are stated in terms of (3) as a standard of value. dollars without reference to the form which money The first function relates to the fact that money may take, whether bank deposits or currency. is generally used to make payments for goods Changes in the quantity of money, however, have and on debts. Through this use money has a direct an important influence on the value of money. impact on markets and prices. Currency and com- Just as the value of goods may be stated in terms mercial bank demand deposits are generally acof the monetary unit, so the value of the monetary cepted as media of exchange in the United States. unit may be stated in terms of the goods that it will buy. Thus, an increase in prices may be looked 1This is the first of a series of articles considering the upon as a decline in the value of money, and a operation of credit and monetary policy in the United States. These articles are based on selected replies submitted early decline in prices as an increase in rhe value of in 1952 by the Board of Governors of the Federal Reserve money. System to a questionnaire from the Subcommittee on General Credit Control and Debt Management of the Con- Relative stability of the value of the monetary gressional Joint Committee on the Economic Report. unit is essential for the performance of the standard- The material selected has been modified and expanded in order to bring it up to date and to fill gaps in content of-value function. Indeed, in areas of the world resulting from the fact that the original material was undergoing very drastic inflation, prices and debts organized in reply to definite questions. have sometimes been stated in terms of specific Preparation of the articles is under the direction of Ralph A. Young, Director of the Division of Research and Statistics. goods or foreign currencies, even though currency FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MONETARY SYSTEM OF THE UNITED STATES or deposits valued in terms of the original monetary considers that the monetary system in the United unit of the country continued to serve as media of States is so organized that some forms of money, exchange. frequently referred to as reserve money, serve as Medium of exchange. As noted, currency and immediate or ultimate backing for the forms that commercial bank demand deposits are generally ac- are used as means of payment. This reserve cepted media of exchange and stores of purchas- money in a sense is immobilized as long as the ing power. Time deposits held with commer- money issued on the basis of it is outstanding. cial and mutual savings banks are not used as a Gold, which serves as a means of settlement of means of payment but do serve as a store of purchas- international accounts, is purely reserve money doing power. The amounts of these assets at 10-year mestically. All gold in this country is held by the intervals since 1900 are shown in the chart. Treasury and it cannot be used legally for making domestic payments. Instead, the Treasury issues DEPOSITS AND CURRENCY gold certificates to the Federal Reserve Banks on the Billions of Dollars basis of the gold, and these serve the Federal Re- 120 serve Banks as reserves behind their note and deposit liabilities. Federal Reserve notes, as the major part of the currency supply, are an important part of the volume of money in the hands of the public. Federal Reserve notes are also held as cash in vault by commercial banks. Deposits in Federal Reserve Banks are held almost exclusively by member commercial banks as reserves behind their deposit liabilities to the public. The major exception is deposits with Federal Reserve Banks held by the United States Government, which are used to make payments for goods and services. Vault cash held by commercial banks and their deposits with other banks generally serve as working reserves in the case of member banks and as both required reserves and working reserves in the case of nonmember banks. 1900 '10 '20 In general, gold imports and the international NOTE.—June 30 data. Demand deposits adjusted exclude U. S. Government and interbank deposits and items in process transactions giving rise to them result in an inof collection. Time deposits include those in mutual savings crease not only in gold holdings of the Treasury banks and in the Postal Savings System as well as in commercial banks but exclude U. S. Government and interbank but also in gold certificates held by the Federal Redeposits. serve Banks, in member bank reserve balances, As used in this article, the term currency includes and in deposits held by the public. In measuring paper money and coins. Only the Federal Reserve changes in the volume of money during any period, System and the Treasury now issue currency. The it is essential that the direct increase in the money major part of currency consists of Federal Reserve supply be counted only once—that is, as an increase notes, with most of the rest in the form of silver in deposits and currency held by the public. certificates and coins issued by the Treasury. The factors influencing the holding of deposits by Demand deposits held with commercial banks, the United States Government differ in some rewhich are transferred by means of checks, have for spects from those influencing the holding of deposits many years constituted the major media of exchange. by others. For this reason, it is desirable for some Only those demand deposits and currency that purposes to exclude Government-held deposits and are held by the public are used as media of ex- consider only money held by consumers and busichange in the commonly accepted sense. To nesses. Money so held is commonly referred to as include both these and also the coin and bullion, the privately held money supply. paper money, and deposits held as reserves by The relative amounts of currency and demand the banking and monetary system would involve deposits used as media of exchange depend in large double counting. This becomes clear when one part on the preferences of the public. Some types of FEBRUARY 1953 99 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MONETARY SYSTEM OF THE UNITED STATES transactions—notably small purchases at stores and transferable directly as media of exchange in this some wage payments—are typically settled by means country, can usually be converted at will, without of currency. By far the larger part of dollar trans- loss, into currency or demand deposits. Although actions is settled by the transfer of demand deposits banks have the legal right to require a period of through checks. The relative importance of the notice for the withdrawal of savings deposits, the two media of exchange is also influenced by other practice of paying them on request has become so factors, including interest payments and service common that individual holders may look upon charges on demand deposits, confidence in the them as demand assets. Since a part of the desire banking system, and the desire for concealing trans- for liquidity is thus met, owners of savings deactions, as well as convenience and safety. posits are willing to hold a smaller amount of In the 1920's, for example, interest payments on demand deposits and currency relative to their demand deposits encouraged a growth in their im- expenditures than would otherwise be the case. portance relative to currency. Banking difficulties When deposits expand as a result of commercial during the early 1930's resulted in an increase in bank lending activity, the initial increase is genthe proportion of the means of payment held in the erally in demand deposits, since borrowers borrow form of currency; even after confidence in the banks in order to make payments. Part of the deposits had been restored, this proportion remained con- thus created may eventually be paid to savers who siderably higher than in the predepression period prefer to hold them in the form of time deposits. because of the elimination of interest payments Factors influencing holdings of time deposits and on demand deposits and the growing prevalence of media of exchange. In general, holding of deof service charges on checking accounts. Dur- mand deposits and currency is more likely to be in ing World War II black market transactions and anticipation of payments in the near future than is disruption of accustomed banking connections for the case for time deposits, while the latter are more military personnel and civilian employees in arma- likely to represent an accumulation of semi-permament industries resulted in a further increase in nent savings. Time deposits cannot generally be the relative importance of currency. Since the war transferred as means of payment, while demand dethe importance of currency has declined, but only posits and currency are less satisfactory than time slightly. deposits for the holding of savings because they do Store of purchasing power. As already noted, not yield interest. Since 1933 it has been illegal for money serves as a store of generalized purchasing banks to pay interest on demand deposits, and prior power in anticipation of payments in the future. to that time the rate of interest was always con- Assets which best perform this function are those siderably lower than on time deposits. free from market risk. In order for money to Changes in relative amounts of time and of deperform the store-of-purchasing-power function mand deposits outstanding reflect in part changes satisfactorily, it is necessary that its value be rela- in the relative importance of deposits held awaiting tively stable. current use and of those representing semi-per- Time and savings deposits as stores of purchasingmanent savings. Such changes also reflect other power. Media of exchange are not the only as- factors, including interest rates on time and demand sets that serve as stores of purchasing power. In deposits, service charges on demand deposits, and particular, time and savings deposits held with provisions concerning withdrawals from time decommercial and mutual savings banks perform posits (for example, whether the balance is in this function almost as well as demand deposits practice payable on demand, the number of withor currency.2 Savings deposits, while not generally drawals permitted over a period of time, and whether there are means for transfer of time 2 The term time deposits, when used without qualification deposits other than through withdrawal and transin the subsequent discussion, will refer to both time de- fer of currency). In the 1920's high rates of inposits in a narrow sense, which are payable only at some specified future date or upon some specified period of notice, terest and lenient withdrawal provisions encourand savings deposits, with respect to which the right to aged a rapid growth of time deposits. The shift demand notice is merely reserved by the bank. Savings by banks in the 1930's to a practice of paying only deposits constitute the major part of total time and savings deposits. Because the generally available statistics include a nominal rate of interest or of refusing to accept savings deposits as a part of time deposits, this broad usage time deposits, coupled with the establishment of the term time deposits will be adopted except when there is reference to characteristics unique to savings deposits. generally of service charges on small demand 100 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MONETARY SYSTEM OF THE UNITED STATES deposits, caused time deposits to decline and in- of the United States, it is difficult to differentiate beactive demand deposits to increase. Recently, in- tween time and demand deposits because of the creased rates of interest and rather lenient with- organization of banking. In general, commercial drawal provisions have been a factor in further banks have both time and demand deposit liabiligrowth of time deposits. ties, and they do not segregate assets behind the Comparison of time deposits with security invest- two types of deposits. Thus, it is impossible to ments. In many ways, the holding of savings in the say whether any given asset has been acquired form of time deposits is similar to their investment through the investment of savings entrusted to in various types of securities. In either case the the banking system by depositors or through the saver, in exchange for an interest return, gives up an creation of demand deposit liabilities. Commerimmediate means of payment which becomes avail- cial banks, moreover, are required to hold some able for use by someone else—in the case of time reserves behind time deposits, as well as behind deposits, by the commercial or mutual savings bank demand deposits. Consequently, when savers conand through it by a borrower. vert demand deposits to time deposits with com- The major difference between time deposits and mercial banks, a part of the funds is tied up as other types of high-grade assets lies in the fact that reserve requirements behind the time deposits. This time deposits are redeemable without risk of loss affects the quantity of demand deposits which the and without great delay, whereas most securities banking system can support, as is discussed later. can be liquidated somewhat less readily. Even The problems of the nonsegregation of assets this difference between time deposits and other held by savings and commercial departments and interest-yielding assets is not clear-cut, however. of the presence of reserve requirements behind Shares in savings and loan associations have come time deposits do not arise in the same way in the to be considered as liquid as time deposits. Series case of time deposits in mutual savings banks. Mu- E savings bonds may be redeemed at any time at a tual savings banks usually do not hold demand price known in advance, although they yield a deposits. Moreover, deposits in mutual savings slightly lower return when redeemed prior to banks are generally not subject to reserve requirematurity. When prices of marketable Govern- ments, and the cash assets of such banks are held ment securities were pegged, the term liquid mainly in the form of deposits with commercial assets was commonly used to refer to the total of banks. In the interest of consistency, however, it all United States Government securities, savings is desirable that time deposits in both commercial and loan shares, time and demand deposits, and and mutual savings banks be considered as having currency. This total represented all assets which the same money quality. were at that time readily convertible without penalty Focus of this article. Credit and monetary policy into money. generally influences the quantity of media of ex- Marketable securities, including United States change outstanding much more directly than the Government as well as other securities, normally quantity of other assets held by the public. Acpossess liquidity in varying degrees. The liquidity cordingly, attention in this article will be focused of such securities varies with changes in rates of primarily on media of exchange—that is, demand interest and conditions in security markets. Since deposits and currency—and the term money, when a change in the liquidity of these assets affects the used without qualification, will refer to demand degree to which they can serve as a substitute for deposits and currency. Whenever changes in the cash balances, such a change in turn affects public amount of time deposits relative to media of exdemand for deposits and currency. Under condi- change have an important influence on the liquidtions of flexible interest rates and security prices, ity of consumers and businesses, this fact needs the concept of liquid assets is a variable one and de- to be borne in mind. Moreover, in any discussion pends heavily on the state of market expectations as involving total bank assets, the behavior of time to the short-run stability of prices and yields. For deposits will be considered because of the nonthis reason it is difficult to set up any single de- segregation of commercial bank assets. finition of liquid assets which is valid under chang- FACTORS DIRECTLY AFFECTING MONEY SUPPLY ing market conditions. Difficulties in separate treatment of time and Under this country's monetary system the reserve demand deposits. In measuring the money supply position of the banking system is a major deter- FEBRUARY 1953 101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MONETARY SYSTEM OF THE UNITED STATES minant of the supply of money. The lending ac- the chart. The major dissimilarities in the magtivity of commercial banks is the principal source nitude of the movements which have occurred of new money, and the amount of lending in which since 1914 took place in the periods 1934-40 and banks can engage is limited by their reserves. 1943-45, when other factors were of importance The principal factors besides bank lending which di- in accounting for changes in the amount of derectly affect the quantity of money are the country's posits and currency. international financial transactions and reserve banking transactions with nonbank investors. DEPOSITS AND CURRENCY Bank lending and the money supply. The public AND BANK LOANS AND INVESTMENTS accepts bank deposits as its major form of money. 200 Billions of Dol ars In the process of making loans and investments, /. commercial banks exchange their liabilities to the DEPOSITS AND // CURRENCY / V ^^ public—deposits—which are accepted as money, for TOTAL —If / the public's liabilities to them—loans and invest- - 150 EXCL. U.S. // / ments—which are not accepted as money. There- D G EP O OS V IT 'T S — 4 / 1 * / / N ^ ^J fore, the supply of money expands when banks in- i 1 11 ~ crease their loans and investments and contracts J when bank loans and investments decline. - 100 When a commercial bank lends to a business or a consumer, it generally provides the funds in the form of a deposit credit for the borrower with itself. Since a borrower usually borrows in order - 50 to make payments, he is likely to write a check ^ BANK LOANS AND INVESTMENTS transferring the deposit, in whole or in part, to a recipient who may keep his deposit in a different bank. The first bank then loses both the newly 1 , , , , ,,,,,,,! , , . . 1 . , . , • , ! ., created deposit and an equivalent amount of cash 1915 '20 '30 '40 '50 resources, but the second bank gains them. Like- NOTE.—June 30 data, including both commercial and mutual savings banks. Deposit and currency series shown for entire wise, when a bank purchases United States Govern- period 1914-52 excludes U. S. Government ^ deposits—that is, it consists of demand deposits adjusted, time deposits, and ment or other securities from a nonbank investor currency outside banks. The other series shown, beginning with 1940, includes total U. S. Government deposits. or the issuer, the seller is paid with a newly created deposit. If the seller uses a second bank, he im- Other factors directly influencing money supply. mediately deposits the check therein, and again the Important factors other than bank credit operations deposits as well as the cash assets of the second bank which influence the quantity of money are foreign are increased. No matter how frequently it is transactions, reserve banking transactions with nontransferred from holder to holder and from bank bank investors, and, of less significance, changes in to bank, the money created by bank lending and the amount of silver certificates and other Treasury investing continues in existence until used to repay a currency. Foreign payments to this country, rebank loan or to buy securities from a bank. serve banking credit extensions to nonbank in- When a borrower repays a loan to a bank, he vestors, and issues of Treasury currency result diusually pays with a check on his deposit with this rectly in an increase in the volume of money. Since bank. The bank's earning assets and its deposit these changes also affect the reserve positions of liabilities are reduced by the amount of the loan commercial banks, they may result in a multiple which is repaid, and there is no offsetting increase expansion of bank credit. The direct effect, howelsewhere. Likewise, when a nonbank investor buys ever, is likely to be of particular importance at a a security from a bank, he usually makes payment time when banks prefer to retire indebtedness to the by drawing down his deposit with some bank in the Federal Reserve System or to build up excess resystem, and this part of deposits then ceases to exist serves rather than expand loans and investments. as part of the money supply. Conversely, payments made from this country to The close relationship between total deposits and other countries, reductions in reserve banking credit currency and total loans and investments of com- via nonbank investors, and withdrawals of Treasury mercial and mutual savings banks is illustrated by currency result directly in decreases in the money 102 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MONETARY SYSTEM OF THE UNITED STATES supply. Changes in bank capital accounts also have banks. If member banks expand deposits on the an influence on the level of deposits. basis of increased reserves, nonmember banks will The amount of money in the hands of con- generally find themselves with larger reserves and sumers and businesses may increase as a result of hence be in a position to expand deposits also. the drawing down of Treasury deposits, or de- Factors affecting the volume of reserves. The crease as a result of the building up of Treasury de- most important domestic factor influencing the level posits. Such variations in Treasury deposits, of bank reserves is changes in the amount of Fedhowever, are normally associated primarily with eral Reserve credit outstanding. Such changes may tax payments and therefore are of a seasonal nature. offset the effects of changes in other factors that In the period 1934-40, when the movements of influence the level of reserves or they may result bank loans and investments and of deposits and in an increase or a decrease in total reserves. As currency held by consumers and businesses were will be explained later, changes in the quantity dissimilar, gold imports accounted directly for a conof Federal Reserve credit occur immediately at siderable part of the expansion of the money supthe initiative either of the Federal Reserve System ply. In the years 1943-45 a part of the monetary or of bank borrowers. Since Federal Reserve Banks expansion was due directly to purchases of Governmake payment to borrowers or to sellers of investment securities made by the Federal Reserve System in order to supply the reserves needed by ment securities by creating deposit liabilities, the banks to facilitate their purchases of Government Federal Reserve System can supply additional securities and to meet the wartime demands of the reserves by making advances to banks or by public for currency. Deposits and currency held by buying securities from either bank or nonbank consumers and businesses continued to increase after investors. Since nonbank investors hold their the war, even though total bank loans and invest- deposits with commercial banks, they build up ments declined somewhat before resuming their their deposits with commercial banks when they expansion. During this period the Treasury drew sell securities which are bought by the Federal down its abnormally large wartime deposits partly Reserve System, and commercial banks in turn to make current payments or to repay debt to non- receive increased deposits with Federal Reserve bank investors and partly to retire bank-held debt, Banks. The Federal Reserve can absorb reserves and banks in turn substituted loans to consumers by selling securities or by bringing about a decline and businesses for part of their holdings of Govern- in bank borrowing. ment securities. Another important factor influencing bank reserves is changes in the amount of currency held INFLUENCE OF BANK RESERVES ON DEPOSITS by the public. Member banks meet the cur- Commercial banks are required by law to hold rency needs of their depositors by drawing down minimum reserves equal to a stated fraction of their reserve balances with the Federal Reserve their deposit liabilities. Thus, the amount of Banks, and they return currency not needed by deposits that the banking system can support depositing it with the Reserve Banks. Thus an independs on both the amount of reserves and the crease in the amount of currency held by the public percentage reserve requirements. A net increase exerts a drain on bank reserves, while a decline of reserves would make possible a multiple expansupplies the banks with reserves. sion of deposits, while a decrease in reserves, in the Changes in deposits of the Treasury with Fedabsence of excess reserves or a source of new eral Reserve Banks also affect the volume of bank reserves, would require a multiple contraction of deposits. reserves. The Treasury, however, endeavors to Member banks of the Federal Reserve System, manage the distribution of its deposits between which have about 85 per cent of the demand deposits commercial banks and Federal Reserve Banks in of all banks in the United States, must hold their such a way as to minimize the effect on bank legally required reserves in the form of deposits reserves of the fluctuations in Treasury receipts and with Federal Reserve Banks. Nonmember banks expenditures. Changes in cash held by the Treasury generally hold a large part of their reserves as in its own vaults and also in Treasury currency outdeposits with member banks. In this discussion standing affect the level of bank reserves, but such attention will be focused on the reserves of member changes are generally small. 103 FEBRUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MONETARY SYSTEM OF THE UNITED STATES Another domestic factor influencing the level of Although the banking system as a whole can bank reserves is the amount of credit extended by expand deposits by a multiple of the increase in re- Federal Reserve Banks in connection with the serves, this is not true of a single bank. Each clearance of checks. This type of credit, which is bank in a unit banking system, such as that of the generally referred to as "float," arises because the United States, is free to lend only such funds as it accounts of commercial banks at Reserve Banks acquires from its depositors or its stockholders. are credited for checks which are deposited before Deposits originating in loans and investments selthese checks are actually collected from the banks dom stay with the bank of origin but move from on which they are drawn. Although the amount one bank to another in the course of business. A of float has increased in recent years, it fluctuates bank's new loans thus tend to increase the calls on mainly with seasonal factors. it for cash and thereby to reduce its cash resources. The most important international factor affecting At the same time, however, if the banking system the amount of bank reserves is the movement of as a whole is expanding loans and investments, this gold arising from surpluses or deficits in the coun- bank is likely to be receiving new deposits and cash try's international accounts. The Treasury pays for assets from other banks. Thus the deposits and the gold by drawing down its deposits with the Federal reserves do not leave the banking system but are Reserve Banks, which it then replenishes by issuing merely transferred from bank to bank, and the gold certificates to the Federal Reserve Banks. Thus banking system as a whole can and does expand an inflow of gold and the transactions giving rise money by a multiple of its reserves. to it result in additional deposits and bank reserves, The chart on the following page illustrates the while an outflow of gold contracts deposits and bank process by which an increase in reserves of 20 milreserves. The amount of gold certificates held also lion dollars arising, say, from a gold inflow can places a ceiling on the volume of credit that can be eventuate in an increase in demand deposits of extended by the Federal Reserve System, under its 100 million. For purposes of convenience, it is reserve requirements, without penalty. In general, assumed that each individual bank is subject to however, this reserve ratio has not been a limiting reserve requirements of 20 per cent and that no factor, and credit and monetary policies have been newly created demand deposits are converted into determined by the needs of the economy rather currency or time deposits. It is also assumed that than the amount of gold certificates held. banks do not use the reserves acquired either to Multiple deposit expansion. At the present time, repay indebtedness to Federal Reserve Banks or to member banks of the Federal Reserve System are build up excess reserves. required to hold reserves behind demand deposits The inflow of gold results in an increase of which range from 14 to 24 per cent, depending $20,000,000 in the demand deposits of a commercial on whether the bank is classified as a country bank, bank, shown as Bank A on the chart. This increase a reserve city bank, or a central reserve city bank. in deposits is shown by the first (hollow) bar for Since the reserve requirements average slightly Bank A. The inflow also provides Bank A with under 20 per cent, member bank demand deposits additional reserves totaling $20,000,000. Behind can expand (assuming adequate demand for bank the $20,000,000 of deposits only $4,000,000 of addicredit) by about five times the amount of any net tional reserves are required, however; these are increase in bank reserves. This means that demand shown as the black section of the second bar for deposit liabilities of member banks as a group can Bank A. Hence the bank can lend or invest the rise at the rate of about $500 for every $100 added remaining $16,000,000, as shown by the crossto reserves. Conversely, a decrease in reserves hatched section of the second bar for Bank A. of $100 would require a contraction in demand If loans were made to customers, these loans deposits of about $500 under present reserve re- would result immediately in a further increase in quirements, unless banks were operating with ex- demand deposits as well as earning assets of Bank cess reserves greater than necessary for working A. The checks written by borrowers, however, purposes or responded by borrowing from the would probably be deposited in other banks. For Federal Reserve Banks. If reserve requirements purposes of simplicity, it is assumed her.e that all were 10 per cent, an increase or decrease of $100 demand deposits resulting from the expansion of in reserves would tend to be accompanied by an loans and investments by Bank A are transferred increase or decrease of $1,000 in demand deposits. immediately to Bank B, increasing its deposits 104 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MONETARY SYSTEM OF THE UNITED STATES PROCESS OF DEPOSIT EXPANSION Conversely, a decrease of 20 million dollars in reserves would result in a decrease of 100 million Millions of Dollars 100 in demand deposits, assuming that banks are op- SUCCESSIVE NEW DEPOSITS , [Accumulative erating without excess reserves and that no new £2 Qln Individual Banks reserves are acquired from other sources—for ex- INCREASE IN REQUIRED RESERVES 80 ample, by borrowing from Federal Reserve Banks. , ADDITION TO LOANS & INVESTMENTS If Bank A lost $20,000,000 in reserves and deposits through a gold outflow, it would find itself with a reserve deficiency of $16,000,000. If it 60 raised this amount, say by selling securities to depositors in Bank B, Bank B would have a reserve deficiency of $12,800,000, which it might replenish 40 by selling securities to depositors in Bank C. The net result of the entire process of contraction would be a decline of 100 million dollars in demand deposits, of 80 million in loans and investments, and 20 of 20 million in required reserves. The 5 to 1 ratio used in computing the potential for bank deposit expansion (or contraction) on the GOLD ALL basis of a given initial change in reserves is, of INFLOW INDIVIDUAL BANKS BANKS course, only a rough average. It is subject to and its reserves. The resulting increase of demand modification, in particular because of the probabildeposits—$16,000,000—is shown by the first (hol- ity that increases or decreases in demand deposits low) bar for Bank B. The total increase of de- will be accompanied by changes in the same direcposits thus far is $36,000,000—the original in- tion in the demand for currency and time deposits, crease of $20,000,000 resulting from the gold in- which influence the average reserve requirements flow and the increase of $16,000,000 resulting from behind the money supply. The limit on deposit the lending and investing activities of Bank A. expansion is also influenced by the fact that non- This cumulation is shown in the chart by the member banks generally hold reserves partly in dashed bar for A's deposits on top of B's deposits. the form of deposits with member banks and that Behind the increase of $16,000,000 in its deposits, reserve requirements vary among member banks. Bank B requires $3,200,000 in additional reserves, If expansion of the total money supply is acand it can lend $12,800,000. The demand de- companied by an increase in the dollar volume of posits thus created are transferred, it is assumed, transactions, it will generally lead to additional to Bank C. The total increase in demand deposits demand for currency for retail transactions and for becomes $48,800,000, which is shown by the dashed wage payments. Since demand for currency inbar on top of C's deposits. Bank C requires $2,560,- volves a drain of equal amount on commercial 000 of additional reserves behind the $12,800,000 in bank reserves, this demand reduces the potential new deposits and can lend $10,240,000. for expansion on the basis of a given initial increase If the process continues to its conclusion, in reserves. with each bank lending the reserve funds which It is probable also that some of the newly creit has left after meeting the additional reserve re- ated deposits will find their way into the hands quirements behind its increased deposits, deposits of savers who will convert them into time of all banks will increase by 100 million dollars, deposits. Time deposit liabilities of member as shown in the last hollow bar of the chart; of banks of the Federal Reserve System are subject this increase, 20 million can be attributed directly to reserve requirements which are now set at to the gold inflow and 80 million to the expansion 6 per cent. Conversions of demand to time in bank loans and investments. Loans and invest- deposits therefore result in a decline in the poments will expand by 80 million. The entire in- tential for expansion of demand deposits but an crease in reserves of 20 million will be absorbed by increase in the potential for expansion of total the additional reserve requirements behind the 100 deposits. Thus, the conversion of $100 in demand million increase in demand deposits. deposits to time deposits would free $14 in reserves FEBRUARY 1953 105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MONETARY SYSTEM OF THE UNITED STATES (the difference between $20 required behind $100 ever, that changes in the volume of money are in demand deposits and $6 required behind $100 generally associated directly with changes in exin time deposits). These reserves could form the penditures. Thus when a businessman or a conbasis for $70 of demand deposits.3 sumer borrows from a bank, he does so in order to make an expenditure. Whether the recipient FACTORS INFLUENCING NEED FOR MONEY also spends the money at once or holds it for The amount of money, while by no means the later spending, there has been an increase in sole factor influencing expenditures in the econ- expenditures made possible by commercial bank omy, nevertheless has an important effect on lending. Likewise, if a savings institution is enlevels of economic activity and prices. abled to make a loan by selling Government Relation between volume of money and expendi- securities which are bought by the banking systures. Total expenditures vary both with the tem, the borrower who thereby obtains funds amount of money and with the frequency of use, generally increases his expenditures. This direct or turnover, of the existing supply. Businesses and increase in expenditures may be of particular imconsumers need to hold some minimum cash bal- portance when short-run changes in the money ance in relation to their transactions in order to supply are considered. Conversely, when a borfacilitate the execution of such transactions. The rower repays a bank loan, the funds available to amount required for this purpose depends on such him for expenditures are reduced. factors as the regularity of income and expenditures From the standpoint of stability, an economy and the length of the average income period, as well needs a volume of money sufficient to support as on the volume of transactions. The quantity of the volume of spending necessary to maintain cash balances which businesses and consumers may a high level of production and employment, withwish to hold in excess of the necessary minimum out leading to undue speculation or to spending depends on many factors, among which are the at a rate which would outstrip the supply of availlevel of interest rates, the ease or difficulty of bor- able goods at prevailing prices. Judged from this rowing, and anticipations of future income and standpoint, the amount of money required varies prices. The relationship between the total amount with the productive capacity of the economy, with of money demanded and total money transactions the state of business expectations, with changes in varies from time to time with changes in all these the demand for liquidity on the part of businesses factors. and consumers, with economic dislocations of var- To some extent, an increase or decrease in ex- ious kinds, and with seasonal factors. penditures resulting from changes in the intensity Need of expanding economy for increased money of use of the money supply can be offset by changes supply. An economy which is expanding requires in the opposite direction in the quantity of money. an increasing supply of money to facilitate its Thus, if recipients of money are building up in- growing volume of transactions. If prices are not active balances in order to increase their liquidity, to decline, the money supply will have to expand to an increase in the supply of money may meet this meet the increased needs for cash balances resulting demand for liquidity and allow expenditures to from the additions to productive capacity and from be maintained. On the other hand, if businesses the growing complexity of economic organization. and consumers are drawing down idle balances In the past banks have met this need by supplying to make expenditures, the resulting expansion in the credit demands of their customers, especially expenditures may be offset in part by a decrease of businesses engaged in agriculture, commerce, in the volume of money. and industry. More recently, an important part of It is difficult to trace what happens to new money the increase in the money supply has resulted from that is introduced into the monetary system, and bank response to demand for credit by the United hence to judge with accuracy its long-range effect States Government and by customers borrowing on expenditures. It is important to observe, how- to finance consumption expenditures. Changing need for money over business cycles. 3 In the past, expansion ratios have generally been cited for The demand for cash balances in relation to transtotal deposits rather than for demand deposits alone. Aver- actions does not generally remain constant over age reserve requirements behind total deposits of member commercial banks are now about 16 per cent, the equivalent business cycles. On the contrary, there are reof an expansion potential of about 6 times. current periods of pressure for increased or de- 106 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MONETARY SYSTEM OF THE UNITED STATES creased holdings of money on the part of businesses RATIO OF DEMAND DEPOSITS AND CURRENCY and consumers. TO GROSS NATIONAL PRODUCT In a period of recession, decline in business ac- 60 tivity is typically accompanied by both a decline in the quantity of money and a decline in its turnover, as many recipients keep a larger volume of money inactive or use a greater part of their receipts to repay bank loans. This situation may be expected, for example, when the attractiveness of business 40 investment opportunities temporarily declines or when consumer demand for durable goods temporarily slows up, although the resulting decline in expenditures may be moderated by an appropriate credit and monetary policy. In some cases, however, uncertainty concerning future income and — 20 prices, and concerning the ability to raise funds through loans or through sales of securities, may result in an attempt on the part of businesses and consumers to build up their cash balances further 1920 in relation to their expenditures. NOTE.—Ratio of demand deposits adjusted and currency outside banks as of June 30 to gross national product for In the absence of an increase in the money supply, calendar year. Gross national product estimates beginning in 1929 are from U. S. Department of Commerce and prior to increased holdings of inactive cash cannot result in 1929 were compiled by Mary S. Painter and published in Federal Reserve BULLETIN for September 1945, p. 873. an increase in the total amount of cash balances held but only in a redistribution of the money sup- The relationship of the amount of money to ply between active and inactive balances. Such a the volume of expenditures is illustrated by the redistribution will result in a further decrease in the ratio of total demand deposits and currency to demand for goods, with an adverse effect on produc- gross national product, shown in the chart. tion and employment and a tendency for prices Since gross national product measures only the to decline. In the interest of checking such de- dollar value of goods and services produced and creases, and counteracting greater economic in- not total money outlays, changes in this ratio do stability, it is desirable that an additional supply not correspond precisely to changes in the relationof money be made available to offset the effect ship between cash balances and expenditures. of the increased demand for inactive balances. Changes in the ratio shown over periods of a few years, however, are generally indicative of changes During a period of economic revival, when inin the willingness of the public to hold deposits and vestment opportunities become more attractive or currency. Worthy of note are the increase in the demand for consumer durable goods expands, busiratio in the period 1930-32, when the pressure for nesses and consumers both increase their borrowliquidity was exceptionally great, and its subseings from commercial banks and draw down inacquent failure to decline to the earlier level as investtive balances. The resulting increase in expendiment opportunities remained unattractive in the tures has the favorable result of bringing about the latter 1930's. Also of interest are the increase in the employment of previously unemployed, or underratio during World War II, when shortages of employed, labor and machinery. If expenditures goods, rationing, and patriotic motives kept excontinue to increase after productive facilities are penditures from increasing at the same pace as the fully utilized, however, they will be reflected only increase in the quantity of money, and the decline in price increases and speculative activities. The in the ratio after 1946 as deposits which had been increase in prices and the expectation of further held inactive were spent. increases may in turn induce others to spend their receipts more promptly or to activate idle balances, REGULATION OF MONEY SUPPLY thus intensifying the upward pressure on prices. Changes in the quantity of money that reflected At such times, restraining the expansion of the only changing demands for credit by businesses, money supply would help to curb expenditures. consumers, and governments and changing bank FEBRUARY 1953 107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MONETARY SYSTEM OF THE UNITED STATES judgments of creditworthiness would tend to be to develop later as the result of excessive liquidity. cumulative, first expanding and then contracting Moderation of changes in money supply through unduly. These increases or decreases in the volume reserve banking. Modern nations have set up of money would reinforce changes in the turnover various forms of centralized mechanisms in order of money, and movements of prices and produc- to moderate fluctuations in the volume of credit tion would be accelerated. It is the function of and money. Because of the dependence of bank reserve banking, by regulating the volume of bank lending capacity on the reserve position of banks, reserves, to counteract the tendency for excessive lending activities of banks can be affected by inswings in the volume of money. fluencing their reserve positions. Reserve posi- Tendency for excessive changes in money volume tions can be eased when depression threatens and over business cycles. When the demand for goods the decline in the money supply should be retarded; is increasing and prices are rising, the demand for they can be tightened when an inflationary boom loans on the part of both businesses and consumers threatens and there needs to be a check on the is likely to increase. At the same time, bankers' expansion of credit and money. In the United standards of creditworthiness are likely to become States, the Federal Reserve System through its less rigorous and more borrowers are likely to meet operations can act to offset the effects of gold and any given standard. If the expansion in the supply currency movements when such movements tend and use of money exceeds the increase in the supply to result in undesirable expansion or contraction of goods and services resulting from increased of the money supply. It can also act to bring about employment, then higher prices result. Rising a change in the amount of bank reserves when prices lead in succession to increased demand for other factors, such as changes in the intensity of loans, more favorable credit ratings, and, if reserve use of existing deposits by the public or changes funds are freely available to banks, to more money. in the willingness of banks to hold excess reserves Conversely, when there is a decline in the de- or in their pressure to repay borrowings, make a mand for goods and in employment, the demand change in the reserve position desirable. for loans on the part of creditworthy borrowers One means by which the Reserve System can will generally decline, and at the same time banks influence bank reserve positions is through its will become more pessimistic regarding credit rat- handling of the discount mechanism by which it ings and more applicants will fall into high-risk lends to member banks. Reserve funds acquired categories. The resulting decrease in the quantity through borrowing at the Federal Reserve Banks of money may contribute to a further decline in are residual funds for member banks; it is to this demand, employment, and income, and to still source that banks resort when they find themselves further contraction of the money supply. with temporary reserve deficiencies for any reason. In wartime, there is special danger that the in- When a bank is obliged to borrow to maintain crease in the volume of money may be excessive. In its reserves, it tends to be more restrained in credit the absence of restrictions of any kind, credit de- operations than when reserves are otherwise availmands may arise not only from the Government able. As total bank borrowing tends to increase— and from industries producing war goods but that is, as more banks borrow at any one time and also from other industries profiting from the gen- as individual banks resort to borrowing more freeral increase in income and expenditures. It has quently and for larger amounts—the strength of generally been found desirable to ration scarce this restraint multiplies. By raising the discount productive resources under such circumstances, rate, the Federal Reserve can reinforce bank reluctthus not only assuring greater availability of these ance to increase reserves through borrowing; by resources for essential wartime uses but also cut- lowering the rate, the System can lessen somewhat ting down on the demand for loans. Under any the reluctance of banks to borrow when it is necescircumstances, however, the additional demand for sary to make adjustments in reserve positions. bank credit during war is likely to be far in excess Another and closely related way in which reof that needed to supply the increased monetary serve banking operations can expand or contract needs of the economy. Even if it were possible by bank reserves is through purchases and sales of means of direct controls and appeal to patriotic eligible paper or securities in the market. Actually, motives to restrain temporarily the expenditure of the Reserve System does this largely through operathe larger cash balances, problems would be likely tions in United States Government securities. As 108 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE MONETARY SYSTEM OF THE UNITED STATES has already been indicated, i£ the Federal Reserve The discount mechanism, open market operations, System purchases Government securities from bank and changes in reserve requirements are all instruor nonbank investors, it supplies the banking sys- ments of credit and monetary policy which opertem with the reserve basis for multiple deposit ate primarily through their effect on bank reserves expansion. Although the reserve funds may be used and consequently affect credit in general. Although immediately to build up excess reserves or to repay these instruments differ from one another in their indebtedness to the Reserve Banks, the increased applicability to short-term credit conditions, they liquidity of the banks will make them more are closely interrelated and hence need to be comwilling to accommodate the credit demands of bined in an integrated policy. The individual their customers. Contrariwise, when the Federal instruments and the relationship among them will Reserve System sells securities, bank reserves are be considered in detail in subsequent articles. reduced. Unless the banking system has been The Federal Reserve System also has authority operating with excess reserves, available reserves to regulate the use of credit for the purpose of will no longer meet the legal requirements and the purchasing or carrying listed securities. It has commercial banks will be obliged to replenish also had in the past authority to regulate the terms reserves by borrowing temporarily from the Re- for the extension of consumer instalment and serve Banks. As such borrowing occurs or in- real estate credit. This type of selective credit creases, banks will be under pressure to retard the influence does not operate through bank reserves expansion of credit and money. and affects the volume of money indirectly. It As has already been noted, Reserve Bank trans- is not intended to treat the role of selective credit actions in Government securities with nonbank in- measures in detail in this series of articles. vestors have a direct effect on the volume of money In addition to their influence on bank reserve which is independent of action by commercial positions and through them on the volume of money, banks. Even without a response by banks, there- reserve banking policies also have important effore, the System is able to operate directly to change fects on the intensity of use of the money supply the quantity of money. The multiple effect of such through their influence on business anticipations open market transactions on the money supply, and on the liquidity of various assets other than however, depends on their effect on bank reserves money. Changed expectations concerning future and the response of bank lending policies to in- economic conditions on the part of financial increases or decreases in the volume of reserves. stitutions, businesses, and consumers can increase Reserve banking policy can also affect the re- or reduce their desires to hold cash. At the same serve position of banks by altering, within limits time, capital values are affected by changes in conset by statute, the percentage of deposits that banks ditions in the security markets which accompany are required to hold in reserves. If reserve require- changes in credit policies, and thus the liquidity of ments are lowered, reserves are freed and the stage major sectors of the economy is increased or reis set for a process of multiple deposit expansion. duced. In particular, during a period of infla- If reserve requirements are raised and there are no tionary pressures, credit and monetary policies excess reserves, new reserves must be acquired or which lead to uncertainty as to the future availdeposits must be reduced until the available reserves ability of credit and the stability of capital values meet the requirements. Even if changed reserve can dampen the willingness of lenders to lend, requirements are offset temporarily by changes in borrowers to borrow, and holders of cash balances bank borrowing or in excess reserves, the result- to spend. In periods of deflation, action to stimulate confidence as to future credit and monetary ing change in bank liquidity will have an important ease tends to relieve the strain on liquidity posiinfluence on the willingness of banks to respond tions and to promote more active use of money. to the credit demands of their customers. At the The broad effects of reserve banking policies will present time, the potentialities of Federal Reserve be discussed in the next article. action through changes in reserve requirements are almost altogether in the direction of easing reserve positions, for reserve requirements are already at Reprints of this article are available upon request the legal maximum for all member banks except from the Division of Administrative Services, Board for a relatively small leeway in authority to raise of Governors of the Federal Reserve System, Washrequirements further at central reserve city banks. ington 25, D. C. FEBRUARY 1953 109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES FOLLOWING is a list of the directorates of the Federal Reserve Banks and branches as at present constituted. The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve District are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director, Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. 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 trie 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. Term Expires District No. 1—Boston Dec, 31 Class A: Lloyd D. Brace President, The First National Bank of Boston, Boston, Mass. . 1953 Harold I. Chandler Vice President and Cashier, The Keene National Bank, Keene, N. H 1954 Earle W. Stamm President, The National Bank of Commerce of New London, New London, Conn 1955 Class B.- Harvey P. Hood President, H. P. Hood & Sons, Inc., Boston, Mass 1953 Frederick S. Blackall, jr President and Treasurer, The Taft-Peirce Manufacturing Company, Woonsocket, R. 1 1954 Vacancy . . 1955 Class C: Karl T. Compton Chairman of the Corporation, Massachusetts Institute of Technology, Cambridge, Mass. 1953 Ames Stevens 2 President, Ames Worsted Company, Lowell, Mass 1954 Harold D. Hodgkinson x Vice President, General Manager, and Chairman of Management Board, Wm. Filene's Sons Company, Boston, Mass. . . 1955 Chairman. 2Deputy Chairman. 110 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES. Term Expires District No. 2—New York Dec. 31 Class A: Burr P. Cleveland President, First National Bank of Cortland, Cortland, N. Y.. . 1953 F. Palmer Armstrong President, The Keyport Banking Company, Keyport, N. J 1954 Vacancy 1955 Class B: Vacancy 1953 Vacancy 1954 Clarence Francis Chairman of the Board, General Foods Corporation, New York, N. Y 1955 Class C: Jay E. Crane* Vice President, Standard Oil Company (New Jersey), New York, N. Y 1953 William I. Myers 2 Dean, New York State College of Agriculture, Cornell University, Ithaca, N. Y.. . 1954 Philip Young Dean, Graduate School of Business, Columbia University, New York, N. Y 1955 Buffalo Branch Appointed by Federal Reserve Ban\: C. Elmer Olson President, The First National Bank of Falconer, Falconer, N. Y. 1953 Lewis G. Harriman President, Manufacturers and Traders Trust Company, Buffalo, N. Y 1954 Bernard E. Finucane President, Security Trust Company of Rochester, Rochester, N. Y 1955 Edward P. Vreeland President, Salamanca Trust Company, Salamanca, N. Y. 1955 Appointed by Board of Governors: Robert C. Tait1 President, Stromberg-Carlson Company, Rochester, N. Y 1953 Clayton White Dairy farmer, Stow, N. Y 1954 Edgar F. Wendt President, Buffalo Forge Company, Buffalo, N. Y 1955 District No. 3—Philadelphia Class A: Archie D. Swift Chairman of Board, Central-Penn National Bank, Philadelphia, Pa 1953 Wadsworth Cressc Executive Vice President and Trust Officer, The First National Bank and Trust Company, Woodbury, N. J 1954 Bernard C. Wolfe President, The First National Bank, Towanda, Pa 1955 Chairman. deputy Chairman. FEBRUARY 1953 111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

. DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Class B: Warren C. Newton President, O. A. Newton and Son Company, Bridgeville, Del.. . 1953 Andrew Kaul, III President and Director, Speer Carbon Company, St. Marys, Pa. 1954 Charles E. Oakes President and Director, Pennsylvania Power and Light Company, Allentown, Pa 1955 Class C: C. Canby Balderston 2 Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa 1953 William J. Meinel* President and Chairman of Board, Heintz Manufacturing Company, Philadelphia, Pa 1954 Henderson Supplee, Jr President, Atlantic Refining Company, Philadelphia, Pa 1955 District No. 4—Cleveland Class A: Lawrence N. Murray President, Mellon National Bank and Trust Company, Pittsburgh, Pa 1953 Edison Hobstetter President, Pomeroy National Bank, Pomeroy, Ohio. 1954 John D. Bainer President, The Merchants National Bank and Trust Company of Meadville, Meadville, Pa 1955 Class B: Charles }. Stilwell President, The Warner and Swasey Company, Cleveland, Ohio 1953 Joel M. Bowlby Chairman of the Board, The Eagle-Picher Company, Cincinnati, Ohio 1954 Edward C. Doll President, Lovell Manufacturing Company, Erie, Pa 1955 Class C.- John C. Virden 1 Chairman of the Board, John C. Virden Company, Cleveland, Ohio 1953 Leo L. Rummell2 Dean, College of Agriculture, The Ohio State University, Columbus, Ohio 1954 Sidney A. Swensrud President, Gulf Oil Corporation, Pittsburgh, Pa 1955 Cincinnati Branch Appointed by Federal Reserve Ban\: L. M. Campbell President, Second National Bank, Ashland, Ky 1953 Joseph B. Hall. President, Kroger Company, Cincinnati, Ohio 1954 E. S. Dabney President, Security Trust Company, Lexington, Ky 1954 Fred A. Dowd President, Atlas National Bank, Cincinnati, Ohio 1955 Chairman. deputy Chairman. 112 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Appointed by Board of Governors: Granville R. Lohnes 1 Treasurer, National Cash Register Company, Dayton, Ohio. . . 1953 John C. Baker President, Ohio University, Athens, Ohio 1954 H. C. Besuden Farmer, Winchester, Ky 1955 Pittsburgh Branch Appointed by Federal Reserve Ban\: Hugo E. Laupp President, Wheeling Dollar Savings and Trust Company, Wheeling, W. Va 1953 William B. McFall President, Commonwealth Trust Company of Pittsburgh, Pittsburgh, Pa 1954 Montfort Jones Professor of Finance, University of Pittsburgh, Pittsburgh, Pa. 1954 Paul Malone President, Second National Bank, Uniontown, Pa. 1955 Appointed by Board of Governors: Henry A. Roemer, Jr President, Sharon Steel Corporation, Sharon, Pa 1953 Clifford F. Hood x President, United States Steel Company, Pittsburgh, Pa 1954 Douglas M. Moorhead Farmer, North East, Pa 1955 District No. 5—Richmond Class A: John A. Sydenstricker Executive Vice President, First National Bank in Marlinton, Marlinton, W. Va 1953 James D. Harrison President, First National Bank of Baltimore, Baltimore, Md.. . 1954 Warren S. Johnson Investment Counselor, Peoples Savings Bank & Trust Company, Wilmington, N. C 1955 Class B: Cary L. Page President and Treasurer, Jackson Mills, Wellford, S. C 1953 Edwin Hyde Executive Vice President, Miller & Rhoads, Inc., Richmond, Va. 1954 H. L. Rust, Jr President, H. L. Rust Company, Washington, D. C 1955 Class C.- Charles P. McCormick1 President and Chairman of Board, McCormick & Company, Inc., Baltimore, Mel 1953 W. G. Wysor Management Counsel, Southern States Cooperative, Inc., Richmond, Va 1954 John B. Woodward, Jr.2.... President, Newport News Shipbuilding & Dry Dock Company, Newport News, Va 1955 Baltimore Branch Appointed by Federal Reserve Ban\: Charles W. Hoff President, Union Trust Company of Maryland, Baltimore, Md. 1953 aChairman. 2Deputy Chairman. FEBRUARY 1953 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Charles A. Piper President, The Liberty Trust Company, Cumberland, Md 1954 Lacy I. Rice President, The Old National Bank, Martinsburg, W. Va 1955 Stanley B. Trott President, Maryland Trust Company, Baltimore, Md 1955 Appointed by Board of Governors: James M. Shriver 1 President, The B. F. Shriver Company, Westminster, Md 1953 Alonzo G. Decker, Jr Vice President, The Black and Decker Manufacturing Company, Towson, Md 1954 Howard M. Taylor, Jr Vice President, International Bedding Company, Baltimore, Md. 1955 Charlotte Branch Appointed by Federal Reserve Ban\: A. K. Davis Senior Vice President, Wachovia Bank and Trust Company, Winston-Salem, N. C 1953 Thomas J. Robertson President, First National Bank of South Carolina, Columbia, S. C 1954 George S. Crouch Chairman of the Board, The Union National Bank, Charlotte, N. C. . 1955 Jonathan Woody President, First National Bank, Waynesville, N. C 1955 Appointed by Board of Governors: R. E. Ebertx President, Dixie Home Stores, Inc., Greenville, S. C 1953 Paul T. Taylor President, Taylor Warehouse Company, Winston-Salem, N. C. 1954 Vacancy 1955 District No. 6—Atlanta Class A: Roland L. Adams President, Bank of York, York, Ala 1953 W. C. Bowman Chairman of Board, The First National Bank of Montgomery, Montgomery, Ala 1954 Leslie R. Driver President, The First National Bank in Bristol, Bristol, Tenn.. . . 1955 Class B: A. B. Freeman Chairman of the Board, Louisiana Coca-Cola Bottling Company, Ltd., New Orleans, La 1953 Vacancy 1954 Donald Comer Chairman of the Board, Avondale Mills, Birmingham, Ala.. . . 1955 Class C.- Frank H. Neely 1 Chairman of the Board, Rich's, Incorporated, Atlanta, Ga..... 1953 Paul E. Reinhold President, Foremost Dairies, Inc., Jacksonville, Fla 1954 Rufus C. Harris 2 President, The Tulane University of Louisiana, New Orleans, La 1955 1Chairman. 2Deputy Chairman. 114 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Birmingham Branch Appointed by Federal Reserve Ban\: T. J. Cottingham President, State National Bank of Decatur, Decatur, Ala 1953 A. J. Goodwin, Jr Vice President, The Anniston National Bank, Anniston, Ala.. . 1954 John B. Barnett, Jr President, The Monroe County Bank, Monroeville, Ala.. ..... 1955 Frank M. Moody Vice President, The First National Bank of Tuskaloosa, Tuscaloosa, Ala 1955 Appointed by Board of Governors: John M. Gallalee1 President, University of Alabama, Tuscaloosa, Ala. 1953 Edwin C. Bottcher Farmer, Cullman, Ala 1954 Thad Holt President-Treasurer, The Television Corporation, Birmingham, Ala 1955 Jacksonville Branch Appointed by Federal Reserve Ban\: Clement B. Chinn Vice Chairman, The First National Bank of Miami, Miami, Fla. 1953 G. W. Reese President, The Citizens and Peoples National Bank of Pensacola, Pensacola, Fla 1954 Frank W. Norris President, The Barnett National Bank of Jacksonville, Jacksonville, Fla 1955 J. Carlisle Rogers Vice President, The First National Bank of Leesburg, Leesburg, Fla 1955 Appointed by Board of Governors: Marshall F. Howell1 Vice President, Bond-Howell Lumber Company, Jacksonville, Fla 1953 J. Hillis Miller President, University of Florida, Gainesville, Fla 1954 Harry M. Smith President and Manager, Winter Garden Ornamental Nursery, Inc., Winter Garden, Fla 1955 Nashville Branch Appointed by Federal Reserve Ban\: G. C. Graves President, The First National Bank of Athens, Athens, Tenn.. . 1953 Sam M. Fleming President, Third National Bank of Nashville, Nashville, Tenn.. . 1954 James V. Sprouse President, The First National Bank of Springfield, Springfield, Tenn 1955 T. R. Keys President, Erwin National Bank, Erwin, Tenn.. . . . 1955 Appointed by Board of Governors: C. E. Brehm President, University of Tennessee, Knoxville, Tenn.. . . 1953 Chairman. FEBRUARY 1953 115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec.31 H. C. Meacham 1 Farming, Franklin, Tenn '. 1954 Ernest J. Moench President, Tennessee Tufting Company, Nashville, Tenn 1955 New Orleans Branch Appointed by Federal Reserve Ban\: Wm. C. Carter.. . President, Gulf National Bank of Gulfport, Gulfport, Miss.. .. 1953 v G. M. Me Williams President, Citizens Bank of Hattiesburg, Hattiesburg, Miss.. . 1954 Keehn W. Berry President, Whitney National Bank of New Orleans, New Orleans, La 1955 J. T. Brown President, The First National Bank of Jackson, Jackson, Miss.. . 1955 Appointed by Board of Governors: H. G. Chalkley, Jr President, Sweet Lake Land & Oil Company, Inc., Lake Charles, La 1953 Joel L. Fletcher, Jr.1 President, Southwestern Louisiana Institute, Lafayette, La 1954 E. O. Batson President, Batson-McGehee Company, Inc., Millard, Miss 1955 District No. 7—Chicago Class A: Vivian W. Johnson President, First National Bank, Cedar Falls, Iowa 1953 Walter J. Cummings Chairman, Continental Illinois National Bank and Trust Company of Chicago, Chicago, 111 1954 Nugent R. Oberwortmann... President, The North Shore National Bank of Chicago, Chicago, 111 1955 Class B.- William R. Sinclair Chairman of the Board, Kingan & Company, Indianapolis, Ind. 1953 Walter E. Hawkinson Vice President in Charge of Finance, and Secretary, Allis- Chalmers Manufacturing Company, Milwaukee, Wis. 1954 William J. Grede President, Grede Foundries, Inc., Milwaukee, Wis. 1955 Class C.- Allan B. Kline President, American Farm Bureau Federation, Chicago, 111. . 1953 Vacancy 1954 John S. Colemanx President, Burroughs Adding Machine Company, Detroit, Mich 1955 Detroit Branch Appointed by Federal Reserve Ban\: Raymond T. Perring President, The Detroit Bank, Detroit, Mich ... 1953 Chairman. 116 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Howard P. Parshall President, The Bank of the Commonwealth, Detroit, Mich. ... 1954 John A. Stewart Vice President and Cashier, Second National Bank & Trust Company, Saginaw, Mich. 1954 Appointed by Board of Governors: William M. Day Vice President and General Manager, Michigan Bell Telephone Company, Detroit, Mich. 1953 John A. Hannah * President, Michigan State College, East Lansing, Mich. 1954 District No. 8—St. Louis Class A: William A. McDonnell President, First National Bank in St. Louis, St. Louis, Mo.. . . . 1953 Phil E. Chappell President, Planters Bank & Trust Company, Hopkinsville, Ky.. . 1954 J. E. Etherton President, Carbondale National Bank, Carbondale, 111 1955 Class B.- Louis Ruthenburg Chairman of Board, Servel, Inc., Evansville, Ind. 1953 M. Moss Alexander President, Missouri-Portland Cement Company, St. Louis, Mo.. . 1954 Ralph E. Plunkett President, Plunkett-Jarrell Grocer Company, Little Rock, Ark.. . 1955 Class C: Wm. H. Bryce 2 Vice President and Director, Dixie Wax Paper Company, Memphis, Tenn 1953 Joseph H. Moore Farming, Charleston, Mo 1954 Russell L. Dearmont1 Chief Counsel for Trustee, Missouri-Pacific Lines, St. Louis, Mo 1955 Little Rock Branch Appointed by Federal Reserve Ban\: Gaither C. Johnston Investments, Dermott, Ark. 1953 H. C. McKinney, Jr President, First National Bank, El Dorado, Ark 1954 Thos. W. Stone President, The Arkansas National Bank, Hot Springs, Ark.. . 1954 Harvey C. Couch, Jr President, Union National Bank, Little Rock, Ark 1955 Appointed by Board of Governors: Sam B. Straussx President, Pfeifers of Arkansas, Little Rock, Ark 1953 Shuford R. Nichols Farmer, ginner and cotton broker, Des Arc, Ark. 1954 Stonewall J. Beauchamp President, Terminal Warehouse Company, Little Rock, Ark.. . 1955 Louisville Branch Appointed by Federal Reserve Ban\: Noel Rush President, Lincoln Bank and Trust Company, Louisville, Ky.. . 1953 M. C. Minor President, Farmers National Bank, Danville, Ky 1954 Chairman. 2Deputy Chairman. FEBRUARY 1953 117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Ira F. Wilcox Vice President and Cashier, The Union National Bank, New Albany, Ind 1954 Magnus J. Kreisle President, Tell City National Bank, Tell City, Ind 1955 Appointed by Board of Governors: Alvin A. Voit President, Mengel Company, Louisville, Ky. 1953 Pierre B. McBride President, Porcelain Metals Corporation, Louisville, Ky. 1954 Smith Broadbent, Jr.1 Farmer, Cadiz, Ky 1955 Memphis Branch Appointed by Federal Reserve Ban\: C. H. Reeves President, Merchants and Farmers Bank, Columbus, Miss.. . . . 1953 John A. McCall President, First National Bank, Lexington, Tenn. 1954 William B. Pollard President, National Bank of Commerce, Memphis, Tenn 1954 Ben L. Ross Chairman of Board, Phillips National Bank, Helena, Ark.. . . . 1955 Appointed by Board of Governors: M. P. Moore x Owner, Circle M. Ranch, Senatobia, Miss. 1953 Cafifey Robertson President, CafTey Robertson Company, Memphis, Tenn 1954 Henry Banks * .... Farmer, Clarkedale, Ark 1955 District No. 9—Minneapolis Class A: H. N. Thomson Vice President, Farmers and Merchants Bank, Presho, S. D.. . 1953 C. W. Burges Vice President and Cashier, Security National Bank, Edgeley, N. D 1954 Edgar F. Zelle.... .... Chairman of the Board, First National Bank, Minneapolis, Minn 1955 Class B: W. A. Denecke Livestock rancher, Bozeman, Mont. 1953 Ray C. Lange President, Chippewa Canning Company, Chippewa Falls, Wis. 1954 Homer P. Clark Honorary Chairman of the Board, West Publishing Company, St. Paul, Minn 1955 Class C.- Roger B. Shepard 1 St. Paul, Minn 1953 Paul E. Miller 2 Director, University of Minnesota Agricultural Extension Division, St. Paul, Minn 1954 F. A. Flodin.... ... President, Lake Shore Engineering Company, Iron Mountain, Mich 1955 Chairman. 2Deputy Chairman. 118 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Helena Branch Appointed by Federal Reserve Ban\: A. W. Heidel Vice President, Powder River County Bank, Broadus, Mont.. . 1953 J. Willard Johnson Financial Vice President, Western Life Insurance Company, Helena, Mont 1954 George N. Lund.. . . Vice President and Cashier, First National Bank, Reserve, Mont. 1954 Appointed by Board of Governors: G. R. Milburn Livestock rancher, Grass Range, Mont 1953 John E. Corettex President and General Manager, Montana Power Company, Butte, Mont 1954 District No. 10—Kansas City Class A: W. L. Bunten President, Goodland State Bank, Goodland, Kan 1953 T. A. Dines Chairman of the Board, The United States National Bank of Denver, Denver, Colo 1954 W. S. Kennedy President and Chairman of the Board, The First National Bank of Junction City, Junction City, Kan 1955 Class B: L. C. Hutson Director, Chickasha Cotton Oil Company, Chickasha, Okla. . 1953 Max A. Miller Livestock rancher, Omaha, Neb. 1954 E. M. Dodds President and Director, United States Cold Storage Corporation, Kansas City, Mo : 1955 Class C.- Cecil Puckett2 Dean, College of Business Administration, University of Denver, Denver, Colo 1953 Lyle L. Hague Farmer and stockman, Cherokee, Okla 1954 Raymond W. Hall1 Vice President, Controller and Director, Hall Brothers, Inc., Kansas City, Mo 1955 Denver Branch Appointed by Federal Reserve Ban\: Merriam B. Berger Vice President, The Colorado National Bank of Denver, Denver, Colo 1953 Ralph S. Newcomer Executive Vice President, First National Bank in Boulder, Boulder, Colo 1954 Arthur Johnson President, First National Bank in Raton, Raton, N. Mex. . 1954 Chairman. 2Deputy Chairman. FEBRUARY 1953 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Appointed by Board of Governors: Aksel Nielsen 1 President, The Title Guaranty Company, Denver, Colo 1953 G. Norman Winder Rancher, Craig, Colo 1954 Oklahoma City Branch Appointed by Federal Reserve Ban\: George R. Gear President, The City National Bank of Guymon, Guymon, Okla. 1953 F. M. Overstreet President, First National Bank at Ponca City, Ponca City, Okla. 1954 Frank A. Sewell Chairman of the Board and President, The Liberty National Bank and Trust Company of Oklahoma City, Oklahoma City, Okla 1954 Appointed by Board of Governors: Cecil W. Cotton x President, C. W. Cotton Supply Company, Tulsa, Okla 1953 Phil H. Lowery Owner, Lowery Hereford Ranch, Loco, Okla 1954 Omaha Branch Appointed by Federal Reserve Ban\: I. R. Alter President, The First National Bank of Grand Island, Grand Island, Neb 1953 Ellsworth Moser President, The United States National Bank of Omaha, Omaha, Neb 1953 William N. Mitten Chairman of the Board and President, First National Bank of Fremont, Fremont, Neb '. 1954 Appointed by Board of Governors: Joe W. Seacrest* President, State Journal Company, Lincoln, Neb 1953 Manville Kendrick Rancher, Sheridan, Wyo 1954 District No. 11—Dallas Class A: W. L. Peterson President, The State National Bank, Denison, Tex 1953 P. P. Butler President, First National Bank in Houston, Houston, Tex 1954 J. Edd McLaughlin President, Security State Bank and Trust Company, Rails, Tex. 1955 Class B: W. F. Beall President and General Manager, 3 Beall Brothers 3, Department Stores, Jacksonville, Tex. 1953 D. A. Hulcy Chairman of the Board and President, Lone Star Gas Company, Dallas, Tex 1954 J. B. Thomas President and General Manager and Director, Texas Electric Service Company, Fort Worth, Tex. 1955 Chairman. 120 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec, 31 Class C.- Hal Bogle Livestock feeding, farming and ranching, Dexter, New Mex.. . 1953 Robert J. Smith 2 President, Pioneer Air Lines, Inc., Dallas, Tex 1954 J. R. Parten1 President, Woodley Petroleum Company, Houston, Tex. 1955 El Paso Branch Appointed by Federal Reserve Ban\: W. H. Holcombe Executive Vice President, Security State Bank, Pecos, Tex 1953 John P. Butler President, First National Bank of Midland, Midland, Tex.... 1954 J. M. Sakrison President, Southern Arizona Bank & Trust Company, Tucson, Ariz 1954 Thomas C. Patterson Vice President, El Paso National Bank, El Paso, Tex 1955 Appointed by Board of Governors: Dean F. Stahmann Farmer, Las Cruces, N. Mex 1953 Jas. A. Dick, Jr.1 President, James A. Dick Investment Company, El Paso, Tex.. . 1954 Everly J. Workman President, New Mexico School of Mines, Socorro, N. Mex 1955 Houston Branch Appointed by Federal Reserve Ban\: R. Lee Kempner President, United States National Bank, Galveston, Tex 1953 O. R. Weyrich President, Houston Bank & Trust Company, Houston, Tex.. . 1954 P. R. Hamill President, Bay City Bank & Trust Company, Bay City, Tex.. . 1954 S. Marcus Greer Chairman of Executive Committee, City National Bank of Houston, Houston, Tex. 1955 Appointed by Board of Governors: Herbert G. Sutton T. O. Sutton and Sons, Colmesneil, Tex. 1953 Ross Stewartx Chairman of the Board of Directors, C. Jim Stewart & Stevenson, Inc., Houston, Tex 1954 Charles N. Shepardson Dean of Agriculture, A. & M. College of Texas, College Station, Tex 1955 San Antonio Branch Appointed by Federal Reserve Ban\: E. R. L. Wroe : . . . . President, American National Bank, Austin, Tex. 1953 E. A. Baetz President, Bexar County National Bank, San Antonio, Tex.. . . 1954 V. S. Marett President, Gonzales State Bank, Gonzales, Tex 1954 Ray M. Keck President, Stockmen's National Bank, Cotulla, Tex 1955 Appointed by Board of Governors: Edward E. Hale Chairman of the Department and Professor of Economics, The University of Texas, Austin, Tex 1953 Chairman. 2Deputy Chairman. FEBRUARY 1953 121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Henry P. Drought1 Attorney at Law, San Antonio, Tex 1954 D. Hayden Perry Livestock farming, Robstown, Tex 1955 District No. 12—San Francisco Class A: Chas. H. Stewart Chairman of the Board, Portland Trust Bank, Portland, Ore.. . 1953 Carroll F. Byrd President, The First National Bank of Willows, Willows, Calif. 1954 John A. Schoonover President, The Idaho First National Bank, Boise, Idaho 1955 Class B: Alden G. Roach President, Columbia-Geneva Steel Division and Consolidated Steel Division of United States Steel Corporation, San Francisco, Calif 1953 Reese H. Taylor President, Union Oil Company of California, Los Angeles, Calif 1954 Walter S. Johnson President, American Forest Products Corporation, San Francisco, Calif 1955 Class C.- William R. Wallace, Jr.2.... Member of the firm of Wallace, Garrison, Norton & Ray, Attorneys at Law, San Francisco, Calif 1953 Harry R. Wellman Vice President, Agricultural Sciences, University of California, Berkeley, Calif 1954 Bray ton Wilbur1 President, Wilbur-Ellis Company, San Francisco, Calif 1955 Los Angeles Branch Appointed by Federal Reserve Ban\: W. R. Bimson President, The Valley National Bank of Phoenix, Phoenix, Ariz. 1953 Anderson Borthwick President, The First National Trust and Savings Bank of San Diego, San Diego, Calif 1954 James E. Shelton President, Security-First National Bank of Los Angeles, Los Angeles, Calif 1954 Appointed by Board of Governors: Paul H. Helms x President, Helms Bakeries, Los Angeles, Calif 1953 Bryant Essick President, Essick Manufacturing Company, Los Angeles, Calif. 1954 Portland Branch Appointed by Federal Reserve Ban\: E. C. Sammons President, The United States National Bank of Portland, Portland, Ore 1953 Chairman. 2Deputy Chairman. 122 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Frank Wortman President, The First National Bank of McMinnville, McMinnville, Ore 1954 John B. Rogers President, First National Bank of Baker, Baker, Ore 1954 Appointed by Board of Governors: Aaron M. Frank x President, Meier & Frank Company, Inc., Portland, Ore 1953 William H. Steiwer, Sr Livestock and farming, Fossil, Ore 1954 Salt Lake City Branch Appointed by Federal Reserve Ban\: Harry Eaton Vice President, Twin Falls Bank and Trust Company, Twin Falls, Idaho 1953 James W. Collins President, Tracy-Collins Trust Company, Salt Lake City, Utah 1954 George S. Eccles President, First Security Bank of Utah, National Association, Ogden, Utah 1954 Appointed by Board of Governors: Joseph Rosenblatt1 President, The Eimco Corporation, Salt Lake City, Utah 1953 George W. Watkins President, Snake River Equipment Company, Idaho Falls, Idaho 1954 Seattle Branch Appointed by Federal Reserve Ban\: Chas. F. Frankland President, The Pacific National Bank of Seattle, Seattle, Wash. 1953 George H. Jackson President, First National Bank in Spokane, Spokane, Wash.. . 1954 W. M. Jenkins President, First National Bank of Everett, Everett, Wash. 1954 Appointed by Board of Governors: D. K. MacDonald x President, D. K. MacDonald & Company, Inc., Seattle, Wash.... 1953 Ralph Sundquist President and General Manager, Sundquist Fruit & Cold Storage, Inc., Yakima, Wash 1954 'Chairman. CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Charts on Bank Credit, Money Rates, f monthly issues or the historical supplement may o and Business ii of 10 be purchased for 60 cents each; in quanttes The Board of Governors has completed a revi- or more copies of a single issue for shipment to one sion of the monthly Federal Reserve Chart Book on address, there is a special price of 50 cents per copy. Bank Credit, Money Rates, and Business. The first monthly issue of the revised charts, containing all Tables New BuLLETIN information available as of February 16 with space for continuation through 1954, is now available. The tabular section of the BULLETIN (pages 154- The annual subscription price for 12 issues of the 155) includes three new tables on Treasury finance, Chart Book, including one issue of the supplemen- which provide considerable details concerning tary historical Chart Book, is $6.00 Single copies Treasury operations on a cash basis. FEBRUARY 1953 123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Tables Published Annually and Semiannually, with On January 30, 1953, the Board of Governors Latest BULLETIN Reference announced the appointment of Mr. Everly J. Work- Semiannually Issue Page man, President, New Mexico School of Mines, Banking offices: Socorro, New Mexico, as a director of the El Paso Analysis of changes in number of. .. Feb. 1953 181 On, and not on, Federal Reserve Par Branch of the Federal Reserve Bank of Dallas for List, number of Feb. 1953 184 the term ending December 31, 1955. Mr. Work- Annually man succeeded Mr. Hiram S. Corbett, President, Bank suspensions Earnings and expenses: Feb. 1952 135 J. Knox Corbett Lumber Company, Tucson, Ari- Federal Reserve Banks Feb. 1953 182-183 zona, whose term expired. Member banks: Calendar year May 1952 556-566 First half of year Oct. 1952 1159 On January 30, 1953, the Board of Governors Banks and branches, number of, by class and State May 1952 567-568 announced the appointment of Mr. Dean F. Stah- Operating ratios, member banks Aug. 1952 937-939 mann, a farmer of Las Cruces, New Mexico, as a director of the El Paso Branch of the Federal Re- Resignation of Branch Director serve Bank of Dallas for the three-year term ending Mr. Joseph M. Dodge, Chairman, The Detroit December 31, 1953. Mr. Stahmann succeeded Mr. Bank, Detroit, Michigan, who had been serving Hal Bogle, who resigned to accept the Board's as a director of the Detroit Branch since January appointment as a director of the Federal Reserve 1, 1952, resigned effective January 19, 1953, to ac- Bank of Dallas. Mr. Bogle is engaged in livestock cept appointment as Director of the Budget. Mr. feeding, farming, and ranching at Dexter, New Dodge formerly had served as a director of the Mexico. Detroit Branch from January 6, 1938, through On February 11, 1953, the Federal Reserve Bank December 31, 1944, when his term expired. of Chicago appointed Mr. Raymond T. Perring, President, The Detroit Bank, Detroit, Michigan, as Death of Director a director of the Detroit Branch for the term Mr. John W. Cordts, President, Southwest Naending December 31, 1953. Mr. Perring suctional Bank, El Paso, Texas, who had served as a ceeded Mr. Joseph M. Dodge, Chairman of The director of the El Paso Branch of the Federal Detroit Bank, who resigned. Reserve Bank of Dallas since January 1, 1952, died On February 11, 1953, the Federal Reserve Bank on January 19, 1953. of Dallas appointed Mr. John P. Butler, President, First National Bank of Midland, Midland, Texas, Appointment of Class C Director and Deputy Chairman as a director of the El Paso Branch for the term ending December 31, 1954. Mr. Butler succeeded On February 11, 1953, the Board of Governors Mr. John W. Cordts, President, Southwest Naannounced the appointment of Mr. Robert J. Smith, tional Bank, El Paso, Texas, deceased. President, Pioneer Air Lines, Incorporated, Dallas, Texas, as a Class C director of the Federal Reserve Admissions of State Banks to Membership in the Bank of Dallas for the term ending December 31, Federal Reserve System 1954, and Deputy Chairman for the remaining portion of the year 1953. Mr. Smith succeeded Mr. The following State banks were admitted to mem- R. B. Anderson, General Manager, W. T. Wag- bership in the Federal Reserve System during the goner Estate, Vernon, Texas, who resigned to ac- period December 16, 1952 to January 15, 1953: cept appointment as Secretary of the Navy. Alabama Appointments of Branch Directors Oxford—The First State Bank of Oxford. On January 22, 1953, the Board of Governors Iowa announced the appointment of Mr. William H. Steiwer, Sr., rancher, of Fossil, Oregon, as director Hartley—Security State Bank. of the Portland Branch of the Federal Reserve Bank New Yor\ of San Francisco for the two-year term ending December 31, 1954. Mr. Steiwer succeeded Mr. Monticello—The Sullivan County Trust Com- Robert B. Taylor, who is engaged in livestock pany. raising and farming at Adams, Oregon, and whose Wisconsin term expired. Sturgeon Bay—Bank of Sturgeon Bay. 124 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled January 30 and released for publication February 2] Industrial production advanced somewhat fur- Output of textiles, paper and leather products ther in December and January to new highs for showed temporary, seasonal declines in December the postwar period. Construction contract awards but continued substantially above year-ago levels. rose considerably in December, and retail sales Activity in the chemical and petroleum products were substantially larger than a year ago. Whole- industries was maintained at advanced rates. Meat sale prices changed little after mid-December. production in December and January continued Around mid-January discount rates at Federal well above a year ago. Reserve Banks were raised from 1% to 2 per cent. Iron ore mining declined more than seasonally in December from the exceptionally high autumn INDUSTRIAL PRODUCTION levels. With stocks large, output of coal and crude oil was reduced in December, and in January The Board's index of industrial production rose bituminous coal production decreased somewhat 1 point further in December to 235 per cent of further. the 1935-39 average. This compares with 219 for the year 1952 as a whole and with 218 in December CONSTRUCTION 1951. A small further rise is indicated for Jan- Value of construction contracts awarded in Deuary. cember increased substantially as awards for manu- In December, activity increased further in facturing and public utility facilities rose sharply. machinery and transportation equipment industries. Reflecting mainly higher construction costs, the In addition, there were gains in production of value of both awards and total construction acsteel, nonferrous metals, and lumber and other tivity for the year 1952 was about 5 per cent larger building materials. Steel ingot output continued than in 1951. The number of housing units started to rise in January, to a scheduled rate close to the in December, at 76,000, was down less than seasonnewly reported annual capacity of 117.5 million ally from November. For the year, starts totaled tons. Output of passenger autos increased con- 1,131,000 as compared with 1,091,000 in 1951 and siderably in January, to an annual rate of about the record 1,396,000 in 1950. 5.5 million units, and production of autos and other major consumer durables is currently about PRICES AND TRADE two-fifths above a year ago. 7- 49 • 100 INDUSTRIAL PRODUCTION PHYSICAL VOLUME. SEASONALLY ADJUSTED, 1935-39 • 100 80 80 140 140 DEPARTMENT STORE TRADE CONSUMER PRICES 100 100 1948 1949 1950 1951 1952. 1948 1949 1950 1951 1952 Seasonally adjusted series except for prices. Wholesale prices, Bureau of Labor Statistics indexes. Consumer prices, total retail sales, and disposable personal income. Federal 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 Reserve indexes based on Bureau of Labor Statistics and Department of Commerce data. Department store trade, Federal Federal Reserve indexes. Monthly figures, latest shown are Reserve indexes. Monthly figures, latest shown are for Deestimates for January. cember. FEBRUARY 1953 125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS EMPLOYMENT hides and leather also decreased. Lead and zinc Employment in nonagricultural establishments prices were reduced, but ceiling prices of aluminum continued to expand in December and was about and some other metal products were raised. Prices 1.2 million larger than a year ago. Average weekly of most manufactured foods and other finished hours worked at factories increased as usual in goods continued unchanged. mid-December and at 41.8 were about one-half hour The consumer price index declined slightly in above the level of other recent months and the December as reductions in prices of meats and highest since World War II. Average hourly and some other foods were largely offset by a further weekly earnings rose to new peaks. Unemploy- rise in rents. ment at 1.4 million in December remained close BANK CREDIT to the postwar low. Loans and investments at banks in leading cities DISTRIBUTION contracted in late December and early January. Loans to food processors, commodity dealers, and Reflecting record Christmas sales, retail trade trade concerns declined seasonally. Bank holdings expanded in December, with apparel and general of Government securities were also reduced. merchandise stores reporting much greater than During the first three weeks of January the seasonal increases. Total retail sales in December post-holiday return flow of currency, some bank were up about 10 per cent from a year ago with loan contraction, and sales of short-term Governmost of the gain reflecting larger real takings by ment securities by dealers and banks to nonbank consumers, as prices were only moderately higher. buyers brought about some easing of the money During the first three weeks of January, departmarket. The effect of these developments on bank ment store sales declined more than seasonally, reserves was largely offset, however, by repayment while sales of new automobiles apparently conof Federal Reserve repurchase credits which had tinued substantially larger than a year ago. been extended to dealers in December. Member COMMODITY PRICES bank borrowings continued to average more than a billion dollars and to exceed excess reserves. The average level of wholesale prices changed Around mid-January, discount rates at the Fedlittle from mid-December through January. Hog eral Reserve Banks were raised from 1% to 2 per prices rose substantially, but after mid-January cent. Thereafter, rates on bankers' acceptances steer prices dropped sharply as marketings exalso rose. Interest rates charged by commercial panded, and beef prices declined further. Prices of banks on short-term business loans averaged 3.51 per cent in the first half of December, or slightly EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS higher than in the first half of September. Rates MILLIONS OF PERSONS SEASONALLY ADJUSTED MILLIONS OF PERSONS rose slightly at banks in New York City and other northern and eastern cities but remained unchanged in the South and West. SECURITY MARKETS During the second week of January common stock prices declined from the high levels reached during the preceding week and then remained about unchanged in the third week. High grade corporate bond yields rose in the third week, following little change earlier in the month. Yields on Treasury bills rose substantially in the first half of 1948 1949 1950 1951 1952 1948 1949 1950 1951 1952 January and then declined sharply in the following Bureau of Labor Statistics data adjusted for seasonal variation by Federal Reserve. Proprietors, self-employed persons week. Yields on long-term Governments fluctuand domestic servants are not included. Midmonth figures, ated within a narrow range throughout the period. latest shown are for December. 126 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 129-130 Federal Reserve Bank rates; margin requirements; reserve requirements 130-131 Reserves and deposits of member banks 132 Federal Reserve Bank statistics 133-135 Regulation V: guaranteed loans, fees, and rates 135-136 Bank debits and deposit turnover; Postal Savings System 136 Money in circulation 137 Consolidated statement of the monetary system; deposits and currency. . 138 All banks in the United States, by classes 139-141 All insured commercial banks in the United States, by classes 142-143 Weekly reporting member banks 144-146 Commercial paper and bankers' acceptances 146 Life insurance companies; savings and loan associations 147 Government corporations and credit agencies 148-149 Security prices and brokers' balances 150 Money rates; bank rates on business loans; bond and stock yields 151 Treasury finance 152-157 New security issues 158 Business finance 159-160 Business indexes 161-170 Merchandise exports and imports 170 Department store statistics 171-174 Consumers' and wholesale prices 174-175 Gross national product, national income, and personal income 176-177 Consumer credit statistics 178-180 Changes in number of banking offices in the United States 181 Earnings and expenses of Federal Reserve Banks during 1952 182-183 Number of banking offices on Federal Reserve par list and not on par list 184 List of tables published in BULLETIN annually or semiannually, with references for latest data 124 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. 127 FEBRUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Billions of Dollars Wednesday figures Billions of Dollars 30 25 15 10 — TREASURY CASH AND DEPOSITS A 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 I I I FEDERAL RESERVE CREDIT HOLDINGS OF U- S GOVERNMENT SECURITIES • TOTAL 1 1 1 DISCOUNTS AND ADVANCES 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Wednesday figures, latest shown are for Jan. 28. See page 129. 128 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 i d s c n d - - e ts s T U ot . a l S. s e B G cu o o r n v i d t e i s r e n s c m c B e a e r i t t l n e i l f t s s i , , - ot A h l e l r1 Total s G to o c ld k T s r t o c e u r i a u n e n u r n a y g r 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 R o e r d y a e r i s e e n t v a i - r d h k t e s a s e s - l - b p m N e o r e o s m d n it e - s - - c O s F o e R e a t e r u r c h e a d v - - n e l - e t r s Total qu R ir e e - d2 c E e x s - s2 and notes Wednesday figures: 1951—Dec. 5. 959 23,239 5,357 17,882 883 25,08122,381 4,699 28,891 ,292 501 787 77019,919 19,196 723 Dec. 12. 710 23,239 5,376 17,8631,031 24,980 22,382 4,700 29,037 ,284 266 740 77019,964 19,317 647 Dec. 19. 449 23,239 5,334 17,905 2,05725,74522,491 4,703 29,263 ,269 6 776 82720,798 19,767 1,031 Dec. 26. 797 23,503 5,342 18,1611,276 25,576 22,621 4,704 29,403 ,289 289 880 83220,208 19,637 571 1952— an. 2. 105 23,658 5,344 18,3141,062 24,82522,697 4,706 29,143 ,275 8 694 74520,364 19,685 679 an. 9. 198 23,452 5,344 18,108 904 24,554 "2'2,772 4,707 28,800 ,280 69 771 743 20,369 19,551 818 an. 16. 13523,119 5,344 17,7751,118 24,37222,822 4,710 28,526 ,291 138 719 74420,488 19,590 898 an. 23. 112 22,993 5,344 17,649 1,01024,116 22,872 4,711 28,342 ,280 11 663 74320,660 19,573 1,087 an. 30. 210 22,785 5,344 17,441 71123,70722,931 4,716 28,347 ,302 221 729 74220,013 19,455 558 Feb. 6. 28322,614 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 23,75323,011 4,717 28,425 ,276 261 685 74120,094 19,304 790 Feb. 20. 454 22,400 5,471 16,9291,033 23,88723,071 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 23,88323,290 4,726 28,464 ,296 670 895 78719,787 19,166 621 Mar. 12 357 22,530 5,636 16,894 891 23,778 23,291 4,726 28,452 ,296 639 841 78519,781 19,182 599 Mar. 19. 126 22,825 5,636 17,1891,265 24,216 23,292 4,729 28,361 ,285 6 742 80321,038 19,627 1,411 Mar 26. 170 22,528 5,636 16,892 715 23,413 23,291 4,731 28,329 ,282 7 736 80420,276 19,500 776 Apr. 2. 130 22,514 636 16,878 76623,409 23,291 4,736 28,445 ,281 295 776 82719,812 19,166 646 Apr. 9. 167 2"2",494 636 16,858 731 23,3 ,293 4,736 28,526 ,273 381 763 82719,652 19,076 576 Apr. 16. 62222,467 136 17,3311,020 24,109 23,293 28,436 ,288 520 853 825 20,218 19,225 993 Apr. 23. 830 22,372 136 17,236 77123,973 23,295 28,333 ,287 877 809 82419,875 19,087 788 Apr. 30. 676 22,363 136 17,227 59323,632 23,297 28,460 ,284 450 784 74919,940 19,143 797 May 7. 1,04322,329 136 17,193 695 24,067 23,297 28,523 ,286 749 762 74720,034 19,071 963 May 14. 67122,315 136 17,179 77923,764 23,297 28,497 ,293 516 796 74519,953 19,092 861 May 21. 499 22,283 136 17,1471,013 23,79423,298 28,483 ,279 384 813 745 20,127 19,181 946 May 28. 816 22,273 5,136 17,137 65323,,742 23,296 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 1,282 527 824 74219,906 19,207 699 June 11. 83422,492 5,136 17,356 803 24,128 23,297 4,750 28,830 1,284 507 834 74219,978 19,226 752 June 18. 54122,997 5,136 17,8611,289 24,,828 23,297 4,751 28,787 1,286 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 1,290 134 813 79320,006 19,621 385 July 2. 480 22,869 17,733 80624,155 23,346 4,755 29,180 1,277 90 760 798 20,153 20,104 49 July 9. 68322,860 17,724 923 24,,465 23,347 4,754 29,148 1,264 38 906 79920,413 20,008 405 July 16. 97422,723 5,136 17,587 97424,67123,348 4,756 28,988 1,271 307 988 79720,422 19,973 449 July 23. 1,07322,726 5,136 17,590 875 24,674 23,350 4,756 28,884 1,275 482 1,016 79720,326 19,875 451 July 30. 1,40322,844 5,136 17,708 660 24,90723,350 4,761 28,952 1,286 605 1,042 72420,409 19,829 580 Aug. 6. 84322,977 5,163 17,814 62024,440 23,350 29,041 1,279 270 982 72220,260 19,675 585 Aug. 13. 770 23,051 5,236 17,815 73224, ,344 29,051 1,277 422 1,057 71820,136 19,692 444 Aug. 20. 97923,032 5,236 17,796 79924,810 23,344 29,068 1,281 526 1,057 72120,267 19,652 615 Aug. 27. 89723,092 5,236 17,856 61424,60323,344 29,129 1,276 707 1,084 72119,797 19,643 154 Sept. 3. 96823,182 5,236 17,946 666 24,816 23,344 4,774 29,391 1,285 715 1,066 71719,760 19,511 249 Sept. 10. 880 23,229 5,236 17,993 76424,87223,344 4,776 29,364 1,279 347 948 71520,340 19,549 791 Sept. 17. 31323,740 5,236 18,5041,195 25,249 ,344 4,780 29,292 1,281 6 998 72921,067 19,957 1,110 Sept. 24. 400 23,715 5,236 18,479 74224,85723,343 4,781 29,247 1,274 264 889 72620,581 19,901 680 Oct. 1. 544 23,694 4,522 19,172 72524,96323,342 4,787 29,417 1,287 523 884 88220,098 19,762 336 Oct. 8. 1,01923,663 4,522 19,141 70225,,384 23,341 4,787 29,545 1,280 596 972 880 20,239 19,567 672 Oct. 15. 772 23,663 4,522 19,141 891 25,,325 23,341 4,787 29,617 1,276 212 854 88120,613 20,089 524 Oct. 22. 1,13023,663 4,522 19,1411,074 25,86723,340 4,790 29,511 1,281 618 929 87820,779 20,128 651 Oct. 29. 1,17123,624 4,522 19,102 71025,505 23,340 4,790 29,540 1,289 588 891 87720,449 19,975 474 Nov. 5. 1,66323,520 4,522 18,998 532 25,714 23,339 4,794 29,748 1,278 789 893 80520,334 19,884 450 Nov. 12. 1,58323,567 4,522 19,045 546 25,696 23,338 4,794 29,905 1,282 505 883 805 20,447 19,906 541 Nov. 19. 1,486 23,563 4,526 19,0371,143 26,193 23,337 4,797 29,842 1,292 703 949 80320,738 20,073 665 Nov. 26. 1,615 23,761 4,528 19,233 925 26,30123,338 4,797 30,152 1,267 317 981 80120,917 20,409 508 Dec. 3. 1,59123,968 4,539 19,4291,191 26,75123,337 4,803 30,274 1,278 719 881 80020,939 20,371 568 Dec. 10. 1,75224,239 4,537 19,702 87026,860 23,337 4,804 30,370 1,280 645 1,036 80220,868 20,288 580 Dec. 17. 1,02224,469 4,533 19,9361,547 27,039 23,277 4,806 30,487 1,269 371 937 86021,198 20,582 616 Dec. 24. 1,728 24,613 ,530 20,0831,519 27,860 23,186 4,809 30,732 ,266 665 930 86321,400 20,531 869 Dec. 31. 15624,697 ,522 20,175 971 25,825 23,187 '4,812 '30,433 ,270 389 1,005 77719,950 20,520 -570 1953—Jan. 7. 1,336 24,391 4,522 19,869 969 26,69523,137 4,814 30,153 ,280 622 913 776 20,902 20,309 593 Jan. 14. 1,07624,205 4,522 19,683 885 26,16623,137 4,814 29,884 ,280 455 1,063 77620,660P2O.274 386 Jan. 21. 862 24,034 4,522 19,5121,009 25,90423,088 4,814 29,687 ,291 343 970 77420,741 P20.246 P495 Jan. 28. 1,30723,970 4,522 19,448 732 26,00923,036 4,815 29,592 1,298 745 949 77520,502 P20.105 P397 pPreliminary. r Revised. 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. 129 FEBRUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MBMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period v co a D a a n u n i d s c n d - - e ts s T U ot . a S l . s e G c B u o o r v n it e d i r e s n s m c c B e a e r i t n l t e l i t s f s i , , - ot A h l e l ri Total s G to o c ld k T s r o c e t u i r a u n n u e r n r y g c t a - - d y s - - M in c t u o io c l n a n i e r - y - T h c i u r o n a e r l g s y a d h s s - - F u T B p e s w r R r o e d y a e r i s e n e t v a i d - r h k t s e a e s s - l - b p m N e o r e o s m d n it e - s - - c O s F e o R e a t e r u r h c e a d v - n - e l - e t r s Total qu R ir e e - d8 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 6,4445,209 1941—Dec. 31. 3 2,254 1,467 787 104 2,361 22,737 3,247 11,160 2,215 867 1,360 29112,450 9,3653,085 1945—Dec. 31. 24924,262 94723,315 58025,091 20,065 4,339 28,515 2,287 977 1,308 49515,915 14,4571,458 1946—Dec. 31. 16323,350 753 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 1,336 870 961 56317,899 16,400 1,499 1948—Dec. 31. 22323,333 10,97712,356 54224,097'24,244 4,589 28,224 1,325 ,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 1,312 821 1,517 70616,568 15,5501,018 1950—June 30. 4318,331 5,61812,713 329 18,703 24,231 4,607 27,156 1,298 950 1,431 77115,934 15,498 436 Dec. 30. 6720,778 4,620 16,158 1,37122,216 22,706 4,636 27,741 1,293 668 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 1,281 317 1,262 76519,020 18,604 416 Dec. 31. 19 23,801 5,34418,457 1,18925,009 22,695 4,709 29,206 1,270 247 889 746 20,056 19,667 389 1952—Feb 59822,528 5,636 16,892 77823,904 191 727 28,465 1,287 558 796 73319,982 19,254 728 Mar 13322,514 5,636 16,878 62323,270 ,291 ,736 28,473 1,277 169 845 80119,733 19,241 492 Apr 67622,363 ,13617,227 59323,632 ,298 ,739 28,464 1,281 450 784 74919,940 19,143 797 May 95222,273 ,136 17,137 92 24,152 ,296 ,748 28,767 1,274 541 1,094 74319,778 19,187 591 June 5922,906 ,136 17,770 58623,551 ,346 ,754 29,026 1,283 333 846 78319,381 19,573 -192 July 1,270 22,853 ,136 17,717 69924,821 ,350 ,762 28,978 1,281 638 991 72320,323 19,828 495 Aug 1,318 23,146 5,236 17,910 75125,216 ,344 ,776 29,293 1,269 488 1,157 71820,411 19,576 835 Sept 47 23,694 5,236 18,458 57724,747 ,342 ,786 29,419 1,278 508 881 72320,066 19,747 319 Oct 1,591 23,575 4,522 19,053 68925,855 ,339 ,795 29,644 1,268 770 887 805 20,616 19,996 620 Nov 1,895 23,821 4,527 19,294 1,02426,740 ,338 ,802 30,236 1,261 378 1,056 80121,149 20,354 795 Dec 15624,697 4,522 20,175 97125,825 ,187 ,812 30,433 1,270 389 1,005 77719,950 20,520 -570 1953—Jan 1,73. 23,944 4,522 19,422 80026,478P22.986 ,820P29.689 PI,310 809 1,094 770 20,611 20,091 P520 Averages of daily figures: 1952—Jan.. 20023,206 5,34417,862 1,03824,444 22,824 4,709 28,637 1,281 109 737 744 20,470 19,537 933 Feb.. 36522,552 5,43217,120 90923,826 23,039 4,719 28,406 1,294 352 799 73819,995 19,300 695 Mar.. 31422,634 5,63616,998 94223,890 23,278 4,728 28,437 1,283 333 845 79020,207 19,322 885 Apr.. 36522,448 5,35417,094 91323,726 23,293 4,737 28,459 1,278 549 875 81819,777 19,127 650 May. 573 22,308 5 13617,172 82323,704 23,297 4,740 28,557 1,281 553 838 74519,767 19,139 628 1953— J J A O N S D J u u a e u c o e n l n p t g v y c e . . t . . . . . . . . . . . 1 1 1 1 1 1 , , , , , , , 0 0 5 6 0 5 7 3 9 5 7 3 9 8 2 7 2 9 7 3 3 5 3 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 4 4 , , , , , , , , 6 4 0 6 6 4 2 7 7 1 2 5 3 0 0 9 1 7 7 7 8 2 0 8 4 5 5 4 4 4 5 5 , , , , , , , , 1 1 5 2 5 5 5 2 3 3 1 2 2 2 2 3 6 6 6 2 2 2 4 6 1 1 1 1 1 1 1 1 7 7 ~ 7 9 8 9 9 9 , , , , , , , 4 , 8 6 2 1 6 1 8 8 1 6 3 3 1 8 7 1 1 2 5 5 4 0 8 1 1 , , 9 8 0 8 9 9 7 2 4 6 9 3 5 3 1 6 1 1 5 1 8 8 6 2 2 2 2 2 2 2 2 6 4 6 5 4 4 5 7 , , , , , , , , 6 1 1 7 5 0 8 2 8 7 8 5 4 8 9 2 1 2 6 5 4 6 9 4 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 , . , , , , , , 1 3 3 3 3 3 2 3 0 0 4 4 4 3 7 4 1 8 6 3 8 8 6 0 4 4 4 4 4 4 4 4 , , , , , , , , 7 7 7 8 7 7 7 8 5 1 5 6 9 7 0 8 1 4 6 5 6 8 6 8 2 2 2 2 2 3 2 2 8 9 9 9 9 0 9 9 , , , , , , , , 8 0 9 0 5 3 4 9 4 2 0 8 5 4 9 2 3 8 4 8 5 3 4 0 1 1 1 1 1 1 1 1 , , , , , , , , 2 2 2 2 2 2 2 2 8 7 7 7 7 7 8 7 2 6 0 5 6 0 1 3 3 5 3 5 5 5 5 2 0 0 9 2 5 5 6 8 6 1 1 6 2 0 9 1 l 1 , , , 0 8 9 9 9 9 0 0 3 4 4 6 9 8 1 4 i 3 1 0 7 6 6 4 7 7 8 8 7 7 8 7 9 6 0 2 7 7 2 3 1 7 3 1 6 5 0 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 1 , , , , , , , , 5 1 3 6 9 5 7 1 3 4 0 1 1 5 4 8 5 0 6 1 4 8 4 0 2 2 1 1 1 1 1 9 0 9 9 0 9 9 , , , , , , , 4 6 9 4 9 0 7 3 5 2 5 6 3 8 1 7 6 ^ 3 6 7 6 6 7 7 6 6 7 0 4 0 7 4 2 5 9 9 9 8 8 3 7 P Preliminary. « Corrected. 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, 1935 Dec. 31, 1935 Jan. 1, 1936 Prescribed in accordance with 1947- 1949- tive Securities Exchange Act of 1934 Mar. 29, Jan. 16, Jan. 17, 1949 1951 1951 Savings deposits Postal Savings deposits Other deposits payable: Regulation T: In 6 months or more For extensions of credit by brokers In 90 days to 6 months and dealers on listed securities 75 50 75 In less than 90 days For short sales 75 50 75 Regulation U: NOTE.—Maximum rates that may be paid by member banks as For loans by banks on stocks 75 50 75 established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank 1 Regulations T and U limit the amount of credit that may be exmay not in any event exceed the maximum rate payable by State tended on a security by prescribing a maximum loan value, which is a banks or trust companies on like deposits under the laws of the State specified percentage of its market value at the time of the extension; the in which the member bank is located. Maximum rates that may be "margin requirements" shown in this table are the difference between paid by insured nonmember banks as established by the F.D.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. 130 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 Jan. 31 beginning— rate Jan. 31 beginning— rate Jan. 31 beginning— rate Boston Jan.20, 1953 Jan. 20,1953 3 Jan. 20, 1953 New York. . Jan.16, 1953 Jan. 16,1953 3 Jan. 16, 1953 Philadelphia Jan. 16, 1953 Jan. 16,1953 2% Jan. 16, 1953 Cleveland Jan. 16, 1953 Jan. 16,1953 2% Aug.25, 1950 Richmond Jan.23, 1953 Jan. 23,1953 3 Jan. 23, 1953 Atlanta Jan. 16, 1953 Jan. 16,1953 3 Jan. 16, 1953 Chicago Jan.16, 1953 Jan. 16,1953 2% Aug. 13, 1948 St. Louis Jan. 16, 1953 Jan. 16,1953 Jan. 12, 1948 Minneapolis Jan. 16, 1953 Jan. 16,1953 Tan. 26, 1953 Kansas City Jan. 16, 1953 Jan. 16,1953 2% Jan. 16, 1953 Dallas Jan.23, 1953 Jan. 23,1953 3 Jan. 23, 1953 San Francisco Jan.20, 1953 Jan. 20,1953 3 Jan. 20, 1953 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 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 Jan. 31 ginning— rate Time Effective date deposits 91 1 - - 1 2 9 0 0 d d a a y y s s 2 2 H y8 J J a a n n . . 1 1 6 6 , , 1 1 9 9 5 5 3 3 IK of change C re e c s n i e t t r y r v a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m b e a ( m n a k l b l s e ) r 121-180 days 2% Jan. 16, 1953 2^ banks NOTE.—Effective minimum buying rates on prime bankers' accept- 1917—June 21... 13 10 ances payable in dollars. Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. 1936—Aug. 16 . .. 15 1937—Mar. 1... 22 17 12 Ji May 1. . . 26 20 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 14 AND COMMITMENTS UNDER SECTION 13B 1938—Apr. 16. 17 OF THE FEDERAL RESERVE ACT 12 1941—Nov. 1. 26 20 Maturities not exceeding five years 1942—Aug. 20. 24 14 [In effect January 31. Per cent per annum] Sept. 14. 22 Oct. 3. 20 To industrial or 1948—Feb. 27. 22 commercial To financing institutions June 11. 24 businesses Sept. 16. 16 Sept. 24. Federal On discounts or 1949—May 1. 15 27 R B es a e n r k ve On com O m n it- Porti p o u n rchases co O m n mit- J J A M u u u a l n g y y e . 3 5 0 1 1 . . . . 24 2 2 1 0 1 1 4 3 2 3 » 6 6 7 loans 1 ments for which Re- ments Aug. 11. 23H 19}* institu- maining Aug. 16. 12 25 tion is portion Aug. 18. 23 19 " obligated Aug. 25. g* Sept. 1. 18 Boston 1951—Jan. 11. 23 19 New York Jan. 16. 13 Philadelphia. .. . Jan. 25. 24 20 " Cleveland Feb. 1. Richmond Atlanta In effect Feb. 1, 1953 * 24 20 14 Chicago S M t. i n L n o e u a is polis.... 1 Demand deposits subject to reserve requirements, which beginning Kansas City. . . . Aug. 23, 1935, have been total demand deposits minus cash items Dallas in process of collection and demand balances due from domestic banks San Francisco... (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947). 2 Requirement became effective at country banks. 1 Including loans made in participation with financing institution?. 3 Requirement became effective at central reserve and reserve city 2 Rate charged borrower less commitment rate. banks. » Rate charged borrower. « Rate charged borrower but * Present legal minimum and maximum requirements on net demand not to exceed 1 per cent above the discount rate. deposits—central reserve cities, 13 and 26 per cent; reserve cities, 5 Charge of ^ per cent per annum is made on undisbursed portion 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time of loan. deposits at all member banks, 3 and 6 per cent, respectively. 6 Charge of 34 Per cent per annum is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. FEBRUARY 1953 131 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 Centralreserve 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 banks 1 New Chi- banks banks 1 banks 1 New Chi- banks banks» York cago York cago Total reserves held Excess reserves: 1951—October 19,868 5,225 1,328 7,701 5,614 1951—October 915 108 8 212 588 November.. 19,794 5,061 1,314 7,730 5,688 November 729 6 -5 144 584 December. . 20,310 5,275 1,356 7,922 5,756 December 826 44 3 184 596 1952—October 20,611 5,215 1,369 8,081 5,946 1952—October 648 1 -4 99 553 November.. 20,744 5,201 1,367 8,172 6,004 November 657 8 102 547 December. . 21,180 5,357 1,406 8,323 6,094 December 723 30 -4 120 576 Dec. 17.... 21,172 5,369 1,411 8,307 6,086 Dec. 17 711 34 -2 101 578 Dec. 24 21,441 5,396 1,423 8,403 6,219 Dec. 24 824 13 -2 138 675 Dec. 31 21,348 5,434 1,410 8,432 6,073 Dec. 31 858 103 —4 214 545 1953—Jan. 7.... 21,153 5,290 1,414 8,311 6,138 1953—Jan. 7 724 -16 -2 130 612 Jan. 14 21,071 5,183 1,388 8,308 6,192 Jan. 14...:... 802 26 -2 126 652 Jan. 21.... 21,049 5,159 1,375 8,332 6,183 Jan. 21 P788 9 -4 136 P647 Borrowings at Federal Required reserves Reserve Banks: 1951—October. . . 18,952 5,117 ,320 7,489 5,026 1951—October 95 3 2 62 30 November, 19,065 5,056 ,319 7,586 5,104 November 340 28 12 246 54 December. 19,484 5,231 ,353 7,738 5,161 December 657 151 64 354 89 1952—October. .. 19,963 5,214 ,373 7,982 5,393 1952—October 1,048 116 100 667 164 November 20,087 5,193 ,367 8,070 5,458 November 1,532 198 266 862 206 December. 20,457 5,328 ,409 8,203 5,518 December 1,593 486 232 639 236 Dec. 17... 20,462 5,334 ,414 8,206 5,508 Dec. 17 1,501 418 173 641 269 Dec. 24... 20,618 5,383 ,425 8,266 5,544 Dec. 24 1,443 473 235 482 253 Dec. 31. . 20,490 5,331 ,413 8,218 5,528 Dec. 31 1,703 658 280 594 171 1953—Jan. 7. . , 20,429 5,306 1,416 8,181 5,526 1953—Jan. 7 1,478 475 430 448 125 Jan. 14... 20,269 5,157 1,390 8,182 5,540 Jan. 14 1,471 391 368 523 189 Jan. 21... P20.261 5,150 1,379 8,196 P5.536 Jan. 21 1,150 245 254 487 164 J» 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 Re- Item m b e e m r - s c e i r t v y e C t o r u y n- m b e e m r - s c e i r t v y e C t o r u y nbanks New Chi- banks banks banks New Chi- banks banks York cago York cago December 1952 December 1951 Gross demand deposits: Total 111,052 23,894 6,223 42,978 37,957 105,966 23,555 5,962 40,713 35,737 Interbank 13,019 4,090 1,255 6,463 1,212 12,733 3,997 1,189 6,337 1,211 Other . . 98,033 19,804 4,969 36,515 36,745 93,233 19,558 4,773 34,376 34,526 Net demand deoosits ' 96,624 21,630 5,577 37,045 32,372 91,953 21,302 5,358 35,027 30,266 Time deposits' 33,108 2,271 1,182 13,227 16,428 30,709 1,983 1,123 12,212 15,391 Demand balances due from domestic banks... 6,495 47 116 1,954 4,378 6,453 45 120 1,970 4,318 Reserves with Federal Reserve Banks: Total Required 2201,,415870 55,,335278 11,,440096 88,,322033 6 5 , , 0 5 9 1 4 8 2109,,348140 55,,227351 11,,335563 77,,972328 55,,715661 Excess 723 30 -4 120 576 826 44 3 184 596 Borrowings at Federal Reserve Banks 1,593 486 232 639 236 657 151 64 354 89 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. * 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. 132 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 1953 1952 1953 1952 Jan. 28 Jan.21 Jan.14 Jan. 7 Dec. 31 Jan. Dec. Jan. Assets Gold certificates 21,080,103 21,120,102 21,150,10221,125,10321,185,102 21,030,10321,185,102 21,012,251 Redemption fund for F. R. notes.. 760,267 764,002 781,888 810,603 800,603 760,266 800,603 719,231 Total gold certificate reserves. 21,840,370 21,884,104 21,931,990 21,935,706 21,985,70521,790,36921,985,70521,731,482 Other cash 437,246 434,840 411,133 359,070 322,020 427,292 322,020 430,172 Discounts and advances: For member banks 1,286,039 840,841 1,055,254 1,305,879 126,879 1,713,729 126,879 328,485 Ind F u o s r t r n i o al n m lo e a m ns ber banks, etc.. 21,000 2 3 1 , , 8 0 1 0 1 0 2 3 1 , , 6 0 5 00 4 3 3 0 , , 8 0 5 00 4 29,500 21,000 29,500 U. S. Government securities: 3,574 3,892 3,867 3,892 Bills 678,254 741,950 874,850 1,046,550 1,340,750 652,254 1,340,750 Certificates: Special Other 4,995,716 4,995,716 5,034,416 5,048,516 5,060,616 4,995,716 5,060,61612,316,398 Notes 13,773,671 13,773,671 13,773,671 13,773,671 13,773,671 13,773,671 13,773,671 5,068,073 Bonds 4,521,975 4,521,975 4,521,975 4,521,975 4,521,975 4,521,975 4,521,975 5,344,127 Total U. S. Government securities. 23,969,616 24,033,31224,204,912 24,390,712 24,697,01223,943,61624,697,012 22,728,598 Total loans and securities 25,280,229 24,898,964 25,284,820 25,730,445 24,857,28325,682,212 24,857,28323,061,653 Due from foreign banks.... 23 23 23 23 23 23 23 28 F. R. notes of other Banks. 229,330 247,900 252,524 255,448 239,458 227,140 239,458 205,928 Uncollected cash items 3,825,301 4,488,431 4,260,855 3,786,759 4,238,779 3,570,447 4,238,779 3,299,047 Bank premises 48,689 48,728 48,444 48,337 48,348 48,722 48,348 43,898 Other assets 197,571 187,618 178,833 170,079 160,878 202,097 160,878 168,360 Total assets. 51,858,759 52,190,608 52,368,622 52,285,86751,852,49451,948,302 51,852,49448,940,568 Liabilities Federal Reserve notes 25,545,932 25 ,643,334 25,808,549 26,032 ,10326,250,299 25,638,16726,250,29924,404,664 Deposits: Member bank—reserve accounts.. 20,501 60120,740 946 20659,544 20 902,244 19,950,37220,611,372 19,950,37220,076,976 U. S. Treasurer—general account. 744 949 342,508 455,008 621,539 388,808 808,919 388,808 161,599 Foreign 612 200 621 688 699,207 570,632 549,959 586,508 549,959 445,612 Other 336 357 348 363,868 342,673 454,915 507,832 454,915 320,289 Total deposits. 22,195,10722,053,16522,177,62722,437,08821,344,05422,514,63121,344,054 21,004,476 Deferred availability cash items 3,096 3,483 3,379,439 ,821,872 3,271,561 2,774,423 3,271,561 2,578,144 Other liabilities and accrued dividends. 18 16 16,102 15,237 14,923 15,748 14,923 13,039 Total liabilities. 50,856,807 51,195,99151,381,717 51,306,300 50,880,83750,942,969 50,880,83748,000,323 Capital Accounts Capital paid in 254,586 254,177 253,534 253,244 252,634 254,770 252,634 239,802 Surplus (Section 7) 584,676 584,676 584,676 584,676 584,676 584,676 584,676 538,342 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 135,147 128,221 121,152 114,104 106,804 138,344 106,804 134,558 Total liabilities and capital accounts. 51,858,759 52,190,608 52,368,62252,285,86751,852,494 51,948,30251,852,494 48,940,568 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 47.9 Contingent liability on acceptances purchased for foreign correspondents 21,668 20,210 20,182 20,298 19,792 22,153 19,792 12,826 Industrial loan commitments 3,386 3,209 3,394 3,177 3,211 3,177 3,211 7,124 Maturity Distribution of Loans and U. S. Government Securities * Discounts and advances—total 1,307 039 861,841 1,076,254 1,335,879 156,379 1,734,729 156,379 328,485 Within 15 days 1,047 019 616,770 830,323 1,110,615 117,875 1,428,513 117,875 303,441 16 days to 90 days 260 020 245,071 245,931 225,264 38,504 306,216 38,504 25,044 91 days to 1 year Industrial loans—total 574 811 3,654 3,854 892 3,867 ,892 4,570 Within 15 days 132 193 210 198 256 214 256 676 16 days to 90 days 1,895 925 1,942 1,977 ,987 1,929 ,987 923 91 days to 1 year 1211 347 1,158 1,337 ,304 1,363 ,304 1,863 Over 1 year to 5 years 336 346 344 342 345 361 345 1,108 U. S. Government securities—total. 23,969,616 24,033312 24,204,91224,390,712 24,697,012 23943,616 24,697,01222,728,598 Within 15 days 175 750 280 950 529,000 724,300 925,400 934,300 925,400 16 to 90 days 4,190 054 4,148 550 072,100 ,062,600 4,167 800 405,504 4,167,800 ,207,242 91 days to 1 year 10,520 14110,520,14110,520,141 ,520,14110,520 520,14110,520,14110,776,781 Over 1 year to 5 years 6,655 200 6,655,200 655,200 ,655,200 6,655 655,200 6,655!,200 ,102,256 Over 5 years to 10 years 1,070 224 1,070224 070,224 ,070,224 1,070 070,224 1,070,224 ,013,614 Over 10 years 1,358 247 1,358247 358,247 ,358,247 1,358 358,247 1,358,,247 628,705 1 Callable U. S. Government securities classified according to nearest call date. 133 FEBRUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1953 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificates. 21,030,103 663,882 6,904,8231,224,4821,473,489 785,244 680,1854,111,574 555,184 338,785 954,802 679,1532,658,500 Redemption fund forF. R. notes. 760,266 64,400 78,535 56,284 84,839 82,449 58,890 128,812 51,701 25,459 41,106 29,225 58,566 Total gold certificate reserves. . 21,790,369 728,282 6,983,3581,280,7661,558,328 867,693 739,0754,240,386 606,885 364,244 995,908 708,3782,717,066 Other cash 427,292 31,369 84,522 29,688 34,033 32,006 33,561 71,015 22,880 6,877 16,096 15,613 49,632 advances: U. S. Govt. securities. . . 1,712,923 31,695 414,075 44,540 112,566 79,275 54,500 478,770 115,750 52,440 149,882 35,030 144,400 Other 21,806 1,281 6,195 1,575 1,932 1,050 903 2,877 798 525 1,604 945 2,121 Industrial loans 3,867 3,477 62 195 133 U. S. Govt. securities 23,943,616 1,701,514 5,165,4531,496,2972,320,276 1,707,6301,559,4793,494,6471,291,864 746,058 948,577 1,153,3182,358,503 Total loans and securities. .... 25,682,212 1,734,490 5,585,7231,545,8892,434,774 1,788,0171,615,0773,976,2941,408,412 799,1561,100,0631,189,2932,505,024 Due from foreign banks 23 1 i 7 2 2 1 1 3 1 1 1 1 2 F. R. notes of other Banks... 227,140 5,313 23,741 9,546 9,420 59,469 39,613 16,027 9,578 7,508 7,548 10,843 28,534 items 3,570,447 248,710 627,233 216,224 308,223 295,862 267,212 567,899 188,973 91,959 181,741 208,560 367,851 Bank premises... 48,722 4,301 7,281 3,374 4,644 4,932 3,653 6,806 3,006 1,049 2,275 626 6,775 Other assets 202,097 14,457 42,398 12,413 20,041 14,503 13,743 29,393 10,585 6,149 8,353 10,179 19,883 Total assets.... 51,948,302 2,766,92313,354,2633,097,9024,369,4653,062,4832,711,9358,907,8232,250,320 1,276,9432,311,9852,143,4935,694,767 Liabilities F. R. notes 25,638,167 1,562,094 5,641,0861,824,5262,355,982 1,819,4351,399,1534,892,838 1,202,550 642,4181,009,145 734,6582,554,282 Member bk.— reserve accts.20,611,372 845,780 6,305,834 945,9761,556,368 863,933 922,4223,311,390 757,753 475,261 1,007,2221,054,9232,564,510 gen. acct. . . 808,919 32,453 197,034 32,563 50,940 42,152 63,684 63,144 43,810 39,252 81,732 73,959 88,196 Foreign 586,508 35,502 2 176,181 43,650 53,544 29,100 25,026 79,734 22,116 14,550 22,116 26,190 58,799 Other 507,832 2,951 273,034 2,683 7,601 16,762 40,696 4,524 54,473 3,523 12,191 45,787 43,607 Total deposits... 22,514,631 916,686 6,952,0831,024,8721,668,453 951,9471,051,8283,458,792 878,152 532,5861,123,2611,200,8592,755,112 ability cash items 2,774,423 224,428 472,298 172,383 250,917 237,011 214,643 415,321 128 182 74,062 139,649 161,479 284 050 Other liabilities and accrued dividends 15,748 768 4,024 895 1,846 811 781 2,873 688 713 567 552 1,230 Total liabilities..50,942,969 2,703,976 13,069,4913,022,6764,277,1983,009,2042,666,4058,769,8242,209,572 1,249,7792,272,6222,097,5485,594,674 Capital Accounts Capital paid in. . 254,770 13,672 80,521 17,333 24,326 11,118 10,640 32,764 8,880 5,761 9,631 12,420 27,704 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 accounts 138,344 9,802 29,429 9,826 12,871 9,564 8,325 19,178 7,719 5,199 6,670 6,837 12,924 Total liabilities and capital accounts 51,948,302 2,766,923 13,354,2633,097,9024,369,4653,062,4832,711,9358,907,8232,250,320 1,276,9432,311,9852,143,4935,694,767 Reserve ratio.... 45.3% 29.4% 55.5% 44.9% 38.7% 31.3% 30.2% 50.8% 29.2% 31.0% 46.7% 36.6% 51.2% Contingent liability on acceptances purchased for forspondents 22,153 1,322 3 6,877 1,625 1,993 1,083 932 2,969 823 542 823 975 2,189 Industrial loan commitments.. 3,177 1,116 751 70 124 763 353 1 After deducting $16,000 participations of other Federal Reserve Banks. 'After deducting $410,310,000 participations of other Federal Reserve Banks. » After deducting $15,276,000 participations of other Federal Reserve Banks. 134 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 1953 1952 1953 1952 Jan. 28 Jan. 21 Jan.14 Jan. 7 Dec. 31 Jan. Dec. Jan. F. R. notes outstanding (issued to Bank), 26,902,262 27,067,913 27,158,379 27,313,69527,420,694 26,881,659 27,420,69425,630,522 Collateral held against notes outstanding: Gold certificates 12,979,000 12,979,00012,574,000 12,149,00012,399,000 12,979,00012,399,000 12,684,000 Eligible paper 635,073 365,961 464,279 621,019 120,554 1,002,233 120,554 218,910 U. S. Government securities 14,640,000 14,740,00015,240,00015,690,00015,440,000 14,640,00015,440,00013,775,000 Total collateral 28,254,073 28,084,96128,278,279 28,460,019 27,959,554 28,621,23327,959,55426,677,910 EACH FEDERAL RESERVE BANK ON JANUARY 31, 1953 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in ol n i e s - K C an it s y as Dallas F c S i r s a a c n n o - F. R. notes outstanding (issued to Bank) 26,881,659 1,647,490 5,914,7661,912,106 2,465,6161,912,1031,473,640 5,042,2881,267,034 659,8791,038,821787,0972,760,819 Collateral held: Gold certificates12,979,000 400,000 4,620,000 825,000 820,000 500,000 335,000 2,600,000 280,000170,000 228800,,000000 249,000 1,900,000 Eligible paper.. 1,002,233 31,695 406,895 35,540 78,575 115,750 52,440 149,938 131,400 U. S. Govt. securities 14,640,000 1,300,000 1,500,0001,100,0001,700,0001,450,0001,200,000 2,500,000 1,025,000 505,000 800,000 560,000 1,000,000 Total collateral.. 28,621,233 1,731,695 6,526,8951,960,540 2,520,000 2,028,5751,535,000 5,100,000 1,420,750 727,4401,229,938 809,000 3,031,400 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- Date (last A a p p p p li r c o a v ti e o d ns prAoP"v,4ed Loans Commit-o p f a f t i i n o a n n s c- [Amounts in thousands of dollars] Wednesday to U.U.LC but not out- ments ing instior last day com- standing2 out- tutions Guaranteed loans Guaranteed Additional of period) pleted l (amount) standing out- authorized loans amount N b u e m r - Amount (amount) (amount)s (a ta m n o d u in n g t) 8 to date outstanding a b v o a r il r a o b w le e rs to Date under guar- 1 1 9 9 4 4 4 5 3 3 , ,5 4 1 8 1 9 5 5 2 4 5 4 , , 5 9 3 6 2 1 1,2 3 9 2 5 0 3 1 , ,9 8 9 9 5 4 4 1 , ,6 1 4 6 4 5 2 1 , , 7 08 0 6 5 N b u e m r - Amount am To o t u a n l t g P u o t a e rt r e i a d o n n - a o n u t t e m s e t e a n a n g t d s r i e n e g - 1946 3,542 565,913 4,577 554 8,309 2,670 1947 3,574 586,726 945 1,387 7,434 4,869 1948 3,607 615,653 335 995 1,643 1,990 1950 1949 3,649 629,326 539 2,178 2,288 2,947 1950 3,698 651,389 4,819 2,632 3,754 3,745 Dec. 31... 62 31,326 8,017 6,265 8,299 1951 1951 Dec. 31. . . 3,736 710,931 3,513 4,687 6,036 11,985 Mar. 31... 254 300,955 68,833 56,973 47,822 June 30. .. 484 654,893 252,100 209,465 276,702 1952 Sept. 30... 729 1,154,942 492,167 400,652 450,013 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 Feb. 29. . . 3,741 721,144 772 4,957 6,845 10,307 1952 Mar. 31. . . 3,741 725,787 108 5,296 6,467 10,474 Apr. 30... 3,743 730,482 571 5,207 6,536 10,339 Jan. 31... 901 1,463,443 715,928 580,381 525,129 May 31... 3,743 734,049 235 5,211 6,083 10,262 Feb. 29... 934 L.53O,388 763,838 617,674 511,786 June 30... 3,745 738,721 1,083 5,101 5,947 10,105 Mar. 31... 971 1,677,786 836,739 672,974 467,392 July 31... 3,746 743,629 1,589 4,624 6,184 9,814 Apr. 30... 998 1,727,729 838,073 672,678 595,098 Aug. 31. .. 3,750 748,451 2,142 4,690 6,152 10,128 May 31... 1,023 1,787,755 870,174 695,814 601,752 Sept. 30. .. 3,750 752,042 1,370 4,496 6,327 9,978 June 30... 1,050 1,867,643 883,262 703,774 615,139 Oct. 31. .. 3,751 757,277 1,601 4,311 3,720 7,174 July 31... 1,066 1,922,388 909,688 726,452 648,065 Nov. 30... 3,752 762,620 1,351 3,868 4,044 7,010 Aug. 31... 1,092 2,023,403 907,899 725,943 692,067 Dec. 31.... 3,753 766,492 1,638 3,921 3,210 3,289 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 Re- Dec. 31... 1,159 2,124,123 979,428 803,132 586,303 serve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of con- NOTE.—The difference between guaranteed loans authorized and dition of Federal Reserve Banks. sum of loans outstanding and additional amounts available to bor 8 Not covered by Federal Reserve Bank commitment to purchase or rowers under guarantee agreements outstanding represents amounts discount. repaid, guarantees authorized but not completed, and authorizations NOTE>.—The difference between amount of applications approved and expired or withdrawn. the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. FEBRUARY 1953 135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTAL SAVINGS SYSTEM FEES AND RATES ESTABLISHED UNDER REGULATION V [In millions of dollars] ON LOANS GUARANTEED PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 AND EXECUTIVE Assets ORDER NO. 10161 [In effect January 31] Depos- Fees Payable to Gua G r u an 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 a i n b to c a r e l s - s ' l Total d C ep i a n o s s h i- G U m ov . e e n S r t n . - r f e C u s n a e d s rv h s, e tory « securi- etc.* banks ties Guarantee fee Percentage of Percentage of (percentage of any commitment loan guaranteed interest payable fee charged 1944—December.. 2,342 2,411 8 2,252 152 by borrower) borrower 1945—December.. 2,933 3,022 6 2,837 179 1946—December.. 3,284 3,387 6 3,182 200 1947—December.. 3,417 3,525 6 3,308 212 70 or less 10 10 1948—December.. 3,330 3,449 7 3,244 198 75 15 15 1949—December.. 3,188 3,312 7 3,118 187 80 20 20 1950—December.. 2,924 3.045 11 2,868 166 85 25 25 1951—December.. 2,705 2,835 28 2,644 162 90 30 30 1952—January... 2,695 2,825 30 2,638 158 95 35 35 February... 2,681 2.813 31 2,609 173 Over 95 40-50 40-50 March 2.669 2.794 32 2,599 163 April 2,651 2,778 32 2,598 147 May 2,633 2,761 33 2,574 153 June 2,617 2,746 33 2,557 156 Maximum Rates Financing Institutions May Charge Borrowers July 2,601 2,751 33 2,554 164 [Per cent per annum] August.... 2,586 2.758 34 2,554 170 September. 2,572 2,766 33 2,554 179 October P2 561 Interest rate P2,552 Commitment rate. P2,542 p Preliminary. 1 Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government Year or month Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers Cityi centers x centers City centers City a cities a City a cities» 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 1952 1,692,136 615,670 895,906 180,560 28.7 14.4 598,855 871,030 34.8 21.5 1951—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 December. 170.648 65,692 87,824 17,132 34.8 15.7 63,091 83,558 41.9 23.1 1 National series for which bank debit figures are available beginning with 1919. * 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. 136 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency 2 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 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 . 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25 307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 . 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948 . 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 3 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 2 1951—November. .. 28,809 20,283 1,642 1,144 65 2,075 6,291 9,067 8,528 2,482 5,133 352 549 4 8 2 December. . . 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 2 1952—January 28,386 19,807 1,631 1,115 65 2,009 6,088 8,898 8,582 2,508 5,161 352 550 4 8 2 February.... 28,465 19,904 1,630 1,110 66 2,013 6,152 8,934 8,563 2,503 5,152 351 545 4 8 2 March 28,473 19,937 1,637 1,113 65 2,016 6,165 8,940 8,537 2,496 5,140 349 540 4 8 1 April 28,464 19,936 1,651 1,114 66 2,004 6,141 8,960 8,529 2,498 5,137 347 535 4 9 1 May 28,767 20,231 1,665 1,132 67 2,040 6,261 9,066 8,537 2,508 5,142 346 530 4 8 1 June 29,026 20,449 1,678 1,140 68 2,054 6,323 9,187 8,578 2,531 5,166 344 525 4 8 1 July 28,978 20,398 1,686 1,129 67 2,034 6,291 9,190 8,582 2,531 5,172 344 522 4 8 2 August 29,293 20,659 1,695 1,140 67 2,062 6,376 9,319 8,635 2,551 5,211 342 519 4 8 2 September.. . 29,419 20,739 1,705 1,164 68 2,070 6,368 9,365 8,682 2,559 5,252 342 517 4 8 2 October 29,644 20,897 1,722 1,175 68 2,074 6,405 9,453 8,749 2,577 5,304 342 514 4 8 2 November... 30,236 21,392 1,739 1,199 69 2,123 6,600 9,661 8,846 2,612 5,367 342 513 4 8 2 December. . . 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation * Money Total out- held by standing, As security For Federal D 1 ec 9 . 5 2 31, 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 De 1 c 9 . 5 3 2 1, No 1 v 9 . 5 2 30, De 1 c 9 . 5 3 1 1, certificates agents Gold 23,187 22,023 21,164 Gold certificates 22,023 19,170 2,816 37 37 38 Federal Reserve notes 27,421 70 1,410 25,941 25,733 24 807 Treasury currency—total 4,812 3 2,372 35 322 4,455 4,466 4,360 Standard silver dollars 492 263 27 3 199 197 189 Silver bullion . .. 2,110 2,110 Silver certificates and Treasury notes of 1890 3 2,372 267 2,106 2,116 2,080 Subsidiary silver coin 1 162 4 17 1,141 1,135 1 073 M^inor coin 412 1 2 410 407 392 United States notes 347 3 29 314 322 316 Federal Reserve Bank notes .. 213 3 210 212 232 National Bank notes 76 (5) 1 75 76 79 Total—Dec. 31, 1952 . . (4) 24,395 1,270 19,170 4,547 30,433 Nov. 30 1952 (4) 24,542 1,261 19,329 4,151 30,236 Dec 31 1951 23,860 1,270 18,653 4,406 29,206 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. 129. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 6 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. FEBRUARY 1953 137 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 dollar3 Assets Liabilities and Capital Bank credit Total assets, net— Date Treas- U. S. Government obligations l T ia o b t i a l l - Total Ca a p n i d tal Gold 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 i - al 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 s n - t c t . s, savings Banks banks 1929—June 29 4,037 2,019 58,642 41,082 5,741 5 499 216 26 11,819 64 698 55,776 8,922 1933—june 30 4,031 2,286 42,148 21,957 10,328 8 199 1,998 131 9,863 48,465 029 6 436 1939—Dec. 30 . 17,644 2,963 54,564 22,157 71,105 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 79,049 511 2,254 1,284 8,999 90,637 8? 811 7 826 1945—Dec 31 20 065 4,339 167,381 30,387 ,417 101 288 24,262 2,867 8 577 191 785 180 806 10,979 1945—Dec. 31 20,529 4,562 158,366 35,765 113,110 86 558 23,350 3,202 9,491 183,457 171 657 11 800 1947—Dec 31 22 754 4,562 160,832 43,023 107,086 81 199 22,559 3,328 10 723 188 148 175 348 1?,800 1948—Dec. 31 24,244 4,589 160,457 48,341 100,694 74 097 23,333 3,264 11,422 189 290 176 121 M 168 1949—Dec 31 24 427 4,598 162,681 49,604 100,456 78 433 18,885 3,138 12 621 191 706 177 313 14,392 1950—June 30 24,231 4,607 164,348 51,999 98,709 77 320 18,331 3,058 13,640 193 186 178 568 14 618 Dec 30 22 706 4,636 171,667 60,366 96,560 7? 894 20,778 2,888 14 741 199 009 385 14,624 1951—June 30 21,756 4,655 173,447 63,821 94,450 68 7?6 22,982 2,742 15,176 199 858 185 038 14 820 Dec. 31 22,695 4,706 181,323 67,597 97,808 71 343 23,801 2,664 15,918 208,724 404 15 320 1952—Jan. 30 22,900 4,700 179,900 66,700 97,300 71 800 22,800 2,700 15,900 207,600 191 600 15,900 Feb. 27 23,100 4,700 179,300 67,000 96,200 71 100 22,600 2,600 16,100 207 200 101 500 15, 700 Mar. 26 23,300 4,700 180,100 67,700 96,100 70 900 22,500 2,600 16,400 208,200 199 300 1 S,900 Apr. 30 23,300 4,700 179,900 68,100 95,200 70 200 22,400 2,600 16 600 207 900 200 15,700 May 28 23,300 4,700 180,600 68,500 95,300 70 500 22,300 2,600 16,800 208,700 192 900 15,800 June 30 23,346 4,754 182,980 69,712 96,266 70 783 22,906 2,577 17 002 211 080 104 960 16, 120 July 30P 23,400 4,800 185,300 70,000 98,100 72 700 22,800 2,600 17,200 213,400 197 200 16, 100 Aug. 27P 23,300 4,800 185,300 70,500 97,300 71 700 23,100 2,600 17 500 213 400 107 000 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 7? 400 23,600 2,600 17 300 217 000 100 900 17 100 Nov. 26P 23,300 4,800 191,500 74,300 99,800 73 500 23.800 2,600 17,300 219,600 700 16 QOO Dec. 31* 23,200 4,800 192,800 75,600 99,900 72 600 24,700 2,600 17,300 220,800 203 800 17 000 Deposits and Currency U. S. Government balances Deposits adjusted and currency Date Total d F e o b p n r a o e e n i s t k g it n s, T c u r a e r s a y h s- A m s b a t a e a v c n r n i c o n d k i m g a s s l - R F B e e a A d s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m T b C e a i o r m n c m k e ia - s l dep M b s o a a s v u n it i t k s n u s g 3 a s * l S S P a y o v s s i t n t e a m g l s o b r u C e a t n u n s c r i k d - y s e 1929—June 29 55,776 365 204 381 36 54 790 22,540 28,611 19,557 8,905 149 3 639 1933—Tune 30 42 029 50 264 852 35 40 828 14,411 21,656 10,849 9,621 1,186 4 761 1939—Dec. 30 68,359 1,217 2,409 846 634 63 253 29,793 27,059 15,258 10,523 1,278 6 401 1941—Dec 31 82 811 1,498 2,215 1,895 867 76 336 38,992 27,729 15,884 10,532 1 313 9 615 1945—Dec. 31 180,806 2,141 2,287 24,608 977 150,793 75,851 48,452 30,135 15,385 2,932 76 490 1945—Dec. 31 171,657 1,885 2,272 3,103 393 164,004 83,314 53,960 33,808 16,869 3,7.83 ?6 730 1947—Dec 31 175 348 1,682 1,336 1,452 870 170,008 87,121 56,411 35,249 17,746 3 416 76,476 1948—Dec. 31 176,121 2,103 1,325 2,451 1,123 169,119 85,520 57,520 35,804 18,387 3,329 76 079 1949—Dec. 31 177,313 2,150 1,312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 75,415 1950— Tune 30 178 568 2,555 1,298 3,801 950 169,964 85,040 59,739 36,719 19,923 3 097 75,185 Dec. 30 184,385 2,518 1,293 2,989 668 176,917 92,272 59,247 36,314 20,009 ,923 75,398 1951—June 30 185,038 2,424 1,281 6,332 317 174,684 88,960 59,948 36,781 20,382 7,785 75,776 Dec. 31 193,404 2,279 1,279 3,615 247 185,984 98,234 61,447 37,859 20,887 2,701 76,303 1952—Tan 30 191,600 2,100 1,300 2,800 200 185,200 97,900 61,700 38,000 21,000 7,700 95,600 Feb. 27 191,500 2,200 1,300 3,900 700 183,400 95,700 62,000 38,200 21,100 7 700 ?5 ,600 Mar. 26 192,300 2,200 1,300 5,800 (*) 18?,900 94,800 62,400 38,500 21,300 2,700 75,700 Apr. 30 . ... 192,200 2,200 1,300 4,500 500 ,800 95,100 62,700 38,600 21,400 7 700 ?5,900 May 28 192,900 2,300 1,300 4,400 600 184,400 95,300 63,000 38,900 21,600 7 600 76,000 June 30 194 960 2,319 1,283 6,121 333 184,904 94 754 63,676 39,302 21,755 7,619 76 474 July 30P 197,200 2,600 1,300 7,000 600 185,800 95,700 63,800 39,400 21,900 7,600 76,200 Aug. 27P 197,000 2,600 1,300 6,200 700 186,200 95,800 64,100 39,600 22,000 7 600 76,300 Sept 24P . ... 197,900 2,500 1,300 6,500 300 187,400 96,400 64,500 39,800 22,200 7,600 76,600 « Oct. 29P 199,900 2,500 1,300 5,300 600 190,200 98,600 64,900 40,100 22,200 7,600 76,700 Nov. 26P 202,700 2.500 1,300 7.000 300 191,600 99,400 64,800 40,000 22,300 7 600 77,400 Dec. 31P 203,800 2,400 1,300 5,200 400 194,500 101,100 65,800 40,700 22,600 2,500 27,500 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. «Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. * Prior to June 30, 1947, includes a relatively small amount of demand deposits. * 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. 138 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 U.S. Cash Inter- a c c T a c p o o i t u t a a n l l ts N b u a m o n f k b s er Total Loans Total G o m o b v l e i e g n r a t n - - O s ri e t t c h ie u e s - r Total i bank* m D a e n - d Time tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—Dec. 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 14.74J 41,086 175,296 14,039 104,744 56,513 13,837 14,650 1951—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 Dec. 31 P. 165,590 75,640 89,950 72,640 17,310 44,970 194,990 15,380 116,020 63,590 15,320 14,575 All commercial banks 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—Dec. 31 2. .. 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1948—Dec. 31 114,298 42,488 71,811 62,622 9,189 38,596 142,843 12,269 94,654 35,921 10,480 14,171 1949—Dec. 31 120,197 42,965 77,232 67,005 10,227 35,650 145,174 12,709 96,136 36,328 10,967 14,156 1950—Dec. 30 126,675 52,249 74,426 62,027 12,399 40,289 155,265 14,039 104,723 36,503 11,590 14,121 1951—Dec. 31 132.610 57,746 74,863 61,524 13,339 44,645 164,840 15,086 111,618 38,137 12,216 14,089 1952—June 30 134,437 59,233 75,204 61,178 14,026 40,702 162,348 13,512 109,222 39,614 12,601 14,070 July 30P. . . 136,760 59,720 77,040 62,900 14,140 39,260 161,560 12,740 109,140 39,680 12,580 14,076 Aug. 27P. . . 136,550 60,210 76,340 61,960 14,380 38,380 160,770 12,890 107,990 39,890 12,630 14,074 Sept. 24P. . . 137,090 61,200 75,890 61,610 14.280 40,130 163,260 13,870 109,320 40,070 12,720 14,070 Oct. 29P. . . 139,440 62,410 77,030 62,860 14,170 40,400 164,990 13,810 110,770 40,410 12,800 14,062 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 Dec. 31P. . . 141,600 64,290 77,310 63,230 14,080 44,060 172,380 15,380 115,990 41,010 12,850 14,046 All member banks: 1939—Dec. 30. . 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5.522 6,362 1941—Dec. 31. . 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6.619 1945—Dec. 31.. 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6.884 1946—Dec. 31.. 96,362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 6,900 1947—Dec. 31. . 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 81,785 28,340 8,464 6,923 1948—Dec. 31.. 95,616 36,060 59,556 52,154 7,402 34,203 121,362 11,641 80,881 28,840 8,801 6,918 1949—Dec. 31.. 101,528 36,230 65,297 56,883 8,414 31,317 123,885 12,097 82,628 29,160 9,174 6,892 1950—Dec. 30. . 107,424 44,705 62,719 52,365 10,355 35,524 133,089 13,447 90,306 29,33(5 9,695 6,873 195t—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 O D N Se e c o c p t v . . t . . 3 2 2 2 1 6 9 4 P P P P 1 1 1 1 1 1 1 1 9 5 7 9 , , , , 5 5 6 5 3 3 0 6 6 3 4 4 5 5 5 5 5 4 2 3 , , , , 0 2 1 3 4 8 9 1 1 3 2 7 6 6 6 6 5 4 4 3 , , , , 2 3 4 2 8 4 9 8 1 1 5 7 5 5 5 5 2 3 1 2 , , , , 7 4 4 4 8 7 0 8 6 7 6 4 1 1 1 1 1 1 1 1 , , , , 8 7 9 7 0 9 3 1 3 5 5 8 3 3 3 3 8 6 5 5 , . , , 7 8 5 3 9 0 3 6 3 6 5 3 1 1 1 1 4 4 4 3 0 7 3 9 , , , . 4 0 0 4 3 9 5 7 1 2 2 8 1 1 1 1 3 4 3 3 , , , . 1 5 1 0 6 8 2 7 1 2 0 4 9 9 9 9 3 8 9 4 , , , , 7 0 9 5 5 7 0 6 9 3 6 0 3 3 3 3 2 2 2 2 . , , , 3 1 3 9 5 1 9 5 2 8 8 0 1 1 1 1 0 0 0 0 , , , 7 7 6 6 0 3 0 8 0 5 6 0 6 6 6 6 . . , , 8 8 8 7 0 0 0 9 1 4 7 8 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 16 16,853 1,784 541 1947—Dec. 31 ». . 18,641 4,944 13,696 11,978 1,718 886 17,763 17 17,745 1,889 533 1948—Dec. 31. . . 19,395 5,686 13,709 11,476 2,233 878 18,405 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—Dec. 31. . . 22,259 9,862 12,398 9,819 2,579 886 20,915 26 20,888 2,407 529 1952—June 30. .. 23,091 10,509 12,582 9,606 2,976 966 21,782 26 21,755 2,438 529 July 30P.. 23,440 10,640 12,800 9,750 3,050 750 21,890 30 21,860 2,440 529 Aug. 27P. . 23,550 10,760 12,790 9,710 3,080 780 22,000 30 21,970 2,440 529 Sept. 24P . . 23,660 10,890 12.770 9,670 3.100 850 22,180 30 22,150 2,450 529 Oct. 29P. . 23,760 11,060 12,700 9,540 3,160 820 22,270 30 22,240 2,460 529 Nov. 26P. . 23,830 11,200 12,630 9,470 3,160 800 22,280 30 22,250 2,460 529 Dec. 31 P. . 23,990 11,350 12,640 9,410 3,230 910 22,610 30 22,580 2,470 529 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 <*ee following two pages. 139 FEBRUARY 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 Cla a s n s d o d f a b te ank Total Loans G U ov .S er . n- Other as C s a e s t h s * Total! b In an te k r - i a c c T a c p o o i t u t a a n l l ts N b u a m o n f k b s er Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions Central reserve city member banks: New York City: 1939—Dec. 30 . 9,339 3,296 6,043 4,772 1.272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 . 12,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 807 1,648 36 1945—Dec. 31 ... , 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 2,120 37 1946—Dec. 31 . 20,834 6,368 14,465 13,308 1,158 6,238 24,723 4,246 19,028 1,449 2,205 37 1947—Dec. 31 ... . 20,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 1,445 2,259 37 1948—Dec. 31 . 18,759 8,048 10,712 9,649 1,063 7,758 24,024 4,213 18,131 1,680 2,306 35 1949—Dec 31 .. , 19,583 7,550 12,033 10,746 1,287 6,985 23,983 4,192 18,139 L.651 2,312 25 1950—Dec. 30 . 20,612 9,729 10,883 8,993 1.890 7,922 25,646 4,638 19,287 1,722 2,351 23 1951—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 1,795 2,460 22 July 30P . 21,804 11,080 10,724 8,407 2,317 7,840 26,107 4,217 20,172 L ,718 2,464 22 Aug. 27P . 21,325 11,142 10,183 7,839 2,344 6,769 24,746 4,102 18,957 1,687 2,473 22 Sept. 24P . 21,246 11,363 9,883 7,612 2,271 7,297 25,288 4,596 18,971 1,721 2,462 22 Oct. 29P . 21,283 11,680 9,603 7,518 2,085 7,267 25,111 4,388 19,011 L.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 Dec. 31? . 22,130 12,375 9,755 7,679 2,076 8,423 27,309 4,958 20,512 1,839 2,509 22 Chicago: 1939—Dec. 30 2,105 569 1,536 1,203 333 1.446 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1,806 1,430 376 1,566 4,057 1,035 2,546 476 288 13 1945—Dec. 31 5,931 1,333 4,598 4,213 385 1,489 7,046 1,312 5,015 719 377 12 1946—Dec. 31 . 4,765 1,499 3,266 2,912 355 1,545 5,905 1,153 3,922 829 404 14 1947—Dec. 31 . 5,088 1,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1948—Dec. 31 . . 4,799 1,783 3,016 2,633 383 1,932 6,293 1,064 4,227 i nni 444 13 1949—Dec. 31 5,424 1,618 3,806 3,324 482 1,850 6,810 1,191 4,535 1,083 470 13 1950—Dec. 30 . 5,569 2,083 3,487 2,911 576 £.034 7,109 1,228 4,778 1,103 490 13 1951—Dec. 31 5,731 2,468 3,264 2,711 552 2,196 7,402 1,307 4,952 1,143 513 13 1952—June 30 5,664 2,380 3,284 2,721 563 1,899 7,027 1,182 4,681 L,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 L,166 537 13 Dec. 31P . 6,239 2,746 3,493 2,912 581 2,011 7,688 1,350 5,132 1,206 541 13 Reserve city member banks: 1939—Dec 30 12,272 5,329 6,944 5,194 1,749 6,785 17,741 1 6Rfi 9,439 I 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—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 Dec. 31P . 45,592 21,703 23,889 19,628 4,261 15,544 57,345 7,007 37,000 13,338 3,731 319 Country member banks: 1939—Dec. 30 . 10,224 4,768 5,456 3,159 2,297 4,848 13,762 598 7,312 5,852 1,851 5,966 1941—Dec. 31 , 12,518 5,890 6,628 4,377 2,250 6,402 17,415 822 10,335 6,258 1,982 6,219 1945—Dec. 31 . 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1,223 29,700 12,494 2,525 6,476 1946—Dec. 31 35,412 8,004 27,408 24,572 2,836 10,151 43,066 1,091 27,921 14,053 2,757 6,494 1947—Dec. 31 . 36,324 10,199 26,125 22,857 3,268 10,778 44,443 1,073 28,810 14,560 2,934 6,519 1948—Dec. 31 . 36,726 11,945 24,782 21,278 3,504 11,196 45,102 964 29,370 14,768 3,123 6,535 1949—Dec. 31. , 38,219 12,692 25,527 21,862 3,665 10,314 45,534 1,001 29,771 14,762 3,305 6,513 1950—Dec. 30 . 40,558 14,988 25,570 21,377 4,193 11,571 48,897 1,133 32,899 14,865 3,532 6,501 1951—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 Dec. 31P. . . . 45,575 18,217 27,358 22,558 4,800 12,815 54,750 1,267 36,916 16,567 3,954 6,444 1 Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite pages. 140 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES '—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov .S er . n- Other as C s a e s t h s * Total i b In an te k r - i De- a c c T a c o p o i t u t a a n l l ts N b u a m o n f k b s er Total ment secu- mand Time obliga- rities tions All insured commercial banks: 1941—Dec. 31 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1945—Dec. 3i 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. 3i 112,286 41,968 70,318 61,388 8,929 38,087 140,642 11,900 93,300 35,441 10,158 13,413 1949—Dec. 31 118,278 42,485 75,793 65,820 9,974 35,207 143,138 12,368 94,914 35,856 10,645 13 429 1950—Dec. 30 124,822 51,723 73,099 60,986 12,113 39,821 153,288 13,744 103,499 36,045 11,263 13,432 1951—Dec 31 130,820 57,256 73,564 60,533 13,031 44,176 162,908 14,777 110,382 37,749 11,902 13 439 1952—June 30 .... 132,557 58,730 73,827 60,117 13,710 40,258 160,355 13,100 108,036 39,219 12,282 13 434 National member banks: 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 24,350 8,322 3,640 5,117 1945—Dec 31 ... 69,312 13,925 55,387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4,644 5 017 1948—Dec. 31 63,845 23,752 40,093 34,852 5,241 22,974 81,407 7,842 54,020 19,545 5,657 4,991 1949—Dec 31 .... 67,943 23,853 44,090 38,161 5,930 20,995 83,113 8,278 55,034 19,801 5,920 4 975 1950—Dec. 30 72,090 29,184 42,906 35,587 7,320 23,763 89,281 9,133 60,251 19,897 6,313 4,958 1951—Dec 31 75,255 32,317 42,938 35,063 7,875 25,951 94,173 9,788 63,477 20,908 6,653 4 939 1952—June 30 .... 76,036 33,054 42,982 34,604 8,378 23,928 92,720 8,584 62,255 21,880 6,879 4,925 State member banks: 1941—Dec 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1948—Dec 31 31,771 12,308 19,463 17,301 2,161 11,228 39,955 3,799 26,862 9,295 3,144 L 927 1949—Dec. 31 33,585 12,378 21,207 18,722 2,484 10,322 40,772 3,819 27,594 9,359 3,254 L ,917 1950—Dec 30 35,334 15,521 19,813 16,778 3,035 11,762 43,808 4,315 30,055 9,438 3,381 L 915 1951—Dec. 31 36,992 17,243 19,748 16,558 3,191 13,301 46,843 4,637 32,491 9,715 3,565 1,901 1952—June 30 37,466 17,472 19,994 16,657 3,337 12,119 46,049 4,227 31,914 9,908 3,647 .890 Insured nonmember commercial banks: 1941—Dec 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6 810 1945—Dec. 31 14,639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 1,083 6,416 1948—Dec. 31 16,685 5,911 10,774 9,246 1,528 3,887 19,296 259 12,419 6,618 1,358 6,498 1949—Dec. 31 .... 16,766 6,258 10,508 8,947 1,561 3,892 19,269 272 12,285 6,712 1,473 6 540 1950—Dec. 30 17,414 7,023 10,391 8,632 1,759 4,299 20,216 297 13,194 6,726 1,570 6,562 1951—Dec. 31 .... 18,591 7,701 10,890 8,923 1,967 4,926 21,912 353 14,415 7,144 1,686 6 602 1952—June 30 19,073 8,210 10,863 8,867 1,996 4,215 21,606 289 13,867 7,450 1,757 6,622 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1.291 253 329 852 1945—Dec 31 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1948—Dec. 31 2 2,013 520 1,493 1,234 259 509 2,201 368 1,353 479 322 758 1949—Dec. 31 1,919 481 1,438 1,185 253 442 2,036 341 1,223 472 321 727 1950—Dec. 30 1,853 527 1,327 1,040 286 468 1,976 294 1,224 458 327 689 1951—Dec. 31 1,789 490 1,299 991 308 469 1,932 308 1,235 388 314 650 1952—June 30 1,880 503 1,377 1,061 317 443 1,993 412 L .186 396 320 636 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3,613 1,288 7,662 1945—Dec 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 7 130 1948—Dec. 31 2 18,698 6,431 12,267 10,479 1,788 4,396 21,497 628 13,772 7,097 1,680 7,256 1949—Dec. 31 18,686 6,739 11,947 10,132 1,814 4,334 21,305 613 13,508 7,184 1,794 7,267 1950—Dec 30 ... 19,267 7,550 11,718 9,672 2,046 4,767 22,193 591 14,417 7,184 1,897 7 251 1951—Dec. 31 20,380 8,192 12,189 9,914 2,275 5,395 23,843 661 15,650 7,533 1,999 7,252 1952—June 30 20,954 8,714 12,240 9,928 2,312 4,658 23,598 700 15,052 7,846 2,077 7,258 Insured mutual savings banks: 1941 Deo 31 1 693 642 1,050 629 421 151 1,789 1,789 164 52 1945—Dec 31 10,846 3,081 7,765 7,160 606 429 10,363 12 10,351 1,034 192 1948—Dec. 31 .... 13,312 4,109 9,202 7,795 1,407 684 12,772 1 14 12,757 1,334 193 1949—Dec 31 14,209 4,814 9,394 7,832 1,562 682 13,592 16 13,575 1,420 192 19 SO Deo 30 15 101 6 086 9 015 7,487 1,528 617 14,320 19 14,301 1 513 194 1951—Dec. 31 16,190 7,523 8,668 6,921 1,746 695 15,368 2 23 15,343 1,678 202 1952—June 30 16,857 8,043 8,814 6,730 2,084 756 16,081 2 23 16,056 1,700 205 Noninsured mutual savings banks: 1941 Dec 31 8,687 4,259 4,428 3,075 1,353 642 8,744 6 8,738 1,077 496 1Q4.C Dpp 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 Der 31 6 192 1 764 4 428 3 596 832 191 5,702 3 5,699 702 339 19 SO Dec 30 6 245 2 050 4,194 3,380 814 180 5,711 3 5,708 734 335 1951 Dec 31 6,069 2,339 3,730 2,897 833 191 5,547 3 5,544 729 327 1952 Tune 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 1947, pp. 870-871. FEBRUARY 1953 141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES« LOANS AND INVESTMENTS [In millions of dollars] Loans * Investments Cla c s a s l a l o n d f d 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 - Total* o C c m m c k p p i p l i o i n u n a e a a e e e m g d - r r - l r t n , - - - - - A t c g u a u r l r l i - - - b o p d a L s e e T r r u n e e o r r o o r a d s s c c k a c l a u - - n h r r s a r i y t o s T i f i i t e o n n h o s r g g - l R t o a a e t n a e l s O l u v o d i t t a i n h o a i d l - - n e s - r s 2 O lo t a h n e s r 2 Total Total U. B S i . l ls Go C o d c v e f e a e e r d t b t r i e i - n n t 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 d s O t s a i t g i u o i i c o a n o b o v a b a l t f d - n i n l i e - l t - i s s s - - O r s i e t t h i c e u e s r - All insured commercial banks: 1941—Dec. 31. 49,29021,259 9,2141,450 614 662 4,773 4.545 28,03121,046 988 3,159 12,797 4,1023,651 3,333 1945—Dec. 31. 121,80925,765 9,4611,3143,1643,606 4,677 2,3611,18196,04388,9122,455 19,071 16,04551,321 223,8733,258 1949—Dec. 31. 118,27842,48516 ,9631,749 85511,4058,0051,12175,79365,8203,692 12,479 5,810 43,833 6 6,400 3,574 1950—Dec. 30. 124,82251,72321,776 2,8231,789 1,036 13,389 10,0491,53473,09960,9864,118 1,932 16,756 38,168 117,933 4,179 1951—Dec. 31. 130,82057,25625 ,3211,571 960 14,450 10,3781,645 73,56460,5337,219 7,526 11. ,511 21 8,989 4,042 1952—June 30. 132,55758.73025,176 3,562 2.106 94214,884 11,3401,570 73,82760,1176,090 7,65311,099 35,251 25 9,627 4,083 Member banks, total: 1941—Dec. 31. 43,521 18,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,00711,729 38323,090 2,871 1945—Dec. 31. 107,18322,775 8,949 855 3133 3378 3,4551,900 1,104 84,40878,3382,27516,98514,27144,792 16 3,254 2,815 1949—Dec. 31. 101,52836,23015,8571,945 ,737 758 8,834 6,5511,034 65,29756,8833,389 100,409 5,08537,996 [2743,140 1950—Dec. 30. 107,42444,70520,5211,808 1,770 92710,5228,3141,438 62,71952,3653,665 1,46814,054 33,170 8 6,640 3,714 1951—Dec. 31. 112,24749,56124,347 2,140 1,551 85111,3348,5241,535 62,68751,6216,399 6,010 9, ,601 7,5283,538 1952—June 30. 113,50250,52623,732 ,084 829 11,628 9,2681,473 62,97651,2615,423 6,134 9,468 30,215 8,1253,590 Sept. 5. 114,65451,31423,973 2,446 1,473 94111,8559,5991,787 63,34051,3824,269 5,476 9,46132,160 16 8,410 3,548 New York City:* 1941—Dec. 31. 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31. 26,143 7,334 3,044 2,4531,172 80 287 29818,80917,574 477 3,433 3,32510,337 1 606 629 1949—Dec. 31. 19,583 7,550 4,792 1,410 219 256 689 30912,03310,746 720 1,785 835 7,405 752 535 1950—Dec. 30. 20,612 9,729 6,328 ,421 285 442 930 46010,883 8,993 824 250 1,711 6,206 21,123 767 1951—Dec. 31. 21,379 11,146 7,852 ,219 262 514 920 55110,233 8,1291,122 616 1,428 4,960 21,385 719 1952—Tune 30. 21.710 11,268 7,659 ,619 234 426 981 52410,442 8,2121,062 692 1,400 5,058 1,436 794 Sept. 5. 20,901 10,944 7,661 ,087 273 4091,022 672 9,957 7,663 569 467 1,408 5,219 1,579 716 Chicago:* 1941—Dec. 31. 2,760 954 732 48 52 96 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31. 5,931 1,333 760 211 233 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1949—Dec. 31. 5,424 1,618 1,211 109 56 172 34 3,806 3,324 331 690 358 1,945 290 192 1950—Dec. 30. 5,569 2,083 1,567 110 69 207 87 3,487 2,911 232 131 700 1,847 335 242 1951—Dec. 31. 5,731 2,468 1,977 94 63 180 109 3,264 2,711 334 332 520 1,526 351 201 1952—June 30. 5,664 2,380 1,856 166 61 183 83 3,284 2,721 366 371 494 1,490 363 201 Sept. 5. 5,738 2,419 1,872 147 67 187 113 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 1,5512 8,243 6,467 295 751 4,2481,173 956 820 1 1 9 9 4 4 9 5 — — D D e e c c . . 3 3 1 1 . . 3 4 8 0 , , 3 1 0 0 1 8 1 8 4 , , 5 3 1 7 4 0 3 6 , , 6 7 6 0 1 4 4 2 5 0 7 5 4 1 2 8 7 3 1, 3 5 0 0 9 3 3 1 , , 7 4 4 5 2 9 8 7 5 4 5 5 4 4 3 0 2 4 2 3 3 1 , , 9 5 3 9 1 4 2 2 0 9 , , 9 5 5 5 1 2 1 1 , , 1 0 8 3 9 4 4 6 , , 1 98 80 2 6 1 5 2 3 4 1 13 5 , , 4 8 5 7 7 8 5 1 1 , , 7 1 2 2 7 6 , 9 2 1 5 6 4 1950—Dec. 30. 40,68517,906 8,646 392 207 386 4,423 3498 60322,77919,0841,218 499 53611,830 2,184 ,511 1951—Dec. 31. 42,69419,651 10,140 513 203 347 4,651 518 57223,04319,1942,524 2,493 64010,528 82 ,458 ,390 1952—June 30. 43,091 19,745 9,756 519 258 354 4,799 3805 55923,34619,1232,080 2,520 65610,851 ,832 ,391 Sept. 5. 43,90020,401 10,000 541 202 414 4,923 957 67023,49919,1691,503 2,171 67911,805 122,925 ,404 Country banks: 1941—Dec. 31. 12,518 5,890 1,676 659 183 1,823 1,530 6,628 4,377 110 481 2,926 8611,222 ,028 1945—Dec. 31. 35,002 5,596 1,484 648 471 1,881 707 36329,40726,999 630 5,102 4,544 16,713 91,342 ,067 1949—Dec. 31. 38,21912,692 3,150 1,480 173 4,7842,946 25925,52721,8621,148 3,753 1,768 15,189 2,505 ,160 1950—Dec. 30. 40,55814,988 3,980 1,407 187 5,5913,679 28825,57021,3771,390 588 6,107 13,287 5 2,998 ,194 1951—Dec. 31. 42,44416,296 4,377 1,610 178 6,099 3,906 30326,14821,5872,418 2,568 4,008 12,587 53,334 ,227 1952—June 30. 43,03717,133 4,462 1,733 179 6,337 4,299 30825,90421,2061,914 2,551 3,918 12.817 53,494 ,204 Sept. 5. 44,11517,550 4,440 1,893 187 6,454 4,434 33226,56521,801 1,883 2,497 3,858 13,559 43 ,546 ,218 Insured nonmember commercial banks: 1941—Dec. 31. 5,776 3,241 543 478 64 1,282 854 2,535 1,509 17 152 1,069 271 563 462 1945—Dec. 31.14,639 2,992 512 459 228 1,224 461 7711,64710,584 180 2,087 1,774 6,538 6 619 443 1949—Dec. 31.16,766 6,258 1,0781,018 97 2,5751,453 8710,508 8,947 303 2,071 725 5,846 21,127 434 1950—Dec. 30.17,414 7,023 1,2551,015 109 2,8721,735 9610,391 8,632 453 465 2,702 5,008 31,294 465 1951—Dec. 31.18,591 7,701 1,3971,181 109 3,1211,854 11110,890 8,923 820 1,516 1,660 4,921 61,462 505 1952—June 30. 19,073 8,210 1,445 ,298 113 3,262 ,072 9710,863 8,867 668 1,519 1,631 5,046 41,503 493 * 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 vaiious 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. 2 "Other loans to individuals" include, and "Other loans" exclude, single-payment loans of $3,000 and over, which were included with "Other loans" in BULLETINS for May 1951 through January 1953. For other footnotes see opposite page. 142 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l n o d d f a b te ank F s e w e R R d r i e v e e t r h - e - a s l v C a i a n u s l h t m a w B d n e i o c a s t l e t - h - i s c p m D o d a a d s e e n i - - - t d s In d t e e p r o b s a i n ts k U G . o v S - . p S o a t l a i n t t i d e c s al C o a f e i f n e f r i d d t - i- p v s a i I h d r n t i u d n p a i e s - l , r s - , Inter- m U G er e o . n S n v - . t - p S a o t n a li d t t e - s p v a s i I h d r n t i u n d p a e i s - l r , s - , r B i o n o w g r s - - c C o a t u a a c n p l - i t - s B se a r n v k e s banks4 justed5 m D es o ti - c4 F ei o g r n - m er e n n - t v s i u s b io d n i- s ch c e e e t c r c s k . ' s, an p t d i o o r c n a o s - r- bank P a S o n a s d t v a - l v s i u i s c i b a o d l n i s - an p ti d o o r c n a o s - rings All insured commercial banks: 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1 077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31. . 15,810 1,829 11,075 74,722 12,566 1 248 23,740 5,098 2 585 72,593 70 103 496 29,277 215 8,671 1949—Dec. 31. . 16,428 1,984 9,466 84,576 10,885 1 315 3,050 7,419 2 338 82,106 169 182 1,232 34,442 14 10,645 1950—Dec. 30. . 17,458 2,145 10,463 91,099 11,955 1,442 2,788 7,892 2 898 89,922 347 189 1,331 34,525 82 11,263 1951—Dec. 31. . 19,911 2,665 11,561 97,048 12,969 1 381 3,344 8,288 3 147 95,604 427 278 1,485 35, 986 30 11,902 1952—June 30.. 19,331 2,365 9,935 93,652 11,286 1 339 5,797 8,682 2 721 90,836 475 312 1,574 37,333 85 12,282 Member banks, total: 1941—Dec. 31. . 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1 009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31. . 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2 450 62,950 64 99 399 23, 712 208 7,589 1949—Dec. 31. . 16,429 1,521 6,194 72,65810,623 1,310 2,838 6,017 2 185 71,589 164 175 1,051 27,934 11 9,174 1950—Dec. 30. . 17,459 1,643 6,868 78,37011,669 1,437 2,523 6,400 2 724 78,659 341 183 1,121 28,032 79 9,695 1951—Dec. 31. . 19,912 2,062 7,463 83,100 12,634 1,369 3,101 6,666 2 961 83,240 422 257 1,238 29,128 26 10,218 1952—June 30.. 19,333 1,821 6,470 80,347 11,013 1,329 5,439 6,989 2 555 79,186 469 288 1,303 30, 196 69 10,526 Sept. 5. . 20,300 1,651 6,110 81,552 10,897 1,370 4,023 6,591 1 803 79,731 499 300 1,309 30,413 1,59610,632 New York CUy:z 1941—Dec. 31. . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31. . 4,015 111 78 15,065 3,535 1,105 6,940 237 1 338 15,712 17 " "16 20 1,206 "l95 2,120 1949—Dec. 31. . 4,462 112 68 15,182 2,996 1,084 640 196 895 16,408 113 38 24 1,590 2,312 1950—Dec. 30. . 4,693 118 78 15,898 3,207 1,162 451 258 1 087 17,490 268 37 37 1,647 "'"70 2,351 1951—Dec. 31. . 5,246 159 79 16,439 3,385 1,128 858 321 1 289 17,880 318 43 22 1,614 5 2,425 1952—June 30. . 5,266 168 92 16,070 3,193 1,096 1,651 305 1 079 17,275 350 53 21 1,721 20 2,460 Sept. 5. . 5,050 134 34 15,604 2,791 1,103 1,071 262 510 16,365 382 55 24 1,624 483 2,472 Chicago:3 1 1 9 9 4 4 5 1 — — D D eecc#. 3 3 i 1. . 1,0 9 2 42 1 4 3 3 6 2 2 0 9 0 8 3 2 , ,2 1 1 5 5 3 1 1 , , 0 29 2 2 7 20 8 1,5 1 5 2 2 7 2 2 3 3 7 3 3 6 4 6 2 3 , , 1 1 5 6 2 0 4 7 7 1 6 9 2 37 8 7 8 1 1 9 9 4 50 9 — — D £) eecc>. 3 31 0 . . . . 1 1, , 2 1 1 8 6 3 3 2 0 7 1 1 5 3 9 3 3 3 , , 9 79 5 7 4 1 1, , 1 1 7 5 7 1 4 4 0 8 2 1 5 7 8 4 2 2 8 8 4 6 6 7 0 0 3 4 , , 9 2 3 5 2 0 3 3 4 1 1 0 0 1 1, ,0 0 6 8 9 9 4 4 7 9 0 0 1951—Dec. 31. . 1,407 32 165 4,121 1,269 38 242 240 66 4,404 1 5 11 1,128 513 1952—June 30. . 1,259 30 135 3,903 1,136 39 306 287 52 4,037 6 4 11 1,150 530 Sept. 5. . 1,332 26 118 3,928 1,188 42 260 285 53 4,039 4 4 11 1,134 " ioi 532 Reserve city banks: 1941—Dec. 31. . 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31. . 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1949—Dec. 31. . 6,413 482 1,965 25,744 5,498 176 1,142 2,478 650 25,912 38 to 617 10,987 3,087 1950—Dec. 30. . 6,806 519 2,206 27,938 6,174 217 976 2,575 852 28,938 57 60 631 10,956 3,322 1951—Dec. 31. . 7,582 639 2,356 29,489 6,695 192 1,124 2,550 822 30,722 90 85 714 11,473 4 3,521 1952—June 30. . 7,312 551 2,083 28,703 5,624 182 2,097 2,689 719 29,258 101 90 751 11,913 25 3,663 Sept. 5. . 8,046 507 1,737 29,239 5,864 211 1,499 2,441 612 29,689 101 98 749 12,035 750 3,685 Country banks: 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31. . 4,527 796 4,665 23,595 1,199 8 5,465 2,0C4 435 21,797 17 52 219 12,224 11 2,525 1949—Dec. 31. . 4,371 901 4,002 27,935 979 9 797 3,058 579 25,337 13 73 400 14,289 11 3,305 1950—Dec. 30. . 4,745 976 4,450 30,581 1,111 10 922 3,282 715 27,980 12 82 443 14,339 9 3,532 1951—Dec. 31. . 5,676 1,231 4,862 33,051 1,285 11 876 3,554 783 30,234 13 125 491 14,914 16 3,760 1952—June 30.. 5,495 1,072 4,159 31,671 1,060 12 1,384 3,708 705 28,616 12 141 521 15,413 24 3,873 Sept. 5. . 5,873 984 4,221 32,781 1,053 13 1,194 3,603 629 29,639 12 142 526 15,621 262 3,942 Insured nonmember commercial banks: 1941—Dec. 31 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3, 276 6 959 1 1 9 94 4 5 9 — — Y D ) eecc . 3 3 1 i 3 4 9 6 1 3 3 3 , , 9 2 5 7 9 3 1 1 0 1 , , 5 9 3 1 7 8 2 2 3 6 3 1 5 6 1,5 2 6 13 0 1,4 8 0 58 2 1 1 3 5 5 3 1 9 0 , , 6 51 4 7 3 6 5 4 6 1 9 8 7 2 5 6 , ,5 5 2 7 4 9 3 7 1 1 , ,4 0 7 8 3 3 1950—Dec. 30. . 503 3,596 12,729 286 5 265 1,492 174 11,262 6 6 210 6,510 3 1,570 1951—Dec. 31. . 603 4,099 13,948 335 12 243 1,622 186 12,364 5 22 247 6 876 4 1,686 1952—June 30. . 544 3,466 13,305 273 10 357 1,694 166 11,649 6 24 270 7 156 17 1,757 3 Central reserve city banks. * Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 6 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. FEBRUARY 1953 143 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 dollarsl Loans * Investments For purchasing or carrying securities U.S. Government obligations Total Comloans mer- Date or month and cial, To brokers n vest- indus- and dealers To others Real Loans Cer- Other ments Totall trial, estate to Other Total tifi- secuand loans banks loans cates rities agri- IT. 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—December.. 74,141 35, 118 21,315 405 1,008 117 568 5,668 530 5 991 39,023 32 268 4t,257 3,302 5,934 18,775 5,755 1952—October. . . 76 941 37,007 21 992 2541,234 122 638 5 917 693 6 71939 934 32,459 3,564 2,501 6,31920 075 475 November. 77 398 37,772 22 737 4131,177 109 625 5,975 457 6 84539 626 32 301 3,679 2,427 6,17820 0177 325 December.. 78 586 38,536 23 167 5181,220 120 635 5,997 429 7,02240 050 32,763 4,340 2,426 6,01919,9787 287 Nov. 5. . .77 028 37 390 22 484 3791,145 113 626 5 947 429 6,83239 638 32,292 3,557 2,420 6,29220 0237 346 Nov. 12. . .76 997 37,720 22 727 3951,181 109 624 5 973 444 6,83239 277 32,015 3,358 2,416 6,20720 0347 262 Nov. 19. . .77 110 37,916 22 862 3681,187 106 627 5 990 497 6,84539 194 31,859 3,316 2,447 6,09919 997 j 335 Nov. 26... 78 458 38,063 22 876 5081,193 109 623 5 989 459 6,87240 395 33,039 4,485 2,424 6,11420 016 356 Dec. 3. . .78 266 38 051 22 949 4311,175 107 618 5 992 431 6,91840 215 32,947 4,460 2,445 6,068199747 268 Dec. 10. . .78 353 38 282 23 136 4201,190 110 621 5 996 421 6,95740 071 32,819 4,413 2,425 6,02819953 j 252 Dec. 17. . .78 990 38 759 23 236 4791,220 114 638 5 984 630 7,02940 231 32,925 4,487 2,428 5,99820 012 j 306 Dec. 24. .. 78 817 38 895 23 308 5511,227 123 648 6 007 515 7,07839 922 32,621 4,255 2,407 6,01219,947 j 301 Dec. 31. .. 78 504 38 692 23 206 7091,286 149 648 6 005 149 7,12739 812 32,502 4,087 2,422 5,98920 004 j 310 1953—Jan. 7. . .78 110 38 490 22 980 4671,265 133 651 6 005 448 7,13439 620 32,370 4,076 2,401 5,97119 9227 250 Jan. 14. . .77 961 38 359 23 007 2821,173 128 655 6 017 535 7,15539 602 32,263 3,999 2,435 5,95919 870 j' 339 Jan. 21. .. 77 739 38 381 22 908 2561,188 133 659 6 015 618 7,19739 358 31,987 3,854 2,427 5 94519 7617 371 Jan. 28. .. 77 341 38 287 22 837 3311,205 130 660 6 031 478 7,20839 054 31,687 3,644 2,413 5 92119 7097 367 New York City 1951—December.. 20 969 11 174 7 797 336 787 29 221 516 333 1,304 9 795 7,836 1,012 510 1 381 4 933 1 959 1952—October. . . 21 206 11 573 8 092 145 977 22 231 396 461 1,429 9 633 7,460 788 251 1 359 5 0622 173 November. 21 040 11 804 8 425 273 948 21 219 397 274 1,428 9 236 7,230 759 232 1 209 5 0302 006 December.. 21 768 12 211 8 666 367 976 36 219 386 242 1,500 9 557 7,520 L ,107 229 1 115 5 0692 037 Nov. 5. . .20 908 11 633 8 329 248 907 21 220 390 268 1,431 9 275 7,255 665 247 1 317 5 0262 020 Nov. 12. .. 20 894 11 815 8 416 267 957 20 220 400 292 1,424 9 079 7,101 581 241 1 240 5 0391 978 Nov. 19. .. 20 893 11 867 8 474 252 966 19 222 403 293 1,420 9 026 7,017 622 220 1 151 5 0242 009 Nov.26. .. 21 464 11900 8 479 327 964 23 216 395 242 1,436 9 564 7,545 1,166 220 1 129 5 0302 019 Dec. 3. . .21 499 11 950 8 569 331 944 21 208 397 217 1,446 9 549 7,555 L ,165 249 1 113 5 0281 994 Dec. 10 21 589 1? 079 8 676 288 962 27 208 395 226 1,480 9 510 7,516 1,137 235 1 105 5 0391 994 Dec. 17. . .21 881 12 303 8 689 336 971 32 225 378 342 1,513 9 578 7,521 1,087 229 1 120 5 0852 057 Dec. 24. .. 21 957 12 410 8 721 385 977 45 229 383 322 1,524 9 547 7,478 1,072 211 1 113 5 0822 069 Dec. 31. .. 21 911 12 312 8 674 4981,025 56 223 379 102 1,537 9 599 7,530 1,076 222 1 122 5 1102 069 1953—Jan. 7. . .21 277 12 092 8 560 304 974 47 230 381 242 1,536 9 185 7,129 793 226 1 096 5 0142 056 Jan. 14. . .21 090 11 994 8 593 193 912 45 233 378 272 1,550 9 096 7,030 750 229 1 085 4 9662 066 Jan. 21. .. 21,035 12 086 8 564 161 917 42 234 372 423 1,555 8 949 6,866 669 225 1 068 4 9042 083 Jan. 28. . .21 018 12 062 8 541 229 944 40 233 376 316 1,566 8 956 6,868 690 233 1 055 4 8902 088 Outside New York City 1951—December.. 53,172 23 944 13,518 69 221 88 347 5 152 197 4,68729 228 24,432 3,245 2,792 4 553 13 842 4 796 1952—October. . . 55,735 25 434 13 900 109 257 100 407 5 521 232 5,29030 301 24,999 2,776 2 ;250 4 96015 0135,302 November. 56,358 25 968 14 312 140 229 88 406 5 578 183 5,41730 390 25,071 2,920 2,195 4 96914 9875 319 December.. 56,818 26 325 14 501 151 244 84 416 5 611 187 5,52230 493 25,243 3,233 2,197 4 90414 9095,250 Nov. 5. . .56,120 25 757 14,155 131 238 92 406 5,557 161 5,40130,363 25,037 2,892 2,173 4 97514,9975,326 Nov. 12. .. 56,103 25 905 14,311 128 224 89 404 5,573 152 5,40830,198 24,914 2,777 2,175 4 96714,9955,284 Nov. 19. . .56,217 26 049 14,388 116 221 87 405 5 587 204 5,42530,168 24,842 2,694 2,227 4 94814,9735,326 Nov. 26. .. 56,994 26 163 14,397 181 229 86 407 5,594 217 5,43630,831 25,494 3,319 2,204 4 98514,9865.337 Dec. 3. . .56,767 26 101 14,380 100 231 86 410 5,595 214 5,47230,666 25,392 3,295 2,196 4 95514,9465,274 Dec. 10. . .56,764 26 203 14,460 132 228 83 413 5,601 195 5,47730,561 25,303 3,276 2,190 4 92314,9145,258 Dec. 17. . .57,109 26,456 14,547 143 249 82 413 5,606 288 5,51630,653 25,404 3,400 2,199 4,87814,9275.249 Dec. 24. .. 56,860 26,485 14,587 166 250 78 419 5,624 193 5,55430,375 25,143 3,183 2,196 4,899 14,8655,232 Dec. 31. .. 56,593 26,380 14,532 211 261 93 425 5,626 47 5,59030,213 24,972 3,011 2,200 4,867 14,8945,241 1953—Jan. 7. . .56,833 26,398 14,420 163 291 86 421 5,624 206 5,59830,435 25,241 3,283 2,175 4,875 14,9085,194 Jan. 14. .. 56,871 26,365 14,414 89 261 83 422 5,639 263 5,60530,506 25,233 3,249 2,206 4,874 14,9045,273 Jan. 21. .. 56,704 26,295 14,344 95 271 91 425 5,643 195 5,64230,409 25,121 3,185 2,202 4,877 14,8575,288 Jan. 28. .. 56,323 26,225 14,296 102 261 90 427 5,655 162 5,64230,09 24,819 2,954 2,180 4,86614,8195,279 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. 144 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 F w e R e a e r r i e n a d t v - h l k - e s v C a a i u n s l h t b m a w a d n e n i o c s t - k e h ti s s c j p u m o a s d a t d e s e n - i - t d d s 3 s p p u n v c h a o a a o e n i i r d r p l r r d a s t - - s - , - , p S s d s a i i o u t i c o n a v l b a n d i t - i l t e - s - s c C c O h a e f e e i e t n f e c r r f c d i d t s . k - i ' - s, U m G er o . e n n v S - t - . s p p u n v c h a o a a o e n i i r r d p l r r d a s t - - - s - , - , p S d s a i o u t i c n a v l b a i d t i - l t e - - s P U m G S e i a o n r a . n o e s g n v d n v S t s - - a t - . l m D t D e i o c s - e - ma F n ei d o g r n - Time r B o o w r - - c C o i a t a u c a p - n l - ts B d it e a s b n * - k tions tions Total— Leading Cities 1951—December. 14,919 1,004 2,45754,08255,436 3,386 1,686 1,74015,013 717 16310,6521,274 4201,050 6,834131,191 1952—October... 14,955 924 2,43152,78754,642 3,435 1,629 3,96115,955 743 19110,7401,336 5161,277 7,110 128,906 November. 15,084 960 2,446 53,38355,483 3,566 1,672 3,50616,047 745 19410,749 1,322 5601,637 7,141118,658 December. 15,254 1,005 2,56254,938 56,802 3,552 1,784 3,370 16,138 756 19610,9961,347 5761,316 7,158146,649 Nov. 5... 14,846 907 2,395 53,04054,915 3,686 1,594 3,06216,079 742 19210,7441,319 5361,708 7,147 27,864 Nov. 12... 14,920 1,021 2,534 53,31256,351 3,541 1,722 2,93216,063 742 19410,9951,340 5531,606 7,148 25,574 Nov. 19... 15,134 946 2,508 53,21955,082 3,482 1,681 3,34116,012 749 19510,9521,311 5751,618 7,130 33,625 Nov. 26... 15,434 965 2,348 53,960 55,584 3,555 1,689 4,68716,033 746 19510,3061,319 5751,617 7,140 29,513 Dec. 3... 15,385 966 2,37154,39255,454 3,559 1,719 3,78416,027 751 19610,5951,324 5731,609 7,161 28,426 Dec. 10... 15,336 1,061 2,35455,12756,495 3,458 1,682 2,97016,062 751 19510,6071,328 5771,740 7,144 27,490 Dec. 17... 15,504 1,060 2,57455,81657,827 3,464 1,767 3,07316,121 759 19511,1481,342 5761,270 7,146 34,825 Dec. 24... 15,638 946 2,48154,70556,708 3,532 1,655 3,508 16,177 759 19610,989 1,352 5721,814 7,157 35,937 Dec. 31... 14,408 990 3,029 54,64857,523 3,746 2,099 3,51716,303 758 201 11,6411,390 581 145 7,181 31,341 1953—Jan. 7... 15,183 996 2,400 54,46755,301 3,643 1,558 2,70916,267 751 20211,1451,338 5781,515 7,182 28,409 Jan. 14... 14,964 994 2,56154,84756,697 3,597 1,728 2,18316,231 761 202 11,3051,310 5771,301 7,154 28,465 Jan. 21... 15,067 932 2,500 54,980 "5 6,336 3,707 1,548 2,19716,251 762 19710,9761,310 5761,228 7,154 31,564 14,961 956 2,30354,799 55,379 3,845 1,414 2,33716,261 765 20010,1141,297 5741,423 7,182 28,668 Jan. 28... New York City 5,258 173 16,61117,498 270 847 507 1,514 43 2,9471,049 327 405 2,371 55,184 1951—December., 5,156 144 15,64516,670 353 791 1,366 1,567 54 3,013 1,087 395 362 2,430 51,703 1952—October 5,210 161 15,66816,729 383 821 1,169 1,610 55 2,982 1,065 434 440 2,436 46,673 November., 5,261 170 16,32217,430 303 890 1,087 1,657 57 3,051 1,096 452 479 2,441 63,091 December.. Nov. 5..., 5,221 150 15,53616,513 447 788 1,038 1,613 55 2,969 1,065 414 585 2,441 11,093 Nov. 12..., 5,114 170 15,59216,898 384 879 980 1,604 55 3,045 1,087 429 400 2,441 9,794 Nov. 19..., 5,193 150 15,65116,577 357 794 1,015 1,589 56 3,014 1,053 447 436 2,431 12,786 Nov. 26..., 5,314 172 15,89116,928 342 821 1,642 1,633 56 2,901 1,056 449 339 2,429 11,925 Dec. 3..., 5,418 160 16.13217,003 304 836 1,305 1,620 56 2,948 1,073 449 503 2,441 11,933 Dec. 10..., 5,252 188 16.36417,306 277 862 992 1,633 56 2,916 1,082 453 557 2,428 11,718 Dec. 17..., 5,385 191 16,80717,847 305 852 859 1,668 56 3,040 1,100 452 457 2,426 14,693 Dec. 24.... 5.232 165 16.14117,190 311 800 1,148 1,673 56 3,019 1,102 449 750 2,442 16,010 Dec. 31.... 5,019 147 16,16817,807 318 1,101 1,132 1,690 59 3,333 1,125 457 130 2,460 13,510 1953—Jan. 7.... 5,084 152 15,96916,815 266 676 832 1,637 60 3,066 1,073 456 404 2,459 11,905 Jan. 14.... 5,003 154 44 16,00916,958 272 812 628 1,620 59 3,086 1,055 453 318 2,459 11,122 Jan. 31.... 5,049 137 16,04116,986 278 672 599 1,626 57 3,050 1,051 452 331 2,459 12,363 Jan. 28.... 5,031 144 16,15816,899 324 619 624 1,637 57 2,901 1,048 451 302 2,460 11,108 Outside New York City 1951—December.. 9,661 831 2,42137,47137,938 3,116 839 1,23313,499 695 120 7,705 225 93 645 4,463 76,007 1952—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 2,409 37,71538,754 3,183 851 2.337 14,437 715 139 7.767 257 1261,197 4,705 71,985 December.. 9,993 835 2,52038,61639,372 3,249 894 2,283 14,481 725 139 7,945 251 124 837 4,717 83,558 Nov. 5.... 9,625 757 2,363 37,50438,402 3,239 806 2,024 14,466 712 137 7,775 254 1221,123 4,706 16,771 Nov. 12.... 9,806 851 2,49737,720 39.453 3,157 843 1,952 14,459 713 139 7,950 253 1241,206 4,707 15,780 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 2,32038,76339,189 3,181! 820 1,978 14,429 720 139 7,691 246 1241,183 4,716 15,772 Dec. 17.... 10,119 869 2,53439,009 ,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 2,360 14,504 728 140 7,970 250 1231,064 4,715 19,927 Dec. 31.... 9,389 843 2,97438,480 39,716 3,428 998 2,385 14,613 727 142 8,308 265 124 15 4,721 17,831 1953—Jan. 7.... 10,099 844 2,368 38,498 38,486 3,377 882 1,877 14,630 722 142 8,079 265 1221,111 4,723 16,504 Jan. 14.... 9,961 840 2,517 38,83839,739 3,325 916 1,555 14,611 732 143 8,219 255 124 983 4,695 17,343 Tan. 21.... 10,018 795 2,459 38,939 39,350 3,429 876 1,598 14,625 735 140 7,926 259 124 897 4,695 19,201 Jan. 28 9,930 812 2,267,38,641 38,480 3,521 795 1,713 14,624 736 143 7,213 249 1231,121 4,722 17,560 8 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 4 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for Tune 1947, p. 6Q2, 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. FEBRUARY 1953 145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY1 [Net declines, ( -). In millions of dollars] Business of borrower Manufacturing and mining Comm'l Period 2 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 r r m t ( a r a y o i e a n c e n d t h t n a c d u a a h n i s l c n l , s d t - s ch r P l u e c e a e m b o u n t a b m r d i o l c 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 o u i i i a l n o r b i n n c t t l i a l s ) i e . c - - s s C t t r i o o u n n c - - bu t o y s t A o h p in l f e e l e r s ss c c h l N f a a i n e s e d g s t i e - s ch t i a a o n a n g t n d g a r d e ' ' l l l - » , — 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—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 1953—Jan -32 6 90 -2 -10 -51 -89 -106 25 -4 -46 -219 -369 Week ending: 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 1953—Jan. 7 -25 1 -9 -13 -22 -34 -32 -4 -5 -28 -171 -226 Jan. 14 20 12 47 -5 3 -4 -22 -21 11 4 6 50 27 Jan. 21 1 -2 14 -8 1 -11 -30 -17 21 -3 -13 -46 -99 Jan. 28 -28 -4 29 20 -1 -15 -4 -36 A -1 -10 -52 -71 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. 8 Figures for other than weekly periods are based on weekly changes during period. 8 Net change at all banks in weekly reporting series. COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding HeldI 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 Total Accept O b in i w l g l n s banks bo B u il g l h s t Others I U S m i t n n p a i t o t t o e e r d s ts E U S f x r t n p o a i o t m t e e r s d ts c D h e o a x l n l - a g r e G U sh o n o i i p t d e p p s d o e s d i t n c> b ts r e F e t i d o w n r e i e n e i n g o n r States countries 1946—December 228 227 169 74 94 58 162 29 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—December 257 272 128 58 70 144 184 49 30 9 1950—December .... 333 394 192 114 78 202 245 87 2 28 32 1951—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 51 544 422 150 110 40 272 211 t35 6 22 48 May 510 430 155 121 34 275 197 136 37 17 43 June 495 416 148 108 40 268 195 126 45 15 36 July 539 450 171 122 49 279 200 126 73 17 34 August 550 454 169 113 56 285 212 119 74 20 30 565 454 166 106 61 288 232 108 60 24 31 October 591 449 155 103 52 294 237 114 30 40 28 November 575 478 17? 114 58 306 233 123 29 62 31 December 539 492 183 126 57 309 232 12S 39 64 32 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. 146 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 St n a i t t e e s d St lo at c e a l a n i d Foreign2 Total Bonds 3 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:4 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 1,247 2,240 2,245 1950 64 020 16 066 13,459 1,547 1,060 25,403 23 300 2,103 16,102 1,445 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—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 1,617 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 May 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 1,706 2,656 2,822 71,123 12,898 10,347 1,752 799 30,314 28,165 2,149 20,643 1,722 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 December 73,034 12,683 10,195 n. a. n. a. 31,404 29,226 2,178 21,245 1,868 2,699 3,135 n. a.—Not available. 1 Includes United States and foreign. 2 Central government only. 3 Includes International Bank for Reconstruction and Development. 4 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. 5 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 Fact 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 d S ep h o a s re its 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 1,671 391 6,305 1951—1 17,132 842 14,027 1,556 707 14,252 1945 8,747 450 5,521 2,420 356 7,365 2 17,940 945 14,603 1,565 827 14,930 1946 10,202 536 7,276 2,009 381 8,548 3 18,403 832 15,145 1,584 842 15,339 1947 11,687 560 8,971 L.740 416 9,753 4 19,150 1,065 15,596 1,607 882 16,079 1948 13,028 663 10,409 1,455 501 10,964 1949 14,622 880 11,714 1,462 566 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 1951? 19,150 1,065 15,596 ,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. 139 and 141. Figures for savings and loan associations include share deposits. FEBRUARY 1953 147 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 * End of year End of quarter Asset or liability, and agency 1951 1952 1944 1945 1946 1947 1948 1949 1950 3 4 :1 :I 3 Loans, by purpose and agency: To aid agriculture, total 3,385 2,878 2,884 ?,?00 1 4 1 884 806 4 161 4, 4,018 4, 161 189 197 232 776 30 S 30? ,34 S 3S6 475 373 343 370 Federal intermediate credit banks . . . 257 231 273 336 437 S10 74? 633 739 866 87? Federal land banks' 1,220 1,088 986 Federal Farm Mortgage Corporation 351 242 149 109 80 60 45 37 34 32 29 27 Farmers Home Administration 8 643 604 590 5S8 575 S?3 S3S SS9 S39 S9S S94 606 Rural Electrification Administration . 361 407 528 734 999 1 301 1 S43 1 693 1 1 ,784 1 ,831 1 873 Commodity Credit Corporation ... . . .. 353 99 120 ?80 1 793 1 779 898 S03 78? 710 390 8S9 Other agencies 10 9 6 7 5 9 7 6 6 6 6 S 1,237 896 659 116 768 1 211 1 128 1 081 ? 14? ? 161 ? 187 ? 4,17 Federal National Mortgage Assn. 52 7 6 4 199 828 1 347 1 715 1 850 2,053 2,068 2,097 RFC I^ortgage Corporation * 81 24 6 Home Owners' Loan Corporation 2 1,091 852 636 486 369 231 10 Reconstruction Finance Corporation 12 12 10 6 1 177 168 137 119 117 Other agencies 1 1 1 65 22 24 35 141 169 189 201 223 To railroads, total 343 223 171 147 140 114 110 104 101 08 81 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 ?7? 110 46? 418 404 488 471 464 480 118 149 151 741 77? 473 400 4?? 415 400 39,3 41? Other agencies 73 83 41 31 38 38 58 72 74 73 72 67 To financing institutions, total 216 267 314 447 441 8?4 711 814 107 611 716 Reconstruction Finance Corporation 66 60 14 7 6 8 8 8 8 8 (7) (7> Federal home loan banks 131 195 293 436 SI S 816 747 806 S89 6S3 71S Other agencies 20 12 7 4 4 4 Foreign, total 225 526 2,284 1 671 6 10? 6 000 6 078 6 111 6 110 6 006 7 617 7 8?6 Export-Import Bank 225 252 1,249 1 978 7 145 187 7 776 319 ?96 7 3?9 389 7 S46 Reconstruction Finance Corporation 8. 274 235 746 706 1S4 101 64 64 61 58 58 Other agencies9 800 3 450 3,750 3 750 3 750 3,750 3 750 »3 706 95 170 5 All other purposes, total 1,237 707 623 714 184 484 131 7?0 770 711 801 011 Reconstruction Finance Corporation 8 8 827 309 232 5340 190 88 59 S3 61 63 61 61 Public Housing Administration10 305 286 278 778 794 797 366 5S9 609 SS7 6?4 7 SO Other agencies 8 106 112 113 96 100 99 105 108 109 110 116 123 Less: Reserve for losses 448 438 478 395 368 476 185 178 173 173 153 150 Total loans receivable (net) 6,387 5,290 6,649 9 714 11,692 12,733 13,228 13,906 14 42214,42215 91316 890 Investments: U. S. Government securities, total 1,630 1,683 1,873 1 681 814 047 071 ?36 2f422 164 171 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 SI 48 49 61 60 67 70 7? 66 39 4? 41 43 43 43 43 Federal land banks * 220 145 136 Federal home loan banks ... 144 118 145 139 ?74 ?7S 199 271 749 384 311 798 151 161 172 184 199 193 195 700 ?04 709 703 Home Owners' Loan Corporation 2 15 15 17 1? 12 8 Federal Housing Administration . . 87 106 122 13? 144' 188 ?44 777 785 789 286 799 Public Housing Administration 10 7 8 8 8 8 Reconstruction Finance Corporation ' 75 49 48 1 1 1 1 Federal Deposit Insurance Corporation 760 897 1,045 1,020 1,064 1,205 1 1,338 1,353 1,409 1,421 1,423 Other agencies 28 30 20 71 1 1 1 1 1 1 1 1 318 3,385 3,385 3,385 3,385 ,385 3,385 3,385 3,385 3 3 Other securities, total 424 325 230 114 111 107 88 87 78 66 11 11 Reconstruction Finance Corporation 289 244 159 108 98 71 74 66 SS 43 4? Production credit corporations 63 55 46 35 29 22 16 13 11 10 ( 8 Other agencies 71 26 24 11 6 1 1 1 1 (7) 7) Commodities, supplies, and materials, total 2,942 2,288 1,265 822 627 1,549 1,774 1,515 1,461 1,322 1,350 1,377 1,450 1,034 463 448 437 1 376 1 638 1 738 1 174 1.012 1 0?3 1034 Reconstruction Finance Corporation 6 1,053 1,131 667 735 1S7 14? 108 140 147 186 194 Other agencies 438 122 134 138 32 30 28 137 159 164 142 149 Land, structures, and equipment, total 16,23721,017 16,924 1? 600 3,060 2,962 2,945 3,025 3, 358 3 406 3,186 3,212 Public Housing Administration10 . ... 200 222 227 204 1,448 1,352 1,248 1,254 1,251 1,242 1,232 1,216 6,52b 6,919 2,861 35 630 611 60S S84 S94 59? ?0? Tennessee Valley Authority 710 721 727 754 793 830 886 998 1 048 1 10S 1,170 1 709 U. S. Maritime Commission 2 . . .. 3,113 3,395 3,301 3,30S "War Shipping Administration * 5,427 7,813 7,764 ,507 Other agencies u 262 1,948 2,044 1,793 189 168 206 189 465 467 581 586 Bonds, notes, and debentures payable (not guaranteed), total 1,395 1,113 1,252 689 965 772 1,190 1,399 t,369 1,714 1 1,301 Banks for cooperatives 24 33 69 70 78 110 117 170 140 112 120 F F e e d d e e r r a a l l l i a n n te d r m ba e n d k ia s t 2 e credit banks 2 81 7 8 4 2 7 4 9 5 2 2 7 9 5 3 6 3S8 480 490 s?o 787 674 74 S 8S7 864 Commoditv Credit CorDoration 212 67 69 169 262 415 204 560 495 525 329 258 317 For footnotes see following page. 148 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 l Liabilities, other than interagency items 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 l i i u o o a n i a e p e m t d l d s e - s s , i - - , - G U s ri e o t . c i v e I u S m n t s - . . v e e n s O t s r s t i e - t t c h ie u e s - r L s e t m u t a q a r r n e u n u e d n i d c s p t - , , - O s a t e h s t - e s r a t F g U u n a u b u r t . n e a y l e d l S r e s y - d . d p e a O b y e t a h n b e - l r e l O i i a t t i b h e i e s l r - i U m G n e e t r . o e s e n n v t S r - t - - . o v in P w e a t r s t e n i e t - r e l - y d 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 3i 33,844 925 5,290 2,288 1,683 32521,017 2,317 555 1,113 4,212 27,492 472 1 19 9 4 4 7 6 — — D o e ec c # 3 3 1 1 2 3 3 0 0 , , 9 4 6 0 6 9 1 1, , 4 3 8 9 1 8 6 9, , 7 6 1 4 4 9 1,2 8 6 2 5 2 1 1 , , 6 8 8 7 5 3 3,5 5 3 4 9 7 1 1 2 6 , , 6 9 0 2 0 4 1 1, , 1 7 2 5 5 3 26 8 1 2 1,2 6 5 8 2 9 3 2, , 0 5 3 8 7 8 2 2 8 4 , , 0 8 1 1 5 0 4 1 9 4 8 3 1948—Dec. 31 2 21,718 63011,692 627 1,854 3,518 3,060 38 965 1,663 18,886 166 1949—Dec. 31 23,733 441 12,733 1,549 2,047 3,492 2,962 509 28 772 1,720 21,030 183 1950—Dec. 31 24,635 642 13,228 1,774 2,075 3,473 2,945 499 23 1,190 1,193 21,995 234 1951—Sept. 302 25,668 65913,906 1,515 2,236 3,472 3,025 854 34 1,399 94922,962 322 Dec. 31 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 1,369 1,161 23,842 329 1952—Mar. 31 26,858 844 14,422 1,322 2,422 3,451 3,406 991 38 1,214 1,247 24,010 349 June 30 2 27,933 808 15,913 1,350 2,364 3,438 3,186 874 44 1,228 1,200 25,104 357 Sept. 30 28,922 932 16,890 1,377 2,371 3,436 3,212 704 39 1,301 1,434 25,780 367 Classification by agency, Sept. 30, 1952 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 437 22 366 43 5 120 1 290 25 Federal intermediate credit banks 936 41 822 61 11 864 12 60 Production credit corporations 52 43 8 8 52 Agricultural Marketing Act 1 1 1 Federal Farm Ilfortgage Corp 30 2 27 1 29 Rural Electrification Administration 1,987 46 1,871 1 69 ( \ 1,986 Commodity Credit Corporation 2,223 11 856 1,034 102 220 (7) 490 1,733 Farmers Home Administration 8 615 75 510 1 29 7 608 Federal Crop Insurance Corp 41 32 9 2 39 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,042 25 715 298 (7) 4 317 383 342 Federal Savings and Loan Insurance Corp.. 208 1 8 203 4 5 203 Public Housing Administration 2,092 105 751 1,216 21 16 2,076 Federal Housing Administration 478 55 33 299 (7) 1 90 38 225 215 Office of the Administrator: Federal National Mortgage Association... 2,108 2,097 10 4 2,104 Other 110 47 29 4 3 107 Reconstruction Finance Corporation: Assets held for U. S Treasury 12 399 6 1 153 2 201 37 399 Other18 819 14 695 41 40 1 29 50 770 Export-Import Bank 2,563 2,546 17 38 2,526 Federal Deposit Insurance Corp.. 1,438 1,423 14 94 1,344 Tennessee Valley Authority 1,540 304 19 1,209 8 43 1,497 All other 9,802 162 130 3,385 453 122 61 9,741 (7) c Corrected. 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 1946 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. * 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. 8 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." i Less than $500,000. s Foreign loans, except for the Export-Import Bank, are included with "other agencies" until 1945. • 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. 18 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. 149 FEBRUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices Common Volume of Standard and Poor's series Securities and Exchange Commission series trad- Year, month, Cor- (index, 1935-39=100) (index, 1939=100) ing 5 or week U. S. Mun- po- (in Gov- icipal rate Pre- thoum er e n n - t8 g ( r h a i d g e h ) - 3 g ( r h a i d g e h ) - 1 ferred* Total d t I r u n ia s - - l R ro a a i d l- u P t l u i i l c b it - y Total Tot M al anu D a fa b u c l r e t - urin N d a g b o u l n r e - - T p t o r io a r n t n a s - P u i l u t t i i y c b l- - T a s a f e n i r i n c r n c a e v d e - d - , e M in i g n- s s h a a o n r f d es s ) Number of issues 1-8 15 17 15 480 420 20 40 265 170 98 72 21 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 J.012 1951 average 98.85 133.0 117.7 170.4 177 192 149 112 185 207 178 233 199 113 208 205 1,684 1952 average 97.27 129.3 115.8 169.7 188 204 169 118 195 220 189 249 221 118 206 275 L.313 1952—Jan 96.27 130.8 115.5 164.1 187 204 155 117 195 222 185 255 211 116 209 246 11,574 Feb 96.77 132.1 116.5 165.9 183 199 155 118 193 218 183 251 209 117 206 258 11,320 Mar 96.87 131.5 115.9 168.3 185 201 161 118 193 216 182 248 214 117 203 295 L.283 Apr 97.95 132.7 116.2 172.2 184 199 165 117 191 215 181 245 217 116 203 298 L ,282 May 98.91 131.9 116.3 173.4 184 199 167 117 190 214 182 243 216 117 201 283 L,044 June 98.32 130.9 116.2 173.3 188 204 174 116 196 222 187 253 225 117 204 291 ,215 July 98.40 130.4 116.0 171.1 192 210 175 117 199 225 192 256 226 117 208 289 ,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 11,181 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 1953—Jan 95.77 124.0 114.5 168.4 198 214 185 124 205 232 208 255 239 124 212 261 1,623 Week ending: Jan. 3.. 95.82 124.9 115.1 169.6 200 217 187 124 207 236 210 259 241 124 213 268 ,850 Jan. 10. . 95.87 124.8 114.9 169.4 199 216 186 124 204 231 206 254 238 124 211 262 ,969 Jan. 17. . 95.67 123.9 114.3 169.1 197 213 185 124 203 231 206 253 236 124 211 258 ,545 Jan. 24. . 95.79 123.8 114.5 167.2 197 214 184 124 204 231 207 253 239 124 212 258 ,373 Jan. 31. . 95.70 123.5 114.3 168.0 197 214 186 124 206 234 209 257 242 125 213 259 ,642 1 Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's series), which are based on figures for Wednesday. 2 Beginning Apr. 1, 1952, series includes all fully taxable, marketable bonds due or first callable after 12 years. Prior to that date, only bonds due or first callable after 15 years were included. * Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. » Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances End of month Customers' bal D an e c b e it s in bal D an e c b e it s min Cash on cre C di u t st b o a m la e n r c s e ' s x Other credit balances debit partners' firm hand Money balances investment investment and in borrowed* In partners' In firm (net)* and trading and trading banks Other investment investment In capital accounts accounts Free (net) and trading and trading accounts accounts accounts (net) 1950—June L.256 12 386 314 827 673 166 25 11 312 December... L.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 li 314 1952—January .... 1,289 •633 *809 February... s 1,280 •652 «790 March t 1,293 »734 •756 April «1,315 •818 •756 May s L,312 •847 «725 June 1,327 9 427 365 912 708 219 23 16 324 July s ,387 •1,126 •692 August I1,338 •926 •675 September.. s1,333 •891 •692 October t 1,316 •860 •692 November. . 3 ,347 •878 •706 December. . . 1,362 8 406 343 920 724 200 35 9 315 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). » As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): October 31; November, 32. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Tables 143 and 144, pp. 501-503. 150 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] Prime securities (taxable) Prime bank- Size of loan mo Y w n e e t a h e r k , , or m 4 p - c e a o r t p o c m e ia 6 r - , l - a a c n e c c rs e e * p s, t- 3-month bills 9-to 12- 3- to 5- Area and period lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 0 ,0 ,0 0 0 0 0 -$ $ 1 2 0 0 0 0 ,0 ,0 0 0 0 0 - $ a 2 n 0 d 0 o ,0 v 0 e 0 r months1 da 9 y 0 s1 M y a i r e k ld et on R a n t e e w i m ss o u n e t s h 2 is y s e u a e r s • An 1 n 9 u c al i ti a e v s e : rages: issues 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 L.218 1.26 1.50 1 1 9 9 4 4 7 6 2 2 . . 1 1 4 4 . . 2 2 3 3 . . 1 1 2 2 . . 2 5 1 1 . . 8 7 1951 average.... 2.17 1.60 1.52 .552 L .73 1 93 1948 2.5 4.4 3.5 2.8 2.2 1952 average 2.33 1.75 1.72 L .766 .81 2.13 1949 2.7 4 6 3 7 3.0 2.4 1952— F M J e a a b n r r c u u h a a r r y y . . . 2 2 2 . . . 3 3 3 8 8 8 1 1 1 . . . 7 7 7 5 5 5 1 1 1 . . . 5 5 5 9 7 4 L L L . . . 5 6 6 7 5 8 4 8 8 L 1 L . . . 7 6 7 0 9 5 2 2 2 . . . 0 0 0 2 7 8 1 1 19 9 9 5 5 5 2 1 0 3 3 2 . . 5 7 1 4 4 4 . 5 9 7 4 3 4 . 6 2 0 3 3 3 . . . 4 7 0 3 2 2 . . . 3 4 0 April 2.35 1.75 1.57 L.623 L.60 1.93 Quarterly: May 2.31 1.75 1.67 L.710 L.66 1.95 19 cities: June 2.31 1.75 1.70 .700 L .74 2.04 1952—Mar 3.45 4.85 4.16 3.66 3.24 July 2.31 1.75 1.81 L.824 1.89 2.14 June .... 3.51 4.90 4.21 3.72 3.29 August. .. 2.31 1.75 1.83 L.876 .94 2.29 Sept. ... 3.49 4.91 4.22 3.74 3.27 September 2.31 1.75 1.71 1.786 L .95 2.28 Dec 3.51 4.88 4.21 3.77 3.29 N D O e o c c v to e e m b m e b b r e . e r . r . 2 2 2. . . 3 3 3 1 1 1 1 1 1 . . . 7 7 7 5 5 5 2 1 1 . . . 7 8 0 4 5 9 2 1 1 . . . 8 7 1 6 8 2 2 3 6 3 2 L L . 8 8 0 4 9 3 2 2 2 . . . 2 3 2 6 0 5 Ne 1 w 9 5 Y 2 o — rk J M u n C ar e ity: 3 3. . 2 2 7 3 4 4 . . 5 4 3 3 4 3. . 9 0 7 3 3 3. . 5 4 5 8 3 3 . . 1 1 4 1 1953—January.. 2.31 1.82 1.96 2.042 1.97 2.39 S D e e p c t. . 3 3 . 3 2 3 9 4 4 . 5 6 1 6 4 4 . . 0 0 6 6 3 3 . . 6 6 3 0 3 3 . . 1 1 9 5 Week ending: 7 Northern and East- Jan. 3. . 2.31 1.75 2.03 2.191 1.99 2.31 ern cities: Jan. 10. . 2.31 1.75 1.99 1.986 1.96 32.37 1952—Mar 3.47 4.91 4.16 3.67 3.29 Jan. 17. . 2.31 1.75 2.05 2.124 2.01 2.41 June 3.46 4 90 4.17 3.71 3.27 Jan. 24. . 2.31 1.88 1.91 2.097 1.96 2.38 Sept 3.44 4 85 4.20 3.72 3.24 Jan. 31.. 2.31 1.88 1.92 1L .961 ].97 2.40 Dec 3.49 4.85 4.21 3.74 3.29 11 Southern and 2 1 S M er o i n es th l i y n c f l i u g d u e r s e s ce a r r t e if a ic v a e t r e a s g e o s f o i f n d w e e b e t k e l d y n e p s r s e v a a n il d in g se l r e a c t t e e s d . note and 19 W 52 e — st J M e u r n n a e r . cities: 3 3 . 9 7 0 9 5 5 . 0 0 5 1 4 4 . 3 2 3 8 3 3 . . 8 7 6 9 3 3 . . 4 6 6 3 b 19 o 5 3 n 3 d S , e i r s s i e e s r u s i e e i s s n . c in lu c d lu e d s e s s el 2 e ^ c te p d e r n c o e te n t a b n o d n d b o o n f d M iss a u r e . s 1 . 5, B 19 eg 5 i 6 n - n 5 i 8 n g a n J d a n 2 . % 1, S D e e p c t 3 3 . 8 8 4 4 5 5. 0 0 6 4 4 4 .3 3 0 1 3 3 . . 8 9 2 1 3 3 . . 5 5 6 1 per cent bond of June 15, 1958. Back figures.—See Banking and Monetary Statistics, Tables 120-121, NOTE.—For description of series see BULLETIN for March 1949, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October pp. 228-237. 1947, pp. 1251-1253. BOND AND STOCK YIELDS * [Per cent per annum] Bonds Industrial stocks Ye o a r r , w m ee o k nth, G U m ov . e e S n r t . n- M (h i u p ig n a h i l c - - C (h r o a i r g t p e h o - - By C r o at r i p n o g r s ate (Moody's)5 By groups D pr i i v c i e d r e a n t d io s/ E p r i a a n r t i r g c i n o s e - / t ( e lo rm ng ) - 2 grade)3 grade)4 Total Indus- Rail- Public Pre- Com- Com- Aaa Aa A Baa trial road utility ferreds mon 7 mon 7 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 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 1953—January 2.80 2.47 3.06 3.22 3.02 3.09 3.25 3.51 3.07 3.36 3.23 4.16 5.18 Week ending: Jan. 3 2.80 2.42 3.03 3.20 2.99 3.06 3.23 3.50 3.04 3.34 3.20 4.13 5.15 Jan. 10 2.79 2.43 3.03 3.20 2.99 3.07 3.23 3.51 3.05 3.35 3.21 4.13 5.22 Jan. 17 2.80 2.47 3.07 3.21 3.01 3.08 3.24 3.51 3.05 3.36 3.22 4.14 5.29 Jan. 24 2.80 2.48 3.06 3.23 3.04 3.11 3.26 3.52 3.09 3.37 3.24 4.19 5.25 Jan. 31 2.80 2.50 3.07 3.24 3.05 3.12 3.27 3.52 3.10 3.38 3.25 4.17 5.18 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. 4 U. S. Treasury Department. 8 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. 151 FEBRUARY 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 dollarsl 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 Ex- Surplus T a r n u d st re S d a e le m s p a t n io d ns Clear- Gross General a B n a c l e - F. R.Banks Other receipts p t e u n re d s i- deficit c o o a t u h c n - e t r s ob o a f l g ig e G a n o t c i v y o t n . s co i a n u c g - nt p d u e b b li t c ba fu la n n d ce f g e u e r n a n d l - A f a u v b n a l d e i s l- In c e o s p s ll r e o o c f c - - S d it p e a e p r c o ie i s a s - l s a e s t - s 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 1 -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 13,510 384 -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.. 18,464 119,063 i -599 i -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: 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 1953—Jan 5,061 5,737 -676 -140 29 401 11 -376 5,689 811 350 3,318 1,209 Budget expenditures Major national security programs Period Total Total2 t f i N e d o 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 i a e t - d - n t I a i e n o n o i c t m d a n o e - a - r i a c - 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 t a i - s - 4 n- m A p t c D u a e g u e r r n l r e t - - i t - - 5 g c S r p u o s a r r e c m o i - i t - a s y l 4 H n h a a i o o f n n n m i 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 i f 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 - C)ther 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 L.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 51,121 43,226 2,975 2,602 1,813 6,065 4,417 1,564 L.508 646 1,590 775 1,193 2,487 Fiscal year: 1949 40,057 19,083 12,158 6,278 647 5,339 6,789 2,658 L.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 L ,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 1,541 624 972 2,286 1952 66,145 46,319 39,106 2,228 2,831 1,648 5,859 4,697 1,219 L.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 L.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 L,253 July-Dec.. 19,063 9,836 7,505 247 1,679 341 2,390 2,638 164 670 158 918 260 804 L,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 July-Dec.. 36,497 25,915 21,968 1,669 1,137 876 2,966 2,164 885 802 424 916 355 737 1,333 Monthly: 1952—Jan 5,455 3,941 3,414 187 120 137 228 428 194 158 85 113 78 ?30 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 4,640 c4,081 275 117 127 1,146 378 289 104 112 138 67 252 1953—Jan 5,737 P4,210 P3.631 277 P133 158 235 P348 P357 P180 -80 P100 160 P20 P208 p Preliminary. c Corrected. 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. 2 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. 4 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, 152 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 l t r e d h d - a r - n s o c ld e - O a ta g t x h e e e s 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 o d m r o y x 8 n i r e e e - o e o r r s n s s r O ce r t i e h p - e ts r 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 r e l d d o s - 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 l t i d h e v i t - n a i a d x s n u u e d r O a s a l o t n h i l c n d e e - r - C p r c t a r a a o o i o t x n n r i m f p o e d - i o t s n e s - t t a a g E a n x i s t f d e e - t s m E t l a a a x o is x n n c u 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 23,658 34,174 10,416 902 2,639 71,788 3,814 2,451 65,523 23,090 11,980 22,140 849 9,558 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 3,688 July-Dec. . 7,209 6,841 4,779 317 ,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 ,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 ,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 ,251 42,242 1,922 2,000 38,320 11,515 9,210 14,318 459 4,531 July-Dec. . 11,716 10,647 5,438 357 ,388 29,546 1,891 451 27,204 11,574 2,770 7,821 390 5,027 Monthly: 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 3,009 828 105 197 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 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 1,882 3,088 939 54 387 6,350 303 45 6,003 190 358 2,785 70 870 1953—Jan P990 3,111 842 P29 260 5,232 117 54 5,061 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 ec rs ti ' o r n e s p — or c t o s) nt. 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 2 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 t t s - Expendi- m In e v n e t s s t - 3 Other i Calendar year: 1949 7,529 2,204 ,320 2,221 ,784 -362 5,512 1,965 3,584 -325 1950 8,150 2,419 ,348 2,519 ,864 -38 6,543 56 6,214 -22 -333 1951 8,682 2,460 ,446 2,790 ,986 759 7,906 3,155 4,507 271 786 1952 9,558 2,727 ,662 3,054 ,115 49 8,315 3,504 4,942 329 508 Fiscal year: 1949 7,585 2,211 ,322 2,221 ,832 -420 5,185 2,311 2,884 -410 1950 7,599 2,219 ,328 2,245 ,806 121 6,266 -402 6,484 -62 1951 8,704 2,547 ,380 2,841 ,936 295 7,251 3,360 3,752 196 353 1952 8,971 2,549 ,565 2,824 2,032 219 8,210 3,361 4,885 275 530 Semiannual totals: 1949—July-Dec. . 3,911 1,191 663 ,121 936 -14 035 1,099 1,914 -36 1950—Jan.-June. . 3,688 1,028 665 ,125 870 135 231 -1,501 4,570 -26 July-Dec.. . 4,462 1,391 683 ,394 994 -173 3,312 1,557 1,644 -22 -307 1951—Jan.-June. . 4,241 1,156 697 ,446 942 468 3,939 1,803 2,108 219 660 July-Dec.. . 4,440 1,304 748 ,343 1,045 291 3,967 1,352 2,398 52 126 1952—Jan.-June. . 4,531 1,245 817 ,481 988 -72 4,242 2,009 2,486 223 404 July-Dec . . 5,027 1,482 845 ,573 1,127 121 4,073 1,495 2,456 106 105 Monthly: 1952—Jan 763 197 153 236 177 -369 355 222 430 189 117 Feb 754 123 262 159 310 804 191 403 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 795 127 268 131 127 958 388 383 93 34 Dec 870 220 125 313 212 -218 718 363 46? -14 -125 1953—Jan -140 248 -103 447 233 188 p Preliminary. x Excess of receipts, or expenditures ( —). 2 Consists of miscellaneous trust funds and accounts and deposit fund accounts. 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). FEBRUARY 1953 153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of daily statements cf United States Treasury and Treasury Bulletin. In millions of dollars] Cash operating income, other than debt Cash operating outgo, other than debt Net Net Budget Plus: Trust Budget expenditures Plus: Tr. acct. Plus: op ca e s r h atreceipts acct. receipts E C qu a a sh ls: Less: Noncash expenditures Exch. Cash ing in- Period operat- Stabi- Clear- operat- come Total Less: Less: ing Total Accru- Intra- Less- liza- ing ac- ing or net Non- Total Non- income als to Govt. Total Non- tion count outgo outgo receipts cash * cash2 public3 trans.4 cash 5 Fund6 (-) Cal yr—1949 38,122 99 5,956 2,603 41,374 41,714 403 2 588 4,210 164 102 —234 42,642 — 1,267 1950 37,834 171 7,001 2,211 42,451 38,255 503 2,307 6,923 65 -262 -87 41,969 482 1951 53,488 222 8,582 2,508 59,338 56,846 567 2,625 4,397 90 -26 106 58,034 1,304 1952. 65,523 184 8,707 2,649 71,396 71,366 734 2,807 4,825 28 38 319 72,980 — 1,583 Fiscal yr.—1949. . .. 38,246 100 5,714 2,232 41,628 40,057 389 2,152 3,511 183 98 -366 40,576 1,051 1950.... 37,045 120 6,669 2,623 40,970 40,167 436 2,754 6,881 13 -207 -483 43,155 -2,185 1951 48,143 256 7,796 2,244 53,439 44,633 477 2,360 3,945 138 -13 214 45,804 7,635 1952 62,129 138 8,807 2,705 68,093 66,145 710 2,837 4,952 4 9 401 67,956 137 Semiannual totals: 1949—July-Dec... 17,675 40 3,231 L.446 19,420 20,974 215 1,541 2,159 2 55 -142 21,290 -1,871 1950—Jan.-June.. 19,370 80 3,438 L ,178 21,551 19,192 222 1,213 4,722 10 -262 -341 21,865 -315 July-Dec... 18,464 91 3,562 1,033 20,900 19,063 281 1,075 2,201 55 254 20,105 796 1951—Jan.-June.. 29,679 164 4,234 L.210 32,537 25,570 196 1,279 1,744 82 —13 -40 25,700 6,839 July-Dec... 23,809 58 4,349 1,298 26,799 31,276 371 1,346 2,653 8 -13 146 32,334 -5,534 1952—Jan.-June.. 38,320 77 4,458 1,406 41,293 34,869 338 1,488 2,298 -4 22 255 35,622 5,671 July-Dec. . 27,204 107 4,248 1,243 30,104 36,497 396 1,319 2,527 32 16 64 37,357 -7,254 Monthly: 1952—Jan 4,953 34 392 128 5,183 5,455 72 161 350 2 5 -103 5,473 -290 Feb 5,553 3 831 106 6,275 5,105 32 106 300 2 38 25 5,328 947 Mar 9,886 4 684 129 10,436 5,704 43 132 347 1 245 6,120 4,316 Apr. 4,323 2 476 108 4,689 6,016 39 111 434 -2 -329 5,972 — 1,283 May 3,809 2 1,050 134 4,722 5,659 59 134 197 2 91 5,751 -1,029 June . . 9,796 32 1,026 801 9,988 6,930 93 844 669 — 11 —21 326 6,978 3,010 July 3,316 24 738 438 3,593 6,742 74 457 473 5 -14 -432 6,233 —2,640 Aug 4,050 2 959 128 4,878 5,018 42 127 556 2 25 195 5,622 — 744 Sept 6,585 3 427 111 6,898 6,070 46 112 — 73 1 229 6,066 832 Oct. 3,099 4 401 79 3,418 6,383 56 86 587 -2 -316 6,514 —3,097 Nov 4,151 3 975 127 4,997 5,161 83 128 367 3 243 5,558 -561 Dec. 6,003 71 747 360 6,320 7,124 95 409 617 23 5' 145 7,364 — 1,044 1953—Jan 5,061 286 5,737 296 -401 1 Represents principally interest paid to Treasury by Govt. agencies and repayment of capital stock and paid-in surplus by partially owned Govt. corporations. 2 Represents principally interest on investments in U. S. Govt. securities, payroll deductions for Govt. employees' retirement accounts, and transfers shown as Budget expenditures. 3 Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption. 4 Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5). 6 Represents principally repayments of capital stock and paid-in surplus by partially owned Govt. corporations, as well as interest receipts by such corporations on their investments in the public debt (negative entry). 6 Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3.) DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC In- Plus: Cash Less: Noncash debt transactions Equals: Details of net cash borrowing from or crease, issuance of Net cash repayment (—) of borrowing to the public 2 or de- securities of Net inv. Accruals to public 1 borrow- Period d ( i c r g - d r . r ) e e o , p a b s s i u t s e n b. F a G n e u t d e a e e r r d - al ag a e N g n n u t o c e a n i e r e - - d s G & o s i t n v e r c t . F . . f a e b u g d y n e . d n s . I T b n r o t e . n a d o s s n . a s b n a il d v ls . P F f a e o y d rm . t s s . o e i f c n . b r i ( n e o - g p i r ) n r , a o g o y o w f t r . - m & i D s k s i c t u r o a e e n b s c v l t 8 e . S b p a ( o i r v s i n i s c n d u e g s e ) s S n av o i t n es gs S s a P i p v s o e s . s u c S t e i a a y s l l s. Other4 Cal. yr.—1949 4,331 -25 -115 2,156 585 -285 1,739 -2,275 1,125 3,020 15 -146 1950 . . . —423 -6 355 94 602 163 -929 -2,649 751 1,021 -250 198 1951 2,711 18 37 3,418 718 -125 -1,242 1,999 -1,191 -1,099 -997 46 1952 .. . 7,973 12 -102 3,833 770 -74 3,353 5,778 -406 — 1,784 -113 -122 Fiscal yr.—1949 478 -46 -28 2,630 580 -293 -2,513 -5,351 2,420 463 40 -85 1950 4,587 -8 -14 -308 574 68 4,231 211 728 3,601 -150 -158 1951 -2,135 10 374 3,557 638 -149 -5,795 -3,943 -467 -657 -1,093 365 1952 3,883 16 -88 3,636 779 -79 -525 1,639 -717 -1,209 -155 -82 Semiannual totals: 1949—July-Dec 4,360 2 19 1,141 307 -147 3,079 99 268 2,767 -70 15 1950—Jan.-June. . . 227 -10 -33 -1,450 265 219 1,152 112 462 834 -80 -176 July-Dec.. . . -650 4 388 1,544 337 -56 -2,081 -2,761 292 187 -170 371 1951—Jan.-June. . . -1,486 5 -13 2,014 301 -92 -3,714 -1,184 -758 -845 -923 -5 July-Dec.. . . 4,197 13 51 1,404 417 -33 2,472 3,183 -432 -255 -74 51 1952—Jan.-June. . . -313 3 -139 2,232 361 -45 -2,998 -1,544 -285 -955 -81 -134 July-Dec.. . . 8,286 8 37 1,601 409 -29 6,351 7,322 -121 -829 -32 11 Monthly: 1952—Jan 357 —4 — 1 411 78 -11 -126 -108 -6 -10 -2 Feb 587* — 1 -123 221 37 -43 248 -75 -25 498 -30 -120 Mar —2,278 4 -63 171 46 -3 -2,551 -1,289 -54 -1,138 -10 -60 Apr 209 4 —66 270 41 -2 — 163 -162 -81 142 —62 May 1,613 1 13 510 63 -4 1,057 754 -91 412 -24 6 June -800 101 650 96 18 -1,463 -663 -28 -859 -17 104 July 3,968 -11 37 308 77 11 3,597 3,830 -54 -173 -30 24 113 5 66 397 44 —27 —229 — 192 — 111 74 Sept —504 1 —34 44 49 —3 —628 -259 —46 —292 —31 Oct. . 2,238 5 -50 21 58 -2 2,116 2,200 y -13 -64 Nov 2,513 6 68 481 84 -1 2,022 1,915 -8 62 53 Dec -41 3 -50 349 97 -7 -527 -172 -5 -302 -2 -46 1953—Jan 11 -6 35 130 -2 -199 112 -99 -8 1 Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. 2 Includes redemptions of tax anticipation bills and savings notes used in payment of taxes. 3 Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. 4 Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 154 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash operating income Cash operating outgo Period Total t i a n D u x d i a e i r v s l e s i c o 1 d t n - t c a D a o x t i r i e r p o s e o n c o r s t - n E t m a a x x i n c s d e i c s s . e c in S e s o i . p c t i r s a e l 2 - c O o c i a m t n h s - e h e r 3 D R c o e e e f f d i p u u r t n e c s - d t: s Total n g a M r t p a l a r . m o jo s - s e r 4 c. e d I s n e t t b e t o r n - 5 g e r V p r a a r m e o n t - - s s 6 s g e S r p c a o r u m c o r i - s i a t l 7 y Other Cal. yr.—1949 41,374 18,403 12,006 7,572 3,864 2,306 2,777 42,642 19,738 4,186 6,819 4,333 7,566 1950 42,451 19,191 9,937 8,113 5,121 2,245 2,156 41,969 18,333 4,072 8,823 4,400 6,341 1951 59,338 27,149 16,565 8,591 6,362 2,769 2,098 58,034 37,283 4,137 6,044 4,915 5,655 1952 71,396 32,728 22,140 9,567 6,589 2,823 2,451 72,980 51,194 4,230 5,193 5,613 6,750 Fiscal yr.—1949 41,628 18,725 11,554 7,551 3,899 :2,737 2,838 40,576 19,370 3,889 7,201 3,561 6,555 1950 40,970 18,115 10,854 7,597 4,438 2,126 2,160 43,155 17,879 4,264 9,146 4,740 7,126 1951.. 53,439 24,095 14,388 8,693 5,839 2,531 2,107 45,804 26,029 4,052 5,897 4,458 5,368 1952 68,093 30,713 21,467 8,893 6,521 t2,801 2,302 67,956 46,396 4,059 5,776 5,206 6,519 Semiannual totals: 1949—July-Dec 19,420 6,894 5,889 3,960 1,927 1,064 314 21,290 9,438 2,194 3,259 2,348 4,051 1950—Jan.-June 21,551 11,220 4,965 3,637 2,510 1,065 1,846 21,865 8,441 2,075 5,887 2,392 3,070 July-Dec 20,900 7,971 4,971 4,476 2,611 1,182 311 20,105 9,892 1,997 2,936 2,007 3,273 1951—Jan.-June 32,537 16,124 9,416 4,217 3,228 1,348 1,796 25,700 16,137 2,058 2,960 2,450 2,095 July-Dec 26,799 11,025 7,149 4,374 3,135 1,418 302 32,334 21,146 2,079 3,084 2,465 3,560 1952—Jan.-June 41,293 19,687 14,318 4,519 3,386 1,383 2,000 35,622 25,250 1,984 2,693 2,741 2,954 July-Dec 30,104 13,041 7,821 5,048 3,202 1,443 451 37,357 25,944 2,246 2,500 2,872 3,795 Monthly: 1952—Jan 5,183 3,027 807 761 253 387 52 5,473 3,952 140 507 507 367 Feb. 6,275 4,310 311 739 956 154 195 5,328 3,807 104 439 449 529 Mar 10,436 3,477 5,913 712 608 181 455 6,120 4,107 625 454 409 525 Apr. 4,689 2,727 1,278 762 342 192 612 5,972 4,500 284 433 492 263 May.. 4,722 2,811 351 748 970 245 403 5,751 4,544 106 439 407 255 J" un"•'e 9,988 3,335 5,659 797 257 223 283 6.978 4,339 724 420 477 1,018 July 3,593 1,386 958 865 302 233 151 6,233 4,684 243 464 492 350 Aug 4,878 2,719 357 792 908 204 102 5,622 3,841 139 408 456 778 Sept 6,898 3,162 2,442 818 344 187 55 6,066 4,520 497 398 459 192 Oct 3,418 1,135 927 866 298 243 51 6,514 4,375 485 409 532 713 Nov. 4,997 2,686 352 838 934 234 47 5,558 3,877 100 391 459 731 Dec 6,320 1,952 2,785 868 415 345 45 7,364 4,646 781 431 473 1,033 1953—Jan P212 54 P4.212 P397 P576 p Preliminary. l Includes current and back income taxes, estate and gift taxes, and adjustment to Treasury daily statement. 2 Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 3 Represents mostly nontax receipts. 4 Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds and special International Bank and Monetary Fund notes. 6 Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest paid by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned. 8 Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds. 7 Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance, and Government employees and Railroad retirement funds. UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] Savings bonds Tax and savings notes Year or All series Series A-E and H Series F, G, J and K month Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of maturities period) maturities period) maturities period) maturities period) 1941 3,036 162 6,140 1,643 160 4,750 1,393 2 1,390 2,479 8 2 ,471 1942 9,157 343 15,050 5,989 307 10,526 3,168 36 4,523 6,479 2,565 6 384 1943 13,729 1,576 27,363 10,344 1,452 19,573 3,385 124 7,790 8,055 5,853 8,586 1944 16,044 3,321 40,361 12,380 3,063 29,153 3,664 258 11,208 8,533 7,276 9,843 1945 12,937 5,503 48,183 9,822 5,135 34,204 3,115 368 13,979 5,504 7, 111 8 235 1946 7,427 6,278 49,776 4,466 5,667 33,410 2,962 611 16,366 2,789 5,300 5^725 1947 . . 6,694 4,915 52,053 4,085 4,207 33,739 2,609 708 18,314 2,925 3,266 5,384 1948 7,295 4,858 55,051 4,224 4,029 34,438 3,071 829 20,613 3,032 3,843 4^572 1949 5,833 4,751 56,707 4,208 3,948 35,206 1,626 803 21,501 5,971 2,934 7 ,610 1950 6,074 5,343 58,019 3,668 4,455 34,930 2,406 888 23,089 3,613 2,583 8,640 1951 3,961 5,093 57,587 3,190 4,022 34,728 770 1,071 22,859 5,823 6,929 7,534 1952 . . 4,161 4,531 57,940 3,575 3,623 35,324 586 P908 22,616 3,726 5 [491 5*770 1951—Dec. . 297 363 57,587 254 284 34,727 43 79 22,859 305 509 7,534 1952—Jan. . . 441 442 57,664 364 363 34,794 78 79 22,870 584 578 7,539 Feb... 339 359 57,682 288 290 34,826 52 69 22,856 630 126 8,044 Mar.. . 331 381 57,680 284 304 34,849 47 77 22,831 185 1,317 6,911 Apr. . . 313 391 57,644 267 313 34,839 47 78 22,804 409 262 7,057 May. . 292 380 57,614 250 303 34,843 42 76 22,772 636 223 7,470 June.. 364 390 57,685 293 313 34,905 71 76 22,780 198 1,056 6,612 July.. . 367 418 57,709 316 334 34,950 52 85 22,759 279 451 6,440 Aug... 356 355 57,753 309 279 35,019 47 75 22,734 176 286 6,330 Sept... 330 374 57,758 290 299 35,055 39 75 22,704 114 405 6,039 Oct.... 348 353 57,794 310 284 35,116 38 »68 22,678 176 189 6,026 Nov.. . 303 310 57,850 271 '239 35,206 32 *70 22,645 173 110 6,089 Dec... 375 380 57,940 334 P300 35,324 42 *80 22,616 168 488 5,770 v Preliminary. NOTE.—Sales and redemptions of bonds are shown at issue price; amount outstanding at current redemption value. Maturities of notes and Series A-D bonds are included as of maturity date, and only interest-bearing debt is included in amount outstanding. FEBRUARY 1953 155 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 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s a t s 1 l d d T g i e r o r o b e t s a c t s l 2 t Total Total Bills 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 4 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 i o n a n g v d s - s n s i T a o n a n a t g v d x e s - s S i p ss e u c e ia s l 1940—Dec 50,942 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 ,002 s 007 ,563 8,907 6,140 471 982 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 ,064 176,613 17 ?0 087 10 000 69 866 40 6S6 56,451 40,776 5,725 ?4,585 1947—June . . . 258 376 ?58 ,?86 227 747 168 70? 15 775 ?s ?06 8 14? 69 8S? 40,636 59,045 51 367 S S60 ?7 ,366 Dec 256,981 256 ,900 225 ,?50 165,7S8 15,136 ,220 11 375 68 301 40 6S6 59,492 S? s,384 ?8 955 194g—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 257 160 257 130 221 123 155,123 319 ?0,636 8,249 55,283 40,636 66,000 707 7 610 896 1950—June 257,377 257,357 222,853 155 310 13 18 418 70 404 40 6S6 67,544 57,536 8,472 3? 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 ?5S 108 137,917 13 614 0,500 35,806 47,978 36,061 13,573 66,708 57 57? 7 818 34 6S3 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 260,399 260,36? 221,776 142 701 18,104 ?0 070 18 4^4 41 040 S6044 17 0S4 67,041 S7,682 8,044 36 360 Mar 258,124 258,08^ 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 337 ?58 356 141,870 17 46? 78 473 18,05? 40,043 36 040 11,516 66,019 57 644 7 057 746 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 750 151 7 50 105 174 140,407 17 710 78 4? 3 18,963 48,343 77 460 13,005 65,622 S7 68 S 6 61? 37 739 July 263 107 073 222 063 144 340 17 170 18 071 5? S70 77 407 n 14S 65,478 57 700 6 440 ,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 7?? ,68? 143 80S 17 707 77 76S 18 08? 5? 570 ?7 18? 65,139 S7 7S8 6,030 ,360 Oct 264,964 264,919 224,430 146,775 19,712 16,902 30,246 52,578 27,338 12,401 65,164 57,794 6,026 38,390 Nov. 267,483 267,432 226,557 148,772 21,715 16,002 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 57,040 5,770 39,150 1953—Jan 267,450 267,402 226,226 148,574 21,709 16,712 30,275 58,864 21,013 12,491 65,161 58,134 5,676 39,097 1 Includes fully guaranteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately. 8 Includes amounts held by Government agencies and trust funds, which aggregated 6,743 million dollars on Dec. 31, 1952. 4 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 6 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 fPar value in millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and End of month in ( a s i g e n n c c t g e u lu u e ri d a d - r - - Sp t e r c u i s a t l fun P d u s b * lic Total R F B e e a d s n e e r k r v a s e l m b C a e o n r m c k i s a - 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u ie e r - - s r c O a o t t r i h o p e o n r - s g S o l a o v t n c a e d a t r e l n- Sav I i n n d g i s vidu O a t l h s er l M a i t n n o i v s e r c e s o e s u 3 - l s ties) issues issues ments bonds securities 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2,800 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21,400 3,700 8,200 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3,218 100,221 6,189 41,100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17,100 7,000 1945—Dec. . . , 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 21,400 9,100 1946—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 n1,300 10,800 49,100 '14,700 11,600 Sept 262,722 38,360 6,692 217,670 23,694 61,500 9,700 16,100 '20,800 10,900 49,100 '14,700 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 '14,700 12,100 Nov 267,483 38,788 6,757 221,938 23,821 64,100 9,500 16,100 21,100 10,900 49,200 14,700 12,700 ' Revised. 1 Includes the Postal Savings System. 2 Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1952. 3 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. 156 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES Direct Public Issues Outstanding January 31, 1953 [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 J Certificates Treasurybonds—Cont. F F e e b b . . 13 5 , , 1 1 9 9 5 5 3 3 . . . . 1 1 , , 3 5 0 0 1 1 J Fe u b n . e 15 1 , , 1 1 9 9 5 5 3 3 . . . . 4 8 , , 9 8 6 6 3 8 5 7 , ,9 8 8 2 6 5 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 3 4- - 6 6 9 8 . . 6 .. , 2 2 % Y2 3 2 , , 7 8 5 2 8 8 F Fe e b b . . 2 1 6 9 , , 1 1 9 9 5 5 3 3 . . . . 1 1 , , 3 3 0 0 1 0 Aug. 15, 1953. . 2,882 8 1 , , 6 50 6 1 2 D M e a c r . . 1 1 5 5 , , 1 1 9 9 6 6 5 4 - - 7 6 0 9 6 ' . . . . 2 2 M Y2 3 4 , , 8 7 3 2 4 4 510 Mar. 15, 1966-71 *..2}4 2,966 Mar. 5, 1953. . 1,301 725 June 15, 1967-72 6..2M 1,896 M Ma a r r . . 1 1 8 2 , , 1 1 9 9 5 5 3 3 . 2 . . 2 1 , , 5 2 0 0 2 0 2,6 6 1 8 1 1 D Se e p c. t . 1 1 5 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2 . * . . . . 2 2 Y }4 2 3 2 , , 8 7 3 1 6 6 M M a a r r . . 2 1 6 9 , , 1 1 9 95 5 3 3 . . . . 1 1 , , 2 2 0 0 0 0 Tr De e c a . s ur 1 y , n o 19 t 5 e 3 s . . 10,542 1,4 9 4 8 9 2 Postal Savings A A A A A p p p p p r r r r r . . . . . 3 2 1 3 0 9 6 2 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 3 3 3 3 3 . . . . . . . . . . 1 1 1 , , , 3 2 4 4 5 0 9 0 0 0 1 9 0 0 0 A A O M D M c p p e a a t r r c r r . . . . . . 1 1 1 5 5 5 1 1 1 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 5 5 5 4 6 7 6 . . . . . . . . . . . . 5 6 4 1 , , , , 8 0 6 3 5 5 0 5 7 6 3 5 7 4 5 5 1 0 3 4 5 3 , , , , 2 4 8 2 9 9 8 2 6 4 1 2 1 2 8 5 9 7 C P b a o o n n n v a d e m s r a ti b C l a e n b a o l n L d o s an 2 .. Y 3 2 5 7 0 4 June 19, 1953 2. 2,003 Oct. 1, 1957. . 751 2 1 , , 1 48 1 5 7 A In p v r e . st 1 m , e 1 n 9 t 7 5 S - e 8 ri 0 e . s . B .2« 12,491 1 Sold on discount basis. See table on Open-Market Money Rates, p. 151. 2 Tax anticipation series. 3 Maturity Dec. 15, 1954. * Maturity Dec. 15, 1955. 6 Partially tax exempt. • Restricted. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES * Marketable and Convertible Direct Public Securities [Par values n millions of dollars] Total G a U g o . e S v n . t - . F e e ra d l - Com- M tua u l - c [ o n m su p r a a n n i 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 om su p ra an n i c e e s End of month out- cies Re- mer- sIV- Other End of month out- cies Re- mer- sav- 0ther stand- and serve cial iiigs stand- and serve cial ings ing f t u r n u d st s Banks banks1 banks Life Other ing f t u r n u d st s Banks banks1 banks Life Other Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1950—June 155,310 5,350 18,33158 9651087614,080 4 046 43 664 Series B): Dec 152,450 5,364 20,77854 88410 14312.737 4 116 44 428 1950—June 1 l 0 O * Ul 5 1 U D T ULnieXr, c p ..... 1 1 5 5 1 47 4 4 9 5 0 6 6^ 1 2 7 51 7 2 2 3 2, , 9 8 8 0 2 1 5 5 1 43 6 0 7 2 1 9 9 5 1 0 2 4 3 1 1 1 0 , ,2 1 8 3 9 8 4 43 1 0 6 1 1 4 4 5 6 8 67 5 9 5 1951— D Ju e n c e 13,573 2,905 2,714 166 1,252 2,921 312 3,304 1952—June 153,502 6,447 22,90654038 8 843 9,613 4 246 47411 Dec. 12,060 2,905 1,214 172 1,246 2,923 318 3 281 1952—June 13,095 3,437 714 191 1,356 3,172 362 3,864 Oct 159,266 6,552°23,57555 557 8 845 9,555 4 655<=50527 Nov 161,272 6,628 23,82156585 8 765 9,604 4 689 51 179 Oct 12,491 3,438 189 1,354 3,177 364 3,969 Treasury bills: Nov 12,499 3,438 189 1,351 3,179 360 3,982 1950—June 13,533 3 3,856 3 703 35 26 64 5 846 Marketable secur- Dec 13,627 35 1,296 3,888 33 391 83 7901 ities, due or 1951—June 13,614 26 527 3,750 122 756 72 8360 callable: Dec 18,102 50 596 6,773 71 428 104 10 080 Within 1 year: 1952—June 17,219 41 381 5,828 103 504 92 10 268 1950—June 42,448 117 9,71816,068 249 218 614 15,463 Dec 58,013 81 16,00320,088 270 655 799 20,117 Oct 19,712 55 "283 6,411 107 421 114°12320 1951—June 60,860 129 13,96221,596 626 1,206 954 22,389 Nov 21,715 90 502 7,600 97 476 117 12833 Dec 72,790 155 15,05730,348 532 778 1,203 24,718 Certificates: 1952—June 70,944 146 13,82229,540 550 638 1,106 25,143 1950—June 18,418 7 5 357 5,354 64 107 274 7255 Dec 5,373 (2) 2 334 1,544 7 1 52 1434 Oct 61,908 127 6,99927,450 415 540 1,110 25,267 1951—June 9,509 17 3 194 2,753 37 113 174 3 221 Nov 63,911 155 7,24628,502 408 605 1,122 25,872 Dec 29,078 49 12793 6,773 41 217 445 8 761 1-5 years: 1952—June 28,423 60 11821 6,877 120 76 378 9092 1950—June 51,802 327 5,11633,127 1,058 619 1,112 10,442 Dec 33,378 189 1,28524,534 568 398 744 5,661 Oct 16,902 37 4 996 4,790 34 67 319 6 659 1951—June 31,022 139 3,87820,853 227 113 643 5,168 Nov 16,902 30 5 018 4,794 32 67 318 6 642 Dec 28,678 155 5,10218,600 142 119 566 3,993 Treasury notes: 1952—June 29,434 130 5,94118,352 138 123 567 4,183 1950—June 20,404 29 3 50011,204 154 66 337 5 114 Dec 39,258 10 1252715,833 136 165 542 10044 Oct 40,718 138 14,14719,160 149 125 671 6,328 1951—June 35,806 14 1243913,704 120 208 478 8841 Nov 40,725 147 14,14719,033 144 125 710 6,419 Dec 18,409 3 5 06810,465 67 1 315 2489 5-10 years: 1952—June 18,963 2 5 56810,431 42 5 327 2 587 1950—June 15,926 423 1,148 5,675 2,439 1,129 927 4,186 Dec 17,411 412 982 7,329 2,125 906 1,042 4,615 Oct 30,246 9 1377411,262 58 8 427 4 708 1951—June 16,012 376 1,032 6,275 2,010 842 1,017 4,460 Nov 30,253 16 1377411,115 53 8 461 4 827 Dec 11,206 309 1,014 2,442 1,925 712 945 3,859 Marketable bonds;3 1952—June 13,321 524 1,070 3,274 2,092 1,090 1,089 4,183 1950—June 102,955 5,310 5 61838,7051062413881 3 370 25447 Dec 94,193 5,319 4 62033,620 9 96712180 3 438 25049 Oct 17,565 616 1,070 6,173 2,201 1,146 1,373 4,985 1951—June 78989 3,215 4 10831,298 7 974 7 139 3 125 22 129| Nov 17,564 634 1,070 6,279 2,137 1,140 1,363 4,942 Dec 77097 3,243 4 13030,119 7 697 6 720 3 120 22068iAfter 10 years: 1952—June 75,802 2,908 4 42230,710 7221 5 855 3087 21 600 1950—June 45,134 4,482 2,349 4,094 7,13012,114 1,394 13,571 Dec 43,648 4,682 2,508 2,934 7,18010,778 1,531 14,035 Oct 79916 3,013 4 52232,904 7293 5 881 3430 22 872! 1951—June 30,023 2,629 1,397 2,781 5,389 6,056 1,236 10,534 Nov 79902 3,055 4 52732,887 7 231 5 874 3432 22 896 Dec 30,012 2,726 1,415 2,740 5,276 5,758 1,269 10,828 1952—June 26,707 2,211 1,358 2,681 4,707 4,589 1,122 10,038 1 Oct 26,586 2,234 1,358 2,585 4,726 4,566 1,137 9,979 Nov 26,572 2,254 1,358 2,582 4,725 4,555 1,133 9,965 1 0 per cent of total holdings ;- column headed "other" 157 FEBRUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES1 [Estimates. In millions of dollars] Proposed uses of net proceeds, Gross proceeds, all issuers * all corporate issuers6 Noncorporate Corporate New capital Re- Year or Bonds Re- tiremonth Total G m U ov e .S e n r . t n 3 - 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 Other' Total Total P li u c b ly - v P a r te i- 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 ti a o e r n f e n k - t s m i e t c o i e e u f n s r t pal offered placec 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 47 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 0 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 0 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—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 8 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 2 848 652 211 441 84 112 798 747 5 46 38 July 6,441 4,898 0 226 8 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 2Q4 59 1,049 874 399 476 6 169 940 775 9 157 94 Nov 1,213 480 0 219 25 490 414 127 287 27 49 448 403 31 14 35 Proposed uses of net proceeds, by major groups of corporate issuers Commercial and Real estate Manufacturing Railroad Public utility» Communication Year or miscellaneous and financial month T c p n e o r e e o t d t a - s l i N ta e l w io m R e e n ti t r s e - u T c p e n o r e e o t d a t - 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 o t d t a - s l i N c ta a e l p w i - om R e e n ti t r s e i - i T c p e n o r e e o t d a t - s l i N c ta a e p l w - iom R e e n ti t r s e n - T c p e n o r e e o t d t a - s l i N c ta a e l p w i - om R e e n ti t r s e - n T c p e n 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 i - i 1948 2,180 2,126 54 403 382 21 617 561 56 2,281 5,135 145 891 890 2 587 557 30 1949 1,391 1,347 44 338 310 28 456 445 11 2,615 5,381 234 567 517 49 593 558 35 1950 1,175 1,026 149 538 474 63 548 356 193 2,866 5,181 685 395 314 81 739 639 100 1951 3,066 2,846 221 518 462 56 332 298 34 2,570 5,466 104 605 600 5 515 449 66 1951—November.. 214 194 21 46 46 76 61 15 273 266 6 37 37 14 14 December. • 480 454 26 39 37 2 22 22 266 251 14 25 25 23 21 2 1952—January... . 349 349 29 28 1 17 17 184 178 6 2 2 14 13 1 February... 285 253 "31 13 12 2 29 29 125 122 3 3 3 13 13 March 366 362 4 61 55 5 12 12 490 484 6 6 6 20 20 April 350 345 5 66 61 5 34 34 399 398 47 45 3 56 56 May 559 514 45 40 40 119 51 ""68" 313 305 8 26 26 40 35 5 June 287 285 2 44 44 51 16 35 355 355 1 29 29 70 70 July 351 342 9 51 51 46 46 282 281 1 493 493 68 44 ""24* August 132 97 35 36 34 i 94 10 85 122 122 22 22 14 10 4 September.. 185 145 39 19 19 1 12 12 197 196 i 18 25 18 October.... 579 560 19 14 14 1 15 13 1 333 267 67 26 25 1 67 62 5 November.. 269 255 14 36 35 1 27 15 12 58 58 51 49 2 42 36 6 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. 8 Includes issues guaranteed. 4 Issues not guaranteed. 5 Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. 8 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 and1 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. 158 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 1952 1946 1947 1948 1949 1950 1951 1 2 3 4 1 2 3 Manufacturing Total (200 corps.): Sales 21,37230.869 37,00836,73844,11851,067 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 2,219 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 94011 13,4071? 8S314,77717 371 4,349 4 ?88 4.294 4,441 4 33S 4,216 4 361 Profits before taxes 1,426 1,787 2,210 ,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 Dividends 449 551 657 710 889 845 199 202 203 242 210 206 205 Durable goods industries (106 corps.):3 Sales 12 6? 319 SO? ?3 S66?3 88S?9 34133 696 8 36? 8 7S9 8,003 8,S7? 8 4? 5 8,390 7,866 Profits before taxes 607 2,312 3,105 3,191 5,192 5,374 1,382 1,405 ,191 1,396 1,234 1,019 865 Profits after taxes 295 1 3SS 1,835 1,887 ,54? ,000 510 497 428 S6S S01 338 37S 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 ?S9 ?S8 ?3S ?S7 199 61 40 46 S? 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 S47 656 67 S 1,110 1,384 36S 36S 342 31? 318 281 ?8S Profits after taxes 283 337 409 404 560 484 128 120 111 125 108 105 107 Dividends 180 254 31? 438 3SS 84 8S 87 100 87 87 88 Petroleum refining (14 corps.): Sales . ?,080 ?,906 3,945 3,865 4,234 4,999 1,?04 1,?04 1,?46 1 1 ,318 1,275 1,3?S Profits before taxes 269 456 S?S 6 SO 861 ?03 222 ?04 147 16S Profits after taxes . 214 350 548 406 442 516 123 118 127 148 129 111 114 Dividends 92 172 17? ?0S S7 ss SS 64 64 60 60 Primary metals and products (39 corps.): Sales s,429 7,S4S 9 066 8 187 10,446 1?,501 3 044 3,198 3,034 3,073 2,385 ? ,60S Profits before taxes 4S1 891 1 174 993 1 700 09? 5?S 5S7 49? S19 4? 5 98 Profits after taxes . 270 S4S 720 S78 8S4 77S 188 193 176 29 10? Dividends 211 ?47 ?70 ?8S 377 380 88 8S 86 120 88 87 86 Machinery (27 corps.): Sales ?,310 3,634 4,S?9 4 3S3 s,0S8 6 167 1 480 1 S63 1 434 1 690 1 ,S90 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 8? 73 81 80 91 Dividends 97 113 138 ?08 191 43 47 48 S4 49 48 49 Automobiles and equipment (15 corps.): Sales 3,7?S 6 69? 8 093 9 S77 11 80S 1? 438 3 ?,68 3 331 ? 899 ? 939 3 03S 3,427 ? 681 Profits before taxes . 37 809 1,131 1,473 30 S 1,915 S13 S08 40 S 488 S03 596 3 SO Profits after taxes -8 445 639 861 1,087 704 194 183 142 185 170 191 144 Dividends .... 136 19S 282 451 671 479 1?? 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 ?60 ?7S ?S0 SOS ?9S 261 368 Profits after taxes 287 479 699 438 783 693 104 146 320 141 149 208 Dividends 235 236 289 252 312 328 101 63 53 111 80 74 66 Electric power: Operating revenue . 3,815 4,291 4 830 ,055 s,431 s,867 1 S04 1 419 1 4? 3 1 1 ,603 1,491 1 S13 Profits before taxes 964 954 983 1,129 1,303 1,480 413 344 320 403 498 400 382 Profits after taxes . . 638 643 6S7 7S7 8?4 818 19S 168 ?S7 214 ?07 Dividends 458 494 493 553 619 661 1S7 161 162 181 17? 173 177 Telephone: Operating revenue . ? ,148 ? ,283 ,694 ? 967 34? 3 7?9 904 918 931 976 993 1,023 1 037 Profits before taxes 313 215 292 333 580 691 17S 174 160 182 194 205 18? Profits after taxes 209 138 186 ?07 331 341 90 9? 7? 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). FEBRUARY 1953 159 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 o er r P b t r e a 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 fi t 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 t n ir t e s - ch N a e n t ge 1939 6.5 1.5 5.0 3.8 1.2 1939 2,182 2,721 -539 1,939 2,550 -611 243 171 72 1940... 9.3 2.9 6.4 4.0 2.4 1940 2,801 3,074 -273 2,477 2,814 -337 324 260 64 1941 17.2 7.8 9.4 4.5 4.9 1941 2,793 2,817 -24 2,391 2,516 -125 402 301 101 1942 21.1 11.7 9.4 4.3 5.1 1942 1,151 1,464 -313 929 1,327 -398 222 137 85 1943 25.1 14.4 10.6 4.5 6.2 1943 1,333 2,129 -796 996 1,800 -804 337 329 8 1944... 24.3 13.5 10.8 4.7 6.1 1944 3,424 3,899 -475 2,693 3,391 -698 731 508 223 1945 19.7 11.2 8.5 4.7 3.8 1945 6,457 6,846 -389 4,924 5,995 -1,071 1,533 851 682 1946 23.5 9.6 13.9 5.8 8.1 1946 7,180 4,798 2,382 4,721 3,625 1,096 2,459 1,173 L.286 1947 30.5 11.9 18.5 6.6 12.0 1947 6,882 2,523 4,359 5,015 2,011 3,004 1,867 512 1,355 1948 33.8 13.0 20.7 7.3 13.5 1948 7,570 1,684 5,886 5,938 1,284 4,654 1,632 400 1,232 1949 27.1 10.8 16.3 7.5 8.8 1949 6,732 1,875 4,856 4,867 1,583 3,284 1,865 292 1,572 1950 39.6 18.4 21.2 9.0 12.3 1950 7,224 3,500 3,724 4,806 2,802 2,004 2,418 698 1,720 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 1952 '39.7 '22.6 '17.1 '9.1 '8.0 1951—2.... 2,749 778 1,971 1,758 582 1,176 991 196 794 1951—2 43.3 24.5 18.8 9.0 9.8 3 1,792 652 1,140 1,077 493 584 715 159 556 3 38.6 21.8 16.9 9.2 7.7 4.... 2,477 526 1,951 1,406 398 1,008 1,071 128 943 4 39.5 22.2 17.3 9.3 8.0 1952—1 2 ' ' 3 3 4 7 8 2 . . . 2 2 7 ' ' ' 2 2 21 1 4 . . . 2 8 3 ' ' ' 1 1 1 8 6 6 . . . 4 4 0 9 9 8. . . 9 6 3 ' ' ' 9 6 6 . . . 5 7 8 1952— 3 2 1 . . . . . . . . . . . . 3 2 2 , , , 0 4 4 8 3 5 7 8 9 5 6 7 0 5 1 2 8 6 2 1 1 , , , 8 4 7 8 4 8 0 3 5 2 1 1 , , , 6 8 1 2 4 8 2 0 3 4 5 6 8 1 1 9 3 1 1 1 1 , , , 1 6 2 5 7 1 1 0 1 9 7 6 0 3 9 5 7 8 1 6 8 0 9 9 5 8 5 7 1 3 2 5 2 9 '40.3 '23.0 '17.3 '9.0 8.3 1 Reflects cash transactions only. As compared with data shown on p. 158, new issues exclude foreign and include investment company offerings, sales of securities ' Revised. held by affiliated companies or RFC, special offerings to employees, and also new 1 Figures except those for cash dividends, are esti- stock issues and cash proceeds connected with conversions of bonds into stocks. Remates based on the past relationship of corporate tirements include the same types of issues, and also securities retired with internal profits to private nonfarm gross national product. funds or with proceeds of issues for that purpose shown on p. 158. Source,—Department of Commerce. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS1 [Estimates, in millions of dollars] Current assets Current liabilities Net E o n r d q o u f a r y te e r ar w c o ap rk it i a n l g Total Cash U s e e . r c n S u m . ri G e ti n o e t v s - r N e a c o c e c te i o v s u a a n b n t l s d e2 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 le t n s 3 d in l F i c a e o b d m i e l r i e t a i t l 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 22 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 1 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 g u 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 o r a t e n n a r - P u u t t i b i e l l s 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 h a - - P u u t t i b i e l s l i i - c ot A h l e l 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 , , 9 7 8 9 3 0 3 42 8 7 3 5 58 4 3 8 9 5 2 7 3 4 5 7 0 9 5 2 3 81 2 7 1 2 1 , ,0 6 7 9 4 4 1 1, , 8 3 2 0 2 4 4 3 . . . . . . 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 1 9 9 9 9 9 4 4 5 4 5 7 9 1 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 9 1 0 3 9 6 8 7 7 1 8 9 9 0 1 2 1 2 7 1 1 1 1 , , , , 3 1 4 3 8 5 1 7 1 8 2 1 4 9 9 1 1 1 1 , , , , 2 4 2 2 8 1 9 8 9 8 2 2 5 8 7 3 3 3 2 1 , , , , , 3 1 8 5 5 3 0 2 5 4 9 9 5 5 3 1 1 1 1 1 , , , , , 3 1 7 3 3 4 4 0 2 9 4 2 4 0 9 3 3 3 3 2 , , , , , 9 4 8 1 8 5 9 9 5 7 7 4 6 8 4 2 2 2 1 1 , , , , , 1 7 2 9 1 9 8 7 3 3 6 6 7 0 6 1952— 4 2 3 1 . * . . . . . . . . . . 6 6 6 7, , , , 2 9 4 2 9 1 2 2 8 3 8 0 3 3 3 2 , , , , 1 4 7 9 3 8 5 3 5 4 0 3 6 7 7 7 0 1 2 5 0 0 3 9 1,1 9 9 8 8 5 7 4 7 7 0 7 1 1 1 1 , , , , 7 7 6 7 1 1 0 6 5 3 8 8 1952 26,860 12,452 850 1,398 1,394 3,961 6,804 1953—1 *.. 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 other. * Anticipated by business. Source.—Department of Commerce and Securities and Exchange Commission. 160 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction I ( n p d h u y s s t i r c i a a l l v p o ro lu d m uc e t ) i * o n 1 awar c d o e n d t ra ( c v t a s lue)2 Employ 1 m 94 e 7 n - t 4 a 9 n = d 1 0 p 0 ayrolls3 1935-39=100 1947-49=100 Freight D m ep e a n r t t- Con- W sa h l o e le- Manu- Non- Manufacturing ca i r n l g o s a * d- sales* s p u ri m ce e s r s 3 ' m co o m di - ty Year or month Total Du fa - ctur N e d s o u n - - M era in ls - Total R d t e i e a n s l i - - o A th l e l r p t a e c u l g u m o r r l a y i - - - l - pr E o m du p c l t o i y o - n wor P k a e y rs - 19 = 3 1 5 0 -3 0 9 1 v ( 9 = a r 4 e l 1 u 7 ta 0 - e i 4 0 ) l 4 9 19 = 3 1 5 0 -3 0 9 1 p 9 = r 4 i c 1 7 e 0 - s 4 0 8 9 rable rable ment ment rolls Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 34 26 39 61.6 68.7 31.1 120 27 123 8 1920 75 93 60 83 34 18 45 62.2 69.0 37.1 129 32 143.3 1921 58 53 57 66 30 27 32 55.4 52.8 24.0 110 30 127.7 1922 73 81 67 71 43 41 43 58.7 58.4 25.7 121 30 119 7 1923 88 103 72 98 4.5 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 70 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 220 273 104 164 171 170 172 106.6 105 4 120 2 134 100 185 6 114 8 1952 219 280 189 160 ?183 ?182 P183P107.7 P104.2P134.2 126 P109 189 8 1951 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 7 218 223 271 192 167 147 168 133 106.8 103.9 105.8 130.9 133 106 186 6 113 4 October 218 222 274 188 174 140 160 127 106.6 103.4 105.1 129.8 135 109 187 4 113 7 November 219 220 277 188 170 156 146 162 106.8 103.3 104.3 129.8 137 113 188 6 113 6 December 218 217 282 185 163 166 145 180 107.1 103.5 104.4 132.9 133 109 189 1 113 5 1952 January 221 217 282 189 167 161 142 173 106.8 103.6 103.2 130.4 141 108 189.1 113.0 February 222 218 284 190 167 156 163 152 107.0 103.8 103.6 131.0 136 106 187 9 112 5 !March 221 217 285 188 164 164 174 157 107.0 103 7 103.6 131 9 133 105 188 0 112 3 April 216 215 277 183 166 171 189 158 107.0 104 0 102 9 128.1 126 103 188.7 111.8 May 211 211 277 181 140 168 186 156 107.1 103.4 101.8 128.1 122 108 189 0 111 6 June 204 205 247 186 147 172 193 158 106.5 100 8 99 7 126 4 108 111 189 6 111 2 July 193 194 230 179 142 177 196 165 106.1 99.2 97.5 121.1 102 105 190 8 111 8 August 215 218 267 191 156 207 193 217 107.9 103.4 104.2 133.3 125 114 191.1 112.2 September r228 '232 '290 194 175 207 191 218 'ios.7 '105.6 '107.4 '142 1 134 106 190 8 111 8 October ••230 233 ••299 195 164 210 185 227 '108.9 '106.5 '108.2 '144.2 128 115 190.9 111.1 November 234 235 304 197 171 196 178 207 109.4 107.6 108.7 145.3 134 113 191 1 110 7 December *»235 J>233 P313 P194 *164 P201 P177 P218 P109.7P108.1P109.0 •149,0 131 P115 190.7 109.6 1953 January «236 '232 «315 «196 «163 128 «109 * Estimated; all estimates are those of the Federal Reserve. P Preliminary. r Revised. * Average per working day. 1 For indexes by groups or industries, see pp. 161-165. 2 Three-month moving average, based on F. VV. Dodge Corporation data. A description of the index may be obtained from the Division of Research and Statistics. For monthly data (dollar value) by groups, see p. 169. 3 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumers' price index is the adjusted series, reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim revision of series and weights. * For indexes by Federal Reserve districts and for other department store data, see pp. 172-174. 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. FEBRUARY 1953 161 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 Dec. Jan. Feb. Mar. I Apr. May June July Aug. i Sept.Oct. Nov. Dec. Industrial Production—Total . 218 221 222 221 216 211 204 193 215 1*228 '230 234 '235 Manufactures—Total 228 231 232 231 225 224 214 202 225 I '237 r242 245 '247 Durable Manufactures 282 282 284 285 277 277 247 230 267 290 '299 304 '313 Iron and Steell 263 261 261 263 245 246 140 139 244 270 280 283 v288 Pig iron 227 229 235 239 205 208 42 38 221 242 247 244 247 Steel 304 304 304 309 278 278 66 83 283 319 332 334 335 O El p e e c n t ri h c earth. 9 2 1 1 1 9 9 2 1 1 3 8 892 9 2 1 2 1 5 8 1 5 9 5 6 8 1 6 9 7 5 39 36 8 20 6 2 0 222 1 2 0 3 4 3 0 231 2 02 3 2 8 256 418 1013 1064 Machinery 358 359 360 359 354 353 336 r363 >387 352 331 '354 372 Transportation Equipment. 320 318 322 327 329 338 300 '368 339 287 '353 376 Automobiles (including parts) 221 218 219 222 227 231 175 '261 '272 (A a ir n c d r a G ft; o v R er a n il m ro e a n d t ) E 2 quipment; Shipbuilding—Private 229 162 '247 271 Nonferrous Metals and Products. 207 216 217 218 218 216 210 201 213 '225 236 240 >245 Smelting and refining 235 243 249 252 257 259 247 242 251 248 251 251 P260 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 196 206 204 204 203 199 195 184 197 •231 236 239 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products. 154 159 162 158 152 142 146 149 155 155 161 P164 Lumber.. . 141 150 154 149 143 128 134 128 135 140 138 146 149 Furniture. 178 175 176 175 170 168 169 165 175 183 190 190 '194 Stone, Clay, and Glass Products. 219 217 224 222 220 217 222 214 221 224 221 '221 Glass products 208 210 223 224 225 227 247 243 243 245 241 233 '221 Glass containers 216 223 239 239 242 243 269 261 261 254 242 225 Cement 242 233 257 244 238 230 222 215 231 227 231 233 254 Clay products 172 182 177 175 173 168 170 158 163 161 161 '161 Other stone and clay products 2. Nondurable Manufactures... 185 189 190 188 183 181 186 179 191 194 195 197 194 Textiles and Products 152 157 152 144 151 154 147 170 177 172 176 >167 Textile fabric? 137 142 146 139 131 137 138 120 152 158 154 158 Cotton consumption 136 144 150 141 130 135 133 111 143 145 142 149 141 Rayon deliveries 283 294 288 280 287 312 343 369 377 361 356 337 Nvlon and silk consumption 2.. . Wool textiles 118 116 122 112 108 117 112 103 123 137 134 137 Carpet wool consumption. . 99 120 133 123 117 113 75 71 120 148 140 153 Apparel wool consumption. 121 110 116 110 110 123 125 120 139 149 142 137 Wool and worsted yarn 115 109 117 108 103 112 113 103 120 130 126 128 Woolen yarn 112 108 114 103 96 108 106 97 112 121 117 120 Worsted yarn 119 109 120 114 112 116 124 112 131 144 140 138 Woolen and worsted cloth.. 131 126 126 113 109 123 124 113 123 136 138 142 Leather and Products. 88 100 107 108 102 105 103 91 116 112 113 Leather tanning 79 86 90 86 84 90 92 81 97 97 103 103 Cattle hide leathers 91 98 101 98 95 105 106 91 110 107 115 116 Calf and kip leathers 59 64 73 68 72 67 69 60 79 90 '87 84 Goat and kid leathers 60 70 72 69 64 67 67 71 67 65 77 83 Sheep and lamb leathers. 71 71 74 72 69 72 79 66 89 88 93 86 Shoes 94 110 118 122 114 98 118 115 111 129 123 120 Manufactured Food Products. 160 162 165 166 163 162 '165 vl61 160 166 164 '168 161 Wheat flour 109 122 113 103 108 109 109 P112 Cane sugar meltings 2 103 113 109 108 113 Manufactured dairy products. 136 137 138 142 146 148 147 145 148 148 146 147 152 Butter 62 65 66 71 73 73 69 70 69 71 73 73 85 Cheese 161 165 163 169 181 183 180 176 178 178 176 191 209 Canned and dried milk... 119 118 120 133 149 163 164 152 168 166 155 152 155 Ice cream * p Preliminary. * Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 8 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer available separately, individual indexes through June 1951 are shewn in preceding BULLETINS. 162 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactured Food Products—Continued Meat packing 163 162 182 179 165 146 148 147 158 170 169 170 176 Pork and lard 200 193 228 230 207 167 170 163 180 200 194 196 202 Beef 141 145 153 141 135 140 137 144 149 151 155 163 Veal 84 87 84 81 79 84 99 109 121 125 131 131 124 69 80 85 85 79 76 78 68 77 87 96 89 97 Other manufactured foods 168 169 171 172 169 169 175 171 171 M75 rl72 166 P166 Processed fruits and vegetables 123 128 133 150 146 147 161 138 124 P127 Confectionery 149 145 143 135 128 130 121 117 134 136 131 134 Other food products 183 184 185 184 183 181 188 189 190 '190 183 P181 Alcoholic Beverages 176 174 171 170 157 150 152 162 151 155 162 180 166 Malt liquor 178 185 173 171 154 149 161 176 165 160 154 177 182 Whiskey . . 85 73 73 68 62 51 38 19 21 26 28 31 44 Other distilled spirits 253 336 327 292 298 231 185 198 ?34 148 182 133 127 Rectified liquors 225 150 193 208 205 214 207 224 175 263 325 369 228 Tobacco Products 147 176 175 174 184 178 189 172 186 187 190 181 172 87 108 105 109 110 114 116 113 111 123 134 124 98 Cigarettes 204 244 244 243 259 245 264 240 261 257 258 249 243 Other tobacco products 60 67 68 59 62 64 65 54 68 65 66 57 59 Paper and Paper Products 184 187 193 192 185 182 181 160 188 192 203 205 195 Paper and pulp 182 185 189 188 181 175 176 154 180 181 192 194 185 Pulp 223 229 237 241 228 221 227 195 229 220 233 236 220 Groiindwood pulp 116 111 114 117 110 108 121 124 132 125 125 108 112 94 95 99 99 95 92 89 68 82 83 89 92 91 Sulphate and sulphite pulp 3 261 271 279 284 269 260 266 226 267 256 274 280 258 Paper 176 178 181 180 174 168 168 148 172 175 186 188 180 191 197 209 205 202 207 201 182 222 233 246 249 235 191 192 191 189 186 175 182 1 *>0 168 165 178 182 179 181 195 184 190 186 162 168 174 180 187 206 193 195 Wrapping paper 181 177 176 178 161 149 153 124 148 146 150 161 150 128 123 129 131 122 130 134 126 130 126 123 121 116 Printing and Publishing 174 175 177 177 175 170 176 157 165 165 176 175 168 158 159 163 164 164 166 169 164 162 166 173 169 157 Printing paper (same as shown under Paper) Petroleum and Coal Products 281 281 281 278 261 209 251 259 280 282 279 289 P289 Petroleum refining Gasoline 215 211 212 210 205 157 216 225 231 234 225 233 P231 Fuel oil 234 238 242 227 218 167 228 231 235 232 226 239 P241 Lubricating oil 192 188 177 183 177 124 185 174 181 179 182 171 224 243 208 223 211 133 199 226 230 208 207 225 Other petroleum products 2 Coke 185 188 188 204 166 i<55 72 67 169 177 179 182 P183 178 179 179 197 161 161 71 67 168 174 178 179 456 464 459 420 326 311 84 52 184 299 243 269 307 Chemical Products 298 300 297 294 292 292 298 299 302 302 303 308 P313 Paints 158 159 157 155 152 151 157 154 155 1 58 158 P157 Rayon 317 322 299 269 267 270 307 325 354 370 357 350 P350 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 2 563 562 562 563 559 558 563 565 568 r567 r577 594 P610 Rubber Products.... 250 248 243 242 235 242 246 225 242 '252 r258 263 P273 Minerals—Total 163 167 167 164 166 140 147 142 156 175 164 171 P164 Fuels 170 175 174 170 171 140 161 115 161 180 167 177 P172 Coal 125 136 123 111 110 100 96 84 93 133 93 125 115 135 147 135 122 119 107 102 91 102 144 93 135 125 Anthracite 86 91 77 68 74 73 74 57 61 88 95 87 71 193 194 199 199 201 159 193 190 194 203 203 202 j>2 00 Metals. 122 125 128 125 141 143 65 65 131 148 145 138 P121 Metals other than gold and silver 174 177 182 176 204 207 71 71 188 219 212 201 Iron ore (Copper; Lead; Zinc) 2 Gold 44 47 47 48 47 51 52 54 50 48 47 Silver 70 72 76 78 77 75 71 63 63 63 69 For other footnotes see preceding page. NOTE.—Fcr 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. FEBRUARY 1953 163 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Industrial Production—Total 217 217 218 217 215 211 205 194 218 '232 233 235 P233 Manufactures — Total 227 227 229 228 224 224 215 203 228 '242 245 246 P246 Durable Manufactures 280 280 281 283 277 278 249 232 269 -292 -301 305 Iron and Steel * .. 263 261 261 263 245 246 140 139 244 270 280 283 P288 Pig iron 227 229 235 239 205 208 42 38 221 242 247 244 247 Steel Open hearth. 3 2 0 1 4 9 3 2 0 1 4 8 3 2 0 2 4 1 3 22 0 5 9 2 1 7 9 8 6 2 1 7 9 8 5 3 6 9 6 3 8 6 3 2 20 8 2 3 3 22 1 2 9 3 2 3 3 2 3 3 2 3 3 4 1 3 2 3 3 5 8 Electric 911 913 892 911 855 867 256 418 860 1013 1040 1064 1022 Machinery 358 359 360 359 354 353 352 331 336 '354 '363 372 P387 320 318 322 327 329 338 339 287 300 '353 '368 376 P387 Automobiles (including parts) 221 218 219 222 227 231 229 162 175 -247 -261 271 P272 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 207 216 217 218 218 216 210 201 213 '225 '236 240 P245 Smelting and refining 235 243 249 252 257 260 246 241 251 248 251 251 P261 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 196 206 204 204 203 199 195 184 197 -216 -231 236 P239 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products 141 142 148 149 152 145 155 150 160 167 164 159 P151 122 125 133 135 143 133 148 143 152 159 151 143 128 Furniture 178 175 176 175 170 168 169 165 175 183 -190 190 Stone Clay and Glass Products .. . 212 205 208 212 216 224 225 216 231 232 '234 226 P214 Glass products . ... 197 207 218 224 225 240 245 235 251 -248 247 235 P210 Ceme G n l t ass containers 2 2 2 0 0 1 2 1 1 8 9 8 2 1 3 9 2 6 2 2 0 3 0 9 2 24 2 2 6 2 2 4 6 1 0 2 2 3 6 7 6 2 2S 36 S 2 27 6 2 1 2 2 6 6 3 7 2 2 6 6 7 2 2 2 5 4 2 5 2 2 3 1 1 0 Clav products 177 169 168 167 168 167 169 160 169 -167 -171 167 Other stone and clay products 2 Nondurable Manufactures . . 185 184 186 184 180 180 187 181 195 -201 200 199 P193 Text. les and Products . 152 157 160 152 144 151 154 147 170 177 172 176 P167 Textile fabrics 137 142 146 139 131 137 138 129 152 158 154 158 136 144 150 141 130 135 133 111 143 145 142 149 141 Nylon and silk consumption s 283 296 294 288 280 287 312 343 369 377 361 356 337 Wool textiles .... 118 116 122 112 108 117 112 103 123 137 134 137 99 120 133 123 117 113 75 71 120 148 -140 153 Apparel wool consumption 121 110 116 110 110 123 125 120 139 149 142 137 115 109 117 108 103 112 113 103 120 130 r126 128 112 108 114 103 96 108 106 97 112 121 117 120 Worsted yarn 119 109 120 114 112 116 124 112 131 144 140 138 131 126 126 113 109 123 124 113 123 136 138 142 Leather and Products 88 100 109 108 102 105 102 90 116 111 112 114 79 86 96 86 84 90 90 77 95 95 104 106 Cattle hide leathers 91 100 109 98 95 105 102 86 107 105 116 121 Calf and kip leathers 58 62 77 67 69 64 70 60 83 88 89 85 Goat and kid leathers 61 70 74 68 66 66 68 70 66 77 80 67 66 81 70 68 77 78 62 92 86 93 91 Shoes 94 110 118 122 114 115 111 98 129 123 118 120 Manufactured Food Products 158 151 149 148 149 154 165 174 185 '192 '178 165 P159 Wheat flour 108 122 114 101 104 99 109 108 108 118 115 114 Cane sugar meltings * Manufactured dairy products 95 86 97 116 152 197 217 215 214 173 133 106 107 Butter 49 54 58 64 75 94 95 86 76 69 63 55 67 Cheese 116 122 134 152 188 245 256 217 199 182 158 143 151 Canned and dried milk 92 95 108 131 168 227 227 176 173 153 126 120 v Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 1 Because of a reclassification of the basic data med 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. 164 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 Dec. Jan. Feb. Mar Apr. May June July Aug. Sept Oct. Nov Dec. Manufactured Food Products—Continued IMeat packing 195 193 175 165 152 147 147 137 138 154 169 190 208 Pork and lard 264 253 223 214 188 167 170 144 139 158 183 230 266 Beef 141 148 140 128 127 140 134 146 150 163 167 161 163 Veal 79 81 74 76 78 88 99 109 118 138 149 141 116 68 85 86 83 77 78 73 65 75 93 100 89 95 Other manufactured foods 166 157 155 153 151 154 166 179 195 ••207 ••191 174 P163 Processed fruits and vegetables 96 83 84 82 89 96 124 179 234 »-279 rJ94 114 P99 150 149 144 125 107 100 89 96 144 175 171 158 Other food products 187 177 176 176 175 178 189 193 194 '194 '194 192 P185 Alcoholic Beverages 154 145 152 155 155 158 176 186 159 159 173 163 142 Malt liquor 142 151 155 159 162 170 203 220 188 161 143 136 145 Whiskey 85 73 73 68 62 51 38 19 21 26 28 31 44 Other distilled spirits 278 219 196 190 179 139 115 115 126 202 472 280 140 Rectified liquors 225 150 193 208 205 214 207 224 175 263 325 369 228 Tobacco Products .... 137 176 167 164 174 178 197 179 193 198 197 184 159 Cigars 87 108 105 109 110 114 116 113 111 123 134 124 98 Cigarettes 188 244 229 226 241 245 278 252 274 275 268 254 224 Other tobacco products 53 66 66 59 62 64 66 54 66 69 71 59 51 Paper and Paper Products 183 187 194 192 186 182 182 159 188 191 203 205 195 Paper and pulp .... 181 185 190 188 181 175 177 153 180 181 192 194 184 Pulp. 223 230 238 242 230 222 227 193 227 217 232 237 220 117 116 119 125 121 117 122 110 116 112 116 114 113 Soda pulp.... . 94 95 99 99 95 92 89 68 82 83 89 92 91 Sulphate and sulphite pulp 8 261 271 279 284 269 260 266 226 267 256 274 280 258 Paper 175 178 182 180 174 168 169 147 172 175 186 188 179 191 197 209 205 202 207 201 182 222 233 246 249 235 Printing paper 191 192 191 189 186 175 182 150 168 165 178 182 179 Tissue and absorbent paper 175 193 191 190 188 162 171 167 180 187 208 193 189 Wrapping paper 181 177 176 178 161 149 153 124 148 146 150 161 150 Newsprint 125 123 129 131 124 131 135 124 129 126 123 123 114 Printing and Publishing 178 170 175 180 180 174 175 145 157 166 180 183 172 Newsprint consumption 166 148 159 171 174 173 168 141 146 168 182 184 165 Petroleum and Coal Products 281 281 281 278 261 209 251 259 280 282 279 289 P289 Gasoline ... 215 211 212 210 205 157 216 225 231 234 225 233 P231 Fuel oil 234 238 242 227 218 167 228 231 235 232 226 239 P241 Lubricating oil ... 190 183 175 181 184 129 185 172 179 179 182 171 231 248 21* 227 215 134 187 210 221 206 207 231 Other Detroleum Droducts * Coke 185 188 188 204 166 165 72 67 169 177 179 182 P183 By-product coke 178 179 179 197 161 161 71 67 168 174 178 179 Beehive coke 456 464 459 420 326 311 84 52 184 299 243 269 307 Chemical Products 302 302 300 298 295 291 296 295 299 '305 309 313 P317 Paints 158 156 155 1^5 153 155 156 155 152 153 158 156 P158 Ravon . . . 317 322 299 269 267 270 307 325 354 370 357 350 *>35O Industrial chemicals 563 562 562 563 559 558 563 565 568 '567 r577 594 P610 Other chemical products2 Rubber Products 250 248 243 242 235 242 246 225 242 '252 r258 263 P273 Minerals—Total 159 162 162 158 165 143 149 144 161 180 166 no P160 Fuels 170 175 174 170 171 140 161 155 161 180 167 177 P172 Coal 125 136 123 111 110 100 96 84 93 133 93 125 115 Bituminous coal.. 135 147 135 122 119 107 102 91 102 144 93 135 125 86 91 77 68 74 73 74 57 61 88 95 87 71 Crude petroleum 193 194 199 199 201 159 193 190 194 203 203 202 P200 Metals 89 88 91 00 130 159 75 81 164 178 164 132 P88 Metals other than gold and silver 117 116 121 118 189 239 91 101 244 265 241 186 P113 Iron ore 94 94 98 94 238 348 41 71 381 418 363 248 (Copper: Lead; Zinc)2 Gold • 46 45 43 43 42 44 48 52 54 55 56 Silver 70 73 77 80 77 74 68 61 61 64 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. 165 FEBRUARY 1953 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total 98 100 102 104 103 105 108 71 84 121 125 134 133 Passenger automobiles 93 91 96 103 109 110 114 47 63 122 125 131 129 104 110 108 106 97 99 101 98 108 119 124 137 138 Carpets . .... 63 79 75 80 83 81 44 61 76 81 99 98 Furniture 105 104 103 102 106 109 110 113 113 rH5 119 120 121 ^lajor appliances . 100 97 95 98 82 85 89 74 94 89 91 114 115 Radios and television 130 164 158 141 118 115 136 135 141 205 214 237 236 r Revised. NOTE.—Figures for December 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. ADJUSTED FOR SEASONAL VARIATION Total 12,803 12,816 12,835 12,832 12,862 12,794 12,465 12,268 12,795 13,058 13,168 13,314 13,375 Durable goods 7,261 7,256 7,285 7,281 7,331 7,302 6,916 6,674 7,188 '7,430 '7,534 7,654 7,712 Primary metal industries 1,152 1,156 1,154 1,148 1,143 1,153 720 686 1,116 1,153 1,156 1,166 1,172 Fabricated metal products 794 796 799 799 802 806 111 745 795 '821 '840 856 858 Machinery except electrical 1,263 1,276 1,275 1,267 1,276 1,263 1,255 1,215 1,193 '1,199 1,221 1,254 1,281 Electrical machinery 712 718 720 715 714 715 710 706 726 747 756 769 785 Transportation equipment 1,235 1,235 1,251 1,266 1,288 1,307 1,323 1,169 1,192 '1,330 1,387 1,423 1,441 Lumber and wood products 699 667 685 680 688 635 690 709 709 ••705 '690 689 671 Furniture and fixtures 290 292 290 293 293 294 297 297 299 '302 303 307 310 Stone, clay, and glass products. . 460 457 449 449 452 449 453 448 456 460 463 465 457 Instruments and related products 230 231 232 232 235 233 233 238 240 242 245 249 250 Misc. manufacturing industries.. 374 374 375 376 382 388 398 401 403 408 410 413 422 Ordnance and accessories 52 54 55 56 58 59 60 60 59 '63 '63 63 65 Nondurable goods 5,542 5,560 5,550 5,551 5,531 5,492 5,549 5,594 5,607 '5,628 <5,634 5,660 5,663 T A e p x p t a il r e e - l m a i n ll d p o ro th d e u r c t f s inished tex- 1,124 1,120 1,106 1,102 1,093 1,088 1,082 1,114 1,137 '1,153 1,150 1,150 1,144 tiles 1,020 1,029 ,021 1,020 1,011 1,004 1,018 1,045 1 ,034 '1.037 1,029 1,055 1,062 Leather and leather products. . . 325 330 335 336 339 344 347 345 350 348 351 359 364 Food and kindred products 1,133 1,144 ,159 1,161 1,155 1,153 1,169 1,163 1,140 '1,138 1,141 1,129 1,116 Tobacco manufactures 83 82 81 81 83 83 82 83 84 84 83 82 83 Paper and allied products 406 403 402 399 398 400 405 403 410 '413 '415 417 423 Printing, publishing and allied industries 512 510 507 511 510 510 511 512 514 '515 517 519 519 Chemicals and allied products... 527 531 530 530 530 525 528 532 523 523 525 525 525 Products of petroleum and coal. 197 195 195 197 199 169 189 189 201 200 203 202 202 Rubber products 215 216 214 214 213 216 218 208 214 '217 '220 222 225 WITHOUT SEASONAL ADJUSTMENT Total 12,911 12,766 12,820 12,815 12,733 12,588 12,329 12,061 12,886 13,285 13,378 13,447 13,487 Durable goods 7,322 7,264 7,306 7,316 7,329 7,262 6,888 6,559 7,146 '7,444 '7,583 7,709 7,778 Primary Metal Industries 1,164 1,162 1,160 1,154 1,143 1,141 716 676 1,110 'i, 153 '1, 162 1,172 1,184 Blast furnaces, steel works Fabrica a t n ed d M ro e ll t i a n l g P m ro i d ll u s cts 8 5 0 7 6 3 8 5 0 7 4 0 8 5 0 7 7 0 8 5 0 6 7 7 5 8 5 0 8 6 5 7 5 9 7 8 7 1 6 5 9 5 7 1 2 3 6 4 7 5 8 4 3 0 ' r 5 82 6 1 5 ' r 5 8 6 4 6 4 8 5 6 6 0 8 871 E M l a ec c t h M r i i n c e a e t r l a y l M w e a o x c r c h k e i i p n n t e g E r y l m ec a tr c i h ca in l ery... 1, 2 7 2 4 2 6 5 6 9 1, 2 7 2 4 2 7 7 5 6 1, 2 7 2 4 2 8 9 7 1 1, 2 7 2 4 2 8 9 2 0 1, 2 7 2 4 1 8 9 4 2 1. 2 7 2 4 0 6 7 8 9 1, 2 7 2 4 0 6 8 6 1 1, 2 6 2 4 8 0 2 5 3 1, 2 7 1 0 4 8 8 4 1 n, '2 1 7 4 9 4 7 3 3 '1, ' 2 2 7 1 4 6 5 6 4 1, 2 7 2 4 8 4 7 1 8 1, 8 28 0 7 1 Electrical apparatus (gen- 271 273 275 273 270 267 266 254 259 269 27'4 278 erating, etc.) 272 271 273 273 269 267 268 265 281 297 307 320 Communication equipment. 1,235 1,235 1,251 1,266 1,288 1,307 1,323 1,169 1,192 '1,330 '1,387 1,423 1,441 Transportation Equipment Motor vehicles and equip- 645 633 634 643 663 667 672 521 525 '680 '708 740 ment 407 415 424 428 430 437 447 454 466 '448 '477 484 Aircraft and parts 696 654 668 670 678 635 697 709 727 '719 '700 696 668 Lumber and Wood Products 412 391 396 398 405 387 424 All 442 '438 432 425 Sawmills and planing mills.. 296 296 296 296 292 287 288 285 295 '304 309 315 316 Furniture and Fixtures 208 208 207 208 205 202 202 202 210 216 '222 226 Household furniture 465 452 447 449 452 449 453 441 458 462 465 467 462 Stone, Clay, and Glass Products.. 232 232 233 234 236 233 233 230 238 242 246 250 253 Instruments and Related Products. 381 374 381 382 380 376 382 375 395 414 428 434 430 Misc. Manufacturing Industries.. 52 54 55 56 58 59 60 60 59 '63 '63 63 65 Ordnance and Accessories For footnotes see following page. 166 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Nondurable goods 5,589 5,502 5,514 5,499 5,404 5,326 5,441 5,502 5,740 '5,841 '5,795 5,738 5,709 Textile-mill Products 1,141 1,131 1,123 1,113 1,093 1,083 1,082 1,081 1,120 rl 141 rl,150 1,161 1,161 Broad-woven fabric mills... 548 540 527 518 507 503 506 509 519 522 524 527 Knitting mills 211 209 210 210 210 209 212 209 221 225 228 230 Apparel and Other Finished Textiles 1,035 1,029 1,052 1,051 996 959 972 982 1,050 * 1,068 rl, 065 1,066 1,078 Men's and boys' furnishings. 235 228 233 238 239 238 240 239 249 253 '256 255 Women's and misses' outerwear 296 300 309 306 275 252 252 269 292 r292 T-284 287 Leather and Leather Products.... 323 330 342 344 336 330 340 340 357 355 355 357 362 Footwear (except rubber)... 205 213 221 222 217 213 221 219 232 228 224 224 Food and Kindred Products 1,122 1,068 1,060 1,057 1,057 1,074 1,138 1,215 1,279 '1,314 7-1,235 1,157 1,104 Meat products 252 246 244 239 233 230 232 234 232 r236 235 245 Canning and preserving.... 120 106 105 104 114 122 155 211 280 T-313 T-227 150 Bakery products 190 187 187 189 186 183 190 195 194 195 T-195 194 Tobacco Manufactures .. 85 82 80 78 77 77 78 78 87 91 91 88 85 Paper and Allied Products 410 405 404 401 398 398 403 395 408 r411 *417 421 427 Pulp, paper and paperboard mills .. .... .... 212 211 210 208 206 206 209 203 209 »-208 T-209 210 Printing, Publishing and Allied Industries 520 510 507 508 507 507 511 507 509 rl)15 522 524 527 Newspapers 155 151 152 152 152 154 154 154 154 155 155 156 Commercial printing 171 170 166 167 166 167 167 165 165 T-167 169 170 Chemicals and Allied Products... 538 536 538 538 530 517 512 511 513 526 535 535 535 Industrial organic chemicals. 171 170 168 168 163 161 163 166 168 168 170 172 Products of Petroleum and Coal.. 196 193 193 194 197 168 190 191 205 203 203 203 201 Petroleum refining 155 153 153 152 155 126 155 158 161 159 159 159 Rubber Products 219 218 215 215 213 213 215 202 212 '217 '222 226 229 T 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 December 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 Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Total 67.40 70.59 70.78 72.36 41.2 41.4 41.2 41.8 1.636 1.705 1.718 1.731 Durable goods 72.71 '76.72 76.82 78.61 42.2 42.2 42.0 42.7 1.723 '1.818 1.829 1.841 Primary metal industries 77.73 '82.14 83.00 85.62 42.2 '41.4 41.5 42.3 1.842 '1.984 2.000 2.024 Fabricated metal products , 71.78 T-75.68 75.71 78.37 42.3 42.4 42.2 43.3 1.697 '1.785 1.794 1.810 Machinery except electrical 79.95 80.87 81.36 83.54 44.1 42.9 42.8 43.6 1.813 '1.885 1.901 1.916 Electrical machinery 69.97 T-72.66 72 .40 74.26 42.0 -"42.0 41.8 42.7 1.666 1.730 1.732 1.739 Transportation equipment 79.48 T-85 .80 85.19 87.96 41.7 '42.1 41.7 42.7 1.906 '2.038 2.043 2.060 Lumber and wood products 60.18 T-66.27 64.79 62.12 40.8 42.1 41.4 41.3 ,475 '1.574 1.565 1.504 Furniture and fixtures 60.48 T-63 .50 63.29 64.56 42.0 42.5 42.0 42.7 ,440 '1.494 1.507 1.512 Stone, clay, and glass products 65.30 T-70.43 70.17 71.44 41.2 '•42.1 41.4 42.0 585 '1.673 1.695 1.701 Instruments and related products 71.70 '75.10 75.52 77.90 42.6 '42.5 42.5 43.3 ,683 '1.767 1.777 1.799 Miscellaneous manufacturing industries 60.53 '63.85 64.40 65.66 41.4 -•42.2 42.2 42.5 ,462 '1.513 1.526 1.545 Ordnance and accessories 77.62 '78.10 75.81 76.30 45.1 '42.1 41.2 41.4 ,721 '1.855 1.840 1.843 Nondurable goods 60.45 '62.47 62.83 64.06 39.9 40.3 40.2 40.7 1.515 '1.550 1.563 1.574 Textile-mill products 52.70 '55.16 55.15 56.09 39.3 '40.5 41.0 1.341 '1.362 1.365 1.368 Apparel and other finished products.... 46.26 '48.02 47.72 48.36 36.2 '37.4 37.4 1.278 '1.284 1.276 1.293 Leather and leather products 48.61 '51.11 50.78 53.34 37.8 '38.2 39.6 1.286 1.338 1.347 1.347 Food and kindred products 64.13 '64.78 66.24 67.35 42.3 '41.9 41.9 42.2 1.516 '1.546 1.581 1.596 Tobacco manufactures 46.53 '47.52 46.83 47.62 39.5 '40.0 38.7 39.1 1.178 '1.188 1.210 1.218 Paper and allied products 66.68 '71.64 72.04 72.46 42.8 43.9 43.9 44.1 1.558 '1.632 1.641 1.643 Printing, publishing and allied products. 79.43 '81.90 81.57 85.03 39.4 39.0 38.9 39.9 2.016 '2.100 2.097 2.131 Chemicals and allied products 69.10 71.47 72.15 72.36 41.8 41.7 41.8 41.8 1.653 1.714 1.726 1.731 Products of petroleum and coal 82.94 '87.96 88.38 88.93 41.2 40.8 40.9 40.7 2.013 '2.156 2.161 2.185 Rubber products 73.91 '75.11 77.10 79.84 41.2 '41.2 41.1 42.0 1.794 '1.823 1.876 1.901 r Revised. NOTE.—Data are for production and related workers. Figures for December 1952 are preliminary, Back data are available from the Bureau of Labor Statistics. FEBRUARY 1953 167 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 1945 10,069 15,^02 826 1,132 3 872 7,522 1,394 4.055 5,967 1946 . 41,412 14 461 852 1,661 4 023 8,602 1,586 i1,621 5,607 1947 4.* 371 15,247 943 1,982 4,122 9,196 1,641 1,786 5,454 1948 44,201 15,286 981 2,165 4,151 9,491 1,716 i1,799 5,613 1949 43 006 14,146 932 2,156 3,977 9,438 1,763 i1,782 5,811 1950 44 124 14,884 904 2.318 4.010 9,524 1,812 41,761 5,910 1951 46.401 15,931 920 2,5*9 4 144 9.804 1,883 i1.759 6,390 1952 46,865 15,985 875 2,545 4,168 9,943 1.961 1.761 6,628 SEASONALLY ADJUSTED 1951—December 46,608 15,811 916 2,569 4,161 9,893 1,931 4,749 6,578 1952—January 46,471 15,830 916 2,545 4,139 9,852 1,919 4,742 6,528 February 46,594 15,877 912 2,593 4,147 9,860 1,929 4,738 6,538 March. 46 552 15,894 911 2,523 4 154 9,862 1,937 4,728 6,543 April 46,556 15,931 899 2,517 4,116 9,849 1,942 4,748 6,554 May 46,599 15,870 894 2,497 4,134 9,912 1,948 4,772 6,572 June 46,348 15,547 810 2,536 4,139 9,964 1,957 4,789 6,606 July. 46,170 15,362 777 2,544 4 099 9,965 1,964 4,783 6,676 August . 46,970 15,924 889 2,575 4 160 9,967 1,973 4,796 6,686 September ••47,301 '16,196 ••881 '2,582 '4,206 '9,981 1,981 .'4,781 6,693 October r47 402 r16,319 '869 '2,573 '4 248 '9,979 '1,988 '4,746 6,680 November 47,630 16,489 873 2,562 4,238 10,013 1,992 4,751 6,712 December 47,754 16,571 869 2,494 4,239 10,095 1,999 4,748 6,739 UNADJUSTED 1951 —December 47.663 15,913 916 2,518 4,161 10,660 1,912 4,702 6 881 1952—January 45.913 15,776 909 2,316 4,103 9,720 1,909 4,671 6,509 February 45,899 15,859 902 2,308 4,111 9,643 1,919 4,667 6,490 March 46,001 15,869 904 2,296 4.118 9,668 1,937 4,681 6,528 April . 46,299 15,795 896 2,416 4,096 9,845 1,952 4,748 6,551 May 46,329 15,654 893 2,522 4,131 9,773 1,958 4,796 6,602 June 46,292 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 ••47,789 ••16,430 ••886 '2,763 '4,228 '9,970 1,971 '4,829 6,712 October ••47,891 ••16,539 '871 '2,702 '4,241 '10,105 '1,968 '4,770 6,695 November 48,006 16,622 874 2,613 4,234 10,301 1,972 4,727 6,663 December 48,836 16,677 869 2,444 4,239 10,878 1,979 4,701 7,049 ' 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 i onth. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. December 1952 figures and 1952 annual averages are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally a ijusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau ofthe Census estimates without seasonal ad justment. Thousands of persons 14 years of age icnd over] Civilian labor force Year or month in T p s o o t p t i a t u u l l t a i n t o i o o n n n a - l T l f a o o b r t c o a e r l Employed x Unem- l N ab o o t r i n f o t r h c e e Total Total t I u n r a n l o i n n a d g u r s i t c r u ie l- s agric I u n lture ployed 1945. 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947. 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1948. 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1949. 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950. 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951 111 924 65,832 62,884 61,005 53 951 7,054 1,879 46,092 1952 (2) (2) 62,966 61,293 54,488 6,805 1,673 46,710 1951—December 112,485 65,973 62,688 61,014 54,636 6,378 1,674 46,512 1952—January 112,571 65,091 61,780 59,726 53,540 6,186 2,054 47,480 Fehruarv 112,664 65,228 61,838 59,752 53,688 6,064 2,086 47,436 March 112,762 65,006 61,518 59,714 53,702 6,012 1,804 47,756 April 112,844 65,260 61,744 60,132 53,720 6,412 1,612 47,584 May 112,946 66,298 62,778 61,176 54,216 6,960 1,602 46,648 June 113,050 67,884 64,390 62,572 54,402 8,170 1,818 45,166 July. . (2) (2) 64,176 62,234 54,636 7,598 1,942 45,516 August (2) (2) 63,958 62,354 55,390 6,964 1,604 45,846 September (2) (2) 63,698 62,260 54,712 7,548 1,438 46,208 October (2) (2) 63,146 61,862 54,588 7,274 1,284 46,928 November (2) (2) 63,646 62,228 55 454 6,774 1,418 46,552 December . (2) (2) 62,921 61,509 55,812 5,697 1,412 47,394 1 Includes self-employed, unpaid family, and domestic service workers. 2 Current data available six months later than for other series when armed forces figures, withheld for reasons of security, are released. 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. 168 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION fFigures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Month Total R b es u i i d ld e i n n t g ial Factories Commercial Educational Other an u d t il p it u ie b s lic 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 1951 1952 January . . . 1 045 2 902 1 420 9 337 7 130.4 110.1 121.1 55.7 84.6 98.1 126.8 93 Q 161.3 206 7 L.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 ,271.0 1 574.6 592 7 126.2 120.2 78.8 70.6 128.4 118.7 139.4 153 8 223.6 265 3 April L,375.0 1 597.5 590.8 681 6 174.3 204.8 106.3 75.3 103.5 134.4 133.9 147 7 266.1 353 6 May . J,573 01 563.7 661.1 753 81,274.9 78.9 60.6 79.9 123.2 145.7 175.3 158 4 278.0 347 0 June L,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 ,422 71 548.1 608 1 206.9 139.9 75.4 92.2 150.1 122.4 146.9 208 1 295.2 340.5 August L,265.8 1 438.7 567.6 627 6 161.8 141.5 65.5 94.2 127.9 145.4 123.8 138 9 219.3 291.2 September L.096 0? 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 L,072.0 1 321.0 496.2 602 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 1L.099.5 346.1 115.1 43.1 136.0 163.9 295.2 Year u5,751.1 6,205.4 2,883.3 915.3 1,334.6 1,689.2 2,723.2 CONS1 RUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership Month 1952 1951 1950 1951 1952 1950 1951 1952 1950 1951 1952 Federal Reserve district Jan 731 1.045 902 201 306 297 530 739 605 Dec. Nov. Dec. Feb.. . . 780 ,141 885 285 332 339 495 808 547 Mar.. ,300 1,271 ,321 481 418 554 819 852 767 Apr.. . ,350 ,375 L.598 354 456 636 996 919 961 Boston 41,183 83,576 117,458 May. ,348 2,573 ,564 389 1,474 558 959 1,099 1,006 New York.. . 221,415 262,274 126,078 June. ,345 1,439 1,489 428 583 559 917 856 930 Philadelphia. 119,670 75,963 54,890 July.. ,420 ,423 1,511 460 636 619 960 787 893 Cleveland. . . 144,201 106,837 92,166 Aug.. ,549 L.266 ,439 438 486 501 1,111 779 937 Richmond. . . 162,085 110,193 172,982 Sept.. ,287 1,096 1,029 364 318 1,269 922 778 760 Atlanta 268,780 126,615 127,308 Oct... ,136 1,072 1,321 308 310 410 828 762 911 Chicago 182,231 192,761 178,151 Nov.. 1,087 951 1,249 320 326 491 767 625 758 St. Louis 78,539 93,888 78,336 Dec.. . L ,168 1,100 L.467 381 476 478 787 624 990 Minneapolis. 22,043 35,962 28,658 Kansas City. 54,328 61,039 54,145 Year. 14,501 15,751 16,775 4,409 6,122 6,711 10,0929,62910,064 Dallas 172,909 99,695 69,337 Total (11 districts) 1,467,384 1,248,803 1,099,509 I LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Title '. loans Mortgages PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Prop- Small 1- to 4- Rental War and Mili- Y m e o a n r th or Total p m e i r m e r o t n v y - t e * - s h c t t o i r o o u m n n c - e - f h ( a o T m I u i D t s i l l e e 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 T r v u a e i I s n t ) t i l - ' s n e ' g V ( h t T i o a I n i u r I g t y I s l ) e - 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 - - Other 2 banks banks associ- panies cies 1 ations 1948 3 338 614 7 880 1,836 1949 3,821 594 13 1,855 7 1,339 12 1950 4.342 694 37 2,466 21 1,031 123 1936—Dec 365 228 8 56 41 5 27 1QM 3.221 708 29 1.894 109 278 203 1937—Dec 771 430 27 110 118 32 53 1952 * 3,109 848 30 1,772 164 30 134 1938—Dec 1,199 634 38 149 212 77 90 1939—Dec 1,793 902 71 192 342 153 133 19S1—Dec... 227 65 3 125 9 10 15 1 1 9 9 4 4 0 1 — — D D e e c c 3 2 , , 1 4 0 0 7 9 1 1 , ,1 4 6 6 2 5 1 18 3 6 0 2 2 2 5 4 4 5 7 4 8 2 9 2 2 0 3 1 4 1 1 7 5 9 0 1952— F T A M a e p n a b r . r . . . . . . . . . . . . * *2 2 2 2 4 0 1 7 2 1 7 4 6 6 6 8 4 4 1 8 2 2 4 2 1 1 1 1 2 2 2 5 6 5 4 9 2 1 6 8 8 7 (5) 4 3 1 1 2 0 8 8 1 1 1 1 9 9 9 9 4 4 4 4 4 2 5 3 — — — — D D D D e e e e c c c c 3 3 3 3, , , , 1 3 6 6 5 9 2 2 6 9 0 6 1 1 1 1 , , , , 6 7 5 5 6 0 0 9 9 5 6 0 2 2 2 2 3 6 6 5 6 3 0 6 2 2 2 2 9 6 7 5 2 9 6 3 1 1 1 1 , , , , 0 0 1 0 3 7 3 0 2 2 4 0 24 6 7 1 5 8 9 3 1 1 1 1 2 5 4 6 2 9 0 3 J M un a e y . . . . ' * 2 2 4 7 9 3 10 7 2 1 2 2 1 1 3 2 4 8 1 6 5 2 7 1 1 8 8 1946—June 3,102 1,488 260 247 974 11 122 July . . 1 269 73 3 147 14 7 15 Dec 2,946 1,429 252 233 917 9 106 O A Se c u p t g t . . . . . . . . . . * 3 2 2 0 6 6 6 7 0 6 6 6 9 6 9 3 3 2 1 1 1 8 6 4 5 2 7 2 1 1 2 1 3 ( ( 6 5 ) ) 1 9 8 1 1947— D Ju e n c e 2 2, , 8 8 7 6 1 0 1 1 , , 3 3 8 7 6 9 2 2 4 4 5 4 2 2 3 2 2 9 8 8 8 9 9 9 8 7 1 1 0 1 2 0 Nov.. . 259 59 3 157 8 (5) 10 Dec. . . 4 293 .. 63 2 177 16 (5) 7 1948— D Ju e n c e . 3 2 , , 2 9 3 8 7 8 1 1 , , 4 4 0 2 2 9 2 2 6 5 5 1 2 2 4 6 5 9 1,1 9 1 7 3 3 9 7 1 15 1 2 0 1 Net proceeds to borrowers. 1949—June 3,894 1,587 305 323 1,431 21 227 2 Includes mortgages insured in connection with sale of Government Dec 4,751 1,771 378 416 1,828 52 305 owned war housing and insured loans to finance the manufacture of housing. 1950—Dec 6,695 2,205 693 603 2,712 60 421 3 Includes 6 million dollars of Class 3 loans (program terminated Feb. 28, 1950) and 1 million of Sec. 8 loans. 1951—June 7,556 2,412 903 658 3,115 44 423 4 Includes defense housing as follows (in millions of dollars): Jan- Dec 8,212 2,554 1,072 689 3,453 71 373 uary, 1; February, 0.3; March, 0.5; April, 2; May, 7; June, 8; July. 10; Au 6 g L u e s s t, s 1 th 3 a ; n S e $ p 5 t 0 e 0 m ,0 b 0 e 0 r, . 20; October, 18; November, 22, December, 28. 1 The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation. and do not take account of principal repayments on previously insured 2 Includes mortgage companies, finance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. FEBRUARY 1953 169 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 P\,131 n.a. n.a. P1,074 n.a. n.a. n.a. P57 420 279 141 1952—January 65 36 29 62 54 3 5 3 23 16 7 February 78 43 35 74 65 3 6 3 26 17 9 March 104 50 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 Auaust 99 51 48 97 85 4 8 2 38 25 13 September 101 53 48 99 87 5 8 2 42 28 14 October P101 n.a. n.a. 99 n.a. n.a. n.a. 2 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. j>4 29 19 10 1953—January P71 n.a. n.a. P67 n.a. n.a. n.a. P4 n.a. n.a. n.a. P Preliminary. n.a. Not available. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average =100] Monthly—seasonally adjusted Monthly—unadjusted Annual Class 1951 1952 1951 1952 1951 1952 Dec. July Aug. Sept. Oct. Nov. Dec. Dec. July Aug. Sept. Oct. Nov. Dec. Total 134 126 133 102 125 134 128 134 131 123 104 129 145 138 138 120 Coal 121 109 127 75 101 135 93 123 111 127 75 101 135 93 123 111 Coke 208 168 206 57 160 189 188 195 191 216 56 154 187 185 195 200 Grain 143 142 143 153 134 123 157 147 131 135 183 145 138 157 144 123 Livestock 69 69 68 56 65 70 76 76 69 65 45 61 93 117 95 66 Forest products 150 144 144 146 149 140 139 152 152 128 147 157 151 146 149 135 Ore 205 181 235 46 216 235 233 233 248 73 73 323 352 314 258 77 "M. iscellaneous 147 140 142 115 140 144 145 144 144 134 116 141 155 158 150 135 Merchandise, 1. c. 1 48 46 44 43 46 45 46 46 45 43 43 46 48 48 47 43 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 ' Merchandise imports 2 Excess of exports Month 1950 1951 1952 1950 1951 1952 1950 1951 1952 January 741 974 1 ,254 623 1,025 922 118 -51 332 February 764 1,076 rl,342 600 910 893 164 166 '450 March 860 1,295 '1,427 665 1,102 964 195 193 r463 April 804 1,370 '1.339 585 1,033 932 219 336 '407 May 830 1,354 '1,465 659 1,018 835 170 336 '630 June 877 1,297 '1,165 687 930 861 190 366 304 July 779 1,186 rl,019 709 895 839 70 292 '180 August 762 1,270 '1,080 820 881 817 -59 390 '263 September 911 1,232 '1,221 859 721 877 52 510 '344 October 906 1,152 1 ,196 923 834 918 -16 319 278 November 977 1,388 Pi,178 855 819 P804 122 569 P374 December 1,065 1,438 867 800 198 638 January-November 9,210 13,594 P13.687 7,985 10,167 P9.663 1,225 3,427 P4.025 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-November 1952, 1,613. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 170 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A an t t - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALESi 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 '113 115 108 105 104 111 117 '109 1952 P109 P104 P99 P109 P110 P116 P124 P106 P106 P104 Pi 13 P124 P114 SEASONALLY ADJUSTED 1951—December 109 106 '102 105 109 '113 120 109 107 104 113 122 '109 1952—Tanuarv 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 Mav 108 101 96 107 103 116 127 104 102 104 112 128 118 Tune ... 111 103 98 107 112 122 138 105 111 100 114 132 114 Tulv 105 106 95 106 105 106 120 97 99 104 114 123 110 August 114 109 102 115 in 127 131 111 no 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 113 105 98 109 113 '115 128 108 106 107 117 129 128 December P115 P108 101 111 117 122 Pi 30 116 113 109 P130 118 I TNADJUSTED 1951—December 184 188 '177 185 181 '199 204 '176 168 166 185 '202 '190 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 99 101 101 104 114 103 May . 108 102 95 108 105 115 122 104 106 105 112 125 113 Tune 105 103 95 102 105 114 117 103 103 96 106 116 108 Tulv 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 no 121 126 110 110 108 115 128 115 October 119 111 110 120 119 128 132 116 121 124 120 134 117 November 133 127 123 143 139 '142 145 129 126 120 132 '145 • 136 December P194 P193 175 194 194 215 P221 186 179 173 Pi 95 P215 205 STOCKSi 1947 93 95 98 93 93 94 90 89 93 91 93 89 93 1948 107 105 105 107 107 105 108 111 106 110 108 110 107 1949 100 100 97 99 100 101 102 100 100 100 100 101 100 1950 109 no 104 108 106 114 120 110 112 104 113 112 110 1951 124 124 127 128 '133 140 128 131 117 132 132 131 1952 . . . P118 P110 Pill Pill P132 P130 P115 P122 P124 P126 P125 SEASONALLY ADJUSTED 1951—December 119 115 '114 120 118 '128 133 117 119 106 121 r124 119 1952—Tanuarv 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 M'av 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 120 111 111 113 113 132 136 118 130 111 124 130 127 December p\ 19 110 111 114 112 132 142 P114 128 P108 P124 P131 126 UNADJUSTED 1951—December '107 108 '105 105 104 '112 116 109 105 97 108 '114 106 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 M^av 120 112 115 116 111 135 127 116 124 108 126 125 132 Tune 112 102 105 105 100 127 120 107 118 100 119 114 126 July no 99 102 100 102 128 121 107 112 105 120 120 120 S A e u p g t u e s m t ber 1 1 1 2 4 4 1 1 1 03 2 1 1 1 0 6 7 1 1 1 07 7 1 1 1 04 6 1 1 3 34 7 1 1 3 2 5 7 1 1 1 1 9 0 1 1 2 4 5 0 1 1 0 1 4 3 1 1 2 20 9 1 1 3 25 4 1 1 2 18 9 October 134 123 124 131 124 146 145 131 147 120 135 141 147 November 136 131 128 131 128 148 153 136 143 123 140 146 141 December P108 104 102 100 98 116 124 P106 112 P99 v Pill P120 112 v Preliminary. ' Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. 171 FEBRUARY 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 * 1941 average monthly sales =100 * Department r b N s e t e p o u r o r m e o rt s - f - d p S u e a r r l i i e o n s d g S ( m e t n o o d n c k t o h s f ) November Sale p s e ri d o u d ring Sto o c f k m s a o t n t e h nd 1952 1951 1952 1951 Nov. mo 1 n 1 ths Nov. 1952 1951 1952 1952 1952 Nov. Oct. Nov. Nov. Oct. ^ov. GRAND TOTAL—entire store * 356 -6 -3 0 2.9 2.7 MAIN STORE—total 356 -5 -3 0 3.1 3.0 257 245 271 798 775 802 321 -8 -1 3.9 3.6 196 202 213 753 719 770 Piece goods 300 —9 -6 0 3.5 3.2 188 217 207 667 715 669 Silks velvets and synthetics 198 -13 -7 -1 3.4 3.0 170 191 196 572 644 571 Woolen yard goods 172 -2 -8 -7 3.2* 3.4 244 376 248 784 928 845 Cotton yard goods .. . . .. 190 —4 -1 + 10 3.9 3.4 158 173 165 612 687 570 Household textiles 312 -8 -10 -2 3.9 3.7 198 197 214 779 719 800 Linens and towels . 277 -5 -9 -5 3.8 3.8 206 168 216 788 738 831 Domestics—muslins sheetings 255 -6 -15 0 4.8 4.4 159 175 169 758 665 757 245 -13 -4 + 1 3.4 3.0 224 256 257 773 714 765 Small wares 348 0 +3 3.6 3.3 244 205 257 882 791 858 Laces, trimmings, embroideries, and ribbons 204 -9 -2 +8 3.9 3.2 239 218 264 924 836 854 Notions 239 -7 -1 +6 3.9 3.4 246 255 265 954 927 903 Toilet articles drug sundries 331 —2 +2 +2 4.2 4.1 180 167 184 766 625 760 Silverware and jewelry 319 -8 -3 0 4.1 3.8 260 218 284 1,065 987 1,052 Silverware and clocks 4 217 — 11 -10 —4 5.3 4.9 Costume iewelrv * 284 -5 +4 +2 2.8 2.6 Fine jewelry and watches4 78 — 12 -8 6.1 5.3 Art needlework 236 -9 -4 -4 3.6 3.4 203 201 224 740 731 754 Books and stationery 279 -2 +4 +8 2.6 2.4 361 243 367 935 858 877 Books and magazines 131 —4 +3 + 12 2.6 2.2 273 207 284 704 589 639 Stationery . 244 -1 +5 +6 2.5 2.4 374 236 379 949 885 909 Women's and misses' apparel and accessories. 353 -4 + 1 +6 2.6 2.4 249 261 259 654 650 616 Women's and misses' ready-to-wear accessories.. 353 —6 0 +6 3.1 2.8 250 245 266 775 748 737 Neckwear and scarfs 314 -1 +7 + 17 2.2 1.9 376 372 378 845 795 723 Handkerchiefs 288 — 11 -6 +2 3.9 3.4 198 131 224 770 637 755 Millinery 164 + 1 + 1 +7 0.9 0.9 190 266 188 179 218 169 Women's and children's gloves 329 -15 -3 + 1 3.4 2.9 236 213 279 801 800 792 Corsets and brassieres 339 +7 +4 +6 3.4 3.4 256 288 240 864 862 817 Women's and children's hosiery 346 -10 -7 +5 2.6 2.2 175 166 195 445 392 427 Underwear slips and negligees 346 -10 -2 + 7 3.1 2.6 282 214 314 870 796 811 Knit underwear 253 -10 -2 + 10 3.2 2.6 346 289 384 1,096 1,006 1,003 Silk and muslin underwear, and slips 294 -10 -3 +5 3.2 2.7 242 180 270 766 712 740 Negligees, robes, and lounging apparel 260 -11 0 + 14 2.7 2.1 302 207 339 821 721 716 Infants' wear . . 330 -4 +5 + 11 2.6 2.3 387 386 404 1,015 992 925 Handbags and small leather goods 338 -3 +2 +4 2.7 2.4 236 227 244 630 555 605 Women's and children's shoes 241 -5 -1 +2 5.1 4.7 220 251 232 1,113 1,154 1,100 Children's shoes * 207 —8 0 + 1 4.4 4.0 223 —5 — 1 +2 5.2 4.9 Women's and misses' ready-to-wear apparel.. .. 352 -2 +2 + 7 2.1 2.0 247 278 252 524 545 491 Women's and misses' coats and suits 342 -5 0 1.7 1.6 277 360 292 459 540 465 Coats 4 228 —6 +2 — 1 1 4 1.4 Suits 4 220 —3 — 11 — 5 2 6 2 6 Juniors' and girls' wear 321 -2 +4 + 13 2.0 1.7 324 342 330 649 670 575 Juniors' coats suits and dresses 276 + 1 +2 +8 1.7 1.6 269 312 267 461 502 425 Girls' wear 320 -4 +6 + 16 2.2 1.8 401 396 416 886 900 765 Women's and misses' dresses 345 + 1 +2 +5 1.9 1.8 189 219 187 360 389 342 261 + 1 +2 + 7 1 5 1.4 271 +2 +4 2 2 2 2 Blouses skirts and sportswear 344 +5 + 12 2.3 2.2 319 346 304 748 724 665 Aprons, housedresses, and uniforms 297 0 +6 + 10 2.6 2.4 170 149 171 442 393 400 Furs 263 -16 0 3.6 3.0 165 165 197 598 592 598 Men'8 and boys' wear 335 -8 -2 -2 3.6 3.3 273 233 298 975 954 1,007 Men's clothing 266 -6 -5 -12 4.0 4.2 255 256 271 1,012 1,045 1,154 Men's furnishings and hats 318 -9 -2 +4 3.4 2.9 284 208 313 952 895 930 Boys' wear 309 -10 +2 +4 3.2 2.7 302 277 336 956 924 923 Men's and boys' shoes and slippers 196 Q -3 0 4.9 4.4 216 207 237 1,056 1,089 1,068 Homefurnishings 324 -9 -8 3.4 3.6 261 267 275 911 912 991 Furniture and bedding 251 0 -5 -8 3.5 3.8 228 247 227 801 807 865 175 +1 —2 —3 2 3 2.4 187 — 1 — 7 9 3 8 4 2 Domestic floor coverings 278 -7 -17 -17 3.6 4.1 229 251 246 834 862 1,010 161 -6 -18 -16 3.6 4.0 Linoleum * 98 -6 -12 -7 4.2 4.2 Draperies, curtains, and upholstery 302 -4 -5 0 3.2 3.1 274 277 285 882 893 882 Lamps and shades . 254 -5 -6 +6 3.0 2.7 286 256 301 867 811 825 China and glassware 256 -7 -6 +2 5.4 5.0 241 187 259 1,313 1,297 1,291 l^ajor household appliances 240 -5 -12 -30 2.9 4.0 210 256 222 616 615 894 Housewares (including small appliances) . 266 -2 -1 3.7 3.7 305 301 311 1,130 1,101 1,148 Gift shon * 188 — 2 —3 +7 3 7 3 4 Radios, phonographs, television, records, etc.4. . 230 -19 -20 -19 2.3 2.3 172 — 19 —22' —25 2 0 2 2 Records, sheet music, and instruments 4 120 7 -9 -8 3.7 3.7 Miscellaneous merchandise departments 324 -5 -2 +1 2.4 2.3 324 213 340 778 816 769 Toys games sporting goods cameras 305 -5 + 1 + 1 2.5 2.4 528 242 556 1,336 1,482 1,330 Toys and games 249 +2 +2 2.1 1.9 706 243 756 1,476 1,508 1,466 150 -1 +1 4.4 4.4 423 238 427 1,845 1,354 1,799 Luggage 273 -11 -1 +4 4.4 3.8 233 182 261 1,034 1,023 991 Candy 4 186 -2 + 1 +8 1.4 1.3 For footnotes see following page. 172 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 istocks to without seasonal adjustment, year ago (retail value) sales » 1941 average monthly sales =100 2 Num- Department r b s e t e p o r o r e r o t s f - d p S u e a r r l i i e o n s d g m ( S e t o n o d n c t k o h s f ) November Sale p s e r d io u d ring Sto o c f ks m o at n e th nd ing 11 1952 1951 1952 1951 Nov. months Nov. 1952 1951 1952 1952 1952 Nov. Oct. Nov. Nov. Oct. Nov. BASEMENT STORE—total 195 -9 -1 +3 2.2 2.0 242 245 266 541 530 529 135 7 -6 +1 2.8 2.5 Women's and misses' ready-to-wear 185 7 +1 +5 1.8 1.6 236 248 254 436 430 422 Intimate apparel * 164 -10 -3 +2 2.4 2.1 Coats and suits * 170 -6 + 1 1.2 1.2 Dresses * 169 -5 + 1 +2 1.4 1.4 Blouses skirts and sportswear * 153 -4 +5 +8 1.9 1.7 Girls' wear * 122 -7 +4 + 14 1.7 1.4 Infants' wear * . 122 -8 +3 +9 2.1 1.7 Men's and boys' wear . 160 -12 -2 +4 2.4 2.0 309 281 352 747 717 729 Men's wear * 146 -12 -3 +3 2.4 2.1 Mien's clothing * . . .. 100 -7 0 2.5 2.4 Men's furnishings4 118 -14 -5 +6 2.4 1.9 Boys' wear * •. 121 -15 + 1 +7 2.3 1.8 Homefurnishin&s 103 -8 -7 -5 2.4 2.3 249 253 270 601 598 632 Shoes 117 -14 -4 +2 3.8 3.2 170 177 197 646 650 628 NONMERCHANDISE—total * 176 -13 -1 (5) (5) (5) 74 4 +2 (5) (5) (5) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 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. 171. 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 — 100] Amounts (In millions of dollars) Ratios to sales l m S ( a t o f o l o n e t r s a t h l * ) S m t ( o o e o c n n f k d t s h ) 2 o m ( s e O t r o i a n d n u d n n e g t r d t - s o h - f ) 2 c m ( e t R o f i o o p n e t r t - a t s h l * ) o m ( N r t o f d o o e n e t w r r a t s h l ) 3 Stocks s o O t r i a d n u n e g t d - rs - S s o t o p t r i a o d u l n n u c e g t d s - k rs - s ce R i e p - ts Aug. W 1 1 i 4 1 8 t 1 h 9 o 5 u 1 t se 8 9 8 a 8 3 s 7 onal A u a g d . j u 1 1 s 2 9 9 6 t 5 m 2 ent 8 9 9 7 0 5 25 97 23 100 1944 average 246 574 596 244 256 2.4 2.5 5.0 .0 Sept. 1 105 30 110 1945 average 276 604 775 277 291 2.3 30 5.3 .0 8 100 Sept. 6 100 1946 average 345 767 964 373 354 2.3 3.0 5.3 .1 15 114 \3 114 1947 average 365 887 588 366 364 2.5 .7 4.3 .0 22 Ill 20 113 1948 average 381 979 494 386 363 2.7 .4 4.1 .0 29 114 27 112 1949 average 361 925 373 358 358 2.7 .1 3.8 .0 Oct. 6 110 Oct. 4 116 1950 average 376 1,012 495 391 401 2.8 .4 4.2 .1 13 117 11 126 1 1 1 9 9 9 5 ^ 5 2 1 1 — a a v v D e e r r e a a c g g . e e .. . P •• 3 3 6 9 9 7 5 1 0 P ' ' • 1 1 1 , , , 0 0 2 2 9 0 3 5 3 P ' 3 4 4 1 3 5 3 9 9 * ' • > • 3 3 4 9 9 4 0 6 6 P • ' 3 • 3 3 9 7 6 9 9 1 P 3 1 2 . . . 2 5 9 P 0 l. . . 2 4 3 4 2 .0 4 '0. . . 7 0 0 Nov. 2 2 1 3 0 7 0 1 1 1 1 1 2 2 1 1 6 7 3 Nov. 2 1 5 8 1 8 1 1 1 1 1 2 2 1 5 2 4 8 1952—Jan... 320 995 402 307 390 3.1 1.3 4.4 1.0 17 130 15 130 Feb... 299 1,052 416 356 370 3.5 1.4 4.9 1.2 24 123 22 134 Mar.. 348 1,119 365 415 364 3.2 1.0 4.3 1.2 Dec. 1 161 29 138 Apr... 373 1,137 293 391 319 3 0 0.8 3.8 1.0 8 191 Dec. 6 195 May. 382 ,102 273 347 327 2.9 0.7 3.6 0.9 15 213 13 223 June. 353 ,017 410 268 405 2.9 1.2 4.0 0.8 22 228 20 237 July.. 289 997 520 269 379 3.4 1.8 5.2 0.9 29 92 27 146 A Se u p g t . . . . 3 38 4 7 3 , , 1 0 3 4 1 0 5 5 9 3 2 9 3 4 8 7 6 8 4 53 0 1 5 3 2 . . 0 9 1 1 . . 5 6 4 4 . . 4 6 1 1 . . 2 1 1952 1953 Oct... 448 ,230 573 547 528 2.7 1.3 4.0 1.2 Jan. 5 78 Jan. 3 '81 Nov.. 462 1,275 454 507 388 2.8 1.0 3.7 1.1 12 92 10 89 Dec... P735 Pl,021 P355 P481 P382 PI.4 POA PI.9 P0.7 19 90 17 92 26 83 24 85 P Preliminary. r Revised. Feb. 2 9 8 8 4 7 Feb. 31 7 8 8 8 6 * The first three ratios are of stocks and/or orders at the end of the month to sales during the month. 16 89 14 The 2 f T in h a e l s e r a f t i i g o u i r s e s b a a s r e e d n o o n t e t s o t t i a m ls a t o e f s s f a o l r e s a a ll n d d e r p e a c r e t i m pt e s n f t o r s t t o h r e e s m in o n t t h h e . United States. They are the actual 23 83 21 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. ' Revised. 8 Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived NOTE.—For description and weekly from receipts and reported figures on outstanding orders. indexes for back years, see BULLETIN NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098- for April 1952, pp. 359-362. 1102. 173 FEBRUARY 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] | Dec. Nov. j Year Dec. Nov. Year Dec. : Nov. I Year Dec. Nov. Year 1952 i 1952 i 1952 1952 1952 i 1952 1952 1952 ! 1952 1952 1952 i 1952 I United States.. P+8\ -4 +1Richmond P+9 -4\ +3 Chicago—cont. Dallas P+/1 r-3' +6 N B L N S W D N P P B o e L p B o r o e o o e s w o o r w a r w w o t s w i v r t o w n t s e c l o i n n g t a l d e r Y o n l H t B f n e s - e o n i o n d t e e n w a e r A c l d c k r d v e n e f r e o e n r a d . . . . . . . . . . . + + + + + + + + + + + 1 1 5 6 6 8 5 3 6 7 S 1 0 ! : . : , \ - + - + - 1 - - - - - 9 3 5 4 5 4 4 0 2 4 0 . - + + + + - - 1 5 1 3 4 4 0 0 1 L N R C H W A W C G C R R B y i o h o h o a s r a u a c i e h n l l l r a a ' n n h s e l u t e f e c n r s i s t h o i m n m l v m i h g o ' t e i l t n v o i n k b h k o o b s l o g i n l g u t e n l n i e r o t l - a t r e d . , o e S o n g W , n n a N S l . e 1 . V . . m . C C a . . . . . P + + + + + + + + 2 + i 1 1 1 1 P o 8 0 2 9 7 5 Q 2 7 | ; 1 \ ! ; | + + + + - - - - - 1 9 6 3 5 8 1 2 4 0 3 ! ! , i ! ; + + + + + + + + + + + + - 1 1 1 1 1 4 6 6 3 3 4 5 3 0 9 0 1 0 S F L L G F L M E G M D D t. o o l i a v r r e e i a t i e n r u a a n l t s t L d t e w l n i s r n t e s i n o o i d s M S s a v n * u i v o u R m i g t B i i l n R * o k s l l o i e l * a e i a t e c n h e y p k * e i 1 1 d 1 . s . . s . . . . » . . . . . P P P + + + + + + + + + + + + 1 2 1 1 1 8 9 8 9 7 6 6 3 1 3 3 1 - : ; : , ! - + - + + - 1 + - — i 4 1 1 s 3 i 1 3 5 \ l i ! ! ! 1 + + + + + + + + 4 9 1 2 5 ? 3 0 2 5 0 S F W T S F P H B S E C D a r a h o u h l n a o o a e a n o c r r k r l u s c P t e s l e p n e s o a A v a o n u t o r s W s e n o i F s n s ^ o x p n x f t r o o o C i l a 1 e r n r n . h t l . i t c d r o h i . i i s s . . c t . . i . o . . . . . . p p P + + + + + + + + + + 2 1 1 1 1 1 1 9 5 0 7 4 2 5 1 4 4 + + + + + + ~ - - - 8 1 5 1 7 8 2 4 6 2 ! ! \ + + + + + + + + + + 2 1 1 1 4 9 3 6 5 1 3 0 2 0 P C S S A T U L N N P N P R P W A B B E R Y T W B C C C Y C P E h l y c h o r a o o i u e o l l e i t e o e i l a k i r r o o i e t b h i n i m e r a n h n i u v f l i a w l i c w n r l r t u c r l a l a f n e v a e e g d g u e s c o c d g e k t h k a a t a n c i d d e n 1 a e t b l s a m h o a i g n n i h d l e r * e Y u o a g l n o l r n e o y r m s u n a a s e e k i s e a k n n s s b a l n g t n o i m t . r - l n p p e c e i t e . e u d o i p g » g r a B o l 1 d e » h t r o F r i k t s . h t h » u w a p o • a i i r 1 a l J i a d * t * n s C t r n a l i h x i . r y l . e i s e » . . . t 1 . . . . . 1 y . . . . . . . . . . . . . . . . . 1 . . . . . i + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 2 2 1 1 1 1 1 1 1 1 1 1 1 1 i 8 9 7 5 5 9 8 9 8 8 5 9 3 4 5 3 0 9 0 0 5 3 2 2 2 4 5 3 2 : - : . : ! , ; : + " - - - - 1 + + - + + + 1 1 - - 1 - - - - - - - - - - - - - - - - - - 1 4 4 7 6 4 8 7 3 4 1 6 5 7 6 5 5 6 8 1 2 7 5 2 0 2 2 1 5 1 , 2 n : 1 : : t + + + + + + + + + + + + + + + + + + - - - - 1 1 1 4 3 2 2 2 2 5 2 4 6 4 3 2 0 1 1 0 0 0 0 o 1 1 1 1 e 1 A C A O S T A S J J N F T M M M C M R M N C P B C B K I B t a a n h t a e l o a e o o h u r i a e t h r a n . c c a o a i d o e i r v l o l i m r r w m t c i l g s a o a k k a m a s c n r b i r n c t o u a r P h a u a t i t x m e n s o n s t i a i p e n m t n o d t v i g a l n e W a o s o O v g n d a g t a n e n l i i a i o t » H t a n n b i n o o a o 1 a l g R r e a l l p * a l v n u l l o 1 m a h r e h 1 1 e e o y o i s o s u a l a u n e l * b l 1 g m t i n e g e r e s u a s y e * r 1 1 » . 1 * . g . l . . 1 . . . . . . . . . . . . . . . . . . . . . P P • p p p + + + + + + + + + + + + + + + + + + + + + 1 1 1 1 3 1 1 1 1 1 1 1 1 8 0 4 6 3 6 1 1 7 5 2 r 4 8 5 0 6 9 6 3 3 1 4 : j : : 1 J 1 , l : ! i . : ! + + + + + + + + + + + - - - - - - - 3 3 1 1 2 8 5 7 8 6 4 5 4 3 5 1 1 2 4 0 5 ! , 1 ! ; ! ! ! ! ; ! : + + + + + + + + + + + + + + + + + + + + + + + + - - 2 1 1 1 1 2 1 6 8 6 8 5 8 9 2 7 9 6 9 3 4 8 6 5 8 0 0 6 8 0 1 K M L O S G S J O T Q S S S M G D S M D P H T W P M K a o S i p t t i a t t u a u o k u r m r u e o u a . . n n . . i p e a i u r a e d e l p n i n l u n l c t i m s n n l s C J L n L P a p a n a b u u n c e n i v h x s a a o e k h h t c n e d l a r g o o h t c k a p e e i s o a s h o y r a o a u t f u a u s i a F a r h F e a i p i - s n t m F l h o i p i e i a o p a s s s o C s s C r l o o * l e l h a d l o l l 1 l i x r i J A s s i t i n s k y s t C . . r y s . . . . e i . . . 1 t a . . . y . . . . . . . . . . . v + + + + + + + + + + + + + + + + + + + + + + + — 1 1 1 1 1 1 1 1 8 8 8 7 6 8 5 7 9 5 5 6 8 2 0 5 8 4 0 0 2 3 3 2 . , ! j ! + + - + + + + + 1 - - - — - - - - - — — - - — — - 2 1 8 2 3 9 4 1 1 7 6 4 1 2 3 8 3 0 4 3 4 5 3 0 4 ! 2 1 7 ! + + + + + + + + + + + + + + + + + + - - - 2 1 3 4 2 2 2 2 2 2 9 2 3 2 7 6 5 1 2 2 4 0 0 0 0 1 -3 S S V S S S S T Y O P S S L L W R D B E B S N N A A A B t a a a a p a e o o a o o v a i a e o a o e v n n n l c a a o c s r n l i l k n n e r e a a k w t c l s s l n r t e t o e k g r e l g r g m i p l e t t i k a A F D L r J a k a n n e m a s a l j m e e a s m o t e o n B r e g i t p n t a a B n n l l i o i 1 d a o s a t e e e d l a d h k a e n d 1 g e e » n e e e a n e s w s g 1 e a e r n 1 d e y a J n c a o 1 n l m J * l 1 L n t c i C a d e n o a 1 s h * o s n d r L c i . 1 s d t d o > . y o . i n . s . * . 1 . o . . . . . P P P P P + + + + + - + + + + + + + 1 + + + + 1 + + 1 1 H 1 1 p 0 8 7 2 9 0 7 8 7 5 3 8 3 9 2 Q 5 1 0 0 1 1 ! : ; . ; + + + + + + + - + + - + + + - + - 1 7 1 4 9 6 3 3 2 3 3 2 4 9 2 : 1 1 7 0 0 0 1 ! , ! ! ! , ! ! ! ! ; ! j - + + + + + + + + - + + + - - - 4 2 2 5 1 4 o 6 4 6 5 3 1 2 9 4 0 0 1 P Preliminary. r Revised. 1 Indexes for these cities may be obtained upon request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. CONSUMERS' PRICES1 [Bureau ofLabor Statisticsj index for moderate income families in large cities. 1935-39 average =100] Year or month All items Food Apparel Rent a F n u d e l, r e e f l r e ig ct e r r i a c t i i t o y n , fur H ni o s u h s in e gs Miscellaneous 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1933 92.4 84.1 87.9 100.7 100.0 84.2 98.4 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 1952 189.8 231.5 202.4 141.9 146.6 205.8 172 5 1951—December 189.1 232.2 206.8 139.2 144.9 210.2 169.1 1952—Tanuarv 189.1 232.4 204.6 139.7 145.0 209.1 169.6 February 187.9 227.5 204.3 140.2 145.3 208.6 170.2 188.0 227.6 203.5 140.5 145.3 207.6 170.7 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 December 190.7 229.9 201.1 145.3 149.9 205.3 175.0 1 Series is the adjusted one reflecting: (1) beginning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim revision of series and weights. Back figures.—Bureau of Labor Statistics, Department of Labor. 174 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 Ma- Furni Tochin- ture Non- bacco Y m e o a n r t o h r m c t A o o i m e l d s l i - - F p u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a t r a e i c n o p r l x t d e d e - s - l - le H 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 w n h a i e g d a e - t l l - , r s , C a p i u a l h c r l c n o a e ie t d l d m s s d - - p R u a b r u n c o e b t d d r s - - p L w u a b r u o c n o e m o t d d r s d - - p a p P u a a l r u l c n p o i l e t 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 u m t a e r i c n o r v o y t d d e - s - h o a h d a o b t o u n h u l l r e d e s d - e s r - e s t r t m t m a u a r l l i r u e s l n a i c — - c - l - b m e t o b f a u r a a t e a n r t c n v d g e l - e u - s e d s - n c M e e l o i l s u a - - s 1948 104.4 107.3 106.1 103 4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95 7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103 0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106 .7 110.0 148.0 123,9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1951 December. 113,5 111.3 110.7 104.0 105.1 107.4 108.4 144.3 120.3 118.4 122.5 120.7 112.7 112.8 108.1 109.8 1952 January. .. 113.0 110.0 110.1 114.3 103.3 102.2 107.4 106.7 144.1 120.1 118.2 122.4 120.8 112.3 112.9 108.1 111.1 February.. 112.5 107.8 109.5 114.2 102.1 99.5 107.2 105 9 143.1 120.3 118.3 122.6 122.0 112.4 112.9 110.8 111.4 March . . . 112.3 108.2 109.2 113.8 100.6 98.0 107.4 105 4 142.0 120.5 117.7 122.6 121.8 111.9 112.9 110.8 109.2 April 111.8! 108.7 108.0 113.3 99.9 94.1 106.3 104.8 140.6 120.9 117.4 122.5 121.6 112.1 112.8 110.8 109.5 May 111.6 107.9 108.6 113.0 99 3 94.7 106.0 104.3 140.4 120.7 116.9 121.8 121.6 111.71 112.9 110.8 108.4 June 111.2 107.2 108.5 112.6 99 0 95.9 105.9 104.3 133.4 119.9 116.7 121.1 121.3 111.6 113.8 110.8 108.1 July 111.8 110.2 110.0 112.5 98 9 96.2 106.0 104.2 130.0 120.2 115.3 121.9 121.4 111.6 113.8 110.8 105.5 August ... 112.2 109.9 110.5 113.0 99.1 96.5 105.8 104.0 127.8 120.5 115.6 124.1 121.4 111.5 113.8 110.8 108.9 September 111.8 106.6 110.3 113.2 99.5 96.5 106.2 104.0 126.3 120.4 115.6 124.6 121.5 112.0 113.8 110.8 108.3 October... 111.1 104 9 108.5 113.0 99.2 96.7 106.6 103.9 126.0 120.2 115.5 124.1 121.3 112.0 114.4 110.8 108.4 November , 110.7 '103.6 107.7 112.8 98.6 '97.6 106.7 103.5 '126.4 119.7 115.5 123.9 '121.4 112.1 114.5 110.8 105.7 December. 109.6 99.6 104.3 112.9 98.3 99.0 107.1 103.3 127.7 119.7 115.8 124.0 121.4 112.2 114.6 110.8 105.2 1951 1952 1951 1952 Subgroup Subgroup Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 117.4 111.7 113.2 112.3 Woodpulp 114.5 109.3 108.8 108.8 Grains 105.1 95.0 96.5 96.1 Wastepaper 89.5 71.2 65.7 89.3 Livestock and poultry 107.5 94.8 93.0 86.8 Paper 122.4 124.9 124.9 124.8 Plant and animal fibers 126.8 109.6 107.1 101.9 Paperboard 130.9 124.6 124.8 124.4 Fluid milk 109.7 114.8 '113.1 111.6 Converted paper and paperboard. , 116.5 112.2 112.3 112.3 Eggs 101.9 124.8 117.6 99.6 Building paper and board 113.4 115.8 118.2 118.2 Hay and seeds 102.0 96.7 98.5 98.3 Metals and Metal Products: Other farm products 138.1 136.0 132.5 134.7 Iron and steel 123.1 127.3 127.0 127.0 Processed Foods: Nonferrous metals 124.2 122.9 122.5 122.3 Cereal and bakery products 107.9 106.4 107.1 106.8 Metal containers 121.1 125.1 125.1 125.4 Meats, poultry and fish 113.6 104.1 '102.0 93.9 Hardware 125.8 125.3 125.3 125.9 Dairy products and ice cream 113.0 115.9 115.5 113.0 Plumbing equipment 120.9 118.1 118.1 118. Canned, frozen, fruits & vegetables 106.2 105.9 106.0 105.2 Heating equipment 114.5 113.7 113.6 113. Sugar and confectionery 105.7 110.7 109.9 108.2 Fabricated struc. metal products. 115.8 114.0 114.1 113.9 Packaged beverage materials 161.9 161.9 161.9 161.9 Fabricated nonstructural metal Other processed foods 119.3 124.1 122.1 116.9 products 124.4 125.8 125.9 126.5 Textile Products and Apparel- Machinery and Motive Products: Cotton products 103.3 99.2 98.4 97.6 Agri. mach. and equipment , 120.2 ! 121 .5 121.6 121.7 Wool products 120.3 113.2 112.6 112.6 Cons. mach. and equipment 124.0 125.8 126.2 126.3 Synthetic textiles 91.7 89.5 r89.0 88.0 Metal working machinery 128.5 129.1 128.9 128.9 Silk products 125.3 140.0 139.3 139.7 General purpose mach., etc 123.6 121.8 121.8 121.9 Apparel 102.1 98.4 98.3 98.3 Miscellaneous machinery 120.2 119.4 119.6 119.6 Other textile products 136.1 94.5 86.9 84.5 Elec. mach. and equipment 121.8 119.0 119.5 119.5 Hides, Skins, and Leather Products: Motor vehicles 116.6 119.7 119.7 119.6 Hides and skins 81.7 65.4 70.6 Furniture; Other Household Durables: Leather 98.7 90.1 '90.1 92.9 Household furniture 115.1 112.6 112.8 113.0 Footwear 116.5 110.6 111.0 112.0 Commercial furniture 122.8 123.2 123.2 123.2 Other leather products 106.0 99.2 99.6 100.0 Floor covering 126.3 122.4 122.4 122.7 Fuel, Power, and Lighting Materials: Household appliances 108.2 107.2 107.2 107.3 Coal 108.9 113.3 113.6 116.0 Radio, TV, and phonographs 93.0 93.7 93.8 93.8 Coke 124.3 124.3 124.3 129.0 Other household durable goods 117.5 119.5 119.6 119.6 Gas 106.6 100.4 114.9 104.9 Nonmetallic Minerals—Structural: Electricity 98.0 98.5 r98.0 98.0 Flat glass 114.0 114.4 114.4 114.4 Petroleum and products 110.8 108.5 108.1 107.9 Concrete ingredients 113.0 113.0 112.9 113.1 Chemicals and Allied Products: Concrete products 112 A 112.7 112.7 112.7 Industrial chemicals 120.8 113.9 112.7 112.3 Structural clay products 121 A 124.0 124.0 124.0 Paint and paint materials 109.9 106.5 106.3 106.1 Gypsum products 117.7 117.7 117.7 117.7 Drugs, Pharmaceuticals, cosmetics 95.2 92.0 91.9 91.3 Prepared asphalt roofing 98.7 106.0 106.0 106.0 Fats and oils, inedible 61.5 51.0 r53.1 52.8 Other nonmetallic minerals 111.2 112.7 115.1 115.3 Mixed fertilizers 108.8 110.7 110.9 111.1 Tobacco Mfrs. and Bottled Beverages: Fertilizer materials 108.9 111.0 111.1 113.0 Cigarettes 107.3 105.7 105.7 105.7 Other chemicals and products. 105.5 103.0 102.9 103.1 Cigars 98.0 102.4 102.4 102.4 Rubber and Products: Other tobacco products 114.8 118.4 118.4 118.4 Crude rubber 197.3 126.6 130.3 137.3 Alcoholic beverages 105.9 111.2 111.2 111.2 Tires and tubes 133.4 126.3 126.3 126.3 Nonalcoholic beverages 119.7 119.7 119.7 119.7 Other rubber products 135.1 125.2 124.3 124.3 Miscellaneous: Lumber and Wood Products: Toys, sporting goods, small arms. . 115.4 113.2 113.2 113.1 Lumber 120.4 120.2 120.0 119.8 Manufactured animal feeds 110.0 108.4 103.3 102.1 Millwork 128.7 127.7 127.5 128.3 Notions and accessories 101.4 90.9 91.1 92.9 Plywood 102.8 106.1 102.3 102.3 Jewelry, watches, photo equipment, 101.2 101.0 101.0 101.0 Other miscellaneous 120.7 120.8 120.8 120.8 ' Revised. Source.—Bureau of Labor Statistics. Back figures.—See BULLETIN for March 1952, pp. 311-313. FEBRUARY 1953 175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME. PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1951 1952 1929 1933 1941 1947 1948 1949 1950 1951 1952 4 1 2 3 4 Gross national product 103.8 55.8 126.4 233.3 259.0 258.2 284.2 329.2 346.3 337.1 339.7 342.6 '343.0 360.1 Less: Capital consumption allowances. . 8.8 7.2 9.3 14.8 17.6 19.4 21.5 24.6 28.1 25.8 26.7 27.7 28.3 29.6 Indirect business tax and related liabilities 7.0 7.1 11.3 18.7 20.4 21.6 23.8 25.3 27.2 25.8 26.3 26.8 27.3 28.2 Business transfer payments 6 .7 .5 .7 .7 .8 8 9 .9 .9 .9 .9 .9 .9 Statistical discrepancy — .1 1.2 1.6 .3 -3.2 .2 , n 1.4 -.1 -.8 -1.6 1.8 -1.3 1.1 Plus: Subsidies less current surplus of srovernment enterorises -.1 0) 1 — i o o 4 5 .1 2 5 .2 — .2 .0 Equals: National income 87.4 39.6 103.8 198.7 223.5 216.3 239.2 277.6 290.4 285.6 288.0 '285.6 287.7 300.2 Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 14.6 24.7 31.7 29.2 34.8 41.6 40.5 42.5 42.7 '39.9 37.8 41.5 Contributions for social insurance. . .2 .3 2.8 5.7 5.2 5.7 6.9 8.2 8.5 8.3 8.5 8.4 8.6 8.8 Excess of wage accruals over disbursements 0 .0 .0 .0 .0 .0 0 .0 -.1 — .6 .1 .0 — .4 .0 Plus: Government transfer payments. .. .9 1.5 2.6 11.1 10.5 11.6 14.3 11.5 11.9 11.5 11.7 11.6 12.0 12.2 Net interest paid by government. . 1.0 1.2 1.3 4.4 4.5 4.6 4.7 4.9 5.0 5.0 5.0 5.0 5.0 5.0 Dividends 5.8 2.1 4.5 6.6 7.2 7.5 9 0 9.0 9.1 9.3 8.9 9.6 9.3 9.0 Business transfer payments 6 7 5 7 7 g g 9 .9 9 9 .9 .9 .9 Equals: Personal income 85.1 46.6 95.3 191.0 209.5 205.9 226.3 254.1 268.3 262.0 263.0 264.4 268.9 277.0 Less: Personal tax and related payments. . 2.6 1.5 3.3 21.5 21.1 18.6 20.8 29 1 34.0 30.4 r33.5 *33.6 r34.1 34.6 Federal 1.3 .5 2.0 19.6 19.0 16.2 18 1 26 1 30.7 27.3 '30.4 ••30.4 r30.8 31.3 State and local 1.4 1.0 1.3 1.9 2.1 2.5 2.7 3.0 3.3 3.1 3.2 '3.2 3.3 3.3 Equals: Disposable personal income. 82.5 45.2 92.0 169.5 188.4 187.2 205.5 225.0 234.3 231.5 230.5 '229.5 '234.8 242.5 Less: Personal consumption expenditures 78.8 46.3 82.3 165.6 177.9 180.6 194.3 208.0 216.3 210.5 213.2 214.9 215.0 222.0 Equals: Personal saving 3.7 -1.2 9.8 3.9 10.5 6.7 11.2 17.0 18.0 21.1 '16.3 '15.9 '19.8 20.5 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals Seasonally b a y d j q u u st a e r d t er a s nnual rates 1951 1952 1929 1933 1941 1947 1948 1949 1950 1951 1952 4 1 2 3 4 National income . . . 87.4 39.6 103.8 198.7 223.5 216.3 239.2 277.6 290.4 285.6 288.0 '285.6 287.7 300.2 Compensation of employees 50.8 29.3 64.3 128.0 140.2 139.9 153.4 178 9 190.4 183 4 186 5 186.9 190.3 197 9 JVages and salaries ^ 50.2 28.8 61.7 122.1 134.4 133 4 145 6 169 9 181.1 174 3 177 4 177.8 181 0 188 2 Private 45.2 23.7 51.5 104.8 115.7 113.0 123.4 141.2 148.7 143.8 145.8 145.6 148.3 155.3 Military. . .3 .3 1.9 4.1 4.0 4.2 5 0 8 6 n.a. 9 6 10 0 10.2 n.a. n a. Government civilian 4.6 4.9 8.3 13.2 14.7 16.1 17.2 20 1 n.a. 20.9 21.7 21.9 n.a. n.a. Supplements to wages and salaries... . .6 .5 2.6 5.9 5.8 6.6 7.8 9.0 9.2 9.1 9.0 9.2 9.3 9.6 Proprietors' and rental income 3... . 19.7 7.2 20.8 42.4 47.3 42.1 45 2 50.6 52.5 53.1 52 1 51.9 52.5 53.6 Business and professional 8.3 2.9 9.6 19.8 22.1 21.6 23.7 26 2 27.6 26.6 27.3 27.6 27.5 28.2 Farm 5.7 2.3 6.9 15.6 17 7 12.8 13 3 15 6 15.2 17 0 15 4 14 8 15 2 15 5 Rental income of persons 5.8 2.0 4.3 7.1 7.5 7.7 8.2 8.9 9.6 9.4 9.4 9.5 9.8 10.0 Corporate profits and inventory valuation adjustment 10.3 -2.0 14.6 24.7 31.7 29.2 34.8 41.6 40.5 42.5 42.7 '39.9 37.8 41.5 Corporate profits before tax 9.8 .2 17 2 30.5 33.8 27.1 39 6 42 9 39.7 39 5 42 7 '38 2 37 2 40 3 Corporate profits tax liability 1.4 .5 7.8 11.9 13.0 10.8 18.4 24.2 22.6 22.2 '24.3 '21.8 21.2 23.0 Corporate profits after tax 8.4 -.4 9.4 18.5 20.7 16.3 21.2 18.7 17.1 17.3 '18.4 '16.4 16.0 17.3 Inventory valuation adjustment .5 -2.1 -2.6 -5.8 -2.1 2.1 -4.8 -1.3 .8 3.0 -.1 1.7 .6 1.2 Net interest 6.5 5.0 4.1 3.5 4.3 5.0 5.8 6.4 7.0 6.6 6.7 6.9 7.1 7.2 n.a. Not available. r Revised. 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. 176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally b a y d j q u u st a e r d t er a s nnual rates 1951 1952 1929 1933 1941 1947 1948 1949 1950 1951 1952 4 1 2 3 4 Gross national product 103.8 55.8 126 A 233.3 259.0 258.2 284.2 329.2 346.3 337.1 339.7 342.6 '343.0 360.1 Personal consumption expenditures 78 8 46 3 82 3 165.6 177.9 180.6 194 3 208 0 216.3 210.5 213.2 214.9 215.0 222.0 Durable goods 9 4 3.5 9.8 21.4 22.9 23.8 29.2 27.1 25.8 25.3 25.2 26.4 24.2 27.3 Nondurable goods 37.7 22.3 44.0 95.1 100.9 99.2 102.8 113.5 119.0 116.2 118.0 117.8 118.9 121.4 Services 31 7 20.6 28.5 49.1 54.1 57.5 62.4 67.3 71.5 69.0 70.0 70.8 71.9 73.3 Gross private domestic investment 15.8 1.3 18.3 30.2 42.7 33.5 50.3 58.5 52.1 52.9 50.0 49.3 51.7 57.3 New construction J 7.8 1.1 6.8 13.9 17.7 17.2 22.9 23.3 23.5 22.4 23.7 23.6 23.0 23.7 Residential, nonfarm 3.6 .5 3.5 6.3 8.6 8.3 12.6 11.0 11.1 10.3 11.0 11.0 10.9 11.6 Other 4 2 .7 3 3 7 6 9 1 9 0 10 3 12 3 12 4 12 1 12.7 12.6 12.2 12.0 Producers' durable equipment.. . 6.4 1.8 7.7 17.1 19.9 18.7 22.0 24.9 25.5 24.7 25.7 25.7 25.0 25.6 Change in business inventories. . 1.6 -1.6 3.9 -.8 5.0 -2.5 5.5 10.3 3.1 5.8 .6 .1 3.7 8.1 Nonfarm onlv 1.8 -1.3 3.4 1.4 3.7 -1.6 4.6 9.4 2.4 5.2 Q 3.0 7.5 Net foreign investment .8 .2 1.1 8.9 1.9 .5 -2.3 .3 .2 2.6 2.2 .4 ••-1.6 .2 Government purchases of goods and services 8.5 8.0 24.7 28.6 36.6 43.6 41.9 62.6 77.8 71.2 74.4 78.0 77.9 80.6 Federal 1 3 2.0 16.9 15.8 21.0 25.4 22.2 40.9 54.4 48.9 51.2 54.9 54.8 56.6 O N t a h ti e o r nal security ... } 1.3 2.0 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 5 9 . . 6 2 4 5 4 . . 1 3 4 5 6 . . 2 4 5 5 0 . . 1 3 4 5 9 . . 6 6 5 6 0 . . 5 4 Less: Government sales 2 (3) (3) (3) 1.3 .6 .4 .2 .4 .4 .5 .4 .4 .4 .3 State and local 7 2 5 9 7 8 12 8 15 6 18 2 19 7 21 7 23 4 22.3 23.2 23.0 23.1 24.0 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Less Divi- personal Year or month in s P c o e o n r m a - l e re T c o e t i a p l ts4 b m T u d o e r i n s t s a - e t l s - Wag d p m i e u C n r o o s g o a d t d m n r i u i i n d t e c - y - s - sal D a i r u n t i y r s t d i i t u e v r d i s s e i b - s - bu S r i e s n t e r r d v i m e u ic s s e e - nts m G er o e n n v - t - in O l c a t o b h m o e r r e5 i p n r r c e P a i o n e n r m o t t d a o - e l r 6 s' i i n n d s p t a c o e e o e n n n r r m d a d e - l s s e t m T p r e f a a e n y n r t - s s - 7 b c i s a u n o o n f t s n o c i c u o t i r e r a r n i 8 l - - s i a n g N t c u r o o i r c m a n u l - e l- 9 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .5 19 7 13.3 1.5 .1 76.8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .4 7.2 8.2 2.1 .2 43.0 1941 95.3 60.9 61 7 27.5 16.3 7.8 10.2 6 20.8 9.9 3.1 .8 86.1 1947 191.0 119.9 122.0 54.3 35.1 15.3 17.2 2.4 42.4 14.5 11.8 2.1 170.8 1948 209.5 132.1 134 3 60 2 38 8 16 6 18 7 2 8 47 3 16.0 11.3 2.2 187.1 1949 205.9 131.2 133.4 56.9 38.9 17.2 20.4 3.1 42.1 17.1 12.4 2.2 188.7 1950 226.3 142.7 145.6 63.5 41.3 18.6 22.2 3.8 45.2 19.5 15.1 2.9 208.5 1951 . 254.1 166.5 169.9 74.9 45.9 20.3 28.7 4.2 50.6 20.4 12.4 3.4 233.6 1952 268 4 177 9 181 4 79 1 48 5 21 3 32 4 4 5 52 5 21 1 12.7 3.8 248.0 1951—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 ]Vlarch 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 November. . . . 275.8 184.4 187.9 83.5 49.6 21.9 32.9 4.6 52.9 21.3 12.8 3.7 255.7 December?.... 279.2 185.8 189.4 84.7 49.9 21.8 33.0 4.6 54.5 21.2 13.3 3.8 258.0 P Preliminary. r Revised. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 8 Less than 50 million dollars. * Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. » Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. FEBRUARY 1953 177 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions 'of dollars] Instalment credit Noninstalment credit End of year Total or month co c n r s e u d m it er i c T m n r o s e e t t d n a a i l t l t - Total A Sa u l 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 n e t d n s a i t t l t al- p S l a o i y a n m n gl s e e n 8 - 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 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 5,766 040 3,854 963 1949 16,809 10,890 6,240 3,144 3,096 4,650 5,919 ,018 3,909 002 1950 20,097 13,459 7,904 4,126 3,778 5,555 6,638 L.332 4,239 1,067 1951 20.644 13,510 7,546 4,039 3.507 5.964 7.134 .4*6 4,587 1,111 1952P. . 23,975 16,506 9,388 5,190 4,198 7,118 7,469 ,552 4,768 1,149 1951—November 19,989 13,271 7,400 4,100 3,300 5,871 6.718 ,42^ 4,190 1,106 December 20,644 13,510 7,546 4,039 3,507 5,964 7,134 ,436 4,587 1,111 1952—January 20,126 13,314 7,322 3,962 3,360 5,992 6,812 ,445 4,253 1,114 February 19,717 13,18* 7,158 3,927 3,231 6,027 6,532 ,448 3,967 1,117 March 19,565 13,156 7,047 3,891 3,156 6,109 6,409 ,443 3,855 1,111 April 19,788 13,319 7,099 3,946 3,153 6,220 6,469 1,437 3,913 1,119 May 20,293 13,806 7,421 4,171 3.250 6,385 6,487 L ,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 L.443 3,891 1,134 August 21,433 14,939 8.149 4,634 3,515 6,790 6,494 L,456 3,902 1,136 September 21,657 15,193 ! 8,339 4,708 3,631 6,854 6,464 L.469 3,848 1,147 October 22,289 15,573 ! 8,653 4,882 3.771 6,920 6,716 1,488 4,075 1,153 November P. . . . 22.803 15.889 ! 8.017 5.038 3,879 6,972 6,914 L ,516 4,242 1,156 December?.... 23,975 16,506 9,388 5,190 4,198 7,118 7,469 L ,552 4,768 1,149 P Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 1 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Insured Year or month Total b m C a e n o r k m ci s a - » 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 - ' I p c n l t a o o r d n i a m u a i n e l s - s - 2 u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - m l i r o z e a o a a p n d n t a i d e s o i r r n » n- 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 o n r d i a 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 2,143 784 531 134 107 200 102 285 1,198 975 255 203 344 1942 1,431 426 417 89 72 130 91 206 792 784 182 146 236 1945 1,422 477 439 76 70 103 93 164 942 956 166 151 199 1946 2,352 956 597 117 98 153 109 322 1,793 1,231 231 210 286 1947 3.348 1,435 701 166 134 225 119 568 2,636 1,432 310 282 428 1948 4,072 1,709 817 204 160 312 131 739 3,069 1,534 375 318 577 1949 4,650 1,951 070 250 175 402 142 801 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 ,268 301 220 542 176 938 4.198 2.437 528 417 947 1952P 7,118 3,092 ,440 365 273 698 193 1,057 5,218 2,671 618 498 1,264 1951—November .. 5,871 2,509 ,211 299 225 535 170 922 347 228 45 38 83 December... 5,964 2,510 ,268 301 229 542 176 938 354 292 50 42 84 1952—January. . .. 5,992 2,521 ,273 300 230 541 176 951 393 184 46 38 85 February. .. 6,027 2,542 ,275 301 232 545 176 956 373 181 46 37 91 March 6,109 2,593 L.285 303 235 553 177 963 429 216 52 41 95 April 6,220 2,642 L.302 307 239 568 179 983 429 211 50 39 103 May 6,385 2,726 L.320 319 246 589 181 1,004 479 236 52 44 116 June 6,589 2,838 1,346 330 254 614 183 1,024 497 248 56 44 122 July 6,706 2,892 L.366 341 259 631 185 1,032 473 238 53 42 113 August 6,790 2,931 L ,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 6,920 3.011 1,376 359 266 677 186 1,045 449 209 55 45 113 November*.. 6,972 3,039 1,384 361 268 683 187 1,050 392 214 47 39 97 December?.. 7,118 3,092 1,440 365 273 698 193 1,057 463 327 60 49 119 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 December amounted to 135 million dollars, and other loans made during December were 16 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. 1 Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans. 178 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Automobile Other Repair Per- Depart- retail retail, and sonal y E m e n a o d r n t o o h f r in e m T g x o o c a 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 l i o r a e n c s t c d h p a ir a u n e s r d c e - t d l e o m r t n a i o o n iz d n s a - 1 - 2 i l m c n o a s a e s t n n a h s t lhouses Outstanding at end of period: 1950 5,645 1,143 1,223 1,267 905 ,107 1939 1 .525 377 536 273 93 246 1951 5.434 1.061 1.192 1.031 937 ,213 1940 1,721 439 599 302 110 271 1952? 7,030 1,480 1,458 1,414 1,179 ,499 1941 ,802 466 619 313 120 284 1942 ,135 252 440 188 76 179 1951—November... 5,436 1,079 1,209 1,017 937 ,194 December.. . 5,434 1,061 1,192 1,031 937 ,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 ,230 1947 L935 650 587 249 144 305 February 5,412 1,038 1,186 1,016 924 ,248 1948 2,567 874 750 387 152 404 March 5,446 1,035 1,197 1,008 922 ,284 1949 3,096 1,010 935 500 163 488 April 5,528 1,055 1,219 1,005 940 ,309 1 1 9 95 5 1 0 . .. 3 3 , , 7 5 7 0 8 7 1 1 , , 2 1 4 8 5 6 1,0 9 2 7 9 1 6 7 1 1 3 0 7 7 9 3 4 7 J M u a n y e 6 5 , , 0 7 2 4 7 4 1 1, , 2 1 1 3 7 0 1 1 , ,3 2 3 7 1 0 1 1, , 0 0 8 3 6 6 1,0 9 0 6 5 9 , ,3 3 8 3 8 9 1952? 4,198 1,461 1,146 709 882 July 6,210 1,266 1,361 1,133 1,042 ,408 1951 August 6,355 1,294 1,373 1,183 1,075 ,430 November. 3,300 1,099 908 608 685 September... 6,503 1,329 1,386 1,224 1,110 ,454 December . 3,507 1,186 971 613 737 October 6,702 1,382 1,413 1,291 1 ,151 ,465 1952 November?.. 6.846 1 ,4^9 1,436 1,338 1,173 ,470 January... 3,360 1,129 933 592 706 December?. . 7,030 1,480 1,458 1,414 1,179 ,499 February 3,231 1,082 909 567 673 March. . 3,156 1,060 893 548 655 Volume extended dur- April.... 3,153 ! 1,064 894 541 654 ing month: May ... 3,250 | 1,101 924 551 674 1951—November... 689 136 152 147 72 182 June . . . 3,374 1,132 954 588 700 December.. . 686 117 149 157 70 193 Julv 3,442 1,142 974 612 714 August. ... 3,515 1,166 995 625 729 1952—January 714 131 170 146 57 210 September. 3,631 1,217 1,013 648 753 February.... 679 135 167 130 55 192 October. .. 3.771 1.278 1.045 666 782 March 758 144 185 138 62 229 November? 3.879 1.333 1,069 672 805 April 807 162 191 153 79 222 December ? 4,198 1.461 1,146 709 882 May 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 October 970 216 203 206 116 229 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL November?.. 849 193 181 187 92 196 BANKS, BY TYPE OF CREDIT December?. . 971 210 197 228 86 250 [Estimates. In millions of dollars] CONSUMER INSTALMENT CREDITS OF INDUSTRIAL R m e e t n a t il p i a n p s e ta r l a - R a e n p d air P i e n r s s t o al n - al LOAN [ C Es O ti M m P at A es N . IE I S n , m B i Y lli o T ns Y P o E f d O ol F la rs C ] REDIT Year or month Total modern- ment Retail instal- Repair Personal m A o u b to il - e Other l i o z a a n ti s o * n * l c o a a s n h s Year or month Total A m ut e o n - t paper * m iz o a a d n ti e d o r n n- i m n c s a e t s a n h l t mobile Other loans 1 s loans Outstanding at end of period- Outstanding at end 1 1 1 9 9 9 5 5 5 2 1 0 ? 4 4 3 9 0 9 1 4 1 . . . 2 1 0 1 1 1 1 6 1 8 3 8 . . 9 5 9 9 8 7 5 1 9 . . . 3 2 7 6 5 56 9 4 . . . 1 9 5 1 1 16 3 4 2 7 7 . . . 9 9 5 o 1 1 1 f 0 9 9 5 5 5 p 1 2 0 e ? riod: 3 2 2 0 5 2 3 5 6 . . . 8 9 3 6 5 7 3 7 6 . . . 2 7 9 6 4 47 2 1 . . 4 1 3 8 7 7 . . . 1 2 3 1 1 1 5 2 3 6 0 7 . . . 6 6 6 1951— D N e o c v e e m m b b e er r .. . 4 4 0 0 4 2 . . 1 4 1 1 2 1 1 8 . . 9 9 8 7 1 7 . . 2 7 5 5 6 6 . . 5 5 1 1 4 4 6 7 . . 3 5 1951— D N e o c v e e m m b b e er r .. . 2 2 5 5 5 0 . . 3 3 6 6 3 3. . 2 4 4 4 6 7 . . 1 3 7 7 . . 6 2 1 1 3 3 3 7 . . 2 6 1952— A J A S O J D F M M N J u u e e a p c e o u a l a n p n b t r c y v y r g e o t i u e r c e e l b u u m a h m m e r s a b r y b b t r e . y e e . . r r r . ? . . . . v . . . 4 4 4 4 4 4 4 4 4 4 4 4 9 2 1 5 8 8 4 6 0 0 0 7 1 6 0 5 5 1 3 3 5 3 2 2 . . . . . . . . . . . . 2 7 2 1 1 7 0 5 8 9 6 8 1 1 1 1 1 1 1 1 1 1 1 1 6 5 1 6 4 2 4 3 1 1 1 5 3 8 9 0 8 5 8 8 6 6 6 3 . . . . . . . . . . . . 9 2 2 9 2 7 4 9 3 6 5 1 9 9 8 8 9 9 8 8 8 8 8 8 5 3 4 7 9 1 1 4 2 1 1 1 . . . . . . . . . . . . 3 4 1 2 2 1 7 5 0 4 1 4 6 6 6 5 6 6 5 5 5 5 6 5 9 7 3 7 0 9 8 5 5 6 6 6 . . . . . . . . . . . . 1 2 8 6 2 9 4 0 8 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 6 6 6 6 5 6 6 5 5 5 4 4 2 2 1 1 8 2 2 2 4 9 9 8 . . . . . . . . . . . . 9 9 3 9 4 4 3 6 6 8 9 6 1952— J A A J O M S D F M N J u u e e a p c e o u a l a n p n b t y c r v y r g e o i t u e r c e l e b u u a m h m m e r a s r y b b b r t e y . e e . . r r r . ? . . . . . ? . . 3 2 2 2 2 2 2 2 2 2 2 2 0 6 7 8 9 9 8 6 9 5 5 9 3 3 8 5 1 5 2 0 7 6 7 3 . . . . . . . . . . . . 2 1 9 8 5 9 7 2 7 7 9 9 6 6 6 6 6 7 7 7 7 7 7 7 4 2 2 7 2 2 5 6 6 1 3 4 . . . . . . . . . . . . 6 4 7 0 6 7 7 5 5 0 5 3 4 4 6 4 5 5 6 6 5 5 5 5 2 0 7 8 0 7 5 7 0 2 8 9 . . . . . . . . . . . . 2 4 2 4 6 8 2 5 0 0 6 3 8 7 7 7 7 8 7 7 7 7 7 7 . . : . . . . . . . . . 1 0 4 2 2 0 9 5 0 1 0 7 1 1 1 1 1 1 1 1 1 1 1 1 4 5 5 5 4 4 4 5 5 3 4 5 2 6 2 0 0 4 6 2 9 2 9 2 . . . . . . . . . . . . 5 6 1 6 8 5 8 5 3 4 3 3 Volume extended during month: Volume extended 1951— D N e o c v e e m m b be e r r . . . 5 5 3 2 . . 6 3 1 1 3 4 . . 1 6 1 1 1 2 . . 8 8 4 3 . . 1 4 2 2 4 1 . . 3 8 d 1 u 9 r 5 i 1 n — g D N m e o o c v n e e t m m h: b be e r r .. . 4 3 3 9 . . 6 5 9 9 . . 3 0 6 6 . . 2 6 0 0 . . 7 5 2 2 3 7 . . 6 2 1952— O S D J J A N A F M M J u u e e a e p o c u a l n a p n b c y r t v y r g e t i o u e r c e e l u m u a b h m m r s a e b y b b t r r e . y e e . . r . . r r . ? . . . . . . ? . . . 6 6 6 6 5 6 5 6 5 5 5 7 6 6 8 0 9 4 9 1 7 8 2 3 . . . . . . . . . . . . 1 2 2 8 7 0 2 5 8 5 8 5 2 2 2 2 2 2 1 1 1 1 1 1 1 4 3 7 1 5 9 9 8 6 5 4 . . . . . . . . . . . . 2 4 6 7 4 3 0 8 2 1 8 3 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 2 0 2 2 0 1 0 0 1 . . . . . . . . . . . . 4 6 2 3 2 7 9 3 1 3 6 8 4 4 6 6 6 6 3 3 6 6 5 5 . . . . . . . . . . . . 9 6 9 5 5 1 7 1 3 9 4 5 2 2 2 2 2 2 2 2 2 2 2 2 6 5 5 7 5 3 1 3 6 2 2 5 . . . . . . . . . . . . 6 0 9 5 0 1 6 3 0 8 9 0 1952— J J A S A F M M O N D J u u e e a p u c o e l a a n p n b y r c t g v y r e t i o u r e c e e u l u b a m h m m s r e a t y b b b . r r . e y e e . . r r r . . . . ? . . ? . . . . 4 4 4 3 4 4 4 4 4 4 3 5 7 5 2 2 7 0 8 0 1 8 9 0 . . . . . . . . . . . . 2 2 7 0 8 4 0 0 1 6 3 0 1 1 1 1 1 1 1 1 8 9 9 9 2 1 0 1 3 0 0 1 . . . . . . . . . . . . 9 2 1 7 2 2 2 3 0 1 1 0 5 6 8 8 6 9 5 7 6 7 7 8 . . . . . . . . . . . . 6 7 8 1 8 2 1 5 9 7 9 5 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . . . . 7 8 9 7 6 5 8 8 9 5 8 8 2 2 2 2 2 2 2 3 2 2 2 2 4 6 3 4 3 6 6 0 2 5 3 4 . . . . . . . . . . . . 3 0 2 5 0 7 3 4 0 0 3 0 p Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. 1 Includes both direct loans and paper purchased. FEBRUARY 1953 179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe fr r o ce m n t p ag re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C c h co ar u g n e ts month month of preceding Item 1 D 9 e 5 c 2P . N 19 o 5 v 2 . 1 O 9 c 5 t 2 . 1 D 9 e 5 c 2 . ? N y 19 e o 5 a v r 2 . 1 O 9 c 5 t 2 . Year or month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n s a e c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1951 Total.... +40 5 +13 +14 +1 +8 November 21 11 12 50 Cash sales +58 -1 +13 +6 -6 -4 December 19 11 12 45 Credit sales: Instalment +40 -5 + £ +8 +15 1952 Charge account +30 -1 -8 -4 J F a e n b u ru ar a y ry 1 1 8 9 1 1 0 0 1 1 3 3 4 4 5 7 Accounts receivable, end March 20 11 13 48 of month: April 18 10 13 46 Total +9 +3 +4 +22 +20 +19 May 19 11 13 48 Co T I I l n n l o e s s m c t t t a a t a o i l l l o n m m . n t .. h s e e : n n d t t uring + + + 1 5 3 1 + - - 2 2 3 + + + 4 4 3 + + + 1 6 8 9 + + - 1 1 3 8 + + - 1 1 8 1 J J A O S N D u u e u c o e l n p t y g c v o e t e u e e b m m s m e t r b b b e e e r r r ? , 1 1 1 1 1 1 1 8 7 7 8 7 8 7 1 1 1 1 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 2 2 1 2 1 1 4 4 4 4 4 5 4 6 6 6 7 8 0 8 Inventories, end of 10 month, at retail value. -10 + 1 +5 -5 -4 -3 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 Total Sa C le a s s h during I m m ns e o t n a n t l t - h a C c h c a o r u g n e t A I c a m n c t s e o t e n u a n t l n d - t s o f r e a m c C c e h o c iv a o n a r u t g h b n e l t e C I m n o s l e l t n e a c t l m - tio o n n s t a h C d c h c u a o r r i u n g n g e t C sa a l s e h s I m s n a s e l t e n a s t l- a C c s h c a a o le r u g s n e t 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 1952P 103 93 142 109 189 127 158 120 47 10 43 1951—November 129 115 171 138 182 136 169 121 47 10 43 December . 177 167 '206 185 197 177 168 122 49 9 42 1952—January 84 77 110 89 190 142 180 165 48 10 42 February 79 72 106 83 182 124 162 129 48 10 42 March 91 83 122 96 178 117 170 118 48 10 42 April 99 90 118 107 175 121 153 108 48 9 43 May 100 90 137 106 176 122 153 115 47 10 43 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. . . . 120 108 174 127 211 138 160 123 47 11 42 December P 190 176 234 200 233 183 - 169 135 49 9 42 p Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 171. 180 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for last date shown are preliminary] Commercial and stock savings banks and nondeposit trust companies Mutual savings banks All banks Member banks Nonmember banks Total Total i ti N on a- al m S e t m at b e er1 Total su I r n e - d 2 in N su o r n e - d 2 sur I e n d - * 2 in N su o r n e - d Banks (head offices) Dec. 31, 1933. 15,029 14,450 6,011 5,154 857 8,439 8,4[39 c579 Dec. 31, 1934 . . ... 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941 14,825 14,277 6,619 5,117 1,502 7,661 6,810 851 52 496 Dec. 31 1946 14,585 14,044 6,900 5,007 1,893 7,147 6,457 690 191 350 Dec. 31, 1947 3 14,714 14,181 6,923 5,005 1,918 7,261 6,487 783 194 339 Dec. 31, 1950 14,650 14,121 6,873 4,958 1,915 7,251 6,562 689 194 335 Dec. 31, 1951 14,618 14,089 6,840 4,939 1,901 7,252 6,602 650 202 327 Dec. 31, 1952 14,575 14,046 6,798 4,909 1,889 7,251 6,627 624 206 323 Branches and additional offices Dec. 31, 1933 2,911 2,786 2,081 1,121 960 705 7C5 125 Dec. 31, 1934 3,133 3,007 2,224 1,243 981 783 4 783 « 126 Dec. 31, 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec. 31, 1946 4,138 3,981 2,913 1,781 1,132 1,068 1,006 62 115 42 Dec. 31, 1947 3 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec. 31, 1950 5,056 4,843 3,589 2,230 1,359 1,254 1,202 52 152 61 Dec. 31, 1951 5,383 5,153 3,837 2,370 1,467 1,316 1,275 41 165 65 Dec. 31, 1952 5,710 5,464 4,105 2,557 1,548 1,359 1,318 41 177 69 Changes, Jan. 1-Dec. 31, 1952 Banks New Banks ' +73 +73 + 19 + 15 +4 +54 +45 +9 Suspensions —3 Consolidations and absorptions: Banks converted into branches -82 -82 -49 -32 -17 -33 -31 -2 Other -18 -18 -9 —6 -2 —9 —6 -3 Voluntary liquidations ' — 13 — 13 — 1 — 1 — 12 —6 —6 Interclass bank changes: Conversions— National into State -5 -6 +5 +5 Federal Reserve membership: 7 Admissions of State banks ... +12 +12 -12 -12 Withdrawals of State banks -9 -9 +9 +9 Federal deposit insurance: 8 Admissions of State banks +24 -24 +4 -4 Withdrawals of State banks -1 +1 Net increase or decrease .. . -43 -43 -42 -30 -12 -1 +25 -26 +4 -4 Number of banks Dec 31 1952 14,575 14,046 6,798 4,909 1,889 7,251 6,627 624 206 323 Branches and additional offices 9 De novo branches +235 +215 +158 +101 +57 +57 +56 +1 + 14 +6 Banks converted into branches +82 +82 +72 +49 +23 + 10 +9 + 1 Discontinued —22 — 18 — 11 —5 —6 —2 —2 Interclass branch changes: National to State member -1 +1 State member to national +6 —6 State member to nonmember —3 -3 +3 +3 Nonmember to national + 10 +10 — 10 — 10 Nonmember to State member +13 + 13 -13 -13 Noninsured to insured +2 -2 +295 +279 +239 + 160 +79 +40 +12 +4 +40 Number of branches and additional offices Dec. 31, 1952 5,519 5,273 3,932 2,404 1,528 1,341 41 177 69 1,300 Banking facilities 10 Established +32 +32 +29 +27 +2 +3 +3 Number of banking facilities, Dec. 31, 1952 191 191 173 153 20 18 18 1 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks that became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only once in "all banks." 2 Federal deposit insurance did not become operative until Jan. 1, 1934. 3 As of June 30, 1947, the series was revised to conform (except that it excludes possessions) with the number of banks in the revised all bank series announced in November 1947 by the Federal bank supervisory authorities. The revision resulted in a net addition of 115 banks and 9 branches. 4 Separate figures not available for branches of insured and noninsured banks. 6 Exclusive of new banks organized to succeed operating banks. 6 Exclusive of liquidations incident to succession, conversion, and absorption of banks. 7 Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; they are included under "conversions." 8 Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "interclass bank changes." 9 Covers all branches and other additional offices (excluding banking facilities) at which deposits are received, checks paid, or money lent. 10 Banking facilities are provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government at military and other Government establishments. Three of these banking facilities are, in each case, operated by two national banks, each bank having separate teller windows; each of these facilities is counted as one office only. These figures do not include branches that have also been designated by the Treasury Department as banking facilities. Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, arid descriptive text, pp. 13-14. FEBRUARY 1953 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1952 Phila- Item System Boston New York delphia Cleveland Richmond Atlanta Current Earnings Discounts and advances $14,083,126 $271,446 $3,295,845 $571,357 $954,724 $705,515 $495,217 Industrial loans 186,248 153,721 4,255 22,479 Commitments to make industrial loans. 30,307 2,488 6,200 596 U. S. Government securities 441,629,31730,744,551100,889,40227,454,704 43,908,367 29,640,767 25,599,774 All other 131,262 9,720 22,095 10,973 14,967 7,057 8,301 Total current earnings. 456,060,26031,025,717104,207,342 28,193,243 44,884,258 30,358,190 26,125,771 Current Expenses Salaries: Officers 4,233,713 241,819 829,997 262,287 355,834 289,622 337,678 Employees 63,635,525 4,278,020 14,950,127 3,783,532 5,710,574 3,874,241 3,047,711 Directors' and other fees 309,952 15,897 36,996 17,761 22,085 25,076 48,562 Retirement contributions 6,059,708 404,953 1,362,356 349,460 547,200 378,049 316,422 Traveling expenses 1,228,468 90,485 154,643 46,295 103,243 112,792 100,050 Postage and expressage 15,176,606 1,208,141 2,389,373 932,852 1,260,212 1,369,681 1,302,166 Telephone and telegraph 796,315 43,309 186,725 43,787 55,228 49,922 75,239 Printing, stationery, and supplies 5,158,905 431,605 995,890 283,992 418,441 327,998 360,583 Insurance 868,781 63.676 195,363 40,750 78,115 76,692 53,693 Taxes on real estate 2,255,142 285,797 542,103 96,536 238,779 99,993 88,692 Depreciation (building) 2,592,706 55,832 706,041 66,352 343,680 190,535 93,535 Light, heat, power, and water 968,707 55,940 183,854 49,875 104,091 71,202 45,229 Repairs and alterations 776,754 30,601 44,589 36,749 139,973 103,957 88,008 Rent 471,225 37,593 3,720 42,284 33,181 7,469 71,794 Furniture and equipment: Purchases 2,293,160 238,142 259,365 125,814 200,864 398,109 394,299 Rentals 3,923,413 362,780 672,978 308,814 320,077 289,442 194,987 Assessment for expenses of Board of Governors 4,121,602 256,900 ,242,800 321,500 381,600 209,100 176,400 Federal Reserve currency 8,521,426 592,808 ,742,928 625,421 758,894 780,662 650,365 All other 1,778,922 103,679 197,566 117,136 376,610 96,395 88,087 Total. 125,171,030 8,797,977 26,697,414 7,551,19711,448,681 8,750,937 7,533,500 Less reimbursement for certain fiscal agency and other expenses 20,476,939 1,141.699 4.330,054 1,126,338 1,956,567 1,190,423 1,171,116 Net expenses. 104,694,091 7,656,278 22,367,360 6,424,859 9,492,114 7,560,514 6,362,384 Profit and Loss Current net earnings.. 351,366,169 23,369,439 81,839,98221,768,384 35,392,144 22,797,67619,763,387 Additions to current net earnings: Profits on sales of U. S. Government securities (net), 1,991,647 137,396 458,802 132,132 188,345 130,497 107,519 All other 203,225 59,958 882 1,109 27,210 1,693 97,129 Total additions. 2,194,872 197,354 459,684 133,241 215,555 132,190 204,648 Deductions from current net earnings: Charge-offs and special depreciation on bank premises. 27 586 27,586 Reserves for contingencies 493 367 40,516 75,609 28,995 36.768 55, 42,953 All other. 89 931 12,154 5,087 987 5,553 2, 537 Total deductions .. , 610,884j 80,256 80,696 29,982 42,321 57,406 43,490 Net additions 1,583,988 117,098 378,988 103,259 173,234 74,784 161,158 Net earnings before paymentsto U.S.Treasury 352,950,15723,486,537 82,218,97021,871,643 35,565,378 22,872,46019,924,545 Paid U. S. Treasury (interestonF. R.notes) 291,934 63420,426,366 832,43418763,697 30,743.12820,006,07017,385,550 Dividends 14,681 788 790,381 627,264 023,039 1,406,069 643,141 607,064 Transferred to surplus (Sec. 7). 46,333. ,269,7901 7,759,272 ,084,907 3,416.181 2,223,249 ,931,931 Surplus (Sec. 7), January 1.. . . 538,343, 34,191,802 159,743,584 41,492,930 50,648469 27,024,68723,871,397 Surplus (Sec. 7), December 31. 584,676,881136,461,592 167,502,856 43,577,83754,064,650 29,247,936 25,803,328 182 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1952—Continued Chicago St. Louis Minneapolis K C an it s y as Dallas Fra S n a c n isco Item Current Earnings $2,855,247 $730,841 $286,795 $1,285,700 $387,081 $2,243,358 Discounts and advances 5,515 278 Industrial loans 12,772 6,233 2,018 Commitments to make industrial loans 64,612,174 23,942,212 14,003,295 19,890,787 20,379,969 40,563,315 U. S. Government securities 12,795 6,808 5,233 17,043 6,769 9,501 All other 67,492,988 24,679,861 14,300,838 21,199,763 20,774,097 42,818,192 Total current earnings Current Expenses Salaries: 503,942 267,990 233,707 283,767 269,835 357,235 Officers 10,031,871 3,580,645 1,979,754 3,329,161 2,868,790 6,201,099 Employees 35,832 22,595 15,208 19,248 16,299 34,393 Directors' and other fees 953,443 338,040 183,652 332,896 292,464 600,773 Retirement contributions 155,334 90,772 70,803 87,363 87,423 129,265 Traveling expenses 2,176,510 808,943 463,674 769,193 763,636 1,732,225 Postage and expressage 60,502 54,561 33,242 51,457 49,947 92,396 Telephone and telegraph 885,749 355,090 140,595 259,708 233,221 466,033 Printing, stationery, and supplies 107,121 47,332 15,438 57,072 38,530 94,999 Insurance 338,732 89,956 96,824 118,818 52,036 206.876 Taxes on real estate 326,663 249,543 31,406 195,270 60,329 273,520 Depreciation (building) 149,190 76,153 31,938 81,219 44,718 75,298 Light, heat, power, and water 64,514 24,183 20,648 46,654 128,716 48,162 Repairs and alterations 113,750 23,291 49,561 15,589 19,931 53,062 Rent Furniture and equipment: 319,772 122,705 48,680 58,494 48,262 78,654 Purchases 608,229 155,897 146,130 210,914 214,988 438,177 Rentals 572,900 157,302 105,000 156,100 157,400 384,600 Assessment for expenses of Board of Governors 1,301,285 457,668 146,547 318,293 294,080 852,475 Federal Reserve currency 261,162 109,815 79,979 112,804 77,344 158,345 All other 18,966,501 7,032,481 3,892,786 6,504,020 5,717,949 12,277,587 Total Less reimbursement for certain fiscal agency and other 3,411,226 1,178,047 601,230 1,367,908 908,237 2,094,094 expenses 15,555,275 5,854,434 3,291,556 5,136,112 4,809,712 10,183,493 Net expenses Profit and Loss 51,937,713 18,825,427 11,009,282 16,063,651 15,964,385 32,634,699 Current net earnings Additions to current net earnings: 293,142 108,609 62,431 94,386 92,042 186,346 Profits on sales of U. S. Government securities (net) 6,171 7,490 4 1,191 67 321 All other 299,313 116,099 62,435 95,577 92,109 186,667 Total additions Deductions from current net earnings: Charge-offs and special depreciation on bank premises 68,387 24,873 14,267 22,223 25,531 58,064 Reserves for contingencies 8,971 2,920 43,835 1,235 4,190 2,237 All other 77,358 27,793 58,102 23,458 .. 29,721 60,301 Total deductions 221,955 88,306 4,333 72,119 62,388 126,366 Net additions 52,159,668 18,913,733 11,013,615 16,135,770 16,026,773 32,761,065 Net earnings before payments to U. S. Treasury 45,238,680 16,560,583 9,617,021 14,022,539 8,146,709 21,191,857 Paid U. S. Treasury (interest on F. R. notes) 1,894,010 513,060 327,905 555,050 709,449 1,585,356 Dividends 5,026,978 1,840,090 1,068,689 1,558,181 7,170,615 9,983,852 Transferred to surplus (Sec. 7) 79,601,206 21,788,220 14,062,608 20,366,554 18,210,141 47,341,548 Surplus (Sec. 7), January 1 84,628,184 23,628,310 15,131,297 21,924,735 25,380,756 57,325,400 Surplus (Sec. 7), December 31 183 FEBRUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks on On par list which checks are Not on Dar list drawn, and their (nonmember) Federal Reserve branches and offices 1 Total Member Nonmember district or State Banks a B nd ra n o c ff h ic e e s s2 Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s United States total: Dec 31 1946 14,043 3,981 11,957 3,654 6,894 2,913 5,063 741 2,086 327 Dec. 31, 1947.. 14 078 4,148 12,037 3,823 6,917 3,051 5,120 772 2 041 325 Dec. 31, 1948 14,072 4,333 12,061 4,015 6,912 3,197 5,149 818 2,011 318 Dec. 31, 1949 14,051 4,562 12,178 4,289 6,887 3,387 5,291 902 1,873 273 Dec. 31, 1950 14,015 4,824 12,162 4,534 6,868 3,589 5,294 945 1,853 290 Dec. 31, 1951 13,987 5,145 12,158 4,843 6,835 3,837 5,323 1,006 1,829 302 Dec. 31, 1952P 13.942 5,455 12,122 5,151 6,792 4,105 5,330 1,046 1 820 304 By districts and by States Dec. 31, 1952* District Boston . 469 390 469 390 321 310 148 80 New York 837 1 044 837 1,044 720 959 117 85 Philadelphia 820 215 820 215 621 166 199 49 Cleveland I 090 380 1,090 380 673 330 417 50 Richmond 1,005 639 812 490 477 303 335 187 193 149 Atlanta 1,224 256 630 216 360 187 270 29 594 40 Chicago ?,476 671 2,476 671 1,005 315 1,471 356 St. Louis 1,463 175 1,140 111 493 68 647 43 323 64 Minneapolis . L,276 115 676 74 476 29 200 45 600 41 Kansas City 1,754 26 1,745 26 752 15 993 11 9 Dallas I 040 73 939 63 634 44 305 19 101 10 San Francisco 488 1,471 488 1,471 260 1,379 228 92 State Alabama 229 30 133 30 95 30 38 96 Arizona 13 70 13 70 5 53 8 17 Arkansas 230 22 112 5 69 2 43 3 118 17 California 190 1,035 190 1,035 118 982 72 53 Colorado 150 5 150 5 94 4 56 1 Connecticut 104 68 104 68 63 57 41 11 Delaware.... 35 ' 31 35 31 14 14 21 17 District of Columbia... 19 48 19 48 15 38 4 10 Florida 205 9 151 9 75 8 76 1 54 Georgia 403 52 119 49 66 45 53 4 284 3 Idaho 40 62 40 62 21 57 19 5 Illinois 891 3 889 3 511 3 378 2 Indiana. 480 125 480 125 236 68 244 57 Iowa 664 163 664 163 161 503 163 Kansas 609 2 607 2 215 2 392 2 Kentucky . . . 378 56 378 56 111 36 267 20 Louisiana 167 89 63 65 49 57 14 8 104 24 Maine 63 79 63 79 38 42 25 37 Alaryland 156 142 156 142 73 81 83 61 Massachusetts 175 200 175 200 138 179 37 21 Michigan 425 285 425 285 227 229 198 56 Minnesota ... 677 6 267 6 206 6 61 410 ]Vlississippi 202 73 42 16 31 8 11 8 160 57 Missouri 593 1 528 1 176 1 352 65 IVlontana 109 109 83 26 Nebraska 411 2 411 2 140 2 271 Nevada 8 22 8 22 6 20 2 2 New Hampshire 74 2 74 2 52 1 22 1 New Jersey . 309 189 309 189 267 166 42 23 New IMexico 51 23 51 23 34 6 17 17 New York 603 859 603 859 525 798 78 61 North Carolina 209 257 102 113 55 64 47 49 107 144 North Dakota 153 22 61 6 42 19 6 92 16 Ohio 651 271 651 271 417 237 234 34 Oklahoma 383 2 375 2 223 2 152 8 Oregon 67 111 67 111 29 101 38 10 Pennsylvania . 934 256 934 256 706 222 228 34 Rhode Island 13 54 13 54 g 43 5 11 South Carolina 149 64 68 59 33 48 35 11 81 5 South Dakota 170 52 72 27 63 23 9 4 98 25 Tennessee 295 113 211 100 84 77 127 23 84 13 Texas 916 14 866 14 581 14 285 50 Utah 55 34 55 34 31 31 24 3 Vermont 66 11 66 11 38 4 28 7 Virginia 315 128 311 128 204 72 107 56 4 ^^ashington 117 162 117 162 51 151 66 11 West Virginia . 182 181 109 72 1 Wisconsin 552 151 552 151 165 21 387 130 Wyoming 52 52 39 13 P Preliminary. » Excludes mutual savings banks, on a few of which some checks are drawn. 2 Branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military reservations and other Government establishments (see BULLETIN for February 1953, p. 181, footnotes 9 and 10). Back figures.—See Bankin and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports. 184 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE International capital transactions of the United States 186-191 Gold production 191 Reported gold reserves of central banks and governments 192 Gold movements; gold stock of the United States 193 International Monetary Fund and Bank 194 Central Banks 194-198 Money rates in foreign countries 199 Commercial banks 200 Foreign exchange rates 201 Price movements in principal countries: Wholesale prices 202 Consumers' price indexes 203 Security prices 203 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. FEBRUARY 1953 185 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.* Decrease Domestic Foreign From Jan. 2, 1935, in U. S. securities: securities: Inflow in through— Total banking Inflow of Return brokerage Total o F f o f r ic e i i a g l n s F o o t r h e e ig r n In ti t o e n rn a a l - ab fu ro n a d d s l f f o u r n e d ig s3 n o f f u n U d . s S ' . balances 1946—Dec. 31 8,009.5 5,726.1 2,333.6 2,938.7 453.8 427.2 464.5 1,237.9 153.7 1947—Dec. 31 8,343.7 6,362.3 1,121.8 2,998.5 2,242.0 186.5 375.5 1,276.9 142.4 1948—Dec. 31 8,569.1 6,963.9 2,126.0 2,993.6 1,844.3 116.8 183.3 1,182.1 123.1 1949—Dec. 31 8,763.5 6,863.9 2,197.8 3,028.2 1,637.8 307.6 258.5 1,209.9 123.7 1950—Dec. 31 10,521.1 7,890.7 2,715.6 3,472.8 1,702.3 231.4 1,202.9 1,064.5 131.7 1951—Dec. 31 10,140.7 8,548.1 2,770.2 4,089.6 1,688.3 160.9 618.6 687.5 125.6 1952—Jan. 31 10,043.0 8,464.4 2,644.9 4,138.7 1,680.9 133.4 631.3 688.6 125.4 Feb. 29 10,208.8 8,638.2 2,811.5 4.200.2 1,626.5 164.9 616.8 658.3 130.7 Mar. 31 10,236.0 8,719.2 2,912.3 4.149.6 1,657.3 125.0 617.4 642.5 131.8 Apr. 30 10,268.6 8,829.1 3,025.5 4,164.9 1,638.7 109.7 622.4 580.4 127.0 May 31 10,471.6 9.1Q9.1 3,219.9 4,285.8 1,693.3 90.7 621.1 429.6 131.1 June 30 10,585.5 »-9,287.0 '3,309.4 '4,294.1 1,683.5 '99.8 624.1 441.3 133.4 July 31 '10,941.0 9,601.0 3,615.3 4,219.1 1,766.5 103.2 647.0 '460.2 129.7 Aug. 31 '11,130.9 9,771.1 3.791.3 4,205.9 1,773.9 63.0 679.9 '491.3 '125.5 Sept. 30 11,364.5 9,951.5 3,909.1 4,261.4 1,781.0 106.0 673.8 505.6 127.6 Oct. 31 P 11,449.9 9,831.6 3.832.4 4,189.3 1,809.9 114.9 865.0 510.5 127.9 Nov. 30P 11,583.9 9,917.9 3,950.7 4,221.6 1,745.6 113.1 916.4 517.6 119.0 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding,in millions of dollars] TotaI breign In- countries Date t t i e i n o r s n n t a a i- - l Official U K d n o i i n m t g ed - France N la e e n r t d - h s - S la w e n r i d - tz 5 - Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e 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 1,104.8 1,316.4232.8 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 1,216.6 1,057.9 193.7 1948—Dec.31... 1,864.3 5,853.7 2,836.3 546.3 192 8 122 8 538 9 333 5 738 I 2,472.4 775 .2 1,287.0 1,151.8 167.4 1949—Dec.31... 1,657.8 5,960.2 2,908.1 574.4 171 6 170.5 576 9 303 6 717 0 2,513.9 869 .1 1,436.7 961.0 179.5 1950—Dec.31... 1,722.2 66,922 6 3,425.9 6656.6 260 7 193 6 553 0 314 7 799 2 «2,777.7 899 .0 1,612.9 1,378.5254.5 1951—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 1,455.2 1,609.6297.4 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 L.316.5 1,400.7 1,635.7304.1 Feb. 29... 1,646.4 7,745 8 3,521.8 796.9 253 4 155 9 542 9 293 .9 959 2 3,002.2 1,336.3 1,416.3 1,661.9329.1 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 1,463.1 1,687.8325.9 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 1,490.2 1,755.0316.6 May 31 . . 1,713 3 8,239 9 3,930.2 756.8 267.2 155 9 599 6 278 .5 1,004 7 3,062.7 L.496.0 1,529.3 1,826.0325.9 June30. .. 1,703 4 '8,337 7 '4 ,019.7 '793.4 299 2 203 0 600 8 266.8 1,028 9 '3,192.2 1,503.0 '1 ,517.2 '1 ,792.0 333.2 July 31... 1,786 5 8,568 6 4,325 6 848.1 344 3 241 2 617 5 291 .7 1,058 3 3,401.0 1,540.3 1,538.0 1,757.7 331.6 Aug.31... 1,793 8 8,731 4 4,501.6 833 7 395 6 299 4 612 0 294 .9 1,083 5 3,519.1 I ,528.1 1,570.0 1,743.5370.7 Sept.30... 1,800.9 8,904 7 4,619.4 865.3 404 0 345 1 614 3 291.9 1.141 4 3,662.0 1,530.1 1,580.7 1,795.1336.8 Oct. 31 P.. 1,829 9 8.755 8 4.542 7 889.0 348 4 384 3 623 9 305 .7 1,205 0 3.756.2 I ,373.3 1,520.7 1,784.1321 .5 Nov.30P.. 1,765 6 8,906 5 4,661.0 975.2 337 3 343 1 627 1 326 2 1,245 4 3,854.3 1,353.7 1,557.5 1,812.9328.1 P Preliminary. r Revised. 1 Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN for August 1951, p. 1030). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstanding amounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will not always be identical with the movement of funds shown in Table 1. 2 Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in accounts with the U. S. Treasury. 8 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are included in foreign securities. 4 "Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions (see footnote 2 above) as well as other banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. (Footnote 1 above also applies to this table.) 5 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 1961, 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. 186 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2a.—Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- C v o z a s e k lo c i h a - - m D a en rk - l F a i n n d - m G a e n r y - Greece N w o a r y - l P an o d - t P u o g r a - l m R a u n - ia Spain S d w en e- USSR s Y la u v g i o a - ot A he ll r* 1946—Dec. 31.. 850.5 159.5 66.5 22.2 7.1 49.3 123.5 39.0 8.9 16.4 172.6 60.5 12.4 112.5 1947—Dec. 31. 739.8 124.9 52.8 30.5 89.5 34.7 56.2 47.1 8.7 12.8 58.6 73.7 12.1 138.2 1948—Dec. 31.. 738.1 128.7 44.7 19.1 178.9 21.1 77.7 37.7 7.0 13.6 49.0 21.3 19.9 119.3 1949—Dec. 31.. 717.0 119.9 38.0 25.1 149.4 29.6 69.4 38.1 6.7 15.7 90.1 10.2 7.6 117.4 1950—Dec. 31. . 799.2 "4l!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—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 n2.4 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 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 10.7 47.6 Tulv 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. 30. . 1,141.4 74.3 136.7 .9 51.0 25.9 486.2 39.8 104.1 2.2 51 0 5 7 20 4 77 6 5 1 14 1 46.4 Oct. 31 P. 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 Nov. 30?. 1,245.4 84.9 142 .4 .5 69.9 26.7 544.7 42.8 109.4 1.8 49.9 6.1 21.4 84.5 2.1 13.4 45.0 Table 2b.--Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a o e c b n n - - - - G m u a a l t a e- M ic e o x- l W I S a a n e u n n d r e r d d - i s i e - s t s Peru l p P a i R c u m a e b n o a - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i m c a th t a e i e 2 r n r nam 1946—DeCi 31 1,104.8 112.6 14.0 174.0 50.7 57.8 153.5 152.2 16.1 40.9 77.2 74.0 181.8 1947 Dec 31 1 216 6236 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!l 123.7 55.6 54.0 219.4 146.7 24 .'3 52.6 71 .'8 121.'7 184!l I949—Dec. 31 1,436.7 201 1 13 5 192.8 60.9 85.9 164.2 214.6 25 9 52.8 74 3 143 2 207 4 1950— Dec. 31.' 1,612.9 301.8 20.4 226.0 79.5 53.4 259.1 42.7 25.4 207.1 30.2 60.2 59.2 16.1 75.1 85.2 71.3 1951—Dec. 31. 1,455.2 249.7 27.8 100.3 54.0 106.4 263.6 45.8 27.3 158.2 34.9 47.2 67.7 27.8 84.7 71.9 87.8 1952—Jan. 31. 1,400.7 225.9 23.6 98.5 56.5 97.6 253.1 46.1 32.1 147.0 31.5 49.5 63.1 36.5 75.2 67.4 97.1 Feb. 29. 1,416.3 212.9 23.6 118.2 59.5 96.3 265.5 48.9 35.9 134.0 31.3 48.8 65.7 39.0 76.8 64.5 95.4 Mar. 31. 1,463.1 189.4 21.4 99.6 57.3 95.0 288.3 50.5 39.5 171.9 28.8 56.3 67.9 43.7 83.5 66.5 103.6 Apr. 30. 1,490.2 177.4 21.7 98.5 58.6 91.1 307.4 53.4 40.0 150.4 28.2 57.0 65.6 42.5 93.0 101.4 104.1 May 31. 1.529.3 167.8 24.4 89.8 52.0 80.7 318.1 51.5 39.7 177.3 28.4 55.9 70.5 37.2 90.4 140.4 105.1 June 30 '1,517.2 146.8 24.1 80.9 54.3 73.6 316.6 50.4 38.3 195.7 32.2 56.5 '74.2 36.8 97.6 129.8 109.2 Julv 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. 30. 1,580.7 129.8 21.2 88.9 58.1 88.3 321.4 46.6 32.4 233.5 38.0 56.2 79.5 25.4 91.5 154.3 115.6 Oct. 31 P1,520.7 131.9 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 Nov. 30?1,557.5 146.2 16.6 78.2 71.2 96.4 284.2 43.5 33.2 251.0 41.9 62.5 82.4 19.9 91.6 126.2 112.5 Table 2c—Asia and All Other For- Egypt Date Asia C m a h n o i d s n a a H Ko o n n g g India I n n e d s o ia - Iran IsraelJapan i P p R h p e i i l - n - e T la h n a d i- T k u e r y - O A t s h ia e 3 r o A th l e l r t A ra u l s ia - C g B o i e a n l n g - o A E a n g n g y d l p o - - S U o o n u f i t o h n Other* Main- public tian Africa land Sudan 1946 Dec 31 1,316.4 431.9 44 9 43.5 127 A 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 30.6 25.0 46.4 91.8 1940 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 75^6 44!o 57^7 1951—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 27.6 696.8 335.0 125.8 10.8 166.3 316.6 36.7 62.0 123.3 13.9 80.7 May 31. 1,826.0 80.2 62.7 67.3 190.2 23.5 37.8 724.8 337.2 126.5 14.2 161.5 325.9 44.7 67.5 118.3 12.4 83.1 June 30. »-l, 792.0 76.5 65.9 '58.7 176.5 21.1 30.5 730.7 333.0 126.8 20.6 151.7 333.2 49.5 72.6 117.7 10.9 82.5 Julv 31. 1,757.7 76.3 68.1 61.6 154.0 24.7 26.8 725.6 321.8 134.9 9.4 154.4 331.6 47.4 74.8 116.8 11.2 81.5 Aug. 31. 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. 30. 1,795.1 84.7 71.4 55.2 87.3 18.3 22.1 772.6 319.7 157.9 8.8 197.2 336.8 54.1 90.4 91.7 11.8 88.7 Oct. 31 P 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 Nov. 30P 1,812.9 80.9 69.7 54.2 60.9 19.2 19.3789.1 315.1 176.5 11.0 217.1 328.1 48.4 105.2 62.0 19.5 93.0 p Preliminary. r Revised. 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. » 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. * Beginning January 1950, excludes Belgian Congo, reported separately as of that date. FEBRUARY 1953 187 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i [Amounts outstanding, inmillions of dollars] Date Total U K d n i o n it m 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 31 948.9 29.2 23.4 49.1 7.0 21.1 118.9 248.6 27.5 514.3 127.0 31.5 194g—Dec. 3i 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. 31 898.0 105.7 31.4 3.4 8.7 20.7 67.1 237.0 125.8 378.8 96.3 60.0 1951—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 rl,029.6 36.2 11.7 3.1 9.8 30.4 68.8 160 2 '51.4 669 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. 30 ... 1,023.4 26.8 9.3 2.6 8.4 19.6 75.1 141.8 58.3 658.3 141.6 23 4 Oct. 31 P 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 Nov 30P 1,016.3 33.8 8.2 4.4 9.2 17.2 82.7 155.5 73.8 636.4 127.9 22.8 Table 3a.—Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu el m - m D a e r n k - l F a i n n d - m G a e n r- y Greece N w o a r y - t P u o g r a - l Spain S d w e e n - Y sl u av g i o a - ot A he ll r J 1946—Dec 31 82 8 7.5 .5 6.2 30.4 12 A 3.3 1.0 7.2 4.9 (») 9.5 1947—Dec. 31 118.9 15.0 2.2 8.0 30.5 10.6 9.2 1.1 .9 5.4 (') 35.9 1940—T)ec 31 . .. 106 3 21 A .6 3.4 30.5 1.2 8.4 .7 2.9 1.4 6.0 29 8 I949—Dec. 31 98.5 19.3 .4 8.2 30.0 .7 7.4 .5 7.0 2.3 (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—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—Tan 31 ... 114.6 (•) 42.9 4.0 3.6 30.1 .2 2.0 1.0 19.0 5.2 2.4 4.2 Feb 29 103.0 (i) 33.7 4.6 4.1 27.9 .1 1.6 .9 19.8 4.3 1.3 4.6 Mar 31 89 6 .1 28.7 4.6 2.7 27.7 .1 1.5 1.2 13.5 4.2 7 4 4 Apr 30 81.1 (*) 21.3 4.3 1.8 27.2 .1 1.8 1.0 12.6 3.6 2.4 4.9 May 31 79.1 .1 17.6 3.9 3.4 26.9 .1 2.0 .8 14.6 3.2 2.7 3.8 June 30 68 8 (») 13.9 3.5 2.9 23.2 .1 1.6 .8 14.3 2.7 2.3 3 6 July 31 67.2 (8) 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 P 79.0 1.0 13.2 2.8 3.8 28.0 .2 1.7 .5 12.6 3.3 8.0 3.8 Nov. 30P 82.7 1.0 17.7 3.3 4.0 25.4 .2 1.8 .6 11.8 3.0 7.9 5.8 Tab e 3b.—Latin 1\mericj1 Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba 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 m t a h t i e e n * r r nam 1946—Dec. 31.. 226.8 41.8 2.3 49.8 14.6 26.4 25.7 25.5 .8 3.7 1.3 8.7 26.2 1947—Dec. 31.. 514.3 65.2 2.0 165.8 27.8 32.6 108.6 52.2 1.1 4.3 4.7 15.3 34.5 1948—Dec. 31.. 516.6 72.4 2.7 165.4 15.2 32.6 83.1 73.8 1.5 4.4 4.6 26.0 34.7 1949—Dec. 31.. 411.1 53.6 2.3 136.9 15.5 21.1 27.5 73.0 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 "i!9" "2.6 70.6 1.3 11.0 3.1 '*6!8' "k'.ti 49.4 14.6 1951—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 Juno 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 Nov. 30P. 636.4 9.3 6.0 354.3 20.5 36.0 30.6 1.7 3.5 85.0 1.3 13.2 4.2 9.0 12.9 35.6 13.2 P Preliminary. r Revised. 1 See footnote 1, p. 186. * Beginning January 1950, excludes Austria, reported separately as of that date. « Less than $50,000. * Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 188 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 mosa Phil- and Union Date Asia C a h n in d a H K o o n n g g India I n n e d s o ia - Iran IsrcleiJapan ip R p e i - ne 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 - g B i e a l n - A E n g g y l p o - - So o u f th Other' Main- public Congo tian Africa land Sudan 1946—Dec. 31 99 2 53 9 5 9 12 0 1 0 .2 20 ? 1 4 4 6 17 ? 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 ? 14 3 50 20 4 7 9 .2 4.5 7 7 1950— Dec. 31. . 96.3 18.2 3.0 16.2 .2 6.6 18.9 12.1 4 9 1.5 .9 13 9 60.0 40.8 4.4 .3 7.3 7.2 1951—Dec. 31.. 162.4 10.1 3.1 13.4 .3 9.3 30.0 12.2 29 3 2.5 .6 51.6 41 9 22.8 5.7 .2 6.7 6.5 1952—Jan. 31.. 161.9 10.1 1.4 14.8 .4 8.9 35.9 8.6 29 1 2.1 .5 50 0 37 6 21.1 5.3 .1 6.3 4.7 Feb. 29.. 154.6 9.6 1 6 16.8 .5 9.0 32.4 8.8 27 2 2.9 .6 45 1 36 7 17.5 6.0 .1 6.0 7.0 Mar. 31. . 149.5 9.1 2.8 20.4 .7 10.1 30.3 9.1 22 6 3.7 13.8 26 9 35 7 17.7 7.2 .1 5.7 5.0 Apr. 30.. 144.8 8.6 4 2 14.5 .9 10.8 29.3 11.0 23 7 2.8 23.6 15 3 33 5 13.5 7.6 .2 7.0 5.1 May 31. 117 4 8 1 1 8 9 4 .6 10.6 30 1 12.5 27 4 3 2 1 6 12 1 31 S 12 7 7 8 2 4 8 6 1 June 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. 30.. 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 10.1 9 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 Nov. 30P.. 127.9 10.1 1 3 3. 7 .7 10.2 17.4 12.2 3 0 4.0 47.4 17 7 22 8 10.0 6.5 .1 2.6 3.6 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES 8 (Inflow of Foreign Funds) [In millions of dollars] U. S. Government bonds and notes 4 Corporate bonds and stocks 5 Net Total Total purchases Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses purchases sales s d e o c m u o r e f i s ti t e ic 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—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 Julv 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 34 0 14 2 19 8 53 3 79 2 —25 9 87.3 93 4 —6 1 October? 194.7 18.8 176.0 76.8 61.5 15.3 271.5 80.3 191.2 November** 49.4 21.1 28.3 78.3 55.2 23.1 127.7 76.4 51.4 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES 8 (Return of U. S. Funds) [In millions of dollars] Foreign stocks Foreign bonds Net Total Total purchases Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses purchases sales se fo c r u o e r i f i g ti n es 1946 65.2 65.6 -.4 755.9 490.4 265.5 821.2 556.1 265.1 1947 57.1 42.6 14.6 658.7 634.3 24.5 715.9 676.8 39.0 1948 81.7 96.7 -15.0 211.6 291.4 -79.8 293.3 388.2 -94.8 1949 88.8 70.8 18.0 321.2 311.5 9.8 410.1 382.3 27.8 1950 173.8 198.2 -24.4 589.2 710.2 -121.0 763.0 908.4 -145.4 1951 272.3 348.7 -76.4 500.4 801.0 -300.6 772.7 1,149.7 -377.0 1951—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 '24.8 r28.0 76.7 '57.8 18.9 August 24.1 22.7 1.4 57.9 28.2 29.7 82.0 50.9 31.1 September.. . 24.6 26.8 -2.1 38.9 22.5 16.4 63.6 49.3 14.3 October? 22.1 20.8 1.3 80.2 76.5 3.7 102.2 97.3 5.0 November P. . 19.5 16.5 3.0 18.2 14.1 4.1 37.7 30.7 7.1 P Preliminary. p Revised. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 8 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 1 Includes transactions of international institutions. 4 Through 1949 includes transactions in corporate bonds. 8 Through 1949 represents transactions in corporate stocks only. • Includes net sales of 554 million dollars by Canada. FEBRUARY 1953 189 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] Inter- Y m e o a n r t o h r n t a u in t t i i s o o t n i n - a s l Total U K d n i o i n m t g ed - France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1946 —334.2 —36.9 —6 8 —26.5 — 17.5 —. i — 10.8 —98.6 — 16.4 6 3 —224 5 — 1 0 1947 74.5 -163.6 -8.9 -50.2 —98.2 13.0 — 17* i — 14!l — 175*5 3.2 —3.5 10.0 2.2 1948.. 7 6 — 199.8 9.1 —82 8 — 79.3 —40.0 (i) 2.6 — 190.4 7.5 10.2 —23.3 —3.9 1949 87.0 -11.8 20.9 -6.8 —25.5 44.2 1.5 2^2 36! 5 —49.0 2*5 —2.1 .2 1950 121.2 823 2 64 0 197 8 —6.3 19.0 — .7 73.8 347.5 458.2 30.1 — 15.3 2.7 1951 — 15.9 -568.4 21.4 6.0 —22^2 45.9 l!9 —43! 8 9i2 —595! 5 13*9 4.8 — "7 1951—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 -16 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.... .9 -7.0 -6.9 -1.2 -.3 8.3 .1 -.4 -.5 -2.3 -4.1 .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 Nov. P.. .9 50.5 1.8 .5 -.6 13.8 -.1 3.3 18.7 28.3 3.4 -.1 .2 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia Y m e o a n r th or E O u t r h o e p r e t A ri u a s- a g B iu e m l- N w o ay r- o A th ll er 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 F a h a o o n i i d s r n n - a a - I n n e d s o ia - P p p h R u i i n e l b i - e p- O A t s h i e a r land lie 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 —32 — 13 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 —21 —72 2 *5 4.4 1950 73.8 18A 12.6 36.7 6.0 30.1 -1.2 24.6 .5 .1 -5.0 11.1 — 153 —30 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—Dec. . . 3.8 34 (i) 4 3.1 .3 .1 1.6 .2 — .6 1.5 — 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) 0) — 1.1 -.3 Feb.... .3 f\\ 5 1 _ 1 -2.3 -.3 .3 -.2 -3.2 1.0 .2 — 1.1 1 _ 3 — .8 Mar. .. -1.2 0) _ .1 .1 -1 3 2.9 .6 .5 0) 2.0 — .1 -.1 -2. 1 2 0) -I! 6 — .4 Apr -.6 0) .8 .1 -1 3 4.1 .4 .8 -.8 1.4 .5 1.7 0) 2 0) -.1 May . . .7 0) .2 0) 5 -.4 -1.1 -.1 — .7 .4 -.2 1.3 2 1 0) 1 .1 June... 1.2 .2 .4 .1 6 -4.8 1.1 -.4 -.4 -5.9 .3 .4 —2 0) -I! 0 .8 July... .9 (") —.8 0) 1 8 1.5 .3 -.2 .8 -.3 .5 .5 3 4 0) -7. 5 .6 Aug.... .6 (1) .4 0) 2 9 — .1 1.3 .7 —2.3 1 2 (i) (i) (i) Sept.. . -.4 0) _ .1 .1 _ 2 -4.1 -1.3 -.1 .8 -3.1 -.8 .5 2 0) 0) 0) .2 Oct.P. . 2.9 2.0 —.2 .2 9 1.1 -.2 -.3 .1 .8 -.3 1.1 1.2 1 0) 0) 1.1 Nov.* . 3.3 C1) .6 3.1 —3 3.4 .4 0) .3 2.3 (') .6 — 1 —1 C1) .1 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] Inter- Y m e o a n r th or na in ti s o t n i- al Total U K d n o i 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 r t o a p l e Canada A L m i a c t a e in r- Asia o A th l e l r tutions 1946 265 1 -20 9 — 1.0 -7.0 -13.9 — .8 10 9 —32 6 187 6 131 3 .3 —21 4 1947 -249 3 288.3 -2.0 -3.1 -29.9 -14.9 — .3 15.6 -34.4 205.2 89.2 .5 27 8 1948 (i) -94.9 -9.9 -4.3 -5.3 -35.4 .1 11.4 -43.4 — 102.2 40.7 1.6 8.4 1949 — 16 0 43 8 -13.5 .4 — .1 19.1 .4 24 6 30 8 — 10 6 20 2 .8 2 6 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—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... 0) 18.9 -1.1 - 3 -6.7 -1.6 .4 -.4 -9.6 21.4 0) '6.7 .2 Aug -.6 31.7 -1.0 1.0 -2.9 2.1 -.3 .2 -10 28.3 1.1 2.7 .6 Sept . 14 3 1 3 1 2 -.7 -.5 .1 .6 2 0 11 5 .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 Nov.*.. -.8 7.9 -.1 -.1 .4 0) .7 .3 8.8 .2 -1.6 .2 p Preliminary. r Revised. 1 Less than $50,000. * Not available until 1950. 190 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 8.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) [In millions of dollars] United Nether- Switzer- Other Total Latin All Year or month Total Kingdom France lands land Italy Europe Europe Canada America Asia Other 1946 9.7 — .6 -2.9 -8.5 9.3 0) 1.1 — 1.6 2.0 7.5 1.0 .7 1947 — 11.3 -1.0 — 1.4 -4.8 — 1.5 - 2 — .5 -9.3 -2.0 -.6 1.8 —1.4 1948 -19.3 — 1.2 -2.5 -3.4 -10.7 1 -3.2 -20.8 .1 1.2 .4 — .1 1949 .6 .1 -.5 .2 .9 2 .1 1.0 .9 —1.3 — .2 .2 1950 8.0 -.1 — .1 2.5 .7 4 -.2 3.0 -3.0 4.4 3.0 .6 1951. —6.1 .9 .4 .3 -4.8 .2 -.3 -3.3 2.8 —5.0 — .5 — .1 1951—December . 1.5 .7 -.3 .7 0) -.5 -.2 .3 .3 1.3 0) -.4 1952—January — .2 — .8 — 1.1 —1.7 -.5 0) 4 —3.7 1.1 2.2 .2 (i) February 5.3 1.1 .8 1.0 4.8 .2 8.1 -2.1 -1.5 .5 \4 March 1.2 .2 .3 1.9 -2.7 A 2 0) 1.8 .1 — .2 — .6 April -4.8 -1.3 — .9 -1.9 1.7 -.2 -.3 -2.9 1.4 -2.6 -.8 0) May 4.1 .4 .3 -.6 2.9 .2 — .5 2.6 -1.5 2.1 .2 6 June 2.3 1.0 .2 3.1 -2.1 .1 .1 2.2 -.3 .5 -.3 .2 July —3 7 — 1 6 — .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 — .1 September 2 0 — 1 7 .3 -.7 -.2 .3 .1 — 1.8 .6 1 9 8 5 October? .3 1 7 2 -.3 0) -.4 .9 -1.8 .2 .6 .4 Novembers 2-8.9 -1.2 -.3 -.5 -1.2 -.2 .2 -3.2 -1.2 -3.5 -l — 8 P Preliminary. 1 Less than $50,000. 2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 77.0; U. S. brokerage balances abroad, 34.9. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reported monthly Estimated world Africa North and South America Other Year or production month U ou S t S si R de * r m e T o p o n o t r t a h te l l d y A So fr u ic th a d R e h s o ia - A W fr e ic st a2 B C e o l n g g ia o n 3 U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 6 Au l s ia tra- India3 $1=15/21 'irains of Sold 9/It> fine: i. t'., an OUTice of fine sold =$.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—November.. 63.3 33.8 1.4 2.0 .9 5.4 13.0 .8 1.2 .5 .7 2 8 7 December . 62.4 33.2 t.5 2.1 1.0 4.9 13.2 1.2 .9 .4 .8 2.7 .7 1952—January 62.5 34.2 L.4 2.0 .1 5.0 12.4 .5 1.6 .6 .7 2.4 .6 February... 61.0 32.2 4 1.9 4.8 12.3 1.4 1.4 .4 .7 2 6 7 March 63 3 34.4 1.9 L 2 4.6 12.8 1.4 1.2 5 7 2 5 7 April 63.3 33.8 5 2.0 3 5.0 12.7 .9 1.6 .4 .7 2.8 7 May 66.2 35.5 4 2.0 5.1 12.8 2.1 1.5 .5 .8 2 7 7 June 34.1 5 1.9 I 2 5.5 12.5 .9 .4 8 2 9 7 July 35 5 4 1 8 6.4 13.1 1 3 6 7 3 2 7 August 34.9 6 2.0 6.5 12.9 1.1 6 #7 2 4 7 September 34 7 1 4 2.1 L 2 6.2 13.4 1 0 6 8 8 October 35.4 1.5 2.1 1 6.8 14.1 1.1 .7 8 November.. 34 3 1.1 6.0 8 .7 Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 3 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly figures reported by American Bureau of Metal Statistics, those for 1951 having been adjusted by subtracting from each monthly figure $297,000 so that the aggregate for the year is equal to the yearly estimate compiled by the United States Mint. 5 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. FEBRUARY 1953 191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B iu 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 1947—Dec... 34,550 22,754 22,868 322 597 23 354 294 45 83 279 32 20 1948—Dec 34,930 24,244 24,399 143 624 23 317 408 43 51 289 32 21 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35,820 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—Dec 35,950 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Jan 22,951 23,055 268 631 23 317 860 45 311 31 22 Feb 23,190 23,377 268 610 23 317 868 45 311 31 22 Mar.. .. 36,010 23,290 23,428 268 624 23 317 874 45 321 31 22 Apr 23,297 23,450 268 638 23 317 877 45 321 31 22 May.... 23,296 23,502 268 650 23 317 886 42 321 31 22 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 23,521 268 713 317 885 42 31 23 Nov. 23,337 23 504 711 317 887 42 31 23 Dec 23,186 23,252 706 896 42 31 23 E m n o d n t o h f Egypt France8 G m u a a l t a e- India Iran Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Pa ta k n is- Peru 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 June 174 548 27 247 138 346 280 70 344 33 50 38 46 July .... 174 548 27 247 138 346 280 71 350 33 50 38 46 Aug 174 558 27 247 138 346 280 72 323 33 50 38 46 Sept 174 558 27 247 138 346 280 87 326 33 50 38 46 Oct 174 558 27 247 138 280 326 33 50 38 46 Nov 174 568 27 247 138 255 394 33 50 38 Dec 174 573 27 247 138 235 544 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 n i m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S I a n e ti t t o t e l n r e - a - l Fund ments 1947—Dec 310 15 762 111 105 1,356 34 170 8 2,079 175 215 1,356 30 1948—Dec 236 15 183 111 81 1,387 34 162 »1,856 164 323 1,436 36 1949—Dec 178 17 128 85 70 1,504 118 154 * 1,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 »3,300 236 373 1,495 167 1951—Dec 265 26 190 51 152 1,452 113 151 '2,335 221 373 ,530 115 1952—Jan 265 26 190 51 179 1,438 113 150 5 2,037 221 373 1,531 116 F M e a b r 2 2 7 7 0 4 2 2 6 6 1 1 9 6 3 9 5 5 1 1 2 2 1 1 1 4 1 1, , 4 4 3 2 2 6 1 11 1 3 3 1 1 5 5 0 0 5 » 1 1 , , 7 7 7 0 1 0 2 2 1 1 1 1 3 3 7 7 3 3 •11 , , 5 53 3 2 2 1 1 2 4 6 3 Apr 274 26 164 51 214 1,413 113 150 1,662 211 373 L,532 151 May.... 274 30 161 51 210 1,410 113 153 * ,678 211 373 ,535 154 June 274 30 148 51 213 1,408 113 150 5 ,685 211 373 1,537 154 July .... 274 30 151 51 206 1,408 113 150 ,716 211 373 ,537 166 Aug 274 30 159 51 202 1,404 113 150 ,672 211 373 1,681 181 Sept 277 29 158 51 202 1,404 113 146 L.685 211 373 L.683 183 Oct 282 29 159 51 190 1,406 113 143 1,767 205 373 1,691 187 Nov 285 29 159 51 185 1 407 143 5 L 895 205 373 191 Dec 286 29 170 51 184 143 L,846 373 196 P Preliminary. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various centra 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). < Figure as of 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 January 1953, p. 74; 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. 192 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Year or quarter Total K U in n g i d te o d m g B iu e m l- France N la e e n r t d - h s - Po g r a t l u- S d w en e- S l w a e n r i - t d z- E O ur t o h p e e r 1 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 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 A -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 -20*1.3 -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' -1516' -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 -ib.b 64 1 July-Sept 291.4 320.0 -5.0 -17.0 -3.5 -20.0 Oct -Dec. 715.7 629.9 71.7 -5 0 — 1 1 1952 Jan -IMar. 557.3" 520.0 20.2 22 5 -10 1 11.3 Apr.-Tune 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 - O A c a e n s a i d n a ia A U So f n o r u i i f o c th a n o A th l e l r Period T e u r n e r d a y s o - fp T e o ri t o a d l i I i n n s g c to r o t e o c ld a t k a s l e g p e o o x N ( ld - p r ) t e o i t o m rt r -g m o c c o l r r a r d e e r : a a k i n s s d e e e - d e- p D ti t r c o i o o m d g n u o e * l c s d - - (-) 1945. -37.9 -73.1 -27.8 s-188.3 3.7 1 1 1 1 1 9 9 9 9 9 4 4 4 5 4 8 9 6 0 7 . . . . . - - - 1 6 2 1 4 4 4 5 0 . . . . 9 4 1 7 - - 1 5 - - 0 9 3 0 8 . . . . 2 7 0 0 -1 - 2 7 1 7 7 5 3 9 . . 5 . . . 2 0 4 1 - -3 5 - 1 4 5 2 1 3 . . . . . 1 4 1 0 7 4 2 1 9 9 1 5 9 8 4 3 5 6 . . . . . 6 1 7 3 0 4- - 4 2 1 1 7 6 2 1 . . . 6 . . 2 9 9 9 1 1 1 1 9 9 9 9 4 4 4 4 5 4 2 3 2 2 2 2 0 0 1 2 , , , , 0 6 7 9 6 1 2 3 5 9 6 8 2 2 2 2 0 0 1 2 , , , , 0 6 9 7 8 3 8 3 3 1 1 9 -1 — - ,3 5 - 7 2 4 4 5 9 3 7 7 . . 0 8 8 9 - — 1 3 8 0 6 1 4 6 8 5 5 . . . 3 9 7 4 - — — — 3 4 8 4 5 5 0 5 6 9 3 8 . . 7 . 6 4 8 1 4 3 3 2 8 2 5 5 . . . . 3 0 8 4 1951. 22.2 -.9 -17.2 6-50.1 52.1 4-84.0 1 1 9 9 4 4 6 7 . . 2 2 0 2 , , 5 7 2 5 9 4 2 2 2 0 , ,7 8 0 6 6 8 •2,1 6 6 2 2 3 . . 1 1 1,8 31 6 1 6 .3 5 4 2 6 1 5 0 . . 4 0 5 7 1 5 . . 2 8 1948 24,244 24,399 1,530.41,680.4 — 159.2 70.9 1949 1949 24,427 24,563 164.6 686.5 —495.7 67.3 A J J u a p n ly r . . - - - M S Ju e a n p r e t . . . . . -16 3 . . 5 0 -50.0 -2 3 3 . . . 9 6 7 - - - 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 2 1 0 2 2 2 2 2 3 , , , 6 7 1 9 0 8 5 6 6 2 2 2 2 2 3 , , , 8 2 8 5 2 7 2 0 3 — 1, 3 7 5 7 4 2 8 3 . . 7 9 3— -5 6 3 4 8 7 9 4 1 . . 0 3 3-1 — ,3 6 3 5 1 0 2 7 4 . . . 4 6 8 8 6 0 6 (4 . . ) 1 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 1950 F M e a b r . . . . . . 2 2 3 3 , , 1 2 9 9 0 0 2 2 3 3 , , 3 4 7 2 7 8 3 5 2 1 1 . . 6 5 1 15 5 7 0 . . 1 3 -1 1 0 5 3 2 . . 1 2 4 4. . 6 8 Jan.-Mar -12.0 10.4 .2 3.9 -26.9 Apr. .. 23,297 23,450 22.0 96.6 -75.4 5.0 Apr.-June -2.0 — 9 1.0 9.2 -2.8 May.. 23,296 23,502 51.9 27.2 27.1 5.1 O Ju c l t y .- - D Se e p c t - - 2 2 3 6 . . 9 9 -5.9 ! - - 1 2 3 2 . . 9 8 -1 -2 4 . . 8 7 J J A u u u l n g y e . . . . . . . . 2 2 2 3 3 3 , , , 3 3 3 4 4 5 6 4 0 2 2 2 3 3 3 , , , 5 5 5 3 3 2 6 3 8 - 3 8 3 0 . . . 0 8 5 3 2 3 6 4 . . . 1 6 5 - - 3 3 1 1 2 9 . . . 6 4 3 5 6 6 . . . 4 5 5 1951 Sept... 23,342 23,525 -2.8 33.3 -13.8 6.2 Oct.... 23,339 23,521 -4.4 83.5 -92.4 6.8 Jan.-Mar -50.9 -11.7 -18.8 -28.0 Nov... 23,337 23,504 -16.9 .3 -29.0 6.0 Apr.-June 15.0 -.9 -5.0 -2.4 12.7 -25.0 Dec... 23,186 23,252 -252.6 8.1 -263,2 (*) O Ju c l t y .- - D Se e p c t 2 30 8 . . 1 0 -4 3 . . 0 5 -2 -3 5 . . 9 0 2 1 0 9 . . 3 2 -31.0 1953—Jan. .. 22,986 23,079 -172.8 (4) e -171.7 (4) 1952 1 See footnote 2 on opposite page. J A a p n r . . - - M Ju a n r e .. . 10.0 -1 -7 7 . . 4 6 - - 2 3 . . 4 2 4 7 . . 3 2 tio 3 2 n Y C o h e f a a r n m l g y o e n fi t i g h n u l c y r l e u s f d i g e a s u r r e e t s r e a s s n ti e s m e fe a p r t . e s o 1 f 9 o 1 f 6 , 8 U fo 7 n . o 5 i t t n e m o d t i e l S li 4 t o a . n te s d o M ll i a n rs t. go F ld o r s e u x b p s l c a r n i a p - - July-Sept.. -2.0 .4 -.1 tion to International Monetary Fund. 4 Not yet available. 5 Gold held under earmark at the Federal Reserve Banks for foreign 1 1 2 I I I n n n c c c l l l u u u d d d e e e s s s s s B a a l a l e e n s k o o f f f o 1 r 1 1 8 4 I 5 . n 3 . t 3 e m r m n il a i l l i t l o i i o o n n n d a d l o o l S l l a l e a r t s r t s l o e o f m f g e g o n o l t d l s d . t o to I t C a h ly in . a. t u a i c n o c d n o e s u , r n e a t, a m r i m o n u c a n l r u t k e d d i i n s g t n o o g o t 5 l i , d 4 n 8 c h l 4 u e . d 8 ld e d m f o i i l r n l i o t t h n h e e d a g o c o l c l l d o a r u s s n t t o o c o n k f J o i a n f n t t e . h r n e 3 a 1 U t , i n o 1 i n t 9 a e 5 l d 3 i . S n t s G a t t i o t e l u s d - . 4 Includes sales of gold to Egypt as follows: 1950, 44.8 million dollars; and 1951, 76.0 million. NOTE.—For back figures and description of statistics, see Banking 6 Includes sales of 45.0 million dollars of gold to Indonesia. and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. FEBRUARY 1953 193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [End-of-month figures. In millions of dollars] 1952 1951 1952 1951 International Fund International Bank Oct. July Apr, Oct. Dec. Sept. June Dec. 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 10 13 6 Other 4,390 4,420 4,460 4,409 Other 1,040 1,035 937 945 Unpaid balance of member subscriptions. 1,354 869 871 869 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 495 472 512 510 M Ac e c m u b m e u r la s t u e b d s c n r e ip t t i i n o c n o s me 8,7 - 3 7 7 8,1 - 5 7 4 8,1 - 5 7 4 8,1 - 3 6 7 L C o al a l n s s o n ( i s n u c b l. s c u ri n p d t i i s o b n u s r s to e d c a p p o it r a t l i o s n to s ck a n 3. d . 4 4 4 4 incl. obligations sold under Bank's guarantee) 1,409 1.330 1,270 1,113 1952 1951 Other assets 13 15 14 10 Net currency purchased v Bonds outstanding 568 496 500 436 (Cumulative—millions of dollars) Liability on obligations sold under guar- Dec. Nov. Oct. Dec. antee 66 59 56 33 Loans—undisbursed 423 407 403 350 Other liabilities 7 7 10 Australian pounds 50.0 50.0 50.0 20.0 General reserve ' el 63 58 50 C B B h r e a l i g l z e i i a a li n n a n f p r e c a s r n o u c s z s eiros 3 1 3 7 1 . . . 6 5 4 3 1 3 7 1 . . . 6 5 4 3 1 3 7 1 . . . 6 5 4 6 1 5 5 1 . . . 4 5 4 S C p a e p c i i t a a l l3 reserve 1,80 3 7 2 1.80 3 7 0 1,69 2 1 8 1,68 2 8 4 C D z a e n c is h h o s k lo ro v n ak er ian koruny. 1 6 0 . . 0 2 1 6 0 . . 0 2 1 6 0 . . 0 2 1 6 0 . . 0 2 1 As of Dec. 31, 1952, the Fund had sold 851.5 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 Finnish markkaa 4.5 sterling in May 1947 and 300 million Belgian francs in May 1948, sold French francs 125.0 125.0 125.0 125.0 to Norway 200 million Belgian francs in June and July 1948, and sold Indian rupees 100.0 100.0 100.0 100.0 to Brazil 10 million pounds sterling in January 1951. Repurchases Iranian rials 8.8 8.8 6.6 amounted to 180.1 million dollars. Currencies the net transactions in N T Po u e u r t k h n i e d s r s h l a s n l t i e d ra r s l s in g g uilders 3 4 0 1 8 0 0 . . . 1 0 0 3 4 0 1 8 0 0 . . . 1 0 0 3 4 0 1 8 0 0 . . . 1 0 0 30 7 5 0 5 . . . 0 4 0 wh 2 3 i c L E h e x s c a s l m u t d h o e a u s n n t u $ n 5 to c 0 a 0 l l e , l 0 e s 0 s d 0 t . p h o an rt i o o n n e s m of i ll c io a n p it a a r l e s r u e b p s o c r r te ip d t i u o n n d s, e r a m "A o l u l n o ti t n h g e r. t " o Yugoslav dinars 9.0 9.0 9.0 9.0 7,229 million dollars as of Dec. 31, 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. 716.8J 712.3 712.3 732.2 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fig p u o r u e n s d s in s m te i r l l l i i n o g n ) s of Gold* a O ss t e h t e s r 2 N c a o o n t i d n es a v c n o a D d n u i s c n - a e t d s s - Se t c ie u s ri- ci t r io cu n l a • - Bankers' Pub D li e c posit E s CA Other t c i l O i e a a s p t b h i a i t e l n a i r - l d 1943—Dec 29 2 1 .100 0 12.5 2 5 307.9 1,088.7 234.3 10.3 60.4 17.9 1 19 9 4 4 4 5 —D ]3 e e c c 2 2 7 6 ... 2 2 L 1 ,4 25 0 0 0 .0 0 2 1 0 3 .7 5 5 8. 4 1 3 3 1 2 7 7 .0 4 1 1 , , 2 3 3 7 8 9 .9 6 2 2 6 7 0 4 .5 7 5 5. . 2 3 5 58 2 . . 5 3 1 1 7 7 . . 8 8 1946 Dec 25 2 1,450 0 23 4 13 6 327.6 1,428.2 278.9 10.3 57.3 18 1 1947—Dec. 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18 1 194g—jj)ec 29 2 L,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18 1 1949—Dec. 28 .4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18 1 1950—Dec 27 ... 1,375.0 19.2 20 2 384.0 1,357.7 313.5 15.4 .4 85 0 18 t 1951—Dec. 26 1,450 0 14.1 18.2 389.2 1,437.9 299.8 13.4 6 89 8 18.1 1952—Jan. 30 4 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 41,450.0 41.9 27.4 306.1 1,410.0 273.0 10.7 .5 73 4 17.8 May 28 .4 1,450.0 39.7 11.9 319.6 1,412.2 270.0 10.1 .5 72 6 18.0 June 25 .4 41,500.0 59.8 21.2 309.6 1,442.1 275.7 10.6 13.6 72.5 18.1 July 30 .4 4 1,550.0 36.8 21.6 319.7 1,515.1 262.0 10.4 18.2 69.2 18.3 Aug 27 4 4 .500.0 43.0 7.2 324.4 1,459.0 252.4 16.0 23.0 64.8 1«.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 Dec. 31 .4 41,575.0 51.3 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18.1 1 On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 'Notes issued less amounts held in banking department. 4 Fiduciary issue decreased by 50 million pounds on Jan. 16, increased by 50 million on Apr. 1, June 25, and July 21, decreased by 50 million on Aug. 27, and increased by 50 million on Dec. 10 and by 25 million on Dec. 24. 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. 194 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n r a es d i i a n n m d i o ll l i l o a n rs s ) of Gold an S d S t e t U a rl t i n e n s i g ted securities O as t s h e e ts r circ N u o la t t e ion2 lia O b a t i n h li d e ti r es dollars S te h r o m r t * - Other Ch b a a r n te k r s ed D g o o m m v e e i n n r t n io - n Other capital3 1940—Dec. 31 (<) 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec 31 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31 .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31 .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30 172.3 906.9 573.9 34.3 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 1,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31 2.0 1,022.0 858.5 43.7 1,211.4 536.2 68.8 67.5 42.4 194g—Dec. 31 4 1,233.7 779.1 45.4 1,289 1 547.3 98.1 81.0 43 1 1949—Dec. 31 74.1 1,781.4 227.8 42.5 1,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30 111.4 1.229.3 712.5 297.1 1,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31 117.8 1,141.8 1,049.3 135.2 1.464.2 619.0 94.9 66.1 200.0 1952—Jan 31 85 4 1,095.4 1,042.6 82.7 1,375 6 629.2 92 8 54 9 153 4 Feb. 29 70.3 1,058.1 1,027.7 88.2 1,374.4 616.7 88.5 52.1 112.5 Mar 31 60.1 1,179.9 882.2 106.8 1,393.2 656.5 14.6 66.1 98.6 Apr. 30 72.3 1,191.5 874.7 84.0 1,411.8 645.7 14.3 41.7 109.0 May 31 78.3 1,203.6 824.6 73.8 1,417.4 579.4 21.9 44.6 117.1 Tune 30 43 8 1,251.3 817.8 76 1 1,441 8 578.0 26 8 48 5 93 9 Tuly 31 63.0 1,280.0 843.9 71.2 1,458.3 595.5 51.6 41.6 111.2 Aug. 29 74.9 1,303.2 852.9 69.7 1,464.4 614.7 52.0 47.4 122.1 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 1,485.6 668.8 18.8 56.0 99.8 Nov 29 67 6 1,214 3 957 3 72 3 1 4-08 8 607 3 15 0 65 1 125 2 Dec 31 17 A 1,459.8 767.2 77.3 1,561.2 626.6 16.2 44.5 132.9 Assets Liabilities Bank of France Domestic bills Advances to Deposits 7 Other I? f\ \jt% y* y* w\ A*t • ft (Figures in Foreign Other Note liabllmillions of francs; Goia u ch e a x n - ge m O ar p k e e n t 6 Special Other Current Other assets ' ci t r i c o u n la- G m ov e e n r t n- ECA Other ca iat p nie i d t s al 1940—Dec. 26... 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 844,986 1941—Dec. 31... 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 868,474 1942 Dec. 31... 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 821,318 1943—Dec. 30!.. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 815,596 1944 Dec. 28. 75.151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27!.. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec 26... 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1 X 1 ^^ 99 \J 4487 — X D - D 'V-V e ^ e » cc.. 3 30 1 . . . . . . 6 6 5 5, , 2 2 2 2 5 5 3 1 0 2 9 6 7 7 , , 4 3 4 9 7 5 8,57 6 7 4 2 1 3 1 8 7 , , 5 8 7 2 6 6 1 1 5 4 0 7 , , 9 4 0 0 0 0 5 5 5 5 8 8 , ,0 0 3 3 9 9 5 5 7 9 , , 6 0 2 2 2 4 9 98 2 7 0 , , 6 8 2 3 1 1 8 7 0 3 6 3 1 8 7 2 1 , , 4 7 7 8 9 3 1 1 0 6 , , 9 2 4 0 2 6 1949—Dec. 29 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 1,278,211 1,168 158,973 19,377 1950—Dec. 28... 182,785 162,017 136,947 34.081 393,054 158,900 481.039 212,822 1,560,561 70 15 058 161.720 24,234 1951—Dec. 27.. . 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,830 1,841,608 29 10 587 166,226 41,332 1952—Jan. 31... 191,447 20,857 233,879 31,456 757,085 166,500 481,039 184,064 1,866,693 57 7 157 156,405 36,015 Feb. 28... 191,447 15,607 245,014 29,280 850,733 174,400 481,039 126,412 1,880,832 96 3 699 198,702 30,601 Mar. 27... 191,447 11,336 272,294 29,239 841,006 169,300 479,982 113,099 1,861,681 22 15 783 188,767 41,448 Apr. 30... 191,447 13,634 273,149 22,984 799,004 171,100 500,982 139,747 1,925,615 84 341 156,326 29,679 May 29... 191,447 15,808 274,111 26,128 841,897 169,000 479,982 118,726 1,900,526 39 6 645 171,350 38,539 Tune 26. . . 191,447 16,991 254,301 21,871 831,044 168,000 479,982 110,501 1,885,929 36 730 143,900 43,541 July 31 ... 191,447 20,077 258,560 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 48,089 872,793 171,100 479,982 161,980 2,024,943 25 8,392 158,275 49,792 Nov. 27.. . 198.439 30.413 274.454 52.225 851,545 172,000 479,982 154,146 2,006,873 10 10,887 139,480 55,954 Dec. 31... 200,187 31,068 274,003 57,042 937,459 172,000 479,982 9159,727 2,123,514 27 897 137,727 49,305 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. * 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 5.5 billion francs on Dec. 31. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. 195 FEBRUARY 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) Dec. Nov. Oct, Dec. date of month) Dec. Nov. Oct. Dec. 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 424,144 390,577 379,883 269,377 Other gold and foreign exchange. 215 85 1,052 Government loans and securities.170,083 169,498 151,351 Government securities 2,125 2,125 2,077 Other assets 79,155 85,089 127,457 Rediscounts and loans to banks. . 47,334 46,821 42,313 Note circulation 609,727 529,608 513,298 522,527 Other assets 259 210 148 Deposits 325,267 342,281328,727 236,660 Currency circulation 18,788 18,254 17,704 Other liabilities and capital 65,816 68,676 67,926 59,110 Deposits—Nationalized 27,775 27,693 25,232 Central Bank of Costa Rica Other sight obligations 817 834 790 (thousands of colones): Other liabilities and capital 3,366 3,274 2,678 Gold 11,511 511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 70,510 437 62,728 37,745 tralia (thousands of pounds): Net claim on Int'l. Fund * 7,031 031 7,031 7,031 Gold and foreign exchange 352,266327,280 309,175 431,357 Loans and discounts 100,831 450 86,003 96,770 Checks and bills of other banks.. 7,094 5,625 6,151 6,396 Securities 7,205 349 7,349 8,109 Securities (incl. Government and Other assets 22,978 185 24,919 22,540 Treasury bills) 444,966 437,662439,997 595,073 Note circulation 135,081 804117,999 114,317 Other assets 40,135 37,682 43,171 81,727 Demand deposits 64,323 198 60,639 51,058 Note circulation 342,418315,668313,168 324,471 Other liabilities and capital 20,662 961 20,903 18,331 Deposits of Trading Banks: National Bank of Cuba Special 157,595157,595157,595 475,820 (thousands of pesos): (Sept.)* Other • 52,527 47,197 39,419 38,886 Gold 279,998 310,564 Other liabilities and capital 291,922287,789288,314 275,377 Foreign exchange (net) 65,149 54,401 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 157,245 102,429 G Fo o r ld eign exchange 2,16 98 2 1,98 98 1 1,5 9 7 8 0 58 5 2 1 S N i e lv t e c r laim on Int'l. Fund 8 3 1 6 2 , , 6 51 2 1 3 4 1 2 2 , , 1 5 7 1 3 1 Loans and discounts 6,605 6,396 7,124 6,559 Loans and discounts 36,374 9,475 Claim against Government 2,900 2,854 2,341 3,433 Credits to Government 30,673 10,203 Other assets 38 46 51 37 Other assets 36,872 28,731 Note circulation 9,048 8,678 8,583 8,032 Note circulation 421,601 393,625 Deposits—Banks 631 290 298 539 Deposits 223,878 169,623 O Bl t o h c e k r ed 1, 3 7 5 7 4 0 1, 5 8 7 3 0 7 1, 4 8 9 0 8 4 1,5 5 1 8 0 1 Nati O on th a e l r B li a a n b k il i o ti f e s C a ze n c d h c o a s p lo it v a a l kia 4 9,966 7,238 National Bank of Belgium National Bank of Denmark (millions of francs): (millions of kroner): Gold i 35,295 35,547 35,674 31,070 Gold 69 69 69 69 Foreign claims and balances (net) 16,658 17,600 17,323 19,452 Foreign exchange 765 630 567 599 Loans and discounts 7,095 4,246 4,113 7,140 Contributions to Int'l. Bank.... 11 Consolidated Government debt.. 34,763 34,763 34,763 34,860 Loans and discounts 134 85 81 124 Government securities 6,708 8,490 9,701 7,967 Securities 442 440 441 122 Other assets 4,171 4,088 4,087 3,669 Govt. compensation account.... ,348 ,356 3,495 3,898 Note circulation 97,190 95,141 95,194 93,160 Other assets 324 403 245 665 Deposits—Demand 1,694 1,481 1,770 1,967 Note circulation ,966 ,812 1,790 1,817 ECA 1,341 1,310 1,350 1,044 Deposits—Government ,497 ,528 1,493 1,853 Other liabilities and capital 4,463 6,801 7,347 7,987 Other ,444 ,472 1,445 1,637 Central Bank of Bolivia—Mone- Other liabilities and capital 175 171 171 182 tary dept. (millions of bolivianos): Central Bank of the Dominican Gold at home and abroad * 1,516 1,370 Republic (thousands of dollars): Foreign exchange (net) 1,575 790 Gold 12,076 076 12,076 12,066 Loans and discounts 1,857 1,244 Foreign exchange (net) 20,189 702 19,259 17,653 Government securities 1,830 1,855 Net claim on Int'l. Fund > 1,250 250 1,250 1,250 Other assets 336 242 Paid-in capital—Int'l. Bank 42 42 42 41 Note circulation 5,285 4,157 Loans and discounts 870 509 457 331 Deposits 939 689 Government securities 7,154 621 8,395 7,068 Other liabilities and capital 891 656 Other assets 2,643 756 827 698 Central Bank of Ceylon (thousands Note circulation 35,124 252 31,619 29,727 of rupees): Demand deposits 7,651 216 9,267 7,663 Foreign exchange 401,089 423,813444,164 668,420 Other liabilities and capital 1,449 488 1,419 1,716 Advances to Government 85,000 74,000 61,000 '13,972 Central Bank of Ecuador Government securities 75,650 55,528 60,801 3,083 (thousands of sucres): Other assets 3,897 6,566 5,897 4,150 Gold « 338, 555 338,322 335,618 Currency in circulation 388,,828 383,111380,926 417,036 Foreign exchange (net)5 238, 983 229,796 51,261 Deposits—Government 7,108 6,000 6,054 35,008 Net claim on Int'l. Fund a 18,757 18,757 18,758 Banks 131,926130,587146,071 193,431 Credits—Government 189,963179,112 189,135 Other liabilities and capital 37,774 40,208 38,810 '44,149 Other 182,883344 205,872 180,638 Central Bank of Chile (millions Other assets 166,121163,410 172,840 of pesos): Note circulation 565.461569,005 489,581 Gold 1,174 1,110 1,110 1,205 Demand deposits—Private banks 178,675 178,956 138,630 Foreign exchange (net) 279 215 105 227 Other 159 343 158,586 98,244 Net claim on Int'1. Fund • 221 221 221 107 Other liabilities and capital 231, 735 228,,723 221,794 Discounts for member banks 2,633 2,780 2,238 1,910 National Bank of Egypt (thou- Loans to Government 4,059 664 664 670 sands of pounds): Other loans and discounts 6,932 9,315 9,863 5,655 Gold* 60. 60,553 60,553 Other assets 2,780 2,852 2,619 3,310 Foreign exchange 12,013 34,195 Note circulation 12,787 11,364 11,008 8,837 Foreign and Egyptian Deposits—Bank 2,002 2,584 2,757 1,606 Government securities 275,886 286,269 340,892 Other 584 300 328 348 Loans and discounts 23,167 20,899 30,560 Other liabilities and capital 2,705 2,910 2,726 2,292 Advances to Government 364 2,555 Bank of the Republic of Colombia Other assets 4|706 3,096 4,934 (thousands of pesos): Note circulation 195 668188,578 201,396 Gold and foreign exchange 295,895 268,423249,695 238,618 Deposits—Government 67,695 67,779 117,974 Net claim on Int'l. Fund 8 24,373 24,372 24,371 24,370 Other 104 971 105,889 126,675 Paid-in capital—Int'l. Bank 7,159 1,419 1,414 7,124 Other liabilities and capital.... 23,319 23,139 25,088 * Latest month available. f Revised. 1 On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc. 8 It is understood that, beginning June J 950, gold reserves have been revalued at a rate of 60 bolivianos per dollar. « 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. * FFoorr llaasstt aavaailialabbllee rreeppotr t ((Maahr ch9 159)5, 0s)e, es eeU BLUTLLINE TIoNr f Soerp Steemptbeemrb 1er9 519, 5p0., 1p6. 1262. ** II n DDebc ember 1915905 0, golldd andd ff.io reign exchh ange hhlodldi ings revalldu edf from1 31530.5 0 to1 5105.000 sucres pper dollar. • BBeegginnnniinngg AApprriill 119, 51g,d g oplde iporuevsiloyu shleyl dh eilnd Iisnsu Ies sDuee pDaerptmaretnmt ernetv arleuveadlu ferdo mfr o7m.4 377.453 g7r5a mgrsa o f finf e gfoil d tlod 2.55187 grams of fine gold per Egyptian poundd. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1953, p. 78: January 1952, p. 102: January 1951, p. 112; and January 1950, p. 118. 196 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) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. Central Reserve Bank of £1 Salva- Bank of Italy (billions of lire): dor (thousands of colones^ * Gold 4 Gold 73 478 73 ,551 73 ,61. 64 778 4? 37 37 Foreign exchange (net) 30 ,140 15,877 20 ,31? 79 ,767 578 590 590 Net claim on Int'l Fund l . 1 566 1,566 1,566 1 566 777 774 773 33 ,707 34 ,081 30 ,072 22 ,756 739 777 '186 Government debt and securities 6,800 6,591 6,59. 5,580 783 787 '796 1,228 2,298 1,379 1,423 Note circulation 1,271 1,278 1,292 Note circulation. 94 ,187 85 ,2?.( 78 ,507 81 ,767 57 66 100 Deposits 45 ,201 41 ,253 47 ,59. 36 ,4?. 8 53 50 90 Other liabilities and capital 7 53? 7,490 7,43. 7,17f Other 43? 417 308 Bank of Finland (millions of mark- Other liabilities and capital 108 107 kaa): Bank of Japan (millions of yen): Gold 5,863 5,863 5,865 5,865 Bullion 448 448 448 '501 7,427 8,502 9,218 23 ,849 Advances to Government 38 390 38 390 38 390 39 67 5 Clearings (net) 4,430 3,867 3,243 3,297 Loans a.nd discounts 317 763 377 ,117 331 754 361 ,795 47 ,643 42 ,994 38 ,898 19,270 Government securities ^86 ,141 70S ?80 163 176 04 S Securities 1,162 1,165 1,172 950 Other assets 619 106 474 13? 079 '67 ,786 290 1,926 1,966 2,899 Note circulation S76 431 486 439 476 ?44 506 386 46 ,153 45 ,497 42 ,440 44 ,774 DeDosits—Government 91 6? 7 8? 637 88 416 31 ,577 Deposits 3,889 '3 ,193 2,703 272 Other 59 ,751 60 ,353 S.S,778 33 ,374 16 ,773 r15 ,626 lb ,218 11,083 Other liabilities 39 ,051 41 ,280 45 ,412 23 ,472 Bank of German States The Java Bank (millions of rupiah): Ba ( n m k D O O L N F L G il o o o e t t l o o o i h h r a p a l o t e f e e d n e n o n i r r s s g s s c G i n l a t i a t i o s r o r s a n c — e f e s b d u x e e G i G l c O t l G c a d i s o h e e t t . t i o i a i v r s h e o v m n c e e ( s n e g o b r r a r a i u e n n n l n n l m m i d t o m s e n e c a n s n a r t t k p o . i s . f t . ) a . : . d l rach . - 10 2 3 4 1 7 1 1 , , , , , , , , 9 7 5 9 5 0 3 9 2 5 6 4 0 9 5 3 0 9 6 8 6 7 9 0 6 3 8 0 2 7 10 4 2 7 1 1 1 , , , , , 7 2 4 5 9 2 9 9 8 5 8 1 9 0 5 8 4 5 7 8 2 8 7 1 3 0 1 0 2 4 10 4 2 1 1 7 1 , , , , , , , 9 6 8 2 7 4 2 2 8 5 7 8 9 5 5 6 8 6 0 1 1 2 8 7 8 7 4 8 2 8 2 9 2 2 5 8 1 1 , , , , , , , , 5 6 4 5 2 9 3 2 3 1 8 2 4 0 8 1 4 9 2 1 1 1 5 1 3 3 3 8 1 6 Bank O A M N F L D G o o t d e o o o o h r a p v l t f e n e d e n o a i e r g s M n s 3 c t i n c a l t i a i s e e r r a n — c y e x s b d u x i i t c r l c E l O o a d e i o h t C t s i t i a i s G e h e o ( A n c r s e m n o g v o r v a e u e il n e n l 4 i ( r d t o n n s n e m c s t a ) e p o n i f t t a p l esos): 4 4 1 , , , 5 0 2 4 4 8 8 7 5 0 1 1 9 9 8 2 2 5 8 8 1 2 6 5 6 4 3 3 1 1 , , , , 7 1 1 7 4 4 2 9 7 7 5 8 5 6 9 8 5 8 6 3 2 9 1 8 6 9 6 7 8 8 3 3 1 1 1 , , , , , 0 1 6 3 0 4 6 6 2 7 7 9 2 4 6 9 5 0 2 6 9 2 7 0 3 6 0 0 5 3 3 1 1 1 , , , , 1 4 0 0 5 8 9 5 7 8 8 4 0 4 6 4 7 9 4 8 1 6 0 0 0 3 6 ma O L A N G e) o t d o o : h a l v t e d e n a r s n a c c a n a ir e s n d c s s d u e — f t l o a s d O G r t i e i s t o o i c h g n v o e n e u r r n e n x t m s ch en an t ge (net) . 3 2 9 1 1 4 6 2 5 1 1 0 1 2 9 0 2 0 6 3 1 0 9 3 2 8 1 1,6 4 6 2 9 1 2 0 1 0 6 3 2 2 6 3 9 8 3 2 2 7 1 9 0 0 7 1 1 9 5 3 2 9 8 0 0 6 1 8 5 O O N D " B A t i t e o l r h h m l u t i e s e e t t i r a r h e a c n o s n l a i i d , r r s d a c i s e b z l u e t d i i e c t l a l i d a s i b s t t " c i i i e l o o i s t n h u i o e n a s l n t d s d in c g a s p i o ta f l secu- 3 • 1 2 ,2 4 3 4 4 3 9 4 5 7 7 3 7 4 9 2 1, , 2 9 4 3 4 0 2 9 7 3 2 2 5 9 2 3 • 1 2 , , 4 1 4 4 4 •2 2 9 4 8 2 - 0 3 9 0 2 8 (\ Deposits—Government 872 858 1 141 Netherlands Bank (millions of Reconstruction and guilders): 7 304 7 336 5 618 Golds 2,061 1 435 1,235 1 195 Other 2 130 2 092 2 7S9 Silver (including subsidiary coin). 14 13 14 19 Other KahilitiVq and ranita! 3 715 3 733 3 765 Foreign assets (net) 1,497 1 989 2 098 594 Bank of Guatemala (thousands of Loans and discounts 68 34 37 300 quetzales): Govt. debt and securities. . . 1,451 1 451 1 495 3 064 Gold ?7 228 ?7 228 77 728 27 228 Other assets 605 605 629 590 14 783 11 903 11 45? 12 544 Note circulation—Old 39 40 41 46 1 250 1 950 1 7 SO 1 250 New 3,118 2 960 2 946 2 991 Rediscounts and advances 8 958 8 658 8 073 7 710 Deposits—Government 888 855 800 151 Other assets 697 365 19 449 17 640 ECA 1,155 1 163 1 129 1 692 Circulation—Notes 44 103 41 611 40 486 38 678 Other 283 292 375 479 3 500 3 434 3 369 3 385 Other liabilities and capital. .... 214 217 219 404 Deposits—Government 2 983 3 623 2 676 2 980 Reserve Bank of New Zealand Banks 9 671 8 509 7 729 10 452 (thousands of pounds): Other liabilities and caoital 13 659 13 727 13 193 10 878 Gold 6 012 6 009 5 506 National Rank of TTunilarv 2 33 170 33 369 29 531 Reserve Bank of India (millions of 6 019 6 019 6 019 rupees): Advances to State or State un- Issue deoartment* 53 713 5? 757 52 586 400 400 46 13? 4? 132 54 187 S 38? 5 832 1 383 1 686 4 678 4 511 4 681 67 038 60 484 69 366 844 690 Demand deposits 76 656 73 668 76 097 10 725 11 411 Other liabilities and capital 7 685 7 319 6 988 Banking department: Bank of Norway (millions of kroner): Notes of issue department.... 412 192 Gold 242 242 242 Balances abroad Foreign assets (net) 434 493 Bills discounted 15 67 Clearincr accounts fnpf^ 52 64 5 Loans to Government 35 80 Loans and discounts 42 41 49 O D t e h p e o r s i a t s s s e . ts 2 1 , 8 1 8 4 4 2 3, 377 Securities 5 546 s 54 4 6 5 6 20 4 2 6 Other liabilities and capital.. 270 314 Other assets 68 71 160 Central Bank of Ireland (thousands 2, 755 7 747 7 667 of pounds): 7 105 178 1, 710 Gold 2, 646 2, 646 2, 646 2, 646 Banks 711 774 1,039 63 886 61 ,750 59, 383 58 ?37 305 299 898 66, 532 63, 896 62, 029 60, 879 Other liabilities and ranirfli 554 553 660 •• 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. 8 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. » Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per rupiah. « Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. «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 1953, p. 79; January 1952, p. 103; and January 1951, p. 113. FEBRUARY 1953 197 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) Dec. Nov. Oct Dec. date of month) Dec. Nov. Oct, Dec. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 31,456 32,700 28,778 24,389 Issue department: Note circulation 38,493 36,832 37,464 36,239 Gold at home and abroad... 81 81 81 44 Deposits—Government 1,294 4,480 1,190 Sterling securities 423 440 437 1,154 Other 4,658 3,418 3,219 "3,215 Pakistan Goyt. securities. . . 1,059 992 945 765 Other liabilities and capital 28,218 28,645 25,083 20,548 Govt. of India securities.... 126 126 126 126Bank of Sweden (millions of kronor) India currency 300 300 300 300 Gold 406 407; 418 334 Rupee coin 68 68 70 25 Foreign assets (net) 1,351 l,33l! 1,309 1,718 Notes in circulation 2,008 ,953 1,914 2,351 Net claim on Int'l. Fund * 129 129: 129 88 Banking department: Paid-in capital—Int'l. Bank 11 11 11 10 Notes of issue department. . 48 54 48 62 Swedish Govt. securities and ad- Balances abroad 440 vances to National Debt Office^ 3,240 ,549 2,552 2,821 Bills discounted 3 99 Other domestic bills and advances 321 310 309 247 Loans to Government 153 159 157 1 Other assets 755 708 724 631 Other assets 418 440 494 327 Note circulation 4,577 ,291 4,292 4,090 Deposits 525 547 594 827 Demand deposits—Government.. 449 350 287 528 Other liabilities and capital.. 97 106 106 102 Other 580 151 225 532 Central Bank of Paraguay Other liabilities and capital 609 654 647 650 (thousands of guaranies): Swiss National Bank (millions of Gold 1,138 ,142 1,146 francs): Foreign exchange (net) 63,860 ,543 61,411 Gold 5,876 5,812 5,805 6,004 Net claim on Int'l. Fund l 11 11 11 Foreign exchange 491 462 443 228 Paid-in capital—Int'l. Bank -1,020 ,095 -1,075 Loans and discounts 310 238 227 311 Loans and discounts •.-.••• 92,676 ,676 75,676 Other assets 103 82 87 116 Government loans and securities. 316,768 328,867 325,014 Note circulation 5,122 4,842 4,797 4,927 Other assets 274,892 218,405 222,783 Other sight liabilities 1,454 1,547 1,560 1,529 Note and coin issue 378,976 350,588 350,724 Other liabilities and capital 204 205 203 203 Deposits—Government 49,251 ' ' 65,965 Central Bank of the Republic of Other 129,589 134,683 Turkey (millions of pounds): Other liabilities and capital.... 190,510 122 133,594 Gold 402 402 402 422 Central Reserve Bank of Peru Foreign exchange and foreign ml (millions of soles): clearings 133 104 185 Gold and foreign exchange 2 574 598 Loans and discounts 1,785 l1,794 1,417 Net claim on Int'l. Fund x 67 21 Securities 26 27 18 Contribution to Int'l. Bank 2 2 Other assets 120 123J 106 91 Loans and discounts to banks. . . 327 224 Note circulation 1,238 1,267| 1,262 1,138 Loans to Government 829 758 Deposits—Gold 153 153; 153 153 Other assets 208 278 Other 817 829 814 627 Note circulation 1,335 1,208 Other liabilities and capital 258 255 203 215 Deposits 380 304 Bank of the Republic of Uruguay Other liabilities and capital 292 367 (thousands of pesos): (Sept.)* Central Bank of the Philippines Gold 321,119 336,354 (thousands of pesos): Silver 9,336 9,324 Gold 18395 18,294 13,419 Paid-in capital—Int'l. Bank 314 313 Foreign exchange 438 777454,626 479,037 Advances to State and Govern- Net claim on Int'l. Fund * 29 504 29,504 29,504 ment bodies 149,268 122,083 Loans 50 180 48,195 42,323 Other loans and discounts 361,888 330,530 Domestic securities 231 857231,882 241,700 Other assets 464,863 357,209 Other assets 148 998150,353 147,481 Note circulation 362,898 373,252 Note circulation 546 280 530,688 592,127 Deposits—Government 86,562 79,339 Demand deposits 235 266,976 226,463 Other 318,715 292,707 Other liabilities and capital 136 135,188 134,873 Other liabilities and capital 538,613 410,515 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold ,445 4,450 4,349 Gold 1,141 1,141 1,141 1,141 Foreign exchange (net) ,463 11,527 11,667 Foreign exchange (net) 186 162 189 -31 Loans and discounts 841 821 685 Other assets 93 71 76 112 Advances to Government ,430 1,429 1,253 Note circulation 1,000 909 866 871 O N t o h te e r c a ir s c s u e l t a s t . i ; on , 5 1 6 2 0 5 9,1 5 4 5 9 6 9,2 7 3 9 3 0 O D t e h p e o r s i l t i s abilities and capital 2 1 5 6 5 5 2 2 3 3 0 4 2 26 7 6 4 2 1 4 0 3 8 Demand deposits—Government.. ,577 1,556 848 Bank for International Settle- ECA 29 29 42 ments (thousands of Swiss gold Other ,887 5,924 6,275 francs): Other liabilities and capital ,121 2,126 2,345 Gold in bars 599,415585,413571,835 350,573 South African Reserve Bank Cash on hand and with banks. . . 48,700 84,526 51,279 28,743 (thousands of pounds): Sight funds at interest 15,320 8,211 11,049 10,567 Gold 3 60,255 489 56,219 67,363 Rediscountable bills and accept- Foreign bills 69,469 650 63,050 65,850 ances (at cost) 267,912255,394280,352 68,722 Other bills and loans 14,792 488 14,088 8,198 Time funds at interest 91,563 87,736 89,045 107,785 Other assets. 43,305 ,712 35,451 28,774 Sundry bills and investments 346,985274,646 260,588 317,513 Note circulation 91,646 ,635 87,408 85,610 Funds invested in Germany 297,201297,201297,201 297,201 O D t e h p e o r s i l t i s a bilities and capi # tal 2 7 4 1 , , 2 9 7 0 2 3 , ,1 5 1 8 6 8 5 22 8 , , 9 4 7 2 9 0 6 20 4 , , 1 3 8 8 6 9 O D t e h m er a n a d s s d et e s posits (gold) 480 1 , , 0 3 2 3 1 3 454 1 , , 9 42 06 7 414 1, , 3 7 8 9 2 7 208 1 , ,8 2 6 5 6 7 Bank of Spain (millions of pesetas): Short-term deposits: Gold 563 559 559 553 Central banks—Own account.. 640,318 595,214 607,334 393,672 Silver 369 374 374 378 Other 46,086 40,247 84,851 Government loans and securities. 15,189 ,955 15,670 16,751 Long-term deposits: Special 228,9"09 228,909 228,909 228,909 Other loans and discounts 25,085 ,789 21,576 17,931 Other liabilities and capital 273,096 272,438 271,443 267,282 * Latest month available. 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 tim as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 3 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 4 Includes small amount of non-Government bonds. NOTE.—For details relating to individual items IU certain bank statements, see BULLETIN for January 1953, p. 80; and January 1950, p. 120, 198 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— eff D ec a t t i e ve U K d n i o i n m t g e - d France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S la w e n r i - d tz- ba C n e k n t o r f a — l R D 3 a e 1 t c e . eff D ec a t t i e ve ba C n e k n t o r f a — l D R 3 e a 1 c te . eff D ec a t t i e ve In effect Dec. 31, Argentina Mar. 1, 1936 Italy 4 Apr. 6, 1950 1946 2 IVs SH 3 23^ Austria July 3, 1952 Japan 5.84 Oct. 1, 1951 Jan. 10, 1947 1H Belgium 3 Dec. 18, 1952 Java 3 Apr. 1, 1946 &2M Bolivia 6 Sept. 30, 1950 Mexico 4M June 4, 1942 Aug. 27 3H Oct 9 2^&3 June 28, 1948. . 15 Sept. 6 3H&4 Canada 2 Oct. 17, 1950 Netherlands.. 3 Aug. 1, 1952 Oct. 1 3 Chile June 13, 1935 New Zealand. July 26, 1941 May 27 1949 Colombia July 18, 1933 Norway Jan. 9, 1946 July 14 1 4 Costa Rica 4 Feb. 1, 1950 Pakistan 3 July 1, 1948 Oct 6 3H June 8, 1950 2H Sept. 11 3% Sept. 26 3 Denmark 5 Nov. 2, 1950 Peru 6 Nov. 13, 1947 Oct. 27 16 Kcuador 10 May 13, 1948 Portugal.... I" Jan. 12, 1944 Dec. 1 3 Egypt 334 ••July 1, 1952 South Africa. Mar. 27, 1952 Apr. 17, 1951. . 4 El Salvador... 3 Mar. 22, 1950 Spain Mar. 18, 1949 July 5 Sept. 13. 51/ Oct 11 3 4 Nov. 8 2H Finland 5H Dec. 16, 1951 Sweden Dec. 1, 1950 Nov. 9 4 France Nov. 9, 1951 Switzerland.. Nov. 26, 1936 Jan. 22, 1952. . 3H Germany Aug. 21, 1952 Turkey Feb. 26, 1951 M M a ay r. 2 1 9 2 4 1 5 G In r d e i e a ce 12 J N u o ly v . 1 1 2 5 , , 1 1 9 9 5 4 1 8 Un d i o te m d King- 3 Mar. 12, 1952 Aug. 1 3 Ireland 3H Mar. 25, 1952 USSR 4 July 1, 1936 Aug. 21 l4V5 4 D In e 1 c e 9 . f f 5 e 1 2 c 8 t Dec. 31, 4 4 3 3 3 3 r 1 R R a e t v e i s e e s d t . ablished for the Land Central banks, NOTE.—Changes since Dec. 31: Austria—Jan. 22, from 6 to 5,4\ Germany— Jan. 8, from 4^ to 4 per cent. OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Switzerland Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1942—-November. . . . .53 1.03 1.00 1.00 .50 1.67 3-5)4 1.25 1 1 9 9 4 4 4 3 — — N N o o v v e e m m b b e e r r . . . . . . . . . . 4 3 1 8 1 1. . 0 0 3 3 1 1 . . 0 0 0 0 1 1 . . 0 0 0 0 . . 5 5 0 0 1 1 . . 6 2 4 1 3-5 y2 1 1 . . 2 2 5 5 1945—-November. . . . 3fi .53 .51 .63 .50 1.36 3-5 H 1.25 1946—November. . . . .40 .53 .51 .63 .50 1.21 1.01 .78 2^-5 1.25 1947—November. . . . .41 .53 .51 .63 .50 2.12 .93 .74 23^-43^ 1.38 1948—November. . . . .41 .56 .51 .63 .50 2.03 1.08 .77 2^-4^ 1.63 1949—November. . . . .51 .69 .52 .63 .50 n. 55 1.16 .93 2H-4>i 1.50 1 1 9 9 5 5 0 1 — — N N o o v v e e m m b b e e r r . . . . . . . . . . 6 9 2 2 1. . 3 69 8 . .8 5 4 1 . .9 6 2 3 . . 6 5 9 0 2 3 . .2 1 7 9 1 1. . 1 2 7 0 1. . 0 8 0 8 2 2 ^ H 3 - - - 4 5 4 3 ^ ^ 1 1 . . 5 5 0 0 1951—December .89 1.50 .98 1.00 .75 3.50 1.21 1.00 3-5 1.50 1952—January .89 1.50 .97 1.00 .75 3.50 1.18 1.00 3-5 1.50 February .91 1.50 .99 1.00 .75 3.93 1.17 1.00 3-5 1.50 March .94 2.48 2.01 1.82 1.57 3.95 1.38 1.00 3-5 1.50 April .98 3.00 2.35 2.25 2.00 3.88 1.40 1.00 3-5 1.50 May 1.02 3.00 2.37 2.25 2.00 3.84 1.25 .90 3-5 1.50 June 1.08 3.00 2 A3 2.25 2.00 3.66 1.20 .75 3-5 1.50 July 1.11 3.00 2.46 2.25 2.00 3.84 1.05 .75 3-5 1.50 August L .10 3.00 2.46 2.25 2.00 3.77 .85 .58 3-5 1.50 September.... 1.14 3.00 2.49 2.25 2.00 4.00 .85 .62 3-5 1.50 October 1.19 3.00 2.43 2.25 2.00 3.98 .84 .50 3-5 1.50 November. . . . L .21 3.00 2.38 2.25 2.00 3.98 .87 .54 3-5 1.50 p Preliminary. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. 199 FEBRUARY 1953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom 1 ( b m 1 a 1 i n ll L k io o s s n . t n e s d r o o l F i n f n i g g p c u ) l o r e u e a n s r i d i n n s g re C se a r s v h es M c n a s o l o h l n t o e i a c r y n t e d at B co il u ls n d te i d s- T re d r c e e e p a i o s p u s t i s r t y J Securities c L u o s a to n m s e to rs O as t s h e e ts r Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i i d t e t a i r e l s 1946—December. 499 432 610 1,560 1,427 994 505 5,685 3,823 1,862 342 1947—December. 502 480 793 1,288 1,483 ,219 567 5,935 3,962 1,972 396 1948—December. 502 485 741 1,397 1,478 ,396 621 6,200 4,159 2,041 420 1949—December. 532 571 1,109 793 1,512 ,534 579 6,202 4,161 2,041 427 1950—December. 540 592 1,408 456 1,528 .660 735 6,368 4,262 2,106 550 1951—December . 531 598 972 102 1,965 ,950 867 6,333 4,290 2,042 651 1952—January.. 521 605 965 66 1,954 ,928 824 6,204 4,173 2,031 659 February. 492 526 856 15 1,944 ,945 804 5,893 3,923 1,971 689 March 492 526 854 1,935 ,959 789 5,887 3,914 t,974 667 April 501 512 883 1,934 ,967 821 5,994 3,952 2,042 623 May 491 518 936 1,932 ,901 713 5,903 3,840 2,063 587 June 504 537 1,064 1,917 ,875 726 6,064 3,909 2,155 559 July 501 535 1,139 ,917 ,834 696 6,063 3,903 2,159 558 August 510 516 1,239 1,918 ,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 December. 549 529 1,248 2,148 ,764 748 6,460 4,232 2,228 528 Assets Liabilities Canada Entirely in 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 l n r i n o e d t n d h o s b l l o f a a i f g r n u s k ) r s e . s re C se a r s v h es Se lo c a u n ri s ty l d o i O a sc n t o s h u e a n r n t d s d a f a u b n o l b o e a r d r a e n f o i n r k n g a o s s n e d m t Securities O as t s h e e ts r Notes» e T x o c t lu al ding i D n e te m rb a a n n d k de T po im si e ts li c a O a b a p t i n h l i i d t e t a i r e l s 1946—December. 753 136 1,507 132 4,232 ,039 21 6,252 2,783 3,469 ,525 1947—December. 731 105 1,999 106 3,874 ,159 18 6,412 2,671 3,740 ,544 1948—December. 749 101 2,148 144 4,268 ,169 16 7,027 2,970 4,057 ,537 1949—December. 765 133 2,271 146 4,345 ,058 14 7,227 2,794 4,433 ,477 1950—December. 824 134 2.776 171 4,286 ,304 ( 7,828 3,270 4,558 ,667 1951—December. 907 107 3,028 227 3,876 ,464 7,896 3,284 4,612 ,714 1952—January.. 869 107 2,955 183 3,927 ,303 7,705 3,066 4,639 ,637 February. 809 95 2,918 231 4,003 ,353 7,761 3,076 4,685 ,648 March 880 97 2,949 202 4,095 ,390 7,979 3,231 4,748 ,634 April 897 140 2,960 236 4,068 ,370 7,987 3,230 4,757 ,685 May 785 132 3,012 255 4,100 ,350 7,979 3,210 4,769 ,655 June 813 138 3,048 328 4,067 ,453 8,120 3,328 4,792 ,727 July 847 145 3,053 279 4,134 ,278 8,079 3,243 4,836 ,658 August. . . 828 147 3,048 260 4,139 ,306 8,075 3,205 4,870 ,652 September 843 135 3,093 250 4,202 ,383 8,191 3,290 4,901 ,716 October... 879 130 3,212 278 4,147 ,396 8,319 3,418 4,901 1,722 November 827 121 3,350 308 4,006 ,424 8,291 3,376 4,916 1,746 Assets Liabilities France (4 o m f l a i m l r li g o o e n n t s b h a o f n f ig k f u r s a . r n e c s E s i ) n n d re C se a r s v h es Du b e a n f k ro s m B c i o ll u s n t d e i d s- Loans O as t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- li c a O a b a t p i n h l i i d e t t a i r e l s 1946—December. 18,007 18,940 195,223 65,170 17,445 291,945 290,055 1,890 15,694 7,145 1947—December. 22,590 19,378 219,386 86,875 27,409 341,547 338,090 3,457 25,175 8,916 1948—December. 45,397 35,633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—December. 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950—December. 48,131 52,933 527,525 135,289 31,614 749,928 731.310 18,618 28,248 17,316 1951—November 47,980 81,460 506,061 179,933 61,658 793,078 768,657 24,422 35,372 48,641 December. 60,215 72,559 627,648 165,696 38,114 906,911 879,767 27,145 33,774 23,547 1952—January.. 53,133 75,407 534,792 189,098 36,548 831,691 801,854 29,837 30,433 26,854 February. 50,662 73,868 538,245 183,504 38,310 827,946 796,396 31,551 30,414 26,227 March. . . 48,669 75,148 555,883 174,048 40,219 834,482 802,481 32,002 28,953 30,531 April 45,646 72,947 556,151 180,550 41,474 831,729 800,944 30,786 28,482 36,556 May 48,832 75,533 618,190 172,693 43,093 891,422 861,703 29,719 27,025 39,893 June 50,436 72,818 554,963 193,942 44,463 848,354 819,030 29,324 25,529 42,738 July 45,999 70,090 560,877 196,665 45,990 846,689 817,569 29,120 23,811 49,121 August... 46,383 69,715 624,623 177,289 43,318 890,582 860,668 29,915 19,221 51,525 September 48,279 67,886 584,558 183,491 44,415 855,024 824,874 30,150 17,810 55,794 October. ., 45,375 67,846 595,383 185,930 47,721 863,250 831,713 31,536 18,292 60,713 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. 8 In January 1950, the Bank of Canada assumed responsibility for these notes. NOTE.—For details concerning data in earlier years, see BULLETIN for April 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. 200 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] i\rgentina Belgium Canada (peso) (franc) British (dollar) Aus- Brazil Malay- Ceylon Year or month Basic P e r n e t f i e a r l - Free (p tr o a u l n ia d) a " n c B o c t o a e u n t n k " t (cruzeiro) (do s l i l a ar) Official Fre« (rupee) 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—February 20 000 13 333 7 115 222 00 J 0838 5 4406 32 662 99 869 20 818 Alarch. 20.000 13.333 7.172 223.03 L.9838 5.4406 32.783 100.375 20.916 April 20 000 13 333 7 164 224 10 L 9838 5 4406 32 921 101 891 21 003 May 20 000 13 333 7 169 223 24 L 9838 5 4406 32 752 101.615 20 961 June 20 000 13 333 7 183 221.88 L.9838 5.4406 32.505 102.086 20 834 July ?0 000 13 333 7 196 222 17 L 9842 5 4406 32 509 103 120 20 871 August 20.000 13.333 7.194 222.19 L.9879 5.4406 32.445 103.984 20.875 September. 20 000 13.333 7.195 221.73 L.9920 5.4406 32.418 104.171 20.854 October 20 000 13 333 7 196 222 55 L 9965 5.4406 32 499 103.681 20 903 November . . 20 000 13.333 7.198 223.12 L.9979 5.4406 32.489 102.289 20.984 December 20 000 13 333 7 198 223 58 9941 5 4406 32 523 103.002 21 024 1953—January 20.000 13.333 7.198 224.13 1.9934 5.4406 32.560 103.014 21.068 France Year or month C slo ze v c a h k o ia - m D a en rk - Finland (franc) G (d e e r u m tsc a h n e y India Ireland Mexico e N rl e a t n h d - s (koruna) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) Official Free 1947 . 2 0060 20 864 A407 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—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 ^lay 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 1953—January .4354 .2856 21.074 281.28 11.625 26.281 Year or month Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P e ( p h p p i e i u n l s i o b e p ) l - ic ( P es o g c r a u t l d u o - ) ( 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—Febru ary 275.36 14.015 49.677 3.4863 277.01 19.327 22.881 278.12 65.833 56.180 42.553 276 91 14.015 49.677 3.4888 278.55 19.327 22 947 279.67 65.833 56 180 42 553 April. . 277 96 14 015 49 677 3.4906 279.80 19 327 23 013 280 79 65 833 56 180 42 553 May 277.29 14.015 49.677 3.4898 279.03 19.327 23.078 280.07 65.833 56.180 42.553 June 275 71 14 015 49.677 3.4801 277.42 19.327 23 138 278.46 65 833 56 180 42 553 July 276.06 14.015 49.677 3.4793 277.78 19.327 23.240 278.82 65.833 56.180 42.553 August 276 09 14 015 49 677 3 4848 277.81 19.327 23 288 278.85 65 833 56 180 42.553 September 275.51 14.015 49.677 3.4878 277.23 19.327 23.320 278.27 65.833 56.180 42.553 October 276.53 14.015 49.677 3.4825 278.25 19.325 23.329 279.30 65.833 56.180 42.553 November.. 277 24 14 015 49 677 3.4818 278.96 19.323 23 330 280.01 65.833 56 180 42.553 December 277 81 14.015 49.677 3.4839 279.54 19.323 23.332 280.59 65.833 56.180 42.553 1953—January 278.50 14.015 49.677 3.4872 280.23 19.323 23.311 281.28 3 65.833 3 56.180 3 42.553 1 Based on quotations through Aug. 14, 1952. 2 Based on quotations through May 8, 1952. 3 Based on quotations through Jan. 27, 1953. 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. FEBRUARY 1953 201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month (1 U S 94 1 t n a 7 0 i 0 - t t 4 e e ) 9 d s = ( C 1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 M (1 1 9 e 0 3 x 0 9 i ) co - K U ( i 1 n 1 n 9 g 0 3 i 0 t d 0 e ) o = d m F (1 r 1 9 a 0 4 n 0 9 ) c = e (1 I 9 1 t 3 0 a 8 0 ly ) = ( a 1 J = v 9 a e 3 1 p r 4 0 a a 0 - g n 3 ) e 6 N ( l 1 e a 1 9 t n 0 4 h 0 8 d e ) s r = - S (1 w 1 9 0 e 3 0 d 5 ) e = n (A Sw u = l g a i . 1 t n z 0 1 d 0 e 9 ) r 3 - 9 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 1952 226 400 328 P145 P220 1951—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 '5,265 349 138 316 220 October 111 221 397 326 141 5,271 347 138 P313 218 November 111 222 395 324 P140 P5.298 P342 138 P305 218 December 110 221 393 327 P141 P217 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 o a w a tu o r n t d r a l u e y s n - d d F f u a c m g l h c l o a y t ie o u n f a d r u l e s y n - d d Foods p I r n o tr d d i u u al s c - ts Foods t p r I r i n o a d d l u u ra s c - w ts p f I i r n n o t i r d d s i u u h al e c s- d t 1942 59 n.a. 68 127 123 124 158 160 1943 69 n.a. 69 145 131 127 160 164 1944 69 n.a. 70 155 134 129 158 170 1945 72 n.a. 71 165 136 130 158 175 1946 83 n.a. 78 177 140 138 158 184 1947 . 100 98 95 190 164 162 165 207 1948 107 106 103 230 196 192 181 242 100 100 100 1949 93 96 101 226 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 '269 238 242 247 P364 122 171 143 1952 244 219 231 284 P352 1951—December 111 111 115 '275 236 240 266 *368 129 174 141 110 110 114 ••272 233 240 277 »368 130 176 141 February 108 110 114 '260 228 236 271 *363 133 172 141 March 108 109 114 '257 226 235 276 *366 130 169 139 April 109 108 113 '254 221 231 280 i»358 130 166 138 May 108 109 113 '253 220 228 280 *355 128 165 136 June 107 109 113 '258 221 231 283 P352 127 163 134 July 110 110 113 '253 219 230 289 P348 122 162 133 August 110 111 113 236 216 229 287 P345 124 164 133 107 110 113 226 213 228 284 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 131 163 132 December 100 104 113 222 210 228 297 P344 n.a. Not available. * 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. 202 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 5 t t 0 e e - 0 s 3 d ) 9 = C ( a 1 a d 9 1 n a 4 0 - 0 9 ) 1 K 5 d ( , J o i a n m 1 n g 9 . 5 - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 e ) N l = ( a e 1 9 n t 1 h 4 0 d 9 e 0 s ) r- 1 ( l 9 A a e 39 r n u - d g = . ( U S 1 = 9 n t 3 a 1 i 5 t t 0 e e - 0 3 s d ) 9 = C ( a 1 a 9 d 1 4 n a 0 9 - 0) 1 K 5 d ( , J i o a n 1 m n g 9 . 5 - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 e ) N l = ( e a 1 t n 9 1 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) 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 77 57 158 194 67 57 170 1948 172 97 82 90 163 210 72 92 176 1949 170 100 84 100 ioo 162 202 ioo 76 100 100 174 1950 172 103 86 111 109 159 205 103 82 111 111 176 19*51 186 114 95 130 119 167 227 117 91 128 121 181 1952 190 116 P171 232 117 P184 1951—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 191 116 104 144 P119 171 232 116 108 140 186 December. 191 116 P145 230 114 P141 P186 P Preliminary. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1357. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( t n h r a a i i g d t te e h e d s ) ( C 1 = a 9 3 n 1 5 0 a - 0 d 3 ) a 9 ( 1 K D 9 U i e 2 n c n 1 g e i = m d t 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 t n 3 a 1 i 5 0 t t e - e 0 3 d s ) 9 ( C 1 = a 9 3 n 1 5 0 a - 0 d 3 ) a 9 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) (19 F 4 r 9 a = n 1 c 0 e 0) N la et n h d e s r- Number of issues... 17 87 60 14 416 105 278 295 27 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 1952 115.8 86.1 108.3 85.6 187.7 173.1 91.1 192 1952—January 115.5 88.2 110.4 103.5 80.0 187.1 181.7 *94.4 139 204 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 84.9 108.3 115.0 89.9 189.8 167.3 89.9 141 194 December 115.3 84.7 109.0 91.6 197.0 168.4 91.0 196 c Corrected. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1357. FEBRUARY 1953 203 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 ALFRED K. CHERRY, Legislative Counsel 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 ERNEST CLAYTON, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman HENRY C. ALEXANDER, NEW YORK DISTRICT MALCOLM BRYAN A. L. MILLS, JR. 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 PAUL M. DAVIS, ATLANTA DISTRICT WINFIELD W. RIEFLER, Secretary ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel WOODLIEF THOMAS, Economist V. J. ALEXANDER, ST. LOUIS DISTRICT GEORGE W. MITCHELL, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT EARLE L. RAUBER, Associate Economist H. V. ROELSE, Associate Economist CHARLES J. CHANDLER, KANSAS CITY DISTRICT O. P. WHEELER, Associate Economist CHAS. W. WILLIAMS, Associate Economist DEWITT T. RAY, DALLAS DISTRICT RALPH A. YOUNG, Associate Economist JOHN M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Secretary 204 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 Hated 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 : Wm. G. McCreedy Cleveland. John C. Virden Ray M. Gidney Roger R. Clouse H. E. J, Smith Leo L. Rummell W. D. Fulton A. H. Laning 3 Paul C. Stetzelberger Martin Morrison Donald S. Thompson Richmond. Charles P. McCormick Hugh Leach N. L. Armistead K. Brantley Watson John B. Woodward, Jr. J. S. Walden, Jr. R. W. Mercer 3 Edw. A. Wayne C. B. Strathy Chas. W. Williams] Atlanta. Frank H. Neely Malcolm Bryan V. K. Bowman E. C. Rainey 2 Rufus C. Harris 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 J. Marvin Peterson Paul E. Miller A. W. Mills E. B. Larson Otis R. Preston H. G. McConnell M. H. Strothman, Jr. Sigurd Ueland Kansas City. Raymond W. Hall H. G. Leedy John T. Boysen 2 Clarence W. Tow Cecil Puckett Henry O. Koppang M. W. E. Park E. D. Vanderhoof D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin L. G. Pondrom Robert J. Smith 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. 205 FEBRUARY 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 1 A 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. 206 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS CHASES OF DURABLE GOODS AND HOUSES IN 1951 (From Federal Reserve Bulletin unless preceded by an asterisk) AND BUYING PLANS FOR 1952. August 1952. 16 DEFENSE LOAN POLICY. An announcement adopted pages. PART III. INCOME, SELECTED INVESTjointly by National and State Supervisors of banks MENTS, AND SHORT-TERM DEBT OF CONSUMERS. and other lending institutions. August 4, 1950. September 1952. 28 pages. (Also, similar sur- August 1950. 1 page. veys for earlier years from 1946, 1947, 1948, 1949, 1950, and 1951 BULLETINS.) REVISED ESTIMATES OF CONSUMER CREDIT. November 1950. 2 pages. BANKING IN THE SOVIET UNION. April 1952. 8 pages. MEASUREMENT OF CONSUMER CREDIT. November 1950. 9 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES. April 1952. 4 pages. * THE TREASURY—CENTRAL BANK RELATIONSHIP IN STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- FOREIGN COUNTRIES—PROCEDURES AND TECH- NIQUES. November 1950. April 1951. 19 pages. ERNORS BEFORE SUBCOMMITTEE ON GENERAL CREDIT CONTROL AND DEBT MANAGEMENT, MARCH TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. 11, 1952. April 1952. 4 pages. April 1951. 14 pages. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING 6 pages. THE INTRODUCTION OF REAL ESTATE CREDIT REGU- EXCESS PROFITS TAXES OF COMMERCIAL BANKS. LATION. July 1951. 23 pages. June 1952. 18 pages. SAVING IN THE DEFENSE ECONOMY. September REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- 1951. 5 pages. LATION X. June 1952. 18 pages. NEW INDEX OF OUTPUT OF MAJOR CONSUMER FINANCING OF LARGE CORPORATIONS IN 1951. June DURABLE GOODS. October 1951. 6 pages. 1952. 6 pages. CREDIT AND SALES REPORTED BY REGULATION W RETAIL CREDIT SURVEY—1951. From June 1952 REGISTRANTS. October 1951. 12 pages. BULLETIN with supplementary information for VOLUNTARY ACTION TO HELP CURB INFLATION. 9 separate trades. (Also, Retail Credit Surveys— November 1951. 9 pages. 1943, 1944, 1945, 1946, 1947, 1948, and 1949 from the June 1944, May 1945, June 1946, July REVISED INDEXES OF DEPARTMENT STORE SALES AND 1947, July 1948, June 1949, and June 1950 STOCKS. December 1951. 53 pages. BULLETINS with supplementary information.) ECONOMIC PROBLEMS FACING POST-TREATY JAPAN. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS January 1952. 11 pages. AND BUSINESSES. July 1952. 2 pages. THE SECOND ARMAMENT BUDGET. February 1952. PROBLEMS OF TRADE EQUILIBRIUM. October 1952. 9 pages. 9 pages. MONEY AND CREDIT IN 1951. February 1952. 9 REVISED SERIES ON DEPARTMENT STORE SALES, pages. STOCKS, AND ORDERS. October 1952. 5 pages. INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1951. RECENT CREDIT EXPANSION. December 1952. 7 March 1952. 10 pages. pages. RECENT CHANGES IN GERMANY'S FOREIGN TRADE RECENT CENTRAL BANKING DEVELOPMENTS IN BALANCE. March 1952. 7 pages. SOUTHEAST ASIA. December 1952. 9 pages. 1952 SURVEY OF CONSUMER FINANCES—CONSUMER CREDIT AND MONETARY REVIEW FOR 1952. February PLANS FOR SPENDING AND SAVING. April 1952. 6 1953. 7 pages. pages. PART I. CONSUMER EXPECTATIONS AS TO ECONOMIC TRENDS AND CONSUMER INVESTMENT THE MONETARY SYSTEM OF THE UNITED STATES. PREFERENCES. July 1952. 17 pages. PART II. PUR- February 1953. 12 pages. FEBRUARY 1953 207 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis